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) |
Jeffery Yorg, 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 One 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: December 31, 2021
Item 1. Report to Shareholders.
SEMI-ANNUAL REPORT
December 31, 2021
PORTFOLIOS OF INVESTMENTS
SA U.S. Fixed Income Fund
SA Global Fixed Income Fund
SA U.S. Core Market Fund
SA U.S. Value Fund
SA U.S. Small Company Fund
SA International Value Fund
SA International Small Company Fund
SA Emerging Markets Value Fund
SA Real Estate Securities Fund
SA Worldwide Moderate Growth Fund
SAR2021
TABLE OF CONTENTS
Page | ||
Portfolios of Investments | ||
SA U.S. Fixed Income Fund | 1 | |
SA Global Fixed Income Fund | 3 | |
SA U.S. Core Market Fund | 8 | |
SA U.S. Value Fund | 12 | |
SA U.S. Small Company Fund | 15 | |
SA International Value Fund | 19 | |
SA International Small Company Fund | 22 | |
SA Emerging Markets Value Fund | 23 | |
SA Real Estate Securities Fund | 26 | |
SA Worldwide Moderate Growth Fund | 28 | |
Statements of Assets and Liabilities | 30 | |
Statements of Operations | 36 | |
Statements of Changes in Net Assets | 40 | |
Financial Highlights | 53 | |
Notes to Financial Statements | 72 | |
Proxy Voting Policies and Procedures | 89 | |
Additional Information | 89 | |
Understanding Your Fund’s Expenses | 90 | |
Selected Financial Statements of DFA Investment Dimensions Group Inc. & The DFA Investment Trust Company | 92 |
Any information in this shareholder report regarding market or economic trends or the factors influencing the performance of SA Funds – Investment Trust (the “Trust”) are statements of the opinion of Trust management as of the date of this report. Any such opinion is subject to change at any time based upon market or other conditions and we disclaim responsibility to update such opinions. These statements should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that stated investment objectives will be achieved.
SA U.S. Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited)
FACE AMOUNT | VALUE† | |||||||
YANKEE CORPORATE BONDS AND NOTES — 11.6% | ||||||||
Communications — 0.7% | ||||||||
NTT Finance Corp., 0.583%, 3/01/24 ± | $ | 3,500,000 | $ | 3,461,659 | ||||
Consumer, Cyclical — 0.2% | ||||||||
Toyota Motor Corp., 0.681%, 3/25/24 | 1,000,000 | 994,700 | ||||||
Financial — 7.8% | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.875%, 8/14/24 | 3,000,000 | 3,088,443 | ||||||
Aircastle Ltd., 4.125%, 5/01/24 | 1,990,000 | 2,079,293 | ||||||
Canadian Imperial Bank of Commerce, 3.100%, 4/02/24 | 4,500,000 | 4,694,570 | ||||||
Cooperatieve Rabobank UA, 2.625%, 7/22/24 ± | 2,000,000 | 2,066,449 | ||||||
Mitsubishi UFJ Financial Group, Inc., 3.407%, 3/07/24 | 3,946,000 | 4,133,640 | ||||||
NatWest Markets PLC, 0.800%, 8/12/24 ± | 2,250,000 | 2,214,550 | ||||||
Skandinaviska Enskilda Banken AB, 0.650%, 9/09/24 ± | 1,000,000 | 983,790 | ||||||
Societe Generale SA, 2.625%, 10/16/24 ± | 750,000 | 771,149 | ||||||
Sumitomo Mitsui Banking Corp., 3.400%, 7/11/24 | 1,000,000 | 1,053,223 | ||||||
Sumitomo Mitsui Financial Group, Inc., 2.696%, 7/16/24 | 1,966,000 | 2,031,866 | ||||||
Sumitomo Mitsui Trust Bank Ltd., 0.850%, 3/25/24 ± | 5,000,000 | 4,955,295 | ||||||
Westpac Banking Corp., 1.019%, 11/18/24 | 11,800,000 | 11,777,174 | ||||||
39,849,442 | ||||||||
Government — 2.9% | ||||||||
European Investment Bank, 0.375%, 7/24/24 | 10,000,000 | 9,873,735 | ||||||
Nordic Investment Bank, 0.375%, 9/20/24 | 2,250,000 | 2,212,489 | ||||||
Svensk Exportkredit AB, 0.625%, 10/07/24 | 3,000,000 | 2,968,817 | ||||||
15,055,041 | ||||||||
TOTAL YANKEE CORPORATE BONDS AND NOTES (Identified Cost $59,845,520) | 59,360,842 | |||||||
CORPORATE BONDS AND NOTES — 10.2% | ||||||||
Communications — 0.3% | ||||||||
Omnicom Group, Inc./Omnicom Capital, Inc., 3.650%, 11/01/24 | 1,004,000 | 1,065,066 | ||||||
ViacomCBS, Inc., 3.700%, 8/15/24 | 351,000 | 371,938 | ||||||
1,437,004 | ||||||||
Consumer, Cyclical — 1.8% | ||||||||
Daimler Finance North America LLC, 2.700%, 6/14/24 ± | 2,000,000 | 2,068,886 | ||||||
Marriott International, Inc., 3.600%, 4/15/24 | 2,750,000 | 2,877,962 | ||||||
Volkswagen Group of America Finance LLC, 2.850%, 9/26/24 ± | 2,000,000 | 2,070,038 | ||||||
Walgreens Boots Alliance, Inc., 3.800%, 11/18/24 | 2,001,000 | 2,127,294 | ||||||
9,144,180 | ||||||||
Consumer, Non-cyclical — 1.7% | ||||||||
Bayer US Finance LLC, 3.375%, 10/08/24 ± | 3,000,000 | 3,138,430 | ||||||
Cardinal Health, Inc., 3.079%, 6/15/24 | 3,165,000 | 3,284,561 | ||||||
Cigna Corp., 3.500%, 6/15/24 | 1,000,000 | 1,050,252 | ||||||
Gilead Sciences, Inc., 3.700%, 4/01/24 | 1,001,000 | 1,052,912 | ||||||
8,526,155 | ||||||||
Energy — 0.8% | ||||||||
Marathon Petroleum Corp., 3.625%, 9/15/24 | 3,000,000 | 3,156,707 | ||||||
Schlumberger Holdings Corp., 3.750%, 5/01/24 ± | 1,000,000 | 1,049,845 | ||||||
4,206,552 | ||||||||
Financial — 3.9% | ||||||||
Ally Financial, Inc., 3.875%, 5/21/24 | 483,000 | 509,371 | ||||||
Citigroup, Inc., 3.750%, 6/16/24 | 3,000,000 | 3,185,486 | ||||||
Morgan Stanley, 3.875%, 4/29/24 | 4,800,000 | 5,092,225 | ||||||
Nuveen Finance LLC, 4.125%, 11/01/24 ± | 2,500,000 | 2,690,672 | ||||||
Truist Financial Corp., 2.850%, 10/26/24 | 3,500,000 | 3,660,284 | ||||||
Wells Fargo & Co., 3.300%, 9/09/24 | 4,500,000 | 4,735,831 | ||||||
19,873,869 |
The accompanying notes are an integral part of these financial statements.
1
SA U.S. Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited) (Continued)
FACE AMOUNT | VALUE† | |||||||
Industrial — 0.9% | ||||||||
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.450%, 7/01/24 ± | $ | 1,750,000 | $ | 1,835,208 | ||||
Raytheon Technologies Corp., 3.200%, 3/15/24 | 2,695,000 | 2,806,490 | ||||||
4,641,698 | ||||||||
Technology — 0.8% | ||||||||
International Business Machines Corp., 3.000%, 5/15/24 | 4,000,000 | 4,181,454 | ||||||
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $52,292,849) | 52,010,912 | |||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS — 77.4% | ||||||||
U.S. Treasury Securities — 77.4% | ||||||||
U.S. Treasury Note, 0.375%, 8/15/24 | 52,700,000 | 52,022,723 | ||||||
U.S. Treasury Note, 0.375%, 9/15/24 | 52,750,000 | 52,022,627 | ||||||
U.S. Treasury Note, 0.625%, 10/15/24 | 48,000,000 | 47,630,625 | ||||||
U.S. Treasury Note, 0.750%, 11/15/24 | 51,000,000 | 50,733,047 | ||||||
U.S. Treasury Note, 1.000%, 12/15/24 | 51,100,000 | 51,169,863 | ||||||
U.S. Treasury Note, 1.250%, 8/31/24 | 50,000,000 | 50,476,562 | ||||||
U.S. Treasury Note, 1.500%, 9/30/24 | 25,000,000 | 25,403,320 | ||||||
U.S. Treasury Note, 1.500%, 11/30/24 | 49,000,000 | 49,788,594 | ||||||
U.S. Treasury Note, 1.875%, 8/31/24 | 12,500,000 | 12,822,266 | ||||||
U.S. Treasury Note, 2.375%, 8/15/24 | 4,000,000 | 4,154,688 | ||||||
396,224,315 | ||||||||
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Identified Cost $398,836,722) | 396,224,315 | |||||||
SHORT-TERM INVESTMENTS — 0.5% | ||||||||
Investment Company — 0.5% | ||||||||
State Street Institutional U.S. Government Money Market Fund 0.025% | 2,674,584 | 2,674,584 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,674,584) | 2,674,584 | |||||||
Total Investments — 99.7% (Identified Cost $513,649,675) | 510,270,653 | |||||||
Cash and Other Assets, Less Liabilities — 0.3% | 1,549,576 | |||||||
Net Assets — 100.0% | $ | 511,820,229 |
† | See Note 1 | ||
± | 144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at December 31, 2021 amounted to $27,305,972 or 5.34% of the net assets of the Fund. |
Portfolio Sectors as of December 31, 2021
(As a percentage of total investments (excluding short-term
money market investment)) (Unaudited)
The accompanying notes are an integral part of these financial statements.
2
SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited)
FACE AMOUNT | VALUE† | |||||||||
BONDS AND NOTES — 98.9% | ||||||||||
Australia — 9.7% | ||||||||||
Australia & New Zealand Banking Group Ltd., (3-mo. Swap + 0.760%), 0.794%, 1/16/25 ‡ | AUD | 6,800,000 | $ | 4,996,502 | ||||||
Australia & New Zealand Banking Group Ltd., 3.700%, 11/16/25 | USD | 1,000,000 | 1,087,190 | |||||||
Australia Government Bond, 0.250%, 11/21/25 | AUD | 3,400,000 | 2,383,015 | |||||||
Australia Government Bond, 0.500%, 9/21/26 | AUD | 2,000,000 | 1,400,750 | |||||||
Australia Government Bond, 4.250%, 4/21/26 | AUD | 5,200,000 | 4,254,960 | |||||||
Commonwealth Bank of Australia, 1.125%, 6/15/26 ± | USD | 11,800,000 | 11,594,244 | |||||||
National Australia Bank Ltd., (3-mo. Swap + 0.770%), 0.810%, 1/21/25 ‡ | AUD | 500,000 | 367,515 | |||||||
National Australia Bank Ltd., (3-mo. Swap + 0.920%), 0.985%, 6/19/24 ‡ | AUD | 1,500,000 | 1,105,904 | |||||||
National Australia Bank Ltd., 3.375%, 1/14/26 | USD | 8,500,000 | 9,170,664 | |||||||
New South Wales Treasury Corp., 4.000%, 5/20/26 | AUD | 16,900,000 | 13,617,259 | |||||||
Queensland Treasury Corp., 3.250%, 7/21/26 ± | AUD | 8,500,000 | 6,662,081 | |||||||
South Australian Government Financing Authority, 3.000%, 7/20/26 | AUD | 4,300,000 | 3,336,581 | |||||||
Treasury Corp. of Victoria, 0.500%, 11/20/25 | AUD | 3,300,000 | 2,319,313 | |||||||
Westpac Banking Corp., (3-mo. Swap + 0.880%), 0.925%, 8/16/24 ‡ | AUD | 1,000,000 | 736,996 | |||||||
Westpac Banking Corp., (3-mo. Swap + 0.950%), 0.995%, 11/16/23 ‡ | AUD | 100,000 | 73,674 | |||||||
Westpac Banking Corp., 1.150%, 6/03/26 | USD | 6,500,000 | 6,391,819 | |||||||
Westpac Banking Corp., (3-mo. Swap + 1.140%), 1.182%, 4/24/24 ‡ | AUD | 3,000,000 | 2,222,697 | |||||||
Westpac Banking Corp., 2.350%, 2/19/25 | USD | 1,196,000 | 1,236,232 | |||||||
Westpac Banking Corp., 2.850%, 5/13/26 | USD | 4,300,000 | 4,535,901 | |||||||
Westpac Banking Corp., 4.125%, 6/04/26 | AUD | 2,300,000 | 1,825,035 | |||||||
79,318,332 | ||||||||||
Austria — 1.3% | ||||||||||
Oesterreichische Kontrollbank AG, 0.375%, 9/17/25 | USD | 3,000,000 | 2,911,382 | |||||||
Oesterreichische Kontrollbank AG, 0.500%, 2/02/26 | USD | 7,500,000 | 7,286,183 | |||||||
10,197,565 | ||||||||||
Canada — 19.8% | ||||||||||
Canada Government International Bond, 0.750%, 5/19/26 | USD | 24,600,000 | 24,071,341 | |||||||
CPPIB Capital, Inc., 0.875%, 9/09/26 ± | USD | 19,300,000 | 18,873,907 | |||||||
Ontario Teachers’ Finance Trust, 0.875%, 9/21/26 ± | USD | 12,100,000 | 11,781,867 | |||||||
Province of Alberta Canada, 2.200%, 6/01/26 | CAD | 27,100,000 | 21,999,257 | |||||||
Province of British Columbia Canada, 0.900%, 7/20/26 | USD | 15,300,000 | 15,000,964 | |||||||
Province of British Columbia Canada, 2.300%, 6/18/26 | CAD | 4,000,000 | 3,270,197 | |||||||
Province of Manitoba Canada, 2.550%, 6/02/26 | CAD | 5,500,000 | 4,530,188 | |||||||
Province of Ontario Canada, 0.625%, 1/21/26 | USD | 9,000,000 | 8,760,777 | |||||||
Province of Ontario Canada, 1.050%, 4/14/26 | USD | 10,500,000 | 10,367,755 | |||||||
Province of Ontario Canada, 1.350%, 9/08/26 | CAD | 2,000,000 | 1,565,169 | |||||||
Province of Ontario Canada, 2.400%, 6/02/26 | CAD | 4,000,000 | 3,276,177 | |||||||
Province of Quebec Canada, 2.500%, 9/01/26 | CAD | 14,500,000 | 11,955,018 | |||||||
Province of Quebec Canada, 2.750%, 9/01/25 | CAD | 3,000,000 | 2,483,833 | |||||||
Province of Quebec Canada, 3.700%, 5/20/26 | AUD | 4,500,000 | 3,530,049 | |||||||
PSP Capital, Inc., 0.900%, 6/15/26 | CAD | 4,800,000 | 3,692,537 | |||||||
PSP Capital, Inc., 1.000%, 6/29/26 ± | USD | 4,693,000 | 4,625,090 | |||||||
Toronto-Dominion Bank (The), 0.750%, 9/11/25 | USD | 500,000 | 487,271 | |||||||
Toronto-Dominion Bank (The), 0.750%, 1/06/26 | USD | 2,500,000 | 2,426,146 | |||||||
Toronto-Dominion Bank (The), (3- mo. Swap + 1.000%), 1.025%, 7/10/24 ‡ | AUD | 2,000,000 | 1,476,188 | |||||||
Toronto-Dominion Bank (The), 1.128%, 12/09/25 | CAD | 6,100,000 | 4,686,986 | |||||||
Toronto-Dominion Bank (The), 1.200%, 6/03/26 | USD | 2,938,000 | 2,893,092 | |||||||
161,753,809 | ||||||||||
Denmark — 0.8% | ||||||||||
Kommunekredit, 0.500%, 1/28/26 | USD | 6,625,000 | 6,429,589 | |||||||
Finland — 1.9% | ||||||||||
Finnvera Oyj, 1.125%, 10/27/26 ± | USD | 4,400,000 | 4,350,918 | |||||||
Kuntarahoitus Oyj, 0.625%, 3/20/26 | USD | 11,200,000 | 10,895,651 | |||||||
15,246,569 |
The accompanying notes are an integral part of these financial statements.
3
SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited) (Continued)
FACE AMOUNT | VALUE† | |||||||||
BONDS AND NOTES (Continued) | ||||||||||
France — 5.8% | ||||||||||
Agence Francaise de Developpement EPIC, 0.625%, 1/22/26 | USD | 6,200,000 | $ | 6,054,610 | ||||||
Caisse d’Amortissement de la Dette Sociale, 0.625%, 2/18/26 ± | USD | 880,000 | 856,984 | |||||||
Caisse d’Amortissement de la Dette Sociale, 0.625%, 2/18/26 | USD | 9,050,000 | 8,813,300 | |||||||
Dexia Credit Local SA, 1.125%, 4/09/26 ± | USD | 400,000 | 396,340 | |||||||
Dexia Credit Local SA, 1.125%, 4/09/26 | USD | 16,640,000 | 16,487,751 | |||||||
SFIL SA, 0.625%, 2/09/26 | USD | 15,200,000 | 14,778,152 | |||||||
47,387,137 | ||||||||||
Germany — 4.7% | ||||||||||
Kreditanstalt fuer Wiederaufbau, 0.625%, 1/22/26 | USD | 8,500,000 | 8,301,043 | |||||||
Kreditanstalt fuer Wiederaufbau, 3.200%, 9/11/26 | AUD | 500,000 | 388,251 | |||||||
Landwirtschaftliche Rentenbank, 0.875%, 3/30/26 | USD | 9,500,000 | 9,346,047 | |||||||
Landwirtschaftliche Rentenbank, 4.250%, 1/09/25 | AUD | 3,780,000 | 2,990,261 | |||||||
Landwirtschaftliche Rentenbank, 4.750%, 5/06/26 | AUD | 1,100,000 | 904,312 | |||||||
NRW Bank, 0.875%, 3/09/26 | USD | 5,200,000 | 5,114,783 | |||||||
State of North Rhine-Westphalia Germany, 1.000%, 4/21/26 | USD | 11,600,000 | 11,464,389 | |||||||
38,509,086 | ||||||||||
Netherlands — 3.3% | ||||||||||
BNG Bank NV, 0.500%, 11/24/25 | USD | 4,342,000 | 4,220,678 | |||||||
BNG Bank NV, 0.875%, 5/18/26 ± | USD | 13,800,000 | 13,555,252 | |||||||
BNG Bank NV, 0.875%, 5/18/26 | USD | 4,676,000 | 4,593,069 | |||||||
BNG Bank NV, 2.375%, 3/16/26 | USD | 1,000,000 | 1,044,308 | |||||||
Shell International Finance BV, 2.875%, 5/10/26 | USD | 600,000 | 637,364 | |||||||
Shell International Finance BV, 3.250%, 5/11/25 | USD | 3,000,000 | 3,196,680 | |||||||
27,247,351 | ||||||||||
New Zealand — 2.2% | ||||||||||
Bank of New Zealand, 1.000%, 3/03/26 ± | USD | 1,604,000 | 1,562,524 | |||||||
New Zealand Government Bond, 0.500%, 5/15/24 | NZD | 2,800,000 | 1,854,003 | |||||||
New Zealand Government Bond, 0.500%, 5/15/26 | NZD | 14,900,000 | 9,485,725 | |||||||
New Zealand Local Government Funding Agency Bond, 2.250%, 4/15/24 | NZD | 6,800,000 | 4,660,475 | |||||||
New Zealand Local Government Funding Agency Bond, 2.750%, 4/15/25 | NZD | 500,000 | 345,461 | |||||||
17,908,188 | ||||||||||
Norway — 2.2% | ||||||||||
Equinor ASA, 1.750%, 1/22/26 | USD | 1,900,000 | 1,914,234 | |||||||
Kommunalbanken AS, 0.375%, 9/11/25 | USD | 1,944,000 | 1,885,226 | |||||||
Kommunalbanken AS, 0.500%, 1/13/26 @ | USD | 3,000,000 | 2,912,417 | |||||||
Kommunalbanken AS, 1.125%, 10/26/26 ± | USD | 11,400,000 | 11,277,662 | |||||||
17,989,539 | ||||||||||
Singapore — 0.2% | ||||||||||
Singapore Government Bond, 2.125%, 6/01/26 | SGD | 2,300,000 | 1,768,090 | |||||||
Supranational — 17.0% | ||||||||||
African Development Bank, 0.875%, 3/23/26 | USD | 12,950,000 | 12,756,423 | |||||||
African Development Bank, 0.875%, 7/22/26 | USD | 9,800,000 | 9,621,718 | |||||||
African Development Bank, 4.500%, 6/02/26 | AUD | 1,500,000 | 1,221,717 | |||||||
Asian Development Bank, 0.500%, 2/04/26 | USD | 2,500,000 | 2,431,961 | |||||||
Asian Development Bank, 0.500%, 5/05/26 | AUD | 6,000,000 | 4,152,394 | |||||||
Asian Development Bank, 1.000%, 4/14/26 | USD | 17,900,000 | 17,718,272 | |||||||
Asian Infrastructure Investment Bank (The), 0.500%, 1/27/26 | USD | 21,579,000 | 20,967,477 | |||||||
Asian Infrastructure Investment Bank (The), 1.000%, 5/06/26 | AUD | 2,400,000 | 1,697,721 | |||||||
European Bank for Reconstruction & Development, 0.500%, 1/28/26 @ | USD | 23,353,000 | 22,676,300 | |||||||
European Investment Bank, 0.375%, 3/26/26 | USD | 15,575,000 | 15,050,961 | |||||||
Inter-American Development Bank, 0.875%, 4/20/26 | USD | 12,700,000 | 12,506,533 | |||||||
Inter-American Development Bank, 2.750%, 10/30/25 | AUD | 300,000 | 228,460 | |||||||
Inter-American Development Bank, 4.250%, 6/11/26 | AUD | 6,000,000 | 4,843,885 | |||||||
Inter-American Development Bank, 4.400%, 1/26/26 | CAD | 554,000 | 488,297 | |||||||
Inter-American Development Bank, 4.750%, 8/27/24 | AUD | 5,500,000 | 4,376,167 |
The accompanying notes are an integral part of these financial statements.
4
SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited) (Continued)
FACE AMOUNT | VALUE† | |||||||||
BONDS AND NOTES (Continued) | ||||||||||
Supranational (Continued) | ||||||||||
Inter-American Investment Corp., 0.625%, 2/10/26 | USD | 315,000 | $ | 306,353 | ||||||
International Bank for Reconstruction & Development, 0.500%, 5/18/26 | AUD | 1,600,000 | 1,105,277 | |||||||
International Bank for Reconstruction & Development, 0.625%, 1/14/26 | CAD | 2,600,000 | 1,986,851 | |||||||
International Finance Corp., 3.200%, 7/22/26 | AUD | 5,000,000 | 3,882,601 | |||||||
Nordic Investment Bank, 1.500%, 3/13/25 | NOK | 10,000,000 | 1,130,356 | |||||||
139,149,724 | ||||||||||
Sweden — 2.8% | ||||||||||
Skandinaviska Enskilda Banken AB, 0.850%, 9/02/25 ± | USD | 7,500,000 | 7,329,038 | |||||||
Skandinaviska Enskilda Banken AB, 1.200%, 9/09/26 ± | ��USD | 11,150,000 | 10,923,822 | |||||||
Skandinaviska Enskilda Banken AB, 1.400%, 11/19/25 @± | USD | 5,000,000 | 5,008,356 | |||||||
23,261,216 | ||||||||||
United States — 27.2% | ||||||||||
Amazon.com, Inc., 1.000%, 5/12/26 | USD | 15,398,000 | 15,269,225 | |||||||
Apple, Inc., 0.700%, 2/08/26 | USD | 2,575,000 | 2,525,604 | |||||||
Apple, Inc., 2.513%, 8/19/24 | CAD | 3,000,000 | 2,430,234 | |||||||
Apple, Inc., 3.250%, 2/23/26 | USD | 2,192,000 | 2,346,455 | |||||||
Berkshire Hathaway, Inc., 3.125%, 3/15/26 | USD | 5,888,000 | 6,310,694 | |||||||
Chevron Corp., 2.954%, 5/16/26 | USD | 5,740,000 | 6,086,084 | |||||||
Federal National Mortgage Association, 2.125%, 4/24/26 @ | USD | 750,000 | 778,269 | |||||||
Johnson & Johnson, 0.550%, 9/01/25 | USD | 1,000,000 | 978,410 | |||||||
Merck & Co., Inc., 0.750%, 2/24/26 | USD | 4,900,000 | 4,810,091 | |||||||
Microsoft Corp., 3.125%, 11/03/25 | USD | 5,000,000 | 5,340,680 | |||||||
National Securities Clearing Corp., 0.750%, 12/07/25 | USD | 1,000,000 | 974,666 | |||||||
National Securities Clearing Corp., 0.750%, 12/07/25 @± | USD | 3,855,000 | 3,757,338 | |||||||
Nestle Holdings, Inc., 0.625%, 1/15/26 ± | USD | 5,352,000 | 5,195,121 | |||||||
Nestle Holdings, Inc., 3.500%, 9/24/25 | USD | 10,000,000 | 10,732,924 | |||||||
Procter & Gamble Co. (The), 1.000%, 4/23/26 | USD | 3,654,000 | 3,617,753 | |||||||
Procter & Gamble Co. (The), 0.550%, 10/29/25 | USD | 900,000 | 879,243 | |||||||
Roche Holdings, Inc., 0.991%, 3/05/26 ± | USD | 1,300,000 | 1,278,972 | |||||||
Roche Holdings, Inc., 2.625%, 5/15/26 ± | USD | 300,000 | 314,344 | |||||||
U.S. Treasury Note, 0.750%, 3/31/26 | USD | 47,000,000 | 46,135,273 | |||||||
U.S. Treasury Note, 0.750%, 4/30/26 | USD | 6,750,000 | 6,620,274 | |||||||
U.S. Treasury Note, 0.750%, 5/31/26 | USD | 50,000,000 | 49,005,860 | |||||||
U.S. Treasury Note, 1.625%, 5/15/26 | USD | 29,000,000 | 29,506,367 | |||||||
U.S. Treasury Note, 2.375%, 4/30/26 | USD | 7,000,000 | 7,345,898 | |||||||
Visa, Inc., 3.150%, 12/14/25 | USD | 4,000,000 | 4,269,045 | |||||||
Walmart, Inc., 1.050%, 9/17/26 @ | USD | 6,000,000 | 5,942,323 | |||||||
222,451,147 | ||||||||||
TOTAL BONDS AND NOTES (Identified Cost $823,242,060) | 808,617,342 | |||||||||
SHARES | ||||||||||
SHORT-TERM INVESTMENTS — 2.4% | ||||||||||
Investment Company — 0.8% | ||||||||||
State Street Institutional U.S. Government Money Market Fund 0.025% | 6,519,485 | 6,519,485 | ||||||||
Collateral For Securities On Loan — 1.6% | ||||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030% | 13,460,438 | 13,460,438 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $19,979,923) | 19,979,923 | |||||||||
Total Investments — 101.3% (Identified Cost $843,221,983) | 828,597,265 | |||||||||
Liabilities, Less Cash and Other Assets — (1.3%) | (10,850,085 | ) | ||||||||
Net Assets — 100.0% | $ | 817,747,180 |
The accompanying notes are an integral part of these financial statements.
5
SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited) (Continued)
† | See Note 1 | ||
‡ | Floating rate or variable rate note. Rate shown is as of December 31, 2021. | ||
± | 144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at December 31, 2021 amounted to $119,343,860 or 14.59% of the net assets of the Fund. | ||
@ | A portion or all of the security were held on loan. As of December 31, 2021, the market value of the securities on loan was $13,198,342. |
Key to abbreviations:
AUD — Australian Dollar
CAD — Canadian Dollar
NOK — Norwegian Krone
NZD — New Zealand Dollar
SGD — Singapore Dollar
USD — U.S. Dollar
Country weightings as of December 31, 2021
(As a percentage of long-term investments) (Unaudited)
The accompanying notes are an integral part of these financial statements.
6
SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited) (Continued)
Forward Foreign Currency Exchange Contracts sold outstanding as of December 31, 2021
Settlement Date | Currency Purchased | Currency Sold | Counterparty | Total Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
01/12/22 | USD | 79,764,883 | AUD | 106,158,339 | State Street Bank and Trust Co. | $ | 77,236,984 | $ | 2,527,899 | $ | — | |||||||||||
01/24/22 | USD | 60,378,658 | CAD | 74,581,427 | Bank of America N.A. | 58,958,864 | 1,419,794 | — | ||||||||||||||
01/24/22 | USD | 2,397,656 | CAD | 3,048,236 | HSBC Bank USA | 2,409,722 | — | (12,066 | ) | |||||||||||||
01/24/22 | USD | 2,679,739 | CAD | 3,376,059 | State Street Bank and Trust Co. | 2,668,876 | 10,863 | — | ||||||||||||||
02/01/22 | USD | 2,232,616 | NOK | 20,354,981 | State Street Bank and Trust Co. | 2,310,199 | — | (77,583 | ) | |||||||||||||
02/02/22 | USD | 16,158,189 | NZD | 23,801,066 | HSBC Bank USA | 16,295,935 | — | (137,746 | ) | |||||||||||||
03/11/22 | USD | 1,748,594 | SGD | 2,392,782 | State Street Bank and Trust Co. | 1,774,941 | — | (26,347 | ) | |||||||||||||
$ | 3,958,556 | $ | (253,742 | ) |
Forward Foreign Currency Exchange Contracts purchased outstanding as of December 31, 2021
Settlement Date | Currency Purchased | Currency Sold | Counterparty | Total Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
01/12/22 | AUD | 513,118 | USD | 371,863 | State Street Bank and Trust Co. | $ | 373,325 | $ | 1,462 | $ | — | |||||||||||
01/12/22 | AUD | 303,745 | USD | 225,525 | State Street Bank and Trust Co. | 220,994 | — | (4,531 | ) | |||||||||||||
01/24/22 | CAD | 984,535 | USD | 769,705 | State Street Bank and Trust Co. | 778,305 | 8,600 | — | ||||||||||||||
01/24/22 | CAD | 786,935 | USD | 623,948 | State Street Bank and Trust Co. | 622,096 | — | (1,852 | ) | |||||||||||||
02/01/22 | NOK | 8,194,490 | USD | 915,773 | Bank of America N.A. | 930,038 | 14,265 | — | ||||||||||||||
02/01/22 | NOK | 2,019,307 | USD | 227,328 | State Street Bank and Trust Co. | 229,182 | 1,854 | — | ||||||||||||||
$ | 26,181 | $ | (6,383 | ) | ||||||||||||||||||
Total | $ | 3,984,737 | $ | (260,125 | ) |
The accompanying notes are an integral part of these financial statements.
7
SA U.S. Core Market Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited)
SHARES | VALUE† | |||||||
COMMON STOCKS — 95.5% | ||||||||
Aerospace & Defense — 1.3% | ||||||||
Other Securities^* | 53,577 | $ | 9,801,581 | |||||
Air Freight & Logistics — 0.7% | ||||||||
United Parcel Service, Inc., Class B | 14,911 | 3,196,024 | ||||||
Other Securities^* | 13,268 | 2,245,929 | ||||||
5,441,953 | ||||||||
Airlines — 0.1% | ||||||||
Other Securities^* | 29,614 | 941,292 | ||||||
Auto Components — 0.2% | ||||||||
Other Securities^ | 15,058 | 1,418,508 | ||||||
Automobiles — 1.7% | ||||||||
Tesla, Inc. * | 10,040 | 10,610,071 | ||||||
Other Securities^ | 61,106 | 2,143,115 | ||||||
12,753,186 | ||||||||
Beverages — 1.6% | ||||||||
Coca-Cola Co. (The) | 76,728 | 4,543,065 | ||||||
PepsiCo, Inc. | 32,416 | 5,630,983 | ||||||
Other Securities^* | 20,226 | 1,853,851 | ||||||
12,027,899 | ||||||||
Biotechnology — 1.8% | ||||||||
AbbVie, Inc. | 39,827 | 5,392,576 | ||||||
Amgen, Inc. | 12,097 | 2,721,462 | ||||||
Other Securities^* | 50,693 | 5,975,400 | ||||||
14,089,438 | ||||||||
Building Products — 0.7% | ||||||||
Other Securities^ | 53,388 | 5,357,762 | ||||||
Capital Markets — 2.7% | ||||||||
Other Securities^ | 130,740 | 20,572,946 | ||||||
Chemicals — 1.6% | ||||||||
Other Securities^ | 89,839 | 12,222,989 | ||||||
Commercial Banks — 2.5% | ||||||||
Bank of America Corp. | 70,037 | 3,115,946 | ||||||
JPMorgan Chase & Co. | 41,661 | 6,597,019 | ||||||
Other Securities^ | 166,566 | 9,627,796 | ||||||
19,340,761 | ||||||||
Commercial Services & Supplies — 0.6% | ||||||||
Other Securities^ | 33,627 | 4,787,966 | ||||||
Communications Equipment — 0.8% | ||||||||
Cisco Systems, Inc. | 64,788 | 4,105,615 | ||||||
Other Securities^ | 16,428 | 2,114,216 | ||||||
6,219,831 | ||||||||
Computers & Peripherals — 8.2% | ||||||||
Apple, Inc. | 335,928 | 59,650,735 | ||||||
Other Securities^* | 47,874 | 2,452,759 | ||||||
62,103,494 | ||||||||
Construction & Engineering — 0.1% | ||||||||
Other Securities^* | 11,158 | 928,623 | ||||||
Construction Materials — 0.1% | ||||||||
Other Securities^ | 4,865 | 882,226 | ||||||
Consumer Finance — 0.6% | ||||||||
Other Securities^ | 38,220 | 4,277,071 | ||||||
Containers & Packaging — 0.4% | ||||||||
Other Securities^ | 54,917 | 3,276,415 | ||||||
Distributors — 0.2% | ||||||||
Other Securities^ | 8,815 | 1,324,174 | ||||||
Diversified Consumer Services — 0.1% | ||||||||
Other Securities^* | 10,159 | 612,844 | ||||||
Diversified Financial Services — 0.7% | ||||||||
Berkshire Hathaway, Inc., Class B * | 16,977 | 5,076,123 | ||||||
Other Securities^ | 7,506 | 297,039 | ||||||
5,373,162 | ||||||||
Diversified Telecommunication Services — 1.0% | ||||||||
Verizon Communications, Inc. | 99,340 | 5,161,706 | ||||||
Other Securities^ | 91,634 | 2,158,902 | ||||||
7,320,608 | ||||||||
Electric Utilities — 1.6% | ||||||||
NextEra Energy, Inc. | 37,492 | 3,500,253 | ||||||
Other Securities^ | 127,054 | 8,325,102 | ||||||
11,825,355 | ||||||||
Electrical Equipment — 0.6% | ||||||||
Other Securities^* | 32,628 | 4,869,394 | ||||||
Electronic Equipment, Instruments & Components — 0.8% | ||||||||
Other Securities^* | 58,149 | 5,749,618 | ||||||
Energy Equipment & Services — 0.1% | ||||||||
Other Securities^ | 29,379 | 725,205 | ||||||
Entertainment — 1.2% | ||||||||
Netflix, Inc. * | 6,961 | 4,193,585 | ||||||
Walt Disney Co. (The) * | 18,097 | 2,803,044 | ||||||
Other Securities^* | 31,426 | 2,180,243 | ||||||
9,176,872 | ||||||||
Food & Staples Retailing — 1.5% | ||||||||
Costco Wholesale Corp. | 8,735 | 4,958,859 | ||||||
Walmart, Inc. | 27,662 | 4,002,415 | ||||||
Other Securities^ | 40,303 | 2,360,267 | ||||||
11,321,541 | ||||||||
Food Products — 0.8% | ||||||||
Other Securities^ | 89,443 | 6,197,930 | ||||||
Gas Utilities — 0.1% | ||||||||
Other Securities^ | 8,102 | 572,140 |
The accompanying notes are an integral part of these financial statements.
8
SA U.S. Core Market Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Health Care Equipment & Supplies — 2.1% | ||||||||
Abbott Laboratories | 26,711 | $ | 3,759,306 | |||||
Other Securities^ | 74,811 | 12,170,593 | ||||||
15,929,899 | ||||||||
Health Care Providers & Services — 2.7% | ||||||||
UnitedHealth Group, Inc. | 17,835 | 8,955,667 | ||||||
Other Securities^ | 71,367 | 11,510,356 | ||||||
20,466,023 | ||||||||
Health Care Technology — 0.2% | ||||||||
Other Securities^* | 15,493 | 1,209,929 | ||||||
Hotels, Restaurants & Leisure — 1.8% | ||||||||
McDonald’s Corp. | 12,813 | 3,434,781 | ||||||
Other Securities^ | 82,219 | 10,162,389 | ||||||
13,597,170 | ||||||||
Household Durables — 0.4% | ||||||||
Other Securities^ | 34,705 | 3,384,065 | ||||||
Household Products — 1.5% | ||||||||
Procter & Gamble Co. (The) | 48,462 | 7,927,414 | ||||||
Other Securities^ | 29,140 | 3,123,967 | ||||||
11,051,381 | ||||||||
Independent Power Producers & Energy Traders — 0.1% | ||||||||
Other Securities^ | 17,302 | 484,509 | ||||||
Industrial Conglomerates — 0.8% | ||||||||
Other Securities^ | 34,742 | 6,426,858 | ||||||
Insurance — 1.6% | ||||||||
Other Securities^ | 113,952 | 12,348,375 | ||||||
Interactive Media & Services — 5.4% | ||||||||
Alphabet, Inc., Class A * | 4,521 | 13,097,518 | ||||||
Alphabet, Inc., Class C * | 4,424 | 12,801,242 | ||||||
Meta Platforms, Inc., Class A * | 40,998 | 13,789,677 | ||||||
Other Securities^* | 22,045 | 1,370,016 | ||||||
41,058,453 | ||||||||
Internet & Catalog Retail — 4.4% | ||||||||
Amazon.com, Inc. * | 9,490 | 31,642,886 | ||||||
Other Securities^*@ | 18,617 | 1,773,727 | ||||||
33,416,613 | ||||||||
IT Services — 5.0% | ||||||||
Accenture PLC, Class A | 13,880 | 5,753,954 | ||||||
MasterCard, Inc., Class A | 21,918 | 7,875,576 | ||||||
Visa, Inc., Class A | 34,029 | 7,374,425 | ||||||
Other Securities^* | 121,139 | 16,851,677 | ||||||
37,855,632 | ||||||||
Leisure Equipment & Products — 0.1% | ||||||||
Other Securities^* | 15,812 | 864,365 | ||||||
Life Sciences Tools & Services — 1.7% | ||||||||
Thermo Fisher Scientific, Inc. | 5,908 | 3,942,054 | ||||||
Other Securities^ | 36,784 | 8,716,678 | ||||||
12,658,732 | ||||||||
Machinery — 2.0% | ||||||||
Other Securities^ | 94,325 | 15,020,796 | ||||||
Media — 1.0% | ||||||||
Comcast Corp., Class A | 72,362 | 3,641,980 | ||||||
Other Securities^ | 66,019 | 4,051,391 | ||||||
7,693,371 | ||||||||
Metals & Mining — 0.4% | ||||||||
Other Securities^@ | 57,537 | 3,144,265 | ||||||
Multi-Utilities — 0.6% | ||||||||
Other Securities^ | 66,117 | 4,739,447 | ||||||
Multiline Retail — 0.7% | ||||||||
Target Corp. | 13,538 | 3,133,235 | ||||||
Other Securities^ | 13,685 | 1,873,457 | ||||||
5,006,692 | ||||||||
Oil, Gas & Consumable Fuels — 1.3% | ||||||||
Other Securities^ | 190,982 | 10,158,897 | ||||||
Paper & Forest Products — 0.0% | ||||||||
Other Securities^* | 2,413 | 162,163 | ||||||
Personal Products — 0.3% | ||||||||
Other Securities^* | 8,162 | 2,074,592 | ||||||
Pharmaceuticals — 3.9% | ||||||||
Eli Lilly & Co. | 19,445 | 5,371,098 | ||||||
Johnson & Johnson | 55,065 | 9,419,970 | ||||||
Merck & Co., Inc. | 52,291 | 4,007,582 | ||||||
Pfizer, Inc. | 79,600 | 4,700,380 | ||||||
Zoetis, Inc. | 12,576 | 3,068,921 | ||||||
Other Securities^ | 58,342 | 3,011,515 | ||||||
29,579,466 | ||||||||
Professional Services — 0.5% | ||||||||
Other Securities^ | 38,039 | 4,024,393 | ||||||
Real Estate Management & Development — 0.1% | ||||||||
Other Securities^*@ | 7,012 | 908,335 | ||||||
Road & Rail — 1.3% | ||||||||
Union Pacific Corp. | 15,875 | 3,999,389 | ||||||
Other Securities^* | 73,194 | 5,803,046 | ||||||
9,802,435 |
The accompanying notes are an integral part of these financial statements.
9
SA U.S. Core Market Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Semiconductors & Semiconductor Equipment — 6.8% | ||||||||
Applied Materials, Inc. | 22,341 | $ | 3,515,580 | |||||
Broadcom, Inc. | 9,251 | 6,155,708 | ||||||
Intel Corp. | 72,045 | 3,710,317 | ||||||
NVIDIA Corp. | 43,332 | 12,744,374 | ||||||
QUALCOMM, Inc. | 25,043 | 4,579,613 | ||||||
Texas Instruments, Inc. | 21,009 | 3,959,566 | ||||||
Other Securities^ | 105,325 | 17,072,180 | ||||||
51,737,338 | ||||||||
Software — 9.3% | ||||||||
Adobe, Inc. * | 9,085 | 5,151,740 | ||||||
Intuit, Inc. | 4,259 | 2,739,474 | ||||||
Microsoft Corp. | 130,116 | 43,760,613 | ||||||
Oracle Corp. | 35,279 | 3,076,682 | ||||||
Other Securities^* | 95,708 | 15,767,956 | ||||||
70,496,465 | ||||||||
Specialty Retail — 3.1% | ||||||||
Home Depot, Inc. (The) | 23,976 | 9,950,280 | ||||||
Lowe’s Cos., Inc. | 14,649 | 3,786,473 | ||||||
Other Securities^ | 75,221 | 10,036,827 | ||||||
23,773,580 | ||||||||
Textiles, Apparel & Luxury Goods — 1.0% | ||||||||
NIKE, Inc., Class B | 29,092 | 4,848,764 | ||||||
Other Securities^ | 35,762 | 2,662,041 | ||||||
7,510,805 | ||||||||
Thrifts & Mortgage Finance — 0.0% | ||||||||
Other Securities^ | 12,225 | 188,502 | ||||||
Tobacco — 0.4% | ||||||||
Other Securities^ | 48,948 | 3,338,357 | ||||||
Trading Companies & Distributors — 0.4% | ||||||||
Other Securities^ | 21,820 | 2,705,285 | ||||||
Water Utilities — 0.1% | ||||||||
Other Securities^ | 7,137 | 852,901 | ||||||
Wireless Telecommunication Services — 0.1% | ||||||||
Other Securities^* | 8,733 | 1,012,853 | ||||||
TOTAL COMMON STOCKS (Identified Cost $143,201,004) | 726,195,726 | |||||||
PREFERRED STOCKS — 0.0% | ||||||||
Internet & Catalog Retail — 0.0% | ||||||||
Qurate Retail, Inc. 8.000% | 108 | 11,148 | ||||||
TOTAL PREFERRED STOCKS (Identified Cost $8,771) | 11,148 | |||||||
MUTUAL FUNDS — 4.1% | ||||||||
Other — 4.1% | ||||||||
DFA U.S. Micro Cap Portfolio | 1,129,471 | 31,037,879 | ||||||
TOTAL MUTUAL FUNDS (Identified Cost $15,712,342) | 31,037,879 | |||||||
SHORT-TERM INVESTMENTS — 0.4% | ||||||||
Investment Company — 0.4% | ||||||||
State Street Institutional U.S. Government Money Market Fund 0.025% | 2,790,918 | 2,790,918 | ||||||
Collateral For Securities On Loan — 0.0% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030% | 220,415 | 220,415 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $3,011,333) | 3,011,333 | |||||||
Total Investments — 100.0% (Identified Cost $161,933,450) | 760,256,086 | |||||||
Liabilities, Less Cash and Other Assets — (0.0)% | (246,724 | ) | ||||||
Net Assets — 100.0% | $ | 760,009,362 |
† | See Note 1 | ||
^ | The Summary Portfolio of Investments does not reflect the Fund’s complete portfolio holdings. “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Certain individual securities within this category may include non- income producing securities, bankrupt/delisted, and/or fair valued securities. | ||
* | Non-income producing security | ||
@ | A portion or all of the security was held on loan. As of December 31, 2021, the fair value of the securities on loan was $1,840,670. |
The accompanying notes are an integral part of these financial statements.
10
SA U.S. Core Market Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited) (Continued)
Portfolio Sectors as of December 31, 2021
(As a percentage of long-term investments) (Unaudited)
The accompanying notes are an integral part of these financial statements.
11
SA U.S. Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited)
SHARES | VALUE† | |||||||
COMMON STOCKS — 99.7% | ||||||||
Aerospace & Defense — 1.8% | ||||||||
Raytheon Technologies Corp. | 41,277 | $ | 3,552,299 | |||||
Other Securities^ | 82,703 | 7,399,966 | ||||||
10,952,265 | ||||||||
Air Freight & Logistics — 1.0% | ||||||||
FedEx Corp. | 19,292 | 4,989,683 | ||||||
Other Securities^* | 15,841 | 1,438,838 | ||||||
6,428,521 | ||||||||
Airlines — 0.3% | ||||||||
Other Securities^* | 44,491 | 1,908,986 | ||||||
Auto Components — 0.8% | ||||||||
Other Securities^* | 72,906 | 4,947,119 | ||||||
Automobiles — 1.5% | ||||||||
General Motors Co. * | 105,594 | 6,190,976 | ||||||
Other Securities^ | 150,516 | 3,126,218 | ||||||
9,317,194 | ||||||||
Beverages — 0.4% | ||||||||
Other Securities^ | 21,696 | 2,698,543 | ||||||
Biotechnology — 1.4% | ||||||||
Other Securities^* | 62,297 | 8,655,971 | ||||||
Building Products — 2.1% | ||||||||
Trane Technologies PLC | 16,759 | 3,385,821 | ||||||
Other Securities^ | 112,849 | 9,639,610 | ||||||
13,025,431 | ||||||||
Capital Markets — 3.5% | ||||||||
Goldman Sachs Group, Inc. (The) | 23,927 | 9,153,274 | ||||||
Morgan Stanley | 83,425 | 8,188,998 | ||||||
Other Securities^ | 69,919 | 4,301,947 | ||||||
21,644,219 | ||||||||
Chemicals — 4.0% | ||||||||
Linde PLC | 16,893 | 5,852,242 | ||||||
Other Securities^ | 202,453 | 19,046,795 | ||||||
24,899,037 | ||||||||
Commercial Banks — 9.5% | ||||||||
Bank of America Corp. | 169,647 | 7,547,595 | ||||||
Citigroup, Inc. | 105,398 | 6,364,985 | ||||||
Fifth Third Bancorp | 86,881 | 3,783,668 | ||||||
JPMorgan Chase & Co. | 109,972 | 17,414,066 | ||||||
PNC Financial Services Group, Inc. (The) | 21,675 | 4,346,271 | ||||||
Truist Financial Corp. | 64,730 | 3,789,942 | ||||||
Wells Fargo & Co. | 119,103 | 5,714,562 | ||||||
Other Securities^ | 345,996 | 9,995,302 | ||||||
58,956,391 | ||||||||
Commercial Services & Supplies — 0.8% | ||||||||
Republic Services, Inc. | 36,633 | 5,108,472 | ||||||
Communications Equipment — 0.2% | ||||||||
Other Securities^ | 27,339 | 1,091,203 | ||||||
Computers & Peripherals — 1.7% | ||||||||
HP, Inc. | 176,918 | 6,664,501 | ||||||
Other Securities^ | 193,782 | 4,221,517 | ||||||
10,886,018 | ||||||||
Construction & Engineering — 0.4% | ||||||||
Other Securities^ | 25,349 | 2,478,869 | ||||||
Construction Materials — 0.7% | ||||||||
Other Securities^ | 16,239 | 4,472,232 | ||||||
Consumer Finance — 1.6% | ||||||||
Capital One Financial Corp. | 34,312 | 4,978,328 | ||||||
Other Securities^ | 107,816 | 5,015,177 | ||||||
9,993,505 | ||||||||
Containers & Packaging — 0.5% | ||||||||
Other Securities^ | 82,158 | 3,363,105 | ||||||
Distributors — 0.4% | ||||||||
Other Securities^ | 39,680 | 2,555,799 | ||||||
Diversified Consumer Services — 0.0% | ||||||||
Other Securities^ | 2,896 | 205,587 | ||||||
Diversified Financial Services — 1.9% | ||||||||
Berkshire Hathaway, Inc., Class B * | 39,025 | 11,668,475 | ||||||
Other Securities^ | 1,332 | 88,325 | ||||||
11,756,800 | ||||||||
Diversified Telecommunication Services — 3.3% | ||||||||
AT&T, Inc. | 480,855 | 11,829,033 | ||||||
Verizon Communications, Inc. | 137,789 | 7,159,516 | ||||||
Other Securities^ | 125,601 | 1,576,293 | ||||||
20,564,842 | ||||||||
Electric Utilities — 0.2% | ||||||||
Other Securities^ | 22,148 | 954,136 | ||||||
Electrical Equipment — 1.0% | ||||||||
Eaton Corp. PLC | 21,712 | 3,752,268 | ||||||
Other Securities^* | 28,863 | 2,606,189 | ||||||
6,358,457 | ||||||||
Electronic Equipment, Instruments & Components — 1.3% | ||||||||
TE Connectivity Ltd. | 20,879 | 3,368,618 | ||||||
Other Securities^ | 126,442 | 4,958,198 | ||||||
8,326,816 | ||||||||
Energy Equipment & Services — 0.7% | ||||||||
Other Securities^ | 159,834 | 4,402,832 | ||||||
Entertainment — 1.4% | ||||||||
Walt Disney Co. (The) * | 43,240 | 6,697,444 | ||||||
Other Securities^* | 27,554 | 2,025,284 | ||||||
8,722,728 |
The accompanying notes are an integral part of these financial statements.
12
SA U.S. Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Food & Staples Retailing — 2.8% | ||||||||
Walmart, Inc. | 76,880 | $ | 11,123,767 | |||||
Other Securities^ | 128,928 | 6,138,917 | ||||||
17,262,684 | ||||||||
Food Products — 2.9% | ||||||||
Mondelez International, Inc., Class A | 68,798 | 4,561,996 | ||||||
Tyson Foods, Inc., Class A | 41,844 | 3,647,123 | ||||||
Other Securities^ | 149,237 | 10,078,943 | ||||||
18,288,062 | ||||||||
Health Care Equipment & Supplies — 1.5% | ||||||||
Medtronic PLC | 37,706 | 3,900,686 | ||||||
Other Securities^ | 46,094 | 5,516,290 | ||||||
9,416,976 | ||||||||
Health Care Providers & Services — 6.3% | ||||||||
Anthem, Inc. | 16,810 | 7,792,107 | ||||||
CIGNA Corp. | 21,309 | 4,893,186 | ||||||
CVS Health Corp. | 90,196 | 9,304,619 | ||||||
Humana, Inc. | 8,345 | 3,870,912 | ||||||
Laboratory Corp. of America Holdings * | 16,237 | 5,101,828 | ||||||
Quest Diagnostics, Inc. | 19,764 | 3,419,370 | ||||||
Other Securities^ | 43,471 | 4,802,534 | ||||||
39,184,556 | ||||||||
Health Care Technology — 0.1% | ||||||||
Other Securities^ | 6,747 | 626,594 | ||||||
Hotels, Restaurants & Leisure — 0.6% | ||||||||
Other Securities^* | 89,583 | 3,756,047 | ||||||
Household Durables — 2.9% | ||||||||
DR Horton, Inc. | 60,950 | 6,610,027 | ||||||
Other Securities^ | 116,885 | 11,257,903 | ||||||
17,867,930 | ||||||||
Independent Power Producers & Energy Traders — 0.1% | ||||||||
Other Securities^ | 25,467 | 579,884 | ||||||
Industrial Conglomerates — 0.2% | ||||||||
Other Securities^ | 12,328 | 1,310,071 | ||||||
Insurance — 4.3% | ||||||||
Hartford Financial Services Group, Inc. (The) | 49,258 | 3,400,772 | ||||||
Travelers Companies, Inc. (The) | 23,169 | 3,624,327 | ||||||
Other Securities^ | 246,809 | 19,537,291 | ||||||
26,562,390 | ||||||||
Internet & Catalog Retail — 0.1% | ||||||||
Other Securities^ | 11,889 | 790,618 | ||||||
IT Services — 1.7% | ||||||||
Other Securities^* | 120,652 | 10,676,202 | ||||||
Life Sciences Tools & Services — 2.9% | ||||||||
Danaher Corp. | 20,418 | 6,717,726 | ||||||
Thermo Fisher Scientific, Inc. | 16,006 | 10,679,844 | ||||||
Other Securities^ | 3,373 | 773,551 | ||||||
18,171,121 | ||||||||
Machinery — 3.2% | ||||||||
Other Securities^ | 155,958 | 19,741,040 | ||||||
Media — 3.8% | ||||||||
Comcast Corp., Class A | 291,971 | 14,694,900 | ||||||
Other Securities^@ | 203,849 | 9,240,097 | ||||||
23,934,997 | ||||||||
Metals & Mining — 2.7% | ||||||||
Freeport-McMoRan, Inc. | 116,560 | 4,864,049 | ||||||
Nucor Corp. | 41,998 | 4,794,072 | ||||||
Other Securities^ | 104,402 | 6,998,105 | ||||||
16,656,226 | ||||||||
Multiline Retail — 0.3% | ||||||||
Other Securities^ | 13,301 | 1,870,530 | ||||||
Oil, Gas & Consumable Fuels — 6.6% | ||||||||
Chevron Corp. | 58,376 | 6,850,424 | ||||||
ConocoPhillips | 106,289 | 7,671,940 | ||||||
Exxon Mobil Corp. | 138,682 | 8,485,952 | ||||||
Other Securities^ | 416,458 | 18,403,376 | ||||||
41,411,692 | ||||||||
Paper & Forest Products — 0.0% | ||||||||
Other Securities^* | 4,031 | 112,425 | ||||||
Pharmaceuticals — 4.7% | ||||||||
Bristol-Myers Squibb Co. | 93,266 | 5,815,135 | ||||||
Pfizer, Inc. | 364,201 | 21,506,069 | ||||||
Other Securities^ | 82,889 | 2,185,491 | ||||||
29,506,695 | ||||||||
Professional Services — 0.5% | ||||||||
Other Securities^ | 41,427 | 2,968,365 | ||||||
Real Estate Management & Development — 0.6% | ||||||||
Other Securities^* | 24,591 | 3,551,487 | ||||||
Road & Rail — 1.8% | ||||||||
Norfolk Southern Corp. | 16,650 | 4,956,871 | ||||||
Other Securities^* | 89,846 | 6,326,700 | ||||||
11,283,571 | ||||||||
Semiconductors & Semiconductor Equipment — 5.0% | ||||||||
Intel Corp. | 266,567 | 13,728,200 | ||||||
Micron Technology, Inc. | 87,164 | 8,119,327 | ||||||
Other Securities^ | 88,763 | 9,191,015 | ||||||
31,038,542 | ||||||||
Software — 0.1% | ||||||||
Other Securities^ | 10,596 | 693,436 |
The accompanying notes are an integral part of these financial statements.
13
SA U.S. Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Specialty Retail — 0.4% | ||||||||
Other Securities^ | 15,717 | $ | 2,399,200 | |||||
Textiles, Apparel & Luxury Goods — 0.3% | ||||||||
Other Securities^ | 22,128 | 1,569,883 | ||||||
Trading Companies & Distributors — 0.3% | ||||||||
Other Securities^* | 5,460 | 1,814,303 | ||||||
Wireless Telecommunication Services — 0.6% | ||||||||
T-Mobile US, Inc. * | 29,534 | 3,425,353 | ||||||
TOTAL COMMON STOCKS (Identified Cost $344,820,027) | 621,145,958 | |||||||
SHORT-TERM INVESTMENTS — 0.4% | ||||||||
Investment Company — 0.3% | ||||||||
State Street Institutional U.S. Government Money Market Fund 0.025% | 2,126,849 | 2,126,849 | ||||||
Collateral For Securities On Loan — 0.1% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030% | 352,150 | 352,150 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,478,999) | 2,478,999 | |||||||
Total Investments — 100.1% (Identified Cost $347,299,026) | 623,624,957 | |||||||
Liabilities, Less Cash and Other Assets — (0.1%) | (723,380 | ) | ||||||
Net Assets — 100.0% | $ | 622,901,577 |
† | See Note 1 | ||
^ | The Summary Portfolio of Investments does not reflect the Fund’s complete portfolio holdings. “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Certain individual securities within this category may include non- income producing securities, bankrupt/delisted, and/or fair valued securities. | ||
* | Non-income producing security | ||
@ | A portion or all of the security was held on loan. As of December 31, 2021, the fair value of the securities on loan was $1,414,054. |
Portfolio Sectors as of December 31, 2021
(As a percentage of long-term investments) (Unaudited)
The accompanying notes are an integral part of these financial statements.
14
SA U.S. Small Company Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited)
SHARES | VALUE† | |||||||
COMMON STOCKS — 99.6% | ||||||||
Aerospace & Defense — 1.2% | ||||||||
Other Securities^* | 83,286 | $ | 4,510,087 | |||||
Air Freight & Logistics — 0.4% | ||||||||
Other Securities^* | 24,857 | 1,347,683 | ||||||
Airlines — 0.4% | ||||||||
Other Securities^* | 45,444 | 1,440,709 | ||||||
Auto Components — 1.7% | ||||||||
Fox Factory Holding Corp. * | 5,640 | 959,364 | ||||||
Other Securities^* | 125,912 | 5,635,918 | ||||||
6,595,282 | ||||||||
Automobiles — 0.2% | ||||||||
Other Securities^ | 13,882 | 714,107 | ||||||
Beverages — 0.5% | ||||||||
Other Securities^ | 25,097 | 1,974,708 | ||||||
Biotechnology — 2.8% | ||||||||
Other Securities^* | 323,175 | 10,408,482 | ||||||
Building Products — 2.9% | ||||||||
Advanced Drainage Systems, Inc. | 8,129 | 1,106,601 | ||||||
Builders FirstSource, Inc. * | 21,211 | 1,817,995 | ||||||
Trex Co., Inc. * | 10,510 | 1,419,165 | ||||||
Other Securities^ | 91,761 | 6,768,848 | ||||||
11,112,609 | ||||||||
Capital Markets — 2.5% | ||||||||
Jefferies Financial Group, Inc. | 21,621 | 838,895 | ||||||
LPL Financial Holdings, Inc. | 5,475 | 876,493 | ||||||
Morningstar, Inc. | 2,847 | 973,646 | ||||||
Other Securities^@ | 179,973 | 6,900,185 | ||||||
9,589,219 | ||||||||
Chemicals — 3.1% | ||||||||
Mosaic Co. (The) | 23,505 | 923,511 | ||||||
Other Securities^ | 219,635 | 10,819,430 | ||||||
11,742,941 | ||||||||
Commercial Banks — 8.9% | ||||||||
Signature Bank | 2,681 | 867,223 | ||||||
Other Securities^ | 888,403 | 32,878,007 | ||||||
33,745,230 | ||||||||
Commercial Services & Supplies — 1.9% | ||||||||
Tetra Tech, Inc. | 6,444 | 1,094,191 | ||||||
Other Securities^ | 164,284 | 5,924,404 | ||||||
7,018,595 | ||||||||
Communications Equipment — 1.4% | ||||||||
Ciena Corp. * | 15,659 | 1,205,273 | ||||||
F5, Inc. * | 3,709 | 907,629 | ||||||
Other Securities^* | 143,324 | 3,267,207 | ||||||
5,380,109 | ||||||||
Computers & Peripherals — 0.3% | ||||||||
Other Securities^ | 41,622 | 1,098,007 | ||||||
Construction & Engineering — 1.9% | ||||||||
Quanta Services, Inc. | 8,024 | 920,032 | ||||||
Other Securities^* | 108,215 | 6,254,374 | ||||||
7,174,406 | ||||||||
Construction Materials — 0.2% | ||||||||
Other Securities^ | 8,578 | 585,706 | ||||||
Consumer Finance — 1.3% | ||||||||
Other Securities^* | 113,334 | 4,998,058 | ||||||
Containers & Packaging — 1.1% | ||||||||
Other Securities^ | 75,041 | 4,202,077 | ||||||
Distributors — 0.0% | ||||||||
Other Securities^ | 1,043 | 24,969 | ||||||
Diversified Consumer Services — 1.0% | ||||||||
Other Securities^*@ | 98,747 | 3,945,858 | ||||||
Diversified Financial Services — 0.3% | ||||||||
Other Securities^ | 21,220 | 1,033,906 | ||||||
Diversified Telecommunication Services — 0.2% | ||||||||
Other Securities^* | 21,450 | 819,181 | ||||||
Electric Utilities — 1.0% | ||||||||
Other Securities^@ | 76,346 | 3,845,898 | ||||||
Electrical Equipment — 1.5% | ||||||||
Atkore, Inc. * | 8,108 | 901,528 | ||||||
Regal Rexnord Corp. | 7,570 | 1,288,262 | ||||||
Other Securities^* | 50,094 | 3,613,390 | ||||||
5,803,180 | ||||||||
Electronic Equipment, Instruments & Components — 3.0% | ||||||||
Arrow Electronics, Inc. * | 7,416 | 995,746 | ||||||
Other Securities^ | 197,091 | 10,368,890 | ||||||
11,364,636 | ||||||||
Energy Equipment & Services — 0.3% | ||||||||
Other Securities^* | 109,277 | 1,191,899 | ||||||
Entertainment — 0.5% | ||||||||
Other Securities^* | 106,034 | 1,765,534 | ||||||
Food & Staples Retailing — 0.8% | ||||||||
Other Securities^ | 61,382 | 2,913,288 | ||||||
Food Products — 1.8% | ||||||||
Darling Ingredients, Inc. * | 22,015 | 1,525,419 | ||||||
Other Securities^* | 91,738 | 5,219,777 | ||||||
6,745,196 | ||||||||
Gas Utilities — 1.0% | ||||||||
Other Securities^ | 62,134 | 3,629,161 | ||||||
Health Care — 0.0% | ||||||||
Other Securities^§* | 3,140 | 429 | ||||||
The accompanying notes are an integral part of these financial statements.
15
SA U.S. Small Company Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Health Care Equipment & Supplies — 2.7% | ||||||||
Other Securities^* | 232,066 | $ | 10,290,168 | |||||
Health Care Providers & Services — 3.5% | ||||||||
Chemed Corp. | 1,647 | 871,329 | ||||||
DaVita, Inc. * | 8,508 | 967,870 | ||||||
Henry Schein, Inc. * | 10,880 | 843,526 | ||||||
Tenet Healthcare Corp. * | 11,787 | 962,880 | ||||||
Other Securities^ | 207,711 | 9,708,463 | ||||||
13,354,068 | ||||||||
Health Care Technology — 0.5% | ||||||||
Other Securities^* | 41,474 | 1,909,031 | ||||||
Hotels, Restaurants & Leisure — 2.9% | ||||||||
Choice Hotels International, Inc. | 6,024 | 939,684 | ||||||
Churchill Downs, Inc. | 3,811 | 918,070 | ||||||
Marriott Vacations Worldwide Corp. | 5,154 | 870,923 | ||||||
Other Securities^* | 171,695 | 8,304,081 | ||||||
11,032,758 | ||||||||
Household Durables — 2.5% | ||||||||
Tempur Sealy International, Inc. | 22,924 | 1,078,116 | ||||||
TopBuild Corp. * | 4,065 | 1,121,574 | ||||||
Other Securities^* | 144,625 | 7,371,531 | ||||||
9,571,221 | ||||||||
Household Products — 0.3% | ||||||||
Other Securities^@ | 11,133 | 1,052,956 | ||||||
Independent Power Producers & Energy Traders — 0.5% | ||||||||
Other Securities^ | 51,888 | 1,717,781 | ||||||
Insurance — 4.1% | ||||||||
Athene Holding Ltd., Class A * | 11,296 | 941,296 | ||||||
Other Securities^ | 300,780 | 14,571,325 | ||||||
15,512,621 | ||||||||
Interactive Media & Services — 0.2% | ||||||||
Other Securities^* | 24,426 | 624,038 | ||||||
Internet & Catalog Retail — 0.2% | ||||||||
Other Securities^ | 30,613 | 794,821 | ||||||
IT Services — 1.9% | ||||||||
Other Securities^* | 124,711 | 7,191,811 | ||||||
Leisure Equipment & Products — 0.7% | ||||||||
Other Securities^* | 59,862 | 2,555,189 | ||||||
Life Sciences Tools & Services — 1.0% | ||||||||
Bruker Corp. | 11,719 | 983,341 | ||||||
Repligen Corp. * | 4,248 | 1,125,040 | ||||||
Other Securities^* | 29,091 | 1,833,747 | ||||||
3,942,128 | ||||||||
Machinery — 5.1% | ||||||||
Graco, Inc. | 10,654 | 858,925 | ||||||
Other Securities^ | 299,414 | 18,474,420 | ||||||
19,333,345 | ||||||||
Marine — 0.2% | ||||||||
Other Securities^ | 16,243 | 831,443 | ||||||
Media — 1.3% | ||||||||
New York Times Co. (The), Class A | 20,126 | 972,086 | ||||||
Other Securities^* | 97,989 | 3,806,437 | ||||||
4,778,523 | ||||||||
Metals & Mining — 1.7% | ||||||||
Alcoa Corp. | 15,179 | 904,365 | ||||||
Reliance Steel & Aluminum Co. | 5,864 | 951,258 | ||||||
Steel Dynamics, Inc. | 14,567 | 904,174 | ||||||
Other Securities^ | 195,065 | 3,847,755 | ||||||
6,607,552 | ||||||||
Multi-Utilities — 0.6% | ||||||||
Other Securities^ | 68,909 | 2,464,290 | ||||||
Multiline Retail — 0.4% | ||||||||
Other Securities^* | 38,596 | 1,655,437 | ||||||
Oil, Gas & Consumable Fuels — 2.0% | ||||||||
Coterra Energy, Inc. | 44,762 | 850,478 | ||||||
Other Securities^ | 377,325 | 6,630,340 | ||||||
7,480,818 | ||||||||
Paper & Forest Products — 0.4% | ||||||||
Louisiana-Pacific Corp. | 11,680 | 915,128 | ||||||
Other Securities^ | 34,299 | 724,432 | ||||||
1,639,560 | ||||||||
Personal Products — 0.6% | ||||||||
Other Securities^* | 74,234 | 2,297,049 | ||||||
Pharmaceuticals — 0.9% | ||||||||
Other Securities^* | 146,225 | 3,311,723 | ||||||
Professional Services — 2.4% | ||||||||
Robert Half International, Inc. | 7,950 | 886,584 | ||||||
Other Securities^* | 135,581 | 8,174,414 | ||||||
9,060,998 | ||||||||
Real Estate Investment Trusts (REITs) — 0.0% | ||||||||
Other Securities^ | 7,126 | 34,839 | ||||||
Real Estate Management & Development — 0.8% | ||||||||
Jones Lang LaSalle, Inc. * | 3,879 | 1,044,770 | ||||||
Other Securities^* | 71,721 | 1,820,407 | ||||||
2,865,177 | ||||||||
Road & Rail — 1.2% | ||||||||
Saia, Inc. * | 3,397 | 1,144,891 | ||||||
Other Securities^* | 54,256 | 3,239,268 | ||||||
4,384,159 | ||||||||
The accompanying notes are an integral part of these financial statements.
16
SA U.S. Small Company Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Semiconductors & Semiconductor Equipment — 4.2% | ||||||||
Lattice Semiconductor Corp. * | 15,739 | $ | 1,212,847 | |||||
MKS Instruments, Inc. | 5,561 | 968,559 | ||||||
Synaptics, Inc. * | 5,027 | 1,455,367 | ||||||
Wolfspeed, Inc. *@ | 10,030 | 1,121,053 | ||||||
Other Securities^*@ | 187,501 | 11,055,481 | ||||||
15,813,307 | ||||||||
Software — 3.2% | ||||||||
Paylocity Holding Corp. * | 3,577 | 844,744 | ||||||
Other Securities^* | 204,432 | 11,083,273 | ||||||
11,928,017 | ||||||||
Specialty Retail — 3.7% | ||||||||
Advance Auto Parts, Inc. | 3,935 | 943,928 | ||||||
Dick’s Sporting Goods, Inc. @ | 8,312 | 955,797 | ||||||
Five Below, Inc. * | 5,697 | 1,178,652 | ||||||
Lithia Motors, Inc. | 3,347 | 993,892 | ||||||
Other Securities^* | 187,759 | 9,731,872 | ||||||
13,804,141 | ||||||||
Textiles, Apparel & Luxury Goods — 2.1% | ||||||||
Crocs, Inc. * | 10,840 | 1,389,905 | ||||||
Deckers Outdoor Corp. * | 3,580 | 1,311,390 | ||||||
Other Securities^ | 135,183 | 5,052,344 | ||||||
7,753,639 | ||||||||
Thrifts & Mortgage Finance — 1.2% | ||||||||
Other Securities^ | 165,004 | 4,501,025 | ||||||
Tobacco — 0.1% | ||||||||
Other Securities^ | 16,168 | 332,738 | ||||||
Trading Companies & Distributors — 1.7% | ||||||||
Other Securities^* | 100,809 | 6,327,904 | ||||||
Water Utilities — 0.6% | ||||||||
Other Securities^ | 32,215 | 2,117,331 | ||||||
Wireless Telecommunication Services — 0.1% | ||||||||
Other Securities^* | 22,219 | 484,926 | ||||||
484,926 | ||||||||
TOTAL COMMON STOCKS (Identified Cost $193,505,315) | 376,077,682 | |||||||
PREFERRED STOCKS — 0.1% | ||||||||
Internet & Catalog Retail — 0.0% | ||||||||
Qurate Retail, Inc. 8.000% | 374 | 38,604 | ||||||
Media — 0.0% | ||||||||
Liberty Broadband Corp. 7.000% | 1,225 | 35,660 | ||||||
Trading Companies & Distributors — 0.1% | ||||||||
WESCO International, Inc. 10.625%, 5-year CMT + 10.325% | 4,390 | 134,554 | ||||||
TOTAL PREFERRED STOCKS (Identified Cost $168,077) | 208,818 | |||||||
RIGHTS AND WARRANTS — 0.0% | ||||||||
Media — 0.0% | ||||||||
Media General, Inc. CVR §¶* | 3,965 | 490 | ||||||
Pharmaceuticals — 0.0% | ||||||||
Elanco Animal Health, Inc. CVR §¶* | 16,344 | — | ||||||
TOTAL RIGHTS AND WARRANTS (Identified Cost $412) | 490 | |||||||
SHORT-TERM INVESTMENTS — 0.7% | ||||||||
Investment Company — 0.3% | ||||||||
State Street Institutional U.S. Government Money Market Fund 0.025% | 1,092,388 | 1,092,388 | ||||||
Collateral For Securities On Loan — 0.4% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030% | 1,546,039 | 1,546,039 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,638,427) | 2,638,427 | |||||||
Total Investments — 100.4% (Identified Cost $196,312,231) | 378,925,417 | |||||||
Liabilities, Less Cash and Other Assets — (0.4%) | (1,627,858 | ) | ||||||
Net Assets — 100.0% | $ | 377,297,559 | ||||||
† | See Note 1 |
* | Non-income producing security |
^ | The Summary Portfolio of Investments does not reflect the Fund’s complete portfolio holdings. “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Certain individual securities within this category may include non- income producing securities, bankrupt/delisted, and/or fair valued securities. |
@ | A portion or all of the security was held on loan. As of December 31, 2021, the fair value of the securities on loan was $7,765,930. |
§ | 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. |
Key to abbreviations:
CVR — Contingent Value Rights
CMT — Constant Maturity Treasury
The accompanying notes are an integral part of these financial statements.
17
SA U.S. Small Company Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited) (Continued)
Portfolio Sectors as of December 31, 2021
(As a percentage of long-term investments) (Unaudited)
The accompanying notes are an integral part of these financial statements.
18
SA International Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited)
SHARES | VALUE† | |||||||
COMMON STOCKS — 97.5% | ||||||||
Australia — 5.9% | ||||||||
Australia & New Zealand Banking Group Ltd. | 344,269 | $ | 6,890,510 | |||||
National Australia Bank Ltd. | 290,228 | 6,089,721 | ||||||
Westpac Banking Corp. | 433,713 | 6,736,947 | ||||||
Other Securities^ | 3,109,819 | 17,183,977 | ||||||
36,901,155 | ||||||||
Austria — 0.1% | ||||||||
Other Securities^ | 12,314 | 502,897 | ||||||
Belgium — 0.6% | ||||||||
Other Securities^ | 49,672 | 3,603,346 | ||||||
Canada — 9.9% | ||||||||
Bank of Montreal | 4,532 | 487,935 | ||||||
Bank of Montreal | 79,335 | 8,545,966 | ||||||
Bank of Nova Scotia (The) @ | 88,567 | 6,349,368 | ||||||
Bank of Nova Scotia (The) | 28,504 | 2,017,893 | ||||||
Canadian Imperial Bank of Commerce | 15,004 | 1,748,866 | ||||||
Canadian Imperial Bank of Commerce | 48,274 | 5,627,101 | ||||||
Canadian Natural Resources Ltd. @ | 205,373 | 8,677,009 | ||||||
Nutrien Ltd. | 45,754 | 3,440,701 | ||||||
Suncor Energy, Inc. | 38,945 | 974,793 | ||||||
Suncor Energy, Inc. ¥ | 109,045 | 2,728,388 | ||||||
Other Securities^ | 1,043,518 | 21,488,311 | ||||||
62,086,331 | ||||||||
Denmark — 2.0% | ||||||||
DSV A/S | 16,130 | 3,771,951 | ||||||
Other Securities^ | 147,373 | 8,615,655 | ||||||
12,387,606 | ||||||||
Finland — 1.1% | ||||||||
Other Securities^ | 617,287 | 7,208,815 | ||||||
France — 10.8% | ||||||||
AXA SA | 104,397 | 3,112,243 | ||||||
BNP Paribas SA | 92,085 | 6,371,050 | ||||||
Cie de Saint-Gobain | 95,430 | 6,721,991 | ||||||
Cie Generale des Etablissements Michelin SCA | 31,880 | 5,231,977 | ||||||
Orange SA | 322,578 | 3,456,971 | ||||||
Sanofi | 30,644 | 3,090,395 | ||||||
Societe Generale SA | 88,773 | 3,052,760 | ||||||
TotalEnergies SE | 357,966 | 18,188,696 | ||||||
Other Securities^ | 784,297 | 18,395,116 | ||||||
67,621,199 | ||||||||
Germany — 7.1% | ||||||||
Allianz SE | 30,142 | 7,125,853 | ||||||
Bayerische Motoren Werke AG | 53,296 | 5,369,350 | ||||||
Daimler AG | 135,985 | 10,464,207 | ||||||
Other Securities^ | 728,408 | 21,158,978 | ||||||
44,118,388 | ||||||||
Hong Kong — 2.1% | ||||||||
Other Securities^± | 4,111,478 | 12,991,191 | ||||||
Ireland — 0.5% | ||||||||
Other Securities^* | 52,430 | 3,090,096 | ||||||
Israel — 0.5% | ||||||||
Other Securities^* | 321,124 | 2,875,383 | ||||||
Italy — 1.6% | ||||||||
Intesa Sanpaolo SpA | 1,086,051 | 2,811,730 | ||||||
Other Securities^ | 3,266,696 | 7,315,298 | ||||||
10,127,028 | ||||||||
Japan — 19.8% | ||||||||
Honda Motor Co. Ltd. | 185,900 | 5,220,003 | ||||||
Mitsubishi Corp. | 105,400 | 3,346,264 | ||||||
Takeda Pharmaceutical Co. Ltd. | 141,973 | 3,871,767 | ||||||
Toyota Motor Corp. | 689,950 | 12,628,790 | ||||||
Other Securities^<> | 7,784,341 | 98,369,187 | ||||||
123,436,011 | ||||||||
Netherlands — 5.0% | ||||||||
ING Groep NV | 253,754 | 3,536,699 | ||||||
Koninklijke Ahold Delhaize NV | 225,868 | 7,749,234 | ||||||
Koninklijke DSM NV | 14,721 | 3,318,451 | ||||||
Stellantis NV | 225,220 | 4,278,505 | ||||||
Other Securities^=¢ | 634,971 | 12,602,499 | ||||||
31,485,388 | ||||||||
New Zealand — 0.3% | ||||||||
Other Securities^ | 255,958 | 1,819,340 | ||||||
Norway — 1.1% | ||||||||
Other Securities^ | 436,492 | 6,852,014 | ||||||
Portugal — 0.1% | ||||||||
Other Securities^§ | 450,163 | 761,922 | ||||||
Singapore — 0.9% | ||||||||
Other Securities^ | 1,278,416 | 5,440,165 | ||||||
Spain — 2.0% | ||||||||
Banco Santander SA | 1,916,252 | 6,415,148 | ||||||
Other Securities^ | 980,565 | 6,003,248 | ||||||
12,418,396 | ||||||||
Sweden — 2.9% | ||||||||
Other Securities^ | 1,131,381 | 17,996,030 | ||||||
Switzerland — 9.2% | ||||||||
ABB Ltd. | 79,542 | 3,046,549 | ||||||
Alcon, Inc. µ | 31,115 | 2,757,051 | ||||||
Alcon, Inc. @ | 3,914 | 340,988 | ||||||
Cie Financiere Richemont SA, Class A | 34,971 | 5,256,012 | ||||||
Holcim Ltd. * | 72,351 | 3,692,982 | ||||||
Novartis AG | 122,351 | 10,779,563 | ||||||
UBS Group AG | 364,408 | 6,566,703 | ||||||
Zurich Insurance Group AG | 17,812 | 7,826,959 | ||||||
Other Securities^@ | 293,050 | 17,558,454 | ||||||
57,825,261 | ||||||||
The accompanying notes are an integral part of these financial statements.
19
SA International Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
United Kingdom — 14.0% | ||||||||
Anglo American PLC | 83,810 | $ | 3,421,381 | |||||
Aviva PLC | 745,467 | 4,141,046 | ||||||
Barclays PLC, ADR @ | 330,258 | 3,418,170 | ||||||
BP PLC, ADR | 347,274 | 9,247,907 | ||||||
British American Tobacco PLC | 183,504 | 6,789,517 | ||||||
BT Group PLC @ | 1,280,249 | 2,938,100 | ||||||
Glencore PLC * | 1,287,762 | 6,535,567 | ||||||
HSBC Holdings PLC, ADR @ | 206,389 | 6,222,628 | ||||||
Lloyds Banking Group PLC | 8,264,877 | 5,347,350 | ||||||
Royal Dutch Shell PLC, ADR, Class B | 460,830 | 19,976,981 | ||||||
Vodafone Group PLC | 3,881,420 | 5,897,799 | ||||||
Other Securities^@ | 2,934,167 | 13,618,298 | ||||||
87,554,744 | ||||||||
TOTAL COMMON STOCKS (Identified Cost $505,784,111) | 609,102,706 | |||||||
PREFERRED STOCKS — 1.5% | ||||||||
Germany — 1.4% | ||||||||
Volkswagen AG, 2.600% | 31,732 | 6,411,797 | ||||||
Other Securities^ | 27,015 | 2,453,990 | ||||||
8,865,787 | ||||||||
Italy — 0.1% | ||||||||
Other Securities^ | 711,381 | 338,379 | ||||||
TOTAL PREFERRED STOCKS (Identified Cost $9,502,760) | 9,204,166 | |||||||
SHORT-TERM INVESTMENTS — 2.9% | ||||||||
Investment Company — 0.4% | ||||||||
State Street Institutional U.S. Government Money Market Fund 0.025% | 2,294,322 | 2,294,322 | ||||||
Collateral For Securities On Loan — 2.5% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030% | 15,859,020 | 15,859,020 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $18,153,342) | 18,153,342 | |||||||
Total Investments — 101.9% (Identified Cost $533,440,213) | 636,460,214 | |||||||
Liabilities, Less Cash and Other Assets — (1.9%) | (11,781,082 | ) | ||||||
Net Assets — 100.0% | $ | 624,679,132 |
† | See Note 1 |
^ | The Summary Portfolio of Investments does not reflect the Fund’s complete portfolio holdings. “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Certain individual securities within this category may include non- income producing securities, bankrupt/delisted, and/or fair valued securities. |
@ | A portion or all of the security was held on loan. As of December 31, 2021, the fair value of the securities on loan was $43,455,193. |
§ | Fair valued security. Security is valued using significant unobservable inputs as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1 |
<> | Fair valued security. Security is valued using significant observable inputs other than quoted prices as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1 |
* | Non-income producing security |
¥ | 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 December 31, 2021 amounted to $3,245,603 or 0.52% of the net assets of the Fund. |
= | Traded on the France, Euronext Paris Exchange. |
¢ | Traded on the Netherlands, Euronext Amsterdam Stock Market. |
µ | Traded on the Switzerland, Swiss Exchange. |
Key to abbreviations:
ADR — American Depository Receipt
The accompanying notes are an integral part of these financial statements.
20
SA International Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited) (Continued)
Ten largest industry holdings as of December 31, 2021 (As a percentage of net assets) (Unaudited) | ||||
Industry | Percentage | |||
Commercial Banks | 19.8 | % | ||
Oil, Gas & Consumable Fuels | 12.6 | % | ||
Automobiles | 9.0 | % | ||
Insurance | 8.0 | % | ||
Metals & Mining | 5.5 | % | ||
Chemicals | 4.5 | % | ||
Pharmaceuticals | 3.8 | % | ||
Capital Markets | 2.4 | % | ||
Food & Staples Retailing | 2.4 | % | ||
Diversified Telecommunication Services | 2.1 | % | ||
Country Weightings as of December 31, 2021
(As a percentage of long-term investments) (Unaudited)
The accompanying notes are an integral part of these financial statements.
21
SA International Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited)
SHARES | VALUE† | |||||||
MUTUAL FUNDS — 100.0% | ||||||||
Other — 100.0% | ||||||||
DFA International Small Company Portfolio £ | 14,274,593 | $ | 310,900,632 | |||||
TOTAL MUTUAL FUNDS Identified Cost $157,602,623) | 310,900,632 | |||||||
Total Investments — 100.0% (Identified Cost $157,602,623) | 310,900,632 | |||||||
Liabilities, Less Cash and Other Assets — (0.0)% | (21,803 | ) | ||||||
Net Assets — 100.0% | $ | 310,878,829 | ||||||
† | 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.
22
SA Emerging Markets Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited)
SHARES | VALUE† | |||||||
COMMON STOCKS — 98.6% | ||||||||
Belgium — 0.0% | ||||||||
Other Securities^* | 2,164 | $ | 32,964 | |||||
Brazil — 3.1% | ||||||||
Petroleo Brasileiro SA | 294,300 | 1,622,084 | ||||||
Vale SA | 167,439 | 2,343,545 | ||||||
Other Securities^ | 720,359 | 2,611,717 | ||||||
6,577,346 | ||||||||
British Virgin Islands — 0.0% | ||||||||
Other Securities^* | 39,200 | 44,856 | ||||||
Cayman Islands — 0.2% | ||||||||
Other Securities^* | 142,797 | 368,363 | ||||||
Chile — 0.4% | ||||||||
Other Securities^ | 1,189,504 | 820,842 | ||||||
China — 31.8% | ||||||||
Alibaba Group Holding Ltd. * | 181,200 | 2,763,006 | ||||||
Baidu, Inc., ADR * | 12,143 | 1,806,757 | ||||||
Bank of China Ltd., H Shares | 4,829,902 | 1,740,550 | ||||||
China Construction Bank Corp., H Shares | 6,597,810 | 4,569,150 | ||||||
China Merchants Bank Co. Ltd., H Shares | 247,500 | 1,921,902 | ||||||
China Overseas Land & Investment Ltd. | 376,500 | 891,330 | ||||||
China Petroleum & Chemical Corp., H Shares | 1,784,400 | 830,693 | ||||||
China Resources Land Ltd. | 338,000 | 1,421,780 | ||||||
China Shenhua Energy Co. Ltd., H Shares | 336,500 | 788,866 | ||||||
Country Garden Holdings Co. Ltd. | 847,376 | 752,011 | ||||||
Geely Automobile Holdings Ltd. | 493,000 | 1,346,692 | ||||||
Industrial & Commercial Bank of China Ltd., H Shares | 4,285,000 | 2,417,939 | ||||||
PetroChina Co. Ltd., H Shares | 2,014,000 | 896,253 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 436,500 | 3,143,228 | ||||||
Other Securities^±§ | 53,416,463 | 43,048,862 | ||||||
68,339,019 | ||||||||
Colombia — 0.2% | ||||||||
Other Securities^ | 99,954 | 359,498 | ||||||
Czech Republic — 0.1% | ||||||||
Other Securities^ | 8,034 | 316,336 | ||||||
Greece — 0.3% | ||||||||
Other Securities^* | 284,181 | 579,609 | ||||||
Hong Kong — 0.1% | ||||||||
Other Securities^ | 233,006 | 118,947 | ||||||
Hungary — 0.2% | ||||||||
Other Securities^* | 53,469 | 493,519 | ||||||
India — 14.1% | ||||||||
Axis Bank Ltd. * | 100,054 | 915,062 | ||||||
Hindalco Industries Ltd. | 170,691 | 1,090,130 | ||||||
ICICI Bank Ltd., ADR @ | 89,109 | 1,763,467 | ||||||
JSW Steel Ltd. | 89,380 | 787,922 | ||||||
Larsen & Toubro Ltd., GDR | 31,671 | 806,027 | ||||||
Mahindra & Mahindra Ltd. | 65,830 | 741,140 | ||||||
Reliance Industries Ltd. | 206,554 | 6,581,272 | ||||||
Tata Motors Ltd. * | 178,887 | 1,161,847 | ||||||
Other Securities^ | 4,191,564 | 16,473,726 | ||||||
30,320,593 | ||||||||
Indonesia — 1.6% | ||||||||
Other Securities^ | 31,914,401 | 3,504,450 | ||||||
Korea — 14.0% | ||||||||
Hana Financial Group, Inc. | 23,358 | 826,249 | ||||||
Hyundai Mobis Co. Ltd. | 3,743 | 801,340 | ||||||
Hyundai Motor Co. | 7,337 | 1,289,954 | ||||||
KB Financial Group, Inc., ADR @ | 35,210 | 1,625,294 | ||||||
Kia Corp. | 16,414 | 1,135,000 | ||||||
LG Electronics, Inc. * | 10,656 | 1,237,037 | ||||||
POSCO, ADR | 17,853 | 1,040,651 | ||||||
Samsung Electronics Co. Ltd. | 11,336 | 746,674 | ||||||
Samsung Electronics Co. Ltd., GDR | 718 | 1,183,982 | ||||||
SK Hynix, Inc. * | 31,364 | 3,456,306 | ||||||
Other Securities^ | 946,752 | 16,741,984 | ||||||
30,084,471 | ||||||||
Malaysia — 1.7% | ||||||||
Other Securities^ | 5,541,806 | 3,649,028 | ||||||
Mexico — 2.1% | ||||||||
Grupo Financiero Banorte SAB de CV, Class O | 139,310 | 906,054 | ||||||
Other Securities^* | 2,220,721 | 3,631,014 | ||||||
4,537,068 | ||||||||
Netherlands — 0.0% | ||||||||
Other Securities^ | 1,115 | 11,733 | ||||||
Philippines — 0.8% | ||||||||
Other Securities^ | 5,532,411 | 1,645,326 | ||||||
Poland — 0.8% | ||||||||
Other Securities^* | 390,741 | 1,732,445 | ||||||
Russia — 1.6% | ||||||||
Gazprom PJSC, ADR | 162,760 | 1,503,902 | ||||||
Lukoil PJSC, ADR | 18,875 | 1,689,313 | ||||||
Other Securities^* | 154,050 | 178,008 | ||||||
3,371,223 | ||||||||
Singapore — 0.0% | ||||||||
Other Securities^ | 24,000 | 16,405 | ||||||
South Africa — 3.8% | ||||||||
MTN Group Ltd. * | 144,811 | 1,551,345 | ||||||
Standard Bank Group Ltd. | 84,467 | 742,154 | ||||||
Other Securities^ | 1,664,173 | 5,970,811 | ||||||
8,264,310 |
The accompanying notes are an integral part of these financial statements.
23
SA Emerging Markets Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Taiwan — 18.7% | ||||||||
ASE Technology Holding Co. Ltd. | 208,000 | $ | 800,665 | |||||
Asustek Computer, Inc. | 56,000 | 761,051 | ||||||
Cathay Financial Holding Co. Ltd. | 690,166 | 1,559,091 | ||||||
China Steel Corp. | 766,800 | 979,737 | ||||||
CTBC Financial Holding Co. Ltd. | 1,619,280 | 1,518,788 | ||||||
Fubon Financial Holding Co. Ltd. | 634,173 | 1,748,921 | ||||||
Hon Hai Precision Industry Co. Ltd. | 703,068 | 2,642,826 | ||||||
Nan Ya Plastics Corp. | 279,000 | 861,192 | ||||||
United Microelectronics Corp. | 600,513 | 1,410,827 | ||||||
Other Securities^* | 23,074,802 | 27,953,606 | ||||||
40,236,704 | ||||||||
Thailand — 2.0% | ||||||||
PTT PCL | 883,900 | 1,005,484 | ||||||
Other Securities^* | 13,015,747 | 3,230,402 | ||||||
4,235,886 | ||||||||
Turkey — 0.4% | ||||||||
Other Securities^ | 1,095,812 | 951,211 | ||||||
United Arab Emirates — 0.6% | ||||||||
Other Securities^ | 1,219,093 | 1,236,234 | ||||||
TOTAL COMMON STOCKS (Identified Cost $183,108,885) | 211,848,386 | |||||||
PREFERRED STOCKS — 1.1% | ||||||||
Brazil — 1.1% | ||||||||
Petroleo Brasileiro SA, 6.120% | 382,139 | 1,951,859 | ||||||
Other Securities^ | 96,421 | 296,318 | ||||||
2,248,177 | ||||||||
Colombia — 0.0% | ||||||||
Other Securities^ | 20,563 | 72,659 | ||||||
Philippines — 0.0% | ||||||||
Other Securities^ | 12,909 | 11,341 | ||||||
Korea — 0.0% | ||||||||
Other Securities^ | 82 | 5,077 | ||||||
Taiwan — 0.0% | ||||||||
Other Securities^ | 42,971 | 14,894 | ||||||
TOTAL PREFERRED STOCKS (Identified Cost $2,056,599) | 2,352,148 | |||||||
RIGHTS AND WARRANTS — 0.0% | ||||||||
Cayman Islands — 0.0% | ||||||||
Other Securities^*<> | 8,571 | — | ||||||
Indonesia — 0.0% | ||||||||
Other Securities^*<> | 861,573 | 907 | ||||||
Korea — 0.0% | ||||||||
Other Securities^<> | 61 | 226 | ||||||
Thailand — 0.0% | ||||||||
Other Securities^* | 2,096 | 640 | ||||||
TOTAL RIGHTS AND WARRANTS (Identified Cost $15,785) | 1,773 | |||||||
SHORT-TERM INVESTMENTS — 2.0% | ||||||||
Investment Company — 0.5% | ||||||||
State Street Institutional U.S. Government Money Market Fund 0.025% | 1,088,917 | 1,088,917 | ||||||
Collateral For Securities On Loan — 1.5% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030% | 3,313,867 | 3,313,867 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $4,402,784) | 4,402,784 | |||||||
Total Investments — 101.7% (Identified Cost $189,584,053) | 218,605,091 | |||||||
Liabilities, Less Cash and Other Assets — (1.7%) | (3,610,576 | ) | ||||||
Net Assets — 100.0% | $ | 214,994,515 |
† | See Note 1 | ||
^ | The Summary Portfolio of Investments does not reflect the Fund’s complete portfolio holdings. “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Certain individual securities within this category may include non- income producing securities, bankrupt/delisted, and/or fair valued securities. | ||
* | Non-income producing security | ||
@ | A portion or all of the security was held on loan. As of December 31, 2021, the fair value of the securities on loan was $6,715,956. | ||
± | 144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at December 31, 2021 amounted to $3,400,500 or 1.58% of the net assets of the Fund. | ||
§ | Fair valued security. Security is valued using significant unobservable inputs as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1 | ||
<> | Fair valued security. Security is valued using significant observable inputs other than quoted prices as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1 |
Key to abbreviations:
ADR — American Depository Receipt
GDR — Global Depository Receipt
The accompanying notes are an integral part of these financial statements.
24
SA Emerging Markets Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited) (Continued)
Ten largest industry holdings as of December 31, 2021 (As a percentage of net assets) (Unaudited) | ||||
Industry | Percentage | |||
Commercial Banks | 18.2 | % | ||
Oil, Gas & Consumable Fuels | 10.2 | % | ||
Metals & Mining | 7.3 | % | ||
Insurance | 5.3 | % | ||
Real Estate Management & Development | 4.8 | % | ||
Electronic Equipment, Instruments & Components | 4.7 | % | ||
Semiconductors & Semiconductor Equipment | 4.6 | % | ||
Chemicals | 3.8 | % | ||
Automobiles | 3.4 | % | ||
Computers & Peripherals | 3.3 | % |
Country Weightings as of December 31, 2021
(As a percentage of long-term investments) (Unaudited)
The accompanying notes are an integral part of these financial statements.
25
SA Real Estate Securities Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited)
SHARES | VALUE† | |||||||
COMMON STOCKS — 99.5% | ||||||||
Real Estate Investment Trusts (REITs) — 99.5% | ||||||||
Acadia Realty Trust | 9,876 | $ | 215,593 | |||||
Agree Realty Corp. | 8,678 | 619,262 | ||||||
Alexander’s, Inc. | 303 | 78,871 | ||||||
Alexandria Real Estate Equities, Inc. | 17,404 | 3,880,396 | ||||||
American Assets Trust, Inc. | 6,032 | 226,381 | ||||||
American Campus Communities, Inc. | 16,914 | 969,003 | ||||||
American Finance Trust, Inc. | 10,986 | 100,302 | ||||||
American Homes 4 Rent., Class A | 35,207 | 1,535,377 | ||||||
American Tower Corp. | 54,582 | 15,965,235 | ||||||
Americold Realty Trust | 12,212 | 400,431 | ||||||
Apartment Income REIT Corp. | 18,754 | 1,025,281 | ||||||
Apartment Investment and Management Co., Class A* | 17,051 | 131,634 | ||||||
Apple Hospitality REIT, Inc. | 26,860 | 433,789 | ||||||
AvalonBay Communities, Inc. | 16,620 | 4,198,046 | ||||||
Bluerock Residential Growth REIT, Inc. | 3,300 | 87,087 | ||||||
Boston Properties, Inc. | 17,536 | 2,019,796 | ||||||
Braemar Hotels & Resorts, Inc*. | 5,308 | 27,071 | ||||||
Brandywine Realty Trust | 21,014 | 282,008 | ||||||
Brixmor Property Group, Inc. | 34,588 | 878,881 | ||||||
BRT Apartments Corp. | 400 | 9,596 | ||||||
Camden Property Trust | 12,073 | 2,157,204 | ||||||
CareTrust REIT, Inc. | 10,972 | 250,491 | ||||||
Centerspace | 1,825 | 202,393 | ||||||
Chatham Lodging Trust* | 5,496 | 75,405 | ||||||
City Office REIT, Inc. | 5,176 | 102,071 | ||||||
Clipper Realty, Inc. | 1,167 | 11,600 | ||||||
Community Healthcare Trust, Inc. | 2,728 | 128,953 | ||||||
CorePoint Lodging, Inc.* | 1,876 | 29,453 | ||||||
Corporate Office Properties Trust | 13,288 | 371,665 | ||||||
Cousins Properties, Inc. | 17,110 | 689,191 | ||||||
Crown Castle International Corp. | 51,742 | 10,800,625 | ||||||
CTO Realty Growth, Inc.@ | 764 | 46,925 | ||||||
CubeSmart | 24,364 | 1,386,555 | ||||||
CyrusOne, Inc. | 15,213 | 1,364,910 | ||||||
DiamondRock Hospitality Co.* | 25,390 | 243,998 | ||||||
Digital Realty Trust, Inc. | 33,361 | 5,900,560 | ||||||
Diversified Healthcare Trust | 29,638 | 91,581 | ||||||
Douglas Emmett, Inc. | 21,410 | 717,235 | ||||||
Duke Realty Corp. | 45,151 | 2,963,712 | ||||||
Easterly Government Properties, Inc. | 9,677 | 221,797 | ||||||
EastGroup Properties, Inc. | 4,884 | 1,112,819 | ||||||
Empire State Realty Trust, Inc., Class A | 15,965 | 142,089 | ||||||
EPR Properties | 9,127 | 433,441 | ||||||
Equinix, Inc. | 10,703 | 9,053,026 | ||||||
Equity Commonwealth* | 9,195 | 238,151 | ||||||
Equity LifeStyle Properties, Inc. | 21,004 | 1,841,211 | ||||||
Equity Residential | 41,693 | 3,773,216 | ||||||
Esc War Ind § | 9,141 | — | ||||||
Essential Properties Realty Trust, Inc. | 14,526 | 418,785 | ||||||
Essex Property Trust, Inc. | 7,735 | 2,724,499 | ||||||
Extra Space Storage, Inc. | 15,669 | 3,552,632 | ||||||
Federal Realty Investment Trust | 8,228 | 1,121,641 | ||||||
First Industrial Realty Trust, Inc. | 15,636 | 1,035,103 | ||||||
Four Corners Property Trust, Inc. | 9,280 | 272,925 | ||||||
Franklin Street Properties Corp. | 11,612 | 69,091 | ||||||
Gaming and Leisure Properties, Inc. | 27,227 | 1,324,866 | ||||||
Getty Realty Corp. | 3,812 | 122,327 | ||||||
Gladstone Commercial Corp. | 3,518 | 90,659 | ||||||
Global Medical REIT, Inc. | 5,127 | 91,004 | ||||||
Global Net Lease, Inc. | 12,591 | 192,390 | ||||||
Global Self Storage, Inc. | 2,195 | 12,490 | ||||||
Healthcare Realty Trust, Inc. | 17,008 | 538,133 | ||||||
Healthcare Trust of America, Inc., Class A | 26,654 | 889,977 | ||||||
Healthpeak Properties, Inc. | 64,155 | 2,315,354 | ||||||
Hersha Hospitality Trust* | 5,542 | 50,820 | ||||||
Highwoods Properties, Inc. | 12,736 | 567,898 | ||||||
Host Hotels & Resorts, Inc.* | 83,929 | 1,459,525 | ||||||
Hudson Pacific Properties, Inc. | 18,139 | 448,215 | ||||||
Independence Realty Trust, Inc. | 13,010 | 336,048 | ||||||
Industrial Logistics Properties Trust | 8,397 | 210,345 | ||||||
Invitation Homes, Inc. | 70,615 | 3,201,684 | ||||||
Iron Mountain, Inc. | 34,183 | 1,788,796 | ||||||
JBG SMITH Properties | 14,473 | 415,520 | ||||||
Kilroy Realty Corp. | 12,202 | 810,945 | ||||||
Kimco Realty Corp. | 69,568 | 1,714,851 | ||||||
Kite Realty Group Trust | 26,727 | 582,114 | ||||||
Lamar Advertising Co., Class A | 10,259 | 1,244,417 | ||||||
Life Storage, Inc. | 9,655 | 1,478,953 | ||||||
LTC Properties, Inc. | 3,972 | 135,604 | ||||||
LXP Industrial Trust | 33,281 | 519,849 | ||||||
Macerich Co. (The) | 25,504 | 440,709 | ||||||
Medical Properties Trust, Inc. | 70,753 | 1,671,893 | ||||||
MGM Growth Properties LLC, Class A | 18,741 | 765,570 | ||||||
Mid-America Apartment Communities, Inc. | 13,707 | 3,144,934 | ||||||
Monmouth Real Estate Investment Corp. | 12,441 | 261,385 | ||||||
National Health Investors, Inc. | 5,063 | 290,971 | ||||||
National Retail Properties, Inc. | 20,959 | 1,007,499 | ||||||
National Storage Affiliates Trust | 8,976 | 621,139 | ||||||
NexPoint Residential Trust, Inc. | 2,800 | 234,724 | ||||||
Office Properties Income Trust | 4,745 | 117,866 | ||||||
Omega Healthcare Investors, Inc. | 27,652 | 818,223 | ||||||
One Liberty Properties, Inc. | 1,802 | 63,575 | ||||||
Orion Office REIT, Inc.* | 6,753 | 126,079 | ||||||
Outfront Media, Inc. | 17,765 | 476,457 | ||||||
Paramount Group, Inc. | 20,948 | 174,706 | ||||||
Park Hotels & Resorts, Inc.* | 28,856 | 544,801 | ||||||
Pebblebrook Hotel Trust | 15,554 | 347,943 | ||||||
Physicians Realty Trust | 25,667 | 483,310 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 13,793 | 253,515 | ||||||
Plymouth Industrial REIT, Inc. | 2,437 | 77,984 | ||||||
Preferred Apartment Communities, Inc. | 3,100 | 55,986 | ||||||
Prologis, Inc. | 88,596 | 14,916,023 | ||||||
PS Business Parks, Inc. | 2,468 | 454,532 | ||||||
Public Storage | 18,716 | 7,010,265 | ||||||
Realty Income Corp. | 66,780 | 4,780,780 | ||||||
Regency Centers Corp. | 18,433 | 1,388,927 | ||||||
Retail Opportunity Investments Corp. | 13,420 | 263,032 | ||||||
Retail Value, Inc. | 2,810 | 18,040 | ||||||
Rexford Industrial Realty, Inc. | 17,062 | 1,383,899 | ||||||
RLJ Lodging Trust | 19,094 | 265,979 |
The accompanying notes are an integral part of these financial statements.
26
SA Real Estate Securities Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Real Estate Investment Trusts (REITs) (Continued) | ||||||||
RPT Realty | 8,058 | $ | 107,816 | |||||
Ryman Hospitality Properties, Inc.* | 6,494 | 597,188 | ||||||
Sabra Health Care REIT, Inc. | 28,032 | 379,553 | ||||||
Saul Centers, Inc. | 1,636 | 86,741 | ||||||
SBA Communications Corp. | 12,731 | 4,952,614 | ||||||
Seritage Growth Properties, Class A*@ | 3,790 | 50,293 | ||||||
Service Properties Trust | 20,700 | 181,953 | ||||||
Simon Property Group, Inc. | 38,676 | 6,179,265 | ||||||
SITE Centers Corp. | 20,691 | 327,539 | ||||||
SL Green Realty Corp. | 8,158 | 584,929 | ||||||
Sotherly Hotels, Inc.*@ | 3,111 | 6,502 | ||||||
Spirit Realty Capital, Inc. | 14,821 | 714,224 | ||||||
STAG Industrial, Inc. | 20,335 | 975,267 | ||||||
STORE Capital Corp. | 28,385 | 976,444 | ||||||
Summit Hotel Properties, Inc.* | 10,209 | 99,640 | ||||||
Sun Communities, Inc. | 13,968 | 2,932,861 | ||||||
Sunstone Hotel Investors, Inc.* | 25,032 | 293,625 | ||||||
Tanger Factory Outlet Centers, Inc. | 12,293 | 237,009 | ||||||
Terreno Realty Corp. | 8,987 | 766,501 | ||||||
UDR, Inc. | 35,752 | 2,144,762 | ||||||
UMH Properties, Inc. | 5,369 | 146,735 | ||||||
Uniti Group, Inc. | 27,514 | 385,471 | ||||||
Universal Health Realty Income Trust | 1,815 | 107,938 | ||||||
Urban Edge Properties | 13,783 | 261,877 | ||||||
Urstadt Biddle Properties, Inc. | 1,000 | 19,160 | ||||||
Urstadt Biddle Properties, Inc., Class A | 3,806 | 81,068 | ||||||
Ventas, Inc. | 46,714 | 2,388,020 | ||||||
Veris Residential, Inc.* | 8,319 | 152,903 | ||||||
VICI Properties, Inc.@ | 74,763 | 2,251,114 | ||||||
Vornado Realty Trust | 19,013 | 795,884 | ||||||
Washington Real Estate Investment Trust@ | 10,445 | 270,003 | ||||||
Welltower, Inc. | 50,890 | 4,364,835 | ||||||
Whitestone REIT | 6,078 | 61,570 | ||||||
WP Carey, Inc. | 21,863 | 1,793,859 | ||||||
Xenia Hotels & Resorts, Inc.* | 13,264 | 240,211 | ||||||
185,547,897 | ||||||||
TOTAL COMMON STOCKS (Identified Cost $77,989,989) | 185,547,897 | |||||||
PREFERRED STOCKS — 0.0% | ||||||||
Real Estate Investment Trusts (REITs) — 0.0% | ||||||||
Brookfield Property Preferred LP, 6.250%@ | 326 | 8,515 | ||||||
TOTAL PREFERRED STOCKS (Identified Cost $8,040) | 8,515 | |||||||
SHORT-TERM INVESTMENTS — 0.4% | ||||||||
Investment Company — 0.4% | ||||||||
State Street Institutional U.S. Government Money Market Fund 0.025% | 637,721 | 637,721 | ||||||
Collateral For Securities On Loan — 0.0% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio 0.030% | 64,219 | 64,219 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $701,940) | 701,940 | |||||||
Total Investments — 99.9% (Identified Cost $78,699,969) | 186,258,352 | |||||||
Cash and Other Assets, Less Liabilities — 0.1% | 246,104 | |||||||
Net Assets — 100.0% | $ | 186,504,456 |
† | See Note 1 | ||
* | Non-income producing security | ||
@ | A portion or all of the security was held on loan. As of December 31, 2021, the fair value of the securities on loan was $1,695,355. | ||
§ | 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 |
Portfolio Sectors as of December 31, 2021
(As a percentage of long-term investments) (Unaudited)
The accompanying notes are an integral part of these financial statements.
27
SA Worldwide Moderate Growth Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2021 (Unaudited)
SHARES | VALUE† | |||||||
MUTUAL FUNDS — 99.9% | ||||||||
Other — 99.9% | ||||||||
SA Emerging Markets Value Fund € | 173,430 | $ | 1,800,203 | |||||
SA Global Fixed Income Fund € | 601,220 | 5,579,322 | ||||||
SA International Value Fund € | 450,816 | 5,414,297 | ||||||
SA Real Estate Securities Fund € | 56,069 | 830,940 | ||||||
SA U.S. Core Market Fund € | 146,866 | 4,514,681 | ||||||
SA U.S. Fixed Income Fund € | 238,494 | 2,392,095 | ||||||
SA U.S. Small Company Fund € | 64,677 | 1,816,768 | ||||||
SA U.S. Value Fund € | 218,968 | 4,561,112 | ||||||
26,909,418 | ||||||||
TOTAL MUTUAL FUNDS (Identified Cost $22,906,194) | 26,909,418 | |||||||
Total Investments — 99.9% (Identified Cost $22,906,194) | 26,909,418 | |||||||
Cash and Other Assets, Less Liabilities — 0.1% | 18,833 | |||||||
Net Assets — 100.0% | $ | 26,928,251 |
† | 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.
28
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STATEMENTS OF ASSETS AND LIABILITIES — DECEMBER 31, 2021 (Unaudited)
SA U.S. Fixed Income Fund | SA Global Fixed Income Fund | SA U.S. Core Market Fund | |||||||||||
ASSETS | |||||||||||||
Investments in unaffiliated securities, at value(1) | $ | 510,270,653 | $ | 828,597,265 | $ | 760,256,086 | |||||||
Cash | — | — | 17,296 | ||||||||||
Foreign currency, at value | — | 67,952 | — | ||||||||||
Receivable for investments sold | 26,226,495 | — | — | ||||||||||
Dividends and interest receivable | 1,344,708 | 2,530,509 | 372,160 | ||||||||||
Receivable for fund shares sold | 718,917 | 1,353,329 | 603,427 | ||||||||||
Unrealized appreciation on forward foreign currency exchange contracts (Note 1) | — | 3,984,737 | — | ||||||||||
Receivable from the Adviser (Note 2) | — | — | — | ||||||||||
Receivable for tax reclaims | — | — | — | ||||||||||
Prepaid expenses | 26,842 | 36,723 | 33,546 | ||||||||||
Other assets | — | — | 791 | ||||||||||
Total Assets | 538,587,615 | 836,570,515 | 761,283,306 | ||||||||||
LIABILITIES | |||||||||||||
Payable for investments purchased | 26,153,473 | 4,181,609 | — | ||||||||||
Payable for fund shares redeemed | 376,441 | 485,193 | 583,565 | ||||||||||
Collateral for securities on loan (Note 1) | — | 13,460,438 | 220,415 | ||||||||||
Unrealized depreciation on forward foreign currency exchange contracts (Note 1) | — | 260,125 | — | ||||||||||
Advisory fee payable (Note 2) | 65,613 | 174,127 | 255,164 | ||||||||||
Sub-Advisory fee payable (Note 2) | 13,114 | 20,895 | 19,137 | ||||||||||
Administration fee payable (Note 2) | 43,712 | 69,651 | 63,791 | ||||||||||
Sub-Administration fee payable (Note 2) | 28,661 | 38,018 | 34,517 | ||||||||||
Custody and accounting fees payable | 21,665 | 45,709 | 18,047 | ||||||||||
Trustees’ fees payable (Note 2) | 150 | 150 | 150 | ||||||||||
Shareholder servicing fee payable (Note 2) | 32,193 | 50,384 | 49,852 | ||||||||||
Transfer agent fee payable | 7,043 | 9,050 | 9,851 | ||||||||||
Professional fees payable | 10,533 | 11,289 | 9,810 | ||||||||||
Accrued foreign capital gains tax | — | — | — | ||||||||||
Accrued expenses and other liabilities | 14,788 | 16,697 | 9,645 | ||||||||||
Total Liabilities | 26,767,386 | 18,823,335 | 1,273,944 | ||||||||||
NET ASSETS | $ | 511,820,229 | $ | 817,747,180 | $ | 760,009,362 | |||||||
NET ASSETS CONSIST OF: | |||||||||||||
Paid-in capital | $ | 520,510,662 | $ | 831,849,449 | $ | 144,793,389 | |||||||
Total distributable earnings (loss)(2) | (8,690,433 | ) | (14,102,269 | ) | 615,215,973 | ||||||||
NET ASSETS | $ | 511,820,229 | $ | 817,747,180 | $ | 760,009,362 | |||||||
INVESTOR CLASS SHARES | |||||||||||||
Net Assets | $ | 60,977,741 | $ | 92,111,917 | $ | 107,036,742 | |||||||
Shares of beneficial interest outstanding ($0.01 par value, unlimited shares authorized) | 6,088,674 | 9,913,382 | 3,459,782 | ||||||||||
Net asset value per share | $ | 10.01 | $ | 9.29 | $ | 30.94 |
The accompanying notes are an integral part of these financial statements.
30
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 | |||||||||||||||||||
$ | 623,624,957 | $ | 378,925,417 | $ | 636,460,214 | $ | 310,900,632 | $ | 218,605,091 | $ | 186,258,352 | |||||||||||||
45,514 | 1,115 | 4,256 | 319 | — | 127 | |||||||||||||||||||
— | — | 704,464 | — | 772,192 | — | |||||||||||||||||||
— | 86,804 | 382,509 | — | 218,973 | — | |||||||||||||||||||
525,632 | 194,899 | 842,092 | — | 174,861 | 569,501 | |||||||||||||||||||
492,752 | 439,707 | 574,865 | 268,293 | 234,788 | 88,366 | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | 48,087 | 2,696 | |||||||||||||||||||
— | — | 2,404,395 | — | 3,341 | — | |||||||||||||||||||
34,494 | 30,857 | 33,572 | 30,225 | 30,724 | 22,976 | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
624,723,349 | 379,678,799 | 641,406,367 | 311,199,469 | 220,088,057 | 186,942,018 | |||||||||||||||||||
403,127 | 147,274 | — | — | 521,207 | — | |||||||||||||||||||
638,036 | 374,159 | 345,472 | 166,671 | 133,677 | 240,718 | |||||||||||||||||||
352,150 | 1,546,039 | 15,859,020 | — | 3,313,867 | 64,219 | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
207,677 | 126,074 | 234,213 | 64,496 | 81,282 | 53,452 | |||||||||||||||||||
51,919 | 63,037 | 104,095 | — | 65,026 | 15,272 | |||||||||||||||||||
51,919 | 31,518 | 52,047 | 25,816 | 18,063 | 15,272 | |||||||||||||||||||
30,819 | 23,304 | 33,931 | 17,303 | 11,489 | 8,831 | |||||||||||||||||||
13,721 | 14,470 | 30,655 | 1,682 | 74,399 | 1,307 | |||||||||||||||||||
150 | 150 | 150 | 150 | 150 | 150 | |||||||||||||||||||
38,488 | 23,750 | 37,776 | 19,081 | 12,619 | 11,121 | |||||||||||||||||||
9,742 | 9,809 | 9,890 | 9,434 | 8,428 | 8,911 | |||||||||||||||||||
8,914 | 8,468 | 10,229 | 9,839 | — | 11,125 | |||||||||||||||||||
— | — | — | — | 792,030 | — | |||||||||||||||||||
15,110 | 13,188 | 9,757 | 6,168 | 61,305 | 7,184 | |||||||||||||||||||
1,821,772 | 2,381,240 | 16,727,235 | 320,640 | 5,093,542 | 437,562 | |||||||||||||||||||
$ | 622,901,577 | $ | 377,297,559 | $ | 624,679,132 | $ | 310,878,829 | $ | 214,994,515 | $ | 186,504,456 | |||||||||||||
$ | 336,216,142 | $ | 179,056,069 | $ | 555,429,527 | $ | 173,491,870 | $ | 201,334,178 | $ | 77,852,222 | |||||||||||||
286,685,435 | 198,241,490 | 69,249,605 | 137,386,959 | 13,660,337 | 108,652,234 | |||||||||||||||||||
$ | 622,901,577 | $ | 377,297,559 | $ | 624,679,132 | $ | 310,878,829 | $ | 214,994,515 | $ | 186,504,456 | |||||||||||||
$ | 75,319,930 | $ | 47,610,304 | $ | 70,818,475 | $ | 37,324,850 | $ | 21,464,042 | $ | 21,331,685 | |||||||||||||
3,595,894 | 1,687,950 | 5,864,260 | 1,591,593 | 2,065,757 | 1,431,884 | |||||||||||||||||||
$ | 20.95 | $ | 28.21 | $ | 12.08 | $ | 23.45 | $ | 10.39 | $ | 14.90 |
The accompanying notes are an integral part of these financial statements.
31
STATEMENTS OF ASSETS AND LIABILITIES — DECEMBER 31, 2021 (Unaudited) (Continued)
SA U.S. Fixed Income Fund | SA Global Fixed Income Fund | SA U.S. Core Market Fund | |||||||||||
SELECT CLASS SHARES | |||||||||||||
Net Assets | $ | 450,842,488 | $ | 725,635,263 | $ | 652,972,620 | |||||||
Shares of beneficial interest outstanding ($0.01 par value, unlimited shares authorized) | 44,935,391 | 78,156,426 | 21,240,968 | ||||||||||
Net asset value per share | $ | 10.03 | $ | 9.28 | $ | 30.74 | |||||||
Identified cost of unaffiliated investments | $ | 513,649,675 | $ | 843,221,983 | $ | 161,933,450 | |||||||
Cost of foreign currency | $ | — | $ | 67,377 | $ | — | |||||||
(1) Including securities on loan, at value (see Note 1) | $ N/A | $ | 13,198,342 | $ | 1,840,670 | ||||||||
(2) Net of deferred capital gain country tax of: | $ | — | $ | — | $ | — |
The accompanying notes are an integral part of these financial statements.
32
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 | |||||||||||||||||||
$ | 547,581,647 | $ | 329,687,255 | $ | 553,860,657 | $ | 273,553,979 | $ | 193,530,473 | $ | 165,172,771 | |||||||||||||
26,289,048 | 11,737,252 | 46,101,765 | 11,743,784 | 18,653,625 | 11,145,633 | |||||||||||||||||||
$ | 20.83 | $ | 28.09 | $ | 12.01 | $ | 23.29 | $ | 10.37 | $ | 14.82 | |||||||||||||
$ | 347,299,026 | $ | 196,310,101 | $ | 533,440,213 | $ | 157,602,623 | $ | 189,584,053 | $ | 78,699,969 | |||||||||||||
$ | — | $ | — | $ | 697,145 | $ | — | $ | 782,860 | $ | — | |||||||||||||
$ | 1,414,054 | $ | 7,765,930 | $ | 43,455,193 | $ | N/A | $ | 6,715,956 | $ | 1,695,355 | |||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | 792,030 | $ | — |
The accompanying notes are an integral part of these financial statements.
33
STATEMENTS OF ASSETS AND LIABILITIES — DECEMBER 31, 2021 (Unaudited) (Continued)
SA Worldwide Moderate Growth Fund | |||||
ASSETS | |||||
Investments in affiliated securities, at value | $ | 26,909,418 | |||
Receivable for fund shares sold | 16,116 | ||||
Receivable from the Adviser (Note 2) | 18,651 | ||||
Prepaid expenses | 20,170 | ||||
Total Assets | 26,964,355 | ||||
LIABILITIES | |||||
Payable for investments purchased | 15,190 | ||||
Payable for fund shares redeemed | 926 | ||||
Sub-Administration fee payable (Note 2) | 1,475 | ||||
Custody and accounting fees payable | 6,742 | ||||
Trustees’ fees payable (Note 2) | 150 | ||||
Transfer agent fee payable | 450 | ||||
Professional fees payable | 9,575 | ||||
Accrued expenses and other liabilities | 1,596 | ||||
Total Liabilities | 36,104 | ||||
NET ASSETS | $ | 26,928,251 | |||
NET ASSETS CONSIST OF: | |||||
Paid-in capital | $ | 22,332,908 | |||
Total distributable earnings (loss) | 4,595,343 | ||||
NET ASSETS | $ | 26,928,251 | |||
Shares of beneficial interest outstanding ($0.01 par value, unlimited shares authorized) | 2,241,420 | ||||
Net asset value per share | $ | 12.01 | |||
Identified cost of affiliated investments | $ | 22,906,194 |
The accompanying notes are an integral part of these financial statements.
34
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STATEMENTS OF OPERATIONS — SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)
SA U.S. Fixed Income Fund | SA Global Fixed Income Fund | SA U.S. Core Market Fund | |||||||||||
INVESTMENT INCOME | |||||||||||||
Income: | |||||||||||||
Unaffiliated dividends | $ | — | $ | — | $ | 4,760,846 | |||||||
Interest(1) | 1,248,569 | 3,712,954 | 3,170 | ||||||||||
Non-cash dividends | — | — | — | ||||||||||
Other income | — | — | 1,583 | ||||||||||
Taxes withheld | — | — | (312 | ) | |||||||||
Total Income | 1,248,569 | 3,712,954 | 4,765,287 | ||||||||||
Expenses: | |||||||||||||
Advisory fees (Note 2) | 396,455 | 1,038,914 | 1,493,735 | ||||||||||
Shareholder Servicing fees (Note 2) | |||||||||||||
Investor Class | 79,156 | 118,433 | 134,961 | ||||||||||
Select Class | 116,321 | 184,096 | 159,725 | ||||||||||
Administration fees (Note 2) | 264,303 | 415,565 | 373,434 | ||||||||||
Sub-Advisory fees (Note 2) | 79,291 | 124,670 | 107,576 | ||||||||||
Sub-Administration fees (Note 2) | 45,148 | 64,009 | 57,751 | ||||||||||
Trustees’ fees and expenses (Note 2) | 18,440 | 18,440 | 18,440 | ||||||||||
Custody and accounting fees | 38,911 | 77,784 | 45,489 | ||||||||||
Transfer agent fees | 39,678 | 42,052 | 46,700 | ||||||||||
Professional fees* | 27,372 | 28,136 | 25,286 | ||||||||||
Registration fees | 21,103 | 23,587 | 20,615 | ||||||||||
Other expenses** | 35,751 | 44,187 | 46,703 | ||||||||||
Total expenses before waivers and reimbursements: | 1,161,929 | 2,179,873 | 2,530,415 | ||||||||||
Less: Fee waiver by the Adviser (Note 2) | — | — | — | ||||||||||
Net expenses | 1,161,929 | 2,179,873 | 2,530,415 | ||||||||||
Net investment income | 86,640 | 1,533,081 | 2,234,872 | ||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | |||||||||||||
Realized gain (loss) on: | |||||||||||||
Investments(2) | (2,388,142 | ) | 3,587,647 | 23,948,677 | |||||||||
Forward foreign currency exchange contracts | — | 3,230,858 | — | ||||||||||
Foreign currency transactions | — | (39,041 | ) | — | |||||||||
Capital gain distributions from underlying funds | — | — | 2,764,619 | ||||||||||
Increase (decrease) in unrealized appreciation (depreciation) on: | |||||||||||||
Investments(3) | (2,727,089 | ) | (20,978,090 | ) | 45,572,085 | ||||||||
Forward foreign currency exchange contracts | — | 759,741 | — | ||||||||||
Foreign currency transactions | — | 5,572 | 7 | ||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions and translation | (5,115,231 | ) | (13,433,313 | ) | 72,285,388 | ||||||||
Net increase (decrease) in net assets resulting from operations | $ | (5,028,591 | ) | $ | (11,900,232 | ) | $ | 74,520,260 | |||||
(1) Interest income includes security lending income of: | $ | — | $ | 15,165 | $ | 3,116 | |||||||
(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.
36
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 | |||||||||||||||||||
$ | 6,366,230 | $ | 2,621,825 | $ | 9,586,047 | $ | 6,597,480 | $ | 4,558,345 | $ | 2,658,932 | |||||||||||||
2,489 | 7,595 | 122,712 | — | 32,302 | 2,202 | |||||||||||||||||||
— | 279,274 | 2,889,804 | — | 139,406 | 149,579 | |||||||||||||||||||
1,398 | 27,727 | 80 | — | 39 | — | |||||||||||||||||||
(915 | ) | (1,743 | ) | (843,223 | ) | — | (565,284 | ) | — | |||||||||||||||
6,369,202 | 2,934,678 | 11,755,420 | 6,597,480 | 4,164,808 | 2,810,713 | |||||||||||||||||||
1,231,074 | 765,846 | 1,426,085 | 401,871 | 489,821 | 313,139 | |||||||||||||||||||
95,731 | 62,598 | 92,611 | 49,656 | 27,703 | 26,419 | |||||||||||||||||||
134,738 | 83,211 | 139,931 | 70,443 | 48,884 | 39,451 | |||||||||||||||||||
307,769 | 191,461 | 316,908 | 160,749 | 108,849 | 89,468 | |||||||||||||||||||
307,769 | 382,923 | 633,816 | — | 391,857 | 89,468 | |||||||||||||||||||
50,818 | 34,760 | 54,153 | 27,664 | 18,458 | 15,110 | |||||||||||||||||||
18,440 | 18,440 | 18,440 | 18,440 | 18,440 | 18,440 | |||||||||||||||||||
38,670 | 60,159 | 75,719 | 14,909 | 141,709 | 21,855 | |||||||||||||||||||
45,362 | 44,768 | 45,585 | 43,708 | 39,569 | 40,488 | |||||||||||||||||||
25,890 | 26,157 | 27,141 | 25,275 | 60,669 | 26,537 | |||||||||||||||||||
20,991 | 19,512 | 21,098 | 19,087 | 18,646 | 17,656 | |||||||||||||||||||
40,220 | 38,784 | 61,557 | 27,504 | 71,574 | 19,627 | |||||||||||||||||||
2,317,472 | 1,728,619 | 2,913,044 | 859,306 | 1,436,179 | 717,658 | |||||||||||||||||||
— | — | — | — | (281,987 | ) | (25,510 | ) | |||||||||||||||||
2,317,472 | 1,728,619 | 2,913,044 | 859,306 | 1,154,192 | 692,148 | |||||||||||||||||||
4,051,730 | 1,206,059 | 8,842,376 | 5,738,174 | 3,010,616 | 2,118,565 | |||||||||||||||||||
26,050,264 | 44,760,014 | 15,637,734 | 8,891,691 | 6,053,544 | 11,773,197 | |||||||||||||||||||
— | — | — | — | (19,986 | ) | — | ||||||||||||||||||
— | — | (133,071 | ) | — | (20,225 | ) | — | |||||||||||||||||
— | — | — | 10,839,798 | — | — | |||||||||||||||||||
3,729,731 | (25,509,623 | ) | (13,266,096 | ) | (20,043,053 | ) | (18,013,734 | ) | 12,967,949 | |||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
53 | — | 6,848 | — | (989 | ) | — | ||||||||||||||||||
29,780,048 | 19,250,391 | 2,245,415 | (311,564 | ) | (12,001,390 | ) | 24,741,146 | |||||||||||||||||
$ | 33,831,778 | $ | 20,456,450 | $ | 11,087,791 | $ | 5,426,610 | $ | (8,990,774 | ) | $ | 26,859,711 | ||||||||||||
$ | 2,452 | $ | 7,560 | $ | 123,169 | $ | — | $ | 32,284 | $ | 2,190 | |||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | 121,881 | $ | — | |||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | 133,602 | $ | — |
The accompanying notes are an integral part of these financial statements.
37
STATEMENTS OF OPERATIONS — SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (Continued)
SA Worldwide Moderate Growth Fund | |||||
INVESTMENT INCOME | |||||
Income: | |||||
Affiliated dividends | $ | 329,631 | |||
Total Income | 329,631 | ||||
Expenses: | |||||
Sub-Administration fees (Note 2) | 2,290 | ||||
Trustees’ fees and expenses (Note 2) | 18,440 | ||||
Custody and accounting fees | 12,919 | ||||
Transfer agent fees | 1,924 | ||||
Professional fees* | 25,026 | ||||
Registration fees | 12,297 | ||||
Shareholders report printing expenses | 4,827 | ||||
Insurance expenses | 4,021 | ||||
Miscellaneous expenses | 6,276 | ||||
Total expenses before waivers and reimbursements: | 88,020 | ||||
Less: Fee waiver by the Adviser (Note 2) | (88,020 | ) | |||
Net investment income | 329,631 | ||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | |||||
Realized gain (loss) on: | |||||
Investments in affiliates | 1,080,605 | ||||
Capital gain distributions from underlying funds | 875,027 | ||||
Increase (decrease) in unrealized appreciation (depreciation) on: | |||||
Investments in affiliates | (1,425,121 | ) | |||
Net realized and unrealized gain on investments | 530,511 | ||||
Net increase in net assets resulting from operations | $ | 860,142 |
* | Professional fees include, but are not limited to, fees associated with legal, audit and tax services. |
The accompanying notes are an integral part of these financial statements.
38
(This page has been left blank intentionally.)
STATEMENTS OF CHANGES IN NET ASSETS
SA U.S. Fixed Income Fund | ||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, 2021 | |||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||
Operations: | ||||||||||
Net investment income (loss) | $ | 86,640 | $ | 172,461 | ||||||
Net realized gain (loss) on investments and foreign currency transactions | (2,388,142 | ) | 936,701 | |||||||
Net increase (decrease) in unrealized appreciation (depreciation) | (2,727,089 | ) | (2,531,072 | ) | ||||||
Net increase (decrease) in net assets from operations | (5,028,591 | ) | (1,421,910 | ) | ||||||
Distributions to shareholders: | ||||||||||
Investor Class | — | (5,981 | ) | |||||||
Select Class | — | (538,634 | ) | |||||||
Total distributions to shareholders | — | (544,615 | ) | |||||||
Capital share transactions | ||||||||||
Proceeds from sale of shares | ||||||||||
Investor Class | 5,026,266 | 15,674,856 | ||||||||
Select Class | 37,135,690 | 112,726,044 | ||||||||
42,161,956 | 128,400,900 | |||||||||
Value of distributions reinvested | ||||||||||
Investor Class | — | 5,905 | ||||||||
Select Class | — | 530,259 | ||||||||
— | 536,164 | |||||||||
Cost of shares redeemed | ||||||||||
Investor Class | (7,744,240 | ) | (19,886,868 | ) | ||||||
Select Class | (67,791,597 | ) | (96,252,541 | ) | ||||||
(75,535,837 | ) | (116,139,409 | ) | |||||||
Tax-free interclass conversion | ||||||||||
Investor Class | (4,473,613 | ) | (7,093,927 | ) | ||||||
Select Class | 4,473,613 | 7,093,927 | ||||||||
— | — | |||||||||
Total capital share transactions | (33,373,881 | ) | 12,797,655 | |||||||
Total increase (decrease) in net assets | (38,402,472 | ) | 10,831,130 | |||||||
NET ASSETS | ||||||||||
Beginning of period | $ | 550,222,701 | $ | 539,391,571 | ||||||
End of period | $ | 511,820,229 | $ | 550,222,701 | ||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||
Shares sold by subscription | ||||||||||
Investor Class | 498,266 | 1,542,952 | ||||||||
Select Class | 3,675,455 | 11,096,106 |
The accompanying notes are an integral part of these financial statements.
40
SA Global Fixed Income Fund | SA U.S. Core Market Fund | |||||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, 2021 | Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, 2021 | |||||||||||||||
$ | 1,533,081 | $ | (747,018 | ) | $ | 2,234,872 | $ | 4,492,638 | ||||||||||
6,779,464 | (24,788,297 | ) | 26,713,296 | 79,749,079 | ||||||||||||||
(20,212,777 | ) | 27,943,125 | 45,572,092 | 129,997,103 | ||||||||||||||
(11,900,232 | ) | 2,407,810 | 74,520,260 | 214,238,820 | ||||||||||||||
— | — | (7,761,606 | ) | (8,604,685 | ) | |||||||||||||
— | — | (48,734,730 | ) | (40,905,545 | ) | |||||||||||||
— | — | (56,496,336 | ) | (49,510,230 | ) | |||||||||||||
19,394,976 | 20,264,019 | 7,924,179 | 5,628,094 | |||||||||||||||
143,525,492 | 165,355,289 | 79,659,627 | 56,340,019 | |||||||||||||||
162,920,468 | 185,619,308 | 87,583,806 | 61,968,113 | |||||||||||||||
— | — | 7,492,066 | 8,082,999 | |||||||||||||||
— | — | 47,960,700 | 40,366,393 | |||||||||||||||
— | — | 55,452,766 | 48,449,392 | |||||||||||||||
(6,224,717 | ) | (24,553,764 | ) | (9,484,705 | ) | (37,968,311 | ) | |||||||||||
(63,686,795 | ) | (120,681,397 | ) | (68,225,598 | ) | (160,863,649 | ) | |||||||||||
(69,911,512 | ) | (145,235,161 | ) | (77,710,303 | ) | (198,831,960 | ) | |||||||||||
(8,047,050 | ) | (8,063,216 | ) | (7,882,677 | ) | (11,143,325 | ) | |||||||||||
8,047,050 | 8,063,216 | 7,882,677 | 11,143,325 | |||||||||||||||
— | — | — | — | |||||||||||||||
93,008,956 | 40,384,147 | 65,326,269 | (88,414,455 | ) | ||||||||||||||
81,108,724 | 42,791,957 | 83,350,193 | 76,314,135 | |||||||||||||||
$ | 736,638,456 | $ | 693,846,499 | $ | 676,659,169 | $ | 600,345,034 | |||||||||||
$ | 817,747,180 | $ | 736,638,456 | $ | 760,009,362 | $ | 676,659,169 | |||||||||||
2,061,888 | 2,147,141 | 256,477 | 206,937 | |||||||||||||||
15,278,365 | 17,570,504 | 2,589,819 | 2,086,752 |
The accompanying notes are an integral part of these financial statements.
41
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
SA U.S. Fixed Income Fund | ||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, 2021 | |||||||||
Shares issued for distributions reinvested | ||||||||||
Investor Class | — | 581 | ||||||||
Select Class | — | 52,167 | ||||||||
Shares redeemed | ||||||||||
Investor Class | (766,612 | ) | (1,956,816 | ) | ||||||
Select Class | (6,709,269 | ) | (9,472,444 | ) | ||||||
Tax-free interclass conversion | ||||||||||
Investor Class | (442,038 | ) | (698,734 | ) | ||||||
Select Class | 441,538 | 698,237 | ||||||||
Net increase (decrease) in fund shares | (3,302,660 | ) | 1,262,049 |
The accompanying notes are an integral part of these financial statements.
42
SA Global Fixed Income Fund | SA U.S. Core Market Fund | ||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, 2021 | Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, 2021 | ||||||||||||
— | — | 248,246 | 308,394 | ||||||||||||
— | — | 1,599,223 | 1,548,979 | ||||||||||||
(663,834 | ) | (2,602,042 | ) | (301,973 | ) | (1,420,874 | ) | ||||||||
(6,802,053 | ) | (12,827,183 | ) | (2,173,466 | ) | (6,024,114 | ) | ||||||||
(850,540 | ) | (854,218 | ) | (254,241 | ) | (393,649 | ) | ||||||||
852,050 | 856,169 | 255,312 | 395,676 | ||||||||||||
9,875,876 | 4,290,371 | 2,219,397 | (3,291,899 | ) |
The accompanying notes are an integral part of these financial statements.
43
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
SA U.S. Value Fund | ||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, 2021 | |||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||
Operations: | ||||||||||
Net investment income (loss) | $ | 4,051,730 | $ | 7,774,232 | ||||||
Net realized gain (loss) on investments and foreign currency transactions | 26,050,264 | 14,498,398 | ||||||||
Net increase (decrease) in unrealized appreciation (depreciation) | 3,729,784 | 196,796,995 | ||||||||
Net increase (decrease) in net assets from operations | 33,831,778 | 219,069,625 | ||||||||
Distributions to shareholders: | ||||||||||
Investor Class | (3,097,342 | ) | (1,207,898 | ) | ||||||
Select Class | (23,772,127 | ) | (8,067,613 | ) | ||||||
Total distributions to shareholders | (26,869,469 | ) | (9,275,511 | ) | ||||||
Capital share transactions | ||||||||||
Proceeds from sale of shares | ||||||||||
Investor Class | 4,231,106 | 6,638,104 | ||||||||
Select Class | 37,477,213 | 55,712,967 | ||||||||
41,708,319 | 62,351,071 | |||||||||
Value of distributions reinvested | ||||||||||
Investor Class | 3,028,641 | 1,179,365 | ||||||||
Select Class | 23,502,957 | 7,951,055 | ||||||||
26,531,598 | 9,130,420 | |||||||||
Cost of shares redeemed | ||||||||||
Investor Class | (6,351,010 | ) | (24,970,747 | ) | ||||||
Select Class | (53,151,104 | ) | (125,425,701 | ) | ||||||
(59,502,114 | ) | (150,396,448 | ) | |||||||
Tax-free interclass conversion | ||||||||||
Investor Class | (7,155,943 | ) | (8,011,110 | ) | ||||||
Select Class | 7,155,943 | 8,011,110 | ||||||||
— | — | |||||||||
Total capital share transactions | 8,737,803 | (78,914,957 | ) | |||||||
Total increase (decrease) in net assets | 15,700,112 | 130,879,157 | ||||||||
NET ASSETS | ||||||||||
Beginning of year | $ | 607,201,465 | $ | 476,322,308 | ||||||
End of year | $ | 622,901,577 | $ | 607,201,465 | ||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||
Shares sold by subscription | ||||||||||
Investor Class | 202,553 | 390,818 | ||||||||
Select Class | 1,797,795 | 3,252,551 |
The accompanying notes are an integral part of these financial statements.
44
SA U.S. Small Company Fund | SA International Value Fund | ||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, 2021 | Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, 2021 | ||||||||||||
$ | 1,206,059 | $ | 1,591,033 | $ | 8,842,376 | $ | 17,250,927 | ||||||||
44,760,014 | 62,074,223 | 15,504,663 | 5,415,953 | ||||||||||||
(25,509,623 | ) | 124,429,279 | (13,259,248 | ) | 196,748,485 | ||||||||||
20,456,450 | 188,094,535 | 11,087,791 | 219,415,365 | ||||||||||||
(9,826,551 | ) | (1,519,636 | ) | (2,102,149 | ) | (1,756,435 | ) | ||||||||
(68,069,737 | ) | (9,388,798 | ) | (17,859,233 | ) | (12,115,207 | ) | ||||||||
(77,896,288 | ) | (10,908,434 | ) | (19,961,382 | ) | (13,871,642 | ) | ||||||||
2,122,171 | 4,611,386 | 3,424,439 | 6,935,571 | ||||||||||||
20,447,539 | 39,345,116 | 33,862,825 | 59,038,515 | ||||||||||||
22,569,710 | 43,956,502 | 37,287,264 | 65,974,086 | ||||||||||||
9,578,225 | 1,486,419 | 2,061,319 | 1,724,585 | ||||||||||||
67,289,785 | 9,264,524 | 17,683,774 | 11,951,797 | ||||||||||||
76,868,010 | 10,750,943 | 19,745,093 | 13,676,382 | ||||||||||||
(11,669,848 | ) | (23,775,328 | ) | (7,097,286 | ) | (29,084,239 | ) | ||||||||
(84,833,700 | ) | (133,706,769 | ) | (66,833,000 | ) | (151,135,720 | ) | ||||||||
(96,503,548 | ) | (157,482,097 | ) | (73,930,286 | ) | (180,219,959 | ) | ||||||||
(4,710,442 | ) | (5,262,672 | ) | (7,101,547 | ) | (8,503,066 | ) | ||||||||
4,710,442 | 5,262,672 | 7,101,547 | 8,503,066 | ||||||||||||
— | — | — | — | ||||||||||||
2,934,172 | (102,774,652 | ) | (16,897,929 | ) | (100,569,491 | ) | |||||||||
(54,505,666 | ) | 74,411,449 | (25,771,520 | ) | 104,974,232 | ||||||||||
$ | 431,803,225 | $ | 357,391,776 | $ | 650,450,652 | $ | 545,476,420 | ||||||||
$ | 377,297,559 | $ | 431,803,225 | $ | 624,679,132 | $ | 650,450,652 | ||||||||
64,001 | 168,046 | 280,691 | 670,920 | ||||||||||||
624,047 | 1,398,177 | 2,768,033 | 5,688,830 |
The accompanying notes are an integral part of these financial statements.
45
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
SA U.S. Value Fund | |||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, 2021 | ||||||||
Shares issued for distributions reinvested | |||||||||
Investor Class | 148,390 | 70,284 | |||||||
Select Class | 1,158,352 | 476,396 | |||||||
Shares redeemed | |||||||||
Investor Class | (303,194 | ) | (1,464,984 | ) | |||||
Select Class | (2,542,629 | ) | (7,202,382 | ) | |||||
Tax-free interclass conversion | |||||||||
Investor Class | (344,457 | ) | (393,583 | ) | |||||
Select Class | 345,750 | 395,144 | |||||||
Net increase (decrease) in fund shares | 462,560 | (4,475,756 | ) |
The accompanying notes are an integral part of these financial statements.
46
SA U.S. Small Company Fund | SA International Value Fund | ||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, 2021 | Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, 2021 | ||||||||||||
350,594 | 53,181 | 175,282 | 166,305 | ||||||||||||
2,472,980 | 332,419 | 1,511,434 | 1,158,120 | ||||||||||||
(351,735 | ) | (850,806 | ) | (577,634 | ) | (2,821,558 | ) | ||||||||
(2,550,062 | ) | (4,721,618 | ) | (5,456,569 | ) | (14,402,511 | ) | ||||||||
(141,843 | ) | (162,072 | ) | (586,157 | ) | (702,982 | ) | ||||||||
142,024 | 162,347 | 588,093 | 705,751 | ||||||||||||
610,006 | (3,620,326 | ) | (1,296,827 | ) | (9,537,125 | ) |
The accompanying notes are an integral part of these financial statements.
47
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
SA International Small Company Fund | ||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, 2021 | |||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||
Operations: | ||||||||||
Net investment income (loss) | $ | 5,738,174 | $ | 4,083,468 | ||||||
Net realized gain (loss) on investments and foreign currency transactions | 19,731,489 | 5,673,754 | ||||||||
Net increase (decrease) in unrealized appreciation (depreciation) | (20,043,053 | ) | 101,590,899 | |||||||
Net increase (decrease) in net assets from operations | 5,426,610 | 111,348,121 | ||||||||
Distributions to shareholders: | ||||||||||
Investor Class | (2,017,354 | ) | (873,744 | ) | ||||||
Select Class | (15,545,446 | ) | (5,861,440 | ) | ||||||
Total distributions to shareholders | (17,562,800 | ) | (6,735,184 | ) | ||||||
Capital share transactions | ||||||||||
Proceeds from sale of shares | ||||||||||
Investor Class | 1,612,164 | 3,012,303 | ||||||||
Select Class | 14,577,771 | 25,421,113 | ||||||||
16,189,935 | 28,433,416 | |||||||||
Value of distributions reinvested | ||||||||||
Investor Class | 1,968,082 | 855,595 | ||||||||
Select Class | 15,389,047 | 5,783,462 | ||||||||
17,357,129 | 6,639,057 | |||||||||
Cost of shares redeemed | ||||||||||
Investor Class | (4,344,553 | ) | (12,505,585 | ) | ||||||
Select Class | (40,702,611 | ) | (64,723,253 | ) | ||||||
(45,047,164 | ) | (77,228,838 | ) | |||||||
Tax-free interclass conversion | ||||||||||
Investor Class | (3,978,923 | ) | (4,359,529 | ) | ||||||
Select Class | 3,978,923 | 4,359,529 | ||||||||
— | — | |||||||||
Total capital share transactions | (11,500,100 | ) | (42,156,365 | ) | ||||||
Total increase (decrease) in net assets | (23,636,290 | ) | 62,456,572 | |||||||
NET ASSETS | ||||||||||
Beginning of year | $ | 334,515,119 | $ | 272,058,547 | ||||||
End of year | $ | 310,878,829 | $ | 334,515,119 | ||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||
Shares sold by subscription | ||||||||||
Investor Class | 65,720 | 140,754 | ||||||||
Select Class | 594,937 | 1,188,982 |
The accompanying notes are an integral part of these financial statements.
48
SA Emerging Markets Value Fund | SA Real Estate Securities Fund | ||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, 2021 | Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, 2021 | ||||||||||||
$ | 3,010,616 | $ | 4,097,254 | $ | 2,118,565 | $ | 2,734,667 | ||||||||
6,013,333 | (3,041,425 | ) | 11,773,197 | 5,386,118 | |||||||||||
(18,014,723 | ) | 74,709,568 | 12,967,949 | 39,325,976 | |||||||||||
(8,990,774 | ) | 75,765,397 | 26,859,711 | 47,446,761 | |||||||||||
(597,981 | ) | (428,638 | ) | (1,660,952 | ) | (851,947 | ) | ||||||||
(5,768,774 | ) | (3,427,507 | ) | (13,171,496 | ) | (5,539,852 | ) | ||||||||
(6,366,755 | ) | (3,856,145 | ) | (14,832,448 | ) | (6,391,799 | ) | ||||||||
2,287,543 | 2,790,881 | 934,234 | 2,220,122 | ||||||||||||
18,359,926 | 25,028,628 | 7,742,194 | 21,037,512 | ||||||||||||
20,647,469 | 27,819,509 | 8,676,428 | 23,257,634 | ||||||||||||
588,176 | 422,384 | 1,632,976 | 838,814 | ||||||||||||
5,711,449 | 3,382,640 | 13,043,699 | 5,463,111 | ||||||||||||
6,299,625 | 3,805,024 | 14,676,675 | 6,301,925 | ||||||||||||
(1,975,402 | ) | (7,020,768 | ) | (4,437,198 | ) | (6,652,487 | ) | ||||||||
(21,644,086 | ) | (40,207,149 | ) | (36,962,344 | ) | (30,588,293 | ) | ||||||||
(23,619,488 | ) | (47,227,917 | ) | (41,399,542 | ) | (37,240,780 | ) | ||||||||
(2,037,868 | ) | (2,758,955 | ) | (2,115,307 | ) | (2,235,345 | ) | ||||||||
2,037,868 | 2,758,955 | 2,115,307 | 2,235,345 | ||||||||||||
— | — | — | — | ||||||||||||
3,327,606 | (15,603,384 | ) | (18,046,439 | ) | (7,681,221 | ) | |||||||||
(12,029,923 | ) | 56,305,868 | (6,019,176 | ) | 33,373,741 | ||||||||||
$ | 227,024,438 | $ | 170,718,570 | $ | 192,523,632 | $ | 159,149,891 | ||||||||
$ | 214,994,515 | $ | 227,024,438 | $ | 186,504,456 | $ | 192,523,632 | ||||||||
213,076 | 295,977 | 63,218 | 185,442 | ||||||||||||
1,709,632 | 2,654,066 | 527,736 | 1,772,822 |
The accompanying notes are an integral part of these financial statements.
49
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
SA International Small Company Fund | |||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, 2021 | ||||||||
Shares issued for distributions reinvested | |||||||||
Investor Class | 86,891 | 40,282 | |||||||
Select Class | 684,262 | 273,838 | |||||||
Shares redeemed | |||||||||
Investor Class | (176,594 | ) | (602,870 | ) | |||||
Select Class | (1,664,455 | ) | (3,068,620 | ) | |||||
Tax-free interclass conversion | |||||||||
Investor Class | (160,975 | ) | (180,888 | ) | |||||
Select Class | 161,642 | 181,760 | |||||||
Net decrease in fund shares | (408,572 | ) | (2,026,762 | ) |
The accompanying notes are an integral part of these financial statements.
50
SA Emerging Markets Value Fund | SA Real Estate Securities Fund | ||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, 2021 | Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, 2021 | ||||||||||||
57,834 | 45,516 | 114,194 | 74,231 | ||||||||||||
562,704 | 364,901 | 917,278 | 485,610 | ||||||||||||
(183,125 | ) | (758,302 | ) | (309,355 | ) | (567,332 | ) | ||||||||
(2,003,007 | ) | (4,288,934 | ) | (2,583,986 | ) | (2,585,148 | ) | ||||||||
(193,875 | ) | (261,677 | ) | (144,679 | ) | (170,860 | ) | ||||||||
193,996 | 261,749 | 145,090 | 171,486 | ||||||||||||
357,235 | (1,686,704 | ) | (1,270,504 | ) | (633,749 | ) |
The accompanying notes are an integral part of these financial statements.
51
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
SA Worldwide Moderate Growth Fund | ||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, 2021 | |||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||
Operations: | ||||||||||
Net investment income | $ | 329,631 | $ | 341,933 | ||||||
Net realized gain on investments | 1,955,632 | 30,375 | ||||||||
Net increase (decrease) in unrealized appreciation (depreciation) | (1,425,121 | ) | 7,682,280 | |||||||
Net increase (decrease) in net assets from operations | 860,142 | 8,054,588 | ||||||||
Distributions to shareholders | (1,168,884 | ) | (1,248,295 | ) | ||||||
Capital share transactions | ||||||||||
Proceeds from sale of shares | 1,521,827 | 4,380,054 | ||||||||
Value of distributions reinvested | 1,164,151 | 1,243,187 | ||||||||
Cost of shares redeemed | (2,617,493 | ) | (15,725,106 | ) | ||||||
Total capital share transactions | 68,485 | (10,101,865 | ) | |||||||
Total decrease in net assets | (240,257 | ) | (3,295,572 | ) | ||||||
NET ASSETS | ||||||||||
Beginning of period | $ | 27,168,508 | $ | 30,464,080 | ||||||
End of period | $ | 26,928,251 | $ | 27,168,508 | ||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||
Shares sold by subscription | 123,970 | 408,508 | ||||||||
Shares issued for distributions reinvested | 96,932 | 116,077 | ||||||||
Shares redeemed | (213,189 | ) | (1,483,293 | ) | ||||||
Net increase (decrease) in fund shares | 7,713 | (958,708 | ) |
The accompanying notes are an integral part of these financial statements.
52
FINANCIAL HIGHLIGHTS
SA U.S. Fixed Income Fund | |||||||||||||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, | ||||||||||||||||||||||||
Investor Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 10.12 | $ | 10.17 | $ | 10.16 | $ | 10.11 | $ | 10.18 | $ | 10.22 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||||
Net investment income (loss) | (0.01 | )(1)(2) | (0.02 | )(1)(2) | 0.13 | (1) | (0.20 | ) | (0.05 | ) | 0.06 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.10 | )(2) | (0.03 | )(2) | 0.01 | 0.46 | 0.07 | (0.05 | ) | ||||||||||||||||
Total from investment operations | (0.11 | ) | (0.05 | ) | 0.14 | 0.26 | 0.02 | 0.01 | |||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||
Net investment income | — | (0.00 | )(3) | (0.13 | ) | (0.21 | ) | (0.09 | ) | (0.05 | ) | ||||||||||||||
Net asset value, end of period | $ | 10.01 | $ | 10.12 | $ | 10.17 | $ | 10.16 | $ | 10.11 | $ | 10.18 | |||||||||||||
Total return | (0.99 | )%(4) | (0.48 | )% | 1.42 | % | 2.58 | % | 0.17 | % | 0.10 | % | |||||||||||||
Net assets, end of period (000s) | $ | 60,978 | $ | 68,818 | $ | 80,440 | $ | 113,430 | $ | 147,431 | $ | 606,640 | |||||||||||||
Ratio of net expenses to average net assets | 0.64 | %(5) | 0.64 | % | 0.63 | % | 0.64 | % | 0.64 | % | 0.65 | % | |||||||||||||
Ratio of gross expenses to average net assets | 0.64 | %(5) | 0.64 | % | 0.63 | % | 0.64 | % | 0.64 | % | 0.65 | % | |||||||||||||
Ratio of net investment income (loss) to average net assets | (0.17 | )%(5) | (0.15 | )% | 1.28 | % | 1.92 | % | 0.94 | % | 0.56 | % | |||||||||||||
Portfolio turnover rate | 117 | % | 113 | % | 49 | % | 88 | % | 107 | % | 115 | % |
(1) | Calculated based on average shares outstanding during the period. |
(2) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
(3) | Amount rounds to less than $(0.005) per share. |
(4) | Periods less than one year are not annualized. |
(5) | Annualized for periods less than one year. |
The accompanying notes are an integral part of these financial statements.
53
FINANCIAL HIGHLIGHTS (Continued)
SA U.S. Fixed Income Fund | |||||||||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, | ||||||||||||||||||||
Select Class | 2021 | 2020 | 2019 | 2018(1) | |||||||||||||||||
Net asset value, beginning of period | $ | 10.13 | $ | 10.16 | $ | 10.15 | $ | 10.10 | $ | 10.18 | |||||||||||
Income from investment operations: | |||||||||||||||||||||
Net investment income (loss) | 0.00 | (2) (3) | 0.01 | (2) | 0.15 | (2) | (0.25 | ) | (0.10 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments | (0.10 | ) | (0.03 | ) | 0.01 | 0.53 | 0.13 | ||||||||||||||
Total from investment operations | (0.10 | ) | (0.02 | ) | 0.16 | 0.28 | 0.03 | ||||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | — | (0.01 | ) | (0.15 | ) | (0.23 | ) | (0.11 | ) | ||||||||||||
Net asset value, end of period | $ | 10.03 | $ | 10.13 | $ | 10.16 | $ | 10.15 | $ | 10.10 | |||||||||||
Total return | (0.99 | )%(4) | (0.18 | )% | 1.60 | % | 2.83 | % | 0.33 | %(4) | |||||||||||
Net assets, end of period (000s) | $ | 450,842 | $ | 481,404 | $ | 458,952 | $ | 516,466 | $ | 472,402 | |||||||||||
Ratio of net expenses to average net assets | 0.41 | %(5) | 0.42 | % | 0.42 | % | 0.41 | % | 0.43 | %(5) | |||||||||||
Ratio of gross expenses to average net assets | 0.41 | %(5) | 0.42 | % | 0.42 | % | 0.41 | % | 0.43 | %(5)(6) | |||||||||||
Ratio of net investment income to average net assets | 0.06 | %(5) | 0.06 | % | 1.47 | % | 2.17 | % | 1.55 | %(5) | |||||||||||
Portfolio turnover rate | 117 | % | 113 | % | 49 | % | 88 | % | 107 | % |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. |
(2) | Calculated based on average shares outstanding during the period. |
(3) | Amount rounds to less than $0.005 per share. |
(4) | Periods less than one year are not annualized. |
(5) | Annualized for periods less than one year. |
(6) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
54
FINANCIAL HIGHLIGHTS (Continued)
SA Global Fixed Income Fund | |||||||||||||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, | ||||||||||||||||||||||||
Investor Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 9.44 | $ | 9.42 | $ | 9.63 | $ | 9.59 | $ | 9.63 | $ | 9.79 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||||
Net investment income (loss) | 0.01 | (1) | (0.03 | )(1) | 0.00 | (2)(1) | (0.09 | ) | 0.20 | 0.09 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.16 | ) | 0.05 | 0.14 | 0.46 | (0.20 | ) | (0.13 | ) | ||||||||||||||||
Total from investment operations | (0.15 | ) | 0.02 | 0.14 | 0.37 | — | (0.04 | ) | |||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||
Net investment income | — | — | (0.35 | ) | (0.33 | ) | (0.04 | ) | (0.10 | ) | |||||||||||||||
Capital gains | — | — | — | — | (0.00 | )(3) | (0.02 | ) | |||||||||||||||||
Total distributions | — | — | (0.35 | ) | (0.33 | ) | (0.04 | ) | (0.12 | ) | |||||||||||||||
Net asset value, end of period | $ | 9.29 | $ | 9.44 | $ | 9.42 | $ | 9.63 | $ | 9.59 | $ | 9.63 | |||||||||||||
Total return | (1.59 | )%(4) | 0.21 | % | 1.46 | % | 3.90 | % | 0.04 | % | (0.33 | )% | |||||||||||||
Net assets, end of period (000s) | $ | 92,112 | $ | 88,378 | $ | 100,567 | $ | 133,954 | $ | 170,558 | $ | 721,120 | |||||||||||||
Ratio of net expenses to average net assets | 0.72 | %(5) | 0.73 | % | 0.73 | % | 0.73 | % | 0.73 | % | 0.73 | % | |||||||||||||
Ratio of gross expenses to average net assets | 0.72 | %(5) | 0.73 | % | 0.73 | % | 0.73 | % | 0.73 | % | 0.73 | % | |||||||||||||
Ratio of net investment income (loss) to average net assets | 0.18 | %(5) | (0.30 | )% | 0.01 | % | 0.53 | % | 1.02 | % | 1.06 | % | |||||||||||||
Portfolio turnover rate | 41 | % | 111 | % | 58 | % | 75 | % | 46 | % | 41 | % |
(1) | Calculated based on average shares outstanding during the period. |
(2) | Amount rounds to less than $0.005 per share. |
(3) | Amount rounds to less than $(0.005) per share. |
(4) | Periods less than one year are not annualized. |
(5) | Annualized for periods less than one year. |
The accompanying notes are an integral part of these financial statements.
55
FINANCIAL HIGHLIGHTS (Continued)
SA Global Fixed Income Fund | |||||||||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, | ||||||||||||||||||||
Select Class | 2021 | 2020 | 2019 | 2018(1) | |||||||||||||||||
Net asset value, beginning of period | $ | 9.42 | $ | 9.38 | $ | 9.59 | $ | 9.59 | $ | 9.62 | |||||||||||
Income from investment operations: | |||||||||||||||||||||
Net investment income (loss) | 0.02 | (2) | (0.01 | )(2) | 0.02 | (2) | (0.29 | ) | (0.02 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments | (0.16 | ) | 0.05 | 0.14 | 0.68 | 0.04 | |||||||||||||||
Total from investment operations | (0.14 | ) | 0.04 | 0.16 | 0.39 | 0.02 | |||||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | — | — | (0.37 | ) | (0.39 | ) | (0.05 | ) | |||||||||||||
Net asset value, end of period | $ | 9.28 | $ | 9.42 | $ | 9.38 | $ | 9.59 | $ | 9.59 | |||||||||||
Total return | (1.49 | %)(3) | 0.43 | % | 1.66 | % | 4.12 | % | 0.25 | %(3) | |||||||||||
Net assets, end of period (000s) | $ | 725,635 | $ | 648,261 | $ | 593,280 | $ | 617,360 | $ | 568,896 | |||||||||||
Ratio of net expenses to average net assets | 0.50 | %(4) | 0.52 | % | 0.51 | % | 0.51 | % | 0.52 | %(4) | |||||||||||
Ratio of gross expenses to average net assets | 0.50 | %(4) | 0.52 | % | 0.51 | % | 0.51 | % | 0.54 | %(4)(5) | |||||||||||
Ratio of net investment income (loss) to average net assets | 0.39 | %(4) | (0.08 | )% | 0.21 | % | 0.73 | % | 1.12 | %(4) | |||||||||||
Portfolio turnover rate | 41 | % | 111 | % | 58 | % | 75 | % | 46 | % |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. |
(2) | Calculated based on average shares outstanding during the period. |
(3) | Periods less than one year are not annualized. |
(4) | Annualized for periods less than one year. |
(5) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
56
FINANCIAL HIGHLIGHTS (Continued)
SA U.S. Core Market Fund | |||||||||||||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, | ||||||||||||||||||||||||
Investor Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 30.22 | $ | 23.37 | $ | 24.79 | $ | 24.18 | $ | 21.71 | $ | 19.56 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||||
Net investment income (loss) | 0.07 | (1) | 0.14 | (1) | 0.23 | (1) | 0.01 | (0.02 | ) | 0.22 | |||||||||||||||
Net realized and unrealized gain on investments | 3.03 | 8.87 | 1.43 | 1.95 | 3.45 | 3.16 | |||||||||||||||||||
Total from investment operations | 3.10 | 9.01 | 1.66 | 1.96 | 3.43 | 3.38 | |||||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||
Net investment income | (0.11 | ) | (0.22 | ) | (0.26 | ) | (0.17 | ) | (0.22 | ) | (0.26 | ) | |||||||||||||
Capital gains | (2.27 | ) | (1.94 | ) | (2.82 | ) | (1.18 | ) | (0.74 | ) | (0.97 | ) | |||||||||||||
Total distributions | (2.38 | ) | (2.16 | ) | (3.08 | ) | (1.35 | ) | (0.96 | ) | (1.23 | ) | |||||||||||||
Net asset value, end of period | $ | 30.94 | $ | 30.22 | $ | 23.37 | $ | 24.79 | $ | 24.18 | $ | 21.71 | |||||||||||||
Total return | 10.48 | %(2) | 39.94 | % | 6.31 | % | 9.30 | % | 15.91 | % | 17.81 | % | |||||||||||||
Net assets, end of period (000s) | $ | 107,037 | $ | 106,102 | $ | 112,429 | $ | 165,849 | $ | 205,989 | $ | 731,679 | |||||||||||||
Ratio of net expenses to average net assets | 0.86 | %(3) | 0.87 | % | 0.88 | % | 0.88 | % | 0.90 | % | 0.93 | % | |||||||||||||
Ratio of gross expenses to average net assets | 0.86 | %(3) | 0.87 | % | 0.88 | % | 0.88 | % | 0.90 | %(4) | 0.93 | % | |||||||||||||
Ratio of net investment income to average net assets | 0.41 | %(3) | 0.53 | % | 0.98 | % | 1.02 | % | 0.90 | % | 1.06 | % | |||||||||||||
Portfolio turnover rate | 5 | % | 1 | % | 3 | % | 4 | % | 6 | % | 8 | % |
(1) | Calculated based on average shares outstanding during the period. |
(2) | Periods less than one year are not annualized. |
(3) | Annualized for periods less than one year. |
(4) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
57
FINANCIAL HIGHLIGHTS (Continued)
SA U.S. Core Market Fund | |||||||||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, | ||||||||||||||||||||
Select Class | 2021 | 2020 | 2019 | 2018(1) | |||||||||||||||||
Net asset value, beginning of period | $ | 30.08 | $ | 23.28 | $ | 24.71 | $ | 24.20 | $ | 21.74 | |||||||||||
Income from investment operations: | |||||||||||||||||||||
Net investment income (loss) | 0.10 | (2) | 0.20 | (2) | 0.28 | (2) | (0.28 | ) | (0.20 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments | 3.02 | 8.82 | 1.43 | 2.26 | 3.65 | ||||||||||||||||
Total from investment operations | 3.12 | 9.02 | 1.71 | 1.98 | 3.45 | ||||||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | (0.19 | ) | (0.28 | ) | (0.32 | ) | (0.29 | ) | (0.25 | ) | |||||||||||
Capital gains | (2.27 | ) | (1.94 | ) | (2.82 | ) | (1.18 | ) | (0.74 | ) | |||||||||||
Total distributions | (2.46 | ) | (2.22 | ) | (3.14 | ) | (1.47 | ) | (0.99 | ) | |||||||||||
Net asset value, end of period | $ | 30.74 | $ | 30.08 | $ | 23.28 | $ | 24.71 | $ | 24.20 | |||||||||||
Total return | 10.58 | %(3) | 40.20 | % | 6.56 | % | 9.51 | % | 15.99 | %(3) | |||||||||||
Net assets, end of period (000s) | $ | 652,973 | $ | 570,557 | $ | 487,916 | $ | 589,454 | $ | 588,965 | |||||||||||
Ratio of net expenses to average net assets | 0.65 | %(4) | 0.66 | % | 0.67 | % | 0.66 | % | 0.67 | %(4) | |||||||||||
Ratio of gross expenses to average net assets | 0.65 | %(4) | 0.66 | % | 0.67 | % | 0.66 | % | 0.68 | %(4)(5) | |||||||||||
Ratio of net investment income to average net assets | 0.63 | %(4) | 0.74 | % | 1.19 | % | 1.24 | % | 1.12 | %(4) | |||||||||||
Portfolio turnover rate | 5 | % | 1 | % | 3 | % | 4 | % | 6 | % |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. |
(2) | Calculated based on average shares outstanding during the period. |
(3) | Periods less than one year are not annualized. |
(4) | Annualized for periods less than one year. |
(5) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
58
FINANCIAL HIGHLIGHTS (Continued)
SA U.S. Value Fund | |||||||||||||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, | ||||||||||||||||||||||||
Investor Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 20.71 | $ | 14.10 | $ | 17.13 | $ | 18.39 | $ | 18.51 | $ | 16.11 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||||
Net investment income (loss) | 0.12 | (2) | 0.21 | (2) | 0.28 | (2) | (0.03 | ) | (0.00 | )(1) | 0.22 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.01 | 6.66 | (2.39 | ) | 0.24 | 1.83 | 3.07 | ||||||||||||||||||
Total from investment operations | 1.13 | 6.87 | (2.11 | ) | 0.21 | 1.83 | 3.29 | ||||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||
Net investment income | (0.22 | ) | (0.26 | ) | (0.26 | ) | (0.19 | ) | (0.24 | ) | (0.25 | ) | |||||||||||||
Capital gains | (0.67 | ) | — | (0.66 | ) | (1.28 | ) | (1.71 | ) | (0.64 | ) | ||||||||||||||
Total distributions | (0.89 | ) | (0.26 | ) | (0.92 | ) | (1.47 | ) | (1.95 | ) | (0.89 | ) | |||||||||||||
Net asset value, end of period | $ | 20.95 | $ | 20.71 | $ | 14.10 | $ | 17.13 | $ | 18.39 | $ | 18.51 | |||||||||||||
Total return | 5.57 | %(3) | 49.17 | % | (13.42 | )% | 2.43 | % | 9.59 | % | 20.67 | % | |||||||||||||
Net assets, end of period (000s) | $ | 75,320 | $ | 80,613 | $ | 74,571 | $ | 117,485 | $ | 152,688 | $ | 572,841 | |||||||||||||
Ratio of net expenses to average net assets | 0.95 | %(4) | 0.95 | % | 0.95 | % | 0.96 | % | 0.97 | % | 1.00 | % | |||||||||||||
Ratio of gross expenses to average net assets | 0.95 | %(4) | 0.95 | % | 0.95 | % | 0.96 | % | 0.97 | % | 1.00 | % | |||||||||||||
Ratio of net investment income to average net assets | 1.13 | %(4) | 1.24 | % | 1.71 | % | 1.53 | % | 1.41 | % | 1.29 | % | |||||||||||||
Portfolio turnover rate | 6 | % | 5 | % | 10 | % | 11 | % | 19 | % | 16 | % |
(1) | Amount rounds to less than $(0.005) per share. |
(2) | Calculated based on average shares outstanding during the period. |
(3) | Periods less than one year are not annualized. |
(4) | Annualized for periods less than one year. |
The accompanying notes are an integral part of these financial statements.
59
FINANCIAL HIGHLIGHTS (Continued)
SA U.S. Value Fund | |||||||||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, | ||||||||||||||||||||
Select Class | 2021 | 2020 | 2019 | 2018(1) | |||||||||||||||||
Net asset value, beginning of period | $ | 20.63 | $ | 14.04 | $ | 17.07 | $ | 18.41 | $ | 18.62 | |||||||||||
Income from investment operations: | |||||||||||||||||||||
Net investment income (loss) | 0.14 | (2) | 0.25 | (2) | 0.31 | (2) | (0.28 | ) | (0.23 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments | 1.01 | 6.64 | (2.38 | ) | 0.51 | 1.99 | |||||||||||||||
Total from investment operations | 1.15 | 6.89 | (2.07 | ) | 0.23 | 1.76 | |||||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | (0.28 | ) | (0.30 | ) | (0.30 | ) | (0.29 | ) | (0.26 | ) | |||||||||||
Capital gains | (0.67 | ) | — | (0.66 | ) | (1.28 | ) | (1.71 | ) | ||||||||||||
Total distributions | (0.95 | ) | (0.30 | ) | (0.96 | ) | (1.57 | ) | (1.97 | ) | |||||||||||
Net asset value, end of period | $ | 20.83 | $ | 20.63 | $ | 14.04 | $ | 17.07 | $ | 18.41 | |||||||||||
Total return | 5.66 | %(3) | 49.58 | % | (13.26 | )% | 2.63 | % | 9.20 | %(3) | |||||||||||
Net assets, end of period (000s) | $ | 547,582 | $ | 526,588 | $ | 401,751 | $ | 475,491 | $ | 448,694 | |||||||||||
Ratio of net expenses to average net assets | 0.73 | %(4) | 0.73 | % | 0.74 | % | 0.74 | % | 0.75 | %(4) | |||||||||||
Ratio of gross expenses to average net assets | 0.73 | %(4) | 0.73 | % | 0.74 | % | 0.74 | % | 0.76 | %(4)(5) | |||||||||||
Ratio of net investment income to average net assets | 1.34 | %(4) | 1.44 | % | 1.93 | % | 1.76 | % | 1.46 | %(4) | |||||||||||
Portfolio turnover rate | 6 | % | 5 | % | 10 | % | 11 | % | 19 | % |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. |
(2) | Calculated based on average shares outstanding during the period. |
(3) | Periods less than one year are not annualized. |
(4) | Annualized for periods less than one year. |
(5) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
60
FINANCIAL HIGHLIGHTS (Continued)
SA U.S. Small Company Fund | |||||||||||||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, | ||||||||||||||||||||||||
Investor Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 33.74 | $ | 21.77 | $ | 25.46 | $ | 27.37 | $ | 25.76 | $ | 22.40 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||||
Net investment income (loss) | 0.08 | (1) | 0.06 | (1) | 0.09 | (1) | 0.07 | (0.06 | ) | 0.05 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.52 | 12.60 | (2.62 | ) | (1.27 | ) | 3.75 | 4.62 | |||||||||||||||||
Total from investment operations | 1.60 | 12.66 | (2.53 | ) | (1.20 | ) | 3.69 | 4.67 | |||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||
Net investment income | (0.07 | ) | (0.06 | ) | (0.07 | ) | — | (0.05 | ) | (0.08 | ) | ||||||||||||||
Capital gains | (7.06 | ) | (0.63 | ) | (1.09 | ) | (0.71 | ) | (2.03 | ) | (1.23 | ) | |||||||||||||
Total distributions | (7.13 | ) | (0.69 | ) | (1.16 | ) | (0.71 | ) | (2.08 | ) | (1.31 | ) | |||||||||||||
Net asset value, end of period | $ | 28.21 | $ | 33.74 | $ | 21.77 | $ | 25.46 | $ | 27.37 | $ | 25.76 | |||||||||||||
Total return | 5.42 | %(2) | 58.84 | % | (10.66 | )% | (3.94 | )% | 14.64 | % | 20.90 | % | |||||||||||||
Net assets, end of period (000s) | $ | 47,610 | $ | 59,623 | $ | 55,701 | $ | 81,679 | $ | 113,007 | $ | 402,770 | |||||||||||||
Ratio of net expenses to average net assets | 1.10 | %(3) | 1.14 | % | 1.14 | % | 1.15 | % | 1.17 | % | 1.20 | % | |||||||||||||
Ratio of gross expenses to average net assets | 1.10 | %(3) | 1.14 | % | 1.14 | % | 1.15 | % | 1.21 | %(4) | 1.27 | %(4) | |||||||||||||
Ratio of net investment income to average net assets | 0.44 | %(3) | 0.20 | % | 0.38 | % | 0.31 | % | 0.26 | % | 0.26 | % | |||||||||||||
Portfolio turnover rate | 3 | % | 7 | % | 14 | % | 12 | % | 16 | % | 12 | % |
(1) | Calculated based on average shares outstanding during the period. |
(2) | Periods less than one year are not annualized. |
(3) | Annualized for periods less than one year. |
(4) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
61
FINANCIAL HIGHLIGHTS (Continued)
SA U.S. Small Company Fund | |||||||||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, | ||||||||||||||||||||
Select Class | 2021 | 2020 | 2019 | 2018(1) | |||||||||||||||||
Net asset value, beginning of period | $ | 33.69 | $ | 21.74 | $ | 25.43 | $ | 27.41 | $ | 25.96 | |||||||||||
Income from investment operations: | |||||||||||||||||||||
Net investment income (loss) | 0.11 | (2) | 0.12 | (2) | 0.14 | (2) | (0.08 | ) | (0.06 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments | 1.51 | 12.58 | (2.61 | ) | (1.08 | ) | 3.62 | ||||||||||||||
Total from investment operations | 1.62 | 12.70 | (2.47 | ) | (1.16 | ) | 3.56 | ||||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | (0.16 | ) | (0.12 | ) | (0.13 | ) | (0.11 | ) | (0.08 | ) | |||||||||||
Capital gains | (7.06 | ) | (0.63 | ) | (1.09 | ) | (0.71 | ) | (2.03 | ) | |||||||||||
Total distributions | (7.22 | ) | (0.75 | ) | (1.22 | ) | (0.82 | ) | (2.11 | ) | |||||||||||
Net asset value, end of period | $ | 28.09 | $ | 33.69 | $ | 21.74 | $ | 25.43 | $ | 27.41 | |||||||||||
Total return | 5.51 | %(3) | 59.18 | % | (10.45 | )% | (3.73 | )% | 14.05 | %(3) | |||||||||||
Net assets, end of period (000s) | $ | 329,687 | $ | 372,180 | $ | 301,691 | $ | 329,561 | $ | 331,999 | |||||||||||
Ratio of net expenses to average net assets | 0.87 | %(4) | 0.92 | % | 0.92 | % | 0.92 | % | 0.93 | %(4) | |||||||||||
Ratio of gross expenses to average net assets | 0.87 | %(4) | 0.92 | % | 0.92 | % | 0.92 | % | 0.95 | %(4)(5) | |||||||||||
Ratio of net investment income to average net assets | 0.66 | %(4) | 0.42 | % | 0.61 | % | 0.56 | % | 0.48 | %(4) | |||||||||||
Portfolio turnover rate | 3 | % | 7 | % | 14 | % | 12 | % | 16 | % |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. |
(2) | Calculated based on average shares outstanding during the period. |
(3) | Periods less than one year are not annualized. |
(4) | Annualized for periods less than one year. |
(5) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
62
FINANCIAL HIGHLIGHTS (Continued)
SA International Value Fund | |||||||||||||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, | ||||||||||||||||||||||||
Investor Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 12.25 | $ | 8.71 | $ | 10.96 | $ | 11.87 | $ | 11.20 | $ | 9.16 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||||
Net investment income | 0.16 | (1) | 0.28 | (1) | 0.19 | (1) | 0.13 | 0.15 | 0.27 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.04 | 3.48 | (2.03 | ) | (0.85 | ) | 0.83 | 2.07 | |||||||||||||||||
Total from investment operations | 0.20 | 3.76 | (1.84 | ) | (0.72 | ) | 0.98 | 2.34 | |||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||
Net investment income | (0.37 | ) | (0.22 | ) | (0.41 | ) | (0.19 | ) | (0.31 | ) | (0.30 | ) | |||||||||||||
Net asset value, end of period | $ | 12.08 | $ | 12.25 | $ | 8.71 | $ | 10.96 | $ | 11.87 | $ | 11.20 | |||||||||||||
Total return | 1.70 | %(2) | 43.64 | % | (17.62 | )% | (5.88 | )% | 8.61 | % | 25.81 | % | |||||||||||||
Net assets, end of period (000s) | $ | 70,818 | $ | 80,507 | $ | 80,664 | $ | 124,822 | $ | 174,610 | $ | 714,939 | |||||||||||||
Ratio of net expenses to average net assets | 1.11 | %(4) | 1.11 | % | 1.11 | % | 1.12 | % | 1.12 | % | 1.13 | %(3) | |||||||||||||
Ratio of gross expenses to average net assets | 1.11 | %(4) | 1.11 | % | 1.11 | % | 1.12 | % | 1.12 | % | 1.13 | %(3) | |||||||||||||
Ratio of net investment income to average net assets | 2.55 | %(4) | 2.64 | % | 1.92 | % | 2.67 | % | 1.86 | % | 2.51 | % | |||||||||||||
Portfolio turnover rate | 7 | % | 9 | % | 13 | % | 19 | % | 21 | % | 17 | % |
(1) | Calculated based on average shares outstanding during the period. |
(2) | Periods less than one year are not annualized. |
(3) | Reflects the fund’s receipt of a one time reimbursement of custody expenses paid in prior years. Had such reimbursement not been included in this period, the annualized net and gross expense ratios would have been 1.15% and 1.15%, respectively. |
(4) | Annualized for periods less than one year. |
The accompanying notes are an integral part of these financial statements.
63
FINANCIAL HIGHLIGHTS (Continued)
SA International Value Fund | |||||||||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, | ||||||||||||||||||||
Select Class | 2021 | 2020 | 2019 | 2018(1) | |||||||||||||||||
Net asset value, beginning of period | $ | 12.21 | $ | 8.68 | $ | 10.93 | $ | 11.89 | $ | 11.28 | |||||||||||
Income from investment operations: | |||||||||||||||||||||
Net investment income (loss) | 0.17 | (2) | 0.30 | (2) | 0.22 | (2) | (0.19 | ) | (0.21 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments | 0.03 | 3.47 | (2.04 | ) | (0.51 | ) | 1.14 | ||||||||||||||
Total from investment operations | 0.20 | 3.77 | (1.82 | ) | (0.70 | ) | 0.93 | ||||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | (0.40 | ) | (0.24 | ) | (0.43 | ) | (0.26 | ) | (0.32 | ) | |||||||||||
Net asset value, end of period | $ | 12.01 | $ | 12.21 | $ | 8.68 | $ | 10.93 | $ | 11.89 | |||||||||||
Total return | 1.73 | %(3) | 44.00 | % | (17.46 | )% | (5.66 | )% | 8.16 | %(3) | |||||||||||
Net assets, end of period (000s) | $ | 553,861 | $ | 569,943 | $ | 464,812 | $ | 567,858 | $ | 560,676 | |||||||||||
Ratio of net expenses to average net assets | 0.89 | %(4) | 0.89 | % | 0.90 | % | 0.90 | % | 0.90 | %(4) | |||||||||||
Ratio of gross expenses to average net assets | 0.89 | %(4) | 0.89 | % | 0.90 | % | 0.90 | % | 0.92 | %(5)(4) | |||||||||||
Ratio of net investment income to average net assets | 2.82 | %(4) | 2.86 | % | 2.20 | % | 3.08 | % | 4.25 | %(4) | |||||||||||
Portfolio turnover rate | 7 | % | 9 | % | 13 | % | 19 | % | 21 | % |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. |
(2) | Calculated based on average shares outstanding during the period. |
(3) | Periods less than one year are not annualized. |
(4) | Annualized for periods less than one year. |
(5) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
64
FINANCIAL HIGHLIGHTS (Continued)
SA International Small Company Fund | |||||||||||||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, | ||||||||||||||||||||||||
Investor Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 24.44 | $ | 17.32 | $ | 19.75 | $ | 22.94 | $ | 22.09 | $ | 18.72 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||||
Net investment income (loss) | 0.40 | (1) | 0.24 | (1) | 0.31 | (1) | (0.21 | ) | (0.60 | ) | 0.18 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.06 | ) | 7.31 | (1.57 | ) | (1.80 | ) | 2.46 | 3.97 | ||||||||||||||||
Total from investment operations | 0.34 | 7.55 | (1.26 | ) | (2.01 | ) | 1.86 | 4.15 | |||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||
Net investment income | (0.57 | ) | (0.24 | ) | (0.35 | ) | (0.29 | ) | (0.43 | ) | (0.36 | ) | |||||||||||||
Capital gains | (0.76 | ) | (0.19 | ) | (0.82 | ) | (0.89 | ) | (0.58 | ) | (0.42 | ) | |||||||||||||
Total distributions | (1.33 | ) | (0.43 | ) | (1.17 | ) | (1.18 | ) | (1.01 | ) | (0.78 | ) | |||||||||||||
Net asset value, end of period | $ | 23.45 | $ | 24.44 | $ | 17.32 | $ | 19.75 | $ | 22.94 | $ | 22.09 | |||||||||||||
Total return | 1.60 | %(2) | 43.94 | % | (7.26 | )% | (8.05 | )% | 8.35 | % | 22.87 | % | |||||||||||||
Net assets, end of period (000s) | $ | 37,325 | $ | 43,416 | $ | 41,203 | $ | 62,905 | $ | 90,584 | $ | 355,959 | |||||||||||||
Ratio of net expenses to average net assets† | 0.74 | %(4) | 0.75 | % | 0.75 | % | 0.75 | % | 0.86 | % | 0.96 | %(3) | |||||||||||||
Ratio of gross expenses to average net assets† | 0.74 | %(4) | 0.75 | %(5) | 0.75 | % | 0.76 | %(5) | 0.86 | % | 0.96 | %(3) | |||||||||||||
Ratio of net investment income to average net assets†(6) | 3.23 | %(4) | 1.11 | % | 1.63 | % | 1.58 | % | 1.27 | % | 0.64 | % | |||||||||||||
Ratio of expenses to average net assets for the DFA Portfolio (unaudited)†(7) | 0.49 | % | 0.49 | % | 0.53 | % | 0.54 | % | 0.53 | % | 0.53 | % | |||||||||||||
Ratio of expenses to average net assets for the DFA Portfolio†(8) | 0.46 | % | 0.53 | % | 0.54 | % | 0.53 | % | 0.53 | % | 0.53 | % | |||||||||||||
Portfolio turnover rate(9) | 6 | % | 2 | % | 6 | % | 6 | % | 6 | % | 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) | Calculated based on average shares outstanding during the period. |
(2) | Periods less than one year are not annualized. |
(3) | Reflects the fund’s receipt of a one time reimbursement of custody expenses paid in prior years. Had such reimbursement not been included in this period, the annualized net and gross expense ratios would have been 0.97% and 0.97%, respectively. |
(4) | Annualized for periods less than one year. |
(5) | Gross expenses before waivers of expenses. |
(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) | The DFA Portfolio expense ratios are as of April 30, 2021, 2020, 2019, 2018 and 2017 respectively and are unaudited. |
(8) | The DFA Portfolio expense ratios are for the fiscal years ended October 31, 2021, 2020, 2019, 2018 and 2017 respectively. |
(9) | 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. |
The accompanying notes are an integral part of these financial statements.
65
FINANCIAL HIGHLIGHTS (Continued)
SA International Small Company Fund | |||||||||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, | ||||||||||||||||||||
Select Class | 2021 | 2020 | 2019 | 2018(1) | |||||||||||||||||
Net asset value, beginning of period | $ | 24.32 | $ | 17.24 | $ | 19.67 | $ | 22.96 | $ | 22.01 | |||||||||||
Income from investment operations: | |||||||||||||||||||||
Net investment income (loss) | 0.45 | (2) | 0.29 | (2) | 0.34 | (2) | (0.40 | ) | (0.41 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments | (0.08 | ) | 7.27 | (1.55 | ) | (1.58 | ) | 2.40 | |||||||||||||
Total from investment operations | 0.37 | 7.56 | (1.21 | ) | (1.98 | ) | 1.99 | ||||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | (0.64 | ) | (0.29 | ) | (0.41 | ) | (0.42 | ) | (0.46 | ) | |||||||||||
Capital gains | (0.76 | ) | (0.19 | ) | (0.81 | ) | (0.89 | ) | (0.58 | ) | |||||||||||
Total distributions | (1.40 | ) | (0.48 | ) | (1.22 | ) | (1.31 | ) | (1.04 | ) | |||||||||||
Net asset value, end of period | $ | 23.29 | $ | 24.32 | $ | 17.24 | $ | 19.67 | $ | 22.96 | |||||||||||
Total return | 1.73 | %(3) | 44.25 | % | (7.06 | )% | (7.81 | )% | 8.98 | %(3) | |||||||||||
Net assets, end of period (000s) | $ | 273,554 | $ | 291,100 | $ | 230,856 | $ | 261,693 | $ | 264,464 | |||||||||||
Ratio of net expenses to average net assets† | 0.51 | %(4) | 0.52 | % | 0.53 | % | 0.52 | % | 0.54 | %(4) | |||||||||||
Ratio of gross expenses to average net assets† | 0.51 | %(4) | 0.52 | % | 0.53 | % | 0.52 | % | 0.57 | %(4)(5) | |||||||||||
Ratio of net investment income to average net assets†(6) | 3.62 | %(4) | 1.35 | % | 1.85 | % | 1.91 | % | 0.98 | %(4) | |||||||||||
Ratio of expenses to average net assets for the DFA Portfolio (unaudited)†(7) | 0.49 | % | 0.49 | % | 0.53 | % | 0.53 | % | 0.53 | % | |||||||||||
Ratio of expenses to average net assets for the DFA Portfolio†(8) | 0.46 | % | 0.53 | % | 0.54 | % | 0.53 | % | 0.53 | % | |||||||||||
Portfolio turnover rate(9) | 6 | % | 2 | % | 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) | Calculated based on average shares outstanding during the period. |
(3) | Periods less than one year are not annualized. |
(4) | Annualized for periods less than one year. |
(5) | Gross expenses before waivers of expenses. |
(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) | The DFA Portfolio expense ratios are as of April 30, 2021, 2020, 2019 and 2018 respectively and are unaudited. |
(8) | The DFA Portfolio expense ratios are for the fiscal years ended October 31, 2021, 2020, 2019, 2018 and 2017 respectively. |
(9) | 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. |
The accompanying notes are an integral part of these financial statements.
66
FINANCIAL HIGHLIGHTS (Continued)
SA Emerging Markets Value Fund | |||||||||||||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, | ||||||||||||||||||||||||
Investor Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 11.15 | $ | 7.75 | $ | 9.85 | $ | 9.93 | $ | 9.56 | $ | 7.78 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||||
Net investment income (loss) | 0.14 | (1) | 0.17 | (1) | 0.18 | (1) | (0.12 | ) | (0.11 | ) | 0.09 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.60 | ) | 3.40 | (2.07 | ) | 0.20 | 0.62 | 1.79 | |||||||||||||||||
Total from investment operations | (0.46 | ) | 3.57 | (1.89 | ) | 0.08 | 0.51 | 1.88 | |||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||
Net investment income | (0.30 | ) | (0.17 | ) | (0.21 | ) | (0.16 | ) | (0.14 | ) | (0.10 | ) | |||||||||||||
Net asset value, end of period | $ | 10.39 | $ | 11.15 | $ | 7.75 | $ | 9.85 | $ | 9.93 | $ | 9.56 | |||||||||||||
Total return | (4.09 | )%(2) | 46.51 | % | (19.60 | )% | 0.97 | % | 5.23 | % | 24.42 | % | |||||||||||||
Net assets, end of period (000s) | $ | 21,464 | $ | 24,222 | $ | 22,078 | $ | 37,001 | $ | 49,384 | $ | 204,553 | |||||||||||||
Ratio of net expenses to average net assets | 1.24 | %(3) | 1.32 | % | 1.35 | % | 1.35 | % | 1.38 | % | 1.40 | % | |||||||||||||
Ratio of gross expenses to average net assets(4) | 1.54 | %(3) | 1.61 | % | 1.61 | % | 1.62 | % | 1.61 | % | 1.66 | % | |||||||||||||
Ratio of net investment income to average net assets | 2.65 | %(3) | 1.83 | % | 2.06 | % | 1.78 | % | 1.26 | % | 0.93 | % | |||||||||||||
Portfolio turnover rate | 10 | % | 22 | % | 22 | % | 12 | % | 18 | % | 21 | % |
(1) | Calculated based on average shares outstanding during the period. |
(2) | Periods less than one year are not annualized. |
(3) | Annualized for periods less than one year. |
(4) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
67
FINANCIAL HIGHLIGHTS (Continued)
SA Emerging Markets Value Fund | |||||||||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, | ||||||||||||||||||||
Select Class | 2021 | 2020 | 2019 | 2018(1) | |||||||||||||||||
Net asset value, beginning of period | $ | 11.15 | $ | 7.74 | $ | 9.84 | $ | 9.94 | $ | 9.61 | |||||||||||
Income from investment operations: | |||||||||||||||||||||
Net investment income (loss) | 0.15 | (2) | 0.20 | (2) | 0.19 | (2) | (0.20 | ) | (0.11 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments | (0.61 | ) | 3.40 | (2.06 | ) | 0.30 | 0.59 | ||||||||||||||
Total from investment operations | (0.46 | ) | 3.60 | (1.87 | ) | 0.10 | 0.48 | ||||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | (0.32 | ) | (0.19 | ) | (0.23 | ) | (0.20 | ) | (0.15 | ) | |||||||||||
Net asset value, end of period | $ | 10.37 | $ | 11.15 | $ | 7.74 | $ | 9.84 | $ | 9.94 | |||||||||||
Total return | (3.97 | )%(3) | 46.98 | % | (19.45 | )% | 1.10 | % | 4.87 | %(3) | |||||||||||
Net assets, end of period (000s) | $ | 193,530 | $ | 202,802 | $ | 148,641 | $ | 179,808 | $ | 164,047 | |||||||||||
Ratio of net expenses to average net assets | 1.04 | %(4) | 1.12 | % | 1.14 | % | 1.15 | % | 1.16 | %(4) | |||||||||||
Ratio of gross expenses to average net assets(5) | 1.29 | %(4) | 1.36 | % | 1.37 | % | 1.37 | % | 1.41 | %(4) | |||||||||||
Ratio of net investment income to average net assets | 2.78 | %(4) | 2.07 | % | 2.23 | % | 1.88 | % | 1.74 | %(4) | |||||||||||
Portfolio turnover rate | 10 | % | 22 | % | 22 | % | 12 | % | 18 | % |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. |
(2) | Calculated based on average shares outstanding during the period. |
(3) | Periods less than one year are not annualized. |
(4) | Annualized for periods less than one year. |
(5) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
68
FINANCIAL HIGHLIGHTS (Continued)
SA Real Estate Securities Fund | |||||||||||||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, | ||||||||||||||||||||||||
Investor Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 13.95 | $ | 11.02 | $ | 12.43 | $ | 11.40 | $ | 11.38 | $ | 12.17 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||||
Net investment income (loss) | 0.16 | (1) | 0.17 | (1) | 0.22 | (1) | (0.34 | ) | 0.14 | 0.21 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.03 | 3.20 | (1.08 | ) | 1.79 | 0.21 | (0.59 | ) | |||||||||||||||||
Total from investment operations | 2.19 | 3.37 | (0.86 | ) | 1.45 | 0.35 | (0.38 | ) | |||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||
Net investment income | (0.12 | ) | (0.29 | ) | (0.15 | ) | (0.35 | ) | (0.14 | ) | (0.35 | ) | |||||||||||||
Capital gains | (1.12 | ) | (0.15 | ) | (0.40 | ) | (0.07 | ) | (0.19 | ) | (0.06 | ) | |||||||||||||
Total distributions | (1.24 | ) | (0.44 | ) | (0.55 | ) | (0.42 | ) | (0.33 | ) | (0.41 | ) | |||||||||||||
Net asset value, end of period | $ | 14.90 | $ | 13.95 | $ | 11.02 | $ | 12.43 | $ | 11.40 | $ | 11.38 | |||||||||||||
Total return | 16.09 | %(2) | 31.57 | % | (7.47 | )% | 13.32 | % | 3.14 | % | (2.98 | )% | |||||||||||||
Net assets, end of period (000s) | $ | 21,332 | $ | 23,828 | $ | 24,097 | $ | 36,944 | $ | 44,916 | $ | 172,150 | |||||||||||||
Ratio of net expenses to average net assets | 0.95 | %(3) | 0.95 | % | 0.95 | % | 0.95 | % | 0.98 | % | 1.00 | % | |||||||||||||
Ratio of gross expenses to average net assets(4) | 1.02 | %(3) | 1.05 | % | 1.02 | % | 1.04 | % | 1.04 | % | 1.05 | % | |||||||||||||
Ratio of net investment income to average net assets | 2.14 | %(3) | 1.44 | % | 1.82 | % | 2.28 | % | 2.27 | % | 1.53 | % | |||||||||||||
Portfolio turnover rate | 1 | % | 4 | % | 3 | % | 6 | % | 6 | % | 7 | % |
(1) | Calculated based on average shares outstanding during the period. |
(2) | Periods less than one year are not annualized. |
(3) | Annualized for periods less than one year. |
(4) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
69
FINANCIAL HIGHLIGHTS (Continued)
SA Real Estate Securities Fund | |||||||||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, | ||||||||||||||||||||
Select Class | 2021 | 2020 | 2019 | 2018(1) | |||||||||||||||||
Net asset value, beginning of period | $ | 13.90 | $ | 10.98 | $ | 12.40 | $ | 11.41 | $ | 11.53 | |||||||||||
Income from investment operations: | |||||||||||||||||||||
Net investment income (loss) | 0.18 | (2) | 0.20 | (2) | 0.25 | (2) | (0.53 | ) | (0.09 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments | 2.02 | 3.19 | (1.09 | ) | 2.00 | 0.32 | |||||||||||||||
Total from investment operations | 2.20 | 3.39 | (0.84 | ) | 1.47 | 0.23 | |||||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | (0.16 | ) | (0.32 | ) | (0.18 | ) | (0.41 | ) | (0.16 | ) | |||||||||||
Capital gains | (1.12 | ) | (0.15 | ) | (0.40 | ) | (0.07 | ) | (0.19 | ) | |||||||||||
Total distributions | (1.28 | ) | (0.47 | ) | (0.58 | ) | (0.48 | ) | (0.35 | ) | |||||||||||
Net asset value, end of period | $ | 14.82 | $ | 13.90 | $ | 10.98 | $ | 12.40 | $ | 11.41 | |||||||||||
Total return | 16.19 | %(3) | 31.91 | % | (7.35 | )% | 13.54 | % | 2.03 | %(3) | |||||||||||
Net assets, end of period (000s) | $ | 165,173 | $ | 168,696 | $ | 135,052 | $ | 152,655 | $ | 140,647 | |||||||||||
Ratio of net expenses to average net assets | 0.75 | %(4) | 0.75 | % | 0.75 | % | 0.75 | % | 0.76 | %(4) | |||||||||||
Ratio of gross expenses to average net assets(5) | 0.77 | %(4) | 0.80 | % | 0.79 | % | 0.78 | % | 0.85 | %(4) | |||||||||||
Ratio of net investment income to average net assets | 2.40 | %(4) | 1.66 | % | 2.09 | % | 2.42 | % | 3.10 | %(4) | |||||||||||
Portfolio turnover rate | 1 | % | 4 | % | 3 | % | 6 | % | 6 | % |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. |
(2) | Calculated based on average shares outstanding during the period. |
(3) | Periods less than one year are not annualized. |
(4) | Annualized for periods less than one year. |
(5) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
70
FINANCIAL HIGHLIGHTS (Continued)
SA Worldwide Moderate Growth Fund | |||||||||||||||||||||||||
Six Months Ended December 31, 2021 (Unaudited) | Year Ended June 30, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
Net asset value, beginning of period | $ | 12.16 | $ | 9.54 | $ | 10.83 | $ | 11.29 | $ | 10.73 | $ | 9.51 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||||
Net investment income (loss) | 0.15 | (1) | 0.14 | (1) | 0.24 | (1) | (0.18 | ) | (0.15 | ) | 0.14 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.24 | 3.01 | (0.97 | ) | 0.39 | 1.03 | 1.27 | ||||||||||||||||||
Total from investment operations | 0.39 | 3.15 | (0.73 | ) | 0.21 | 0.88 | 1.41 | ||||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||
Net investment income | (0.16 | ) | (0.20 | ) | (0.25 | ) | (0.21 | ) | (0.15 | ) | (0.14 | ) | |||||||||||||
Capital gains | (0.38 | ) | (0.33 | ) | (0.31 | ) | (0.46 | ) | (0.17 | ) | (0.05 | ) | |||||||||||||
Total distributions | (0.54 | ) | (0.53 | ) | (0.56 | ) | (0.67 | ) | (0.32 | ) | (0.19 | ) | |||||||||||||
Net asset value, end of period | $ | 12.01 | $ | 12.16 | $ | 9.54 | $ | 10.83 | $ | 11.29 | $ | 10.73 | |||||||||||||
Total return | 3.23 | %(2) | 33.71 | % | (7.33 | )% | 2.53 | % | 8.11 | % | 15.04 | % | |||||||||||||
Net assets, end of period (000s) | $ | 26,928 | $ | 27,169 | $ | 30,464 | $ | 38,210 | $ | 35,745 | $ | 27,422 | |||||||||||||
Ratio of net expenses to average net assets(3) | 0.00 | %(4) | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||
Ratio of gross expenses to average net assets(3)(5) | 0.65 | %(4) | 0.69 | % | 0.54 | % | 0.51 | % | 0.60 | % | 0.61 | % | |||||||||||||
Ratio of net investment income to average net assets(3)(6) | 2.43 | %(4) | 1.24 | % | 2.36 | % | 2.07 | % | 1.09 | % | 1.32 | % | |||||||||||||
Portfolio turnover rate | 20 | % | 11 | % | 23 | % | 14 | % | 20 | % | 11 | % |
(1) | Calculated based on average shares outstanding during the year. |
(2) | Periods less than one year are not annualized. |
(3) | These ratios exclude the impact of the underlying affiliated funds as represented in the Portfolio of Investments. |
(4) | Annualized for periods less than one year. |
(5) | Gross expenses before waivers of expenses. |
(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. |
The accompanying notes are an integral part of these financial statements.
71
SA FUNDS
NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2021 (Unaudited)
1. Organization and Significant Accounting Policies
SA Funds — Investment Trust (the “Trust”) is a Delaware statutory trust that was organized on June 16, 1998. The Agreement and Declaration of Trust permits the Trust to offer separate portfolios (“Funds”) of shares of beneficial interest and different classes of shares of each Fund. The Trust is registered under the Investment Company Act of 1940 (the “1940 Act”), and currently offers the following ten Funds, each of which (with the exception of the SA Worldwide Moderate Growth Fund) is a diversified mutual fund as defined in the 1940 Act. 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 the Strategist Program of Buckingham Strategic Partners, LLC (the “Adviser” or “Buckingham”) 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”), an
72
SA FUNDS
NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2021 (Unaudited) (Continued)
open-end management investment company. As of December 31, 2021, the SA International Small Company Fund held approximately 2.35% 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 invests approximately 70% of its assets in equity investments and approximately 30% 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 investment company accounting and reporting guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services – Investment Companies.
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts 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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SA FUNDS
NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2021 (Unaudited) (Continued)
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).
74
SA FUNDS
NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2021 (Unaudited) (Continued)
The tables below provide a summary of the inputs as of December 31, 2021, in valuing each Fund’s investments:
Investments in Securities | ||||||||||||||||
Description | Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value as of December 31, 2021 | ||||||||||||
SA U.S. Fixed Income Fund | ||||||||||||||||
Assets | ||||||||||||||||
Yankee Corporate Bonds And Notes | $ | — | $ | 59,360,842 | $ | — | $ | 59,360,842 | ||||||||
Corporate Bonds and Notes | — | 52,010,912 | — | 52,010,912 | ||||||||||||
US Government and Agency Obligations | — | 396,224,315 | — | 396,224,315 | ||||||||||||
Short-Term Investments | 2,674,584 | — | — | 2,674,584 | ||||||||||||
Total Investments | $ | 2,674,584 | $ | 507,596,069 | $ | — | $ | 510,270,653 | ||||||||
SA Global Fixed Income Fund | ||||||||||||||||
Assets | ||||||||||||||||
Bonds and Notes | $ | — | $ | 808,617,342 | $ | — | $ | 808,617,342 | ||||||||
Short-Term Investments | 19,979,923 | — | — | 19,979,923 | ||||||||||||
Other Financial Instruments Forward Foreign Currency Exchange Contracts | — | 3,984,737 | — | 3,984,737 | ||||||||||||
Total Investments | $ | 19,979,923 | $ | 812,602,079 | $ | — | $ | 832,582,002 | ||||||||
Liabilities | ||||||||||||||||
Other Financial Instruments Forward Foreign Currency Exchange Contracts | $ | — | $ | (260,125 | ) | $ | — | $ | (260,125 | ) | ||||||
SA U.S. Core Market Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 726,195,726 | $ | — | $ | — | $ | 726,195,726 | ||||||||
Preferred Stocks | 11,148 | — | — | 11,148 | ||||||||||||
Mutual Funds | 31,037,879 | — | — | 31,037,879 | ||||||||||||
Short-Term Investments | 3,011,333 | — | — | 3,011,333 | ||||||||||||
Total Investments | $ | 760,256,086 | $ | — | $ | $ | 760,256,086 | |||||||||
SA U.S. Value Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 621,145,958 | $ | — | $ | — | $ | 621,145,958 | ||||||||
Short-Term Investments | 2,478,999 | — | — | 2,478,999 | ||||||||||||
Total Investments | $ | 623,624,957 | $ | — | $ | — | $ | 623,624,957 | ||||||||
SA U.S. Small Company Fund |
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SA FUNDS
NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2021 (Unaudited) (Continued)
Investments in Securities | ||||||||||||||||
Description | Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value as of December 31, 2021 | ||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 376,001,799 | $ | — | $ | 75,883 | † | $ | 376,077,682 | |||||||
Preferred Stocks | 208,818 | — | — | 208,818 | ||||||||||||
Rights and Warrants | — | — | 490 | † | 490 | |||||||||||
Short-Term Investments | 2,638,427 | — | — | 2,638,427 | ||||||||||||
Total Investments | $ | 378,849,044 | $ | — | $ | 76,373 | $ | 378,925,417 | ||||||||
SA International Value Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 608,160,704 | $ | 942,002 | $ | 0 | † | $ | 609,102,706 | |||||||
Preferred Stocks | 9,204,166 | — | — | 9,204,166 | ||||||||||||
Short-Term Investments | 18,153,342 | — | — | 18,153,342 | ||||||||||||
Total Investments | $ | 635,518,212 | $ | 942,002 | $ | 0 | $ | 636,460,214 | ||||||||
SA International Small Company Fund | ||||||||||||||||
Assets | ||||||||||||||||
Mutual Funds | $ | 310,900,632 | $ | — | $ | — | $ | 310,900,632 | ||||||||
Total Investments | $ | 310,900,632 | $ | — | $ | — | $ | 310,900,632 | ||||||||
SA Emerging Markets Value Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 211,357,396 | $ | 337,365 | $ | 153,625 | † | $ | 211,848,386 | |||||||
Preferred Stocks | 2,352,148 | — | — | 2,352,148 | ||||||||||||
Rights and Warrants | 640 | 1,133 | † | 0 | † | 1,773 | ||||||||||
Short-Term Investments | 4,402,784 | — | — | 4,402,784 | ||||||||||||
Total Investments | $ | 218,112,968 | $ | 338,498 | $ | 153,625 | $ | 218,605,091 | ||||||||
SA Real Estate Securities Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 185,547,897 | $ | — | $ | 0 | † | $ | 185,547,897 | |||||||
Preferred Stocks | 8,515 | — | — | 8,515 | ||||||||||||
Short-Term Investments | 701,940 | — | — | 701,940 | ||||||||||||
Total Investments | $ | 186,258,352 | $ | — | $ | 0 | $ | 186,258,352 | ||||||||
SA Worldwide Moderate Growth Fund | ||||||||||||||||
Assets | ||||||||||||||||
Mutual Funds | $ | 26,909,418 | $ | — | $ | — | $ | 26,909,418 | ||||||||
Total Investments | $ | 26,909,418 | $ | — | $ | — | $ | 26,909,418 |
† | Contains securities with a market value of zero. |
76
SA FUNDS
NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2021 (Unaudited) (Continued)
A reconciliation in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 assets and/or liabilities at the beginning and/or end of the period. No significant Level 3 assets and/or liabilities held at the beginning or end of the period.
Securities Lending — The Funds may lend any of their securities held by State Street Bank and Trust Company (“State Street”) as custodian to certain qualified broker-dealers, banks and other institutions, except those securities which the Adviser or Dimensional Fund Advisor LP (the “Sub-Adviser”) specifically identifies as not being available. Any gain or loss in the fair price of the securities loaned that might occur and any interest or dividends declared during the term of the loan would accrue to the account of the Funds. Risks of delay in recovery of the securities or even loss of rights in the collateral may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the collateral decreases below the value of the securities loaned.
Upon entering into a securities lending transaction, a Fund maintains cash or other securities as collateral in an amount equal to or exceeding 100% of the current 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 December 31, 2021, the following Funds had securities on loan, which were collateralized by short-term investments. The value of securities on loan and the value of the related collateral were as follows:
Value of Securities | Value of Cash Collateral | Value of Non-Cash Collateral* | Total Collateral | |||||||||||||
SA Global Fixed Income Fund | $ | 13,198,342 | $ | 13,460,438 | $ | — | $ | 13,460,438 | ||||||||
SA U.S. Core Market Fund | 1,840,670 | 220,415 | 1,698,302 | 1,918,717 | ||||||||||||
SA U.S. Value Fund | 1,414,054 | 352,150 | 1,152,322 | 1,504,472 | ||||||||||||
SA U.S. Small Company Fund | 7,765,930 | 1,546,039 | 6,447,486 | 7,993,525 | ||||||||||||
SA International Value Fund | 43,455,193 | 15,859,020 | 29,371,668 | 45,230,688 | ||||||||||||
SA Emerging Markets Value Fund | 6,715,956 | 3,313,867 | 3,714,762 | 7,028,629 | ||||||||||||
SA Real Estate Securities Fund | 1,695,355 | 64,219 | 1,679,200 | 1,743,419 |
* | The Funds cannot repledge or resell this collateral. The non-cash collateral is comprised of U.S. government securities. |
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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2021 (Unaudited) (Continued)
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 December 31, 2021 | |||||||||||||||||||||||
Securities Lending Transaction(1) | Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||||||||||||
SA Global Fixed Income Fund | |||||||||||||||||||||||
Government Money Market | $ | 13,460,438 | $ | — | $ | — | $ | — | $ | 13,460,438 | |||||||||||||
Total Borrowings | $ | 13,460,438 | $ | — | $ | — | $ | — | $ | 13,460,438 | |||||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 13,460,438 | |||||||||||||||||||||
SA U.S. Core Market Fund | |||||||||||||||||||||||
Government Money Market | $ | 220,415 | $ | — | $ | — | $ | — | $ | 220,415 | |||||||||||||
Total Borrowings | $ | 220,415 | $ | — | $ | — | $ | — | $ | 220,415 | |||||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 220,415 | |||||||||||||||||||||
SA U.S. Value Fund | |||||||||||||||||||||||
Government Money Market | $ | 352,150 | $ | — | $ | — | $ | — | $ | 352,150 | |||||||||||||
Total Borrowings | $ | 352,150 | $ | — | $ | — | $ | — | $ | 352,150 | |||||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 352,150 | |||||||||||||||||||||
SA U.S. Small Company Fund | |||||||||||||||||||||||
Government Money Market | $ | 1,546,039 | $ | — | $ | — | $ | — | $ | 1,546,039 | |||||||||||||
Total Borrowings | $ | 1,546,039 | $ | — | $ | — | $ | — | $ | 1,546,039 | |||||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 1,546,039 | |||||||||||||||||||||
SA International Value Fund | |||||||||||||||||||||||
Government Money Market | $ | 15,859,020 | $ | — | $ | — | $ | — | $ | 15,859,020 | |||||||||||||
Total Borrowings | $ | 15,859,020 | $ | — | $ | — | $ | — | $ | 15,859,020 | |||||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 15,859,020 | |||||||||||||||||||||
SA Emerging Markets Value Fund | |||||||||||||||||||||||
Government Money Market | $ | 3,313,867 | $ | — | $ | — | $ | — | $ | 3,313,867 | |||||||||||||
Total Borrowings | $ | 3,313,867 | $ | — | $ | — | $ | — | $ | 3,313,867 | |||||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 3,313,867 | |||||||||||||||||||||
SA Real Estate Securities Fund | |||||||||||||||||||||||
Government Money Market | $ | 64,219 | $ | — | $ | — | $ | — | $ | 64,219 | |||||||||||||
Total Borrowings | $ | 64,219 | $ | — | $ | — | $ | — | $ | 64,219 | |||||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 64,219 |
(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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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2021 (Unaudited) (Continued)
Foreign Currency Translation and Foreign Investments — The books and records of the Funds are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign currency exchange rates prevailing at the end of the period. Purchases and sales of investment securities are translated at contractual currency exchange rates established at the time of the trade. Income and expenses are translated at prevailing exchange rates on the respective dates of such transactions.
The results of operations resulting from changes in foreign exchange rates on investments are not reported separately from fluctuations arising from changes in market prices of securities held. All such fluctuations are included with net realized and unrealized gain or loss on investments. 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 — DECEMBER 31, 2021 (Unaudited) (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 over-the-counter 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 Fund’s use of derivative instruments and hedging activities at December 31, 2021, on a gross basis:
Gain or (Loss) on Derivatives Recognized in Income | ||||||||||||||||
Risk Type | Asset Derivative Fair Value(1) | Liability Derivative Fair Value(2) | Realized Gain(3) | Change in Depreciation(4) | ||||||||||||
Foreign currency | $3,984,737 | $260,125 | $3,230,858 | $759,741 |
(1) | Statements of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts. |
(2) | Statements of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts. |
(3) | Statements of Operations location: Realized gain (loss) on: forward foreign currency exchange contracts. |
(4) | Statements of Operations location: Increase (decrease) in unrealized appreciation (depreciation) on: forward foreign currency exchange contracts. |
Forward Currency Contracts Assets and Collateral Held by Counterparty as of December 31, 2021:
Counterparty | Gross Amount of Assets Presented in Statements of Assets & Liabilities | Financial Instruments Available for Offset | Collateral Received | Net Amount | ||||||||||||||||
Bank of America N.A. | $1,434,059 | — | — | $1,434,059 | ||||||||||||||||
State Street Bank and Trust Co. | 2,550,678 | (110,313 | ) | — | 2,440,365 |
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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2021 (Unaudited) (Continued)
Forward Currency Contracts Liabilities and Collateral Pledged as of December 31, 2021:
Counterparty | Gross Amounts of Liabilities Presented in Statements of Assets & Liabilities | Financial Instruments Available for Offset | Collateral Pledged | Net Amount | ||||||||||||||||
HSBC Bank USA | $(149,812 | ) | — | — | $ | (149,812 | ) | |||||||||||||
State Street Bank and Trust Co. | (110,313 | ) | 110,313 | — | — |
For the six months ended December 31, 2021, the average monthly principal amount of forward foreign currency exchange contracts was $233,020,834.
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.
Foreign Taxes — Each Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, or capital gains on investments or currency repatriation. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign markets in which the Fund invests. These foreign taxes, if any, are paid by each Fund and are disclosed in its Statement of Operations. Foreign taxes payable as of December 31, 2021, if any, are reflected in each Fund’s Statement of Assets and Liabilities. The Funds may also be subject to capital gains tax in India and potentially other foreign jurisdictions, on gains realized upon the sale of securities. Any realized losses in excess of gains in India may be carried forward to offset future gains. Funds with exposure to Indian securities and potentially other foreign jurisdictions accrue a deferred liability for unrealized gains in excess of available loss carryforwards based on existing tax rates and holding periods of the securities. As of December 31, 2021, SA Emerging Markets Value Fund recorded a deferred liability for potential future India capital gains taxes of $747,787.
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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2021 (Unaudited) (Continued)
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, 2021, 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 Funds record interest and penalties, if any, on the Statements of Operations.
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 (2017- 2019), or expected to be taken in the Funds’ 2020 tax returns.
As of June 30, 2021, for U.S. federal income tax purposes, the Funds have realized capital losses which may be carried forward indefinitely to offset future net realized gains as follows:
Unlimited Short-Term Losses | Unlimited Long-Term Losses | |||||||||
SA U.S. Fixed Income Fund | $ | 2,162,735 | $ | 740,098 | ||||||
SA Global Fixed Income Fund | — | 1,683,627 | ||||||||
SA International Value Fund | 2,601,878 | 46,552,579 | ||||||||
SA Emerging Markets Value Fund | — | 17,468,508 | ||||||||
SA Worldwide Moderate Growth Fund | — | 44,383 |
At December 31, 2021, 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:
Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||
SA U.S. Fixed Income Fund | $ | 513,649,675 | $ | 46,572 | $ | (3,425,594 | ) | $ | (3,379,022 | ) | ||||
SA Global Fixed Income Fund | 843,221,983 | 4,545,831 | (15,445,937 | ) | (10,900,106 | ) | ||||||||
SA U.S. Core Market Fund | 161,933,450 | 600,351,973 | (2,029,337 | ) | 598,322,636 | |||||||||
SA U.S. Value Fund | 347,299,026 | 289,961,524 | (13,635,593 | ) | 276,325,931 | |||||||||
SA U.S. Small Company Fund | 196,310,101 | 196,583,458 | (13,968,142 | ) | 182,615,316 | |||||||||
SA International Value Fund | 533,440,213 | 145,181,206 | (42,161,205 | ) | 103,020,001 | |||||||||
SA International Small Company Fund | 157,602,623 | 153,298,009 | — | 153,298,009 | ||||||||||
SA Emerging Markets Value Fund | 189,584,053 | 53,709,427 | (24,688,389 | ) | 29,021,038 | |||||||||
SA Real Estate Securities Fund | 78,699,969 | 109,721,868 | (2,163,485 | ) | 107,558,383 | |||||||||
SA Worldwide Moderate Growth Fund | 22,906,194 | 4,140,163 | (136,939 | ) | 4,003,224 |
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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2021 (Unaudited) (Continued)
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 that will reverse in a subsequent period. During any particular year, a Fund’s net realized gains from investment transactions in excess of available capital loss carry forwards will be taxable to a Fund if not distributed and, therefore, will be distributed to shareholders annually.
2. Agreements and Transactions with Affiliates
The Trust has an Investment Advisory and Administrative Services Agreement with the Adviser (the “Investment Advisory Agreement”) under which the Adviser manages the investments of, and provides administrative services to, each Fund.
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:
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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2021 (Unaudited) (Continued)
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 advisory fee for the SA Worldwide Moderate Growth Fund has two components. There is no advisory 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 advisory 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 advisory fee.
For the administrative services provided to the Funds, the Adviser is entitled to a fee from each Fund, except the SA Worldwide Moderate Growth Fund, computed daily and payable monthly at the annual rate of 0.10% of the average daily net assets of each Fund.
The Trust and the Adviser have jointly entered into an Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement”) with 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 | 0.20% | |
SA International Value Fund | 0.20% | |
SA Emerging Markets Value Fund | 0.36% | |
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.
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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2021 (Unaudited) (Continued)
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, 2025, at which time the agreement may be continued, modified or eliminated and net expenses will be adjusted as necessary. In addition, the Adviser has contractually agreed to waive fees and/or reimburse expenses so that the SA Worldwide Moderate Growth Fund’s total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses 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 | 1.10% | 0.90% | ||
SA International Value Fund | 1.15% | 0.95% | ||
SA International Small Company Fund | 0.75% | 0.55% | ||
SA Emerging Markets Value Fund | 1.24% | 1.04% | ||
SA Real Estate Securities Fund | 0.95% | 0.75% |
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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2021 (Unaudited) (Continued)
Trustees’ Fees and Expenses — For their services as Trustees, the Trustees of the Trust received an annual retainer fee of $118,000, 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 $11,800 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: 0.017% of the first $1.5 billion of net assets and 0.014% 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 $54,000 annually per Fund. Prior to October 1, 2021, the fee was calculated as follows: 0.02% of the first $1.5 billion of net assets and 0.0175% of net assets over $1.5 billion, and the fee was 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 were subject to a minimum fee of $50,000 annually per Fund. Fees are calculated for the fund complex and then allocated to the Funds based upon each Fund’s total net assets, which may cause a Fund to pay less than the minimum annual charge.
3. Purchases and Sales of Securities
Excluding short-term investments, each Fund’s purchases and sales of securities for the six months ended December 31, 2021 were as follows:
Purchases | Sales | ||||||||||||||||
U.S. Government | Other | U.S. Government | Other | ||||||||||||||
SA U.S. Fixed Income Fund | $ | 528,817,396 | $ | 80,850,905 | $ | 608,343,324 | $ | 21,756,939 | |||||||||
SA Global Fixed Income Fund | 219,938,180 | 213,106,978 | 245,799,110 | 87,412,282 | |||||||||||||
SA U.S. Core Market Fund | — | 49,206,141 | — | 36,152,710 | |||||||||||||
SA U.S. Value Fund | — | 38,486,452 | — | 51,998,130 | |||||||||||||
SA U.S. Small Company Fund | — | 13,009,176 | — | 86,972,352 | |||||||||||||
SA International Value Fund | — | 41,438,864 | — | 68,829,848 | |||||||||||||
SA International Small Company Fund | — | 19,365,278 | — | 31,827,000 | |||||||||||||
SA Emerging Markets Value Fund | — | 22,592,732 | — | 22,181,895 | |||||||||||||
SA Real Estate Securities Fund | — | 2,625,885 | — | 32,918,733 | |||||||||||||
SA Worldwide Moderate Growth Fund | — | 5,478,336 | — | 5,393,177 |
86
SA FUNDS
NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2021 (Unaudited) (Continued)
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 six months ended December 31, 2021 follows:
Affiliated Investment Companies | Beginning Value as of June 30, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) on Sales of Affiliated Investment Companies | Change in Unrealized Appreciation/ Depreciation | Ending Value as of December 31, 2021 | Shares as of December 31, 2021 | Dividend Income from Affiliated Investment Companies | Capital Gain Distributions from Affiliated Investment Companies | |||||||||||||||||||||||||||
SA Emerging Markets Value Fund | $ | 2,980,383 | $ | 170,773 | $ | (1,222,274 | ) | $ | 244,403 | $ | (373,082 | ) | $ | 1,800,203 | 173,430 | $ | 53,653 | $ | — | |||||||||||||||||
SA Global Fixed Income Fund | 4,088,783 | 1,877,929 | (305,685 | ) | (6,882 | ) | (74,823 | ) | 5,579,322 | 601,220 | — | — | ||||||||||||||||||||||||
SA International Value Fund | 5,114,979 | 670,411 | (292,177 | ) | 41,234 | (120,150 | ) | 5,414,297 | 450,816 | 175,035 | — | |||||||||||||||||||||||||
SA Real Estate Securities Fund | 1,621,056 | 86,343 | (936,423 | ) | 226,174 | (166,210 | ) | 830,940 | 56,069 | 8,335 | 58,623 | |||||||||||||||||||||||||
SA U.S. Core Market Fund | 3,272,995 | 1,667,043 | (542,682 | ) | 134,123 | (16,798 | ) | 4,514,681 | 146,866 | 25,807 | 312,082 | |||||||||||||||||||||||||
SA U.S. Fixed Income Fund | 2,722,602 | 93,705 | (400,349 | ) | (1,736 | ) | (22,127 | ) | 2,392,095 | 238,494 | — | — | ||||||||||||||||||||||||
SA U.S. Small Company Fund | 2,996,405 | 420,630 | (1,339,465 | ) | 379,068 | (639,870 | ) | 1,816,768 | 64,677 | 8,395 | 362,911 | |||||||||||||||||||||||||
SA U.S. Value Fund | 4,371,572 | 491,502 | (354,122 | ) | 64,221 | (12,061 | ) | 4,561,112 | 218,968 | 58,406 | 141,411 | |||||||||||||||||||||||||
Totals | $ | 27,168,775 | $ | 5,478,336 | $ | (5,393,177 | ) | $ | 1,080,605 | $ | (1,425,121 | ) | $ | 26,909,418 | $ | 329,631 | $ | 875,027 |
5. Recent Accounting Pronouncements
In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies. Rule 18f-4 will impose limits on the amount of derivatives a fund could enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk manager. While the new rule became effective February 19, 2021, funds will not be required to fully comply with the new rule until August 19, 2022. It is not currently clear what impact, if any, the new rule will have on the availability, liquidity or performance of derivatives. When fully implemented, the new rule may require changes in how a Fund will use derivatives, may adversely affect a Fund’s performance and may increase costs related to a Fund’s use of derivatives.
In March 2021, the Financial Conduct Authority, the United Kingdom financial regulatory body, announced dates after which the London Interbank Offered Rates (“LIBOR”) would no longer be representative and subsequently cease publication. Certain LIBOR settings ceased publication at the end of 2021. However, the publication of certain other LIBOR settings will continue through at least mid-2023. There remains uncertainty regarding the impact the transition to replacement rates may have on the value of LIBOR-based investments. 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 LIBOR 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.
87
SA FUNDS
NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2021 (Unaudited) (Continued)
6. Consideration related to COVID-19 Pandemic
Global financial markets have experienced, and may continue to experience, significant volatility resulting from the spread of COVID-19. The COVID-19 pandemic has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand, and general market uncertainty. The effects of COVID-19, including new variants of the underlying virus, 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. Executive Order on Addressing the Threat from Securities Investments that Finance Certain Companies of the People’s Republic of China
On June 3, 2021, President Biden expanded upon the previously issued executive order that prohibited U.S. persons from transacting in publicly traded securities designated by the U.S. Department of Defense as “Communist Chinese Military Companies” or “CCMCs” or in instruments that are derivative of, or are designed to provide investment exposure to, prohibited CCMC securities. President Biden’s Executive Order retains the structure of the investment-based CCMC sanctions program introduced in late 2020 but expands the prohibitions to address threats from the use of Chinese surveillance technology outside the People’s Republic of China and the development or use of Chinese surveillance technology to facilitate repression or serious human rights abuse (the “Executive Order”).
Under the Executive Order, U.S. persons will be prohibited from engaging in the purchase or sale of publicly traded securities, as well as securities derivative of, or designed to provide investment exposure to, such securities. This prohibition took effect on August 2, 2021 for entities listed in the Appendix to the Executive Order (and 60 days after designation, with respect to subsequently designated entities). In addition, U.S. persons will be required to divest of targeted securities of entities listed in the Appendix to the Executive Order by June 3, 2022 (or 365 days from designation, with respect to subsequently designated entities).
The Executive Order replaces the previous list of CCMCs with a new Non-SDN Chinese Military Industrial Complex Companies List. The U.S. Department of the Treasury, rather than the U.S. Department of Defense, will drive designations going forward.
Companies included on the list of Non-SDN Chinese Military Industrial Complex Companies could prevent the SA Emerging Markets Value Fund from acquiring securities previously deemed suitable investments or result in a forced sale of a security in the portfolio at an inopportune time or price which may result in losses to the Fund. To the extent the Fund invests in securities of Chinese companies listed in the U.S., delisting could impact the Fund’s ability to transact in such securities and could significantly impact their liquidity and market price. Management has begun to undertake actions related to the Executive Order, and will continue to evaluate and determine, what, if any, additional actions are required to comply with the Executive Order.
8. 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.
88
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. The schedules filed for the end of the first and third quarters of each fiscal year are 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.
Semi-Annual Portfolio Schedule
The Trust files a complete schedule of portfolio holdings for each Fund for the second quarter of each fiscal year on Form N-CSR. The Trust’s Form N-CSR is available on the SEC’s website at http://www.sec.gov. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Trust’s most recent Form N-CSR is also available without charge, upon request, by calling (844) 366-0905.
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
89
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, July 1, 2021 through December 31, 2021. 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 Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | |||||||||||||||||||||||||
SA U.S. Fixed Income Fund | $1,000 | $ | 990.10 | 0.64 | % | $3.21 | $1,000 | $ | 990.10 | 0.41 | % | $2.06 | ||||||||||||||||||||
SA Global Fixed Income Fund | 1,000 | 984.10 | 0.72 | 3.60 | 1,000 | 985.10 | 0.50 | 2.50 | ||||||||||||||||||||||||
SA U.S. Core Market Fund | 1,000 | 1,104.80 | 0.86 | 4.56 | 1,000 | 1,105.80 | 0.65 | 3.45 | ||||||||||||||||||||||||
SA U.S. Value Fund | 1,000 | 1,055.70 | 0.95 | 4.92 | 1,000 | 1,056.60 | 0.73 | 3.78 | ||||||||||||||||||||||||
SA U.S. Small Company Fund | 1,000 | 1,054.20 | 1.10 | 5.70 | 1,000 | 1,055.10 | 0.87 | 4.51 | ||||||||||||||||||||||||
SA International Value Fund | 1,000 | 1,017.00 | 1.11 | 5.64 | 1,000 | 1,017.30 | 0.89 | 4.53 | ||||||||||||||||||||||||
SA International Small | ||||||||||||||||||||||||||||||||
Company Fund | 1,000 | 1,016.00 | 0.74 | 3.76 | 1,000 | 1,017.30 | 0.51 | 2.59 | ||||||||||||||||||||||||
SA Emerging Markets | ||||||||||||||||||||||||||||||||
Value Fund | 1,000 | 959.10 | 1.24 | 6.12 | 1,000 | 960.30 | 1.04 | 5.14 | ||||||||||||||||||||||||
SA Real Estate Securities Fund | 1,000 | 1,160.90 | 0.95 | 5.17 | 1,000 | 1,161.90 | 0.75 | 4.09 | ||||||||||||||||||||||||
Actual Expenses | ||||||||||||||||
Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | |||||||||||||
SA Worldwide Moderate Growth Fund | $1,000 | $ | 1,032.30 | 0.00 | % | $0.00 |
90
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 Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | |||||||||||||||||||||||||
SA U.S. Fixed Income Fund | $1,000 | $ | 1,021.98 | 0.64 | % | $3.26 | $1,000 | $ | 1,023.14 | 0.41 | % | $2.09 | ||||||||||||||||||||
SA Global Fixed Income Fund | 1,000 | 1,021.58 | 0.72 | 3.67 | 1,000 | 1,022.68 | 0.50 | 2.55 | ||||||||||||||||||||||||
SA U.S. Core Market Fund | 1,000 | 1,020.87 | 0.86 | 4.38 | 1,000 | 1,021.93 | 0.65 | 3.31 | ||||||||||||||||||||||||
SA U.S. Value Fund | 1,000 | 1,020.42 | 0.95 | 4.84 | 1,000 | 1,021.53 | 0.73 | 3.72 | ||||||||||||||||||||||||
SA U.S. Small Company Fund | 1,000 | 1,019.66 | 1.10 | 5.60 | 1,000 | 1,020.82 | 0.87 | 4.43 | ||||||||||||||||||||||||
SA International Value Fund | 1,000 | 1,019.61 | 1.11 | 5.65 | 1,000 | 1,020.72 | 0.89 | 4.53 | ||||||||||||||||||||||||
SA International Small | ||||||||||||||||||||||||||||||||
Company Fund | 1,000 | 1,021.48 | 0.74 | 3.77 | 1,000 | 1,022.63 | 0.51 | 2.60 | ||||||||||||||||||||||||
SA Emerging Markets | ||||||||||||||||||||||||||||||||
Value Fund | 1,000 | 1,018.95 | 1.24 | 6.31 | 1,000 | 1,019.96 | 1.04 | 5.30 | ||||||||||||||||||||||||
SA Real Estate Securities Fund | 1,000 | 1,020.42 | 0.95 | 4.84 | 1,000 | 1,021.42 | 0.75 | 3.82 | ||||||||||||||||||||||||
Hypothetical Expenses | ||||||||||||||||
Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | |||||||||||||
SA Worldwide Moderate Growth Fund | 1,000 | $ | 1,025.21 | 0.00 | % | $0.00 |
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. 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.
91
Selected Financial Statements of DFA Investment Dimensions Group Inc.
International Small Company Portfolio
TABLE OF CONTENTS
Page | ||
Definitions of Abbreviations and Footnotes | 93 | |
Disclosure of Fund Expenses — October 31, 2021 (Unaudited) | 94 | |
Disclosure of Portfolio Holdings — October 31, 2021 (Unaudited) | 95 | |
Schedule of Investments — December 31, 2021 (Unaudited) | 96 | |
Schedule of Investments — October 31, 2021 | 97 | |
Statement of Assets and Liabilities — December 31, 2021 (Unaudited) | 98 | |
Statement of Assets and Liabilities — October 31, 2021 | 99 | |
Statement of Operations — October 31, 2021 | 100 | |
Statement of Changes in Net Assets | 101 | |
Financial Highlights | 102 | |
Notes to Financial Statements — October 31, 2021 | 103 | |
Report of Independent Registered Public Accounting Firm | 111 |
92
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 | ||
SA | Special Assessment | |
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. | |
W | Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Fund’s Liquidity Guidelines. The liquidity determination is unaudited. | |
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 |
93
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.
EXPENSE TABLE | Six Months Ended October 31, 2021 |
Beginning Account Value 05/01/21 | Ending Account Value 10/31/21 | Annualized Expense Ratio(1) | Expenses Paid During Period(1) | |||||
International Small Company Portfolio (2) | ||||||||
Actual Fund Return | $1,000.00 | $ 1,045.20 | 0.46% | $2.37 | ||||
Hypothetical 5% Annual Return | $1,000.00 | $ 1,022.89 | 0.46% | $2.35 |
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). |
94
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 September 24, 2021. 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% |
95
DFA INVESTMENT DIMENSIONS GROUP INC.
INTERNATIONAL SMALL COMPANY PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 2021
(Unaudited)
Value† | ||||||||
AFFILIATED INVESTMENT COMPANIES — (98.1%) | ||||||||
Investment in The Continental Small Company Series of The DFA Investment Trust Company | $ | 5,475,462,678 | ||||||
Investment in The Japanese Small Company Series of The DFA Investment Trust Company | 2,906,823,605 | |||||||
Investment in The United Kingdom Small Company Series of The DFA Investment Trust Company | 1,820,781,897 | |||||||
Investment in The Asia Pacific Small Company Series of The DFA Investment Trust Company | 1,420,054,259 | |||||||
Investment in The Canadian Small Company Series of The DFA Investment Trust Company | 1,356,682,834 | |||||||
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES | $ | 12,979,805,273 | ||||||
Shares | ||||||||
TEMPORARY CASH INVESTMENTS — (1.9%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.025% (Cost $252,135,533) | 252,135,533 | 252,135,533 | ||||||
TOTAL INVESTMENTS — (100.0%) (Cost $10,339,166,600) | $ | 13,231,940,806 |
† | See Note B to Financial Statements. |
As of December 31, 2021, International Small Company Portfolio had entered into the following outstanding futures contracts:
Description | Number of Contracts | Expiration Date | Notional Value | Market Value | Unrealized Appreciation (Depreciation) | |||||||
Long Position Contracts: | ||||||||||||
S&P 500® Emini Index | 1,045 | 03/18/22 | $244,594,668 | $248,631,625 | $ | 4,036,957 | ||||||
Total Futures Contracts | $244,594,668 | $248,631,625 | $ | 4,036,957 |
Summary of the Portfolio’s Master Fund’s investments as of December 31, 2021, based on their valuation inputs, is located in this report (See Security Valuation Note).
Investments in Securities (Market Value) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Affiliated Investment Companies | $ | 12,979,805,273 | — | — | $ | 12,979,805,273 | ||||||||||
Temporary Cash Investments | 252,135,533 | — | — | 252,135,533 | ||||||||||||
Futures Contracts** | 4,036,957 | — | — | 4,036,957 | ||||||||||||
TOTAL | $ | 13,235,977,763 | — | — | $ | 13,235,977,763 |
** | Valued at the unrealized appreciation/(depreciation) on the investment. |
See accompanying Notes to Financial Statements.
96
DFA INVESTMENT DIMENSIONS GROUP INC.
INTERNATIONAL SMALL COMPANY PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2021
Value† | ||||
AFFILIATED INVESTMENT COMPANIES — (99.3%) | ||||
Investment in The Continental Small Company Series of The DFA Investment Trust Company | $ | 5,658,750,566 | ||
Investment in The Japanese Small Company Series of The DFA Investment Trust Company | 3,029,775,727 | |||
Investment in The United Kingdom Small Company Series of The DFA Investment Trust Company | 1,849,071,649 | |||
Investment in The Asia Pacific Small Company Series of The DFA Investment Trust Company | 1,438,166,259 | |||
Investment in The Canadian Small Company Series of The DFA Investment Trust Company | 1,405,629,159 | |||
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES | $ | 13,381,393,360 |
Shares | ||||||||
TEMPORARY CASH INVESTMENTS — (0.7%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, 0.025% (Cost $89,678,174) | 89,678,174 | 89,678,174 | ||||||
TOTAL INVESTMENTS — (100.0%) (Cost $10,315,829,273) | $ | 13,471,071,534 |
As of October 31, 2021, International Small Company Portfolio had entered into the following outstanding futures contracts:
Description | Number of Contracts | Expiration Date | Notional Value | Market Value | Unrealized Appreciation (Depreciation) | |||||
Long Position Contracts: | ||||||||||
S&P 500® Emini Index | 376 | 12/17/21 | $84,282,399 | $86,423,600 | $ 2,141,201 | |||||
Total Futures Contracts | $84,282,399 | $86,423,600 | $ 2,141,201 |
Summary of the Portfolio’s Master Fund’s investments as of October 31, 2021, 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 | $ | 13,381,393,360 | — | — | $ | 13,381,393,360 | ||||||||||
Temporary Cash Investments | 89,678,174 | — | — | 89,678,174 | ||||||||||||
Futures Contracts** | 2,141,201 | — | — | 2,141,201 | ||||||||||||
TOTAL | $ | 13,473,212,735 | — | — | $ | 13,473,212,735 |
** | Valued at the unrealized appreciation/(depreciation) on the investment. |
See accompanying Notes to Financial Statements.
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DFA INVESTMENT DIMENSIONS GROUP INC.
INTERNATIONAL SMALL COMPANY PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2021
(Unaudited)
(Amounts in thousands, except share and per share amounts)
ASSETS: | ||||
Investments in Affiliated Investment Companies at Value | $ | 12,979,805 | ||
Temporary Cash Investments at Value & Cost Cash | 252,136 | |||
Segregated Cash for Futures Contracts | 7,260 | |||
Receivables: | ||||
Dividends and Interest | 4 | |||
Fund Shares Sold | 9,355 | |||
Futures Margin Variation | 4,039 | |||
Prepaid Expenses and Other Assets | 453 | |||
Total Assets | 13,253,052 | |||
LIABILITIES: | ||||
Payables: | ||||
Fund Shares Redeemed | 10,845 | |||
Due to Advisor | 3,286 | |||
Accrued Expenses and Other Liabilities | 1,082 | |||
Total Liabilities | 15,213 | |||
NET ASSETS | $ | 13,237,839 | ||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: | ||||
Institutional Class Shares — based on net assets of $13,237,839 and shares outstanding of 607,764,901 | $ | 21.78 | ||
NUMBER OF SHARES AUTHORIZED | 3,000,000,000 | |||
SHARES OUTSTANDING, $0.01 PAR VALUE (1) | 607,764,901 | |||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 21.78 | ||
NET ASSETS CONSIST OF: | ||||
Paid-In Capital | $ | 10,388,355 | ||
Total Distributable Earnings (Loss) | 2,849,484 | |||
NET ASSETS | $ | 13,237,839 |
See accompanying Notes to Financial Statements.
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DFA INVESTMENT DIMENSIONS GROUP INC.
INTERNATIONAL SMALL COMPANY PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 2021
(Amounts in thousands, except share and per share amounts)
ASSETS: | ||||
Investments in Affiliated Investment Companies at Value | $ | 13,381,393 | ||
Temporary Cash Investments at Value & Cost | 89,678 | |||
Segregated Cash for Futures Contracts | 4,324 | |||
Receivables: | ||||
Dividends, Interest and Tax Reclaims | 2 | |||
Fund Shares Sold | 7,286 | |||
Futures Margin Variation | 179 | |||
Prepaid Expenses and Other Assets | 436 | |||
Total Assets | 13,483,298 | |||
LIABILITIES: | ||||
Payables: | ||||
Fund Shares Redeemed | 13,113 | |||
Due to Advisor | 3,405 | |||
Accrued Expenses and Other Liabilities | 927 | |||
Total Liabilities | 17,445 | |||
NET ASSETS | $ | 13,465,853 | ||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: | ||||
Institutional Class Shares — based on net assets of $13,465,853 and shares outstanding of 578,162,359 | $ | 23.29 | ||
NUMBER OF SHARES AUTHORIZED | 3,000,000,000 | |||
NET ASSETS CONSIST OF: | ||||
Paid-In Capital | $ | 9,852,598 | ||
Total Distributable Earnings (Loss) | 3,613,255 | |||
NET ASSETS | $ | 13,465,853 |
See accompanying Notes to Financial Statements.
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DFA INVESTMENT DIMENSIONS GROUP INC.
INTERNATIONAL SMALL COMPANY PORTFOLIO*
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2021
(Amounts in thousands)
Investment Income | ||||
Net Investment Income Allocated from Affiliated Investment Companies: | ||||
Dividends (Net of Foreign Taxes Withheld of $29,819) | $ | 284,123 | ||
Income from Securities Lending | 13,194 | |||
Expenses Allocated from Affiliated Investment Companies | (15,068 | ) | ||
Total Investment Income | 282,249 | |||
Fund Expenses | ||||
Investment Management Fees | 40,800 | |||
Accounting & Transfer Agent Fees | 1,690 | |||
Custodian Fees | 2 | |||
Filing Fees | 212 | |||
Shareholders’ Reports | 354 | |||
Directors’/Trustees’ Fees & Expenses | 137 | |||
Professional Fees | 38 | |||
Other | 101 | |||
Total Fund Expenses | 43,334 | |||
Net Expenses | 43,334 | |||
Net Investment Income (Loss) | 238,915 | |||
Realized and Unrealized Gain (Loss) | ||||
Net Realized Gain (Loss) on: | ||||
Transactions Allocated from Affiliated Investment Company** | 837,220 | |||
Futures | 26,350 | |||
Change in Unrealized Appreciation (Depreciation) of: | ||||
Transactions Allocated from Affiliated Investment Company | 2,927,439 | |||
Futures | 3,416 | |||
Net Realized and Unrealized Gain (Loss) | 3,794,425 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 4,033,340 |
* | 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 Ended Oct. 31, 2021 | Year Ended Oct. 31, 2020 | |||||||
Increase (Decrease) in Net Assets | ||||||||
Operations: | ||||||||
Net Investment Income (Loss) | $ | 238,915 | $ | 219,740 | ||||
Net Realized Gain (Loss) on: | ||||||||
Transactions Allocated from Affiliated Investment Company*,** | 837,220 | (279,498 | ) | |||||
Futures | 26,350 | 13,320 | ||||||
Change in Unrealized Appreciation (Depreciation) of: | ||||||||
Transactions Allocated from Affiliated Investment Company | 2,927,439 | (573,955 | ) | |||||
Futures | 3,416 | (2,575 | ) | |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 4,033,340 | (622,968 | ) | |||||
Distributions: | ||||||||
Institutional Class Shares | (220,133 | ) | (529,962 | ) | ||||
Capital Share Transactions (1): | ||||||||
Shares Issued | 2,604,837 | 2,566,857 | ||||||
Shares Issued in Lieu of Cash Distributions | 214,868 | 511,580 | ||||||
Shares Redeemed | (3,315,191 | ) | (4,527,485 | ) | ||||
Net Increase from Capital Share Transactions | (495,486 | ) | (1,449,048 | ) | ||||
Total Increase (Decrease) in Net Assets | 3,317,721 | (2,601,978 | ) | |||||
Net Assets | ||||||||
Beginning of Year | 10,148,132 | 12,750,110 | ||||||
End of Year | $ | 13,465,853 | $ | 10,148,132 | ||||
(1) Shares Issued and Redeemed: | ||||||||
Shares Issued | 116,406 | 166,813 | ||||||
Shares Issued in Lieu of Cash Distributions | 10,453 | 27,715 | ||||||
Shares Redeemed | (151,391 | ) | (292,110 | ) | ||||
Net Increase (Decrease) from Shares Issued and Redeemed | (24,532 | ) | (97,582 | ) |
* | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2021 of $0. |
** | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2020 of $0. |
*** | Investment Income and Realized and Unrealized Gain (Loss) were allocated from the Portfolio’s Master Fund (Affiliated Investment Company). |
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 Ended Oct. 31, 2021 | Year Ended Oct. 31, 2020 | Year Ended Oct. 31, 2019 | Year Ended Oct. 31, 2018 | Year Ended Oct. 31, 2017 | ||||||||||||||||
Net Asset Value, Beginning of Year | $ | 16.84 | $ | 18.21 | $ | 18.46 | $ | 21.52 | $ | 17.78 | ||||||||||
Income from Investment Operations (A) | ||||||||||||||||||||
Net Investment Income (Loss) | 0.41 | 0.33 | 0.43 | 0.46 | 0.41 | |||||||||||||||
Net Gains (Losses) on Securities (Realized and Unrealized) | 6.42 | (0.93 | ) | 0.58 | (2.41 | ) | 4.13 | |||||||||||||
Total from Investment Operations | 6.83 | (0.60 | ) | 1.01 | (1.95 | ) | 4.54 | |||||||||||||
Less Distributions | ||||||||||||||||||||
Net Investment Income | (0.38 | ) | (0.37 | ) | (0.44 | ) | (0.44 | ) | (0.34 | ) | ||||||||||
Net Realized Gains | — | (0.40 | ) | (0.82 | ) | (0.67 | ) | (0.46 | ) | |||||||||||
Total Distributions | (0.38 | ) | (0.77 | ) | (1.26 | ) | (1.11 | ) | (0.80 | ) | ||||||||||
Net Asset Value, End of Year | $ | 23.29 | $ | 16.84 | $ | 18.21 | $ | 18.46 | $ | 21.52 | ||||||||||
Total Return | 40.83 | % | (3.64% | ) | 6.44 | % | (9.54 | )% | 26.54 | % | ||||||||||
Net Assets, End of Year (thousands) | $ | 13,465,853 | $ | 10,148,132 | $ | 12,750,110 | $ | 12,656,204 | $ | 13,490,290 | ||||||||||
Ratio of Expenses to Average Net Assets*(B) | 0.46 | % | 0.53 | % | 0.54 | % | 0.53 | % | 0.53 | % | ||||||||||
Ratio of Expenses to Average Net Assets (Excluding Fees (Waived), (Expenses Reimbursed), and/or Previously Waived Fees Recovered by Advisor)(B) | 0.46 | % | 0.53 | % | 0.54 | % | 0.53 | % | 0.53 | % | ||||||||||
Ratio of Net Investment Income to Average Net Assets | 1.90 | % | 1.96 | % | 2.44 | % | 2.18 | % | 2.14 | % | ||||||||||
* 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 | % | 0.12 | % | 0.12 | % |
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. At October 31, 2021, the Fund consisted of one hundred 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, 2021, 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:
Fund of Funds | Underlying Funds | Percentage Ownership at 10/31/21 | |||
International Small Company Portfolio | The Continental Small Company Series | 87% | |||
The Japanese Small Company Series | 89% | ||||
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. Large Company 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, DFA Inflation-Protected Securities 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).
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. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Distributions received on securities and from the investment in affiliated investment companies that represent a return of capital or capital gains are recorded as a reduction of cost of investments or as a realized gain, respectively. The Portfolio estimates the character of 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, 2021, the Portfolio’s investment management fees were accrued daily and paid monthly to the Advisor based on an effective annual rate of 0.32% of average daily net assets.
Management Fee Prior to February 28, 2021 | Management Fee Effective February 28, 2021 | ||||
International Small Company Portfolio | 0.38% | 0.30% |
Pursuant to Amended and Restated Fee Waiver and/or Expense Assumption Agreements (each, a “Fee Waiver Agreement”), the Advisor has contractually agreed to waive certain fees, and in certain instances, assume certain expenses of the Portfolios, as described in the notes below. The Fee Waiver Agreements for the non-Feeder Funds, and a portion of the Fee Waiver Agreement for certain Feeder Funds below, will remain in effect through February 28, 2022, may only be terminated by the Fund’s Board of Directors prior to that date and shall continue in effect from year to year thereafter unless terminated
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by the Fund or the Advisor. The Fee Waiver Agreement with respect to the total management fees paid by the Feeder Funds, as described in the notes below, will remain in effect permanently, unless terminated by a Feeder Fund. During the year ended October 31, 2021, the Portfolios had expense limits based on a percentage of average net assets on an annualized basis, and the Advisor recovered previously waived fees and/or assumed expenses (amounts in thousands), as listed below. The net amount of waived fees/expenses assumed (recovered previously waived fees/expenses assumed) during the year ended October 31, 2021, and the previously waived fees/expenses assumed subject to future recovery by the Advisor as of October 31, 2021, are also reflected below (amounts in thousands). At any time that the Portfolio Expenses (defined below) of a class of a Portfolio are less than the applicable Expense Limitation Amount/Total Management Fee Limit listed below, 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/Total Management Fee Limit that was in place when such prior year fees were waived and/or expenses assumed, and less than the current Expense Limitation Amount/ Total Management Fee Limit in place for the Portfolio. The Advisor, however, will not be reimbursed by a Feeder Portfolio in connection with its Permanent Fee Waiver. The Fund, on behalf of a 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.
Expense Limitation Amount | Total Management Fee Limit | Recovery of Previously Waived Fees/ Expenses Assumed | Waived Fees/ Expenses Assumed | Previously Waived Fees/ Expenses Assumed Subject to Future Recovery | ||||||||||||||||
International Small Company Portfolio * | 0.45 | % | — | — | — | — |
* | 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 the rate listed above as a percentage of the average net assets of a class of the Portfolio on an annualized basis (the “Expense Limitation Amount”). |
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, 2021, the total related amounts paid by the Fund to the CCO was $133 (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, 2021, the total liability for deferred compensation to Directors was $349 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, 2021, can occur as a result of realized gains on securities considered to be “passive foreign investment companies”, non-deductible expenses, realized foreign capital gains tax, the use of accumulated earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction for income tax purposes, net foreign currency gains/losses, distributions received from real estate investment trusts and distribution redesignations, and were reclassified to the accounts mentioned above. These reclassifications had no effect on net assets or net asset value per share.
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The tax character of dividends and distributions declared and paid during the years ended October 31, 2020 and October 31, 2021 were as follows (amounts in thousands):
Net Investment Income and Short-Term Capital Gain | Long-Term Capital Gains | Tax Exempt Income | Total | |||||||||||||
International Small Company Portfolio | ||||||||||||||||
2020 | $ | 251,539 | $ | 278,423 | — | $ | 529,962 | |||||||||
2021 | 220,133 | — | — | 220,133 |
As of October 31, 2021, 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 Short-Term Capital Gains | Long-Term Capital Gains | Total | ||||||||||
International Small Company Portfolio | $ | (43,307 | ) | (45,638 | ) | $ | (88,945 | ) |
At October 31, 2021, the components of distributable earnings (accumulated losses) were as follows (amounts in thousands):
Undistributed Net Investment Income and Short-Term Capital Gains | Undistributed Long-Term Capital Gains | Capital Loss Carryforwards | Unrealized Appreciation (Depreciation) | Total Net Distributable Earnings (Accumulated Losses) | ||||||||||||||||
International Small Company Portfolio | $ | 306,340 | $ | 367,879 | — | $ | 2,939,662 | $ | 3,613,881 |
For federal income tax purposes, the Fund measures its capital loss carryforwards annually at October 31, its fiscal year end. Capital loss carryforwards may be carried forward and applied against future capital gains. As of October 31, 2021, the Portfolio did not have any capital loss carryforwards available to offset future realized capital gains.
During the year ended October 31, 2021, the following Portfolios used the following capital loss carryforwards to offset realized capital gains for federal income tax purposes (amounts in thousands):
International Small Company Portfolio | 311,522 |
As of October 31, 2021, 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):
Federal Tax Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
International Small Company Portfolio | $ | 10,531,261 | $ | 2,939,914 | — | $ | 2,939,914 |
The difference between GAAP-basis and tax-basis unrealized gains (losses) can occur as a result of 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 Portfolios’ tax positions and has concluded that no additional provision for income tax is required in the Portfolios’ financial statements. The Portfolios 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 Portfolios’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
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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.
Underlying Funds that have significant exposure to certain countries, such as the United Kingdom Small Company Series, an Underlying Fund 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 Portfolio, 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 Underlying Fund’s investments.
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 increase or decrease market exposure based on actual or expected cash inflows to or outflows from the Portfolio. Upon entering into a futures contract, the Portfolio deposits cash or pledges U.S. Government securities to a broker, in an amount equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Portfolio as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Portfolio records a realized gain or loss, which is presented in the 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 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, 2021 was as follows (amounts in thousands):
Futures** | |
International Small Company Portfolio | $86,184 |
** Average Notional Value of futures contracts
107
The following is a summary of the Portfolio’s derivative instrument holdings categorized by primary risk exposure as of October 31, 2021 (amounts in thousands):
Asset Derivatives Value | ||||||||
Total Value at October 31, 2021 | Equity Contracts*,(1) | |||||||
International Small Company Portfolio | $ | 2,141 | $ | 2,141 |
(1) | Presented on Statements of Assets and Liabilities as Receivables or Payables: 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, 2021 (amounts in thousands):
Realized Gain (Loss) on (Depreciation) on Derivatives | ||||||||
Total | Equity Contracts(1) | |||||||
International Small Company Portfolio | $ | 26,350 | $ | 26,350 | ||||
Change in Unrealized Appreciation (Depreciation) on Derivatives | ||||||||
Total | Equity Contracts(2) | |||||||
International Small Company Portfolio | $3,416 | $3,416 |
(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. |
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 7, 2021, with its domestic custodian bank. A line of credit with similar terms was in effect through April 7, 2021. 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 6, 2022.
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, 2021. A line of credit with similar terms was in effect through January 2, 2021. 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, 2022.
108
For the year ended October 31, 2021, borrowings by the following Portfolio under the lines of credit were as follows (amounts in thousands, except percentages and days):
Weighted Average Interest Rate | Weighted Average Loan Balance | Number of Days Outstanding* | Interest Expense Incurred | Maximum Amount Borrowed During the Period | Outstanding Borrowings as of 10/31/2021 | |||||||||||||||||||
International Small Company Portfolio | 0.83 | % | 4,651 | 5 | 1 | 15,443 | — |
* Number of Days Outstanding represents the total of single or consecutive days during the year ended October 31, 2021, 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, 2021.
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.
I. Recently Issued Accounting Standards:
In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021, the FASB issued ASU No. 2021-01, with further amendments to Topic 848. The amendments in the ASUs provide optional temporary accounting recognition and financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021 and 2023. The ASUs are effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management has reviewed the requirements and believes the adoption of these ASUs will not have a material impact on the Portfolio’s financial statements.
In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies. Rule 18f-4 (the “Derivatives Rule”) imposes limits on the amount of derivatives contracts the Portfolio could enter, eliminate the asset segregation framework currently used by the Portfolio to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk manager. The Derivatives Rule became effective February 19, 2021 and the Fund is required to comply on August 19, 2022. Management is currently evaluating the effect, if any, the Derivatives Rule will have on the Portfolio.
109
On December 3, 2020, the SEC adopted new rule 2a-5 (the Valuation Rule”) under the Investment Company Act of 1940, establishing an updated regulatory framework for fund valuation. The Valuation Rule, in part, provides a framework for good faith fair value determination and permits a Board to designate fair value determinations to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Valuation Rule became effective on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Valuation Rule and its effect on the Portfolio.
J. Coronavirus (COVID-19) Pandemic:
The ongoing outbreak of the novel coronavirus, COVID-19, has resulted, at times, in market closures, market volatility, liquidity constraints and increased trading costs. Efforts to contain the spread of COVID-19 have resulted in global travel restrictions and disruptions of healthcare systems, business operations and supply chains, layoffs, reduced consumer demand, defaults and credit rating downgrades, and other significant economic impacts. The effects of COVID-19 have impacted global economic activity and may heighten pre-existing political, social and economic risks, domestically or globally. The full impact of the COVID-19 pandemic is unpredictable and may adversely affect the Portfolio’s performance.
K. Other:
As of October 31, 2021, 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.
Number of Shareholders | Approximate Percentage of Outstanding Shares | |||||||
International Small Company Portfolio – Institutional Class Shares | 4 | 76 | % |
On June 3, 2021, President Biden issued an Executive Order titled “Addressing the Threat from Securities Investments that Finance Certain Companies of the People’s Republic of China” (the “Order”). Effective on August 2, 2021, the Order restricts investment in certain companies identified as “Chinese Military Industrial Complex Companies” (CMICs) by the Office of Foreign Asset Control, an agency of the Department of Treasury and the Department of Defense. As of July 27, 2021, the Portfolio have divested of all publicly traded securities identified as CMIC’s listed in the Order.
L. Subsequent Event Evaluations:
Management has evaluated the impact of all other subsequent events on the Portfolio through the date on which the financial statements were issued and has determined that there are no other subsequent events requiring recognition or disclosure in the financial statements.
110
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, 2021, the related statement of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (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, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021, and the financial highlights for each of the five years in the period ended October 31, 2021 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, 2021 by correspondence with the custodian, and transfer agent of the investee funds. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 22, 2021
We have served as the auditor of one or more investment companies in Dimensional Fund Advisors L.P. investment company group since 1981.
111
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
Disclosure of Fund Expenses — October 31, 2021 (Unaudited) | 113 |
Disclosure of Portfolio Holdings — October 31, 2021 (Unaudited) | 115 |
Summary Schedules of Portfolio Holdings — December 31, 2021 (Unaudited) | |
The Japanese Small Company Series | 117 |
The Asia Pacific Small Company Series | 120 |
The United Kingdom Small Company Series | 123 |
The Continental Small Company Series | 126 |
The Canadian Small Company Series | 130 |
Summary Schedules of Portfolio Holdings — October 31, 2021 | |
The Japanese Small Company Series | 133 |
The Asia Pacific Small Company Series | 136 |
The United Kingdom Small Company Series | 139 |
The Continental Small Company Series | 142 |
The Canadian Small Company Series | 146 |
Statement of Assets and Liabilities — December 31, 2021 (Unaudited) | 150 |
Statement of Assets and Liabilities — October 31, 2021 | 151 |
Statement of Operations — October 31, 2021 | 152 |
Statement of Changes in Net Assets | 153 |
Financial Highlights | 156 |
Notes to Financial Statements — October 31, 2021 | 158 |
Report of Independent Registered Public Accounting Firm | 168 |
Fund Management — October 31, 2021 | 169 |
Voting Proxies on Fund Portfolio Securities | 179 |
112
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 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 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.
113
Six Months Ended October 31, 2021
EXPENSE TABLES
Beginning Account Value 05/01/21 | Ending Account Value 10/31/21 | Annualized Expense Ratio(1) | Expenses Paid During Period(1) | |||||||||||||
The Japanese Small Company Series | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,017.20 | 0.12 | % | $ | 0.61 | ||||||||
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 | $ | 1,042.30 | 0.12 | % | $ | 0.62 | ||||||||
Hypothetical 5% Annual Return | $ | 1,000.00 | $ | 1,024.60 | 0.12 | % | $ | 0.61 | ||||||||
The United Kingdom Small Company Series | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,017.60 | 0.12 | % | $ | 0.61 | ||||||||
Hypothetical 5% Annual Return | $ | 1,000.00 | $ | 1,024.60 | 0.12 | % | $ | 0.61 | ||||||||
The Continental Small Company Series | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,058.70 | 0.12 | % | $ | 0.62 | ||||||||
Hypothetical 5% Annual Return | $ | 1,000.00 | $ | 1,024.60 | 0.12 | % | $ | 0.61 | ||||||||
The Canadian Small Company Series | ||||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,098.50 | 0.12 | % | $ | 0.63 | ||||||||
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. |
114
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 September 24, 2021. 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.
SERIES
The Japanese Small Company Series | The Asia Pacific Small Company Series | The United Kingdom Small Company Series | ||||||||||||||
Communication Services | 3.1 | % | Communication Services | 6.4 | % | Communication Services | 3.8 | % | ||||||||
Consumer Discretionary | 14.4 | % | Consumer Discretionary | 17.9 | % | Consumer Discretionary | 20.0 | % | ||||||||
Consumer Staples | 7.3 | % | Consumer Staples | 8.0 | % | Consumer Staples | 6.8 | % | ||||||||
Energy | 1.0 | % | Energy | 3.4 | % | Energy | 2.3 | % | ||||||||
Financials | 8.4 | % | Financials | 12.4 | % | Financials | 16.7 | % | ||||||||
Health Care | 4.5 | % | Health Care | 6.0 | % | Health Care | 3.2 | % | ||||||||
Industrials | 30.5 | % | Industrials | 12.0 | % | Industrials | 25.8 | % | ||||||||
Information Technology | 15.5 | % | Information Technology | 9.2 | % | Information Technology | 8.6 | % | ||||||||
Materials | 12.1 | % | Materials | 14.3 | % | Materials | 6.6 | % | ||||||||
Real Estate | 1.7 | % | Real Estate | 6.4 | % | Real Estate | 3.7 | % | ||||||||
Utilities | 1.5 | % | Utilities | 4.0 | % | Utilities | 2.5 | % | ||||||||
100.0 | % | 100.0 | % | 100.0 | % |
115
DISCLOSURE OF PORTFOLIO HOLDINGS
CONTINUED
The Continental Small Company Series | The Canadian Small Company Series | |||||||||
Communication Services | 4.3 | % | Communication Services | 1.4 | % | |||||
Consumer Discretionary | 10.3 | % | Consumer Discretionary | 6.3 | % | |||||
Consumer Staples | 4.0 | % | Consumer Staples | 5.2 | % | |||||
Energy | 2.4 | % | Energy | 20.3 | % | |||||
Financials | 13.9 | % | Financials | 11.5 | % | |||||
Health Care | 6.8 | % | Health Care | 1.5 | % | |||||
Industrials | 27.9 | % | Industrials | 12.3 | % | |||||
Information Technology | 11.2 | % | Information Technology | 3.2 | % | |||||
Materials | 8.4 | % | Materials | 24.6 | % | |||||
Real Estate | 6.5 | % | Real Estate | 4.2 | % | |||||
Utilities | 4.3 | % | Utilities | 9.5 | % | |||||
100.0 | % | 100.0 | % |
116
THE JAPANESE SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
December 31, 2021
(Unaudited)
Shares | Value» | Percentage of Net Assets‡ | |||||||||||
COMMON STOCKS — (98.5%) | |||||||||||||
COMMUNICATION SERVICES — (2.7%) | |||||||||||||
Other Securities | $ | 90,662,766 | 2.8 | % | |||||||||
CONSUMER DISCRETIONARY — (14.1%) | |||||||||||||
J Front Retailing Co. Ltd. | 915,500 | 8,336,415 | 0.3 | % | |||||||||
Resorttrust, Inc. | 523,464 | 8,554,307 | 0.3 | % | |||||||||
Takashimaya Co. Ltd. | 914,300 | 8,518,167 | 0.3 | % | |||||||||
Other Securities | 442,247,365 | 13.4 | % | ||||||||||
TOTAL CONSUMER DISCRETIONARY | 467,656,254 | 14.3 | % | ||||||||||
CONSUMER STAPLES — (7.0%) | |||||||||||||
# | Milbon Co. Ltd. | 159,852 | 7,930,039 | 0.3 | % | ||||||||
Nippon Suisan Kaisha Ltd. | 1,912,300 | 9,038,491 | 0.3 | % | |||||||||
# | Sapporo Holdings Ltd. | 392,620 | 7,466,633 | 0.2 | % | ||||||||
Other Securities | 208,341,749 | 6.3 | % | ||||||||||
TOTAL CONSUMER STAPLES | 232,776,912 | 7.1 | % | ||||||||||
ENERGY — (1.0%) | |||||||||||||
Other Securities | 31,265,917 | 0.9 | % | ||||||||||
FINANCIALS — (8.6%) | |||||||||||||
Credit Saison Co. Ltd. | 735,700 | 7,736,813 | 0.2 | % | |||||||||
Fuyo General Lease Co. Ltd. | 119,500 | 8,284,694 | 0.3 | % | |||||||||
Hirogin Holdings, Inc. | 1,534,800 | 9,187,236 | 0.3 | % | |||||||||
Jafco Group Co. Ltd. | 198,700 | 11,431,509 | 0.4 | % | |||||||||
Other Securities | 249,038,630 | 7.5 | % | ||||||||||
TOTAL FINANCIALS | 285,678,882 | 8.7 | % | ||||||||||
HEALTH CARE — (4.3%) | |||||||||||||
H.U. Group Holdings, Inc. | 362,400 | 9,194,239 | 0.3 | % | |||||||||
Nipro Corp. | 809,400 | 7,662,606 | 0.2 | % | |||||||||
Other Securities | 126,337,929 | 3.9 | % | ||||||||||
TOTAL HEALTH CARE | 143,194,774 | 4.4 | % | ||||||||||
INDUSTRIALS — (29.7%) | |||||||||||||
Daiseki Co. Ltd. | 292,755 | 13,005,463 | 0.4 | % | |||||||||
DMG Mori Co. Ltd. | 728,000 | 12,525,118 | 0.4 | % | |||||||||
* | Fujikura Ltd. | 1,714,800 | 8,417,653 | 0.3 | % | ||||||||
Furukawa Electric Co. Ltd. | 424,300 | 8,572,516 | 0.3 | % | |||||||||
GS Yuasa Corp. | 382,983 | 8,521,507 | 0.3 | % | |||||||||
Hazama Ando Corp. | 1,211,500 | 9,117,535 | 0.3 | % | |||||||||
Inaba Denki Sangyo Co. Ltd. | 327,400 | 7,692,108 | 0.2 | % | |||||||||
INFRONEER Holdings, Inc. | 1,145,188 | 10,425,100 | 0.3 | % | |||||||||
Meitec Corp. | 163,300 | 9,612,873 | 0.3 | % | |||||||||
Mirait Holdings Corp. | 583,135 | 9,619,674 | 0.3 | % | |||||||||
Nagase & Co. Ltd. | 578,600 | 9,378,100 | 0.3 | % | |||||||||
Nichias Corp. | 391,000 | 9,436,023 | 0.3 | % | |||||||||
Nishimatsu Construction Co. Ltd. | 326,000 | 10,330,346 | 0.3 | % | |||||||||
# | OSG Corp. | 511,900 | 7,955,737 | 0.3 | % |
117
The Japanese Small Company Series
continued
Shares | Value» | Percentage of Net Assets‡ | |||||||||||
INDUSTRIALS — (Continued) | |||||||||||||
Outsourcing, Inc. | 715,000 | $ | 9,647,450 | 0.3 | % | ||||||||
Penta-Ocean Construction Co. Ltd. | 1,669,600 | 9,437,541 | 0.3 | % | |||||||||
Ushio, Inc. | 622,400 | 10,340,922 | 0.3 | % | |||||||||
Other Securities | 817,979,294 | 24.8 | % | ||||||||||
TOTAL INDUSTRIALS | 982,014,960 | 30.0 | % | ||||||||||
INFORMATION TECHNOLOGY — (15.6%) | |||||||||||||
Alps Alpine Co. Ltd. | 1,039,300 | 9,802,689 | 0.3 | % | |||||||||
# | Anritsu Corp. | 636,100 | 9,823,911 | 0.3 | % | ||||||||
Citizen Watch Co. Ltd. | 1,771,000 | 7,665,666 | 0.2 | % | |||||||||
Daiwabo Holdings Co. Ltd. | 582,700 | 9,319,203 | 0.3 | % | |||||||||
Dexerials Corp. | 380,600 | 13,737,676 | 0.4 | % | |||||||||
Ferrotec Holdings Corp. | 232,000 | 8,502,526 | 0.3 | % | |||||||||
Macnica Fuji Electronics Holdings, Inc. | 342,150 | 8,187,382 | 0.3 | % | |||||||||
Maruwa Co. Ltd. | 59,700 | 8,452,226 | 0.3 | % | |||||||||
Nippon Electric Glass Co. Ltd. | 515,736 | 13,223,349 | 0.4 | % | |||||||||
NSD Co. Ltd. | 499,560 | 9,074,377 | 0.3 | % | |||||||||
Tokyo Seimitsu Co. Ltd. | 253,800 | 11,241,774 | 0.4 | % | |||||||||
Topcon Corp. | 684,300 | 9,880,191 | 0.3 | % | |||||||||
Wacom Co. Ltd. | 990,000 | 7,876,855 | 0.3 | % | |||||||||
Other Securities | 391,344,050 | 11.7 | % | ||||||||||
TOTAL INFORMATION TECHNOLOGY | 518,131,875 | 15.8 | % | ||||||||||
MATERIALS — (12.3%) | |||||||||||||
ADEKA Corp. | 589,700 | 13,170,869 | 0.4 | % | |||||||||
Asahi Holdings, Inc. | 464,800 | 8,302,647 | 0.3 | % | |||||||||
Kobe Steel Ltd. | 1,598,885 | 8,017,558 | 0.3 | % | |||||||||
Mitsui Mining & Smelting Co. Ltd. | 372,700 | 10,155,628 | 0.3 | % | |||||||||
Sumitomo Bakelite Co. Ltd. | 185,300 | 9,404,020 | 0.3 | % | |||||||||
Ube Industries Ltd. | 449,400 | 7,808,821 | 0.2 | % | |||||||||
Yamato Kogyo Co. Ltd. | 253,200 | 8,206,219 | 0.3 | % | |||||||||
Other Securities | 341,162,996 | 10.3 | % | ||||||||||
TOTAL MATERIALS | 406,228,758 | 12.4 | % | ||||||||||
REAL ESTATE — (1.6%) | |||||||||||||
Other Securities | 52,836,978 | 1.6 | % | ||||||||||
UTILITIES — (1.6%) | |||||||||||||
Nippon Gas Co. Ltd. | 684,000 | 9,068,232 | 0.3 | % | |||||||||
Other Securities | 43,749,563 | 1.3 | % | ||||||||||
TOTAL UTILITIES | 52,817,795 | 1.6 | % | ||||||||||
TOTAL COMMON STOCKS (Cost $2,872,647,118) | 3,263,265,871 | 99.6 | % | ||||||||||
Value† | |||||||||||||
SECURITIES LENDING COLLATERAL — (1.5%) | |||||||||||||
@§ | The DFA Short Term Investment Fund | 4,297,591 | 49,714,536 | 1.5 | % | ||||||||
TOTAL INVESTMENTS—(100.0%) (Cost $2,922,354,790) | $ | 3,312,980,407 | 101.1 | % |
118
The Japanese Small Company Series
continued
Summary of the Series’ investments as of December 31, 2021, 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 | — | $ | 90,662,766 | — | $ | 90,662,766 | ||||||||||
Consumer Discretionary | — | 467,656,254 | — | 467,656,254 | ||||||||||||
Consumer Staples | — | 232,776,912 | — | 232,776,912 | ||||||||||||
Energy | — | 31,265,917 | — | 31,265,917 | ||||||||||||
Financials | — | 285,678,882 | — | 285,678,882 | ||||||||||||
Health Care | — | 143,194,774 | — | 143,194,774 | ||||||||||||
Industrials | — | 982,014,960 | — | 982,014,960 | ||||||||||||
Information Technology | — | 518,131,875 | — | 518,131,875 | ||||||||||||
Materials | — | 406,228,758 | — | 406,228,758 | ||||||||||||
Real Estate | — | 52,836,978 | — | 52,836,978 | ||||||||||||
Utilities | — | 52,817,795 | — | 52,817,795 | ||||||||||||
Securities Lending Collateral | — | 49,714,536 | — | 49,714,536 | ||||||||||||
TOTAL | — | $ | 3,312,980,407 | — | $ | 3,312,980,407 |
See accompanying Notes to Financial Statements.
119
THE ASIA PACIFIC SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
December 31, 2021
(Unaudited)
Shares | Value» | Percentage of Net Assets‡ | |||||||||||
COMMON STOCKS — (98.4%) | |||||||||||||
AUSTRALIA — (62.0%) | |||||||||||||
# | AGL Energy Ltd. | 2,250,397 | $ | 10,054,253 | 0.6 | % | |||||||
#* | AMP Ltd. | 16,582,811 | 12,189,031 | 0.7 | % | ||||||||
Ansell Ltd. | 439,581 | 10,052,930 | 0.6 | % | |||||||||
ARB Corp. Ltd. | 515,812 | 19,712,089 | 1.1 | % | |||||||||
AUB Group Ltd. | 546,659 | 10,256,787 | 0.6 | % | |||||||||
Bapcor Ltd. | 2,189,248 | 11,159,186 | 0.6 | % | |||||||||
Beach Energy Ltd. | 10,047,201 | 9,224,551 | 0.5 | % | |||||||||
Breville Group Ltd. | 656,863 | 15,148,784 | 0.9 | % | |||||||||
Brickworks Ltd. | 486,532 | 8,556,977 | 0.5 | % | |||||||||
Challenger Ltd. | 2,321,555 | 11,027,415 | 0.6 | % | |||||||||
* | Corporate Travel Management Ltd. | 676,420 | 10,847,895 | 0.6 | % | ||||||||
Credit Corp. Group Ltd. | 442,571 | 10,788,470 | 0.6 | % | |||||||||
CSR Ltd. | 3,109,441 | 13,313,169 | 0.7 | % | |||||||||
Downer EDI Ltd. | 2,570,703 | 11,166,841 | 0.6 | % | |||||||||
Elders Ltd. | 1,009,369 | 9,013,587 | 0.5 | % | |||||||||
GrainCorp Ltd., Class A | 1,547,172 | 9,313,837 | 0.5 | % | |||||||||
GUD Holdings Ltd. | 1,086,104 | 8,984,444 | 0.5 | % | |||||||||
Healius Ltd. | 3,973,423 | 15,223,142 | 0.9 | % | |||||||||
Iluka Resources Ltd. | 2,220,348 | 16,368,252 | 0.9 | % | |||||||||
IOOF Holdings Ltd. | 3,815,495 | 10,053,618 | 0.6 | % | |||||||||
IRESS Ltd. | 1,238,548 | 11,267,931 | 0.6 | % | |||||||||
Link Administration Holdings Ltd. | 2,206,818 | 8,940,863 | 0.5 | % | |||||||||
* | Megaport Ltd. | 807,102 | 10,874,945 | 0.6 | % | ||||||||
# | Metcash Ltd. | 6,296,220 | 20,594,514 | 1.2 | % | ||||||||
# | nib holdings Ltd. | 2,951,426 | 15,039,063 | 0.8 | % | ||||||||
Orora Ltd. | 5,931,076 | 15,137,233 | 0.9 | % | |||||||||
Pendal Group Ltd. | 2,058,779 | 8,344,457 | 0.5 | % | |||||||||
Perpetual Ltd. | 376,124 | 9,843,187 | 0.6 | % | |||||||||
* | Perseus Mining Ltd. | 8,114,950 | 9,606,249 | 0.5 | % | ||||||||
Premier Investments Ltd. | 456,153 | 10,065,079 | 0.6 | % | |||||||||
Reliance Worldwide Corp. Ltd. | 3,624,075 | 16,559,870 | 0.9 | % | |||||||||
Sandfire Resources Ltd. | 2,725,681 | 13,095,086 | 0.7 | % | |||||||||
Sims Ltd. | 1,175,465 | 13,759,703 | 0.8 | % | |||||||||
* | Star Entertainment Grp Ltd. | 4,451,043 | 11,924,049 | 0.7 | % | ||||||||
Steadfast Group Ltd. | 3,548,561 | 13,544,416 | 0.8 | % | |||||||||
Super Retail Group Ltd. | 1,085,264 | 9,833,875 | 0.6 | % | |||||||||
Technology One Ltd. | 1,674,190 | 15,534,405 | 0.9 | % | |||||||||
W | Viva Energy Group Ltd. | 4,961,053 | 8,491,681 | 0.5 | % | ||||||||
* | Whitehaven Coal Ltd. | 5,950,250 | 11,330,076 | 0.6 | % | ||||||||
Other Securities | 650,014,360 | 35.9 | % | ||||||||||
TOTAL AUSTRALIA | 1,116,256,300 | 62.3 | % | ||||||||||
CHINA — (0.0%) | |||||||||||||
Other Security | 61,242 | 0.0 | % |
120
The Asia Pacific Small Company Series
continued
Shares | Value» | Percentage of Net Assets‡ | |||||||||||
HONG KONG — (21.6%) | |||||||||||||
ASM Pacific Technology Ltd. | 1,444,600 | $ | 15,611,447 | 0.9 | % | ||||||||
# | Kerry Logistics Network Ltd. | 4,063,500 | 9,943,701 | 0.6 | % | ||||||||
L’Occitane International SA | 2,278,500 | 9,215,144 | 0.5 | % | |||||||||
Luk Fook Holdings International Ltd. | 3,577,000 | 9,640,318 | 0.5 | % | |||||||||
Pacific Basin Shipping Ltd. | 32,170,000 | 11,826,062 | 0.7 | % | |||||||||
VTech Holdings Ltd. | 1,345,100 | 10,535,704 | 0.6 | % | |||||||||
Other Securities | 321,292,574 | 17.8 | % | ||||||||||
TOTAL HONG KONG | 388,064,950 | 21.6 | % | ||||||||||
MACAU — (0.0%) | |||||||||||||
Other Security | 66,408 | 0.0 | % | ||||||||||
NEW ZEALAND — (4.9%) | |||||||||||||
Chorus Ltd. | 2,706,159 | 13,291,936 | 0.7 | % | |||||||||
# | Freightways Ltd. | 951,562 | 8,364,942 | 0.5 | % | ||||||||
SKYCITY Entertainment Group Ltd. | 4,805,727 | 10,269,413 | 0.6 | % | |||||||||
Summerset Group Holdings Ltd. | 894,414 | 8,370,448 | 0.5 | % | |||||||||
Other Securities | 47,201,318 | 2.6 | % | ||||||||||
TOTAL NEW ZEALAND | 87,498,057 | 4.9 | % | ||||||||||
SINGAPORE — (9.8%) | |||||||||||||
Singapore Press Holdings Ltd. | 7,439,300 | 12,843,535 | 0.7 | % | |||||||||
Other Securities | 164,071,390 | 9.2 | % | ||||||||||
TOTAL SINGAPORE | 176,914,925 | 9.9 | % | ||||||||||
UNITED STATES — (0.1%) | |||||||||||||
Other Securities | 1,472,742 | 0.1 | % | ||||||||||
TOTAL COMMON STOCKS | 1,770,334,624 | 98.8 | % | ||||||||||
PREFERRED STOCKS — (0.0%) | |||||||||||||
AUSTRALIA — (0.0%) | |||||||||||||
Other Security | 57,648 | 0.0 | % | ||||||||||
RIGHTS/WARRANTS — (0.0%) | |||||||||||||
HONG KONG — (0.0%) | |||||||||||||
Other Security | 8,501 | 0.0 | % | ||||||||||
SINGAPORE — (0.0%) | |||||||||||||
Other Securities | 583 | 0.0 | % | ||||||||||
TOTAL RIGHTS/WARRANTS | 9,084 | 0.0 | % | ||||||||||
TOTAL INVESTMENT SECURITIES (Cost $1,640,666,386) | 1,770,401,356 | ||||||||||||
Value† | |||||||||||||
SECURITIES LENDING COLLATERAL — (1.6%) | |||||||||||||
@ § | The DFA Short Term Investment Fund | 2,455,503 | 28,405,254 | 1.6 | % | ||||||||
TOTAL INVESTMENTS — (100.0%) (Cost $1,669,070,410) | $ | 1,798,806,610 | 100.4 | % |
121
The Asia Pacific Small Company Series
continued
As of December 31, 2021, The Asia Pacific Small Company Series had entered into the following outstanding futures contracts:
Description | Number of Contracts | Expiration Date | Notional Value | Market Value | Unrealized Appreciation (Depreciation) | |||||||||||
Long Position Contracts: | ||||||||||||||||
S&P 500® Emini Index | 73 | 03/18/22 | $ | 17,225,093 | $ | 17,368,525 | $ | 143,432 | ||||||||
Total Futures Contracts | $ | 17,225,093 | $ | 17,368,525 | $ | 143,432 |
Summary of the Series’ investments as of December 31, 2021, 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 | $ | 596,449 | $ | 1,115,653,748 | $ | 6,103 | $ | 1,116,256,300 | ||||||||
China | — | 61,242 | — | 61,242 | ||||||||||||
Hong Kong | 291,430 | 386,974,907 | 798,613 | 388,064,950 | ||||||||||||
Macau | — | 66,408 | — | 66,408 | ||||||||||||
New Zealand | — | 87,498,057 | — | 87,498,057 | ||||||||||||
Singapore | — | 175,908,184 | 1,006,741 | 176,914,925 | ||||||||||||
United States | — | 1,472,742 | — | 1,472,742 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Australia | — | 57,648 | — | 57,648 | ||||||||||||
Rights/Warrants | ||||||||||||||||
Hong Kong | — | 8,501 | — | 8,501 | ||||||||||||
Singapore | — | 583 | — | 583 | ||||||||||||
Securities Lending Collateral | — | 28,405,254 | — | 28,405,254 | ||||||||||||
Futures Contracts** | 143,432 | — | — | 143,432 | ||||||||||||
TOTAL | $ | 1,031,311 | $ | 1,796,107,274 | $ | 1,811,457 | $ | 1,798,950,042 |
** | Valued at the unrealized appreciation/(depreciation) on the investment. |
See accompanying Notes to Financial Statements.
122
THE UNITED KINGDOM SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
December 31, 2021
(Unaudited)
Shares | Value» | Percentage of Net Assets‡ | |||||||||||
COMMON STOCKS — (99.2%) | |||||||||||||
COMMUNICATION SERVICES — (2.9%) | |||||||||||||
Other Securities | $ | 54,689,294 | 2.9% | ||||||||||
CONSUMER DISCRETIONARY — (20.8%) | |||||||||||||
Bellway PLC | 290,781 | 13,216,011 | 0.7% | ||||||||||
* W | Countryside Properties PLC | 2,740,160 | 16,799,782 | 0.9% | |||||||||
Domino’s Pizza Group PLC | 3,187,849 | 19,854,864 | 1.1% | ||||||||||
Dunelm Group PLC | 688,532 | 12,830,568 | 0.7% | ||||||||||
* | Frasers Group PLC | 1,628,144 | 17,083,325 | 0.9% | |||||||||
Games Workshop Group PLC | 164,324 | 22,154,193 | 1.2% | ||||||||||
Greggs PLC | 636,335 | 28,803,836 | 1.5% | ||||||||||
Inchcape PLC | 2,534,123 | 31,299,766 | 1.7% | ||||||||||
* | Marks & Spencer Group PLC | 7,572,745 | 23,822,354 | 1.3% | |||||||||
Pets at Home Group PLC | 3,189,493 | 20,075,512 | 1.1% | ||||||||||
* | Playtech PLC | 1,947,421 | 19,403,522 | 1.0% | |||||||||
Redrow PLC | 1,608,116 | 15,347,505 | 0.8% | ||||||||||
Vistry Group PLC | 955,984 | 15,292,347 | 0.8% | ||||||||||
Other Securities | 133,340,505 | 7.2% | |||||||||||
TOTAL CONSUMER DISCRETIONARY | 389,324,090 | 20.9% | |||||||||||
CONSUMER STAPLES — (6.7%) | |||||||||||||
Britvic PLC | 1,714,389 | 21,432,111 | 1.1% | ||||||||||
Cranswick PLC | 367,371 | 18,505,245 | 1.0% | ||||||||||
Fevertree Drinks PLC | 644,091 | 23,456,936 | 1.3% | ||||||||||
Tate & Lyle PLC | 2,436,691 | 21,922,531 | 1.2% | ||||||||||
Other Securities | 40,213,911 | 2.1% | |||||||||||
TOTAL CONSUMER STAPLES | 125,530,734 | 6.7% | |||||||||||
ENERGY — (2.2%) | |||||||||||||
Other Securities | 41,823,876 | 2.2% | |||||||||||
FINANCIALS — (17.2%) | |||||||||||||
* | Beazley PLC | 3,323,724 | 21,017,424 | 1.1% | |||||||||
Close Brothers Group PLC | 953,170 | 18,179,645 | 1.0% | ||||||||||
Hiscox Ltd. | 1,671,297 | 19,627,818 | 1.1% | ||||||||||
IG Group Holdings PLC | 2,224,944 | 24,593,040 | 1.3% | ||||||||||
Man Group PLC | 9,599,081 | 29,575,098 | 1.6% | ||||||||||
Paragon Banking Group PLC | 1,968,335 | 15,120,762 | 0.8% | ||||||||||
W | Quilter PLC | 10,309,501 | 20,832,477 | 1.1% | |||||||||
* | Virgin Money UK PLC | 5,396,819 | 13,092,704 | 0.7% | |||||||||
Other Securities | 159,409,826 | 8.5% | |||||||||||
TOTAL FINANCIALS | 321,448,794 | 17.2% | |||||||||||
HEALTH CARE — (3.4%) | |||||||||||||
CVS Group PLC | 438,728 | 13,332,922 | 0.7% | ||||||||||
Other Securities | 49,836,728 | 2.7% | |||||||||||
TOTAL HEALTH CARE | 63,169,650 | 3.4% |
123
The United Kingdom Small Company Series
CONTINUED
Shares | Value» | Percentage of Net Assets‡ | |||||||||||
INDUSTRIALS — (24.8%) | |||||||||||||
Balfour Beatty PLC | 3,601,772 | $ | 12,830,036 | 0.7% | |||||||||
Bodycote PLC | 1,234,838 | 14,473,241 | 0.8% | ||||||||||
Diploma PLC | 610,355 | 27,982,624 | 1.5% | ||||||||||
Grafton Group PLC | 1,547,287 | 25,979,321 | 1.4% | ||||||||||
Hays PLC | 8,955,289 | 17,781,121 | 1.0% | ||||||||||
IMI PLC | 792,606 | 18,692,805 | 1.0% | ||||||||||
* | Meggitt PLC | 2,411,365 | 24,131,634 | 1.3% | |||||||||
Pagegroup PLC | 2,014,945 | 17,318,592 | 0.9% | ||||||||||
Rotork PLC | 5,045,631 | 24,556,124 | 1.3% | ||||||||||
Travis Perkins PLC | 1,069,614 | 22,580,170 | 1.2% | ||||||||||
Ultra Electronics Holdings PLC | 566,936 | 24,480,505 | 1.3% | ||||||||||
Other Securities | 232,967,512 | 12.4% | |||||||||||
TOTAL INDUSTRIALS | 463,773,685 | 24.8% | |||||||||||
INFORMATION TECHNOLOGY — (8.1%) | |||||||||||||
Computacenter PLC | 507,108 | 20,143,105 | 1.1% | ||||||||||
Oxford Instruments PLC | 376,467 | 13,519,355 | 0.7% | ||||||||||
Softcat PLC | 615,189 | 15,065,588 | 0.8% | ||||||||||
Spectris PLC | 416,441 | 20,728,589 | 1.1% | ||||||||||
Spirent Communications PLC | 4,163,665 | 15,709,210 | 0.8% | ||||||||||
Other Securities | 65,166,423 | 3.6% | |||||||||||
TOTAL INFORMATION TECHNOLOGY | 150,332,270 | 8.1% | |||||||||||
MATERIALS — (6.5%) | |||||||||||||
Hill & Smith Holdings PLC | 545,011 | 13,268,693 | 0.7% | ||||||||||
Marshalls PLC | 1,398,840 | 13,178,099 | 0.7% | ||||||||||
Victrex PLC | 564,433 | 18,807,953 | 1.0% | ||||||||||
Other Securities | 75,917,770 | 4.1% | |||||||||||
TOTAL MATERIALS | 121,172,515 | 6.5% | |||||||||||
REAL ESTATE — (3.6%) | |||||||||||||
Grainger PLC | 4,285,589 | 18,430,716 | 1.0% | ||||||||||
* | IWG PLC | 3,877,637 | 15,282,728 | 0.8% | |||||||||
Savills PLC | 986,247 | 18,786,049 | 1.0% | ||||||||||
Other Securities | 15,381,471 | 0.8% | |||||||||||
TOTAL REAL ESTATE | 67,880,964 | 3.6% | |||||||||||
UTILITIES — (3.0%) | |||||||||||||
* | Centrica PLC | 19,338,945 | 18,753,592 | 1.0% | |||||||||
Drax Group PLC | 2,521,289 | 20,735,867 | 1.1% | ||||||||||
Other Securities | 15,721,257 | 0.9% | |||||||||||
TOTAL UTILITIES | 55,210,716 | 3.0% | |||||||||||
TOTAL COMMON STOCKS (Cost $1,422,091,859) | 1,854,356,588 | 99.3% | |||||||||||
Value† | |||||||||||||
SECURITIES LENDING COLLATERAL — (0.8%) | |||||||||||||
@§ | The DFA Short Term Investment Fund | 1,261,323 | 14,590,981 | 0.8% | |||||||||
TOTAL INVESTMENTS—(100.0%) (Cost $1,436,680,864) | $ | 1,868,947,569 | 100.1% |
124
The United Kingdom Small Company Series
CONTINUED
Summary of the Series’ investments as of December 31, 2021, 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 | $ | 44,026 | $ | 54,645,268 | — | $ | 54,689,294 | |||||||||
Consumer Discretionary | 3,477,302 | 385,846,788 | — | 389,324,090 | ||||||||||||
Consumer Staples | — | 125,530,734 | — | 125,530,734 | ||||||||||||
Energy | — | 41,823,876 | — | 41,823,876 | ||||||||||||
Financials | — | 321,448,794 | — | 321,448,794 | ||||||||||||
Health Care | — | 63,169,650 | — | 63,169,650 | ||||||||||||
Industrials | — | 463,773,685 | — | 463,773,685 | ||||||||||||
Information Technology | — | 150,332,270 | — | 150,332,270 | ||||||||||||
Materials | — | 121,172,515 | — | 121,172,515 | ||||||||||||
Real Estate | — | 67,880,964 | — | 67,880,964 | ||||||||||||
Utilities | — | 55,210,716 | — | 55,210,716 | ||||||||||||
Securities Lending Collateral | — | 14,590,981 | — | 14,590,981 | ||||||||||||
TOTAL | $ | 3,521,328 | $ | 1,865,426,241 | — | $ | 1,868,947,569 |
See accompanying Notes to Financial Statements.
125
THE CONTINENTAL SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
December 31, 2021
(Unaudited)
Shares | Value» | Percentage of Net Assets‡ | |||||||||||
COMMON STOCKS — (95.1%) | |||||||||||||
AUSTRIA — (3.2%) | |||||||||||||
Wienerberger AG | 666,816 | $ | 24,487,814 | 0.4% | |||||||||
Other Securities | 189,126,430 | 2.9% | |||||||||||
TOTAL AUSTRIA | 213,614,244 | 3.3% | |||||||||||
BELGIUM — (4.1%) | |||||||||||||
Ackermans & van Haaren NV | 173,849 | 33,355,495 | 0.5% | ||||||||||
D’ieteren Group | 194,540 | 37,924,055 | 0.6% | ||||||||||
Other Securities | 200,738,857 | 3.2% | |||||||||||
TOTAL BELGIUM | 272,018,407 | 4.3% | |||||||||||
CANADA — (0.0%) | |||||||||||||
Other Security | 865,844 | 0.0% | |||||||||||
DENMARK — (5.4%) | |||||||||||||
* | ALK-Abello A.S. | 44,906 | 23,567,949 | 0.4% | |||||||||
Ringkjoebing Landbobank A.S. | 196,955 | 26,471,620 | 0.4% | ||||||||||
Royal Unibrew A.S. | 333,784 | 37,544,978 | 0.6% | ||||||||||
SimCorp A.S. | 260,559 | 28,398,774 | 0.4% | ||||||||||
Topdanmark A.S. | 428,065 | 24,011,322 | 0.4% | ||||||||||
Other Securities | 217,499,394 | 3.4% | |||||||||||
TOTAL DENMARK | 357,494,037 | 5.6% | |||||||||||
FINLAND — (5.8%) | |||||||||||||
Huhtamaki Oyj | 648,197 | 28,670,401 | 0.5% | ||||||||||
Nokian Renkaat Oyj | 778,828 | 29,428,454 | 0.5% | ||||||||||
# | Orion Oyj, Class B | 648,992 | 26,958,321 | 0.4% | |||||||||
Valmet Oyj | 881,875 | 37,810,940 | 0.6% | ||||||||||
Other Securities | 259,409,678 | 4.0% | |||||||||||
TOTAL FINLAND | 382,277,794 | 6.0% | |||||||||||
FRANCE — (11.3%) | |||||||||||||
Alten SA | 143,801 | 25,945,079 | 0.4% | ||||||||||
Faurecia SE | 672,912 | 32,014,465 | 0.5% | ||||||||||
Rexel SA | 2,087,138 | 42,269,667 | 0.7% | ||||||||||
* | SOITEC | 135,169 | 33,117,744 | 0.5% | |||||||||
Other Securities | 556,150,141 | 8.7% | |||||||||||
TOTAL FRANCE | 689,497,096 | 10.8% |
126
The Continental Small Company Series
CONTINUED
Shares | Value» | Percentage of Net Assets‡ | |||||||||||
GERMANY — (14.7%) | |||||||||||||
Aurubis AG | 290,978 | $ | 29,086,720 | 0.5% | |||||||||
Freenet AG | 1,002,596 | 26,496,585 | 0.4% | ||||||||||
GEA Group AG | 742,082 | 40,532,054 | 0.6% | ||||||||||
# | Gerresheimer AG | 247,359 | 23,783,309 | 0.4% | |||||||||
Hugo Boss AG | 449,115 | 27,186,717 | 0.4% | ||||||||||
* | K+S AG | 1,493,647 | 25,693,696 | 0.4% | |||||||||
Lanxess AG | 573,392 | 35,457,811 | 0.6% | ||||||||||
Rheinmetall AG | 296,163 | 27,871,918 | 0.4% | ||||||||||
# | Siltronic AG | 146,283 | 23,400,206 | 0.4% | |||||||||
TAG Immobilien AG | 1,009,676 | 28,202,534 | 0.4% | ||||||||||
Other Securities | 686,273,109 | 10.7% | |||||||||||
TOTAL GERMANY | 973,984,659 | 15.2% | |||||||||||
IRELAND — (0.9%) | |||||||||||||
* | Bank of Ireland Group PLC | 6,181,521 | 35,008,815 | 0.6% | |||||||||
Other Securities | 28,506,404 | 0.4% | |||||||||||
TOTAL IRELAND | 63,515,219 | 1.0% | |||||||||||
ISRAEL — (3.8%) | |||||||||||||
Other Securities | 252,287,696 | 3.9% | |||||||||||
ITALY — (8.0%) | |||||||||||||
Azimut Holding SpA | 850,578 | 23,778,968 | 0.4% | ||||||||||
# | Banco BPM SpA | 10,639,647 | 31,856,170 | 0.5% | |||||||||
Hera SpA | 5,621,776 | 23,366,145 | 0.4% | ||||||||||
Italgas SpA | 3,583,119 | 24,629,866 | 0.4% | ||||||||||
Reply SpA | 148,015 | 30,062,983 | 0.5% | ||||||||||
Other Securities | 400,920,136 | 6.1% | |||||||||||
TOTAL ITALY | 534,614,268 | 8.3% | |||||||||||
NETHERLANDS — (6.7%) | |||||||||||||
Aalberts NV | 700,503 | 46,450,180 | 0.7% | ||||||||||
Arcadis NV | 537,656 | 25,902,048 | 0.4% | ||||||||||
ASR Nederland NV | 931,393 | 42,893,682 | 0.7% | ||||||||||
BE Semiconductor Industries NV | 405,420 | 34,465,831 | 0.5% | ||||||||||
IMCD NV | 226,957 | 50,158,199 | 0.8% | ||||||||||
W | Signify NV | 673,043 | 31,250,581 | 0.5% | |||||||||
Other Securities | 211,403,514 | 3.3% | |||||||||||
TOTAL NETHERLANDS | 442,524,035 | 6.9% | |||||||||||
NORWAY — (1.9%) | |||||||||||||
Other Securities | 126,539,525 | 2.0% | |||||||||||
PORTUGAL — (0.7%) | |||||||||||||
Other Securities | 47,427,121 | 0.7% | |||||||||||
SPAIN — (5.1%) | |||||||||||||
* | Banco de Sabadell SA | 37,528,292 | 25,011,085 | 0.4% | |||||||||
# | Enagas SA | 1,100,056 | 25,555,747 | 0.4% | |||||||||
Other Securities | 287,116,952 | 4.5% | |||||||||||
TOTAL SPAIN | 337,683,784 | 5.3% |
127
The Continental Small Company Series
CONTINUED
Shares | Value» | Percentage of Net Assets‡ | |||||||||||
SWEDEN — (8.7%) | |||||||||||||
Other Securities | $ | 577,231,479 | 9.0% | ||||||||||
SWITZERLAND — (15.6%) | |||||||||||||
Allreal Holding AG | 120,042 | 26,577,717 | 0.4% | ||||||||||
* | ams AG | 1,330,843 | 24,082,229 | 0.4% | |||||||||
Belimo Holding AG | 62,939 | 39,965,388 | 0.6% | ||||||||||
Bucher Industries AG | 54,588 | 26,899,245 | 0.4% | ||||||||||
* | Flughafen Zurich AG | 137,395 | 24,673,914 | 0.4% | |||||||||
Georg Fischer AG | 31,822 | 48,147,219 | 0.8% | ||||||||||
Helvetia Holding AG | 257,696 | 30,272,898 | 0.5% | ||||||||||
PSP Swiss Property AG | 334,181 | 41,643,981 | 0.7% | ||||||||||
Siegfried Holding AG | 32,727 | 31,835,734 | 0.5% | ||||||||||
W | VAT Group AG | 136,676 | 67,726,156 | 1.1% | |||||||||
Other Securities | 674,342,655 | 10.4% | |||||||||||
TOTAL SWITZERLAND | 1,036,167,136 | 16.2% | |||||||||||
UNITED ARAB EMIRATES — (0.0%) | |||||||||||||
Other Security | 69,009 | 0.0% | |||||||||||
UNITED KINGDOM — (0.1%) | |||||||||||||
Other Securities | 4,542,163 | 0.1% | |||||||||||
UNITED STATES — (0.0%) | |||||||||||||
Other Security | 1,124,200 | 0.0% | |||||||||||
TOTAL COMMON STOCKS | 6,313,477,716 | 98.6% | |||||||||||
PREFERRED STOCKS — (0.9%) | |||||||||||||
GERMANY — (0.9%) | |||||||||||||
Other Securities | 59,671,230 | 0.9% | |||||||||||
RIGHTS/WARRANTS — (0.0%) | |||||||||||||
SPAIN — (0.0%) | |||||||||||||
Other Security | 414,934 | 0.0% | |||||||||||
TOTAL INVESTMENT SECURITIES (Cost $4,452,681,753) | 6,373,563,880 | ||||||||||||
Value† | |||||||||||||
SECURITIES LENDING COLLATERAL — (4.0%) | |||||||||||||
@§ | The DFA Short Term Investment Fund | 22,891,217 | 264,805,600 | 4.1% | |||||||||
TOTAL INVESTMENTS—(100.0%) (Cost $4,717,492,928) | $ | 6,638,369,480 | 103.6% |
128
The Continental Small Company Series
CONTINUED
Summary of the Series’ investments as of December 31, 2021, 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 | — | $ | 213,614,244 | — | $ | 213,614,244 | ||||||||||
Belgium | — | 272,018,407 | — | 272,018,407 | ||||||||||||
Canada | — | 865,844 | — | 865,844 | ||||||||||||
Denmark | — | 357,494,037 | — | 357,494,037 | ||||||||||||
Finland | — | 382,277,794 | — | 382,277,794 | ||||||||||||
France | — | 689,456,855 | $ | 40,241 | 689,497,096 | |||||||||||
Germany | $ | 14,168,171 | 959,816,488 | — | 973,984,659 | |||||||||||
Ireland | — | 63,515,219 | — | 63,515,219 | ||||||||||||
Israel | 765,249 | 251,522,447 | — | 252,287,696 | ||||||||||||
Italy | 3,570,535 | 531,043,733 | — | 534,614,268 | ||||||||||||
Netherlands | — | 442,524,035 | — | 442,524,035 | ||||||||||||
Norway | — | 126,539,525 | — | 126,539,525 | ||||||||||||
Portugal | — | 47,427,121 | — | 47,427,121 | ||||||||||||
Spain | — | 337,683,784 | — | 337,683,784 | ||||||||||||
Sweden | 1,082,667 | 576,148,812 | — | 577,231,479 | ||||||||||||
Switzerland | — | 1,036,167,136 | — | 1,036,167,136 | ||||||||||||
United Arab Emirates | — | 69,009 | — | 69,009 | ||||||||||||
United Kingdom | — | 4,542,163 | — | 4,542,163 | ||||||||||||
United States | — | 1,124,200 | — | 1,124,200 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Germany | — | 59,671,230 | — | 59,671,230 | ||||||||||||
Rights/Warrants | ||||||||||||||||
Spain | — | 414,934 | — | 414,934 | ||||||||||||
Securities Lending Collateral | — | 264,805,600 | — | 264,805,600 | ||||||||||||
TOTAL | $ | 19,586,622 | $ | 6,618,742,617 | $ | 40,241 | $ | 6,638,369,480 |
See accompanying Notes to Financial Statements.
129
THE CANADIAN SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
December 31, 2021
(Unaudited)
Shares | Value» | Percentage of Net Assets‡ | |||||||||||
COMMON STOCKS — (86.7%) | |||||||||||||
COMMUNICATION SERVICES — (1.2%) | |||||||||||||
Other Securities | $ | 18,359,995 | 1.3% | ||||||||||
CONSUMER DISCRETIONARY — (5.9%) | |||||||||||||
* | Aritzia, Inc. | 463,368 | 19,176,501 | 1.4% | |||||||||
# | Linamar Corp. | 255,634 | 15,142,619 | 1.1% | |||||||||
Other Securities | 60,124,549 | 4.2% | |||||||||||
TOTAL CONSUMER DISCRETIONARY | 94,443,669 | 6.7% | |||||||||||
CONSUMER STAPLES — (4.7%) | |||||||||||||
# | Maple Leaf Foods, Inc. | 425,387 | 9,839,775 | 0.7% | |||||||||
# | Premium Brands Holdings Corp. | 193,297 | 19,321,295 | 1.4% | |||||||||
Primo Water Corp. | 807,822 | 14,253,992 | 1.0% | ||||||||||
Other Securities | 31,213,209 | 2.2% | |||||||||||
TOTAL CONSUMER STAPLES | 74,628,271 | 5.3% | |||||||||||
ENERGY — (16.5%) | |||||||||||||
Crescent Point Energy Corp. | 3,094,505 | 16,513,619 | 1.2% | ||||||||||
# | Enerplus Corp. | 1,315,408 | 13,873,091 | 1.0% | |||||||||
# | Gibson Energy, Inc. | 904,630 | 16,033,681 | 1.1% | |||||||||
* | MEG Energy Corp. | 2,388,755 | 22,094,497 | 1.6% | |||||||||
# | Parex Resources, Inc. | 786,291 | 13,432,743 | 1.0% | |||||||||
# | Parkland Corp. | 764,130 | 21,003,834 | 1.5% | |||||||||
# | PrairieSky Royalty Ltd. | 1,062,407 | 11,447,573 | 0.8% | |||||||||
* | Vermilion Energy, Inc. | 949,975 | 11,945,616 | 0.9% | |||||||||
# | Whitecap Resources, Inc. | 3,163,960 | 18,734,387 | 1.3% | |||||||||
Other Securities | 117,580,532 | 8.3% | |||||||||||
TOTAL ENERGY | 262,659,573 | 18.7% | |||||||||||
FINANCIALS — (9.1%) | |||||||||||||
Canadian Western Bank | 484,098 | 13,892,057 | 1.0% | ||||||||||
# | CI Financial Corp. | 957,640 | 20,016,603 | 1.4% | |||||||||
# | ECN Capital Corp. | 2,463,868 | 10,401,245 | 0.7% | |||||||||
# | Element Fleet Management Corp. | 1,960,398 | 19,961,205 | 1.4% | |||||||||
#* | Home Capital Group, Inc. | 303,217 | 9,365,341 | 0.7% | |||||||||
# | Laurentian Bank of Canada | 409,999 | 13,020,009 | 0.9% | |||||||||
Other Securities | 58,321,777 | 4.3% | |||||||||||
TOTAL FINANCIALS | 144,978,237 | 10.4% | |||||||||||
HEALTH CARE — (1.3%) | |||||||||||||
Other Securities | 21,205,503 | 1.5% | |||||||||||
INDUSTRIALS — (10.8%) | |||||||||||||
#* | ATS Automation Tooling Systems, Inc. | 441,354 | 17,529,250 | 1.3% | |||||||||
#* | Bombardier, Inc., Class B | 9,043,893 | 12,011,337 | 0.9% | |||||||||
Finning International, Inc. | 863,514 | 21,762,778 | 1.6% | ||||||||||
Richelieu Hardware Ltd. | 348,373 | 12,015,901 | 0.9% | ||||||||||
# | Russel Metals, Inc. | 339,623 | 9,029,228 | 0.6% | |||||||||
# | SNC-Lavalin Group, Inc. | 661,542 | 16,165,274 | 1.2% |
130
The Canadian Small Company Series
CONTINUED
Shares | Value» | Percentage of Net Assets‡ | |||||||||||
INDUSTRIALS — (Continued) | |||||||||||||
Stantec, Inc. | 287,574 | $ | 16,157,069 | 1.2% | |||||||||
Other Securities | 67,132,982 | 4.6% | |||||||||||
TOTAL INDUSTRIALS | 171,803,819 | 12.3% | |||||||||||
INFORMATION TECHNOLOGY — (2.6%) | |||||||||||||
# | Enghouse Systems Ltd. | 254,495 | 9,743,621 | 0.7% | |||||||||
#* | Kinaxis, Inc. | 99,954 | 14,012,287 | 1.0% | |||||||||
Other Securities | 17,865,244 | 1.3% | |||||||||||
TOTAL INFORMATION TECHNOLOGY | 41,621,152 | 3.0% | |||||||||||
MATERIALS — (22.4%) | |||||||||||||
Alamos Gold, Inc., Class A | 2,208,403 | 16,986,993 | 1.2% | ||||||||||
B2Gold Corp. | 4,544,033 | 17,875,801 | 1.3% | ||||||||||
#* | Capstone Mining Corp. | 2,342,383 | 10,332,817 | 0.7% | |||||||||
# | Centerra Gold, Inc. | 1,211,006 | 9,334,212 | 0.7% | |||||||||
# | Interfor Corp. | 357,541 | 11,450,244 | 0.8% | |||||||||
# | Labrador Iron Ore Royalty Corp. | 300,269 | 8,908,728 | 0.6% | |||||||||
Methanex Corp. | 336,199 | 13,298,525 | 1.0% | ||||||||||
* | Pretium Resources, Inc. | 912,845 | 12,860,650 | 0.9% | |||||||||
SSR Mining, Inc. | 1,188,203 | 21,031,494 | 1.5% | ||||||||||
Stella-Jones, Inc. | 300,831 | 9,515,197 | 0.7% | ||||||||||
Yamana Gold, Inc. | 5,431,902 | 22,853,369 | 1.6% | ||||||||||
Other Securities | 201,567,590 | 14.4% | |||||||||||
TOTAL MATERIALS | 356,015,620 | 25.4% | |||||||||||
REAL ESTATE — (4.1%) | |||||||||||||
# | Altus Group Ltd. | 261,893 | 14,693,503 | 1.1% | |||||||||
Colliers International Group, Inc. | 137,275 | 20,442,253 | 1.5% | ||||||||||
# | Tricon Residential, Inc. | 837,685 | 12,820,729 | 0.9% | |||||||||
Other Securities | 17,536,496 | 1.2% | |||||||||||
TOTAL REAL ESTATE | 65,492,981 | 4.7% | |||||||||||
UTILITIES — (8.1%) | |||||||||||||
Atco Ltd., Class I | 382,922 | 12,926,020 | 0.9% | ||||||||||
# | Boralex, Inc., Class A | 516,532 | 14,161,295 | 1.0% | |||||||||
# | Brookfield Infrastructure Corp., Class A | 308,484 | 21,053,341 | 1.5% | |||||||||
# | Capital Power Corp. | 731,450 | 22,817,516 | 1.6% | |||||||||
# | Innergex Renewable Energy, Inc. | 652,084 | 9,588,332 | 0.7% | |||||||||
# | TransAlta Corp. | 1,769,656 | 19,655,849 | 1.4% | |||||||||
# | TransAlta Renewables, Inc. | 614,934 | 9,114,995 | 0.7% | |||||||||
Other Securities | 18,586,431 | 1.3% | |||||||||||
TOTAL UTILITIES | 127,903,779 | 9.1% | |||||||||||
TOTAL COMMON STOCKS | 1,379,112,599 | 98.4% | |||||||||||
RIGHTS/WARRANTS — (0.0%) | |||||||||||||
ENERGY — (0.0%) | |||||||||||||
Other Security | 198,305 | 0.0% | |||||||||||
TOTAL RIGHTS/WARRANTS | 198,305 | 0.0% | |||||||||||
TOTAL INVESTMENT SECURITIES (Cost $1,062,297,776) | 1,379,310,904 |
131
The Canadian Small Company Series
CONTINUED
Shares | Value† | Percentage of Net Assets‡ | |||||||||||
SECURITIES LENDING COLLATERAL — (13.3%) | |||||||||||||
@§ | The DFA Short Term Investment Fund | 18,368,392 | 212,485,554 | 15.1% | |||||||||
TOTAL INVESTMENTS—(100.0%) (Cost $1,274,790,753) | $ | 1,591,796,458 | 113.5% |
As of December 31, 2021, The Canadian Small Company Series had entered into the following outstanding futures contracts:
Description | Number of Contracts | Expiration Date | Notional Value | Market Value | Unrealized Appreciation (Depreciation) | |||||||||||
Long Position Contracts: | ||||||||||||||||
S&P 500® Emini Index | 40 | 03/18/22 | $9,542,327 | $9,517,000 | $(25,327 | ) | ||||||||||
Total Futures Contracts | $9,542,327 | $9,517,000 | $(25,327 | ) |
Summary of the Series’ investments as of December 31, 2021, 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 | $ | 18,359,995 | — | — | $ | 18,359,995 | ||||||||||
Consumer Discretionary | 94,419,815 | $ | 23,854 | — | 94,443,669 | |||||||||||
Consumer Staples | 74,628,271 | — | — | 74,628,271 | ||||||||||||
Energy | 262,611,258 | 48,315 | — | 262,659,573 | ||||||||||||
Financials | 144,978,237 | — | — | 144,978,237 | ||||||||||||
Health Care | 20,296,220 | 909,283 | — | 21,205,503 | ||||||||||||
Industrials | 171,803,819 | — | — | 171,803,819 | ||||||||||||
Information Technology | 41,621,152 | — | — | 41,621,152 | ||||||||||||
Materials | 352,701,748 | 3,313,872 | — | 356,015,620 | ||||||||||||
Real Estate | 65,492,981 | — | — | 65,492,981 | ||||||||||||
Utilities | 127,903,779 | — | — | 127,903,779 | ||||||||||||
Rights/Warrants | ||||||||||||||||
Energy | — | 198,305 | — | 198,305 | ||||||||||||
Securities Lending Collateral | — | 212,485,554 | — | 212,485,554 | ||||||||||||
Futures Contracts** | (25,327) | — | — | (25,327) | ||||||||||||
TOTAL | $ | 1,374,791,948 | $ | 216,979,183 | — | $ | 1,591,771,131 |
** | Valued at the unrealized appreciation/(depreciation) on the investment. |
See accompanying Notes to Financial Statements.
132
THE JAPANESE SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2021
Shares | Value» | Percentage of Net Assets‡ | ||||||||||||
COMMON STOCKS — (98.2%) | ||||||||||||||
COMMUNICATION SERVICES — (3.1%) | ||||||||||||||
Other Securities | $ | 105,693,477 | 3.1 | % | ||||||||||
CONSUMER DISCRETIONARY — (14.2%) | ||||||||||||||
Resorttrust, Inc. | 523,464 | 9,276,381 | 0.3 | % | ||||||||||
Takashimaya Co. Ltd. | 914,300 | 8,465,774 | 0.3 | % | ||||||||||
Other Securities | 471,009,353 | 13.7 | % | |||||||||||
TOTAL CONSUMER DISCRETIONARY | 488,751,508 | 14.3 | % | |||||||||||
CONSUMER STAPLES — (7.2%) | ||||||||||||||
Milbon Co. Ltd. | 159,852 | 9,570,980 | 0.3 | % | ||||||||||
Nippon Suisan Kaisha Ltd. | 1,912,300 | 10,868,179 | 0.3 | % | ||||||||||
Sapporo Holdings Ltd. | 392,620 | 8,518,732 | 0.3 | % | ||||||||||
Other Securities | 219,656,754 | 6.4 | % | |||||||||||
TOTAL CONSUMER STAPLES | 248,614,645 | 7.3 | % | |||||||||||
ENERGY — (0.9%) | ||||||||||||||
Other Securities | 32,702,071 | 1.0 | % | |||||||||||
FINANCIALS — (8.2%) | ||||||||||||||
Credit Saison Co. Ltd. | 735,700 | 9,019,474 | 0.3 | % | ||||||||||
Hirogin Holdings, Inc. | 1,512,200 | 8,331,078 | 0.3 | % | ||||||||||
Jafco Group Co. Ltd. | 204,100 | 12,931,197 | 0.4 | % | ||||||||||
Other Securities | 253,393,996 | 7.3 | % | |||||||||||
TOTAL FINANCIALS | 283,675,745 | 8.3 | % | |||||||||||
HEALTH CARE — (4.4%) | ||||||||||||||
H.U. Group Holdings, Inc. | 362,400 | 8,937,241 | 0.3 | % | ||||||||||
Nipro Corp. | 809,400 | 8,224,859 | 0.2 | % | ||||||||||
Other Securities | 134,032,273 | 3.9 | % | |||||||||||
TOTAL HEALTH CARE | 151,194,373 | 4.4 | % | |||||||||||
INDUSTRIALS — (29.9%) | ||||||||||||||
Daiseki Co. Ltd. | 292,755 | 13,664,852 | 0.4 | % | ||||||||||
DMG Mori Co. Ltd. | 728,000 | 12,536,750 | 0.4 | % | ||||||||||
* | Fujikura Ltd. | 1,714,800 | 9,249,370 | 0.3 | % | |||||||||
Furukawa Electric Co. Ltd. | 424,300 | 9,284,144 | 0.3 | % | ||||||||||
GS Yuasa Corp. | 375,183 | 8,167,598 | 0.2 | % | ||||||||||
Hazama Ando Corp. | 1,294,000 | 8,762,584 | 0.3 | % | ||||||||||
Hitachi Zosen Corp. | 1,034,779 | 8,113,625 | 0.2 | % | ||||||||||
Inaba Denki Sangyo Co. Ltd. | 327,400 | 7,853,534 | 0.2 | % | ||||||||||
INFRONEER Holdings, Inc. | 1,192,388 | 9,875,975 | 0.3 | % | ||||||||||
Japan Steel Works Ltd. | 348,100 | 10,226,224 | 0.3 | % | ||||||||||
Meitec Corp. | 166,200 | 9,996,518 | 0.3 | % | ||||||||||
Mirait Holdings Corp. | 583,135 | 11,215,268 | 0.3 | % | ||||||||||
Nagase & Co. Ltd. | 578,600 | 9,793,254 | 0.3 | % | ||||||||||
Nichias Corp. | 391,000 | 9,573,627 | 0.3 | % | ||||||||||
Nishimatsu Construction Co. Ltd. | 345,000 | 9,951,583 | 0.3 | % |
133
The Japanese Small Company Series
continued
Shares | Value» | Percentage of Net Assets‡ | ||||||||||||
INDUSTRIALS — (Continued) | ||||||||||||||
# | OSG Corp. | 511,900 | $ | 8,516,449 | 0.3 | % | ||||||||
Outsourcing, Inc. | 768,100 | 14,734,721 | 0.4 | % | ||||||||||
Penta-Ocean Construction Co. Ltd. | 1,616,400 | 11,138,498 | 0.3 | % | ||||||||||
Ushio, Inc. | 651,100 | 11,648,428 | 0.4 | % | ||||||||||
Other Securities | 838,064,288 | 24.4 | % | |||||||||||
TOTAL INDUSTRIALS | 1,032,367,290 | 30.2 | % | |||||||||||
INFORMATION TECHNOLOGY — (15.2%) | ||||||||||||||
Alps Alpine Co. Ltd. | 1,039,300 | 10,155,061 | 0.3 | % | ||||||||||
# | Anritsu Corp. | 636,100 | 10,548,092 | 0.3 | % | |||||||||
Daiwabo Holdings Co. Ltd. | 582,700 | 10,258,415 | 0.3 | % | ||||||||||
Ferrotec Holdings Corp. | 232,000 | 7,782,329 | 0.2 | % | ||||||||||
Macnica Fuji Electronics Holdings, Inc. | 342,150 | 8,043,827 | 0.2 | % | ||||||||||
Nippon Electric Glass Co. Ltd. | 515,736 | 13,168,257 | 0.4 | % | ||||||||||
NSD Co. Ltd. | 508,160 | 9,682,738 | 0.3 | % | ||||||||||
Tokyo Seimitsu Co. Ltd. | 253,800 | 10,333,728 | 0.3 | % | ||||||||||
Topcon Corp. | 684,300 | 12,200,386 | 0.4 | % | ||||||||||
Ulvac, Inc. | 162,300 | 9,105,840 | 0.3 | % | ||||||||||
Other Securities | 423,947,927 | 12.4 | % | |||||||||||
TOTAL INFORMATION TECHNOLOGY | 525,226,600 | 15.4 | % | |||||||||||
MATERIALS — (11.9%) | ||||||||||||||
ADEKA Corp. | 602,400 | 13,400,601 | 0.4 | % | ||||||||||
# | Asahi Holdings, Inc. | 464,800 | 8,295,809 | 0.3 | % | |||||||||
Dowa Holdings Co. Ltd. | 208,205 | 8,695,455 | 0.3 | % | ||||||||||
Kobe Steel Ltd. | 1,495,100 | 8,784,296 | 0.3 | % | ||||||||||
Mitsui Mining & Smelting Co. Ltd. | 372,700 | 10,694,693 | 0.3 | % | ||||||||||
Sumitomo Bakelite Co. Ltd. | 192,800 | 8,664,946 | 0.3 | % | ||||||||||
Toagosei Co. Ltd. | 740,500 | 8,275,887 | 0.2 | % | ||||||||||
Ube Industries Ltd. | 430,100 | 8,013,345 | 0.2 | % | ||||||||||
Yamato Kogyo Co. Ltd. | 253,200 | 8,489,870 | 0.3 | % | ||||||||||
Other Securities | 326,086,787 | 9.4 | % | |||||||||||
TOTAL MATERIALS | 409,401,689 | 12.0 | % | |||||||||||
REAL ESTATE — (1.7%) | ||||||||||||||
Other Securities | 57,897,941 | 1.7 | % | |||||||||||
UTILITIES — (1.5%) | ||||||||||||||
Nippon Gas Co. Ltd. | 684,000 | 8,484,055 | 0.3 | % | ||||||||||
West Holdings Corp. | 143,603 | 8,026,221 | 0.2 | % | ||||||||||
Other Securities | 35,924,861 | 1.0 | % | |||||||||||
TOTAL UTILITIES | 52,435,137 | 1.5 | % | |||||||||||
TOTAL COMMON STOCKS (Cost $2,886,201,109) | $ | 3,387,960,476 | 99.2 | % | ||||||||||
Value† | ||||||||||||||
SECURITIES LENDING COLLATERAL — (1.8%) | ||||||||||||||
@ | §The DFA Short Term Investment Fund | 5,314,587 | 61,489,772 | 1.8 | % | |||||||||
TOTAL INVESTMENTS—(100.0%) (Cost $2,947,678,139) | $ | 3,449,450,248 | 101.0 | % |
134
The Japanese Small Company Series
continued
Summary of the Series’ investments as of October 31, 2021, 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 | — | $ | 105,693,477 | — | $ | 105,693,477 | ||||||||||
Consumer Discretionary | — | 488,751,508 | — | 488,751,508 | ||||||||||||
Consumer Staples | — | 248,614,645 | — | 248,614,645 | ||||||||||||
Energy | — | 32,702,071 | — | 32,702,071 | ||||||||||||
Financials | — | 283,675,745 | — | 283,675,745 | ||||||||||||
Health Care | — | 151,194,373 | — | 151,194,373 | ||||||||||||
Industrials | $ | 15,163,165 | 1,017,204,125 | — | 1,032,367,290 | |||||||||||
Information Technology | — | 525,226,600 | — | 525,226,600 | ||||||||||||
Materials | — | 409,401,689 | — | 409,401,689 | ||||||||||||
Real Estate | — | 57,897,941 | — | 57,897,941 | ||||||||||||
Utilities | — | 52,435,137 | — | 52,435,137 | ||||||||||||
Securities Lending Collateral | — | 61,489,772 | — | 61,489,772 | ||||||||||||
TOTAL | $ | 15,163,165 | $ | 3,434,287,083 | — | $ | 3,449,450,248 |
See accompanying Notes to Financial Statements.
135
THE ASIA PACIFIC SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2021
Shares | Value» | Percentage of Net Assets‡ | ||||||||||||
COMMON STOCKS — (97.8%) | ||||||||||||||
AUSTRALIA — (59.7%) | ||||||||||||||
* | AMP Ltd. | 12,893,152 | $ | 10,548,526 | 0.6 | % | ||||||||
ARB Corp. Ltd. | 521,174 | 19,195,274 | 1.1 | % | ||||||||||
Bapcor Ltd. | 2,189,248 | 13,204,770 | 0.7 | % | ||||||||||
# | Breville Group Ltd. | 681,670 | 15,172,506 | 0.8 | % | |||||||||
Brickworks Ltd. | 486,532 | 8,731,553 | 0.5 | % | ||||||||||
Carsales.com Ltd. | 553,743 | 10,362,825 | 0.6 | % | ||||||||||
Challenger Ltd. | 2,321,555 | 12,194,726 | 0.7 | % | ||||||||||
* | Corporate Travel Management Ltd. | 650,080 | 12,044,252 | 0.7 | % | |||||||||
Credit Corp. Group Ltd. | 442,571 | 10,527,755 | 0.6 | % | ||||||||||
CSR Ltd. | 3,109,441 | 13,958,892 | 0.8 | % | ||||||||||
Downer EDI Ltd. | 2,071,013 | 9,901,826 | 0.6 | % | ||||||||||
Eagers Automotive Ltd. | 775,292 | 8,710,647 | 0.5 | % | ||||||||||
Elders Ltd. | 1,009,369 | 9,169,814 | 0.5 | % | ||||||||||
Healius Ltd. | 3,973,423 | 14,549,415 | 0.8 | % | ||||||||||
Iluka Resources Ltd. | 1,999,707 | 14,266,701 | 0.8 | % | ||||||||||
IOOF Holdings Ltd. | 3,815,495 | 11,809,268 | 0.7 | % | ||||||||||
IRESS Ltd. | 1,225,060 | 11,168,044 | 0.6 | % | ||||||||||
* | Lynas Rare Earths Ltd. | 1,615,350 | 9,011,232 | 0.5 | % | |||||||||
# | Metcash Ltd. | 6,296,220 | 19,404,717 | 1.1 | % | |||||||||
nib holdings Ltd. | 2,951,426 | 14,861,717 | 0.8 | % | ||||||||||
* | Orocobre Ltd. | 2,264,756 | 15,294,789 | 0.8 | % | |||||||||
Orora Ltd. | 5,931,076 | 14,837,472 | 0.8 | % | ||||||||||
Pendal Group Ltd. | 2,058,779 | 10,413,306 | 0.6 | % | ||||||||||
Perpetual Ltd. | 376,124 | 10,750,588 | 0.6 | % | ||||||||||
* | Perseus Mining Ltd. | 8,114,950 | 9,622,883 | 0.5 | % | |||||||||
Premier Investments Ltd. | 458,786 | 10,647,565 | 0.6 | % | ||||||||||
Reliance Worldwide Corp. Ltd. | 3,629,454 | 15,959,122 | 0.9 | % | ||||||||||
Sandfire Resource Ltd. | 2,725,681 | 11,481,645 | 0.6 | % | ||||||||||
Sims Ltd. | 1,175,465 | 12,796,166 | 0.7 | % | ||||||||||
Spark Infrastructure Group | 10,978,157 | 23,274,771 | 1.3 | % | ||||||||||
* | Star Entertainment Grp Ltd. | 3,941,041 | 10,951,914 | 0.6 | % | |||||||||
Steadfast Group Ltd. | 3,596,653 | 12,654,068 | 0.7 | % | ||||||||||
Super Retail Group Ltd. | 1,085,264 | 10,646,830 | 0.6 | % | ||||||||||
Technology One Ltd. | 1,674,190 | 15,547,005 | 0.9 | % | ||||||||||
* | Webjet Ltd. | 2,061,672 | 9,866,315 | 0.5 | % | |||||||||
* | Whitehaven Coal Ltd. | 5,382,983 | 10,652,888 | 0.6 | % | |||||||||
#* | Zip Co. Ltd. | 1,986,170 | 9,816,301 | 0.5 | % | |||||||||
Other Securities | 645,675,521 | 35.1 | % | |||||||||||
TOTAL AUSTRALIA | 1,109,683,609 | 60.9 | % |
136
The Asia Pacific Small Company Series
continued
Shares | Value» | Percentage of Net Assets‡ | ||||||||||||
CHINA — (0.0%) | ||||||||||||||
Other Securities | $ | 138,963 | 0.0 | % | ||||||||||
HONG KONG — (21.0%) | ||||||||||||||
ASM Pacific Technology Ltd. | 1,406,800 | 15,222,149 | 0.8 | % | ||||||||||
# | Kerry Logistics Network Ltd. | 4,063,500 | 9,853,152 | 0.5 | % | |||||||||
Luk Fook Holdings International Ltd. | 3,577,000 | 9,748,695 | 0.5 | % | ||||||||||
Pacific Basin Shipping Ltd. | 32,170,000 | 14,846,663 | 0.8 | % | ||||||||||
VTech Holdings Ltd. | 1,345,100 | 10,357,891 | 0.6 | % | ||||||||||
Other Securities | 331,012,861 | 18.2 | % | |||||||||||
TOTAL HONG KONG | 391,041,411 | 21.4 | % | |||||||||||
NEW ZEALAND — (6.5%) | ||||||||||||||
Chorus Ltd. | 2,826,320 | 12,906,707 | 0.7 | % | ||||||||||
# | Freightways Ltd. | 976,177 | 9,063,774 | 0.5 | % | |||||||||
Infratil Ltd. | 3,435,660 | 20,385,406 | 1.1 | % | ||||||||||
Mainfreight Ltd. | 156,515 | 10,085,924 | 0.6 | % | ||||||||||
SKYCITY Entertainment Group Ltd. | 4,937,567 | 11,322,406 | 0.6 | % | ||||||||||
Summerset Group Holdings Ltd. | 985,298 | 10,250,669 | 0.6 | % | ||||||||||
Other Securities | 46,763,116 | 2.5 | % | |||||||||||
TOTAL NEW ZEALAND | 120,778,002 | 6.6 | % | |||||||||||
SINGAPORE — (10.5%) | ||||||||||||||
Sembcorp Industries Ltd. | 6,027,400 | 8,995,759 | 0.5 | % | ||||||||||
Singapore Press Holdings Ltd. | 7,439,300 | 10,978,277 | 0.6 | % | ||||||||||
Other Securities | 176,291,309 | 9.7 | % | |||||||||||
TOTAL SINGAPORE | 196,265,345 | 10.8 | % | |||||||||||
UNITED STATES — (0.1%) | ||||||||||||||
Other Securities | 1,189,681 | 0.1 | % | |||||||||||
TOTAL COMMON STOCKS | 1,819,097,011 | 99.8 | % | |||||||||||
PREFERRED STOCKS — (0.0%) | ||||||||||||||
AUSTRALIA — (0.0%) | ||||||||||||||
Other Security | 68,066 | 0.0 | % | |||||||||||
RIGHTS/WARRANTS — (0.0%) | ||||||||||||||
AUSTRALIA — (0.0%) | ||||||||||||||
Other Securities | 138 | 0.0 | % | |||||||||||
HONG KONG — (0.0%) | ||||||||||||||
Other Security | 7,842 | 0.0 | % | |||||||||||
NEW ZEALAND — (0.0%) | ||||||||||||||
Other Security | 15,450 | 0.0 | % |
137
The Asia Pacific Small Company Series
continued
Shares | Value» | Percentage of Net Assets‡ | |||||||||||
SINGAPORE — (0.0%) | |||||||||||||
Other Securities | $ | 16,264 | 0.0 | % | |||||||||
TOTAL RIGHTS/WARRANTS | 39,694 | 0.0 | % | ||||||||||
TOTAL INVESTMENT SECURITIES (Cost $1,603,374,310) | 1,819,204,771 | ||||||||||||
Value† | |||||||||||||
SECURITIES LENDING COLLATERAL — (2.2%) | |||||||||||||
@§The DFA Short Term Investment Fund | 3,509,676 | 40,606,949 | 2.2 | % | |||||||||
TOTAL INVESTMENTS—(100.0%) (Cost $1,643,976,673) | $ | 1,859,811,720 | 102.0 | % |
Summary of the Series’ investments as of October 31, 2021, based on their valuation inputs, is as follows (see Security Valuation Note):
Investments in Securities (Market Value) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | 12,676 | $ | 1,109,648,166 | $ | 22,767 | $ | 1,109,683,609 | ||||||||
China | — | 138,963 | — | 138,963 | ||||||||||||
Hong Kong | — | 390,169,707 | 871,704 | 391,041,411 | ||||||||||||
New Zealand | — | 120,778,002 | — | 120,778,002 | ||||||||||||
Singapore | — | 195,145,698 | 1,119,647 | 196,265,345 | ||||||||||||
United States | — | 1,189,681 | — | 1,189,681 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Australia | — | 68,066 | — | 68,066 | ||||||||||||
Rights/Warrants | ||||||||||||||||
Australia | — | 138 | — | 138 | ||||||||||||
Hong Kong | — | 7,842 | — | 7,842 | ||||||||||||
New Zealand | — | 15,450 | — | 15,450 | ||||||||||||
Singapore | — | 16,264 | — | 16,264 | ||||||||||||
Securities Lending Collateral | — | 40,606,949 | — | 40,606,949 | ||||||||||||
TOTAL | $ | 12,676 | $ | 1,857,784,926 | $2,014,118^ | $ | 1,859,811,720 |
^ | A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets. |
See accompanying Notes to Financial Statements.
138
THE UNITED KINGDOM SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2021
Shares | Value» | Percentage of Net Assets‡ | ||||||||||||
COMMON STOCKS — (99.2%) | ||||||||||||||
COMMUNICATION SERVICES — (3.8%) | ||||||||||||||
Daily Mail & General Trust PLC, Class A | 1,003,074 | $ | 14,237,131 | 0.7 | % | |||||||||
Other Securities | 57,764,428 | 3.1 | % | |||||||||||
TOTAL COMMUNICATION SERVICES | 72,001,559 | 3.8 | % | |||||||||||
CONSUMER DISCRETIONARY — (19.8%) | ||||||||||||||
Bellway PLC | 417,887 | 18,961,147 | 1.0 | % | ||||||||||
* | Countryside Properties PLC | 2,922,469 | 18,812,341 | 1.0 | % | |||||||||
Domino’s Pizza Group PLC | 3,262,553 | 17,283,266 | 0.9 | % | ||||||||||
* | Frasers Group PLC | 1,628,144 | 14,351,413 | 0.8 | % | |||||||||
Games Workshop Group PLC | 157,764 | 20,837,762 | 1.1 | % | ||||||||||
Greggs PLC | 636,335 | 26,596,851 | 1.4 | % | ||||||||||
Inchcape PLC | 2,550,326 | 28,784,465 | 1.5 | % | ||||||||||
* | Marks & Spencer Group PLC | 7,572,745 | 19,035,955 | 1.0 | % | |||||||||
Pets at Home Group PLC | 3,262,961 | 21,532,073 | 1.1 | % | ||||||||||
* | Playtech PLC | 1,947,421 | 18,527,516 | 1.0 | % | |||||||||
Redrow PLC | 1,602,850 | 14,112,668 | 0.8 | % | ||||||||||
Vistry Group PLC | 898,922 | 15,053,083 | 0.8 | % | ||||||||||
Other Securities | 142,754,262 | 7.5 | % | |||||||||||
TOTAL CONSUMER DISCRETIONARY | 376,642,802 | 19.9 | % | |||||||||||
CONSUMER STAPLES — (6.7%) | ||||||||||||||
Britvic PLC | 1,748,990 | 21,232,260 | 1.1 | % | ||||||||||
Cranswick PLC | 374,680 | 17,707,906 | 0.9 | % | ||||||||||
Fevertree Drinks PLC | 655,368 | 20,392,946 | 1.1 | % | ||||||||||
Tate & Lyle PLC | 2,419,131 | 21,435,384 | 1.1 | % | ||||||||||
Other Securities | 46,754,593 | 2.5 | % | |||||||||||
TOTAL CONSUMER STAPLES | 127,523,089 | 6.7 | % | |||||||||||
ENERGY — (2.3%) | ||||||||||||||
Other Securities | 44,336,800 | 2.3 | % | |||||||||||
FINANCIALS — (16.6%) | ||||||||||||||
* | Beazley PLC | 3,279,338 | 17,442,492 | 0.9 | % | |||||||||
Close Brothers Group PLC | 970,236 | 19,112,250 | 1.0 | % | ||||||||||
Hiscox Ltd | 1,621,850 | 18,452,426 | 1.0 | % | ||||||||||
IG Group Holdings PLC | 2,149,742 | 23,326,151 | 1.2 | % | ||||||||||
Man Group PLC | 9,599,081 | 30,488,754 | 1.6 | % | ||||||||||
Paragon Banking Group PLC | 1,977,656 | 14,825,635 | 0.8 | % | ||||||||||
Quilter PLC | 10,641,392 | 22,656,903 | 1.2 | % | ||||||||||
* | Virgin Money UK PLC | 5,337,722 | 14,829,830 | 0.8 | % | |||||||||
Other Securities | 154,697,225 | 8.1 | % | |||||||||||
TOTAL FINANCIALS | 315,831,666 | 16.6 | % | |||||||||||
HEALTH CARE — (3.2%) | ||||||||||||||
* | CVS Group PLC | 436,875 | 14,888,932 | 0.8 | % | |||||||||
Other Securities | 46,277,391 | 2.4 | % | |||||||||||
TOTAL HEALTH CARE | 61,166,323 | 3.2 | % |
139
The United Kingdom Small Company Series
continued
Shares | Value» | Percentage of Net Assets‡ | ||||||||||||
INDUSTRIALS — (25.6%) | ||||||||||||||
Bodycote PLC | 1,252,104 | $ | 13,714,783 | 0.7 | % | |||||||||
Diploma PLC | 628,300 | 25,821,321 | 1.4 | % | ||||||||||
Genuit Group PLC | 1,416,533 | 12,853,080 | 0.7 | % | ||||||||||
Grafton Group PLC | 1,582,491 | 29,066,399 | 1.5 | % | ||||||||||
Hays PLC | 8,705,616 | 19,729,104 | 1.0 | % | ||||||||||
IMI PLC | 1,193,944 | 26,662,992 | 1.4 | % | ||||||||||
* | Meggitt PLC | 2,411,365 | 24,757,023 | 1.3 | % | |||||||||
Pagegroup PLC | 2,014,945 | 18,283,115 | 1.0 | % | ||||||||||
Rotork PLC | 5,214,504 | 25,207,456 | 1.3 | % | ||||||||||
Travis Perkins PLC | 1,046,773 | 22,129,674 | 1.2 | % | ||||||||||
Ultra Electronics Holdings PLC | 566,936 | 25,121,854 | 1.3 | % | ||||||||||
Other Securities | 243,351,972 | 12.9 | % | |||||||||||
TOTAL INDUSTRIALS | 486,698,773 | 25.7 | % | |||||||||||
INFORMATION TECHNOLOGY — (8.5%) | ||||||||||||||
Computacenter PLC | 514,578 | 18,918,353 | 1.0 | % | ||||||||||
Softcat PLC | 738,845 | 19,636,602 | 1.0 | % | ||||||||||
Spectris PLC | 433,873 | 22,323,692 | 1.2 | % | ||||||||||
Spirent Communications PLC | 4,206,131 | 16,515,848 | 0.9 | % | ||||||||||
Other Securities | 84,212,380 | 4.4 | % | |||||||||||
TOTAL INFORMATION TECHNOLOGY | 161,606,875 | 8.5 | % | |||||||||||
MATERIALS — (6.5%) | ||||||||||||||
Hill & Smith Holdings PLC | 545,011 | 13,677,859 | 0.7 | % | ||||||||||
Marshalls PLC | 1,408,571 | 13,643,131 | 0.7 | % | ||||||||||
Synthomer PLC | 2,263,160 | 15,684,931 | 0.8 | % | ||||||||||
Victrex PLC | 576,646 | 18,032,016 | 1.0 | % | ||||||||||
Other Securities | 63,589,179 | 3.4 | % | |||||||||||
TOTAL MATERIALS | 124,627,116 | 6.6 | % | |||||||||||
REAL ESTATE — (3.7%) | ||||||||||||||
Grainger PLC | 4,411,972 | 18,556,053 | 1.0 | % | ||||||||||
* | IWG PLC | 3,858,261 | 16,364,344 | 0.9 | % | |||||||||
Savills PLC | 986,247 | 19,181,608 | 1.0 | % | ||||||||||
Other Securities | 16,005,096 | 0.8 | % | |||||||||||
TOTAL REAL ESTATE | 70,107,101 | 3.7 | % | |||||||||||
UTILITIES — (2.5%) | ||||||||||||||
* | Centrica PLC | 19,338,945 | 15,964,039 | 0.8 | % | |||||||||
Drax Group PLC | 2,521,289 | 18,336,886 | 1.0 | % | ||||||||||
Other Securities | 13,045,684 | 0.7 | % | |||||||||||
TOTAL UTILITIES | 47,346,609 | 2.5 | % | |||||||||||
TOTAL COMMON STOCKS (Cost $1,462,298,964) | 1,887,888,713 | 99.5 | % | |||||||||||
Value† | ||||||||||||||
SECURITIES LENDING COLLATERAL — (0.8%) | ||||||||||||||
@§ | The DFA Short Term Investment Fund | 1,351,028 | 15,631,396 | 0.8 | % | |||||||||
TOTAL INVESTMENTS—(100.0%) (Cost $1,477,926,404) | $ | 1,903,520,109 | 100.3 | % |
140
The United Kingdom Small Company Series
continued
Summary of the Series’ investments as of October 31, 2021, 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 | $ | 55,069 | $ | 71,946,490 | — | $ | 72,001,559 | |||||||||
Consumer Discretionary | — | 376,642,802 | — | 376,642,802 | ||||||||||||
Consumer Staples | — | 127,523,089 | — | 127,523,089 | ||||||||||||
Energy | — | 44,336,800 | — | 44,336,800 | ||||||||||||
Financials | — | 315,831,666 | — | 315,831,666 | ||||||||||||
Health Care | — | 61,166,323 | — | 61,166,323 | ||||||||||||
Industrials | — | 486,698,773 | — | 486,698,773 | ||||||||||||
Information Technology | — | 161,606,875 | — | 161,606,875 | ||||||||||||
Materials | — | 124,627,116 | — | 124,627,116 | ||||||||||||
Real Estate | — | 70,107,101 | — | 70,107,101 | ||||||||||||
Utilities | — | 47,346,609 | — | 47,346,609 | ||||||||||||
Securities Lending Collateral | — | 15,631,396 | — | 15,631,396 | ||||||||||||
TOTAL | $ | 55,069 | $ | 1,903,465,040 | — | $ | 1,903,520,109 |
See accompanying Notes to Financial Statements.
141
THE CONTINENTAL SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2021
Shares | Value» | Percentage of Net Assets‡ | |||||||||||
COMMON STOCKS — (94.7%) | |||||||||||||
AUSTRIA — (3.1%) | |||||||||||||
ANDRITZ AG | 473,948 | $ | 26,919,532 | 0.4 | % | ||||||||
Other Securities | 187,051,424 | 2.9 | % | ||||||||||
TOTAL AUSTRIA | 213,970,956 | 3.3 | % | ||||||||||
BELGIUM — (3.8%) | |||||||||||||
Ackermans & van Haaren NV | 177,966 | 30,604,090 | 0.5 | % | |||||||||
D’ieteren Group | 194,540 | 33,543,417 | 0.5 | % | |||||||||
Other Securities | 197,897,761 | 3.0 | % | ||||||||||
TOTAL BELGIUM | 262,045,268 | 4.0 | % | ||||||||||
CANADA — (0.0%) | |||||||||||||
Other Security | 709,749 | 0.0 | % | ||||||||||
DENMARK — (5.3%) | |||||||||||||
Ringkjoebing Landbobank AS | 195,777 | 24,871,398 | 0.4 | % | |||||||||
Royal Unibrew AS | 331,556 | 41,187,654 | 0.6 | % | |||||||||
# | SimCorp AS | 271,754 | 32,907,854 | 0.5 | % | ||||||||
Other Securities | 260,732,463 | 4.0 | % | ||||||||||
TOTAL DENMARK | 359,699,369 | 5.5 | % | ||||||||||
FINLAND — (5.8%) | |||||||||||||
Huhtamaki Oyj | 673,038 | 29,346,505 | 0.4 | % | |||||||||
# | Nokian Renkaat Oyj | 768,570 | 28,861,457 | 0.4 | % | ||||||||
# | Orion Oyj, Class B | 636,552 | 27,564,996 | 0.4 | % | ||||||||
Valmet Oyj | 924,559 | 37,533,401 | 0.6 | % | |||||||||
Other Securities | 271,277,867 | 4.2 | % | ||||||||||
TOTAL FINLAND | 394,584,226 | 6.0 | % | ||||||||||
FRANCE — (10.4%) | |||||||||||||
Faurecia SE | 649,627 | 33,928,710 | 0.5 | % | |||||||||
Rexel SA | 2,125,412 | 42,245,103 | 0.7 | % | |||||||||
* | SOITEC | 135,169 | 35,988,721 | 0.6 | % | ||||||||
Other Securities | 598,104,390 | 9.1 | % | ||||||||||
TOTAL FRANCE | 710,266,924 | 10.9 | % | ||||||||||
GERMANY — (15.1%) | |||||||||||||
Aurubis AG | 287,587 | 24,781,328 | 0.4 | % | |||||||||
Freenet AG | 1,000,321 | 25,763,506 | 0.4 | % | |||||||||
GEA Group AG | 742,082 | 36,548,405 | 0.6 | % | |||||||||
# | Gerresheimer AG | 261,448 | 23,988,547 | 0.4 | % | ||||||||
Hugo Boss AG | 459,212 | 28,754,576 | 0.4 | % | |||||||||
* | K+S AG | 1,479,794 | 25,500,212 | 0.4 | % | ||||||||
Lanxess AG | 599,001 | 40,362,102 | 0.6 | % |
142
The Continental Small Company Series
CONTINUED
Shares | Value» | Percentage of Net Assets‡ | |||||||||||
# | ProSiebenSat.1 Media SE | 1,393,286 | $ | 23,338,566 | 0.4 | % | |||||||
Rheinmetall AG | 309,902 | 30,068,830 | 0.5 | % | |||||||||
TAG Immobilien AG | 1,033,296 | 31,392,640 | 0.5 | % | |||||||||
Other Securities | 735,033,666 | 11.1 | % | ||||||||||
TOTAL GERMANY | 1,025,532,378 | 15.7 | % | ||||||||||
IRELAND — (1.0%) | |||||||||||||
* | Bank of Ireland Group PLC | 6,006,044 | 35,779,124 | 0.6 | % | ||||||||
Other Securities | 30,504,504 | 0.4 | % | ||||||||||
TOTAL IRELAND | 66,283,628 | 1.0 | % | ||||||||||
ISRAEL — (3.3%) | |||||||||||||
Other Securities | 225,995,115 | 3.4 | % | ||||||||||
ITALY — (8.3%) | |||||||||||||
A2A SpA | 12,233,648 | 25,743,846 | 0.4 | % | |||||||||
Azimut Holding SpA | 906,940 | 26,118,330 | 0.4 | % | |||||||||
# | Banco BPM SpA | 12,107,842 | 37,652,859 | 0.6 | % | ||||||||
Hera SpA | 5,824,869 | 23,830,941 | 0.4 | % | |||||||||
Italgas SpA | 3,792,959 | 24,098,500 | 0.4 | % | |||||||||
Reply SpA | 148,015 | 28,730,201 | 0.4 | % | |||||||||
Other Securities | 396,359,830 | 6.0 | % | ||||||||||
TOTAL ITALY | 562,534,507 | 8.6 | % | ||||||||||
NETHERLANDS — (6.7%) | |||||||||||||
Aalberts NV | 720,618 | 39,885,206 | 0.6 | % | |||||||||
Arcadis NV | 543,636 | 26,497,175 | 0.4 | % | |||||||||
ASR Nederland NV | 931,393 | 43,537,226 | 0.7 | % | |||||||||
BE Semiconductor Industries NV | 464,004 | 42,394,069 | 0.7 | % | |||||||||
IMCD NV | 226,957 | 50,394,583 | 0.8 | % | |||||||||
Ω | Signify NV | 673,043 | 32,613,232 | 0.5 | % | ||||||||
Other Securities | 220,230,807 | 3.3 | % | ||||||||||
TOTAL NETHERLANDS | 455,552,298 | 7.0 | % | ||||||||||
NORWAY — (2.0%) | |||||||||||||
Other Securities | 138,643,309 | 2.1 | % | ||||||||||
PORTUGAL — (0.7%) | |||||||||||||
Other Securities | 50,448,984 | 0.8 | % | ||||||||||
SPAIN — (5.2%) | |||||||||||||
* | Banco de Sabadell SA | 36,662,284 | 29,505,685 | 0.5 | % | ||||||||
Bankinter SA | 4,259,580 | 23,453,290 | 0.4 | % | |||||||||
# | Enagas SA | 1,045,470 | 23,459,790 | 0.4 | % | ||||||||
Other Securities | 275,109,321 | 4.1 | % | ||||||||||
TOTAL SPAIN | 351,528,086 | 5.4 | % | ||||||||||
SWEDEN — (8.8%) | |||||||||||||
Other Securities | 598,208,203 | 9.1 | % |
143
The Continental Small Company Series
CONTINUED
Shares | Value» | Percentage of Net Assets‡ | |||||||||||
SWITZERLAND — (15.1%) | |||||||||||||
Allreal Holding AG | 118,457 | $ | 25,053,150 | 0.4 | % | ||||||||
* | ams AG | 1,241,971 | 24,588,933 | 0.4 | % | ||||||||
Belimo Holding AG | 62,238 | 36,184,269 | 0.6 | % | |||||||||
Bucher Industries AG | 55,557 | 28,039,159 | 0.4 | % | |||||||||
* | Flughafen Zurich AG | 133,405 | 24,091,216 | 0.4 | % | ||||||||
Georg Fischer AG | 32,352 | 48,950,258 | 0.8 | % | |||||||||
Helvetia Holding AG | 249,056 | 29,635,381 | 0.5 | % | |||||||||
Interroll Holding AG | 4,928 | 23,908,178 | 0.4 | % | |||||||||
PSP Swiss Property AG | 341,202 | 42,652,293 | 0.7 | % | |||||||||
Siegfried Holding AG | 33,622 | 32,339,058 | 0.5 | % | |||||||||
Ω | VAT Group AG | 148,293 | 70,888,598 | 1.1 | % | ||||||||
Other Securities | 641,701,155 | 9.5 | % | ||||||||||
TOTAL SWITZERLAND | 1,028,031,648 | 15.7 | % | ||||||||||
UNITED KINGDOM — (0.1%) | |||||||||||||
Other Securities | 4,660,893 | 0.1 | % | ||||||||||
UNITED STATES — (0.0%) | |||||||||||||
Other Security | 1,294,368 | 0.0 | % | ||||||||||
TOTAL COMMON STOCKS | 6,449,989,909 | 98.6 | % | ||||||||||
PREFERRED STOCKS — (0.9%) | |||||||||||||
GERMANY — (0.9%) | |||||||||||||
Other Securities | 61,732,488 | 1.0 | % | ||||||||||
RIGHTS/WARRANTS — (0.0%) | |||||||||||||
AUSTRIA — (0.0%) | |||||||||||||
Other Securities | 12,299 | 0.0 | % | ||||||||||
PORTUGAL — (0.0%) | |||||||||||||
Other Security | 13,912 | 0.0 | % | ||||||||||
SPAIN — (0.0%) | |||||||||||||
Other Security | 715,382 | 0.0 | % | ||||||||||
TOTAL RIGHTS/WARRANTS | 741,593 | 0.0 | % | ||||||||||
TOTAL INVESTMENT SECURITIES (Cost $4,543,679,052) | 6,512,463,990 | ||||||||||||
Value† | |||||||||||||
SECURITIES LENDING COLLATERAL — (4.4%) | |||||||||||||
@§ | The DFA Short Term Investment Fund | 25,693,219 | 297,270,547 | 4.5 | % | ||||||||
TOTAL INVESTMENTS—(100.0%) (Cost $4,840,922,007) | $ | 6,809,734,537 | 104.1 | % |
144
The Continental Small Company Series
CONTINUED
Summary of the Series’ investments as of October 31, 2021, 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 | — | $ | 213,970,956 | — | $ | 213,970,956 | ||||||||||
Belgium | $ | 7,688,844 | 254,356,424 | — | 262,045,268 | |||||||||||
Canada | — | 709,749 | — | 709,749 | ||||||||||||
Denmark | — | 359,699,369 | — | 359,699,369 | ||||||||||||
Finland | — | 394,584,226 | — | 394,584,226 | ||||||||||||
France | — | 710,226,064 | $ | 40,860 | 710,266,924 | |||||||||||
Germany | 14,482,505 | 1,011,049,873 | — | 1,025,532,378 | ||||||||||||
Ireland | — | 66,283,628 | — | 66,283,628 | ||||||||||||
Israel | 1,561,556 | 224,433,559 | — | 225,995,115 | ||||||||||||
Italy | — | 562,534,507 | — | 562,534,507 | ||||||||||||
Netherlands | — | 455,552,298 | — | 455,552,298 | ||||||||||||
Norway | — | 138,643,309 | — | 138,643,309 | ||||||||||||
Portugal | — | 50,448,984 | — | 50,448,984 | ||||||||||||
Spain | — | 351,528,086 | — | 351,528,086 | ||||||||||||
Sweden | — | 598,208,203 | — | 598,208,203 | ||||||||||||
Switzerland | 6,841,780 | 1,021,189,868 | — | 1,028,031,648 | ||||||||||||
United Kingdom | — | 4,660,893 | — | 4,660,893 | ||||||||||||
United States | — | 1,294,368 | — | 1,294,368 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Germany | — | 61,732,488 | — | 61,732,488 | ||||||||||||
Rights/Warrants | ||||||||||||||||
Austria | — | 12,299 | — | 12,299 | ||||||||||||
Portugal | — | 13,912 | — | 13,912 | ||||||||||||
Spain | — | 715,382 | — | 715,382 | ||||||||||||
Securities Lending Collateral | — | 297,270,547 | — | 297,270,547 | ||||||||||||
TOTAL | $ | 30,574,685 | $ | 6,779,118,992 | $ | 40,860 | ^ | $ | 6,809,734,537 |
^ | A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets. |
See accompanying Notes to Financial Statements.
145
THE CANADIAN SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2021
Shares | Value» | Percentage of Net Assets‡ | |||||||||||
COMMON STOCKS — (84.0%) | |||||||||||||
COMMUNICATION SERVICES — (1.2%) | |||||||||||||
Other Securities | $ | 20,392,287 | 1.4 | % | |||||||||
CONSUMER DISCRETIONARY — (5.3%) | |||||||||||||
* | Aritzia, Inc. | 463,368 | 18,248,672 | 1.3 | % | ||||||||
Linamar Corp. | 249,534 | 13,724,773 | 1.0 | % | |||||||||
Other Securities | 59,378,275 | 4.0 | % | ||||||||||
TOTAL CONSUMER DISCRETIONARY | 91,351,720 | 6.3 | % | ||||||||||
CONSUMER STAPLES — (4.4%) | |||||||||||||
# | Maple Leaf Foods, Inc. | 417,087 | 9,092,604 | 0.6 | % | ||||||||
# | Premium Brands Holdings Corp., Class A | 197,300 | 21,322,620 | 1.5 | % | ||||||||
Primo Water Corp. | 813,424 | 12,948,006 | 0.9 | % | |||||||||
Other Securities | 32,050,901 | 2.2 | % | ||||||||||
TOTAL CONSUMER STAPLES | 75,414,131 | 5.2 | % | ||||||||||
ENERGY — (17.1%) | |||||||||||||
ARC Resources Ltd. | 2,991,363 | 28,690,593 | 2.0 | % | |||||||||
Crescent Point Energy Corp. | 2,888,800 | 14,518,694 | 1.0 | % | |||||||||
# | Crescent Point Energy Corp. | 192,400 | 967,772 | 0.1 | % | ||||||||
# | Enerplus Corp. | 1,287,055 | 12,188,336 | 0.8 | % | ||||||||
# | Gibson Energy, Inc. | 940,791 | 18,958,733 | 1.3 | % | ||||||||
# | Keyera Corp. | 445,938 | 11,429,503 | 0.8 | % | ||||||||
* | MEG Energy Corp. | 2,470,617 | 22,138,932 | 1.5 | % | ||||||||
# | Parex Resources, Inc. | 786,291 | 15,267,108 | 1.1 | % | ||||||||
# | Parkland Corp. | 763,190 | 22,206,264 | 1.5 | % | ||||||||
# | PrairieSky Royalty Ltd. | 1,064,207 | 13,096,212 | 0.9 | % | ||||||||
# | Whitecap Resources, Inc. | 3,150,760 | 18,915,763 | 1.3 | % | ||||||||
Other Securities | 115,895,851 | 8.0 | % | ||||||||||
TOTAL ENERGY | 294,273,761 | 20.3 | % | ||||||||||
FINANCIALS — (9.6%) | |||||||||||||
# | Canadian Western Bank | 475,702 | 15,217,390 | 1.0 | % | ||||||||
CI Financial Corp. | 967,840 | 22,068,879 | 1.5 | % | |||||||||
# | ECN Capital Corp. | 2,488,693 | 21,637,311 | 1.5 | % | ||||||||
# | Element Fleet Management Corp. | 1,811,383 | 19,685,764 | 1.4 | % | ||||||||
# * | Home Capital Group, Inc., Class B | 303,217 | 9,839,362 | 0.7 | % | ||||||||
# | Laurentian Bank of Canada | 412,090 | 13,875,073 | 1.0 | % | ||||||||
Other Securities | 63,879,527 | �� | 4.3 | % | |||||||||
TOTAL FINANCIALS | 166,203,306 | 11.4 | % | ||||||||||
HEALTH CARE — (1.2%) | |||||||||||||
Other Securities | 21,366,735 | 1.5 | % |
146
The Canadian Small Company Series
CONTINUED
Shares | Value» | Percentage of Net Assets‡ | |||||||||||
INDUSTRIALS — (10.3%) | |||||||||||||
#* | ATS Automation Tooling Systems, Inc. | 441,354 | $ | 15,017,305 | 1.0 | % | |||||||
#* | Bombardier, Inc., Class B | 6,140,801 | 9,874,106 | 0.7 | % | ||||||||
Finning International, Inc. | 890,113 | 26,352,408 | 1.8 | % | |||||||||
LifeWorks, Inc. | 401,948 | 10,389,719 | 0.7 | % | |||||||||
Richelieu Hardware Ltd. | 361,973 | 12,778,442 | 0.9 | % | |||||||||
# | SNC-Lavalin Group, Inc. | 655,742 | 17,638,697 | 1.2 | % | ||||||||
Stantec, Inc. | 287,574 | 15,893,715 | 1.1 | % | |||||||||
Other Securities | 69,576,440 | 4.8 | % | ||||||||||
TOTAL INDUSTRIALS | 177,520,832 | 12.2 | % | ||||||||||
INFORMATION TECHNOLOGY — (2.7%) | |||||||||||||
Enghouse Systems Ltd. | 263,395 | 11,422,438 | 0.8 | % | |||||||||
# * | Kinaxis, Inc. | 99,954 | 15,513,223 | 1.1 | % | ||||||||
Other Securities | 19,131,094 | 1.3 | % | ||||||||||
TOTAL INFORMATION TECHNOLOGY | 46,066,755 | 3.2 | % | ||||||||||
MATERIALS — (20.7%) | |||||||||||||
Alamos Gold, Inc., Class A | 2,157,397 | 16,002,666 | 1.1 | % | |||||||||
Alamos Gold, Inc., Class A | 2,642 | 19,656 | 0.0 | % | |||||||||
# | B2Gold Corp. | 2,045,993 | 8,447,822 | 0.6 | % | ||||||||
B2Gold Corp. | 1,728,490 | 7,155,949 | 0.5 | % | |||||||||
# * | Capstone Mining Corp. | 2,456,528 | 10,301,697 | 0.7 | % | ||||||||
# | Centerra Gold, Inc. | 1,270,606 | 9,527,493 | 0.7 | % | ||||||||
# | Endeavour Mining PLC | 421,513 | 10,708,128 | 0.7 | % | ||||||||
# | Methanex Corp. | 208,917 | 9,358,725 | 0.6 | % | ||||||||
Methanex Corp. | 127,282 | 5,699,688 | 0.4 | % | |||||||||
SSR Mining, Inc. | 988,019 | 15,583,490 | 1.1 | % | |||||||||
# | SSR Mining, Inc. | 184,815 | 2,916,381 | 0.2 | % | ||||||||
Stella-Jones, Inc. | 301,231 | 10,814,232 | 0.7 | % | |||||||||
# | Yamana Gold, Inc. | 4,784,888 | 18,790,042 | 1.3 | % | ||||||||
Yamana Gold, Inc. | 588,814 | 2,325,815 | 0.2 | % | |||||||||
Other Securities | 229,187,240 | 15.8 | % | ||||||||||
TOTAL MATERIALS | 356,839,024 | 24.6 | % | ||||||||||
REAL ESTATE — (3.5%) | |||||||||||||
# | Altus Group Ltd. | 261,893 | 13,735,839 | 1.0 | % | ||||||||
Colliers International Group, Inc. | 134,012 | 19,441,269 | 1.3 | % | |||||||||
Colliers International Group, Inc. | 4,163 | 605,175 | 0.0 | % | |||||||||
# | Tricon Residential, Inc. | 706,476 | 10,280,893 | 0.7 | % | ||||||||
Other Securities | 16,340,781 | 1.2 | % | ||||||||||
TOTAL REAL ESTATE | 60,403,957 | 4.2 | % |
147
The Canadian Small Company Series
CONTINUED
Shares | Value» | Percentage of Net Assets‡ | |||||||||||
UTILITIES — (8.0%) | |||||||||||||
# | AltaGas Ltd. | 508,361 | $ | 10,523,763 | 0.7 | % | |||||||
Atco Ltd., Class I | 392,922 | 13,334,457 | 0.9 | % | |||||||||
# | Boralex, Inc., Class A | 549,954 | 17,019,423 | 1.2 | % | ||||||||
# | Brookfield Infrastructure Corp., Class A | 337,306 | 20,446,587 | 1.4 | % | ||||||||
# | Capital Power Corp. | 771,649 | 25,345,452 | 1.8 | % | ||||||||
# | Innergex Renewable Energy, Inc. | 652,084 | 10,854,015 | 0.8 | % | ||||||||
# | Superior Plus Corp. | 829,579 | 9,230,206 | 0.6 | % | ||||||||
TransAlta Corp. | 1,784,708 | 20,015,956 | 1.4 | % | |||||||||
# | TransAlta Renewables, Inc. | 614,934 | 9,102,772 | 0.6 | % | ||||||||
Other Securities | 2,067,716 | 0.1 | % | ||||||||||
TOTAL UTILITIES | 137,940,347 | 9.5 | % | ||||||||||
TOTAL COMMON STOCKS | 1,447,772,855 | 99.8 | % | ||||||||||
RIGHTS/WARRANTS — (0.0%) | |||||||||||||
ENERGY — (0.0%) | |||||||||||||
Other Security | 308,498 | 0.0 | % | ||||||||||
TOTAL RIGHTS/WARRANTS | 308,498 | 0.0 | % | ||||||||||
TOTAL INVESTMENT SECURITIES (Cost $1,069,056,866) | 1,448,081,353 | ||||||||||||
Shares | Value† | Percentage of Net Assets‡ | |||||||||||
SECURITIES LENDING COLLATERAL — (16.0%) | |||||||||||||
@§ | The DFA Short Term Investment Fund | 23,890,671 | $ | 276,415,069 | 19.0 | % | |||||||
TOTAL INVESTMENTS—(100.0%) (Cost $1,345,455,217) | $ | 1,724,496,422 | 118.8 | % |
148
The Canadian Small Company Series
CONTINUED
Summary of the Series’ investments as of October 31, 2021, 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 | $ | 20,392,287 | — | — | $ | 20,392,287 | ||||||||||
Consumer Discretionary | 91,314,123 | $ | 37,597 | — | 91,351,720 | |||||||||||
Consumer Staples | 75,414,131 | — | — | 75,414,131 | ||||||||||||
Energy | 294,213,404 | 60,357 | — | 294,273,761 | ||||||||||||
Financials | 166,203,306 | — | — | 166,203,306 | ||||||||||||
Health Care | 19,490,590 | 1,876,145 | — | 21,366,735 | ||||||||||||
Industrials | 177,520,832 | — | — | 177,520,832 | ||||||||||||
Information Technology | 46,066,755 | — | — | 46,066,755 | ||||||||||||
Materials | 356,051,981 | 787,043 | — | 356,839,024 | ||||||||||||
Real Estate | 60,403,957 | — | — | 60,403,957 | ||||||||||||
Utilities | 137,940,347 | — | — | 137,940,347 | ||||||||||||
Rights/Warrants | ||||||||||||||||
Energy | — | 308,498 | — | 308,498 | ||||||||||||
Securities Lending Collateral | — | 276,415,069 | — | 276,415,069 | ||||||||||||
TOTAL | $ | 1,445,011,713 | $ | 279,484,709 | — | $ | 1,724,496,422 |
See accompanying Notes to Financial Statements.
149
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2021
(Unaudited)
(Amounts in thousands)
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* | ||||||||||||||||
ASSETS: | ||||||||||||||||||||
Investment Securities at Value (including $182,218, $127,867, $13,499, $262,503 and $212,379 of securities on loan, respectively) | $ | 3,263,266 | $ | 1,770,401 | $ | 1,854,357 | $ | 6,373,564 | $ | 1,379,311 | ||||||||||
Collateral from Securities on Loan Invested in Affiliate at Value (including cost of $49,708, $28,404, $14,589, $264,811 and $212,493, respectively) | 49,715 | 28,405 | 14,591 | 264,806 | 212,486 | |||||||||||||||
Foreign Currencies at Value | 5,294 | 22,330 | — | 801 | 11,339 | |||||||||||||||
Cash | 241 | 2,932 | 118 | 19,826 | 613 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Investment Securities Sold | 2,819 | 2,165 | 3,665 | — | 1,316 | |||||||||||||||
Dividends, Interest and Tax Reclaims | 5,649 | 2,817 | 11,642 | 20,412 | 9,667 | |||||||||||||||
Securities Lending Income | 146 | 405 | 7 | 470 | 157 | |||||||||||||||
Futures Margin Variation | — | 143 | — | — | — | |||||||||||||||
Unrealized Gain on Foreign Currency Contracts | — | — | — | 13 | — | |||||||||||||||
Prepaid Expenses and Other Assets | — | 1 | 1 | — | — | |||||||||||||||
Total Assets | 3,327,130 | 1,829,599 | 1,884,381 | 6,679,892 | 1,614,889 | |||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Due to Custodian | — | — | 2,382 | — | — | |||||||||||||||
Upon Return of Securities Loaned | 49,756 | 28,414 | 14,593 | 264,907 | 212,530 | |||||||||||||||
Investment Securities Purchased | — | 8,881 | — | 8,370 | — | |||||||||||||||
Due to Advisor | 278 | 147 | 153 | 530 | 116 | |||||||||||||||
Futures Margin Variation | — | — | — | — | 25 | |||||||||||||||
Unrealized Loss on Foreign Currency Contracts | — | — | — | 3 | — | |||||||||||||||
Accrued Expenses and Other Liabilities | 513 | 259 | 252 | 761 | 176 | |||||||||||||||
Total Liabilities | 50,547 | 37,701 | 17,380 | 274,571 | 212,847 | |||||||||||||||
NET ASSETS | $ | 3,276,583 | $ | 1,791,898 | $ | 1,867,001 | $ | 6,405,321 | $ | 1,402,042 | ||||||||||
Investment Securities at Cost | $ | 2,872,647 | $ | 1,640,666 | $ | 1,422,092 | $ | 4,452,682 | $ | 1,062,298 | ||||||||||
Foreign Currencies at Cost | $ | 5,288 | $ | 22,050 | $ | (2,380) | $ | 795 | $ | 11,214 |
* | See Note J in the Notes to Financial Statements for additional securities lending collateral. |
See accompanying Notes to Financial Statements.
150
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2021
(Amounts in thousands)
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* | ||||||||||||||||
ASSETS: | ||||||||||||||||||||
Investment Securities at Value (including $126,139, $139,195, $13,650, $279,785 and $271,498 of securities on loan, respectively) | $ | 3,387,960 | $ | 1,819,205 | $ | 1,887,889 | $ | 6,512,464 | $ | 1,448,081 | ||||||||||
Collateral from Securities on Loan Invested in Affiliate at Value (including cost of $61,477, $40,602, $15,627, $297,243 and $276,398) | 61,490 | 40,607 | 15,631 | 297,271 | 276,415 | |||||||||||||||
Foreign Currencies at Value | 1,399 | 4,461 | 5,028 | 3,116 | 1,148 | |||||||||||||||
Cash | 1,080 | 71 | 500 | 5 | 2 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Investment Securities Sold | 3,578 | 5,517 | 1,844 | 1,462 | 1,655 | |||||||||||||||
Dividends, Interest and Tax Reclaims | 24,682 | 216 | 5,823 | 23,213 | 643 | |||||||||||||||
Securities Lending Income | 124 | 337 | 7 | 348 | 189 | |||||||||||||||
Unrealized Gain on Foreign Currency Contracts | 5 | 1 | — | — | — | |||||||||||||||
Prepaid Expenses and Other Assets | — | — | — | — | — | |||||||||||||||
Total Assets | 3,480,318 | 1,870,415 | 1,916,722 | 6,837,879 | 1,728,133 | |||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Upon Return of Securities Loaned | 61,522 | 40,608 | 15,631 | 297,321 | 276,415 | |||||||||||||||
Investment Securities Purchased | 1,796 | 6,388 | 3,386 | — | — | |||||||||||||||
Due to Advisor | 291 | 152 | 161 | 544 | 122 | |||||||||||||||
Futures Margin Variation | — | — | — | — | — | |||||||||||||||
Unrealized Loss on Foreign Currency Contracts | — | — | — | — | — | |||||||||||||||
Accrued Expenses and Other Liabilities | 565 | 300 | 268 | 909 | 188 | |||||||||||||||
Total Liabilities | 64,174 | 47,448 | 19,446 | 298,774 | 276,725 | |||||||||||||||
NET ASSETS | $ | 3,416,144 | $ | 1,822,967 | $ | 1,897,276 | $ | 6,539,105 | $ | 1,451,408 | ||||||||||
Investments Securities at Cost | $ | 2,886,201 | $ | 1,603,374 | $ | 1,462,299 | $ | 4,543,679 | $ | 1,069,057 | ||||||||||
Foreign Currencies at Cost | $ | 1,398 | $ | 4,419 | $ | 5,057 | $ | 3,111 | $ | 1,147 |
* | See Note J in the Notes to Financial Statements for additional securities lending collateral. |
See accompanying Notes to Financial Statements.
151
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2021
(Amounts in thousands)
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# | ||||||||||||||||
Investment Income | ||||||||||||||||||||
Dividends (Net of Foreign Taxes Withheld of $7,717, $667, $525, $21,096 and $3,954 respectively) | $ | 69,576 | $ | 61,273 | $ | 45,323 | $ | 126,316 | $ | 24,196 | ||||||||||
Non Cash Income | ||||||||||||||||||||
Income from Securities Lending | 1,944 | 3,634 | 478 | 7,004 | 2,268 | |||||||||||||||
Total Investment Income | 71,520 | 64,907 | 45,801 | 133,320 | 26,464 | |||||||||||||||
Expenses | ||||||||||||||||||||
Investment Management Fees | 3,206 | 1,834 | 1,924 | 5,961 | 1,308 | |||||||||||||||
Accounting & Transfer Agent Fees | 144 | 78 | 81 | 270 | 52 | |||||||||||||||
Custodian Fees | 385 | 200 | 81 | 698 | 75 | |||||||||||||||
Shareholders’ Reports | 26 | 23 | 23 | 28 | 15 | |||||||||||||||
Directors’/Trustees’ Fees & Expenses | 36 | 22 | 21 | 64 | 15 | |||||||||||||||
Professional Fees | 38 | 22 | 24 | 87 | 47 | |||||||||||||||
Other | 108 | 68 | 60 | 229 | 40 | |||||||||||||||
Total Expenses | 3,943 | 2,247 | 2,214 | 7,337 | 1,552 | |||||||||||||||
Fees Paid Indirectly (Note C) | 3 | 1 | 1 | 8 | 2 | |||||||||||||||
Net Expenses | 3,940 | 2,246 | 2,213 | 7,329 | 1,550 | |||||||||||||||
Net Investment Income (Loss) | 67,580 | 62,661 | 43,588 | 125,991 | 24,914 | |||||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||||||
Investment Securities Sold** | 106,212 | 188,465 | 99,258 | 392,015 | 167,819 | |||||||||||||||
Affiliated Investment Companies Shares Sold | 4 | (3 | ) | 1 | 2 | (11 | ) | |||||||||||||
Futures | — | — | (120 | ) | — | 42 | ||||||||||||||
Foreign Currency Transactions | (32 | ) | (238 | ) | 291 | (1,344 | ) | 445 | ||||||||||||
Change in Unrealized Appreciation (Depreciation) of: | ||||||||||||||||||||
Investment Securities and Foreign Currency | 204,124 | 322,334 | 602,698 | 1,753,296 | 390,372 | |||||||||||||||
Affiliated Investment Companies Shares | (6 | ) | (1 | ) | (3 | ) | (21 | ) | (6 | ) | ||||||||||
Translation of Foreign Currency Denominated Amounts | (657 | ) | 8 | 25 | (445 | ) | 3 | |||||||||||||
Net Realized and Unrealized Gain (Loss) | 309,645 | 510,565 | 702,150 | 2,143,503 | 558,664 | |||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 377,225 | $ | 573,226 | $ | 745,738 | $ | 2,269,494 | $ | 583,578 |
** | 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.
152
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
The Japanese Small Company Series | ||||||||
Year Ended Oct. 31, 2021 | Year Ended Oct. 31, 2020 | |||||||
Increase (Decrease) in Net Assets | ||||||||
Operations: | ||||||||
Net Investment Income (Loss) | $ | 67,580 | $ | 69,080 | ||||
Net Realized Gain (Loss) on: | ||||||||
Investment Securities Sold*,** | 106,212 | (64,936 | ) | |||||
Affiliated Investment Companies Shares Sold | 4 | (9 | ) | |||||
Foreign Currency Transactions | (32 | ) | 228 | |||||
Change in Unrealized Appreciation (Depreciation) of: | ||||||||
Investment Securities and Foreign Currency | 204,124 | (116,647 | ) | |||||
Affiliated Investment Companies Shares | (6 | ) | 9 | |||||
Translation of Foreign Currency-Denominated Amounts | (657 | ) | 182 | |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 377,225 | (112,093 | ) | |||||
Transactions in Interest: | ||||||||
Contributions | 441,236 | 71,736 | ||||||
Withdrawals | (345,470 | ) | (764,667 | ) | ||||
Net Increase (Decrease) from Transactions in Interest | 95,766 | (692,931 | ) | |||||
Total Increase (Decrease) in Net Assets | 472,991 | (805,024 | ) | |||||
Net Assets | ||||||||
Beginning of Year | 2,943,153 | 3,748,177 | ||||||
End of Year | $ | 3,416,144 | $ | 2,943,153 |
* | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2021 of $0. |
** | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2021 of $0. |
See accompanying Notes to Financial Statements.
153
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
The Asia Pacific Small Company Series | The United Kingdom Small Company Series | |||||||||||||||
Year Ended Oct. 31, 2021 | Year Ended Oct. 31, 2020 | Year Ended Oct. 31, 2021 | Year Ended Oct. 31, 2020 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net Investment Income (Loss) | $ | 62,661 | $ | 62,699 | $ | 43,588 | $ | 42,407 | ||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||
Investment Securities Sold*,** | 188,465 | (77,003 | ) | 99,258 | (34,350 | ) | ||||||||||
Affiliated Investment Companies Shares Sold | (3 | ) | (11 | ) | 1 | (1 | ) | |||||||||
Futures | — | 608 | (120 | ) | (394 | ) | ||||||||||
Foreign Currency Transactions | (238 | ) | (267 | ) | 291 | (444 | ) | |||||||||
Change in Unrealized Appreciation (Depreciation) of: | ||||||||||||||||
Investment Securities and Foreign Currency | 322,334 | (1,299 | ) | 602,698 | (329,338 | ) | ||||||||||
Affiliated Investment Companies Shares | (1 | ) | 1 | (3 | ) | 4 | ||||||||||
Translation of Foreign Currency-Denominated Amounts | 8 | 1 | 25 | (381 | ) | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 573,226 | (15,271 | ) | 745,738 | (322,497 | ) | ||||||||||
Transactions in Interest: | ||||||||||||||||
Contributions | 105,831 | 82,954 | 46,399 | 5,810 | ||||||||||||
Withdrawals | (383,104 | ) | (182,512 | ) | (370,643 | ) | (484,982 | ) | ||||||||
Net Increase (Decrease) from Transactions in Interest | (277,273 | ) | (99,558 | ) | (324,244 | ) | (479,172 | ) | ||||||||
Total Increase (Decrease) in Net Assets | 295,953 | (114,829 | ) | 421,494 | (801,669 | ) | ||||||||||
Net Assets | ||||||||||||||||
Beginning of Year | 1,527,014 | 1,641,843 | 1,475,782 | 2,277,451 | ||||||||||||
End of Year | $ | 1,822,967 | $ | 1,527,014 | $ | 1,897,276 | $ | 1,475,782 |
* | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2021 of $0 and $0, respectively. |
** | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2021 of $0 and $0, respectively. |
See accompanying Notes to Financial Statements.
154
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
The Continental Small Company Series | The Canadian Small Company Series | |||||||||||||||
Year Ended Oct. 31, 2021 | Year Ended Oct. 31, 2020 | Year Ended Oct. 31, 2021 | Year Ended Oct. 31, 2020 | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Operations: | ||||||||||||||||
Net Investment Income (Loss) | $ | 125,991 | $ | 109,276 | $ | 24,914 | $ | 20,882 | ||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||
Investment Securities Sold*,** | 392,015 | 92,887 | 167,819 | (221,703 | ) | |||||||||||
Affiliated Investment Companies Shares Sold | 2 | (26 | ) | (11 | ) | (8 | ) | |||||||||
Futures | — | (260 | ) | 42 | — | |||||||||||
Foreign Currency Transactions | (1,344 | ) | 1,299 | 445 | (151 | ) | ||||||||||
Change in Unrealized Appreciation (Depreciation) of: | ||||||||||||||||
Investment Securities and Foreign Currency | 1,753,296 | (384,869 | ) | 390,372 | 206,814 | |||||||||||
Affiliated Investment Companies Shares | (21 | ) | (9 | ) | (6 | ) | 3 | |||||||||
Translation of Foreign Currency-Denominated Amounts | (445 | ) | 825 | 3 | (2 | ) | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,269,494 | (180,877 | ) | 583,578 | 5,835 | |||||||||||
Transactions in Interest: | ||||||||||||||||
Contributions | 513,046 | 135,156 | 164,451 | 6,817 | ||||||||||||
Withdrawals | (845,380 | ) | (959,829 | ) | (267,504 | ) | (190,384 | ) | ||||||||
Net Increase (Decrease) from Transactions in Interest | (332,334 | ) | (824,673 | ) | (103,053 | ) | (183,567 | ) | ||||||||
Total Increase (Decrease) in Net Assets | 1,937,160 | (1,005,550 | ) | 480,525 | (177,732 | ) | ||||||||||
Net Assets | ||||||||||||||||
Beginning of Year | 4,601,945 | 5,607,495 | 970,883 | 1,148,615 | ||||||||||||
End of Year | $ | 6,539,105 | $ | 4,601,945 | $ | 1,451,408 | $ | 970,883 |
* | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2021 of $0 and $0, respectively. |
** | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2021 of $0 and $0, respectively. |
See accompanying Notes to Financial Statements.
155
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 Ended Oct 31, 2021 | Year Ended Oct 31, 2020 | Year Ended Oct 31, 2019 | Year Ended Oct 31, 2018 | Year Ended Oct 31, 2017 | Year Ended Oct 31, 2021 | Year Ended Oct 31, 2020 | Year Ended Oct 31, 2019 | Year Ended Oct 31, 2018 | Year Ended Oct 31, 2017 | ||||||||||||||||||||||||||||||||
Total Return | 13.08 | % | (1.93 | )% | 4.47 | % | (7.46 | )% | 27.10 | % | 38.31 | % | 0.14 | % | 5.27 | % | (8.14 | )% | 16.21 | % | |||||||||||||||||||||
Net Assets, End of Year (thousands) | $ | 3,416,144 | $ | 2,943,153 | $ | 3,748,177 | $ | 3,834,097 | $ | 3,989,049 | $ | 1,822,967 | $ | 1,527,014 | $ | 1,641,843 | $ | 1,730,371 | $ | 1,815,705 | |||||||||||||||||||||
Ratio of Expenses to Average Net Assets | 0.12 | % | 0.13 | % | 0.12 | % | 0.12 | % | 0.13 | % | 0.12 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | |||||||||||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly) | 0.12 | % | 0.13 | % | 0.12 | % | 0.12 | % | 0.13 | % | 0.12 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | |||||||||||||||||||||
Ratio of Net Investment Income to Average Net Assets | 2.11 | % | 2.13 | % | 2.32 | % | 1.90 | % | 1.90 | % | 3.42 | % | 4.21 | % | 4.11 | % | 3.96 | % | 3.82 | % | |||||||||||||||||||||
Portfolio Turnover Rate | 11 | % | 5 | % | 12 | % | 17 | % | 13 | % | 19 | % | 18 | % | 18 | % | 18 | % | 14 | % | |||||||||||||||||||||
The United Kingdom Small Company Series | The Continental Small Company Series | ||||||||||||||||||||||||||||||||||||||||
Year Ended Oct 31, 2021 | Year Ended Oct 31, 2020 | Year Ended Oct 31, 2019 | Year Ended Oct 31, 2018 | Year Ended Oct 31, 2017 | Year Ended Oct 31, 2021 | Year Ended Oct 31, 2020 | Year Ended Oct 31, 2019 | Year Ended Oct 31, 2018 | Year Ended Oct 31, 2017 | ||||||||||||||||||||||||||||||||
Total Return | 51.93 | % | (14.87 | )% | 10.67 | % | (8.90 | )% | 29.87 | % | 51.24 | % | (2.23 | )% | 8.43 | % | (10.78 | )% | 34.27 | % | |||||||||||||||||||||
Net Assets, End of Year (thousands) | $ | 1,897,276 | $ | 1,475,782 | $ | 2,277,451 | $ | 2,188,825 | $ | 2,329,912 | $ | 6,539,105 | $ | 4,601,945 | $ | 5,607,495 | $ | 5,422,260 | $ | 5,751,059 | |||||||||||||||||||||
Ratio of Expenses to Average Net Assets | 0.12 | % | 0.12 | % | 0.11 | % | 0.11 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.13 | % | |||||||||||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly) | 0.12 | % | 0.12 | % | 0.12 | % | 0.11 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.13 | % | 0.12 | % | 0.13 | % | |||||||||||||||||||||
Ratio of Net Investment Income to Average Net Assets | 2.27 | % | 2.38 | % | 3.43 | % | 3.23 | % | 3.40 | % | 2.11 | % | 2.15 | % | 2.74 | % | 2.51 | % | 2.33 | % | |||||||||||||||||||||
Portfolio Turnover Rate | 12 | % | 9 | % | 18 | % | 14 | % | 9 | % | 17 | % | 8 | % | 17 | % | 15 | % | 13 | % |
See accompanying Notes to Financial Statements.
156
THE DFA INVESTMENT TRUST COMPANY
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
The Canadian Small Company Series | ||||||||||||||||||||
Year Ended Oct 31, 2021 | Year Ended Oct 31, 2020 | Year Ended Oct 31, 2019 | Year Ended Oct 31, 2018 | Year Ended Oct 31, 2017 | ||||||||||||||||
Total Return | 59.72 | % | 6.02 | % | 1.00 | % | (10.44 | %) | 12.10 | % | ||||||||||
Net Assets, End of Year (thousands) | $1,451,408 | $970,883 | $1,148,615 | $1,146,811 | $1,190,222 | |||||||||||||||
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 | 1.90 | % | 2.08 | % | 2.37 | % | 2.11 | % | 2.14 | % | ||||||||||
Portfolio Turnover Rate | 27 | % | 18 | % | 12 | % | 14 | % | 22 | % |
See accompanying Notes to Financial Statements.
157
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.
158
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. Large Company 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, DFA Inflation-Protected Securities 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.
159
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, 2021, 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, 2021, 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 | % | ||
160
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, 2021, expenses reduced were as follows (amounts in thousands):
Fees Paid Indirectly | ||||
The Japanese Small Company Series | $ | 3 | ||
The Asia Pacific Small Company Series | 1 | |||
The United Kingdom Small Company Series | 1 | |||
The Continental Small Company Series | 8 | |||
The Canadian Small Company Series | 2 |
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, 2021, the total related amounts paid by the Trust to the CCO were $26 (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, 2021, 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 | 52 | |||
The United Kingdom Small Company Series | 62 | |||
The Continental Small Company Series | 141 | |||
The Canadian Small Company Series | 32 |
E. Purchases and Sales of Securities:
For the year ended October 31, 2021, 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 | $ | 508,748 | $ | 350,428 | ||||
The Asia Pacific Small Company Series | 343,076 | 514,881 | ||||||
The United Kingdom Small Company Series | 217,918 | 364,730 | ||||||
The Continental Small Company Series | 966,589 | 1,164,474 | ||||||
The Canadian Small Company Series | 347,529 | 402,802 |
There were no purchases or sales of long-term U.S. government securities.
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For the year ended October 31, 2021, 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 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):
Balance at October 31, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ Depreciation | Balance at October 31, 2021 | Shares as of October 21, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||||||
The Japanese Small Company Series | |||||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund | $ | 57,849 | $ | 466,337 | $ | 462,694 | $ | 4 | $ | (6) | $ | 61,490 | 5,315 | $ | 39 | — | |||||||||||||||||||||||
Total | $ | 57,849 | $ | 466,337 | $ | 462,694 | $ | 4 | $ | (6) | $ | 61,490 | 5,315 | $ | 39 | — | |||||||||||||||||||||||
The Asia Pacific Small Company | |||||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund | $ | 42,048 | $ | 240,238 | $ | 241,675 | $ | (3) | $ | (1) | $ | 40,607 | 3,510 | $ | 26 | — | |||||||||||||||||||||||
Total | $ | 42,048 | $ | 240,238 | $ | 241,675 | $ | (3) | $ | (1) | $ | 40,607 | 3,510 | $ | 26 | — | |||||||||||||||||||||||
The United Kingdom Small Company Series | |||||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund | $ | 31,246 | $ | 119,684 | $ | 135,297 | $ | 1 | $ | (3) | $ | 15,631 | 1,351 | $ | 17 | — | |||||||||||||||||||||||
Total | $ | 31,246 | $ | 119,694 | $ | 135,297 | $ | 1 | $ | (3) | $ | 15,631 | 1,351 | $ | 17 | — | |||||||||||||||||||||||
The Continental Small Company Series | |||||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund | $ | 324,418 | $ | 1,169,762 | $ | 1,196,890 | $ | 2 | $ | (21) | $ | 297,271 | 25,693 | $ | 188 | — | |||||||||||||||||||||||
Total | $ | 324,418 | $ | 1,169,762 | $ | 1,196,890 | $ | 2 | $ | (21) | $ | 297,271 | 25,693 | $ | 188 | — | |||||||||||||||||||||||
The Canadian Small Company | |||||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund | $ | 146,332 | $ | 1,107,263 | $ | 977,163 | $ | (11) | $ | (6) | $ | 276,415 | 23,891 | $ | 126 | — | |||||||||||||||||||||||
Total | $ | 146,332 | $ | 1,107,263 | $ | 917,163 | $ | (11) | $ | (6) | $ | 276,415 | 23,891 | $ | 126 | — |
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, 2021, 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):
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |||||||||||||
The Japanese Small Company Series | $ | 3,036,953 | $ | 763,330 | $ | (350,827) | $ | 412,503 | ||||||||
The Asia Pacific Small Company Series | 1,685,638 | 452,057 | (277,883) | 174,174 | ||||||||||||
The United Kingdom Small Company Series | 1,501,097 | 609,599 | (207,176) | 402,423 | ||||||||||||
The Continental Small Company Series | 4,892,350 | 2,378,869 | (461,485) | 1,917,384 | ||||||||||||
The Canadian Small Company Series | 1,375,270 | 436,055 | (86,829) | 349,226 | ||||||||||||
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The difference between GAAP-basis and tax basis unrealized gains (losses) is can occur as a result of 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.
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 increase or decrease market exposure based on actual or expected cash inflows to or outflows from the Series. 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.
Securities have been segregated as collateral for open futures contracts.
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The average volume (based on the open positions at each fiscal month-end) of derivative activity for the year ended October 31, 2021 was as follows (amounts in thousands):
Futures* | |||
The Canadian Small Company Series | $143 | ||
* | 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, 2021 (amounts in thousands):
Realized Gain (Loss) on Derivatives | |||||||||
Total | Equity Contracts(1) | ||||||||
The United Kingdom Small Company Series | $ | (120 | ) | $ | (120 | )* | |||
The Canadian Small Company Series | 42 | 42 | * | ||||||
(1) | Presented on Statements of Operations as Net Realized Gain (Loss) on: Futures. |
* | As of October 31, 2021, there were no futures contracts outstanding. During the year ended October 31, 2021, 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 7, 2021 with its domestic custodian bank. A line of credit with similar terms was in effect through April 7, 2021. 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 6, 2022.
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, 2021. A line of credit with similar terms was in effect through January 2, 2021. 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, 2022.
For the year ended October 31, 2021, borrowings by the following Series under the lines of credit were as follows (amounts in thousands, except percentages and days):
Weighted Average Interest Rate | Weighted Average Loan Balance | Number of Days Outstanding* | Interest Expense Incurred | Maximum Amount Borrowed During the Period | Outstanding Borrowings as of 10/31/2021 | ||||||||||||||||||||
The Japanese Small Company Series | 0.84 | % | 6,222 | 15 | $ | 2 | 13,135 | — | |||||||||||||||||
The Asia Pacific Small Company Series | 0.83 | % | 2,110 | 53 | 3 | 30,520 | — | ||||||||||||||||||
The United Kingdom Small | |||||||||||||||||||||||||
Company Series | 0.84 | % | 168 | 8 | — | 578 | — | ||||||||||||||||||
The Continental Small Company Series | 0.83 | % | 44 | 1 | — | 44 | — | ||||||||||||||||||
The Canadian Small Company Series | 0.83 | % | 1,329 | 4 | — | 4,792 | — | ||||||||||||||||||
* | Number of Days Outstanding represents the total single or consecutive days during the year ended October 31, 2021, that each Series’ available line of credit was used. |
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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 use the interfund lending program during the year ended October 31, 2021.
I. Affiliated Trades:
Cross trades for the year ended October 31, 2021, 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.
For the year ended October 31, 2021, cross trades by the Series under Rule 17a-7 were as follows (amounts in thousands):
Portfolio | Purchases | Sales | Realized Gain (Loss) | |||||||||
The Japanese Small Company Series | $ | 34,237 | $ | 17,480 | $ | 3,830 | ||||||
The Asia Pacific Small Company Series | 6,846 | 57,762 | 28,154 | |||||||||
The United Kingdom Small Company Series | 30,321 | 22,619 | 5,816 | |||||||||
The Continental Small Company Series | 32,712 | 81,693 | 28,056 | |||||||||
The Canadian Small Company Series | 24,127 | 76,420 | 23,603 |
J. Securities Lending:
As of October 31, 2021, 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 | $ | 74,105 | ||
The Asia Pacific Small Company Series | 113,646 | |||
The Continental Small Company Series | 14,824 | |||
The Canadian Small Company Series | 8,445 | |||
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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 or, at the option of the lending agent, to replace the securities. In the event of the bankruptcy of the borrower, the Series 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 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.
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, 2021:
Remaining Contractual Maturity of the Agreements As of October 31, 2021 | ||||||||||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||||||||||
Securities Lending Transactions | ||||||||||||||||||||
The Japanese Small Company Series | ||||||||||||||||||||
Common Stocks | $ 61,522 | — | — | — | $ | 61,522 | ||||||||||||||
The Asia Pacific Small Company Series | ||||||||||||||||||||
Common Stocks | 40,608 | — | — | — | 40,608 | |||||||||||||||
The United Kingdom Small Company Series | ||||||||||||||||||||
Common Stocks | 15,631 | — | — | — | 15,631 | |||||||||||||||
The Continental Small Company Series | ||||||||||||||||||||
Common Stocks, Rights/Warrants | 297,321 | — | — | — | 297,321 | |||||||||||||||
The Canadian Small Company Series | ||||||||||||||||||||
Common Stocks, Rights/Warrants | 276,415 | — | — | — | 276,415 | |||||||||||||||
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.
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L. Recently Issued Accounting Standards:
In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021, the FASB issued ASU No. 2021-01, with further amendments to Topic 848. The amendments in the ASUs provide optional temporary accounting recognition and financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021 and 2023. The ASUs are effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022.
Management has reviewed the requirements and believes the adoption of these ASUs will not have a material impact on the Series’ financial statements.
In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies. Rule 18f-4 (the “Derivatives Rule”) imposes limits on the amount of derivatives contracts the Series could enter, eliminate the asset segregation framework currently used by the Series to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk manager. The Derivatives Rule became effective February 19, 2021 and the Series are required to comply on August 19, 2022. Management is currently evaluating the effect, if any, the Derivatives Rule will have on the Series.
On December 3, 2020, the SEC adopted new Rule 2a-5 (the _Valuation Rule”) under the Investment Company Act of 1940, establishing an updated regulatory framework for fund valuation. The Valuation Rule, in part, provides a framework for good faith fair value determination and permits a Board to designate fair value determinations to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Valuation Rule became effective on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Valuation Rule and its effect on the Series.
M. Coronavirus (COVID-19) Pandemic:
The ongoing outbreak of the novel coronavirus, COVID-19, has resulted, at times, in market closures, market volatility, liquidity constraints and increased trading costs. Efforts to contain the spread of COVID-19 have resulted in global travel restrictions and disruptions of healthcare systems, business operations and supply chains, layoffs, reduced consumer demand, defaults and credit rating downgrades, and other significant economic impacts. The effects of COVID-19 have impacted global economic activity and may heighten pre-existing political, social and economic risks, domestically or globally. The full impact of the COVID-19 pandemic is unpredictable and may adversely affect a Series’ performance.
N. 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, ongoing claw back litigation against former shareholders of portfolio companies that filed for bankruptcy, such as The Tribune Company and Nine West). 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’s 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.
On June 3, 2021, President Biden issued an Executive Order titled “Addressing the Threat from Securities Investments that Finance Certain Companies of the People’s Republic of China” (the “Order”). Effective on August 2, 2021, the Order restricts investment in certain companies identified as “Chinese Military Industrial Complex Companies” (CMICs) by the Office of Foreign Asset Control, an agency of the Department of Treasury and the Department of Defense. As of July 27, 2021, the Series have divested of all publicly traded securities identified as CMIC’s listed in the Order.
O. Subsequent Event Evaluations:
Management has evaluated the impact of all other subsequent events on the Series through the date on which the financial statements were issued and has determined that there are no other subsequent events requiring recognition or disclosure in the financial statements.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of The DFA Investment Trust Company and Shareholders of The 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, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (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, 2021, 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, 2021, and each of the financial highlights for each of the five years in the period ended October 31, 2021 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, 2021 by correspondence with the custodian, brokers and 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 22, 2021
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”), Dimensional ETF Trust (“ETF Trust”), 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, 2021.
Each Board’s Nominating Committee is composed of George M. Constantinides, Roger G. Ibbotson, Myron S. Scholes, 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. There were four Nominating Committee meetings held during the fiscal year ended October 31, 2021.
Each Board’s Strategy Committee is composed of Gerard K. O’Reilly, Douglas W. Diamond, 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, 2021.
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/Trustee | DFAIDG – Since 1983; DIG & DEM – Since 1993; DFAITC – Since 1992; ETF Trust – Since 2020 | Leo Melamed Professor of Finance, University of Chicago Booth School of Business (since 1978). | 137 portfolios in 5 investment companies | None |
Douglas W. Diamond c/o Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One Austin, TX 78746 1953 | Director/Trustee | DFAIDG, DIG, DEM & DFAITC – Since 2017; ETF Trust – Since 2020 | 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). | 137 portfolios in 5 investment companies | None |
Darrell Duffie c/o Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One Austin, TX 78746 1954 | Director/Trustee | DFAIDG, DIG, DEM & DFAITC – Since 2017; ETF Trust – Since 2020 | Dean Witter Distinguished Professor of Finance, Graduate School of Business, Stanford University (since 1984), Director, TNB Inc. (bank) (since 2020). | 137 portfolios in 5 investment companies | Formerly, Director, Moody’s Corporation (financial information and information technology) (2008-April 2018). |
Roger G. Ibbotson Yale School of Management 165 Whitney Avenue New Haven, CT 06511 1943 | Director/Trustee | DFAIDG – Since 1981; DIG & DEM – Since 1993; DFAITC – Since 1992; ETF Trust – Since 2020 | 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). | 137 portfolios in 5 investment companies | None |
Myron S. Scholes c/o Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One Austin, TX 78746 1941 | Director/Trustee | DFAIDG – Since 1981; DIG & DEM – Since 1993; DFAITC – Since 1992, ETF Trust – Since 2020 | Chief Investment Strategist, Janus Henderson Investors (since 2014). Frank E. Buck Professor of Finance, Emeritus, Graduate School of Business, Stanford University (since 1981). | 137 portfolios in 5 investment companies | Formerly, Adviser, Kuapay, Inc. (2013- 2014). Formerly, Director, American Century Fund Complex (registered investment companies) (43 Portfolios) (1980-2014). |
170
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 |
Abbie J. Smith University of Chicago Booth School of Business 5807 S. Woodlawn Avenue Chicago, IL 60637 1953 | Director/Trustee | DFAIDG, DIG, DEM & DFAITC – Since 2000; ETF Trust – Since 2020 | Boris and Irene Stern Distinguished Service Professor of Accounting, University of Chicago Booth School of Business (since 1980). | 137 portfolios in 5 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) (14 portfolios) (since 2009). |
Ingrid M. Werner c/o Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One Austin, TX 78746 1961 | Director/Trustee | DFAIDG, DIG, DEM & DFAITC – Since 2019; ETF Trust – Since 2020 | 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). Formerly, President, Western Finance Association (global association of academic researchers and practitioners in finance) (2018-2019). | 137 portfolios in 5 investment companies | Director, Fourth Swedish AP Fund (pension fund asset management) (since 2017). |
171
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 | DFAIDG – Since 1981; DIG & DFAITC – Since 1992; DEM – Since 1993, ETF Trust – Since 2020 | Chairman, Director/Trustee, and formerly, President and Co-Chief Executive Officer (each until March 2017) of “DEM, DFAIDG, “DIG and 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). Member of Hoover Institution Board (since September 2019). 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). | 137 portfolios in 5 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; DEM; and ETF Trust 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. |
172
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, 2021. 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) ● Dimensional ETF Trust (since June 2020) 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) ● Dimensional ETF Trust (since June 2020) 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 of ● all the DFA entities (since 2017) ● Dimensional ETF Trust (since June 2020) 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 |
173
Name and Year of Birth | Position | Term of Office1 and Length of Service | Principal Occupation During Past 5 Years |
Stephen A. Clark 1972 | Executive Vice President | Since 2017 | Executive Vice President of ● all the DFA entities (since 2017) ● Dimensional ETF Trust (since June 2020) 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 |
Lisa M. Dallmer 1972 | Chief Operating Officer | Since June 2021 | Chief Operating Officer (since June 2021) of ● the DFA Fund Complex ● ETF Trust Executive Vice President (since January 2020) ● Dimensional Holdings Inc. ● Dimensional Fund Advisors LP ● Dimensional Investments LLC ● DFA Securities LLC Chief Operating Officer (since December 2019) ● Dimensional Holdings Inc. ● Dimensional Fund Advisors LP ● Dimensional Investments LLC ● DFA Securities LLC Formerly, Vice President, Chief Financial Officer, and Treasurer (June 2020 - June 2021) of ● the DFA Fund Complex ● ETF Trust Formerly, Senior Vice President, Business Operations (March 2019 – October 2019) at ● Delphix Inc. Formerly, Chief Operating Officer Global Technology & Operations Managing Director (2014 – 2018) of ● BlackRock Inc. |
174
Name and Year of Birth | Position | Term of Office1 and Length of Service | Principal Occupation During Past 5 Years |
Bernard J. Grzelak 1971 | Vice President | Since June 2021 | Vice President (since June 2021) of ● the DFA Fund Complex ● ETF Trust Vice President, Chief Financial Officer and Treasurer (since September 2020) of ● DFA Australia Limited ● Dimensional Fund Advisors Canada ULC ● DFA Securities LLC ● Dimensional Advisors Ltd. ● Dimensional Fund Advisors LP ● Dimensional Fund Advisors Ltd. ● Dimensional Fund Advisors Pte. Ltd. ● Dimensional Holdings Inc. ● Dimensional Hong Kong Limited ● Dimensional Investment LLC Vice President (since March 2021) of ● Dimensional Ireland Limited Formerly, Partner (2008 – 2020), Chief Operating Officer, Global Funds and Risk (2018 – 2020), Chief Operations Officer (2016 – 2018), and Director of Fund Administration (2003 – 2016) of Lord Abbett & Co. LLC Formerly, Chief Financial Officer (2017 - 2020), and Treaurer (2003 – 2017) of Lord Abbett Family of Funds |
Eric Hall 1978 | Vice President and Assistant Treasurer | Since June 2021 | Vice President and Assistant Treasurer (since June 2021) of ● the DFA Fund Complex ● ETF Trust Formerly, Data Integrity Team Lead (December 2019 – April 2021) of ● Clearwater Analytics Formerly, Assistant Vice President and Assistant Treasurer (March 2015 – November 2019) at ● INVESCO, U.S. (formerly, OppenheimerFunds, Inc.) |
Jeff J. Jeon 1973 | Vice President | Since 2004 | Vice President (since 2004) and Assistant Secretary (2017-2019) of ● all the DFA Entities Vice President (since June 2020) ● Dimensional ETF Trust 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 Vice President and Assistant Treasurer (since June 2020) ● ETF Trust Formerly, Senior Tax Manager (2013 – 2015) for ● Dimensional Fund Advisors LP |
Kenneth M. Manell 1972 | Vice President | Since 2010 | Vice President of ● all the DFA Entities (since 2010) ● ETF Trust (since June 2020) ● Dimensional Cayman Commodity Fund I Ltd. (since 2010) |
Jan Miller 1963 | Vice President, Chief Financial Officer, and Treasurer | Since June 2021 | Vice President, Chief Financial Officer, and Treasurer (since June 2021) of ● the DFA Fund Complex ● ETF Trust Formerly, Director (May 2019 – January 2021) at ● INVESCO, U.S. (formerly, OppenheimerFunds, Inc.) Formerly, Vice President and Assistant Treasurer (September 2012 – May 2019) at ● OppenheimerFunds, Inc. |
175
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 of ● the DFA Fund Complex (since 2017) ● ETF Trust (since June 2020) General Counsel (since 2001) of ● All the DFA Entities (since 2001) 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) ● Dimensional Ireland Limited (since 2019) 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 J. Notelovitz 1961 | Vice President | Since September 2021 | Vice President (since September 2021) of ● the DFA Fund Complex ● ETF Trust Vice President (since December 2012) and Chief Compliance Officer (since July 2020) of: ● DFA Securities LLC ● Dimensional Fund Advisors LP ● Dimensional Holdings Inc. ● Dimensional Investment LLC Chief Compliance Officer (since July 2020) of: ● DFA Australia Limited ● Dimensional Fund Advisors Ltd. ● Dimensional Fund Advisors Canada ULC Formerly, Deputy Chief Compliance Officer (2013-2020) of: ● DFA Fund Complex ● DFA Securities LLC ● Dimensional Fund Advisors LP ● Dimensional Holdings Inc. ● Dimensional Investment LLC Formerly, Vice President (2013-2020) of: ● DFA Fund Complex Formerly, Director (2019-2021) of: ● Dimensional Ireland Limited |
176
Name and Year of Birth | Position | Term of Office1 and Length of Service | Principal Occupation During Past 5 Years |
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 and Secretary of ● Dimensional ETF Trust (since June 2020) 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) |
Randy C. Olson 1980 | Chief Compliance Officer | Since August 2020 | Chief Compliance Officer (since 2020) ● all the DFA Funds ● ETF Trust Vice President (since 2016) of ● DFA Securities LLC ● Dimensional Fund Advisors LP ● Dimensional Holdings Inc. ● Dimensional Investment LLC Formerly, Vice President – Senior Compliance Officer ● Dimensional Investment Advisors LP (January 2020 – August 2020 and July 2014 – March 2017) Formerly, Vice President – Head of Compliance & Operations Asia Ex-Japan ● Dimensional Investment Advisors LP (April 2017 – January 2020) |
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 of ● all the DFA Entities (since 2017) ● Dimensional Fund Advisors Canada ULC (since 2017) ● Dimensional ETF Trust (since June 2020) 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) ● Dimensional Ireland Limited (since 2019) 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. |
177
Name and Year of Birth | Position | Term of Office1 and Length of Service | Principal Occupation During Past 5 Years |
James J. Taylor 1983 | Vice President and Assistant Treasurer | Since March 2020 | Vice President and Assistant Treasurer of ● the DFA Fund Complex (since March 2020) ● Dimensional ETF Trust (since June 2020) Vice President (since 2016) of ● Dimensional Holdings Inc. ● Dimensional Fund Advisors LP ● Dimensional Investment LLC ● DFA Securities LLC Formerly, Accounting Manager (2015-2016) ● Dimensional Fund Advisors LP |
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. |
178
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.
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.
179
Item 1 (b)
Not applicable.
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable to the registrant.
Item 6. Schedule of Investments.
(a)
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited)
SHARES | VALUE† | |||||||
COMMON STOCKS — 95.5% | ||||||||
Aerospace & Defense — 1.3% | ||||||||
Axon Enterprise, Inc. * | 500 | $ | 78,500 | |||||
Boeing Co. (The) * | 8,201 | 1,651,025 | ||||||
BWX Technologies, Inc. | 2,913 | 139,475 | ||||||
Curtiss-Wright Corp. | 847 | 117,454 | ||||||
General Dynamics Corp. | 3,914 | 815,952 | ||||||
HEICO Corp. | 574 | 82,782 | ||||||
HEICO Corp., Class A | 625 | 80,325 | ||||||
HEXCEL Corp. * | 778 | 40,300 | ||||||
Howmet Aerospace, Inc. | 1,946 | 61,941 | ||||||
Huntington Ingalls Industries, Inc. | 827 | 154,434 | ||||||
L3Harris Technologies, Inc. | 2,258 | 481,496 | ||||||
Lockheed Martin Corp. | 6,768 | 2,405,415 | ||||||
Northrop Grumman Corp. | 3,844 | 1,487,897 | ||||||
Raytheon Technologies Corp. | 14,657 | 1,261,381 | ||||||
Textron, Inc. | 3,918 | 302,470 | ||||||
TransDigm Group, Inc. * | 1,007 | 640,734 | ||||||
9,801,581 | ||||||||
Air Freight & Logistics — 0.7% | ||||||||
CH Robinson Worldwide, Inc. | 2,800 | 301,364 | ||||||
Expeditors International of Washington, Inc. | 3,525 | 473,372 | ||||||
FedEx Corp. | 5,009 | 1,295,528 | ||||||
GXO Logistics, Inc. * | 1,934 | 175,665 | ||||||
United Parcel Service, Inc., Class B | 14,911 | 3,196,024 | ||||||
5,441,953 | ||||||||
Airlines — 0.1% | ||||||||
Alaska Air Group, Inc. * | 3,201 | 166,772 | ||||||
American Airlines Group, Inc. * | 9,642 | 173,170 | ||||||
Delta Air Lines, Inc. * | 4,487 | 175,352 | ||||||
JetBlue Airways Corp. * | 3,600 | 51,264 | ||||||
Southwest Airlines Co. * | 5,800 | 248,472 | ||||||
United Airlines Holdings, Inc. * | 2,884 | 126,262 | ||||||
941,292 | ||||||||
Auto Components — 0.2% | ||||||||
Aptiv PLC * | 4,280 | 705,986 | ||||||
Autoliv, Inc. | 1,465 | 151,496 | ||||||
BorgWarner, Inc. | 3,685 | 166,083 | ||||||
Fox Factory Holding Corp. * | 422 | 71,782 | ||||||
Gentex Corp. | 4,249 | 148,078 | ||||||
Lear Corp. | 957 | 175,083 | ||||||
1,418,508 | ||||||||
Automobiles — 1.7% | ||||||||
Ford Motor Co. | 38,192 | 793,248 | ||||||
General Motors Co. * | 19,500 | 1,143,285 | ||||||
Harley-Davidson, Inc. | 2,235 | 84,237 | ||||||
Tesla, Inc. * | 10,040 | 10,610,071 | ||||||
Thor Industries, Inc. | 1,179 | 122,345 | ||||||
12,753,186 | ||||||||
Beverages — 1.6% | ||||||||
Boston Beer Co., Inc. (The), Class A * | 216 | 109,102 | ||||||
Brown-Forman Corp., Class A | 1,202 | 81,484 | ||||||
Brown-Forman Corp., Class B | 7,400 | 539,164 | ||||||
Coca-Cola Co. (The) | 76,728 | 4,543,065 | ||||||
Constellation Brands, Inc., Class A | 1,922 | 482,364 | ||||||
Keurig Dr Pepper, Inc. | 3,375 | 124,403 | ||||||
Molson Coors Beverage Co., Class B | 1,400 | 64,890 | ||||||
Monster Beverage Corp. * | 4,711 | 452,444 | ||||||
PepsiCo, Inc. | 32,416 | 5,630,983 | ||||||
12,027,899 | ||||||||
Biotechnology — 1.8% | ||||||||
AbbVie, Inc. | 39,827 | 5,392,576 | ||||||
Alnylam Pharmaceuticals, Inc. * | 1,198 | 203,157 | ||||||
Amgen, Inc. | 12,097 | 2,721,462 | ||||||
Biogen, Inc. * | 2,404 | 576,768 | ||||||
BioMarin Pharmaceutical, Inc. * | 1,169 | 103,281 | ||||||
CRISPR Therapeutics AG *@ | 204 | 15,459 | ||||||
Denali Therapeutics, Inc. * | 512 | 22,835 | ||||||
Exact Sciences Corp. * | 1,421 | 110,597 | ||||||
Exelixis, Inc. * | 3,578 | 65,406 | ||||||
Gilead Sciences, Inc. | 23,535 | 1,708,876 | ||||||
Halozyme Therapeutics, Inc. * | 2,100 | 84,441 | ||||||
Horizon Therapeutics PLC * | 1,910 | 205,822 | ||||||
Incyte Corp. * | 2,108 | 154,727 | ||||||
Intellia Therapeutics, Inc. * | 455 | 53,799 | ||||||
Moderna, Inc. * | 2,583 | 656,030 | ||||||
Natera, Inc. * | 408 | 38,103 | ||||||
Neurocrine Biosciences, Inc. * | 608 | 51,783 | ||||||
Novavax, Inc. * | 517 | 73,967 | ||||||
Regeneron Pharmaceuticals, Inc. * | 1,543 | 974,436 | ||||||
Seagen, Inc. * | 1,042 | 161,093 | ||||||
Twist Bioscience Corp. * | 200 | 15,478 | ||||||
United Therapeutics Corp. * | 835 | 180,427 | ||||||
Vertex Pharmaceuticals, Inc. * | 2,363 | 518,915 | ||||||
14,089,438 | ||||||||
Building Products — 0.7% | ||||||||
A.O. Smith Corp. | 3,112 | 267,165 | ||||||
Advanced Drainage Systems, Inc. | 1,220 | 166,079 | ||||||
Allegion PLC | 3,064 | 405,796 | ||||||
Armstrong World Industries, Inc. | 1,390 | 161,407 | ||||||
Builders FirstSource, Inc. * | 2,521 | 216,075 | ||||||
Carlisle Cos., Inc. | 1,113 | 276,157 | ||||||
Carrier Global Corp. | 15,513 | 841,425 | ||||||
Fortune Brands Home & Security, Inc. | 2,630 | 281,147 | ||||||
Johnson Controls International PLC | 4,323 | 351,503 | ||||||
Lennox International, Inc. | 835 | 270,841 | ||||||
Masco Corp. | 4,275 | 300,190 | ||||||
Owens Corning | 2,802 | 253,581 | ||||||
Simpson Manufacturing Co., Inc. | 1,080 | 150,196 | ||||||
Trane Technologies PLC | 4,259 | 860,446 | ||||||
Trex Co., Inc. * | 3,239 | 437,362 | ||||||
UFP Industries, Inc. | 812 | 74,712 | ||||||
Zurn Water Solutions Corp. | 1,200 | 43,680 | ||||||
5,357,762 | ||||||||
Capital Markets — 2.7% | ||||||||
Affiliated Managers Group, Inc. | 600 | 98,706 | ||||||
Ameriprise Financial, Inc. | 1,870 | 564,104 | ||||||
Ares Management Corp., Class A | 1,606 | 130,520 | ||||||
Bank of New York Mellon Corp. (The) | 6,394 | 371,364 | ||||||
BlackRock, Inc. | 1,720 | 1,574,763 | ||||||
Blackstone, Inc. | 6,683 | 864,713 | ||||||
Cboe Global Markets, Inc. | 1,923 | 250,759 | ||||||
Charles Schwab Corp. (The) | 14,444 | 1,214,740 | ||||||
CME Group, Inc. | 2,477 | 565,895 | ||||||
FactSet Research Systems, Inc. | 1,171 | 569,118 | ||||||
Franklin Resources, Inc. | 3,976 | 133,156 | ||||||
Goldman Sachs Group, Inc. (The) | 3,831 | 1,465,549 | ||||||
Hamilton Lane, Inc. Class A | 723 | 74,917 | ||||||
Houlihan Lokey, Inc. | 1,466 | 151,760 | ||||||
Interactive Brokers Group, Inc., Class A | 1,683 | 133,664 | ||||||
Intercontinental Exchange, Inc. | 5,581 | 763,313 | ||||||
Invesco Ltd. | 4,344 | 99,999 | ||||||
Janus Henderson Group PLC | 1,850 | 77,589 | ||||||
Jefferies Financial Group, Inc. | 1,620 | 62,856 | ||||||
KKR & Co., Inc. | 7,268 | 541,466 | ||||||
Lazard Ltd., Class A | 1,200 | 52,356 | ||||||
LPL Financial Holdings, Inc. | 2,331 | 373,170 | ||||||
MarketAxess Holdings, Inc. | 900 | 370,143 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Capital Markets (Continued) | ||||||||
Moelis & Co., Class A | 1,252 | $ | 78,263 | |||||
Moody’s Corp. | 4,462 | 1,742,768 | ||||||
Morgan Stanley | 19,967 | 1,959,961 | ||||||
Morningstar, Inc. | 500 | 170,995 | ||||||
MSCI, Inc. | 1,585 | 971,114 | ||||||
Nasdaq, Inc. | 1,912 | 401,539 | ||||||
Northern Trust Corp. | 2,859 | 341,965 | ||||||
Raymond James Financial, Inc. | 3,195 | 320,778 | ||||||
S&P Global, Inc. | 5,432 | 2,563,524 | ||||||
SEI Investments Co. | 3,132 | 190,864 | ||||||
State Street Corp. | 1,628 | 151,404 | ||||||
Stifel Financial Corp. | 2,529 | 178,092 | ||||||
T. Rowe Price Group, Inc. | 4,513 | 887,436 | ||||||
Tradeweb Markets, Inc., Class A | 683 | 68,396 | ||||||
Virtu Financial, Inc., Class A | 1,430 | 41,227 | ||||||
20,572,946 | ||||||||
Chemicals — 1.6% | ||||||||
Air Products & Chemicals, Inc. | 3,588 | 1,091,685 | ||||||
Albemarle Corp. | 956 | 223,484 | ||||||
Ashland Global Holdings, Inc. | 970 | 104,430 | ||||||
Avient Corp. | 700 | 39,165 | ||||||
Axalta Coating Systems Ltd. * | 1,231 | 40,771 | ||||||
Balchem Corp. | 893 | 150,560 | ||||||
Celanese Corp. | 1,968 | 330,742 | ||||||
CF Industries Holdings, Inc. | 2,192 | 155,150 | ||||||
Chemours Co. (The) | 1,100 | 36,916 | ||||||
Corteva, Inc. | 5,428 | 256,636 | ||||||
Dow, Inc. | 11,163 | 633,165 | ||||||
DuPont de Nemours, Inc. | 4,000 | 323,120 | ||||||
Eastman Chemical Co. | 1,847 | 223,321 | ||||||
Ecolab, Inc. | 4,800 | 1,126,032 | ||||||
Element Solutions, Inc. | 3,000 | 72,840 | ||||||
FMC Corp. | 1,937 | 212,857 | ||||||
Huntsman Corp. | 4,705 | 164,110 | ||||||
International Flavors & Fragrances, Inc. | 2,270 | 341,975 | ||||||
Linde PLC | 5,832 | 2,020,380 | ||||||
LyondellBasell Industries NV, Class A | 6,211 | 572,841 | ||||||
Mosaic Co. (The) | 4,606 | 180,970 | ||||||
Olin Corp. | 1,800 | 103,536 | ||||||
PPG Industries, Inc. | 4,454 | 768,048 | ||||||
RPM International, Inc. | 3,184 | 321,584 | ||||||
Scotts Miracle-Gro Co. (The) | 1,264 | 203,504 | ||||||
Sensient Technologies Corp. | 340 | 34,020 | ||||||
Sherwin Williams Co. (The) | 6,715 | 2,364,754 | ||||||
Valvoline, Inc. | 2,246 | 83,753 | ||||||
Westlake Chemical Corp. | 439 | 42,640 | ||||||
12,222,989 | ||||||||
Commercial Banks — 2.5% | ||||||||
Bank of America Corp. | 70,037 | 3,115,946 | ||||||
Bank OZK | 1,661 | 77,286 | ||||||
BOK Financial Corp. | 300 | 31,647 | ||||||
Citigroup, Inc. | 23,305 | 1,407,389 | ||||||
Citizens Financial Group, Inc. | 454 | 21,451 | ||||||
Comerica, Inc. | 1,832 | 159,384 | ||||||
Commerce Bancshares, Inc. | 2,271 | 156,109 | ||||||
Community Bank System, Inc. | 932 | 69,415 | ||||||
Cullen/Frost Bankers, Inc. | 532 | 67,069 | ||||||
East West Bancorp, Inc. | 2,039 | 160,428 | ||||||
Fifth Third Bancorp | 7,840 | 341,432 | ||||||
First Citizens Bancshares, Inc., Class A | 112 | 92,942 | ||||||
First Financial Bankshares, Inc. | 3,094 | 157,299 | ||||||
First Horizon Corp. | 7,194 | 117,478 | ||||||
First Republic Bank | 1,605 | 331,449 | ||||||
Glacier Bancorp, Inc. | 1,306 | 74,050 | ||||||
Hancock Whitney Corp. | 1,078 | 53,922 | ||||||
Huntington Bancshares, Inc. | 7,352 | 113,368 | ||||||
JPMorgan Chase & Co. | 41,661 | 6,597,019 | ||||||
KeyCorp | 7,104 | 164,315 | ||||||
M&T Bank Corp. | 522 | 80,169 | ||||||
PacWest Bancorp | 700 | 31,619 | ||||||
Pinnacle Financial Partners, Inc. | 300 | 28,650 | ||||||
PNC Financial Services Group, Inc. (The) | 3,193 | 640,260 | ||||||
Popular, Inc. | 2,182 | 179,011 | ||||||
Prosperity Bancshares, Inc. | 1,026 | 74,180 | ||||||
Regions Financial Corp. | 9,428 | 205,530 | ||||||
ServisFirst Bancshares, Inc. | 589 | 50,030 | ||||||
Signature Bank | 385 | 124,536 | ||||||
South State Corp. | 400 | 32,044 | ||||||
Sterling Bancorp | 2,564 | 66,126 | ||||||
SVB Financial Group * | 882 | 598,208 | ||||||
Synovus Financial Corp. | 1,811 | 86,693 | ||||||
Truist Financial Corp. | 9,532 | 558,099 | ||||||
UMB Financial Corp. | 590 | 62,605 | ||||||
Umpqua Holdings Corp. | 2,800 | 53,872 | ||||||
United Bankshares, Inc. | 778 | 28,226 | ||||||
US Bancorp | 20,010 | 1,123,962 | ||||||
Valley National Bancorp | 1,602 | 22,027 | ||||||
Webster Financial Corp. | 826 | 46,124 | ||||||
Wells Fargo & Co. | 31,501 | 1,511,418 | ||||||
Western Alliance Bancorp | 2,242 | 241,351 | ||||||
Wintrust Financial Corp. | 600 | 54,492 | ||||||
Zions Bancorp NA | 2,092 | 132,131 | ||||||
19,340,761 | ||||||||
Commercial Services & Supplies — 0.6% | ||||||||
Cintas Corp. | 2,086 | 924,453 | ||||||
Clean Harbors, Inc. * | 1,200 | 119,724 | ||||||
Copart, Inc. * | 4,707 | 713,675 | ||||||
IAA, Inc. * | 3,052 | 154,492 | ||||||
MSA Safety, Inc. | 600 | 90,576 | ||||||
Republic Services, Inc. | 4,657 | 649,419 | ||||||
Rollins, Inc. | 4,629 | 158,358 | ||||||
Stericycle, Inc. * | 1,544 | 92,084 | ||||||
Tetra Tech, Inc. | 1,092 | 185,421 | ||||||
UniFirst Corp. | 477 | 100,361 | ||||||
Waste Management, Inc. | 9,583 | 1,599,403 | ||||||
4,787,966 | ||||||||
Communications Equipment — 0.8% | ||||||||
Arista Networks, Inc. * | 3,192 | 458,850 | ||||||
Ciena Corp. * | 2,569 | 197,736 | ||||||
Cisco Systems, Inc. | 64,788 | 4,105,615 | ||||||
F5, Inc. * | 1,022 | 250,094 | ||||||
Juniper Networks, Inc. | 4,954 | 176,907 | ||||||
Lumentum Holdings, Inc. * | 1,528 | 161,617 | ||||||
Motorola Solutions, Inc. | 2,888 | 784,670 | ||||||
Ubiquiti, Inc. | 275 | 84,342 | ||||||
6,219,831 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Computers & Peripherals — 8.2% | ||||||||
Apple, Inc. | 335,928 | $ | 59,650,735 | |||||
Dell Technologies, Inc., Class C * | 6,259 | 351,568 | ||||||
Hewlett Packard Enterprise Co. | 9,599 | 151,376 | ||||||
HP, Inc. | 18,931 | 713,131 | ||||||
NetApp, Inc. | 4,285 | 394,177 | ||||||
Seagate Technology Holdings PLC | 5,624 | 635,400 | ||||||
Western Digital Corp. * | 3,176 | 207,107 | ||||||
62,103,494 | ||||||||
Construction & Engineering — 0.1% | ||||||||
AECOM * | 1,355 | 104,809 | ||||||
API Group Corp. * | 1,855 | 47,803 | ||||||
EMCOR Group, Inc. | 1,400 | 178,346 | ||||||
MasTec, Inc. * | 1,700 | 156,876 | ||||||
Quanta Services, Inc. | 2,721 | 311,990 | ||||||
Valmont Industries, Inc. | 200 | 50,100 | ||||||
WillScot Mobile Mini Holdings Corp. * | 1,927 | 78,699 | ||||||
928,623 | ||||||||
Construction Materials — 0.1% | ||||||||
Eagle Materials, Inc. | 880 | 146,485 | ||||||
Martin Marietta Materials, Inc. | 664 | 292,505 | ||||||
Summit Materials, Inc., Class A * | 1,470 | 59,006 | ||||||
Vulcan Materials Co. | 1,851 | 384,230 | ||||||
882,226 | ||||||||
Consumer Finance — 0.6% | ||||||||
Ally Financial, Inc. | 3,668 | 174,634 | ||||||
American Express Co. | 12,759 | 2,087,372 | ||||||
Capital One Financial Corp. | 4,875 | 707,314 | ||||||
Credit Acceptance Corp. * | 284 | 195,301 | ||||||
Discover Financial Services | 6,077 | 702,258 | ||||||
OneMain Holdings, Inc. | 900 | 45,036 | ||||||
SLM Corp. | 3,100 | 60,977 | ||||||
Synchrony Financial | 6,557 | 304,179 | ||||||
4,277,071 | ||||||||
Containers & Packaging — 0.4% | ||||||||
Amcor PLC | 13,861 | 166,471 | ||||||
AptarGroup, Inc. | 1,483 | 181,638 | ||||||
Avery Dennison Corp. | 2,232 | 483,384 | ||||||
Ball Corp. | 6,941 | 668,210 | ||||||
Berry Global Group, Inc. * | 3,918 | 289,070 | ||||||
Crown Holdings, Inc. | 3,506 | 387,834 | ||||||
Graphic Packaging Holding Co. | 6,877 | 134,101 | ||||||
International Paper Co. | 5,869 | 275,726 | ||||||
Packaging Corp. of America | 1,552 | 211,305 | ||||||
Sealed Air Corp. | 3,059 | 206,391 | ||||||
Silgan Holdings, Inc. | 2,057 | 88,122 | ||||||
Sonoco Products Co. | 1,933 | 111,901 | ||||||
WestRock Co. | 1,629 | 72,262 | ||||||
3,276,415 | ||||||||
Distributors — 0.2% | ||||||||
Genuine Parts Co. | 2,179 | 305,496 | ||||||
LKQ Corp. | 5,410 | 324,762 | ||||||
Pool Corp. | 1,226 | 693,916 | ||||||
1,324,174 | ||||||||
Diversified Consumer Services — 0.1% | ||||||||
Bright Horizons Family Solutions, Inc. * | 639 | 80,437 | ||||||
Chegg, Inc. * | 1,444 | 44,331 | ||||||
Service Corp. International | 4,767 | 338,410 | ||||||
Terminix Global Holdings, Inc. * | 3,309 | 149,666 | ||||||
612,844 | ||||||||
Diversified Financial Services — 0.7% | ||||||||
Berkshire Hathaway, Inc., Class B * | 16,977 | 5,076,123 | ||||||
Equitable Holdings, Inc. | 5,987 | 196,314 | ||||||
Voya Financial, Inc. | 1,519 | 100,725 | ||||||
5,373,162 | ||||||||
Diversified Telecommunication Services — 1.0% | ||||||||
AT&T, Inc. | 76,468 | 1,881,113 | ||||||
Iridium Communications, Inc. * | 3,043 | 125,645 | ||||||
Lumen Technologies, Inc. | 12,123 | 152,144 | ||||||
Verizon Communications, Inc. | 99,340 | 5,161,706 | ||||||
7,320,608 | ||||||||
Electric Utilities — 1.6% | ||||||||
Alliant Energy Corp. | 4,621 | 284,053 | ||||||
American Electric Power Co., Inc. | 8,417 | 748,861 | ||||||
Avangrid, Inc. @ | 1,433 | 71,478 | ||||||
Duke Energy Corp. | 13,107 | 1,374,924 | ||||||
Edison International | 6,635 | 452,839 | ||||||
Entergy Corp. | 2,869 | 323,193 | ||||||
Evergy, Inc. | 3,652 | 250,564 | ||||||
Eversource Energy | 5,876 | 534,599 | ||||||
Exelon Corp. | 15,965 | 922,138 | ||||||
FirstEnergy Corp. | 8,176 | 340,040 | ||||||
Hawaiian Electric Industries, Inc. | 2,245 | 93,168 | ||||||
IDACORP, Inc. | 647 | 73,312 | ||||||
NextEra Energy, Inc. | 37,492 | 3,500,253 | ||||||
NRG Energy, Inc. | 6,256 | 269,508 | ||||||
OGE Energy Corp. | 3,314 | 127,191 | ||||||
PG&E Corp. * | 2,100 | 25,494 | ||||||
Pinnacle West Capital Corp. | 1,978 | 139,627 | ||||||
PNM Resources, Inc. | 2,100 | 95,781 | ||||||
Portland General Electric Co. | 1,411 | 74,670 | ||||||
PPL Corp. | 9,200 | 276,552 | ||||||
Southern Co. (The) | 17,830 | 1,222,781 | ||||||
Xcel Energy, Inc. | 9,222 | 624,329 | ||||||
11,825,355 | ||||||||
Electrical Equipment — 0.6% | ||||||||
Acuity Brands, Inc. | 1,000 | 211,720 | ||||||
AMETEK, Inc. | 3,933 | 578,308 | ||||||
Eaton Corp. PLC | 6,023 | 1,040,895 | ||||||
Emerson Electric Co. | 9,630 | 895,301 | ||||||
Generac Holdings, Inc. * | 1,183 | 416,321 | ||||||
Hubbell, Inc. | 1,149 | 239,302 | ||||||
nVent Electric PLC | 2,290 | 87,020 | ||||||
Plug Power, Inc. * | 670 | 18,914 | ||||||
Regal Rexnord Corp. | 1,234 | 210,002 | ||||||
Rockwell Automation, Inc. | 2,895 | 1,009,921 | ||||||
Sensata Technologies Holding PLC * | 2,621 | 161,690 | ||||||
4,869,394 | ||||||||
Electronic Equipment, Instruments & Components — 0.8% | ||||||||
Amphenol Corp., Class A | 12,045 | 1,053,456 | ||||||
Arrow Electronics, Inc. * | 830 | 111,444 | ||||||
Avnet, Inc. | 944 | 38,921 | ||||||
CDW Corp. | 3,596 | 736,389 | ||||||
Cognex Corp. | 1,711 | 133,047 | ||||||
Corning, Inc. | 8,949 | 333,171 | ||||||
Flex Ltd. * | 7,316 | 134,102 | ||||||
II-VI, Inc. *@ | 900 | 61,497 | ||||||
IPG Photonics Corp. * | 471 | 81,078 | ||||||
Jabil, Inc. | 3,689 | 259,521 | ||||||
Keysight Technologies, Inc. * | 3,226 | 666,201 | ||||||
Littelfuse, Inc. | 380 | 119,578 | ||||||
National Instruments Corp. | 1,428 | 62,361 | ||||||
Novanta, Inc. * | 661 | 116,554 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Electronic Equipment, Instruments & Components (Continued) | ||||||||
TD SYNNEX Corp. | 1,139 | $ | 130,256 | |||||
TE Connectivity Ltd. | 3,575 | 576,791 | ||||||
Teledyne Technologies, Inc. * | 573 | 250,338 | ||||||
Trimble, Inc. * | 2,830 | 246,748 | ||||||
Vontier Corp. | 2,967 | 91,176 | ||||||
Zebra Technologies Corp., Class A * | 919 | 546,989 | ||||||
5,749,618 | ||||||||
Energy Equipment & Services — 0.1% | ||||||||
Baker Hughes Co. | 3,464 | 83,344 | ||||||
ChampionX Corp. * | 1,200 | 24,252 | ||||||
Halliburton Co. | 8,047 | 184,035 | ||||||
NOV, Inc. | 4,002 | 54,227 | ||||||
Schlumberger NV | 12,666 | 379,347 | ||||||
725,205 | ||||||||
Entertainment — 1.2% | ||||||||
Activision Blizzard, Inc. | 9,560 | 636,027 | ||||||
Electronic Arts, Inc. | 2,838 | 374,332 | ||||||
Liberty Media Corp.-Liberty Formula One, Class A * | 315 | 18,692 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C * | 2,102 | 132,930 | ||||||
Live Nation Entertainment, Inc. * | 2,466 | 295,156 | ||||||
Netflix, Inc. * | 6,961 | 4,193,585 | ||||||
Roku, Inc. * | 866 | 197,621 | ||||||
Spotify Technology SA * | 457 | 106,952 | ||||||
Take-Two Interactive Software, Inc. * | 1,964 | 349,042 | ||||||
Walt Disney Co. (The) * | 18,097 | 2,803,044 | ||||||
Zynga, Inc., Class A * | 10,858 | 69,491 | ||||||
9,176,872 | ||||||||
Food & Staples Retailing — 1.5% | ||||||||
BJ’s Wholesale Club Holdings, Inc. * | 2,341 | 156,777 | ||||||
Casey’s General Stores, Inc. | 774 | 152,749 | ||||||
Costco Wholesale Corp. | 8,735 | 4,958,859 | ||||||
Kroger Co. (The) | 17,571 | 795,263 | ||||||
Performance Food Group Co. * | 1,336 | 61,309 | ||||||
Sysco Corp. | 10,169 | 798,775 | ||||||
US Foods Holding Corp. * | 1,600 | 55,728 | ||||||
Walgreens Boots Alliance, Inc. | 6,512 | 339,666 | ||||||
Walmart, Inc. | 27,662 | 4,002,415 | ||||||
11,321,541 | ||||||||
Food Products — 0.8% | ||||||||
Archer-Daniels-Midland Co. | 4,142 | 279,958 | ||||||
Bunge Ltd. | 1,401 | 130,797 | ||||||
Campbell Soup Co. | 4,243 | 184,401 | ||||||
Conagra Brands, Inc. | 5,411 | 184,786 | ||||||
Darling Ingredients, Inc. * | 4,810 | 333,285 | ||||||
Flowers Foods, Inc. | 3,652 | 100,320 | ||||||
Freshpet, Inc. * | 258 | 24,580 | ||||||
General Mills, Inc. | 10,109 | 681,144 | ||||||
Hershey Co. (The) | 2,946 | 569,963 | ||||||
Hormel Foods Corp. @ | 4,726 | 230,676 | ||||||
Ingredion, Inc. | 1,590 | 153,658 | ||||||
J.M. Smucker Co. (The) | 1,655 | 224,782 | ||||||
Kellogg Co. | 5,495 | 353,988 | ||||||
Kraft Heinz Co. (The) | 5,057 | 181,546 | ||||||
Lamb Weston Holdings, Inc. | 4,603 | 291,738 | ||||||
Lancaster Colony Corp. | 522 | 86,443 | ||||||
McCormick & Co., Inc. | 4,400 | 425,084 | ||||||
Mondelez International, Inc., Class A | 15,911 | 1,055,058 | ||||||
Pilgrim’s Pride Corp. * | 1,700 | 47,940 | ||||||
Post Holdings, Inc. * | 1,501 | 169,208 | ||||||
Sanderson Farms, Inc. | 247 | 47,197 | ||||||
Tyson Foods, Inc., Class A | 5,064 | 441,378 | ||||||
6,197,930 | ||||||||
Gas Utilities — 0.1% | ||||||||
Atmos Energy Corp. | 2,360 | 247,257 | ||||||
National Fuel Gas Co. | 1,600 | 102,304 | ||||||
Southwest Gas Holdings, Inc. | 1,343 | 94,077 | ||||||
UGI Corp. | 2,799 | 128,502 | ||||||
572,140 | ||||||||
Health Care Equipment & Supplies — 2.1% | ||||||||
Abbott Laboratories | 26,711 | 3,759,306 | ||||||
ABIOMED, Inc. * | 350 | 125,710 | ||||||
Align Technology, Inc. * | 833 | 547,431 | ||||||
Baxter International, Inc. | 8,028 | 689,124 | ||||||
Becton Dickinson & Co. | 2,877 | 723,508 | ||||||
Boston Scientific Corp. * | 10,979 | 466,388 | ||||||
CONMED Corp. | 289 | 40,969 | ||||||
Cooper Cos., Inc. (The) | 521 | 218,268 | ||||||
DENTSPLY SIRONA, Inc. | 1,578 | 88,037 | ||||||
DexCom, Inc. * | 1,090 | 585,275 | ||||||
Edwards Lifesciences Corp. * | 9,300 | 1,204,815 | ||||||
Envista Holdings Corp. * | 2,222 | 100,123 | ||||||
Globus Medical, Inc., Class A * | 1,500 | 108,300 | ||||||
Hologic, Inc. * | 4,904 | 375,450 | ||||||
ICU Medical, Inc. * | 98 | 23,259 | ||||||
Idexx Laboratories, Inc. * | 2,000 | 1,316,920 | ||||||
Insulet Corp. * | 521 | 138,622 | ||||||
Integra LifeSciences Holdings Corp. * | 1,168 | 78,244 | ||||||
Intuitive Surgical, Inc. * | 3,561 | 1,279,467 | ||||||
LivaNova PLC * | 470 | 41,092 | ||||||
Masimo Corp. * | 787 | 230,418 | ||||||
Medtronic PLC | 9,595 | 992,603 | ||||||
Neogen Corp. * | 444 | 20,162 | ||||||
Novocure Ltd. * | 596 | 44,748 | ||||||
Penumbra, Inc. * | 389 | 111,767 | ||||||
ResMed, Inc. | 2,770 | 721,530 | ||||||
Shockwave Medical, Inc. * | 212 | 37,806 | ||||||
STAAR Surgical Co. * | 200 | 18,260 | ||||||
STERIS PLC | 1,118 | 272,132 | ||||||
Stryker Corp. | 4,861 | 1,299,929 | ||||||
Teleflex, Inc. | 364 | 119,567 | ||||||
Zimmer Biomet Holdings, Inc. | 1,186 | 150,669 | ||||||
15,929,899 | ||||||||
Health Care Providers & Services — 2.7% | ||||||||
Acadia Healthcare Co., Inc. * | 1,169 | 70,958 | ||||||
Amedisys, Inc. * | 578 | 93,567 | ||||||
AmerisourceBergen Corp. | 2,652 | 352,424 | ||||||
AMN Healthcare Services, Inc. * | 400 | 48,932 | ||||||
Anthem, Inc. | 3,677 | 1,704,437 | ||||||
Cardinal Health, Inc. | 5,853 | 301,371 | ||||||
Centene Corp. * | 4,920 | 405,408 | ||||||
Chemed Corp. | 339 | 179,345 | ||||||
CIGNA Corp. | 5,519 | 1,267,328 | ||||||
CVS Health Corp. | 14,844 | 1,531,307 | ||||||
DaVita, Inc. * | 2,100 | 238,896 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Health Care Providers & Services (Continued) | ||||||||
Encompass Health Corp. | 2,141 | $ | 139,722 | |||||
Ensign Group, Inc. (The) | 687 | 57,680 | ||||||
Guardant Health, Inc. * | 673 | 67,313 | ||||||
HCA Healthcare, Inc. | 4,955 | 1,273,039 | ||||||
Henry Schein, Inc. * | 3,048 | 236,311 | ||||||
Humana, Inc. | 2,269 | 1,052,498 | ||||||
Laboratory Corp. of America Holdings * | 1,685 | 529,444 | ||||||
McKesson Corp. | 2,992 | 743,721 | ||||||
Molina Healthcare, Inc. * | 1,058 | 336,529 | ||||||
Premier, Inc., Class A | 1,383 | 56,938 | ||||||
Quest Diagnostics, Inc. | 2,455 | 424,740 | ||||||
R1 RCM, Inc. * | 1,861 | 47,437 | ||||||
Select Medical Holdings Corp. | 1,200 | 35,280 | ||||||
Tenet Healthcare Corp. * | 1,281 | 104,645 | ||||||
UnitedHealth Group, Inc. | 17,835 | 8,955,667 | ||||||
Universal Health Services, Inc., Class B | 1,628 | 211,086 | ||||||
20,466,023 | ||||||||
Health Care Technology — 0.2% | ||||||||
Cerner Corp. | 5,716 | 530,845 | ||||||
Change Healthcare, Inc. * | 7,084 | 151,456 | ||||||
Omnicell, Inc. * | 700 | 126,308 | ||||||
Teladoc Health, Inc. *@ | 659 | 60,510 | ||||||
Veeva Systems, Inc., Class A * | 1,334 | 340,810 | ||||||
1,209,929 | ||||||||
Hotels, Restaurants & Leisure — 1.8% | ||||||||
Aramark | 2,445 | 90,098 | ||||||
Booking Holdings, Inc. * | 578 | 1,386,755 | ||||||
Boyd Gaming Corp. * | 1,142 | 74,881 | ||||||
Caesars Entertainment, Inc. * | 978 | 91,472 | ||||||
Carnival Corp. *@ | 6,222 | 125,187 | ||||||
Chipotle Mexican Grill, Inc. * | 423 | 739,510 | ||||||
Choice Hotels International, Inc. | 1,000 | 155,990 | ||||||
Churchill Downs, Inc. | 450 | 108,405 | ||||||
Darden Restaurants, Inc. | 2,002 | 301,581 | ||||||
Domino’s Pizza, Inc. | 716 | 404,060 | ||||||
Expedia Group, Inc. * | 1,275 | 230,418 | ||||||
Hilton Worldwide Holdings, Inc. * | 3,388 | 528,494 | ||||||
Hyatt Hotels Corp., Class A * | 300 | 28,770 | ||||||
Las Vegas Sands Corp. * | 3,185 | 119,883 | ||||||
Marriott International, Inc., Class A * | 5,910 | 976,568 | ||||||
Marriott Vacations Worldwide Corp. | 750 | 126,735 | ||||||
McDonald’s Corp. | 12,813 | 3,434,781 | ||||||
MGM Resorts International | 3,426 | 153,759 | ||||||
Norwegian Cruise Line Holdings Ltd. * | 4,116 | 85,366 | ||||||
Papa John’s International, Inc. | 400 | 53,388 | ||||||
Penn National Gaming, Inc. * | 1,762 | 91,360 | ||||||
Planet Fitness, Inc. Class A * | 1,743 | 157,881 | ||||||
Royal Caribbean Cruises Ltd. * | 2,550 | 196,095 | ||||||
Starbucks Corp. | 19,320 | 2,259,861 | ||||||
Texas Roadhouse, Inc. | 1,257 | 112,225 | ||||||
Travel + Leisure Co. | 1,170 | 64,666 | ||||||
Vail Resorts, Inc. | 666 | 218,381 | ||||||
Wendy’s Co. (The) | 5,687 | 135,635 | ||||||
Wingstop, Inc. | 489 | 84,499 | ||||||
Wyndham Hotels & Resorts, Inc. | 1,765 | 158,232 | ||||||
Wynn Resorts Ltd. *@ | 1,565 | 133,088 | ||||||
Yum! Brands, Inc. | 5,539 | 769,146 | ||||||
13,597,170 | ||||||||
Household Durables — 0.4% | ||||||||
DR Horton, Inc. | 5,753 | 623,913 | ||||||
Garmin Ltd. | 2,389 | 325,310 | ||||||
Helen of Troy Ltd. * | 496 | 121,257 | ||||||
Leggett & Platt, Inc. | 3,378 | 139,038 | ||||||
Lennar Corp., B Shares | 72 | 6,885 | ||||||
Lennar Corp., Class A | 3,122 | 362,652 | ||||||
Meritage Homes Corp. * | 900 | 109,854 | ||||||
Mohawk Industries, Inc. * | 600 | 109,308 | ||||||
Newell Brands, Inc. | 5,255 | 114,769 | ||||||
NVR, Inc. * | 68 | 401,803 | ||||||
PulteGroup, Inc. | 4,404 | 251,733 | ||||||
Sonos, Inc. *@ | 1,123 | 33,465 | ||||||
Tempur Sealy International, Inc. | 3,440 | 161,783 | ||||||
Toll Brothers, Inc. | 1,650 | 119,444 | ||||||
TopBuild Corp. * | 500 | 137,955 | ||||||
Whirlpool Corp. | 1,555 | 364,896 | ||||||
3,384,065 | ||||||||
Household Products — 1.5% | ||||||||
Church & Dwight Co., Inc. | 5,160 | 528,900 | ||||||
Clorox Co. (The) | 2,311 | 402,946 | ||||||
Colgate-Palmolive Co. | 15,714 | 1,341,033 | ||||||
Kimberly-Clark Corp. | 5,955 | 851,088 | ||||||
Procter & Gamble Co. (The) | 48,462 | 7,927,414 | ||||||
11,051,381 | ||||||||
Independent Power Producers & Energy Traders — 0.1% | ||||||||
AES Corp. (The) | 11,000 | 267,300 | ||||||
Clearway Energy, Inc., Class C | 2,400 | 86,472 | ||||||
Ormat Technologies, Inc. @ | 741 | 58,761 | ||||||
Vistra Corp. | 3,161 | 71,976 | ||||||
484,509 | ||||||||
Industrial Conglomerates — 0.8% | ||||||||
3M Co. | 14,194 | 2,521,280 | ||||||
General Electric Co. | 6,463 | 610,560 | ||||||
Honeywell International, Inc. | 12,821 | 2,673,307 | ||||||
Roper Technologies, Inc. | 1,264 | 621,711 | ||||||
6,426,858 | ||||||||
Insurance — 1.6% | ||||||||
Aflac, Inc. | 7,013 | 409,489 | ||||||
Alleghany Corp. * | 167 | 111,488 | ||||||
Allstate Corp. (The) | 5,625 | 661,781 | ||||||
American Financial Group, Inc. | 527 | 72,368 | ||||||
American International Group, Inc. | 4,355 | 247,625 | ||||||
Aon PLC, Class A | 5,786 | 1,739,040 | ||||||
Arch Capital Group Ltd. * | 4,493 | 199,714 | ||||||
Arthur J. Gallagher & Co. | 2,823 | 478,978 | ||||||
Assurant, Inc. | 1,143 | 178,148 | ||||||
Athene Holding Ltd., Class A * | 1,250 | 104,162 | ||||||
Axis Capital Holdings Ltd. | 1,300 | 70,811 | ||||||
Brighthouse Financial, Inc. * | 1,077 | 55,789 | ||||||
Brown & Brown, Inc. | 4,399 | 309,162 | ||||||
Chubb Ltd. | 3,380 | 653,388 | ||||||
Cincinnati Financial Corp. | 1,150 | 131,019 | ||||||
Enstar Group Ltd. * | 300 | 74,277 | ||||||
Erie Indemnity Co., Class A | 545 | 105,000 | ||||||
Everest Re Group Ltd. | 191 | 52,319 | ||||||
Fidelity National Financial, Inc. | 5,659 | 295,287 | ||||||
First American Financial Corp. | 2,790 | 218,262 | ||||||
Globe Life, Inc. | 1,141 | 106,934 | ||||||
Hanover Insurance Group, Inc. (The) | 696 | 91,218 | ||||||
Hartford Financial Services Group, Inc. (The) | 4,027 | 278,024 | ||||||
Kinsale Capital Group, Inc. | 257 | 61,138 | ||||||
Lincoln National Corp. | 2,031 | 138,636 | ||||||
Loews Corp. | 1,471 | 84,965 | ||||||
Markel Corp. * | 100 | 123,400 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Insurance (Continued) | ||||||||
Marsh & McLennan Cos., Inc. | 9,000 | $ | 1,564,380 | |||||
MBIA, Inc. * | 3,900 | 61,581 | ||||||
MetLife, Inc. | 5,593 | 349,507 | ||||||
Old Republic International Corp. | 2,863 | 70,373 | ||||||
Primerica, Inc. | 919 | 140,855 | ||||||
Principal Financial Group, Inc. | 2,619 | 189,432 | ||||||
Progressive Corp. (The) | 10,185 | 1,045,490 | ||||||
Prudential Financial, Inc. | 2,294 | 248,303 | ||||||
Reinsurance Group of America, Inc. | 777 | 85,074 | ||||||
RenaissanceRe Holdings Ltd. | 783 | 132,585 | ||||||
RLI Corp. | 700 | 78,470 | ||||||
Selective Insurance Group, Inc. | 829 | 67,928 | ||||||
Travelers Companies, Inc. (The) | 5,274 | 825,012 | ||||||
Unum Group | 1,700 | 41,769 | ||||||
W. R. Berkley Corp. | 1,770 | 145,830 | ||||||
Willis Towers Watson PLC | 1,050 | 249,364 | ||||||
12,348,375 | ||||||||
Interactive Media & Services — 5.4% | ||||||||
Alphabet, Inc., Class A * | 4,521 | 13,097,518 | ||||||
Alphabet, Inc., Class C * | 4,424 | 12,801,242 | ||||||
Match Group, Inc. * | 3,467 | 458,511 | ||||||
Meta Platforms, Inc., Class A * | 40,998 | 13,789,677 | ||||||
Pinterest, Inc., Class A * | 2,822 | 102,580 | ||||||
Snap, Inc., Class A * | 7,149 | 336,217 | ||||||
Twitter, Inc. * | 5,999 | 259,277 | ||||||
Ziff Davis, Inc. * | 1,013 | 112,301 | ||||||
Zillow Group, Inc., Class A * | 436 | 27,128 | ||||||
Zillow Group, Inc., Class C * | 1,159 | 74,002 | ||||||
41,058,453 | ||||||||
Internet & Catalog Retail — 4.4% | ||||||||
Amazon.com, Inc. * | 9,490 | 31,642,886 | ||||||
Chewy, Inc., Class A *@ | 1,075 | 63,393 | ||||||
eBay, Inc. | 13,764 | 915,306 | ||||||
Etsy, Inc. * | 2,669 | 584,351 | ||||||
Wayfair, Inc., Class A *@ | 1,109 | 210,677 | ||||||
33,416,613 | ||||||||
IT Services — 5.0% | ||||||||
Accenture PLC, Class A | 13,880 | 5,753,954 | ||||||
Akamai Technologies, Inc. * | 2,286 | 267,553 | ||||||
Alliance Data Systems Corp. | 738 | 49,129 | ||||||
Amdocs Ltd. | 2,698 | 201,918 | ||||||
Automatic Data Processing, Inc. | 9,817 | 2,420,676 | ||||||
Block, Inc., Class A * | 3,728 | 602,109 | ||||||
Broadridge Financial Solutions, Inc. | 3,283 | 600,198 | ||||||
Cloudflare, Inc., Class A * | 1,734 | 228,021 | ||||||
Cognizant Technology Solutions Corp., Class A | 9,261 | 821,636 | ||||||
Concentrix Corp. | 1,139 | 203,448 | ||||||
DXC Technology Co. * | 2,810 | 90,454 | ||||||
EPAM Systems, Inc. * | 781 | 522,059 | ||||||
Euronet Worldwide, Inc. * | 911 | 108,564 | ||||||
Fidelity National Information Services, Inc. | 5,983 | 653,044 | ||||||
Fiserv, Inc. * | 5,324 | 552,578 | ||||||
FleetCor Technologies, Inc. * | 1,396 | 312,481 | ||||||
Gartner, Inc. * | 1,713 | 572,690 | ||||||
Genpact Ltd. | 3,792 | 201,279 | ||||||
Global Payments, Inc. | 3,120 | 421,762 | ||||||
Globant SA * | 394 | 123,751 | ||||||
GoDaddy, Inc., Class A * | 2,437 | 206,804 | ||||||
International Business Machines Corp. | 20,148 | 2,692,982 | ||||||
Jack Henry & Associates, Inc. | 1,300 | 217,087 | ||||||
Kyndryl Holdings, Inc. * | 4,029 | 72,925 | ||||||
MasterCard, Inc., Class A | 21,918 | 7,875,576 | ||||||
Maximus, Inc. | 1,464 | 116,637 | ||||||
MongoDB, Inc. * | 284 | 150,335 | ||||||
Okta, Inc. * | 1,243 | 278,643 | ||||||
Paychex, Inc. | 6,767 | 923,696 | ||||||
PayPal Holdings, Inc. * | 12,255 | 2,311,048 | ||||||
Twilio, Inc., Class A * | 1,065 | 280,457 | ||||||
VeriSign, Inc. * | 1,702 | 432,002 | ||||||
Visa, Inc., Class A | 34,029 | 7,374,425 | ||||||
Western Union Co. (The) | 6,874 | 122,632 | ||||||
WEX, Inc. * | 663 | 93,079 | ||||||
37,855,632 | ||||||||
Leisure Equipment & Products — 0.1% | ||||||||
Brunswick Corp. | 1,810 | 182,321 | ||||||
Hasbro, Inc. | 2,087 | 212,415 | ||||||
Mattel, Inc. * | 7,865 | 169,570 | ||||||
Peloton Interactive, Inc., Class A * | 1,347 | 48,169 | ||||||
Polaris, Inc. | 1,034 | 113,647 | ||||||
YETI Holdings, Inc. * | 1,669 | 138,243 | ||||||
864,365 | ||||||||
Life Sciences Tools & Services — 1.7% | ||||||||
10X Genomics, Inc., Class A * | 538 | 80,141 | ||||||
Agilent Technologies, Inc. | 4,258 | 679,790 | ||||||
Avantor, Inc. * | 9,845 | 414,868 | ||||||
Bio-Rad Laboratories, Inc., Class A * | 223 | 168,492 | ||||||
Bio-Techne Corp. | 473 | 244,702 | ||||||
Bruker Corp. | 2,044 | 171,512 | ||||||
Charles River Laboratories International, Inc. * | 640 | 241,139 | ||||||
Danaher Corp. | 7,238 | 2,381,374 | ||||||
Illumina, Inc. * | 1,686 | 641,422 | ||||||
IQVIA Holdings, Inc. * | 2,790 | 787,171 | ||||||
Medpace Holdings, Inc. * | 500 | 108,820 | ||||||
Mettler-Toledo International, Inc. * | 659 | 1,118,461 | ||||||
PerkinElmer, Inc. | 2,006 | 403,326 | ||||||
Repligen Corp. * | 355 | 94,018 | ||||||
Syneos Health, Inc. * | 927 | 95,184 | ||||||
Thermo Fisher Scientific, Inc. | 5,908 | 3,942,054 | ||||||
Waters Corp. * | 1,391 | 518,287 | ||||||
West Pharmaceutical Services, Inc. | 1,211 | 567,971 | ||||||
12,658,732 | ||||||||
Machinery — 2.0% | ||||||||
AGCO Corp. | 1,297 | 150,478 | ||||||
Caterpillar, Inc. | 12,969 | 2,681,211 | ||||||
Chart Industries, Inc. * | 200 | 31,898 | ||||||
Colfax Corp. * | 1,693 | 77,827 | ||||||
Crane Co. | 1,115 | 113,429 | ||||||
Cummins, Inc. | 2,875 | 627,152 | ||||||
Deere & Co. | 7,430 | 2,547,673 | ||||||
Donaldson Co., Inc. | 2,651 | 157,098 | ||||||
Dover Corp. | 2,615 | 474,884 | ||||||
Evoqua Water Technologies Corp. * | 1,408 | 65,824 | ||||||
Flowserve Corp. | 1,775 | 54,315 | ||||||
Fortive Corp. | 3,548 | 270,677 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Machinery (Continued) | ||||||||
Franklin Electric Co., Inc. | 300 | $ | 28,368 | |||||
Graco, Inc. | 3,370 | 271,689 | ||||||
IDEX Corp. | 1,004 | 237,265 | ||||||
Illinois Tool Works, Inc. | 8,206 | 2,025,241 | ||||||
Ingersoll Rand, Inc. | 3,972 | 245,748 | ||||||
ITT, Inc. | 2,281 | 233,095 | ||||||
John Bean Technologies Corp. | 692 | 106,263 | ||||||
Lincoln Electric Holdings, Inc. | 1,491 | 207,950 | ||||||
Middleby Corp. (The) * | 1,300 | 255,788 | ||||||
Nordson Corp. | 848 | 216,469 | ||||||
Oshkosh Corp. | 1,700 | 191,607 | ||||||
Otis Worldwide Corp. | 5,642 | 491,249 | ||||||
PACCAR, Inc. | 6,116 | 539,798 | ||||||
Parker-Hannifin Corp. | 2,575 | 819,159 | ||||||
Pentair PLC | 1,862 | 135,982 | ||||||
RBC Bearings, Inc. * | 421 | 85,029 | ||||||
Snap-On, Inc. | 1,143 | 246,179 | ||||||
Stanley Black & Decker, Inc. | 2,408 | 454,197 | ||||||
Timken Co., (The) | 1,644 | 113,913 | ||||||
Toro Co. (The) | 2,683 | 268,059 | ||||||
Watts Water Technologies, Inc., Class A | 400 | 77,668 | ||||||
Westinghouse Air Brake Technologies Corp. | 1,144 | 105,374 | ||||||
Woodward, Inc. | 1,254 | 137,263 | ||||||
Xylem, Inc. | 2,293 | 274,977 | ||||||
15,020,796 | ||||||||
Media — 1.0% | ||||||||
Altice USA, Inc., Class A * | 4,348 | 70,351 | ||||||
Cable One, Inc. | 101 | 178,108 | ||||||
Charter Communications, Inc., Class A * | 2,672 | 1,742,064 | ||||||
Comcast Corp., Class A | 72,362 | 3,641,980 | ||||||
Discovery, Inc., Class A *@ | 3,611 | 85,003 | ||||||
Discovery, Inc., Class C * | 4,579 | 104,859 | ||||||
DISH Network Corp., Class A * | 3,186 | 103,354 | ||||||
Fox Corp. Class A | 3,686 | 136,013 | ||||||
Fox Corp. Class B | 696 | 23,852 | ||||||
Interpublic Group of Cos., Inc. (The) | 6,061 | 226,984 | ||||||
Liberty Broadband Corp., Class A * | 315 | 50,684 | ||||||
Liberty Broadband Corp., Class C * | 1,371 | 220,868 | ||||||
Liberty Media Corp. - Liberty Siriusxm, Class A * | 1,263 | 64,224 | ||||||
Liberty Media Corp. - Liberty Siriusxm, Class C * | 1,178 | 59,901 | ||||||
Loyalty Ventures, Inc. * | 295 | 8,871 | ||||||
New York Times Co. (The), Class A | 1,641 | 79,260 | ||||||
News Corp., Class A | 1,498 | 33,420 | ||||||
News Corp., Class B | 1,525 | 34,313 | ||||||
Nexstar Media Group, Inc. Class A | 900 | 135,882 | ||||||
Omnicom Group, Inc. | 4,831 | 353,967 | ||||||
Sirius XM Holdings, Inc. @ | 12,754 | 80,988 | ||||||
TEGNA, Inc. | 2,624 | 48,701 | ||||||
ViacomCBS, Inc. Class A @ | 616 | 20,556 | ||||||
ViacomCBS, Inc. Class B | 6,268 | 189,168 | ||||||
7,693,371 | ||||||||
Metals & Mining — 0.4% | ||||||||
Alcoa Corp. | 2,296 | 136,796 | ||||||
Cleveland-Cliffs, Inc. * | 6,262 | 136,324 | ||||||
Commercial Metals Co. | 1,475 | 53,528 | ||||||
Freeport-McMoRan, Inc. | 21,901 | 913,929 | ||||||
Newmont Corp. | 9,033 | 560,227 | ||||||
Nucor Corp. | 5,263 | 600,771 | ||||||
Reliance Steel & Aluminum Co. | 1,403 | 227,595 | ||||||
Royal Gold, Inc. | 1,115 | 117,309 | ||||||
Southern Copper Corp. | 1,769 | 109,165 | ||||||
Steel Dynamics, Inc. | 3,175 | 197,072 | ||||||
United States Steel Corp. @ | 3,845 | 91,549 | ||||||
3,144,265 | ||||||||
Multi-Utilities — 0.6% | ||||||||
Ameren Corp. | 3,328 | 296,225 | ||||||
Black Hills Corp. | 1,300 | 91,741 | ||||||
Centerpoint Energy, Inc. | 6,700 | 186,997 | ||||||
CMS Energy Corp. | 5,199 | 338,195 | ||||||
Consolidated Edison, Inc. | 5,063 | 431,975 | ||||||
Dominion Energy, Inc. | 13,388 | 1,051,761 | ||||||
DTE Energy Co. | 3,247 | 388,146 | ||||||
MDU Resources Group, Inc. | 3,960 | 122,127 | ||||||
NiSource, Inc. | 5,791 | 159,890 | ||||||
Public Service Enterprise Group, Inc. | 8,415 | 561,533 | ||||||
Sempra Energy | 4,736 | 626,478 | ||||||
WEC Energy Group, Inc. | 4,990 | 484,379 | ||||||
4,739,447 | ||||||||
Multiline Retail — 0.7% | ||||||||
Dollar General Corp. | 5,731 | 1,351,542 | ||||||
Dollar Tree, Inc. * | 2,486 | 349,333 | ||||||
Kohl’s Corp. | 1,268 | 62,626 | ||||||
Macy’s, Inc. | 4,200 | 109,956 | ||||||
Target Corp. | 13,538 | 3,133,235 | ||||||
5,006,692 | ||||||||
Oil, Gas & Consumable Fuels — 1.3% | ||||||||
Antero Midstream Corp. | 3,600 | 34,848 | ||||||
Antero Resources Corp. * | 3,300 | 57,750 | ||||||
APA Corp. | 5,617 | 151,041 | ||||||
Cheniere Energy, Inc. | 5,431 | 550,812 | ||||||
Chesapeake Energy Corp. @ | 918 | 59,229 | ||||||
Chevron Corp. | 14,415 | 1,691,600 | ||||||
ConocoPhillips | 14,759 | 1,065,305 | ||||||
Coterra Energy, Inc. | 8,623 | 163,837 | ||||||
Devon Energy Corp. | 4,834 | 212,938 | ||||||
Diamondback Energy, Inc. | 1,285 | 138,587 | ||||||
DTE Midstream LLC * | 1,623 | 77,872 | ||||||
EOG Resources, Inc. | 6,580 | 584,501 | ||||||
EQT Corp. * | 3,800 | 82,878 | ||||||
Equitrans Midstream Corp. | 4,957 | 51,255 | ||||||
Exxon Mobil Corp. | 34,657 | 2,120,662 | ||||||
Hess Corp. | 3,471 | 256,958 | ||||||
HollyFrontier Corp. | 2,161 | 70,838 | ||||||
Kinder Morgan, Inc. | 8,265 | 131,083 | ||||||
Marathon Oil Corp. | 8,798 | 144,463 | ||||||
Marathon Petroleum Corp. | 4,094 | 261,975 | ||||||
Occidental Petroleum Corp. | 12,148 | 352,171 | ||||||
ONEOK, Inc. | 6,698 | 393,575 | ||||||
Ovintiv, Inc. | 2,600 | 87,620 | ||||||
PDC Energy, Inc. | 985 | 48,048 | ||||||
Phillips 66 | 3,291 | 238,466 | ||||||
Pioneer Natural Resources Co. | 1,324 | 240,809 | ||||||
Range Resources Corp. * | 3,129 | 55,790 | ||||||
Targa Resources Corp. | 1,997 | 104,323 | ||||||
Texas Pacific Land Corp. | 58 | 72,434 | ||||||
Valero Energy Corp. | 4,073 | 305,923 | ||||||
Williams Cos., Inc. (The) | 13,491 | 351,306 | ||||||
10,158,897 | ||||||||
Paper & Forest Products — 0.0% | ||||||||
Louisiana-Pacific Corp. | 1,880 | 147,298 | ||||||
Sylvamo Corp. * | 533 | 14,865 | ||||||
162,163 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Personal Products — 0.3% | ||||||||
Estee Lauder Companies, Inc. (The), Class A | 5,286 | $ | 1,956,877 | |||||
Herbalife Nutriation Ltd. * | 2,876 | 117,715 | ||||||
2,074,592 | ||||||||
Pharmaceuticals — 3.9% | ||||||||
Bristol-Myers Squibb Co. | 33,566 | 2,092,840 | ||||||
Catalent, Inc. * | 2,337 | 299,206 | ||||||
Elanco Animal Health, Inc. * | 4,517 | 128,192 | ||||||
Eli Lilly & Co. | 19,445 | 5,371,098 | ||||||
Jazz Pharmaceuticals PLC * | 1,092 | 139,121 | ||||||
Johnson & Johnson | 55,065 | 9,419,970 | ||||||
Merck & Co., Inc. | 52,291 | 4,007,582 | ||||||
Organon & Co. | 4,671 | 142,232 | ||||||
Perrigo Co. PLC | 1,790 | 69,631 | ||||||
Pfizer, Inc. | 79,600 | 4,700,380 | ||||||
Viatris, Inc. | 10,369 | 140,293 | ||||||
Zoetis, Inc. | 12,576 | 3,068,921 | ||||||
29,579,466 | ||||||||
Professional Services — 0.5% | ||||||||
ASGN, Inc. * | 677 | 83,542 | ||||||
Booz Allen Hamilton Holding Corp. | 3,549 | 300,920 | ||||||
CACI International, Inc., Class A * | 656 | 176,602 | ||||||
Clarivate PLC *@ | 2,100 | 49,392 | ||||||
CoStar Group, Inc. * | 2,890 | 228,397 | ||||||
Equifax, Inc. | 1,711 | 500,963 | ||||||
Exponent, Inc. | 799 | 93,267 | ||||||
FTI Consulting, Inc. * | 662 | 101,564 | ||||||
Insperity, Inc. | 400 | 47,244 | ||||||
Jacobs Engineering Group, Inc. | 1,338 | 186,290 | ||||||
KBR, Inc. | 2,987 | 142,241 | ||||||
Korn Ferry | 397 | 30,065 | ||||||
Leidos Holdings, Inc. | 2,174 | 193,268 | ||||||
Manpowergroup, Inc. | 1,600 | 155,728 | ||||||
Nielsen Holdings PLC | 4,300 | 88,193 | ||||||
Robert Half International, Inc. | 2,642 | 294,636 | ||||||
Science Applications International Corp. | 1,371 | 114,602 | ||||||
TransUnion | 2,647 | 313,881 | ||||||
TriNet Group, Inc. * | 865 | 82,400 | ||||||
Upwork, Inc. * | 701 | 23,946 | ||||||
Verisk Analytics, Inc. | 3,573 | 817,252 | ||||||
4,024,393 | ||||||||
Real Estate Management & Development — 0.1% | ||||||||
CBRE Group, Inc., Class A * | 5,492 | 595,937 | ||||||
Jones Lang LaSalle, Inc. * | 1,100 | 296,274 | ||||||
Redfin Corp. *@ | 420 | 16,124 | ||||||
908,335 | ||||||||
Road & Rail — 1.3% | ||||||||
AMERCO | 236 | 171,390 | ||||||
Avis Budget Group, Inc. * | 673 | 139,560 | ||||||
Canadian Pacific Railway Ltd. | 5,194 | 373,656 | ||||||
CSX Corp. | 47,289 | 1,778,067 | ||||||
JB Hunt Transport Services, Inc. | 2,271 | 464,192 | ||||||
Knight-Swift Transportation Holdings, Inc. | 2,249 | 137,054 | ||||||
Landstar System, Inc. | 1,073 | 192,089 | ||||||
Lyft, Inc., Class A * | 1,612 | 68,881 | ||||||
Norfolk Southern Corp. | 4,620 | 1,375,420 | ||||||
Old Dominion Freight Line, Inc. | 1,937 | 694,182 | ||||||
Ryder System, Inc. | 682 | 56,217 | ||||||
Saia, Inc. * | 200 | 67,406 | ||||||
Uber Technologies, Inc. * | 3,224 | 135,182 | ||||||
Union Pacific Corp. | 15,875 | 3,999,389 | ||||||
XPO Logistics, Inc. * | 1,934 | 149,750 | ||||||
9,802,435 | ||||||||
Semiconductors & Semiconductor Equipment — 6.8% | ||||||||
Advanced Micro Devices, Inc. * | 18,265 | 2,628,333 | ||||||
Analog Devices, Inc. | 9,640 | 1,694,423 | ||||||
Applied Materials, Inc. | 22,341 | 3,515,580 | ||||||
Azenta, Inc. | 1,100 | 113,421 | ||||||
Broadcom, Inc. | 9,251 | 6,155,708 | ||||||
Cirrus Logic, Inc. * | 1,237 | 113,829 | ||||||
CMC Materials, Inc. | 592 | 113,480 | ||||||
Diodes, Inc. * | 300 | 32,943 | ||||||
Enphase Energy, Inc. * | 1,883 | 344,476 | ||||||
Entegris, Inc. | 2,652 | 367,514 | ||||||
First Solar, Inc. * | 1,023 | 89,165 | ||||||
Intel Corp. | 72,045 | 3,710,317 | ||||||
KLA Corp. | 4,140 | 1,780,655 | ||||||
Lam Research Corp. | 3,562 | 2,561,612 | ||||||
Lattice Semiconductor Corp. * | 1,742 | 134,239 | ||||||
Marvell Technology, Inc. | 6,428 | 562,386 | ||||||
Microchip Technology, Inc. | 8,612 | 749,761 | ||||||
Micron Technology, Inc. | 14,627 | 1,362,505 | ||||||
MKS Instruments, Inc. | 1,252 | 218,061 | ||||||
Monolithic Power Systems, Inc. | 706 | 348,291 | ||||||
NVIDIA Corp. | 43,332 | 12,744,374 | ||||||
ON Semiconductor Corp. * | 8,229 | 558,914 | ||||||
Power Integrations, Inc. | 1,146 | 106,452 | ||||||
Qorvo, Inc. * | 1,637 | 256,010 | ||||||
QUALCOMM, Inc. | 25,043 | 4,579,613 | ||||||
Semtech Corp. * | 600 | 53,358 | ||||||
Silicon Laboratories, Inc. * | 600 | 123,852 | ||||||
Skyworks Solutions, Inc. | 3,226 | 500,482 | ||||||
SolarEdge Technologies, Inc. * | 455 | 127,659 | ||||||
Synaptics, Inc. * | 333 | 96,407 | ||||||
Teradyne, Inc. | 3,943 | 644,799 | ||||||
Texas Instruments, Inc. | 21,009 | 3,959,566 | ||||||
Universal Display Corp. | 786 | 129,714 | ||||||
Wolfspeed, Inc. @* | 1,415 | 158,155 | ||||||
Xilinx, Inc. | 5,194 | 1,101,284 | ||||||
51,737,338 | ||||||||
Software — 9.3% | ||||||||
Adobe, Inc. * | 9,085 | 5,151,740 | ||||||
Alarm.com Holdings, Inc. * | 415 | 35,196 | ||||||
Alteryx, Inc., Class A * | 675 | 40,837 | ||||||
ANSYS, Inc. * | 940 | 377,053 | ||||||
Appfolio, Inc., Class A *@ | 486 | 58,835 | ||||||
Aspen Technology, Inc. * | 2,199 | 334,688 | ||||||
Atlassian Corp. PLC, Class A * | 2,267 | 864,384 | ||||||
Autodesk, Inc. * | 3,310 | 930,739 | ||||||
Avalara, Inc. * | 621 | 80,177 | ||||||
Black Knight, Inc. * | 2,102 | 174,235 | ||||||
Cadence Design Systems, Inc. * | 5,300 | 987,655 | ||||||
CDK Global, Inc. | 3,162 | 131,982 | ||||||
Ceridian HCM Holding, Inc. * | 995 | 103,938 | ||||||
Citrix Systems, Inc. | 2,573 | 243,380 | ||||||
Cognyte Software Ltd. * | 1,038 | 16,265 | ||||||
Consensus Cloud Solutions, Inc. * | 337 | 19,502 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Software (Continued) | ||||||||
Coupa Software, Inc. * | 709 | $ | 112,057 | |||||
Crowdstrike Holdings, Inc., Class A * | 1,037 | 212,326 | ||||||
Datadog, Inc., Class A * | 1,407 | 250,601 | ||||||
DocuSign, Inc. * | 1,254 | 190,997 | ||||||
Dolby Laboratories, Inc., Class A | 938 | 89,316 | ||||||
Dropbox, Inc., Class A * | 4,089 | 100,344 | ||||||
Dynatrace, Inc. * | 1,268 | 76,524 | ||||||
Elastic NV * | 423 | 52,067 | ||||||
Envestnet, Inc. * | 1,085 | 86,084 | ||||||
Fair Isaac Corp. * | 488 | 211,631 | ||||||
Five9, Inc. * | 200 | 27,464 | ||||||
Fortinet, Inc. * | 3,130 | 1,124,922 | ||||||
Guidewire Software, Inc. * | 801 | 90,937 | ||||||
HubSpot, Inc. * | 406 | 267,615 | ||||||
Intuit, Inc. | 4,259 | 2,739,474 | ||||||
Mandiant, Inc. * | 1,537 | 26,959 | ||||||
Manhattan Associates, Inc. * | 2,300 | 357,627 | ||||||
Microsoft Corp. | 130,116 | 43,760,613 | ||||||
NortonLifeLock, Inc. | 8,718 | 226,494 | ||||||
Nuance Communications, Inc. * | 4,400 | 243,408 | ||||||
Oracle Corp. | 35,279 | 3,076,682 | ||||||
Palo Alto Networks, Inc. * | 795 | 442,624 | ||||||
Paycom Software, Inc. * | 960 | 398,582 | ||||||
Paylocity Holding Corp. * | 668 | 157,755 | ||||||
Pegasystems, Inc. | 255 | 28,514 | ||||||
PTC, Inc. * | 1,031 | 124,906 | ||||||
Qualys, Inc. * | 503 | 69,022 | ||||||
RingCentral, Inc., Class A * | 628 | 117,656 | ||||||
Salesforce.com, Inc. * | 7,199 | 1,829,482 | ||||||
ServiceNow, Inc. * | 2,014 | 1,307,308 | ||||||
Smartsheet, Inc., Class A * | 763 | 59,094 | ||||||
Splunk, Inc. * | 1,045 | 120,927 | ||||||
SS&C Technologies Holdings, Inc. | 3,246 | 266,107 | ||||||
Synopsys, Inc. * | 1,895 | 698,307 | ||||||
Teradata Corp. * | 1,500 | 63,705 | ||||||
Trade Desk, Inc. (The), Class A * | 4,830 | 442,621 | ||||||
Tyler Technologies, Inc. * | 424 | 228,091 | ||||||
VMware, Inc., Class A | 2,695 | 312,297 | ||||||
Workday, Inc., Class A * | 1,272 | 347,485 | ||||||
Zendesk, Inc. * | 1,234 | 128,694 | ||||||
Zoom Video Communications, Inc., Class A * | 1,524 | 280,279 | ||||||
Zscaler, Inc. * | 617 | 198,261 | ||||||
70,496,465 | ||||||||
Specialty Retail — 3.1% | ||||||||
Aaron’s Co. Inc. (The) | 575 | 14,174 | ||||||
Advance Auto Parts, Inc. | 1,480 | 355,022 | ||||||
American Eagle Outfitters, Inc. | 1,673 | 42,360 | ||||||
AutoNation, Inc. * | 961 | 112,293 | ||||||
AutoZone, Inc. * | 433 | 907,737 | ||||||
Bath & Body Works, Inc. | 3,537 | 246,847 | ||||||
Best Buy Co., Inc. | 6,478 | 658,165 | ||||||
Burlington Stores, Inc. * | 1,171 | 341,358 | ||||||
Carmax, Inc. * | 3,409 | 443,954 | ||||||
Carvana Co. * | 614 | 142,319 | ||||||
Dick’s Sporting Goods, Inc. @ | 1,695 | 194,908 | ||||||
Five Below, Inc. * | 1,000 | 206,890 | ||||||
Floor & Decor Holdings, Inc., Class A * | 1,000 | 130,010 | ||||||
Foot Locker, Inc. | 1,123 | 48,996 | ||||||
Gap, Inc. (The) | 2,801 | 49,438 | ||||||
Home Depot, Inc. (The) | 23,976 | 9,950,280 | ||||||
Lithia Motors, Inc. | 454 | 134,815 | ||||||
Lowe’s Cos., Inc. | 14,649 | 3,786,473 | ||||||
Murphy USA, Inc. | 1,116 | 222,352 | ||||||
National Vision Holdings, Inc. * | 862 | 41,367 | ||||||
O’Reilly Automotive, Inc. * | 1,415 | 999,315 | ||||||
Penske Automotive Group, Inc. | 1,135 | 121,695 | ||||||
RH * | 220 | 117,907 | ||||||
Ross Stores, Inc. | 6,470 | 739,392 | ||||||
Signet Jewelers Ltd. | 600 | 52,218 | ||||||
TJX Cos., Inc. (The) | 27,206 | 2,065,480 | ||||||
Tractor Supply Co. | 3,230 | 770,678 | ||||||
Ulta Beauty, Inc. * | 984 | 405,743 | ||||||
Victoria’s Secret & Co. * | 1,179 | 65,482 | ||||||
Williams-Sonoma, Inc. | 2,400 | 405,912 | ||||||
23,773,580 | ||||||||
Textiles, Apparel & Luxury Goods — 1.0% | ||||||||
Capri Holdings Ltd. * | 1,203 | 78,087 | ||||||
Carter’s, Inc. | 934 | 94,539 | ||||||
Columbia Sportswear Co. | 858 | 83,604 | ||||||
Crocs, Inc. * | 1,471 | 188,612 | ||||||
Deckers Outdoor Corp. * | 473 | 173,265 | ||||||
Hanesbrands, Inc. | 8,404 | 140,515 | ||||||
Lululemon Athletica, Inc. * | 2,254 | 882,328 | ||||||
NIKE, Inc., Class B | 29,092 | 4,848,764 | ||||||
PVH Corp. | 760 | 81,054 | ||||||
Ralph Lauren Corp. | 1,100 | 130,746 | ||||||
Skechers U.S.A., Inc., Class A * | 1,800 | 78,120 | ||||||
Tapestry, Inc. | 5,352 | 217,291 | ||||||
Under Armour, Inc., Class A * | 2,760 | 58,484 | ||||||
Under Armour, Inc., Class C * | 2,884 | 52,027 | ||||||
VF Corp. | 5,509 | 403,369 | ||||||
7,510,805 | ||||||||
Thrifts & Mortgage Finance — 0.0% | ||||||||
Essent Group Ltd. | 700 | 31,871 | ||||||
MGIC Investment Corp. | 4,400 | �� | 63,448 | |||||
New York Community Bancorp, Inc. | 6,032 | 73,651 | ||||||
TFS Financial Corp. | 1,093 | 19,532 | ||||||
188,502 | ||||||||
Tobacco — 0.4% | ||||||||
Altria Group, Inc. | 27,551 | 1,305,642 | ||||||
Philip Morris International, Inc. | 21,397 | 2,032,715 | ||||||
3,338,357 | ||||||||
Trading Companies & Distributors — 0.4% | ||||||||
Fastenal Co. | 13,600 | 871,216 | ||||||
MSC Industrial Direct Co., Inc., Class A | 1,100 | 92,466 | ||||||
SiteOne Landscape Supply, Inc. * | 654 | 158,451 | ||||||
United Rentals, Inc. * | 2,064 | 685,846 | ||||||
Univar Solutions, Inc. * | 2,156 | 61,123 | ||||||
Watsco, Inc. | 474 | 148,305 | ||||||
WESCO International, Inc. * | 596 | 78,428 | ||||||
WW Grainger, Inc. | 1,176 | 609,450 | ||||||
2,705,285 | ||||||||
Water Utilities — 0.1% | ||||||||
American Water Works Co., Inc. | 3,475 | 656,288 | ||||||
Essential Utilities, Inc. | 3,662 | 196,613 | ||||||
852,901 | ||||||||
Wireless Telecommunication Services — 0.1% | ||||||||
T-Mobile US, Inc. * | 8,733 | 1,012,853 | ||||||
TOTAL COMMON STOCKS (Identified Cost $143,201,004) | 726,195,726 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
PREFERRED STOCKS — 0.0% | ||||||||
Internet & Catalog Retail — 0.0% | ||||||||
Qurate Retail, Inc. 8.000% | 108 | $ | 11,148 | |||||
TOTAL PREFERRED STOCKS (Identified Cost $8,771) | 11,148 | |||||||
MUTUAL FUNDS — 4.1% | ||||||||
Other — 4.1% | ||||||||
DFA U.S. Micro Cap Portfolio | 1,129,471 | 31,037,879 | ||||||
TOTAL MUTUAL FUNDS (Identified Cost $15,712,342) | 31,037,879 | |||||||
SHORT-TERM INVESTMENTS — 0.4% | ||||||||
Investment Company — 0.4% | ||||||||
State Street Institutional U.S. Government Money Market Fund 0.025% | 2,790,918 | 2,790,918 | ||||||
Collateral For Securities On Loan — 0.0% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030% | 220,415 | 220,415 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $3,011,333) | 3,011,333 | |||||||
Total Investments — 100.0% (Identified Cost $161,933,450) | 760,256,086 | |||||||
Liabilities, Less Cash and Other Assets — (0.0)% | (246,724 | ) | ||||||
Net Assets — 100.0% | $ | 760,009,362 |
† | See Note 1 | |
* | Non-income producing security | |
@ | A portion or all of the security was held on loan. As of December 31, 2021, the fair value of the securities on loan was $1,840,670. |
The accompanying notes are an integral part of these financial statements.
SA U.S. Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited)
SHARES | VALUE† | |||||||
COMMON STOCKS — 99.7% | ||||||||
Aerospace & Defense — 1.8% | ||||||||
General Dynamics Corp. | 7,826 | $ | 1,631,486 | |||||
Howmet Aerospace, Inc. | 33,495 | 1,066,146 | ||||||
L3Harris Technologies, Inc. | 4,208 | 897,314 | ||||||
Northrop Grumman Corp. | 3,018 | 1,168,177 | ||||||
Raytheon Technologies Corp. | 41,277 | 3,552,299 | ||||||
Textron, Inc. | 34,156 | 2,636,843 | ||||||
10,952,265 | ||||||||
Air Freight & Logistics — 1.0% | ||||||||
FedEx Corp. | 19,292 | 4,989,683 | ||||||
GXO Logistics, Inc. * | 15,841 | 1,438,838 | ||||||
6,428,521 | ||||||||
Airlines — 0.3% | ||||||||
Alaska Air Group, Inc. * | 964 | 50,224 | ||||||
JetBlue Airways Corp. * | 716 | 10,196 | ||||||
Southwest Airlines Co. * | 27,340 | 1,171,246 | ||||||
United Airlines Holdings, Inc. * | 15,471 | 677,320 | ||||||
1,908,986 | ||||||||
Auto Components — 0.8% | ||||||||
Aptiv PLC * | 4,329 | 714,068 | ||||||
Autoliv, Inc. | 9,173 | 948,580 | ||||||
BorgWarner, Inc. | 24,241 | 1,092,542 | ||||||
Gentex Corp. | 25,695 | 895,471 | ||||||
Goodyear Tire & Rubber Co. (The) * | 2,391 | 50,976 | ||||||
Lear Corp. | 6,743 | 1,233,632 | ||||||
Veoneer, Inc. * | 334 | 11,850 | ||||||
4,947,119 | ||||||||
Automobiles — 1.5% | ||||||||
Ford Motor Co. | 150,516 | 3,126,218 | ||||||
General Motors Co. * | 105,594 | 6,190,976 | ||||||
9,317,194 | ||||||||
Beverages — 0.4% | ||||||||
Constellation Brands, Inc., Class A | 8,399 | 2,107,897 | ||||||
Keurig Dr Pepper, Inc. | 2,705 | 99,707 | ||||||
Molson Coors Beverage Co., Class B | 10,592 | 490,939 | ||||||
2,698,543 | ||||||||
Biotechnology — 1.4% | ||||||||
AbbVie, Inc. | 738 | 99,925 | ||||||
Biogen, Inc. * | 9,479 | 2,274,202 | ||||||
Gilead Sciences, Inc. | 43,881 | 3,186,199 | ||||||
Regeneron Pharmaceuticals, Inc. * | 3,150 | 1,989,288 | ||||||
United Therapeutics Corp. * | 683 | 147,583 | ||||||
Vertex Pharmaceuticals, Inc. * | 4,366 | 958,774 | ||||||
8,655,971 | ||||||||
Building Products — 2.1% | ||||||||
Builders FirstSource, Inc. * | 7,125 | 610,684 | ||||||
Carlisle Cos., Inc. | 6,915 | 1,715,750 | ||||||
Carrier Global Corp. | 41,203 | 2,234,851 | ||||||
Fortune Brands Home & Security, Inc. | 11,027 | 1,178,786 | ||||||
Johnson Controls International PLC | 34,370 | 2,794,625 | ||||||
Owens Corning | 12,209 | 1,104,914 | ||||||
Trane Technologies PLC | 16,759 | 3,385,821 | ||||||
13,025,431 | ||||||||
Capital Markets — 3.5% | ||||||||
Bank of New York Mellon Corp. (The) | 52,444 | 3,045,947 | ||||||
Goldman Sachs Group, Inc. (The) | 23,927 | 9,153,274 | ||||||
Jefferies Financial Group, Inc. | 6,993 | 271,328 | ||||||
Morgan Stanley | 83,425 | 8,188,998 | ||||||
Northern Trust Corp. | 370 | 44,256 | ||||||
State Street Corp. | 10,112 | 940,416 | ||||||
21,644,219 | ||||||||
Chemicals — 4.0% | ||||||||
Air Products & Chemicals, Inc. | 7,452 | 2,267,345 | ||||||
Albemarle Corp. | 9,985 | 2,334,193 | ||||||
Celanese Corp. | 4,202 | 706,188 | ||||||
CF Industries Holdings, Inc. | 25,378 | 1,796,255 | ||||||
Corteva, Inc. | 18,513 | 875,295 | ||||||
Dow, Inc. | 53,305 | 3,023,460 | ||||||
DuPont de Nemours, Inc. | 13,259 | 1,071,062 | ||||||
Eastman Chemical Co. | 17,799 | 2,152,077 | ||||||
FMC Corp. | 500 | 54,945 | ||||||
International Flavors & Fragrances, Inc. | 9,315 | 1,403,305 | ||||||
Linde PLC | 16,893 | 5,852,242 | ||||||
LyondellBasell Industries NV, Class A | 21,390 | 1,972,800 | ||||||
Mosaic Co. (The) | 5,998 | 235,661 | ||||||
PPG Industries, Inc. | 775 | 133,641 | ||||||
Valvoline, Inc. | 6,614 | 246,636 | ||||||
Westlake Chemical Corp. | 7,968 | 773,932 | ||||||
24,899,037 | ||||||||
Commercial Banks — 9.5% | ||||||||
Bank of America Corp. | 169,647 | 7,547,595 | ||||||
Citigroup, Inc. | 105,398 | 6,364,985 | ||||||
Citizens Financial Group, Inc. | 18,613 | 879,464 | ||||||
East West Bancorp, Inc. | 2,390 | 188,045 | ||||||
Fifth Third Bancorp | 86,881 | 3,783,668 | ||||||
Huntington Bancshares, Inc. | 72,900 | 1,124,118 | ||||||
JPMorgan Chase & Co. | 109,972 | 17,414,066 | ||||||
KeyCorp | 66,158 | 1,530,235 | ||||||
M&T Bank Corp. | 3,071 | 471,644 | ||||||
People’s United Financial, Inc. | 5,834 | 103,962 | ||||||
PNC Financial Services Group, Inc. (The) | 21,675 | 4,346,271 | ||||||
Regions Financial Corp. | 127,643 | 2,782,617 | ||||||
Truist Financial Corp. | 64,730 | 3,789,942 | ||||||
US Bancorp | 29,194 | 1,639,827 | ||||||
Wells Fargo & Co. | 119,103 | 5,714,562 | ||||||
Zions Bancorp NA | 20,193 | 1,275,390 | ||||||
58,956,391 | ||||||||
Commercial Services & Supplies — 0.8% | ||||||||
Republic Services, Inc. | 36,633 | 5,108,472 | ||||||
Communications Equipment — 0.2% | ||||||||
Cisco Systems, Inc. | 4,155 | 263,302 | ||||||
Juniper Networks, Inc. | 23,184 | 827,901 | ||||||
1,091,203 | ||||||||
Computers & Peripherals — 1.7% | ||||||||
Hewlett Packard Enterprise Co. | 168,468 | 2,656,740 | ||||||
HP, Inc. | 176,918 | 6,664,501 | ||||||
Western Digital Corp. * | 23,295 | 1,519,067 | ||||||
Xerox Holdings Corp. | 2,019 | 45,710 | ||||||
10,886,018 | ||||||||
Construction & Engineering — 0.4% | ||||||||
AECOM * | 11,462 | 886,586 | ||||||
Quanta Services, Inc. | 13,887 | 1,592,283 | ||||||
2,478,869 | ||||||||
Construction Materials — 0.7% | ||||||||
Martin Marietta Materials, Inc. | 4,728 | 2,082,779 | ||||||
Vulcan Materials Co. | 11,511 | 2,389,453 | ||||||
4,472,232 | ||||||||
Consumer Finance — 1.6% | ||||||||
Ally Financial, Inc. | 66,748 | 3,177,872 | ||||||
Capital One Financial Corp. | 34,312 | 4,978,328 | ||||||
Santander Consumer USA Holdings, Inc. | 15,524 | 652,319 | ||||||
Synchrony Financial | 25,544 | 1,184,986 | ||||||
9,993,505 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Value Fund
PORTFOLIO OF INVESTMENTS �� AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Containers & Packaging — 0.5% | ||||||||
Amcor PLC | 20,769 | $ | 249,436 | |||||
International Paper Co. | 44,343 | 2,083,234 | ||||||
Packaging Corp. of America | 2,898 | 394,563 | ||||||
Sonoco Products Co. | 611 | 35,371 | ||||||
WestRock Co. | 13,537 | 600,501 | ||||||
3,363,105 | ||||||||
Distributors — 0.4% | ||||||||
Genuine Parts Co. | 2,168 | 303,954 | ||||||
LKQ Corp. | 37,512 | 2,251,845 | ||||||
2,555,799 | ||||||||
Diversified Consumer Services — 0.0% | ||||||||
Service Corp. International | 2,896 | 205,587 | ||||||
Diversified Financial Services — 1.9% | ||||||||
Berkshire Hathaway, Inc., Class B * | 39,025 | 11,668,475 | ||||||
Voya Financial, Inc. | 1,332 | 88,325 | ||||||
11,756,800 | ||||||||
Diversified Telecommunication Services — 3.3% | ||||||||
AT&T, Inc. | 480,855 | 11,829,033 | ||||||
Lumen Technologies, Inc. | 125,601 | 1,576,293 | ||||||
Verizon Communications, Inc. | 137,789 | 7,159,516 | ||||||
20,564,842 | ||||||||
Electric Utilities — 0.2% | ||||||||
NRG Energy, Inc. | 22,148 | 954,136 | ||||||
Electrical Equipment — 1.0% | ||||||||
AMETEK, Inc. | 5,351 | 786,811 | ||||||
Eaton Corp. PLC | 21,712 | 3,752,268 | ||||||
Emerson Electric Co. | 8,842 | 822,041 | ||||||
Hubbell, Inc. | 630 | 131,210 | ||||||
Sensata Technologies Holding PLC * | 14,040 | 866,127 | ||||||
6,358,457 | ||||||||
Electronic Equipment, Instruments & Components — 1.3% | ||||||||
Arrow Electronics, Inc. * | 7,332 | 984,468 | ||||||
Corning, Inc. | 84,494 | 3,145,712 | ||||||
Flex Ltd. * | 31,420 | 575,928 | ||||||
Jabil, Inc. | 496 | 34,893 | ||||||
TD SYNNEX Corp. | 1,605 | 183,548 | ||||||
TE Connectivity Ltd. | 20,879 | 3,368,618 | ||||||
Vontier Corp. | 1,095 | 33,649 | ||||||
8,326,816 | ||||||||
Energy Equipment & Services — 0.7% | ||||||||
Baker Hughes Co. | 20,187 | 485,699 | ||||||
Halliburton Co. | 37,471 | 856,962 | ||||||
Schlumberger NV | 102,176 | 3,060,171 | ||||||
4,402,832 | ||||||||
Entertainment — 1.4% | ||||||||
Activision Blizzard, Inc. | 21,184 | 1,409,371 | ||||||
Electronic Arts, Inc. | 1,911 | 252,061 | ||||||
Liberty Media Corp.-Liberty Formula One, Class A * | 1,097 | 65,096 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C * | 2,194 | 138,748 | ||||||
Madison Square Garden Entertainment Corp. *@ | 443 | 31,161 | ||||||
Take-Two Interactive Software, Inc. * | 725 | 128,847 | ||||||
Walt Disney Co. (The) * | 43,240 | 6,697,444 | ||||||
8,722,728 | ||||||||
Food & Staples Retailing — 2.8% | ||||||||
Kroger Co. (The) | 62,007 | 2,806,437 | ||||||
US Foods Holding Corp. * | 9,124 | 317,789 | ||||||
Walgreens Boots Alliance, Inc. | 57,797 | 3,014,691 | ||||||
Walmart, Inc. | 76,880 | 11,123,767 | ||||||
17,262,684 | ||||||||
Food Products — 2.9% | ||||||||
Archer-Daniels-Midland Co. | 24,965 | 1,687,384 | ||||||
Bunge Ltd. | 12,845 | 1,199,209 | ||||||
Campbell Soup Co. | 3,702 | 160,889 | ||||||
Conagra Brands, Inc. | 19,827 | 677,092 | ||||||
Darling Ingredients, Inc. * | 5,424 | 375,829 | ||||||
General Mills, Inc. | 38,095 | 2,566,841 | ||||||
Hormel Foods Corp. @ | 5,728 | 279,584 | ||||||
J.M. Smucker Co. (The) | 14,255 | 1,936,114 | ||||||
Kraft Heinz Co. (The) | 20,920 | 751,028 | ||||||
McCormick & Co., Inc. | 1,921 | 185,588 | ||||||
Mondelez International, Inc., Class A | 68,798 | 4,561,996 | ||||||
Post Holdings, Inc. * | 1,533 | 172,815 | ||||||
Seaboard Corp. | 22 | 86,570 | ||||||
Tyson Foods, Inc., Class A | 41,844 | 3,647,123 | ||||||
18,288,062 | ||||||||
Health Care Equipment & Supplies — 1.5% | ||||||||
Abbott Laboratories | 5,886 | 828,396 | ||||||
Baxter International, Inc. | 14,838 | 1,273,694 | ||||||
Becton Dickinson & Co. | 3,788 | 952,606 | ||||||
Boston Scientific Corp. * | 7,514 | 319,195 | ||||||
Cooper Cos., Inc. (The) | 137 | 57,395 | ||||||
Hologic, Inc. * | 2,140 | 163,838 | ||||||
Medtronic PLC | 37,706 | 3,900,686 | ||||||
STERIS PLC | 3,637 | 885,282 | ||||||
Zimmer Biomet Holdings, Inc. | 8,154 | 1,035,884 | ||||||
9,416,976 | ||||||||
Health Care Providers & Services — 6.3% | ||||||||
Anthem, Inc. | 16,810 | 7,792,107 | ||||||
Centene Corp. * | 26,384 | 2,174,042 | ||||||
CIGNA Corp. | 21,309 | 4,893,186 | ||||||
CVS Health Corp. | 90,196 | 9,304,619 | ||||||
Henry Schein, Inc. * | 3,777 | 292,831 | ||||||
Humana, Inc. | 8,345 | 3,870,912 | ||||||
Laboratory Corp. of America Holdings * | 16,237 | 5,101,828 | ||||||
McKesson Corp. | 1,984 | 493,163 | ||||||
Quest Diagnostics, Inc. | 19,764 | 3,419,370 | ||||||
UnitedHealth Group, Inc. | 1,004 | 504,148 | ||||||
Universal Health Services, Inc., Class B | 10,322 | 1,338,350 | ||||||
39,184,556 | ||||||||
Health Care Technology — 0.1% | ||||||||
Cerner Corp. | 6,747 | 626,594 | ||||||
Hotels, Restaurants & Leisure — 0.6% | ||||||||
Aramark | 16,117 | 593,911 | ||||||
Carnival Corp. *@ | 27,865 | 560,644 | ||||||
Hyatt Hotels Corp., Class A * | 3,174 | 304,387 | ||||||
MGM Resorts International | 30,154 | 1,353,311 | ||||||
Royal Caribbean Cruises Ltd. * | 12,273 | 943,794 | ||||||
3,756,047 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Household Durables — 2.9% | ||||||||
DR Horton, Inc. | 60,950 | $ | 6,610,027 | |||||
Garmin Ltd. | 12,982 | 1,767,759 | ||||||
Lennar Corp., B Shares | 573 | 54,790 | ||||||
Lennar Corp., Class A | 23,116 | 2,685,155 | ||||||
Mohawk Industries, Inc. * | 2,654 | 483,506 | ||||||
Newell Brands, Inc. | 11,135 | 243,188 | ||||||
PulteGroup, Inc. | 50,018 | 2,859,029 | ||||||
Toll Brothers, Inc. | 4,225 | 305,848 | ||||||
Whirlpool Corp. | 12,182 | 2,858,628 | ||||||
17,867,930 | ||||||||
Independent Power Producers & Energy Traders — 0.1% | ||||||||
Vistra Corp. | 25,467 | 579,884 | ||||||
Industrial Conglomerates — 0.2% | ||||||||
General Electric Co. | 11,962 | 1,130,050 | ||||||
Roper Technologies, Inc. | 366 | 180,021 | ||||||
1,310,071 | ||||||||
Insurance — 4.3% | ||||||||
Aflac, Inc. | 32,730 | 1,911,105 | ||||||
Alleghany Corp. * | 654 | 436,604 | ||||||
Allstate Corp. (The) | 16,938 | 1,992,756 | ||||||
American Financial Group, Inc. | 6,623 | 909,470 | ||||||
American International Group, Inc. | 29,118 | 1,655,650 | ||||||
Arch Capital Group Ltd. * | 11,691 | 519,665 | ||||||
Assurant, Inc. | 4,786 | 745,946 | ||||||
Athene Holding Ltd., Class A * | 1,982 | 165,160 | ||||||
Chubb Ltd. | 11,440 | 2,211,466 | ||||||
Cincinnati Financial Corp. | 370 | 42,154 | ||||||
CNA Financial Corp. | 4,467 | 196,905 | ||||||
Everest Re Group Ltd. | 1,938 | 530,857 | ||||||
Fidelity National Financial, Inc. | 1,515 | 79,053 | ||||||
Hartford Financial Services Group, Inc. (The) | 49,258 | 3,400,772 | ||||||
Lincoln National Corp. | 9,516 | 649,562 | ||||||
Loews Corp. | 18,402 | 1,062,900 | ||||||
Markel Corp. * | 116 | 143,144 | ||||||
MetLife, Inc. | 20,221 | 1,263,610 | ||||||
Old Republic International Corp. | 21,015 | 516,549 | ||||||
Principal Financial Group, Inc. | 32,419 | 2,344,866 | ||||||
Prudential Financial, Inc. | 13,723 | 1,485,378 | ||||||
Reinsurance Group of America, Inc. | 1,662 | 181,972 | ||||||
RenaissanceRe Holdings Ltd. | 469 | 79,416 | ||||||
Travelers Companies, Inc. (The) | 23,169 | 3,624,327 | ||||||
W. R. Berkley Corp. | 5,014 | 413,103 | ||||||
26,562,390 | ||||||||
Internet & Catalog Retail — 0.1% | ||||||||
eBay, Inc. | 11,889 | 790,618 | ||||||
IT Services — 1.7% | ||||||||
Akamai Technologies, Inc. * | 3,310 | 387,402 | ||||||
Amdocs Ltd. | 15,213 | 1,138,541 | ||||||
Cognizant Technology Solutions Corp., Class A | 34,305 | 3,043,540 | ||||||
Concentrix Corp. | 1,605 | 286,685 | ||||||
DXC Technology Co. * | 20,249 | 651,815 | ||||||
Fidelity National Information Services, Inc. | 17,462 | 1,905,977 | ||||||
Fiserv, Inc. * | 12,529 | 1,300,385 | ||||||
FleetCor Technologies, Inc. * | 483 | 108,115 | ||||||
Global Payments, Inc. | 3,897 | 526,797 | ||||||
International Business Machines Corp. | 9,666 | 1,291,958 | ||||||
Kyndryl Holdings, Inc. * | 1,933 | 34,987 | ||||||
10,676,202 | ||||||||
Life Sciences Tools & Services — 2.9% | ||||||||
Bio-Rad Laboratories, Inc., Class A * | 172 | 129,958 | ||||||
Danaher Corp. | 20,418 | 6,717,726 | ||||||
PerkinElmer, Inc. | 3,201 | 643,593 | ||||||
Thermo Fisher Scientific, Inc. | 16,006 | 10,679,844 | ||||||
18,171,121 | ||||||||
Machinery — 3.2% | ||||||||
AGCO Corp. | 8,548 | 991,739 | ||||||
Cummins, Inc. | 10,946 | 2,387,760 | ||||||
Dover Corp. | 8,822 | 1,602,075 | ||||||
Fortive Corp. | 7,311 | 557,756 | ||||||
Ingersoll Rand, Inc. | 14,939 | 924,276 | ||||||
Oshkosh Corp. | 3,477 | 391,893 | ||||||
Otis Worldwide Corp. | 25,885 | 2,253,807 | ||||||
PACCAR, Inc. | 20,694 | 1,826,452 | ||||||
Parker-Hannifin Corp. | 8,267 | 2,629,898 | ||||||
Pentair PLC | 20,400 | 1,489,812 | ||||||
Snap-On, Inc. | 6,351 | 1,367,878 | ||||||
Stanley Black & Decker, Inc. | 14,985 | 2,826,471 | ||||||
Westinghouse Air Brake Technologies Corp. | 5,333 | 491,223 | ||||||
19,741,040 | ||||||||
Media — 3.8% | ||||||||
Charter Communications, Inc., Class A * | 3,750 | 2,444,887 | ||||||
Comcast Corp., Class A | 291,971 | 14,694,900 | ||||||
Discovery, Inc., Class A *@ | 21,200 | 499,048 | ||||||
Discovery, Inc., Class C * | 35,235 | 806,882 | ||||||
DISH Network Corp., Class A * | 12,654 | 410,496 | ||||||
Fox Corp. Class A | 24,883 | 918,183 | ||||||
Fox Corp. Class B | 14,510 | 497,258 | ||||||
Interpublic Group of Cos., Inc. (The) | 17,681 | 662,153 | ||||||
Liberty Broadband Corp., Class C * | 3,887 | 626,196 | ||||||
Liberty Media Corp.-Liberty Siriusxm, Class A * | 4,389 | 223,181 | ||||||
Liberty Media Corp.-Liberty Siriusxm, Class C * | 8,778 | 446,361 | ||||||
News Corp., Class A | 8,320 | 185,619 | ||||||
News Corp., Class B | 1,734 | 39,015 | ||||||
Omnicom Group, Inc. | 1,501 | 109,978 | ||||||
ViacomCBS, Inc. Class A @ | 900 | 30,033 | ||||||
ViacomCBS, Inc. Class B | 44,427 | 1,340,807 | ||||||
23,934,997 | ||||||||
Metals & Mining — 2.7% | ||||||||
Alcoa Corp. | 2,284 | 136,081 | ||||||
Arconic Corp. * | 1,634 | 53,938 | ||||||
Cleveland-Cliffs, Inc. * | 9,779 | 212,889 | ||||||
Freeport-McMoRan, Inc. | 116,560 | 4,864,049 | ||||||
Newmont Corp. | 46,812 | 2,903,280 | ||||||
Nucor Corp. | 41,998 | 4,794,072 | ||||||
Reliance Steel & Aluminum Co. | 9,348 | 1,516,433 | ||||||
Royal Gold, Inc. | 725 | 76,277 | ||||||
Steel Dynamics, Inc. | 33,820 | 2,099,207 | ||||||
16,656,226 | ||||||||
Multiline Retail — 0.3% | ||||||||
Dollar Tree, Inc. * | 12,596 | 1,769,990 | ||||||
Kohl’s Corp. | 344 | 16,990 | ||||||
Target Corp. | 361 | 83,550 | ||||||
1,870,530 | ||||||||
Oil, Gas & Consumable Fuels — 6.6% | ||||||||
Chevron Corp. | 58,376 | 6,850,424 | ||||||
ConocoPhillips | 106,289 | 7,671,940 | ||||||
Continental Resources, Inc. | 1,401 | 62,709 | ||||||
Devon Energy Corp. | 14,471 | 637,447 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Oil, Gas & Consumable Fuels (Continued) | ||||||||
EOG Resources, Inc. | 23,992 | $ | 2,131,209 | |||||
Exxon Mobil Corp. | 138,682 | 8,485,952 | ||||||
Hess Corp. | 22,619 | 1,674,485 | ||||||
HollyFrontier Corp. | 471 | 15,439 | ||||||
Kinder Morgan, Inc. | 99,639 | 1,580,274 | ||||||
Marathon Petroleum Corp. | 30,104 | 1,926,355 | ||||||
Occidental Petroleum Corp. | 78,020 | 2,261,800 | ||||||
ONEOK, Inc. | 21,265 | 1,249,531 | ||||||
Phillips 66 | 20,636 | 1,495,285 | ||||||
Pioneer Natural Resources Co. | 10,352 | 1,882,822 | ||||||
Targa Resources Corp. | 3,005 | 156,981 | ||||||
Valero Energy Corp. | 19,826 | 1,489,131 | ||||||
Williams Cos., Inc. (The) | 70,657 | 1,839,908 | ||||||
41,411,692 | ||||||||
Paper & Forest Products — 0.0% | ||||||||
Sylvamo Corp. * | 4,031 | 112,425 | ||||||
Pharmaceuticals — 4.7% | ||||||||
Bristol-Myers Squibb Co. | 93,266 | 5,815,135 | ||||||
Jazz Pharmaceuticals PLC * | 4,730 | 602,602 | ||||||
Merck & Co., Inc. | 7,780 | 596,259 | ||||||
Perrigo Co. PLC | 1,356 | 52,749 | ||||||
Pfizer, Inc. | 364,201 | 21,506,069 | ||||||
Viatris, Inc. | 69,023 | 933,881 | ||||||
29,506,695 | ||||||||
Professional Services — 0.5% | ||||||||
Jacobs Engineering Group, Inc. | 6,136 | 854,315 | ||||||
Leidos Holdings, Inc. | 16,200 | 1,440,180 | ||||||
Manpowergroup, Inc. | 3,675 | 357,688 | ||||||
Nielsen Holdings PLC | 15,416 | 316,182 | ||||||
2,968,365 | ||||||||
Real Estate Management & Development — 0.6% | ||||||||
CBRE Group, Inc., Class A * | 19,100 | 2,072,541 | ||||||
Jones Lang LaSalle, Inc. * | 5,491 | 1,478,946 | ||||||
3,551,487 | ||||||||
Road & Rail — 1.8% | ||||||||
AMERCO | 2,003 | 1,454,639 | ||||||
Canadian Pacific Railway Ltd. | 41,016 | 2,950,691 | ||||||
CSX Corp. | 42,793 | 1,609,017 | ||||||
Norfolk Southern Corp. | 16,650 | 4,956,871 | ||||||
XPO Logistics, Inc. * | 4,034 | 312,353 | ||||||
11,283,571 | ||||||||
Semiconductors & Semiconductor Equipment — 5.0% | ||||||||
Analog Devices, Inc. | 10,368 | 1,822,383 | ||||||
Intel Corp. | 266,567 | 13,728,200 | ||||||
Lam Research Corp. | 109 | 78,387 | ||||||
Marvell Technology, Inc. | 18,929 | 1,656,098 | ||||||
Micron Technology, Inc. | 87,164 | 8,119,327 | ||||||
ON Semiconductor Corp. * | 41,142 | 2,794,365 | ||||||
Qorvo, Inc. * | 11,125 | 1,739,839 | ||||||
Skyworks Solutions, Inc. | 7,090 | 1,099,943 | ||||||
31,038,542 | ||||||||
Software — 0.1% | ||||||||
NortonLifeLock, Inc. | 3,129 | 81,291 | ||||||
SS&C Technologies Holdings, Inc. | 7,467 | 612,145 | ||||||
693,436 | ||||||||
Specialty Retail — 0.4% | ||||||||
Advance Auto Parts, Inc. | 4,932 | 1,183,088 | ||||||
Carmax, Inc. * | 8,119 | 1,057,337 | ||||||
Gap, Inc. (The) | 2,266 | 39,995 | ||||||
Lithia Motors, Inc. | 400 | 118,780 | ||||||
2,399,200 | ||||||||
Textiles, Apparel & Luxury Goods — 0.3% | ||||||||
PVH Corp. | 5,293 | 564,499 | ||||||
Ralph Lauren Corp. | 4,113 | 488,871 | ||||||
Tapestry, Inc. | 12,722 | 516,513 | ||||||
1,569,883 | ||||||||
Trading Companies & Distributors — 0.3% | ||||||||
United Rentals, Inc. * | 5,460 | 1,814,303 | ||||||
Wireless Telecommunication Services — 0.6% | ||||||||
T-Mobile US, Inc. * | 29,534 | 3,425,353 | ||||||
TOTAL COMMON STOCKS (Identified Cost $344,820,027) | 621,145,958 | |||||||
SHORT-TERM INVESTMENTS — 0.4% | ||||||||
Investment Company — 0.3% | ||||||||
State Street Institutional U.S. Government Money Market Fund 0.025% | 2,126,849 | 2,126,849 | ||||||
Collateral For Securities On Loan — 0.1% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030% | 352,150 | 352,150 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,478,999) | 2,478,999 | |||||||
Total Investments — 100.1% (Identified Cost $347,299,026) | 623,624,957 | |||||||
Liabilities, Less Cash and Other Assets — (0.1%) | (723,380 | ) | ||||||
Net Assets — 100.0% | $ | 622,901,577 |
† | See Note 1 | |
* | Non-income producing security | |
@ | A portion or all of the security was held on loan. As of December 31, 2021, the fair value of the securities on loan was $1,414,054. |
The accompanying notes are an integral part of these financial statements.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited)
SHARES | VALUE† | |||||||
COMMON STOCKS — 99.6% | ||||||||
Aerospace & Defense — 1.2% | ||||||||
AAR Corp. * | 3,538 | $ | 138,088 | |||||
Aerojet Rocketdyne Holdings, Inc. | 13,783 | 644,493 | ||||||
Aerovironment, Inc. * | 2,697 | 167,295 | ||||||
Astronics Corp. * | 2,252 | 27,024 | ||||||
Astronics Corp. Class B * | 693 | 8,323 | ||||||
Axon Enterprise, Inc. * | 4,947 | 776,679 | ||||||
BWX Technologies, Inc. | 3,927 | 188,025 | ||||||
Curtiss-Wright Corp. | 2,577 | 357,353 | ||||||
Ducommun, Inc. * | 1,489 | 69,640 | ||||||
HEXCEL Corp. * | 5,671 | 293,758 | ||||||
Innovative Solutions & Support, Inc. * | 3,248 | 21,307 | ||||||
Kaman Corp. | 3,031 | 130,788 | ||||||
Kratos Defense & Security Solutions, Inc. * | 11,721 | 227,387 | ||||||
Mercury Systems, Inc. * | 4,277 | 235,492 | ||||||
Moog, Inc., Class A | 3,044 | 246,473 | ||||||
National Presto Industries, Inc. | 709 | 58,159 | ||||||
Park Aerospace Corp. | 2,501 | 33,013 | ||||||
SIFCO Industries, Inc. * | 1,187 | 7,715 | ||||||
Textron, Inc. | 10,503 | 810,832 | ||||||
Vectrus, Inc. * | 1,491 | 68,243 | ||||||
4,510,087 | ||||||||
Air Freight & Logistics — 0.4% | ||||||||
Air Transport Services Group, Inc. * | 7,789 | 228,841 | ||||||
Atlas Air Worldwide Holdings, Inc. * | 3,175 | 298,831 | ||||||
Forward Air Corp. | 3,327 | 402,866 | ||||||
HUB Group, Inc., Class A * | 4,420 | 372,341 | ||||||
Radiant Logistics, Inc. * | 6,146 | 44,804 | ||||||
1,347,683 | ||||||||
Airlines — 0.4% | ||||||||
Alaska Air Group, Inc. * | 7,723 | 402,368 | ||||||
Allegiant Travel Co. * | 1,868 | 349,391 | ||||||
American Airlines Group, Inc. * | 2,954 | 53,054 | ||||||
Hawaiian Holdings, Inc. * | 6,255 | 114,904 | ||||||
JetBlue Airways Corp. * | 18,686 | 266,089 | ||||||
Skywest, Inc. * | 4,643 | 182,470 | ||||||
Spirit Airlines, Inc. * | 3,315 | 72,433 | ||||||
1,440,709 | ||||||||
Auto Components — 1.7% | ||||||||
American Axle & Manufacturing Holdings, Inc. * | 11,103 | 103,591 | ||||||
Autoliv, Inc. | 5,490 | 567,721 | ||||||
BorgWarner, Inc. | 15,123 | 681,594 | ||||||
Cooper-Standard Holdings, Inc. * | 1,529 | 34,265 | ||||||
Dana, Inc. | 13,094 | 298,805 | ||||||
Dorman Products, Inc. * | 3,535 | 399,490 | ||||||
Fox Factory Holding Corp. * | 5,640 | 959,364 | ||||||
Gentex Corp. | 15,377 | 535,888 | ||||||
Gentherm, Inc. * | 4,234 | 367,935 | ||||||
Goodyear Tire & Rubber Co. (The) * | 21,163 | 451,195 | ||||||
Horizon Global Corp. * | 1,725 | 13,766 | ||||||
LCI Industries | 3,481 | 542,583 | ||||||
Lear Corp. | 4,020 | 735,459 | ||||||
Modine Manufacturing Co. * | 6,449 | 65,070 | ||||||
Motorcar Parts of America, Inc. * | 2,267 | 38,698 | ||||||
Patrick Industries, Inc. | 2,334 | 188,330 | ||||||
Standard Motor Products, Inc. | 3,061 | 160,366 | ||||||
Stoneridge, Inc. * | 2,727 | 53,831 | ||||||
Strattec Security Corp. * | 941 | 34,836 | ||||||
Tenneco, Inc. Class A * | 5,563 | 62,862 | ||||||
Visteon Corp. * | 2,696 | 299,633 | ||||||
6,595,282 | ||||||||
Automobiles — 0.2% | ||||||||
Harley-Davidson, Inc. | 9,600 | 361,824 | ||||||
Thor Industries, Inc. | 1,091 | 113,213 | ||||||
Winnebago Industries, Inc. | 3,191 | 239,070 | ||||||
714,107 | ||||||||
Beverages — 0.5% | ||||||||
Boston Beer Co., Inc. (The), Class A * | 239 | 120,719 | ||||||
Celsius Holdings, Inc. *@ | 675 | 50,335 | ||||||
Coca-Cola Consolidated, Inc. | 1,082 | 669,964 | ||||||
MGP Ingredients, Inc. | 1,851 | 157,316 | ||||||
Molson Coors Beverage Co., Class B | 12,855 | 595,829 | ||||||
National Beverage Corp. | 8,395 | 380,545 | ||||||
1,974,708 | ||||||||
Biotechnology — 2.8% | ||||||||
2seventy bio, Inc. * | 1,341 | 34,370 | ||||||
Acadia Pharmaceuticals, Inc. * | 548 | 12,790 | ||||||
Adverum Biotechnologies, Inc. *@ | 8,282 | 14,576 | ||||||
Agios Pharmaceuticals, Inc. * | 454 | 14,923 | ||||||
Akebia Therapeutics, Inc. *@ | 5,200 | 11,752 | ||||||
Akero Therapeutics, Inc. *@ | 1,300 | 27,495 | ||||||
Albireo Pharma, Inc. * | 1,018 | 23,709 | ||||||
Alkermes PLC * | 6,509 | 151,399 | ||||||
AnaptysBio, Inc. * | 1,482 | 51,500 | ||||||
Anika Therapeutics, Inc. * | 1,795 | 64,315 | ||||||
Applied Genetic Technologies Corp. * | 2,241 | 4,258 | ||||||
Applied Therapeutics, Inc. * | 564 | 5,048 | ||||||
Aravive, Inc. *@ | 1,937 | 4,242 | ||||||
Arcutis Biotherapeutics, Inc. * | 3,374 | 69,977 | ||||||
Arena Pharmaceuticals, Inc. * | 2,953 | 274,452 | ||||||
Avid Bioservices, Inc. * | 5,039 | 147,038 | ||||||
Beyondspring, Inc. *@ | 1,100 | 4,983 | ||||||
Biohaven Pharmaceutical Holding Co. Ltd. * | 3,004 | 413,981 | ||||||
Bluebird Bio, Inc. *@ | 4,024 | 40,200 | ||||||
Blueprint Medicines Corp. * | 779 | 83,439 | ||||||
Catalyst Pharmaceuticals, Inc. * | 7,034 | 47,620 | ||||||
Celldex Therapeutics, Inc. * | 7 | 270 | ||||||
Chimerix, Inc. * | 11,001 | 70,736 | ||||||
Chinook Therapeutics, Inc. * | 1,563 | 25,493 | ||||||
Concert Pharmaceuticals, Inc. * | 4,026 | 12,682 | ||||||
Corvus Pharmaceuticals, Inc. * | 1,065 | 2,567 | ||||||
Crinetics Pharmaceuticals, Inc. * | 551 | 15,654 | ||||||
CRISPR Therapeutics AG *@ | 3,902 | 295,694 | ||||||
Deciphera Pharmaceuticals, Inc. * | 600 | 5,862 | ||||||
Denali Therapeutics, Inc. * | 7,124 | 317,730 | ||||||
Eagle Pharmaceuticals, Inc. * | 488 | 24,849 | ||||||
Editas Medicine, Inc. * | 2,552 | 67,756 | ||||||
Emergent BioSolutions, Inc. * | 5,055 | 219,741 | ||||||
Enanta Pharmaceuticals, Inc. * | 2,226 | 166,460 | ||||||
Exact Sciences Corp. * | 1,300 | 101,179 | ||||||
Exelixis, Inc. * | 24,103 | 440,603 | ||||||
Fate Therapeutics, Inc. * | 6,842 | 400,325 | ||||||
Frequency Therapeutics, Inc. * | 375 | 1,924 | ||||||
G1 Therapeutics, Inc. *@ | 2,450 | 25,015 | ||||||
Global Blood Therapeutics, Inc. *@ | 586 | 17,152 | ||||||
Halozyme Therapeutics, Inc. * | 10,812 | 434,751 | ||||||
Intellia Therapeutics, Inc. * | 5,480 | 647,955 | ||||||
Ironwood Pharmaceuticals, Inc. * | 11,743 | 136,923 | ||||||
IVERIC bio, Inc. * | 3,627 | 60,643 | ||||||
Karuna Therapeutics, Inc. * | 1,623 | 212,613 | ||||||
Krystal Biotech, Inc. * | 1,598 | 111,780 | ||||||
Ligand Pharmaceuticals, Inc. * | 1,727 | 266,752 | ||||||
MacroGenics, Inc. * | 3,231 | 51,858 | ||||||
Madrigal Pharmaceuticals, Inc. * | 145 | 12,287 | ||||||
Magenta Therapeutics, Inc. * | 2,028 | 8,984 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Biotechnology (Continued) | ||||||||
MeiraGTx Holdings PLC * | 697 | $ | 16,547 | |||||
Merrimack Pharmaceuticals, Inc. * | 2,761 | 10,796 | ||||||
Mirati Therapeutics, Inc. * | 2,674 | 392,249 | ||||||
Morphic Holding, Inc. * | 2,220 | 105,184 | ||||||
Myriad Genetics, Inc. * | 8,130 | 224,388 | ||||||
Natera, Inc. * | 6,591 | 615,533 | ||||||
Neurocrine Biosciences, Inc. * | 7,426 | 632,472 | ||||||
Novavax, Inc. * | 2,182 | 312,179 | ||||||
Oncocyte Corp. * | 1,900 | 4,123 | ||||||
OPKO Health, Inc. *@ | 23,063 | 110,933 | ||||||
PDL BioPharma, Inc. §* | 18,262 | 62,639 | ||||||
Protagonist Therapeutics, Inc. * | 3,199 | 109,406 | ||||||
Prothena Corp. PLC * | 1,041 | 51,425 | ||||||
REGENXBIO, Inc. * | 2,291 | 74,916 | ||||||
Replimune Group, Inc. * | 2,085 | 56,503 | ||||||
Rigel Pharmaceuticals, Inc. * | 3,870 | 10,256 | ||||||
Rocket Pharmaceuticals, Inc. * | 1,006 | 21,961 | ||||||
Rubius Therapeutics, Inc. *@ | 510 | 4,937 | ||||||
Sage Therapeutics, Inc. * | 662 | 28,161 | ||||||
Sangamo Therapeutics, Inc. * | 5,198 | 38,985 | ||||||
Spectrum Pharmaceuticals, Inc. *@ | 4,922 | 6,251 | ||||||
Spero Therapeutics, Inc. * | 800 | 12,808 | ||||||
SpringWorks Therapeutics, Inc. * | 3,101 | 192,200 | ||||||
Stoke Therapeutics, Inc. * | 478 | 11,467 | ||||||
Sutro Biopharma, Inc. * | 1,796 | 26,724 | ||||||
Syndax Pharmaceuticals, Inc. * | 5,678 | 124,291 | ||||||
Travere Therapeutics, Inc. * | 5,878 | 182,453 | ||||||
Twist Bioscience Corp. * | 611 | 47,285 | ||||||
Ultragenyx Pharmaceutical, Inc. * | 3,298 | 277,329 | ||||||
United Therapeutics Corp. * | 3,253 | 702,908 | ||||||
Vanda Pharmaceuticals, Inc. * | 2,350 | 36,872 | ||||||
Verastem, Inc. * | 9,653 | 19,789 | ||||||
Vericel Corp. * | 3,482 | 136,843 | ||||||
Viking Therapeutics, Inc. * | 1,800 | 8,280 | ||||||
Xencor, Inc. * | 1,697 | 68,084 | ||||||
Y-mAbs Therapeutics, Inc. * | 802 | 13,000 | ||||||
10,408,482 | ||||||||
Building Products — 2.9% | ||||||||
A.O. Smith Corp. | 8,970 | 770,074 | ||||||
AAON, Inc. | 7,440 | 590,959 | ||||||
Advanced Drainage Systems, Inc. | 8,129 | 1,106,601 | ||||||
American Woodmark Corp. * | 1,857 | 121,076 | ||||||
Apogee Enterprises, Inc. | 2,316 | 111,515 | ||||||
Armstrong Flooring, Inc. * | 3,460 | 6,851 | ||||||
Armstrong World Industries, Inc. | 4,523 | 525,211 | ||||||
Builders FirstSource, Inc. * | 21,211 | 1,817,995 | ||||||
Carlisle Cos., Inc. | 3,012 | 747,337 | ||||||
Cornerstone Building Brands, Inc. * | 3,775 | 65,836 | ||||||
CSW Industrials, Inc. | 1,174 | 141,890 | ||||||
Gibraltar Industries, Inc. * | 3,042 | 202,841 | ||||||
Griffon Corp. | 5,311 | 151,257 | ||||||
Insteel Industries, Inc. | 2,278 | 90,687 | ||||||
Lennox International, Inc. | 1,677 | 543,952 | ||||||
Masonite International Corp. * | 169 | 19,934 | ||||||
Owens Corning | 6,683 | 604,812 | ||||||
PGT Innovations, Inc. * | 6,135 | 137,976 | ||||||
Quanex Building Products Corp. | 3,883 | 96,221 | ||||||
Simpson Manufacturing Co., Inc. | 4,885 | 679,357 | ||||||
Trex Co., Inc. * | 10,510 | 1,419,165 | ||||||
UFP Industries, Inc. | 7,021 | 646,002 | ||||||
Zurn Water Solutions Corp. | 14,150 | 515,060 | ||||||
11,112,609 | ||||||||
Capital Markets — 2.5% | ||||||||
Affiliated Managers Group, Inc. | 2,522 | 414,894 | ||||||
Artisan Partners Asset Management, Inc., Class A | 6,119 | 291,509 | ||||||
BGC Partners, Inc., Class A | 27,768 | 129,121 | ||||||
Blucora, Inc. * | 9,800 | 169,736 | ||||||
Brightsphere Investment Group, Inc. | 2,826 | 72,346 | ||||||
Cohen & Steers, Inc. | 5,396 | 499,184 | ||||||
Cowen, Inc. Class A @ | 2,940 | 106,134 | ||||||
Diamond Hill Investment Group, Inc. | 289 | 56,133 | ||||||
Donnelley Financial Solutions, Inc. * | 4,189 | 197,469 | ||||||
Evercore, Inc., Class A | 4,065 | 552,230 | ||||||
Federated Hermes, Inc. | 10,797 | 405,751 | ||||||
GAMCO Investors, Inc., Class A | 1,200 | 29,976 | ||||||
Greenhill & Co., Inc. | 2,413 | 43,265 | ||||||
Houlihan Lokey, Inc. | 1,002 | 103,727 | ||||||
Invesco Ltd. | 24,055 | 553,746 | ||||||
Janus Henderson Group PLC | 14,636 | 613,834 | ||||||
Jefferies Financial Group, Inc. | 21,621 | 838,895 | ||||||
Lazard Ltd., Class A | 6,742 | 294,153 | ||||||
LPL Financial Holdings, Inc. | 5,475 | 876,493 | ||||||
Manning & Napier, Inc. | 2,524 | 20,974 | ||||||
Moelis & Co., Class A | 3,389 | 211,846 | ||||||
Morningstar, Inc. | 2,847 | 973,646 | ||||||
Oppenheimer Holdings, Inc., Class A | 1,244 | 57,684 | ||||||
Piper Sandler Cos. | 2,274 | 405,932 | ||||||
PJT Partners, Inc., Class A | 597 | 44,232 | ||||||
Pzena Investment Management, Inc., Class A | 2,375 | 22,491 | ||||||
Safeguard Scientifics, Inc. * | 2,580 | 18,963 | ||||||
SEI Investments Co. | 4,432 | 270,086 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 759 | 13,032 | ||||||
Stifel Financial Corp. | 9,673 | 681,173 | ||||||
Stonex Group, Inc. * | 2,079 | 127,339 | ||||||
Virtu Financial, Inc., Class A | 4,501 | 129,764 | ||||||
Virtus Investment Partners, Inc. | 853 | 253,426 | ||||||
Westwood Holdings Group, Inc. | 1,157 | 19,600 | ||||||
WisdomTree Investments, Inc. @ | 14,777 | 90,435 | ||||||
9,589,219 | ||||||||
Chemicals — 3.1% | ||||||||
Advanced Emissions Solutions, Inc. * | 2,266 | 15,001 | ||||||
AdvanSix, Inc. | 3,198 | 151,106 | ||||||
American Vanguard Corp. | 3,554 | 58,250 | ||||||
Ashland Global Holdings, Inc. | 3,184 | 342,789 | ||||||
Avient Corp. | 10,014 | 560,283 | ||||||
Axalta Coating Systems Ltd. * | 16,030 | 530,914 | ||||||
Balchem Corp. | 3,741 | 630,733 | ||||||
Cabot Corp. | 5,463 | 307,021 | ||||||
CF Industries Holdings, Inc. | 11,672 | 826,144 | ||||||
Chase Corp. | 1,329 | 132,315 | ||||||
Chemours Co. (The) | 8,849 | 296,972 | ||||||
Core Molding Technologies, Inc. * | 1,500 | 12,765 | ||||||
Ecovyst, Inc. | 1,340 | 13,722 | ||||||
Element Solutions, Inc. | 21,963 | 533,262 | ||||||
Ferro Corp. * | 10,936 | 238,733 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Chemicals (Continued) | ||||||||
FMC Corp. | 3,740 | $ | 410,989 | |||||
FutureFuel Corp. | 4,517 | 34,510 | ||||||
GCP Applied Technologies, Inc. * | 2,256 | 71,425 | ||||||
H.B. Fuller Co. | 6,101 | 494,181 | ||||||
Hawkins, Inc. | 2,648 | 104,464 | ||||||
Huntsman Corp. | 12,047 | 420,199 | ||||||
Ingevity Corp. * | 948 | 67,972 | ||||||
Innospec, Inc. | 2,704 | 244,279 | ||||||
Intrepid Potash, Inc. * | 1,589 | 67,898 | ||||||
Koppers Holdings, Inc. * | 2,308 | 72,240 | ||||||
Kraton Corp. * | 3,938 | 182,408 | ||||||
Kronos Worldwide, Inc. | 6,686 | 100,357 | ||||||
Livent Corp. *@ | 1,509 | 36,789 | ||||||
Minerals Technologies, Inc. | 3,081 | 225,375 | ||||||
Mosaic Co. (The) | 23,505 | 923,511 | ||||||
NewMarket Corp. | 504 | 172,731 | ||||||
Olin Corp. | 3,715 | 213,687 | ||||||
Quaker Chemical Corp. | 30 | 6,923 | ||||||
Rayonier Advanced Materials, Inc. * | 6,292 | 35,927 | ||||||
RPM International, Inc. | 6,495 | 655,995 | ||||||
Scotts Miracle-Gro Co. (The) | 3,576 | 575,736 | ||||||
Sensient Technologies Corp. | 5,068 | 507,104 | ||||||
Stepan Co. | 2,418 | 300,533 | ||||||
Trecora Resources * | 4,188 | 33,839 | ||||||
Tredegar Corp. | 3,412 | 40,330 | ||||||
Trinseo PLC | 4,272 | 224,109 | ||||||
Tronox Holdings PLC Class A | 10,995 | 264,210 | ||||||
Valvoline, Inc. | 5,402 | 201,441 | ||||||
Westlake Chemical Corp. | 4,157 | 403,769 | ||||||
11,742,941 | ||||||||
Commercial Banks — 8.9% | ||||||||
1st Source Corp. | 2,546 | 126,282 | ||||||
Allegiance Bancshares, Inc. | 1,614 | 68,127 | ||||||
American National Bankshares, Inc. | 1,508 | 56,821 | ||||||
Ameris Bancorp | 6,447 | 320,287 | ||||||
AmeriServ Financial, Inc. | 4,400 | 16,984 | ||||||
Arrow Financial Corp. | 2,149 | 75,709 | ||||||
Associated Banc-Corp. | 13,745 | 310,500 | ||||||
Atlantic Capital Bancshares, Inc. * | 2,502 | 71,983 | ||||||
Atlantic Union Bankshares Corp. | 6,981 | 260,321 | ||||||
Banc of California, Inc. | 7,244 | 142,127 | ||||||
Bancfirst Corp. | 3,303 | 233,060 | ||||||
Bancorp, Inc. (The) * | 6,121 | 154,923 | ||||||
Bank of Hawaii Corp. | 3,456 | 289,475 | ||||||
Bank of Marin Bancorp | 1,580 | 58,823 | ||||||
Bank OZK | 3,630 | 168,904 | ||||||
BankFinancial Corp. | 2,474 | 26,398 | ||||||
BankUnited, Inc. | 3,310 | 140,046 | ||||||
Bankwell Financial Group, Inc. | 326 | 10,706 | ||||||
Banner Corp. | 3,355 | 203,548 | ||||||
Bar Harbor Bankshares | 2,089 | 60,435 | ||||||
BCB Bancorp, Inc. | 878 | 13,548 | ||||||
Berkshire Hills Bancorp, Inc. | 4,455 | 126,656 | ||||||
BOK Financial Corp. | 4,072 | 429,555 | ||||||
Brookline Bancorp, Inc. | 7,431 | 120,308 | ||||||
Bryn Mawr Bank Corp. | 2,363 | 106,359 | ||||||
C&F Financial Corp. | 466 | 23,855 | ||||||
Cadence Bank | 15,454 | 460,375 | ||||||
Camden National Corp. | 1,756 | 84,569 | ||||||
Capital City Bank Group, Inc. | 1,890 | 49,896 | ||||||
Cathay General Bancorp | 7,259 | 312,064 | ||||||
Central Pacific Financial Corp. | 3,116 | 87,778 | ||||||
Central Valley Community Bancorp | 1,638 | 34,021 | ||||||
CIT Group, Inc. | 6,260 | 321,388 | ||||||
Citizens & Northern Corp. | 852 | 22,254 | ||||||
Citizens Community Bancorp, Inc. | 400 | 5,508 | ||||||
City Holding Co. | 1,686 | 137,898 | ||||||
Civista Bancshares, Inc. | 270 | 6,588 | ||||||
CNB Financial Corp. | 2,264 | 59,996 | ||||||
Columbia Banking System, Inc. | 7,605 | 248,836 | ||||||
Comerica, Inc. | 7,707 | 670,509 | ||||||
Commerce Bancshares, Inc. | 8,166 | 561,331 | ||||||
Community Bank System, Inc. | 4,718 | 351,397 | ||||||
Community Trust Bancorp, Inc. | 2,206 | 96,204 | ||||||
Connectone Bancorp, Inc. | 4,989 | 163,190 | ||||||
Cullen/Frost Bankers, Inc. | 3,828 | 482,596 | ||||||
Customers Bancorp, Inc. * | 4,720 | 308,546 | ||||||
CVB Financial Corp. | 13,166 | 281,884 | ||||||
Dime Community Bancshares, Inc. | 4,460 | 156,814 | ||||||
Eagle Bancorp, Inc. | 3,436 | 200,456 | ||||||
East West Bancorp, Inc. | 9,740 | 766,343 | ||||||
Enterprise Bancorp, Inc. | 331 | 14,869 | ||||||
Enterprise Financial Services Corp. | 2,901 | 136,608 | ||||||
Equity Bancshares, Inc., Class A | 1,470 | 49,877 | ||||||
Farmers & Merchants Bancorp, Inc. | 1,205 | 39,560 | ||||||
Farmers National Banc Corp. | 3,991 | 74,033 | ||||||
FB Financial Corp. | 3,274 | 143,467 | ||||||
Financial Institutions, Inc. | 1,855 | 58,989 | ||||||
First Bancorp | 22,823 | 314,501 | ||||||
First Bancorp, Inc. (The) | 1,876 | 58,906 | ||||||
First Bancorp/Southern Pines NC | 3,381 | 154,579 | ||||||
First Busey Corp. | 5,571 | 151,086 | ||||||
First Business Financial Services, Inc. | 551 | 16,073 | ||||||
First Citizens Bancshares, Inc., Class A | 487 | 404,132 | ||||||
First Commonwealth Financial Corp. | 9,286 | 149,412 | ||||||
First Community Bankshares, Inc. | 1,982 | 66,238 | ||||||
First Financial Bancorp | 8,992 | 219,225 | ||||||
First Financial Bankshares, Inc. | 15,599 | 793,053 | ||||||
First Financial Corp. | 1,395 | 63,180 | ||||||
First Financial Northwest, Inc. | 2,239 | 36,205 | ||||||
First Foundation, Inc. | 4,921 | 122,336 | ||||||
First Hawaiian, Inc. | 1,200 | 32,796 | ||||||
First Horizon Corp. | 34,954 | 570,799 | ||||||
First Internet Bancorp | 1,284 | 60,399 | ||||||
First Interstate Bancsystem, Inc., Class A @ | 4,053 | 164,835 | ||||||
First Merchants Corp. | 5,621 | 235,464 | ||||||
First Mid Bancshares, Inc. | 500 | 21,395 | ||||||
First Midwest Bancorp, Inc. | 11,021 | 225,710 | ||||||
First of Long Island Corp. (The) | 2,295 | 49,549 | ||||||
Flushing Financial Corp. | 3,899 | 94,746 | ||||||
FNB Corp. | 21,678 | 262,954 | ||||||
Fulton Financial Corp. | 15,678 | 266,526 | ||||||
German American Bancorp, Inc. | 3,217 | 125,399 | ||||||
Glacier Bancorp, Inc. | 11,842 | 671,441 | ||||||
Great Southern Bancorp, Inc. | 1,501 | 88,934 | ||||||
Great Western Bancorp, Inc. | 1,271 | 43,163 | ||||||
Hancock Whitney Corp. | 6,503 | 325,280 | ||||||
Hanmi Financial Corp. | 3,586 | 84,916 | ||||||
Harborone Bancorp, Inc. | 6,045 | 89,708 | ||||||
Heartland Financial USA, Inc. | 4,558 | 230,680 | ||||||
Heritage Commerce Corp. | 6,526 | 77,920 | ||||||
Heritage Financial Corp. | 4,162 | 101,719 | ||||||
Hilltop Holdings, Inc. | 6,988 | 245,558 | ||||||
Home Bancshares, Inc. | 13,006 | 316,696 | ||||||
HomeStreet, Inc. | 2,447 | 127,244 | ||||||
HomeTrust Bancshares, Inc. | 2,255 | 69,860 | ||||||
Hope Bancorp, Inc. | 11,541 | 169,768 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Commercial Banks (Continued) | ||||||||
Horizon Bancorp, Inc. | 5,096 | $ | 106,252 | |||||
Howard Bancorp, Inc. * | 499 | 10,873 | ||||||
Independent Bank Corp. | 5,005 | 408,058 | ||||||
Independent Bank Group, Inc. | 2,187 | 157,792 | ||||||
International Bancshares Corp. | 5,903 | 250,228 | ||||||
Investors Bancorp, Inc. | 2,762 | 41,844 | ||||||
Lakeland Bancorp, Inc. | 5,547 | 105,338 | ||||||
Lakeland Financial Corp. @ | 3,146 | 252,120 | ||||||
Live Oak Bancshares, Inc. | 500 | 43,645 | ||||||
Macatawa Bank Corp. | 5,141 | 45,344 | ||||||
Mercantile Bank Corp. | 1,601 | 56,083 | ||||||
Meta Financial Group, Inc. | 3,897 | 232,495 | ||||||
Midland States Bancorp, Inc. | 1,086 | 26,922 | ||||||
MidWestOne Financial Group, Inc. | 613 | 19,843 | ||||||
National Bank Holdings Corp., Class A | 3,376 | 148,341 | ||||||
NBT Bancorp, Inc. | 4,206 | 162,015 | ||||||
Nicolet Bankshares, Inc. * | 1,020 | 87,465 | ||||||
Northeast Bank | 896 | 32,014 | ||||||
Northrim Bancorp, Inc. | 1,100 | 47,806 | ||||||
OceanFirst Financial Corp. | 5,639 | 125,186 | ||||||
OFG Bancorp | 5,852 | 155,429 | ||||||
Old National Bancorp | 15,710 | 284,665 | ||||||
Old Second Bancorp, Inc. | 2,244 | 28,252 | ||||||
Pacific Premier Bancorp, Inc. | 8,840 | 353,865 | ||||||
PacWest Bancorp | 6,102 | 275,627 | ||||||
Park National Corp. | 1,732 | 237,821 | ||||||
Peapack Gladstone Financial Corp. | 1,992 | 70,517 | ||||||
Penns Woods Bancorp, Inc. | 1,138 | 26,823 | ||||||
People’s United Financial, Inc. | 36,390 | 648,470 | ||||||
Peoples Bancorp, Inc. | 3,204 | 101,919 | ||||||
Pinnacle Financial Partners, Inc. | 3,365 | 321,357 | ||||||
Popular, Inc. | 7,138 | 585,602 | ||||||
Preferred Bank | 1,561 | 112,064 | ||||||
Primis Financial Corp. | 2,721 | 40,924 | ||||||
Prosperity Bancshares, Inc. | 7,853 | 567,772 | ||||||
QCR Holdings, Inc. | 1,914 | 107,184 | ||||||
Renasant Corp. | 5,355 | 203,222 | ||||||
Republic Bancorp, Inc., Class A | 1,997 | 101,527 | ||||||
Republic First Bancorp, Inc. * | 3,546 | 13,191 | ||||||
S&T Bancorp, Inc. | 3,996 | 125,954 | ||||||
Sandy Spring Bancorp, Inc. | 4,282 | 205,879 | ||||||
Seacoast Banking Corp. of Florida | 5,003 | 177,056 | ||||||
ServisFirst Bancshares, Inc. | 5,630 | 478,212 | ||||||
Sierra Bancorp | 2,000 | 54,300 | ||||||
Signature Bank | 2,681 | 867,223 | ||||||
Simmons First National Corp., Class A | 10,791 | 319,198 | ||||||
South State Corp. | 6,317 | 506,055 | ||||||
Southern First Bancshares, Inc. * | 923 | 57,678 | ||||||
Southside Bancshares, Inc. | 3,368 | 140,850 | ||||||
Sterling Bancorp | 17,448 | 449,984 | ||||||
Stock Yards Bancorp, Inc. | 2,936 | 187,552 | ||||||
Summit Financial Group, Inc. | 392 | 10,760 | ||||||
Synovus Financial Corp. | 9,560 | 457,637 | ||||||
Texas Capital Bancshares, Inc. * | 3,132 | 188,703 | ||||||
Tompkins Financial Corp. | 1,559 | 130,301 | ||||||
Towne Bank | 5,809 | 183,506 | ||||||
Trico Bancshares | 2,959 | 127,119 | ||||||
TriState Capital Holdings, Inc. * | 3,129 | 94,684 | ||||||
Triumph Bancorp, Inc. * | 2,441 | 290,674 | ||||||
Trustmark Corp. | 5,770 | 187,294 | ||||||
UMB Financial Corp. | 4,960 | 526,306 | ||||||
Umpqua Holdings Corp. | 8,081 | 155,478 | ||||||
United Bankshares, Inc. | 12,088 | 438,553 | ||||||
United Community Banks, Inc. | 8,563 | 307,754 | ||||||
Univest Financial Corp | 3,363 | 100,621 | ||||||
Valley National Bancorp | 37,407 | 514,346 | ||||||
Veritex Holdings, Inc. | 3,570 | 142,015 | ||||||
Washington Trust Bancorp, Inc. | 2,001 | 112,796 | ||||||
Webster Financial Corp. | 3,015 | 168,358 | ||||||
WesBanco, Inc. | 6,661 | 233,068 | ||||||
West Bancorp, Inc. | 2,392 | 74,319 | ||||||
Westamerica Bancorp | 2,658 | 153,446 | ||||||
Western Alliance Bancorp | 5,446 | 586,262 | ||||||
Wintrust Financial Corp. | 4,936 | 448,288 | ||||||
Zions Bancorp NA | 10,151 | 641,137 | ||||||
33,745,230 | ||||||||
Commercial Services & Supplies — 1.9% | ||||||||
ABM Industries, Inc. | 6,506 | 265,770 | ||||||
ACCO Brands Corp. | 11,957 | 98,765 | ||||||
Brady Corp., Class A | 5,019 | 270,524 | ||||||
Brink’s Co. (The) | 4,837 | 317,162 | ||||||
Casella Waste Systems, Inc., Class A * | 6,377 | 544,723 | ||||||
Ceco Environmental Corp. * | 4,211 | 26,234 | ||||||
Cimpress PLC * | 2,745 | 196,569 | ||||||
Clean Harbors, Inc. * | 5,266 | 525,389 | ||||||
Deluxe Corp. | 4,708 | 151,174 | ||||||
Ennis, Inc. | 3,110 | 60,738 | ||||||
Harsco Corp. * | 6,802 | 113,661 | ||||||
Healthcare Services Group, Inc. | 5,978 | 106,349 | ||||||
Heritage-Crystal Clean, Inc. * | 2,532 | 81,075 | ||||||
HNI Corp. | 4,391 | 184,642 | ||||||
IAA, Inc. * | 7,400 | 374,588 | ||||||
Interface, Inc. | 5,834 | 93,052 | ||||||
KAR Auction Services, Inc. * | 5,924 | 92,533 | ||||||
Kimball International, Inc., Class B | 5,056 | 51,723 | ||||||
Matthews International Corp., Class A | 3,451 | 126,548 | ||||||
MillerKnoll, Inc. | 7,005 | 274,526 | ||||||
MSA Safety, Inc. | 4,156 | 627,390 | ||||||
NL Industries, Inc. | 4,571 | 33,825 | ||||||
Pitney Bowes, Inc. | 4,177 | 27,693 | ||||||
Quad/Graphics, Inc. * | 4,591 | 18,364 | ||||||
SP Plus Corp. * | 2,555 | 72,102 | ||||||
Steelcase, Inc., Class A | 11,344 | 132,952 | ||||||
Stericycle, Inc. * | 4,797 | 286,093 | ||||||
Team, Inc. * | 4,062 | 4,428 | ||||||
Tetra Tech, Inc. | 6,444 | 1,094,191 | ||||||
UniFirst Corp. | 1,873 | 394,079 | ||||||
US Ecology, Inc. * | 4,572 | 146,030 | ||||||
Viad Corp. * | 2,501 | 107,018 | ||||||
Vidler Water Resouces, Inc. * | 2,070 | 25,006 | ||||||
Virco Manufacturing Corp. * | 2,494 | 7,632 | ||||||
VSE Corp. | 1,412 | 86,047 | ||||||
7,018,595 | ||||||||
Communications Equipment — 1.4% | ||||||||
ADTRAN, Inc. | 5,637 | 128,693 | ||||||
Applied Optoelectronics, Inc. * | 3,183 | 16,361 | ||||||
BK Technologies Corp. | 2,000 | 4,820 | ||||||
CalAmp Corp. * | 5,414 | 38,223 | ||||||
Calix, Inc. * | 1,031 | 82,449 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Communications Equipment (Continued) | ||||||||
Ciena Corp. * | 15,659 | $ | 1,205,273 | |||||
Clearfield, Inc. * | 2,380 | 200,920 | ||||||
CommScope Holding Co., Inc. * | 3,352 | 37,006 | ||||||
Communications Systems, Inc. | 1,418 | 3,403 | ||||||
Comtech Telecommunications Corp. | 3,207 | 75,974 | ||||||
Digi International, Inc. * | 3,397 | 83,464 | ||||||
F5, Inc. * | 3,709 | 907,629 | ||||||
Harmonic, Inc. * | 10,330 | 121,481 | ||||||
Infinera Corp. *@ | 16,934 | 162,397 | ||||||
Juniper Networks, Inc. | 19,819 | 707,736 | ||||||
KVH Industries, Inc. * | 2,387 | 21,937 | ||||||
Lantronix, Inc. * | 1,100 | 8,613 | ||||||
Lumentum Holdings, Inc. * | 4,956 | 524,196 | ||||||
NETGEAR, Inc. * | 3,539 | 103,374 | ||||||
NetScout Systems, Inc. * | 8,182 | 270,661 | ||||||
Network-1 Technologies, Inc. | 1,343 | 3,787 | ||||||
Optical Cable Corp. * | 374 | 2,008 | ||||||
PC-Tel, Inc. * | 2,629 | 14,906 | ||||||
Ribbon Communications, Inc. * | 13,960 | 84,458 | ||||||
Tessco Technologies, Inc. * | 1,000 | 6,190 | ||||||
Viasat, Inc. * | 4,101 | 182,659 | ||||||
Viavi Solutions, Inc. * | 21,651 | 381,491 | ||||||
5,380,109 | ||||||||
Computers & Peripherals — 0.3% | ||||||||
AstroNova, Inc. * | 1,572 | 21,222 | ||||||
Avid Technology, Inc. * | 8,707 | 283,587 | ||||||
Intevac, Inc. * | 3,414 | 16,080 | ||||||
Pure Storage, Inc., Class A * | 11,036 | 359,222 | ||||||
Super Micro Computer, Inc. * | 1,663 | 73,089 | ||||||
Xerox Holdings Corp. | 15,230 | 344,807 | ||||||
1,098,007 | ||||||||
Construction & Engineering — 1.9% | ||||||||
AECOM * | 9,414 | 728,173 | ||||||
Ameresco, Inc., Class A * | 4,050 | 329,832 | ||||||
Arcosa, Inc. | 1,853 | 97,653 | ||||||
Argan, Inc. | 1,586 | 61,362 | ||||||
Comfort Systems USA, Inc. | 4,850 | 479,859 | ||||||
Dycom Industries, Inc. * | 4,084 | 382,916 | ||||||
EMCOR Group, Inc. | 6,268 | 798,480 | ||||||
Fluor Corp. *@ | 6,585 | 163,110 | ||||||
Granite Construction, Inc. | 4,358 | 168,655 | ||||||
Great Lakes Dredge & Dock Corp. * | 7,436 | 116,894 | ||||||
IES Holdings, Inc. * | 2,548 | 129,031 | ||||||
MasTec, Inc. * | 6,602 | 609,232 | ||||||
Matrix Service Co. * | 4,086 | 30,727 | ||||||
MYR Group, Inc. * | 2,336 | 258,245 | ||||||
Northwest Pipe Co. * | 1,211 | 38,510 | ||||||
NV5 Global, Inc. * | 1,843 | 254,555 | ||||||
Orion Group Holdings, Inc. * | 3,431 | 12,935 | ||||||
Primoris Services Corp. | 6,549 | 157,045 | ||||||
Quanta Services, Inc. | 8,024 | 920,032 | ||||||
Sterling Construction Co., Inc. * | 3,492 | 91,840 | ||||||
Tutor Perini Corp. * | 4,753 | 58,795 | ||||||
Valmont Industries, Inc. | 2,069 | 518,284 | ||||||
WillScot Mobile Mini Holdings Corp. * | 18,811 | 768,241 | ||||||
7,174,406 | ||||||||
Construction Materials — 0.2% | ||||||||
Eagle Materials, Inc. | 1,439 | 239,536 | ||||||
Forterra, Inc. * | 1,512 | 35,955 | ||||||
Summit Materials, Inc., Class A * | 4,678 | 187,775 | ||||||
United States Lime & Minerals, Inc. | 949 | 122,440 | ||||||
585,706 | ||||||||
Consumer Finance — 1.3% | ||||||||
Atlanticus Holdings Corp. * | 3,144 | 224,230 | ||||||
Consumer Portfolio Services, Inc. * | 4,988 | 59,108 | ||||||
Credit Acceptance Corp. * | 760 | 522,637 | ||||||
Encore Capital Group, Inc. *@ | 3,784 | 235,024 | ||||||
Enova International, Inc. * | 4,283 | 175,432 | ||||||
Ezcorp, Inc., Class A * | 5,994 | 44,176 | ||||||
FirstCash Holdings, Inc. | 4,847 | 362,604 | ||||||
Green Dot Corp., Class A * | 5,205 | 188,629 | ||||||
LendingClub Corp. * | 7,371 | 178,231 | ||||||
LendingTree, Inc. * | 1,371 | 168,085 | ||||||
Navient Corp. | 18,051 | 383,042 | ||||||
Nelnet, Inc., Class A | 3,245 | 316,972 | ||||||
OneMain Holdings, Inc. | 7,656 | 383,106 | ||||||
PRA Group, Inc. * | 5,417 | 271,987 | ||||||
PROG Holdings, Inc. * | 6,028 | 271,923 | ||||||
Regional Management Corp. | 1,467 | 84,294 | ||||||
Santander Consumer USA Holdings, Inc. | 14,468 | 607,945 | ||||||
SLM Corp. | 14,278 | 280,848 | ||||||
World Acceptance Corp. * | 977 | 239,785 | ||||||
4,998,058 | ||||||||
Containers & Packaging — 1.1% | ||||||||
AptarGroup, Inc. | 4,035 | 494,207 | ||||||
Berry Global Group, Inc. * | 9,609 | 708,952 | ||||||
Crown Holdings, Inc. | 1,631 | 180,421 | ||||||
Graphic Packaging Holding Co. | 8,918 | 173,901 | ||||||
Greif, Inc., Class A | 2,910 | 175,677 | ||||||
Greif, Inc., Class B | 1,193 | 71,318 | ||||||
Myers Industries, Inc. | 4,361 | 87,264 | ||||||
Packaging Corp. of America | 1,324 | 180,263 | ||||||
Sealed Air Corp. | 10,816 | 729,755 | ||||||
Silgan Holdings, Inc. | 12,267 | 525,518 | ||||||
Sonoco Products Co. | 6,744 | 390,410 | ||||||
Trimas Corp. | 5,102 | 188,774 | ||||||
UFP Technologies, Inc. * | 913 | 64,147 | ||||||
WestRock Co. | 5,218 | 231,470 | ||||||
4,202,077 | ||||||||
Distributors — 0.0% | ||||||||
Weyco Group, Inc. | 1,043 | 24,969 | ||||||
Diversified Consumer Services — 1.0% | ||||||||
Adtalem Global Education, Inc. * | 5,934 | 175,409 | ||||||
American Public Education, Inc. * | 2,124 | 47,259 | ||||||
Bright Horizons Family Solutions, Inc. * | 3,373 | 424,593 | ||||||
Carriage Services, Inc. | 2,984 | 192,289 | ||||||
Chegg, Inc. * | 6,367 | 195,467 | ||||||
Frontdoor, Inc. * | 2,657 | 97,379 | ||||||
Graham Holdings Co., Class B | 462 | 290,981 | ||||||
Grand Canyon Education, Inc. * | 3,776 | 323,641 | ||||||
H&R Block, Inc. | 11,646 | 274,380 | ||||||
Houghton Mifflin Harcourt Co. * | 10,946 | 176,231 | ||||||
Laureate Education, Inc. Class A | 2,699 | 33,036 | ||||||
Perdoceo Education Corp. * | 8,722 | 102,571 | ||||||
Service Corp. International | 10,864 | 771,235 | ||||||
Strategic Education, Inc. | 2,650 | 153,276 | ||||||
Stride, Inc. * | 4,184 | 139,453 | ||||||
Terminix Global Holdings, Inc. * | 9,365 | 423,579 | ||||||
Universal Technical Institute, Inc. * | 4,347 | 33,993 | ||||||
WW International, Inc. *@ | 5,647 | 91,086 | ||||||
3,945,858 | ||||||||
Diversified Financial Services — 0.3% | ||||||||
A-Mark Precious Metals, Inc. | 1,166 | 71,243 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Diversified Financial Services (Continued) | ||||||||
Cannae Holdings, Inc. * | 5,121 | $ | 180,003 | |||||
Equitable Holdings, Inc. | 2,089 | 68,498 | ||||||
Marlin Business Services Corp. | 3,196 | 74,403 | ||||||
Voya Financial, Inc. | 9,648 | 639,759 | ||||||
1,033,906 | ||||||||
Diversified Telecommunication Services — 0.2% | ||||||||
ATN International, Inc. | 2,105 | 84,095 | ||||||
Cogent Communications Holdings, Inc. | 5,536 | 405,124 | ||||||
Consolidated Communications Holdings, Inc. * | 7,487 | 56,003 | ||||||
IDT Corp., Class B * | 4,503 | 198,852 | ||||||
Iridium Communications, Inc. * | 1,819 | 75,107 | ||||||
819,181 | ||||||||
Electric Utilities — 1.0% | ||||||||
Allete, Inc. | 3,067 | 203,495 | ||||||
Genie Energy Ltd. Class B * | 3,300 | 18,381 | ||||||
Hawaiian Electric Industries, Inc. | 7,162 | 297,223 | ||||||
IDACORP, Inc. | 2,837 | 321,460 | ||||||
MGE Energy, Inc. | 3,771 | 310,165 | ||||||
NRG Energy, Inc. | 14,356 | 618,457 | ||||||
OGE Energy Corp. | 10,049 | 385,681 | ||||||
Otter Tail Corp. | 4,597 | 328,318 | ||||||
Pinnacle West Capital Corp. | 5,960 | 420,716 | ||||||
PNM Resources, Inc. | 13,599 | 620,250 | ||||||
Portland General Electric Co. | 5,648 | 298,892 | ||||||
Via Renewables, Inc. @ | 2,000 | 22,860 | ||||||
3,845,898 | ||||||||
Electrical Equipment — 1.5% | ||||||||
Acuity Brands, Inc. | 1,828 | 387,024 | ||||||
Allied Motion Technologies, Inc. | 1,626 | 59,333 | ||||||
Atkore, Inc. * | 8,108 | 901,528 | ||||||
AZZ, Inc. | 2,809 | 155,310 | ||||||
Encore Wire Corp. | 2,341 | 334,997 | ||||||
EnerSys | 4,942 | 390,714 | ||||||
Hubbell, Inc. | 3,715 | 773,723 | ||||||
LSI Industries, Inc. | 3,137 | 21,520 | ||||||
nVent Electric PLC | 1,295 | 49,210 | ||||||
Powell Industries, Inc. | 1,380 | 40,696 | ||||||
Preformed Line Products Co. | 668 | 43,220 | ||||||
Regal Rexnord Corp. | 7,570 | 1,288,262 | ||||||
Sensata Technologies Holding PLC * | 10,094 | 622,699 | ||||||
Sunrun, Inc. *@ | 6,232 | 213,758 | ||||||
Thermon Group Holdings, Inc. * | 3,577 | 60,559 | ||||||
TPI Composites, Inc. * | 564 | 8,437 | ||||||
Ultralife Corp. * | 2,441 | 14,744 | ||||||
Vicor Corp. * | 3,445 | 437,446 | ||||||
5,803,180 | ||||||||
Electronic Equipment, Instruments & Components — 3.0% | ||||||||
Advanced Energy Industries, Inc. | 4,145 | 377,444 | ||||||
Arlo Technologies, Inc. * | 10,925 | 114,603 | ||||||
Arrow Electronics, Inc. * | 7,416 | 995,746 | ||||||
Avnet, Inc. | 7,545 | 311,080 | ||||||
Badger Meter, Inc. | 3,368 | 358,894 | ||||||
Bel Fuse, Inc., Class B | 1,421 | 18,374 | ||||||
Belden, Inc. | 4,896 | 321,814 | ||||||
Benchmark Electronics, Inc. | 4,604 | 124,768 | ||||||
Cognex Corp. | 4,433 | 344,710 | ||||||
Coherent, Inc. * | 520 | 138,601 | ||||||
CTS Corp. | 3,954 | 145,191 | ||||||
Daktronics, Inc. * | 4,902 | 24,755 | ||||||
ePlus, Inc. * | 3,836 | 206,684 | ||||||
Fabrinet * | 4,275 | 506,459 | ||||||
FARO Technologies, Inc. * | 2,298 | 160,906 | ||||||
Flex Ltd. * | 28,069 | 514,505 | ||||||
Frequency Electronics, Inc. * | 1,400 | 13,804 | ||||||
II-VI, Inc. *@ | 5,457 | 372,877 | ||||||
Insight Enterprises, Inc. * | 3,841 | 409,451 | ||||||
IPG Photonics Corp. * | 2,351 | 404,701 | ||||||
Itron, Inc. * | 4,157 | 284,838 | ||||||
Jabil, Inc. | 5,378 | 378,342 | ||||||
Key Tronic Corp. * | 1,700 | 10,574 | ||||||
Kimball Electronics, Inc. * | 2,987 | 64,997 | ||||||
Knowles Corp. * | 7,671 | 179,118 | ||||||
Littelfuse, Inc. | 1,865 | 586,878 | ||||||
Methode Electronics, Inc. | 4,122 | 202,679 | ||||||
NAPCO Security Technologies, Inc. * | 3,532 | 176,529 | ||||||
National Instruments Corp. | 7,611 | 332,372 | ||||||
nLight, Inc. * | 400 | 9,580 | ||||||
Novanta, Inc. * | 4,244 | 748,345 | ||||||
OSI Systems, Inc. * | 1,764 | 164,405 | ||||||
PAR Technology Corp. * | 1,843 | 97,255 | ||||||
PC Connection, Inc. | 3,188 | 137,498 | ||||||
Plexus Corp. * | 3,061 | 293,519 | ||||||
Richardson Electronics Ltd. | 1,505 | 20,348 | ||||||
Rogers Corp. * | 2,017 | 550,641 | ||||||
Sanmina Corp. * | 7,099 | 294,325 | ||||||
Scansource, Inc. * | 2,807 | 98,470 | ||||||
TD SYNNEX Corp. | 3,213 | 367,439 | ||||||
TTM Technologies, Inc. * | 10,405 | 155,034 | ||||||
Vishay Intertechnology, Inc. | 11,850 | 259,159 | ||||||
Vishay Precision Group, Inc. * | 1,694 | 62,881 | ||||||
Vontier Corp. | 423 | 12,999 | ||||||
Wayside Technology Group, Inc. | 315 | 11,044 | ||||||
11,364,636 | ||||||||
Energy Equipment & Services — 0.3% | ||||||||
Archrock, Inc. | 14,737 | 110,233 | ||||||
Bristow Group, Inc. * | 1,138 | 36,040 | ||||||
Core Laboratories NV | 2,189 | 48,837 | ||||||
Dawson Geophysical Co. * | 2,775 | 6,424 | ||||||
DMC Global, Inc. * | 2,412 | 95,539 | ||||||
Dril-Quip, Inc. * | 3,044 | 59,906 | ||||||
Exterran Corp. * | 3,877 | 11,553 | ||||||
Geospace Technologies Corp. * | 1,646 | 11,061 | ||||||
Gulf Island Fabrication, Inc. * | 1,823 | 7,310 | ||||||
Helix Energy Solutions Group, Inc. * | 14,425 | 45,006 | ||||||
Helmerich & Payne, Inc. | 6,380 | 151,206 | ||||||
Nabors Industries Ltd. * | 763 | 61,872 | ||||||
Natural Gas Services Group, Inc. * | 2,179 | 22,814 | ||||||
NOV, Inc. | 21,019 | 284,807 | ||||||
Oceaneering International, Inc. * | 8,090 | 91,498 | ||||||
Oil States International, Inc. * | 5,995 | 29,795 | ||||||
Patterson-UTI Energy, Inc. | 599 | 5,062 | ||||||
SEACOR Marine Holdings, Inc. * | 3,233 | 10,992 | ||||||
TechnipFMC PLC * | 5,694 | 33,709 | ||||||
U.S. Silica Holdings, Inc. * | 7,259 | 68,235 | ||||||
1,191,899 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Entertainment — 0.5% | ||||||||
Ballantyne Strong, Inc. * | 3,464 | $ | 10,011 | |||||
Cinemark Holdings, Inc. *@ | 1,868 | 30,112 | ||||||
Gaia, Inc. * | 1,407 | 12,058 | ||||||
IMAX Corp. * | 4,817 | 85,935 | ||||||
Liberty Media Corp.-Liberty Braves, Class A *@ | 338 | 9,718 | ||||||
Liberty Media Corp.-Liberty Formula One, Class A * | 1,700 | 100,878 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C * | 11,084 | 700,952 | ||||||
Lions Gate Entertainment Corp., Class A * | 4,059 | 67,542 | ||||||
Lions Gate Entertainment Corp., Class B * | 5,120 | 78,797 | ||||||
Madison Square Garden Entertainment Corp. * | 1,318 | 92,708 | ||||||
Marcus Corp. (The) *@ | 3,100 | 55,366 | ||||||
Reading International, Inc., Class A * | 3,044 | 12,298 | ||||||
World Wrestling Entertainment, Inc., Class A @ | 2,212 | 109,140 | ||||||
Zynga, Inc., Class A * | 62,503 | 400,019 | ||||||
1,765,534 | ||||||||
Food & Staples Retailing — 0.8% | ||||||||
Andersons, Inc. (The) | 4,055 | 156,969 | ||||||
BJ’s Wholesale Club Holdings, Inc. * | 1,541 | 103,201 | ||||||
Casey’s General Stores, Inc. | 2,355 | 464,759 | ||||||
Chefs’ Warehouse Inc. (The) * | 4,636 | 154,379 | ||||||
Ingles Markets, Inc., Class A | 1,973 | 170,349 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 2,710 | 38,617 | ||||||
Performance Food Group Co. * | 9,263 | 425,079 | ||||||
PriceSmart, Inc. | 3,201 | 234,217 | ||||||
SpartanNash Co. | 4,477 | 115,328 | ||||||
Sprouts Farmers Market, Inc. * | 7,149 | 212,182 | ||||||
United Natural Foods, Inc. * | 4,623 | 226,897 | ||||||
US Foods Holding Corp. * | 11,021 | 383,861 | ||||||
Village Super Market, Inc., Class A | 1,435 | 33,565 | ||||||
Weis Markets, Inc. | 2,943 | 193,885 | ||||||
2,913,288 | ||||||||
Food Products — 1.8% | ||||||||
B&G Foods, Inc. | 8,145 | 250,296 | ||||||
Bunge Ltd. | 6,292 | 587,421 | ||||||
Cal-Maine Foods, Inc. | 5,021 | 185,727 | ||||||
Calavo Growers, Inc. | 2,189 | 92,814 | ||||||
Coffee Holding Co., Inc. * | 600 | 2,610 | ||||||
Darling Ingredients, Inc. * | 22,015 | 1,525,419 | ||||||
Farmer Bros. Co. * | 2,275 | 16,949 | ||||||
Flowers Foods, Inc. | 10,685 | 293,517 | ||||||
Fresh Del Monte Produce, Inc. | 5,010 | 138,276 | ||||||
Freshpet, Inc. * | 585 | 55,733 | ||||||
Hostess Brands, Inc. * | 4,664 | 95,239 | ||||||
Ingredion, Inc. | 3,754 | 362,787 | ||||||
J&J Snack Foods Corp. | 2,148 | 339,298 | ||||||
John B. Sanfilippo & Son, Inc. | 1,112 | 100,258 | ||||||
Lamb Weston Holdings, Inc. | 8,392 | 531,885 | ||||||
Lancaster Colony Corp. | 3,061 | 506,902 | ||||||
Landec Corp. * | 3,872 | 42,979 | ||||||
Lifeway Foods, Inc. * | 1,756 | 8,288 | ||||||
Limoneira Co. | 2,072 | 31,080 | ||||||
Pilgrim’s Pride Corp. * | 5,624 | 158,597 | ||||||
Post Holdings, Inc. * | 4,776 | 538,398 | ||||||
Rocky Mountain Chocolate Factory, Inc. * | 1,260 | 9,828 | ||||||
Sanderson Farms, Inc. | 2,524 | 482,286 | ||||||
Seaboard Corp. | 42 | 165,270 | ||||||
Seneca Foods Corp., Class A * | 800 | 38,360 | ||||||
Tootsie Roll Industries, Inc. | 4,854 | 175,860 | ||||||
TreeHouse Foods, Inc. * | 225 | 9,119 | ||||||
6,745,196 | ||||||||
Gas Utilities — 1.0% | ||||||||
Atmos Energy Corp. | 6,662 | 697,978 | ||||||
Chesapeake Utilities Corp. | 2,272 | 331,280 | ||||||
National Fuel Gas Co. | 4,000 | 255,760 | ||||||
New Jersey Resources Corp. | 10,820 | 444,269 | ||||||
Northwest Natural Holding Co. | 3,354 | 163,608 | ||||||
ONE Gas, Inc. | 5,011 | 388,803 | ||||||
RGC Resources, Inc. | 600 | 13,806 | ||||||
South Jersey Industries, Inc. @ | 10,442 | 272,745 | ||||||
Southwest Gas Holdings, Inc. | 4,019 | 281,531 | ||||||
Spire, Inc. | 4,808 | 313,578 | ||||||
UGI Corp. | 10,146 | 465,803 | ||||||
3,629,161 | ||||||||
Health Care — 0.0% | ||||||||
Contra Aduro Biotech §* | 237 | 429 | ||||||
Contra Pfenex, Inc. §* | 2,903 | — | ||||||
429 | ||||||||
Health Care Equipment & Supplies — 2.7% | ||||||||
Accuray, Inc. * | 10,241 | 48,850 | ||||||
Achillion Pharmaceuticals, Inc. §* | 23,152 | 12,589 | ||||||
Angiodynamics, Inc. * | 4,953 | 136,604 | ||||||
Apyx Medical Corp. * | 1,030 | 13,205 | ||||||
AtriCure, Inc. * | 3,477 | 241,756 | ||||||
Atrion Corp. | 201 | 141,685 | ||||||
Avanos Medical, Inc. * | 5,588 | 193,736 | ||||||
Axogen, Inc. * | 2,479 | 23,228 | ||||||
Axonics, Inc. * | 2,988 | 167,328 | ||||||
Cardiovascular Systems, Inc. * | 2,885 | 54,180 | ||||||
CONMED Corp. | 2,494 | 353,549 | ||||||
CryoLife, Inc. * | 5,028 | 102,320 | ||||||
Cutera, Inc. *@ | 1,969 | 81,359 | ||||||
DENTSPLY SIRONA, Inc. | 7,203 | 401,855 | ||||||
Electromed, Inc. * | 2,175 | 28,275 | ||||||
Envista Holdings Corp. * | 11,739 | 528,959 | ||||||
Fonar Corp. * | 1,282 | 19,204 | ||||||
Glaukos Corp. * | 2,946 | 130,920 | ||||||
Globus Medical, Inc., Class A * | 6,108 | 440,998 | ||||||
Haemonetics Corp. * | 4,819 | 255,600 | ||||||
Heska Corp. * | 1,113 | 203,111 | ||||||
ICU Medical, Inc. * | 1,721 | 408,462 | ||||||
Inogen, Inc. * | 2,495 | 84,830 | ||||||
Integer Holdings Corp. * | 3,152 | 269,780 | ||||||
Integra LifeSciences Holdings Corp. * | 6,371 | 426,793 | ||||||
IntriCon Corp. * | 1,000 | 16,170 | ||||||
Invacare Corp. * | 4,558 | 12,398 | ||||||
iRadimed Corp. * | 325 | 15,018 | ||||||
iRhythm Technologies, Inc. * | 101 | 11,887 | ||||||
Lantheus Holdings, Inc. * | 7,277 | 210,233 | ||||||
LeMaitre Vascular, Inc. | 2,976 | 149,484 | ||||||
LENSAR, Inc. * | 1,385 | 8,255 | ||||||
LivaNova PLC * | 5,101 | 445,980 | ||||||
Meridian Bioscience, Inc. * | 4,782 | 97,553 | ||||||
Merit Medical Systems, Inc. * | 5,761 | 358,910 | ||||||
Mesa Laboratories, Inc. | 188 | 61,681 | ||||||
Natus Medical, Inc. * | 4,076 | 96,723 | ||||||
Neogen Corp. * | 10,822 | 491,427 | ||||||
Nevro Corp. * | 822 | 66,640 | ||||||
NuVasive, Inc. * | 5,261 | 276,097 | ||||||
OraSure Technologies, Inc. * | 9,521 | 82,738 | ||||||
Orthofix Medical, Inc. * | 2,039 | 63,393 | ||||||
OrthoPediatrics Corp. * | 768 | 45,972 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Health Care Equipment & Supplies (Continued) | ||||||||
Penumbra, Inc. * | 2,823 | $ | 811,104 | |||||
Quidel Corp. * | 4,661 | 629,188 | ||||||
SeaSpine Holdings Corp. * | 2,964 | 40,370 | ||||||
Shockwave Medical, Inc. * | 2,116 | 377,346 | ||||||
SI-BONE, Inc. * | 1,793 | 39,823 | ||||||
STAAR Surgical Co. * | 3,622 | 330,689 | ||||||
Surgalign Holdings, Inc. *@ | 12,434 | 8,908 | ||||||
SurModics, Inc. * | 1,788 | 86,092 | ||||||
Tactile Systems Technology, Inc. * | 1,097 | 20,876 | ||||||
Tandem Diabetes Care, Inc. * | 3,113 | 468,569 | ||||||
TransMedics Group, Inc. * | 1,354 | 25,943 | ||||||
Utah Medical Products, Inc. | 630 | 63,000 | ||||||
Varex Imaging Corp. *@ | 2,200 | 69,410 | ||||||
ViewRay, Inc. * | 7,099 | 39,115 | ||||||
10,290,168 | ||||||||
Health Care Providers & Services — 3.5% | ||||||||
Acadia Healthcare Co., Inc. * | 6,699 | 406,629 | ||||||
Addus HomeCare Corp. * | 1,522 | 142,322 | ||||||
Amedisys, Inc. * | 3,317 | 536,956 | ||||||
AMN Healthcare Services, Inc. * | 6,127 | 749,516 | ||||||
Apollo Medical Holdings, Inc. *@ | 2,478 | 182,083 | ||||||
Brookdale Senior Living, Inc. * | 16,230 | 83,747 | ||||||
Chemed Corp. | 1,647 | 871,329 | ||||||
Community Health Systems, Inc. * | 11,147 | 148,367 | ||||||
Corvel Corp. * | 2,837 | 590,096 | ||||||
Covetrus, Inc. * | 7,116 | 142,107 | ||||||
Cross Country Healthcare, Inc. * | 6,503 | 180,523 | ||||||
DaVita, Inc. * | 8,508 | 967,870 | ||||||
Encompass Health Corp. | 7,416 | 483,968 | ||||||
Ensign Group, Inc. (The) | 6,774 | 568,745 | ||||||
Enzo Biochem, Inc. * | 6,609 | 21,215 | ||||||
Guardant Health, Inc. * | 3,688 | 368,874 | ||||||
Hanger, Inc. * | 3,413 | 61,878 | ||||||
HealthEquity, Inc. * | 5,161 | 228,323 | ||||||
Henry Schein, Inc. * | 10,880 | 843,526 | ||||||
InfuSystem Holdings, Inc. * | 600 | 10,218 | ||||||
Joint Corp. (The) * | 1,139 | 74,821 | ||||||
LHC Group, Inc. * | 3,259 | 447,233 | ||||||
Magellan Health, Inc. * | 1,803 | 171,267 | ||||||
MEDNAX, Inc. * | 6,014 | 163,641 | ||||||
ModivCare, Inc. * | 1,383 | 205,085 | ||||||
National Healthcare Corp. | 1,882 | 127,863 | ||||||
National Research Corp. | 3,287 | 136,476 | ||||||
Option Care Health, Inc. * | 3,340 | 94,990 | ||||||
Owens & Minor, Inc. | 7,179 | 312,286 | ||||||
Patterson Cos., Inc. | 6,230 | 182,850 | ||||||
Pennant Group, Inc. (The) * | 3,997 | 92,251 | ||||||
PetIQ, Inc. *@ | 1,504 | 34,156 | ||||||
Premier, Inc., Class A | 3,891 | 160,192 | ||||||
Progyny, Inc. * | 7,065 | 355,723 | ||||||
R1 RCM, Inc. * | 20,856 | 531,619 | ||||||
RadNet, Inc. * | 5,402 | 162,654 | ||||||
Select Medical Holdings Corp. | 12,138 | 356,857 | ||||||
Sharps Compliance Corp. * | 823 | 5,868 | ||||||
Star Equity Holdings, Inc. *@ | 210 | 536 | ||||||
Surgery Partners, Inc. * | 6,352 | 339,260 | ||||||
Tenet Healthcare Corp. * | 11,787 | 962,880 | ||||||
Tivity Health, Inc. * | 3,606 | 95,343 | ||||||
Triple-S Management Corp. * | 3,473 | 123,917 | ||||||
U.S. Physical Therapy, Inc. | 1,511 | 144,376 | ||||||
Universal Health Services, Inc., Class B | 3,730 | 483,632 | ||||||
13,354,068 | ||||||||
Health Care Technology — 0.5% | ||||||||
Allscripts Healthcare Solutions, Inc. * | 14,834 | 273,687 | ||||||
Computer Programs & Systems, Inc. * | 1,636 | 47,935 | ||||||
Evolent Health, Inc., Class A * | 4,696 | 129,938 | ||||||
Health Catalyst, Inc. *@ | 1,300 | 51,506 | ||||||
HealthStream, Inc. * | 3,803 | 100,247 | ||||||
Inspire Medical Systems, Inc. * | 600 | 138,036 | ||||||
NextGen Healthcare, Inc. * | 6,391 | 113,696 | ||||||
Omnicell, Inc. * | 4,593 | 828,761 | ||||||
OptimizeRx Corp. * | 1,202 | 74,656 | ||||||
Simulations Plus, Inc. @ | 358 | 16,934 | ||||||
Vocera Communications, Inc. * | 2,061 | 133,635 | ||||||
1,909,031 | ||||||||
Hotels, Restaurants & Leisure — 2.9% | ||||||||
Aramark | 13,415 | 494,343 | ||||||
Biglari Holdings, Inc., Class A * | 7 | 4,865 | ||||||
Biglari Holdings, Inc., Class B * | 74 | 10,550 | ||||||
BJ’s Restaurants, Inc. * | 2,751 | 95,047 | ||||||
Bloomin’ Brands, Inc. * | 8,154 | 171,071 | ||||||
Bluegreen Vacations Holding Corp. * | 417 | 14,637 | ||||||
Boyd Gaming Corp. * | 1,865 | 122,288 | ||||||
Brinker International, Inc. * | 5,679 | 207,795 | ||||||
Carrols Restaurant Group, Inc. | 8,916 | 26,391 | ||||||
Cheesecake Factory, Inc. (The) * | 5,035 | 197,120 | ||||||
Choice Hotels International, Inc. | 6,024 | 939,684 | ||||||
Churchill Downs, Inc. | 3,811 | 918,070 | ||||||
Chuy’s Holdings, Inc. * | 2,478 | 74,637 | ||||||
Cracker Barrel Old Country Store, Inc. | 2,324 | 298,959 | ||||||
Dave & Buster’s Entertainment, Inc. * | 4,530 | 173,952 | ||||||
Del Taco Restaurants, Inc. | 4,096 | 50,995 | ||||||
Denny’s Corp. * | 4,694 | 75,104 | ||||||
El Pollo Loco Holdings, Inc. * | 4,284 | 60,790 | ||||||
Everi Holdings, Inc. * | 4,400 | 93,940 | ||||||
Fiesta Restaurant Group, Inc. * | 4,058 | 44,679 | ||||||
Hilton Grand Vacations, Inc. * | 559 | 29,129 | ||||||
Hyatt Hotels Corp., Class A * | 811 | 77,775 | ||||||
International Game Technology PLC | 969 | 28,014 | ||||||
Jack in the Box, Inc. | 3,000 | 262,440 | ||||||
Marriott Vacations Worldwide Corp. | 5,154 | 870,923 | ||||||
Monarch Casino & Resort, Inc. * | 1,490 | 110,185 | ||||||
Nathan’s Famous, Inc. | 794 | 46,362 | ||||||
Norwegian Cruise Line Holdings Ltd. * | 11,485 | 238,199 | ||||||
Papa John’s International, Inc. | 4,290 | 572,586 | ||||||
Penn National Gaming, Inc. * | 555 | 28,777 | ||||||
Planet Fitness, Inc. Class A * | 8,887 | 804,984 | ||||||
Playa Hotels & Resorts NV * | 1,000 | 7,980 | ||||||
Red Robin Gourmet Burgers, Inc. * | 1,717 | 28,382 | ||||||
Ruth’s Hospitality Group, Inc. * | 2,754 | 54,805 | ||||||
Scientific Games Corp., Class A * | 1,500 | 100,245 | ||||||
SeaWorld Entertainment, Inc. * | 3,316 | 215,076 | ||||||
Shake Shack, Inc., Class A * | 2,266 | 163,514 | ||||||
Texas Roadhouse, Inc. | 7,350 | 656,208 | ||||||
Travel + Leisure Co. | 3,148 | 173,990 | ||||||
Vail Resorts, Inc. | 2,071 | 679,081 | ||||||
Wendy’s Co. (The) | 24,565 | 585,875 | ||||||
Wingstop, Inc. | 2,032 | 351,130 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Hotels, Restaurants & Leisure (Continued) | ||||||||
Wyndham Hotels & Resorts, Inc. | 5,481 | $ | 491,372 | |||||
Wynn Resorts Ltd. * | 4,478 | 380,809 | ||||||
11,032,758 | ||||||||
Household Durables — 2.5% | ||||||||
Bassett Furniture Industries, Inc. | 1,080 | 18,112 | ||||||
Beazer Homes USA, Inc. * | 1,643 | 38,150 | ||||||
Cavco Industries, Inc. * | 986 | 313,203 | ||||||
Century Communities, Inc. | 3,674 | 300,496 | ||||||
Ethan Allen Interiors, Inc. | 2,598 | 68,301 | ||||||
Flexsteel Industries, Inc. | 1,069 | 28,713 | ||||||
Green Brick Partners, Inc. * | 4,024 | 122,048 | ||||||
Hamilton Beach Brands Holding Co., Class A | 2,000 | 28,720 | ||||||
Helen of Troy Ltd. * | 2,629 | 642,712 | ||||||
Hooker Furnishings Corp. | 1,742 | 40,554 | ||||||
Installed Building Products, Inc. | 3,587 | 501,176 | ||||||
iRobot Corp. * | 3,423 | 225,507 | ||||||
KB Home | 7,849 | 351,086 | ||||||
La-Z-Boy, Inc. | 4,321 | 156,895 | ||||||
Leggett & Platt, Inc. | 8,008 | 329,609 | ||||||
Lifetime Brands, Inc. | 3,200 | 51,104 | ||||||
M.D.C. Holdings, Inc. | 6,276 | 350,389 | ||||||
M/I Homes, Inc. * | 4,620 | 287,272 | ||||||
Meritage Homes Corp. * | 3,491 | 426,111 | ||||||
Mohawk Industries, Inc. * | 3,847 | 700,846 | ||||||
Newell Brands, Inc. | 27,926 | 609,904 | ||||||
Orleans Homebuilders, Inc. §*@ | 4,953 | — | ||||||
Skyline Champion Corp. * | 2,566 | 202,663 | ||||||
Sonos, Inc. *@ | 902 | 26,880 | ||||||
Taylor Morrison Home Corp. * | 9,778 | 341,839 | ||||||
Tempur Sealy International, Inc. | 22,924 | 1,078,116 | ||||||
Toll Brothers, Inc. | 10,507 | 760,602 | ||||||
TopBuild Corp. * | 4,065 | 1,121,574 | ||||||
TRI Pointe Homes, Inc. * | 12,577 | 350,773 | ||||||
Tupperware Brands Corp. * | 773 | 11,819 | ||||||
Universal Electronics, Inc. * | 1,292 | 52,649 | ||||||
VOXX International Corp. * | 3,284 | 33,398 | ||||||
9,571,221 | ||||||||
Household Products — 0.3% | ||||||||
Central Garden & Pet Co. * | 1,247 | 65,630 | ||||||
Central Garden & Pet Co., Class A * | 4,555 | 217,957 | ||||||
Spectrum Brands Holdings, Inc. | 3,742 | 380,636 | ||||||
WD-40 Co. @ | 1,589 | 388,733 | ||||||
1,052,956 | ||||||||
Independent Power Producers & Energy Traders — 0.5% | ||||||||
Atlantica Sustainable Infrastructure PLC | 1,800 | 64,368 | ||||||
Brookfield Renewable Corp. Class A | 2,097 | 77,233 | ||||||
Clearway Energy, Inc., Class A | 4,442 | 148,718 | ||||||
Clearway Energy, Inc., Class C | 9,495 | 342,105 | ||||||
Ormat Technologies, Inc. @ | 5,451 | 432,264 | ||||||
Sunnova Energy International, Inc. *@ | 350 | 9,772 | ||||||
Vistra Corp. | 28,253 | 643,321 | ||||||
1,717,781 | ||||||||
Insurance — 4.1% | ||||||||
Alleghany Corp. * | 890 | 594,155 | ||||||
Ambac Financial Group, Inc. * | 4,434 | 71,166 | ||||||
American Equity Investment Life Holding Co. | 10,429 | 405,897 | ||||||
American Financial Group, Inc. | 4,216 | 578,941 | ||||||
American National Group, Inc. | 1,348 | 254,556 | ||||||
AMERISAFE, Inc. | 1,961 | 105,561 | ||||||
Argo Group International Holdings Ltd. | 3,856 | 224,072 | ||||||
Assurant, Inc. | 4,101 | 639,182 | ||||||
Assured Guaranty Ltd. | 4,657 | 233,781 | ||||||
Athene Holding Ltd., Class A * | 11,296 | 941,296 | ||||||
Axis Capital Holdings Ltd. | 4,830 | 263,090 | ||||||
Brighthouse Financial, Inc. * | 5,115 | 264,957 | ||||||
Citizens, Inc. * | 6,126 | 32,529 | ||||||
CNO Financial Group, Inc. | 10,476 | 249,748 | ||||||
Crawford & Co., Class A | 5,638 | 42,229 | ||||||
Crawford & Co., Class B | 3,345 | 25,054 | ||||||
Donegal Group, Inc., Class A | 3,630 | 51,873 | ||||||
eHealth, Inc. * | 3,214 | 81,957 | ||||||
Employers Holdings, Inc. | 2,665 | 110,278 | ||||||
Enstar Group Ltd. * | 1,195 | 295,870 | ||||||
Erie Indemnity Co., Class A | 1,600 | 308,256 | ||||||
Everest Re Group Ltd. | 2,558 | 700,687 | ||||||
Fidelity National Financial, Inc. | 12,902 | 673,226 | ||||||
First American Financial Corp. | 7,508 | 587,351 | ||||||
Genworth Financial, Inc., Class A * | 14,918 | 60,418 | ||||||
Global Indemnity Group LLC Class A | 2,287 | 57,472 | ||||||
Globe Life, Inc. | 5,598 | 524,644 | ||||||
Greenlight Capital Re Ltd., Class A * | 3,275 | 25,676 | ||||||
Hallmark Financial Services, Inc. * | 4,500 | 19,575 | ||||||
Hanover Insurance Group, Inc. (The) | 2,145 | 281,124 | ||||||
HCI Group, Inc. | 1,239 | 103,506 | ||||||
Heritage Insurance Holdings, Inc. | 3,869 | 22,750 | ||||||
Horace Mann Educators Corp. | 4,392 | 169,970 | ||||||
Independence Holding Co. | 1,802 | 102,137 | ||||||
Investors Title Co. | 279 | 55,005 | ||||||
James River Group Holdings Ltd. | 829 | 23,883 | ||||||
Kemper Corp. | 5,843 | 343,510 | ||||||
Kingstone Cos., Inc. | 2,759 | 13,795 | ||||||
Kinsale Capital Group, Inc. | 400 | 95,156 | ||||||
Lincoln National Corp. | 8,515 | 581,234 | ||||||
Maiden Holdings Ltd. * | 9,822 | 30,055 | ||||||
MBIA, Inc. * | 29,495 | 465,726 | ||||||
Mercury General Corp. | 5,391 | 286,046 | ||||||
Old Republic International Corp. | 20,327 | 499,638 | ||||||
Primerica, Inc. | 4,321 | 662,280 | ||||||
ProAssurance Corp. | 5,438 | 137,581 | ||||||
Reinsurance Group of America, Inc. | 3,019 | 330,550 | ||||||
RenaissanceRe Holdings Ltd. | 2,896 | 490,380 | ||||||
RLI Corp. | 5,024 | 563,190 | ||||||
Safety Insurance Group, Inc. | 1,656 | 140,810 | ||||||
Selective Insurance Group, Inc. | 6,440 | 527,694 | ||||||
State Auto Financial Corp. | 5,003 | 258,605 | ||||||
Stewart Information Services Corp. | 3,069 | 244,691 | ||||||
Trupanion, Inc. * | 157 | 20,729 | ||||||
Unico American Corp. * | 1,700 | 5,848 | ||||||
United Fire Group, Inc. | 2,400 | 55,656 | ||||||
United Insurance Holdings Corp. | 5,146 | 22,334 | ||||||
Universal Insurance Holdings, Inc. | 4,293 | 72,981 | ||||||
Unum Group | 14,680 | 360,688 | ||||||
W. R. Berkley Corp. | 1,131 | 93,183 | ||||||
White Mountains Insurance Group Ltd. | 28 | 28,389 | ||||||
15,512,621 | ||||||||
Interactive Media & Services — 0.2% | ||||||||
ANGI, Inc. * | 2,836 | 26,120 | ||||||
Cargurus, Inc. * | 2,133 | 71,754 | ||||||
DHI Group, Inc. * | 8,881 | 55,417 | ||||||
QuinStreet, Inc. * | 5,180 | 94,224 | ||||||
Travelzoo * | 1,588 | 14,959 | ||||||
Yelp, Inc. * | 812 | 29,427 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Interactive Media & Services (Continued) | ||||||||
Ziff Davis, Inc. * | 2,996 | $ | 332,137 | |||||
624,038 | ||||||||
Internet & Catalog Retail — 0.2% | ||||||||
1-800-Flowers.com, Inc., Class A * | 4,707 | 110,003 | ||||||
Liquidity Services, Inc. * | 4,207 | 92,890 | ||||||
PetMed Express, Inc. @ | 2,360 | 59,614 | ||||||
Qurate Retail, Inc., Series A | 15,608 | 118,621 | ||||||
Shutterstock, Inc. | 3,731 | 413,693 | ||||||
794,821 | ||||||||
IT Services — 1.9% | ||||||||
Alliance Data Systems Corp. | 2,224 | 148,052 | ||||||
Amdocs Ltd. | 5,665 | 423,969 | ||||||
BM Technologies, Inc. * | 823 | 7,580 | ||||||
Cass Information Systems, Inc. | 1,788 | 70,304 | ||||||
Computer Task Group, Inc. * | 4,027 | 40,149 | ||||||
Concentrix Corp. | 3,341 | 596,769 | ||||||
Conduent, Inc. * | 3,934 | 21,007 | ||||||
CSG Systems International, Inc. | 4,225 | 243,444 | ||||||
DXC Technology Co. * | 10,737 | 345,624 | ||||||
Euronet Worldwide, Inc. * | 2,789 | 332,365 | ||||||
ExlService Holdings, Inc. * | 4,047 | 585,884 | ||||||
Genpact Ltd. | 12,745 | 676,505 | ||||||
Globant SA * | 1,651 | 518,563 | ||||||
GoDaddy, Inc., Class A * | 8,025 | 681,001 | ||||||
Hackett Group, Inc. (The) | 4,098 | 84,132 | ||||||
Limelight Networks, Inc. * | 15,146 | 51,951 | ||||||
Liveramp Holdings, Inc. * | 8,339 | 399,855 | ||||||
Maximus, Inc. | 2,874 | 228,972 | ||||||
MoneyGram International, Inc. * | 131 | 1,034 | ||||||
Perficient, Inc. * | 4,602 | 594,992 | ||||||
PFSweb, Inc. * | 3,727 | 48,004 | ||||||
TTEC Holdings, Inc. | 5,796 | 524,828 | ||||||
Unisys Corp. * | 700 | 14,399 | ||||||
Western Union Co. (The) | 10,702 | 190,924 | ||||||
WEX, Inc. * | 2,575 | 361,504 | ||||||
7,191,811 | ||||||||
Leisure Equipment & Products — 0.7% | ||||||||
American Outdoor Brands, Inc. * | 1,946 | 38,784 | ||||||
Brunswick Corp. | 4,070 | 409,971 | ||||||
Callaway Golf Co. * | 1,269 | 34,821 | ||||||
Clarus Corp. | 1,907 | 52,862 | ||||||
Escalade, Inc. | 1,950 | 30,790 | ||||||
Hasbro, Inc. | 3,528 | 359,080 | ||||||
Johnson Outdoors, Inc., Class A | 1,000 | 93,690 | ||||||
Malibu Boats, Inc., Class A * | 2,116 | 145,433 | ||||||
Marine Products Corp. | 3,930 | 49,125 | ||||||
MasterCraft Boat Holdings, Inc. * | 2,183 | 61,844 | ||||||
Mattel, Inc. * | 16,916 | 364,709 | ||||||
Nautilus, Inc. * | 2,812 | 17,238 | ||||||
Polaris, Inc. | 3,530 | 387,982 | ||||||
Smith & Wesson Brands, Inc. | 5,880 | 104,664 | ||||||
Vista Outdoor, Inc. * | 4,383 | 201,925 | ||||||
YETI Holdings, Inc. * | 2,442 | 202,271 | ||||||
2,555,189 | ||||||||
Life Sciences Tools & Services — 1.0% | ||||||||
Adaptive Biotechnologies Corp. * | 200 | 5,612 | ||||||
Bruker Corp. | 11,719 | 983,341 | ||||||
Codexis, Inc. * | 4,499 | 140,684 | ||||||
Fluidigm Corp. *@ | 1,700 | 6,664 | ||||||
Harvard Bioscience, Inc. * | 5,522 | 38,930 | ||||||
Inotiv, Inc. *@ | 239 | 10,055 | ||||||
Medpace Holdings, Inc. * | 2,778 | 604,604 | ||||||
NeoGenomics, Inc. * | 6,214 | 212,022 | ||||||
Repligen Corp. * | 4,248 | 1,125,040 | ||||||
Syneos Health, Inc. * | 7,939 | 815,176 | ||||||
3,942,128 | ||||||||
Machinery — 5.1% | ||||||||
AGCO Corp. | 4,642 | 538,565 | ||||||
Alamo Group, Inc. | 1,320 | 194,278 | ||||||
Albany International Corp., Class A | 3,323 | 293,919 | ||||||
Allison Transmission Holdings, Inc. | 7,391 | 268,663 | ||||||
Altra Industrial Motion Corp. | 2,666 | 137,486 | ||||||
Astec Industries, Inc. | 2,667 | 184,743 | ||||||
Barnes Group, Inc. | 4,989 | 232,437 | ||||||
Blue Bird Corp. * | 2,584 | 40,414 | ||||||
Chart Industries, Inc. * | 3,344 | 533,335 | ||||||
CIRCOR International, Inc. * | 2,600 | 70,668 | ||||||
Colfax Corp. * | 1,255 | 57,692 | ||||||
Columbus McKinnon Corp. | 2,642 | 122,219 | ||||||
Commercial Vehicle Group, Inc. * | 3,758 | 30,289 | ||||||
Crane Co. | 3,089 | 314,244 | ||||||
Donaldson Co., Inc. | 8,206 | 486,288 | ||||||
Douglas Dynamics, Inc. | 2,507 | 97,923 | ||||||
Eastern Co. (The) | 1,272 | 32,003 | ||||||
Enerpac Tool Group Corp. | 6,499 | 131,800 | ||||||
EnPro Industries, Inc. | 2,344 | 258,004 | ||||||
ESCO Technologies, Inc. | 2,646 | 238,114 | ||||||
Federal Signal Corp. | 5,985 | 259,390 | ||||||
Flowserve Corp. | 8,820 | 269,892 | ||||||
Franklin Electric Co., Inc. | 5,666 | 535,777 | ||||||
Gorman-Rupp Co. (The) | 3,803 | 169,424 | ||||||
Graco, Inc. | 10,654 | 858,925 | ||||||
Graham Corp. | 1,759 | 21,882 | ||||||
Greenbrier Cos., Inc. (The) | 3,984 | 182,826 | ||||||
Helios Technologies, Inc. | 4,609 | 484,729 | ||||||
Hurco Cos., Inc. | 1,000 | 29,700 | ||||||
Hyster-Yale Materials Handling, Inc. | 1,765 | 72,541 | ||||||
ITT, Inc. | 5,131 | 524,337 | ||||||
John Bean Technologies Corp. | 3,620 | 555,887 | ||||||
Kadant, Inc. | 1,660 | 382,597 | ||||||
Kennametal, Inc. | 6,340 | 227,669 | ||||||
LB Foster Co., Class A * | 2,165 | 29,769 | ||||||
Lincoln Electric Holdings, Inc. | 3,365 | 469,317 | ||||||
Lindsay Corp. | 1,209 | 183,768 | ||||||
Manitex International, Inc. * | 1,300 | 8,268 | ||||||
Manitowoc Co., Inc. (The) * | 3,607 | 67,054 | ||||||
Meritor, Inc. * | 7,601 | 188,353 | ||||||
Middleby Corp. (The) * | 4,055 | 797,862 | ||||||
Miller Industries, Inc. | 1,261 | 42,117 | ||||||
Mueller Industries, Inc. | 6,958 | 413,027 | ||||||
Mueller Water Products, Inc., Class A | 16,726 | 240,854 | ||||||
NN, Inc. * | 5,264 | 21,582 | ||||||
Nordson Corp. | 2,976 | 759,683 | ||||||
Omega Flex, Inc. | 1,002 | 127,204 | ||||||
Oshkosh Corp. | 4,130 | 465,492 | ||||||
Park-Ohio Holdings Corp. | 2,182 | 46,193 | ||||||
Pentair PLC | 11,013 | 804,279 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Machinery (Continued) | ||||||||
Perma-Pipe International Holdings, Inc. * | 1,900 | $ | 16,340 | |||||
Proto Labs, Inc. * | 2,997 | 153,896 | ||||||
RBC Bearings, Inc. * | 1,886 | 380,915 | ||||||
Shyft Group, Inc. (The) | 5,720 | 281,024 | ||||||
Snap-On, Inc. | 1,600 | 344,608 | ||||||
SPX Corp. * | 4,956 | 295,774 | ||||||
SPX FLOW, Inc. | 4,360 | 377,053 | ||||||
Standex International Corp. | 1,427 | 157,912 | ||||||
Tennant Co. | 2,037 | 165,078 | ||||||
Terex Corp. | 6,869 | 301,893 | ||||||
Timken Co. (The) | 6,902 | 478,240 | ||||||
Titan International, Inc. * | 7,879 | 86,354 | ||||||
Toro Co. (The) | 7,421 | 741,432 | ||||||
Trinity Industries, Inc. | 4,908 | 148,222 | ||||||
Wabash National Corp. | 6,446 | 125,826 | ||||||
Watts Water Technologies, Inc., Class A | 3,585 | 696,099 | ||||||
Welbilt, Inc. * | 25,499 | 606,111 | ||||||
Woodward, Inc. | 4,322 | 473,086 | ||||||
19,333,345 | ||||||||
Marine — 0.2% | ||||||||
Costamare, Inc. | 5,728 | 72,459 | ||||||
Eagle Bulk Shipping, Inc. | 436 | 19,838 | ||||||
Eneti, Inc. | 420 | 3,251 | ||||||
Kirby Corp. * | 4,368 | 259,546 | ||||||
Matson, Inc. | 5,291 | 476,349 | ||||||
831,443 | ||||||||
Media — 1.3% | ||||||||
Altice USA, Inc., Class A * | 8,066 | 130,508 | ||||||
AMC Networks, Inc., Class A * | 3,389 | 116,717 | ||||||
Cable One, Inc. | 397 | 700,090 | ||||||
Entravision Communications Corp., Class A | 12,528 | 84,940 | ||||||
EW Scripps Co. (The), Class A | 7,073 | 136,863 | ||||||
Gannett Co., Inc. * | 1 | 5 | ||||||
Gray Television, Inc. | 8,433 | 170,009 | ||||||
Hemisphere Media Group, Inc. * | 2,950 | 21,446 | ||||||
Interpublic Group of Cos., Inc. (The) | 16,227 | 607,701 | ||||||
John Wiley & Sons, Inc., Class A | 1,866 | 106,866 | ||||||
Loyalty Ventures, Inc. * | 889 | 26,732 | ||||||
New York Times Co. (The), Class A | 20,126 | 972,086 | ||||||
News Corp., Class A | 19,977 | 445,687 | ||||||
News Corp., Class B | 3,804 | 85,590 | ||||||
Nexstar Media Group, Inc. Class A | 4,189 | 632,455 | ||||||
Saga Communications, Inc., Class A | 664 | 15,943 | ||||||
Scholastic Corp. | 3,519 | 140,619 | ||||||
TechTarget, Inc. * | 4,017 | 384,266 | ||||||
4,778,523 | ||||||||
Metals & Mining — 1.7% | ||||||||
Alcoa Corp. | 15,179 | 904,365 | ||||||
Allegheny Technologies, Inc. * | 11,817 | 188,245 | ||||||
Ampco-Pittsburgh Corp. * | 1,498 | 7,490 | ||||||
Carpenter Technology Corp. | 4,542 | 132,581 | ||||||
Century Aluminum Co. * | 10,675 | 176,778 | ||||||
Cleveland-Cliffs, Inc. * | 21,519 | 468,469 | ||||||
Coeur Mining, Inc. * | 17,429 | 87,842 | ||||||
Commercial Metals Co. | 13,236 | 480,334 | ||||||
Compass Minerals International, Inc. | 3,215 | 164,222 | ||||||
Ferroglobe Representation & Warranty Insurance Trust §* | 24,025 | — | ||||||
Fortitude Gold Corp. | 4,671 | 30,922 | ||||||
Friedman Industries, Inc. | 700 | 6,566 | ||||||
Haynes International, Inc. | 1,229 | 49,566 | ||||||
Hecla Mining Co. | 30,869 | 161,136 | ||||||
Kaiser Aluminum Corp. | 2,372 | 222,826 | ||||||
Materion Corp. | 2,319 | 213,209 | ||||||
Olympic Steel, Inc. | 1,200 | 28,200 | ||||||
Reliance Steel & Aluminum Co. | 5,864 | 951,258 | ||||||
Royal Gold, Inc. | 4,388 | 461,661 | ||||||
Ryerson Holding Corp. | 5,114 | 133,220 | ||||||
Schnitzer Steel Industries, Inc., Class A | 2,809 | 145,843 | ||||||
Steel Dynamics, Inc. | 14,567 | 904,174 | ||||||
SunCoke Energy, Inc. | 8,204 | 54,064 | ||||||
TimkenSteel Corp. * | 5,303 | 87,499 | ||||||
United States Steel Corp. @ | 12,381 | 294,792 | ||||||
Universal Stainless & Alloy Products, Inc. * | 1,092 | 8,616 | ||||||
Worthington Industries, Inc. | 4,458 | 243,674 | ||||||
6,607,552 | ||||||||
Multi-Utilities — 0.6% | ||||||||
Avista Corp. | 6,896 | 293,011 | ||||||
Black Hills Corp. | 6,023 | 425,043 | ||||||
Centerpoint Energy, Inc. | 19,945 | 556,665 | ||||||
MDU Resources Group, Inc. | 11,285 | 348,029 | ||||||
NiSource, Inc. | 18,689 | 516,003 | ||||||
NorthWestern Corp. @ | 4,148 | 237,100 | ||||||
Unitil Corp. | 1,923 | 88,439 | ||||||
2,464,290 | ||||||||
Multiline Retail — 0.4% | ||||||||
Big Lots, Inc. | 2,922 | 131,636 | ||||||
Dillard’s, Inc., Class A @ | 1,103 | 270,257 | ||||||
Kohl’s Corp. | 11,023 | 544,426 | ||||||
Macy’s, Inc. | 19,449 | 509,175 | ||||||
Nordstrom, Inc. *@ | 346 | 7,827 | ||||||
Ollie’s Bargain Outlet Holdings, Inc. * | 3,753 | 192,116 | ||||||
1,655,437 | ||||||||
Oil, Gas & Consumable Fuels — 2.0% | ||||||||
Adams Resources & Energy, Inc. | 536 | 14,906 | ||||||
Antero Midstream Corp. | 1,022 | 9,893 | ||||||
APA Corp. | 12,500 | 336,125 | ||||||
Arch Resources, Inc. @ | 1,314 | 119,995 | ||||||
Ardmore Shipping Corp. * | 1,612 | 5,449 | ||||||
Chesapeake Energy Corp. @ | 4,468 | 288,275 | ||||||
Civitas Resources, Inc. | 1,752 | 85,795 | ||||||
Clean Energy Fuels Corp. * | 20,279 | 124,310 | ||||||
CNX Resources Corp. * | 16,780 | 230,725 | ||||||
CONSOL Energy, Inc. * | 2,376 | 53,959 | ||||||
Continental Resources, Inc. | 4,981 | 222,950 | ||||||
Coterra Energy, Inc. | 44,762 | 850,478 | ||||||
CVR Energy, Inc. | 3,184 | 53,523 | ||||||
Delek US Holdings, Inc. * | 7,082 | 106,159 | ||||||
DHT Holdings, Inc. | 16,250 | 84,338 | ||||||
Diamondback Energy, Inc. | 641 | 69,132 | ||||||
Dorian LPG Ltd. | 3,332 | 42,283 | ||||||
Earthstone Energy, Inc., Class A * | 3,602 | 39,406 | ||||||
EnLink Midstream LLC * | 22,969 | 158,256 | ||||||
EQT Corp. * | 16,054 | 350,138 | ||||||
Equitrans Midstream Corp. | 4,100 | 42,394 | ||||||
Evolution Petroleum Corp. | 5,356 | 27,048 | ||||||
Green Plains, Inc. * | 5,096 | 177,137 | ||||||
HollyFrontier Corp. | 9,611 | 315,049 | ||||||
International Seaways, Inc. | 4,383 | 64,342 | ||||||
Magnolia Oil & Gas Corp., Class A | 1,028 | 19,398 | ||||||
Marathon Oil Corp. | 31,488 | 517,033 | ||||||
Matador Resources Co. | 10,827 | 399,733 | ||||||
Murphy Oil Corp. | 13,521 | 353,033 | ||||||
NACCO Industries, Inc., Class A | 1,000 | 36,290 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Oil, Gas & Consumable Fuels (Continued) | ||||||||
Overseas Shipholding Group, Inc., Class A * | 11,837 | $ | 22,254 | |||||
Par Pacific Holdings, Inc. * | 4,135 | 68,186 | ||||||
PBF Energy, Inc., Class A * | 9,903 | 128,442 | ||||||
PDC Energy, Inc. | 8,838 | 431,118 | ||||||
Range Resources Corp. * | 8,409 | 149,932 | ||||||
Renewable Energy Group, Inc. * | 4,892 | 207,617 | ||||||
Rex American Resources Corp. * | 788 | 75,648 | ||||||
Scorpio Tankers, Inc. | 4,277 | 54,788 | ||||||
SFL Corp. Ltd. | 10,975 | 89,446 | ||||||
SilverBow Resources, Inc. * | 1,024 | 22,293 | ||||||
Southwestern Energy Co. * | 61,346 | 285,872 | ||||||
Talos Energy, Inc. * | 4,465 | 43,757 | ||||||
Targa Resources Corp. | 10,817 | 565,080 | ||||||
W&T Offshore, Inc. *@ | 3,679 | 11,883 | ||||||
World Fuel Services Corp. | 4,796 | 126,950 | ||||||
7,480,818 | ||||||||
Paper & Forest Products — 0.4% | ||||||||
Clearwater Paper Corp. * | 1,838 | 67,400 | ||||||
Glatfelter Corp. | 6,141 | 105,625 | ||||||
Louisiana-Pacific Corp. | 11,680 | 915,128 | ||||||
Mercer International, Inc. | 7,857 | 94,205 | ||||||
Neenah, Inc. | 1,974 | 91,357 | ||||||
Resolute Forest Products, Inc. | 7,629 | 116,495 | ||||||
Schweitzer-Mauduit International, Inc. | 3,456 | 103,334 | ||||||
Verso Corp. Class A | 5,404 | 146,016 | ||||||
1,639,560 | ||||||||
Personal Products — 0.6% | ||||||||
Coty, Inc., Class A * | 43,703 | 458,881 | ||||||
Edgewell Personal Care Co. | 4,450 | 203,410 | ||||||
Herbalife Nutriation Ltd. * | 9,462 | 387,280 | ||||||
Inter Parfums, Inc. | 3,888 | 415,627 | ||||||
Medifast, Inc. | 1,490 | 312,051 | ||||||
Natural Alternatives International, Inc. * | 1,000 | 12,640 | ||||||
Natural Health Trends Corp. | 1,100 | 7,447 | ||||||
Nature’s Sunshine Products, Inc. | 1,700 | 31,450 | ||||||
Nu Skin Enterprises, Inc., Class A | 4,636 | 235,277 | ||||||
United-Guardian, Inc. | 600 | 9,840 | ||||||
USANA Health Sciences, Inc. * | 2,205 | 223,146 | ||||||
2,297,049 | ||||||||
Pharmaceuticals — 0.9% | ||||||||
Amneal Pharmaceuticals, Inc. * | 7,273 | 34,837 | ||||||
Amphastar Pharmaceuticals, Inc. * | 5,670 | 132,054 | ||||||
ANI Pharmaceuticals, Inc. * | 1,305 | 60,134 | ||||||
Antares Pharma, Inc. * | 9,163 | 32,712 | ||||||
Arvinas, Inc. * | 548 | 45,013 | ||||||
BioDelivery Sciences International, Inc. * | 5,900 | 18,290 | ||||||
Cara Therapeutics, Inc. * | 2,304 | 28,063 | ||||||
Collegium Pharmaceutical, Inc. * | 1,588 | 29,664 | ||||||
Corcept Therapeutics, Inc. * | 4,653 | 92,129 | ||||||
Cumberland Pharmaceuticals, Inc. * | 5,912 | 27,609 | ||||||
Elanco Animal Health, Inc. * | 7,968 | 226,132 | ||||||
Endo International PLC * | 15,983 | 60,096 | ||||||
Innoviva, Inc. * | 5,963 | 102,862 | ||||||
Intra-Cellular Therapies, Inc. * | 4,163 | 217,891 | ||||||
Jazz Pharmaceuticals PLC * | 4,717 | 600,946 | ||||||
Lannett Co., Inc. *@ | 4,608 | 7,465 | ||||||
Marinus Pharmaceuticals, Inc. *@ | 1,733 | 20,588 | ||||||
Nektar Therapeutics * | 7,979 | 107,796 | ||||||
NGM Biopharmaceuticals, Inc. * | 3,008 | 53,272 | ||||||
Organon & Co. | 2,040 | 62,118 | ||||||
Otonomy, Inc. * | 6,289 | 13,081 | ||||||
Pacira BioSciences, Inc. * | 2,517 | 151,448 | ||||||
Perrigo Co. PLC | 12,427 | 483,410 | ||||||
Phathom Pharmaceuticals, Inc. *@ | 1,013 | 19,926 | ||||||
Phibro Animal Health Corp., Class A | 1,835 | 37,471 | ||||||
Prestige Consumer Healthcare, Inc. * | 6,078 | 368,631 | ||||||
Relmada Therapeutics, Inc. * | 400 | 9,012 | ||||||
Revance Therapeutics, Inc. *@ | 375 | 6,120 | ||||||
SIGA Technologies, Inc. * | 1,900 | 14,288 | ||||||
Supernus Pharmaceuticals, Inc. * | 5,158 | 150,407 | ||||||
Taro Pharmaceutical Industries Ltd. * | 782 | 39,186 | ||||||
Zogenix, Inc. * | 3,347 | 54,389 | ||||||
Zynerba Pharmaceuticals, Inc. * | 1,626 | 4,683 | ||||||
3,311,723 | ||||||||
Professional Services — 2.4% | ||||||||
Acacia Research Corp. * | 7,978 | 40,927 | ||||||
ASGN, Inc. * | 5,882 | 725,839 | ||||||
Barrett Business Services, Inc. | 935 | 64,571 | ||||||
Booz Allen Hamilton Holding Corp. | 1,166 | 98,865 | ||||||
CACI International, Inc., Class A * | 2,530 | 681,101 | ||||||
CBIZ, Inc. * | 6,173 | 241,488 | ||||||
CRA International, Inc. | 1,016 | 94,854 | ||||||
Exponent, Inc. | 5,886 | 687,073 | ||||||
Forrester Research, Inc. * | 2,360 | 138,603 | ||||||
Franklin Covey Co. * | 2,254 | 104,495 | ||||||
FTI Consulting, Inc. * | 3,897 | 597,878 | ||||||
Heidrick & Struggles International, Inc. | 2,394 | 104,690 | ||||||
Huron Consulting Group, Inc. * | 2,643 | 131,886 | ||||||
ICF International, Inc. | 2,012 | 206,330 | ||||||
Insperity, Inc. | 4,545 | 536,810 | ||||||
KBR, Inc. | 14,771 | 703,395 | ||||||
Kelly Services, Inc., Class A | 4,683 | 78,534 | ||||||
Kforce, Inc. | 3,597 | 270,566 | ||||||
Korn Ferry | 6,561 | 496,864 | ||||||
Manpowergroup, Inc. | 3,514 | 342,018 | ||||||
ManTech International Corp., Class A | 2,716 | 198,078 | ||||||
Mastech Digital, Inc. * | 2,122 | 36,222 | ||||||
Mistras Group, Inc. * | 3,084 | 22,914 | ||||||
Nielsen Holdings PLC | 23,063 | 473,022 | ||||||
RCM Technologies, Inc. * | 2,995 | 21,324 | ||||||
Resources Connection, Inc. | 3,396 | 60,585 | ||||||
Robert Half International, Inc. | 7,950 | 886,584 | ||||||
Science Applications International Corp. | 2,559 | 213,907 | ||||||
TriNet Group, Inc. * | 7,418 | 706,639 | ||||||
TrueBlue, Inc. * | 3,431 | 94,936 | ||||||
9,060,998 | ||||||||
Real Estate Investment Trusts (REITs) — 0.0% | ||||||||
Contra Zagg, Inc. §* | 6,699 | 226 | ||||||
Indus Realty Trust, Inc. | 427 | 34,613 | ||||||
34,839 | ||||||||
Real Estate Management & Development — 0.8% | ||||||||
Douglas Elliman, Inc. * | 6,138 | 70,587 | ||||||
Forestar Group, Inc. * | 1,150 | 25,013 | ||||||
Howard Hughes Corp. (The) * | 3,042 | 309,615 | ||||||
Jones Lang LaSalle, Inc. * | 3,879 | 1,044,770 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Real Estate Management & Development (Continued) | ||||||||
Kennedy-Wilson Holdings, Inc. | 13,722 | $ | 327,681 | |||||
Marcus & Millichap, Inc. * | 3,813 | 196,217 | ||||||
Maui Land & Pineapple Co., Inc. * | 2,324 | 23,147 | ||||||
Newmark Group, Inc., Class A | 24,049 | 449,716 | ||||||
Rafael Holdings, Inc., Class B * | 3,010 | 15,351 | ||||||
RE/MAX Holdings, Inc., Class A | 1,837 | 56,010 | ||||||
Realogy Holdings Corp. * | 5,347 | 89,883 | ||||||
RMR Group, Inc. (The) Class A | 1,159 | 40,194 | ||||||
St. Joe Co. (The) | 2,868 | 149,279 | ||||||
Stratus Properties, Inc. * | 313 | 11,447 | ||||||
Tejon Ranch Co. * | 2,949 | 56,267 | ||||||
2,865,177 | ||||||||
Road & Rail — 1.2% | ||||||||
AMERCO | 900 | 653,607 | ||||||
ArcBest Corp. | 3,093 | 370,696 | ||||||
Covenant Logistics Group, Inc. * | 1,911 | 50,508 | ||||||
Heartland Express, Inc. | 8,017 | 134,846 | ||||||
Knight-Swift Transportation Holdings, Inc. | 10,458 | 637,311 | ||||||
Landstar System, Inc. | 2,867 | 513,250 | ||||||
Marten Transport Ltd. | 7,902 | 135,598 | ||||||
P.A.M. Transportation Services, Inc. * | 3,046 | 216,296 | ||||||
Saia, Inc. * | 3,397 | 1,144,891 | ||||||
Schneider National, Inc., Class B | 1,500 | 40,365 | ||||||
Universal Logistics Holdings, Inc. | 2,551 | 48,112 | ||||||
USA Truck, Inc. * | 2,154 | 42,822 | ||||||
Werner Enterprises, Inc. | 7,749 | 369,317 | ||||||
Yellow Corp. * | 2,108 | 26,540 | ||||||
4,384,159 | ||||||||
Semiconductors & Semiconductor Equipment — 4.2% | ||||||||
ACM Research, Inc.,Class A * | 239 | 20,380 | ||||||
Alpha & Omega Semiconductor Ltd. * | 2,886 | 174,776 | ||||||
Ambarella, Inc. * | 1,615 | 327,667 | ||||||
Amkor Technology, Inc. | 22,679 | 562,212 | ||||||
Amtech Systems, Inc. * | 2,822 | 27,881 | ||||||
Axcelis Technologies, Inc. * | 3,944 | 294,065 | ||||||
AXT, Inc. * | 5,653 | 49,803 | ||||||
Azenta, Inc. | 7,168 | 739,093 | ||||||
Ceva, Inc. * | 3,095 | 133,828 | ||||||
Cirrus Logic, Inc. * | 6,269 | 576,873 | ||||||
CMC Materials, Inc. | 3,366 | 645,229 | ||||||
Cohu, Inc. * | 5,114 | 194,792 | ||||||
Cyberoptics Corp. * | 1,123 | 52,220 | ||||||
Diodes, Inc. * | 5,169 | 567,608 | ||||||
First Solar, Inc. * | 8,994 | 783,917 | ||||||
FormFactor, Inc. * | 9,854 | 450,525 | ||||||
GSI Technology, Inc. * | 4,641 | 21,488 | ||||||
Kulicke & Soffa Industries, Inc. | 5,414 | 327,764 | ||||||
Lattice Semiconductor Corp. * | 15,739 | 1,212,847 | ||||||
MACOM Technology Solutions Holdings, Inc. * | 447 | 35,000 | ||||||
Magnachip Semiconductor Corp. * | 4,588 | 96,210 | ||||||
MaxLinear, Inc. * | 7,715 | 581,634 | ||||||
MKS Instruments, Inc. | 5,561 | 968,559 | ||||||
NeoPhotonics Corp. * | 5,402 | 83,029 | ||||||
NVE Corp. | 502 | 34,287 | ||||||
Onto Innovation, Inc. * | 4,376 | 442,982 | ||||||
PDF Solutions, Inc. * | 4,938 | 156,979 | ||||||
Photronics, Inc. * | 7,008 | 132,101 | ||||||
Pixelworks, Inc. * | 6,964 | 30,642 | ||||||
Power Integrations, Inc. | 7,955 | 738,940 | ||||||
Rambus, Inc. * | 14,241 | 418,543 | ||||||
Semtech Corp. * | 7,337 | 652,479 | ||||||
Silicon Laboratories, Inc. * | 3,982 | 821,964 | ||||||
Synaptics, Inc. * | 5,027 | 1,455,367 | ||||||
Ultra Clean Holdings, Inc. * | 4,298 | 246,533 | ||||||
Universal Display Corp. | 3,037 | 501,196 | ||||||
Veeco Instruments, Inc. *@ | 4,666 | 132,841 | ||||||
Wolfspeed, Inc. *@ | 10,030 | 1,121,053 | ||||||
15,813,307 | ||||||||
Software — 3.2% | ||||||||
ACI Worldwide, Inc. * | 10,834 | 375,940 | ||||||
Agilysys, Inc. * | 2,848 | 126,622 | ||||||
Alarm.com Holdings, Inc. * | 465 | 39,437 | ||||||
Altair Engineering, Inc., Class A *@ | 258 | 19,949 | ||||||
Alteryx, Inc., Class A * | 2,077 | 125,658 | ||||||
American Software, Inc., Class A | 4,461 | 116,744 | ||||||
Appfolio, Inc., Class A *@ | 2,105 | 254,831 | ||||||
Asana, Inc., Class A * | 2,620 | 195,321 | ||||||
Aspen Technology, Inc. * | 4,750 | 722,950 | ||||||
Asure Software, Inc. * | 3,022 | 23,662 | ||||||
Avalara, Inc. * | 1,448 | 186,951 | ||||||
Aware, Inc. * | 4,900 | 15,435 | ||||||
Black Knight, Inc. * | 200 | 16,578 | ||||||
Blackbaud, Inc. * | 5,719 | 451,687 | ||||||
Blackline, Inc. * | 700 | 72,478 | ||||||
Bottomline Technologies de, Inc. * | 3,527 | 199,170 | ||||||
Bsquare Corp. * | 2,300 | 3,933 | ||||||
CDK Global, Inc. | 7,726 | 322,483 | ||||||
Cognyte Software Ltd. * | 8,163 | 127,914 | ||||||
Commvault Systems, Inc. * | 646 | 44,522 | ||||||
Consensus Cloud Solutions, Inc. * | 998 | 57,754 | ||||||
Coupa Software, Inc. * | 1,210 | 191,240 | ||||||
Dolby Laboratories, Inc., Class A | 2,281 | 217,197 | ||||||
Dropbox, Inc., Class A * | 9,814 | 240,836 | ||||||
Ebix, Inc. | 2,155 | 65,512 | ||||||
eGain Corp. * | 4,304 | 42,954 | ||||||
Elastic NV * | 3,540 | 435,739 | ||||||
Envestnet, Inc. * | 1,760 | 139,638 | ||||||
Five9, Inc. * | 3,484 | 478,423 | ||||||
Guidewire Software, Inc. * | 4,139 | 469,901 | ||||||
InterDigital, Inc. | 3,064 | 219,474 | ||||||
Manhattan Associates, Inc. * | 3,948 | 613,875 | ||||||
Model N, Inc. *@ | 401 | 12,042 | ||||||
NCR Corp. * | 2,088 | 83,938 | ||||||
Nuance Communications, Inc. * | 4,707 | 260,391 | ||||||
OneSpan, Inc. * | 3,696 | 62,573 | ||||||
Paylocity Holding Corp. * | 3,577 | 844,744 | ||||||
Pegasystems, Inc. | 6,514 | 728,395 | ||||||
Progress Software Corp. | 4,772 | 230,344 | ||||||
Qualys, Inc. * | 4,157 | 570,424 | ||||||
Rapid7, Inc. * | 1,720 | 202,427 | ||||||
Sailpoint Technologies Holdings, Inc. * | 770 | 37,222 | ||||||
Smartsheet, Inc., Class A * | 5,420 | 419,779 | ||||||
Teradata Corp. * | 5,855 | 248,662 | ||||||
Varonis Systems, Inc. * | 1,100 | 53,658 | ||||||
Verint Systems, Inc. * | 6,847 | 359,536 | ||||||
Vonage Holdings Corp. * | 25,008 | 519,916 | ||||||
Workiva, Inc. * | 1,612 | 210,350 | ||||||
Xperi Holding Corp. | 19,304 | 365,039 | ||||||
Zendesk, Inc. * | 995 | 103,769 | ||||||
11,928,017 | ||||||||
Specialty Retail — 3.7% | ||||||||
Aaron’s Co. Inc. (The) | 4,459 | 109,914 | ||||||
Abercrombie & Fitch Co., Class A * | 6,739 | 234,719 | ||||||
Advance Auto Parts, Inc. | 3,935 | 943,928 | ||||||
America’s Car-Mart, Inc. * | 822 | 84,173 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Specialty Retail (Continued) | ||||||||
American Eagle Outfitters, Inc. @ | 14,850 | $ | 376,002 | |||||
Asbury Automotive Group, Inc. * | 2,143 | 370,160 | ||||||
AutoNation, Inc. * | 2,381 | 278,220 | ||||||
Barnes & Noble Education, Inc. * | 5,686 | 38,722 | ||||||
Bath & Body Works, Inc. | 1,927 | 134,485 | ||||||
Bed Bath & Beyond, Inc. * | 3,408 | 49,689 | ||||||
Boot Barn Holdings, Inc. * | 4,628 | 569,475 | ||||||
Buckle, Inc. (The) | 5,602 | 237,021 | ||||||
Build-A-Bear Workshop, Inc. | 3,018 | 58,911 | ||||||
Caleres, Inc. | 4,772 | 108,229 | ||||||
Cato Corp. (The) Class A | 2,638 | 45,268 | ||||||
Children’s Place, Inc. (The) * | 1,598 | 126,705 | ||||||
Citi Trends, Inc. * | 818 | 77,506 | ||||||
Conn’s, Inc. * | 3,722 | 87,541 | ||||||
Designer Brands, Inc., Class A * | 5,596 | 79,519 | ||||||
Dick’s Sporting Goods, Inc. @ | 8,312 | 955,797 | ||||||
Five Below, Inc. * | 5,697 | 1,178,652 | ||||||
Floor & Decor Holdings, Inc., Class A * | 4,489 | 583,615 | ||||||
Foot Locker, Inc. | 5,397 | 235,471 | ||||||
Gap, Inc. (The) | 22,289 | 393,401 | ||||||
Genesco, Inc. * | 1,490 | 95,613 | ||||||
Group 1 Automotive, Inc. | 2,105 | 410,938 | ||||||
Guess?, Inc. | 6,235 | 147,645 | ||||||
Haverty Furniture Cos., Inc. | 1,983 | 60,620 | ||||||
Hibbett, Inc. | 2,842 | 204,425 | ||||||
Lithia Motors, Inc. | 3,347 | 993,892 | ||||||
MarineMax, Inc. * | 2,623 | 154,862 | ||||||
Monro, Inc. | 3,090 | 180,054 | ||||||
Murphy USA, Inc. | 3,357 | 668,849 | ||||||
ODP Corp. (The) * | 4,006 | 157,356 | ||||||
Penske Automotive Group, Inc. | 1,742 | 186,777 | ||||||
Rent-A-Center, Inc. | 6,271 | 301,259 | ||||||
RH * | 540 | 289,408 | ||||||
Sally Beauty Holdings, Inc. * | 4,925 | 90,915 | ||||||
Shoe Carnival, Inc. | 3,062 | 119,663 | ||||||
Signet Jewelers Ltd. | 7,627 | 663,778 | ||||||
Sleep Number Corp. * | 3,221 | 246,729 | ||||||
Sonic Automotive, Inc., Class A @ | 3,303 | 163,333 | ||||||
Sportsman’s Warehouse Holdings, Inc. * | 7,232 | 85,338 | ||||||
Tilly’s, Inc., Class A | 1,836 | 29,578 | ||||||
TravelCenters of America, Inc. * | 1,344 | 69,377 | ||||||
Urban Outfitters, Inc. * | 3,938 | 115,620 | ||||||
Victoria’s Secret & Co. * | 642 | 35,657 | ||||||
Williams-Sonoma, Inc. | 4,058 | 686,330 | ||||||
Winmark Corp. | 651 | 161,637 | ||||||
Zumiez, Inc. * | 2,654 | 127,365 | ||||||
13,804,141 | ||||||||
Textiles, Apparel & Luxury Goods — 2.1% | ||||||||
Capri Holdings Ltd. * | 8,276 | 537,195 | ||||||
Carter’s, Inc. | 1,367 | 138,368 | ||||||
Columbia Sportswear Co. | 4,507 | 439,162 | ||||||
Crocs, Inc. * | 10,840 | 1,389,905 | ||||||
Culp, Inc. | 2,004 | 19,058 | ||||||
Deckers Outdoor Corp. * | 3,580 | 1,311,390 | ||||||
Delta Apparel, Inc. * | 1,153 | 34,290 | ||||||
Fossil Group, Inc. * | 2,477 | 25,488 | ||||||
G-III Apparel Group Ltd. * | 5,008 | 138,421 | ||||||
Hanesbrands, Inc. | 22,273 | 372,405 | ||||||
Lakeland Industries, Inc. * | 1,669 | 36,217 | ||||||
Movado Group, Inc. | 2,220 | 92,863 | ||||||
Oxford Industries, Inc. | 1,665 | 169,031 | ||||||
PVH Corp. | 4,448 | 474,379 | ||||||
Ralph Lauren Corp. | 2,279 | 270,882 | ||||||
Rocky Brands, Inc. | 1,000 | 39,800 | ||||||
Skechers U.S.A., Inc., Class A * | 6,530 | 283,402 | ||||||
Steven Madden Ltd. | 7,918 | 367,950 | ||||||
Superior Group of Cos., Inc. | 2,200 | 48,268 | ||||||
Tapestry, Inc. | 18,072 | 733,723 | ||||||
Under Armour, Inc., Class A * | 11,563 | 245,020 | ||||||
Under Armour, Inc., Class C * | 11,079 | 199,865 | ||||||
Unifi, Inc. * | 2,394 | 55,421 | ||||||
Vera Bradley, Inc. * | 5,091 | 43,324 | ||||||
Wolverine World Wide, Inc. | 9,990 | 287,812 | ||||||
7,753,639 | ||||||||
Thrifts & Mortgage Finance — 1.2% | ||||||||
Axos Financial, Inc. * | 7,155 | 400,036 | ||||||
Capitol Federal Financial, Inc. | 15,790 | 178,901 | ||||||
ESSA Bancorp, Inc. | 1,900 | 32,927 | ||||||
Essent Group Ltd. | 4,642 | 211,350 | ||||||
Federal Agricultural Mortgage Corp., Class C | 1,215 | 150,575 | ||||||
Flagstar Bancorp, Inc. | 5,493 | 263,334 | ||||||
FS Bancorp, Inc. | 962 | 32,352 | ||||||
Hingham Institution for Savings | 236 | 99,092 | ||||||
Home Bancorp, Inc. | 994 | 41,261 | ||||||
Kearny Financial Corp. | 7,750 | 102,688 | ||||||
MGIC Investment Corp. | 11,104 | 160,120 | ||||||
Mr Cooper Group, Inc. * | 4,998 | 207,967 | ||||||
New York Community Bancorp, Inc. | 27,709 | 338,327 | ||||||
NMI Holdings, Inc., Class A * | 7,878 | 172,134 | ||||||
Northfield Bancorp, Inc. | 5,020 | 81,123 | ||||||
Northwest Bancshares, Inc. | 12,344 | 174,791 | ||||||
Ocwen Financial Corp. * | 984 | 39,330 | ||||||
Premier Financial Corp. | 4,193 | 129,606 | ||||||
Provident Financial Holdings, Inc. | 1,124 | 18,602 | ||||||
Provident Financial Services, Inc. | 7,592 | 183,878 | ||||||
Radian Group, Inc. | 7,144 | 150,953 | ||||||
Riverview Bancorp, Inc. | 2,557 | 19,663 | ||||||
Southern Missouri Bancorp, Inc. | 686 | 35,789 | ||||||
Territorial Bancorp, Inc. | 1,557 | 39,314 | ||||||
Timberland Bancorp, Inc. | 921 | 25,512 | ||||||
TrustCo Bank Corp. | 2,134 | 71,084 | ||||||
Walker & Dunlop, Inc. | 4,099 | 618,457 | ||||||
Washington Federal, Inc. | 6,377 | 212,864 | ||||||
Waterstone Financial, Inc. | 2,966 | 64,837 | ||||||
Western New England Bancorp, Inc. | 3,161 | 27,690 | ||||||
WSFS Financial Corp. | 4,319 | 216,468 | ||||||
4,501,025 | ||||||||
Tobacco — 0.1% | ||||||||
Turning Point Brands, Inc. | 1,280 | 48,358 | ||||||
Universal Corp. | 2,612 | 143,451 | ||||||
Vector Group Ltd. | 12,276 | 140,929 | ||||||
332,738 | ||||||||
Trading Companies & Distributors — 1.7% | ||||||||
Air Lease Corp. | 5,293 | 234,109 | ||||||
Applied Industrial Technologies, Inc. | 4,375 | 449,313 | ||||||
Beacon Roofing Supply, Inc. * | 7,903 | 453,237 |
The accompanying notes are an integral part of these financial statements.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Trading Companies & Distributors (Continued) | ||||||||
Boise Cascade Co. | 4,352 | $ | 309,862 | |||||
DXP Enterprises, Inc. * | 2,323 | 59,631 | ||||||
GATX Corp. | 3,909 | 407,279 | ||||||
Global Industrial Co. | 4,722 | 193,130 | ||||||
GMS, Inc. * | 2,900 | 174,319 | ||||||
H&E Equipment Services, Inc. | 4,346 | 192,397 | ||||||
Herc Holdings, Inc. | 4,556 | 713,242 | ||||||
Huttig Building Products, Inc. * | 1,858 | 20,568 | ||||||
Lawson Products, Inc. * | 1,071 | 58,637 | ||||||
Mcgrath Rentcorp | 2,655 | 213,090 | ||||||
MRC Global, Inc. * | 7,395 | 50,878 | ||||||
MSC Industrial Direct Co., Inc., Class A | 936 | 78,680 | ||||||
NOW, Inc. * | 10,592 | 90,456 | ||||||
Rush Enterprises, Inc., Class A | 5,962 | 331,726 | ||||||
SiteOne Landscape Supply, Inc. * | 185 | 44,822 | ||||||
Textainer Group Holdings Ltd. | 4,819 | 172,087 | ||||||
Titan Machinery, Inc. * | 2,515 | 84,730 | ||||||
Triton International Ltd. | 7,398 | 445,582 | ||||||
Univar Solutions, Inc. * | 1,143 | 32,404 | ||||||
Veritiv Corp. * | 1,000 | 122,570 | ||||||
Watsco, Inc. | 1,919 | 600,417 | ||||||
WESCO International, Inc. * | 5,782 | 760,853 | ||||||
Willis Lease Finance Corp. * | 900 | 33,885 | ||||||
6,327,904 | ||||||||
Water Utilities — 0.6% | ||||||||
American States Water Co. | 4,082 | 422,242 | ||||||
Artesian Resources Corp., Class A | 1,177 | 54,530 | ||||||
California Water Service Group | 6,297 | 452,503 | ||||||
Consolidated Water Co. Ltd. | 1,751 | 18,631 | ||||||
Essential Utilities, Inc. | 10,983 | 589,677 | ||||||
Middlesex Water Co. | 2,133 | 256,600 | ||||||
Pure Cycle Corp. * | 1,000 | 14,600 | ||||||
SJW Corp. | 2,989 | 218,795 | ||||||
York Water Co. (The) | 1,803 | 89,753 | ||||||
2,117,331 | ||||||||
Wireless Telecommunication Services — 0.1% | ||||||||
Shenandoah Telecommunications Co. | 6,413 | 163,532 | ||||||
Spok Holdings, Inc. | 2,839 | 26,488 | ||||||
Telephone & Data Systems, Inc. | 10,010 | 201,701 | ||||||
United States Cellular Corp. * | 2,957 | 93,205 | ||||||
484,926 | ||||||||
TOTAL COMMON STOCKS (Identified Cost $193,505,315) | 376,077,682 | |||||||
PREFERRED STOCKS — 0.1% | ||||||||
Internet & Catalog Retail — 0.0% | ||||||||
Qurate Retail, Inc. 8.000% | 374 | 38,604 | ||||||
Media — 0.0% | ||||||||
Liberty Broadband Corp. 7.000% | 1,225 | 35,660 | ||||||
Trading Companies & Distributors — 0.1% | ||||||||
WESCO International, Inc. 10.625%, 5-year CMT + 10.325% | 4,390 | 134,554 | ||||||
TOTAL PREFERRED STOCKS (Identified Cost $168,077) | 208,818 | |||||||
RIGHTS AND WARRANTS — 0.0% | ||||||||
Media — 0.0% | ||||||||
Media General, Inc. CVR §¶* | 3,965 | 490 | ||||||
Pharmaceuticals — 0.0% | ||||||||
Elanco Animal Health, Inc. CVR §¶ | 16,344 | — | ||||||
TOTAL RIGHTS AND WARRANTS (Identified Cost $412) | 490 | |||||||
SHORT-TERM INVESTMENTS — 0.7% | ||||||||
Investment Company — 0.3% | ||||||||
State Street Institutional U.S. Government Money Market Fund 0.025% | 1,092,388 | 1,092,388 | ||||||
Collateral For Securities On Loan — 0.4% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030% | 1,546,039 | 1,546,039 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,638,427) | 2,638,427 | |||||||
Total Investments — 100.4% (Identified Cost $196,312,231) | 378,925,417 | |||||||
Liabilities, Less Cash and Other Assets — (0.4%) | (1,627,858) | |||||||
Net Assets — 100.0% | $ | 377,297,559 | ||||||
† | See Note 1 | |
* | Non-income producing security | |
@ | A portion or all of the security was held on loan. As of December 31, 2021, the fair value of the securities on loan was $7,765,930. | |
§ | 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. |
Key to abbreviations:
CVR — Contingent Value Rights
CMT — Constant Maturity Treasury
The accompanying notes are an integral part of these financial statements.
SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited)
SHARES | VALUE† | |||||||
COMMON STOCKS — 97.5% | ||||||||
Australia — 5.9% | ||||||||
Ansell Ltd. | 2,269 | $ | 52,017 | |||||
Aurizon Holdings Ltd. | 202,076 | 513,101 | ||||||
Australia & New Zealand Banking Group Ltd. | 344,269 | 6,890,510 | ||||||
Bank of Queensland Ltd. @ | 37,699 | 221,892 | ||||||
Bendigo & Adelaide Bank Ltd. @ | 20,967 | 138,816 | ||||||
BlueScope Steel Ltd. | 163,249 | 2,482,331 | ||||||
Challenger Ltd. | 21,253 | 100,971 | ||||||
Cleanaway Waste Management Ltd. | 152,601 | 347,508 | ||||||
Crown Resorts Ltd. @* | 25,077 | 218,207 | ||||||
Downer EDI Ltd. | 55,219 | 239,441 | ||||||
Fortescue Metals Group Ltd. | 17,284 | 241,565 | ||||||
Harvey Norman Holdings Ltd. @ | 136,089 | 489,117 | ||||||
IGO Ltd. | 32,049 | 267,449 | ||||||
Incitec Pivot Ltd. | 234,863 | 553,634 | ||||||
Lendlease Corp. Ltd. | 43,821 | 340,818 | ||||||
National Australia Bank Ltd. | 290,228 | 6,089,721 | ||||||
Newcrest Mining Ltd. | 73,003 | 1,300,214 | ||||||
Orica Ltd. @ | 15,385 | 153,237 | ||||||
Origin Energy Ltd. @ | 168,307 | 641,647 | ||||||
OZ Minerals Ltd. | 6,895 | 141,564 | ||||||
QBE Insurance Group Ltd. | 20,830 | 172,008 | ||||||
Qube Holdings Ltd. | 60,569 | 139,692 | ||||||
Rio Tinto Ltd. | 3,390 | 246,911 | ||||||
Santos Ltd. | 447,931 | 2,056,380 | ||||||
South32 Ltd. | 637,438 | 1,859,710 | ||||||
Suncorp Group Ltd. | 186,999 | 1,506,086 | ||||||
Tabcorp Holdings Ltd. @ | 198,572 | 725,245 | ||||||
Treasury Wine Estates Ltd. | 6,883 | 61,996 | ||||||
Westpac Banking Corp. | 433,713 | 6,736,947 | ||||||
Woodside Petroleum Ltd. @ | 109,062 | 1,740,103 | ||||||
Worley Ltd. | 30,039 | 232,317 | ||||||
36,901,155 | ||||||||
Austria — 0.1% | ||||||||
Erste Group Bank AG | 7,953 | 374,403 | ||||||
Raiffeisen Bank International AG | 4,361 | 128,494 | ||||||
502,897 | ||||||||
Belgium — 0.6% | ||||||||
Ageas SA/NV | 21,755 | 1,128,185 | ||||||
KBC Group NV | 25,395 | 2,181,714 | ||||||
Solvay SA | 2,522 | 293,447 | ||||||
3,603,346 | ||||||||
Canada — 9.9% | ||||||||
AltaGas Ltd. | 24,518 | 529,338 | ||||||
ARC Resources Ltd. | 60,117 | 546,540 | ||||||
Bank of Montreal | 4,532 | 487,935 | ||||||
Bank of Montreal | 79,335 | 8,545,966 | ||||||
Bank of Nova Scotia (The) @ | 88,567 | 6,349,368 | ||||||
Bank of Nova Scotia (The) | 28,504 | 2,017,893 | ||||||
Barrick Gold Corp. | 19,319 | 367,305 | ||||||
Barrick Gold Corp. @ | 124,277 | 2,361,263 | ||||||
Canadian Imperial Bank of Commerce | 15,004 | 1,748,866 | ||||||
Canadian Imperial Bank of Commerce | 48,274 | 5,627,101 | ||||||
Canadian Natural Resources Ltd. @ | 205,373 | 8,677,009 | ||||||
Cenovus Energy, Inc. | 77,757 | 954,856 | ||||||
Fairfax Financial Holdings Ltd. | 4,452 | 2,189,978 | ||||||
First Quantum Minerals Ltd. | 84,695 | 2,026,734 | ||||||
Great-West Lifeco, Inc. | 16,930 | 508,054 | ||||||
iA Financial Corp., Inc. | 5,614 | 321,231 | ||||||
Imperial Oil Ltd. @ | 33,555 | 1,211,336 | ||||||
Kinross Gold Corp. | 173,331 | 1,005,771 | ||||||
Lundin Mining Corp. | 146,222 | 1,142,079 | ||||||
Magna International, Inc. @ | 4,119 | 333,392 | ||||||
Manulife Financial Corp. @ | 133,235 | 2,540,791 | ||||||
Nutrien Ltd. | 45,754 | 3,440,701 | ||||||
Pembina Pipeline Corp. @ | 12,708 | 385,434 | ||||||
Suncor Energy, Inc. | 38,945 | 974,793 | ||||||
Suncor Energy, Inc. ¥ | 109,045 | 2,728,388 | ||||||
Teck Resources Ltd., Class B | 64,723 | 1,865,317 | ||||||
Toronto-Dominion Bank (The) | 1,666 | 127,727 | ||||||
Toronto-Dominion Bank (The) @ | 9,602 | 736,281 | ||||||
Tourmaline Oil Corp. | 33,562 | 1,083,578 | ||||||
West Fraser Timber Co. Ltd. | 13,116 | 1,251,306 | ||||||
62,086,331 | ||||||||
Denmark — 2.0% | ||||||||
AP Moller - Maersk A/S, Class A | 246 | 820,245 | ||||||
AP Moller - Maersk A/S, Class B | 297 | 1,066,227 | ||||||
Carlsberg A/S, Class B | 15,445 | 2,670,697 | ||||||
Danske Bank A/S | 41,578 | 718,953 | ||||||
Demant A/S * | 6,785 | 348,077 | ||||||
DSV A/S | 16,130 | 3,771,951 | ||||||
Pandora A/S | 771 | 96,244 | ||||||
Rockwool International A/S, B Shares | 1,147 | 502,204 | ||||||
Tryg A/S | 15,313 | 378,602 | ||||||
Vestas Wind Systems A/S | 65,791 | 2,014,406 | ||||||
12,387,606 | ||||||||
Finland — 1.1% | ||||||||
Fortum Oyj | 16,485 | 506,553 | ||||||
Nokia Oyj, ADR * | 291,727 | 1,814,542 | ||||||
Nordea Bank Abp | 224,183 | 2,752,935 | ||||||
Stora Enso Oyj, R Shares | 55,739 | 1,024,225 | ||||||
UPM-Kymmene Oyj | 29,153 | 1,110,560 | ||||||
7,208,815 | ||||||||
France — 10.8% | ||||||||
Arkema SA | 12,548 | 1,769,308 | ||||||
AXA SA | 104,397 | 3,112,243 | ||||||
BNP Paribas SA | 92,085 | 6,371,050 | ||||||
Bollore SA | 138,791 | 777,426 | ||||||
Bouygues SA | 55,128 | 1,976,413 | ||||||
Carrefour SA | 128,110 | 2,348,966 | ||||||
Cie de Saint-Gobain | 95,430 | 6,721,991 | ||||||
Cie Generale des Etablissements Michelin SCA | 31,880 | 5,231,977 | ||||||
CNP Assurances | 26,215 | 649,145 | ||||||
Credit Agricole SA | 62,747 | 896,540 | ||||||
Danone SA | 11,026 | 685,274 | ||||||
Eiffage SA | 6,827 | 703,104 | ||||||
Electricite de France SA | 73,278 | 861,801 | ||||||
Engie SA | 177,100 | 2,623,990 | ||||||
EssilorLuxottica SA | 5,060 | 1,078,654 | ||||||
Faurecia SE | 3,439 | 160,841 | ||||||
Orange SA | 322,578 | 3,456,971 | ||||||
Orpea SA | 1,216 | 121,967 | ||||||
Publicis Groupe SA | 29,669 | 1,999,666 | ||||||
Renault SA * | 21,069 | 732,684 | ||||||
Sanofi | 30,644 | 3,090,395 | ||||||
Societe Generale SA | 88,773 | 3,052,760 | ||||||
TotalEnergies SE | 357,966 | 18,188,696 | ||||||
Valeo SA | 9,323 | 282,126 | ||||||
Vinci SA | 4,545 | 480,761 | ||||||
Vivendi SE | 18,206 | 246,450 | ||||||
67,621,199 | ||||||||
Germany — 7.1% | ||||||||
Allianz SE | 30,142 | 7,125,853 | ||||||
BASF SE | 24,253 | 1,705,871 | ||||||
Bayer AG | 46,625 | 2,494,880 |
The accompanying notes are an integral part of these financial statements.
SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Germany (Continued) | ||||||||
Bayerische Motoren Werke AG | 53,296 | $ | 5,369,350 | |||||
Commerzbank AG * | 53,244 | 405,476 | ||||||
Continental AG * | 4,557 | 483,068 | ||||||
Covestro AG ± | 20,287 | 1,251,843 | ||||||
Daimler AG | 135,985 | 10,464,207 | ||||||
Daimler Truck Holding AG * | 67,992 | 2,499,532 | ||||||
Deutsche Bank AG * | 46,122 | 578,554 | ||||||
Deutsche Bank AG * | 92,725 | 1,159,062 | ||||||
Evonik Industries AG | 10,688 | 346,431 | ||||||
Fresenius SE & Co. KGaA | 42,320 | 1,705,618 | ||||||
HeidelbergCement AG | 25,898 | 1,754,939 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 4,468 | 1,325,116 | ||||||
RWE AG | 56,278 | 2,288,669 | ||||||
Siemens Energy AG * | 6,012 | 153,936 | ||||||
Talanx AG * | 12,026 | 582,441 | ||||||
Telefonica Deutschland Holding AG | 207,880 | 577,715 | ||||||
Vitesco Technologies Group AG * | 911 | 44,806 | ||||||
Volkswagen AG | 6,122 | 1,801,021 | ||||||
44,118,388 | ||||||||
Hong Kong — 2.1% | ||||||||
BOC Aviation Ltd. ± | 47,800 | 350,031 | ||||||
BOC Hong Kong Holdings Ltd. | 285,000 | 933,851 | ||||||
Cathay Pacific Airways Ltd. @* | 230,363 | 188,780 | ||||||
CK Asset Holdings Ltd. | 200,569 | 1,264,239 | ||||||
CK Hutchison Holdings Ltd. | 336,624 | 2,171,475 | ||||||
CK Infrastructure Holdings Ltd. | 24,000 | 152,817 | ||||||
Hang Lung Properties Ltd. | 239,000 | 491,637 | ||||||
Hang Seng Bank Ltd. | 44,800 | 819,868 | ||||||
Henderson Land Development Co. Ltd. | 133,684 | 569,193 | ||||||
HKT Trust & HKT Ltd. | 248,000 | 333,315 | ||||||
MTR Corp. Ltd. | 126,669 | 679,841 | ||||||
New World Development Co. Ltd. | 231,859 | 917,320 | ||||||
Orient Overseas International Ltd. | 12,000 | 294,400 | ||||||
Sino Land Co. Ltd. | 446,567 | 556,093 | ||||||
Sun Hung Kai Properties Ltd. | 182,177 | 2,210,174 | ||||||
Swire Pacific Ltd., Class A | 29,500 | 167,787 | ||||||
Swire Pacific Ltd., Class B | 127,500 | 124,924 | ||||||
Tsim Sha Tsui Properties Ltd. | 14,907 | 43,970 | ||||||
WH Group Ltd. ± | 1,150,459 | 721,476 | ||||||
12,991,191 | ||||||||
Ireland — 0.5% | ||||||||
CRH PLC, ADR | 49,405 | 2,608,584 | ||||||
Flutter Entertainment PLC * | 3,025 | 481,512 | ||||||
3,090,096 | ||||||||
Israel — 0.5% | ||||||||
Bank Hapoalim B.M. | 68,327 | 705,478 | ||||||
Bank Leumi Le-Israel BM | 81,999 | 882,249 | ||||||
Isracard Ltd. | 1 | 3 | ||||||
Israel Discount Bank Ltd., Class A | 110,932 | 747,174 | ||||||
Phoenix Holdings Ltd. (The) | 12,365 | 160,004 | ||||||
Teva Pharmaceutical Industries Ltd., ADR * | 47,500 | 380,475 | ||||||
2,875,383 | ||||||||
Italy — 1.6% | ||||||||
Assicurazioni Generali SpA | 14,345 | 304,261 | ||||||
Eni SpA | 188,543 | 2,623,098 | ||||||
Intesa Sanpaolo SpA | 1,086,051 | 2,811,730 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 39,607 | 455,886 | ||||||
Telecom Italia SpA | 2,860,918 | 1,414,256 | ||||||
UniCredit SpA | 163,283 | 2,517,797 | ||||||
10,127,028 | ||||||||
Japan — 19.8% | ||||||||
AGC, Inc. | 48,500 | 2,314,744 | ||||||
Air Water, Inc. | 11,200 | 172,922 | ||||||
Aisin Corp. | 22,500 | 862,601 | ||||||
Alfresa Holdings Corp. | 7,700 | 102,618 | ||||||
Alps Alpine Co. Ltd. | 27,500 | 259,389 | ||||||
Amada Co. Ltd. | 37,100 | 367,355 | ||||||
Aozora Bank Ltd. @ | 14,700 | 321,782 | ||||||
Asahi Group Holdings Ltd. | 7,800 | 303,375 | ||||||
Asahi Kasei Corp. | 53,400 | 501,829 | ||||||
Bank of Kyoto Ltd. (The) | 8,000 | 370,686 | ||||||
Bridgestone Corp. | 31,600 | 1,359,544 | ||||||
Brother Industries Ltd. | 25,900 | 497,826 | ||||||
Canon Marketing Japan, Inc. | 12,000 | 238,999 | ||||||
Canon, Inc. | 42,600 | 1,037,317 | ||||||
Chiba Bank Ltd. (The) | 79,000 | 452,586 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 13,975 | 160,367 | ||||||
Concordia Financial Group Ltd. | 111,200 | 404,082 | ||||||
Dai-ichi Life Holdings, Inc. | 69,900 | 1,413,131 | ||||||
Daicel Corp. | 52,000 | 359,385 | ||||||
Daio Paper Corp. | 12,400 | 205,894 | ||||||
Daiwa House Industry Co. Ltd. | 28,400 | 816,719 | ||||||
Daiwa Securities Group, Inc. | 214,000 | 1,206,831 | ||||||
Denka Co. Ltd. | 16,200 | 529,531 | ||||||
DIC Corp. | 16,000 | 402,817 | ||||||
Dowa Holdings Co. Ltd. | 9,600 | 403,512 | ||||||
Ebara Corp. | 12,200 | 677,719 | ||||||
ENEOS Holdings, Inc. | 342,100 | 1,279,715 | ||||||
Ezaki Glico Co. Ltd. | 3,000 | 95,453 | ||||||
FUJIFILM Holdings Corp. | 6,200 | 459,543 | ||||||
Fukuoka Financial Group, Inc. | 18,000 | 308,424 | ||||||
Fukuyama Transporting Co. Ltd. | 4,300 | 146,723 | ||||||
Hankyu Hanshin Holdings, Inc. | 31,900 | 905,446 | ||||||
Haseko Corp. | 22,300 | 276,448 | ||||||
Hino Motors Ltd. | 25,900 | 213,450 | ||||||
Hitachi Ltd. | 26,800 | 1,451,482 | ||||||
Honda Motor Co. Ltd. | 185,900 | 5,220,003 | ||||||
House Foods Group, Inc. | 2,800 | 70,615 | ||||||
Idemitsu Kosan Co. Ltd. | 27,500 | 702,143 | ||||||
IHI Corp. | 7,700 | 155,031 | ||||||
Iida Group Holdings Co. Ltd. | 36,900 | 858,423 | ||||||
Inpex Corp. | 144,500 | 1,258,706 | ||||||
Isuzu Motors Ltd. | 67,000 | 833,496 | ||||||
ITOCHU Corp. | 21,900 | 669,775 | ||||||
J. Front Retailing Co. Ltd. | 35,100 | 319,479 | ||||||
Japan Post Holdings Co. Ltd. | 71,600 | 558,210 | ||||||
JFE Holdings, Inc. | 34,100 | 434,884 | ||||||
JTEKT Corp. | 43,200 | 377,432 | ||||||
K’s Holdings Corp. | 32,000 | 311,015 | ||||||
Kajima Corp. | 54,000 | 620,134 | ||||||
Kamigumi Co. Ltd. | 15,700 | 297,267 | ||||||
Kaneka Corp. | 16,000 | 525,080 | ||||||
Kawasaki Heavy Industries Ltd. | 32,800 | 592,527 | ||||||
Komatsu Ltd. | 31,000 | 725,885 | ||||||
Kuraray Co. Ltd. @ | 76,400 | 663,510 |
The accompanying notes are an integral part of these financial statements.
SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Japan (Continued) | ||||||||
LIXIL Corp. | 38,200 | $ | 1,017,848 | |||||
Mabuchi Motor Co. Ltd. @ | 5,100 | 168,478 | ||||||
Marubeni Corp. | 203,100 | 1,976,619 | ||||||
Mazda Motor Corp. * | 34,000 | 261,584 | ||||||
Mebuki Financial Group, Inc. | 83,070 | 171,152 | ||||||
Medipal Holdings Corp. | 25,300 | 473,976 | ||||||
Mitsubishi Chemical Holdings Corp. | 185,800 | 1,376,177 | ||||||
Mitsubishi Corp. | 105,400 | 3,346,264 | ||||||
Mitsubishi Electric Corp. | 114,300 | 1,449,244 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 36,300 | 614,730 | ||||||
Mitsubishi Heavy Industries Ltd. | 42,400 | 980,106 | ||||||
Mitsubishi Logistics Corp. | 2,500 | 62,701 | ||||||
Mitsubishi Materials Corp. | 21,600 | 370,860 | ||||||
Mitsubishi Motors Corp. * | 41,900 | 116,925 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 206,400 | 1,121,267 | ||||||
Mitsubishi UFJ Financial Group, Inc., ADR @ | 464,844 | 2,538,048 | ||||||
Mitsui Chemicals, Inc. | 47,200 | 1,267,913 | ||||||
Mitsui Fudosan Co. Ltd. | 54,100 | 1,071,606 | ||||||
Mitsui OSK Lines Ltd. | 10,100 | 749,839 | ||||||
Mizuho Financial Group, Inc. | 116,640 | 1,483,477 | ||||||
MS&AD Insurance Group Holdings, Inc. | 24,728 | 762,929 | ||||||
NEC Corp. | 30,700 | 1,417,169 | ||||||
NGK Insulators Ltd. | 22,300 | 376,869 | ||||||
NGK Spark Plug Co. Ltd. | 10,600 | 184,576 | ||||||
NH Foods Ltd. | 15,533 | 559,042 | ||||||
Nippon Electric Glass Co. Ltd. | 11,500 | 294,823 | ||||||
Nippon Express Co. Ltd. *<> | 15,900 | 942,002 | ||||||
Nippon Shokubai Co. Ltd. | 4,600 | 212,745 | ||||||
Nippon Steel Corp. | 60,327 | 985,171 | ||||||
Nissan Motor Co. Ltd. * | 222,800 | 1,076,521 | ||||||
Nisshin Seifun Group, Inc. | 3,900 | 56,213 | ||||||
Nitto Denko Corp. | 1,300 | 100,469 | ||||||
Nomura Holdings, Inc. | 175,700 | 766,310 | ||||||
Nomura Real Estate Holdings, Inc. | 23,700 | 545,370 | ||||||
NSK Ltd. | 59,600 | 382,377 | ||||||
Obayashi Corp. | 113,200 | 875,841 | ||||||
Oji Holdings Corp. | 226,000 | 1,094,341 | ||||||
Otsuka Holdings Co. Ltd. | 13,300 | 482,028 | ||||||
Panasonic Corp. | 136,600 | 1,502,208 | ||||||
Rengo Co. Ltd. | 35,400 | 267,739 | ||||||
Resona Holdings, Inc. | 246,400 | 958,353 | ||||||
Ricoh Co. Ltd. | 30,600 | 284,905 | ||||||
Rohm Co. Ltd. | 4,700 | 427,793 | ||||||
Seiko Epson Corp. | 19,500 | 351,078 | ||||||
Seino Holdings Co. Ltd. | 20,400 | 206,607 | ||||||
Sekisui Chemical Co. Ltd. | 16,000 | 267,339 | ||||||
Sekisui House Ltd. | 81,800 | 1,755,752 | ||||||
Seven & i Holdings Co. Ltd. | 50,200 | 2,206,478 | ||||||
Shimizu Corp. | 68,400 | 423,969 | ||||||
Shizuoka Bank Ltd. (The) @ | 58,000 | 414,466 | ||||||
Showa Denko KK | 14,000 | 293,923 | ||||||
Sojitz Corp. | 35,820 | 538,094 | ||||||
Sompo Holdings, Inc. | 37,143 | 1,568,963 | ||||||
Subaru Corp. | 39,300 | 702,774 | ||||||
Sumitomo Chemical Co. Ltd. | 471,000 | 2,219,265 | ||||||
Sumitomo Corp. | 59,000 | 872,203 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 5,600 | 64,505 | ||||||
Sumitomo Electric Industries Ltd. | 164,200 | 2,140,467 | ||||||
Sumitomo Forestry Co. Ltd. | 33,800 | 654,080 | ||||||
Sumitomo Heavy Industries Ltd. | 26,000 | 630,392 | ||||||
Sumitomo Metal Mining Co. Ltd. | 18,900 | 714,727 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 71,100 | 2,437,167 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 24,900 | 831,876 | ||||||
Sumitomo Realty & Development Co. Ltd. | 23,400 | 688,187 | ||||||
Sumitomo Rubber Industries Ltd. | 42,800 | 436,074 | ||||||
Suzuken Co. Ltd. | 1,100 | 31,748 | ||||||
Suzuki Motor Corp. | 18,100 | 696,904 | ||||||
T&D Holdings, Inc. | 77,400 | 990,462 | ||||||
Taiheiyo Cement Corp. | 25,000 | 494,002 | ||||||
Taisei Corp. | 7,200 | 218,760 | ||||||
Takeda Pharmaceutical Co. Ltd. | 141,973 | 3,871,767 | ||||||
TDK Corp. | 7,800 | 304,460 | ||||||
Teijin Ltd. | 53,199 | 654,408 | ||||||
Toda Corp. | 28,000 | 177,206 | ||||||
Tokai Carbon Co. Ltd. @ | 21,300 | 223,684 | ||||||
Tokio Marine Holdings, Inc. | 22,000 | 1,222,498 | ||||||
Tokyo Tatemono Co. Ltd. | 37,600 | 549,144 | ||||||
Tokyu Fudosan Holdings Corp. | 132,300 | 739,537 | ||||||
Toray Industries, Inc. | 166,100 | 984,500 | ||||||
Tosoh Corp. | 58,300 | 864,642 | ||||||
Toyo Seikan Group Holdings Ltd. | 30,500 | 364,049 | ||||||
Toyoda Gosei Co. Ltd. | 15,300 | 332,788 | ||||||
Toyota Motor Corp. | 689,950 | 12,628,790 | ||||||
Toyota Motor Corp., ADR @ | 13,062 | 2,420,389 | ||||||
Toyota Tsusho Corp. | 32,500 | 1,497,435 | ||||||
Ube Industries Ltd. | 24,700 | 429,024 | ||||||
Yamada Holdings Co. Ltd. | 93,100 | 318,076 | ||||||
Yamaha Motor Co. Ltd. | 37,200 | 892,244 | ||||||
Yamazaki Baking Co. Ltd. @ | 6,900 | 91,656 | ||||||
Yokohama Rubber Co. Ltd. (The) | 27,600 | 442,205 | ||||||
Zeon Corp. | 28,500 | 328,779 | ||||||
123,436,011 | ||||||||
Netherlands — 5.0% | ||||||||
ABN AMRO Group NV, GDR ± | 42,957 | 631,677 | ||||||
Aegon NV | 119,175 | 596,045 | ||||||
Akzo Nobel NV | 14,522 | 1,595,463 | ||||||
ArcelorMittal SA @ | 53,718 | 1,709,844 | ||||||
ArcelorMittal SA = | 1,708 | 54,730 | ||||||
Coca-Cola Europacific Partners PLC | 11,994 | 670,195 | ||||||
Heineken NV | 11,880 | 1,337,119 | ||||||
ING Groep NV | 253,754 | 3,536,699 | ||||||
Koninklijke Ahold Delhaize NV | 225,868 | 7,749,234 | ||||||
Koninklijke DSM NV | 14,721 | 3,318,451 | ||||||
Koninklijke KPN NV | 264,376 | 821,708 | ||||||
Koninklijke Philips NV ¢ | 33,065 | 1,233,422 | ||||||
Koninklijke Philips NV | 13,461 | 496,038 | ||||||
NN Group NV | 33,136 | 1,796,103 | ||||||
Randstad NV | 16,773 | 1,146,527 | ||||||
Stellantis NV | 225,220 | 4,278,505 | ||||||
Universal Music Group NV | 18,206 | 513,628 | ||||||
31,485,388 | ||||||||
New Zealand — 0.3% | ||||||||
Auckland International Airport Ltd. * | 143,857 | 758,663 | ||||||
EBOS Group Ltd. | 16,413 | 463,140 | ||||||
Fletcher Building Ltd. | 65,006 | 326,351 | ||||||
Ryman Healthcare Ltd. @ | 16,629 | 139,518 | ||||||
Summerset Group Holdings Ltd. | 14,053 | 131,668 | ||||||
1,819,340 | ||||||||
Norway — 1.1% | ||||||||
Austevoll Seafood ASA | 4,118 | 49,753 | ||||||
DNB Bank ASA | 96,212 | 2,206,860 | ||||||
Equinor ASA | 52,956 | 1,418,526 | ||||||
Norsk Hydro ASA | 156,773 | 1,237,586 | ||||||
Schibsted ASA, Class A | 1,169 | 45,146 | ||||||
SpareBank 1 SR-Bank ASA | 25,719 | 389,003 | ||||||
Storebrand ASA | 56,200 | 564,900 |
The accompanying notes are an integral part of these financial statements.
SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Norway (Continued) | ||||||||
Subsea 7 SA | 28,831 | $ | 206,839 | |||||
Yara International ASA | 14,514 | 733,401 | ||||||
6,852,014 | ||||||||
Portugal — 0.1% | ||||||||
Banco Espirito Santo SA §* | 414,564 | — | ||||||
EDP Renovaveis SA | 27,349 | 681,897 | ||||||
Galp Energia SGPS SA | 8,250 | 80,025 | ||||||
761,922 | ||||||||
Singapore — 0.9% | ||||||||
Capitaland Investment Ltd. * | 184,100 | 465,851 | ||||||
City Developments Ltd. | 58,800 | 297,142 | ||||||
Frasers Property Ltd. | 23,300 | 19,711 | ||||||
Hongkong Land Holdings Ltd. | 101,200 | 526,240 | ||||||
Jardine Cycle & Carriage Ltd. | 12,500 | 191,081 | ||||||
Keppel Corp. Ltd. | 367,700 | 1,397,020 | ||||||
Olam International Ltd. | 94,300 | 122,458 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 60,649 | 513,059 | ||||||
Singapore Airlines Ltd. @* | 301,449 | 1,116,229 | ||||||
United Overseas Bank Ltd. | 27,200 | 542,950 | ||||||
UOL Group Ltd. | 47,218 | 248,424 | ||||||
5,440,165 | ||||||||
Spain — 2.0% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 415,290 | 2,482,239 | ||||||
Banco Bilbao Vizcaya Argentaria SA, ADR | 134,068 | 786,979 | ||||||
Banco Santander SA | 1,916,252 | 6,415,148 | ||||||
Banco Santander SA, ADR | 210,864 | 693,743 | ||||||
CaixaBank SA | 63,253 | 173,841 | ||||||
Repsol SA | 157,090 | 1,866,446 | ||||||
12,418,396 | ||||||||
Sweden — 2.9% | ||||||||
BillerudKorsnas AB | 26,684 | 504,079 | ||||||
Boliden AB | 68,429 | 2,650,467 | ||||||
Dometic Group AB ± | 22,074 | 290,576 | ||||||
Electrolux AB | 9,652 | 234,459 | ||||||
Getinge AB, B Shares | 21,260 | 929,575 | ||||||
Holmen AB, B Shares | 11,612 | 558,613 | ||||||
Husqvarna AB, B Shares | 21,106 | 338,329 | ||||||
Industrivarden AB, A Shares | 1 | 32 | ||||||
Intrum AB | 3,087 | 79,735 | ||||||
Millicom International Cellular SA * | 8,745 | 249,008 | ||||||
Peab AB Class B | 14,364 | 181,533 | ||||||
Saab AB | 4,192 | 106,839 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 140,768 | 1,960,520 | ||||||
Skanska AB, B Shares @ | 17,619 | 456,649 | ||||||
SKF AB, B Shares | 64,782 | 1,537,786 | ||||||
SSAB AB, A Shares * | 11,104 | 64,440 | ||||||
SSAB AB, B Shares * | 33,922 | 171,220 | ||||||
Svenska Cellulosa AB SCA, A Shares | 244 | 4,358 | ||||||
Svenska Cellulosa AB SCA, B Shares | 33,674 | 599,046 | ||||||
Svenska Handelsbanken AB, A Shares | 66,999 | 725,584 | ||||||
Svenska Handelsbanken AB, B Shares | 1,918 | 22,881 | ||||||
Swedbank AB, A Shares | 38,879 | 783,500 | ||||||
Tele2 AB, B Shares | 33,320 | 476,042 | ||||||
Telefonaktiebolaget LM Ericsson, B Shares | 17,389 | 192,033 | ||||||
Telia Co. AB | 304,898 | 1,194,630 | ||||||
Trelleborg AB, B Shares | 28,547 | 751,253 | ||||||
Volvo AB, A Shares | 21,144 | 497,467 | ||||||
Volvo AB, B Shares | 104,968 | 2,435,376 | ||||||
17,996,030 | ||||||||
Switzerland — 9.2% | ||||||||
ABB Ltd. | 79,542 | 3,046,549 | ||||||
Adecco Group AG | 21,532 | 1,101,176 | ||||||
Alcon, Inc. µ | 31,115 | 2,757,051 | ||||||
Alcon, Inc. @ | 3,914 | 340,988 | ||||||
Baloise Holding AG | 6,063 | 992,091 | ||||||
Cie Financiere Richemont SA, Class A | 34,971 | 5,256,012 | ||||||
Credit Suisse Group AG | 129,912 | 1,264,903 | ||||||
Credit Suisse Group AG, ADR @ | 15,888 | 153,160 | ||||||
Holcim Ltd. * | 72,351 | 3,692,982 | ||||||
Julius Baer Group Ltd. | 38,000 | 2,551,405 | ||||||
Novartis AG | 122,351 | 10,779,563 | ||||||
Novartis AG, ADR | 23,777 | 2,079,774 | ||||||
SIG Combibloc Group AG * | 9,689 | 270,722 | ||||||
Swatch Group AG (The) µ | 6,226 | 365,210 | ||||||
Swatch Group AG (The) µ | 1,834 | 561,552 | ||||||
Swiss Life Holding AG | 4,035 | 2,475,379 | ||||||
Swiss Prime Site AG | 1,574 | 154,861 | ||||||
Swiss Re AG | 27,273 | 2,701,559 | ||||||
Swisscom AG | 4,128 | 2,331,287 | ||||||
UBS Group AG | 364,408 | 6,566,703 | ||||||
Vifor Pharma AG @ | 3,119 | 555,375 | ||||||
Zurich Insurance Group AG | 17,812 | 7,826,959 | ||||||
57,825,261 | ||||||||
United Kingdom — 14.0% | ||||||||
Abrdn PLC | 202,084 | 658,936 | ||||||
Anglo American PLC | 83,810 | 3,421,381 | ||||||
Aviva PLC | 745,467 | 4,141,046 | ||||||
Barclays PLC, ADR @ | 330,258 | 3,418,170 | ||||||
Barratt Developments PLC | 10,701 | 108,343 | ||||||
Berkeley Group Holdings PLC | 878 | 56,747 | ||||||
BP PLC | 350,960 | 1,570,013 | ||||||
BP PLC, ADR | 347,274 | 9,247,907 | ||||||
British American Tobacco PLC | 183,504 | 6,789,517 | ||||||
British American Tobacco PLC, ADR @ | 2,004 | 74,970 | ||||||
BT Group PLC @ | 1,280,249 | 2,938,100 | ||||||
DS Smith PLC | 96,352 | 500,541 | ||||||
Endeavour Mining PLC | 11,298 | 247,673 | ||||||
Glencore PLC * | 1,287,762 | 6,535,567 | ||||||
HSBC Holdings PLC, ADR @ | 206,389 | 6,222,628 | ||||||
J Sainsbury PLC | 422,622 | 1,577,686 | ||||||
Kingfisher PLC | 420,977 | 1,927,679 | ||||||
Lloyds Banking Group PLC | 8,264,877 | 5,347,350 | ||||||
Lloyds Banking Group PLC, ADR | 217,015 | 553,388 | ||||||
Melrose Industries PLC | 316,251 | 684,470 | ||||||
Natwest Group PLC | 105,541 | 322,424 | ||||||
Natwest Group PLC, ADR @ | 115,375 | 704,941 | ||||||
Pearson PLC | 17,918 | 148,719 | ||||||
Pearson PLC, ADR @ | 5,700 | 47,880 | ||||||
Phoenix Group Holdings PLC | 42,251 | 373,557 | ||||||
Royal Dutch Shell PLC, ADR, Class B | 460,830 | 19,976,981 | ||||||
Royal Mail PLC | 63,477 | 434,752 | ||||||
Standard Chartered PLC | 186,070 | 1,129,318 | ||||||
Taylor Wimpey PLC | 45,337 | 107,697 | ||||||
Tesco PLC | 225,464 | 884,708 | ||||||
Vodafone Group PLC | 3,881,420 | 5,897,799 | ||||||
WPP PLC | 70,033 | 1,061,209 |
The accompanying notes are an integral part of these financial statements.
SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
United Kingdom (Continued) | ||||||||
WPP PLC, ADR @ | 5,859 | $ | 442,647 | |||||
87,554,744 | ||||||||
TOTAL COMMON STOCKS (Identified Cost $505,784,111) | 609,102,706 | |||||||
PREFERRED STOCKS — 1.5% | ||||||||
Germany — 1.4% | ||||||||
Bayerische Motoren Werke AG, 2.580% | 9,731 | 812,072 | ||||||
Porsche Automobil Holding SE, 2.400% | 17,284 | 1,641,918 | ||||||
Volkswagen AG, 2.600% | 31,732 | 6,411,797 | ||||||
8,865,787 | ||||||||
Italy — 0.1% | ||||||||
Telecom Italia SpA, 6.500% | 711,381 | 338,379 | ||||||
TOTAL PREFERRED STOCKS (Identified Cost $9,502,760) | 9,204,166 | |||||||
SHORT-TERM INVESTMENTS — 2.9% | ||||||||
Investment Company — 0.4% | ||||||||
State Street Institutional U.S. Government Money Market Fund 0.025% | 2,294,322 | 2,294,322 | ||||||
Collateral For Securities On Loan — 2.5% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030% | 15,859,020 | 15,859,020 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $18,153,342) | 18,153,342 | |||||||
Total Investments — 101.9% (Identified Cost $533,440,213) | 636,460,214 | |||||||
Liabilities, Less Cash and Other Assets — (1.9%) | (11,781,082 | ) | ||||||
Net Assets — 100.0% | $ | 624,679,132 |
† | See Note 1 | |
@ | A portion or all of the security was held on loan. As of December 31, 2021, the fair value of the securities on loan was $43,455,193. | |
* | Non-income producing security | |
¥ | 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 December 31, 2021 amounted to $3,245,603 or 0.52% 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 | |
= | Traded on the France, Euronext Paris Exchange. | |
¢ | Traded on the Netherlands, Euronext Amsterdam Stock Market. | |
§ | 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 | |
µ | Traded on the Switzerland, Swiss Exchange. |
Key to abbreviations: |
ADR — American Depository Receipt |
GDR — Global Depository Receipt |
The accompanying notes are an integral part of these financial statements.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited)
SHARES | VALUE† | |||||||
COMMON STOCKS — 98.6% | ||||||||
Belgium — 0.0% | ||||||||
Titan Cement International SA * | 2,164 | $ | 32,964 | |||||
Brazil — 3.1% | ||||||||
Atacadao SA | 18,062 | 49,452 | ||||||
Banco Bradesco SA | 46,571 | 135,365 | ||||||
Banco Bradesco SA, ADR | 123,982 | 424,018 | ||||||
Banco do Brasil SA | 46,117 | 238,864 | ||||||
Banco Santander Brasil SA | 15,497 | 83,411 | ||||||
BrasilAgro - Co. Brasileira de Propriedades Agricolas | 4,100 | 21,192 | ||||||
Camil Alimentos SA | 8,900 | 18,183 | ||||||
Cia Brasileira de Distribuicao | 6,625 | 25,846 | ||||||
Cia Siderurgica Nacional SA, ADR | 17,252 | 76,599 | ||||||
Cielo SA | 28,350 | 11,605 | ||||||
Construtora Tenda SA | 4,433 | 13,299 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 12,146 | 34,410 | ||||||
Direcional Engenharia SA | 8,900 | 20,309 | ||||||
Embraer SA, ADR * | 3,100 | 55,025 | ||||||
Enauta Participacoes SA | 13,118 | 31,347 | ||||||
Ez Tec Empreendimentos e Participacoes SA | 5,200 | 19,092 | ||||||
Gerdau SA, ADR | 73,328 | 360,774 | ||||||
Getnet Adquirencia e Servicos para Meios de Pagamento SA * | 3,874 | 2,678 | ||||||
Hypera SA | 4,610 | 23,398 | ||||||
International Meal Co. Alimentacao SA * | 16,347 | 7,132 | ||||||
Iochpe Maxion SA | 12,197 | 33,613 | ||||||
JBS SA | 64,351 | 438,442 | ||||||
JHSF Participacoes SA | 20,831 | 20,868 | ||||||
M Dias Branco SA | 4,368 | 19,989 | ||||||
MRV Engenharia e Participacoes SA | 16,100 | 34,686 | ||||||
Natura & Co. Holding SA * | 7,910 | 36,113 | ||||||
Petroleo Brasileiro SA | 294,300 | 1,622,084 | ||||||
Positivo Tecnologia SA | 9,100 | 17,808 | ||||||
TIM SA | 52,297 | 123,466 | ||||||
Tupy SA | 4,847 | 17,360 | ||||||
Ultrapar Participacoes SA | 26,011 | 67,899 | ||||||
Usinas Siderurgicas de Minas Gerais SA | 9,100 | 23,706 | ||||||
Vale SA | 167,439 | 2,343,545 | ||||||
Vibra Energia SA | 32,735 | 125,768 | ||||||
6,577,346 | ||||||||
British Virgin Islands — 0.0% | ||||||||
AsiaInfo Technologies Ltd. ± | 21,200 | 34,583 | ||||||
C&D Property Management Group Co. Ltd. * | 18,000 | 10,273 | ||||||
44,856 | ||||||||
Cayman Islands — 0.2% | ||||||||
Baozun, Inc., Class A * | 1,000 | 4,367 | ||||||
Bizlink Holding, Inc. | 2,000 | 18,867 | ||||||
CNFinance Holdings Ltd. * | 2,708 | 11,049 | ||||||
DouYu International Holdings Ltd.,ADR * | 2,931 | 7,738 | ||||||
Edvantage Group Holdings Ltd. | 30,000 | 18,082 | ||||||
ESR Cayman Ltd. *± | 33,000 | 111,516 | ||||||
Fulgent Sun International Holding Co. Ltd. | 8,000 | 28,019 | ||||||
Glory Sun Land Group Ltd. * | 35,778 | 477 | ||||||
Gourmet Master Co. Ltd. | 5,000 | 20,331 | ||||||
Hello Group, Inc., ADR | 12,916 | 115,986 | ||||||
Tongdao Liepin Group * | 1,800 | 4,372 | ||||||
Yeahka Ltd. *@ | 6,400 | 21,176 | ||||||
Zepp Health Corp. ADR * | 1,264 | 6,383 | ||||||
368,363 | ||||||||
Chile — 0.4% | ||||||||
CAP SA | 4,662 | 45,416 | ||||||
Cencosud SA | 120,649 | 201,790 | ||||||
Empresa Nacional de Telecomunicaciones SA | 13,467 | 45,506 | ||||||
Empresas CMPC SA | 54,329 | 91,058 | ||||||
Empresas COPEC SA | 24,403 | 188,636 | ||||||
Enel Americas SA, ADR | 18,890 | 102,762 | ||||||
Enel Chile SA, ADR | 4,332 | 7,841 | ||||||
Grupo Security SA | 123,808 | 17,394 | ||||||
Hortifrut SA | 6,080 | 6,066 | ||||||
Inversiones Aguas Metropolitanas SA | 40,036 | 18,091 | ||||||
PAZ Corp. SA | 9,073 | 3,259 | ||||||
Salfacorp SA | 43,600 | 15,967 | ||||||
Sigdo Koppers SA | 27,803 | 25,963 | ||||||
SMU SA | 147,411 | 14,880 | ||||||
Sociedad Matriz SAAM SA | 550,961 | 36,213 | ||||||
820,842 | ||||||||
China — 31.8% | ||||||||
360 Security Technology, Inc., Class A * | 20,500 | 40,914 | ||||||
361 Degrees International Ltd. * | 71,000 | 36,422 | ||||||
3SBio, Inc. *± | 106,000 | 88,361 | ||||||
AAC Technologies Holdings, Inc. | 60,500 | 238,972 | ||||||
Accelink Technologies Co. Ltd. Class A | 9,200 | 33,619 | ||||||
Agile Group Holdings Ltd. @ | 131,091 | 71,114 | ||||||
Agricultural Bank of China Ltd., H Shares | 1,613,000 | 554,384 | ||||||
Air China Ltd., Class H *@ | 154,000 | 107,439 | ||||||
Alibaba Group Holding Ltd. * | 181,200 | 2,763,006 | ||||||
Aluminum Corp. of China Ltd., H Shares * | 290,000 | 160,294 | ||||||
Angang Steel Co. Ltd., H Shares | 142,999 | 63,636 | ||||||
Anhui Conch Cement Co. Ltd., H Shares | 117,500 | 586,931 | ||||||
Anhui Guangxin Agrochemical Co. Ltd., Class A | 2,200 | 13,462 | ||||||
Anhui Truchum Advanced Materials & Technology Co. Ltd., Class A | 13,800 | 28,711 | ||||||
Anhui Zhongding Sealing Parts Co. Ltd., Class A | 13,300 | 45,513 | ||||||
Anton Oilfield Services Group * | 226,000 | 12,318 | ||||||
Asia Cement China Holdings Corp. | 40,000 | 25,546 | ||||||
Atlas Corp. | 1,365 | 19,356 | ||||||
Ausnutria Dairy Corp. Ltd. * | 41,000 | 49,689 | ||||||
Avary Holding Shenzhen Co. Ltd., Class A | 1,600 | 10,652 | ||||||
AviChina Industry & Technology Co. Ltd., H Shares | 254,000 | 175,576 | ||||||
BAIC Motor Corp. Ltd., H Shares ± | 145,000 | 62,295 | ||||||
Baidu, Inc., ADR * | 12,143 | 1,806,757 | ||||||
Bank of Beijing Co. Ltd., Class A | 98,400 | 68,550 | ||||||
Bank of Changsha Co. Ltd., Class A | 25,500 | 31,248 | ||||||
Bank of Chengdu Co. Ltd., Class A | 26,000 | 48,954 | ||||||
Bank of China Ltd., H Shares | 4,829,902 | 1,740,550 | ||||||
Bank of Chongqing Co. Ltd., H Shares | 46,500 | 26,597 | ||||||
Bank of Communications Co. Ltd., H Shares | 565,400 | 341,522 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 21,100 | 42,443 | ||||||
Bank of Nanjing Co. Ltd., Class A | 61,300 | 86,179 | ||||||
Bank of Ningbo Co. Ltd., Class A | 18,480 | 110,996 | ||||||
Bank of Shanghai Co. Ltd., Class A | 68,500 | 76,632 | ||||||
Bank of Suzhou Co. Ltd., Class A | 20,200 | 21,457 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 124,500 | 139,867 | ||||||
BBMG Corp., H Shares | 184,000 | 28,553 | ||||||
Beijing Capital Co. Ltd., Class A | 48,000 | 25,682 | ||||||
Beijing Capital Development Co. Ltd., Class A | 12,200 | 10,834 | ||||||
Beijing Capital International Airport Co. Ltd., H Shares *@ | 190,000 | 116,229 |
The accompanying notes are an integral part of these financial statements.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
China (Continued) | ||||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A | 32,000 | $ | 52,669 | |||||
Beijing Energy International Holding Co. Ltd. * | 310,000 | 11,728 | ||||||
Beijing Enlight Media Co. Ltd., Class A | 11,300 | 22,783 | ||||||
Beijing Enterprises Holdings Ltd. | 46,000 | 158,691 | ||||||
Beijing Enterprises Water Group Ltd. | 448,000 | 174,085 | ||||||
Beijing GeoEnviron Engineering & Technology, Inc., Class A | 9,360 | 25,804 | ||||||
Beijing North Star Co. Ltd., Class H | 100,000 | 15,005 | ||||||
Beijing Orient Landscape & Environment Co. Ltd., Class A * | 20,000 | 9,351 | ||||||
Beijing Orient National Communication Science & Technology Co. Ltd., Class A * | 8,200 | 13,895 | ||||||
Beijing Originwater Technology Co. Ltd., Class A | 18,000 | 20,306 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A | 3,220 | 14,520 | ||||||
Beijing Sinnet Technology Co. Ltd., Class A | 12,200 | 28,407 | ||||||
Beijing SL Pharmaceutical Co. Ltd., Class A | 8,900 | 15,096 | ||||||
Beijing Thunisoft Corp. Ltd., Class A | 4,400 | 8,768 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 15,000 | 25,816 | ||||||
Beijing Yanjing Brewery Co. Ltd., Class A | 9,600 | 12,758 | ||||||
Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A | 14,600 | 36,767 | ||||||
Blue Sail Medical Co. Ltd., Class A | 12,900 | 32,972 | ||||||
Bluefocus Intelligent Communications Group Co. Ltd., Class A | 23,100 | 38,891 | ||||||
BOE Technology Group Co. Ltd., Class A | 220,300 | 174,557 | ||||||
Bohai Leasing Co. Ltd., Class A * | 64,900 | 29,633 | ||||||
Bosideng International Holdings Ltd. | 32,000 | 20,150 | ||||||
Bright Dairy & Food Co. Ltd., Class A | 7,700 | 17,542 | ||||||
Brilliance China Automotive Holdings Ltd. *§ | 178,000 | 85,618 | ||||||
BTG Hotels Group Co. Ltd., Class A * | 5,700 | 23,369 | ||||||
BYD Electronic International Co. Ltd. @ | 64,000 | 234,330 | ||||||
C C Land Holdings Ltd. | 106,500 | 23,765 | ||||||
C&D International Investment Group Ltd. | 19,620 | 41,366 | ||||||
CA Cultural Technology Group Ltd. *@ | 28,000 | 1,616 | ||||||
Caitong Securities Co. Ltd., Class A | 11,900 | 20,763 | ||||||
CECEP Solar Energy Co. Ltd., Class A | 30,100 | 52,895 | ||||||
CECEP Wind-Power Corp., Class A | 37,700 | 38,508 | ||||||
Central China Management Co. Ltd. | 81,000 | 16,413 | ||||||
Central China Real Estate Ltd. | 81,000 | 9,765 | ||||||
CGN New Energy Holdings Co. Ltd. @ | 130,000 | 136,043 | ||||||
Changjiang Securities Co. Ltd., Class A | 39,900 | 47,204 | ||||||
Chaowei Power Holdings Ltd. | 71,000 | 18,575 | ||||||
Chengdu Wintrue Holding Co. Ltd., Class A | 8,900 | 18,531 | ||||||
Chengtun Mining Group Co. Ltd., Class A | 19,700 | 33,166 | ||||||
China Aircraft Leasing Group Holdings Ltd. | 16,000 | 11,737 | ||||||
China Aoyuan Group Ltd. | 103,000 | 18,625 | ||||||
China Baoan Group Co. Ltd., Class A | 9,000 | 20,377 | ||||||
China BlueChemical Ltd., H Shares | 192,000 | 53,432 | ||||||
China Bohai Bank Co. Ltd. ± | 67,500 | 25,970 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 561,000 | 102,163 | ||||||
China Citic Bank Corp. Ltd., H Shares | 613,000 | 265,717 | ||||||
China Coal Energy Co. Ltd., H Shares | 158,000 | 91,182 | ||||||
China Communication Services Corp. Ltd., H Shares | 231,600 | 112,866 | ||||||
China Conch Venture Holdings Ltd. | 80,500 | 393,335 | ||||||
China Construction Bank Corp., H Shares | 6,597,810 | 4,569,150 | ||||||
China Development Bank Financial Leasing Co. Ltd., H Shares ± | 128,000 | 19,370 | ||||||
China Dongxiang Group Co. Ltd. | 389,000 | 33,923 | ||||||
China Eastern Airlines Corp. Ltd., ADR * | 403 | 7,456 | ||||||
China Eastern Airlines Corp. Ltd., H Shares * | 142,000 | 53,722 | ||||||
China Education Group Holdings Ltd. | 30,000 | 48,708 | ||||||
China Energy Engineering Corp. * | 88,674 | 37,983 | ||||||
China Energy Engineering Corp. Ltd., H Shares | 152,000 | 25,731 | ||||||
China Everbright Bank Co. Ltd., H Shares | 241,000 | 85,304 | ||||||
China Everbright Greentech Ltd. ± | 65,000 | 24,424 | ||||||
China Everbright Ltd. | 88,000 | 105,182 | ||||||
China Film Co. Ltd., Class A * | 10,100 | 20,300 | ||||||
China Foods Ltd. | 86,000 | 33,639 | ||||||
China Fortune Land Development Co. Ltd., Class A * | 19,211 | 10,851 | ||||||
China Galaxy Securities Co. Ltd., H Shares | 194,500 | 111,748 | ||||||
China Gas Holdings Ltd. | 211,800 | 440,031 | ||||||
China Great Wall Securities Co. Ltd., Class A | 8,500 | 17,271 | ||||||
China Harmony Auto Holding Ltd. | 62,000 | 39,199 | ||||||
China High Speed Transmission Equipment Group Co. Ltd. * | 44,000 | 31,713 | ||||||
China Hongqiao Group Ltd. | 162,500 | 171,512 | ||||||
China Huarong Asset Management Co. Ltd., Class H *±§ | 801,000 | 39,292 | ||||||
China International Capital Corp. Ltd., H Shares ± | 21,600 | 59,557 | ||||||
China International Marine Containers Group Co. Ltd., Class H @ | 49,640 | 89,253 | ||||||
China Jinmao Holdings Group Ltd. | 440,000 | 135,991 | ||||||
China Jushi Co. Ltd., Class A | 22,631 | 64,626 | ||||||
China Kepei Education Group Ltd. | 36,000 | 14,820 | ||||||
China Lesso Group Holdings Ltd. | 100,000 | 143,635 | ||||||
China Life Insurance Co. Ltd., Class H | 285,000 | 472,225 | ||||||
China Lilang Ltd. | 31,000 | 17,334 | ||||||
China Literature Ltd. *@± | 4,600 | 28,907 | ||||||
China Lumena New Materials Corp. *§ | 5,599 | — | ||||||
China Maple Leaf Educational Systems Ltd. * | 160,000 | 11,080 | ||||||
China Medical System Holdings Ltd. | 97,000 | 161,966 | ||||||
China Meheco Co. Ltd., Class A | 9,900 | 18,345 | ||||||
China Merchants Bank Co. Ltd., H Shares | 247,500 | 1,921,902 | ||||||
China Merchants Energy Shipping Co. Ltd., Class A | 56,880 | 36,591 | ||||||
China Merchants Land Ltd. * | 118,000 | 11,198 | ||||||
China Merchants Port Holdings Co. Ltd. | 84,891 | 154,594 | ||||||
China Merchants Securities Co. Ltd., H Shares ± | 10,660 | 16,323 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 22,000 | 46,048 | ||||||
China Minsheng Banking Corp. Ltd., H Shares @ | 395,880 | 151,294 | ||||||
China Modern Dairy Holdings Ltd. @ | 290,000 | 48,720 | ||||||
China Molybdenum Co. Ltd., H Shares | 135,000 | 71,157 |
The accompanying notes are an integral part of these financial statements.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
China (Continued) | ||||||||
China National Accord Medicines Corp. Ltd., Class A | 5,200 | $ | 30,172 | |||||
China National Building Material Co. Ltd., H Shares | 418,850 | 513,521 | ||||||
China National Medicines Corp. Ltd., Class A | 2,900 | 14,347 | ||||||
China New Higher Education Group Ltd. ± | 74,000 | 31,318 | ||||||
China Oil & Gas Group Ltd. * | 200,000 | 12,055 | ||||||
China Oilfield Services Ltd., H Shares | 180,000 | 157,665 | ||||||
China Oriental Group Co. Ltd. | 122,000 | 36,768 | ||||||
China Overseas Grand Oceans Group Ltd. | 131,500 | 66,783 | ||||||
China Overseas Land & Investment Ltd. | 376,500 | 891,330 | ||||||
China Pacific Insurance Group Co. Ltd., H Shares | 203,200 | 551,158 | ||||||
China Petroleum & Chemical Corp., H Shares | 1,784,400 | 830,693 | ||||||
China Railway Group Ltd., H Shares | 326,000 | 172,249 | ||||||
China Railway Signal & Communication Corp. Ltd. H Shares ± | 77,000 | 28,143 | ||||||
China Reinsurance Group Corp., H Shares | 323,000 | 31,067 | ||||||
China Resources Cement Holdings Ltd. | 238,000 | 179,777 | ||||||
China Resources Double Crane Pharmaceutical Co. Ltd., Class A | 6,300 | 13,216 | ||||||
China Resources Gas Group Ltd. | 70,000 | 395,445 | ||||||
China Resources Land Ltd. | 338,000 | 1,421,780 | ||||||
China Resources Medical Holdings Co. Ltd. | 71,500 | 42,547 | ||||||
China Resources Pharmaceutical Group Ltd. ± | 134,500 | 61,234 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 7,900 | 42,442 | ||||||
China Risun Group Ltd. | 16,000 | 9,706 | ||||||
China Sanjiang Fine Chemicals Co. Ltd. | 44,000 | 14,389 | ||||||
China SCE Group Holdings Ltd. | 170,000 | 41,205 | ||||||
China Shanshui Cement Group Ltd. * | 53,000 | 13,322 | ||||||
China Shenhua Energy Co. Ltd., H Shares | 336,500 | 788,866 | ||||||
China Shineway Pharmaceutical Group Ltd. | 36,000 | 31,810 | ||||||
China South City Holdings Ltd. @ | 508,000 | 47,559 | ||||||
China South Publishing & Media Group Co. Ltd., Class A | 11,600 | 17,418 | ||||||
China Southern Airlines Co. Ltd., H Shares *@ | 170,000 | 101,814 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 137,800 | 189,093 | ||||||
China Tianrui Group Cement Co. Ltd. * | 11,000 | 8,845 | ||||||
China Tower Corp. Ltd., Class H ± | 3,174,000 | 350,064 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 260,000 | 172,387 | ||||||
China TransInfo Technology Co. Ltd., Class A | 6,900 | 16,185 | ||||||
China Travel International Investment Hong Kong Ltd. * | 180,000 | 35,550 | ||||||
China Vanke Co. Ltd., Class H | 158,172 | 367,967 | ||||||
China Yongda Automobiles Services Holdings Ltd. | 84,000 | 112,466 | ||||||
China Zhongwang Holdings Ltd. *@§ | 154,000 | 24,885 | ||||||
Chinasoft International Ltd. * | 108,000 | 140,721 | ||||||
Chinese Universe Publishing and Media Group Co. Ltd., Class A | 9,200 | 17,842 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 17,500 | 41,709 | ||||||
Chongqing Department Store Co. Ltd., Class A | 2,400 | 9,798 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., H Shares | 226,000 | 80,284 | ||||||
CIFI Holdings Group Co. Ltd. | 299,632 | 180,220 | ||||||
CIMC Enric Holdings Ltd. | 74,000 | 107,618 | ||||||
CITIC Ltd. | 417,000 | 411,783 | ||||||
CITIC Securities Co. Ltd., Class H | 73,000 | 190,515 | ||||||
Citychamp Watch & Jewellery Group Ltd. * | 62,000 | 12,165 | ||||||
CNHTC Jinan Truck Co. Ltd., Class A | 2,800 | 7,420 | ||||||
CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A | 14,800 | 29,236 | ||||||
COFCO Biotechnology Co. Ltd., Class A | 15,100 | 25,754 | ||||||
Cogobuy Group *@± | 40,000 | 13,748 | ||||||
Concord New Energy Group Ltd. | 420,000 | 44,168 | ||||||
Consun Pharmaceutical Group Ltd. | 23,000 | 13,037 | ||||||
COSCO SHIPPING Development Co. Ltd., H Shares @ | 324,200 | 59,040 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., H Shares @ | 136,000 | 51,801 | ||||||
COSCO SHIPPING Holdings Co. Ltd., H Shares *@ | 89,699 | 173,933 | ||||||
COSCO SHIPPING Ports Ltd. | 152,431 | 132,344 | ||||||
Country Garden Holdings Co. Ltd. | 847,376 | 752,011 | ||||||
CP Pokphand Co. Ltd. <> | 444,000 | 64,913 | ||||||
CPMC Holdings Ltd. | 53,000 | 29,635 | ||||||
CSG Holding Co. Ltd., Class A | 19,500 | 30,382 | ||||||
CSPC Pharmaceutical Group Ltd. | 128,000 | 139,039 | ||||||
CTS International Logistics Corp. Ltd., Class A | 11,000 | 23,611 | ||||||
DaFa Properties Group Ltd. @ | 16,000 | 9,439 | ||||||
Dali Foods Group Co. Ltd. ± | 116,500 | 60,958 | ||||||
Daqin Railway Co. Ltd., Class A | 85,800 | 86,159 | ||||||
DBG Technology Co. Ltd.,Class A | 7,000 | 16,552 | ||||||
Dexin China Holdings Co. Ltd. @* | 76,000 | 26,024 | ||||||
DHC Software Co. Ltd., Class A | 28,100 | 34,390 | ||||||
Digital China Holdings Ltd. | 62,000 | 39,359 | ||||||
Digital China Information Service Co. Ltd., Class A | 10,000 | 19,958 | ||||||
Dong-E-E-Jiao Co. Ltd., Class A | 3,300 | 25,242 | ||||||
Dongfang Electric Corp. Ltd. H Shares | 29,800 | 50,141 | ||||||
Dongfeng Motor Group Co. Ltd., H Shares | 150,000 | 124,655 | ||||||
Dongxing Securities Co. Ltd., Class A | 12,000 | 21,897 | ||||||
Dongyue Group Ltd. | 36,000 | 56,141 | ||||||
Dynagreen Environmental Protection Group Co. Ltd., Class H | 52,000 | 26,742 | ||||||
Essex Bio-technology Ltd. | 37,000 | 23,488 | ||||||
Everbright Securities Co. Ltd., Class H @± | 16,000 | 12,373 | ||||||
Fangda Carbon New Material Co. Ltd., Class A | 15,700 | 26,654 | ||||||
Fangda Special Steel Technology Co. Ltd., Class A | 19,000 | 23,253 | ||||||
Fantasia Holdings Group Co. Ltd. @* | 142,500 | 5,939 | ||||||
Far East Horizon Ltd. @ | 200,000 | 177,492 | ||||||
FAW Jiefang Group Co. Ltd., Class A | 24,100 | 38,910 | ||||||
Fiberhome Telecommunication Technologies Co. Ltd., Class A | 5,800 | 16,363 | ||||||
FIH Mobile Ltd. * | 203,000 | 35,406 | ||||||
Financial Street Holdings Co. Ltd., Class A | 23,300 | 20,692 | ||||||
FinVolution Group, ADR @ | 11,439 | 56,394 | ||||||
Fosun International Ltd. | 200,500 | 216,248 | ||||||
Founder Securities Co. Ltd., Class A | 23,800 | 29,277 | ||||||
Fu Shou Yuan International Group Ltd. | 65,000 | 51,099 | ||||||
Fufeng Group Ltd. | 153,000 | 52,782 | ||||||
Fujian Funeng Co. Ltd., Class A | 14,100 | 36,017 | ||||||
Fujian Star-net Communication Co. Ltd., Class A | 6,100 | 22,559 | ||||||
Fujian Sunner Development Co. Ltd., Class A | 9,000 | 34,131 |
The accompanying notes are an integral part of these financial statements.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
China (Continued) | ||||||||
Gansu Shangfeng Cement Co. Ltd., Class A | 5,200 | $ | 16,375 | |||||
GCL-Poly Energy Holdings Ltd. @* | 1,351,000 | 490,325 | ||||||
GDS Holdings Ltd., Class A * | 19,600 | 113,867 | ||||||
Geely Automobile Holdings Ltd. | 493,000 | 1,346,692 | ||||||
GEM Co. Ltd., Class A | 33,500 | 54,402 | ||||||
Gemdale Corp., Class A | 30,000 | 61,051 | ||||||
Gemdale Properties & Investment Corp. Ltd. | 442,000 | 47,048 | ||||||
Genertec Universal Medical Group Co. Ltd. ± | 75,500 | 54,513 | ||||||
GF Securities Co. Ltd., Class H | 70,000 | 133,401 | ||||||
Giant Network Group Co. Ltd., Class A | 9,400 | 17,654 | ||||||
Ginko International Co. Ltd. | 5,000 | 48,524 | ||||||
Glory Sun Financial Group Ltd. * | 356,000 | 9,131 | ||||||
Golden Eagle Retail Group Ltd. | 15,000 | 12,735 | ||||||
GOME Retail Holdings Ltd. *@ | 245,000 | 20,737 | ||||||
Gotion High-tech Co. Ltd., Class A * | 3,500 | 28,145 | ||||||
Grand Pharmaceutical Group Ltd., Class A | 68,000 | 56,423 | ||||||
Grandjoy Holdings Group Co. Ltd., Class A * | 30,000 | 17,557 | ||||||
Great Wall Motor Co. Ltd., H Shares | 5,000 | 17,185 | ||||||
Greattown Holdings Ltd., Class A | 34,100 | 18,940 | ||||||
Greatview Aseptic Packaging Co. Ltd. | 88,000 | 32,164 | ||||||
Gree Electric Appliances, Inc., Class A | 6,600 | 38,347 | ||||||
Greenland Hong Kong Holdings Ltd. | 112,000 | 21,545 | ||||||
Greentown China Holdings Ltd. | 78,500 | 126,445 | ||||||
GRG Banking Equipment Co. Ltd., Class A | 23,600 | 44,065 | ||||||
Guangdong HEC Technology Holding Co. Ltd., Class A * | 28,100 | 39,152 | ||||||
Guangdong Huatie Tongda High-speed Railway Equipment Corp., Class A | 22,300 | 19,419 | ||||||
Guangdong Tapai Group Co. Ltd., Class A | 9,300 | 15,438 | ||||||
Guanghui Energy Co. Ltd., Class A * | 26,800 | 27,501 | ||||||
Guangxi Liugong Machinery Co. Ltd., Class A | 14,900 | 18,025 | ||||||
Guangxi Wuzhou Zhongheng Group Co. Ltd., Class A | 24,500 | 14,838 | ||||||
Guangzhou Automobile Group Co. Ltd., H Shares | 188,000 | 185,407 | ||||||
Guangzhou Baiyun International Airport Co. Ltd., Class A | 11,000 | 20,815 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H @ | 16,000 | 46,066 | ||||||
Guangzhou Haige Communications Group, Inc. Co., Class A | 22,300 | 38,208 | ||||||
Guangzhou R&F Properties Co. Ltd., H Shares @ | 202,800 | 75,424 | ||||||
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A | 13,365 | 18,244 | ||||||
Guizhou Panjiang Refined Coal Co. Ltd.,Class A | 9,269 | 10,573 | ||||||
Guosen Securities Co. Ltd., Class A | 22,400 | 40,348 | ||||||
Guosheng Financial Holding, Inc., Class A * | 14,131 | 21,285 | ||||||
Guotai Junan Securities Co. Ltd., H Shares *± | 29,000 | 45,001 | ||||||
Haier Smart Home Co. Ltd., Class A | 20,500 | 96,142 | ||||||
Haier Smart Home Co. Ltd., H Shares | 81,400 | 343,971 | ||||||
Hainan Meilan International Airport Co. Ltd., H Shares * | 4,000 | 12,337 | ||||||
Haitian International Holdings Ltd. | 44,000 | 122,167 | ||||||
Haitong Securities Co. Ltd., Class H | 169,600 | 150,295 | ||||||
Hang Zhou Great Star Industrial Co. Ltd., Class A * | 4,400 | 21,063 | ||||||
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A | 45,200 | 33,049 | ||||||
Health & Happiness H&H International Holdings Ltd. | 18,500 | 28,660 | ||||||
Heilongjiang Agriculture Co. Ltd., Class A | 8,000 | 18,276 | ||||||
Hengan International Group Co. Ltd. | 55,500 | 285,772 | ||||||
Hengdeli Holdings Ltd. * | 184,000 | 6,725 | ||||||
Hengdian Group DMEGC Magnetics Co. Ltd., Class A | 9,300 | 27,535 | ||||||
Hengli Petrochemical Co. Ltd., Class A | 19,900 | 71,721 | ||||||
Hengtong Optic-electric Co. Ltd., Class A | 9,680 | 22,965 | ||||||
Hengyi Petrochemical Co. Ltd., Class A | 25,000 | 41,658 | ||||||
Hesteel Co. Ltd., Class A | 65,500 | 25,282 | ||||||
Hi Sun Technology China Ltd. * | 138,000 | 18,229 | ||||||
Hisense Home Appliances Group Co. Ltd., Class H | 34,000 | 40,333 | ||||||
Holitech Technology Co. Ltd., Class A * | 35,900 | 19,659 | ||||||
Hongda Xingye Co. Ltd., Class A | 21,200 | 20,158 | ||||||
Hope Education Group Co. Ltd. @± | 120,000 | 23,084 | ||||||
Hopson Development Holdings Ltd. @ | 63,800 | 133,040 | ||||||
Hua Hong Semiconductor Ltd. *± | 17,000 | 93,747 | ||||||
Huaan Securities Co. Ltd., Class A | 23,372 | 19,839 | ||||||
Huadong Medicine Co. Ltd., Class A | 8,421 | 53,116 | ||||||
Huafa Industrial Co. Ltd. Zhuhai, Class A | 11,600 | 10,957 | ||||||
Huafon Microfibre Shanghai Technology Co. Ltd., Class T * | 25,700 | 20,283 | ||||||
Huagong Tech Co. Ltd., Class A | 6,200 | 27,102 | ||||||
Huapont Life Sciences Co. Ltd., Class A | 27,600 | 31,353 | ||||||
Huatai Securities Co. Ltd., Class H ± | 58,600 | 97,547 | ||||||
Huaxi Securities Co. Ltd., Class A | 12,600 | 19,473 | ||||||
Huaxia Bank Co. Ltd., Class A | 43,300 | 38,046 | ||||||
Huaxin Cement Co. Ltd., Class A | 7,000 | 21,198 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 17,500 | 77,706 | ||||||
Hubei Biocause Pharmaceutical Co. Ltd., Class A | 17,600 | 9,141 | ||||||
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A | 4,400 | 19,565 | ||||||
Hubei Xingfa Chemicals Group Co. Ltd., Class A | 9,400 | 55,869 | ||||||
Hunan Gold Corp. Ltd., Class A * | 15,800 | 25,683 | ||||||
Hunan Valin Steel Co. Ltd., Class A | 47,300 | 37,924 | ||||||
Hytera Communications Corp. Ltd., Class A | 23,400 | 20,267 | ||||||
IMAX China Holding, Inc. @± | 6,300 | 9,340 | ||||||
Industrial & Commercial Bank of China Ltd., H Shares | 4,285,000 | 2,417,939 | ||||||
Industrial Bank Co. Ltd. Class A | 122,900 | 367,156 | ||||||
Industrial Securities Co. Ltd., Class A | 40,700 | 63,093 | ||||||
Infore Environment Technology Group Co. Ltd., Class A | 12,400 | 14,261 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A * | 169,960 | 74,402 | ||||||
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A | 12,000 | 27,960 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 55,300 | 45,379 |
The accompanying notes are an integral part of these financial statements.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
China (Continued) | ||||||||
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A * | 49,400 | $ | 56,582 | |||||
JD.com, Inc., Class A * | 17,850 | 627,235 | ||||||
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A | 20,200 | 20,950 | ||||||
Jiangsu Eastern Shenghong Co. Ltd., Class A | 5,100 | 15,476 | ||||||
Jiangsu Guotai International Group Co. Ltd., Class A | 10,400 | 22,405 | ||||||
Jiangsu Jiangyin Rural Commercial Bank Co. Ltd., Class A | 34,700 | 20,962 | ||||||
Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A | 6,700 | 16,452 | ||||||
Jiangsu Provincial Agricultural Reclamation and Development Corp. | 11,200 | 20,930 | ||||||
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 5,600 | 33,213 | ||||||
Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd., Class A | 23,200 | 20,967 | ||||||
Jiangsu Zhongnan Construction Group Co. Ltd., Class A | 13,900 | 9,029 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A | 18,600 | 49,496 | ||||||
Jiangxi Copper Co. Ltd., H Shares | 82,000 | 131,241 | ||||||
Jiangxi Zhengbang Technology Co. Ltd., Class A | 25,000 | 37,892 | ||||||
Jiaozuo Wanfang Aluminum Manufacturing Co. Ltd., Class A | 17,100 | 20,686 | ||||||
Jiayuan International Group Ltd. @ | 135,695 | 45,768 | ||||||
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A | 7,300 | 21,155 | ||||||
Jingrui Holdings Ltd. * | 43,000 | 9,540 | ||||||
JinkoSolar Holding Co. Ltd., ADR *@ | 4,223 | 194,089 | ||||||
Jinneng Science&Technology Co. Ltd., Class A | 10,600 | 27,110 | ||||||
JNBY Design Ltd. | 16,500 | 26,239 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 18,700 | 37,674 | ||||||
Jointown Pharmaceutical Group Co. Ltd., Class A | 10,700 | 24,713 | ||||||
Joy City Property Ltd. | 226,000 | 11,593 | ||||||
JOYY, Inc., ADR | 4,334 | 196,894 | ||||||
Ju Teng International Holdings Ltd. | 56,000 | 9,264 | ||||||
Juneyao Airlines Co. Ltd., Class A | 9,700 | 27,015 | ||||||
Kaisa Group Holdings Ltd. | 167,570 | 16,762 | ||||||
Kaisa Prosperity Holdings Ltd. * | 3,750 | 5,761 | ||||||
Kehua Data Co. Ltd., Class A | 3,500 | 19,968 | ||||||
Kingboard Holdings Ltd. | 71,500 | 347,984 | ||||||
Kingboard Laminates Holdings Ltd. | 103,000 | 175,155 | ||||||
Kingsoft Corp. Ltd. | 56,400 | 247,732 | ||||||
Kunlun Energy Co. Ltd. | 378,000 | 354,365 | ||||||
Kunlun Tech Co. Ltd., Class A | 5,800 | 21,067 | ||||||
KWG Group Holdings Ltd. | 130,000 | 85,027 | ||||||
KWG Living Group Holdings Ltd. | 65,000 | 26,675 | ||||||
Lao Feng Xiang Co. Ltd., Class A | 2,700 | 19,424 | ||||||
Lee & Man Paper Manufacturing Ltd. | 122,000 | 84,801 | ||||||
Lee’s Pharmaceutical Holdings Ltd. | 34,500 | 14,733 | ||||||
Legend Holdings Corp., H Shares ± | 38,400 | 56,732 | ||||||
Lenovo Group Ltd. | 632,000 | 726,218 | ||||||
Lens Technology Co. Ltd., Class A | 13,140 | 47,378 | ||||||
Leo Group Co. Ltd., Class A | 48,000 | 18,527 | ||||||
LexinFintech Holdings Ltd., ADR * | 6,213 | 23,982 | ||||||
Leyard Optoelectronic Co. Ltd., Class A | 20,300 | 32,648 | ||||||
Liaoning Cheng Da Co. Ltd., Class A | 5,800 | 17,764 | ||||||
Livzon Pharmaceutical Group, Inc., H Shares | 14,100 | 51,535 | ||||||
Logan Group Co. Ltd. | 96,000 | 73,377 | ||||||
Longfor Group Holdings Ltd. ± | 139,000 | 654,218 | ||||||
Longshine Technology Group Co. Ltd., Class A | 4,500 | 26,146 | ||||||
Lonking Holdings Ltd. | 158,000 | 44,375 | ||||||
Luenmei Quantum Co. Ltd., Class A | 13,300 | 18,802 | ||||||
Luolai Lifestyle Technology Co. Ltd., Class A | 5,300 | 11,917 | ||||||
Luoniushan Co. Ltd., Class A * | 16,000 | 17,900 | ||||||
Luxi Chemical Group Co. Ltd., Class A | 8,600 | 20,591 | ||||||
Luye Pharma Group Ltd. *@± | 161,500 | 73,733 | ||||||
LVGEM China Real Estate Investment Co. Ltd. * | 72,000 | 12,650 | ||||||
Maanshan Iron & Steel Co. Ltd., H Shares | 38,000 | 13,938 | ||||||
Maoyan Entertainment *@± | 6,200 | 7,267 | ||||||
Metallurgical Corp. of China Ltd., H Shares | 225,000 | 57,422 | ||||||
Mingfa Group International Co. Ltd. * | 91,000 | 5,135 | ||||||
Minth Group Ltd. | 60,000 | 264,314 | ||||||
MLS Co. Ltd., Class A | 20,000 | 47,479 | ||||||
MMG Ltd. * | 192,000 | 61,558 | ||||||
Mobvista, Inc. ±* | 10,000 | 8,823 | ||||||
Nanjing Iron & Steel Co. Ltd., Class A | 36,600 | 21,248 | ||||||
Nanjing Xinjiekou Department Store Co. Ltd., Class A | 6,900 | 12,732 | ||||||
NARI Technology Co. Ltd., Class A | 4,506 | 28,301 | ||||||
NavInfo Co. Ltd., Class A * | 10,200 | 25,479 | ||||||
NetDragon Websoft Holdings Ltd. | 25,500 | 59,911 | ||||||
New China Life Insurance Co. Ltd., H Shares | 57,900 | 154,820 | ||||||
New Hope Liuhe Co. Ltd., Class A * | 35,615 | 84,995 | ||||||
Newland Digital Technology Co. Ltd., Class A | 10,000 | 28,431 | ||||||
Nexteer Automotive Group Ltd. | 69,000 | 85,658 | ||||||
Nine Dragons Paper Holdings Ltd. | 173,000 | 185,701 | ||||||
Ningbo Huaxiang Electronic Co. Ltd., Class A | 8,950 | 30,375 | ||||||
Ningbo Joyson Electronic Corp., Class A | 5,200 | 17,925 | ||||||
Ningbo Zhoushan Port Co. Ltd., Class A | 33,200 | 20,680 | ||||||
Northeast Securities Co. Ltd., Class A | 8,500 | 11,710 | ||||||
OFILM Group Co. Ltd., Class A | 20,800 | 31,657 | ||||||
ORG Technology Co. Ltd., Class A | 26,800 | 29,435 | ||||||
Orient Securities Co. Ltd., Class H ± | 52,400 | 44,756 | ||||||
Oriental Pearl Group Co. Ltd., Class A | 10,700 | 15,865 | ||||||
Ourpalm Co. Ltd., Class A * | 27,500 | 20,970 | ||||||
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A * | 61,900 | 37,781 | ||||||
PAX Global Technology Ltd. | 75,000 | 53,094 | ||||||
PCI Technology Group Co. Ltd., Class A | 15,600 | 20,389 | ||||||
People’s Insurance Co. Group of China Ltd. (The), H Shares | 305,000 | 92,311 | ||||||
Perfect World Co. Ltd., Class A | 6,700 | 21,351 | ||||||
PetroChina Co. Ltd., H Shares | 2,014,000 | 896,253 | ||||||
PICC Property & Casualty Co. Ltd., H Shares | 494,000 | 403,560 | ||||||
Ping An Bank Co. Ltd., Class A | 108,500 | 280,556 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 436,500 | 3,143,228 | ||||||
Pingdingshan Tianan Coal Mining Co. Ltd., Class A | 15,900 | 20,881 | ||||||
Poly Property Group Co. Ltd. | 186,000 | 48,900 | ||||||
Postal Savings Bank of China Co. Ltd., Class H ± | 499,000 | 350,050 |
The accompanying notes are an integral part of these financial statements.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
China (Continued) | ||||||||
Pou Sheng International Holdings Ltd. * | 252,000 | $ | 36,842 | |||||
Powerlong Real Estate Holdings Ltd. | 143,000 | 74,823 | ||||||
Q Technology Group Co. Ltd. @ | 31,000 | 40,074 | ||||||
Qingdao Hanhe Cable Co. Ltd., Class A | 35,800 | 29,041 | ||||||
Qingling Motors Co. Ltd., Class H | 84,000 | 17,021 | ||||||
Qudian, Inc.,ADR * | 3,805 | 3,687 | ||||||
Red Star Macalline Group Corp. Ltd., H Shares *± | 35,700 | 17,077 | ||||||
Redco Properties Group Ltd. ± | 80,000 | 26,675 | ||||||
Redsun Properties Group Ltd. @ | 82,000 | 23,030 | ||||||
Renhe Pharmacy Co. Ltd., Class A | 19,700 | 28,808 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 35,400 | 24,162 | ||||||
Ronshine China Holdings Ltd. @* | 43,500 | 16,736 | ||||||
SAIC Motor Corp. Ltd., Class A | 29,700 | 96,136 | ||||||
Sailun Group Co. Ltd., Class A | 13,900 | 32,256 | ||||||
Sanan Optoelectronics Co. Ltd., Class A | 5,100 | 30,056 | ||||||
Sansteel Minguang Co. Ltd., Class A | 13,700 | 14,617 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. | 83,000 | 80,259 | ||||||
Satellite Chemical Co. Ltd., Class A | 6,048 | 37,987 | ||||||
Sealand Securities Co. Ltd., Class A | 24,800 | 15,993 | ||||||
Seazen Group Ltd. * | 180,000 | 121,654 | ||||||
Seazen Holdings Co. Ltd., Class A | 13,800 | 63,074 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 50,037 | 95,782 | ||||||
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A | 20,800 | 38,674 | ||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 9,200 | 30,444 | ||||||
Shandong Chenming Paper Holdings Ltd., H Shares @ | 35,250 | 16,862 | ||||||
Shandong Gold Mining Co. Ltd., H Shares @± | 34,750 | 59,450 | ||||||
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A | 2,700 | 11,760 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 11,310 | 55,544 | ||||||
Shandong Humon Smelting Co. Ltd., Class A | 10,800 | 19,809 | ||||||
Shandong Linglong Tyre Co. Ltd., Class A | 7,700 | 44,158 | ||||||
Shandong Longda Meishi Co. Ltd., Class A | 8,100 | 13,294 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 37,900 | 28,009 | ||||||
Shandong Sun Paper Industry JSC Ltd., Class A | 16,800 | 30,287 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 188,000 | 234,592 | ||||||
Shandong Yisheng Livestock & Poultry Breeding Co. Ltd., Class A * | 7,471 | 13,258 | ||||||
Shanghai AJ Group Co. Ltd., Class A | 16,900 | 17,925 | ||||||
Shanghai Electric Group Co. Ltd., H Shares | 166,000 | 50,667 | ||||||
Shanghai Environment Group Co. Ltd., Class A | 11,600 | 22,915 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares | 26,000 | 114,536 | ||||||
Shanghai Industrial Holdings Ltd. | 45,000 | 65,559 | ||||||
Shanghai Industrial Urban Development Group Ltd. | 274,000 | 26,706 | ||||||
Shanghai International Airport Co. Ltd., Class A * | 2,300 | 16,849 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 48,600 | 41,788 | ||||||
Shanghai Jahwa United Co. Ltd., Class A | 2,600 | 16,485 | ||||||
Shanghai Jin Jiang Capital Co. Ltd., Class H | 148,000 | 55,612 | ||||||
Shanghai Jinjiang International Hotels Co. Ltd., Class A | 1,300 | 11,953 | ||||||
Shanghai Lingang Holdings Corp. Ltd., Class A | 8,760 | 20,438 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A | 13,500 | 23,004 | ||||||
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A | 7,100 | 17,735 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 63,600 | 120,552 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 118,900 | 159,134 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A | 37,200 | 39,807 | ||||||
Shanghai Shimao Co. Ltd., Class A | 23,100 | 11,888 | ||||||
Shanghai Sinyang Semiconductor Materials Co. Ltd., Class A | 3,000 | 19,229 | ||||||
Shanghai Tunnel Engineering Co. Ltd., Class A | 25,600 | 21,610 | ||||||
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A | 18,000 | 29,090 | ||||||
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 7,800 | 18,431 | ||||||
Shanxi Coking Coal Energy Group Co. Ltd., Class A | 50,000 | 64,880 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 22,000 | 39,041 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A * | 41,400 | 105,427 | ||||||
Shanxi Securities Co. Ltd., Class A | 24,700 | 25,578 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A | 34,300 | 37,888 | ||||||
Shanying International Holding Co. Ltd., Class A | 37,500 | 19,358 | ||||||
Shenwan Hongyuan Group Co. Ltd., H Shares ± | 43,200 | 10,526 | ||||||
Shenzhen Agricultural Products Group Co. Ltd., Class A | 15,600 | 15,641 | ||||||
Shenzhen Airport Co. Ltd., Class A * | 16,200 | 18,606 | ||||||
Shenzhen Aisidi Co. Ltd., Class A | 14,200 | 25,355 | ||||||
Shenzhen Hepalink Pharmaceutical Group Co. Ltd. ± | 9,500 | 9,917 | ||||||
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A | 4,900 | 13,147 | ||||||
Shenzhen International Holdings Ltd. | 107,733 | 111,912 | ||||||
Shenzhen Investment Ltd. | 323,060 | 69,604 | ||||||
Shenzhen Jinjia Group Co. Ltd., Class A | 15,600 | 37,034 | ||||||
Shenzhen Kinwong Electronic Co. Ltd., Class A | 2,300 | 12,461 | ||||||
Shenzhen MTC Co. Ltd., Class A * | 42,300 | 32,256 | ||||||
Shenzhen Neptunus Bioengineering Co. Ltd., Class A * | 28,200 | 15,619 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 61,400 | 67,822 | ||||||
Shenzhen Tagen Group Co. Ltd., Class A | 25,000 | 23,026 | ||||||
Shenzhen World Union Group, Inc., Class A | 33,300 | 20,482 |
The accompanying notes are an integral part of these financial statements.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
China (Continued) | ||||||||
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | 31,900 | $ | 24,576 | |||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 11,200 | 34,443 | ||||||
Shimao Group Holdings Ltd. @ | 131,000 | 85,681 | ||||||
Shoucheng Holdings Ltd. | 134,400 | 26,716 | ||||||
Shougang Fushan Resources Group Ltd. | 219,790 | 74,414 | ||||||
Shui On Land Ltd. | 280,000 | 37,704 | ||||||
Siasun Robot & Automation Co. Ltd., Class A * | 12,500 | 21,908 | ||||||
Sichuan Hebang Biotechnology Co. Ltd., Class A * | 84,300 | 45,104 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 12,500 | 37,127 | ||||||
Sichuan Languang Development Co. Ltd., Class A * | 32,900 | 10,531 | ||||||
Sieyuan Electric Co. Ltd., Class A | 4,300 | 33,201 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. @ | 328,000 | 62,255 | ||||||
Sino Biopharmaceutical Ltd. | 42,000 | 29,409 | ||||||
Sino-Ocean Group Holding Ltd. | 293,712 | 68,554 | ||||||
Sinofert Holdings Ltd. * | 244,000 | 36,612 | ||||||
Sinolink Securities Co. Ltd., Class A | 11,700 | 20,799 | ||||||
Sinoma International Engineering Co., Class A | 14,600 | 26,184 | ||||||
Sinoma Science & Technology Co. Ltd., Class A | 11,000 | 58,716 | ||||||
Sinopec Engineering Group Co. Ltd., H Shares | 111,000 | 54,806 | ||||||
Sinopec Kantons Holdings Ltd. | 90,000 | 35,319 | ||||||
Sinopec Oilfield Service Corp., Class H * | 256,000 | 21,340 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 248,000 | 56,931 | ||||||
Sinopharm Group Co. Ltd., H Shares | 140,400 | 305,376 | ||||||
Sinotrans Ltd., H Shares | 145,000 | 46,489 | ||||||
Sinotruk Hong Kong Ltd. | 67,000 | 103,109 | ||||||
Skyfame Realty Holdings Ltd. | 158,000 | 17,426 | ||||||
Skyworth Group Ltd. * | 156,114 | 109,314 | ||||||
SOHO China Ltd. *@ | 153,500 | 33,859 | ||||||
SooChow Securities Co. Ltd., Class A | 20,280 | 28,193 | ||||||
Spring Airlines Co. Ltd., Class A * | 2,300 | 20,498 | ||||||
SSY Group Ltd. @ | 124,000 | 63,928 | ||||||
Sun Art Retail Group Ltd. @ | 30,500 | 12,243 | ||||||
Sun King Technology Group Ltd. | 26,000 | 14,671 | ||||||
Sunac China Holdings Ltd. | 234,000 | 353,511 | ||||||
Sunac Services Holdings Ltd. *± | 646 | 659 | ||||||
Suning Universal Co. Ltd., Class A * | 32,100 | 23,722 | ||||||
Suning.com Co. Ltd., Class A * | 37,200 | 24,048 | ||||||
Sunward Intelligent Equipment Co. Ltd., Class A | 10,800 | 16,386 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 10,800 | 45,922 | ||||||
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A | 15,000 | 14,310 | ||||||
Tangshan Jidong Cement Co. Ltd., Class A | 10,000 | 18,766 | ||||||
TangShan Port Group Co. Ltd., Class A | 55,900 | 24,120 | ||||||
Tangshan Sanyou Chemical Industries Co. Ltd., Class A | 11,600 | 15,835 | ||||||
TBEA Co. Ltd., Class A | 13,000 | 43,181 | ||||||
TCL Electronics Holdings Ltd. | 99,667 | 51,766 | ||||||
TCL Technology Group Corp., Class A | 28,300 | 27,397 | ||||||
Tech-Bank Food Co. Ltd., Class A | 23,240 | 23,483 | ||||||
Tencent Music Entertainment Group, ADR * | 29,336 | 200,952 | ||||||
Tian Di Science & Technology Co. Ltd., Class A | 40,500 | 27,833 | ||||||
Tiangong International Co. Ltd. | 76,000 | 46,492 | ||||||
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A | 30,700 | 37,717 | ||||||
Tianjin Port Development Holdings Ltd. | 180,000 | 14,312 | ||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A | 2,900 | 18,997 | ||||||
Tianneng Power International Ltd. @ | 74,000 | 78,294 | ||||||
Tianshui Huatian Technology Co. Ltd., Class A | 10,300 | 20,541 | ||||||
Times China Holdings Ltd. | 10,000 | 4,835 | ||||||
Tingyi Cayman Islands Holding Corp. | 76,000 | 156,141 | ||||||
Titan Wind Energy Suzhou Co. Ltd., Class A | 8,800 | 26,773 | ||||||
Tomson Group Ltd. | 24,000 | 6,248 | ||||||
Tong Ren Tang Technologies Co. Ltd., Class H | 41,000 | 44,063 | ||||||
Tongcheng Travel Holdings Ltd. * | 49,200 | 91,112 | ||||||
Tongda Group Holdings Ltd. * | 510,000 | 16,351 | ||||||
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | 11,000 | 18,916 | ||||||
Tongkun Group Co. Ltd., Class A | 11,100 | 36,888 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A | 49,000 | 26,755 | ||||||
Tongyu Heavy Industry Co. Ltd., Class A | 40,800 | 23,046 | ||||||
Topsec Technologies Group, Inc., Class A | 7,000 | 21,055 | ||||||
Transfar Zhilian Co. Ltd., Class A | 27,553 | 37,611 | ||||||
TravelSky Technology Ltd., H Shares | 53,000 | 89,177 | ||||||
Trip.com Group Ltd., ADR * | 28,782 | 708,613 | ||||||
Truly International Holdings Ltd. | 120,000 | 49,092 | ||||||
Tus Environmental Science And Technology Development Co. Ltd., Class A * | 23,000 | 16,059 | ||||||
Uni-President China Holdings Ltd. | 92,000 | 89,197 | ||||||
Unisplendour Corp. Ltd., Class A | 20,640 | 73,999 | ||||||
United Energy Group Ltd. | 558,000 | 46,515 | ||||||
Universal Scientific Industrial Shanghai Co. Ltd., Class A | 10,000 | 25,199 | ||||||
Untrade Hua Han Health § | 504,000 | — | ||||||
Untrade Huiyuan Juice § | 84,500 | — | ||||||
Vinda International Holdings Ltd. @ | 26,000 | 63,353 | ||||||
Viomi Technology Co. Ltd., ADR @* | 2,471 | 5,980 | ||||||
Vipshop Holdings Ltd., ADR * | 30,726 | 258,098 | ||||||
Wangfujing Group Co. Ltd., Class A | 4,200 | 17,793 | ||||||
Wangsu Science & Technology Co. Ltd., Class A | 20,900 | 21,938 | ||||||
Want Want China Holdings Ltd. | 103,000 | 94,578 | ||||||
Wanxiang Qianchao Co. Ltd., Class A | 42,900 | 42,877 | ||||||
Wasion Holdings Ltd. | 48,000 | 21,114 | ||||||
Weibo Corp., ADR * | 1,188 | 36,804 | ||||||
Weichai Power Co. Ltd., H Shares | 151,000 | 295,511 | ||||||
Weifu High-Technology Group Co. Ltd., Class A | 5,600 | 18,926 | ||||||
Wellhope Foods Co. Ltd., Class A | 7,700 | 12,372 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A * | 47,100 | 142,334 | ||||||
West China Cement Ltd. | 198,000 | 35,296 | ||||||
Wharf Holdings Ltd. (The) | 70,000 | 215,003 | ||||||
Wingtech Technology Co. Ltd., Class A | 5,300 | 107,524 | ||||||
Wolong Electric Group Co. Ltd., Class A | 11,600 | 33,289 | ||||||
Wuchan Zhongda Group Co. Ltd., Class A | 29,100 | 27,030 | ||||||
Wuhan Department Store Group Co. Ltd., Class A | 12,600 | 20,778 |
The accompanying notes are an integral part of these financial statements.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
China (Continued) | ||||||||
Wuhu Token Science Co. Ltd., Class A | 16,000 | $ | 33,339 | |||||
Wuxi Taiji Industry Co. Ltd., Class A | 14,900 | 18,890 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 47,400 | 44,549 | ||||||
Xiabuxiabu Catering Management China Holdings Co. Ltd. ± | 28,000 | 21,868 | ||||||
Xiamen C & D, Inc., Class A | 17,600 | 25,047 | ||||||
Xiamen Comfort Science & Technology Group Co. Ltd., Class A | 8,700 | 17,582 | ||||||
Xiamen International Port Co. Ltd., Class H | 94,000 | 10,367 | ||||||
Xiamen ITG Group Corp. Ltd., Class A | 17,300 | 19,571 | ||||||
Xiamen Tungsten Co. Ltd., Class A | 7,300 | 25,920 | ||||||
Xiamen Xiangyu Co. Ltd., Class A | 22,200 | 29,573 | ||||||
Xilinmen Furniture Co. Ltd., Class A | 5,200 | 31,844 | ||||||
Xinfengming Group Co. Ltd., Class A | 4,000 | 9,320 | ||||||
Xingda International Holdings Ltd. | 95,633 | 20,972 | ||||||
Xinhu Zhongbao Co. Ltd., Class A | 44,900 | 20,994 | ||||||
Xinhua Winshare Publishing and Media Co. Ltd., Class H | 36,000 | 27,285 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares | 47,800 | 93,301 | ||||||
Xinjiang Tianshan Cement Co. Ltd., Class A | 4,500 | 10,810 | ||||||
Xinjiang Zhongtai Chemical Co. Ltd., Class A | 14,500 | 21,704 | ||||||
Xinxing Ductile Iron Pipes Co. Ltd., Class A | 18,100 | 12,297 | ||||||
Xinyangfeng Agricultural Technology Co. Ltd., Class A | 6,900 | 18,286 | ||||||
Xinyi Solar Holdings Ltd. | 266 | 451 | ||||||
Xinyu Iron & Steel Co. Ltd., Class A | 27,300 | 22,617 | ||||||
Xtep International Holdings Ltd. | 57,647 | 96,109 | ||||||
Xuji Electric Co. Ltd., Class A | 9,300 | 38,085 | ||||||
YaGuang Technology Group Co. Ltd., Class A * | 8,000 | 11,385 | ||||||
Yango Group Co. Ltd., Class A | 22,400 | 10,614 | ||||||
Yantai Changyu Pioneer Wine Co. Ltd., Class A | 3,700 | 18,496 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 7,300 | 45,816 | ||||||
Yanzhou Coal Mining Co. Ltd., H Shares @ | 180,000 | 357,805 | ||||||
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares *@± | 25,600 | 20,027 | ||||||
Yifan Pharmaceutical Co. Ltd., Class A | 7,200 | 19,905 | ||||||
Yintai Gold Co. Ltd., Class A | 31,600 | 43,533 | ||||||
Yiren Digital Ltd., ADR * | 6,796 | 19,437 | ||||||
Yixintang Pharmaceutical Group Co. Ltd., Class A | 2,800 | 16,919 | ||||||
Yonghui Superstores Co. Ltd., Class A | 58,500 | 37,174 | ||||||
Youngor Group Co. Ltd., Class A | 11,500 | 12,432 | ||||||
Youzu Interactive Co. Ltd., Class A * | 8,100 | 19,369 | ||||||
Yum China Holdings, Inc. | 13,942 | 694,869 | ||||||
Yunda Holding Co. Ltd., Class A | 23,700 | 76,083 | ||||||
Yunnan Aluminium Co. Ltd., Class A * | 18,200 | 31,898 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 2,000 | 32,840 | ||||||
Yunnan Copper Co. Ltd., Class A | 8,100 | 16,992 | ||||||
Yunnan Tin Co. Ltd., Class A * | 14,600 | 44,739 | ||||||
Yutong Bus Co. Ltd., Class A | 13,300 | 22,997 | ||||||
Yuzhou Group Holdings Co. Ltd. @ | 207,126 | 17,000 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H | 120,000 | 102,494 | ||||||
Zhefu Holding Group Co. Ltd., Class A | 16,400 | 18,321 | ||||||
Zhejiang Century Huatong Group Co. Ltd., Class A * | 39,280 | 51,709 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 13,100 | 110,767 | ||||||
Zhejiang Crystal-Optech Co. Ltd., Class A | 12,400 | 33,834 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 19,700 | 72,577 | ||||||
Zhejiang Hailiang Co. Ltd., Class A | 19,700 | 38,421 | ||||||
Zhejiang Hisoar Pharmaceutical Co. Ltd., Class A | 12,700 | 16,420 | ||||||
Zhejiang Jiahua Energy Chemical Industry Co. Ltd. | 9,000 | 16,338 | ||||||
Zhejiang Juhua Co. Ltd., Class A | 7,900 | 16,002 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 19,300 | 38,247 | ||||||
Zhejiang Medicine Co. Ltd., Class A | 10,400 | 27,871 | ||||||
Zhejiang Narada Power Source Co. Ltd., Class A | 9,800 | 21,773 | ||||||
Zhejiang NHU Co. Ltd., Class A | 10,200 | 49,805 | ||||||
Zhejiang Orient Financial Holdings Group Co. Ltd., Class A | 17,420 | 12,081 | ||||||
Zhejiang Semir Garment Co. Ltd., Class A | 21,700 | 26,319 | ||||||
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A | 24,800 | 21,363 | ||||||
Zhejiang Wanliyang Co. Ltd., Class A | 11,400 | 26,365 | ||||||
Zhejiang Xinan Chemical Industrial Group Co. Ltd., Class A | 10,700 | 41,955 | ||||||
Zhejiang Yasha Decoration Co. Ltd., Class A | 16,000 | 18,803 | ||||||
Zhengzhou Coal Mining Machinery Group Co. Ltd., H Shares @ | 21,400 | 22,505 | ||||||
Zhenro Properties Group Ltd. @ | 93,000 | 44,249 | ||||||
Zhongji Innolight Co. Ltd., Class A | 3,700 | 24,673 | ||||||
Zhongjin Gold Corp. Ltd., Class A | 32,000 | 41,322 | ||||||
Zhongshan Broad Ocean Motor Co. Ltd., Class A | 22,200 | 30,618 | ||||||
Zhongsheng Group Holdings Ltd. | 2,500 | 19,493 | ||||||
Zhongtian Financial Group Co. Ltd., Class A * | 38,300 | 15,865 | ||||||
Zhou Hei Ya International Holdings Co. Ltd. @±* | 57,000 | 42,983 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 34,300 | 198,607 | ||||||
Zhuzhou Kibing Group Co. Ltd., Class A | 10,500 | 28,172 | ||||||
Zibo Qixiang Tengda Chemical Co. Ltd., Class A | 22,120 | 36,442 | ||||||
Zoomlion Heavy Industry Science & Technology Co. Ltd., H Shares | 85,800 | 54,027 | ||||||
ZTE Corp., H Shares | 55,800 | 152,783 | ||||||
ZTO Express Cayman, Inc. | 1,700 | 47,179 | ||||||
ZTO Express Cayman, Inc., ADR | 15,793 | 445,678 | ||||||
68,339,019 | ||||||||
Colombia — 0.2% | ||||||||
Bancolombia SA, ADR | 755 | 23,851 | ||||||
Cementos Argos SA | 31,937 | 47,992 | ||||||
CEMEX Latam Holdings SA * | 13,000 | 9,144 | ||||||
Corp. Financiera Colombiana SA * | 2,308 | 16,234 | ||||||
Grupo Argos SA | 29,921 | 99,712 | ||||||
Grupo de Inversiones Suramericana SA | 22,033 | 162,565 | ||||||
359,498 |
The accompanying notes are an integral part of these financial statements.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Czech Republic — 0.1% | ||||||||
CEZ, AS | 5,556 | $ | 210,295 | |||||
Komercni Banka, AS | 2,478 | 106,041 | ||||||
316,336 | ||||||||
Greece — 0.3% | ||||||||
Alpha Services & Holdings SA * | 81,255 | 99,632 | ||||||
Autohellas Tourist and Trading SA | 1,184 | 12,186 | ||||||
Bank of Greece | 859 | 16,528 | ||||||
Eurobank Ergasias Services & Holdings SA * | 150,057 | 152,286 | ||||||
Fourlis Holdings SA * | 3,046 | 13,351 | ||||||
Hellenic Petroleum Holdings SA | 3,804 | 26,938 | ||||||
JUMBO SA | 762 | 10,931 | ||||||
Motor Oil Hellas Corinth Refineries SA | 2,176 | 34,064 | ||||||
Mytilineos SA | 5,774 | 99,460 | ||||||
National Bank of Greece SA * | 33,402 | 111,498 | ||||||
Piraeus Financial Holdings SA * | 1,862 | 2,735 | ||||||
579,609 | ||||||||
Hong Kong — 0.1% | ||||||||
Untrade CTEG @§ | 98,000 | — | ||||||
Yuexiu Property Co. Ltd. | 135,006 | 118,947 | ||||||
118,947 | ||||||||
Hungary — 0.2% | ||||||||
MOL Hungarian Oil & Gas PLC | 51,666 | 401,275 | ||||||
OTP Bank Nyrt * | 1,803 | 92,244 | ||||||
493,519 | ||||||||
India — 14.1% | ||||||||
ACC Ltd. | 5,835 | 174,558 | ||||||
Adani Enterprises Ltd. | 4,435 | 101,843 | ||||||
Adani Ports & Special Economic Zone Ltd. | 15,271 | 150,038 | ||||||
Adani Transmission Ltd. * | 664 | 15,614 | ||||||
Aditya Birla Capital Ltd. * | 44,000 | 73,219 | ||||||
Allcargo Logistics Ltd. | 2,958 | 15,445 | ||||||
Amara Raja Batteries Ltd. | 1,654 | 14,174 | ||||||
Ambuja Cements Ltd. | 41,841 | 212,707 | ||||||
Apollo Tyres Ltd. | 31,532 | 92,875 | ||||||
Arvind Fashions Ltd. * | 5,200 | 18,936 | ||||||
Arvind Ltd. * | 13,452 | 21,860 | ||||||
Aster DM Healthcare Ltd. *± | 5,299 | 12,443 | ||||||
Aurobindo Pharma Ltd. | 25,561 | 251,757 | ||||||
Axis Bank Ltd. * | 100,054 | 915,062 | ||||||
Axis Bank Ltd., GDR * | 4,428 | 204,574 | ||||||
Bajaj Holdings & Investment Ltd. | 3,347 | 248,181 | ||||||
Balrampur Chini Mills Ltd. | 14,783 | 73,382 | ||||||
Bandhan Bank Ltd. ± | 42,966 | 145,656 | ||||||
Bank of Baroda * | 66,538 | 73,354 | ||||||
Bank of India * | 26,524 | 18,358 | ||||||
Bharat Electronics Ltd. | 88,362 | 249,090 | ||||||
Bharat Heavy Electricals Ltd. * | 96,730 | 76,839 | ||||||
Birla Corp. Ltd. | 3,237 | 62,183 | ||||||
Birlasoft Ltd. | 13,059 | 95,831 | ||||||
Bombay Burmah Trading Co. | 684 | 10,214 | ||||||
Brigade Enterprises Ltd. | 1,061 | 7,008 | ||||||
Camlin Fine Sciences Ltd. * | 4,352 | 7,611 | ||||||
Canara Bank * | 25,002 | 67,184 | ||||||
Ceat Ltd. | 3,536 | 57,591 | ||||||
Central Bank of India Ltd. * | 45,284 | 12,945 | ||||||
Century Textiles & Industries Ltd. | 3,788 | 46,751 | ||||||
Chambal Fertilizers and Chemicals Ltd. | 14,403 | 76,301 | ||||||
Cholamandalam Financial Holdings Ltd. | 6,641 | 57,757 | ||||||
Cipla Ltd. | 32,099 | 407,652 | ||||||
City Union Bank Ltd. | 30,829 | 55,947 | ||||||
Cochin Shipyard Ltd. ± | 3,997 | 19,163 | ||||||
Container Corp. Of India Ltd. | 7,508 | 62,015 | ||||||
CreditAccess Grameen Ltd. * | 1,344 | 10,830 | ||||||
CSB Bank Ltd. * | 3,753 | 11,895 | ||||||
Cyient Ltd. | 6,750 | 93,347 | ||||||
Dalmia Bharat Ltd. | 5,315 | 132,096 | ||||||
DCB Bank Ltd. * | 19,962 | 21,201 | ||||||
DCM Shriram Ltd. | 4,319 | 55,661 | ||||||
Deepak Fertilisers & Petrochemicals Corp. Ltd. | 1,839 | 9,203 | ||||||
Dilip Buildcon Ltd. ± | 2,860 | 16,996 | ||||||
Dishman Carbogen Amcis Ltd. * | 5,292 | 14,309 | ||||||
DLF Ltd. | 37,826 | 199,216 | ||||||
eClerx Services Ltd. | 1,015 | 35,774 | ||||||
Edelweiss Financial Services Ltd. | 37,825 | 36,433 | ||||||
EID Parry India Ltd. | 7,288 | 44,124 | ||||||
Equitas Small Finance Bank Ltd. *± | 16,074 | 12,866 | ||||||
Escorts Ltd. | 6,126 | 156,909 | ||||||
Exide Industries Ltd. | 26,178 | 59,233 | ||||||
Federal Bank Ltd. | 161,831 | 180,802 | ||||||
Finolex Cables Ltd. | 3,726 | 26,465 | ||||||
Finolex Industries Ltd. | 6,330 | 17,614 | ||||||
Firstsource Solutions Ltd. | 20,730 | 51,033 | ||||||
Fortis Healthcare Ltd. * | 22,623 | 90,677 | ||||||
GAIL India Ltd. | 175,583 | 305,410 | ||||||
Gateway Distriparks Ltd. | 6,284 | 23,552 | ||||||
General Insurance Corp. of India ±* | 7,543 | 14,308 | ||||||
GHCL Ltd. | 4,240 | 21,663 | ||||||
Glenmark Pharmaceuticals Ltd. | 12,966 | 91,974 | ||||||
Godawari Power and Ispat Ltd. | 2,480 | 9,270 | ||||||
Godfrey Phillips India Ltd. | 794 | 12,027 | ||||||
Granules India Ltd. | 17,305 | 78,219 | ||||||
Grasim Industries Ltd. | 22,682 | 496,446 | ||||||
Great Eastern Shipping Co. Ltd. (The) | 8,516 | 34,214 | ||||||
Gujarat Alkalies & Chemicals Ltd. | 2,551 | 22,409 | ||||||
Gujarat Ambuja Exports Ltd. | 4,383 | 9,994 | ||||||
Gujarat Fluorochemicals Ltd. * | 4,451 | 145,801 | ||||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 8,633 | 51,100 | ||||||
Gujarat Pipavav Port Ltd. | 19,498 | 26,138 | ||||||
Gujarat State Fertilizers & Chemicals Ltd. | 4,938 | 8,071 | ||||||
Gujarat State Petronet Ltd. | 23,082 | 91,476 | ||||||
Hero MotoCorp Ltd. | 1,858 | 61,612 | ||||||
HFCL Ltd. | 69,784 | 73,881 | ||||||
HIL Ltd. | 334 | 20,165 | ||||||
Himatsingka Seide Ltd. | 2,618 | 8,875 | ||||||
Hindalco Industries Ltd. | 170,691 | 1,090,130 | ||||||
Hinduja Global Solutions Ltd. | 613 | 27,312 | ||||||
Hindustan Aeronautics Ltd. | 2,011 | 32,722 | ||||||
Housing Development Finance Corp. Ltd. | 8,140 | 283,285 | ||||||
ICICI Bank Ltd. | 5,036 | 50,187 | ||||||
ICICI Bank Ltd., ADR @ | 89,109 | 1,763,467 | ||||||
IDFC First Bank Ltd. * | 114,324 | 74,436 | ||||||
IDFC Ltd. * | 48,080 | 40,878 | ||||||
IFCI Ltd. * | 68,818 | 15,044 | ||||||
IIFL Finance Ltd. | 11,597 | 43,433 | ||||||
IIFL Securities Ltd. | 25,376 | 31,338 | ||||||
IIFL Wealth Management Ltd. | 1,911 | 36,342 | ||||||
India Cements Ltd. (The) | 18,543 | 47,957 | ||||||
Indiabulls Housing Finance Ltd. | 31,451 | 92,235 | ||||||
Indian Bank | 2,394 | 4,496 | ||||||
Indian Overseas Bank * | 76,991 | 21,077 | ||||||
Indus Towers Ltd. | 24,381 | 81,308 | ||||||
IndusInd Bank Ltd. | 11,258 | 134,463 | ||||||
IRCON International Ltd. ± | 18,858 | 11,479 |
The accompanying notes are an integral part of these financial statements.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
India (Continued) | ||||||||
Jindal Poly Films Ltd. | 769 | $ | 10,769 | |||||
Jindal Saw Ltd. | 14,261 | 19,012 | ||||||
Jindal Stainless Hisar Ltd. * | 10,916 | 51,250 | ||||||
Jindal Stainless Ltd. * | 17,881 | 47,700 | ||||||
Jindal Steel & Power Ltd. * | 46,366 | 235,461 | ||||||
JK Cement Ltd. | 419 | 18,995 | ||||||
JK Paper Ltd. | 3,033 | 8,379 | ||||||
JK Tyre & Industries Ltd. | 10,161 | 19,055 | ||||||
JM Financial Ltd. | 26,872 | 26,895 | ||||||
JSW Energy Ltd. | 42,418 | 172,900 | ||||||
JSW Steel Ltd. | 89,380 | 787,922 | ||||||
Jubilant Ingrevia Ltd. | 9,690 | 75,169 | ||||||
Jubilant Pharmova Ltd. | 9,690 | 76,388 | ||||||
Kalpataru Power Transmission Ltd. | 5,415 | 27,098 | ||||||
Karnataka Bank Ltd. (The) | 41,191 | 34,078 | ||||||
Kaveri Seed Co. Ltd. | 2,043 | 15,644 | ||||||
KEC International Ltd. | 2,756 | 17,759 | ||||||
KEI Industries Ltd. | 1,528 | 24,029 | ||||||
KPR Mill Ltd. | 6,160 | 55,654 | ||||||
KRBL Ltd. | 2,340 | 7,637 | ||||||
L&T Finance Holdings Ltd. * | 78,972 | 82,334 | ||||||
Larsen & Toubro Ltd. | 9,327 | 237,994 | ||||||
Larsen & Toubro Ltd., GDR | 31,671 | 806,027 | ||||||
Laurus Labs Ltd. ± | 8,026 | 58,266 | ||||||
LIC Housing Finance Ltd. | 20,180 | 100,431 | ||||||
Lupin Ltd. | 22,898 | 292,633 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 54,856 | 110,028 | ||||||
Mahindra & Mahindra Ltd. | 65,830 | 741,140 | ||||||
Mahindra CIE Automotive Ltd. * | 6,907 | 21,812 | ||||||
Manappuram Finance Ltd. | 34,315 | 76,122 | ||||||
Motilal Oswal Financial Services Ltd. | 1,768 | 21,741 | ||||||
Mphasis Ltd. | 4,569 | 208,918 | ||||||
MRF Ltd. | 148 | 145,062 | ||||||
Natco Pharma Ltd. | 2,129 | 25,914 | ||||||
National Aluminium Co. Ltd. | 68,435 | 92,799 | ||||||
NCC Ltd. | 30,074 | 28,421 | ||||||
Nilkamal Ltd. | 322 | 10,569 | ||||||
NMDC Ltd. | 47,585 | 85,458 | ||||||
NOCIL Ltd. | 7,374 | 23,069 | ||||||
Oberoi Realty Ltd. * | 7,850 | 90,818 | ||||||
Orient Cement Ltd. | 6,133 | 13,126 | ||||||
Persistent Systems Ltd. | 4,418 | 291,219 | ||||||
Petronet LNG Ltd. | 45,623 | 132,906 | ||||||
Phillips Carbon Black Ltd. | 5,693 | 18,514 | ||||||
Phoenix Mills Ltd. (The) | 4,600 | 61,139 | ||||||
Piramal Enterprises Ltd. | 6,545 | 232,267 | ||||||
PNB Housing Finance Ltd. *± | 4,224 | 28,128 | ||||||
PNC Infratech Ltd. | 4,201 | 14,863 | ||||||
Polyplex Corp. Ltd. | 1,545 | 39,033 | ||||||
Power Finance Corp. Ltd. | 83,351 | 134,161 | ||||||
Prestige Estates Projects Ltd. | 14,610 | 93,229 | ||||||
PTC India Ltd. | 17,788 | 26,155 | ||||||
Punjab National Bank * | 115,447 | 58,006 | ||||||
Quess Corp. Ltd. ± | 2,433 | 27,856 | ||||||
Rain Industries Ltd. | 17,328 | 55,875 | ||||||
Rajesh Exports Ltd. | 7,411 | 73,631 | ||||||
Rashtriya Chemicals & Fertilizers Ltd. | 16,695 | 17,125 | ||||||
Raymond Ltd. * | 3,276 | 27,427 | ||||||
RBL Bank Ltd. *± | 23,980 | 41,195 | ||||||
REC Ltd. | 93,608 | 168,363 | ||||||
Redington India Ltd. | 57,900 | 112,746 | ||||||
Reliance Industries Ltd. | 206,554 | 6,581,272 | ||||||
Reliance Power Ltd. * | 130,737 | 24,095 | ||||||
RITES Ltd. | 2,755 | 9,823 | ||||||
Shilpa Medicare Ltd. | 2,237 | 16,100 | ||||||
Shipping Corp. of India Ltd. | 14,166 | 25,670 | ||||||
Shriram City Union Finance Ltd. | 2,635 | 62,919 | ||||||
Shriram Transport Finance Co. Ltd. | 15,545 | 254,289 | ||||||
Sobha Ltd. | 6,105 | 73,422 | ||||||
Star Cement Ltd. * | 7,280 | 9,358 | ||||||
State Bank of India | 69,305 | 429,056 | ||||||
State Bank of India, GDR | 7,560 | 466,452 | ||||||
Steel Authority of India Ltd. | 89,762 | 129,628 | ||||||
Strides Pharma Science Ltd. | 5,470 | 32,856 | ||||||
Sun Pharmaceutical Industries Ltd. | 38,050 | 432,528 | ||||||
Sun TV Network Ltd. | 5,489 | 36,891 | ||||||
Sundaram-Clayton Ltd. | 221 | 11,260 | ||||||
Sunteck Realty Ltd. | 5,951 | 39,307 | ||||||
Surya Roshni Ltd. | 773 | 6,068 | ||||||
Tata Chemicals Ltd. | 13,719 | 164,900 | ||||||
Tata Coffee Ltd. | 1,997 | 5,741 | ||||||
Tata Consumer Products Ltd. | 32,805 | 328,157 | ||||||
Tata Motors Ltd. * | 178,887 | 1,161,847 | ||||||
Tata Motors Ltd., ADR *@ | 2,406 | 77,209 | ||||||
Tata Steel Ltd. | 43,014 | 643,685 | ||||||
Tata Steel Ltd., GDR | 6,244 | 92,411 | ||||||
Thirumalai Chemicals Ltd. | 4,154 | 13,238 | ||||||
Tube Investments of India Ltd. | 2,032 | 47,810 | ||||||
TV18 Broadcast Ltd. * | 55,772 | 33,687 | ||||||
Uflex Ltd. | 3,166 | 21,806 | ||||||
Union Bank of India Ltd. * | 36,541 | 21,359 | ||||||
UPL Ltd. | 40,601 | 409,065 | ||||||
VA Tech Wabag Ltd. * | 2,558 | 10,661 | ||||||
Vardhman Textiles Ltd. | 1,633 | 51,691 | ||||||
Vedanta Ltd. | 31,713 | 145,370 | ||||||
Vedanta Ltd., ADR *<> | 11,177 | 205,209 | ||||||
Venky’s India Ltd. | 673 | 24,146 | ||||||
Welspun Corp. Ltd. | 11,246 | 26,967 | ||||||
Welspun India Ltd. | 31,063 | 60,801 | ||||||
Wipro Ltd. | 31,859 | 306,565 | ||||||
Wockhardt Ltd. * | 4,111 | 22,785 | ||||||
Yes Bank Ltd. * | 193,770 | 35,581 | ||||||
Zee Entertainment Enterprises Ltd. | 15,769 | 67,935 | ||||||
Zensar Technologies Ltd. | 5,610 | 39,546 | ||||||
Zydus Wellness Ltd. | 1,266 | 32,117 | ||||||
30,320,593 | ||||||||
Indonesia — 1.6% | ||||||||
Adaro Energy Tbk PT | 1,844,400 | 291,170 | ||||||
AKR Corporindo Tbk PT | 184,700 | 53,262 | ||||||
Aneka Tambang Tbk PT | 131,300 | 20,728 | ||||||
Astra Agro Lestari Tbk PT | 61,744 | 41,155 | ||||||
Astra International Tbk PT | 1,370,000 | 547,904 | ||||||
Astra Otoparts Tbk PT | 19,600 | 1,588 | ||||||
Bank Mandiri Persero Tbk PT | 710,600 | 350,252 | ||||||
Bank Maybank Indonesia Tbk PT | 568,800 | 13,250 | ||||||
Bank Negara Indonesia Persero Tbk PT | 499,366 | 236,500 | ||||||
Bank Pan Indonesia Tbk PT * | 626,700 | 33,858 |
The accompanying notes are an integral part of these financial statements.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Indonesia (Continued) | ||||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 173,300 | $ | 16,233 | |||||
Bank Pembangunan Daerah Jawa Timur Tbk PT | 403,000 | 21,207 | ||||||
Bank Tabungan Negara Persero Tbk PT * | 405,590 | 49,231 | ||||||
BISI International Tbk PT | 94,000 | 6,562 | ||||||
Buana Lintas Lautan Tbk PT * | 1,041,300 | 17,389 | ||||||
Bukit Asam Tbk PT | 339,600 | 64,572 | ||||||
Bumi Serpong Damai Tbk PT * | 435,700 | 30,876 | ||||||
Ciputra Development Tbk PT | 924,577 | 62,925 | ||||||
Delta Dunia Makmur Tbk PT * | 589,400 | 10,918 | ||||||
Erajaya Swasembada Tbk PT | 1,042,500 | 43,887 | ||||||
Gudang Garam Tbk PT | 38,200 | 82,015 | ||||||
Hanson International Tbk PT *§ | 5,335,700 | — | ||||||
Indah Kiat Pulp & Paper Tbk PT | 294,700 | 161,798 | ||||||
Indo Tambangraya Megah Tbk PT | 52,800 | 75,574 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 62,100 | 52,721 | ||||||
Indofood Sukses Makmur Tbk PT | 407,500 | 180,841 | ||||||
Japfa Comfeed Indonesia Tbk PT | 567,600 | 68,498 | ||||||
Link Net Tbk PT | 34,800 | 9,767 | ||||||
Lippo Karawaci Tbk PT * | 3,192,872 | 31,587 | ||||||
Medco Energi Internasional Tbk PT * | 1,248,052 | 40,806 | ||||||
Media Nusantara Citra Tbk PT | 629,000 | 39,719 | ||||||
Mitra Adiperkasa Tbk PT * | 645,700 | 32,166 | ||||||
MNC Vision Networks Tbk PT * | 1,301,600 | 15,343 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 84,800 | 44,773 | ||||||
Panin Financial Tbk PT * | 1,598,900 | 19,296 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 296,500 | 24,652 | ||||||
PP Persero Tbk PT * | 442,900 | 30,765 | ||||||
Ramayana Lestari Sentosa Tbk PT * | 70,400 | 3,235 | ||||||
Sawit Sumbermas Sarana Tbk PT | 240,200 | 16,263 | ||||||
Semen Indonesia Persero Tbk PT | 220,600 | 112,215 | ||||||
Sri Rejeki Isman Tbk PT §* | 996,900 | 3,830 | ||||||
Surya Semesta Internusa Tbk PT * | 393,100 | 13,349 | ||||||
Timah Tbk PT * | 116,300 | 11,873 | ||||||
Tunas Baru Lampung Tbk PT | 317,700 | 17,721 | ||||||
United Tractors Tbk PT | 182,800 | 284,092 | ||||||
Vale Indonesia Tbk PT | 184,400 | 60,550 | ||||||
Waskita Karya Persero Tbk PT * | 606,100 | 27,004 | ||||||
Wijaya Karya Persero Tbk PT * | 459,200 | 35,602 | ||||||
XL Axiata Tbk PT | 426,800 | 94,928 | ||||||
3,504,450 | ||||||||
Korea — 14.0% | ||||||||
AK Holdings, Inc. | 449 | 7,290 | ||||||
AMOREPACIFIC Group | 612 | 22,833 | ||||||
Aprogen Medicines, Inc. * | 11,871 | 16,827 | ||||||
Aprogen pharmaceuticals, Inc. * | 18,660 | 14,206 | ||||||
Asia Paper Manufacturing Co. Ltd. | 567 | 25,089 | ||||||
BGF Co. Ltd. | 4,970 | 22,117 | ||||||
Binggrae Co. Ltd. | 417 | 18,662 | ||||||
BNK Financial Group, Inc. | 20,319 | 143,579 | ||||||
Capro Corp. * | 3,814 | 15,368 | ||||||
Chongkundang Holdings Corp. | 196 | 12,613 | ||||||
CJ CheilJedang Corp. | 926 | 301,851 | ||||||
CJ Corp. | 1,703 | 119,479 | ||||||
CJ ENM Co. Ltd. | 392 | 45,770 | ||||||
CJ Logistics Corp. * | 395 | 41,868 | ||||||
Com2uSCorp * | 128 | 17,034 | ||||||
Dae Han Flour Mills Co. Ltd. | 157 | 20,405 | ||||||
Daesang Corp. | 2,426 | 47,551 | ||||||
Daewoo Engineering & Construction Co. Ltd. * | 18,960 | 92,029 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd. * | 5,100 | 98,890 | ||||||
Daihan Pharmaceutical Co. Ltd. | 296 | 7,146 | ||||||
Daishin Securities Co. Ltd. | 3,671 | 57,593 | ||||||
Daou Technology, Inc. | 2,149 | 41,217 | ||||||
DB Insurance Co. Ltd. | 5,483 | 249,070 | ||||||
DGB Financial Group, Inc. | 20,001 | 157,821 | ||||||
DL E&C Co. Ltd. * | 1,923 | 192,502 | ||||||
DL Holdings Co. Ltd. | 1,534 | 78,587 | ||||||
Dong-A ST Co. Ltd. | 233 | 14,034 | ||||||
Dongkuk Steel Mill Co. Ltd. | 6,894 | 92,210 | ||||||
Dongkuk Structures & Construction Co. Ltd. | 3,960 | 17,822 | ||||||
Dongwha Pharm Co. Ltd. | 736 | 9,039 | ||||||
Dongwon Development Co. Ltd. | 7,412 | 33,296 | ||||||
Dongwon F&B Co. Ltd. | 128 | 20,943 | ||||||
Dongwon Industries Co. Ltd. | 143 | 27,307 | ||||||
Doosan Bobcat, Inc. * | 4,635 | 158,886 | ||||||
Doosan Co. Ltd. | 633 | 62,834 | ||||||
Doosan Heavy Industries & Construction Co. Ltd. * | 481 | 8,254 | ||||||
DoubleUGames Co. Ltd. | 222 | 10,813 | ||||||
DTR Automotive Corp. | 17 | 1,027 | ||||||
E-MART, Inc. * | 1,350 | 171,483 | ||||||
Easy Holdings Co. Ltd. * | 5,023 | 16,986 | ||||||
Eugene Investment & Securities Co. Ltd. | 8,694 | 26,292 | ||||||
Fila Holdings Corp. | 1,248 | 37,637 | ||||||
GS Engineering & Construction Corp. | 6,265 | 208,702 | ||||||
GS Holdings Corp. | 5,177 | 170,280 | ||||||
GS Retail Co. Ltd. | 2,919 | 74,648 | ||||||
Halla Holdings Corp. | 1,090 | 42,041 | ||||||
Han Kuk Carbon Co. Ltd. | 2,014 | 18,213 | ||||||
Hana Financial Group, Inc. | 23,358 | 826,249 | ||||||
Handok, Inc. | 492 | 9,436 | ||||||
Handsome Co. Ltd. | 1,312 | 39,291 | ||||||
Hanil Holdings Co. Ltd. | 1,021 | 11,595 | ||||||
Hanjin Transportation Co. Ltd. | 1,142 | 28,916 | ||||||
Hankook Tire & Technology Co. Ltd. | 6,780 | 226,428 | ||||||
Hansol Paper Co. Ltd. | 2,232 | 25,348 | ||||||
Hansol Technics Co. Ltd. * | 1,664 | 10,932 | ||||||
Hanwha Aerospace Co. Ltd. | 3,511 | 141,769 | ||||||
Hanwha Corp. | 3,953 | 104,416 | ||||||
Hanwha General Insurance Co. Ltd. * | 8,055 | 25,139 | ||||||
Hanwha Investment & Securities Co. Ltd. * | 13,449 | 72,294 | ||||||
Hanwha Life Insurance Co. Ltd. | 20,246 | 49,987 | ||||||
Hanwha Solutions Corp. * | 9,139 | 272,921 | ||||||
Harim Holdings Co. Ltd. | 3,907 | 31,059 | ||||||
HDC Hyundai Development Co.-Engineering & Construction, Class E | 2,554 | 49,200 | ||||||
HS Industries Co. Ltd. | 3,615 | 18,550 | ||||||
Huchems Fine Chemical Corp. | 548 | 10,672 | ||||||
Hy-Lok Corp. | 918 | 12,935 | ||||||
Hyosung Corp. | 657 | 52,339 | ||||||
Hyosung Heavy Industries Corp. * | 306 | 15,007 | ||||||
Hyundai Construction Equipment Co. Ltd. * | 1,558 | 53,146 | ||||||
Hyundai Department Store Co. Ltd. | 1,286 | 81,244 | ||||||
Hyundai Doosan Infracore Co. Ltd. * | 10,482 | 62,429 | ||||||
Hyundai Electric & Energy System Co. Ltd. * | 1,980 | 33,146 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 4,831 | 180,642 | ||||||
Hyundai Futurenet Co. Ltd. | 3,997 | 14,172 | ||||||
Hyundai Glovis Co. Ltd. | 307 | 43,387 |
The accompanying notes are an integral part of these financial statements.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Korea (Continued) | ||||||||
Hyundai Greenfood Co. Ltd. | 5,396 | $ | 38,901 | |||||
Hyundai Heavy Industries Holdings Co. Ltd. | 3,175 | 143,426 | ||||||
Hyundai Home Shopping Network Corp. | 716 | 38,187 | ||||||
Hyundai Livart Furniture Co. Ltd. | 1,625 | 20,710 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 6,794 | 131,165 | ||||||
Hyundai Mipo Dockyard Co. Ltd. * | 1,444 | 85,030 | ||||||
Hyundai Mobis Co. Ltd. | 3,743 | 801,340 | ||||||
Hyundai Motor Co. | 7,337 | 1,289,954 | ||||||
Hyundai Motor Securities Co. Ltd. | 1,658 | 17,225 | ||||||
Hyundai Steel Co. | 5,647 | 194,765 | ||||||
Hyundai Wia Corp. | 941 | 63,248 | ||||||
Industrial Bank of Korea * | 21,945 | 190,144 | ||||||
Innocean Worldwide, Inc. | 407 | 18,968 | ||||||
INTOPS Co. Ltd. | 1,491 | 40,450 | ||||||
IS Dongseo Co. Ltd. | 1,364 | 50,774 | ||||||
Jahwa Electronics Co. Ltd. * | 1,250 | 26,341 | ||||||
JB Financial Group Co. Ltd. | 14,347 | 100,776 | ||||||
KB Financial Group, Inc., ADR @ | 35,210 | 1,625,294 | ||||||
KC Co. Ltd. | 887 | 17,050 | ||||||
KC Tech Co. Ltd. | 463 | 9,367 | ||||||
KCC Corp. | 293 | 77,640 | ||||||
KCC Glass Corp. | 444 | 22,373 | ||||||
Kia Corp. | 16,414 | 1,135,000 | ||||||
KISWIRE Ltd. | 1,072 | 17,540 | ||||||
KIWOOM Securities Co. Ltd. | 1,398 | 125,835 | ||||||
Kolmar Korea Holdings Co. Ltd. | 830 | 13,720 | ||||||
Kolon Industries, Inc. * | 1,930 | 115,110 | ||||||
Korea Asset In Trust Co. Ltd. | 5,452 | 18,735 | ||||||
Korea Electric Terminal Co. Ltd. | 682 | 43,774 | ||||||
Korea Investment Holdings Co. Ltd. | 3,650 | 247,786 | ||||||
Korea Line Corp. * | 16,631 | 36,934 | ||||||
Korea Petrochemical Ind Co. Ltd. | 384 | 59,114 | ||||||
Korea Real Estate Investment & Trust Co. Ltd. | 13,613 | 29,831 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd. * | 2,470 | 196,561 | ||||||
Korea Zinc Co. Ltd. | 612 | 263,076 | ||||||
Korean Air Lines Co. Ltd. * | 1,975 | 48,762 | ||||||
Korean Reinsurance Co. | 8,995 | 69,993 | ||||||
KT Skylife Co. Ltd. | 3,507 | 26,964 | ||||||
KT&G Corp. * | 6,668 | 443,131 | ||||||
Kumho Petrochemical Co. Ltd. | 514 | 71,776 | ||||||
Kumho Tire Co., Inc. * | 7,034 | 27,278 | ||||||
Kwang Dong Pharmaceutical Co. Ltd. | 5,019 | 31,370 | ||||||
Kyobo Securities Co. Ltd. | 2,156 | 15,180 | ||||||
LF Corp. | 3,054 | 44,317 | ||||||
LG Corp. | 5,347 | 363,888 | ||||||
LG Display Co. Ltd. * | 12,166 | 251,763 | ||||||
LG Display Co. Ltd., ADR *@ | 33,235 | 335,674 | ||||||
LG Electronics, Inc. * | 10,656 | 1,237,037 | ||||||
LG HelloVision Co. Ltd. | 4,225 | 19,761 | ||||||
LG Uplus Corp. | 15,900 | 181,905 | ||||||
Lotte Chemical Corp. | 1,056 | 192,767 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 274 | 30,771 | ||||||
Lotte Confectionery Co. Ltd. | 72 | 7,298 | ||||||
Lotte Corp. | 1,582 | 39,791 | ||||||
LOTTE Fine Chemical Co. Ltd. | 1,841 | 116,151 | ||||||
Lotte Food Co. Ltd. | 34 | 9,853 | ||||||
LOTTE Himart Co. Ltd. | 1,461 | 30,910 | ||||||
Lotte Shopping Co. Ltd. | 641 | 47,020 | ||||||
LS Corp. | 1,543 | 70,222 | ||||||
LX Hausys Ltd. | 666 | 34,456 | ||||||
LX Holdings Corp. * | 2,593 | 21,813 | ||||||
LX International Corp. | 3,459 | 76,964 | ||||||
Maeil Dairies Co. Ltd. * | 341 | 19,707 | ||||||
Mando Corp. * | 1,156 | 61,653 | ||||||
Meritz Financial Group, Inc. | 3,910 | 144,723 | ||||||
Meritz Fire & Marine Insurance Co. Ltd. | 1,910 | 53,906 | ||||||
Meritz Securities Co. Ltd. | 31,284 | 135,531 | ||||||
Mirae Asset Securities Co. Ltd. | 28,671 | 208,626 | ||||||
Muhak Co. Ltd. | 2,076 | 14,582 | ||||||
Namyang Dairy Products Co. Ltd. | 41 | 14,037 | ||||||
Neowiz * | 1,039 | 31,552 | ||||||
Nexen Corp. | 2,630 | 10,089 | ||||||
Nexen Tire Corp. | 5,151 | 29,552 | ||||||
NH Investment & Securities Co. Ltd. | 10,116 | 106,372 | ||||||
NHN Corp. * | 2,376 | 89,943 | ||||||
NICE Holdings Co. Ltd. | 708 | 9,529 | ||||||
Nong Shim Holdings Co. Ltd. | 185 | 11,796 | ||||||
NongShim Co. Ltd. | 255 | 68,322 | ||||||
NS Shopping Co. Ltd. | 1,784 | 19,059 | ||||||
OCI Co. Ltd. * | 1,256 | 109,884 | ||||||
Orion Holdings Corp. | 2,572 | 34,510 | ||||||
Ottogi Corp. | 38 | 14,577 | ||||||
Pan Ocean Co. Ltd. | 22,750 | 103,535 | ||||||
Partron Co. Ltd. | 2,142 | 23,965 | ||||||
Poongsan Corp. | 1,950 | 51,098 | ||||||
POSCO | 984 | 227,220 | ||||||
Posco International Corp. | 4,654 | 87,893 | ||||||
POSCO, ADR | 17,853 | 1,040,651 | ||||||
Power Logics Co. Ltd. * | 2,246 | 15,285 | ||||||
S-MAC Co. Ltd. * | 9,909 | 8,236 | ||||||
S-Oil Corp. | 238 | 17,158 | ||||||
Sajo Industries Co. Ltd. | 327 | 13,025 | ||||||
Samjin Pharmaceutical Co. Ltd. | 808 | 17,876 | ||||||
Samsung C&T Corp. | 4,716 | 472,096 | ||||||
Samsung Card Co. Ltd. | 2,083 | 55,196 | ||||||
Samsung Electronics Co. Ltd. | 11,336 | 746,674 | ||||||
Samsung Electronics Co. Ltd., GDR | 718 | 1,183,982 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 3,128 | 531,530 | ||||||
Samsung Heavy Industries Co. Ltd. * | 37,160 | 177,243 | ||||||
Samsung Life Insurance Co. Ltd. | 4,444 | 239,630 | ||||||
Samsung Securities Co. Ltd. | 4,339 | 163,887 | ||||||
Samyang Corp. | 427 | 22,522 | ||||||
Samyang Holdings Corp. | 409 | 33,787 | ||||||
Sangsangin Co. Ltd. | 4,957 | 34,610 | ||||||
SeAH Steel Holdings Corp. | 235 | 20,362 | ||||||
Sebang Co. Ltd. | 1,306 | 13,129 | ||||||
Sebang Global Battery Co. Ltd. | 697 | 44,502 | ||||||
Seohan Co. Ltd. | 5,607 | 7,853 | ||||||
Seoul Semiconductor Co. Ltd. | 1,842 | 23,863 | ||||||
Shinhan Financial Group Co. Ltd. | 23,813 | 737,176 | ||||||
Shinhan Financial Group Co. Ltd., ADR | 10,120 | 312,809 | ||||||
Shinsegae, Inc. * | 629 | 134,398 | ||||||
Shinyoung Securities Co. Ltd. | 511 | 25,792 | ||||||
SK Discovery Co. Ltd. | 1,247 | 48,674 | ||||||
SK Gas Ltd. | 364 | 39,041 | ||||||
SK Hynix, Inc. * | 31,364 | 3,456,306 | ||||||
SK Innovation Co. Ltd. * | 1,578 | 316,596 | ||||||
SK Networks Co. Ltd. | 12,838 | 54,214 |
The accompanying notes are an integral part of these financial statements.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Korea (Continued) | ||||||||
SK Securities Co. Ltd. | 36,346 | $ | 30,575 | |||||
SK, Inc. | 2,543 | 536,945 | ||||||
SL Corp. | 1,820 | 47,768 | ||||||
SNT Motiv Co. Ltd. | 1,086 | 42,983 | ||||||
Songwon Industrial Co. Ltd. | 1,925 | 34,735 | ||||||
Soulbrain Holdings Co. Ltd. * | 523 | 15,223 | ||||||
Spigen Korea Co. Ltd. * | 361 | 13,058 | ||||||
Suheung Co. Ltd. | 475 | 17,661 | ||||||
Sungwoo Hitech Co. Ltd. | 3,959 | 19,017 | ||||||
Sunjin Co. Ltd. | 941 | 9,103 | ||||||
Taekwang Industrial Co. Ltd. | 36 | 31,586 | ||||||
Taeyoung Engineering & Construction Co. Ltd. | 2,546 | 22,488 | ||||||
Theragen Etex Co. Ltd. * | 2,386 | 12,866 | ||||||
Tongyang, Inc. | 18,180 | 22,405 | ||||||
Toptec Co. Ltd. | 1,934 | 15,082 | ||||||
TY Holdings Co. Ltd. * | 2,455 | 58,238 | ||||||
Unid Co. Ltd. | 672 | 56,813 | ||||||
WiSoL Co. Ltd. | 914 | 8,381 | ||||||
Wonik Holdings Co. Ltd. * | 5,077 | 21,269 | ||||||
Woori Financial Group, Inc. | 41,228 | 440,459 | ||||||
Young Poong Corp. | 46 | 25,346 | ||||||
Youngone Corp. * | 2,640 | 96,939 | ||||||
Youngone Holdings Co. Ltd. | 787 | 30,950 | ||||||
Yuanta Securities Korea Co. Ltd. | 11,552 | 39,065 | ||||||
30,084,471 | ||||||||
Malaysia — 1.7% | ||||||||
Aeon Co. M Bhd | 64,400 | 21,796 | ||||||
Alliance Bank Malaysia Bhd | 118,600 | 81,420 | ||||||
AMMB Holdings Bhd * | 194,787 | 148,218 | ||||||
Batu Kawan Bhd | 18,200 | 99,169 | ||||||
Boustead Plantations Bhd | 55,720 | 8,694 | ||||||
Bumi Armada Bhd * | 264,700 | 29,863 | ||||||
Cahya Mata Sarawak Bhd | 68,100 | 20,924 | ||||||
CIMB Group Holdings Bhd | 519,053 | 679,030 | ||||||
DRB-Hicom Bhd | 119,100 | 40,882 | ||||||
Ekovest Bhd | 165,800 | 16,516 | ||||||
Gamuda Bhd * | 145,185 | 101,065 | ||||||
Genting Bhd | 159,000 | 178,236 | ||||||
Genting Malaysia Bhd | 182,600 | 126,233 | ||||||
Genting Plantations Bhd | 6,500 | 10,454 | ||||||
HAP Seng Consolidated Bhd | 18,200 | 33,639 | ||||||
Hengyuan Refining Co. Bhd | 9,900 | 9,197 | ||||||
Hibiscus Petroleum Bhd | 140,200 | 27,427 | ||||||
Hong Leong Financial Group Bhd | 29,521 | 122,874 | ||||||
IJM Corp. Bhd | 250,560 | 91,419 | ||||||
IOI Properties Group Bhd | 50,050 | 13,215 | ||||||
Lotte Chemical Titan Holding Bhd ± | 36,723 | 21,156 | ||||||
Magnum Bhd | 86,961 | 39,661 | ||||||
Mah Sing Group Bhd | 205,885 | 34,100 | ||||||
Malayan Banking Bhd | 279,064 | 555,984 | ||||||
Malaysia Airports Holdings Bhd * | 31,300 | 44,929 | ||||||
Malaysia Building Society Bhd | 205,001 | 26,326 | ||||||
Malaysian Resources Corp. Bhd | 136,329 | 11,617 | ||||||
Matrix Concepts Holdings Bhd | 42,800 | 22,602 | ||||||
Mega First Corp. Bhd | 12,800 | 10,754 | ||||||
MISC Bhd | 94,320 | 159,615 | ||||||
MKH Bhd | 36,950 | 10,909 | ||||||
Oriental Holdings Bhd | 25,760 | 32,463 | ||||||
OSK Holdings Bhd | 74,455 | 15,549 | ||||||
PPB Group Bhd | 37,500 | 153,925 | ||||||
RHB Bank Bhd | 184,365 | 237,648 | ||||||
Sarawak Oil Palms Bhd | 20,500 | 17,174 | ||||||
Sime Darby Bhd | 293,600 | 163,503 | ||||||
Sime Darby Property Bhd | 308,000 | 43,989 | ||||||
SP Setia Bhd Group * | 143,480 | 44,428 | ||||||
Sunway Bhd | 96,197 | 39,716 | ||||||
Ta Ann Holdings Bhd | 60 | 51 | ||||||
United Malacca Bhd | 14,600 | 18,083 | ||||||
UOA Development Bhd | 14,100 | 5,652 | ||||||
WCT Holdings Bhd * | 115,937 | 14,193 | ||||||
YTL Corp. Bhd | 464,943 | 64,730 | ||||||
3,649,028 | ||||||||
Mexico — 2.1% | ||||||||
ALEATICA SAB de CV * | 17,691 | 17,107 | ||||||
Alfa SAB de CV, Class A | 260,453 | 191,185 | ||||||
Alpek SAB de CV | 27,384 | 29,757 | ||||||
Arca Continental SAB de CV | 21,120 | 134,113 | ||||||
Banco del Bajio SA ± | 52,670 | 94,019 | ||||||
Cemex SAB de CV * | 605,139 | 413,465 | ||||||
Coca-Cola Femsa SAB de CV | 24,353 | 133,816 | ||||||
Consorcio ARA SAB de CV | 72,788 | 15,251 | ||||||
Corp. Actinver SAB de CV | 15,700 | 9,086 | ||||||
El Puerto de Liverpool SAB de CV, Series C1 | 8,547 | 36,901 | ||||||
Fomento Economico Mexicano SAB de CV | 9,867 | 76,857 | ||||||
GCC SAB de CV | 9,847 | 75,624 | ||||||
Genomma Lab Internacional SAB de CV, Series B | 22,030 | 23,154 | ||||||
Gentera SAB de CV * | 67,054 | 43,228 | ||||||
Grupo Carso SAB de CV, Series A1 | 24,499 | 78,263 | ||||||
Grupo Comercial Chedraui SA de CV | 28,843 | 59,784 | ||||||
Grupo Elektra SAB de CV | 693 | 52,460 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 139,310 | 906,054 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O * | 133,245 | 159,890 | ||||||
Grupo Hotelero Santa Fe SAB de CV * | 22,600 | 5,298 | ||||||
Grupo Mexico SAB de CV, Series B | 158,955 | 692,942 | ||||||
Grupo Sanborns SAB de CV * | 34,641 | 48,217 | ||||||
Grupo Televisa SAB | 189,926 | 356,282 | ||||||
Industrias Bachoco SAB de CV, ADR | 639 | 27,183 | ||||||
Industrias Bachoco SAB de CV, Series B | 5,634 | 19,633 | ||||||
Industrias CH SAB de CV, Series B * | 23,916 | 222,965 | ||||||
Industrias Penoles SAB de CV | 8,090 | 93,257 | ||||||
La Comer SAB de CV | 37,216 | 67,069 | ||||||
Megacable Holdings SAB de CV | 16,872 | 57,673 | ||||||
Minera Frisco SAB de CV, Class A1 * | 52,254 | 9,187 | ||||||
Nemak SAB de CV *± | 122,975 | 36,456 | ||||||
Orbia Advance Corp. SAB de CV | 64,269 | 164,035 | ||||||
Organizacion Soriana SAB de CV, Class B | 57,868 | 73,453 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 11,129 | 86,834 | ||||||
Promotora y Operadora de Infraestructura SAB de CV, Class L | 1,600 | 7,814 | ||||||
Unifin Financiera SAB de CV * | 10,214 | 18,756 | ||||||
4,537,068 | ||||||||
Netherlands — 0.0% | ||||||||
Astarta Holding NV | 1,115 | 11,733 | ||||||
Philippines — 0.8% | ||||||||
Alliance Global Group, Inc. | 253,300 | 58,615 | ||||||
Ayala Corp. | 9,410 | 153,350 | ||||||
Bank of the Philippine Islands | 67,429 | 121,853 | ||||||
BDO Unibank, Inc. | 94,817 | 224,433 | ||||||
Belle Corp. * | 176,000 | 4,659 | ||||||
Cebu Air, Inc. * | 23,560 | 19,474 |
The accompanying notes are an integral part of these financial statements.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Philippines (Continued) | ||||||||
CEMEX Holdings Philippines, Inc. *± | 324,537 | $ | 6,683 | |||||
China Banking Corp. | 74,676 | 38,076 | ||||||
Cosco Capital, Inc. | 257,000 | 26,208 | ||||||
DMCI Holdings, Inc. | 385,900 | 58,348 | ||||||
East West Banking Corp. * | 27,450 | 5,168 | ||||||
Filinvest Land, Inc. | 1,435,000 | 30,955 | ||||||
First Philippine Holdings Corp. | 26,510 | 36,418 | ||||||
GT Capital Holdings, Inc. | 3,472 | 36,768 | ||||||
JG Summit Holdings, Inc. | 152,183 | 158,174 | ||||||
LT Group, Inc. | 132,300 | 25,685 | ||||||
Megaworld Corp. | 1,004,700 | 62,064 | ||||||
Metropolitan Bank & Trust Co. | 120,747 | 131,894 | ||||||
Puregold Price Club, Inc. | 33,600 | 25,896 | ||||||
Rizal Commercial Banking Corp. | 47,790 | 18,744 | ||||||
Robinsons Land Corp. | 247,455 | 93,173 | ||||||
Robinsons Retail Holdings, Inc. | 43,490 | 55,778 | ||||||
San Miguel Corp. | 41,650 | 93,849 | ||||||
Security Bank Corp. | 23,180 | 54,095 | ||||||
Top Frontier Investment Holdings, Inc. * | 4,630 | 11,595 | ||||||
Union Bank of the Philippines | 30,425 | 59,367 | ||||||
Vista Land & Lifescapes, Inc. | 491,200 | 34,004 | ||||||
1,645,326 | ||||||||
Poland — 0.8% | ||||||||
AB SA | 845 | 11,325 | ||||||
Alior Bank SA * | 6,050 | 82,135 | ||||||
Amica SA | 306 | 8,582 | ||||||
Asseco Poland SA | 3,222 | 69,132 | ||||||
Bank Handlowy w Warszawie SA | 2,875 | 42,099 | ||||||
Bank Millennium SA * | 56,324 | 114,559 | ||||||
Bank Polska Kasa Opieki SA | 382 | 11,567 | ||||||
Ciech SA | 1,973 | 20,567 | ||||||
Develia SA | 16,364 | 12,062 | ||||||
Echo Investment SA | 1,732 | 1,747 | ||||||
Enea SA * | 15,105 | 31,903 | ||||||
Famur SA * | 51,375 | 42,715 | ||||||
Grupa Azoty SA * | 5,354 | 44,914 | ||||||
Grupa Lotos SA * | 8,588 | 130,019 | ||||||
Jastrzebska Spolka Weglowa SA * | 2,892 | 25,029 | ||||||
Kernel Holding SA | 6,315 | 92,002 | ||||||
KGHM Polska Miedz SA | 3,036 | 105,039 | ||||||
mBank SA * | 1,049 | 112,785 | ||||||
PGE Polska Grupa Energetyczna SA * | 69,342 | 138,748 | ||||||
Polski Koncern Naftowy Orlen SA | 29,848 | 550,712 | ||||||
Santander Bank Polska SA | 161 | 13,926 | ||||||
Tauron Polska Energia SA * | 107,603 | 70,878 | ||||||
1,732,445 | ||||||||
Russia — 1.6% | ||||||||
Gazprom PJSC, ADR | 162,760 | 1,503,902 | ||||||
Lukoil PJSC, ADR | 18,875 | 1,689,313 | ||||||
RusHydro PJSC, ADR | 61,905 | 61,905 | ||||||
VTB Bank PJSC, GDR * | 92,145 | 116,103 | ||||||
3,371,223 | ||||||||
Singapore — 0.0% | ||||||||
China XLX Fertiliser Ltd. | 24,000 | 16,405 | ||||||
South Africa — 3.8% | ||||||||
Absa Group Ltd. | 40,917 | 391,709 | ||||||
Adcock Ingram Holdings Ltd. | 3,460 | 10,954 | ||||||
Aeci Ltd. | 11,902 | 83,654 | ||||||
African Rainbow Minerals Ltd. | 9,314 | 135,148 | ||||||
Alexander Forbes Group Holdings Ltd. | 100,385 | 28,286 | ||||||
AngloGold Ashanti Ltd., ADR | 16,757 | 351,562 | ||||||
Aspen Pharmacare Holdings Ltd. | 21,622 | 304,540 | ||||||
Astral Foods Ltd. | 5,245 | 56,828 | ||||||
Barloworld Ltd. | 20,449 | 192,966 | ||||||
DataTec Ltd. | 26,361 | 63,690 | ||||||
Discovery Ltd. * | 16,270 | 146,588 | ||||||
Exxaro Resources Ltd. | 16,359 | 156,938 | ||||||
Gold Fields Ltd., ADR @ | 49,257 | 541,334 | ||||||
Grindrod Ltd. *@ | 33,342 | 10,357 | ||||||
Grindrod Shipping Holdings Ltd. | 905 | 14,880 | ||||||
Harmony Gold Mining Co. Ltd., ADR | 25,436 | 104,542 | ||||||
Impala Platinum Holdings Ltd. | 50,118 | 707,659 | ||||||
Imperial Logistics Ltd. | 19,398 | 77,896 | ||||||
Investec Ltd. | 21,334 | 117,213 | ||||||
KAP Industrial Holdings Ltd. | 75,439 | 20,688 | ||||||
Lewis Group Ltd. | 3,337 | 9,947 | ||||||
Liberty Holdings Ltd. * | 2,624 | 15,568 | ||||||
Life Healthcare Group Holdings Ltd. | 37,723 | 56,886 | ||||||
Long4Life Ltd. | 66,407 | 24,337 | ||||||
Metair Investments Ltd. | 23,331 | 40,264 | ||||||
Momentum Metropolitan Holdings | 100,980 | 120,086 | ||||||
Motus Holdings Ltd. | 16,843 | 116,363 | ||||||
Mpact Ltd. * | 15,365 | 33,777 | ||||||
MTN Group Ltd. * | 144,811 | 1,551,345 | ||||||
Murray & Roberts Holdings Ltd. * | 24,454 | 21,899 | ||||||
Nedbank Group Ltd. | 26,248 | 288,295 | ||||||
Oceana Group Ltd. | 7,336 | 25,569 | ||||||
Old Mutual Ltd. | 280,462 | 230,565 | ||||||
Omnia Holdings Ltd. | 16,030 | 64,392 | ||||||
Pepkor Holdings Ltd. *± | 41,785 | 57,400 | ||||||
PPC Ltd. * | 147,503 | 46,746 | ||||||
Raubex Group Ltd. | 16,897 | 42,203 | ||||||
Reunert Ltd. | 14,953 | 49,734 | ||||||
RFG Holdings Ltd. | 12,062 | 9,295 | ||||||
Royal Bafokeng Platinum Ltd. @ | 7,872 | 77,223 | ||||||
Sappi Ltd. * | 60,922 | 174,565 | ||||||
Sasol Ltd. * | 25,120 | 408,289 | ||||||
Sasol Ltd., ADR * | 4,634 | 75,998 | ||||||
Sibanye Stillwater Ltd. | 69,281 | 213,473 | ||||||
Standard Bank Group Ltd. | 84,467 | 742,154 | ||||||
Super Group Ltd. | 41,508 | 88,590 | ||||||
Telkom SA SOC Ltd. * | 28,405 | 96,401 | ||||||
Tiger Brands Ltd. | 2,333 | 26,500 | ||||||
Wilson Bayly Holmes-Ovcon Ltd. | 5,488 | 39,014 | ||||||
8,264,310 | ||||||||
Taiwan — 18.7% | ||||||||
Acer, Inc. | 187,884 | 206,783 | ||||||
Advanced International Multitech Co. Ltd. | 8,000 | 21,686 | ||||||
Alpha Networks, Inc. | 24,973 | 30,283 | ||||||
Altek Corp. | 13,000 | 22,366 | ||||||
Ambassador Hotel (The) * | 20,000 | 22,482 | ||||||
AmTRAN Technology Co. Ltd. | 70,763 | 45,015 | ||||||
Apex International Co. Ltd. | 15,000 | 70,752 | ||||||
Arcadyan Technology Corp. | 7,000 | 32,259 | ||||||
Ardentec Corp. | 39,092 | 78,419 | ||||||
ASE Technology Holding Co. Ltd. | 208,000 | 800,665 | ||||||
Asia Cement Corp. | 203,269 | 325,471 |
The accompanying notes are an integral part of these financial statements.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Taiwan (Continued) | ||||||||
Asia Pacific Telecom Co. Ltd. * | 125,842 | $ | 37,388 | |||||
Asia Polymer Corp. | 31,602 | 41,863 | ||||||
Asia Vital Components Co. Ltd. | 27,000 | 86,074 | ||||||
Asustek Computer, Inc. | 56,000 | 761,051 | ||||||
AU Optronics Corp. | 628,000 | 519,796 | ||||||
Avermedia Technologies | 11,200 | 12,954 | ||||||
Basso Industry Corp. | 9,000 | 14,215 | ||||||
Bioteque Corp. | 3,000 | 12,415 | ||||||
Brighton-Best International Taiwan, Inc. | 17,000 | 23,687 | ||||||
Capital Securities Corp. | 184,437 | 112,994 | ||||||
Career Technology MFG. Co. Ltd. * | 20,400 | 19,503 | ||||||
Catcher Technology Co. Ltd. | 60,000 | 339,393 | ||||||
Cathay Financial Holding Co. Ltd. | 690,166 | 1,559,091 | ||||||
Cathay Real Estate Development Co. Ltd. | 70,000 | 48,704 | ||||||
Chang Hwa Commercial Bank Ltd. | 296,496 | 182,182 | ||||||
Channel Well Technology Co. Ltd. | 16,000 | 22,959 | ||||||
Cheng Loong Corp. | 82,000 | 104,623 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 110,000 | 143,528 | ||||||
Cheng Uei Precision Industry Co. Ltd. | 44,543 | 63,674 | ||||||
Chia Hsin Cement Corp. | 22,000 | 16,500 | ||||||
Chilisin Electronics Corp. <> | 19,380 | 67,243 | ||||||
Chin-Poon Industrial Co. Ltd. | 36,000 | 47,754 | ||||||
China Airlines Ltd. * | 278,111 | 276,935 | ||||||
China Bills Finance Corp. | 89,000 | 55,329 | ||||||
China Chemical & Pharmaceutical Co. Ltd. | 19,000 | 15,555 | ||||||
China Development Financial Holding Corp. | 896,559 | 567,094 | ||||||
China General Plastics Corp. | 28,665 | 35,952 | ||||||
China Man-Made Fiber Corp. | 115,018 | 42,196 | ||||||
China Metal Products | 31,000 | 37,031 | ||||||
China Motor Corp. | 22,478 | 51,509 | ||||||
China Petrochemical Development Corp. * | 389,871 | 185,304 | ||||||
China Steel Corp. | 766,800 | 979,737 | ||||||
Chipbond Technology Corp. | 42,000 | 101,254 | ||||||
ChipMOS Technologies, Inc. | 28,897 | 50,761 | ||||||
Chun Yuan Steel Industry Co. Ltd. | 30,000 | 26,457 | ||||||
Chung Hung Steel Corp. | 60,000 | 89,240 | ||||||
Chung-Hsin Electric & Machinery Manufacturing Corp. | 28,000 | 45,795 | ||||||
Chunghwa Precision Test Tech Co. Ltd. | 2,000 | 51,397 | ||||||
Clevo Co. | 43,000 | 51,289 | ||||||
CMC Magnetics Corp. * | 93,595 | 38,734 | ||||||
Compal Electronics, Inc. | 440,000 | 384,863 | ||||||
Compeq Manufacturing Co. Ltd. | 109,000 | 172,362 | ||||||
Concord Securities Co. Ltd. | 37,000 | 20,060 | ||||||
Continental Holdings Corp. | 42,000 | 38,179 | ||||||
Coretronic Corp. | 40,800 | 136,261 | ||||||
CTBC Financial Holding Co. Ltd. | 1,619,280 | 1,518,788 | ||||||
CyberTAN Technology, Inc. | 37,000 | 41,524 | ||||||
D-Link Corp. * | 15,640 | 10,741 | ||||||
Darfon Electronics Corp. | 17,000 | 31,153 | ||||||
Darwin Precisions Corp. * | 55,000 | 31,807 | ||||||
Depo Auto Parts Ind Co. Ltd. | 12,000 | 27,238 | ||||||
Dyaco International, Inc. | 7,000 | 13,688 | ||||||
Dynapack International Technology Corp. | 7,000 | 25,933 | ||||||
E Ink Holdings, Inc. | 5,000 | 27,289 | ||||||
E.Sun Financial Holding Co. Ltd. | 663,773 | 672,962 | ||||||
Elite Advanced Laser Corp. | 8,000 | 16,424 | ||||||
Elitegroup Computer Systems Co. Ltd. | 35,877 | 29,177 | ||||||
Ennoconn Corp. | 3,116 | 26,636 | ||||||
ENNOSTAR, Inc. * | 25,414 | 70,454 | ||||||
Entie Commercial Bank Co. Ltd. | 68,000 | 40,185 | ||||||
Eternal Materials Co., Ltd. | 34,000 | 49,770 | ||||||
Eva Airways Corp. * | 265,478 | 268,193 | ||||||
Everest Textile Co. Ltd. * | 56,568 | 19,690 | ||||||
Evergreen International Storage & Transport Corp. | 54,000 | 57,187 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 94,459 | 486,515 | ||||||
Everlight Chemical Industrial Corp. | 56,000 | 55,156 | ||||||
Everlight Electronics Co. Ltd. | 40,000 | 76,192 | ||||||
Far Eastern Department Stores Ltd. | 108,220 | 83,902 | ||||||
Far Eastern International Bank | 250,659 | 97,393 | ||||||
Far Eastern New Century Corp. | 266,338 | 282,058 | ||||||
Farglory Land Development Co. Ltd. | 26,721 | 59,687 | ||||||
Federal Corp. | 33,000 | 34,411 | ||||||
Feng Hsin Iron & Steel Co. | 8,000 | 24,144 | ||||||
First Financial Holding Co. Ltd. | 579,774 | 513,408 | ||||||
First Steamship Co. Ltd. * | 39,240 | 18,580 | ||||||
FLEXium Interconnect, Inc. * | 17,000 | 64,210 | ||||||
Formosa Advanced Technologies Co. Ltd. | 20,000 | 28,265 | ||||||
Formosa Chemicals & Fibre Corp. | 176,000 | 513,999 | ||||||
Formosa Petrochemical Corp. | 13,000 | 45,061 | ||||||
Formosa Plastics Corp. | 164,000 | 616,474 | ||||||
Formosa Taffeta Co. Ltd. | 50,000 | 52,680 | ||||||
Formosan Rubber Group, Inc. | 20,080 | 16,693 | ||||||
Formosan Union Chemical | 48,179 | 40,226 | ||||||
Foxconn Technology Co. Ltd. | 58,127 | 136,352 | ||||||
FSP Technology, Inc. | 8,000 | 13,301 | ||||||
Fubon Financial Holding Co. Ltd. | 634,173 | 1,748,921 | ||||||
Fulltech Fiber Glass Corp. * | 31,310 | 19,635 | ||||||
Gemtek Technology Corp. | 47,000 | 54,870 | ||||||
General Interface Solution Holding Ltd. | 24,000 | 88,481 | ||||||
Getac Holdings Corp. | 21,000 | 42,278 | ||||||
Giantplus Technology Co. Ltd. * | 37,000 | 18,656 | ||||||
Gigastorage Corp. * | 294 | 368 | ||||||
Gloria Material Technology Corp. | 50,392 | 39,979 | ||||||
Gold Circuit Electronics Ltd. | 35,000 | 96,143 | ||||||
Goldsun Building Materials Co. Ltd. | 82,973 | 87,420 | ||||||
Grand Pacific Petrochemical | 102,000 | 105,808 | ||||||
Great Wall Enterprise Co. Ltd. | 57,839 | 111,635 | ||||||
Greatek Electronics, Inc. | 7,000 | 19,760 | ||||||
Hannstar Board Corp. | 38,929 | 63,880 | ||||||
HannsTouch Solution, Inc. | 32,279 | 20,126 | ||||||
Hey Song Corp. | 18,750 | 24,194 | ||||||
Highwealth Construction Corp. | 9,900 | 16,549 | ||||||
Hiroca Holdings Ltd. | 8,000 | 16,337 | ||||||
Ho Tung Chemical Corp. | 108,688 | 43,802 | ||||||
Hon Hai Precision Industry Co. Ltd. | 703,068 | 2,642,826 | ||||||
Hong Pu Real Estate Development Co. Ltd. | 20,000 | 16,735 | ||||||
HTC Corp. * | 9,000 | 27,585 | ||||||
Hu Lane Associate, Inc. | 1,000 | 5,060 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 475,181 | 364,110 | ||||||
Hung Sheng Construction Ltd. | 50,688 | 43,970 | ||||||
IBF Financial Holdings Co. Ltd. | 275,839 | 160,018 | ||||||
IEI Integration Corp. | 8,000 | 13,532 | ||||||
Innolux Corp. | 607,757 | 430,550 | ||||||
International CSRC Investment Holdings Co. | 58,604 | 59,733 | ||||||
Inventec Corp. | 214,282 | 193,239 | ||||||
Kenda Rubber Industrial Co. Ltd. | 22,000 | 24,730 | ||||||
Kindom Development Co. Ltd. | 46,200 | 63,037 | ||||||
King Slide Works Co. Ltd. | 2,000 | 37,373 | ||||||
King Yuan Electronics Co. Ltd. | 127,100 | 205,808 | ||||||
King’s Town Bank Co. Ltd. | 90,000 | 131,908 | ||||||
Kinpo Electronics | 138,000 | 80,554 | ||||||
Kinsus Interconnect Technology Corp. | 28,000 | 235,804 | ||||||
L&K Engineering Co. Ltd. | 16,000 | 18,824 | ||||||
Largan Precision Co. Ltd. | 6,000 | 534,572 |
The accompanying notes are an integral part of these financial statements.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Taiwan (Continued) | ||||||||
Lealea Enterprise Co. Ltd. * | 27,000 | $ | 11,028 | |||||
Lien Hwa Industrial Holdings Corp. | 34,479 | 77,141 | ||||||
Lingsen Precision Industries Ltd. * | 41,000 | 41,049 | ||||||
Lite-On Technology Corp. | 213,874 | 493,193 | ||||||
Longchen Paper & Packaging Co. Ltd. | 89,648 | 79,062 | ||||||
Longwell Co. | 12,000 | 22,901 | ||||||
Macronix International Co. Ltd. | 119,171 | 181,769 | ||||||
MediaTek, Inc. | 11,000 | 473,127 | ||||||
Mega Financial Holding Co. Ltd. | 544,850 | 700,091 | ||||||
Mercuries & Associates Holding Ltd. | 42,344 | 34,666 | ||||||
Mercuries Life Insurance Co. Ltd. * | 150,416 | 50,235 | ||||||
Merry Electronics Co. Ltd. | 9,192 | 31,363 | ||||||
Mirle Automation Corp. | 6,000 | 9,488 | ||||||
Mitac Holdings Corp. | 27,637 | 35,162 | ||||||
MPI Corp. | 6,000 | 25,265 | ||||||
Namchow Holdings Co. Ltd. | 7,000 | 12,701 | ||||||
Nan Ya Plastics Corp. | 279,000 | 861,192 | ||||||
Nanya Technology Corp. | 117,000 | 330,274 | ||||||
O-Bank Co. Ltd. | 91,943 | 26,586 | ||||||
OptoTech Corp. | 29,063 | 74,687 | ||||||
Orient Semiconductor Electronics Ltd. * | 42,485 | 40,693 | ||||||
Oriental Union Chemical Corp. * | 16,000 | 12,954 | ||||||
Pan Jit International, Inc. | 8,600 | 33,260 | ||||||
Pan-International Industrial Corp. | 34,380 | 48,960 | ||||||
Pegatron Corp. | 197,249 | 492,641 | ||||||
Phison Electronics Corp. | 6,000 | 111,035 | ||||||
Pixart Imaging, Inc. | 5,000 | 27,470 | ||||||
POU Chen Corp. | 169,133 | 202,651 | ||||||
Powertech Technology, Inc. | 23,000 | 81,219 | ||||||
President Securities Corp. | 86,636 | 74,057 | ||||||
Primax Electronics Ltd. | 13,000 | 26,642 | ||||||
Prince Housing & Development Corp. | 77,970 | 37,763 | ||||||
Qisda Corp. | 168,400 | 185,339 | ||||||
Quanta Computer, Inc. | 139,000 | 475,776 | ||||||
Radiant Opto-Electronics Corp. | 24,000 | 87,613 | ||||||
Radium Life Tech Co. Ltd. | 101,477 | 39,796 | ||||||
Rechi Precision Co. Ltd. | 16,000 | 11,046 | ||||||
Rich Development Co. Ltd. | 19,978 | 6,860 | ||||||
Ritek Corp. * | 47,211 | 20,050 | ||||||
Ruentex Development Co. Ltd. | 62,192 | 143,415 | ||||||
Ruentex Industries Ltd. | 43,420 | 153,014 | ||||||
Sampo Corp. | 10,600 | 11,456 | ||||||
San Fang Chemical Industry Co. Ltd. | 13,000 | 9,797 | ||||||
Sanyang Motor Co. Ltd. | 41,573 | 40,646 | ||||||
Sesoda Corp. | 27,193 | 33,467 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 63,000 | 107,592 | ||||||
Shihlin Electric & Engineering Corp. | 26,000 | 50,652 | ||||||
Shin Kong Financial Holding Co. Ltd. | 715,108 | 285,609 | ||||||
Shin Zu Shing Co. Ltd. | 16,660 | 58,169 | ||||||
Shinkong Insurance Co. Ltd. | 30,000 | 51,505 | ||||||
Shinkong Synthetic Fibers Corp. | 108,151 | 78,962 | ||||||
Sigurd Microelectronics Corp. | 42,694 | 90,737 | ||||||
Simplo Technology Co., Ltd. | 9,000 | 106,860 | ||||||
Sincere Navigation Corp. | 27,810 | 29,351 | ||||||
Sinon Corp. | 56,000 | 57,180 | ||||||
SinoPac Financial Holdings Co. Ltd. | 740,094 | 432,013 | ||||||
Sirtec International Co. Ltd. | 12,000 | 12,361 | ||||||
Solar Applied Materials Technology Co. | 13,000 | 24,011 | ||||||
Sunonwealth Electric Machine Industry Co. Ltd. | 12,000 | 19,258 | ||||||
Supreme Electronics Co. Ltd. | 43,121 | 78,708 | ||||||
Swancor Holding Co. Ltd. | 4,000 | 13,518 | ||||||
Syncmold Enterprise Corp. | 5,000 | 12,687 | ||||||
Synmosa Biopharma Corp. | 13,450 | 11,473 | ||||||
Synnex Technology International Corp. | 119,300 | 285,454 | ||||||
Ta Ya Electric Wire & Cable | 51,322 | 46,282 | ||||||
TA-I Technology Co. Ltd. | 6,000 | 14,183 | ||||||
Taichung Commercial Bank Co. Ltd. | 362,062 | 159,000 | ||||||
TaiDoc Technology Corp. | 3,000 | 19,680 | ||||||
Taiflex Scientific Co. Ltd. | 25,740 | 44,192 | ||||||
Tainan Spinning Co. Ltd. | 115,427 | 106,595 | ||||||
Taishin Financial Holding Co. Ltd. | 822,019 | 563,027 | ||||||
Taiwan Business Bank | 356,124 | 127,431 | ||||||
Taiwan Cement Corp. | 406,360 | 705,002 | ||||||
Taiwan Cogeneration Corp. | 28,000 | 38,356 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 513,307 | 472,175 | ||||||
Taiwan Fertilizer Co. Ltd. | 48,000 | 121,444 | ||||||
Taiwan FU Hsing Industrial Co. Ltd. | 21,000 | 31,500 | ||||||
Taiwan Glass Industry Corp. | 109,321 | 105,698 | ||||||
Taiwan Hon Chuan Enterprise Co. Ltd. | 30,925 | 80,031 | ||||||
Taiwan Paiho Ltd. | 7,000 | 20,671 | ||||||
Taiwan PCB Techvest Co. Ltd. | 28,000 | 49,134 | ||||||
Taiwan Sakura Corp. | 6,000 | 14,964 | ||||||
Taiwan Shin Kong Security Co. Ltd. | 10,100 | 14,365 | ||||||
Taiwan Surface Mounting Technology Corp. | 21,518 | 96,052 | ||||||
Taiwan Union Technology Corp. | 6,000 | 22,120 | ||||||
Tatung Co. Ltd. * | 115,000 | 135,504 | ||||||
Teco Electric & Machinery Co. Ltd. | 132,000 | 151,003 | ||||||
Thinking Electronic Industrial Co. Ltd. | 4,000 | 22,771 | ||||||
Thye Ming Industrial Co. Ltd. | 8,000 | 11,046 | ||||||
Ton Yi Industrial Corp. | 82,000 | 43,124 | ||||||
Tong Hsing Electronic Industries Ltd. | 3,000 | 32,259 | ||||||
Tong Yang Industry Co. Ltd. | 41,921 | 50,153 | ||||||
Topco Scientific Co. Ltd. | 4,000 | 22,843 | ||||||
Topkey Corp. | 3,000 | 16,265 | ||||||
TPK Holding Co. Ltd. | 34,000 | 53,396 | ||||||
Tripod Technology Corp. | 25,000 | 112,499 | ||||||
TSRC Corp. | 26,000 | 37,966 | ||||||
Tung Ho Steel Enterprise Corp. | 58,290 | 141,369 | ||||||
TYC Brother Industrial Co. Ltd. | 21,000 | 14,725 | ||||||
U-Ming Marine Transport Corp. | 27,000 | 58,944 | ||||||
Unimicron Technology Corp. | 5,000 | 41,746 | ||||||
Union Bank of Taiwan * | 185,029 | 90,953 | ||||||
Unitech Printed Circuit Board Corp. * | 67,320 | 48,908 | ||||||
United Microelectronics Corp. | 600,513 | 1,410,827 | ||||||
Universal Cement Corp. | 46,836 | 36,565 | ||||||
Unizyx Holding Corp. * | 35,000 | 44,340 | ||||||
UPC Technology Corp. | 80,916 | 63,172 | ||||||
USI Corp. | 77,130 | 87,955 | ||||||
Wah Lee Industrial Corp. | 21,420 | 82,840 | ||||||
Walsin Lihwa Corp. | 146,000 | 139,842 | ||||||
Walsin Technology Corp. * | 15,000 | 90,541 | ||||||
Wei Chuan Foods Corp. | 14,000 | 11,259 | ||||||
Weikeng Industrial Co. Ltd. | 32,945 | 38,045 | ||||||
Winbond Electronics Corp. | 331,893 | 407,864 | ||||||
Wisdom Marine Lines Co. Ltd. | 27,019 | 79,689 | ||||||
Wistron Corp. | 303,431 | 319,695 |
The accompanying notes are an integral part of these financial statements.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Taiwan (Continued) | ||||||||
Wistron NeWeb Corp. | 5,000 | $ | 14,096 | |||||
WPG Holdings Ltd. | 168,400 | 320,159 | ||||||
WT Microelectronics Co. Ltd. | 31,265 | 83,058 | ||||||
Yang Ming Marine Transport Corp. * | 101,000 | 441,718 | ||||||
YC INOX Co. Ltd. | 27,763 | 32,412 | ||||||
Yem Chio Co. Ltd. | 22,666 | 12,657 | ||||||
Yeong Guan Energy Technology Group Co. Ltd. | 7,000 | 15,940 | ||||||
YFY, Inc. | 114,385 | 146,976 | ||||||
Yieh Phui Enterprise Co. Ltd. * | 52,525 | 48,031 | ||||||
Youngtek Electronics Corp. | 12,000 | 36,433 | ||||||
Yuanta Financial Holding Co. Ltd. | 744,007 | 680,355 | ||||||
Yulon Motor Co. Ltd. | 62,371 | 94,457 | ||||||
YungShin Global Holding Corp. | 7,000 | 10,867 | ||||||
Zeng Hsing Industrial Co. Ltd. | 2,000 | 10,554 | ||||||
Zhen Ding Technology Holding Ltd. | 62,000 | 225,214 | ||||||
Zig Sheng Industrial Co. Ltd. | 28,000 | 16,648 | ||||||
Zinwell Corp. * | 24,000 | 18,997 | ||||||
40,236,704 | ||||||||
Thailand — 2.0% | ||||||||
Ananda Development PCL * | 180,700 | 8,817 | ||||||
AP Thailand PCL | 242,500 | 69,327 | ||||||
Bangchak Corp. PCL | 112,900 | 85,338 | ||||||
Bangkok Bank PCL | 19,900 | 72,082 | ||||||
Bangkok Bank PCL, NVDR | 13,300 | 48,374 | ||||||
Bangkok Insurance PCL | 2,100 | 16,848 | ||||||
Bangkok Land PCL | 1,039,700 | 33,303 | ||||||
Bangkok Life Assurance PCL, NVDR | 35,300 | 39,363 | ||||||
Banpu PCL | 429,750 | 136,367 | ||||||
Berli Jucker PCL | 36,200 | 33,594 | ||||||
Cal-Comp Electronics Thailand PCL, Class F | 264,550 | 25,659 | ||||||
Charoen Pokphand Foods PCL | 322,300 | 246,030 | ||||||
Indorama Ventures PCL | 50,700 | 65,642 | ||||||
IRPC PCL | 633,100 | 72,777 | ||||||
Italian-Thai Development PCL * | 563,700 | 38,474 | ||||||
Kasikornbank PCL, NVDR | 65,600 | 278,856 | ||||||
Khon Kaen Sugar Industry PCL * | 135,600 | 14,695 | ||||||
Kiatnakin Phatra Bank PCL | 21,900 | 39,171 | ||||||
Krung Thai Bank PCL | 257,575 | 101,781 | ||||||
Lanna Resources PCL | 2,500 | 1,138 | ||||||
LH Financial Group PCL | 302,400 | 12,221 | ||||||
LPN Development PCL | 151,700 | 22,252 | ||||||
MBK PCL * | 52,400 | 21,020 | ||||||
Power Solution Technologies PCL, Class F * | 224,400 | 17,869 | ||||||
Property Perfect PCL | 952,490 | 15,112 | ||||||
Pruksa Holding PCL | 88,800 | 34,558 | ||||||
PTT Exploration & Production PCL | 107,800 | 380,793 | ||||||
PTT Global Chemical PCL | 116,228 | 204,412 | ||||||
PTT PCL | 883,900 | 1,005,484 | ||||||
Quality Houses PCL | 625,100 | 42,291 | ||||||
Sansiri PCL | 1,106,700 | 40,750 | ||||||
SC Asset Corp. PCL | 188,600 | 18,970 | ||||||
Siam Cement PCL (The) | 14,500 | 167,550 | ||||||
Siam Commercial Bank PCL (The) | 48,100 | 182,868 | ||||||
Somboon Advance Technology PCL | 20,300 | 13,248 | ||||||
SPCG PCL | 37,500 | 20,656 | ||||||
Sri Trang Agro-Industry PCL | 46,400 | 43,059 | ||||||
Supalai PCL | 139,400 | 94,728 | ||||||
Super Energy Corp. PCL | 759,200 | 21,591 | ||||||
Thai Oil PCL | 72,700 | 107,728 | ||||||
Thai Stanley Electric PCL, NVDR | 3,100 | 16,240 | ||||||
Thanachart Capital PCL | 33,100 | 37,405 | ||||||
Thitikorn PCL | 10,500 | 2,876 | ||||||
TMBThanachart Bank PCL | 1,521,854 | 61,047 | ||||||
TPI Polene PCL | 676,600 | 34,838 | ||||||
TPI Polene Power PCL | 84,700 | 10,548 | ||||||
True Corp. PCL | 1,146,800 | 167,531 | ||||||
Unique Engineering & Construction PCL * | 54,500 | 10,605 | ||||||
4,235,886 | ||||||||
Turkey — 0.4% | ||||||||
Akbank TAS | 203,200 | 110,593 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 16,612 | 37,195 | ||||||
Enka Insaat ve Sanayi AS | 61,872 | 70,436 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 47,339 | 100,769 | ||||||
KOC Holding AS | 57,667 | 123,712 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri AS * | 15,673 | 21,349 | ||||||
TAV Havalimanlari Holding AS * | 7,294 | 18,030 | ||||||
Tekfen Holding AS | 12,307 | 18,829 | ||||||
Turk Hava Yollari AO * | 51,209 | 77,497 | ||||||
Turkiye Garanti Bankasi AS | 220,886 | 188,176 | ||||||
Turkiye Halk Bankasi AS * | 35,220 | 12,007 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 75,893 | 76,759 | ||||||
Turkiye Vakiflar Bankasi TAO, Class D * | 80,351 | 22,352 | ||||||
Ulker Biskuvi Sanayi AS | 9,180 | 12,095 | ||||||
Vestel Elektronik Sanayi ve Ticaret AS | 6,125 | 11,594 | ||||||
Yapi ve Kredi Bankasi AS | 194,984 | 49,818 | ||||||
951,211 | ||||||||
United Arab Emirates — 0.6% | ||||||||
Abu Dhabi Commercial Bank PJSC | 154,310 | 358,357 | ||||||
Ajman Bank PJSC * | 85,055 | 19,081 | ||||||
Aldar Properties PJSC | 160,060 | 173,872 | ||||||
Amanat Holdings PJSC * | 31,824 | 9,964 | ||||||
Dubai Investments PJSC | 146,734 | 77,101 | ||||||
Emaar Development PJSC * | 84,901 | 101,011 | ||||||
Emaar Properties PJSC | 239,590 | 318,971 | ||||||
Emirates NBD Bank PJSC | 34,911 | 128,788 | ||||||
Manazel PJSC * | 139,614 | 19,917 | ||||||
RAK Properties PJSC * | 114,134 | 23,958 | ||||||
SHUAA Capital PSC | 27,960 | 5,214 | ||||||
1,236,234 | ||||||||
TOTAL COMMON STOCKS (Identified Cost $183,108,885) | 211,848,386 | |||||||
PREFERRED STOCKS — 1.1% | ||||||||
Brazil — 1.1% | ||||||||
Banco ABC Brasil SA, 6.250% | 11,102 | 31,632 | ||||||
Banco Bradesco SA, 4.140% | 33,041 | 113,953 | ||||||
Banco do Estado do Rio Grande do Sul SA, PF B, 7.380% | 14,808 | 25,655 | ||||||
Cia Ferro Ligas da Bahia - Ferbasa, 2.580% | 4,895 | 42,904 | ||||||
Marcopolo SA, 3.190% | 2,983 | 1,633 | ||||||
Petroleo Brasileiro SA, 6.120% | 382,139 | 1,951,859 | ||||||
Usinas Siderurgicas de Minas Gerais SA, Class A, 5.880% | 29,592 | 80,541 | ||||||
2,248,177 | ||||||||
Colombia — 0.0% | ||||||||
Grupo Argos SA, 5.640% | 12,517 | 28,630 | ||||||
Grupo de Inversiones Suramericana SA, 5.070% | 8,046 | 44,029 | ||||||
72,659 | ||||||||
Philippines — 0.0% | ||||||||
Cebu Air, Inc., 6.000% | 12,909 | 11,341 |
The accompanying notes are an integral part of these financial statements.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF December 31, 2021 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
PREFERRED STOCKS (Continued) | ||||||||
Korea — 0.0% | ||||||||
Hyundai Engineering & Construction Co. Ltd., 2.320% | 82 | $ | 5,077 | |||||
Taiwan — 0.0% | ||||||||
China Development Financial Holding Corp., 1.120% | 42,971 | 14,894 | ||||||
TOTAL PREFERRED STOCKS (Identified Cost $2,056,599) | 2,352,148 | |||||||
RIGHTS AND WARRANTS — 0.0% | ||||||||
Cayman Islands — 0.0% | ||||||||
Seazen Group Ltd. Rights *<> | 8,571 | — | ||||||
Indonesia — 0.0% | ||||||||
Waskita Karya Persero Tbk PT Rights *<> | 861,573 | 907 | ||||||
Korea — 0.0% | ||||||||
Doosan Heavy Industries & Construction Co. Ltd. Rights <> | 61 | 226 | ||||||
Thailand — 0.0% | ||||||||
MBK PCL Warrant * | 2,096 | 640 | ||||||
TOTAL RIGHTS AND WARRANTS (Identified Cost $15,785) | 1,773 | |||||||
SHORT-TERM INVESTMENTS — 2.0% | ||||||||
Investment Company — 0.5% | ||||||||
State Street Institutional U.S. Government Money Market Fund 0.025% | 1,088,917 | 1,088,917 | ||||||
Collateral For Securities On Loan — 1.5% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030% | 3,313,867 | 3,313,867 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $4,402,784) | 4,402,784 | |||||||
Total Investments — 101.7% (Identified Cost $189,584,053) | 218,605,091 | |||||||
Liabilities, Less Cash and Other Assets — (1.7%) | (3,610,576 | ) | ||||||
Net Assets — 100.0% | $ | 214,994,515 |
† | See Note 1 | |
* | 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 December 31, 2021 amounted to $3,400,500 or 1.58% of the net assets of the Fund. | |
@ | A portion or all of the security was held on loan. As of December 31, 2021, the fair value of the securities on loan was $6,715,956. | |
§ | Fair valued security. Security is valued using significant unobservable inputs as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1 | |
<> | Fair valued security. Security is valued using significant observable inputs other than quoted prices as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1 |
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.
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 | ||
SA | Special Assessment | |
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. | |
Ω | Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Fund’s Liquidity Guidelines. The liquidity determination is unaudited. | |
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 |
93
The Japanese Small Company Series
SCHEDULE OF INVESTMENTS
June 30, 2021
(Unaudited)
Shares | Value» | |||||||||
COMMON STOCKS — (98.9%) | ||||||||||
COMMUNICATION SERVICES — (2.8%) | ||||||||||
# | Aeria, Inc. | 15,800 | $ | 70,572 | ||||||
Akatsuki, Inc. | 30,200 | 966,475 | ||||||||
* | AlphaPolis Co., Ltd. | 10,700 | 328,840 | |||||||
Amuse, Inc. | 12,600 | 267,404 | ||||||||
# | AOI TYO Holdings, Inc. | 139,131 | 1,123,657 | |||||||
ARTERIA Networks Corp. | 19,500 | 316,496 | ||||||||
Asahi Broadcasting Group Holdings Corp. | 54,000 | 341,668 | ||||||||
# | Asahi Net, Inc. | 102,300 | 636,740 | |||||||
Ateam, Inc. | 77,600 | 1,061,050 | ||||||||
* | Atrae, Inc. | 66,000 | 1,278,852 | |||||||
Avex, Inc. | 239,800 | 3,543,972 | ||||||||
* | Bengo4.com, Inc. | 5,600 | 489,685 | |||||||
* | Broadmedia Corp. | 55,200 | 43,337 | |||||||
Broccoli Co., Ltd. | 2,900 | 42,651 | ||||||||
# | Carta Holdings, Inc. | 8,700 | 155,191 | |||||||
Ceres, Inc. | 24,900 | 767,248 | ||||||||
Daiichikosho Co., Ltd. | 65,400 | 2,512,069 | ||||||||
DeNA Co., Ltd. | 128,600 | 2,741,337 | ||||||||
Digital Holdings, Inc. | 9,100 | 183,963 | ||||||||
Dip Corp. | 178,300 | 5,496,686 | ||||||||
# * | Drecom Co., Ltd. | 22,600 | 133,438 | |||||||
* | eBook Initiative Japan Co., Ltd. | 14,200 | 454,820 | |||||||
Extreme Co., Ltd. | 6,400 | 61,271 | ||||||||
# | Faith, Inc. | 56,010 | 376,457 | |||||||
FAN Communications, Inc. | 273,500 | 974,496 | ||||||||
# | Fibergate, Inc. | 19,700 | 272,193 | |||||||
* | Freebit Co., Ltd. | 55,300 | 392,577 | |||||||
# * | GA Technologies Co., Ltd. | 2,400 | 47,870 | |||||||
Gakken Holdings Co., Ltd. | 121,800 | 1,481,856 | ||||||||
Gree, Inc. | 730,600 | 3,861,915 | ||||||||
# | Gumi, Inc. | 32,700 | 248,028 | |||||||
GungHo Online Entertainment, Inc. | 180,600 | 3,586,794 | ||||||||
* | Imagica Group, Inc. | 105,100 | 437,776 | |||||||
Imagineer Co., Ltd. | 1,600 | 15,471 | ||||||||
Intage Holdings, Inc. | 224,700 | 3,133,595 | ||||||||
Internet Initiative Japan, Inc. | 252,800 | 7,856,246 | ||||||||
IPS, Inc. | 10,900 | 292,847 | ||||||||
ITmedia, Inc. | 30,000 | 541,971 | ||||||||
* | Itokuro, Inc. | 52,400 | 551,268 | |||||||
# | J-Stream, Inc. | 9,500 | 315,559 | |||||||
Kadokawa Corp. | 5,916 | 240,271 | ||||||||
* | KLab, Inc. | 141,900 | 885,322 | |||||||
LIFULL Co., Ltd. | 327,500 | 1,043,866 | ||||||||
Macromill, Inc. | 234,500 | 1,802,583 | ||||||||
MarkLines Co., Ltd. | 67,000 | 1,762,033 | ||||||||
Marvelous, Inc. | 197,300 | 1,402,109 | ||||||||
Members Co., Ltd. | 45,500 | 1,388,599 | ||||||||
Mixi, Inc. | 229,900 | 6,067,871 | ||||||||
* | Mobile Factory, Inc. | 10,500 | 110,475 | |||||||
MTI, Ltd. | 131,000 | 795,242 | ||||||||
* | Mynet, Inc. | 3,500 | 23,110 | |||||||
Okinawa Cellular Telephone Co. | 80,100 | 3,699,796 | ||||||||
# | Orchestra Holdings, Inc. | 3,000 | 84,008 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
COMMUNICATION SERVICES — (Continued) | ||||||||||
# * | PR Times, Inc. | 11,900 | $ | 390,678 | ||||||
Proto Corp. | 155,200 | 1,835,995 | ||||||||
Septeni Holdings Co., Ltd. | 85,300 | 376,156 | ||||||||
* | Shobunsha Holdings, Inc. | 217,400 | 959,565 | |||||||
SKY Perfect JSAT Holdings, Inc. | 878,700 | 3,206,065 | ||||||||
SoldOut, Inc. | 6,300 | 106,279 | ||||||||
Tohokushinsha Film Corp. | 90,500 | 543,787 | ||||||||
# | Tokyu Recreation Co., Ltd. | 19,200 | 824,370 | |||||||
# | Tow Co., Ltd. | 263,700 | 773,600 | |||||||
TV Asahi Holdings Corp. | 53,100 | 844,126 | ||||||||
Tv Tokyo Holdings Corp. | 77,200 | 1,475,244 | ||||||||
Usen-Next Holdings Co., Ltd. | 52,500 | 1,154,496 | ||||||||
# | ValueCommerce Co., Ltd. | 102,100 | 2,963,771 | |||||||
V-Cube, Inc. | 80,700 | 1,786,025 | ||||||||
Vector, Inc. | 192,300 | 1,665,673 | ||||||||
* | Vision, Inc. | 11,600 | 124,246 | |||||||
Wowow, Inc. | 35,500 | 770,469 | ||||||||
# | Zenrin Co., Ltd. | 231,150 | 2,370,862 | |||||||
TOTAL COMMUNICATION SERVICES | 88,881,033 | |||||||||
CONSUMER DISCRETIONARY — (14.5%) | ||||||||||
Adastria Co., Ltd. | 165,140 | 3,025,165 | ||||||||
* | Adventure, Inc. | 8,800 | 604,457 | |||||||
Aeon Fantasy Co., Ltd. | 48,932 | 984,398 | ||||||||
Ahresty Corp. | 152,700 | 672,348 | ||||||||
# * | Aigan Co., Ltd. | 60,800 | 124,538 | |||||||
Ainavo Holdings Co., Ltd. | 5,600 | 54,583 | ||||||||
Aisan Industry Co., Ltd. | 215,700 | 1,713,571 | ||||||||
* | Akebono Brake Industry Co., Ltd. | 225,300 | 351,178 | |||||||
# | Alleanza Holdings Co., Ltd. | 80,800 | 909,939 | |||||||
# | Alpen Co., Ltd. | 107,200 | 2,858,688 | |||||||
Alpha Corp. | 38,400 | 396,353 | ||||||||
Amiyaki Tei Co., Ltd. | 28,200 | 740,375 | ||||||||
AOKI Holdings, Inc. | 246,900 | 1,480,890 | ||||||||
# * | Aoyama Trading Co., Ltd. | 275,000 | 1,915,473 | |||||||
Arata Corp. | 87,100 | 3,382,414 | ||||||||
Arcland Sakamoto Co., Ltd. | 8,100 | 110,564 | ||||||||
# | Arcland Service Holdings Co., Ltd. | 77,100 | 1,523,271 | |||||||
Asahi Co., Ltd. | 102,000 | 1,315,880 | ||||||||
Asante, Inc. | 43,400 | 682,231 | ||||||||
* | Ashimori Industry Co., Ltd. | 29,499 | 291,148 | |||||||
ASKUL Corp. | 136,300 | 2,124,938 | ||||||||
Asti Corp. | 19,400 | 558,738 | ||||||||
# | Atom Corp. | 648,000 | 4,516,614 | |||||||
* | Atsugi Co., Ltd. | 103,500 | 581,006 | |||||||
Aucnet, Inc. | 28,200 | 370,939 | ||||||||
Autobacs Seven Co., Ltd. | 459,900 | 6,125,220 | ||||||||
Avantia Co., Ltd. | 74,800 | 608,370 | ||||||||
Baroque Japan, Ltd. | 91,600 | 665,733 | ||||||||
# * | Beaglee, Inc. | 35,300 | 475,544 | |||||||
# | Beauty Garage, Inc. | 18,600 | 765,291 | |||||||
Beenos, Inc. | 7,100 | 241,046 | ||||||||
Belluna Co., Ltd. | 340,500 | 2,990,354 | ||||||||
Benesse Holdings, Inc. | 148,800 | 3,695,428 | ||||||||
Bic Camera, Inc. | 271,000 | 2,728,905 | ||||||||
# | Bookoff Group Holdings, Ltd. | 66,600 | 574,672 | |||||||
Can Do Co., Ltd. | 60,900 | 1,070,324 | ||||||||
Central Automotive Products, Ltd. | 81,900 | 2,605,119 | ||||||||
# | Central Sports Co., Ltd. | 45,100 | 985,165 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||||
# | Chieru Co., Ltd. | 1,900 | $ | 20,466 | ||||||
Chiyoda Co., Ltd. | 113,500 | 903,857 | ||||||||
Chofu Seisakusho Co., Ltd. | 128,900 | 2,324,170 | ||||||||
Chuo Spring Co., Ltd. | 76,000 | 910,734 | ||||||||
Cleanup Corp. | 139,400 | 675,294 | ||||||||
Colowide Co., Ltd. | 13,400 | 238,863 | ||||||||
Corona Corp. | 99,000 | 820,371 | ||||||||
# * | Create Restaurants Holdings, Inc. | 558,900 | 4,587,011 | |||||||
Curves Holdings Co., Ltd. | 169,500 | 1,397,914 | ||||||||
Daido Metal Co., Ltd. | 256,600 | 1,382,829 | ||||||||
* | Daidoh, Ltd. | 97,800 | 155,765 | |||||||
Daikoku Denki Co., Ltd. | 56,400 | 461,215 | ||||||||
Daikyonishikawa Corp. | 255,500 | 1,590,495 | ||||||||
Dainichi Co., Ltd. | 65,200 | 464,027 | ||||||||
DCM Holdings Co., Ltd. | 713,300 | 6,799,250 | ||||||||
Doshisha Co., Ltd. | 158,100 | 2,460,413 | ||||||||
Doutor Nichires Holdings Co., Ltd. | 179,486 | 2,772,833 | ||||||||
Dynic Corp. | 36,400 | 251,752 | ||||||||
Eagle Industry Co., Ltd. | 165,900 | 1,680,204 | ||||||||
EAT& Holdings Co, Ltd. | 33,000 | 570,366 | ||||||||
# | EDION Corp. | 514,500 | 5,034,434 | |||||||
Edulab, Inc. | 6,200 | 309,660 | ||||||||
Enigmo, Inc. | 147,600 | 1,873,803 | ||||||||
# | ES-Con Japan, Ltd. | 110,600 | 760,109 | |||||||
Eslead Corp. | 45,200 | 644,374 | ||||||||
ESTELLE Holdings Co., Ltd. | 12,600 | 74,870 | ||||||||
Exedy Corp. | 178,100 | 2,612,780 | ||||||||
FCC Co., Ltd. | 225,300 | 3,281,009 | ||||||||
Felissimo Corp. | 17,800 | 227,839 | ||||||||
Fields Corp. | 23,100 | 100,309 | ||||||||
Fine Sinter Co., Ltd. | 10,300 | 173,895 | ||||||||
First Juken Co., Ltd. | 42,500 | 457,334 | ||||||||
First-corp, Inc. | 45,300 | 318,139 | ||||||||
FJ Next Co., Ltd. | 100,900 | 915,878 | ||||||||
Foster Electric Co., Ltd. | 131,900 | 1,163,084 | ||||||||
F-Tech, Inc. | 85,300 | 674,507 | ||||||||
Fuji Corp. | 72,800 | 842,316 | ||||||||
Fuji Corp., Ltd. | 168,200 | 978,427 | ||||||||
Fuji Kyuko Co., Ltd. | 8,600 | 411,636 | ||||||||
Fujibo Holdings, Inc. | 63,300 | 2,207,387 | ||||||||
Fujikura Composites, Inc. | 127,100 | 552,461 | ||||||||
# | Fujio Food Group, Inc. | 16,800 | 188,699 | |||||||
Fujishoji Co., Ltd. | 51,200 | 414,486 | ||||||||
FuKoKu Co., Ltd. | 66,400 | 574,086 | ||||||||
# | Furukawa Battery Co., Ltd. (The) | 88,000 | 1,257,637 | |||||||
Furyu Corp. | 100,400 | 1,271,199 | ||||||||
Futaba Industrial Co., Ltd. | 346,800 | 1,634,071 | ||||||||
# | Gakkyusha Co., Ltd. | 49,300 | 608,950 | |||||||
Genki Sushi Co., Ltd. | 29,900 | 677,582 | ||||||||
Geo Holdings Corp. | 216,200 | 2,396,759 | ||||||||
* | Gfoot Co., Ltd. | 66,600 | 248,481 | |||||||
GLOBERIDE, Inc. | 53,899 | 2,172,580 | ||||||||
# * | Gokurakuyu Holdings Co., Ltd. | 31,000 | 85,417 | |||||||
# | Golf Digest Online, Inc. | 61,600 | 890,349 | |||||||
GSI Creos Corp. | 63,184 | 527,223 | ||||||||
G-Tekt Corp. | 147,400 | 2,054,371 | ||||||||
Gunze, Ltd. | 103,400 | 4,306,457 | ||||||||
H2O Retailing Corp. | 409,945 | 3,334,338 | ||||||||
Hagihara Industries, Inc. | 79,000 | 1,010,198 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||||
# * | Hakuyosha Co., Ltd. | 12,900 | $ | 263,343 | ||||||
# | Hamee Corp. | 36,100 | 496,831 | |||||||
Handsman Co., Ltd. | 39,600 | 580,222 | ||||||||
Happinet Corp. | 100,700 | 1,337,973 | ||||||||
Harada Industry Co., Ltd. | 23,300 | 189,510 | ||||||||
Hard Off Corp. Co., Ltd. | 58,800 | 403,463 | ||||||||
Haruyama Holdings, Inc. | 54,800 | 329,199 | ||||||||
Heian Ceremony Service Co., Ltd. | 8,300 | 67,073 | ||||||||
Heiwa Corp. | 93,900 | 1,662,569 | ||||||||
HI-LEX Corp. | 115,600 | 1,733,981 | ||||||||
# | Himaraya Co., Ltd. | 32,100 | 304,409 | |||||||
Hinokiya Group Co., Ltd. | 700 | 15,620 | ||||||||
# * | Hiramatsu, Inc. | 25,200 | 47,804 | |||||||
H-One Co., Ltd. | 136,000 | 927,336 | ||||||||
Honeys Holdings Co., Ltd. | 114,040 | 1,042,115 | ||||||||
Hoosiers Holdings | 229,800 | 1,474,635 | ||||||||
# * | Hotland Co., Ltd. | 41,100 | 489,806 | |||||||
# * | House Do Co., Ltd. | 28,700 | 261,660 | |||||||
IBJ, Inc. | 86,800 | 876,279 | ||||||||
Ichibanya Co., Ltd. | 96,058 | 4,397,068 | ||||||||
Ichikoh Industries, Ltd. | 162,000 | 1,057,699 | ||||||||
IDOM, Inc. | 399,100 | 2,346,880 | ||||||||
IJTT Co., Ltd. | 143,880 | 952,882 | ||||||||
# | Imasen Electric Industrial | 30,100 | 190,778 | |||||||
* | Izuhakone Railway Co., Ltd. | 300 | 0 | |||||||
J Front Retailing Co., Ltd. | 17,600 | 156,554 | ||||||||
Janome Sewing Machine Co., Ltd. | 104,900 | 712,028 | ||||||||
Japan Best Rescue System Co., Ltd. | 114,400 | 878,635 | ||||||||
Japan Wool Textile Co., Ltd. (The) | 350,400 | 3,053,984 | ||||||||
# | JFLA Holdings, Inc. | 106,300 | 367,564 | |||||||
JINS Holdings, Inc. | 82,900 | 6,345,691 | ||||||||
* | Joban Kosan Co., Ltd. | 42,799 | 557,394 | |||||||
Joshin Denki Co., Ltd. | 109,800 | 2,660,172 | ||||||||
Joyful Honda Co., Ltd. | 22,700 | 277,207 | ||||||||
JP-Holdings, Inc. | 339,700 | 822,737 | ||||||||
JVCKenwood Corp. | 765,400 | 1,635,621 | ||||||||
# * | Kasai Kogyo Co., Ltd. | 159,200 | 573,684 | |||||||
Kawai Musical Instruments Manufacturing Co., Ltd. | 34,000 | 1,179,926 | ||||||||
Keiyo Co., Ltd. | 245,000 | 1,731,067 | ||||||||
# | KeyHolder, Inc. | 2,100 | 16,704 | |||||||
KFC Holdings Japan, Ltd. | 69,400 | 1,764,479 | ||||||||
King Co., Ltd. | 54,100 | 248,316 | ||||||||
* | Kintetsu Department Store Co., Ltd. | 53,900 | 1,484,017 | |||||||
Ki-Star Real Estate Co., Ltd. | 50,600 | 2,408,511 | ||||||||
Kohnan Shoji Co., Ltd. | 152,700 | 5,267,694 | ||||||||
Kojima Co., Ltd. | 189,400 | 1,294,579 | ||||||||
Komatsu Matere Co., Ltd. | 209,500 | 1,701,126 | ||||||||
KOMEDA Holdings Co., Ltd. | 306,800 | 5,713,878 | ||||||||
Komehyo Holdings Co., Ltd. | 39,800 | 513,068 | ||||||||
Komeri Co., Ltd. | 210,400 | 4,959,954 | ||||||||
# | Konaka Co., Ltd. | 163,506 | 512,119 | |||||||
KU Holdings Co., Ltd. | 115,500 | 1,013,746 | ||||||||
Kura Sushi, Inc. | 38,600 | 1,614,006 | ||||||||
Kurabo Industries, Ltd. | 121,000 | 2,069,998 | ||||||||
KYB Corp. | 133,400 | 4,512,608 | ||||||||
LEC, Inc. | 156,800 | 1,593,658 | ||||||||
LITALICO, Inc. | 44,900 | 2,315,829 | ||||||||
Locondo, Inc. | 20,800 | 354,714 | ||||||||
Look Holdings, Inc. | 24,200 | 326,435 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||||
Mamiya-Op Co., Ltd. | 25,100 | $ | 151,481 | |||||||
Mars Group Holdings Corp. | 83,200 | 1,218,262 | ||||||||
# | Maruzen CHI Holdings Co., Ltd. | 106,300 | 387,772 | |||||||
Matsuoka Corp. | 3,200 | 47,677 | ||||||||
Matsuyafoods Holdings Co., Ltd. | 56,700 | 1,800,132 | ||||||||
Media Do Co., Ltd. | 32,700 | 1,342,806 | ||||||||
# | Meiko Network Japan Co., Ltd. | 134,900 | 701,856 | |||||||
Meiwa Estate Co., Ltd. | 78,000 | 430,014 | ||||||||
Mikuni Corp. | 154,900 | 428,380 | ||||||||
* | Mitsuba Corp. | 209,590 | 1,547,855 | |||||||
Mizuno Corp. | 119,700 | 2,546,868 | ||||||||
# | Monogatari Corp. (The) | 62,600 | 4,208,695 | |||||||
Morito Co., Ltd. | 105,900 | 577,111 | ||||||||
MrMax Holdings, Ltd. | 158,200 | 931,237 | ||||||||
Murakami Corp. | 30,200 | 858,995 | ||||||||
Musashi Seimitsu Industry Co., Ltd. | 306,100 | 6,815,261 | ||||||||
Nafco Co., Ltd. | 50,300 | 908,001 | ||||||||
Nagase Brothers, Inc. | 200 | 10,057 | ||||||||
Nagawa Co., Ltd. | 44,300 | 3,429,355 | ||||||||
Nakayamafuku Co., Ltd. | 74,400 | 305,489 | ||||||||
New Art Holdings Co., Ltd. | 8,934 | 109,309 | ||||||||
Nextage Co., Ltd. | 193,700 | 3,288,487 | ||||||||
NHK Spring Co., Ltd. | 662,000 | 5,449,233 | ||||||||
Nichirin Co., Ltd. | 61,160 | 892,783 | ||||||||
Nihon House Holdings Co., Ltd. | 283,600 | 1,019,299 | ||||||||
Nihon Plast Co., Ltd. | 107,800 | 699,518 | ||||||||
Nihon Tokushu Toryo Co., Ltd. | 79,400 | 779,413 | ||||||||
Nikki Co., Ltd. | 2,100 | 36,173 | ||||||||
Nippon Felt Co., Ltd. | 84,000 | 339,681 | ||||||||
Nippon Piston Ring Co., Ltd. | 46,000 | 533,400 | ||||||||
Nippon Seiki Co., Ltd. | 326,900 | 3,488,516 | ||||||||
Nishikawa Rubber Co., Ltd. | 32,400 | 416,338 | ||||||||
Nishimatsuya Chain Co., Ltd. | 254,500 | 3,453,061 | ||||||||
Nissan Shatai Co., Ltd. | 500,500 | 3,229,998 | ||||||||
Nissan Tokyo Sales Holdings Co., Ltd. | 166,400 | 366,639 | ||||||||
Nittan Valve Co., Ltd. | 93,500 | 246,144 | ||||||||
Nojima Corp. | 199,700 | 4,933,885 | ||||||||
NOK Corp. | 138,700 | 1,725,597 | ||||||||
Ohashi Technica, Inc. | 66,800 | 899,935 | ||||||||
Ohsho Food Service Corp. | 84,200 | 4,244,987 | ||||||||
* | Oisix ra daichi, Inc. | 80,100 | 2,933,997 | |||||||
Onward Holdings Co., Ltd. | 625,700 | 1,890,535 | ||||||||
Ozu Corp. | 19,000 | 332,212 | ||||||||
Pacific Industrial Co., Ltd. | 286,700 | 3,086,583 | ||||||||
PAL GROUP Holdings Co., Ltd. | 135,300 | 2,109,793 | ||||||||
PAPYLESS Co., Ltd. | 33,000 | 507,366 | ||||||||
Paris Miki Holdings, Inc. | 131,400 | 316,527 | ||||||||
# | PC Depot Corp. | 183,381 | 788,754 | |||||||
People Co., Ltd. | 14,600 | 131,125 | ||||||||
Piolax, Inc. | 198,100 | 2,726,304 | ||||||||
Plenus Co., Ltd. | 54,000 | 987,902 | ||||||||
Press Kogyo Co., Ltd. | 629,500 | 1,967,633 | ||||||||
# | Pressance Corp. | 92,900 | 1,247,501 | |||||||
* | QB Net Holdings Co., Ltd. | 18,200 | 297,657 | |||||||
Raccoon Holdings, Inc. | 90,200 | 1,854,824 | ||||||||
* | Regal Corp. | 1,500 | 26,891 | |||||||
Renaissance, Inc. | 74,700 | 822,527 | ||||||||
Resorttrust, Inc. | 440,600 | 7,192,401 | ||||||||
Rhythm Co., Ltd. | 43,600 | 311,662 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||||
Riberesute Corp. | 46,100 | $ | 325,031 | |||||||
# | Ride On Express Holdings Co., Ltd. | 46,900 | 601,463 | |||||||
# * | Right On Co., Ltd. | 100,725 | 628,840 | |||||||
Riken Corp. | 59,500 | 1,367,317 | ||||||||
Riso Kyoiku Co., Ltd. | 626,300 | 1,872,542 | ||||||||
Rock Field Co., Ltd. | 94,800 | 1,258,968 | ||||||||
Roland Corp. | 12,300 | 622,823 | ||||||||
Sac’s Bar Holdings, Inc. | 125,350 | 703,512 | ||||||||
Saizeriya Co., Ltd. | 191,100 | 4,590,080 | ||||||||
Sakai Ovex Co., Ltd. | 31,499 | 848,361 | ||||||||
San Holdings, Inc. | 61,300 | 671,020 | ||||||||
Sanei Architecture Planning Co., Ltd. | 55,200 | 991,749 | ||||||||
Sangetsu Corp. | 306,650 | 4,277,841 | ||||||||
Sankyo Co., Ltd. | 130,600 | 3,339,636 | ||||||||
Sankyo Seiko Co., Ltd. | 248,900 | 1,218,783 | ||||||||
Sanoh Industrial Co., Ltd. | 157,800 | 1,662,432 | ||||||||
Sanyei Corp. | 4,300 | 78,843 | ||||||||
# | Sanyo Electric Railway Co., Ltd. | 112,598 | 1,920,021 | |||||||
* | Sanyo Shokai, Ltd. | 62,699 | 532,327 | |||||||
# | Scroll Corp. | 182,600 | 1,441,954 | |||||||
Seiko Holdings Corp. | 165,881 | 3,310,292 | ||||||||
Seiren Co., Ltd. | 305,700 | 6,027,846 | ||||||||
# * | Senshukai Co., Ltd. | 174,600 | 596,777 | |||||||
# * | Shidax Corp. | 137,200 | 380,971 | |||||||
Shikibo, Ltd. | 65,500 | 555,890 | ||||||||
Shimojima Co., Ltd. | 46,100 | 458,840 | ||||||||
Shoei Co., Ltd. | 153,500 | 5,797,444 | ||||||||
* | Silver Life Co., Ltd. | 2,000 | 38,968 | |||||||
Snow Peak, Inc. | 65,500 | 1,974,737 | ||||||||
# | SNT Corp. | 197,100 | 441,179 | |||||||
Soft99 Corp. | 83,400 | 978,530 | ||||||||
Sotoh Co., Ltd. | 47,400 | 341,428 | ||||||||
Space Value Holdings Co., Ltd. | 199,500 | 1,289,091 | ||||||||
SPK Corp. | 45,400 | 542,269 | ||||||||
* | SRS Holdings Co., Ltd. | 18,800 | 136,952 | |||||||
St Marc Holdings Co., Ltd. | 100,800 | 1,445,913 | ||||||||
Step Co., Ltd. | 61,500 | 877,126 | ||||||||
Studio Alice Co., Ltd. | 52,700 | 1,170,972 | ||||||||
Suminoe Textile Co., Ltd. | 32,800 | 602,308 | ||||||||
Sumitomo Riko Co., Ltd. | 254,600 | 1,659,557 | ||||||||
Suncall Corp. | 129,600 | 534,189 | ||||||||
Syuppin Co., Ltd. | 124,400 | 1,259,953 | ||||||||
* | T RAD Co., Ltd. | 37,900 | 910,708 | |||||||
# | Tachikawa Corp. | 69,800 | 831,699 | |||||||
Tachi-S Co., Ltd. | 198,640 | 2,666,928 | ||||||||
Taiho Kogyo Co., Ltd. | 113,300 | 1,001,406 | ||||||||
Takashimaya Co., Ltd. | 702,000 | 7,653,273 | ||||||||
* | Take And Give Needs Co., Ltd. | 65,910 | 584,330 | |||||||
Takihyo Co., Ltd. | 30,600 | 513,376 | ||||||||
Tama Home Co., Ltd. | 91,000 | 1,875,633 | ||||||||
# | Tamron Co., Ltd. | 106,900 | 2,346,050 | |||||||
Tbk Co., Ltd. | 155,300 | 581,341 | ||||||||
# | Tear Corp. | 60,900 | 255,057 | |||||||
Temairazu, Inc. | 5,400 | 318,111 | ||||||||
Tenpos Holdings Co., Ltd. | 10,600 | 220,183 | ||||||||
T-Gaia Corp. | 132,300 | 2,325,630 | ||||||||
# | Tigers Polymer Corp. | 79,800 | 328,425 | |||||||
Toa Corp. | 161,700 | 1,297,730 | ||||||||
Toabo Corp. | 45,799 | 187,890 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||||
Tokai Rika Co., Ltd. | 322,000 | $ | 5,177,934 | |||||||
Token Corp. | 47,650 | 4,351,408 | ||||||||
* | Tokyo Base Co., Ltd. | 106,600 | 672,841 | |||||||
Tokyo Individualized Educational Institute, Inc. | 78,300 | 435,510 | ||||||||
Tokyo Radiator Manufacturing Co., Ltd. | 24,300 | 134,137 | ||||||||
Tokyotokeiba Co., Ltd. | 76,000 | 3,105,706 | ||||||||
Tomy Co., Ltd. | 565,593 | 4,843,354 | ||||||||
Topre Corp. | 227,500 | 3,265,095 | ||||||||
Toridoll Holdings Corp. | 288,200 | 4,885,018 | ||||||||
# * | Torikizoku Holdings Co., Ltd. | 6,100 | 98,532 | |||||||
Tosho Co., Ltd. | 96,100 | 1,659,171 | ||||||||
TPR Co., Ltd. | 157,300 | 2,092,177 | ||||||||
Treasure Factory Co., Ltd. | 10,300 | 89,166 | ||||||||
TS Tech Co., Ltd. | 304,286 | 4,711,409 | ||||||||
* | TSI Holdings Co., Ltd. | 322,495 | 960,567 | |||||||
* | Tsukada Global Holdings, Inc. | 86,100 | 289,083 | |||||||
# | Tsukamoto Corp. Co., Ltd. | 18,100 | 227,823 | |||||||
Tsutsumi Jewelry Co., Ltd. | 41,500 | 851,701 | ||||||||
Unipres Corp. | 242,900 | 1,999,077 | ||||||||
* | United Arrows, Ltd. | 58,000 | 1,127,170 | |||||||
* | Unitika, Ltd. | 277,400 | 878,843 | |||||||
* | Universal Entertainment Corp. | 63,300 | 1,406,988 | |||||||
* | Village Vanguard Co., Ltd. | 35,500 | 324,354 | |||||||
VT Holdings Co., Ltd. | 536,700 | 2,233,004 | ||||||||
Wacoal Holdings Corp. | 271,900 | 6,158,771 | ||||||||
Waseda Academy Co., Ltd. | 30,400 | 254,606 | ||||||||
# | Watts Co., Ltd. | 52,100 | 439,501 | |||||||
Weds Co., Ltd. | 14,500 | 69,140 | ||||||||
* | World Co., Ltd. | 27,700 | 365,429 | |||||||
Xebio Holdings Co., Ltd. | 158,600 | 1,383,586 | ||||||||
Yachiyo Industry Co., Ltd. | 40,800 | 224,910 | ||||||||
# | Yagi & Co., Ltd. | 18,600 | 251,007 | |||||||
Yamato International, Inc. | 100,500 | 305,728 | ||||||||
Yasunaga Corp. | 53,200 | 559,395 | ||||||||
Yellow Hat, Ltd. | 225,100 | 3,990,504 | ||||||||
Yondoshi Holdings, Inc. | 106,520 | 1,817,164 | ||||||||
Yorozu Corp. | 135,600 | 1,439,509 | ||||||||
Yutaka Giken Co., Ltd. | 8,700 | 159,221 | ||||||||
TOTAL CONSUMER DISCRETIONARY | 455,485,649 | |||||||||
CONSUMER STAPLES — (7.4%) | ||||||||||
# | Aeon Hokkaido Corp. | 196,000 | 1,999,108 | |||||||
AFC-HD AMS Life Science Co., Ltd. | 49,500 | 448,463 | ||||||||
Ain Holdings, Inc. | 46,000 | 2,866,277 | ||||||||
Albis Co., Ltd. | 38,700 | 816,195 | ||||||||
Arcs Co., Ltd. | 274,400 | 5,973,106 | ||||||||
Artnature, Inc. | 116,400 | 703,640 | ||||||||
Axial Retailing, Inc. | 105,200 | 3,551,871 | ||||||||
Belc Co., Ltd. | 67,800 | 3,275,369 | ||||||||
Bourbon Corp. | 50,700 | 1,037,769 | ||||||||
# | Bull-Dog Sauce Co., Ltd. | 3,000 | 62,141 | |||||||
Cawachi, Ltd. | 55,400 | 1,119,261 | ||||||||
# * | C’BON COSMETICS Co., Ltd. | 10,800 | 193,230 | |||||||
Chubu Shiryo Co., Ltd. | 153,500 | 1,556,292 | ||||||||
Chuo Gyorui Co., Ltd. | 9,800 | 263,313 | ||||||||
# | cocokara fine, Inc. | 127,060 | 9,493,765 | |||||||
Como Co., Ltd. | 2,600 | 60,884 | ||||||||
# | Cota Co., Ltd. | 100,365 | 1,302,688 | |||||||
Create SD Holdings Co., Ltd. | 76,700 | 2,274,370 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
CONSUMER STAPLES — (Continued) | ||||||||||
Daikokutenbussan Co., Ltd. | 35,500 | $ | 2,569,286 | |||||||
Delica Foods Holdings Co., Ltd. | 66,400 | 388,098 | ||||||||
DyDo Group Holdings, Inc. | 58,800 | 2,637,908 | ||||||||
Earth Corp. | 47,100 | 2,736,570 | ||||||||
Ebara Foods Industry, Inc. | 27,900 | 654,799 | ||||||||
Eco’s Co., Ltd. | 43,100 | 763,015 | ||||||||
Ensuiko Sugar Refining Co., Ltd. | 86,200 | 171,683 | ||||||||
Feed One Co., Ltd. | 155,448 | 1,028,728 | ||||||||
* | First Baking Co., Ltd. | 12,000 | 102,475 | |||||||
Fuji Co., Ltd. | 118,700 | 2,092,209 | ||||||||
Fuji Oil Holdings, Inc. | 46,900 | 1,115,802 | ||||||||
Fujicco Co., Ltd. | 125,300 | 2,153,181 | ||||||||
Fujiya Co., Ltd. | 67,800 | 1,303,453 | ||||||||
G-7 Holdings, Inc. | 69,600 | 2,114,594 | ||||||||
Genky DrugStores Co., Ltd. | 49,800 | 1,739,352 | ||||||||
# | HABA Laboratories, Inc. | 15,000 | 539,566 | |||||||
Hagoromo Foods Corp. | 17,900 | 504,963 | ||||||||
Halows Co., Ltd. | 52,600 | 1,300,486 | ||||||||
Hayashikane Sangyo Co., Ltd. | 29,400 | 157,934 | ||||||||
Heiwado Co., Ltd. | 194,900 | 3,892,878 | ||||||||
# | Hokkaido Coca-Cola Bottling Co., Ltd. | 18,699 | 689,533 | |||||||
Hokuto Corp. | 135,500 | 2,342,669 | ||||||||
# | Ichimasa Kamaboko Co., Ltd. | 37,500 | 316,849 | |||||||
Imuraya Group Co., Ltd. | 60,500 | 1,265,631 | ||||||||
Inageya Co., Ltd. | 9,300 | 123,337 | ||||||||
Itochu-Shokuhin Co., Ltd. | 35,100 | 1,670,832 | ||||||||
Itoham Yonekyu Holdings, Inc. | 624,900 | 4,024,775 | ||||||||
Iwatsuka Confectionery Co., Ltd. | 7,700 | 274,603 | ||||||||
JM Holdings Co., Ltd. | 71,100 | 1,410,173 | ||||||||
J-Oil Mills, Inc. | 128,200 | 2,169,885 | ||||||||
Kadoya Sesame Mills, Inc. | 15,600 | 565,542 | ||||||||
Kagome Co., Ltd. | 26,500 | 699,838 | ||||||||
Kakiyasu Honten Co., Ltd. | 52,800 | 1,205,147 | ||||||||
Kameda Seika Co., Ltd. | 83,900 | 3,345,896 | ||||||||
Kaneko Seeds Co., Ltd. | 41,300 | 550,930 | ||||||||
Kansai Super Market, Ltd. | 89,900 | 794,649 | ||||||||
Kato Sangyo Co., Ltd. | 159,400 | 4,861,230 | ||||||||
Kenko Mayonnaise Co., Ltd. | 79,700 | 1,140,297 | ||||||||
Key Coffee, Inc. | 4,900 | 92,054 | ||||||||
Kitanotatsujin Corp. | 258,100 | 1,145,498 | ||||||||
KOIKE YA, Inc. | 300 | 13,663 | ||||||||
Kotobuki Spirits Co., Ltd. | 2,700 | 174,878 | ||||||||
Kusuri no Aoki Holdings Co., Ltd. | 12,200 | 887,246 | ||||||||
# | Kyokuyo Co., Ltd. | 63,799 | 1,663,019 | |||||||
Lacto Japan Co., Ltd. | 33,100 | 833,434 | ||||||||
Life Corp. | 44,800 | 1,421,415 | ||||||||
Mandom Corp. | 19,100 | 355,897 | ||||||||
Marudai Food Co., Ltd. | 136,300 | 2,083,636 | ||||||||
Maruha Nichiro Corp. | 198,407 | 4,224,706 | ||||||||
Maxvalu Tokai Co., Ltd. | 45,200 | 1,007,519 | ||||||||
Medical System Network Co., Ltd. | 161,200 | 1,074,991 | ||||||||
Megmilk Snow Brand Co., Ltd. | 277,400 | 5,280,035 | ||||||||
Meito Sangyo Co., Ltd. | 57,500 | 808,413 | ||||||||
Milbon Co., Ltd. | 154,752 | 8,747,458 | ||||||||
Ministop Co., Ltd. | 90,500 | 1,153,874 | ||||||||
Mitsubishi Shokuhin Co., Ltd. | 106,600 | 2,698,318 | ||||||||
Mitsui DM Sugar Holdings Co., Ltd. | 104,670 | 1,759,252 | ||||||||
Miyoshi Oil & Fat Co., Ltd. | 42,900 | 485,196 | ||||||||
Morinaga & Co., Ltd. | 93,599 | 2,993,452 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
CONSUMER STAPLES — (Continued) | ||||||||||
Morinaga Milk Industry Co., Ltd. | 82,500 | $ | 4,299,810 | |||||||
Morozoff, Ltd. | 18,900 | 909,552 | ||||||||
Nagatanien Holdings Co., Ltd. | 76,300 | 1,468,490 | ||||||||
Nakamuraya Co., Ltd. | 28,400 | 970,696 | ||||||||
Natori Co., Ltd. | 64,300 | 1,091,710 | ||||||||
Nichimo Co., Ltd. | 17,000 | 313,679 | ||||||||
Nihon Chouzai Co., Ltd. | 68,420 | 963,488 | ||||||||
# | Niitaka Co., Ltd. | 2,860 | 58,668 | |||||||
Nippn Corp. | 376,800 | 5,320,202 | ||||||||
Nippon Beet Sugar Manufacturing Co., Ltd. | 67,100 | 1,018,955 | ||||||||
Nippon Suisan Kaisha, Ltd. | 1,794,300 | 8,556,580 | ||||||||
Nishimoto Co., Ltd. | 13,300 | 331,159 | ||||||||
Nisshin Oillio Group, Ltd. (The) | 171,400 | 4,739,481 | ||||||||
Nissin Sugar Co., Ltd. | 104,400 | 1,596,810 | ||||||||
Nitto Fuji Flour Milling Co., Ltd. | 8,100 | 515,637 | ||||||||
Noevir Holdings Co., Ltd. | 55,300 | 2,808,190 | ||||||||
Oenon Holdings, Inc. | 317,700 | 1,063,141 | ||||||||
# * | OIE Sangyo Co., Ltd. | 22,000 | 243,932 | |||||||
Okuwa Co., Ltd. | 153,500 | 1,504,577 | ||||||||
Olympic Group Corp. | 52,200 | 365,592 | ||||||||
OUG Holdings, Inc. | 19,800 | 507,081 | ||||||||
Pickles Corp. | 25,000 | 792,658 | ||||||||
Prima Meat Packers, Ltd. | 172,000 | 4,652,047 | ||||||||
Qol Holdings Co., Ltd. | 162,300 | 2,270,462 | ||||||||
Retail Partners Co., Ltd. | 107,600 | 1,137,227 | ||||||||
Riken Vitamin Co., Ltd. | 150,100 | 2,103,136 | ||||||||
Rokko Butter Co., Ltd. | 82,400 | 1,153,428 | ||||||||
S Foods, Inc. | 116,762 | 3,459,781 | ||||||||
S&B Foods, Inc. | 42,798 | 1,768,988 | ||||||||
# | Sagami Rubber Industries Co., Ltd. | 57,700 | 537,228 | |||||||
Sakata Seed Corp. | 14,000 | 459,612 | ||||||||
San-A Co., Ltd. | 114,500 | 4,354,429 | ||||||||
Sapporo Holdings, Ltd. | 333,900 | 6,963,572 | ||||||||
Sato Foods Co., Ltd. | 800 | 35,768 | ||||||||
Satudora Holdings Co., Ltd. | 1,300 | 23,638 | ||||||||
Shinobu Foods Products Co., Ltd. | 1,600 | 8,845 | ||||||||
Shoei Foods Corp. | 68,000 | 2,294,824 | ||||||||
Showa Sangyo Co., Ltd. | 115,200 | 3,099,969 | ||||||||
# | Soiken Holdings, Inc. | 24,200 | 99,212 | |||||||
ST Corp. | 18,900 | 294,621 | ||||||||
Starzen Co., Ltd. | 90,600 | 1,717,455 | ||||||||
* | Toho Co., Ltd. | 49,900 | 718,164 | |||||||
# | Torigoe Co., Ltd. (The) | 94,500 | 664,053 | |||||||
Toyo Sugar Refining Co., Ltd. | 14,500 | 156,574 | ||||||||
# | Transaction Co., Ltd. | 89,700 | 1,218,086 | |||||||
United Super Markets Holdings, Inc. | 365,600 | 3,573,340 | ||||||||
Valor Holdings Co., Ltd. | 237,700 | 4,838,715 | ||||||||
Warabeya Nichiyo Holdings Co., Ltd. | 84,860 | 1,657,112 | ||||||||
Watahan & Co., Ltd. | 97,400 | 1,050,903 | ||||||||
Yaizu Suisankagaku Industry Co., Ltd. | 62,100 | 544,464 | ||||||||
YAKUODO Holdings Co., Ltd. | 70,500 | 1,504,484 | ||||||||
Yamami Co. | 1,200 | 20,953 | ||||||||
YA-MAN, Ltd. | 149,500 | 2,006,055 | ||||||||
Yamatane Corp. | 61,600 | 861,431 | ||||||||
# | Yamaya Corp. | 25,000 | 511,633 | |||||||
# | Yamazawa Co., Ltd. | 11,800 | 183,293 | |||||||
Yaoko Co., Ltd. | 10,300 | 591,191 | ||||||||
Yokohama Reito Co., Ltd. | 325,000 | 2,583,596 | ||||||||
Yomeishu Seizo Co., Ltd. | 48,700 | 792,576 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
CONSUMER STAPLES — (Continued) | ||||||||||
* | Yoshimura Food Holdings KK | 5,300 | $ | 37,537 | ||||||
# | Yuasa Funashoku Co., Ltd. | 14,300 | 386,151 | |||||||
Yutaka Foods Corp. | 3,900 | 66,796 | ||||||||
TOTAL CONSUMER STAPLES | 231,161,929 | |||||||||
ENERGY — (1.0%) | ||||||||||
BP Castrol K.K. | 44,100 | 529,661 | ||||||||
Cosmo Energy Holdings Co., Ltd. | 344,800 | 7,915,202 | ||||||||
Fuji Kosan Co., Ltd. | 4,400 | 44,780 | ||||||||
Fuji Oil Co., Ltd. | 292,200 | 699,176 | ||||||||
Itochu Enex Co., Ltd. | 351,400 | 3,130,298 | ||||||||
Japan Oil Transportation Co., Ltd. | 15,500 | 360,247 | ||||||||
Japan Petroleum Exploration Co., Ltd. | 230,100 | 4,147,876 | ||||||||
Mitsuuroko Group Holdings Co., Ltd. | 205,200 | 2,183,876 | ||||||||
# | Modec, Inc. | 128,800 | 2,385,152 | |||||||
Nippon Coke & Engineering Co., Ltd. | 978,100 | 898,103 | ||||||||
Sala Corp. | 324,100 | 1,691,284 | ||||||||
# | San-Ai Oil Co., Ltd. | 397,800 | 4,619,913 | |||||||
Sinanen Holdings Co., Ltd. | 47,500 | 1,300,815 | ||||||||
Toa Oil Co., Ltd. | 46,200 | 1,122,238 | ||||||||
Toyo Kanetsu K.K. | 48,700 | 1,079,796 | ||||||||
TOTAL ENERGY | 32,108,417 | |||||||||
FINANCIALS — (8.3%) | ||||||||||
77 Bank, Ltd. (The) | 366,652 | 4,033,879 | ||||||||
# | Advance Create Co., Ltd. | 63,400 | 541,129 | |||||||
Aichi Bank, Ltd. (The) | 48,700 | 1,214,315 | ||||||||
Aiful Corp. | 1,614,500 | 5,588,570 | ||||||||
# | Aizawa Securities Co., Ltd. | 216,100 | 1,882,039 | |||||||
Akatsuki Corp. | 118,100 | 385,579 | ||||||||
Akita Bank, Ltd. (The) | 88,440 | 1,111,468 | ||||||||
Anicom Holdings, Inc. | 55,400 | 444,117 | ||||||||
Aomori Bank, Ltd. (The) | 125,800 | 2,325,158 | ||||||||
# | Aozora Bank, Ltd. | 58,800 | 1,318,108 | |||||||
* | Aruhi Corp. | 40,400 | 519,777 | |||||||
Asax Co., Ltd. | 9,300 | 56,849 | ||||||||
Awa Bank, Ltd. (The) | 244,200 | 4,422,191 | ||||||||
Bank of Iwate, Ltd. (The) | 84,700 | 1,299,941 | ||||||||
# | Bank of Kochi, Ltd. (The) | 54,300 | 414,719 | |||||||
Bank of Nagoya, Ltd. (The) | 76,330 | 1,705,791 | ||||||||
Bank of Okinawa, Ltd. (The) | 146,260 | 3,256,105 | ||||||||
Bank of Saga, Ltd. (The) | 84,120 | 1,035,820 | ||||||||
Bank of the Ryukyus, Ltd. | 237,880 | 1,538,261 | ||||||||
# | Bank of Toyama, Ltd. (The) | 14,500 | 307,154 | |||||||
Casa, Inc. | 3,200 | 28,820 | ||||||||
Chiba Kogyo Bank, Ltd. (The) | 264,158 | 617,196 | ||||||||
Chugoku Bank, Ltd. (The) | 564,700 | 4,303,597 | ||||||||
Chukyo Bank, Ltd. (The) | 70,400 | 901,474 | ||||||||
Credit Saison Co., Ltd. | 358,400 | 4,379,313 | ||||||||
Daishi Hokuetsu Financial Group, Inc. | 273,200 | 5,942,697 | ||||||||
Daito Bank, Ltd. (The) | 62,600 | 342,448 | ||||||||
* | Dream Incubator, Inc. | 900 | 8,028 | |||||||
eGuarantee, Inc. | 178,100 | 3,750,605 | ||||||||
Ehime Bank, Ltd. (The) | 216,700 | 1,525,492 | ||||||||
Entrust, Inc. | 28,900 | 182,319 | ||||||||
FIDEA Holdings Co., Ltd. | 1,258,300 | 1,359,951 | ||||||||
First Bank of Toyama, Ltd. (The) | 294,300 | 725,982 | ||||||||
First Brothers Co., Ltd. | 31,900 | 289,464 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
FINANCIALS — (Continued) | ||||||||||
Fukui Bank, Ltd. (The) | 146,200 | $ | 1,776,209 | |||||||
# * | Fukushima Bank, Ltd. (The) | 17,200 | 36,472 | |||||||
Fuyo General Lease Co., Ltd. | 115,400 | 7,296,857 | ||||||||
# | GCA Corp. | 125,600 | 1,099,745 | |||||||
# | GMO Financial Holdings, Inc. | 252,300 | 1,982,974 | |||||||
Gunma Bank, Ltd. (The) | 1,797,040 | 5,679,829 | ||||||||
Hachijuni Bank, Ltd. (The) | 1,125,200 | 3,637,258 | ||||||||
Hirogin Holdings, Inc. | 1,326,200 | 7,010,181 | ||||||||
Hirose Tusyo, Inc. | 20,800 | 432,351 | ||||||||
Hokkoku Bank, Ltd. (The) | 153,300 | 3,056,449 | ||||||||
Hokuhoku Financial Group, Inc. | 834,800 | 6,114,004 | ||||||||
Hyakugo Bank, Ltd. (The) | 1,446,009 | 3,988,188 | ||||||||
Hyakujushi Bank, Ltd. (The) | 134,700 | 1,769,803 | ||||||||
Ichiyoshi Securities Co., Ltd. | 219,700 | 1,137,987 | ||||||||
IwaiCosmo Holdings, Inc. | 121,900 | 1,807,760 | ||||||||
Iyo Bank, Ltd. (The) | 927,518 | 4,570,747 | ||||||||
* | J Trust Co., Ltd. | 335,100 | 1,115,015 | |||||||
Jaccs Co., Ltd. | 138,700 | 3,247,498 | ||||||||
Jafco Group Co., Ltd. | 204,100 | 12,726,138 | ||||||||
* | Japan Asia Investment Co., Ltd. | 93,300 | 233,766 | |||||||
Japan Investment Adviser Co., Ltd. | 70,300 | 947,538 | ||||||||
Japan Securities Finance Co., Ltd. | 611,800 | 4,462,759 | ||||||||
# | Jimoto Holdings, Inc. | 102,850 | 594,085 | |||||||
Juroku Bank, Ltd. (The) | 194,300 | 3,426,848 | ||||||||
Keiyo Bank, Ltd. (The) | 704,300 | 2,583,561 | ||||||||
Kita-Nippon Bank, Ltd. (The) | 43,506 | 645,904 | ||||||||
Kiyo Bank, Ltd. (The) | 434,090 | 5,628,505 | ||||||||
Kyokuto Securities Co., Ltd. | 146,800 | 1,071,820 | ||||||||
Kyushu Financial Group, Inc. | 1,383,437 | 4,893,711 | ||||||||
# | Kyushu Leasing Service Co., Ltd. | 34,000 | 204,910 | |||||||
* | M&A Capital Partners Co., Ltd. | 82,500 | 4,022,881 | |||||||
Marusan Securities Co., Ltd. | 363,500 | 1,974,773 | ||||||||
Matsui Securities Co., Ltd. | 237,100 | 1,727,982 | ||||||||
Mebuki Financial Group, Inc. | 1,018,600 | 2,153,818 | ||||||||
# * | Mercuria Investment Co., Ltd. | 70,500 | 493,713 | |||||||
Michinoku Bank, Ltd. (The) | 261,898 | 2,192,422 | ||||||||
# | Minkabu The Infonoid, Inc. | 21,700 | 755,913 | |||||||
# | Mito Securities Co., Ltd. | 359,500 | 950,735 | |||||||
Miyazaki Bank, Ltd. (The) | 108,900 | 1,943,441 | ||||||||
Mizuho Leasing Co., Ltd. | 189,600 | 6,387,061 | ||||||||
Monex Group, Inc. | 954,600 | 6,426,624 | ||||||||
# | Money Partners Group Co., Ltd. | 149,100 | 305,142 | |||||||
Mortgage Service Japan, Ltd. | 5,600 | 49,660 | ||||||||
Musashino Bank, Ltd. (The) | 206,800 | 3,110,420 | ||||||||
Nagano Bank, Ltd. (The) | 47,199 | 483,344 | ||||||||
Nanto Bank, Ltd. (The) | 193,100 | 3,197,111 | ||||||||
NEC Capital Solutions, Ltd. | 55,100 | 1,068,040 | ||||||||
NFC Holdings, Inc. | 4,200 | 70,504 | ||||||||
Nishi-Nippon Financial Holdings, Inc. | 848,600 | 4,848,377 | ||||||||
North Pacific Bank, Ltd. | 1,842,500 | 3,922,406 | ||||||||
# * | OAK Capital Corp. | 319,800 | 345,361 | |||||||
Ogaki Kyoritsu Bank, Ltd. (The) | 239,400 | 4,001,752 | ||||||||
Oita Bank, Ltd. (The) | 84,199 | 1,271,123 | ||||||||
Okasan Securities Group, Inc. | 1,076,200 | 4,023,897 | ||||||||
Orient Corp. | 634,900 | 836,167 | ||||||||
Premium Group Co., Ltd. | 14,600 | 461,913 | ||||||||
Ricoh Leasing Co., Ltd. | 93,200 | 2,889,785 | ||||||||
San ju San Financial Group, Inc. | 120,293 | 1,464,188 | ||||||||
San-In Godo Bank, Ltd. (The) | 980,700 | 4,773,353 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
FINANCIALS — (Continued) | ||||||||||
Sawada Holdings Co., Ltd. | 152,200 | $ | 1,368,312 | |||||||
Senshu Ikeda Holdings, Inc. | 1,291,018 | 1,848,066 | ||||||||
Seven Bank, Ltd. | 468,400 | 995,770 | ||||||||
Shiga Bank, Ltd. (The) | 304,000 | 5,330,795 | ||||||||
Shikoku Bank, Ltd. (The) | 265,100 | 1,664,541 | ||||||||
Shimizu Bank, Ltd. (The) | 54,600 | 721,299 | ||||||||
Sparx Group Co., Ltd. | 604,900 | 1,391,381 | ||||||||
Strike Co., Ltd. | 47,700 | 1,901,251 | ||||||||
Suruga Bank, Ltd. | 364,900 | 1,094,096 | ||||||||
Taiko Bank, Ltd. (The) | 41,800 | 502,204 | ||||||||
Tochigi Bank, Ltd. (The) | 565,200 | 872,033 | ||||||||
Toho Bank, Ltd. (The) | 1,298,700 | 2,386,760 | ||||||||
Tohoku Bank, Ltd. (The) | 64,700 | 586,263 | ||||||||
Tokai Tokyo Financial Holdings, Inc. | 1,290,200 | 4,576,074 | ||||||||
Tokyo Kiraboshi Financial Group, Inc. | 170,738 | 2,303,247 | ||||||||
Tomato Bank, Ltd. | 54,500 | 505,537 | ||||||||
TOMONY Holdings, Inc. | 942,850 | 2,494,496 | ||||||||
Tottori Bank, Ltd. (The) | 56,400 | 562,101 | ||||||||
Towa Bank, Ltd. (The) | 184,000 | 838,085 | ||||||||
# | Toyo Securities Co., Ltd. | 378,800 | 548,672 | |||||||
Traders Holdings Co., Ltd. | 13,720 | 41,566 | ||||||||
Tsukuba Bank, Ltd. | 402,600 | 624,334 | ||||||||
* | Uzabase, Inc. | 5,500 | 132,103 | |||||||
Yamagata Bank, Ltd. (The) | 166,400 | 1,244,097 | ||||||||
Yamaguchi Financial Group, Inc. | 1,109,872 | 6,359,196 | ||||||||
Yamanashi Chuo Bank, Ltd. (The) | 171,426 | 1,249,325 | ||||||||
TOTAL FINANCIALS | 259,230,738 | |||||||||
HEALTH CARE — (4.8%) | ||||||||||
Advantage Risk Management Co., Ltd. | 38,800 | 393,605 | ||||||||
As One Corp. | 10,100 | 1,318,153 | ||||||||
ASKA Pharmaceutical Holdings Co., Ltd. | 161,700 | 1,435,247 | ||||||||
Astena Holdings Co., Ltd. | 156,700 | 897,215 | ||||||||
Biofermin Pharmaceutical Co., Ltd. | 28,700 | 770,071 | ||||||||
BML, Inc. | 152,200 | 5,184,325 | ||||||||
# | Carenet, Inc. | 25,600 | 1,888,865 | |||||||
CE Holdings Co., Ltd. | 3,400 | 16,273 | ||||||||
# | Charm Care Corp. KK | 57,500 | 629,309 | |||||||
CMIC Holdings Co., Ltd. | 60,600 | 858,787 | ||||||||
# | Create Medic Co., Ltd. | 38,700 | 347,698 | |||||||
Daiken Medical Co., Ltd. | 111,400 | 556,687 | ||||||||
Daito Pharmaceutical Co., Ltd. | 77,380 | 2,352,409 | ||||||||
# | Dvx, Inc. | 44,300 | 398,409 | |||||||
Eiken Chemical Co., Ltd. | 198,100 | 3,830,663 | ||||||||
Elan Corp. | 172,200 | 1,982,786 | ||||||||
EM Systems Co., Ltd. | 241,300 | 1,884,387 | ||||||||
EPS Holdings, Inc. | 196,700 | 3,192,251 | ||||||||
FALCO HOLDINGS Co., Ltd. | 53,300 | 801,146 | ||||||||
FINDEX, Inc. | 94,500 | 873,479 | ||||||||
France Bed Holdings Co., Ltd. | 153,900 | 1,264,609 | ||||||||
Fuji Pharma Co., Ltd. | 99,100 | 1,028,082 | ||||||||
Fukuda Denshi Co., Ltd. | 57,200 | 4,627,662 | ||||||||
Fuso Pharmaceutical Industries, Ltd. | 45,600 | 923,773 | ||||||||
# * | GNI Group, Ltd. | 47,400 | 892,118 | |||||||
H.U. Group Holdings, Inc. | 336,700 | 8,688,032 | ||||||||
# | Hogy Medical Co., Ltd. | 84,200 | 2,588,477 | |||||||
# | I’rom Group Co., Ltd. | 31,800 | 574,061 | |||||||
# * | Japan Animal Referral Medical Center Co., Ltd. | 9,600 | 164,105 | |||||||
* | Japan Hospice Holdings, Inc. | 1,100 | 20,334 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
HEALTH CARE — (Continued) | ||||||||||
Japan Lifeline Co., Ltd. | 387,300 | $ | 4,709,718 | |||||||
Japan Medical Dynamic Marketing, Inc. | 99,300 | 1,951,335 | ||||||||
Jeol, Ltd. | 168,400 | 9,834,207 | ||||||||
# | JMS Co., Ltd. | 96,557 | 718,475 | |||||||
Kaken Pharmaceutical Co., Ltd. | 84,400 | 3,621,627 | ||||||||
Kanamic Network Co., Ltd. | 106,000 | 626,024 | ||||||||
Kissei Pharmaceutical Co., Ltd. | 171,000 | 3,323,124 | ||||||||
KYORIN Holdings, Inc. | 256,000 | 4,183,504 | ||||||||
Linical Co., Ltd. | 71,700 | 542,713 | ||||||||
Mani, Inc. | 62,200 | 1,426,206 | ||||||||
Medical Data Vision Co., Ltd. | 152,500 | 3,022,296 | ||||||||
Medikit Co., Ltd. | 2,000 | 56,772 | ||||||||
# | Medius Holdings Co., Ltd. | 67,100 | 611,710 | |||||||
* | MedPeer, Inc. | 22,300 | 884,297 | |||||||
Menicon Co., Ltd. | 52,300 | 3,663,782 | ||||||||
Mizuho Medy Co., Ltd. | 22,400 | 488,382 | ||||||||
Mochida Pharmaceutical Co., Ltd. | 24,598 | 807,684 | ||||||||
Nagaileben Co., Ltd. | 3,100 | 74,690 | ||||||||
Nakanishi, Inc. | 179,100 | 3,921,332 | ||||||||
# | Nichi-iko Pharmaceutical Co., Ltd. | 325,550 | 2,601,774 | |||||||
Nihon Kohden Corp. | 17,100 | 488,005 | ||||||||
Nippon Chemiphar Co., Ltd. | 13,400 | 282,042 | ||||||||
Nipro Corp. | 598,100 | 7,066,051 | ||||||||
Nissui Pharmaceutical Co., Ltd. | 78,000 | 686,537 | ||||||||
Paramount Bed Holdings Co., Ltd. | 268,800 | 4,785,868 | ||||||||
Rion Co., Ltd. | 52,100 | 1,370,961 | ||||||||
Sawai Group Holdings Co., Ltd. | 94,200 | 4,202,839 | ||||||||
# | Seed Co., Ltd. | 72,900 | 528,084 | |||||||
Seikagaku Corp. | 248,900 | 2,419,095 | ||||||||
Shin Nippon Biomedical Laboratories, Ltd. | 45,300 | 334,121 | ||||||||
Ship Healthcare Holdings, Inc. | 113,800 | 2,658,988 | ||||||||
Shofu, Inc. | 69,200 | 1,230,600 | ||||||||
Software Service, Inc. | 19,700 | 1,843,765 | ||||||||
Solasto Corp. | 318,000 | 4,029,771 | ||||||||
St-Care Holding Corp. | 87,200 | 831,088 | ||||||||
# | Taiko Pharmaceutical Co., Ltd. | 55,900 | 512,289 | |||||||
Techno Medica Co., Ltd. | 13,800 | 199,080 | ||||||||
Toho Holdings Co., Ltd. | 292,000 | 4,708,091 | ||||||||
Tokai Corp. | 139,800 | 3,060,603 | ||||||||
Torii Pharmaceutical Co., Ltd. | 96,100 | 2,103,203 | ||||||||
Towa Pharmaceutical Co., Ltd. | 175,400 | 4,268,137 | ||||||||
Tsumura & Co. | 43,100 | 1,354,778 | ||||||||
# | Value HR Co., Ltd. | 46,400 | 701,531 | |||||||
Vital KSK Holdings, Inc. | 272,800 | 1,756,111 | ||||||||
# * | Wakamoto Pharmaceutical Co., Ltd. | 112,300 | 316,283 | |||||||
WIN-Partners Co., Ltd. | 113,300 | 1,022,323 | ||||||||
ZERIA Pharmaceutical Co., Ltd. | 10,000 | 188,756 | ||||||||
TOTAL HEALTH CARE | 150,401,670 | |||||||||
INDUSTRIALS — (30.4%) | ||||||||||
A&A Material Corp. | 26,000 | 239,703 | ||||||||
# | Abist Co., Ltd. | 19,600 | 521,273 | |||||||
Advan Co., Ltd. | 149,900 | 1,261,658 | ||||||||
Advanex, Inc. | 17,999 | 224,271 | ||||||||
Aeon Delight Co., Ltd. | 90,100 | 2,823,720 | ||||||||
Aica Kogyo Co., Ltd. | 23,400 | 822,306 | ||||||||
Aichi Corp. | 239,900 | 1,761,952 | ||||||||
Aida Engineering, Ltd. | 315,900 | 2,815,254 | ||||||||
Ajis Co., Ltd. | 28,900 | 939,095 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
INDUSTRIALS — (Continued) | ||||||||||
Alconix Corp. | 151,600 | $ | 2,000,017 | |||||||
Alinco, Inc. | 80,500 | 746,340 | ||||||||
# | Alps Logistics Co., Ltd. | 111,600 | 982,081 | |||||||
Altech Co., Ltd. | 10,900 | 34,298 | ||||||||
Altech Corp. | 114,470 | 2,000,569 | ||||||||
Anest Iwata Corp. | 216,200 | 1,969,260 | ||||||||
Asahi Diamond Industrial Co., Ltd. | 342,600 | 1,590,025 | ||||||||
Asahi Kogyosha Co., Ltd. | 25,700 | 723,453 | ||||||||
Asanuma Corp. | 44,000 | 1,787,007 | ||||||||
# | Asukanet Co., Ltd. | 49,600 | 407,280 | |||||||
Bando Chemical Industries, Ltd. | 215,300 | 1,726,935 | ||||||||
# | BeNext-Yumeshin Group Co. | 305,996 | 3,511,567 | |||||||
# | Br Holdings Corp. | 188,100 | 804,082 | |||||||
Bunka Shutter Co., Ltd. | 366,000 | 3,653,964 | ||||||||
Canare Electric Co., Ltd. | 20,300 | 320,366 | ||||||||
Career Design Center Co., Ltd. | 12,400 | 120,182 | ||||||||
Central Glass Co., Ltd. | 229,300 | 4,402,187 | ||||||||
Central Security Patrols Co., Ltd. | 53,000 | 1,476,888 | ||||||||
Chilled & Frozen Logistics Holdings Co., Ltd. | 108,700 | 1,641,997 | ||||||||
# * | Chiyoda Corp. | 194,400 | 772,953 | |||||||
Chiyoda Integre Co., Ltd. | 71,700 | 1,149,363 | ||||||||
Chodai Co., Ltd. | 6,800 | 117,141 | ||||||||
Chori Co., Ltd. | 73,000 | 1,131,289 | ||||||||
Chudenko Corp. | 202,600 | 4,163,568 | ||||||||
# | Chugai Ro Co., Ltd. | 36,600 | 660,287 | |||||||
Chuo Warehouse Co., Ltd. | 21,000 | 198,071 | ||||||||
CKD Corp. | 88,100 | 1,851,567 | ||||||||
CMC Corp. | 14,600 | 359,924 | ||||||||
Comany, Inc. | 4,700 | 51,591 | ||||||||
Cosel Co., Ltd. | 164,300 | 1,555,713 | ||||||||
Creek & River Co., Ltd. | 57,400 | 795,550 | ||||||||
CTI Engineering Co., Ltd. | 72,000 | 1,472,328 | ||||||||
CTS Co., Ltd. | 166,400 | 1,269,029 | ||||||||
Dai-Dan Co., Ltd. | 99,100 | 2,278,622 | ||||||||
Daido Kogyo Co., Ltd. | 46,500 | 502,395 | ||||||||
Daihatsu Diesel Manufacturing Co., Ltd. | 122,100 | 508,747 | ||||||||
Daihen Corp. | 133,400 | 5,545,750 | ||||||||
Daiho Corp. | 99,500 | 3,604,092 | ||||||||
Dai-Ichi Cutter Kogyo K.K. | 44,000 | 534,585 | ||||||||
Daiichi Jitsugyo Co., Ltd. | 54,700 | 2,108,735 | ||||||||
Daiichi Kensetsu Corp. | 31,000 | 594,860 | ||||||||
# | Daiki Axis Co., Ltd. | 41,900 | 322,813 | |||||||
* | Daiohs Corp. | 22,100 | 207,133 | |||||||
Daiseki Co., Ltd. | 243,963 | 10,958,909 | ||||||||
Daiseki Eco. Solution Co., Ltd. | 11,759 | 110,970 | ||||||||
Daisue Construction Co., Ltd. | 48,200 | 426,980 | ||||||||
Daiwa Industries, Ltd. | 216,200 | 2,017,585 | ||||||||
Denyo Co., Ltd. | 108,700 | 1,908,195 | ||||||||
DMG Mori Co., Ltd. | 673,200 | 12,105,945 | ||||||||
DMW Corp. | 4,800 | 162,199 | ||||||||
Duskin Co., Ltd. | 285,100 | 6,509,645 | ||||||||
# | Ebara Jitsugyo Co., Ltd. | 72,400 | 2,016,756 | |||||||
Eidai Co., Ltd. | 184,700 | 496,940 | ||||||||
# | EJ Holdings, Inc. | 4,200 | 39,942 | |||||||
Endo Lighting Corp. | 33,400 | 229,378 | ||||||||
en-japan, Inc. | 85,100 | 3,021,638 | ||||||||
Enshu, Ltd. | 26,199 | 199,420 | ||||||||
# | EPCO Co., Ltd. | 20,200 | 165,017 | |||||||
* | Escrow Agent Japan, Inc. | 136,700 | 313,505 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
INDUSTRIALS — (Continued) | ||||||||||
F&M Co., Ltd. | 41,700 | $ | 523,486 | |||||||
# * | FDK Corp. | 47,198 | 499,530 | |||||||
# | Freund Corp. | 75,600 | 561,332 | |||||||
Fudo Tetra Corp. | 109,680 | 1,746,921 | ||||||||
Fuji Corp. | 248,600 | 5,694,473 | ||||||||
Fuji Die Co., Ltd. | 55,300 | 316,193 | ||||||||
Fuji Furukawa Engineering & Construction Co., Ltd. | 1,200 | 29,478 | ||||||||
* | Fujikura, Ltd. | 1,545,600 | 7,204,773 | |||||||
Fujimak Corp. | 12,600 | 93,340 | ||||||||
Fujisash Co., Ltd. | 573,900 | 408,637 | ||||||||
Fujitec Co., Ltd. | 264,100 | 5,854,836 | ||||||||
Fukuda Corp. | 59,200 | 2,569,992 | ||||||||
Fukushima Galilei Co., Ltd. | 84,100 | 3,378,815 | ||||||||
Fukuvi Chemical Industry Co., Ltd. | 10,600 | 51,107 | ||||||||
Fukuyama Transporting Co., Ltd. | 29,757 | 1,106,335 | ||||||||
# | FULLCAST Holdings Co., Ltd. | 133,200 | 2,767,567 | |||||||
# | Funai Soken Holdings, Inc. | 249,470 | 5,410,034 | |||||||
Furukawa Co., Ltd. | 204,200 | 2,296,191 | ||||||||
Furukawa Electric Co., Ltd. | 404,800 | 10,093,882 | ||||||||
# | Furusato Industries, Ltd. | 65,000 | 1,129,544 | |||||||
Futaba Corp. | 208,200 | 1,456,646 | ||||||||
Gecoss Corp. | 95,900 | 759,136 | ||||||||
Giken, Ltd. | 62,000 | 2,527,447 | ||||||||
Glory, Ltd. | 278,555 | 5,785,257 | ||||||||
Grace Technology, Inc. | 110,100 | 1,590,599 | ||||||||
gremz, Inc. | 14,800 | 254,539 | ||||||||
GS Yuasa Corp. | 320,483 | 8,195,451 | ||||||||
Hamakyorex Co., Ltd. | 109,500 | 3,146,741 | ||||||||
Hanwa Co., Ltd. | 232,200 | 6,719,704 | ||||||||
# | Hashimoto Sogyo Holdings Co., Ltd. | 4,070 | 108,738 | |||||||
Hazama Ando Corp. | 1,302,400 | 9,588,067 | ||||||||
Helios Techno Holding Co., Ltd. | 109,800 | 339,509 | ||||||||
Hibiya Engineering, Ltd. | 122,300 | 1,998,215 | ||||||||
Hirakawa Hewtech Corp. | 70,800 | 772,493 | ||||||||
Hirano Tecseed Co., Ltd. | 62,500 | 1,432,407 | ||||||||
Hirata Corp. | 11,700 | 697,821 | ||||||||
Hisaka Works, Ltd. | 127,300 | 928,743 | ||||||||
Hitachi Zosen Corp. | 1,071,679 | 6,914,265 | ||||||||
Hito Communications Holdings, Inc. | 43,900 | 901,698 | ||||||||
Hokuetsu Industries Co., Ltd. | 140,700 | 1,430,581 | ||||||||
Hokuriku Electrical Construction Co., Ltd. | 74,200 | 829,332 | ||||||||
Hosokawa Micron Corp. | 45,600 | 2,442,217 | ||||||||
# | Howa Machinery, Ltd. | 62,700 | 456,275 | |||||||
# | Ichikawa Co., Ltd. | 1,000 | 12,306 | |||||||
Ichiken Co., Ltd. | 33,600 | 574,108 | ||||||||
Ichinen Holdings Co., Ltd. | 137,500 | 1,507,331 | ||||||||
Idec Corp. | 204,800 | 3,868,795 | ||||||||
Ihara Science Corp. | 52,200 | 860,303 | ||||||||
Iino Kaiun Kaisha, Ltd. | 573,100 | 2,264,086 | ||||||||
Inaba Denki Sangyo Co., Ltd. | 347,600 | 8,101,006 | ||||||||
Inaba Seisakusho Co., Ltd. | 62,800 | 854,859 | ||||||||
Inabata & Co., Ltd. | 296,500 | 4,571,612 | ||||||||
Insource Co., Ltd. | 112,750 | 2,424,091 | ||||||||
# | Inui Global Logistics Co., Ltd. | 81,480 | 955,564 | |||||||
IR Japan Holdings, Ltd. | 7,500 | 942,939 | ||||||||
* | Iseki & Co., Ltd. | 124,500 | 1,660,579 | |||||||
Ishii Iron Works Co., Ltd. | 11,000 | 300,501 | ||||||||
Isolite Insulating Products Co., Ltd. | 48,000 | 309,730 | ||||||||
# | Itoki Corp. | 209,700 | 680,274 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
INDUSTRIALS — (Continued) | ||||||||||
Iwaki Co., Ltd. | 41,000 | $ | 339,972 | |||||||
Iwasaki Electric Co., Ltd. | 39,400 | 691,998 | ||||||||
JAC Recruitment Co., Ltd. | 100,900 | 1,615,540 | ||||||||
* | Jalux, Inc. | 38,600 | 636,551 | |||||||
# * | Jamco Corp. | 69,800 | 694,681 | |||||||
# | Japan Asia Group, Ltd. | 176,800 | 1,528,710 | |||||||
Japan Elevator Service Holdings Co., Ltd. | 286,800 | 6,652,160 | ||||||||
Japan Foundation Engineering Co., Ltd. | 128,800 | 588,060 | ||||||||
Japan Pulp & Paper Co., Ltd. | 77,600 | 2,468,525 | ||||||||
Japan Steel Works, Ltd. (The) | 389,300 | 9,995,109 | ||||||||
Japan Transcity Corp. | 251,200 | 1,213,005 | ||||||||
JDC Corp. | 15,000 | 77,048 | ||||||||
JGC Holdings Corp. | 293,000 | 2,730,021 | ||||||||
# | JK Holdings Co., Ltd. | 94,440 | 671,304 | |||||||
# * | JTOWER, Inc. | 9,000 | 455,075 | |||||||
Juki Corp. | 185,300 | 1,323,567 | ||||||||
Kamei Corp. | 154,500 | 1,564,807 | ||||||||
Kanaden Corp. | 118,500 | 1,119,320 | ||||||||
Kanagawa Chuo Kotsu Co., Ltd. | 42,800 | 1,367,520 | ||||||||
Kaname Kogyo Co., Ltd. | 1,300 | 10,943 | ||||||||
Kanamoto Co., Ltd. | 205,200 | 4,739,517 | ||||||||
Kandenko Co., Ltd. | 554,800 | 4,333,897 | ||||||||
Kanematsu Corp. | 521,625 | 6,946,597 | ||||||||
Katakura Industries Co., Ltd. | 152,600 | 2,047,386 | ||||||||
Kato Works Co., Ltd. | 61,000 | 539,643 | ||||||||
Kawada Technologies, Inc. | 34,100 | 1,078,013 | ||||||||
Kawagishi Bridge Works Co., Ltd. | 8,700 | 235,953 | ||||||||
Kawanishi Warehouse Co., Ltd. | 1,700 | 17,786 | ||||||||
Kawasaki Kinkai Kisen Kaisha, Ltd. | 7,899 | 212,802 | ||||||||
* | Kawasaki Kisen Kaisha, Ltd. | 49,200 | 1,770,132 | |||||||
Kawata Manufacturing Co., Ltd. | 25,100 | 202,177 | ||||||||
Keihin Co., Ltd. | 15,700 | 195,898 | ||||||||
# | KFC, Ltd. | 8,700 | 145,072 | |||||||
Kimura Chemical Plants Co., Ltd. | 107,500 | 797,100 | ||||||||
Kimura Unity Co., Ltd. | 23,500 | 286,346 | ||||||||
# | King Jim Co., Ltd. | 43,500 | 346,191 | |||||||
# | Kinki Sharyo Co., Ltd. (The) | 16,599 | 178,025 | |||||||
Kintetsu World Express, Inc. | 244,200 | 5,145,076 | ||||||||
Kitagawa Corp. | 53,300 | 820,098 | ||||||||
Kitano Construction Corp. | 25,672 | 536,893 | ||||||||
Kito Corp. | 135,400 | 2,036,537 | ||||||||
Kitz Corp. | 475,900 | 3,235,396 | ||||||||
* | Kobe Electric Railway Co., Ltd. | 37,299 | 1,159,165 | |||||||
Kobelco Eco-Solutions Co., Ltd. | 21,399 | 550,722 | ||||||||
Koike Sanso Kogyo Co., Ltd. | 12,600 | 262,448 | ||||||||
Kokusai Co., Ltd. | 51,600 | 327,345 | ||||||||
# | Kokuyo Co., Ltd. | 324,725 | 5,077,087 | |||||||
KOMAIHALTEC, Inc. | 20,300 | 321,028 | ||||||||
Komatsu Wall Industry Co., Ltd. | 49,300 | 871,765 | ||||||||
Komori Corp. | 317,900 | 2,332,242 | ||||||||
Kondotec, Inc. | 123,800 | 1,119,932 | ||||||||
Konoike Transport Co., Ltd. | 179,700 | 1,964,041 | ||||||||
* | Kosaido Co., Ltd. | 182,400 | 1,369,937 | |||||||
Kozo Keikaku Engineering, Inc. | 20,700 | 525,843 | ||||||||
KRS Corp. | 37,800 | 602,486 | ||||||||
Kumagai Gumi Co., Ltd. | 239,400 | 6,041,846 | ||||||||
Kyodo Printing Co., Ltd. | 48,900 | 1,167,428 | ||||||||
# | Kyokuto Boeki Kaisha, Ltd. | 39,700 | 905,830 | |||||||
Kyokuto Kaihatsu Kogyo Co., Ltd. | 208,800 | 2,970,517 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
INDUSTRIALS — (Continued) | ||||||||||
* | Kyoritsu Printing Co., Ltd. | 179,200 | $ | 224,184 | ||||||
Kyudenko Corp. | 60,800 | 1,956,758 | ||||||||
Like Co., Ltd. | 63,200 | 1,174,140 | ||||||||
# | Link And Motivation, Inc. | 210,200 | 1,478,719 | |||||||
Lonseal Corp. | 13,900 | 189,334 | ||||||||
Maeda Corp. | 914,100 | 7,929,779 | ||||||||
Maeda Road Construction Co., Ltd. | 127,100 | 2,501,300 | ||||||||
Maezawa Industries, Inc. | 25,300 | 141,073 | ||||||||
# | Maezawa Kasei Industries Co., Ltd. | 85,100 | 935,167 | |||||||
Maezawa Kyuso Industries Co., Ltd. | 128,400 | 1,191,564 | ||||||||
Makino Milling Machine Co., Ltd. | 151,200 | 6,102,396 | ||||||||
* | Management Solutions Co., Ltd. | 1,000 | 25,158 | |||||||
Marufuji Sheet Piling Co., Ltd. | 11,800 | 223,432 | ||||||||
Maruka Corp. | 36,400 | 808,352 | ||||||||
Marumae Co., Ltd. | 28,300 | 628,718 | ||||||||
# | Maruwa Unyu Kikan Co., Ltd. | 49,500 | 702,237 | |||||||
Maruyama Manufacturing Co., Inc. | 18,800 | 294,458 | ||||||||
Maruzen Co., Ltd. | 65,800 | 1,296,842 | ||||||||
Maruzen Showa Unyu Co., Ltd. | 80,000 | 2,404,701 | ||||||||
Matching Service Japan Co., Ltd. | 52,000 | 561,712 | ||||||||
Matsuda Sangyo Co., Ltd. | 95,282 | 1,840,165 | ||||||||
# | Matsui Construction Co., Ltd. | 125,500 | 832,853 | |||||||
Max Co., Ltd. | 167,600 | 2,750,056 | ||||||||
Meidensha Corp. | 227,210 | 4,515,730 | ||||||||
Meiji Electric Industries Co., Ltd. | 52,500 | 678,554 | ||||||||
Meiji Shipping Co., Ltd. | 102,500 | 484,742 | ||||||||
Meisei Industrial Co., Ltd. | 268,800 | 1,771,809 | ||||||||
Meitec Corp. | 169,000 | 9,149,932 | ||||||||
# | Meiwa Corp. | 145,600 | 620,508 | |||||||
Mesco, Inc. | 29,800 | 271,327 | ||||||||
METAWATER Co., Ltd. | 153,600 | 2,920,325 | ||||||||
Mie Kotsu Group Holdings, Inc. | 359,200 | 1,513,926 | ||||||||
Mirai Industry Co., Ltd. | 2,900 | 45,426 | ||||||||
Mirait Holdings Corp. | 524,835 | 9,307,692 | ||||||||
Mitani Corp. | 73,800 | 4,624,696 | ||||||||
# | Mitani Sangyo Co., Ltd. | 145,000 | 498,364 | |||||||
# | Mitsubishi Kakoki Kaisha, Ltd. | 39,700 | 929,074 | |||||||
Mitsubishi Logisnext Co., Ltd. | 179,200 | 1,644,959 | ||||||||
# | Mitsubishi Pencil Co., Ltd. | 90,800 | 1,176,880 | |||||||
Mitsuboshi Belting, Ltd. | 163,400 | 2,578,513 | ||||||||
* | Mitsui E&S Holdings Co., Ltd. | 394,781 | 1,844,656 | |||||||
Mitsui Matsushima Holdings Co., Ltd. | 65,700 | 589,531 | ||||||||
Mitsui-Soko Holdings Co., Ltd. | 137,800 | 3,132,034 | ||||||||
Mitsumura Printing Co., Ltd. | 6,300 | 94,050 | ||||||||
Miyaji Engineering Group, Inc. | 39,417 | 811,924 | ||||||||
Mori-Gumi Co., Ltd. | 69,500 | 195,417 | ||||||||
Morita Holdings Corp. | 211,100 | 3,047,070 | ||||||||
Musashi Co., Ltd. | 5,000 | 89,865 | ||||||||
# | NAC Co., Ltd. | 61,300 | 502,415 | |||||||
Nachi-Fujikoshi Corp. | 88,500 | 3,113,144 | ||||||||
Nadex Co., Ltd. | 40,600 | 267,903 | ||||||||
Nagase & Co., Ltd. | 538,000 | 8,042,087 | ||||||||
Naigai Trans Line, Ltd. | 40,500 | 722,678 | ||||||||
Nakabayashi Co., Ltd. | 113,400 | 613,227 | ||||||||
Nakakita Seisakusho Co., Ltd. | 3,700 | 88,168 | ||||||||
Nakamoto Packs Co., Ltd. | 33,300 | 472,944 | ||||||||
Nakanishi Manufacturing Co., Ltd. | 5,700 | 57,238 | ||||||||
Nakano Corp. | 107,000 | 403,003 | ||||||||
* | Namura Shipbuilding Co., Ltd. | 279,928 | 458,893 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
INDUSTRIALS — (Continued) | ||||||||||
Nankai Electric Railway Co., Ltd. | 107,200 | $ | 2,292,788 | |||||||
Narasaki Sangyo Co., Ltd. | 25,400 | 477,328 | ||||||||
Nice Corp. | 32,400 | 596,976 | ||||||||
Nichias Corp. | 392,400 | 9,890,784 | ||||||||
Nichiban Co., Ltd. | 65,900 | 1,043,948 | ||||||||
Nichiden Corp. | 98,900 | 1,919,532 | ||||||||
Nichiha Corp. | 166,380 | 4,236,082 | ||||||||
Nichireki Co., Ltd. | 167,400 | 1,969,223 | ||||||||
Nihon Dengi Co., Ltd. | 30,200 | 1,053,706 | ||||||||
Nihon Flush Co., Ltd. | 120,900 | 1,363,605 | ||||||||
# | Nikkato Corp. | 53,000 | 338,545 | |||||||
Nikkiso Co., Ltd. | 316,800 | 3,193,164 | ||||||||
Nikko Co., Ltd. | 164,000 | 1,028,020 | ||||||||
Nikkon Holdings Co., Ltd. | 385,300 | 8,404,229 | ||||||||
Nippi, Inc. | 11,900 | 382,198 | ||||||||
Nippon Air Conditioning Services Co., Ltd. | 183,100 | 1,177,302 | ||||||||
Nippon Aqua Co., Ltd. | 27,600 | 137,699 | ||||||||
# | Nippon Carbon Co., Ltd. | 61,700 | 2,326,947 | |||||||
Nippon Concept Corp. | 37,000 | 622,697 | ||||||||
Nippon Densetsu Kogyo Co., Ltd. | 244,200 | 3,965,378 | ||||||||
Nippon Dry-Chemical Co., Ltd. | 5,100 | 81,102 | ||||||||
# | Nippon Filcon Co., Ltd. | 15,700 | 70,240 | |||||||
Nippon Hume Corp. | 139,300 | 901,980 | ||||||||
Nippon Kanzai Co., Ltd. | 14,500 | 325,126 | ||||||||
# | Nippon Koei Co., Ltd. | 78,800 | 2,189,755 | |||||||
Nippon Parking Development Co., Ltd. | 1,271,000 | 1,933,197 | ||||||||
Nippon Rietec Co., Ltd. | 12,600 | 191,138 | ||||||||
Nippon Road Co., Ltd. (The) | 46,100 | 3,202,146 | ||||||||
Nippon Seisen Co., Ltd. | 21,300 | 884,858 | ||||||||
Nippon Sharyo, Ltd. | 40,299 | 762,548 | ||||||||
* | Nippon Sheet Glass Co., Ltd. | 8,300 | 47,626 | |||||||
Nippon Steel Trading Corp. | 99,460 | 3,911,727 | ||||||||
Nippon Thompson Co., Ltd. | 382,500 | 2,086,437 | ||||||||
Nippon Tungsten Co., Ltd. | 6,699 | 120,545 | ||||||||
Nishimatsu Construction Co., Ltd. | 345,000 | 10,756,538 | ||||||||
Nishi-Nippon Railroad Co., Ltd. | 148,200 | 3,592,856 | ||||||||
Nishio Rent All Co., Ltd. | 123,800 | 3,455,799 | ||||||||
Nissei ASB Machine Co., Ltd. | 52,500 | 2,334,024 | ||||||||
Nissei Corp. | 38,900 | 384,316 | ||||||||
Nissei Plastic Industrial Co., Ltd. | 127,000 | 1,594,685 | ||||||||
Nisshinbo Holdings, Inc. | 908,180 | 7,864,702 | ||||||||
Nissin Corp. | 95,000 | 1,251,841 | ||||||||
Nissin Electric Co., Ltd. | 333,100 | 4,207,269 | ||||||||
Nisso Corp. | 3,800 | 28,337 | ||||||||
Nitta Corp. | 136,400 | 3,187,663 | ||||||||
# | Nitto Boseki Co., Ltd. | 22,300 | 688,032 | |||||||
Nitto Kogyo Corp. | 178,200 | 2,923,847 | ||||||||
Nitto Kohki Co., Ltd. | 66,900 | 1,085,712 | ||||||||
Nitto Seiko Co., Ltd. | 180,900 | 919,206 | ||||||||
Nittoc Construction Co., Ltd. | 132,600 | 902,231 | ||||||||
NJS Co., Ltd. | 36,800 | 686,204 | ||||||||
Noda Corp. | 132,900 | 926,253 | ||||||||
Nomura Co., Ltd. | 505,600 | 4,346,762 | ||||||||
Noritake Co., Ltd. | 59,600 | 2,264,122 | ||||||||
Noritsu Koki Co., Ltd. | 123,900 | 2,649,793 | ||||||||
Noritz Corp. | 196,500 | 3,289,307 | ||||||||
# | NS Tool Co., Ltd. | 107,000 | 1,407,858 | |||||||
NS United Kaiun Kaisha, Ltd. | 58,700 | 1,278,596 | ||||||||
* | NTN Corp. | 2,736,400 | 7,153,026 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
INDUSTRIALS — (Continued) | ||||||||||
# | Obara Group, Inc. | 78,500 | $ | 2,692,675 | ||||||
Ochi Holdings Co., Ltd. | 8,900 | 102,815 | ||||||||
# | Odawara Engineering Co., Ltd. | 4,900 | 108,164 | |||||||
# | Ohba Co., Ltd. | 76,500 | 546,373 | |||||||
Ohmoto Gumi Co., Ltd. | 4,100 | 215,706 | ||||||||
Oiles Corp. | 145,770 | 2,029,572 | ||||||||
Okabe Co., Ltd. | 258,200 | 1,498,168 | ||||||||
# | Okada Aiyon Corp. | 42,800 | 504,796 | |||||||
Okamoto Machine Tool Works, Ltd. | 21,699 | 1,200,124 | ||||||||
Okamura Corp. | 381,500 | 5,170,734 | ||||||||
OKUMA Corp. | 137,100 | 6,716,810 | ||||||||
Okumura Corp. | 182,380 | 4,796,046 | ||||||||
Onoken Co., Ltd. | 111,900 | 1,279,489 | ||||||||
Organo Corp. | 41,500 | 2,323,989 | ||||||||
# | Oriental Consultants Holdings Co., Ltd. | 6,100 | 135,579 | |||||||
* | Oriental Shiraishi Corp. | 826,500 | 2,068,203 | |||||||
# | Origin Co., Ltd. | 27,600 | 345,002 | |||||||
# | OSG Corp. | 468,300 | 8,128,545 | |||||||
Outsourcing, Inc. | 732,300 | 13,295,817 | ||||||||
# | Oyo Corp. | 129,300 | 1,452,545 | |||||||
Paraca, Inc. | 35,900 | 519,103 | ||||||||
Parker Corp. | 34,000 | 165,186 | ||||||||
# | Pasco Corp. | 11,200 | 164,025 | |||||||
Pasona Group, Inc. | 133,000 | 2,581,887 | ||||||||
Pegasus Sewing Machine Manufacturing Co., Ltd. | 139,900 | 596,984 | ||||||||
Penta-Ocean Construction Co., Ltd. | 1,237,700 | 8,624,553 | ||||||||
# | Pilot Corp. | 86,800 | 2,945,464 | |||||||
Prestige International, Inc. | 662,200 | 4,181,778 | ||||||||
Pronexus, Inc. | 108,700 | 1,000,398 | ||||||||
* | Prored Partners Co., Ltd. | 7,900 | 200,187 | |||||||
PS Mitsubishi Construction Co., Ltd. | 213,300 | 1,185,631 | ||||||||
Punch Industry Co., Ltd. | 105,700 | 678,432 | ||||||||
Quick Co., Ltd. | 71,300 | 744,624 | ||||||||
Raito Kogyo Co., Ltd. | 301,300 | 4,900,656 | ||||||||
Raiznext Corp. | 304,500 | 3,170,353 | ||||||||
# | Rasa Corp. | 63,200 | 511,535 | |||||||
Rheon Automatic Machinery Co., Ltd. | 120,500 | 1,561,149 | ||||||||
# | Rix Corp. | 17,300 | 243,359 | |||||||
# | Rozetta Corp. | 22,800 | 395,021 | |||||||
* | Ryobi, Ltd. | 153,140 | 2,141,091 | |||||||
S LINE Co., Ltd. | 23,800 | 191,716 | ||||||||
Sakai Heavy Industries, Ltd. | 23,300 | 520,245 | ||||||||
Sakai Moving Service Co., Ltd. | 74,500 | 3,857,916 | ||||||||
# * | Sanix, Inc. | 146,200 | 502,683 | |||||||
Sanki Engineering Co., Ltd. | 285,300 | 3,615,095 | ||||||||
Sanko Gosei, Ltd. | 121,900 | 481,095 | ||||||||
Sanko Metal Industrial Co., Ltd. | 16,200 | 346,807 | ||||||||
Sankyo Tateyama, Inc. | 136,700 | 1,054,231 | ||||||||
Sanoyas Holdings Corp. | 151,100 | 204,187 | ||||||||
Sansei Technologies, Inc. | 78,400 | 590,447 | ||||||||
Sansha Electric Manufacturing Co., Ltd. | 64,300 | 681,417 | ||||||||
Sanyo Denki Co., Ltd. | 44,100 | 3,047,698 | ||||||||
Sanyo Engineering & Construction, Inc. | 60,200 | 386,861 | ||||||||
Sanyo Industries, Ltd. | 9,900 | 165,068 | ||||||||
Sanyo Trading Co., Ltd. | 140,000 | 1,642,121 | ||||||||
Sata Construction Co., Ltd. | 89,399 | 396,490 | ||||||||
Sato Holdings Corp. | 184,700 | 4,531,995 | ||||||||
# | Sato Shoji Corp. | 86,800 | 875,836 | |||||||
Sawafuji Electric Co., Ltd. | 1,900 | 34,766 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
INDUSTRIALS — (Continued) | ||||||||||
SBS Holdings, Inc. | 122,400 | $ | 3,672,221 | |||||||
# | SEC Carbon, Ltd. | 10,900 | 654,844 | |||||||
# | Secom Joshinetsu Co., Ltd. | 30,800 | 1,757,699 | |||||||
# | Seibu Electric & Machinery Co., Ltd. | 10,300 | 117,000 | |||||||
Seika Corp. | 61,700 | 889,391 | ||||||||
Seikitokyu Kogyo Co., Ltd. | 191,330 | 1,464,298 | ||||||||
Seiwa Electric Manufacturing Co., Ltd. | 1,700 | 8,000 | ||||||||
Sekisui Jushi Corp. | 215,100 | 4,101,045 | ||||||||
Senko Group Holdings Co., Ltd. | 715,500 | 6,991,581 | ||||||||
Senshu Electric Co., Ltd. | 51,200 | 1,789,893 | ||||||||
# | Shibaura Machine Co., Ltd. | 135,500 | 2,984,193 | |||||||
Shibusawa Warehouse Co., Ltd. (The) | 61,600 | 1,173,749 | ||||||||
# | Shibuya Corp. | 96,600 | 2,705,227 | |||||||
Shima Seiki Manufacturing, Ltd. | 172,300 | 2,953,011 | ||||||||
Shin Nippon Air Technologies Co., Ltd. | 94,480 | 1,719,457 | ||||||||
# | Shin-Keisei Electric Railway Co., Ltd. | 39,399 | 755,536 | |||||||
Shinki Bus Co., Ltd. | 1,900 | 56,259 | ||||||||
Shinmaywa Industries, Ltd. | 413,700 | 3,574,080 | ||||||||
Shinnihon Corp. | 180,600 | 1,366,669 | ||||||||
Shinsho Corp. | 31,800 | 694,196 | ||||||||
Shinwa Co., Ltd. | 62,300 | 1,228,198 | ||||||||
# | SHO-BOND Holdings Co., Ltd. | 45,700 | 1,902,687 | |||||||
SIGMAXYZ, Inc. | 87,500 | 1,864,408 | ||||||||
Sinfonia Technology Co., Ltd. | 142,400 | 1,600,267 | ||||||||
Sinko Industries, Ltd. | 127,700 | 2,155,608 | ||||||||
Sintokogio, Ltd. | 284,600 | 2,106,285 | ||||||||
SMS Co., Ltd. | 47,100 | 1,407,471 | ||||||||
Soda Nikka Co., Ltd. | 109,200 | 540,708 | ||||||||
Sodick Co., Ltd. | 211,200 | 1,939,696 | ||||||||
Sotetsu Holdings, Inc. | 29,700 | 586,290 | ||||||||
# | Space Co., Ltd. | 95,062 | 775,050 | |||||||
S-Pool, Inc. | 301,000 | 2,711,508 | ||||||||
# | Star Micronics Co., Ltd. | 240,200 | 3,654,767 | |||||||
Subaru Enterprise Co., Ltd. | 6,300 | 449,751 | ||||||||
Sugimoto & Co., Ltd. | 63,900 | 1,294,617 | ||||||||
Sumiseki Holdings, Inc. | 363,100 | 412,202 | ||||||||
Sumitomo Densetsu Co., Ltd. | 111,200 | 2,289,250 | ||||||||
Sumitomo Mitsui Construction Co., Ltd. | 1,006,140 | 4,276,930 | ||||||||
* | Sumitomo Precision Products Co., Ltd. | 20,284 | 466,146 | |||||||
Sumitomo Warehouse Co., Ltd. (The) | 399,600 | 5,753,440 | ||||||||
Suzumo Machinery Co., Ltd. | 2,200 | 35,829 | ||||||||
SWCC Showa Holdings Co., Ltd. | 98,700 | 1,561,718 | ||||||||
# | Tacmina Corp. | 14,700 | 156,965 | |||||||
Tadano, Ltd. | 640,100 | 6,677,110 | ||||||||
Taihei Dengyo Kaisha, Ltd. | 97,000 | 2,283,232 | ||||||||
Taiheiyo Kouhatsu, Inc. | 43,500 | 252,972 | ||||||||
Taikisha, Ltd. | 169,500 | 5,058,236 | ||||||||
Taisei Oncho Co., Ltd. | 14,200 | 258,016 | ||||||||
# | Takadakiko Co., Ltd. | 7,500 | 188,264 | |||||||
Takamatsu Construction Group Co., Ltd. | 106,800 | 1,942,967 | ||||||||
Takamatsu Machinery Co., Ltd. | 41,800 | 259,693 | ||||||||
Takamiya Co., Ltd. | 128,600 | 590,521 | ||||||||
Takano Co., Ltd. | 52,400 | 304,980 | ||||||||
Takaoka Toko Co., Ltd. | 59,620 | 728,069 | ||||||||
# | Takara & Co., Ltd. | 25,555 | 392,202 | |||||||
Takara Standard Co., Ltd. | 225,000 | 3,080,983 | ||||||||
Takasago Thermal Engineering Co., Ltd. | 290,500 | 4,847,638 | ||||||||
Takashima & Co., Ltd. | 25,200 | 415,806 | ||||||||
Takeei Corp. | 130,100 | 1,838,010 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
INDUSTRIALS — (Continued) | ||||||||||
Takeuchi Manufacturing Co., Ltd. | 230,900 | $ | 5,752,386 | |||||||
Takigami Steel Construction Co., Ltd. (The) | 5,300 | 277,643 | ||||||||
Takisawa Machine Tool Co., Ltd. | 41,700 | 429,574 | ||||||||
Takuma Co., Ltd. | 127,600 | 1,928,146 | ||||||||
Tanabe Consulting Co., Ltd. | 1,200 | 16,213 | ||||||||
# | Tanabe Engineering Corp. | 39,500 | 308,491 | |||||||
Tanseisha Co., Ltd. | 243,549 | 1,943,843 | ||||||||
Tatsuta Electric Wire and Cable Co., Ltd. | 287,400 | 1,424,386 | ||||||||
TECHNO ASSOCIE Co., Ltd. | 50,100 | 497,576 | ||||||||
# | Techno Ryowa, Ltd. | 68,690 | 560,318 | |||||||
Techno Smart Corp. | 49,500 | 581,875 | ||||||||
Teikoku Electric Manufacturing Co., Ltd. | 111,000 | 1,268,633 | ||||||||
Teikoku Sen-I Co., Ltd. | 108,500 | 2,043,296 | ||||||||
Tekken Corp. | 84,200 | 1,398,616 | ||||||||
Tenox Corp. | 22,500 | 181,158 | ||||||||
Teraoka Seisakusho Co., Ltd. | 76,000 | 253,282 | ||||||||
Terasaki Electric Co., Ltd. | 24,400 | 270,089 | ||||||||
# | Toa Corp. | 103,400 | 2,288,468 | |||||||
TOA ROAD Corp. | 27,300 | 1,128,198 | ||||||||
Toba, Inc. | 9,800 | 231,371 | ||||||||
Tobishima Corp. | 123,770 | 1,172,946 | ||||||||
Tocalo Co., Ltd. | 389,800 | 4,904,504 | ||||||||
Toda Corp. | 337,900 | 2,331,374 | ||||||||
Toenec Corp. | 53,500 | 1,737,417 | ||||||||
Togami Electric Manufacturing Co., Ltd. | 17,800 | 292,223 | ||||||||
TOKAI Holdings Corp. | 634,900 | 5,168,897 | ||||||||
Tokai Lease Co., Ltd. | 18,800 | 260,106 | ||||||||
Tokyo Energy & Systems, Inc. | 154,000 | 1,327,654 | ||||||||
Tokyo Keiki, Inc. | 69,022 | 665,663 | ||||||||
# | Tokyo Sangyo Co., Ltd. | 130,800 | 721,852 | |||||||
Tokyu Construction Co., Ltd. | 551,700 | 3,911,994 | ||||||||
Toli Corp. | 277,100 | 606,030 | ||||||||
Tomoe Corp. | 155,100 | 528,558 | ||||||||
Tomoe Engineering Co., Ltd. | 51,100 | 1,045,232 | ||||||||
Tonami Holdings Co., Ltd. | 37,200 | 1,561,262 | ||||||||
Toppan Forms Co., Ltd. | 326,500 | 3,177,012 | ||||||||
Torishima Pump Manufacturing Co., Ltd. | 130,700 | 1,011,415 | ||||||||
TORQ Inc | 7,900 | 17,097 | ||||||||
# | Totech Corp. | 49,200 | 1,229,454 | |||||||
Totetsu Kogyo Co., Ltd. | 159,600 | 3,237,065 | ||||||||
Totoku Electric Co., Ltd. | 17,700 | 413,080 | ||||||||
Toyo Construction Co., Ltd. | 524,200 | 2,680,919 | ||||||||
# | Toyo Denki Seizo K.K. | 35,450 | 372,288 | |||||||
* | Toyo Engineering Corp. | 205,878 | 1,315,098 | |||||||
# | Toyo Logistics Co., Ltd. | 85,100 | 249,964 | |||||||
Toyo Machinery & Metal Co., Ltd. | 97,300 | 465,523 | ||||||||
# | Toyo Tanso Co., Ltd. | 75,600 | 1,908,301 | |||||||
# | Toyo Wharf & Warehouse Co., Ltd. | 36,000 | 501,739 | |||||||
Trancom Co., Ltd. | 49,100 | 3,523,095 | ||||||||
# | Trinity Industrial Corp. | 36,000 | 275,339 | |||||||
Trusco Nakayama Corp. | 175,000 | 4,466,115 | ||||||||
# | Tsubaki Nakashima Co., Ltd. | 277,100 | 4,268,877 | |||||||
Tsubakimoto Chain Co. | 172,140 | 4,915,388 | ||||||||
Tsubakimoto Kogyo Co., Ltd. | 28,800 | 882,781 | ||||||||
* | Tsudakoma Corp. | 17,698 | 138,472 | |||||||
Tsugami Corp. | 268,700 | 4,135,561 | ||||||||
Tsukishima Kikai Co., Ltd. | 187,700 | 1,955,823 | ||||||||
Tsurumi Manufacturing Co., Ltd. | 128,400 | 2,005,578 | ||||||||
# | Ueki Corp. | 60,800 | 799,713 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
INDUSTRIALS — (Continued) | ||||||||||
Union Tool Co. | 45,500 | $ | 1,629,214 | |||||||
UPR Corp. | 700 | 14,389 | ||||||||
Ushio, Inc. | 660,300 | 12,071,065 | ||||||||
# | UT Group Co., Ltd. | 169,800 | 4,954,938 | |||||||
Utoc Corp. | 102,200 | 484,693 | ||||||||
Waida Manufacturing Co., Ltd. | 5,100 | 72,705 | ||||||||
Wakachiku Construction Co., Ltd. | 79,300 | 1,097,645 | ||||||||
Wakita & Co., Ltd. | 253,000 | 2,331,895 | ||||||||
WDB Holdings Co., Ltd. | 63,200 | 1,653,239 | ||||||||
Weathernews, Inc. | 34,300 | 1,793,334 | ||||||||
Welbe, Inc. | 5,300 | 68,770 | ||||||||
Will Group, Inc. | 99,600 | 908,051 | ||||||||
World Holdings Co., Ltd. | 39,600 | 1,081,873 | ||||||||
Yahagi Construction Co., Ltd. | 181,400 | 1,161,421 | ||||||||
YAMABIKO Corp. | 228,128 | 2,501,618 | ||||||||
YAMADA Consulting Group Co., Ltd. | 72,700 | 768,166 | ||||||||
Yamashina Corp. | 224,200 | 157,358 | ||||||||
# | Yamato Corp. | 110,500 | 796,011 | |||||||
Yamaura Corp. | 9,900 | 80,539 | ||||||||
Yamazen Corp. | 390,200 | 3,514,863 | ||||||||
Yasuda Logistics Corp. | 102,000 | 866,956 | ||||||||
Yokogawa Bridge Holdings Corp. | 204,100 | 3,869,467 | ||||||||
Yondenko Corp. | 26,560 | 784,292 | ||||||||
Yuasa Trading Co., Ltd. | 118,200 | 3,205,692 | ||||||||
Yuken Kogyo Co., Ltd. | 20,500 | 320,744 | ||||||||
Yurtec Corp. | 264,600 | 1,719,011 | ||||||||
Zaoh Co., Ltd. | 23,400 | 311,604 | ||||||||
Zenitaka Corp. (The) | 19,200 | 698,854 | ||||||||
Zuiko Corp. | 90,400 | 823,715 | ||||||||
TOTAL INDUSTRIALS | 954,259,935 | |||||||||
INFORMATION TECHNOLOGY — (14.8%) | ||||||||||
A&D Co., Ltd. | 124,300 | 1,117,351 | ||||||||
* | Access Co., Ltd. | 87,800 | 717,329 | |||||||
Ad-sol Nissin Corp. | 43,000 | 903,537 | ||||||||
Adtec Plasma Technology Co., Ltd. | 2,200 | 36,535 | ||||||||
* | Advanced Media, Inc. | 7,300 | 50,824 | |||||||
AGS Corp. | 13,000 | 104,016 | ||||||||
# | Ai Holdings Corp. | 248,100 | 4,890,721 | |||||||
Aichi Tokei Denki Co., Ltd. | 17,900 | 693,076 | ||||||||
Aiphone Co., Ltd. | 63,500 | 1,170,061 | ||||||||
Alpha Systems, Inc. | 45,620 | 1,465,450 | ||||||||
Alps Alpine Co., Ltd. | 483,500 | 5,116,934 | ||||||||
Amano Corp. | 149,500 | 3,780,626 | ||||||||
Anritsu Corp. | 11,900 | 221,661 | ||||||||
AOI Electronics Co., Ltd. | 27,700 | 564,215 | ||||||||
Argo Graphics, Inc. | 105,800 | 3,174,409 | ||||||||
Arisawa Manufacturing Co., Ltd. | 207,800 | 1,677,394 | ||||||||
Artiza Networks, Inc. | 6,200 | 82,943 | ||||||||
# | ArtSpark Holdings, Inc. | 134,800 | 1,012,539 | |||||||
Asahi Intelligence Service Co., Ltd. | 1,300 | 14,907 | ||||||||
Ascentech KK | 1,700 | 20,188 | ||||||||
Atled Corp. | 1,400 | 28,915 | ||||||||
# | Avant Corp. | 100,300 | 1,488,744 | |||||||
# | Axell Corp. | 27,900 | 225,920 | |||||||
Azia Co., Ltd. | 14,300 | 267,326 | ||||||||
Bell System24 Holdings, Inc. | 218,600 | 3,437,643 | ||||||||
* | BrainPad, Inc. | 7,200 | 317,492 | |||||||
# | Broadband Tower, Inc. | 105,600 | 222,007 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
INFORMATION TECHNOLOGY — (Continued) | ||||||||||
Broadleaf Co., Ltd. | 606,400 | $ | 2,819,437 | |||||||
# | Business Brain Showa-Ota, Inc. | 29,000 | 463,452 | |||||||
Business Engineering Corp. | 800 | 22,791 | ||||||||
CAC Holdings Corp. | 75,200 | 937,541 | ||||||||
Canon Electronics, Inc. | 126,200 | 1,950,070 | ||||||||
# | CDS Co., Ltd. | 15,300 | 211,314 | |||||||
* | Change, Inc. | 2,400 | 64,088 | |||||||
# | Chino Corp. | 46,300 | 633,277 | |||||||
Citizen Watch Co., Ltd. | 1,795,100 | 6,630,180 | ||||||||
* | CMK Corp. | 310,300 | 1,205,888 | |||||||
Computer Engineering & Consulting, Ltd. | 164,800 | 2,351,392 | ||||||||
Computer Institute of Japan, Ltd. | 94,700 | 706,070 | ||||||||
Comture Corp. | 138,200 | 2,941,552 | ||||||||
CONEXIO Corp. | 95,500 | 1,292,918 | ||||||||
Core Corp. | 45,800 | 593,810 | ||||||||
Cresco, Ltd. | 83,000 | 1,423,239 | ||||||||
* | CRI Middleware Co., Ltd. | 2,300 | 34,971 | |||||||
Cube System, Inc. | 60,600 | 570,602 | ||||||||
Cyber Com Co., Ltd. | 10,600 | 143,625 | ||||||||
# | Cyberlinks Co., Ltd. | 1,500 | 20,455 | |||||||
# | Cybernet Systems Co., Ltd. | 57,700 | 373,594 | |||||||
# | Cybozu, Inc. | 115,500 | 2,447,624 | |||||||
# | Daiko Denshi Tsushin, Ltd. | 37,200 | 181,233 | |||||||
Daishinku Corp. | 42,399 | 1,554,805 | ||||||||
Daitron Co., Ltd. | 58,200 | 1,049,225 | ||||||||
Daiwabo Holdings Co., Ltd. | 587,500 | 10,083,474 | ||||||||
# | Dawn Corp. | 3,200 | 80,334 | |||||||
# * | Densan System Co., Ltd. | 39,200 | 1,072,668 | |||||||
Dexerials Corp. | 357,200 | 7,517,969 | ||||||||
Digital Arts, Inc. | 71,800 | 5,464,856 | ||||||||
Digital Garage, Inc. | 121,200 | 5,444,949 | ||||||||
# | Digital Hearts Holdings Co., Ltd. | 87,100 | 1,200,424 | |||||||
# | Digital Information Technologies Corp. | 40,000 | 702,206 | |||||||
DKK Co., Ltd. | 61,700 | 1,231,469 | ||||||||
DKK-Toa Corp. | 28,300 | 210,407 | ||||||||
Double Standard, Inc. | 14,000 | 709,298 | ||||||||
DTS Corp. | 262,800 | 6,268,036 | ||||||||
Ebase Co., Ltd. | 63,000 | 482,098 | ||||||||
E-Guardian, Inc. | 51,100 | 1,298,534 | ||||||||
Eizo Corp. | 106,700 | 4,760,908 | ||||||||
Elecom Co., Ltd. | 143,800 | 2,689,714 | ||||||||
Elematec Corp. | 116,842 | 1,377,874 | ||||||||
# | Enomoto Co., Ltd. | 30,200 | 471,795 | |||||||
Enplas Corp. | 57,200 | 1,905,122 | ||||||||
ESPEC Corp. | 119,800 | 2,413,264 | ||||||||
Fenwal Controls of Japan, Ltd. | 20,500 | 299,509 | ||||||||
Ferrotec Holdings Corp. | 239,200 | 7,317,952 | ||||||||
* | FFRI Security, Inc. | 22,500 | 406,737 | |||||||
# | Fixstars Corp. | 97,100 | 758,691 | |||||||
# | Focus Systems Corp. | 30,900 | 286,547 | |||||||
# | Forval Corp. | 51,100 | 410,052 | |||||||
FTGroup Co., Ltd. | 51,000 | 605,629 | ||||||||
Fuji Soft, Inc. | 101,000 | 5,056,972 | ||||||||
Fukui Computer Holdings, Inc. | 53,500 | 2,021,426 | ||||||||
Furuno Electric Co., Ltd. | 157,500 | 1,425,146 | ||||||||
Furuya Metal Co., Ltd. | 7,600 | 501,627 | ||||||||
Future Corp. | 143,400 | 2,589,301 | ||||||||
Future Innovation Group, Inc. | 11,900 | 29,872 | ||||||||
# | Gig Works, Inc. | 9,600 | 68,517 |
The Japanese Small Company Series
CONTINUED
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INFORMATION TECHNOLOGY — (Continued) | ||||||||||
# | GL Sciences, Inc. | 45,000 | $ | 1,017,311 | ||||||
# | Glosel Co., Ltd. | 113,200 | 468,499 | |||||||
# | GMO GlobalSign Holdings K.K. | 19,300 | 813,444 | |||||||
# | GMO Pepabo, Inc. | 7,300 | 317,824 | |||||||
Hagiwara Electric Holdings Co., Ltd. | 49,500 | 1,066,520 | ||||||||
Hakuto Co., Ltd. | 87,300 | 1,182,859 | ||||||||
* | Hennge KK | 600 | 20,390 | |||||||
Hibino Corp. | 13,900 | 184,284 | ||||||||
Himacs, Ltd. | 960 | 9,715 | ||||||||
Hioki EE Corp. | 67,100 | 3,662,850 | ||||||||
Hochiki Corp. | 88,900 | 939,414 | ||||||||
Hokuriku Electric Industry Co., Ltd. | 45,700 | 428,723 | ||||||||
# | Holon Co., Ltd. | 2,100 | 59,016 | |||||||
Honda Tsushin Kogyo Co., Ltd. | 107,100 | 502,648 | ||||||||
Hosiden Corp. | 343,500 | 3,076,861 | ||||||||
Icom, Inc. | 61,500 | 1,326,138 | ||||||||
# | ID Holdings Corp. | 78,150 | 633,856 | |||||||
Ikegami Tsushinki Co., Ltd. | 32,799 | 248,528 | ||||||||
Ines Corp. | 126,600 | 1,574,493 | ||||||||
I-Net Corp. | 74,290 | 950,411 | ||||||||
Infocom Corp. | 108,100 | 2,975,339 | ||||||||
Infomart Corp. | 312,700 | 2,566,233 | ||||||||
Information Services International-Dentsu, Ltd. | 148,000 | 6,097,735 | ||||||||
Innotech Corp. | 101,900 | 1,250,371 | ||||||||
# | Intelligent Wave, Inc. | 36,600 | 203,329 | |||||||
Inter Action Corp. | 27,600 | 617,816 | ||||||||
I-O Data Device, Inc. | 50,700 | 470,246 | ||||||||
# | I-PEX, Inc. | 38,100 | 842,198 | |||||||
Iriso Electronics Co., Ltd. | 132,500 | 6,418,880 | ||||||||
# | ISB Corp. | 23,100 | 320,703 | |||||||
Itfor, Inc. | 164,700 | 1,191,068 | ||||||||
Iwatsu Electric Co., Ltd. | 54,900 | 465,857 | ||||||||
Japan Aviation Electronics Industry, Ltd. | 301,700 | 5,328,018 | ||||||||
# * | Japan Cash Machine Co., Ltd. | 141,800 | 715,419 | |||||||
* | Japan Display, Inc. | 908,000 | 310,543 | |||||||
# | Japan Electronic Materials Corp. | 51,800 | 908,818 | |||||||
Japan Material Co., Ltd. | 417,100 | 5,071,037 | ||||||||
# | Jastec Co., Ltd. | 68,200 | 796,486 | |||||||
# | JBCC Holdings, Inc. | 88,800 | 1,167,042 | |||||||
JFE Systems, Inc. | 6,200 | 95,490 | ||||||||
# * | JIG-SAW, Inc. | 17,300 | 1,451,465 | |||||||
Kaga Electronics Co., Ltd. | 108,800 | 2,914,264 | ||||||||
Kanematsu Electronics, Ltd. | 79,200 | 2,559,973 | ||||||||
KEL Corp. | 27,900 | 253,795 | ||||||||
Koa Corp. | 172,100 | 2,679,323 | ||||||||
KSK Co., Ltd. | 3,000 | 63,700 | ||||||||
Kyoden Co., Ltd. | 116,100 | 361,854 | ||||||||
Kyosan Electric Manufacturing Co., Ltd. | 268,600 | 1,020,824 | ||||||||
Kyowa Electronic Instruments Co., Ltd. | 129,800 | 452,804 | ||||||||
LAC Co., Ltd. | 100,100 | 942,100 | ||||||||
Lecip Holdings Corp. | 10,900 | 56,677 | ||||||||
Macnica Fuji Electronics Holdings, Inc. | 328,350 | 7,885,927 | ||||||||
# | Marubun Corp. | 112,200 | 635,526 | |||||||
Maruwa Co., Ltd. | 56,500 | 5,689,404 | ||||||||
* | Maxell Holdings, Ltd. | 306,100 | 3,422,369 | |||||||
MCJ Co., Ltd. | 420,800 | 4,696,311 | ||||||||
Megachips Corp. | 105,500 | 3,019,832 | ||||||||
Meiko Electronics Co., Ltd. | 135,300 | 3,973,795 | ||||||||
Melco Holdings, Inc. | 22,900 | 1,092,130 |
The Japanese Small Company Series
CONTINUED
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INFORMATION TECHNOLOGY — (Continued) | ||||||||||
Micronics Japan Co., Ltd. | 26,800 | $ | 371,911 | |||||||
Mimaki Engineering Co., Ltd. | 113,200 | 809,596 | ||||||||
Mimasu Semiconductor Industry Co., Ltd. | 107,881 | 2,653,989 | ||||||||
Miraial Co., Ltd. | 39,500 | 467,748 | ||||||||
Miroku Jyoho Service Co., Ltd. | 112,800 | 1,619,719 | ||||||||
Mitachi Co., Ltd. | 7,900 | 49,926 | ||||||||
Mitsubishi Research Institute, Inc. | 53,500 | 1,903,819 | ||||||||
Mitsui High-Tec, Inc. | 130,600 | 7,484,402 | ||||||||
m-up Holdings, Inc. | 13,200 | 411,681 | ||||||||
Mutoh Holdings Co., Ltd. | 9,300 | 132,018 | ||||||||
Nagano Keiki Co., Ltd. | 85,300 | 837,740 | ||||||||
Nakayo, Inc. | 73,100 | 947,947 | ||||||||
NEC Networks & System Integration Corp. | 37,400 | 590,506 | ||||||||
# | NF Holdings Corp. | 25,900 | 448,826 | |||||||
Nichicon Corp. | 317,300 | 3,408,558 | ||||||||
Nihon Denkei Co., Ltd. | 31,800 | 506,218 | ||||||||
* | Nippon Chemi-Con Corp. | 83,600 | 2,011,869 | |||||||
Nippon Computer Dynamics Co., Ltd. | 36,200 | 223,644 | ||||||||
# | Nippon Electric Glass Co., Ltd. | 431,236 | 10,126,421 | |||||||
# | Nippon Information Development Co., Ltd. | 12,600 | 176,516 | |||||||
# | Nippon Kodoshi Corp. | 51,600 | 1,705,238 | |||||||
Nippon Signal Co., Ltd. | 317,300 | 2,616,985 | ||||||||
Nippon Systemware Co., Ltd. | 46,200 | 939,900 | ||||||||
Nissha Co., Ltd. | 232,800 | 3,504,430 | ||||||||
Nohmi Bosai, Ltd. | 146,200 | 2,757,357 | ||||||||
# | NPC, Inc. | 30,900 | 227,781 | |||||||
NSD Co., Ltd. | 508,160 | 8,490,037 | ||||||||
Ohara, Inc. | 35,900 | 471,393 | ||||||||
Okaya Electric Industries Co., Ltd. | 77,800 | 277,254 | ||||||||
Oki Electric Industry Co., Ltd. | 548,300 | 5,019,274 | ||||||||
# | ONO Sokki Co., Ltd. | 32,200 | 167,808 | |||||||
Optex Group Co., Ltd. | 169,820 | 2,837,048 | ||||||||
* | Optim Corp. | 32,000 | 652,508 | |||||||
Optorun Co., Ltd. | 57,600 | 1,279,089 | ||||||||
Oro Co., Ltd. | 18,400 | 652,560 | ||||||||
Osaki Electric Co., Ltd. | 281,800 | 1,541,055 | ||||||||
Oval Corp. | 35,600 | 96,057 | ||||||||
PCA Corp. | 4,700 | 167,054 | ||||||||
PCI Holdings, Inc. | 30,800 | 334,472 | ||||||||
Poletowin Pitcrew Holdings, Inc. | 189,900 | 1,865,460 | ||||||||
# | Pro-Ship, Inc. | 41,700 | 523,881 | |||||||
Relia, Inc. | 248,100 | 3,027,691 | ||||||||
Restar Holdings Corp. | 130,000 | 2,208,015 | ||||||||
* | Ricksoft Co., Ltd. | 2,000 | 36,304 | |||||||
Riken Keiki Co., Ltd. | 94,800 | 2,263,458 | ||||||||
Riso Kagaku Corp. | 131,200 | 2,099,381 | ||||||||
Roland DG Corp. | 82,600 | 1,983,502 | ||||||||
Rorze Corp. | 54,700 | 4,797,700 | ||||||||
RS Technologies Co., Ltd. | 21,100 | 1,240,421 | ||||||||
Ryoden Corp. | 96,700 | 1,416,607 | ||||||||
Ryosan Co., Ltd. | 144,100 | 2,617,854 | ||||||||
Ryoyo Electro Corp. | 7,300 | 170,477 | ||||||||
Saison Information Systems Co., Ltd. | 24,800 | 461,946 | ||||||||
Sakura Internet, Inc. | 122,900 | 689,987 | ||||||||
* | Sanken Electric Co., Ltd. | 149,900 | 7,456,382 | |||||||
# | Sanshin Electronics Co., Ltd. | 115,900 | 2,260,057 | |||||||
Santec Corp. | 3,000 | 43,239 | ||||||||
Satori Electric Co., Ltd. | 79,180 | 582,311 | ||||||||
Saxa Holdings, Inc. | 30,600 | 373,739 |
The Japanese Small Company Series
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INFORMATION TECHNOLOGY — (Continued) | ||||||||||
SB Technology Corp. | 61,300 | $ | 1,693,518 | |||||||
# | Scala, Inc. | 83,700 | 568,789 | |||||||
Segue Group Co., Ltd. | 1,900 | 18,970 | ||||||||
# | Seikoh Giken Co., Ltd. | 22,300 | 460,933 | |||||||
# | SEMITEC Corp. | 5,500 | 273,117 | |||||||
# | SERAKU Co., Ltd. | 8,300 | 179,166 | |||||||
Shibaura Electronics Co., Ltd. | 52,600 | 2,592,044 | ||||||||
Shibaura Mechatronics Corp. | 24,100 | 1,766,088 | ||||||||
* | Shindengen Electric Manufacturing Co., Ltd. | 45,600 | 1,931,683 | |||||||
Shinko Shoji Co., Ltd. | 266,500 | 1,862,977 | ||||||||
Shizuki Electric Co., Inc. | 121,600 | 712,243 | ||||||||
Showa Shinku Co., Ltd. | 24,400 | 363,620 | ||||||||
Sigma Koki Co., Ltd. | 27,000 | 470,234 | ||||||||
Siix Corp. | 203,600 | 2,600,262 | ||||||||
SK-Electronics Co., Ltd. | 47,300 | 438,143 | ||||||||
* | Smaregi, Inc. | 2,000 | 120,511 | |||||||
SMK Corp. | 32,699 | 725,612 | ||||||||
Softcreate Holdings Corp. | 50,000 | 1,144,057 | ||||||||
# | Soliton Systems K.K. | 36,600 | 540,942 | |||||||
Solxyz Co., Ltd. | 1,800 | 15,707 | ||||||||
SRA Holdings | 72,100 | 1,731,916 | ||||||||
Sumida Corp. | 176,449 | 1,918,977 | ||||||||
Sun-Wa Technos Corp. | 79,800 | 868,462 | ||||||||
Suzuden Corp. | 3,400 | 45,517 | ||||||||
# | Suzuki Co., Ltd. | 67,100 | 588,178 | |||||||
System D, Inc. | 1,100 | 14,586 | ||||||||
# | System Information Co., Ltd. | 54,800 | 462,827 | |||||||
System Research Co., Ltd. | 27,200 | 549,183 | ||||||||
System Support, Inc. | 3,200 | 40,088 | ||||||||
Systems Engineering Consultants Co., Ltd. | 2,100 | 49,924 | ||||||||
Systena Corp. | 312,400 | 5,974,965 | ||||||||
Tachibana Eletech Co., Ltd. | 110,760 | 1,433,811 | ||||||||
# | Takachiho Koheki Co., Ltd. | 38,500 | 401,088 | |||||||
# | TAKEBISHI Corp. | 52,200 | 726,396 | |||||||
# | Tamagawa Holdings Co., Ltd. | 7,500 | 93,966 | |||||||
# | Tamura Corp. | 467,400 | 3,508,051 | |||||||
# | Tazmo Co., Ltd. | 16,300 | 253,410 | |||||||
TDC Soft, Inc. | 95,200 | 855,293 | ||||||||
* | TeamSpirit, Inc. | 1,300 | 14,176 | |||||||
TechMatrix Corp. | 233,600 | 3,862,629 | ||||||||
Techno Horizon Co., Ltd. | 56,700 | 872,419 | ||||||||
Tecnos Japan, Inc. | 8,800 | 48,208 | ||||||||
Teikoku Tsushin Kogyo Co., Ltd. | 51,500 | 518,753 | ||||||||
Terilogy Co., Ltd. | 22,900 | 107,228 | ||||||||
TKC Corp. | 181,200 | 5,483,509 | ||||||||
Tobila Systems, Inc. | 1,600 | 19,621 | ||||||||
Toho System Science Co., Ltd. | 2,700 | 24,105 | ||||||||
Tokyo Electron Device, Ltd. | 43,800 | 2,150,238 | ||||||||
Tokyo Seimitsu Co., Ltd. | 257,200 | 11,611,397 | ||||||||
Tomen Devices Corp. | 15,300 | 559,880 | ||||||||
Topcon Corp. | 691,700 | 10,290,599 | ||||||||
Torex Semiconductor, Ltd. | 52,900 | 1,495,412 | ||||||||
Toshiba TEC Corp. | 53,200 | 2,187,562 | ||||||||
# | Toukei Computer Co., Ltd. | 6,210 | 267,253 | |||||||
Towa Corp. | 134,700 | 2,756,589 | ||||||||
Toyo Corp. | 149,600 | 1,465,665 | ||||||||
Transcosmos, Inc. | 39,700 | 1,097,004 | ||||||||
# | Tri Chemical Laboratories, Inc. | 128,800 | 3,804,667 | |||||||
# | Tsuzuki Denki Co., Ltd. | 42,800 | 677,687 |
The Japanese Small Company Series
CONTINUED
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INFORMATION TECHNOLOGY — (Continued) | ||||||||||
# | Ubicom Holdings, Inc. | 12,500 | $ | 407,835 | ||||||
Uchida Yoko Co., Ltd. | 51,600 | 2,286,283 | ||||||||
ULS Group, Inc. | 1,000 | 44,289 | ||||||||
# | Ulvac, Inc. | 231,300 | 11,712,340 | |||||||
# | Uniden Holdings Corp. | 41,500 | 945,729 | |||||||
UNITED, Inc. | 24,200 | 332,423 | ||||||||
* | User Local, Inc. | 4,600 | 89,628 | |||||||
V Technology Co., Ltd. | 57,500 | 2,759,006 | ||||||||
# | VINX Corp. | 13,200 | 118,123 | |||||||
Wacom Co., Ltd. | 927,100 | 5,890,499 | ||||||||
# | Wellnet Corp. | 10,100 | 47,893 | |||||||
YAC Holdings Co., Ltd. | 62,600 | 716,249 | ||||||||
Yamaichi Electronics Co., Ltd. | 144,700 | 2,163,191 | ||||||||
# | Yashima Denki Co., Ltd. | 119,500 | 1,046,565 | |||||||
YE DIGITAL Corp. | 7,100 | 38,651 | ||||||||
Yokowo Co., Ltd. | 95,500 | 2,178,837 | ||||||||
Zuken, Inc. | 1,900 | 53,229 | ||||||||
TOTAL INFORMATION TECHNOLOGY | 463,237,169 | |||||||||
MATERIALS — (11.6%) | ||||||||||
Achilles Corp. | 92,400 | 1,132,234 | ||||||||
ADEKA Corp. | 604,300 | 11,340,574 | ||||||||
Agro-Kanesho Co., Ltd. | 1,300 | 16,870 | ||||||||
Aichi Steel Corp. | 66,400 | 1,821,552 | ||||||||
Arakawa Chemical Industries, Ltd. | 110,100 | 1,184,942 | ||||||||
Araya Industrial Co., Ltd. | 19,600 | 290,284 | ||||||||
Asahi Holdings, Inc. | 455,700 | 9,272,716 | ||||||||
Asahi Printing Co., Ltd. | 25,700 | 212,121 | ||||||||
Asahi Yukizai Corp. | 86,600 | 1,043,345 | ||||||||
Asahipen Corp. | 2,100 | 35,196 | ||||||||
Asia Pile Holdings Corp. | 210,800 | 891,087 | ||||||||
C Uyemura & Co., Ltd. | 71,800 | 3,065,736 | ||||||||
Carlit Holdings Co., Ltd. | 122,800 | 798,229 | ||||||||
* | Chuetsu Pulp & Paper Co., Ltd. | 49,900 | 574,876 | |||||||
Chugoku Marine Paints, Ltd. | 355,300 | 2,746,313 | ||||||||
CI Takiron Corp. | 291,200 | 1,531,204 | ||||||||
CK-San-Etsu Co., Ltd. | 21,200 | 601,622 | ||||||||
Dai Nippon Toryo Co., Ltd. | 131,600 | 997,864 | ||||||||
Daicel Corp. | 251,600 | 2,070,165 | ||||||||
Daido Steel Co., Ltd. | 155,600 | 7,702,706 | ||||||||
Daiichi Kigenso Kagaku-Kogyo Co., Ltd. | 127,500 | 2,140,446 | ||||||||
Daiken Corp. | 78,100 | 1,467,599 | ||||||||
Daiki Aluminium Industry Co., Ltd. | 180,300 | 1,816,706 | ||||||||
Dainichiseika Color & Chemicals Manufacturing Co., Ltd. | 84,300 | 1,742,808 | ||||||||
# | Daito Chemix Corp. | 2,900 | 26,028 | |||||||
# | DIC Corp. | 79,800 | 2,018,508 | |||||||
DKS Co., Ltd. | 47,800 | 1,394,704 | ||||||||
Dowa Holdings Co., Ltd. | 143,905 | 5,680,353 | ||||||||
Dynapac Co., Ltd. | 8,500 | 111,419 | ||||||||
Fuji Seal International, Inc. | 191,300 | 4,017,050 | ||||||||
Fujikura Kasei Co., Ltd. | 167,500 | 785,678 | ||||||||
Fujimi, Inc. | 6,800 | 309,639 | ||||||||
Fujimori Kogyo Co., Ltd. | 107,900 | 3,939,582 | ||||||||
Fuso Chemical Co., Ltd. | 122,500 | 4,509,495 | ||||||||
Geostr Corp. | 57,100 | 174,961 | ||||||||
Godo Steel, Ltd. | 60,000 | 893,831 | ||||||||
Gun-Ei Chemical Industry Co., Ltd. | 29,900 | 661,040 | ||||||||
Hakudo Co., Ltd. | 43,900 | 878,375 | ||||||||
# | Harima Chemicals Group, Inc. | 96,100 | 777,811 |
The Japanese Small Company Series
CONTINUED
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MATERIALS — (Continued) | ||||||||||
Hodogaya Chemical Co., Ltd. | 39,100 | $ | 1,389,698 | |||||||
Hokkan Holdings, Ltd. | 56,100 | 706,401 | ||||||||
Hokko Chemical Industry Co., Ltd. | 120,700 | 1,055,711 | ||||||||
Hokuetsu Corp. | 772,899 | 4,028,517 | ||||||||
Ise Chemicals Corp. | 13,000 | 408,998 | ||||||||
# | Ishihara Chemical Co., Ltd. | 35,500 | 694,710 | |||||||
Ishihara Sangyo Kaisha, Ltd. | 207,750 | 2,093,368 | ||||||||
* | Ishizuka Glass Co., Ltd. | 12,900 | 225,761 | |||||||
JCU Corp. | 139,300 | 4,487,995 | ||||||||
JSP Corp. | 81,100 | 1,165,576 | ||||||||
Kaneka Corp. | 27,300 | 1,101,467 | ||||||||
Kanto Denka Kogyo Co., Ltd. | 279,100 | 2,492,183 | ||||||||
Katakura & Co-op Agri Corp. | 21,500 | 234,730 | ||||||||
KeePer Technical Laboratory Co., Ltd. | 99,000 | 2,583,153 | ||||||||
KH Neochem Co., Ltd. | 216,800 | 5,036,526 | ||||||||
# | Kimoto Co., Ltd. | 222,300 | 550,481 | |||||||
Koatsu Gas Kogyo Co., Ltd. | 202,193 | 1,187,521 | ||||||||
Kobe Steel, Ltd. | 1,495,100 | 9,603,460 | ||||||||
Kohsoku Corp. | 70,200 | 931,881 | ||||||||
Konishi Co., Ltd. | 216,600 | 3,151,754 | ||||||||
Konoshima Chemical Co., Ltd. | 31,600 | 633,800 | ||||||||
Krosaki Harima Corp. | 30,400 | 1,177,927 | ||||||||
Kumiai Chemical Industry Co., Ltd. | 205,287 | 1,574,836 | ||||||||
# | Kunimine Industries Co., Ltd. | 40,400 | 427,729 | |||||||
Kureha Corp. | 104,150 | 6,031,886 | ||||||||
Kurimoto, Ltd. | 59,300 | 882,708 | ||||||||
Kuriyama Holdings Corp. | 78,000 | 510,465 | ||||||||
Kyoei Steel, Ltd. | 135,500 | 1,762,466 | ||||||||
Kyowa Leather Cloth Co., Ltd. | 81,300 | 529,220 | ||||||||
Lintec Corp. | 265,600 | 5,758,473 | ||||||||
Maeda Kosen Co., Ltd. | 121,000 | 3,798,485 | ||||||||
Maruichi Steel Tube, Ltd. | 109,900 | 2,583,744 | ||||||||
# | MEC Co., Ltd. | 100,400 | 2,918,587 | |||||||
Mitani Sekisan Co., Ltd. | 67,400 | 2,557,783 | ||||||||
* | Mitsubishi Paper Mills, Ltd. | 277,700 | 902,696 | |||||||
* | Mitsubishi Steel Manufacturing Co., Ltd. | 53,500 | 425,426 | |||||||
Mitsui Mining & Smelting Co., Ltd. | 379,600 | 10,532,068 | ||||||||
# | Molitec Steel Co., Ltd. | 83,100 | 371,208 | |||||||
MORESCO Corp. | 39,800 | 389,903 | ||||||||
# | Mory Industries, Inc. | 34,700 | 737,926 | |||||||
Nakayama Steel Works, Ltd. | 169,700 | 616,401 | ||||||||
Neturen Co., Ltd. | 222,100 | 1,119,493 | ||||||||
New Japan Chemical Co., Ltd. | 117,500 | 288,621 | ||||||||
Nicca Chemical Co., Ltd. | 45,700 | 538,750 | ||||||||
# | Nichia Steel Works, Ltd. | 138,600 | 367,749 | |||||||
Nihon Kagaku Sangyo Co., Ltd. | 83,100 | 965,177 | ||||||||
Nihon Nohyaku Co., Ltd. | 243,500 | 1,104,088 | ||||||||
Nihon Parkerizing Co., Ltd. | 517,500 | 5,184,550 | ||||||||
Nihon Yamamura Glass Co., Ltd. | 67,600 | 555,053 | ||||||||
Nippon Carbide Industries Co., Inc. | 46,200 | 535,292 | ||||||||
Nippon Chemical Industrial Co., Ltd. | 42,600 | 1,161,431 | ||||||||
Nippon Concrete Industries Co., Ltd. | 293,100 | 859,387 | ||||||||
# | Nippon Denko Co., Ltd. | 767,314 | 2,124,298 | |||||||
# | Nippon Fine Chemical Co., Ltd. | 79,200 | 1,069,807 | |||||||
Nippon Kayaku Co., Ltd. | 339,400 | 3,209,668 | ||||||||
Nippon Light Metal Holdings Co., Ltd. | 360,090 | 6,049,326 | ||||||||
Nippon Paper Industries Co., Ltd. | 456,400 | 5,119,524 | ||||||||
Nippon Pillar Packing Co., Ltd. | 134,200 | 2,679,744 | ||||||||
Nippon Shokubai Co., Ltd. | 20,900 | 1,007,230 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
MATERIALS — (Continued) | ||||||||||
Nippon Soda Co., Ltd. | 155,000 | $ | 4,490,662 | |||||||
Nippon Yakin Kogyo Co., Ltd. | 89,749 | 1,837,328 | ||||||||
Nitta Gelatin, Inc. | 85,500 | 489,267 | ||||||||
Nittetsu Mining Co., Ltd. | 35,200 | 1,821,514 | ||||||||
Nozawa Corp. | 47,500 | 303,752 | ||||||||
Oat Agrio Co., Ltd. | 18,000 | 235,907 | ||||||||
Okamoto Industries, Inc. | 69,900 | 2,580,513 | ||||||||
Okura Industrial Co., Ltd. | 55,200 | 1,243,097 | ||||||||
Osaka Organic Chemical Industry, Ltd. | 95,200 | 3,757,613 | ||||||||
Osaka Soda Co., Ltd. | 94,699 | 2,075,832 | ||||||||
Osaka Steel Co., Ltd. | 89,300 | 898,174 | ||||||||
* | OSAKA Titanium Technologies Co., Ltd. | 129,400 | 922,447 | |||||||
Pacific Metals Co., Ltd. | 95,599 | 1,462,766 | ||||||||
# | Pack Corp. (The) | 84,400 | 2,052,474 | |||||||
Rasa Industries, Ltd. | 45,700 | 774,410 | ||||||||
Rengo Co., Ltd. | 313,700 | 2,614,593 | ||||||||
Riken Technos Corp. | 227,500 | 1,259,870 | ||||||||
Sakai Chemical Industry Co., Ltd. | 103,800 | 1,731,514 | ||||||||
Sakata INX Corp. | 286,300 | 2,607,990 | ||||||||
Sanyo Chemical Industries, Ltd. | 94,900 | 4,629,938 | ||||||||
* | Sanyo Special Steel Co., Ltd. | 123,960 | 1,799,554 | |||||||
Seiko PMC Corp. | 67,900 | 559,679 | ||||||||
Sekisui Kasei Co., Ltd. | 150,000 | 815,851 | ||||||||
Shikoku Chemicals Corp. | 232,000 | 2,736,402 | ||||||||
Shinagawa Refractories Co., Ltd. | 37,800 | 1,279,414 | ||||||||
Shin-Etsu Polymer Co., Ltd. | 291,000 | 2,690,072 | ||||||||
SK Kaken Co., Ltd. | 1,100 | 405,565 | ||||||||
Soken Chemical & Engineering Co., Ltd. | 49,300 | 882,773 | ||||||||
Stella Chemifa Corp. | 67,200 | 1,743,124 | ||||||||
Sumitomo Bakelite Co., Ltd. | 163,900 | 7,251,636 | ||||||||
Sumitomo Osaka Cement Co., Ltd. | 225,099 | 6,132,736 | ||||||||
Sumitomo Seika Chemicals Co., Ltd. | 56,400 | 1,826,294 | ||||||||
T Hasegawa Co., Ltd. | 204,200 | 4,521,824 | ||||||||
# | T&K Toka Co., Ltd. | 136,300 | 1,040,396 | |||||||
Taisei Lamick Co., Ltd. | 42,300 | 1,025,203 | ||||||||
Taiyo Holdings Co., Ltd. | 117,500 | 5,553,946 | ||||||||
Takasago International Corp. | 88,600 | 2,156,341 | ||||||||
Takemoto Yohki Co., Ltd. | 35,000 | 327,967 | ||||||||
Taoka Chemical Co., Ltd. | 4,700 | 546,122 | ||||||||
Tayca Corp. | 103,900 | 1,200,740 | ||||||||
Tenma Corp. | 117,300 | 2,708,043 | ||||||||
Titan Kogyo, Ltd. | 5,100 | 85,971 | ||||||||
Toagosei Co., Ltd. | 747,000 | 7,596,203 | ||||||||
# * | Toda Kogyo Corp. | 21,500 | 495,031 | |||||||
Toho Acetylene Co., Ltd. | 12,700 | 134,428 | ||||||||
Toho Chemical Industry Co., Ltd. | 47,000 | 209,718 | ||||||||
Toho Titanium Co., Ltd. | 220,900 | 2,058,413 | ||||||||
Toho Zinc Co., Ltd. | 89,899 | 1,522,325 | ||||||||
Tohoku Steel Co., Ltd. | 16,300 | 252,517 | ||||||||
Tokushu Tokai Paper Co., Ltd. | 64,558 | 2,494,589 | ||||||||
Tokuyama Corp. | 385,498 | 7,853,180 | ||||||||
Tokyo Printing Ink Manufacturing Co., Ltd. | 10,200 | 203,021 | ||||||||
* | Tokyo Rope Manufacturing Co., Ltd. | 22,100 | 220,642 | |||||||
Tokyo Steel Manufacturing Co., Ltd. | 609,400 | 6,084,759 | ||||||||
Tokyo Tekko Co., Ltd. | 63,100 | 878,857 | ||||||||
* | Tomoegawa Co., Ltd. | 29,600 | 219,151 | |||||||
Tomoku Co., Ltd. | 70,600 | 1,205,240 | ||||||||
Topy Industries, Ltd. | 89,400 | 1,043,795 | ||||||||
# | Toyo Gosei Co., Ltd. | 31,100 | 3,443,549 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
MATERIALS — (Continued) | ||||||||||
Toyo Ink SC Holdings Co., Ltd. | 242,300 | $ | 4,295,287 | |||||||
Toyo Seikan Group Holdings, Ltd. | 61,300 | 839,245 | ||||||||
Toyobo Co., Ltd. | 531,900 | 6,379,730 | ||||||||
TYK Corp. | 148,500 | 427,642 | ||||||||
* | UACJ Corp. | 211,841 | 5,313,491 | |||||||
Ube Industries, Ltd. | 331,100 | 6,728,211 | ||||||||
Valqua, Ltd. | 105,599 | 2,065,070 | ||||||||
Vertex Corp. | 45,998 | 1,285,679 | ||||||||
Wavelock Holdings Co., Ltd. | 30,900 | 199,664 | ||||||||
Wood One Co., Ltd. | 38,997 | 426,568 | ||||||||
Yamato Kogyo Co., Ltd. | 217,100 | 7,171,785 | ||||||||
Yodogawa Steel Works, Ltd. | 144,500 | 2,912,516 | ||||||||
Yotai Refractories Co., Ltd. | 118,000 | 1,334,422 | ||||||||
Yushiro Chemical Industry Co., Ltd. | 67,000 | 723,174 | ||||||||
TOTAL MATERIALS | 363,965,701 | |||||||||
REAL ESTATE — (1.7%) | ||||||||||
# | AD Works Group Co., Ltd. | 194,879 | 278,717 | |||||||
Airport Facilities Co., Ltd. | 138,870 | 737,420 | ||||||||
# | Anabuki Kosan, Inc. | 12,900 | 228,574 | |||||||
Aoyama Zaisan Networks Co., Ltd. | 43,700 | 627,632 | ||||||||
Apaman Co., Ltd. | 71,700 | 368,946 | ||||||||
# | Ardepro Co., Ltd. | 70,700 | 38,141 | |||||||
Arealink Co., Ltd. | 29,600 | 355,347 | ||||||||
# | B-Lot Co., Ltd. | 40,000 | 202,513 | |||||||
Cosmos Initia Co., Ltd. | 94,400 | 407,066 | ||||||||
# | CRE, Inc. | 3,400 | 50,170 | |||||||
Daibiru Corp. | 314,900 | 3,975,836 | ||||||||
Dear Life Co., Ltd. | 132,800 | 544,460 | ||||||||
Goldcrest Co., Ltd. | 103,270 | 1,541,542 | ||||||||
Good Com Asset Co., Ltd. | 22,800 | 284,762 | ||||||||
Grandy House Corp. | 95,600 | 371,289 | ||||||||
Heiwa Real Estate Co., Ltd. | 229,400 | 8,648,208 | ||||||||
Ichigo, Inc. | 1,187,800 | 3,759,014 | ||||||||
* | Japan Asset Marketing Co., Ltd. | 1,164,000 | 1,173,823 | |||||||
# | Japan Corporate Housing Service, Inc. | 11,700 | 105,176 | |||||||
# | Japan Property Management Center Co., Ltd. | 83,400 | 988,966 | |||||||
JSB Co., Ltd. | 7,400 | 259,130 | ||||||||
Katitas Co., Ltd. | 92,000 | 2,586,556 | ||||||||
Keihanshin Building Co., Ltd. | 216,700 | 2,656,178 | ||||||||
Mugen Estate Co., Ltd. | 64,200 | 289,177 | ||||||||
# | Nippon Commercial Development Co., Ltd. | 82,300 | 1,289,456 | |||||||
Nisshin Group Holdings Co., Ltd. | 210,700 | 875,554 | ||||||||
* | Prospect Co., Ltd. | 2,912,000 | 785,054 | |||||||
# | Raysum Co., Ltd. | 97,800 | 732,827 | |||||||
SAMTY Co., Ltd. | 145,350 | 2,787,328 | ||||||||
Sankyo Frontier Co., Ltd. | 23,100 | 861,909 | ||||||||
# | Sansei Landic Co., Ltd. | 29,100 | 226,109 | |||||||
Shinoken Group Co., Ltd. | 112,600 | 1,234,124 | ||||||||
Star Mica Holdings Co., Ltd. | 84,400 | 910,810 | ||||||||
Starts Corp., Inc. | 225,500 | 5,763,844 | ||||||||
Sun Frontier Fudousan Co., Ltd. | 204,700 | 1,925,812 | ||||||||
Takara Leben Co., Ltd. | 547,800 | 1,655,682 | ||||||||
TOC Co., Ltd. | 325,750 | 1,998,184 | ||||||||
Tokyo Rakutenchi Co., Ltd. | 19,000 | 710,689 | ||||||||
# * | Tokyo Theatres Co., Inc. | 47,099 | 537,528 | |||||||
Tosei Corp. | 202,900 | 1,957,908 | ||||||||
Urbanet Corp. Co., Ltd. | 81,400 | 225,533 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
REAL ESTATE — (Continued) | ||||||||||
Yoshicon Co., Ltd. | 3,100 | $ | 30,650 | |||||||
TOTAL REAL ESTATE | 54,987,644 | |||||||||
UTILITIES — (1.6%) | ||||||||||
# | EF-ON, Inc. | 88,520 | 794,959 | |||||||
eRex Co., Ltd. | 142,500 | 3,451,660 | ||||||||
Hiroshima Gas Co., Ltd. | 322,200 | 1,109,786 | ||||||||
Hokkaido Electric Power Co., Inc. | 1,093,200 | 4,955,539 | ||||||||
Hokkaido Gas Co., Ltd. | 98,500 | 1,370,406 | ||||||||
Hokuriku Electric Power Co. | 911,200 | 4,972,940 | ||||||||
# | Hokuriku Gas Co., Ltd. | 10,100 | 284,540 | |||||||
K&O Energy Group, Inc. | 100,400 | 1,193,616 | ||||||||
Nippon Gas Co., Ltd. | 611,100 | 10,404,925 | ||||||||
Okinawa Electric Power Co., Inc. (The) | 303,716 | 3,790,629 | ||||||||
* | RENOVA, Inc. | 11,600 | 456,289 | |||||||
Saibu Gas Holdings Co., Ltd. | 223,700 | 4,909,851 | ||||||||
Shikoku Electric Power Co., Inc. | 499,400 | 3,401,602 | ||||||||
Shizuoka Gas Co., Ltd. | 339,500 | 3,048,253 | ||||||||
# | Toell Co., Ltd. | 57,500 | 418,163 | |||||||
West Holdings Corp. | 133,003 | 4,689,605 | ||||||||
TOTAL UTILITIES | 49,252,763 | |||||||||
TOTAL COMMON STOCKS Cost ($2,585,190,397) | 3,102,972,648 |
Value† | ||||||||||
SECURITIES LENDING COLLATERAL — (1.1%) | ||||||||||
@ § | The DFA Short Term Investment Fund | 3,099,118 | 35,856,793 | |||||||
TOTAL INVESTMENTS — (100.0%) (Cost $2,621,033,970) | $ | 3,138,829,441 | ||||||||
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 collateral received from Securities on Loan. |
§ | Affiliated Fund. |
Summary of the Series’ investments as of June 30, 2021, 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 | — | $ | 88,881,033 | — | $ | 88,881,033 | ||||||||||
Consumer Discretionary | $ | 2,315,829 | 453,169,820 | — | 455,485,649 | |||||||||||
Consumer Staples | — | 231,161,929 | — | 231,161,929 | ||||||||||||
Energy | — | 32,108,417 | — | 32,108,417 | ||||||||||||
Financials | — | 259,230,738 | — | 259,230,738 | ||||||||||||
Health Care | — | 150,401,670 | — | 150,401,670 | ||||||||||||
Industrials | 2,068,203 | 952,191,732 | — | 954,259,935 | ||||||||||||
Information Technology | — | 463,237,169 | — | 463,237,169 | ||||||||||||
Materials | — | 363,965,701 | — | 363,965,701 | ||||||||||||
Real Estate | — | 54,987,644 | — | 54,987,644 |
The Japanese Small Company Series
CONTINUED
Investments in Securities (Market Value) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Utilities | — | $ | 49,252,763 | — | $ | 49,252,763 | ||||||||||
Securities Lending Collateral | — | 35,856,793 | — | 35,856,793 | ||||||||||||
TOTAL | $ | 4,384,032 | $ | 3,134,445,409 | — | $ | 3,138,829,441 |
See accompanying Notes to Financial Statements.
The Asia Pacific Small Company Series
SCHEDULE OF INVESTMENTS
June 30, 2021
(Unaudited)
Shares | Value» | |||||||||
COMMON STOCKS — (97.2%) | ||||||||||
AUSTRALIA — (55.8%) | ||||||||||
* | 3P Learning, Ltd. | 93,233 | $ | 91,512 | ||||||
# | 5G Networks, Ltd. | 35,296 | 22,518 | |||||||
* | A2B Australia, Ltd. | 267,268 | 252,453 | |||||||
Accent Group, Ltd. | 2,095,327 | 4,384,031 | ||||||||
Adairs, Ltd. | 757,140 | 2,410,156 | ||||||||
Adbri, Ltd. | 2,406,414 | 6,262,013 | ||||||||
# * | Advance NanoTek, Ltd. | 9,653 | 26,762 | |||||||
# * | Ainsworth Game Technology, Ltd. | 415,497 | 385,054 | |||||||
* | Alcidion Group, Ltd. | 407,251 | 122,398 | |||||||
# * | Alkane Resources, Ltd. | 2,771,779 | 2,391,737 | |||||||
* | Alliance Aviation Services, Ltd. | 149,763 | 511,082 | |||||||
ALS, Ltd. | 1,252,385 | 12,238,717 | ||||||||
Altium, Ltd. | 129,395 | 3,562,120 | ||||||||
# * | Altura Mining, Ltd. | 1,171,741 | 11,538 | |||||||
# * | AMA Group, Ltd. | 2,283,100 | 983,580 | |||||||
* | American Pacific Borates, Ltd. | 10,282 | 8,801 | |||||||
# | AMP, Ltd. | 7,269,008 | 6,133,194 | |||||||
Ansell, Ltd. | 383,998 | 12,526,172 | ||||||||
APN Property Group, Ltd. | 86,412 | 57,693 | ||||||||
Appen, Ltd. | 144,558 | 1,476,741 | ||||||||
Arafura Resources Ltd. | 250,647 | 23,497 | ||||||||
* | Arafura Resources, Ltd. | 1,672,650 | 156,582 | |||||||
ARB Corp., Ltd. | 538,242 | 17,416,114 | ||||||||
# * | Ardent Leisure Group, Ltd. | 2,770,378 | 2,030,437 | |||||||
# * | Argosy Minerals, Ltd. | 1,030,094 | 76,465 | |||||||
AUB Group, Ltd. | 496,714 | 8,328,763 | ||||||||
# | Aurelia Metals, Ltd. | 5,939,157 | 1,827,617 | |||||||
Austal, Ltd. | 2,278,005 | 3,501,460 | ||||||||
* | Australian Agricultural Co., Ltd. | 3,376,818 | 3,468,834 | |||||||
Australian Ethical Investment, Ltd. | 22,322 | 141,199 | ||||||||
Australian Finance Group, Ltd. | 1,548,424 | 3,310,347 | ||||||||
Australian Mines Ltd. | 933,664 | 15,404 | ||||||||
Australian Pharmaceutical Industries, Ltd. | 2,800,624 | 2,341,341 | ||||||||
# * | Australian Strategic Materials, Ltd. | 493,304 | 2,888,701 | |||||||
Australian Vintage, Ltd. | 4,188,440 | 2,514,794 | ||||||||
Auswide Bank, Ltd. | 114,747 | 559,038 | ||||||||
# | Ava Risk Group, Ltd. | 27,751 | 7,907 | |||||||
# | AVJennings, Ltd. | 6,661,658 | 3,148,488 | |||||||
# * | AVZ Minerals, Ltd. | 1,847,793 | 221,720 | |||||||
* | Axsesstoday, Ltd. | 1,687 | 5 | |||||||
Baby Bunting Group, Ltd. | 548,821 | 2,311,038 | ||||||||
Bank of Queensland, Ltd. | 2,119,659 | 14,478,493 | ||||||||
* | Bannerman Resources, Ltd. | 572,558 | 70,601 | |||||||
Bapcor, Ltd. | 2,189,248 | 13,950,126 | ||||||||
Base Resources, Ltd. | 430,592 | 96,890 | ||||||||
Beach Energy, Ltd. | 7,632,087 | 7,094,101 | ||||||||
Beacon Lighting Group, Ltd. | 33,211 | 47,361 | ||||||||
Bega Cheese, Ltd. | 2,077,240 | 9,177,643 | ||||||||
Bell Financial Group, Ltd. | 122,493 | 164,084 | ||||||||
Bendigo & Adelaide Bank, Ltd. | 816,206 | 6,417,375 | ||||||||
* | Berkeley Energia, Ltd. | 22,150 | 9,302 | |||||||
Bingo Industries, Ltd. | 1,091,685 | 2,810,161 | ||||||||
* | Bionomics, Ltd. | 160,677 | 22,887 | |||||||
# | Blackmores, Ltd. | 97,147 | 5,348,544 | |||||||
* | Botanix Pharmaceuticals, Ltd. | 688,967 | 41,337 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
AUSTRALIA — (Continued) | ||||||||||
# | Bravura Solutions, Ltd. | 1,664,952 | $ | 4,379,938 | ||||||
Breville Group, Ltd. | 798,457 | 17,904,482 | ||||||||
Brickworks, Ltd. | 486,532 | 9,147,675 | ||||||||
BWX, Ltd. | 626,248 | 2,556,353 | ||||||||
* | Byron Energy, Ltd. | 89,192 | 6,676 | |||||||
* | Calix, Ltd. | 84,670 | 169,092 | |||||||
Capitol Health, Ltd. | 3,724,836 | 1,034,112 | ||||||||
Capral, Ltd. | 13,154 | 72,255 | ||||||||
* | Capricorn Metals, Ltd. | 81,927 | 116,662 | |||||||
Cardno, Ltd. | 1,127,842 | 820,390 | ||||||||
# * | Carnarvon Petroleum, Ltd. | 3,381,086 | 634,150 | |||||||
Carsales.com, Ltd. | 962,478 | 14,253,376 | ||||||||
# | Cash Converters International, Ltd. | 2,766,362 | 456,838 | |||||||
# * | Catapult Group International, Ltd. | 401,552 | 602,669 | |||||||
CDS Technologies, Ltd. | 13,276 | 0 | ||||||||
Cedar Woods Properties, Ltd. | 430,903 | 2,165,168 | ||||||||
* | Central Petroleum, Ltd. | 569,026 | 50,089 | |||||||
Centrebet Litigation | 81,336 | 0 | ||||||||
Centrebet Litigation Claim | 81,336 | 0 | ||||||||
# | Challenger, Ltd. | 2,262,108 | 9,165,025 | |||||||
* | Champion Iron, Ltd. | 543,145 | 2,597,845 | |||||||
* | City Chic Collective, Ltd. | 187,917 | 772,981 | |||||||
Class, Ltd. | 439,287 | 545,519 | ||||||||
* | Clean Seas Seafood, Ltd. | 105,541 | 41,485 | |||||||
* | Clean Teq Water, Ltd. | 4,346 | 261 | |||||||
Cleanaway Waste Management, Ltd. | 3,757,868 | 7,443,533 | ||||||||
Clinuvel Pharmaceuticals, Ltd. | 111,897 | 2,573,699 | ||||||||
# | Clover Corp., Ltd. | 427,662 | 583,652 | |||||||
Codan, Ltd. | 670,501 | 9,069,719 | ||||||||
# * | Collection House, Ltd. | 2,084,920 | 234,969 | |||||||
Collins Foods, Ltd. | 745,683 | 6,420,623 | ||||||||
# * | Cooper Energy, Ltd. | 11,499,005 | 2,240,613 | |||||||
# * | Corporate Travel Management, Ltd. | 650,080 | 10,458,905 | |||||||
Costa Group Holdings Ltd. | 375,410 | 844,616 | ||||||||
# | Costa Group Holdings, Ltd. | 2,376,318 | 5,898,534 | |||||||
Credit Corp. Group, Ltd. | 442,571 | 9,849,187 | ||||||||
CSR, Ltd. | 3,109,441 | 13,438,969 | ||||||||
* | Cynata Therapeutics, Ltd. | 23,696 | 8,972 | |||||||
Dacian Gold Ltd. | 92,356 | 18,008 | ||||||||
# * | Dacian Gold, Ltd. | 687,075 | 134,014 | |||||||
* | Danakali Ltd. | 41,670 | 13,940 | |||||||
Data#3, Ltd. | 962,073 | 4,038,545 | ||||||||
* | Decmil Group, Ltd. | 424,759 | 146,636 | |||||||
* | Deep Yellow, Ltd. | 107,184 | 57,430 | |||||||
Deterra Royalties, Ltd. | 1,655,501 | 5,577,201 | ||||||||
# | Dicker Data, Ltd. | 240,674 | 1,996,585 | |||||||
* | Domain Holdings Australia, Ltd. | 1,497,814 | 5,805,207 | |||||||
Downer EDI, Ltd. | 2,441,422 | 10,227,806 | ||||||||
Eagers Automotive, Ltd. | 775,292 | 9,634,559 | ||||||||
# * | Eclipx Group, Ltd. | 2,008,091 | 3,413,509 | |||||||
* | Ecograf, Ltd. | 163,174 | 69,630 | |||||||
Elanor Investor Group | 120,515 | 170,764 | ||||||||
Elders, Ltd. | 1,121,521 | 9,715,890 | ||||||||
# * | Electro Optic Systems Holdings, Ltd. | 454,671 | 1,469,811 | |||||||
* | Elixir Energy, Ltd. | 380,309 | 69,690 | |||||||
# * | Emeco Holdings, Ltd. | 1,441,745 | 1,139,680 | |||||||
# * | EML Payments, Ltd. | 179,249 | 468,012 | |||||||
Enero Group, Ltd. | 10,609 | 19,978 | ||||||||
EQT Holdings, Ltd. | 99,023 | 2,035,182 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
AUSTRALIA — (Continued) | ||||||||||
* | Estia Health, Ltd. | 1,663,088 | $ | 3,077,631 | ||||||
Euroz, Ltd. | 116,329 | 150,874 | ||||||||
# * | EVENT Hospitality and Entertainment, Ltd. | 546,035 | 5,176,357 | |||||||
* | FAR, Ltd. | 127,715 | 204,344 | |||||||
Finbar Group, Ltd. | 222,050 | 141,192 | ||||||||
Fleetwood, Ltd. | 412,429 | 730,121 | ||||||||
# * | Flight Centre Travel Group, Ltd. | 581,094 | 6,463,744 | |||||||
* | Fluence Corp., Ltd. | 116,395 | 16,595 | |||||||
# * | Freedom Foods Group, Ltd. | 362,595 | 99,784 | |||||||
* | Frontier Digital Ventures, Ltd. | 89,598 | 92,986 | |||||||
* | G8 Education, Ltd. | 5,593,566 | 4,215,664 | |||||||
* | Galaxy Resources, Ltd. | 3,083,972 | 8,476,312 | |||||||
* | Genetic Signatures, Ltd. | 32,568 | 26,858 | |||||||
# * | Genex Power, Ltd. | 799,280 | 132,174 | |||||||
* | Genworth Mortgage Insurance Australia, Ltd. | 1,615,764 | 2,660,627 | |||||||
* | Geopacific Resources, Ltd. | 14,236 | 3,289 | |||||||
Geopacific Resources, Ltd. | 19,080 | 4,400 | ||||||||
Gold Road Resources, Ltd. | 3,183,092 | 3,007,199 | ||||||||
GR Engineering Services, Ltd. | 55,230 | 62,101 | ||||||||
GrainCorp, Ltd., Class A | 1,547,172 | 5,989,528 | ||||||||
Grange Resources, Ltd. | 524,857 | 234,131 | ||||||||
# * | Greenland Minerals, Ltd. | 1,692,337 | 120,473 | |||||||
* | GTN, Ltd. | 15,394 | 5,210 | |||||||
# | GUD Holdings, Ltd. | 829,347 | 7,453,208 | |||||||
GWA Group, Ltd. | 1,593,449 | 3,310,318 | ||||||||
Hansen Technologies, Ltd. | 1,293,047 | 6,031,354 | ||||||||
Healius, Ltd. | 3,973,423 | 13,791,260 | ||||||||
# * | Helloworld Travel, Ltd. | 51,370 | 64,258 | |||||||
* | Highfield Resources, Ltd. | 160,730 | 89,089 | |||||||
* | Horizon Oil, Ltd. | 714,889 | 56,172 | |||||||
* | Hot Chili, Ltd. | 971,208 | 24,776 | |||||||
* | HT&E, Ltd. | 1,686,962 | 2,168,081 | |||||||
# | HUB24, Ltd. | 281,179 | 6,011,640 | |||||||
# * | Humm Group, Ltd. | 2,480,303 | 1,839,596 | |||||||
* | IDM International, Ltd. | 958 | 0 | |||||||
IGO, Ltd. | 2,212,503 | 12,627,225 | ||||||||
Iluka Resources, Ltd. | 1,655,501 | 11,335,355 | ||||||||
Image Resources NL | 371,646 | 48,667 | ||||||||
Imdex, Ltd. | 2,559,832 | 3,911,120 | ||||||||
# * | ImpediMed, Ltd. | 417,437 | 32,792 | |||||||
Incitec Pivot, Ltd. | 705,857 | 1,259,567 | ||||||||
Infomedia, Ltd. | 2,776,535 | 3,196,498 | ||||||||
# | Inghams Group, Ltd. | 2,191,759 | 6,538,570 | |||||||
Intega Group, Ltd. | 1,127,842 | 464,991 | ||||||||
Integral Diagnostics, Ltd. | 353,691 | 1,378,231 | ||||||||
# | Integrated Research, Ltd. | 611,969 | 892,217 | |||||||
# | InvoCare, Ltd. | 945,502 | 8,204,237 | |||||||
* | ioneer, Ltd. | 361,132 | 94,763 | |||||||
IOOF Holdings, Ltd. | 3,815,495 | 12,202,094 | ||||||||
IPH, Ltd. | 1,243,670 | 7,277,473 | ||||||||
IRESS, Ltd. | 1,225,060 | 11,858,090 | ||||||||
IVE Group, Ltd. | 543,358 | 592,560 | ||||||||
* | Japara Healthcare, Ltd. | 1,594,623 | 1,531,614 | |||||||
# | Johns Lyng Group, Ltd. | 421,421 | 1,610,861 | |||||||
Jumbo Interactive, Ltd. | 208,843 | 2,780,604 | ||||||||
* | Juno Minerals, Ltd. | 293,050 | 42,856 | |||||||
Jupiter Mines, Ltd. | 4,840,558 | 1,049,564 | ||||||||
* | Kalium Lakes, Ltd. | 274,901 | 50,461 | |||||||
* | Karoon Energy, Ltd. | 3,390,788 | 3,375,312 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
AUSTRALIA — (Continued) | ||||||||||
* | KGL Resources, Ltd. | 56,878 | $ | 27,238 | ||||||
* | Kingsgate Consolidated, Ltd. | 1,079,815 | 679,186 | |||||||
# | Kogan.com, Ltd. | 295,992 | 2,568,031 | |||||||
Lednium Technology Pty, Ltd. | 195,019 | 0 | ||||||||
* | Legend Mining, Ltd. | 113,459 | 8,468 | |||||||
Lifestyle Communities, Ltd. | 141,647 | 1,662,974 | ||||||||
Link Administration Holdings, Ltd. | 1,829,185 | 6,917,212 | ||||||||
* | Livetiles, Ltd. | 344,818 | 37,530 | |||||||
Lovisa Holdings, Ltd. | 175,783 | 2,007,071 | ||||||||
# * | Lynas Rare Earths, Ltd. | 5,868,035 | 25,084,138 | |||||||
MA Financial Group, Ltd. | 79,526 | 337,013 | ||||||||
MACA, Ltd. | 1,622,774 | 917,687 | ||||||||
* | Mach7 Technologies, Ltd. | 42,643 | 34,078 | |||||||
Macmahon Holdings, Ltd. | 5,344,671 | 761,048 | ||||||||
* | Macquarie Telecom Group, Ltd. | 2,399 | 95,223 | |||||||
* | Maggie Beer Holdings, Ltd. | 87,069 | 25,413 | |||||||
* | Matador Mining, Ltd. | 63,503 | 21,454 | |||||||
* | Mayne Pharma Group, Ltd. | 9,518,774 | 2,282,619 | |||||||
McMillan Shakespeare, Ltd. | 490,350 | 4,755,517 | ||||||||
McPherson’s, Ltd. | 653,702 | 539,223 | ||||||||
Medusa Mining, Ltd. | 475,938 | 297,891 | ||||||||
# * | Mesoblast, Ltd. | 1,561,474 | 2,329,131 | |||||||
# * | Metals X, Ltd. | 3,565,919 | 572,947 | |||||||
# | Metcash, Ltd. | 7,621,231 | 22,854,228 | |||||||
# | Michael Hill International, Ltd. | 1,490,263 | 948,618 | |||||||
* | Millennium Minerals, Ltd. | 1,065,474 | 0 | |||||||
* | Mincor Resources NL | 184,149 | 148,982 | |||||||
Mineral Resources, Ltd. | 156,101 | 6,269,952 | ||||||||
* | MMA Offshore, Ltd. | 1,249,410 | 397,467 | |||||||
# | MNF Group, Ltd. | 213,736 | 856,184 | |||||||
Monadelphous Group, Ltd. | 566,488 | 4,438,214 | ||||||||
Monash IVF Group, Ltd. | 1,738,681 | 1,107,474 | ||||||||
# | Money3 Corp., Ltd. | 926,438 | 2,328,731 | |||||||
* | Morning Star Gold NL | 332,749 | 0 | |||||||
Mortgage Choice, Ltd. | 734,068 | 1,073,503 | ||||||||
Motorcycle Holdings, Ltd. | 34,902 | 72,318 | ||||||||
Mount Gibson Iron, Ltd. | 3,756,776 | 2,660,316 | ||||||||
# * | Myanmar Metals, Ltd. | 494,858 | 19,484 | |||||||
* | Myer Holdings, Ltd. | 3,707,181 | 987,483 | |||||||
MyState, Ltd. | 662,767 | 2,322,789 | ||||||||
# * | Nanosonics, Ltd. | 306,999 | 1,351,362 | |||||||
Navigator Global Investments, Ltd. | 892,324 | 1,192,152 | ||||||||
* | nearmap, Ltd. | 1,938,623 | 2,709,109 | |||||||
* | Neometals, Ltd. | 626,513 | 225,683 | |||||||
Netwealth Group, Ltd. | 406,590 | 5,230,708 | ||||||||
* | New Century Resources, Ltd. | 567,500 | 91,295 | |||||||
# | New Hope Corp., Ltd. | 2,234,532 | 2,897,169 | |||||||
nib holdings, Ltd. | 3,044,680 | 14,861,079 | ||||||||
Nick Scali, Ltd. | 400,543 | 3,519,035 | ||||||||
Nickel Mines, Ltd. | 626,222 | 464,305 | ||||||||
Nine Entertainment Co. Holdings, Ltd. | 6,491,008 | 14,178,018 | ||||||||
NRW Holdings, Ltd. | 2,939,598 | 3,226,628 | ||||||||
* | Nufarm, Ltd. | 1,868,539 | 6,414,642 | |||||||
Objective Corp., Ltd. | 6,233 | 81,580 | ||||||||
OFX Group, Ltd. | 1,765,504 | 1,767,642 | ||||||||
* | Oklo Resources, Ltd. | 202,639 | 16,732 | |||||||
# | OM Holdings, Ltd. | 449,510 | 278,500 | |||||||
Omni Bridgeway, Ltd. | 2,357,902 | 6,625,123 | ||||||||
# * | oOh!media, Ltd. | 3,082,993 | 4,039,903 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
AUSTRALIA — (Continued) | ||||||||||
* | Opthea, Ltd. | 21,559 | $ | 21,596 | ||||||
Ora Banda Mining Ltd. | 99,291 | 11,169 | ||||||||
* | Ora Banda Mining, Ltd. | 674,394 | 75,960 | |||||||
* | Orbital Corp., Ltd. | 16,624 | 10,348 | |||||||
# * | Orocobre, Ltd. | 236,662 | 1,145,722 | |||||||
Orora, Ltd. | 5,931,076 | 14,828,851 | ||||||||
# | Over the Wire Holdings, Ltd. | 16,080 | 58,508 | |||||||
OZ Minerals, Ltd. | 689,105 | 11,585,153 | ||||||||
Pacific Current Group, Ltd. | 259,417 | 1,129,834 | ||||||||
# | Pacific Smiles Group, Ltd. | 272,678 | 553,362 | |||||||
Pact Group Holdings, Ltd. | 1,422,949 | 3,957,348 | ||||||||
* | Paladin Energy, Ltd. | 1,591,886 | 614,059 | |||||||
* | Panoramic Resources, Ltd. | 10,243,620 | 1,153,068 | |||||||
# * | Pantoro, Ltd. | 1,023,926 | 153,743 | |||||||
* | Paradigm Biopharmaceuticals, Ltd. | 41,528 | 65,449 | |||||||
* | Peak Resources, Ltd. | 224,220 | 16,794 | |||||||
Peet, Ltd. | 941,277 | 845,299 | ||||||||
Pendal Group, Ltd. | 2,058,779 | 12,437,409 | ||||||||
People Infrastructure, Ltd. | 40,938 | 140,942 | ||||||||
Perenti Global, Ltd. | 4,382,863 | 2,199,577 | ||||||||
Perpetual, Ltd. | 395,369 | 11,871,950 | ||||||||
* | Perseus Mining, Ltd. | 8,114,950 | 8,884,336 | |||||||
Platinum Asset Management, Ltd. | 1,941,364 | 7,139,604 | ||||||||
* | Poseidon Nickel, Ltd. | 2,836,007 | 188,891 | |||||||
PPK Group, Ltd. | 17,813 | 212,788 | ||||||||
# * | Praemium, Ltd. | 1,152,591 | 941,550 | |||||||
Premier Investments, Ltd. | 562,740 | 12,050,062 | ||||||||
Pro Medicus, Ltd. | 226,691 | 9,984,505 | ||||||||
Probiotec, Ltd. | 12,272 | 19,878 | ||||||||
Propel Funeral Partners, Ltd. | 87,605 | 247,554 | ||||||||
PSC Insurance Group, Ltd. | 103,613 | 274,243 | ||||||||
PWR Holdings, Ltd. | 219,449 | 1,165,830 | ||||||||
QANTM Intellectual Property, Ltd. | 15,371 | 13,323 | ||||||||
* | Quickstep Holdings, Ltd. | 134,452 | 5,246 | |||||||
# | Ramelius Resources, Ltd. | 4,758,357 | 6,043,631 | |||||||
* | ReadyTech Holdings, Ltd. | 40,124 | 72,342 | |||||||
# | Reckon, Ltd. | 391,834 | 280,553 | |||||||
* | Red 5, Ltd. | 6,878,068 | 981,839 | |||||||
# * | Redbubble, Ltd. | 126,785 | 343,385 | |||||||
Redcape Hotel Group | 111,772 | 86,743 | ||||||||
# | Regis Healthcare, Ltd. | 863,552 | 1,263,619 | |||||||
Regis Resources, Ltd. | 4,825,314 | 8,542,492 | ||||||||
* | Reject Shop, Ltd. (The) | 116,216 | 486,368 | |||||||
Reliance Worldwide Corp., Ltd. | 4,169,614 | 16,436,717 | ||||||||
# | Resimac Group, Ltd. | 12,138 | 22,389 | |||||||
# * | Resolute Mining, Ltd. | 8,007,059 | 3,036,639 | |||||||
* | Retail Food Group, Ltd. | 4,257,582 | 213,747 | |||||||
# | Rhipe, Ltd. | 349,672 | 548,074 | |||||||
* | Ridley Corp., Ltd. | 1,862,695 | 1,590,058 | |||||||
* | RPMGlobal Holdings, Ltd. | 346,635 | 462,594 | |||||||
# * | Rumble Resources, Ltd. | 178,014 | 70,736 | |||||||
* | Salmat, Ltd. | 667,137 | 0 | |||||||
Sandfire Resources, Ltd. | 1,187,001 | 6,059,634 | ||||||||
* | SciDev, Ltd. | 13,440 | 8,574 | |||||||
SeaLink Travel Group, Ltd. | 369,244 | 2,624,024 | ||||||||
Select Harvests, Ltd. | 880,705 | 4,457,167 | ||||||||
# | Senex Energy, Ltd. | 1,196,550 | 3,074,380 | |||||||
# | Servcorp, Ltd. | 342,954 | 901,301 | |||||||
Service Stream, Ltd. | 2,572,185 | 1,677,516 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
AUSTRALIA — (Continued) | ||||||||||
# * | Seven West Media, Ltd. | 3,843,757 | $ | 1,341,387 | ||||||
SG Fleet Group, Ltd. | 452,859 | 1,020,359 | ||||||||
Shaver Shop Group, Ltd. | 447,347 | 335,212 | ||||||||
* | Sheffield Resources, Ltd. | 77,881 | 20,818 | |||||||
Shriro Holdings, Ltd. | 24,206 | 21,569 | ||||||||
Sigma Healthcare, Ltd. | 6,192,917 | 2,760,475 | ||||||||
* | Silver Lake Resources, Ltd. | 5,791,755 | 7,214,386 | |||||||
* | Silver Mines, Ltd. | 345,904 | 64,884 | |||||||
Sims, Ltd. | 1,175,465 | 14,616,678 | ||||||||
SmartGroup Corp., Ltd. | 674,100 | 3,726,929 | ||||||||
# * | SomnoMed, Ltd. | 25,160 | 41,681 | |||||||
Southern Cross Electrical Engineering, Ltd. | 75,077 | 30,363 | ||||||||
* | Southern Cross Media Group, Ltd. | 1,320,693 | 2,069,547 | |||||||
Spark Infrastructure Group | 11,138,058 | 18,780,950 | ||||||||
# * | Speedcast International, Ltd. | 1,497,915 | 0 | |||||||
* | Spirit Technology Solutions, Ltd. | 64,859 | 12,630 | |||||||
# | SRG Global, Ltd. | 330,321 | 125,071 | |||||||
St Barbara, Ltd. | 5,168,225 | 6,612,033 | ||||||||
* | Star Entertainment Grp, Ltd. (The) | 3,822,270 | 10,564,968 | |||||||
Steadfast Group, Ltd. | 5,683,479 | 18,737,035 | ||||||||
# * | Strike Energy, Ltd. | 2,946,889 | 707,149 | |||||||
Sunland Group, Ltd. | 1,199,550 | 2,203,565 | ||||||||
* | Sunrise Energy Metals, Ltd. | 8,693 | 11,694 | |||||||
Super Retail Group, Ltd. | 1,139,326 | 11,016,660 | ||||||||
* | Superloop, Ltd. | 1,049,203 | 730,475 | |||||||
# * | Syrah Resources, Ltd. | 2,689,801 | 2,086,492 | |||||||
# | Tassal Group, Ltd. | 1,531,815 | 4,110,436 | |||||||
Technology One, Ltd. | 1,748,272 | 12,194,291 | ||||||||
# * | Temple & Webster Group, Ltd. | 138,534 | 1,117,610 | |||||||
* | Tiger Resources, Ltd. | 9,447,997 | 1,417 | |||||||
Tribune Resources, Ltd. | 14,725 | 50,782 | ||||||||
United Malt Grp, Ltd. | 1,771,214 | 5,950,620 | ||||||||
Virgin Australia Holdings, Ltd. | 7,648,897 | 0 | ||||||||
Virtus Health, Ltd. | 553,707 | 2,741,128 | ||||||||
Vita Group, Ltd. | 715,914 | 509,518 | ||||||||
Viva Energy Group, Ltd. | 3,953,539 | 5,714,285 | ||||||||
# * | Vmoto, Ltd. | 267,457 | 68,305 | |||||||
# * | Wagners Holding Co., Ltd. | 122,838 | 195,468 | |||||||
# * | Warrego Energy, Ltd. | 70,779 | 11,952 | |||||||
# * | Webjet, Ltd. | 2,056,935 | 7,561,623 | |||||||
* | West African Resources, Ltd. | 402,051 | 300,064 | |||||||
Western Areas, Ltd. | 2,254,139 | 4,031,260 | ||||||||
# * | Westgold Resources, Ltd. | 2,414,524 | 3,406,389 | |||||||
* | Whitehaven Coal, Ltd. | 4,887,743 | 7,091,172 | |||||||
TOTAL AUSTRALIA | 1,025,760,408 | |||||||||
CHINA — (0.0%) | ||||||||||
* | FIH Mobile, Ltd. | 2,870,000 | 473,216 | |||||||
TK Group Holdings, Ltd. | 704,000 | 268,163 | ||||||||
TOTAL CHINA | 741,379 | |||||||||
HONG KONG — (23.1%) | ||||||||||
* | Aceso Life Science Group, Ltd. | 18,044,400 | 518,057 | |||||||
Aeon Credit Service Asia Co., Ltd. | 986,000 | 647,271 | ||||||||
Allied Group, Ltd. | 12,896,000 | 5,204,772 | ||||||||
# | APAC Resources, Ltd. | 3,766,513 | 620,711 | |||||||
# * | Apollo Future Mobility Group, Ltd. | 8,436,000 | 456,178 | |||||||
# * | Applied Development Holdings, Ltd. | 13,430,000 | 211,834 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
HONG KONG — (Continued) | ||||||||||
* | Arts Optical International Hldgs, Ltd. | 368,000 | $ | 36,283 | ||||||
Asia Financial Holdings, Ltd. | 2,404,908 | 1,155,431 | ||||||||
* | Asia Standard Hotel Group, Ltd. | 4,511,654 | 145,301 | |||||||
* | Asia Standard International Group, Ltd. | 13,222,917 | 2,211,519 | |||||||
* | Asiasec Properties, Ltd. | 1,737,000 | 355,480 | |||||||
ASM Pacific Technology, Ltd. | 1,206,800 | 16,347,569 | ||||||||
Associated International Hotels, Ltd. | 952,000 | 1,667,900 | ||||||||
Automated Systems Holdings, Ltd. | 340,400 | 61,529 | ||||||||
Bank of East Asia, Ltd. (The) | 233,200 | 433,063 | ||||||||
Bel Global Resources Holdings, Ltd. | 2,576,000 | 0 | ||||||||
Best Mart 360 Holdings, Ltd. | 984,000 | 256,840 | ||||||||
* | Blue River Holdings, Ltd. | 4,005,194 | 198,129 | |||||||
BOC Aviation, Ltd. | 346,800 | 2,925,703 | ||||||||
BOCOM International Holdings Co., Ltd. | 943,000 | 226,871 | ||||||||
BOE Varitronix, Ltd. | 3,807,293 | 2,932,012 | ||||||||
Brightoil Petroleum Holdings, Ltd. | 9,034,000 | 327,301 | ||||||||
Build King Holdings, Ltd. | 440,000 | 62,817 | ||||||||
* | Burwill Holdings, Ltd. | 37,300,960 | 63,895 | |||||||
Cafe de Coral Holdings, Ltd. | 3,090,000 | 6,351,680 | ||||||||
* | Cathay Pacific Airways, Ltd. | 1,380,000 | 1,166,087 | |||||||
* | Century City International Holdings, Ltd. | 7,111,460 | 393,922 | |||||||
# | CGN Mining Co., Ltd. | 5,570,000 | 516,351 | |||||||
Chen Hsong Holdings | 1,296,000 | 461,721 | ||||||||
Cheuk Nang Holdings, Ltd. | 771,714 | 277,551 | ||||||||
Chevalier International Holdings, Ltd. | 820,989 | 1,070,424 | ||||||||
* | China Baoli Technologies Holdings, Ltd. | 1,147,500 | 8,720 | |||||||
* | China Best Group Holding, Ltd. | 849,999 | 24,624 | |||||||
* | China Display Optoelectronics Technology Holdings, Ltd. | 6,384,000 | 468,375 | |||||||
* | China Energy Development Holdings, Ltd. | 59,474,000 | 904,209 | |||||||
China Motor Bus Co., Ltd. | 72,600 | 1,030,739 | ||||||||
* | China Solar Energy Holdings, Ltd. | 1,669,500 | 7,257 | |||||||
# * | China Star Entertainment, Ltd. | 11,170,000 | 1,828,579 | |||||||
# * | China Strategic Holdings, Ltd. | 80,821,250 | 1,186,363 | |||||||
China Tonghai International Financial, Ltd. | 1,300,000 | 43,653 | ||||||||
Chinese Estates Holdings, Ltd. | 3,017,500 | 1,405,101 | ||||||||
Chinney Investments, Ltd. | 1,180,000 | 283,639 | ||||||||
# | Chong Hing Bank, Ltd. | 244,000 | 640,934 | |||||||
Chow Sang Sang Holdings International, Ltd. | 2,417,000 | 4,182,294 | ||||||||
Chuang’s China Investments, Ltd. | 8,811,407 | 560,243 | ||||||||
Chuang’s Consortium International, Ltd. | 7,519,043 | 1,047,538 | ||||||||
CITIC Telecom International Holdings, Ltd. | 13,794,125 | 4,564,501 | ||||||||
# | CK Life Sciences Intl Holdings, Inc. | 18,634,000 | 2,133,652 | |||||||
# | CMBC Capital Holdings, Ltd. | 17,640,000 | 224,920 | |||||||
CNQC International Holdings, Ltd. | 1,225,000 | 122,778 | ||||||||
CNT Group, Ltd. | 7,979,264 | 412,012 | ||||||||
# | Convenience Retail Asia, Ltd. | 1,026,000 | 96,420 | |||||||
Crystal International Group, Ltd. | 183,000 | 93,942 | ||||||||
CSI Properties, Ltd. | 47,866,383 | 1,601,452 | ||||||||
Dah Sing Banking Group, Ltd. | 3,864,316 | 4,261,984 | ||||||||
Dah Sing Financial Holdings, Ltd. | 1,460,144 | 4,987,890 | ||||||||
Dickson Concepts International, Ltd. | 1,620,500 | 965,439 | ||||||||
* | Digital Domain Holdings, Ltd. | 2,310,000 | 17,273 | |||||||
* | Dingyi Group Investment, Ltd. | 300,000 | 3,206 | |||||||
Dynamic Holdings, Ltd. | 104,000 | 187,422 | ||||||||
Eagle Nice International Holdings, Ltd. | 2,188,000 | 1,444,045 | ||||||||
# | EC Healthcare | 1,377,097 | 2,479,530 | |||||||
EcoGreen International Group, Ltd. | 1,994,640 | 601,297 | ||||||||
* | Emperor Capital Group, Ltd. | 30,219,000 | 512,707 | |||||||
Emperor Entertainment Hotel, Ltd. | 4,840,000 | 704,497 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
HONG KONG — (Continued) | ||||||||||
Emperor International Holdings, Ltd. | 10,584,753 | $ | 1,545,816 | |||||||
* | Emperor Watch & Jewellery, Ltd. | 31,450,000 | 965,543 | |||||||
* | Energy International Investments Holdings, Ltd. | 1,960,000 | 18,157 | |||||||
* | ENM Holdings, Ltd. | 15,560,000 | 1,282,612 | |||||||
* | Esprit Holdings, Ltd. | 15,097,825 | 1,477,729 | |||||||
* | Eternity Investment, Ltd. | 820,000 | 30,606 | |||||||
Ezcom Holdings, Ltd. | 72,576 | 0 | ||||||||
# | Fairwood Holdings, Ltd. | 820,600 | 1,903,439 | |||||||
Far East Consortium International, Ltd. | 12,266,827 | 4,629,179 | ||||||||
First Pacific Co., Ltd. | 15,728,000 | 5,369,869 | ||||||||
* | First Shanghai Investments, Ltd. | 5,568,000 | 243,860 | |||||||
Fosun Tourism Group | 25,200 | 40,195 | ||||||||
Fountain SET Holdings, Ltd. | 6,192,000 | 1,123,513 | ||||||||
Four Seas Mercantile Holdings, Ltd. | 610,000 | 214,766 | ||||||||
* | Freeman Fintech Corp., Ltd. | 13,680,000 | 29,776 | |||||||
FSE Services Group, Ltd. | 91,000 | 73,210 | ||||||||
GDH Guangnan Holdings., Ltd. | 2,083,600 | 186,575 | ||||||||
* | Genting Hong Kong, Ltd. | 5,661,000 | 430,359 | |||||||
Get Nice Financial Group, Ltd. | 2,438,600 | 273,230 | ||||||||
Giordano International, Ltd. | 8,494,000 | 1,848,459 | ||||||||
Glorious Sun Enterprises, Ltd. | 3,932,000 | 395,365 | ||||||||
* | Gold Peak Industries Holdings, Ltd. | 3,029,642 | 269,579 | |||||||
Golden Resources Development International, Ltd. | 4,082,500 | 288,997 | ||||||||
Goldin Financial Holdings, Ltd. | 9,580,000 | 0 | ||||||||
* | Good Resources Holdings, Ltd. | 6,860,000 | 28,185 | |||||||
* | Goodbaby International Holdings, Ltd. | 6,163,000 | 1,419,828 | |||||||
* | GR Properties, Ltd. | 138,000 | 17,069 | |||||||
# | Great Eagle Holdings, Ltd. | 1,089,446 | 3,699,839 | |||||||
# * | Greater Bay Area Investments Group Holdings, Ltd. | 18,640,000 | 24,007 | |||||||
* | Greentech Technology International, Ltd. | 9,830,000 | 129,016 | |||||||
Guoco Group, Ltd. | 2,000 | 23,021 | ||||||||
Guotai Junan International Holdings, Ltd. | 31,339,797 | 5,002,012 | ||||||||
# | Haitong International Securities Group, Ltd. | 21,115,400 | 5,815,140 | |||||||
Hang Lung Group, Ltd. | 2,663,000 | 6,792,567 | ||||||||
Hanison Construction Holdings, Ltd. | 2,713,649 | 437,183 | ||||||||
* | Hans Energy Co., Ltd. | 660,000 | 33,639 | |||||||
# | Harbour Centre Development, Ltd. | 935,500 | 1,023,739 | |||||||
* | HK Asia Holdings, Ltd. | 36,000 | 19,160 | |||||||
HKBN, Ltd. | 3,809,500 | 4,609,831 | ||||||||
HKR International, Ltd. | 7,106,169 | 3,373,344 | ||||||||
Hon Kwok Land Investment Co., Ltd. | 388,800 | 190,090 | ||||||||
Hong Kong Ferry Holdings Co., Ltd. | 1,007,300 | 759,059 | ||||||||
* | Hong Kong Television Network, Ltd. | 331,000 | 416,309 | |||||||
* | Hongkong & Shanghai Hotels, Ltd. (The) | 3,648,489 | 3,838,650 | |||||||
Hongkong Chinese, Ltd. | 5,038,000 | 434,232 | ||||||||
Honma Golf, Ltd. | 1,060,000 | 643,529 | ||||||||
Hsin Chong Group Holdings, Ltd. | 10,243,403 | 86,546 | ||||||||
* | Huafa Property Services Group Co., Ltd. | 460,000 | 12,204 | |||||||
Hung Hing Printing Group, Ltd. | 2,972,000 | 471,028 | ||||||||
Hutchison Telecommunications Hong Kong Holdings, Ltd. | 12,664,000 | 2,495,375 | ||||||||
* | Hypebeast, Ltd. | 2,635,000 | 389,004 | |||||||
Hysan Development Co., Ltd. | 2,302,000 | 9,172,821 | ||||||||
# * | I-CABLE Communications, Ltd. | 4,080,000 | 48,777 | |||||||
IGG, Inc. | 9,004,000 | 11,895,943 | ||||||||
* | Imagi International Holdings, Ltd. | 2,220,984 | 331,594 | |||||||
International Housewares Retail Co., Ltd. | 2,042,000 | 833,559 | ||||||||
IPE Group, Ltd. | 3,345,000 | 297,195 | ||||||||
* | IRC, Ltd. | 37,862,266 | 1,314,614 | |||||||
# | ITC Properties Group, Ltd. | 6,237,292 | 795,463 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
HONG KONG — (Continued) | ||||||||||
Jacobson Pharma Corp., Ltd. | 3,616,000 | $ | 339,964 | |||||||
* | JBM Healthcare, Ltd. | 452,000 | 86,589 | |||||||
Johnson Electric Holdings, Ltd. | 2,863,992 | 7,379,655 | ||||||||
K Wah International Holdings, Ltd. | 1,588,000 | 770,846 | ||||||||
* | Kader Holdings Co., Ltd. | 378,000 | 19,653 | |||||||
* | Kam Hing International Holdings, Ltd. | 144,000 | 7,406 | |||||||
Karrie International Holdings, Ltd. | 2,620,000 | 586,493 | ||||||||
# * | Keck Seng Investments Hong Kong, Ltd. | 912,600 | 457,301 | |||||||
Kerry Logistics Network, Ltd. | 4,063,500 | 12,328,789 | ||||||||
Kerry Properties, Ltd. | 2,021,000 | 6,664,237 | ||||||||
Kingmaker Footwear Holdings, Ltd. | 1,878,955 | 215,265 | ||||||||
Kowloon Development Co., Ltd. | 3,118,000 | 3,681,225 | ||||||||
* | Kwoon Chung Bus Holdings, Ltd. | 44,000 | 13,576 | |||||||
* | Lai Sun Development Co., Ltd. | 1,919,896 | 1,536,106 | |||||||
* | Lai Sun Garment International, Ltd. | 665,530 | 434,647 | |||||||
Lam Soon Hong Kong, Ltd. | 325,310 | 628,572 | ||||||||
* | Landing International Development, Ltd. | 6,932,800 | 223,125 | |||||||
Landsea Green Properties Co., Ltd. | 3,016,000 | 255,846 | ||||||||
Langham Hospitality Investments and Langham Hospitality Investments, Ltd. | 3,960,750 | 499,432 | ||||||||
* | Lifestyle International Holdings, Ltd. | 3,713,000 | 2,847,276 | |||||||
Lippo China Resources, Ltd. | 17,982,000 | 291,200 | ||||||||
Lippo, Ltd. | 1,161,700 | 350,985 | ||||||||
Liu Chong Hing Investment, Ltd. | 1,531,200 | 1,643,515 | ||||||||
L’Occitane International SA | 2,278,500 | 8,344,223 | ||||||||
Luk Fook Holdings International, Ltd. | 3,667,000 | 12,658,519 | ||||||||
Lung Kee Bermuda Holdings | 1,521,875 | 661,923 | ||||||||
* | Magnificent Hotel Investment, Ltd. | 13,170,000 | 196,067 | |||||||
Man Wah Holdings, Ltd. | 2,668,800 | 6,411,407 | ||||||||
* | Mason Group Holdings, Ltd. | 111,713,399 | 416,593 | |||||||
Master Glory Group, Ltd. | 972,981 | 6,115 | ||||||||
Matrix Holdings, Ltd. | 1,067,414 | 371,120 | ||||||||
# | MECOM Power and Construction, Ltd. | 2,574,000 | 1,289,945 | |||||||
Melbourne Enterprises, Ltd. | 39,500 | 824,642 | ||||||||
Melco International Development, Ltd. | 2,503,000 | 4,590,137 | ||||||||
# * | MH Development, Ltd. | 3,238,000 | 90,706 | |||||||
* | Midland Holdings, Ltd. | 3,239,987 | 664,985 | |||||||
Ming Fai International Holdings, Ltd. | 1,728,000 | 153,705 | ||||||||
Miramar Hotel & Investment | 1,144,000 | 2,256,196 | ||||||||
Modern Dental Group, Ltd. | 2,865,000 | 2,656,480 | ||||||||
NagaCorp., Ltd. | 1,270,000 | 1,224,795 | ||||||||
# | Nameson Holdings, Ltd. | 7,744,000 | 667,858 | |||||||
Nanyang Holdings, Ltd. | 133,500 | 687,782 | ||||||||
National Electronics Hldgs | 2,668,600 | 384,918 | ||||||||
* | National United Resources Holdings, Ltd. | 18,280,000 | 62,626 | |||||||
* | Neo-Neon Holdings, Ltd. | 2,315,500 | 143,935 | |||||||
# * | NewOcean Energy Holdings, Ltd. | 7,246,000 | 419,563 | |||||||
# | Nissin Foods Co., Ltd. | 1,168,000 | 893,539 | |||||||
NWS Holdings, Ltd. | 5,148,000 | 5,476,337 | ||||||||
Oriental Watch Holdings | 2,939,120 | 1,651,256 | ||||||||
* | Oshidori International Holdings, Ltd. | 20,024,400 | 1,339,156 | |||||||
Pacific Andes International Holdings, Ltd. | 19,435,067 | 68,586 | ||||||||
* | Pacific Basin Shipping, Ltd. | 33,421,000 | 13,465,043 | |||||||
* | Pacific Century Premium Developments, Ltd. | 354,240 | 33,714 | |||||||
Pacific Textiles Holdings, Ltd. | 8,088,000 | 4,865,921 | ||||||||
Pak Fah Yeow International, Ltd. | 5,000 | 1,171 | ||||||||
* | Paliburg Holdings, Ltd. | 3,180,830 | 865,285 | |||||||
* | Paradise Entertainment, Ltd. | 3,672,000 | 468,418 | |||||||
* | PC Partner Group, Ltd. | 1,874,000 | 1,124,810 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
HONG KONG — (Continued) | ||||||||||
PCCW, Ltd. | 12,711,545 | $ | 6,657,485 | |||||||
# | Peace Mark Holdings, Ltd. | 2,479,870 | 0 | |||||||
* | Pegasus International Holdings, Ltd. | 36,000 | 3,246 | |||||||
Pentamaster International, Ltd. | 1,164,000 | 172,203 | ||||||||
Perfect Shape Medical, Ltd. | 3,380,000 | 4,080,534 | ||||||||
Pico Far East Holdings, Ltd. | 5,214,000 | 913,281 | ||||||||
* | Planetree International Development, Ltd. | 76,000 | 6,066 | |||||||
Playmates Holdings, Ltd. | 7,082,000 | 820,258 | ||||||||
Plover Bay Technologies, Ltd. | 2,160,000 | 475,179 | ||||||||
Pokfulam Development Co., Ltd. | 72,000 | 109,668 | ||||||||
* | PT International Development Co., Ltd. | 8,347,150 | 387,228 | |||||||
Public Financial Holdings, Ltd. | 2,880,000 | 941,138 | ||||||||
PYXIS Group, Ltd. | 1,936,000 | 0 | ||||||||
* | Regal Hotels International Holdings, Ltd. | 2,953,800 | 1,586,087 | |||||||
Regina Miracle International Holdings, Ltd. | 1,983,000 | 726,120 | ||||||||
* | Renco Holdings Group, Ltd. | 103,000 | 2,526 | |||||||
# * | Sa Sa International Holdings, Ltd. | 5,060,960 | 1,446,634 | |||||||
Safety Godown Co., Ltd. | 1,200,000 | 590,091 | ||||||||
SAS Dragon Holdings, Ltd. | 2,182,000 | 910,686 | ||||||||
SEA Holdings, Ltd. | 1,657,523 | 1,540,151 | ||||||||
* | Shangri-La Asia, Ltd. | 3,116,000 | 3,050,087 | |||||||
# | Shenwan Hongyuan HK, Ltd. | 3,586,250 | 466,062 | |||||||
* | Shun Ho Property Investments, Ltd. | 1,254,757 | 204,388 | |||||||
* | Shun Tak Holdings, Ltd. | 11,755,419 | 3,781,198 | |||||||
* | Sincere Watch Hong Kong, Ltd. | 2,900,000 | 21,307 | |||||||
Sing Pao Media Enterprises | 250,511 | 0 | ||||||||
* | Sing Tao News Corp., Ltd. | 1,974,000 | 238,543 | |||||||
# | Singamas Container Holdings, Ltd. | 9,100,000 | 1,031,387 | |||||||
SITC International Holdings Co., Ltd. | 4,784,000 | 19,992,059 | ||||||||
* | SJM Holdings, Ltd. | 367,000 | 400,607 | |||||||
SmarTone Telecommunications Holdings, Ltd. | 2,140,981 | 1,269,029 | ||||||||
* | Solomon Systech International, Ltd. | 10,960,000 | 1,535,430 | |||||||
Soundwill Holdings, Ltd. | 600,500 | 673,809 | ||||||||
* | South China Holdings Co., Ltd. | 17,774,503 | 249,310 | |||||||
Stella International Holdings, Ltd. | 2,697,500 | 4,170,903 | ||||||||
# * | Summit Ascent Holdings, Ltd. | 7,556,000 | 661,511 | |||||||
Sun Hung Kai & Co., Ltd. | 5,241,429 | 2,812,502 | ||||||||
SUNeVision Holdings, Ltd. | 2,552,000 | 2,615,728 | ||||||||
TAI Cheung Holdings, Ltd. | 2,345,000 | 1,496,832 | ||||||||
Tai Sang Land Development, Ltd. | 798,910 | 449,300 | ||||||||
# | Tan Chong International, Ltd. | 1,176,000 | 312,661 | |||||||
# | Tao Heung Holdings, Ltd. | 1,396,000 | 183,364 | |||||||
* | Television Broadcasts, Ltd. | 2,042,200 | 1,945,043 | |||||||
* | Termbray Industries International Holdings, Ltd. | 1,310,900 | 50,535 | |||||||
Texhong Textile Group, Ltd. | 110,500 | 178,568 | ||||||||
Texwinca Holdings, Ltd. | 4,370,000 | 967,889 | ||||||||
* | Theme International Holdings, Ltd. | 5,990,000 | 1,126,963 | |||||||
Tian Teck Land, Ltd. | 1,024,000 | 675,523 | ||||||||
* | Town Health International Medical Group, Ltd. | 3,656,115 | 228,536 | |||||||
Tradelink Electronic Commerce, Ltd. | 6,206,000 | 942,561 | ||||||||
Transport International Holdings, Ltd. | 1,590,602 | 3,107,099 | ||||||||
United Laboratories International Holdings, Ltd. (The) | 6,644,000 | 5,452,849 | ||||||||
* | Universal Technologies Holdings, Ltd. | 1,730,000 | 67,650 | |||||||
Untrade Convoy | 38,622,000 | 155,696 | ||||||||
Untrade CW Group Holdings | 1,361,500 | 7,593 | ||||||||
* | Up Energy Development Group, Ltd. | 3,929,000 | 12,246 | |||||||
Value Partners Group, Ltd. | 5,740,000 | 3,660,523 | ||||||||
Vanke Overseas Investment Holding Co., Ltd. | 16,000 | 5,114 | ||||||||
Vedan International Holdings, Ltd. | 3,576,000 | 363,959 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
HONG KONG — (Continued) | ||||||||||
# | Vitasoy International Holdings, Ltd. | 2,731,000 | $ | 10,138,866 | ||||||
# | VPower Group International Holdings, Ltd. | 1,815,000 | 408,940 | |||||||
VSTECS Holdings, Ltd. | 6,485,600 | 5,235,274 | ||||||||
VTech Holdings, Ltd. | 1,410,600 | 14,844,501 | ||||||||
Wai Kee Holdings, Ltd. | 6,870,738 | 3,677,778 | ||||||||
Wang On Group, Ltd. | 41,740,000 | 359,867 | ||||||||
* | Wealthking Investments, Ltd. | 8,104,000 | 794,492 | |||||||
Wing On Co. International, Ltd. | 759,000 | 1,740,008 | ||||||||
# | Wing Tai Properties, Ltd. | 2,187,331 | 1,311,513 | |||||||
* | YGM Trading, Ltd. | 147,000 | 38,766 | |||||||
* | YT Realty Group, Ltd. | 1,968,124 | 378,284 | |||||||
YTO Express Holdings, Ltd. | 424,000 | 235,258 | ||||||||
* | Yue Yuen Industrial Holdings, Ltd. | 2,179,500 | 5,372,482 | |||||||
# * | Yunfeng Financial Group, Ltd. | 612,000 | 230,859 | |||||||
# | Zensun Enterprises, Ltd. | 4,870,000 | 407,793 | |||||||
* | Zhaobangji Properties Holdings, Ltd. | 856,000 | 68,384 | |||||||
TOTAL HONG KONG | 423,731,032 | |||||||||
NEW ZEALAND — (6.6%) | ||||||||||
* | AFT Pharmaceuticals, Ltd. | 3,642 | 11,785 | |||||||
* | Air New Zealand, Ltd. | 275,554 | 298,536 | |||||||
Arvida Group, Ltd. | 824,120 | 1,175,070 | ||||||||
# | Briscoe Group, Ltd. | 23,531 | 94,432 | |||||||
Chorus, Ltd. | 2,919,774 | 13,060,282 | ||||||||
Colonial Motor Co., Ltd. (The) | 144,588 | 930,140 | ||||||||
# * | Comvita, Ltd. | 44,950 | 108,335 | |||||||
Delegat Group, Ltd. | 3,404 | 35,689 | ||||||||
# * | Eroad, Ltd. | 24,092 | 105,241 | |||||||
Fletcher Building, Ltd. | 29,973 | 157,516 | ||||||||
Freightways, Ltd. | 982,045 | 8,649,584 | ||||||||
Genesis Energy, Ltd. | 1,433,699 | 3,406,750 | ||||||||
# * | Gentrack Group, Ltd. | 71,302 | 102,617 | |||||||
# | Hallenstein Glasson Holdings, Ltd. | 323,309 | 1,682,996 | |||||||
Heartland Group Holdings, Ltd. | 2,062,108 | 2,982,151 | ||||||||
Infratil, Ltd. | 3,887,656 | 20,922,460 | ||||||||
# | Investore Property, Ltd. | 551,549 | 779,285 | |||||||
Kathmandu Holdings, Ltd. | 2,598,560 | 2,924,970 | ||||||||
Mainfreight, Ltd. | 219,747 | 11,815,071 | ||||||||
* | Millennium & Copthorne Hotels New Zealand, Ltd. | 386,829 | 648,738 | |||||||
Napier Port Holdings, Ltd. | 4,374 | 10,394 | ||||||||
# * | NEW Zealand King Salmon Investments, Ltd. | 63,420 | 64,694 | |||||||
# * | New Zealand Refining Co., Ltd. (The) | 931,091 | 436,083 | |||||||
# * | NZME, Ltd. | 945,851 | 496,938 | |||||||
# | NZX, Ltd. | 1,454,115 | 2,033,195 | |||||||
Oceania Healthcare, Ltd. | 972,807 | 1,012,535 | ||||||||
# * | Pacific Edge, Ltd. | 690,799 | 593,754 | |||||||
PGG Wrightson, Ltd. | 120,785 | 287,269 | ||||||||
* | Plexure Group, Ltd. | 27,580 | 13,314 | |||||||
* | Pushpay Holdings, Ltd. | 2,872,279 | 3,613,890 | |||||||
* | Rakon, Ltd. | 27,853 | 17,913 | |||||||
* | Restaurant Brands New Zealand, Ltd. | 170,033 | 1,705,245 | |||||||
Richina Pacific, Ltd. | 274,180 | 0 | ||||||||
# * | Sanford, Ltd. | 379,656 | 1,354,374 | |||||||
# | Scales Corp., Ltd. | 450,929 | 1,509,897 | |||||||
Scott Technology, Ltd. | 47,901 | 82,611 | ||||||||
* | Serko, Ltd. | 93,498 | 489,896 | |||||||
Skellerup Holdings, Ltd. | 806,301 | 2,816,839 | ||||||||
* | SKY Network Television, Ltd. | 3,023,115 | 367,668 | |||||||
* | SKYCITY Entertainment Group, Ltd. | 4,978,126 | 12,215,945 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
NEW ZEALAND — (Continued) | ||||||||||
Steel & Tube Holdings, Ltd. | 575,667 | $ | 458,399 | |||||||
Summerset Group Holdings, Ltd. | 1,218,186 | 11,417,030 | ||||||||
# * | Synlait Milk, Ltd. | 449,820 | 1,143,915 | |||||||
# * | Tourism Holdings, Ltd. | 712,961 | 1,259,942 | |||||||
* | TOWER, Ltd. | 2,372,100 | 1,227,185 | |||||||
# | Trustpower, Ltd. | 244,031 | 1,379,947 | |||||||
Turners Automotive Group, Ltd. | 81,305 | 256,362 | ||||||||
* | Vista Group International, Ltd. | 458,004 | 765,092 | |||||||
Warehouse Group, Ltd. (The) | 360,516 | 874,885 | ||||||||
Z Energy, Ltd. | 1,773,810 | 3,397,273 | ||||||||
TOTAL NEW ZEALAND | 121,194,132 | |||||||||
SINGAPORE — (11.3%) | ||||||||||
* | Abterra, Ltd. | 230,320 | 1,250 | |||||||
Accordia Golf Trust | 5,267,200 | 83,432 | ||||||||
# | AEM Holdings, Ltd. | 798,900 | 2,279,822 | |||||||
# | Amara Holdings, Ltd. | 974,800 | 282,096 | |||||||
Ascendas India Trust | 5,731,200 | 5,929,821 | ||||||||
# | Avarga, Ltd. | 2,722,000 | 618,803 | |||||||
# * | Banyan Tree Holdings, Ltd. | 783,400 | 198,194 | |||||||
# * | Best World International, Ltd. | 2,911,550 | 547,364 | |||||||
Bonvests Holdings, Ltd. | 950,000 | 665,851 | ||||||||
Boustead Singapore, Ltd. | 2,240,682 | 1,949,608 | ||||||||
Bukit Sembawang Estates, Ltd. | 1,236,103 | 4,815,292 | ||||||||
Bund Center Investment, Ltd. | 659,825 | 264,842 | ||||||||
# * | Centurion Corp., Ltd. | 1,405,100 | 350,321 | |||||||
# | China Aviation Oil Singapore Corp., Ltd. | 2,707,799 | 2,077,277 | |||||||
China Sunsine Chemical Holdings, Ltd. | 3,788,500 | 1,452,812 | ||||||||
# | Chip Eng Seng Corp., Ltd. | 3,822,300 | 1,265,287 | |||||||
# | Chuan Hup Holdings, Ltd. | 3,937,600 | 649,814 | |||||||
Civmec, Ltd. | 162,700 | 78,840 | ||||||||
# | ComfortDelGro Corp., Ltd. | 10,328,200 | 12,621,779 | |||||||
# * | COSCO Shipping International Singapore Co., Ltd. | 7,065,000 | 1,552,109 | |||||||
# * | Creative Technology, Ltd. | 321,100 | 643,609 | |||||||
CSE Global, Ltd. | 2,656,600 | 1,049,168 | ||||||||
# | Del Monte Pacific, Ltd. | 2,230,164 | 639,367 | |||||||
# | Delfi, Ltd. | 979,700 | 682,054 | |||||||
DMX Technologies Group, Ltd. | 2,096,000 | 0 | ||||||||
# * | Ezion Holdings, Ltd. | 9,845,878 | 59,308 | |||||||
# * | Ezra Holdings, Ltd. | 8,161,986 | 12,504 | |||||||
Far East Orchard, Ltd. | 1,249,303 | 1,014,578 | ||||||||
# | First Resources, Ltd. | 5,565,500 | 5,556,084 | |||||||
# | First Sponsor Group, Ltd. | 484,728 | 505,322 | |||||||
# | Food Empire Holdings, Ltd. | 1,473,700 | 970,821 | |||||||
# * | Fragrance Group, Ltd. | 6,077,000 | 538,475 | |||||||
Fraser and Neave, Ltd. | 252,400 | 276,336 | ||||||||
Frencken Group, Ltd. | 2,124,300 | 2,960,222 | ||||||||
# | Fu Yu Corp., Ltd. | 3,824,600 | 882,351 | |||||||
* | Gallant Venture, Ltd. | 5,386,600 | 520,730 | |||||||
# | Geo Energy Resources, Ltd. | 3,837,000 | 629,794 | |||||||
# | GK Goh Holdings, Ltd. | 1,484,065 | 1,086,856 | |||||||
Golden Agri-Resources, Ltd. | 38,086,600 | 6,527,375 | ||||||||
* | Golden Energy & Resources, Ltd. | 603,700 | 130,366 | |||||||
* | GP Industries, Ltd. | 691,109 | 292,977 | |||||||
# | GuocoLand, Ltd. | 1,929,214 | 2,297,535 | |||||||
# * | Halcyon Agri Corp., Ltd. | 1,635,533 | 304,093 | |||||||
# | Hanwell Holdings, Ltd. | 1,732,819 | 548,478 | |||||||
Haw Par Corp., Ltd. | 385,000 | 3,925,480 | ||||||||
# | Hiap Hoe, Ltd. | 498,000 | 243,014 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
SINGAPORE — (Continued) | ||||||||||
Ho Bee Land, Ltd. | 1,645,300 | $ | 3,529,223 | |||||||
# | Hong Fok Corp., Ltd. | 3,514,494 | 2,171,145 | |||||||
Hong Fok Land, Ltd. | 1,210,000 | 0 | ||||||||
Hong Leong Asia, Ltd. | 1,899,700 | 1,337,434 | ||||||||
# | Hong Leong Finance, Ltd. | 1,002,000 | 1,818,642 | |||||||
Hotel Grand Central, Ltd. | 1,599,783 | 1,250,876 | ||||||||
Hour Glass, Ltd. (The) | 1,879,432 | 2,213,442 | ||||||||
HRnetgroup, Ltd. | 130,100 | 66,855 | ||||||||
Hutchison Port Holdings Trust | 25,256,400 | 5,695,596 | ||||||||
Hwa Hong Corp., Ltd. | 2,123,500 | 458,090 | ||||||||
# * | Hyflux, Ltd. | 3,707,700 | 458,258 | |||||||
# | iFAST Corp., Ltd. | 908,200 | 5,514,129 | |||||||
* | Indofood Agri Resources, Ltd. | 3,097,300 | 784,886 | |||||||
# | ISDN Holdings, Ltd. | 374,200 | 203,678 | |||||||
# | Japfa, Ltd. | 3,082,010 | 1,893,012 | |||||||
# | Jurong Technologies Industrial Corp., Ltd. | 2,227,680 | 0 | |||||||
# | k1 Ventures, Ltd. | 1,005,220 | 0 | |||||||
Keppel Infrastructure Trust | 19,465,946 | 8,034,903 | ||||||||
# | Koufu Group, Ltd. | 193,700 | 94,429 | |||||||
KSH Holdings, Ltd. | 1,278,300 | 352,304 | ||||||||
* | Lian Beng Group, Ltd. | 2,850,600 | 1,051,105 | |||||||
# | Low Keng Huat Singapore, Ltd. | 949,800 | 338,370 | |||||||
# * | Mandarin Oriental International, Ltd. | 1,497,700 | 3,001,127 | |||||||
# | Metro Holdings, Ltd. | 3,045,192 | 1,804,601 | |||||||
Mewah International, Inc. | 89,000 | 30,267 | ||||||||
# | Micro-Mechanics Holdings, Ltd. | 84,500 | 196,145 | |||||||
# * | Midas Holdings, Ltd. | 8,576,553 | 229,610 | |||||||
# * | mm2 Asia, Ltd. | 7,042,000 | 354,786 | |||||||
NetLink NBN Trust | 4,453,100 | 3,147,865 | ||||||||
# | NSL, Ltd. | 409,900 | 245,743 | |||||||
# * | Oceanus Group, Ltd. | 8,888,300 | 251,770 | |||||||
OUE, Ltd. | 2,181,000 | 2,159,467 | ||||||||
# | Oxley Holdings, Ltd. | 7,936,163 | 1,391,912 | |||||||
Pan-United Corp., Ltd. | 2,435,750 | 562,335 | ||||||||
# | Q&M Dental Group Singapore, Ltd. | 1,782,200 | 1,054,252 | |||||||
# | QAF, Ltd. | 1,625,480 | 1,179,662 | |||||||
* | Raffles Education Corp., Ltd. | 3,778,723 | 480,513 | |||||||
Raffles Medical Group, Ltd. | 7,832,632 | 6,879,634 | ||||||||
* | Razer, Inc. | 5,159,000 | 1,402,244 | |||||||
# | Riverstone Holdings, Ltd. | 2,862,600 | 2,621,856 | |||||||
# * | Roxy-Pacific Holdings, Ltd. | 505,740 | 133,289 | |||||||
* | SATS, Ltd. | 981,600 | 2,874,959 | |||||||
# | SBS Transit, Ltd. | 848,600 | 1,906,806 | |||||||
Sembcorp Industries, Ltd. | 6,697,200 | 10,682,455 | ||||||||
# * | Sembcorp Marine, Ltd. | 44,540,812 | 3,989,296 | |||||||
# | Sheng Siong Group, Ltd. | 4,991,600 | 5,866,505 | |||||||
SHS Holdings, Ltd. | 2,175,300 | 252,323 | ||||||||
# | SIA Engineering Co., Ltd. | 1,827,900 | 2,930,285 | |||||||
# | SIIC Environment Holdings, Ltd. | 5,890,920 | 898,949 | |||||||
# | Sinarmas Land, Ltd. | 7,118,700 | 1,487,023 | |||||||
Sing Holdings, Ltd. | 1,579,500 | 447,070 | ||||||||
Sing Investments & Finance, Ltd. | 350,675 | 375,531 | ||||||||
# | Singapore Post, Ltd. | 11,774,900 | 6,267,028 | |||||||
# | Singapore Press Holdings, Ltd. | 7,633,400 | 9,730,289 | |||||||
Singapore Shipping Corp., Ltd. | 1,640,700 | 322,947 | ||||||||
# | Stamford Land Corp., Ltd. | 3,297,700 | 1,324,961 | |||||||
StarHub, Ltd. | 5,788,500 | 5,257,406 | ||||||||
Straco Corp., Ltd. | 130,000 | 53,317 | ||||||||
Straits Trading Co., Ltd. | 86,300 | 184,465 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
SINGAPORE ��� (Continued) | ||||||||||
# * | Swiber Holdings, Ltd. | 2,895,250 | $ | 43,923 | ||||||
# | Tuan Sing Holdings, Ltd. | 5,361,083 | 1,998,344 | |||||||
UMS Holdings, Ltd. | 2,839,175 | 3,219,268 | ||||||||
United Industrial Corp., Ltd. | 141,069 | 286,362 | ||||||||
United Overseas Insurance, Ltd. | 181,850 | 957,983 | ||||||||
UOB-Kay Hian Holdings, Ltd. | 2,452,562 | 2,847,491 | ||||||||
# | Valuetronics Holdings, Ltd. | 2,915,550 | 1,313,825 | |||||||
# | Vicom, Ltd. | 568,400 | 866,697 | |||||||
# | Wee Hur Holdings, Ltd. | 2,769,000 | 433,061 | |||||||
# | Wing Tai Holdings, Ltd. | 4,052,667 | 5,432,485 | |||||||
# | Yeo Hiap Seng, Ltd. | 228,759 | 158,181 | |||||||
TOTAL SINGAPORE | 206,784,201 | |||||||||
UNITED STATES — (0.4%) | ||||||||||
Clean Seas Seafood Ltd. | 16,006 | 6,302 | ||||||||
G Resourses New | 2,893,810 | 1,170,300 | ||||||||
New Energy Solar Ltd. | 201,504 | 125,428 | ||||||||
* | Samsonite International SA | 3,066,900 | 6,271,292 | |||||||
Warrego Energy Ltd. | 10,410 | 1,757 | ||||||||
TOTAL UNITED STATES | 7,575,079 | |||||||||
TOTAL COMMON STOCKS | 1,785,786,231 | |||||||||
PREFERRED STOCKS — (0.0%) | ||||||||||
AUSTRALIA — (0.0%) | ||||||||||
Catapult Group International Ltd. | 51,120 | 76,675 | ||||||||
RIGHTS/WARRANTS — (0.0%) | ||||||||||
AUSTRALIA — (0.0%) | ||||||||||
* | Costa Group Holdings Ltd. | 375,405 | 81,645 | |||||||
HONG KONG — (0.0%) | ||||||||||
* | China Best Group Holding Ltd. | 424,999 | 1,314 | |||||||
* | Lai Sun Garment (International) Ltd. | 332,765 | 120,860 | |||||||
TOTAL HONG KONG | 122,174 | |||||||||
SINGAPORE — (0.0%) | ||||||||||
* | Ezion Holdings, Ltd. Warrants 04/16/23 | 5,659,201 | 0 | |||||||
* | First Sponsor Group, Ltd. Warrants 03/21/29 | 74,981 | 16,589 | |||||||
TOTAL SINGAPORE | 16,589 | |||||||||
TOTAL RIGHTS/WARRANTS | 220,408 | |||||||||
TOTAL INVESTMENT SECURITIES (Cost $1,507,495,382) | 1,786,083,314 | |||||||||
Value† | ||||||||||
SECURITIES LENDING COLLATERAL — (2.8%) | ||||||||||
@ § | The DFA Short Term Investment Fund | 4,397,520 | 50,879,302 | |||||||
TOTAL INVESTMENTS — (100.0%) (Cost $1,558,370,395) | $ | 1,836,962,616 |
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. |
The Asia Pacific Small Company Series
CONTINUED
† | See Note B to Financial Statements. |
@ | Security purchased with cash collateral received from Securities on Loan. |
§ | Affiliated Fund. |
Summary of the Series’ investments as of June 30, 2021, 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 | $ | 99,930 | $ | 1,025,660,478 | — | $ | 1,025,760,408 | ||||||||||||
China | — | 741,379 | — | 741,379 | |||||||||||||||
Hong Kong | 2,512,257 | 421,218,775 | — | 423,731,032 | |||||||||||||||
New Zealand | — | 121,194,132 | — | 121,194,132 | |||||||||||||||
Singapore | — | 206,784,201 | — | 206,784,201 | |||||||||||||||
United States | 1,178,359 | 6,396,720 | — | 7,575,079 | |||||||||||||||
Preferred Stocks | |||||||||||||||||||
Australia | 76,675 | — | — | 76,675 | |||||||||||||||
Rights/Warrants | |||||||||||||||||||
Australia | — | 81,645 | — | 81,645 | |||||||||||||||
Hong Kong | — | 122,174 | — | 122,174 | |||||||||||||||
Singapore | — | 16,589 | — | 16,589 | |||||||||||||||
Securities Lending Collateral | — | 50,879,302 | — | 50,879,302 | |||||||||||||||
TOTAL | $ | 3,867,221 | $ | 1,833,095,395 | — | $ | 1,836,962,616 |
See accompanying Notes to Financial Statements.
The United Kingdom Small Company Series
SCHEDULE OF INVESTMENTS
June 30, 2021
(Unaudited)
Shares | Value» | |||||||||
COMMON STOCKS — (98.9%) | ||||||||||
COMMUNICATION SERVICES — (3.3%) | ||||||||||
* | 4imprint Group P.L.C. | 155,848 | $ | 5,766,229 | ||||||
Airtel Africa P.L.C. | 484,400 | 517,286 | ||||||||
* | Ascential P.L.C. | 842,174 | 4,840,817 | |||||||
Bloomsbury Publishing P.L.C. | 281,100 | 1,355,893 | ||||||||
Centaur Media P.L.C. | 254,249 | 144,285 | ||||||||
# * | Cineworld Group P.L.C. | 4,430,942 | 4,753,749 | |||||||
Daily Mail & General Trust P.L.C., Class A | 950,435 | 12,692,272 | ||||||||
Euromoney Institutional Investor P.L.C. | 685,458 | 9,670,681 | ||||||||
* | Frontier Developments P.L.C. | 36,745 | 1,176,169 | |||||||
Future P.L.C. | 149,013 | 6,460,967 | ||||||||
Gamma Communications P.L.C. | 80,877 | 2,230,449 | ||||||||
* | Helios Towers P.L.C. | 129,262 | 291,347 | |||||||
# * | Hyve Group P.L.C. | 1,468,503 | 2,683,772 | |||||||
* | Kin & Carta P.L.C. | 615,086 | 2,244,836 | |||||||
* | Next Fifteen Communications Group P.L.C. | 42,587 | 571,667 | |||||||
Reach P.L.C. | 2,322,326 | 8,819,531 | ||||||||
STV Group P.L.C. | 4,918 | 23,152 | ||||||||
TOTAL COMMUNICATION SERVICES | 64,243,102 | |||||||||
CONSUMER DISCRETIONARY — (20.3%) | ||||||||||
888 Holdings P.L.C. | 1,951,306 | 10,370,794 | ||||||||
* | AO World P.L.C. | 169,217 | 593,837 | |||||||
* | Aston Martin Lagonda Global Holdings P.L.C. | 37,511 | 975,430 | |||||||
Bellway P.L.C. | 467,558 | 20,947,167 | ||||||||
* | Card Factory P.L.C. | 877,458 | 761,699 | |||||||
Coats Group P.L.C. | 2,367,066 | 2,230,682 | ||||||||
* | Countryside Properties P.L.C. | 2,837,079 | 18,602,918 | |||||||
* | Crest Nicholson Holdings P.L.C. | 1,778,594 | 10,334,076 | |||||||
# | Debenhams P.L.C. | 6,862,458 | 0 | |||||||
# * | DFS Furniture P.L.C. | 1,198,963 | 4,647,535 | |||||||
# * | Dignity P.L.C. | 211,780 | 2,522,452 | |||||||
* | Dixons Carphone P.L.C. | 4,817,884 | 8,681,580 | |||||||
Domino’s Pizza Group P.L.C. | 3,262,553 | 17,551,753 | ||||||||
Dunelm Group P.L.C. | 634,882 | 12,488,647 | ||||||||
* | Frasers Group P.L.C. | 1,481,022 | 12,349,154 | |||||||
* | Fuller Smith & Turner P.L.C., Class A | 146,090 | 1,719,609 | |||||||
Games Workshop Group P.L.C. | 170,791 | 26,934,249 | ||||||||
Gamesys Group P.L.C. | 420,215 | 10,718,126 | ||||||||
* | Greggs P.L.C. | 617,131 | 22,213,558 | |||||||
* | Gym Group P.L.C. (The) | 834,039 | 3,245,980 | |||||||
* | Halfords Group P.L.C. | 1,219,671 | 7,276,397 | |||||||
Headlam Group P.L.C. | 485,551 | 2,950,025 | ||||||||
Henry Boot P.L.C. | 524,183 | 1,870,537 | ||||||||
* | Hollywood Bowl Group P.L.C. | 254,974 | 846,777 | |||||||
# * | Hostelworld Group P.L.C. | 163,985 | 247,455 | |||||||
Inchcape P.L.C. | 2,476,466 | 26,355,875 | ||||||||
* | J D Wetherspoon P.L.C. | 502,787 | 8,193,961 | |||||||
* | Joules Group P.L.C. | 3,586 | 14,147 | |||||||
* | Lookers P.L.C. | 1,317,719 | 1,291,833 | |||||||
* | Marks & Spencer Group P.L.C. | 6,763,668 | 13,717,631 | |||||||
* | Marston’s P.L.C. | 4,362,110 | 5,313,019 | |||||||
* | Mitchells & Butlers P.L.C. | 2,125,468 | 8,192,749 | |||||||
MJ Gleeson P.L.C. | 232,282 | 2,873,682 |
The United Kingdom Small Company Series
CONTINUED
Shares | Value» | |||||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||||
Moneysupermarket.com Group P.L.C. | 3,293,217 | $ | 11,691,239 | |||||||
* | Motorpoint group P.L.C. | 51,520 | 256,832 | |||||||
# * | N Brown Group P.L.C. | 948,958 | 750,416 | |||||||
* | On the Beach Group P.L.C. | 765,572 | 3,391,937 | |||||||
* | Pendragon P.L.C. | 3,945,379 | 1,009,866 | |||||||
Pets at Home Group P.L.C. | 3,140,708 | 19,852,790 | ||||||||
* | Photo-Me International P.L.C. | 1,417,580 | 1,396,712 | |||||||
* | Playtech P.L.C. | 1,921,379 | 11,312,359 | |||||||
* | PPHE Hotel Group, Ltd. | 14,433 | 340,438 | |||||||
* | Rank Group P.L.C. | 1,015,746 | 2,359,584 | |||||||
Redrow P.L.C. | �� | 1,563,824 | 13,265,541 | |||||||
* | Restaurant Group P.L.C. (The) | 800,208 | 1,419,628 | |||||||
* | Smiths News P.L.C. | 23,379 | 14,426 | |||||||
* | Sportech P.L.C. | 408,363 | 165,012 | |||||||
* | SSP Group P.L.C. | 3,741,447 | 13,805,579 | |||||||
* | Studio Retail Group P.L.C. | 217,010 | 863,447 | |||||||
* | Superdry P.L.C. | 324,195 | 1,927,925 | |||||||
* | Ted Baker P.L.C. | 132,072 | 264,731 | |||||||
* | TEN Entertainment Group P.L.C. | 5,930 | 19,345 | |||||||
# | Thomas Cook Group P.L.C. | 6,366,734 | 0 | |||||||
TI Fluid Systems P.L.C. | 146,345 | 623,473 | ||||||||
* | Topps Tiles P.L.C. | 785,944 | 775,211 | |||||||
# * | TUI AG | 185,770 | 950,901 | |||||||
* | Vertu Motors P.L.C. | 845,742 | 540,980 | |||||||
Vistry Group P.L.C. | 909,524 | 14,807,784 | ||||||||
Vitec Group P.L.C. (The) | 208,551 | 4,040,476 | ||||||||
Vivo Energy P.L.C. | 327,540 | 437,541 | ||||||||
* | Watches of Switzerland Group P.L.C. | 47,371 | 547,767 | |||||||
* | WH Smith P.L.C. | 584,365 | 13,020,676 | |||||||
* | Wickes Group P.L.C. | 1,449,665 | 4,933,091 | |||||||
* | Young & Co’s Brewery P.L.C., Class A | 2,075 | 46,797 | |||||||
TOTAL CONSUMER DISCRETIONARY | 391,865,838 | |||||||||
CONSUMER STAPLES — (6.7%) | ||||||||||
* | A.G. Barr P.L.C. | 717,784 | 5,145,406 | |||||||
Anglo-Eastern Plantations P.L.C. | 122,466 | 1,033,096 | ||||||||
Bakkavor Group P.L.C. | 110,157 | 197,279 | ||||||||
Britvic P.L.C. | 1,587,277 | 20,605,166 | ||||||||
* | C&C Group P.L.C. | 743,157 | 2,501,084 | |||||||
Carr’s Group P.L.C. | 349,511 | 687,792 | ||||||||
Cranswick P.L.C. | 369,967 | 20,353,869 | ||||||||
Devro P.L.C. | 1,124,210 | 2,995,635 | ||||||||
Fevertree Drinks P.L.C. | 610,917 | 21,742,423 | ||||||||
* | Greencore Group P.L.C. | 3,515,474 | 6,111,674 | |||||||
Hilton Food Group P.L.C. | 281,904 | 4,268,028 | ||||||||
McBride P.L.C. | 864,018 | 1,087,156 | ||||||||
* | Naked Wines P.L.C. | 194,763 | 2,172,960 | |||||||
Nichols P.L.C. | 2,884 | 57,123 | ||||||||
* | Premier Foods P.L.C. | 4,230,713 | 6,420,403 | |||||||
PZ Cussons P.L.C. | 1,705,648 | 5,781,617 | ||||||||
Stock Spirits Group P.L.C. | 1,165,567 | 4,218,305 | ||||||||
Tate & Lyle P.L.C. | 2,307,149 | 23,597,270 | ||||||||
TOTAL CONSUMER STAPLES | 128,976,286 | |||||||||
ENERGY — (1.9%) | ||||||||||
# | Afren P.L.C. | 5,446,344 | 0 | |||||||
Cairn Energy P.L.C. | 3,285,747 | 6,636,868 | ||||||||
Diversified Gas & Oil P.L.C. | 909,789 | 1,325,312 |
The United Kingdom Small Company Series
CONTINUED
Shares | Value» | |||||||||
ENERGY — (Continued) | ||||||||||
* | EnQuest P.L.C. | 9,505,888 | $ | 2,736,462 | ||||||
Genel Energy P.L.C. | 814,940 | 1,737,124 | ||||||||
* | Gulf Keystone Petroleum, Ltd. | 1,352,661 | 3,456,299 | |||||||
* | Harbour Energy P.L.C. | 88,450 | 463,245 | |||||||
Hunting P.L.C. | 926,978 | 2,835,693 | ||||||||
* | John Wood Group P.L.C. | 3,617,223 | 11,020,003 | |||||||
* | Lamprell P.L.C. | 1,293,820 | 895,230 | |||||||
* | Petrofac, Ltd. | 894,675 | 1,364,995 | |||||||
* | Pharos Energy P.L.C. | 1,027,575 | 364,242 | |||||||
* | Rockhopper Exploration P.L.C. | 217,956 | 28,610 | |||||||
Serica Energy P.L.C. | 127,261 | 244,414 | ||||||||
* | Tullow Oil P.L.C. | 4,770,330 | 3,929,505 | |||||||
TOTAL ENERGY | 37,038,002 | |||||||||
FINANCIALS — (15.2%) | ||||||||||
AJ Bell P.L.C. | 139,599 | 838,396 | ||||||||
* | Allied Minds P.L.C. | 211,640 | 60,730 | |||||||
* | Arrow Global Group P.L.C. | 940,076 | 3,973,828 | |||||||
# | Ashmore Group P.L.C. | 2,198,937 | 11,719,483 | |||||||
* | Bank of Georgia Group P.L.C. | 268,284 | 4,991,222 | |||||||
* | Beazley P.L.C. | 3,078,734 | 14,172,541 | |||||||
Brewin Dolphin Holdings P.L.C. | 2,079,401 | 10,000,900 | ||||||||
Brooks Macdonald Group P.L.C. | 628 | 19,867 | ||||||||
Burford Capital, Ltd. | 726,147 | 7,479,968 | ||||||||
Charles Stanley Group P.L.C. | 124,654 | 586,846 | ||||||||
Chesnara P.L.C. | 860,234 | 3,155,379 | ||||||||
Close Brothers Group P.L.C. | 963,064 | 20,183,512 | ||||||||
CMC Markets P.L.C. | 852,126 | 5,409,917 | ||||||||
Direct Line Insurance Group P.L.C. | 505,701 | 1,994,591 | ||||||||
* | Funding Circle Holdings P.L.C. | 104,248 | 217,724 | |||||||
* | Georgia Capital P.L.C. | 56,811 | 565,124 | |||||||
* | Hiscox, Ltd. | 1,295,661 | 14,923,738 | |||||||
IG Group Holdings P.L.C. | 2,317,134 | 27,152,889 | ||||||||
Impax Asset Management Group P.L.C. | 29,614 | 458,769 | ||||||||
IntegraFin Holdings P.L.C. | 157,157 | 1,121,189 | ||||||||
* | International Personal Finance P.L.C. | 828,317 | 1,529,629 | |||||||
Investec P.L.C. | 1,043,033 | 4,166,385 | ||||||||
IP Group P.L.C. | 4,129,550 | 6,656,844 | ||||||||
JTC P.L.C. | 39,154 | 332,926 | ||||||||
Jupiter Fund Management P.L.C. | 2,953,396 | 11,526,194 | ||||||||
* | Just Group P.L.C. | 6,599,576 | 8,512,170 | |||||||
Lancashire Holdings, Ltd. | 1,441,234 | 12,227,304 | ||||||||
Liontrust Asset Management P.L.C. | 4,281 | 111,509 | ||||||||
Man Group P.L.C. | 9,432,150 | 23,462,145 | ||||||||
Morses Club P.L.C. | 15,836 | 19,520 | ||||||||
Mortgage Advice Bureau Holdings, Ltd. | 2,530 | 41,354 | ||||||||
Ninety One P.L.C. | 281,226 | 856,155 | ||||||||
Numis Corp. P.L.C. | 290,287 | 1,425,953 | ||||||||
OSB Group P.L.C. | 806,975 | 5,183,334 | ||||||||
Paragon Banking Group P.L.C. | 1,931,703 | 13,626,903 | ||||||||
Plus500, Ltd. | 484,856 | 8,962,359 | ||||||||
Polar Capital Holdings P.L.C. | 151,370 | 1,741,495 | ||||||||
* | Provident Financial P.L.C. | 1,196,720 | 3,842,077 | |||||||
Quilter P.L.C. | 10,450,012 | 21,503,238 | ||||||||
Rathbone Brothers P.L.C. | 328,332 | 8,233,359 | ||||||||
Record P.L.C. | 18,948 | 25,161 | ||||||||
River & Mercantile Group P.L.C. | 10,512 | 31,255 | ||||||||
S&U P.L.C. | 24,787 | 914,091 | ||||||||
Sabre Insurance Group P.L.C. | 135,585 | 478,801 |
The United Kingdom Small Company Series
CONTINUED
Shares | Value» | |||||||||
FINANCIALS — (Continued) | ||||||||||
* | Saga P.L.C. | 506,075 | $ | 2,789,694 | ||||||
Sanne Group P.L.C. | 52,058 | 599,409 | ||||||||
* | TBC Bank Group P.L.C. | 32,020 | 514,194 | |||||||
TP ICAP Group P.L.C. | 4,448,796 | 12,035,508 | ||||||||
* | Virgin Money UK P.L.C. | 4,271,745 | 11,749,663 | |||||||
Waterloo Investment Holdings, Ltd | 4,000 | 0 | ||||||||
TOTAL FINANCIALS | 292,125,242 | |||||||||
HEALTH CARE — (3.7%) | ||||||||||
Advanced Medical Solutions Group P.L.C. | 160,697 | 632,616 | ||||||||
Alliance Pharma P.L.C. | 1,705,903 | 2,341,211 | ||||||||
CareTech Holdings P.L.C. | 278,844 | 2,341,272 | ||||||||
# * | Circassia Group P.L.C. | 202,629 | 83,553 | |||||||
Clinigen Group P.L.C. | 287,102 | 2,459,387 | ||||||||
* | CVS Group P.L.C. | 377,284 | 12,641,660 | |||||||
EKF Diagnostics Holdings P.L.C. | 79,384 | 82,411 | ||||||||
EMIS Group P.L.C. | 288,930 | 4,596,840 | ||||||||
Genus P.L.C. | 10,261 | 704,696 | ||||||||
* | Indivior P.L.C. | 1,885,823 | 4,035,003 | |||||||
Integrated Diagnostics Holdings P.L.C. | 1,249,693 | 1,487,085 | ||||||||
* | Mediclinic International P.L.C. | 2,432,408 | 10,006,215 | |||||||
* | PureTech Health P.L.C. | 113,483 | 534,639 | |||||||
* | Spire Healthcare Group P.L.C. | 1,762,723 | 6,003,025 | |||||||
UDG Healthcare P.L.C. | 1,122,074 | 16,604,888 | ||||||||
* | Vectura Group P.L.C. | 3,891,670 | 7,349,351 | |||||||
TOTAL HEALTH CARE | 71,903,852 | |||||||||
INDUSTRIALS — (27.8%) | ||||||||||
Aggreko P.L.C. | 945,009 | 11,278,619 | ||||||||
Air Partner P.L.C. | 253,425 | 284,806 | ||||||||
Avon Rubber P.L.C. | 173,110 | 6,280,027 | ||||||||
* | Babcock International Group P.L.C. | 2,817,941 | 11,310,121 | |||||||
* | Balfour Beatty P.L.C. | 3,579,056 | 15,212,621 | |||||||
Begbies Traynor Group P.L.C. | 44,955 | 84,601 | ||||||||
* | Biffa P.L.C. | 1,196,429 | 5,380,982 | |||||||
Bodycote P.L.C. | 1,243,323 | 14,566,616 | ||||||||
* | Braemar Shipping Services P.L.C. | 91,109 | 381,896 | |||||||
Chemring Group P.L.C. | 1,761,650 | 7,019,300 | ||||||||
Clarkson P.L.C. | 178,699 | 7,895,214 | ||||||||
Clipper Logistics P.L.C. | 198,686 | 2,213,443 | ||||||||
* | Costain Group P.L.C. | 237,261 | 190,306 | |||||||
* | De La Rue P.L.C. | 449,522 | 1,158,879 | |||||||
# * | Dialight P.L.C. | 89,929 | 403,335 | |||||||
Diploma P.L.C. | 650,354 | 26,162,593 | ||||||||
DiscoverIE Group P.L.C. | 498,854 | 6,534,782 | ||||||||
Electrocomponents P.L.C. | 920,669 | 13,116,859 | ||||||||
# * | Esken, Ltd. | 1,517,493 | 546,163 | |||||||
* | Firstgroup P.L.C. | 7,110,462 | 8,063,649 | |||||||
Galliford Try Holdings P.L.C. | 489,921 | 951,187 | ||||||||
* | Go-Ahead Group P.L.C. (The) | 278,069 | 4,303,872 | |||||||
Goodwin P.L.C. | 383 | 15,402 | ||||||||
Grafton Group P.L.C. | 1,582,491 | 25,150,545 | ||||||||
* | Hays P.L.C. | 8,412,540 | 18,474,948 | |||||||
IMI P.L.C. | 1,316,338 | 31,328,332 | ||||||||
Industrial and Commercial Holding Group, Ltd. | 5,000 | 0 | ||||||||
# | Interserve P.L.C. | 629,566 | 0 | |||||||
James Fisher & Sons P.L.C. | 316,172 | 4,054,545 | ||||||||
James Halstead P.L.C. | 8,111 | 58,416 |
The United Kingdom Small Company Series
CONTINUED
Shares | Value» | |||||||||
INDUSTRIALS — (Continued) | ||||||||||
# * | JET2 P.L.C. | 451,257 | $ | 7,388,848 | ||||||
John Laing Group P.L.C. | 2,139,777 | 11,844,177 | ||||||||
* | John Menzies P.L.C. | 380,804 | 1,644,529 | |||||||
* | Johnson Service Group P.L.C. | 198,324 | 480,732 | |||||||
Keller Group P.L.C. | 416,793 | 4,610,935 | ||||||||
# * | Kier Group P.L.C. | 1,449,991 | 2,633,313 | |||||||
Luceco P.L.C. | 249,615 | 1,434,951 | ||||||||
* | Mears Group P.L.C. | 670,193 | 1,724,746 | |||||||
* | Meggitt P.L.C. | 2,488,566 | 15,896,964 | |||||||
* | Mitie Group P.L.C. | 6,831,237 | 6,432,046 | |||||||
Morgan Advanced Materials P.L.C. | 1,809,919 | 8,845,406 | ||||||||
Morgan Sindall Group P.L.C. | 228,007 | 6,814,084 | ||||||||
* | National Express Group P.L.C. | 2,888,493 | 10,656,573 | |||||||
* | Norcros P.L.C. | 134,719 | 613,290 | |||||||
* | Pagegroup P.L.C. | 1,960,650 | 15,181,344 | |||||||
Polypipe Group P.L.C. | 1,390,282 | 11,799,620 | ||||||||
Porvair P.L.C. | 18,060 | 145,830 | ||||||||
QinetiQ Group P.L.C. | 3,409,929 | 16,230,904 | ||||||||
Redde Northgate P.L.C. | 1,397,888 | 7,721,437 | ||||||||
Renew Holdings P.L.C. | 27,213 | 254,233 | ||||||||
* | Renewi P.L.C. | 5,097,968 | 3,881,995 | |||||||
Ricardo P.L.C. | 291,046 | 1,649,296 | ||||||||
Robert Walters P.L.C. | 392,744 | 3,842,945 | ||||||||
Rotork P.L.C. | 5,397,898 | 25,458,616 | ||||||||
* | Royal Mail P.L.C. | 3,874,121 | 30,976,848 | |||||||
* | RPS Group P.L.C. | 940,773 | 1,398,946 | |||||||
RWS Holdings P.L.C. | 641,629 | 5,003,697 | ||||||||
* | Senior P.L.C. | 2,283,856 | 4,782,456 | |||||||
Serco Group P.L.C. | 1,035,024 | 1,943,215 | ||||||||
Severfield P.L.C. | 1,090,941 | 1,209,445 | ||||||||
* | SIG P.L.C. | 4,388,044 | 3,202,631 | |||||||
Smart Metering Systems P.L.C. | 424,453 | 5,104,236 | ||||||||
* | Speedy Hire P.L.C. | 3,123,066 | 3,111,194 | |||||||
* | Stagecoach Group P.L.C. | 2,389,974 | 2,716,106 | |||||||
SThree P.L.C. | 766,760 | 4,900,663 | ||||||||
T Clarke P.L.C. | 64,142 | 116,370 | ||||||||
* | Travis Perkins P.L.C. | 1,165,701 | 27,274,255 | |||||||
* | Trifast P.L.C. | 524,611 | 1,025,467 | |||||||
Tyman P.L.C. | 935,887 | 5,822,907 | ||||||||
Ultra Electronics Holdings P.L.C. | 566,936 | 17,969,121 | ||||||||
Vesuvius P.L.C. | 1,475,494 | 10,801,361 | ||||||||
Volex P.L.C. | 341,719 | 1,761,559 | ||||||||
Volution Group P.L.C. | 383,473 | 2,223,410 | ||||||||
Vp P.L.C. | 153,784 | 1,953,317 | ||||||||
Wilmington P.L.C. | 334,384 | 982,072 | ||||||||
Wincanton P.L.C. | 645,544 | 3,926,558 | ||||||||
XP Power, Ltd. | 101,307 | 7,820,551 | ||||||||
TOTAL INDUSTRIALS | 535,635,258 | |||||||||
INFORMATION TECHNOLOGY — (7.6%) | ||||||||||
* | Bytes Technology Group PLC | 22,700 | 145,427 | |||||||
* | Capita P.L.C. | 8,011,888 | 4,140,019 | |||||||
Computacenter P.L.C. | 513,813 | 18,311,870 | ||||||||
dotdigital group P.L.C. | 217,850 | 697,029 | ||||||||
* | Equiniti Group P.L.C. | 2,329,628 | 5,789,941 | |||||||
FDM Group Holdings P.L.C. | 397,870 | 5,617,088 | ||||||||
* | First Derivatives P.L.C. | 17,742 | 557,774 | |||||||
GB Group P.L.C. | 34,311 | 391,535 | ||||||||
* | Gooch & Housego P.L.C. | 1,817 | 34,408 |
The United Kingdom Small Company Series
CONTINUED
Shares | Value» | |||||||||
INFORMATION TECHNOLOGY — (Continued) | ||||||||||
IDOX P.L.C. | 140,149 | $ | 120,903 | |||||||
iomart Group P.L.C. | 194,653 | 721,374 | ||||||||
# * | IQE P.L.C. | 1,123,713 | 741,699 | |||||||
Kainos Group P.L.C. | 413,520 | 8,438,196 | ||||||||
* | Keywords Studios PLC | 19,714 | 680,308 | |||||||
Learning Technologies Group P.L.C. | 314,360 | 817,098 | ||||||||
Micro Focus International P.L.C. | 902,876 | 6,836,284 | ||||||||
NCC Group P.L.C. | 1,719,590 | 6,998,311 | ||||||||
* | Network International Holdings P.L.C. | 133,658 | 677,184 | |||||||
Oxford Instruments P.L.C. | 350,182 | 11,202,105 | ||||||||
PayPoint P.L.C. | 409,596 | 3,208,718 | ||||||||
Renishaw P.L.C. | 62,445 | 4,257,244 | ||||||||
RM P.L.C. | 358,749 | 1,177,493 | ||||||||
Softcat P.L.C. | 768,191 | 18,879,953 | ||||||||
Spectris P.L.C. | 577,563 | 25,904,850 | ||||||||
Spirent Communications P.L.C. | 4,043,382 | 13,783,622 | ||||||||
Strix Group P.L.C. | 261,603 | 1,141,228 | ||||||||
* | Telit Communications P.L.C. | 147,416 | 456,681 | |||||||
Trellus Health, Ltd. | 1,632 | 0 | ||||||||
TT Electronics P.L.C. | 1,053,269 | 3,751,763 | ||||||||
* | Xaar P.L.C. | 271,457 | 685,001 | |||||||
TOTAL INFORMATION TECHNOLOGY | 146,165,106 | |||||||||
MATERIALS — (6.5%) | ||||||||||
* | Accsys Technologies P.L.C. | 9,505 | 23,938 | |||||||
Anglo Pacific Group P.L.C. | 1,109,875 | 2,135,324 | ||||||||
* | BREEDON GROUP PLC | 237,752 | 353,954 | |||||||
* | Carclo P.L.C. | 32,211 | 23,142 | |||||||
Castings P.L.C. | 172,368 | 956,478 | ||||||||
Centamin P.L.C. | 7,348,995 | 10,308,268 | ||||||||
Central Asia Metals P.L.C. | 515,014 | 1,697,076 | ||||||||
* | Elementis P.L.C. | 3,081,872 | 6,430,873 | |||||||
Essentra P.L.C. | 1,658,378 | 7,091,945 | ||||||||
Ferrexpo P.L.C. | 1,993,136 | 11,823,497 | ||||||||
* | Forterra P.L.C. | 1,495,305 | 5,586,466 | |||||||
Gem Diamonds, Ltd. | 413,552 | 410,144 | ||||||||
Hill & Smith Holdings P.L.C. | 525,422 | 10,865,529 | ||||||||
Hochschild Mining P.L.C. | 1,724,028 | 3,663,005 | ||||||||
Ibstock P.L.C. | 2,675,524 | 7,903,368 | ||||||||
* | Marshalls P.L.C. | 1,404,106 | 13,337,553 | |||||||
Pan African Resources P.L.C. | 831,573 | 198,431 | ||||||||
# * | Petra Diamonds, Ltd. | 876,587 | 17,808 | |||||||
* | Petropavlovsk P.L.C. | 1,283,107 | 420,859 | |||||||
Rhi Magnesita NV | 117,155 | 6,566,312 | ||||||||
* | SolGold P.L.C. | 438,575 | 173,069 | |||||||
Synthomer P.L.C. | 2,254,788 | 15,346,041 | ||||||||
Treatt P.L.C. | 3,967 | 64,191 | ||||||||
Victrex P.L.C. | 551,606 | 19,455,915 | ||||||||
Zotefoams P.L.C. | 98,053 | 630,516 | ||||||||
TOTAL MATERIALS | 125,483,702 | |||||||||
REAL ESTATE — (4.3%) | ||||||||||
CLS Holdings P.L.C. | 717,473 | 2,387,568 | ||||||||
* | Foxtons Group P.L.C. | 1,224,286 | 959,372 | |||||||
Grainger P.L.C. | 4,330,519 | 17,067,160 | ||||||||
Helical P.L.C. | 796,813 | 4,792,951 | ||||||||
* | IWG P.L.C. | 3,618,386 | 15,058,440 | |||||||
* | LSL Property Services P.L.C. | 431,997 | 2,576,900 |
The United Kingdom Small Company Series
CONTINUED
Shares | Value» | |||||||||
REAL ESTATE — (Continued) | ||||||||||
* | Purplebricks Group P.L.C. | 93,934 | $ | 105,667 | ||||||
* | Raven Property Group, Ltd. | 844,687 | 354,625 | |||||||
Savills P.L.C. | 965,532 | 15,413,346 | ||||||||
Sirius Real Estate Ltd. | 90,660 | 138,609 | ||||||||
St. Modwen Properties P.L.C. | 2,664,787 | 20,513,097 | ||||||||
* | U & I Group P.L.C. | 783,732 | 1,029,471 | |||||||
Watkin Jones P.L.C. | 545,927 | 1,626,431 | ||||||||
TOTAL REAL ESTATE | 82,023,637 | |||||||||
UTILITIES — (1.6%) | ||||||||||
* | Centrica P.L.C. | 12,532,172 | 8,932,646 | |||||||
ContourGlobal P.L.C. | 115,084 | 307,541 | ||||||||
Drax Group P.L.C. | 2,438,473 | 14,303,991 | ||||||||
Telecom Plus P.L.C. | 416,644 | 6,553,248 | ||||||||
TOTAL UTILITIES | 30,097,426 | |||||||||
TOTAL COMMON STOCKS Cost ($1,455,176,019) | 1,905,557,451 |
Value† | ||||||||||
SECURITIES LENDING COLLATERAL — (1.1%) | ||||||||||
@ § | The DFA Short Term Investment Fund | 1,883,342 | 21,790,271 | |||||||
TOTAL INVESTMENTS — (100.0%) (Cost $1,476,961,399) | $ | 1,927,347,722 |
P.L.C. | Public Limited Company |
» | 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 collateral received from Securities on Loan. | |
§ | Affiliated Fund. |
Summary of the Series’ investments as of June 30, 2021, 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 | — | $ | 64,243,102 | — | $ | 64,243,102 | |||||||||||||
Consumer Discretionary | $ | 4,933,091 | 386,932,747 | — | 391,865,838 | ||||||||||||||
Consumer Staples | — | 128,976,286 | — | 128,976,286 | |||||||||||||||
Energy | — | 37,038,002 | — | 37,038,002 | |||||||||||||||
Financials | — | 292,125,242 | — | 292,125,242 | |||||||||||||||
Health Care | — | 71,903,852 | — | 71,903,852 | |||||||||||||||
Industrials | — | 535,635,258 | — | 535,635,258 | |||||||||||||||
Information Technology | — | 146,165,106 | — | 146,165,106 | |||||||||||||||
Materials | — | 125,483,702 | — | 125,483,702 | |||||||||||||||
Real Estate | — | 82,023,637 | — | 82,023,637 | |||||||||||||||
Utilities | — | 30,097,426 | — | 30,097,426 | |||||||||||||||
Securities Lending Collateral | — | 21,790,271 | — | 21,790,271 | |||||||||||||||
TOTAL | $ | 4,933,091 | $ | 1,922,414,631 | — | $ | 1,927,347,722 |
See accompanying Notes to Financial Statements.
The Continental Small Company Series
SCHEDULE OF INVESTMENTS
June 30, 2021
(Unaudited)
Face Amount | Value» | |||||||||
(000) | ||||||||||
BONDS — (0.0%) | ||||||||||
GERMANY — (0.0%) | ||||||||||
Schaltbau Holding AG | ||||||||||
# | 0.500%, 09/30/22 | EUR | 224 | $ | 323,222 | |||||
Shares | Value» | |||||||||
COMMON STOCKS — (94.3%) | ||||||||||
AUSTRIA — (3.5%) | ||||||||||
Agrana Beteiligungs AG | 83,141 | 2,007,558 | ||||||||
* | ams AG | 514,305 | 10,332,023 | |||||||
ANDRITZ AG | 466,575 | 26,241,121 | ||||||||
# | AT&S Austria Technologie & Systemtechnik AG | 181,572 | 7,867,271 | |||||||
Atrium European Real Estate, Ltd. | 1,073,908 | 3,819,793 | ||||||||
BAWAG Group AG | 33,004 | 1,757,561 | ||||||||
# * | DO & CO AG | 47,356 | 4,283,687 | |||||||
EVN AG | 226,661 | 5,341,588 | ||||||||
# * | FACC AG | 144,102 | 1,606,807 | |||||||
* | Flughafen Wien AG | 30,811 | 1,072,020 | |||||||
* | IMMOFINANZ AG | 668,265 | 15,024,610 | |||||||
Josef Manner & Co. AG | 870 | 109,401 | ||||||||
# * | Kapsch TrafficCom AG | 29,728 | 518,871 | |||||||
* | Lenzing AG | 87,183 | 10,682,092 | |||||||
Mayr Melnhof Karton AG | 56,619 | 12,069,500 | ||||||||
Oberbank AG | 26,029 | 2,679,189 | ||||||||
# | Oesterreichische Post AG | 242,639 | 12,916,714 | |||||||
Palfinger AG | 98,449 | 4,123,813 | ||||||||
# * | POLYTEC Holding AG | 109,361 | 1,521,243 | |||||||
* | Porr AG | 74,767 | 1,418,559 | |||||||
Raiffeisen Bank International AG | 97,816 | 2,220,275 | ||||||||
# | Rosenbauer International AG | 21,100 | 1,331,635 | |||||||
S IMMO AG | 346,922 | 8,314,016 | ||||||||
* | Schoeller-Bleckmann Oilfield Equipment AG | 68,314 | 2,881,202 | |||||||
Semperit AG Holding | 69,672 | 2,798,578 | ||||||||
Strabag SE | 106,594 | 4,571,582 | ||||||||
Telekom Austria AG | 1,080,852 | 9,228,210 | ||||||||
UBM Development AG | 21,002 | 1,034,435 | ||||||||
UNIQA Insurance Group AG | 982,543 | 8,556,447 | ||||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 302,511 | 8,306,096 | ||||||||
voestalpine AG | 478,226 | 19,506,487 | ||||||||
Wienerberger AG | 610,252 | 23,522,875 | ||||||||
Zumtobel Group AG | 155,917 | 1,571,748 | ||||||||
TOTAL AUSTRIA | 219,237,007 | |||||||||
BELGIUM — (3.6%) | ||||||||||
Ackermans & van Haaren NV | 170,533 | 28,815,282 | ||||||||
* | AGFA-Gevaert NV | 1,301,362 | 6,048,363 | |||||||
# * | Akka Technologies | 78,596 | 2,195,895 | |||||||
# | Atenor | 22,537 | 1,615,151 | |||||||
Banque Nationale de Belgique | 87 | 184,730 | ||||||||
Barco NV | 462,956 | 12,675,369 | ||||||||
Bekaert SA | 249,535 | 11,148,479 | ||||||||
# * | Biocartis Group NV | 227,423 | 1,100,319 | |||||||
* | bpost SA | 611,168 | 7,332,578 | |||||||
# * | Celyad Oncology SA | 42,190 | 221,330 | |||||||
Cie d’Entreprises CFE | 49,587 | 5,171,375 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
BELGIUM — (Continued) | ||||||||||
Deceuninck NV | 435,935 | $ | 1,525,904 | |||||||
D’ieteren SA | 194,540 | 23,552,911 | ||||||||
Econocom Group SA | 727,792 | 2,764,911 | ||||||||
# | Elia Group SA | 132,252 | 13,960,052 | |||||||
Etablissements Franz Colruyt NV | 6,945 | 388,566 | ||||||||
Euronav NV | 1,306,429 | 12,170,739 | ||||||||
EVS Broadcast Equipment SA | 69,287 | 1,454,930 | ||||||||
# | Exmar NV | 145,690 | 673,862 | |||||||
Fagron | 291,162 | 6,506,334 | ||||||||
* | Galapagos NV | 40,626 | 2,817,115 | |||||||
Gimv NV | 114,575 | 7,337,249 | ||||||||
* | Greenyard NV | 1,234 | 14,186 | |||||||
# | Immobel SA | 22,200 | 1,918,085 | |||||||
Ion Beam Applications | 126,648 | 2,507,597 | ||||||||
Jensen-Group NV | 20,961 | 735,586 | ||||||||
# * | Kinepolis Group NV | 92,310 | 4,995,299 | |||||||
# | Lotus Bakeries NV | 1,764 | 9,984,866 | |||||||
# * | MDxHealth | 69,016 | 110,324 | |||||||
Melexis NV | 114,636 | 11,918,123 | ||||||||
* | Ontex Group NV | 360,468 | 4,490,857 | |||||||
# * | Oxurion NV | 128,049 | 379,744 | |||||||
# * | Picanol | 26,368 | 2,408,728 | |||||||
Proximus SADP | 233,614 | 4,515,526 | ||||||||
Recticel SA | 272,024 | 4,587,075 | ||||||||
Resilux | 5,872 | 1,157,979 | ||||||||
Roularta Media Group NV | 19,318 | 336,734 | ||||||||
Shurgard Self Storage SA | 22,680 | 1,095,769 | ||||||||
* | Sipef NV | 36,491 | 2,055,201 | |||||||
Telenet Group Holding NV | 183,656 | 6,918,514 | ||||||||
TER Beke SA | 3,565 | 474,152 | ||||||||
* | Tessenderlo Group SA | 206,316 | 8,716,995 | |||||||
Van de Velde NV | 40,370 | 1,199,138 | ||||||||
VGP NV | 8,371 | 1,651,917 | ||||||||
Viohalco SA | 498,361 | 2,689,187 | ||||||||
TOTAL BELGIUM | 224,523,026 | |||||||||
DENMARK — (5.3%) | ||||||||||
* | ALK-Abello A.S. | 42,695 | 20,377,230 | |||||||
# | Alm Brand A.S. | 554,009 | 4,016,336 | |||||||
# * | Bang & Olufsen A.S. | 627,896 | 3,350,216 | |||||||
BankNordik P/F | 10,800 | 289,872 | ||||||||
* | Bavarian Nordic A.S. | 253,344 | 10,451,858 | |||||||
* | Brodrene Hartmann A.S. | 16,148 | 1,339,979 | |||||||
cBrain A/S | 7,413 | 371,542 | ||||||||
Chemometec A/S | 28,183 | 3,800,757 | ||||||||
Columbus A.S. | 386,791 | 656,713 | ||||||||
D/S Norden A.S. | 193,229 | 6,151,181 | ||||||||
* | Dfds A.S. | 275,692 | 15,557,472 | |||||||
* | Djurslands Bank A.S. | 6,232 | 361,755 | |||||||
* | Drilling Co. of 1972 A.S. (The) | 72,125 | 3,019,590 | |||||||
FLSmidth & Co. A.S. | 250,483 | 10,436,235 | ||||||||
# | Fluegger Group A.S. | 4,198 | 489,582 | |||||||
GronlandsBANKEN A.S. | 1,125 | 110,261 | ||||||||
# | H Lundbeck A.S. | 157,457 | 5,013,690 | |||||||
* | H+H International A.S., Class B | 111,938 | 3,433,722 | |||||||
* | Harboes Bryggeri A.S., Class B | 5,094 | 77,493 | |||||||
* | ISS A.S. | 521,164 | 12,263,800 | |||||||
Jeudan A.S. | 38,980 | 1,661,389 | ||||||||
* | Jyske Bank A.S. | 422,830 | 20,492,270 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
DENMARK — (Continued) | ||||||||||
Lan & Spar Bank | 4,895 | $ | 442,713 | |||||||
* | Matas A.S. | 239,471 | 4,336,939 | |||||||
Netcompany Group A.S. | 16,028 | 1,822,375 | ||||||||
* | Nilfisk Holding A.S. | 153,943 | 5,398,531 | |||||||
* | NKT A.S. | 264,101 | 12,137,701 | |||||||
# | NNIT A.S. | 69,757 | 1,379,119 | |||||||
North Media A.S. | 5,372 | 96,278 | ||||||||
Pandora A.S. | 1,184 | 159,738 | ||||||||
* | Parken Sport & Entertainment A.S. | 13,669 | 173,199 | |||||||
Per Aarsleff Holding A.S. | 131,712 | 5,935,531 | ||||||||
Ringkjoebing Landbobank A.S. | 188,153 | 19,109,520 | ||||||||
Rockwool International A.S., Class A | 433 | 183,788 | ||||||||
Rockwool International A.S., Class B | 4,148 | 2,020,167 | ||||||||
Royal Unibrew A.S. | 319,998 | 40,775,088 | ||||||||
# | RTX A.S. | 54,444 | 1,516,941 | |||||||
Scandinavian Tobacco Group A.S., Class A | 388,052 | 7,928,526 | ||||||||
Schouw & Co., A.S. | 89,926 | 9,875,998 | ||||||||
# | SimCorp A.S. | 251,433 | 31,580,623 | |||||||
Solar A.S., Class B | 38,054 | 3,309,171 | ||||||||
Spar Nord Bank A.S. | 580,081 | 6,535,342 | ||||||||
Sydbank A.S. | 471,338 | 14,524,289 | ||||||||
TCM Group A.S. | 1,852 | 45,739 | ||||||||
# * | Tivoli A.S. | 9,878 | 1,398,798 | |||||||
# | Topdanmark A.S. | 428,065 | 22,274,904 | |||||||
# | TORM P.L.C., Class A | 189,104 | 1,676,983 | |||||||
UIE P.L.C. | 10,336 | 2,769,141 | ||||||||
* | Vestjysk Bank A.S. | 1,741,065 | 957,165 | |||||||
* | Zealand Pharma A.S. | 183,481 | 5,428,147 | |||||||
TOTAL DENMARK | 327,515,397 | |||||||||
FINLAND — (6.0%) | ||||||||||
Aktia Bank Oyj | 325,535 | 4,163,764 | ||||||||
Alandsbanken Abp, Class B | 22,724 | 697,943 | ||||||||
Alma Media Oyj | 133,889 | 1,641,503 | ||||||||
# | Altia Oyj | 12,029 | 144,658 | |||||||
Apetit Oyj | 21,105 | 329,050 | ||||||||
Aspo Oyj | 103,690 | 1,162,939 | ||||||||
Atria Oyj | 89,419 | 1,284,866 | ||||||||
* | BasWare Oyj | 51,269 | 2,414,434 | |||||||
# | Bittium Oyj | 204,447 | 1,542,316 | |||||||
Cargotec Oyj, Class B | 277,557 | 14,373,990 | ||||||||
Caverion Oyj | 640,547 | 5,238,364 | ||||||||
# | Citycon Oyj | 477,252 | 4,064,717 | |||||||
Digia Oyj | 80,255 | 727,111 | ||||||||
Enento Group Oyj | 1,665 | 66,914 | ||||||||
# * | Finnair Oyj | 4,731,016 | 3,903,043 | |||||||
Fiskars Oyj Abp | 209,781 | 4,560,767 | ||||||||
F-Secure Oyj | 640,207 | 3,057,047 | ||||||||
Glaston Oyj ABP | 9,217 | 10,779 | ||||||||
Harvia Oyj | 15,854 | 957,397 | ||||||||
HKScan Oyj, Class A | 234,984 | 657,489 | ||||||||
Huhtamaki Oyj | 631,120 | 29,935,323 | ||||||||
Ilkka-Yhtyma Oyj | 58,887 | 324,998 | ||||||||
Kamux Corp. | 7,092 | 137,798 | ||||||||
Kemira Oyj | 722,021 | 11,377,724 | ||||||||
Kojamo Oyj | 236,749 | 5,420,631 | ||||||||
Konecranes Oyj | 449,843 | 18,961,821 | ||||||||
Lassila & Tikanoja Oyj | 209,178 | 3,512,131 | ||||||||
# * | Lehto Group Oyj | 159,853 | 308,154 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
FINLAND — (Continued) | ||||||||||
Marimekko Oyj | 247 | $ | 18,905 | |||||||
Metsa Board Oyj | 1,246,388 | 12,821,336 | ||||||||
Metso Outotec Oyj | 1,299,887 | 15,104,006 | ||||||||
Musti Group Oyj | 11,021 | 407,893 | ||||||||
Neles Oyj | 667,333 | 9,622,252 | ||||||||
Nokian Renkaat Oyj | 579,923 | 23,427,616 | ||||||||
Olvi Oyj, Class A | 95,688 | 5,756,708 | ||||||||
Oriola Oyj, Class A | 6,054 | 14,649 | ||||||||
Oriola Oyj, Class B | 880,807 | 1,924,150 | ||||||||
Orion Oyj, Class A | 143,951 | 6,178,932 | ||||||||
# | Orion Oyj, Class B | 515,971 | 22,183,887 | |||||||
# * | Outokumpu Oyj | 2,215,229 | 13,291,532 | |||||||
Pihlajalinna Oyj | 77,064 | 1,032,836 | ||||||||
# | Ponsse Oyj | 71,199 | 3,581,416 | |||||||
* | QT Group Oyj | 64,135 | 7,511,448 | |||||||
Raisio Oyj, Class V | 935,251 | 4,176,047 | ||||||||
* | Rapala VMC Oyj | 113,078 | 1,114,925 | |||||||
Raute Oyj, Class A | 1,817 | 48,062 | ||||||||
Revenio Group Oyj | 129,671 | 9,826,837 | ||||||||
Rovio Entertainment Oyj | 18,485 | 150,576 | ||||||||
Sanoma Oyj | 725,636 | 12,028,605 | ||||||||
Taaleri Oyj | 5,819 | 74,219 | ||||||||
Talenom Oyj | 1,755 | 29,730 | ||||||||
Teleste Oyj | 52,966 | 390,797 | ||||||||
Terveystalo Oyj | 69,628 | 941,064 | ||||||||
TietoEVRY Oyj | 441,369 | 13,945,005 | ||||||||
Tokmanni Group Corp. | 330,375 | 9,139,311 | ||||||||
Uponor Oyj | 386,946 | 11,215,722 | ||||||||
Vaisala Oyj, Class A | 120,241 | 4,939,816 | ||||||||
Valmet Oyj | 889,683 | 38,851,857 | ||||||||
Verkkokauppa.com Oyj | 8,023 | 79,518 | ||||||||
* | Viking Line Abp | 6,921 | 139,487 | |||||||
Wartsila Oyj Abp | 731,015 | 10,860,806 | ||||||||
# | YIT Oyj | 1,234,813 | 7,571,065 | |||||||
TOTAL FINLAND | 369,378,686 | |||||||||
FRANCE — (10.1%) | ||||||||||
ABC arbitrage | 84,953 | 714,857 | ||||||||
AKWEL | 62,638 | 1,829,857 | ||||||||
Albioma SA | 191,797 | 7,851,634 | ||||||||
ALD SA | 21,119 | 316,985 | ||||||||
Altamir | 136,094 | 3,876,610 | ||||||||
* | Alten SA | 147,424 | 19,567,517 | |||||||
# * | Amplitude Surgical SAS | 19,526 | 51,409 | |||||||
# | Assystem SA | 60,928 | 2,256,054 | |||||||
# * | Atari SA | 106,003 | 63,040 | |||||||
* | ATEME SA | 490 | 9,507 | |||||||
Atos SE | 89,103 | 5,425,703 | ||||||||
Aubay | 42,523 | 2,243,817 | ||||||||
* | Axway Software SA | 38,973 | 1,309,465 | |||||||
Bastide le Confort Medical | 18,680 | 1,052,241 | ||||||||
* | Beneteau SA | 239,888 | 3,792,336 | |||||||
# * | Bigben Interactive | 95,323 | 1,879,704 | |||||||
# | Boiron SA | 37,981 | 1,741,128 | |||||||
Bonduelle SCA | 93,424 | 2,345,995 | ||||||||
# | Bourbon Corp. | 28,851 | 0 | |||||||
Burelle SA | 1,049 | 943,370 | ||||||||
# * | Casino Guichard Perrachon SA | 271,603 | 8,625,358 | |||||||
* | Catering International Services | 12,144 | 169,892 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
FRANCE — (Continued) | ||||||||||
* | Cegedim SA | 32,872 | $ | 959,820 | ||||||
* | CGG SA | 4,466,064 | 3,994,615 | |||||||
# | Chargeurs SA | 132,658 | 3,687,001 | |||||||
# * | Cie des Alpes | 137,830 | 2,213,315 | |||||||
# | Cie Plastic Omnium SA | 397,771 | 12,438,664 | |||||||
# * | Claranova SADIR | 58,299 | 465,241 | |||||||
* | Coface SA | 666,148 | 8,084,452 | |||||||
* | DBV Technologies SA | 1,382 | 15,227 | |||||||
* | Derichebourg SA | 674,728 | 6,824,974 | |||||||
* | Ekinops SAS | 2,980 | 25,701 | |||||||
Electricite de Strasbourg SA | 21,112 | 2,817,653 | ||||||||
# * | Elior Group SA | 595,911 | 4,457,194 | |||||||
* | Elis SA | 1,122,246 | 21,176,085 | |||||||
* | Eramet SA | 50,163 | 3,280,020 | |||||||
* | Esso SA Francaise | 5,217 | 69,161 | |||||||
# * | Etablissements Maurel et Prom SA | 322,113 | 727,437 | |||||||
Eurazeo SE | 24,639 | 2,148,208 | ||||||||
Euronext NV | 167,802 | 18,254,895 | ||||||||
# | Eutelsat Communications SA | 1,238,955 | 14,494,041 | |||||||
* | Exel Industries, Class A | 10,459 | 1,140,422 | |||||||
* | Faurecia SE | 308,936 | 15,187,369 | |||||||
Fleury Michon SA | 3,165 | 85,560 | ||||||||
* | Fnac Darty SA | 121,981 | 7,858,153 | |||||||
* | Gaumont SA | 10,811 | 1,399,035 | |||||||
Gaztransport Et Technigaz SA | 130,815 | 10,584,045 | ||||||||
# | GEA | 2,433 | 294,278 | |||||||
# * | GL Events | 58,364 | 991,817 | |||||||
* | Groupe Crit | 22,187 | 1,698,841 | |||||||
Groupe Gorge SA | 4,320 | 78,343 | ||||||||
* | Groupe SFPI | 21,754 | 76,259 | |||||||
Guerbet | 39,148 | 1,384,683 | ||||||||
Haulotte Group SA | 73,020 | 554,360 | ||||||||
* | HEXAOM | �� | 15,908 | 863,261 | ||||||
* | ID Logistics Group | 14,640 | 4,099,752 | |||||||
# | Imerys SA | 208,694 | 9,768,358 | |||||||
Infotel SA | 637 | 37,941 | ||||||||
# * | Innate Pharma SA | 15,558 | 49,921 | |||||||
IPSOS | 256,717 | 10,831,519 | ||||||||
# | Jacquet Metals SACA | 87,314 | 2,019,140 | |||||||
* | JCDecaux SA | 176,476 | 4,892,763 | |||||||
Kaufman & Broad SA | 122,744 | 5,843,359 | ||||||||
* | Korian SA | 466,206 | 17,233,092 | |||||||
* | Lagardere SCA | 567,542 | 14,046,062 | |||||||
Laurent-Perrier | 13,890 | 1,591,661 | ||||||||
Lectra | 166,790 | 6,315,603 | ||||||||
Linedata Services | 15,202 | 710,542 | ||||||||
LISI | 114,546 | 3,742,333 | ||||||||
LNA Sante SA | 33,206 | 2,087,284 | ||||||||
* | Maisons du Monde SA | 281,475 | 6,984,150 | |||||||
Manitou BF SA | 66,010 | 2,114,090 | ||||||||
Manutan International | 15,102 | 1,522,947 | ||||||||
* | Mersen SA | 115,668 | 4,511,597 | |||||||
# * | METabolic EXplorer SA | 142,767 | 769,407 | |||||||
# | Metropole Television SA | 242,637 | 5,101,709 | |||||||
* | Neoen SA | 43,247 | 1,944,484 | |||||||
Nexans SA | 198,067 | 18,073,887 | ||||||||
Nexity SA | 298,619 | 14,943,820 | ||||||||
* | Nicox | 145,865 | 629,688 | |||||||
* | NRJ Group | 87,189 | 630,583 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
FRANCE — (Continued) | ||||||||||
# * | Oeneo SA | 128,172 | $ | 1,927,980 | ||||||
* | OL Groupe SA | 10,735 | 28,405 | |||||||
# *,* | Onxeo SA | 137,845 | 104,565 | |||||||
# * | Orpea SA | 26,906 | 3,425,490 | |||||||
Pharmagest Interactive | 4,978 | 548,591 | ||||||||
Plastivaloire | 14,341 | 123,323 | ||||||||
Quadient SA | 209,428 | 6,297,931 | ||||||||
# * | Rallye SA | 36,059 | 318,120 | |||||||
# * | Recylex SA | 102,008 | 41,911 | |||||||
Rexel SA | 2,073,563 | 43,416,583 | ||||||||
# | Robertet SA | 2,762 | 3,406,405 | |||||||
Rothschild & Co. | 119,705 | 4,648,607 | ||||||||
Rubis SCA | 518,092 | 23,052,816 | ||||||||
Samse SA | 7,930 | 1,692,799 | ||||||||
Savencia SA | 34,176 | 2,871,024 | ||||||||
# * | SCOR SE | 323,248 | 10,290,647 | |||||||
Seche Environnement SA | 18,630 | 1,155,972 | ||||||||
SES SA | 1,258,568 | 9,624,708 | ||||||||
Societe BIC SA | 174,241 | 12,118,097 | ||||||||
* | Societe des Bains de Mer et du Cercle des Etrangers a Monaco | 55,851 | 4,956,166 | |||||||
* | Societe Marseillaise du Tunnel Prado-Carenage SA | 5,211 | 129,857 | |||||||
# | Societe pour l’Informatique Industrielle | 43,416 | 1,528,022 | |||||||
* | SOITEC | 132,921 | 29,351,806 | |||||||
# * | Solocal Group | 681,417 | 1,467,255 | |||||||
Somfy SA | 88,911 | 15,092,613 | ||||||||
* | Sopra Steria Group SACA | 108,873 | 20,948,969 | |||||||
SPIE SA | 839,574 | 19,342,192 | ||||||||
# * | SRP Groupe SA | 56,827 | 230,057 | |||||||
Stef SA | 25,714 | 2,764,977 | ||||||||
Sword Group | 35,385 | 1,603,830 | ||||||||
* | Synergie SE | 67,143 | 2,607,184 | |||||||
Television Francaise 1 | 427,799 | 4,331,619 | ||||||||
# | TFF Group | 9,347 | 302,731 | |||||||
Thermador Groupe | 37,127 | 3,895,704 | ||||||||
Tikehau Capital SCA | 17,726 | 561,255 | ||||||||
Total Gabon | 3,969 | 671,180 | ||||||||
Trigano SA | 54,053 | 11,176,473 | ||||||||
Union Financiere de France BQE SA | 18,515 | 398,598 | ||||||||
Valeo SA | 36,317 | 1,095,448 | ||||||||
# * | Vallourec SA | 276,982 | 2,514,243 | |||||||
* | Valneva SE | 69,195 | 912,305 | |||||||
Verallia SA | 49,404 | 1,830,503 | ||||||||
* | Verimatrix SA | 6,175 | 15,320 | |||||||
Vetoquinol SA | 16,919 | 2,081,812 | ||||||||
Vicat SA | 126,485 | 6,117,414 | ||||||||
VIEL & Cie SA | 156,945 | 1,120,299 | ||||||||
Vilmorin & Cie SA | 35,845 | 2,382,970 | ||||||||
* | Virbac SA | 22,968 | 7,877,256 | |||||||
* | Vranken-Pommery Monopole SA | 16,787 | 357,094 | |||||||
* | Wavestone | 4,292 | 203,643 | |||||||
* | X-Fab Silicon Foundries SE | 25,871 | 245,849 | |||||||
* | Xilam Animation S.A. | 415 | 20,675 | |||||||
TOTAL FRANCE | 628,121,594 | |||||||||
GERMANY — (15.3%) | ||||||||||
1&1 Drillisch AG | 215,955 | 6,610,720 | ||||||||
7C Solarparken AG | 45,421 | 216,029 | ||||||||
Aareal Bank AG | 461,701 | 10,666,568 | ||||||||
Adesso SE | 1,723 | 288,470 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
GERMANY — (Continued) | ||||||||||
* | ADLER Group SA | 2,180 | $ | 57,341 | ||||||
* | ADVA Optical Networking SE | 355,643 | 4,929,981 | |||||||
AIXTRON SE | 500,250 | 13,565,612 | ||||||||
All for One Group SE | 4,222 | 331,392 | ||||||||
# | Allgeier SE | 48,818 | 1,389,479 | |||||||
Amadeus Fire AG | 2,066 | 377,986 | ||||||||
Atoss Software AG | 6,752 | 1,493,859 | ||||||||
Aurubis AG | 285,630 | 26,511,311 | ||||||||
Basler AG | 31,503 | 3,899,775 | ||||||||
# * | Bauer AG | 99,166 | 1,490,531 | |||||||
BayWa AG | 105,190 | 4,540,119 | ||||||||
BayWa AG | 124 | 6,534 | ||||||||
Bechtle AG | 22,947 | 4,264,933 | ||||||||
Befesa SA | 8,592 | 660,346 | ||||||||
Bertrandt AG | 36,691 | 2,454,806 | ||||||||
# | bet-at-home.com AG | 22,014 | 993,119 | |||||||
* | Bijou Brigitte AG | 23,422 | 702,894 | |||||||
# | Bilfinger SE | 193,165 | 5,784,697 | |||||||
* | Borussia Dortmund GmbH & Co. KGaA | 530,026 | 3,911,364 | |||||||
CANCOM SE | 210,374 | 12,731,949 | ||||||||
* | CECONOMY AG | 1,068,038 | 5,220,829 | |||||||
CENIT AG | 54,144 | 1,005,086 | ||||||||
Cewe Stiftung & Co. KGAA | 43,389 | 6,721,729 | ||||||||
* | Commerzbank AG | 2,234,862 | 15,871,265 | |||||||
CompuGroup Medical SE & Co. KgaA | 185,429 | 14,529,561 | ||||||||
# * | Corestate Capital Holding SA | 77,099 | 1,008,103 | |||||||
CropEnergies AG | 177,529 | 2,278,862 | ||||||||
* | CTS Eventim AG & Co. KGaA | 136,853 | 8,548,733 | |||||||
Data Modul AG Produktion Und Vertrieb Von Elektronischen Systemen | 11,455 | 713,232 | ||||||||
Dermapharm Holding SE | 43,701 | 3,485,294 | ||||||||
Deutsche Beteiligungs AG | 115,972 | 4,687,753 | ||||||||
* | Deutsche EuroShop AG | 320,657 | 7,607,940 | |||||||
# * | Deutsche Lufthansa AG | 29,654 | 333,478 | |||||||
Deutsche Pfandbriefbank AG | 1,030,684 | 10,203,418 | ||||||||
* | Deutz AG | 1,015,496 | 8,221,260 | |||||||
* | Dialog Semiconductor P.L.C. | 544,240 | 42,329,501 | |||||||
DIC Asset AG | 384,623 | 6,641,816 | ||||||||
DMG Mori AG | 11,112 | 553,329 | ||||||||
# | Dr Hoenle AG | 35,520 | 1,972,787 | |||||||
Draegerwerk AG & Co. KGaA | 20,476 | 1,904,631 | ||||||||
Duerr AG | 397,516 | 15,118,743 | ||||||||
Eckert & Ziegler Strahlen- und Medizintechnik AG | 103,812 | 11,872,049 | ||||||||
* | EDAG Engineering Group AG | 51,353 | 547,005 | |||||||
Elmos Semiconductor SE | 35,054 | 1,517,849 | ||||||||
* | ElringKlinger AG | 193,534 | 3,449,238 | |||||||
# | Encavis AG | 213,583 | 4,040,531 | |||||||
Energiekontor AG | 2,998 | 194,497 | ||||||||
# * | Evotec SE | 81,829 | 3,712,069 | |||||||
Fabasoft AG | 509 | 24,752 | ||||||||
* | Ferratum Oyj | 39,731 | 243,449 | |||||||
* | Fielmann AG | 119,787 | 9,373,299 | |||||||
First Sensor AG | 15,959 | 807,988 | ||||||||
# * | flatexDEGIRO AG | 20,206 | 2,720,008 | |||||||
* | Francotyp-Postalia Holding AG, Class A | 55,074 | 209,749 | |||||||
* | Fraport AG Frankfurt Airport Services Worldwide | 76,050 | 5,182,660 | |||||||
Freenet AG | 894,705 | 21,154,193 | ||||||||
Fuchs Petrolub SE | 109,353 | 4,247,644 | ||||||||
GEA Group AG | 746,864 | 30,263,026 | ||||||||
Gerresheimer AG | 242,136 | 26,782,023 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
GERMANY — (Continued) | ||||||||||
Gesco AG | 55,404 | $ | 1,348,887 | |||||||
GFT Technologies SE | 126,344 | 3,215,334 | ||||||||
Grand City Properties SA | 783,310 | 21,155,349 | ||||||||
* | H&R GmbH & Co. KGaA | 71,674 | 689,732 | |||||||
Hamburger Hafen und Logistik AG | 188,498 | 4,742,325 | ||||||||
Hawesko Holding AG | 52 | 3,674 | ||||||||
* | Heidelberger Druckmaschinen AG | 1,254,831 | 2,990,991 | |||||||
# * | Hella GmbH & Co. KGaA | 226,868 | 15,549,444 | |||||||
* | Highlight Communications AG | 98,406 | 445,355 | |||||||
# * | HolidayCheck Group AG | 329,555 | 985,082 | |||||||
* | Home24 SE | 9,774 | 182,584 | |||||||
Hornbach Baumarkt AG | 51,444 | 2,260,085 | ||||||||
Hornbach Holding AG & Co. KGaA | 40,625 | 4,632,923 | ||||||||
Hugo Boss AG | 392,537 | 21,380,957 | ||||||||
* | Hypoport SE | 3,343 | 1,729,862 | |||||||
Indus Holding AG | 134,558 | 5,329,405 | ||||||||
* | Instone Real Estate Group AG | 28,780 | 866,521 | |||||||
IVU Traffic Technologies AG | 51,649 | 1,185,126 | ||||||||
Jenoptik AG | 383,317 | 10,490,077 | ||||||||
JOST Werke AG | 5,660 | 337,883 | ||||||||
* | K+S AG | 1,199,624 | 16,353,109 | |||||||
* | Kloeckner & Co. SE | 463,926 | 6,360,663 | |||||||
* | Koenig & Bauer AG | 93,035 | 3,106,182 | |||||||
Krones AG | 113,425 | 10,141,955 | ||||||||
KSB SE & Co. KGaA | 3,293 | 1,560,697 | ||||||||
KWS Saat SE & Co., KGaA | 80,774 | 6,649,982 | ||||||||
Lanxess AG | 590,921 | 40,554,303 | ||||||||
Leifheit AG | 60,321 | 3,352,207 | ||||||||
# * | Leoni AG | 185,404 | 3,316,394 | |||||||
# | LPKF Laser & Electronics AG | 90,436 | 2,636,300 | |||||||
# * | Manz AG | 28,275 | 2,172,740 | |||||||
* | Mediclin AG | 86,554 | 431,033 | |||||||
* | Medigene AG | 116,971 | 547,533 | |||||||
* | Medios AG | 405 | 16,148 | |||||||
METRO AG | 539,143 | 6,677,366 | ||||||||
MLP SE | 387,205 | 3,202,627 | ||||||||
* | Nagarro SE | 46,548 | 5,714,049 | |||||||
Nemetschek SE | 21,211 | 1,623,628 | ||||||||
New Work SE | 20,199 | 6,351,227 | ||||||||
Nexus AG | 88,692 | 6,607,108 | ||||||||
# * | Nordex SE | 508,398 | 12,370,465 | |||||||
Norma Group SE | 231,101 | 11,843,523 | ||||||||
OHB SE | 37,995 | 1,664,811 | ||||||||
Patrizia AG | 349,841 | 9,123,795 | ||||||||
Pfeiffer Vacuum Technology AG | 48,041 | 9,118,131 | ||||||||
PNE AG | 491,579 | 4,331,867 | ||||||||
* | Progress-Werk Oberkirch AG | 8,558 | 316,609 | |||||||
* | ProSiebenSat.1 Media SE | 1,340,987 | 26,738,492 | |||||||
PSI Software AG | 51,501 | 2,053,267 | ||||||||
* | PVA TePla AG | 11,713 | 344,029 | |||||||
* | q.beyond AG | 768,941 | 1,745,947 | |||||||
* | R Stahl AG | 14,952 | 436,252 | |||||||
Rheinmetall AG | 302,240 | 29,865,297 | ||||||||
# * | S&T AG | 335,113 | 7,678,962 | |||||||
* | SAF-Holland SE | 326,024 | 4,534,138 | |||||||
* | Salzgitter AG | 264,387 | 7,872,212 | |||||||
* | Schaltbau Holding AG | 33,065 | 1,451,971 | |||||||
Schloss Wachenheim AG | 6,929 | 156,126 | ||||||||
Scout24 AG | 33,069 | 2,790,155 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
GERMANY — (Continued) | ||||||||||
Secunet Security Networks AG | 6,458 | $ | 2,875,137 | |||||||
* | SGL Carbon SE | 298,485 | 2,864,199 | |||||||
# | Siltronic AG | 146,283 | 24,379,091 | |||||||
* | Sixt SE | 95,154 | 12,820,525 | |||||||
# * | SMA Solar Technology AG | 85,699 | 4,918,477 | |||||||
# * | SNP Schneider-Neureither & Partner SE | 2,373 | 175,574 | |||||||
Softing AG | 14,914 | 129,932 | ||||||||
# | Software AG | 359,622 | 16,178,557 | |||||||
Stabilus SA | 173,972 | 14,171,272 | ||||||||
STRATEC SE | 25,098 | 3,505,169 | ||||||||
Stroeer SE & Co. KGaA | 198,823 | 15,927,487 | ||||||||
Suedzucker AG | 522,404 | 8,366,905 | ||||||||
* | SUESS MicroTec SE | 134,313 | 4,415,165 | |||||||
* | Surteco Group SE | 47,139 | 1,537,410 | |||||||
TAG Immobilien AG | 954,559 | 30,256,177 | ||||||||
Takkt AG | 222,130 | 3,693,542 | ||||||||
Technotrans SE | 46,673 | 1,511,609 | ||||||||
Telefonica Deutschland Holding AG | 19,016 | 50,197 | ||||||||
* | Thyssenkrupp AG | 334,939 | 3,498,307 | |||||||
Traffic Systems SE | 36,351 | 1,716,587 | ||||||||
United Internet AG | 25,517 | 1,043,570 | ||||||||
# * | va-Q-tec AG | 2,370 | 85,217 | |||||||
# | VERBIO Vereinigte BioEnergie AG | 157,195 | 7,958,802 | |||||||
* | Vivoryon Therapeutics NV | 5,400 | 115,532 | |||||||
Vossloh AG | 66,029 | 3,329,160 | ||||||||
Wacker Chemie AG | 76,886 | 11,851,151 | ||||||||
Wacker Neuson SE | 218,897 | 6,303,273 | ||||||||
Washtec AG | 77,520 | 4,813,343 | ||||||||
* | Westwing Group AG | 7,077 | 386,606 | |||||||
Wuestenrot & Wuerttembergische AG | 113,328 | 2,596,248 | ||||||||
Zeal Network SE | 53,966 | 2,681,902 | ||||||||
* | zooplus AG | 5,201 | 1,685,463 | |||||||
TOTAL GERMANY | 950,353,676 | |||||||||
GREECE — (0.0%) | ||||||||||
Alfa Alfa Energy SA | 3,810 | 0 | ||||||||
Babis Vovos International Construction SA | 21,073 | 0 | ||||||||
* | Neorion Holdings SA | 14,991 | 0 | |||||||
IRELAND — (0.8%) | ||||||||||
* | AIB Group P.L.C. | 271,153 | 699,751 | |||||||
* | Bank of Ireland Group P.L.C. | 4,690,139 | 25,167,918 | |||||||
* | Cairn Homes P.L.C. | 1,730,903 | 2,181,425 | |||||||
* | Dalata Hotel Group P.L.C. | 45,808 | 208,754 | |||||||
* | Datalex P.L.C. | 123,079 | 117,068 | |||||||
* | FBD Holdings P.L.C. | 142,812 | 1,528,679 | |||||||
Glanbia P.L.C. | 1,049,990 | 17,101,404 | ||||||||
* | Glenveagh Properties P.L.C. | 317,359 | 361,924 | |||||||
* | Irish Continental Group P.L.C. | 820,853 | 4,212,773 | |||||||
* | Permanent TSB Group Holdings P.L.C. | 252,400 | 383,558 | |||||||
TOTAL IRELAND | 51,963,254 | |||||||||
ISRAEL — (3.2%) | ||||||||||
# | Adgar Investment and Development, Ltd. | 45,374 | 88,074 | |||||||
# | Afcon Holdings, Ltd. | 3,064 | 197,323 | |||||||
# * | AFI Properties, Ltd. | 109,219 | 4,732,615 | |||||||
# | Africa Israel Residences, Ltd. | 3,453 | 170,416 | |||||||
* | Airport City, Ltd. | 281,641 | 4,722,300 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
ISRAEL — (Continued) | ||||||||||
Albaad Massuot Yitzhak, Ltd. | 2,031 | $ | 38,881 | |||||||
* | Allot, Ltd. | 189,485 | 3,710,670 | |||||||
# * | Alrov Properties and Lodgings, Ltd. | 49,397 | 2,295,886 | |||||||
# | Arad, Ltd. | 19,614 | 265,895 | |||||||
Ashtrom Group, Ltd. | 197,610 | 4,486,724 | ||||||||
# | Atreyu Capital Markets, Ltd. | 4,320 | 68,636 | |||||||
AudioCodes, Ltd. | 29,567 | 994,276 | ||||||||
Aura Investments, Ltd. | 27,798 | 27,577 | ||||||||
# * | Avgol Industries 1953, Ltd. | 468,925 | 448,999 | |||||||
# * | Azorim-Investment Development & Construction Co., Ltd. | 547,011 | 2,197,567 | |||||||
# * | Bet Shemesh Engines Holdings 1997, Ltd. | 21,702 | 436,280 | |||||||
* | Big Shopping Centers, Ltd. | 25,553 | 3,273,544 | |||||||
Blue Square Real Estate, Ltd. | 36,760 | 2,822,257 | ||||||||
# * | Brack Capital Properties NV | 18,347 | 1,958,453 | |||||||
* | Brainsway, Ltd. | 17,217 | 88,617 | |||||||
# * | Camtek, Ltd. | 115,637 | 4,397,733 | |||||||
Carasso Motors, Ltd. | 132,164 | 675,252 | ||||||||
* | Cellcom Israel, Ltd. | 495,333 | 2,155,109 | |||||||
* | Ceragon Networks, Ltd. | 266,244 | 1,003,740 | |||||||
* | Clal Insurance Enterprises Holdings, Ltd. | 310,019 | 6,157,501 | |||||||
* | Compugen, Ltd. | 120,052 | 987,309 | |||||||
Danel Adir Yeoshua, Ltd. | 21,947 | 4,598,825 | ||||||||
Delek Automotive Systems, Ltd. | 229,021 | 3,011,854 | ||||||||
# * | Delek Group, Ltd. | 9,687 | 650,155 | |||||||
Delta-Galil Industries, Ltd. | 70,358 | 2,914,868 | ||||||||
Dor Alon Energy in Israel 1988, Ltd. | 16,285 | 462,245 | ||||||||
# | Duniec Brothers, Ltd. | 1,134 | 52,294 | |||||||
# | Electra Consumer Products 1970, Ltd. | 54,447 | 3,131,222 | |||||||
# | Electra Real Estate, Ltd. | 31,469 | 401,412 | |||||||
Electra, Ltd. | 11,888 | 6,743,481 | ||||||||
* | Ellomay Capital, Ltd. | 1,340 | 41,059 | |||||||
# | Energix-Renewable Energies, Ltd. | 30,125 | 115,587 | |||||||
# * | Enlight Renewable Energy, Ltd. | 2,454,878 | 5,266,924 | |||||||
# * | Equital, Ltd. | 117,510 | 3,186,363 | |||||||
* | Evogene, Ltd. | 31,584 | 109,058 | |||||||
* | Fattal Holdings 1998, Ltd. | 324 | 30,785 | |||||||
FMS Enterprises Migun, Ltd. | 19,186 | 562,836 | ||||||||
Formula Systems 1985, Ltd. | 62,881 | 5,639,685 | ||||||||
Fox Wizel, Ltd. | 57,376 | 6,576,427 | ||||||||
Freshmarket, Ltd. | 6,680 | 25,021 | ||||||||
# | Gav-Yam Lands Corp., Ltd. | 669,136 | 6,405,477 | |||||||
Gilat Satellite Networks, Ltd. | 236,247 | 2,393,567 | ||||||||
# | Hadera Paper, Ltd. | 21,885 | 1,631,318 | |||||||
Harel Insurance Investments & Financial Services, Ltd. | 673,667 | 6,676,144 | ||||||||
Hilan, Ltd. | 100,860 | 4,864,485 | ||||||||
IDI Insurance Co., Ltd. | 45,880 | 1,535,200 | ||||||||
IES Holdings, Ltd. | 322 | 23,069 | ||||||||
# | Ilex Medical, Ltd. | 1,832 | 58,685 | |||||||
Inrom Construction Industries, Ltd. | 359,755 | 1,655,784 | ||||||||
* | Isracard, Ltd. | 28,931 | 118,595 | |||||||
Israel Canada T.R, Ltd. | 131,507 | 534,941 | ||||||||
# | Israel Land Development - Urban Renewal, Ltd. | 47,359 | 611,093 | |||||||
Isras Investment Co., Ltd. | 5,793 | 1,335,605 | ||||||||
* | Issta Lines, Ltd. | 13,336 | 270,037 | |||||||
* | Itamar Medical, Ltd. | 16,668 | 13,148 | |||||||
# * | Kamada, Ltd. | 212,977 | 1,249,460 | |||||||
Kenon Holdings, Ltd. | 125,133 | 4,318,336 | ||||||||
Kerur Holdings, Ltd. | 32,169 | 973,103 | ||||||||
Klil Industries, Ltd. | 5,696 | 553,210 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
ISRAEL — (Continued) | ||||||||||
# | Magic Software Enterprises, Ltd. | 134,651 | $ | 2,171,770 | ||||||
Malam - Team, Ltd. | 5,575 | 191,200 | ||||||||
Matrix IT, Ltd. | 220,574 | 5,963,903 | ||||||||
Maytronics, Ltd. | 243,804 | 5,081,702 | ||||||||
Mediterranean Towers, Ltd. | 416,465 | 1,231,367 | ||||||||
Mega Or Holdings, Ltd. | 81,523 | 2,625,231 | ||||||||
* | Mehadrin, Ltd. | 1,666 | 72,419 | |||||||
Meitav Dash Investments, Ltd. | 129,716 | 716,346 | ||||||||
Menora Mivtachim Holdings, Ltd. | 183,161 | 3,624,043 | ||||||||
* | Migdal Insurance & Financial Holdings, Ltd. | 2,587,188 | 3,564,540 | |||||||
# * | Minrav Holdings, Ltd. | 263 | 57,912 | |||||||
Mivne Real Estate KD, Ltd. | 451,461 | 1,309,031 | ||||||||
# | Mivtach Shamir Holdings, Ltd. | 27,751 | 1,055,583 | |||||||
* | Mizrahi Tefahot Bank, Ltd. | 1 | 32 | |||||||
# * | Naphtha Israel Petroleum Corp., Ltd. | 244,337 | 1,138,779 | |||||||
# | Nawi Brothers, Ltd. | 120,452 | 918,961 | |||||||
* | Neto Malinda Trading, Ltd. | 541 | 13,281 | |||||||
Neto ME Holdings, Ltd. | 9,852 | 462,917 | ||||||||
* | Nova Measuring Instruments, Ltd. | 124,709 | 12,824,044 | |||||||
Novolog, Ltd. | 63,108 | 58,043 | ||||||||
NR Spuntech Industries, Ltd. | 76,176 | 205,578 | ||||||||
# * | Oil Refineries, Ltd. | 10,867,813 | 2,801,406 | |||||||
One Software Technologies, Ltd. | 20,820 | 312,262 | ||||||||
# * | OPC Energy, Ltd. | 71,531 | 698,497 | |||||||
* | Partner Communications Co., Ltd. | 814,741 | 3,731,287 | |||||||
# | Paz Oil Co., Ltd. | 58,541 | 7,186,836 | |||||||
* | Perion Network, Ltd. | 36,185 | 801,924 | |||||||
# | Plasson Industries, Ltd. | 20,201 | 1,118,358 | |||||||
* | Pluristem Therapeutics, Inc. | 3,536 | 14,072 | |||||||
Prashkovsky Investments and Construction, Ltd. | 974 | 28,033 | ||||||||
Priortech, Ltd. | 1,827 | 49,343 | ||||||||
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd. | 51,193 | 3,367,817 | ||||||||
Scope Metals Group, Ltd. | 47,147 | 1,427,220 | ||||||||
* | Shikun & Binui, Ltd. | 22,856 | 147,774 | |||||||
Shufersal, Ltd. | 329,704 | 2,624,866 | ||||||||
* | Summit Real Estate Holdings, Ltd. | 215,385 | 3,245,231 | |||||||
* | Suny Cellular Communication, Ltd. | 312,529 | 139,706 | |||||||
Tadiran Holdings, Ltd. | 15,765 | 1,871,345 | ||||||||
Tel Aviv Stock Exchange, Ltd. | 4,097 | 25,306 | ||||||||
# | Victory Supermarket Chain, Ltd. | 1,248 | 25,695 | |||||||
YH Dimri Construction & Development, Ltd. | 12,948 | 772,023 | ||||||||
TOTAL ISRAEL | 200,818,675 | |||||||||
ITALY — (8.3%) | ||||||||||
A2A SpA | 9,901,410 | 20,253,377 | ||||||||
ACEA SpA | 363,526 | 8,404,528 | ||||||||
* | Aeffe SpA | 177,250 | 331,312 | |||||||
Anima Holding SpA | 2,113,949 | 10,520,372 | ||||||||
* | Aquafil SpA | 83,333 | 656,463 | |||||||
* | Arnoldo Mondadori Editore SpA | 904,095 | 1,724,801 | |||||||
Ascopiave SpA | 477,634 | 2,011,928 | ||||||||
* | Autogrill SpA | 1,174,177 | 8,616,924 | |||||||
Autostrade Meridionali SpA | 3,917 | 136,963 | ||||||||
Avio SpA | 104,775 | 1,547,223 | ||||||||
Azimut Holding SpA | 750,774 | 18,257,514 | ||||||||
B&C Speakers SpA | 11,944 | 170,537 | ||||||||
# * | Banca Carige SpA | 148,412 | 49,274 | |||||||
* | Banca Generali SpA | 380,163 | 16,240,770 | |||||||
Banca IFIS SpA | 158,713 | 2,524,623 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
ITALY — (Continued) | ||||||||||
Banca Mediolanum SpA | 164,194 | $ | 1,599,119 | |||||||
# * | Banca Monte dei Paschi di Siena SpA | 213,039 | 292,311 | |||||||
Banca Popolare di Sondrio SCPA | 2,889,121 | 12,551,836 | ||||||||
Banca Profilo SpA | 1,711,765 | 430,657 | ||||||||
# * | Banca Sistema SpA | 414,926 | 1,009,232 | |||||||
# | Banco BPM SpA | 10,026,255 | 32,319,368 | |||||||
Banco di Desio e della Brianza SpA | 238,796 | 895,519 | ||||||||
Be Shaping The Future SpA | 533,191 | 1,089,218 | ||||||||
BFF Bank SpA | 776,751 | 7,786,376 | ||||||||
* | Biesse SpA | 25,708 | 860,797 | |||||||
BPER Banca | 6,140,387 | 13,387,524 | ||||||||
* | Brunello Cucinelli SpA | 234,739 | 13,750,386 | |||||||
Buzzi Unicem SpA | 586,452 | 15,579,893 | ||||||||
Cairo Communication SpA | 302,859 | 610,622 | ||||||||
Carel Industries SpA | 12,520 | 300,987 | ||||||||
Cementir Holding NV | 339,284 | 3,463,336 | ||||||||
* | Cerved Group SpA | 1,075,914 | 12,511,438 | |||||||
# * | CIR SpA-Compagnie Industriali | 5,397,867 | 3,236,661 | |||||||
Credito Emiliano SpA | 546,899 | 3,277,629 | ||||||||
* | d’Amico International Shipping SA | 1,821,713 | 222,600 | |||||||
Danieli & C Officine Meccaniche SpA | 47,177 | 813,252 | ||||||||
Danieli & C Officine Meccaniche SpA | 102,606 | 2,707,971 | ||||||||
De’ Longhi SpA | 381,561 | 16,631,591 | ||||||||
DeA Capital SpA | 690,835 | 1,066,755 | ||||||||
Digital Bros SpA | 12,500 | 365,968 | ||||||||
* | doValue SpA | 4,218 | 46,441 | |||||||
* | Elica SpA | 166,709 | 697,694 | |||||||
* | Emak SpA | 388,913 | 799,568 | |||||||
ERG SpA | 358,685 | 10,638,490 | ||||||||
Esprinet SpA | 221,349 | 3,890,573 | ||||||||
# * | Eurotech SpA | 216,751 | 1,180,658 | |||||||
Fila SpA | 142,640 | 1,818,708 | ||||||||
* | Fincantieri SpA | 3,504,948 | 3,167,540 | |||||||
# | Finmatica SpA | 5,960 | 0 | |||||||
* | FNM SpA | 1,412,345 | 1,018,222 | |||||||
Freni Brembo SpA | 585,349 | 7,417,975 | ||||||||
# | Gefran SpA | 35,925 | 380,959 | |||||||
# * | Geox SpA | 512,065 | 668,430 | |||||||
Gruppo MutuiOnline SpA | 165,528 | 7,894,778 | ||||||||
Hera SpA | 4,939,246 | 20,419,489 | ||||||||
* | Illimity Bank SpA | 82,244 | 1,148,421 | |||||||
* | IMMSI SpA | 987,338 | 628,886 | |||||||
# * | Intek Group SpA | 1,885,608 | 828,395 | |||||||
Interpump Group SpA | 51,770 | 3,071,535 | ||||||||
Iren SpA | 4,259,847 | 12,157,850 | ||||||||
Italgas SpA | 3,321,510 | 21,726,642 | ||||||||
Italmobiliare SpA | 76,176 | 2,752,131 | ||||||||
* | IVS Group SA | 58,424 | 422,551 | |||||||
# * | Juventus Football Club SpA | 2,997,765 | 2,568,511 | |||||||
La Doria SpA | 86,202 | 1,946,683 | ||||||||
* | Leonardo SpA | 996,204 | 8,060,653 | |||||||
LU-VE SpA | 5,064 | 102,170 | ||||||||
# | Maire Tecnimont SpA | 977,846 | 3,579,532 | |||||||
# * | Mariella Burani Fashion Group S.p.A. | 22,744 | 0 | |||||||
* | Mediaset SpA | 3,564,565 | 12,877,318 | |||||||
Openjobmetis SpA agenzia per il lavoro | 63,025 | 733,107 | ||||||||
* | OVS SpA | 1,117,265 | 2,119,561 | |||||||
Piaggio & C SpA | 1,243,896 | 4,896,919 | ||||||||
# * | Pirelli & C SpA | 2,304,139 | 13,398,714 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
ITALY — (Continued) | ||||||||||
# * | Prima Industrie SpA | 32,067 | $ | 839,481 | ||||||
Prysmian SpA | 367,783 | 13,198,280 | ||||||||
RAI Way SpA | 581,655 | 3,501,634 | ||||||||
Reno de Medici SpA | 1,173,753 | 1,910,607 | ||||||||
Reply SpA | 142,692 | 23,435,915 | ||||||||
Rizzoli Corriere Della Sera Mediagroup SpA | 956,821 | 803,577 | ||||||||
Sabaf SpA | 49,948 | 1,528,646 | ||||||||
* | Safilo Group SpA | 1 | 2 | |||||||
# | Saipem SpA | 3,647,848 | 8,850,673 | |||||||
# * | Saras SpA | 3,543,720 | 2,969,072 | |||||||
Servizi Italia SpA | 50,192 | 132,713 | ||||||||
* | Sesa SpA | 50,391 | 8,435,972 | |||||||
* | Societa Cattolica di Assicurazioni SC | 787,824 | 6,550,140 | |||||||
* | Sogefi SpA | 332,859 | 541,415 | |||||||
SOL SpA | 163,603 | 3,300,583 | ||||||||
Tamburi Investment Partners SpA | 805,040 | 7,902,524 | ||||||||
Technogym SpA | 646,381 | 8,259,053 | ||||||||
* | Tinexta S.p.A. | 122,766 | 4,780,506 | |||||||
# * | Tiscali SpA | 2,577,711 | 52,627 | |||||||
* | Tod’s SpA | 60,475 | 4,111,228 | |||||||
TXT e-solutions SpA | 45,466 | 419,585 | ||||||||
* | Unieuro SpA | 78,208 | 2,265,955 | |||||||
Unipol Gruppo SpA | 2,915,912 | 15,901,088 | ||||||||
# | Webuild SpA | 1,282,257 | 3,405,778 | |||||||
Zignago Vetro SpA | 181,037 | 3,609,802 | ||||||||
TOTAL ITALY | 517,973,615 | |||||||||
LUXEMBOURG — (0.0%) | ||||||||||
* | Global Fashion Group SA | 10,746 | 162,519 | |||||||
NETHERLANDS — (6.8%) | ||||||||||
Aalberts NV | 691,302 | 37,233,280 | ||||||||
* | Accell Group NV | 144,227 | 7,752,571 | |||||||
* | AFC Ajax NV | 13,955 | 247,883 | |||||||
# | AMG Advanced Metallurgical Group NV | 187,187 | 6,418,526 | |||||||
Amsterdam Commodities NV | 72,011 | 1,955,627 | ||||||||
APERAM SA | 327,717 | 16,830,251 | ||||||||
Arcadis NV | 528,421 | 21,666,797 | ||||||||
ASR Nederland NV | 808,010 | 31,287,361 | ||||||||
* | Avantium N.V. | 1,640 | 9,358 | |||||||
B&S Group Sarl | 1,733 | 17,846 | ||||||||
# * | Basic-Fit NV | 195,489 | 8,386,022 | |||||||
BE Semiconductor Industries NV | 452,964 | 38,600,576 | ||||||||
* | Beter Bed Holding NV | 18,239 | 174,713 | |||||||
Boskalis Westminster | 593,056 | 19,060,828 | ||||||||
Brunel International NV | 155,477 | 2,017,304 | ||||||||
Corbion NV | 406,829 | 23,297,413 | ||||||||
Flow Traders | 223,910 | 9,635,865 | ||||||||
ForFarmers NV | 214,677 | 1,268,845 | ||||||||
# * | Fugro NV | 478,973 | 4,590,678 | |||||||
* | GrandVision NV | 173,216 | 5,792,481 | |||||||
Heijmans NV | 154,345 | 2,362,595 | ||||||||
* | Hunter Douglas NV | 25,613 | 2,801,015 | |||||||
IMCD NV | 268,218 | 42,736,488 | ||||||||
* | Intertrust NV | 466,539 | 8,406,482 | |||||||
Kendrion NV | 97,269 | 2,656,787 | ||||||||
* | Koninklijke BAM Groep NV | 1,732,479 | 4,825,015 | |||||||
Koninklijke Vopak NV | 50,053 | 2,275,301 | ||||||||
# * | Lucas Bols NV | 23,064 | 288,115 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
NETHERLANDS — (Continued) | ||||||||||
Nedap N.V. | 33,400 | $ | 2,304,021 | |||||||
* | OCI NV | 338,820 | 8,267,666 | |||||||
Ordina NV | 625,125 | 2,810,202 | ||||||||
# | PostNL NV | 3,590,325 | 19,507,587 | |||||||
SBM Offshore NV | 1,117,355 | 16,999,271 | ||||||||
# | SIF Holding NV | 34,182 | 599,353 | |||||||
Signify NV | 667,052 | 42,343,048 | ||||||||
* | Sligro Food Group NV | 166,461 | 4,896,380 | |||||||
# | SNS NV | 705,718 | 0 | |||||||
# | TKH Group NV | 267,721 | 13,527,505 | |||||||
* | TomTom NV | 483,754 | 4,056,777 | |||||||
* | Van Lanschot Kempen NV | 92,511 | 2,355,300 | |||||||
TOTAL NETHERLANDS | 420,263,133 | |||||||||
NORWAY — (2.3%) | ||||||||||
ABG Sundal Collier Holding ASA | 2,446,501 | 2,796,263 | ||||||||
AF Gruppen ASA | 36,083 | 795,594 | ||||||||
# * | Akastor ASA | 766,612 | 569,938 | |||||||
# * | Aker Solutions ASA | 1,549,576 | 2,886,696 | |||||||
American Shipping Co. ASA | 236,690 | 848,265 | ||||||||
* | ArcticZymes Technologies ASA | 24,862 | 266,231 | |||||||
# | Arendals Fossekompani A.S. | 2,250 | 78,192 | |||||||
* | Asetek A/S | 14,779 | 167,407 | |||||||
Atea ASA | 403,216 | 7,844,019 | ||||||||
# * | Atlantic Sapphire ASA | 52,305 | 552,450 | |||||||
Austevoll Seafood ASA | 96,131 | 1,193,171 | ||||||||
# | Avance Gas Holding, Ltd. | 393,737 | 1,772,526 | |||||||
# * | Axactor SE | 946,461 | 1,137,394 | |||||||
* | B2Holding ASA | 1,390,160 | 1,591,718 | |||||||
Bonheur ASA | 146,347 | 4,138,182 | ||||||||
# * | Borr Drilling, Ltd. | 65,386 | 54,055 | |||||||
Borregaard ASA | 596,546 | 13,026,911 | ||||||||
Bouvet ASA | 17,000 | 120,998 | ||||||||
* | BW Energy, Ltd. | 232,103 | 705,831 | |||||||
BW LPG, Ltd. | 662,186 | 4,279,838 | ||||||||
BW Offshore, Ltd. | 759,145 | 2,714,696 | ||||||||
* | Crayon Group Holding ASA | 39,665 | 579,765 | |||||||
# * | DNO ASA | 3,329,878 | 3,882,487 | |||||||
Europris ASA | 1,186,781 | 7,442,225 | ||||||||
# | Fjordkraft Holding ASA | 7,006 | 41,652 | |||||||
FLEX LNG, Ltd. | 200,332 | 2,896,368 | ||||||||
# | Frontline, Ltd. | 457,070 | 4,132,560 | |||||||
* | Golden Ocean Group, Ltd. | 274,826 | 3,036,647 | |||||||
# * | Grieg Seafood ASA | 346,230 | 3,568,602 | |||||||
* | Hexagon Composites ASA | 640,597 | 2,775,658 | |||||||
# * | IDEX Biometrics ASA | 560,544 | 139,723 | |||||||
Kid ASA | 7,811 | 96,585 | ||||||||
Kitron ASA | 108,070 | 249,330 | ||||||||
Komplett Bank ASA | 33,724 | 34,347 | ||||||||
# * | Kongsberg Automotive ASA | 2,241,997 | 719,731 | |||||||
Magnora ASA | 5,528 | 11,239 | ||||||||
Medistim ASA | 255 | 7,548 | ||||||||
* | Next Biometrics Group A.S. | 125,389 | 101,051 | |||||||
# * | Nordic Nanovector ASA | 353,849 | 1,071,658 | |||||||
# * | Nordic Semiconductor ASA | 399,586 | 10,130,858 | |||||||
Norske Skog ASA | 6,334 | 25,690 | ||||||||
Norway Royal Salmon ASA | 93,951 | 1,882,806 | ||||||||
* | Norwegian Energy Co. ASA | 2,292 | 36,474 | |||||||
Norwegian Finans Holding ASA | 672,342 | 7,573,736 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
NORWAY — (Continued) | ||||||||||
Norwegian Property ASA | 50,689 | $ | 87,910 | |||||||
* | NRC Group ASA | 6,559 | 12,703 | |||||||
# | Ocean Yield ASA | 345,447 | 1,194,208 | |||||||
* | Odfjell Drilling, Ltd. | 586,600 | 1,629,781 | |||||||
* | Odfjell SE, Class A | 137,586 | 503,104 | |||||||
* | Olav Thon Eiendomsselskap ASA | 107,573 | 2,225,205 | |||||||
# * | Otello Corp. ASA | 571,363 | 2,129,431 | |||||||
* | Panoro Energy ASA | 51,126 | 140,749 | |||||||
Pareto Bank ASA | 14,702 | 88,824 | ||||||||
* | PCI Biotech Holding ASA | 15,812 | 49,777 | |||||||
# * | PGS ASA | 1,907,777 | 1,001,572 | |||||||
* | PhotoCure ASA | 5,202 | 82,328 | |||||||
# * | poLight ASA | 920 | 19,382 | |||||||
Protector Forsikring ASA | 438,078 | 4,211,661 | ||||||||
* | Q-Free ASA | 32,883 | 40,093 | |||||||
# * | REC Silicon ASA | 1,473,908 | 3,217,695 | |||||||
* | SATS ASA | 14,064 | 33,510 | |||||||
Sbanken ASA | 486,979 | 6,067,065 | ||||||||
Selvaag Bolig ASA | 309,083 | 2,136,026 | ||||||||
* | Solon Eiendom ASA | 56,855 | 244,956 | |||||||
Sparebank 1 Oestlandet | 4,393 | 60,722 | ||||||||
SpareBank 1 SR-Bank ASA | 4,960 | 65,517 | ||||||||
Stolt-Nielsen, Ltd. | 195,297 | 2,854,905 | ||||||||
TGS ASA | 137,224 | 1,749,825 | ||||||||
Treasure ASA | 314,079 | 607,453 | ||||||||
* | Ultimovacs ASA | 10,013 | 84,958 | |||||||
Veidekke ASA | 640,408 | 8,569,944 | ||||||||
* | Wallenius Wilhelmsen ASA | 401,589 | 1,398,699 | |||||||
Wilh Wilhelmsen Holding ASA, Class A | 68,304 | 1,443,583 | ||||||||
* | XXL ASA | 631,470 | 1,338,038 | |||||||
TOTAL NORWAY | 141,266,739 | |||||||||
PORTUGAL — (0.7%) | ||||||||||
# | Altri SGPS SA | 537,332 | 3,341,469 | |||||||
# * | Banco Comercial Portugues SA, Class R | 46,192,622 | 7,409,131 | |||||||
Banco Espirito Santo SA | 4,777,921 | 0 | ||||||||
Corticeira Amorim SGPS SA | 27,400 | 344,725 | ||||||||
# | CTT-Correios de Portugal SA | 665,115 | 3,809,021 | |||||||
* | Ibersol SGPS SA | 40,114 | 285,533 | |||||||
# * | Mota-Engil SGPS SA | 641,747 | 1,064,465 | |||||||
# | Navigator Co. SA (The) | 1,800,880 | 6,168,016 | |||||||
NOS SGPS SA | 1,704,809 | 5,968,681 | ||||||||
# * | Novabase SGPS SA | 72,649 | 358,173 | |||||||
REN - Redes Energeticas Nacionais SGPS SA | 2,968,766 | 8,235,159 | ||||||||
Sonae SGPS SA | 6,333,946 | 6,023,485 | ||||||||
TOTAL PORTUGAL | 43,007,858 | |||||||||
SPAIN — (5.3%) | ||||||||||
# | Acciona SA | 89,545 | 13,523,812 | |||||||
# | Acerinox SA | 1,140,518 | 13,809,994 | |||||||
# * | Adveo Group International SA | 84,445 | 9,102 | |||||||
* | Aedas Homes SA | 7,008 | 193,923 | |||||||
Alantra Partners SA | 70,405 | 1,244,509 | ||||||||
Almirall SA | 440,155 | 7,685,122 | ||||||||
# * | Amper SA | 5,445,967 | 1,125,171 | |||||||
* | Applus Services SA | 911,014 | 8,900,316 | |||||||
# * | Atresmedia Corp. de Medios de Comunicacion SA | 512,148 | 2,244,811 | |||||||
# * | Azkoyen SA | 67,253 | 468,903 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
SPAIN — (Continued) | ||||||||||
* | Banco de Sabadell SA | 27,006,041 | $ | 18,437,355 | ||||||
Bankinter SA | 3,802,314 | 19,129,609 | ||||||||
# * | Caja de Ahorros del Mediterraneo | 116,412 | 0 | |||||||
Cia de Distribucion Integral Logista Holdings SA | 357,479 | 7,349,931 | ||||||||
# | CIE Automotive SA | 401,403 | 11,886,516 | |||||||
Construcciones y Auxiliar de Ferrocarriles SA | 129,621 | 5,473,219 | ||||||||
* | Deoleo SA | 37,749 | 16,040 | |||||||
* | Distribuidora Internacional de Alimentacion SA | 429,110 | 34,575 | |||||||
Ebro Foods SA | 529,626 | 11,132,582 | ||||||||
# * | eDreams ODIGEO SA | 427,530 | 3,448,950 | |||||||
Elecnor SA | 200,108 | 2,585,708 | ||||||||
# | Enagas SA | 695,401 | 16,072,758 | |||||||
* | Ence Energia y Celulosa SA | 988,129 | 4,021,653 | |||||||
* | Ercros SA | 643,000 | 2,560,553 | |||||||
Euskaltel SA | 547,956 | 7,137,265 | ||||||||
Faes Farma SA | 2,022,017 | 8,071,966 | ||||||||
Fluidra SA | 324,873 | 12,907,055 | ||||||||
Fomento de Construcciones y Contratas SA | 348,032 | 4,044,428 | ||||||||
# * | Gestamp Automocion SA | 461,638 | 2,448,323 | |||||||
Global Dominion Access SA | 695,411 | 3,608,845 | ||||||||
Grupo Catalana Occidente SA | 271,298 | 10,481,607 | ||||||||
Grupo Empresarial San Jose SA | 151,317 | 935,286 | ||||||||
# * | Grupo Ezentis SA | 1,629,459 | 695,874 | |||||||
Iberpapel Gestion SA | 47,911 | 1,016,455 | ||||||||
# * | Indra Sistemas SA | 856,710 | 7,827,784 | |||||||
# | Laboratorio Reig Jofre SA | 14,574 | 86,047 | |||||||
Laboratorios Farmaceuticos Rovi SA | 81,303 | 5,634,029 | ||||||||
Liberbank SA | 12,438,498 | 4,568,871 | ||||||||
* | Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 3,802,314 | 7,966,686 | |||||||
Mapfre SA | 734,048 | 1,552,874 | ||||||||
* | Mediaset Espana Comunicacion SA | 1,072,499 | 6,714,749 | |||||||
# * | Melia Hotels International SA | 706,277 | 5,238,044 | |||||||
Metrovacesa S.A. | 28,169 | 223,664 | ||||||||
Miquel y Costas & Miquel SA | 142,055 | 2,754,624 | ||||||||
# | Neinor Homes SA | 69,192 | 935,603 | |||||||
# * | Obrascon Huarte Lain SA | 1,213,629 | 949,989 | |||||||
* | Oryzon Genomics SA | 35,547 | 163,591 | |||||||
Pharma Mar SA | 53,097 | 4,786,091 | ||||||||
Prim SA | 40,283 | 546,587 | ||||||||
* | Promotora de Informaciones SA, Class A | 1,752,528 | 1,602,860 | |||||||
# | Prosegur Cash SA | 158,555 | 161,657 | |||||||
Prosegur Cia de Seguridad SA | 1,584,655 | 5,186,254 | ||||||||
* | Realia Business SA | 1,667,905 | 1,393,226 | |||||||
Renta 4 Banco SA | 442 | 4,366 | ||||||||
Sacyr SA | 2,889,691 | 7,356,067 | ||||||||
* | Solaria Energia y Medio Ambiente SA | 395,783 | 7,159,215 | |||||||
* | Solarpack Corp. Tecnologica SA | 3,377 | 105,039 | |||||||
* | Talgo SA | 587,102 | 3,323,554 | |||||||
* | Tecnicas Reunidas SA | 188,993 | 2,396,367 | |||||||
# * | Tubacex SA | 692,872 | 1,226,093 | |||||||
Unicaja Banco SA | 2,748,739 | 2,820,692 | ||||||||
Vidrala SA | 122,984 | 14,685,671 | ||||||||
# | Viscofan SA | 280,336 | 19,540,339 | |||||||
* | Vocento SA | 352,577 | 468,855 | |||||||
Zardoya Otis SA | 1,131,276 | 7,806,455 | ||||||||
TOTAL SPAIN | 327,888,159 | |||||||||
SWEDEN — (8.9%) | ||||||||||
AcadeMedia AB | 415,939 | 3,932,719 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
SWEDEN — (Continued) | ||||||||||
Adapteo Oyj | 280,480 | $ | 5,382,636 | |||||||
AddLife AB, Class B | 251,737 | 7,738,728 | ||||||||
AddNode Group AB | 86,417 | 3,181,203 | ||||||||
AddTech AB, Class B | 727,828 | 12,081,945 | ||||||||
* | AF Poyry AB | 402,438 | 13,243,319 | |||||||
Alimak Group AB | 253,043 | 4,128,995 | ||||||||
# | Ambea AB | 142,867 | 1,064,184 | |||||||
* | Annehem Fastigheter AB, Class B | 126,142 | 480,623 | |||||||
* | Arise AB | 70,657 | 360,495 | |||||||
Arjo AB, Class B | 1,036,474 | 10,683,947 | ||||||||
Atrium Ljungberg AB, Class B | 236,836 | 5,391,049 | ||||||||
* | Attendo AB | 714,039 | 3,268,081 | |||||||
Avanza Bank Holding AB | 114,164 | 3,561,795 | ||||||||
* | Balco Group AB | 979 | 12,352 | |||||||
Beijer Alma AB | 282,919 | 5,636,248 | ||||||||
* | Beijer Electronics Group AB | 93,898 | 539,525 | |||||||
Bergman & Beving AB | 193,579 | 3,000,678 | ||||||||
Bergs Timber AB, Class B | 62,277 | 37,711 | ||||||||
Besqab AB | 21,962 | 439,782 | ||||||||
Betsson AB, Class B | 925,914 | 7,554,488 | ||||||||
* | Better Collective A/S | 33,607 | 797,698 | |||||||
* | BHG Group AB | 186,594 | 3,610,260 | |||||||
Bilia AB, Class A | 620,818 | 13,162,452 | ||||||||
BillerudKorsnas AB | 29,579 | 587,281 | ||||||||
BioGaia AB, Class B | 121,272 | 6,749,586 | ||||||||
Biotage AB | 390,521 | 9,247,616 | ||||||||
Bjorn Borg AB | 13,009 | 45,326 | ||||||||
Bonava AB, Class B | 474,123 | 5,220,244 | ||||||||
* | Boozt AB | 138,771 | 3,050,530 | |||||||
Bravida Holding AB | 816,591 | 11,820,426 | ||||||||
Bufab AB | 215,726 | 5,976,683 | ||||||||
Bulten AB | 115,761 | 1,390,435 | ||||||||
Bure Equity AB | 377,102 | 16,301,717 | ||||||||
Byggmax Group AB | 356,302 | 3,230,777 | ||||||||
# * | Calliditas Therapeutics AB, Class B | 75,130 | 1,098,281 | |||||||
Catella AB | 25,263 | 83,005 | ||||||||
Catena AB | 152,830 | 8,174,225 | ||||||||
# * | Catena Media P.L.C. | 117,350 | 939,034 | |||||||
* | Cavotec SA | 79,682 | 219,746 | |||||||
Cellavision AB | 10,046 | 432,609 | ||||||||
* | Clas Ohlson AB, Class B | 160,145 | 1,651,574 | |||||||
Cloetta AB, Class B | 1,667,395 | 4,977,880 | ||||||||
* | Collector AB | 134,446 | 573,480 | |||||||
Concentric AB | 354,479 | 7,286,653 | ||||||||
# | Coor Service Management Holding AB | 270,442 | 2,143,522 | |||||||
Corem Property Group AB, Class B | 4,350,002 | 9,856,080 | ||||||||
Dios Fastigheter AB | 767,655 | 7,947,440 | ||||||||
* | Doro AB | 155,569 | 1,052,124 | |||||||
* | Duni AB | 215,342 | 2,785,174 | |||||||
# | Dustin Group AB | 450,607 | 5,948,993 | |||||||
Eastnine AB | 126,421 | 1,972,576 | ||||||||
Elanders AB, Class B | 54,920 | 1,055,271 | ||||||||
* | Electrolux Professional AB, Class B | 150,340 | 1,065,810 | |||||||
* | Eltel AB | 206,068 | 535,441 | |||||||
* | Enea AB | 102,697 | 2,473,476 | |||||||
# | Eolus Vind AB, Class B | 25,899 | 608,702 | |||||||
eWork Group AB | 32,666 | 375,739 | ||||||||
Fagerhult AB | 293,570 | 2,353,579 | ||||||||
# | FastPartner AB, Class A | 1,130 | 13,113 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
SWEDEN — (Continued) | ||||||||||
# | Fenix Outdoor International AG | 19,485 | $ | 2,732,722 | ||||||
Ferronordic AB | 1,301 | 34,272 | ||||||||
* | Fingerprint Cards AB, Class B | 634,700 | 2,423,982 | |||||||
# | G5 Entertainment AB | 14,895 | 916,570 | |||||||
GARO AB | 1,190 | 16,406 | ||||||||
GHP Specialty Care AB | 41,172 | 142,448 | ||||||||
Granges AB | 793,999 | 11,028,077 | ||||||||
* | Haldex AB | 319,054 | 2,112,802 | |||||||
Heba Fastighets AB, Class B | 134,907 | 2,081,777 | ||||||||
Hexatronic Group AB | 18,571 | 278,410 | ||||||||
HMS Networks AB | 121,137 | 5,124,474 | ||||||||
* | Hoist Finance AB | 461,349 | 1,875,625 | |||||||
Hufvudstaden AB, Class A | 3,030 | 51,517 | ||||||||
* | Humana AB | 122,339 | 960,407 | |||||||
* | IAR Systems Group AB | 1,213 | 19,871 | |||||||
# * | Immunovia AB | 8,077 | 94,168 | |||||||
Instalco AB | 55,550 | 2,305,622 | ||||||||
# * | International Petroleum Corp. | 61,606 | 283,580 | |||||||
INVISIO AB | 555 | 12,236 | ||||||||
Inwido AB | 457,409 | 7,909,406 | ||||||||
JM AB | 481,244 | 16,635,026 | ||||||||
* | John Mattson Fastighetsforetagen AB | 4,521 | 82,590 | |||||||
Karnov Group AB | 24,623 | 151,509 | ||||||||
* | Karo Pharma AB | 8,362 | 53,547 | |||||||
Kindred Group P.L.C. | 1,227,634 | 19,259,660 | ||||||||
KNOW IT AB | 198,924 | 6,521,393 | ||||||||
# | Kungsleden AB | 1,416,636 | 17,145,901 | |||||||
Lagercrantz Group AB, Class B | 1,384,344 | 15,056,568 | ||||||||
LeoVegas AB | 272,442 | 1,210,370 | ||||||||
Lime Technologies AB | 8,087 | 307,828 | ||||||||
Lindab International AB | 580,067 | 13,540,786 | ||||||||
Loomis AB | 357,375 | 11,180,041 | ||||||||
* | Medcap AB | 4,211 | 104,348 | |||||||
Medicover AB, Class B | 31,568 | 865,848 | ||||||||
* | Mekonomen AB | 281,075 | 4,644,486 | |||||||
Midsona AB, Class B | 8,545 | 70,724 | ||||||||
MIPS AB | 19,191 | 1,650,655 | ||||||||
* | Modern Times Group MTG AB, Class B | 434,021 | 5,868,211 | |||||||
Momentum Group AB, Class B | 139,655 | 2,849,283 | ||||||||
Munters Group AB | 1,207 | 10,796 | ||||||||
Mycronic AB | 391,890 | 11,828,372 | ||||||||
NCAB Group AB | 1,185 | 61,945 | ||||||||
NCC AB, Class B | 236,798 | 4,042,439 | ||||||||
* | Nederman Holding AB | 30,189 | 597,857 | |||||||
* | Nelly Group AB | 47,409 | 184,266 | |||||||
* | Net Insight AB, Class B | 1,267,535 | 435,189 | |||||||
* | New Wave Group AB, Class B | 426,925 | 5,414,433 | |||||||
Nobia AB | 852,732 | 7,271,752 | ||||||||
* | Nobina AB | 732,991 | 6,658,372 | |||||||
Nolato AB, Class B | 1,585,230 | 15,613,402 | ||||||||
* | Nordic Entertainment Group AB, Class B | 3,922 | 172,997 | |||||||
Nordic Waterproofing Holding AB | 66,975 | 1,445,054 | ||||||||
NP3 Fastigheter AB | 155,617 | 3,047,793 | ||||||||
Nyfosa AB | 1,249,698 | 16,902,529 | ||||||||
OEM International AB, Class B | 143,694 | 2,153,193 | ||||||||
* | Pandox AB | 262,564 | 4,373,313 | |||||||
Peab AB, Class B | 516,187 | 6,379,383 | ||||||||
Platzer Fastigheter Holding AB, Class B | 250,352 | 3,794,706 | ||||||||
Pricer AB, Class B | 892,974 | 3,306,015 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
SWEDEN — (Continued) | ||||||||||
Proact IT Group AB | 186,907 | $ | 1,837,072 | |||||||
# * | Qliro AB | 70,318 | 310,394 | |||||||
# | Ratos AB, Class B | 1,541,107 | 9,349,515 | |||||||
* | RaySearch Laboratories AB | 160,684 | 1,642,233 | |||||||
Resurs Holding AB | 678,931 | 3,354,438 | ||||||||
* | Rottneros AB | 672,020 | 683,069 | |||||||
# * | SAS AB | 8,113,247 | 1,991,259 | |||||||
Scandi Standard AB | 397,762 | 2,664,112 | ||||||||
# * | Scandic Hotels Group AB | 355,642 | 1,390,411 | |||||||
Sectra AB, Class B | 115,969 | 8,977,559 | ||||||||
* | Semcon AB | 118,592 | 1,657,399 | |||||||
* | Sensys Gatso Group AB | 2,726,230 | 350,408 | |||||||
# * | SkiStar AB | 321,068 | 5,351,233 | |||||||
* | Starbreeze AB | 37,435 | 5,496 | |||||||
* | Systemair AB | 90,209 | 3,264,095 | |||||||
Tethys Oil AB | 86,203 | 589,615 | ||||||||
Troax Group AB | 214,262 | 6,999,637 | ||||||||
VBG Group AB, Class B | 26,732 | 551,378 | ||||||||
Vitec Software Group AB, Class B | 16,208 | 670,559 | ||||||||
Wihlborgs Fastigheter AB | 636,424 | 13,802,778 | ||||||||
TOTAL SWEDEN | 555,274,673 | |||||||||
SWITZERLAND — (14.2%) | ||||||||||
Allreal Holding AG | 112,905 | 22,224,176 | ||||||||
ALSO Holding AG | 44,564 | 12,863,942 | ||||||||
* | APG SGA SA | 8,849 | 2,169,506 | |||||||
Arbonia AG | 343,677 | 6,574,304 | ||||||||
* | Aryzta AG | 5,973,238 | 8,161,880 | |||||||
* | Ascom Holding AG | 163,952 | 2,709,695 | |||||||
* | Autoneum Holding AG | 21,144 | 3,950,920 | |||||||
Bachem Holding AG, Class B | 6,041 | 3,583,295 | ||||||||
Baloise Holding AG | 26,299 | 4,106,260 | ||||||||
Banque Cantonale de Geneve | 9,528 | 1,777,115 | ||||||||
Banque Cantonale du Jura SA | 3,848 | 224,602 | ||||||||
Banque Cantonale Vaudoise | 51,200 | 4,600,749 | ||||||||
Belimo Holding AG | 60,560 | 27,734,394 | ||||||||
Bell Food Group AG | 14,632 | 4,489,131 | ||||||||
Bellevue Group AG | �� | 57,974 | 2,508,194 | |||||||
Berner Kantonalbank AG | 28,933 | 6,458,830 | ||||||||
BKW AG | 150,820 | 15,708,472 | ||||||||
* | Bobst Group SA | 65,642 | 5,251,353 | |||||||
Bossard Holding AG, Class A | 42,851 | 13,095,022 | ||||||||
Bucher Industries AG | 54,197 | 28,380,069 | ||||||||
Burckhardt Compression Holding AG | 541 | 219,226 | ||||||||
Burkhalter Holding AG | 28,640 | 2,074,997 | ||||||||
Bystronic AG | 9,616 | 13,008,427 | ||||||||
Calida Holding AG | 33,135 | 1,254,404 | ||||||||
# * | Carlo Gavazzi Holding AG | 2,982 | 817,956 | |||||||
Cembra Money Bank AG | 187,433 | 21,028,235 | ||||||||
# | Cicor Technologies, Ltd. | 14,897 | 849,900 | |||||||
Cie Financiere Tradition SA | 10,803 | 1,343,568 | ||||||||
# | Clariant AG | 339,571 | 6,761,629 | |||||||
Coltene Holding AG | 26,808 | 3,635,388 | ||||||||
Comet Holding AG | 3,990 | 1,098,863 | ||||||||
* | COSMO Pharmaceuticals NV | 986 | 90,894 | |||||||
Daetwyler Holding AG | 7,324 | 2,475,941 | ||||||||
DKSH Holding AG | 225,777 | 17,296,379 | ||||||||
dormakaba Holding AG | 23,579 | 16,081,833 | ||||||||
* | Dottikon Es Holding AG | 1,430 | 392,601 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
SWITZERLAND — (Continued) | ||||||||||
* | Dufry AG | 308,204 | $ | 18,288,297 | ||||||
EFG International AG | 687,616 | 5,644,394 | ||||||||
Emmi AG | 15,057 | 15,450,938 | ||||||||
Energiedienst Holding AG | 83,637 | 3,211,401 | ||||||||
# * | Evolva Holding SA | 3,349,123 | 639,528 | |||||||
* | Feintool International Holding AG | 16,000 | 1,023,967 | |||||||
* | Flughafen Zurich AG | 126,351 | 20,916,537 | |||||||
Forbo Holding AG | 8,413 | 15,926,293 | ||||||||
Fundamenta Real Estate AG | 1,593 | 32,876 | ||||||||
Galenica AG | 62,567 | 4,417,191 | ||||||||
* | GAM Holding AG | 1,195,762 | 2,599,180 | |||||||
Georg Fischer AG | 31,470 | 46,733,202 | ||||||||
Gurit Holding AG | 3,022 | 6,596,523 | ||||||||
Helvetia Holding AG | 229,898 | 24,755,199 | ||||||||
Hiag Immobilien Holding AG | 20,400 | 2,246,900 | ||||||||
# * | HOCHDORF Holding AG | 6,697 | 416,622 | |||||||
Huber & Suhner AG | 94,378 | 7,980,073 | ||||||||
Hypothekarbank Lenzburg AG | 6 | 27,753 | ||||||||
* | Implenia AG | 120,182 | 3,127,400 | |||||||
* | Ina Invest Holding AG | 25,352 | 510,773 | |||||||
Inficon Holding AG | 14,229 | 16,456,871 | ||||||||
Interroll Holding AG | 4,787 | 18,984,025 | ||||||||
Intershop Holding AG | 10,420 | 6,845,462 | ||||||||
Investis Holding SA | 4,052 | 448,810 | ||||||||
* | Jungfraubahn Holding AG | 17,432 | 2,752,386 | |||||||
Kardex Holding AG | 47,102 | 10,902,000 | ||||||||
* | Komax Holding AG | 20,442 | 5,165,302 | |||||||
# | Kudelski SA | 217,692 | 979,713 | |||||||
Landis+Gyr Group AG | 60,448 | 4,221,793 | ||||||||
* | Lastminute.com NV | 23,689 | 1,035,528 | |||||||
LEM Holding SA | 3,875 | 8,125,806 | ||||||||
Liechtensteinische Landesbank AG | 64,323 | 3,675,626 | ||||||||
Luzerner Kantonalbank AG | 20,110 | 9,321,323 | ||||||||
* | Medacta Group SA | 1,398 | 183,672 | |||||||
* | Medartis Holding AG | 1,668 | 153,946 | |||||||
* | Meier Tobler Group AG | 45,826 | 805,643 | |||||||
Metall Zug AG | 1,092 | 2,454,446 | ||||||||
# * | Meyer Burger Technology AG | 2,931,882 | 1,810,957 | |||||||
* | Mikron Holding AG | 8,692 | 62,567 | |||||||
Mobilezone Holding AG | 282,325 | 3,322,471 | ||||||||
Mobimo Holding AG | 55,407 | 18,206,482 | ||||||||
OC Oerlikon Corp. AG | 1,593,497 | 17,696,395 | ||||||||
* | Orascom Development Holding AG | 93,520 | 1,244,254 | |||||||
# | Orell Fuessli AG | 5,028 | 531,003 | |||||||
Orior AG | 37,151 | 3,356,928 | ||||||||
Peach Property Group AG | 1,034 | 61,511 | ||||||||
Phoenix Mecano AG | 4,472 | 2,208,941 | ||||||||
Plazza AG, Class A | 6,895 | 2,415,325 | ||||||||
PSP Swiss Property AG | 322,767 | 40,984,586 | ||||||||
* | Rieter Holding AG | 20,000 | 3,915,637 | |||||||
Romande Energie Holding SA | 2,625 | 3,801,227 | ||||||||
# | Schaffner Holding AG | 3,363 | 1,104,756 | |||||||
Schweiter Technologies AG | 7,099 | 10,413,428 | ||||||||
# | Schweizerische Nationalbank | 23 | 131,844 | |||||||
* | Sensirion Holding AG | 6,167 | 494,649 | |||||||
SFS Group AG | 124,609 | 17,945,205 | ||||||||
Siegfried Holding AG | 31,383 | 29,451,400 | ||||||||
SIG Combibloc Group AG | 200,288 | 5,453,531 | ||||||||
Softwareone Holding AG | 73,209 | 1,731,972 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
SWITZERLAND — (Continued) | ||||||||||
St Galler Kantonalbank AG | 17,325 | $ | 7,700,564 | |||||||
Sulzer AG | 134,108 | 18,556,765 | ||||||||
Swiss Prime Site AG | 55,059 | 5,464,434 | ||||||||
# * | Swiss Steel Holding AG | 3,266,809 | 1,590,383 | |||||||
Swissquote Group Holding SA | 77,115 | 11,664,943 | ||||||||
Tecan Group AG | 5,405 | 2,678,282 | ||||||||
Thurgauer Kantonalbank | 3,152 | 364,730 | ||||||||
# * | Tornos Holding AG | 26,632 | 165,039 | |||||||
* | TX Group AG | 17,310 | 1,607,386 | |||||||
u-blox Holding AG | 45,291 | 3,331,537 | ||||||||
Valiant Holding AG | 107,176 | 10,634,900 | ||||||||
* | Valora Holding AG | 27,553 | 5,798,368 | |||||||
VAT Group AG | 161,138 | 53,587,903 | ||||||||
Vaudoise Assurances Holding SA | 6,746 | 3,501,074 | ||||||||
Vetropack Holding AG | 64,876 | 3,917,806 | ||||||||
# * | Von Roll Holding AG | 378,198 | 359,760 | |||||||
Vontobel Holding AG | 218,745 | 17,071,708 | ||||||||
VP Bank AG, Class A | 24,056 | 2,888,312 | ||||||||
VZ Holding AG | 90,005 | 7,621,224 | ||||||||
* | V-ZUG Holding AG | 10,820 | 1,665,130 | |||||||
Walliser Kantonalbank | 18,991 | 2,186,544 | ||||||||
Warteck Invest AG | 27 | 70,009 | ||||||||
# | Ypsomed Holding AG | 9,183 | 1,430,649 | |||||||
Zehnder Group AG | 82,191 | 7,848,115 | ||||||||
Zug Estates Holding AG, Class B | 1,186 | 2,550,938 | ||||||||
Zuger Kantonalbank AG | 700 | 5,219,856 | ||||||||
TOTAL SWITZERLAND | 883,880,977 | |||||||||
UNITED STATES — (0.0%) | ||||||||||
# * | Arko Corp. | 135,431 | 1,232,001 | |||||||
TOTAL COMMON STOCKS | 5,862,860,989 | |||||||||
PREFERRED STOCKS — (0.0%) | ||||||||||
GERMANY — (0.0%) | ||||||||||
Biotest AG | 98,343 | 3,906,759 | ||||||||
Draegerwerk AG & Co. KGaA | 60,431 | 5,720,007 | ||||||||
Fuchs Petrolub SE | 284,114 | 13,826,230 | ||||||||
Jungheinrich AG | 361,192 | 17,666,837 | ||||||||
Sixt SE | 116,451 | 9,396,444 | ||||||||
STO SE & Co. KGaA | 13,696 | 2,990,655 | ||||||||
Villeroy & Boch AG | 41,904 | 890,021 | ||||||||
TOTAL GERMANY | 0 | |||||||||
RIGHTS/WARRANTS—(0.0%) | ||||||||||
AUSTRIA — (0.0%) | ||||||||||
* | CA Immobilien Anlagen AG Rights 04/20/22 | 497,492 | 0 | |||||||
ITALY — (0.0%) | ||||||||||
* | Intek Group SpA Rights 06/28/24 | 754,243 | 54,913 | |||||||
SPAIN — (0.0%) | ||||||||||
* | Laboratorio Reig Jofre SA Rights Exp 06/24/21 | 10,233 | 507 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
SPAIN — (Continued) | ||||||||||
* | Sacyr SA Rights Exp 06/30/21 | 2,889,691 | $ | 183,486 | ||||||
TOTAL SPAIN | 183,993 | |||||||||
TOTAL RIGHTS/WARRANTS | 238,906 | |||||||||
TOTAL INVESTMENT SECURITIES (Cost $4,055,220,692) | 5,917,820,070 | |||||||||
Value† | ||||||||||
SECURITIES LENDING COLLATERAL — (4.8%) | ||||||||||
@ § | The DFA Short Term Investment Fund | 25,679,222 | 297,108,601 | |||||||
TOTAL INVESTMENTS — (100.0%) (Cost $4,352,300,906) | $ | 6,214,928,671 |
BAM | Build America Mutual | |
P.L.C. | Public Limited Company | |
SA | Special Assessment | |
EUR | Euro | |
» | 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 collateral received from Securities on Loan. | |
§ | Affiliated Fund. |
Summary of the Series’ investments as of June 30, 2021, based on their valuation inputs, is as follows (see Security Valuation Note):
Investments in Securities (Market Value) | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Bonds | |||||||||||||||||||
Germany | — | $ | 323,222 | — | $ | 323,222 | |||||||||||||
Common Stocks | |||||||||||||||||||
Austria | — | 219,237,007 | — | 219,237,007 | |||||||||||||||
Belgium | $ | 2,817,115 | 221,705,911 | — | 224,523,026 | ||||||||||||||
Denmark | — | 327,515,397 | — | 327,515,397 | |||||||||||||||
Finland | — | 369,378,686 | — | 369,378,686 | |||||||||||||||
France | — | 628,121,594 | — | 628,121,594 | |||||||||||||||
Germany | — | 950,353,676 | — | 950,353,676 | |||||||||||||||
Ireland | — | 51,963,254 | — | 51,963,254 | |||||||||||||||
Israel | 1,003,740 | 199,814,935 | — | 200,818,675 | |||||||||||||||
Italy | — | 517,973,615 | — | 517,973,615 | |||||||||||||||
Luxembourg | — | 162,519 | — | 162,519 | |||||||||||||||
Netherlands | 4,590,678 | 415,672,455 | — | 420,263,133 | |||||||||||||||
Norway | — | 141,266,739 | — | 141,266,739 | |||||||||||||||
Portugal | — | 43,007,858 | — | 43,007,858 | |||||||||||||||
Spain | 7,966,686 | 319,921,473 | — | 327,888,159 | |||||||||||||||
Sweden | — | 555,274,673 | — | 555,274,673 | |||||||||||||||
Switzerland | — | 883,880,977 | — | 883,880,977 | |||||||||||||||
United States | — | 1,232,001 | — | 1,232,001 |
The Continental Small Company Series
CONTINUED
Investments in Securities (Market Value) | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Preferred Stocks | |||||||||||||||||||
Germany | — | $ | 54,396,953 | — | $ | 54,396,953 | |||||||||||||
Rights/Warrants | |||||||||||||||||||
Italy | — | 54,913 | — | 54,913 | |||||||||||||||
Spain | — | 183,993 | — | 183,993 | |||||||||||||||
Securities Lending Collateral | — | 297,108,601 | — | 297,108,601 | |||||||||||||||
TOTAL | $ | 16,378,219 | $ | 6,198,550,452 | — | $ | 6,214,928,671 |
See accompanying Notes to Financial Statements.
The Canadian Small Company Series
SCHEDULE OF INVESTMENTS
June 30, 2021
(Unaudited)
Shares | Value† | |||||||||
COMMON STOCKS — (84.6%) | ||||||||||
COMMUNICATION SERVICES — (1.3%) | ||||||||||
# * | AcuityAds Holdings, Inc. | 101,377 | $ | 1,005,919 | ||||||
# * | Aimia, Inc. | 747,208 | 2,941,574 | |||||||
# | Cogeco Communications, Inc. | 61,201 | 5,984,328 | |||||||
Cogeco, Inc. | 28,030 | 2,173,930 | ||||||||
# | Corus Entertainment, Inc., Class B | 982,181 | 5,039,264 | |||||||
* | MDF Commerce, Inc. | 32,674 | 291,261 | |||||||
* | TeraGo, Inc. | 2,400 | 11,036 | |||||||
# * | WildBrain, Ltd. | 612,863 | 1,374,443 | |||||||
# | Yellow Pages, Ltd. | 105,820 | 1,254,884 | |||||||
TOTAL COMMUNICATION SERVICES | 20,076,639 | |||||||||
CONSUMER DISCRETIONARY — (6.0%) | ||||||||||
* | Aritzia, Inc. | 427,638 | 12,791,882 | |||||||
* | AutoCanada, Inc. | 139,673 | 5,627,033 | |||||||
BMTC Group, Inc. | 20,581 | 246,554 | ||||||||
# *,* | Canada Goose Holdings, Inc. | 261,127 | 11,420,716 | |||||||
* | Dorel Industries, Inc., Class B | 82,829 | 1,043,715 | |||||||
Exco Technologies, Ltd. | 164,124 | 1,379,616 | ||||||||
* | Gamehost, Inc. | 83,699 | 580,005 | |||||||
* | Great Canadian Gaming Corp. | 428,062 | 15,370,313 | |||||||
Leon’s Furniture, Ltd. | 171,679 | 3,116,148 | ||||||||
# | Linamar Corp. | 216,634 | 13,587,684 | |||||||
# | Martinrea International, Inc. | 518,668 | 5,468,692 | |||||||
* | MTY Food Group, Inc. | 81,414 | 3,584,052 | |||||||
Park Lawn Corp. | 121,994 | 3,281,123 | ||||||||
Pizza Pizza Royalty Corp. | 156,674 | 1,368,812 | ||||||||
* | Points International, Ltd. | 58,847 | 1,018,953 | |||||||
# | Pollard Banknote, Ltd. | 31,517 | 1,437,029 | |||||||
* | Recipe Unlimited Corp. | 76,777 | 1,316,160 | |||||||
* | Reitmans Canada, Ltd., Class A | 125,155 | 45,434 | |||||||
Sleep Country Canada Holdings, Inc. | 160,435 | 3,840,034 | ||||||||
* | Spin Master Corp. | 114,340 | 4,447,785 | |||||||
* | Uni-Select, Inc. | 193,659 | 2,563,685 | |||||||
Zenith Capital Corp. | 111,820 | 27,278 | ||||||||
TOTAL CONSUMER DISCRETIONARY | 93,562,703 | |||||||||
CONSUMER STAPLES — (4.7%) | ||||||||||
* | Alcanna, Inc. | 125,550 | 677,581 | |||||||
Andrew Peller, Ltd., Class A | 168,200 | 1,287,688 | ||||||||
Corby Spirit and Wine, Ltd. | 87,267 | 1,268,596 | ||||||||
High Liner Foods, Inc. | 89,880 | 985,374 | ||||||||
# | Jamieson Wellness, Inc. | 275,646 | 7,516,001 | |||||||
# | KP Tissue, Inc. | 45,700 | 382,308 | |||||||
Lassonde Industries, Inc., Class A | 17,800 | 2,484,188 | ||||||||
# | Maple Leaf Foods, Inc. | 355,793 | 7,385,087 | |||||||
* | Mav Beauty Brands, Inc. | 7,000 | 26,823 | |||||||
# | North West Co., Inc. (The) | 319,480 | 9,069,459 | |||||||
# | Premium Brands Holdings Corp. | 182,482 | 18,538,204 | |||||||
Primo Water Corp. | 813,424 | 13,609,563 | ||||||||
Primo Water Corp. | 96,682 | 1,617,490 | ||||||||
# | Rogers Sugar, Inc. | 712,254 | 3,321,094 | |||||||
# * | SunOpta, Inc. | 291,540 | 3,567,814 |
The Canadian Small Company Series
CONTINUED
Shares | Value† | |||||||||
CONSUMER STAPLES — (Continued) | ||||||||||
# *,* | Village Farms International, Inc. | 55,610 | $ | 595,489 | ||||||
TOTAL CONSUMER STAPLES | 72,332,759 | |||||||||
ENERGY — (16.1%) | ||||||||||
# * | Advantage Energy, Ltd. | 918,066 | 3,747,510 | |||||||
# * | Africa Oil Corp. | 1,333,299 | 1,279,950 | |||||||
ARC Resources, Ltd. | 2,772,777 | 23,598,577 | ||||||||
* | Athabasca Oil Corp. | 2,177,410 | 1,721,412 | |||||||
# | Birchcliff Energy, Ltd. | 1,289,021 | 5,407,316 | |||||||
# | Cameco Corp. | 731,726 | 14,034,505 | |||||||
# | Canacol Energy, Ltd. | 930,762 | 2,545,403 | |||||||
* | Cardinal Energy, Ltd. | 245,096 | 690,048 | |||||||
* | CES Energy Solutions Corp. | 1,207,291 | 1,879,696 | |||||||
Computer Modelling Group, Ltd. | 464,145 | 1,913,344 | ||||||||
# | Crescent Point Energy Corp. | 2,370,438 | 10,727,781 | |||||||
* | Crew Energy, Inc. | 384,876 | 686,170 | |||||||
# * | Denison Mines Corp. | 2,613,375 | 3,183,443 | |||||||
# | Enerflex, Ltd. | 448,285 | 3,034,133 | |||||||
# * | Energy Fuels, Inc. | 347,960 | 2,102,467 | |||||||
# | Enerplus Corp. | 1,046,075 | 7,518,981 | |||||||
* | Ensign Energy Services, Inc. | 617,495 | 1,115,835 | |||||||
* | Fission Uranium Corp. | 1,962,000 | 997,144 | |||||||
# | Freehold Royalties, Ltd. | 447,473 | 3,526,792 | |||||||
* | Frontera Energy Corp. | 244,929 | 1,513,517 | |||||||
* | Gasfrac Energy Services, Inc. | 91,560 | 0 | |||||||
# | Gibson Energy, Inc. | 940,791 | 18,024,997 | |||||||
# * | Gran Tierra Energy, Inc. | 1,826,935 | 1,355,905 | |||||||
# | Inter Pipeline, Ltd. | 885,858 | 14,399,838 | |||||||
# * | Kelt Exploration, Ltd. | 773,541 | 2,202,807 | |||||||
# | Keyera Corp. | 445,938 | 11,983,055 | |||||||
* | Lightstream Resources, Ltd. | 687,816 | 0 | |||||||
# * | MEG Energy Corp. | 2,470,617 | 17,877,892 | |||||||
North American Construction Group, Ltd. | 127,986 | 1,948,846 | ||||||||
# * | NuVista Energy, Ltd. | 1,093,750 | 3,511,717 | |||||||
Ovintiv, Inc. | 36,160 | 1,139,699 | ||||||||
# * | Paramount Resources, Ltd., Class A | 332,422 | 4,601,779 | |||||||
* | Parex Resources, Inc. | 786,291 | 13,130,222 | |||||||
# | Parkland Corp. | 476,900 | 15,411,918 | |||||||
# | Pason Systems, Inc. | 389,622 | 2,806,812 | |||||||
# | Peyto Exploration & Development Corp. | 789,824 | 5,320,289 | |||||||
PHX Energy Services Corp. | 74,028 | 267,542 | ||||||||
# | PrairieSky Royalty, Ltd. | 1,029,307 | 12,463,616 | |||||||
# * | Precision Drilling Corp. | 67,041 | 2,793,908 | |||||||
# * | Questerre Energy Corp., Class A | 797,460 | 112,581 | |||||||
# | Secure Energy Services, Inc. | 723,755 | 2,458,058 | |||||||
# * | ShawCor, Ltd. | 320,715 | 1,529,062 | |||||||
* | Storm Resources, Ltd. | 5,600 | 19,109 | |||||||
* | Surge Energy, Inc. | 145,865 | 78,840 | |||||||
* | Tamarack Valley Energy, Ltd. | 1,151,040 | 2,386,393 | |||||||
TerraVest Industries, Inc. | 3,700 | 57,966 | ||||||||
* | Tervita Corp. | 17,908 | 75,988 | |||||||
Tidewater Midstream and Infrastructure, Ltd. | 1,197,800 | 1,343,128 | ||||||||
* | Total Energy Services, Inc. | 208,963 | 758,579 | |||||||
* | Touchstone Exploration, Inc. | 18,697 | 20,513 | |||||||
* | TransGlobe Energy Corp. | 255,087 | 487,703 | |||||||
# * | Trican Well Service, Ltd. | 1,170,524 | 2,521,216 | |||||||
# *,* | Vermilion Energy, Inc. | 558,387 | 4,891,603 | |||||||
# | Whitecap Resources, Inc. | 2,632,329 | 13,080,952 |
The Canadian Small Company Series
CONTINUED
Shares | Value† | |||||||||
ENERGY — (Continued) | ||||||||||
# * | Yangarra Resources, Ltd. | 323,471 | $ | 430,564 | ||||||
TOTAL ENERGY | 250,717,121 | |||||||||
FINANCIALS — (10.0%) | ||||||||||
AGF Management, Ltd., Class B | 292,248 | 1,871,934 | ||||||||
# | Alaris Equity Partners Income | 153,883 | 2,104,160 | |||||||
Canaccord Genuity Group, Inc. | 444,384 | 4,868,292 | ||||||||
Canadian Western Bank | 456,902 | 12,826,871 | ||||||||
# | Chesswood Group, Ltd. | 56,542 | 599,356 | |||||||
# | CI Financial Corp. | 770,765 | 14,145,615 | |||||||
Clairvest Group, Inc. | 1,900 | 107,523 | ||||||||
# | ECN Capital Corp. | 2,488,693 | 18,671,220 | |||||||
E-L Financial Corp., Ltd. | 7,178 | 5,500,325 | ||||||||
# | Element Fleet Management Corp. | 1,406,781 | 16,410,175 | |||||||
Equitable Group, Inc. | 53,142 | 5,703,033 | ||||||||
# | Fiera Capital Corp. | 302,075 | 2,651,320 | |||||||
Firm Capital Mortgage Investment Corp. | 185,919 | 2,209,250 | ||||||||
First National Financial Corp. | 61,776 | 2,452,402 | ||||||||
goeasy, Ltd. | 39,839 | 5,098,145 | ||||||||
# * | GoldMoney, Inc. | 125,000 | 272,265 | |||||||
Guardian Capital Group, Ltd., Class A | 88,614 | 2,330,442 | ||||||||
* | Home Capital Group, Inc. | 303,217 | 9,099,445 | |||||||
iA Financial Corp., Inc. | 240,867 | 13,114,000 | ||||||||
Kingsway Financial Services, Inc. | 13,070 | 65,351 | ||||||||
# | Laurentian Bank of Canada | 412,090 | 14,524,211 | |||||||
# * | RF Capital Group, Inc. | 173,928 | 294,651 | |||||||
# | Sprott, Inc. | 121,492 | 4,781,847 | |||||||
Timbercreek Financial Corp. | 506,740 | 3,899,887 | ||||||||
TMX Group, Ltd. | 67,781 | 7,159,765 | ||||||||
* | Trisura Group, Ltd. | 38,753 | 5,183,011 | |||||||
TOTAL FINANCIALS | 155,944,496 | |||||||||
HEALTH CARE — (1.0%) | ||||||||||
# * | Charlottes Web Holdings, Inc. | 26,216 | 93,689 | |||||||
# * | Cronos Group, Inc. | 482,409 | 4,148,717 | |||||||
# | Extendicare, Inc. | 498,639 | 3,423,215 | |||||||
HLS Therapeutics, Inc. | 6,100 | 83,312 | ||||||||
* | Knight Therapeutics, Inc. | 808,695 | 3,425,015 | |||||||
# | Medical Facilities Corp. | 157,139 | 888,629 | |||||||
# | Sienna Senior Living, Inc. | 282,531 | 3,747,023 | |||||||
* | Viemed Healthcare, Inc. | 44,949 | 321,412 | |||||||
TOTAL HEALTH CARE | 16,131,012 | |||||||||
INDUSTRIALS — (11.7%) | ||||||||||
Aecon Group, Inc. | 270,661 | 3,930,218 | ||||||||
# | AG Growth International, Inc. | 136,123 | 4,229,960 | |||||||
# | Algoma Central Corp. | 48,800 | 645,628 | |||||||
# * | ATS Automation Tooling Systems, Inc. | 441,354 | 12,668,099 | |||||||
# | Badger Infrastructure Solutions, Ltd. | 143,356 | 4,350,639 | |||||||
# | Bird Construction, Inc. | 255,438 | 1,819,553 | |||||||
* | Black Diamond Group, Ltd. | 237,417 | 766,108 | |||||||
* | Bombardier, Inc., Class A | 49,600 | 58,419 | |||||||
# * | Bombardier, Inc., Class B | 800,191 | 755,263 | |||||||
Calian Group, Ltd. | 40,508 | 1,964,292 | ||||||||
Cervus Equipment Corp. | 47,197 | 628,227 | ||||||||
Dexterra Group, Inc. | 146,443 | 809,239 | ||||||||
# * | DIRTT Environmental Solutions | 273,168 | 1,176,764 | |||||||
Doman Building Materials Group, Ltd. | 337,453 | 2,275,820 |
The Canadian Small Company Series
CONTINUED
Shares | Value† | |||||||||
INDUSTRIALS — (Continued) | ||||||||||
Exchange Income Corp. | 56,748 | $ | 1,824,762 | |||||||
Finning International, Inc. | 885,513 | 23,180,782 | ||||||||
* | GDI Integrated Facility Services, Inc. | 12,500 | 517,606 | |||||||
# | Hardwoods Distribution, Inc. | 15,802 | 470,644 | |||||||
* | Heroux-Devtek, Inc. | 239,845 | 3,453,722 | |||||||
* | IBI Group, Inc. | 113,900 | 939,059 | |||||||
K-Bro Linen, Inc. | 57,753 | 2,019,212 | ||||||||
LifeWorks, Inc. | 401,948 | 10,836,643 | ||||||||
Magellan Aerospace Corp. | 112,778 | 950,734 | ||||||||
# | Mullen Group, Ltd. | 376,027 | 4,052,695 | |||||||
# | NFI Group, Inc. | 265,623 | 6,036,302 | |||||||
* | Patriot One Technologies, Inc. | 120,000 | 47,919 | |||||||
# | Richelieu Hardware, Ltd. | 361,973 | 11,715,357 | |||||||
Russel Metals, Inc. | 339,623 | 9,279,631 | ||||||||
# | Savaria Corp. | 184,973 | 2,990,367 | |||||||
# | SNC-Lavalin Group, Inc. | 666,544 | 17,341,113 | |||||||
# | Stantec, Inc. | 287,574 | 12,831,331 | |||||||
TFI International, Inc. | 245,978 | 22,456,704 | ||||||||
Toromont Industries, Ltd. | 47,829 | 4,167,096 | ||||||||
# | Transcontinental, Inc., Class A | 346,473 | 6,506,850 | |||||||
Wajax Corp. | 99,180 | 1,925,033 | ||||||||
# | Westshore Terminals Investment Corp. | 203,386 | 2,802,382 | |||||||
TOTAL INDUSTRIALS | 182,424,173 | |||||||||
INFORMATION TECHNOLOGY — (4.4%) | ||||||||||
Absolute Software Corp. | 303,292 | 4,386,920 | ||||||||
# *,* | BlackBerry, Ltd. | 1,763,007 | 21,544,320 | |||||||
* | Celestica, Inc. | 611,816 | 4,797,715 | |||||||
* | Descartes Systems Group, Inc. (The) | 69,977 | 4,839,597 | |||||||
Enghouse Systems, Ltd. | 263,395 | 11,726,985 | ||||||||
Evertz Technologies, Ltd. | 146,939 | 1,705,754 | ||||||||
* | EXFO, Inc. | 60,487 | 359,135 | |||||||
* | Kinaxis, Inc. | 99,954 | 13,148,999 | |||||||
* | Photon Control, Inc. | 206,361 | 595,976 | |||||||
Quarterhill, Inc. | 575,556 | 1,183,985 | ||||||||
# * | Sierra Wireless, Inc. | 241,452 | 4,577,381 | |||||||
TECSYS, Inc. | 7,353 | 248,007 | ||||||||
Vecima Networks, Inc. | 6,059 | 79,428 | ||||||||
TOTAL INFORMATION TECHNOLOGY | 69,194,202 | |||||||||
MATERIALS — (19.1%) | ||||||||||
# * | 5N Plus, Inc. | 414,065 | 985,392 | |||||||
# | Acadian Timber Corp. | 65,067 | 1,019,887 | |||||||
# | AirBoss of America Corp. | 76,006 | 2,176,680 | |||||||
# | Alamos Gold, Inc., Class A | 2,014,411 | 15,389,212 | |||||||
# | Altius Minerals Corp. | 169,012 | 2,321,938 | |||||||
# * | Americas Gold & Silver Corp. | 86,596 | 129,936 | |||||||
* | Amerigo Resources, Ltd. | 18,200 | 17,325 | |||||||
* | Argonaut Gold, Inc. | 1,555,539 | 3,726,970 | |||||||
* | Calibre Mining Corp. | 144,705 | 192,613 | |||||||
* | Canfor Corp. | 290,422 | 6,644,376 | |||||||
* | Canfor Pulp Products, Inc. | 138,951 | 874,329 | |||||||
# * | Capstone Mining Corp. | 2,456,528 | 10,661,601 | |||||||
# | Cascades, Inc. | 430,569 | 5,300,486 | |||||||
# | Centerra Gold, Inc. | 1,270,606 | 9,645,373 | |||||||
China Gold International Resources Corp., Ltd. | 1,488,085 | 3,985,513 | ||||||||
# * | Copper Mountain Mining Corp. | 690,855 | 2,028,648 | |||||||
Dundee Precious Metals, Inc. | 810,500 | 4,910,338 |
The Canadian Small Company Series
CONTINUED
Shares | Value† | |||||||||
MATERIALS — (Continued) | ||||||||||
# *,* | Eldorado Gold Corp. | 775,507 | $ | 7,703,421 | ||||||
Endeavour Mining PLC | 881,363 | 18,926,986 | ||||||||
# * | Endeavour Silver Corp. | 360,197 | 2,205,466 | |||||||
# * | Equinox Gold Corp. | 64,479 | 447,859 | |||||||
# * | ERO Copper Corp. | 164,632 | 3,454,403 | |||||||
# | First Majestic Silver Corp. | 777,295 | 12,280,199 | |||||||
# * | First Mining Gold Corp. | 749,400 | 275,070 | |||||||
# *,* | Fortuna Silver Mines, Inc. | 1,012,133 | 5,631,344 | |||||||
# * | Galiano Gold, Inc. | 696,057 | 763,664 | |||||||
* | GoGold Resources, Inc. | 40,000 | 99,387 | |||||||
* | Gold Standard Ventures Corp. | 10,700 | 6,129 | |||||||
* | Golden Star Resources, Ltd. | 374,657 | 1,057,841 | |||||||
# * | Great Panther Mining, Ltd. | 91,900 | 57,827 | |||||||
* | Hanfeng Evergreen, Inc. | 45,837 | 0 | |||||||
Hudbay Minerals, Inc. | 1,101,201 | 7,329,355 | ||||||||
# * | i-80 Gold Corp. | 399,340 | 808,602 | |||||||
# *,* | IAMGOLD Corp. | 2,797,493 | 8,240,513 | |||||||
# * | Imperial Metals Corp. | 381,251 | 1,384,019 | |||||||
Interfor Corp. | 306,441 | 7,673,385 | ||||||||
Intertape Polymer Group, Inc. | 203,244 | 4,712,191 | ||||||||
* | Ivanhoe Mines, Ltd., Class A | 2,121,673 | 15,318,630 | |||||||
* | Karora Resources, Inc. | 8,355 | 26,893 | |||||||
# | Labrador Iron Ore Royalty Corp. | 289,259 | 10,960,387 | |||||||
# * | Largo Resources, Ltd. | 57,371 | 893,242 | |||||||
# * | Lucara Diamond Corp. | 1,564,773 | 946,741 | |||||||
# * | Lundin Gold, Inc. | 86,276 | 724,535 | |||||||
* | MAG Silver Corp. | 9,800 | 204,918 | |||||||
# * | Major Drilling Group International, Inc. | 441,505 | 3,052,354 | |||||||
* | Mandalay Resources Corp. | 464 | 1,152 | |||||||
# * | Marathon Gold Corp. | 147,500 | 383,148 | |||||||
Maverix Metals, Inc. | 11,724 | 63,192 | ||||||||
# | Methanex Corp. | 228,175 | 7,556,667 | |||||||
* | New Gold, Inc. | 3,469,405 | 6,241,347 | |||||||
* | Northern Dynasty Minerals, Ltd. | 76,877 | 37,211 | |||||||
# * | OceanaGold Corp. | 3,272,419 | 6,203,763 | |||||||
* | Orbite Technologies, Inc. | 73,500 | 0 | |||||||
# | Osisko Gold Royalties, Ltd. | 550,720 | 7,548,187 | |||||||
# * | Osisko Mining, Inc. | 219,488 | 547,126 | |||||||
* | PolyMet Mining Corp. | 64,208 | 231,535 | |||||||
# * | Pretium Resources, Inc. | 749,081 | 7,164,675 | |||||||
* | Roxgold, Inc. | 1,208,860 | 1,843,131 | |||||||
# * | Sabina Gold & Silver Corp. | 1,421,714 | 2,007,099 | |||||||
# * | Sandstorm Gold, Ltd. | 792,058 | 6,255,444 | |||||||
* | Seabridge Gold, Inc. | 100,874 | 1,768,600 | |||||||
# | SSR Mining, Inc. | 998,166 | 15,589,295 | |||||||
Stella-Jones, Inc. | 234,984 | 8,460,258 | ||||||||
* | Taseko Mines, Ltd. | 1,204,804 | 2,527,017 | |||||||
# * | Torex Gold Resources, Inc. | 381,514 | 4,394,982 | |||||||
# * | Trevali Mining Corp. | 2,559,289 | 443,891 | |||||||
# *,* | Turquoise Hill Resources, Ltd. | 366,862 | 6,188,579 | |||||||
* | Victoria Gold Corp. | 15,270 | 227,276 | |||||||
* | Wesdome Gold Mines, Ltd. | 637,024 | 6,043,403 | |||||||
# | Western Forest Products, Inc. | 1,866,235 | 3,176,634 | |||||||
# | Winpak, Ltd. | 124,683 | 3,889,554 | |||||||
# | Yamana Gold, Inc. | 3,233,894 | 13,618,043 | |||||||
TOTAL MATERIALS | 297,607,187 | |||||||||
REAL ESTATE — (3.0%) | ||||||||||
# | Altus Group, Ltd. | 261,893 | 12,137,587 |
The Canadian Small Company Series
CONTINUED
Shares | Value† | |||||||||
REAL ESTATE — (Continued) | ||||||||||
Bridgemarq Real Estate Services | 53,069 | $ | 735,071 | |||||||
# | Colliers International Group, Inc. | 138,175 | 15,473,874 | |||||||
DREAM Unlimited Corp., Class A | 246,187 | 5,258,980 | ||||||||
Information Services Corp. | 20,881 | 513,771 | ||||||||
# * | Invesque, Inc. | 191,266 | 539,370 | |||||||
* | Mainstreet Equity Corp. | 31,349 | 2,634,166 | |||||||
Melcor Developments, Ltd. | 55,340 | 598,222 | ||||||||
Morguard Corp. | 21,982 | 2,503,033 | ||||||||
# * | Real Matters, Inc. | 341,820 | 4,930,414 | |||||||
Tricon Residential, Inc. | 155,133 | 1,784,605 | ||||||||
TOTAL REAL ESTATE | 47,109,093 | |||||||||
UTILITIES — (7.3%) | ||||||||||
# | AltaGas, Ltd. | 662,005 | 13,895,910 | |||||||
Atco, Ltd., Class I | 206,098 | 7,308,864 | ||||||||
# | Boralex, Inc., Class A | 549,954 | 16,747,954 | |||||||
# | Capital Power Corp. | 771,649 | 25,491,309 | |||||||
# | Innergex Renewable Energy, Inc. | 604,787 | 10,514,003 | |||||||
* | Maxim Power Corp. | 61,434 | 143,722 | |||||||
# | Polaris Infrastructure, Inc. | 115,463 | 1,800,500 | |||||||
# | Superior Plus Corp. | 781,510 | 9,627,023 | |||||||
TransAlta Corp. | 16,789 | 167,554 | ||||||||
TransAlta Corp. | 1,784,708 | 17,780,852 | ||||||||
# | TransAlta Renewables, Inc. | 614,934 | 10,333,233 | |||||||
TOTAL UTILITIES | 113,810,924 | |||||||||
TOTAL COMMON STOCKS | 1,318,910,309 | |||||||||
RIGHTS/WARRANTS — (0.1%) | ||||||||||
ENERGY — (0.0%) | ||||||||||
* | Cenovus Energy, Inc. Warrants 01/01/26 | 41,142 | 222,371 | |||||||
MATERIALS — (0.1%) | ||||||||||
* | Pan American Silver Corp. Rights 02/22/29 | 1,876,416 | 1,594,954 | |||||||
TOTAL RIGHTS/WARRANTS | 1,817,325 | |||||||||
TOTAL INVESTMENT SECURITIES (Cost $927,343,868) | 1,320,727,634 | |||||||||
SECURITIES LENDING COLLATERAL — (15.3%) | ||||||||||
@ § | The DFA Short Term Investment Fund | 20,669,346 | 239,144,334 | |||||||
TOTAL INVESTMENTS — (100.0%) (Cost $1,166,472,859) | $ | 1,559,871,968 |
† | See Security Valuation Note within the Notes to Schedules of Investments. | |
# | Total or Partial Securities on Loan. | |
* | Non-Income Producing Securities. | |
@ | Security purchased with cash collateral received from Securities on Loan. | |
§ | Affiliated Fund. |
The Canadian Small Company Series
CONTINUED
Summary of the Series’ investments as of June 30, 2021, 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 | $ | 20,076,639 | — | — | $ | 20,076,639 | ||||||||||
Consumer Discretionary | 93,535,425 | $ | 27,278 | — | 93,562,703 | |||||||||||
Consumer Staples | 72,332,759 | — | — | 72,332,759 | ||||||||||||
Energy | 250,717,121 | — | — | 250,717,121 | ||||||||||||
Financials | 155,944,496 | — | — | 155,944,496 | ||||||||||||
Health Care | 16,131,012 | — | — | 16,131,012 | ||||||||||||
Industrials | 182,424,173 | — | — | 182,424,173 | ||||||||||||
Information Technology | 69,194,202 | — | — | 69,194,202 | ||||||||||||
Materials | 297,607,187 | — | — | 297,607,187 | ||||||||||||
Real Estate | 47,109,093 | — | — | 47,109,093 | ||||||||||||
Utilities | 113,810,924 | — | — | 113,810,924 | ||||||||||||
Rights/Warrants | ||||||||||||||||
Energy | — | 222,371 | — | 222,371 | ||||||||||||
Materials | — | 1,594,954 | — | 1,594,954 | ||||||||||||
Securities Lending Collateral | — | 239,144,334 | — | 239,144,334 | ||||||||||||
TOTAL | $ | 1,318,883,031 | $ | 240,988,937 | — | $ | 1,559,871,968 |
See accompanying Notes to Financial Statements.
THE JAPANESE SMALL COMPANY SERIES
SCHEDULE OF INVESTMENTS
October 31, 2021
Shares | Value» | |||||||||
COMMON STOCKS — (98.2%) | ||||||||||
COMMUNICATION SERVICES — (3.1%) | ||||||||||
Accrete, Inc. | 20,600 | $ | 335,280 | |||||||
# | Adways, Inc. | 94,000 | 672,542 | |||||||
# | Aeria, Inc. | 15,800 | 60,337 | |||||||
Akatsuki, Inc. | 45,400 | 1,238,593 | ||||||||
* | Allied Architects, Inc. | 13,500 | 82,542 | |||||||
# * | AlphaPolis Co. Ltd. | 10,700 | 291,469 | |||||||
Amuse, Inc. | 30,300 | 589,624 | ||||||||
ARTERIA Networks Corp. | 49,900 | 704,095 | ||||||||
Asahi Broadcasting Group Holdings Corp. | 57,600 | 363,161 | ||||||||
# | Asahi Net, Inc. | 109,100 | 689,317 | |||||||
* | Atrae, Inc. | 93,600 | 1,994,382 | |||||||
Avex, Inc. | 234,900 | 3,207,280 | ||||||||
# * | Bengo4.com, Inc. | 44,400 | 2,670,039 | |||||||
# * | Broadmedia Corp. | 5,519 | 48,988 | |||||||
Broccoli Co. Ltd. | 4,400 | 50,698 | ||||||||
* | CareerIndex, Inc. | 6,500 | 58,543 | |||||||
Carta Holdings, Inc. | 28,300 | 608,267 | ||||||||
# | Ceres, Inc. | 50,700 | 1,275,677 | |||||||
* | COLOPL, Inc. | 86,300 | 623,491 | |||||||
* | COOKPAD, Inc. | 183,200 | 383,065 | |||||||
Daiichikosho Co. Ltd. | 13,100 | 475,654 | ||||||||
DeNA Co. Ltd. | 342,300 | 6,323,026 | ||||||||
Digital Holdings, Inc. | 56,800 | 871,046 | ||||||||
# | Dip Corp. | 196,100 | 7,035,928 | |||||||
# * | Drecom Co. Ltd. | 22,600 | 102,189 | |||||||
* | eBook Initiative Japan Co. Ltd. | 21,100 | 883,793 | |||||||
# | Faith, Inc. | 56,010 | 315,777 | |||||||
FAN Communications, Inc. | 189,000 | 749,344 | ||||||||
Fibergate, Inc. | 19,700 | 236,864 | ||||||||
* | FreakOut Holdings, Inc. | 5,800 | 93,733 | |||||||
Freebit Co. Ltd. | 55,300 | 643,347 | ||||||||
Fuji Media Holdings, Inc. | 116,600 | 1,208,616 | ||||||||
# * | GA Technologies Co. Ltd. | 2,400 | 24,927 | |||||||
Gakken Holdings Co. Ltd. | 132,500 | 1,297,053 | ||||||||
geechs, Inc. | 8,300 | 106,701 | ||||||||
Gree, Inc. | 596,700 | 5,032,481 | ||||||||
# | Gumi, Inc. | 182,400 | 1,458,204 | |||||||
GungHo Online Entertainment, Inc. | 273,700 | 5,134,850 | ||||||||
* | Imagica Group, Inc. | 112,500 | 574,243 | |||||||
Imagineer Co. Ltd. | 1,600 | 13,754 | ||||||||
Intage Holdings, Inc. | 223,800 | 3,779,214 | ||||||||
Internet Initiative Japan, Inc. | 71,200 | 2,491,166 | ||||||||
# | IPS, Inc. | 17,200 | 273,492 | |||||||
ITmedia, Inc. | 53,900 | 1,110,577 | ||||||||
# * | Itokuro, Inc. | 46,200 | 367,146 | |||||||
* | Jimoty, Inc. | 1,000 | 38,296 | |||||||
J-Stream, Inc. | 19,000 | 167,889 | ||||||||
Kamakura Shinsho Ltd. | 25,700 | 207,645 | ||||||||
* | KLab, Inc. | 217,400 | 1,212,177 | |||||||
Legs Co. Ltd. | 20,700 | 295,994 | ||||||||
* | LIFULL Co. Ltd. | 444,000 | 1,393,353 | |||||||
* | Link-U, Inc. | 2,500 | 27,508 | |||||||
# * | Macbee Planet, Inc. | 2,400 | 209,637 | |||||||
Macromill, Inc. | 234,500 | 1,652,643 | ||||||||
MarkLines Co. Ltd. | 72,900 | 2,064,628 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
COMMUNICATION SERVICES — (Continued) | ||||||||||
Marvelous, Inc. | 195,700 | $ | 1,242,299 | |||||||
# | Members Co. Ltd. | 50,400 | 1,533,008 | |||||||
Mixi, Inc. | 259,600 | 5,948,555 | ||||||||
* | Mobile Factory, Inc. | 10,500 | 100,674 | |||||||
# | MTI Ltd. | 133,200 | 853,143 | |||||||
* | Mynet, Inc. | 3,500 | 20,972 | |||||||
* | NexTone, Inc. | 26,300 | 853,130 | |||||||
Okinawa Cellular Telephone Co. | 82,400 | 3,712,633 | ||||||||
# | Orchestra Holdings, Inc. | 3,000 | 120,249 | |||||||
Oricon, Inc. | 25,600 | 226,113 | ||||||||
# * | PR Times, Inc. | 11,900 | 382,817 | |||||||
Proto Corp. | 160,300 | 1,979,865 | ||||||||
# | Septeni Holdings Co. Ltd. | 437,600 | 1,846,871 | |||||||
# * | Shobunsha Holdings, Inc. | 214,700 | 928,025 | |||||||
SKY Perfect JSAT Holdings, Inc. | 930,500 | 3,489,628 | ||||||||
SoldOut, Inc. | 6,300 | 84,818 | ||||||||
TBS Holdings, Inc. | 26,400 | 417,583 | ||||||||
Tohokushinsha Film Corp. | 94,800 | 531,638 | ||||||||
# * | Tokyu Recreation Co. Ltd. | 19,200 | 831,547 | |||||||
# | Tow Co. Ltd. | 259,000 | 788,978 | |||||||
Trenders, Inc. | 2,800 | 24,031 | ||||||||
TV Asahi Holdings Corp. | 98,500 | 1,494,751 | ||||||||
Tv Tokyo Holdings Corp. | 75,900 | 1,439,227 | ||||||||
Usen-Next Holdings Co. Ltd. | 73,500 | 2,163,680 | ||||||||
ValueCommerce Co. Ltd. | 111,400 | 4,396,656 | ||||||||
# | V-Cube, Inc. | 80,700 | 1,220,304 | |||||||
Vector, Inc. | 207,600 | 2,355,584 | ||||||||
Wowow, Inc. | 37,900 | 771,728 | ||||||||
Zenrin Co. Ltd. | 229,350 | 2,114,685 | ||||||||
TOTAL COMMUNICATION SERVICES | 105,693,477 | |||||||||
CONSUMER DISCRETIONARY — (14.2%) | ||||||||||
Adastria Co. Ltd. | 160,640 | 2,979,905 | ||||||||
# | Adventure, Inc. | 8,800 | 650,726 | |||||||
# | Aeon Fantasy Co. Ltd. | 48,932 | 811,084 | |||||||
# | Ahresty Corp. | 152,700 | 570,473 | |||||||
* | Aigan Co. Ltd. | 58,900 | 109,082 | |||||||
Ainavo Holdings Co. Ltd. | 5,600 | 48,834 | ||||||||
Aisan Industry Co. Ltd. | 213,700 | 1,574,661 | ||||||||
* | Akebono Brake Industry Co. Ltd. | 578,900 | 1,170,146 | |||||||
# | Alleanza Holdings Co. Ltd. | 80,800 | 830,319 | |||||||
Alpen Co. Ltd. | 104,100 | 2,539,252 | ||||||||
Alpha Corp. | 38,400 | 415,541 | ||||||||
Amiyaki Tei Co. Ltd. | 28,200 | 760,627 | ||||||||
# | AOKI Holdings, Inc. | 244,500 | 1,492,783 | |||||||
* | Aoyama Trading Co. Ltd. | 249,400 | 1,714,927 | |||||||
Arata Corp. | 87,800 | 3,107,985 | ||||||||
Arcland Service Holdings Co. Ltd. | 94,800 | 1,881,541 | ||||||||
Asahi Co. Ltd. | 110,100 | 1,278,710 | ||||||||
Asante, Inc. | 43,400 | 669,559 | ||||||||
* | Ashimori Industry Co. Ltd. | 29,499 | 255,312 | |||||||
ASKUL Corp. | 226,900 | 3,081,922 | ||||||||
Asti Corp. | 19,400 | 308,705 | ||||||||
# | Atom Corp. | 229,100 | 1,545,426 | |||||||
* | Atsugi Co. Ltd. | 103,500 | 579,361 | |||||||
Aucnet, Inc. | 61,600 | 1,275,861 | ||||||||
Autobacs Seven Co. Ltd. | 438,800 | 5,675,199 | ||||||||
Avantia Co. Ltd. | 74,800 | 565,041 | ||||||||
Baroque Japan Ltd. | 90,200 | 685,409 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||||
# | Beauty Garage, Inc. | 20,100 | $ | 699,720 | ||||||
Beenos, Inc. | 12,600 | 366,437 | ||||||||
# | Belluna Co. Ltd. | 335,500 | 2,355,933 | |||||||
Benesse Holdings, Inc. | 257,900 | 5,900,281 | ||||||||
# | Bic Camera, Inc. | 414,800 | 3,577,458 | |||||||
# | Bike O & Co. Ltd. | 33,600 | 346,640 | |||||||
# | Bookoff Group Holdings Ltd. | 66,600 | 575,429 | |||||||
# | Can Do Co. Ltd. | 65,100 | 1,459,764 | |||||||
Central Automotive Products Ltd. | 81,500 | 2,124,248 | ||||||||
Central Sports Co. Ltd. | 45,800 | 975,440 | ||||||||
# | Chieru Co. Ltd. | 1,900 | 21,060 | |||||||
# | Chiyoda Co. Ltd. | 110,800 | 743,361 | |||||||
Chofu Seisakusho Co. Ltd. | 128,100 | 2,314,599 | ||||||||
Chuo Spring Co. Ltd. | 81,700 | 708,455 | ||||||||
Cleanup Corp. | 139,400 | 680,088 | ||||||||
Colowide Co. Ltd. | 8,100 | 117,097 | ||||||||
# | Corona Corp., Class A | 97,200 | 780,953 | |||||||
# | Create Restaurants Holdings, Inc. | 558,900 | 3,842,505 | |||||||
* | CROOZ, Inc. | 19,600 | 210,219 | |||||||
Curves Holdings Co. Ltd. | 157,000 | 1,223,198 | ||||||||
Daido Metal Co. Ltd. | 256,600 | 1,376,995 | ||||||||
* | Daidoh Ltd. | 97,800 | 146,700 | |||||||
Daikoku Denki Co. Ltd. | 56,400 | 599,912 | ||||||||
Daikyonishikawa Corp. | 255,500 | 1,535,383 | ||||||||
# | Daimaruenawin Co. Ltd. | 3,400 | 38,099 | |||||||
Dainichi Co. Ltd. | 67,100 | 464,324 | ||||||||
DCM Holdings Co. Ltd. | 735,000 | 7,166,332 | ||||||||
# | Diamond Electric Holdings Co. Ltd. | 5,100 | 95,008 | |||||||
Doshisha Co. Ltd. | 156,400 | 2,450,565 | ||||||||
Doutor Nichires Holdings Co. Ltd. | 186,086 | 2,669,276 | ||||||||
Dynic Corp. | 36,400 | 242,386 | ||||||||
Eagle Industry Co. Ltd. | 168,200 | 1,796,651 | ||||||||
EAT & Holdings Co. Ltd. | 33,000 | 624,373 | ||||||||
# | EDION Corp. | 546,800 | 5,189,502 | |||||||
Enigmo, Inc. | 157,600 | 1,496,769 | ||||||||
ES-Con Japan Ltd. | 11,800 | 84,787 | ||||||||
Eslead Corp. | 47,700 | 706,262 | ||||||||
ESTELLE Holdings Co. Ltd. | 12,600 | 71,369 | ||||||||
# | Exedy Corp. | 191,400 | 2,851,051 | |||||||
FCC Co. Ltd. | 231,100 | 3,199,533 | ||||||||
Felissimo Corp. | 20,600 | 246,988 | ||||||||
Fields Corp. | 23,100 | 105,393 | ||||||||
Fine Sinter Co. Ltd. | 10,300 | 142,936 | ||||||||
# | First Juken Co. Ltd. | 46,400 | 497,700 | |||||||
First-corp, Inc. | 45,300 | 316,584 | ||||||||
# | FJ Next Co. Ltd. | 106,600 | 948,098 | |||||||
Foster Electric Co. Ltd. | 134,000 | 955,247 | ||||||||
F-Tech, Inc. | 88,600 | 495,774 | ||||||||
# | Fuji Corp. | 72,800 | 766,529 | |||||||
Fuji Corp. Ltd. | 175,400 | 1,061,245 | ||||||||
Fuji Kyuko Co. Ltd. | 14,900 | 600,275 | ||||||||
Fujibo Holdings, Inc. | 66,200 | 2,401,013 | ||||||||
Fujikura Composites, Inc. | 127,100 | 889,534 | ||||||||
Fujishoji Co. Ltd. | 52,700 | 425,562 | ||||||||
* | Fujita Kanko, Inc. | 8,800 | 186,333 | |||||||
# | FuKoKu Co. Ltd. | 66,400 | 577,197 | |||||||
# | Furukawa Battery Co. Ltd. | 88,000 | 1,228,545 | |||||||
Furyu Corp. | 113,200 | 1,641,842 | ||||||||
Futaba Industrial Co. Ltd. | 346,800 | 1,357,721 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||||
# | Gakkyusha Co. Ltd. | 49,300 | $ | 605,907 | ||||||
Genki Sushi Co. Ltd. | 29,900 | 707,813 | ||||||||
Geo Holdings Corp. | 213,100 | 2,263,970 | ||||||||
* | Gfoot Co. Ltd. | 7,000 | 24,439 | |||||||
# | Gift, Inc. | 20,300 | 502,688 | |||||||
# | GLOBERIDE, Inc. | 106,198 | 3,842,820 | |||||||
# * | Gokurakuyu Holdings Co. Ltd. | 24,900 | 65,075 | |||||||
Golf Digest Online, Inc. | 64,100 | 734,206 | ||||||||
# | GSI Creos Corp. | 63,184 | 548,786 | |||||||
G-Tekt Corp. | 145,100 | 1,808,956 | ||||||||
Gunze Ltd. | 102,300 | 3,942,865 | ||||||||
H2O Retailing Corp. | 542,045 | 4,328,867 | ||||||||
# | Hagihara Industries, Inc. | 79,000 | 1,041,201 | |||||||
* | Hakuyosha Co. Ltd. | 12,400 | 215,076 | |||||||
# | Hamee Corp. | 36,100 | 392,085 | |||||||
Handsman Co. Ltd. | 43,500 | 668,986 | ||||||||
Happinet Corp. | 99,600 | 1,311,458 | ||||||||
Harada Industry Co. Ltd. | 23,300 | 206,571 | ||||||||
Hard Off Corp. Co. Ltd. | 58,800 | 399,014 | ||||||||
Haruyama Holdings, Inc. | 54,800 | 277,615 | ||||||||
Heian Ceremony Service Co. Ltd. | 8,300 | 65,246 | ||||||||
Heiwa Corp. | 158,800 | 2,831,570 | ||||||||
# | HI-LEX Corp. | 119,400 | 1,909,327 | |||||||
Himaraya Co. Ltd. | 32,100 | 297,748 | ||||||||
Hinokiya Group Co. Ltd. | 8,900 | 179,520 | ||||||||
H-One Co. Ltd. | 136,000 | 899,073 | ||||||||
Honeys Holdings Co. Ltd. | 118,640 | 1,095,641 | ||||||||
Hoosiers Holdings | 227,700 | 1,404,682 | ||||||||
* | Hotland Co. Ltd. | 41,100 | 491,968 | |||||||
House Do Co. Ltd. | 57,400 | 476,913 | ||||||||
IBJ, Inc. | 125,900 | 1,207,822 | ||||||||
# | Ichibanya Co. Ltd. | 95,758 | 3,871,397 | |||||||
Ichikoh Industries Ltd. | 186,900 | 927,210 | ||||||||
IDOM, Inc. | 380,600 | 2,606,805 | ||||||||
IJTT Co. Ltd. | 143,880 | 745,969 | ||||||||
# | Imasen Electric Industrial | 50,200 | 312,636 | |||||||
Isetan Mitsukoshi Holdings Ltd. | 88,800 | 649,212 | ||||||||
* †† | Izuhakone Railway Co. Ltd. | 300 | 0 | |||||||
# | Izumi Co. Ltd. | 57,600 | 1,746,358 | |||||||
J Front Retailing Co. Ltd. | 651,400 | 6,037,769 | ||||||||
# | Janome Sewing Machine Co. Ltd. | 109,400 | 710,013 | |||||||
# | Japan Best Rescue System Co. Ltd. | 114,400 | 1,154,288 | |||||||
Japan Wool Textile Co. Ltd. | 347,600 | 2,776,059 | ||||||||
# | JFLA Holdings, Inc. | 106,300 | 354,500 | |||||||
# | JINS Holdings, Inc. | 82,900 | 5,241,457 | |||||||
# * | Joban Kosan Co. Ltd. | 42,799 | 544,204 | |||||||
Joshin Denki Co. Ltd. | 109,800 | 2,285,422 | ||||||||
Joyful Honda Co. Ltd. | 84,500 | 1,162,140 | ||||||||
JP-Holdings, Inc. | 360,900 | 803,807 | ||||||||
JVCKenwood Corp. | 1,051,800 | 1,814,586 | ||||||||
# * | Kasai Kogyo Co. Ltd. | 167,200 | 494,753 | |||||||
Kawai Musical Instruments Manufacturing Co. Ltd. | 36,600 | 1,128,342 | ||||||||
Keiyo Co. Ltd. | 245,000 | 1,784,309 | ||||||||
KeyHolder, Inc. | 2,100 | 13,954 | ||||||||
KFC Holdings Japan Ltd. | 84,900 | 2,152,819 | ||||||||
# | King Co. Ltd. | 54,100 | 256,446 | |||||||
# * | Kintetsu Department Store Co. Ltd. | 53,900 | 1,205,753 | |||||||
Ki-Star Real Estate Co. Ltd. | 48,700 | 2,721,240 | ||||||||
Kohnan Shoji Co. Ltd. | 152,700 | 4,775,438 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||||
# | Kojima Co. Ltd. | 197,700 | $ | 1,018,083 | ||||||
Komatsu Matere Co. Ltd. | 212,600 | 1,701,201 | ||||||||
KOMEDA Holdings Co. Ltd. | 304,100 | 5,515,557 | ||||||||
Komehyo Holdings Co. Ltd. | 42,400 | 694,341 | ||||||||
Komeri Co. Ltd. | 206,400 | 4,766,453 | ||||||||
# | Konaka Co. Ltd. | 163,506 | 476,674 | |||||||
K’s Holdings Corp. | 523,200 | 5,400,843 | ||||||||
# | KU Holdings Co. Ltd. | 115,500 | 1,083,156 | |||||||
# | Kura Sushi, Inc. | 38,600 | 1,248,930 | |||||||
Kurabo Industries Ltd. | 119,500 | 1,990,988 | ||||||||
KYB Corp. | 131,300 | 3,513,697 | ||||||||
LEC, Inc. | 156,800 | 1,433,727 | ||||||||
LITALICO, Inc. | 101,600 | 3,067,775 | ||||||||
# | Locondo, Inc. | 20,800 | 241,846 | |||||||
Look Holdings, Inc. | 35,900 | 436,073 | ||||||||
Mamiya-Op Co. Ltd. | 16,600 | 94,782 | ||||||||
Mars Group Holdings Corp. | 83,200 | 1,209,514 | ||||||||
Maruzen CHI Holdings Co. Ltd. | 106,300 | 349,224 | ||||||||
Matsuoka Corp. | 10,200 | 122,487 | ||||||||
Matsuyafoods Holdings Co. Ltd. | 56,700 | 1,813,417 | ||||||||
Media Do Co. Ltd. | 54,200 | 2,036,537 | ||||||||
Meiko Network Japan Co. Ltd. | 116,000 | 579,442 | ||||||||
Meiwa Estate Co. Ltd. | 78,000 | 421,457 | ||||||||
Mikuni Corp. | 154,900 | 428,233 | ||||||||
* | Mitsuba Corp. | 209,590 | 1,171,918 | |||||||
Mizuno Corp. | 118,000 | 2,746,240 | ||||||||
Monogatari Corp. | 70,400 | 4,385,499 | ||||||||
Morito Co. Ltd. | 107,800 | 645,740 | ||||||||
MrMax Holdings Ltd. | 161,600 | 843,864 | ||||||||
Murakami Corp. | 31,800 | 724,735 | ||||||||
Musashi Seimitsu Industry Co. Ltd. | 302,800 | 5,699,030 | ||||||||
# | Nafco Co. Ltd. | 53,200 | 804,727 | |||||||
Nagase Brothers, Inc. | 200 | 9,595 | ||||||||
Nagawa Co. Ltd. | 48,800 | 4,617,700 | ||||||||
Nakayamafuku Co. Ltd. | 74,400 | 264,683 | ||||||||
New Art Holdings Co. Ltd. | 28,734 | 313,393 | ||||||||
Nextage Co. Ltd. | 292,600 | 5,362,409 | ||||||||
NHK Spring Co. Ltd. | 790,956 | 5,966,798 | ||||||||
Nichirin Co. Ltd. | 61,160 | 979,572 | ||||||||
# | Nihon House Holdings Co. Ltd. | 283,600 | 952,603 | |||||||
Nihon Plast Co. Ltd. | 107,800 | 594,655 | ||||||||
Nihon Tokushu Toryo Co. Ltd. | 81,900 | 719,294 | ||||||||
Nikki Co. Ltd. | 2,100 | 33,739 | ||||||||
Nippon Felt Co. Ltd. | 84,000 | 327,711 | ||||||||
Nippon Piston Ring Co. Ltd. | 49,800 | 581,598 | ||||||||
Nippon Seiki Co. Ltd. | 303,200 | 3,050,380 | ||||||||
Nishikawa Rubber Co. Ltd. | 36,700 | 558,387 | ||||||||
# | Nishimatsuya Chain Co. Ltd. | 267,200 | 3,409,285 | |||||||
Nissan Shatai Co. Ltd. | 495,000 | 3,510,844 | ||||||||
Nissan Tokyo Sales Holdings Co. Ltd. | 166,400 | 364,069 | ||||||||
Nittan Valve Co. Ltd. | 93,500 | 298,002 | ||||||||
Nojima Corp. | 201,000 | 4,408,137 | ||||||||
NOK Corp. | 235,800 | 2,737,110 | ||||||||
Ohashi Technica, Inc. | 68,600 | 879,546 | ||||||||
Ohsho Food Service Corp. | 86,600 | 4,547,585 | ||||||||
* | Oisix ra daichi, Inc. | 130,200 | 5,453,252 | |||||||
Onward Holdings Co. Ltd. | 688,200 | 2,035,407 | ||||||||
Ozu Corp. | 22,200 | 374,500 | ||||||||
Pacific Industrial Co. Ltd. | 283,500 | 2,887,597 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||||
PAL GROUP Holdings Co. Ltd. | 139,800 | $ | 2,021,981 | |||||||
PAPYLESS Co. Ltd. | 33,900 | 410,316 | ||||||||
Paris Miki Holdings, Inc. | 131,400 | 300,235 | ||||||||
PC Depot Corp. | 183,381 | 738,626 | ||||||||
People Co. Ltd. | 14,600 | 130,780 | ||||||||
Piolax, Inc. | 196,900 | 2,832,486 | ||||||||
Plenus Co. Ltd. | 65,300 | 1,111,644 | ||||||||
* | Premium Water Holdings, Inc. | 8,100 | 224,303 | |||||||
Press Kogyo Co. Ltd. | 629,500 | 1,834,205 | ||||||||
# | Pressance Corp. | 109,900 | 1,821,481 | |||||||
* | QB Net Holdings Co. Ltd. | 41,800 | 702,672 | |||||||
# | Raccoon Holdings, Inc. | 111,700 | 1,563,224 | |||||||
* | Regal Corp. | 1,500 | 25,230 | |||||||
# | Renaissance, Inc. | 36,200 | 388,057 | |||||||
Resorttrust, Inc. | 523,464 | 9,276,381 | ||||||||
Rhythm Co. Ltd. | 43,600 | 535,213 | ||||||||
Riberesute Corp. | 46,100 | 337,211 | ||||||||
Ride On Express Holdings Co. Ltd. | 46,900 | 585,969 | ||||||||
* | Right On Co. Ltd. | 100,725 | 633,249 | |||||||
Riken Corp. | 59,500 | 1,403,707 | ||||||||
Riso Kyoiku Co. Ltd. | 671,200 | 2,803,909 | ||||||||
# | Rock Field Co. Ltd. | 94,800 | 1,399,445 | |||||||
Roland Corp. | 37,100 | 1,525,391 | ||||||||
Sac’s Bar Holdings, Inc. | 130,950 | 633,653 | ||||||||
Saizeriya Co. Ltd. | 171,700 | 4,634,799 | ||||||||
San Holdings, Inc. | 59,900 | 785,227 | ||||||||
Sanei Architecture Planning Co. Ltd. | 55,200 | 862,599 | ||||||||
Sangetsu Corp. | 291,250 | 4,007,740 | ||||||||
Sankyo Co. Ltd. | 233,600 | 5,669,919 | ||||||||
Sankyo Seiko Co. Ltd. | 248,900 | 1,265,323 | ||||||||
# | Sanoh Industrial Co. Ltd. | 174,600 | 1,546,583 | |||||||
Sanyei Corp. | 4,300 | 76,102 | ||||||||
Sanyo Electric Railway Co. Ltd. | 112,598 | 1,981,377 | ||||||||
* | Sanyo Shokai Ltd. | 64,699 | 513,586 | |||||||
# | Scroll Corp. | 189,200 | 1,435,985 | |||||||
Seiko Holdings Corp. | 165,881 | 3,498,302 | ||||||||
Seiren Co. Ltd. | 304,000 | 6,135,416 | ||||||||
Senshukai Co. Ltd. | 174,600 | 604,410 | ||||||||
Seria Co. Ltd. | 4,900 | 161,767 | ||||||||
* | Shidax Corp. | 149,800 | 578,059 | |||||||
Shikibo Ltd. | 68,600 | 558,770 | ||||||||
# | Shimojima Co. Ltd. | 48,800 | 484,057 | |||||||
Shin-Nihon Tatemono Co. Ltd. | 26,200 | 95,999 | ||||||||
Shoei Co. Ltd. | 152,600 | 6,790,138 | ||||||||
# * | Silver Life Co. Ltd. | 15,300 | 194,177 | |||||||
Snow Peak, Inc. | 97,400 | 5,140,284 | ||||||||
SNT Corp. | 197,100 | 402,512 | ||||||||
Soft99 Corp. | 84,400 | 952,682 | ||||||||
Sotoh Co. Ltd. | 49,100 | 354,767 | ||||||||
Space Value Holdings Co. Ltd. | 199,500 | 1,417,406 | ||||||||
SPK Corp. | 48,600 | 601,858 | ||||||||
Sprix Ltd. | 31,300 | 322,108 | ||||||||
St. Marc Holdings Co. Ltd. | 111,200 | 1,495,089 | ||||||||
# | Step Co. Ltd. | 61,500 | 958,456 | |||||||
Suminoe Textile Co. Ltd. | 32,800 | 510,815 | ||||||||
Sumitomo Riko Co. Ltd. | 252,100 | 1,642,289 | ||||||||
Suncall Corp. | 129,600 | 528,764 | ||||||||
* | SuRaLa Net Co. Ltd. | 2,700 | 49,553 | |||||||
Syuppin Co. Ltd. | 134,200 | 1,487,721 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||||
T RAD Co. Ltd. | 43,500 | $ | 1,221,092 | |||||||
Tachikawa Corp. | 71,600 | 786,624 | ||||||||
Tachi-S Co. Ltd. | 203,740 | 2,467,602 | ||||||||
# | Taiho Kogyo Co. Ltd. | 113,300 | 797,405 | |||||||
Takashimaya Co. Ltd. | 914,300 | 8,465,774 | ||||||||
Takasho Co. Ltd. | 15,400 | 111,978 | ||||||||
* | Take & Give Needs Co. Ltd. | 7,410 | 81,145 | |||||||
Takihyo Co. Ltd. | 30,600 | 478,911 | ||||||||
# | Tama Home Co. Ltd. | 107,600 | 2,217,624 | |||||||
Tamron Co. Ltd. | 105,800 | 2,487,067 | ||||||||
# | Tbk Co. Ltd. | 155,300 | 557,092 | |||||||
# | Tear Corp. | 60,900 | 260,861 | |||||||
Temairazu, Inc. | 14,900 | 723,535 | ||||||||
T-Gaia Corp. | 138,100 | 2,460,683 | ||||||||
Tigers Polymer Corp. | 79,800 | 295,740 | ||||||||
Toa Corp. | 161,700 | 1,157,852 | ||||||||
Toabo Corp. | 45,799 | 174,697 | ||||||||
Tokai Rika Co. Ltd. | 326,000 | 4,563,243 | ||||||||
Token Corp. | 47,250 | 3,852,792 | ||||||||
* | Tokyo Base Co. Ltd. | 130,100 | 807,225 | |||||||
Tokyo Individualized Educational Institute, Inc. | 103,700 | 655,232 | ||||||||
Tokyo Radiator Manufacturing Co. Ltd. | 24,300 | 129,082 | ||||||||
Tokyotokeiba Co. Ltd. | 99,900 | 3,958,190 | ||||||||
Tomy Co. Ltd. | 582,293 | 5,526,680 | ||||||||
Topre Corp. | 224,500 | 2,596,799 | ||||||||
Toridoll Holdings Corp. | 316,400 | 7,617,212 | ||||||||
Tosho Co. Ltd. | 4,000 | 68,570 | ||||||||
TPR Co. Ltd. | 159,300 | 2,029,906 | ||||||||
Treasure Factory Co. Ltd. | 10,300 | 83,067 | ||||||||
TS Tech Co. Ltd. | 410,086 | 5,486,965 | ||||||||
* | TSI Holdings Co. Ltd. | 310,995 | 943,151 | |||||||
* | Tsukada Global Holdings, Inc. | 86,100 | 257,099 | |||||||
# | Tsukamoto Corp. Co. Ltd. | 18,100 | 218,354 | |||||||
Tsutsumi Jewelry Co. Ltd. | 41,500 | 773,537 | ||||||||
# | Twinbird Corp. | 9,200 | 68,801 | |||||||
Unipres Corp. | 241,100 | 1,967,062 | ||||||||
* | Unitika Ltd. | 373,200 | 1,192,142 | |||||||
Univance Corp. | 10,000 | 43,699 | ||||||||
* | Universal Entertainment Corp. | 88,100 | 2,092,813 | |||||||
# | Valuence Holdings, Inc. | 1,600 | 43,492 | |||||||
* | Village Vanguard Co. Ltd. | 36,600 | 346,682 | |||||||
VT Holdings Co. Ltd. | 526,200 | 2,354,470 | ||||||||
Wacoal Holdings Corp. | 269,100 | 5,389,068 | ||||||||
Waseda Academy Co. Ltd. | 43,600 | 390,251 | ||||||||
Watts Co. Ltd. | 52,100 | 344,619 | ||||||||
Weds Co. Ltd. | 14,500 | 65,966 | ||||||||
* | World Co. Ltd. | 87,900 | 1,078,875 | |||||||
Xebio Holdings Co. Ltd. | 165,200 | 1,535,252 | ||||||||
Yachiyo Industry Co. Ltd. | 43,500 | 340,414 | ||||||||
Yagi & Co. Ltd. | 18,600 | 231,921 | ||||||||
Yamae Group Holdings Co. Ltd. | 9,400 | 94,342 | ||||||||
Yamato International, Inc. | 100,500 | 278,762 | ||||||||
Yasunaga Corp. | 53,200 | 550,659 | ||||||||
Yellow Hat Ltd. | 222,800 | 3,630,043 | ||||||||
Yondoshi Holdings, Inc. | 97,520 | 1,479,348 | ||||||||
Yorozu Corp. | 134,600 | 1,405,848 | ||||||||
Yutaka Giken Co. Ltd. | 8,700 | 146,391 | ||||||||
# | Zojirushi Corp. | 14,700 | 203,891 | |||||||
TOTAL CONSUMER DISCRETIONARY | 488,751,508 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
CONSUMER STAPLES — (7.2%) | ||||||||||
# | Aeon Hokkaido Corp. | 192,500 | $ | 2,223,155 | ||||||
# | AFC-HD AMS Life Science Co. Ltd. | 53,800 | 479,504 | |||||||
Ain Holdings, Inc. | 91,100 | 5,377,128 | ||||||||
Albis Co. Ltd. | 38,700 | 801,541 | ||||||||
Arcs Co. Ltd. | 274,400 | 5,273,221 | ||||||||
Artnature, Inc. | 116,400 | 756,064 | ||||||||
# | Axial Retailing, Inc. | 108,000 | 3,435,025 | |||||||
Belc Co. Ltd. | 67,800 | 3,347,049 | ||||||||
Bourbon Corp. | 54,800 | 1,118,984 | ||||||||
Bull-Dog Sauce Co. Ltd. | 3,000 | 58,596 | ||||||||
Cawachi Ltd. | 77,000 | 1,501,932 | ||||||||
# * | C’BON COSMETICS Co. Ltd. | 10,800 | 171,946 | |||||||
Chubu Shiryo Co. Ltd. | 152,100 | 1,453,673 | ||||||||
Chuo Gyorui Co. Ltd. | 9,800 | 250,009 | ||||||||
Como Co. Ltd. | 2,600 | 60,152 | ||||||||
# | Cota Co. Ltd. | 103,265 | 1,432,843 | |||||||
Create SD Holdings Co. Ltd. | 116,300 | 3,575,304 | ||||||||
Daikokutenbussan Co. Ltd. | 36,700 | 2,090,659 | ||||||||
Delica Foods Holdings Co. Ltd. | 66,400 | 364,662 | ||||||||
# | DyDo Group Holdings, Inc. | 59,300 | 2,825,437 | |||||||
Earth Corp. | 71,000 | 4,356,947 | ||||||||
Ebara Foods Industry, Inc. | 30,900 | 687,059 | ||||||||
Eco’s Co. Ltd. | 46,600 | 771,064 | ||||||||
Ensuiko Sugar Refining Co. Ltd. | 86,200 | 167,246 | ||||||||
Ezaki Glico Co. Ltd. | 81,000 | 2,939,770 | ||||||||
Feed One Co. Ltd. | 155,448 | 1,023,403 | ||||||||
* | First Baking Co. Ltd. | 5,100 | 30,477 | |||||||
Fuji Co. Ltd. | 118,700 | 2,091,854 | ||||||||
Fuji Oil Holdings, Inc. | 116,700 | 2,738,709 | ||||||||
Fujicco Co. Ltd. | 129,700 | 2,177,436 | ||||||||
Fujiya Co. Ltd. | 70,000 | 1,448,782 | ||||||||
# | G-7 Holdings, Inc. | 142,800 | 2,612,725 | |||||||
Genky DrugStores Co. Ltd. | 51,000 | 2,459,559 | ||||||||
# | HABA Laboratories, Inc. | 15,000 | 402,487 | |||||||
Hagoromo Foods Corp. | 17,900 | 497,157 | ||||||||
Halows Co. Ltd. | 54,500 | 1,338,872 | ||||||||
# | Hayashikane Sangyo Co. Ltd. | 29,400 | 150,142 | |||||||
Heiwado Co. Ltd. | 194,900 | 3,373,752 | ||||||||
Hokkaido Coca-Cola Bottling Co. Ltd. | 18,699 | 680,823 | ||||||||
Hokuto Corp. | 141,500 | 2,443,584 | ||||||||
# | Ichimasa Kamaboko Co. Ltd. | 43,100 | 345,676 | |||||||
Imuraya Group Co. Ltd. | 61,500 | 1,269,243 | ||||||||
Inageya Co. Ltd. | 33,600 | 406,102 | ||||||||
Itochu-Shokuhin Co. Ltd. | 35,100 | 1,622,104 | ||||||||
Itoham Yonekyu Holdings, Inc. | 689,700 | 4,205,492 | ||||||||
Iwatsuka Confectionery Co. Ltd. | 8,700 | 292,293 | ||||||||
JM Holdings Co. Ltd. | 77,000 | 1,263,914 | ||||||||
J-Oil Mills, Inc. | 131,200 | 2,114,697 | ||||||||
Kadoya Sesame Mills, Inc. | 15,600 | 551,880 | ||||||||
Kagome Co. Ltd. | 119,500 | 3,032,406 | ||||||||
Kakiyasu Honten Co. Ltd. | 53,400 | 1,253,317 | ||||||||
Kameda Seika Co. Ltd. | 86,000 | 3,363,513 | ||||||||
# | Kaneko Seeds Co. Ltd. | 44,700 | 589,917 | |||||||
Kanemi Co. Ltd. | 1,200 | 29,796 | ||||||||
# | Kansai Super Market Ltd. | 93,000 | 1,511,752 | |||||||
Kato Sangyo Co. Ltd. | 152,100 | 4,288,404 | ||||||||
Kenko Mayonnaise Co. Ltd. | 79,700 | 1,069,344 | ||||||||
# | Key Coffee, Inc. | 4,900 | 95,868 | |||||||
Kitanotatsujin Corp. | 293,000 | 1,067,417 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
CONSUMER STAPLES — (Continued) | ||||||||||
KOIKE YA, Inc. | 300 | $ | 13,613 | |||||||
# | Kusuri no Aoki Holdings Co. Ltd. | 52,400 | 3,488,030 | |||||||
Kyokuyo Co. Ltd. | 63,799 | 1,710,161 | ||||||||
Lacto Japan Co. Ltd. | 44,200 | 1,040,753 | ||||||||
Life Corp. | 68,000 | 2,232,056 | ||||||||
Mandom Corp. | 83,700 | 1,216,731 | ||||||||
Marudai Food Co. Ltd. | 136,300 | 2,027,558 | ||||||||
Maruha Nichiro Corp. | 213,807 | 4,823,644 | ||||||||
Matsumotokiyoshi Holdings Co. Ltd. | 38,902 | 1,724,896 | ||||||||
Maxvalu Tokai Co. Ltd. | 45,800 | 1,049,315 | ||||||||
Medical System Network Co. Ltd. | 161,200 | 1,045,362 | ||||||||
Megmilk Snow Brand Co. Ltd. | 277,400 | 5,367,659 | ||||||||
Meito Sangyo Co. Ltd. | 57,500 | 879,133 | ||||||||
Milbon Co. Ltd. | 159,852 | 9,570,980 | ||||||||
Ministop Co. Ltd. | 90,500 | 1,103,065 | ||||||||
Mitsubishi Shokuhin Co. Ltd. | 110,000 | 2,831,663 | ||||||||
Mitsui DM Sugar Holdings Co. Ltd. | 111,970 | 1,989,724 | ||||||||
Miyoshi Oil & Fat Co. Ltd. | 42,900 | 502,096 | ||||||||
Morinaga & Co. Ltd. | 163,099 | 5,763,710 | ||||||||
Morinaga Milk Industry Co. Ltd. | 900 | 52,744 | ||||||||
Morozoff Ltd. | 18,900 | 886,705 | ||||||||
# | MTG Co. Ltd. | 24,700 | 333,413 | |||||||
Nagatanien Holdings Co. Ltd. | 76,300 | 1,397,102 | ||||||||
Nakamuraya Co. Ltd. | 28,400 | 933,827 | ||||||||
# | Natori Co. Ltd. | 65,000 | 1,103,914 | |||||||
Nichimo Co. Ltd. | 17,000 | 285,215 | ||||||||
Nihon Chouzai Co. Ltd. | 73,420 | 1,057,977 | ||||||||
Niitaka Co. Ltd. | 12,360 | 245,109 | ||||||||
Nippn Corp. | 374,600 | 5,367,537 | ||||||||
Nippon Beet Sugar Manufacturing Co. Ltd. | 67,100 | 973,696 | ||||||||
Nippon Suisan Kaisha Ltd. | 1,912,300 | 10,868,179 | ||||||||
Nishimoto Co. Ltd. | 19,500 | 728,299 | ||||||||
Nisshin Oillio Group Ltd. | 168,800 | 4,474,570 | ||||||||
Nissin Sugar Co. Ltd. | 103,300 | 1,543,562 | ||||||||
Nitto Fuji Flour Milling Co. Ltd. | 16,200 | 472,785 | ||||||||
Noevir Holdings Co. Ltd. | 73,400 | 3,590,359 | ||||||||
Oenon Holdings, Inc. | 317,700 | 1,053,687 | ||||||||
# * | OIE Sangyo Co. Ltd. | 22,000 | 207,045 | |||||||
Okuwa Co. Ltd. | 155,300 | 1,492,005 | ||||||||
Olympic Group Corp. | 52,200 | 328,818 | ||||||||
OUG Holdings, Inc. | 21,300 | 521,541 | ||||||||
# | Pickles Corp. | 53,600 | 844,968 | |||||||
Prima Meat Packers Ltd. | 183,500 | 4,312,883 | ||||||||
Qol Holdings Co. Ltd. | 167,400 | 2,486,716 | ||||||||
Retail Partners Co. Ltd. | 107,600 | 1,124,796 | ||||||||
Riken Vitamin Co. Ltd. | 148,900 | 2,445,016 | ||||||||
Rokko Butter Co. Ltd. | 84,200 | 1,233,161 | ||||||||
S Foods, Inc. | 116,762 | 3,381,093 | ||||||||
S&B Foods, Inc. | 42,798 | 1,665,989 | ||||||||
# | Sagami Rubber Industries Co. Ltd. | 57,700 | 533,531 | |||||||
Sakata Seed Corp. | 14,000 | 422,381 | ||||||||
San-A Co. Ltd. | 116,600 | 4,201,492 | ||||||||
Sapporo Holdings Ltd. | 392,620 | 8,518,732 | ||||||||
Sato Foods Co. Ltd. | 800 | 35,347 | ||||||||
Satudora Holdings Co. Ltd. | 1,300 | 25,758 | ||||||||
# | Shinnihonseiyaku Co. Ltd. | 24,000 | 355,713 | |||||||
Shinobu Foods Products Co. Ltd. | 1,600 | 9,367 | ||||||||
# | Shoei Foods Corp. | 68,000 | 2,344,264 | |||||||
Showa Sangyo Co. Ltd. | 114,300 | 2,843,451 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
CONSUMER STAPLES — (Continued) | ||||||||||
# | Soiken Holdings, Inc. | 24,200 | $ | 67,724 | ||||||
ST Corp. | 30,100 | 426,849 | ||||||||
Starzen Co. Ltd. | 90,600 | 1,707,467 | ||||||||
Takara Holdings, Inc. | 118,800 | 1,624,977 | ||||||||
* | Toho Co. Ltd. | 49,900 | 671,106 | |||||||
# | Torigoe Co. Ltd. | 94,500 | 635,722 | |||||||
Toyo Sugar Refining Co. Ltd. | 14,500 | 149,472 | ||||||||
# | Transaction Co. Ltd. | 89,700 | 907,365 | |||||||
United Super Markets Holdings, Inc. | 353,200 | 3,223,953 | ||||||||
Valor Holdings Co. Ltd. | 225,800 | 4,782,226 | ||||||||
Warabeya Nichiyo Holdings Co. Ltd. | 88,260 | 1,732,192 | ||||||||
Watahan & Co. Ltd. | 97,400 | 1,054,506 | ||||||||
Yaizu Suisankagaku Industry Co. Ltd. | 62,100 | 534,973 | ||||||||
YAKUODO Holdings Co. Ltd. | 69,400 | 1,466,455 | ||||||||
Yamami Co. | 1,200 | 21,365 | ||||||||
# | YA-MAN Ltd. | 194,200 | 2,062,992 | |||||||
Yamatane Corp. | 61,600 | 847,185 | ||||||||
# | Yamaya Corp. | 25,000 | 528,325 | |||||||
# | Yamazawa Co. Ltd. | 11,800 | 178,164 | |||||||
Yaoko Co. Ltd. | 27,800 | 1,654,750 | ||||||||
# | Yokohama Reito Co. Ltd. | 322,900 | 2,469,135 | |||||||
Yomeishu Seizo Co. Ltd. | 48,700 | 774,432 | ||||||||
* | Yoshimura Food Holdings KK | 29,300 | 202,692 | |||||||
# | Yuasa Funashoku Co. Ltd. | 14,300 | 381,552 | |||||||
Yutaka Foods Corp. | 3,900 | 64,303 | ||||||||
TOTAL CONSUMER STAPLES | 248,614,645 | |||||||||
ENERGY — (0.9%) | ||||||||||
BP Castrol KK | 44,100 | 554,424 | ||||||||
Cosmo Energy Holdings Co. Ltd. | 348,300 | 7,120,167 | ||||||||
Fuji Kosan Co. Ltd. | 4,400 | 40,740 | ||||||||
Fuji Oil Co. Ltd. | 292,200 | 694,793 | ||||||||
Itochu Enex Co. Ltd. | 356,500 | 3,145,548 | ||||||||
Japan Oil Transportation Co. Ltd. | 15,500 | 358,357 | ||||||||
Japan Petroleum Exploration Co. Ltd. | 226,200 | 4,116,318 | ||||||||
Mitsuuroko Group Holdings Co. Ltd. | 203,900 | 2,439,883 | ||||||||
Modec, Inc. | 134,300 | 2,309,972 | ||||||||
# | Nippon Coke & Engineering Co. Ltd. | 978,100 | 1,308,368 | |||||||
Sala Corp. | 324,100 | 1,770,331 | ||||||||
San-Ai Oil Co. Ltd. | 396,200 | 5,163,612 | ||||||||
Sinanen Holdings Co. Ltd. | 47,500 | 1,458,067 | ||||||||
Toa Oil Co. Ltd. | 46,200 | 1,146,113 | ||||||||
Toyo Kanetsu KK | 48,700 | 1,075,378 | ||||||||
TOTAL ENERGY | 32,702,071 | |||||||||
FINANCIALS — (8.2%) | ||||||||||
77 Bank Ltd. | 364,552 | 3,718,992 | ||||||||
Advance Create Co. Ltd. | 63,400 | 591,263 | ||||||||
AEON Financial Service Co. Ltd. | 79,700 | 1,012,598 | ||||||||
Aichi Bank Ltd. | 48,700 | 1,472,030 | ||||||||
Aiful Corp. | 2,177,800 | 7,255,429 | ||||||||
# | Aizawa Securities Co. Ltd. | 214,900 | 2,027,390 | |||||||
Akatsuki Corp. | 144,000 | 472,620 | ||||||||
Akita Bank Ltd. | 88,440 | 1,125,344 | ||||||||
Anicom Holdings, Inc. | 108,300 | 844,361 | ||||||||
Aomori Bank Ltd. | 125,000 | 2,155,774 | ||||||||
Aozora Bank Ltd. | 58,800 | 1,345,049 | ||||||||
* | Aruhi Corp. | 135,900 | 1,575,577 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
FINANCIALS — (Continued) | ||||||||||
Asax Co. Ltd. | 9,300 | $ | 58,119 | |||||||
Awa Bank Ltd. | 242,300 | 4,513,413 | ||||||||
Bank of Iwate Ltd. | 82,982 | 1,192,198 | ||||||||
# | Bank of Kochi Ltd. | 56,100 | 375,364 | |||||||
Bank of Nagoya Ltd. | 75,630 | 1,608,800 | ||||||||
Bank of Saga Ltd. | 86,320 | 1,088,264 | ||||||||
Bank of the Ryukyus Ltd. | 262,280 | 1,748,326 | ||||||||
# | Bank of Toyama Ltd. | 14,500 | 242,169 | |||||||
Casa, Inc. | 26,400 | 210,956 | ||||||||
Chiba Kogyo Bank Ltd. | 264,158 | 626,402 | ||||||||
Chugoku Bank Ltd. | 580,000 | 4,207,413 | ||||||||
Chukyo Bank Ltd. | 70,400 | 815,259 | ||||||||
Credit Saison Co. Ltd. | 735,700 | 9,019,474 | ||||||||
Daishi Hokuetsu Financial Group, Inc. | 271,000 | 6,069,162 | ||||||||
# | Daito Bank Ltd. | 62,600 | 371,904 | |||||||
# * | Dream Incubator, Inc. | 15,700 | 110,000 | |||||||
eGuarantee, Inc. | 202,400 | 4,507,278 | ||||||||
# | Ehime Bank Ltd. | 216,700 | 1,462,689 | |||||||
Entrust, Inc. | 54,900 | 373,844 | ||||||||
FIDEA Holdings Co. Ltd. | 128,790 | 1,331,959 | ||||||||
First Bank of Toyama Ltd. | 319,000 | 803,560 | ||||||||
# | First Brothers Co. Ltd. | 34,600 | 314,044 | |||||||
Fukui Bank Ltd. | 136,000 | 1,757,994 | ||||||||
* | Fukushima Bank Ltd. | 17,200 | 34,898 | |||||||
Fuyo General Lease Co. Ltd. | 119,500 | 7,766,474 | ||||||||
GMO Financial Holdings, Inc. | 258,700 | 1,981,525 | ||||||||
Gunma Bank Ltd. | 1,901,540 | 5,870,601 | ||||||||
Hachijuni Bank Ltd. | 1,378,300 | 4,606,540 | ||||||||
Hirogin Holdings, Inc. | 1,512,200 | 8,331,078 | ||||||||
Hirose Tusyo, Inc. | 20,800 | 413,928 | ||||||||
Hokkoku Financial Holdings, Inc. | 150,800 | 2,628,291 | ||||||||
Hokuhoku Financial Group, Inc. | 832,900 | 5,958,354 | ||||||||
Hyakugo Bank Ltd. | 1,433,909 | 4,156,607 | ||||||||
Hyakujushi Bank Ltd. | 134,700 | 1,742,886 | ||||||||
Ichiyoshi Securities Co. Ltd. | 230,400 | 1,314,715 | ||||||||
IwaiCosmo Holdings, Inc. | 123,900 | 1,455,876 | ||||||||
Iyo Bank Ltd. | 1,002,118 | 4,902,882 | ||||||||
* | J Trust Co. Ltd. | 345,400 | 1,805,722 | |||||||
Jaccs Co. Ltd. | 150,900 | 4,024,560 | ||||||||
Jafco Group Co. Ltd. | 204,100 | 12,931,197 | ||||||||
* | Japan Asia Investment Co. Ltd. | 93,300 | 189,711 | |||||||
Japan Investment Adviser Co. Ltd. | 70,300 | 768,764 | ||||||||
Japan Securities Finance Co. Ltd. | 581,200 | 4,436,880 | ||||||||
# | Jimoto Holdings, Inc. | 113,150 | 646,382 | |||||||
# | J-Lease Co. Ltd. | 31,900 | 644,668 | |||||||
Juroku Financial Group, Inc. | 191,700 | 3,481,666 | ||||||||
Keiyo Bank Ltd. | 700,300 | 2,727,668 | ||||||||
Kita-Nippon Bank Ltd. | 43,506 | 582,513 | ||||||||
Kiyo Bank Ltd. | 430,890 | 5,658,485 | ||||||||
Kyokuto Securities Co. Ltd. | 152,800 | 1,023,091 | ||||||||
Kyushu Financial Group, Inc. | 1,545,837 | 5,205,710 | ||||||||
Kyushu Leasing Service Co. Ltd. | 34,000 | 180,621 | �� | |||||||
* | M&A Capital Partners Co. Ltd. | 92,100 | 5,194,876 | |||||||
Marusan Securities Co. Ltd. | 336,700 | 1,774,385 | ||||||||
Matsui Securities Co. Ltd. | 450,500 | 3,231,901 | ||||||||
Mebuki Financial Group, Inc. | 1,100,400 | 2,253,086 | ||||||||
# | Mercuria Holdings Co. Ltd. | 70,500 | 457,641 | |||||||
# | Michinoku Bank Ltd. | 261,898 | 2,011,846 | |||||||
# | Minkabu The Infonoid, Inc. | 21,700 | 650,732 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
FINANCIALS — (Continued) | ||||||||||
# | Mito Securities Co. Ltd. | 359,500 | $ | 933,461 | ||||||
Miyazaki Bank Ltd. | 107,900 | 1,944,730 | ||||||||
Mizuho Leasing Co. Ltd. | 188,600 | 5,827,121 | ||||||||
Monex Group, Inc. | 1,111,400 | 7,237,357 | ||||||||
Money Partners Group Co. Ltd. | 149,100 | 321,630 | ||||||||
Morningstar Japan KK | 76,200 | 347,165 | ||||||||
Mortgage Service Japan Ltd. | 22,900 | 213,502 | ||||||||
Musashino Bank Ltd. | 205,300 | 3,224,806 | ||||||||
Nagano Bank Ltd. | 43,899 | 416,150 | ||||||||
Nanto Bank Ltd. | 191,700 | 3,304,814 | ||||||||
NEC Capital Solutions Ltd. | 60,200 | 1,085,694 | ||||||||
Nishi-Nippon Financial Holdings, Inc. | 842,300 | 4,911,403 | ||||||||
North Pacific Bank Ltd. | 1,824,600 | 3,776,132 | ||||||||
# * | OAK Capital Corp. | 319,800 | 264,270 | |||||||
Ogaki Kyoritsu Bank Ltd. | 238,100 | 3,956,752 | ||||||||
Oita Bank Ltd. | 84,199 | 1,340,841 | ||||||||
Okasan Securities Group, Inc. | 1,062,700 | 3,634,784 | ||||||||
Okinawa Financial Group, Inc. | 145,260 | 3,193,298 | ||||||||
Orient Corp. | 2,808,900 | 3,854,758 | ||||||||
Premium Group Co. Ltd. | 40,900 | 1,119,020 | ||||||||
Ricoh Leasing Co. Ltd. | 100,800 | 3,195,860 | ||||||||
San ju San Financial Group, Inc. | 118,793 | 1,455,218 | ||||||||
San-In Godo Bank Ltd. | 977,400 | 4,783,344 | ||||||||
Sawada Holdings Co. Ltd. | 152,200 | 1,397,384 | ||||||||
* | SBI Insurance Group Co. Ltd. | 7,600 | 84,706 | |||||||
Senshu Ikeda Holdings, Inc. | 1,232,328 | 1,731,350 | ||||||||
Seven Bank Ltd. | 561,000 | 1,185,924 | ||||||||
Shiga Bank Ltd. | 300,900 | 4,868,986 | ||||||||
Shikoku Bank Ltd. | 258,600 | 1,702,230 | ||||||||
Shimizu Bank Ltd. | 58,200 | 787,955 | ||||||||
# | Sparx Group Co. Ltd. | 604,900 | 1,569,154 | |||||||
Strike Co. Ltd. | 51,700 | 1,951,056 | ||||||||
# | Suruga Bank Ltd. | 893,400 | 3,277,354 | |||||||
Taiko Bank Ltd. | 41,800 | 489,983 | ||||||||
Tochigi Bank Ltd. | 565,200 | 878,215 | ||||||||
Toho Bank Ltd. | 1,298,700 | 2,324,764 | ||||||||
# | Tohoku Bank Ltd. | 64,700 | 569,864 | |||||||
Tokai Tokyo Financial Holdings, Inc. | 1,409,300 | 4,885,609 | ||||||||
Tokyo Kiraboshi Financial Group, Inc. | 170,738 | 2,208,560 | ||||||||
Tomato Bank Ltd. | 54,500 | 500,401 | ||||||||
TOMONY Holdings, Inc. | 937,250 | 2,504,001 | ||||||||
Tottori Bank Ltd. | 56,400 | 550,913 | ||||||||
Towa Bank Ltd. | 210,300 | 933,391 | ||||||||
# | Toyo Securities Co. Ltd. | 390,800 | 557,238 | |||||||
Traders Holdings Co. Ltd. | 13,720 | 37,785 | ||||||||
# | Tsukuba Bank Ltd. | 461,800 | 692,219 | |||||||
* | Uzabase, Inc. | 60,700 | 1,087,689 | |||||||
Yamagata Bank Ltd. | 143,600 | 1,024,332 | ||||||||
Yamaguchi Financial Group, Inc. | 1,237,672 | 6,909,329 | ||||||||
Yamanashi Chuo Bank Ltd. | 162,526 | 1,171,465 | ||||||||
TOTAL FINANCIALS | 283,675,745 | |||||||||
HEALTH CARE — (4.4%) | ||||||||||
Advantage Risk Management Co. Ltd. | 41,900 | 339,505 | ||||||||
ASKA Pharmaceutical Holdings Co. Ltd. | 161,700 | 1,405,087 | ||||||||
Astena Holdings Co. Ltd. | 194,800 | 966,912 | ||||||||
BML, Inc. | 149,600 | 5,258,415 | ||||||||
Carenet, Inc. | 130,800 | 1,437,501 | ||||||||
CE Holdings Co. Ltd. | 9,500 | 44,955 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
HEALTH CARE — (Continued) | ||||||||||
# * | CellSource Co. Ltd. | 19,800 | $ | 1,121,900 | ||||||
Charm Care Corp. KK | 113,900 | 1,712,673 | ||||||||
CMIC Holdings Co. Ltd. | 63,200 | 823,041 | ||||||||
Create Medic Co. Ltd. | 38,700 | 335,882 | ||||||||
Daiken Medical Co. Ltd. | 116,700 | 592,042 | ||||||||
Daito Pharmaceutical Co. Ltd. | 78,580 | 2,215,979 | ||||||||
DATA HORIZON Co. Ltd. | 3,600 | 72,231 | ||||||||
# | Dvx, Inc. | 44,300 | 449,068 | |||||||
Eiken Chemical Co. Ltd. | 203,900 | 3,427,571 | ||||||||
Elan Corp. | 208,600 | 2,254,690 | ||||||||
EM Systems Co. Ltd. | 205,000 | 1,358,944 | ||||||||
FALCO HOLDINGS Co. Ltd. | 53,300 | 793,939 | ||||||||
FINDEX, Inc. | 94,500 | 778,638 | ||||||||
France Bed Holdings Co. Ltd. | 158,600 | 1,256,629 | ||||||||
Fuji Pharma Co. Ltd. | 99,100 | 955,543 | ||||||||
Fukuda Denshi Co. Ltd. | 63,200 | 5,323,083 | ||||||||
Fuso Pharmaceutical Industries Ltd. | 45,600 | 1,017,475 | ||||||||
# * | GNI Group Ltd. | 54,200 | 759,451 | |||||||
H.U. Group Holdings, Inc. | 362,400 | 8,937,241 | ||||||||
Hogy Medical Co. Ltd. | 103,900 | 2,848,609 | ||||||||
Hoshi Iryo-Sanki Co. Ltd. | 9,600 | 323,653 | ||||||||
# | I’rom Group Co. Ltd. | 31,800 | 548,820 | |||||||
# * | Japan Animal Referral Medical Center Co. Ltd. | 9,600 | 148,383 | |||||||
* | Japan Hospice Holdings, Inc. | 11,300 | 198,121 | |||||||
Japan Lifeline Co. Ltd. | 396,000 | 4,264,177 | ||||||||
Japan Medical Dynamic Marketing, Inc. | 104,500 | 2,008,748 | ||||||||
# | JMS Co. Ltd. | 104,457 | 681,011 | |||||||
Kaken Pharmaceutical Co. Ltd. | 132,200 | 5,214,471 | ||||||||
Kanamic Network Co. Ltd. | 139,700 | 743,861 | ||||||||
Kissei Pharmaceutical Co. Ltd. | 175,800 | 3,516,580 | ||||||||
# | Koa Shoji Holdings Co. Ltd. | 4,100 | 23,991 | |||||||
KYORIN Holdings, Inc. | 261,400 | 4,015,338 | ||||||||
Linical Co. Ltd. | 71,700 | 505,280 | ||||||||
Mani, Inc. | 173,400 | 2,955,861 | ||||||||
Medical Data Vision Co. Ltd. | 171,100 | 2,207,310 | ||||||||
Medikit Co. Ltd. | 2,000 | 49,825 | ||||||||
Medius Holdings Co. Ltd. | 67,100 | 525,462 | ||||||||
# * | MedPeer, Inc. | 74,300 | 2,232,573 | |||||||
Menicon Co. Ltd. | 104,600 | 3,927,128 | ||||||||
Mizuho Medy Co. Ltd. | 22,400 | 517,529 | ||||||||
Mochida Pharmaceutical Co. Ltd. | 35,698 | 1,041,005 | ||||||||
Nagaileben Co. Ltd. | 5,200 | 106,878 | ||||||||
Nakanishi, Inc. | 248,400 | 5,761,692 | ||||||||
# | Nichi-iko Pharmaceutical Co. Ltd. | 323,550 | 2,456,325 | |||||||
Nippon Chemiphar Co. Ltd. | 13,400 | 255,463 | ||||||||
Nipro Corp. | 809,400 | 8,224,859 | ||||||||
Nissui Pharmaceutical Co. Ltd. | 78,000 | 665,896 | ||||||||
Paramount Bed Holdings Co. Ltd. | 267,500 | 4,991,309 | ||||||||
Precision System Science Co. Ltd. | 4,800 | 25,265 | ||||||||
Rion Co. Ltd. | 54,600 | 1,188,117 | ||||||||
Sawai Group Holdings Co. Ltd. | 141,800 | 6,255,401 | ||||||||
Seed Co. Ltd. | 72,900 | 395,594 | ||||||||
Seikagaku Corp. | 233,700 | 2,062,443 | ||||||||
Shin Nippon Biomedical Laboratories Ltd. | 125,400 | 1,589,741 | ||||||||
Ship Healthcare Holdings, Inc. | 193,600 | 5,085,168 | ||||||||
Shofu, Inc. | 69,900 | 1,448,719 | ||||||||
Software Service, Inc. | 19,600 | 1,236,517 | ||||||||
Solasto Corp. | 327,100 | 3,958,897 | ||||||||
St-Care Holding Corp. | 81,600 | 650,476 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
HEALTH CARE — (Continued) | ||||||||||
# | Taiko Pharmaceutical Co. Ltd. | 55,900 | $ | 397,093 | ||||||
Techno Medica Co. Ltd. | 14,700 | 203,870 | ||||||||
Toho Holdings Co. Ltd. | 298,300 | 4,829,468 | ||||||||
Tokai Corp. | 138,600 | 2,666,123 | ||||||||
Torii Pharmaceutical Co. Ltd. | 94,600 | 2,455,990 | ||||||||
# | Towa Pharmaceutical Co. Ltd. | 173,300 | 4,455,329 | |||||||
Trans Genic, Inc. | 51,100 | 245,172 | ||||||||
Tsumura & Co. | 108,600 | 3,384,564 | ||||||||
Value HR Co. Ltd. | 46,400 | 750,195 | ||||||||
Vital KSK Holdings, Inc. | 272,800 | 1,819,219 | ||||||||
# * | Wakamoto Pharmaceutical Co. Ltd. | 112,300 | 335,254 | |||||||
WIN-Partners Co. Ltd. | 113,300 | 956,699 | ||||||||
ZERIA Pharmaceutical Co. Ltd. | 11,200 | 200,506 | ||||||||
TOTAL HEALTH CARE | 151,194,373 | |||||||||
INDUSTRIALS — (29.9%) | ||||||||||
# | A&A Material Corp. | 26,000 | 220,125 | |||||||
# | Abist Co. Ltd. | 19,600 | 493,942 | |||||||
Advan Group Co. Ltd. | 149,900 | 1,280,998 | ||||||||
Advanex, Inc. | 17,599 | 168,578 | ||||||||
Aeon Delight Co. Ltd. | 100,100 | 3,074,262 | ||||||||
Aica Kogyo Co. Ltd. | 84,300 | 2,583,861 | ||||||||
Aichi Corp. | 235,900 | 1,672,196 | ||||||||
Aida Engineering Ltd. | 313,400 | 2,845,023 | ||||||||
Airtech Japan Ltd. | 2,000 | 21,949 | ||||||||
AIT Corp. | 5,000 | 48,881 | ||||||||
Ajis Co. Ltd. | 28,900 | 751,550 | ||||||||
Alconix Corp. | 151,600 | 2,285,348 | ||||||||
Alinco, Inc. | 80,500 | 703,075 | ||||||||
Alps Logistics Co. Ltd. | 111,600 | 1,018,966 | ||||||||
Altech Co. Ltd. | 10,900 | 30,140 | ||||||||
Altech Corp. | 113,570 | 2,045,853 | ||||||||
# | Anest Iwata Corp. | 220,200 | 1,754,091 | |||||||
Asahi Diamond Industrial Co. Ltd. | 352,700 | 2,168,724 | ||||||||
Asahi Kogyosha Co. Ltd. | 25,700 | 770,705 | ||||||||
Asanuma Corp. | 44,000 | 1,759,637 | ||||||||
# | Asukanet Co. Ltd. | 31,200 | 219,061 | |||||||
Bando Chemical Industries Ltd. | 213,500 | 1,649,749 | ||||||||
BeNext-Yumeshin Group Co. | 348,196 | 4,539,417 | ||||||||
# | Br Holdings Corp. | 202,000 | 763,731 | |||||||
Bunka Shutter Co. Ltd. | 361,900 | 3,527,678 | ||||||||
Canare Electric Co. Ltd. | 21,200 | 318,159 | ||||||||
Careerlink Co. Ltd. | 2,100 | 28,528 | ||||||||
Central Glass Co. Ltd. | 227,800 | 4,242,005 | ||||||||
Central Security Patrols Co. Ltd. | 53,000 | 1,274,302 | ||||||||
Chilled & Frozen Logistics Holdings Co. Ltd. | 111,200 | 1,647,969 | ||||||||
* | Chiyoda Corp. | 728,000 | 2,661,195 | |||||||
Chiyoda Integre Co. Ltd. | 71,700 | 1,371,293 | ||||||||
Chori Co. Ltd. | 73,000 | 1,164,007 | ||||||||
Chudenko Corp. | 200,400 | 3,923,945 | ||||||||
# | Chugai Ro Co. Ltd. | 37,600 | 575,506 | |||||||
Chuo Warehouse Co. Ltd. | 21,000 | 178,150 | ||||||||
CKD Corp. | 213,800 | 4,238,619 | ||||||||
CMC Corp. | 30,200 | 334,564 | ||||||||
Comany, Inc. | 4,700 | 50,939 | ||||||||
Cosel Co. Ltd. | 162,700 | 1,324,738 | ||||||||
Creek & River Co. Ltd. | 67,100 | 1,158,817 | ||||||||
CTI Engineering Co. Ltd. | 73,300 | 1,758,453 | ||||||||
CTS Co. Ltd. | 157,100 | 1,097,573 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
INDUSTRIALS — (Continued) | ||||||||||
Dai-Dan Co. Ltd. | 98,500 | $ | 2,073,900 | |||||||
# | Daido Kogyo Co. Ltd. | 51,800 | 465,052 | |||||||
Daihatsu Diesel Manufacturing Co. Ltd. | 122,100 | 632,151 | ||||||||
Daihen Corp. | 131,800 | 5,501,515 | ||||||||
# | Daiho Corp. | 98,600 | 3,321,418 | |||||||
Dai-Ichi Cutter Kogyo KK | 46,300 | 578,059 | ||||||||
Daiichi Jitsugyo Co. Ltd. | 54,200 | 2,521,088 | ||||||||
Daiichi Kensetsu Corp. | 34,300 | 604,048 | ||||||||
Daiki Axis Co. Ltd. | 41,900 | 342,949 | ||||||||
* | Daiohs Corp. | 22,100 | 198,206 | |||||||
Daiseki Co. Ltd. | 292,755 | 13,664,852 | ||||||||
Daiseki Eco. Solution Co. Ltd. | 22,959 | 354,141 | ||||||||
# | Daisue Construction Co. Ltd. | 48,200 | 372,146 | |||||||
Daiwa Industries Ltd. | 214,200 | 2,387,296 | ||||||||
Denyo Co. Ltd. | 107,900 | 1,870,910 | ||||||||
DMG Mori Co. Ltd. | 728,000 | 12,536,750 | ||||||||
DMW Corp. | 4,800 | 149,589 | ||||||||
Duskin Co. Ltd. | 281,100 | 6,771,653 | ||||||||
Ebara Jitsugyo Co. Ltd. | 72,400 | 1,828,075 | ||||||||
Eidai Co. Ltd. | 184,700 | 473,023 | ||||||||
# | EJ Holdings, Inc. | 24,200 | 265,787 | |||||||
Endo Lighting Corp. | 56,300 | 519,856 | ||||||||
en-japan, Inc. | 159,400 | 6,330,077 | ||||||||
Enshu Ltd. | 26,199 | 151,245 | ||||||||
Envipro Holdings, Inc. | 7,800 | 173,942 | ||||||||
EPCO Co. Ltd. | 4,400 | 32,290 | ||||||||
Escrow Agent Japan, Inc. | 136,700 | 243,986 | ||||||||
F&M Co. Ltd. | 44,400 | 774,402 | ||||||||
# * | FDK Corp. | 64,298 | 580,463 | |||||||
Forum Engineering, Inc. | 16,900 | 140,982 | ||||||||
Freund Corp. | 75,600 | 555,986 | ||||||||
Fudo Tetra Corp. | 108,480 | 1,723,236 | ||||||||
Fuji Corp. | 296,600 | 6,918,509 | ||||||||
# | Fuji Die Co. Ltd. | 55,300 | 314,762 | |||||||
Fuji Furukawa Engineering & Construction Co. Ltd. | 1,800 | 42,196 | ||||||||
* | Fujikura Ltd. | 1,714,800 | 9,249,370 | |||||||
Fujimak Corp. | 12,600 | 86,482 | ||||||||
Fujisash Co. Ltd. | 573,900 | 388,226 | ||||||||
Fujitec Co. Ltd. | 264,100 | 5,999,187 | ||||||||
Fukuda Corp. | 58,900 | 2,397,799 | ||||||||
Fukushima Galilei Co. Ltd. | 83,500 | 3,319,624 | ||||||||
Fukuvi Chemical Industry Co. Ltd. | 10,600 | 58,638 | ||||||||
Fukuyama Transporting Co. Ltd. | 60,157 | 2,396,351 | ||||||||
FULLCAST Holdings Co. Ltd. | 131,600 | 3,071,809 | ||||||||
Funai Soken Holdings, Inc. | 247,470 | 6,875,107 | ||||||||
Furukawa Co. Ltd. | 204,200 | 2,259,665 | ||||||||
Furukawa Electric Co. Ltd. | 424,300 | 9,284,144 | ||||||||
Futaba Corp. | 208,200 | 1,415,593 | ||||||||
# | G Three Holdings Corp. | 61,200 | 226,467 | |||||||
Gecoss Corp. | 95,900 | 724,550 | ||||||||
Giken Ltd. | 37,000 | 1,411,844 | ||||||||
Glory Ltd. | 288,055 | 6,200,456 | ||||||||
Grace Technology, Inc. | 110,100 | 1,007,703 | ||||||||
gremz, Inc. | 14,800 | 340,685 | ||||||||
GS Yuasa Corp. | 375,183 | 8,167,598 | ||||||||
Hamakyorex Co. Ltd. | 108,000 | 2,994,232 | ||||||||
Hanwa Co. Ltd. | 230,300 | 6,917,875 | ||||||||
Hashimoto Sogyo Holdings Co. Ltd. | 4,070 | 77,481 | ||||||||
Hazama Ando Corp. | 1,294,000 | 8,762,584 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
INDUSTRIALS — (Continued) | ||||||||||
Helios Techno Holding Co. Ltd. | 109,800 | $ | 299,089 | |||||||
Hibiya Engineering Ltd. | 121,000 | 2,034,083 | ||||||||
Hirakawa Hewtech Corp. | 70,800 | 770,751 | ||||||||
Hirano Tecseed Co. Ltd. | 59,400 | 1,378,867 | ||||||||
Hirata Corp. | 24,100 | 1,469,413 | ||||||||
Hisaka Works Ltd. | 127,300 | 944,534 | ||||||||
Hitachi Zosen Corp. | 1,034,779 | 8,113,625 | ||||||||
Hito Communications Holdings, Inc. | 43,900 | 848,395 | ||||||||
# | Hokuetsu Industries Co. Ltd. | 140,700 | 1,197,677 | |||||||
Hokuriku Electrical Construction Co. Ltd. | 74,200 | 686,548 | ||||||||
Hosokawa Micron Corp. | 90,400 | 2,501,001 | ||||||||
Howa Machinery Ltd. | 65,100 | 462,945 | ||||||||
# | Ichikawa Co. Ltd. | 1,000 | 11,925 | |||||||
Ichiken Co. Ltd. | 33,600 | 566,314 | ||||||||
# | Ichinen Holdings Co. Ltd. | 137,500 | 1,686,920 | |||||||
Idec Corp. | 203,100 | 4,304,310 | ||||||||
Ihara Science Corp. | 52,200 | 964,232 | ||||||||
Iino Kaiun Kaisha Ltd. | 559,100 | 2,696,481 | ||||||||
* | Impact HD, Inc. | 20,500 | 722,130 | |||||||
Imura Envelope Co., Inc. | 13,700 | 97,855 | ||||||||
Inaba Denki Sangyo Co. Ltd. | 327,400 | 7,853,534 | ||||||||
Inaba Seisakusho Co. Ltd. | 62,800 | 737,222 | ||||||||
Inabata & Co. Ltd. | 293,700 | 4,347,854 | ||||||||
INFRONEER Holdings, Inc. | 1,192,388 | 9,875,975 | ||||||||
Insource Co. Ltd. | 138,750 | 2,778,005 | ||||||||
# | Inui Global Logistics Co. Ltd. | 67,580 | 1,340,869 | |||||||
IR Japan Holdings Ltd. | 41,300 | 3,808,710 | ||||||||
* | Iseki & Co. Ltd. | 124,500 | 1,799,063 | |||||||
# | Ishii Iron Works Co. Ltd. | 11,000 | 289,056 | |||||||
Isolite Insulating Products Co. Ltd. | 62,800 | 488,358 | ||||||||
Itoki Corp. | 209,700 | 667,470 | ||||||||
Iwaki Co. Ltd. | 54,700 | 482,338 | ||||||||
Iwasaki Electric Co. Ltd. | 42,200 | 776,072 | ||||||||
JAC Recruitment Co. Ltd. | 106,200 | 2,083,694 | ||||||||
* | Jalux, Inc. | 38,600 | 578,448 | |||||||
* | Jamco Corp. | 22,700 | 196,311 | |||||||
Japan Elevator Service Holdings Co. Ltd. | 355,100 | 7,695,305 | ||||||||
Japan Foundation Engineering Co. Ltd. | 128,800 | 574,468 | ||||||||
Japan Pulp & Paper Co. Ltd. | 77,200 | 2,604,295 | ||||||||
Japan Steel Works Ltd. | 348,100 | 10,226,224 | ||||||||
Japan Transcity Corp. | 251,200 | 1,335,695 | ||||||||
JDC Corp. | 59,800 | 313,831 | ||||||||
JGC Holdings Corp. | 679,600 | 6,386,410 | ||||||||
# | JK Holdings Co. Ltd. | 94,440 | 717,332 | |||||||
Juki Corp. | 195,600 | 1,460,210 | ||||||||
Kamei Corp. | 154,500 | 1,574,416 | ||||||||
Kanaden Corp. | 118,500 | 1,067,647 | ||||||||
Kanagawa Chuo Kotsu Co. Ltd. | 42,800 | 1,311,207 | ||||||||
Kaname Kogyo Co. Ltd. | 1,300 | 10,445 | ||||||||
# | Kanamoto Co. Ltd. | 210,000 | 4,498,364 | |||||||
Kandenko Co. Ltd. | 629,700 | 4,881,325 | ||||||||
Kanematsu Corp. | 517,425 | 6,008,953 | ||||||||
Katakura Industries Co. Ltd. | 151,500 | 2,303,122 | ||||||||
# | Kato Works Co. Ltd. | 61,000 | 449,663 | |||||||
Kawada Technologies, Inc. | 34,100 | 1,179,002 | ||||||||
Kawagishi Bridge Works Co. Ltd. | 8,700 | 228,606 | ||||||||
Kawanishi Warehouse Co. Ltd. | 1,700 | 17,480 | ||||||||
Kawasaki Kinkai Kisen Kaisha Ltd. | 7,899 | 201,622 | ||||||||
Kawata Manufacturing Co. Ltd. | 25,100 | 211,410 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
INDUSTRIALS — (Continued) | ||||||||||
Keihin Co. Ltd. | 15,700 | $ | 192,599 | |||||||
KFC Ltd. | 8,700 | 152,848 | ||||||||
# | Kimura Chemical Plants Co. Ltd. | 107,500 | 719,791 | |||||||
Kimura Unity Co. Ltd. | 23,500 | 279,879 | ||||||||
King Jim Co. Ltd. | 54,800 | 420,058 | ||||||||
# | Kinki Sharyo Co. Ltd. | 16,599 | 156,135 | |||||||
Kintetsu World Express, Inc. | 240,800 | 5,783,205 | ||||||||
Kitagawa Corp. | 54,200 | 744,014 | ||||||||
Kitano Construction Corp. | 24,872 | 472,192 | ||||||||
Kito Corp. | 134,300 | 1,861,006 | ||||||||
Kitz Corp. | 472,700 | 3,162,272 | ||||||||
# * | Kobe Electric Railway Co. Ltd. | 37,299 | 1,126,270 | |||||||
* | Kobelco Eco-Solutions Co. Ltd. | 21,399 | 604,636 | |||||||
Koike Sanso Kogyo Co. Ltd. | 13,400 | 271,607 | ||||||||
Kokusai Co. Ltd. | 51,600 | 308,231 | ||||||||
Kokusai Pulp & Paper Co. Ltd. | 47,700 | 155,333 | ||||||||
Kokuyo Co. Ltd. | 400,725 | 6,098,579 | ||||||||
KOMAIHALTEC, Inc. | 20,300 | 291,211 | ||||||||
# | Komatsu Wall Industry Co. Ltd. | 49,300 | 840,159 | |||||||
Komori Corp. | 314,100 | 2,051,606 | ||||||||
Kondotec, Inc. | 123,800 | 1,062,075 | ||||||||
Konoike Transport Co. Ltd. | 178,300 | 1,951,624 | ||||||||
# * | Kosaido Co. Ltd. | 155,100 | 1,350,853 | |||||||
Kozo Keikaku Engineering, Inc. | 21,200 | 482,583 | ||||||||
KRS Corp. | 37,800 | 658,664 | ||||||||
Kumagai Gumi Co. Ltd. | 235,700 | 5,833,916 | ||||||||
Kyodo Printing Co. Ltd. | 48,900 | 1,125,838 | ||||||||
# | Kyokuto Boeki Kaisha Ltd. | 39,700 | 908,278 | |||||||
Kyokuto Kaihatsu Kogyo Co. Ltd. | 205,600 | 2,809,906 | ||||||||
# | Kyoritsu Printing Co. Ltd. | 179,200 | 266,412 | |||||||
Kyudenko Corp. | 116,400 | 3,692,221 | ||||||||
LIKE, Inc. | 68,700 | 1,071,767 | ||||||||
Link & Motivation, Inc. | 234,300 | 2,475,502 | ||||||||
Lonseal Corp. | 13,900 | 183,166 | ||||||||
Mabuchi Motor Co. Ltd. | 174,600 | 6,019,903 | ||||||||
Maezawa Industries, Inc. | 49,000 | 285,655 | ||||||||
# | Maezawa Kasei Industries Co. Ltd. | 85,100 | 962,863 | |||||||
Maezawa Kyuso Industries Co. Ltd. | 128,400 | 1,197,872 | ||||||||
Makino Milling Machine Co. Ltd. | 161,500 | 5,810,460 | ||||||||
* | Management Solutions Co. Ltd. | 35,700 | 1,068,137 | |||||||
Marufuji Sheet Piling Co. Ltd. | 11,800 | 207,566 | ||||||||
# | MARUKA FURUSATO Corp. | 114,407 | 2,019,626 | |||||||
Marumae Co. Ltd. | 28,300 | 550,067 | ||||||||
# | Maruwa Unyu Kikan Co. Ltd. | 104,300 | 1,460,678 | |||||||
Maruyama Manufacturing Co., Inc. | 18,800 | 251,855 | ||||||||
Maruzen Co. Ltd. | 65,800 | 1,282,193 | ||||||||
Maruzen Showa Unyu Co. Ltd. | 81,800 | 2,498,126 | ||||||||
# | Matching Service Japan Co. Ltd. | 52,000 | 456,940 | |||||||
Matsuda Sangyo Co. Ltd. | 94,082 | 2,811,033 | ||||||||
# | Matsui Construction Co. Ltd. | 125,500 | 817,703 | |||||||
Max Co. Ltd. | 164,900 | 2,626,226 | ||||||||
Meidensha Corp. | 224,410 | 4,723,677 | ||||||||
Meiho Facility Works Ltd. | 29,700 | 238,435 | ||||||||
Meiji Electric Industries Co. Ltd. | 52,500 | 617,567 | ||||||||
# | Meiji Shipping Co. Ltd. | 102,500 | 714,365 | |||||||
Meisei Industrial Co. Ltd. | 266,700 | 1,589,301 | ||||||||
Meitec Corp. | 166,200 | 9,996,518 | ||||||||
Meiwa Corp. | 145,600 | 1,055,300 | ||||||||
Mesco, Inc. | 29,800 | 261,680 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
INDUSTRIALS — (Continued) | ||||||||||
# | MetaReal Corp. | 22,800 | $ | 225,319 | ||||||
METAWATER Co. Ltd. | 162,600 | 2,751,311 | ||||||||
# | Midac Holdings Co. Ltd. | 17,900 | 851,111 | |||||||
Mie Kotsu Group Holdings, Inc. | 359,200 | 1,569,977 | ||||||||
Mirai Industry Co. Ltd. | 4,600 | 68,427 | ||||||||
Mirait Holdings Corp. | 583,135 | 11,215,268 | ||||||||
Mitani Corp. | 295,200 | 4,569,121 | ||||||||
Mitani Sangyo Co. Ltd. | 145,000 | 485,625 | ||||||||
# | Mitsubishi Kakoki Kaisha Ltd. | 39,700 | 818,501 | |||||||
Mitsubishi Logisnext Co. Ltd. | 186,600 | 1,716,030 | ||||||||
Mitsubishi Logistics Corp. | 113,800 | 3,177,915 | ||||||||
Mitsubishi Pencil Co. Ltd. | 123,400 | 1,480,492 | ||||||||
Mitsuboshi Belting Ltd. | 161,400 | 2,868,709 | ||||||||
* | Mitsui E&S Holdings Co. Ltd. | 394,781 | 2,013,299 | |||||||
# | Mitsui Matsushima Holdings Co. Ltd. | 77,400 | 1,005,592 | |||||||
Mitsui-Soko Holdings Co. Ltd. | 136,100 | 2,729,800 | ||||||||
Mitsumura Printing Co. Ltd. | 6,300 | 85,688 | ||||||||
Miyaji Engineering Group, Inc. | 39,417 | 925,399 | ||||||||
Mori-Gumi Co. Ltd. | 69,500 | 184,598 | ||||||||
Morita Holdings Corp. | 209,700 | 2,638,407 | ||||||||
Musashi Co. Ltd. | 5,000 | 81,048 | ||||||||
# | NAC Co. Ltd. | 61,300 | 528,097 | |||||||
Nachi-Fujikoshi Corp. | 93,600 | 3,545,585 | ||||||||
Nadex Co. Ltd. | 40,600 | 280,274 | ||||||||
Nagase & Co. Ltd. | 578,600 | 9,793,254 | ||||||||
Naigai Trans Line Ltd. | 41,700 | 804,869 | ||||||||
# | Nakabayashi Co. Ltd. | 113,400 | 570,259 | |||||||
Nakakita Seisakusho Co. Ltd. | 3,700 | 84,345 | ||||||||
Nakamoto Packs Co. Ltd. | 33,300 | 509,029 | ||||||||
* | Nakamura Choukou Co. Ltd. | 6,600 | 36,033 | |||||||
Nakanishi Manufacturing Co. Ltd. | 5,700 | 58,022 | ||||||||
Nakano Corp. | 107,000 | 321,339 | ||||||||
# * | Namura Shipbuilding Co. Ltd. | 256,428 | 537,866 | |||||||
Nankai Electric Railway Co. Ltd. | 266,500 | 5,289,159 | ||||||||
Narasaki Sangyo Co. Ltd. | 25,400 | 464,779 | ||||||||
Nice Corp. | 35,200 | 586,175 | �� | |||||||
Nichias Corp. | 391,000 | 9,573,627 | ||||||||
Nichiban Co. Ltd. | 68,100 | 1,107,470 | ||||||||
Nichiden Corp. | 98,100 | 1,973,767 | ||||||||
Nichiha Corp. | 165,280 | 4,751,260 | ||||||||
Nichireki Co. Ltd. | 165,600 | 1,965,028 | ||||||||
Nihon Dengi Co. Ltd. | 30,800 | 1,045,850 | ||||||||
Nihon Flush Co. Ltd. | 122,000 | 1,157,672 | ||||||||
Nikkato Corp. | 53,000 | 367,749 | ||||||||
Nikkiso Co. Ltd. | 316,800 | 2,805,281 | ||||||||
# | Nikko Co. Ltd. | 168,400 | 978,254 | |||||||
Nikkon Holdings Co. Ltd. | 384,000 | 7,502,330 | ||||||||
Nippi, Inc. | 11,900 | 390,898 | ||||||||
# | Nippon Air Conditioning Services Co. Ltd. | 189,000 | 1,310,733 | |||||||
Nippon Aqua Co. Ltd. | 55,400 | 281,229 | ||||||||
Nippon Carbon Co. Ltd. | 66,200 | 2,555,698 | ||||||||
Nippon Concept Corp. | 37,700 | 578,817 | ||||||||
Nippon Densetsu Kogyo Co. Ltd. | 240,900 | 3,713,211 | ||||||||
Nippon Dry-Chemical Co. Ltd. | 11,300 | 202,513 | ||||||||
Nippon Filcon Co. Ltd. | 15,700 | 75,456 | ||||||||
Nippon Hume Corp. | 139,300 | 908,467 | ||||||||
Nippon Kanzai Co. Ltd. | 15,200 | 369,099 | ||||||||
Nippon Koei Co. Ltd. | 81,100 | 2,463,153 | ||||||||
# | Nippon Parking Development Co. Ltd. | 1,396,900 | 1,765,390 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
INDUSTRIALS — (Continued) | ||||||||||
Nippon Rietec Co. Ltd. | 23,600 | $ | 328,544 | |||||||
Nippon Road Co. Ltd. | 45,800 | 3,313,067 | ||||||||
Nippon Seisen Co. Ltd. | 23,700 | 976,700 | ||||||||
Nippon Sharyo Ltd. | 40,299 | 743,481 | ||||||||
* | Nippon Sheet Glass Co. Ltd. | 388,100 | 2,168,913 | |||||||
Nippon Steel Trading Corp. | 96,960 | 4,384,505 | ||||||||
Nippon Thompson Co. Ltd. | 378,800 | 1,948,979 | ||||||||
Nippon Tungsten Co. Ltd. | 6,699 | 133,228 | ||||||||
Nishimatsu Construction Co. Ltd. | 345,000 | 9,951,583 | ||||||||
Nishi-Nippon Railroad Co. Ltd. | 191,400 | 4,714,815 | ||||||||
Nishio Rent All Co. Ltd. | 123,800 | 3,061,308 | ||||||||
Nissei ASB Machine Co. Ltd. | 51,100 | 1,668,071 | ||||||||
Nissei Corp. | 38,900 | 357,287 | ||||||||
Nissei Plastic Industrial Co. Ltd. | 125,500 | 1,198,738 | ||||||||
Nisshinbo Holdings, Inc. | 956,780 | 7,384,925 | ||||||||
Nissin Corp. | 95,000 | 1,350,267 | ||||||||
Nissin Electric Co. Ltd. | 329,100 | 4,078,567 | ||||||||
Nisso Corp. | 51,600 | 327,104 | ||||||||
Nitta Corp. | 135,400 | 3,104,064 | ||||||||
Nitto Boseki Co. Ltd. | 53,500 | 1,714,810 | ||||||||
Nitto Kogyo Corp. | 169,300 | 2,519,082 | ||||||||
Nitto Kohki Co. Ltd. | 69,900 | 1,161,394 | ||||||||
Nitto Seiko Co. Ltd. | 189,000 | 1,087,974 | ||||||||
# | Nittoc Construction Co. Ltd. | 132,600 | 816,424 | |||||||
NJS Co. Ltd. | 36,800 | 648,829 | ||||||||
Noda Corp. | 120,700 | 927,981 | ||||||||
Nomura Co. Ltd. | 352,400 | 3,474,463 | ||||||||
# | Nomura Micro Science Co. Ltd. | 40,800 | 1,752,768 | |||||||
Noritake Co. Ltd. | 59,600 | 2,605,970 | ||||||||
Noritsu Koki Co. Ltd. | 123,200 | 2,562,241 | ||||||||
Noritz Corp. | 194,200 | 3,115,810 | ||||||||
NS Tool Co. Ltd. | 107,000 | 1,433,914 | ||||||||
NS United Kaiun Kaisha Ltd. | 69,400 | 2,185,586 | ||||||||
* | NTN Corp. | 2,686,900 | 5,826,622 | |||||||
# | Obara Group, Inc. | 77,600 | 2,488,581 | |||||||
Ochi Holdings Co. Ltd. | 8,900 | 98,810 | ||||||||
Odawara Engineering Co. Ltd. | 9,100 | 187,008 | ||||||||
# | Ohba Co. Ltd. | 76,500 | 545,962 | |||||||
Ohmoto Gumi Co. Ltd. | 4,100 | 208,025 | ||||||||
Oiles Corp. | 147,570 | 2,192,586 | ||||||||
Okabe Co. Ltd. | 258,200 | 1,550,779 | ||||||||
# | Okada Aiyon Corp. | 42,800 | 489,850 | |||||||
Okamoto Machine Tool Works Ltd. | 25,299 | 1,062,445 | ||||||||
Okamura Corp. | 376,300 | 4,965,987 | ||||||||
OKUMA Corp. | 151,100 | 7,199,702 | ||||||||
Okumura Corp. | 191,580 | 4,947,455 | ||||||||
Onoken Co. Ltd. | 111,900 | 1,652,682 | ||||||||
Organo Corp. | 43,800 | 2,782,530 | ||||||||
# | Oriental Consultants Holdings Co. Ltd. | 6,100 | 176,367 | |||||||
* | Oriental Shiraishi Corp. | 834,300 | 1,969,345 | |||||||
Origin Co. Ltd. | 27,600 | 311,728 | ||||||||
# | OSG Corp. | 511,900 | 8,516,449 | |||||||
Outsourcing, Inc. | 768,100 | 14,734,721 | ||||||||
Oyo Corp. | 128,000 | 1,961,495 | ||||||||
Paraca, Inc. | 35,900 | 507,848 | ||||||||
# * | Park24 Co. Ltd. | 88,700 | 1,358,685 | |||||||
Parker Corp. | 34,000 | 152,033 | ||||||||
Pasco Corp. | 11,200 | 149,039 | ||||||||
Pasona Group, Inc. | 145,800 | 4,071,572 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
INDUSTRIALS — (Continued) | ||||||||||
Pegasus Sewing Machine Manufacturing Co. Ltd. | 139,900 | $ | 564,448 | |||||||
Penta-Ocean Construction Co. Ltd. | 1,616,400 | 11,138,498 | ||||||||
People Dreams & Technologies Group Co. Ltd. | 21,000 | 361,706 | ||||||||
* | Phil Co., Inc. | 4,200 | 96,337 | |||||||
Pilot Corp. | 113,500 | 4,162,480 | ||||||||
Prestige International, Inc. | 654,700 | 4,489,480 | ||||||||
Pronexus, Inc. | 108,700 | 1,013,526 | ||||||||
* | Prored Partners Co. Ltd. | 30,200 | 349,002 | |||||||
PS Mitsubishi Construction Co. Ltd. | 213,300 | 1,238,373 | ||||||||
Punch Industry Co. Ltd. | 105,700 | 539,877 | ||||||||
Quick Co. Ltd. | 76,100 | 960,598 | ||||||||
Raito Kogyo Co. Ltd. | 298,200 | 5,302,645 | ||||||||
Raiznext Corp. | 298,800 | 3,229,542 | ||||||||
# | Rasa Corp. | 63,200 | 523,958 | |||||||
Rheon Automatic Machinery Co. Ltd. | 120,500 | 1,432,716 | ||||||||
# | Rix Corp. | 17,300 | 225,912 | |||||||
Ryobi Ltd. | 159,740 | 1,674,616 | ||||||||
S LINE Co. Ltd. | 23,800 | 197,436 | ||||||||
Sakai Heavy Industries Ltd. | 23,300 | 513,271 | ||||||||
Sakai Moving Service Co. Ltd. | 74,100 | 3,051,346 | ||||||||
* | Sanix, Inc. | 146,200 | 434,108 | |||||||
Sanki Engineering Co. Ltd. | 279,900 | 3,525,448 | ||||||||
Sanko Gosei Ltd. | 134,300 | 484,521 | ||||||||
Sanko Metal Industrial Co. Ltd. | 16,200 | 357,666 | ||||||||
Sankyo Tateyama, Inc. | 133,774 | 872,822 | ||||||||
Sanoyas Holdings Corp. | 151,100 | 180,426 | ||||||||
Sansei Technologies, Inc. | 78,400 | 554,732 | ||||||||
Sansha Electric Manufacturing Co. Ltd. | 64,300 | 616,018 | ||||||||
Sanyo Denki Co. Ltd. | 53,600 | 3,079,340 | ||||||||
Sanyo Engineering & Construction, Inc. | 60,200 | 356,647 | ||||||||
Sanyo Industries Ltd. | 9,900 | 161,823 | ||||||||
Sanyo Trading Co. Ltd. | 138,600 | 1,330,156 | ||||||||
Sata Construction Co. Ltd. | 89,399 | 380,748 | ||||||||
Sato Holdings Corp. | 183,400 | 4,227,311 | ||||||||
Sato Shoji Corp. | 86,800 | 910,691 | ||||||||
Sawafuji Electric Co. Ltd. | 1,900 | 33,508 | ||||||||
SBS Holdings, Inc. | 119,400 | 4,248,059 | ||||||||
# | SEC Carbon Ltd. | 10,900 | 556,854 | |||||||
# | Seibu Electric & Machinery Co. Ltd. | 10,300 | 117,614 | |||||||
Seika Corp. | 61,700 | 889,132 | ||||||||
Seikitokyu Kogyo Co. Ltd. | 191,330 | 1,371,540 | ||||||||
Seiko Electric Co. Ltd. | 4,900 | 54,008 | ||||||||
Seino Holdings Co. Ltd. | 102,000 | 1,235,821 | ||||||||
Seiwa Electric Manufacturing Co. Ltd. | 1,700 | 7,770 | ||||||||
Sekisui Jushi Corp. | 211,600 | 3,942,023 | ||||||||
Senko Group Holdings Co. Ltd. | 711,400 | 6,327,645 | ||||||||
# | Senshu Electric Co. Ltd. | 51,200 | 2,139,968 | |||||||
Shibaura Machine Co. Ltd. | 132,500 | 3,088,711 | ||||||||
Shibusawa Warehouse Co. Ltd. | 61,600 | 1,198,580 | ||||||||
Shibuya Corp. | 99,300 | 2,623,386 | ||||||||
Shima Seiki Manufacturing Ltd. | 170,400 | 3,276,549 | ||||||||
Shin Maint Holdings Co. Ltd. | 10,900 | 140,360 | ||||||||
Shin Nippon Air Technologies Co. Ltd. | 92,980 | 2,000,767 | ||||||||
# | Shin-Keisei Electric Railway Co. Ltd. | 39,399 | 712,927 | |||||||
Shinki Bus Co. Ltd. | 1,900 | 52,255 | ||||||||
Shinmaywa Industries Ltd. | 405,900 | 3,317,454 | ||||||||
Shinnihon Corp. | 180,600 | 1,321,938 | ||||||||
Shinsho Corp. | 31,100 | 951,141 | ||||||||
Shinwa Co. Ltd. | 62,300 | 1,210,758 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
INDUSTRIALS — (Continued) | ||||||||||
Shinwa Co. Ltd. | 21,800 | $ | 139,484 | |||||||
SHO-BOND Holdings Co. Ltd. | 135,600 | 5,680,200 | ||||||||
SIGMAXYZ, Inc. | 110,000 | 2,655,596 | ||||||||
Sinfonia Technology Co. Ltd. | 142,400 | 1,640,885 | ||||||||
Sinko Industries Ltd. | 126,900 | 2,303,413 | ||||||||
Sintokogio Ltd. | 284,600 | 1,870,384 | ||||||||
# | Soda Nikka Co. Ltd. | 109,200 | 613,646 | |||||||
Sodick Co. Ltd. | 291,300 | 2,245,580 | ||||||||
Sotetsu Holdings, Inc. | 41,600 | 804,662 | ||||||||
Space Co. Ltd. | 96,562 | 801,489 | ||||||||
S-Pool, Inc. | 365,400 | 4,086,023 | ||||||||
Star Micronics Co. Ltd. | 237,300 | 3,114,472 | ||||||||
Studio Alice Co. Ltd. | 56,600 | 1,070,749 | ||||||||
Subaru Enterprise Co. Ltd. | 6,300 | 452,767 | ||||||||
# | Sugimoto & Co. Ltd. | 63,900 | 1,347,700 | |||||||
# | Sumiseki Holdings, Inc. | 363,100 | 501,858 | |||||||
Sumitomo Densetsu Co. Ltd. | 111,200 | 2,134,542 | ||||||||
Sumitomo Mitsui Construction Co. Ltd. | 986,540 | 4,186,521 | ||||||||
# * | Sumitomo Precision Products Co. Ltd. | 20,284 | 415,712 | |||||||
Sumitomo Warehouse Co. Ltd. | 397,900 | 6,396,925 | ||||||||
Suzumo Machinery Co. Ltd. | 2,200 | 33,563 | ||||||||
SWCC Showa Holdings Co. Ltd. | 136,600 | 2,661,644 | ||||||||
# | Tacmina Corp. | 14,700 | 152,177 | |||||||
Tadano Ltd. | 702,900 | 7,675,718 | ||||||||
Taihei Dengyo Kaisha Ltd. | 95,200 | 2,248,774 | ||||||||
Taiheiyo Kouhatsu, Inc. | 43,500 | 255,249 | ||||||||
Taikisha Ltd. | 161,000 | 4,598,254 | ||||||||
Taisei Oncho Co. Ltd. | 14,900 | 251,655 | ||||||||
# | Takadakiko Co. Ltd. | 7,500 | 180,136 | |||||||
Takamatsu Construction Group Co. Ltd. | 106,800 | 1,873,962 | ||||||||
Takamatsu Machinery Co. Ltd. | 41,800 | 290,507 | ||||||||
# | Takamiya Co. Ltd. | 137,800 | 542,275 | |||||||
Takano Co. Ltd. | 53,000 | 360,671 | ||||||||
Takaoka Toko Co. Ltd. | 67,120 | 869,487 | ||||||||
# | Takara & Co. Ltd. | 40,155 | 627,643 | |||||||
Takara Standard Co. Ltd. | 222,600 | 2,959,363 | ||||||||
Takasago Thermal Engineering Co. Ltd. | 297,900 | 5,449,706 | ||||||||
Takashima & Co. Ltd. | 25,200 | 414,166 | ||||||||
Takeuchi Manufacturing Co. Ltd. | 226,400 | 5,812,673 | ||||||||
Takigami Steel Construction Co. Ltd. | 5,300 | 274,764 | ||||||||
# | Takisawa Machine Tool Co. Ltd. | 41,700 | 409,964 | |||||||
Takuma Co. Ltd. | 173,200 | 2,265,700 | ||||||||
Tanabe Consulting Co. Ltd. | 2,400 | 15,318 | ||||||||
# | Tanabe Engineering Corp. | 39,500 | 313,490 | |||||||
Tanseisha Co. Ltd. | 251,749 | 2,064,471 | ||||||||
Tatsuta Electric Wire & Cable Co. Ltd. | 287,400 | 1,292,711 | ||||||||
TECHNO ASSOCIE Co. Ltd. | 50,100 | 489,054 | ||||||||
# | Techno Ryowa Ltd. | 68,690 | 539,151 | |||||||
Techno Smart Corp. | 49,500 | 721,868 | ||||||||
Teikoku Electric Manufacturing Co. Ltd. | 111,000 | 1,411,372 | ||||||||
Teikoku Sen-I Co. Ltd. | 113,000 | 2,036,744 | ||||||||
Tekken Corp. | 84,200 | 1,346,332 | ||||||||
Tenox Corp. | 22,500 | 170,520 | ||||||||
Teraoka Seisakusho Co. Ltd. | 55,700 | 183,451 | ||||||||
Terasaki Electric Co. Ltd. | 25,500 | 300,705 | ||||||||
# | Toa Corp. | 101,900 | 2,236,266 | |||||||
TOA ROAD Corp. | 27,300 | 1,213,080 | ||||||||
# | Toba, Inc. | 9,800 | 212,048 | |||||||
Tobishima Corp. | 123,770 | 1,162,296 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
INDUSTRIALS — (Continued) | ||||||||||
Tocalo Co. Ltd. | 387,300 | $ | 4,749,398 | |||||||
Toda Corp. | 556,900 | 3,508,274 | ||||||||
Toenec Corp. | 54,400 | 1,600,971 | ||||||||
Togami Electric Manufacturing Co. Ltd. | 17,800 | 274,726 | ||||||||
TOKAI Holdings Corp. | 651,000 | 4,943,243 | ||||||||
Tokai Lease Co. Ltd. | 18,800 | 265,028 | ||||||||
Tokyo Energy & Systems, Inc. | 152,300 | 1,478,028 | ||||||||
# | Tokyo Keiki, Inc. | 73,822 | 650,919 | |||||||
Tokyo Sangyo Co. Ltd. | 130,800 | 816,101 | ||||||||
Tokyu Construction Co. Ltd. | 543,800 | 3,845,158 | ||||||||
# | Toli Corp. | 282,400 | 575,620 | |||||||
Tomoe Corp. | 155,100 | 622,960 | ||||||||
# | Tomoe Engineering Co. Ltd. | 51,100 | 1,022,350 | |||||||
Tonami Holdings Co. Ltd. | 37,500 | 1,481,780 | ||||||||
Toppan Forms Co. Ltd. | 323,800 | 3,112,963 | ||||||||
Torishima Pump Manufacturing Co. Ltd. | 130,700 | 1,010,084 | ||||||||
# | TORQ, Inc. | 7,900 | 15,335 | |||||||
# | Totech Corp. | 49,200 | 1,150,062 | |||||||
Totetsu Kogyo Co. Ltd. | 157,400 | 3,424,631 | ||||||||
Totoku Electric Co. Ltd. | 17,700 | 460,380 | ||||||||
Toyo Construction Co. Ltd. | 520,000 | 2,602,939 | ||||||||
# | Toyo Denki Seizo KK | 36,550 | 344,962 | |||||||
* | Toyo Engineering Corp. | 212,178 | 1,595,393 | |||||||
Toyo Logistics Co. Ltd. | 85,100 | 249,636 | ||||||||
Toyo Machinery & Metal Co. Ltd. | 100,000 | 473,187 | ||||||||
Toyo Tanso Co. Ltd. | 80,600 | 2,191,148 | ||||||||
Toyo Wharf & Warehouse Co. Ltd. | 36,000 | 454,702 | ||||||||
Trancom Co. Ltd. | 48,800 | 3,424,044 | ||||||||
TRE Holdings Corp. | 207,824 | 3,267,564 | ||||||||
# | Trinity Industrial Corp. | 36,000 | 264,736 | |||||||
Trusco Nakayama Corp. | 213,300 | 5,157,578 | ||||||||
Tsubaki Nakashima Co. Ltd. | 270,600 | 3,789,199 | ||||||||
Tsubakimoto Chain Co. | 169,840 | 5,018,321 | ||||||||
Tsubakimoto Kogyo Co. Ltd. | 28,800 | 976,479 | ||||||||
* | Tsudakoma Corp. | 17,698 | 126,114 | |||||||
Tsugami Corp. | 285,300 | 3,922,354 | ||||||||
Tsukishima Kikai Co. Ltd. | 186,600 | 1,907,793 | ||||||||
Tsurumi Manufacturing Co. Ltd. | 126,700 | 1,952,418 | ||||||||
Ueki Corp. | 60,800 | 792,841 | ||||||||
Union Tool Co. | 46,300 | 1,563,885 | ||||||||
UPR Corp. | 4,600 | 116,910 | ||||||||
Ushio, Inc. | 651,100 | 11,648,428 | ||||||||
UT Group Co. Ltd. | 187,200 | 5,988,258 | ||||||||
Utoc Corp. | 102,200 | 486,890 | ||||||||
# * | VisasQ, Inc. | 17,700 | 976,797 | |||||||
Waida Manufacturing Co. Ltd. | 5,100 | 51,544 | ||||||||
Wakachiku Construction Co. Ltd. | 79,300 | 1,414,827 | ||||||||
Wakita & Co. Ltd. | 248,500 | 2,248,438 | ||||||||
# | WDB Holdings Co. Ltd. | 64,600 | 2,036,208 | |||||||
Weathernews, Inc. | 36,500 | 2,663,708 | ||||||||
Welbe, Inc. | 56,500 | 798,796 | ||||||||
Will Group, Inc. | 98,000 | 1,107,274 | ||||||||
World Holdings Co. Ltd. | 50,700 | 1,266,420 | ||||||||
Yahagi Construction Co. Ltd. | 181,400 | 1,217,185 | ||||||||
YAMABIKO Corp. | 226,728 | 2,470,814 | ||||||||
YAMADA Consulting Group Co. Ltd. | 72,700 | 741,591 | ||||||||
Yamashina Corp. | 245,700 | 170,593 | ||||||||
Yamato Corp. | 108,400 | 746,578 | ||||||||
Yamaura Corp. | 12,700 | 103,432 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
INDUSTRIALS — (Continued) | ||||||||||
Yamazen Corp. | 372,600 | $ | 3,452,226 | |||||||
# | Yasuda Logistics Corp. | 102,000 | 868,201 | |||||||
Yokogawa Bridge Holdings Corp. | 208,500 | 4,202,573 | ||||||||
Yondenko Corp. | 54,120 | 806,130 | ||||||||
Yuasa Trading Co. Ltd. | 116,400 | 3,110,845 | ||||||||
Yuken Kogyo Co. Ltd. | 20,500 | 316,595 | ||||||||
Yurtec Corp. | 264,600 | 1,549,947 | ||||||||
Yushin Precision Equipment Co. Ltd. | 23,500 | 158,727 | ||||||||
# | Zaoh Co. Ltd. | 25,200 | 393,837 | |||||||
Zenitaka Corp. | 19,200 | 680,534 | ||||||||
Zuiko Corp. | 94,600 | 730,180 | ||||||||
TOTAL INDUSTRIALS | 1,032,367,290 | |||||||||
INFORMATION TECHNOLOGY — (15.2%) | ||||||||||
A&D Co. Ltd. | 129,500 | 1,149,843 | ||||||||
* | Access Co. Ltd. | 111,000 | 869,587 | |||||||
Ad-sol Nissin Corp. | 47,200 | 865,145 | ||||||||
Adtec Plasma Technology Co. Ltd. | 14,800 | 301,303 | ||||||||
* | Advanced Media, Inc. | 42,200 | 286,438 | |||||||
# | AGS Corp. | 13,000 | 108,001 | |||||||
Ai Holdings Corp. | 246,900 | 4,660,043 | ||||||||
Aichi Tokei Denki Co. Ltd. | 18,200 | 771,019 | ||||||||
Aiphone Co. Ltd. | 66,800 | 1,380,795 | ||||||||
* | Allied Telesis Holdings KK | 159,400 | 130,431 | |||||||
Alpha Systems, Inc. | 45,120 | 1,722,673 | ||||||||
Alps Alpine Co. Ltd. | 1,039,300 | 10,155,061 | ||||||||
Amano Corp. | 201,500 | 4,986,252 | ||||||||
# | Anritsu Corp. | 636,100 | 10,548,092 | |||||||
AOI Electronics Co. Ltd. | 27,700 | 598,428 | ||||||||
Argo Graphics, Inc. | 105,300 | 2,932,229 | ||||||||
Arisawa Manufacturing Co. Ltd. | 212,200 | 1,807,960 | ||||||||
Artiza Networks, Inc. | 9,300 | 101,056 | ||||||||
ArtSpark Holdings, Inc. | 206,000 | 2,131,171 | ||||||||
Asahi Intelligence Service Co. Ltd. | 1,300 | 15,047 | ||||||||
Ascentech KK | 32,000 | 369,396 | ||||||||
Asteria Corp. | 54,900 | 343,235 | ||||||||
# | Atled Corp. | 15,700 | 341,884 | |||||||
# | Avant Corp. | 123,900 | 1,732,671 | |||||||
# | Axell Corp. | 34,400 | 218,950 | |||||||
Base Co. Ltd. | 6,100 | 257,952 | ||||||||
Bell System24 Holdings, Inc. | 218,600 | 2,808,472 | ||||||||
* | BrainPad, Inc. | 22,000 | 1,057,158 | |||||||
# | Broadband Tower, Inc. | 105,600 | 191,383 | |||||||
Broadleaf Co. Ltd. | 591,000 | 2,836,925 | ||||||||
Business Brain Showa-Ota, Inc. | 35,700 | 613,180 | ||||||||
Business Engineering Corp. | 1,800 | 55,613 | ||||||||
CAC Holdings Corp. | 75,200 | 1,063,940 | ||||||||
Canon Electronics, Inc. | 128,500 | 1,768,754 | ||||||||
CDS Co. Ltd. | 15,500 | 210,050 | ||||||||
# | Chino Corp. | 45,200 | 558,124 | |||||||
Citizen Watch Co. Ltd. | 1,771,000 | 7,723,437 | ||||||||
* | CMK Corp. | 310,300 | 1,168,406 | |||||||
Computer Engineering & Consulting Ltd. | 170,100 | 2,025,157 | ||||||||
Computer Institute of Japan Ltd. | 94,700 | 701,958 | ||||||||
Comture Corp. | 143,900 | 3,902,288 | ||||||||
CONEXIO Corp. | 98,700 | 1,264,963 | ||||||||
Core Corp. | 45,800 | 645,457 | ||||||||
Cresco Ltd. | 86,500 | 1,583,015 | ||||||||
CRI Middleware Co. Ltd. | 2,300 | 27,776 |
The Japanese Small Company Series
CONTINUED
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INFORMATION TECHNOLOGY — (Continued) | ||||||||||
# | Cube System, Inc. | 60,600 | $ | 533,100 | ||||||
Cyber Com Co. Ltd. | 10,600 | 116,374 | ||||||||
# | Cyberlinks Co. Ltd. | 28,400 | 313,243 | |||||||
Cybernet Systems Co. Ltd. | 81,500 | 455,031 | ||||||||
Cybozu, Inc. | 150,100 | 3,561,248 | ||||||||
Daiko Denshi Tsushin Ltd. | 37,200 | 162,556 | ||||||||
Daishinku Corp. | 169,596 | 1,506,203 | ||||||||
Daitron Co. Ltd. | 55,600 | 1,106,332 | ||||||||
Daiwabo Holdings Co. Ltd. | 582,700 | 10,258,415 | ||||||||
# | Dawn Corp. | 4,000 | 86,721 | |||||||
Densan System Holdings Co. Ltd. | 41,000 | 925,811 | ||||||||
Dexerials Corp. | 380,600 | 7,699,247 | ||||||||
Digital Arts, Inc. | 75,200 | 6,140,190 | ||||||||
Digital Garage, Inc. | 139,900 | 6,535,286 | ||||||||
Digital Hearts Holdings Co. Ltd. | 87,100 | 1,385,913 | ||||||||
Digital Information Technologies Corp. | 57,500 | 869,122 | ||||||||
DKK Co. Ltd. | 63,400 | 1,403,162 | ||||||||
# | DKK-Toa Corp. | 31,400 | 232,205 | |||||||
Double Standard, Inc. | 34,200 | 1,099,957 | ||||||||
DTS Corp. | 261,000 | 5,791,247 | ||||||||
Ebase Co. Ltd. | 99,600 | 663,506 | ||||||||
E-Guardian, Inc. | 62,600 | 1,719,517 | ||||||||
Eizo Corp. | 105,300 | 4,027,078 | ||||||||
Elecom Co. Ltd. | 221,100 | 3,381,851 | ||||||||
Elematec Corp. | 118,242 | 1,180,001 | ||||||||
# | Enomoto Co. Ltd. | 30,200 | 468,055 | |||||||
Enplas Corp. | 55,400 | 1,469,168 | ||||||||
# | ESPEC Corp. | 117,700 | 2,387,507 | |||||||
Fenwal Controls of Japan Ltd. | 20,500 | 282,483 | ||||||||
Ferrotec Holdings Corp. | 232,000 | 7,782,329 | ||||||||
# * | FFRI Security, Inc. | 29,500 | 423,888 | |||||||
Fixstars Corp. | 97,100 | 661,717 | ||||||||
Focus Systems Corp. | 53,700 | 478,779 | ||||||||
# | Forval Corp. | 51,100 | 519,895 | |||||||
FTGroup Co. Ltd. | 51,000 | 554,244 | ||||||||
Fuji Soft, Inc. | 117,700 | 5,993,700 | ||||||||
Fukui Computer Holdings, Inc. | 55,200 | 1,991,167 | ||||||||
Furuno Electric Co. Ltd. | 157,500 | 1,685,382 | ||||||||
# | Furuya Metal Co. Ltd. | 7,600 | 599,355 | |||||||
Future Corp. | 153,600 | 4,492,369 | ||||||||
Future Innovation Group, Inc. | 11,900 | 32,800 | ||||||||
# | Gig Works, Inc. | 40,000 | 222,771 | |||||||
GL Sciences, Inc. | 45,000 | 1,079,016 | ||||||||
Glosel Co. Ltd. | 113,200 | 411,944 | ||||||||
# | GMO Financial Gate, Inc. | 5,700 | 1,480,332 | |||||||
GMO GlobalSign Holdings KK | 34,100 | 1,404,343 | ||||||||
# | GMO Pepabo, Inc. | 7,300 | 174,235 | |||||||
* | Gunosy, Inc. | 2,500 | 14,366 | |||||||
Hagiwara Electric Holdings Co. Ltd. | 49,500 | 936,169 | ||||||||
Hakuto Co. Ltd. | 87,300 | 1,491,054 | ||||||||
# * | Hennge KK | 600 | 29,672 | |||||||
Himacs Ltd. | 960 | 9,978 | ||||||||
Hioki EE Corp. | 66,400 | 4,637,769 | ||||||||
Hochiki Corp. | 91,500 | 1,004,925 | ||||||||
Hokuriku Electric Industry Co. Ltd. | 40,500 | 368,222 | ||||||||
# | Honda Tsushin Kogyo Co. Ltd. | 110,100 | 440,903 | |||||||
Hosiden Corp. | 338,900 | 3,573,190 | ||||||||
* | Hotto Link, Inc. | 55,800 | 319,337 | |||||||
* | HPC Systems, Inc. | 17,700 | 617,283 |
The Japanese Small Company Series
CONTINUED
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INFORMATION TECHNOLOGY — (Continued) | ||||||||||
Icom, Inc. | 61,000 | $ | 1,297,884 | |||||||
ID Holdings Corp. | 76,250 | 629,801 | ||||||||
Ikegami Tsushinki Co. Ltd. | 32,799 | 221,034 | ||||||||
I’ll, Inc. | 19,400 | 288,072 | ||||||||
Ines Corp. | 125,400 | 1,832,519 | ||||||||
I-Net Corp. | 76,490 | 889,916 | ||||||||
Infocom Corp. | 145,400 | 2,791,729 | ||||||||
Infomart Corp. | 610,100 | 5,953,569 | ||||||||
Information Services International-Dentsu Ltd. | 144,100 | 5,041,688 | ||||||||
Innotech Corp. | 100,800 | 1,265,513 | ||||||||
Intelligent Wave, Inc. | 46,700 | 241,530 | ||||||||
Inter Action Corp. | 58,500 | 1,259,361 | ||||||||
I-O Data Device, Inc. | 50,700 | 403,935 | ||||||||
I-PEX, Inc. | 72,100 | 1,297,847 | ||||||||
Iriso Electronics Co. Ltd. | 131,700 | 6,050,368 | ||||||||
ISB Corp. | 50,400 | 551,489 | ||||||||
# * | ITbook Holdings Co. Ltd. | 60,900 | 254,740 | |||||||
Itfor, Inc. | 172,600 | 1,347,432 | ||||||||
Iwatsu Electric Co. Ltd. | 54,900 | 432,118 | ||||||||
Japan Aviation Electronics Industry Ltd. | 314,700 | 5,217,975 | ||||||||
* | Japan Cash Machine Co. Ltd. | 141,800 | 1,067,051 | |||||||
* | Japan Display, Inc. | 482,100 | 144,306 | |||||||
Japan Electronic Materials Corp. | 61,600 | 1,039,870 | ||||||||
Japan Material Co. Ltd. | 435,800 | 6,060,313 | ||||||||
# | Japan System Techniques Co. Ltd. | 13,800 | 269,489 | |||||||
# | Jastec Co. Ltd. | 72,900 | 833,027 | |||||||
# | JBCC Holdings, Inc. | 93,400 | 1,426,249 | |||||||
JFE Systems, Inc. | 8,700 | 147,430 | ||||||||
# * | JIG-SAW, Inc. | 17,300 | 1,190,347 | |||||||
Kaga Electronics Co. Ltd. | 111,000 | 3,051,057 | ||||||||
Kanematsu Electronics Ltd. | 78,500 | 2,563,922 | ||||||||
KEL Corp. | 27,900 | 295,842 | ||||||||
Koa Corp. | 198,800 | 2,687,432 | ||||||||
Konica Minolta, Inc. | 905,700 | 4,482,932 | ||||||||
KSK Co. Ltd. | 3,000 | 59,023 | ||||||||
Kyoden Co. Ltd. | 116,100 | 541,486 | ||||||||
Kyosan Electric Manufacturing Co. Ltd. | 268,600 | 1,130,170 | ||||||||
Kyowa Electronic Instruments Co. Ltd. | 129,800 | 463,933 | ||||||||
LAC Co. Ltd. | 100,100 | 700,595 | ||||||||
Macnica Fuji Electronics Holdings, Inc. | 342,150 | 8,043,827 | ||||||||
# | Marubun Corp. | 112,200 | 788,648 | |||||||
Maruwa Co. Ltd. | 59,700 | 6,691,593 | ||||||||
Maxell Holdings Ltd. | 305,000 | 3,670,144 | ||||||||
MCJ Co. Ltd. | 432,800 | 4,872,753 | ||||||||
Megachips Corp. | 115,200 | 3,642,356 | ||||||||
Meiko Electronics Co. Ltd. | 134,500 | 3,732,495 | ||||||||
Melco Holdings, Inc. | 34,200 | 1,413,388 | ||||||||
Micronics Japan Co. Ltd. | 120,200 | 1,591,487 | ||||||||
Mimaki Engineering Co. Ltd. | 113,200 | 925,791 | ||||||||
Mimasu Semiconductor Industry Co. Ltd. | 114,781 | 2,511,424 | ||||||||
Miraial Co. Ltd. | 42,100 | 583,801 | ||||||||
Miroku Jyoho Service Co. Ltd. | 112,800 | 1,780,957 | ||||||||
Mitachi Co. Ltd. | 7,900 | 70,119 | ||||||||
Mitsubishi Research Institute, Inc. | 53,500 | 1,998,208 | ||||||||
Mitsui High-Tec, Inc. | 82,200 | 6,349,206 | ||||||||
m-up Holdings, Inc. | 33,900 | 1,159,034 | ||||||||
# | Mutoh Holdings Co. Ltd. | 9,300 | 131,300 | |||||||
Nagano Keiki Co. Ltd. | 88,600 | 1,022,057 | ||||||||
Naigai Tec Corp. | 7,900 | 200,109 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
INFORMATION TECHNOLOGY — (Continued) | ||||||||||
Nakayo, Inc. | 73,100 | $ | 871,828 | |||||||
NEC Networks & System Integration Corp. | 60,500 | 973,473 | ||||||||
# | NF Holdings Corp. | 25,900 | 332,350 | |||||||
Nichicon Corp. | 313,500 | 2,966,798 | ||||||||
* | Nihon Dempa Kogyo Co. Ltd. | 65,000 | 531,380 | |||||||
Nihon Denkei Co. Ltd. | 31,800 | 521,062 | ||||||||
* | Nippon Chemi-Con Corp. | 125,300 | 2,354,668 | |||||||
Nippon Computer Dynamics Co. Ltd. | 36,200 | 226,784 | ||||||||
Nippon Electric Glass Co. Ltd. | 515,736 | 13,168,257 | ||||||||
# | Nippon Information Development Co. Ltd. | 12,600 | 167,292 | |||||||
# | Nippon Kodoshi Corp. | 51,600 | 1,490,513 | |||||||
Nippon Signal Co. Ltd. | 314,800 | 2,722,217 | ||||||||
Nippon Systemware Co. Ltd. | 48,600 | 1,065,894 | ||||||||
Nissha Co. Ltd. | 245,700 | 4,025,079 | ||||||||
Nohmi Bosai Ltd. | 145,100 | 2,661,437 | ||||||||
# | NPC, Inc. | 30,900 | 188,972 | |||||||
NSD Co. Ltd. | 508,160 | 9,682,738 | ||||||||
# | Ohara, Inc. | 48,700 | 593,915 | |||||||
Ohizumi Manufacturing Co. Ltd. | 22,800 | 188,393 | ||||||||
Okaya Electric Industries Co. Ltd. | 77,800 | 235,706 | ||||||||
Oki Electric Industry Co. Ltd. | 520,900 | 4,278,739 | ||||||||
ONO Sokki Co. Ltd. | 32,200 | 147,675 | ||||||||
Optex Group Co. Ltd. | 169,820 | 2,162,977 | ||||||||
# * | Optim Corp. | 76,200 | 1,198,131 | |||||||
Optorun Co. Ltd. | 128,700 | 2,608,860 | ||||||||
Oro Co. Ltd. | 31,300 | 1,036,033 | ||||||||
Osaki Electric Co. Ltd. | 281,800 | 1,389,251 | ||||||||
Oval Corp. | 35,600 | 80,548 | ||||||||
PCA Corp. | 35,400 | 537,612 | ||||||||
PCI Holdings, Inc. | 45,300 | 420,764 | ||||||||
Pipedo HD, Inc. | 7,700 | 215,791 | ||||||||
Poletowin Pitcrew Holdings, Inc. | 202,800 | 1,828,587 | ||||||||
Pro-Ship, Inc. | 51,100 | 733,259 | ||||||||
Relia, Inc. | 245,600 | 2,516,746 | ||||||||
Restar Holdings Corp. | 127,900 | 2,137,746 | ||||||||
* | Ricksoft Co. Ltd. | 2,000 | 33,670 | |||||||
Riken Keiki Co. Ltd. | 93,800 | 2,602,773 | ||||||||
Riso Kagaku Corp. | 94,500 | 1,994,437 | ||||||||
# | River Eletec Corp. | 35,300 | 387,768 | |||||||
Roland DG Corp. | 82,600 | 2,169,901 | ||||||||
Rorze Corp. | 68,900 | 6,603,898 | ||||||||
Ryoden Corp. | 95,700 | 1,514,545 | ||||||||
Ryosan Co. Ltd. | 142,200 | 2,931,433 | ||||||||
Ryoyo Electro Corp. | 7,300 | 152,015 | ||||||||
# | Saison Information Systems Co. Ltd. | 27,400 | 467,016 | |||||||
Sakura Internet, Inc. | 131,700 | 679,516 | ||||||||
Sanken Electric Co. Ltd. | 89,100 | 4,684,365 | ||||||||
# | Sanshin Electronics Co. Ltd. | 102,700 | 1,474,397 | |||||||
Santec Corp. | 14,800 | 177,712 | ||||||||
# | Satori Electric Co. Ltd. | 79,180 | 702,255 | |||||||
Saxa Holdings, Inc. | 30,600 | 386,087 | ||||||||
SB Technology Corp. | 65,000 | 1,789,528 | ||||||||
# | Scala, Inc. | 102,100 | 620,289 | |||||||
Segue Group Co. Ltd. | 1,900 | 12,394 | ||||||||
Seikoh Giken Co. Ltd. | 23,900 | 373,713 | ||||||||
SEMITEC Corp. | 8,000 | 826,429 | ||||||||
# | SERAKU Co. Ltd. | 24,700 | 459,711 | |||||||
# | Shibaura Electronics Co. Ltd. | 52,100 | 3,007,895 | |||||||
Shibaura Mechatronics Corp. | 24,100 | 1,551,850 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
INFORMATION TECHNOLOGY — (Continued) | ||||||||||
* | Shindengen Electric Manufacturing Co. Ltd. | 49,300 | $ | 1,755,447 | ||||||
Shinko Shoji Co. Ltd. | 264,600 | 2,126,597 | ||||||||
Shizuki Electric Co., Inc. | 121,600 | 695,915 | ||||||||
Showa Shinku Co. Ltd. | 24,400 | 330,898 | ||||||||
Sigma Koki Co. Ltd. | 28,900 | 450,855 | ||||||||
Siix Corp. | 200,600 | 2,222,235 | ||||||||
SK-Electronics Co. Ltd. | 49,000 | 396,214 | ||||||||
* | Smaregi, Inc. | 8,200 | 261,404 | |||||||
SMK Corp. | 29,199 | 597,450 | ||||||||
# | Softcreate Holdings Corp. | 50,000 | 1,735,882 | |||||||
Soliton Systems KK | 54,100 | 676,003 | ||||||||
# | Solxyz Co. Ltd. | 41,000 | 191,872 | |||||||
Soshin Electric Co. Ltd. | 18,200 | 125,584 | ||||||||
# * | Speee, Inc. | 3,600 | 137,571 | |||||||
SRA Holdings | 72,100 | 1,842,226 | ||||||||
Sumida Corp. | 184,249 | 2,130,088 | ||||||||
# * | Sun*, Inc. | 19,500 | 419,561 | |||||||
Sun-Wa Technos Corp. | 79,800 | 1,078,616 | ||||||||
Suzuden Corp. | 3,400 | 48,311 | ||||||||
Suzuki Co. Ltd. | 73,200 | 579,365 | ||||||||
System D, Inc. | 1,100 | 13,234 | ||||||||
# | System Information Co. Ltd. | 54,800 | 452,888 | |||||||
System Research Co. Ltd. | 29,800 | 526,293 | ||||||||
System Support, Inc. | 19,300 | 233,588 | ||||||||
Systems Engineering Consultants Co. Ltd. | 6,600 | 130,650 | ||||||||
Systena Corp. | 355,300 | 6,565,859 | ||||||||
Tachibana Eletech Co. Ltd. | 110,760 | 1,496,346 | ||||||||
Takachiho Koheki Co. Ltd. | 40,900 | 437,209 | ||||||||
# | TAKEBISHI Corp. | 52,200 | 686,067 | |||||||
# | Tamagawa Holdings Co. Ltd. | 7,500 | 79,504 | |||||||
Tamura Corp. | 444,000 | 3,050,974 | ||||||||
# | Tazmo Co. Ltd. | 57,600 | 848,058 | |||||||
TDC Soft, Inc. | 93,400 | 1,072,938 | ||||||||
* | TeamSpirit, Inc. | 1,300 | 10,813 | |||||||
TechMatrix Corp. | 246,900 | 3,914,928 | ||||||||
# | Techno Horizon Co. Ltd. | 56,700 | 633,054 | |||||||
Tecnos Japan, Inc. | 46,100 | 246,326 | ||||||||
# | Teikoku Tsushin Kogyo Co. Ltd. | 51,500 | 599,176 | |||||||
Terilogy Co. Ltd. | 25,800 | 90,861 | ||||||||
# | TESEC Corp. | 22,600 | 477,626 | |||||||
TKC Corp. | 186,500 | 5,717,383 | ||||||||
Tobila Systems, Inc. | 1,600 | 15,841 | ||||||||
Toho System Science Co. Ltd. | 2,700 | 23,793 | ||||||||
Tokyo Electron Device Ltd. | 45,100 | 2,736,521 | ||||||||
Tokyo Seimitsu Co. Ltd. | 253,800 | 10,333,728 | ||||||||
Tomen Devices Corp. | 17,800 | 909,114 | ||||||||
Topcon Corp. | 684,300 | 12,200,386 | ||||||||
Torex Semiconductor Ltd. | 52,900 | 1,225,532 | ||||||||
Toshiba TEC Corp. | 77,700 | 3,059,162 | ||||||||
Toukei Computer Co. Ltd. | 6,210 | 256,892 | ||||||||
Towa Corp. | 144,600 | 3,149,409 | ||||||||
Toyo Corp. | 149,600 | 1,414,162 | ||||||||
Transcosmos, Inc. | 80,800 | 2,436,291 | ||||||||
# | Tri Chemical Laboratories, Inc. | 154,500 | 4,621,245 | |||||||
Tsuzuki Denki Co. Ltd. | 42,800 | 681,940 | ||||||||
Ubicom Holdings, Inc. | 29,000 | 737,180 | ||||||||
Uchida Yoko Co. Ltd. | 50,500 | 2,136,365 | ||||||||
ULS Group, Inc. | 8,100 | 399,711 | ||||||||
Ulvac, Inc. | 162,300 | 9,105,840 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
INFORMATION TECHNOLOGY — (Continued) | ||||||||||
Uniden Holdings Corp. | 41,500 | $ | 1,160,825 | |||||||
UNITED, Inc. | 24,200 | 360,996 | ||||||||
User Local, Inc. | 6,200 | 99,690 | ||||||||
# | V Technology Co. Ltd. | 56,900 | 2,145,739 | |||||||
VINX Corp. | 24,100 | 214,980 | ||||||||
Visco Technologies Corp. | 1,700 | 25,582 | ||||||||
Wacom Co. Ltd. | 990,000 | 6,404,369 | ||||||||
# | Wellnet Corp. | 54,900 | 241,290 | |||||||
# * | WILLs, Inc. | 34,200 | 323,237 | |||||||
Wow World, Inc. | 21,700 | 332,269 | ||||||||
* | Writeup Co. Ltd. | 11,400 | 406,356 | |||||||
# | YAC Holdings Co. Ltd. | 62,600 | 521,055 | |||||||
Yamaichi Electronics Co. Ltd. | 151,900 | 2,332,104 | ||||||||
# | Yashima Denki Co. Ltd. | 119,500 | 1,003,049 | |||||||
YE DIGITAL Corp. | 14,400 | 65,586 | ||||||||
Yokowo Co. Ltd. | 108,500 | 2,411,348 | ||||||||
TOTAL INFORMATION TECHNOLOGY | 525,226,600 | |||||||||
MATERIALS — (11.9%) | ||||||||||
Achilles Corp. | 88,900 | 1,024,397 | ||||||||
ADEKA Corp. | 602,400 | 13,400,601 | ||||||||
Agro-Kanesho Co. Ltd. | 2,300 | 27,388 | ||||||||
Aichi Steel Corp. | 70,200 | 1,635,430 | ||||||||
Arakawa Chemical Industries Ltd. | 110,100 | 1,200,677 | ||||||||
Araya Industrial Co. Ltd. | 20,500 | 313,666 | ||||||||
# | Asahi Holdings, Inc. | 464,800 | 8,295,809 | |||||||
Asahi Printing Co. Ltd. | 25,700 | 192,420 | ||||||||
Asahi Yukizai Corp. | 90,600 | 1,094,833 | ||||||||
Asahipen Corp. | 2,100 | 33,980 | ||||||||
Asia Pile Holdings Corp. | 210,800 | 857,785 | ||||||||
C Uyemura & Co. Ltd. | 72,700 | 3,004,066 | ||||||||
Carlit Holdings Co. Ltd. | 131,200 | 876,347 | ||||||||
Chuetsu Pulp & Paper Co. Ltd. | 49,900 | 515,181 | ||||||||
Chugoku Marine Paints Ltd. | 351,700 | 2,722,412 | ||||||||
CI Takiron Corp. | 291,200 | 1,552,995 | ||||||||
CK-San-Etsu Co. Ltd. | 21,800 | 655,077 | ||||||||
Dai Nippon Toryo Co. Ltd. | 129,600 | 986,185 | ||||||||
Daicel Corp. | 890,600 | 6,668,160 | ||||||||
Daido Steel Co. Ltd. | 170,600 | 6,536,165 | ||||||||
Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 126,400 | 1,576,248 | ||||||||
Daiken Corp. | 77,000 | 1,682,656 | ||||||||
Daiki Aluminium Industry Co. Ltd. | 178,800 | 2,602,457 | ||||||||
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 84,300 | 1,948,610 | ||||||||
Daito Chemix Corp. | 20,700 | 225,164 | ||||||||
DIC Corp. | 114,800 | 3,039,533 | ||||||||
DKS Co. Ltd. | 50,800 | 1,538,565 | ||||||||
Dowa Holdings Co. Ltd. | 208,205 | 8,695,455 | ||||||||
Dynapac Co. Ltd. | 8,500 | 103,714 | ||||||||
Fuji Seal International, Inc. | 224,600 | 4,939,291 | ||||||||
Fujikura Kasei Co. Ltd. | 167,500 | 772,484 | ||||||||
Fujimi, Inc. | 40,900 | 2,572,007 | ||||||||
# | Fujimori Kogyo Co. Ltd. | 106,900 | 4,395,464 | |||||||
Fuso Chemical Co. Ltd. | 119,600 | 5,506,462 | ||||||||
* | Geostr Corp. | 57,100 | 180,134 | |||||||
Godo Steel Ltd. | 63,600 | 840,908 | ||||||||
Gun-Ei Chemical Industry Co. Ltd. | 31,700 | 846,170 | ||||||||
Hakudo Co. Ltd. | 43,900 | 1,112,807 | ||||||||
Harima Chemicals Group, Inc. | 96,100 | 736,391 | ||||||||
Hodogaya Chemical Co. Ltd. | 43,000 | 1,832,506 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
MATERIALS — (Continued) | ||||||||||
Hokkan Holdings Ltd. | 58,100 | $ | 773,121 | |||||||
Hokko Chemical Industry Co. Ltd. | 119,100 | 1,045,005 | ||||||||
Hokuetsu Corp. | 793,299 | 5,241,724 | ||||||||
Ise Chemicals Corp. | 13,000 | 450,190 | ||||||||
# | Ishihara Chemical Co. Ltd. | 71,000 | 915,662 | |||||||
Ishihara Sangyo Kaisha Ltd. | 227,250 | 2,505,659 | ||||||||
* | Ishizuka Glass Co. Ltd. | 12,900 | 244,143 | |||||||
Japan Pure Chemical Co. Ltd. | 500 | 12,354 | ||||||||
JCU Corp. | 137,200 | 5,510,568 | ||||||||
JSP Corp. | 81,100 | 1,091,320 | ||||||||
Kaneka Corp. | 27,300 | 1,046,926 | ||||||||
Kanto Denka Kogyo Co. Ltd. | 288,300 | 2,651,845 | ||||||||
Katakura & Co-op Agri Corp. | 21,500 | 223,131 | ||||||||
KeePer Technical Laboratory Co. Ltd. | 102,400 | 2,952,905 | ||||||||
KEIWA, Inc. | 8,600 | 355,313 | ||||||||
KH Neochem Co. Ltd. | 229,700 | 5,903,475 | ||||||||
# | Kimoto Co. Ltd. | 222,300 | 453,576 | |||||||
Koatsu Gas Kogyo Co. Ltd. | 194,693 | 1,312,967 | ||||||||
Kobe Steel Ltd. | 1,495,100 | 8,784,296 | ||||||||
Kohsoku Corp. | 70,200 | 995,094 | ||||||||
Konishi Co. Ltd. | 215,600 | 3,353,444 | ||||||||
Konoshima Chemical Co. Ltd. | 37,500 | 963,095 | ||||||||
Krosaki Harima Corp. | 30,400 | 1,258,343 | ||||||||
# | Kumiai Chemical Industry Co. Ltd. | 264,287 | 1,970,766 | |||||||
Kunimine Industries Co. Ltd. | 41,700 | 410,146 | ||||||||
Kureha Corp. | 103,950 | 6,755,486 | ||||||||
Kurimoto Ltd. | 60,500 | 864,318 | ||||||||
Kuriyama Holdings Corp. | 78,000 | 681,028 | ||||||||
Kyoei Steel Ltd. | 141,500 | 1,745,958 | ||||||||
Kyowa Leather Cloth Co. Ltd. | 81,300 | 487,680 | ||||||||
Lintec Corp. | 271,800 | 6,067,515 | ||||||||
Maeda Kosen Co. Ltd. | 119,400 | 3,463,203 | ||||||||
Maruichi Steel Tube Ltd. | 157,800 | 3,585,490 | ||||||||
MEC Co. Ltd. | 97,900 | 2,696,293 | ||||||||
# | Mitani Sekisan Co. Ltd. | 67,400 | 4,276,803 | |||||||
Mitsubishi Materials Corp. | 31,400 | 609,561 | ||||||||
* | Mitsubishi Paper Mills Ltd. | 277,700 | 876,682 | |||||||
# | Mitsubishi Steel Manufacturing Co. Ltd. | 58,300 | 590,040 | |||||||
Mitsui Mining & Smelting Co. Ltd. | 372,700 | 10,694,693 | ||||||||
# | Molitec Steel Co. Ltd. | 83,100 | 313,474 | |||||||
MORESCO Corp. | 39,800 | 418,989 | ||||||||
Moriroku Holdings Co. Ltd. | 8,000 | 137,309 | ||||||||
Mory Industries, Inc. | 34,700 | 824,916 | ||||||||
Nakayama Steel Works Ltd. | 169,700 | 644,598 | ||||||||
Nasu Denki Tekko Co. Ltd. | 3,000 | 273,752 | ||||||||
Neturen Co. Ltd. | 222,100 | 1,186,859 | ||||||||
New Japan Chemical Co. Ltd. | 117,500 | 319,770 | ||||||||
Nicca Chemical Co. Ltd. | 45,700 | 381,010 | ||||||||
# | Nichia Steel Works Ltd. | 138,600 | 359,210 | |||||||
Nihon Kagaku Sangyo Co. Ltd. | 83,100 | 994,285 | ||||||||
Nihon Nohyaku Co. Ltd. | 243,500 | 1,144,687 | ||||||||
Nihon Parkerizing Co. Ltd. | 521,900 | 5,207,175 | ||||||||
Nihon Yamamura Glass Co. Ltd. | 67,600 | 516,756 | ||||||||
Nippon Carbide Industries Co., Inc. | 46,200 | 559,688 | ||||||||
Nippon Chemical Industrial Co. Ltd. | 46,300 | 1,191,198 | ||||||||
Nippon Concrete Industries Co. Ltd. | 293,100 | 769,653 | ||||||||
# | Nippon Denko Co. Ltd. | 767,314 | 2,476,781 | |||||||
# | Nippon Fine Chemical Co. Ltd. | 83,400 | 1,569,198 | |||||||
Nippon Kayaku Co. Ltd. | 501,700 | 5,283,942 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
MATERIALS — (Continued) | ||||||||||
Nippon Light Metal Holdings Co. Ltd. | 376,490 | $ | 6,248,701 | |||||||
# | Nippon Paper Industries Co. Ltd. | 517,600 | 5,305,552 | |||||||
Nippon Pillar Packing Co. Ltd. | 134,200 | 3,275,789 | ||||||||
Nippon Shokubai Co. Ltd. | 77,300 | 4,038,519 | ||||||||
Nippon Soda Co. Ltd. | 154,300 | 4,636,057 | ||||||||
Nippon Yakin Kogyo Co. Ltd. | 95,349 | 2,303,683 | ||||||||
Nitta Gelatin, Inc. | 85,500 | 466,569 | ||||||||
Nittetsu Mining Co. Ltd. | 36,300 | 2,090,878 | ||||||||
Nozawa Corp. | 47,500 | 290,072 | ||||||||
Oat Agrio Co. Ltd. | 24,600 | 458,065 | ||||||||
Okamoto Industries, Inc. | 70,500 | 2,473,979 | ||||||||
Okura Industrial Co. Ltd. | 55,200 | 1,020,700 | ||||||||
Osaka Organic Chemical Industry Ltd. | 102,400 | 3,068,500 | ||||||||
Osaka Soda Co. Ltd. | 93,799 | 2,383,722 | ||||||||
Osaka Steel Co. Ltd. | 89,300 | 912,020 | ||||||||
* | OSAKA Titanium Technologies Co. Ltd. | 160,600 | 1,104,040 | |||||||
Pacific Metals Co. Ltd. | 92,999 | 1,685,691 | ||||||||
Pack Corp. | 87,200 | 2,316,647 | ||||||||
Rasa Industries Ltd. | 45,700 | 748,261 | ||||||||
Rengo Co. Ltd. | 675,100 | 5,119,368 | ||||||||
Riken Technos Corp. | 234,800 | 1,128,465 | ||||||||
Sakai Chemical Industry Co. Ltd. | 102,500 | 1,910,126 | ||||||||
Sakata INX Corp. | 285,100 | 2,754,116 | ||||||||
Sanyo Chemical Industries Ltd. | 93,800 | 4,644,480 | ||||||||
Sanyo Special Steel Co. Ltd. | 131,960 | 2,176,162 | ||||||||
Seiko PMC Corp. | 78,300 | 535,449 | ||||||||
Sekisui Kasei Co. Ltd. | 150,000 | 749,098 | ||||||||
Shikoku Chemicals Corp. | 231,100 | 2,840,009 | ||||||||
Shinagawa Refractories Co. Ltd. | 37,800 | 1,292,706 | ||||||||
Shin-Etsu Polymer Co. Ltd. | 286,200 | 2,585,179 | ||||||||
SK Kaken Co. Ltd. | 1,200 | 398,989 | ||||||||
Soken Chemical & Engineering Co. Ltd. | 48,400 | 753,369 | ||||||||
Stella Chemifa Corp. | 65,600 | 1,646,812 | ||||||||
Sumitomo Bakelite Co. Ltd. | 192,800 | 8,664,946 | ||||||||
# | Sumitomo Osaka Cement Co. Ltd. | 226,899 | 6,357,906 | |||||||
Sumitomo Seika Chemicals Co. Ltd. | 56,400 | 1,606,361 | ||||||||
T Hasegawa Co. Ltd. | 209,300 | 5,111,215 | ||||||||
# | T&K Toka Co. Ltd. | 134,300 | 954,368 | |||||||
Taiheiyo Cement Corp. | 32,800 | 696,877 | ||||||||
Taisei Lamick Co. Ltd. | 42,300 | 1,018,272 | ||||||||
Taiyo Holdings Co. Ltd. | 229,200 | 6,127,505 | ||||||||
Takasago International Corp. | 87,000 | 2,267,389 | ||||||||
Takemoto Yohki Co. Ltd. | 43,800 | 361,867 | ||||||||
# | Taoka Chemical Co. Ltd. | 23,500 | 360,289 | |||||||
Tayca Corp. | 103,900 | 1,199,127 | ||||||||
Tenma Corp. | 116,800 | 2,781,682 | ||||||||
# | Titan Kogyo Ltd. | 5,100 | 80,138 | |||||||
Toagosei Co. Ltd. | 740,500 | 8,275,887 | ||||||||
* | Toda Kogyo Corp. | 1,400 | 40,087 | |||||||
# | Toho Acetylene Co. Ltd. | 12,700 | 136,871 | |||||||
Toho Chemical Industry Co. Ltd. | 47,000 | 210,277 | ||||||||
Toho Titanium Co. Ltd. | 231,000 | 2,432,371 | ||||||||
# | Toho Zinc Co. Ltd. | 89,899 | 2,457,333 | |||||||
Tohoku Steel Co. Ltd. | 16,300 | 248,204 | ||||||||
Tokushu Tokai Paper Co. Ltd. | 64,258 | 2,505,743 | ||||||||
Tokuyama Corp. | 385,498 | 6,601,404 | ||||||||
Tokyo Printing Ink Manufacturing Co. Ltd. | 10,200 | 200,311 | ||||||||
* | Tokyo Rope Manufacturing Co. Ltd. | 45,400 | 353,027 | |||||||
Tokyo Steel Manufacturing Co. Ltd. | 615,600 | 6,850,242 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
MATERIALS — (Continued) | ||||||||||
Tokyo Tekko Co. Ltd. | 61,900 | $ | 809,987 | |||||||
* | Tomoegawa Co. Ltd. | 29,600 | 219,252 | |||||||
Tomoku Co. Ltd. | 70,600 | 1,190,794 | ||||||||
Topy Industries Ltd. | 88,200 | 924,810 | ||||||||
Toyo Gosei Co. Ltd. | 31,100 | 4,326,985 | ||||||||
Toyo Ink SC Holdings Co. Ltd. | 240,100 | 4,228,432 | ||||||||
Toyo Seikan Group Holdings Ltd. | 324,300 | 3,850,750 | ||||||||
Toyobo Co. Ltd. | 523,000 | 6,279,837 | ||||||||
TYK Corp. | 148,500 | 419,885 | ||||||||
* | UACJ Corp. | 208,841 | 4,840,357 | |||||||
Ube Industries Ltd. | 430,100 | 8,013,345 | ||||||||
Valqua Ltd. | 108,399 | 2,187,573 | ||||||||
Vertex Corp. | 45,998 | 1,224,403 | ||||||||
Wavelock Holdings Co. Ltd. | 30,900 | 181,502 | ||||||||
# | Wood One Co. Ltd. | 40,897 | 406,321 | |||||||
# * | W-Scope Corp. | 31,100 | 248,910 | |||||||
Yamato Kogyo Co. Ltd. | 253,200 | 8,489,870 | ||||||||
Yodogawa Steel Works Ltd. | 142,600 | 3,115,848 | ||||||||
# | Yotai Refractories Co. Ltd. | 119,200 | 1,342,698 | |||||||
Yushiro Chemical Industry Co. Ltd. | 67,000 | 704,990 | ||||||||
TOTAL MATERIALS | 409,401,689 | |||||||||
REAL ESTATE — (1.7%) | ||||||||||
AD Works Group Co. Ltd. | 219,879 | 314,801 | ||||||||
Airport Facilities Co. Ltd. | 143,970 | 736,221 | ||||||||
Anabuki Kosan, Inc. | 16,400 | 297,704 | ||||||||
Aoyama Zaisan Networks Co. Ltd. | 90,200 | 931,458 | ||||||||
Apaman Co. Ltd. | 75,900 | 353,134 | ||||||||
# | Ardepro Co. Ltd. | 70,700 | 33,548 | |||||||
Arealink Co. Ltd. | 29,600 | 402,828 | ||||||||
# | B-Lot Co. Ltd. | 40,000 | 196,952 | |||||||
Cosmos Initia Co. Ltd. | 94,400 | 341,036 | ||||||||
# | CRE, Inc. | 20,300 | 318,456 | |||||||
Daibiru Corp. | 312,700 | 4,351,454 | ||||||||
# | Dear Life Co. Ltd. | 152,600 | 766,783 | |||||||
Goldcrest Co. Ltd. | 103,270 | 1,479,651 | ||||||||
# | Good Com Asset Co. Ltd. | 42,500 | 508,515 | |||||||
Grandy House Corp. | 95,600 | 407,699 | ||||||||
Heiwa Real Estate Co. Ltd. | 228,000 | 7,198,186 | ||||||||
Ichigo, Inc. | 756,500 | 2,264,633 | ||||||||
* | Japan Asset Marketing Co. Ltd. | 1,077,900 | 992,706 | |||||||
# | Japan Property Management Center Co. Ltd. | 86,300 | 875,501 | |||||||
# | JSB Co. Ltd. | 19,500 | 492,295 | |||||||
Katitas Co. Ltd. | 119,300 | 4,356,090 | ||||||||
Keihanshin Building Co. Ltd. | 214,600 | 2,680,979 | ||||||||
Loadstar Capital KK | 9,200 | 73,810 | ||||||||
# * | Mirainovate Co. Ltd. | 285,540 | 569,079 | |||||||
Mugen Estate Co. Ltd. | 64,200 | 276,610 | ||||||||
Nippon Commercial Development Co. Ltd. | 84,600 | 1,284,980 | ||||||||
Nisshin Group Holdings Co. Ltd. | 210,700 | 942,246 | ||||||||
# | Property Agent, Inc. | 9,200 | 222,816 | |||||||
# | Raysum Co. Ltd. | 97,800 | 618,946 | |||||||
SAMTY Co. Ltd. | 180,350 | 4,010,535 | ||||||||
Sankyo Frontier Co. Ltd. | 24,600 | 1,182,252 | ||||||||
Sansei Landic Co. Ltd. | 29,100 | 212,886 | ||||||||
Shinoken Group Co. Ltd. | 112,600 | 1,112,802 | ||||||||
* | SRE Holdings Corp. | 25,400 | 1,764,552 | |||||||
Star Mica Holdings Co. Ltd. | 87,800 | 1,162,116 | ||||||||
Starts Corp., Inc. | 224,000 | 5,382,885 |
The Japanese Small Company Series
CONTINUED
Shares | Value» | |||||||||
REAL ESTATE — (Continued) | ||||||||||
Sun Frontier Fudousan Co. Ltd. | 202,800 | $ | 1,903,107 | |||||||
Sunnexta Group, Inc. | 11,700 | 112,580 | ||||||||
Takara Leben Co. Ltd. | 547,800 | 1,492,822 | ||||||||
Tenpo Innovation Co. Ltd. | 3,100 | 25,589 | ||||||||
TOC Co. Ltd. | 318,850 | 1,787,536 | ||||||||
Tokyo Rakutenchi Co. Ltd. | 19,800 | 706,541 | ||||||||
* | Tokyo Theatres Co., Inc. | 47,099 | 518,617 | |||||||
Tosei Corp. | 202,900 | 1,950,435 | ||||||||
Urbanet Corp. Co. Ltd. | 92,700 | 252,564 | ||||||||
Yoshicon Co. Ltd. | 3,100 | 31,005 | ||||||||
TOTAL REAL ESTATE | 57,897,941 | |||||||||
UTILITIES — (1.5%) | ||||||||||
# | EF-ON, Inc. | 88,520 | 647,868 | |||||||
Electric Power Development Co. Ltd. | 54,500 | 720,468 | ||||||||
# | eRex Co. Ltd. | 194,300 | 4,449,289 | |||||||
Hiroshima Gas Co. Ltd. | 322,200 | 1,059,848 | ||||||||
# | Hokkaido Electric Power Co., Inc. | 1,163,200 | 4,834,096 | |||||||
Hokkaido Gas Co. Ltd. | 98,500 | 1,319,254 | ||||||||
# | Hokuriku Electric Power Co. | 991,200 | 4,719,864 | |||||||
# | Hokuriku Gas Co. Ltd. | 10,100 | 277,241 | |||||||
K&O Energy Group, Inc. | 100,400 | 1,438,692 | ||||||||
Nippon Gas Co. Ltd. | 684,000 | 8,484,055 | ||||||||
Okinawa Electric Power Co., Inc. | 300,516 | 3,686,854 | ||||||||
Saibu Gas Holdings Co. Ltd. | 223,200 | 4,557,562 | ||||||||
Shikoku Electric Power Co., Inc. | 656,500 | 4,275,643 | ||||||||
Shizuoka Gas Co. Ltd. | 334,900 | 3,532,655 | ||||||||
# | Toell Co. Ltd. | 57,500 | 405,527 | |||||||
West Holdings Corp. | 143,603 | 8,026,221 | ||||||||
TOTAL UTILITIES | 52,435,137 | |||||||||
TOTAL COMMON STOCKS Cost ($2,886,201,109) | 3,387,960,476 | |||||||||
Value† | ||||||||||
SECURITIES LENDING COLLATERAL — (1.8%) | ||||||||||
@ § | The DFA Short Term Investment Fund | 5,314,587 | 61,489,772 | |||||||
TOTAL INVESTMENTS — (100.0%) (Cost $2,947,678,139) | $ | 3,449,450,248 |
ST Special Tax | |
» | Securities that have been fair value factored. See Note B to Financial Statements. |
# | Total or Partial Securities on Loan. |
* | Non-Income Producing Securities. |
†† | Security valued using significant unobservable inputs (Level 3). |
† | See Note B to Financial Statements. |
@ | Security purchased with cash collateral received from Securities on Loan. |
§ | Affiliated Fund. |
The Japanese Small Company Series
CONTINUED
Summary of the Series’ investments as of October 31, 2021, 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 | — | $ | 105,693,477 | — | $ | 105,693,477 | |||||||||||||
Consumer Discretionary | — | 488,751,508 | — | 488,751,508 | |||||||||||||||
Consumer Staples | — | 248,614,645 | — | 248,614,645 | |||||||||||||||
Energy | — | 32,702,071 | — | 32,702,071 | |||||||||||||||
Financials | — | 283,675,745 | — | 283,675,745 | |||||||||||||||
Health Care | — | 151,194,373 | — | 151,194,373 | |||||||||||||||
Industrials | $ | 15,163,165 | 1,017,204,125 | — | 1,032,367,290 | ||||||||||||||
Information Technology | — | 525,226,600 | — | 525,226,600 | |||||||||||||||
Materials | — | 409,401,689 | — | 409,401,689 | |||||||||||||||
Real Estate | — | 57,897,941 | — | 57,897,941 | |||||||||||||||
Utilities | — | 52,435,137 | — | 52,435,137 | |||||||||||||||
Securities Lending Collateral | — | 61,489,772 | — | 61,489,772 | |||||||||||||||
TOTAL | $ | 15,163,165 | $ | 3,434,287,083 | — | $ | 3,449,450,248 |
The Asia Pacific Small Company Series
SCHEDULE OF INVESTMENTS
October 31, 2021
Shares | Value» | |||||||||
COMMON STOCKS — (97.8%) | ||||||||||
AUSTRALIA — (59.7%) | ||||||||||
* | 3P Learning Ltd. | 93,233 | $ | 98,463 | ||||||
# | 5G Networks Ltd. | 35,296 | 24,866 | |||||||
* | A2B Australia Ltd. | 335,289 | 336,166 | |||||||
Accent Group Ltd. | 2,156,788 | 4,038,158 | ||||||||
Adairs Ltd. | 929,029 | 2,592,949 | ||||||||
Adbri Ltd. | 2,286,093 | 5,145,901 | ||||||||
# * | Advance NanoTek Ltd. | 9,653 | 25,602 | |||||||
AGL Energy Ltd. | 1,811,920 | 7,814,139 | ||||||||
* | Ainsworth Game Technology Ltd. | 484,397 | 493,147 | |||||||
# * | Alcidion Group Ltd. | 407,251 | 117,592 | |||||||
# * | Alkane Resources Ltd. | 3,127,231 | 2,097,776 | |||||||
* | Alliance Aviation Services Ltd. | 254,500 | 715,010 | |||||||
Altium Ltd. | 49,728 | 1,385,255 | ||||||||
# * †† | Altura Mining Ltd. | 1,171,741 | 11,573 | |||||||
# * | AMA Group Ltd. | 3,939,054 | 1,447,278 | |||||||
# * | American Pacific Borates Ltd. | 10,282 | 14,229 | |||||||
* | AMP Ltd. | 12,893,152 | 10,548,526 | |||||||
Ansell Ltd. | 244,194 | 5,846,649 | ||||||||
Appen Ltd. | 398,987 | 3,251,157 | ||||||||
* | Arafura Resources Ltd. | 4,637,893 | 773,535 | |||||||
ARB Corp. Ltd. | 521,174 | 19,195,274 | ||||||||
# * | Archer Materials Ltd. | 367,184 | 406,489 | |||||||
# * | Ardent Leisure Group Ltd. | 3,156,808 | 3,568,580 | |||||||
# * | Argosy Minerals Ltd. | 1,030,094 | 226,973 | |||||||
* | Atomos Ltd. | 322,939 | 341,539 | |||||||
AUB Group Ltd. | 496,714 | 8,186,503 | ||||||||
# * | Audinate Group Ltd. | 29,694 | 190,140 | |||||||
# * | Aurelia Metals Ltd. | 6,805,751 | 1,935,915 | |||||||
Austal Ltd. | 2,278,005 | 3,237,704 | ||||||||
Austin Engineering Ltd. | 129,055 | 22,818 | ||||||||
# * | Australian Agricultural Co. Ltd. | 3,315,760 | 3,944,294 | |||||||
# | Australian Ethical Investment Ltd. | 129,906 | 1,342,427 | |||||||
Australian Finance Group Ltd. | 1,528,544 | 3,038,060 | ||||||||
* | Australian Mines Ltd. | 11,430,790 | 207,644 | |||||||
Australian Pharmaceutical Industries Ltd. | 2,800,624 | 3,181,008 | ||||||||
* | Australian Potash Ltd. | 426,553 | 36,901 | |||||||
# * | Australian Strategic Materials Ltd. | 493,304 | 3,963,946 | |||||||
# | Australian Vintage Ltd. | 3,159,274 | 1,984,709 | |||||||
Auswide Bank Ltd. | 135,553 | 699,858 | ||||||||
# | Ava Risk Group Ltd. | 27,751 | 9,422 | |||||||
# | AVJennings Ltd. | 5,865,445 | 2,692,622 | |||||||
# * | AVZ Minerals Ltd. | 1,847,793 | 496,027 | |||||||
* †† | Axsesstoday Ltd. | 1,687 | 1 | |||||||
Baby Bunting Group Ltd. | 694,130 | 3,093,507 | ||||||||
* | Bannerman Energy Ltd. | 831,485 | 203,451 | |||||||
Bapcor Ltd. | 2,189,248 | 13,204,770 | ||||||||
Base Resources Ltd. | 746,976 | 171,432 | ||||||||
* | BCI Minerals Ltd. | 1,088,804 | 415,538 | |||||||
# | Beach Energy Ltd. | 7,632,087 | 8,017,554 | |||||||
Beacon Lighting Group Ltd. | 304,846 | 502,196 | ||||||||
Beacon Minerals Ltd. | 1,286,438 | 30,829 | ||||||||
Bega Cheese Ltd. | 1,973,378 | 8,082,900 | ||||||||
Bell Financial Group Ltd. | 578,495 | 794,941 | ||||||||
* | Bellevue Gold Ltd. | 4,080,885 | 2,627,276 | |||||||
* | Betmakers Technology Group Ltd. | 1,239,988 | 1,152,065 | |||||||
# * | Bigtincan Holdings Ltd. | 1,280,517 | 1,134,987 | |||||||
* | Bionomics Ltd. | 160,677 | 15,249 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
AUSTRALIA — (Continued) | ||||||||||
* | Black Rock Mining Ltd. | 1,277,236 | $ | 203,143 | ||||||
Blackmores Ltd. | 94,090 | 6,715,355 | ||||||||
* | Boss Energy Ltd. | 1,063,759 | 244,834 | |||||||
* | Botanix Pharmaceuticals Ltd. | 688,967 | 31,322 | |||||||
Bravura Solutions Ltd. | 1,850,954 | 3,899,162 | ||||||||
# | Breville Group Ltd. | 681,670 | 15,172,506 | |||||||
Brickworks Ltd. | 486,532 | 8,731,553 | ||||||||
BWX Ltd. | 911,626 | 3,204,521 | ||||||||
* | Byron Energy Ltd. | 89,192 | 9,420 | |||||||
* | Calidus Resources Ltd. | 690,973 | 315,124 | |||||||
* | Calima Energy Ltd. | 199,846 | 34,101 | |||||||
* | Calix Ltd. | 399,626 | 1,566,067 | |||||||
Capitol Health Ltd. | 4,669,615 | 1,191,282 | ||||||||
Capral Ltd. | 24,873 | 149,591 | ||||||||
# * | Capricorn Metals Ltd. | 774,872 | 1,496,820 | |||||||
* | Carbon Revolution Ltd. | 44,883 | 35,542 | |||||||
Cardno Ltd. | 1,141,887 | 1,307,483 | ||||||||
# * | Carnarvon Petroleum Ltd. | 4,042,505 | 1,037,052 | |||||||
Carsales.com Ltd. | 553,743 | 10,362,825 | ||||||||
# | Cash Converters International Ltd. | 2,766,362 | 605,518 | |||||||
# * | Catapult Group International Ltd. | 401,552 | 535,977 | |||||||
†† | CDS Technologies Ltd. | 13,276 | 0 | |||||||
Cedar Woods Properties Ltd. | 445,757 | 2,008,116 | ||||||||
* | Central Petroleum Ltd. | 759,474 | 69,002 | |||||||
†† | Centrebet Litigatation | 162,672 | 0 | |||||||
# | Centuria Capital Group | 1,210,015 | 2,940,796 | |||||||
Challenger Ltd. | 2,321,555 | 12,194,726 | ||||||||
* | Champion Iron Ltd. | 1,088,458 | 3,635,725 | |||||||
* | City Chic Collective Ltd. | 819,807 | 3,836,352 | |||||||
# | Class Ltd. | 492,033 | 1,082,402 | |||||||
* | Clean Seas Seafood Ltd. | 231,488 | 109,201 | |||||||
Cleanaway Waste Management Ltd. | 2,233,919 | 4,543,249 | ||||||||
ClearView Wealth Ltd. | 79,552 | 47,260 | ||||||||
Clinuvel Pharmaceuticals Ltd. | 201,161 | 5,894,864 | ||||||||
# | Clover Corp. Ltd. | 649,584 | 784,710 | |||||||
* | Cobalt Blue Holdings Ltd. | 345,926 | 113,762 | |||||||
Codan Ltd. | 670,501 | 5,112,896 | ||||||||
# * | Collection House Ltd. | 2,084,920 | 251,532 | |||||||
Collins Foods Ltd. | 745,683 | 7,239,549 | ||||||||
* | Comet Ridge Ltd. | 455,837 | 41,254 | |||||||
# * | Cooper Energy Ltd. | 11,268,438 | 2,462,545 | |||||||
# * | Core Lithium Ltd. | 756,237 | 327,416 | |||||||
* | Corporate Travel Management Ltd. | 650,080 | 12,044,252 | |||||||
Costa Group Holdings Ltd. | 2,751,728 | 6,084,280 | ||||||||
Credit Corp. Group Ltd. | 442,571 | 10,527,755 | ||||||||
CSR Ltd. | 3,109,441 | 13,958,892 | ||||||||
* | Cynata Therapeutics Ltd. | 78,248 | 36,307 | |||||||
* | Dacian Gold Ltd. | 808,363 | 139,694 | |||||||
* | Danakali Ltd. | 618,097 | 227,582 | |||||||
Data#3 Ltd. | 1,010,106 | 4,328,836 | ||||||||
* | De Grey Mining Ltd. | 1,668,250 | 1,387,786 | |||||||
* | Decmil Group Ltd. | 508,303 | 120,806 | |||||||
# * | Deep Yellow Ltd. | 571,545 | 431,532 | |||||||
Deterra Royalties Ltd. | 1,940,354 | 5,707,392 | ||||||||
* | Develop Global Ltd. | 75,746 | 35,838 | |||||||
# | Dicker Data Ltd. | 331,254 | 3,756,117 | |||||||
Domain Holdings Australia Ltd. | 1,497,814 | 6,506,081 | ||||||||
Downer EDI Ltd. | 2,071,013 | 9,901,826 | ||||||||
Eagers Automotive Ltd. | 775,292 | 8,710,647 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
AUSTRALIA — (Continued) | ||||||||||
Earlypay Ltd. | 819,564 | $ | 284,314 | |||||||
# * | Eclipx Group Ltd. | 2,070,131 | 3,906,097 | |||||||
* | Ecofibre Ltd. | 75,087 | 42,977 | |||||||
# * | Ecograf Ltd. | 1,661,115 | 769,431 | |||||||
Elanor Investor Group | 286,472 | 463,691 | ||||||||
Elders Ltd. | 1,009,369 | 9,169,814 | ||||||||
# * | Electro Optic Systems Holdings Ltd. | 454,671 | 1,095,211 | |||||||
* | Element 25 Ltd. | 9,948 | 12,736 | |||||||
* | Elixir Energy Ltd. | 2,250,692 | 442,807 | |||||||
* | Elmo Software Ltd. | 3,116 | 12,478 | |||||||
Emeco Holdings Ltd. | 2,062,540 | 1,716,370 | ||||||||
# * | EML Payments Ltd. | 958,009 | 2,149,486 | |||||||
* | Energy Resources of Australia Ltd. | 361,125 | 111,555 | |||||||
Enero Group Ltd. | 135,463 | 404,122 | ||||||||
* | EnviroSuite Ltd. | 1,131,191 | 187,897 | |||||||
EQT Holdings Ltd. | 119,114 | 2,531,775 | ||||||||
Estia Health Ltd. | 1,663,088 | 2,629,983 | ||||||||
Eureka Group Holdings Ltd. | 28,507 | 14,568 | ||||||||
* | European Lithium Ltd. | 239,881 | 24,361 | |||||||
Euroz Ltd. | 234,646 | 287,795 | ||||||||
* | EVENT Hospitality & Entertainment Ltd. | 546,035 | 6,759,184 | |||||||
* | Experience Co. Ltd. | 75,480 | 20,510 | |||||||
FAR Ltd. | 127,715 | 78,955 | ||||||||
Finbar Group Ltd. | 322,817 | 202,147 | ||||||||
Fleetwood Ltd. | 513,721 | 923,513 | ||||||||
# * | Flight Centre Travel Group Ltd. | 448,941 | 6,793,392 | |||||||
* | Fluence Corp. Ltd. | 116,395 | 15,747 | |||||||
# * | Freedom Foods Group Ltd. | 362,595 | 128,223 | |||||||
* | Frontier Digital Ventures Ltd. | 521,138 | 708,815 | |||||||
* | Future Metals NL | 149,771 | 20,176 | |||||||
# * | G8 Education Ltd. | 5,772,165 | 4,797,352 | |||||||
# * | Galan Lithium Ltd. | 1,338,234 | 1,275,712 | |||||||
# * | Genetic Signatures Ltd. | 118,531 | 124,063 | |||||||
* | Genex Power Ltd. | 799,280 | 123,741 | |||||||
Genworth Mortgage Insurance Australia Ltd. | 2,014,114 | 3,499,007 | ||||||||
* | Geopacific Resources Ltd. | 33,316 | 7,741 | |||||||
# | Gold Road Resources Ltd. | 5,348,824 | 5,547,749 | |||||||
GR Engineering Services Ltd. | 151,531 | 201,056 | ||||||||
GrainCorp Ltd., Class A | 1,547,172 | 7,353,101 | ||||||||
Grange Resources Ltd. | 1,717,658 | 740,842 | ||||||||
# * | Greenland Minerals Ltd. | 1,692,337 | 154,373 | |||||||
* | GTN Ltd. | 15,394 | 5,975 | |||||||
GUD Holdings Ltd. | 769,603 | 7,123,001 | ||||||||
GWA Group Ltd. | 1,516,127 | 3,112,270 | ||||||||
Hansen Technologies Ltd. | 1,293,047 | 6,174,732 | ||||||||
Healius Ltd. | 3,973,423 | 14,549,415 | ||||||||
# * | Helloworld Travel Ltd. | 51,370 | 105,407 | |||||||
* | Highfield Resources Ltd. | 198,321 | 93,736 | |||||||
Horizon Oil Ltd. | 714,889 | 49,345 | ||||||||
* | Hot Chili Ltd. | 2,596,076 | 93,882 | |||||||
HT&E Ltd. | 1,686,962 | 2,443,876 | ||||||||
# | HUB24 Ltd. | 293,685 | 7,055,708 | |||||||
# * | Humm Group Ltd. | 2,480,303 | 1,654,978 | |||||||
* | IDT Australia Ltd. | 568,002 | 241,713 | |||||||
IGO Ltd. | 284,609 | 2,084,139 | ||||||||
Iluka Resources Ltd. | 1,999,707 | 14,266,701 | ||||||||
Image Resources NL | 371,646 | 54,523 | ||||||||
Imdex Ltd. | 2,736,338 | 5,913,026 | ||||||||
* | Immutep Ltd. | 218,170 | 94,477 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
AUSTRALIA — (Continued) | ||||||||||
# * | ImpediMed Ltd. | 417,437 | $ | 58,073 | ||||||
Infomedia Ltd. | 2,799,017 | 2,915,593 | ||||||||
# | Inghams Group Ltd. | 2,191,759 | 6,148,038 | |||||||
Intega Group Ltd. | 1,127,842 | 764,773 | ||||||||
Integral Diagnostics Ltd. | 1,113,404 | 3,937,504 | ||||||||
* | Integrated Research Ltd. | 791,910 | 907,513 | |||||||
* | Investigator Resources Ltd. | 686,170 | 36,209 | |||||||
# | InvoCare Ltd. | 945,502 | 8,100,895 | |||||||
* | ioneer Ltd. | 9,580,838 | 4,958,516 | |||||||
IOOF Holdings Ltd. | 3,815,495 | 11,809,268 | ||||||||
# * | IOUpay Ltd. | 1,476,593 | 281,813 | |||||||
IPH Ltd. | 1,243,670 | 8,077,932 | ||||||||
IRESS Ltd. | 1,225,060 | 11,168,044 | ||||||||
iSelect Ltd. | 33,051 | 8,692 | ||||||||
# * | iTech Minerals Pty Ltd. | 61,274 | 12,676 | |||||||
IVE Group Ltd. | 580,082 | 782,036 | ||||||||
* | Japara Healthcare Ltd. | 1,594,623 | 1,679,378 | |||||||
# * | Jervois Global Ltd. | 88,121 | 37,781 | |||||||
Johns Lyng Group Ltd. | 843,057 | 4,120,559 | ||||||||
Jumbo Interactive Ltd. | 208,843 | 2,634,840 | ||||||||
# | Jupiter Mines Ltd. | 5,368,466 | 949,277 | |||||||
# * | Kalium Lakes Ltd. | 348,799 | 46,200 | |||||||
# * | Karoon Energy Ltd. | 3,575,159 | 4,919,065 | |||||||
* | KGL Resources Ltd. | 143,604 | 70,480 | |||||||
# * | Kingsgate Consolidated Ltd. | 1,079,815 | 1,308,704 | |||||||
# | Kogan.com Ltd. | 451,741 | 3,405,352 | |||||||
* | Lake Resources NL | 3,016,744 | 2,152,366 | |||||||
†† | Lednium Technology Pty Ltd. | 195,019 | 0 | |||||||
* | Legend Mining Ltd. | 2,176,273 | 111,275 | |||||||
# | Lifestyle Communities Ltd. | 337,712 | 5,575,753 | |||||||
Link Administration Holdings Ltd. | 2,206,818 | 7,266,102 | ||||||||
# * | Livetiles Ltd. | 344,818 | 32,761 | |||||||
# | Lovisa Holdings Ltd. | 267,240 | 4,404,921 | |||||||
Lycopodium Ltd. | 42,182 | 139,594 | ||||||||
* | Lynas Rare Earths Ltd. | 1,615,350 | 9,011,232 | |||||||
MA Financial Group Ltd. | 150,840 | 930,671 | ||||||||
MACA Ltd. | 1,622,774 | 936,880 | ||||||||
* | Mach7 Technologies Ltd. | 42,643 | 30,293 | |||||||
Macmahon Holdings Ltd. | 5,696,509 | 881,273 | ||||||||
* | Macquarie Telecom Group Ltd. | 8,100 | 434,465 | |||||||
* | Maggie Beer Holdings Ltd. | 213,500 | 67,302 | |||||||
* | Matador Mining Ltd. | 63,503 | 18,114 | |||||||
* | MaxiPARTS Ltd. | 22,360 | 62,319 | |||||||
# * | Mayne Pharma Group Ltd. | 9,518,774 | 2,439,668 | |||||||
McMillan Shakespeare Ltd. | 519,015 | 5,370,379 | ||||||||
# | McPherson’s Ltd. | 653,702 | 476,136 | |||||||
# * | Medical Developments International Ltd. | 100,861 | 374,373 | |||||||
Medusa Mining Ltd. | 666,839 | 383,736 | ||||||||
* | Megaport Ltd. | 511,015 | 6,915,722 | |||||||
# * | Mesoblast Ltd. | 2,382,780 | 2,867,965 | |||||||
# * | Metals X Ltd. | 3,689,106 | 1,006,282 | |||||||
# | Metcash Ltd. | 6,296,220 | 19,404,717 | |||||||
# | Michael Hill International Ltd. | 1,490,263 | 1,111,847 | |||||||
# * | Mincor Resources NL | 1,623,722 | 1,686,140 | |||||||
* | MMA Offshore Ltd. | 1,249,410 | 411,196 | |||||||
# | MNF Group Ltd. | 243,952 | 1,308,863 | |||||||
# | Monadelphous Group Ltd. | 566,488 | 4,320,825 | |||||||
Monash IVF Group Ltd. | 1,738,681 | 1,232,837 | ||||||||
Money3 Corp. Ltd. | 1,319,770 | 3,311,827 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
AUSTRALIA — (Continued) | ||||||||||
* | MoneyMe Ltd. | 55,212 | $ | 87,307 | ||||||
* †† | Morning Star Gold NL | 332,749 | 0 | |||||||
Motorcycle Holdings Ltd. | 85,112 | 201,357 | ||||||||
Mount Gibson Iron Ltd. | 3,904,651 | 1,242,784 | ||||||||
†† | Myanmar Metals Ltd. | 49,486 | 9,772 | |||||||
* | Myer Holdings Ltd. | 3,915,011 | 1,596,804 | |||||||
MyState Ltd. | 669,272 | 2,625,631 | ||||||||
# * | Nanosonics Ltd. | 931,208 | 4,184,954 | |||||||
Navigator Global Investments Ltd. | 901,466 | 1,275,679 | ||||||||
# * | Nearmap Ltd. | 3,251,840 | 5,447,079 | |||||||
# * | Neometals Ltd. | 1,542,276 | 1,206,777 | |||||||
Netwealth Group Ltd. | 494,275 | 6,496,173 | ||||||||
* | New Century Resources Ltd. | 1,368,711 | 159,705 | |||||||
# | New Energy Solar | 166,241 | 100,374 | |||||||
# | New Hope Corp. Ltd. | 2,522,847 | 3,822,628 | |||||||
nib holdings Ltd. | 2,951,426 | 14,861,717 | ||||||||
# | Nick Scali Ltd. | 406,481 | 4,431,853 | |||||||
Nickel Mines Ltd. | 2,922,992 | 2,315,357 | ||||||||
Nine Entertainment Co. Holdings Ltd. | 2,055,509 | 4,304,772 | ||||||||
* | Nitro Software Ltd. | 66,552 | 188,135 | |||||||
* | Novonix Ltd. | 795,568 | 4,479,579 | |||||||
* | Noxopharm Ltd. | 6,703 | 2,646 | |||||||
NRW Holdings Ltd. | 3,118,446 | 4,324,906 | ||||||||
* | Nufarm Ltd. | 1,868,539 | 6,153,549 | |||||||
Objective Corp. Ltd. | 41,344 | 651,081 | ||||||||
OFX Group Ltd. | 1,725,518 | 2,069,627 | ||||||||
* | Oklo Resources Ltd. | 202,639 | 19,710 | |||||||
* | OM Holdings Ltd. | 499,991 | 407,426 | |||||||
# * | Omni Bridgeway Ltd. | 2,340,733 | 5,500,579 | |||||||
* | oOh!media Ltd. | 3,417,957 | 4,691,493 | |||||||
* | Opthea Ltd. | 748,332 | 724,072 | |||||||
* | Ora Banda Mining Ltd. | 469,099 | 29,947 | |||||||
Ora Banda Mining Ltd. | 99,291 | 6,349 | ||||||||
* | Orbital Corp. Ltd. | 16,624 | 7,564 | |||||||
* | OreCorp Ltd. | 130,901 | 64,878 | |||||||
* | Orocobre Ltd. | 2,264,756 | 15,294,789 | |||||||
Orora Ltd. | 5,931,076 | 14,837,472 | ||||||||
Over the Wire Holdings Ltd. | 49,802 | 202,624 | ||||||||
OZ Minerals Ltd. | 418,051 | 7,952,112 | ||||||||
Pacific Current Group Ltd. | 274,288 | 1,571,148 | ||||||||
# | Pacific Smiles Group Ltd. | 272,678 | 594,580 | |||||||
Pact Group Holdings Ltd. | 1,422,949 | 3,325,317 | ||||||||
* | Paladin Energy Ltd. | 8,765,451 | 5,825,099 | |||||||
* | Panoramic Resources Ltd. | 9,516,699 | 1,725,741 | |||||||
# * | Pantoro Ltd. | 2,479,808 | 408,279 | |||||||
* | Paradigm Biopharmaceuticals Ltd. | 41,528 | 64,447 | |||||||
* | Peak Resources Ltd. | 224,220 | 12,021 | |||||||
Peet Ltd. | 1,192,399 | 965,213 | ||||||||
Pendal Group Ltd. | 2,058,779 | 10,413,306 | ||||||||
# * | Peninsula Energy Ltd. | 3,332,209 | 668,858 | |||||||
People Infrastructure Ltd. | 224,358 | 750,001 | ||||||||
Perenti Global Ltd. | 4,332,628 | 3,354,171 | ||||||||
Perpetual Ltd. | 376,124 | 10,750,588 | ||||||||
* | Perseus Mining Ltd. | 8,114,950 | 9,622,883 | |||||||
Pinnacle Investment Management Group Ltd. | 437,023 | 5,683,902 | ||||||||
Platinum Asset Management Ltd. | 1,941,364 | 4,483,164 | ||||||||
* | Poseidon Nickel Ltd. | 9,770,353 | 691,281 | |||||||
# * | PPK Group Ltd. | 22,761 | 224,446 | |||||||
# * | Praemium Ltd. | 2,097,349 | 1,891,114 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
AUSTRALIA — (Continued) | ||||||||||
Premier Investments Ltd. | 458,786 | $ | 10,647,565 | |||||||
# | Pro Medicus Ltd. | 172,427 | 6,963,198 | |||||||
Probiotec Ltd. | 59,324 | 98,516 | ||||||||
Pro-Pac Packaging Ltd. | 72,722 | 12,065 | ||||||||
# | Propel Funeral Partners Ltd. | 126,331 | 399,633 | |||||||
# * | Prospect Resources Ltd. | 1,167,946 | 372,224 | |||||||
# | PSC Insurance Group Ltd. | 148,932 | 513,367 | |||||||
PWR Holdings Ltd. | 441,250 | 3,140,720 | ||||||||
* | PYC Therapeutics Ltd. | 389,981 | 40,874 | |||||||
QANTM Intellectual Property Ltd. | 63,524 | 58,857 | ||||||||
Ramelius Resources Ltd. | 4,854,858 | 5,791,920 | ||||||||
* | ReadyTech Holdings Ltd. | 174,702 | 497,108 | |||||||
# | Reckon Ltd. | 391,834 | 304,981 | |||||||
* | Red 5 Ltd. | 7,536,119 | 1,469,236 | |||||||
# * | Redbubble Ltd. | 759,347 | 2,384,618 | |||||||
# | Regis Healthcare Ltd. | 932,213 | 1,379,333 | |||||||
Regis Resources Ltd. | 4,825,314 | 7,236,274 | ||||||||
* | Reject Shop Ltd. | 150,958 | 789,573 | |||||||
Reliance Worldwide Corp. Ltd. | 3,629,454 | 15,959,122 | ||||||||
# | Resimac Group Ltd. | 61,439 | 79,372 | |||||||
# * | Resolute Mining Ltd. | 8,007,059 | 2,516,395 | |||||||
* | Retail Food Group Ltd. | 9,756,332 | 588,384 | |||||||
* | Rex Minerals Ltd. | 26,619 | 5,238 | |||||||
Ridley Corp. Ltd. | 1,862,695 | 1,864,851 | ||||||||
* | RPMGlobal Holdings Ltd. | 778,285 | 1,148,582 | |||||||
# * | Rumble Resources Ltd. | 178,014 | 60,292 | |||||||
* †† | Salmat Ltd. | 667,137 | 0 | |||||||
Sandfire Resources Ltd. | 2,725,681 | 11,481,645 | ||||||||
* | SciDev Ltd. | 122,828 | 66,526 | |||||||
SeaLink Travel Group Ltd. | 397,469 | 2,201,979 | ||||||||
* | SECOS Group Ltd | 230,520 | 49,025 | |||||||
Select Harvests Ltd. | 880,705 | 4,922,645 | ||||||||
# | Senex Energy Ltd. | 1,216,209 | 4,063,686 | |||||||
# | Servcorp Ltd. | 342,954 | 1,044,709 | |||||||
Service Stream Ltd. | 3,861,053 | 2,552,107 | ||||||||
# * | Seven West Media Ltd. | 5,839,397 | 2,014,759 | |||||||
# | SG Fleet Group Ltd. | 536,168 | 1,031,205 | |||||||
Shaver Shop Group Ltd. | 582,158 | 450,477 | ||||||||
* | Sheffield Resources Ltd. | 129,910 | 32,306 | |||||||
Shine Justice Ltd. | 53,871 | 53,707 | ||||||||
Shriro Holdings Ltd. | 24,206 | 19,136 | ||||||||
Sigma Healthcare Ltd. | 6,192,917 | 2,655,513 | ||||||||
* | Silex Systems Ltd. | 51,736 | 51,534 | |||||||
# * | Silver Lake Resources Ltd. | 5,791,755 | 7,334,685 | |||||||
# * | Silver Mines Ltd. | 1,151,777 | 188,699 | |||||||
Sims Ltd. | 1,175,465 | 12,796,166 | ||||||||
SmartGroup Corp. Ltd. | 865,067 | 5,236,968 | ||||||||
# * | SomnoMed Ltd. | 25,160 | 49,114 | |||||||
Southern Cross Electrical Engineering Ltd. | 250,621 | 124,517 | ||||||||
Southern Cross Media Group Ltd. | 1,561,488 | 2,740,131 | ||||||||
Spark Infrastructure Group | 10,978,157 | 23,274,771 | ||||||||
# * †† | Speedcast International Ltd. | 1,497,915 | 0 | |||||||
* | Spirit Technology Solutions Ltd. | 391,679 | 79,955 | |||||||
# | SRG Global Ltd. | 330,321 | 128,011 | |||||||
# | St Barbara Ltd. | 4,977,669 | 5,473,442 | |||||||
* | Star Entertainment Grp Ltd. | 3,941,041 | 10,951,914 | |||||||
* | Starpharma Holdings Ltd. | 106,110 | 84,213 | |||||||
Steadfast Group Ltd. | 3,596,653 | 12,654,068 | ||||||||
# * | Strike Energy Ltd. | 3,623,606 | 465,726 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
AUSTRALIA — (Continued) | ||||||||||
Sunland Group Ltd. | 1,168,149 | $ | 2,365,388 | |||||||
# * | Sunrise Energy Metals Ltd. | 8,693 | 12,440 | |||||||
* | Sunstone Metals Ltd. | 1,366,035 | 69,074 | |||||||
Super Retail Group Ltd. | 1,085,264 | 10,646,830 | ||||||||
* | Superloop Ltd. | 1,763,737 | 1,715,468 | |||||||
* | Syrah Resources Ltd. | 3,222,455 | 3,071,116 | |||||||
Tassal Group Ltd. | 1,531,815 | 4,103,350 | ||||||||
Technology One Ltd. | 1,674,190 | 15,547,005 | ||||||||
# * | Temple & Webster Group Ltd. | 225,148 | 2,169,205 | |||||||
* †† | Tiger Resources Ltd. | 9,447,997 | 1,421 | |||||||
Tribune Resources Ltd. | 14,725 | 54,519 | ||||||||
# * | Tyro Payments Ltd. | 2,006,948 | 6,130,610 | |||||||
United Malt Grp Ltd. | 1,771,214 | 5,420,371 | ||||||||
* | Uniti Group Ltd. | 2,112,317 | 6,509,992 | |||||||
VGI Partners Ltd. | 7,907 | 29,526 | ||||||||
†† | Virgin Australia Holdings Ltd. | 7,648,897 | 0 | |||||||
Virtus Health Ltd. | 589,189 | 2,468,172 | ||||||||
Vita Group Ltd. | 865,126 | 540,169 | ||||||||
Ω | Viva Energy Group Ltd. | 3,849,100 | 6,781,472 | |||||||
# * | Viva Leisure Ltd. | 84,215 | 144,962 | |||||||
# * | Vmoto Ltd. | 267,457 | 83,996 | |||||||
# * | Volpara Health Technologies Ltd. | 225,102 | 203,202 | |||||||
* | VRX Silica Ltd. | 1,325,475 | 199,075 | |||||||
* | Wagners Holding Co. Ltd. | 122,838 | 165,171 | |||||||
* | Walkabout Resources Ltd. | 632,601 | 95,635 | |||||||
# * | Warrego Energy Ltd. | 86,865 | 8,890 | |||||||
* | Webjet Ltd. | 2,061,672 | 9,866,315 | |||||||
* | West African Resources Ltd. | 4,328,674 | 4,205,910 | |||||||
West African Resources Ltd. | 495,169 | 484,238 | ||||||||
Western Areas Ltd. | 2,254,139 | 5,397,436 | ||||||||
Westgold Resources Ltd. | 2,445,087 | 3,577,865 | ||||||||
# * | Whispir Ltd. | 121,430 | 211,291 | |||||||
* | Whitehaven Coal Ltd. | 5,382,983 | 10,652,888 | |||||||
* | Widgie Nickel Ltd. | 265,653 | 45,963 | |||||||
* | Wiluna Mining Corp. Ltd. | 48,336 | 37,372 | |||||||
# * | Zip Co. Ltd. | 1,986,170 | 9,816,301 | |||||||
TOTAL AUSTRALIA | 1,109,683,609 | |||||||||
CHINA — (0.0%) | ||||||||||
* | FIH Mobile Ltd. | 611,000 | 95,045 | |||||||
TK Group Holdings Ltd. | 116,000 | 43,918 | ||||||||
TOTAL CHINA | 138,963 | |||||||||
HONG KONG — (21.0%) | ||||||||||
* | Aceso Life Science Group Ltd. | 18,044,400 | 467,944 | |||||||
Aeon Credit Service Asia Co. Ltd. | 986,000 | 635,668 | ||||||||
Allied Group Ltd. | 12,302,000 | 4,523,242 | ||||||||
Analogue Holdings Ltd. | 532,000 | 121,781 | ||||||||
APAC Resources Ltd. | 3,766,513 | 628,575 | ||||||||
# * | Apollo Future Mobility Group Ltd. | 8,436,000 | 583,791 | |||||||
* | Applied Development Holdings Ltd. | 13,430,000 | 174,946 | |||||||
* | Arts Optical International Holdings Ltd. | 322,000 | 28,650 | |||||||
Asia Financial Holdings Ltd. | 2,118,908 | 946,128 | ||||||||
Asia Standard Hotel Group Ltd. | 3,601,654 | 92,941 | ||||||||
Asia Standard International Group Ltd. | 12,088,917 | 1,423,635 | ||||||||
* | Asiasec Properties Ltd. | 1,913,000 | 400,443 | |||||||
ASM Pacific Technology Ltd. | 1,406,800 | 15,222,149 | ||||||||
Associated International Hotels Ltd. | 952,000 | 1,584,926 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
HONG KONG — (Continued) | ||||||||||
Automated Systems Holdings Ltd. | 340,400 | $ | 58,584 | |||||||
Bank of East Asia Ltd. | 2,803,600 | 4,604,266 | ||||||||
†† | Bel Global Resources Holdings Ltd. | 2,576,000 | 0 | |||||||
Best Mart 360 Holdings Ltd. | 984,000 | 231,167 | ||||||||
* | Blue River Holdings Ltd. | 4,005,194 | 126,634 | |||||||
Ω | BOC Aviation Ltd. | 563,000 | 4,926,685 | |||||||
BOCOM International Holdings Co. Ltd. | 1,889,000 | 423,369 | ||||||||
# | BOE Varitronix Ltd. | 3,807,293 | 4,271,261 | |||||||
†† | Brightoil Petroleum Holdings Ltd. | 9,034,000 | 326,620 | |||||||
Build King Holdings Ltd. | 630,000 | 80,165 | ||||||||
Cafe de Coral Holdings Ltd. | 3,056,000 | 5,576,532 | ||||||||
# * | Cathay Pacific Airways Ltd. | 3,131,000 | 2,888,524 | |||||||
* | Century City International Holdings Ltd. | 7,111,460 | 398,445 | |||||||
# | CGN Mining Co. Ltd. | 5,570,000 | 728,977 | |||||||
Chen Hsong Holdings | 1,296,000 | 390,576 | ||||||||
Cheuk Nang Holdings Ltd. | 771,714 | 256,469 | ||||||||
Chevalier International Holdings Ltd. | 820,989 | 1,026,869 | ||||||||
* | China Baoli Technologies Holdings Ltd. | 114,750 | 5,598 | |||||||
# * | China Best Group Holding Ltd. | 1,274,998 | 66,521 | |||||||
* | China Display Optoelectronics Technology Holdings Ltd. | 6,152,000 | 473,392 | |||||||
* | China Energy Development Holdings Ltd. | 55,346,000 | 1,209,424 | |||||||
China Motor Bus Co. Ltd. | 75,200 | 1,015,188 | ||||||||
* †† | China Solar Energy Holdings Ltd. | 1,669,500 | 7,242 | |||||||
# * | China Star Entertainment Ltd. | 11,170,000 | 1,521,720 | |||||||
* | China Strategic Holdings Ltd. | 80,821,250 | 509,141 | |||||||
China Tonghai International Financial Ltd. | 1,300,000 | 33,457 | ||||||||
Chinese Estates Holdings Ltd. | 2,943,500 | 1,418,916 | ||||||||
Chinney Investments Ltd. | 1,180,000 | 249,705 | ||||||||
Chow Sang Sang Holdings International Ltd. | 2,417,000 | 3,433,775 | ||||||||
Chuang’s China Investments Ltd. | 8,811,407 | 434,062 | ||||||||
Chuang’s Consortium International Ltd. | 7,519,043 | 840,790 | ||||||||
CITIC Telecom International Holdings Ltd. | 13,126,125 | 4,650,291 | ||||||||
# | CK Life Sciences Int’l Holdings, Inc. | 18,634,000 | 1,743,650 | |||||||
# | CMBC Capital Holdings Ltd. | 17,640,000 | 214,877 | |||||||
C-Mer Eye Care Holdings Ltd. | 1,724,000 | 1,679,295 | ||||||||
CNQC International Holdings Ltd. | 10,000 | 884 | ||||||||
CNT Group Ltd. | 7,979,264 | 405,342 | ||||||||
# | Convenience Retail Asia Ltd. | 1,026,000 | 101,421 | |||||||
# * | Cowell e Holdings, Inc. | 407,000 | 316,487 | |||||||
Ω | Crystal International Group Ltd. | 210,500 | 67,071 | |||||||
CSI Properties Ltd. | 47,866,383 | 1,360,019 | ||||||||
Dah Sing Banking Group Ltd. | 3,764,716 | 3,601,876 | ||||||||
Dah Sing Financial Holdings Ltd. | 1,436,144 | 4,451,703 | ||||||||
Dickson Concepts International Ltd. | 1,591,000 | 821,463 | ||||||||
* | Digital Domain Holdings Ltd. | 231,000 | 19,352 | |||||||
* | Dingyi Group Investment Ltd. | 300,000 | 3,733 | |||||||
Dynamic Holdings Ltd. | 160,000 | 242,435 | ||||||||
Eagle Nice International Holdings Ltd. | 2,166,000 | 1,280,878 | ||||||||
# | EC Healthcare | 1,377,097 | 1,980,767 | |||||||
EcoGreen International Group Ltd. | 1,994,640 | 433,994 | ||||||||
* | Emperor Capital Group Ltd. | 30,219,000 | 445,997 | |||||||
Emperor Entertainment Hotel Ltd. | 4,840,000 | 576,672 | ||||||||
Emperor International Holdings Ltd. | 10,584,753 | 1,473,093 | ||||||||
Emperor Watch & Jewellery Ltd. | 25,160,000 | 580,809 | ||||||||
* | Energy International Investments Holdings Ltd. | 1,960,000 | 17,886 | |||||||
* | ENM Holdings Ltd. | 14,752,000 | 1,154,691 | |||||||
* | Esprit Holdings Ltd. | 10,942,825 | 937,931 | |||||||
* | Eternity Investment Ltd. | 820,000 | 23,160 | |||||||
EuroEyes International Eye Clinic Ltd. | 210,000 | 267,502 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
HONG KONG — (Continued) | ||||||||||
# | Fairwood Holdings Ltd. | 805,600 | $ | 1,709,749 | ||||||
Far East Consortium International Ltd. | 12,207,827 | 4,025,734 | ||||||||
First Pacific Co. Ltd. | 15,728,000 | 6,282,684 | ||||||||
* | First Shanghai Investments Ltd. | 5,568,000 | 181,907 | |||||||
# * Ω | FIT Hon Teng Ltd. | 1,652,000 | 331,251 | |||||||
# * Ω | Fosun Tourism Group | 176,600 | 219,969 | |||||||
Fountain SET Holdings Ltd. | 6,120,000 | 1,097,290 | ||||||||
Four Seas Mercantile Holdings Ltd. | 610,000 | 226,553 | ||||||||
* | Freeman Fintech Corp. Ltd. | 13,680,000 | 29,714 | |||||||
# | FSE Lifestyle Services Ltd. | 599,000 | 512,111 | |||||||
# * | GBA Holdings Ltd. | 18,640,000 | 23,957 | |||||||
GDH Guangnan Holdings Ltd. | 2,083,600 | 181,911 | ||||||||
* | Genting Hong Kong Ltd. | 5,824,000 | 513,907 | |||||||
Get Nice Financial Group Ltd. | 2,438,600 | 239,143 | ||||||||
Giordano International Ltd. | 8,346,000 | 1,628,418 | ||||||||
Glorious Sun Enterprises Ltd. | 3,932,000 | 414,282 | ||||||||
Gold Financial Holdings Ltd. | 9,580,000 | 0 | ||||||||
* | Gold Peak Industries Holdings Ltd. | 3,029,642 | 250,545 | |||||||
Golden Resources Development International Ltd. | 4,082,500 | 293,541 | ||||||||
* †† | Good Resources Holdings Ltd. | 6,860,000 | 14,019 | |||||||
* | Goodbaby International Holdings Ltd. | 5,972,000 | 867,066 | |||||||
* | GR Properties Ltd. | 1,726,000 | 221,530 | |||||||
Great Eagle Holdings Ltd. | 1,089,446 | 2,997,493 | ||||||||
* | Greentech Technology International Ltd. | 11,720,000 | 143,657 | |||||||
* | G-Resources Group Ltd. | 2,817,810 | 1,067,197 | |||||||
Guoco Group Ltd. | 2,000 | 23,371 | ||||||||
Guotai Junan International Holdings Ltd. | 30,684,797 | 4,451,471 | ||||||||
Haitong International Securities Group Ltd. | 20,434,400 | 4,697,146 | ||||||||
Hang Lung Group Ltd. | 2,670,000 | 6,251,940 | ||||||||
Hanison Construction Holdings Ltd. | 2,713,649 | 465,876 | ||||||||
* | Hans Energy Co. Ltd. | 2,208,000 | 109,774 | |||||||
# | Harbour Centre Development Ltd. | 935,500 | 838,633 | |||||||
* | HK Asia Holdings Ltd. | 226,000 | 121,992 | |||||||
HKBN Ltd. | 3,809,500 | 4,564,248 | ||||||||
HKR International Ltd. | 7,078,969 | 2,824,590 | ||||||||
Hon Kwok Land Investment Co. Ltd. | 388,800 | 154,965 | ||||||||
* | Hong Kong ChaoShang Group Ltd. | 1,440,000 | 165,139 | |||||||
Hong Kong Ferry Holdings Co. Ltd. | 1,007,300 | 713,720 | ||||||||
Hong Kong Technology Venture Co. Ltd. | 1,973,000 | 2,969,489 | ||||||||
* | Hongkong & Shanghai Hotels Ltd. | 3,625,989 | 3,298,049 | |||||||
Hongkong Chinese Ltd. | 5,038,000 | 389,576 | ||||||||
Ω | Honma Golf Ltd. | 1,060,000 | 473,343 | |||||||
†† | Hsin Chong Group Holdings Ltd. | 10,243,403 | 86,366 | |||||||
* | Huafa Property Services Group Co. Ltd. | 6,380,000 | 148,309 | |||||||
Huasheng International Holding Ltd. | 11,350,000 | 1,846,952 | ||||||||
Hung Hing Printing Group Ltd. | 2,940,000 | 480,639 | ||||||||
# * | Huobi Technology Holdings Ltd. | 296,000 | 377,321 | |||||||
Hutchison Telecommunications Hong Kong Holdings Ltd. | 12,112,000 | 1,933,943 | ||||||||
Ω | Hygeia Healthcare Holdings Co. Ltd. | 235,000 | 2,063,005 | |||||||
* | Hypebeast Ltd. | 2,635,000 | 388,008 | |||||||
Hysan Development Co. Ltd. | 2,302,000 | 7,991,549 | ||||||||
# * | I-CABLE Communications Ltd. | 4,080,000 | 35,658 | |||||||
IGG, Inc. | 8,547,000 | 7,946,770 | ||||||||
* | Imagi International Holdings Ltd. | 2,516,984 | 232,263 | |||||||
Ω | Impro Precision Industries Ltd. | 340,000 | 104,127 | |||||||
International Housewares Retail Co. Ltd. | 2,042,000 | 708,850 | ||||||||
* | IPE Group Ltd. | 3,345,000 | 407,386 | |||||||
* | IRC Ltd. | 35,846,266 | 1,144,279 | |||||||
* | ITC Properties Group Ltd. | 5,873,292 | 783,924 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
HONG KONG — (Continued) | ||||||||||
Jacobson Pharma Corp. Ltd. | 3,616,000 | $ | 270,991 | |||||||
Johnson Electric Holdings Ltd. | 2,868,054 | 6,348,320 | ||||||||
K Wah International Holdings Ltd. | 1,588,000 | 635,222 | ||||||||
* | Kader Holdings Co. Ltd. | 378,000 | 21,162 | |||||||
* | Kam Hing International Holdings Ltd. | 144,000 | 7,507 | |||||||
Karrie International Holdings Ltd. | 2,932,000 | 595,166 | ||||||||
# * | Keck Seng Investments Hong Kong Ltd. | 912,600 | 426,977 | |||||||
# | Kerry Logistics Network Ltd. | 4,063,500 | 9,853,152 | |||||||
Kerry Properties Ltd. | 2,021,000 | 5,712,759 | ||||||||
Kingmaker Footwear Holdings Ltd. | 1,878,955 | 210,166 | ||||||||
# | Kowloon Development Co. Ltd. | 3,057,000 | 3,619,142 | |||||||
* | KuangChi Science Ltd. | 3,714,000 | 109,654 | |||||||
* | Kwoon Chung Bus Holdings Ltd. | 44,000 | 12,303 | |||||||
* | Lai Sun Development Co. Ltd. | 2,615,694 | 1,372,977 | |||||||
* | Lai Sun Garment International Ltd. | 998,295 | 507,466 | |||||||
Lam Soon Hong Kong Ltd. | 325,310 | 649,896 | ||||||||
* | Landing International Development Ltd. | 6,932,800 | 213,543 | |||||||
Landsea Green Properties Co. Ltd. | 3,016,000 | 189,960 | ||||||||
* | Langham Hospitality Investments & Langham Hospitality Investments Ltd. | 4,040,750 | 447,257 | |||||||
* | Lifestyle International Holdings Ltd. | 3,577,000 | 1,871,916 | |||||||
Lippo China Resources Ltd. | 17,982,000 | 293,344 | ||||||||
Lippo Ltd. | 1,161,700 | 408,457 | ||||||||
Liu Chong Hing Investment Ltd. | 1,531,200 | 1,574,343 | ||||||||
L’Occitane International SA | 2,278,500 | 8,149,516 | ||||||||
Luk Fook Holdings International Ltd. | 3,577,000 | 9,748,695 | ||||||||
Lung Kee Bermuda Holdings | 1,491,875 | 697,604 | ||||||||
* | Magnificent Hotel Investment Ltd. | 13,170,000 | 195,547 | |||||||
Man Wah Holdings Ltd. | 839,600 | 1,299,400 | ||||||||
* | Mason Group Holdings Ltd. | 111,713,399 | 345,155 | |||||||
Master Glory Group Ltd. | 972,981 | 6,103 | ||||||||
Matrix Holdings Ltd. | 1,067,414 | 357,386 | ||||||||
# | MECOM Power & Construction Ltd. | 5,288,000 | 2,445,919 | |||||||
* | Meilleure Health International Industry Group Ltd. | 2,262,000 | 130,171 | |||||||
Melbourne Enterprises Ltd. | 39,500 | 741,574 | ||||||||
* | Melco International Development Ltd. | 2,503,000 | 3,250,914 | |||||||
* | Midland Holdings Ltd. | 2,901,987 | 419,917 | |||||||
Ming Fai International Holdings Ltd. | 1,728,000 | 110,222 | ||||||||
# | Miramar Hotel & Investment | 1,144,000 | 1,920,396 | |||||||
Modern Dental Group Ltd. | 2,354,000 | 1,996,669 | ||||||||
* | Mongolian Mining Corp. | 390,000 | 105,374 | |||||||
NagaCorp Ltd. | 3,872,000 | 3,553,859 | ||||||||
# | Nameson Holdings Ltd. | 7,744,000 | 534,562 | |||||||
Nanyang Holdings Ltd. | 133,500 | 672,210 | ||||||||
National Electronics Hldgs | 2,668,600 | 367,946 | ||||||||
* †† | National United Resources Holdings Ltd. | 18,280,000 | 62,496 | |||||||
* | Neo-Neon Holdings Ltd. | 2,315,500 | 142,571 | |||||||
# * | NewOcean Energy Holdings Ltd. | 7,246,000 | 247,374 | |||||||
# | Nissin Foods Co. Ltd. | 1,191,000 | 886,477 | |||||||
# | NWS Holdings Ltd. | 6,214,000 | 6,170,724 | |||||||
Oriental Watch Holdings | 2,809,611 | 1,493,815 | ||||||||
* | Oshidori International Holdings Ltd. | 20,024,400 | 1,434,749 | |||||||
†† | Pacific Andes International Holdings Ltd. | 19,435,067 | 68,443 | |||||||
Pacific Basin Shipping Ltd. | 32,170,000 | 14,846,663 | ||||||||
* | Pacific Century Premium Developments Ltd. | 457,240 | 37,544 | |||||||
Pacific Textiles Holdings Ltd. | 7,715,000 | 3,852,957 | ||||||||
Pak Fah Yeow International Ltd. | 5,000 | 1,077 | ||||||||
* | Paliburg Holdings Ltd. | 3,180,830 | 828,173 | |||||||
# * | Paradise Entertainment Ltd. | 3,672,000 | 415,444 | |||||||
PC Partner Group Ltd. | 1,752,000 | 2,218,334 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
HONG KONG — (Continued) | ||||||||||
PCCW Ltd. | 13,174,545 | $ | 6,782,641 | |||||||
# †† | Peace Mark Holdings Ltd. | 2,479,870 | 0 | |||||||
* | Pegasus International Holdings Ltd. | 36,000 | 3,681 | |||||||
Pentamaster International Ltd. | 1,550,000 | 222,866 | ||||||||
# | Perfect Medical Health Management Ltd. | 3,063,000 | 2,322,802 | |||||||
Pico Far East Holdings Ltd. | 5,142,000 | 851,297 | ||||||||
Playmates Holdings Ltd. | 7,082,000 | 739,155 | ||||||||
Plover Bay Technologies Ltd. | 2,160,000 | 784,361 | ||||||||
Pokfulam Development Co. Ltd. | 62,000 | 91,677 | ||||||||
* | PT International Development Co. Ltd. | 8,347,150 | 364,951 | |||||||
Public Financial Holdings Ltd. | 2,848,000 | 896,309 | ||||||||
†† | PYXIS Group Ltd. | 1,936,000 | 0 | |||||||
* Ω | Razer, Inc. | 11,925,000 | 2,864,385 | |||||||
* | Regal Hotels International Holdings Ltd. | 2,953,800 | 1,207,647 | |||||||
Ω | Regina Miracle International Holdings Ltd. | 1,983,000 | 942,234 | |||||||
* | Renco Holdings Group Ltd. | 103,000 | 1,621 | |||||||
# * | Sa Sa International Holdings Ltd. | 5,060,960 | 1,105,812 | |||||||
Safety Godown Co. Ltd. | 1,200,000 | 540,552 | ||||||||
* Ω | Samsonite International SA | 2,004,900 | 4,312,560 | |||||||
SAS Dragon Holdings Ltd. | 2,182,000 | 1,284,082 | ||||||||
SEA Holdings Ltd. | 1,657,523 | 1,189,590 | ||||||||
* | Shangri-La Asia Ltd. | 3,320,000 | 2,700,617 | |||||||
# | Shenwan Hongyuan HK Ltd. | 3,511,250 | 442,088 | |||||||
* | Shun Ho Property Investments Ltd. | 1,254,757 | 201,695 | |||||||
* | Shun Tak Holdings Ltd. | 11,609,419 | 3,173,677 | |||||||
* | Sincere Watch Hong Kong Ltd. | 1,400,000 | 9,066 | |||||||
Sing Tao News Corp. Ltd. | 1,974,000 | 162,745 | ||||||||
# | Singamas Container Holdings Ltd. | 8,118,000 | 955,964 | |||||||
# * | SJM Holdings Ltd. | 5,597,000 | 4,162,598 | |||||||
SmarTone Telecommunications Holdings Ltd. | 2,003,481 | 1,168,509 | ||||||||
Solomon Systech International Ltd. | 10,960,000 | 1,065,676 | ||||||||
Soundwill Holdings Ltd. | 600,500 | 598,850 | ||||||||
* | South China Holdings Co. Ltd. | 17,774,502 | 201,540 | |||||||
Stella International Holdings Ltd. | 2,697,500 | 3,222,825 | ||||||||
# * | Summit Ascent Holdings Ltd. | 7,364,000 | 468,945 | |||||||
Sun Hung Kai & Co. Ltd. | 5,183,429 | 2,692,847 | ||||||||
SUNeVision Holdings Ltd. | 2,552,000 | 2,343,097 | ||||||||
TAI Cheung Holdings Ltd. | 2,329,000 | 1,460,587 | ||||||||
Tai Sang Land Development Ltd. | 798,910 | 420,484 | ||||||||
# | Tan Chong International Ltd. | 1,176,000 | 305,595 | |||||||
# | Tao Heung Holdings Ltd. | 1,396,000 | 157,605 | |||||||
* | Television Broadcasts Ltd. | 1,972,400 | 1,533,764 | |||||||
* | Termbray Industries International Holdings Ltd. | 1,310,900 | 41,150 | |||||||
Texhong Textile Group Ltd. | 126,500 | 188,756 | ||||||||
Texwinca Holdings Ltd. | 4,008,000 | 820,770 | ||||||||
# * | Theme International Holdings Ltd. | 11,240,000 | 1,373,391 | |||||||
Tian Teck Land Ltd. | 1,024,000 | 670,348 | ||||||||
* | Town Health International Medical Group Ltd. | 3,656,115 | 258,920 | |||||||
Tradelink Electronic Commerce Ltd. | 6,126,000 | 880,941 | ||||||||
Transport International Holdings Ltd. | 1,576,602 | 2,667,619 | ||||||||
* | Trendzon Holdings Group Ltd. | 3,336,000 | 415,906 | |||||||
United Laboratories International Holdings Ltd. | 6,644,000 | 4,220,394 | ||||||||
* | Universal Technologies Holdings Ltd. | 1,730,000 | 44,715 | |||||||
†† | Untrade Convoy | 32,922,000 | 132,441 | |||||||
†† | Untrade CW Group Holdings | 1,361,500 | 7,577 | |||||||
†† | Untrade Mh Development NPV | 3,238,000 | 90,517 | |||||||
†† | Untrade.Burwill | 37,300,960 | 63,762 | |||||||
* †† | Up Energy Development Group Ltd. | 3,929,000 | 12,221 | |||||||
* | Value Convergence Holdings Ltd. | 2,428,000 | 128,755 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
HONG KONG — (Continued) | ||||||||||
# | Value Partners Group Ltd. | 5,740,000 | $ | 2,938,390 | ||||||
Vanke Overseas Investment Holding Co. Ltd. | 16,000 | 4,981 | ||||||||
Vedan International Holdings Ltd. | 3,576,000 | 362,848 | ||||||||
# | Vitasoy International Holdings Ltd. | 2,731,000 | 6,582,983 | |||||||
* | Vobile Group Ltd. | 3,598,000 | 3,165,704 | |||||||
# Ω | VPower Group International Holdings Ltd. | 4,895,397 | 956,760 | |||||||
VSTECS Holdings Ltd. | 6,261,600 | 5,909,042 | ||||||||
VTech Holdings Ltd. | 1,345,100 | 10,357,891 | ||||||||
Wai Kee Holdings Ltd. | 6,658,738 | 3,199,986 | ||||||||
Wang On Group Ltd. | 41,740,000 | 391,333 | ||||||||
* | Wealthking Investments Ltd. | 7,296,000 | 680,292 | |||||||
Wing On Co. International Ltd. | 759,000 | 1,744,764 | ||||||||
# | Wing Tai Properties Ltd. | 2,187,331 | 1,181,787 | |||||||
YGM Trading Ltd. | 44,000 | 10,299 | ||||||||
* | YT Realty Group Ltd. | 1,968,124 | 441,126 | |||||||
YTO Express Holdings Ltd. | 716,000 | 307,652 | ||||||||
* | Yue Yuen Industrial Holdings Ltd. | 2,428,000 | 5,153,942 | |||||||
# * | Yunfeng Financial Group Ltd. | 612,000 | 163,223 | |||||||
# | Zensun Enterprises Ltd. | 816,000 | 463,737 | |||||||
* | Zhaobangji Properties Holdings Ltd. | 856,000 | 53,360 | |||||||
TOTAL HONG KONG | 391,041,411 | |||||||||
NEW ZEALAND — (6.5%) | ||||||||||
* | AFT Pharmaceuticals Ltd. | 22,057 | 64,761 | |||||||
* | Air New Zealand Ltd. | 421,967 | 505,363 | |||||||
Arvida Group Ltd. | 944,332 | 1,350,442 | ||||||||
Briscoe Group Ltd. | 29,096 | 144,349 | ||||||||
Chorus Ltd. | 2,826,320 | 12,906,707 | ||||||||
Colonial Motor Co. Ltd. | 144,588 | 1,096,749 | ||||||||
# | Comvita Ltd. | 50,282 | 133,917 | |||||||
Delegat Group Ltd. | 6,400 | 67,000 | ||||||||
# * | Eroad Ltd. | 24,092 | 91,587 | |||||||
# | Freightways Ltd. | 976,177 | 9,063,774 | |||||||
Genesis Energy Ltd. | 939,415 | 2,194,961 | ||||||||
# * | Gentrack Group Ltd. | 71,302 | 98,623 | |||||||
Hallenstein Glasson Holdings Ltd. | 319,156 | 1,602,096 | ||||||||
Heartland Group Holdings Ltd. | 2,110,558 | 3,552,308 | ||||||||
Infratil Ltd. | 3,435,660 | 20,385,406 | ||||||||
# | Investore Property Ltd. | 567,273 | 765,388 | |||||||
Kathmandu Holdings Ltd. | 2,509,713 | 2,858,706 | ||||||||
Mainfreight Ltd. | 156,515 | 10,085,924 | ||||||||
* | Millennium & Copthorne Hotels New Zealand Ltd. | 366,312 | 610,655 | |||||||
Napier Port Holdings Ltd. | 46,155 | 101,233 | ||||||||
# * | NEW Zealand King Salmon Investments Ltd. | 63,420 | 65,028 | |||||||
# * | New Zealand Refining Co. Ltd. | 931,091 | 565,900 | |||||||
NZME Ltd. | 945,851 | 792,045 | ||||||||
# | NZX Ltd. | 1,462,869 | 1,815,794 | |||||||
Oceania Healthcare Ltd. | 1,212,994 | 1,215,710 | ||||||||
# * | Pacific Edge Ltd. | 1,268,695 | 1,337,128 | |||||||
PGG Wrightson Ltd. | 120,785 | 390,175 | ||||||||
* | Plexure Group Ltd. | 27,580 | 11,052 | |||||||
# * | Pushpay Holdings Ltd. | 2,728,665 | 3,720,801 | |||||||
* | Rakon Ltd. | 121,779 | 133,627 | |||||||
* | Restaurant Brands New Zealand Ltd. | 165,154 | 1,843,578 | |||||||
†† | Richina Pacific Ltd. | 274,180 | 0 | |||||||
# * | Sanford Ltd. | 373,306 | 1,351,964 | |||||||
# | Scales Corp. Ltd. | 436,710 | 1,677,458 | |||||||
Scott Technology Ltd. | 47,901 | 113,934 | ||||||||
* | Serko Ltd. | 112,431 | 630,094 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
NEW ZEALAND — (Continued) | ||||||||||
Skellerup Holdings Ltd. | 788,235 | $ | 3,519,333 | |||||||
* | SKY Network Television Ltd. | 313,454 | 426,139 | |||||||
SKYCITY Entertainment Group Ltd. | 4,937,567 | 11,322,406 | ||||||||
Steel & Tube Holdings Ltd. | 575,667 | �� | 491,534 | |||||||
Summerset Group Holdings Ltd. | 985,298 | 10,250,669 | ||||||||
# * | Synlait Milk Ltd. | 449,820 | 1,160,836 | |||||||
# * | Tourism Holdings Ltd. | 705,776 | 1,389,954 | |||||||
TOWER Ltd. | 2,257,219 | 1,027,282 | ||||||||
# | Trustpower Ltd. | 237,979 | 1,267,444 | |||||||
Turners Automotive Group Ltd. | 109,772 | 342,868 | ||||||||
# * | Vista Group International Ltd. | 465,639 | 844,580 | |||||||
Warehouse Group Ltd. | 360,516 | 1,041,649 | ||||||||
Z Energy Ltd. | 1,685,119 | 4,349,071 | ||||||||
TOTAL NEW ZEALAND | 120,778,002 | |||||||||
SINGAPORE — (10.5%) | ||||||||||
* †† | Abterra Ltd. | 230,320 | 1,247 | |||||||
Accordia Golf Trust | 5,267,200 | 0 | ||||||||
AEM Holdings Ltd. | 798,900 | 2,488,093 | ||||||||
# * | Amara Holdings Ltd. | 974,800 | 271,884 | |||||||
Ascendas India Trust | 5,500,000 | 5,682,306 | ||||||||
# | Avarga Ltd. | 2,626,500 | 573,752 | |||||||
# * | Banyan Tree Holdings Ltd. | 783,400 | 197,733 | |||||||
# * †† | Best World International Ltd. | 2,911,550 | 545,821 | |||||||
# | Bonvests Holdings Ltd. | 950,000 | 662,645 | |||||||
Boustead Singapore Ltd. | 2,200,482 | 1,666,105 | ||||||||
# | Bukit Sembawang Estates Ltd. | 1,207,603 | 4,687,060 | |||||||
Bund Center Investment Ltd. | 659,825 | 251,226 | ||||||||
# * | Centurion Corp. Ltd. | 1,405,100 | 344,044 | |||||||
# | China Aviation Oil Singapore Corp. Ltd. | 2,623,199 | 1,947,194 | |||||||
China Sunsine Chemical Holdings Ltd. | 3,754,300 | 1,419,217 | ||||||||
# | Chip Eng Seng Corp. Ltd. | 3,787,600 | 1,205,226 | |||||||
# | Chuan Hup Holdings Ltd. | 3,937,600 | 744,973 | |||||||
Civmec Ltd. | 162,700 | 85,560 | ||||||||
ComfortDelGro Corp. Ltd. | 7,004,400 | 8,118,014 | ||||||||
# * | COSCO Shipping International Singapore Co. Ltd. | 6,883,000 | 1,404,224 | |||||||
# * | Creative Technology Ltd. | 321,100 | 505,736 | |||||||
# | CSE Global Ltd. | 2,544,600 | 971,722 | |||||||
# | Dasin Retail Trust | 296,700 | 101,200 | |||||||
# | Del Monte Pacific Ltd. | 2,230,164 | 643,430 | |||||||
# | Delfi Ltd. | 979,700 | 558,874 | |||||||
†† | DMX Technologies Group Ltd. | 2,096,000 | 0 | |||||||
# * †† | Ezion Holdings Ltd. | 9,845,878 | 59,141 | |||||||
# * †† | Ezra Holdings Ltd. | 8,161,986 | 12,468 | |||||||
# | Far East Orchard Ltd. | 1,230,903 | 1,015,410 | |||||||
# | First Resources Ltd. | 5,495,400 | 7,249,425 | |||||||
# | First Sponsor Group Ltd. | 484,728 | 484,951 | |||||||
# | Food Empire Holdings Ltd. | 1,450,100 | 882,021 | |||||||
Fraser & Neave Ltd. | 301,200 | 323,893 | ||||||||
Frencken Group Ltd. | 1,854,400 | 3,147,646 | ||||||||
# | Fu Yu Corp. Ltd. | 3,744,900 | 804,963 | |||||||
* | Gallant Venture Ltd. | 5,386,600 | 515,048 | |||||||
# | Geo Energy Resources Ltd. | 3,758,000 | 950,569 | |||||||
# | GK Goh Holdings Ltd. | 1,462,565 | 1,225,122 | |||||||
# | Golden Agri-Resources Ltd. | 37,540,100 | 7,362,536 | |||||||
* | Golden Energy & Resources Ltd. | 763,800 | 201,161 | |||||||
* | GP Industries Ltd. | 447,609 | 195,830 | |||||||
# | GuocoLand Ltd. | 1,910,914 | 2,410,022 | |||||||
# * | Halcyon Agri Corp. Ltd. | 1,635,533 | 321,260 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
SINGAPORE — (Continued) | ||||||||||
Hanwell Holdings Ltd. | 1,562,419 | $ | 475,263 | |||||||
Haw Par Corp. Ltd. | 385,000 | 3,597,935 | ||||||||
# | Hiap Hoe Ltd. | 498,000 | 243,610 | |||||||
Ho Bee Land Ltd. | 1,633,500 | 3,412,989 | ||||||||
# | Hong Fok Corp. Ltd. | 3,457,994 | 2,023,620 | |||||||
†† | Hong Fok Land Ltd. | 1,210,000 | 0 | |||||||
# | Hong Leong Asia Ltd. | 1,850,900 | 1,156,422 | |||||||
# | Hong Leong Finance Ltd. | 1,002,000 | 1,790,242 | |||||||
Hotel Grand Central Ltd. | 1,632,854 | 1,272,691 | ||||||||
# | Hour Glass Ltd. | 1,806,732 | 2,620,806 | |||||||
HRnetgroup Ltd. | 130,100 | 78,729 | ||||||||
Hutchison Port Holdings Trust | 24,983,000 | 5,381,588 | ||||||||
Hwa Hong Corp. Ltd. | 2,123,500 | 537,125 | ||||||||
# * †† | Hyflux Ltd. | 3,707,700 | 228,208 | |||||||
# | iFAST Corp. Ltd. | 854,900 | 5,498,498 | |||||||
* | Indofood Agri Resources Ltd. | 3,097,300 | 758,406 | |||||||
# | InnoTek Ltd. | 336,600 | 191,884 | |||||||
# | ISDN Holdings Ltd. | 378,544 | 174,025 | |||||||
# | Japfa Ltd. | 3,020,210 | 1,539,373 | |||||||
# †† | Jurong Technologies Industrial Corp. Ltd. | 2,227,680 | 0 | |||||||
# †† | k1 Ventures Ltd. | 1,005,220 | 0 | |||||||
Keppel Infrastructure Trust | 19,128,646 | 7,523,026 | ||||||||
Koufu Group Ltd. | 193,700 | 94,067 | ||||||||
KSH Holdings Ltd. | 1,278,300 | 341,239 | ||||||||
# | Low Keng Huat Singapore Ltd. | 949,800 | 337,956 | |||||||
Lum Chang Holdings Ltd. | 1 | 0 | ||||||||
* | Mandarin Oriental International Ltd. | 1,481,300 | 3,442,162 | |||||||
# | Metro Holdings Ltd. | 3,045,192 | 1,728,070 | |||||||
Mewah International, Inc. | 89,000 | 26,148 | ||||||||
# | Micro-Mechanics Holdings Ltd. | 98,700 | 242,223 | |||||||
# * †† | Midas Holdings Ltd. | 8,576,553 | 228,963 | |||||||
# * | mm2 Asia Ltd. | 7,042,000 | 309,091 | |||||||
NetLink NBN Trust | 2,903,200 | 2,195,058 | ||||||||
# | NSL Ltd. | 409,900 | 246,722 | |||||||
# * | Oceanus Group Ltd. | 8,888,300 | 264,276 | |||||||
# | OUE Ltd. | 2,165,100 | 2,217,865 | |||||||
# | Oxley Holdings Ltd. | 7,895,363 | 1,171,154 | |||||||
Pacific Century Regional Developments Ltd. | 179,000 | 49,793 | ||||||||
Pan-United Corp. Ltd. | 2,435,750 | 550,931 | ||||||||
# | Propnex Ltd. | 326,000 | 462,093 | |||||||
# | Q&M Dental Group Singapore Ltd. | 1,886,160 | 791,506 | |||||||
# | QAF Ltd. | 1,625,480 | 1,056,570 | |||||||
* | Raffles Education Corp. Ltd. | 3,525,323 | 202,469 | |||||||
Raffles Medical Group Ltd. | 7,677,232 | 7,808,858 | ||||||||
# | Riverstone Holdings Ltd. | 2,738,600 | 1,748,740 | |||||||
* | Roxy-Pacific Holdings Ltd. | 505,740 | 176,851 | |||||||
# | SBS Transit Ltd. | 839,000 | 1,874,300 | |||||||
Sembcorp Industries Ltd. | 6,027,400 | 8,995,759 | ||||||||
# * | Sembcorp Marine Ltd. | 102,331,679 | 5,998,526 | |||||||
Sheng Siong Group Ltd. | 4,752,300 | 5,011,321 | ||||||||
* | SHS Holdings Ltd. | 2,175,300 | 249,980 | |||||||
# * | SIA Engineering Co. Ltd. | 1,802,600 | 2,902,951 | |||||||
# | SIIC Environment Holdings Ltd. | 5,890,920 | 986,743 | |||||||
# | Sinarmas Land Ltd. | 7,118,700 | 1,429,996 | |||||||
Sing Holdings Ltd. | 1,579,500 | 444,580 | ||||||||
Sing Investments & Finance Ltd. | 350,675 | 383,926 | ||||||||
Singapore Land Group Ltd. | 101,169 | 202,771 | ||||||||
Singapore Post Ltd. | 11,581,800 | 5,630,069 | ||||||||
Singapore Press Holdings Ltd. | 7,439,300 | 10,978,277 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value» | |||||||||
SINGAPORE — (Continued) | ||||||||||
Singapore Shipping Corp. Ltd. | 1,640,700 | $ | 335,346 | |||||||
# | Stamford Land Corp. Ltd. | 3,272,400 | 1,225,339 | |||||||
# | StarHub Ltd. | 5,788,500 | 5,325,579 | |||||||
Straco Corp. Ltd. | 130,000 | 48,498 | ||||||||
Straits Trading Co. Ltd. | 277,300 | 748,184 | ||||||||
# * †† | Swiber Holdings Ltd. | 2,895,250 | 43,799 | |||||||
* | Thomson Medical Group Ltd. | 178,300 | 11,246 | |||||||
Tiong Woon Corp. Holding Ltd. | 26,600 | 9,481 | ||||||||
# | Tuan Sing Holdings Ltd. | 4,871,775 | 1,776,903 | |||||||
# | UMS Holdings Ltd. | 3,016,468 | 2,965,469 | |||||||
United Overseas Insurance Ltd. | 181,850 | 938,986 | ||||||||
UOB-Kay Hian Holdings Ltd. | 2,435,762 | 2,855,423 | ||||||||
# | Valuetronics Holdings Ltd. | 2,911,150 | 1,252,749 | |||||||
# | Vicom Ltd. | 557,500 | 851,727 | |||||||
# | Wee Hur Holdings Ltd. | 2,891,900 | 420,903 | |||||||
Wing Tai Holdings Ltd. | 4,019,667 | 5,784,442 | ||||||||
# | Yeo Hiap Seng Ltd. | 228,759 | 146,075 | |||||||
TOTAL SINGAPORE | 196,265,345 | |||||||||
UNITED STATES — (0.1%) | ||||||||||
Clean Seas Seafood Ltd. | 16,006 | 7,525 | ||||||||
* Ω | Frontage Holdings Corp. | 2,032,000 | 1,182,156 | |||||||
TOTAL UNITED STATES | 1,189,681 | |||||||||
TOTAL COMMON STOCKS | 1,819,097,011 | |||||||||
PREFERRED STOCKS — (0.0%) | ||||||||||
AUSTRALIA — (0.0%) | ||||||||||
Catapult Group International Ltd. | 51,120 | 68,066 | ||||||||
RIGHTS/WARRANTS—(0.0%) | ||||||||||
AUSTRALIA — (0.0%) | ||||||||||
* | Decmil Group Ltd. Warrants 09/15/22 | 5,306 | 0 | |||||||
* | Orbital Corp. Ltd. Rights 11/05/2021 | 2,771 | 138 | |||||||
TOTAL AUSTRALIA | 138 | |||||||||
HONG KONG — (0.0%) | ||||||||||
* | APAC Resources Ltd. Warrants 10/06/22 | 753,303 | 7,842 | |||||||
NEW ZEALAND — (0.0%) | ||||||||||
* | Arvida Group Ltd. Rights 11/08/21 | 143,733 | 15,450 | |||||||
SINGAPORE — (0.0%) | ||||||||||
# * | Ezion Holdings Ltd. Warrants 04/16/23 | 5,659,201 | 0 | |||||||
* | First Sponsor Group Ltd. Warrants 03/21/29 | 74,981 | 16,264 | |||||||
TOTAL SINGAPORE | 16,264 | |||||||||
TOTAL RIGHTS/WARRANTS | 39,694 | |||||||||
TOTAL INVESTMENT SECURITIES (Cost $1,603,374,310) | 1,819,204,771 |
The Asia Pacific Small Company Series
CONTINUED
Shares | Value† | |||||||||
SECURITIES LENDING COLLATERAL — (2.2%) | ||||||||||
@ § | The DFA Short Term Investment Fund | 3,509,676 | $ | 40,606,949 | ||||||
TOTAL INVESTMENTS — (100.0%) (Cost $1,643,976,673) | $ | 1,859,811,720 | ||||||||
SA Special Assessment |
» | Securities that have been fair value factored. See Note B to Financial Statements. |
* | Non-Income Producing Securities. |
# | Total or Partial Securities on Loan. |
†† | Security valued using significant unobservable inputs (Level 3). |
Ω | Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Fund’s Liquidity Guidelines. The liquidity determination is unaudited. |
† | See Note B to Financial Statements. |
@ | Security purchased with cash collateral received from Securities on Loan. |
§ | Affiliated Fund. |
Summary of the Series’ investments as of October 31, 2021, based on their valuation inputs, is as follows (see Security Valuation Note):
Investments in Securities (Market Value) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $12,676 | $ | 1,109,648,166 | $ | 22,767 | $ | 1,109,683,609 | |||||||||
China | — | 138,963 | — | 138,963 | ||||||||||||
Hong Kong | — | 390,169,707 | 871,704 | 391,041,411 | ||||||||||||
New Zealand | — | 120,778,002 | — | 120,778,002 | ||||||||||||
Singapore | — | 195,145,698 | 1,119,647 | 196,265,345 | ||||||||||||
United States | — | 1,189,681 | — | 1,189,681 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Australia | — | 68,066 | — | 68,066 | ||||||||||||
Rights/Warrants | ||||||||||||||||
Australia | — | 138 | — | 138 | ||||||||||||
Hong Kong | — | 7,842 | — | 7,842 | ||||||||||||
New Zealand | — | 15,450 | — | 15,450 | ||||||||||||
Singapore | — | 16,264 | — | 16,264 | ||||||||||||
Securities Lending Collateral | — | 40,606,949 | — | 40,606,949 | ||||||||||||
TOTAL | $12,676 | $ | 1,857,784,926 | $ | 2,014,118^ | $ | 1,859,811,720 |
^ | A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets. |
The United Kingdom Small Company Series
SCHEDULE OF INVESTMENTS
October 31, 2021
Shares | Value» | |||||||||
COMMON STOCKS — (99.2%) | ||||||||||
COMMUNICATION SERVICES — (3.8%) | ||||||||||
4imprint Group PLC | 160,938 | $ | 6,296,877 | |||||||
Airtel Africa PLC | 830,930 | 1,245,743 | ||||||||
* | Ascential PLC | 1,145,626 | 6,326,013 | |||||||
Bloomsbury Publishing PLC | 295,950 | 1,461,893 | ||||||||
Centaur Media PLC | 254,249 | 191,351 | ||||||||
# * | Cineworld Group PLC | 3,048,461 | 2,552,856 | |||||||
Daily Mail & General Trust PLC, Class A | 1,003,074 | 14,237,131 | ||||||||
Euromoney Institutional Investor PLC | 713,021 | 10,198,518 | ||||||||
* | Frontier Developments PLC | 43,663 | 1,471,126 | |||||||
Future PLC | 149,013 | 7,188,883 | ||||||||
Gamma Communications PLC | 143,616 | 3,550,575 | ||||||||
* | Helios Towers PLC | 926,658 | 1,958,811 | |||||||
# * | Hyve Group PLC | 1,505,164 | 2,239,423 | |||||||
Next Fifteen Communications Group PLC | 59,689 | 1,005,901 | ||||||||
Reach PLC | 2,516,899 | 10,915,457 | ||||||||
STV Group PLC | 4,918 | 23,231 | ||||||||
* | Tremor International Ltd. | 116,315 | 1,082,701 | |||||||
* | Tremor International Ltd., ADR | 2,906 | 55,069 | |||||||
TOTAL COMMUNICATION SERVICES | 72,001,559 | |||||||||
CONSUMER DISCRETIONARY — (19.8%) | ||||||||||
888 Holdings PLC | 2,222,037 | 11,635,677 | ||||||||
* | AO World PLC | 272,456 | 546,311 | |||||||
* | ASOS PLC | 4,675 | 158,720 | |||||||
* | Aston Martin Lagonda Global Holdings PLC | 117,010 | 2,731,264 | |||||||
Bellway PLC | 417,887 | 18,961,147 | ||||||||
* | Boohoo Group PLC | 488,696 | 1,215,514 | |||||||
* | Card Factory PLC | 877,458 | 567,562 | |||||||
Coats Group PLC | 2,622,958 | 2,314,725 | ||||||||
* | Countryside Properties PLC | 2,922,469 | 18,812,341 | |||||||
Crest Nicholson Holdings PLC | 1,805,488 | 8,812,217 | ||||||||
Currys PLC | 5,059,710 | 8,413,051 | ||||||||
# * | DFS Furniture PLC | 1,210,341 | 4,518,163 | |||||||
# * | Dignity PLC | 211,780 | 2,052,178 | |||||||
Domino’s Pizza Group PLC | 3,262,553 | 17,283,266 | ||||||||
Dunelm Group PLC | 675,505 | 11,843,897 | ||||||||
* | Frasers Group PLC | 1,628,144 | 14,351,413 | |||||||
* | Fuller Smith & Turner PLC, Class A | 146,090 | 1,357,253 | |||||||
Games Workshop Group PLC | 157,764 | 20,837,762 | ||||||||
Greggs PLC | 636,335 | 26,596,851 | ||||||||
* | Gym Group PLC | 896,017 | 3,167,451 | |||||||
Halfords Group PLC | 1,283,527 | 4,677,396 | ||||||||
Headlam Group PLC | 491,873 | 3,059,781 | ||||||||
Henry Boot PLC | 533,746 | 2,048,515 | ||||||||
* | Hollywood Bowl Group PLC | 254,974 | 829,646 | |||||||
* | Hostelworld Group PLC | 163,985 | 161,654 | |||||||
Inchcape PLC | 2,550,326 | 28,784,465 | ||||||||
* | J D Wetherspoon PLC | 525,236 | 7,371,714 | |||||||
* | Joules Group PLC | 3,586 | 9,826 | |||||||
* | Lookers PLC | 1,331,856 | 1,163,687 | |||||||
* | Marks & Spencer Group PLC | 7,572,745 | 19,035,955 | |||||||
* | Marston’s PLC | 4,823,710 | 5,242,271 | |||||||
* | Mitchells & Butlers PLC | 2,125,468 | 7,371,854 | |||||||
MJ Gleeson PLC | 240,572 | 2,513,130 | ||||||||
Moneysupermarket.com Group PLC | 3,347,796 | 9,719,462 |
The United Kingdom Small Company Series
CONTINUED
Shares | Value» | |||||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||||
* | Motorpoint group PLC | 51,520 | $ | 252,614 | ||||||
# * | N Brown Group PLC | 948,958 | 562,444 | |||||||
* | On the Beach Group PLC | 785,744 | 3,206,875 | |||||||
* | Pendragon PLC | 3,945,379 | 992,462 | |||||||
Pets at Home Group PLC | 3,262,961 | 21,532,073 | ||||||||
* | Photo-Me International PLC | 1,417,580 | 1,281,415 | |||||||
* | Playtech PLC | 1,947,421 | 18,527,516 | |||||||
* | PPHE Hotel Group Ltd. | 14,433 | 275,323 | |||||||
* | Rank Group PLC | 1,021,186 | 2,294,918 | |||||||
Redrow PLC | 1,602,850 | 14,112,668 | ||||||||
* | Restaurant Group PLC | 1,104,930 | 1,332,698 | |||||||
Smiths News PLC | 23,379 | 12,165 | ||||||||
* | Sportech PLC | 170,201 | 88,318 | |||||||
* | SSP Group PLC | 3,521,147 | 12,405,283 | |||||||
* | Studio Retail Group PLC | 220,669 | 779,857 | |||||||
* | Superdry PLC | 426,248 | 1,688,560 | |||||||
* | Ted Baker PLC | 283,991 | 524,315 | |||||||
TI Fluid Systems PLC, Class B | 191,328 | 693,240 | ||||||||
* | Topps Tiles PLC | 785,944 | 674,828 | |||||||
* | Vertu Motors PLC | 866,751 | 727,473 | |||||||
Vistry Group PLC | 898,922 | 15,053,083 | ||||||||
Vitec Group PLC | 211,417 | 4,154,319 | ||||||||
Vivo Energy PLC | 448,203 | 648,283 | ||||||||
* | Watches of Switzerland Group PLC | 82,051 | 1,274,061 | |||||||
* | WH Smith PLC | 25,517 | 546,227 | |||||||
Wickes Group PLC | 1,628,880 | 4,793,484 | ||||||||
* | Young & Co’s Brewery PLC, Class A | 2,075 | 42,181 | |||||||
TOTAL CONSUMER DISCRETIONARY | 376,642,802 | |||||||||
CONSUMER STAPLES — (6.7%) | ||||||||||
AG Barr PLC | 730,610 | 4,954,936 | ||||||||
Anglo-Eastern Plantations PLC | 122,466 | 1,274,595 | ||||||||
Bakkavor Group PLC | 110,157 | 189,903 | ||||||||
Britvic PLC | 1,748,990 | 21,232,260 | ||||||||
* | C&C Group PLC | 1,257,529 | 4,450,663 | |||||||
Carr’s Group PLC | 349,511 | 700,823 | ||||||||
Cranswick PLC | 374,680 | 17,707,906 | ||||||||
Devro PLC | 1,278,497 | 3,770,252 | ||||||||
Fevertree Drinks PLC | 655,368 | 20,392,946 | ||||||||
* | Greencore Group PLC | 4,134,804 | 7,310,856 | |||||||
Hilton Food Group PLC | 295,693 | 4,729,245 | ||||||||
* | McBride PLC | 895,746 | 856,435 | |||||||
* | Naked Wines PLC | 26,543 | 270,029 | |||||||
Nichols PLC | 2,884 | 46,211 | ||||||||
Premier Foods PLC | 4,717,225 | 7,080,253 | ||||||||
PZ Cussons PLC | 1,740,700 | 5,113,939 | ||||||||
Stock Spirits Group PLC | 1,171,974 | 6,006,453 | ||||||||
Tate & Lyle PLC | 2,419,131 | 21,435,384 | ||||||||
TOTAL CONSUMER STAPLES | 127,523,089 | |||||||||
ENERGY — (2.3%) | ||||||||||
†† | Afren PLC | 5,446,344 | 0 | |||||||
Cairn Energy PLC | 3,963,896 | 9,896,315 | ||||||||
Diversified Energy Co. PLC | 1,900,047 | 3,001,526 | ||||||||
# * | Energean PLC | 138,219 | 1,698,430 | |||||||
* | EnQuest PLC | 11,912,092 | 3,917,508 | |||||||
Genel Energy PLC | 814,940 | 1,681,810 | ||||||||
Gulf Keystone Petroleum Ltd. | 1,529,511 | 4,154,608 |
The United Kingdom Small Company Series
CONTINUED
Shares | Value» | |||||||||
ENERGY — (Continued) | ||||||||||
* | Harbour Energy PLC | 333,426 | $ | 1,595,891 | ||||||
Hunting PLC | 828,220 | 1,916,786 | ||||||||
* | John Wood Group PLC | 3,684,499 | 10,744,148 | |||||||
* | Lamprell PLC | 1,293,820 | 727,110 | |||||||
* | Pantheon Resources PLC | 48,702 | 51,723 | |||||||
# * | Petrofac Ltd. | 1,346,240 | 2,384,350 | |||||||
Petrofac Ltd. | 336,560 | 66,787 | ||||||||
* | Pharos Energy PLC | 1,027,575 | 281,445 | |||||||
Serica Energy PLC | 388,471 | 1,094,561 | ||||||||
* | Tullow Oil PLC | 1,789,524 | 1,123,802 | |||||||
TOTAL ENERGY | 44,336,800 | |||||||||
FINANCIALS — (16.6%) | ||||||||||
AJ Bell PLC | 419,539 | 2,351,555 | ||||||||
# * | Allied Minds PLC | 211,640 | 66,532 | |||||||
Ashmore Group PLC | 2,404,758 | 11,110,795 | ||||||||
Bank of Georgia Group PLC | 274,167 | 5,689,609 | ||||||||
* | Beazley PLC | 3,279,338 | 17,442,492 | |||||||
Brewin Dolphin Holdings PLC | 2,220,611 | 11,444,811 | ||||||||
Brooks Macdonald Group PLC | 628 | 23,988 | ||||||||
Burford Capital Ltd. | 809,269 | 8,299,070 | ||||||||
Charles Stanley Group PLC | 124,654 | 875,462 | ||||||||
Chesnara PLC | 863,650 | 3,407,525 | ||||||||
Close Brothers Group PLC | 970,236 | 19,112,250 | ||||||||
CMC Markets PLC | 874,248 | 3,003,720 | ||||||||
* | Funding Circle Holdings PLC | 104,248 | 223,718 | |||||||
* | Georgia Capital PLC | 33,598 | 277,740 | |||||||
Hiscox Ltd. | 1,621,850 | 18,452,426 | ||||||||
IG Group Holdings PLC | 2,149,742 | 23,326,151 | ||||||||
Impax Asset Management Group PLC | 89,179 | 1,338,923 | ||||||||
IntegraFin Holdings PLC | 287,416 | 2,248,281 | ||||||||
International Personal Finance PLC | 828,317 | 1,442,661 | ||||||||
Investec PLC | 1,348,593 | 6,107,733 | ||||||||
IP Group PLC | 6,251,874 | 10,317,577 | ||||||||
JTC PLC | 74,078 | 785,218 | ||||||||
Jupiter Fund Management PLC | 3,085,503 | 10,568,023 | ||||||||
* | Just Group PLC | 6,985,205 | 8,739,929 | |||||||
Lancashire Holdings Ltd. | 1,512,763 | 10,441,311 | ||||||||
Liontrust Asset Management PLC | 55,063 | 1,641,520 | ||||||||
Man Group PLC | 9,599,081 | 30,488,754 | ||||||||
Morses Club PLC | 15,836 | 13,330 | ||||||||
Mortgage Advice Bureau Holdings Ltd. | 2,530 | 46,165 | ||||||||
Ninety One PLC | 526,116 | 1,868,032 | ||||||||
Numis Corp. PLC | 300,713 | 1,383,990 | ||||||||
OSB Group PLC | 1,143,372 | 7,886,988 | ||||||||
Paragon Banking Group PLC | 1,977,656 | 14,825,635 | ||||||||
Plus500 Ltd. | 498,479 | 8,974,138 | ||||||||
Polar Capital Holdings PLC | 190,688 | 2,166,767 | ||||||||
* | Provident Financial PLC | 1,557,178 | 7,866,798 | |||||||
Quilter PLC | 10,641,392 | 22,656,903 | ||||||||
Rathbone Brothers PLC | 353,424 | 9,502,289 | ||||||||
Record PLC | 18,948 | 21,545 | ||||||||
River & Mercantile Group PLC | 10,512 | 40,874 | ||||||||
S&U PLC | 26,232 | 1,040,695 | ||||||||
Sabre Insurance Group PLC | 203,569 | 545,283 | ||||||||
* | Saga PLC | 652,538 | 2,776,959 | |||||||
Sanne Group PLC | 52,058 | 643,594 | ||||||||
TBC Bank Group PLC | 37,730 | 809,393 | ||||||||
TP ICAP Group PLC | 4,098,971 | 8,704,684 |
The United Kingdom Small Company Series
CONTINUED
Shares | Value» | |||||||||
FINANCIALS — (Continued) | ||||||||||
* | Virgin Money UK PLC | 5,337,722 | $ | 14,829,830 | ||||||
†† | Waterloo Investment Holdings Ltd. | 4,000 | 0 | |||||||
TOTAL FINANCIALS | 315,831,666 | |||||||||
HEALTH CARE — (3.2%) | ||||||||||
* | 4d pharma PLC | 42,478 | 35,632 | |||||||
Advanced Medical Solutions Group PLC | 351,883 | 1,569,321 | ||||||||
Alliance Pharma PLC | 1,864,448 | 2,621,074 | ||||||||
CareTech Holdings PLC | 287,551 | 2,450,411 | ||||||||
* | Circassia Group PLC | 202,629 | 118,884 | |||||||
Clinigen Group PLC | 380,086 | 3,191,152 | ||||||||
* | CVS Group PLC | 436,875 | 14,888,932 | |||||||
EKF Diagnostics Holdings PLC | 79,384 | 87,516 | ||||||||
EMIS Group PLC | 315,073 | 5,818,136 | ||||||||
* | Ergomed PLC | 1,967 | 38,682 | |||||||
Genus PLC | 3,765 | 285,507 | ||||||||
* | Indivior PLC | 3,092,847 | 10,322,460 | |||||||
Integrated Diagnostics Holdings PLC | 1,249,693 | 1,544,373 | ||||||||
* | Mediclinic International PLC | 2,461,637 | 11,262,786 | |||||||
* | Oxford Biomedica PLC | 17,722 | 367,584 | |||||||
* | PureTech Health PLC | 182,380 | 879,201 | |||||||
* | Spire Healthcare Group PLC | 1,762,723 | 5,684,672 | |||||||
TOTAL HEALTH CARE | 61,166,323 | |||||||||
INDUSTRIALS — (25.6%) | ||||||||||
Air Partner PLC | 253,425 | 300,227 | ||||||||
Avon Protection PLC | 171,660 | 4,561,472 | ||||||||
* | Babcock International Group PLC | 2,860,533 | 12,492,492 | |||||||
Balfour Beatty PLC | 3,624,290 | 12,600,238 | ||||||||
Begbies Traynor Group PLC | 44,955 | 89,044 | ||||||||
* | Biffa PLC | 1,290,953 | 7,059,223 | |||||||
Bodycote PLC | 1,252,104 | 13,714,783 | ||||||||
Braemar Shipping Services PLC | 91,109 | 312,777 | ||||||||
Chemring Group PLC | 1,808,892 | 7,212,773 | ||||||||
Clarkson PLC | 183,962 | 10,081,289 | ||||||||
Clipper Logistics PLC | 215,934 | 2,120,245 | ||||||||
* | Costain Group PLC | 237,261 | 173,613 | |||||||
* | De La Rue PLC | 468,421 | 1,074,344 | |||||||
* | Dialight PLC | 89,929 | 426,775 | |||||||
Diploma PLC | 628,300 | 25,821,321 | ||||||||
DiscoverIE Group PLC | 514,881 | 7,375,215 | ||||||||
Electrocomponents PLC | 112,158 | 1,725,617 | ||||||||
# * | Esken Ltd. | 1,707,178 | 315,154 | |||||||
* | Firstgroup PLC | 7,284,526 | 10,015,311 | |||||||
Galliford Try Holdings PLC | 536,479 | 1,471,505 | ||||||||
Genuit Group PLC | 1,416,533 | 12,853,080 | ||||||||
* | Go-Ahead Group PLC | 279,310 | 3,008,184 | |||||||
Goodwin PLC | 383 | 19,199 | ||||||||
Grafton Group PLC | 1,582,491 | 29,066,399 | ||||||||
Hays PLC | 8,705,616 | 19,729,104 | ||||||||
HomeServe PLC | 60,812 | 710,375 | ||||||||
IMI PLC | 1,193,944 | 26,662,992 | ||||||||
†† | Industrial & Commercial Holding Group Ltd. | 5,000 | 0 | |||||||
†† | Interserve PLC | 629,566 | 0 | |||||||
* | James Fisher & Sons PLC | 313,097 | 1,757,353 | |||||||
James Halstead PLC | 8,111 | 61,642 | ||||||||
# * | JET2 PLC | 495,616 | 8,249,097 | |||||||
* | John Menzies PLC | 121,803 | 496,495 |
The United Kingdom Small Company Series
CONTINUED
Shares | Value» | |||||||||
INDUSTRIALS — (Continued) | ||||||||||
* | Johnson Service Group PLC | 253,813 | $ | 461,910 | ||||||
Keller Group PLC | 422,208 | 5,316,720 | ||||||||
* | Kier Group PLC | 1,526,667 | 2,225,622 | |||||||
Luceco PLC | 262,796 | 1,365,042 | ||||||||
Mears Group PLC | 679,621 | 1,842,960 | ||||||||
* | Meggitt PLC | 2,411,365 | 24,757,023 | |||||||
* | Mitie Group PLC | 6,973,938 | 6,266,695 | |||||||
Morgan Advanced Materials PLC | 1,832,073 | 8,661,037 | ||||||||
Morgan Sindall Group PLC | 237,612 | 7,361,554 | ||||||||
* | National Express Group PLC | 2,976,053 | 9,312,798 | |||||||
Norcros PLC | 134,719 | 613,112 | ||||||||
Pagegroup PLC | 2,014,945 | 18,283,115 | ||||||||
Porvair PLC | 18,060 | 170,214 | ||||||||
QinetiQ Group PLC | 3,474,939 | 12,822,325 | ||||||||
Redde Northgate PLC | 1,420,168 | 7,725,785 | ||||||||
Renew Holdings PLC | 30,191 | 314,888 | ||||||||
* | Renewi PLC | 522,602 | 5,052,690 | |||||||
Ricardo PLC | 291,046 | 1,675,102 | ||||||||
Robert Walters PLC | 392,744 | 4,570,685 | ||||||||
Rotork PLC | 5,214,504 | 25,207,456 | ||||||||
Royal Mail PLC | 1,480,542 | 8,535,058 | ||||||||
RPS Group PLC | 940,773 | 1,624,209 | ||||||||
RWS Holdings PLC | 152,605 | 1,296,145 | ||||||||
* | Senior PLC | 2,312,337 | 5,076,980 | |||||||
Serco Group PLC | 1,250,812 | 2,160,669 | ||||||||
Severfield PLC | 1,090,941 | 1,069,558 | ||||||||
* | SIG PLC | 4,275,501 | 3,036,577 | |||||||
Smart Metering Systems PLC | 432,484 | 4,822,770 | ||||||||
Speedy Hire PLC | 3,197,155 | 2,786,622 | ||||||||
* | Stagecoach Group PLC | 2,360,397 | 2,574,580 | |||||||
SThree PLC | 785,105 | 6,327,274 | ||||||||
TClarke PLC | 64,142 | 141,193 | ||||||||
Travis Perkins PLC | 1,046,773 | 22,129,674 | ||||||||
Trifast PLC | 524,611 | 966,954 | ||||||||
Tyman PLC | 956,236 | 4,882,625 | ||||||||
Ultra Electronics Holdings PLC | 566,936 | 25,121,854 | ||||||||
Vesuvius PLC | 1,490,035 | 9,607,384 | ||||||||
Volex PLC | 373,096 | 2,293,742 | ||||||||
Volution Group PLC | 412,484 | 2,781,835 | ||||||||
Vp PLC | 153,784 | 2,116,425 | ||||||||
Wilmington PLC | 334,384 | 1,097,095 | ||||||||
Wincanton PLC | 649,186 | 3,370,455 | ||||||||
XP Power Ltd. | 101,859 | 7,315,024 | ||||||||
TOTAL INDUSTRIALS | 486,698,773 | |||||||||
INFORMATION TECHNOLOGY — (8.5%) | ||||||||||
* | Bytes Technology Group PLC | 180,023 | 1,317,162 | |||||||
* | Capita PLC | 10,542,098 | 6,842,452 | |||||||
* | CentralNic Group PLC | 10,116 | 18,705 | |||||||
Computacenter PLC | 514,578 | 18,918,353 | ||||||||
dotdigital group PLC | 374,141 | 1,231,259 | ||||||||
* | Equiniti Group PLC | 2,329,628 | 5,688,140 | |||||||
* | FD Technologies PLC | 21,686 | 619,243 | |||||||
FDM Group Holdings PLC | 425,842 | 6,996,917 | ||||||||
GB Group PLC | 155,647 | 1,892,212 | ||||||||
Gooch & Housego PLC | 1,817 | 29,877 | ||||||||
IDOX PLC | 140,149 | 137,425 | ||||||||
iomart Group PLC | 236,264 | 473,229 | ||||||||
* | IQE PLC | 1,442,158 | 925,624 |
The United Kingdom Small Company Series
CONTINUED
Shares | Value» | |||||||||
INFORMATION TECHNOLOGY — (Continued) | ||||||||||
Kainos Group PLC | 456,041 | $ | 12,357,568 | |||||||
Keywords Studios PLC | 93,471 | 3,613,806 | ||||||||
* | Kin & Carta PLC | 586,796 | 2,144,715 | |||||||
Learning Technologies Group PLC | 570,785 | 1,530,581 | ||||||||
Micro Focus International PLC | 1,180,014 | 5,782,621 | ||||||||
NCC Group PLC | 1,774,748 | 6,033,524 | ||||||||
* | Network International Holdings PLC | 175,435 | 773,828 | |||||||
Oxford Instruments PLC | 370,423 | 11,654,810 | ||||||||
PayPoint PLC | 429,815 | 4,055,780 | ||||||||
Renishaw PLC | 46,839 | 3,222,939 | ||||||||
RM PLC | 358,749 | 1,021,785 | ||||||||
Softcat PLC | 738,845 | 19,636,602 | ||||||||
Spectris PLC | 433,873 | 22,323,692 | ||||||||
Spirent Communications PLC | 4,206,131 | 16,515,848 | ||||||||
Strix Group PLC | 261,603 | 1,044,111 | ||||||||
†† | Trellus Health Ltd. | 1,632 | 0 | |||||||
TT Electronics PLC | 1,084,117 | 3,779,054 | ||||||||
* | Xaar PLC | 434,356 | 1,025,013 | |||||||
TOTAL INFORMATION TECHNOLOGY | 161,606,875 | |||||||||
MATERIALS — (6.5%) | ||||||||||
* | Accsys Technologies PLC | 9,505 | 19,986 | |||||||
Anglo Pacific Group PLC | 1,161,218 | 2,056,646 | ||||||||
Breedon Group PLC | 896,636 | 1,203,060 | ||||||||
* | Carclo PLC | 32,211 | 19,710 | |||||||
Castings PLC | 172,368 | 848,867 | ||||||||
Centamin PLC | 7,789,836 | 9,952,451 | ||||||||
Central Asia Metals PLC | 618,945 | 2,074,614 | ||||||||
* | Elementis PLC | 3,362,679 | 6,410,614 | |||||||
Essentra PLC | 1,682,633 | 6,701,589 | ||||||||
Ferrexpo PLC | 2,074,224 | 8,848,420 | ||||||||
Forterra PLC | 1,580,936 | 5,604,586 | ||||||||
Gem Diamonds Ltd. | 413,552 | 305,639 | ||||||||
Hill & Smith Holdings PLC | 545,011 | 13,677,859 | ||||||||
Hochschild Mining PLC | 1,781,849 | 3,473,628 | ||||||||
Ibstock PLC | 2,898,727 | 7,916,948 | ||||||||
Marshalls PLC | 1,408,571 | 13,643,131 | ||||||||
Pan African Resources PLC | 1,363,786 | 322,878 | ||||||||
* | Petra Diamonds Ltd. | 876,587 | 18,622 | |||||||
# * | Petropavlovsk PLC | 3,173,564 | 1,028,292 | |||||||
RHI Magnesita NV | 127,640 | 5,865,751 | ||||||||
* | SolGold PLC | 438,575 | 166,255 | |||||||
Synthomer PLC | 2,263,160 | 15,684,931 | ||||||||
Treatt PLC | 15,933 | 241,274 | ||||||||
Victrex PLC | 576,646 | 18,032,016 | ||||||||
Zotefoams PLC | 103,100 | 509,349 | ||||||||
TOTAL MATERIALS | 124,627,116 | |||||||||
REAL ESTATE — (3.7%) | ||||||||||
CLS Holdings PLC | 750,570 | 2,296,558 | ||||||||
Foxtons Group PLC | 1,224,286 | 788,419 | ||||||||
Grainger PLC | 4,411,972 | 18,556,053 | ||||||||
Helical PLC | 816,328 | 5,145,290 | ||||||||
* | IWG PLC | 3,858,261 | 16,364,344 | |||||||
LSL Property Services PLC | 438,441 | 2,644,597 | ||||||||
# * | Purplebricks Group PLC | 106,323 | 76,660 | |||||||
* | Raven Property Group Ltd. | 844,687 | 408,107 | |||||||
Savills PLC | 986,247 | 19,181,608 |
The United Kingdom Small Company Series
CONTINUED
Shares | Value» | |||||||||
REAL ESTATE — (Continued) | ||||||||||
Sirius Real Estate Ltd. | 770,765 | $ | 1,423,759 | |||||||
* | U & I Group PLC | 854,268 | 1,006,046 | |||||||
Watkin Jones PLC | 671,622 | 2,215,660 | ||||||||
TOTAL REAL ESTATE | 70,107,101 | |||||||||
UTILITIES — (2.5%) | ||||||||||
* | Centrica PLC | 19,338,945 | 15,964,039 | |||||||
ContourGlobal PLC | 130,811 | 356,046 | ||||||||
Drax Group PLC | 2,521,289 | 18,336,886 | ||||||||
Pennon Group PLC | 345,445 | 5,510,038 | ||||||||
Telecom Plus PLC | 420,402 | 7,179,600 | ||||||||
TOTAL UTILITIES | 47,346,609 | |||||||||
TOTAL COMMON STOCKS Cost ($1,462,298,964) | 1,887,888,713 |
Value† | ||||||||||
SECURITIES LENDING COLLATERAL — (0.8%) | ||||||||||
@ § | The DFA Short Term Investment Fund | 1,351,028 | 15,631,396 | |||||||
TOTAL INVESTMENTS — (100.0%) | ||||||||||
(Cost $1,477,926,404) | $ | 1,903,520,109 |
ADR | American Depositary Receipt |
» | Securities that have been fair value factored. See Note B to Financial Statements. |
* | Non-Income Producing Securities. |
# | Total or Partial Securities on Loan. |
†† | Security valued using significant unobservable inputs (Level 3). |
† | See Note B to Financial Statements. |
@ | Security purchased with cash collateral received from Securities on Loan. |
§ | Affiliated Fund. |
Summary of the Series’ investments as of October 31, 2021, 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 | $ | 55,069 | $ | 71,946,490 | — | $ | 72,001,559 | |||||||||
Consumer Discretionary | — | 376,642,802 | — | 376,642,802 | ||||||||||||
Consumer Staples | — | 127,523,089 | — | 127,523,089 | ||||||||||||
Energy | — | 44,336,800 | — | 44,336,800 | ||||||||||||
Financials | — | 315,831,666 | — | 315,831,666 | ||||||||||||
Health Care | — | 61,166,323 | — | 61,166,323 | ||||||||||||
Industrials | — | 486,698,773 | — | 486,698,773 | ||||||||||||
Information Technology | — | 161,606,875 | — | 161,606,875 | ||||||||||||
Materials | — | 124,627,116 | — | 124,627,116 | ||||||||||||
Real Estate | — | 70,107,101 | — | 70,107,101 | ||||||||||||
Utilities | — | 47,346,609 | — | 47,346,609 | ||||||||||||
Securities Lending Collateral | — | 15,631,396 | — | 15,631,396 | ||||||||||||
TOTAL | $ | 55,069 | $ | 1,903,465,040 | — | $ | 1,903,520,109 |
See accompanying Notes to Financial Statements.
The Continental Small Company Series
SCHEDULE OF INVESTMENTS
October 31, 2021
Shares | Value» | |||||||||
COMMON STOCKS — (94.7%) | ||||||||||
AUSTRIA — (3.1%) | ||||||||||
Agrana Beteiligungs AG | 83,141 | $ | 1,754,530 | |||||||
ANDRITZ AG | 473,948 | 26,919,532 | ||||||||
AT&S Austria Technologie & Systemtechnik AG | 196,445 | 7,537,743 | ||||||||
Atrium European Real Estate Ltd. | 1,073,908 | 4,410,237 | ||||||||
Ω | BAWAG Group AG | 73,789 | 4,640,975 | |||||||
# * | DO & Co. AG | 47,356 | 4,289,848 | |||||||
EVN AG | 241,985 | 6,833,053 | ||||||||
* | FACC AG | 144,102 | 1,476,009 | |||||||
* | Flughafen Wien AG | 30,811 | 1,015,449 | |||||||
# | IMMOFINANZ AG | 680,830 | 16,303,227 | |||||||
Josef Manner & Comp AG | 870 | 109,665 | ||||||||
# * | Kapsch TrafficCom AG | 29,728 | 529,550 | |||||||
* | Lenzing AG | 87,368 | 10,535,797 | |||||||
Mayr Melnhof Karton AG | 56,619 | 11,144,200 | ||||||||
Oberbank AG | 25,007 | 2,630,918 | ||||||||
# | Oesterreichische Post AG | 244,378 | 10,317,337 | |||||||
Palfinger AG | 101,341 | 4,477,773 | ||||||||
# | POLYTEC Holding AG | 109,361 | 1,071,259 | |||||||
# * | Porr AG | 75,457 | 1,083,529 | |||||||
Raiffeisen Bank International AG | 95,986 | 2,804,703 | ||||||||
# | Rosenbauer International AG | 21,100 | 1,153,196 | |||||||
S IMMO AG | 346,922 | 8,230,055 | ||||||||
* | Schoeller-Bleckmann Oilfield Equipment AG | 66,862 | 2,727,240 | |||||||
Semperit AG Holding | 71,506 | 2,413,869 | ||||||||
Strabag SE | 106,594 | 4,576,470 | ||||||||
Telekom Austria AG, Class A | 1,136,703 | 9,821,119 | ||||||||
# | UBM Development AG | 21,002 | 1,037,477 | |||||||
UNIQA Insurance Group AG | 1,028,270 | 9,572,308 | ||||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 305,769 | 8,906,972 | ||||||||
voestalpine AG | 545,498 | 20,718,597 | ||||||||
Wienerberger AG | 658,781 | 23,321,225 | ||||||||
Zumtobel Group AG | 155,917 | 1,607,094 | ||||||||
TOTAL AUSTRIA | 213,970,956 | |||||||||
BELGIUM — (3.8%) | ||||||||||
Ackermans & van Haaren NV | 177,966 | 30,604,090 | ||||||||
* | AGFA-Gevaert NV | 1,301,362 | 5,658,358 | |||||||
* | Akka Technologies | 78,596 | 4,351,732 | |||||||
# | Atenor | 22,537 | 1,496,062 | |||||||
Banque Nationale de Belgique | 87 | 172,061 | ||||||||
Barco NV | 474,841 | 10,702,705 | ||||||||
Bekaert SA | 264,354 | 11,579,157 | ||||||||
# * Ω | Biocartis Group NV | 227,423 | 1,038,832 | |||||||
* | bpost SA | 611,168 | 5,236,079 | |||||||
# * | Celyad Oncology SA | 42,190 | 185,820 | |||||||
Cie d’Entreprises CFE | 49,898 | 5,101,449 | ||||||||
Deceuninck NV | 468,787 | 1,999,070 | ||||||||
D’ieteren Group | 194,540 | 33,543,417 | ||||||||
Econocom Group SA/NV | 727,792 | 3,077,093 | ||||||||
# | Elia Group SA | 132,252 | 15,428,979 | |||||||
# | Etablissements Franz Colruyt NV | 92,593 | 4,546,119 | |||||||
# * | Euronav NV | 1,350,857 | 14,371,185 | |||||||
EVS Broadcast Equipment SA | 69,287 | 1,625,368 | ||||||||
# | Exmar NV | 145,690 | 776,104 | |||||||
Fagron | 299,623 | 5,195,954 | ||||||||
* | Galapagos NV | 136,356 | 7,220,129 | |||||||
Gimv NV | 120,699 | 7,797,675 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
BELGIUM — (Continued) | ||||||||||
* | Greenyard NV | 2,890 | $ | 28,069 | ||||||
# | Immobel SA | 23,226 | 2,047,425 | |||||||
Ion Beam Applications | 132,008 | 2,600,351 | ||||||||
Jensen-Group NV | 20,961 | 641,982 | ||||||||
* | Kinepolis Group NV | 97,118 | 6,117,532 | |||||||
Lotus Bakeries NV | 1,860 | 12,347,841 | ||||||||
# * | MDxHealth | 69,016 | 93,108 | |||||||
Melexis NV | 123,644 | 14,260,658 | ||||||||
# * | Ontex Group NV | 398,872 | 3,761,225 | |||||||
# * | Oxurion NV | 128,049 | 315,449 | |||||||
# * | Picanol | 26,368 | 2,094,891 | |||||||
Proximus SADP | 526,586 | 9,916,434 | ||||||||
Recticel SA | 303,699 | 5,608,847 | ||||||||
Resilux | 5,872 | 1,220,968 | ||||||||
Roularta Media Group NV | 19,318 | 364,670 | ||||||||
Shurgard Self Storage SA | 37,083 | 2,272,739 | ||||||||
Sipef NV | 38,999 | 2,625,146 | ||||||||
Telenet Group Holding NV | 223,832 | 8,041,389 | ||||||||
TER Beke SA | 3,661 | 507,337 | ||||||||
* | Tessenderlo Group SA | 206,316 | 7,529,297 | |||||||
Van de Velde NV | 42,982 | 1,492,600 | ||||||||
VGP NV | 15,225 | 3,937,683 | ||||||||
Viohalco SA | 498,361 | 2,512,189 | ||||||||
TOTAL BELGIUM | 262,045,268 | |||||||||
CANADA — (0.0%) | ||||||||||
* | International Petroleum Corp. | 127,085 | 709,749 | |||||||
DENMARK — (5.3%) | ||||||||||
* | ALK-Abello AS | 44,401 | 19,243,505 | |||||||
# | Alm Brand AS | 554,009 | 4,274,094 | |||||||
# * | Asetek AS | 19,672 | 99,348 | |||||||
# * | Bang & Olufsen AS | 696,133 | 3,426,631 | |||||||
BankNordik P/F | 10,800 | 243,169 | ||||||||
* | Bavarian Nordic AS | 405,188 | 19,439,208 | |||||||
# * | Better Collective AS | 48,411 | 1,031,573 | |||||||
# * | Brodrene Hartmann AS | 16,148 | 966,435 | |||||||
cBrain AS | 10,056 | 544,935 | ||||||||
Chemometec AS | 48,332 | 7,328,911 | ||||||||
Columbus AS | 481,785 | 707,551 | ||||||||
D/S Norden AS | 203,905 | 4,927,604 | ||||||||
* | Dfds AS | 279,193 | 14,469,884 | |||||||
* | Djurslands Bank AS | 6,232 | 337,063 | |||||||
# * | Drilling Co. of 1972 AS | 95,675 | 3,429,503 | |||||||
FLSmidth & Co. AS | 279,851 | 10,640,010 | ||||||||
Fluegger Group AS | 4,198 | 462,241 | ||||||||
GronlandsBANKEN AS | 1,125 | 107,243 | ||||||||
H Lundbeck AS | 209,309 | 5,829,131 | ||||||||
* | H+H International AS, Class B | 127,347 | 5,036,804 | |||||||
* | Harboes Bryggeri AS, Class B | 5,094 | 78,844 | |||||||
INVISIO AB | 555 | 10,045 | ||||||||
# * | ISS AS | 646,910 | 12,908,866 | |||||||
Jeudan AS | 38,980 | 1,659,057 | ||||||||
* | Jyske Bank AS | 470,802 | 22,969,023 | |||||||
Lan & Spar Bank | 4,895 | 459,855 | ||||||||
Matas AS | 280,905 | 5,496,340 | ||||||||
# Ω | Netcompany Group AS | 33,847 | 3,854,244 | |||||||
* | Nilfisk Holding AS | 153,943 | 5,369,366 | |||||||
* | NKT AS | 276,029 | 13,299,932 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
DENMARK — (Continued) | ||||||||||
# Ω | NNIT AS | 71,567 | $ | 1,345,072 | ||||||
North Media AS | 5,372 | 100,928 | ||||||||
* | NTG Nordic Transport Group AS, Class A | 7,331 | 599,388 | |||||||
* | Parken Sport & Entertainment AS | 13,669 | 182,630 | |||||||
Per Aarsleff Holding AS | 134,747 | 5,815,945 | ||||||||
Ringkjoebing Landbobank AS | 195,777 | 24,871,398 | ||||||||
Rockwool International AS, Class A | 433 | 173,723 | ||||||||
Royal Unibrew AS | 331,556 | 41,187,654 | ||||||||
# | RTX AS | 54,444 | 1,295,803 | |||||||
Ω | Scandinavian Tobacco Group AS, Class A | 435,180 | 9,785,353 | |||||||
Schouw & Co. AS | 97,891 | 9,521,342 | ||||||||
# | SimCorp AS | 271,754 | 32,907,854 | |||||||
Solar AS, Class B | 40,088 | 4,658,076 | ||||||||
SP Group AS | 202 | 12,513 | ||||||||
Spar Nord Bank AS | 606,502 | 7,816,531 | ||||||||
Sydbank AS | 485,955 | 16,699,895 | ||||||||
TCM Group AS | 2,578 | 62,914 | ||||||||
# * | Tivoli AS | 9,878 | 1,325,151 | |||||||
# | Topdanmark AS | 428,065 | 22,717,813 | |||||||
UIE PLC | 10,336 | 2,774,591 | ||||||||
* | Zealand Pharma AS | 224,203 | 7,194,380 | |||||||
TOTAL DENMARK | 359,699,369 | |||||||||
FINLAND — (5.8%) | ||||||||||
Aktia Bank Oyj | 344,733 | 4,935,376 | ||||||||
Alandsbanken Abp, Class B | 23,036 | 846,317 | ||||||||
Alma Media Oyj | 133,889 | 1,731,085 | ||||||||
Anora Group Oyj | 12,029 | 149,045 | ||||||||
Apetit Oyj | 21,105 | 300,010 | ||||||||
Aspo Oyj | 104,670 | 1,473,413 | ||||||||
Atria Oyj, Class A | 98,413 | 1,269,062 | ||||||||
* | BasWare Oyj | 54,715 | 2,032,476 | |||||||
# | Bittium Oyj | 204,447 | 1,231,422 | |||||||
Cargotec Oyj, Class B | 301,749 | 15,625,904 | ||||||||
Caverion Oyj | 645,461 | 5,099,883 | ||||||||
# | Citycon Oyj | 477,252 | 3,923,030 | |||||||
Digia Oyj | 83,685 | 667,814 | ||||||||
Ω | Enento Group Oyj | 1,665 | 70,320 | |||||||
# * | Finnair Oyj | 4,817,537 | 3,680,288 | |||||||
Fiskars Oyj Abp | 209,781 | 5,156,825 | ||||||||
F-Secure Oyj | 669,027 | 3,775,119 | ||||||||
Glaston Oyj ABP | 9,217 | 13,589 | ||||||||
Harvia Oyj | 52,938 | 3,250,250 | ||||||||
HKScan Oyj, Class A | 234,984 | 535,420 | ||||||||
Huhtamaki Oyj | 673,038 | 29,346,505 | ||||||||
Ilkka-Yhtyma Oyj | 58,887 | 316,633 | ||||||||
# | Kamux Corp. | 59,097 | 917,008 | |||||||
Kemira Oyj | 772,047 | 11,857,006 | ||||||||
Kojamo Oyj | 448,946 | 10,058,437 | ||||||||
Konecranes Oyj, Class A | 458,040 | 19,052,001 | ||||||||
Lassila & Tikanoja Oyj | 209,178 | 3,287,159 | ||||||||
# * | Lehto Group Oyj | 159,853 | 190,598 | |||||||
Marimekko Oyj | 738 | 70,533 | ||||||||
Metsa Board Oyj | 1,246,388 | 11,535,424 | ||||||||
Metso Outotec Oyj | 1,111,615 | 11,167,740 | ||||||||
* | Multitude SE | 39,731 | 219,094 | |||||||
Musti Group Oyj | 40,515 | 1,593,744 | ||||||||
Neles Oyj | 706,962 | 10,593,885 | ||||||||
# | Nokian Renkaat Oyj | 768,570 | 28,861,457 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
FINLAND — (Continued) | ||||||||||
Olvi Oyj, Class A | 98,335 | $ | 5,963,794 | |||||||
* | Optomed Oy | 1,075 | 13,009 | |||||||
Oriola Oyj, Class A | 6,054 | 13,731 | ||||||||
Oriola Oyj, Class B | 880,807 | 2,019,006 | ||||||||
Orion Oyj, Class A | 143,951 | 6,210,352 | ||||||||
# | Orion Oyj, Class B | 636,552 | 27,564,996 | |||||||
# * | Outokumpu Oyj | 2,801,973 | 17,453,199 | |||||||
# | Pihlajalinna Oyj | 77,064 | 1,048,216 | |||||||
Ponsse Oyj | 71,199 | 3,663,797 | ||||||||
* | QT Group Oyj | 84,479 | 13,668,108 | |||||||
Raisio Oyj, Class V | 954,967 | 3,866,620 | ||||||||
* | Rapala VMC Oyj | 116,693 | 1,191,516 | |||||||
Raute Oyj, Class A | 1,817 | 45,371 | ||||||||
Revenio Group Oyj | 138,743 | 9,154,983 | ||||||||
# Ω | Rovio Entertainment Oyj | 18,485 | 151,240 | |||||||
Sanoma Oyj | 725,636 | 11,295,745 | ||||||||
Taaleri Oyj | 8,120 | 102,539 | ||||||||
Talenom Oyj | 1,755 | 28,128 | ||||||||
Teleste Oyj | 52,966 | 323,522 | ||||||||
Ω | Terveystalo Oyj | 80,486 | 1,047,569 | |||||||
TietoEVRY Oyj | 481,733 | 14,773,448 | ||||||||
Tokmanni Group Corp. | 373,200 | 8,491,364 | ||||||||
Uponor Oyj | 396,760 | 9,691,393 | ||||||||
Vaisala Oyj, Class A | 120,730 | 6,411,528 | ||||||||
Valmet Oyj | 924,559 | 37,533,401 | ||||||||
Verkkokauppa.com Oyj | 9,347 | 76,552 | ||||||||
* | Viking Line Abp | 6,921 | 125,301 | |||||||
Wartsila OYJ Abp | 760,320 | 10,544,292 | ||||||||
# | YIT Oyj | 1,234,813 | 7,277,634 | |||||||
TOTAL FINLAND | 394,584,226 | |||||||||
FRANCE — (10.4%) | ||||||||||
ABC arbitrage | 126,936 | 1,045,591 | ||||||||
AKWEL | 67,443 | 1,722,435 | ||||||||
Albioma SA | 193,337 | 7,605,695 | ||||||||
Ω | ALD SA | 31,614 | 471,223 | |||||||
Altamir | 136,094 | 3,860,401 | ||||||||
Alten SA | 143,801 | 23,172,136 | ||||||||
# * | Amplitude Surgical SAS | 19,526 | 47,662 | |||||||
# | Assystem SA | 60,928 | 2,180,568 | |||||||
# * | Atari SA | 106,003 | 38,829 | |||||||
Atos SE | 337,963 | 17,632,434 | ||||||||
Aubay | 43,725 | 2,711,863 | ||||||||
Axway Software SA | 38,973 | 1,227,061 | ||||||||
Bastide le Confort Medical | 18,680 | 948,079 | ||||||||
* | Beneteau SA | 251,906 | 3,845,640 | |||||||
# | Bigben Interactive | 95,323 | 1,808,680 | |||||||
Boiron SA | 37,981 | 1,838,269 | ||||||||
Bonduelle SCA | 106,185 | 2,720,771 | ||||||||
†† | Bourbon Corp. | 28,851 | 0 | |||||||
Burelle SA | 850 | 651,385 | ||||||||
# * | Casino Guichard Perrachon SA | 271,603 | 6,772,649 | |||||||
* | Catana Group | 6,410 | 46,582 | |||||||
* | Catering International Services | 12,144 | 195,039 | |||||||
* | Cegedim SA | 43,220 | 1,295,363 | |||||||
# * | CGG SA | 4,466,064 | 3,229,839 | |||||||
Chargeurs SA | 142,357 | 4,229,684 | ||||||||
# * | Cie des Alpes | 137,830 | 2,440,772 | |||||||
Cie Plastic Omnium SA | 411,474 | 11,423,279 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
FRANCE — (Continued) | ||||||||||
# * | Claranova SADIR | 66,462 | $ | 415,060 | ||||||
* | Coface SA | 742,169 | 10,611,383 | |||||||
* | DBV Technologies SA | 1,382 | 9,053 | |||||||
* | Derichebourg SA | 716,994 | 8,159,596 | |||||||
* | Ekinops SAS | 5,333 | 46,967 | |||||||
Electricite de Strasbourg SA | 21,112 | 2,845,902 | ||||||||
* Ω | Elior Group SA | 741,421 | 5,865,966 | |||||||
* | Elis SA | 1,176,252 | 22,334,192 | |||||||
* | Eramet SA | 75,768 | 6,331,939 | |||||||
* | Esso SA Francaise | 5,217 | 82,146 | |||||||
# * | Etablissements Maurel et Prom SA | 322,113 | 927,437 | |||||||
Eurazeo SE | 33,820 | 3,170,077 | ||||||||
Ω | Euronext NV | 51,337 | 5,775,640 | |||||||
# | Eutelsat Communications SA | 1,378,833 | 19,597,545 | |||||||
# * | Exel Industries, Class A | 10,459 | 852,023 | |||||||
Faurecia SE | 649,627 | 33,928,710 | ||||||||
Fleury Michon SA | 1,722 | 45,540 | ||||||||
Fnac Darty SA | 129,533 | 8,409,603 | ||||||||
* | Gaumont SA | 10,715 | 1,263,667 | |||||||
Gaztransport Et Technigaz SA | 148,516 | 12,276,414 | ||||||||
# | GEA | 2,433 | 300,626 | |||||||
# * | GL Events | 58,364 | 1,233,588 | |||||||
Groupe Crit | 22,187 | 1,741,594 | ||||||||
Groupe Gorge SA | 4,320 | 78,622 | ||||||||
Groupe SFPI | 21,754 | 92,071 | ||||||||
Guerbet | 44,037 | 1,944,041 | ||||||||
* | Haulotte Group SA | 73,020 | 423,942 | |||||||
HEXAOM | 15,908 | 805,422 | ||||||||
* | ID Logistics Group | 14,908 | 5,481,926 | |||||||
# | Imerys SA | 228,430 | 9,901,374 | |||||||
Infotel SA | 637 | 36,758 | ||||||||
# * | Innate Pharma SA | 15,558 | 87,511 | |||||||
Ipsen SA | 3,455 | 357,571 | ||||||||
IPSOS | 278,704 | 13,062,162 | ||||||||
Jacquet Metals SACA | 89,804 | 2,190,329 | ||||||||
* | JCDecaux SA | 222,724 | 5,810,938 | |||||||
Kaufman & Broad SA | 123,945 | 4,972,632 | ||||||||
Korian SA | 488,212 | 16,263,858 | ||||||||
* | Lagardere SA | 464,763 | 12,286,984 | |||||||
Laurent-Perrier | 13,890 | 1,548,393 | ||||||||
Lectra | 180,913 | 7,579,491 | ||||||||
Linedata Services | 15,432 | 680,293 | ||||||||
LISI | 117,088 | 3,256,132 | ||||||||
LNA Sante SA | 33,206 | 1,908,994 | ||||||||
Ω | Maisons du Monde SA | 289,712 | 6,572,588 | |||||||
Manitou BF SA | 68,399 | 2,324,828 | ||||||||
Manutan International | 15,102 | 1,251,454 | ||||||||
Mersen SA | 120,717 | 4,528,604 | ||||||||
* | METabolic EXplorer SA | 18,613 | 119,294 | |||||||
Metropole Television SA | 245,323 | 5,407,705 | ||||||||
* Ω | Neoen SA | 81,146 | 3,736,159 | |||||||
Nexans SA | 205,516 | 20,620,153 | ||||||||
Nexity SA | 323,674 | 14,797,466 | ||||||||
# * | Nicox | 145,865 | 548,909 | |||||||
NRJ Group | 87,189 | 580,942 | ||||||||
# | Oeneo SA | 128,172 | 1,997,093 | |||||||
* | OL Groupe SA | 10,735 | 27,546 | |||||||
# *,* | Onxeo SA | 113,533 | 65,862 | |||||||
Orpea SA | 31,850 | 3,326,859 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
FRANCE — (Continued) | ||||||||||
Pharmagest Interactive | 5,798 | $ | 636,324 | |||||||
Plastiques Du Val De Loire | 14,341 | 98,477 | ||||||||
Quadient SA | 237,685 | 5,682,303 | ||||||||
* | Rallye SA | 36,059 | 232,008 | |||||||
# * †† | Recylex SA | 102,008 | 40,860 | |||||||
Rexel SA | 2,125,412 | 42,245,103 | ||||||||
Robertet SA | 2,898 | 3,182,029 | ||||||||
Rothschild & Co. | 127,757 | 5,635,098 | ||||||||
Rubis SCA | 583,068 | 18,686,919 | ||||||||
Samse SA | 7,930 | 1,905,442 | ||||||||
Savencia SA | 35,032 | 2,592,727 | ||||||||
SCOR SE | 527,365 | 17,753,810 | ||||||||
Seche Environnement SA | 19,104 | 1,511,890 | ||||||||
SES SA, Class A | 1,397,450 | 12,550,788 | ||||||||
* Ω | SMCP SA | 20,320 | 166,856 | |||||||
# | Societe BIC SA | 178,321 | 10,365,541 | |||||||
* | Societe des Bains de Mer et du Cercle des Etrangers a Monaco | 41,466 | 3,308,317 | |||||||
Societe Marseillaise du Tunnel Prado-Carenage SA | 5,211 | 147,927 | ||||||||
Societe pour l’Informatique Industrielle | 47,225 | 2,150,709 | ||||||||
* | SOITEC | 135,169 | 35,988,721 | |||||||
# * | Solocal Group | 681,417 | 1,030,582 | |||||||
Somfy SA | 88,911 | 17,454,773 | ||||||||
Sopra Steria Group SACA | 117,178 | 23,039,267 | ||||||||
SPIE SA | 867,257 | 21,089,130 | ||||||||
# * Ω | SRP Groupe SA | 56,827 | 139,102 | |||||||
Stef SA | 25,714 | 3,218,493 | ||||||||
Sword Group | 35,678 | 1,742,979 | ||||||||
Synergie SE | 67,143 | 3,099,347 | ||||||||
* | Technip Energies NV | 74,029 | 1,139,335 | |||||||
Television Francaise 1 | 427,799 | 4,579,953 | ||||||||
# | TFF Group | 9,347 | 292,504 | |||||||
Thermador Groupe | 37,127 | 4,220,596 | ||||||||
Tikehau Capital SCA | 18,672 | 556,002 | ||||||||
Total Gabon | 3,969 | 620,899 | ||||||||
Trigano SA | 60,493 | 11,355,333 | ||||||||
* | Ubisoft Entertainment SA | 75,905 | 3,974,673 | |||||||
Union Financiere de France BQE SA | 18,515 | 389,413 | ||||||||
Valeo | 396,546 | 11,651,338 | ||||||||
* | Vallourec SA | 296,298 | 2,368,619 | |||||||
Ω | Verallia SA | 78,579 | 2,909,198 | |||||||
* | Verimatrix SA | 6,175 | 8,835 | |||||||
Vetoquinol SA | 16,919 | 2,893,359 | ||||||||
Vicat SA | 139,019 | 5,933,153 | ||||||||
VIEL & Cie SA | 156,945 | 1,072,655 | ||||||||
Vilmorin & Cie SA | 35,845 | 2,279,102 | ||||||||
Virbac SA | 25,476 | 12,912,574 | ||||||||
* | Vranken-Pommery Monopole SA | 16,787 | 341,466 | |||||||
Wavestone | 5,109 | 281,353 | ||||||||
* Ω | X-Fab Silicon Foundries SE | 71,105 | 710,135 | |||||||
* | Xilam Animation SA | 415 | 19,404 | |||||||
TOTAL FRANCE | 710,266,924 | |||||||||
GERMANY — (15.1%) | ||||||||||
1&1 AG | 229,080 | 6,667,371 | ||||||||
7C Solarparken AG | 49,469 | 239,172 | ||||||||
# | Aareal Bank AG | 522,360 | 16,697,438 | |||||||
Adesso SE | 3,194 | 712,220 | ||||||||
* | ADVA Optical Networking SE | 394,342 | 5,228,086 | |||||||
AIXTRON SE | 613,653 | 14,574,098 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
GERMANY — (Continued) | ||||||||||
All for One Group SE | 4,222 | $ | 333,079 | |||||||
# | Allgeier SE | 48,818 | 1,600,070 | |||||||
Amadeus Fire AG | 3,558 | 822,035 | ||||||||
Atoss Software AG | 12,086 | 2,734,935 | ||||||||
Aurubis AG | 287,587 | 24,781,328 | ||||||||
Basler AG | 33,961 | 6,259,866 | ||||||||
# * | Bauer AG | 99,166 | 1,290,032 | |||||||
BayWa AG | 105,190 | 4,449,839 | ||||||||
BayWa AG | 124 | 6,783 | ||||||||
Ω | Befesa SA | 25,814 | 1,920,552 | |||||||
Bertrandt AG | 38,682 | 2,523,234 | ||||||||
# | bet-at-home.com AG | 22,014 | 449,781 | |||||||
* | Bijou Brigitte AG | 23,422 | 668,627 | |||||||
Bilfinger SE | 205,392 | 7,218,482 | ||||||||
# * | Borussia Dortmund GmbH & Co. KGaA | 689,485 | 3,804,784 | |||||||
CANCOM SE | 237,362 | 16,410,002 | ||||||||
# * | CECONOMY AG | 1,041,518 | 5,081,504 | |||||||
CENIT AG | 54,144 | 908,887 | ||||||||
Cewe Stiftung & Co. KGAA | 44,522 | 6,221,412 | ||||||||
* | Commerzbank AG | 2,479,901 | 18,110,417 | |||||||
CompuGroup Medical SE & Co. KgaA | 201,911 | 16,877,941 | ||||||||
# * | Corestate Capital Holding SA | 81,658 | 963,504 | |||||||
CropEnergies AG | 180,904 | 2,596,759 | ||||||||
* | CTS Eventim AG & Co. KGaA | 44,928 | 3,267,637 | |||||||
Data Modul AG Produktion Und Vertrieb Von Elektronischen Systemen | 11,455 | 859,860 | ||||||||
Dermapharm Holding SE | 72,225 | 7,264,582 | ||||||||
Deutsche Beteiligungs AG | 115,972 | 5,358,845 | ||||||||
Deutsche EuroShop AG | 340,720 | 6,935,062 | ||||||||
# * | Deutsche Lufthansa AG | 268,798 | 1,776,893 | |||||||
Ω | Deutsche Pfandbriefbank AG | 1,147,060 | 14,232,554 | |||||||
* | Deutz AG | 1,082,957 | 9,076,846 | |||||||
DIC Asset AG | 387,433 | 6,800,843 | ||||||||
DMG Mori AG | 9,848 | 478,367 | ||||||||
# | Dr Hoenle AG | 35,520 | 1,716,448 | |||||||
Draegerwerk AG & Co. KGaA | 20,476 | 1,526,608 | ||||||||
Duerr AG | 412,337 | 18,688,327 | ||||||||
Eckert & Ziegler Strahlen- und Medizintechnik AG | 126,499 | 18,941,601 | ||||||||
* | EDAG Engineering Group AG | 51,353 | 691,484 | |||||||
Elmos Semiconductor SE | 1,926 | 89,673 | ||||||||
* | ElringKlinger AG | 218,091 | 3,081,088 | |||||||
# | Encavis AG | 316,928 | 6,641,519 | |||||||
Energiekontor AG | 2,998 | 270,467 | ||||||||
# * | Evotec SE | 81,829 | 3,966,654 | |||||||
Fabasoft AG | 509 | 19,727 | ||||||||
Fielmann AG | 131,199 | 8,651,750 | ||||||||
First Sensor AG | 5,878 | 298,829 | ||||||||
# * | flatexDEGIRO AG | 80,824 | 1,835,967 | |||||||
* | Francotyp-Postalia Holding AG, Class A | 54,074 | 183,360 | |||||||
* | Fraport AG Frankfurt Airport Services Worldwide | 107,116 | 7,666,450 | |||||||
Freenet AG | 1,000,321 | 25,763,506 | ||||||||
FUCHS PETROLUB SE | 110,216 | 4,060,521 | ||||||||
GEA Group AG | 742,082 | 36,548,405 | ||||||||
# | Gerresheimer AG | 261,448 | 23,988,547 | |||||||
* | Gesco AG | 55,404 | 1,511,284 | |||||||
GFT Technologies SE | 155,299 | 7,323,290 | ||||||||
* | Global Fashion Group SA | 76,275 | 686,821 | |||||||
Grand City Properties SA | 893,804 | 22,893,585 | ||||||||
GRENKE AG | 1,476 | 57,552 | ||||||||
* | H&R GmbH & Co. KGaA | 71,674 | 739,361 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
GERMANY — (Continued) | ||||||||||
Hamburger Hafen und Logistik AG | 191,371 | $ | 4,293,003 | |||||||
Hawesko Holding AG | 313 | 21,246 | ||||||||
* | Heidelberger Druckmaschinen AG | 1,571,322 | 4,040,316 | |||||||
# | Hella GmbH & Co. KGaA | 208,802 | 14,482,505 | |||||||
* | Highlight Communications AG | 98,406 | 451,124 | |||||||
Hochtief AG | 4,694 | 362,143 | ||||||||
* | HolidayCheck Group AG | 329,555 | 1,032,575 | |||||||
Hornbach Baumarkt AG | 69,699 | 3,132,671 | ||||||||
Hornbach Holding AG & Co. KGaA | 50,228 | 6,351,704 | ||||||||
Hugo Boss AG | 459,212 | 28,754,576 | ||||||||
* | Hypoport SE | 5,738 | 3,532,502 | |||||||
Indus Holding AG | 137,359 | 5,404,550 | ||||||||
Ω | Instone Real Estate Group AG | 36,903 | 972,842 | |||||||
IVU Traffic Technologies AG | 65,267 | 1,524,197 | ||||||||
Jenoptik AG | 412,949 | 15,806,857 | ||||||||
Ω | JOST Werke AG | 7,084 | 410,583 | |||||||
* | K+S AG | 1,479,794 | 25,500,212 | |||||||
* | Kloeckner & Co. SE | 529,174 | 7,109,749 | |||||||
* | Koenig & Bauer AG | 96,921 | 3,419,909 | |||||||
Krones AG | 114,103 | 11,758,845 | ||||||||
KSB SE & Co. KGaA | 3,293 | 1,690,670 | ||||||||
KWS Saat SE & Co. KGaA | 81,303 | 6,940,348 | ||||||||
Lanxess AG | 599,001 | 40,362,102 | ||||||||
Leifheit AG | 60,643 | 2,433,526 | ||||||||
# * | Leoni AG | 215,274 | 3,341,933 | |||||||
LPKF Laser & Electronics AG | 32,673 | 724,584 | ||||||||
* | Manz AG | 28,275 | 1,477,884 | |||||||
* | Mediclin AG | 86,554 | 410,573 | |||||||
* | Medigene AG | 116,971 | 485,432 | |||||||
* | Medios AG | 972 | 41,033 | |||||||
METRO AG | 605,145 | 7,649,717 | ||||||||
MLP SE | 427,133 | 4,117,884 | ||||||||
# * | MorphoSys AG | 87,234 | 4,105,777 | |||||||
* | Nagarro SE | 56,062 | 11,278,913 | |||||||
New Work SE | 20,199 | 4,930,958 | ||||||||
Nexus AG | 92,867 | 8,112,156 | ||||||||
# * | Nordex SE | 677,955 | 12,458,989 | |||||||
Norma Group SE | 234,408 | 10,070,414 | ||||||||
OHB SE | 37,995 | 1,664,532 | ||||||||
Patrizia AG | 351,407 | 9,711,184 | ||||||||
Pfeiffer Vacuum Technology AG | 48,041 | 11,991,794 | ||||||||
# | PNE AG | 491,579 | 4,746,903 | |||||||
* | Progress-Werk Oberkirch AG | 8,558 | 264,781 | |||||||
# | ProSiebenSat.1 Media SE | 1,393,286 | 23,338,566 | |||||||
PSI Software AG | 60,829 | 2,936,136 | ||||||||
* | PVA TePla AG | 51,372 | 2,342,219 | |||||||
* | q.beyond AG | 780,051 | 1,800,435 | |||||||
* | R Stahl AG | 14,952 | 387,715 | |||||||
Rheinmetall AG | 309,902 | 30,068,830 | ||||||||
# | S&T AG | 348,684 | 8,378,940 | |||||||
* | SAF-Holland SE | 338,167 | 4,697,545 | |||||||
* | Salzgitter AG | 298,078 | 10,936,473 | |||||||
Schloss Wachenheim AG | 6,929 | 158,602 | ||||||||
Ω | Scout24 AG | 78,417 | 5,461,433 | |||||||
Secunet Security Networks AG | 7,840 | 4,115,381 | ||||||||
* | SGL Carbon SE | 363,311 | 3,474,296 | |||||||
# | Siltronic AG | 146,283 | 22,821,635 | |||||||
* | Sixt SE | 98,740 | 17,023,983 | |||||||
# | SMA Solar Technology AG | 85,699 | 4,531,150 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
GERMANY — (Continued) | ||||||||||
# * | SNP Schneider-Neureither & Partner SE | 3,170 | $ | 163,915 | ||||||
Softing AG | 14,914 | 117,335 | ||||||||
Software AG | 377,227 | 15,514,759 | ||||||||
Stabilus SA | 176,786 | 13,275,476 | ||||||||
STRATEC SE | 27,854 | 4,448,531 | ||||||||
Stroeer SE & Co. KGaA | 201,474 | 17,086,812 | ||||||||
Suedzucker AG | 537,567 | 8,528,029 | ||||||||
* | SUESS MicroTec SE | 150,677 | 3,962,434 | |||||||
Surteco Group SE | 47,139 | 2,005,613 | ||||||||
TAG Immobilien AG | 1,033,296 | 31,392,640 | ||||||||
Takkt AG | 244,752 | 3,999,456 | ||||||||
* Ω | TeamViewer AG | 199,231 | 2,973,576 | |||||||
Technotrans SE | 46,673 | 1,380,206 | ||||||||
* | thyssenkrupp AG | 1,052,119 | 10,952,219 | |||||||
Traffic Systems SE | 36,351 | 1,897,540 | ||||||||
United Internet AG | 4,025 | 148,524 | ||||||||
# * | va-Q-tec AG | 2,370 | 75,081 | |||||||
# | Varta AG | 24,311 | 3,746,502 | |||||||
# | VERBIO Vereinigte BioEnergie AG | 173,398 | 13,787,039 | |||||||
* | Vivoryon Therapeutics NV | 5,400 | 113,041 | |||||||
Vossloh AG | 69,710 | 3,735,341 | ||||||||
Wacker Chemie AG | 59,024 | 10,666,043 | ||||||||
Wacker Neuson SE | 229,920 | 7,547,215 | ||||||||
Washtec AG | 79,231 | 5,155,847 | ||||||||
# * | Westwing Group AG | 41,567 | 1,303,806 | |||||||
Wuestenrot & Wuerttembergische AG | 115,851 | 2,413,168 | ||||||||
Zeal Network SE | 53,966 | 2,371,517 | ||||||||
* | zooplus AG | 5,201 | 2,876,627 | |||||||
TOTAL GERMANY | 1,025,532,378 | |||||||||
GREECE — (0.0%) | ||||||||||
†† | Alfa Alfa Energy SA | 3,810 | 0 | |||||||
†† | Neorion Holdings SA | 14,991 | 0 | |||||||
IRELAND — (1.0%) | ||||||||||
* | AIB Group PLC | 828,430 | 2,242,126 | |||||||
* | Bank of Ireland Group PLC | 6,006,044 | 35,779,124 | |||||||
Cairn Homes PLC | 1,784,468 | 2,316,651 | ||||||||
* | Dalata Hotel Group PLC | 184,865 | 790,773 | |||||||
* | Datalex PLC | 123,079 | 126,607 | |||||||
* | FBD Holdings PLC | 142,812 | 1,290,834 | |||||||
Glanbia PLC | 1,129,566 | 18,358,920 | ||||||||
* Ω | Glenveagh Properties PLC | 684,324 | 862,881 | |||||||
* | Irish Continental Group PLC | 820,853 | 4,049,222 | |||||||
* | Permanent TSB Group Holdings PLC | 252,400 | 466,490 | |||||||
TOTAL IRELAND | 66,283,628 | |||||||||
ISRAEL — (3.3%) | ||||||||||
Adgar Investment & Development Ltd. | 45,374 | 104,273 | ||||||||
# | Afcon Holdings Ltd. | 3,064 | 185,478 | |||||||
* | AFI Properties Ltd. | 109,219 | 5,672,809 | |||||||
Africa Israel Residences Ltd. | 3,453 | 188,358 | ||||||||
* | Airport City Ltd. | 285,028 | 5,441,238 | |||||||
Albaad Massuot Yitzhak Ltd. | 2,031 | 27,526 | ||||||||
# * | Allot Ltd. | 189,485 | 2,803,048 | |||||||
# * | Alrov Properties & Lodgings Ltd. | 49,832 | 2,741,115 | |||||||
Arad Ltd. | 19,614 | 292,836 | ||||||||
Ashtrom Group Ltd. | 196,526 | 4,595,282 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
ISRAEL — (Continued) | ||||||||||
# | Atreyu Capital Markets Ltd. | 4,320 | $ | 78,473 | ||||||
# | AudioCodes Ltd. | 33,035 | 1,151,761 | |||||||
Aura Investments Ltd. | 27,798 | 41,172 | ||||||||
# * | Avgol Industries 1953 Ltd. | 468,925 | 451,299 | |||||||
* | Azorim-Investment Development & Construction Co. Ltd. | 547,011 | 2,444,947 | |||||||
# * | Bet Shemesh Engines Holdings 1997 Ltd. | 21,702 | 546,460 | |||||||
Big Shopping Centers Ltd. | 20,438 | 3,065,341 | ||||||||
Blue Square Real Estate Ltd. | 36,759 | 2,844,243 | ||||||||
* | Brack Capital Properties NV | 18,347 | 2,141,616 | |||||||
* | Brainsway Ltd. | 17,217 | 69,097 | |||||||
# * | Camtek Ltd. | 115,637 | 4,644,733 | |||||||
Carasso Motors Ltd. | 132,164 | 776,387 | ||||||||
* | Cellcom Israel Ltd. | 495,333 | 1,874,343 | |||||||
# * | Ceragon Networks Ltd. | 266,244 | 934,516 | |||||||
* | Clal Insurance Enterprises Holdings Ltd. | 317,251 | 7,838,630 | |||||||
* | Compugen Ltd. | 120,052 | 761,005 | |||||||
Danel Adir Yeoshua Ltd. | 22,301 | 4,717,230 | ||||||||
Delek Automotive Systems Ltd. | 229,021 | 2,998,570 | ||||||||
* | Delek Group Ltd. | 27,859 | 2,320,237 | |||||||
# | Delta Galil Industries Ltd. | 71,313 | 3,662,045 | |||||||
Dor Alon Energy in Israel 1988 Ltd. | 16,285 | 466,913 | ||||||||
Duniec Brothers Ltd. | 1,134 | 63,060 | ||||||||
# | Electra Consumer Products 1970 Ltd. | 54,447 | 2,558,431 | |||||||
# | Electra Ltd. | 11,665 | 7,686,581 | |||||||
Electra Real Estate Ltd. | 35,266 | 549,771 | ||||||||
* | Ellomay Capital Ltd. | 1,340 | 41,259 | |||||||
# | Energix-Renewable Energies Ltd. | 131,262 | 617,795 | |||||||
# * | Enlight Renewable Energy Ltd. | 2,905,156 | 7,162,156 | |||||||
* | Equital Ltd. | 117,510 | 3,611,551 | |||||||
# * | Evogene Ltd. | 31,584 | 83,466 | |||||||
* | Fattal Holdings 1998 Ltd. | 6,095 | 655,008 | |||||||
FMS Enterprises Migun Ltd. | 19,186 | 620,776 | ||||||||
Formula Systems 1985 Ltd. | 63,135 | 6,800,476 | ||||||||
Formula Systems 1985 Ltd., Sponsored ADR | 640 | 68,941 | ||||||||
Fox Wizel Ltd. | 58,988 | 8,135,861 | ||||||||
# | Freshmarket Ltd. | 9,726 | 42,603 | |||||||
Gav-Yam Lands Corp. Ltd. | 670,458 | 7,979,704 | ||||||||
# | Gilat Satellite Networks Ltd. | 236,247 | 1,955,307 | |||||||
# | Hadera Paper Ltd. | 21,885 | 1,749,610 | |||||||
Harel Insurance Investments & Financial Services Ltd. | 709,910 | 7,936,963 | ||||||||
# | Hilan Ltd. | 102,277 | 5,669,462 | |||||||
IDI Insurance Co. Ltd. | 45,880 | 1,844,674 | ||||||||
IES Holdings Ltd. | 322 | 28,118 | ||||||||
Ilex Medical Ltd. | 1,832 | 66,567 | ||||||||
# | Inrom Construction Industries Ltd. | 359,755 | 1,848,730 | |||||||
Isracard Ltd. | 44,630 | 179,393 | ||||||||
Israel Canada T.R Ltd. | 142,161 | 686,110 | ||||||||
# | Israel Land Development - Urban Renewal Ltd. | 51,738 | 732,903 | |||||||
Isras Investment Co. Ltd. | 5,793 | 1,294,210 | ||||||||
# * | Issta Lines Ltd. | 13,336 | 338,264 | |||||||
# * | Itamar Medical Ltd. | 16,668 | 16,845 | |||||||
# * | Kamada Ltd. | 212,977 | 1,218,151 | |||||||
Kenon Holdings Ltd. | 132,631 | 5,324,288 | ||||||||
Kerur Holdings Ltd. | 32,654 | 983,265 | ||||||||
# | Klil Industries Ltd. | 5,696 | 526,290 | |||||||
M Yochananof & Sons Ltd. | 735 | 50,736 | ||||||||
Magic Software Enterprises Ltd. | 134,651 | 2,862,419 | ||||||||
# | Malam - Team Ltd. | 7,935 | 266,982 | |||||||
Matrix IT Ltd. | 230,989 | 6,271,653 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
ISRAEL — (Continued) | ||||||||||
# | Maytronics Ltd. | 186,704 | $ | 4,413,351 | ||||||
Mediterranean Towers Ltd. | 434,044 | 1,357,001 | ||||||||
Mega Or Holdings Ltd. | 82,181 | 3,255,409 | ||||||||
* | Mehadrin Ltd. | 1,666 | 97,357 | |||||||
Meitav Dash Investments Ltd. | 132,413 | 716,153 | ||||||||
Menora Mivtachim Holdings Ltd. | 183,161 | 4,237,325 | ||||||||
Migdal Insurance & Financial Holdings Ltd. | 2,632,241 | 4,479,523 | ||||||||
Mivne Real Estate KD Ltd. | 293,458 | 1,069,916 | ||||||||
# | Mivtach Shamir Holdings Ltd. | 27,751 | 998,523 | |||||||
Mizrahi Tefahot Bank Ltd. | 1 | 38 | ||||||||
* | Naphtha Israel Petroleum Corp. Ltd. | 244,337 | 1,514,337 | |||||||
# | Nawi Brothers Ltd. | 120,452 | 1,071,767 | |||||||
* | Neto Malinda Trading Ltd. | 541 | 16,851 | |||||||
Neto ME Holdings Ltd. | 9,852 | 487,547 | ||||||||
* | Nova Ltd. | 97,194 | 10,378,728 | |||||||
Novolog Ltd. | 77,254 | 71,374 | ||||||||
# | NR Spuntech Industries Ltd. | 76,176 | 199,158 | |||||||
# * | Oil Refineries Ltd. | 12,149,257 | 3,287,377 | |||||||
# | One Software Technologies Ltd. | 36,860 | 630,688 | |||||||
# * | OPC Energy Ltd. | 91,888 | 961,848 | |||||||
# * | Partner Communications Co. Ltd. | 814,741 | 4,119,733 | |||||||
# * | Paz Oil Co. Ltd. | 61,029 | 7,778,377 | |||||||
* | Perion Network Ltd. | 68,990 | 1,927,851 | |||||||
Plasson Industries Ltd. | 20,201 | 1,512,086 | ||||||||
Prashkovsky Investments & Construction Ltd. | 1,390 | 43,817 | ||||||||
Priortech Ltd. | 1,827 | 57,147 | ||||||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 52,258 | 3,934,411 | ||||||||
Scope Metals Group Ltd. | 47,147 | 2,126,986 | ||||||||
Shufersal Ltd. | 375,024 | 3,105,963 | ||||||||
* | Summit Real Estate Holdings Ltd. | 215,385 | 3,912,849 | |||||||
Suny Cellular Communication Ltd. | 312,529 | 144,430 | ||||||||
Tadiran Group Ltd. | 16,403 | 2,138,780 | ||||||||
# | Tel Aviv Stock Exchange Ltd. | 4,097 | 22,453 | |||||||
* | Tera Light Ltd. | 183,161 | 462,482 | |||||||
Tiv Taam Holdings 1 Ltd. | 5,700 | 17,607 | ||||||||
# | Victory Supermarket Chain Ltd. | 2,032 | 43,668 | |||||||
YH Dimri Construction & Development Ltd. | 13,830 | 992,844 | ||||||||
TOTAL ISRAEL | 225,995,115 | |||||||||
ITALY — (8.3%) | ||||||||||
A2A SpA | 12,233,648 | 25,743,846 | ||||||||
ACEA SpA | 389,250 | 8,443,561 | ||||||||
* | Aeffe SpA | 177,250 | 514,393 | |||||||
Ω | Anima Holding SpA | 2,288,575 | 12,160,209 | |||||||
* | Aquafil SpA | 83,333 | 751,865 | |||||||
* | Arnoldo Mondadori Editore SpA | 1,052,111 | 2,432,772 | |||||||
Ascopiave SpA | 477,634 | 1,945,606 | ||||||||
* | Autogrill SpA | 10,773 | 84,573 | |||||||
Autostrade Meridionali SpA | 3,917 | 128,053 | ||||||||
# | Avio SpA | 110,432 | 1,469,278 | |||||||
Azimut Holding SpA | 906,940 | 26,118,330 | ||||||||
# * | Banca Generali SpA | 479,643 | 22,564,658 | |||||||
Banca IFIS SpA | 213,020 | 3,939,086 | ||||||||
# | Banca Mediolanum SpA | 433,126 | 4,364,657 | |||||||
# * | Banca Monte dei Paschi di Siena SpA | 213,039 | 254,571 | |||||||
Banca Popolare di Sondrio SCPA | 3,196,495 | 13,890,423 | ||||||||
Banca Profilo SpA | 1,711,765 | 413,403 | ||||||||
# * Ω | Banca Sistema SpA | 414,926 | 1,086,549 | |||||||
# | Banco BPM SpA | 12,107,842 | 37,652,859 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
ITALY — (Continued) | ||||||||||
Banco di Desio e della Brianza SpA | 241,954 | $ | 895,396 | |||||||
Be Shaping The Future SpA | 533,191 | 1,431,733 | ||||||||
Ω | BFF Bank SpA | 995,372 | 8,912,594 | |||||||
BPER Banca | 7,710,672 | 16,906,161 | ||||||||
Brembo SpA | 671,736 | 8,823,008 | ||||||||
* | Brunello Cucinelli SpA | 253,564 | 15,383,769 | |||||||
Buzzi Unicem SpA | 667,359 | 15,565,110 | ||||||||
Cairo Communication SpA | 553,009 | 1,157,514 | ||||||||
Ω | Carel Industries SpA | 16,045 | 463,011 | |||||||
Cementir Holding NV | 355,007 | 3,727,353 | ||||||||
* | CIR SpA-Compagnie Industriali | 2,173,202 | 1,197,345 | |||||||
Credito Emiliano SpA | 616,798 | 4,679,645 | ||||||||
# * | d’Amico International Shipping SA | 1,821,713 | 217,217 | |||||||
Danieli & C Officine Meccaniche SpA | 54,367 | 1,174,572 | ||||||||
# | Danieli & C Officine Meccaniche SpA | 102,606 | 3,454,041 | |||||||
De’ Longhi SpA | 398,689 | 15,596,680 | ||||||||
DeA Capital SpA | 690,835 | 1,067,250 | ||||||||
Digital Bros SpA | 29,466 | 1,426,433 | ||||||||
Ω | doValue SpA | 16,231 | 155,641 | |||||||
* | Elica SpA | 166,709 | 692,759 | |||||||
Emak SpA | 529,457 | 1,233,297 | ||||||||
* Ω | Enav SpA | 117,855 | 517,175 | |||||||
ERG SpA | 413,402 | 14,933,699 | ||||||||
Esprinet SpA | 276,233 | 3,588,158 | ||||||||
# * | Eurotech SpA | 216,751 | 1,257,989 | |||||||
Fila SpA | 142,640 | 1,720,999 | ||||||||
# * | Fincantieri SpA | 3,504,948 | 2,756,134 | |||||||
# †† | Finmatica SpA | 5,960 | 0 | |||||||
* | FNM SpA | 1,412,345 | 1,095,594 | |||||||
Gefran SpA | 35,925 | 469,497 | ||||||||
# * | Geox SpA | 400,340 | 508,302 | |||||||
Gruppo MutuiOnline SpA | 172,390 | 8,418,318 | ||||||||
Hera SpA | 5,824,869 | 23,830,941 | ||||||||
* | Illimity Bank SpA | 118,459 | 1,869,764 | |||||||
* | IMMSI SpA | 1,310,992 | 786,869 | |||||||
* | Intek Group SpA | 1,885,608 | 740,951 | |||||||
Interpump Group SpA | 73,726 | 5,430,808 | ||||||||
Iren SpA | 4,806,713 | 14,937,749 | ||||||||
Italgas SpA | 3,792,959 | 24,098,500 | ||||||||
Italmobiliare SpA | 76,857 | 2,697,343 | ||||||||
* | IVS Group SA | 58,424 | 428,853 | |||||||
# * | Juventus Football Club SpA | 2,997,765 | 2,423,961 | |||||||
La Doria SpA | 97,056 | 1,861,756 | ||||||||
* | Leonardo SpA | 1,656,501 | 12,154,693 | |||||||
LU-VE SpA | 5,064 | 137,936 | ||||||||
Maire Tecnimont SpA | 1,069,316 | 4,607,747 | ||||||||
# * †† | Mariella Burani Fashion Group SpA | 22,744 | 0 | |||||||
Mediaset NV | 3,564,565 | 10,013,357 | ||||||||
Openjobmetis SpA agenzia per il lavoro | 63,025 | 838,444 | ||||||||
* Ω | OVS SpA | 1,754,591 | 5,040,099 | |||||||
Pharmanutra SpA | 700 | 55,048 | ||||||||
Piaggio & C SpA | 1,284,185 | 4,305,023 | ||||||||
Ω | Pirelli & C SpA | 2,722,781 | 16,746,035 | |||||||
# * | Prima Industrie SpA | 32,067 | 708,473 | |||||||
Ω | RAI Way SpA | 600,362 | 3,633,998 | |||||||
Reno de Medici SpA | 1,344,060 | 2,257,424 | ||||||||
Reply SpA | 148,015 | 28,730,201 | ||||||||
Rizzoli Corriere Della Sera Mediagroup SpA | 956,821 | 786,870 | ||||||||
Sabaf SpA | 60,619 | 1,950,921 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
ITALY — (Continued) | ||||||||||
SAES Getters SpA | 900 | $ | 26,738 | |||||||
# * | Safilo Group SpA | 26,144 | 47,258 | |||||||
# * | Saipem SpA | 3,496,778 | 7,661,352 | |||||||
* | Saras SpA | 4,759,491 | 3,533,443 | |||||||
* | Servizi Italia SpA | 50,192 | 120,897 | |||||||
Sesa SpA | 57,043 | 11,191,183 | ||||||||
# * | Sogefi SpA | 411,547 | 652,458 | |||||||
SOL SpA | 189,619 | 4,357,330 | ||||||||
Tamburi Investment Partners SpA | 860,785 | 9,717,051 | ||||||||
Ω | Technogym SpA | 818,967 | 8,607,900 | |||||||
Tinexta SpA | 133,397 | 5,913,224 | ||||||||
# * | Tiscali SpA | 2,577,711 | 52,180 | |||||||
* | Tod’s SpA | 83,275 | 4,593,294 | |||||||
TXT e-solutions SpA | 61,268 | 626,672 | ||||||||
Ω | Unieuro SpA | 154,222 | 3,623,573 | |||||||
Unipol Gruppo SpA | 3,525,971 | 20,251,022 | ||||||||
UnipolSai Assicurazioni SpA | 69,983 | 202,650 | ||||||||
Webuild SpA | 1,282,257 | 3,174,391 | ||||||||
Wiit SpA | 2,125 | 75,085 | ||||||||
Zignago Vetro SpA | 181,037 | 3,647,956 | ||||||||
TOTAL ITALY | 562,534,507 | |||||||||
NETHERLANDS — (6.7%) | ||||||||||
Aalberts NV | 720,618 | 39,885,206 | ||||||||
* | Accell Group NV | 159,811 | 6,588,702 | |||||||
# * | AFC Ajax NV | 13,955 | 240,350 | |||||||
# | AMG Advanced Metallurgical Group NV | 191,502 | 5,648,370 | |||||||
* | Amsterdam Commodities NV | 30,979 | 869,579 | |||||||
APERAM SA | 370,635 | 22,098,597 | ||||||||
Arcadis NV | 543,636 | 26,497,175 | ||||||||
ASR Nederland NV | 931,393 | 43,537,226 | ||||||||
* | Avantium NV | 1,640 | 7,268 | |||||||
Ω | B&S Group Sarl | 1,733 | 15,663 | |||||||
# * Ω | Basic-Fit NV | 259,446 | 12,597,616 | |||||||
BE Semiconductor Industries NV | 464,004 | 42,394,069 | ||||||||
# * | Beter Bed Holding NV | 27,380 | 166,028 | |||||||
Boskalis Westminster | 608,352 | 18,143,629 | ||||||||
Brunel International NV | 155,477 | 2,136,336 | ||||||||
Corbion NV | 409,080 | 19,424,109 | ||||||||
Ω | Flow Traders | 248,665 | 8,440,775 | |||||||
ForFarmers NV | 214,677 | 1,023,674 | ||||||||
# * | Fugro NV | 492,784 | 4,176,601 | |||||||
* Ω | GrandVision NV | 173,216 | 5,684,214 | |||||||
Heijmans NV | 156,398 | 2,177,196 | ||||||||
* | Hunter Douglas NV | 17,912 | 2,133,134 | |||||||
IMCD NV | 226,957 | 50,394,583 | ||||||||
* Ω | Intertrust NV | 472,154 | 7,139,080 | |||||||
Kendrion NV | 97,269 | 2,250,984 | ||||||||
* | Koninklijke BAM Groep NV | 1,890,164 | 5,486,095 | |||||||
Koninklijke Vopak NV | 264,177 | 10,513,687 | ||||||||
# * Ω | Lucas Bols BV | 23,064 | 269,857 | |||||||
Nedap NV | 33,400 | 2,336,314 | ||||||||
* | OCI NV | 522,007 | 14,798,119 | |||||||
Ordina NV | 637,656 | 2,657,933 | ||||||||
# * | Pharming Group NV | 273,983 | 230,254 | |||||||
# | PostNL NV | 3,733,258 | 16,202,786 | |||||||
SBM Offshore NV | 1,178,894 | 18,612,700 | ||||||||
SIF Holding NV | 34,182 | 557,283 | ||||||||
Ω | Signify NV | 673,043 | 32,613,232 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
NETHERLANDS — (Continued) | ||||||||||
* | Sligro Food Group NV | 166,461 | $ | 4,459,317 | ||||||
# †† | SNS NV | 705,718 | 0 | |||||||
# | TKH Group NV | 275,251 | 15,680,236 | |||||||
# * | TomTom NV | 483,754 | 4,157,205 | |||||||
Van Lanschot Kempen NV | 119,261 | 3,307,116 | ||||||||
TOTAL NETHERLANDS | 455,552,298 | |||||||||
NORWAY — (2.0%) | ||||||||||
# | 2020 Bulkers Ltd. | 3,024 | 40,805 | |||||||
ABG Sundal Collier Holding ASA | 2,446,501 | 2,698,342 | ||||||||
* | Akastor ASA | 781,213 | 543,436 | |||||||
# * | Aker Solutions ASA | 1,753,802 | 4,976,855 | |||||||
American Shipping Co. ASA | 236,690 | 874,983 | ||||||||
* | ArcticZymes Technologies ASA | 39,048 | 410,687 | |||||||
Arendals Fossekompani AS | 2,250 | 105,202 | ||||||||
Atea ASA | 376,861 | 7,042,019 | ||||||||
# * | Atlantic Sapphire ASA | 67,633 | 340,783 | |||||||
# * | Axactor SE | 946,461 | 911,431 | |||||||
* | B2Holding ASA | 1,390,160 | 1,524,162 | |||||||
Bank Norwegian ASA | 672,342 | 8,338,415 | ||||||||
Bonheur ASA | 146,347 | 5,784,971 | ||||||||
# * | Borr Drilling Ltd. | 65,386 | 66,352 | |||||||
Borregaard ASA | 533,915 | 12,965,296 | ||||||||
Bouvet ASA | 19,729 | 158,081 | ||||||||
# * | BW Energy Ltd. | 240,850 | 788,610 | |||||||
Ω | BW LPG Ltd. | 662,186 | 3,539,025 | |||||||
BW Offshore Ltd. | 759,145 | 2,472,206 | ||||||||
* Ω | Crayon Group Holding ASA | 96,912 | 2,263,173 | |||||||
* | DNO ASA | 3,329,878 | 4,855,514 | |||||||
Ω | Europris ASA | 1,186,781 | 8,788,076 | |||||||
Ω | Fjordkraft Holding ASA | 45,087 | 268,440 | |||||||
FLEX LNG Ltd. | 204,864 | 4,140,955 | ||||||||
# | Frontline Ltd. | 597,796 | 5,313,544 | |||||||
Golden Ocean Group Ltd. | 274,826 | 2,485,582 | ||||||||
# * | Grieg Seafood ASA | 346,230 | 3,850,274 | |||||||
* | Hexagon Composites ASA | 640,597 | 2,580,293 | |||||||
# * | IDEX Biometrics ASA | 560,544 | 168,329 | |||||||
Ω | Kid ASA | 12,008 | 160,803 | |||||||
Kitron ASA | 124,865 | 265,460 | ||||||||
Komplett Bank ASA | 33,724 | 30,507 | ||||||||
# * | Kongsberg Automotive ASA | 4,148,425 | 1,482,536 | |||||||
* | Magnora ASA | 5,528 | 12,292 | |||||||
Medistim ASA | 255 | 11,440 | ||||||||
# * | MPC Container Ships AS | 920,394 | 2,181,203 | |||||||
* | Next Biometrics Group AS | 125,389 | 101,982 | |||||||
# * | Nordic Nanovector ASA | 361,611 | 1,141,678 | |||||||
* | Nordic Semiconductor ASA | 32,227 | 957,470 | |||||||
* Ω | Norske Skog ASA | 25,340 | 104,187 | |||||||
Norway Royal Salmon ASA | 93,951 | 1,978,159 | ||||||||
* | Norwegian Energy Co. ASA | 2,292 | 44,477 | |||||||
* | NRC Group ASA | 6,559 | 12,994 | |||||||
Ocean Yield ASA | 367,917 | 1,787,514 | ||||||||
# * | Odfjell Drilling Ltd. | 586,600 | 1,482,129 | |||||||
* | Odfjell SE, Class A | 137,586 | 514,784 | |||||||
Olav Thon Eiendomsselskap ASA | 102,815 | 2,261,758 | ||||||||
# * | Otello Corp. ASA | 571,363 | 1,941,745 | |||||||
Pareto Bank ASA | 14,702 | 107,344 | ||||||||
* | PCI Biotech Holding ASA | 15,812 | 26,700 | |||||||
# * | PGS ASA | 2,078,421 | 849,026 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
NORWAY — (Continued) | ||||||||||
* | PhotoCure ASA | 5,202 | $ | 73,407 | ||||||
# * Ω | poLight ASA | 920 | 12,557 | |||||||
Protector Forsikring ASA | 438,078 | 5,077,146 | ||||||||
* | Q-Free ASA | 32,883 | 31,404 | |||||||
# * | REC Silicon ASA | 1,473,908 | 2,676,836 | |||||||
* | SATS ASA | 14,064 | 35,660 | |||||||
Ω | Sbanken ASA | 486,979 | 5,712,445 | |||||||
Selvaag Bolig ASA | 309,083 | 1,902,338 | ||||||||
* | Solon Eiendom ASA | 53,023 | 242,178 | |||||||
Sparebank 1 Oestlandet | 6,673 | 109,950 | ||||||||
SpareBank 1 SR-Bank ASA | 2,742 | 42,053 | ||||||||
TGS ASA | 248,332 | 2,290,274 | ||||||||
Treasure ASA | 314,079 | 559,047 | ||||||||
* | Ultimovacs ASA | 12,553 | 187,935 | |||||||
Veidekke ASA | 640,408 | 9,228,280 | ||||||||
# * | Volue ASA | 224 | 1,563 | |||||||
* | Wallenius Wilhelmsen ASA | 412,785 | 1,890,984 | |||||||
Wilh Wilhelmsen Holding ASA, Class A | 68,304 | 1,511,933 | ||||||||
# Ω | XXL ASA | 787,885 | 1,305,290 | |||||||
TOTAL NORWAY | 138,643,309 | |||||||||
PORTUGAL — (0.7%) | ||||||||||
Altri SGPS SA | 537,332 | 3,481,700 | ||||||||
# * | Banco Comercial Portugues SA, Class R | 47,085,514 | 8,494,968 | |||||||
†† | Banco Espirito Santo SA | 4,777,921 | 0 | |||||||
Corticeira Amorim SGPS SA | 96,949 | 1,349,922 | ||||||||
# | CTT-Correios de Portugal SA | 722,501 | 3,970,523 | |||||||
* | Greenvolt-Energias Renovaveis SA | 9,769 | 76,729 | |||||||
* | Ibersol SGPS SA | 40,114 | 230,250 | |||||||
# * | Mota-Engil SGPS SA | 641,747 | 1,001,794 | |||||||
# | Navigator Co. SA | 1,912,042 | 7,473,334 | |||||||
NOS SGPS SA | 1,736,593 | 6,775,096 | ||||||||
# * | Novabase SGPS SA | 72,649 | 395,894 | |||||||
REN - Redes Energeticas Nacionais SGPS SA | 3,108,358 | 9,469,537 | ||||||||
Sonae SGPS SA | 7,021,578 | 7,729,237 | ||||||||
TOTAL PORTUGAL | 50,448,984 | |||||||||
SPAIN — (5.2%) | ||||||||||
Acciona SA | 85,202 | 16,362,442 | ||||||||
Acerinox SA | 1,221,481 | 17,005,847 | ||||||||
# * †† | Adveo Group International SA | 84,445 | 0 | |||||||
Ω | Aedas Homes SA | 23,122 | 664,543 | |||||||
Alantra Partners SA | 70,405 | 1,309,552 | ||||||||
Almirall SA | 496,655 | 7,385,593 | ||||||||
# * | Amper SA | 5,903,684 | 1,319,889 | |||||||
Applus Services SA | 915,379 | 8,285,467 | ||||||||
* | Atresmedia Corp. de Medios de Comunicacion SA | 541,919 | 2,209,000 | |||||||
# | Azkoyen SA | 67,253 | 450,553 | |||||||
* | Banco de Sabadell SA | 36,662,284 | 29,505,685 | |||||||
Bankinter SA | 4,259,580 | 23,453,290 | ||||||||
# * †† | Caja de Ahorros del Mediterraneo | 116,412 | 0 | |||||||
Cia de Distribucion Integral Logista Holdings SA | 384,094 | 8,186,078 | ||||||||
CIE Automotive SA | 401,403 | 10,926,125 | ||||||||
* | Construcciones y Auxiliar de Ferrocarriles SA | 130,686 | 5,756,996 | |||||||
# * | Deoleo SA | 37,749 | 14,599 | |||||||
* | Distribuidora Internacional de Alimentacion SA | 3,729,910 | 68,152 | |||||||
# | Ebro Foods SA | 529,626 | 10,510,706 | |||||||
* | eDreams ODIGEO SA | 427,530 | 3,755,547 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
SPAIN — (Continued) | ||||||||||
Elecnor SA | 200,108 | $ | 2,444,452 | |||||||
# | Enagas SA | 1,045,470 | 23,459,790 | |||||||
* | Ence Energia y Celulosa SA | 988,129 | 2,543,068 | |||||||
* | Ercros SA | 643,000 | 2,601,734 | |||||||
Faes Farma SA | 2,022,017 | 8,236,978 | ||||||||
Fluidra SA | 324,873 | 12,407,873 | ||||||||
Fomento de Construcciones y Contratas SA | 361,953 | 4,614,403 | ||||||||
* Ω | Gestamp Automocion SA | 643,219 | 2,875,877 | |||||||
Ω | Global Dominion Access SA | 695,411 | 3,730,791 | |||||||
Grupo Catalana Occidente SA | 271,573 | 9,645,370 | ||||||||
Grupo Empresarial San Jose SA | 151,317 | 752,002 | ||||||||
# * | Grupo Ezentis SA | 1,629,459 | 502,237 | |||||||
Iberpapel Gestion SA | 47,911 | 1,089,637 | ||||||||
* | Indra Sistemas SA | 957,080 | 11,575,242 | |||||||
Laboratorio Reig Jofre SA | 14,659 | 67,823 | ||||||||
Laboratorios Farmaceuticos Rovi SA | 101,310 | 7,107,974 | ||||||||
# | Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 3,802,314 | 7,633,647 | |||||||
Mapfre SA | 1,222,333 | 2,588,038 | ||||||||
* | Mediaset Espana Comunicacion SA | 1,094,655 | 5,709,097 | |||||||
* | Melia Hotels International SA | 736,073 | 5,433,419 | |||||||
Ω | Metrovacesa SA | 29,551 | 259,090 | |||||||
# | Miquel y Costas & Miquel SA | 142,055 | 1,970,060 | |||||||
Ω | Neinor Homes SA | 69,192 | 892,519 | |||||||
# * | Obrascon Huarte Lain SA | 1,213,629 | 988,034 | |||||||
* | Oryzon Genomics SA | 35,547 | 125,672 | |||||||
# | Pharma Mar SA | 32,993 | 2,566,390 | |||||||
Prim SA | 40,283 | 672,652 | ||||||||
* | Promotora de Informaciones SA, Class A | 1,330,083 | 929,366 | |||||||
Ω | Prosegur Cash SA | 158,555 | 108,905 | |||||||
Prosegur Cia de Seguridad SA | 1,593,388 | 4,521,570 | ||||||||
* | Realia Business SA | 1,667,905 | 1,418,079 | |||||||
Renta 4 Banco SA | 442 | 4,862 | ||||||||
Sacyr SA | 3,029,915 | 8,636,598 | ||||||||
* | Solaria Energia y Medio Ambiente SA | 435,695 | 8,719,212 | |||||||
* | Solarpack Corp. Tecnologica SA | 3,377 | 103,366 | |||||||
* Ω | Talgo SA | 587,102 | 3,248,677 | |||||||
# * | Tecnicas Reunidas SA | 188,993 | 1,709,151 | |||||||
# * | Tubacex SA | 738,150 | 1,470,041 | |||||||
# * | Tubos Reunidos SA | 34,204 | 15,724 | |||||||
Ω | Unicaja Banco SA | 8,005,465 | 8,565,582 | |||||||
# | Vidrala SA | 123,220 | 13,040,234 | |||||||
Viscofan SA | 290,403 | 19,857,953 | ||||||||
* | Vocento SA | 352,577 | 418,521 | |||||||
Zardoya Otis SA | 1,131,276 | 9,096,312 | ||||||||
TOTAL SPAIN | 351,528,086 | |||||||||
SWEDEN — (8.8%) | ||||||||||
Ω | AcadeMedia AB | 437,894 | 3,140,700 | |||||||
AddLife AB, Class B | 251,737 | 10,284,440 | ||||||||
AddNode Group AB, Class B | 88,499 | 3,667,454 | ||||||||
AddTech AB, Class B | 137,673 | 3,080,045 | ||||||||
AFRY AB | 306,988 | 9,135,052 | ||||||||
Ω | Alimak Group AB | 254,539 | 3,453,216 | |||||||
Ω | Ambea AB | 164,144 | 1,139,760 | |||||||
* | Annehem Fastigheter AB, Class B | 126,142 | 541,254 | |||||||
* | Arise AB | 70,657 | 354,227 | |||||||
Arjo AB, Class B | 1,036,474 | 14,134,663 | ||||||||
Atrium Ljungberg AB, Class B | 245,333 | 5,633,437 | ||||||||
* Ω | Attendo AB | 733,120 | 3,150,596 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
SWEDEN — (Continued) | ||||||||||
* | Balco Group AB | 979 | $ | 14,501 | ||||||
Beijer Alma AB | 294,953 | 7,401,908 | ||||||||
* | Beijer Electronics Group AB | 93,898 | 829,741 | |||||||
Bergman & Beving AB | 193,579 | 3,493,862 | ||||||||
Bergs Timber AB, Class B | 62,277 | 39,624 | ||||||||
Besqab AB | 21,962 | 453,543 | ||||||||
Betsson AB, Class B | 925,914 | 6,462,899 | ||||||||
* | BHG Group AB | 351,076 | 4,048,201 | |||||||
Bilia AB, Class A | 620,818 | 11,039,055 | ||||||||
BioGaia AB, Class B | 64,027 | 3,948,825 | ||||||||
Biotage AB | 414,491 | 13,412,951 | ||||||||
Bjorn Borg AB | 13,009 | 57,225 | ||||||||
Bonava AB, Class B | 529,583 | 5,231,860 | ||||||||
# * Ω | Boozt AB | 233,012 | 3,925,357 | |||||||
Ω | Bravida Holding AB | 749,559 | 11,274,370 | |||||||
Bufab AB | 215,726 | 9,202,092 | ||||||||
Bulten AB | 115,761 | 1,041,793 | ||||||||
Bure Equity AB | 362,388 | 16,821,084 | ||||||||
Byggmax Group AB | 451,504 | 3,870,842 | ||||||||
# * | Calliditas Therapeutics AB, Class B | 75,130 | 595,409 | |||||||
Catella AB | 25,263 | 113,284 | ||||||||
Catena AB | 167,709 | 10,218,078 | ||||||||
# * | Catena Media PLC | 317,750 | 2,116,979 | |||||||
* | Cavotec SA | 79,682 | 210,918 | |||||||
Cellavision AB | 18,793 | 856,163 | ||||||||
# | Clas Ohlson AB, Class B | 237,047 | 2,552,219 | |||||||
Cloetta AB, Class B | 1,709,190 | 5,429,374 | ||||||||
* | Collector AB | 247,746 | 1,220,365 | |||||||
Concentric AB | 354,479 | 10,432,883 | ||||||||
Ω | Coor Service Management Holding AB | 314,448 | 3,054,772 | |||||||
Corem Property Group AB, Class B | 4,350,002 | 14,438,128 | ||||||||
Dios Fastigheter AB | 767,655 | 8,931,258 | ||||||||
* | Doro AB | 155,569 | 1,210,285 | |||||||
* | Duni AB | 215,342 | 2,999,020 | |||||||
# Ω | Dustin Group AB | 528,662 | 6,466,120 | |||||||
Eastnine AB | 126,421 | 2,200,411 | ||||||||
Elanders AB, Class B | 59,878 | 1,033,298 | ||||||||
* | Electrolux Professional AB, Class B | 217,107 | 1,677,375 | |||||||
* Ω | Eltel AB | 206,068 | 419,711 | |||||||
* | Enea AB | 102,697 | 2,832,209 | |||||||
Eolus Vind AB, Class B | 35,068 | 644,152 | ||||||||
eWork Group AB | 32,666 | 417,365 | ||||||||
Fagerhult AB | 300,931 | 2,411,332 | ||||||||
FastPartner AB, Class A | 1,130 | 16,101 | ||||||||
FastPartner AB, Class D | 35 | 328 | ||||||||
# | Fenix Outdoor International AG | 19,605 | 2,886,238 | |||||||
Ferronordic AB | 1,301 | 44,498 | ||||||||
# * | Fingerprint Cards AB, Class B | 634,700 | 1,519,016 | |||||||
# | G5 Entertainment AB | 35,644 | 1,955,071 | |||||||
GARO AB | 1,190 | 29,917 | ||||||||
GHP Specialty Care AB | 41,172 | 123,255 | ||||||||
Granges AB | 815,935 | 8,899,324 | ||||||||
* | Haldex AB | 331,448 | 1,984,066 | |||||||
Heba Fastighets AB, Class B | 134,907 | 2,210,366 | ||||||||
Hexatronic Group AB | 43,431 | 1,906,065 | ||||||||
HMS Networks AB | 136,807 | 7,811,446 | ||||||||
# * Ω | Hoist Finance AB | 489,300 | 1,723,268 | |||||||
* | Humana AB | 126,275 | 1,053,691 | |||||||
* | IAR Systems Group AB | 1,213 | 13,708 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
SWEDEN — (Continued) | ||||||||||
# * | Immunovia AB | 8,077 | $ | 111,674 | ||||||
Instalco AB | 79,528 | 4,227,618 | ||||||||
Inwido AB | 457,409 | 8,386,038 | ||||||||
JM AB | 481,244 | 19,498,354 | ||||||||
* | John Mattson Fastighetsforetagen AB | 7,007 | 143,750 | |||||||
Karnov Group AB | 26,847 | 172,497 | ||||||||
* | Karo Pharma AB | 9,885 | 65,142 | |||||||
* | K-fast Holding AB | 4,327 | 39,667 | |||||||
Kindred Group PLC | 610,171 | 8,574,287 | ||||||||
KNOW IT AB | 200,212 | 8,059,664 | ||||||||
# | Kungsleden AB | 1,416,636 | 19,482,573 | |||||||
Lagercrantz Group AB, Class B | 1,399,809 | 18,743,650 | ||||||||
Ω | LeoVegas AB | 497,758 | 1,883,710 | |||||||
Lime Technologies AB | 8,592 | 347,347 | ||||||||
Lindab International AB | 596,103 | 19,529,994 | ||||||||
Loomis AB, Class B | 363,693 | 9,815,208 | ||||||||
* | Medcap AB | 4,211 | 98,019 | |||||||
* | Mekonomen AB | 306,155 | 6,316,287 | |||||||
# | Midsona AB, Class B | 8,545 | 53,263 | |||||||
MIPS AB | 41,429 | 5,015,874 | ||||||||
* | Modern Times Group MTG AB, Class B | 523,005 | 5,997,215 | |||||||
Momentum Group AB, Class B | 137,415 | 3,530,364 | ||||||||
Ω | Munters Group AB | 17,672 | 130,775 | |||||||
Mycronic AB | 438,731 | 10,181,176 | ||||||||
NCAB Group AB | 1,185 | 94,283 | ||||||||
NCC AB, Class B | 269,582 | 4,670,873 | ||||||||
Nederman Holding AB | 30,189 | 665,873 | ||||||||
* | Nelly Group AB | 47,409 | 164,351 | |||||||
* | Net Insight AB, Class B | 1,391,434 | 523,707 | |||||||
* | New Wave Group AB, Class B | 426,925 | 7,245,769 | |||||||
Nobia AB | 899,689 | 5,545,160 | ||||||||
Ω | Nobina AB | 732,991 | 7,020,948 | |||||||
Nolato AB, Class B | 1,581,189 | 20,905,552 | ||||||||
Nordic Waterproofing Holding AB | 67,508 | 2,007,240 | ||||||||
* | Note AB | 3,676 | 77,434 | |||||||
NP3 Fastigheter AB | 157,719 | 5,602,291 | ||||||||
Nyfosa AB | 1,333,045 | 22,499,671 | ||||||||
OEM International AB, Class B | 143,694 | 3,232,415 | ||||||||
# * Ω | Oncopeptides AB | 38,454 | 17,421 | |||||||
* | Pandox AB, Class B | 318,921 | 5,620,185 | |||||||
Peab AB, Class B | 355,576 | 4,469,461 | ||||||||
Platzer Fastigheter Holding AB, Class B | 250,352 | 4,079,764 | ||||||||
Pricer AB, Class B | 892,974 | 2,671,723 | ||||||||
Proact IT Group AB | 186,907 | 1,884,815 | ||||||||
* | Qliro AB | 70,318 | 220,790 | |||||||
Ratos AB, Class B | 1,561,734 | 8,991,229 | ||||||||
* | RaySearch Laboratories AB | 160,684 | 1,142,441 | |||||||
Ω | Resurs Holding AB | 866,858 | 4,671,426 | |||||||
Rottneros AB | 672,020 | 782,939 | ||||||||
# * | SAS AB | 6,054,659 | 1,053,843 | |||||||
Scandi Standard AB | 397,762 | 1,983,208 | ||||||||
# * Ω | Scandic Hotels Group AB | 497,612 | 2,406,943 | |||||||
* | Sdiptech AB, Class B | 7,857 | 409,663 | |||||||
Sectra AB, Class B | 550,055 | 13,386,369 | ||||||||
Semcon AB | 118,592 | 1,700,356 | ||||||||
# * | Sensys Gatso Group AB | 2,726,230 | 307,619 | |||||||
* | SkiStar AB | 326,050 | 6,801,445 | |||||||
* | Starbreeze AB | 37,435 | 5,333 | |||||||
* | Stillfront Group AB | 160,648 | 717,386 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
SWEDEN — (Continued) | ||||||||||
# | Systemair AB | 360,836 | $ | 3,482,818 | ||||||
Tethys Oil AB | 86,203 | 627,608 | ||||||||
Troax Group AB | 214,262 | 8,772,124 | ||||||||
VBG Group AB, Class B | 26,732 | 516,470 | ||||||||
Vitec Software Group AB, Class B | 30,000 | 1,770,617 | ||||||||
Wihlborgs Fastigheter AB | 595,255 | 14,112,451 | ||||||||
TOTAL SWEDEN | 598,208,203 | |||||||||
SWITZERLAND — (15.1%) | ||||||||||
Adecco Group AG | 96,510 | 4,862,177 | ||||||||
Allreal Holding AG | 118,457 | 25,053,150 | ||||||||
ALSO Holding AG | 47,951 | 14,230,156 | ||||||||
* | ams AG | 1,241,971 | 24,588,933 | |||||||
* | APG SGA SA | 8,849 | 1,999,895 | |||||||
Arbonia AG | 343,677 | 7,472,159 | ||||||||
* | Aryzta AG | 7,086,156 | 9,265,969 | |||||||
* | Ascom Holding AG | 199,345 | 3,102,913 | |||||||
* | Autoneum Holding AG | 24,022 | 3,760,329 | |||||||
Bachem Holding AG, Class B | 6,229 | 5,014,087 | ||||||||
Baloise Holding AG | 78,580 | 12,522,513 | ||||||||
Banque Cantonale de Geneve | 9,528 | 1,748,386 | ||||||||
Banque Cantonale du Jura SA | 3,848 | 223,528 | ||||||||
Banque Cantonale Vaudoise | 77,595 | 6,247,355 | ||||||||
Belimo Holding AG | 62,238 | 36,184,269 | ||||||||
Bell Food Group AG | 14,632 | 4,696,887 | ||||||||
Bellevue Group AG | 57,974 | 2,602,869 | ||||||||
Berner Kantonalbank AG | 30,281 | 6,963,397 | ||||||||
BKW AG | 162,650 | 21,549,029 | ||||||||
* | Bobst Group SA | 68,727 | 5,596,710 | |||||||
Bossard Holding AG, Class A | 44,391 | 16,303,975 | ||||||||
Bucher Industries AG | 55,557 | 28,039,159 | ||||||||
Burckhardt Compression Holding AG | 734 | 309,147 | ||||||||
Burkhalter Holding AG | 28,640 | 2,073,327 | ||||||||
Bystronic AG | 9,740 | 13,392,351 | ||||||||
Calida Holding AG | 37,539 | 1,989,357 | ||||||||
# | Carlo Gavazzi Holding AG | 3,077 | 848,458 | |||||||
Cembra Money Bank AG | 190,227 | 12,698,502 | ||||||||
Cicor Technologies Ltd. | 15,422 | 987,623 | ||||||||
Cie Financiere Tradition SA | 10,803 | 1,314,828 | ||||||||
Clariant AG | 607,633 | 12,792,212 | ||||||||
Coltene Holding AG | 26,808 | 3,389,680 | ||||||||
Comet Holding AG | 13,558 | 5,044,814 | ||||||||
* | COSMO Pharmaceuticals NV | 1,793 | 136,402 | |||||||
Daetwyler Holding AG | 4,136 | 1,609,056 | ||||||||
DKSH Holding AG | 239,714 | 19,214,204 | ||||||||
dormakaba Holding AG | 24,243 | 17,968,995 | ||||||||
* | Dottikon Es Holding AG | 1,800 | 661,013 | |||||||
* | Dufry AG | 308,204 | 16,318,245 | |||||||
EFG International AG | 687,616 | 4,822,645 | ||||||||
Emmi AG | 15,691 | 16,373,888 | ||||||||
Energiedienst Holding AG | 83,637 | 4,233,893 | ||||||||
# * | Evolva Holding SA | 3,349,123 | 511,637 | |||||||
* | Feintool International Holding AG | 16,000 | 944,024 | |||||||
* | Flughafen Zurich AG | 133,405 | 24,091,216 | |||||||
Forbo Holding AG | 8,787 | 17,095,042 | ||||||||
Fundamenta Real Estate AG | 1,593 | 34,357 | ||||||||
Ω | Galenica AG | 93,749 | 6,866,823 | |||||||
* | GAM Holding AG | 1,195,762 | 1,926,052 | |||||||
Georg Fischer AG | 32,352 | 48,950,258 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
SWITZERLAND — (Continued) | ||||||||||
Gurit Holding AG | 3,022 | $ | 5,246,197 | |||||||
Helvetia Holding AG | 249,056 | 29,635,381 | ||||||||
Hiag Immobilien Holding AG | 20,971 | 2,220,390 | ||||||||
# * | HOCHDORF Holding AG | 6,697 | 299,976 | |||||||
Huber & Suhner AG | 97,132 | 8,639,895 | ||||||||
Hypothekarbank Lenzburg AG | 6 | 27,510 | ||||||||
* | Implenia AG | 107,391 | 2,190,319 | |||||||
# * | Ina Invest Holding AG | 25,352 | 511,625 | |||||||
Inficon Holding AG | 14,710 | 18,874,486 | ||||||||
Interroll Holding AG | 4,928 | 23,908,178 | ||||||||
Intershop Holding AG | 10,420 | 6,517,612 | ||||||||
Investis Holding SA | 4,392 | 488,958 | ||||||||
* | Jungfraubahn Holding AG | 17,432 | 2,736,203 | |||||||
Kardex Holding AG | 48,471 | 14,950,476 | ||||||||
* | Komax Holding AG | 21,726 | 5,537,750 | |||||||
# | Kudelski SA | 217,692 | 868,019 | |||||||
Landis+Gyr Group AG | 74,312 | 5,108,773 | ||||||||
* | Lastminute.com NV | 8,188 | 392,470 | |||||||
LEM Holding SA | 3,920 | 9,503,722 | ||||||||
Liechtensteinische Landesbank AG | 64,323 | 3,797,611 | ||||||||
Luzerner Kantonalbank AG | 20,110 | 9,293,923 | ||||||||
* Ω | Medacta Group SA | 3,335 | 558,375 | |||||||
* Ω | Medartis Holding AG | 2,942 | 386,892 | |||||||
* Ω | Medmix AG | 143,103 | 6,841,780 | |||||||
* | Meier Tobler Group AG | 45,826 | 968,253 | |||||||
Metall Zug AG | 1,092 | 2,475,878 | ||||||||
# * | Meyer Burger Technology AG | 2,931,882 | 1,399,176 | |||||||
* | Mikron Holding AG | 8,692 | 74,136 | |||||||
Mobilezone Holding AG | 286,137 | 3,850,415 | ||||||||
Mobimo Holding AG | 57,045 | 19,225,099 | ||||||||
OC Oerlikon Corp. AG | 1,697,772 | 17,286,204 | ||||||||
# * | Orascom Development Holding AG | 93,520 | 1,102,411 | |||||||
Orell Fuessli AG | 5,028 | 513,033 | ||||||||
Orior AG | 37,151 | 3,815,474 | ||||||||
Peach Property Group AG | 1,034 | 70,019 | ||||||||
Phoenix Mecano AG | 4,517 | 2,198,068 | ||||||||
Plazza AG, Class A | 6,895 | 2,507,749 | ||||||||
PSP Swiss Property AG | 341,202 | 42,652,293 | ||||||||
* | Rieter Holding AG | 21,873 | 4,540,347 | |||||||
Romande Energie Holding SA | 2,640 | 3,919,877 | ||||||||
# | Schaffner Holding AG | 3,363 | 1,044,305 | |||||||
Schweiter Technologies AG | 7,236 | 10,391,255 | ||||||||
# | Schweizerische Nationalbank | 23 | 128,212 | |||||||
* Ω | Sensirion Holding AG | 14,393 | 2,074,336 | |||||||
SFS Group AG | 128,752 | 17,342,186 | ||||||||
Siegfried Holding AG | 33,622 | 32,339,058 | ||||||||
SIG Combibloc Group AG | 74,956 | 1,960,301 | ||||||||
Softwareone Holding AG | 206,099 | 4,775,706 | ||||||||
St Galler Kantonalbank AG | 17,366 | 8,003,909 | ||||||||
Sulzer AG | 143,103 | 14,067,737 | ||||||||
Swiss Prime Site AG | 70,268 | 7,143,887 | ||||||||
* | Swiss Steel Holding AG | 3,266,809 | 1,254,400 | |||||||
Swissquote Group Holding SA | 85,926 | 17,430,019 | ||||||||
Tecan Group AG | 9,035 | 5,535,764 | ||||||||
Thurgauer Kantonalbank | 3,152 | 363,458 | ||||||||
# * | Tornos Holding AG | 26,632 | 217,704 | |||||||
* | TX Group AG | 19,090 | 3,153,773 | |||||||
* | u-blox Holding AG | 54,104 | 3,959,462 | |||||||
Valiant Holding AG | 110,273 | 10,915,051 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
SWITZERLAND — (Continued) | ||||||||||
* | Valora Holding AG | 29,410 | $ | 5,596,997 | ||||||
Ω | VAT Group AG | 148,293 | 70,888,598 | |||||||
Vaudoise Assurances Holding SA | 6,746 | 3,399,284 | ||||||||
Vetropack Holding AG | 66,692 | 4,104,982 | ||||||||
Vifor Pharma AG | 16,210 | 2,093,129 | ||||||||
* | Von Roll Holding AG | 378,198 | 503,449 | |||||||
Vontobel Holding AG | 233,275 | 21,603,372 | ||||||||
VP Bank AG, Class A | 24,056 | 2,708,731 | ||||||||
VZ Holding AG | 90,310 | 9,168,076 | ||||||||
* | V-ZUG Holding AG | 10,820 | 1,522,417 | |||||||
Walliser Kantonalbank | 18,991 | 2,096,857 | ||||||||
Warteck Invest AG | 27 | 71,084 | ||||||||
Ypsomed Holding AG | 9,309 | 1,541,252 | ||||||||
Zehnder Group AG | 86,306 | 9,289,901 | ||||||||
Zug Estates Holding AG, Class B | 1,186 | 2,564,306 | ||||||||
Zuger Kantonalbank AG | 700 | 5,017,843 | ||||||||
TOTAL SWITZERLAND | 1,028,031,648 | |||||||||
UNITED KINGDOM — (0.1%) | ||||||||||
Stolt-Nielsen Ltd. | 195,297 | 3,012,147 | ||||||||
# * | TORM PLC, Class A | 202,039 | 1,648,746 | |||||||
TOTAL UNITED KINGDOM | 4,660,893 | |||||||||
UNITED STATES — (0.0%) | ||||||||||
* | Arko Corp. | 135,431 | 1,294,368 | |||||||
TOTAL COMMON STOCKS | 6,449,989,909 | |||||||||
PREFERRED STOCKS — (0.9%) | ||||||||||
GERMANY — (0.9%) | ||||||||||
Biotest AG | 96,750 | 4,681,099 | ||||||||
Draegerwerk AG & Co. KGaA | 65,997 | 5,199,849 | ||||||||
FUCHS PETROLUB SE | 349,339 | 16,754,570 | ||||||||
Jungheinrich AG | 364,914 | 18,505,718 | ||||||||
Sixt SE | 119,845 | 11,874,154 | ||||||||
STO SE & Co. KGaA | 15,899 | 3,578,507 | ||||||||
Villeroy & Boch AG | 41,086 | 1,138,591 | ||||||||
TOTAL GERMANY | 61,732,488 | |||||||||
RIGHTS/WARRANTS — (0.0%) | ||||||||||
AUSTRIA — (0.0%) | ||||||||||
* | CA Immobilien Anlagen AG Rights Exp 07/26/21 | 497,492 | 0 | |||||||
# * | Porr AG Rights 11/03/21 | 75,457 | 12,299 | |||||||
TOTAL AUSTRIA | 12,299 | |||||||||
ITALY — (0.0%) | ||||||||||
# * | Webuild SpA Warrants 08/02/30 | 116,039 | 0 | |||||||
PORTUGAL — (0.0%) | ||||||||||
* | Ibersol SGPS SA Rights 11/12/21 | 40,114 | 13,912 |
The Continental Small Company Series
CONTINUED
Shares | Value» | |||||||||
SPAIN — (0.0%) | ||||||||||
# * | Miquel y Costas & Miquel SA Rights 11/01/21 | 142,055 | $ | 715,382 | ||||||
TOTAL RIGHTS/WARRANTS | 741,593 | |||||||||
TOTAL INVESTMENT SECURITIES (Cost $4,543,679,052) | 6,512,463,990 | |||||||||
Value† | ||||||||||
SECURITIES LENDING COLLATERAL — (4.4%) | ||||||||||
@ § | The DFA Short Term Investment Fund | 25,693,219 | 297,270,547 | |||||||
TOTAL INVESTMENTS — (100.0%) (Cost $4,840,922,007) | $ | 6,809,734,537 |
ADR | American Depositary Receipt |
BAM | Build America Mutual |
SA | Special Assessment |
» | Securities that have been fair value factored. See Note B to Financial Statements. |
Ω | Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Fund’s Liquidity Guidelines. The liquidity determination is unaudited. |
# | Total or Partial Securities on Loan. |
* | Non-Income Producing Securities. |
†† | Security valued using significant unobservable inputs (Level 3). |
† | See Note B to Financial Statements. |
@ | Security purchased with cash collateral received from Securities on Loan. |
§ | Affiliated Fund. |
Summary of the Series’ investments as of October 31, 2021, 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 | — | $ | 213,970,956 | — | $ | 213,970,956 | ||||||||||
Belgium | $ | 7,688,844 | 254,356,424 | — | 262,045,268 | |||||||||||
Canada | — | 709,749 | — | 709,749 | ||||||||||||
Denmark | — | 359,699,369 | — | 359,699,369 | ||||||||||||
Finland | — | 394,584,226 | — | 394,584,226 | ||||||||||||
France | — | 710,226,064 | $ | 40,860 | 710,266,924 | |||||||||||
Germany | 14,482,505 | 1,011,049,873 | — | 1,025,532,378 | ||||||||||||
Ireland | — | 66,283,628 | — | 66,283,628 | ||||||||||||
Israel | 1,561,556 | 224,433,559 | — | 225,995,115 | ||||||||||||
Italy | — | 562,534,507 | — | 562,534,507 | ||||||||||||
Netherlands | — | 455,552,298 | — | 455,552,298 | ||||||||||||
Norway | — | 138,643,309 | — | 138,643,309 | ||||||||||||
Portugal | — | 50,448,984 | — | 50,448,984 | ||||||||||||
Spain | — | 351,528,086 | — | 351,528,086 | ||||||||||||
Sweden | — | 598,208,203 | — | 598,208,203 | ||||||||||||
Switzerland | 6,841,780 | 1,021,189,868 | — | 1,028,031,648 | ||||||||||||
United Kingdom | — | 4,660,893 | — | 4,660,893 | ||||||||||||
United States | — | 1,294,368 | — | 1,294,368 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Germany | — | 61,732,488 | — | 61,732,488 | ||||||||||||
Rights/Warrants | ||||||||||||||||
Austria | — | 12,299 | — | 12,299 | ||||||||||||
Portugal | — | 13,912 | — | 13,912 |
The Continental Small Company Series
CONTINUED
Investments in Securities (Market Value) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Spain | — | $ | 715,382 | — | $ | 715,382 | ||||||||||
Securities Lending Collateral | — | 297,270,547 | — | 297,270,547 | ||||||||||||
TOTAL | $ | 30,574,685 | $ | 6,779,118,992 | $40,860^ | $ | 6,809,734,537 |
^ | A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets. |
See accompanying Notes to Financial Statements.
The Canadian Small Company Series
SCHEDULE OF INVESTMENTS
October 31, 2021
Shares | Value» | |||||||||
COMMON STOCKS — (84.0%) | ||||||||||
COMMUNICATION SERVICES — (1.2%) | ||||||||||
* | AcuityAds Holdings, Inc. | 101,377 | $ | 646,303 | ||||||
* | Aimia, Inc. | 747,208 | 2,928,215 | |||||||
Cogeco Communications, Inc. | 79,382 | 6,817,641 | ||||||||
Cogeco, Inc. | 28,934 | 1,925,972 | ||||||||
# | Corus Entertainment, Inc., Class B | 1,028,921 | 4,664,065 | |||||||
* | Enthusiast Gaming Holdings, Inc. | 18,353 | 55,907 | |||||||
* | MDF Commerce, Inc. | 42,774 | 199,077 | |||||||
* | TeraGo, Inc. | 2,400 | 10,511 | |||||||
# * | WildBrain Ltd. | 612,863 | 1,931,291 | |||||||
# | Yellow Pages Ltd. | 105,820 | 1,213,305 | |||||||
TOTAL COMMUNICATION SERVICES | 20,392,287 | |||||||||
CONSUMER DISCRETIONARY — (5.3%) | ||||||||||
* | Aritzia, Inc. | 463,368 | 18,248,672 | |||||||
* | AutoCanada, Inc. | 139,673 | 5,032,336 | |||||||
BMTC Group, Inc. | 20,581 | 221,342 | ||||||||
* | Bragg Gaming Group, Inc. | 4,700 | 37,597 | |||||||
# * | Canada Goose Holdings, Inc. | 291,927 | 10,829,815 | |||||||
* | Dorel Industries, Inc., Class B | 109,158 | 1,966,890 | |||||||
Exco Technologies Ltd. | 164,124 | 1,294,320 | ||||||||
* | Gamehost, Inc. | 88,499 | 586,370 | |||||||
# * | Goodfood Market Corp. | 29,234 | 179,524 | |||||||
Leon’s Furniture Ltd. | 171,679 | 3,495,726 | ||||||||
Linamar Corp. | 249,534 | 13,724,773 | ||||||||
Martinrea International, Inc. | 518,668 | 4,815,365 | ||||||||
MTY Food Group, Inc. | 108,643 | 5,310,983 | ||||||||
# | Park Lawn Corp. | 185,122 | 5,522,547 | |||||||
Pizza Pizza Royalty Corp. | 165,479 | 1,569,751 | ||||||||
* | Points International Ltd. | 61,677 | 1,077,865 | |||||||
Pollard Banknote Ltd. | 49,129 | 1,857,819 | ||||||||
* | Recipe Unlimited Corp. | 88,994 | 1,392,149 | |||||||
* | Reitmans Canada Ltd., Class A | 125,155 | 108,206 | |||||||
# | Sleep Country Canada Holdings, Inc. | 197,990 | 5,556,070 | |||||||
# * | Spin Master Corp. | 148,575 | 5,142,981 | |||||||
* | Uni-Select, Inc. | 234,916 | 3,380,619 | |||||||
TOTAL CONSUMER DISCRETIONARY | 91,351,720 | |||||||||
CONSUMER STAPLES — (4.4%) | ||||||||||
* | Alcanna, Inc. | 139,850 | 909,658 | |||||||
Andrew Peller Ltd., Class A | 168,200 | 1,153,861 | ||||||||
Corby Spirit & Wine Ltd. | 87,267 | 1,257,954 | ||||||||
High Liner Foods, Inc. | 102,188 | 1,085,789 | ||||||||
# | Jamieson Wellness, Inc. | 275,646 | 8,488,097 | |||||||
# | KP Tissue, Inc. | 45,700 | 395,112 | |||||||
Lassonde Industries, Inc., Class A | 18,100 | 2,573,868 | ||||||||
# | Maple Leaf Foods, Inc. | 417,087 | 9,092,604 | |||||||
* | Mav Beauty Brands, Inc. | 7,000 | 12,613 | |||||||
# | North West Co., Inc. | 319,480 | 8,681,409 | |||||||
# | Premium Brands Holdings Corp., Class A | 197,300 | 21,322,620 | |||||||
Primo Water Corp. | 813,424 | 12,948,006 | ||||||||
Primo Water Corp. | 96,682 | 1,537,244 | ||||||||
# | Rogers Sugar, Inc. | 712,254 | 3,245,889 |
The Canadian Small Company Series
CONTINUED
Shares | Value» | |||||||||
CONSUMER STAPLES — (Continued) | ||||||||||
# *,* | SunOpta, Inc. | 349,280 | $ | 2,709,407 | ||||||
TOTAL CONSUMER STAPLES | 75,414,131 | |||||||||
ENERGY — (17.1%) | ||||||||||
* | Advantage Energy Ltd. | 1,194,867 | 6,767,952 | |||||||
# * | Africa Oil Corp. | 1,333,299 | 2,143,879 | |||||||
ARC Resources Ltd. | 2,991,363 | 28,690,593 | ||||||||
* | Athabasca Oil Corp. | 2,177,410 | 1,794,569 | |||||||
Birchcliff Energy Ltd. | 1,616,675 | 8,686,885 | ||||||||
# | Canacol Energy Ltd. | 963,916 | 3,021,975 | |||||||
* | Cardinal Energy Ltd. | 416,127 | 1,570,226 | |||||||
CES Energy Solutions Corp. | 1,312,438 | 2,046,708 | ||||||||
Computer Modelling Group Ltd. | 464,145 | 2,032,697 | ||||||||
# | Crescent Point Energy Corp. | 3,081,200 | 15,486,466 | |||||||
* | Crew Energy, Inc. | 384,876 | 948,507 | |||||||
# * | Denison Mines Corp. | 3,512,489 | 5,960,106 | |||||||
# | Enerflex Ltd. | 510,065 | 4,348,082 | |||||||
# * | Energy Fuels, Inc. | 347,960 | 2,744,091 | |||||||
# | Enerplus Corp. | 1,315,408 | 12,456,839 | |||||||
# * | Ensign Energy Services, Inc. | 741,132 | 1,221,646 | |||||||
# * | Fission Uranium Corp. | 1,962,000 | 1,648,739 | |||||||
# | Freehold Royalties Ltd. | 602,289 | 5,757,174 | |||||||
* | Frontera Energy Corp. | 270,637 | 1,926,561 | |||||||
# | Gibson Energy, Inc. | 940,791 | 18,958,733 | |||||||
# * | Gran Tierra Energy, Inc. | 1,845,435 | 1,684,988 | |||||||
* | Headwater Exploration, Inc. | 242,657 | 960,746 | |||||||
* | InPlay Oil Corp. | 10,100 | 15,506 | |||||||
# * | Kelt Exploration Ltd. | 773,541 | 3,125,166 | |||||||
# | Keyera Corp. | 445,938 | 11,429,503 | |||||||
* †† | Lightstream Resources Ltd. | 687,816 | 0 | |||||||
* | MEG Energy Corp. | 2,470,617 | 22,138,932 | |||||||
# | North American Construction Group Ltd. | 143,818 | 2,475,196 | |||||||
* | NuVista Energy Ltd. | 1,107,388 | 5,485,042 | |||||||
Ovintiv, Inc. | 5,148 | 193,133 | ||||||||
Paramount Resources Ltd., Class A | 389,930 | 6,518,791 | ||||||||
# | Parex Resources, Inc. | 786,291 | 15,267,108 | |||||||
# | Parkland Corp. | 763,190 | 22,206,264 | |||||||
Pason Systems, Inc. | 395,944 | 2,943,346 | ||||||||
# | Peyto Exploration & Development Corp. | 930,313 | 7,336,664 | |||||||
PHX Energy Services Corp. | 98,928 | 399,677 | ||||||||
* | Pine Cliff Energy Ltd. | 87,000 | 56,238 | |||||||
# | PrairieSky Royalty Ltd. | 1,064,207 | 13,096,212 | |||||||
# *,* | Precision Drilling Corp. | 82,333 | 3,644,809 | |||||||
# * | Questerre Energy Corp., Class A | 797,460 | 103,098 | |||||||
# | Secure Energy Services, Inc. | 1,146,494 | 5,308,185 | |||||||
* | ShawCor Ltd. | 371,654 | 1,600,611 | |||||||
* | Storm Resources Ltd. | 169,823 | 757,452 | |||||||
* | Surge Energy, Inc. | 13,859 | 60,357 | |||||||
* | Tamarack Valley Energy Ltd. | 1,165,080 | 3,389,050 | |||||||
TerraVest Industries, Inc. | 4,300 | 90,162 | ||||||||
Tidewater Midstream & Infrastructure Ltd. | 1,346,778 | 1,621,444 | ||||||||
* | Total Energy Services, Inc. | 233,040 | 945,267 | |||||||
# * | Touchstone Exploration, Inc. | 28,397 | 43,366 | |||||||
* | TransGlobe Energy Corp. | 46,857 | 124,563 | |||||||
* | Trican Well Service Ltd. | 1,182,224 | 3,314,737 | |||||||
# *,* | Vermilion Energy, Inc. | 949,975 | 10,300,286 | |||||||
# | Whitecap Resources, Inc. | 3,150,760 | 18,915,763 |
The Canadian Small Company Series
CONTINUED
Shares | Value» | |||||||||
ENERGY — (Continued) | ||||||||||
# * | Yangarra Resources Ltd. | 323,471 | $ | 509,671 | ||||||
TOTAL ENERGY | 294,273,761 | |||||||||
FINANCIALS — (9.6%) | ||||||||||
AGF Management Ltd., Class B | 333,248 | 2,124,537 | ||||||||
# | Alaris Equity Partners Income | 153,883 | 2,305,261 | |||||||
# | Canaccord Genuity Group, Inc. | 514,390 | 5,951,895 | |||||||
# | Canadian Western Bank | 475,702 | 15,217,390 | |||||||
# | Chesswood Group Ltd. | 56,542 | 610,147 | |||||||
CI Financial Corp. | 967,840 | 22,068,879 | ||||||||
Clairvest Group, Inc. | 1,900 | 91,492 | ||||||||
# | ECN Capital Corp. | 2,488,693 | 21,637,311 | |||||||
E-L Financial Corp. Ltd. | 7,178 | 5,248,884 | ||||||||
# | Element Fleet Management Corp. | 1,811,383 | 19,685,764 | |||||||
Equitable Group, Inc. | 126,484 | 7,899,118 | ||||||||
# | Fiera Capital Corp., Class A | 359,719 | 3,086,794 | |||||||
# | Firm Capital Mortgage Investment Corp. | 185,919 | 2,197,798 | |||||||
First National Financial Corp. | 79,319 | 2,669,389 | ||||||||
goeasy Ltd. | 45,560 | 7,139,549 | ||||||||
# * | GoldMoney, Inc. | 125,000 | 240,385 | |||||||
Guardian Capital Group Ltd., Class A | 92,214 | 2,577,313 | ||||||||
# * | Home Capital Group, Inc., Class B | 303,217 | 9,839,362 | |||||||
iA Financial Corp., Inc. | 87,275 | 5,162,737 | ||||||||
Kingsway Financial Services, Inc. | 13,070 | 71,625 | ||||||||
# | Laurentian Bank of Canada | 412,090 | 13,875,073 | |||||||
# * | RF Capital Group, Inc. | 170,238 | 291,616 | |||||||
# | Sprott, Inc. | 138,034 | 5,614,916 | |||||||
Timbercreek Financial Corp. | 529,052 | 4,159,402 | ||||||||
* | Trisura Group Ltd. | 190,120 | 6,425,921 | |||||||
VersaBank | 900 | 10,748 | ||||||||
TOTAL FINANCIALS | 166,203,306 | |||||||||
HEALTH CARE — (1.2%) | ||||||||||
# | Andlauer Healthcare Group, Inc. | 18,840 | 734,054 | |||||||
* | Aptose Biosciences, Inc. | 75,121 | 154,304 | |||||||
# * | Aurora Cannabis, Inc. | 358,300 | 2,376,248 | |||||||
* | Charlottes Web Holdings, Inc. | 49,894 | 81,437 | |||||||
# * | Cronos Group, Inc. | 498,909 | 2,589,338 | |||||||
# | Extendicare, Inc. | 506,839 | 2,965,024 | |||||||
# * | HEXO Corp. | 77,100 | 113,337 | |||||||
HLS Therapeutics, Inc. | 16,100 | 247,172 | ||||||||
* | Knight Therapeutics, Inc. | 808,695 | 3,358,672 | |||||||
# | Medical Facilities Corp. | 163,242 | 1,218,775 | |||||||
# * | Oncolytics Biotech, Inc. | 33,485 | 68,309 | |||||||
* | Opsens, Inc. | 6,100 | 14,984 | |||||||
# *,* | Organigram Holdings, Inc. | 1,103,091 | 2,435,362 | |||||||
# | Sienna Senior Living, Inc. | 332,956 | 3,817,587 | |||||||
* | Trillium Therapeutics, Inc. | 40,600 | 734,677 | |||||||
* | Viemed Healthcare, Inc. | 74,749 | 428,479 | |||||||
Zenith Capital Corp. | 111,820 | 28,976 | ||||||||
TOTAL HEALTH CARE | 21,366,735 | |||||||||
INDUSTRIALS — (10.3%) | ||||||||||
Aecon Group, Inc. | 342,354 | 5,106,541 | ||||||||
# | AG Growth International, Inc. | 136,123 | 2,991,714 | |||||||
Algoma Central Corp. | 48,800 | 679,005 | ||||||||
# * | ATS Automation Tooling Systems, Inc. | 441,354 | 15,017,305 | |||||||
# | Badger Infrastructure Solutions Ltd. | 167,591 | 4,624,461 |
The Canadian Small Company Series
CONTINUED
Shares | Value» | |||||||||
INDUSTRIALS — (Continued) | ||||||||||
# | Bird Construction, Inc. | 286,252 | $ | 2,331,464 | ||||||
* | Black Diamond Group Ltd. | 237,417 | 869,020 | |||||||
* | Bombardier, Inc., Class A | 184,650 | 310,336 | |||||||
# * | Bombardier, Inc., Class B | 6,140,801 | 9,874,106 | |||||||
Calian Group Ltd. | 50,690 | 2,523,032 | ||||||||
Dexterra Group, Inc. | 162,543 | 1,175,467 | ||||||||
# * | DIRTT Environmental Solutions | 310,570 | 1,003,781 | |||||||
# | Doman Building Materials Group Ltd. | 337,453 | 1,848,684 | |||||||
Exchange Income Corp. | 113,793 | 3,916,921 | ||||||||
Finning International, Inc. | 890,113 | 26,352,408 | ||||||||
* | GDI Integrated Facility Services, Inc. | 37,021 | 1,561,786 | |||||||
Hardwoods Distribution, Inc. | 59,241 | 1,981,242 | ||||||||
* | Heroux-Devtek, Inc. | 245,951 | 3,666,610 | |||||||
* | IBI Group, Inc. | 120,500 | 1,170,338 | |||||||
K-Bro Linen, Inc. | 61,553 | 1,842,213 | ||||||||
LifeWorks, Inc. | 401,948 | 10,389,719 | ||||||||
Magellan Aerospace Corp. | 114,378 | 979,643 | ||||||||
# | Mullen Group Ltd. | 446,365 | 4,616,574 | |||||||
# | NFI Group, Inc. | 325,072 | 6,587,594 | |||||||
* | Patriot One Technologies, Inc. | 120,000 | 45,087 | |||||||
Richelieu Hardware Ltd. | 361,973 | 12,778,442 | ||||||||
# | Russel Metals, Inc. | 339,623 | 8,954,346 | |||||||
# | Savaria Corp. | 185,714 | 2,930,668 | |||||||
# | SNC-Lavalin Group, Inc. | 655,742 | 17,638,697 | |||||||
Stantec, Inc. | 287,574 | 15,893,715 | ||||||||
Wajax Corp. | 104,085 | 2,078,168 | ||||||||
* | Westport Fuel Systems, Inc. | 33,123 | 108,975 | |||||||
# | Westshore Terminals Investment Corp. | 262,257 | 5,672,770 | |||||||
TOTAL INDUSTRIALS | 177,520,832 | |||||||||
INFORMATION TECHNOLOGY — (2.7%) | ||||||||||
Absolute Software Corp. | 303,292 | 3,406,399 | ||||||||
* | Celestica, Inc. | 616,713 | 6,078,051 | |||||||
* | Descartes Systems Group, Inc. | 23,881 | 1,952,749 | |||||||
Enghouse Systems Ltd. | 263,395 | 11,422,438 | ||||||||
Evertz Technologies Ltd. | 146,939 | 1,682,390 | ||||||||
# * | Kinaxis, Inc. | 99,954 | 15,513,223 | |||||||
# | Quarterhill, Inc. | 586,379 | 1,203,460 | |||||||
# * | Sierra Wireless, Inc. | 241,452 | 4,046,311 | |||||||
TECSYS, Inc. | 14,563 | 658,842 | ||||||||
Vecima Networks, Inc. | 6,059 | 79,311 | ||||||||
* | VIQ Solutions, Inc. | 9,600 | 23,581 | |||||||
TOTAL INFORMATION TECHNOLOGY | 46,066,755 | |||||||||
MATERIALS — (20.7%) | ||||||||||
* | 5N Plus, Inc. | 414,065 | 1,030,479 | |||||||
# | Acadian Timber Corp. | 65,067 | 968,434 | |||||||
# | AirBoss of America Corp. | 112,538 | 2,928,025 | |||||||
Alamos Gold, Inc.,Class A | 2,160,039 | 16,022,322 | ||||||||
# | Altius Minerals Corp. | 208,691 | 2,665,970 | |||||||
# * | Americas Gold & Silver Corp. | 86,596 | 81,167 | |||||||
* | Amerigo Resources Ltd. | 189,208 | 198,748 | |||||||
* | Argonaut Gold, Inc. | 1,706,606 | 4,329,948 | |||||||
* | Aya Gold & Silver, Inc. | 16,800 | 125,158 | |||||||
# | B2Gold Corp. | 3,774,483 | 15,603,771 | |||||||
# * | Calibre Mining Corp. | 231,489 | 276,829 | |||||||
# * | Canfor Corp. | 341,978 | 7,084,935 | |||||||
* | Canfor Pulp Products, Inc. | 138,951 | 754,485 |
The Canadian Small Company Series
CONTINUED
Shares | Value» | |||||||||
MATERIALS — (Continued) | ||||||||||
# * | Capstone Mining Corp. | 2,456,528 | $ | 10,301,697 | ||||||
# | Cascades, Inc. | 495,489 | 5,741,203 | |||||||
# | Centerra Gold, Inc. | 1,270,606 | 9,527,493 | |||||||
China Gold International Resources Corp. Ltd. | 1,488,085 | 4,292,553 | ||||||||
# * | Copper Mountain Mining Corp. | 690,855 | 2,121,242 | |||||||
# | Dundee Precious Metals, Inc. | 972,180 | 6,394,267 | |||||||
* | Eldorado Gold Corp. | 775,507 | 6,938,399 | |||||||
# | Endeavour Mining PLC | 421,513 | 10,708,128 | |||||||
# * | Endeavour Silver Corp. | 360,197 | 1,816,119 | |||||||
# *,* | Equinox Gold Corp. | 664,574 | 4,930,636 | |||||||
# * | ERO Copper Corp. | 305,622 | 5,702,014 | |||||||
# | First Majestic Silver Corp. | 934,640 | 11,841,682 | |||||||
# * | First Mining Gold Corp. | 749,400 | 181,658 | |||||||
# *,* | Fortuna Silver Mines, Inc. | 1,354,240 | 6,570,694 | |||||||
* | Freegold Ventures Ltd. | 9,000 | 3,163 | |||||||
# * | Galiano Gold, Inc. | 696,057 | 528,679 | |||||||
# * | GoGold Resources, Inc. | 62,609 | 174,026 | |||||||
* | Gold Standard Ventures Corp. | 10,700 | 5,015 | |||||||
* | Golden Star Resources Ltd. | 374,657 | 1,171,560 | |||||||
# * | Great Panther Mining Ltd. | 91,900 | 41,584 | |||||||
* †† | Hanfeng Evergreen, Inc. | 45,837 | 0 | |||||||
# | Hudbay Minerals, Inc. | 1,208,976 | 8,428,383 | |||||||
# * | i-80 Gold Corp. | 399,340 | 964,792 | |||||||
# *,* | IAMGOLD Corp. | 2,797,493 | 7,716,822 | |||||||
# * | Imperial Metals Corp. | 381,251 | 1,232,227 | |||||||
# | Interfor Corp. | 357,541 | 8,187,388 | |||||||
Intertape Polymer Group, Inc. | 292,647 | 6,649,348 | ||||||||
* | Ivanhoe Mines Ltd., Class A | 848,150 | 6,654,441 | |||||||
* | Karora Resources, Inc. | 410,857 | 1,467,346 | |||||||
# | Labrador Iron Ore Royalty Corp. | 309,669 | 8,965,288 | |||||||
# * | Largo Resources Ltd. | 70,585 | 880,463 | |||||||
# * | Lucara Diamond Corp. | 1,586,273 | 769,040 | |||||||
* | Lundin Gold, Inc. | 95,394 | 873,315 | |||||||
# *,* | MAG Silver Corp. | 58,250 | 1,162,861 | |||||||
# * | Major Drilling Group International, Inc. | 667,650 | 4,806,692 | |||||||
* | Mandalay Resources Corp. | 464 | 861 | |||||||
* | Marathon Gold Corp. | 147,500 | 333,710 | |||||||
Maverix Metals, Inc. | 53,042 | 255,405 | ||||||||
# | Methanex Corp. | 336,199 | 15,058,413 | |||||||
Neo Performance Materials, Inc. | 9,364 | 144,364 | ||||||||
# * | New Gold, Inc. | 3,469,405 | 4,877,800 | |||||||
# * | Northern Dynasty Minerals Ltd. | 76,877 | 33,544 | |||||||
* | OceanaGold Corp. | 3,696,713 | 6,899,973 | |||||||
* †† | Orbite Technologies, Inc. | 73,500 | 0 | |||||||
# | Osisko Gold Royalties Ltd. | 629,987 | 7,956,295 | |||||||
# * | Osisko Mining, Inc. | 705,518 | 1,522,086 | |||||||
* | PolyMet Mining Corp. | 64,208 | 215,307 | |||||||
# *,* | Pretium Resources, Inc. | 906,806 | 10,962,807 | |||||||
# * | Sabina Gold & Silver Corp. | 1,438,714 | 1,639,130 | |||||||
# *,* | Sandstorm Gold Ltd. | 1,190,035 | 7,529,993 | |||||||
# * | Seabridge Gold, Inc. | 272,944 | 5,035,760 | |||||||
* | Sierra Metals, Inc. | 6,100 | 12,383 | |||||||
# | SSR Mining, Inc. | 1,172,834 | 18,499,871 | |||||||
# | Stelco Holdings, Inc. | 190,152 | 6,602,159 | |||||||
Stella-Jones, Inc. | 301,231 | 10,814,232 | ||||||||
# * | Taseko Mines Ltd. | 1,778,225 | 3,750,135 | |||||||
* | Torex Gold Resources, Inc. | 458,504 | 5,331,183 | |||||||
# | Transcontinental, Inc., Class A | 390,637 | 6,186,559 | |||||||
# * | Treasury Metals, Inc. | 25,002 | 16,162 |
The Canadian Small Company Series
CONTINUED
Shares | Value» | |||||||||
MATERIALS — (Continued) | ||||||||||
# * | Trevali Mining Corp. | 2,559,289 | $ | 475,627 | ||||||
* | Turquoise Hill Resources Ltd. | 520,128 | 6,589,917 | |||||||
* | Victoria Gold Corp. | 20,843 | 319,483 | |||||||
# * | Wallbridge Mining Co. Ltd. | 350,615 | 147,317 | |||||||
# * | Wesdome Gold Mines Ltd. | 749,214 | 6,737,841 | |||||||
Western Forest Products, Inc. | 1,907,526 | 3,298,405 | ||||||||
# | Winpak Ltd. | 148,779 | 4,655,956 | |||||||
# | Yamana Gold, Inc. | 5,373,702 | 21,115,857 | |||||||
TOTAL MATERIALS | 356,839,024 | |||||||||
REAL ESTATE — (3.5%) | ||||||||||
# | Altus Group Ltd. | 261,893 | 13,735,839 | |||||||
Bridgemarq Real Estate Services | 53,069 | 733,258 | ||||||||
Colliers International Group, Inc. | 138,175 | 20,046,444 | ||||||||
DREAM Unlimited Corp., Class A | 246,187 | 6,146,718 | ||||||||
Information Services Corp. | 27,705 | 616,736 | ||||||||
# * | Invesque, Inc. | 191,266 | 388,270 | |||||||
* | Mainstreet Equity Corp. | 31,349 | 2,798,764 | |||||||
Melcor Developments Ltd. | 55,340 | 648,376 | ||||||||
Morguard Corp. | 22,184 | 2,447,661 | ||||||||
# * | Real Matters, Inc. | 350,220 | 2,560,998 | |||||||
# | Tricon Residential, Inc. | 706,476 | 10,280,893 | |||||||
TOTAL REAL ESTATE | 60,403,957 | |||||||||
UTILITIES — (8.0%) | ||||||||||
# | AltaGas Ltd. | 508,361 | 10,523,763 | |||||||
Atco Ltd., Class I | 392,922 | 13,334,457 | ||||||||
# | Boralex, Inc., Class A | 549,954 | 17,019,423 | |||||||
# | Brookfield Infrastructure Corp., Class A | 337,306 | 20,446,587 | |||||||
# | Capital Power Corp. | 771,649 | 25,345,452 | |||||||
# | Innergex Renewable Energy, Inc. | 652,084 | 10,854,015 | |||||||
* | Maxim Power Corp. | 61,434 | 160,832 | |||||||
Polaris Infrastructure, Inc. | 115,463 | 1,718,511 | ||||||||
# | Superior Plus Corp. | 829,579 | 9,230,206 | |||||||
TransAlta Corp. | 16,789 | 188,373 | ||||||||
TransAlta Corp. | 1,784,708 | 20,015,956 | ||||||||
# | TransAlta Renewables, Inc. | 614,934 | 9,102,772 | |||||||
TOTAL UTILITIES | 137,940,347 | |||||||||
TOTAL COMMON STOCKS | 1,447,772,855 | |||||||||
RIGHTS/WARRANTS—(0.0%) | ||||||||||
ENERGY — (0.0%) | ||||||||||
* | Cenovus Energy, Inc. Warrants 01/01/26 | 41,142 | 308,498 | |||||||
MATERIALS — (0.0%) | ||||||||||
* | Treasury Metals, Inc. Warrants 08/07/23 | 1 | 0 | |||||||
TOTAL RIGHTS/WARRANTS | 308,498 | |||||||||
TOTAL INVESTMENT SECURITIES (Cost $1,069,056,866) | 1,448,081,353 |
The Canadian Small Company Series
CONTINUED
Shares | Value† | |||||||||
SECURITIES LENDING COLLATERAL — (16.0%) | ||||||||||
@ § | The DFA Short Term Investment Fund | 23,890,671 | $ | 276,415,069 | ||||||
TOTAL INVESTMENTS — (100.0%) (Cost $1,345,455,217) | $ | 1,724,496,422 | ||||||||
» | Securities that have been fair value factored. See Note B to Financial Statements. | |||||||||
* | Non-Income Producing Securities. | |||||||||
# | Total or Partial Securities on Loan. | |||||||||
†† | Security valued using significant unobservable inputs (Level 3). | |||||||||
† | See Note B to Financial Statements. | |||||||||
@ | Security purchased with cash collateral received from Securities on Loan. | |||||||||
§ | Affiliated Fund. |
Summary of the Series’ investments as of October 31, 2021, 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 | $ | 20,392,287 | — | — | $ | 20,392,287 | |||||||||||||
Consumer Discretionary | 91,314,123 | $ | 37,597 | — | 91,351,720 | ||||||||||||||
Consumer Staples | 75,414,131 | — | — | 75,414,131 | |||||||||||||||
Energy | 294,213,404 | 60,357 | — | 294,273,761 | |||||||||||||||
Financials | 166,203,306 | — | — | 166,203,306 | |||||||||||||||
Health Care | 19,490,590 | 1,876,145 | — | 21,366,735 | |||||||||||||||
Industrials | 177,520,832 | — | — | 177,520,832 | |||||||||||||||
Information Technology | 46,066,755 | — | — | 46,066,755 | |||||||||||||||
Materials | 356,051,981 | 787,043 | — | 356,839,024 | |||||||||||||||
Real Estate | 60,403,957 | — | — | 60,403,957 | |||||||||||||||
Utilities | 137,940,347 | — | — | 137,940,347 | |||||||||||||||
Rights/Warrants | |||||||||||||||||||
Energy | — | 308,498 | — | 308,498 | |||||||||||||||
Securities Lending Collateral | — | 276,415,069 | — | 276,415,069 | |||||||||||||||
TOTAL | $ | 1,445,011,713 | $ | 279,484,709 | — | $ | 1,724,496,422 |
See accompanying Notes to Financial Statements.
(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 is accumulated and communicated to the registrant’s management to allow timely decisions regarding required disclosure.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to the registrant.
Item 13. Exhibits.
(a)(1) Not applicable.
(a)(3) Not applicable.
(a)(4) 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: | March 7, 2022 | ||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Alexander B. Potts | ||
Alexander B. Potts President and Chief Executive Officer | |||
Date: | March 7, 2022 | ||
By: | /s/ Michael Clinton | ||
Michael Clinton Treasurer and Chief Financial and Accounting Officer | |||
Date: | March 7, 2022 | ||