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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09195

SA FUNDS – INVESTMENT TRUST

(Exact name of registrant as specified in charter)

8182 Maryland Avenue, Suite 500, St. Louis, MO 63105

(Address of principal executive offices) (zip code)

Jeff Yorg, Esq.

Chief Compliance Officer

SA Funds – Investment Trust

8182 Maryland Avenue, Suite 500,

St. Louis, MO 63105

(Name and Address of Agent for Service)

Copies to:

Brian F. Link, Esq. Managing Director and Managing Counsel State Street Bank and Trust Company One Congress Street, 15^th Floor Boston, Massachusetts 02114 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, 2023

Item 1. Report to Shareholders.

SEMI-ANNUAL REPORT

December 31, 2023

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

TABLE OF CONTENTS

	Page
Portfolios of Investments
SA U.S. Fixed Income Fund	1
SA Global Fixed Income Fund	4
SA U.S. Core Market Fund	10
SA U.S. Value Fund	13
SA U.S. Small Company Fund	16
SA International Value Fund	20
SA International Small Company Fund	23
SA Emerging Markets Value Fund	24
SA Real Estate Securities Fund	27
SA Worldwide Moderate Growth Fund	29
Statements of Assets and Liabilities	30
Statements of Operations	32
Statements of Changes in Net Assets	34
Financial Highlights	47
Notes to Financial Statements	57
Proxy Voting Policies and Procedures	74
Additional Information	74
Understanding Your Fund’s Expenses	77
Selected Financial Statements of DFA Investment Dimensions Group Inc. & The DFA Investment Trust Company	79
Report of Independent Registered Public Accounting Firm	150

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, 2023 (Unaudited)

	FACE AMOUNT		VALUE†
YANKEE CORPORATE BONDS AND NOTES — 11.4%
Communication — 0.7%
NTT Finance Corp., 0.583%, 3/01/24 ±	$	3,500,000	$	3,472,006
Energy — 0.1%
TransCanada PipeLines Ltd., 1.000%, 10/12/24		500,000		482,370
Financial — 10.2%
AerCap Ireland Capital DAC/ AerCap Global Aviation Trust, 2.875%, 8/14/24		3,000,000		2,943,702
Bank of Montreal, 0.625%, 7/09/24		2,000,000		1,951,694
Bank of Montreal, SOFR + 1.330%, 6.746%, 6/05/26 ‡		1,000,000		1,008,489
Bank of Nova Scotia, SOFR + 1.090%, 6.419%, 6/12/25 ‡		3,500,000		3,506,779
Canadian Imperial Bank of Commerce, 3.100%, 4/02/24		4,500,000		4,471,747
Commonwealth Bank of Australia, SOFR + 0.400%, 5.761%, 7/07/25 ±‡		1,950,000		1,945,678
Cooperatieve Rabobank UA, 2.625%, 7/22/24 ±		2,000,000		1,969,381
Cooperatieve Rabobank UA, SOFR + 0.700%, 6.049%, 7/18/25 ‡		1,109,000		1,110,646
Mitsubishi UFJ Financial Group, Inc., 3.407%, 3/07/24		3,946,000		3,930,181
NatWest Markets PLC, 0.800%, 8/12/24 ±		4,250,000		4,126,455
Royal Bank of Canada, SOFR + 0.440%, 5.815%, 1/21/25 ‡		635,000		633,397
Royal Bank of Canada, SOFR + 0.570%, 5.953%, 4/27/26 ‡		895,000		885,431
Skandinaviska Enskilda Banken AB, 0.650%, 9/09/24 ±		1,000,000		967,405
Societe Generale SA, 2.625%, 10/16/24 ±		750,000		732,568
Sumitomo Mitsui Banking Corp., 3.400%, 7/11/24		1,000,000		989,989
Sumitomo Mitsui Financial Group, Inc., 2.696%, 7/16/24		1,966,000		1,937,612
Sumitomo Mitsui Trust Bank Ltd., 0.850%, 3/25/24 ±		4,000,000		3,959,603
Svenska Handelsbanken AB, SOFR + 0.910%, 6.328%, 6/10/25 ±‡		2,000,000		2,004,086
Westpac Banking Corp., 1.019%, 11/18/24		1,958,000		1,893,196
Westpac Banking Corp., 3.300%, 2/26/24		2,000,000		1,994,197
Westpac Banking Corp., SOFR + 0.720%, 6.063%, 11/17/25 ‡		5,000,000		5,011,300
				47,973,536
Government — 0.4%
Province of Manitoba Canada, 2.600%, 4/16/24		101,000		100,157
Svensk Exportkredit AB, SOFR + 1.000%, 6.387%, 8/03/26 ‡		1,600,000		1,626,162
				1,726,319
TOTAL YANKEE CORPORATE BONDS AND NOTES (Identified Cost $54,162,692)				53,654,231
CORPORATE BONDS AND NOTES — 15.7%
Basic Material — 0.2%
Sherwin-Williams Co. (The), 3.125%, 6/01/24		700,000		692,730
Communications — 1.6%
Amazon.com, Inc., 2.730%, 4/13/24		5,000,000		4,964,934
Discovery Communications LLC, 3.900%, 11/15/24		2,680,000		2,643,304
				7,608,238
Consumer, Cyclical — 1.6%
General Motors Financial Co., Inc., 1.050%, 3/08/24		900,000		892,027
General Motors Financial Co., Inc., SOFR + 0.620%, 5.988%, 10/15/24 ‡		1,939,000		1,935,908
Marriott International, Inc., 3.600%, 4/15/24		2,750,000		2,736,609
Volkswagen Group of America Finance LLC, 2.850%, 9/26/24 ±		2,000,000		1,961,243
				7,525,787
Consumer, Non-cyclical — 1.7%
Cardinal Health, Inc., 3.079%, 6/15/24		3,165,000		3,127,342
Cigna Group. (The), 3.500%, 6/15/24		80,000		79,223
Elevance Health, Inc., 3.500%, 8/15/24		2,747,000		2,711,498
Gilead Sciences, Inc., 3.700%, 4/01/24		1,001,000		996,365
Roche Holdings, Inc., SOFR + 0.740%, 6.136%, 11/13/26 ±‡		900,000		902,286
				7,816,714
Energy — 0.7%
Energy Transfer LP, 5.875%, 1/15/24		536,000		535,890
Marathon Petroleum Corp., 3.625%, 9/15/24		3,000,000		2,954,307
				3,490,197
Financial — 7.5%
American Express Co., 3.375%, 5/03/24		4,500,000		4,466,586
American Tower Corp., 0.600%, 1/15/24		2,500,000		2,495,222

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, 2023 (Unaudited) (Continued)

	FACE AMOUNT		VALUE†
CORPORATE BONDS AND NOTES (Continued)
Financial (Continued)
Camden Property Trust, 3.500%, 9/15/24	$	3,000,000	$	2,953,608
Capital One Financial Corp., 3.200%, 2/05/25		1,000,000		976,683
Capital One Financial Corp., 3.300%, 10/30/24		2,000,000		1,967,768
Charles Schwab Corp. (The), SOFR + 0.520%, 5.916%, 5/13/26 ‡		3,500,000		3,444,316
Citigroup, Inc., 3.750%, 6/16/24		3,000,000		2,975,461
Goldman Sachs Group, Inc. (The), 3.850%, 7/08/24		2,000,000		1,982,467
Goldman Sachs Group, Inc. (The), 4.000%, 3/03/24		1,000,000		997,199
Morgan Stanley, Series F, 3.875%, 4/29/24		4,800,000		4,774,457
Nuveen Finance LLC, 4.125%, 11/01/24 ±		4,000,000		3,940,726
State Street Corp., SOFR + 0.845%, 6.234%, 8/03/26 ‡		3,500,000		3,498,891
Ventas Realty LP, 3.750%, 5/01/24		493,000		489,631
				34,963,015
Industrial — 1.8%
John Deere Capital Corp., SOFR + 0.560%, 5.975%, 3/07/25 ‡		4,000,000		4,013,478
Penske Truck Leasing Co. LP/ PTL Finance Corp., 3.450%, 7/01/24 ±		1,750,000		1,729,271
RTX Corp., 3.200%, 3/15/24		2,695,000		2,682,091
Ryder System, Inc., 3.650%, 3/18/24		60,000		59,716
				8,484,556
Utility — 0.6%
Edison International, 3.550%, 11/15/24		3,000,000		2,946,111
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $74,207,552)				73,527,348
U.S. GOVERNMENT & AGENCY OBLIGATIONS — 40.8%
Sovereign — 7.7%
Federal Home Loan Bank Discount Notes, 0.000%, 2/06/24 #		1,000,000		994,302
Federal Home Loan Bank Discount Notes, 0.000%, 2/14/24 #		35,120,000		34,878,823
				35,873,125
U.S. Treasury Securities — 33.1%
U.S. Treasury Floating Rate Notes, 3 mo. Treasury Money Market Yield + 0.125%, 5.456%, 7/31/25 ‡		46,000,000		45,941,308
U.S. Treasury Floating Rate Notes, 3 mo. Treasury Money Market Yield + 0.170%, 5.486%, 10/31/25 ‡		24,550,000		24,518,541
U.S. Treasury Floating Rate Notes, 3 mo. Treasury Money Market Yield + 0.169%, 5.500%, 4/30/25 ‡		46,350,000		46,332,702
U.S. Treasury Floating Rate Notes, 3 mo. Treasury Money Market Yield + 0.200%, 5.531%, 1/31/25 ‡		38,600,000		38,601,828
				155,394,379
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Identified Cost $191,275,686)				191,267,504
SHORT-TERM INVESTMENTS — 31.6%
Commercial Paper — 15.9%
3M Co., 0.000%, 2/05/24 #		1,828,000		1,817,184
3M Co., 0.000%, 3/15/24 #		1,500,000		1,481,939
Aon Corp., 0.000%, 2/14/24 #		3,000,000		2,978,232
AT&T, Inc., 1.000%, 3/19/24		600,000		592,449
Australia & New Zealand Banking Group Ltd., 5.560%, 1/08/24		1,000,000		998,523
Bayer Corp., 0.000%, 7/24/24 #		3,250,000		3,136,003
Cigna Group. (The), 5.600%, 1/03/24		1,500,000		1,498,870
Cooperatieve Rabobank UA, 5.540%, 2/01/24		4,500,000		4,477,595
Cooperatieve Rabobank UA, 5.560%, 2/07/24		1,000,000		994,141
DNB Bank ASA, 5.550%, 1/30/24		3,000,000		2,985,966
Dominion Energy, Inc., 0.000%, 3/05/24 #		2,750,000		2,721,124
Duke Energy Corp., 0.000%, 2/27/24 #		3,254,000		3,223,440
LVMH Moet Hennessy Louis Vuitton SE, 0.000%, 5/21/24 #		3,750,000		3,671,622
Microsoft Corp., 0.000%, 5/06/24 #		13,750,000		13,492,402
National Securities Clearing Corp., 0.000%, 5/07/24 #		1,250,000		1,226,094
National Securities Clearing Corp., 1.000%, 5/10/24		7,800,000		7,647,577
National Securities Clearing Corp., 5.460%, 2/01/24		5,000,000		4,974,823

The accompanying notes are an integral part of these financial statements.

2

SA U.S. Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	FACE AMOUNT		VALUE†
SHORT-TERM INVESTMENTS (Continued)
Commercial Paper (Continued)
NextEra Energy Capital Holdings, Inc., 0.000%, 1/26/24 #	$	3,250,000	$	3,235,895
Province of Alberta Canada, 0.000%, 3/25/24 #		1,000,000		987,110
Stanley Black & Decker, Inc., 1.000%, 1/18/24		3,000,000		2,990,923
United Overseas Bank Ltd., 0.010%, 5/16/24		2,000,000		1,959,122
VW Credit, Inc., 0.000%, 4/17/24 #		1,250,000		1,228,474
Walt Disney Co. (The), 0.000%, 3/05/24 #		1,000,000		989,610
Walt Disney Co. (The), 5.500%, 2/21/24		3,500,000		3,470,826
Westpac Banking Corp., 0.000%, 5/15/24 #		1,990,000		1,950,067
				74,730,011
U.S. Treasury Securities — 15.3%
U.S. Treasury Bills, 0.000%, 1/30/24 #		4,800,000		4,780,258
U.S. Treasury Bills, 0.000%, 3/12/24 #		18,000,000		17,818,245
U.S. Treasury Bills, 0.000%, 4/11/24 #		20,500,000		20,204,971
U.S. Treasury Bills, 0.000%, 4/25/24 #		27,000,000		26,558,093
U.S. Treasury Bills, 0.000%, 5/09/24 #		2,300,000		2,258,022
				71,619,589
	SHARES
Investment Company — 0.4%
State Street Institutional U.S. Government Money Market Fund 5.070%		1,752,845		1,752,845
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $148,084,897)				148,102,445
Total Investments — 99.5% (Identified Cost $467,730,827)				466,551,528
Cash and Other Assets, Less Liabilities — 0.5%				2,301,157
Net Assets — 100.0%			$	468,852,685

†	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, 2023 amounted to $27,710,707 or 5.91% of the net assets of the Fund.
‡	Floating rate or variable rate note. Rate shown is as of December 31, 2023.
#	Zero coupon bond

Key to abbreviations:

SOFR — Secured Overnight Financing Rate

Portfolio Sectors as of December 31, 2023
(As a percentage of total investment excluding short-term
money market investment)

The accompanying notes are an integral part of these financial statements.

3

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited)

		FACE AMOUNT		VALUE†
BONDS AND NOTES — 76.3%
Australia — 8.7%
Australia & New Zealand Banking Group Ltd., 1.550%, 8/29/24	AUD		500,000	$	334,035
Australia & New Zealand Banking Group Ltd., 4.050%, 5/12/25	AUD		1,000,000		677,419
Australia & New Zealand Banking Group Ltd., (3-mo. Swap + 0.830%), 5.188%, 3/31/26 ‡	AUD		1,500,000		1,025,786
Australia & New Zealand Banking Group Ltd., (3-mo. Swap + 0.920%), 5.267%, 11/04/25 ‡	AUD		2,500,000		1,713,459
Australia & New Zealand Banking Group Ltd., (3-mo. Swap + 0.970%), 5.389%, 5/12/27 ‡	AUD		500,000		342,630
Australia & New Zealand Banking Group Ltd., (3-mo. Swap + 1.200%), 5.547%, 11/04/27 ‡	AUD		500,000		345,120
Commonwealth Bank of Australia, 4.200%, 8/18/25	AUD		1,700,000		1,153,258
Commonwealth Bank of Australia, (3-mo. Swap + 0.700%), 4.852%, 1/14/27 ‡	AUD		1,000,000		680,044
Commonwealth Bank of Australia, (3-mo. Swap + 0.900%), 5.054%, 1/13/26 ‡	AUD		6,200,000		4,246,632
Commonwealth Bank of Australia, (3-mo. Swap + 0.800%), 5.183%, 8/18/25 ‡	AUD		2,000,000		1,368,000
Commonwealth Bank of Australia, (3-mo. Swap + 1.150%), 5.304%, 1/13/28 ‡	AUD		1,500,000		1,033,271
Commonwealth Bank of Australia, (SOFR + 0.400%), 5.761%, 7/07/25 ±‡	USD		3,548,000		3,540,136
Commonwealth Bank of Australia, (SOFR + 0.630%), 6.049%, 9/12/25 ‡±	USD		233,000		233,294
Commonwealth Bank of Australia, (SOFR + 0.740%), 6.162%, 3/14/25 ‡	USD		2,900,000		2,907,545
National Australia Bank Ltd., 0.250%, 5/20/24	EUR		2,076,000		2,259,761
National Australia Bank Ltd., 2.900%, 2/25/27	AUD		1,000,000		648,995
National Australia Bank Ltd., 3.900%, 5/30/25	AUD		2,400,000		1,621,528
National Australia Bank Ltd., (3-mo. Swap + 0.770%), 4.980%, 1/21/25 ‡	AUD		1,300,000		888,690
National Australia Bank Ltd., (3-mo. Swap + 0.780%), 5.199%, 5/12/26 ‡	AUD		1,500,000		1,024,709
National Australia Bank Ltd., (3-mo. Swap + 0.900%), 5.267%, 5/30/25 ‡	AUD		5,900,000		4,041,159
National Australia Bank Ltd., (3-mo. Swap + 0.920%), 5.298%, 11/25/25 ‡	AUD		2,500,000		1,713,456
National Australia Bank Ltd., (3-mo. Swap + 1.200%), 5.578%, 11/25/27 ‡	AUD		500,000		345,180
National Australia Bank Ltd., (SOFR + 0.380%), 5.747%, 1/12/25 ±‡	USD		250,000		249,576
National Australia Bank Ltd., (SOFR + 0.760%), 6.156%, 5/13/25 ‡±	USD		3,110,000		3,119,262
Westpac Banking Corp., 2.700%, 3/17/25	AUD		1,400,000		933,359
Westpac Banking Corp., 3.300%, 2/26/24	USD		3,535,000		3,524,744
Westpac Banking Corp., 4.125%, 6/04/26	AUD		2,300,000		1,554,004
Westpac Banking Corp., (3-mo. Swap + 0.700%), 4.943%, 1/25/27 ‡	AUD		1,000,000		679,869
Westpac Banking Corp., (3-mo. Swap + 0.690%), 5.053%, 3/17/25 ‡	AUD		3,000,000		2,048,819
Westpac Banking Corp., (3-mo. Swap + 0.750%), 5.138%, 2/16/26 ‡	AUD		1,000,000		682,814
Westpac Banking Corp., (3-mo. Swap + 0.800%), 5.219%, 8/11/25 ‡	AUD		6,000,000		4,103,315
Westpac Banking Corp., (3-mo. Swap + 0.980%), 5.368%, 2/16/28 ‡	AUD		500,000		342,115
Westpac Banking Corp., (3-mo. Swap + 0.950%), 5.369%, 11/11/25 ‡	AUD		1,400,000		959,974
Westpac Banking Corp., (3-mo. Swap + 1.230%), 5.649%, 11/11/27 ‡	AUD		1,500,000		1,036,178
					51,378,136
Belgium — 0.3%
Kingdom of Belgium Government Bond, 2.600%, 6/22/24	EUR		1,800,000		1,977,918
Canada — 10.2%
Canada Government Bonds, 0.750%, 2/01/24	CAD		3,300,000		2,481,989
Canada Government Bonds, 2.250%, 3/01/24	CAD		1,400,000		1,051,883
Canada Treasury Bills, 0.000%, 2/01/24 #	CAD		2,000,000		1,502,327
CDP Financial, Inc., (SOFR + 0.400%), 5.799%, 5/19/25 ±‡	USD		5,400,000		5,401,167

The accompanying notes are an integral part of these financial statements.

4

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

		FACE AMOUNT		VALUE†
BONDS AND NOTES (Continued)
Canada (Continued)
CPPIB Capital, Inc., 0.375%, 6/20/24	EUR		6,450,000	$	7,010,090
CPPIB Capital, Inc., 0.875%, 12/17/24	GBP		600,000		735,671
CPPIB Capital, Inc., (SOFR + 1.250%), 6.666%, 3/11/26 ±‡	USD		250,000		254,491
Export Development Canada, 2.625%, 2/21/24	USD		55,000		54,789
OMERS Finance Trust, 2.500%, 5/02/24	USD		810,000		801,956
Province of Alberta Canada, 2.950%, 1/23/24	USD		1,980,000		1,977,066
Province of Alberta Canada, 3.100%, 6/01/24	CAD		700,000		524,173
Province of Manitoba Canada, 2.600%, 4/16/24	USD		4,300,000		4,264,105
Province of Ontario Canada, 0.375%, 6/14/24	EUR		2,000,000		2,174,111
Province of Ontario Canada, 3.050%, 1/29/24	USD		6,320,000		6,308,710
Province of Ontario Canada, 3.100%, 8/26/25	AUD		2,000,000		1,333,418
Province of Ontario Canada, 3.500%, 6/02/24	CAD		800,000		599,998
Province of Quebec Canada, 0.750%, 12/13/24	GBP		600,000		734,804
Province of Quebec Canada, 2.500%, 4/09/24	USD		8,336,000		8,269,714
Province of Quebec Canada, 3.700%, 5/20/26	AUD		3,500,000		2,349,504
Province of Saskatchewan Canada, 3.200%, 6/03/24	CAD		1,500,000		1,123,958
PSP Capital, Inc., 3.290%, 4/04/24	CAD		3,600,000		2,704,968
Royal Bank of Canada, 4.200%, 6/22/26	AUD		500,000		336,761
Toronto-Dominion Bank (The), 3.226%, 7/24/24	CAD		10,450,000		7,804,854
					59,800,507
Denmark — 0.7%
Denmark Government Bond, 0.000%, 11/15/24 #	DKK		1,600,000		230,664
Kommunekredit, 0.250%, 2/16/24	EUR		2,000,000		2,198,468
Kommunekredit, 2.000%, 6/25/24	GBP		1,300,000		1,629,737
					4,058,869
Finland — 1.0%
Kuntarahoitus OYJ, 0.125%, 3/07/24	EUR		2,250,000		2,468,351
Kuntarahoitus OYJ, 0.875%, 12/16/24 @	GBP		2,900,000		3,557,381
					6,025,732
France — 5.4%
Agence Francaise de Developpement EPIC, 3.125%, 1/04/24	EUR		5,000,000		5,519,557
Caisse d’Amortissement de la Dette Sociale, 0.375%, 5/27/24	USD		1,500,000		1,470,328
Caisse d’Amortissement de la Dette Sociale, 2.375%, 1/25/24	EUR		5,500,000		6,066,571
Caisse d’Amortissement de la Dette Sociale, 3.375%, 3/20/24	USD		371,000		369,339
Caisse des Depots et Consignations, (SOFR + 0.340%), 5.724%, 5/03/26 ‡	USD		4,800,000		4,794,817
Dexia Credit Local SA, 0.000%, 5/29/24 #	EUR		1,200,000		1,304,796
Dexia Credit Local SA, 0.500%, 7/16/24	USD		5,500,000		5,360,780
French Republic Government Bond OAT, 0.000%, 3/25/24 #	EUR		2,000,000		2,190,021
French Republic Government Bond OAT, 2.250%, 5/25/24	EUR		1,000,000		1,097,989
SFIL SA, 0.000%, 5/24/24 #	EUR		500,000		543,484
SNCF Reseau, 4.500%, 1/30/24	EUR		200,000		220,872
Societe Nationale SNCF SACA, 4.625%, 2/02/24	EUR		1,350,000		1,490,963
UNEDIC ASSEO, 2.375%, 5/25/24	EUR		1,100,000		1,206,987
					31,636,504
Germany — 5.1%
Erste Abwicklungsanstalt, 0.250%, 3/01/24	USD		9,000,000		8,924,590
Kreditanstalt fuer Wiederaufbau, 0.250%, 3/08/24	USD		4,733,000		4,689,333
Kreditanstalt fuer Wiederaufbau, 0.875%, 7/18/24	GBP		400,000		497,912
Landeskreditbank Baden- Wuerttemberg Foerderbank, 0.375%, 12/09/24	GBP		1,486,000		1,814,349
Landeskreditbank Baden- Wuerttemberg Foerderbank, 2.000%, 7/23/24	USD		7,562,000		7,424,441
Landwirtschaftliche Rentenbank, 4.250%, 1/09/25	AUD		3,780,000		2,572,589
Landwirtschaftliche Rentenbank, 5.375%, 4/23/24	NZD		1,000,000		631,498
NRW Bank, 0.375%, 12/16/24	GBP		400,000		488,116
NRW Bank, 1.050%, 3/31/26	AUD		2,350,000		1,486,607
State of North Rhine-Westphalia Germany, 0.625%, 12/16/24 @	GBP		1,300,000		1,589,947
					30,119,382

The accompanying notes are an integral part of these financial statements.

5

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

		FACE AMOUNT		VALUE†
BONDS AND NOTES (Continued)
Netherlands — 5.0%
BNG Bank NV, 0.250%, 6/07/24	EUR		1,900,000	$	2,066,833
BNG Bank NV, 2.000%, 4/12/24	GBP		2,565,000		3,238,594
BNG Bank NV, 3.250%, 7/15/25	AUD		1,400,000		938,916
Cooperatieve Rabobank UA, (SOFR + 0.700%), 6.073%, 7/18/25 ‡	USD		3,952,000		3,957,867
Cooperatieve Rabobank UA, (3-mo. Swap + 0.880%), 5.246%, 5/22/26 ‡	AUD		700,000		477,771
Cooperatieve Rabobank UA, (SOFR + 0.900%), 6.261%, 10/05/26 ‡	USD		1,110,000		1,110,439
Nederlandse Waterschapsbank NV, 2.000%, 12/16/24	GBP		1,950,000		2,414,935
Nederlandse Waterschapsbank NV, 1.125%, 3/15/24	USD		2,150,000		2,132,227
Netherlands Government Bond, 0.000%, 1/15/24 #	EUR		1,950,000		2,149,760
Netherlands Government Bond, 2.000%, 7/15/24	EUR		3,900,000		4,274,459
Shell International Finance BV, 0.750%, 5/12/24	EUR		4,900,000		5,350,967
Shell International Finance BV, 1.125%, 4/07/24	EUR		1,130,000		1,238,410
					29,351,178
New Zealand — 1.2%
New Zealand Government Bond, 0.500%, 5/15/24	NZD		4,000,000		2,483,708
New Zealand Local Government Funding Agency Bond, 2.250%, 4/15/24	NZD		6,800,000		4,258,790
					6,742,498
Norway — 2.0%
Kommunalbanken AS, 1.000%, 12/12/24	GBP		750,000		921,215
Kommunalbanken AS, 0.600%, 6/01/26	AUD		1,500,000		936,442
Kommunalbanken AS, 2.000%, 6/19/24	USD		2,000,000		1,969,545
Kommunalbanken AS, 2.750%, 2/05/24	USD		600,000		598,716
Kommunalbanken AS, 4.250%, 7/16/25	AUD		1,490,000		1,013,501
Kommunalbanken AS, (SOFR + 1.000%), 6.422%, 6/17/26 ‡	USD		300,000		304,403
Norway Government Bond, 3.000%, 3/14/24	NOK		64,000,000		6,277,466
					12,021,288
Singapore — 1.0%
Monetary Authority of Singapore Bills, 0.000%, 1/12/24 #	SGD		6,800,000		5,146,637
United Overseas Bank Ltd., (3-mo. Swap + 0.350%), 4.733%, 5/20/24 ‡	AUD		600,000		408,824
					5,555,461
Supranational — 11.4%
African Development Bank, 0.250%, 1/24/24	EUR		800,000		881,370
Asian Development Bank, 1.625%, 3/15/24 @	USD		6,126,000		6,080,012
Asian Development Bank, (SOFR + 1.000%), 6.406%, 8/27/26 ‡	USD		342,000		347,392
Asian Infrastructure Investment Bank (The), 1.000%, 5/06/26	AUD		1,900,000		1,193,181
Asian Infrastructure Investment Bank (The), (SOFR + 0.620%), 6.016%, 8/16/27 ‡	USD		5,000,000		5,017,566
Eurofima Europaeische Gesellschaft fuer die Finanzierung von Eisenbahnmaterial, 0.250%, 2/09/24	EUR		191,000		210,108
European Bank for Reconstruction & Development, (SOFR + 0.190%), 5.558%, 4/14/26 ‡	USD		318,000		317,515
European Financial Stability Facility, 0.000%, 4/19/24 #	EUR		7,990,000		8,728,096
European Financial Stability Facility, 1.750%, 6/27/24	EUR		598,000		654,460
European Financial Stability Facility, 2.125%, 2/19/24	EUR		6,550,000		7,216,072
European Investment Bank, 1.500%, 1/26/24	NOK		21,000,000		2,062,465
European Investment Bank, 2.625%, 3/15/24	USD		2,100,000		2,088,213
European Investment Bank, 3.250%, 1/29/24	USD		1,623,000		1,620,483
European Investment Bank, 4.750%, 8/07/24	AUD		700,000		477,801
European Stability Mechanism, 0.125%, 4/22/24	EUR		7,772,620		8,492,153
European Union, 1.875%, 4/04/24	EUR		500,000		549,563
Inter-American Development Bank, 1.700%, 10/10/24	CAD		448,000		330,137
Inter-American Development Bank, 3.000%, 2/21/24	USD		963,000		959,645
Inter-American Development Bank, 4.750%, 8/27/24	AUD		5,500,000		3,754,842
Inter-American Development Bank, (SOFR + 0.170%), 5.592%, 9/16/26 ‡	USD		1,500,000		1,494,391
Inter-American Development Bank, (SOFR + 0.350%), 5.691%, 10/04/27 ‡	USD		283,000		282,597
International Bank for Reconstruction & Development, 1.800%, 7/26/24	CAD		692,000		513,293

The accompanying notes are an integral part of these financial statements.

6

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

		FACE AMOUNT		VALUE†
BONDS AND NOTES (Continued)
Supranational (Continued)
International Bank for Reconstruction & Development, 2.500%, 3/19/24	USD		11,000,000	$	10,932,632
International Bank for Reconstruction & Development, (SOFR + 0.370%), 5.733%, 1/12/27 ‡	USD		1,000,000		1,002,831
International Bank for Reconstruction & Development, (SOFR + 0.430%), 5.829%, 8/19/27 ‡	USD		650,000		652,061
International Finance Corp., 1.375%, 9/13/24	CAD		100,000		73,673
Nordic Investment Bank, 1.500%, 3/13/25	NOK		6,000,000		571,942
Nordic Investment Bank, (SOFR + 1.000%), 6.393%, 5/12/26 ‡	USD		750,000		762,261
					67,266,755
Sweden — 5.7%
Kommuninvest I Sverige AB, 3.250%, 1/16/24	USD		3,343,000		3,340,331
Kommuninvest I Sverige AB, 0.375%, 2/16/24	USD		1,500,000		1,490,723
Kommuninvest I Sverige AB, 1.000%, 10/02/24	SEK		30,670,000		2,978,738
Kommuninvest I Sverige AB, 1.000%, 5/12/25	SEK		13,000,000		1,249,493
Kommuninvest I Sverige AB, 1.375%, 5/08/24 ±	USD		750,000		739,509
Kommuninvest I Sverige AB, 1.375%, 5/08/24	USD		4,200,000		4,141,251
Kommuninvest I Sverige AB, 2.875%, 7/03/24 ±	USD		1,671,000		1,650,806
Svensk Exportkredit AB, 3.625%, 9/03/24	USD		2,875,000		2,842,953
Svensk Exportkredit AB, 0.375%, 3/11/24	USD		3,000,000		2,971,053
Svensk Exportkredit AB, 0.375%, 7/30/24	USD		6,363,000		6,187,267
Svensk Exportkredit AB, (SOFR + 1.000%), 6.387%, 8/03/26 ‡	USD		1,835,000		1,865,005
Svenska Handelsbanken AB, 0.550%, 6/11/24 ±	USD		250,000		244,403
Sweden Treasury Bills, 0.000%, 3/20/24 #	SEK		40,000,000		3,932,523
					33,634,055
United Kingdom — 2.9%
Network Rail Infrastructure Finance PLC, 4.750%, 1/22/24	GBP		1,955,000		2,490,964
U.K. Treasury Bills, 0.000%, 1/08/24 #	GBP		839,000		1,068,513
U.K. Treasury Bills, 0.000%, 1/15/24 #	GBP		1,000,000		1,272,280
U.K. Treasury Bills, 0.000%, 3/11/24 #	GBP		9,500,000		11,990,178
					16,821,935
United States — 15.7%
Amazon.com, Inc., 2.730%, 4/13/24	USD		7,000,000		6,950,907
Apple, Inc., 2.513%, 8/19/24	CAD		5,000,000		3,708,434
Exxon Mobil Corp., 0.142%, 6/26/24	EUR		4,614,000		5,003,122
Roche Holdings, Inc., 3.350%, 9/30/24 ±	USD		5,000,000		4,935,364
Roche Holdings, Inc., (SOFR + 0.740%), 6.136%, 11/13/26 ±‡	USD		1,050,000		1,052,667
Sanofi SA, 0.625%, 4/05/24	EUR		2,800,000		3,066,236
U.S. Treasury Floating Rate Notes, (3 mo. Treasury Money Market Yield + 0.125%), 5.456%, 7/31/25 ‡	USD		45,000,000		44,942,585
U.S. Treasury Floating Rate Notes, (3 mo. Treasury Money Market Yield + 0.170%), 5.486%, 10/31/25 ‡	USD		22,500,000		22,471,168
					92,130,483
TOTAL BONDS AND NOTES (Identified Cost $443,848,558)					448,520,701
SHORT-TERM INVESTMENTS — 25.5%
Commercial Paper — 23.1%
Australia & New Zealand Banking Group Ltd., 0.010%, 2/20/24			5,000,000		4,960,755
Australia & New Zealand Banking Group Ltd., 0.010%, 2/22/24			4,000,000		3,967,448
Bank of Montreal, 0.000%, 4/11/24 #			4,250,000		4,184,662
Bank of Montreal, 0.000%, 5/01/24 #			9,000,000		8,836,062
Caisse d’Amortissement de la Dette Sociale, 0.010%, 4/29/24			4,000,000		3,927,537
Caisse des Depots et Consignations, 0.010%, 3/01/24			3,000,000		2,971,776
Caisse des Depots et Consignations, 0.010%, 3/26/24			2,000,000		1,973,677
Caisse des Depots et Consignations, 1.000%, 5/15/24			6,750,000		6,613,421
Canadian Imperial Bank of Commerce, 0.010%, 6/11/24			3,000,000		2,928,218
CDP Financial, Inc., 5.550%, 3/11/24			3,000,000		2,967,276
CDP Financial, Inc., 0.000%, 3/27/24 #			6,000,000		5,920,127
CDP Financial, Inc., 0.000%, 4/10/24 #			3,000,000		2,954,024
Cooperatieve Rabobank UA, 5.550%, 2/12/24			5,000,000		4,967,037
Corpoerative Centrale, 5.570%, 2/12/24			5,000,000		4,967,037
DNB Bank ASA, 5.540%, 1/19/24			7,000,000		6,978,489

The accompanying notes are an integral part of these financial statements.

7

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	FACE AMOUNT		VALUE†
SHORT-TERM INVESTMENTS (Continued)
Commercial Paper (Continued)
DNB Bank ASA, 1.000%, 4/23/24		4,500,000	$	4,423,389
DNB Bank ASA, 0.000%, 5/16/24 #		2,000,000		1,959,533
Export Development Canada, 0.010%, 1/17/24		5,000,000		4,986,000
FMS Wertmanagement, 0.000%, 5/10/24 #		2,000,000		1,961,415
LVMH Moet Hennessy Louis Vuitton SE, 5.460%, 2/06/24		1,750,000		1,739,899
National Securities Clearing Corp., 0.000%, 4/22/24 #		3,500,000		3,440,415
National Securities Clearing Corp., 0.000%, 5/07/24 #		3,000,000		2,942,627
Nederlandse Waterschapsbank NV, 0.000%, 4/02/24 #		3,600,000		3,549,517
NRW Bank, 0.010%, 2/09/24		1,300,000		1,291,966
NRW Bank, 0.010%, 2/12/24		1,500,000		1,490,072
NRW Bank, 0.010%, 3/04/24		3,200,000		3,169,064
NRW Bank, 5.550%, 3/07/24		7,000,000		6,929,330
Oesterreichische Kontrollbank AG, 0.000%, 2/12/24 #		1,200,000		1,191,975
Province of Alberta Canada, 0.000%, 3/07/24 #		6,000,000		5,938,728
PSP Capital, Inc., 5.450%, 2/02/24		3,500,000		3,482,056
Toronto-Dominion Bank (The), 0.000%, 3/18/24 #		2,000,000		1,975,993
Toronto-Dominion Bank (The), 0.000%, 3/12/24 #		3,000,000		2,966,795
Toronto-Dominion Bank (The), 0.000%, 3/05/24 #		3,400,000		3,366,053
United Overseas Bank Ltd., 5.600%, 2/27/24		10,000,000		9,910,250
				135,832,623
	SHARES
Investment Company — 1.3%
State Street Institutional U.S. Government Money Market Fund 5.070%		7,786,761		7,786,761
Collateral For Securities On Loan — 1.1%
State Street Navigator Securities Lending Government Money Market Portfolio 5.360%		6,114,720		6,114,720
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $149,734,455)				149,734,104
Total Investments — 101.8% (Identified Cost $593,583,013)				598,254,805
Liabilities in excess of Cash and Other Assets — (1.8%)				(10,421,722	)
Net Assets — 100.0%			$	587,833,083

†	See Note 1
‡	Floating rate or variable rate note. Rate shown is as of December 31, 2023.
±	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, 2023 amounted to $21,420,676 or 3.64% of the net assets of the Fund.
#	Zero coupon bond
@	A portion or all of the security was held on loan. As of December 31, 2023, the market value of the securities on loan was $5,982,590.

Key to abbreviations:

AUD — Australian Dollar
CAD — Canadian Dollar
DKK — Danish Krone
EUR — Euro Currency
GBP — British Pound
NOK — Norwegian Krone
NZD — New Zealand Dollar
OAT — Obligations Assimilables du Trésor
SEK — Swedish Krona
SOFR — Secured Overnight Financing Rate
SGD — Singapore Dollar
USD — U.S. Dollar

Country weightings as of December 31, 2023
(As a percentage of total investment excludingshort-term money
market investment)

The accompanying notes are an integral part of these financial statements.

8

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

Forward Foreign Currency Exchange Contracts sold outstanding as of December 31, 2023

Settlement Date		Currency Purchased		Currency Sold	Counterparty		Total Value	Unrealized Appreciation		Unrealized Depreciation
01/04/24	USD	65,014,277	GBP	53,473,643	Bank of America N.A.	$	68,160,561	$	—	$	(3,146,284	)
01/04/24	USD	9,289,930	GBP	7,404,685	State Street Bank and Trust Co.		9,438,435		—		(148,504	)
01/05/24	USD	3,629,617	DKK	25,485,361	Morgan Stanley & Co., Inc.		3,774,472		—		(144,855	)
01/05/24	USD	30,564,038	EUR	28,803,893	Morgan Stanley & Co., Inc.		31,800,506		—		(1,236,467	)
01/08/24	USD	8,475,297	NOK	92,418,010	Morgan Stanley & Co., Inc.		9,097,537		—		(622,240	)
01/10/24	USD	27,209,567	AUD	42,278,066	State Street Bank and Trust Co.		28,816,943		—		(1,607,376	)
01/12/24	USD	23,323,796	EUR	21,561,974	State Street Bank and Trust Co.		23,811,621		—		(487,824	)
01/16/24	USD	6,925,819	NZD	11,691,368	State Street Bank and Trust Co.		7,390,939		—		(465,120	)
01/16/24	USD	5,125,063	SEK	55,661,908	Morgan Stanley & Co., Inc.		5,521,542		—		(396,480	)
01/16/24	USD	3,820,216	SEK	39,841,091	State Street Bank and Trust Co.		3,952,151		—		(131,935	)
01/18/24	USD	4,946,727	SEK	54,245,527	HSBC Bank USA		5,381,468		—		(434,741	)
01/19/24	USD	11,612,751	AUD	17,122,032	State Street Bank and Trust Co.		11,673,828		—		(61,077	)
01/19/24	USD	17,635,821	EUR	16,023,952	State Street Bank and Trust Co.		17,700,667		—		(64,847	)
01/22/24	USD	795,990	DKK	5,414,576	State Street Bank and Trust Co.		802,602		—		(6,613	)
01/23/24	USD	12,810,749	AUD	19,521,017	State Street Bank and Trust Co.		13,311,165		—		(500,417	)
01/23/24	USD	20,999,067	CAD	28,711,063	Morgan Stanley & Co., Inc.		21,674,466		—		(675,398	)
01/23/24	USD	1,565,888	CAD	2,154,208	State Street Bank and Trust Co.		1,626,248		—		(60,360	)
01/23/24	USD	28,723,652	EUR	26,888,733	HSBC Bank USA		29,706,991		—		(983,339	)
01/23/24	USD	2,263,751	SEK	24,878,590	State Street Bank and Trust Co.		2,468,590		—		(204,839	)
01/29/24	USD	231,342	DKK	1,555,987	State Street Bank and Trust Co.		230,726		616		—
03/14/24	USD	5,085,102	SGD	6,800,000	State Street Bank and Trust Co.		5,169,271		—		(84,169	)
								$	616	$	(11,462,885	)

Forward Foreign Currency Exchange Contracts purchased outstanding as of December 31, 2023

Settlement Date		Currency Purchased		Currency Sold	Counterparty	Total Value		Unrealized Appreciation		Unrealized Depreciation
01/04/24	GBP	32,054,879	USD	40,542,410	State Street Bank and Trust Co.	$	40,858,980	$	316,570	$	—
01/04/24	GBP	1,675,856	USD	2,136,731	State Street Bank and Trust Co.		2,136,142		—		(589	)
01/05/24	DKK	25,485,361	USD	3,653,094	State Street Bank and Trust Co.		3,774,473		121,378		—
01/05/24	EUR	7,927,047	USD	8,403,396	State Street Bank and Trust Co.		8,751,738		348,341		—
01/10/24	AUD	912,235	USD	609,275	State Street Bank and Trust Co.		621,784		12,509		—
01/16/24	SEK	38,099,555	USD	3,521,410	State Street Bank and Trust Co.		3,779,394		257,984		—
01/18/24	SEK	54,245,527	USD	5,022,550	State Street Bank and Trust Co.		5,381,468		358,918		—
01/22/24	DKK	5,414,576	USD	800,176	State Street Bank and Trust Co.		802,602		2,427		—
01/23/24	CAD	984,209	USD	710,920	State Street Bank and Trust Co.		742,996		32,076		—
01/23/24	EUR	5,395,644	USD	5,781,132	State Street Bank and Trust Co.		5,961,171		180,040		—
								$	1,630,243	$	(589	)
Total								$	1,630,859	$	(11,463,474	)

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, 2023 (Unaudited)

	SHARES		VALUE†
COMMON STOCKS — 95.8%
Aerospace & Defense — 1.6%
Lockheed Martin Corp.		5,830	$	2,642,389
Other Securities^		44,445		7,932,818
				10,575,207
Air Freight & Logistics — 0.7%
United Parcel Service, Inc., Class B		14,911		2,344,457
Other Securities^		13,055		2,021,799
				4,366,256
Automobile Components — 0.1%
Other Securities^		17,795		906,212
Automobiles — 1.4%
Tesla, Inc. *		32,766		8,141,696
Other Securities^		41,644		876,173
				9,017,869
Beverages — 1.8%
Coca-Cola Co. (The)		73,733		4,345,085
PepsiCo, Inc.		32,018		5,437,937
Other Securities^		24,519		1,819,786
				11,602,808
Biotechnology — 2.4%
AbbVie, Inc.		37,978		5,885,451
Amgen, Inc.		12,097		3,484,178
Other Securities^		46,935		6,048,038
				15,417,667
Broadline Retail — 3.4%
Amazon.com, Inc. *		143,078		21,739,271
Other Securities^		12,658		697,805
				22,437,076
Building Products — 0.7%
Other Securities^		41,993		4,613,525
Capital Markets — 2.4%
Other Securities^		110,532		15,573,435
Chemicals — 1.4%
Other Securities^		76,390		9,458,332
Commercial Banks — 2.3%
JPMorgan Chase & Co.		37,681		6,409,538
Other Securities^		218,386		8,365,324
				14,774,862
Commercial Services & Supplies — 0.8%
Other Securities^		38,476		5,048,279
Communications Equipment — 0.8%
Cisco Systems, Inc.		63,490		3,207,515
Other Securities^		13,868		1,936,565
				5,144,080
Computers & Peripherals — 6.8%
Apple, Inc.		218,711		42,108,429
Other Securities^		44,842		2,030,416
				44,138,845
Construction & Engineering — 0.2%
Other Securities^		14,260		1,159,717
Construction Materials — 0.1%
Other Securities^		5,136		920,399
Consumer Finance — 0.6%
American Express Co.		12,072		2,261,569
Other Securities^		18,881		1,759,920
				4,021,489
Consumer Staples Distribution & Retail — 2.1%
Costco Wholesale Corp.		7,611		5,023,869
Walmart, Inc.		25,166		3,967,420
Other Securities^		58,215		4,922,015
				13,913,304
Containers & Packaging — 0.4%
Other Securities^		52,280		2,624,615
Distributors — 0.1%
Other Securities^		7,254		815,236
Diversified Consumer Services — 0.1%
Other Securities^		10,493		431,014
Diversified Telecommunication Services — 0.6%
Verizon Communications, Inc.		73,799		2,782,222
Other Securities^		68,193		1,210,617
				3,992,839
Electric Utilities — 1.5%
Other Securities^		163,283		10,016,554
Electrical Equipment — 0.7%
Other Securities^		27,368		4,344,953
Electronic Equipment, Instruments & Components — 0.8%
Other Securities^		50,989		4,910,580
Energy Equipment & Services — 0.3%
Other Securities^		49,147		1,668,050
Entertainment — 0.8%
Netflix, Inc. *		4,747		2,311,219
Other Securities^		47,160		3,232,598
				5,543,817
Financial Services — 4.1%
Berkshire Hathaway, Inc., Class B*		15,784		5,629,521
MasterCard, Inc., Class A		19,164		8,173,638
Visa, Inc., Class A		32,889		8,562,651
Other Securities^		67,661		4,520,953
				26,886,763

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, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Food Products — 0.8%
Other Securities^		75,895	$	4,939,966
Gas Utilities — 0.1%
Other Securities^		9,056		550,260
Ground Transportation — 1.3%
Union Pacific Corp.		15,597		3,830,935
Other Securities^		63,987		4,644,134
				8,475,069
Health Care Equipment & Supplies — 1.6%
Other Securities^		83,737		10,154,856
Health Care Providers & Services — 2.7%
UnitedHealth Group, Inc.		14,112		7,429,545
Other Securities^		57,496		9,875,887
				17,305,432
Health Care Technology — 0.0%
Other Securities^		1,334		256,822
Hotels, Restaurants & Leisure — 2.1%
McDonald’s Corp.		11,067		3,281,476
Other Securities^		71,481		10,334,197
				13,615,673
Household Durables — 0.5%
Other Securities^		24,012		3,289,521
Household Products — 1.3%
Procter & Gamble Co. (The)		45,612		6,683,982
Other Securities^		21,817		2,060,955
				8,744,937
Independent Power Producers & Energy Traders — 0.1%
Other Securities^		17,302		455,504
Industrial Conglomerates — 0.7%
Honeywell International, Inc.		12,502		2,621,795
Other Securities^		15,880		1,785,969
				4,407,764
Insurance — 1.9%
Other Securities^		104,625		12,693,077
Interactive Media & Services — 6.0%
Alphabet, Inc., Class A *		86,420		12,072,010
Alphabet, Inc., Class C *		87,329		12,307,276
Meta Platforms, Inc., Class A *		40,998		14,511,652
Other Securities^		9,025		238,301
				39,129,239
IT Services — 1.7%
Accenture PLC, Class A		12,877		4,518,668
International Business Machines Corp.		20,148		3,295,205
Other Securities^		24,607		3,226,212
				11,040,085
Leisure Equipment & Products — 0.1%
Other Securities^		13,013		572,398
Life Sciences Tools & Services — 1.2%
Thermo Fisher Scientific, Inc.		4,458		2,366,262
Other Securities^		30,049		5,290,204
				7,656,466
Machinery — 2.3%
Caterpillar, Inc.		11,832		3,498,367
Other Securities^		74,952		11,721,588
				15,219,955
Marine Transportation — 0.0%
Other Securities^		322		25,271
Media — 0.8%
Comcast Corp., Class A		59,894		2,626,352
Other Securities^		47,759		2,672,256
				5,298,608
Metals & Mining — 0.5%
Other Securities^		48,900		3,225,859
Multi-Utilities — 0.6%
Other Securities^		65,593		3,978,083
Oil, Gas & Consumable Fuels — 3.4%
Chevron Corp.		20,640		3,078,662
ConocoPhillips		20,640		2,395,685
Exxon Mobil Corp.		58,738		5,872,625
Other Securities^		177,204		10,949,241
				22,296,213
Paper & Forest Products — 0.0%
Other Securities^		1,020		72,247
Passenger Airlines — 0.1%
Other Securities^		26,155		708,811
Personal Products — 0.3%
Other Securities^		67,791		2,206,853
Pharmaceuticals — 4.4%
Eli Lilly & Co.		19,445		11,334,879
Johnson & Johnson		37,932		5,945,462
Merck & Co., Inc.		40,422		4,406,807
Other Securities^		146,853		6,834,475
				28,521,623

The accompanying notes are an integral part of these financial statements.

11

SA U.S. Core Market Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Professional Services — 1.2%
Automatic Data Processing, Inc.		9,817	$	2,287,067
Other Securities^		53,100		5,311,734
				7,598,801
Real Estate Management & Development — 0.2%
Other Securities^		11,262		1,054,487
Semiconductors & Semiconductor Equipment — 7.9%
Advanced Micro Devices, Inc. *		15,685		2,312,126
Applied Materials, Inc.		18,581		3,011,423
Broadcom, Inc.		8,421		9,399,941
NVIDIA Corp.		33,925		16,800,338
QUALCOMM, Inc.		25,043		3,621,969
Texas Instruments, Inc.		19,702		3,358,403
Other Securities^@		107,672		12,660,357
				51,164,557
Software — 8.3%
Adobe, Inc. *		8,683		5,180,278
Microsoft Corp.		84,739		31,865,253
Oracle Corp.		26,244		2,766,905
Other Securities^		89,752		14,129,820
				53,942,256
Specialty Retail — 2.6%
Home Depot, Inc. (The)		18,311		6,345,677
TJX Cos., Inc. (The)		26,082		2,446,753
Other Securities^		45,891		8,075,411
				16,867,841
Textiles, Apparel & Luxury Goods — 0.7%
Other Securities^		43,187		4,564,829
Tobacco — 0.5%
Other Securities^		48,948		3,124,437
Trading Companies & Distributors — 0.6%
Other Securities^		24,189		3,835,236
Water Utilities — 0.1%
Other Securities^		7,137		595,441
Wireless Telecommunication Services — 0.2%
Other Securities^		8,733		1,400,162
TOTAL COMMON STOCKS (Identified Cost $125,491,704)				623,312,422
MUTUAL FUNDS — 4.0%
Others — 4.0%
DFA U.S. Micro Cap Portfolio		996,416		26,185,802
TOTAL MUTUAL FUNDS (Identified Cost $11,701,377)				26,185,802
SHORT-TERM INVESTMENTS — 0.3%
Investment Company — 0.3%
State Street Institutional U.S. Government Money Market Fund 5.070%		1,794,923		1,794,923
Collateral For Securities On Loan — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 5.360%		114,936		114,936
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,909,859)				1,909,859
Total Investments — 100.1% (Identified Cost $139,102,940)				651,408,083
Liabilities in excess of Cash and Other Assets — (0.1%)				(921,371	)
Net Assets — 100.0%			$	650,486,712

†	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, 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, 2023, the fair value of the securities on loan was $657,584.

Portfolio Sectors as of December 31, 2023
(As a percentage of long-term investments)

 

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, 2023 (Unaudited)

	SHARES		VALUE†
COMMON STOCKS — 99.7%
Aerospace & Defense — 2.0%
RTX Corp.		36,091	$	3,036,697
Other Securities^		56,112		7,503,811
				10,540,508
Air Freight & Logistics — 0.8%
FedEx Corp.		16,968		4,292,395
Automobile Components — 0.4%
Other Securities^		39,876		2,432,185
Automobiles — 1.0%
General Motors Co.		98,964		3,554,787
Other Securities^		150,516		1,834,790
				5,389,577
Beverages — 0.4%
Other Securities^		18,957		2,106,772
Biotechnology — 1.9%
Gilead Sciences, Inc.		45,490		3,685,145
Other Securities^		22,332		6,364,677
				10,049,822
Broadline Retail — 0.2%
Other Securities^		20,328		886,707
Building Products — 1.1%
Other Securities^		65,606		5,947,653
Capital Markets — 3.2%
Goldman Sachs Group, Inc. (The)		18,498		7,135,973
Morgan Stanley		58,923		5,494,570
Other Securities^		81,343		4,654,560
				17,285,103
Chemicals — 4.0%
Linde PLC		14,100		5,791,011
Other Securities^		187,299		15,754,102
				21,545,113
Commercial Banks — 10.3%
Bank of America Corp.		196,564		6,618,310
Citigroup, Inc.		79,030		4,065,303
JPMorgan Chase & Co.		142,484		24,236,528
Wells Fargo & Co.		126,013		6,202,360
Other Securities^		458,809		14,495,791
				55,618,292
Commercial Services & Supplies — 0.2%
Other Securities^		8,792		922,830
Communications Equipment — 0.5%
Other Securities^		58,476		2,546,768
Computers & Peripherals — 1.1%
Other Securities^		245,284		5,895,586
Construction & Engineering — 0.2%
Other Securities^		7,778		849,076
Construction Materials — 0.7%
Other Securities^		12,730		4,014,416
Consumer Finance — 1.4%
Capital One Financial Corp.		28,539		3,742,034
Other Securities^		86,437		3,716,325
				7,458,359
Consumer Staples Distribution & Retail — 2.2%
Kroger Co. (The)		64,415		2,944,410
Walmart, Inc.		34,998		5,517,435
Other Securities^		66,489		3,372,501
				11,834,346
Containers & Packaging — 0.5%
Other Securities^		81,189		2,980,331
Distributors — 0.4%
Other Securities^		40,502		2,206,813
Diversified Telecommunication Services — 2.8%
AT&T, Inc.		455,881		7,649,683
Verizon Communications, Inc.		198,247		7,473,912
				15,123,595
Electric Utilities — 0.2%
Other Securities^		22,148		1,145,052
Electrical Equipment — 0.4%
Other Securities^		13,646		2,425,002
Electronic Equipment, Instruments & Components — 1.3%
Other Securities^		140,790		7,005,590
Energy Equipment & Services — 0.3%
Other Securities^		49,652		1,697,105
Entertainment — 1.0%
Walt Disney Co. (The)		34,691		3,132,250
Other Securities^		97,449		2,376,958
				5,509,208

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, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Financial Services — 3.3%
Berkshire Hathaway, Inc., Class B *		38,117	$	13,594,809
Other Securities^		47,636		4,250,307
				17,845,116
Food Products — 2.8%
Mondelez International, Inc., Class A		51,728		3,746,659
Other Securities^		183,907		11,387,178
				15,133,837
Ground Transportation — 1.0%
Norfolk Southern Corp.		16,359		3,866,941
Other Securities^@		20,030		1,413,637
				5,280,578
Health Care Equipment & Supplies — 2.0%
Medtronic PLC		37,706		3,106,220
Other Securities^		69,716		7,969,640
				11,075,860
Health Care Providers & Services — 5.1%
Cigna Group (The)		19,065		5,709,014
CVS Health Corp.		58,448		4,615,054
Elevance Health, Inc.		13,010		6,134,996
Humana, Inc.		7,918		3,624,940
Laboratory Corp. of America Holdings		13,769		3,129,556
Other Securities^		42,977		4,486,421
				27,699,981
Hotels, Restaurants & Leisure — 0.5%
Other Securities^@		74,123		2,588,312
Household Durables — 3.2%
DR Horton, Inc.		46,332		7,041,537
Lennar Corp., Class A		23,116		3,445,209
PulteGroup, Inc.		41,840		4,318,725
Other Securities^@		16,717		2,233,734
				17,039,205
Independent Power Producers & Energy Traders — 0.2%
Other Securities^		25,467		980,989
Industrial Conglomerates — 0.3%
Other Securities^		11,962		1,526,710
Insurance — 4.6%
Hartford Financial Services Group, Inc. (The)		47,472		3,815,799
Travelers Companies, Inc. (The)		21,374		4,071,533
Other Securities^@		200,433		16,944,140
				24,831,472
Interactive Media & Services — 1.0%
Meta Platforms, Inc., Class A *		15,106		5,346,920
IT Services — 0.8%
Other Securities^		65,046		4,595,251
Life Sciences Tools & Services — 1.6%
Danaher Corp.		19,132		4,425,997
Thermo Fisher Scientific, Inc.		6,997		3,713,937
Other Securities^		2,104		266,724
				8,406,658
Machinery — 3.7%
PACCAR, Inc.		34,507		3,369,609
Parker-Hannifin Corp.		6,463		2,977,504
Other Securities^		116,861		13,608,157
				19,955,270
Media — 2.9%
Comcast Corp., Class A		280,380		12,294,663
Other Securities^		113,898		3,171,079
				15,465,742
Metals & Mining — 3.6%
Freeport-McMoRan, Inc.		106,539		4,535,365
Nucor Corp.		38,084		6,628,139
Steel Dynamics, Inc.		33,820		3,994,142
Other Securities^		52,486		4,457,619
				19,615,265
Oil, Gas & Consumable Fuels — 13.3%
Chevron Corp.		97,929		14,607,090
ConocoPhillips		92,400		10,724,868
Exxon Mobil Corp.		222,398		22,235,352
Marathon Petroleum Corp.		30,104		4,466,229
Other Securities^		324,829		19,347,441
				71,380,980
Passenger Airlines — 0.4%
Other Securities^		61,218		2,218,286
Personal Products — 0.0%
Other Securities^		1,233		68,345
Pharmaceuticals — 2.7%
Bristol-Myers Squibb Co.		79,893		4,099,310
Pfizer, Inc.		322,258		9,277,808
Other Securities^		73,753		1,329,309
				14,706,427
Professional Services — 0.6%
Other Securities^		32,040		3,214,101
Real Estate Management & Development — 0.5%
Other Securities^		23,853		2,675,718

The accompanying notes are an integral part of these financial statements.

14

SA U.S. Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Semiconductors & Semiconductor Equipment — 4.9%
Analog Devices, Inc.		18,542	$	3,681,700
Intel Corp.		228,574		11,485,844
Micron Technology, Inc.		67,598		5,768,813
Other Securities^		50,225		5,217,624
				26,153,981
Software — 0.6%
Other Securities^		13,921		3,014,434
Specialty Retail — 0.1%
Other Securities^		8,119		623,052
Textiles, Apparel & Luxury Goods — 0.1%
Other Securities^		8,655		498,576
Trading Companies & Distributors — 0.5%
Other Securities^		4,510		2,586,124
Wireless Telecommunication Services — 0.9%
T-Mobile U.S., Inc.		29,534		4,735,186
TOTAL COMMON STOCKS (Identified Cost $314,334,482)				536,970,580
SHORT-TERM INVESTMENTS — 0.5%
Investment Company — 0.5%
State Street Institutional U.S. Government Money Market Fund 5.070%		2,454,862		2,454,862
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,454,862)				2,454,862
Total Investments — 100.2% (Identified Cost $316,789,344)				539,425,442
Liabilities in excess of Cash and Other Assets — (0.2%)				(1,101,623	)
Net Assets — 100.0%			$	538,323,819

†	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, 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, 2023, the fair value of the securities on loan was $640,475.

Portfolio Sectors as of December 31, 2023
(As a percentage of long-term investments)

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, 2023 (Unaudited)

	SHARES		VALUE†
COMMON STOCKS — 99.9%
Aerospace & Defense — 1.2%
Other Securities^		55,684	$	3,666,653
Air Freight & Logistics — 0.2%
Other Securities^		19,908		685,496
Automobile Components — 1.6%
Autoliv, Inc.		6,598		727,034
Other Securities^		97,081		4,409,929
				5,136,963
Automobiles — 0.3%
Other Securities^		30,654		934,781
Beverages — 0.7%
Coca-Cola Consolidated, Inc.		882		818,849
Other Securities^		30,517		1,522,533
				2,341,382
Biotechnology — 2.2%
Neurocrine Biosciences, Inc. *		7,426		978,450
Other Securities^		266,081		5,967,341
				6,945,791
Broadline Retail — 0.4%
Other Securities^		28,233		1,102,380
Building Products — 3.2%
A.O. Smith Corp.		8,970		739,487
Advanced Drainage Systems, Inc.		7,209		1,013,874
Lennox International, Inc.		1,677		750,491
Owens Corning		6,683		990,621
Simpson Manufacturing Co., Inc.		4,397		870,518
Trex Co., Inc. *		10,510		870,123
UFP Industries, Inc.		6,595		828,002
Other Securities^		60,070		3,881,488
				9,944,604
Capital Markets — 3.0%
Jefferies Financial Group, Inc.		21,621		873,705
Morningstar, Inc.		2,847		814,925
Other Securities^@		195,636		7,694,459
				9,383,089
Chemicals — 2.5%
Other Securities^		175,240		8,029,447
Commercial Banks — 9.3%
Other Securities^		967,848		29,513,565
Commercial Services & Supplies — 1.9%
Clean Harbors, Inc.*		4,977		868,536
Tetra Tech, Inc.		5,049		842,830
Other Securities^		106,186		4,257,118
				5,968,484
Communications Equipment — 1.1%
Other Securities^		125,381		3,489,572
Computers & Peripherals — 0.3%
Other Securities^		33,575		1,036,080
Construction & Engineering — 1.9%
Comfort Systems USA, Inc.		3,764		774,142
EMCOR Group, Inc.		4,190		902,652
WillScot Mobile Mini Holdings Corp. *		18,315		815,017
Other Securities^		70,555		3,620,787
				6,112,598
Construction Materials — 0.3%
Other Securities^		10,477		854,504
Consumer Finance — 1.1%
Other Securities^@		103,476		3,581,382
Consumer Staples Distribution & Retail — 1.2%
Other Securities^		71,137		3,924,742
Containers & Packaging — 1.5%
Other Securities^		117,073		4,736,530
Distributors — 0.1%
Other Securities^		2,230		205,239
Diversified Consumer Services — 1.0%
Other Securities^		61,868		3,199,412
Diversified Telecommunication Services — 0.3%
Other Securities^		33,046		940,532
Electric Utilities — 1.4%
NRG Energy, Inc.		14,356		742,205
Other Securities^		73,384		3,731,787
				4,473,992
Electrical Equipment — 1.2%
Regal Rexnord Corp.		6,071		898,629
Other Securities^		45,285		3,019,358
				3,917,987
Electronic Equipment, Instruments & Components — 3.4%
Arrow Electronics, Inc. *		5,952		727,632
Other Securities^		167,949		10,010,849
				10,738,481
Energy Equipment & Services — 1.2%
Other Securities^		217,082		3,925,728
Entertainment — 0.4%
Other Securities^		49,509		1,288,275
Financial Services — 1.6%
Other Securities^		123,206		5,155,839
Food Products — 1.6%
Other Securities^		106,653		5,159,419
Gas Utilities — 0.7%
Other Securities^		43,731		2,121,019

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, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Ground Transportation — 1.4%
Saia, Inc. *		2,389	$	1,046,908
U-Haul Holding Co.		9,522		670,730
U-Haul Holding Co. *@		1,058		75,964
Other Securities^		49,606		2,464,996
				4,258,598
Health Care — 0.0%
Other Securities^		237		467
Health Care Equipment & Supplies — 2.2%
Other Securities^		164,722		6,895,473
Health Care Providers & Services — 3.1%
Chemed Corp.		1,565		915,134
DaVita, Inc. *		8,508		891,298
Henry Schein, Inc. *		10,880		823,725
Tenet Healthcare Corp. *		10,669		806,256
Other Securities^		142,789		6,409,182
				9,845,595
Health Care Technology — 0.3%
Other Securities^		40,953		886,968
Hotels, Restaurants & Leisure — 3.3%
Churchill Downs, Inc.		7,622		1,028,436
Texas Roadhouse, Inc.		6,983		853,532
Other Securities^		173,186		8,474,658
				10,356,626
Household Durables — 3.0%
Tempur Sealy International, Inc.		18,378		936,727
Toll Brothers, Inc.		10,507		1,080,015
TopBuild Corp. *		3,353		1,254,894
Other Securities^		131,218		6,195,453
				9,467,089
Household Products — 0.2%
Other Securities^		8,701		746,979
Independent Power Producers & Energy Traders — 0.7%
Vistra Corp.		28,253		1,088,306
Other Securities^@		36,128		1,099,502
				2,187,808
Insurance — 3.7%
Assurant, Inc.		4,350		732,931
Primerica, Inc.		3,776		776,950
Other Securities^		199,631		10,284,589
				11,794,470
Interactive Media & Services — 0.4%
Other Securities^		45,666		1,192,964
IT Services — 1.1%
GoDaddy, Inc., Class A *		8,025		851,934
Other Securities^		53,646		2,678,516
				3,530,450
Leisure Equipment & Products — 0.6%
Other Securities^		53,804		1,748,580
Life Sciences Tools & Services — 0.9%
Other Securities^		51,016		2,844,033
Machinery — 4.7%
Lincoln Electric Holdings, Inc.		3,365		731,753
Pentair PLC		11,013		800,755
Other Securities^		200,170		13,466,167
				14,998,675
Marine Transportation — 0.3%
Other Securities^		14,201		828,706
Media — 1.3%
New York Times Co. (The), Class A		17,457		855,219
Other Securities^		128,569		3,146,940
				4,002,159
Metals & Mining — 1.9%
Other Securities^		201,006		6,049,451
Multi-Utilities — 0.4%
Other Securities^		38,514		1,401,950
Oil, Gas & Consumable Fuels — 3.1%
Other Securities^		475,354		9,827,610
Paper & Forest Products — 0.3%
Other Securities^		27,385		801,594
Passenger Airlines — 0.3%
Other Securities^		35,996		938,544
Personal Products — 0.8%
Other Securities^		74,911		2,509,069
Pharmaceuticals — 1.0%
Other Securities^		89,966		3,060,827
Professional Services — 3.2%
CACI International, Inc., Class A *		2,374		768,844
FTI Consulting, Inc. *		3,603		717,537
Other Securities^		152,820		8,750,552
				10,236,933
Real Estate Management & Development — 0.7%
Jones Lang LaSalle, Inc. *		3,879		732,627
Other Securities^		64,368		1,606,959
				2,339,586
Semiconductors & Semiconductor Equipment — 3.1%
Amkor Technology, Inc.		25,678		854,307
Lattice Semiconductor Corp. *		12,472		860,443
Rambus, Inc. *		11,347		774,433
Other Securities^@		134,849		7,390,955
				9,880,138

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, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Software — 3.5%
Qualys, Inc. *		3,876	$	760,781
Other Securities^		249,678		10,244,738
				11,005,519
Specialty Retail — 3.9%
Five Below, Inc. *		5,505		1,173,446
Lithia Motors, Inc.		2,910		958,205
Murphy USA, Inc.		2,265		807,608
Williams-Sonoma, Inc.		4,058		818,823
Other Securities^		201,789		8,589,323
				12,347,405
Textiles, Apparel & Luxury Goods — 1.2%
Other Securities^		84,580		3,623,688
Tobacco — 0.1%
Other Securities^		16,168		348,003
Trading Companies & Distributors — 1.8%
WESCO International, Inc.		4,569		794,458
Other Securities^		73,089		4,893,816
				5,688,274
Water Utilities — 0.5%
Other Securities^		29,361		1,482,137
Wireless Telecommunication Services — 0.1%
Other Securities^		11,824		257,368
TOTAL COMMON STOCKS (Identified Cost $169,593,980)				315,897,702
PREFERRED STOCKS — 0.0%
Media — 0.0%
Liberty Broadband Corp. 7.000%		1,225		27,011
Trading Companies & Distributors — 0.0%
WESCO International, Inc., 10.625%, 5 year CMT + 10.325%		1,927		50,911
TOTAL PREFERRED STOCKS (Identified Cost $52,821)				77,922
SHORT-TERM INVESTMENTS — 0.9%
Investment Company — 0.6%
State Street Institutional U.S. Government Money Market Fund 5.070%		1,772,198		1,772,198
Collateral For Securities On Loan — 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio 5.360%		916,641		916,641
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,688,839)				2,688,839
Total Investments — 100.8% (Identified Cost $172,335,640)			$	318,664,463
Liabilities in excess of Cash and Other Assets — (0.8%)				(2,676,192	)
Net Assets — 100.0%			$	315,988,271

†	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, 2023, the fair value of the securities on loan was $6,581,645.
¶	Contingent value rights based on future performance.

Key to abbreviations:
CMT — Constant Maturity Treasury
CVR — Contingent Value Rights

The accompanying notes are an integral part of these financial statements.

18

SA U.S. Small Company Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

Portfolio Sectors as of December 31, 2023
(As a percentage of long-term investments)

 

The accompanying notes are an integral part of these financial statements.

19

SA International Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited)

	SHARES		VALUE†
COMMON STOCKS — 98.3%
Australia — 6.3%
ANZ Group Holdings Ltd.		171,032	$	3,020,970
National Australia Bank Ltd.		258,849		5,415,255
Santos Ltd.		542,800		2,811,172
Westpac Banking Corp.		182,943		2,854,863
Woodside Energy Group Ltd.		157,968		3,343,525
Other Securities^@		3,073,544		17,315,227
				34,761,012
Austria — 0.2%
Other Securities^		49,967		1,127,144
Belgium — 0.7%
Other Securities^		67,022		3,928,380
Bermuda — 0.0%
Other Securities^		18,503		179,240
Canada — 9.6%
Bank of Montreal @		55,679		5,508,880
Bank of Montreal ¥		3,225		319,105
Bank of Nova Scotia (The) @		104,892		5,107,192
Bank of Nova Scotia (The) @¥		24,902		1,212,165
Canadian Imperial Bank of Commerce @		18,668		898,678
Canadian Imperial Bank of Commerce ¥		81,273		3,913,224
Fairfax Financial Holdings Ltd.		3,439		3,172,870
Magna International, Inc. @		52,493		3,101,286
Manulife Financial Corp. @		176,474		3,900,075
Manulife Financial Corp.		3,055		67,507
Nutrien Ltd.		63,230		3,561,746
Suncor Energy, Inc. ¥		67,770		2,171,115
Suncor Energy, Inc.		75,341		2,413,926
Teck Resources Ltd., Class B @		103,946		4,393,797
Other Securities^@		802,234		13,178,291
				52,919,857
China — 0.1%
Other Securities^		283,490		771,942
Denmark — 2.5%
DSV AS		16,777		2,945,360
Other Securities^		171,201		10,565,366
				13,510,726
Finland — 0.9%
Other Securities^@		676,846		4,671,207
France — 11.7%
BNP Paribas SA		57,117		3,946,570
Cie de Saint-Gobain SA		92,022		6,771,836
Cie Generale des Etablissements Michelin SCA		119,912		4,296,953
Orange SA		322,578		3,669,358
Sanofi SA		38,892		3,853,830
TotalEnergies SE		332,966		22,642,797
Other Securities^		781,586		19,025,013
				64,206,357
Germany — 6.6%
BASF SE		73,103		3,936,647
Bayer AG		93,338		3,465,252
Bayerische Motoren Werke AG		40,060		4,456,919
Mercedes-Benz Group AG		122,485		8,457,844
Other Securities^		552,482		15,840,938
				36,157,600
Hong Kong — 1.5%
Other Securities^±		3,386,311		8,044,487
Ireland — 0.3%
Other Securities^		112,406		1,634,587
Israel — 0.5%
Other Securities^		366,005		2,644,500
Italy — 1.3%
UniCredit SpA		172,773		4,685,351
Other Securities^@		849,580		2,543,060
				7,228,411
Japan — 20.6%
Honda Motor Co. Ltd.		466,200		4,847,157
Mitsubishi Corp.		321,300		5,135,103
Mitsubishi UFJ Financial Group, Inc., ADR @		391,058		3,367,009
Sumitomo Mitsui Financial Group, Inc.		71,100		3,469,277
Takeda Pharmaceutical Co. Ltd.		126,173		3,627,697
Toyota Motor Corp.		322,150		5,918,650
Other Securities^		7,213,617		86,701,665
				113,066,558
Netherlands — 4.8%
ING Groep NV		253,754		3,789,062
Koninklijke Ahold Delhaize NV		179,778		5,163,092
Stellantis NV =		191,757		4,477,247
Stellantis NV @		56,317		1,313,312
Other Securities^¢		622,668		11,718,742
				26,461,455
New Zealand — 0.2%
Other Securities^		305,342		1,308,127
Norway — 0.7%
Other Securities^		270,007		3,957,348
Portugal — 0.1%
Other Securities^		19,281		302,108
Singapore — 1.0%
Other Securities^		7,024,086		5,519,363

The accompanying notes are an integral part of these financial statements.

20

SA International Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Spain — 2.6%
Banco Santander SA		1,654,430	$	6,902,910
Repsol SA		211,452		3,139,667
Other Securities^@		717,537		4,097,533
				14,140,110
Sweden — 2.9%
Other Securities^@		1,361,118		15,845,787
Switzerland — 10.1%
Cie Financiere Richemont SA, Class A		33,824		4,655,048
Holcim AG		47,111		3,698,078
Novartis AG		122,351		12,346,388
Swiss Life Holding AG		4,035		2,801,783
UBS Group AG		232,018		7,200,130
Zurich Insurance Group AG		16,076		8,402,603
Other Securities^µ		186,204		16,605,940
				55,709,970
United Kingdom — 12.3%
BP PLC, ADR		79,258		2,805,733
British American Tobacco PLC		112,193		3,282,722
HSBC Holdings PLC, ADR @		204,163		8,276,768
Lloyds Banking Group PLC		5,603,835		3,407,891
Shell PLC, ADR		389,196		25,609,097
Vodafone Group PLC		3,477,659		3,039,127
Other Securities^		4,538,034		21,151,385
				67,572,723
United States — 0.8%
CRH PLC		40,650		2,811,354
Other Securities^		32,086		1,328,081
				4,139,435
TOTAL COMMON STOCKS (Identified Cost $432,543,734)				539,808,434
PREFERRED STOCKS — 0.8%
Germany — 0.8%
Other Securities^		45,099		4,389,194
TOTAL PREFERRED STOCKS (Identified Cost $6,382,660)				4,389,194
SHORT-TERM INVESTMENTS — 4.6%
Investment Company — 0.1%
State Street Institutional U.S. Government Money Market Fund 5.070%		275,976		275,976
Collateral For Securities On Loan — 4.5%
State Street Navigator Securities Lending Government Money Market Portfolio 5.360%		24,711,549		24,711,549
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $24,987,525)				24,987,525
Total Investments — 103.7% (Identified Cost $463,913,919)			$	569,185,153
Liabilities in excess of Cash and Other Assets — (3.7%)				(20,177,153	)
Net Assets — 100.0%			$	549,008,000

†	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, bankrupt/delisted, and/or fair valued securities.
@	A portion or all of the security was held on loan. As of December 31, 2023, the fair value of the securities on loan was $46,161,764.
¥	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, 2023 amounted to $3,810,049 or 0.69% 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.

21

SA International Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

Ten largest industry holdings as of December 31, 2023
(As a percentage of net assets)

Industry	Percentage
Commercial Banks		19.1	%
Oil, Gas & Consumable Fuels		14.3	%
Automobiles		7.6	%
Insurance		6.3	%
Metals & Mining		6.2	%
Chemicals		5.0	%
Pharmaceuticals		4.5	%
Automobile Components		2.7	%
Capital Markets		2.5	%
Real Estate Management & Development		2.3	%

Country Weightings as of December 31, 2023
(As a percentage of long-term investments)

The accompanying notes are an integral part of these financial statements.

22

SA International Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited)

	SHARES		VALUE†
MUTUAL FUNDS — 100.1%
Others — 100.1%
DFA International Small Company Portfolio £		13,158,408	$	254,088,862
TOTAL MUTUAL FUNDS (Identified Cost $136,914,809)				254,088,862
Total Investments — 100.1% (Identified Cost $136,914,809)				254,088,862
Liabilities in excess of Cash and Other Assets — (0.1%)				(235,222	)
Net Assets — 100.0%			$	253,853,640

†	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.

23

SA Emerging Markets Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited)

	SHARES		VALUE†
COMMON STOCKS — 98.4%
Belgium — 0.0%
Other Securities^		2,956	$	69,997
Brazil — 3.8%
Petroleo Brasileiro SA		344,373		2,763,435
Other Securities^@*		1,461,139		4,767,379
				7,530,814
British Virgin Islands — 0.0%
Other Securities^±		13,200		14,555
Canada — 0.0%
Other Securities^		13,700		58,513
Cayman Islands — 0.0%
Other Securities^		49,844		65,918
Chile — 0.5%
Other Securities^		2,596,056		977,001
China — 25.8%
Agricultural Bank of China Ltd., H Shares		1,776,000		684,608
Alibaba Group Holding Ltd.		344,200		3,332,461
Baidu, Inc., ADR *		11,412		1,359,055
Bank of China Ltd., H Shares		5,702,902		2,176,429
China Construction Bank Corp., H Shares		7,488,810		4,459,623
China Merchants Bank Co. Ltd., H Shares		303,500		1,057,207
China Petroleum & Chemical Corp., H Shares		1,946,400		1,019,501
China Resources Land Ltd.		302,000		1,082,922
China Shenhua Energy Co. Ltd., H Shares		195,000		668,022
Industrial & Commercial Bank of China Ltd., H Shares		4,746,000		2,321,793
JD.com, Inc., Class A		49,300		710,284
PetroChina Co. Ltd., H Shares		2,014,000		1,330,888
Ping An Insurance Group Co. of China Ltd., Class H		505,500		2,288,458
Trip.com Group Ltd., ADR *		26,828		966,076
Xiaomi Corp., Class B *±		458,400		915,802
Other Securities^		39,396,460		26,592,176
				50,965,305
Colombia — 0.1%
Other Securities^		57,314		188,143
Czech Republic — 0.2%
Other Securities^±		24,307		301,542
Greece — 0.5%
Other Securities^*		325,117		936,388
Hong Kong — 0.3%
Other Securities^		1,760,780		484,977
Hungary — 0.2%
Other Securities^		45,199		392,730
India — 20.0%
Axis Bank Ltd.		133,355		1,762,976
Axis Bank Ltd., GDR		12,180		802,662
HDFC Bank Ltd.		98,376		2,019,980
Hindalco Industries Ltd.		158,495		1,169,946
ICICI Bank Ltd., ADR		80,109		1,909,799
JSW Steel Ltd.		80,442		848,755
Larsen & Toubro Ltd., GDR		31,226		1,330,228
Mahindra & Mahindra Ltd.		60,755		1,259,436
Reliance Industries Ltd.		206,554		6,421,477
State Bank of India, GDR		8,728		673,802
Tata Steel Ltd.		430,140		720,055
Other Securities^		5,309,785		20,610,787
				39,529,903
Indonesia — 1.7%
Other Securities^		40,177,489		3,288,348
Korea — 13.0%
Hana Financial Group, Inc.		22,264		750,258
Hyundai Motor Co.		10,966		1,732,728
KB Financial Group, Inc., ADR		24,215		1,001,775
Kia Corp.		23,059		1,790,434
LG Electronics, Inc.		10,373		819,917
POSCO Holdings, Inc., ADR		12,275		1,167,475
Samsung Electronics Co. Ltd., GDR		1,507		2,257,486
Shinhan Financial Group Co. Ltd.		23,813		742,365
Other Securities^		727,553		15,503,646
				25,766,084
Malaysia — 1.5%
Other Securities^		4,704,831		2,965,626
Mexico — 3.2%
Fomento Economico Mexicano SAB de CV		56,916		742,278
Grupo Financiero Banorte SAB de CV, Class O		139,874		1,409,366
Grupo Mexico SAB de CV, Series B		204,503		1,136,623
Other Securities^		2,060,997		3,021,784
				6,310,051
Philippines — 0.7%
Other Securities^		4,895,958		1,409,781
Poland — 1.0%
ORLEN SA		59,254		986,374
Other Securities^*		261,918		1,023,594
				2,009,968
Russia — 0.0%
Other Securities^*		332,081		—
Singapore — 0.0%
Other Securities^		111,000		29,018
				29,018
South Africa — 2.9%
Standard Bank Group Ltd.		60,990		693,837
Other Securities^*		1,833,196		5,004,276
				5,698,113

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, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Taiwan — 18.4%
ASE Technology Holding Co. Ltd.		233,000	$	1,024,910
Asustek Computer, Inc.		47,000		749,629
China Steel Corp.		887,800		781,043
CTBC Financial Holding Co. Ltd.		1,475,280		1,362,773
Fubon Financial Holding Co. Ltd.		493,217		1,041,380
Hon Hai Precision Industry Co. Ltd.		800,068		2,724,201
United Microelectronics Corp.		499,513		856,108
Other Securities^		22,767,615		27,715,162
				36,255,206
Thailand — 2.0%
PTT PCL		883,900		925,787
Other Securities^		10,320,596		3,008,880
				3,934,667
Turkey — 1.0%
Other Securities^		1,693,730		1,980,001
United Arab Emirates — 1.6%
Emaar Properties PJSC		407,887		879,577
Other Securities^		2,068,450		2,197,152
				3,076,729
United Kingdom — 0.0%
Other Securities^		464		8,672
United States — 0.0%
Other Securities^		6,055		71,679
TOTAL COMMON STOCKS (Identified Cost $174,689,722)				194,319,729
PREFERRED STOCKS — 2.0%
Brazil — 2.0%
Petroleo Brasileiro SA, 8.494%		448,645		3,439,464
Other Securities^		180,604		556,454
				3,995,918
Colombia — 0.0%
Other Securities^		12,517		27,325
Philippines — 0.0%
Other Securities^*		12,909		7,565
India — 0.0%
Other Securities^*		256,610		35,111
TOTAL PREFERRED STOCKS (Identified Cost $2,372,706)				4,065,919
RIGHTS AND WARRANTS — 0.0%
Brazil — 0.0%
Other Securities^*		37,720		311
TOTAL RIGHTS AND WARRANTS (Identified Cost $0)				311
SHORT-TERM INVESTMENTS — 1.2%
Investment Company — 0.1%
State Street Institutional U.S. Government Money Market Fund 5.070%		115,443		115,443
Collateral For Securities On Loan — 1.1%
State Street Navigator Securities Lending Government Money Market Portfolio 5.360%		2,253,368		2,253,368
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,368,811)				2,368,811
Total Investments — 101.6% (Identified Cost $179,431,239)				200,754,770
Liabilities in excess of Cash and Other Assets — (1.6%)				(3,204,601	)
Net Assets — 100.0%			$	197,550,169

†	See Note 1
^	The Summary Portfolio of Investments does not reflect the Fund’s complete portfolio holdings. “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Some of the individual securities within this category may include non-income producing and fair valued securities.
@	A portion or all of the security was held on loan. As of December 31, 2023, the fair value of the securities on loan was $2,881,234.
*	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, 2023 amounted to $4,232,895 or 2.14% of the net assets of the Fund.

Key to abbreviations:

ADR — American Depository Receipt

GDR — Global Depository Receipt

The accompanying notes are an integral part of these financial statements.

25

SA Emerging Markets Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

Ten largest industry holdings as of December 31, 2023
(As a percentage of net assets)

Industry	Percentage
Commercial Banks		22.3	%
Oil, Gas & Consumable Fuels		11.6	%
Metals & Mining		7.0	%
Electronic Equipment, Instruments & Components		4.8	%
Computers & Peripherals		4.2	%
Insurance		3.9	%
Chemicals		3.6	%
Real Estate Management & Development		3.4	%
Automobiles		3.4	%
Semiconductors & Semiconductor Equipment		3.1	%

Country Weightings as of December 31, 2023
(As a percentage of long-term investments)

The accompanying notes are an integral part of these financial statements.

26

SA Real Estate Securities Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited)

	SHARES		VALUE†
COMMON STOCKS — 99.4%
Diversified REITs — 2.1%
American Assets Trust, Inc.		6,032	$	135,780
Broadstone Net Lease, Inc.		17,587		302,848
CTO Realty Growth, Inc.		2,292		39,720
Empire State Realty Trust, Inc., Class A		11,500		111,435
Essential Properties Realty Trust, Inc.		16,244		415,197
Gladstone Commercial Corp.		3,518		46,578
Global Net Lease, Inc.		20,205		201,040
One Liberty Properties, Inc.		1,747		38,277
WP Carey, Inc.		22,561		1,462,179
				2,753,054
Health Care REITs — 8.9%
CareTrust REIT, Inc.		10,478		234,498
Community Healthcare Trust, Inc.		2,728		72,674
Diversified Healthcare Trust		9,600		35,904
Global Medical REIT, Inc.		5,127		56,910
Healthcare Realty Trust, Inc.		40,417		696,385
Healthpeak Properties, Inc.		56,680		1,122,264
LTC Properties, Inc.		3,972		127,581
Medical Properties Trust, Inc. @		62,813		308,412
National Health Investors, Inc.		4,520		252,442
Omega Healthcare Investors, Inc.		24,829		761,257
Physicians Realty Trust		25,667		341,628
Sabra Health Care REIT, Inc.		23,956		341,852
Universal Health Realty Income Trust		1,361		58,863
Ventas, Inc.		41,891		2,087,847
Welltower, Inc.		57,538		5,188,201
				11,686,718
Hotel & Resort REITs — 3.1%
Apple Hospitality REIT, Inc.		22,630		375,884
Braemar Hotels & Resorts, Inc.		5,308		13,270
Chatham Lodging Trust		5,496		58,917
DiamondRock Hospitality Co.		21,824		204,927
Host Hotels & Resorts, Inc.		73,437		1,429,819
Park Hotels & Resorts, Inc.		21,861		334,473
Pebblebrook Hotel Trust		13,051		208,555
RLJ Lodging Trust		16,642		195,044
Ryman Hospitality Properties, Inc.		5,906		650,014
Service Properties Trust		17,100		146,034
Summit Hotel Properties, Inc.		10,209		68,605
Sunstone Hotel Investors, Inc.		20,319		218,023
Xenia Hotels & Resorts, Inc.		13,264		180,656
				4,084,221
Industrial REITs — 14.1%
Americold Realty Trust, Inc.		28,465		861,636
EastGroup Properties, Inc.		4,824		885,397
First Industrial Realty Trust, Inc.		13,771		725,319
Innovative Industrial Properties, Inc.		2,731		275,339
LXP Industrial Trust		29,881		296,419
Plymouth Industrial REIT, Inc.		4,195		100,974
Prologis, Inc.		95,718		12,759,209
Rexford Industrial Realty, Inc.		21,977		1,232,910
STAG Industrial, Inc.		18,903		742,132
Terreno Realty Corp.		8,820		552,749
				18,432,084
Office REITs — 5.1%
Alexandria Real Estate Equities, Inc.		17,187		2,178,796
Boston Properties, Inc.		15,522		1,089,179
Brandywine Realty Trust		17,917		96,752
City Office REIT, Inc.		5,176		31,625
COPT Defense Properties		11,717		300,307
Cousins Properties, Inc.		15,801		384,754
Douglas Emmett, Inc.		17,359		251,706
Easterly Government Properties, Inc.		9,677		130,059
Equity Commonwealth		11,056		212,275
Highwoods Properties, Inc.		10,951		251,435
Hudson Pacific Properties, Inc.		12,646		117,734
JBG SMITH Properties		9,420		160,234
Kilroy Realty Corp.		11,447		456,049
NET Lease Office Properties		1,557		28,773
Office Properties Income Trust		3,570		26,132
Orion Office REIT, Inc.		6,753		38,627
Paramount Group, Inc.		17,848		92,274
Piedmont Office Realty Trust, Inc., Class A		10,998		78,196
SL Green Realty Corp.		6,782		306,343
Vornado Realty Trust		16,470		465,278
				6,696,528
Residential REITs — 14.3%
American Homes 4 Rent., Class A		33,701		1,211,888
Apartment Income REIT Corp.		15,754		547,137
Apartment Investment and Management Co., Class A *		13,592		106,425
AvalonBay Communities, Inc.		14,785		2,768,048
Bluerock Homes Trust, Inc.		412		5,764
BRT Apartments Corp.		400		7,436
Camden Property Trust		11,063		1,098,445
Centerspace		1,825		106,215
Clipper Realty, Inc.		1,167		6,302
Elme Communities		10,445		152,497
Equity LifeStyle Properties, Inc.		18,435		1,300,405
Equity Residential		37,556		2,296,925
Essex Property Trust, Inc.		6,682		1,656,735
Independence Realty Trust, Inc.		23,394		357,928
Invitation Homes, Inc.		63,403		2,162,676
Mid-America Apartment Communities, Inc.		12,090		1,625,621
NexPoint Residential Trust, Inc.		2,449		84,319
Sun Communities, Inc.		12,956		1,731,570
UDR, Inc.		32,375		1,239,639
UMH Properties, Inc.		5,369		82,253
Veris Residential, Inc.		8,319		130,858
				18,679,086
Retail REITs — 14.1%
Acadia Realty Trust		9,876		167,793
Agree Realty Corp.		9,877		621,757
Alexander’s, Inc.		303		64,712
Brixmor Property Group, Inc.		31,295		728,235
Federal Realty Investment Trust		7,648		788,126
Getty Realty Corp.		4,639		135,552
InvenTrust Properties Corp.		6,885		174,466
Kimco Realty Corp.		64,225		1,368,635

The accompanying notes are an integral part of these financial statements.

27

SA Real Estate Securities Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Retail REITs (Continued)
Kite Realty Group Trust		22,840	$	522,122
Macerich Co. (The)		22,322		344,428
NETSTREIT Corp.		6,691		119,434
NNN REIT, Inc.		18,902		814,676
Phillips Edison & Co., Inc.		12,315		449,251
Realty Income Corp.		75,069		4,310,462
Regency Centers Corp.		16,751		1,122,317
Retail Opportunity Investments Corp.		13,055		183,162
RPT Realty		8,058		103,384
Saul Centers, Inc.		1,365		53,604
Simon Property Group, Inc.		33,802		4,821,517
SITE Centers Corp.		19,518		266,030
Spirit Realty Capital, Inc.		14,666		640,758
Tanger, Inc.		10,913		302,508
Urban Edge Properties		12,189		223,059
Whitestone REIT		4,996		61,401
				18,387,389
Specialized REITs — 37.7%
American Tower Corp.		48,531		10,476,872
Crown Castle, Inc.		44,933		5,175,832
CubeSmart		23,410		1,085,053
Digital Realty Trust, Inc.		31,377		4,222,717
EPR Properties		7,843		379,993
Equinix, Inc.		9,727		7,834,029
Esc War Ind *§		9,141		—
Extra Space Storage, Inc.		21,890		3,509,624
Four Corners Property Trust, Inc.		9,280		234,784
Gaming and Leisure Properties, Inc.		27,665		1,365,268
Global Self Storage, Inc.		997		4,616
Iron Mountain, Inc.		30,252		2,117,035
Lamar Advertising Co., Class A		9,074		964,385
National Storage Affiliates Trust		8,178		339,142
Outfront Media, Inc.		16,965		236,831
Public Storage		16,396		5,000,780
SBA Communications Corp.		11,178		2,835,747
Uniti Group, Inc.		20,375		117,767
VICI Properties, Inc.		107,184		3,417,026
				49,317,501
TOTAL COMMON STOCKS (Identified Cost $72,433,516)				130,036,581
SHORT-TERM INVESTMENTS — 0.5%
Investment Company — 0.5%
State Street Institutional U.S. Government Money Market Fund 5.070%		683,778		683,778
Collateral For Securities On Loan — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 5.360%		33,784		33,784
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $717,562)				717,562
Total Investments — 99.9% (Identified Cost $73,151,078)			$	130,754,143
Cash and Other Assets, Less Liabilities — 0.1%				112,964
Net Assets — 100.0%			$	130,867,107

†	See Note 1
@	A portion or all of the security was held on loan. As of December 31, 2023, the fair value of the securities on loan was $317,996.
*	Non-income producing security
§	Fair valued security. Security is valued using significant unobservable inputs as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1

Key to abbreviations:

REIT — Real Estate Investment Trust

Portfolio Sectors as of December 31, 2023
(As a percentage of long-term investments)

The accompanying notes are an integral part of these financial statements.

28

SA Worldwide Moderate Growth Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited)

	SHARES		VALUE†
MUTUAL FUNDS — 100.0%
Others — 100.0%
SA Emerging Markets Value Fund €		157,516	$	1,551,532
SA Global Fixed Income Fund €		462,738		4,044,325
SA International Value Fund €		367,201		4,615,717
SA Real Estate Securities Fund €		66,890		740,475
SA U.S. Core Market Fund €		132,546		3,918,057
SA U.S. Fixed Income Fund €		258,865		2,464,396
SA U.S. Small Company Fund €		61,175		1,621,137
SA U.S. Value Fund €		196,321		3,928,381
				22,884,020
TOTAL MUTUAL FUNDS (Identified Cost $20,787,966)				22,884,020
Total Investments — 100.0% (Identified Cost $20,787,966)				22,884,020
Cash and Other Assets, Less Liabilities — 0.0%				7,921
Net Assets — 100.0%			$	22,891,941

†	See Note 1
€	SA Worldwide Moderate Growth Fund invests substantially all of its assets in the affiliated Underlying SA Funds.

The accompanying notes are an integral part of these financial statements.

29

STATEMENTS OF ASSETS AND LIABILITIES — DECEMBER 31, 2023 (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)	$	466,551,528		$	598,254,805		$	651,408,083
Investments in affiliated securities, at value		—			—			—
Foreign currency, at value		—			2,268,981			—
Receivable for investments sold		—			614			—
Dividends and interest receivable		2,429,325			3,496,108			532,577
Receivable for fund shares sold		220,638			293,163			251,636
Unrealized appreciation on forward foreign currency exchange contracts (Note 1)		—			1,630,859			—
Receivable from the Adviser (Note 2)		3,079			—			2,343
Receivable for tax reclaims		—			—			—
Prepaid expenses		18,473			26,440			24,796
Other assets		—			—			640
Total Assets		469,223,043			605,970,970			652,220,075
LIABILITIES
Payable for investments purchased		—			—			—
Payable for fund shares redeemed		175,782			242,922			240,421
Due to custodian bank		—			—			975,719
Collateral for securities on loan (Note 1)		—			6,114,720			114,936
Unrealized depreciation on forward foreign currency exchange contracts (Note 1)		—			11,463,474			—
Advisory fee payable (Note 2)		59,453			124,548			217,759
Sub-Advisory fee payable (Note 2)		11,891			14,946			16,332
Sub-Administration fee payable (Note 2)		11,994			22,147			17,296
Custody and accounting fees payable		10,937			29,734			11,389
Shareholder servicing fee payable (Note 2)		59,453			74,729			81,660
Transfer agent fee payable		13,103			16,357			18,790
Professional fees payable		16,863			17,617			17,390
Accrued foreign capital gains tax		—			—			—
Accrued expenses and other liabilities		10,882			16,693			21,671
Total Liabilities		370,358			18,137,887			1,733,363
NET ASSETS	$	468,852,685		$	587,833,083		$	650,486,712
NET ASSETS CONSIST OF:
Paid-in capital	$	502,625,623		$	652,919,625		$	108,319,147
Total distributable earnings (loss)(2)		(33,772,938	)		(65,086,542	)		542,167,565
NET ASSETS	$	468,852,685		$	587,833,083		$	650,486,712
Shares of beneficial interest outstanding ($0.01 par value, unlimited shares authorized)		49,237,370			67,220,697			22,007,868
Net asset value per share	$	9.52		$	8.74		$	29.56
Identified cost of unaffiliated investments	$	467,730,827		$	593,583,013		$	139,102,940
Identified cost of affiliated investments	$	—		$	—		$	—
Cost of foreign currency	$	—		$	2,268,946		$	—
(1) Including securities on loan, at value (see Note 1)	$	—		$	5,982,590		$	657,584
(2) Net of deferred capital gain country tax of:	$	—		$	—		$	—

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		SA Worldwide Moderate Growth Fund
$	539,425,442	$	318,664,463	$	569,185,153	$	254,088,862	$	200,754,770	$	130,754,143	$	—
	—		—		—		—		—		—		22,884,020
	—		—		670,132		—		767,237		—		—
	—		—		473,112		—		—		—		30,243
	527,275		214,516		742,653		—		360,303		644,184		—
	318,161		116,642		656,178		145,665		143,127		48,274		—
	—		—		—		—		—		—		—
	—		—		2,482		—		57,019		8,092		11,680
	—		—		2,759,591		—		8,868		—		—
	24,587		23,609		24,170		22,514		16,860		16,678		18,819
	—		—		—		—		—		5,485		—
	540,295,465		319,019,230		574,513,471		254,257,041		202,108,184		131,476,856		22,944,762
	183,279		—		—		—		3,947		104,110		—
	281,123		256,019		331,326		146,662		85,468		85,571		30,243
	1,135,511		1,597,325		—		119,087		451		274,685		—
	—		916,641		24,711,549		—		2,253,368		33,784		—
	—		—		—		—		—		—		—
	178,934		104,179		204,906		52,113		72,649		37,869		—
	44,733		52,090		91,069		—		58,119		10,820		—
	15,989		9,444		17,090		7,968		5,576		4,154		682
	10,458		9,785		22,819		4,530		37,765		4,277		3,298
	67,100		39,067		68,302		31,268		24,216		16,230		—
	17,864		17,495		17,818		17,147		15,753		15,789		475
	17,390		17,390		27,795		17,390		66,411		17,243		13,823
	—		—		—		—		1,907,928		—		—
	19,265		11,524		12,797		7,236		26,364		5,217		4,300
	1,971,646		3,030,959		25,505,471		403,401		4,558,015		609,749		52,821
$	538,323,819	$	315,988,271	$	549,008,000	$	253,853,640	$	197,550,169	$	130,867,107	$	22,891,941
$	301,736,684	$	161,073,542	$	459,323,455	$	161,876,879	$	194,514,804	$	72,174,723	$	20,769,946
	236,587,135		154,914,729		89,684,545		91,976,761		3,035,365		58,692,384		2,121,995
$	538,323,819	$	315,988,271	$	549,008,000	$	253,853,640	$	197,550,169	$	130,867,107	$	22,891,941
	26,906,570		11,923,783		43,663,632		12,676,961		20,048,654		11,821,309		2,080,688
$	20.01	$	26.50	$	12.57	$	20.02	$	9.85	$	11.07	$	11.00
$	316,789,344	$	172,335,640	$	463,913,919	$	136,914,809	$	179,431,239	$	73,151,078	$	—
$	—	$	—	$	—	$	—	$	—	$	—	$	20,787,966
$	—	$	—	$	672,027	$	—	$	766,164	$	—	$	—
$	640,475	$	6,581,645	$	46,161,764	$	—	$	2,881,234	$	317,996	$	—
$	—	$	—	$	—	$	—	$	1,907,928	$	—	$	—

The accompanying notes are an integral part of these financial statements.

31

STATEMENTS OF OPERATIONS — SIX MONTHS ENDED DECEMBER 31, 2023 (Unaudited)

			SA U.S. Fixed Income Fund			SA Global Fixed Income Fund			SA U.S. Core Market Fund
INVESTMENT INCOME
Income:
Unaffiliated dividends			$	—		$	—		$	4,909,149
Affiliated dividends				—			—			—
Interest(1)				9,250,186			12,768,461			30,463
Other income				—			—			6
Taxes withheld				—			—			(904	)
Total Income				9,250,186			12,768,461			4,938,714
Expenses:
Advisory fees (Note 2)				329,019			795,375			1,261,383
Shareholder Servicing fees (Note 2)				329,019			477,225			473,019
Sub-Advisory fees (Note 2)				65,804			95,445			91,037
Sub-Administration fees (Note 2)				36,693			60,687			55,472
Trustees’ fees and expenses (Note 2)				19,013			19,013			19,013
Custody and accounting fees				27,675			85,348			52,962
Transfer agent fees				37,976			39,290			45,835
Professional fees *				27,265			28,019			26,292
Registration fees				17,993			21,273			18,878
Shareholders report printing expenses				17,292			27,336			24,669
Other expenses **				14,798			17,397			61,358
Total expenses before waivers and reimbursements:				922,547			1,666,408			2,129,918
Less: Fee waiver by the Adviser (Note 2)				(45,161	)		—			(35,794	)
Net expenses				877,386			1,666,408			2,094,124
Net investment income				8,372,800			11,102,053			2,844,590
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on:
Investments(2)^				(282,735	)		6,360,084			29,144,964
Investments in affiliates				—			—			—
Forward foreign currency exchange contracts				—			7,281,085			—
Foreign currency transactions				—			126,343			—
Capital gain distributions from underlying funds				—			—			370,760
Increase (decrease) in unrealized appreciation (depreciation) on:
Investments(3)				3,289,101			(322,638	)		16,315,813
Investments in affiliates				—			—			—
Forward foreign currency exchange contracts				—			(7,984,970	)		—
Foreign currency transactions				—			22,850			—
Net realized and unrealized gain on investments and foreign currency transactions and translation				3,006,366			5,482,754			45,831,537
Net increase in net assets resulting from operations			$	11,379,166		$	16,584,807		$	48,676,127
	(1)	Interest income includes security lending income of:	$	—		$	4,590		$	6,385
	(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, printing services and ReFlow.
	^	For the six months ended December 31, 2023, the SA U.S. Core Market Fund, SA U.S. Value Fund, SA U.S. Small Company Fund, SA International Value Fund, and SA Real Estate Securities Fund had redemptions-in-kind of securities in the amount of $30,020,352, $16,478,669, $10,637,076, $3,352,572 and $2,914,723 respectively. Net realized gains (losses) on investments includes the realized gain on the transactions of $28,341,804, $11,787,426, $7,707,436, $1,698,566 and $1,724,864, respectively, which will not be realized by the Funds for tax purposes.

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			SA Worldwide Moderate Growth Fund
$	6,424,118	$	2,258,596		$	8,118,479		$	4,541,521	$	4,130,293		$	2,667,714		$	—
	—		—			—			—		—			—			384,290
	27,311		19,847			142,821			—		34,663			11,096			—
	—		16,550			—			—		—			—			—
	—		(1,966	)		(559,263	)		—		(510,513	)		—			—
	6,451,429		2,293,027			7,702,037			4,541,521		3,654,443			2,678,810			384,290
	1,037,499		597,037			1,215,227			303,386		428,997			212,407			—
	389,062		223,889			405,076			182,032		142,999			91,032			—
	259,375		298,518			540,101			—		343,197			60,688			—
	45,909		26,550			48,990			22,284		16,951			11,018			1,986
	19,013		19,013			19,013			19,013		19,013			19,013			19,013
	33,855		43,350			84,868			12,991		134,598			23,222			13,336
	43,745		42,849			43,486			41,889		38,440			38,540			1,733
	26,292		26,292			38,197			26,292		90,682			26,145			25,724
	18,346		16,915			17,766			15,773		16,186			15,227			15,378
	20,583		12,819			22,165			11,306		9,057			6,461			6,250
	38,129		29,717			23,250			8,214		21,930			18,123			9,665
	1,931,808		1,336,949			2,458,139			643,180		1,262,050			521,876			93,085
	—		—			(27,684	)		—		(270,591	)		(62,122	)		(93,085	)
	1,931,808		1,336,949			2,430,455			643,180		991,459			459,754			—
	4,519,621		956,078			5,271,582			3,898,341		2,662,984			2,219,056			384,290
	18,133,809		17,143,787			6,540,751			1,095,212		(305,721	)		1,703,849			—
	—		—			—			—		—			—			78,534
	—		—			951			—		966			—			—
	—		—			64,587			—		(45,466	)		—			—
	—		—			—			—		—			—			50,983
	16,546,716		6,765,521			22,419,305			11,200,720		11,298,861			5,592,035			—
	—		—			—			—		—			—			821,216
	—		—			—			—		—			—			—
	—		—			62,346			—		7,596			—			—
	34,680,525		23,909,308			29,087,940			12,295,932		10,956,236			7,295,884			950,733
$	39,200,146	$	24,865,386		$	34,359,522		$	16,194,273	$	13,619,220		$	9,514,940		$	1,335,023
$	298	$	7,961		$	123,696		$	—	$	28,016		$	1,363		$	—
$	—	$	—		$	—		$	—	$	80,366		$	—		$	—
$	—	$	—		$	—		$	—	$	803,614		$	—		$	—

The accompanying notes are an integral part of these financial statements.

33

STATEMENTS OF CHANGES IN NET ASSETS

	SA U.S. Fixed Income Fund
	Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	8,372,800		$	10,641,846
Net realized gain (loss) on investments and foreign currency transactions		(282,735	)		(6,535,175	)
Net increase (decrease) in unrealized appreciation (depreciation)		3,289,101			2,972,420
Net increase (decrease) in net assets from operations		11,379,166			7,079,091
Distributions to shareholders:
Investor Class(a)		(8,655,197	)		(8,262,472	)
Select Class(a)		—			(2,529,260	)
Total distributions to shareholders		(8,655,197	)		(10,791,732	)
Capital share transactions
Proceeds from sale of shares
Investor Class(a)		89,264,773			416,790,234	(b)
Select Class(a)		—			9,346,480
		89,264,773			426,136,714
Value of distributions reinvested
Investor Class(a)		8,533,670			8,174,816
Select Class(a)		—			2,503,640
		8,533,670			10,678,456
Cost of shares redeemed
Investor Class(a)		(38,203,874	)		(74,306,097	)
Select Class(a)		—			(414,094,652	)(b)
		(38,203,874	)		(488,400,749	)
Tax-free interclass conversion
Investor Class(a)		—			(47,203	)
Select Class(a)		—			47,203
		—			—
Total capital share transactions		59,594,569			(51,585,579	)
Total increase (decrease) in net assets		62,318,538			(55,298,220	)
NET ASSETS
Beginning of year	$	406,534,147		$	461,832,367
End of year	$	468,852,685		$	406,534,147
CAPITAL SHARE TRANSACTIONS
Shares sold by subscription
Investor Class(a)		9,378,396			44,451,239	(b)
Select Class(a)		—			984,015

The accompanying notes are an integral part of these financial statements.

34

SA Global Fixed Income Fund						SA U.S. Core Market Fund
Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023
$	11,102,053		$	14,200,100		$	2,844,590		$	5,659,768
	13,767,512			(47,589,759	)		29,515,724			35,824,253
	(8,284,758	)		40,837,446			16,315,813			65,430,073
	16,584,807			7,447,787			48,676,127			106,914,094
	—			(18,787,117	)		(5,568,395	)		(31,997,503	)
	—			(3,999,164	)		—			—
	—			(22,786,281	)		(5,568,395	)		(31,997,503	)
	25,902,613			697,161,653	(c)		54,123,430			594,629,964	(d)
	—			19,545,558			—			16,838,788
	25,902,613			716,707,211			54,123,430			611,468,752
	—			18,613,725			5,392,211			31,305,591
	—			3,964,077			—			—
	—			22,577,802			5,392,211			31,305,591
	(128,111,892	)		(120,544,720	)		(93,012,356	)		(126,889,441	)
	—			(678,883,998	)(c)		—			(534,028,957	)(d)
	(128,111,892	)		(799,428,718	)		(93,012,356	)		(660,918,398	)
	—			(63,682	)		—			(82,452	)
	—			63,682			—			82,452
	—			—			—			—
	(102,209,279	)		(60,143,705	)		(33,496,715	)		(18,144,055	)
	(85,624,472	)		(75,482,199	)		9,611,017			56,772,536
$	673,457,555		$	748,939,754		$	640,875,695		$	584,103,159
$	587,833,083		$	673,457,555		$	650,486,712		$	640,875,695
	3,003,262			81,782,678	(c)		1,938,280			23,737,954	(d)
	—			2,263,737			—			663,858

The accompanying notes are an integral part of these financial statements.

35

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	SA U.S. Fixed Income Fund
	Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023
Shares issued for distributions reinvested
Investor Class(a)		897,951			869,365
Select Class(a)		—			264,097
Shares redeemed
Investor Class(a)		(4,003,514	)		(7,877,726	)
Select Class(a)		—			(44,079,131	)(b)
Tax-free interclass conversion
Investor Class(a)		—			(5,011	)
Select Class(a)		—			5,000
Net increase (decrease) in fund shares		6,272,833			(5,388,152	)

(a)	Effective October 26, 2022, each Fund converted its Select Class shares into its Investor Class shares and all the Investor Class shares were redesignated as shares of the Fund with no name.
(b)	Includes automatic conversion from Select Class shares of $388,870,466 representing 41,420,313 shares into 41,490,581 Investor Class shares.
(c)	Includes automatic conversion from Select Class shares of $636,280,968 representing 74,708,925 shares into 74,600,310 Investor Class shares.
(d)	Includes automatic conversion from Select Class shares of $510,617,519 representing 20,507,057 shares into 20,412,453 Investor Class shares.

The accompanying notes are an integral part of these financial statements.

36

SA Global Fixed Income Fund						SA U.S. Core Market Fund
Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023
	—			2,222,202			183,284			1,327,070
	—			460,939			—			—
	(14,844,537	)		(14,201,099	)		(3,325,359	)		(5,012,660	)
	—			(79,652,877	)(c)		—			(21,433,395	)(d)
	—			(7,400	)		—			(3,250	)
	—			7,412			—			3,265
	(11,841,275	)		(7,124,408	)		(1,203,795	)		(717,158	)

The accompanying notes are an integral part of these financial statements.

37

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	SA U.S. Value Fund
	Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	4,519,621		$	9,063,132
Net realized gain (loss) on investments and foreign currency transactions		18,133,809			24,829,240
Net increase (decrease) in unrealized appreciation (depreciation)		16,546,716			22,385,154
Net increase (decrease) in net assets from operations		39,200,146			56,277,526
Distributions to shareholders:
Investor Class(a)		(8,913,929	)		(37,682,984	)
Select Class(a)		—			—
Total distributions to shareholders		(8,913,929	)		(37,682,984	)
Capital share transactions
Proceeds from sale of shares
Investor Class(a)		37,259,790			543,036,027	(b)
Select Class(a)		—			13,362,519
		37,259,790			556,398,546
Value of distributions reinvested
Investor Class(a)		8,705,450			37,067,906
Select Class(a)		—			—
		8,705,450			37,067,906
Cost of shares redeemed
Investor Class(a)		(58,125,255	)		(116,735,600	)
Select Class(a)		—			(491,721,644	)(b)
		(58,125,255	)		(608,457,244	)
Tax-free interclass conversion
Investor Class(a)		—			(103,118	)
Select Class(a)		—			103,118
		—			—
Total capital share transactions		(12,160,015	)		(14,990,792	)
Total increase (decrease) in net assets		18,126,202			3,603,750
NET ASSETS
Beginning of year	$	520,197,617		$	516,593,867
End of year	$	538,323,819		$	520,197,617

The accompanying notes are an integral part of these financial statements.

38

SA U.S. Small Company Fund						SA International Value Fund
Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023
$	956,078		$	1,825,292		$	5,271,582		$	19,526,278
	17,143,787			12,084,959			6,606,289			(328,124	)
	6,765,521			29,037,209			22,481,651			66,754,962
	24,865,386			42,947,460			34,359,522			85,953,116
	(11,191,018	)		(9,248,061	)		(18,494,533	)		(21,242,831	)
	—			—			—			—
	(11,191,018	)		(9,248,061	)		(18,494,533	)		(21,242,831	)
	23,458,459			303,499,620	(c)		23,367,796			491,513,082	(d)
	—			7,168,836			—			15,295,136
	23,458,459			310,668,456			23,367,796			506,808,218
	10,947,235			9,099,972			18,066,374			20,986,104
	—			—			—			—
	10,947,235			9,099,972			18,066,374			20,986,104
	(37,692,101	)		(61,197,619	)		(53,714,797	)		(102,241,956	)
	—			(278,607,332	)(c)		—			(471,759,098	)(d)
	(37,692,101	)		(339,804,951	)		(53,714,797	)		(574,001,054	)
	—			(14,643	)		—			(77,915	)
	—			14,643			—			77,915
	—			—			—			—
	(3,286,407	)		(20,036,523	)		(12,280,627	)		(46,206,732	)
	10,387,961			13,662,876			3,584,362			18,503,553
$	305,600,310		$	291,937,434		$	545,423,638		$	526,920,085
$	315,988,271		$	305,600,310		$	549,008,000		$	545,423,638

The accompanying notes are an integral part of these financial statements.

39

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	SA U.S. Value Fund
	Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023
CAPITAL SHARE TRANSACTIONS
Shares sold by subscription
Investor Class(a)		1,951,436			28,471,484	(b)
Select Class(a)		—			717,407
Shares issued for distributions reinvested
Investor Class(a)		438,341			2,067,368
Select Class(a)		—			—
Shares redeemed
Investor Class(a)		(3,037,014	)		(6,238,858	)
Select Class(a)		—			(25,832,120	)(b)
Tax-free interclass conversion
Investor Class(a)		—			(5,660	)
Select Class(a)		—			5,683
Net decrease in fund shares		(647,237	)		(814,696	)

(a)	Effective October 26, 2022, each Fund converted its Select Class shares into its Investor Class shares and all the Investor Class shares were redesignated as shares of the Fund with no name.
(b)	Includes automatic conversion from Select Class shares of $469,351,404 representing 24,627,398 shares into 24,533,425 Investor Class shares.
(c)	Includes automatic conversion from Select Class shares of $265,166,445 representing 11,100,822 shares into 11,074,720 Investor Class shares.
(d)	Includes automatic conversion from Select Class shares of $452,121,916 representing 43,049,800 shares into 42,903,552 Investor Class shares.

The accompanying notes are an integral part of these financial statements.

40

SA U.S. Small Company Fund						SA International Value Fund
Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023
	929,469			12,650,157	(c)		1,891,177			46,316,995	(d)
	—			301,658			—			1,447,657
	414,825			392,918			1,453,449			1,900,915
	—			—			—			—
	(1,484,464	)		(2,519,240	)		(4,347,609	)		(8,776,053	)
	—			(11,667,416	)(c)		—			(44,917,844	)(d)
	—			(561	)		—			(7,590	)
	—			563			—			7,620
	(140,170	)		(841,921	)		(1,002,983	)		(4,028,300	)

The accompanying notes are an integral part of these financial statements.

41

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	SA International Small Company Fund
	Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	3,898,341		$	5,925,649
Net realized gain (loss) on investments and foreign currency transactions		1,095,212			542,379
Net increase (decrease) in unrealized appreciation (depreciation)		11,200,720			21,341,505
Net increase (decrease) in net assets from operations		16,194,273			27,809,533
Distributions to shareholders:
Investor Class(a)		(8,184,779	)		(13,986,010	)
Select Class(a)		—			—
Total distributions to shareholders		(8,184,779	)		(13,986,010	)
Capital share transactions
Proceeds from sale of shares
Investor Class(a)		8,913,569			217,127,428	(b)
Select Class(a)		—			8,677,472
		8,913,569			225,804,900
Value of distributions reinvested
Investor Class(a)		8,027,729			13,809,504
Select Class(a)		—			—
		8,027,729			13,809,504
Cost of shares redeemed
Investor Class(a)		(17,888,478	)		(34,230,590	)
Select Class(a)		—			(209,704,012	)(b)
		(17,888,478	)		(243,934,602	)
Tax-free interclass conversion
Investor Class(a)		—			(50,325	)
Select Class(a)		—			50,325
		—			—
Total capital share transactions		(947,180	)		(4,320,198	)
Total increase (decrease) in net assets		7,062,314			9,503,325
NET ASSETS
Beginning of year	$	246,791,326		$	237,288,001
End of year	$	253,853,640		$	246,791,326

The accompanying notes are an integral part of these financial statements.

42

SA Emerging Markets Value Fund						SA Real Estate Securities Fund
Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023
$	2,662,984		$	7,046,667		$	2,219,056		$	3,501,323
	(350,221	)		(1,844,092	)		1,703,849			3,470,107
	11,306,457			8,723,143			5,592,035			(13,923,863	)
	13,619,220			13,925,718			9,514,940			(6,952,433	)
	(7,748,185	)		(6,277,522	)		(3,892,573	)		(9,006,102	)
	—			—			—			—
	(7,748,185	)		(6,277,522	)		(3,892,573	)		(9,006,102	)
	8,794,749			168,230,277	(c)		9,991,501			128,259,038	(d)
	—			6,640,753			—			3,286,284
	8,794,749			174,871,030			9,991,501			131,545,322
	7,626,258			6,211,004			3,818,314			8,870,430
	—			—			—			—
	7,626,258			6,211,004			3,818,314			8,870,430
	(14,825,194	)		(26,842,078	)		(13,719,823	)		(24,055,479	)
	—			(158,372,192	)(c)		—			(116,259,928	)(d)
	(14,825,194	)		(185,214,270	)		(13,719,823	)		(140,315,407	)
	—			(20,108	)		—			(19,896	)
	—			20,108			—			19,896
	—			—			—			—
	1,595,813			(4,132,236	)		89,992			100,345
	7,466,848			3,515,960			5,712,359			(15,858,190	)
$	190,083,321		$	186,567,361		$	125,154,748		$	141,012,938
$	197,550,169		$	190,083,321		$	130,867,107		$	125,154,748

The accompanying notes are an integral part of these financial statements.

43

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	SA International Small Company Fund
	Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023
CAPITAL SHARE TRANSACTIONS
Shares sold by subscription
Investor Class(a)		465,027			12,318,311	(b)
Select Class(a)		—			486,385
Shares issued for distributions reinvested
Investor Class(a)		406,262			771,481
Select Class(a)		—			—
Shares redeemed
Investor Class(a)		(927,818	)		(1,808,824	)
Select Class(a)		—			(12,003,743	)(b)
Tax-free interclass conversion
Investor Class(a)		—			(2,939	)
Select Class(a)		—			2,954
Net decrease in fund shares		(56,529	)		(236,375	)

(a)	Effective October 26, 2022, each Fund converted its Select Class shares into its Investor Class shares and all the Investor Class shares were redesignated as shares of the Fund with no name.
(b)	Includes automatic conversion from Select Class shares of $200,767,508 representing 11,501,742 shares into 11,445,092 Investor Class shares.
(c)	Includes automatic conversion from Select Class shares of $151,215,525 representing 18,339,602 shares into 18,342,495 Investor Class shares.
(d)	Includes automatic conversion from Select Class shares of $110,708,321 representing 10,314,856 shares into 10,277,702 Investor Class shares.

The accompanying notes are an integral part of these financial statements.

44

SA Emerging Markets Value Fund						SA Real Estate Securities Fund
Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023
	911,898			20,221,150	(c)		966,931			11,925,062	(d)
	—			744,798			—			280,610
	796,060			704,195			348,386			868,798
	—			—			—			—
	(1,532,778	)		(2,946,143	)		(1,315,706	)		(2,264,555	)
	—			(19,148,297	)(c)		—			(10,786,475	)(d)
	—			(2,249	)		—			(1,766	)
	—			2,249			—			1,772
	175,180			(424,297	)		(389	)		23,446

The accompanying notes are an integral part of these financial statements.

45

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	SA Worldwide Moderate Growth Fund
	Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	384,290		$	559,419
Net realized gain on investments and foreign currency transactions		129,517			1,190,879
Net increase (decrease) in unrealized appreciation (depreciation)		821,216			523,672
Net increase (decrease) in net assets from operations		1,335,023			2,273,970
Distributions to shareholders		(922,426	)		(1,732,292	)
Capital share transactions
Proceeds from sale of shares		1,402,577			2,163,784
Value of distributions reinvested		919,357			1,725,778
Cost of shares redeemed		(2,111,423	)		(5,334,057	)
Total capital share transactions		210,511			(1,444,495	)
Total increase (decrease) in net assets		623,108			(902,817	)
NET ASSETS
Beginning of year	$	22,268,833		$	23,171,650
End of year	$	22,891,941		$	22,268,833
CAPITAL SHARE TRANSACTIONS
Shares sold by subscription		129,165			205,027
Shares issued for distributions reinvested		83,426			172,233
Shares redeemed		(194,278	)		(501,925	)
Net increase in fund shares		18,313			(124,665	)

The accompanying notes are an integral part of these financial statements.

46

FINANCIAL HIGHLIGHTS

	SA U.S. Fixed Income Fund
	Six Months Ended December 31, 2023 (Unaudited)				Year Ended June 30,
					2023			2022			2021			2020			2019
Net asset value, beginning of period		$	9.46		$	9.54		$	10.12		$	10.17		$	10.16		$	10.11
Income from investment operations:
Net investment income (loss)			0.18	(1)		0.23	(1)		0.01	(1)		(0.02	)(1)(2)		0.13	(1)		(0.20	)
Net realized and unrealized gain (loss) on investments			0.07			(0.08	)		(0.58	)		(0.03	)(2)		0.01			0.46
Total from investment operations			0.25			0.15			(0.57	)		(0.05	)		0.14			0.26
Less distributions from:
Net investment income			(0.19	)		0.23			(0.01	)		(0.00	)(3)		(0.13	)		(0.21	)
Total distributions			(0.19	)		0.23			—			—			—			—
Net asset value, end of period		$	9.52		$	9.46		$	9.54		$	10.12		$	10.17		$	10.16
Total return			2.62	%(4)		1.65	%		(5.63	)%		(0.48	)%		1.42	%		2.58	%
Net assets, end of period (000s)		$	468,853		$	406,534		$	52,715		$	68,818		$	80,440		$	113,430
Ratio of net expenses to average net assets			0.40	%(5)		0.41	%		0.63	%		0.64	%		0.63	%		0.64	%
Ratio of gross expenses to average net assets			0.42	%(5)(6)		0.44	%		0.63	%		0.64	%		0.63	%		0.64	%
Ratio of net investment income (loss) to average net assets			3.82	%(5)		2.46	%		0.10	%		(0.15	)%		1.28	%		1.92	%
Portfolio turnover rate			39	%		29	%		203	%		113	%		49	%		88	%

(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.
(6)	Gross expenses before waivers of expenses.

The accompanying notes are an integral part of these financial statements.

47

FINANCIAL HIGHLIGHTS (Continued)

	SA Global Fixed Income Fund
	Six Months Ended December 31, 2023 (Unaudited)				Year Ended June 30,
					2023			2022			2021			2020			2019
Net asset value, beginning of period		$	8.52		$	8.71		$	9.44		$	9.42		$	9.63		$	9.59
Income from investment operations:
Net investment income (loss)			0.15	(1)		0.17	(1)		0.03	(1)		(0.03	)(1)		0.00	(1)(2)		(0.09	)
Net realized and unrealized gain (loss) on investments			0.07			(0.08	)		(0.74	)		0.05			0.14			0.46
Total from investment operations			0.22			(0.09	)		(0.71	)		0.02			0.14			0.37
Less distributions from:
Net investment income			—			0.28			(0.02	)		—			(0.35	)		(0.33	)
Total distributions			—			0.28			(0.02	)		—			(0.35	)		(0.33	)
Net asset value, end of period		$	8.74		$	8.52		$	8.71		$	9.44		$	9.42		$	9.63
Total return			2.58	%(3)		1.06	%		(7.50	)%		0.21	%		1.46	%		3.90	%
Net assets, end of period (000s)		$	587,833		$	673,458		$	80,670		$	88,378		$	100,567		$	133,954
Ratio of net expenses to average net assets			0.52	%(4)		0.52	%		0.71	%		0.73	%		0.73	%		0.73	%
Ratio of gross expenses to average net assets			0.52	%(4)		0.52	%		0.71	%		0.73	%		0.73	%		0.73	%
Ratio of net investment income (loss) to average net assets			3.49	%(4)		2.01	%		0.37	%		(0.30	)%		0.01	%		0.53	%
Portfolio turnover rate			24	%		97	%		103	%		111	%		58	%		75	%

(1)	Calculated based on average shares outstanding during the period.
(2)	Amount rounds to less than $0.005 per share.
(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.

48

FINANCIAL HIGHLIGHTS (Continued)

	SA U.S. Core Market Fund
	Six Months Ended December 31, 2023 (Unaudited)				Year Ended June 30,
					2023			2022			2021			2020			2019
Net asset value, beginning of period		$	27.61		$	24.52		$	30.22		$	23.37		$	24.79		$	24.18
Income from investment operations:
Net investment income			0.13	(1)		0.24	(1)		0.14	(1)		0.14	(1)		0.23	(1)		0.01
Net realized and unrealized gain (loss) on investments			2.07			4.23			(3.46	)		8.87			1.43			1.95
Total from investment operations			2.20			4.47			(3.32	)		9.01			1.66			1.96
Less distributions from:
Net investment income			(0.25	)		(0.22	)		(0.11	)		(0.22	)		(0.26	)		(0.17	)
Capital gains			—			(1.16	)		(2.27	)		(1.94	)		(2.82	)		(1.18	)
Total distributions			(0.25	)		(1.38	)		(2.38	)		(2.16	)		(3.08	)		(1.35	)
Net asset value, end of period		$	29.56		$	27.61		$	24.52		$	30.22		$	23.37		$	24.79
Total return			7.99	%(2)		19.19	%		(12.44	)%		39.94	%		6.31	%		9.30	%
Net assets, end of period (000s)		$	650,487		$	640,876		$	77,555		$	106,102		$	112,429		$	165,849
Ratio of net expenses to average net assets			0.66	%(3)(5)		0.68	%		0.86	%		0.87	%		0.88	%		0.88	%
Ratio of gross expenses to average net assets			0.68	%(3)(4)(5)		0.69	%(4)		0.86	%		0.87	%		0.88	%		0.88	%
Ratio of net investment income to average net assets			0.90	%(3)		0.94	%		0.48	%		0.53	%		0.98	%		1.02	%
Portfolio turnover rate			0	%		3	%		9	%		1	%		3	%		4	%

(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.
(5)	The ratio of net expenses and gross expenses to average net assets excluding ReFlow liquidity program fee were 0.65% and 0.66%, respectively, for the six months ended December 31, 2023.

The accompanying notes are an integral part of these financial statements.

49

FINANCIAL HIGHLIGHTS (Continued)

	SA U.S. Value Fund
	Six Months Ended December 31, 2023 (Unaudited)				Year Ended June 30,
					2023			2022			2021			2020			2019
Net asset value, beginning of period		$	18.88		$	18.28		$	20.71		$	14.10		$	17.13		$	18.39
Income from investment operations:
Net investment income (loss)			0.17	(1)		0.32	(1)		0.26	(1)		0.21	(1)		0.28	(1)		(0.03	)
Net realized and unrealized gain (loss) on investments			1.30			1.67			(1.80	)		6.66			(2.39	)		0.24
Total from investment operations			1.47			1.99			(1.54	)		6.87			(2.11	)		0.21
Less distributions from:
Net investment income			(0.34	)		(0.33	)		(0.22	)		(0.26	)		(0.26	)		(0.19	)
Capital gains			—			(1.06	)		(0.67	)		—			(0.66	)		(1.28	)
Total distributions			(0.34	)		(1.39	)		(0.89	)		(0.26	)		(0.92	)		(1.47	)
Net asset value, end of period		$	20.01		$	18.88		$	18.28		$	20.71		$	14.10		$	17.13
Total return			7.77	%(2)		11.31	%		(7.88	)%		49.17	%		(13.42	)%		2.43	%
Net assets, end of period (000s)		$	538,324		$	520,198		$	59,594		$	80,613		$	74,571		$	117,485
Ratio of net expenses to average net assets			0.74	%(3)(4)		0.77	%		0.94	%		0.95	%		0.95	%		0.96	%
Ratio of gross expenses to average net assets			0.74	%(3)(4)		0.77	%		0.94	%		0.95	%		0.95	%		0.96	%
Ratio of net investment income to average net assets			1.74	%(3)		1.72	%		1.26	%		1.24	%		1.71	%		1.53	%
Portfolio turnover rate			4	%		5	%		10	%		5	%		10	%		11	%

(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)	The ratio of net expenses and gross expenses to average net assets excluding ReFlow liquidity program fee were 0.74% and 0.74%, respectively, for the six months ended December 31, 2023.

The accompanying notes are an integral part of these financial statements.

50

FINANCIAL HIGHLIGHTS (Continued)

	SA U.S. Small Company Fund
	Six Months Ended December 31, 2023 (Unaudited)				Year Ended June 30,
					2023			2022			2021			2020			2019
Net asset value, beginning of period		$	25.33		$	22.68		$	33.74		$	21.77		$	25.46		$	27.37
Income from investment operations:
Net investment income			0.08	(1)		0.15	(1)		0.09	(1)		0.06	(1)		0.09	(1)		0.07
Net realized and unrealized gain (loss) on investments			2.05			3.25			(4.02	)		12.60			(2.62	)		(1.27	)
Total from investment operations			2.13			3.40			(3.93	)		12.66			(2.53	)		(1.20	)
Less distributions from:
Net investment income			(0.14	)		(0.12	)		(0.07	)		(0.06	)		(0.07	)		—
Capital gains			(0.82	)		(0.63	)		(7.06	)		(0.63	)		(1.09	)		(0.71	)
Total distributions			(0.96	)		(0.75	)		(7.13	)		(0.69	)		(1.16	)		(0.71	)
Net asset value, end of period		$	26.50		$	25.33		$	22.68		$	33.74		$	21.77		$	25.46
Total return			8.44	%(2)		15.29	%		(15.24	)%		58.84	%		(10.66	)%		(3.94	)%
Net assets, end of period (000s)		$	315,988		$	305,600		$	34,945		$	59,623		$	55,701		$	81,679
Ratio of net expenses to average net assets			0.90	%(3)(5)		0.91	%		1.09	%		1.14	%		1.14	%		1.15	%
Ratio of gross expenses to average net assets			0.90	%(3)(5)		0.91	%(4)		1.09	%		1.14	%		1.14	%		1.15	%
Ratio of net investment income to average net assets			0.64	%(3)		0.60	%		0.31	%		0.20	%		0.38	%		0.31	%
Portfolio turnover rate			5	%		8	%		7	%		7	%		14	%		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.
(5)	The ratio of net expenses and gross expenses to average net assets excluding ReFlow liquidity program fee were 0.89% and 0.89%, respectively, for the six months ended December 31, 2023.

The accompanying notes are an integral part of these financial statements.

51

FINANCIAL HIGHLIGHTS (Continued)

	SA International Value Fund
	Six Months Ended December 31, 2023 (Unaudited)				Year Ended June 30,
					2023			2022			2021			2020			2019
Net asset value, beginning of period		$	12.21		$	10.86		$	12.25		$	8.71		$	10.96		$	11.87
Income from investment operations:
Net investment income			0.12	(1)		0.41	(1)		0.41	(1)		0.28	(1)		0.19	(1)		0.13
Net realized and unrealized gain (loss) on investments			0.68			1.39			(1.43	)		3.48			(2.03	)		(0.85	)
Total from investment operations			0.80			1.80			(1.02	)		3.76			(1.84	)		(0.72	)
Less distributions from:
Net investment income			(0.44	)		(0.45	)		(0.37	)		(0.22	)		(0.41	)		(0.19	)
Total distributions			(0.44	)		(0.45	)		(0.37	)		(0.22	)		(0.41	)		(0.19	)
Net asset value, end of period		$	12.57		$	12.21		$	10.86		$	12.25		$	8.71		$	10.96
Total return			6.55	%(2)		17.05	%		(8.57	)%		43.64	%		(17.62	)%		(5.88	)%
Net assets, end of period (000s)		$	549,008		$	545,424		$	56,827		$	80,507		$	80,664		$	124,822
Ratio of net expenses to average net assets			0.90	%(3)		0.91	%		1.11	%		1.11	%		1.11	%		1.12	%
Ratio of gross expenses to average net assets			0.91	%(3)(4)		0.93	%(4)		1.11	%		1.11	%		1.11	%		1.12	%
Ratio of net investment income to average net assets			1.95	%(3)		3.63	%		3.36	%		2.64	%		1.92	%		2.67	%
Portfolio turnover rate			6	%		11	%		12	%		9	%		13	%		19	%

(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.

52

FINANCIAL HIGHLIGHTS (Continued)

	SA International Small Company Fund
	Six Months Ended December 31, 2023 (Unaudited)				Year Ended June 30,
					2023			2022			2021			2020			2019
Net asset value, beginning of period		$	19.38		$	18.39		$	24.44		$	17.32		$	19.75		$	22.94
Income from investment operations:
Net investment income (loss)			0.31	(1)		0.45	(1)		0.44	(1)		0.24	(1)		0.31	(1)		(0.21	)
Net realized and unrealized gain (loss) on investments			0.99			1.64			(5.16	)		7.31			(1.57	)		(1.80	)
Total from investment operations			1.30			2.09			(4.72	)		7.55			(1.26	)		(2.01	)
Less distributions from:
Net investment income			(0.51	)		(0.33	)		(0.57	)		(0.24	)		(0.35	)		(0.29	)
Capital gains			(0.15	)		(0.77	)		(0.76	)		(0.19	)		(0.82	)		(0.89	)
Total distributions			(0.66	)		(1.10	)		(1.33	)		(0.43	)		(1.17	)		(1.18	)
Net asset value, end of period		$	20.02		$	19.38		$	18.39		$	24.44		$	17.32		$	19.75
Total return			6.77	%(2)		11.85	%		(20.33	)%		43.94	%		(7.26	)%		(8.05	)%
Net assets, end of period (000s)		$	253,854		$	246,791		$	26,761		$	43,416		$	41,203		$	62,905
Ratio of net expenses to average net assets†			0.53	%(3)		0.55	%		0.74	%		0.75	%		0.75	%		0.75	%
Ratio of gross expenses to average net assets†			0.53	%(3)		0.55	%(4)		0.74	%		0.75	%(4)		0.75	%		0.76	%(4)
Ratio of net investment income to average net assets(5)†			3.21	%(3)		2.43	%		1.92	%		1.11	%		1.63	%		1.58	%
Ratio of expenses to average net assets for the DFA Portfolio (unaudited)(6)†			0.39	%		0.39	%		0.42	%		0.49	%		0.53	%		0.54	%
Ratio of expenses to average net assets for the DFA Portfolio(7)			0.39	%		0.41	%		0.46	%		0.53	%		0.54	%		0.53	%
Portfolio turnover rate(8)			2	%		7	%		8	%		2	%		6	%		6	%

†	The DFA Portfolio expenses are not included in the stated expense information of the SA International Small Co. Fund. The financial statements of the DFA International Small Company 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)	Annualized for periods less than one year.
(4)	Gross expenses before waivers of expenses.
(5)	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.
(6)	The DFA Portfolio expense ratios are as of April 30, 2023, 2022, 2021, 2020 and 2019 respectively and are unaudited.
(7)	The DFA Portfolio expense ratios are for the fiscal years ended October 31, 2023, 2022, 2021, 2020 and 2019, respectively.
(8)	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.

53

FINANCIAL HIGHLIGHTS (Continued)

	SA Emerging Markets Value Fund
	Six Months Ended December 31, 2023 (Unaudited)				Year Ended June 30,
					2023			2022			2021			2020			2019
Net asset value, beginning of period		$	9.56		$	9.20		$	11.15		$	7.75		$	9.85		$	9.93
Income from investment operations:
Net investment income (loss)			0.14	(1)		0.35	(1)		0.32	(1)		0.17	(1)		0.18	(1)		(0.12	)
Net realized and unrealized gain (loss) on investments			0.55			0.32			(1.97	)		3.40			(2.07	)		0.20
Total from investment operations			0.69			0.67			(1.65	)		3.57			(1.89	)		0.08
Less distributions from:
Net investment income			(0.40	)		(0.31	)		(0.30	)		(0.17	)		(0.21	)		(0.16	)
Total distributions			(0.40	)		(0.31	)		—			—			—			—
Net asset value, end of period		$	9.85		$	9.56		$	9.20		$	11.15		$	7.75		$	9.85
Total return			7.23	%(2)		7.72	%		(15.07	)%		46.51	%		(19.60	)%		0.97	%
Net assets, end of period (000s)		$	197,550		$	190,083		$	17,439		$	24,222		$	22,078		$	37,001
Ratio of net expenses to average net assets			1.04	%(3)		1.05	%		1.24	%		1.32	%		1.35	%		1.35	%
Ratio of gross expenses to average net assets(4)			1.32	%(3)		1.34	%		1.54	%		1.61	%		1.61	%		1.62	%
Ratio of net investment income to average net assets			2.79	%(3)		3.82	%		3.05	%		1.83	%		2.06	%		1.78	%
Portfolio turnover rate			7	%		12	%		19	%		22	%		22	%		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.

54

FINANCIAL HIGHLIGHTS (Continued)

	SA Real Estate Securities Fund
	Six Months Ended December 31, 2023 (Unaudited)				Year Ended June 30,
					2023			2022			2021			2020			2019
Net asset value, beginning of period		$	10.59		$	12.00		$	13.95		$	11.02		$	12.43		$	11.40
Income from investment operations:
Net investment income (loss)			0.19	(1)		0.29	(1)		0.15	(1)		0.17	(1)		0.22	(1)		(0.34	)
Net realized and unrealized gain (loss) on investments			0.63			(0.91	)		(0.85	)		3.20			(1.08	)		1.79
Total from investment operations			0.82			(0.62	)		(0.70	)		3.37			(0.86	)		1.45
Less distributions from:
Net investment income			(0.30	)		(0.19	)		(0.13	)		(0.29	)		(0.15	)		(0.35	)
Capital gains			(0.04	)		(0.60	)		(1.12	)		(0.15	)		(0.40	)		(0.07	)
Total distributions			(0.34	)		(0.79	)		(1.25	)		(0.44	)		(0.55	)		(0.42	)
Net asset value, end of period		$	11.07		$	10.59		$	12.00		$	13.95		$	11.02		$	12.43
Total return			7.75	%(2)		(4.95	)%		(6.51	)%		31.57	%		(7.47	)%		13.32	%
Net assets, end of period (000s)		$	130,867		$	125,155		$	15,527		$	23,828		$	24,097		$	36,944
Ratio of net expenses to average net assets			0.76	%(3)		0.77	%		0.95	%		0.95	%		0.95	%		0.95	%
Ratio of gross expenses to average net assets(4)			0.86	%(3)(5)		0.87	%		1.02	%		1.05	%		1.02	%		1.04	%
Ratio of net investment income to average net assets			3.66	%(3)		2.67	%		1.04	%		1.44	%		1.82	%		2.28	%
Portfolio turnover rate			1	%		4	%		2	%		4	%		3	%		6	%

(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.
(5)	The ratio of net expenses and gross expenses to average net assets excluding ReFlow liquidity program fee were 0.75% and 0.85%, respectively, for the six months ended December 31, 2023.

The accompanying notes are an integral part of these financial statements.

55

FINANCIAL HIGHLIGHTS (Continued)

	SA Worldwide Moderate Growth Fund
	Six Months Ended December 31, 2023 (Unaudited)				Year Ended June 30,
					2023			2022			2021			2020			2019
Net asset value, beginning of period		$	10.80		$	10.59		$	12.16		$	9.54		$	10.83		$	11.29
Income from investment operations:
Net investment income (loss)			0.19	(1)		0.26	(1)		0.16	(1)		0.14	(1)		0.24	(1)		(0.18	)
Net realized and unrealized gain (loss) on investments			0.48			0.79			(1.19	)		3.01			(0.97	)		0.39
Total from investment operations			0.67			1.05			(1.03	)		3.15			(0.73	)		0.21
Less distributions from:
Net investment income			(0.21	)		(0.27	)		(0.16	)		(0.20	)		(0.25	)		(0.21	)
Capital gains			(0.26	)		(0.57	)		(0.38	)		(0.33	)		(0.31	)		(0.46	)
Total distributions			(0.47	)		(0.84	)		(0.54	)		(0.53	)		(0.56	)		(0.67	)
Net asset value, end of period		$	11.00		$	10.80		$	10.59		$	12.16		$	9.54		$	10.83
Total return			6.12	%(2)		10.57	%		(8.97	)%		33.71	%		(7.33	)%		2.53	%
Net assets, end of period (000s)		$	22,892		$	22,269		$	23,172		$	27,169		$	30,464		$	38,210
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)			0.84	%(4)		0.78	%		0.67	%		0.69	%		0.54	%		0.51	%
Ratio of net investment income to average net assets(6)(3)			3.48	%(4)		2.46	%		1.38	%		1.24	%		2.36	%		2.07	%
Portfolio turnover rate			6	%		115	%		25	%		11	%		23	%		14	%

(1)	Calculated based on average shares outstanding during the period.
(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.

56

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2023 (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.

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 open-end management investment company. As of December 31, 2023, the SA International Small Company Fund held approximately 2.21% 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 invested substantially all of its assets in the Underlying SA Funds. The Underlying SA Funds managed by Buckingham Strategic Partners, LLC (the “Adviser”) comprise various asset categories and strategies. The Adviser has established an asset allocation target for the Fund. This target is the approximate percentage of the Fund’s assets that will be invested in equity investments and fixed income investments. Under normal market conditions, the 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

57

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2023 (Unaudited) (Continued)

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.

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 the valuation designee (“Valuation Designee”) appointed by the Board of Trustees pursuant to procedures approved by the Board of Trustees. The Board of Trustees has designated the Adviser as the Valuation Designee for the Funds.

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 Valuation Designee.

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.

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SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2023 (Unaudited) (Continued)

Fair Value Measurement — The Board has approved 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 Valuation 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 Valuation Designee may consider various factors, including unobservable market inputs when arriving at fair value. The Valuation 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 Valuation Designee 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).

59

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2023 (Unaudited) (Continued)

The tables below provide a summary of the inputs as of December 31, 2023, 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, 2023
SA U.S. Fixed Income Fund
Assets
Yankee Corporate Bonds and Notes		$	—	$	53,654,231		$	—		$	53,654,231
Corporate Bonds and Notes			—		73,527,348			—			73,527,348
U.S. Government and Agency Obligations			—		191,267,504			—			191,267,504
Short-Term Investments			1,752,845		146,349,600			—			148,102,445
Total Investments		$	1,752,845	$	464,798,683		$	—		$	466,551,528
SA Global Fixed Income Fund
Assets
Bonds and Notes		$	—	$	448,520,701		$	—		$	448,520,701
Short-Term Investments			13,901,481		135,832,623			—			149,734,104
Other Financial Instruments Forward Foreign Currency Exchange Contracts			—		1,630,859			—			1,630,859
Total Investments		$	13,901,481	$	585,984,183		$	—		$	599,885,664
Liabilities
Other Financial Instruments Forward Foreign Currency Exchange Contracts		$	—	$	(11,463,474	)	$	—		$	(11,463,474	)
SA U.S. Core Market Fund
Assets
Common Stocks		$	623,310,373	$	—		$	2,049	†	$	623,312,422
Mutual Funds			26,185,802		—			—			26,185,802
Short-Term Investments			1,909,859		—			—			1,909,859
Total Investments		$	651,406,034	$	—		$	2,049		$	651,408,083
SA U.S. Value Fund
Assets
Common Stocks		$	536,970,580	$	—		$	—		$	536,970,580
Short-Term Investments			2,454,862		—			—			2,454,862
Total Investments		$	539,425,442	$	—		$	—		$	539,425,442
SA U.S. Small Company Fund
Assets
Common Stocks		$	315,857,838	$	—		$	39,864	†	$	315,897,702
Preferred Stocks			77,922		—			—			77,922
Short-Term Investments			2,688,839		—			—			2,688,839
Total Investments		$	318,624,599	$	—		$	39,864		$	318,664,463

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SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2023 (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, 2023
SA International Value Fund
Assets
Common Stocks		$	539,808,434	$	—	$	—		$	539,808,434
Preferred Stocks			4,389,194		—		—			4,389,194
Short-Term Investments			24,987,525		—		—			24,987,525
Total Investments		$	569,185,153	$	—	$	—		$	569,185,153
SA International Small Company Fund
Assets
Mutual Funds		$	254,088,862	$	—	$	—		$	254,088,862
Total Investments		$	254,088,862	$	—	$	—		$	254,088,862
SA Emerging Markets Value Fund
Assets
Common Stocks		$	194,296,398	$	4,015	$	19,316	†	$	194,319,729
Preferred Stocks			4,063,618		2,301		—			4,065,919
Rights and Warrants			311		—		—			311
Short-Term Investments			2,368,811		—		—			2,368,811
Total Investments		$	200,729,138	$	6,316	$	19,316		$	200,754,770
SA Real Estate Securities Fund
Assets
Common Stocks		$	130,036,581	$	—	$	0	†	$	130,036,581
Short-Term Investments			717,562		—		—			717,562
Total Investments		$	130,754,143	$	—	$	0		$	130,754,143
SA Worldwide Moderate Growth Fund
Assets
Mutual Funds		$	22,884,020	$	—	$	—		$	22,884,020
Total Investments		$	22,884,020	$	—	$	—		$	22,884,020

^† Contains securities with a market value of zero.

61

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2023 (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, 2023, 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	$	5,982,590	$	6,114,720	$	—	$	6,114,720
SA U.S Core Market Fund		657,584		114,936		562,522		677,458
SA U.S. Value Fund		640,475		—		658,377		658,377
SA U.S. Small Company Fund		6,581,645		916,641		5,875,822		6,792,463
SA International Value Fund		46,161,764		24,711,549		23,338,231		48,049,780
SA Emerging Markets Value Fund		2,881,234		2,253,368		816,740		3,070,108
SA Real Estate Securities Fund		317,996		33,784		295,625		329,409

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

62

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2023 (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, 2023
Securities Lending Transaction(1)	Overnight and Continuous		<30 days			Between 30 & 90 days			>90 days			Total
SA Global Fixed Income Fund
Government Money Market	$	6,114,720		$	—		$	—		$	—	$	6,114,720
Total Borrowings	$	6,114,720		$	—		$	—		$	—	$	6,114,720
Gross amount of recognized liabilities for securities lending transactions												$	6,114,720
SA U.S. Core Market Fund
Government Money Market	$	114,936		$	—		$	—		$	—	$	114,936
Total Borrowings	$	114,936		$	—		$	—		$	—	$	114,936
Gross amount of recognized liabilities for securities lending transactions												$	114,936
SA U.S. Small Company Fund
Government Money Market	$	916,641		$	—		$	—		$	—	$	916,641
Total Borrowings	$	916,641		$	—		$	—		$	—	$	916,641
Gross amount of recognized liabilities for securities lending transactions												$	916,641
SA International Value Fund
Government Money Market	$	24,711,549		$	—		$	—		$	—	$	24,711,549
Total Borrowings	$	24,711,549		$	—		$	—		$	—	$	24,711,549
Gross amount of recognized liabilities for securities lending transactions												$	24,711,549
SA Emerging Markets Value Fund
Government Money Market	$	2,253,368		$	—		$	—		$	—	$	2,253,368
Total Borrowings	$	2,253,368		$	—		$	—		$	—	$	2,253,368
Gross amount of recognized liabilities for securities lending transactions												$	2,253,368
SA Real Estate Securities Fund
Government Money Market	$	33,784		$	—		$	—		$	—	$	33,784
Total Borrowings	$	33,784		$	—		$	—		$	—	$	33,784
Gross amount of recognized liabilities for securities lending transactions												$	33,784

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

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

63

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2023 (Unaudited) (Continued)

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

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

64

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2023 (Unaudited) (Continued)

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, 2023, 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	$1,630,859	$11,463,474		$7,281,085	$(7,984,970	)

(1)	Statement of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts.
(2)	Statement of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.
(3)	Statement of Operations location: Realized gain (loss) on: forward foreign currency exchange contracts.
(4)	Statement of Operations location: Increase (decrease) in unrealized appreciation (depreciation) on: forward foreign currency exchange contracts.

Forward Currency Contracts Assets and Collateral Held by Counterparty as of December 31, 2023:

Counterparty	Gross Amount of Assets Presented in Statements of Assets & Liabilities		Financial Instruments Available for Offset			Collateral Received		Net Amount
State Street Bank and Trust Co.	$	1,630,859	$	(1,630,859	)	$	—	$	—

Forward Currency Contracts Liabilities and Collateral Pledged as of December 31, 2023:

Counterparty	Gross Amounts of Liabilities Presented in Statements of Assets & Liabilities			Financial Instruments Available for Offset		Collateral Pledged		Net Amount
Bank of America N.A.	$	(3,146,284	)	$	—	$	—	$	(3,146,284	)
HSBC Bank USA		(1,418,080	)		—		—		(1,418,080	)
Morgan Stanley & Co., Inc.		(3,075,440	)		—		—		(3,075,440	)
State Street Bank and Trust Co.		(3,823,670	)		1,630,859		—		(2,192,811	)

65

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2023 (Unaudited) (Continued)

For the six months ended December 31, 2023, the average monthly principal amount of forward foreign currency exchange contracts was $372,588,744.

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

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

Foreign Taxes — Each Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, or capital gains on investments or currency repatriation. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign markets in which the Fund invests. These foreign taxes, if any, are paid by each Fund and are disclosed in its Statement of Operations. Foreign taxes payable as of December 31, 2023, 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, 2023, SA Emerging Markets Value Fund recorded a deferred liability for potential future India and Thailand capital gains taxes of $1,832,832 and $75,096, respectively.

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 December 31, 2023, 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

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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’s 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 (2019- 2021), or expected to be taken in the Funds’ 2022 tax returns.

As of June 30, 2023, 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	$	(28,745,102	)	$	(3,501,799	)
SA Global Fixed Income Fund		(34,154,974	)		(33,380,811	)
SA International Value Fund		(4,944,118	)		(16,964,612	)
SA Emerging Markets Value Fund		—			(12,217,998	)

At December 31, 2023, the aggregate cost of investment securities, aggregate gross unrealized appreciation (depreciation) and net unrealized appreciation (depreciation) for all securities, including forward foreign currency exchange contracts, 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	$	467,730,827	$	237,614	$	(1,416,913	)	$	(1,179,299	)
SA Global Fixed Income Fund		593,583,013		9,862,559		(15,023,382	)		(5,160,823	)
SA U.S. Core Market Fund		139,102,940		513,457,048		(1,151,905	)		512,305,143
SA U.S. Value Fund		316,789,344		235,862,547		(13,226,449	)		222,636,098
SA U.S. Small Company Fund		172,335,640		155,868,473		(9,539,650	)		146,328,823
SA International Value Fund		463,913,919		138,326,124		(33,054,890	)		105,271,234
SA International Small Company Fund		136,914,809		117,174,053		—			117,174,053
SA Emerging Markets Value Fund		179,431,239		51,360,128		(30,036,597	)		21,323,531
SA Real Estate Securities Fund		73,151,078		61,088,125		(3,485,060	)		57,603,065
SA Worldwide Moderate Growth Funds		20,787,966		2,096,054		—			2,096,054

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.

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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 differences such as wash sales, passive foreign investment companies, non-REIT return of capital, and foreign currency transactions that will reverse in a subsequent period. During any particular year, a Fund’s net realized gains from investment transactions in excess of available capital loss carry forwards will be taxable to a Fund if not distributed and, therefore, will be distributed to shareholders annually.

2. Agreements and Transactions with Affiliates

The Trust has an Investment Advisory and Administrative Services Agreement with the Adviser under which the Adviser manages the investments of, and provides administrative services to, each Fund.

As announced by the Trust on February 27, 2023, Focus Financial Partners Inc. (“Focus”), the parent company of Buckingham Strategic Partners, LLC, the Adviser to the Funds, agreed to be acquired by Clayton, Dubilier & Rice (“CD&R”) (the “Transaction”). The Transaction closed on August 31, 2023, at which time Focus became privately owned and its shares were no longer publicly traded. The closing of the Transaction resulted in a change of control of Buckingham Strategic Partners, LLC (the “Change of Control”). Consistent with applicable requirements under the 1940 Act, the Investment Advisory and Administrative Services Agreement between Buckingham Strategic Partners, LLC and the Funds (the “Advisory Agreement”) contained a provision that the Advisory Agreement would automatically terminate in the event of its “assignment” (as defined in the 1940 Act). The Change of Control caused the assignment of the Advisory Agreement and resulted in the automatic termination of the Advisory Agreement.

The Transaction has not resulted in any material change in the day-to-day management of the Funds or Buckingham Strategic Partners’ business operations. At a meeting on May 22, 2023, the Board considered and approved a new investment advisory agreement with Buckingham Strategic Partners, LLC (the “New Advisory Agreement”) with respect to the Funds. The New Advisory Agreement was approved by shareholders of the Funds at a special meeting of shareholders. The terms and conditions of the New Advisory Agreement are identical in all material respects to the Advisory Agreement, including the rate of the investment advisory fee for the Funds.

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For the advisory and administrative services provided to the Funds under the New Advisory Agreement, the Adviser is entitled to receive from each Fund a fee computed daily and payable monthly at the annual rate set forth below:

Fund	Advisory and Administrative Fee
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	%

The advisory and administration fees for the SA Worldwide Moderate Growth Fund have two components. There is no advisory or administration 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 an advisory fee of 0.25% and an administration fee of 0.10% on assets invested in any other investments. During the six months ended December 31, 2023, the Fund did not make investments that would be subject to the advisory fee and administration fees.

Related to the Transaction noted above, the Investment Sub-Advisory Agreement among the Trust, on behalf of each sub-advised Fund, the Adviser and the Sub-Adviser (the “Sub-Advisory Agreement”) also terminated as a result of its assignment. At its meeting on May 22, 2023, the Board considered a new Sub-Advisory Agreement with DFA (the “New Sub-Advisory Agreement”). The New Sub-Advisory Agreement was approved by shareholders of each sub-advised Fund at a special meeting of shareholders. The terms and conditions of the New Sub-Advisory Agreement are identical in all material respects to the Sub-Advisory Agreement, including the rate of the sub-advisory fees for each of the sub-advised Funds.

For the sub-advisory services provided to the Funds under the New 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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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 0.15% of the average daily net assets of each Fund. There is no shareholder servicing fee on assets of the SA Worldwide Moderate Growth Fund that are invested in the Underlying SA Funds, any other investment companies advised or sub-advised by the Adviser, money market funds or held in cash or cash equivalents. The SA Worldwide Moderate Growth Fund is subject to a shareholder servicing fee of 0.25% on assets invested in any other investment. The SA Worldwide Moderate Growth Fund does not currently intend to make investments that would be subject to a shareholder servicing fee.

The Adviser has contractually agreed, pursuant to a Fee Waiver and Expense Reimbursement Letter Agreement (the “SA Funds Fee Waiver Agreement”), to waive the fees payable to it under the Investment Advisory Agreement and/or to reimburse the operating expenses allocated to an SA Fund to the extent each SA Fund’s shares’ total annual operating expenses (excluding interest, taxes, brokerage commissions, redemption liquidity service expenses, acquired fund fees and expenses, and extraordinary expenses) exceed, in the aggregate, the rate per annum, as set forth below. The SA Funds Fee Waiver Agreement will remain in effect until October 28, 2025, at which time it may be continued, modified or eliminated and net expenses will be adjusted as necessary.

Fund Expense Limitation (Shown is the resulting ratio of total annual fund operating expenses expressed as a percentage)	Expense Limitation
SA U.S. Fixed Income Fund	0.40%
SA Global Fixed Income Fund	0.55%
SA U.S. Core Market Fund	0.65%
SA U.S. Value Fund	0.75%
SA U.S. Small Company Fund	0.90%
SA International Value Fund	0.90%
SA International Small Company Fund	0.55%
SA Emerging Markets Value Fund	1.04%
SA Real Estate Securities Fund	0.75%

Trustees’ Fees and Expenses — For their services as Trustees, the Trustees of the Trust received an annual retainer fee of $122,000, 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 $12,200 per year.

Effective January 1, 2024, the Trustees of the Trust receive an annual retainer fee of $128,000, as well as reimbursement for expenses incurred in connection with each meeting of the Board and its Committees. Also effective January 1, 2024, the Chairman of the Board receives an annual supplemental compensation of $12,800 per year.

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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.

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, 2023 were as follows:

	Purchases				Sales
	U.S. Government		Other		U.S. Government		Other
SA U.S. Fixed Income Fund		$97,643,944		$29,232,557		$197,490,430		$  6,991,809
SA Global Fixed Income Fund		72,454,434		33,255,360		72,259,725		137,719,656
SA U.S. Core Market Fund		—		2,803,911		—		6,922,509
SA U.S. Value Fund		—		20,722,340		—		18,878,485
SA U.S. Small Company Fund		—		15,753,617		—		14,958,409
SA International Value Fund		—		30,050,400		—		50,730,192
SA International Small Company Fund		—		5,505,521		—		10,666,000
SA Emerging Markets Value Fund		—		12,735,410		—		14,473,612
SA Real Estate Securities Fund		—		2,123,509		—		772,018
SA Worldwide Moderate Growth Fund		—		1,403,683		—		1,687,420

4. Liquidity

Certain Funds are permitted to participate in the ReFlow liquidity program, which is designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Pursuant to the program, ReFlow Fund, LLC (“ReFlow”) provides participating mutual funds with a source of cash to meet net shareholder redemptions by standing ready each business day to purchase fund shares up to the value of the net shares redeemed by other shareholders that are to settle the next business day. Following purchases of fund shares, ReFlow then generally redeems those shares when the fund experiences net sales, at the end of a maximum holding period determined by ReFlow (currently 8 days) or at other times at ReFlow’s discretion. While ReFlow holds fund shares, it will have the same rights and privileges with respect to those shares as any other shareholder. For use of the ReFlow service, a fund pays a fee to ReFlow each time it purchases fund shares, calculated by applying to the purchase amount a fee rate determined through an automated daily auction among participating mutual funds. ReFlow’s purchases of fund shares through the liquidity program are made on an investment-blind basis without regard to the fund’s objective, policies or anticipated performance. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a fund. ReFlow will periodically redeem its entire share position in participating Funds and request that such redemption be met in kind in accordance with the Funds’ redemption in-kind policies.

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During the six months ended December 31, 2023, the following Funds utilized ReFlow. The shares and amounts ReFlow subscribed to and redemptions-in-kind were as follows:

Fund	Shares ReFlow Subscribed to		Amount ReFlow Subscribed to		Redemptions- in-kind Shares			Redemptions- in-kind Amount
SA U.S. Core Market Fund		1,160,970		$32,580,199		(1,178,703	)		$(40,396,056	)
SA U.S. Value Fund		958,050		18,394,054		(965,117	)		(18,538,824	)
SA U.S. Small Company Fund		480,762		12,266,900		(476,929	)		(12,209,612	)
SA International Value Fund		320,020		4,014,327		(254,134	)		(3,220,560	)
SA Real Estate Securities Fund		373,773		3,925,774		(371,262	)		(3,919,836	)

5. 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, 2023 follows:

Affiliated Investment Companies	Beginning Value as of June 30, 2023			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, 2023			Shares as of December 31, 2023		Dividend Income from Affiliated Investment Companies			Capital Gain Distributions from Affiliated Investment Companies
SA U.S. Fixed Income Fund		$	1,993,098	$	550,107	$	(90,079	)	$	795	$	10,475		$	2,464,396		258,865		$	43,122		$	—
SA Global Fixed Income Fund			4,650,561		70,911		(790,915	)		11,196		102,572			4,044,325		462,738			—			—
SA U.S. Core Market Fund			3,738,764		117,121		(199,288	)		19,876		241,584			3,918,057		132,546			33,382			—
SA U.S. Value Fund			3,747,332		144,553		(187,424	)		2,080		221,840			3,928,381		196,321			64,762			—
SA U.S. Small Company Fund			1,489,421		123,574		(65,156	)		4,425		68,873			1,621,137		61,175			8,457			48,610
SA International Value Fund			4,491,942		246,243		(257,915	)		32,673		102,774			4,615,717		367,201			154,410			—
SA Emerging Markets Value Fund			1,489,207		85,697		(69,389	)		7,454		38,563			1,551,532		157,516			60,547			—
SA Real Estate Securities Fund			667,683		65,477		(27,254	)		34		34,535			740,475		66,890			19,612			2,373
Totals		$	22,268,008	$	1,403,683	$	(1,687,420	)	$	78,533	$	821,216		$	22,884,020				$	384,292		$	50,983

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6. Recent Accounting Pronouncements

In June 2022, the FASB issued ASU 2022-03 to clarify the guidance in Topic 820, Fair Value Measurement (“Topic 820”). The amendments in ASU 2022-03 affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. ASU 2022-03 (1) clarifies the guidance in Topic 820, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) amends a related illustrative example, and (3) introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. For public business entities, the amendments in ASU 2022-03 are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. Management is currently assessing the impact of these provisions on the Funds’ financial statements.

In October 2022, the Securities and Exchange Commission (the “SEC”) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

7. Executive Order in Response to Continued Russian Federation Aggression

In reaction to Russia’s actions in Europe, President Biden issued certain executive orders that, among other things, prohibited new investment in and certain services to the Russian Federation. Under these executive orders, all U.S. person are prohibited from new investment in the Russian Federation. These actions may materially impact the investability of Russian securities, and management have taken certain actions in response to such actions, and will continue to evaluate and determine what, if any, additional actions are required. Additionally, Russia has imposed restrictions on the ability of US investors to engage in transactions involving securities issued by Russian companies that are being held in Russian custodial accounts which could affect the ability to trade such securities.

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.

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Proxy Voting Policies and Procedures

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

Schedules of Portfolio Holdings

The Trust files the complete schedules of portfolio holdings for each Fund monthly on Form N-PORT with every third month made available to the public on the SEC’s website at www.sec.gov no later than 60 days after the relevant period. The Trust’s Form N-PORT may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Trust’s most recent Form N-PORT is also available without charge, upon request, by calling 1-844-366-0905.

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
8182 Maryland Ave.
Suite 500
Saint Louis, MO 63105

Toll-free: 1-844-366-0905
Website: http://www.sa-funds.com

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Shareholder Meeting Results

A Special Meeting of Shareholders (“Meeting”) of the 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 (each a “Sub-Advised Fund”), and the SA Worldwide Moderate Growth Fund (the “Allocation Fund” and individually with each Sub-Advised Fund, a “Fund” or together with each Sub-Advised Fund, collectively the “Funds”), was held on September 8, 2023 and reconvened on September 29, 2023, October 16, 2023, and November 6, 2023.

The Meeting was held to consider and act on the following proposals (each a “Proposal”): (1) a new Investment Advisory and Administrative Services Agreement between the Trust, on behalf of each Fund, and Buckingham Strategic Partners, LLC (the “Adviser”) and (2) a new Investment Sub-Advisory Agreement by and among the Trust, on behalf of each Sub-Advised Fund, the Adviser, and Dimensional Fund Advisors LP (the “Sub-Adviser”).

The number of shares outstanding on the record date (July 5, 2023), the number of shares represented at the Meeting, and the details of the voting with respect to each Proposal are given below. With respect to each Proposal, the required number of affirmative votes for approval was received.

Proposal 1:

Fund	Shares Outstanding		Shares Represented		Affirmative Votes		Objecting Votes		Abstaining Votes
SA U.S. Fixed Income Fund		42,983,418		22,135,953		17,849,945		235,695		4,050,313
SA Global Fixed Income Fund		79,115,234		41,807,787		33,952,999		534,501		7,320,288
SA U.S. Core Market Fund		23,220,537		12,002,311		9,904,893		170,981		1,926,436
SA U.S. Value Fund		27,565,010		14,291,829		11,732,793		198,101		2,360,935
SA U.S. Small Company Fund		12,072,324		6,171,625		5,050,443		81,090		1,040,093
SA International Value Fund		44,652,974		22,419,778		18,517,107		246,284		3,656,387
SA International Small Company Fund		12,737,692		6,437,074		5,295,826		75,253		1,065,996
SA Emerging Markets Value Fund		19,878,513		10,063,280		8,230,231		112,568		1,720,480
SA Real Estate Securities Fund		11,831,841		5,986,718		4,900,805		69,259		1,016,654
SA Worldwide Moderate Growth Fund		2,055,893		1,041,302		791,840		2,940		246,523

Proposal 2:

Fund	Shares Outstanding		Shares Represented		Affirmative Votes		Objecting Votes		Abstaining Votes
SA U.S. Fixed Income Fund		42,983,418		22,135,953		17,833,115		246,896		4,055,943
SA Global Fixed Income Fund		79,115,234		41,807,787		33,883,676		564,607		7,359,504
SA U.S. Core Market Fund		23,220,537		12,002,311		9,887,998		180,006		1,934,345
SA U.S. Value Fund		27,565,010		14,291,829		11,719,925		205,547		2,366,360
SA U.S. Small Company Fund		12,072,324		6,171,625		5,047,128		85,151		1,039,365
SA International Value Fund		44,652,974		22,419,778		18,468,249		287,863		3,663,581
SA International Small Company Fund		12,737,692		6,437,074		5,264,746		81,309		1,066,424
SA Emerging Markets Value Fund		19,878,513		10,063,280		8,221,588		128,810		1,712,881
SA Real Estate Securities Fund		11,831,841		5,986,718		4,890,561		76,665		1,019,491

See notes to financial statements.

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SA FUNDS

ADDITIONAL INFORMATION (Unaudited) (Continued)

A Special Meeting of Shareholders (“Meeting”) of the SA U.S. Fixed Income Fund, SA Global Fixed Income Fund, SA U.S. Core Market Fund, SA U.S. Value Fund, SA U.S. Small Company Fund, SA International Value Fund, SA International Small Company Fund, SA Emerging Markets Value Fund, SA Real Estate Securities Fund, and SA Worldwide Moderate Growth Fund (each a “Fund” and together, the “Funds”), each a series of SA Funds – Investment Trust (the “Trust”), was held on September 8, 2023.

The Meeting was held to consider and act on the following proposal (the “Proposal”): to elect each of Bryan Brown, Charles Roame, Jonathan Scheid, and Harold Shefrin to the Trust’s Board of Trustees.

The number of shares outstanding of the Trust on the record date (July 5, 2023), the number of shares represented at the Meeting, and the details of the voting with respect to the Proposal are given below. With respect to the Proposal, the required number of affirmative votes for approval was received.

Proposal:

Shares Outstanding	Shares Represented	Affirmative Votes	Objecting Votes	Abstaining Votes
276,113,436	170,574,177	167,979,387	0	2,594,787

See notes to financial statements.

76

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, 2023 through December 31, 2023. 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
	Beginning Account Value		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period
SA U.S. Fixed Income Fund	$	1,000	$	1,026.20		0.40	%	$	2.04
SA Global Fixed Income Fund		1,000		1,025.80		0.52			2.65
SA U.S. Core Market Fund		1,000		1,079.90		0.66			3.45
SA U.S. Value Fund		1,000		1,077.70		0.74			3.86
SA U.S. Small Company Fund		1,000		1,084.40		0.90			4.72
SA International Value Fund		1,000		1,065.50		0.90			4.67
SA International Small Company Fund		1,000		1,067.70		0.53			2.75
SA Emerging Markets Value Fund		1,000		1,072.30		1.04			5.42
SA Real Estate Securities Fund		1,000		1,077.50		0.76			3.97
SA Worldwide Moderate Growth Fund		1,000		1,061.20		0.00			0.00

See notes to financial statements.

77

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
	Beginning Account Value		Ending Account Value		Annual Expense Ratio			Expenses Paid During Period
SA U.S. Fixed Income Fund	$	1,000	$	1,023.13		0.40	%	$	2.03
SA Global Fixed Income Fund		1,000		1,022.52		0.52			2.64
SA U.S. Core Market Fund		1,000		1,021.82		0.66			3.35
SA U.S. Value Fund		1,000		1,021.42		0.74			3.76
SA U.S. Small Company Fund		1,000		1,020.61		0.90			4.57
SA International Value Fund		1,000		1,020.61		0.90			4.57
SA International Small Company Fund		1,000		1,022.47		0.53			2.69
SA Emerging Markets Value Fund		1,000		1,019.91		1.04			5.28
SA Real Estate Securities Fund		1,000		1,021.32		0.76			3.86
SA Worldwide Moderate Growth Fund		1,000		1,025.14		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.

See notes to financial statements.

78

Selected Financial Statements of DFA Investment Dimensions Group Inc.

International Small Company Portfolio

TABLE OF CONTENTS

	Page
Definitions of Abbreviations and Footnotes	80
Disclosure of Fund Expenses — October 31, 2023 (Unaudited)	81
Disclosure of Portfolio Holdings — October 31, 2023 (Unaudited)	82
Schedule of Investments — December 31, 2023 (Unaudited)	83
Schedule of Investments — October 31, 2023	84
Statement of Assets and Liabilities — December 31, 2023 (Unaudited)	85
Statement of Assets and Liabilities — October 31, 2023	86
Statement of Operations — October 31, 2023	87
Statement of Changes in Net Assets	88
Financial Highlights	89
Notes to Financial Statements — October 31, 2023	90
Report of Independent Registered Public Accounting Firm	97

DFA INVESTMENT DIMENSIONS GROUP INC.

THE DFA INVESTMENT TRUST COMPANY

DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES

Schedules of Investments/Summary Schedules of Portfolio Holdings

Investment Abbreviations
	P.L.C.	Public Limited Company
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.
	††	Security valued using significant unobservable inputs (Level 3).
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

80

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, 2023
	Beginning Account Value 05/01/23	Ending Account Value 10/31/23		Annualized Expense Ratio(1)	Expenses Paid During Period(1)
International Small Company Portfolio(2)
Actual Fund Return	$1,000.00	$	915.20	0.39%	$1.88
Hypothetical 5% Annual Return	$1,000.00	$	1,023.24	0.39%	$1.99

(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).

81

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 March 27, 2023. 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%

82

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

SCHEDULE OF INVESTMENTS

December 31, 2023

(Unaudited)

		Value†
AFFILIATED INVESTMENT COMPANIES — (99.2%)
Investment in The Continental Small Company Series of The DFA Investment Trust Company		$	4,662,527,772
Investment in The Japanese Small Company Series of The DFA Investment Trust Company			2,805,577,967
Investment in The United Kingdom Small Company Series of The DFA Investment Trust Company			1,483,130,566
Investment in The Canadian Small Company Series of The DFA Investment Trust Company			1,252,033,733
Investment in The Asia Pacific Small Company Series of The DFA Investment Trust Company			1,190,336,322
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES		$	11,393,606,360
	Shares
TEMPORARY CASH INVESTMENTS — (0.8%)
State Street Institutional U.S. Government Money Market Fund, 5.319% (Cost $91,644,397)	91,644,397		91,644,397
TOTAL INVESTMENTS — (100.0%) (Cost $9,875,153,929)		$	11,485,250,757

As of December 31, 2023, 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		366		03/15/24	$	85,559,810	$	88,206,000	$	2,646,190
Total Futures Contracts					$	85,559,810	$	88,206,000	$	2,646,190

Summary of the Portfolio’s investments as of March 31, 2019, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3		Total
Affiliated Investment Companies	$	11,393,606,360		—		—	$	11,393,606,360
Temporary Cash Investments		91,644,397		—		—		91,644,397
Futures Contracts**		2,646,190		—		—		2,646,190
TOTAL	$	11,487,896,947		—		—	$	11,487,896,947

** Valued at the unrealized appreciation/(depreciation) on the investment.

See accompanying Notes to Financial Statements.

83

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

SCHEDULE OF INVESTMENTS

October 31, 2023

		Value†
AFFILIATED INVESTMENT COMPANIES — (99.1%)
Investment in The Continental Small Company Series of The DFA Investment Trust Company		$	3,976,364,881
Investment in The Japanese Small Company Series of The DFA Investment Trust Company			2,567,386,625
Investment in The United Kingdom Small Company Series of The DFA Investment Trust Company			1,230,454,755
Investment in The Canadian Small Company Series of The DFA Investment Trust Company			1,137,353,537
Investment in The Asia Pacific Small Company Series of The DFA Investment Trust Company			1,036,712,569
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES		$	9,948,272,367
	Shares
TEMPORARY CASH INVESTMENTS — (0.9%)
State Street Institutional U.S. Government Money Market Fund, 5.300% (Cost $92,141,919)	92,141,919		92,141,919
TOTAL INVESTMENTS — (100.0%) (Cost $9,995,982,568)		$	10,040,414,286

As of October 31, 2023, 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® E-Mini Index		431		12/15/23	$	92,441,950	$	90,773,988	$	(1,667,962	)
Total Futures Contracts					$	92,441,950	$	90,773,988	$	(1,667,962	)

Summary of the Portfolio’s Master Fund’s investments as of October 31, 2023, 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	$	9,948,272,367			—		—	$	9,948,272,367
Temporary Cash Investments		92,141,919			—		—		92,141,919
Futures Contracts**		(1,667,962	)		—		—		(1,667,962	)
TOTAL	$	10,038,746,324			—		—	$	10,038,746,324

** Valued at the unrealized appreciation/(depreciation) on the investment.

See accompanying Notes to Financial Statements.

84

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2023

(Unaudited)

(Amounts in thousands, except share and per share amounts)

	International Small Company Portfolio
ASSETS:
Investments in Affiliated Investment Companies at Value	$	11,393,606
Temporary Cash Investments at Value & Cost		91,644
Cash		1,950
Receivables:
Dividends and Interest		423
Fund Shares Sold		8,623
Futures Margin Variation		2,647
Prepaid Expenses and Other Assets		82
Total Assets		11,498,975
LIABILITIES:
Payables:
Fund Shares Redeemed		10,031
Due to Advisor		2,357
Accrued Expenses and Other Liabilities		660
Total Liabilities		13,048
NET ASSETS	$	11,485,927
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE:
Institutional Class Shares — based on net assets of $11,485,927 and shares outstanding of 594,700,338	$	19.31
(1) NUMBER OF SHARES AUTHORIZED		3,000,000,000
NET ASSETS CONSIST OF:
Paid-In Capital	$	10,229,751
Total Distributable Earnings (Loss)		1,256,176
NET ASSETS	$	11,485,927

See accompanying Notes to Financial Statements.

85

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

OCTOBER 31, 2023

(Amounts in thousands, except share and per share amounts)

ASSETS:
Investments in Affiliated Investment Companies at Value	$	9,948,272
Temporary Cash Investments at Value & Cost		92,142
Segregated Cash for Futures Contracts		4,827
Receivables:
Dividends, Interest and Tax Reclaims		375
Fund Shares Sold		11,467
Futures Margin Variation		571
Prepaid Expenses and Other Assets		55
Total Assets		10,057,709
LIABILITIES:
Payables:
Fund Shares Redeemed		9,552
Due to Advisor		2,134
Futures Margin Variation		—
Accrued Expenses and Other Liabilities		536
Total Liabilities		12,222
NET ASSETS	$	10,045,487
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE:
Institutional Class Shares — based on net assets of $10,045,487 and shares outstanding of 594,310,368	$	16.90
NUMBER OF SHARES AUTHORIZED		3,000,000,000
NET ASSETS CONSIST OF:
Paid-In Capital	$	10,224,340
Total Distributable Earnings (Loss)		(178,853	)
NET ASSETS	$	10,045,487

See accompanying Notes to Financial Statements.

86

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO*

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2023

(Amounts in thousands)

Investment Income
Net Investment Income Allocated from Affiliated Investment Companies:
Dividends (Net of Foreign Taxes Withheld of $31,846)	$	336,842
Interest		260
Income from Securities Lending		10,462
Expenses Allocated from Affiliated Investment Companies		(12,187	)
Total Investment Income		335,377
Fund Expenses
Investment Management Fees		26,478
Accounting & Transfer Agent Fees		1,474
Filing Fees		150
Shareholders’ Reports		780
Directors’/Trustees’ Fees & Expenses		78
Professional Fees		101
Other		176
Total Fund Expenses		29,237
Net Expenses		29,237
Net Investment Income (Loss)		306,140
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Transactions Allocated from Affiliated Investment Company**		(124,598	)
Futures		11,496
Change in Unrealized Appreciation (Depreciation) of:
Transactions Allocated from Affiliated Investment Company		818,605
Futures		(4,080	)
Net Realized and Unrealized Gain (Loss)		701,423
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,007,563

*	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.

87

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS***

(Amounts in thousands)

	Year Ended Oct 31, 2023			Year Ended Oct 31, 2022
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)	$	306,140		$	316,287
Net Realized Gain (Loss) on:
Transactions Allocated from Affiliated Investment Company*,**		(124,598	)		164,767
Futures		11,496			(19,889	)
Change in Unrealized Appreciation (Depreciation) of:
Transactions Allocated from Affiliated Investment Company		818,605			(3,930,327	)
Futures		(4,080	)		271
Net Increase (Decrease) in Net Assets Resulting from Operations		1,007,563			(3,468,891	)
Distributions:
Institutional Class Shares		(431,764	)		(851,167	)
Capital Share Transactions (1):
Shares Issued		1,772,616			2,335,205
Shares Issued in Lieu of Cash Distributions		422,678			834,024
Shares Redeemed		(2,045,701	)		(2,994,929	)
Net Increase (Decrease) from Capital Share Transactions		149,593			174,300
Total Increase (Decrease) in Net Assets		725,392			(4,145,758	)
Net Assets
Beginning of Year		9,320,095			13,465,853
End of Year	$	10,045,487		$	9,320,095
(1) Shares Issued and Redeemed:
Shares Issued		98,891			123,348
Shares Issued in Lieu of Cash Distributions		23,765			41,490
Shares Redeemed		(113,530	)		(157,815	)
Net Increase (Decrease) from Shares Issued and Redeemed		9,126			7,023

*	Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2023 of $0.
**	Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2023 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.

88

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

FINANCIAL HIGHLIGHTS

(for a share outstanding throughout each period)

	Year Ended Oct. 31, 2023			Year Ended Oct. 31, 2022			Year Ended Oct. 31, 2021			Year Ended Oct. 31, 2020			Year Ended Oct. 31, 2019
Net Asset Value, Beginning of Year	$	15.93		$	23.29		$	16.84		$	18.21		$	18.46
Income from Investment Operations
Net Investment Income (Loss) (A)		0.52			0.54			0.41			0.33			0.43
Net Gains (Losses) on Securities (Realized and Unrealized)		1.19			(6.44	)		(6.42	)		(0.93	)		0.58
Total from Investment Operations		1.71			(5.90	)		6.83			(0.60	)		1.01
Less Distributions
Net Investment Income		(0.53	)		(0.67	)		(0.38	)		(0.37	)		(0.44	)
Net Realized Gains		(0.21	)		(0.79	)		—			(0.40	)		(0.82	)
Total Distributions		(0.74	)		(1.46	)		(0.38	)		(0.77	)		(1.26	)
Net Asset Value, End of Year	$	16.90		$	15.93		$	23.29		$	16.84		$	18.21
Total Return		10.58	%		(26.55	)%		40.83	%		(3.64	)%		6.44	%
Net Assets, End of Year (thousands)	$	10,045,487		$	9,320,095		$	13,465,853		$	10,148,132		$	12,750,110
Ratio of Expenses to Average Net Assets*(B)		0.39	%		0.41	%		0.46	%		0.53	%		0.54	%
Ratio of Expenses to Average Net Assets (Excluding Fees (Waived), (Expenses Reimbursed), and/or Previously Waived Fees Recovered by Advisor)(B)		0.39	%		0.41	%		0.46	%		0.53	%		0.54	%
Ratio of Net Investment Income to Average Net Assets		2.89	%		2.79	%		1.90	%		1.96	%		2.44	%
* 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.

89

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 (the “1940 Act”), whose shares are generally offered to institutional investors, retirement plans and clients of registered investment advisors. At October 31, 2023, the Fund consisted of one hundred and two 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, 2023, 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 10/31/23
International Small Company Portfolio	The Continental Small Company Series	86%
	The Japanese Small Company Series	91%
	The United Kingdom Small Company Series	98%
	The Asia Pacific Small Company Series	86%
	The Canadian Small Company Series	96%

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 (“GAAP”). Such policies are consistently followed by the Fund in preparation of its financial statements. The preparation of financial statements in accordance with GAAP 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. Non-cash dividend income received in the form of securities in-lieu of cash, if any, are recorded at the fair value of securities received. 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, 2023, the Portfolio’s investment management fees were accrued daily and paid monthly to the Advisor based on an effective annual rate of 0.25% of average daily net assets.

Pursuant to an Amended and Restated Fee Waiver and/or Expense Assumption Agreement (The “Fee Waiver Agreement”), the Advisor has contractually agreed to waive all or a portion of its management fee and to assume the other direct expenses of a class of the Portfolio (excluding expenses incurred through its investment in other investment companies) (“Portfolio Expenses”) to the extent necessary to limit the Portfolio Expenses of a class of the Portfolio to 0.45% of the average net assets of a class of the Portfolio on an annualized basis (the “Expense Limitation Amount”). The Fee Waiver Agreement will remain in effect through February 28, 2024 and may only be terminated by the Fund’s Board of

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Directors prior to that date and shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor. At any time that the Portfolio Expenses of a class of the Portfolio are less than the applicable Expense Limitation Amount, the Advisor retains the right to recover fees previously waived and/or expenses previously assumed to the extent that the expense ratio following such recovery would be less than the Expense Limitation Amount that was in place when such prior year fees were waived and/or expenses assumed, and less than the current Expense Limitation Amount in place for the Portfolio. The Fund, on behalf of the Portfolio, is also not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six months before the date of recovery.

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, 2023, the total related amounts paid by the Fund to the CCO was $177 (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, 2023, the total liability for deferred compensation to Directors was $109 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 GAAP. 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, undistributed net investment income, accumulated net realized gains or losses, or unrealized appreciation, as appropriate, in the period that the differences arise. Accordingly, the permanent differences as of October 31, 2023, 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, 2022 and October 31, 2023 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
2022	$	483,283	$	367,884		—	$	851,167
2023		310,109		121,655		—		431,764

As of October 31, 2023, 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		$(14,553)		—		$(14,553	)

At October 31, 2023, 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		$96,949		$—		$(139,844	)		$(135,810	)		$(178,705	)

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, 2023, the Portfolio had the following capital loss carryforwards available to offset future realized capital gains.

	Unlimited		Total
International Small Company Portfolio		$139,844		$139,844

During the year ended October 31, 2023, the Portfolio did not use capital loss carryforwards to offset realized capital gains for federal income tax purposes.

As of October 31, 2023, 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		$10,176,197		$166,724		$(302,507	)		$(135,783	)

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 gains (losses) on foreign currency contracts, and differences in the tax treatment of passive foreign investment company investments or other investments.

ASC 740 Accounting for Uncertainty in Income Taxes sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has analyzed the Portfolio’s tax positions and has concluded that no additional provision for income tax is required in the Portfolio’s financial statements. The Portfolio is not aware of any tax positions for which it is more likely than not that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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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, the ultimate 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.

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, 2023 was as follows (amounts in thousands):

	Futures**
International Small Company Portfolio		$84,471

** Average Notional Value of futures contracts.

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The following is a summary of the Portfolio’s derivative instrument holdings categorized by primary risk exposure as of October 31, 2023 (amounts in thousands):

	Liabiliy Derivatives Value
	Total Value at October 31, 2023		Equity Contracts*,(1)
International Small Company Portfolio		$(1,668)		$(1,668)

⁽¹⁾  Presented on Statements of Assets and Liabilities as 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, 2023 (amounts in thousands):

	Realized Gain (Loss) on (Depreciation) on Derivatives
	Total		Equity Contracts(1)
International Small Company Portfolio		$11,496		$11,496
	Change in Unrealized Appreciation (Depreciation) on Derivatives
	Total		Equity Contracts(2)
International Small Company Portfolio		$(4,080)		$(4,080)

(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 5, 2023, with its domestic custodian bank. A line of credit with similar terms was in effect through April 5, 2023. Each portfolio is permitted to borrow, subject to its investment limitations, up to a maximum of $250 million, as long as total borrowings under the line of credit do not exceed $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 3, 2024.

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 December 28, 2022. A line of credit with similar terms was in effect through December 28, 2022. Each portfolio is permitted to borrow, subject to its investment limitations, up to a maximum of the lower of one-quarter of such portfolio’s net assets or $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 December 27, 2023.

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,

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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, 2023.

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 and Regulations:

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 were effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. Management has reviewed the requirements and determined the adoption of these ASUs will not have a material impact on the Portfolio’s financial statements.

In October 2022, the SEC adopted rule and form amendments requiring open-end management investment companies, including mutual funds and exchange-traded funds, to transmit concise and visually engaging semi-annual and annual reports that highlight key information, including fund expenses, performance, and holdings to shareholders. Other information, including financial statements, will no longer appear in the Portfolio’s shareholder reports but will be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolio until the 2024 annual shareholder reports, and will have no effect on the Portfolio’s accounting policies or financial statements.

J. Other:

As of October 31, 2023, 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		3		80%

L. Subsequent Event Evaluations:

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

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of 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., referred to hereafter as the “Portfolio”) as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 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, 2023, by correspondence with the broker 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 21, 2023

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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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

	Pages
Disclosure of Fund Expenses — October 31, 2023 (Unaudited)	99
Disclosure of Portfolio Holdings — October 31, 2023 (Unaudited)	101
Summary Schedules of Portfolio Holdings — December 31, 2023 (Unaudited)
The Japanese Small Company Series	103
The Asia Pacific Small Company Series	106
The United Kingdom Small Company Series	108
The Continental Small Company Series	111
The Canadian Small Company Series	114
Summary Schedules of Portfolio Holdings — October 31, 2023
The Japanese Small Company Series	117
The Asia Pacific Small Company Series	120
The United Kingdom Small Company Series	122
The Continental Small Company Series	125
The Canadian Small Company Series	128
Statements of Assets and Liabilities — December 31, 2023 (Unaudited)	131
Statements of Assets and Liabilities — October 31, 2023	132
Statements of Operations — October 31, 2023	133
Statements of Changes in Net Assets	134
Financial Highlights	137
Notes to Financial Statements — October 31, 2023	139
Report of Independent Registered Public Accounting Firm	150
Fund Management — October 31, 2023	151
Voting Proxies on Fund Portfolio Securities	162

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.

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Six Months Ended October 31, 2023

EXPENSE TABLES

	Beginning Account Value 05/01/23		Ending Account Value 10/31/23		Annualized Expense Ratio(1)			Expenses Paid During Period(1)
The Japanese Small Company Series
Actual Fund Return	$	1,000.00	$	988.70		0.12	%	$	0.60
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	$	883.50		0.12	%	$	0.57
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	$	870.20		0.11	%	$	0.52
Hypothetical 5% Annual Return	$	1,000.00	$	1,024.65		0.11	%	$	0.56
The Continental Small Company Series
Actual Fund Return	$	1,000.00	$	888.10		0.12	%	$	0.57
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	$	940.70		0.11	%	$	0.54
Hypothetical 5% Annual Return	$	1,000.00	$	1,024.65		0.11	%	$	0.56

⁽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.

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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 March 27, 2023. 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	2.1	%	Communication Services	5.1	%	Communication Services	4.0	%
Consumer Discretionary	14.7	%	Consumer Discretionary	20.9	%	Consumer Discretionary	19.1	%
Consumer Staples	8.5	%	Consumer Staples	6.7	%	Consumer Staples	8.3	%
Energy	0.8	%	Energy	5.5	%	Energy	3.1	%
Financials	10.1	%	Financials	13.4	%	Financials	20.3	%
Health Care	5.1	%	Health Care	5.2	%	Health Care	3.1	%
Industrials	28.8	%	Industrials	12.3	%	Industrials	24.4	%
Information Technology	13.8	%	Information Technology	7.2	%	Information Technology	6.5	%
Materials	12.9	%	Materials	16.1	%	Materials	5.8	%
Real Estate	1.5	%	Real Estate	6.9	%	Real Estate	2.8	%
Utilities	1.7	%	Utilities	0.7	%	Utilities	2.6	%
	100.0	%		100.0	%		100.0	%

101

DISCLOSURE OF PORTFOLIO HOLDINGS
CONTINUED

The Continental Small Company Series			The Canadian Small Company Series
Communication Services	4.9	%	Communication Services	0.9	%
Consumer Discretionary	8.0	%	Consumer Discretionary	3.9	%
Consumer Staples	4.9	%	Consumer Staples	4.8	%
Energy	3.9	%	Energy	28.2	%
Financials	17.2	%	Financials	7.1	%
Health Care	5.9	%	Health Care	2.1	%
Industrials	26.7	%	Industrials	15.0	%
Information Technology	10.5	%	Information Technology	4.0	%
Materials	9.0	%	Materials	24.1	%
Real Estate	5.0	%	Real Estate	3.2	%
Utilities	4.0	%	Utilities	6.7	%
	100.0	%		100.0	%

102

THE JAPANESE SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

December 31, 2023
(Unaudited)

		Shares		Value»		Percentage of Net Assets‡
COMMON STOCKS — (98.8%)
COMMUNICATION SERVICES — (2.0%)
	Other Securities			$	61,964,751		2.0	%
CONSUMER DISCRETIONARY — (14.7%)
	Food & Life Cos. Ltd.		527,000		10,798,592		0.4	%
	Kyoritsu Maintenance Co. Ltd.		179,000		7,591,330		0.3	%
	NHK Spring Co. Ltd.		915,887		7,750,703		0.3	%
	Resorttrust, Inc.		477,064		8,260,309		0.3	%
	Tomy Co. Ltd.		510,693		8,070,245		0.3	%
	Yoshinoya Holdings Co. Ltd.		355,900		8,081,265		0.3	%
	Other Securities				397,246,556		12.9	%
TOTAL CONSUMER DISCRETIONARY					447,799,000		14.8	%
CONSUMER STAPLES — (7.9%)
	Morinaga & Co. Ltd.		414,798		7,525,121		0.3	%
	Nissui Corp.		1,737,200		9,342,620		0.3	%
#	Pigeon Corp.		698,425		8,031,923		0.3	%
	Other Securities				215,983,264		7.1	%
TOTAL CONSUMER STAPLES					240,882,928		8.0	%
ENERGY — (0.8%)
	Japan Petroleum Exploration Co. Ltd.		200,700		7,438,992		0.3	%
	Other Securities				17,059,197		0.5	%
TOTAL ENERGY					24,498,189		0.8	%
FINANCIALS — (8.8%)
	77 Bank Ltd.		330,252		8,125,991		0.3	%
	Gunma Bank Ltd.		1,914,640		9,348,068		0.3	%
	Hirogin Holdings, Inc.		1,462,700		9,339,127		0.3	%
	Nishi-Nippon Financial Holdings, Inc.		703,300		8,109,742		0.3	%
	Yamaguchi Financial Group, Inc.		1,021,072		9,124,437		0.3	%
	Other Securities				224,182,194		7.4	%
TOTAL FINANCIALS					268,229,559		8.9	%
HEALTH CARE — (5.3%)
	Jeol Ltd.		252,800		11,051,765		0.4	%
	Other Securities				150,466,882		4.9	%
TOTAL HEALTH CARE					161,518,647		5.3	%
INDUSTRIALS — (29.2%)
	Daiseki Co. Ltd.		279,055		7,731,911		0.3	%
#	DMG Mori Co. Ltd.		578,600		11,041,876		0.4	%
	EXEO Group, Inc.		453,900		10,076,167		0.3	%
	Hazama Ando Corp.		1,086,900		8,584,787		0.3	%
	Inaba Denki Sangyo Co. Ltd.		313,900		7,554,551		0.3	%
#	Mabuchi Motor Co. Ltd.		509,668		8,442,125		0.3	%
	MEITEC Group Holdings, Inc.		453,200		9,067,772		0.3	%
	Nagase & Co. Ltd.		558,800		8,937,306		0.3	%
	Nichias Corp.		366,500		8,791,682		0.3	%

103

The Japanese Small Company Series
continued

		Shares		Value»		Percentage of Net Assets‡
INDUSTRIALS — (Continued)
	Nihon M&A Center Holdings, Inc.		1,499,000	$	8,248,980		0.3	%
	Nikkon Holdings Co. Ltd.		356,100		7,766,558		0.3	%
#*	Outsourcing, Inc.		684,900		8,414,853		0.3	%
	Ushio, Inc.		572,300		8,206,277		0.3	%
	Other Securities				776,169,352		25.4	%
TOTAL INDUSTRIALS					889,034,197		29.4	%
INFORMATION TECHNOLOGY — (14.0%)
	Alps Alpine Co. Ltd.		973,842		8,465,105		0.3	%
	Citizen Watch Co. Ltd.		1,379,800		8,206,037		0.3	%
	Daiwabo Holdings Co. Ltd.		556,300		12,149,543		0.4	%
	Dexerials Corp.		335,200		9,768,486		0.3	%
	Maruwa Co. Ltd.		36,700		7,651,594		0.3	%
	NET One Systems Co. Ltd.		492,716		8,389,496		0.3	%
#	Nippon Electric Glass Co. Ltd.		441,436		9,473,737		0.3	%
	NSD Co. Ltd.		464,660		8,917,824		0.3	%
	Tokyo Seimitsu Co. Ltd.		170,100		10,432,126		0.4	%
	Ulvac, Inc.		175,400		8,354,246		0.3	%
	Other Securities				335,714,251		10.9	%
TOTAL INFORMATION TECHNOLOGY					427,522,445		14.1	%
MATERIALS — (12.9%)
	ADEKA Corp.		494,500		10,036,739		0.3	%
	Daido Steel Co. Ltd.		756,500		8,024,898		0.3	%
#	Hokuetsu Corp.		754,699		7,565,739		0.3	%
	Mitsubishi Materials Corp.		451,900		7,827,247		0.3	%
	Mitsui Mining & Smelting Co. Ltd.		329,400		10,100,501		0.3	%
	Sumitomo Bakelite Co. Ltd.		147,500		7,720,761		0.3	%
	Taiheiyo Cement Corp.		446,291		9,177,910		0.3	%
	Teijin Ltd.		818,088		7,738,743		0.3	%
#	Tokai Carbon Co. Ltd.		1,026,300		7,443,505		0.3	%
	UBE Corp.		581,000		9,420,671		0.3	%
	Other Securities				309,692,051		10.1	%
TOTAL MATERIALS					394,748,765		13.1	%
REAL ESTATE — (1.6%)
	Other Securities				48,309,715		1.6	%
UTILITIES — (1.6%)
	Nippon Gas Co. Ltd.		655,600		10,811,866		0.4	%
	Other Securities				36,857,043		1.2	%
TOTAL UTILITIES					47,668,909		1.6	%
TOTAL COMMON STOCKS (Cost $2,638,774,633)					3,012,177,105		99.6	%
					Value†
SECURITIES LENDING COLLATERAL — (1.2%)
@ §	DFA Investment Trust Co.		3,266,203		37,783,437		1.3	%
TOTAL INVESTMENTS—(100.0%) (Cost $2,676,556,360)				$	3,049,960,542		100.9	%

104

The Japanese Small Company Series
continued

Summary of the Series’ investments as of December 31, 2023, 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		—	$	61,964,751		—	$	61,964,751
Consumer Discretionary	$	1,978,798		445,820,202		—		447,799,000
Consumer Staples		—		240,882,928		—		240,882,928
Energy		—		24,498,189		—		24,498,189
Financials		—		268,229,559		—		268,229,559
Health Care		—		161,518,647		—		161,518,647
Industrials		—		889,034,197		—		889,034,197
Information Technology		—		427,522,445		—		427,522,445
Materials		—		394,748,765		—		394,748,765
Real Estate		—		48,309,715		—		48,309,715
Utilities		—		47,668,909		—		47,668,909
Securities Lending Collateral		—		37,783,437		—		37,783,437
TOTAL	$	1,978,798	$	3,047,981,744		—	$	3,049,960,542

See accompanying Notes to Financial Statements.

105

THE ASIA PACIFIC SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

December 31, 2023
(Unaudited)

		Shares		Value»		Percentage of Net Assets‡
COMMON STOCKS — (99.0%)
AUSTRALIA — (66.8%)
	AMP Ltd.		16,162,745	$	10,246,729		0.7	%
	Ansell Ltd.		672,678		11,540,564		0.8	%
	ARB Corp. Ltd.		511,012		12,497,839		0.9	%
	AUB Group Ltd.		632,752		11,977,133		0.9	%
#	Bank of Queensland Ltd.		3,503,111		14,522,855		1.1	%
	Bapcor Ltd.		2,013,984		7,604,718		0.6	%
	Beach Energy Ltd.		8,733,067		9,534,633		0.7	%
# *	Bellevue Gold Ltd.		8,798,707		10,022,268		0.7	%
*	Boss Energy Ltd.		2,720,808		7,453,329		0.5	%
	Breville Group Ltd.		613,229		11,379,894		0.8	%
*	Capricorn Metals Ltd.		2,326,307		7,457,206		0.5	%
	Challenger Ltd.		1,849,011		8,185,388		0.6	%
#	Champion Iron Ltd.		1,870,627		10,719,721		0.8	%
	Corporate Travel Management Ltd.		706,323		9,402,832		0.7	%
	CSR Ltd.		3,025,097		13,610,429		1.0	%
	Domino’s Pizza Enterprises Ltd.		310,180		12,451,660		0.9	%
	Downer EDI Ltd.		4,102,725		12,303,889		0.9	%
	Eagers Automotive Ltd.		877,469		8,657,094		0.6	%
#	Flight Centre Travel Group Ltd.		991,677		13,751,899		1.0	%
	Gold Road Resources Ltd.		7,784,314		10,405,402		0.8	%
	GUD Holdings Ltd.		1,021,707		8,351,181		0.6	%
#	Harvey Norman Holdings Ltd.		3,186,589		9,123,469		0.7	%
	HUB24 Ltd.		477,073		11,704,232		0.9	%
	Lendlease Corp. Ltd.		1,632,055		8,307,798		0.6	%
	Lifestyle Communities Ltd.		588,015		7,301,243		0.5	%
	Metcash Ltd.		4,901,422		11,661,134		0.9	%
	Netwealth Group Ltd.		798,551		8,386,275		0.6	%
	New Hope Corp. Ltd.		3,078,792		10,834,690		0.8	%
	nib holdings Ltd.		2,762,115		13,925,371		1.0	%
	Nine Entertainment Co. Holdings Ltd.		7,806,987		10,741,953		0.8	%
	Nufarm Ltd.		2,154,901		7,673,687		0.6	%
	Orora Ltd.		7,895,775		14,004,618		1.0	%
# *	Paladin Energy Ltd.		16,031,454		10,742,325		0.8	%
#	Perpetual Ltd.		638,190		11,090,051		0.8	%
	Perseus Mining Ltd.		8,150,426		10,251,823		0.7	%
	Premier Investments Ltd.		390,431		7,340,339		0.5	%
	Reliance Worldwide Corp. Ltd.		4,522,177		13,661,236		1.0	%
*	Sandfire Resources Ltd.		2,980,077		14,907,548		1.1	%
	Sims Ltd.		982,966		10,430,385		0.8	%
	Super Retail Group Ltd.		1,077,207		11,576,030		0.8	%
	Tabcorp Holdings Ltd.		13,480,179		7,675,989		0.6	%
	Technology One Ltd.		809,870		8,477,058		0.6	%
Ω	Viva Energy Group Ltd.		6,423,715		15,284,080		1.1	%
# *	Webjet Ltd.		2,238,459		11,197,237		0.8	%
	Other Securities				459,517,910		33.2	%
TOTAL AUSTRALIA					927,893,144		67.3	%
BERMUDA — (0.0%)
	Other Securities				120,215		0.0	%
CAYMAN ISLANDS — (0.0%)
	Other Security				26,412		0.0	%

106

The Asia Pacific Small Company Series
continued

		Shares		Value»		Percentage of Net Assets‡
CHINA — (0.1%)
	Other Securities			$	727,995		0.1	%
HONG KONG — (19.0%)
	ASMPT Ltd.		1,566,600		14,938,649		1.1	%
	Luk Fook Holdings International Ltd.		3,369,000		9,044,795		0.7	%
	Pacific Basin Shipping Ltd.		28,277,000		9,305,434		0.7	%
	PCCW Ltd.		18,623,545		9,924,214		0.7	%
* Ω	Samsonite International SA		4,548,000		15,004,861		1.1	%
	Other Securities				205,263,977		14.8	%
TOTAL HONG KONG					263,481,930		19.1	%
NEW ZEALAND — (3.1%)
	Other Securities				43,665,947		3.2	%
SINGAPORE — (10.0%)
	ComfortDelGro Corp. Ltd.		9,516,700		10,086,483		0.7	%
	Other Securities				128,335,440		9.3	%
TOTAL SINGAPORE					138,421,923		10.0	%
TOTAL COMMON STOCKS					1,374,337,566		99.7	%
RIGHTS/WARRANTS — (0.0%)
AUSTRALIA — (0.0%)
	Other Securities				27,032		0.0	%
SINGAPORE — (0.0%)
	Other Securities				10,068		0.0	%
TOTAL RIGHTS/WARRANTS					37,100		0.0	%
TOTAL INVESTMENT SECURITIES (Cost $1,498,266,200)					1,374,374,666
					Value†
SECURITIES LENDING COLLATERAL — (1.0%)
@	§DFA Investment Trust Co.		1,226,462		14,187,718		1.0	%
TOTAL INVESTMENTS—(100.0%) (Cost $1,512,453,024)				$	1,388,562,384		100.7	%

Summary of the Series’ investments as of December 31, 2023, 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	$	17,388	$	927,299,451	$	576,305		$	927,893,144
Bermuda		59,791		60,424		—			120,215
Cayman Islands		—		26,412		—			26,412
China		—		727,995		—			727,995
Hong Kong		—		263,173,394		308,536			263,481,930
New Zealand		—		43,665,947		—			43,665,947
Singapore		—		137,736,310		685,613			138,421,923
Rights/Warrants
Australia		—		27,032		—			27,032
Singapore		—		10,068		—			10,068
Securities Lending Collateral		—		14,187,718		—			14,187,718
TOTAL	$	77,179	$	1,386,914,751	$	1,570,454	^	$	1,388,562,384

^ 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.

107

THE UNITED KINGDOM SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

December 31, 2023
(Unaudited)

		Shares		Value»		Percentage of Net Assets‡
COMMON STOCKS — (99.0%)
COMMUNICATION SERVICES — (3.8%)
	ITV PLC		15,048,054	$	12,110,272		0.8	%
	Moneysupermarket.com Group PLC		3,209,924		11,438,028		0.8	%
	Other Securities				34,285,095		2.2	%
TOTAL COMMUNICATION SERVICES					57,833,395		3.8	%
CONSUMER DISCRETIONARY — (19.2%)
	Bellway PLC		596,527		19,484,556		1.3	%
	Domino’s Pizza Group PLC		3,097,499		14,854,736		1.0	%
	Games Workshop Group PLC		177,416		22,296,665		1.5	%
	Greggs PLC		601,854		19,951,108		1.3	%
	Inchcape PLC		2,145,919		19,538,807		1.3	%
	Persimmon PLC		1,068,610		18,888,935		1.3	%
	Pets at Home Group PLC		2,876,399		11,677,444		0.8	%
	Redrow PLC		1,640,617		12,850,216		0.9	%
*	SSP Group PLC		3,518,178		10,522,065		0.7	%
	Vistry Group PLC		1,619,528		18,926,548		1.3	%
	Other Securities				121,273,596		7.9	%
TOTAL CONSUMER DISCRETIONARY					290,264,676		19.3	%
CONSUMER STAPLES — (7.9%)
	Britvic PLC		1,626,728		17,413,064		1.2	%
	Cranswick PLC		366,623		17,759,911		1.2	%
	Marks & Spencer Group PLC		9,096,384		31,524,467		2.1	%
	Tate & Lyle PLC		2,193,476		18,400,445		1.2	%
	Other Securities				34,381,018		2.2	%
TOTAL CONSUMER STAPLES					119,478,905		7.9	%
ENERGY — (2.9%)
	Other Securities				43,545,589		2.9	%
FINANCIALS — (20.8%)
	Bank of Georgia Group PLC		269,724		13,662,249		0.9	%
	Beazley PLC		3,221,235		21,407,068		1.4	%
	Burford Capital Ltd.		974,033		15,014,821		1.0	%
*	Direct Line Insurance Group PLC		6,308,424		14,609,014		1.0	%
	Hiscox Ltd.		1,543,795		20,743,597		1.4	%
	IG Group Holdings PLC		1,618,600		15,775,697		1.0	%
	Lancashire Holdings Ltd.		1,534,394		12,185,799		0.8	%
	Man Group PLC		7,541,211		22,344,883		1.5	%
	OSB Group PLC		2,134,752		12,605,983		0.8	%
	Paragon Banking Group PLC		1,921,607		17,036,120		1.1	%
	Plus500 Ltd.		547,864		11,634,678		0.8	%
	Virgin Money U.K. PLC		5,902,586		12,332,412		0.8	%
	Other Securities				124,680,042		8.3	%
TOTAL FINANCIALS					314,032,363		20.8	%
HEALTH CARE — (2.4%)
*	Indivior PLC		734,034		11,084,108		0.7	%
	Other Securities				26,021,801		1.8	%
TOTAL HEALTH CARE					37,105,909		2.5	%

108

The United Kingdom Small Company Series
continued

		Shares		Value»			Percentage of Net Assets‡
INDUSTRIALS — (24.5%)
	Babcock International Group PLC		2,608,917	$	13,116,465			0.9	%
	Balfour Beatty PLC		3,585,302		15,101,844			1.0	%
	Diploma PLC		428,815		19,584,714			1.3	%
	Grafton Group PLC		1,489,341		17,303,171			1.1	%
	Hays PLC		8,741,021		12,164,600			0.8	%
	Howden Joinery Group PLC		1,732,911		17,940,424			1.2	%
*	International Distributions Services PLC		3,336,241		11,555,606			0.8	%
	JET2 PLC		813,756		12,962,314			0.9	%
	Pagegroup PLC		1,966,206		12,209,096			0.8	%
	QinetiQ Group PLC		3,297,003		12,979,684			0.9	%
	Rotork PLC		4,407,598		18,139,503			1.2	%
	Serco Group PLC		5,743,194		11,833,463			0.8	%
	Travis Perkins PLC		1,117,269		11,774,980			0.8	%
	Other Securities				183,330,689			12.1	%
TOTAL INDUSTRIALS					369,996,553			24.6	%
INFORMATION TECHNOLOGY — (6.4%)
	Computacenter PLC		501,247		17,813,378			1.2	%
	Softcat PLC		689,548		11,951,855			0.8	%
	Spectris PLC		361,445		17,385,766			1.2	%
	Other Securities				49,024,785			3.2	%
TOTAL INFORMATION TECHNOLOGY					96,175,784			6.4	%
MATERIALS — (5.6%)
	Hill & Smith PLC		550,246		13,365,969			0.9	%
	Other Securities				71,453,251			4.7	%
TOTAL MATERIALS					84,819,220	��		5.6	%
REAL ESTATE — (3.0%)
	Grainger PLC		4,251,088		14,330,877			1.0	%
	Savills PLC		971,680		11,990,539			0.8	%
	Other Securities				19,047,862			1.2	%
TOTAL REAL ESTATE					45,369,278			3.0	%
UTILITIES — (2.5%)
	Drax Group PLC		2,467,126		15,416,860			1.0	%
	Pennon Group PLC		1,364,308		13,083,206			0.9	%
	Other Security				8,748,516			0.6	%
TOTAL UTILITIES					37,248,582			2.5	%
TOTAL COMMON STOCKS (Cost $1,349,581,435)					1,495,870,254			99.3	%
					Value†
SECURITIES LENDING COLLATERAL — (1.0%)
@ §	DFA Investment Trust Co.		1,313,465		15,194,168			1.0	%
TOTAL INVESTMENTS—(100.0%) (Cost $1,364,774,770)				$	1,511,064,422			100.3	%

109

The United Kingdom Small Company Series
continued

Summary of the Series’ investments as of December 31, 2023, 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	$	14,704	$	57,818,691		—		$	57,833,395
Consumer Discretionary		—		290,264,676		—			290,264,676
Consumer Staples		—		119,478,905		—			119,478,905
Energy		—		43,545,589		—			43,545,589
Financials		—		314,031,323	$	1,040			314,032,363
Health Care		—		37,105,909		—			37,105,909
Industrials		—		369,996,553		—			369,996,553
Information Technology		—		96,175,784		—			96,175,784
Materials		—		84,819,220		—			84,819,220
Real Estate		—		45,369,278		—			45,369,278
Utilities		—		37,248,582		—			37,248,582
Securities Lending Collateral		—		15,194,168		—			15,194,168
TOTAL	$	14,704	$	1,511,048,678	$	1,040	^	$	1,511,064,422

^ 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.

110

THE CONTINENTAL SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

December 31, 2023
(Unaudited)

		Shares		Value»		Percentage of Net Assets‡
COMMON STOCKS — (96.2%)
AUSTRIA — (3.3%)
	ANDRITZ AG		432,017	$	26,877,037		0.5	%
Ω	BAWAG Group AG		434,580		22,998,464		0.4	%
	Other Securities				131,437,388		2.4	%
TOTAL AUSTRIA					181,312,889		3.3	%
BELGIUM — (3.8%)
	Ackermans & van Haaren NV		169,888		29,805,328		0.6	%
	Euronav NV		1,303,139		23,013,965		0.4	%
	Other Securities				159,838,868		2.9	%
TOTAL BELGIUM					212,658,161		3.9	%
DENMARK — (6.2%)
*	Jyske Bank AS		425,821		30,534,316		0.6	%
*	NKT AS		354,659		24,380,170		0.5	%
	Ringkjoebing Landbobank AS		195,914		28,774,007		0.5	%
	Other Securities				260,532,149		4.7	%
TOTAL DENMARK					344,220,642		6.3	%
FINLAND — (5.0%)
	Huhtamaki OYJ		631,957		25,650,709		0.5	%
	Orion OYJ, Class B		634,174		27,479,620		0.5	%
#	Valmet OYJ		885,247		25,599,155		0.5	%
	Wartsila OYJ Abp		2,286,733		33,233,990		0.6	%
	Other Securities				164,702,904		3.0	%
TOTAL FINLAND					276,666,378		5.1	%
FRANCE — (11.6%)
	Alten SA		152,202		22,676,179		0.4	%
	Elis SA		1,272,724		26,601,838		0.5	%
	Gaztransport Et Technigaz SA		175,245		23,213,994		0.4	%
	Rexel SA		1,427,474		39,178,754		0.7	%
	SCOR SE		859,009		25,169,860		0.5	%
*	SOITEC		149,956		26,833,679		0.5	%
	Sopra Steria Group SACA		118,375		25,926,199		0.5	%
	SPIE SA		860,805		26,944,723		0.5	%
	Other Securities				424,188,980		7.8	%
TOTAL FRANCE					640,734,206		11.8	%
GERMANY — (13.8%)
	Bechtle AG .		445,863		22,332,186		0.4	%
	CTS Eventim AG & Co. KGaA		328,703		22,734,829		0.4	%
	Freenet AG		952,563		26,660,733		0.5	%
	Gerresheimer AG		239,432		24,909,457		0.5	%
	Hugo Boss AG		403,351		30,049,812		0.6	%
*	LEG Immobilien SE		300,597		26,305,107		0.5	%
	thyssenkrupp AG		3,151,431		21,922,763		0.4	%
	Other Securities				590,545,780		10.8	%
TOTAL GERMANY					765,460,667		14.1	%

111

The Continental Small Company Series
continued

		Shares		Value»		Percentage of Net Assets‡
IRELAND — (0.8%)
	Other Securities			$	44,152,194		0.8	%
ISRAEL — (2.1%)
	Other Securities				116,539,097		2.2	%
ITALY — (10.4%)
	Banco BPM SpA		9,547,736		50,592,920		0.9	%
#	BPER Banca		6,542,561		21,935,656		0.4	%
	Brunello Cucinelli SpA		239,655		23,455,607		0.4	%
	Leonardo SpA		2,585,548		42,721,289		0.8	%
	Other Securities				436,850,561		8.1	%
TOTAL ITALY					575,556,033		10.6	%
NETHERLANDS — (5.1%)
	Aalberts NV		654,734		28,459,570		0.5	%
	Arcadis NV		518,635		28,017,313		0.5	%
	BE Semiconductor Industries NV		352,392		53,202,712		1.0	%
Ω	Signify NV		743,928		24,948,544		0.5	%
	Other Securities				149,635,617		2.7	%
TOTAL NETHERLANDS					284,263,756		5.2	%
NORWAY — (2.0%)
	Other Securities				109,054,330		2.0	%
PORTUGAL — (0.9%)
	Other Securities				50,604,626		0.9	%
SPAIN — (5.9%)
	Banco de Sabadell SA		35,081,456		43,183,701		0.8	%
	Bankinter SA		4,245,482		27,228,994		0.5	%
#	Enagas SA		1,457,648		24,589,537		0.5	%
	Other Securities				231,109,627		4.2	%
TOTAL SPAIN					326,111,859		6.0	%
SWEDEN — (6.3%)
	Other Securities				350,739,632		6.5	%
SWITZERLAND — (19.0%)
	Adecco Group AG		585,919		28,776,523		0.5	%
	Allreal Holding AG		122,211		21,853,615		0.4	%
	Belimo Holding AG		64,836		35,786,578		0.7	%
	BKW AG		158,852		28,254,537		0.5	%
	Bucher Industries AG		53,084		22,314,427		0.4	%
	Flughafen Zurich AG		143,958		30,079,259		0.6	%
Ω	Galenica AG		289,311		25,026,619		0.5	%
	Georg Fischer AG		616,034		44,831,337		0.8	%
	Helvetia Holding AG		258,089		35,587,055		0.7	%
	PSP Swiss Property AG		337,750		47,220,441		0.9	%
	Siegfried Holding AG		32,456		33,199,957		0.6	%
	Temenos AG		356,673		33,237,696		0.6	%
Ω	VAT Group AG		67,469		33,886,832		0.6	%
	Other Securities				629,334,335		11.5	%
	TOTAL SWITZERLAND				1,049,389,211		19.3	%

112

The Continental Small Company Series
continued

		Shares		Value»		Percentage of Net Assets‡
UNITED STATES — (0.0%)
	Other Securities			$	1,129,131		0.0	%
TOTAL COMMON STOCKS					5,328,592,812		98.0	%
PREFERRED STOCKS — (0.9%)
GERMANY — (0.9%)
	Other Securities				49,323,660		0.9	%
RIGHTS/WARRANTS — (0.0%)
AUSTRIA — (0.0%)
	Other Securities				3		0.0	%
TOTAL INVESTMENT SECURITIES (Cost $4,246,679,731)					5,377,916,475
					Value†
SECURITIES LENDING COLLATERAL — (2.9%)
@ §	DFA Investment Trust Co.		13,833,808		160,029,490		2.9	%
TOTAL INVESTMENTS—(100.0%) (Cost $4,406,699,691)				$	5,537,945,965		101.8	%

Summary of the Series’ investments as of December 31, 2023, 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		—	$	181,312,889		—	$	181,312,889
Belgium	$	781,489		211,876,672		—		212,658,161
Denmark		—		344,220,642		—		344,220,642
Finland		—		276,666,378		—		276,666,378
France		—		640,734,206		—		640,734,206
Germany		9,982,943		755,477,724		—		765,460,667
Ireland		—		44,152,194		—		44,152,194
Israel		649,185		115,889,912		—		116,539,097
Italy		—		575,556,033		—		575,556,033
Netherlands		—		284,263,756		—		284,263,756
Norway		—		109,054,330		—		109,054,330
Portugal		—		50,604,626		—		50,604,626
Spain		—		326,111,859		—		326,111,859
Sweden		—		350,739,632		—		350,739,632
Switzerland		—		1,049,389,211		—		1,049,389,211
United States		—		1,129,131		—		1,129,131
Preferred Stocks
Germany		—		49,323,660		—		49,323,660
Rights/Warrants
Austria		—		3		—		3
Securities Lending Collateral		—		160,029,490		—		160,029,490
TOTAL	$	11,413,617	$	5,526,532,348		—	$	5,537,945,965

See accompanying Notes to Financial Statements.

113

THE CANADIAN SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

December 31, 2023
(Unaudited)

		Shares		Value»		Percentage of Net Assets‡
COMMON STOCKS — (91.9%)
COMMUNICATION SERVICES — (0.8%)
	Other Securities			$	11,303,611		0.9	%
CONSUMER DISCRETIONARY — (3.9%)
#*	Aritzia, Inc.		457,892		9,503,060		0.7	%
	Linamar Corp.		263,351		12,723,845		1.0	%
	Other Securities				32,406,132		2.5	%
TOTAL CONSUMER DISCRETIONARY					54,633,037		4.2	%
CONSUMER STAPLES — (4.5%)
	Maple Leaf Foods, Inc.		458,562		8,734,844		0.7	%
	North West Co., Inc.		292,956		8,682,225		0.7	%
#	Premium Brands Holdings Corp.		244,773		17,369,914		1.3	%
	Primo Water Corp.		92,255		1,388,438		0.1	%
	Primo Water Corp.		799,922		12,049,691		0.9	%
	Other Securities				14,567,420		1.1	%
TOTAL CONSUMER STAPLES					62,792,532		4.8	%
ENERGY — (21.7%)
	Crescent Point Energy Corp.		2,232,271		15,482,110		1.2	%
	Crescent Point Energy Corp.		739,368		5,123,820		0.4	%
	Enerplus Corp.		1,189,317		18,229,522		1.4	%
	Enerplus Corp.		28,353		434,935		0.0	%
#	Gibson Energy, Inc.		854,905		12,987,614		1.0	%
#*	MEG Energy Corp.		1,220,865		21,808,894		1.7	%
#*	NuVista Energy Ltd.		996,250		8,300,517		0.6	%
	Paramount Resources Ltd., Class A		453,102		8,866,790		0.7	%
	Parex Resources, Inc.		560,334		10,550,797		0.8	%
	Parkland Corp.		743,571		23,967,336		1.9	%
#	Peyto Exploration & Development Corp.		1,064,787		9,675,133		0.8	%
#	PrairieSky Royalty Ltd.		1,219,867		21,358,375		1.7	%
	Secure Energy Services, Inc.		1,822,233		12,968,307		1.0	%
	Whitecap Resources, Inc.		1,388,207		9,292,780		0.7	%
	Other Securities				125,406,362		9.6	%
TOTAL ENERGY					304,453,292		23.5	%
FINANCIALS — (7.3%)
	Canadian Western Bank		530,725		12,364,425		1.0	%
	CI Financial Corp.		943,708		10,583,375		0.8	%
	EQB, Inc.		161,831		10,653,574		0.8	%
	Onex Corp.		171,939		12,006,729		0.9	%
	Other Securities				55,919,770		4.3	%
TOTAL FINANCIALS					101,527,873		7.8	%
HEALTH CARE — (2.1%)
#*	Bausch Health Cos., Inc.		1,560,196		12,512,772		1.0	%
*	Bausch Health Cos., Inc.		17,777		142,613		0.0	%
	Other Securities				17,200,683		1.3	%
TOTAL HEALTH CARE					29,856,068		2.3	%

114

The Canadian Small Company Series
continued

		Shares		Value»		Percentage of Net Assets‡
INDUSTRIALS — (14.5%)
*	ATS Corp.		439,439	$	18,939,935		1.5	%
*	Bombardier, Inc., Class A		13,489		543,917		0.1	%
*	Bombardier, Inc., Class B		454,361		18,245,763		1.4	%
	Boyd Group Services, Inc.		115,716		24,320,402		1.9	%
	Finning International, Inc.		814,064		23,542,457		1.8	%
	Richelieu Hardware Ltd.		309,993		11,224,832		0.9	%
	Russel Metals, Inc.		357,603		12,152,646		0.9	%
	SNC-Lavalin Group, Inc.		936,661		30,155,812		2.3	%
	Other Securities				64,413,259		4.9	%
TOTAL INDUSTRIALS.					203,539,023		15.7	%
INFORMATION TECHNOLOGY — (4.3%)
*	Celestica, Inc.		119,768		3,506,807		0.3	%
*	Celestica, Inc.		584,405		17,116,907		1.3	%
*	Lightspeed Commerce, Inc.		95,967		2,014,869		0.2	%
# *	Lightspeed Commerce, Inc.		662,243		13,900,481		1.1	%
	Other Securities				23,703,820		1.8	%
TOTAL INFORMATION TECHNOLOGY					60,242,884		4.7	%
MATERIALS — (22.2%)
	Alamos Gold, Inc., Class A		1,786,153		24,021,160		1.9	%
	Alamos Gold, Inc., Class A		33,084		445,641		0.0	%
	B2Gold Corp.		1,632,376		5,161,810		0.4	%
	B2Gold Corp.		5,340,960		16,877,434		1.3	%
*	Capstone Copper Corp.		2,311,783		11,253,161		0.9	%
*	Eldorado Gold Corp.		682,069		8,853,691		0.7	%
# *	Eldorado Gold Corp.		467,945		6,069,247		0.5	%
	Methanex Corp.		206,998		9,791,808		0.8	%
	Methanex Corp.		144,520		6,844,467		0.5	%
	OceanaGold Corp.		4,624,553		8,864,846		0.7	%
#	Osisko Gold Royalties Ltd.		617,722		8,815,609		0.7	%
	Osisko Gold Royalties Ltd.		299,402		4,275,461		0.3	%
	SSR Mining, Inc.		847,686		9,097,085	��	0.7	%
	SSR Mining, Inc		365,680		3,934,717		0.3	%
#	Stelco Holdings, Inc.		247,737		9,383,737		0.7	%
	Stella-Jones, Inc.		305,088		17,756,603		1.4	%
	Other Securities				160,330,235		12.3	%
TOTAL MATERIALS					311,776,712		24.1	%
REAL ESTATE — (3.4%)
#	Colliers International Group, Inc.		33,190		4,198,063		0.3	%
	Colliers International Group, Inc.		67,789		8,576,664		0.7	%
	Tricon Residential, Inc.		1,228,695		11,183,021		0.9	%
	Tricon Residential, Inc.		264,928		2,410,845		0.2	%
	Other Securities				20,779,374		1.5	%
TOTAL REAL ESTATE					47,147,967		3.6	%

115

The Canadian Small Company Series
continued

		Shares		Value»		Percentage of Net Assets‡
UTILITIES — (7.2%)
	Algonquin Power & Utilities Corp.		1,706,629		10,785,895		0.8	%
	Atco Ltd., Class I		427,741		12,483,110		1.0	%
#	Boralex, Inc., Class A		518,790		13,186,557		1.0	%
#	Capital Power Corp.		688,895		19,673,059		1.5	%
	Superior Plus Corp.		1,141,158		8,293,537		0.7	%
	TransAlta Corp.		1,643,807		13,670,996		1.1	%
	Other Securities			$	22,675,347		1.7	%
TOTAL UTILITIES					100,768,501		7.8	%
TOTAL COMMON STOCKS (Cost $1,099,076,003)					1,288,041,500		99.4	%
					Value†
SECURITIES LENDING COLLATERAL — (8.1%)
@ §	DFA Investment Trust Co.		9,829,364		113,706,080		8.8	%
TOTAL INVESTMENTS—(100.0%) (Cost $1,212,776,134)				$	1,401,747,580		108.2	%

Summary of the Series’ investments as of December 31, 2023, 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	$	8,159,290	$	3,144,321		—		$	11,303,611
Consumer Discretionary		54,633,037		—		—			54,633,037
Consumer Staples		62,792,532		—		—			62,792,532
Energy		304,453,292		—		—			304,453,292
Financials		101,418,538		109,335		—			101,527,873
Health Care		29,843,410		—		$12,658			29,856,068
Industrials		203,539,023		—		—			203,539,023
Information Technology		60,242,884		—		—			60,242,884
Materials		311,776,712		—		—			311,776,712
Real Estate		47,147,967		—		—			47,147,967
Utilities		100,768,501		—		—			100,768,501
Securities Lending Collateral		—		113,706,080		—			113,706,080
TOTAL	$	1,284,775,186	$	116,959,736		$12,658	^	$	1,401,747,580

^ 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.

116

THE JAPANESE SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2023

		Shares		Value»		Percentage of Net Assets‡
COMMON STOCKS — (99.0%)
COMMUNICATION SERVICES — (2.0%)
	Other Securities			$	57,215,453		2.0	%
CONSUMER DISCRETIONARY — (14.6%)
	Food & Life Cos. Ltd.		473,500		7,980,732		0.3	%
#	Kyoritsu Maintenance Co. Ltd.		179,000		6,846,028		0.3	%
	Resorttrust, Inc.		514,664		7,406,083		0.3	%
	Tomy Co. Ltd.		549,293		7,576,172		0.3	%
	Yoshinoya Holdings Co. Ltd.		333,700		7,798,729		0.3	%
	Other Securities				372,773,265		13.1	%
TOTAL CONSUMER DISCRETIONARY					410,381,009		14.6	%
CONSUMER STAPLES — (8.4%)
	Morinaga & Co. Ltd.		212,599		7,667,235		0.3	%
	Nissui Corp.		1,771,500		8,596,290		0.3	%
	Pigeon Corp.		722,925		7,675,931		0.3	%
	Sapporo Holdings Ltd.		258,920		9,115,564		0.3	%
	Other Securities				204,377,820		7.2	%
TOTAL CONSUMER STAPLES					237,432,840		8.4	%
ENERGY — (0.8%)
	Japan Petroleum Exploration Co. Ltd.		215,300		7,372,216		0.3	%
	Other Securities				14,740,245		0.5	%
TOTAL ENERGY					22,112,461		0.8	%
FINANCIALS — (10.0%)
	77 Bank Ltd.		351,052		7,824,613		0.3	%
	Gunma Bank Ltd.		2,072,540		10,015,697		0.4	%
	Hirogin Holdings, Inc.		1,509,400		9,597,788		0.3	%
	Hokuhoku Financial Group, Inc.		688,853		8,042,412		0.3	%
	Kyushu Financial Group, Inc.		1,844,437		11,622,672		0.4	%
	Nishi-Nippon Financial Holdings, Inc.		739,500		8,831,931		0.3	%
	Shiga Bank Ltd.		279,100		7,380,889		0.3	%
	Yamaguchi Financial Group, Inc.		1,237,672		11,358,673		0.4	%
	Other Securities				206,999,387		7.3	%
TOTAL FINANCIALS					281,674,062		10.0	%
HEALTH CARE — (5.0%)
	Jeol Ltd.		252,800		7,137,389		0.3	%
	Nakanishi, Inc.		351,400		7,717,880		0.3	%
	Other Securities				127,231,236		4.4	%
TOTAL HEALTH CARE					142,086,505		5.0	%
INDUSTRIALS — (28.5%)
	Daiseki Co. Ltd.		285,355		7,880,789		0.3	%
	DMG Mori Co. Ltd.		674,700		11,159,541		0.4	%
	EXEO Group, Inc.		493,200		10,243,644		0.4	%
	Hazama Ando Corp.		1,150,400		8,904,120		0.3	%
	Kokuyo Co. Ltd.		454,525		7,045,125		0.3	%
	Mabuchi Motor Co. Ltd.		254,834		7,280,487		0.3	%
	Meitec Group Holdings, Inc.		478,200		8,416,362		0.3	%
	Mirait One Corp.		565,135		7,490,157		0.3	%
	Nagase & Co. Ltd.		584,600		8,856,159		0.3	%

117

The Japanese Small Company Series
continued

		Shares		Value»		Percentage of Net Assets‡
INDUSTRIALS — (Continued)
	Nichias Corp.		378,700	$	7,513,304		0.3	%
	Nikkon Holdings Co. Ltd.		369,900		7,848,810		0.3	%
	Ushio, Inc.		592,600		7,227,008		0.3	%
	Other Securities				705,369,769		24.7	%
TOTAL INDUSTRIALS					805,235,275		28.5	%
INFORMATION TECHNOLOGY — (13.7%)
	Alps Alpine Co. Ltd.		911,442		7,479,491		0.3	%
	Citizen Watch Co. Ltd.		1,550,700		9,043,705		0.3	%
	Daiwabo Holdings Co. Ltd.		574,800		10,925,050		0.4	%
	Dexerials Corp.		345,400		7,878,683		0.3	%
	Maruwa Co. Ltd.		50,800		8,913,540		0.3	%
	NET One Systems Co. Ltd.		492,716		7,520,285		0.3	%
#	Nippon Electric Glass Co. Ltd.		393,736		7,871,676		0.3	%
	NSD Co. Ltd.		482,660		8,397,741		0.3	%
	Tokyo Seimitsu Co. Ltd.		203,000		9,489,316		0.3	%
	Ulvac, Inc.		200,200		6,884,710		0.3	%
	Other Securities				300,915,943		10.6	%
TOTAL INFORMATION TECHNOLOGY					385,320,140		13.7	%
MATERIALS — (12.8%)
	ADEKA Corp.		507,000		8,476,143		0.3	%
	Mitsui Mining & Smelting Co. Ltd.		345,600		8,974,059		0.3	%
	Sumitomo Bakelite Co. Ltd.		171,900		7,649,191		0.3	%
	Taiheiyo Cement Corp.		478,091		8,193,349		0.3	%
	Teijin Ltd.		754,588		6,829,833		0.3	%
	Tokai Carbon Co. Ltd.		943,200		7,238,009		0.3	%
	UBE Corp.		611,100		9,410,201		0.3	%
	Other Securities				304,800,022		10.7	%
TOTAL MATERIALS					361,570,807		12.8	%
REAL ESTATE — (1.5%)
	Other Securities				42,985,677		1.5	%
UTILITIES — (1.7%)
	Nippon Gas Co. Ltd.		676,700		10,170,459		0.4	%
	Other Securities				37,326,611		1.3	%
TOTAL UTILITIES					47,497,070		1.7	%
TOTAL COMMON STOCKS (Cost $2,743,166,586)					2,793,511,299		99.0	%
					Value†
SECURITIES LENDING COLLATERAL — (1.0%)
@§	The DFA Short Term Investment Fund		2,508,802		29,019,314		1.0	%
TOTAL INVESTMENTS—(100.0%) (Cost $2,772,186,608)				$	2,822,530,613		100.0	%

118

The Japanese Small Company Series
continued

Summary of the Series’ investments as of October 31, 2023, 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		—	$	57,215,453		—	$	57,215,453
Consumer Discretionary	$	1,476,840		408,904,169		—		410,381,009
Consumer Staples		—		237,432,840		—		237,432,840
Energy		—		22,112,461		—		22,112,461
Financials		—		281,674,062		—		281,674,062
Health Care		—		142,086,505		—		142,086,505
Industrials		—		805,235,275		—		805,235,275
Information Technology		—		385,320,140		—		385,320,140
Materials		—		361,570,807		—		361,570,807
Real Estate		—		42,985,677		—		42,985,677
Utilities		—		47,497,070		—		47,497,070
Securities Lending Collateral		—		29,019,314		—		29,019,314
TOTAL	$	1,476,840	$	2,821,053,773		—	$	2,822,530,613

^ 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.

119

THE ASIA PACIFIC SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2023

		Shares		Value»		Percentage of Net Assets‡
COMMON STOCKS — (99.0%)
AUSTRALIA — (64.1%)
	AMP Ltd.		16,394,773	$	10,923,695		0.9	%
	Ansell Ltd.		667,276		9,015,436		0.8	%
#	ARB Corp. Ltd.		516,706		9,641,932		0.8	%
	AUB Group Ltd.		653,490		11,222,709		0.9	%
#	Bank of Queensland Ltd.		3,124,152		10,152,388		0.8	%
	Bapcor Ltd.		2,047,713		6,970,109		0.6	%
	Beach Energy Ltd.		8,618,391		8,488,701		0.7	%
*	Bellevue Gold Ltd.		8,798,707		8,001,775		0.7	%
*	Boss Energy Ltd.		2,371,994		6,536,645		0.5	%
#	Breville Group Ltd.		613,229		8,311,031		0.7	%
*	Capricorn Metals Ltd.		2,313,472		6,883,469		0.6	%
#	Champion Iron Ltd.		1,787,152		8,128,867		0.7	%
	Corporate Travel Management Ltd.		706,323		7,474,030		0.6	%
	CSR Ltd.		3,025,097		10,809,247		0.9	%
	Domino’s Pizza Enterprises Ltd.		284,704		9,226,985		0.8	%
	Downer EDI Ltd.		4,102,725		9,867,275		0.8	%
	Eagers Automotive Ltd.		877,469		7,216,825		0.6	%
#	Flight Centre Travel Group Ltd.		991,677		11,788,395		1.0	%
	Gold Road Resources Ltd.		8,223,152		9,774,805		0.8	%
	GUD Holdings Ltd.		1,021,707		6,947,914		0.6	%
#	Harvey Norman Holdings Ltd.		3,154,895		7,374,464		0.6	%
	HUB24 Ltd.		477,073		9,211,187		0.8	%
	Iluka Resources Ltd.		1,561,869		7,212,329		0.6	%
	InvoCare Ltd.		908,018		7,307,553		0.6	%
	IPH Ltd.		1,569,172		6,819,157		0.6	%
*	Karoon Energy Ltd.		4,021,732		6,476,220		0.5	%
	Metcash Ltd.		4,615,181		10,807,985		0.9	%
	Netwealth Group Ltd.		806,030		6,549,114		0.5	%
	New Hope Corp. Ltd.		3,051,610		11,230,195		0.9	%
	nib holdings Ltd.		2,762,115		12,729,528		1.1	%
	Nine Entertainment Co. Holdings Ltd.		7,806,987		9,199,665		0.8	%
	Orora Ltd.		8,207,195		12,861,724		1.1	%
*	Paladin Energy Ltd.		16,031,454		9,660,647		0.8	%
	Perpetual Ltd.		638,190		7,802,171		0.7	%
	Perseus Mining Ltd.		7,999,202		8,546,820		0.7	%
	Reliance Worldwide Corp. Ltd.		4,522,177		10,079,750		0.8	%
*	Sandfire Resources Ltd.		3,123,483		11,848,150		1.0	%
	Sims Ltd.		999,254		7,965,428		0.7	%
	Super Retail Group Ltd.		1,077,207		9,063,950		0.8	%
	Tabcorp Holdings Ltd.		13,480,179		6,651,512		0.6	%
	Technology One Ltd.		742,435		6,885,186		0.6	%
Ω	Viva Energy Group Ltd.		6,590,681		11,867,968		1.0	%
#*	Webjet Ltd.		2,302,818		8,948,714		0.7	%
	Other Securities				387,123,834		32.0	%
TOTAL AUSTRALIA					771,605,484		64.2	%
CAYMAN ISLANDS — (0.0%)
	Other Security				23,977		0.0	%
CHINA — (0.1%)
	Other Securities				789,268		0.1	%
HONG KONG — (21.0%)
	ASMPT Ltd.		1,562,400		13,232,824		1.1	%
	Luk Fook Holdings International Ltd.		3,378,000		8,380,129		0.7	%
	NWS Holdings Ltd.		6,279,000		7,429,555		0.6	%
	Pacific Basin Shipping Ltd.		28,378,000		8,211,841		0.7	%
	PCCW Ltd.		18,348,545		8,980,462		0.8	%

120

The Asia Pacific Small Company Series

CONTINUED

		Shares		Value»		Percentage of Net Assets‡
HONG KONG — (Continued)
*Ω	Samsonite International SA		3,780,000		11,707,104		1.0	%
	Other Securities				194,764,988		16.1	%
TOTAL HONG KONG					252,706,903		21.0	%
NEW ZEALAND — (3.2%)
	Other Securities				39,180,066		3.2	%
SINGAPORE — (10.6%)
	ComfortDelGro Corp. Ltd.		9,516,700		9,191,833		0.8	%
	Other Securities				118,504,758		9.8	%
TOTAL SINGAPORE					127,696,591		10.6	%
TOTAL COMMON STOCKS					1,192,002,289		99.1	%
RIGHTS/WARRANTS — (0.0%)
AUSTRALIA — (0.0%)
	Other Securities				1,336		0.0	%
TOTAL INVESTMENT SECURITIES (Cost $1,516,440,464)					1,192,003,625
					Value†
SECURITIES LENDING COLLATERAL — (1.0%)
@ §	The DFA Short Term Investment Fund		1,022,740		11,830,034		1.0	%
TOTAL INVESTMENTS—(100.0%) (Cost $1,528,270,413)				$	1,203,833,659		100.1	%

Summary of the Series’ investments as of October 31, 2023, 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	$	13,693	$	771,242,347	$	349,444		$	771,605,484
	Cayman Islands		—		23,977		—			23,977
	China		—		789,268		—			789,268
	Hong Kong		—		252,398,888		308,015			252,706,903
	New Zealand		—		39,180,066		—			39,180,066
	Singapore		—		127,046,839		649,752			127,696,591
Rights/Warrants
	Australia		—		1,336		—			1,336
Securities Lending Collateral			—		11,830,034		—			11,830,034
TOTAL		$	13,693	$	1,202,512,755	$	1,307,211	^	$	1,203,833,659

^ 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.

121

THE UNITED KINGDOM SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2023

		Shares		Value»		Percentage of Net Assets‡
COMMON STOCKS — (99.1%)
COMMUNICATION SERVICES — (4.0%)
	4imprint Group PLC		165,738	$	10,143,389		0.8	%
	ITV PLC		14,659,552		11,414,423		0.9	%
	Moneysupermarket.com Group PLC		3,209,924		10,129,507		0.8	%
	Other Securities				18,523,765		1.5	%
TOTAL COMMUNICATION SERVICES					50,211,084		4.0	%
CONSUMER DISCRETIONARY — (19.0%)
	Bellway PLC		596,527		15,180,838		1.2	%
	Domino’s Pizza Group PLC		3,097,499		12,924,628		1.0	%
	Games Workshop Group PLC		177,416		21,331,156		1.7	%
	Greggs PLC		601,854		17,359,651		1.4	%
	Inchcape PLC		2,145,919		17,397,976		1.4	%
	Persimmon PLC		978,415		12,116,690		1.0	%
	Pets at Home Group PLC		2,876,399		9,834,326		0.8	%
	Redrow PLC		1,640,617		9,722,304		0.8	%
	Vistry Group PLC		1,581,400		13,630,585		1.1	%
	Other Securities				107,540,636		8.5	%
TOTAL CONSUMER DISCRETIONARY					237,038,790		18.9	%
CONSUMER STAPLES — (8.3%)
	Britvic PLC		1,626,728		16,593,568		1.3	%
	Cranswick PLC		366,623		15,588,013		1.3	%
*	Marks & Spencer Group PLC		9,096,384		24,019,747		1.9	%
	Tate & Lyle PLC		2,193,476		16,830,969		1.3	%
	Other Securities				30,051,812		2.4	%
TOTAL CONSUMER STAPLES					103,084,109		8.2	%
ENERGY — (3.0%)
	Other Securities				38,047,863		3.0	%
FINANCIALS — (20.1%)
	Bank of Georgia Group PLC		269,724		10,920,373		0.9	%
	Beazley PLC		3,110,587		19,485,841		1.6	%
	Burford Capital Ltd.		974,033		12,043,015		1.0	%
	Close Brothers Group PLC		934,202		9,069,257		0.7	%
*	Direct Line Insurance Group PLC		5,736,832		10,577,314		0.8	%
	Hiscox Ltd.		1,481,388		16,914,945		1.3	%
	IG Group Holdings PLC		1,557,868		12,102,444		1.0	%
	Lancashire Holdings Ltd.		1,629,727		11,253,076		0.9	%
	Man Group PLC		7,541,211		20,162,454		1.6	%
	Paragon Banking Group PLC		1,921,607		10,365,204		0.8	%
	Plus500 Ltd.		531,015		9,109,342		0.7	%
	Virgin Money U.K. PLC		6,394,358		11,617,099		0.9	%
	Other Securities				97,536,245		7.9	%
TOTAL FINANCIALS					251,156,609		20.1	%
HEALTH CARE — (3.0%)
*	Indivior PLC		766,956		14,704,637		1.2	%
	Other Securities				23,358,121		1.9	%
TOTAL HEALTH CARE					38,062,758		3.1	%

122

The United Kingdom Small Company Series

CONTINUED

		Shares		Value»		Percentage of Net Assets‡
INDUSTRIALS — (24.2%)
*	Babcock International Group PLC		2,641,605	$	12,568,828		1.0	%
	Balfour Beatty PLC		3,585,302		13,512,546		1.1	%
	Diploma PLC		428,815		14,867,363		1.2	%
	Grafton Group PLC		1,489,341		14,019,677		1.1	%
	Hays PLC		9,150,271		10,722,745		0.9	%
	Howden Joinery Group PLC		1,391,766		10,808,598		0.9	%
*	International Distributions Services PLC		3,240,163		9,959,380		0.8	%
	JET2 PLC		813,756		9,944,724		0.8	%
	Mitie Group PLC		7,951,370		9,543,633		0.8	%
	QinetiQ Group PLC		3,297,003		13,291,365		1.1	%
	Rotork PLC		4,407,598		15,761,223		1.3	%
	Serco Group PLC		5,743,194		9,978,356		0.8	%
	Travis Perkins PLC		1,117,269		10,066,748		0.8	%
	Other Securities				146,925,070		11.5	%
TOTAL INDUSTRIALS					301,970,256		24.1	%
INFORMATION TECHNOLOGY — (6.4%)
	Computacenter PLC		501,247		15,677,786		1.3	%
	Softcat PLC		689,548		10,622,540		0.8	%
	Spectris PLC		361,445		13,657,892		1.1	%
	Other Securities				40,018,928		3.2	%
TOTAL INFORMATION TECHNOLOGY					79,977,146		6.4	%
MATERIALS — (5.7%)
	Hill & Smith PLC		550,246		11,030,269		0.9	%
	Other Securities				60,717,342		4.8	%
TOTAL MATERIALS					71,747,611		5.7	%
REAL ESTATE — (2.8%)
	Grainger PLC		4,251,088		11,765,849		1.0	%
	Savills PLC		971,680		9,308,536		0.8	%
	Other Securities				13,332,369		1.0	%
TOTAL REAL ESTATE					34,406,754		2.8	%
UTILITIES — (2.6%)
	Drax Group PLC		2,467,126		12,675,532		1.0	%
	Pennon Group PLC		1,364,308		12,065,996		1.0	%
	Other Security				7,989,073		0.6	%
TOTAL UTILITIES					32,730,601		2.6	%
TOTAL COMMON STOCKS (Cost $1,353,648,625)					1,238,433,581		98.9	%
					Value†
SECURITIES LENDING COLLATERAL — (0.9%)
@§	The DFA Short Term Investment Fund.		1,003,030		11,602,045		1.0	%
TOTAL INVESTMENTS—(100.0%) (Cost $1,365,250,747)				$	1,250,035,626		99.9	%

123

The United Kingdom Small Company Series

CONTINUED

Summary of the Series’ investments as of October 31, 2023, based on their valuation inputs, is as follows (see Security Valuation Note):

		Investments in Securities (Market Value)
		Level 1			Level 2		Level 3			Total
Common Stocks
	Communication Services		$	9,735	$	50,201,349		—		$	50,211,084
	Consumer Discretionary			—		237,038,790		—			237,038,790
	Consumer Staples			—		103,084,109		—			103,084,109
	Energy			—		37,923,815	$	124,048			38,047,863
	Financials			—		251,155,569		1,040			251,156,609
	Health Care			—		38,062,758		—			38,062,758
	Industrials			—		301,970,256		—			301,970,256
	Information Technology			—		79,977,146		—			79,977,146
	Materials			—		71,747,611		—			71,747,611
	Real Estate			—		34,406,754		—			34,406,754
	Utilities			—		32,730,601		—			32,730,601
Securities Lending Collateral				—		11,602,045		—			11,602,045
TOTAL			$	9,735	$	1,249,900,803	$	125,088	^	$	1,250,035,626

^ 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.

124

THE CONTINENTAL SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2023

		Shares		Value»		Percentage of Net Assets‡
COMMON STOCKS — (95.9%)
AUSTRIA — (3.2%)
	ANDRITZ AG		438,579	$	20,187,397		0.4	%
Ω	BAWAG Group AG		434,580		19,356,361		0.4	%
	Other Securities				111,012,363		2.4	%
TOTAL AUSTRIA					150,556,121		3.2	%
BELGIUM — (3.8%)
	Ackermans & van Haaren NV		171,688		25,487,591		0.6	%
	Euronav NV		1,303,139		23,326,697		0.5	%
	Other Securities				132,117,956		2.8	%
TOTAL BELGIUM					180,932,244		3.9	%
DENMARK — (6.4%)
*	Jyske Bank AS		437,851		30,857,271		0.7	%
	Ringkjoebing Landbobank AS		197,625		26,935,971		0.6	%
	Royal Unibrew AS		312,981		22,640,649		0.5	%
	Sydbank AS		461,164		20,032,806		0.4	%
	Other Securities				203,835,973		4.4	%
TOTAL DENMARK					304,302,670		6.6	%
FINLAND — (5.1%)
	Huhtamaki OYJ		631,957		21,724,252		0.5	%
	Orion OYJ, Class B		629,985		25,064,275		0.6	%
#	Valmet OYJ		886,762		19,900,132		0.4	%
	Wartsila OYJ Abp		2,378,105		28,379,105		0.6	%
	Other Securities				146,586,296		3.1	%
TOTAL FINLAND					241,654,060		5.2	%
FRANCE — (11.3%)
	Elis SA		1,272,724		20,872,644		0.5	%
	Gaztransport Et Technigaz SA		171,206		21,898,963		0.5	%
	Rexel SA		1,427,474		29,152,980		0.6	%
	SCOR SE		850,826		25,400,939		0.5	%
*	SOITEC		147,840		22,066,351		0.5	%
	Sopra Steria Group SACA		120,549		21,642,911		0.5	%
	SPIE SA		860,805		22,637,026		0.5	%
	Other Securities				372,000,758		7.9	%
TOTAL FRANCE					535,672,572		11.5	%
GERMANY — (14.1%)
#	Bechtle AG		434,992		19,441,013		0.4	%
	CTS Eventim AG & Co. KGaA		322,671		19,536,483		0.4	%
	Freenet AG		931,981		23,656,380		0.5	%
	Gerresheimer AG		239,432		22,332,589		0.5	%
	Hugo Boss AG		412,000		24,095,810		0.5	%
	thyssenkrupp AG		3,151,431		21,964,393		0.5	%
	Other Securities				536,826,812		11.6	%
TOTAL GERMANY					667,853,480		14.4	%
IRELAND — (1.0%)
	Other Securities				45,236,596		1.0	%
ISRAEL — (1.9%)
	Other Securities				91,075,560		2.0	%

125

The Continental Small Company Series

CONTINUED

		Shares		Value»		Percentage of Net Assets‡
ITALY — (10.6%)
	Banco BPM SpA		9,876,720	$	50,532,629		1.1	%
#	BPER Banca		6,542,561		21,290,464		0.5	%
	Brunello Cucinelli SpA		248,717		20,006,230		0.4	%
	Leonardo SpA		2,654,010		40,108,685		0.9	%
	Other Securities				371,549,104		7.9	%
TOTAL ITALY					503,487,112		10.8	%
NETHERLANDS — (4.9%)
	Aalberts NV		673,240		21,020,076		0.5	%
	Arcadis NV		526,995		22,273,333		0.5	%
	BE Semiconductor Industries NV		392,853		40,581,596		0.9	%
Ω	Signify NV		743,928		19,284,717		0.4	%
	Other Securities				131,580,048		2.8	%
TOTAL NETHERLANDS					234,739,770		5.1	%
NORWAY — (2.0%)
	Other Securities				97,377,918		2.1	%
PORTUGAL — (1.1%)
	Other Securities				50,590,874		1.1	%
SPAIN — (6.4%)
	Banco de Sabadell SA		36,362,876		45,213,373		1.0	%
	Bankinter SA		4,245,482		26,846,128		0.6	%
#	Enagas SA		1,457,648		24,384,537		0.5	%
	Other Securities				206,882,969		4.4	%
TOTAL SPAIN					303,327,007		6.5	%
SWEDEN — (5.4%)
	Other Securities				258,456,868		5.6	%
SWITZERLAND — (18.7%)
	Adecco Group AG		573,691		21,710,502		0.5	%
	Allreal Holding AG		123,491		19,816,056		0.4	%
	Belimo Holding AG		65,574		27,607,771		0.6	%
	BKW AG		161,471		27,144,558		0.6	%
	Bucher Industries AG		54,010		19,279,744		0.4	%
*	Dufry AG		554,235		19,428,293		0.4	%
	Flughafen Zurich AG		145,858		27,255,287		0.6	%
Ω	Galenica AG		285,324		21,555,903		0.5	%
	Georg Fischer AG		626,442		32,506,926		0.7	%
	Helvetia Holding AG		262,788		35,327,584		0.8	%
	PSP Swiss Property AG		337,750		41,556,493		0.9	%
	Siegfried Holding AG		32,647		25,889,674		0.6	%
	Temenos AG		344,252		24,801,829		0.5	%
Ω	VAT Group AG		71,846		25,477,992		0.5	%
	Other Securities				516,718,458		11.1	%
TOTAL SWITZERLAND					886,077,070		19.1	%
UNITED STATES — (0.0%)
	Other Securities				1,431,685		0.0	%
TOTAL COMMON STOCKS					4,552,771,607		98.1	%

126

The Continental Small Company Series

CONTINUED

		Shares		Value»		Percentage of Net Assets‡
PREFERRED STOCKS — (0.9%)
GERMANY — (0.9%)
	Other Securities			$	41,269,340		0.9	%
RIGHTS/WARRANTS — (0.0%)
FINLAND — (0.0%)
	Other Security				1,801,296		0.0	%
SPAIN — (0.0%)
	Other Security				477,756		0.0	%
TOTAL RIGHTS/WARRANTS					2,279,052		0.0	%
TOTAL INVESTMENT SECURITIES (Cost $4,294,866,091)					4,596,319,999
					Value†
SECURITIES LENDING COLLATERAL — (3.2%)
@§	The DFA Short Term Investment Fund		13,062,502		151,093,958		3.3	%
TOTAL INVESTMENTS—(100.0%) (Cost $4,445,959,349)				$	4,747,413,957		102.3	%

Summary of the Series’ investments as of October 31, 2023, 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	$	974,623	$	149,581,498		—	$	150,556,121
	Belgium		792,151		180,140,093		—		180,932,244
	Denmark		—		304,302,670		—		304,302,670
	Finland		—		241,654,060		—		241,654,060
	France		—		535,672,572		—		535,672,572
	Germany		1,775,471		666,078,009		—		667,853,480
	Ireland		—		45,236,596		—		45,236,596
	Israel		1,713,493		89,362,067		—		91,075,560
	Italy		—		503,487,112		—		503,487,112
	Netherlands		—		234,739,770		—		234,739,770
	Norway		—		97,377,918		—		97,377,918
	Portugal		—		50,590,874		—		50,590,874
	Spain		—		303,327,007		—		303,327,007
	Sweden		—		258,456,868		—		258,456,868
	Switzerland		—		886,077,070		—		886,077,070
	United States		—		1,431,685		—		1,431,685
Preferred Stocks
	Germany		—		41,269,340		—		41,269,340
Rights/Warrants
	Finland		—		1,801,296		—		1,801,296
	Spain		—		477,756		—		477,756
Securities Lending Collateral			—		151,093,958		—		151,093,958
TOTAL		$	5,255,738	$	4,742,158,219		—	$	4,747,413,957

See accompanying Notes to Financial Statements.

127

THE CANADIAN SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2023

		Shares		Value»		Percentage of Net Assets‡
COMMON STOCKS — (93.2%)
COMMUNICATION SERVICES — (0.8%)
	Other Securities			$	10,370,357		0.9	%
CONSUMER DISCRETIONARY — (3.7%)
#*	Aritzia, Inc.		490,659		7,631,884		0.6	%
	Linamar Corp.		254,133		10,988,148		0.9	%
	Other Securities				27,506,543		2.4	%
TOTAL CONSUMER DISCRETIONARY					46,126,575		3.9	%
CONSUMER STAPLES — (4.5%)
	Maple Leaf Foods, Inc.		468,524		9,328,248		0.8	%
#	Premium Brands Holdings Corp.		244,773		15,758,668		1.3	%
	Primo Water Corp.		92,255		1,204,850		0.1	%
	Primo Water Corp.		799,922		10,434,894		0.9	%
	Other Securities				19,771,521		1.7	%
TOTAL CONSUMER STAPLES					56,498,181		4.8	%
ENERGY — (26.3%)
*	Advantage Energy Ltd.		1,218,356		8,847,193		0.8	%
	Baytex Energy Corp.		2,680,011		11,595,505		1.0	%
#	Birchcliff Energy Ltd.		1,577,017		8,710,979		0.7	%
	Crescent Point Energy Corp.		2,232,271		17,900,021		1.5	%
	Crescent Point Energy Corp.		739,368		5,922,338		0.5	%
	Enerplus Corp.		1,253,055		21,189,212		1.8	%
	Enerplus Corp.		28,353		479,449		0.0	%
#	Gibson Energy, Inc.		854,905		12,989,254		1.1	%
*	MEG Energy Corp.		1,231,299		24,328,533		2.1	%
*	NuVista Energy Ltd.		996,250		9,662,565		0.8	%
	Paramount Resources Ltd., Class A		453,102		10,890,136		0.9	%
	Parex Resources, Inc.		560,334		10,739,988		0.9	%
	Parkland Corp.		743,571		22,504,182		1.9	%
#	Peyto Exploration & Development Corp.		1,064,787		11,210,305		1.0	%
#	PrairieSky Royalty Ltd.		1,219,867		21,419,695		1.8	%
	Secure Energy Services, Inc.		1,822,233		10,118,041		0.9	%
#	Vermilion Energy, Inc.		681,624		9,835,440		0.8	%
	Vermilion Energy, Inc.		233,451		3,366,363		0.3	%
#	Whitecap Resources, Inc.		1,388,207		10,721,255		0.9	%
	Other Securities				98,781,619		8.4	%
TOTAL ENERGY					331,212,073		28.1	%
FINANCIALS — (6.6%)
	Canadian Western Bank		530,725		10,516,909		0.9	%
	CI Financial Corp.		992,058		8,992,370		0.8	%
#	EQB, Inc.		161,831		8,031,159		0.7	%
	Onex Corp.		171,939		9,636,271		0.8	%
	Other Securities				46,037,310		3.9	%
TOTAL FINANCIALS					83,214,019		7.1	%
HEALTH CARE — (2.0%)
	Bausch Health Cos., Inc.		1,551,796		10,583,249		0.9	%
#*	Bausch Health Cos., Inc.		17,777		121,013		0.0	%
	Other Securities				14,052,775		1.2	%
TOTAL HEALTH CARE					24,757,037		2.1	%

128

The Canadian Small Company Series

CONTINUED

		Shares		Value»		Percentage of Net Assets‡
INDUSTRIALS — (13.9%)
*	ATS Corp.		439,439	$	14,798,487		1.3	%
*	Bombardier, Inc., Class A		13,489		433,632		0.0	%
*	Bombardier, Inc., Class B		454,361		14,576,904		1.2	%
	Boyd Group Services, Inc.		120,716		20,581,131		1.8	%
	Finning International, Inc.		840,489		22,522,135		1.9	%
	Richelieu Hardware Ltd.		316,493		9,466,832		0.8	%
	Russel Metals, Inc.		357,603		8,909,453		0.8	%
	SNC-Lavalin Group, Inc.		978,592		27,182,523		2.3	%
	Other Securities				57,389,909		4.8	%
TOTAL INDUSTRIALS					175,861,006		14.9	%
INFORMATION TECHNOLOGY — (3.7%)
*	Celestica, Inc.		58,598		1,368,263		0.1	%
*	Celestica, Inc.		584,405		13,641,384		1.2	%
#*	Lightspeed Commerce, Inc.		662,243		8,251,548		0.7	%
	Other Securities				23,295,357		2.0	%
TOTAL INFORMATION TECHNOLOGY					46,556,552		4.0	%
MATERIALS — (22.5%)
	Alamos Gold, Inc., Class A		1,993,469		24,682,065		2.1	%
	Alamos Gold, Inc., Class A		41,121		509,078		0.1	%
	B2Gold Corp.		1,611,233		5,158,735		0.4	%
	B2Gold Corp.		5,340,960		17,251,301		1.5	%
*	Capstone Copper Corp.		2,311,783		7,868,481		0.7	%
	Eldorado Gold Corp.		682,069		7,377,705		0.6	%
#*	Eldorado Gold Corp.		467,945		5,058,485		0.4	%
#	Labrador Iron Ore Royalty Corp.		346,569		7,622,394		0.7	%
	Methanex Corp.		206,998		8,547,111		0.7	%
	Methanex Corp.		144,520		5,961,450		0.5	%
	OceanaGold Corp.		4,732,563		7,917,466		0.7	%
	Osisko Gold Royalties Ltd.		649,135		7,934,262		0.7	%
	Osisko Gold Royalties Ltd.		299,402		3,658,692		0.3	%
	SSR Mining, Inc.		847,686		11,730,370		1.0	%
#	SSR Mining, Inc.		365,680		5,075,638		0.4	%
	Stella-Jones, Inc.		304,188		15,933,814		1.4	%
	Other Securities				141,075,036		11.9	%
TOTAL MATERIALS					283,362,083		24.1	%
REAL ESTATE — (3.0%)
	Altus Group Ltd.		245,393		8,334,603		0.7	%
	Tricon Residential, Inc.		1,228,695		8,142,569		0.7	%
	Other Securities				21,600,844		1.8	%
TOTAL REAL ESTATE					38,078,016		3.2	%
UTILITIES — (6.2%)
	Atco Ltd., Class I		445,141		11,411,403		1.0	%
#	Boralex, Inc., Class A		508,523		9,464,560		0.8	%
#	Capital Power Corp.		688,895		17,630,347		1.5	%
#	TransAlta Corp.		1,716,689		12,564,913		1.1	%
	Other Securities				27,796,553		2.3	%
TOTAL UTILITIES					78,867,776		6.7	%
TOTAL COMMON STOCKS (Cost $1,116,658,978)					1,174,903,675		99.8	%

129

The Canadian Small Company Series

CONTINUED

		Shares		Value†		Percentage of Net Assets‡
SECURITIES LENDING COLLATERAL — (6.8%)
@§	The DFA Short Term Investment Fund		7,370,255	$	85,251,738		7.2	%
TOTAL INVESTMENTS—(100.0%) (Cost $1,201,910,716)				$	1,260,155,413		107.0	%

Summary of the Series’ investments as of October 31, 2023, 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	$	7,521,380	$	2,848,977		—		$	10,370,357
	Consumer Discretionary		46,126,575		—		—			46,126,575
	Consumer Staples		56,498,181		—		—			56,498,181
	Energy		331,212,073		—		—			331,212,073
	Financials		83,115,371		98,648		—			83,214,019
	Health Care		24,744,942		—	$	12,095			24,757,037
	Industrials		175,861,006		—		—			175,861,006
	Information Technology		46,556,552		—		—			46,556,552
	Materials		282,952,684		409,399		—			283,362,083
	Real Estate		38,078,016		—		—			38,078,016
	Utilities		78,867,776		—		—			78,867,776
Securities Lending Collateral			—		85,251,738		—			85,251,738
TOTAL		$	1,171,534,556	$	88,608,762	$	12,095	^	$	1,260,155,413

^ 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.

130

THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2023
(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 $236,523, $93,886, $12,999, $156,629 and $126,781 of securities on loan, respectively)	$	3,012,178	$	1,374,374	$	1,495,870	$	5,377,917	$	1,291,952
Collateral from Securities on Loan Invested in Affiliate at Value (including cost $37,782, $14,187, $15,193, $160,020 and $113,700, respectively)		37,783		14,188		15,194		160,029		113,706
Foreign Currencies at Value		4,912		3,191		5,273		19,475		3,706
Cash		1,150		1,306		1,808		2,465		—
Receivables:
Investment Securities Sold		2,895		43		8		243		21
Dividends, Interest and Tax Reclaims		5,627		1,418		4,276		38,888		3,737
Securities Lending Income		269		209		24		589		86
Total Assets		3,064,814		1,394,729		1,522,453		5,599,606		1,413,208
LIABILITIES:
Payables:
Due to Custodian		—		—		—		—		3,275
Upon Return of Securities Loaned		37,830		14,200		15,195		160,118		113,769
Investment Securities Purchased		2,734		901		215		1		—
Due to Advisor		249		112		123		446		107
Accrued Expenses and Other Liabilities		161		95		74		250		54
Total Liabilities		40,974		15,308		15,607		160,815		117,205
NET ASSETS	$	3,023,840	$	1,379,421	$	1,506,846	$	5,438,791	$	1,296,003
Investments Securities at Cost	$	2,638,774	$	1,498,266	$	1,349,582	$	4,246,680	$	1,102,986
Foreign Currencies at Cost	$	4,893	$	3,172	$	5,252	$	19,367	$	3,696

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

See accompanying Notes to Financial Statements.

131

THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2023

(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 $144,277, $87,690, $10,904, $146,635, and $85,567 of securities on loan, respectively)	$	2,793,511	$	1,192,004	$	1,238,434	$	4,596,320	$	1,174,904
Collateral from Securities on Loan Invested in Affiliate at Value (including cost of $29,020, $11,830, $11,602, $151,093 and $85,252)		29,019		11,830		11,602		151,094		85,252
Foreign Currencies at Value		367		126		1,126		649		64
Cash		3,941		2,581		5,965		5,879		1,520
Receivables:
Investment Securities Sold		1,099		5,954		7,091		2,473		243
Dividends, Interest and Tax Reclaims		24,650		1,908		4,885		36,818		855
Securities Lending Income		202		194		13		312		93
Prepaid Expenses and Other Assets		1		—		—		1		—
Total Assets		2,852,790		1,214,597		1,269,116		4,793,546		1,262,931
LIABILITIES:
Payables:
Upon Return of Securities Loaned		29,068		11,844		11,604		151,199		85,324
Investment Securities Purchased		2,142		414		5,420		1		53
Due to Advisor		239		103		107		395		102
Unrealized Loss on Foreign Currency Contracts		11		—		—		—		—
Accrued Expenses and Other Liabilities		157		95		72		238		53
Total Liabilities		31,617		12,456		17,203		151,833		85,532
NET ASSETS	$	2,821,173	$	1,202,141	$	1,251,913	$	4,641,713	$	1,177,399
Investments Securities at Cost	$	2,743,167	$	1,516,440	$	1,353,649	$	4,294,866	$	1,116,659
Foreign Currencies at Cost	$	371	$	126	$	1,135	$	650	$	64

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

See accompanying Notes to Financial Statements.

132

THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2023

(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 $8,462, $678, $332, $21,279 and $5,302 respectively)	$	76,217		$	54,841		$	53,262		$	158,253		$	31,562
Non Cash Income
Income from Securities Lending		2,094			3,120			304			5,038			1,433
Total Investment Income		78,311			57,961			53,566			163,291			32,995
Expenses
Investment Management Fees		2,849			1,290			1,341			5,020			1,280
Accounting & Transfer Agent Fees		93			30			43			150			42
Custodian Fees		224			130			51			351			39
Shareholders’ Reports		21			19			18			25			19
Directors’/Trustees’ Fees & Expenses		22			10			10			37			10
Professional Fees		46			21			22			160			22
Other		89			49			37			156			35
Total Expenses		3,344			1,549			1,522			5,899			1,447
Fees Paid Indirectly (Note C)		27			22			1			3			11
Net Expenses		3,317			1,527			1,521			5,896			1,436
Net Investment Income (Loss)		74,994			56,434			52,045			157,395			31,559
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold**		(18,627	)		(71,672	)		(66,245	)		(20,150	)		39,665
Affiliated Investment Companies Shares Sold		5			2			5			32			12
Futures		—			—			(38	)		—			100
Foreign Currency Transactions		(1,676	)		(160	)		624			(947	)		(104	)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency		411,469			24,799			124,537			387,371			(25,591	)
Affiliated Investment Companies Shares		18			7			7			103			84
Translation of Foreign Currency Denominated Amounts		363			(26	)		(27	)		2,185			(11	)
Net Realized and Unrealized Gain (Loss)		391,552			(47,050	)		58,863			368,594			14,155
Net Increase (Decrease) in Net Assets Resulting from Operations	$	466,546		$	9,384		$	110,908		$	525,989		$	45,714

**	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.

133

THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF CHANGES IN NET ASSETS

(Amounts in thousands)

	The Japanese Small Company Series
		Year Ended Oct 31, 2023			Year Ended Oct 31, 2022
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)	$	74,994		$	74,322
Net Realized Gain (Loss) on:
Investment Securities Sold*,**		(18,627	)		5,574
Affiliated Investment Companies Shares Sold		5			(8	)
Foreign Currency Transactions		(1,676	)		(5,554	)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency		411,469			(862,888	)
Affiliated Investment Companies Shares		18			(32	)
Translation of Foreign Currency-Denominated Amounts		363			(284	)
Net Increase (Decrease) in Net Assets Resulting from Operations		466,546			(788,870	)
Transactions in Interest:
Contributions		89,497			112,114
Withdrawals		(255,213	)		(219,045	)
Net Increase (Decrease) from Transactions in Interest		(165,716	)		(106,931	)
Total Increase (Decrease) in Net Assets		300,830			(895,801	)
Net Assets
Beginning of Year		2,520,343			3,416,144
End of Year	$	2,821,173		$	2,520,343

*	Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2023 of $0.
**	Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2022 of $0.

See accompanying Notes to Financial Statements.

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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, 2023			Year Ended Oct 31, 2022			Year Ended Oct 31, 2023			Year Ended Oct 31, 2022
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)	$	56,434		$	65,743		$	52,045		$	62,067
Net Realized Gain (Loss) on:
Investment Securities Sold*,**		(71,672	)		33,519			(66,245	)		(4,763	)
Affiliated Investment Companies Shares Sold		2			(10	)		5			(3	)
Futures		—			349			(38	)		—
Foreign Currency Transactions		(160	)		(731	)		624			(1,687	)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency		24,799			(565,107	)		124,537			(665,322	)
Affiliated Investment Companies Shares		7			(12	)		7			(11	)
Translation of Foreign Currency-Denominated Amounts		(26	)		(8	)		(27	)		(66	)
Net Increase (Decrease) in Net Assets Resulting from Operations		9,384			(466,257	)		110,908			(609,785	)
Transactions in Interest:
Contributions		142,192			49,404			49,887			38,338
Withdrawals		(143,456	)		(212,093	)		(76,729	)		(157,982	)
Net Increase (Decrease) from Transactions in Interest		(1,264	)		(162,689	)		(26,842	)		(119,644	)
Total Increase (Decrease) in Net Assets		8,120			(628,946	)		84,066			(729,429	)
Net Assets
Beginning of Year		1,194,021			1,822,967			1,167,847			1,897,276
End of Year	$	1,202,141		$	1,194,021		$	1,251,913		$	1,167,847

*	Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2023 of $0, $0, $0 and $0, respectively.
**	Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2022 of $0, $0, $0 and $0, respectively.

See accompanying Notes to Financial Statements.

135

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, 2023			Year Ended Oct 31, 2022			Year Ended Oct 31, 2023			Year Ended Oct 31, 2022
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)	$	157,395		$	153,871		$	31,559		$	39,942
Net Realized Gain (Loss) on:
Investment Securities Sold*,**		(20,150	)		53,125			39,665			84,639
Affiliated Investment Companies Shares Sold		32			(59	)		12			(66	)
Futures		—			—			100			27
Foreign Currency Transactions		(947	)		(2,690	)		(104	)		(101	)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency		387,371			(2,054,707	)		(25,591	)		(295,189	)
Affiliated Investment Companies Shares		103			(130	)		84			(101	)
Translation of Foreign Currency-Denominated Amounts		2,185			(3,148	)		(11	)		(9	)
Net Increase (Decrease) in Net Assets Resulting from Operations		525,989			(1,853,738	)		45,714			(170,858	)
Transactions in Interest:
Contributions		78,110			179,167			11,312			51,681
Withdrawals		(308,949	)		(517,971	)		(94,687	)		(117,171	)
Net Increase (Decrease) from Transactions in Interest		(230,839	)		(338,804	)		(83,375	)		(65,490	)
Total Increase (Decrease) in Net Assets		295,150			(2,192,542	)		(37,661	)		(236,348	)
Net Assets
Beginning of Year		4,346,563			6,539,105			1,215,060			1,451,408
End of Year	$	4,641,713		$	4,346,563		$	1,177,399		$	1,215,060

*	Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2023 of $0, $0, $0 and $0, respectively.
**	Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2022 of $0, $0, $0 and $0, respectively.

See accompanying Notes to Financial Statements.

136

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, 2023			Year Ended Oct 31, 2022			Year Ended Oct 31, 2021			Year Ended Oct 31, 2020			Year Ended Oct 31, 2019			Year Ended Oct 31, 2023			Year Ended Oct 31, 2022			Year Ended Oct 31, 2021			Year Ended Oct 31, 2020			Year Ended Oct 31, 2019
Total Return		18.71	%		(23.60	)%		13.08	%		(1.93	)%		4.47	%		0.60	%		(26.65	)%		38.31	%		0.14	%		5.27	%
Net Assets, End of Year (thousands)	$	2,821,173		$	2,520,343		$	3,416,144		$	2,943,153		$	3,748,177		$	1,202,141		$	1,194,021		$	1,822,967		$	1,527,014		$	1,641,843
Ratio of Expenses to Average Net Assets		0.12	%		0.12	%		0.12	%		0.13	%		0.12	%		0.12	%		0.12	%		0.12	%		0.13	%		0.13	%
Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly)		0.12	%		0.12	%		0.12	%		0.13	%		0.12	%		0.12	%		0.12	%		0.12	%		0.13	%		0.13	%
Ratio of Net Investment Income to Average Net Assets		2.63	%		2.56	%		2.11	%		2.13	%		2.32	%		4.37	%		4.23	%		3.42	%		4.21	%		4.11	%
Portfolio Turnover Rate		9	%		11	%		11	%		5	%		12	%		17	%		19	%		19	%		18	%		18	%
		The United Kingdom Small Company Series														The Continental Small Company Series
		Year Ended Oct 31, 2023			Year Ended Oct 31, 2022			Year Ended Oct 31, 2021			Year Ended Oct 31, 2020			Year Ended Oct 31, 2019			Year Ended Oct 31, 2023			Year Ended Oct 31, 2022			Year Ended Oct 31, 2021			Year Ended Oct 31, 2020			Year Ended Oct 31, 2019
Total Return		9.20	%		(33.34	)%		51.93	%		(14.87	)%		10.67	%		11.76	%		(29.07	)%		51.24	%		(2.23	)%		8.43	%
Net Assets, End of Year (thousands)	$	1,251,913		$	1,167,847		$	1,897,276		$	1,475,782		$	2,277,451		$	4,641,713		$	4,346,563		$	6,539,105		$	4,601,945		$	5,607,495
Ratio of Expenses to Average Net Assets		0.11	%		0.11	%		0.12	%		0.12	%		0.11	%		0.12	%		0.13	%		0.12	%		0.12	%		0.12	%
Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly)		0.11	%		0.11	%		0.12	%		0.12	%		0.12	%		0.12	%		0.13	%		0.12	%		0.12	%		0.13	%
Ratio of Net Investment Income to Average Net Assets		3.88	%		4.07	%		2.27	%		2.38	%		3.43	%		3.14	%		2.85	%		2.11	%		2.15	%		2.74	%
Portfolio Turnover Rate		9	%		14	%		12	%		9	%		18	%		11	%		11	%		17	%		8	%		17	%

See page 1-2 for the Definitions of Abbreviations and Footnotes.

See accompanying Notes to Financial Statements.

137

THE DFA INVESTMENT TRUST COMPANY

FINANCIAL HIGHLIGHTS

(for a share outstanding throughout each period)

	The Canadian Small Company Series
	Year Ended Oct 31, 2023			Year Ended Oct 31, 2022			Year Ended Oct 31, 2021			Year Ended Oct 31, 2020			Year Ended Oct 31, 2019
Total Return		3.53	%		(12.52	)%		59.72	%		6.02	%		1.00	%
Net Assets, End of Year (thousands)	$	1,177,399		$	1,215,060		$	1,451,408		$	970,883		$	1,148,615
Ratio of Expenses to Average Net Assets		0.11	%		0.11	%		0.12	%		0.12	%		0.12	%
Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly)		0.11	%		0.11	%		0.12	%		0.12	%		0.12	%
Ratio of Net Investment Income to Average Net Assets		2.47	%		3.00	%		1.90	%		2.08	%		2.37	%
Portfolio Turnover Rate		17	%		15	%		27	%		18	%		12	%

See page 1-2 for the Definitions of Abbreviations and Footnotes.

See accompanying Notes to Financial Statements.

138

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 “1940 Act”), The Trust consists of ten operational 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 Codification (“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 (“GAAP”). Such policies are consistently followed by the Trust in preparation of its financial statements. The preparation of financial statements in accordance with GAAP 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 at the mean between 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 Rule 2a-5 under the 1940 Act pursuant to procedures approved 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 or Level 3 in the hierarchy.

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.

139

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, Dimensional Fund Advisors LP 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: 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 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).

140

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. Non-cash dividend income received in the form of securities in-lieu of cash, if any, are recorded at the fair value of securities received. 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, 2023, 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%

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, 2023, expenses reduced were as follows (amounts in thousands):

	Fees Paid Indirectly
The Japanese Small Company Series	$27
The Asia Pacific Small Company Series	22
The United Kingdom Small Company Series	1
The Continental Small Company Series	3
The Canadian Small Company Series	11

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, 2023, the total related amounts paid by the Trust to the CCO were $35 (in thousands). The total related amounts paid by each of the Series are included in Other Expenses on the Statement of Operations.

141

D. Deferred Compensation:

At October 31, 2023, 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	$38
The Asia Pacific Small Company Series	18
The United Kingdom Small Company Series	24
The Continental Small Company Series	32
The Canadian Small Company Series	8

E. Purchases and Sales of Securities:

For the year ended October 31, 2023, 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	$257,634	$350,049
The Asia Pacific Small Company Series	289,283	212,456
The United Kingdom Small Company Series	206,132	121,054
The Continental Small Company Series	548,017	600,534
The Canadian Small Company Series	211,353	213,760

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

142

For the year ended October 31, 2023, 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, 2022		Purchases at Cost		Proceeds from Sales		Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ Depreciation		Balance at October 31, 2023		Shares as of October 31, 2023		Dividend Income		Capital Gain Distributions
The Japanese Small Company Series
The DFA Short Term Investment Fund	$	55,545	$	409,986	$	436,535	$	5	$	18	$	55,545		2,509	$	2,286		—
Total	$	55,545	$	409,986	$	436,535	$	5	$	18	$	55,545		2,509	$	2,286		—
The Asia Pacific Small Company
The DFA Short Term Investment Fund	$	17,305	$	50,834	$	56,318	$	2	$	7	$	11,830		1,023	$	660		—
Total	$	17,305	$	50,834	$	56,318	$	2	$	7	$	11,830		1,023	$	660		—
The United Kingdom small Company Series
The DFA Short Term Investment Fund	$	29,468	$	65,577	$	83,455	$	5	$	7	$	11,602		1,003	$	550		—
Total	$	29,468	$	65,577	$	83,455	$	5	$	7	$	11,602		1,003	$	550		—
The Continental Small Company Series
The DFA Short Term Investment Fund	$	256,520	$	965,555	$	1,071,116	$	32	$	103	$	151,094		13,063	$	12,324		—
Total	$	256,520	$	965,555	$	1,071,116	$	32	$	103	$	151,094		13,063	$	12,324		—
The Canadian Small Company
The DFA Short Term Investment Fund	$	199,722	$	635,925	$	750,491	$	12	$	84	$	85,252		7,370	$	6,907		—
Total	$	199,722	$	635,925	$	750,491	$	12	$	84	$	85,252		7,370	$	6,907		—

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, 2023, 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	$	2,854,583	$	430,053	$	(462,105	)	$	(32,052	)
The Asia Pacific Small Company Series		1,560,606		159,336		(516,108	)		(356,772	)
The United Kingdom Small Company Series		1,375,890		232,484		(358,339	)		(125,855	)
The Continental Small Company Series		4,486,860		1,092,830		(832,276	)		260,554
The Canadian Small Company Series		1,226,935		233,676		(200,455	)		33,221

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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 gains (losses) on foreign currency contracts, and differences in the tax treatment of passive foreign investment company investments or other 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, the ultimate 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. A Portfolio entering into stock index futures is subject to equity price risk from those futures contracts.

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, 2023 was as follows (amounts in thousands):

	Futures*
The Canadian Small Company Series	$544

* 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, 2023 (amounts in thousands):

	Realized Gain (Loss) on Derivatives
	Total	Equity Contracts(1)
The United Kingdom Small Company Series	$(38)	$(38)
The Canadian Small Company Series	100	100

⁽¹⁾ Presented on Statements of Operations as Net Realized Gain (Loss) on: Futures.

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 5, 2023 with its domestic custodian bank. A line of credit with similar terms was in effect through April 5, 2023. Each portfolio is permitted to borrow, subject to its investment limitations, up to a maximum of $250 million, as long as total borrowings under the line of credit do not exceed $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 3, 2024.

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 December 28, 2022. A line of credit with similar terms was in effect through December 28, 2022. Each portfolio is permitted to borrow, subject to its investment limitations, up to the lower of one-quarter of such portfolio’s net assets or $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 December 27, 2023.

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For the year ended October 31, 2023, 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 10/31/2023
The Japanese Small Company Series		5.65	%	$	2,224		20	$	7	$	17,047	—
The Asia Pacific Small Company Series		5.69	%		1,891		37		12		13,300	—
The United Kingdom Small Company Series		4.91	%		53		6		—		101	—
The Continental Small Company Series		5.30	%		358		32		2		3,496	—
The Canadian Small Company Series		5.05	%		71		8		—		127	—

* Number of Days Outstanding represents the total single or consecutive days during the year ended October 31, 2023, that each Series’ available line of credit was used.

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

The Series did not use the interfund lending program during the year ended October 31, 2023.

I. Affiliated Trades:

Cross trades for the year ended October 31, 2023, 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 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, 2023, cross trades by the Series under Rule 17a-7 were as follows (amounts in thousands):

Series	Purchases		Sales		Realized Gain (Loss)
The Japanese Small Company Series	$	38,826	$	40,169	$	4,216
The Asia Pacific Small Company Series		32,803		22,243		(11,010	)
The United Kingdom Small Company Series		28,477		16,306		(19,690	)
The Continental Small Company Series		26,493		35,701		(6,460	)
The Canadian Small Company Series		34,457		23,182		6,623

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J. Securities Lending:

As of October 31, 2023, 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 Collateral Market Value
The Japanese Small Company Series	$130,156
The Asia Pacific Small Company Series	83,547
The Continental Small Company Series	6,467
The Canadian Small Company Series	6,333

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.

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The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of October 31, 2023 (amounts in thousands):

	Remaining Contractual Maturity of the Agreements As of October 31, 2023
	Overnight and Continuous	<30 days	Between 30 & 90 days	>90 days	Total
Securities Lending Transactions
The Japanese Small Company Series
Common Stocks	$ 29,068	—	—	—	$29,068
The Asia Pacific Small Company Series
Common Stocks	11,844	—	—	—	11,844
The United Kingdom Small Company Series
Common Stocks	11,604	—	—	—	11,604
The Continental Small Company Series
Common Stocks, Rights/Warrants	151,199	—	—	—	151,199
The Canadian Small Company Series
Common Stocks, Rights/Warrants	85,324	—	—	—	85,324

K. Indemnitees; Contractual Obligations:

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

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

L. Recently Issued Accounting Standards and Regulations:

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 were effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. Management has reviewed the requirements and determined the adoption of these ASUs will not have a material impact on the Series’ financial statements.

In October 2022, the SEC adopted rule and form amendments requiring open-end management investment companies, including mutual funds and exchange-traded funds, to transmit concise and visually engaging semi-annual and annual reports that highlight key information, including fund expenses, performance, and holdings to shareholders. Other information, including financial statements, will no longer appear in the Series’ shareholder reports but will be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Series until the 2024 annual shareholder reports, and will have no effect on the Series’ accounting policies or financial statements.

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M. Other:

The Series and the Trust are subject to claims and suits that arise from time to time in the ordinary course of business (for example, claw back litigation against former shareholders of portfolio companies that filed for bankruptcy, such as the now ended litigation involving The Tribune Company and the ongoing litigation involving 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.

N. Subsequent Event Evaluations:

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

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of The DFA Investment Trust Company and Shareholders of The 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, 2023, the related statements of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (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, 2023, 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, 2023, and each of the financial highlights for each of the five years in the period ended October 31, 2023 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, 2023 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 21, 2023

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, a “Fund” and collectively, the “Funds”) is responsible for establishing the Funds’ policies and for overseeing the management of the Funds. The Trustees/ Directors of the Funds, including all of the disinterested Trustees/Directors, have adopted written procedures to monitor potential conflicts of interest that might develop between portfolios of the Funds (the “Feeder Portfolios”) that invest in certain series of DFAITC or DEM (the “Master Funds”).

Each Board has four standing committees, an Audit Committee, a Nominating and Governance Committee (the “Nominating Committee”), a Mutual Funds-ETF Relations committee and an Investment Strategy Committee (the “Strategy Committee”). The Audit Committee is composed of Reena Aggarwal, George M. Constantinides, Francis A. Longstaff, 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 three Audit Committee meetings held during the fiscal year ended October 31, 2023.

Each Board’s Nominating Committee is composed of Reena Aggarwal, George M. Constantinides, Douglas W. Diamond, Francis A. Longstaff, and Heather E. Tookes. 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 works closely with the other disinterested Trustees to evaluate a candidate’s qualification for Board membership and the independence of such candidate from the Advisor and other principal service providers. The Nominating Committee also periodically reviews the Board governance practices, policies, procedures, and operations; reviews the membership of each committee of the Board; reviews and makes recommendations regarding the Independent Trustees’ compensation; oversees the annual self-assessment of the Board and each committee; considers and recommends to the Board, the selection of “independent legal counsel” (as that term is defined in the 1940 Act); and monitors and considers corporate governance issues that may arise from time to time. There were two Nominating Committee meetings held during the fiscal year ended October 31, 2023.

Each Board’s Strategy Committee is composed of Gerard K. O’Reilly, Douglas W. Diamond, Darrell Duffie, and Heather E. Tookes. 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 two Strategy Committee meetings held during the fiscal year ended October 31, 2023.

The Mutual Funds-ETF Relations Committee is comprised of George M. Constantinides, Darrell Duffie, and Ingrid M. Werner. At the request of the Board, the Mutual Funds-ETF Relations Committee (i) reviews any newly-proposed expenses to be borne by the ETFs in the Dimensional ETF Trust (“Dimensional ETFs”), portfolios in the DFA mutual fund complex (“Fund Complex”) or changes to the existing expense allocations among the Dimensional ETFs, portfolios in the Fund Complex, and the Advisor, (ii) considers any conflicts of interest that may arise in the operations of the Dimensional ETFs and the portfolios in the Fund Complex, (iii) reviews and considers relevant information relating to the operations of the Dimensional ETFs, and (iv) considers asset flows and performance differences between the similarly managed mutual funds and ETFs of the Funds. There were two Mutual Funds-ETF Relations Committee meetings held during the fiscal year ended October 31, 2023.

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/Trustees

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
Reena Aggarwal c/o Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One Austin, TX 78746 1957	Director/Trustee	Since 2021	Robert E. McDonough Professor of Finance (since 2003) and Professor of Finance (since 2000), McDonough School of Business, Georgetown University and Director, Georgetown Center for Financial Markets and Policy (since 2010). Formerly, Vice Provost of Faculty, Georgetown University (2016-2020).	157 portfolios in 5 investment companies	Director, Cohen & Steers (asset management firm) (since 2017) and Director, Nuveen Churchill Direct Lending (private business development company) (since 2019). Formerly, Director, New York Life Investment Management IndexIQ (2008-2021) (22 funds); formerly, Director, REAN Cloud (technology) (2015-2018); formerly, Director, FBR & Co. (investment banking) (2011-2017); and formerly, Director, Brightwood Capital Advisors, L.P. (private equity) (2013-2020).
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).	157 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 1979). Formerly, Visiting Scholar, Federal Reserve Bank of Richmond (1990-2019).	157 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 2019; ETF Trust – Since 2020	Adams Distinguished Professor of Management and Professor of Finance, Stanford University (since 1984) and Director, TNB Inc. (bank) (since 2020).	157 portfolios in 5 investment companies	Formerly, Director, Moody’s Corporation (financial information and information technology) (2008-2018).

152

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
Francis A. Longstaff c/o Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One Austin, TX 78746 1956	Director/Trustee	Since 2021	Allstate Professor of Insurance and Finance, UCLA, Anderson School of Management (since 1992); Consultant, NERA Economic Consulting (since 2018); Consultant, Charles River Associates (economic consulting firm) (since 2013); Consultant, Simplex Holdings, Inc. (technology firm) (since 1998); and Expert Witness, Analysis Group (economic consulting firm) (since 2012).	157 portfolios in 5 investment companies	None
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 and James S. Ely, III Faculty Fellow, University of Chicago Booth School of Business (since 1980).	157 portfolios in 5 investment companies	Director, (since 2000) and formerly, Audit Committee Chair (2019-2022) and Lead Director (2014-2017), HNI Corporation (office furniture); Director, Ryder System Inc. (transportation, logistics and supply- chain management) (since 2003); and Trustee and Audit Committee member (since 2022), UBS Funds (3 investment companies within the fund complex) (12 portfolios) (since 2009).
Heather E. Tookes Yale School of Management 165 Whitney Avenue New Haven, CT 06511 1974	Director/Trustee	Since 2021	Deputy Dean for Faculty (since 2022) and Professor of Finance (since 2004), Yale School of Management.	157 portfolios in 5 investment companies	Director, Payoneer Inc. (digital payments) (since 2021); Director, Ariel Investments LLC (investment adviser) (since 2017); Director, Charles River Associates (economic consulting firm) (since 2022); and Director, Community Foundation of Greater New Haven (community foundation and grant-making) (since 2022). Formerly, Director, KCG Holdings (trading company) (January 2017-July 2017).

153

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
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 2018). Member, Scientific Board, Leibniz Institute for Financial Research (institute supporting academic research in finance) (since 2020). Chair, 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). Fellow, Center for Analytical Finance (academic research) (since 2015). Formerly, President, Western Finance Association (global association of academic researchers and practitioners in finance) (2018-2019); formerly, Member, Academic Board, Mistra Financial Systems (organization funding academic research on environment, governance and climate/sustainability in finance) (2016-2021); formerly, Director, American Finance Association (global association of academic researchers and practitioners in finance) (2019-2022); formerly, Associate Editor, Journal of Finance (2016-2022).	157 portfolios in 5 investment companies	Director, Fourth Swedish AP Fund (pension fund asset management) (since 2017).

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Interested Directors/Trustees

The following interested Directors/Trustees are described as such because each 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 P. Butler c/o Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One, Austin, TX 78746 1964	Director/Trustee Co-Chief Executive Officer	Director/Trustee since 2021 Co-Chief Executive Officer since 2017 (DFAIDG, DIG, DEM & DFAITC); 2020 (ETF Trust)	Co-Chief Executive Officer of Dimensional Emerging Markets Value Fund (“DEM”), DFA Investment Dimensions Group Inc. (“DFAIDG”), Dimensional Investment Group Inc. (“DIG”), The DFA Investment Trust Company (“DFAITC”), Dimensional Holdings Inc., Dimensional Fund Advisors LP, Dimensional Investment LLC, and DFA Securities LLC (collectively with DEM, DFAIDG, DIG and DFAITC, the “DFA Entities”) (since 2017) and Dimensional ETF Trust (since 2020), DFA Canada LLC (since 2018), Dimensional Holdings LLC (since 2017), and the Trust (since 2020); Chief Executive Officer of Dimensional Fund Advisors Canada ULC (since 2018), Director (since 2017) of Dimensional Holdings Inc., Dimensional Fund Advisors Canada ULC, Dimensional Japan Ltd., Dimensional Advisors Ltd., and DFA Australia Limited; Director and Co-Chief Executive Officer (since 2017) of Dimensional Cayman Commodity Fund I Ltd.; Head of Global Financial Advisor Services for Dimensional Investment LLC (since 2017). Formerly, Director (2017-2021) of Dimensional Fund Advisors Ltd.	157 portfolios in 5 investment companies	None

155

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
Gerard K. O’Reilly c/o Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One, Austin, TX 78746 1976	Chairman and Director/Trustee Co-Chief Executive Officer and Chief Investment Officer	Chairman and Director/Trustee since 2021 Co-Chief Executive Officer and Chief Investment Officer   since 2017 (DFAIDG, DIG, DEM & DFAITC); 2020 (ETF Trust)	Co-Chief Executive Officer and Chief Investment Officer of the DFA Entities (since 2017) and Dimensional ETF Trust (since 2020); Co-Chief Executive Officer of DFA Canada LLC (since 2018); Chief Investment Officer of Dimensional Fund Advisors Canada ULC (since 2017); Director and Chief Investment Officer (since 2017) and Vice President (since 2014) of DFA Australia Limited; Chief Investment Officer (since 2018) and Vice President (since 2016) of Dimensional Japan Ltd.; Co-Chief Executive Officer and Chief Investment Officer of Dimensional Holdings, LLC (since 2017); 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 Advisors Ltd. (since 2017), and Dimensional Ireland Limited (since 2018). Formerly, Director of Dimensional Fund Advisors Ltd. (2018-2021).	157 portfolios in 5 investment companies	None

1

Each Director/Trustee holds office for an indefinite term until his or her successor is elected and qualified.

2

Each Director/Trustee is a director or trustee of each of the five registered investment companies within the DFA Fund Complex, which include: DFAIDG; DIG; DEM; DFAITC and Dimensional ETF Trust. Each disinterested Director/Trustee 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.

156

Officers

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

Name and Year of Birth	Position	Term of Office1 and Length of Service	Principal Occupation During Past 5 Years
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 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 2019	Vice President and Assistant Secretary of ●  DFAIDG, DIG, DFAITC and DEM (since 2019) ●  Dimensional ETF Trust (since 2020) Vice President (since January 2018) of ●  Dimensional Holdings Inc. ●  Dimensional Fund Advisors LP ●  Dimensional Investment LLC ●  DFA Securities LLC
Stephen A. Clark 1972	Executive Vice President	Since 2017	Executive Vice President of ●  all the DFA Entities (since 2017) ●  Dimensional ETF Trust (since 2020) Director and Vice President (since 2016) of ●  Dimensional Japan Ltd. Chairman (since 2018) of ●  Dimensional Fund Advisors Canada ULC 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 of ●  Dimensional Advisors Ltd. (since 2016) ●  Dimensional Hong Kong Limited (since 2016) ●  Dimensional Fund Advisors Pte. Ltd. (since 2019) Formerly, Director (2016 – 2021) of ●  Dimensional Fund Advisors Ltd. Formerly, Vice President (2004 – 2017) of ●  all the DFA Entities Formerly, Vice President (2010 – 2016) of ●  Dimensional Fund Advisors Canada ULC Formerly, Vice President (2016 – 2019) of ●  Dimensional Fund Advisors Pte. Ltd. Formerly, Interim Chief Executive Officer (2019 – 2020) of ●  Dimensional Fund Advisors Pte. Ltd. Formerly, Head of Institutional, North America (2012 – 2013) and Head of Global Institutional Services (2014-2018) for ●  Dimensional Fund Advisors LP

157

Name and Year of Birth	Position	Term of Office1 and Length of Service	Principal Occupation During Past 5 Years
Lisa M. Dallmer 1972	Chief Operating Officer	Since June 2021	Chief Operating Officer (since June 2021) of ●  the DFA Fund Complex Executive Vice President (since January 2020) of ●  Dimensional Holdings Inc. ●  Dimensional Fund Advisors LP ●  Dimensional Investment LLC ●  DFA Securities LLC Chief Operating Officer (since December 2019) of ●  Dimensional Holdings Inc. ●  Dimensional Fund Advisors LP ●  Dimensional Investment LLC ●  DFA Securities LLC Vice President (since 2020) of ●  DFA Australia Limited ●  Dimensional Advisors Ltd. ●  Dimensional Fund Advisors Canada ULC ●  Dimensional Fund Advisors Pte. Ltd. ●  Dimensional Ireland Limited ●  Dimensional Japan Ltd. Formerly, Vice President, Chief Financial Officer, and Treasurer (June 2020 – June 2021) of ●  the DFA Fund Complex 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.
Bernard J. Grzelak 1971	Vice President	Since June 2021	Vice President (since June 2021) of ●  the DFA Fund Complex 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 Treasurer (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 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.)

158

Name and Year of Birth	Position	Term of Office1 and Length of Service	Principal Occupation During Past 5 Years
Jeff J. Jeon 1973	Vice President	Since 2004	Vice President (since 2004) of ●  all the DFA Entities Vice President (since 2020) of ●  Dimensional ETF Trust Vice President and Assistant Secretary (since 2010) of ●  Dimensional Cayman Commodity Fund I Ltd. Formerly, Assistant Secretary (2017 – 2019) of ●  all the DFA Entities
Joy Lopez 1971	Vice President and Assistant Treasurer	Vice President since 2015 and Assistant Treasurer since 2017	Vice President of ●  all the DFA Entities (since 2015) ●  Dimensional Fund Advisors Ltd. (since 2015) ●  Dimensional ETF Trust (since 2020) ●  DFA Australia Limited (since 2020) ●  Dimensional Fund Advisors Canada ULC (since 2020) ●  Dimensional Ireland Limited (since 2020) Assistant Treasurer of ●  DFAIDG, DIG, DFAITC and DEM (since 2017) ●  the Trust (since 2020)
Kenneth M. Manell 1972	Vice President	Since 2010	Vice President of ●  all the DFA Entities (since 2010) ●  Dimensional Cayman Commodity Fund I Ltd. (since 2010) ●  Dimensional ETF Trust (since 2020)
Jan Miller 1963	Vice President, Chief Financial Officer, and Treasurer	Since June 2021	Vice President (since January 2023) of ●  Dimensional Holdings Inc. ●  Dimensional Fund Advisors LP ●  Dimensional Investments LLC ●  DFA Securities LLC Vice President (since April 2022) of ●  Dimensional Fund Advisors Canada ULC Vice President, Chief Financial Officer, and Treasurer (since June 2021) of ●  the DFA Fund Complex 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.

159

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 ●  DFAIDG, DIG, DFAITC and DEM (since 2017) ●  Dimensional ETF Trust (since 2020) General Counsel of ●  all the DFA Entities (since 2001) ●  Dimensional Fund Advisors LP (since 2006) ●  Dimensional Holdings Inc. (since 2006) ●  Dimensional Investment LLC (since 2009) ●  DFA Canada LLC (since 2009) ●  Dimensional ETF Trust (since 2020) Executive Vice President (since 2017) of ●  Dimensional Fund Advisors LP ●  Dimensional Holdings Inc. ●  DFA Securities LLC ●  Dimensional Investment LLC Secretary of ●  Dimensional Fund Advisors LP (since 2006) ●  Dimensional Holdings Inc. (since 2006) ●  DFA Securities LLC (since 2006) ●  Dimensional Investment LLC (since 2009) 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) ●  DFA Canada LLC (since 2009) ●  Dimensional Cayman Commodity Fund I Ltd. (since 2010) ●  Dimensional Japan Ltd. (since 2012) ●  Dimensional Advisors Ltd (since 2014) ●  Dimensional Fund Advisors Pte. Ltd. (since 2012) Vice President and Assistant Secretary (since 2012) of ●  Dimensional Hong Kong Limited Director of ●  Dimensional Australia Limited (since 2007) ●  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 2018) Formerly, Vice President and Secretary (2010 – 2014) of ●  Dimensional SmartNest (US) LLC Formerly, Vice President (1997 – 2017) and Secretary (2000 – 2017) of ●  DFAIDG, DIG, DFAITC and DEM 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) Formerly, Director (2002 – 2021) of ●  Dimensional Fund Advisors Ltd.

160

Name and Year of Birth	Position	Term of Office1 and Length of Service	Principal Occupation During Past 5 Years
Selwyn J. Notelovitz 1961	Vice President	Since September 2021	Vice President (since September 2021) of ●  the DFA Fund Complex 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: ●  the DFA Fund Complex ●  DFA Securities LLC ●  Dimensional Fund Advisors LP ●  Dimensional Holdings Inc. ●  Dimensional Investment LLC Formerly, Vice President (2013-2020) of: ●  the DFA Fund Complex Formerly, Director (2019-2021) of: ●  Dimensional Ireland Limited
Carolyn L. O 1974	Vice President and Secretary	Vice President since 2010 and Secretary since 2017	Vice President and Secretary of ●  DFAIDG, DIG, DFAITC and DEM (since 2010 and 2017, respectively) ●  Dimensional ETF Trust (since 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) Assistant Secretary (since 2016) of ●  DFA Securities LLC
Randy C. Olson 1980	Chief Compliance Officer	Since 2020	Chief Compliance Officer (since 2020) of ●  the DFA Fund Complex Vice President (since 2016) of ●  DFA Securities LLC ●  Dimensional Fund Advisors LP ●  Dimensional Holdings Inc. ●  Dimensional Investment LLC Formerly, Vice President – Senior Compliance Officer of ●  Dimensional Investment Advisors LP (January 2020 – August 2020 and July 2014 – March 2017) Formerly, Vice President – Head of Compliance & Operations Asia Ex-Japan of ●  Dimensional Investment Advisors LP (April 2017 – January 2020)
James J. Taylor 1983	Vice President and Assistant Treasurer	Since 2020	Vice President and Assistant Treasurer (since 2020) of ●  the DFA Fund Complex Vice President of ●  Dimensional Holdings Inc. (since 2016) ●  Dimensional Fund Advisors LP (since 2016) ●  Dimensional Investment LLC (since 2016) ●  DFA Securities LLC (since 2016) ●  Dimensional Fund Advisors Canada ULC (since 2020)

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.

161

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 www.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 www.dimensional.com/who-we-are/investment-stewardship and reflects the twelvemonth 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 SA Funds. It is not authorized for distribution to prospective investors in the SA Funds unless preceded or accompanied by an effective prospectus, which includes information regarding the SA Funds’ objectives and policies, experience of its management, and other information.

162

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, 2023 (Unaudited)

	SHARES		VALUE†
COMMON STOCKS — 95.8%
Aerospace & Defense — 1.6%
Axon Enterprise, Inc. *		500	$	129,165
Boeing Co. (The) *		8,201		2,137,673
BWX Technologies, Inc.		2,913		223,514
Curtiss-Wright Corp.		801		178,455
General Dynamics Corp.		3,788		983,630
HEICO Corp.		574		102,671
HEICO Corp., Class A		625		89,025
Hexcel Corp.		778		57,378
Howmet Aerospace, Inc.		1,946		105,318
Huntington Ingalls Industries, Inc.		714		185,383
L3Harris Technologies, Inc.		2,257		475,369
Lockheed Martin Corp.		5,830		2,642,389
Northrop Grumman Corp.		1,704		797,711
Parsons Corp. *		540		33,863
RTX Corp.		14,657		1,233,240
Textron, Inc.		2,582		207,644
TransDigm Group, Inc.		844		853,790
Woodward, Inc.		1,021		138,989
				10,575,207
Air Freight & Logistics — 0.7%
CH Robinson Worldwide, Inc.		2,800		241,892
Expeditors International of Washington, Inc.		3,525		448,380
FedEx Corp.		4,796		1,213,244
GXO Logistics, Inc. *		1,934		118,283
United Parcel Service, Inc., Class B		14,911		2,344,457
				4,366,256
Automobile Components — 0.1%
Aptiv PLC *		2,924		262,341
Autoliv, Inc.		1,465		161,429
BorgWarner, Inc.		3,685		132,107
Gentex Corp.		4,249		138,772
Goodyear Tire & Rubber Co. (The) *		3,778		54,101
Lear Corp.		957		135,138
Phinia, Inc.		737		22,324
				906,212
Automobiles — 1.4%
Ford Motor Co.		30,242		368,650
General Motors Co.		9,249		332,224
Harley-Davidson, Inc.		974		35,882
Tesla, Inc. *		32,766		8,141,696
Thor Industries, Inc.		1,179		139,417
				9,017,869
Beverages — 1.8%
Boston Beer Co., Inc. (The), Class A *		197		68,081
Brown-Forman Corp., Class A		1,202		71,627
Brown-Forman Corp., Class B		5,458		311,652
Celsius Holdings, Inc. *		1,188		64,770
Coca-Cola Co. (The)		73,733		4,345,085
Coca-Cola Consolidated, Inc.		132		122,549
Constellation Brands, Inc., Class A		1,757		424,755
Keurig Dr Pepper, Inc.		3,375		112,455
Molson Coors Beverage Co., Class B		1,400		85,694
Monster Beverage Corp. *		8,929		514,400
National Beverage Corp. *		881		43,803
PepsiCo, Inc.		32,018		5,437,937
				11,602,808
Biotechnology — 2.4%
AbbVie, Inc.		37,978		5,885,451
Alkermes PLC *		1,447		40,140
Alnylam Pharmaceuticals, Inc. *		1,198		229,309
Amgen, Inc.		12,097		3,484,178
Biogen, Inc. *		2,404		622,083
BioMarin Pharmaceutical, Inc. *		1,169		112,715
CRISPR Therapeutics AG *@		655		41,003
Exact Sciences Corp. *		1,421		105,126
Exelixis, Inc. *		3,578		85,836
Gilead Sciences, Inc.		23,535		1,906,570
Halozyme Therapeutics, Inc. *		3,014		111,397
Incyte Corp. *		894		56,134
Moderna, Inc. *		1,128		112,180
Mural Oncology PLC *		144		852
Neurocrine Biosciences, Inc. *		608		80,110
Regeneron Pharmaceuticals, Inc. *		1,237		1,086,445
Sarepta Therapeutics, Inc. *		702		67,694
United Therapeutics Corp. *		835		183,608
Vertex Pharmaceuticals, Inc. *		2,966		1,206,836
				15,417,667
Broadline Retail — 3.4%
Amazon.com, Inc. *		143,078		21,739,271
Dillard’s, Inc., Class A @		100		40,365
eBay, Inc.		9,533		415,829
Etsy, Inc. *		2,334		189,171
Ollie’s Bargain Outlet Holdings, Inc. *		691		52,440
				22,437,076
Building Products — 0.7%
A.O. Smith Corp.		2,378		196,042
Advanced Drainage Systems, Inc.		200		28,128
Allegion PLC		2,744		347,637
Builders FirstSource, Inc. *		2,521		420,856
Carlisle Cos., Inc.		1,113		347,735
Carrier Global Corp.		15,513		891,222
Fortune Brands Innovations, Inc.		2,330		177,406
Johnson Controls International PLC		580		33,431
Lennox International, Inc.		763		341,458
Masco Corp.		4,275		286,339
Owens Corning		2,690		398,739
Trane Technologies PLC		3,350		817,065
Trex Co., Inc. *		2,724		225,520
UFP Industries, Inc.		812		101,947
				4,613,525
Capital Markets — 2.4%
Affiliated Managers Group, Inc.		600		90,852
Ameriprise Financial, Inc.		2,269		861,834
Ares Management Corp., Class A		1,606		190,986
Bank of New York Mellon Corp. (The)		4,707		244,999
BlackRock, Inc.		1,265		1,026,927
Blackstone, Inc.		6,683		874,938
Carlyle Group, Inc. (The)		1,219		49,601
Cboe Global Markets, Inc.		1,317		235,164
Charles Schwab Corp. (The)		14,444		993,747
CME Group, Inc.		2,477		521,656
Coinbase Global, Inc., Class A *		739		128,527
Evercore, Inc., Class A		400		68,420
FactSet Research Systems, Inc.		757		361,127
Franklin Resources, Inc.		2,732		81,386
Goldman Sachs Group, Inc. (The)		2,257		870,683
Hamilton Lane, Inc., Class A		723		82,017
Houlihan Lokey, Inc.		916		109,838
Interactive Brokers Group, Inc., Class A		962		79,750
Intercontinental Exchange, Inc.		5,224		670,918
Invesco Ltd.		2,611		46,580
Janus Henderson Group PLC		1,850		55,778
Jefferies Financial Group, Inc.		1,620		65,464
KKR & Co., Inc.		5,286		437,945
LPL Financial Holdings, Inc.		2,186		497,577

The accompanying notes are an integral part of these financial statements.

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF December 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Capital Markets (Continued)
MarketAxess Holdings, Inc.		800	$	234,280
Moody’s Corp.		3,822		1,492,720
Morgan Stanley		13,418		1,251,228
Morningstar, Inc.		304		87,017
MSCI, Inc.		1,207		682,740
Nasdaq, Inc.		4,902		285,002
Northern Trust Corp.		2,231		188,252
Raymond James Financial, Inc.		2,352		262,248
Robinhood Markets, Inc., Class A *		1,886		24,028
S&P Global, Inc.		3,317		1,461,205
SEI Investments Co.		2,631		167,200
State Street Corp.		1,628		126,105
Stifel Financial Corp.		2,529		174,880
T Rowe Price Group, Inc.		3,972		427,745
Tradeweb Markets, Inc., Class A		683		62,071
				15,573,435
Chemicals — 1.4%
Air Products & Chemicals, Inc.		3,414		934,753
Albemarle Corp.		956		138,123
Ashland, Inc.		970		81,781
Axalta Coating Systems Ltd. *		1,604		54,488
Balchem Corp.		630		93,712
Cabot Corp.		991		82,749
Celanese Corp.		1,241		192,814
CF Industries Holdings, Inc.		2,192		174,264
Chemours Co. (The)		2,570		81,058
Corteva, Inc.		5,428		260,110
Dow, Inc.		6,683		366,496
DuPont de Nemours, Inc.		2,632		202,480
Eastman Chemical Co.		1,476		132,574
Ecolab, Inc.		3,437		681,729
Element Solutions, Inc.		4,600		106,444
FMC Corp.		1,937		122,128
HB Fuller Co.		339		27,598
Huntsman Corp.		4,223		106,124
International Flavors & Fragrances, Inc.		2,270		183,802
Linde PLC		4,857		1,994,818
LyondellBasell Industries NV, Class A		6,211		590,542
Mosaic Co. (The)		4,221		150,816
NewMarket Corp.		82		44,758
Olin Corp.		1,800		97,110
PPG Industries, Inc.		3,241		484,692
RPM International, Inc.		2,334		260,544
Sherwin Williams Co. (The)		5,612		1,750,383
Westlake Corp.		439		61,442
				9,458,332
Commercial Banks — 2.3%
Bank of America Corp.		66,036		2,223,432
Bank OZK		1,661		82,768
BOK Financial Corp.		300		25,695
Cadence Bank		3,669		108,566
Citigroup, Inc.		6,473		332,971
Citizens Financial Group, Inc.		454		15,046
Comerica, Inc.		1,832		102,244
Commerce Bancshares, Inc.		2,503		133,685
Cullen/Frost Bankers, Inc.		956		103,716
East West Bancorp, Inc.		2,039		146,706
Fifth Third Bancorp		7,840		270,402
First Citizens Bancshares, Inc., Class A		112		158,925
First Financial Bankshares, Inc.		3,094		93,748
First Horizon Corp.		7,194		101,867
FNB Corp.		5,930		81,656
Home BancShares, Inc.		1,840		46,607
Huntington Bancshares, Inc.		7,352		93,517
JPMorgan Chase & Co.		37,681		6,409,538
KeyCorp		7,104		102,298
M&T Bank Corp.		522		71,556
New York Community Bancorp, Inc.		6,032		61,707
Pinnacle Financial Partners, Inc.		1,009		88,005
PNC Financial Services Group, Inc. (The)		3,193		494,436
Popular, Inc.		1,880		154,292
Prosperity Bancshares, Inc.		1,026		69,491
Regions Financial Corp.		9,428		182,715
SouthState Corp.		400		33,780
Synovus Financial Corp.		1,811		68,184
Truist Financial Corp.		6,628		244,706
U.S. Bancorp		16,958		733,942
United Bankshares, Inc.		778		29,214
Valley National Bancorp		5,897		64,041
Wells Fargo & Co.		31,501		1,550,479
Western Alliance Bancorp		2,242		147,501
Wintrust Financial Corp.		600		55,650
Zions Bancorp NA		2,092		91,776
				14,774,862
Commercial Services & Supplies — 0.8%
Casella Waste Systems, Inc., Class A *		549		46,918
Cintas Corp.		1,987		1,197,485
Clean Harbors, Inc. *		770		134,373
Copart, Inc. *		10,187		499,163
MSA Safety, Inc.		600		101,298
Republic Services, Inc.		4,657		767,986
Rollins, Inc.		4,629		202,148
Stericycle, Inc. *		1,544		76,521
Tetra Tech, Inc.		640		106,835
Veralto Corp.		2,108		173,404
Vestis Corp.		1,222		25,833
Waste Management, Inc.		9,583		1,716,315
				5,048,279
Communications Equipment — 0.8%
Arista Networks, Inc. *		2,688		633,051
Ciena Corp. *		2,569		115,631
Cisco Systems, Inc.		63,490		3,207,515
F5, Inc. *		769		137,635
Juniper Networks, Inc.		4,954		146,044
Motorola Solutions, Inc.		2,888		904,204
				5,144,080
Computers & Peripherals — 6.8%
Apple, Inc.		218,711		42,108,429
Dell Technologies, Inc., Class C		3,734		285,651
Hewlett Packard Enterprise Co.		9,599		162,991
HP, Inc.		17,328		521,399
NetApp, Inc.		4,285		377,765
Pure Storage, Inc., Class A *		2,027		72,283
Seagate Technology Holdings PLC		4,475		382,031
Super Micro Computer, Inc. *		218		61,969
Western Digital Corp. *		3,176		166,327
				44,138,845

The accompanying notes are an integral part of these financial statements.

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF December 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Construction & Engineering — 0.2%
AECOM		1,355	$	125,243
API Group Corp. *		1,855		64,183
Comfort Systems USA, Inc.		533		109,622
EMCOR Group, Inc.		745		160,495
Fluor Corp. *		831		32,550
MasTec, Inc. *		1,136		86,018
MDU Resources Group, Inc.		3,960		78,408
Quanta Services, Inc.		1,718		370,744
Valmont Industries, Inc.		200		46,702
WillScot Mobile Mini Holdings Corp. *		1,927		85,752
				1,159,717
Construction Materials — 0.1%
Eagle Materials, Inc.		626		126,978
Knife River Corp. *		990		65,518
Martin Marietta Materials, Inc.		664		331,277
Summit Materials, Inc., Class A *		1,335		51,344
Vulcan Materials Co.		1,521		345,282
				920,399
Consumer Finance — 0.6%
Ally Financial, Inc.		3,311		115,620
American Express Co.		12,072		2,261,569
Capital One Financial Corp.		4,875		639,210
Credit Acceptance Corp. *		133		70,853
Discover Financial Services		6,077		683,055
FirstCash Holdings, Inc.		1,032		111,859
OneMain Holdings, Inc.		677		33,308
Synchrony Financial		2,776		106,015
				4,021,489
Consumer Staples Distribution & Retail — 2.1%
Albertsons Cos., Inc., Class A		714		16,422
BJ’s Wholesale Club Holdings, Inc. *		2,341		156,051
Casey’s General Stores, Inc.		774		212,649
Costco Wholesale Corp.		7,611		5,023,869
Dollar General Corp.		5,246		713,194
Dollar Tree, Inc. *		2,846		404,274
Kroger Co. (The)		17,571		803,170
Performance Food Group Co. *		1,336		92,384
Sprouts Farmers Market, Inc. *		1,478		71,107
Sysco Corp.		9,579		700,512
Target Corp.		11,134		1,585,704
U.S. Foods Holding Corp. *		1,600		72,656
Walgreens Boots Alliance, Inc.		3,596		93,892
Walmart, Inc.		25,166		3,967,420
				13,913,304
Containers & Packaging — 0.4%
Amcor PLC		13,861		133,620
AptarGroup, Inc.		1,483		183,329
Avery Dennison Corp.		2,232		451,221
Ball Corp.		5,664		325,793
Berry Global Group, Inc.		3,599		242,537
Crown Holdings, Inc.		3,205		295,148
Graphic Packaging Holding Co.		6,877		169,518
Greif, Inc., Class B		21		1,386
International Paper Co.		4,336		156,746
Packaging Corp. of America		1,552		252,836
Sealed Air Corp.		3,059		111,715
Silgan Holdings, Inc.		2,057		93,079
Sonoco Products Co.		1,933		107,997
Westrock Co.		2,401		99,690
				2,624,615
Distributors — 0.1%
Genuine Parts Co.		2,179		301,792
LKQ Corp.		4,303		205,640
Pool Corp.		772		307,804
				815,236
Diversified Consumer Services — 0.1%
ADT, Inc.		3,988		27,198
Bright Horizons Family Solutions, Inc. *		639		60,219
H&R Block, Inc.		2,885		139,547
Service Corp. International		2,981		204,050
				431,014
Diversified Telecommunication Services — 0.6%
AT&T, Inc.		65,472		1,098,620
Iridium Communications, Inc.		2,721		111,997
Verizon Communications, Inc.		73,799		2,782,222
				3,992,839
Electric Utilities — 1.5%
Alliant Energy Corp.		4,621		237,057
American Electric Power Co., Inc.		8,417		683,629
Avangrid, Inc.		1,433		46,444
Constellation Energy Corp.		5,321		621,972
Duke Energy Corp.		13,107		1,271,903
Edison International		6,635		474,336
Entergy Corp.		2,869		290,314
Evergy, Inc.		3,652		190,634
Eversource Energy		5,876		362,667
Exelon Corp.		15,965		573,143
FirstEnergy Corp.		8,176		299,732
IDACORP, Inc.		647		63,613
NextEra Energy, Inc.		36,253		2,202,007
NRG Energy, Inc.		5,256		271,735
OGE Energy Corp.		3,314		115,758
PG&E Corp.		2,100		37,863
Pinnacle West Capital Corp.		1,978		142,100
Portland General Electric Co.		1,411		61,153
PPL Corp.		9,200		249,320
Southern Co. (The)		17,830		1,250,240
Xcel Energy, Inc.		9,222		570,934
				10,016,554
Electrical Equipment — 0.7%
Acuity Brands, Inc.		739		151,369
AMETEK, Inc.		2,732		450,480
Atkore, Inc. *		943		150,880
Eaton Corp. PLC		5,446		1,311,506
Emerson Electric Co.		6,519		634,494
EnerSys		564		56,941
Generac Holdings, Inc. *		967		124,975
Hubbell, Inc.		1,043		343,074
nVent Electric PLC		2,290		135,316
Regal Rexnord Corp.		1,234		182,657
Rockwell Automation, Inc.		2,270		704,790
Sensata Technologies Holding PLC		2,621		98,471
				4,344,953
Electronic Equipment, Instruments & Components — 0.8%
Amphenol Corp., Class A		9,205		912,492
Arrow Electronics, Inc. *		830		101,468
Avnet, Inc.		944		47,578
Badger Meter, Inc.		331		51,096
CDW Corp.		2,939		668,093
Cognex Corp.		1,711		71,417
Corning, Inc.		8,949		272,497
Fabrinet *		506		96,307
Flex Ltd. *		5,442		165,763

The accompanying notes are an integral part of these financial statements.

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF December 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Electronic Equipment, Instruments & Components (Continued)
Insight Enterprises, Inc. *		300	$	53,157
IPG Photonics Corp. *		471		51,122
Jabil, Inc.		3,689		469,979
Keysight Technologies, Inc. *		3,226		513,224
Littelfuse, Inc.		380		101,673
Novanta, Inc. *		661		111,319
TD SYNNEX Corp.		836		89,962
TE Connectivity Ltd.		3,575		502,288
Teledyne Technologies, Inc. *		373		166,466
Trimble, Inc. *		2,830		150,556
Vontier Corp.		3,024		104,479
Zebra Technologies Corp., Class A *		767		209,644
				4,910,580
Energy Equipment & Services — 0.3%
Baker Hughes Co.		3,464		118,399
ChampionX Corp.		3,461		101,096
Halliburton Co.		12,219		441,717
Helmerich & Payne, Inc.		805		29,157
NOV, Inc.		4,002		81,161
Schlumberger NV		12,666		659,139
TechnipFMC PLC		4,963		99,955
Transocean Ltd. *		6,590		41,846
Weatherford International PLC *		977		95,580
				1,668,050
Entertainment — 0.8%
Atlanta Braves Holdings, Inc., Class C *		58		2,296
Electronic Arts, Inc.		2,838		388,267
Endeavor Group Holdings, Inc., Class A		1,972		46,796
Liberty Media Corp.-Liberty Formula One, Class A *		315		18,264
Liberty Media Corp.-Liberty Formula One, Class C *		1,723		108,773
Liberty Media Corp.-Liberty Live, Class A *		328		11,988
Liberty Media Corp.-Liberty Live, Class C *		367		13,722
Live Nation Entertainment, Inc. *		2,466		230,818
Madison Square Garden Sports Corp. *		279		50,731
Netflix, Inc. *		4,747		2,311,219
ROBLOX Corp., Class A *		2,017		92,217
Spotify Technology SA *		572		107,484
Take-Two Interactive Software, Inc. *		2,052		330,269
TKO Group Holdings, Inc.		628		51,232
Walt Disney Co. (The)		17,551		1,584,680
Warner Bros Discovery, Inc. *		12,527		142,557
Warner Music Group Corp., Class A		1,467		52,504
				5,543,817
Financial Services — 4.1%
Apollo Global Management, Inc.		5,734		534,352
Berkshire Hathaway, Inc., Class B *		15,784		5,629,521
Block, Inc. *		2,826		218,591
Equitable Holdings, Inc.		7,584		252,547
Essent Group Ltd.		700		36,918
Euronet Worldwide, Inc. *		911		92,457
Fidelity National Information Services, Inc.		5,983		359,399
Fiserv, Inc. *		5,324		707,240
FleetCor Technologies, Inc. *		1,396		394,524
Global Payments, Inc.		3,102		393,954
Jack Henry & Associates, Inc.		1,300		212,433
MasterCard, Inc., Class A		19,164		8,173,638
MGIC Investment Corp.		4,400		84,876
PayPal Holdings, Inc. *		12,255		752,580
Rocket Cos, Inc., Class A *		3,544		51,317
Shift4 Payments, Inc., Class A *@		780		57,985
TFS Financial Corp.		134		1,969
Toast, Inc., Class A *@		2,632		48,060
Visa, Inc., Class A		32,889		8,562,651
Voya Financial, Inc.		1,519		110,826
Western Union Co. (The)		6,874		81,938
WEX, Inc. *		663		128,987
				26,886,763
Food Products — 0.8%
Archer-Daniels-Midland Co.		4,142		299,135
Bunge Global SA		1,401		141,431
Campbell Soup Co.		4,243		183,425
Conagra Brands, Inc.		3,575		102,459
Darling Ingredients, Inc. *		3,101		154,554
Flowers Foods, Inc.		3,652		82,207
General Mills, Inc.		8,511		554,407
Hershey Co. (The)		2,946		549,252
Hormel Foods Corp.		4,014		128,890
Ingredion, Inc.		1,387		150,531
J.M. Smucker Co. (The)		1,268		160,250
Kellanova		5,208		291,179
Kraft Heinz Co. (The)		5,057		187,008
Lamb Weston Holdings, Inc.		4,300		464,787
Lancaster Colony Corp.		261		43,428
McCormick & Co., Inc.		3,138		214,702
Mondelez International, Inc., Class A		11,759		851,704
Pilgrim’s Pride Corp. *		1,700		47,022
Post Holdings, Inc. *		1,501		132,178
Tyson Foods, Inc., Class A		3,429		184,309
WK Kellogg Co.		1,302		17,108
				4,939,966
Gas Utilities — 0.1%
Atmos Energy Corp.		2,360		273,524
National Fuel Gas Co.		1,600		80,272
New Jersey Resources Corp.		954		42,529
Southwest Gas Holdings, Inc.		1,343		85,079
UGI Corp.		2,799		68,856
				550,260
Ground Transportation — 1.3%
Avis Budget Group, Inc.		526		93,239
CSX Corp.		38,001		1,317,495
JB Hunt Transport Services, Inc.		1,293		258,264
Knight-Swift Transportation Holdings, Inc.		2,249		129,655
Landstar System, Inc.		564		109,218
Norfolk Southern Corp.		4,052		957,812
Old Dominion Freight Line, Inc.		1,873		759,183
Saia, Inc. *		200		87,644
Schneider National, Inc., Class B		1,939		49,347
U-Haul Holding Co. *@		152		10,914
U-Haul Holding Co.		1,368		96,362
Uber Technologies, Inc. *		9,836		605,602
Union Pacific Corp.		15,597		3,830,935
XPO, Inc. *		1,934		169,399
				8,475,069

The accompanying notes are an integral part of these financial statements.

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF December 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Health Care Equipment & Supplies — 1.6%
Abbott Laboratories		19,151	$	2,107,951
Align Technology, Inc. *		581		159,194
Baxter International, Inc.		6,069		234,628
Becton Dickinson & Co.		2,001		487,904
Boston Scientific Corp. *		10,979		634,696
Cooper Cos., Inc. (The)		392		148,348
DENTSPLY SIRONA, Inc.		1,213		43,171
DexCom, Inc. *		3,789		470,177
Edwards Lifesciences Corp. *		6,940		529,175
Envista Holdings Corp. *		2,222		53,461
GE HealthCare Technologies, Inc.		909		70,284
Globus Medical, Inc., Class A *		1,500		79,935
Haemonetics Corp. *		657		56,180
Hologic, Inc. *		3,073		219,566
IDEXX Laboratories, Inc. *		1,917		1,064,031
Insulet Corp. *		740		160,565
Intuitive Surgical, Inc. *		1,973		665,611
Masimo Corp. *		608		71,264
Medtronic PLC		9,595		790,436
Merit Medical Systems, Inc. *		769		58,413
Penumbra, Inc. *		389		97,849
ResMed, Inc.		1,763		303,271
STERIS PLC		889		195,447
Stryker Corp.		4,068		1,218,203
Teleflex, Inc.		364		90,760
Zimmer Biomet Holdings, Inc.		1,186		144,336
				10,154,856
Health Care Providers & Services — 2.7%
Acadia Healthcare Co., Inc. *		1,169		90,901
agilon health, Inc. *@		1,131		14,194
Cardinal Health, Inc.		3,943		397,454
Cencora, Inc.		2,652		544,668
Centene Corp. *		4,920		365,113
Chemed Corp.		339		198,230
Cigna Group (The)		4,565		1,366,989
Contra Abiomed, Inc. CVR *§		350		2,049
CVS Health Corp.		13,129		1,036,666
DaVita, Inc. *		1,735		181,759
Elevance Health, Inc.		3,054		1,440,144
Encompass Health Corp.		2,141		142,848
Ensign Group, Inc. (The)		687		77,088
HCA Healthcare, Inc.		3,366		911,109
HealthEquity, Inc. *		331		21,945
Henry Schein, Inc. *		2,345		177,540
Humana, Inc.		1,447		662,451
Laboratory Corp. of America Holdings		1,510		343,208
McKesson Corp.		2,127		984,758
Molina Healthcare, Inc. *		1,058		382,266
Option Care Health, Inc. *		1,563		52,658
Quest Diagnostics, Inc.		1,331		183,518
Tenet Healthcare Corp. *		1,281		96,805
UnitedHealth Group, Inc.		14,112		7,429,545
Universal Health Services, Inc., Class B		1,322		201,526
				17,305,432
Health Care Technology — 0.0%
Veeva Systems, Inc., Class A *		1,334		256,822
Hotels, Restaurants & Leisure — 2.1%
Airbnb, Inc., Class A *		2,785		379,150
Aramark		2,445		68,704
Booking Holdings, Inc. *		533		1,890,668
Boyd Gaming Corp.		1,142		71,501
Caesars Entertainment, Inc. *		2,407		112,840
Chipotle Mexican Grill, Inc. *		423		967,384
Choice Hotels International, Inc.		777		88,034
Churchill Downs, Inc.		1,048		141,407
Darden Restaurants, Inc.		2,002		328,929
Domino’s Pizza, Inc.		554		228,375
DraftKings, Inc., Class A *		2,512		88,548
Expedia Group, Inc. *		2,025		307,375
Hilton Grand Vacations, Inc. *		500		20,090
Hilton Worldwide Holdings, Inc.		3,388		616,921
Hyatt Hotels Corp., Class A @		300		39,123
Las Vegas Sands Corp.		3,185		156,734
Marriott International, Inc., Class A		5,509		1,242,335
McDonald’s Corp.		11,067		3,281,476
MGM Resorts International *		3,426		153,074
Planet Fitness, Inc., Class A *		1,127		82,271
Royal Caribbean Cruises Ltd. *		2,550		330,199
Starbucks Corp.		17,487		1,678,927
Texas Roadhouse, Inc.		1,257		153,643
Vail Resorts, Inc.		666		142,171
Wendy’s Co. (The)		5,687		110,783
Wingstop, Inc.		324		83,132
Wyndham Hotels & Resorts, Inc.		1,765		141,924
Wynn Resorts Ltd.		738		67,239
Yum! Brands, Inc.		4,919		642,716
				13,615,673
Household Durables — 0.5%
DR Horton, Inc.		5,527		839,993
Garmin Ltd.		1,837		236,128
Lennar Corp., B Shares @		72		9,652
Lennar Corp., Class A		3,122		465,303
Mohawk Industries, Inc. *		600		62,100
NVR, Inc. *		62		434,028
PulteGroup, Inc.		4,404		454,581
Taylor Morrison Home Corp. *		1,243		66,314
Tempur Sealy International, Inc.		3,440		175,337
Toll Brothers, Inc.		1,650		169,603
TopBuild Corp. *		500		187,130
Whirlpool Corp.		1,555		189,352
				3,289,521
Household Products — 1.3%
Church & Dwight Co., Inc.		1,955		184,865
Clorox Co. (The)		2,311		329,525
Colgate-Palmolive Co.		12,032		959,071
Kimberly-Clark Corp.		4,641		563,928
Procter & Gamble Co. (The)		45,612		6,683,982
Reynolds Consumer Products, Inc.		878		23,566
				8,744,937
Independent Power Producers & Energy Traders — 0.1%
AES Corp. (The)		11,000		211,750
Clearway Energy, Inc., Class C		2,400		65,832
Ormat Technologies, Inc.		741		56,160
Vistra Corp.		3,161		121,762
				455,504
Industrial Conglomerates — 0.7%
3M Co.		13,151		1,437,667
General Electric Co.		2,729		348,302
Honeywell International, Inc.		12,502		2,621,795
				4,407,764
Insurance — 1.9%
Aflac, Inc.		7,013		578,572
Allstate Corp. (The)		2,506		350,790
American Financial Group, Inc.		747		88,811
American International Group, Inc.		11,045		748,299

The accompanying notes are an integral part of these financial statements.

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF December 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Insurance (Continued)
Aon PLC, Class A		4,134	$	1,203,077
Arch Capital Group Ltd. *		3,373		250,513
Arthur J Gallagher & Co.		2,175		489,114
Assurant, Inc.		793		133,613
Axis Capital Holdings Ltd.		1,300		71,981
Brown & Brown, Inc.		4,399		312,813
Chubb Ltd.		3,276		740,376
Cincinnati Financial Corp.		1,150		118,979
CNA Financial Corp.		943		39,898
Enstar Group Ltd. *		300		88,305
Erie Indemnity Co., Class A		506		169,469
Everest Group Ltd.		191		67,534
F&G Annuities & Life, Inc. @		306		14,076
Fidelity National Financial, Inc.		4,510		230,100
First American Financial Corp.		2,024		130,427
Globe Life, Inc.		1,141		138,883
Hanover Insurance Group, Inc. (The)		696		84,508
Hartford Financial Services Group, Inc. (The)		4,796		385,502
Kinsale Capital Group, Inc.		257		86,072
Lincoln National Corp.		2,031		54,776
Loews Corp.		1,471		102,367
Markel Group, Inc. *		100		141,990
Marsh & McLennan Cos., Inc.		9,000		1,705,230
MetLife, Inc.		4,850		320,730
Old Republic International Corp.		2,863		84,172
Primerica, Inc.		919		189,093
Principal Financial Group, Inc.		2,619		206,037
Progressive Corp. (The)		6,652		1,059,531
Prudential Financial, Inc.		3,077		319,116
Reinsurance Group of America, Inc.		777		125,703
RenaissanceRe Holdings Ltd.		783		153,468
RLI Corp.		700		93,184
Selective Insurance Group, Inc.		829		82,469
Travelers Companies, Inc. (The)		5,151		981,214
Unum Group		1,700		76,874
W R Berkley Corp.		2,439		172,486
White Mountains Insurance Group Ltd.		33		49,665
Willis Towers Watson PLC		1,050		253,260
				12,693,077
Interactive Media & Services — 6.0%
Alphabet, Inc., Class A *		86,420		12,072,010
Alphabet, Inc., Class C *		87,329		12,307,276
Match Group, Inc. *		3,467		126,546
Meta Platforms, Inc., Class A *		40,998		14,511,652
Pinterest, Inc., Class A *		810		30,002
Snap, Inc., Class A *		3,870		65,519
ZoomInfo Technologies, Inc. *		878		16,234
				39,129,239
IT Services — 1.7%
Accenture PLC, Class A		12,877		4,518,668
Akamai Technologies, Inc. *		2,286		270,548
Amdocs Ltd.		2,260		198,631
Cloudflare, Inc., Class A *		1,142		95,083
Cognizant Technology Solutions Corp., Class A		5,973		451,141
DXC Technology Co. *		2,810		64,265
EPAM Systems, Inc. *		781		232,223
Gartner, Inc. *		1,713		772,751
Globant SA *		394		93,764
GoDaddy, Inc., Class A *		2,137		226,864
International Business Machines Corp.		20,148		3,295,205
MongoDB, Inc. *		284		116,113
Okta, Inc. *		1,243		112,529
Snowflake, Inc., Class A *		1,051		209,149
Twilio, Inc., Class A *		1,065		80,802
VeriSign, Inc. *		1,468		302,349
				11,040,085
Leisure Equipment & Products — 0.1%
Brunswick Corp.		1,810		175,117
Hasbro, Inc.		2,087		106,562
Mattel, Inc. *		6,862		129,555
Polaris, Inc.		1,034		97,992
YETI Holdings, Inc. *		1,220		63,172
				572,398
Life Sciences Tools & Services — 1.2%
Agilent Technologies, Inc.		3,928		546,110
Avantor, Inc. *		4,257		97,187
Bio-Rad Laboratories, Inc., Class A *		223		72,004
Bio-Techne Corp.		1,892		145,987
Bruker Corp.		2,044		150,193
Charles River Laboratories International, Inc. *		640		151,296
Danaher Corp.		6,325		1,463,226
Fortrea Holdings, Inc. *		1,510		52,699
Illumina, Inc. *		1,577		219,582
IQVIA Holdings, Inc. *		2,790		645,550
Medpace Holdings, Inc. *		500		153,265
Mettler-Toledo International, Inc. *		519		629,526
Repligen Corp. *		355		63,829
Revvity, Inc.		1,223		133,686
Thermo Fisher Scientific, Inc.		4,458		2,366,262
Waters Corp. *		1,391		457,959
West Pharmaceutical Services, Inc.		875		308,105
				7,656,466
Machinery — 2.3%
AGCO Corp.		1,297		157,469
Allison Transmission Holdings, Inc.		1,376		80,014
Caterpillar, Inc.		11,832		3,498,367
Crane Co.		1,115		131,726
Cummins, Inc.		2,239		536,397
Deere & Co.		5,503		2,200,485
Donaldson Co., Inc.		2,651		173,243
Dover Corp.		2,615		402,213
Esab Corp.		564		48,854
Federal Signal Corp.		808		62,006
Flowserve Corp.		1,775		73,166
Fortive Corp.		3,548		261,239
Franklin Electric Co., Inc.		300		28,995
Graco, Inc.		2,998		260,106
IDEX Corp.		1,004		217,978
Illinois Tool Works, Inc.		6,946		1,819,435
Ingersoll Rand, Inc.		3,972		307,194
ITT, Inc.		1,721		205,350
Lincoln Electric Holdings, Inc.		1,135		246,817
Middleby Corp. (The) *		1,043		153,498
Mueller Industries, Inc.		776		36,588

The accompanying notes are an integral part of these financial statements.

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF December 31, 2023 (Unaudited) (Continued)

	SHARES			VALUE†
COMMON STOCKS (Continued)
Machinery (Continued)
Nordson Corp.		673		$	177,780
Oshkosh Corp.		1,700			184,297
Otis Worldwide Corp.		5,642			504,790
PACCAR, Inc.		8,490			829,049
Parker-Hannifin Corp.		2,279			1,049,935
Pentair PLC		1,393			101,285
RBC Bearings, Inc. *		421			119,939
Snap-on, Inc.		954			275,553
Stanley Black & Decker, Inc.		1,936			189,922
Timken Co., (The)		1,513			121,267
Toro Co. (The)		2,053			197,067
Watts Water Technologies, Inc., Class A		400			83,336
Westinghouse Air Brake Technologies Corp.		1,144			145,174
Xylem, Inc.		2,968			339,421
					15,219,955
Marine Transportation — 0.0%
Kirby Corp. *		322			25,271
Media — 0.8%
Charter Communications, Inc., Class A *		2,672			1,038,553
Comcast Corp., Class A		59,894			2,626,352
Fox Corp. Class A		3,686			109,364
Fox Corp. Class B		661			18,277
GCI Liberty, Inc. *§		1,444			—
Interpublic Group of Cos., Inc. (The)		6,061			197,831
Liberty Broadband Corp., Class A *		39			3,145
Liberty Broadband Corp., Class C *		1,043			84,055
New York Times Co. (The), Class A		1,641			80,393
News Corp., Class A		3,913			96,064
News Corp., Class B		1,525			39,223
Nexstar Media Group, Inc.		900			141,075
Omnicom Group, Inc.		4,831			417,930
Paramount Global, Class A		616			12,110
Paramount Global, Class B		1,143			16,905
Sirius XM Holdings, Inc. @		12,754			69,764
Trade Desk, Inc. (The), Class A *		4,830			347,567
					5,298,608
Metals & Mining — 0.5%
Alcoa Corp.		2,296			78,064
ATI, Inc. *		1,233			56,064
Cleveland-Cliffs, Inc. *		6,698			136,773
Commercial Metals Co.		2,430			121,597
Freeport-McMoRan, Inc.		16,128			686,569
Newmont Corp.		6,322			261,668
Nucor Corp.		5,263			915,972
Reliance Steel & Aluminum Co.		1,039	��		290,588
Royal Gold, Inc.		1,115			134,870
Southern Copper Corp.		1,769			152,258
Steel Dynamics, Inc.		2,409			284,503
U.S. Steel Corp.		2,198			106,933
					3,225,859
Multi-Utilities — 0.6%
Ameren Corp.		3,328			240,748
CenterPoint Energy, Inc.		6,700			191,419
CMS Energy Corp.		5,199			301,906
Consolidated Edison, Inc.		5,063			460,581
Dominion Energy, Inc.		13,388			629,236
DTE Energy Co.		3,247			358,014
NiSource, Inc.		5,791			153,751
Public Service Enterprise Group, Inc.		8,415			514,577
Sempra		9,472			707,843
WEC Energy Group, Inc.		4,990			420,008
					3,978,083
Oil, Gas & Consumable Fuels — 3.4%
Antero Midstream Corp.		3,600			45,108
Antero Resources Corp. *		3,300			74,844
APA Corp.		5,617			201,538
Cheniere Energy, Inc.		4,227			721,591
Chesapeake Energy Corp. @		1,889			145,340
Chevron Corp.		20,640			3,078,662
Civitas Resources, Inc.		478			32,686
ConocoPhillips		20,640			2,395,685
Coterra Energy, Inc.		12,762			325,686
Devon Energy Corp.		12,088			547,586
Diamondback Energy, Inc.		2,409			373,588
DT Midstream, Inc.		1,623			88,940
EnLink Midstream LLC *		3,400			41,344
EOG Resources, Inc.		9,574			1,157,975
EQT Corp.		3,800			146,908
Exxon Mobil Corp.		58,738			5,872,625
Hess Corp.		4,540			654,486
HF Sinclair Corp.		2,161			120,087
Kinder Morgan, Inc.		8,265			145,795
Magnolia Oil & Gas Corp., Class A		1,900			40,451
Marathon Oil Corp.		8,798			212,560
Marathon Petroleum Corp.		7,373			1,093,858
Matador Resources Co.		1,362			77,443
Murphy Oil Corp.		1,330			56,738
New Fortress Energy, Inc. @		1,001			37,768
Occidental Petroleum Corp.		15,526			927,057
ONEOK, Inc.		6,698			470,334
Ovintiv, Inc.		3,582			157,321
PBF Energy, Inc., Class A		1,038			45,630
Phillips 66		3,291			438,164
Pioneer Natural Resources Co.		3,510			789,329
Range Resources Corp.		3,129			95,247
Southwestern Energy Co. *		16,772			109,857
Targa Resources Corp.		1,997			173,479
Texas Pacific Land Corp.		58			91,202
Valero Energy Corp.		6,425			835,250
Vitesse Energy, Inc.		190			4,159
Williams Cos., Inc. (The)		13,491			469,892
					22,296,213
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		1,020			72,247
Passenger Airlines — 0.1%
Alaska Air Group, Inc. *		2,503			97,792
American Airlines Group, Inc. *		10,481		��	144,009
Delta Air Lines, Inc.		4,487			180,512
Southwest Airlines Co.		5,800			167,504
United Airlines Holdings, Inc. *		2,884			118,994
					708,811
Personal Products — 0.3%
BellRing Brands, Inc. *		2,728			151,213
Coty, Inc., Class A *		2,516			31,249
e.l.f. Beauty, Inc. *		574			82,851
Estee Lauder Companies, Inc. (The), Class A		4,869			712,091
Kenvue, Inc.		57,104			1,229,449
					2,206,853
Pharmaceuticals — 4.4%
Bristol-Myers Squibb Co.		35,866			1,840,285
Catalent, Inc. *		2,337			105,001
Elanco Animal Health, Inc. *		4,517			67,303

The accompanying notes are an integral part of these financial statements.

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF December 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Pharmaceuticals (Continued)
Eli Lilly & Co.		19,445	$	11,334,879
Jazz Pharmaceuticals PLC *		1,092		134,316
Johnson & Johnson		37,932		5,945,462
Merck & Co., Inc.		40,422		4,406,807
Perrigo Co. PLC		1,790		57,602
Pfizer, Inc.		76,849		2,212,483
Royalty Pharma PLC, Class A		2,744		77,079
Viatris, Inc.		10,369		112,296
Zoetis, Inc.		11,289		2,228,110
				28,521,623
Professional Services — 1.2%
Alight, Inc., Class A *		4,692		40,023
Automatic Data Processing, Inc.		9,817		2,287,067
Booz Allen Hamilton Holding Corp.		3,549		453,953
Broadridge Financial Solutions, Inc.		2,485		511,289
CACI International, Inc., Class A *		457		148,004
Ceridian HCM Holding, Inc. *		995		66,784
Clarivate PLC *@		1,732		16,038
Concentrix Corp.		1,048		102,924
Dun & Bradstreet Holdings, Inc.		2,459		28,770
Equifax, Inc.		1,711		423,113
ExlService Holdings, Inc. *		1,320		40,722
Exponent, Inc.		799		70,344
FTI Consulting, Inc. *		662		131,837
Genpact Ltd.		2,839		98,542
Insperity, Inc.		451		52,866
Jacobs Solutions, Inc.		195		25,311
KBR, Inc.		2,555		141,573
Leidos Holdings, Inc.		1,580		171,019
ManpowerGroup, Inc.		1,325		105,298
Maximus, Inc.		1,426		119,584
Paychex, Inc.		5,938		707,275
Paycom Software, Inc.		888		183,567
Paylocity Holding Corp. *		668		110,120
Robert Half, Inc.		2,642		232,285
Science Applications International Corp.		1,254		155,897
SS&C Technologies Holdings, Inc.		3,246		198,363
TransUnion		2,647		181,875
TriNet Group, Inc. *		421		50,070
Verisk Analytics, Inc.		3,116		744,288
				7,598,801
Real Estate Management & Development — 0.2%
CBRE Group, Inc., Class A *		5,492		511,250
CoStar Group, Inc. *		2,890		252,557
Howard Hughes Holdings, Inc. *		424		36,273
Jones Lang LaSalle, Inc. *		861		162,617
Zillow Group, Inc., Class A *@		436		24,730
Zillow Group, Inc., Class C *		1,159		67,060
				1,054,487
Semiconductors & Semiconductor Equipment — 7.9%
Advanced Micro Devices, Inc. *		15,685		2,312,126
Allegro MicroSystems, Inc. *		1,167		35,325
Amkor Technology, Inc.		2,141		71,231
Analog Devices, Inc.		4,750		943,160
Applied Materials, Inc.		18,581		3,011,423
Axcelis Technologies, Inc. *		381		49,412
Broadcom, Inc.		8,421		9,399,941
Cirrus Logic, Inc. *		1,237		102,906
Enphase Energy, Inc. *		1,883		248,820
Entegris, Inc.		1,797		215,317
First Solar, Inc. *		1,023		176,242
Intel Corp.		40,658		2,043,064
KLA Corp.		3,591		2,087,448
Lam Research Corp.		2,514		1,969,116
Lattice Semiconductor Corp. *		1,742		120,181
MACOM Technology Solutions Holdings, Inc. *		878		81,610
Marvell Technology, Inc.		6,428		387,673
Microchip Technology, Inc.		8,612		776,630
Micron Technology, Inc.		8,705		742,885
Monolithic Power Systems, Inc.		581		366,483
NVIDIA Corp.		33,925		16,800,338
NXP Semiconductors NV		2,249		516,550
ON Semiconductor Corp. *		6,691		558,899
Onto Innovation, Inc. *		307		46,940
Power Integrations, Inc.		846		69,465
Qorvo, Inc. *		1,637		184,343
QUALCOMM, Inc.		25,043		3,621,969
Skyworks Solutions, Inc.		3,028		340,408
SolarEdge Technologies, Inc. *@		455		42,588
Teradyne, Inc.		2,728		296,043
Texas Instruments, Inc.		19,702		3,358,403
Universal Display Corp.		786		150,330
Wolfspeed, Inc. *@		857		37,288
				51,164,557
Software — 8.3%
Adobe, Inc. *		8,683		5,180,278
Aspen Technology, Inc. *		364		80,134
Atlassian Corp. Ltd., Class A *		1,245		296,136
Autodesk, Inc. *		2,329		567,065
Bentley Systems, Inc., Class B		2,343		122,258
Bill Holdings, Inc. *		791		64,538
Blackbaud, Inc. *		638		55,315
Box, Inc., Class A *		2,773		71,016
Cadence Design Systems, Inc. *		4,186		1,140,141
Crowdstrike Holdings, Inc., Class A *		825		210,639
Datadog, Inc., Class A *		1,407		170,782
DocuSign, Inc. *		1,359		80,792
Dolby Laboratories, Inc., Class A		938		80,837
DoubleVerify Holdings, Inc. *		540		19,861
Dropbox, Inc., Class A *		5,131		151,262
Dynatrace, Inc. *		1,205		65,901
Fair Isaac Corp. *		393		457,456
Fortinet, Inc. *		13,129		768,440
Gen Digital, Inc.		5,861		133,748
Guidewire Software, Inc. *		488		53,211
HubSpot, Inc. *		406		235,699
Intuit, Inc.		3,230		2,018,847
Manhattan Associates, Inc. *		2,113		454,971
Microsoft Corp.		84,739		31,865,253
Oracle Corp.		26,244		2,766,905
Palantir Technologies, Inc., Class A *		13,943		239,401
Palo Alto Networks, Inc. *		3,011		887,884
Procore Technologies, Inc. *		362		25,058
PTC, Inc. *		1,031		180,384
Qualys, Inc. *		503		98,729
Roper Technologies, Inc.		842		459,033

The accompanying notes are an integral part of these financial statements.

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF December 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Software (Continued)
Salesforce, Inc. *		7,199	$	1,894,345
SentinelOne, Inc., Class A *		2,184		59,929
ServiceNow, Inc. *		1,610		1,137,449
Splunk, Inc. *		1,045		159,206
SPS Commerce, Inc. *		393		76,179
Synopsys, Inc. *		1,737		894,399
Teradata Corp. *		1,256		54,648
Tyler Technologies, Inc. *		424		177,283
Workday, Inc., Class A *		981		270,815
Zoom Video Communications, Inc., Class A *		832		59,829
Zscaler, Inc. *		705		156,200
				53,942,256
Specialty Retail — 2.6%
AutoNation, Inc. *		961		144,323
AutoZone, Inc. *		267		690,358
Bath & Body Works, Inc.		2,883		124,430
Best Buy Co., Inc.		6,478		507,098
Burlington Stores, Inc. *		571		111,048
CarMax, Inc. *		1,900		145,806
Chewy, Inc., Class A *		1,146		27,080
Dick’s Sporting Goods, Inc.		1,695		249,080
Five Below, Inc. *		1,000		213,160
Floor & Decor Holdings, Inc., Class A *		701		78,204
GameStop Corp., Class A *		1,519		26,628
Group 1 Automotive, Inc.		214		65,214
Home Depot, Inc. (The)		18,311		6,345,677
Lithia Motors, Inc.		199		65,527
Lowe’s Cos., Inc.		8,775		1,952,876
Murphy USA, Inc.		483		172,219
O’Reilly Automotive, Inc. *		903		857,922
Penske Automotive Group, Inc.		470		75,440
RH *		330		96,188
Ross Stores, Inc.		6,470		895,383
TJX Cos., Inc. (The)		26,082		2,446,753
Tractor Supply Co.		2,475		532,199
Ulta Beauty, Inc. *		984		482,150
Valvoline, Inc. *		3,289		123,601
Williams-Sonoma, Inc.		2,178		439,477
				16,867,841
Textiles, Apparel & Luxury Goods — 0.7%
Capri Holdings Ltd. *		1,085		54,511
Columbia Sportswear Co.		858		68,245
Crocs, Inc. *		1,415		132,175
Deckers Outdoor Corp. *		473		316,167
Levi Strauss & Co., Class A		2,933		48,512
Lululemon Athletica, Inc. *		2,254		1,152,448
NIKE, Inc., Class B		19,778		2,147,298
PVH Corp.		760		92,811
Ralph Lauren Corp.		970		139,874
Skechers U.S.A., Inc., Class A *		1,800		112,212
Tapestry, Inc.		5,352		197,007
VF Corp.		5,509		103,569
				4,564,829
Tobacco — 0.5%
Altria Group, Inc.		27,551		1,111,407
Philip Morris International, Inc.		21,397		2,013,030
				3,124,437
Trading Companies & Distributors — 0.6%
Air Lease Corp.		1,296		54,354
Applied Industrial Technologies, Inc.		374		64,586
Beacon Roofing Supply, Inc. *		1,400		121,828
Core & Main, Inc., Class A *		1,729		69,869
Fastenal Co.		12,697		822,385
Ferguson PLC		332		64,099
GATX Corp.		410		49,290
MSC Industrial Direct Co., Inc., Class A		1,100		111,386
SiteOne Landscape Supply, Inc. *		654		106,275
United Rentals, Inc.		2,064		1,183,539
Watsco, Inc.		474		203,095
WESCO International, Inc.		596		103,633
WW Grainger, Inc.		1,063		880,897
				3,835,236
Water Utilities — 0.1%
American Water Works Co., Inc.		3,475		458,665
Essential Utilities, Inc.		3,662		136,776
				595,441
Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.		8,733		1,400,162
TOTAL COMMON STOCKS (Identified Cost $125,491,704)				623,312,422
MUTUAL FUNDS — 4.0%
Others — 4.0%
DFA U.S. Micro Cap Portfolio		996,416		26,185,802
TOTAL MUTUAL FUNDS (Identified Cost $11,701,377)				26,185,802
SHORT-TERM INVESTMENTS — 0.3%
Investment Company — 0.3%
State Street Institutional U.S. Government Money Market Fund 5.070%		1,794,923		1,794,923
Collateral For Securities On Loan — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 5.360%		114,936		114,936
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,909,859)				1,909,859
Total Investments — 100.1% (Identified Cost $139,102,940)				651,408,083
Liabilities in excess of Cash and Other Assets — (0.1%)				(921,371	)
Net Assets — 100.0%			$	650,486,712

†	See Note 1
*	Non-income producing security
@	A portion or all of the security was held on loan. As of December 31, 2023, the fair value of the securities on loan was $657,584.
§	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

The accompanying notes are an integral part of these financial statements.

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF December 31, 2023 (Unaudited)

	SHARES		VALUE†
COMMON STOCKS — 99.7%
Aerospace & Defense — 2.0%
General Dynamics Corp.		7,826	$	2,032,178
Howmet Aerospace, Inc.		12,551		679,260
L3Harris Technologies, Inc.		6,055		1,275,304
Northrop Grumman Corp.		2,915		1,364,628
RTX Corp.		36,091		3,036,697
Textron, Inc.		26,765		2,152,441
				10,540,508
Air Freight & Logistics — 0.8%
FedEx Corp.		16,968		4,292,395
Automobile Components — 0.4%
Aptiv PLC *		10,701		960,094
BorgWarner, Inc.		24,241		869,040
Gentex Corp.		863		28,185
Lear Corp.		4,071		574,866
				2,432,185
Automobiles — 1.0%
Ford Motor Co.		150,516		1,834,790
General Motors Co.		98,964		3,554,787
				5,389,577
Beverages — 0.4%
Constellation Brands, Inc., Class A		5,660		1,368,305
Keurig Dr Pepper, Inc.		2,705		90,131
Molson Coors Beverage Co., Class B		10,592		648,336
				2,106,772
Biotechnology — 1.9%
Biogen, Inc. *		9,693		2,508,257
Gilead Sciences, Inc.		45,490		3,685,145
Moderna, Inc. *		8,724		867,602
Regeneron Pharmaceuticals, Inc. *		3,232		2,838,633
United Therapeutics Corp. *		683		150,185
				10,049,822
Broadline Retail — 0.2%
eBay, Inc.		20,328		886,707
Building Products — 1.1%
Builders FirstSource, Inc. *		7,125		1,189,447
Carlisle Cos., Inc.		304		94,979
Carrier Global Corp.		571		32,804
Fortune Brands Innovations, Inc.		11,027		839,596
Johnson Controls International PLC		34,370		1,981,087
Owens Corning		12,209		1,809,740
				5,947,653
Capital Markets — 3.2%
Bank of New York Mellon Corp. (The)		52,444		2,729,710
Franklin Resources, Inc.		5,210		155,206
Goldman Sachs Group, Inc. (The)		18,498		7,135,973
Jefferies Financial Group, Inc.		6,993		282,587
Morgan Stanley		58,923		5,494,570
Northern Trust Corp.		938		79,148
Raymond James Financial, Inc.		4,361		486,251
State Street Corp.		10,112		783,276
T Rowe Price Group, Inc.		1,285		138,382
				17,285,103
Chemicals — 4.0%
Air Products & Chemicals, Inc.		5,579		1,527,530
Albemarle Corp.		4,214		608,839
Celanese Corp.		4,202		652,865
CF Industries Holdings, Inc.		11,835		940,882
Corteva, Inc.		18,513		887,143
Dow, Inc.		51,700		2,835,228
DuPont de Nemours, Inc.		13,259		1,020,015
Eastman Chemical Co.		17,799		1,598,706
International Flavors & Fragrances, Inc.		9,315		754,236
Linde PLC		14,100		5,791,011
LyondellBasell Industries NV, Class A		21,390		2,033,761
Mosaic Co. (The)		12,646		451,842
PPG Industries, Inc.		8,879		1,327,854
Westlake Corp.		7,968		1,115,201
				21,545,113
Commercial Banks — 10.3%
Bank of America Corp.		196,564		6,618,310
Citigroup, Inc.		79,030		4,065,303
Citizens Financial Group, Inc.		18,613		616,835
East West Bancorp, Inc.		2,390		171,961
Fifth Third Bancorp		70,601		2,435,028
First Citizens Bancshares, Inc., Class A		153		217,102
Huntington Bancshares, Inc.		72,900		927,288
JPMorgan Chase & Co.		142,484		24,236,528
KeyCorp		33,936		488,678
M&T Bank Corp.		3,759		515,284
PNC Financial Services Group, Inc. (The)		11,566		1,790,995
Regions Financial Corp.		119,937		2,324,379
Truist Financial Corp.		64,730		2,389,832
U.S. Bancorp		40,031		1,732,542
Wells Fargo & Co.		126,013		6,202,360
Zions Bancorp NA		20,193		885,867
				55,618,292
Commercial Services & Supplies — 0.2%
Republic Services, Inc.		2,415		398,258
Veralto Corp.		6,377		524,572
				922,830
Communications Equipment — 0.5%
Cisco Systems, Inc.		39,111		1,975,888
Juniper Networks, Inc.		19,365		570,880
				2,546,768
Computers & Peripherals — 1.1%
Dell Technologies, Inc., Class C		861		65,867
Hewlett Packard Enterprise Co.		141,847		2,408,562
HP, Inc.		87,556		2,634,560
Western Digital Corp. *		15,020		786,597
				5,895,586
Construction & Engineering — 0.2%
AECOM		6,723		621,407
Quanta Services, Inc.		1,055		227,669
				849,076
Construction Materials — 0.7%
Martin Marietta Materials, Inc.		4,136		2,063,492
Vulcan Materials Co.		8,594		1,950,924
				4,014,416
Consumer Finance — 1.4%
Ally Financial, Inc.		52,963		1,849,468
Capital One Financial Corp.		28,539		3,742,034
Discover Financial Services		7,930		891,332
Synchrony Financial		25,544		975,525
				7,458,359
Consumer Staples Distribution & Retail — 2.2%
Dollar Tree, Inc. *		12,596		1,789,262
Kroger Co. (The)		64,415		2,944,410
U.S. Foods Holding Corp. *		9,124		414,321
Walgreens Boots Alliance, Inc.		44,769		1,168,918
Walmart, Inc.		34,998		5,517,435
				11,834,346

The accompanying notes are an integral part of these financial statements.

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF December 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Containers & Packaging — 0.5%
Amcor PLC		20,769	$	200,213
Ball Corp.		6,731		387,167
International Paper Co.		36,643		1,324,645
Packaging Corp. of America		2,898		472,113
Sonoco Products Co.		611		34,137
Westrock Co.		13,537		562,056
				2,980,331
Distributors — 0.4%
Genuine Parts Co.		2,990		414,115
LKQ Corp.		37,512		1,792,698
				2,206,813
Diversified Telecommunication Services — 2.8%
AT&T, Inc.		455,881		7,649,683
Verizon Communications, Inc.		198,247		7,473,912
				15,123,595
Electric Utilities — 0.2%
NRG Energy, Inc.		22,148		1,145,052
Electrical Equipment — 0.4%
AMETEK, Inc.		6,575		1,084,152
Eaton Corp. PLC		5,290		1,273,938
Sensata Technologies Holding PLC		1,781		66,912
				2,425,002
Electronic Equipment, Instruments & Components — 1.3%
Corning, Inc.		84,494		2,572,842
Flex Ltd. *		31,420		957,053
Jabil, Inc.		2,048		260,915
Keysight Technologies, Inc. *		1,184		188,363
TD SYNNEX Corp.		1,605		172,714
TE Connectivity Ltd.		19,914		2,797,917
Teledyne Technologies, Inc. *		125		55,786
				7,005,590
Energy Equipment & Services — 0.3%
Baker Hughes Co.		49,652		1,697,105
Entertainment — 1.0%
Electronic Arts, Inc.		5,250		718,253
Liberty Media Corp.-Liberty Formula One, Class A *		1,097		63,604
Liberty Media Corp.-Liberty Formula One, Class C *		2,194		138,507
Take-Two Interactive Software, Inc. *		2,974		478,665
Walt Disney Co. (The)		34,691		3,132,250
Warner Bros Discovery, Inc. *		85,934		977,929
				5,509,208
Financial Services — 3.3%
Berkshire Hathaway, Inc., Class B *		38,117		13,594,809
Fidelity National Information Services, Inc.		27,979		1,680,699
Fiserv, Inc. *		12,529		1,664,352
Global Payments, Inc.		7,128		905,256
				17,845,116
Food Products — 2.8%
Archer-Daniels-Midland Co.		24,965		1,802,972
Bunge Global SA		12,845		1,296,703
Campbell Soup Co.		3,702		160,038
Conagra Brands, Inc.		19,827		568,242
General Mills, Inc.		38,095		2,481,508
Hormel Foods Corp.		5,728		183,926
J.M. Smucker Co. (The)		13,087		1,653,935
Kraft Heinz Co. (The)		20,920		773,622
McCormick & Co., Inc.		1,921		131,435
Mondelez International, Inc., Class A		51,728		3,746,659
Post Holdings, Inc. *		973		85,682
Tyson Foods, Inc., Class A		41,844		2,249,115
				15,133,837
Ground Transportation — 1.0%
Norfolk Southern Corp.		16,359		3,866,941
U-Haul Holding Co. *@		2,003		143,815
U-Haul Holding Co.		18,027		1,269,822
				5,280,578
Health Care Equipment & Supplies — 2.0%
Abbott Laboratories		13,396		1,474,498
Becton Dickinson & Co.		8,851		2,158,139
Boston Scientific Corp. *		7,514		434,384
Cooper Cos., Inc. (The)		137		51,846
GE HealthCare Technologies, Inc.		23,244		1,797,226
Hologic, Inc. *		5,323		380,329
Medtronic PLC		37,706		3,106,220
STERIS PLC		3,097		680,876
Zimmer Biomet Holdings, Inc.		8,154		992,342
				11,075,860
Health Care Providers & Services — 5.1%
Centene Corp. *		19,196		1,424,535
Cigna Group (The)		19,065		5,709,014
CVS Health Corp.		58,448		4,615,054
Elevance Health, Inc.		13,010		6,134,996
Henry Schein, Inc. *		3,777		285,957
Humana, Inc.		7,918		3,624,940
Laboratory Corp. of America Holdings		13,769		3,129,556
Quest Diagnostics, Inc.		18,783		2,589,800
Universal Health Services, Inc., Class B		1,221		186,129
				27,699,981
Hotels, Restaurants & Leisure — 0.5%
Aramark		16,117		452,888
Carnival Corp. *		27,865		516,617
Hyatt Hotels Corp., Class A @		3,174		413,921
MGM Resorts International *		26,967		1,204,886
				2,588,312
Household Durables — 3.2%
DR Horton, Inc.		46,332		7,041,537
Garmin Ltd.		12,982		1,668,706
Lennar Corp., B Shares @		573		76,811
Lennar Corp., Class A		23,116		3,445,209
NVR, Inc. *		15		105,007
PulteGroup, Inc.		41,840		4,318,725
Whirlpool Corp.		3,147		383,210
				17,039,205
Independent Power Producers & Energy Traders — 0.2%
Vistra Corp.		25,467		980,989
Industrial Conglomerates — 0.3%
General Electric Co.		11,962		1,526,710
Insurance — 4.6%
Aflac, Inc.		32,730		2,700,225
American International Group, Inc.		29,118		1,972,745
Arch Capital Group Ltd. *		18,837		1,399,024

The accompanying notes are an integral part of these financial statements.

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF December 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Insurance (Continued)
Chubb Ltd.		11,440	$	2,585,440
Cincinnati Financial Corp.		370		38,280
Everest Group Ltd.		1,938		685,238
F&G Annuities & Life, Inc. @		103		4,738
Fidelity National Financial, Inc.		1,515		77,295
Hartford Financial Services Group, Inc. (The)		47,472		3,815,799
Lincoln National Corp.		9,516		256,647
Loews Corp.		15,964		1,110,935
Markel Group, Inc. *		116		164,708
MetLife, Inc.		12,261		810,820
Old Republic International Corp.		14,636		430,298
Principal Financial Group, Inc.		28,632		2,252,479
Prudential Financial, Inc.		22,788		2,363,344
RenaissanceRe Holdings Ltd.		469		91,924
Travelers Companies, Inc. (The)		21,374		4,071,533
				24,831,472
Interactive Media & Services — 1.0%
Meta Platforms, Inc., Class A *		15,106		5,346,920
IT Services — 0.8%
Akamai Technologies, Inc. *		3,310		391,738
Amdocs Ltd.		15,213		1,337,070
Cognizant Technology Solutions Corp., Class A		34,305		2,591,057
DXC Technology Co. *		10,285		235,218
Kyndryl Holdings, Inc. *		1,933		40,168
				4,595,251
Life Sciences Tools & Services — 1.6%
Bio-Rad Laboratories, Inc., Class A *		172		55,537
Danaher Corp.		19,132		4,425,997
Revvity, Inc.		1,932		211,187
Thermo Fisher Scientific, Inc.		6,997		3,713,937
				8,406,658
Machinery — 3.7%
AGCO Corp.		2,811		341,284
Cummins, Inc.		10,946		2,622,333
Dover Corp.		6,916		1,063,750
Fortive Corp.		7,311		538,309
Ingersoll Rand, Inc.		14,939		1,155,382
Oshkosh Corp.		984		106,675
Otis Worldwide Corp.		25,885		2,315,931
PACCAR, Inc.		34,507		3,369,609
Parker-Hannifin Corp.		6,463		2,977,504
Pentair PLC		20,400		1,483,284
Snap-on, Inc.		6,351		1,834,423
Stanley Black & Decker, Inc.		14,985		1,470,028
Westinghouse Air Brake Technologies Corp.		5,333		676,758
				19,955,270
Media — 2.9%
Comcast Corp., Class A		280,380		12,294,663
Fox Corp. Class A		24,883		738,279
Fox Corp. Class B		14,510		401,201
Interpublic Group of Cos., Inc. (The)		21,833		712,629
Liberty Broadband Corp., Class C *		3,887		313,253
Liberty Media Corp.-Liberty SiriusXM, Class A *		4,389		126,140
Liberty Media Corp.-Liberty SiriusXM, Class C *		8,778		252,631
News Corp., Class A		8,320		204,256
News Corp., Class B		1,734		44,598
Paramount Global, Class B		25,564		378,092
				15,465,742
Metals & Mining — 3.6%
Freeport-McMoRan, Inc.		106,539		4,535,365
Newmont Corp.		42,413		1,755,474
Nucor Corp.		38,084		6,628,139
Reliance Steel & Aluminum Co.		9,348		2,614,449
Royal Gold, Inc.		725		87,696
Steel Dynamics, Inc.		33,820		3,994,142
				19,615,265
Oil, Gas & Consumable Fuels — 13.3%
Chevron Corp.		97,929		14,607,090
ConocoPhillips		92,400		10,724,868
Coterra Energy, Inc.		19,923		508,435
Devon Energy Corp.		27,320		1,237,596
Diamondback Energy, Inc.		8,816		1,367,185
EOG Resources, Inc.		23,992		2,901,832
EQT Corp.		1,748		67,578
Exxon Mobil Corp.		222,398		22,235,352
HF Sinclair Corp.		471		26,173
Kinder Morgan, Inc.		75,243		1,327,287
Marathon Oil Corp.		18,183		439,301
Marathon Petroleum Corp.		30,104		4,466,229
Occidental Petroleum Corp.		34,021		2,031,394
ONEOK, Inc.		1,519		106,664
Phillips 66		15,495		2,063,004
Pioneer Natural Resources Co.		10,352		2,327,958
Valero Energy Corp.		19,826		2,577,380
Williams Cos., Inc. (The)		67,920		2,365,654
				71,380,980
Passenger Airlines — 0.4%
Delta Air Lines, Inc.		33,883		1,363,113
Southwest Airlines Co.		22,025		636,082
United Airlines Holdings, Inc. *		5,310		219,091
				2,218,286
Personal Products — 0.0%
BellRing Brands, Inc. *		1,233		68,345
Pharmaceuticals — 2.7%
Bristol-Myers Squibb Co.		79,893		4,099,310
Jazz Pharmaceuticals PLC *		4,730		581,790
Pfizer, Inc.		322,258		9,277,808
Viatris, Inc.		69,023		747,519
				14,706,427
Professional Services — 0.6%
Concentrix Corp.		1,605		157,627
Jacobs Solutions, Inc.		6,136		796,453
Leidos Holdings, Inc.		16,200		1,753,488
ManpowerGroup, Inc.		632		50,225
SS&C Technologies Holdings, Inc.		7,467		456,308
				3,214,101
Real Estate Management & Development — 0.5%
CBRE Group, Inc., Class A *		19,100		1,778,019
Jones Lang LaSalle, Inc. *		4,753		897,699
				2,675,718
Semiconductors & Semiconductor Equipment — 4.9%
Advanced Micro Devices, Inc. *		15,879		2,340,723
Analog Devices, Inc.		18,542		3,681,700
Intel Corp.		228,574		11,485,844
Marvell Technology, Inc.		18,929		1,141,608
Micron Technology, Inc.		67,598		5,768,813
Qorvo, Inc. *		11,125		1,252,786

The accompanying notes are an integral part of these financial statements.

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF December 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Semiconductors & Semiconductor Equipment (Continued)
Skyworks Solutions, Inc.		4,292	$	482,507
				26,153,981
Software — 0.6%
Gen Digital, Inc.		3,129		71,404
Roper Technologies, Inc.		366		199,532
Salesforce, Inc. *		10,426		2,743,498
				3,014,434
Specialty Retail — 0.1%
CarMax, Inc. *		8,119		623,052
Textiles, Apparel & Luxury Goods — 0.1%
Ralph Lauren Corp.		1,676		241,679
Tapestry, Inc.		6,979		256,897
				498,576
Trading Companies & Distributors — 0.5%
United Rentals, Inc.		4,510		2,586,124
Wireless Telecommunication Services — 0.9%
T-Mobile U.S., Inc.		29,534		4,735,186
TOTAL COMMON STOCKS (Identified Cost $314,334,482)				536,970,580
SHORT-TERM INVESTMENTS — 0.5%
Investment Company — 0.5%
State Street Institutional U.S. Government Money Market Fund 5.070%		2,454,862		2,454,862
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,454,862)				2,454,862
Total Investments — 100.2% (Identified Cost $316,789,344)				539,425,442
Liabilities, Less Cash and Other Assets — (0.2%)				(1,101,623	)
Net Assets — 100.0%			$	538,323,819

†	See Note 1
*	Non-income producing security
@	A portion or all of the security was held on loan. As of December 31, 2023, the fair value of the securities on loan was $640,475.

The accompanying notes are an integral part of these financial statements.

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited)

	SHARES		VALUE†
COMMON STOCKS — 99.9%
Aerospace & Defense — 1.2%
AAR Corp. *		3,510	$	219,024
AeroVironment, Inc. *		2,477		312,201
Astronics Corp., Class B *		693		12,086
Axon Enterprise, Inc. *		11		2,842
BWX Technologies, Inc.		3,927		301,319
Curtiss-Wright Corp.		2,577		574,130
Ducommun, Inc. *		1,489		77,517
Hexcel Corp.		5,671		418,236
Huntington Ingalls Industries, Inc.		136		35,311
Innovative Solutions & Support, Inc. *		3,248		27,705
Kaman Corp.		3,031		72,592
Kratos Defense & Security Solutions, Inc. *		11,721		237,819
Mercury Systems, Inc. *		4,277		156,410
Moog, Inc., Class A		2,730		395,249
National Presto Industries, Inc.		709		56,919
Park Aerospace Corp.		2,501		36,765
Parsons Corp. *		1,163		72,932
V2X, Inc. *		1,491		69,242
Woodward, Inc.		4,322		588,354
				3,666,653
Air Freight & Logistics — 0.2%
Air Transport Services Group, Inc. *		7,181		126,457
CH Robinson Worldwide, Inc.		1,094		94,511
Forward Air Corp.		2,778		174,653
HUB Group, Inc., Class A *		2,709		249,066
Radiant Logistics, Inc. *		6,146		40,809
				685,496
Automobile Components — 1.6%
Adient PLC *		4,024		146,313
American Axle & Manufacturing Holdings, Inc. *		3,721		32,782
Autoliv, Inc.		6,598		727,034
BorgWarner, Inc.		15,123		542,160
Cooper-Standard Holdings, Inc. *		1,153		22,530
Dana, Inc.		9,900		144,639
Dorman Products, Inc. *		3,535		294,854
Fox Factory Holding Corp. *		4,601		310,475
Gentex Corp.		15,377		502,213
Gentherm, Inc. *		3,773		197,554
Goodyear Tire & Rubber Co. (The) *		6,748		96,631
LCI Industries		2,757		346,582
Lear Corp.		4,020		567,664
Modine Manufacturing Co. *		5,416		323,335
Motorcar Parts of America, Inc. *		2,267		21,174
Patrick Industries, Inc.		2,334		234,217
Phinia, Inc.		3,024		91,597
Standard Motor Products, Inc.		2,639		105,059
Stoneridge, Inc. *		2,727		53,367
Strattec Security Corp. *		941		23,629
Visteon Corp. *		2,696		336,730
XPEL, Inc. *		305		16,424
				5,136,963
Automobiles — 0.3%
Harley-Davidson, Inc.		9,600		353,664
Lucid Group, Inc. *@		15,466		65,112
Thor Industries, Inc.		2,397		283,445
Winnebago Industries, Inc.		3,191		232,560
				934,781
Beverages — 0.7%
Boston Beer Co., Inc. (The), Class A *		69		23,846
Celsius Holdings, Inc. *		5,436		296,371
Coca-Cola Consolidated, Inc.		882		818,849
Duckhorn Portfolio, Inc. (The) *		6,105		60,134
MGP Ingredients, Inc. @		1,851		182,360
Molson Coors Beverage Co., Class B		9,730		595,573
National Beverage Corp. *		7,326		364,249
				2,341,382
Biotechnology — 2.2%
Agios Pharmaceuticals, Inc. *		4,111		91,552
Aldeyra Therapeutics, Inc. *@		3,971		13,938
Alkermes PLC *		7,251		201,143
Allogene Therapeutics, Inc. *@		9,669		31,038
AnaptysBio, Inc. *		2,569		55,028
Anika Therapeutics, Inc. *		1,795		40,675
Arcturus Therapeutics Holdings, Inc. *		2,548		80,339
Arcus Biosciences, Inc. *		2,904		55,466
Avid Bioservices, Inc. *		4,386		28,509
Avidity Biosciences, Inc. *		4,762		43,096
Beam Therapeutics, Inc. *@		497		13,528
Biomea Fusion, Inc. *@		1,472		21,373
Bluebird Bio, Inc. *		5,659		7,809
Catalyst Pharmaceuticals, Inc. *		8,570		144,062
Chinook Therapeutics, Inc. CVR *¶§		5,000		1,463
Crinetics Pharmaceuticals, Inc. *		551		19,605
CRISPR Therapeutics AG *@		1,927		120,630
Cullinan Oncology, Inc. *		1,139		11,606
Deciphera Pharmaceuticals, Inc. *		5,724		92,328
Dynavax Technologies Corp. *		7,915		110,652
Dyne Therapeutics, Inc. *		1,485		19,751
Eagle Pharmaceuticals, Inc. *		488		2,552
Editas Medicine, Inc. *		4,524		45,828
Emergent BioSolutions, Inc. *		5,055		12,132
Enanta Pharmaceuticals, Inc. *		1,585		14,915
Exact Sciences Corp. *		1,691		125,100
Exelixis, Inc. *		22,934		550,187
Fate Therapeutics, Inc. *		124		464
Generation Bio Co. *		1,291		2,130
Graphite Bio, Inc. *		3,123		8,182
Halozyme Therapeutics, Inc. *		10,812		399,612
Ideaya Biosciences, Inc. *		4,393		156,303
Incyte Corp. *		3,985		250,218
Intellia Therapeutics, Inc. *		2,590		78,969
Iovance Biotherapeutics, Inc. *		6,868		55,837
Ironwood Pharmaceuticals, Inc. *		11,743		134,340
KalVista Pharmaceuticals, Inc. *		767		9,396
Karuna Therapeutics, Inc. *		1,267		401,018
Krystal Biotech, Inc. *		1,598		198,248
Kura Oncology, Inc. *		5,384		77,422
Kymera Therapeutics, Inc. *@		3,129		79,664
MacroGenics, Inc. *		1,907		18,345
Mirati Therapeutics, Inc. *		1,395		81,956
Mural Oncology PLC *		725		4,292
Myriad Genetics, Inc. *		8,130		155,608
Neurocrine Biosciences, Inc. *		7,426		978,450
Nurix Therapeutics, Inc. *		2,828		29,185
PDL BioPharma, Inc. *§		18,262		29,402
PMV Pharmaceuticals, Inc. *		3,331		10,326
Prothena Corp. PLC *		932		33,869
RAPT Therapeutics, Inc. *		1,843		45,799
Recursion Pharmaceuticals, Inc., Class A *		1,754		17,294
REGENXBIO, Inc. *		2,731		49,022
Relay Therapeutics, Inc. *		7,635		84,061
Replimune Group, Inc. *		3,690		31,107
REVOLUTION Medicines, Inc. *		5,705		163,619
Rocket Pharmaceuticals, Inc. *		3,576		107,173
Sage Therapeutics, Inc. *		3,363		72,876
Sarepta Therapeutics, Inc. *		2,651		255,636

The accompanying notes are an integral part of these financial statements.

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Biotechnology (Continued)
Stoke Therapeutics, Inc. *@		2,970	$	15,622
Sutro Biopharma, Inc. *		908		3,895
Twist Bioscience Corp. *		2,997		110,469
United Therapeutics Corp. *		2,637		579,850
Vaxcyte, Inc. *		672		42,202
Veracyte, Inc. *		4,340		119,393
Vericel Corp. *		713		25,390
Xencor, Inc. *		2,792		59,274
Xenon Pharmaceuticals, Inc. *		338		15,568
				6,945,791
Broadline Retail — 0.4%
Big Lots, Inc.		1,156		9,005
Dillard’s, Inc., Class A @		780		314,847
Etsy, Inc. *		418		33,879
Kohl’s Corp.		2,281		65,419
Macy’s, Inc.		16,931		340,652
Nordstrom, Inc. @		2,914		53,763
Ollie’s Bargain Outlet Holdings, Inc. *		3,753		284,815
				1,102,380
Building Products — 3.2%
A.O. Smith Corp.		8,970		739,487
AAON, Inc.		8,580		633,805
Advanced Drainage Systems, Inc.		7,209		1,013,874
Allegion PLC		1,427		180,787
American Woodmark Corp. *		1,353		125,626
Apogee Enterprises, Inc.		2,316		123,698
Armstrong World Industries, Inc.		4,365		429,167
AZZ, Inc.		2,363		137,267
Builders FirstSource, Inc. *		1,447		241,562
Carlisle Cos., Inc.		609		190,270
CSW Industrials, Inc.		1,174		243,499
Fortune Brands Innovations, Inc.		961		73,170
Gibraltar Industries, Inc. *		3,042		240,257
Insteel Industries, Inc.		2,278		87,225
Lennox International, Inc.		1,677		750,491
Masco Corp.		5,670		379,777
Masonite International Corp. *		169		14,308
Owens Corning		6,683		990,621
PGT Innovations, Inc. *		6,135		249,694
Quanex Building Products Corp.		3,350		102,409
Resideo Technologies, Inc. *		681		12,816
Simpson Manufacturing Co., Inc.		4,397		870,518
Trex Co., Inc. *		10,510		870,123
UFP Industries, Inc.		6,595		828,002
Zurn Elkay Water Solutions Corp.		14,150		416,151
				9,944,604
Capital Markets — 3.0%
Affiliated Managers Group, Inc.		3,775		571,610
Artisan Partners Asset Management, Inc., Class A		6,206		274,181
AssetMark Financial Holdings, Inc. *		3,140		94,043
B Riley Financial, Inc.		1,204		25,272
BGC Group, Inc., Class A		30,567		220,694
Brightsphere Investment Group, Inc.		2,826		54,146
Carlyle Group, Inc. (The)		9,910		403,238
Cohen & Steers, Inc.		5,127		388,268
Diamond Hill Investment Group, Inc.		289		47,856
Donnelley Financial Solutions, Inc. *		2,776		173,139
Evercore, Inc., Class A		3,659		625,872
Federated Hermes, Inc.		7,863		266,241
Franklin Resources, Inc.		13,466		401,152
Hamilton Lane, Inc., Class A		1,792		203,284
Houlihan Lokey, Inc.		1,002		120,150
Invesco Ltd.		24,055		429,141
Janus Henderson Group PLC		14,636		441,275
Jefferies Financial Group, Inc.		21,621		873,705
Lazard Ltd., Class A		6,742		234,622
MarketAxess Holdings, Inc.		710		207,924
Moelis & Co., Class A		3,960		222,275
Morningstar, Inc.		2,847		814,925
Open Lending Corp., Class A *		2,793		23,768
Oppenheimer Holdings, Inc., Class A		1,244		51,402
Piper Sandler Cos.		1,880		328,756
PJT Partners, Inc., Class A @		1,422		144,859
Robinhood Markets, Inc., Class A *		14,262		181,698
SEI Investments Co.		4,732		300,719
Silvercrest Asset Management Group, Inc., Class A		759		12,903
StepStone Group, Inc., Class A		446		14,196
Stifel Financial Corp.		9,673		668,888
StoneX Group, Inc. *		3,118		230,202
Victory Capital Holdings, Inc., Class A		982		33,820
Virtu Financial, Inc., Class A		4,501		91,190
Virtus Investment Partners, Inc.		676		163,430
Westwood Holdings Group, Inc.		1,157		14,543
WisdomTree, Inc. @		4,286		29,702
				9,383,089
Chemicals — 2.5%
AdvanSix, Inc.		3,198		95,812
Alto Ingredients, Inc. *		5,761		15,324
American Vanguard Corp.		3,554		38,987
Ashland, Inc.		4,253		358,570
Avient Corp.		10,014		416,282
Axalta Coating Systems Ltd. *		16,030		544,539
Balchem Corp.		3,494		519,733
Cabot Corp.		5,463		456,161
Celanese Corp.		1,157		179,763
Chemours Co. (The)		8,849		279,098
Core Molding Technologies, Inc. *		1,500		27,795
Eastman Chemical Co.		3,373		302,963
Ecovyst, Inc. *		5,086		49,690
Element Solutions, Inc.		21,963		508,224
FMC Corp.		2,021		127,424
Hawkins, Inc.		2,648		186,472
HB Fuller Co.		5,803		472,422
Huntsman Corp.		12,047		302,741
Ingevity Corp. *		2,015		95,148
Innospec, Inc.		2,704		333,241
Intrepid Potash, Inc. *		750		17,918
Koppers Holdings, Inc.		2,308		118,216
Kronos Worldwide, Inc.		2,278		22,643
Livent Corp. *@		7,893		141,916
LSB Industries, Inc. *		3,802		35,397
Mativ Holdings, Inc.		3,615		55,346
Minerals Technologies, Inc.		3,081		219,706
Mosaic Co. (The)		9,271		331,253
NewMarket Corp.		504		275,098

The accompanying notes are an integral part of these financial statements.

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Chemicals (Continued)
Olin Corp.		3,715	$	200,424
Orion SA		3,504		97,166
Quaker Chemical Corp.		784		167,321
RPM International, Inc.		4,352		485,814
Sensient Technologies Corp.		4,568		301,488
Stepan Co.		2,418		228,622
Tronox Holdings PLC		1,464		20,730
				8,029,447
Commercial Banks — 9.3%
1st Source Corp.		2,546		139,903
Amalgamated Financial Corp.		477		12,850
Amerant Bancorp, Inc.		661		16,241
American National Bankshares, Inc.		1,508		73,515
Ameris Bancorp		7,199		381,907
AmeriServ Financial, Inc.		4,400		14,234
Arrow Financial Corp.		2,279		63,675
Associated Banc-Corp.		15,878		339,630
Atlantic Union Bankshares Corp.		6,981		255,086
Axos Financial, Inc. *		5,392		294,403
Banc of California, Inc.		5,994		80,499
BancFirst Corp.		3,303		321,481
Bancorp, Inc. (The) *		4,840		186,630
Bank of Hawaii Corp. @		3,456		250,422
Bank of Marin Bancorp		1,580		34,792
Bank OZK		4,569		227,673
BankUnited, Inc.		3,310		107,343
Bankwell Financial Group, Inc.		326		9,839
Banner Corp.		3,355		179,694
Bar Harbor Bankshares		2,089		61,333
BCB Bancorp, Inc.		878		11,282
Berkshire Hills Bancorp, Inc.		4,455		110,618
BOK Financial Corp.		5,182		443,838
Bridgewater Bancshares, Inc. *		700		9,464
Brookline Bancorp, Inc.		7,431		81,072
Business First Bancshares, Inc.		553		13,631
Byline Bancorp, Inc.		1,299		30,604
C&F Financial Corp.		466		31,777
Cadence Bank		15,454		457,284
Camden National Corp.		1,756		66,078
Capital City Bank Group, Inc.		1,890		55,623
Capitol Federal Financial, Inc.		9,589		61,849
Carter Bankshares, Inc. *		711		10,644
Cathay General Bancorp		7,259		323,534
Central Pacific Financial Corp.		3,116		61,323
Central Valley Community Bancorp		1,638		36,609
Citizens & Northern Corp.		852		19,110
Citizens Community Bancorp, Inc.		400		4,684
Citizens Financial Group, Inc.		13,844		458,790
City Holding Co.		1,327		146,315
Civista Bancshares, Inc.		270		4,979
CNB Financial Corp.		2,264		51,144
Coastal Financial Corp. *		555		24,648
Columbia Banking System, Inc.		8,311		221,737
Columbia Financial, Inc. *@		2,819		54,350
Comerica, Inc.		7,707		430,128
Commerce Bancshares, Inc.		9,002		480,797
Community Bank System, Inc.		4,718		245,855
Community Trust Bancorp, Inc.		1,552		68,071
ConnectOne Bancorp, Inc.		3,358		76,932
Cullen/Frost Bankers, Inc.		3,828		415,300
Customers Bancorp, Inc. *		3,713		213,943
CVB Financial Corp.		13,166		265,822
Dime Community Bancshares, Inc.		4,460		120,108
Eagle Bancorp, Inc.		1,935		58,321
East West Bancorp, Inc.		9,740		700,793
Enterprise Bancorp, Inc.		331		10,678
Enterprise Financial Services Corp.		2,901		129,530
Equity Bancshares, Inc., Class A		1,470		49,833
Esquire Financial Holdings, Inc.		569		28,427
ESSA Bancorp, Inc.		1,900		38,038
Farmers & Merchants Bancorp, Inc.		1,205		29,884
Farmers National Banc Corp.		3,991		57,670
FB Financial Corp.		3,274		130,469
Financial Institutions, Inc.		1,855		39,511
First BanCorp		22,053		432,285
First Bancorp, Inc. (The)		1,876		52,941
First Bancshares, Inc. (The)		1,367		40,094
First Busey Corp.		5,571		138,272
First Business Financial Services, Inc.		551		22,095
First Commonwealth Financial Corp.		9,286		143,376
First Community Bankshares, Inc.		1,982		73,532
First Financial Bancorp		8,992		213,560
First Financial Bankshares, Inc.		14,820		449,046
First Financial Corp.		1,395		60,027
First Financial Northwest, Inc.		2,239		30,182
First Foundation, Inc.		4,921		47,635
First Hawaiian, Inc.		1,200		27,432
First Horizon Corp.		34,054		482,205
First Internet Bancorp		1,284		31,060
First Interstate Bancsystem, Inc., Class A		5,123		157,532
First Merchants Corp.		5,621		208,427
First Mid Bancshares, Inc.		500		17,330
First of Long Island Corp. (The)		2,295		30,386
Flushing Financial Corp.		3,899		64,256
FNB Corp.		22,576		310,871
FS Bancorp, Inc.		962		35,556
Fulton Financial Corp.		15,678		258,060
German American Bancorp, Inc.		3,217		104,263
Glacier Bancorp, Inc.		11,842		489,311
Great Southern Bancorp, Inc.		1,275		75,671
Hancock Whitney Corp.		6,503		315,981
Hanmi Financial Corp.		3,586		69,568
HarborOne Bancorp, Inc.		6,045		72,419
Heartland Financial USA, Inc.		4,558		171,426
Heritage Commerce Corp.		6,526		64,738
Heritage Financial Corp.		4,162		89,025
Hilltop Holdings, Inc.		6,988		246,047
Hingham Institution For Savings (The)		236		45,878
Home Bancorp, Inc.		994		41,758
Home BancShares, Inc.		13,006		329,442
HomeStreet, Inc.		2,447		25,204
HomeTrust Bancshares, Inc.		2,255		60,705
Hope Bancorp, Inc.		11,541		139,415
Horizon Bancorp, Inc.		3,103		44,404
Independent Bank Corp.		4,458		269,507
Independent Bank Group, Inc.		2,187		111,275
International Bancshares Corp.		5,903		320,651
Kearny Financial Corp.		7,750		69,517
KeyCorp		26,535		382,104
Lakeland Bancorp, Inc.		5,547		82,040
Lakeland Financial Corp.		2,447		159,447
Live Oak Bancshares, Inc.		847		38,538
Macatawa Bank Corp.		5,141		57,990
Mercantile Bank Corp.		1,601		64,648
Metropolitan Bank Holding Corp. *		321		17,777

The accompanying notes are an integral part of these financial statements.

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Commercial Banks (Continued)
Midland States Bancorp, Inc.		1,086	$	29,930
MidWestOne Financial Group, Inc.		613		16,496
National Bank Holdings Corp., Class A		3,376		125,553
NBT Bancorp, Inc.		4,206		176,273
New York Community Bancorp, Inc.		49,763		509,075
Nicolet Bankshares, Inc.		1,020		82,090
Northeast Bank		896		49,450
Northfield Bancorp, Inc.		5,020		63,152
Northrim BanCorp, Inc.		836		47,828
Northwest Bancshares, Inc.		12,344		154,053
OceanFirst Financial Corp.		4,432		76,940
OFG Bancorp		4,058		152,094
Old National Bancorp		28,203		476,349
Old Second Bancorp, Inc.		2,244		34,647
Origin Bancorp, Inc.		1,342		47,735
Pacific Premier Bancorp, Inc.		6,941		202,052
Park National Corp.		1,732		230,114
Pathward Financial, Inc.		2,146		113,588
Peapack-Gladstone Financial Corp.		1,992		59,401
Penns Woods Bancorp, Inc.		1,138		25,616
Peoples Bancorp, Inc.		3,204		108,167
Pinnacle Financial Partners, Inc.		3,365		293,495
Popular, Inc.		7,138		585,816
Preferred Bank		1,186		86,637
Premier Financial Corp.		4,193		101,051
Primis Financial Corp.		2,721		34,448
Prosperity Bancshares, Inc.		7,853		531,884
Provident Financial Holdings, Inc.		1,124		14,174
Provident Financial Services, Inc.		7,592		136,884
QCR Holdings, Inc.		1,658		96,811
Renasant Corp.		5,355		180,356
Republic Bancorp, Inc., Class A		1,997		110,155
Riverview Bancorp, Inc.		2,557		16,365
S&T Bancorp, Inc.		3,996		133,546
Sandy Spring Bancorp, Inc.		2,943		80,167
Seacoast Banking Corp. of Florida		5,003		142,385
ServisFirst Bancshares, Inc.		5,630		375,127
Sierra Bancorp		2,000		45,100
Simmons First National Corp., Class A		9,677		191,992
Southern First Bancshares, Inc. *		923		34,243
Southern Missouri Bancorp, Inc.		686		36,626
Southside Bancshares, Inc.		3,368		105,486
SouthState Corp.		7,217		609,476
Stellar Bancorp, Inc.		3,386		94,266
Stock Yards Bancorp, Inc.		2,936		151,175
Summit Financial Group, Inc.		392		12,030
Synovus Financial Corp.		7,875		296,494
Territorial Bancorp, Inc.		1,557		17,361
Texas Capital Bancshares, Inc. *		3,132		202,421
Timberland Bancorp, Inc.		921		28,975
Tompkins Financial Corp.		1,559		93,899
Towne Bank		5,809		172,876
TriCo Bancshares		2,959		127,148
Triumph Financial, Inc. *		2,441		195,719
TrustCo Bank Corp.		2,134		66,261
Trustmark Corp.		5,770		160,868
UMB Financial Corp.		4,960		414,408
United Bankshares, Inc.		12,088		453,904
United Community Banks, Inc.		8,563		250,553
Univest Financial Corp.		3,363		74,087
Valley National Bancorp		37,407		406,240
Veritex Holdings, Inc.		3,570		83,074
WaFd, Inc.		6,377		210,186
Washington Trust Bancorp, Inc.		2,001		64,792
Webster Financial Corp.		11,093		563,081
WesBanco, Inc.		5,118		160,552
West BanCorp, Inc.		1,763		37,376
Westamerica BanCorp		2,658		149,938
Western Alliance Bancorp		5,446		358,292
Western New England Bancorp, Inc.		3,161		28,449
Wintrust Financial Corp.		4,936		457,814
WSFS Financial Corp.		6,445		296,019
Zions Bancorp NA		10,151		445,324
				29,513,565
Commercial Services & Supplies — 1.9%
ABM Industries, Inc.		6,300		282,429
ACCO Brands Corp.		6,694		40,700
Brady Corp., Class A		4,578		268,683
Brink’s Co. (The)		4,524		397,886
Casella Waste Systems, Inc., Class A *		6,377		544,978
CECO Environmental Corp. *		4,211		85,399
Cimpress PLC *		1,426		114,151
Clean Harbors, Inc. *		4,977		868,536
Deluxe Corp.		4,032		86,486
Driven Brands Holdings, Inc. *		1,606		22,902
Ennis, Inc.		3,110		68,140
HNI Corp.		4,225		176,732
Interface, Inc.		5,834		73,625
Liquidity Services, Inc. *		3,228		55,554
Matthews International Corp., Class A		3,151		115,484
MillerKnoll, Inc.		3,785		100,984
MSA Safety, Inc.		4,031		680,554
NL Industries, Inc.		4,571		25,643
OPENLANE, Inc. *		2,720		40,283
SP Plus Corp. *		2,260		115,825
Steelcase, Inc., Class A		9,338		126,250
Stericycle, Inc. *		4,277		211,968
Tetra Tech, Inc.		5,049		842,830
UniFirst Corp.		1,530		279,852
Vestis Corp.		10,472		221,378
Virco Mfg. Corp.		2,494		30,003
VSE Corp.		1,412		91,229
				5,968,484
Communications Equipment — 1.1%
BK Technologies Corp. *		400		4,892
Calix, Inc. *		3,366		147,060
Cambium Networks Corp. *		2,226		13,356
Ciena Corp. *		15,659		704,812
Clearfield, Inc. *@		2,380		69,210
Comtech Telecommunications Corp.		3,207		27,035
Digi International, Inc. *		3,397		88,322
Extreme Networks, Inc. *		7,358		129,795
F5, Inc. *		3,709		663,837
Harmonic, Inc. *@		10,330		134,703
Infinera Corp. *@		5,375		25,531
Juniper Networks, Inc.		20,460		603,161
KVH Industries, Inc. *		2,387		12,556
Lantronix, Inc. *		1,100		6,446
Lumentum Holdings, Inc. *		4,956		259,793

The accompanying notes are an integral part of these financial statements.

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Communications Equipment (Continued)
NETGEAR, Inc. *		3,539	$	51,599
NetScout Systems, Inc. *		8,182		179,595
Optical Cable Corp. *		374		1,010
Viasat, Inc. *@		5,325		148,834
Viavi Solutions, Inc. *		21,651		218,025
				3,489,572
Computers & Peripherals — 0.3%
AstroNova, Inc. *		1,572		25,561
Pure Storage, Inc., Class A *		16,618		592,598
Stratasys Ltd. *		3,784		54,035
Western Digital Corp. *		4,443		232,680
Xerox Holdings Corp.		7,158		131,206
				1,036,080
Construction & Engineering — 1.9%
AECOM		4,153		383,862
Ameresco, Inc., Class A *		3,289		104,163
Arcosa, Inc.		1,853		153,132
Comfort Systems USA, Inc.		3,764		774,142
Dycom Industries, Inc. *		3,171		364,950
EMCOR Group, Inc.		4,190		902,652
Fluor Corp. *		6,585		257,934
Granite Construction, Inc.		4,358		221,648
Great Lakes Dredge & Dock Corp. *		7,436		57,108
IES Holdings, Inc. *		1,933		153,132
MasTec, Inc. *		6,602		499,903
Matrix Service Co. *		4,086		39,961
MDU Resources Group, Inc.		11,285		223,443
MYR Group, Inc. *		1,601		231,553
Northwest Pipe Co. *		1,211		36,645
Primoris Services Corp.		5,218		173,290
Sterling Infrastructure, Inc. *		2,663		234,158
Tutor Perini Corp. *		3,153		28,692
Valmont Industries, Inc.		1,958		457,213
WillScot Mobile Mini Holdings Corp. *		18,315		815,017
				6,112,598
Construction Materials — 0.3%
Eagle Materials, Inc.		1,439		291,887
Knife River Corp. *		2,821		186,694
Summit Materials, Inc., Class A *		5,504		211,684
U.S. Lime & Minerals, Inc.		713		164,239
				854,504
Consumer Finance — 1.1%
Ally Financial, Inc.		6,410		223,837
Atlanticus Holdings Corp. *		1,788		69,142
Bread Financial Holdings, Inc.		856		28,197
Consumer Portfolio Services, Inc. *		3,813		35,728
Credit Acceptance Corp. *		760		404,875
Encore Capital Group, Inc. *		2,787		141,440
Enova International, Inc. *		2,921		161,707
Ezcorp, Inc., Class A *@		5,994		52,388
FirstCash Holdings, Inc.		4,847		525,366
Green Dot Corp., Class A *		4,505		44,600
LendingClub Corp. *		1,512		13,215
LendingTree, Inc. *		900		27,288
Navient Corp.		11,475		213,664
Nelnet, Inc., Class A		2,441		215,345
OneMain Holdings, Inc.		7,656		376,675
PRA Group, Inc. *		4,120		107,944
PROG Holdings, Inc. *		4,487		138,693
Regional Management Corp.		1,467		36,792
SLM Corp.		14,278		272,995
SoFi Technologies, Inc. *@		12,464		124,017
Synchrony Financial		7,322		279,627
World Acceptance Corp. *@		673		87,847
				3,581,382
Consumer Staples Distribution & Retail — 1.2%
Albertsons Cos., Inc., Class A		2,354		54,142
Andersons, Inc. (The)		4,055		233,325
BJ’s Wholesale Club Holdings, Inc. *		4,618		307,836
Casey’s General Stores, Inc.		2,455		674,487
Chefs’ Warehouse Inc. (The) *		4,636		136,438
Grocery Outlet Holding Corp. *		2,734		73,709
Ingles Markets, Inc., Class A		1,973		170,408
Natural Grocers by Vitamin Cottage, Inc.		2,710		43,360
Performance Food Group Co. *		9,263		640,536
PriceSmart, Inc.		3,201		242,572
SpartanNash Co.		4,477		102,747
Sprouts Farmers Market, Inc. *		7,149		343,938
U.S. Foods Holding Corp. *		13,615		618,257
United Natural Foods, Inc. *		3,519		57,113
Village Super Market, Inc., Class A		1,435		37,640
Weis Markets, Inc.		2,943		188,234
				3,924,742
Containers & Packaging — 1.5%
Amcor PLC		12,471		120,220
AptarGroup, Inc.		5,666		700,431
Berry Global Group, Inc.		9,609		647,550
Crown Holdings, Inc.		3,202		294,872
Graphic Packaging Holding Co.		8,918		219,829
Greif, Inc., Class A		2,553		167,451
Greif, Inc., Class B		1,193		78,750
International Paper Co.		9,661		349,245
Myers Industries, Inc.		4,361		85,258
O-I Glass, Inc. *		8,143		133,382
Packaging Corp. of America		258		42,031
Pactiv Evergreen, Inc.		8,108		111,161
Sealed Air Corp.		10,816		395,000
Silgan Holdings, Inc.		11,743		531,371
Sonoco Products Co.		6,744		376,787
TriMas Corp.		5,102		129,234
Westrock Co.		8,525		353,958
				4,736,530
Distributors — 0.1%
LKQ Corp.		857		40,956
Pool Corp.		330		131,574
Weyco Group, Inc.		1,043		32,709
				205,239
Diversified Consumer Services — 1.0%
Adtalem Global Education, Inc. *		3,867		227,960
American Public Education, Inc. *		1,928		18,605
Bright Horizons Family Solutions, Inc. *		1,895		178,585
Carriage Services, Inc.		2,272		56,823
Chegg, Inc. *		3,873		43,997
Duolingo, Inc. *		133		30,171
European Wax Center, Inc., Class A *		583		7,923
Frontdoor, Inc. *		4,679		164,794
Graham Holdings Co., Class B		388		270,250
Grand Canyon Education, Inc. *		3,285		433,751
H&R Block, Inc.		11,646		563,317
Laureate Education, Inc.		3,916		53,688
OneSpaWorld Holdings Ltd. *		2,259		31,852
Perdoceo Education Corp.		6,976		122,499
Service Corp. International		7,334		502,012
Strategic Education, Inc.		2,650		244,781

The accompanying notes are an integral part of these financial statements.

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Diversified Consumer Services (Continued)
Stride, Inc. *		4,184	$	248,404
				3,199,412
Diversified Telecommunication Services — 0.3%
Anterix, Inc. *		1,066		35,519
ATN International, Inc.		2,105		82,032
Bandwidth, Inc., Class A *		766		11,084
Cogent Communications Holdings, Inc.		5,207		396,044
Costa Communications, Inc. CVR @*¶§		354		467
EchoStar Corp., Class A *		1,286		21,309
IDT Corp., Class B *		2,980		101,588
Iridium Communications, Inc.		4,335		178,429
Liberty Latin America Ltd., Class A *		1,600		11,696
Liberty Latin America Ltd., Class C *		12,050		88,447
Ooma, Inc. *		1,297		13,917
				940,532
Electric Utilities — 1.4%
ALLETE, Inc.		5,968		365,003
Alliant Energy Corp.		8,696		446,105
Evergy, Inc.		7,556		394,423
Genie Energy Ltd., Class B		3,300		92,829
Hawaiian Electric Industries, Inc.		5,722		81,195
IDACORP, Inc.		2,837		278,934
MGE Energy, Inc.		3,771		272,681
NRG Energy, Inc.		14,356		742,205
OGE Energy Corp.		10,049		351,012
Otter Tail Corp.		4,597		390,607
Pinnacle West Capital Corp.		5,960		428,166
PNM Resources, Inc.		9,280		386,048
Portland General Electric Co.		5,648		244,784
				4,473,992
Electrical Equipment — 1.2%
Acuity Brands, Inc.		2,347		480,736
Allient, Inc.		1,626		49,122
Atkore, Inc. *		3,999		639,840
Encore Wire Corp.		1,468		313,565
EnerSys		3,615		364,970
LSI Industries, Inc.		3,137		44,169
nVent Electric PLC		3,043		179,811
Plug Power, Inc. *@		1,062		4,779
Powell Industries, Inc.		1,101		97,328
Preformed Line Products Co.		539		72,151
Regal Rexnord Corp.		6,071		898,629
Sensata Technologies Holding PLC		10,094		379,232
Sunrun, Inc. *		6,232		122,334
Thermon Group Holdings, Inc. *		3,577		116,503
Vicor Corp. *		3,445		154,818
				3,917,987
Electronic Equipment, Instruments & Components — 3.4%
Advanced Energy Industries, Inc.		3,308		360,307
Arrow Electronics, Inc. *		5,952		727,632
Avnet, Inc.		8,026		404,510
Badger Meter, Inc.		3,103		479,010
Bel Fuse, Inc., Class B		1,421		94,880
Belden, Inc.		4,607		355,891
Benchmark Electronics, Inc.		4,604		127,255
Climb Global Solutions, Inc.		315		17,271
Cognex Corp.		5,365		223,935
Crane NXT Co.		3,089		175,671
CTS Corp.		3,954		172,948
ePlus, Inc. *		3,312		264,430
Fabrinet *		3,763		716,212
FARO Technologies, Inc. *		2,298		51,774
Flex Ltd. *		22,671		690,559
Identiv, Inc. *		927		7,639
Insight Enterprises, Inc. *		2,997		531,038
IPG Photonics Corp. *		1,782		193,418
Itron, Inc. *		4,157		313,895
Key Tronic Corp. *		1,700		7,344
Kimball Electronics, Inc. *		2,987		80,500
Knowles Corp. *		4,224		75,652
Littelfuse, Inc.		1,865		498,999
Methode Electronics, Inc.		4,122		93,693
Napco Security Technologies, Inc.		4,363		149,433
nLight, Inc. *		1,098		14,823
Novanta, Inc. *		3,723		626,990
OSI Systems, Inc. *		1,764		227,644
PC Connection, Inc.		2,926		196,656
Plexus Corp. *		2,671		288,815
Richardson Electronics Ltd.		1,505		20,092
Rogers Corp. *		2,017		266,385
Sanmina Corp. *		6,015		308,991
ScanSource, Inc. *		2,807		111,185
TD SYNNEX Corp.		3,515		378,249
Trimble, Inc. *		7,608		404,746
TTM Technologies, Inc. *		10,405		164,503
Vishay Intertechnology, Inc.		11,850		284,045
Vishay Precision Group, Inc. *		1,694		57,715
Vontier Corp.		8,347		288,389
Zebra Technologies Corp., Class A *		1,044		285,357
				10,738,481
Energy Equipment & Services — 1.2%
Archrock, Inc.		12,231		188,357
Bristow Group, Inc. *		1,579		44,638
Cactus, Inc., Class A		3,486		158,264
ChampionX Corp.		9,876		288,478
Core Laboratories, Inc.		998		17,625
Dril-Quip, Inc. *		2,081		48,425
Expro Group Holdings NV *		837		13,325
Helix Energy Solutions Group, Inc. *		8,345		85,787
Helmerich & Payne, Inc.		5,854		212,032
Liberty Energy, Inc.		11,763		213,381
Nabors Industries Ltd. *		539		43,999
Natural Gas Services Group, Inc. *		2,179		35,038
Newpark Resources, Inc. *		5,904		39,203
Noble Corp. PLC		2,483		119,581
NOV, Inc.		23,731		481,265
Oceaneering International, Inc. *		1,554		33,069
Oil States International, Inc. *		3,584		24,335
Patterson-UTI Energy, Inc.		6,503		70,232
ProPetro Holding Corp. *		4,527		37,936
RPC, Inc.		11,642		84,754
SEACOR Marine Holdings, Inc. *		3,233		40,703
Select Water Solutions, Inc.		3,073		23,324
Solaris Oilfield Infrastructure, Inc., Class A		1,000		7,960
TechnipFMC PLC		23,392		471,115
TETRA Technologies, Inc. *		8,698		39,315
Tidewater, Inc. *		2,915		210,201

The accompanying notes are an integral part of these financial statements.

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Energy Equipment & Services (Continued)
Transocean Ltd. *		43,549	$	276,536
U.S. Silica Holdings, Inc. *		5,267		59,570
Valaris Ltd. *		1,881		128,980
Weatherford International PLC *		4,378		428,300
				3,925,728
Entertainment — 0.4%
Atlanta Braves Holdings, Inc., Class A *		934		39,957
Atlanta Braves Holdings, Inc., Class C *		2,620		103,700
Cinemark Holdings, Inc. *@		7,484		105,450
Endeavor Group Holdings, Inc., Class A		5,025		119,243
IMAX Corp. *		4,117		61,837
Liberty Media Corp.-Liberty Live, Class A *		650		23,758
Liberty Media Corp.-Liberty Live, Class C *		836		31,258
Lions Gate Entertainment Corp., Class A *		3,637		39,643
Lions Gate Entertainment Corp., Class B *		6,300		64,197
Madison Square Garden Entertainment Corp. *		432		13,733
Madison Square Garden Sports Corp. *		404		73,459
Marcus Corp. (The)		3,100		45,198
Playtika Holding Corp. *		7,992		69,690
Roku, Inc. *		2,980		273,147
Sphere Entertainment Co. *@		432		14,671
TKO Group Holdings, Inc.		2,566		209,334
				1,288,275
Financial Services — 1.6%
A-Mark Precious Metals, Inc. @		2,332		70,543
Acacia Research Corp. *@		1,995		7,821
Alerus Financial Corp.		466		10,434
AvidXchange Holdings, Inc. *		1,863		23,083
Cannae Holdings, Inc. *		1,715		33,460
Cantaloupe, Inc. *		3,505		25,972
Cass Information Systems, Inc.		1,499		67,530
Equitable Holdings, Inc.		4,600		153,180
Essent Group Ltd.		4,642		244,819
Euronet Worldwide, Inc. *		2,511		254,841
EVERTEC, Inc.		4,311		176,492
Federal Agricultural Mortgage Corp., Class C		923		176,496
Flywire Corp. *		4,301		99,568
I3 Verticals, Inc., Class A *		1,470		31,120
International Money Express, Inc. *		1,977		43,672
Jack Henry & Associates, Inc.		2,212		361,463
Jackson Financial, Inc., Class A		1,992		101,991
Marqeta, Inc., Class A *		3,982		27,794
MGIC Investment Corp.		11,104		214,196
Mr Cooper Group, Inc. *		4,998		325,470
NMI Holdings, Inc., Class A *		7,878		233,819
PennyMac Financial Services, Inc.		1,706		150,759
Radian Group, Inc.		7,144		203,961
Shift4 Payments, Inc., Class A *@		2,548		189,418
TFS Financial Corp.		3,750		55,088
Toast, Inc., Class A *@		7,473		136,457
Voya Financial, Inc.		9,648		703,918
Walker & Dunlop, Inc.		3,120		346,351
Waterstone Financial, Inc.		2,966		42,117
Western Union Co. (The)		12,000		143,040
WEX, Inc. *		2,575		500,966
				5,155,839
Food Products — 1.6%
Alico, Inc. @		713		20,734
B&G Foods, Inc.		8,145		85,523
Cal-Maine Foods, Inc.		4,595		263,707
Calavo Growers, Inc.		2,189		64,378
Campbell Soup Co.		10,241		442,718
Conagra Brands, Inc.		2,415		69,214
Darling Ingredients, Inc. *		13,438		669,750
Flowers Foods, Inc.		10,685		240,519
Fresh Del Monte Produce, Inc.		5,010		131,512
Freshpet, Inc. *		870		75,481
Hain Celestial Group, Inc. (The) *		2,490		27,266
Ingredion, Inc.		3,754		407,422
J&J Snack Foods Corp.		1,747		291,994
J.M. Smucker Co. (The)		2,567		324,417
John B Sanfilippo & Son, Inc.		1,112		114,580
Lamb Weston Holdings, Inc.		456		49,289
Lancaster Colony Corp.		2,908		483,862
Lifeway Foods, Inc. *		1,756		23,548
Limoneira Co.		2,072		42,745
Mission Produce, Inc. *		1,256		12,673
Pilgrim’s Pride Corp. *		5,624		155,560
Post Holdings, Inc. *		4,776		420,575
Seaboard Corp.		42		149,944
Seneca Foods Corp., Class A *		800		41,952
Simply Good Foods Co. (The) *		4,321		171,112
Tootsie Roll Industries, Inc.		5,148		171,120
TreeHouse Foods, Inc. *		3,458		143,334
Utz Brands, Inc.		1,291		20,966
Vital Farms, Inc. *		2,774		43,524
				5,159,419
Gas Utilities — 0.7%
Chesapeake Utilities Corp.		2,106		222,457
National Fuel Gas Co.		4,000		200,680
New Jersey Resources Corp.		9,687		431,846
Northwest Natural Holding Co.		3,354		130,605
ONE Gas, Inc.		5,011		319,301
RGC Resources, Inc.		600		12,204
Southwest Gas Holdings, Inc.		4,019		254,604
Spire, Inc.		4,808		299,731
UGI Corp.		10,146		249,591
				2,121,019
Ground Transportation — 1.4%
ArcBest Corp.		2,227		267,708
Avis Budget Group, Inc.		279		49,455
Covenant Logistics Group, Inc.		1,259		57,964
Heartland Express, Inc.		8,017		114,322
Knight-Swift Transportation Holdings, Inc.		10,914		629,192
Landstar System, Inc.		2,867		555,195
Marten Transport Ltd.		7,902		165,784
PAM Transportation Services, Inc. *		2,517		52,303
RXO, Inc. *		1,530		35,588
Saia, Inc. *		2,389		1,046,908
Schneider National, Inc., Class B		1,500		38,175
U-Haul Holding Co.		9,522		670,730
U-Haul Holding Co. *@		1,058		75,964
Universal Logistics Holdings, Inc.		2,551		71,479
Werner Enterprises, Inc.		6,118		259,220
XPO, Inc. *		1,925		168,611
				4,258,598
Health Care — 0.0%
Aduro Biotech, Inc. CVR *¶§		237		467
Health Care Equipment & Supplies — 2.2%
Achillion Pharmaceuticals, Inc. CVR @*¶§		23,152		—
AngioDynamics, Inc. *		2,110		16,542
Artivion, Inc. *		5,028		89,901

The accompanying notes are an integral part of these financial statements.

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Health Care Equipment & Supplies (Continued)
AtriCure, Inc. *		3,325	$	118,669
Atrion Corp.		201		76,137
Avanos Medical, Inc. *		4,019		90,146
Axogen, Inc. *		2,643		18,052
Axonics, Inc. *		2,988		185,943
CONMED Corp.		2,255		246,945
DENTSPLY SIRONA, Inc.		8,717		310,238
Electromed, Inc. *		2,175		23,729
Embecta Corp.		4,112		77,840
Enovis Corp. *		3,400		190,468
Envista Holdings Corp. *		10,803		259,920
FONAR Corp. *		1,282		25,076
Glaukos Corp. *		3,346		265,974
Globus Medical, Inc., Class A *		9,679		515,794
Haemonetics Corp. *		5,164		441,574
Inari Medical, Inc. *		518		33,629
Integer Holdings Corp. *		3,152		312,300
Integra LifeSciences Holdings Corp. *		6,371		277,457
iRadimed Corp.		704		33,419
Lantheus Holdings, Inc. *		3,768		233,616
LeMaitre Vascular, Inc.		2,735		155,239
LENSAR, Inc. *		1,385		4,861
LivaNova PLC *		3,339		172,760
Masimo Corp. *		1,950		228,559
Merit Medical Systems, Inc. *		5,761		437,606
Neogen Corp. *		10,822		217,630
Omnicell, Inc. *		4,593		172,835
OraSure Technologies, Inc. *		9,521		78,072
Orthofix Medical, Inc. *		1,791		24,143
OrthoPediatrics Corp. *		1,252		40,702
Penumbra, Inc. *		2,476		622,813
Pulmonx Corp. *		667		8,504
QuidelOrtho Corp. *		446		32,870
Semler Scientific, Inc. *		300		13,287
Shockwave Medical, Inc. *		1,284		244,679
STAAR Surgical Co. *		1,276		39,824
Surmodics, Inc. *		1,788		64,994
Tactile Systems Technology, Inc. *		1,239		17,718
Teleflex, Inc.		992		247,345
TransMedics Group, Inc. *		72		5,683
UFP Technologies, Inc. *		913		157,072
Utah Medical Products, Inc.		630		53,059
Varex Imaging Corp. *		578		11,849
				6,895,473
Health Care Providers & Services — 3.1%
Acadia Healthcare Co., Inc. *		8,805		684,677
Addus HomeCare Corp. *		1,872		173,815
Agiliti, Inc. *		3,373		26,714
agilon health, Inc. *@		8,212		103,061
Albireo Pharma, Inc. CVR *¶§		1,018		5,507
Amedisys, Inc. *		3,653		347,254
AMN Healthcare Services, Inc. *		4,047		303,039
Apollo Medical Holdings, Inc. *		3,529		135,161
Brookdale Senior Living, Inc. *		7,211		41,968
Castle Biosciences, Inc. *		1,302		28,097
Chemed Corp.		1,565		915,134
Contra Abiomed, Inc. CVR *¶§		90		527
CorVel Corp. *		1,868		461,788
Cross Country Healthcare, Inc. *		4,249		96,197
DaVita, Inc. *		8,508		891,298
Encompass Health Corp.		6,968		464,905
Enhabit, Inc. *		3,708		38,378
Ensign Group, Inc. (The)		5,933		665,742
Fulgent Genetics, Inc. *		2,336		67,534
HealthEquity, Inc. *		5,161		342,174
Henry Schein, Inc. *		10,880		823,725
Joint Corp. (The) *@		1,577		15,155
ModivCare, Inc. *		1,383		60,838
National HealthCare Corp.		1,582		146,208
National Research Corp.		2,987		118,166
NeoGenomics, Inc. *		5,114		82,745
Option Care Health, Inc. *		7,998		269,453
Owens & Minor, Inc. *		3,716		71,607
Patterson Cos., Inc.		6,230		177,244
Pediatrix Medical Group, Inc. *		3,540		32,922
Pennant Group, Inc. (The) *		3,997		55,638
Premier, Inc., Class A		6,565		146,793
RadNet, Inc. *		5,402		187,828
Select Medical Holdings Corp.		12,138		285,243
Surgery Partners, Inc. *@		1,984		63,468
Tenet Healthcare Corp. *		10,669		806,256
U.S. Physical Therapy, Inc.		1,511		140,735
Universal Health Services, Inc., Class B		3,730		568,601
				9,845,595
Health Care Technology — 0.3%
Certara, Inc. *		6,275		110,377
Computer Programs & Systems, Inc. *		1,636		18,323
Doximity, Inc., Class A *		2,443		68,502
Evolent Health, Inc., Class A *		5,196		171,624
HealthStream, Inc.		3,803		102,795
Schrodinger, Inc. *		4,061		145,384
Simulations Plus, Inc.		1,668		74,643
Teladoc Health, Inc. *		2,607		56,181
Veradigm, Inc. *		13,264		139,139
				886,968
Hotels, Restaurants & Leisure — 3.3%
Aramark		20,945		588,554
Bally’s Corp. *@		797		11,110
Biglari Holdings, Inc., Class A *		7		5,558
Biglari Holdings, Inc., Class B *		74		12,205
BJ’s Restaurants, Inc. *		2,751		99,064
Bloomin’ Brands, Inc.		8,154		229,535
Boyd Gaming Corp.		2,637		165,103
Brinker International, Inc. *		5,679		245,219
Caesars Entertainment, Inc. *		5,163		242,041
Cheesecake Factory, Inc. (The) @		5,035		176,275
Choice Hotels International, Inc.		5,300		600,490
Churchill Downs, Inc.		7,622		1,028,436
Chuy’s Holdings, Inc. *		1,904		72,790
Cracker Barrel Old Country Store, Inc.		2,324		179,134
Dave & Buster’s Entertainment, Inc. *		4,530		243,940
Denny’s Corp. *		4,694		51,071
Dine Brands Global, Inc.		1,002		49,749
Domino’s Pizza, Inc.		558		230,024
DraftKings, Inc., Class A *		6,255		220,489
El Pollo Loco Holdings, Inc. *		4,284		37,785
Everi Holdings, Inc. *		4,400		49,588
Hyatt Hotels Corp., Class A @		811		105,763

The accompanying notes are an integral part of these financial statements.

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure (Continued)
Inspired Entertainment, Inc. *		1,305	$	12,893
International Game Technology PLC		969		26,560
Jack in the Box, Inc.		2,392		195,259
Kura Sushi USA, Inc., Class A *		365		27,740
Light & Wonder, Inc. *		1,500		123,165
Marriott Vacations Worldwide Corp.		3,349		284,297
Monarch Casino & Resort, Inc.		1,490		103,033
Nathan’s Famous, Inc.		681		53,125
Norwegian Cruise Line Holdings Ltd. *@		4,482		89,819
Papa John’s International, Inc.		3,338		254,456
Penn Entertainment, Inc. *@		5,194		135,148
Planet Fitness, Inc., Class A *		8,887		648,751
SeaWorld Entertainment, Inc. *		4,795		253,320
Shake Shack, Inc., Class A *		2,266		167,956
Six Flags Entertainment Corp. *		3,483		87,354
Texas Roadhouse, Inc.		6,983		853,532
Travel + Leisure Co.		5,017		196,115
Vail Resorts, Inc.		2,071		442,096
Wendy’s Co. (The)		22,109		430,683
Wingstop, Inc.		1,665		427,206
Wyndham Hotels & Resorts, Inc.		5,481		440,727
Wynn Resorts Ltd.		5,043		459,468
				10,356,626
Household Durables — 3.0%
Bassett Furniture Industries, Inc.		1,080		17,928
Beazer Homes USA, Inc. *		1,643		55,517
Cavco Industries, Inc. *		823		285,268
Century Communities, Inc.		3,367		306,868
Ethan Allen Interiors, Inc.		2,598		82,928
Flexsteel Industries, Inc.		1,069		20,151
GoPro, Inc., Class A *		6,985		24,238
Green Brick Partners, Inc. *		4,024		209,007
Hamilton Beach Brands Holding Co., Class A		2,000		34,980
Helen of Troy Ltd. *		2,629		317,609
Hooker Furnishings Corp.		1,742		45,431
Installed Building Products, Inc.		3,050		557,601
iRobot Corp. *		3,109		120,318
KB Home		7,849		490,249
La-Z-Boy, Inc.		4,321		159,531
Leggett & Platt, Inc.		8,008		209,569
LGI Homes, Inc. *		624		83,092
Lifetime Brands, Inc.		3,200		21,472
Lovesac Co. (The) *		794		20,287
M/I Homes, Inc. *		3,074		423,413
MDC Holdings, Inc.		6,276		346,749
Meritage Homes Corp.		3,491		608,132
Mohawk Industries, Inc. *		3,847		398,164
Newell Brands, Inc.		20,709		179,754
Orleans Homebuilders, Inc. *@§		4,953		—
Skyline Champion Corp. *		2,566		190,551
Sonos, Inc. *		3,418		58,585
Taylor Morrison Home Corp. *		9,778		521,656
Tempur Sealy International, Inc.		18,378		936,727
Toll Brothers, Inc.		10,507		1,080,015
TopBuild Corp. *		3,353		1,254,894
TRI Pointe Homes, Inc. *		9,397		332,654
Universal Electronics, Inc. *		1,292		12,132
VOXX International Corp. *		3,284		35,073
Whirlpool Corp.		218		26,546
				9,467,089
Household Products — 0.2%
Central Garden & Pet Co. *		1,247		62,487
Central Garden & Pet Co., Class A *		4,114		181,181
Spectrum Brands Holdings, Inc.		1,853		147,814
WD-40 Co.		1,487		355,497
				746,979
Independent Power Producers & Energy Traders — 0.7%
AES Corp. (The)		8,066		155,270
Brookfield Renewable Corp., Class A		2,853		82,138
Clearway Energy, Inc., Class A		3,716		95,055
Clearway Energy, Inc., Class C		8,971		246,075
Ormat Technologies, Inc.		5,451		413,131
Sunnova Energy International, Inc. *@		7,071		107,833
Vistra Corp.		28,253		1,088,306
				2,187,808
Insurance — 3.7%
Ambac Financial Group, Inc. *		900		14,832
American Equity Investment Life Holding Co. *		10,429		581,938
American Financial Group, Inc.		3,696		439,417
AMERISAFE, Inc.		1,961		91,736
Assurant, Inc.		4,350		732,931
Assured Guaranty Ltd.		4,657		348,483
Axis Capital Holdings Ltd.		4,830		267,437
Brighthouse Financial, Inc. *		5,115		270,686
BRP Group, Inc., Class A *		3,130		75,183
Citizens, Inc. *@		6,126		16,479
CNO Financial Group, Inc.		10,476		292,280
Crawford & Co., Class A		3,214		42,361
Crawford & Co., Class B		3,345		43,753
Donegal Group, Inc., Class A		3,630		50,784
Employers Holdings, Inc.		2,665		105,001
Enstar Group Ltd. *		1,195		351,748
Erie Indemnity Co., Class A		451		151,049
Everest Group Ltd.		18		6,364
F&G Annuities & Life, Inc. @		877		40,342
Fidelity National Financial, Inc.		3,987		203,417
First American Financial Corp.		7,508		483,815
Genworth Financial, Inc., Class A *		14,918		99,652
Globe Life, Inc.		3,866		470,570
Hanover Insurance Group, Inc. (The)		2,145		260,446
HCI Group, Inc. @		741		64,763
Horace Mann Educators Corp.		4,392		143,618
Investors Title Co.		279		45,237
James River Group Holdings Ltd.		829		7,660
Kemper Corp.		5,843		284,379
Kinsale Capital Group, Inc.		808		270,607
Lincoln National Corp.		8,515		229,650
MBIA, Inc. *		6,313		38,636
Mercury General Corp.		3,869		144,352
Old Republic International Corp.		20,327		597,614
Oscar Health, Inc., Class A *		3,732		34,148
Palomar Holdings, Inc. *		1,593		88,411
Primerica, Inc.		3,776		776,950
Reinsurance Group of America, Inc.		3,182		514,784
RenaissanceRe Holdings Ltd.		2,896		567,616
RLI Corp.		4,871		648,427
Safety Insurance Group, Inc.		1,493		113,453
Selective Insurance Group, Inc.		6,118		608,619
Stewart Information Services Corp.		2,578		151,457
Trupanion, Inc. *@		335		10,221
Unico American Corp. *		1,700		3
United Fire Group, Inc.		2,400		48,288
Universal Insurance Holdings, Inc.		2,828		45,191

The accompanying notes are an integral part of these financial statements.

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Insurance (Continued)
Unum Group		14,680	$	663,830
White Mountains Insurance Group Ltd.		170		255,852
				11,794,470
Interactive Media & Services — 0.4%
Bumble, Inc., Class A *		2,172		32,015
Cargurus, Inc. *		1,272		30,732
Cars.com, Inc. *		3,931		74,571
DHI Group, Inc. *		8,881		23,002
Match Group, Inc. *		6,820		248,930
QuinStreet, Inc. *		858		11,000
Shutterstock, Inc.		2,348		113,361
TripAdvisor, Inc. *		6,168		132,797
Yelp, Inc. *		4,724		223,634
Ziff Davis, Inc. *		2,996		201,301
ZoomInfo Technologies, Inc. *		5,496		101,621
				1,192,964
IT Services — 1.1%
Amdocs Ltd.		5,319		467,487
Brightcove, Inc. *		3,324		8,609
DXC Technology Co. *		11,187		255,847
EPAM Systems, Inc. *		273		81,174
Fastly, Inc., Class A *		1,787		31,809
Globant SA *		1,874		445,974
GoDaddy, Inc., Class A *		8,025		851,934
Grid Dynamics Holdings, Inc. *		4,703		62,691
Hackett Group, Inc. (The)		4,098		93,311
Information Services Group, Inc.		2,180		10,268
Kyndryl Holdings, Inc. *		2,623		54,506
Okta, Inc. *		5,003		452,922
Perficient, Inc. *		3,654		240,506
Squarespace, Inc., Class A *		2,445		80,709
Twilio, Inc., Class A *		5,176		392,703
				3,530,450
Leisure Equipment & Products — 0.6%
Acushnet Holdings Corp.		541		34,175
American Outdoor Brands, Inc. *		1,946		16,346
Brunswick Corp.		4,070		393,773
Escalade, Inc.		1,950		39,176
Funko, Inc., Class A *@		1,917		14,818
Hasbro, Inc.		3,807		194,385
Johnson Outdoors, Inc., Class A		1,000		53,420
Malibu Boats, Inc., Class A *		2,116		115,999
Marine Products Corp.		3,930		44,802
MasterCraft Boat Holdings, Inc. *		2,183		49,423
Mattel, Inc. *		16,916		319,374
Polaris, Inc.		3,530		334,538
Smith & Wesson Brands, Inc.		4,598		62,349
Topgolf Callaway Brands Corp. *		5,300		76,002
				1,748,580
Life Sciences Tools & Services — 0.9%
Adaptive Biotechnologies Corp. *		4,578		22,432
Avantor, Inc. *		5,810		132,642
Azenta, Inc. *		937		61,036
Bio-Rad Laboratories, Inc., Class A *		457		147,561
Bio-Techne Corp.		3,837		296,063
BioLife Solutions, Inc. *		1,278		20,767
Bruker Corp.		5,636		414,133
Charles River Laboratories International, Inc. *		800		189,120
CryoPort, Inc. *		3,270		50,652
Harvard Bioscience, Inc. *		5,522		29,543
Medpace Holdings, Inc. *		2,141		656,281
OmniAb, Inc. *		8,462		52,211
OmniAb, Inc. *§		1,308		—
Pacific Biosciences of California, Inc. *		2,709		26,575
Repligen Corp. *		3,946		709,491
Revvity, Inc.		325		35,526
				2,844,033
Machinery — 4.7%
AGCO Corp.		5,729		695,558
Alamo Group, Inc.		1,213		254,961
Albany International Corp., Class A		2,901		284,936
Allison Transmission Holdings, Inc.		6,647		386,523
Astec Industries, Inc.		1,967		73,172
Barnes Group, Inc.		4,989		162,791
Chart Industries, Inc. *@		3,344		455,888
Columbus McKinnon Corp.		2,642		103,091
Commercial Vehicle Group, Inc. *		3,758		26,344
Crane Co.		3,089		364,934
Donaldson Co., Inc.		8,206		536,262
Douglas Dynamics, Inc.		2,507		74,408
Eastern Co. (The)		1,272		27,984
Enerpac Tool Group Corp.		5,732		178,208
Enpro, Inc.		1,861		291,693
Esab Corp.		418		36,207
ESCO Technologies, Inc.		2,646		309,661
Federal Signal Corp.		5,985		459,289
Flowserve Corp.		2,564		105,688
Franklin Electric Co., Inc.		4,975		480,834
Gorman-Rupp Co. (The)		2,754		97,850
Graco, Inc.		4,511		391,374
Greenbrier Cos., Inc. (The)		2,663		117,651
Helios Technologies, Inc.		2,930		132,876
Hurco Cos., Inc.		1,000		21,530
Hyster-Yale Materials Handling, Inc.		165		10,261
ITT, Inc.		5,131		612,231
John Bean Technologies Corp.		2,745		272,990
Kadant, Inc.		1,029		288,439
Kennametal, Inc.		5,865		151,258
LB Foster Co., Class A *		1,565		34,414
Lincoln Electric Holdings, Inc.		3,365		731,753
Lindsay Corp.		1,109		143,238
Manitex International, Inc. *		1,300		11,362
Manitowoc Co., Inc. (The) *		3,607		60,201
Middleby Corp. (The) *		4,055		596,774
Miller Industries, Inc.		1,261		53,328
Mueller Industries, Inc.		12,444		586,735
Mueller Water Products, Inc., Class A		15,406		221,846
Nordson Corp.		846		223,479
Omega Flex, Inc.		1,002		70,651
Oshkosh Corp.		4,130		447,733
Park-Ohio Holdings Corp.		2,182		58,827
Pentair PLC		11,013		800,755
Perma-Pipe International Holdings, Inc. *		1,900		14,801
RBC Bearings, Inc. *		336		95,723
Shyft Group, Inc. (The)		3,913		47,817

The accompanying notes are an integral part of these financial statements.

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Machinery (Continued)
Snap-on, Inc.		631	$	182,258
SPX Technologies, Inc. *		4,956		500,606
Standex International Corp.		1,107		175,327
Stanley Black & Decker, Inc.		1,887		185,115
Tennant Co.		1,721		159,520
Terex Corp.		6,303		362,170
Timken Co. (The)		6,902		553,195
Titan International, Inc. *		4,338		64,549
Toro Co. (The)		3,825		367,162
Trinity Industries, Inc.		4,908		130,504
Wabash National Corp.		4,414		113,087
Watts Water Technologies, Inc., Class A		2,884		600,853
				14,998,675
Marine Transportation — 0.3%
Costamare, Inc.		5,728		59,629
Eagle Bulk Shipping, Inc.		436		24,154
Kirby Corp. *		4,368		342,801
Matson, Inc.		3,669		402,122
				828,706
Media — 1.3%
Altice USA, Inc., Class A *		2,984		9,698
Boston Omaha Corp., Class A *		1,358		21,361
Cable One, Inc.		263		146,383
DISH Network Corp., Class A *		4,087		23,582
Entravision Communications Corp., Class A		5,678		23,677
EW Scripps Co. (The), Class A *		7,073		56,513
Gannett Co., Inc. *		1		2
GCI Liberty, Inc. *§		8,984		—
Gray Television, Inc.		8,433		75,560
iHeartMedia, Inc., Class A *		2,052		5,479
Interpublic Group of Cos., Inc. (The)		12,645		412,733
John Wiley & Sons, Inc., Class A		3,247		103,060
Liberty Broadband Corp., Class A *		824		66,447
Liberty Broadband Corp., Class C *		2,320		186,969
Liberty Media Corp.-Liberty SiriusXM, Class A *		3,084		88,634
Liberty Media Corp.-Liberty SiriusXM, Class C *		4,202		120,934
Magnite, Inc. *		3,879		36,230
New York Times Co. (The), Class A		17,457		855,219
News Corp., Class A		19,977		490,435
News Corp., Class B		7,188		184,876
Nexstar Media Group, Inc.		3,683		577,310
Paramount Global, Class A		586		11,521
Paramount Global, Class B		6,684		98,856
PubMatic, Inc., Class A *		3,162		51,572
Saga Communications, Inc., Class A		664		14,781
Scholastic Corp.		3,519		132,666
Sinclair, Inc.		2,132		27,780
TechTarget, Inc. *		3,517		122,603
Thryv Holdings, Inc. *		1,938		39,438
WideOpenWest, Inc. *		4,405		17,840
				4,002,159
Metals & Mining — 1.9%
Alcoa Corp.		15,179		516,086
Alpha Metallurgical Resources, Inc.		886		300,283
Arch Resources, Inc.		1,865		309,478
ATI, Inc. *		13,573		617,164
Carpenter Technology Corp.		3,912		276,970
Century Aluminum Co. *		8,912		108,192
Cleveland-Cliffs, Inc. *		21,519		439,418
Coeur Mining, Inc. *		16,461		53,663
Commercial Metals Co.		12,402		620,596
Ferroglobe PLC *		10,242		66,675
Fortitude Gold Corp.		4,671		27,839
Friedman Industries, Inc.		700		10,822
Haynes International, Inc.		1,229		70,115
Hecla Mining Co.		30,869		148,480
Kaiser Aluminum Corp.		1,901		135,332
Materion Corp.		2,175		283,033
MP Materials Corp. *@		6,046		120,013
Olympic Steel, Inc.		1,200		80,040
Royal Gold, Inc.		4,388		530,773
Ryerson Holding Corp.		4,615		160,048
Schnitzer Steel Industries, Inc., Class A		2,809		84,719
SunCoke Energy, Inc.		8,204		88,111
TimkenSteel Corp. *		5,303		124,355
Tredegar Corp.		3,412		18,459
U.S. Steel Corp.		8,879		431,963
Warrior Met Coal, Inc.		738		44,996
Worthington Enterprises, Inc.		4,458		256,558
Worthington Steel, Inc. *		4,458		125,270
				6,049,451
Multi-Utilities — 0.4%
Avista Corp.		6,896		246,463
Black Hills Corp.		6,023		324,941
NiSource, Inc.		19,524		518,362
Northwestern Energy Group, Inc.		4,148		211,092
Unitil Corp.		1,923		101,092
				1,401,950
Oil, Gas & Consumable Fuels — 3.1%
Adams Resources & Energy, Inc.		536		14,033
Amplify Energy Corp. *		1,867		11,071
Antero Midstream Corp.		32,353		405,383
Antero Resources Corp. *		5,180		117,482
APA Corp.		6,432		230,780
Ardmore Shipping Corp.		1,612		22,713
Berry Corp.		4,166		29,287
California Resources Corp.		3,564		194,880
Callon Petroleum Co. *		3,677		119,135
Centrus Energy Corp., Class A *		1,074		58,436
Chesapeake Energy Corp. @		4,468		343,768
Chord Energy Corp.		804		133,649
Civitas Resources, Inc.		2,093		143,119
Clean Energy Fuels Corp. *		20,279		77,669
CNX Resources Corp. *		16,780		335,600
Comstock Resources, Inc. @		11,934		105,616
CONSOL Energy, Inc.		2,376		238,859
CVR Energy, Inc.		1,556		47,147
Delek U.S. Holdings, Inc.		7,082		182,716
DHT Holdings, Inc.		11,638		114,169
Dorian LPG Ltd.		3,332		146,175
DT Midstream, Inc.		1,881		103,079
EnLink Midstream LLC *		27,038		328,782
Equitrans Midstream Corp.		22,329		227,309
Evolution Petroleum Corp. @		5,356		31,118
Green Plains, Inc. *		5,096		128,521
Gulfport Energy Corp. *		944		125,741
Hallador Energy Co. *		3,193		28,226
HF Sinclair Corp.		9,611		534,083
International Seaways, Inc.		4,383		199,339
Kosmos Energy Ltd. *		25,367		170,213
Magnolia Oil & Gas Corp., Class A		7,613		162,081
Matador Resources Co.		10,827		615,623
Murphy Oil Corp.		13,521		576,806

The accompanying notes are an integral part of these financial statements.

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels (Continued)
NACCO Industries, Inc., Class A		1,000	$	36,500
New Fortress Energy, Inc. @		3,932		148,354
Nordic American Tankers Ltd.		8,255		34,671
Northern Oil and Gas, Inc.		1,306		48,413
Overseas Shipholding Group, Inc., Class A		11,837		62,381
Ovintiv, Inc.		6,163		270,679
Par Pacific Holdings, Inc. *		4,135		150,390
PBF Energy, Inc., Class A		10,429		458,459
Peabody Energy Corp.		3,580		87,066
Permian Resources Corp.		26,947		366,479
Range Resources Corp.		10,825		329,513
REX American Resources Corp. *		2,364		111,817
SandRidge Energy, Inc.		2,175		29,732
Scorpio Tankers, Inc.		2,559		155,587
SFL Corp. Ltd.		4,682		52,813
Sitio Royalties Corp., Class A @		3,565		83,813
SM Energy Co.		2,124		82,241
Southwestern Energy Co. *		62,679		410,547
Talos Energy, Inc. *		3,212		45,707
Teekay Corp. *		4,339		31,024
Teekay Tankers Ltd., Class A		1,880		93,944
Texas Pacific Land Corp.		126		198,129
Vital Energy, Inc. *		1,191		54,179
Vitesse Energy, Inc.		2,544		55,688
W&T Offshore, Inc.		9,305		30,334
World Kinect Corp.		4,238		96,542
				9,827,610
Paper & Forest Products — 0.3%
Clearwater Paper Corp. *		1,838		66,389
Louisiana-Pacific Corp.		7,578		536,750
Mercer International, Inc.		7,857		74,484
Resolute Forest Products, Inc. CVR *¶§		7,629		2,031
Sylvamo Corp.		2,483		121,940
				801,594
Passenger Airlines — 0.3%
Alaska Air Group, Inc. *		7,791		304,394
Allegiant Travel Co.		441		36,431
American Airlines Group, Inc. *		12,202		167,656
Hawaiian Holdings, Inc. *@		6,255		88,821
SkyWest, Inc. *		3,627		189,329
Spirit Airlines, Inc. @		3,315		54,333
United Airlines Holdings, Inc. *		2,365		97,580
				938,544
Personal Products — 0.8%
BellRing Brands, Inc. *		7,482		414,727
Coty, Inc., Class A *		46,457		576,996
Edgewell Personal Care Co.		2,778		101,758
elf Beauty, Inc. *		4,063		586,454
Herbalife Ltd. *		600		9,156
Inter Parfums, Inc.		3,488		502,307
Medifast, Inc.		1,490		100,158
Natural Alternatives International, Inc. *		1,000		6,420
Nature’s Sunshine Products, Inc. *		1,700		29,393
Nu Skin Enterprises, Inc., Class A		3,048		59,192
United-Guardian, Inc.		600		4,320
USANA Health Sciences, Inc. *		2,205		118,188
				2,509,069
Pharmaceuticals — 1.0%
Amphastar Pharmaceuticals, Inc. *		5,670		350,689
ANI Pharmaceuticals, Inc. *		1,669		92,029
Catalent, Inc. *		3,128		140,541
Collegium Pharmaceutical, Inc. *		2,590		79,720
Corcept Therapeutics, Inc. *		7,842		254,708
Cymabay Therapeutics, Inc. *		1,670		39,445
Edgewise Therapeutics, Inc. *		1,162		12,712
Elanco Animal Health, Inc. *		2,020		30,098
Harmony Biosciences Holdings, Inc. *		3,861		124,710
Innoviva, Inc. *		5,963		95,647
Jazz Pharmaceuticals PLC *		3,913		481,299
Ligand Pharmaceuticals, Inc. *		1,727		123,342
Organon & Co.		8,187		118,057
Pacira BioSciences, Inc. *		2,469		83,304
Perrigo Co. PLC		12,427		399,901
Prestige Consumer Healthcare, Inc. *		5,152		315,405
SIGA Technologies, Inc.		1,900		10,640
Supernus Pharmaceuticals, Inc. *		5,158		149,273
Taro Pharmaceutical Industries Ltd. *		438		18,300
Viatris, Inc.		13,020		141,007
				3,060,827
Professional Services — 3.2%
ASGN, Inc. *		5,178		497,968
Barrett Business Services, Inc.		799		92,524
CACI International, Inc., Class A *		2,374		768,844
CBIZ, Inc. *		5,331		333,667
Ceridian HCM Holding, Inc. *		3,385		227,201
Concentrix Corp.		3,341		328,120
Conduent, Inc. *		5,702		20,812
CRA International, Inc.		773		76,411
CSG Systems International, Inc.		2,945		156,703
ExlService Holdings, Inc. *		17,683		545,521
Exponent, Inc.		5,450		479,818
Forrester Research, Inc. *		2,360		63,272
Franklin Covey Co. *		1,628		70,867
FTI Consulting, Inc. *		3,603		717,537
Genpact Ltd.		12,745		442,379
Heidrick & Struggles International, Inc.		1,928		56,934
Huron Consulting Group, Inc. *		1,957		201,180
ICF International, Inc.		2,012		269,789
Insperity, Inc.		3,407		399,368
KBR, Inc.		12,616		699,053
Kelly Services, Inc., Class A		3,132		67,714
Kforce, Inc.		1,735		117,217
Korn Ferry		4,964		294,613
Leidos Holdings, Inc.		686		74,253
ManpowerGroup, Inc.		3,514		279,258
Mastech Digital, Inc. *		2,122		17,884
Maximus, Inc.		2,874		241,014
NV5 Global, Inc. *		1,602		178,014
Paylocity Holding Corp. *		2,396		394,981
RCM Technologies, Inc. *		1,296		37,636
Resources Connection, Inc.		3,396		48,121
Robert Half, Inc.		7,950		698,964
Science Applications International Corp.		2,559		318,135
SS&C Technologies Holdings, Inc.		2,637		161,147
TransUnion		910		62,526
TriNet Group, Inc. *		3,424		407,216
TrueBlue, Inc. *		3,431		52,631

The accompanying notes are an integral part of these financial statements.

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Professional Services (Continued)
TTEC Holdings, Inc.		4,929	$	106,811
Verra Mobility Corp. *		10,023		230,830
				10,236,933
Real Estate Management & Development — 0.7%
Cushman & Wakefield PLC *		5,956		64,325
Douglas Elliman, Inc.		8,113		23,933
Forestar Group, Inc. *		3,530		116,737
FRP Holdings, Inc. *		200		12,576
Howard Hughes Holdings, Inc. *		1,369		117,118
Jones Lang LaSalle, Inc. *		3,879		732,627
Kennedy-Wilson Holdings, Inc.		11,118		137,641
Marcus & Millichap, Inc.		3,263		142,528
Maui Land & Pineapple Co., Inc. *		2,324		36,928
Newmark Group, Inc., Class A		11,400		124,944
RMR Group, Inc. (The), Class A		1,159		32,719
St. Joe Co. (The)		3,300		198,594
Stratus Properties, Inc. *		313		9,033
Tejon Ranch Co. *		2,949		50,723
Zillow Group, Inc., Class A *@		2,824		160,177
Zillow Group, Inc., Class C *		6,550		378,983
				2,339,586
Semiconductors & Semiconductor Equipment — 3.1%
Allegro MicroSystems, Inc. *		1,272		38,503
Alpha & Omega Semiconductor Ltd. *		2,886		75,209
Ambarella, Inc. *		2,341		143,480
Amkor Technology, Inc.		25,678		854,307
Amtech Systems, Inc. *		2,822		11,852
Axcelis Technologies, Inc. *		3,412		442,502
AXT, Inc. *		5,653		13,567
CEVA, Inc. *		3,095		70,288
Cirrus Logic, Inc. *		5,956		495,480
Cohu, Inc. *		5,114		180,985
Diodes, Inc. *		4,900		394,548
FormFactor, Inc. *		8,126		338,936
GSI Technology, Inc. *		4,641		12,252
Ichor Holdings Ltd. *		400		13,452
Kulicke & Soffa Industries, Inc.		5,924		324,161
Lattice Semiconductor Corp. *		12,472		860,443
MACOM Technology Solutions Holdings, Inc. *		2,196		204,118
Magnachip Semiconductor Corp. *		4,588		34,410
MaxLinear, Inc. *		7,715		183,386
MKS Instruments, Inc.		1,144		117,683
NVE Corp.		502		39,372
Onto Innovation, Inc. *		4,376		669,090
PDF Solutions, Inc. *		4,938		158,707
Photronics, Inc. *		7,008		219,841
Power Integrations, Inc.		6,164		506,126
Qorvo, Inc. *		2,760		310,804
Rambus, Inc. *		11,347		774,433
Semtech Corp. *@		7,337		160,754
Silicon Laboratories, Inc. *		3,386		447,866
Synaptics, Inc. *		4,162		474,801
Ultra Clean Holdings, Inc. *		4,298		146,734
Universal Display Corp.		3,037		580,857
Veeco Instruments, Inc. *		4,666		144,786
Wolfspeed, Inc. *@		10,030		436,405
				9,880,138
Software — 3.5%
A10 Networks, Inc.		6,016		79,231
ACI Worldwide, Inc. *		11,727		358,846
Adeia, Inc.		7,577		93,879
Agilysys, Inc. *		2,848		241,567
Alarm.com Holdings, Inc. *		3,799		245,491
Altair Engineering, Inc., Class A *		3,033		255,227
American Software, Inc., Class A		4,461		50,409
AppLovin Corp., Class A *		2,866		114,210
Aspen Technology, Inc. *		2,122		467,158
Bill Holdings, Inc. *		3,263		266,228
Blackbaud, Inc. *		5,719		495,837
Box, Inc., Class A *		6,867		175,864
CommVault Systems, Inc. *		2,675		213,599
Consensus Cloud Solutions, Inc. *		1,449		37,978
Digital Turbine, Inc. *		635		4,356
DocuSign, Inc. *		5,868		348,853
Dolby Laboratories, Inc., Class A		2,819		242,941
DoubleVerify Holdings, Inc. *		6,316		232,303
Dropbox, Inc., Class A *		14,286		421,151
Dynatrace, Inc. *		7,032		384,580
Ebix, Inc. *		2,155		2,241
eGain Corp. *		4,304		35,852
Elastic NV *		846		95,344
Envestnet, Inc. *		3,097		153,364
EverCommerce, Inc. *		921		10,159
Gen Digital, Inc.		20,625		470,663
Guidewire Software, Inc. *		3,956		431,362
InterDigital, Inc. @		2,792		303,044
Jamf Holding Corp. *		4,792		86,544
JFrog Ltd. *		479		16,578
LiveRamp Holdings, Inc. *		7,539		285,577
Manhattan Associates, Inc. *		2,961		637,563
MeridianLink, Inc. *		2,090		51,769
Mitek Systems, Inc. *		1,166		15,205
N-able, Inc. *		8,171		108,266
Nutanix, Inc., Class A *		4,180		199,344
Olo, Inc., Class A *		2,551		14,592
PowerSchool Holdings, Inc., Class A *		3,215		75,745
Procore Technologies, Inc. *		3,536		244,762
Progress Software Corp.		4,772		259,120
Qualys, Inc. *		3,876		760,781
Rimini Street, Inc. *		4,492		14,689
Sapiens International Corp. NV		2,496		72,234
SentinelOne, Inc., Class A *		5,750		157,780
SolarWinds Corp. *		5,202		64,973
SPS Commerce, Inc. *		2,160		418,694
Teradata Corp. *		6,462		281,162
UiPath, Inc., Class A *		10,245		254,486
Unity Software, Inc. *@		11,422		467,046
Verint Systems, Inc. *		6,847		185,074
Vertex, Inc., Class A *		1,558		41,973
Xperi, Inc. *		3,030		33,391
Yext, Inc. *		4,488		26,434
				11,005,519
Specialty Retail — 3.9%
1-800-Flowers.com, Inc., Class A *		3,880		41,826
Aaron’s Co., Inc. (The)		4,459		48,514
Abercrombie & Fitch Co., Class A *		3,727		328,796
Academy Sports & Outdoors, Inc.		2,614		172,524
Advance Auto Parts, Inc.		3,739		228,191
America’s Car-Mart, Inc. *		822		62,283
American Eagle Outfitters, Inc.		19,472		412,028
Asbury Automotive Group, Inc. *		2,143		482,111
AutoNation, Inc. *		4,060		609,731
Bath & Body Works, Inc.		5,771		249,076
Boot Barn Holdings, Inc. *		3,091		237,265

The accompanying notes are an integral part of these financial statements.

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Specialty Retail (Continued)
Buckle, Inc. (The)		5,018	$	238,455
Build-A-Bear Workshop, Inc.		1,640		37,704
Burlington Stores, Inc. *		729		141,776
Caleres, Inc.		3,874		119,048
CarMax, Inc. *		4,370		335,354
CarParts.com, Inc. *		2,801		8,851
Cato Corp. (The), Class A		2,638		18,835
Chico’s FAS, Inc. *		8,580		65,036
Children’s Place, Inc. (The) *		1,314		30,511
Citi Trends, Inc. *		818		23,133
Conn’s, Inc. *		3,722		16,526
Container Store Group, Inc. (The) *		2,100		4,788
Destination XL Group, Inc. *		3,560		15,664
Dick’s Sporting Goods, Inc.		2,101		308,742
Duluth Holdings, Inc., Class B *		1,185		6,375
Five Below, Inc. *		5,505		1,173,446
Floor & Decor Holdings, Inc., Class A *		4,489		500,793
Foot Locker, Inc.		4,342		135,253
GameStop Corp., Class A *		8,267		144,921
Gap, Inc. (The)		2,272		47,508
Genesco, Inc. *		1,490		52,463
Group 1 Automotive, Inc.		1,502		457,720
Guess?, Inc.		5,086		117,283
Haverty Furniture Cos., Inc.		1,983		70,397
Hibbett, Inc.		1,600		115,232
Leslie’s, Inc. *		9,429		65,154
Lithia Motors, Inc.		2,910		958,205
MarineMax, Inc. *		2,209		85,930
Monro, Inc.		3,090		90,661
Murphy USA, Inc.		2,265		807,608
National Vision Holdings, Inc. *		3,794		79,408
ODP Corp. (The) *		3,360		189,168
Penske Automotive Group, Inc.		1,742		279,608
PetMed Express, Inc.		2,360		17,842
Revolve Group, Inc. *@		706		11,705
RH *		318		92,691
Sally Beauty Holdings, Inc. *		4,925		65,404
Shoe Carnival, Inc.		3,062		92,503
Signet Jewelers Ltd.		4,741		508,520
Sleep Number Corp. *		3,221		47,767
Sonic Automotive, Inc., Class A		3,080		173,127
Sportsman’s Warehouse Holdings, Inc. *		3,058		13,027
Tilly’s, Inc., Class A *		1,836		13,843
Upbound Group, Inc.		6,271		213,026
Urban Outfitters, Inc. *		2,086		74,449
Valvoline, Inc. *		6,915		259,866
Victoria’s Secret & Co. *		3,466		91,988
Williams-Sonoma, Inc.		4,058		818,823
Winmark Corp.		455		189,985
Zumiez, Inc. *		2,406		48,938
				12,347,405
Textiles, Apparel & Luxury Goods — 1.2%
Capri Holdings Ltd. *		8,276		415,786
Carter’s, Inc.		1,939		145,212
Columbia Sportswear Co.		4,507		358,487
Delta Apparel, Inc. *		1,153		8,221
Figs, Inc., Class A *@		2,862		19,891
G-III Apparel Group Ltd. *		5,008		170,172
Kontoor Brands, Inc.		2,384		148,809
Lakeland Industries, Inc.		1,669		30,943
Movado Group, Inc.		2,220		66,933
Oxford Industries, Inc.		1,665		166,500
PVH Corp.		1,378		168,281
Ralph Lauren Corp.		2,279		328,632
Rocky Brands, Inc.		1,000		30,180
Skechers U.S.A., Inc., Class A *		6,530		407,080
Steven Madden Ltd.		7,918		332,556
Superior Group of Cos., Inc.		2,200		29,700
Tapestry, Inc.		18,072		665,230
Under Armour, Inc., Class A *		2,222		19,532
Under Armour, Inc., Class C *		1,318		11,005
Unifi, Inc. *		2,394		15,944
VF Corp.		1,731		32,543
Wolverine World Wide, Inc.		5,855		52,051
				3,623,688
Tobacco — 0.1%
Turning Point Brands, Inc.		1,280		33,690
Universal Corp.		2,612		175,840
Vector Group Ltd.		12,276		138,473
				348,003
Trading Companies & Distributors — 1.8%
Air Lease Corp.		5,985		251,011
Applied Industrial Technologies, Inc.		4,081		704,748
Beacon Roofing Supply, Inc. *		6,560		570,851
Boise Cascade Co.		3,680		476,045
Core & Main, Inc., Class A *		2,355		95,166
Distribution Solutions Group, Inc. *		224		7,069
DXP Enterprises, Inc. *		1,824		61,469
GATX Corp.		3,309		397,808
Global Industrial Co.		3,603		139,940
GMS, Inc. *		2,900		239,047
H&E Equipment Services, Inc.		3,452		180,609
Herc Holdings, Inc.		2,648		394,261
McGrath RentCorp		2,655		317,591
MRC Global, Inc. *		5,657		62,284
MSC Industrial Direct Co., Inc., Class A		936		94,779
NOW, Inc. *		6,508		73,671
Rush Enterprises, Inc., Class A		8,943		449,833
SiteOne Landscape Supply, Inc. *		413		67,112
Textainer Group Holdings Ltd.		3,941		193,897
Titan Machinery, Inc. *		2,515		72,633
WESCO International, Inc.		4,569		794,458
Willis Lease Finance Corp. *		900		43,992
				5,688,274
Water Utilities — 0.5%
American States Water Co.		4,082		328,274
Artesian Resources Corp., Class A		1,177		48,787
California Water Service Group		6,097		316,251
Consolidated Water Co. Ltd.		1,751		62,336
Essential Utilities, Inc.		8,329		311,088
Middlesex Water Co.		2,133		139,968
Pure Cycle Corp. *		1,000		10,470
SJW Group		2,989		195,331
York Water Co. (The)		1,803		69,632
				1,482,137
Wireless Telecommunication Services — 0.1%
Gogo, Inc. *		1,021		10,343

The accompanying notes are an integral part of these financial statements.

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Wireless Telecommunication Services (Continued)
Shenandoah Telecommunications Co.		6,413	$	138,649
Spok Holdings, Inc.		2,839		43,948
U.S. Cellular Corp. *		1,551		64,428
				257,368
TOTAL COMMON STOCKS (Identified Cost $169,593,980)				315,897,702
PREFERRED STOCKS — 0.0%
Media — 0.0%
Liberty Broadband Corp. 7.000%		1,225		27,011
Trading Companies & Distributors — 0.0%
WESCO International, Inc., 10.625%, 5 year CMT + 10.325%		1,927		50,911
TOTAL PREFERRED STOCKS (Identified Cost $52,821)				77,922
SHORT-TERM INVESTMENTS — 0.9%
Investment Company — 0.6%
State Street Institutional U.S. Government Money Market Fund 5.070%		1,772,198		1,772,198
Collateral For Securities On Loan — 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio 5.360%		916,641		916,641
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,688,839)				2,688,839
Total Investments — 100.8% (Identified Cost $172,335,640)				318,664,463
Liabilities, Less Cash and Other Assets — (0.8%)				(2,676,192	)
Net Assets — 100.0%			$	315,988,271

†	See Note 1
*	Non-income producing security
@	A portion or all of the security was held on loan. As of December 31, 2023, the fair value of the securities on loan was $6,581,645.
¶	Contingent value rights based on future performance.
§	Fair valued security. Security is valued using significant unobservable inputs as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1

Key to abbreviations:

CMT — Constant Maturity Treasury

CVR — Contingent Value Rights

The accompanying notes are an integral part of these financial statements.

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF December 31, 2023 (Unaudited)

	SHARES		VALUE†
COMMON STOCKS — 98.3%
Australia — 6.3%
Ampol Ltd.		17,823	$	439,059
ANZ Group Holdings Ltd.		171,032		3,020,970
Aurizon Holdings Ltd. @		293,809		760,822
Bendigo & Adelaide Bank Ltd.		40,324		265,720
BlueScope Steel Ltd.		163,249		2,603,157
Challenger Ltd. @		45,610		201,715
Cleanaway Waste Management Ltd. @		139,337		255,419
Evolution Mining Ltd.		233,970		631,378
Harvey Norman Holdings Ltd. @		136,089		389,499
Incitec Pivot Ltd.		335,693		649,673
Insurance Australia Group Ltd.		23,277		89,780
National Australia Bank Ltd.		258,849		5,415,255
Northern Star Resources Ltd.		111,364		1,035,885
Orica Ltd.		47,694		518,067
Origin Energy Ltd.		168,307		971,448
QBE Insurance Group Ltd.		57,119		576,461
Rio Tinto Ltd.		18,815		1,739,362
Santos Ltd.		542,800		2,811,172
Seven Group Holdings Ltd. @		3,940		99,073
Sonic Healthcare Ltd.		60,106		1,313,972
South32 Ltd.		747,569		1,696,405
Suncorp Group Ltd.		186,999		1,764,912
TPG Telecom Ltd.		41,292		145,757
Westpac Banking Corp.		182,943		2,854,863
Whitehaven Coal Ltd.		137,340		696,312
Woodside Energy Group Ltd.		157,968		3,343,525
Worley Ltd.		30,039		357,408
Yancoal Australia Ltd. @		33,779		113,943
				34,761,012
Austria — 0.2%
Erste Group Bank AG		1,782		72,257
Mondi PLC		43,636		855,167
OMV AG		4,549		199,720
				1,127,144
Belgium — 0.7%
Ageas SA		21,755		944,086
KBC Group NV		25,395		1,646,204
Solvay SA @		9,936		304,166
Syensqo SA *		9,936		1,033,924
				3,928,380
Bermuda — 0.0%
Golden Ocean Group Ltd.		18,503		179,240
Canada — 9.6%
Agnico Eagle Mines Ltd. @		48,665		2,669,275
AltaGas Ltd. @		24,518		514,766
ARC Resources Ltd. @		31,547		468,307
B2Gold Corp.		22,856		72,225
Bank of Montreal @		55,679		5,508,880
Bank of Montreal ¥		3,225		319,105
Bank of Nova Scotia (The) @		104,892		5,107,192
Bank of Nova Scotia (The) @¥		24,902		1,212,165
Barrick Gold Corp.		76,976		1,392,496
Barrick Gold Corp. ¥		6,619		119,587
Brookfield Corp., Class A @		15,086		605,250
Canadian Imperial Bank of Commerce @		18,668		898,678
Canadian Imperial Bank of Commerce ¥		81,273		3,913,224
Cenovus Energy, Inc.		10,960		182,484
Fairfax Financial Holdings Ltd.		3,439		3,172,870
First Quantum Minerals Ltd.		62,151		508,915
iA Financial Corp., Inc.		16,360		1,115,278
Imperial Oil Ltd.		2,900		165,851
Kinross Gold Corp.		173,331		1,049,104
Kinross Gold Corp.		40,702		246,247
Lundin Mining Corp.		146,222		1,196,216
Magna International, Inc. @		52,493		3,101,286
Manulife Financial Corp. @		176,474		3,900,075
Manulife Financial Corp.		3,055		67,507
MEG Energy Corp. *		17,402		310,860
Nutrien Ltd.		63,230		3,561,746
Suncor Energy, Inc. ¥		67,770		2,171,115
Suncor Energy, Inc.		75,341		2,413,926
Teck Resources Ltd., Class B @		103,946		4,393,797
Toronto-Dominion Bank (The) ¥		1,749		113,014
Toronto-Dominion Bank (The) @		6,483		418,932
Tourmaline Oil Corp. @		15,422		693,556
West Fraser Timber Co. Ltd.		9,956		851,751
Whitecap Resources, Inc. @		72,329		484,177
				52,919,857
China — 0.1%
ESR Group Ltd. ±		165,600		229,043
Prosus NV		14,324		426,713
Xinyi Glass Holdings Ltd.		103,566		116,186
				771,942
Denmark — 2.5%
AP Moller - Maersk AS, Class A		191		338,854
AP Moller - Maersk AS, Class B		261		469,226
Carlsberg AS, Class B		15,826		1,984,607
Chr Hansen Holding AS		10,817		906,983
Danske Bank AS		41,578		1,110,766
Demant AS *		12,776		560,027
DSV AS		16,777		2,945,360
Genmab AS *		4,957		1,581,936
H Lundbeck AS		21,000		101,879
Novozymes AS, Class B		23,980		1,317,840
Pandora AS		7,588		1,048,636
ROCKWOOL AS, B Shares		1,053		308,133
Tryg AS		15,313		333,123
Vestas Wind Systems AS *		15,861		503,356
				13,510,726
Finland — 0.9%
Fortum OYJ		25,594		369,004
Nokia OYJ @		18,157		61,176
Nokia OYJ, ADR @		486,141		1,662,602
Nordea Bank Abp		47,570		589,532
Stora Enso OYJ, R Shares @		73,527		1,016,656
UPM-Kymmene OYJ @		25,857		972,237
				4,671,207
France — 11.7%
Accor SA		6,035		230,517
Adevinta ASA *		8,113		89,755
ALD SA ±		6,961		49,527
Amundi SA ±		5,568		378,643
Arkema SA		12,548		1,426,794
AXA SA		26,670		868,255
BNP Paribas SA		57,117		3,946,570
Bollore SE		130,191		812,761
Bouygues SA		48,843		1,839,759
Carrefour SA		128,110		2,342,739
Cie de Saint-Gobain SA		92,022		6,771,836
Cie Generale des Etablissements Michelin SCA		119,912		4,296,953
Credit Agricole SA		62,747		890,252
Eiffage SA		11,127		1,191,760
Engie SA		143,510		2,521,855
Orange SA		322,578		3,669,358
Publicis Groupe SA		20,708		1,920,290

The accompanying notes are an integral part of these financial statements.

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
France (Continued)
Renault SA		29,529	$	1,203,049
Rexel SA		18,626		509,325
Sanofi SA		38,892		3,853,830
Societe Generale SA		80,634		2,138,608
TotalEnergies SE		332,966		22,642,797
Vinci SA		1,446		181,501
Vivendi SE		40,220		429,623
				64,206,357
Germany — 6.6%
BASF SE		73,103		3,936,647
Bayer AG		93,338		3,465,252
Bayerische Motoren Werke AG		40,060		4,456,919
Commerzbank AG		122,047		1,449,736
Continental AG		11,926		1,012,706
Covestro AG *±		22,452		1,305,721
Daimler Truck Holding AG		61,594		2,313,248
Deutsche Bank AG =		46,122		629,530
Deutsche Bank AG		92,725		1,256,424
E.ON SE		32,431		434,997
Evonik Industries AG		20,942		427,700
Fresenius Medical Care AG		20,893		875,541
Fresenius SE & Co. KGaA		42,320		1,311,407
Hapag-Lloyd AG ±		402		59,911
Heidelberg Materials AG		25,898		2,314,083
Mercedes-Benz Group AG		122,485		8,457,844
RWE AG		32,833		1,492,610
Siemens Energy AG *		13,742		182,046
Vitesco Technologies Group AG *		911		94,505
Volkswagen AG		4,164		544,497
Wacker Chemie AG		1,080		136,276
				36,157,600
Hong Kong — 1.5%
BOC Hong Kong Holdings Ltd.		302,500		821,284
Cathay Pacific Airways Ltd. @*		230,363		240,733
CK Asset Holdings Ltd.		210,069		1,054,582
CK Hutchison Holdings Ltd.		324,624		1,739,837
CK Infrastructure Holdings Ltd.		24,000		132,778
Hang Lung Properties Ltd.		194,000		270,311
Henderson Land Development Co. Ltd.		112,684		347,064
Hong Kong & China Gas Co. Ltd.		135,000		103,387
MTR Corp. Ltd.		25,669		99,606
New World Development Co. Ltd.		65,859		102,223
Sun Hung Kai Properties Ltd.		145,677		1,575,517
Swire Pacific Ltd., Class A		53,500		452,885
Swire Pacific Ltd., Class B		127,500		166,876
Tsim Sha Tsui Properties Ltd. @		6,907		15,727
WH Group Ltd. ±		1,427,959		921,677
				8,044,487
Ireland — 0.3%
AIB Group PLC		42,862		183,592
Bank of Ireland Group PLC		56,367		511,376
Flutter Entertainment PLC *		3,025		537,501
Smurfit Kappa Group PLC		10,152		402,118
				1,634,587
Israel — 0.5%
Bank Hapoalim BM		56,083		503,586
Bank Leumi Le-Israel BM		144,144		1,158,949
Delek Group Ltd.		904		116,853
Harel Insurance Investments & Financial Services Ltd.		13,270		104,018
Israel Discount Bank Ltd., Class A		113,726		568,541
Menora Mivtachim Holdings Ltd.		591		15,181
Migdal Insurance & Financial Holding Ltd.		22,264		25,298
Phoenix Holdings Ltd. (The)		15,023		152,074
				2,644,500
Italy — 1.3%
Banco BPM SpA		43,063		227,286
Eni SpA		102,840		1,742,462
Intesa Sanpaolo SpA		132,936		387,946
Telecom Italia SpA @*		570,741		185,366
UniCredit SpA		172,773		4,685,351
				7,228,411
Japan — 20.6%
AGC, Inc. @		48,500		1,801,035
Air Water, Inc.		14,100		192,650
Aisin Corp.		22,500		787,181
Alfresa Holdings Corp.		7,700		130,873
Amada Co. Ltd.		37,100		386,787
Aozora Bank Ltd. @		4,800		104,272
Asahi Group Holdings Ltd.		20,300		757,003
Asahi Kasei Corp.		191,300		1,409,650
Bridgestone Corp. @		18,500		766,241
Brother Industries Ltd.		35,600		568,211
Canon Marketing Japan, Inc. @		9,700		294,165
Canon, Inc. @		5,400		138,638
Chiba Bank Ltd. (The)		63,800		460,853
Coca-Cola Bottlers Japan Holdings, Inc.		8,000		114,865
COMSYS Holdings Corp.		2,900		63,965
Concordia Financial Group Ltd.		111,200		508,365
Cosmo Energy Holdings Co. Ltd.		11,900		478,194
Dai-ichi Life Holdings, Inc.		77,400		1,642,417
Daicel Corp.		52,000		503,773
Daiwa House Industry Co. Ltd.		42,100		1,275,540
Daiwa Securities Group, Inc.		41,200		277,326
Dowa Holdings Co. Ltd.		9,600		350,774
ENEOS Holdings, Inc.		470,600		1,870,385
FUJIFILM Holdings Corp.		14,900		895,374
Fujikura Ltd.		10,500		80,761
Fukuoka Financial Group, Inc.		13,600		320,902
Hachijuni Bank Ltd. (The)		8,600		47,922
Hankyu Hanshin Holdings, Inc.		26,100		830,943
Haseko Corp.		30,800		400,182
Hitachi Construction Machinery Co. Ltd.		8,000		211,461
Honda Motor Co. Ltd.		466,200		4,847,157
Idemitsu Kosan Co. Ltd.		147,000		800,160
IHI Corp. @		4,900		95,950
Iida Group Holdings Co. Ltd.		33,400		500,171
INFRONEER Holdings, Inc.		12,800		127,410
Inpex Corp. @		144,500		1,951,775
Isetan Mitsukoshi Holdings Ltd.		25,900		281,777
Isuzu Motors Ltd.		85,200		1,097,328
Iwatani Corp.		4,900		223,558
J Front Retailing Co. Ltd.		35,100		319,385
Japan Post Holdings Co. Ltd.		71,600		639,576
Japan Post Insurance Co. Ltd.		4,500		79,915
JFE Holdings, Inc.		50,400		781,915
JTEKT Corp.		43,200		365,668

The accompanying notes are an integral part of these financial statements.

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Japan (Continued)
K’s Holdings Corp.		32,000	$	299,801
Kajima Corp.		54,000		902,489
Kamigumi Co. Ltd.		15,700		374,796
Kaneka Corp.		5,000		127,021
Kawasaki Heavy Industries Ltd.		32,800		725,555
Kobe Steel Ltd.		19,500		252,324
Koito Manufacturing Co. Ltd.		12,200		190,138
Komatsu Ltd.		43,100		1,127,325
Kubota Corp.		31,200		469,660
Kuraray Co. Ltd.		76,400		772,399
Kyoto Financial Group, Inc.		26,000		405,028
Lixil Corp.		42,700		533,144
LY Corp.		188,400		667,684
Mabuchi Motor Co. Ltd.		10,200		169,204
Marubeni Corp.		69,800		1,103,187
Mazda Motor Corp.		65,100		703,403
Mebuki Financial Group, Inc.		83,070		252,686
Medipal Holdings Corp.		17,700		286,903
Mitsubishi Chemical Group Corp.		185,800		1,138,519
Mitsubishi Corp.		321,300		5,135,103
Mitsubishi Electric Corp.		57,800		819,448
Mitsubishi Estate Co. Ltd.		82,000		1,129,972
Mitsubishi Gas Chemical Co., Inc.		26,800		428,705
Mitsubishi Logistics Corp.		2,500		75,337
Mitsubishi Motors Corp.		88,400		281,501
Mitsubishi UFJ Financial Group, Inc.		206,400		1,773,430
Mitsubishi UFJ Financial Group, Inc., ADR @		391,058		3,367,009
Mitsui Chemicals, Inc.		47,200		1,399,932
Mitsui Fudosan Co. Ltd.		54,100		1,326,793
Mizuho Financial Group, Inc.		116,740		1,997,413
MS&AD Insurance Group Holdings, Inc.		24,728		972,635
NEC Corp.		32,100		1,900,957
NGK Insulators Ltd.		41,200		492,501
NH Foods Ltd.		8,133		275,714
Nikon Corp.		9,800		97,027
NIPPON EXPRESS HOLDINGS, Inc.		15,900		903,706
Nippon Steel Corp.		60,327		1,381,959
Nissan Motor Co. Ltd.		222,800		875,715
Niterra Co. Ltd.		18,000		427,532
Nomura Holdings, Inc.		175,700		794,638
Nomura Real Estate Holdings, Inc.		23,700		623,428
NSK Ltd.		59,600		322,516
Obayashi Corp.		72,500		627,305
Oji Holdings Corp.		226,000		870,340
Otsuka Holdings Co. Ltd.		10,100		378,857
Panasonic Holdings Corp.		194,100		1,922,416
Resona Holdings, Inc.		206,800		1,050,867
Resonac Holdings Corp.		14,000		279,007
Ricoh Co. Ltd.		81,000		622,149
Rohm Co. Ltd.		24,600		471,500
Sankyo Co. Ltd.		6,500		379,074
Sankyu, Inc.		1,500		55,117
SBI Holdings, Inc.		20,500		461,177
Seibu Holdings, Inc.		9,600		133,243
Seiko Epson Corp.		40,700		609,201
Seino Holdings Co. Ltd.		20,400		309,328
Sekisui Chemical Co. Ltd.		16,000		230,638
Sekisui House Ltd.		58,000		1,288,340
Shimizu Corp.		49,600		329,471
Shizuoka Financial Group, Inc.		46,000		389,858
Sohgo Security Services Co. Ltd.		12,000		69,038
Sojitz Corp.		35,820		809,126
Sompo Holdings, Inc.		5,900		288,556
Subaru Corp.		90,700		1,663,477
SUMCO Corp. @		46,300		694,336
Sumitomo Chemical Co. Ltd.		157,200		383,523
Sumitomo Corp.		94,000		2,050,667
Sumitomo Electric Industries Ltd.		164,200		2,090,930
Sumitomo Forestry Co. Ltd. @		33,800		1,007,528
Sumitomo Heavy Industries Ltd.		26,000		655,532
Sumitomo Metal Mining Co. Ltd.		35,500		1,069,028
Sumitomo Mitsui Financial Group, Inc.		71,100		3,469,277
Sumitomo Mitsui Trust Holdings, Inc.		49,800		955,736
Sumitomo Realty & Development Co. Ltd.		42,000		1,249,277
Sumitomo Rubber Industries Ltd.		42,800		465,033
Suzuken Co. Ltd.		1,100		36,425
Suzuki Motor Corp.		20,700		885,696
Taiheiyo Cement Corp.		7,500		154,574
Taisei Corp.		7,200		246,230
Takashimaya Co. Ltd.		13,100		178,522
Takeda Pharmaceutical Co. Ltd.		126,173		3,627,697
TDK Corp.		3,300		157,206
Teijin Ltd.		32,399		307,101
THK Co. Ltd. @		10,700		209,788
Tokyo Tatemono Co. Ltd.		37,600		563,200
Tokyu Fudosan Holdings Corp.		132,300		845,782
Toray Industries, Inc.		166,100		863,602
Tosoh Corp.		58,300		744,669
Toyo Seikan Group Holdings Ltd.		16,700		270,872
Toyo Tire Corp.		7,400		123,858
Toyoda Gosei Co. Ltd.		15,300		287,065
Toyota Boshoku Corp.		6,500		103,147
Toyota Motor Corp.		322,150		5,918,650
Toyota Tsusho Corp.		16,000		942,752
Yamada Holdings Co. Ltd.		93,100		289,468
Yamaha Motor Co. Ltd. @		111,600		996,881
Yokohama Rubber Co. Ltd. (The) @		27,600		632,843
Zeon Corp.		28,500		264,888
				113,066,558
Netherlands — 4.8%
ABN AMRO Group NV, GDR ±		42,957		644,470
Aegon Ltd.		149,418		865,658
Akzo Nobel NV		17,322		1,430,755
ArcelorMittal SA		60,669		1,722,393
ArcelorMittal SA =		1,708		48,411
ASR Nederland NV		2,953		139,201
Coca-Cola Europacific Partners PLC		10,606		704,851
Heineken NV		16,759		1,700,991
ING Groep NV		253,754		3,789,062
JDE Peet’s NV @		9,259		248,995
Koninklijke Ahold Delhaize NV		179,778		5,163,092
Koninklijke KPN NV		211,274		727,230
Koninklijke Philips NV ¢		34,541		804,004
Koninklijke Philips NV @*		17,339		404,519
NN Group NV		31,090		1,227,005
Randstad NV		16,773		1,050,259
Stellantis NV =		191,757		4,477,247
Stellantis NV @		56,317		1,313,312
				26,461,455
New Zealand — 0.2%
Auckland International Airport Ltd. @		100,959		561,627
EBOS Group Ltd.		1,249		28,029
Fletcher Building Ltd.		101,890		307,879
Genesis Energy Ltd.		26,157		41,421
Infratil Ltd.		15,725		99,704
Mercury NZ Ltd.		18,796		78,420

The accompanying notes are an integral part of these financial statements.

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
New Zealand (Continued)
Port of Tauranga Ltd.		3,033	$	10,737
Ryman Healthcare Ltd. @*		22,869		85,294
Summerset Group Holdings Ltd.		14,664		95,016
				1,308,127
Norway — 0.7%
Aker ASA, A Shares		296		19,403
Aker BP ASA		20,563		598,074
DNB Bank ASA		51,195		1,088,408
Norsk Hydro ASA		88,167		593,571
SpareBank 1 SR-Bank ASA		18,440		233,951
Stolt-Nielsen Ltd.		3,929		120,462
Storebrand ASA		31,353		277,860
Subsea 7 SA		28,831		420,551
Wallenius Wilhelmsen ASA		13,553		118,723
Yara International ASA		13,680		486,345
				3,957,348
Portugal — 0.1%
EDP Renovaveis SA @		3,173		64,890
Galp Energia SGPS SA		16,108		237,218
				302,108
Singapore — 1.0%
BW LPG Ltd. ±		5,825		86,745
CapitaLand Investment Ltd.		92,300		221,002
City Developments Ltd.		34,200		172,328
Great Eastern Holdings Ltd.		3,000		40,007
Hafnia Ltd.		12,769		88,228
Hongkong Land Holdings Ltd.		101,200		352,176
Keppel Corp. Ltd.		241,100		1,291,591
Keppel REIT		48,220		33,980
Olam Group Ltd.		94,300		74,311
Oversea-Chinese Banking Corp. Ltd.		82,149		809,196
Seatrium Ltd. *		5,948,805		531,888
United Overseas Bank Ltd.		39,600		853,662
UOL Group Ltd. @		47,218		224,686
Wilmar International Ltd.		273,400		739,563
				5,519,363
Spain — 2.6%
Banco Bilbao Vizcaya Argentaria SA		91,765		833,327
Banco Bilbao Vizcaya Argentaria SA, ADR		180,366		1,643,134
Banco de Sabadell SA		74,625		91,692
Banco Santander SA		1,654,430		6,902,910
Banco Santander SA, ADR		210,864		872,977
CaixaBank SA		153,421		631,069
Repsol SA		211,452		3,139,667
Telefonica SA, ADR @		6,496		25,334
				14,140,110
Sweden — 2.9%
Billerud Aktiebolag		22,377		227,186
Boliden AB		34,071		1,062,391
Dometic Group AB ±		15,032		134,313
Essity AB, B Shares		3,803		94,264
Getinge AB, B Shares		7,190		159,896
Holmen AB, B Shares		8,941		377,371
Husqvarna AB, B Shares @		42,676		351,104
Loomis AB		8,247		218,807
Millicom International Cellular SA, SDR *		20,565		367,522
Saab AB, Class B		4,192		252,533
Securitas AB, B Shares		59,785		584,332
Skandinaviska Enskilda Banken AB, Class A		140,768		1,937,190
Skanska AB, B Shares		40,249		727,679
SKF AB, B Shares		64,782		1,292,936
SKF AB, Class A		839		16,886
SSAB AB, A Shares		29,362		223,227
SSAB AB, B Shares		84,454		645,418
Svenska Cellulosa AB SCA, A Shares		244		3,624
Svenska Cellulosa AB SCA, B Shares		25,812		386,692
Svenska Handelsbanken AB, A Shares		54,423		590,578
Svenska Handelsbanken AB, B Shares @		1,918		24,759
Swedbank AB, A Shares		38,879		783,667
Swedish Orphan Biovitrum AB *		7,957		210,639
Tele2 AB, B Shares		45,909		393,907
Telefonaktiebolaget LM Ericsson, B Shares		195,119		1,220,890
Telia Co. AB		260,862		665,471
Trelleborg AB, B Shares		10,544		352,928
Volvo AB, B Shares		93,011		2,413,331
Volvo Car AB, Class B @*		39,107		126,246
				15,845,787
Switzerland — 10.1%
Alcon, Inc. µ		30,384		2,371,328
Alcon, Inc. @		1,965		153,506
Baloise Holding AG		4,379		686,228
Banque Cantonale Vaudoise @		1,642		211,827
Barry Callebaut AG		242		408,297
Cie Financiere Richemont SA, Class A		33,824		4,655,048
DSM-Firmenich AG		11,057		1,122,987
Holcim AG		47,111		3,698,078
Julius Baer Group Ltd.		36,354		2,038,037
Lonza Group AG		4,850		2,039,647
Novartis AG		122,351		12,346,388
Sandoz Group AG *		24,470		787,299
Sandoz Group AG, ADR @*		572		18,310
SIG Group AG		33,586		772,712
Swatch Group AG (The) µ		6,226		326,087
Swatch Group AG (The) µ		1,459		396,561
Swiss Life Holding AG		4,035		2,801,783
Swiss Prime Site AG		1,574		168,151
Swiss Re AG		23,316		2,621,439
Swisscom AG		4,128		2,483,524
UBS Group AG		232,018		7,200,130
Zurich Insurance Group AG		16,076		8,402,603
				55,709,970
United Kingdom — 12.3%
Anglo American PLC		68,697		1,725,549
Associated British Foods PLC		8,010		241,669
Aviva PLC		95,852		531,107
Barclays PLC, ADR @		344,451		2,714,274
Barratt Developments PLC		47,310		339,269
BP PLC		299,981		1,782,421
BP PLC, ADR		79,258		2,805,733
British American Tobacco PLC		112,193		3,282,722
BT Group PLC		1,231,112		1,939,577
DCC PLC		2,839		209,090
DS Smith PLC		173,685		680,324
Endeavour Mining PLC		18,998		426,829
Glencore PLC		465,148		2,799,085

The accompanying notes are an integral part of these financial statements.

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
United Kingdom (Continued)
HSBC Holdings PLC		18,452	$	149,469
HSBC Holdings PLC, ADR @		204,163		8,276,768
Investec PLC		25,929		175,762
J Sainsbury PLC		242,304		934,589
Kingfisher PLC		299,798		929,741
Lloyds Banking Group PLC		5,603,835		3,407,891
Lloyds Banking Group PLC, ADR		217,015		518,666
Marks & Spencer Group PLC		24,148		83,845
Melrose Industries PLC		49,543		358,313
Natwest Group PLC		172,450		482,271
Natwest Group PLC, ADR @		116,916		658,237
Persimmon PLC		11,130		197,055
Phoenix Group Holdings PLC		26,153		178,414
Shell PLC, ADR		389,196		25,609,097
Standard Chartered PLC		199,242		1,692,923
Tesco PLC		378,871		1,402,906
Vodafone Group PLC		3,477,659		3,039,127
				67,572,723
United States — 0.8%
CRH PLC		40,650		2,811,354
Newmont Corp., CDI		32,086		1,328,081
				4,139,435
TOTAL COMMON STOCKS (Identified Cost $432,543,734)				539,808,434
PREFERRED STOCKS — 0.8%
Germany — 0.8%
Bayerische Motoren Werke AG, 9.483%		7,858		780,302
Henkel AG & Co. KGaA, 2.542%		3,155		253,769
Porsche Automobil Holding SE, 5.536%		11,784		602,574
Volkswagen AG, 7.837%		22,302		2,752,549
				4,389,194
TOTAL PREFERRED STOCKS  (Identified Cost $6,382,660)				4,389,194
SHORT-TERM INVESTMENTS — 4.6%
Investment Company — 0.1%
State Street Institutional U.S. Government Money Market Fund 5.070%		275,976		275,976
Collateral For Securities On Loan — 4.5%
State Street Navigator Securities Lending Government Money Market Portfolio 5.360%		24,711,549		24,711,549
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $24,987,525)				24,987,525
Total Investments — 103.7% (Identified Cost $463,913,919)				569,185,153
Liabilities, Less Cash and Other Assets — (3.7%)				(20,177,153	)
Net Assets — 100.0%			$	549,008,000

†	See Note 1
@	A portion or all of the security was held on loan. As of December 31, 2023, the fair value of the securities on loan was $46,161,764.
*	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, 2023 amounted to $3,810,049 or 0.69% 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

CDI — Crest Depositary Interest

SDR — Swedish 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, 2023 (Unaudited)

	SHARES		VALUE†
COMMON STOCKS — 98.4%
Belgium — 0.0%
Titan Cement International SA		2,956	$	69,997
Brazil — 3.8%
Atacadao SA		28,162		72,179
Banco Bradesco SA		70,133		220,609
Banco Bradesco SA, ADR @		136,380		477,330
Banco do Brasil SA		51,498		587,219
Banco Santander Brasil SA		19,597		130,308
BRF SA *		36,553		103,919
Camil Alimentos SA		8,900		15,482
Cia Siderurgica Nacional SA		34,656		140,262
Cia Siderurgica Nacional SA, ADR		17,252		67,800
Cielo SA		31,090		30,017
Cogna Educacao SA *		137,975		99,130
Cyrela Brazil Realty SA Empreendimentos e Participacoes		30,113		149,276
Desktop SA ±		3,400		9,883
Dexco SA		34,954		58,070
Diagnosticos da America SA *		5,700		11,288
Embraer SA *		3,894		17,949
Embraer SA, ADR *		12,729		234,850
Empreendimentos Pague Menos SA		24,500		19,973
Enauta Participacoes SA		13,118		54,253
Ez Tec Empreendimentos e Participacoes SA		8,100		31,182
Gerdau SA, ADR		101,234		490,985
Grupo Casas Bahia SA *		5,728		13,419
Grupo De Moda Soma SA		32,600		49,998
Grupo SBF SA		13,400		32,358
Hapvida Participacoes e Investimentos SA *±		242,052		221,741
Iochpe Maxion SA		12,197		32,366
IRB Brasil Resseguros SA *		5,122		46,711
Jalles Machado SA		15,681		25,309
JBS SA		63,545		325,862
JHSF Participacoes SA		40,831		46,819
Locaweb Servicos de Internet SA ±		18,032		22,310
Movida Participacoes SA		18,600		45,527
MRV Engenharia e Participacoes SA *		6,245		14,437
Natura & Co. Holding SA *		68,808		239,247
Petroleo Brasileiro SA		344,373		2,763,435
Petroleo Brasileiro SA, ADR		1,600		25,552
Petroreconcavo SA		7,700		34,429
TIM SA		49,401		182,345
Tupy SA		3,847		23,030
Vale SA		20,412		324,400
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		3,200		13,505
Zamp SA *		22,200		26,050
				7,530,814
British Virgin Islands — 0.0%
AsiaInfo Technologies Ltd. ±		13,200		14,555
Canada — 0.0%
China Gold International Resources Corp. Ltd.		13,700		58,513
Cayman Islands — 0.0%
Baozun, Inc., Class A *@		4,600		4,136
Edvantage Group Holdings Ltd.		32,244		10,447
Fulgent Sun International Holding Co. Ltd.		8,000		34,799
Gourmet Master Co. Ltd.		5,000		16,536
				65,918
Chile — 0.5%
Banco de Credito e Inversiones SA		470		12,723
CAP SA		4,662		38,100
Cencosud SA		18,885		35,476
Cia Sud Americana de Vapores SA		664,643		40,813
Empresa Nacional de Telecomunicaciones SA		13,467		49,378
Empresas CMPC SA		85,818		165,595
Empresas Copec SA		28,747		209,156
Enel Americas SA *		983,394		108,831
Falabella SA *		38,983		97,346
Grupo Security SA		48,193		14,111
Inversiones Aguas Metropolitanas SA		38,384		32,023
PAZ Corp. SA		9,073		4,982
Ripley Corp. SA		81,141		16,145
Salfacorp SA		23,235		12,066
Sigdo Koppers SA		27,803		39,921
SMU SA		147,411		27,072
Sociedad Matriz SAAM SA		298,644		36,949
SONDA SA		83,103		36,314
				977,001
China — 25.8%
360 Security Technology, Inc., Class A *		20,500		26,043
361 Degrees International Ltd.		71,000		31,552
3SBio, Inc. ±		106,000		102,084
A-Living Smart City Services Co. Ltd. ±		52,500		24,070
AAC Technologies Holdings, Inc.		60,500		179,753
Accelink Technologies Co. Ltd., Class A		7,000		28,129
Addsino Co. Ltd., Class A		16,300		19,237
Advanced Technology  & Materials Co. Ltd., Class A		13,900		17,619
Agricultural Bank of China Ltd., H Shares		1,776,000		684,608
Alibaba Group Holding Ltd.		344,200		3,332,461
Aluminum Corp. of China Ltd., H Shares		328,000		163,821
Angang Steel Co. Ltd., H Shares		142,999		28,202
Anhui Conch Cement Co. Ltd., H Shares		97,500		225,255
Anhui Guangxin Agrochemical Co. Ltd., Class A		4,312		8,816
Anhui Huilong Agricultural Means of Production Co. Ltd., Class A		6,500		5,389
Anhui Jinhe Industrial Co. Ltd., Class A		5,000		15,447
Anhui Truchum Advanced Materials & Technology Co. Ltd., Class A		13,800		14,555
Anhui Zhongding Sealing Parts Co. Ltd., Class A		13,300		23,197
Asia - Potash International Investment Guangzhou Co. Ltd., Class A *		4,400		16,279
Avary Holding Shenzhen Co. Ltd., Class A		12,300		38,710
AviChina Industry & Technology Co. Ltd., H Shares		254,000		108,971
BAIC Motor Corp. Ltd., H Shares ±		145,000		42,338
Baidu, Inc., ADR *		11,412		1,359,055
Baidu, Inc., Class A *		6,850		101,849
Bank of Beijing Co. Ltd., Class A		98,400		62,851
Bank of Changsha Co. Ltd., Class A		25,500		24,521
Bank of Chengdu Co. Ltd., Class A		26,000		41,279
Bank of China Ltd., H Shares		5,702,902		2,176,429
Bank of Chongqing Co. Ltd., H Shares @		46,500		23,582
Bank of Communications Co. Ltd., H Shares		529,400		330,176
Bank of Guiyang Co. Ltd., Class A		22,500		16,307
Bank of Hangzhou Co. Ltd., Class A		32,101		45,308
Bank of Jiangsu Co. Ltd., Class A		80,100		75,558
Bank of Nanjing Co. Ltd., Class A		61,300		63,788
Bank of Ningbo Co. Ltd., Class A		38,780		109,961
Bank of Shanghai Co. Ltd., Class A		68,500		57,661
Bank of Suzhou Co. Ltd., Class A		22,220		20,239
Baoshan Iron & Steel Co. Ltd., Class A		100,300		83,864

The accompanying notes are an integral part of these financial statements.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
China (Continued)
BBMG Corp., H Shares		184,000	$	17,202
Beijing Capital Development Co. Ltd., Class A		12,200		5,229
Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A		48,000		18,206
Beijing Dabeinong Technology Group Co. Ltd., Class A		18,000		15,126
Beijing Easpring Material Technology Co. Ltd., Class A		2,700		14,543
Beijing Enterprises Holdings Ltd.		46,000		159,941
Beijing Enterprises Water Group Ltd.		448,000		99,830
Beijing GeoEnviron Engineering & Technology, Inc., Class A		11,232		10,357
Beijing Haixin Energy Technology Co. Ltd., Class A *		35,800		17,718
Beijing Jetsen Technology Co. Ltd., Class A *		28,600		20,486
Beijing Jingyuntong Technology Co. Ltd., Class A *		22,000		14,176
Beijing New Building Materials PLC, Class A		10,000		32,938
Beijing Orient National Communication Science & Technology Co. Ltd., Class A *		8,200		10,868
Beijing Originwater Technology Co. Ltd., Class A		5,558		3,911
Beijing Shougang Co. Ltd., Class A *		27,500		13,416
Beijing SL Pharmaceutical Co. Ltd., Class A		8,900		12,787
Beijing Yanjing Brewery Co. Ltd., Class A		9,600		11,682
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		108,000		74,922
BGI Genomics Co. Ltd., Class A		1,800		12,182
BOC International China Co. Ltd., Class A		14,300		20,748
BOE Technology Group Co. Ltd., Class A		220,300		121,143
Bohai Leasing Co. Ltd., Class A *		64,900		19,583
Bright Dairy & Food Co. Ltd., Class A		7,700		9,478
Brilliance China Automotive Holdings Ltd. @		178,000		99,161
BTG Hotels Group Co. Ltd., Class A *		5,700		12,554
BYD Electronic International Co. Ltd.		14,000		65,621
C C Land Holdings Ltd. @		106,500		19,640
C&D International Investment Group Ltd.		40,795		86,935
Caitong Securities Co. Ltd., Class A		15,470		16,927
Canmax Technologies Co. Ltd., Class A		4,800		17,157
CECEP Solar Energy Co. Ltd., Class A		30,100		23,682
CECEP Wind-Power Corp., Class A		49,010		20,731
CGN New Energy Holdings Co. Ltd. @		130,000		33,464
Changjiang Securities Co. Ltd., Class A		39,900		30,267
Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A		4,900		12,740
Chengdu Wintrue Holding Co. Ltd., Class A		8,900		10,353
Chengxin Lithium Group Co. Ltd., Class A		5,600		17,963
China Baoan Group Co. Ltd., Class A		9,000		14,898
China BlueChemical Ltd., H Shares		10,000		2,523
China Bohai Bank Co. Ltd., Class H *@±		141,000		20,405
China CAMC Engineering Co. Ltd., Class A		20,600		23,585
China Cinda Asset Management Co. Ltd., Class H		390,000		38,958
China Citic Bank Corp. Ltd., H Shares		613,000		288,895
China Coal Energy Co. Ltd., H Shares		181,000		164,577
China Communication Services Corp. Ltd., H Shares		231,600		96,098
China Conch Environment Protection Holdings Ltd. *		97,500		19,479
China Conch Venture Holdings Ltd.		98,500		81,742
China Construction Bank Corp., H Shares		7,488,810		4,459,623
China CSSC Holdings Ltd., Class A		6,500		26,982
China Development Bank Financial Leasing Co. Ltd., H Shares ±		128,000		22,785
China Education Group Holdings Ltd.		30,000		18,826
China Energy Engineering Corp. Ltd., Class A		88,674		26,256
China Energy Engineering Corp. Ltd., H Shares @		152,000		15,183
China Everbright Bank Co. Ltd., H Shares		241,000		71,604
China Feihe Ltd. ±		243,000		132,882
China Foods Ltd.		86,000		32,380
China Galaxy Securities Co. Ltd., H Shares		194,500		102,873
China Gas Holdings Ltd.		228,400		225,519
China Great Wall Securities Co. Ltd., Class A		8,500		9,588
China Greatwall Technology Group Co. Ltd., Class A		15,387		21,956
China Hongqiao Group Ltd.		189,000		154,666
China Huiyuan Juice Group Ltd. *§		84,500		—
China International Marine Containers Group Co. Ltd., Class H		74,460		47,679
China Jinmao Holdings Group Ltd.		484,018		46,490
China Jushi Co. Ltd., Class A		22,631		31,367
China Lesso Group Holdings Ltd.		100,000		52,251
China Lilang Ltd.		31,000		16,793
China Medical System Holdings Ltd.		97,000		171,925
China Meheco Co. Ltd., Class A		13,860		21,829
China Meidong Auto Holdings Ltd.		22,000		13,383
China Merchants Bank Co. Ltd., H Shares		303,500		1,057,207
China Merchants Energy Shipping Co. Ltd., Class A		27,400		22,717
China Merchants Port Holdings Co. Ltd.		99,712		135,869
China Merchants Property Operation & Service Co. Ltd., Class A		5,000		8,432
China Merchants Securities Co. Ltd., H Shares ±		19,660		16,089
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		22,000		29,562
China Minsheng Banking Corp. Ltd., H Shares		395,880		134,351
China Modern Dairy Holdings Ltd. @		290,000		27,483
China National Accord Medicines Corp. Ltd., Class A		6,760		27,632
China National Building Material Co. Ltd., H Shares		396,850		169,748
China National Chemical Engineering Co. Ltd., Class A		38,700		34,705
China National Nuclear Power Co. Ltd., Class A		101,100		106,913
China New Higher Education Group Ltd. ±		74,000		20,186
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd., Class A *		15,100		9,581
China Nonferrous Mining Corp. Ltd.		70,000		45,988
China Oil & Gas Group Ltd. *		200,000		6,198

The accompanying notes are an integral part of these financial statements.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
China (Continued)
China Oilfield Services Ltd., H Shares		122,000	$	124,680
China Overseas Grand Oceans Group Ltd.		141,402		46,539
China Overseas Land  & Investment Ltd.		279,000		491,649
China Pacific Insurance Group Co. Ltd., H Shares		162,600		328,178
China Petroleum & Chemical Corp., H Shares		1,946,400		1,019,501
China Railway Group Ltd., H Shares		291,000		129,689
China Railway Signal  & Communication Corp. Ltd., H Shares ±		149,000		49,613
China Renaissance Holdings Ltd. *@±§		11,300		3,945
China Resources Building Materials Technology Holdings Ltd.		238,000		51,815
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		6,300		16,522
China Resources Gas Group Ltd.		74,500		244,247
China Resources Land Ltd.		302,000		1,082,922
China Resources Medical Holdings Co. Ltd.		71,500		44,135
China Resources Pharmaceutical Group Ltd. ±		134,500		88,363
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		5,100		35,761
China Risun Group Ltd. @		58,000		24,437
China Shanshui Cement Group Ltd. *@		53,000		3,597
China Shenhua Energy Co. Ltd., H Shares		195,000		668,022
China Shineway Pharmaceutical Group Ltd.		36,000		33,517
China South Publishing  & Media Group Co. Ltd., Class A		11,600		16,634
China State Construction Engineering Corp. Ltd., Class A		191,200		129,674
China State Construction International Holdings Ltd.		50,000		57,822
China Sunshine Paper Holdings Co. Ltd. *		26,000		9,057
China Taiping Insurance Holdings Co. Ltd.		137,800		118,591
China Tianrui Group Cement Co. Ltd. *@		11,000		7,044
China Tower Corp. Ltd., Class H ±		3,648,000		383,090
China Traditional Chinese Medicine Holdings Co. Ltd. @		260,000		130,857
China TransInfo Technology Co. Ltd., Class A *		6,900		10,906
China Travel International Investment Hong Kong Ltd. @		180,000		30,889
China Vanke Co. Ltd., Class H		133,972		123,875
China Yongda Automobiles Services Holdings Ltd.		84,000		31,519
China Zheshang Bank Co. Ltd., Class H		124,800		32,285
Chinasoft International Ltd.		42,000		32,219
Chinese Universe Publishing and Media Group Co. Ltd., Class A		9,200		17,097
Chongqing Changan Automobile Co. Ltd., Class A		40,430		95,942
Chongqing Department Store Co. Ltd., Class A		2,400		9,543
Chongqing Rural Commercial Bank Co. Ltd., H Shares		226,000		87,697
Chow Tai Seng Jewellery Co. Ltd., Class A		9,125		19,531
CIFI Ever Sunshine Services Group Ltd.		18,000		3,343
CIMC Enric Holdings Ltd.		74,000		66,907
CITIC Ltd.		356,000		355,612
CITIC Securities Co. Ltd., Class H		83,950		171,373
Citychamp Watch & Jewellery Group Ltd. *		62,000		9,131
CMGE Technology Group Ltd. *@		90,000		15,099
CMOC Group Ltd., Class H		66,000		36,091
CNGR Advanced Material Co. Ltd., Class A		1,800		12,469
CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A		21,460		13,556
CNOOC Energy Technology  & Services Ltd., Class A		62,100		24,955
CNSIG Inner Mongolia Chemical Industry Co. Ltd., Class A		13,650		15,051
COFCO Biotechnology Co. Ltd., Class A		15,100		14,137
COFCO Joycome Foods Ltd. *@		66,000		15,890
Concord New Energy Group Ltd.		420,000		34,424
Consun Pharmaceutical Group Ltd.		23,000		14,050
COSCO Shipping Development Co. Ltd., H Shares		324,200		33,215
COSCO Shipping Energy Transportation Co. Ltd., H Shares @		74,000		69,844
COSCO Shipping Holdings Co. Ltd., H Shares		244,199		245,497
COSCO SHIPPING International Hong Kong Co. Ltd.		34,000		13,237
COSCO SHIPPING Ports Ltd.		156,998		113,398
CPMC Holdings Ltd.		53,000		45,680
CRRC Corp. Ltd., Class H		177,000		77,977
CSG Holding Co. Ltd., Class A		19,500		15,315
CSSC Hong Kong Shipping Co. Ltd.		70,000		13,268
CTS International Logistics Corp. Ltd., Class A		11,000		11,462
Daan Gene Co. Ltd., Class A		9,400		12,830
Daqin Railway Co. Ltd., Class A		85,800		87,225
DBG Technology Co. Ltd., Class A		7,000		23,234
DHC Software Co. Ltd., Class A		28,100		24,446
Dian Diagnostics Group Co. Ltd., Class A		4,800		16,115
Digital China Holdings Ltd.		62,000		18,421
Digital China Information Service Group Co. Ltd., Class A		10,000		15,919
Dong-E-E-Jiao Co. Ltd., Class A		3,300		22,949
Dongfang Electric Corp. Ltd. H Shares		21,000		19,202
Dongxing Securities Co. Ltd., Class A		12,000		13,925
Dongyue Group Ltd. @		104,000		75,251
E-Commodities Holdings Ltd.		94,000		18,659
EEKA Fashion Holdings Ltd.		8,000		14,528
Essex Bio-technology Ltd.		37,000		11,799
Eternal Asia Supply Chain Management Ltd., Class A		24,300		15,350
Fangda Carbon New Material Co. Ltd., Class A *		15,700		11,600
Fangda Special Steel Technology Co. Ltd., Class A *		19,000		12,350
Far East Horizon Ltd. @		187,000		147,042
FAW Jiefang Group Co. Ltd. *		24,100		28,884
Fiberhome Telecommunication Technologies Co. Ltd., Class A		5,800		13,608
FIH Mobile Ltd. *		45,000		3,515
FinVolution Group, ADR		11,439		56,051
Fosun International Ltd.		195,500		114,919
Founder Securities Co. Ltd., Class A		23,800		27,048
Foxconn Industrial Internet Co. Ltd., Class A		58,500		124,717
Fu Shou Yuan International Group Ltd.		44,000		29,865
Fufeng Group Ltd.		153,000		84,842
Fujian Funeng Co. Ltd., Class A		18,330		21,374
Gansu Shangfeng Cement Co. Ltd., Class A		6,240		7,092
GCL Energy Technology Co. Ltd.		4,200		7,331
GCL Technology Holdings Ltd.		395,000		62,727
GDS Holdings Ltd., Class A *@		72,300		83,888
Geely Automobile Holdings Ltd.		455,000		500,538

The accompanying notes are an integral part of these financial statements.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
China (Continued)
GEM Co. Ltd., Class A		33,500	$	25,790
Gemdale Corp., Class A		19,200		11,803
Gemdale Properties  & Investment Corp. Ltd. @		442,000		15,849
Genertec Universal Medical Group Co. Ltd. ±		75,500		43,414
GF Securities Co. Ltd., Class H		64,200		76,792
Giant Network Group Co. Ltd., Class A		9,400		14,765
GoerTek, Inc., Class A		18,300		54,212
Goldwind Science & Technology Co. Ltd.		47,800		21,487
Gotion High-tech Co. Ltd., Class A *		5,100		15,461
Grand Pharmaceutical Group Ltd.		88,500		46,355
Grandjoy Holdings Group Co. Ltd., Class A *		30,000		12,563
Greattown Holdings Ltd., Class A *		34,100		14,424
Greatview Aseptic Packaging Co. Ltd. *		88,000		20,962
Gree Electric Appliances, Inc., Class A		13,800		62,596
Greentown China Holdings Ltd. @		78,500		79,923
Greentown Service Group Co. Ltd.		102,000		38,012
GRG Banking Equipment Co. Ltd., Class A		12,500		21,608
Guangdong HEC Technology Holding Co. Ltd., Class A *		11,800		12,196
Guangdong Provincial Expressway Development Co. Ltd., Class A		12,700		15,149
Guangdong Tapai Group Co. Ltd., Class A		9,300		9,284
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A		4,200		8,628
Guanghui Energy Co. Ltd., Class A		48,700		49,028
Guangshen Railway Co. Ltd., Class H *		82,000		15,962
Guangxi Liugong Machinery Co. Ltd., Class A		14,900		14,160
Guangzhou Automobile Group Co. Ltd., H Shares		188,000		87,397
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		16,000		44,567
Guangzhou Haige Communications Group, Inc. Co., Class A		22,300		40,404
Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A		18,042		15,314
Guizhou Panjiang Refined Coal Co. Ltd., Class A		9,269		8,064
Guizhou Xinbang Pharmaceutical Co. Ltd., Class A		32,400		20,284
Guosen Securities Co. Ltd., Class A		22,400		26,973
Guosheng Financial Holding, Inc., Class A *		14,131		18,570
Guotai Junan Securities Co. Ltd., H Shares ±		29,000		32,645
Haier Smart Home Co. Ltd., Class A		20,500		60,700
Hainan Meilan International Airport Co. Ltd., H Shares *		23,000		20,412
Haitian International Holdings Ltd.		44,000		108,866
Haitong Securities Co. Ltd., Class H		169,600		90,572
Han’s Laser Technology Industry Group Co. Ltd., Class A		8,900		26,002
Hang Zhou Great Star Industrial Co. Ltd., Class A		4,400		13,971
Hangcha Group Co. Ltd., Class A		8,000		28,065
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		22,900		23,474
Hangzhou Robam Appliances Co. Ltd., Class A		2,900		8,906
Harbin Electric Co. Ltd., H Shares		74,000		19,617
Health & Happiness H&H International Holdings Ltd.		18,500		28,667
Henan Mingtai Al Industrial Co. Ltd., Class A		8,400		13,431
Hengan International Group Co. Ltd.		8,500		31,623
Hengli Petrochemical Co. Ltd., Class A *		35,500		65,922
Hengtong Optic-electric Co. Ltd., Class A		9,680		16,297
Hengyi Petrochemical Co. Ltd., Class A *		25,000		23,688
Hesteel Co. Ltd., Class A		65,500		19,672
Hope Education Group Co. Ltd. *±		120,000		5,532
Hopson Development Holdings Ltd. *		101,900		52,983
Horizon Construction Development Ltd. *		6,925		4,071
Hoyuan Green Energy Co. Ltd., Class A		3,300		15,485
Hua Han Health Industry Holdings Ltd. *§		504,000		—
Hua Hong Semiconductor Ltd. *@±		33,000		79,790
Huafon Chemical Co. Ltd., Class A		27,754		26,258
Huaibei Mining Holdings Co. Ltd., Class A		10,400		24,386
Huapont Life Sciences Co. Ltd., Class A		27,600		18,135
Huatai Securities Co. Ltd., Class H ±		58,600		73,996
Huaxi Securities Co. Ltd., Class A		12,600		13,786
Huaxia Bank Co. Ltd., Class A		43,300		34,312
Huaxin Cement Co. Ltd., Class A		7,000		12,268
Huaxin Cement Co. Ltd., Class H		17,700		15,301
Huayu Automotive Systems Co. Ltd., Class A		17,500		40,171
Hubei Biocause Pharmaceutical Co. Ltd., Class A		17,600		7,048
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		4,400		19,499
Hubei Xingfa Chemicals Group Co. Ltd., Class A		9,400		24,189
Humanwell Healthcare Group Co. Ltd., Class A		9,700		34,001
Hunan Valin Steel Co. Ltd., Class A		47,300		34,347
Hytera Communications Corp. Ltd., Class A *		23,400		19,631
Industrial & Commercial Bank of China Ltd., H Shares		4,746,000		2,321,793
Industrial Bank Co. Ltd., Class A		122,900		280,901
Industrial Securities Co. Ltd., Class A		52,910		43,792
Infore Environment Technology Group Co. Ltd., Class A		12,400		8,305
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A *		169,960		34,988
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		12,000		24,145
Inner Mongolia ERDOS Resources Co. Ltd., Class A		11,760		16,084
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		55,300		29,162
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		34,700		28,720
Intco Medical Technology Co. Ltd., Class A		5,700		18,774
JA Solar Technology Co. Ltd., Class A		6,200		18,113
JCET Group Co. Ltd., Class A		12,895		54,291
JD Logistics, Inc. *±		17,100		21,417
JD.com, Inc., Class A		49,300		710,284

The accompanying notes are an integral part of these financial statements.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
China (Continued)
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		20,200	$	18,200
Jiangsu Eastern Shenghong Co. Ltd., Class A		24,600		33,299
Jiangsu Guotai International Group Co. Ltd., Class A		10,400		11,482
Jiangsu Jiangyin Rural Commercial Bank Co. Ltd., Class A		34,700		17,369
Jiangsu Lihua Animal Husbandry Stock Co. Ltd., Class A		4,320		12,773
Jiangsu Provincial Agricultural Reclamation and Development Corp.		11,200		16,171
Jiangsu Shagang Co. Ltd., Class A		38,000		20,468
Jiangsu Shuangxing Color Plastic New Materials Co. Ltd., Class A		10,800		12,350
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		5,600		27,304
Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd., Class A		27,840		15,231
Jiangsu Zhongtian Technology Co. Ltd., Class A		11,500		20,253
Jiangxi Copper Co. Ltd., H Shares		70,000		98,969
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		7,300		15,584
Jinneng Holding Shanxi Coal Industry Co. Ltd., Class A		15,000		26,078
Jinneng Science&Technology Co. Ltd., Class A		10,600		12,061
Jinxin Fertility Group Ltd. *±		24,000		10,296
Jizhong Energy Resources Co. Ltd., Class A		21,200		21,343
JNBY Design Ltd.		16,500		22,187
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		18,700		32,774
Jointown Pharmaceutical Group Co. Ltd., Class A		22,320		22,061
Ju Teng International Holdings Ltd.		56,000		8,391
Kingboard Holdings Ltd.		71,500		171,047
Kingboard Laminates Holdings Ltd.		58,500		50,345
Kingfa Sci & Tech Co. Ltd., Class A		13,400		15,096
Kingsoft Corp. Ltd.		9,400		29,012
Kunlun Energy Co. Ltd.		354,000		319,160
KWG Living Group Holdings Ltd. *		65,000		3,912
Lao Feng Xiang Co. Ltd., Class A		2,700		26,268
LB Group Co. Ltd., Class A		11,200		27,052
Lee & Man Paper Manufacturing Ltd.		122,000		35,779
Legend Holdings Corp., H Shares ±		38,400		36,194
Lenovo Group Ltd.		100,000		139,848
Lens Technology Co. Ltd., Class A		24,140		44,929
Leo Group Co. Ltd., Class A *		48,000		15,431
Lepu Medical Technology Beijing Co. Ltd., Class A		14,700		33,495
LexinFintech Holdings Ltd., ADR		4,235		7,792
Leyard Optoelectronic Co. Ltd., Class A		20,300		17,174
Lianhe Chemical Technology Co. Ltd., Class A		6,700		6,736
Lingyi iTech Guangdong Co., Class A		42,800		40,795
Livzon Pharmaceutical Group, Inc., H Shares		6,800		21,031
Longfor Group Holdings Ltd. ±		165,000		264,135
Lonking Holdings Ltd.		158,000		24,686
Luenmei Quantum Co. Ltd., Class A		13,300		10,633
Luxi Chemical Group Co. Ltd., Class A		8,600		12,162
Luye Pharma Group Ltd. *±		161,500		77,146
Maccura Biotechnology Co. Ltd., Class A		3,800		8,074
Mango Excellent Media Co. Ltd., Class A		11,000		39,085
Maoyan Entertainment *±		21,200		24,381
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A *		29,300		24,829
Metallurgical Corp. of China Ltd., H Shares		225,000		43,798
Midea Real Estate Holding Ltd. ±		14,000		9,628
Ming Yang Smart Energy Group Ltd., Class A		6,800		12,023
Mingfa Group International Co. Ltd. *		91,000		1,865
Minth Group Ltd.		56,000		113,169
MLS Co. Ltd., Class A		20,000		24,421
MMG Ltd. *		236,000		69,816
Nanjing Iron & Steel Co. Ltd., Class A		36,600		19,094
Nanjing Xinjiekou Department Store Co. Ltd., Class A		6,900		7,491
NavInfo Co. Ltd., Class A *		10,200		12,800
NetDragon Websoft Holdings Ltd.		25,500		40,429
New China Life Insurance Co. Ltd., H Shares		57,900		112,856
New Hope Liuhe Co. Ltd., Class A *		12,000		15,769
Newland Digital Technology Co. Ltd., Class A		10,000		27,650
Nexteer Automotive Group Ltd. @		69,000		43,564
Nine Dragons Paper Holdings Ltd. *		173,000		85,298
Ningbo Huaxiang Electronic Co. Ltd., Class A		8,950		16,418
Ningbo Joyson Electronic Corp., Class A		5,200		13,168
Ningbo Zhoushan Port Co. Ltd., Class A		33,200		16,665
Ningxia Baofeng Energy Group Co. Ltd., Class A		11,600		24,158
Noah Holdings Ltd., ADR		1,172		16,185
Northeast Securities Co. Ltd., Class A		8,500		8,509
Offshore Oil Engineering Co. Ltd., Class A		27,400		22,949
ORG Technology Co. Ltd., Class A		26,800		15,644
Orient Securities Co. Ltd., Class H @±		52,400		23,152
Oriental Energy Co. Ltd., Class A *		11,300		16,411
Oriental Pearl Group Co. Ltd., Class A		10,700		11,345
PAX Global Technology Ltd.		75,000		58,110
People’s Insurance Co. Group of China Ltd. (The), H Shares		305,000		93,744
PetroChina Co. Ltd., H Shares		2,014,000		1,330,888
PICC Property & Casualty Co. Ltd., H Shares		494,000		587,094
Ping An Bank Co. Ltd., Class A		108,500		143,653
Ping An Insurance Group Co. of China Ltd., Class H		505,500		2,288,458
Pingdingshan Tianan Coal Mining Co. Ltd., Class A		15,900		25,916
Poly Property Group Co. Ltd.		200,431		40,813
Postal Savings Bank of China Co. Ltd., Class H ±		571,000		272,758
Power Construction Corp. of China Ltd., Class A		84,900		58,538
Q Technology Group Co. Ltd. *@		31,000		17,627
Qifu Technology, Inc., ADR		6,037		95,505
Qingdao Hanhe Cable Co. Ltd., Class A		35,800		20,191
Radiance Holdings Group Co. Ltd. *@		37,000		17,911
Redco Properties Group Ltd. *@±§		80,000		5,110
Renhe Pharmacy Co. Ltd., Class A		19,700		18,416
Risen Energy Co. Ltd., Class A		6,400		15,927
Rongsheng Petrochemical Co. Ltd., Class A		51,800		75,594
S-Enjoy Service Group Co. Ltd.		35,000		14,119
SAIC Motor Corp. Ltd., Class A		29,700		56,660
Sailun Group Co. Ltd., Class A		13,900		23,029

The accompanying notes are an integral part of these financial statements.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
China (Continued)
Sanan Optoelectronics Co. Ltd., Class A		11,300	$	22,067
Sansteel Minguang Co. Ltd., Class A		13,700		7,823
Sansure Biotech, Inc., Class A		3,333		9,188
Sany Heavy Equipment International Holdings Co. Ltd.		8,000		7,735
Sany Heavy Industry Co. Ltd., Class A		28,800		55,917
Satellite Chemical Co. Ltd., Class A *		17,026		35,410
Sealand Securities Co. Ltd., Class A		24,800		12,379
Seazen Group Ltd. *@		188,571		30,670
Seazen Holdings Co. Ltd., Class A *		13,800		22,202
SF Holding Co. Ltd., Class A		14,100		80,319
Shaanxi Coal Industry Co. Ltd., Class A		50,037		147,383
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		32,400		44,588
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		9,200		22,065
Shandong Chenming Paper Holdings Ltd., H Shares *		35,250		9,029
Shandong Hi-Speed Road  & Bridge Co. Ltd., Class A		20,600		16,382
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A		2,700		11,333
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		11,310		43,998
Shandong Humon Smelting Co. Ltd., Class A *		10,800		16,416
Shandong Linglong Tyre Co. Ltd., Class A		7,700		20,878
Shandong Nanshan Aluminum Co. Ltd., Class A		37,900		15,711
Shandong Sun Paper Industry JSC Ltd., Class A		16,800		28,828
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares @		108,800		106,034
Shanghai AJ Group Co. Ltd., Class A		16,900		12,153
Shanghai Construction Group Co. Ltd., Class A		55,900		18,444
Shanghai Electric Group Co. Ltd., H Shares *		166,000		34,652
Shanghai Environment Group Co. Ltd., Class A		11,600		14,704
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		9,500		20,683
Shanghai Industrial Holdings Ltd.		45,000		55,843
Shanghai Jinjiang International Hotels Co. Ltd., Class A		1,300		5,481
Shanghai Lingang Holdings Corp. Ltd., Class A		8,760		12,413
Shanghai Lujiazui Finance  & Trade Zone Development Co. Ltd., Class A		13,500		16,656
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A		7,100		11,883
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		49,000		71,663
Shanghai Pudong Development Bank Co. Ltd., Class A		118,900		110,984
Shanghai RAAS Blood Products Co. Ltd., Class A		37,200		41,962
Shanghai Tunnel Engineering Co. Ltd., Class A		25,600		20,791
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		18,000		15,761
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		7,800		21,226
Shanxi Coking Coal Energy Group Co. Ltd., Class A		39,900		55,584
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		26,900		83,102
Shanxi Meijin Energy Co. Ltd., Class A *		31,400		29,486
Shanxi Securities Co. Ltd., Class A		24,700		18,772
Shanxi Taigang Stainless Steel Co. Ltd., Class A		34,300		18,039
Shenghe Resources Holding Co. Ltd., Class A		11,000		15,789
Shengyi Technology Co. Ltd., Class A		9,946		25,678
Shenwan Hongyuan Group Co. Ltd., H Shares ±		43,200		7,856
Shenzhen Agricultural Products Group Co. Ltd., Class A		15,600		14,231
Shenzhen Airport Co. Ltd., Class A *		16,200		14,687
Shenzhen Aisidi Co. Ltd., Class A		14,200		18,600
Shenzhen Huaqiang Industry Co. Ltd., Class A		5,900		9,376
Shenzhen International Holdings Ltd.		107,733		90,784
Shenzhen Investment Ltd.		323,060		47,579
Shenzhen Jinjia Group Co. Ltd., Class A		10,602		8,028
Shenzhen Kaifa Technology Co. Ltd., Class A		5,900		13,485
Shenzhen Kinwong Electronic Co. Ltd., Class A		5,800		18,450
Shenzhen MTC Co. Ltd., Class A		42,300		33,281
Shenzhen Neptunus Bioengineering Co. Ltd., Class A *		28,200		12,485
Shenzhen Overseas Chinese Town Co. Ltd., Class A *		43,200		18,944
Shenzhen Sunway Communication Co. Ltd., Class A		4,700		15,640
Shenzhen Tagen Group Co. Ltd., Class A		25,000		16,215
Shenzhen Yan Tian Port Holding Co. Ltd., Class A		28,200		19,404
Shenzhen YUTO Packaging Technology Co. Ltd., Class A		4,900		19,007
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		31,900		19,431
Shoucheng Holdings Ltd.		58,400		11,742
Shougang Fushan Resources Group Ltd.		219,790		81,065
Shui On Land Ltd.		280,000		25,818
Sichuan Development Lomon Co. Ltd., Class A		13,600		13,711
Sichuan Hebang Biotechnology Co. Ltd., Class A		84,300		28,052
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		12,500		51,201
Sichuan Road & Bridge Group Co. Ltd., Class A		28,840		30,458
Sichuan Yahua Industrial Group Co. Ltd., Class A		8,400		15,504
Sinofert Holdings Ltd.		244,000		28,436
Sinoma International Engineering Co., Class A		14,600		19,227

The accompanying notes are an integral part of these financial statements.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
China (Continued)
Sinoma Science & Technology Co. Ltd., Class A		11,000	$	24,692
Sinopec Engineering Group Co. Ltd., H Shares		111,000		56,861
Sinopec Kantons Holdings Ltd.		90,000		38,727
Sinopharm Group Co. Ltd., H Shares		140,400		367,699
Sinotrans Ltd., H Shares		145,000		60,722
Sinotruk Hong Kong Ltd.		67,000		131,452
Sinotruk Jinan Truck Co. Ltd., Class A		2,800		5,275
Skyworth Group Ltd.		133,484		50,942
SooChow Securities Co. Ltd., Class A		20,280		20,903
STO Express Co. Ltd., Class A *		15,900		17,464
Sun Art Retail Group Ltd. @		172,500		30,928
Sun King Technology Group Ltd. *@		54,000		8,990
Suning Universal Co. Ltd., Class A		32,100		11,723
Suzhou Anjie Technology Co. Ltd., Class A		10,500		24,177
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		10,800		27,684
Tangshan Jidong Cement Co. Ltd., Class A		10,000		9,010
TangShan Port Group Co. Ltd., Class A		55,900		27,587
Tangshan Sanyou Chemical Industries Co. Ltd., Class A		11,600		8,979
TBEA Co. Ltd., Class A		27,300		53,120
TCL Electronics Holdings Ltd.		99,667		32,548
TCL Technology Group Corp., Class A		78,540		47,619
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		16,000		35,284
Tencent Music Entertainment Group, ADR *		18,038		162,522
Tian Di Science & Technology Co. Ltd., Class A		40,500		31,065
Tiande Chemical Holdings Ltd.		36,000		6,777
Tiangong International Co. Ltd.		100,000		26,894
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A		30,700		18,354
Tianma Microelectronics Co. Ltd., Class A *		15,500		23,276
Tianneng Power International Ltd. @		74,000		62,452
Tianshan Aluminum Group Co. Ltd., Class A		18,200		15,423
Tianshui Huatian Technology Co. Ltd., Class A		35,100		42,166
Titan Wind Energy Suzhou Co. Ltd., Class A *		8,800		14,393
Tofflon Science & Technology Group Co. Ltd., Class A		3,500		8,878
Tomson Group Ltd.		1,275		268
Tong Ren Tang Technologies Co. Ltd., Class H		41,000		34,392
Tongdao Liepin Group *		18,400		13,596
TongFu Microelectronics Co. Ltd., Class A		10,100		32,925
Tongkun Group Co. Ltd., Class A *		11,100		23,680
Tongling Nonferrous Metals Group Co. Ltd., Class A		49,000		22,662
Tongyu Heavy Industry Co. Ltd., Class A		40,800		13,807
Topsec Technologies Group, Inc., Class A *		7,000		9,653
Transfar Zhilian Co. Ltd., Class A		27,553		17,949
Trina Solar Co. Ltd., Class A		6,168		24,812
Trip.com Group Ltd., ADR *		26,828		966,076
Uni-President China Holdings Ltd.		57,000		40,514
Unisplendour Corp. Ltd., Class A *		13,940		38,033
United Energy Group Ltd.		134,000		14,587
Universal Scientific Industrial Shanghai Co. Ltd., Class A		10,000		21,305
Victory Giant Technology Huizhou Co. Ltd., Class A		9,400		24,454
Vinda International Holdings Ltd.		21,000		61,183
Vipshop Holdings Ltd., ADR *		20,828		369,905
Viva Biotech Holdings *±		27,000		3,631
Wangsu Science & Technology Co. Ltd., Class A		20,900		23,133
Wanxiang Qianchao Co. Ltd., Class A		42,900		31,394
Wasion Holdings Ltd.		48,000		24,097
Wasu Media Holding Co. Ltd., Class A		20,700		21,511
Weibo Corp., ADR		2,074		22,710
Weichai Power Co. Ltd., H Shares		126,000		210,417
Wellhope Foods Co. Ltd., Class A		7,700		9,294
West China Cement Ltd.		198,000		17,243
Western Securities Co. Ltd., Class A		22,600		20,299
Wharf Holdings Ltd. (The)		70,000		225,459
Wingtech Technology Co. Ltd., Class A *		3,900		23,266
Wolong Electric Group Co. Ltd., Class A		11,600		19,186
Wuchan Zhongda Group Co. Ltd., Class A		29,100		18,177
Wuhu Token Science Co. Ltd., Class A		16,000		15,093
Wushang Group Co. Ltd., Class A		12,600		15,137
Wuxi Taiji Industry Co. Ltd., Class A *		14,900		14,769
XCMG Construction Machinery Co. Ltd., Class A		47,400		36,491
Xiamen C & D, Inc., Class A		17,600		23,898
Xiamen ITG Group Corp. Ltd., Class A		17,300		17,002
Xiamen Tungsten Co. Ltd., Class A		7,300		17,683
Xiamen Xiangyu Co. Ltd., Class A		22,200		21,004
Xiaomi Corp., Class B *±		458,400		915,802
Xinfengming Group Co. Ltd., Class A *		4,000		8,009
Xingda International Holdings Ltd.		81,992		15,226
Xinhu Zhongbao Co. Ltd., Class A		44,900		13,738
Xinhua Winshare Publishing and Media Co. Ltd., Class H		36,000		32,042
Xinjiang Tianshan Cement Co. Ltd., Class A		4,500		4,238
Xinjiang Zhongtai Chemical Co. Ltd., Class A		14,500		12,471
Xinte Energy Co. Ltd., Class H *@		22,800		31,944
Xinxing Ductile Iron Pipes Co. Ltd., Class A		18,100		9,749
Xinyi Energy Holdings Ltd. @		207,138		37,934
Xinyi Solar Holdings Ltd.		82,000		47,886
Xinyu Iron & Steel Co. Ltd., Class A		27,300		13,434
XPeng, Inc., Class A *@		4,100		29,771
Xtep International Holdings Ltd.		23,500		13,272
Xuji Electric Co. Ltd., Class A		9,300		28,796
Yankuang Energy Group Co. Ltd., Class H @		147,000		279,372
Yantai Changyu Pioneer Wine Co. Ltd., Class A		3,700		12,594
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		7,300		28,934
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares *±		25,600		31,113
Yifan Pharmaceutical Co. Ltd., Class A *		7,200		15,005
Yixintang Pharmaceutical Group Co. Ltd., Class A		2,800		9,144
Yonfer Agricultural Technology Co. Ltd., Class A		6,900		11,081
YongXing Special Materials Technology Co. Ltd., Class A		2,400		17,668
Youngor Fashion Co. Ltd.		11,500		10,621
YTO Express Group Co. Ltd., Class A		21,200		36,737
Yunda Holding Co. Ltd., Class A		16,500		17,356

The accompanying notes are an integral part of these financial statements.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
China (Continued)
Yunnan Aluminium Co. Ltd., Class A		18,200	$	31,359
Yunnan Baiyao Group Co. Ltd., Class A		1,960		13,583
Yunnan Copper Co. Ltd., Class A		8,100		12,437
Yunnan Energy New Material Co. Ltd., Class A		1,400		11,216
Yunnan Tin Co. Ltd., Class A		14,600		29,479
Zhefu Holding Group Co. Ltd., Class A		16,400		7,862
Zhejiang Century Huatong Group Co. Ltd., Class A *		39,280		28,579
Zhejiang China Commodities City Group Co. Ltd., Class A		30,700		31,686
Zhejiang Chint Electrics Co. Ltd., Class A		13,100		39,731
Zhejiang Crystal-Optech Co. Ltd., Class A		12,400		23,673
Zhejiang Dahua Technology Co. Ltd., Class A		19,700		51,249
Zhejiang Hailiang Co. Ltd., Class A		19,700		30,971
Zhejiang Hisoar Pharmaceutical Co. Ltd., Class A		12,700		12,875
Zhejiang Huace Film  & Television Co. Ltd., Class A		30,500		25,244
Zhejiang Huayou Cobalt Co. Ltd., Class A		4,300		19,965
Zhejiang Jiahua Energy Chemical Industry Co. Ltd., Class A		9,000		10,901
Zhejiang JIULI Hi-tech Metals Co. Ltd., Class A		4,400		12,334
Zhejiang Juhua Co. Ltd., Class A		7,900		18,368
Zhejiang Longsheng Group Co. Ltd., Class A		19,300		22,859
Zhejiang Medicine Co. Ltd., Class A		10,400		15,734
Zhejiang Orient Financial Holdings Group Co. Ltd., Class A		17,420		8,818
Zhejiang Runtu Co. Ltd., Class A		19,400		16,686
Zhejiang Semir Garment Co. Ltd., Class A		21,700		17,654
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A		24,800		17,274
Zhejiang Wanliyang Co. Ltd., Class A *		11,400		11,975
Zhejiang Xinan Chemical Industrial Group Co. Ltd., Class A		14,980		19,263
Zhengzhou Coal Mining Machinery Group Co. Ltd., H Shares		21,400		23,460
Zhongjin Gold Corp. Ltd., Class A		32,000		44,940
Zhongshan Broad Ocean Motor Co. Ltd., Class A		22,200		15,557
Zhongsheng Group Holdings Ltd.		62,500		149,517
Zhuhai Huafa Properties Co. Ltd., Class A		11,600		11,793
Zhuzhou CRRC Times Electric Co. Ltd.		23,200		66,256
Zhuzhou Kibing Group Co. Ltd., Class A		10,500		10,127
Zoomlion Heavy Industry Science & Technology Co. Ltd., H Shares		85,800		47,249
				50,965,305
Colombia — 0.1%
Almacenes Exito SA, BDR *		7,038		24,819
Bancolombia SA		4,612		39,511
Bancolombia SA, ADR		777		23,908
Cementos Argos SA		7,042		11,103
CEMEX Latam Holdings SA *§		13,000		8,534
Corp. Financiera Colombiana SA		2,308		8,040
Grupo Argos SA		22,537		72,228
				188,143
Czech Republic — 0.2%
CEZ AS		959		41,102
Komercni Banka AS		5,768		186,861
Moneta Money Bank AS ±		17,580		73,579
				301,542
Greece — 0.5%
Alpha Services & Holdings SA *		127,150		216,025
Bank of Greece		859		13,987
Eurobank Ergasias Services  & Holdings SA, Class A *		116,065		206,289
Fourlis Holdings SA		3,046		13,451
Helleniq Energy Holdings SA		2,667		21,434
Motor Oil Hellas Corinth Refineries SA		4,222		110,743
National Bank of Greece SA *		30,271		210,197
Piraeus Financial Holdings SA *		40,837		144,262
				936,388
Hong Kong — 0.3%
Alibaba Pictures Group Ltd. *		910,000		55,939
BOC Aviation Ltd. ±		8,900		68,045
China Zhongwang Holdings Ltd. @*§		154,000		—
Comba Telecom Systems Holdings Ltd.		192,000		20,163
CTEG @*§		98,000		—
Jinmao Property Services Co. Ltd.		6,646		1,532
Lumena New Materials *§		5,599		—
Orient Overseas International Ltd.		7,000		97,714
Sino Biopharmaceutical Ltd.		234,000		103,987
Vnet Group, Inc., ADR *@		9,629		27,635
Yuexiu Property Co. Ltd.		135,006		109,962
				484,977
Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		44,543		362,853
OTP Bank Nyrt		656		29,877
				392,730
India — 20.0%
ACC Ltd.		5,493		145,752
Aditya Birla Capital Ltd. *		44,000		87,774
Advanced Enzyme Technologies Ltd.		3,035		13,697
Ahluwalia Contracts India Ltd.		1,765		16,523
Alembic Pharmaceuticals Ltd.		5,197		47,152
Allcargo Logistics Ltd.		4,985		19,350
Allcargo Terminals Ltd.		4,985		3,136
Amara Raja Energy & Mobility Ltd.		8,020		78,548
Ambuja Cements Ltd.		36,667		228,999
Apar Industries Ltd.		1,462		105,363
Apollo Tyres Ltd.		31,532		172,014
Arvind Ltd.		13,452		42,071
Aster DM Healthcare Ltd. *±		9,764		48,002
Aurobindo Pharma Ltd.		25,561		333,405
Avanti Feeds Ltd.		2,210		11,181
Axis Bank Ltd.		133,355		1,762,976
Axis Bank Ltd., GDR		12,180		802,662
Bajaj Consumer Care Ltd.		10,520		27,813
Bajaj Holdings & Investment Ltd.		2,428		224,611
Balrampur Chini Mills Ltd.		14,783		72,908
Bandhan Bank Ltd. ±		42,966		124,488
Bank of Baroda		74,524		206,743
Bank of India		26,524		35,907

The accompanying notes are an integral part of these financial statements.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
India (Continued)
Bharat Electronics Ltd.		65,523	$	144,489
Bharat Heavy Electricals Ltd.		96,730		224,465
Birla Corp. Ltd.		3,237		56,510
Birlasoft Ltd.		1,959		16,950
Bombay Burmah Trading Co.		684		12,938
Camlin Fine Sciences Ltd. *		4,352		7,102
Can Fin Homes Ltd.		2,104		19,629
Canara Bank		25,786		135,401
Ceat Ltd.		3,536		102,833
Century Textiles & Industries Ltd.		3,788		55,766
Chambal Fertilizers and Chemicals Ltd.		14,403		64,673
Cholamandalam Financial Holdings Ltd.		8,070		100,664
CIE Automotive India Ltd.		6,907		39,194
Cipla Ltd.		32,099		482,177
City Union Bank Ltd.		30,829		55,127
Cochin Shipyard Ltd. ±		3,997		65,089
Container Corp. Of India Ltd.		7,508		77,454
Cosmo First Ltd.		1,201		8,808
CSB Bank Ltd. *		3,753		18,861
Cyient Ltd.		6,750		184,998
Dalmia Bharat Ltd.		5,315		145,627
DCB Bank Ltd.		19,962		31,773
DCM Shriram Ltd.		2,904		35,826
Deepak Fertilisers  & Petrochemicals Corp. Ltd.		4,535		37,004
DLF Ltd.		34,033		296,104
eClerx Services Ltd.		783		24,418
EID Parry India Ltd.		7,288		48,783
Electrosteel Castings Ltd.		23,821		31,947
Engineers India Ltd.		18,093		37,235
EPL Ltd.		5,342		12,910
Equitas Small Finance Bank Ltd. ±		16,074		20,321
Exide Industries Ltd.		26,178		99,819
FDC Ltd. *		3,013		14,338
Federal Bank Ltd.		161,831		304,258
Finolex Cables Ltd.		3,726		47,911
Finolex Industries Ltd.		15,431		38,970
Firstsource Solutions Ltd.		20,730		46,024
Fortis Healthcare Ltd.		13,705		69,016
GAIL India Ltd.		260,433		507,635
Gateway Distriparks Ltd.		25,136		31,354
GHCL Ltd.		5,527		38,988
GHCL Textiles Ltd. *		5,527		4,629
Glenmark Pharmaceuticals Ltd.		12,966		132,755
Godawari Power and Ispat Ltd.		2,402		21,880
Godfrey Phillips India Ltd.		794		20,114
Godrej Industries Ltd. *		1,769		15,933
Granules India Ltd.		16,905		82,175
Grasim Industries Ltd.		17,963		460,323
Great Eastern Shipping Co. Ltd. (The)		8,516		99,883
Gujarat Alkalies & Chemicals Ltd.		2,551		23,743
Gujarat Ambuja Exports Ltd.		4,383		19,357
Gujarat Mineral Development Corp. Ltd.		5,595		27,365
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		8,187		73,986
Gujarat Pipavav Port Ltd.		19,498		35,779
Gujarat State Fertilizers  & Chemicals Ltd.		11,602		33,720
Gujarat State Petronet Ltd.		23,082		84,879
HDFC Bank Ltd.		98,376		2,019,980
HEG Ltd.		1,254		28,630
Hero MotoCorp Ltd.		9,125		454,639
Himadri Speciality Chemical Ltd.		10,592		39,370
Hindalco Industries Ltd.		158,495		1,169,946
Hindustan Aeronautics Ltd.		4,022		135,575
ICICI Bank Ltd., ADR		80,109		1,909,799
IDFC First Bank Ltd. *		161,251		172,076
IDFC Ltd.		76,058		115,668
IIFL Finance Ltd.		7,253		51,861
IIFL Securities Ltd.		25,376		44,218
India Cements Ltd. (The) *		14,192		44,147
Indiabulls Housing Finance Ltd.		31,451		81,752
Indian Bank		12,211		61,837
Indian Railway Finance Corp. Ltd. ±		47,733		56,846
Indus Towers Ltd. *		55,203		131,351
IndusInd Bank Ltd.		28,574		548,001
Infibeam Avenues Ltd.		77,058		19,910
Info Edge India Ltd.		2,802		172,773
IRCON International Ltd. ±		18,858		38,843
ISGEC Heavy Engineering Ltd.		1,061		12,514
Jindal Saw Ltd.		14,261		70,745
Jindal Stainless Ltd.		39,168		268,294
Jindal Steel & Power Ltd.		46,366		416,222
Jio Financial Services Ltd. *		206,554		578,231
JK Lakshmi Cement Ltd.		4,751		51,496
JK Paper Ltd.		10,798		52,748
JK Tyre & Industries Ltd.		10,161		48,599
JM Financial Ltd.		40,467		47,803
JSW Energy Ltd.		37,575		184,683
JSW Steel Ltd.		80,442		848,755
Jubilant Ingrevia Ltd.		2,745		16,857
Jubilant Pharmova Ltd.		9,690		63,464
Kalpataru Projects International Ltd.		5,415		45,545
Karnataka Bank Ltd. (The)		29,326		82,395
Karur Vysya Bank Ltd. (The)		36,209		73,233
Kaveri Seed Co. Ltd.		2,043		15,003
KEC International Ltd.		7,554		53,287
Kirloskar Oil Engines Ltd.		798		6,272
KNR Constructions Ltd.		3,786		11,725
KRBL Ltd.		5,994		27,044
L&T Finance Holdings Ltd.		78,972		156,589
Larsen & Toubro Ltd.		4,048		171,233
Larsen & Toubro Ltd., GDR		31,226		1,330,228
LG Balakrishnan & Bros Ltd.		1,438		21,705
LIC Housing Finance Ltd.		24,147		155,682
LT Foods Ltd.		16,533		40,253
Lupin Ltd.		15,489		246,629
Maharashtra Seamless Ltd.		3,116		34,473
Mahindra & Mahindra Financial Services Ltd.		54,856		182,603
Mahindra & Mahindra Ltd.		60,755		1,259,436
Mahindra & Mahindra Ltd., GDR		4,830		101,913
Manappuram Finance Ltd.		34,315		70,928
Meghmani Organics Ltd.		7,232		6,735
MOIL Ltd.		5,661		21,079
Motilal Oswal Financial Services Ltd.		1,768		26,367
MRF Ltd.		136		211,321
Muthoot Finance Ltd.		6,474		114,365
Natco Pharma Ltd.		3,671		35,800
National Aluminium Co. Ltd.		39,968		63,544
Nava Ltd.		6,116		32,045
NCC Ltd.		30,074		60,283
NESCO Ltd.		965		10,228
NIIT Learning Systems Ltd.		2,427		12,716
NIIT Ltd.		2,427		3,345
Nilkamal Ltd.		322		8,706
NMDC Ltd.		47,585		119,658
NMDC Steel Ltd. *		47,585		29,278
NOCIL Ltd.		7,374		24,276

The accompanying notes are an integral part of these financial statements.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
India (Continued)
Oberoi Realty Ltd.		9,011	$	154,526
Orient Cement Ltd.		6,133		18,484
PCBL Ltd.		11,386		34,412
Petronet LNG Ltd.		67,706		181,320
Piramal Enterprises Ltd.		5,901		65,950
Piramal Pharma Ltd. *		29,025		48,413
PNB Housing Finance Ltd. *±		6,492		60,860
PNC Infratech Ltd.		4,201		17,771
Polyplex Corp. Ltd.		1,545		19,467
Power Finance Corp. Ltd.		121,886		560,114
Prestige Estates Projects Ltd.		14,610		203,611
PTC India Ltd.		17,788		40,615
Punjab National Bank		115,447		132,770
Quess Corp. Ltd. *±		2,433		15,233
Rain Industries Ltd.		17,328		32,037
Rajesh Exports Ltd.		7,411		32,698
Rallis India Ltd.		3,389		10,149
Ramco Cements Ltd. (The)		7,384		90,075
Rashtriya Chemicals  & Fertilizers Ltd.		16,695		31,900
Raymond Ltd.		3,276		67,834
RBL Bank Ltd. ±		35,444		118,944
REC Ltd.		124,810		617,197
Redington Ltd.		57,900		123,017
Reliance Industries Ltd.		206,554		6,421,477
Reliance Power Ltd. *		223,846		62,677
RITES Ltd.		2,755		16,633
Samvardhana Motherson International Ltd.		105,675		129,024
Shipping Corp. of India Ltd.		14,166		27,689
Shipping Corp. of India Ltd., Spin-off Shares *§		14,166		1,727
Shriram Finance Ltd.		20,316		501,871
Sobha Ltd.		6,105		72,558
South Indian Bank Ltd. (The)		66,795		21,472
Star Cement Ltd. *		7,280		15,332
State Bank of India		69,305		534,443
State Bank of India, GDR		8,728		673,802
Steel Authority of India Ltd.		89,762		133,057
Strides Pharma Science Ltd.		5,470		42,727
Sun Pharmaceutical Industries Ltd.		32,247		488,295
Sun TV Network Ltd.		5,489		46,959
Sundaram-Clayton Ltd. *<>		221		4,015
Sunteck Realty Ltd. *		5,951		31,896
Surya Roshni Ltd.		1,546		14,511
Tata Chemicals Ltd.		12,988		172,913
Tata Coffee Ltd.		1,997		7,702
Tata Consumer Products Ltd.		9,028		118,147
Tata Steel Ltd.		430,140		720,055
Tata Steel Ltd., GDR		6,923		113,537
Techno Electric & Engineering Co. Ltd.		2,836		27,231
Thirumalai Chemicals Ltd.		4,154		10,940
TransIndia Real Estate Ltd. *		4,985		2,720
Transport Corp. of India Ltd.		1,095		10,790
Tube Investments of India Ltd.		732		31,140
TVS Holdings Ltd.		221		20,622
Uflex Ltd.		3,166		18,397
Union Bank of India Ltd.		81,852		117,053
UPL Ltd.		40,601		286,746
Usha Martin Ltd.		14,837		52,946
UTI Asset Management Co. Ltd.		947		9,867
VA Tech Wabag Ltd. *		2,558		19,323
Vardhman Textiles Ltd.		8,165		37,973
Varroc Engineering Ltd. *±		3,632		24,093
Vedanta Ltd.		58,464		181,265
Voltamp Transformers Ltd.		408		31,953
Welspun Corp. Ltd.		11,246		74,060
Welspun Living Ltd.		30,613		53,325
West Coast Paper Mills Ltd.		3,247		28,524
Wipro Ltd.		41,058		232,295
Wipro Ltd., ADR @		54,311		302,512
Wockhardt Ltd. *		5,344		27,168
Yes Bank Ltd. *		401,521		103,259
Zee Entertainment Enterprises Ltd. *		70,032		231,269
Zensar Technologies Ltd.		5,610		41,124
Zydus Lifesciences Ltd.		13,699		113,385
Zydus Wellness Ltd.		1,266		25,467
				39,529,903
Indonesia — 1.7%
Ace Hardware Indonesia Tbk. PT		625,900		29,269
Adaro Energy Indonesia Tbk. PT		1,752,200		270,847
AKR Corporindo Tbk. PT		245,800		23,547
Aneka Tambang  Tbk. PT		600,600		66,508
Astra Agro Lestari Tbk. PT		61,744		28,171
Astra International Tbk. PT		1,623,600		595,788
Astra Otoparts Tbk. PT		19,600		3,004
Bank Mandiri Persero Tbk. PT		164,900		64,795
Bank Maybank Indonesia Tbk. PT		568,800		8,940
Bank Negara Indonesia Persero Tbk. PT		916,932		320,095
Bank OCBC Nisp Tbk. PT		223,000		17,090
Bank Pan Indonesia Tbk. PT *		399,700		31,411
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT		173,300		12,944
Bank Pembangunan Daerah Jawa Timur Tbk. PT		403,000		16,359
Bank Tabungan Negara Persero Tbk. PT		537,509		43,637
BISI International Tbk. PT		94,000		9,768
Bukalapak.com Tbk. PT *		1,731,500		24,291
Bukit Asam Tbk. PT		339,600		53,817
Bumi Resources Minerals Tbk. PT *		2,909,300		32,122
Bumi Resources Tbk. PT *		3,292,800		18,178
Bumi Serpong Damai Tbk. PT *		435,700		30,562
Ciputra Development Tbk. PT		924,577		70,258
Dayamitra Telekomunikasi PT		857,100		39,245
Elang Mahkota Teknologi Tbk. PT		999,500		38,300
Erajaya Swasembada Tbk. PT		1,042,500		28,844
GoTo Gojek Tokopedia Tbk. PT *		1,981,100		11,065
Gudang Garam Tbk. PT		38,200		50,426
Hanson International Tbk. PT *§		5,335,700		—
Harum Energy Tbk. PT *		170,700		14,801
Indah Kiat Pulp & Paper Tbk. PT		294,700		159,341
Indika Energy Tbk. PT		180,500		16,823
Indo Tambangraya Megah Tbk. PT		52,800		87,960
Indocement Tunggal Prakarsa Tbk. PT		78,800		48,108
Indofood Sukses Makmur Tbk. PT		407,500		170,707
Japfa Comfeed Indonesia Tbk. PT		567,600		43,500
Medco Energi Internasional Tbk. PT		1,095,352		82,167
Media Nusantara Citra Tbk. PT		629,000		15,769
Pabrik Kertas Tjiwi Kimia Tbk. PT		133,200		63,153
Pakuwon Jati Tbk. PT		433,100		12,771
Panin Financial Tbk. PT *		1,207,600		20,706

The accompanying notes are an integral part of these financial statements.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Indonesia (Continued)
Perusahaan Perkebunan London Sumatra Indonesia Tbk. PT		296,500	$	17,139
Sawit Sumbermas Sarana Tbk. PT		240,200		16,302
Semen Indonesia Persero Tbk. PT		223,824		93,036
Sri Rejeki Isman Tbk. PT *§		996,900		—
Summarecon Agung Tbk. PT		932,100		34,809
Surya Citra Media Tbk. PT		1,943,100		21,454
Surya Esa Perkasa Tbk. PT		324,100		11,156
Triputra Agro Persada PT		418,500		14,813
Tunas Baru Lampung Tbk. PT		363,085		16,389
United Tractors Tbk. PT		182,800		268,614
Vale Indonesia Tbk. PT		184,400		51,618
XL Axiata Tbk. PT		522,966		67,931
				3,288,348
Korea — 13.0%
Amorepacific Corp.		432		48,637
AMOREPACIFIC Group		1,396		31,705
Ananti, Inc. *		3,670		18,608
Asia Paper Manufacturing Co. Ltd.		567		18,160
Binggrae Co. Ltd.		417		17,711
BNK Financial Group, Inc.		20,319		112,647
Boryung		1,586		14,642
CJ CheilJedang Corp.		860		216,352
CJ Corp.		1,381		101,224
CJ ENM Co. Ltd. *		1,200		67,272
CJ Logistics Corp. *		649		64,099
Dae Won Kang Up Co. Ltd.		4,223		17,838
Daesang Corp.		2,426		39,087
Daewoo Engineering  & Construction Co. Ltd. *		18,960		61,021
Daewoong Co. Ltd.		1,602		25,686
Daishin Securities Co. Ltd.		3,671		40,760
Daou Data Corp.		1,785		19,085
Daou Technology, Inc.		2,149		29,851
DB Insurance Co. Ltd.		3,376		219,405
DB, Inc. *		6,843		9,208
DGB Financial Group, Inc.		18,216		120,082
DL E&C Co. Ltd.		3,846		107,655
DL Holdings Co. Ltd.		1,534		61,222
Dong-A Socio Holdings Co., Ltd.		287		22,507
Dong-A ST Co. Ltd.		241		12,930
Dongkuk CM Co. Ltd. *		2,159		11,902
Dongkuk Holdings Co. Ltd.		1,150		7,840
Dongkuk Steel Mill Co. Ltd. *		3,583		33,496
Dongwha Pharm Co. Ltd.		736		5,869
Dongwon F&B Co. Ltd.		640		16,250
Dongwon Industries Co. Ltd.		715		18,487
Doosan Bobcat, Inc.		4,635		181,384
Doosan Co. Ltd.		376		27,414
DoubleUGames Co. Ltd.		504		18,608
E-MART, Inc. *		1,350		80,294
ENF Technology Co. Ltd.		555		10,644
Eugene Corp.		5,295		14,164
Eugene Investment & Securities Co. Ltd.		8,694		23,863
Fila Holdings Corp.		3,191		95,886
Green Cross Corp.		247		24,069
GS Engineering & Construction Corp.		2,015		23,500
GS Holdings Corp.		4,562		144,876
GS Retail Co. Ltd.		3,803		68,064
Hana Financial Group, Inc.		22,264		750,258
Handsome Co. Ltd.		1,312		19,478
Hanil Holdings Co. Ltd.		1,021		8,855
Hanjin Kal Corp.		418		23,628
Hankook Tire & Technology Co. Ltd.		5,220		184,011
Hansol Paper Co. Ltd.		2,232		18,440
Hansol Technics Co. Ltd. *		1,664		8,967
Hanwha Corp.		3,458		69,139
Hanwha Galleria Corp. *		4,602		4,852
Hanwha Investment & Securities Co. Ltd. *		13,449		36,340
Hanwha Life Insurance Co. Ltd. *		20,246		44,488
Hanwha Solutions Corp. *		7,228		221,683
Hanwha Systems Co. Ltd.		1,328		17,901
Harim Holdings Co. Ltd.		2,243		13,532
HD Hyundai Co. Ltd.		3,291		161,752
HD Hyundai Construction Equipment Co. Ltd.		1,558		62,543
HD Hyundai Energy Solutions Co. Ltd.		362		7,856
HD Hyundai Infracore Co. Ltd.		7,764		48,951
HD Korea Shipbuilding  & Offshore Engineering Co. Ltd.		2,470		231,868
HDC Holdings Co. Ltd.		2,781		14,878
HDC Hyundai Development Co.-Engineering & Construction		2,554		28,953
HL Holdings Corp.		389		10,058
HL Mando Co. Ltd.		2,866		87,567
HMM Co. Ltd.		22,647		344,303
Hy-Lok Corp.		918		18,996
Hyosung Corp.		657		32,291
Hyosung Heavy Industries Corp. *		154		19,359
Hyundai Department Store Co. Ltd.		867		34,871
Hyundai Engineering  & Construction Co. Ltd.		4,831		130,912
Hyundai GF Holdings		3,524		9,960
Hyundai Glovis Co. Ltd.		1,581		235,082
Hyundai Home Shopping Network Corp.		716		23,933
Hyundai Marine & Fire Insurance Co. Ltd.		4,572		110,049
Hyundai Mobis Co. Ltd.		3,389		623,645
Hyundai Motor Co.		10,966		1,732,728
Hyundai Steel Co.		5,647		160,040
Hyundai Wia Corp.		941		47,565
Industrial Bank of Korea *		20,136		185,428
Innocean Worldwide, Inc.		814		13,526
INTOPS Co. Ltd.		1,491		31,258
IS Dongseo Co. Ltd. *		1,027		23,085
JB Financial Group Co. Ltd.		11,834		104,658
KB Financial Group, Inc., ADR		24,215		1,001,775
KCC Corp.		293		51,984
KCC Glass Corp.		444		14,152
KG Eco Technology Service Co. Ltd.		1,719		15,042
Kia Corp.		23,059		1,790,434
KISWIRE Ltd.		1,165		18,363
KIWOOM Securities Co. Ltd.		1,398		108,006
Kolon Industries, Inc.		1,930		66,686
Korea Asset In Trust Co. Ltd. *		5,452		13,377
Korea Circuit Co. Ltd. *		737		11,439
Korea Electric Terminal Co. Ltd.		682		39,716
Korea Investment Holdings Co. Ltd.		2,704		128,702
Korea Line Corp. *		16,631		27,828
Korea Petrochemical Ind Co. Ltd.		144		17,107
Korea Real Estate Investment  & Trust Co. Ltd.		10,376		9,466
Korea Zinc Co. Ltd.		457		176,711
Korean Air Lines Co. Ltd. *		13,791		255,924
Korean Reinsurance Co.		12,952		71,905
Kumho Petrochemical Co. Ltd.		1,237		127,648
Kumho Tire Co., Inc. *		3,713		15,539
Kwang Dong Pharmaceutical Co. Ltd.		5,019		28,955

The accompanying notes are an integral part of these financial statements.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Korea (Continued)
LG Chem Ltd.		1,271	$	492,452
LG Corp.		5,347		356,633
LG Display Co. Ltd.		12,166		120,347
LG Display Co. Ltd., ADR		8,853		42,671
LG Electronics, Inc.		10,373		819,917
LG H&H Co. Ltd.		187		51,545
LG Uplus Corp.		19,185		152,390
Lotte Chemical Corp.		1,267		150,714
Lotte Chilsung Beverage Co. Ltd.		290		33,010
Lotte Corp.		1,582		33,227
LOTTE Fine Chemical Co. Ltd.		1,517		68,317
Lotte Shopping Co. Ltd.		641		37,328
Lotte Wellfood Co. Ltd.		167		16,053
LS Corp.		1,155		83,583
LX Hausys Ltd.		728		24,645
LX Holdings Corp. *		2,593		14,194
LX International Corp.		3,459		78,962
Meritz Financial Group, Inc. *		1,461		67,043
Mirae Asset Life Insurance Co. Ltd. *		5,257		19,450
Mirae Asset Securities Co. Ltd.		23,824		141,142
MK Electron Co. Ltd.		1,843		17,501
Netmarble Corp. *±		1,028		46,375
Nexen Tire Corp.		5,151		32,156
NH Investment & Securities Co. Ltd.		10,116		81,139
NHN Corp. *		2,376		43,078
NongShim Co. Ltd.		178		56,251
OCI Co. Ltd.		450		38,889
OCI Holdings Co. Ltd.		995		82,048
Orion Holdings Corp.		2,572		29,157
Ottogi Corp.		131		40,686
Pan Ocean Co. Ltd.		22,750		65,977
Partron Co. Ltd.		1,897		11,990
Poongsan Corp.		1,950		59,352
POSCO Holdings, Inc.		1,386		537,547
POSCO Holdings, Inc., ADR		12,275		1,167,475
Posco International Corp.		965		46,755
S-Oil Corp.		3,801		205,412
Samsung C&T Corp.		4,028		405,021
Samsung Card Co. Ltd.		2,083		52,322
Samsung Electronics Co. Ltd.		9,536		581,238
Samsung Electronics Co. Ltd., GDR		1,507		2,257,486
Samsung Fire & Marine Insurance Co. Ltd.		2,717		554,834
Samsung Life Insurance Co. Ltd.		4,057		217,671
Samsung SDS Co. Ltd.		1,615		213,177
Samsung Securities Co. Ltd.		4,720		141,098
Samyang Holdings Corp.		409		21,912
Sangsangin Co. Ltd. *		375		1,092
SD Biosensor, Inc. *		2,641		23,459
SeAH Steel Holdings Corp.		235		43,792
Sebang Global Battery Co. Ltd.		697		31,497
Seegene, Inc.		2,156		38,336
Seojin System Co. Ltd. *		932		13,127
Seoul Semiconductor Co. Ltd.		2,206		17,403
SFA Engineering Corp.		456		10,764
SGC Energy Co. Ltd.		395		8,373
Shinhan Financial Group Co. Ltd.		23,813		742,365
Shinhan Financial Group Co. Ltd., ADR		5,343		164,458
Shinsegae International, Inc.		1,209		17,179
Shinsegae, Inc.		629		85,566
Shinyoung Securities Co. Ltd.		511		23,608
SK Chemicals Co. Ltd.		931		48,650
SK Discovery Co. Ltd.		1,247		37,955
SK Gas Ltd.		364		41,829
SK Hynix, Inc.		5,928		651,302
SK Innovation Co. Ltd. *		3,941		429,321
SK Networks Co. Ltd.		12,838		57,317
SK Securities Co. Ltd.		36,346		18,090
SK, Inc.		2,700		373,166
SL Corp.		1,820		50,450
SNT Motiv Co. Ltd.		1,086		36,428
Songwon Industrial Co. Ltd.		1,925		24,453
Sung Kwang Bend Co. Ltd.		2,237		21,121
Sungwoo Hitech Co. Ltd.		3,959		29,141
Taeyoung Engineering  & Construction Co. Ltd.		2,546		4,576
Unid Btplus Co. Ltd. *		802		4,421
Unid Co. Ltd.		511		26,901
Webzen, Inc. *		2,781		35,305
Woori Financial Group, Inc.		45,228		456,529
Youngone Corp.		2,083		73,752
Youngone Holdings Co. Ltd.		787		47,664
Zinus, Inc.		1,112		14,074
				25,766,084
Malaysia — 1.5%
Alliance Bank Malaysia Bhd.		93,200		68,759
AMMB Holdings Bhd.		154,687		134,993
Axiata Group Bhd.		89,100		46,150
Bank Islam Malaysia Bhd.		33,500		16,112
Batu Kawan Bhd.		16,500		73,972
Bumi Armada Bhd. *		264,700		28,515
CIMB Group Holdings Bhd.		502,873		640,219
DRB-Hicom Bhd.		119,100		36,028
Gamuda Bhd.		129,608		129,467
Genting Bhd.		144,900		145,688
Genting Malaysia Bhd.		92,600		54,210
Genting Plantations Bhd.		7,100		8,777
Hibiscus Petroleum Bhd.		56,080		31,000
Hong Leong Financial Group Bhd.		17,621		63,044
IJM Corp. Bhd.		181,760		74,365
IOI Properties Group Bhd.		50,050		19,062
Kossan Rubber Industries Bhd.		80,000		32,209
Magnum Bhd.		86,961		20,628
Mah Sing Group Bhd.		205,885		37,189
Malayan Banking Bhd.		84,843		164,147
Malaysia Building Society Bhd.		205,001		31,676
Matrix Concepts Holdings Bhd.		64,200		23,053
Mega First Corp. Bhd.		27,600		22,164
MISC Bhd.		80,820		128,222
MKH Bhd.		36,950		11,499
Oriental Holdings Bhd.		25,760		35,487
OSK Holdings Bhd.		74,455		20,092
PPB Group Bhd.		37,500		118,172
RHB Bank Bhd.		156,680		185,834
Sarawak Oil Palms Bhd.		30,750		17,332
Sime Darby Bhd.		293,600		150,155
Sime Darby Property Bhd.		308,000		41,893
SP Setia Bhd. Group		143,480		24,980
Sunway Bhd.		97,497		43,709
Ta Ann Holdings Bhd.		12,260		9,765

The accompanying notes are an integral part of these financial statements.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Malaysia (Continued)
Top Glove Corp. Bhd. *		152,600	$	29,889
United Malacca Bhd.		14,600		16,078
UOA Development Bhd.		18,187		6,887
Yinson Holdings Bhd.		96,880		52,709
YTL Corp. Bhd.		416,943		171,496
				2,965,626
Mexico — 3.2%
Alfa SAB de CV, Class A		260,453		208,442
Banco del Bajio SA ±		43,742		146,056
Becle SAB de CV		7,000		13,707
Cemex SAB de CV *		605,139		470,755
Cemex SAB de CV, ADR *		2,361		18,298
Consorcio ARA SAB de CV		72,788		15,645
Controladora AXTEL SAB DE CV *		260,453		2,745
Corp. Actinver SAB de CV		15,700		14,146
El Puerto de Liverpool SAB de CV, Class C1		11,951		81,759
Fomento Economico Mexicano SAB de CV		56,916		742,278
Genomma Lab Internacional SAB de CV, Class B		44,530		37,080
Gentera SAB de CV		106,289		148,157
Grupo Carso SAB de CV, Series A1		20,689		230,538
Grupo Comercial Chedraui SA de CV		16,471		99,683
Grupo Financiero Banorte SAB de CV, Class O		139,874		1,409,366
Grupo Financiero Inbursa SAB de CV, Class O *		102,758		281,448
Grupo Hotelero Santa Fe SAB de CV *		22,600		5,191
Grupo Mexico SAB de CV, Series B		204,503		1,136,623
Grupo Traxion SAB de CV *±		16,500		33,824
Industrias CH SAB de CV, Series B *		23,916		273,215
Industrias Penoles SAB de CV *		9,977		145,539
La Comer SAB de CV		31,617		81,551
Megacable Holdings SAB de CV		50,763		113,149
Minera Frisco SAB de CV, Class A1 *		51,837		7,082
Nemak SAB de CV *±		122,975		29,909
Orbia Advance Corp. SAB de CV		75,251		166,579
Organizacion Soriana SAB de CV, Class B		57,868		123,976
Promotora y Operadora de Infraestructura SAB de CV		13,054		140,880
Promotora y Operadora de Infraestructura SAB de CV, Class L		1,600		10,836
Regional SAB de CV		12,715		121,594
				6,310,051
Philippines — 0.7%
ACEN Corp.		28,237		2,233
Alliance Global Group, Inc.		253,300		51,598
Ayala Corp.		10,620		130,604
Ayala Land, Inc.		38,300		23,827
Bank of the Philippine Islands		28,578		53,569
BDO Unibank, Inc.		113,780		268,141
Belle Corp.		176,000		3,719
China Banking Corp.		74,676		41,603
Converge Information  & Communications Technology Solutions, Inc. *		82,200		12,439
Cosco Capital, Inc.		257,000		21,442
DMCI Holdings, Inc.		385,900		68,086
Filinvest Land, Inc.		1,435,000		15,289
First Philippine Holdings Corp.		26,510		29,921
GT Capital Holdings, Inc.		4,582		48,819
JG Summit Holdings, Inc.		178,383		122,895
LT Group, Inc.		132,300		21,455
Megaworld Corp.		1,004,700		35,743
Metropolitan Bank & Trust Co.		133,237		123,432
Puregold Price Club, Inc.		55,500		26,961
Rizal Commercial Banking Corp.		47,790		19,850
Robinsons Land Corp.		247,455		71,231
Robinsons Retail Holdings, Inc.		31,610		22,634
San Miguel Corp.		41,650		76,794
Security Bank Corp.		37,690		48,665
Top Frontier Investment Holdings, Inc. *		4,630		8,520
Union Bank of the Philippines		66,330		60,311
				1,409,781
Poland — 1.0%
AB SA *		845		16,107
Alior Bank SA *		7,253		140,719
Amica SA *		306		6,455
Asseco Poland SA		5,651		104,985
Cognor Holding SA		10,953		23,216
Cyfrowy Polsat SA *		17,146		53,729
Develia SA		16,364		18,881
Echo Investment SA		1,732		1,761
Enea SA *		10,494		24,456
Jastrzebska Spolka Weglowa SA *		5,386		57,532
KGHM Polska Miedz SA		9,866		307,658
Lubelski Wegiel Bogdanka SA		1,684		14,560
ORLEN SA		59,254		986,374
PGE Polska Grupa Energetyczna SA *		70,185		154,791
Tauron Polska Energia SA *		104,053		98,744
				2,009,968
Russia — 0.0%
Gazprom PJSC, ADR *§		162,760		—
Lukoil PJSC, ADR *§		15,271		—
RusHydro PJSC, ADR *§		61,905		—
VTB Bank PJSC, GDR *§		92,145		—
				—
Singapore — 0.0%
China XLX Fertiliser Ltd.		44,000		19,666
SIIC Environment Holdings Ltd.		67,000		9,352
				29,018
South Africa — 2.9%
Absa Group Ltd.		55,331		495,189
AECI Ltd.		11,902		71,370
African Rainbow Minerals Ltd.		9,314		101,834
Aspen Pharmacare Holdings Ltd.		21,622		240,540
Astral Foods Ltd.		4,035		32,331
Barloworld Ltd.		20,449		88,313
DataTec Ltd.		23,107		51,159
Discovery Ltd.		2,584		20,296
Exxaro Resources Ltd.		19,227		214,926
Foschini Group Ltd. (The) @		32,821		199,088
Grindrod Ltd.		33,342		20,888
Harmony Gold Mining Co. Ltd.		8,696		56,852
Harmony Gold Mining Co. Ltd., ADR		30,759		189,168
Impala Platinum Holdings Ltd.		74,519		371,811
KAP Ltd. *		156,089		22,356
Lewis Group Ltd.		3,337		7,844
Life Healthcare Group Holdings Ltd.		105,017		105,462
Metair Investments Ltd. *		23,331		22,639
Momentum Metropolitan Holdings		100,980		120,839
Motus Holdings Ltd.		16,747		92,925
Mpact Ltd.		15,365		25,014
MTN Group Ltd.		78,737		497,150
Nedbank Group Ltd.		28,026		331,287
Oceana Group Ltd.		7,336		28,341

The accompanying notes are an integral part of these financial statements.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
South Africa (Continued)
Old Mutual Ltd.		377,038	$	269,188
Omnia Holdings Ltd.		16,030		57,285
Pepkor Holdings Ltd. ±		139,829		150,053
Raubex Group Ltd.		16,897		25,605
Reunert Ltd.		2,910		9,535
Sappi Ltd. @		46,866		113,242
Sasol Ltd.		43,988		445,567
Sasol Ltd., ADR @		3,934		39,104
Sibanye Stillwater Ltd.		202,105		275,108
Sibanye Stillwater Ltd., ADR @		1,610		8,742
Standard Bank Group Ltd.		60,990		693,837
Super Group Ltd.		41,508		67,507
Telkom SA SOC Ltd. *		28,405		46,181
Thungela Resources Ltd.		8,954		75,284
Zeda Ltd. *		20,449		14,253
				5,698,113
Taiwan — 18.4%
AcBel Polytech, Inc.		11,000		14,731
Acer, Inc.		187,884		329,358
Acter Group Corp. Ltd.		4,000		23,134
Advanced International Multitech Co. Ltd.		8,000		18,977
Altek Corp.		13,000		15,821
Ambassador Hotel (The)		20,000		32,225
AmTRAN Technology Co. Ltd.		70,500		29,863
Apex International Co. Ltd.		15,000		24,633
Arcadyan Technology Corp.		11,000		61,110
Ardentec Corp.		39,092		94,257
ASE Technology Holding Co. Ltd.		233,000		1,024,910
Asia Cement Corp.		158,269		213,755
Asia Optical Co., Inc.		5,000		11,437
Asia Polymer Corp.		31,602		24,095
Asustek Computer, Inc.		47,000		749,629
AUO Corp.		502,400		297,113
Bank of Kaohsiung Co. Ltd. *		47,740		19,055
Basso Industry Corp.		9,000		12,111
BES Engineering Corp.		40,000		17,334
Bioteque Corp.		3,000		10,752
Bizlink Holding, Inc.		5,029		43,751
Brighton-Best International Taiwan, Inc.		17,000		19,609
Capital Securities Corp.		184,437		98,257
Career Technology MFG. Co. Ltd.		20,400		14,756
Catcher Technology Co. Ltd.		43,000		271,810
Cathay Financial Holding Co. Ltd.		393,170		586,094
Cathay Real Estate Development Co. Ltd.		70,000		41,397
Center Laboratories, Inc.		26,000		37,530
Chang Hwa Commercial Bank Ltd.		306,946		179,024
Chang Wah Electromaterials, Inc.		20,000		22,743
Cheng Loong Corp.		82,000		79,487
Cheng Shin Rubber Industry Co. Ltd.		131,000		191,652
Cheng Uei Precision Industry Co. Ltd.		44,543		70,101
Chia Hsin Cement Corp.		22,440		13,929
Chin-Poon Industrial Co. Ltd.		36,000		59,002
China Airlines Ltd.		278,111		196,188
China Bills Finance Corp.		89,000		43,789
China Chemical & Pharmaceutical Co. Ltd.		19,000		15,075
China Development Financial Holding Corp. *		1,154,559		472,124
China General Plastics Corp.		28,665		20,828
China Man-Made Fiber Corp. *		115,018		30,618
China Metal Products		31,000		42,373
China Motor Corp.		22,478		82,762
China Petrochemical Development Corp. *		389,871		124,111
China Steel Corp.		887,800		781,043
Chipbond Technology Corp.		42,000		98,943
ChipMOS Technologies, Inc.		28,897		39,781
Chun Yuan Steel Industry Co. Ltd.		30,000		18,279
Chung-Hsin Electric  & Machinery Manufacturing Corp.		28,000		106,287
Clevo Co.		43,000		57,024
CMC Magnetics Corp. *		87,979		32,966
Compal Electronics, Inc.		288,000		373,953
Compeq Manufacturing Co. Ltd.		109,000		251,097
Concord Securities Co. Ltd. *		37,000		16,758
Continental Holdings Corp.		42,000		38,592
Coretronic Corp.		40,800		95,052
CTBC Financial Holding Co. Ltd.		1,475,280		1,362,773
CTCI Corp.		17,000		23,348
D-Link Corp.		50,640		32,918
DA CIN Construction Co. Ltd.		7,200		10,346
Da-Li Development Co. Ltd.		12,600		14,308
Darfon Electronics Corp.		17,000		30,022
Darwin Precisions Corp.		55,000		24,014
Depo Auto Parts Ind Co. Ltd.		12,000		57,477
Dyaco International, Inc.		8,114		9,214
Dynapack International Technology Corp.		7,000		20,505
Edom Technology Co. Ltd.		10,000		8,064
Elitegroup Computer Systems Co. Ltd.		35,877		36,823
Ennoconn Corp.		3,116		27,210
ENNOSTAR, Inc. *		44,414		67,003
EnTie Commercial Bank Co. Ltd.		68,000		32,792
Eternal Materials Co. Ltd.		42,300		40,108
Eva Airways Corp.		241,478		247,454
Everest Textile Co. Ltd. *		56,568		13,713
Evergreen International Storage & Transport Corp.		54,000		55,776
Evergreen Marine Corp. Taiwan Ltd.		74,583		348,729
EVERGREEN Steel Corp.		13,000		44,053
Everlight Chemical Industrial Corp.		56,000		35,763
Everlight Electronics Co. Ltd.		40,000		65,167
Excelsior Medical Co. Ltd.		12,127		34,930
Far Eastern Department Stores Ltd.		85,220		68,725
Far Eastern International Bank		283,151		116,709
Far Eastern New Century Corp.		266,338		270,760
Farglory Land Development Co. Ltd.		26,721		49,453
Feng Hsin Steel Co. Ltd.		14,000		31,521
First Financial Holding Co. Ltd.		578,210		516,217
First Steamship Co. Ltd. *		103,240		29,771
Fitipower Integrated Technology, Inc.		2,600		21,815
FLEXium Interconnect, Inc.		24,000		69,051
Formosa Advanced Technologies Co. Ltd.		20,000		25,415
Formosa Chemicals & Fibre Corp.		176,000		357,270
Formosa Laboratories, Inc.		8,000		26,588
Formosa Petrochemical Corp.		41,000		107,809
Formosa Plastics Corp.		183,000		472,250
Formosa Taffeta Co. Ltd.		49,000		40,234
Formosan Rubber Group, Inc.		18,072		14,338
Formosan Union Chemical		48,179		32,810
Foxconn Technology Co. Ltd.		58,127		100,570
Foxsemicon Integrated Technology, Inc.		1,000		6,859

The accompanying notes are an integral part of these financial statements.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Taiwan (Continued)
FSP Technology, Inc.		8,000	$	13,372
Fu Hua Innovation Co. Ltd.		19,740		18,974
Fubon Financial Holding Co. Ltd.		493,217		1,041,380
Fulltech Fiber Glass Corp.		32,893		16,773
Fusheng Precision Co. Ltd.		2,000		13,457
G Shank Enterprise Co. Ltd.		10,000		23,525
Gamania Digital Entertainment Co. Ltd.		6,000		14,467
Gemtek Technology Corp.		47,000		52,834
General Interface Solution Holding Ltd.		24,000		51,612
Getac Holdings Corp.		21,000		75,952
Giant Manufacturing Co. Ltd.		6,000		35,972
Gigabyte Technology Co. Ltd.		5,000		43,336
Global Brands Manufacture Ltd.		10,000		21,016
Global PMX Co. Ltd.		2,000		8,374
Gloria Material Technology Corp.		34,392		54,742
Goldsun Building Materials Co. Ltd.		82,973		76,105
Grand Pacific Petrochemical		119,612		59,240
Grape King Bio Ltd.		3,000		15,249
Great Wall Enterprise Co. Ltd.		44,330		84,499
Greatek Electronics, Inc.		16,000		31,906
Hannstar Board Corp.		38,929		70,145
HannStar Display Corp. *		35,000		13,514
HannsTouch Holdings Co. *		32,279		10,149
Hey Song Corp.		18,750		24,743
Highwealth Construction Corp.		66,966		87,497
Hiwin Technologies Corp.		13,000		99,542
Ho Tung Chemical Corp.		108,688		32,333
Holy Stone Enterprise Co. Ltd.		10,500		33,186
Hon Hai Precision Industry Co. Ltd.		800,068		2,724,201
Hong Pu Real Estate Development Co. Ltd.		20,000		19,550
Hong TAI Electric Industrial		13,000		11,987
Hota Industrial Manufacturing Co. Ltd.		5,000		9,726
Hsin Kuang Steel Co. Ltd.		13,000		24,441
Hua Nan Financial Holdings Co. Ltd.		496,337		361,452
Huaku Development Co. Ltd.		7,000		21,964
Huang Hsiang Construction Corp.		8,000		11,222
Hung Ching Development  & Construction Co. Ltd.		20,000		18,084
Hung Sheng Construction Ltd.		50,688		33,445
IBF Financial Holdings Co. Ltd. *		125,715		50,179
IEI Integration Corp.		8,000		21,896
Innolux Corp.		565,506		263,493
International CSRC Investment Holdings Co.		58,604		37,236
Inventec Corp.		158,282		272,309
ITEQ Corp.		15,000		41,446
Kenda Rubber Industrial Co. Ltd.		34,650		34,887
Kerry TJ Logistics Co. Ltd.		9,000		11,261
Kindom Development Co. Ltd.		46,200		58,483
King Yuan Electronics Co. Ltd.		86,100		238,181
King’s Town Bank Co. Ltd.		90,000		117,153
Kinpo Electronics		138,000		73,068
Kinsus Interconnect Technology Corp.		28,000		90,960
KS Terminals, Inc.		14,000		32,798
Kuo Yang Construction Co. Ltd. *		14,000		10,720
Kwong Lung Enterprise Co. Ltd.		12,000		22,248
L&K Engineering Co. Ltd.		16,000		88,627
Largan Precision Co. Ltd.		7,000		654,600
Lealea Enterprise Co. Ltd. *		83,200		28,058
Lelon Electronics Corp.		10,000		23,493
Lien Hwa Industrial Holdings Corp.		49,971		108,602
Lingsen Precision Industries Ltd.		41,000		30,593
Lite-On Technology Corp., ADR		69,874		266,377
Longchen Paper & Packaging Co. Ltd.		92,459		44,587
Lung Yen Life Service Corp. *		16,000		20,958
Macronix International Co. Ltd.		119,171		121,732
MediaTek, Inc.		2,000		66,144
Mega Financial Holding Co. Ltd.		470,101		600,445
Mercuries & Associates Holding Ltd. *		50,184		22,402
Mercuries Life Insurance Co. Ltd. *		72,469		12,019
Merry Electronics Co. Ltd.		9,000		32,111
Micro-Star International Co. Ltd.		31,000		206,057
Mirle Automation Corp.		6,000		7,038
Mitac Holdings Corp.		27,637		40,118
MOSA Industrial Corp.		8,656		6,698
MPI Corp.		6,000		42,521
Namchow Holdings Co. Ltd.		7,000		11,587
Nan Pao Resins Chemical Co. Ltd.		2,000		18,312
Nan Ya Plastics Corp.		290,000		628,370
Nanya Technology Corp.		117,000		297,356
O-Bank Co. Ltd.		91,943		29,898
Orient Semiconductor Electronics Ltd.		42,485		75,445
Oriental Union Chemical Corp.		16,000		10,505
Pan Jit International, Inc.		13,600		29,823
Pan-International Industrial Corp.		34,380		39,712
PChome Online, Inc. *		408		588
Pegatron Corp.		187,249		532,635
Phison Electronics Corp.		6,000		101,660
Pixart Imaging, Inc.		8,000		40,143
Pou Chen Corp.		169,133		170,288
Powerchip Semiconductor Manufacturing Corp.		209,000		200,552
Powertech Technology, Inc.		49,000		225,118
President Securities Corp.		86,636		55,470
Primax Electronics Ltd.		25,000		55,147
Prince Housing & Development Corp.		77,970		28,200
Prosperity Dielectrics Co. Ltd.		11,000		17,473
Qisda Corp., ADR		139,400		218,022
Quanta Storage, Inc.		13,000		34,734
Radiant Opto-Electronics Corp.		27,000		117,007
Radium Life Tech Co. Ltd. *		101,477		32,436
Rechi Precision Co. Ltd.		16,000		11,130
Rexon Industrial Corp. Ltd. *		13,000		21,857
Rich Development Co. Ltd. *		19,978		6,334
Ruentex Development Co. Ltd.		48,600		59,779
Ruentex Industries Ltd.		37,891		79,386
Sampo Corp.		31,600		29,962
San Fang Chemical Industry Co. Ltd.		13,000		10,950
Sanyang Motor Co. Ltd.		41,573		96,718
Sesoda Corp.		17,193		18,347
Shanghai Commercial  & Savings Bank Ltd. (The)		225,618		344,045
ShenMao Technology, Inc.		10,000		23,330
Shih Wei Navigation Co. Ltd.		17,554		11,754
Shihlin Electric & Engineering Corp.		23,000		88,806
Shin Kong Financial Holding Co. Ltd. *		715,108		206,211
Shin Zu Shing Co. Ltd.		16,660		67,041
Shinkong Insurance Co. Ltd.		22,000		48,816
Shinkong Synthetic Fibers Corp.		108,151		54,797
Sigurd Microelectronics Corp.		42,694		90,701
Simplo Technology Co. Ltd.		9,000		123,165
Sincere Navigation Corp.		27,810		22,971
Sinon Corp.		37,000		46,355
SinoPac Financial Holdings Co. Ltd.		757,281		486,093
Soft-World International Corp.		4,000		19,615
Solar Applied Materials Technology Corp.		5,000		6,329
St Shine Optical Co. Ltd.		5,000		30,954
Supreme Electronics Co. Ltd.		16,000		31,541

The accompanying notes are an integral part of these financial statements.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Taiwan (Continued)
Syncmold Enterprise Corp.		5,000	$	13,017
Synnex Technology International Corp.		87,300		199,686
Systex Corp.		3,000		10,948
TA Chen Stainless Pipe		105,444		136,055
TA-I Technology Co. Ltd.		6,000		9,355
TAI-TECH Advanced Electronics Co. Ltd.		3,000		11,143
Taichung Commercial Bank Co. Ltd.		248,058		128,513
TaiDoc Technology Corp.		7,000		37,634
Taiflex Scientific Co. Ltd.		25,740		41,138
Tainan Spinning Co. Ltd.		115,427		59,424
Taishin Financial Holding Co. Ltd.		752,263		443,654
Taiwan Business Bank		433,163		193,361
Taiwan Cement Corp.		380,971		432,604
Taiwan Cooperative Financial Holding Co. Ltd.		220,191		191,561
Taiwan Fertilizer Co. Ltd.		48,000		105,726
Taiwan FU Hsing Industrial Co. Ltd.		21,000		32,741
Taiwan Glass Industry Corp. *		81,321		50,212
Taiwan Hon Chuan Enterprise Co. Ltd.		30,925		125,955
Taiwan Navigation Co. Ltd.		22,000		23,656
Taiwan Paiho Ltd.		12,000		22,522
Taiwan PCB Techvest Co. Ltd.		28,000		39,504
Taiwan Sakura Corp.		6,000		13,587
Taiwan Shin Kong Security Co. Ltd.		10,100		13,279
Taiwan Styrene Monomer		23,000		11,728
Taiwan Surface Mounting Technology Corp.		21,518		67,238
Taiwan Union Technology Corp.		19,000		78,005
Tatung Co. Ltd. *		115,000		157,378
TCI Co. Ltd.		5,000		27,859
Teco Electric & Machinery Co. Ltd.		101,000		154,015
Test Research, Inc.		11,000		22,473
Thinking Electronic Industrial Co. Ltd.		4,000		21,896
Thye Ming Industrial Co. Ltd.		8,000		18,377
Ton Yi Industrial Corp.		82,000		43,150
Tong Hsing Electronic Industries Ltd.		12,870		66,047
Tong Yang Industry Co. Ltd.		41,921		103,810
Topco Scientific Co. Ltd.		4,115		24,470
Topkey Corp.		3,000		17,497
TPK Holding Co. Ltd.		34,000		40,104
Transcend Information, Inc.		10,000		26,262
Tripod Technology Corp.		25,000		158,844
TSRC Corp.		26,000		20,417
Tung Ho Steel Enterprise Corp.		58,290		134,279
TXC Corp.		16,000		51,403
TYC Brother Industrial Co. Ltd.		21,000		27,712
U-Ming Marine Transport Corp.		27,000		45,835
Union Bank of Taiwan		167,374		78,532
Unitech Printed Circuit Board Corp.		71,667		46,703
United Microelectronics Corp.		499,513		856,108
United Microelectronics Corp., ADR @		48,876		413,491
United Renewable Energy Co. Ltd.		24,000		11,495
Universal Cement Corp.		48,241		46,684
UPC Technology Corp.		80,916		40,075
USI Corp.		77,130		49,635
Wafer Works Corp.		25,000		35,271
Wah Lee Industrial Corp.		21,420		68,816
Walsin Lihwa Corp.		176,211		221,911
Walsin Technology Corp.		28,000		112,217
Walton Advanced Engineering, Inc.		34,000		16,894
Wan Hai Lines Ltd.		58,000		103,941
Wei Chuan Foods Corp.		14,000		8,690
Weikeng Industrial Co. Ltd.		32,945		31,023
Winbond Electronics Corp.		345,235		342,530
Wisdom Marine Lines Co. Ltd.		27,019		45,779
Wistron Corp.		174,431		560,398
Wistron NeWeb Corp.		6,429		32,679
WPG Holdings Ltd.		154,400		410,519
WT Microelectronics Co. Ltd.		31,265		114,606
Xxentria Technology Materials Corp.		5,000		11,763
Yageo Corp.		25,067		487,610
Yang Ming Marine Transport Corp.		143,000		239,028
YC INOX Co. Ltd.		27,763		24,741
Yem Chio Co. Ltd.		22,666		13,072
Yeong Guan Energy Technology Group Co. Ltd. *		7,000		12,316
YFY, Inc.		110,385		117,253
Yieh Phui Enterprise Co. Ltd.		55,151		32,077
Youngtek Electronics Corp.		12,000		24,438
Yuanta Financial Holding Co. Ltd.		724,621		651,652
Yuen Foong Yu Consumer Products Co. Ltd.		15,000		20,723
Yulon Motor Co. Ltd.		54,247		132,213
YungShin Global Holding Corp.		7,000		10,606
Zeng Hsing Industrial Co. Ltd.		2,148		7,454
Zenitron Corp.		18,000		20,058
Zhen Ding Technology Holding Ltd.		62,000		220,198
Zinwell Corp. *		24,000		17,204
Zyxel Group Corp.		31,438		52,037
				36,255,206
Thailand — 2.0%
AP Thailand PCL		242,500		80,283
Bangchak Corp. PCL		112,900		143,885
Bangkok Bank PCL		48,500		222,376
Bangkok Bank PCL, NVDR		13,300		60,982
Bangkok Insurance PCL		2,100		18,765
Banpu PCL		429,750		85,616
Berli Jucker PCL		64,800		47,462
Cal-Comp Electronics Thailand PCL		310,479		18,920
Charoen Pokphand Foods PCL		322,300		185,075
GFPT PCL		33,300		11,220
Indorama Ventures PCL		93,600		74,726
IRPC PCL		633,100		37,468
Italian-Thai Development PCL *		563,700		14,203
Kasikornbank PCL, NVDR		27,100		107,185
Kiatnakin Phatra Bank PCL		21,900		32,241
Krung Thai Bank PCL		204,575		110,281
Lanna Resources PCL		2,500		1,121
Precious Shipping PCL		41,900		10,618
Property Perfect PCL		1,000,115		8,790
Pruksa Holding PCL		88,800		31,480
PTT Exploration & Production PCL		101,100		442,817
PTT Global Chemical PCL		116,228		131,100
PTT PCL		883,900		925,787
Quality Houses PCL		338,800		22,234
Regional Container Lines PCL		17,100		12,124
Sansiri PCL		1,106,700		57,390
SC Asset Corp. PCL		188,600		18,124
SCB X PCL		48,100		149,377

The accompanying notes are an integral part of these financial statements.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Thailand (Continued)
Siam Cement PCL (The)		31,500	$	282,400
Siam City Cement PCL		4,100		16,276
Sino-Thai Engineering  & Construction PCL		70,300		17,301
Somboon Advance Technology PCL		20,300		10,765
SPCG PCL		37,500		13,623
Star Petroleum Refining PCL		80,000		19,336
Supalai PCL		139,400		75,964
Super Energy Corp. PCL *		759,200		9,120
Thai Oil PCL		78,877		124,211
Thai Stanley Electric PCL, NVDR		3,100		16,848
Thai Union Group PCL		210,500		92,507
Thanachart Capital PCL		17,800		25,814
Thitikorn PCL		10,500		1,661
Thoresen Thai Agencies PCL		37,800		7,088
TMBThanachart Bank PCL		1,537,072		75,204
TPI Polene PCL		676,600		27,752
TPI Polene Power PCL		179,000		17,831
WHA Corp. PCL		253,200		39,316
				3,934,667
Turkey — 1.0%
Akbank TAS		317,936		394,011
Albaraka Turk Katilim Bankasi AS *		137,184		17,783
Anadolu Efes Biracilik Ve Malt Sanayii AS		16,612		77,511
Bera Holding AS		42,557		16,579
Dogan Sirketler Grubu Holding AS		84,330		31,650
Enka Insaat ve Sanayi AS		66,291		76,484
Eregli Demir ve Celik Fabrikalari TAS *		61,749		85,912
Gozde Girisim Sermayesi Yatirim Ortakligi AS *		21,608		15,266
KOC Holding AS		57,667		277,487
Kordsa Teknik Tekstil AS		3,698		9,725
Sekerbank Turk AS		136,606		19,933
TAV Havalimanlari Holding AS *		12,121		44,217
Tekfen Holding AS		16,364		20,502
Turk Hava Yollari AO *		44,707		346,809
Turkiye Garanti Bankasi AS		39,578		78,367
Turkiye Is Bankasi, Class C		247,578		196,256
Turkiye Sinai Kalkinma Bankasi AS *		82,882		18,422
Turkiye Sise ve Cam Fabrikalari AS		63,955		99,442
Turkiye Vakiflar Bankasi TAO, Class D *		49,462		21,551
Vestel Elektronik Sanayi ve Ticaret AS *		6,125		9,611
Yapi ve Kredi Bankasi AS		184,720		122,483
				1,980,001
United Arab Emirates — 1.6%
Abu Dhabi Commercial Bank PJSC		238,788		596,848
Agthia Group PJSC		15,993		21,250
Aldar Properties PJSC		170,966		249,042
Amanat Holdings PJSC		112,633		36,801
Aramex PJSC		19,152		11,941
Dana Gas PJSC		466,156		100,523
Deyaar Development PJSC *		130,763		24,566
Dubai Investments PJSC		191,176		121,282
Dubai Islamic Bank PJSC		64,106		99,840
Emaar Development PJSC		67,963		132,308
Emaar Properties PJSC		407,887		879,577
Emirates NBD Bank PJSC		135,476		638,142
EMSTEEL Building Materials PJSC *		105,520		40,223
Manazel PJSC *		139,614		13,305
Multiply Group PJSC *		35,471		30,712
RAK Properties PJSC *		114,134		36,359
Ras Al Khaimah Ceramics		60,539		44,010
				3,076,729
United Kingdom — 0.0%
Anglogold Ashanti PLC, ADR		464		8,672
United States — 0.0%
GCC SAB de CV		6,055		71,679
TOTAL COMMON STOCKS (Identified Cost $174,689,722)				194,319,729
PREFERRED STOCKS — 2.0%
Brazil — 2.0%
Banco ABC Brasil SA, 4.762%		11,680		60,208
Banco Bradesco SA, 9.929%		100,741		354,427
Banco do Estado do Rio Grande do Sul SA, Class B, 7.650%		14,808		40,696
Banco Pan SA, 2.490%		20,000		35,573
Marcopolo SA, 4.709%		10,683		15,505
Petroleo Brasileiro SA, 8.494%		448,645		3,439,464
Randon SA Implementos e Participacoes, 4.545%		9,200		24,242
Usinas Siderurgicas de Minas Gerais SA, Class A, 3.539%		13,492		25,803
				3,995,918
Colombia — 0.0%
Grupo Argos SA, 6.575%		12,517		27,325
Philippines — 0.0%
Cebu Air, Inc., 6.000% *		12,909		7,565
India — 0.0%
Sundaram Clayton Ltd., 9.000% *<>		250		2,301
TVS Holdings Ltd., 9.0000% *		256,360		32,810
				35,111
TOTAL PREFERRED STOCKS (Identified Cost $2,372,706)				4,065,919
RIGHTS AND WARRANTS — 0.0%
Brazil — 0.0%
Grupo Casas Bahia SA 9/19/24 *		37,720		311
TOTAL RIGHTS AND WARRANTS (Identified Cost $0)				311
SHORT-TERM INVESTMENTS — 1.2%
Investment Company — 0.1%
State Street Institutional U.S. Government Money Market Fund 5.070%		115,443		115,443
Collateral For Securities On Loan — 1.1%
State Street Navigator Securities Lending Government Money Market Portfolio 5.360%		2,253,368		2,253,368
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,368,811)				2,368,811
Total Investments — 101.6% (Identified Cost $179,431,239)				200,754,770
Liabilities, Less Cash and Other Assets — (1.6%)				(3,204,601	)
Net Assets — 100.0%			$	197,550,169

†	See Note 1
@	A portion or all of the security was held on loan. As of December 31, 2023, the fair value of the securities on loan was $2,881,234.
*	Non-income producing security

The accompanying notes are an integral part of these financial statements.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

±	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, 2023 amounted to $4,232,895 or 2.14% of the net assets of the Fund.
<>	Fair valued security. Security is valued using significant observable inputs other than quoted prices as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1
§	Fair valued security. Security is valued using significant unobservable inputs as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1

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.

Insert DFA Definitions of Abbreviations

-----

The Japanese Small Company Series (6-30-23) (Unaudited)

The Asia Pacific Small Company Series (6-30-23) (Unaudited)

The United Kingdom Small Company Series (6-30-23) (Unaudited)

The Continental Small Company Series (6-30-23) (Unaudited)

The Canadian Small Company Series (6-30-23) (Unaudited)

-----

The Japanese Small Company Series (10-31-23) (Unaudited)

The Asia Pacific Small Company Series (10-31-23) (Unaudited)

The United Kingdom Small Company Series (10-31-23) (Unaudited)

The Continental Small Company Series (10-31-23) (Unaudited)

The Canadian Small Company Series (10-31-23) (Unaudited)

The Japanese Small Company Series

SCHEDULE OF INVESTMENTS

December 31, 2023

(Unaudited)

		Shares		Value»		Percentage of Net Assets‡
COMMON STOCKS — (98.8%)
COMMUNICATION SERVICES — (2.0%)
	Other Securities			$	61,964,751		2.0	%
CONSUMER DISCRETIONARY — (14.7%)
	Food & Life Cos. Ltd.		527,000		10,798,592		0.4	%
	Kyoritsu Maintenance Co. Ltd.		179,000		7,591,330		0.3	%
	NHK Spring Co. Ltd.		915,887		7,750,703		0.3	%
	Resorttrust, Inc.		477,064		8,260,309		0.3	%
	Tomy Co. Ltd.		510,693		8,070,245		0.3	%
	Yoshinoya Holdings Co. Ltd.		355,900		8,081,265		0.3	%
	Other Securities				397,246,556		12.9	%
TOTAL CONSUMER DISCRETIONARY					447,799,000		14.8	%
CONSUMER STAPLES — (7.9%)
	Morinaga & Co. Ltd.		414,798		7,525,121		0.3	%
	Nissui Corp.		1,737,200		9,342,620		0.3	%
#	Pigeon Corp.		698,425		8,031,923		0.3	%
	Other Securities				215,983,264		7.1	%
TOTAL CONSUMER STAPLES					240,882,928		8.0	%
ENERGY — (0.8%)
	Japan Petroleum Exploration Co. Ltd.		200,700		7,438,992		0.3	%
	Other Securities				17,059,197		0.5	%
TOTAL ENERGY					24,498,189		0.8	%
FINANCIALS — (8.8%)
	77 Bank Ltd.		330,252		8,125,991		0.3	%
	Gunma Bank Ltd.		1,914,640		9,348,068		0.3	%
	Hirogin Holdings, Inc.		1,462,700		9,339,127		0.3	%
	Nishi-Nippon Financial Holdings, Inc.		703,300		8,109,742		0.3	%
	Yamaguchi Financial Group, Inc.		1,021,072		9,124,437		0.3	%
	Other Securities				224,182,194		7.4	%
TOTAL FINANCIALS					268,229,559		8.9	%
HEALTH CARE — (5.3%)
	Jeol Ltd.		252,800		11,051,765		0.4	%
	Other Securities				150,466,882		4.9	%
TOTAL HEALTH CARE					161,518,647		5.3	%
INDUSTRIALS — (29.2%)
	Daiseki Co. Ltd.		279,055		7,731,911		0.3	%
#	DMG Mori Co. Ltd.		578,600		11,041,876		0.4	%
	EXEO Group, Inc.		453,900		10,076,167		0.3	%
	Hazama Ando Corp.		1,086,900		8,584,787		0.3	%
	Inaba Denki Sangyo Co. Ltd.		313,900		7,554,551		0.3	%
#	Mabuchi Motor Co. Ltd.		509,668		8,442,125		0.3	%
	MEITEC Group Holdings, Inc.		453,200		9,067,772		0.3	%
	Nagase & Co. Ltd.		558,800		8,937,306		0.3	%
	Nichias Corp.		366,500		8,791,682		0.3	%
	Nihon M&A Center Holdings, Inc.		1,499,000		8,248,980		0.3	%
	Nikkon Holdings Co. Ltd.		356,100		7,766,558		0.3	%
# *	Outsourcing, Inc.		684,900		8,414,853		0.3	%
	Ushio, Inc.		572,300		8,206,277		0.3	%

The Japanese Small Company Series

CONTINUED

		Shares		Value»		Percentage of Net Assets‡
INDUSTRIALS — (Continued)
	Other Securities			$	776,169,352		25.4	%
TOTAL INDUSTRIALS					889,034,197		29.4	%
INFORMATION TECHNOLOGY — (14.0%)
	Alps Alpine Co. Ltd.		973,842		8,465,105		0.3	%
	Citizen Watch Co. Ltd.		1,379,800		8,206,037		0.3	%
	Daiwabo Holdings Co. Ltd.		556,300		12,149,543		0.4	%
	Dexerials Corp.		335,200		9,768,486		0.3	%
	Maruwa Co. Ltd.		36,700		7,651,594		0.3	%
	NET One Systems Co. Ltd.		492,716		8,389,496		0.3	%
#	Nippon Electric Glass Co. Ltd.		441,436		9,473,737		0.3	%
	NSD Co. Ltd.		464,660		8,917,824		0.3	%
	Tokyo Seimitsu Co. Ltd.		170,100		10,432,126		0.4	%
	Ulvac, Inc.		175,400		8,354,246		0.3	%
	Other Securities				335,714,251		10.9	%
TOTAL INFORMATION TECHNOLOGY					427,522,445		14.1	%
MATERIALS — (12.9%)
	ADEKA Corp.		494,500		10,036,739		0.3	%
	Daido Steel Co. Ltd.		756,500		8,024,898		0.3	%
#	Hokuetsu Corp.		754,699		7,565,739		0.3	%
	Mitsubishi Materials Corp.		451,900		7,827,247		0.3	%
	Mitsui Mining & Smelting Co. Ltd.		329,400		10,100,501		0.3	%
	Sumitomo Bakelite Co. Ltd.		147,500		7,720,761		0.3	%
	Taiheiyo Cement Corp.		446,291		9,177,910		0.3	%
	Teijin Ltd.		818,088		7,738,743		0.3	%
#	Tokai Carbon Co. Ltd.		1,026,300		7,443,505		0.3	%
	UBE Corp.		581,000		9,420,671		0.3	%
	Other Securities				309,692,051		10.1	%
TOTAL MATERIALS					394,748,765		13.1	%
REAL ESTATE — (1.6%)
	Other Securities				48,309,715		1.6	%
UTILITIES — (1.6%)
	Nippon Gas Co. Ltd.		655,600		10,811,866		0.4	%
	Other Securities				36,857,043		1.2	%
TOTAL UTILITIES					47,668,909		1.6	%
TOTAL COMMON STOCKS (Cost $2,638,774,633)					3,012,177,105		99.6	%
				Value†
SECURITIES LENDING COLLATERAL — (1.2%)
@ §	DFA Investment Trust Co.		3,266,203		37,783,437		1.3	%
TOTAL INVESTMENTS—(100.0%) (Cost $2,676,556,360)				$	3,049,960,542		100.9	%
»	Securities that have been fair value factored. See Note B to Financial Statements.

The Japanese Small Company Series

CONTINUED

‡	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.
†	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 December 31, 2023, 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		—	$	61,964,751	—	$	61,964,751
Consumer Discretionary	$	1,978,798		445,820,202	—		447,799,000
Consumer Staples		—		240,882,928	—		240,882,928
Energy		—		24,498,189	—		24,498,189
Financials		—		268,229,559	—		268,229,559
Health Care		—		161,518,647	—		161,518,647
Industrials		—		889,034,197	—		889,034,197
Information Technology		—		427,522,445	—		427,522,445
Materials		—		394,748,765	—		394,748,765
Real Estate		—		48,309,715	—		48,309,715
Utilities		—		47,668,909	—		47,668,909
Securities Lending Collateral		—		37,783,437	—		37,783,437
TOTAL	$	1,978,798	$	3,047,981,744	—	$	3,049,960,542

The Asia Pacific Small Company Series

SCHEDULE OF INVESTMENTS

December 31, 2023

(Unaudited)

		Shares		Value»		Percentage of Net Assets‡
COMMON STOCKS — (99.0%)
AUSTRALIA — (66.8%)
	AMP Ltd.		16,162,745	$	10,246,729		0.7	%
	Ansell Ltd.		672,678		11,540,564		0.8	%
	ARB Corp. Ltd.		511,012		12,497,839		0.9	%
	AUB Group Ltd.		632,752		11,977,133		0.9	%
#	Bank of Queensland Ltd.		3,503,111		14,522,855		1.1	%
	Bapcor Ltd.		2,013,984		7,604,718		0.6	%
	Beach Energy Ltd.		8,733,067		9,534,633		0.7	%
# *	Bellevue Gold Ltd.		8,798,707		10,022,268		0.7	%
*	Boss Energy Ltd.		2,720,808		7,453,329		0.5	%
	Breville Group Ltd.		613,229		11,379,894		0.8	%
*	Capricorn Metals Ltd.		2,326,307		7,457,206		0.5	%
	Challenger Ltd.		1,849,011		8,185,388		0.6	%
#	Champion Iron Ltd.		1,870,627		10,719,721		0.8	%
	Corporate Travel Management Ltd.		706,323		9,402,832		0.7	%
	CSR Ltd.		3,025,097		13,610,429		1.0	%
	Domino’s Pizza Enterprises Ltd.		310,180		12,451,660		0.9	%
	Downer EDI Ltd.		4,102,725		12,303,889		0.9	%
	Eagers Automotive Ltd.		877,469		8,657,094		0.6	%
#	Flight Centre Travel Group Ltd.		991,677		13,751,899		1.0	%
	Gold Road Resources Ltd.		7,784,314		10,405,402		0.8	%
	GUD Holdings Ltd.		1,021,707		8,351,181		0.6	%
#	Harvey Norman Holdings Ltd.		3,186,589		9,123,469		0.7	%
	HUB24 Ltd.		477,073		11,704,232		0.9	%
	Lendlease Corp. Ltd.		1,632,055		8,307,798		0.6	%
	Lifestyle Communities Ltd.		588,015		7,301,243		0.5	%
	Metcash Ltd.		4,901,422		11,661,134		0.9	%
	Netwealth Group Ltd.		798,551		8,386,275		0.6	%
	New Hope Corp. Ltd.		3,078,792		10,834,690		0.8	%
	nib holdings Ltd.		2,762,115		13,925,371		1.0	%
	Nine Entertainment Co. Holdings Ltd.		7,806,987		10,741,953		0.8	%
	Nufarm Ltd.		2,154,901		7,673,687		0.6	%
	Orora Ltd.		7,895,775		14,004,618		1.0	%
# *	Paladin Energy Ltd.		16,031,454		10,742,325		0.8	%
#	Perpetual Ltd.		638,190		11,090,051		0.8	%
	Perseus Mining Ltd.		8,150,426		10,251,823		0.7	%
	Premier Investments Ltd.		390,431		7,340,339		0.5	%
	Reliance Worldwide Corp. Ltd.		4,522,177		13,661,236		1.0	%
*	Sandfire Resources Ltd.		2,980,077		14,907,548		1.1	%
	Sims Ltd.		982,966		10,430,385		0.8	%
	Super Retail Group Ltd.		1,077,207		11,576,030		0.8	%
	Tabcorp Holdings Ltd.		13,480,179		7,675,989		0.6	%
	Technology One Ltd.		809,870		8,477,058		0.6	%
Ω	Viva Energy Group Ltd.		6,423,715		15,284,080		1.1	%
# *	Webjet Ltd.		2,238,459		11,197,237		0.8	%
	Other Securities				459,517,910		33.2	%
TOTAL AUSTRALIA					927,893,144		67.3	%
BERMUDA — (0.0%)
	Other Securities				120,215		0.0	%

0

The Asia Pacific Small Company Series

continued

		Shares		Value»		Percentage of Net Assets‡
CAYMAN ISLANDS — (0.0%)
	Other Security			$	26,412		0.0	%
CHINA — (0.1%)
	Other Securities				727,995		0.1	%
HONG KONG — (19.0%)
	ASMPT Ltd.		1,566,600		14,938,649		1.1	%
	Luk Fook Holdings International Ltd.		3,369,000		9,044,795		0.7	%
	Pacific Basin Shipping Ltd.		28,277,000		9,305,434		0.7	%
	PCCW Ltd.		18,623,545		9,924,214		0.7	%
* Ω	Samsonite International SA		4,548,000		15,004,861		1.1	%
	Other Securities				205,263,977		14.8	%
TOTAL HONG KONG					263,481,930		19.1	%
NEW ZEALAND — (3.1%)
	Other Securities				43,665,947		3.2	%
SINGAPORE — (10.0%)
	ComfortDelGro Corp. Ltd.		9,516,700		10,086,483		0.7	%
	Other Securities				128,335,440		9.3	%
TOTAL SINGAPORE					138,421,923		10.0	%
TOTAL COMMON STOCKS					1,374,337,566		99.7	%
RIGHTS/WARRANTS — (0.0%)
AUSTRALIA — (0.0%)
	Other Securities				27,032		0.0	%
SINGAPORE — (0.0%)
	Other Securities				10,068		0.0	%
TOTAL RIGHTS/WARRANTS					37,100		0.0	%
TOTAL INVESTMENT SECURITIES (Cost $1,498,266,200)					1,374,374,666
				Value†
SECURITIES LENDING COLLATERAL — (1.0%)
@ §	DFA Investment Trust Co.		1,226,462		14,187,718		1.0	%
TOTAL INVESTMENTS—(100.0%) (Cost $1,512,453,024)				$	1,388,562,384		100.7	%

» Securities that have been fair value factored. See Note B to Financial Statements.

1

The Asia Pacific Small Company Series

continued

‡	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.
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 December 31, 2023, 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	$	17,388	$	927,299,451	$	576,305	$	927,893,144
Bermuda		59,791		60,424		—		120,215
Cayman Islands		—		26,412		—		26,412
China		—		727,995		—		727,995
Hong Kong		—		263,173,394		308,536		263,481,930
New Zealand		—		43,665,947		—		43,665,947
Singapore		—		137,736,310		685,613		138,421,923
Rights/Warrants
Australia		—		27,032		—		27,032
Singapore		—		10,068		—		10,068
Securities Lending Collateral		—		14,187,718		—		14,187,718
TOTAL	$	77,179	$	1,386,914,751		$1,570,454^	$	1,388,562,384

^ 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.

2

The United Kingdom Small Company Series

SCHEDULE OF INVESTMENTS

December 31, 2023

(Unaudited)

		Shares		Value»		Percentage of Net Assets‡
COMMON STOCKS — (99.0%)
COMMUNICATION SERVICES — (3.8%)
	ITV PLC		15,048,054	$	12,110,272		0.8	%
	Moneysupermarket.com Group PLC		3,209,924		11,438,028		0.8	%
	Other Securities				34,285,095		2.2	%
TOTAL COMMUNICATION SERVICES					57,833,395		3.8	%
CONSUMER DISCRETIONARY — (19.2%)
	Bellway PLC		596,527		19,484,556		1.3	%
	Domino’s Pizza Group PLC		3,097,499		14,854,736		1.0	%
	Games Workshop Group PLC		177,416		22,296,665		1.5	%
	Greggs PLC		601,854		19,951,108		1.3	%
	Inchcape PLC		2,145,919		19,538,807		1.3	%
	Persimmon PLC		1,068,610		18,888,935		1.3	%
	Pets at Home Group PLC		2,876,399		11,677,444		0.8	%
	Redrow PLC		1,640,617		12,850,216		0.9	%
*	SSP Group PLC		3,518,178		10,522,065		0.7	%
	Vistry Group PLC		1,619,528		18,926,548		1.3	%
	Other Securities				121,273,596		7.9	%
TOTAL CONSUMER DISCRETIONARY					290,264,676		19.3	%
CONSUMER STAPLES — (7.9%)
	Britvic PLC		1,626,728		17,413,064		1.2	%
	Cranswick PLC		366,623		17,759,911		1.2	%
	Marks & Spencer Group PLC		9,096,384		31,524,467		2.1	%
	Tate & Lyle PLC		2,193,476		18,400,445		1.2	%
	Other Securities				34,381,018		2.2	%
TOTAL CONSUMER STAPLES					119,478,905		7.9	%
ENERGY — (2.9%)
	Other Securities				43,545,589		2.9	%
FINANCIALS — (20.8%)
	Bank of Georgia Group PLC		269,724		13,662,249		0.9	%
	Beazley PLC		3,221,235		21,407,068		1.4	%
	Burford Capital Ltd.		974,033		15,014,821		1.0	%
*	Direct Line Insurance Group PLC		6,308,424		14,609,014		1.0	%
	Hiscox Ltd.		1,543,795		20,743,597		1.4	%
	IG Group Holdings PLC		1,618,600		15,775,697		1.0	%
	Lancashire Holdings Ltd.		1,534,394		12,185,799		0.8	%
	Man Group PLC		7,541,211		22,344,883		1.5	%
	OSB Group PLC		2,134,752		12,605,983		0.8	%
	Paragon Banking Group PLC		1,921,607		17,036,120		1.1	%
	Plus500 Ltd.		547,864		11,634,678		0.8	%
	Virgin Money U.K. PLC		5,902,586		12,332,412		0.8	%
	Other Securities				124,680,042		8.3	%
TOTAL FINANCIALS					314,032,363		20.8	%
HEALTH CARE — (2.4%)
*	Indivior PLC		734,034		11,084,108		0.7	%

0

The United Kingdom Small Company Series

continued

		Shares		Value»		Percentage of Net Assets‡
HEALTH CARE — (Continued)
	Other Securities			$	26,021,801		1.8	%
TOTAL HEALTH CARE					37,105,909		2.5	%
INDUSTRIALS — (24.5%)
	Babcock International Group PLC		2,608,917		13,116,465		0.9	%
	Balfour Beatty PLC		3,585,302		15,101,844		1.0	%
	Diploma PLC		428,815		19,584,714		1.3	%
	Grafton Group PLC		1,489,341		17,303,171		1.1	%
	Hays PLC		8,741,021		12,164,600		0.8	%
	Howden Joinery Group PLC		1,732,911		17,940,424		1.2	%
*	International Distributions Services PLC		3,336,241		11,555,606		0.8	%
	JET2 PLC		813,756		12,962,314		0.9	%
	Pagegroup PLC		1,966,206		12,209,096		0.8	%
	QinetiQ Group PLC		3,297,003		12,979,684		0.9	%
	Rotork PLC		4,407,598		18,139,503		1.2	%
	Serco Group PLC		5,743,194		11,833,463		0.8	%
	Travis Perkins PLC		1,117,269		11,774,980		0.8	%
	Other Securities				183,330,689		12.1	%
TOTAL INDUSTRIALS					369,996,553		24.6	%
INFORMATION TECHNOLOGY — (6.4%)
	Computacenter PLC		501,247		17,813,378		1.2	%
	Softcat PLC		689,548		11,951,855		0.8	%
	Spectris PLC		361,445		17,385,766		1.2	%
	Other Securities				49,024,785		3.2	%
TOTAL INFORMATION TECHNOLOGY					96,175,784		6.4	%
MATERIALS — (5.6%)
	Hill & Smith PLC		550,246		13,365,969		0.9	%
	Other Securities				71,453,251		4.7	%
TOTAL MATERIALS					84,819,220		5.6	%
REAL ESTATE — (3.0%)
	Grainger PLC		4,251,088		14,330,877		1.0	%
	Savills PLC		971,680		11,990,539		0.8	%
	Other Securities				19,047,862		1.2	%
TOTAL REAL ESTATE					45,369,278		3.0	%
UTILITIES — (2.5%)
	Drax Group PLC		2,467,126		15,416,860		1.0	%
	Pennon Group PLC		1,364,308		13,083,206		0.9	%
	Other Security				8,748,516		0.6	%
TOTAL UTILITIES					37,248,582		2.5	%
TOTAL COMMON STOCKS (Cost $1,349,581,435)					1,495,870,254		99.3	%

1

The United Kingdom Small Company Series

continued

		Shares		Value†		Percentage of Net Assets‡
SECURITIES LENDING COLLATERAL — (1.0%)
@ §	DFA Investment Trust Co.		1,313,465	$	15,194,168		1.0	%
TOTAL INVESTMENTS—(100.0%) (Cost $1,364,774,770)				$	1,511,064,422		100.3	%
»	Securities that have 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.
*	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 December 31, 2023, 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	$	14,704	$	57,818,691		—	$	57,833,395
Consumer Discretionary		—		290,264,676		—		290,264,676
Consumer Staples		—		119,478,905		—		119,478,905
Energy		—		43,545,589		—		43,545,589
Financials		—		314,031,323	$	1,040		314,032,363
Health Care		—		37,105,909		—		37,105,909
Industrials		—		369,996,553		—		369,996,553
Information Technology		—		96,175,784		—		96,175,784
Materials		—		84,819,220		—		84,819,220
Real Estate		—		45,369,278		—		45,369,278
Utilities		—		37,248,582		—		37,248,582
Securities Lending Collateral		—		15,194,168		—		15,194,168
TOTAL	$	14,704	$	1,511,048,678		$1,040^	$	1,511,064,422

^ 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.

2

The Continental Small Company Series

SCHEDULE OF INVESTMENTS

December 31, 2023

(Unaudited)

		Shares		Value»		Percentage of Net Assets‡
COMMON STOCKS — (96.2%)
AUSTRIA — (3.3%)
	ANDRITZ AG		432,017	$	26,877,037		0.5	%
Ω	BAWAG Group AG		434,580		22,998,464		0.4	%
	Other Securities				131,437,388		2.4	%
TOTAL AUSTRIA					181,312,889		3.3	%
BELGIUM — (3.8%)
	Ackermans & van Haaren NV		169,888		29,805,328		0.6	%
	Euronav NV		1,303,139		23,013,965		0.4	%
	Other Securities				159,838,868		2.9	%
TOTAL BELGIUM					212,658,161		3.9	%
DENMARK — (6.2%)
*	Jyske Bank AS		425,821		30,534,316		0.6	%
*	NKT AS		354,659		24,380,170		0.5	%
	Ringkjoebing Landbobank AS		195,914		28,774,007		0.5	%
	Other Securities				260,532,149		4.7	%
TOTAL DENMARK					344,220,642		6.3	%
FINLAND — (5.0%)
	Huhtamaki OYJ		631,957		25,650,709		0.5	%
	Orion OYJ, Class B		634,174		27,479,620		0.5	%
#	Valmet OYJ		885,247		25,599,155		0.5	%
	Wartsila OYJ Abp		2,286,733		33,233,990		0.6	%
	Other Securities				164,702,904		3.0	%
TOTAL FINLAND					276,666,378		5.1	%
FRANCE — (11.6%)
	Alten SA		152,202		22,676,179		0.4	%
	Elis SA		1,272,724		26,601,838		0.5	%
	Gaztransport Et Technigaz SA		175,245		23,213,994		0.4	%
	Rexel SA		1,427,474		39,178,754		0.7	%
	SCOR SE		859,009		25,169,860		0.5	%
*	SOITEC		149,956		26,833,679		0.5	%
	Sopra Steria Group SACA		118,375		25,926,199		0.5	%
	SPIE SA		860,805		26,944,723		0.5	%
	Other Securities				424,188,980		7.8	%
TOTAL FRANCE					640,734,206		11.8	%
GERMANY — (13.8%)
	Bechtle AG		445,863		22,332,186		0.4	%
	CTS Eventim AG & Co. KGaA		328,703		22,734,829		0.4	%
	Freenet AG		952,563		26,660,733		0.5	%
	Gerresheimer AG		239,432		24,909,457		0.5	%
	Hugo Boss AG		403,351		30,049,812		0.6	%
*	LEG Immobilien SE		300,597		26,305,107		0.5	%
	thyssenkrupp AG		3,151,431		21,922,763		0.4	%
	Other Securities				590,545,780		10.8	%
TOTAL GERMANY					765,460,667		14.1	%
IRELAND — (0.8%)
	Other Securities				44,152,194		0.8	%

The Continental Small Company Series
continued

		Shares		Value»		Percentage of Net Assets‡
ISRAEL — (2.1%)
	Other Securities			$	116,539,097		2.2	%
ITALY — (10.4%)
	Banco BPM SpA		9,547,736		50,592,920		0.9	%
#	BPER Banca		6,542,561		21,935,656		0.4	%
	Brunello Cucinelli SpA		239,655		23,455,607		0.4	%
	Leonardo SpA		2,585,548		42,721,289		0.8	%
	Other Securities				436,850,561		8.1	%
TOTAL ITALY					575,556,033		10.6	%
NETHERLANDS — (5.1%)
	Aalberts NV		654,734		28,459,570		0.5	%
	Arcadis NV		518,635		28,017,313		0.5	%
	BE Semiconductor Industries NV		352,392		53,202,712		1.0	%
Ω	Signify NV		743,928		24,948,544		0.5	%
	Other Securities				149,635,617		2.7	%
TOTAL NETHERLANDS					284,263,756		5.2	%
NORWAY — (2.0%)
	Other Securities				109,054,330		2.0	%
PORTUGAL — (0.9%)
	Other Securities				50,604,626		0.9	%
SPAIN — (5.9%)
	Banco de Sabadell SA		35,081,456		43,183,701		0.8	%
	Bankinter SA		4,245,482		27,228,994		0.5	%
#	Enagas SA		1,457,648		24,589,537		0.5	%
	Other Securities				231,109,627		4.2	%
TOTAL SPAIN					326,111,859		6.0	%
SWEDEN — (6.3%)
	Other Securities				350,739,632		6.5	%
SWITZERLAND — (19.0%)
	Adecco Group AG		585,919		28,776,523		0.5	%
	Allreal Holding AG		122,211		21,853,615		0.4	%
	Belimo Holding AG		64,836		35,786,578		0.7	%
	BKW AG		158,852		28,254,537		0.5	%
	Bucher Industries AG		53,084		22,314,427		0.4	%
	Flughafen Zurich AG		143,958		30,079,259		0.6	%
Ω	Galenica AG		289,311		25,026,619		0.5	%
	Georg Fischer AG		616,034		44,831,337		0.8	%
	Helvetia Holding AG		258,089		35,587,055		0.7	%
	PSP Swiss Property AG		337,750		47,220,441		0.9	%
	Siegfried Holding AG		32,456		33,199,957		0.6	%
	Temenos AG		356,673		33,237,696		0.6	%
Ω	VAT Group AG		67,469		33,886,832		0.6	%
	Other Securities				629,334,335		11.5	%
TOTAL SWITZERLAND					1,049,389,211		19.3	%
UNITED STATES — (0.0%)
	Other Securities				1,129,131		0.0	%
TOTAL COMMON STOCKS					5,328,592,812		98.0	%

The Continental Small Company Series
continued

		Shares		Value»		Percentage of Net Assets‡
PREFERRED STOCKS — (0.9%)
GERMANY — (0.9%)
	Other Securities			$	49,323,660		0.9	%
RIGHTS/WARRANTS — (0.0%)
AUSTRIA — (0.0%)
	Other Securities				3		0.0	%
TOTAL INVESTMENT SECURITIES (Cost $4,246,679,731)					5,377,916,475
				Value†
SECURITIES LENDING COLLATERAL — (2.9%)
@ §	DFA Investment Trust Co.		13,833,808		160,029,490		2.9	%
TOTAL INVESTMENTS—(100.0%) (Cost $4,406,699,691)				$	5,537,945,965		101.8	%

»	Securities that have 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.
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.
*	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 December 31, 2023, 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		—	$	181,312,889		—	$	181,312,889
Belgium	$	781,489		211,876,672		—		212,658,161
Denmark		—		344,220,642		—		344,220,642
Finland		—		276,666,378		—		276,666,378
France		—		640,734,206		—		640,734,206
Germany		9,982,943		755,477,724		—		765,460,667
Ireland		—		44,152,194		—		44,152,194
Israel		649,185		115,889,912		—		116,539,097
Italy		—		575,556,033		—		575,556,033

The Continental Small Company Series
continued

	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3		Total
Netherlands		—	$	284,263,756		—	$	284,263,756
Norway		—		109,054,330		—		109,054,330
Portugal		—		50,604,626		—		50,604,626
Spain		—		326,111,859		—		326,111,859
Sweden		—		350,739,632		—		350,739,632
Switzerland		—		1,049,389,211		—		1,049,389,211
United States		—		1,129,131		—		1,129,131
Preferred Stocks
Germany		—		49,323,660		—		49,323,660
Rights/Warrants
Austria		—		3		—		3
Securities Lending Collateral		—		160,029,490		—		160,029,490
TOTAL	$	11,413,617	$	5,526,532,348		—	$	5,537,945,965

The Canadian Small Company Series

SCHEDULE OF INVESTMENTS

December 31, 2023

(Unaudited)

		Shares		Value»		Percentage of Net Assets‡
COMMON STOCKS — (91.9%)
COMMUNICATION SERVICES — (0.8%)
	Other Securities			$	11,303,611		0.9	%
CONSUMER DISCRETIONARY — (3.9%)
# *	Aritzia, Inc.		457,892		9,503,060		0.7	%
	Linamar Corp.		263,351		12,723,845		1.0	%
	Other Securities				32,406,132		2.5	%
TOTAL CONSUMER DISCRETIONARY					54,633,037		4.2	%
CONSUMER STAPLES — (4.5%)
	Maple Leaf Foods, Inc.		458,562		8,734,844		0.7	%
	North West Co., Inc.		292,956		8,682,225		0.7	%
#	Premium Brands Holdings Corp.		244,773		17,369,914		1.3	%
	Primo Water Corp.		92,255		1,388,438		0.1	%
	Primo Water Corp.		799,922		12,049,691		0.9	%
	Other Securities				14,567,420		1.1	%
TOTAL CONSUMER STAPLES					62,792,532		4.8	%
ENERGY — (21.7%)
	Crescent Point Energy Corp.		2,232,271		15,482,110		1.2	%
	Crescent Point Energy Corp.		739,368		5,123,820		0.4	%
	Enerplus Corp.		1,189,317		18,229,522		1.4	%
	Enerplus Corp.		28,353		434,935		0.0	%
#	Gibson Energy, Inc.		854,905		12,987,614		1.0	%
# *	MEG Energy Corp.		1,220,865		21,808,894		1.7	%
# *	NuVista Energy Ltd.		996,250		8,300,517		0.6	%
	Paramount Resources Ltd., Class A		453,102		8,866,790		0.7	%
	Parex Resources, Inc.		560,334		10,550,797		0.8	%
	Parkland Corp.		743,571		23,967,336		1.9	%
#	Peyto Exploration & Development Corp.		1,064,787		9,675,133		0.8	%
#	PrairieSky Royalty Ltd.		1,219,867		21,358,375		1.7	%
	Secure Energy Services, Inc.		1,822,233		12,968,307		1.0	%
	Whitecap Resources, Inc.		1,388,207		9,292,780		0.7	%
	Other Securities				125,406,362		9.6	%
TOTAL ENERGY					304,453,292		23.5	%
FINANCIALS — (7.3%)
	Canadian Western Bank		530,725		12,364,425		1.0	%
	CI Financial Corp.		943,708		10,583,375		0.8	%
	EQB, Inc.		161,831		10,653,574		0.8	%
	Onex Corp.		171,939		12,006,729		0.9	%
	Other Securities				55,919,770		4.3	%
TOTAL FINANCIALS					101,527,873		7.8	%
HEALTH CARE — (2.1%)
# *	Bausch Health Cos., Inc.		1,560,196		12,512,772		1.0	%
*	Bausch Health Cos., Inc.		17,777		142,613		0.0	%
	Other Securities				17,200,683		1.3	%
TOTAL HEALTH CARE					29,856,068		2.3	%
INDUSTRIALS — (14.5%)
*	ATS Corp.		439,439		18,939,935		1.5	%
*	Bombardier, Inc., Class A		13,489		543,917		0.1	%

The Canadian Small Company Series

continued

		Shares		Value»		Percentage of Net Assets‡
INDUSTRIALS — (Continued)
*	Bombardier, Inc., Class B		454,361	$	18,245,763		1.4	%
	Boyd Group Services, Inc.		115,716		24,320,402		1.9	%
	Finning International, Inc.		814,064		23,542,457		1.8	%
	Richelieu Hardware Ltd.		309,993		11,224,832		0.9	%
	Russel Metals, Inc.		357,603		12,152,646		0.9	%
	SNC-Lavalin Group, Inc.		936,661		30,155,812		2.3	%
	Other Securities				64,413,259		4.9	%
TOTAL INDUSTRIALS					203,539,023		15.7	%
INFORMATION TECHNOLOGY — (4.3%)
*	Celestica, Inc.		119,768		3,506,807		0.3	%
*	Celestica, Inc.		584,405		17,116,907		1.3	%
*	Lightspeed Commerce, Inc.		95,967		2,014,869		0.2	%
# *	Lightspeed Commerce, Inc.		662,243		13,900,481		1.1	%
	Other Securities				23,703,820		1.8	%
TOTAL INFORMATION TECHNOLOGY					60,242,884		4.7	%
MATERIALS — (22.2%)
	Alamos Gold, Inc., Class A		1,786,153		24,021,160		1.9	%
	Alamos Gold, Inc., Class A		33,084		445,641		0.0	%
	B2Gold Corp.		1,632,376		5,161,810		0.4	%
	B2Gold Corp.		5,340,960		16,877,434		1.3	%
*	Capstone Copper Corp.		2,311,783		11,253,161		0.9	%
*	Eldorado Gold Corp.		682,069		8,853,691		0.7	%
# *	Eldorado Gold Corp.		467,945		6,069,247		0.5	%
	Methanex Corp.		206,998		9,791,808		0.8	%
	Methanex Corp.		144,520		6,844,467		0.5	%
	OceanaGold Corp.		4,624,553		8,864,846		0.7	%
#	Osisko Gold Royalties Ltd.		617,722		8,815,609		0.7	%
	Osisko Gold Royalties Ltd.		299,402		4,275,461		0.3	%
	SSR Mining, Inc.		847,686		9,097,085		0.7	%
	SSR Mining, Inc.		365,680		3,934,717		0.3	%
#	Stelco Holdings, Inc.		247,737		9,383,737		0.7	%
	Stella-Jones, Inc.		305,088		17,756,603		1.4	%
	Other Securities				160,330,235		12.3	%
TOTAL MATERIALS					311,776,712		24.1	%
REAL ESTATE — (3.4%)
#	Colliers International Group, Inc.		33,190		4,198,063		0.3	%
	Colliers International Group, Inc.		67,789		8,576,664		0.7	%
	Tricon Residential, Inc.		1,228,695		11,183,021		0.9	%
	Tricon Residential, Inc.		264,928		2,410,845		0.2	%
	Other Securities				20,779,374		1.5	%
TOTAL REAL ESTATE					47,147,967		3.6	%
UTILITIES — (7.2%)
	Algonquin Power & Utilities Corp.		1,706,629		10,785,895		0.8	%
	Atco Ltd., Class I		427,741		12,483,110		1.0	%
#	Boralex, Inc., Class A		518,790		13,186,557		1.0	%
#	Capital Power Corp.		688,895		19,673,059		1.5	%
	Superior Plus Corp.		1,141,158		8,293,537		0.7	%
	TransAlta Corp.		1,643,807		13,670,996		1.1	%

The Canadian Small Company Series

continued

		Shares		Value»		Percentage of Net Assets‡
UTILITIES — (Continued)
	Other Securities			$	22,675,347		1.7	%
TOTAL UTILITIES					100,768,501		7.8	%
TOTAL COMMON STOCKS (Cost $1,099,076,003)					1,288,041,500		99.4	%
				Value†
SECURITIES LENDING COLLATERAL — (8.1%)
@ §	DFA Investment Trust Co.		9,829,364		113,706,080		8.8	%
TOTAL INVESTMENTS—(100.0%) (Cost $1,212,776,134)				$	1,401,747,580		108.2	%

»	Securities that have 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.
†	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 December 31, 2023, 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	$	8,159,290	$	3,144,321		—	$	11,303,611
Consumer Discretionary		54,633,037		—		—		54,633,037
Consumer Staples		62,792,532		—		—		62,792,532
Energy		304,453,292		—		—		304,453,292
Financials		101,418,538		109,335		—		101,527,873
Health Care		29,843,410		—	$	12,658		29,856,068
Industrials		203,539,023		—		—		203,539,023
Information Technology		60,242,884		—		—		60,242,884
Materials		311,776,712		—		—		311,776,712
Real Estate		47,147,967		—		—		47,147,967
Utilities		100,768,501		—		—		100,768,501
Securities Lending Collateral		—		113,706,080		—		113,706,080
TOTAL	$	1,284,775,186	$	116,959,736	$	12,658^	$	1,401,747,580

^ 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.

International Small Company Portfolio

SCHEDULE OF INVESTMENTS

December 31, 2023

(Unaudited)

	Value†
AFFILIATED INVESTMENT COMPANIES — (99.2%)
Investment in The Continental Small Company Series of The DFA Investment Trust Company	$	4,662,527,772
Investment in The Japanese Small Company Series of The DFA Investment Trust Company		2,805,577,967
Investment in The United Kingdom Small Company Series of The DFA Investment Trust Company		1,483,130,566
Investment in The Canadian Small Company Series of The DFA Investment Trust Company		1,252,033,733
Investment in The Asia Pacific Small Company Series of The DFA Investment Trust Company		1,190,336,322
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES	$	11,393,606,360
State Street Institutional U.S. Government Money Market Fund		91,644,397

† See Note B to Financial Statements.

As of December 31, 2023, 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	366	03/15/24	$	85,559,810	$	88,206,000	$	2,646,190
Total Futures Contracts			$	85,559,810	$	88,206,000	$	2,646,190

Summary of the Portfolio’s investments as of March 31, 2019, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3		Total
Affiliated Investment Companies	$	11,393,606,360		—		—	$	11,393,606,360
Temporary Cash Investments		91,644,397		—		—		91,644,397
Futures Contracts**		2,646,190		—		—		2,646,190
TOTAL	$	11,487,896,947		—		—	$	11,487,896,947

** Valued at the unrealized appreciation/(depreciation) on the investment.

(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, Jonathan Scheid, the registrant’s President and Chief Executive Officer, and Dan Anderson, 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. Scheid and Anderson 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)(2) The certifications required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are filed herewith.

(a)(3) Not applicable.

(a)(4) Not applicable.

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

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

SIGNATURES

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

SA FUNDS – INVESTMENT TRUST

By:	/s/ Jonathan Scheid
	Jonathan Scheid
	President and Chief Executive Officer

Date: March 08, 2024

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/ Jonathan Scheid
	Jonathan Scheid
	President and Chief Executive Officer

Date: March 08, 2024

By:	/s/ Dan Anderson
	Dan Anderson
	Treasurer and Chief Financial and Accounting Officer

Date: March 08, 2024