Sa Funds Investment Trust N-CSRCertified 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

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

Date of fiscal year end: June 30
Date of reporting period: June 30, 2022

Item 1. Report to Shareholders.

ANNUAL REPORT
June 30, 2022

TABLE OF CONTENTS

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

SA U.S. Fixed Income Fund

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited)

The SA U.S. Fixed Income Fund’s goal is to achieve a generally stable return consistent with preservation of capital. Buckingham Strategic Partners, LLC (the “Adviser”) serves as the Fund’s investment adviser and Dimensional Fund Advisors, L.P. (the “Sub-Adviser”) serves as the Fund’s investment sub-adviser. The Fund pursues its goal by investing primarily in obligations issued or guaranteed by the U.S. government or its agencies or instrumentalities, dollar-denominated obligations of foreign issuers issued in the United States, bank obligations, including those of U.S. banks and savings and loan associations and dollar denominated obligations of U.S. subsidiaries and branches of foreign banks, corporate debt obligations, commercial paper, obligations of supranational organizations and repurchase agreements. Generally, the Fund acquires obligations that mature within three years from the date of settlement.

As of April 1, 2022, the Fund’s benchmark index changed from the ICE BofA 1-3 Year U.S. Corporate & Government Bond Index to the Morningstar^® U.S. 1-3 Yr Composite Government and Corporate Bond Index^SM. The primary consideration in changing the benchmark index to the Morningstar^® U.S. 1-3 Yr Composite Government and Corporate Bond Index^SM benchmark was because it is constructed similarly to that of the previous benchmark but at a lower cost to the Fund and its shareholders.

For the fiscal year ended June 30, 2022, the Fund’s Investor Class and Select Class had a net return of -5.63% and -5.50%, respectively, compared to a return of -3.76% for the Fund’s benchmark index, the Morningstar^® U.S. 1-3 Year Composite Government and Corporate Bond Index^SM. The benchmark index is unmanaged and does not involve fees and expenses like the Fund. The Fund’s Investor Class and Select Class underperformed the benchmark during the fiscal year by 1.88% and 1.74%, respectively, after deducting the share classes’ net operating expenses for the year. The Fund underperformed the benchmark index for the fiscal year primarily due to the Fund’s maturity allocation choices. During the fiscal year, the Fund maintained a significant fraction of its assets in securities with maturities close to the Fund’s maximum allowable maturity (three years). The benchmark index, however, holds roughly an even mix of securities with maturities ranging from one year to three years. During the fiscal year, the US Federal Reserve raised interest rates aggressively. When interest rates rise, longer maturity bonds tend to experience more negative returns than do shorter maturity bonds. As a result, the Fund’s heavier exposure to longer maturity bonds than that of its benchmark resulted in the Fund’s underperformance relative to its benchmark.

1

SA U.S. Fixed Income Fund

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)

Comparison of Change in Value of a $10,000 Investment in the
SA U.S. Fixed Income Fund - Investor Class vs. the Morningstar^® U.S. 1-3 Year Composite
Government and Corporate Bond Index^SM and the ICE BofA 1-3 Year U.S. Corporate &
Government Index from June 30, 2012 through June 30, 2022

The Morningstar^® U.S. 1-3 Year Composite Government and Corporate Bond Index^SM is a subset of the Morningstar^® U.S. Composite Government and Corporate Bond. The index is comprised of securities with maturities less than 3 years from the Morningstar^® U.S. Composite Government and Corporate Bond Index^SM. The parent index is composed of fixed-rate, investment grade, USD-denominated Corporate, Treasury and Agency bonds with maturities greater than one year. The broader index excludes bonds with embedded options, zero coupon bonds, securitized bonds, and convertible bonds.

The ICE BofA 1-3 Year U.S. Corporate & Government Index is a subset of the ICE BofA Corporate & Government Index and includes U.S. dollar denominated investment grade debt securities publicly issued in the U.S. domestic market, with a remaining term to final maturity of less than 3 years but greater than one year.

These indices are unmanaged and reflect reinvested dividends and/or distributions, but do not reflect sales charges, commissions, expenses or taxes. You cannot invest directly in an index.

PERFORMANCE INFORMATION – Average Annual Total Returns as of June 30, 2022

All returns include the reinvestment of income dividends and other distributions. Results represent past performance and do not indicate future results. Both the value of an investment in the Fund and the return on investment will fluctuate, so that redemption proceeds may be higher or lower than an investor’s original cost. The returns shown do not reflect the deduction of taxes that an investor would pay on Fund distributions or the redemption of Fund shares. Returns would have been lower if Buckingham Strategic Partners, LLC (the “Adviser”) had not reimbursed certain expenses and/or waived a portion of the Advisory fees during certain of the periods shown. As stated in the Fund’s most recent prospectuses, the total annual operating expense ratios for fiscal year 2021 of Investor Class and Select Class were 0.64% and 0.42%, respectively (before expense reimbursement and/or fee waivers, if any). Updated Fund performance information can be obtained by visiting http://www.sa-funds.com.

2

SA Global Fixed Income Fund

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited)

The SA Global Fixed Income Fund’s goal is to maximize total return available from a universe of higher- quality fixed income investments maturing in five years or less from the date of settlement. Buckingham Strategic Partners, LLC (the “Adviser”) serves as the Fund’s investment adviser and Dimensional Fund Advisors, L.P. (the “Sub-Adviser”) serves as the Fund’s investment sub-adviser. The Fund pursues its goal by investing primarily in obligations issued or guaranteed by the U.S. and foreign governments of developed countries or their agencies or instrumentalities; obligations of supranational organizations, and obligations of other U.S. and foreign issuers including corporate debt obligations; commercial paper; bank obligations; and repurchase agreements. The Fund attempts to maximize its total return by allocating assets among countries depending on prevailing interest rates. Securities in which the Fund invests may be denominated in currencies other than U.S. dollars. The Fund may also enter into forward foreign currency exchange contracts to attempt to protect against uncertainty in the level of future foreign currency rates, to hedge against fluctuations in currency exchange rates, or to transfer balances from one currency to another. The Fund may also lend its portfolio securities.

As of April 1, 2022, the Fund’s benchmark changed from the FTSE World Government Bond Index 1-5 Years (Hedged to USD) to the Morningstar^® Global 1-5 Yr Treasury Bond Hedged Index^SM. The primary consideration in changing the benchmark index to the Morningstar^® Global 1-5 Yr Treasury Bond Hedged Index^SM benchmark was because it is constructed similarly to that of the previous benchmark but at a lower cost to the Fund and its shareholders.

For the fiscal year ended June 30, 2022, the Fund’s Investor Class and Select Class had a net return of -7.50% and -7.29%, respectively, compared to a return of -3.28% for the Fund’s benchmark index, the Morningstar^® Global 1-5 Year Treasury Bond Hedged Index^SM. The benchmark index is unmanaged and does not involve fees and expenses like the Fund. The Fund’s Investor Class and Select Class underperformed the benchmark during the fiscal year by 4.22% and 4.01%, respectively, after deducting the share classes’ net operating expenses for the year. The Fund’s underperformance relative to the benchmark across the fiscal year was primarily the result of two factors. First, the Fund tended to hold more US issued securities (and fewer securities issued in Yen or in Euros) than did the benchmark, during a time when non-US issued fixed income securities (notably those issued in Yen) had stronger performance. Second, the Fund tended to hold longer maturity debt than the benchmark during the fiscal year, during a time when global interest rates were rising. Longer maturity debt tends to underperform shorter maturity debt during periods of rising interest rates, hence the Fund, with its heavier concentrations in longer maturity debt than the benchmark, tended to underperform the benchmark.

3

SA Global Fixed Income Fund

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)

Comparison of Change in Value of a $10,000 Investment in the
SA Global Fixed Income Fund - Investor Class vs. the Morningstar^® Global 1-5 Year
Treasury Bond Hedged Index^SM and the FTSE World Government
Bond Index 1-5 Years (hedged to USD) from June 30, 2012 through June 30, 2022

The Morningstar^® Global 1-5 Year Treasury Bond Hedged Index^SM is comprised of securities with maturities less than 5 years from the Morningstar^® Global Treasury Bond Hedged Index^SM. The parent index is composed of domestic treasury debt publicly issued by sovereign governments in their own currency (or in Euros as applicable), with maturities greater than one year, issued by countries identified by Morningstar as having developed markets.

The FTSE World Government Bond Index 1-5 Year (hedged to USD) is a comprehensive measure of the total return performance of the fixed-rate, local-currency, investment-grade sovereign bond markets of more than 20 countries with maturities ranging from one to five years. It is hedged to the U.S. dollar.

These indices are unmanaged and reflect reinvested dividends and/or distributions, but do not reflect sales charges, commissions, expenses or taxes. You cannot invest directly in an index.

PERFORMANCE INFORMATION – Average Annual Total Returns as of June 30, 2022:

All returns include the reinvestment of income dividends and other distributions. Results represent past performance and do not indicate future results. Both the value of an investment in the Fund and the return on investment will fluctuate, so that redemption proceeds may be higher or lower than an investor’s original cost. The returns shown do not reflect the deduction of taxes that an investor would pay on Fund distributions or the redemption of Fund shares. Return would have been lower if the Adviser had not reimbursed certain expenses and/or waived a portion of the Advisory fees during certain periods shown. As stated in the Fund’s most recent prospectuses, the total annual operating expense ratios for fiscal year 2021 of Investor Class and Select Class were 0.73% and 0.52%, respectively (before expense reimbursement and/or fee waivers, if any). Updated Fund performance information can be obtained by visiting http://www.sa-funds.com.

4

SA U.S. Core Market Fund

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited)

The SA U.S. Core Market Fund’s goal is to achieve long-term capital appreciation. Buckingham Strategic Partners, LLC (the “Adviser”) serves as the Fund’s investment adviser and Dimensional Fund Advisors, L.P. (the “Sub-Adviser”) serves as the Fund’s investment sub-adviser. The Fund pursues its goal by generally investing in a broad and diverse group of readily marketable equity securities of U.S. companies traded on a principal U.S. exchange or on the over-the-counter market in the United States. Currently the Sub-Adviser has narrowed the universe of eligible securities to those of companies whose market capitalizations generally are either in the highest 96% of total market capitalization, or companies whose market capitalizations are larger than the 1,500th largest U.S. company, whichever results in the higher market capitalization threshold. The Fund may also invest up to 5% of its total assets in the U.S. Micro Cap Portfolio, a portfolio of DFA Investment Dimensions Group, Inc., a separate registered investment company, to gain more efficient and cost effective exposure to securities whose market capitalizations are generally in the lowest 5% of total market capitalization or companies whose market capitalizations are smaller than the 1,500th largest U.S. company, whichever results in the higher market capitalization threshold. The Fund may also lend its portfolio securities.

As of April 1, 2022, the Fund’s primary benchmark changed from the Russell 3000 Index to the Morningstar^® U.S. Market Extended Index^SM. The primary consideration in changing the benchmark index to the Morningstar^® U.S. Market Extended Index^SM benchmark was because it is constructed similarly to that of the previous benchmark but at a lower cost to the Fund and its shareholders.

For the fiscal year ended June 30, 2022, the Fund’s Investor Class and Select Class had a net return of -12.44% and -12.26%, respectively, compared to a return of -14.15% for the Fund’s benchmark index, the Morningstar^® U.S. Market Extended Index^SM. The benchmark index is unmanaged and does not involve fees and expenses like the Fund. The Fund’s Investor Class and Select Class outperformed the benchmark during the fiscal year by 1.70% and 1.88%, respectively, after deducting the share classes’ net operating expenses for the year. Across the fiscal year the Fund held a larger position than did the benchmark in stocks of companies with higher levels of operating profitability while also holding a smaller position than the benchmark in stocks of companies with lower levels of operating profitability. This strategy contributed to outperformance of the Fund’s benchmark index during the fiscal year. This outperformance was because during the fiscal year the stocks of companies with higher operating profitability (in which the Fund had a larger position than in the benchmark) performed better than the stocks of companies with lower profitability (stocks in which the Fund held smaller positions than in the benchmark).

5

SA U.S. Core Market Fund

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)

Comparison of Change in Value of a $10,000 Investment in the SA U.S. Core Market Fund -
Investor Class vs. the Morningstar^® U.S. Market Extended Index^SM and the Russell 3000
Index from June 30, 2012 through June 30, 2022

The Morningstar^® U.S. Market Extended Index^SM measures the performance of U.S. equity securities and targets 99.5% market capitalization coverage of the investable U.S. universe. The index is calculated on a total return basis and is measured in U.S. dollars.

The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

These indices are unmanaged and reflect reinvested dividends and/or distributions, but do not reflect sales charges, commissions, expenses or taxes. You cannot invest directly in an index.

PERFORMANCE INFORMATION – Average Annual Total Returns as of June 30, 2022

All returns include the reinvestment of income dividends and other distributions. Results represent past performance and do not indicate future results. Both the value of an investment in the Fund and the return on investment will fluctuate, so that redemption proceeds may be higher or lower than an investor’s original cost. The returns shown do not reflect the deduction of taxes that an investor would pay on Fund distributions or the redemption of Fund shares. Return would have been lower if the Adviser had not reimbursed certain expenses and/or waived a portion of the Advisory fees during certain periods shown. As stated in the Fund’s most recent prospectuses, the total annual operating expense ratios for fiscal year 2021 of Investor Class and Select Class were 0.89% and 0.68%, respectively (before expense reimbursement and/or fee waivers, if any). Updated Fund performance information can be obtained by visiting http://www.sa-funds.com.

6

SA U.S. Value Fund

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited)

The SA U.S. Value Fund’s goal is to achieve long-term capital appreciation. Buckingham Strategic Partners, LLC (the “Adviser”) serves as the Fund’s investment adviser and Dimensional Fund Advisors, L.P. (the “Sub-Adviser”) serves as the Fund’s investment sub-adviser. The Fund pursues its goal by generally investing in a broad and diverse group of readily marketable equity securities of large and mid-cap U.S. companies traded on a principal U.S. exchange or on the over-the-counter market in the United States that the Sub-Adviser believes are “value” stocks at the time of investment. The Sub-Adviser considers value stocks primarily to be those of companies with high book values (values that are derived from a company’s balance sheet) in relation to their market values (values that are derived by multiplying the market price per share of a company’s stock by the number of outstanding shares of that stock). Currently the Sub-Adviser considers large and mid-capitalization companies to be companies whose market capitalizations generally are either in the highest 90% of total market capitalization or companies whose market capitalizations are larger than the 1,000^th largest U.S. company, whichever results in the higher market capitalization threshold. The Fund may also lend its portfolio securities.

As of April 1, 2022, the Fund’s primary benchmark changed from the Russell 1000 Value Index to the Morningstar^® U.S. Large-Mid Cap Broad Value Index^SM. The primary consideration in changing the benchmark index to the Morningstar^® U.S. Large-Mid Cap Broad Value Index^SM benchmark was because it is constructed similarly to that of the previous benchmark but at a lower cost to the Fund and its shareholders.

For the fiscal year ended June 30, 2022, the Fund’s Investor Class and Select Class had a net return of -7.88% and -7.68%, respectively, compared to a return of -4.53% for the Fund’s benchmark index, the Morningstar^® U.S. Large-Mid Cap Broad Value Index^SM. The benchmark index is unmanaged and does not involve fees and expenses like the Fund. The Fund’s Investor Class and Select Class underperformed the benchmark during the fiscal year by 3.35% and 3.15%, respectively, after deducting the share classes’ net operating expenses for the year. Across the fiscal year the Fund maintained a larger position than that of the benchmark in the stocks of companies whose ratio of price-to-book-value was below the average level in the marketplace (known as “deeper value stocks”). The Fund also maintained a smaller position than that of the benchmark in the stocks of companies in its investable universe which are not considered deeper value stocks. During the fiscal year, deeper value stocks exhibited weaker performance overall relative to the other stocks in the Fund’s benchmark, contributing to the Fund’s underperformance relative to its benchmark.

7

SA U.S. Value Fund

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)

Comparison of Change in Value of a $10,000 Investment in the SA U.S. Value Fund
- Investor Class vs. the Morningstar^® U.S. Large-Mid Cap Broad Value Index^SM and
the Russell 1000 Value Index from June 30, 2012 through June 30, 2022

The Morningstar^® U.S. Large-Mid Cap Broad Value Index^SM targets U.S. equity securities in the cheaper half of the U.S. large and mid-cap markets, as measured by Morningstar’s style score. The index is calculated on a total return basis and is measured in U.S. dollars.

The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower ratios of price-to-book-value. The Russell 1000 Value Index is constructed to provide a comprehensive representation of the large-cap value segment of the U.S. stock market. The index is completely reconstituted annually to ensure newly qualifying equities are included and that the represented companies continue to reflect value characteristics.

These indices are unmanaged and reflect reinvested dividends and/or distributions, but do not reflect sales charges, commissions, expenses or taxes. You cannot invest directly in an index.

PERFORMANCE INFORMATION – Average Annual Total Returns as of June 30, 2022

All returns include the reinvestment of income dividends and other distributions. Results represent past performance and do not indicate future results. Both the value of an investment in the Fund and the return on investment will fluctuate, so that redemption proceeds may be higher or lower than an investor’s original cost. The returns shown do not reflect the deduction of taxes that an investor would pay on Fund distributions or the redemption of Fund shares. Return would have been lower if the Adviser had not reimbursed certain expenses and/or waived a portion of the Advisory fees during certain periods shown. As stated in the Fund’s most recent prospectuses, the total annual operating expense ratio for fiscal year 2021 of Investor Class and Select Class were 0.95% and 0.73%, respectively (before expense reimbursement and/or fee waivers, if any). Updated Fund performance information can be obtained by visiting http://www.sa-funds.com.

8

SA U.S. Small Company Fund

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited)

The SA U.S. Small Company Fund’s goal is to achieve long-term capital appreciation. Buckingham Strategic Partners, LLC (the “Adviser”) serves as the Fund’s investment adviser and Dimensional Fund Advisors, L.P. (the “Sub-Adviser”) serves as the Fund’s investment sub-adviser. The Fund pursues its goal by generally investing in a broad and diverse group of readily marketable equity securities of small capitalization companies traded on a principal U.S. exchange or on the over-the-counter market in the United States. Currently the Sub-Adviser considers small capitalization companies to be companies whose market capitalizations generally are either in the lowest 12.5% of total market capitalization, or companies whose market capitalizations are smaller than the 1,000^th largest U.S. company, whichever results in the higher market capitalization threshold. The Fund may also lend its portfolio securities.

As of April 1, 2022, the Fund’s primary benchmark changed from the Russell 2000 Index to the Morningstar^® U.S. Small Cap Extended Index^SM. The primary consideration in changing the benchmark index to the Morningstar^® U.S. Small Cap Extended Index^SM benchmark was because it is constructed similarly to that of the previous benchmark but at a lower cost to the Fund and its shareholders.

For the fiscal year ended June 30, 2022, the Fund’s Investor Class and Select Class had a net return of -15.24% and -15.07%, respectively, compared to a return of -23.37% for the Fund’s benchmark index, the Morningstar^® U.S. Small Cap Extended Index^SM. The benchmark index is unmanaged and does not involve fees and expenses like the Fund. The Fund’s Investor Class and Select Class outperformed the benchmark during the fiscal year by 8.13% and 8.30%, respectively, after deducting the share classes’ net operating expenses for the year. The Fund’s outperformance relative to its benchmark index over the fiscal year was the result of multiple factors. First, the Fund tends to avoid holding small cap stocks that have low operating profitability ratios. During the fiscal year, that low profitability exclusion contributed to the Fund’s outperformance of the benchmark since the benchmark includes such low profitability stocks while the Fund does not. Second, the Fund also seeks to exclude small cap securities of firms whose asset growth is excessively strong, based on the belief that such firms tend not to perform well after periods of rapid growth. This exclusion also contributed positively to the Fund’s outperformance of its benchmark during the fiscal year.

9

SA U.S. Small Company Fund

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)

Comparison of Change in Value of a $10,000 Investment in the SA U.S. Small Company Fund -
Investor Class vs. the Morningstar^® U.S. Small Cap Extended Index^SM and the Russell 2000
Index from June 30, 2012 through June 30, 2022

The Morningstar^® U.S. Small Cap Extended Index^SM measures the performance of U.S. securities that are within the Morningstar^® U.S. Market Extended Index^SM and that fall within the 90^th to the 99^th percentile of ranked market capitalization of that investable universe. The index is calculated on a total return basis and is measured in U.S. dollars.

The Russell 2000 Index measures the performance of the small capitalization segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 2000 of the smallest securities based on a combination of their market capitalization and current membership in the Russell 3000 Index.

These indices are unmanaged and reflect reinvested dividends and/or distributions, but do not reflect sales charges, commissions, expenses or taxes. You cannot invest directly in an index.

PERFORMANCE INFORMATION – Average Annual Total Returns as of June 30, 2022

All returns include the reinvestment of income dividends and other distributions. Results represent past performance and do not indicate future results. Both the value of an investment in the Fund and the return on investment will fluctuate, so that redemption proceeds may be higher or lower than an investor’s original cost. The returns shown do not reflect the deduction of taxes that an investor would pay on Fund distributions or the redemption of Fund shares. Return would have been lower if the Adviser had not reimbursed certain expenses and/or waived a portion of the Advisory fees during certain periods shown. As stated in the Fund’s most recent prospectuses, the total annual operating expense ratios for fiscal year 2021 of Investor Class and Select Class were 1.09% and 0.87%, respectively (before expense reimbursement and/or fee waivers, if any). Updated Fund performance information can be obtained by visiting http://www.sa-funds.com.

10

SA International Value Fund

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited)

The SA International Value Fund’s goal is to achieve long-term capital appreciation. Buckingham Strategic Partners, LLC (the “Adviser”) serves as the Fund’s investment adviser and Dimensional Fund Advisors, L.P. (the “Sub-Adviser”) serves as the Fund’s investment sub-adviser. The Fund pursues its goal by generally investing in a broad and diverse group of readily marketable equity securities of large- and mid-cap non-U.S. companies that the Sub-Adviser believes are “value” stocks at the time of investment. The Fund’s Sub-Adviser considers value stocks primarily to be those of companies with high book values (values that are derived from a company’s balance sheet) in relation to their market values (values that are derived by multiplying the market price per share of a company’s stock by the number of outstanding shares of that stock). The Fund invests in companies in countries with developed markets designated by the Sub-Adviser as approved markets. Under normal market conditions, the Fund invests in companies organized or having a majority of their operating income from sources in at least three non-U.S. countries. The Fund may also lend its portfolio securities.

As of April 1, 2022, the Fund’s primary benchmark changed from the MSCI World Ex. U.S. Value Index (net div.) to the Morningstar^® Developed Markets ex-US Value Target Market Exposure Index^SM for periods after June 21, 2008 and the Morningstar^® Developed Markets ex-US Index^SM for periods prior to June 21, 2008. The primary consideration in changing the benchmark index to the Morningstar^® Developed Markets ex-US Value Target Market Exposure Index^SM benchmark was because it is constructed similarly to that of the previous benchmark but at a lower cost to the Fund and its shareholders.

For the fiscal year ended June 30, 2022, the Fund’s Investor Class and Select Class had a net return of -8.57% and -8.35%, respectively, compared to a return of -10.81% for the Fund’s benchmark index, the Morningstar^® Developed Markets ex-US Value Target Market Exposure Index^SM. The benchmark index is unmanaged and does not involve fees and expenses like the Fund. The Fund’s Investor Class and Select Class outperformed the benchmark during the fiscal year by 2.24% and 2.46%, respectively, after deducting the share classes’ net operating expenses for the year. The outperformance of the Fund relative to the benchmark index was largely due to the Fund’s greater holding of stocks with the lowest ratios of price-to-book-value than the benchmark, commonly called “deep value” stocks. Such deep value stocks had returns during the fiscal year that were stronger than the overall return of the benchmark, hence the Fund’s emphasis on those stocks contributed to the Fund outperforming the benchmark.

11

SA International Value Fund

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)

Comparison of Change in Value of a $10,000 Investment in the SA International
Value Fund - Investor Class vs. the Morningstar^® Developed Markets ex-US Value Target
Market Exposure Index^SM and the MSCI World Ex. U.S. Value Index (net div.)
from June 30, 2012 through June 30, 2022

The Morningstar^® Developed Markets ex-US Value Target Market Exposure Index^SM contains the cheaper half of the Morningstar^® Developed Markets ex-US Target Market Exposure Index^SM, with “cheaper” being defined by Morningstar’s style score. The Morningstar^® Developed Markets ex-US Target Market Exposure Index^SM selects those securities that are in the 85% of stocks with the largest market capitalization in each country. Developed markets are those considered “high income” by the World Bank, and currently constitutes (excluding the U.S.) 22 countries.

The MSCI World Ex. U.S. Value Index (net div.) is composed of companies within the MSCI World Ex.U.S. Index having characteristics such as lower market-to-book value ratios. The MSCI World Ex. U.S. Index is an index of securities listed on the stock exchanges of 22 of 23 developed market countries (excluding the United States), covering approximately 85% of the equity market capitalization of those countries.

These indices are unmanaged and reflect reinvested dividends and/or distributions, but do not reflect sales charges, commissions, expenses or taxes. The indices reflect the impact of any withholding taxes applied to foreign investors in any of the component countries. You cannot invest directly in an index.

PERFORMANCE INFORMATION – Average Annual Total Returns as of June 30, 2022

All returns include the reinvestment of income dividends and other distributions. Results represent past performance and do not indicate future results. Both the value of an investment in the Fund and the return on investment will fluctuate, so that redemption proceeds may be higher or lower than an investor’s original cost. The returns shown do not reflect the deduction of taxes that an investor would pay on Fund distributions or the redemption of Fund shares. Return would have been lower if the Adviser had not reimbursed certain expenses and/or waived a portion of the Advisory fees during certain periods shown. As stated in the Fund’s most recent prospectuses, the total annual operating expense ratios for fiscal year 2021 of Investor Class and Select Class were 1.11% and 0.89%, respectively (before expense reimbursement and/or fee waivers, if any). Updated Fund performance information can be obtained by visiting http://www.sa-funds.com.

12

SA International Small Company Fund

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited)

The SA International Small Company Fund’s goal is to achieve long-term capital appreciation. Buckingham Strategic Partners, LLC (the “Adviser”) serves as the Fund’s investment adviser and Dimensional Fund Advisors, L.P. (the “Sub-Adviser”) serves as the Fund’s investment sub-adviser. The Fund pursues its goal by investing substantially all its assets in the International Small Company Portfolio of DFA Investment Dimensions Group Inc. (the “DFA Portfolio”), a separate registered investment company with the same investment objective and investment policies as the Fund. The DFA Portfolio invests substantially all its assets in the following series of The DFA Investment Trust Company: The Japanese Small Company Series, The United Kingdom Small Company Series, The Continental Small Company Series, The Asia Pacific Small Company Series and The Canadian Small Company Series (each a “Series”). Each Series invests in small companies using a market capitalization weighted approach in each country or region designated by the Fund’s Sub-Adviser as an approved market for investments. The DFA Portfolio may also have some exposure to small capitalization equity securities associated with other countries or regions but does not invest in emerging market countries. Each Series may also lend its portfolio securities.

As of April 1, 2022, the Fund’s primary benchmark changed from the MSCI World Ex. U.S. Small Cap Index (net div.) to the Morningstar^® Global Markets ex-US Small-Mid Cap Index^SM. The primary consideration in changing the benchmark index to the Morningstar^® Global Markets ex-US Small-Mid Cap Index^SM benchmark was because it is constructed similarly to that of the previous benchmark but at a lower cost to the Fund and its shareholders.

For the fiscal year ended June 30, 2022, the Fund’s Investor Class and Select Class had a net return of -20.33% and -20.15%, respectively, compared to a return of -21.80% for the Fund’s benchmark index, the Morningstar^® Global Markets ex-US Small-Mid Cap Index^SM. The benchmark index is unmanaged and does not involve fees and expenses like the Fund. The Fund’s Investor Class and Select Class outperformed the benchmark during the fiscal year by 1.48% and 1.65%, respectively, after deducting the share classes’ net operating expenses for the year. The Fund’s outperformance relative to its benchmark index across the fiscal year was due to two effects: first, the Fund had a modest overweight to deep value stocks during the fiscal year, with deep value stocks outperforming the Fund’s benchmark and hence contributing positively during the year to the Fund’s relative performance against its Benchmark. Second, the Fund also excludes smaller cap stocks that have recently experienced rapid growth in assets on their company balance sheets, based on the view that rapid asset growth can lead to weaker stock price performance afterwards. The Fund’s practice of excluding such stocks contributed positively to its performance relative to benchmark during the fiscal year.

13

SA International Small Company Fund

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)

Comparison of Change in Value of a $10,000 Investment in the SA International Small
Company Fund - Investor Class vs. the Morningstar^® Global Markets ex-US Small-Mid Cap Index^SM
and the MSCI World Ex. USA Small Cap Index (net div.)
from June 30, 2012 through June 30, 2022

The Morningstar^® Global Markets ex-US Small-Mid Cap Index^SM is a subset of the Morningstar^® Global Markets ex-US Index^SM. It contains stocks considered to be small or mid-cap, which includes those stocks falling within the 70^th and 97^th percentile ranked by market cap. “Global Markets” include both the 22 countries with developed markets (excluding the United States) and the 26 countries considered to be emerging markets.

The MSCI World ex USA Small Cap Index (net div.) is a market capitalization weighted index designed to measure equity performance in 22 of 23 developed market countries (excluding the United States), covering approximately 14% of the market capitalization of those countries, and is composed of stocks which are categorized by MSCI as small capitalization stocks.

These indices are unmanaged and reflect reinvested dividends and/or distributions, but do not reflect sales charges, commissions, expenses or taxes. The indices reflect the impact of any withholding taxes applied to foreign investors in any of the component countries. You cannot invest directly in an index.

PERFORMANCE INFORMATION – Average Annual Total Returns as of June 30, 2022

All returns include the reinvestment of income dividends and other distributions. Results represent past performance and do not indicate future results. Both the value of an investment in the Fund and the return on investment will fluctuate, so that redemption proceeds may be higher or lower than an investor’s original cost. The returns shown do not reflect the deduction of taxes that an investor would pay on Fund distributions or the redemption of Fund shares. Return would have been lower if the Adviser had not reimbursed certain expenses and/or waived a portion of the Advisory fees during certain periods shown. As stated in the Fund’s most recent prospectuses, the total annual operating expense ratios for fiscal year 2021 of Investor Class and Select Class were 1.23% and 1.00%, respectively (before expense reimbursement and/or fee waivers, if any). Updated Fund performance information can be obtained by visiting http://www.sa-funds.com.

14

SA Emerging Markets Value Fund

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited)

The SA Emerging Markets Value Fund’s goal is to achieve long-term capital appreciation. Buckingham Strategic Partners, LLC (the “Adviser”) serves as the Fund’s investment adviser and Dimensional Fund Advisors, L.P. (the “Sub-Adviser”) serves as the Fund’s investment sub-adviser. The Fund pursues its goal by generally investing in a broad and diverse group of equity securities of companies in emerging markets, which may include frontier markets (i.e., emerging market countries in an earlier stage of development). The Fund intends to purchase securities of companies with small, medium, and large market capitalizations in their respective markets that the Sub-Adviser considers to be “value” stocks at the time of investment. The Sub-Adviser considers value stocks primarily to be those of companies with high book values (values that are derived from a company’s balance sheet) in relation to their market values (values that are derived by multiplying the market price per share of a company’s stock by the number of outstanding shares of that stock).

As of April 1, 2022, the Fund’s primary benchmark changed from the MSCI Emerging Markets Value Index (net div.) to the Morningstar^® Emerging Markets Value Target Market Exposure Index^SM for periods after June 21, 2008 and the Morningstar^® Emerging Markets Index^SM for periods prior to June 21, 2008. The primary consideration in changing the benchmark index to the Morningstar^® Emerging Market Value Target Market Exposure Index^SM benchmark was because it is constructed similarly to that of the previous benchmark but at a lower cost to the Fund and its shareholders.

For the fiscal year ended June 30, 2022, the Fund’s Investor Class and Select Class had a net return of -15.07% and -14.98%, respectively, compared to a return of -16.56% for the Fund’s benchmark index, the Morningstar^® Emerging Markets Value Target Market Exposure Index^SM. The benchmark index is unmanaged and does not involve fees and expenses like the Fund. The Fund’s Investor Class and Select Class outperformed the benchmark during the fiscal year by 1.48% and 1.57%, respectively, after deducting the share classes’ net operating expenses for the year. Across the fiscal year the Fund maintained a larger position than that of the benchmark in the stocks of companies whose ratio of price-to-book-value was below the average level in the marketplace (known as “deeper value stocks”). The Fund also maintained a smaller position than that of the benchmark in the stocks of companies in its investable universe which are not considered deeper value stocks. During the fiscal year, deeper value stocks exhibited strong performance overall relative to the other stocks in the Fund’s benchmark, contributing to the Fund’s outperformance relative to its benchmark.

15

SA Emerging Markets Value Fund

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)

Comparison of Change in Value of a $10,000 Investment in the SA Emerging Markets Value Fund -
Investor Class vs. the Morningstar^® Emerging Markets Value Target Market Exposure Index^SM and the
MSCI Emerging Markets Value Index (net div.) from June 30, 2012
through June 30, 2022

The Morningstar^® Emerging Markets Value Target Market Exposure Index^SM contains the cheaper half of the Morningstar^® Emerging Markets Target Market Exposure Index^SM, with “cheaper” being defined by Morningstar’s style score. The index selects those securities that are in the 85% of stocks with the largest market capitalization in each country (which Morningstar considers to be the large and mid-cap universe). Morningstar defines emerging markets as those countries not considered developed markets, but also meeting a minimum level of economic activity set by Morningstar.

The MSCI Emerging Markets Value Index (net div.) is comprised of companies within the 27 countries in the MSCI Emerging Markets Index having value characteristics, such as low price-to-book-value ratios.

These indices are unmanaged and reflect reinvested dividends and/or distributions, but do not reflect sales charges, commissions, expenses or taxes. The indices reflect the impact of any withholding taxes applied to foreign investors in any of the component countries. You cannot invest directly in an index.

PERFORMANCE INFORMATION – Average Annual Total Returns as of June 30, 2022

All returns include the reinvestment of income dividends and other distributions. Results represent past performance and do not indicate future results. Both the value of an investment in the Fund and the return on investment will fluctuate, so that redemption proceeds may be higher or lower than an investor’s original cost. The returns shown do not reflect the deduction of taxes that an investor would pay on Fund distributions or the redemption of Fund shares. Returns would have been lower if the Adviser had not reimbursed certain expenses and/or waived a portion of the Advisory fees during certain of the periods shown. As stated in the Fund’s most recent prospectuses, the total annual operating expense ratios for fiscal year 2021 of Investor Class and Select Class were 1.54% and 1.28%, respectively (before expense reimbursement and/or fee waivers, if any). Updated Fund performance information can be obtained by visiting http://www.sa-funds.com.

16

SA Real Estate Securities Fund

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited)

The SA Real Estate Securities Fund’s goal is to achieve long-term capital appreciation. Buckingham Strategic Partners, LLC (the “Adviser”) serves as the Fund’s investment adviser and Dimensional Fund Advisors, L.P. (the “Sub-Adviser”) serves as the Fund’s investment sub-adviser. The Fund pursues its goal by generally investing in readily marketable equity securities of companies, the principal activities of which include development, ownership, management, construction, or sale of residential, commercial, or industrial real estate. Investments include, principally, equity securities of companies in the following sectors of the real estate industry: certain real estate investment trusts (“REITS”), companies engaged in residential construction and firms, excluding partnerships, the principal business of which is to develop commercial property. The Fund will make equity investments only in securities traded in the U.S. securities markets.

As of April 1, 2022, the Fund’s primary benchmark changed from the Dow Jones U.S. Select REIT Index to the Morningstar^® U.S. REIT Index^SM. The primary consideration in changing the benchmark index to the Morningstar^® U.S. REIT Index^SM benchmark was because it is constructed similarly to that of the previous benchmark but at a lower cost to the Fund and its shareholders.

For the fiscal year ended June 30, 2022, the Fund’s Investor Class and Select Class had a net return of -6.51% and -6.31%, respectively, compared to a return of -5.82% for the Fund’s benchmark index, the Morningstar® U.S. REIT Index^SM. The benchmark index is unmanaged and does not involve fees and expenses like the Fund. The Fund’s Investor Class and Select Class underperformed the benchmark during the fiscal year by 0.69% and 0.50%, respectively, after deducting the share classes’ net operating expenses for the year. During the fiscal year, the Fund’s portfolio, prior to the deduction of fees, performed relatively similarly to that of the Fund’s benchmark, which does not charge fees. Hence the primary reason that the Fund’s net performance was less than that of the benchmark during the fiscal year was due to the Fund’s fees and expenses.

17

SA Real Estate Securities Fund

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)

Comparison of Change in Value of a $10,000 Investment in the SA Real Estate Securities Fund -
Investor Class vs. the Morningstar^® U.S. REIT Index^SM and the Dow Jones U.S. Select REIT Index from
June 30, 2012 through June 30, 2022

The Morningstar^® U.S. REIT Index^SM is a subset of the Morningstar® Global REIT Index^SM family. The index tracks the performance of U.S. publicly traded REITs that have been identified for inclusion in the index by a proprietary Morningstar industry classification methodology known as “GECS.” The qualifying standards for inclusion are that the REIT must contain companies that own, manage or lease investment-grade income producing commercial real estate. The index is calculated on a total return basis and is measured in U.S. dollars.

The Dow Jones U.S. Select REIT Index is a float-adjusted market capitalization weighted index designed to measure the performance of publicly traded real estate companies that have a minimum total market capitalization of at least $200 million, at least 75% of total revenues of which are derived from ownership and operation of real estate assets, and the liquidity of company stock commensurate with that of other institutionally held real estate securities.

These indices are unmanaged and reflect reinvested dividends and/or distributions, but do not reflect sales charges, commissions, expenses or taxes. You cannot invest directly in an index.

PERFORMANCE INFORMATION – Average Annual Total Returns as of June 30, 2022

All returns include the reinvestment of income dividends and other distributions. Results represent past performance and do not indicate future results. Both the value of an investment in the Fund and the return on investment will fluctuate, so that redemption proceeds may be higher or lower than an investor’s original cost. The returns shown do not reflect the deduction of taxes that an investor would pay on Fund distributions or the redemption of Fund shares. Returns would have been lower if the Adviser had not reimbursed certain expenses and/or waived a portion of the Advisory fees during certain of the periods shown. As stated in the Fund’s most recent prospectuses, the total annual operating expense ratios for fiscal year 2021 of Investor Class and Select Class were 1.05% and 0.80%, respectively (before expense reimbursement and/or fee waivers, if any). Updated Fund performance information can be obtained by visiting http://www.sa-funds.com.

18

SA Worldwide Moderate Growth Fund

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited)

The SA Worldwide Moderate Growth Fund’s goal is to achieve long-term capital appreciation and current income with a greater emphasis on long-term capital appreciation. Buckingham Strategic Partners, LLC (the “Adviser”) serves as the Fund’s investment adviser. The Fund pursues its goal by investing in other mutual funds (“Underlying SA Funds”) managed by the Adviser comprising various asset categories and strategies. Under normal market conditions, the Fund invested 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 in which the Fund invests. Actual allocations to fixed income investments or equity investments can deviate by up to 10%.

As of April 1, 2022, the Fund’s primary benchmark is changing from the Worldwide Moderate Growth Composite Index to the Morningstar^® U.S. Moderate Target Allocation Index^SM. The primary consideration in changing the benchmark index to the Morningstar^® U.S. Moderate Target Allocation Index^SM benchmark was because it is constructed similarly to that of the previous benchmark but at a lower cost to the Fund and its shareholders.

For the fiscal year ended June 30, 2022, the Fund had a net return of -8.97%, compared to a return of -12.23% for the Fund’s benchmark index, the Morningstar^® U.S. Moderate Target Allocation Index^SM. Since the Fund invests only in Underlying SA Funds, the performance of the Fund across the fiscal year was primarily the result of the performance of its Underlying SA Funds. Most notably, the Fund’s positioning in the SA International Value Fund, the SA U.S. Value Fund, and the SA US Core Market Fund most significantly contributed to the Fund’s 3.26% outperformance for the fiscal year relative to its benchmark index.

Comparison of Change in Value of a $10,000 Investment in the SA Worldwide
Moderate Growth Fund vs. the Benchmarks since Commencement of Fund
Operations from July 1, 2015 through June 30, 2022

19

SA Worldwide Moderate Growth Fund

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)

The Morningstar^® U.S. Moderate Target Allocation Index^SM is a 60% equity and 40% fixed income/cash global asset allocation index designed to be oriented for the USD-based investor. The index is formed as a fixed-weight combination of existing Morningstar indexes that have been designed to give exposure to global stocks and bonds in both developed and emerging markets. The index is calculated on a total return basis and is converted to U.S. dollar returns. You cannot invest directly in an index.

The MSCI ACWI Investable Market Index (IMI) (net div.) captures large, mid and small cap representation across 23 Developed Markets and 26 Emerging Markets countries. With more than 8,000 constituent securities, the index is comprehensive, covering approximately 99% of the global equity investment opportunity set. The ICE BofA 1-3 Year U.S. Corporate & Government Index tracks the performance of U.S. dollar-denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities with a remaining term to final maturity less than 3 years. Prior to July 1, 2021, the Worldwide Moderate Growth Composite Index was a weighted blend of the following indexes: 75% MSCI ACWI Investable Market Index (net div.) and 25% ICE BofA 1-3 Year U.S. Corporate & Government Index. Effective July 1, 2021, the Worldwide Moderate Growth Composite Index is a weighted blend of the following indexes: 70% MSCI ACWI IMI (net div.) and 30% ICE BofA 1-3 Year U.S. Corporate & Government Index. The Worldwide Moderate Growth Composite Index is rebalanced on an annual basis in January of each year.

These indices are unmanaged and reflect reinvested dividends and/or distributions, but do not reflect sales charges, commissions, expenses or taxes. The indices reflect the impact of any withholding taxes applied to foreign investors in any of the component countries. You cannot invest directly in an index.

PERFORMANCE INFORMATION – Average Annual Total Returns as of June 30, 2022

All returns include the reinvestment of income dividends and other distributions. Results represent past performance and do not indicate future results. Both the value of an investment in the Fund and the return on investment will fluctuate, so that redemption proceeds may be higher or lower than an investor’s original cost. The returns shown do not reflect the deduction of taxes that an investor would pay on Fund distributions or the redemption of Fund shares. Returns would have been lower if the Adviser had not reimbursed certain expenses and/or waived a portion of the Advisory fees during certain of the periods shown. As stated in the Fund’s most recent prospectus, the total annual operating expense ratio for fiscal year 2021 was 1.44% (before expense reimbursement and/or fee waivers, if any). Updated Fund performance information can be obtained by visiting http://www.sa-funds.com.

20

SA U.S. Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2022

The accompanying notes are an integral part of these financial statements.
21

SA U.S. Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2022 (Continued)

Portfolio Sectors as of June 30, 2022
(As a percentage of total investments (excluding short-term
money market investment)) (Unaudited)

The accompanying notes are an integral part of these financial statements.
22

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2022

The accompanying notes are an integral part of these financial statements.
23

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2022 (Continued)

The accompanying notes are an integral part of these financial statements.
24

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2022 (Continued)

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2022 (Continued)