Sa Funds Investment Trust NCSR Certified annual shareholder report (management investment company)

0001075065 safit:SAU.S.ValueFundSecondaryBenchmarkMember 2015-03-31 0001075065 safit:C000023895Member 2020-01-31 0001075065 safit:SAEmergingMarketsValueFundSecondaryBenchmarkMember 2024-06-30

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, Missouri 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)

Copy to:

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

Mark D. Perlow, Esq.
Counsel to the Trust
Dechert LLP
45 Fremont St., 26^th Floor
San Francisco, California 94105

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

Date of fiscal year end: June 30

Date of reporting period: June 30, 2024

Table of Contents

Item 1. Reports to Shareholders.

SA U.S. Fixed Income Fund

SAUFX

Annual Shareholder Report - June 30, 2024

This annual shareholder report contains important information about SA U.S. Fixed Income Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://buckinghamstrategicpartners.com/sa-funds/documents. You can also request this information by contacting us at 1-844-366-0905. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SAUFX	$41	0.40%

How did the Fund perform last year and what affected its performance?

Investment performance of the Fund is judged against the performance of certain market indexes. Effective June 30, 2024, for this Fund, performance is compared to a broad-based securities market index (the “Primary Benchmark”) known as the Morningstar^® US Core Bond IndexSM, which is composed of U.S. dollar-denominated investment grade bonds and is designed to be representative of the U.S. bond market overall. The Fund’s performance is also compared to an additional index (the “Secondary Benchmark”) known as the Morningstar^® US 1-3 Year Composite Government and Corporate Bond IndexSM, which is designed to measure the performance of U.S. dollar-denominated government and corporate bonds with maturities between one and three years. The Secondary Benchmark is closer in scope to the universe of securities chosen within the Fund. The benchmark indexes are unmanaged and do not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2024, the Fund had a net return of 5.27%, compared to a return of 4.83% for the Fund’s Secondary Benchmark. The Fund outperformed the Secondary Benchmark for the fiscal year primarily due to the implementation of the Fund’s Variable Maturity Strategy, during which the Fund’s overall average maturity is lengthened or shortened depending on the availability of securities in the marketplace deemed to have higher expected returns by the Fund’s Sub-Adviser. During periods of the fiscal year when interest rates were rising, the Fund was overweight relative to the Secondary Benchmark in shorter maturities, while later in the fiscal year, as rates receded, the Fund began extending its maturity positioning. Overall these changes in maturity in the Fund helped the Fund outperform the Secondary Benchmark.

Fund Performance

The following line chart and table are intended to help you understand the risks of investing in the Fund. The chart shows the growth of $10,000 over the past ten years. The table shows the total return for the selected time periods for the SA Fund as well as for the Primary Benchmark and the Secondary Benchmark.

Years	SAUFX	Primary Benchmark	Secondary Benchmark
6/30/2014	$10,000	$10,000	$10,000
7/31/2014	$10,000	$9,972	$9,991
8/31/2014	$10,000	$10,075	$10,009
9/30/2014	$10,000	$10,014	$10,002
10/31/2014	$10,000	$10,109	$10,028
11/30/2014	$10,010	$10,178	$10,043
12/31/2014	$9,983	$10,179	$10,015
1/31/2015	$10,013	$10,377	$10,067
2/28/2015	$10,003	$10,290	$10,053
3/31/2015	$10,022	$10,337	$10,075
4/30/2015	$10,022	$10,306	$10,082
5/31/2015	$10,022	$10,283	$10,091
6/30/2015	$10,022	$10,180	$10,089
7/31/2015	$10,013	$10,244	$10,095
8/31/2015	$10,013	$10,230	$10,089
9/30/2015	$10,037	$10,295	$10,118
10/31/2015	$10,027	$10,305	$10,117
11/30/2015	$10,008	$10,276	$10,097
12/31/2015	$9,989	$10,242	$10,083
1/31/2016	$10,029	$10,378	$10,136
2/29/2016	$10,029	$10,453	$10,147
3/31/2016	$10,058	$10,550	$10,183
4/30/2016	$10,058	$10,590	$10,198
5/31/2016	$10,048	$10,589	$10,190
6/30/2016	$10,076	$10,773	$10,250
7/31/2016	$10,076	$10,836	$10,253
8/31/2016	$10,066	$10,825	$10,242
9/30/2016	$10,067	$10,820	$10,253
10/31/2016	$10,067	$10,738	$10,249
11/30/2016	$10,047	$10,490	$10,206
12/31/2016	$10,052	$10,503	$10,213
1/31/2017	$10,062	$10,523	$10,231
2/28/2017	$10,072	$10,592	$10,249
3/31/2017	$10,067	$10,589	$10,254
4/30/2017	$10,077	$10,667	$10,273
5/31/2017	$10,087	$10,749	$10,291
6/30/2017	$10,086	$10,736	$10,287
7/31/2017	$10,096	$10,781	$10,314
8/31/2017	$10,106	$10,874	$10,335
9/30/2017	$10,105	$10,823	$10,323
10/31/2017	$10,105	$10,829	$10,321
11/30/2017	$10,085	$10,812	$10,299
12/31/2017	$10,087	$10,860	$10,303
1/31/2018	$10,067	$10,737	$10,276
2/28/2018	$10,067	$10,638	$10,266
3/31/2018	$10,071	$10,704	$10,282
4/30/2018	$10,081	$10,630	$10,272
5/31/2018	$10,101	$10,704	$10,310
6/30/2018	$10,103	$10,693	$10,312
7/31/2018	$10,113	$10,698	$10,319
8/31/2018	$10,133	$10,764	$10,355
9/30/2018	$10,136	$10,698	$10,348
10/31/2018	$10,136	$10,615	$10,359
11/30/2018	$10,156	$10,678	$10,389
12/31/2018	$10,206	$10,874	$10,469
1/31/2019	$10,237	$10,986	$10,511
2/28/2019	$10,257	$10,984	$10,528
3/31/2019	$10,290	$11,192	$10,598
4/30/2019	$10,310	$11,193	$10,624
5/31/2019	$10,330	$11,386	$10,696
6/30/2019	$10,364	$11,533	$10,757
7/31/2019	$10,375	$11,562	$10,752
8/31/2019	$10,395	$11,857	$10,838
9/30/2019	$10,412	$11,793	$10,833
10/31/2019	$10,422	$11,826	$10,871
11/30/2019	$10,432	$11,820	$10,871
12/31/2019	$10,438	$11,814	$10,898
1/31/2020	$10,459	$12,036	$10,958
2/29/2020	$10,469	$12,244	$11,044
3/31/2020	$10,446	$12,192	$11,076
4/30/2020	$10,477	$12,394	$11,145
5/31/2020	$10,497	$12,464	$11,186
6/30/2020	$10,512	$12,536	$11,213
7/31/2020	$10,512	$12,719	$11,236
8/31/2020	$10,512	$12,621	$11,241
9/30/2020	$10,512	$12,615	$11,243
10/31/2020	$10,512	$12,563	$11,245
11/30/2020	$10,512	$12,684	$11,258
12/31/2020	$10,502	$12,699	$11,268
1/31/2021	$10,502	$12,605	$11,271
2/28/2021	$10,492	$12,390	$11,264
3/31/2021	$10,492	$12,269	$11,264
4/30/2021	$10,492	$12,370	$11,274
5/31/2021	$10,502	$12,403	$11,286
6/30/2021	$10,461	$12,499	$11,270
7/31/2021	$10,492	$12,626	$11,290
8/31/2021	$10,482	$12,608	$11,290
9/30/2021	$10,451	$12,492	$11,280
10/31/2021	$10,389	$12,492	$11,243
11/30/2021	$10,378	$12,532	$11,240
12/31/2021	$10,358	$12,495	$11,217
1/31/2022	$10,244	$12,233	$11,139
2/28/2022	$10,182	$12,077	$11,079
3/31/2022	$9,975	$11,746	$10,913
4/30/2022	$9,903	$11,315	$10,854
5/31/2022	$9,965	$11,375	$10,916
6/30/2022	$9,872	$11,217	$10,847
7/31/2022	$9,913	$11,487	$10,894
8/31/2022	$9,862	$11,170	$10,816
9/30/2022	$9,762	$10,675	$10,683
10/31/2022	$9,752	$10,537	$10,671
11/30/2022	$9,794	$10,922	$10,755
12/31/2022	$9,829	$10,873	$10,777
1/31/2023	$9,881	$11,193	$10,858
2/28/2023	$9,881	$10,910	$10,780
3/31/2023	$9,943	$11,190	$10,942
4/30/2023	$9,975	$11,259	$10,978
5/31/2023	$9,996	$11,139	$10,944
6/30/2023	$10,035	$11,098	$10,898
7/31/2023	$10,077	$11,089	$10,943
8/31/2023	$10,119	$11,019	$10,983
9/30/2023	$10,158	$10,745	$10,980
10/31/2023	$10,212	$10,578	$11,015
11/30/2023	$10,254	$11,045	$11,139
12/31/2023	$10,298	$11,450	$11,267
1/31/2024	$10,352	$11,432	$11,314
2/29/2024	$10,395	$11,270	$11,272
3/31/2024	$10,445	$11,364	$11,314
4/30/2024	$10,424	$11,087	$11,280
5/31/2024	$10,511	$11,274	$11,360
6/30/2024	$10,564	$11,383	$11,424

Table of Contents

Average Annual Total Returns
	1 Year	5 Years	10 Years
SAUFX	5.27%	0.38%	0.55%
Primary Benchmark	2.56%	(0.26%)	1.30%
Secondary Benchmark	4.83%	1.21%	1.34%

Key Fund Statistics
Total Net Assets	$467,540,458
# of Portfolio Holdings	78
Portfolio Turnover Rate	154%
Total Advisory Fees Paid	$591,661

The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

What did the Fund invest in?

Portfolio Composition (As a % of long-term investments)
U.S. Government & Agency Obligations	60.8%
Corporate Bonds and Notes	24.8
Yankee Corporate Bonds and Notes	14.4

Material Fund Changes

This is a summary of certain changes in the Fund since July 1, 2023. For complete information you may review the Fund's prospectus, as supplemented to date, which is available at the website included at the beginning of the report or upon request at 1-844-366-0905.

Effective March 5th, 2024, the Fund's investment objective was changed to maximize total return available from a universe of higher-quality fixed income investments maturing in one to ten years from the date of settlement.

The Fund made three changes to its strategies that were effective March 5th, 2024. First, the Fund will now acquire obligations that mature between one and ten years from the date of settlement. Second, during normal market conditions, the Fund will seek to maintain an average portfolio duration within minus half a year to plus one year (-0.5 to +1.0 years) of the average duration of the Morningstar^® U.S. 1-3 Year Government and Corporate Bond IndexSM. Third, a new investment guideline was added to the principal investment strategies that permits the Fund under normal circumstances to invest up to 20% of its net assets in Treasury Inflation-Protected Securities.

Additional Information

If you wish to view additional information about the Fund; including but not limited to the Fund's prospectus, financial statements, holdings and proxy voting information, please visit https://buckinghamstrategicpartners.com/sa-funds/documents. To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address, called “Householding”. If you would prefer that your Fund documents not be householded, please contact us at 1-844-366-0905, or contact your financial intermediary.

Toll-free: 1-844-366-0905

The SA Funds are distributed by Foreside Financial Services, LLC.

SA U.S. Fixed Income Fund

Annual Shareholder Report - June 30, 2024

SAUFX

Table of Contents

SA Global Fixed Income Fund
SAXIX
Annual Shareholder Report - June 30, 2024

This annual shareholder report contains important information about SA Global Fixed Income Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://buckinghamstrategicpartners.com/sa-funds/documents. You can also request this information by contacting us at 1-844-366-0905. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SAXIX	$53	0.52%

How did the Fund perform last year and what affected its performance?

Investment performance of the Fund is judged against the performance of certain market indexes. Effective June 30, 2024, for this Fund, performance is compared to a broad-based securities market index (the “Primary Benchmark”) known as the Morningstar^® Global Core Bond Hedged IndexSM, which is composed of investment grade bonds and is designed to be representative of the global bond market overall. The Fund’s performance is also compared to an additional index (the “Secondary Benchmark”) known as the Morningstar^®Global 1-5 Year Treasury Bond Hedged IndexSM, which is designed to measure the performance of global investment grade government bonds with maturities between one and five years. The Secondary Benchmark is closer in scope to the universe of securities chosen within the Fund. The benchmark indexes are unmanaged and do not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2024, the Fund had a net return of 5.19%, compared to a return of 5.00% for the Fund’s Secondary Benchmark. The Fund outperformed the Secondary Benchmark for the fiscal year by 0.19% primarily due to the implementation of the Fund’s Variable Maturity Strategy, during which the Fund’s overall average maturity is lengthened or shortened depending on the availability of securities in the marketplace deemed to have higher expected returns by the Fund’s Sub-Adviser. During periods of the fiscal year when interest rates were rising, the Fund was overweight relative to the Secondary Benchmark in shorter maturities, while later in the fiscal year, as rates receded, the Fund began extending its maturity positioning. Overall these changes in maturity in the Fund helped the Fund outperform the Secondary Benchmark.

Fund Performance

Years	SAXIX	Primary Benchmark	Secondary Benchmark
6/30/2014	$10,000	$10,000	$10,000
7/31/2014	$9,990	$10,021	$10,001
8/31/2014	$10,031	$10,146	$10,030
9/30/2014	$10,010	$10,119	$10,029
10/31/2014	$10,052	$10,190	$10,053
11/30/2014	$10,083	$10,289	$10,079
12/31/2014	$10,074	$10,349	$10,079
1/31/2015	$10,168	$10,534	$10,132
2/28/2015	$10,126	$10,475	$10,118
3/31/2015	$10,146	$10,537	$10,140
4/30/2015	$10,125	$10,475	$10,139
5/31/2015	$10,125	$10,429	$10,145
6/30/2015	$10,100	$10,301	$10,129
7/31/2015	$10,110	$10,405	$10,155
8/31/2015	$10,100	$10,378	$10,154
9/30/2015	$10,152	$10,445	$10,188
10/31/2015	$10,152	$10,477	$10,189
11/30/2015	$10,131	$10,483	$10,187
12/31/2015	$10,101	$10,455	$10,180
1/31/2016	$10,175	$10,615	$10,254
2/29/2016	$10,186	$10,724	$10,288
3/31/2016	$10,255	$10,811	$10,298
4/30/2016	$10,266	$10,827	$10,299
5/31/2016	$10,255	$10,877	$10,305
6/30/2016	$10,334	$11,088	$10,372
7/31/2016	$10,344	$11,150	$10,375
8/31/2016	$10,323	$11,143	$10,362
9/30/2016	$10,322	$11,139	$10,385
10/31/2016	$10,300	$11,024	$10,365
11/30/2016	$10,194	$10,846	$10,318
12/31/2016	$10,195	$10,875	$10,341
1/31/2017	$10,216	$10,826	$10,345
2/28/2017	$10,248	$10,919	$10,370
3/31/2017	$10,254	$10,912	$10,373
4/30/2017	$10,286	$10,988	$10,402
5/31/2017	$10,318	$11,051	$10,422
6/30/2017	$10,300	$11,014	$10,407
7/31/2017	$10,343	$11,048	$10,433
8/31/2017	$10,364	$11,151	$10,470
9/30/2017	$10,338	$11,095	$10,451
10/31/2017	$10,349	$11,144	$10,466
11/30/2017	$10,328	$11,162	$10,462
12/31/2017	$10,314	$11,185	$10,464
1/31/2018	$10,261	$11,103	$10,436
2/28/2018	$10,250	$11,082	$10,446
3/31/2018	$10,261	$11,180	$10,483
4/30/2018	$10,261	$11,139	$10,478
5/31/2018	$10,293	$11,181	$10,490
6/30/2018	$10,304	$11,205	$10,515
7/31/2018	$10,304	$11,204	$10,517
8/31/2018	$10,347	$11,234	$10,537
9/30/2018	$10,321	$11,189	$10,536
10/31/2018	$10,332	$11,170	$10,561
11/30/2018	$10,364	$11,227	$10,609
12/31/2018	$10,435	$11,394	$10,696
1/31/2019	$10,479	$11,513	$10,734
2/28/2019	$10,501	$11,524	$10,744
3/31/2019	$10,581	$11,734	$10,817
4/30/2019	$10,592	$11,738	$10,836
5/31/2019	$10,658	$11,911	$10,908
6/30/2019	$10,706	$12,079	$10,973
7/31/2019	$10,750	$12,172	$10,990
8/31/2019	$10,795	$12,456	$11,085
9/30/2019	$10,810	$12,392	$11,080
10/31/2019	$10,777	$12,370	$11,091
11/30/2019	$10,777	$12,348	$11,083
12/31/2019	$10,790	$12,314	$11,097
1/31/2020	$10,824	$12,544	$11,170
2/29/2020	$10,846	$12,698	$11,250
3/31/2020	$10,773	$12,529	$11,328
4/30/2020	$10,830	$12,714	$11,346
5/31/2020	$10,841	$12,751	$11,359
6/30/2020	$10,863	$12,817	$11,374
7/31/2020	$10,874	$12,964	$11,393
8/31/2020	$10,874	$12,863	$11,384
9/30/2020	$10,874	$12,922	$11,399
10/31/2020	$10,886	$12,922	$11,401
11/30/2020	$10,886	$12,996	$11,407
12/31/2020	$10,886	$13,027	$11,416
1/31/2021	$10,886	$12,947	$11,412
2/28/2021	$10,874	$12,712	$11,374
3/31/2021	$10,863	$12,676	$11,381
4/30/2021	$10,874	$12,709	$11,388
5/31/2021	$10,897	$12,732	$11,399
6/30/2021	$10,886	$12,805	$11,390
7/31/2021	$10,955	$12,962	$11,424
8/31/2021	$10,932	$12,931	$11,417
9/30/2021	$10,840	$12,797	$11,390
10/31/2021	$10,724	$12,781	$11,339
11/30/2021	$10,736	$12,877	$11,369
12/31/2021	$10,713	$12,808	$11,344
1/31/2022	$10,551	$12,586	$11,276
2/28/2022	$10,482	$12,410	$11,240
3/31/2022	$10,217	$12,142	$11,104
4/30/2022	$10,102	$11,788	$11,032
5/31/2022	$10,148	$11,752	$11,059
6/30/2022	$10,069	$11,575	$11,016
7/31/2022	$10,139	$11,890	$11,109
8/31/2022	$10,023	$11,529	$10,972
9/30/2022	$9,910	$11,106	$10,832
10/31/2022	$9,922	$11,061	$10,849
11/30/2022	$9,980	$11,366	$10,931
12/31/2022	$9,985	$11,207	$10,908
1/31/2023	$10,045	$11,463	$11,010
2/28/2023	$10,021	$11,269	$10,929
3/31/2023	$10,116	$11,533	$11,097
4/30/2023	$10,140	$11,590	$11,138
5/31/2023	$10,164	$11,534	$11,133
6/30/2023	$10,176	$11,520	$11,085
7/31/2023	$10,224	$11,517	$11,135
8/31/2023	$10,272	$11,499	$11,179
9/30/2023	$10,307	$11,294	$11,161
10/31/2023	$10,343	$11,213	$11,197
11/30/2023	$10,391	$11,597	$11,335
12/31/2023	$10,439	$11,961	$11,490
1/31/2024	$10,487	$11,940	$11,525
2/29/2024	$10,534	$11,852	$11,478
3/31/2024	$10,606	$11,956	$11,535
4/30/2024	$10,558	$11,762	$11,492
5/31/2024	$10,642	$11,863	$11,561
6/30/2024	$10,704	$11,965	$11,640

Table of Contents

Average Annual Total Returns
	1 Year	5 Years	10 Years
SAXIX	5.19%	0.00%	0.68%
Primary Benchmark	3.86%	(0.19%)	1.81%
Secondary Benchmark	5.00%	1.19%	1.53%

Key Fund Statistics
Total Net Assets	$585,214,982
# of Portfolio Holdings	111
Portfolio Turnover Rate	182%
Total Advisory Fees Paid	$1,524,253

What did the Fund invest in?

Portfolio Composition
(As a % of long-term investments)
Corporate Bonds and Notes	43.4%
U.S. Government & Agency Obligations	34.3
Sovereign Bonds and Notes	22.3

Top Ten Largest Countries
(As a % of long-term investments)
United States	52.3%
Canada	14.3
Supranational	11.8
Australia	10.2
Netherlands	3.0
Norway	2.7
Finland	1.9
Sweden	1.5
France	1.4
Others	0.9

Material Fund Changes

The Fund made three changes to its strategies that were effective March 5th, 2024. First, the Fund will now acquire obligations that mature between one and ten years from the date of settlement. Second, during normal market conditions, the Fund will seek to maintain an average portfolio duration within minus half a year to plus one and one-half years (-0.5 to +1.5 years) of the average duration of the Morningstar^®Global 1-5 Year Treasury Bond Hedged IndexSM. Third, a new investment guideline was added to the principal investment strategies that permits the Fund under normal circumstances to invest up to 20% of its net assets in Treasury Inflation-Protected Securities.

Additional Information

Toll-free: 1-844-366-0905

The SA Funds are distributed by Foreside Financial
Services, LLC.

SA Global Fixed Income Fund
Annual Shareholder Report - June 30, 2024

SAXIX

Table of Contents

SA U.S. Core Market Fund

SAMKX

Annual Shareholder Report - June 30, 2024

This annual shareholder report contains important information about SA U.S. Core Market Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://buckinghamstrategicpartners.com/sa-funds/documents. You can also request this information by contacting us at 1-844-366-0905.

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SAMKX	$73	0.65%

How did the Fund perform last year and what affected its performance?

Investment performance of the Fund is judged against the performance of a broad-based securities market index. Effective June 30, 2024, for this Fund, performance is compared to the Morningstar^® US Market Extended IndexSM (the "Primary Benchmark"), which is composed of large, mid, and small cap U.S. stocks. The benchmark index is unmanaged and does not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2024, the Fund had a net return of 23.29% compared to a return of 23.39% for the Fund’s Primary Benchmark. The Fund underperformed the Benchmark during the fiscal year by 0.10%, after deducting the Fund’s 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. Prior to the deduction of the Fund's fees and expenses, this strategy positioning helped the Fund outperform its benchmark index by more than 0.60%. However, after the deduction of fees and expenses, the Fund underperformed its Benchmark index.

Fund Performance

Year	SAMKX	Primary Benchmark
6/30/2014	$10,000	$10,000
7/31/2014	$9,800	$9,804
8/31/2014	$10,206	$10,215
9/30/2014	$9,995	$10,002
10/31/2014	$10,243	$10,279
11/30/2014	$10,508	$10,531
12/31/2014	$10,469	$10,529
1/31/2015	$10,180	$10,237
2/28/2015	$10,769	$10,829
3/31/2015	$10,627	$10,717
4/30/2015	$10,693	$10,768
5/31/2015	$10,818	$10,917
6/30/2015	$10,622	$10,730
7/31/2015	$10,775	$10,909
8/31/2015	$10,142	$10,254
9/30/2015	$9,864	$9,958
10/31/2015	$10,638	$10,745
11/30/2015	$10,671	$10,803
12/31/2015	$10,436	$10,585
1/31/2016	$9,903	$9,990
2/29/2016	$9,936	$9,987
3/31/2016	$10,607	$10,690
4/30/2016	$10,590	$10,754
5/31/2016	$10,761	$10,949
6/30/2016	$10,761	$10,973
7/31/2016	$11,179	$11,409
8/31/2016	$11,184	$11,436
9/30/2016	$11,206	$11,454
10/31/2016	$10,948	$11,206
11/30/2016	$11,426	$11,701
12/31/2016	$11,632	$11,927
1/31/2017	$11,854	$12,158
2/28/2017	$12,297	$12,609
3/31/2017	$12,332	$12,620
4/30/2017	$12,467	$12,755
5/31/2017	$12,630	$12,892
6/30/2017	$12,677	$13,007
7/31/2017	$12,905	$13,254
8/31/2017	$12,963	$13,280
9/30/2017	$13,267	$13,600
10/31/2017	$13,588	$13,899
11/30/2017	$14,055	$14,322
12/31/2017	$14,214	$14,466
1/31/2018	$15,016	$15,237
2/28/2018	$14,511	$14,676
3/31/2018	$14,177	$14,381
4/30/2018	$14,195	$14,430
5/31/2018	$14,615	$14,836
6/30/2018	$14,694	$14,935
7/31/2018	$15,198	$15,437
8/31/2018	$15,787	$15,975
9/30/2018	$15,848	$16,002
10/31/2018	$14,663	$14,822
11/30/2018	$14,949	$15,125
12/31/2018	$13,560	$13,718
1/31/2019	$14,642	$14,900
2/28/2019	$15,166	$15,426
3/31/2019	$15,425	$15,653
4/30/2019	$16,066	$16,276
5/31/2019	$14,985	$15,231
6/30/2019	$16,060	$16,302
7/31/2019	$16,287	$16,545
8/31/2019	$15,982	$16,213
9/30/2019	$16,248	$16,496
10/31/2019	$16,597	$16,848
11/30/2019	$17,193	$17,488
12/31/2019	$17,694	$17,987
1/31/2020	$17,650	$17,971
2/29/2020	$16,196	$16,498
3/31/2020	$14,151	$14,227
4/30/2020	$15,911	$16,111
5/31/2020	$16,744	$16,979
6/30/2020	$17,073	$17,372
7/31/2020	$18,059	$18,363
8/31/2020	$19,396	$19,682
9/30/2020	$18,724	$18,959
10/31/2020	$18,220	$18,558
11/30/2020	$20,192	$20,818
12/31/2020	$21,037	$21,752
1/31/2021	$20,776	$21,670
2/28/2021	$21,258	$22,346
3/31/2021	$22,152	$23,128
4/30/2021	$23,282	$24,328
5/31/2021	$23,298	$24,429
6/30/2021	$23,891	$25,041
7/31/2021	$24,421	$25,474
8/31/2021	$25,061	$26,206
9/30/2021	$23,843	$25,017
10/31/2021	$25,425	$26,695
11/30/2021	$25,290	$26,304
12/31/2021	$26,396	$27,326
1/31/2022	$24,834	$25,689
2/28/2022	$24,143	$25,046
3/31/2022	$24,920	$25,865
4/30/2022	$22,770	$23,529
5/31/2022	$22,727	$23,477
6/30/2022	$20,918	$21,499
7/31/2022	$22,864	$23,522
8/31/2022	$21,942	$22,632
9/30/2022	$19,937	$20,525
10/31/2022	$21,567	$22,200
11/30/2022	$22,719	$23,382
12/31/2022	$21,403	$22,004
1/31/2023	$22,712	$23,534
2/28/2023	$22,215	$22,988
3/31/2023	$22,983	$23,609
4/30/2023	$23,254	$23,849
5/31/2023	$23,326	$23,957
6/30/2023	$24,934	$25,597
7/31/2023	$25,764	$26,516
8/31/2023	$25,394	$26,009
9/30/2023	$24,166	$24,766
10/31/2023	$23,606	$24,105
11/30/2023	$25,656	$26,374
12/31/2023	$26,925	$27,775
1/31/2024	$27,316	$28,092
2/29/2024	$28,810	$29,613
3/31/2024	$29,739	$30,568
4/30/2024	$28,491	$29,236
5/31/2024	$29,840	$30,621
6/30/2024	$30,741	$31,584

Table of Contents

Average Annual Total Returns
	1 Year	5 Years	10 Years
SAMKX	23.29%	13.87%	11.89%
Primary Benchmark	23.39%	14.14%	12.19%

Key Fund Statistics
Total Net Assets	$688,355,029
# of Portfolio Holdings	871
Portfolio Turnover Rate	1%
Total Advisory Fees Paid	$2,540,667

What did the Fund invest in?

Top Ten Largest Sectors
(As a % of long-term investments)
Information Technology		28.4%
Financials		14.8
Health Care		11.8
Consumer Discretionary		10.6
Industrials		10.1
Communication Services		9.4
Consumer Staples		6.6
Energy		3.5
Utilities		2.5
Materials		2.2

Additional Information

Toll-free: 1-844-366-0905

The SA Funds are distributed by Foreside Financial Services, LLC.

SA U.S. Core Market Fund

Annual Shareholder Report - June 30, 2024

SAMKX

Table of Contents

SA U.S. Value Fund

SABTX

Annual Shareholder Report - June 30, 2024

This annual shareholder report contains important information about SA U.S. Value Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://buckinghamstrategicpartners.com/sa-funds/documents. You can also request this information by contacting us at 1-844-366-0905.

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SABTX	$79	0.73%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended June 30, 2024, the Fund had a net return of 15.96%, compared to a return of 17.49% for the Fund’s Secondary Benchmark. The Fund underperformed this Benchmark during the fiscal year by 1.53%, after deducting the Fund’s net operating expenses for the year. Across the fiscal year the Fund avoided holding positions in the stocks of companies whose ratio of price-to-book-value was above the average level in the marketplace (“growth-oriented stocks”). These growth-oriented stocks - particularly those with larger market capitalization - significantly outperformed the other stocks maintained in the Fund's Secondary Benchmark, leading to the Fund's underperformance of this Benchmark.

Fund Performance

Year	SABTX	Primary Benchmark	Secondary Benchmark
6/30/2014	$10,000	$10,000	$10,000
7/31/2014	$9,906	$9,804	$9,838
8/31/2014	$10,210	$10,215	$10,191
9/30/2014	$9,923	$10,002	$10,003
10/31/2014	$9,972	$10,279	$10,182
11/30/2014	$10,066	$10,531	$10,404
12/31/2014	$10,125	$10,529	$10,426
1/31/2015	$9,643	$10,237	$10,017
2/28/2015	$10,319	$10,829	$10,531
3/31/2015	$10,136	$10,717	$10,371
4/30/2015	$10,324	$10,768	$10,518
5/31/2015	$10,430	$10,917	$10,625
6/30/2015	$10,254	$10,730	$10,381
7/31/2015	$10,236	$10,909	$10,477
8/31/2015	$9,625	$10,254	$9,877
9/30/2015	$9,314	$9,958	$9,642
10/31/2015	$10,048	$10,745	$10,358
11/30/2015	$10,078	$10,803	$10,396
12/31/2015	$9,770	$10,585	$10,253
1/31/2016	$9,098	$9,990	$9,813
2/29/2016	$9,129	$9,987	$9,871
3/31/2016	$9,776	$10,690	$10,549
4/30/2016	$10,008	$10,754	$10,697
5/31/2016	$10,140	$10,949	$10,831
6/30/2016	$10,115	$10,973	$10,966
7/31/2016	$10,460	$11,409	$11,295
8/31/2016	$10,580	$11,436	$11,382
9/30/2016	$10,617	$11,454	$11,401
10/31/2016	$10,435	$11,206	$11,236
11/30/2016	$11,264	$11,701	$11,838
12/31/2016	$11,547	$11,927	$12,131
1/31/2017	$11,705	$12,158	$12,255
2/28/2017	$12,054	$12,609	$12,733
3/31/2017	$11,929	$12,620	$12,645
4/30/2017	$12,015	$12,755	$12,609
5/31/2017	$12,015	$12,892	$12,643
6/30/2017	$12,206	$13,007	$12,806
7/31/2017	$12,417	$13,254	$12,991
8/31/2017	$12,292	$13,280	$12,962
9/30/2017	$12,747	$13,600	$13,337
10/31/2017	$12,925	$13,899	$13,568
11/30/2017	$13,367	$14,322	$14,012
12/31/2017	$13,668	$14,466	$14,210
1/31/2018	$14,359	$15,237	$14,779
2/28/2018	$13,661	$14,676	$14,095
3/31/2018	$13,355	$14,381	$13,793
4/30/2018	$13,377	$14,430	$13,760
5/31/2018	$13,486	$14,836	$13,903
6/30/2018	$13,377	$14,935	$13,927
7/31/2018	$13,923	$15,437	$14,531
8/31/2018	$14,105	$15,975	$14,846
9/30/2018	$14,112	$16,002	$14,894
10/31/2018	$13,210	$14,822	$14,157
11/30/2018	$13,515	$15,125	$14,505
12/31/2018	$12,031	$13,718	$13,142
1/31/2019	$13,070	$14,900	$14,105
2/28/2019	$13,398	$15,426	$14,549
3/31/2019	$13,310	$15,653	$14,678
4/30/2019	$13,766	$16,276	$15,192
5/31/2019	$12,702	$15,231	$14,163
6/30/2019	$13,702	$16,302	$15,179
7/31/2019	$13,854	$16,545	$15,380
8/31/2019	$13,270	$16,213	$15,025
9/30/2019	$13,790	$16,496	$15,585
10/31/2019	$14,078	$16,848	$15,897
11/30/2019	$14,622	$17,488	$16,393
12/31/2019	$15,018	$17,987	$16,856
1/31/2020	$14,379	$17,971	$16,482
2/29/2020	$12,856	$16,498	$14,879
3/31/2020	$10,248	$14,227	$12,569
4/30/2020	$11,560	$16,111	$13,989
5/31/2020	$11,989	$16,979	$14,496
6/30/2020	$11,863	$17,372	$14,540
7/31/2020	$12,225	$18,363	$15,131
8/31/2020	$12,755	$19,682	$15,870
9/30/2020	$12,435	$18,959	$15,476
10/31/2020	$12,267	$18,558	$15,124
11/30/2020	$14,202	$20,818	$17,092
12/31/2020	$14,713	$21,752	$17,772
1/31/2021	$14,748	$21,670	$17,555
2/28/2021	$15,884	$22,346	$18,383
3/31/2021	$16,850	$23,128	$19,512
4/30/2021	$17,482	$24,328	$20,243
5/31/2021	$18,063	$24,429	$20,684
6/30/2021	$17,695	$25,041	$20,591
7/31/2021	$17,653	$25,474	$20,819
8/31/2021	$18,020	$26,206	$21,217
9/30/2021	$17,405	$25,017	$20,428
10/31/2021	$18,106	$26,695	$21,505
11/30/2021	$17,619	$26,304	$21,063
12/31/2021	$18,682	$27,326	$22,477
1/31/2022	$18,379	$25,689	$21,977
2/28/2022	$18,280	$25,046	$21,541
3/31/2022	$18,610	$25,865	$22,218
4/30/2022	$17,523	$23,529	$21,066
5/31/2022	$18,263	$23,477	$21,429
6/30/2022	$16,301	$21,499	$19,658
7/31/2022	$17,291	$23,522	$20,864
8/31/2022	$16,800	$22,632	$20,302
9/30/2022	$15,347	$20,525	$18,551
10/31/2022	$17,291	$22,200	$20,569
11/30/2022	$18,316	$23,382	$21,816
12/31/2022	$17,491	$22,004	$20,919
1/31/2023	$18,548	$23,534	$21,892
2/28/2023	$17,904	$22,988	$21,133
3/31/2023	$17,616	$23,609	$21,260
4/30/2023	$17,827	$23,849	$21,605
5/31/2023	$16,972	$23,957	$20,946
6/30/2023	$18,144	$25,597	$22,234
7/31/2023	$18,942	$26,516	$23,132
8/31/2023	$18,423	$26,009	$22,575
9/30/2023	$17,942	$24,766	$21,795
10/31/2023	$17,260	$24,105	$21,149
11/30/2023	$18,490	$26,374	$22,699
12/31/2023	$19,555	$27,775	$23,920
1/31/2024	$19,682	$28,092	$24,126
2/29/2024	$20,385	$29,613	$25,024
3/31/2024	$21,734	$30,568	$26,174
4/30/2024	$20,708	$29,236	$25,120
5/31/2024	$21,284	$30,621	$25,952
6/30/2024	$21,040	$31,584	$26,123

Table of Contents

Average Annual Total Returns
	1 Year	5 Years	10 Years
SABTX	15.96%	8.96%	7.72%
Primary Benchmark	23.39%	14.14%	12.19%
Secondary Benchmark	17.49%	11.47%	10.08%

Key Fund Statistics
Total Net Assets	$546,657,304
# of Portfolio Holdings	261
Portfolio Turnover Rate	6%
Total Advisory Fees Paid	$2,133,318

What did the Fund invest in?

Top Ten Largest Sectors (As a % of long-term investments)
Financials	25.3%
Energy	14.2
Health Care	13.3
Industrials	10.6
Information Technology	9.2
Materials	8.8
Communication Services	8.0
Consumer Discretionary	6.0
Consumer Staples	3.8
Real Estate	0.5

Additional Information

If you wish to view additional information about the Fund; including but not limited to the Fund's prospectus, financial statements,holdings and proxy voting information, please visit https://buckinghamstrategicpartners.com/sa-funds/documents. To reduce Fundexpenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address,called “Householding”. If you would prefer that your Fund documents not be householded, please contact us at 1-844-366-0905, orcontact your financial intermediary.

Toll-free: 1-844-366-0905

The SA Funds are distributed by Foreside Financial Services, LLC.

SA U.S. Value Fund

Annual Shareholder Report - June 30, 2024

SABTX

Table of Contents

SA U.S. Small Company Fund

SAUMX

Annual Shareholder Report - June 30, 2024

This annual shareholder report contains important information about SA U.S. Small Company Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://buckinghamstrategicpartners.com/sa-funds/documents. You can also request this information by contacting us at 1-844-366-0905.

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SAUMX	$93	0.88%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended June 30, 2024, the Fund had a net return of 11.43%, compared to a return of 10.05% for the Fund’s Secondary Benchmark. The Fund outperformed this Benchmark during the fiscal year by 1.38% after deducting the Fund’s 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 exclude stocks of real estate investment trusts in a year when REITs exhibited weak performance. Also contributing to the Fund’s outperformance against its benchmark index was the Fund’s tendency to avoid stocks that have higher price-to-book ratios and that have low rates of profitability - such stocks exhibited very weak performance during the fiscal year.

Fund Performance

Year	SAUMX	Primary Benchmark	Secondary Benchmark
6/30/2014	$10,000	$10,000	$10,000
7/31/2014	$9,406	$9,804	$9,437
8/31/2014	$9,833	$10,215	$9,896
9/30/2014	$9,305	$10,002	$9,325
10/31/2014	$9,853	$10,279	$9,878
11/30/2014	$9,880	$10,531	$9,929
12/31/2014	$10,089	$10,529	$10,157
1/31/2015	$9,668	$10,237	$9,821
2/28/2015	$10,297	$10,829	$10,423
3/31/2015	$10,473	$10,717	$10,554
4/30/2015	$10,228	$10,768	$10,318
5/31/2015	$10,391	$10,917	$10,519
6/30/2015	$10,481	$10,730	$10,549
7/31/2015	$10,305	$10,909	$10,390
8/31/2015	$9,778	$10,254	$9,794
9/30/2015	$9,390	$9,958	$9,304
10/31/2015	$9,937	$10,745	$9,839
11/30/2015	$10,179	$10,803	$10,134
12/31/2015	$9,627	$10,585	$9,636
1/31/2016	$8,988	$9,990	$8,821
2/29/2016	$9,090	$9,987	$8,908
3/31/2016	$9,791	$10,690	$9,664
4/30/2016	$9,897	$10,754	$9,858
5/31/2016	$10,013	$10,949	$10,016
6/30/2016	$9,933	$10,973	$10,013
7/31/2016	$10,421	$11,409	$10,597
8/31/2016	$10,580	$11,436	$10,733
9/30/2016	$10,625	$11,454	$10,816
10/31/2016	$10,248	$11,206	$10,318
11/30/2016	$11,458	$11,701	$11,398
12/31/2016	$11,799	$11,927	$11,644
1/31/2017	$11,780	$12,158	$11,754
2/28/2017	$11,892	$12,609	$11,970
3/31/2017	$11,878	$12,620	$11,957
4/30/2017	$12,009	$12,755	$12,077
5/31/2017	$11,701	$12,892	$11,830
6/30/2017	$12,009	$13,007	$12,200
7/31/2017	$12,093	$13,254	$12,298
8/31/2017	$11,822	$13,280	$12,122
9/30/2017	$12,675	$13,600	$12,808
10/31/2017	$12,797	$13,899	$12,918
11/30/2017	$13,202	$14,322	$13,301
12/31/2017	$13,138	$14,466	$13,336
1/31/2018	$13,404	$15,237	$13,649
2/28/2018	$12,816	$14,676	$13,052
3/31/2018	$12,942	$14,381	$13,201
4/30/2018	$13,012	$14,430	$13,296
5/31/2018	$13,681	$14,836	$14,078
6/30/2018	$13,766	$14,935	$14,222
7/31/2018	$14,048	$15,437	$14,437
8/31/2018	$14,571	$15,975	$15,093
9/30/2018	$14,199	$16,002	$14,769
10/31/2018	$12,806	$14,822	$13,196
11/30/2018	$13,007	$15,125	$13,381
12/31/2018	$11,458	$13,718	$11,789
1/31/2019	$12,627	$14,900	$13,202
2/28/2019	$13,245	$15,426	$13,828
3/31/2019	$12,871	$15,653	$13,573
4/30/2019	$13,432	$16,276	$14,033
5/31/2019	$12,284	$15,231	$12,905
6/30/2019	$13,224	$16,302	$13,841
7/31/2019	$13,391	$16,545	$13,983
8/31/2019	$12,653	$16,213	$13,294
9/30/2019	$13,037	$16,496	$13,559
10/31/2019	$13,235	$16,848	$13,877
11/30/2019	$13,656	$17,488	$14,454
12/31/2019	$13,997	$17,987	$14,835
1/31/2020	$13,492	$17,971	$14,341
2/29/2020	$12,195	$16,498	$13,068
3/31/2020	$9,606	$14,227	$9,992
4/30/2020	$10,909	$16,111	$11,486
5/31/2020	$11,593	$16,979	$12,259
6/30/2020	$11,815	$17,372	$12,622
7/31/2020	$12,352	$18,363	$13,050
8/31/2020	$12,852	$19,682	$13,664
9/30/2020	$12,407	$18,959	$13,236
10/31/2020	$12,787	$18,558	$13,583
11/30/2020	$14,648	$20,818	$15,987
12/31/2020	$15,697	$21,752	$17,337
1/31/2021	$16,075	$21,670	$18,061
2/28/2021	$17,421	$22,346	$19,304
3/31/2021	$18,127	$23,128	$19,670
4/30/2021	$18,711	$24,328	$20,358
5/31/2021	$18,934	$24,429	$20,444
6/30/2021	$18,767	$25,041	$20,534
7/31/2021	$18,628	$25,474	$19,871
8/31/2021	$19,006	$26,206	$20,298
9/30/2021	$18,439	$25,017	$19,691
10/31/2021	$19,318	$26,695	$20,524
11/30/2021	$18,850	$26,304	$19,625
12/31/2021	$19,784	$27,326	$20,197
1/31/2022	$18,389	$25,689	$18,493
2/28/2022	$18,613	$25,046	$18,659
3/31/2022	$18,655	$25,865	$18,937
4/30/2022	$17,260	$23,529	$17,253
5/31/2022	$17,463	$23,477	$17,277
6/30/2022	$15,906	$21,499	$15,735
7/31/2022	$17,498	$23,522	$17,358
8/31/2022	$16,958	$22,632	$16,864
9/30/2022	$15,450	$20,525	$15,207
10/31/2022	$17,119	$22,200	$16,816
11/30/2022	$17,961	$23,382	$17,393
12/31/2022	$16,963	$22,004	$16,307
1/31/2023	$18,498	$23,534	$18,101
2/28/2023	$18,281	$22,988	$17,761
3/31/2023	$17,622	$23,609	$17,010
4/30/2023	$17,289	$23,849	$16,725
5/31/2023	$16,847	$23,957	$16,485
6/30/2023	$18,338	$25,597	$17,918
7/31/2023	$19,193	$26,516	$18,956
8/31/2023	$18,592	$26,009	$18,101
9/30/2023	$17,614	$24,766	$17,026
10/31/2023	$16,630	$24,105	$15,906
11/30/2023	$18,020	$26,374	$17,447
12/31/2023	$19,887	$27,775	$19,473
1/31/2024	$19,384	$28,092	$18,783
2/29/2024	$20,239	$29,613	$19,672
3/31/2024	$21,117	$30,568	$20,460
4/30/2024	$19,879	$29,236	$19,096
5/31/2024	$20,817	$30,621	$19,963
6/30/2024	$20,434	$31,584	$19,719

Table of Contents

Average Annual Total Returns
	1 Year	5 Years	10 Years
SAUMX	11.43%	9.09%	7.41%
Primary Benchmark	23.39%	14.14%	12.19%
Secondary Benchmark	10.05%	7.34%	7.03%

Key Fund Statistics
Total Net Assets	$308,532,661
# of Portfolio Holdings	1,534
Portfolio Turnover Rate	7%
Total Advisory Fees Paid	$1,218,865

What did the Fund invest in?
Top Ten Largest Sectors
(As a % of long-term investments)
Industrials		21.6%
Financials		18.4
Consumer Discretionary		15.2
Information Technology		12.6
Health Care		9.4
Materials		6.5
Consumer Staples		5.0
Energy		4.6
Utilities		3.9
Communication Services		2.1

Additional Information

Toll-free: 1-844-366-0905

The SA Funds are distributed by Foreside Financial Services, LLC.

SA U.S. Small Company Fund

Annual Shareholder Report - June 30, 2024

SAUMX

Table of Contents

SA International Value Fund

SAHMX

Annual Shareholder Report - June 30, 2024

This annual shareholder report contains important information about SA International Value Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://buckinghamstrategicpartners.com/sa-funds/documents. You can also request this information by contacting us at 1-844-366-0905.

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SAHMX	$96	0.90%

How did the Fund perform last year and what affected its performance?

Investment performance of the Fund is judged against the performance of certain market indexes. Effective June 30, 2024, for this Fund, performance is compared to a broad-based securities market index (the “Primary Benchmark”) known as the Morningstar^® Developed Markets ex-US All Cap Target Market Exposure IndexSM, which is composed of large, mid, and small cap stocks trading in international developed markets. The Fund’s performance is also compared to an additional index (the “Secondary Benchmark”) known as the Morningstar^®Developed Markets ex-US Value Target Market Exposure IndexSM, which is designed to measure the performance of value stocks within the large and mid-capitalization segment of the international developed markets. The Secondary Benchmark is closer in scope to the universe of securities chosen within the Fund. The benchmark indexes are unmanaged and do not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2024, the Fund had a net return of 12.57%, compared to a return of 12.67% for the Fund’s Secondary Benchmark. The Fund underperformed the Secondary Benchmark during the fiscal year by 0.10% after deducting the Fund’s net operating expenses for the year. Across the fiscal year the Fund had a greater holding of stocks with the lowest ratios of price-to-book-value (commonly called "deep value stocks") than does the Secondary Benchmark. Such deep value stocks had returns during the fiscal year that were stronger than the overall return of this Benchmark, hence the Fund’s emphasis on those stocks provided the Fund with an initial level of outperformance to the Secondary Benchmark prior to the deduction of net operating expenses. However, with the deduction of net operating expenses, the Fund's resulting performance was slightly less than that of the Secondary Benchmark.

Fund Performance

Year	SAHMX	Primary Benchmark	Secondary Benchmark
6/30/2014	$10,000	$10,000	$10,000
7/31/2014	$9,809	$9,809	$9,864
8/31/2014	$9,746	$9,818	$9,821
9/30/2014	$9,317	$9,390	$9,382
10/31/2014	$9,087	$9,229	$9,197
11/30/2014	$9,142	$9,327	$9,269
12/31/2014	$8,844	$9,041	$8,936
1/31/2015	$8,761	$9,001	$8,784
2/28/2015	$9,354	$9,541	$9,370
3/31/2015	$9,156	$9,386	$9,182
4/30/2015	$9,675	$9,802	$9,606
5/31/2015	$9,642	$9,725	$9,478
6/30/2015	$9,338	$9,462	$9,201
7/31/2015	$9,247	$9,588	$9,276
8/31/2015	$8,572	$8,932	$8,594
9/30/2015	$7,946	$8,503	$8,111
10/31/2015	$8,605	$9,125	$8,758
11/30/2015	$8,465	$8,997	$8,596
12/31/2015	$8,226	$8,866	$8,413
1/31/2016	$7,479	$8,251	$7,774
2/29/2016	$7,294	$8,153	$7,644
3/31/2016	$7,832	$8,716	$8,186
4/30/2016	$8,268	$8,994	$8,527
5/31/2016	$8,050	$8,913	$8,390
6/30/2016	$7,689	$8,627	$8,022
7/31/2016	$8,109	$9,063	$8,443
8/31/2016	$8,285	$9,056	$8,560
9/30/2016	$8,360	$9,180	$8,635
10/31/2016	$8,495	$8,991	$8,605
11/30/2016	$8,495	$8,831	$8,589
12/31/2016	$8,827	$9,115	$8,921
1/31/2017	$9,172	$9,389	$9,179
2/28/2017	$9,112	$9,509	$9,249
3/31/2017	$9,310	$9,732	$9,457
4/30/2017	$9,440	$9,959	$9,625
5/31/2017	$9,587	$10,293	$9,844
6/30/2017	$9,673	$10,307	$9,911
7/31/2017	$10,139	$10,620	$10,261
8/31/2017	$10,105	$10,627	$10,213
9/30/2017	$10,459	$10,902	$10,528
10/31/2017	$10,623	$11,054	$10,616
11/30/2017	$10,718	$11,173	$10,719
12/31/2017	$11,037	$11,381	$10,925
1/31/2018	$11,639	$11,912	$11,471
2/28/2018	$11,063	$11,366	$10,935
3/31/2018	$10,798	$11,184	$10,702
4/30/2018	$11,152	$11,420	$10,976
5/31/2018	$10,727	$11,224	$10,551
6/30/2018	$10,506	$11,091	$10,391
7/31/2018	$10,798	$11,332	$10,696
8/31/2018	$10,408	$11,143	$10,376
9/30/2018	$10,594	$11,215	$10,517
10/31/2018	$9,709	$10,301	$9,767
11/30/2018	$9,594	$10,289	$9,757
12/31/2018	$9,058	$9,742	$9,249
1/31/2019	$9,717	$10,448	$9,933
2/28/2019	$9,879	$10,704	$10,117
3/31/2019	$9,762	$10,755	$10,048
4/30/2019	$10,050	$11,048	$10,336
5/31/2019	$9,356	$10,523	$9,698
6/30/2019	$9,888	$11,123	$10,253
7/31/2019	$9,599	$11,002	$10,040
8/31/2019	$9,184	$10,737	$9,635
9/30/2019	$9,635	$11,036	$10,075
10/31/2019	$9,969	$11,412	$10,441
11/30/2019	$10,050	$11,568	$10,528
12/31/2019	$10,381	$11,958	$10,879
1/31/2020	$9,876	$11,711	$10,497
2/29/2020	$8,941	$10,654	$9,492
3/31/2020	$7,173	$9,110	$7,755
4/30/2020	$7,594	$9,791	$8,190
5/31/2020	$7,865	$10,248	$8,455
6/30/2020	$8,146	$10,567	$8,728
7/31/2020	$8,146	$10,854	$8,764
8/31/2020	$8,698	$11,456	$9,314
9/30/2020	$8,305	$11,171	$8,896
10/31/2020	$8,062	$10,741	$8,566
11/30/2020	$9,633	$12,357	$10,153
12/31/2020	$10,125	$12,952	$10,616
1/31/2021	$10,058	$12,828	$10,563
2/28/2021	$10,727	$13,155	$11,101
3/31/2021	$11,252	$13,480	$11,512
4/30/2021	$11,424	$13,912	$11,767
5/31/2021	$12,045	$14,368	$12,248
6/30/2021	$11,701	$14,209	$11,978
7/31/2021	$11,615	$14,317	$11,992
8/31/2021	$11,710	$14,584	$12,084
9/30/2021	$11,710	$14,163	$11,883
10/31/2021	$12,026	$14,542	$12,135
11/30/2021	$11,290	$13,845	$11,479
12/31/2021	$11,900	$14,534	$12,136
1/31/2022	$12,255	$13,827	$12,218
2/28/2022	$12,097	$13,618	$12,099
3/31/2022	$12,166	$13,764	$12,256
4/30/2022	$11,546	$12,849	$11,609
5/31/2022	$12,018	$12,922	$11,860
6/30/2022	$10,698	$11,684	$10,683
7/31/2022	$10,945	$12,298	$10,976
8/31/2022	$10,639	$11,734	$10,617
9/30/2022	$9,625	$10,600	$9,655
10/31/2022	$10,304	$11,160	$10,242
11/30/2022	$11,486	$12,336	$11,322
12/31/2022	$11,456	$12,312	$11,393
1/31/2023	$12,358	$13,295	$12,291
2/28/2023	$12,225	$12,973	$12,060
3/31/2023	$12,092	$13,217	$12,011
4/30/2023	$12,492	$13,577	$12,408
5/31/2023	$11,815	$13,000	$11,757
6/30/2023	$12,522	$13,594	$12,456
7/31/2023	$13,117	$14,062	$12,983
8/31/2023	$12,738	$13,532	$12,566
9/30/2023	$12,594	$13,056	$12,393
10/31/2023	$11,938	$12,486	$11,881
11/30/2023	$12,738	$13,660	$12,862
12/31/2023	$13,343	$14,430	$13,511
1/31/2024	$13,205	$14,455	$13,489
2/29/2024	$13,481	$14,667	$13,590
3/31/2024	$14,224	$15,178	$14,164
4/30/2024	$14,075	$14,772	$13,944
5/31/2024	$14,649	$15,339	$14,472
6/30/2024	$14,097	$15,056	$14,034

Table of Contents

Average Annual Total Returns
	1 Year	5 Years	10 Years
SAHMX	12.57%	7.35%	3.49%
Primary Benchmark	10.76%	6.24%	4.18%
Secondary Benchmark	12.67%	6.48%	3.45%

Key Fund Statistics
Total Net Assets	$545,489,784
# of Portfolio Holdings	441
Portfolio Turnover Rate	12%
Total Advisory Fees Paid	$2,409,815

What did the Fund invest in?

Top Ten Largest Countries
(As a % of long-term investments)
Japan	21.4%
United Kingdom	12.9
France	11.5
Switzerland	10.4
Canada	9.5
Germany	6.9
Australia	6.5
Netherlands	5.0
Spain	3.0
Others	12.9

Top Ten Largest Sectors
(As a % of long-term investments)
Financials	30.6%
Energy	15.3
Consumer Discretionary	12.6
Materials	12.6
Industrials	9.3
Health Care	7.1
Consumer Staples	4.6
Communication Services	3.3
Real Estate	2.0
Information Technology	1.7

Additional Information

Toll-free: 1-844-366-0905

The SA Funds are distributed by Foreside Financial Services, LLC.

SA International Value Fund

Annual Shareholder Report - June 30, 2024

SAHMX

Table of Contents

SA International Small Company Fund

SAISX

Annual Shareholder Report - June 30, 2024

This annual shareholder report contains important information about SA International Small Company Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://buckinghamstrategicpartners.com/safunds/ documents. You can also request this information by contacting us at 1-844-366-0905.

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SAISX	$55	0.52%

How did the Fund perform last year and what affected its performance?

Investment performance of the Fund is judged against the performance of certain market indexes. Effective June 30, 2024, for this Fund, performance is compared to a broad-based securities market index (the “Primary Benchmark”) known as the Morningstar^® Developed Markets ex-US All Cap Target Market Exposure IndexSM, which is composed of large, mid, and small cap stocks trading in international developed markets. The Fund’s performance is also compared to an additional index (the “Secondary Benchmark”) known as the Morningstar^® Developed Markets ex-US Small Cap Target Market Exposure IndexSM, which is designed to measure the performance of small cap stocks within the international developed markets. The Secondary Benchmark is closer in scope to the universe of securities chosen within the Fund. Prior to June 2024, the Fund had a single Primary Benchmark (the ""Pre-June 2024 Benchmark"") known as the Morningstar^® Global Markets ex-US Small-Mid Cap IndexSM. This Pre-June 2024 Benchmark index was designed to represent small and mid-cap stocks in all global markets (including emerging markets) except for those in the United States. The benchmark indexes are unmanaged and do not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2024, the Fund had a net return of 9.86%, compared to a return of 7.75% for the Fund’s Secondary Benchmark. The Fund outperformed the Secondary Benchmark during the fiscal year by 2.11% after deducting the Fund’s net operating expenses for the year. The Fund’s outperformance relative to the Secondary Benchmark across the fiscal year was due primarily to the Fund’s exclusion of real estate securities, which had negative performance during the fiscal year, as well as the Fund's lower allocation to low profitability growth stocks, which also performed negatively during the year.

Fund Performance

Years	SAISX	Primary Benchmark	Secondary Benchmark	Pre-June 2024 Benchmark
6/30/2014	$10,000	$10,000	$10,000	$10,000
7/31/2014	$9,673	$9,809	$9,735	$9,803
8/31/2014	$9,728	$9,818	$9,774	$9,879
9/30/2014	$9,129	$9,390	$9,170	$9,287
10/31/2014	$8,934	$9,229	$9,007	$9,165
11/30/2014	$8,839	$9,327	$9,029	$9,208
12/31/2014	$8,718	$9,041	$8,967	$9,036
1/31/2015	$8,639	$9,001	$8,899	$9,026
2/28/2015	$9,186	$9,541	$9,476	$9,522
3/31/2015	$9,033	$9,386	$9,321	$9,380
4/30/2015	$9,534	$9,802	$9,816	$9,943
5/31/2015	$9,636	$9,725	$9,861	$9,901
6/30/2015	$9,479	$9,462	$9,702	$9,639
7/31/2015	$9,409	$9,588	$9,687	$9,447
8/31/2015	$9,010	$8,932	$9,249	$8,884
9/30/2015	$8,699	$8,503	$8,929	$8,596
10/31/2015	$9,131	$9,125	$9,433	$9,164
11/30/2015	$9,131	$8,997	$9,429	$9,060
12/31/2015	$9,134	$8,866	$9,432	$8,999
1/31/2016	$8,531	$8,251	$8,718	$8,348
2/29/2016	$8,473	$8,153	$8,753	$8,375
3/31/2016	$9,148	$8,716	$9,469	$9,130
4/30/2016	$9,351	$8,994	$9,744	$9,401
5/31/2016	$9,399	$8,913	$9,760	$9,267
6/30/2016	$9,023	$8,627	$9,320	$9,047
7/31/2016	$9,534	$9,063	$9,878	$9,564
8/31/2016	$9,519	$9,056	$9,801	$9,561
9/30/2016	$9,794	$9,180	$10,058	$9,758
10/31/2016	$9,529	$8,991	$9,767	$9,526
11/30/2016	$9,351	$8,831	$9,499	$9,280
12/31/2016	$9,571	$9,115	$9,738	$9,435
1/31/2017	$9,962	$9,389	$10,078	$9,795
2/28/2017	$10,113	$9,509	$10,265	$10,027
3/31/2017	$10,349	$9,732	$10,463	$10,209
4/30/2017	$10,680	$9,959	$10,826	$10,495
5/31/2017	$10,986	$10,293	$11,234	$10,803
6/30/2017	$11,087	$10,307	$11,289	$10,837
7/31/2017	$11,463	$10,620	$11,687	$11,195
8/31/2017	$11,518	$10,627	$11,779	$11,285
9/30/2017	$11,829	$10,902	$12,087	$11,480
10/31/2017	$11,945	$11,054	$12,246	$11,675
11/30/2017	$12,030	$11,173	$12,441	$11,832
12/31/2017	$12,348	$11,381	$12,787	$12,198
1/31/2018	$12,934	$11,912	$13,361	$12,808
2/28/2018	$12,368	$11,366	$12,845	$12,281
3/31/2018	$12,274	$11,184	$12,664	$12,123
4/30/2018	$12,368	$11,420	$12,799	$12,281
5/31/2018	$12,259	$11,224	$12,753	$12,148
6/30/2018	$12,012	$11,091	$12,514	$11,817
7/31/2018	$12,117	$11,332	$12,589	$11,928
8/31/2018	$11,923	$11,143	$12,513	$11,768
9/30/2018	$11,850	$11,215	$12,410	$11,695
10/31/2018	$10,714	$10,301	$11,255	$10,620
11/30/2018	$10,599	$10,289	$11,156	$10,688
12/31/2018	$9,871	$9,742	$10,441	$10,160
1/31/2019	$10,643	$10,448	$11,273	$10,962
2/28/2019	$10,906	$10,704	$11,522	$11,177
3/31/2019	$10,827	$10,755	$11,492	$11,159
4/30/2019	$11,197	$11,048	$11,798	$11,395
5/31/2019	$10,509	$10,523	$11,239	$10,788
6/30/2019	$11,046	$11,123	$11,771	$11,317
7/31/2019	$10,850	$11,002	$11,729	$11,202
8/31/2019	$10,576	$10,737	$11,443	$10,862
9/30/2019	$10,861	$11,036	$11,713	$11,120
10/31/2019	$11,320	$11,412	$12,177	$11,588
11/30/2019	$11,599	$11,568	$12,459	$11,741
12/31/2019	$12,166	$11,958	$13,026	$12,272
1/31/2020	$11,692	$11,711	$12,665	$11,839
2/29/2020	$10,622	$10,654	$11,408	$10,765
3/31/2020	$8,481	$9,110	$9,333	$8,746
4/30/2020	$9,439	$9,791	$10,375	$9,721
5/31/2020	$10,060	$10,248	$11,055	$10,203
6/30/2020	$10,243	$10,567	$11,248	$10,528
7/31/2020	$10,610	$10,854	$11,690	$11,013
8/31/2020	$11,332	$11,456	$12,474	$11,676
9/30/2020	$11,213	$11,171	$12,304	$11,469
10/31/2020	$10,829	$10,741	$11,903	$11,213
11/30/2020	$12,331	$12,357	$13,440	$12,781
12/31/2020	$13,206	$12,952	$14,343	$13,565
1/31/2021	$13,115	$12,828	$14,267	$13,547
2/28/2021	$13,574	$13,155	$14,547	$13,931
3/31/2021	$13,960	$13,480	$14,792	$14,193
4/30/2021	$14,545	$13,912	$15,434	$14,750
5/31/2021	$14,998	$14,368	$15,766	$15,119
6/30/2021	$14,744	$14,209	$15,559	$14,983
7/31/2021	$15,028	$14,317	$15,798	$14,929
8/31/2021	$15,323	$14,584	$16,278	$15,280
9/30/2021	$14,762	$14,163	$15,630	$14,794
10/31/2021	$15,148	$14,542	$15,960	$14,951
11/30/2021	$14,328	$13,845	$15,107	$14,232
12/31/2021	$14,980	$14,534	$15,660	$14,770
1/31/2022	$14,226	$13,827	$14,510	$13,931
2/28/2022	$13,996	$13,618	$14,359	$13,809
3/31/2022	$13,849	$13,764	$14,388	$13,851
4/30/2022	$12,980	$12,849	$13,368	$12,978
5/31/2022	$13,089	$12,922	$13,281	$12,957
6/30/2022	$11,747	$11,684	$11,813	$11,716
7/31/2022	$12,444	$12,298	$12,609	$12,260
8/31/2022	$11,754	$11,734	$12,011	$11,909
9/30/2022	$10,495	$10,600	$10,640	$10,592
10/31/2022	$11,045	$11,160	$11,082	$10,896
11/30/2022	$12,386	$12,336	$12,150	$12,009
12/31/2022	$12,326	$12,312	$12,238	$12,053
1/31/2023	$13,343	$13,295	$13,177	$12,968
2/28/2023	$12,970	$12,973	$12,858	$12,610
3/31/2023	$13,099	$13,217	$12,903	$12,668
4/30/2023	$13,309	$13,577	$13,132	$12,896
5/31/2023	$12,699	$13,000	$12,571	$12,443
6/30/2023	$13,140	$13,594	$12,946	$12,902
7/31/2023	$13,669	$14,062	$13,555	$13,564
8/31/2023	$13,255	$13,532	$13,083	$13,108
9/30/2023	$12,686	$13,056	$12,472	$12,618
10/31/2023	$12,150	$12,486	$11,773	$11,958
11/30/2023	$13,174	$13,660	$12,936	$13,124
12/31/2023	$14,030	$14,430	$13,848	$13,920
1/31/2024	$13,749	$14,455	$13,575	$13,615
2/29/2024	$13,938	$14,667	$13,593	$13,780
3/31/2024	$14,464	$15,178	$14,155	$14,172
4/30/2024	$14,107	$14,772	$13,767	$13,950
5/31/2024	$14,919	$15,339	$14,380	$14,346
6/30/2024	$14,436	$15,056	$13,950	$14,152

Table of Contents

Average Annual Total Returns
	1 Year	5 Years	10 Years
SAISX	9.86%	5.50%	3.74%
Primary Benchmark	10.76%	6.24%	4.18%
Secondary Benchmark	7.75%	3.46%	3.39%
Pre-June 2024 Benchmark	9.69%	4.57%	3.53%

Key Fund Statistics
Total Net Assets	$249,866,277
# of Portfolio Holdings	1*
Portfolio Turnover Rate	4%
Total Advisory Fees Paid	$616,072

What did the Fund invest in?

Largest Holdings

(As a % of net assets)

DFA International Small Company Portfolio, Class INST *

100.1

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. Financial statements and other information about the DFA International Small Company Portfolio, including its portfolio holdings, are available at https://www.dimensional.com/usen/ funds/dfisx/international-small-company-portfolio-i.

Additional Information

Toll-free: 1-844-366-0905

The SA Funds are distributed by Foreside Financial Services, LLC.

SA International Small Company Fund

Annual Shareholder Report - June 30, 2024

SAISX

Table of Contents

SA Emerging Markets Value Fund

SAEMX

Annual Shareholder Report - June 30, 2024

This annual shareholder report contains important information about SA Emerging Markets Value Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://buckinghamstrategicpartners.com/sa-funds/documents. You can also request this information by contacting us at 1-844-366-0905.

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SAEMX	$113	1.04%

How did the Fund perform last year and what affected its performance?

Investment performance of the Fund is judged against the performance of certain market indexes. Effective June 30, 2024, for this Fund, performance is compared to a broad-based securities market index (the “Primary Benchmark”) known as the Morningstar^® Emerging Markets All Cap Target Market Exposure IndexSM, which is composed of large, mid, and small cap stocks trading in emerging markets. The Fund’s performance is also compared to an additional index (the “Secondary Benchmark”) known as the Morningstar^®Emerging Markets Value Target Market Exposure IndexSM, which is designed to measure the performance of value stocks within the large and mid-capitalization segment of the emerging markets. The Secondary Benchmark is closer in scope to the universe of securities chosen within the Fund. The benchmark indexes are unmanaged and do not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2024, the Fund had a net return of 16.83%, compared to a return of 14.08% for the Fund’s Secondary Benchmark. The Fund outperformed the Secondary Benchmark during the fiscal year by 2.75% after deducting the Fund’s net operating expenses for the year. Across the fiscal year the Fund maintained a larger position than that of the Secondary Benchmark in the stocks of companies whose ratio of price-to-book-value was among the lowest in the marketplace (known as “deeper value stocks”). During the fiscal year, deeper value stocks exhibited strong performance overall relative to the other stocks in the Secondary Benchmark, contributing to the Fund’s outperformance relative to this Benchmark.

Fund Performance

Year	SAEMX	Primary Benchmark	Secondary Benchmark
6/30/2014	$10,000	$10,000	$10,000
7/31/2014	$10,219	$10,170	$10,271
8/31/2014	$10,352	$10,408	$10,529
9/30/2014	$9,467	$9,690	$9,602
10/31/2014	$9,401	$9,791	$9,635
11/30/2014	$9,220	$9,691	$9,436
12/31/2014	$8,776	$9,290	$9,024
1/31/2015	$8,680	$9,387	$8,962
2/28/2015	$8,941	$9,635	$9,248
3/31/2015	$8,651	$9,519	$9,109
4/30/2015	$9,482	$10,251	$10,061
5/31/2015	$9,057	$9,905	$9,515
6/30/2015	$8,747	$9,625	$9,213
7/31/2015	$8,032	$8,952	$8,431
8/31/2015	$7,298	$8,162	$7,655
9/30/2015	$7,027	$7,952	$7,419
10/31/2015	$7,510	$8,512	$8,026
11/30/2015	$7,172	$8,202	$7,610
12/31/2015	$6,988	$8,039	$7,414
1/31/2016	$6,518	$7,509	$6,885
2/29/2016	$6,606	$7,489	$6,950
3/31/2016	$7,575	$8,444	$7,940
4/30/2016	$7,751	$8,532	$8,089
5/31/2016	$7,262	$8,205	$7,634
6/30/2016	$7,614	$8,561	$8,081
7/31/2016	$8,084	$8,988	$8,564
8/31/2016	$8,241	$9,184	$8,818
9/30/2016	$8,319	$9,272	$8,902
10/31/2016	$8,476	$9,292	$9,044
11/30/2016	$8,133	$8,880	$8,837
12/31/2016	$8,185	$8,912	$8,891
1/31/2017	$8,641	$9,367	$9,393
2/28/2017	$9,028	$9,681	$9,711
3/31/2017	$9,246	$9,944	$9,902
4/30/2017	$9,285	$10,119	$10,017
5/31/2017	$9,454	$10,363	$10,209
6/30/2017	$9,473	$10,434	$10,247
7/31/2017	$9,989	$10,968	$10,759
8/31/2017	$10,197	$11,196	$11,007
9/30/2017	$9,949	$11,148	$10,888
10/31/2017	$10,316	$11,538	$11,217
11/30/2017	$10,336	$11,607	$11,140
12/31/2017	$10,742	$12,068	$11,588
1/31/2018	$11,706	$12,982	$12,655
2/28/2018	$11,224	$12,398	$12,117
3/31/2018	$10,913	$12,191	$11,943
4/30/2018	$11,053	$12,190	$12,044
5/31/2018	$10,531	$11,718	$11,454
6/30/2018	$9,969	$11,195	$10,782
7/31/2018	$10,401	$11,449	$11,203
8/31/2018	$10,150	$11,197	$10,994
9/30/2018	$10,210	$11,111	$11,104
10/31/2018	$9,347	$10,172	$10,371
11/30/2018	$9,628	$10,612	$10,659
12/31/2018	$9,442	$10,418	$10,460
1/31/2019	$10,066	$11,271	$11,431
2/28/2019	$10,035	$11,318	$11,377
3/31/2019	$10,045	$11,394	$11,289
4/30/2019	$10,127	$11,606	$11,435
5/31/2019	$9,585	$10,851	$10,850
6/30/2019	$10,066	$11,474	$11,485
7/31/2019	$9,647	$11,314	$11,191
8/31/2019	$9,105	$10,796	$10,557
9/30/2019	$9,340	$11,013	$10,885
10/31/2019	$9,677	$11,487	$11,313
11/30/2019	$9,647	$11,475	$11,213
12/31/2019	$10,202	$12,296	$12,104
1/31/2020	$9,430	$11,726	$11,307
2/29/2020	$8,720	$11,076	$10,557
3/31/2020	$6,861	$9,249	$8,691
4/30/2020	$7,654	$10,140	$9,467
5/31/2020	$7,665	$10,293	$9,456
6/30/2020	$8,093	$11,058	$9,905
7/31/2020	$8,511	$11,990	$10,528
8/31/2020	$8,636	$12,286	$10,543
9/30/2020	$8,417	$12,050	$10,394
10/31/2020	$8,469	$12,303	$10,447
11/30/2020	$9,597	$13,536	$11,971
12/31/2020	$10,294	$14,550	$13,137
1/31/2021	$10,294	$14,915	$13,134
2/28/2021	$10,868	$15,113	$13,575
3/31/2021	$11,081	$14,939	$13,712
4/30/2021	$11,527	$15,391	$14,057
5/31/2021	$11,868	$15,755	$14,506
6/30/2021	$11,857	$15,814	$14,330
7/31/2021	$11,336	$14,824	$13,701
8/31/2021	$11,687	$15,172	$14,152
9/30/2021	$11,410	$14,650	$13,838
10/31/2021	$11,357	$14,764	$13,783
11/30/2021	$10,942	$14,198	$13,363
12/31/2021	$11,372	$14,519	$13,984
1/31/2022	$11,394	$14,207	$13,906
2/28/2022	$11,328	$13,882	$13,775
3/31/2022	$11,372	$13,665	$13,658
4/30/2022	$10,814	$12,987	$12,936
5/31/2022	$10,858	$12,997	$13,037
6/30/2022	$10,070	$12,056	$11,957
7/31/2022	$10,048	$12,088	$11,905
8/31/2022	$10,113	$12,214	$11,913
9/30/2022	$9,074	$10,851	$10,645
10/31/2022	$8,931	$10,583	$10,482
11/30/2022	$10,179	$12,005	$11,941
12/31/2022	$10,054	$11,863	$11,773
1/31/2023	$10,700	$12,691	$12,713
2/28/2023	$10,235	$11,962	$12,008
3/31/2023	$10,394	$12,284	$12,368
4/30/2023	$10,541	$12,194	$12,383
5/31/2023	$10,382	$12,034	$12,255
6/30/2023	$10,847	$12,488	$12,678
7/31/2023	$11,550	$13,261	$13,411
8/31/2023	$10,927	$12,555	$12,562
9/30/2023	$10,881	$12,280	$12,419
10/31/2023	$10,382	$11,759	$11,921
11/30/2023	$11,108	$12,720	$12,915
12/31/2023	$11,632	$13,244	$13,475
1/31/2024	$11,289	$12,730	$12,914
2/29/2024	$11,691	$13,274	$13,448
3/31/2024	$11,868	$13,543	$13,746
4/30/2024	$12,163	$13,628	$13,827
5/31/2024	$12,399	$13,721	$13,975
6/30/2024	$12,659	$14,238	$14,463

Table of Contents

Average Annual Total Returns
	1 Year	5 Years	10 Years
SAEMX	16.83%	4.69%	2.39%
Primary Benchmark	14.01%	4.41%	3.60%
Secondary Benchmark	14.08%	4.72%	3.76%

Key Fund Statistics
Total Net Assets	$207,819,406
# of Portfolio Holdings	1,779
Portfolio Turnover Rate	13%
Total Advisory Fees Paid	$287,212

What did the Fund invest in?
Top Ten Largest Countries
(As a % of long-term investments)
China	24.8%
India	22.0
Taiwan	20.7
Korea	12.8
Brazil	4.5
South Africa	2.8
Mexico	2.3
Malaysia	1.6
Thailand	1.5
Others	7.0


Top Ten Largest Sectors
(As a % of long-term investments)
Financials	29.0%
Information Technology	14.2
Materials	12.2
Energy	11.5
Consumer Discretionary	10.9
Industrials	9.7
Real Estate	3.1
Health Care	3.0
Consumer Staples	2.4
Communication Services	2.5

Additional Information

Toll-free: 1-844-366-0905

The SA Funds are distributed by Foreside Financial Services, LLC.

SA Emerging Markets Value Fund

Annual Shareholder Report - June 30, 2024

SAEMX

Table of Contents

SA Real Estate Securities Fund

SAREX

Annual Shareholder Report - June 30, 2024

This annual shareholder report contains important information about SA Real Estate Securities Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://buckinghamstrategicpartners.com/safunds/documents. You can also request this information by contacting us at 1-844-366-0905.

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SAREX	$78	0.76%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended June 30, 2024, the Fund had a net return of 5.61%, compared to a return of 5.63% for the Fund’s Secondary Benchmark. The Fund essentially experienced an equivalent level of return during the fiscal year as did the Secondary Benchmark, after deducting the Fund’s net operating expenses for the year. During the fiscal year, the Fund’s portfolio before deducting fees and expenses outperformed the Secondary Benchmark moderately by avoiding a small number of REITs held in the Benchmark that exhibited weak performance during the fiscal year, but after the deduction of fees and expenses, the Fund's net performance roughly equaled that of the Benchmark.

Fund Performance

Years	SAREX	Primary Benchmark	Secondary Benchmark
6/30/2014	$10,000	$10,000	$10,000
7/31/2014	$10,000	$9,804	$9,982
8/31/2014	$10,282	$10,215	$10,320
9/30/2014	$9,658	$10,002	$9,735
10/31/2014	$10,614	$10,279	$10,587
11/30/2014	$10,825	$10,531	$10,842
12/31/2014	$11,021	$10,529	$10,949
1/31/2015	$11,761	$10,237	$11,579
2/28/2015	$11,329	$10,829	$11,266
3/31/2015	$11,514	$10,717	$11,383
4/30/2015	$10,826	$10,768	$10,825
5/31/2015	$10,795	$10,917	$10,801
6/30/2015	$10,312	$10,730	$10,333
7/31/2015	$10,898	$10,909	$10,829
8/31/2015	$10,229	$10,254	$10,207
9/30/2015	$10,548	$9,958	$10,396
10/31/2015	$11,144	$10,745	$11,013
11/30/2015	$11,083	$10,803	$11,001
12/31/2015	$11,285	$10,585	$11,139
1/31/2016	$10,888	$9,990	$10,748
2/29/2016	$10,846	$9,987	$10,700
3/31/2016	$11,966	$10,690	$11,812
4/30/2016	$11,662	$10,754	$11,594
5/31/2016	$11,914	$10,949	$11,857
6/30/2016	$12,741	$10,973	$12,674
7/31/2016	$13,275	$11,409	$13,160
8/31/2016	$12,824	$11,436	$12,688
9/30/2016	$12,573	$11,454	$12,501
10/31/2016	$11,830	$11,206	$11,861
11/30/2016	$11,600	$11,701	$11,561
12/31/2016	$12,133	$11,927	$12,063
1/31/2017	$12,100	$12,158	$12,088
2/28/2017	$12,502	$12,609	$12,587
3/31/2017	$12,198	$12,620	$12,379
4/30/2017	$12,187	$12,755	$12,418
5/31/2017	$12,111	$12,892	$12,388
6/30/2017	$12,361	$13,007	$12,633
7/31/2017	$12,502	$13,254	$12,791
8/31/2017	$12,502	$13,280	$12,859
9/30/2017	$12,448	$13,600	$12,751
10/31/2017	$12,361	$13,899	$12,753
11/30/2017	$12,698	$14,322	$13,065
12/31/2017	$12,683	$14,466	$13,035
1/31/2018	$12,235	$15,237	$12,662
2/28/2018	$11,329	$14,676	$11,748
3/31/2018	$11,765	$14,381	$12,180
4/30/2018	$11,810	$14,430	$12,236
5/31/2018	$12,235	$14,836	$12,668
6/30/2018	$12,750	$14,935	$13,193
7/31/2018	$12,850	$15,437	$13,279
8/31/2018	$13,208	$15,975	$13,644
9/30/2018	$12,873	$16,002	$13,310
10/31/2018	$12,593	$14,822	$12,980
11/30/2018	$13,197	$15,125	$13,614
12/31/2018	$12,192	$13,718	$12,565
1/31/2019	$13,552	$14,900	$14,008
2/28/2019	$13,645	$15,426	$14,086
3/31/2019	$14,238	$15,653	$14,729
4/30/2019	$14,180	$16,276	$14,684
5/31/2019	$14,308	$15,231	$14,796
6/30/2019	$14,447	$16,302	$14,996
7/31/2019	$14,680	$16,545	$15,226
8/31/2019	$15,296	$16,213	$15,877
9/30/2019	$15,528	$16,496	$16,145
10/31/2019	$15,679	$16,848	$16,307
11/30/2019	$15,412	$17,488	$16,042
12/31/2019	$15,467	$17,987	$16,150
1/31/2020	$15,661	$17,971	$16,380
2/29/2020	$14,570	$16,498	$15,236
3/31/2020	$11,876	$14,227	$12,455
4/30/2020	$12,895	$16,111	$13,552
5/31/2020	$13,102	$16,979	$13,805
6/30/2020	$13,369	$17,372	$14,101
7/31/2020	$13,793	$18,363	$14,697
8/31/2020	$13,769	$19,682	$14,705
9/30/2020	$13,405	$18,959	$14,323
10/31/2020	$12,944	$18,558	$13,847
11/30/2020	$14,206	$20,818	$15,026
12/31/2020	$14,500	$21,752	$15,393
1/31/2021	$14,500	$21,670	$15,368
2/28/2021	$14,866	$22,346	$15,680
3/31/2021	$15,685	$23,128	$16,570
4/30/2021	$16,933	$24,328	$17,930
5/31/2021	$17,072	$24,429	$18,072
6/30/2021	$17,589	$25,041	$18,586
7/31/2021	$18,383	$25,474	$19,422
8/31/2021	$18,749	$26,206	$19,853
9/30/2021	$17,627	$25,017	$18,636
10/31/2021	$18,875	$26,695	$19,990
11/30/2021	$18,636	$26,304	$19,802
12/31/2021	$20,418	$27,326	$21,713
1/31/2022	$18,774	$25,689	$19,943
2/28/2022	$18,007	$25,046	$19,141
3/31/2022	$19,295	$25,865	$20,507
4/30/2022	$18,541	$23,529	$19,767
5/31/2022	$17,664	$23,477	$18,821
6/30/2022	$16,444	$21,499	$17,505
7/31/2022	$17,828	$23,522	$18,984
8/31/2022	$16,773	$22,632	$17,874
9/30/2022	$14,663	$20,525	$15,605
10/31/2022	$15,115	$22,200	$16,091
11/30/2022	$16,020	$23,382	$17,082
12/31/2022	$15,232	$22,004	$16,240
1/31/2023	$16,752	$23,534	$17,863
2/28/2023	$15,763	$22,988	$16,811
3/31/2023	$15,483	$23,609	$16,557
4/30/2023	$15,542	$23,849	$16,632
5/31/2023	$14,878	$23,957	$15,911
6/30/2023	$15,630	$25,597	$16,750
7/31/2023	$15,925	$26,516	$17,040
8/31/2023	$15,394	$26,009	$16,466
9/30/2023	$14,302	$24,766	$15,318
10/31/2023	$13,874	$24,105	$14,868
11/30/2023	$15,497	$26,374	$16,653
12/31/2023	$16,842	$27,775	$18,080
1/31/2024	$16,036	$28,092	$17,210
2/29/2024	$16,325	$29,613	$17,577
3/31/2024	$16,583	$30,568	$17,857
4/30/2024	$15,305	$29,236	$16,382
5/31/2024	$16,127	$30,621	$17,298
6/30/2024	$16,507	$31,584	$17,693

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Average Annual Total Returns
	1 Year	5 Years	10 Years
SAREX	5.61%	2.70%	5.14%
Primary Benchmark	23.39%	14.14%	12.19%
Secondary Benchmark	5.63%	3.36%	5.87%

Key Fund Statistics
Total Net Assets	$123,997,506
# of Portfolio Holdings	129
Portfolio Turnover Rate	2%
Total Advisory Fees Paid	$301,549

What did the Fund invest in?

Largest Industry Holdings (As a % of long-term investments)
Specialized REITs	37.6%
Residential REITs	15.2
Retail REITs	14.6
Industrial REITs	12.7
Health Care REITs	11.6
Office REITs	3.4
Hotel & Resort REITs	2.9
Diversified REITs	2.0

Additional Information

Toll-free: 1-844-366-0905

The SA Funds are distributed by Foreside Financial Services, LLC.

SA Real Estate Securities Fund

Annual Shareholder Report - June 30, 2024

SAREX

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SA Worldwide Moderate Growth Fund

SAWMX

Annual Shareholder Report - June 30, 2024

This annual shareholder report contains important information about SA Worldwide Moderate Growth Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://buckinghamstrategicpartners.com/safunds/documents. You can also request this information by contacting us at 1-844-366-0905.

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SAWMX	$0*	0.00%*

Buckingham Strategic Partners, LLC, (the "Adviser") has contractually agreed to waive fees and/or reimburse expenses to the Fund's total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expense and extraordinary expenses). Shareholders would have paid $77, or 0.72% when considering the acquired fund fees.

How did the Fund perform last year and what affected its performance?

For the fiscal year ended June 30, 2024, the Fund had a net return of 12.87%, compared to a return of 14.11% for the Fund’s Secondary Benchmark. Since the Fund invests exclusively in shares of the SA Fund family (the “Underlying Funds”), the performance of the Fund relative to the Secondary Benchmark is driven primarily by the performance of each of the Underlying Funds against the relevant components of that Benchmark. For the fiscal year, three of the eight underlying funds contributed positively to relative performance, notably the SA US Fixed Income Fund. Five of the eight underlying funds contributed negatively to relative performance this quarter, most notably the SA US Core Market Fund, the SA Global Fixed Income Fund, and the SA US Value Fund.

Fund Performance

The following line chart and table are intended to help you understand the risks of investing in the Fund. The chart shows the growth of $10,000 over the period since the Fund's inception. The table shows the total return for the selected time periods for the SA Fund as well as for the Primary Benchmark and the Secondary Benchmark.

Year	SAWMX	Primary Benchmark	Secondary Benchmark
7/1/2015	$10,000	$10,000	$10,000
7/31/2015	$9,900	$10,028	$10,087
8/31/2015	$9,390	$9,361	$9,703
9/30/2015	$9,120	$9,024	$9,540
10/31/2015	$9,630	$9,710	$9,992
11/30/2015	$9,590	$9,641	$9,986
12/31/2015	$9,399	$9,467	$9,863
1/31/2016	$8,934	$8,883	$9,567
2/29/2016	$8,924	$8,834	$9,579
3/31/2016	$9,500	$9,498	$10,022
4/30/2016	$9,651	$9,648	$10,094
5/31/2016	$9,611	$9,663	$10,169
6/30/2016	$9,611	$9,596	$10,216
7/31/2016	$9,944	$10,022	$10,490
8/31/2016	$10,015	$10,051	$10,501
9/30/2016	$10,045	$10,115	$10,521
10/31/2016	$9,965	$9,927	$10,364
11/30/2016	$10,197	$10,025	$10,475
12/31/2016	$10,407	$10,245	$10,613
1/31/2017	$10,593	$10,520	$10,757
2/28/2017	$10,778	$10,810	$10,997
3/31/2017	$10,820	$10,937	$11,032
4/30/2017	$10,912	$11,110	$11,144
5/31/2017	$10,964	$11,344	$11,278
6/30/2017	$11,057	$11,403	$11,319
7/31/2017	$11,294	$11,709	$11,486
8/31/2017	$11,283	$11,750	$11,539
9/30/2017	$11,510	$11,993	$11,677
10/31/2017	$11,665	$12,239	$11,835
11/30/2017	$11,860	$12,483	$12,021
12/31/2017	$12,028	$12,691	$12,128
1/31/2018	$12,462	$13,372	$12,477
2/28/2018	$12,028	$12,818	$12,159
3/31/2018	$11,900	$12,577	$12,042
4/30/2018	$12,006	$12,693	$12,063
5/31/2018	$12,028	$12,725	$12,216
6/30/2018	$11,953	$12,645	$12,229
7/31/2018	$12,239	$13,002	$12,463
8/31/2018	$12,303	$13,122	$12,660
9/30/2018	$12,313	$13,155	$12,658
10/31/2018	$11,625	$12,138	$12,066
11/30/2018	$11,763	$12,321	$12,218
12/31/2018	$11,078	$11,444	$11,684
1/31/2019	$11,780	$12,363	$12,308
2/28/2019	$11,984	$12,699	$12,546
3/31/2019	$12,006	$12,832	$12,727
4/30/2019	$12,278	$13,255	$13,013
5/31/2019	$11,689	$12,478	$12,612
6/30/2019	$12,255	$13,273	$13,177
7/31/2019	$12,210	$13,306	$13,271
8/31/2019	$11,904	$12,982	$13,218
9/30/2019	$12,199	$13,255	$13,348
10/31/2019	$12,425	$13,627	$13,552
11/30/2019	$12,606	$13,963	$13,811
12/31/2019	$12,905	$14,447	$14,060
1/31/2020	$12,559	$14,265	$14,108
2/29/2020	$11,714	$13,097	$13,487
3/31/2020	$10,071	$11,237	$12,342
4/30/2020	$10,857	$12,458	$13,302
5/31/2020	$11,167	$13,041	$13,732
6/30/2020	$11,357	$13,442	$13,972
7/31/2020	$11,643	$14,128	$14,489
8/31/2020	$12,048	$14,984	$15,037
9/30/2020	$11,762	$14,519	$14,734
10/31/2020	$11,655	$14,201	$14,514
11/30/2020	$12,940	$15,991	$15,632
12/31/2020	$13,437	$16,769	$16,065
1/31/2021	$13,450	$16,717	$15,975
2/28/2021	$14,049	$17,149	$16,151
3/31/2021	$14,536	$17,585	$16,412
4/30/2021	$14,948	$18,346	$16,928
5/31/2021	$15,260	$18,617	$17,037
6/30/2021	$15,185	$18,824	$17,268
7/31/2021	$15,210	$18,917	$17,473
8/31/2021	$15,410	$19,390	$17,747
9/30/2021	$15,085	$18,623	$17,236
10/31/2021	$15,473	$19,517	$17,840
11/30/2021	$15,135	$18,991	$17,646
12/31/2021	$15,676	$19,753	$18,053
1/31/2022	$15,415	$18,725	$17,321
2/28/2022	$15,246	$18,306	$16,995
3/31/2022	$15,324	$18,677	$17,120
4/30/2022	$14,606	$17,204	$16,044
5/31/2022	$14,854	$17,210	$16,057
6/30/2022	$13,823	$15,724	$15,156
7/31/2022	$14,397	$16,830	$16,041
8/31/2022	$14,071	$16,237	$15,522
9/30/2022	$13,105	$14,673	$14,416
10/31/2022	$13,823	$15,556	$14,984
11/30/2022	$14,632	$16,758	$15,764
12/31/2022	$14,280	$16,137	$15,287
1/31/2023	$15,015	$17,295	$16,083
2/28/2023	$14,747	$16,814	$15,717
3/31/2023	$14,775	$17,240	$16,114
4/30/2023	$14,931	$17,475	$16,276
5/31/2023	$14,605	$17,263	$16,184
6/30/2023	$15,284	$18,261	$16,783
7/31/2023	$15,766	$18,949	$17,153
8/31/2023	$15,483	$18,416	$16,899
9/30/2023	$15,171	$17,659	$16,326
10/31/2023	$14,761	$17,083	$15,970
11/30/2023	$15,567	$18,657	$17,104
12/31/2023	$16,220	$19,610	$17,847
1/31/2024	$16,190	$19,680	$17,943
2/29/2024	$16,618	$20,499	$18,387
3/31/2024	$17,193	$21,143	$18,802
4/30/2024	$16,795	$20,441	$18,238
5/31/2024	$17,296	$21,255	$18,818
6/30/2024	$17,252	$21,657	$19,150

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Average Annual Total Returns
	1 Year	5 Years	Since Inception 7/1/15
SAWMX	12.87%	7.08%	6.25%
Primary Benchmark	18.60%	10.29%	8.97%
Secondary Benchmark	14.11%	7.76%	7.49%

Key Fund Statistics
Total Net Assets	$21,922,332
# of Portfolio Holdings	8
Portfolio Turnover Rate	11%
Total Advisory Fees Paid	$0

What did the Fund invest in?

Largest Holdings (As a % of net assets)
SA International Value Fund	19.7
SA U.S. Core Market Fund	17.0
SA U.S. Value Fund	16.8
SA Global Fixed Income Fund	15.0
SA U.S. Fixed Income Fund	15.0
SA Emerging Markets Value Fund	6.8
SA U.S. Small Company Fund	6.7
SA Real Estate Securities Fund	3.1

Additional Information

If you wish to view additional information about the Fund; including but not limited to the Fund's prospectus, financial statements,holdings and proxy voting information, please visit https://buckinghamstrategicpartners.com/sa-funds/documents. To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address,called “Householding”. If you would prefer that your Fund documents not be householded, please contact us at 1-844-366-0905, or contact your financial intermediary.

Toll-free: 1-844-366-0905

The SA Funds are distributed by Foreside Financial Services, LLC.

SA Worldwide Moderate Growth Fund

Annual Shareholder Report - June 30, 2024

SAWMX

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(b) Not applicable.

Item 2. Code of Ethics.

(a) As of the end of the period covered by this Form N-CSR, the registrant has adopted a code of ethics, as defined in Item 2(b) of Form N-CSR, that applies to the registrant’s chief executive officer and chief financial and accounting officer.

(d) The registrant has not granted any waivers from any provisions of its code of ethics during the period covered by this Form N-CSR.

(e) Not applicable.

(f) A copy of the registrant’s code of ethics is filed as Exhibit 19(a)(1) to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

(a)(1) The registrant’s Board of Trustees (the “Board”) has determined that the registrant has three members serving on the registrant’s Audit Committee that possess the attributes identified in Form N-CSR to qualify as an “audit committee financial expert.”

(a)(2) The audit committee financial experts are Bryan W. Brown, Harold M. Shefrin and Charles M. Roame. Each has been deemed to be “independent” as that term is defined in Form N-CSR.

Item 4. Principal Accountant Fees and Services.

For the fiscal year June 30, 2024, Cohen & Co. (“Cohen”) serves as the independent registered public accounting firm for the registrant.

(a) Audit Fees.

For the fiscal years ended June 30, 2024 and June 30, 2023, the aggregate fees billed for professional services rendered by Cohen for the audit of the registrant’s annual financial statements or for services that are normally provided by Cohen in connection with statutory and regulatory filings or engagements were $197,500 and $197,500 respectively.

(b) Audit-Related Fees.

For the fiscal years ended June 30, 2024 and June 30, 2023, the aggregate fees billed for assurance and related services rendered by Cohen that are reasonably related to the performance of the audit or review of the registrant’s financial statements and that are not reported under Audit Fees above were $0 and $0, respectively. Services for which fees in the Audit-Related Fees category were billed include Cohen’s reasonable out-of-pocket expenses and ticket charges for booking travel related to conducting the audit.

For the twelve month periods ended June 30, 2024 and June 30, 2023, aggregate Audit-Related Fees billed by Cohen that were required to be approved by the registrant’s Audit Committee for audit-related services rendered to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant (the “Affiliated Service Providers”) that relate directly to the operations and financial reporting of the registrant were $0 and $0, respectively.

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For the fiscal years ended June 30, 2024 and June 30, 2023, the aggregate fees billed for tax compliance, tax advice and tax planning by Cohen were $42,000 and $42,000, respectively. Services for which fees in the Tax Fees category are billed include Cohen’s review of the registrant’s U.S. federal income tax returns and the required state corporate income tax returns, as well as Cohen’s review of excise tax distribution calculations.

For the twelve month periods ended June 30, 2024 and June 30, 2023, the aggregate Tax Fees billed Cohen that were required to be approved by the registrant’s Audit Committee for tax compliance, tax advice and tax planning services rendered on behalf of Affiliated Service Providers that relate directly to the operations and financial reporting of the registrant were $0 and $0, respectively.

(d) All Other Fees.

For the fiscal years ended June 30, 2024 and June 30, 2023, the aggregate fees billed by Cohen to the registrant for all services other than services reported under Audit Fees, Audit-Related Fees, and Tax Fees were $9,000 and $7,500, respectively.

For the twelve month periods ended June 30, 2024 and June 30, 2023, the aggregate fees in this category billed by Cohen that were required to be approved by the registrant’s Audit Committee for services rendered on behalf of Affiliated Service Providers that relate directly to the operations and financial reporting of the registrant were $0 and $0, respectively.

(e)(1) Audit Committee’s Pre-Approval Policies and Procedures.

The registrant’s Audit Committee has the sole authority to pre-approve all audit and non-audit services to be provided by Cohen to the registrant, subject to the de minimis exceptions for non-audit services described in Section 10A(i)(1)B of the Securities Exchange Act of 1934, as amended (“Exchange Act”). Pre-approval of audit and non-audit services is not required if the engagement to render the services is entered into pursuant to pre-approval policies and procedures established by the Audit Committee. The Audit Committee has not established such policies and procedures.

(e)(2) Percentage of Services.

None of the services described in each of paragraphs (b) through (d) of this Item were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) For the fiscal years ended June 30, 2024 and June 30, 2023, aggregate non-audit fees billed by Cohen for services rendered to the registrant were $0 and $0, respectively.

For the twelve month periods ended June 30, 2024 and June 30, 2023, aggregate non-audit fees billed by Cohen for services rendered to the Affiliated Service Providers were $0 and $0, respectively.

(h) Not applicable.

(i) Not applicable.

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(j) Not applicable.

Item 5. Audit Committees of Listed Registrants.

Not applicable to the registrant.

Item 6. Investments.

(a) The Schedule of Investments is included in the financial statements filed under Item 7(a) of this Form.

(b) Not applicable to the registrant.

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Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

(a) The registrant’s Financial Statements are attached herewith.

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TABLE OF CONTENTS

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SA U.S. Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024

	FACE
	AMOUNT		VALUE†

YANKEE CORPORATE BONDS AND NOTES — 14.3%
Consumer, Cyclical — 0.6%
Mercedes-Benz Finance North America LLC, 5.000%, 1/11/34 ±	$	3,000,000	$	2,938,783
Consumer, Non-cyclical — 1.0%
Ashtead Capital, Inc., 5.550%, 5/30/33 ±		1,480,000		1,445,730
BAT Capital Corp., 6.000%, 2/20/34		3,000,000		3,042,621
				4,488,351
Financial — 11.1%
Australia & New Zealand Banking Group Ltd., SOFR + 0.560%, 5.934%, 3/18/26 ‡±		13,803,000		13,834,817
Bank of Montreal, SOFR + 1.330%, 6.701%, 6/05/26 ‡		1,000,000		1,013,720
Commonwealth Bank of Australia, SOFR + 0.400%, 5.753%, 7/07/25 ‡±		1,950,000		1,951,239
Cooperatieve Rabobank UA, SOFR + 0.700%, 6.058%, 7/18/25 ‡		1,109,000		1,113,328
Cooperatieve Rabobank UA, SOFR + 0.710%, 6.081%, 3/05/27 ‡		9,500,000		9,530,206
Credit Agricole SA, SOFR + 0.870%, 6.242%, 3/11/27 ‡±		572,000		572,625
Nordea Bank Abp, 0.750%, 8/28/25 ±		680,000		645,103
Nordea Bank Abp, SOFR + 0.740%, 6.114%, 3/19/27 ‡±		9,000,000		9,033,455
Royal Bank of Canada, 5.150%, 2/01/34		2,000,000		1,989,577
Royal Bank of Canada, SOFR + 0.440%, 5.798%, 1/21/25 ‡		635,000		634,743
Royal Bank of Canada, SOFR + 0.570%, 5.931%, 4/27/26 ‡		895,000		897,111
Svenska Handelsbanken AB, SOFR + 0.910%, 6.281%, 6/10/25 ‡±		2,000,000		2,010,745
Toronto-Dominion Bank (The), SOFR + 1.080%, 6.437%, 7/17/26 ‡		1,150,000		1,162,147
Westpac Banking Corp., SOFR + 0.420%, 5.768%, 4/16/26 ‡		2,300,000		2,301,004
Westpac Banking Corp., SOFR + 0.720%, 6.087%, 11/17/25 ‡		5,000,000		5,027,982
				51,717,802

Government — 1.6%
African Development Bank, 3.375%, 7/07/25		5,974,000		5,868,207
Svensk Exportkredit AB, SOFR + 1.000%, 6.363%, 8/03/26 ‡		1,600,000		1,622,705
				7,490,912
TOTAL YANKEE CORPORATE BONDS AND NOTES (Identified Cost $66,549,611)				66,635,848

CORPORATE BONDS AND NOTES — 24.5%
Basic Materials — 0.9%
Eastman Chemical Co., 5.625%, 2/20/34		2,300,000		2,290,888
LYB International Finance III LLC, 5.500%, 3/01/34		2,000,000		1,981,175
				4,272,063

Communication — 0.2%
Amazon.com, Inc., 3.000%, 4/13/25		849,000		833,971

Consumer, Cyclical — 0.7%
American Honda Finance Corp., SOFR + 0.600%, 5.966%, 8/14/25 ‡		340,000		340,620
American Honda Finance Corp., SOFR + 0.710%, 6.064%, 1/09/26 ‡		1,000,000		1,004,155
Whirlpool Corp., 5.750%, 3/01/34		2,000,000		2,001,620
				3,346,395

Consumer, Non-cyclical — 5.4%
Cigna Group (The), 5.250%, 2/15/34		3,000,000		2,965,399
ERAC USA Finance LLC, 4.900%, 5/01/33 ±		3,000,000		2,926,745
Nestle Capital Corp., 4.875%, 3/12/34 ±		4,000,000		3,957,071
Philip Morris International, Inc., 5.250%, 2/13/34		3,000,000		2,949,852
Procter & Gamble Co. (The), 4.550%, 1/29/34		4,000,000		3,935,170
Roche Holdings, Inc., 5.593%, 11/13/33 ±		6,000,000		6,236,971
Roche Holdings, Inc., SOFR + 0.740%, 6.105%, 11/13/26 ‡±		900,000		906,804
Tyson Foods, Inc., 5.700%, 3/15/34		1,300,000		1,297,953
				25,175,965

Energy — 0.6%
Kinder Morgan, Inc., 5.200%, 6/01/33		1,000,000		973,434
Phillips 66 Co., 5.300%, 6/30/33		2,000,000		1,981,187
				2,954,621

Financial — 12.1%
American Express Co., SOFR + 0.650%, 6.012%, 11/04/26 ‡		1,500,000		1,501,707
American Tower Corp., 5.450%, 2/15/34		2,000,000		1,987,547
Athene Holding Ltd., 5.875%, 1/15/34		2,000,000		1,984,013
BlackRock Funding, Inc., 5.000%, 3/14/34		4,000,000		3,978,641
Brixmor Operating Partnership LP, 5.500%, 2/15/34		2,000,000		1,970,683
Charles Schwab Corp. (The), SOFR + 0.520%, 5.885%, 5/13/26 ‡		2,500,000		2,500,700
Citibank NA, SOFR + 1.060%, 6.431%, 12/04/26 ‡		2,000,000		2,024,613

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

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SA U.S. Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	FACE
	AMOUNT		VALUE†

CORPORATE BONDS AND NOTES (Continued)
Financial (Continued)
CNA Financial Corp., 5.125%, 2/15/34	$	3,000,000	$	2,913,803
Corebridge Financial, Inc., 5.750%, 1/15/34		1,950,000		1,968,517
Crown Castle, Inc., 5.800%, 3/01/34		2,000,000		2,025,099
JPMorgan Chase Bank NA, SOFR + 1.000%, 6.371%, 12/08/26 ‡		13,000,000		13,180,174
Lincoln National Corp., 5.852%, 3/15/34		2,800,000		2,803,922
Morgan Stanley Bank NA, 5.479%, 7/16/25		4,620,000		4,628,316
Morgan Stanley Bank NA, SOFR + 1.165%, 6.526%, 10/30/26 ‡		4,000,000		4,055,175
National Securities Clearing Corp., 0.750%, 12/07/25 ±		614,000		577,002
National Securities Clearing Corp., 5.150%, 5/30/25 ±		3,910,000		3,901,250
Simon Property Group LP, 6.250%, 1/15/34		1,000,000		1,056,530
State Street Corp., SOFR + 0.845%, 6.207%, 8/03/26 ‡		3,500,000		3,515,028
				56,572,720

Industrial — 1.1%
John Deere Capital Corp., SOFR + 0.560%, 5.931%, 3/07/25 ‡		4,000,000		4,009,628
Precision Castparts Corp., 3.250%, 6/15/25		1,000,000		980,853
				4,990,481

Technology — 0.7%
IBM International Capital Pte. Ltd., 4.900%, 2/05/34		1,500,000		1,458,696
Intel Corp., 5.150%, 2/21/34		2,000,000		1,980,649
				3,439,345

Utilities — 2.8%
Eversource Energy, 5.500%, 1/01/34		2,000,000		1,967,124
Interstate Power & Light Co., 5.700%, 10/15/33		3,000,000		3,046,233
National Rural Utilities Cooperative Finance Corp., SOFR + 0.800%, 6.162%, 2/05/27 ‡		3,000,000		3,015,641
Sempra, 5.500%, 8/01/33		2,000,000		2,001,814
Virginia Electric & Power Co., 5.000%, 1/15/34		3,000,000		2,924,317
				12,955,129
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $114,793,679)				114,540,690

U.S. GOVERNMENT & AGENCY OBLIGATIONS — 60.2%
U.S. Treasury Securities — 60.2%
U.S. Treasury Floating Rate Notes, 3 mo. Treasury Money Market Yield + 0.125%, 5.430%, 7/31/25 ‡		36,000,000		36,011,300
U.S. Treasury Floating Rate Notes, 3 mo. Treasury Money Market Yield + 0.169%, 5.474%, 4/30/25 ‡		26,350,000		26,366,133
U.S. Treasury Floating Rate Notes, 3 mo. Treasury Money Market Yield + 0.170%, 5.475%, 10/31/25 ‡		24,550,000		24,570,666
U.S. Treasury Floating Rate Notes, 3 mo. Treasury Money Market Yield + 0.245%, 5.550%, 1/31/26 ‡		7,000,000		7,010,364
U.S. Treasury Inflation-Indexed Bonds, 2.000%, 1/15/26		21,324,060		21,066,816
U.S. Treasury Inflation-Indexed Notes, 0.125%, 10/15/25		24,769,330		23,956,878
U.S. Treasury Inflation-Indexed Notes, 0.375%, 7/15/25		24,457,370		23,844,582
U.S. Treasury Inflation-Indexed Notes, 0.625%, 1/15/26		24,409,085		23,617,773
U.S. Treasury Notes, 0.250%, 5/31/25		24,000,000		22,952,664
U.S. Treasury Notes, 0.375%, 4/30/25		24,000,000		23,071,872
U.S. Treasury Notes, 2.750%, 6/30/25		2,000,000		1,954,391
U.S. Treasury Notes, 2.750%, 8/31/25		20,000,000		19,485,156
U.S. Treasury Notes, 2.875%, 6/15/25		24,000,000		23,493,901
U.S. Treasury Notes, 4.375%, 12/15/26		4,000,000		3,978,281
				281,380,777
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Identified Cost $282,560,078)				281,380,777

		SHARES
SHORT-TERM INVESTMENTS — 0.3%
Investment Company — 0.3%
State Street Institutional U.S. Government Money Market Fund 5.000%		1,485,995		1,485,995

TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $1,485,995)			$	1,485,995

Total Investments — 99.3%
(Identified Cost $465,389,363)				464,043,310
Cash and Other Assets, Less Liabilities — 0.7%				3,497,148
Net Assets — 100.0%			$	467,540,458

†	See Note 1
±	144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at June 30, 2024 amounted to $50,938,339 or 10.89% of the net assets of the Fund.
‡	Floating rate or variable rate note. Rate shown is as of June 30, 2024.

Key to abbreviations:

SOFR — Secured Overnight Financing Rate

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

Table of Contents

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024

		FACE
		AMOUNT	VALUE†

BONDS AND NOTES — 99.0%
Australia — 10.0%
Australia & New Zealand Banking Group Ltd., 4.050%, 5/12/25	AUD	1,000,000	$	662,477
Australia & New Zealand Banking Group Ltd., (3-mo. Swap + 0.830%), 5.275%, 3/31/26 ‡	AUD	1,500,000		1,006,087
Australia & New Zealand Banking Group Ltd., (3-mo. Swap + 0.920%), 5.332%, 11/04/25 ‡	AUD	2,500,000		1,678,158
Australia & New Zealand Banking Group Ltd., (3-mo. Swap + 0.970%), 5.340%, 5/12/27 ‡	AUD	500,000		336,194
Australia & New Zealand Banking Group Ltd., (3-mo. Swap + 1.200%), 5.612%, 11/04/27 ‡	AUD	500,000		338,463
Australia & New Zealand Banking Group Ltd., (SOFR + 0.560%), 5.934%, 3/18/26 ‡±	USD	6,682,000		6,697,402
Commonwealth Bank of Australia, 4.200%, 8/18/25	AUD	1,700,000		1,125,767
Commonwealth Bank of Australia, (3-mo. Swap + 0.700%), 5.055%, 1/14/27 ‡	AUD	1,000,000		668,031
Commonwealth Bank of Australia, (3-mo. Swap + 0.750%), 5.095%, 8/17/26 ‡	AUD	500,000		334,728
Commonwealth Bank of Australia, (3-mo. Swap + 0.800%), 5.143%, 8/18/25 ‡	AUD	2,000,000		1,339,924
Commonwealth Bank of Australia, (3-mo. Swap + 0.900%), 5.255%, 1/13/26 ‡	AUD	6,200,000		4,161,460
Commonwealth Bank of Australia, (3-mo. Swap + 1.150%), 5.505%, 1/13/28 ‡	AUD	1,500,000		1,014,163
Commonwealth Bank of Australia, (SOFR + 0.400%), 5.753%, 7/07/25 ‡±	USD	3,548,000		3,550,254
Commonwealth Bank of Australia, (SOFR + 0.630%), 6.002%, 9/12/25 ‡±	USD	233,000		233,872
Commonwealth Bank of Australia, (SOFR + 0.740%), 6.112%, 3/14/25 ‡	USD	2,900,000		2,907,975
National Australia Bank Ltd., 2.900%, 2/25/27	AUD	1,000,000		633,328
National Australia Bank Ltd., 3.900%, 5/30/25	AUD	2,400,000		1,587,223
National Australia Bank Ltd., 4.951%, 1/10/34 ±	USD	2,883,000		2,856,475
National Australia Bank Ltd., (3-mo. Swap + 0.770%), 5.137%, 1/21/25 ‡	AUD	1,300,000		869,429
National Australia Bank Ltd., (3-mo. Swap + 0.780%), 5.150%, 5/12/26 ‡	AUD	1,500,000		1,004,864
National Australia Bank Ltd., (3-mo. Swap + 0.900%), 5.250%, 5/30/25 ‡	AUD	5,900,000		3,954,595
National Australia Bank Ltd., (3-mo. Swap + 0.920%), 5.255%, 11/25/25 ‡	AUD	2,500,000		1,678,311
National Australia Bank Ltd., (3-mo. Swap + 1.200%), 5.535%, 11/25/27 ‡	AUD	500,000		338,380
National Australia Bank Ltd., (SOFR + 0.760%), 6.125%, 5/13/25 ‡±	USD	3,110,000		3,122,388
New South Wales Treasury Corp., 1.500%, 2/20/32	AUD	4,000,000		2,110,665
South Australian Government Financing Authority, 1.750%, 5/24/32	AUD	3,300,000		1,757,166
Treasury Corp. of Victoria, 2.250%, 9/15/33	AUD	6,000,000		3,186,120
Westpac Banking Corp., (3-mo. Swap + 0.690%), 5.061%, 3/17/25 ‡	AUD	3,000,000		2,006,113
Westpac Banking Corp., (3-mo. Swap + 0.750%), 5.104%, 2/16/26 ‡	AUD	1,000,000		669,740
Westpac Banking Corp., (3-mo. Swap + 0.700%), 5.112%, 1/25/27 ‡	AUD	1,000,000		668,045
Westpac Banking Corp., (3-mo. Swap + 0.800%), 5.170%, 8/11/25 ‡	AUD	6,000,000		4,020,135
Westpac Banking Corp., (3-mo. Swap + 0.950%), 5.320%, 11/11/25 ‡	AUD	1,400,000		940,150
Westpac Banking Corp., (3-mo. Swap + 0.980%), 5.334%, 2/16/28 ‡	AUD	500,000		336,050
Westpac Banking Corp., (3-mo. Swap + 1.230%), 5.600%, 11/11/27 ‡	AUD	1,500,000		1,016,009
				58,810,141

Canada — 14.2%
Canada Government Bonds, 1.500%, 4/01/25	CAD	24,000,000		17,160,776
Canadian Imperial Bank of Commerce, 3.300%, 5/26/25	CAD	22,000,000		15,882,310
CDP Financial, Inc., 0.875%, 6/10/25 ±	USD	10,000,000		9,603,611

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

Table of Contents

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

		FACE
		AMOUNT		VALUE†

BONDS AND NOTES (Continued)
Canada (Continued)
CDP Financial, Inc., (SOFR + 0.400%), 5.766%, 5/19/25 ‡±	USD		5,400,000	$	5,407,323
CPPIB Capital, Inc., (SOFR + 1.250%), 6.621%, 3/11/26 ‡±	USD		250,000		254,211
OMERS Finance Trust, 5.500%, 11/15/33 ±	USD		2,293,000		2,392,989
Province of Alberta Canada, 2.350%, 6/01/25	CAD		5,000,000		3,587,592
Province of Alberta Canada, 4.500%, 1/24/34	USD		13,000,000		12,771,003
Province of British Columbia Canada, 2.850%, 6/18/25	CAD		10,000,000		7,203,092
Province of Quebec Canada, 5.350%, 6/01/25	CAD		7,000,000		5,157,292
Royal Bank of Canada, 4.930%, 7/16/25	CAD		5,000,000		3,663,466
					83,083,665
Finland — 1.9%
Nordea Bank Abp, 2.750%, 6/12/25	NOK		68,000,000		6,246,453
Nordea Bank Abp, (SOFR + 0.740%), 6.114%, 3/19/27 ‡±	USD		5,000,000		5,018,586
					11,265,039
France — 1.3%
Agence Francaise de Developpement EPIC, 3.000%, 1/17/34	EUR		3,000,000		3,091,996
Caisse des Depots et Consignations, (SOFR + 0.340%), 5.701%, 5/03/26 ‡	USD		4,800,000		4,795,469
					7,887,465
Germany — 0.3%
NRW Bank, 1.050%, 3/31/26	AUD		2,350,000		1,469,039
Netherlands — 3.0%
BNG Bank NV, 3.250%, 7/15/25	AUD		900,000		591,444
Cooperatieve Rabobank UA, 3.375%, 5/21/25	USD		11,000,000		10,801,570
Cooperatieve Rabobank UA, (3-mo. Swap + 0.880%), 5.215%, 5/22/26 ‡	AUD		700,000		469,009
Cooperatieve Rabobank UA, (SOFR + 0.700%), 6.058%, 7/18/25 ‡	USD		3,952,000		3,967,424
Cooperatieve Rabobank UA, (SOFR + 0.710%), 6.081%, 3/05/27 ‡	USD		500,000		501,590
Cooperatieve Rabobank UA, (SOFR + 0.900%), 6.253%, 10/05/26 ‡	USD		1,110,000		1,117,686
					17,448,723
Norway — 2.7%
Kommunalbanken AS, (SOFR + 1.000%), 6.372%, 6/17/26 ‡	USD		15,300,000		15,508,292

Singapore — 0.7%
DBS Bank Ltd., (3-mo. Swap + 0.850%), 5.221%, 6/16/25 ‡	AUD		2,300,000		1,540,654
United Overseas Bank Ltd., (3-mo. Swap + 0.590%), 5.001%, 10/27/25 ‡	AUD		3,500,000		2,338,450
					3,879,104

Supranational — 11.7%
Asian Development Bank, 4.800%, 1/17/33	AUD		5,000,000		3,319,891
Asian Development Bank, (SOFR + 1.000%), 6.352%, 4/06/27 ‡	USD		200,000		203,812
Asian Development Bank, (SOFR + 1.000%), 6.369%, 8/27/26 ‡	USD		2,896,000		2,941,533
Asian Development Bank, (SOFR + 1.000%), 6.371%, 6/16/26 ‡	USD		6,500,000		6,590,772
Asian Infrastructure Investment Bank (The), 1.000%, 5/06/26	AUD		1,900,000		1,185,058
Asian Infrastructure Investment Bank (The), (SOFR + 0.620%), 5.985%, 8/16/27 ‡	USD		5,000,000		5,026,944
European Bank for Reconstruction & Development, (SOFR + 0.190%), 5.546%, 4/14/26 ‡	USD		3,126,000		3,124,628
European Bank for Reconstruction & Development, (SOFR + 0.330%), 5.696%, 2/20/28 ‡	USD		10,000,000		10,005,059
European Investment Bank, 1.250%, 5/12/25	SEK		100,000,000		9,263,124
European Investment Bank, 4.550%, 6/02/33	AUD		2,170,000		1,415,285
European Investment Bank, (SOFR + 1.000%), 6.369%, 5/21/28 ‡	USD		3,800,000		3,886,825
Inter-American Development Bank, (SOFR + 0.170%), 5.541%, 9/16/26 ‡	USD		1,500,000		1,497,779
Inter-American Development Bank, (SOFR + 0.270%), 5.643%, 3/20/28 @‡	USD		2,000,000		1,993,594
Inter-American Development Bank, (SOFR + 0.350%), 5.704%, 10/05/28 ‡	USD		3,020,000		3,022,295

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

Table of Contents

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

		FACE
		AMOUNT		VALUE†

BONDS AND NOTES (Continued)
Supranational (Continued)
Inter-American Development Bank, (SOFR + 0.350%), 5.704%, 10/04/27 @‡	USD		5,483,000	$	5,490,497
International Bank for Reconstruction & Development, 4.200%, 4/21/33	AUD		2,000,000		1,269,745
International Bank for Reconstruction & Development, (SOFR + 0.180%), 5.551%, 6/15/26 ‡	USD		1,500,000		1,498,435
International Bank for Reconstruction & Development, (SOFR + 0.370%), 5.724%, 1/12/27 ‡	USD		1,000,000		1,002,402
International Bank for Reconstruction & Development, (SOFR + 0.430%), 5.796%, 8/19/27 ‡	USD		3,650,000		3,668,032
International Finance Corp., 3.635%, 8/26/33	AUD		500,000		302,125
Nordic Investment Bank, 1.500%, 3/13/25	NOK		6,000,000		549,675
Nordic Investment Bank, (SOFR + 1.000%), 6.363%, 5/12/26 ‡	USD		1,050,000		1,063,750
					68,321,260

Sweden — 1.5%
Kommuninvest I Sverige AB, 1.000%, 5/12/25	SEK		13,000,000		1,201,344
Kommuninvest I Sverige AB, 1.500%, 5/12/25	SEK		10,000,000		928,192
Svensk Exportkredit AB, (SOFR + 1.000%), 6.363%, 8/03/26 ‡	USD		1,835,000		1,861,039
Svenska Handelsbanken AB, 3.650%, 6/10/25 ±	USD		5,000,000		4,916,046
					8,906,621

United States — 51.7%
BlackRock, Inc., 4.750%, 5/25/33	USD		15,000,000		14,743,611
Colgate-Palmolive Co., 3.250%, 8/15/32	USD		8,000,000		7,181,323
Mastercard, Inc., 4.850%, 3/09/33	USD		5,000,000		4,989,773
Meta Platforms, Inc., 4.950%, 5/15/33 @	USD		16,500,000		16,623,618
Morgan Stanley Bank NA, (SOFR + 1.165%), 6.526%, 10/30/26 ‡	USD		4,250,000		4,308,624
National Securities Clearing Corp., 5.150%, 5/30/25 ±	USD		3,910,000		3,901,250
Nestle Capital Corp., 4.875%, 3/12/34 ±	USD		4,000,000		3,957,071
Nestle Holdings, Inc., 5.000%, 9/12/33 ±	USD		5,000,000		5,059,329
Procter & Gamble Co. (The), 4.550%, 1/29/34	USD		14,500,000		14,264,991
Roche Holdings, Inc., 5.593%, 11/13/33 ±	USD		15,000,000		15,592,426
Roche Holdings, Inc., (SOFR + 0.740%), 6.105%, 11/13/26 ‡±	USD		1,050,000		1,057,938
Texas Instruments, Inc., 3.650%, 8/16/32	USD		3,617,000		3,322,310
Texas Instruments, Inc., 4.850%, 2/08/34 @	USD		4,000,000		3,973,831
Texas Instruments, Inc., 4.900%, 3/14/33	USD		5,000,000		5,001,975
U.S. Treasury Bonds, 5.250%, 2/15/29	USD		3,000,000		3,119,648
U.S. Treasury Floating Rate Notes, (3 mo. Treasury Money Market Yield + 0.169%), 5.474%, 4/30/25 ‡	USD		70,000,000		70,042,857
U.S. Treasury Inflation-Indexed Bonds, 2.000%, 1/15/26	USD		27,958,212		27,620,937
U.S. Treasury Inflation-Indexed Notes, 0.125%, 10/15/25	USD		31,052,282		30,033,744
U.S. Treasury Inflation-Indexed Notes, 0.375%, 7/15/25	USD		30,009,854		29,257,947
U.S. Treasury Inflation-Indexed Notes, 0.625%, 1/15/26	USD		29,950,607		28,979,646
U.S. Treasury Notes, 3.875%, 8/15/33	USD		10,000,000		9,642,773
					302,675,622

TOTAL BONDS AND NOTES
(Identified Cost $582,872,676)					579,254,971

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

Table of Contents

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

SHORT-TERM INVESTMENTS — 2.8%
Investment Company — 0.4%
State Street Institutional U.S. Government Money Market Fund 5.000%		2,284,930	$	2,284,930

Collateral For Securities On Loan — 2.4%
State Street Navigator Securities Lending Government Money Market Portfolio 5.330%		14,008,000		14,008,000

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $16,292,930)				16,292,930

Total Investments — 101.8%
(Identified Cost $599,165,606)				595,547,901
Liabilities in excess of Cash and Other Assets — (1.8%)				(10,332,919	)
Net Assets — 100.0%			$	585,214,982

†	See Note 1
‡	Floating rate or variable rate note. Rate shown is as of June 30, 2024.
±	144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at June 30, 2024 amounted to $73,621,172 or 12.58% of the net assets of the Fund.
@	A portion or all of the security was held on loan. As of June 30, 2024, the market value of the securities on loan was $22,713,041.

Key to abbreviations:

AUD — Australian Dollar

CAD — Canadian Dollar

EUR — Euro Currency

NOK — Norwegian Krone

SEK — Swedish Krona

SOFR — Secured Overnight Financing Rate
USD — U.S. Dollar

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

Table of Contents

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

Forward Foreign Currency Exchange Contracts sold outstanding as of June 30, 2024
Settlement	Currency		Currency			Total		Unrealized			Unrealized
Date	Purchased		Sold		Counterparty	Value			Appreciation			Depreciation
07/01/24	USD	18,003,679	AUD	27,041,557	State Street Bank and Trust Co.	$	18,039,418		$	—		$	(35,739	)
07/02/24	USD	5,319,002	SEK	56,907,154	State Street Bank and Trust Co.		5,369,106			—			(50,104	)
07/11/24	USD	52,811,468	CAD	72,044,216	State Street Bank and Trust Co.		52,673,029			138,439			—
07/12/24	USD	52,504,047	CAD	72,044,216	UBS AG		52,674,225			—			(170,177	)
07/12/24	USD	5,850,119	SEK	63,228,144	State Street Bank and Trust Co.		5,968,331			—			(118,212	)
07/15/24	USD	35,637,216	AUD	53,604,001	State Street Bank and Trust Co.		35,771,385			—			(134,170	)
07/15/24	USD	35,892	EUR	32,977	State Street Bank and Trust Co.		35,338			553			—
07/15/24	USD	3,222,232	EUR	3,018,687	State Street Bank and Trust Co.		3,234,822			—			(12,590	)
07/16/24	USD	6,779,177	NOK	72,733,524	State Street Bank and Trust Co.		6,814,640			—			(35,463	)
07/29/24	USD	17,887,695	AUD	26,867,462	State Street Bank and Trust Co.		17,936,399			—			(48,703	)
09/27/24	USD	5,478,202	SEK	57,930,206	State Street Bank and Trust Co.		5,489,866			—			(11,664	)
									$	138,992		$	(616,822	)

Forward Foreign Currency Exchange Contracts purchased outstanding as of June 30, 2024
Settlement	Currency		Currency			Total		Unrealized			Unrealized
Date	Purchased		Sold		Counterparty	Value			Appreciation			Depreciation
07/01/24	AUD	27,041,557	USD	17,989,396	State Street Bank and Trust Co.	$	18,039,418		$	50,022		$	—
07/02/24	SEK	56,907,154	USD	5,357,707	State Street Bank and Trust Co.		5,369,106			11,399			—
07/12/24	CAD	72,044,216	USD	52,822,290	UBS AG		52,674,225			—			(148,066	)
07/15/24	EUR	117,567	USD	126,721	State Street Bank and Trust Co.		125,985			—			(736	)
									$	61,421		$	(148,802	)
Total									$	200,413		$	(765,624	)

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

Table of Contents

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024

	SHARES		VALUE†

COMMON STOCKS — 96.0%
Aerospace & Defense — 1.5%
Axon Enterprise, Inc.*		500	$	147,120
Boeing Co. (The)*		8,201		1,492,664
BWX Technologies, Inc.		2,072		196,840
Curtiss-Wright Corp.		801		217,055
General Dynamics Corp.		3,788		1,099,050
HEICO Corp.		574		128,352
HEICO Corp., Class A		625		110,950
Hexcel Corp.		778		48,586
Howmet Aerospace, Inc.		1,946		151,068
Huntington Ingalls Industries, Inc.		714		175,880
L3Harris Technologies, Inc.		1,449		325,416
Lockheed Martin Corp.		5,830		2,723,193
Northrop Grumman Corp.		1,620		706,239
RTX Corp.		14,657		1,471,416
Textron, Inc.		2,582		221,691
TransDigm Group, Inc.		844		1,078,303
Woodward, Inc.		1,021		178,042
				10,471,865

Air Freight & Logistics — 0.6%
CH Robinson Worldwide, Inc.		2,800		246,736
Expeditors International of Washington, Inc.		3,168		395,335
FedEx Corp.		4,796		1,438,032
GXO Logistics, Inc.*		1,934		97,667
United Parcel Service, Inc., Class B		14,446		1,976,935
				4,154,705

Automobile Components — 0.1%
Aptiv PLC*		2,924		205,908
Autoliv, Inc.		1,465		156,740
BorgWarner, Inc.		3,685		118,805
Gentex Corp.		4,249		143,234
Lear Corp.		957		109,299
				733,986

Automobiles — 0.8%
Ford Motor Co.		30,242		379,235
General Motors Co.		9,249		429,708
Harley-Davidson, Inc.		974		32,668
Tesla, Inc.*		24,147		4,778,208
Thor Industries, Inc.		1,179		110,178
				5,729,997

Beverages — 1.7%
Brown-Forman Corp., Class A		1,202		53,044
Brown-Forman Corp., Class B		4,083		176,345
Celsius Holdings, Inc.*		1,188		67,823
Coca-Cola Co. (The)		73,733		4,693,105
Coca-Cola Consolidated, Inc.		132		143,220
Constellation Brands, Inc., Class A		1,757		452,041
Keurig Dr Pepper, Inc.		3,375		112,725
Molson Coors Beverage Co., Class B		1,400		71,162
Monster Beverage Corp.*		8,929		446,004
PepsiCo, Inc.		32,018		5,280,729
				11,496,198

Biotechnology — 2.4%
AbbVie, Inc.		37,978		6,513,987
Alnylam Pharmaceuticals, Inc.*		1,198		291,114
Amgen, Inc.		12,097		3,779,708
Biogen, Inc.*		1,615		374,389
BioMarin Pharmaceutical, Inc.*		1,169		96,244
CRISPR Therapeutics AG*@		655		35,377
Exact Sciences Corp.*		1,421		60,037
Exelixis, Inc.*		3,578		80,398
Gilead Sciences, Inc.		23,232		1,593,947
GRAIL, Inc.*		263		4,040
Halozyme Therapeutics, Inc.*		3,014		157,813
Incyte Corp.*		894		54,194
Moderna, Inc.*		1,128		133,950
Neurocrine Biosciences, Inc.*		608		83,703
Regeneron Pharmaceuticals, Inc.*		1,211		1,272,797
Sarepta Therapeutics, Inc.*		702		110,916
United Therapeutics Corp.*		835		265,989
Vertex Pharmaceuticals, Inc.*		2,966		1,390,224
				16,298,827

Broadline Retail — 4.0%
Amazon.com, Inc.*		139,038		26,869,094
Dillard’s, Inc., Class A @		100		44,039
eBay, Inc.		9,533		512,113
Etsy, Inc.*		1,250		73,725
Ollie’s Bargain Outlet Holdings, Inc.*		691		67,835
				27,566,806

Building Products — 0.7%
A.O. Smith Corp.		1,848		151,129
Advanced Drainage Systems, Inc.		200		32,078
Allegion PLC		2,478		292,776
Builders FirstSource, Inc.*		2,521		348,932
Carlisle Cos., Inc.		1,046		423,850
Carrier Global Corp.		13,530		853,472
Fortune Brands Innovations, Inc.		2,330		151,310
Johnson Controls International PLC		580		38,553
Lennox International, Inc.		763		408,190
Masco Corp.		4,275		285,014
Owens Corning		2,233		387,917
Trane Technologies PLC		3,350		1,101,915
Trex Co., Inc.*		2,464		182,632
UFP Industries, Inc.		812		90,944
				4,748,712

Capital Markets — 2.3%
Affiliated Managers Group, Inc.		600		93,738
Ameriprise Financial, Inc.		2,269		969,294
Ares Management Corp., Class A		1,606		214,048
Bank of New York Mellon Corp. (The)		4,707		281,902
BlackRock, Inc.		1,265		995,960
Blackstone, Inc.		6,683		827,355
Carlyle Group, Inc. (The)		1,219		48,943
Cboe Global Markets, Inc.		1,317		223,969
Charles Schwab Corp. (The)		14,444		1,064,378
CME Group, Inc.		2,477		486,978

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

Table of Contents

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Capital Markets (Continued)
Coinbase Global, Inc., Class A*		739	$	164,228
Evercore, Inc., Class A		400		83,372
FactSet Research Systems, Inc.		757		309,060
Franklin Resources, Inc.		2,732		61,060
Goldman Sachs Group, Inc. (The)		2,257		1,020,886
Hamilton Lane, Inc., Class A		723		89,348
Houlihan Lokey, Inc.		916		123,532
Interactive Brokers Group, Inc., Class A		962		117,941
Intercontinental Exchange, Inc.		5,224		715,113
Invesco Ltd.		2,611		39,061
Janus Henderson Group PLC		1,850		62,364
Jefferies Financial Group, Inc.		1,620		80,611
KKR & Co., Inc.		5,286		556,299
LPL Financial Holdings, Inc.		2,186		610,550
MarketAxess Holdings, Inc.		627		125,732
Moody’s Corp.		3,123		1,314,564
Morgan Stanley		13,418		1,304,096
Morningstar, Inc.		304		89,938
MSCI, Inc.		1,207		581,472
Nasdaq, Inc.		3,887		234,231
Northern Trust Corp.		1,618		135,880
Raymond James Financial, Inc.		2,352		290,731
Robinhood Markets, Inc., Class A*		1,886		42,831
S&P Global, Inc.		3,317		1,479,382
SEI Investments Co.		2,147		138,890
State Street Corp.		1,628		120,472
Stifel Financial Corp.		2,529		212,815
T Rowe Price Group, Inc.		3,705		427,224
Tradeweb Markets, Inc., Class A		683		72,398
				15,810,646

Chemicals — 1.3%
Air Products & Chemicals, Inc.		3,414		880,983
Albemarle Corp. @		956		91,317
Ashland, Inc.		970		91,655
Axalta Coating Systems Ltd.*		1,604		54,809
Balchem Corp.		630		96,989
Cabot Corp.		991		91,063
Celanese Corp.		1,241		167,398
CF Industries Holdings, Inc.		2,192		162,471
Corteva, Inc.		5,428		292,786
Dow, Inc.		6,683		354,533
DuPont de Nemours, Inc.		2,632		211,850
Eastman Chemical Co.		1,476		144,604
Ecolab, Inc.		3,437		818,006
Element Solutions, Inc.		4,600		124,752
FMC Corp.		1,937		111,474
HB Fuller Co.		339		26,089
International Flavors & Fragrances, Inc.		2,270		216,127
Linde PLC		4,857		2,131,300
LyondellBasell Industries NV, Class A		5,133		491,023
Mosaic Co. (The)		4,221		121,987
NewMarket Corp.		82		42,277
Olin Corp.		1,800		84,870
PPG Industries, Inc.		3,241		408,010
RPM International, Inc.		2,334		251,325
Sherwin Williams Co. (The)		5,466		1,631,218
Westlake Corp.		439		63,576
				9,162,492

Commercial Banks — 2.3%
Bank of America Corp.		66,036		2,626,252
Bank OZK		1,661		68,101
BOK Financial Corp.		300		27,492
Cadence Bank		3,669		103,759
Citigroup, Inc.		6,473		410,777
Citizens Financial Group, Inc.		454		16,358
Comerica, Inc.		1,832		93,505
Commerce Bancshares, Inc.		2,503		139,617
Cullen/Frost Bankers, Inc.		956		97,158
East West Bancorp, Inc.		2,039		149,316
Fifth Third Bancorp		7,840		286,082
First Citizens Bancshares, Inc., Class A		112		188,564
First Financial Bankshares, Inc.		1,684		49,729
First Horizon Corp.		7,194		113,449
FNB Corp.		5,930		81,122
Home BancShares, Inc.		1,840		44,086
Huntington Bancshares, Inc.		7,352		96,899
JPMorgan Chase & Co.		34,789		7,036,423
KeyCorp		7,104		100,948
M&T Bank Corp.		522		79,010
Pinnacle Financial Partners, Inc.		1,009		80,760
PNC Financial Services Group, Inc. (The)		3,193		496,448
Popular, Inc.		1,642		145,202
Prosperity Bancshares, Inc.		1,026		62,730
Regions Financial Corp.		6,818		136,633
SouthState Corp.		400		30,568
Synovus Financial Corp.		1,811		72,784
Truist Financial Corp.		4,824		187,412
U.S. Bancorp		16,958		673,233
Wells Fargo & Co.		31,501		1,870,844
Western Alliance Bancorp		2,242		140,843
Wintrust Financial Corp.		600		59,136
Zions Bancorp NA		2,092		90,730
				15,855,970

Commercial Services & Supplies — 0.8%
Casella Waste Systems, Inc., Class A*		549		54,472
Cintas Corp.		1,731		1,212,150
Clean Harbors, Inc.*		770		174,135
Copart, Inc.*		9,766		528,926
MSA Safety, Inc.		600		112,614
Republic Services, Inc.		3,343		649,679
Rollins, Inc.		4,629		225,849
Stericycle, Inc.*		1,544		89,753
Tetra Tech, Inc.		640		130,867
Veralto Corp.		2,108		201,251
Waste Management, Inc.		9,583		2,044,437
				5,424,133

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

Table of Contents

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Communications Equipment — 0.8%
Arista Networks, Inc.*		2,688	$	942,090
Ciena Corp.*		2,569		123,775
Cisco Systems, Inc.		63,490		3,016,410
F5, Inc.*		769		132,445
Motorola Solutions, Inc.		2,888		1,114,912
				5,329,632

Computers & Peripherals — 5.9%
Apple, Inc.		178,726		37,643,270
Dell Technologies, Inc., Class C		3,734		514,956
Hewlett Packard Enterprise Co.		9,599		203,211
HP, Inc.		17,328		606,827
NetApp, Inc.		4,285		551,908
Pure Storage, Inc., Class A*		2,027		130,154
Seagate Technology Holdings PLC		4,475		462,133
Super Micro Computer, Inc.*		218		178,618
Western Digital Corp.*		3,176		240,645
				40,531,722

Construction & Engineering — 0.2%
AECOM		1,355		119,430
API Group Corp.*		1,855		69,804
Comfort Systems USA, Inc.		533		162,096
EMCOR Group, Inc.		745		271,984
Fluor Corp.*		831		36,190
MasTec, Inc.*		1,136		121,541
MDU Resources Group, Inc.		3,960		99,396
Quanta Services, Inc.		1,718		436,527
Valmont Industries, Inc.		200		54,890
WillScot Mobile Mini Holdings Corp.*		1,927		72,532
				1,444,390

Construction Materials — 0.1%
Eagle Materials, Inc.		626		136,130
Martin Marietta Materials, Inc.		664		359,755
Summit Materials, Inc., Class A*		1,335		48,875
Vulcan Materials Co.		1,521		378,242
				923,002

Consumer Finance — 0.6%
Ally Financial, Inc.		3,311		131,347
American Express Co.		11,596		2,685,054
Capital One Financial Corp.		4,241		587,167
Credit Acceptance Corp.*		133		68,452
Discover Financial Services		4,189		547,963
FirstCash Holdings, Inc.		1,032		108,236
OneMain Holdings, Inc.		677		32,828
Synchrony Financial		2,776		130,999
				4,292,046

Consumer Staples Distribution & Retail — 2.3%
Albertsons Cos., Inc., Class A		714		14,102
BJ’s Wholesale Club Holdings, Inc.*		2,341		205,633
Casey’s General Stores, Inc.		508		193,832
Costco Wholesale Corp.		6,712		5,705,133
Dollar General Corp.		4,996		660,621
Dollar Tree, Inc.*		2,486		265,430
Kroger Co. (The)		17,571		877,320
Performance Food Group Co.*		1,336		88,323
Sprouts Farmers Market, Inc.*		1,478		123,649
Sysco Corp.		9,579		683,845
Target Corp.		11,134		1,648,277
U.S. Foods Holding Corp.*		1,600		84,768
Walgreens Boots Alliance, Inc.		3,596		43,494
Walmart, Inc.		75,498		5,111,970
				15,706,397

Containers & Packaging — 0.4%
Amcor PLC		13,861		135,561
AptarGroup, Inc.		1,283		180,659
Avery Dennison Corp.		2,232		488,027
Ball Corp.		5,277		316,725
Berry Global Group, Inc.		2,889		170,018
Crown Holdings, Inc.		2,767		205,837
Graphic Packaging Holding Co.		6,877		180,246
Greif, Inc., Class B		21		1,312
International Paper Co.		4,336		187,098
Packaging Corp. of America		1,552		283,333
Sealed Air Corp.		3,059		106,423
Silgan Holdings, Inc.		2,057		87,073
Sonoco Products Co.		1,933		98,042
Westrock Co.		1		50
				2,440,404

Distributors — 0.1%
Genuine Parts Co.		2,179		301,399
LKQ Corp.		4,303		178,962
Pool Corp.		772		237,259
				717,620

Diversified Consumer Services — 0.1%
ADT, Inc.		3,988		30,309
Bright Horizons Family Solutions, Inc.*		639		70,341
H&R Block, Inc.		2,885		156,454
Service Corp. International		2,981		212,038
				469,142

Diversified Telecommunication Services — 0.6%
AT&T, Inc.		65,472		1,251,170
Verizon Communications, Inc.		69,962		2,885,233
				4,136,403

Electric Utilities — 1.6%
Alliant Energy Corp.		4,621		235,209
American Electric Power Co., Inc.		8,417		738,508
Avangrid, Inc.		833		29,596
Constellation Energy Corp.		5,321		1,065,637
Duke Energy Corp.		13,107		1,313,715
Edison International		6,635		476,459
Entergy Corp.		2,869		306,983
Evergy, Inc.		3,652		193,446
Eversource Energy		5,876		333,228
Exelon Corp.		15,965		552,549
FirstEnergy Corp.		8,176		312,895
IDACORP, Inc.		647		60,268
NextEra Energy, Inc.		36,253		2,567,075

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

Table of Contents

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Electric Utilities (Continued)
NRG Energy, Inc.		5,256	$	409,232
OGE Energy Corp.		3,314		118,310
PG&E Corp.		2,100		36,666
Pinnacle West Capital Corp.		1,978		151,080
Portland General Electric Co.		1,411		61,012
PPL Corp.		9,200		254,380
Southern Co. (The)		17,830		1,383,073
Xcel Energy, Inc.		9,222		492,547
				11,091,868

Electrical Equipment — 0.7%
Acuity Brands, Inc.		601		145,105
AMETEK, Inc.		2,615		435,947
Atkore, Inc.		943		127,239
Eaton Corp. PLC		5,446		1,707,593
Emerson Electric Co.		6,293		693,237
GE Vernova, Inc.*		682		116,970
Generac Holdings, Inc.*		967		127,857
Hubbell, Inc.		1,043		381,196
NEXTracker, Inc., Class A*		947		44,395
nVent Electric PLC		2,290		175,437
Regal Rexnord Corp.		1,098		148,472
Rockwell Automation, Inc.		2,184		601,211
Sensata Technologies Holding PLC		2,621		97,999
Vertiv Holdings Co.		1,257		108,818
				4,911,476

Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		17,954		1,209,561
Arrow Electronics, Inc.*		830		100,231
Avnet, Inc.		944		48,606
Badger Meter, Inc.		331		61,682
CDW Corp.		2,939		657,866
Cognex Corp.		1,711		80,006
Corning, Inc.		8,949		347,669
Fabrinet*		506		123,864
Flex Ltd.*		5,442		160,484
Insight Enterprises, Inc.*		300		59,508
IPG Photonics Corp.*		71		5,992
Jabil, Inc.		3,076		334,638
Keysight Technologies, Inc.*		2,660		363,755
Littelfuse, Inc.		380		97,124
Novanta, Inc.*		661		107,816
TD SYNNEX Corp.		836		96,474
TE Connectivity Ltd.		3,575		537,787
Teledyne Technologies, Inc.*		373		144,716
Trimble, Inc.*		1,892		105,801
Vontier Corp.		3,024		115,517
Zebra Technologies Corp., Class A*		573		177,017
				4,936,114

Energy Equipment & Services — 0.2%
Baker Hughes Co.		3,464		121,829
Halliburton Co.		12,219		412,758
NOV, Inc.		4,002		76,078
Schlumberger NV		12,666		597,582
TechnipFMC PLC		4,963		129,782
Weatherford International PLC*		977		119,634
				1,457,663

Entertainment — 0.9%
Atlanta Braves Holdings, Inc., Class C*		58		2,288
Electronic Arts, Inc.		2,838		395,419
Liberty Media Corp.-Liberty Formula One, Class A*		315		20,232
Liberty Media Corp.-Liberty Formula One, Class C*		1,723		123,780
Liberty Media Corp.-Liberty Live, Class A*		328		12,303
Liberty Media Corp.-Liberty Live, Class C*		367		14,045
Live Nation Entertainment, Inc.*		2,466		231,163
Madison Square Garden Sports Corp.*		279		52,488
Netflix, Inc.*		4,747		3,203,655
ROBLOX Corp., Class A*		2,017		75,053
Spotify Technology SA*		572		179,488
Take-Two Interactive Software, Inc.*		2,052		319,065
TKO Group Holdings, Inc.		628		67,818
Walt Disney Co. (The)		16,521		1,640,370
Warner Bros Discovery, Inc.*		12,527		93,201
Warner Music Group Corp., Class A		1,467		44,964
				6,475,332

Financial Services — 3.7%
Apollo Global Management, Inc.		5,734		677,013
Berkshire Hathaway, Inc., Class B*		12,209		4,966,621
Block, Inc.*		2,826		182,249
Corpay, Inc.*		1,396		371,908
Equitable Holdings, Inc.		7,584		309,882
Essent Group Ltd.		700		39,333
Euronet Worldwide, Inc.*		911		94,289
Fidelity National Information Services, Inc.		5,567		419,529
Fiserv, Inc.*		5,324		793,489
Global Payments, Inc.		2,873		277,819
Jack Henry & Associates, Inc.		1,300		215,826
MasterCard, Inc., Class A		18,596		8,203,811
MGIC Investment Corp.		4,400		94,820
PayPal Holdings, Inc.*		9,049		525,114
Rocket Cos., Inc., Class A*@		3,544		48,553
Shift4 Payments, Inc., Class A*@		780		57,213
Toast, Inc., Class A*@		2,632		67,827
Visa, Inc., Class A		30,013		7,877,512
Voya Financial, Inc.		1,519		108,077
Western Union Co. (The)		5,196		63,495
WEX, Inc.*		663		117,444
				25,511,824

Food Products — 0.6%
Bunge Global SA		1,401		149,585
Campbell Soup Co.		2,104		95,080
Conagra Brands, Inc.		3,575		101,601
Darling Ingredients, Inc.*		3,101		113,962

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

Table of Contents

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Food Products (Continued)
Flowers Foods, Inc.		3,652	$	81,074
General Mills, Inc.		8,511		538,406
Hershey Co. (The)		2,946		541,563
Hormel Foods Corp.		3,316		101,105
Ingredion, Inc.		1,387		159,089
J.M. Smucker Co. (The)		1,268		138,263
Kellanova		5,208		300,397
Kraft Heinz Co. (The)		5,057		162,936
Lamb Weston Holdings, Inc.		3,961		333,041
Lancaster Colony Corp.		261		49,321
McCormick & Co., Inc.		3,138		222,610
Mondelez International, Inc., Class A		11,759		769,509
Pilgrim’s Pride Corp.*		940		36,181
Post Holdings, Inc.*		1,136		118,326
Tyson Foods, Inc., Class A		2,688		153,592
WK Kellogg Co.		1,302		21,431
				4,187,072

Gas Utilities — 0.1%
Atmos Energy Corp.		2,360		275,294
National Fuel Gas Co.		1,600		86,704
Southwest Gas Holdings, Inc.		1,343		94,520
UGI Corp.		2,799		64,097
				520,615

Ground Transportation — 1.1%
CSX Corp.		37,161		1,243,035
JB Hunt Transport Services, Inc.		1,293		206,880
Knight-Swift Transportation Holdings, Inc.		2,249		112,270
Landstar System, Inc.		564		104,047
Norfolk Southern Corp.		3,748		804,658
Old Dominion Freight Line, Inc.		3,746		661,544
Saia, Inc.*		200		94,858
U-Haul Holding Co.		1,368		82,107
U-Haul Holding Co.*@		152		9,383
Uber Technologies, Inc.*		9,836		714,881
Union Pacific Corp.		13,822		3,127,366
XPO, Inc.*		1,934		205,294
				7,366,323

Health Care Equipment & Supplies — 1.5%
Abbott Laboratories		19,151		1,989,980
Align Technology, Inc.*		581		140,271
Baxter International, Inc.		6,069		203,008
Becton Dickinson & Co.		2,001		467,654
Boston Scientific Corp.*		10,979		845,493
Cooper Cos., Inc. (The)		1,568		136,886
Dentsply Sirona, Inc.		1,213		30,216
Dexcom, Inc.*		3,789		429,597
Edwards Lifesciences Corp.*		6,940		641,048
Envista Holdings Corp.*		1		17
GE HealthCare Technologies, Inc.		909		70,829
Hologic, Inc.*		2,522		187,258
Idexx Laboratories, Inc.*		1,876		913,987
Insulet Corp.*		740		149,332
Intuitive Surgical, Inc.*		1,973		877,689
Masimo Corp.*		608		76,572
Medtronic PLC		9,595		755,222
Merit Medical Systems, Inc.*		769		66,096
Penumbra, Inc.*		389		70,008
ResMed, Inc.		1,763		337,473
Solventum Corp.*		3,287		173,817
STERIS PLC		889		195,171
Stryker Corp.		3,837		1,305,539
Teleflex, Inc.		364		76,560
Zimmer Biomet Holdings, Inc.		1,186		128,717
				10,268,440

Health Care Providers & Services — 2.3%
Acadia Healthcare Co., Inc.*		1,169		78,954
Cardinal Health, Inc.		3,943		387,676
Cencora, Inc.		2,652		597,496
Centene Corp.*		4,920		326,196
Chemed Corp.		339		183,935
Cigna Group (The)		3,269		1,080,633
Contra Abiomed, Inc. CVR*¶§		350		—
CVS Health Corp.		13,129		775,399
DaVita, Inc.*		1,043		144,529
Elevance Health, Inc.		2,630		1,425,092
Encompass Health Corp.		2,141		183,676
Ensign Group, Inc. (The)		687		84,975
HCA Healthcare, Inc.		3,366		1,081,429
HealthEquity, Inc.*		331		28,532
Henry Schein, Inc.*		2,345		150,315
Humana, Inc.		1,369		511,527
Labcorp Holdings, Inc.		1,028		209,208
McKesson Corp.		1,986		1,159,903
Molina Healthcare, Inc.*		1,058		314,543
Option Care Health, Inc.*		1,563		43,295
Quest Diagnostics, Inc.		1,331		182,187
Tenet Healthcare Corp.*		1,281		170,411
UnitedHealth Group, Inc.		13,284		6,765,010
Universal Health Services, Inc., Class B		1,155		213,594
				16,098,515

Health Care Technology — 0.0%
Veeva Systems, Inc., Class A*		1,334		244,135

Hotels, Restaurants & Leisure — 1.9%
Airbnb, Inc., Class A*		2,785		422,290
Aramark		2,445		83,179
Booking Holdings, Inc.		515		2,040,172
Boyd Gaming Corp.		1,142		62,924
Caesars Entertainment, Inc.*		2,407		95,654
Chipotle Mexican Grill, Inc.*		21,150		1,325,047
Choice Hotels International, Inc.		777		92,463
Churchill Downs, Inc.		1,048		146,301
Darden Restaurants, Inc.		2,002		302,943
Domino’s Pizza, Inc.		554		286,047
DoorDash, Inc., Class A*		392		42,642
DraftKings, Inc., Class A*		2,512		95,883
Expedia Group, Inc.*		2,025		255,130

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

Table of Contents

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure (Continued)
Hilton Worldwide Holdings, Inc.		3,388	$	739,262
Hyatt Hotels Corp., Class A		300		45,576
Las Vegas Sands Corp.		3,185		140,936
Marriott International, Inc., Class A		5,394		1,304,107
McDonald’s Corp.		10,866		2,769,091
MGM Resorts International*		2,339		103,945
Planet Fitness, Inc., Class A*		1,127		82,936
Royal Caribbean Cruises Ltd.*		2,550		406,547
Starbucks Corp.		16,907		1,316,210
Texas Roadhouse, Inc.		1,257		215,839
Vail Resorts, Inc.		666		119,967
Wingstop, Inc.		324		136,942
Wyndham Hotels & Resorts, Inc.		1,765		130,610
Wynn Resorts Ltd.		738		66,051
Yum! Brands, Inc.		4,285		567,591
				13,396,285

Household Durables — 0.4%
DR Horton, Inc.		3,407		480,148
Garmin Ltd.		1,700		276,964
Lennar Corp., Class A		2,856		428,029
Lennar Corp., Class B		72		10,039
Mohawk Industries, Inc.*		600		68,154
NVR, Inc.*		62		470,491
PulteGroup, Inc.		3,614		397,901
Taylor Morrison Home Corp.*		1,243		68,912
Tempur Sealy International, Inc.		3,440		162,850
Toll Brothers, Inc.		1,650		190,047
TopBuild Corp.*		500		192,635
Whirlpool Corp.		1,555		158,921
				2,905,091

Household Products — 1.4%
Church & Dwight Co., Inc.		1,955		202,695
Clorox Co. (The)		2,311		315,382
Colgate-Palmolive Co.		12,032		1,167,585
Kimberly-Clark Corp.		4,641		641,386
Procter & Gamble Co. (The)		44,037		7,262,582
Reynolds Consumer Products, Inc.		878		24,567
				9,614,197

Independent Power Producers & Energy Traders — 0.1%
AES Corp. (The)		11,000		193,270
Clearway Energy, Inc., Class C		2,400		59,256
Ormat Technologies, Inc.		300		21,510
Vistra Corp.		3,161		271,783
				545,819

Industrial Conglomerates — 0.6%
3M Co.		12,853		1,313,448
General Electric Co.		2,729		433,829
Honeywell International, Inc.		12,502		2,669,677
				4,416,954

Insurance — 2.0%
Aflac, Inc.		6,183		552,204
Allstate Corp. (The)		2,506		400,108
American Financial Group, Inc.		747		91,896
American International Group, Inc.		8,089		600,527
Aon PLC, Class A		4,134		1,213,660
Arch Capital Group Ltd.*		3,373		340,302
Arthur J Gallagher & Co.		2,175		563,999
Assurant, Inc.		793		131,836
Axis Capital Holdings Ltd.		1,300		91,845
Brown & Brown, Inc.		4,058		362,826
Chubb Ltd.		3,276		835,642
Cincinnati Financial Corp.		1,150		135,815
Enstar Group Ltd.*		300		91,710
Erie Indemnity Co., Class A		506		183,374
Everest Group Ltd.		191		72,775
F&G Annuities & Life, Inc.		306		11,643
Fidelity National Financial, Inc.		2,857		141,193
First American Financial Corp.		2,024		109,195
Globe Life, Inc.		1,141		93,881
Hanover Insurance Group, Inc. (The)		696		87,306
Hartford Financial Services Group, Inc. (The)		4,796		482,190
Kinsale Capital Group, Inc.		257		99,017
Lincoln National Corp.		2,031		63,164
Loews Corp.		1,471		109,942
Markel Group, Inc.*		100		157,566
Marsh & McLennan Cos., Inc.		9,000		1,896,480
MetLife, Inc.		4,850		340,421
Old Republic International Corp.		2,863		88,467
Primerica, Inc.		919		217,417
Principal Financial Group, Inc.		2,619		205,461
Progressive Corp. (The)		6,652		1,381,687
Prudential Financial, Inc.		3,077		360,594
Reinsurance Group of America, Inc.		777		159,495
RenaissanceRe Holdings Ltd.		783		175,008
RLI Corp.		700		98,483
Selective Insurance Group, Inc.		829		77,785
Travelers Cos., Inc. (The)		5,041		1,025,037
Unum Group		1,700		86,887
W R Berkley Corp.		2,439		191,657
White Mountains Insurance Group Ltd.		33		59,976
Willis Towers Watson PLC		1,050		275,247
				13,663,718

Interactive Media & Services — 6.9%
Alphabet, Inc., Class A		86,420		15,741,403
Alphabet, Inc., Class C		78,483		14,395,352
Match Group, Inc.*		2,359		71,666
Meta Platforms, Inc., Class A		34,322		17,305,839
Pinterest, Inc., Class A*		810		35,697
Snap, Inc., Class A*		3,870		64,281
ZoomInfo Technologies, Inc.*		878		11,212
				47,625,450

IT Services — 1.4%
Accenture PLC, Class A		12,223		3,708,580
Akamai Technologies, Inc.*		2,286		205,923
Amdocs Ltd.		2,260		178,359
Cloudflare, Inc., Class A*		1,142		94,592

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

Table of Contents

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
IT Services (Continued)
Cognizant Technology Solutions Corp., Class A		5,705	$	387,940
EPAM Systems, Inc.*		639		120,202
Gartner, Inc.*		1,713		769,240
Globant SA*		394		70,234
GoDaddy, Inc., Class A*		2,137		298,560
International Business Machines Corp.		20,148		3,484,597
MongoDB, Inc.*		284		70,989
Okta, Inc.*		1,243		116,357
Snowflake, Inc., Class A*		1,051		141,980
Twilio, Inc., Class A*		1,065		60,503
VeriSign, Inc.*		1,468		261,010
				9,969,066

Leisure Equipment & Products — 0.1%
Brunswick Corp.		1,532		111,484
Hasbro, Inc.		2,087		122,089
Mattel, Inc.*		4,639		75,430
Polaris, Inc.		1,034		80,973
				389,976

Life Sciences Tools & Services — 1.1%
Agilent Technologies, Inc.		3,928		509,187
Avantor, Inc.*		2,630		55,756
Bio-Rad Laboratories, Inc., Class A*		223		60,904
Bio-Techne Corp.		1,892		135,562
Bruker Corp.		2,044		130,428
Charles River Laboratories International, Inc.*		640		132,211
Danaher Corp.		6,325		1,580,301
Fortrea Holdings, Inc.*@		1,510		35,243
Illumina, Inc.*		1,577		164,607
IQVIA Holdings, Inc.*		2,790		589,918
Medpace Holdings, Inc.*		500		205,925
Mettler-Toledo International, Inc.*		397		554,843
Repligen Corp.*		355		44,751
Revvity, Inc.		1,223		128,244
Thermo Fisher Scientific, Inc.		4,264		2,357,992
Waters Corp.*		1,204		349,304
West Pharmaceutical Services, Inc.		875		288,216
				7,323,392

Machinery — 2.2%
AGCO Corp.		1,297		126,950
Allison Transmission Holdings, Inc.		1,376		104,438
Caterpillar, Inc.		11,152		3,714,731
Crane Co.		801		116,129
Cummins, Inc.		1,605		444,473
Deere & Co.		5,503		2,056,086
Donaldson Co., Inc.		2,651		189,706
Dover Corp.		2,265		408,719
Esab Corp.		564		53,259
Federal Signal Corp.		808		67,605
Flowserve Corp.		1,775		85,378
Fortive Corp.		3,548		262,907
Franklin Electric Co., Inc.		300		28,896
Graco, Inc.		2,998		237,681
IDEX Corp.		1,004		202,005
Illinois Tool Works, Inc.		6,946		1,645,924
Ingersoll Rand, Inc.		3,972		360,816
ITT, Inc.		1,721		222,319
Lincoln Electric Holdings, Inc.		1,135		214,106
Middleby Corp. (The)*		1,043		127,882
Mueller Industries, Inc.		776		44,185
Nordson Corp.		589		136,613
Oshkosh Corp.		1,453		157,215
Otis Worldwide Corp.		5,642		543,099
PACCAR, Inc.		7,924		815,697
Parker-Hannifin Corp.		1,922		972,167
Pentair PLC		1,393		106,801
RBC Bearings, Inc.*		421		113,577
Snap-on, Inc.		871		227,671
Stanley Black & Decker, Inc.		1,936		154,667
Timken Co., (The)		1,513		121,237
Toro Co. (The)		1,626		152,047
Watts Water Technologies, Inc., Class A		400		73,348
Westinghouse Air Brake Technologies Corp.		1,144		180,809
Xylem, Inc.		2,692		365,116
				14,834,259

Marine Transportation — 0.0%
Kirby Corp.*		322		38,553

Media — 0.7%
Charter Communications, Inc., Class A*@		2,282		682,227
Comcast Corp., Class A		59,894		2,345,449
Fox Corp. Class A		3,686		126,688
Fox Corp. Class B		661		21,165
GCI Liberty, Inc.*§		1,444		—
Interpublic Group of Cos., Inc. (The)		6,061		176,315
Liberty Broadband Corp., Class A*		39		2,129
Liberty Broadband Corp., Class C*		1,043		57,177
New York Times Co. (The), Class A		1,641		84,036
News Corp., Class A		3,913		107,881
News Corp., Class B		1,525		43,295
Nexstar Media Group, Inc.		746		123,843
Omnicom Group, Inc.		4,831		433,341
Paramount Global, Class A		616		11,322
Paramount Global, Class B		1,143		11,876
Sirius XM Holdings, Inc. @		12,754		36,094
Trade Desk, Inc. (The), Class A*		4,830		471,746
				4,734,584

Metals & Mining — 0.4%
Alcoa Corp.		2,296		91,335
ATI, Inc.*		1,233		68,370
Cleveland-Cliffs, Inc.*		6,698		103,082
Commercial Metals Co.		2,430		133,626
Freeport-McMoRan, Inc.		16,128		783,821
Newmont Corp.		4,649		194,654
Nucor Corp.		3,651		577,150
Reliance, Inc.		664		189,638

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

Table of Contents

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Metals & Mining (Continued)
Royal Gold, Inc.		1,115	$	139,553
Southern Copper Corp. @		1,787		192,531
Steel Dynamics, Inc.		2,409		311,966
				2,785,726

Multi-Utilities — 0.6%
Ameren Corp.		3,328		236,654
CenterPoint Energy, Inc.		6,700		207,566
CMS Energy Corp.		5,199		309,496
Consolidated Edison, Inc.		5,063		452,733
Dominion Energy, Inc.		13,388		656,012
DTE Energy Co.		3,247		360,450
NiSource, Inc.		5,791		166,839
Public Service Enterprise Group, Inc.		8,415		620,186
Sempra		9,472		720,440
WEC Energy Group, Inc.		4,990		391,515
				4,121,891

Oil, Gas & Consumable Fuels — 3.3%
Antero Midstream Corp.		3,600		53,064
Antero Resources Corp.*		3,300		107,679
APA Corp.		5,617		165,364
Cheniere Energy, Inc.		4,227		739,006
Chesapeake Energy Corp. @		1,889		155,257
Chevron Corp.		19,502		3,050,503
ConocoPhillips		19,025		2,176,079
Coterra Energy, Inc.		12,762		340,363
Devon Energy Corp.		12,088		572,971
Diamondback Energy, Inc.		2,409		482,258
DT Midstream, Inc.		1,623		115,282
EnLink Midstream LLC*		3,400		46,784
EOG Resources, Inc.		8,893		1,119,362
EQT Corp. @		3,800		140,524
Exxon Mobil Corp.		55,483		6,387,203
Hess Corp.		4,540		669,741
HF Sinclair Corp.		2,161		115,268
Kinder Morgan, Inc.		8,265		164,226
Magnolia Oil & Gas Corp., Class A		1,900		48,146
Marathon Oil Corp.		8,798		252,239
Marathon Petroleum Corp.		6,829		1,184,695
Matador Resources Co.		1,362		81,175
Murphy Oil Corp.		1,330		54,849
New Fortress Energy, Inc. @		1,001		22,002
Occidental Petroleum Corp.		15,526		978,604
ONEOK, Inc.		6,698		546,222
Ovintiv, Inc.		3,582		167,888
PBF Energy, Inc., Class A		1,038		47,769
Phillips 66		3,291		464,590
Range Resources Corp.		3,129		104,915
Southwestern Energy Co.*		16,772		112,876
Targa Resources Corp.		1,997		257,174
Texas Pacific Land Corp.		174		127,763
Valero Energy Corp.		6,271		983,042
Vitesse Energy, Inc.		190		4,503
Williams Cos., Inc. (The)		13,491		573,367
				22,612,753

Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		1,020		83,977

Passenger Airlines — 0.1%
Alaska Air Group, Inc.*		2,503		101,121
American Airlines Group, Inc.*@		10,481		118,750
Delta Air Lines, Inc.		4,487		212,863
Southwest Airlines Co.		5,800		165,938
United Airlines Holdings, Inc.*		2,884		140,336
				739,008

Personal Products — 0.2%
BellRing Brands, Inc.*		2,728		155,878
Coty, Inc., Class A*		2,516		25,211
e.l.f Beauty, Inc.*		574		120,953
Estee Lauder Cos., Inc. (The), Class A		3,525		375,060
Kenvue, Inc.		29,296		532,601
				1,209,703

Pharmaceuticals — 4.5%
Bristol-Myers Squibb Co.		35,866		1,489,515
Elanco Animal Health, Inc.*		4,517		65,180
Eli Lilly & Co.		18,033		16,326,718
Jazz Pharmaceuticals PLC*		1,092		116,549
Johnson & Johnson		37,932		5,544,141
Merck & Co., Inc.		33,114		4,099,513
Pfizer, Inc.		42,944		1,201,573
Royalty Pharma PLC, Class A		2,744		72,359
Viatris, Inc.		10,369		110,223
Zoetis, Inc.		11,289		1,957,061
				30,982,832

Professional Services — 1.1%
Automatic Data Processing, Inc.		9,817		2,343,220
Booz Allen Hamilton Holding Corp.		3,549		546,191
Broadridge Financial Solutions, Inc.		2,485		489,545
CACI International, Inc., Class A*		457		196,569
Concentrix Corp.		144		9,112
Dayforce, Inc.*		995		49,352
Equifax, Inc.		1,421		344,536
ExlService Holdings, Inc.*		1,320		41,395
Exponent, Inc.		799		76,001
FTI Consulting, Inc.*		662		142,681
Genpact Ltd.		2,839		91,387
Jacobs Solutions, Inc.		195		27,243
KBR, Inc.		2,555		163,878
Leidos Holdings, Inc.		1,015		148,068
Maximus, Inc.		1,176		100,783
Parsons Corp.*		540		44,177
Paychex, Inc.		5,938		704,009
Paycom Software, Inc.		888		127,020
Paylocity Holding Corp.*		668		88,076
Robert Half, Inc.		2,642		169,035
Science Applications International Corp.		1,254		147,408
SS&C Technologies Holdings, Inc.		3,246		203,427
TransUnion		2,647		196,302

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

Table of Contents

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Professional Services (Continued)
TriNet Group, Inc.		421	$	42,100
Verisk Analytics, Inc.		3,116		839,918
				7,331,433

Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A*		3,515		313,222
CoStar Group, Inc.*		2,890		214,265
Jones Lang LaSalle, Inc.*		861		176,746
Zillow Group, Inc., Class A*		436		19,637
Zillow Group, Inc., Class C*		1,159		53,766
				777,636

Semiconductors & Semiconductor Equipment — 11.3%
Advanced Micro Devices, Inc.*		15,685		2,544,264
Allegro MicroSystems, Inc.*		1,167		32,956
Amkor Technology, Inc.		2,141		85,683
Analog Devices, Inc.		4,750		1,084,235
Applied Materials, Inc.		15,368		3,626,694
Broadcom, Inc.		5,334		8,563,897
Cirrus Logic, Inc.*		899		114,766
Enphase Energy, Inc.*		1,883		187,754
Entegris, Inc.		1,797		243,314
First Solar, Inc.*		1,023		230,646
Intel Corp.		40,658		1,259,178
KLA Corp.		3,026		2,494,967
Lam Research Corp.		2,444		2,602,493
Lattice Semiconductor Corp.*		1,742		101,019
MACOM Technology Solutions Holdings, Inc.*		654		72,901
Marvell Technology, Inc.		6,428		449,317
Microchip Technology, Inc.		8,612		787,998
Micron Technology, Inc.		8,415		1,106,825
Monolithic Power Systems, Inc.		581		477,396
NVIDIA Corp.		341,350		42,170,379
NXP Semiconductors NV		2,249		605,183
ON Semiconductor Corp.*		6,691		458,668
Onto Innovation, Inc.*		307		67,405
Power Integrations, Inc.		846		59,381
Qorvo, Inc.*		1,637		189,957
QUALCOMM, Inc.		19,977		3,979,019
Skyworks Solutions, Inc.		1,882		200,584
Teradyne, Inc.		2,521		373,839
Texas Instruments, Inc.		17,301		3,365,564
Universal Display Corp.		786		165,257
Wolfspeed, Inc.*@		857		19,505
				77,721,044

Software — 8.3%
Adobe, Inc.*		8,414		4,674,313
AppLovin Corp., Class A*		1,162		96,702
Aspen Technology, Inc.*		364		72,301
Atlassian Corp., Class A*		1,245		220,216
Autodesk, Inc.*		2,329		576,311
Bentley Systems, Inc., Class B		2,343		115,650
Bill Holdings, Inc.*		791		41,622
Cadence Design Systems, Inc.*		4,098		1,261,159
Crowdstrike Holdings, Inc., Class A*		825		316,132
Datadog, Inc., Class A*		1,407		182,474
DocuSign, Inc.*		1,359		72,706
Dolby Laboratories, Inc., Class A		938		74,318
Dropbox, Inc., Class A*		5,131		115,294
Dynatrace, Inc.*		1,205		53,912
Fair Isaac Corp.*		375		558,247
Fortinet, Inc.*		13,129		791,285
Gen Digital, Inc.		5,861		146,408
Guidewire Software, Inc.*		488		67,290
HubSpot, Inc.*		406		239,455
Intuit, Inc.		3,133		2,059,039
Manhattan Associates, Inc.*		1,745		430,457
Microsoft Corp.		75,745		33,854,228
Nutanix, Inc., Class A*		1,172		66,628
Oracle Corp.		26,244		3,705,653
Palantir Technologies, Inc., Class A*		13,943		353,176
Palo Alto Networks, Inc.*		3,011		1,020,759
Procore Technologies, Inc.*		362		24,004
PTC, Inc.*		1,031		187,302
Qualys, Inc.*		503		71,728
Roper Technologies, Inc.		842		474,602
Salesforce, Inc.		7,199		1,850,863
SentinelOne, Inc., Class A*		2,184		45,973
ServiceNow, Inc.*		1,610		1,266,539
SPS Commerce, Inc.*		393		73,947
Synopsys, Inc.*		1,737		1,033,619
Teradata Corp.*		1,256		43,407
Tyler Technologies, Inc.*		424		213,179
Workday, Inc., Class A*		981		219,312
Zoom Video Communications, Inc., Class A*		832		49,246
Zscaler, Inc.*		705		135,494
				56,854,950

Specialty Retail — 2.5%
Abercrombie & Fitch Co., Class A*		303		53,885
AutoNation, Inc.*		654		104,234
AutoZone, Inc.*		260		770,666
Bath & Body Works, Inc.		2,883		112,581
Best Buy Co., Inc.		6,478		546,031
Burlington Stores, Inc.*		571		137,040
CarMax, Inc.*		1,900		139,346
Dick’s Sporting Goods, Inc.		1,695		364,171
Five Below, Inc.*		1,000		108,970
Floor & Decor Holdings, Inc., Class A*		701		69,686
Group 1 Automotive, Inc.		214		63,618
Home Depot, Inc. (The)		18,549		6,385,308
Lithia Motors, Inc.		199		50,238
Lowe’s Cos., Inc.		8,534		1,881,406
Murphy USA, Inc.		483		226,749
O’Reilly Automotive, Inc.*		884		933,557
Penske Automotive Group, Inc.		470		70,039
Ross Stores, Inc.		6,303		915,952
TJX Cos., Inc. (The)		25,484		2,805,788
Tractor Supply Co.		2,475		668,250
Ulta Beauty, Inc.*		984		379,696

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

Table of Contents

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Specialty Retail (Continued)
Valvoline, Inc.*		3,289	$	142,085
Williams-Sonoma, Inc.		1,394		393,624
				17,322,920

Textiles, Apparel & Luxury Goods — 0.5%
Capri Holdings Ltd.*		1,085		35,892
Columbia Sportswear Co.		858		67,851
Crocs, Inc.*		998		145,648
Deckers Outdoor Corp.*		473		457,840
Levi Strauss & Co., Class A		2,933		56,548
Lululemon Athletica, Inc.*		2,254		673,270
NIKE, Inc., Class B		19,778		1,490,668
PVH Corp.		760		80,461
Ralph Lauren Corp.		970		169,808
Skechers U.S.A., Inc., Class A*		1,800		124,416
Tapestry, Inc.		5,352		229,012
VF Corp. @		5,509		74,372
				3,605,786

Tobacco — 0.5%
Altria Group, Inc.		27,551		1,254,948
Philip Morris International, Inc.		21,397		2,168,158
				3,423,106

Trading Companies & Distributors — 0.5%
Air Lease Corp.		1,296		61,599
Applied Industrial Technologies, Inc.		374		72,556
Beacon Roofing Supply, Inc.*		1,400		126,700
Core & Main, Inc., Class A*		1,729		84,617
Fastenal Co.		10,847		681,625
Ferguson PLC		332		64,292
GATX Corp.		410		54,268
MSC Industrial Direct Co., Inc., Class A		1,100		87,241
SiteOne Landscape Supply, Inc.*		654		79,402
United Rentals, Inc.		1,530		989,497
Watsco, Inc.		474		219,576
WESCO International, Inc.		596		94,478
WW Grainger, Inc.		993		895,924
				3,511,775

Water Utilities — 0.1%
American Water Works Co., Inc.		3,475		448,831
Essential Utilities, Inc.		3,662		136,702
				585,533

Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.		8,733		1,538,580
TOTAL COMMON STOCKS (Identified Cost $115,778,732)				661,180,469

MUTUAL FUNDS — 3.9%
Others — 3.9%
DFA U.S. Micro Cap Portfolio		1,001,664		26,564,131

TOTAL MUTUAL FUNDS (Identified Cost $11,840,993)				26,564,131

SHORT-TERM INVESTMENTS — 0.2%
Investment Company — 0.2%
State Street Institutional U.S. Government Money Market Fund 5.000%		1,534,909		1,534,909

Collateral For Securities On Loan — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 5.330%		69,686		69,686

TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $1,604,595)				1,604,595

Total Investments — 100.1%
(Identified Cost $129,224,320)				689,349,195
Liabilities in excess of Cash and Other Assets — (0.1%)				(994,166	)
Net Assets — 100.0%			$	688,355,029

†	See Note 1
*	Non-income producing security
@	A portion or all of the security was held on loan. As of June 30, 2024, the fair value of the securities on loan was $1,774,006.
¶	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

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

Table of Contents

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024

	SHARES		VALUE†

COMMON STOCKS — 99.8%
Aerospace & Defense — 2.0%
General Dynamics Corp.		7,826	$	2,270,636
L3Harris Technologies, Inc.		6,055		1,359,832
Northrop Grumman Corp.		2,915		1,270,794
RTX Corp.		36,091		3,623,175
Textron, Inc.		26,765		2,298,043
				10,822,480

Air Freight & Logistics — 0.9%
FedEx Corp.		16,968		5,087,685

Automobile Components — 0.4%
Aptiv PLC*		10,701		753,564
BorgWarner, Inc.		24,241		781,530
Gentex Corp.		863		29,092
Lear Corp.		4,071		464,949
				2,029,135

Automobiles — 1.2%
Ford Motor Co.		161,291		2,022,589
General Motors Co.		98,964		4,597,868
				6,620,457

Beverages — 0.3%
Constellation Brands, Inc., Class A		5,660		1,456,205
Keurig Dr Pepper, Inc.		2,705		90,347
				1,546,552

Biotechnology — 1.8%
Biogen, Inc.*		9,693		2,247,031
Gilead Sciences, Inc.		45,490		3,121,069
Moderna, Inc.*		8,724		1,035,975
Regeneron Pharmaceuticals, Inc.*		3,232		3,396,929
United Therapeutics Corp.*		683		217,570
				10,018,574

Broadline Retail — 0.2%
eBay, Inc.		20,328		1,092,020

Building Products — 1.1%
Builders FirstSource, Inc.*		5,259		727,898
Carrier Global Corp.		571		36,019
Fortune Brands Innovations, Inc.		11,027		716,093
Johnson Controls International PLC		34,370		2,284,574
Owens Corning		12,209		2,120,948
				5,885,532

Capital Markets — 3.4%
Bank of New York Mellon Corp. (The)		52,444		3,140,871
Franklin Resources, Inc.		5,210		116,444
Goldman Sachs Group, Inc. (The)		17,449		7,892,532
Jefferies Financial Group, Inc.		6,993		347,972
Morgan Stanley		58,923		5,726,726
Northern Trust Corp.		938		78,773
Raymond James Financial, Inc.		4,361		539,063
State Street Corp.		10,112		748,288
T Rowe Price Group, Inc.		1,285		148,173
				18,738,842

Chemicals — 3.8%
Air Products & Chemicals, Inc.		5,579		1,439,661
Albemarle Corp. @		4,214		402,521
Celanese Corp.		4,202		566,808
CF Industries Holdings, Inc.		11,835		877,210
Corteva, Inc.		18,513		998,591
Dow, Inc.		51,700		2,742,685
DuPont de Nemours, Inc.		13,259		1,067,217
Eastman Chemical Co.		17,799		1,743,768
International Flavors & Fragrances, Inc.		9,315		886,881
Linde PLC		13,057		5,729,542
LyondellBasell Industries NV, Class A		21,390		2,046,168
Mosaic Co. (The)		5,998		173,342
PPG Industries, Inc.		8,879		1,117,777
Westlake Corp.		7,968		1,153,926
				20,946,097

Commercial Banks — 11.7%
Bank of America Corp.		196,564		7,817,350
Citigroup, Inc.		77,487		4,917,325
Citizens Financial Group, Inc.		18,613		670,626
East West Bancorp, Inc.		2,390		175,020
Fifth Third Bancorp		70,601		2,576,230
First Citizens Bancshares, Inc., Class A		153		257,592
Huntington Bancshares, Inc.		72,900		960,822
JPMorgan Chase & Co.		142,484		28,818,814
KeyCorp		33,936		482,231
M&T Bank Corp.		3,759		568,962
PNC Financial Services Group, Inc. (The)		11,566		1,798,282
Regions Financial Corp.		119,937		2,403,537
Truist Financial Corp.		64,730		2,514,761
U.S. Bancorp		40,031		1,589,231
Wells Fargo & Co.		126,013		7,483,912
Zions Bancorp NA		16,027		695,091
				63,729,786

Commercial Services & Supplies — 0.1%
Veralto Corp.		6,377		608,812

Communications Equipment — 1.1%
Cisco Systems, Inc.		124,416		5,911,004

Computers & Peripherals — 1.1%
Dell Technologies, Inc., Class C		861		118,741
Hewlett Packard Enterprise Co.		141,847		3,002,901
HP, Inc.		47,818		1,674,586
Western Digital Corp.*		15,020		1,138,065
				5,934,293

Construction & Engineering — 0.0%
Quanta Services, Inc.		431		109,513

Construction Materials — 0.8%
Martin Marietta Materials, Inc.		4,136		2,240,885
Vulcan Materials Co.		8,594		2,137,156
				4,378,041

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

Table of Contents

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Consumer Finance — 1.5%
Ally Financial, Inc.		52,963	$	2,101,042
Capital One Financial Corp.		28,539		3,951,225
Discover Financial Services		7,930		1,037,323
Synchrony Financial		25,544		1,205,421
				8,295,011

Consumer Staples Distribution & Retail — 1.0%
Dollar Tree, Inc.*		12,596		1,344,875
Kroger Co. (The)		64,415		3,216,241
U.S. Foods Holding Corp.*		9,124		483,389
Walgreens Boots Alliance, Inc.		44,769		541,481
				5,585,986

Containers & Packaging — 0.5%
Amcor PLC		20,769		203,121
Ball Corp.		6,731		403,995
International Paper Co.		36,643		1,581,145
Packaging Corp. of America		2,898		529,059
Sonoco Products Co.		611		30,990
				2,748,310

Distributors — 0.4%
Genuine Parts Co.		2,990		413,577
LKQ Corp.		37,512		1,560,124
				1,973,701

Diversified Telecommunication Services — 3.1%
AT&T, Inc.		455,881		8,711,886
Verizon Communications, Inc.		198,247		8,175,706
				16,887,592

Electrical Equipment — 0.3%
AMETEK, Inc.		6,575		1,096,118
GE Vernova, Inc.*		2,774		475,769
NEXTracker, Inc., Class A*		695		32,582
Sensata Technologies Holding PLC		1,781		66,591
				1,671,060

Electronic Equipment, Instruments & Components — 1.4%
Corning, Inc.		84,494		3,282,592
Flex Ltd.*		31,420		926,576
Keysight Technologies, Inc.*		1,184		161,912
TD SYNNEX Corp.		1,605		185,217
TE Connectivity Ltd.		19,914		2,995,663
Teledyne Technologies, Inc.*		125		48,497
				7,600,457

Energy Equipment & Services — 0.3%
Baker Hughes Co.		49,652		1,746,261

Entertainment — 1.0%
Electronic Arts, Inc.		5,250		731,483
Liberty Media Corp.-Liberty Formula One, Class A*		1,097		70,460
Liberty Media Corp.-Liberty Formula One, Class C*		2,194		157,617
Take-Two Interactive Software, Inc.*		2,974		462,427
Walt Disney Co. (The)		34,691		3,444,469
Warner Bros Discovery, Inc.*		85,934		639,349
				5,505,805

Financial Services — 3.7%
Berkshire Hathaway, Inc., Class B*		37,649		15,315,613
Fidelity National Information Services, Inc.		27,979		2,108,497
Fiserv, Inc.*		12,529		1,867,322
Global Payments, Inc.		7,128		689,278
				19,980,710

Food Products — 2.5%
Archer-Daniels-Midland Co.		24,965		1,509,134
Bunge Global SA		12,845		1,371,461
Campbell Soup Co.		3,702		167,293
Conagra Brands, Inc.		19,827		563,483
General Mills, Inc.		38,095		2,409,890
Hormel Foods Corp.		5,728		174,647
J.M. Smucker Co. (The)		5,150		561,556
Kraft Heinz Co. (The)		20,920		674,042
McCormick & Co., Inc.		1,921		136,276
Mondelez International, Inc., Class A		51,728		3,385,080
Post Holdings, Inc.*		973		101,348
Tyson Foods, Inc., Class A		41,844		2,390,966
				13,445,176

Ground Transportation — 0.9%
Norfolk Southern Corp.		16,359		3,512,114
U-Haul Holding Co.* @		2,003		123,645
U-Haul Holding Co.		18,027		1,081,980
				4,717,739

Health Care Equipment & Supplies — 2.1%
Abbott Laboratories		23,123		2,402,711
Becton Dickinson & Co.		8,851		2,068,567
Boston Scientific Corp.*		4,174		321,440
Cooper Cos., Inc. (The)		548		47,840
GE HealthCare Technologies, Inc.		23,244		1,811,173
Hologic, Inc.*		5,323		395,233
Medtronic PLC		37,706		2,967,839
STERIS PLC		3,097		679,915
Zimmer Biomet Holdings, Inc.		8,154		884,954
				11,579,672

Health Care Providers & Services — 5.2%
Centene Corp.*		19,196		1,272,695
Cigna Group (The)		19,065		6,302,317
CVS Health Corp.		58,448		3,451,939
Elevance Health, Inc.		13,010		7,049,599
Henry Schein, Inc.*		3,777		242,106
Humana, Inc.		7,918		2,958,561
Labcorp Holdings, Inc.		13,769		2,802,129
Quest Diagnostics, Inc.		18,783		2,571,017
UnitedHealth Group, Inc.		3,043		1,549,678
Universal Health Services, Inc., Class B		1,221		225,799
				28,425,840

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

Table of Contents

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure — 0.5%
Aramark		16,117		548,300
Carnival Corp.*		27,865		521,633
Hyatt Hotels Corp., Class A		3,174		482,194
MGM Resorts International*		26,967		1,198,414
				2,750,541

Household Durables — 3.1%
DR Horton, Inc.		46,332		6,529,569
Garmin Ltd.		12,982		2,115,028
Lennar Corp., Class A		23,116		3,464,395
Lennar Corp., Class B		573		79,893
NVR, Inc.*		15		113,828
PulteGroup, Inc.		41,840		4,606,584
				16,909,297

Independent Power Producers & Energy Traders — 0.3%
Vistra Corp.		16,276		1,399,411

Insurance — 5.1%
Aflac, Inc.		32,730		2,923,116
American International Group, Inc.		29,118		2,161,720
Arch Capital Group Ltd.*		18,837		1,900,465
Chubb Ltd.		11,440		2,918,115
Cincinnati Financial Corp.		370		43,697
Everest Group Ltd.		1,938		738,417
F&G Annuities & Life, Inc.		103		3,919
Fidelity National Financial, Inc.		1,515		74,871
Hartford Financial Services Group, Inc. (The)		47,472		4,772,835
Lincoln National Corp.		9,516		295,948
Loews Corp.		15,964		1,193,149
Markel Group, Inc.*		116		182,777
MetLife, Inc.		12,261		860,600
Old Republic International Corp.		14,636		452,252
Principal Financial Group, Inc.		28,632		2,246,180
Prudential Financial, Inc.		22,788		2,670,526
RenaissanceRe Holdings Ltd.		60		13,411
Travelers Cos., Inc. (The)		21,374		4,346,189
				27,798,187

Interactive Media & Services — 0.5%
Meta Platforms, Inc., Class A		5,256		2,650,180

IT Services — 0.7%
Akamai Technologies, Inc.*		3,310		298,165
Amdocs Ltd.		15,213		1,200,610
Cognizant Technology Solutions Corp., Class A		34,305		2,332,740
DXC Technology Co.*		10,285		196,341
Kyndryl Holdings, Inc.*		1,933		50,857
				4,078,713

Life Sciences Tools & Services — 1.6%
Danaher Corp.		19,132		4,780,130
Revvity, Inc.		1,932		202,590
Thermo Fisher Scientific, Inc.		6,997		3,869,341
				8,852,061

Machinery — 4.1%
Cummins, Inc.		10,946		3,031,276
Deere & Co.		4,734		1,768,764
Dover Corp.		6,916		1,247,992
Fortive Corp.		7,311		541,745
Ingersoll Rand, Inc.		14,939		1,357,059
Oshkosh Corp.		984		106,469
Otis Worldwide Corp.		25,885		2,491,690
PACCAR, Inc.		34,507		3,552,150
Parker-Hannifin Corp.		6,209		3,140,574
Pentair PLC		20,400		1,564,068
Snap-on, Inc.		6,351		1,660,088
Stanley Black & Decker, Inc.		14,985		1,197,152
Westinghouse Air Brake Technologies Corp.		5,333		842,881
				22,501,908

Media — 2.5%
Comcast Corp., Class A		276,529		10,828,876
Fox Corp. Class A		24,883		855,229
Fox Corp. Class B		14,510		464,610
Interpublic Group of Cos., Inc. (The)		21,833		635,122
Liberty Media Corp.-Liberty SiriusXM, Class A*		4,389		97,216
Liberty Media Corp.-Liberty SiriusXM, Class C*		8,778		194,521
News Corp., Class A		8,320		229,382
News Corp., Class B		1,734		49,228
Paramount Global, Class B		25,564		265,610
				13,619,794

Metals & Mining — 3.6%
Freeport-McMoRan, Inc.		106,539		5,177,796
Newmont Corp.		42,413		1,775,832
Nucor Corp.		36,250		5,730,400
Reliance, Inc.		9,348		2,669,789
Royal Gold, Inc.		725		90,741
Steel Dynamics, Inc.		33,820		4,379,690
				19,824,248

Oil, Gas & Consumable Fuels — 13.8%
Chevron Corp.		97,929		15,318,054
ConocoPhillips		81,442		9,315,336
Coterra Energy, Inc.		19,923		531,346
Devon Energy Corp.		27,320		1,294,968
Diamondback Energy, Inc.		8,816		1,764,875
EOG Resources, Inc.		23,992		3,019,873
EQT Corp. @		1,748		64,641
Exxon Mobil Corp.		236,646		27,242,688
HF Sinclair Corp.		471		25,123
Kinder Morgan, Inc.		75,243		1,495,078
Marathon Oil Corp.		18,183		521,307
Marathon Petroleum Corp.		27,020		4,687,430
Occidental Petroleum Corp.		34,021		2,144,344
ONEOK, Inc.		1,519		123,874
Phillips 66		15,495		2,187,429
Valero Energy Corp.		19,826		3,107,924
Williams Cos., Inc. (The)		67,920		2,886,600
				75,730,890

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

Table of Contents

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Passenger Airlines — 0.5%
Delta Air Lines, Inc.		33,883	$	1,607,409
Southwest Airlines Co.		22,025		630,135
United Airlines Holdings, Inc.*		5,310		258,385
				2,495,929

Pharmaceuticals — 2.5%
Bristol-Myers Squibb Co.		79,893		3,317,956
Jazz Pharmaceuticals PLC*		4,730		504,833
Johnson & Johnson		14,799		2,163,022
Pfizer, Inc.		246,001		6,883,108
Viatris, Inc.		69,023		733,715
				13,602,634

Professional Services — 0.7%
Concentrix Corp.		1,605		101,564
Jacobs Solutions, Inc.		6,136		857,260
Leidos Holdings, Inc.		16,200		2,363,256
ManpowerGroup, Inc.		632		44,114
SS&C Technologies Holdings, Inc.		7,467		467,957
				3,834,151

Real Estate Management & Development — 0.5%
CBRE Group, Inc., Class A*		19,100		1,702,001
Jones Lang LaSalle, Inc.*		4,753		975,696
				2,677,697

Semiconductors & Semiconductor Equipment — 4.2%
Advanced Micro Devices, Inc.*		11,477		1,861,684
Analog Devices, Inc.		18,542		4,232,397
Intel Corp.		207,108		6,414,135
Marvell Technology, Inc.		18,929		1,323,137
Micron Technology, Inc.		49,569		6,519,811
ON Semiconductor Corp.*		10,923		748,772
Qorvo, Inc.*		11,125		1,290,945
Skyworks Solutions, Inc.		4,292		457,441
				22,848,322

Software — 0.7%
Gen Digital, Inc.		3,129		78,162
Roper Technologies, Inc.		366		206,300
Salesforce, Inc.		13,859		3,563,149
				3,847,611

Specialty Retail — 0.1%
CarMax, Inc.*		8,119		595,448

Textiles, Apparel & Luxury Goods — 0.1%
Ralph Lauren Corp.		1,676		293,401
Tapestry, Inc.		6,979		298,631
				592,032

Trading Companies & Distributors — 0.0%
United Rentals, Inc.		184		118,998

Wireless Telecommunication Services — 0.9%
T-Mobile U.S., Inc.		29,534		5,203,300
TOTAL COMMON STOCKS (Identified Cost $309,740,756)				545,553,495

SHORT-TERM INVESTMENTS — 0.2%
Investment Company — 0.2%
State Street Institutional U.S. Government Money Market Fund 5.000%		915,933		915,933

Collateral For Securities On Loan — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 5.330%		21,273		21,273

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $937,206)				937,206

Total Investments — 100.0% (Identified Cost $310,677,962)				546,490,701
Cash and Other Assets, Less Liabilities — 0.0%				166,603
Net Assets — 100.0%			$	546,657,304

†	See Note 1
*	Non-income producing security
@	A portion or all of the security was held on loan. As of June 30, 2024, the fair value of the securities on loan was $491,527.

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024

	SHARES		VALUE†

COMMON STOCKS — 99.8%
Aerospace & Defense — 1.3%
AAR Corp.*		3,510	$	255,177
AeroVironment, Inc.*		2,477		451,210
Astronics Corp., Class B*		693		13,929
Axon Enterprise, Inc.*		11		3,237
BWX Technologies, Inc.		3,927		373,065
Curtiss-Wright Corp.		2,577		698,316
Ducommun, Inc.*		1,489		86,451
Hexcel Corp.		4,516		282,024
Huntington Ingalls Industries, Inc.		370		91,142
Innovative Solutions & Support, Inc.*		3,248		19,488
Kratos Defense & Security Solutions, Inc.*		11,721		234,537
Mercury Systems, Inc.*		4,277		115,436
Moog, Inc., Class A		2,730		456,729
National Presto Industries, Inc.		709		53,267
Park Aerospace Corp.		2,501		34,214
Textron, Inc.		1,666		143,043
V2X, Inc.*		1,491		71,508
Woodward, Inc.		4,322		753,671
				4,136,444

Air Freight & Logistics — 0.1%
Air Transport Services Group, Inc.*		3,158		43,801
CH Robinson Worldwide, Inc.		1,094		96,403
HUB Group, Inc., Class A		5,418		233,245
Radiant Logistics, Inc.*		6,146		34,971
				408,420

Automobile Components — 1.6%
Adient PLC*		4,024		99,433
American Axle & Manufacturing Holdings, Inc.*		3,721		26,010
Autoliv, Inc.		6,598		705,920
BorgWarner, Inc.		15,123		487,565
Cooper-Standard Holdings, Inc.*		1,153		14,343
Dana, Inc.		9,900		119,988
Dorman Products, Inc.*		3,535		323,382
Fox Factory Holding Corp.*		4,601		221,722
Gentex Corp.		15,377		518,359
Gentherm, Inc.*		3,773		186,084
Goodyear Tire & Rubber Co. (The)*		6,748		76,590
LCI Industries		2,757		285,019
Lear Corp.		4,020		459,124
Modine Manufacturing Co.*		5,416		542,629
Motorcar Parts of America, Inc.*		2,267		13,987
Patrick Industries, Inc.		2,334		253,356
Phinia, Inc.		3,024		119,025
Standard Motor Products, Inc.		2,639		73,179
Stoneridge, Inc.*		2,727		43,523
Strattec Security Corp.*		941		23,525
Visteon Corp.*		2,696		287,663
XPEL, Inc.*@		305		10,846
				4,891,272

Automobiles — 0.3%
Harley-Davidson, Inc.		9,600		321,984
Lucid Group, Inc.*@		15,466		40,366
Rivian Automotive, Inc., Class A*@		14,455		193,986
Thor Industries, Inc.		2,397		224,000
Winnebago Industries, Inc.		3,191		172,952
				953,288

Beverages — 0.7%
Boston Beer Co., Inc. (The), Class A*		69		21,048
Celsius Holdings, Inc.*		2,162		123,429
Coca-Cola Consolidated, Inc.		882		956,970
Duckhorn Portfolio, Inc. (The)*		6,105		43,346
MGP Ingredients, Inc. @		1,851		137,714
Molson Coors Beverage Co., Class B		9,730		494,576
National Beverage Corp.		7,326		375,384
				2,152,467

Biotechnology — 2.3%
Agios Pharmaceuticals, Inc.*		4,111		177,266
Aldeyra Therapeutics, Inc.*		3,971		13,144
Alkermes PLC*		5,522		133,080
Allogene Therapeutics, Inc.*@		7,175		16,718
AnaptysBio, Inc.*		2,569		64,379
Anika Therapeutics, Inc.*		1,795		45,467
Arcus Biosciences, Inc.*		2,904		44,228
Avid Bioservices, Inc.*		2,126		15,180
Avidity Biosciences, Inc.*		4,762		194,528
Beam Therapeutics, Inc.*@		497		11,645
BioMarin Pharmaceutical, Inc.*		3,782		311,372
Biomea Fusion, Inc.*		1,472		6,624
Catalyst Pharmaceuticals, Inc.*		8,570		132,749
Chinook Therapeutics, Inc. CVR ¶*§		5,000		6,250
Crinetics Pharmaceuticals, Inc.*		551		24,679
CRISPR Therapeutics AG*@		1,927		104,077
Cullinan Therapeutics, Inc.*		1,139		19,864
Dynavax Technologies Corp.*		7,915		88,886
Editas Medicine, Inc.*@		4,524		21,127
Enanta Pharmaceuticals, Inc.*		1,585		20,557
Exact Sciences Corp.*		3,133		132,369
Exelixis, Inc.*		22,934		515,327
Fate Therapeutics, Inc.*		124		407
Generation Bio Co.*		1,291		3,641
Halozyme Therapeutics, Inc.*		8,219		430,347
Ideaya Biosciences, Inc.*		4,393		154,238
Incyte Corp.*		4,731		286,793
Intellia Therapeutics, Inc.*		2,590		57,964
Iovance Biotherapeutics, Inc.*		3,913		31,382
Krystal Biotech, Inc.*		1,598		293,457
Kura Oncology, Inc.*		5,384		110,857
Kymera Therapeutics, Inc.*@		3,129		93,401
LENZ Therapeutics, Inc. @		446		7,711
Mirati Therapeutics, Inc. CVR ¶*§		1,395		732
Myriad Genetics, Inc.*		8,130		198,860
Natera, Inc.*		2,782		301,263
Neurocrine Biosciences, Inc.*		7,426		1,022,337
Nurix Therapeutics, Inc.*		2,828		59,020
PDL BioPharma, Inc.*§		18,262		21,732
Prothena Corp. PLC*		932		19,237

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Biotechnology (Continued)
RAPT Therapeutics, Inc.*		1,843	$	5,621
Recursion Pharmaceuticals, Inc., Class A*@		1,754		13,155
REGENXBIO, Inc.*		2,258		26,419
Relay Therapeutics, Inc.*		6,235		40,652
Replimune Group, Inc.*@		3,690		33,210
REVOLUTION Medicines, Inc.*		2,160		83,830
Rocket Pharmaceuticals, Inc.*		3,576		76,991
Sage Therapeutics, Inc.*		2,194		23,827
Sarepta Therapeutics, Inc.*		2,651		418,858
Stoke Therapeutics, Inc.*		2,970		40,125
Sutro Biopharma, Inc.*		908		2,660
Twist Bioscience Corp.*		2,997		147,692
United Therapeutics Corp.*		2,637		840,016
Veracyte, Inc.*		4,340		94,048
Xencor, Inc.*		2,792		52,853
Xenon Pharmaceuticals, Inc.*		338		13,179
				7,106,031

Broadline Retail — 0.4%
Big Lots, Inc.*		1,156		2,000
Dillard’s, Inc., Class A @		780		343,504
Etsy, Inc.*		418		24,654
Kohl’s Corp.		2,281		52,440
Macy’s, Inc.		15,808		303,514
Nordstrom, Inc. @		2,914		61,835
Ollie’s Bargain Outlet Holdings, Inc.*		3,753		368,432
				1,156,379

Building Products — 2.9%
A.O. Smith Corp.		8,970		733,567
AAON, Inc.		8,580		748,519
Advanced Drainage Systems, Inc.		7,209		1,156,252
Allegion PLC		1,427		168,600
American Woodmark Corp.*		1,353		106,346
Apogee Enterprises, Inc.		2,316		145,526
Armstrong World Industries, Inc.		4,365		494,293
AZZ, Inc.		2,363		182,542
Carlisle Cos., Inc.		609		246,773
CSW Industrials, Inc.		1,174		311,474
Fortune Brands Innovations, Inc.		961		62,407
Gibraltar Industries, Inc.*		3,042		208,529
Insteel Industries, Inc.		2,278		70,527
Masco Corp.		5,670		378,019
Owens Corning		6,683		1,160,971
Quanex Building Products Corp.		3,350		92,627
Resideo Technologies, Inc.*		681		13,320
Simpson Manufacturing Co., Inc.		4,397		741,026
Trex Co., Inc.*		10,510		779,001
UFP Industries, Inc.		6,595		738,640
Zurn Elkay Water Solutions Corp.		14,150		416,010
				8,954,969

Capital Markets — 3.2%
Affiliated Managers Group, Inc.		3,775		589,768
Artisan Partners Asset Management, Inc., Class A		6,206		256,122
AssetMark Financial Holdings, Inc.*		3,140		108,487
B Riley Financial, Inc. @		1,204		21,239
BGC Group, Inc., Class A		30,567		253,706
Brightsphere Investment Group, Inc.		2,826		62,652
Brookfield Asset Management Ltd., Class A @		332		12,633
Carlyle Group, Inc. (The)		9,910		397,886
Cohen & Steers, Inc. @		5,127		372,015
Diamond Hill Investment Group, Inc.		289		40,677
Donnelley Financial Solutions, Inc.*		2,776		165,505
Evercore, Inc., Class A		3,659		762,645
Federated Hermes, Inc.		7,863		258,535
Franklin Resources, Inc.		13,466		300,965
Hamilton Lane, Inc., Class A		1,792		221,455
Houlihan Lokey, Inc.		1,002		135,130
Invesco Ltd.		24,055		359,863
Janus Henderson Group PLC		14,636		493,379
Jefferies Financial Group, Inc.		21,621		1,075,861
Lazard, Inc.		6,742		257,410
MarketAxess Holdings, Inc.		710		142,376
Moelis & Co., Class A		1,713		97,401
Morningstar, Inc.		2,847		842,285
Open Lending Corp., Class A*		2,793		15,585
Oppenheimer Holdings, Inc., Class A		1,244		59,600
Piper Sandler Cos.		1,880		432,720
PJT Partners, Inc., Class A @		1,422		153,448
Robinhood Markets, Inc., Class A*		8,493		192,876
SEI Investments Co.		4,732		306,113
Silvercrest Asset Management Group, Inc., Class A		759		11,833
StepStone Group, Inc., Class A		446		20,467
Stifel Financial Corp.		9,673		813,983
StoneX Group, Inc.*		3,118		234,817
Victory Capital Holdings, Inc., Class A		982		46,871
Virtu Financial, Inc., Class A		3,211		72,087
Virtus Investment Partners, Inc.		676		152,675
Westwood Holdings Group, Inc.		1,157		14,092
WisdomTree, Inc. @		4,286		42,474
				9,797,636

Chemicals — 2.6%
AdvanSix, Inc.		3,198		73,298
Albemarle Corp. @		750		71,640
American Vanguard Corp.		3,554		30,564
Arcadium Lithium PLC*@		18,990		63,807
Ashland, Inc.		3,394		320,699
Avient Corp.		10,014		437,111
Axalta Coating Systems Ltd.*		16,030		547,745
Balchem Corp.		3,494		537,901
Cabot Corp.		5,463		501,995
Celanese Corp.		1,157		156,068
CF Industries Holdings, Inc.		824		61,075
Chemours Co. (The)		8,849		199,722
Core Molding Technologies, Inc.*		1,500		23,910

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Chemicals (Continued)
Eastman Chemical Co.		3,373	$	330,453
Ecovyst, Inc.*		5,086		45,622
Element Solutions, Inc.		21,963		595,637
FMC Corp.		2,021		116,309
Hawkins, Inc.		2,648		240,968
HB Fuller Co.		5,803		446,599
Huntsman Corp.		12,047		274,310
Ingevity Corp.*		1,259		55,031
Innospec, Inc.		2,704		334,187
Intrepid Potash, Inc.*		750		17,573
Koppers Holdings, Inc.		2,308		85,373
Kronos Worldwide, Inc.		2,278		28,589
LSB Industries, Inc.*		3,802		31,100
Mativ Holdings, Inc.		3,615		61,310
Minerals Technologies, Inc.		3,081		256,216
Mosaic Co. (The)		9,271		267,932
NewMarket Corp.		504		259,847
Olin Corp.		3,715		175,162
Orion SA		3,504		76,878
Quaker Chemical Corp.		784		133,045
RPM International, Inc.		4,352		468,623
Sensient Technologies Corp.		4,568		338,900
Stepan Co.		2,418		203,015
Tronox Holdings PLC		1,464		22,970
				7,891,184

Commercial Banks — 8.6%
1st Source Corp.		2,546		136,516
Amalgamated Financial Corp.		477		13,070
Amerant Bancorp, Inc.		661		15,005
Ameris Bancorp		7,199		362,470
AmeriServ Financial, Inc.		4,400		9,944
Arrow Financial Corp.		2,279		59,368
Associated Banc-Corp.		15,878		335,820
Atlantic Union Bankshares Corp.		9,016		296,176
Axos Financial, Inc.*		4,649		265,690
Banc of California, Inc.		5,994		76,603
BancFirst Corp.		3,303		289,673
Bancorp, Inc. (The)*		4,840		182,758
Bank of Hawaii Corp. @		3,456		197,718
Bank of Marin Bancorp		1,580		25,580
Bank OZK		4,569		187,329
BankUnited, Inc.		3,310		96,884
Bankwell Financial Group, Inc.		326		8,271
Banner Corp.		3,355		166,542
Bar Harbor Bankshares		2,089		56,152
BCB Bancorp, Inc.		878		9,333
Berkshire Hills Bancorp, Inc.		4,455		101,574
BOK Financial Corp.		5,182		474,878
Bridgewater Bancshares, Inc.*		700		8,127
Brookline Bancorp, Inc.		7,431		62,049
Burke & Herbert Financial Services Corp.		197		10,043
Business First Bancshares, Inc.		553		12,033
Byline Bancorp, Inc.		1,299		30,838
C&F Financial Corp.		466		22,461
Cadence Bank		15,454		437,039
Camden National Corp.		1,756		57,948
Capital City Bank Group, Inc.		1,890		53,752
Capitol Federal Financial, Inc.		7,002		38,441
Carter Bankshares, Inc.*		711		10,750
Cathay General Bancorp		7,259		273,809
Central Pacific Financial Corp.		3,116		66,059
Citizens & Northern Corp.		852		15,242
Citizens Community Bancorp, Inc.		400		4,628
Citizens Financial Group, Inc.		13,844		498,799
City Holding Co.		1,327		140,994
Civista Bancshares, Inc.		270		4,182
CNB Financial Corp.		2,264		46,208
Coastal Financial Corp.*		555		25,608
Columbia Financial, Inc.*@		2,819		42,200
Comerica, Inc.		7,707		393,365
Commerce Bancshares, Inc.		9,002		502,132
Community Financial System, Inc.		4,718		222,737
Community Trust Bancorp, Inc.		1,552		67,760
Community West Bancshares		1,638		30,303
ConnectOne Bancorp, Inc.		3,358		63,433
Cullen/Frost Bankers, Inc.		3,828		389,040
Customers Bancorp, Inc.*		3,713		178,150
CVB Financial Corp.		13,166		226,982
Dime Community Bancshares, Inc.		4,460		90,984
Eagle Bancorp, Inc.		1,459		27,575
East West Bancorp, Inc.		9,740		713,260
Enterprise Bancorp, Inc.		331		8,235
Enterprise Financial Services Corp.		2,901		118,680
Equity Bancshares, Inc., Class A		1,470		51,744
Esquire Financial Holdings, Inc.		569		27,084
ESSA Bancorp, Inc.		1,900		33,421
Farmers & Merchants Bancorp, Inc.		1,205		27,980
Farmers National Banc Corp.		3,991		49,848
FB Financial Corp.		3,274		127,784
Financial Institutions, Inc.		1,855		35,839
First BanCorp		3,381		107,921
First BanCorp		18,672		341,511
First Bancorp, Inc. (The)		1,876		46,619
First Bancshares, Inc. (The)		1,367		35,515
First Busey Corp.		5,571		134,874
First Business Financial Services, Inc.		551		20,381
First Commonwealth Financial Corp.		9,286		128,240
First Community Bankshares, Inc.		1,982		73,017
First Financial Bancorp		8,992		199,802
First Financial Bankshares, Inc.		14,820		437,635
First Financial Corp.		1,395		51,448
First Foundation, Inc.		3,421		22,407
First Hawaiian, Inc.		1,200		24,912
First Horizon Corp.		30,154		475,529
First Internet Bancorp		1,284		34,694
First Interstate Bancsystem, Inc., Class A		4,291		119,161
First Merchants Corp.		5,621		187,123
First Mid Bancshares, Inc.		500		16,440
First of Long Island Corp. (The)		2,295		22,996
Flushing Financial Corp.		3,899		51,272
FNB Corp.		22,576		308,840

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Commercial Banks (Continued)
FS Bancorp, Inc.		962	$	35,065
Fulton Financial Corp.		15,678		266,212
German American Bancorp, Inc.		3,217		113,721
Glacier Bancorp, Inc.		11,842		441,943
Great Southern Bancorp, Inc.		1,275		70,903
Hancock Whitney Corp.		6,503		311,038
Hanmi Financial Corp.		3,586		59,958
HarborOne Bancorp, Inc.		6,045		67,281
Heartland Financial USA, Inc.		4,558		202,603
Heritage Commerce Corp.		3,576		31,111
Heritage Financial Corp.		4,162		75,041
Hilltop Holdings, Inc.		6,988		218,585
Hingham Institution For Savings (The)		236		42,216
Home Bancorp, Inc.		994		39,770
Home BancShares, Inc.		13,006		311,624
HomeStreet, Inc.		1,747		19,916
HomeTrust Bancshares, Inc.		2,255		67,718
Hope Bancorp, Inc.		11,541		123,950
Horizon Bancorp, Inc.		3,103		38,384
Independent Bank Corp.		600		16,200
Independent Bank Corp.		3,858		195,678
Independent Bank Group, Inc.		1,379		62,772
International Bancshares Corp.		5,903		337,711
Kearny Financial Corp.		7,750		47,662
KeyCorp		26,535		377,062
Lakeland Financial Corp.		2,447		150,539
Live Oak Bancshares, Inc.		847		29,696
Macatawa Bank Corp.		5,141		75,059
Mercantile Bank Corp.		1,601		64,953
Metropolitan Bank Holding Corp.*		321		13,511
Midland States Bancorp, Inc.		1,086		24,598
MidWestOne Financial Group, Inc.		613		13,786
National Bank Holdings Corp., Class A		3,376		131,833
NBT Bancorp, Inc.		4,206		162,352
New York Community Bancorp, Inc. @		5,217		16,799
Nicolet Bankshares, Inc.		1,020		84,701
Northeast Bank		896		54,531
Northfield Bancorp, Inc.		5,020		47,590
Northrim BanCorp, Inc.		836		48,187
Northwest Bancshares, Inc.		12,344		142,573
OceanFirst Financial Corp.		4,432		70,424
OFG Bancorp		4,058		151,972
Old National Bancorp		28,203		484,810
Old Second Bancorp, Inc.		2,244		33,234
Origin Bancorp, Inc.		1,342		42,568
Pacific Premier Bancorp, Inc.		6,186		142,092
Park National Corp.		1,732		246,533
Pathward Financial, Inc.		2,146		121,399
Peapack-Gladstone Financial Corp.		1,992		45,119
Penns Woods Bancorp, Inc.		1,138		23,386
Peoples Bancorp, Inc.		3,204		96,120
Pinnacle Financial Partners, Inc.		3,365		269,335
Popular, Inc.		7,138		631,213
Preferred Bank		1,186		89,531
Premier Financial Corp.		4,193		85,789
Primis Financial Corp.		1,858		19,472
Prosperity Bancshares, Inc.		5,924		362,193
Provident Financial Holdings, Inc.		1,124		14,050
Provident Financial Services, Inc.		10,138		145,480
QCR Holdings, Inc.		1,658		99,480
Renasant Corp.		5,355		163,542
Republic Bancorp, Inc., Class A		1,997		107,059
Riverview Bancorp, Inc.		2,557		10,202
S&T Bancorp, Inc.		3,996		133,426
Sandy Spring Bancorp, Inc.		1,973		48,062
Seacoast Banking Corp. of Florida		5,003		118,271
ServisFirst Bancshares, Inc.		5,630		355,760
Sierra Bancorp		2,000		44,760
Simmons First National Corp., Class A		7,315		128,598
Southern First Bancshares, Inc.*		923		26,988
Southern Missouri Bancorp, Inc.		686		30,877
Southside Bancshares, Inc.		3,368		92,990
SouthState Corp.		7,217		551,523
Stellar Bancorp, Inc.		3,386		77,743
Stock Yards Bancorp, Inc.		2,936		145,831
Synovus Financial Corp.		7,875		316,496
Territorial Bancorp, Inc.		1,557		12,612
Texas Capital Bancshares, Inc.*		3,132		191,490
Timberland Bancorp, Inc.		921		24,950
Tompkins Financial Corp.		1,559		76,235
Towne Bank		5,809		158,411
TriCo Bancshares		2,959		117,088
Triumph Financial, Inc.*		2,441		199,552
TrustCo Bank Corp.		2,134		61,395
Trustmark Corp.		5,770		173,331
UMB Financial Corp.		4,960		413,763
United Bankshares, Inc.		12,088		392,135
United Community Banks, Inc.		8,563		218,014
Univest Financial Corp.		3,363		76,777
Valley National Bancorp		27,653		193,018
Veritex Holdings, Inc.		3,570		75,291
WaFd, Inc.		6,377		182,255
Washington Trust Bancorp, Inc.		2,001		54,847
Webster Financial Corp.		10,588		461,531
WesBanco, Inc.		5,118		142,843
West BanCorp, Inc.		1,763		31,558
Westamerica BanCorp		2,658		128,993
Western Alliance Bancorp		5,446		342,118
Western New England Bancorp, Inc.		3,161		21,748
Wintrust Financial Corp.		4,936		486,492
WSFS Financial Corp.		6,445		302,915
Zions Bancorp NA		10,151		440,249
				26,596,008

Commercial Services & Supplies — 2.1%
ABM Industries, Inc.		6,300		318,591
ACCO Brands Corp.		6,694		31,462
Brady Corp., Class A		4,578		302,240
Brink’s Co. (The)		4,524		463,258
Casella Waste Systems, Inc., Class A*		6,377		632,726
CECO Environmental Corp.*		4,211		121,487
Cimpress PLC*		1,426		124,932
Clean Harbors, Inc.*		4,977		1,125,549
Deluxe Corp.		2,994		67,245

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Commercial Services & Supplies (Continued)
Driven Brands Holdings, Inc.*		1,606	$	20,444
Ennis, Inc.		3,110		68,078
HNI Corp.		4,225		190,210
Interface, Inc.		5,834		85,643
Liquidity Services, Inc.*		3,228		64,495
Matthews International Corp., Class A		3,151		78,933
MillerKnoll, Inc.		3,785		100,265
MSA Safety, Inc.		4,031		756,578
NL Industries, Inc.		4,571		27,563
OPENLANE, Inc.*		2,720		45,125
Steelcase, Inc., Class A		9,338		121,020
Stericycle, Inc.*		3,291		191,306
Tetra Tech, Inc.		5,049		1,032,420
UniFirst Corp.		1,530		262,441
Vestis Corp.		7,841		95,895
Virco Mfg. Corp.		2,494		34,766
VSE Corp.		1,412		124,651
				6,487,323

Communications Equipment — 1.0%
BK Technologies Corp.*		400		5,120
Calix, Inc.*		2,992		106,007
Cambium Networks Corp.*		2,226		6,210
Ciena Corp.*		15,659		754,451
Clearfield, Inc.*@		2,380		91,773
Comtech Telecommunications Corp.*		3,207		9,717
Digi International, Inc.*		3,397		77,893
Extreme Networks, Inc.*		7,358		98,965
F5, Inc.*		3,709		638,801
Harmonic, Inc.*		10,330		121,584
Infinera Corp.*@		5,375		32,734
Juniper Networks, Inc.		15,627		569,760
KVH Industries, Inc.*		2,387		11,100
Lantronix, Inc.*		1,100		3,905
Lumentum Holdings, Inc.*		4,956		252,359
NETGEAR, Inc.*		3,539		54,147
NetScout Systems, Inc.*		8,182		149,649
Optical Cable Corp.*		374		1,014
Viasat, Inc.*@		1,242		15,773
Viavi Solutions, Inc.*		21,651		148,742
				3,149,704

Computers & Peripherals — 0.3%
AstroNova, Inc.*		1,572		24,272
Pure Storage, Inc., Class A*		12,133		779,060
Xerox Holdings Corp.		5,031		58,460
				861,792

Construction & Engineering — 2.5%
AECOM		4,153		366,045
Ameresco, Inc., Class A*		3,289		94,756
API Group Corp.*		1,595		60,020
Arcosa, Inc.		1,853		154,559
Comfort Systems USA, Inc.		3,764		1,144,708
Dycom Industries, Inc.*		3,171		535,138
EMCOR Group, Inc.		3,704		1,352,256
Fluor Corp.*		6,585		286,777
Granite Construction, Inc.		4,358		270,065
Great Lakes Dredge & Dock Corp.*		7,436		65,288
IES Holdings, Inc.*		1,933		269,325
MasTec, Inc.*		6,602		706,348
Matrix Service Co.*		4,086		40,574
MDU Resources Group, Inc.		11,285		283,253
MYR Group, Inc.*		1,601		217,272
Northwest Pipe Co.*		1,211		41,138
Primoris Services Corp.		5,218		260,326
Sterling Infrastructure, Inc.*		2,663		315,139
Tutor Perini Corp.*		3,153		68,672
Valmont Industries, Inc.		1,958		537,373
WillScot Mobile Mini Holdings Corp.*		18,315		689,377
				7,758,409

Construction Materials — 0.3%
Eagle Materials, Inc.		1,439		312,925
Knife River Corp.*		2,821		197,865
Summit Materials, Inc., Class A*		5,504		201,502
U.S. Lime & Minerals, Inc.		713		259,660
				971,952

Consumer Finance — 1.2%
Ally Financial, Inc.		6,410		254,285
Atlanticus Holdings Corp.*		1,788		50,386
Bread Financial Holdings, Inc.		856		38,143
Consumer Portfolio Services, Inc.*		3,813		37,367
Credit Acceptance Corp.*		760		391,157
Encore Capital Group, Inc.*		2,787		116,302
Enova International, Inc.*		2,921		181,832
Ezcorp, Inc., Class A*		5,994		62,757
FirstCash Holdings, Inc.		4,847		508,353
Green Dot Corp., Class A*		4,505		42,572
LendingClub Corp.*		1,512		12,792
Navient Corp.		11,475		167,076
Nelnet, Inc., Class A		2,441		246,199
OneMain Holdings, Inc.		7,656		371,240
PRA Group, Inc.*		4,120		80,999
PROG Holdings, Inc.		4,487		155,609
Regional Management Corp.		1,467		42,162
SLM Corp.		14,278		296,840
SoFi Technologies, Inc.*@		12,464		82,387
Synchrony Financial		7,322		345,525
World Acceptance Corp.*		673		83,169
				3,567,152

Consumer Staples Distribution & Retail — 1.5%
Albertsons Cos., Inc., Class A		2,354		46,492
Andersons, Inc. (The)		4,055		201,128
BJ’s Wholesale Club Holdings, Inc.*		4,618		405,645
Casey’s General Stores, Inc.		2,455		936,730
Chefs’ Warehouse Inc. (The)*		4,636		181,314
Grocery Outlet Holding Corp.*		2,734		60,476
Ingles Markets, Inc., Class A		1,973		135,368
Natural Grocers by Vitamin Cottage, Inc.		2,710		57,452
Performance Food Group Co.*		9,263		612,377
PriceSmart, Inc.		3,201		259,921

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Consumer Staples Distribution & Retail (Continued)
SpartanNash Co.		3,686	$	69,149
Sprouts Farmers Market, Inc.*		7,149		598,085
U.S. Foods Holding Corp.*		13,615		721,323
United Natural Foods, Inc.*		1,873		24,536
Village Super Market, Inc., Class A		1,435		37,898
Weis Markets, Inc.		2,943		184,732
				4,532,626

Containers & Packaging — 1.5%
Amcor PLC		16,740		163,717
AptarGroup, Inc.		5,666		797,829
Berry Global Group, Inc.		9,609		565,490
Crown Holdings, Inc.		3,202		238,197
Graphic Packaging Holding Co.		8,918		233,741
Greif, Inc., Class A		2,553		146,721
Greif, Inc., Class B		715		44,680
International Paper Co.		9,661		416,872
Myers Industries, Inc.		4,361		58,350
O-I Glass, Inc.*		8,143		90,632
Packaging Corp. of America		317		57,872
Pactiv Evergreen, Inc.		8,108		91,783
Sealed Air Corp.		7,912		275,258
Silgan Holdings, Inc.		11,743		497,081
Sonoco Products Co.		5,862		297,321
TriMas Corp.		5,102		130,407
Westrock Co.		8,525		428,466
				4,534,417

Distributors — 0.1%
A-Mark Precious Metals, Inc.		2,332		75,487
LKQ Corp.		3,492		145,232
Pool Corp.		660		202,838
Weyco Group, Inc.		1,043		31,624
				455,181

Diversified Consumer Services — 1.1%
Adtalem Global Education, Inc.*		3,867		263,768
American Public Education, Inc.*		1,928		33,894
Bright Horizons Family Solutions, Inc.*		1,895		208,602
Carriage Services, Inc.		2,272		60,981
Chegg, Inc.*		3,873		12,239
Duolingo, Inc.*		234		48,829
European Wax Center, Inc., Class A*@		583		5,789
Frontdoor, Inc.*		4,679		158,103
Graham Holdings Co., Class B		388		271,425
Grand Canyon Education, Inc.*		3,285		459,604
H&R Block, Inc.		11,646		631,563
Laureate Education, Inc.		3,916		58,505
OneSpaWorld Holdings Ltd.*		2,259		34,721
Perdoceo Education Corp.		6,976		149,426
Service Corp. International		7,334		521,667
Strategic Education, Inc.		2,650		293,249
Stride, Inc.*		4,184		294,972
				3,507,337

Diversified Telecommunication Services — 0.2%
Anterix, Inc.*		1,066		42,203
ATN International, Inc.		1,724		39,307
Bandwidth, Inc., Class A*		766		12,930
Costa Communications, Inc. CVR @¶*§		354		248
IDT Corp., Class B		1,342		48,205
Iridium Communications, Inc.		3,745		99,692
Liberty Latin America Ltd., Class A*		1,600		15,376
Liberty Latin America Ltd., Class C*		12,050		115,921
Shenandoah Telecommunications Co.		6,413		104,724
				478,606

Electric Utilities — 1.5%
ALLETE, Inc.		4,869		303,582
Alliant Energy Corp.		8,696		442,626
Evergy, Inc.		7,556		400,241
Genie Energy Ltd., Class B		3,300		48,246
Hawaiian Electric Industries, Inc. @		4,122		37,181
IDACORP, Inc.		2,837		264,267
MGE Energy, Inc.		3,771		281,769
NRG Energy, Inc.		14,356		1,117,758
OGE Energy Corp.		10,049		358,749
Otter Tail Corp.		4,597		402,651
Pinnacle West Capital Corp.		5,960		455,225
PNM Resources, Inc.		9,280		342,989
Portland General Electric Co.		5,648		244,220
				4,699,504

Electrical Equipment — 1.2%
Acuity Brands, Inc.		2,347		566,660
Allient, Inc.		1,626		41,089
Atkore, Inc.		3,999		539,585
EnerSys		3,615		374,225
Generac Holdings, Inc.*		265		35,038
LSI Industries, Inc.		3,137		45,392
NEXTracker, Inc., Class A*		3,948		185,082
nVent Electric PLC		3,043		233,124
Plug Power, Inc.*@		1,062		2,475
Powell Industries, Inc.		1,101		157,883
Preformed Line Products Co.		539		67,127
Regal Rexnord Corp.		6,071		820,921
Sensata Technologies Holding PLC		7,316		273,545
Sunrun, Inc.*@		6,232		73,912
Thermon Group Holdings, Inc.*		3,577		110,029
Vicor Corp.*		3,445		114,236
				3,640,323

Electronic Equipment, Instruments & Components — 3.7%
Advanced Energy Industries, Inc.		3,308		359,778
Arrow Electronics, Inc.*		5,952		718,764
Avnet, Inc.		8,026		413,259
Badger Meter, Inc.		3,103		578,244
Bel Fuse, Inc., Class B		1,421		92,706
Belden, Inc.		4,607		432,137
Benchmark Electronics, Inc.		3,809		150,303
Climb Global Solutions, Inc.		315		19,785
Cognex Corp.		4,736		221,455
Crane NXT Co. @		3,089		189,726

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Electronic Equipment, Instruments & Components (Continued)
CTS Corp.		3,522	$	178,319
ePlus, Inc.*		3,312		244,028
Fabrinet*		3,763		921,145
FARO Technologies, Inc.*		2,298		36,768
Flex Ltd.*		22,671		668,568
Identiv, Inc.*		927		3,986
Insight Enterprises, Inc.*		2,997		594,485
IPG Photonics Corp.*		1,315		110,973
Itron, Inc.*		4,157		411,377
Jabil, Inc.		338		36,771
Key Tronic Corp.*		1,700		6,885
Kimball Electronics, Inc.*		2,987		65,654
Knowles Corp.*		3,541		61,118
Littelfuse, Inc.		1,865		476,675
Methode Electronics, Inc.		4,122		42,663
Napco Security Technologies, Inc.		4,363		226,658
nLight, Inc.*		1,098		12,001
Novanta, Inc.*		3,723		607,259
OSI Systems, Inc.*		1,764		242,585
PC Connection, Inc.		2,926		187,849
Plexus Corp.*		2,671		275,594
Richardson Electronics Ltd.		1,505		17,895
Rogers Corp.*		2,017		243,270
Sanmina Corp.*		6,015		398,494
ScanSource, Inc.*		2,807		124,378
TD SYNNEX Corp.		3,515		405,631
Trimble, Inc.*		7,608		425,439
TTM Technologies, Inc.*		10,405		202,169
Vishay Intertechnology, Inc.		11,850		264,255
Vishay Precision Group, Inc.*		1,694		51,565
Vontier Corp.		8,347		318,855
Zebra Technologies Corp., Class A*		1,044		322,523
				11,361,992

Energy Equipment & Services — 1.3%
Archrock, Inc.		12,231		247,311
Bristow Group, Inc.*		1,579		52,944
Cactus, Inc., Class A		3,486		183,852
ChampionX Corp.		6,255		207,729
Core Laboratories, Inc.		998		20,249
Dril-Quip, Inc.*		2,081		38,707
Expro Group Holdings NV*		837		19,184
Helix Energy Solutions Group, Inc.*		8,345		99,639
Helmerich & Payne, Inc.		2,724		98,445
Liberty Energy, Inc.		11,763		245,729
Nabors Industries Ltd.*		539		38,355
Natural Gas Services Group, Inc.*		2,179		43,841
Newpark Resources, Inc.*		5,904		49,062
Noble Corp. PLC		2,483		110,866
NOV, Inc.		23,731		451,126
Oceaneering International, Inc.*		1,554		36,768
Oil States International, Inc.*		3,584		15,913
ProPetro Holding Corp.*		4,527		39,249
RPC, Inc.		8,542		53,388
SEACOR Marine Holdings, Inc.*		3,233		43,613
Select Water Solutions, Inc.		3,073		32,881
Solaris Oilfield Infrastructure, Inc., Class A		1,000		8,580
TechnipFMC PLC		23,392		611,701
TETRA Technologies, Inc.*		8,698		30,095
Tidewater, Inc.*		2,915		277,537
Transocean Ltd.*@		43,549		232,987
U.S. Silica Holdings, Inc.*		2,340		36,153
Valaris Ltd.*		1,881		140,135
Weatherford International PLC*		4,378		536,086
				4,002,125

Entertainment — 0.4%
Atlanta Braves Holdings, Inc., Class A*		934		38,602
Atlanta Braves Holdings, Inc., Class C*		2,620		103,333
Cinemark Holdings, Inc.*		7,484		161,804
Endeavor Group Holdings, Inc., Class A		5,025		135,826
IMAX Corp.*		2,245		37,649
Liberty Media Corp.-Liberty Formula One, Class A*		600		38,538
Liberty Media Corp.-Liberty Formula One, Class C*		1,202		86,352
Liberty Media Corp.-Liberty Live, Class A*		650		24,381
Liberty Media Corp.-Liberty Live, Class C*		836		31,994
Lions Gate Entertainment Corp., Class A*		3,637		34,261
Lions Gate Entertainment Corp., Class B*		6,300		53,991
Madison Square Garden Entertainment Corp.*		432		14,787
Madison Square Garden Sports Corp.*		404		76,004
Marcus Corp. (The)		3,100		35,247
Roku, Inc.*		1,396		83,662
Sphere Entertainment Co.*		432		15,146
TKO Group Holdings, Inc.		1,300		140,387
				1,111,964

Financial Services — 1.6%
Acacia Research Corp.*		1,995		9,995
Alerus Financial Corp.		466		9,138
AvidXchange Holdings, Inc.*		1,863		22,468
Cantaloupe, Inc.*		3,505		23,133
Cass Information Systems, Inc.		1,499		60,065
Equitable Holdings, Inc.		4,600		187,956
Essent Group Ltd.		4,642		260,834
Euronet Worldwide, Inc.*		2,511		259,888
EVERTEC, Inc.		2,063		68,595
Federal Agricultural Mortgage Corp., Class C		923		166,897
Flywire Corp.*		4,301		70,493
I3 Verticals, Inc., Class A*		1,470		32,458
International Money Express, Inc.*		1,977		41,201
Jack Henry & Associates, Inc.		2,212		367,236
Jackson Financial, Inc., Class A		1,992		147,926
Marqeta, Inc., Class A*		3,982		21,821
MGIC Investment Corp.		11,104		239,291
Mr Cooper Group, Inc.*		4,998		405,988

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Financial Services (Continued)
NMI Holdings, Inc., Class A*		7,878	$	268,167
PennyMac Financial Services, Inc.		1,706		161,388
Radian Group, Inc.		7,144		222,178
Shift4 Payments, Inc., Class A*@		2,548		186,896
TFS Financial Corp.		3,750		47,325
Toast, Inc., Class A*@		7,473		192,579
Voya Financial, Inc.		9,648		686,455
Walker & Dunlop, Inc.		3,120		306,384
Waterstone Financial, Inc.		2,966		37,935
Western Union Co. (The)		10,417		127,296
WEX, Inc.*		2,454		434,702
				5,066,688

Food Products — 1.7%
Alico, Inc.		713		18,474
B&G Foods, Inc.@		8,145		65,812
Bunge Global SA		166		17,724
Cal-Maine Foods, Inc.		4,595		280,800
Calavo Growers, Inc.		2,189		49,690
Campbell Soup Co.		10,241		462,791
Conagra Brands, Inc.		4,537		128,942
Darling Ingredients, Inc.*		13,438		493,846
Flowers Foods, Inc.		10,685		237,207
Fresh Del Monte Produce, Inc.		5,010		109,469
Freshpet, Inc.*		870		112,569
Hain Celestial Group, Inc. (The)*		2,490		17,206
Hormel Foods Corp.		343		10,458
Ingredion, Inc.		3,754		430,584
J&J Snack Foods Corp.		1,747		283,660
J.M. Smucker Co. (The)		2,567		279,906
John B Sanfilippo & Son, Inc.		981		95,324
Lamb Weston Holdings, Inc.		456		38,340
Lancaster Colony Corp.		2,908		549,525
Lifeway Foods, Inc.*		1,756		22,424
Limoneira Co.		2,072		43,118
Mission Produce, Inc.*		1,256		12,409
Pilgrim’s Pride Corp.*		5,624		216,468
Post Holdings, Inc.*		4,776		497,468
Seaboard Corp.		42		132,751
Seneca Foods Corp., Class A*		800		45,920
Simply Good Foods Co. (The)*		4,321		156,118
Tootsie Roll Industries, Inc.		4,910		150,099
TreeHouse Foods, Inc.*		3,458		126,701
Utz Brands, Inc.@		1,291		21,482
Vital Farms, Inc.*		2,774		129,740
				5,237,025

Gas Utilities — 0.7%
Chesapeake Utilities Corp.		2,106		223,657
National Fuel Gas Co.		4,000		216,760
New Jersey Resources Corp.		9,687		414,022
Northwest Natural Holding Co.		3,354		121,113
ONE Gas, Inc.		5,011		319,952
RGC Resources, Inc.		600		12,270
Southwest Gas Holdings, Inc.		4,019		282,857
Spire, Inc.		4,808		291,990
UGI Corp.		6,235		142,782
				2,025,403

Ground Transportation — 1.1%
ArcBest Corp.		2,227		238,467
Avis Budget Group, Inc.@		279		29,161
Covenant Logistics Group, Inc.		1,259		62,056
Heartland Express, Inc.		8,017		98,850
Knight-Swift Transportation Holdings, Inc.		10,914		544,827
Landstar System, Inc.		2,867		528,904
Marten Transport Ltd.		7,902		145,792
PAM Transportation Services, Inc.*		2,517		43,720
RXO, Inc.*		1,530		40,010
Saia, Inc.*		1,087		515,553
Schneider National, Inc., Class B		1,500		36,240
U-Haul Holding Co.*@		1,058		65,310
U-Haul Holding Co.		9,522		571,510
Universal Logistics Holdings, Inc.		2,551		103,545
Werner Enterprises, Inc.		6,118		219,208
XPO, Inc.*		2,025		214,954
				3,458,107

Health Care — 0.0%
Aduro Biotech, Inc. CVR ¶*§		237		90

Health Care Equipment & Supplies — 1.8%
AngioDynamics, Inc.*		2,110		12,765
Artivion, Inc.*		5,028		128,968
AtriCure, Inc.*		1,614		36,751
Atrion Corp.		71		32,123
Avanos Medical, Inc.*		3,420		68,126
Axogen, Inc.*		2,643		19,135
Axonics, Inc.*		2,988		200,883
CONMED Corp.		2,255		156,317
Dentsply Sirona, Inc.		5,967		148,638
Electromed, Inc.*		2,175		32,690
Embecta Corp.		2,452		30,650
Enovis Corp.*		2,982		134,786
Envista Holdings Corp.*		7,727		128,500
FONAR Corp.*		1,282		20,512
Glaukos Corp.*		968		114,563
Globus Medical, Inc., Class A*		9,679		662,915
Haemonetics Corp.*		5,164		427,218
Hologic, Inc.*		1,593		118,280
Inari Medical, Inc.*		518		24,942
Insulet Corp.*		103		20,785
Integer Holdings Corp.*		3,152		364,970
Integra LifeSciences Holdings Corp.*		6,371		185,651
iRadimed Corp.		704		30,934
Lantheus Holdings, Inc.*		3,768		302,533
LeMaitre Vascular, Inc.		2,735		225,036
LENSAR, Inc.*		1,385		6,232
LivaNova PLC*		2,251		123,400
Masimo Corp.*		1,465		184,502
Merit Medical Systems, Inc.*		3,876		333,142
Neogen Corp.*		10,822		169,148
Omnicell, Inc.*		4,593		124,333

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Health Care Equipment & Supplies *(Continued)*
OraSure Technologies, Inc.*		9,521	$	40,559
OrthoPediatrics Corp.*		1,252		36,008
Penumbra, Inc.*		2,104		378,657
QuidelOrtho Corp.*		446		14,816
Semler Scientific, Inc.*		300		10,320
STAAR Surgical Co.*		1,276		60,750
Surmodics, Inc.*		1,788		75,168
Tactile Systems Technology, Inc.*		1,239		14,794
Teleflex, Inc.		992		208,647
TransMedics Group, Inc.*		72		10,845
UFP Technologies, Inc.*		913		240,913
Utah Medical Products, Inc.		630		42,090
Varex Imaging Corp.*		578		8,514
				5,711,509

Health Care Providers & Services — 3.3%
Acadia Healthcare Co., Inc.*		8,805		594,690
Addus HomeCare Corp.*		1,872		217,358
Albireo Pharma, Inc. CVR ¶*§		1,018		2,065
Amedisys, Inc.*		336		30,845
AMN Healthcare Services, Inc.*		3,754		192,317
Astrana Health, Inc.*		2,532		102,698
Brookdale Senior Living, Inc.*		7,211		49,251
Castle Biosciences, Inc.*		1,302		28,345
Chemed Corp.		1,565		849,138
Contra Abiomed, Inc. CVR ¶*§		90		—
CorVel Corp.*		1,868		474,976
Cross Country Healthcare, Inc.*		3,321		45,963
DaVita, Inc.*		8,508		1,178,954
Encompass Health Corp.		6,968		597,785
Enhabit, Inc.*		2,323		20,721
Ensign Group, Inc. (The)		5,933		733,853
Fulgent Genetics, Inc.*		2,336		45,832
HealthEquity, Inc.*		5,161		444,878
Henry Schein, Inc.*		8,287		531,197
Joint Corp. (The)*@		1,577		22,173
ModivCare, Inc.*		1,383		36,290
National HealthCare Corp.		1,582		171,489
National Research Corp.		2,987		68,552
NeoGenomics, Inc.*		4,322		59,946
Option Care Health, Inc.*		7,998		221,545
Owens & Minor, Inc.*		2,201		29,713
Patterson Cos., Inc.		2,902		69,996
Pediatrix Medical Group, Inc.*		3,540		26,727
Pennant Group, Inc. (The)*		2,408		55,841
Premier, Inc., Class A		3,050		56,943
Quest Diagnostics, Inc.		1,606		219,829
RadNet, Inc.*		5,402		318,286
Select Medical Holdings Corp.		12,138		425,558
Surgery Partners, Inc.*		1,984		47,199
Tenet Healthcare Corp.*		10,669		1,419,297
U.S. Physical Therapy, Inc.		1,511		139,647
Universal Health Services, Inc., Class B		3,730		689,789
				10,219,686

Health Care Technology — 0.2%
Certara, Inc.*		6,275		86,909
Doximity, Inc., Class A*		2,443		68,331
Evolent Health, Inc., Class A*		5,196		99,347
HealthStream, Inc.		3,803		106,104
Schrodinger, Inc.*		3,083		59,625
Simulations Plus, Inc. @		1,668		81,098
Teladoc Health, Inc.*		2,607		25,496
TruBridge, Inc.*		1,636		16,360
				543,270

Hotels, Restaurants & Leisure — 3.4%
Aramark		20,945		712,549
Bally’s Corp.*@		797		9,540
Biglari Holdings, Inc., Class A*		7		6,388
Biglari Holdings, Inc., Class B*		74		14,310
BJ’s Restaurants, Inc.*		2,751		95,460
Bloomin’ Brands, Inc.		6,934		133,341
Boyd Gaming Corp.		2,637		145,299
Brinker International, Inc.*		5,170		374,256
Caesars Entertainment, Inc.*		5,163		205,178
Cheesecake Factory, Inc. (The)		5,035		197,825
Choice Hotels International, Inc.		5,300		630,700
Churchill Downs, Inc.		7,622		1,064,031
Chuy’s Holdings, Inc.*		1,904		49,352
Cracker Barrel Old Country Store, Inc. @		2,324		97,980
Dave & Buster’s Entertainment, Inc.*		4,530		180,339
Denny’s Corp.*		4,694		33,327
Dine Brands Global, Inc.		769		27,838
Domino’s Pizza, Inc.		558		288,112
DraftKings, Inc., Class A*		383		14,619
El Pollo Loco Holdings, Inc.*		2,723		30,797
Everi Holdings, Inc.*		4,400		36,960
Hyatt Hotels Corp., Class A		811		123,207
Inspired Entertainment, Inc.*		1,305		11,941
International Game Technology PLC		969		19,826
Jack in the Box, Inc. @		2,392		121,848
Kura Sushi USA, Inc., Class A*		365		23,028
Light & Wonder, Inc.*		1,500		157,320
Marriott Vacations Worldwide Corp.		3,349		292,435
Monarch Casino & Resort, Inc.		1,490		101,514
Nathan’s Famous, Inc.		681		46,158
Norwegian Cruise Line Holdings Ltd.*@		4,482		84,217
Papa John’s International, Inc.		3,338		156,819
Penn Entertainment, Inc.*@		5,194		100,530
Planet Fitness, Inc., Class A*		8,887		653,994
Shake Shack, Inc., Class A*		2,266		203,940
Six Flags Entertainment Corp.		3,483		115,427
Texas Roadhouse, Inc.		6,983		1,199,051
Travel + Leisure Co.		4,491		202,005
United Parks & Resorts, Inc.*		4,795		260,416
Vail Resorts, Inc.		2,071		373,049
Wendy’s Co. (The)		22,109		374,969
Wingstop, Inc.		1,665		703,729
Wyndham Hotels & Resorts, Inc.		5,481		405,594
Wynn Resorts Ltd.		5,043		451,348
				10,530,566

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Household Durables — 2.9%
Bassett Furniture Industries, Inc.		1,080	$	15,347
Beazer Homes USA, Inc.*		1,643		45,150
Cavco Industries, Inc.*		823		284,898
Century Communities, Inc.		3,367		274,949
Ethan Allen Interiors, Inc.		2,598		72,458
Flexsteel Industries, Inc.		1,069		33,203
GoPro, Inc., Class A*		6,985		9,919
Green Brick Partners, Inc.*		4,024		230,334
Hamilton Beach Brands Holding Co., Class A		2,000		34,380
Helen of Troy Ltd.*		2,629		243,813
Hooker Furnishings Corp.		1,742		25,224
Installed Building Products, Inc.		3,050		627,324
iRobot Corp.*		2,014		18,348
KB Home		7,849		550,843
La-Z-Boy, Inc.		4,321		161,087
Leggett & Platt, Inc.		5,052		57,896
LGI Homes, Inc.*		624		55,842
Lifetime Brands, Inc.		2,082		17,884
Lovesac Co. (The)*		794		17,929
M/I Homes, Inc.*		3,074		375,458
Meritage Homes Corp.		3,491		565,018
Mohawk Industries, Inc.*		3,847		436,981
Newell Brands, Inc.		11,481		73,593
Orleans Homebuilders, Inc.*@§		4,953		—
Skyline Champion Corp.*		2,566		173,847
Sonos, Inc.*		3,418		50,450
Taylor Morrison Home Corp.*		9,778		542,092
Tempur Sealy International, Inc.		18,378		870,015
Toll Brothers, Inc.		10,507		1,210,196
TopBuild Corp.*		3,353		1,291,810
TRI Pointe Homes, Inc.*		9,397		350,038
Universal Electronics, Inc.*		1,292		15,013
VOXX International Corp.*		3,284		10,377
Whirlpool Corp.		218		22,280
Worthington Enterprises, Inc.		4,458		210,997
				8,974,993

Household Products — 0.3%
Central Garden & Pet Co.*@		1,247		48,009
Central Garden & Pet Co., Class A*		5,453		180,113
Clorox Co. (The)		1,053		143,703
Spectrum Brands Holdings, Inc.		1,853		159,228
WD-40 Co.		1,487		326,605
				857,658

Independent Power Producers & Energy Traders — 0.9%
AES Corp. (The)		8,066		141,720
Brookfield Renewable Corp., Class A @		2,853		80,968
Clearway Energy, Inc., Class A		3,716		84,204
Clearway Energy, Inc., Class C		8,971		221,494
Ormat Technologies, Inc.		5,451		390,837
Sunnova Energy International, Inc.*@		7,071		39,456
Vistra Corp.		19,486		1,675,406
				2,634,085

Insurance — 3.7%
Ambac Financial Group, Inc.*		900		11,538
American Financial Group, Inc.		3,696		454,682
AMERISAFE, Inc.		1,961		86,068
Assurant, Inc.		4,350		723,187
Assured Guaranty Ltd.		4,657		359,288
Axis Capital Holdings Ltd.		4,830		341,240
Baldwin Insurance Group, Inc. (The), Class A*@		3,130		111,021
Brighthouse Financial, Inc.*		5,115		221,684
Citizens, Inc.*@		6,126		16,663
CNO Financial Group, Inc.		10,476		290,395
Crawford & Co., Class A		3,214		27,769
Crawford & Co., Class B		3,345		26,793
Donegal Group, Inc., Class A		3,630		46,754
Employers Holdings, Inc.		2,665		113,609
Enstar Group Ltd.*		1,195		365,311
Everest Group Ltd.		18		6,858
F&G Annuities & Life, Inc. @		877		33,370
Fidelity National Financial, Inc.		3,987		197,038
First American Financial Corp.		7,508		405,057
Genworth Financial, Inc., Class A*		14,918		90,105
Globe Life, Inc.		3,866		318,094
Hanover Insurance Group, Inc. (The)		2,145		269,069
HCI Group, Inc. @		741		68,298
Horace Mann Educators Corp.		4,392		143,267
Investors Title Co.		279		50,256
James River Group Holdings Ltd.		829		6,408
Kemper Corp.		5,843		346,665
Kinsale Capital Group, Inc.		808		311,306
Lincoln National Corp.		7,815		243,047
Mercury General Corp.		3,869		205,599
Old Republic International Corp.		20,327		628,104
Palomar Holdings, Inc.*		1,593		129,272
Primerica, Inc.		3,776		893,326
Reinsurance Group of America, Inc.		3,182		653,169
RenaissanceRe Holdings Ltd.		2,896		647,285
RLI Corp.		4,871		685,301
Safety Insurance Group, Inc.		1,493		112,020
Selective Insurance Group, Inc.		6,118		574,052
Stewart Information Services Corp.		2,578		160,042
Trupanion, Inc.*		335		9,849
Unico American Corp.*		1,700		85
United Fire Group, Inc.		1,892		40,659
Universal Insurance Holdings, Inc.		2,828		53,053
Unum Group		14,680		750,295
White Mountains Insurance Group Ltd.		170		308,967
				11,535,918

Interactive Media & Services — 0.3%
Bumble, Inc., Class A*		2,172		22,828
Cargurus, Inc.*		1,272		33,326
Cars.com, Inc.*		3,931		77,441
DHI Group, Inc.*		8,881		18,561
Match Group, Inc.*		6,820		207,192
QuinStreet, Inc.*		858		14,234
Shutterstock, Inc. @		1,210		46,827
TripAdvisor, Inc.*		4,913		87,500

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Interactive Media & Services (Continued)
Yelp, Inc.*		4,724	$	174,552
Ziff Davis, Inc.*		2,996		164,930
ZoomInfo Technologies, Inc.*		5,496		70,184
				917,575

IT Services — 1.2%
Akamai Technologies, Inc.*		933		84,045
Amdocs Ltd.		5,319		419,776
ASGN, Inc.*		5,178		456,544
DXC Technology Co.*		5,492		104,842
EPAM Systems, Inc.*		273		51,354
Fastly, Inc., Class A*@		1,787		13,170
Globant SA*		1,678		299,120
GoDaddy, Inc., Class A*		6,878		960,925
Grid Dynamics Holdings, Inc.*		2,704		28,419
Hackett Group, Inc. (The)		3,495		75,911
Information Services Group, Inc.		2,180		6,409
Kyndryl Holdings, Inc.*		2,623		69,011
MongoDB, Inc.*		181		45,243
Okta, Inc.*		5,003		468,331
Perficient, Inc.*		3,654		273,283
Twilio, Inc., Class A*		5,176		294,049
				3,650,432

Leisure Equipment & Products — 0.5%
Acushnet Holdings Corp.		541		34,343
American Outdoor Brands, Inc.*		1,946		17,514
Brunswick Corp.		4,070		296,174
Escalade, Inc.		1,950		26,891
Funko, Inc., Class A*		1,917		18,710
Hasbro, Inc.		3,807		222,709
Johnson Outdoors, Inc., Class A		1,000		34,980
Malibu Boats, Inc., Class A*		2,116		74,145
Marine Products Corp.		3,930		39,693
MasterCraft Boat Holdings, Inc.*		2,183		41,215
Mattel, Inc.*		16,916		275,054
Polaris, Inc.		3,297		258,188
Smith & Wesson Brands, Inc.		4,598		65,935
Topgolf Callaway Brands Corp.*		5,300		81,090
				1,486,641

Life Sciences Tools & Services — 0.9%
Adaptive Biotechnologies Corp.*		4,578		16,572
Avantor, Inc.*		5,810		123,172
Azenta, Inc.*		937		49,305
Bio-Rad Laboratories, Inc., Class A*		457		124,811
Bio-Techne Corp.		3,837		274,921
BioLife Solutions, Inc.*		1,278		27,388
Bruker Corp.		5,636		359,633
Charles River Laboratories International, Inc.*		991		204,721
CryoPort, Inc.*@		2,607		18,014
Harvard Bioscience, Inc.*		5,522		15,738
Medpace Holdings, Inc.*		2,141		881,771
OmniAb, Inc.*		8,462		31,733
OmniAb, Inc.*§		654		—
OmniAb, Inc.*§		654		—
Pacific Biosciences of California, Inc.*@		2,709		3,711
Repligen Corp.*		3,225		406,544
Revvity, Inc.		2,555		267,917
				2,805,951

Machinery — 4.9%
AGCO Corp.		4,840		473,739
Alamo Group, Inc.		1,213		209,849
Albany International Corp., Class A		2,901		244,989
Allison Transmission Holdings, Inc.		6,647		504,507
Astec Industries, Inc.		1,354		40,160
Barnes Group, Inc.		4,989		206,594
Chart Industries, Inc.*@		3,344		482,673
CNH Industrial NV		1,100		11,143
Columbus McKinnon Corp.		2,642		91,255
Commercial Vehicle Group, Inc.*		3,758		18,414
Crane Co.		3,089		447,843
Donaldson Co., Inc.		8,206		587,221
Douglas Dynamics, Inc.		2,507		58,664
Eastern Co. (The)		1,272		32,398
Enerpac Tool Group Corp.		5,732		218,848
Enpro, Inc.		1,861		270,906
Esab Corp.		418		39,472
ESCO Technologies, Inc.		2,646		277,936
Federal Signal Corp.		5,985		500,765
Flowserve Corp.		2,564		123,328
Franklin Electric Co., Inc.		4,975		479,192
Gorman-Rupp Co. (The)		2,754		101,099
Graco, Inc.		4,511		357,632
Greenbrier Cos., Inc. (The)		2,663		131,952
Helios Technologies, Inc.		2,930		139,907
Hurco Cos., Inc.		1,000		15,260
Hyster-Yale, Inc.		165		11,505
ITT, Inc.		5,131		662,823
John Bean Technologies Corp.		2,745		260,693
Kadant, Inc.		1,029		302,300
Kennametal, Inc.		3,360		79,094
LB Foster Co., Class A*		1,565		33,679
Lincoln Electric Holdings, Inc.		3,365		634,774
Lindsay Corp.		1,109		136,274
Manitex International, Inc.*		1,300		5,759
Manitowoc Co., Inc. (The)*		3,607		41,589
Middleby Corp. (The)*		4,055		497,184
Miller Industries, Inc.		1,261		69,380
Mueller Industries, Inc.		12,444		708,561
Mueller Water Products, Inc., Class A		15,406		276,076
Nordson Corp.		846		196,221
Omega Flex, Inc.		1,002		51,383
Oshkosh Corp.		4,130		446,866
Park-Ohio Holdings Corp.		2,182		56,492
Pentair PLC		11,013		844,367
Perma-Pipe International Holdings, Inc.*		1,900		16,910
RBC Bearings, Inc.*		336		90,646
Shyft Group, Inc. (The)		3,913		46,408
Snap-on, Inc.		631		164,937
SPX Technologies, Inc.*		4,956		704,446

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Machinery (Continued)
Standex International Corp.		1,107	$	178,393
Stanley Black & Decker, Inc.		2,632		210,270
Stratasys Ltd.*		3,784		31,748
Tennant Co.		1,721		169,415
Terex Corp.		6,303		345,656
Timken Co. (The)		6,902		553,057
Titan International, Inc.*		4,338		32,145
Toro Co. (The)		3,825		357,676
Trinity Industries, Inc.		4,908		146,847
Wabash National Corp.		4,414		96,402
Watts Water Technologies, Inc., Class A		2,884		528,839
				15,054,561

Marine Transportation — 0.4%
Costamare, Inc.		5,728		94,111
Kirby Corp.*		4,368		522,981
Matson, Inc.		3,669		480,529
				1,097,621

Media — 1.2%
Altice USA, Inc., Class A*		2,984		6,087
Boston Omaha Corp., Class A*		1,358		18,279
Cable One, Inc.@		186		65,844
EchoStar Corp., Class A*		2,720		48,443
Entravision Communications Corp., Class A		5,678		11,526
EW Scripps Co. (The), Class A*		7,073		22,209
Fox Corp. Class A		4,152		142,704
Fox Corp. Class B		3,807		121,900
Gannett Co., Inc.*		1		5
GCI Liberty, Inc.*§		8,984		—
Gray Television, Inc.		8,433		43,852
Interpublic Group of Cos., Inc. (The)		12,645		367,843
John Wiley & Sons, Inc., Class A		3,247		132,153
Liberty Broadband Corp., Class A*		824		44,990
Liberty Broadband Corp., Class C*		2,320		127,182
Liberty Media Corp.-Liberty SiriusXM, Class A*		3,084		68,311
Liberty Media Corp.-Liberty SiriusXM, Class C*		4,202		93,116
Magnite, Inc.*		3,879		51,552
New York Times Co. (The), Class A		17,457		893,973
News Corp., Class A		19,977		550,766
News Corp., Class B		7,188		204,067
Nexstar Media Group, Inc.		2,102		348,953
Paramount Global, Class A		586		10,771
Paramount Global, Class B		6,684		69,447
PubMatic, Inc., Class A*		3,162		64,220
Saga Communications, Inc., Class A		664		10,458
Scholastic Corp.		3,519		124,819
Sinclair, Inc. @		2,132		28,420
TechTarget, Inc.*		3,517		109,625
Thryv Holdings, Inc.*		1,938		34,535
WideOpenWest, Inc.*		4,405		23,831
				3,839,881

Metals & Mining — 1.8%
Alcoa Corp.		15,179		603,821
Alpha Metallurgical Resources, Inc.		886		248,549
Arch Resources, Inc.		1,865		283,909
ATI, Inc.*		13,573		752,623
Carpenter Technology Corp.		3,912		428,677
Century Aluminum Co.*		8,912		149,276
Cleveland-Cliffs, Inc.*		19,094		293,857
Coeur Mining, Inc.*		16,461		92,511
Commercial Metals Co.		12,402		681,986
Ferroglobe PLC		10,242		54,897
Fortitude Gold Corp.		4,671		20,272
Friedman Industries, Inc.		700		10,570
Hecla Mining Co.		30,869		149,715
Kaiser Aluminum Corp.		1,901		167,098
Materion Corp.		2,175		235,183
Metallus, Inc.*		5,303		107,492
MP Materials Corp.*@		4,905		62,441
Olympic Steel, Inc.		1,200		53,796
Radius Recycling, Inc.		2,809		42,893
Reliance, Inc.		260		74,256
Royal Gold, Inc.		4,388		549,202
Ryerson Holding Corp.		4,615		89,992
SunCoke Energy, Inc.		8,204		80,399
Tredegar Corp.*		3,412		16,343
U.S. Steel Corp.		7,027		265,621
Warrior Met Coal, Inc.		738		46,324
Worthington Steel, Inc.		4,458		148,719
				5,710,422

Multi-Utilities — 0.5%
Avista Corp.		6,896		238,671
Black Hills Corp.		6,023		327,531
NiSource, Inc.		19,524		562,486
Northwestern Energy Group, Inc.		4,148		207,732
Unitil Corp.		1,923		99,592
				1,436,012

Oil, Gas & Consumable Fuels — 3.2%
Adams Resources & Energy, Inc.		536		15,008
Amplify Energy Corp.*		1,867		12,658
Antero Midstream Corp.		32,353		476,883
Antero Resources Corp.*		5,180		169,023
APA Corp.		10,265		302,202
Ardmore Shipping Corp.		1,612		36,318
Berry Corp.		4,166		26,912
California Resources Corp.		3,564		189,676
Centrus Energy Corp., Class A*		1,074		45,913
Chesapeake Energy Corp.@		4,468		367,225
Chord Energy Corp.		804		134,815
Civitas Resources, Inc.		2,093		144,417
Clean Energy Fuels Corp.*		20,279		54,145
CNX Resources Corp.*		16,780		407,754
Comstock Resources, Inc. @		8,676		90,057
CONSOL Energy, Inc.*		2,376		242,423
CVR Energy, Inc. @		1,556		41,654
Delek U.S. Holdings, Inc.		7,082		175,350
DHT Holdings, Inc.		11,638		134,652

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels (Continued)
Dorian LPG Ltd.		3,332	$	139,811
DT Midstream, Inc.		1,881		133,607
EnLink Midstream LLC*		27,038		372,043
Equitrans Midstream Corp.		11,374		147,634
Evolution Petroleum Corp. @		5,356		28,226
Green Plains, Inc.*		5,096		80,822
Gulfport Energy Corp.*		944		142,544
Hallador Energy Co.*		3,193		24,810
HF Sinclair Corp.		9,611		512,651
International Seaways, Inc.		4,383		259,167
Kosmos Energy Ltd.*		21,727		120,368
Magnolia Oil & Gas Corp., Class A		7,613		192,913
Marathon Oil Corp.		1,166		33,429
Matador Resources Co.		10,827		645,289
Murphy Oil Corp.		13,521		557,606
NACCO Industries, Inc., Class A		1,000		27,670
New Fortress Energy, Inc.@		3,932		86,425
Nordic American Tankers Ltd.		8,255		32,855
Northern Oil and Gas, Inc.		1,306		48,544
Ovintiv, Inc.		6,163		288,860
Par Pacific Holdings, Inc.*		4,135		104,409
PBF Energy, Inc., Class A		10,429		479,943
Peabody Energy Corp.		3,580		79,190
Permian Resources Corp.		26,947		435,194
Range Resources Corp.		10,825		362,962
REX American Resources Corp.*		2,364		107,775
SandRidge Energy, Inc.		2,175		28,123
Scorpio Tankers, Inc.		2,271		184,610
SFL Corp. Ltd.		4,682		64,986
Sitio Royalties Corp., Class A		3,565		84,170
SM Energy Co.		2,124		91,820
Southwestern Energy Co.*		62,679		421,830
Talos Energy, Inc.*		3,212		39,026
Teekay Corp.*		4,339		38,921
Teekay Tankers Ltd., Class A		1,880		129,363
Texas Pacific Land Corp.		378		277,554
Vitesse Energy, Inc.		2,544		60,293
W&T Offshore, Inc. @		9,305		19,913
World Kinect Corp.		2,783		71,801
				10,024,242

Paper & Forest Products — 0.3%
Clearwater Paper Corp.*		1,838		89,088
Louisiana-Pacific Corp.		7,578		623,896
Mercer International, Inc.		7,857		67,099
Resolute Forest Products, Inc. CVR ¶*§		7,629		10,833
Sylvamo Corp.		2,483		170,334
				961,250

Passenger Airlines — 0.3%
Alaska Air Group, Inc.*		3,915		158,166
Allegiant Travel Co.		441		22,152
American Airlines Group, Inc.*@		12,202		138,249
SkyWest, Inc.*		3,627		297,668
Southwest Airlines Co.		5,776		165,251
Spirit Airlines, Inc.		3,315		12,133
United Airlines Holdings, Inc.*		2,637		128,316
				921,935

Personal Products — 0.8%
BellRing Brands, Inc.*		7,482		427,522
Coty, Inc., Class A*		46,457		465,499
Edgewell Personal Care Co.		1,878		75,477
elf Beauty, Inc.*		4,063		856,155
Herbalife Ltd.*		600		6,234
Inter Parfums, Inc.		3,488		404,713
Medifast, Inc.		1,290		28,148
Natural Alternatives International, Inc.*		1,000		6,020
Nature’s Sunshine Products, Inc.*		1,700		25,619
Nu Skin Enterprises, Inc., Class A		1,371		14,450
United-Guardian, Inc.		600		5,364
USANA Health Sciences, Inc.*		2,205		99,754
				2,414,955

Pharmaceuticals — 0.9%
Amphastar Pharmaceuticals, Inc.*		5,315		212,600
ANI Pharmaceuticals, Inc.*		1,669		106,282
Catalent, Inc.*		3,128		175,887
Collegium Pharmaceutical, Inc.*		2,590		83,398
Corcept Therapeutics, Inc.*		7,842		254,787
Edgewise Therapeutics, Inc.*		1,162		20,928
Elanco Animal Health, Inc.*		2,020		29,149
Harmony Biosciences Holdings, Inc.*		1,923		58,017
Innoviva, Inc.*		5,963		97,793
Jazz Pharmaceuticals PLC*		3,596		383,801
Ligand Pharmaceuticals, Inc.*		1,727		145,517
Organon & Co.		7,211		149,268
Pacira BioSciences, Inc.*		1,786		51,097
Perrigo Co. PLC		6,512		167,228
Prestige Consumer Healthcare, Inc.*		5,152		354,715
Royalty Pharma PLC, Class A		1,534		40,452
SIGA Technologies, Inc.		1,900		14,421
Supernus Pharmaceuticals, Inc.*		5,158		137,976
Viatris, Inc.		18,447		196,092
				2,679,408

Professional Services — 3.1%
Barrett Business Services, Inc.		3,196		104,733
CACI International, Inc., Class A*		2,135		918,328
CBIZ, Inc.*		5,331		395,027
Concentrix Corp.		3,341		211,418
Conduent, Inc.*		5,702		18,589
CRA International, Inc.		773		133,126
CSG Systems International, Inc.		2,945		121,246
Dayforce, Inc.*		3,385		167,896
ExlService Holdings, Inc.*		17,683		554,539
Exponent, Inc.		5,450		518,404
Forrester Research, Inc.*		2,360		40,309
Franklin Covey Co.*		1,628		61,864
FTI Consulting, Inc.*		3,603		776,555
Genpact Ltd.		10,666		343,339
Heidrick & Struggles International, Inc.		1,928		60,886
Huron Consulting Group, Inc.*		1,957		192,764

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Professional Services (Continued)
ICF International, Inc.		2,012	$	298,701
Insperity, Inc.		3,407		310,752
KBR, Inc.		12,616		809,190
Kelly Services, Inc., Class A		3,132		67,056
Kforce, Inc.		1,735		107,796
Korn Ferry		4,964		333,283
Leidos Holdings, Inc.		686		100,074
ManpowerGroup, Inc.		2,622		183,016
Mastech Digital, Inc.*		2,122		15,915
Maximus, Inc.		2,874		246,302
NV5 Global, Inc.*		1,602		148,938
Parsons Corp.*		1,163		95,145
Paycom Software, Inc.		137		19,596
Paylocity Holding Corp.*		2,396		315,913
RCM Technologies, Inc.*		1,296		24,261
Resources Connection, Inc.		3,396		37,492
Robert Half, Inc.		7,950		508,641
Science Applications International Corp.		2,559		300,810
SS&C Technologies Holdings, Inc.		3,684		230,876
TransUnion		1,890		140,162
TriNet Group, Inc.		3,424		342,400
TrueBlue, Inc.*		3,431		35,339
TTEC Holdings, Inc.		4,929		28,982
Verra Mobility Corp.*		10,023		272,626
				9,592,289

Real Estate Management & Development — 0.7%
Cushman & Wakefield PLC*		5,956		61,942
Douglas Elliman, Inc.*		8,113		9,411
Forestar Group, Inc.*		3,530		112,925
FRP Holdings, Inc.*		400		11,408
Howard Hughes Holdings, Inc.*		1,369		88,739
Jones Lang LaSalle, Inc.*		3,879		796,281
Kennedy-Wilson Holdings, Inc.		8,346		81,123
Marcus & Millichap, Inc.		1,262		39,778
Maui Land & Pineapple Co., Inc.*		2,324		51,244
Newmark Group, Inc., Class A		11,400		116,622
RMR Group, Inc. (The), Class A		1,159		26,193
St. Joe Co. (The)		3,300		180,510
Stratus Properties, Inc.*		313		7,894
Tejon Ranch Co.*		2,249		38,368
Zillow Group, Inc., Class A*		2,824		127,193
Zillow Group, Inc., Class C*		6,550		303,855
				2,053,486

Semiconductors & Semiconductor Equipment — 3.2%
Allegro MicroSystems, Inc.*		1,272		35,921
Alpha & Omega Semiconductor Ltd.*		2,886		107,850
Ambarella, Inc.*		2,341		126,297
Amkor Technology, Inc.		25,678		1,027,634
Amtech Systems, Inc.*		2,822		16,537
Axcelis Technologies, Inc.*		3,412		485,152
AXT, Inc.*		5,653		19,107
CEVA, Inc.*		3,095		59,703
Cirrus Logic, Inc.*		3,648		465,704
Cohu, Inc.*		5,114		169,273
Diodes, Inc.*		4,900		352,457
Enphase Energy, Inc.*		1,188		118,456
FormFactor, Inc.*		8,126		491,867
GSI Technology, Inc.*@		4,641		12,299
Ichor Holdings Ltd.*		400		15,420
Kulicke & Soffa Industries, Inc.		5,924		291,402
Lattice Semiconductor Corp.*		12,472		723,251
MACOM Technology Solutions Holdings, Inc.*		2,196		244,788
Magnachip Semiconductor Corp.*		4,588		22,344
MaxLinear, Inc.*		7,715		155,380
NVE Corp.		502		37,494
Onto Innovation, Inc.*		4,376		960,795
PDF Solutions, Inc.*		4,938		179,644
Photronics, Inc.*		7,008		172,887
Power Integrations, Inc.		6,164		432,651
Qorvo, Inc.*		2,760		320,270
Rambus, Inc.*		11,347		666,750
Semtech Corp.*@		7,337		219,230
Silicon Laboratories, Inc.*		3,386		374,593
Skyworks Solutions, Inc.		243		25,899
Synaptics, Inc.*		4,162		367,088
Ultra Clean Holdings, Inc.*		4,298		210,602
Universal Display Corp.		3,037		638,529
Veeco Instruments, Inc.*		4,666		217,949
Wolfspeed, Inc.*@		9,115		207,457
				9,972,680

Software — 3.2%
A10 Networks, Inc.		6,016		83,322
ACI Worldwide, Inc.*		11,727		464,272
Adeia, Inc.		7,577		84,749
Alarm.com Holdings, Inc.*		3,310		210,317
Altair Engineering, Inc., Class A*		3,033		297,477
American Software, Inc., Class A		4,461		40,729
AppLovin Corp., Class A*		2,866		238,509
Aspen Technology, Inc.*		2,122		421,493
Bentley Systems, Inc., Class B		2,038		100,596
Bill Holdings, Inc.*		3,263		171,699
Blackbaud, Inc.*		5,719		435,616
Box, Inc., Class A*		6,867		181,563
CommVault Systems, Inc.*		2,675		325,200
Consensus Cloud Solutions, Inc.*		1,449		24,894
Digital Turbine, Inc.*		635		1,054
DocuSign, Inc.*		5,868		313,938
Dolby Laboratories, Inc., Class A		2,819		223,349
DoubleVerify Holdings, Inc.*		5,203		101,302
Dropbox, Inc., Class A*		14,286		321,006
Dynatrace, Inc.*		7,032		314,612
eGain Corp.*		4,304		27,158
Elastic NV*		2,292		261,082
Envestnet, Inc.*		3,097		193,841
EverCommerce, Inc.*		921		10,113
Gen Digital, Inc.		20,625		515,212
Guidewire Software, Inc.*		3,956		545,493
InterDigital, Inc. @		2,792		325,436
Jamf Holding Corp.*		3,544		58,476

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Software (Continued)
JFrog Ltd.*		479	$	17,986
LiveRamp Holdings, Inc.*		7,539		233,257
Manhattan Associates, Inc.*		782		192,904
MeridianLink, Inc.*		2,090		44,642
Mitek Systems, Inc.*		1,166		13,036
N-able, Inc.*		8,171		124,444
Nutanix, Inc., Class A*		4,947		281,237
Olo, Inc., Class A*		2,551		11,275
Ooma, Inc.*		1,297		12,879
PowerSchool Holdings, Inc., Class A*		3,215		71,984
Procore Technologies, Inc.*		3,536		234,472
Progress Software Corp.		4,772		258,929
Qualys, Inc.*		3,876		552,718
Rimini Street, Inc.*		4,492		13,790
Sapiens International Corp. NV		2,496		84,689
SentinelOne, Inc., Class A*		5,750		121,038
SolarWinds Corp.		5,202		62,684
SPS Commerce, Inc.*		2,160		406,426
Teradata Corp.*		4,213		145,601
UiPath, Inc., Class A*@		10,245		129,907
Unity Software, Inc.*		11,422		185,722
Verint Systems, Inc.*		6,847		220,473
Vertex, Inc., Class A*		1,558		56,166
Xperi, Inc.*		3,030		24,876
Yext, Inc.*		4,488		24,011
				9,817,654

Specialty Retail — 3.7%
1-800-Flowers.com, Inc., Class A*		3,880		36,938
Aaron’s Co., Inc. (The)		4,459		44,501
Abercrombie & Fitch Co., Class A*		3,727		662,810
Academy Sports & Outdoors, Inc.		2,614		139,195
Advance Auto Parts, Inc.		3,409		215,892
America’s Car-Mart, Inc.*		822		49,493
American Eagle Outfitters, Inc.		19,472		388,661
Asbury Automotive Group, Inc.*		2,143		488,325
AutoNation, Inc.*		4,060		647,083
Bath & Body Works, Inc.		5,771		225,358
Best Buy Co., Inc.		1,982		167,063
Boot Barn Holdings, Inc.*		3,091		398,523
Buckle, Inc. (The)		5,018		185,365
Build-A-Bear Workshop, Inc. @		1,640		41,443
Burlington Stores, Inc.*		1,120		268,800
Caleres, Inc.		3,874		130,166
CarMax, Inc.*		4,370		320,496
Cato Corp. (The), Class A		2,638		14,614
Children’s Place, Inc. (The)*		1,314		10,696
Citi Trends, Inc.*		818		17,391
Conn’s, Inc.*		3,722		4,113
Destination XL Group, Inc.*@		3,560		12,958
Duluth Holdings, Inc., Class B*		1,185		4,373
Five Below, Inc.*		5,505		599,880
Floor & Decor Holdings, Inc., Class A*@		4,489		446,251
Foot Locker, Inc.		3,452		86,024
Gap, Inc. (The)		2,272		54,278
Genesco, Inc.*		1,490		38,531
Group 1 Automotive, Inc.		1,502		446,515
Guess?, Inc.		5,086		103,754
Haverty Furniture Cos., Inc.		1,983		50,150
Hibbett, Inc.		28		2,442
Leslie’s, Inc.*		6,363		26,661
Lithia Motors, Inc.		2,910		734,629
MarineMax, Inc.*		2,209		71,505
Monro, Inc.		3,090		73,727
Murphy USA, Inc.		2,265		1,063,327
National Vision Holdings, Inc.*		2,877		37,660
ODP Corp. (The)*		3,360		131,947
Penske Automotive Group, Inc.		1,742		259,593
PetMed Express, Inc.		2,360		9,558
Revolve Group, Inc.*		706		11,232
RH*		318		77,732
Sally Beauty Holdings, Inc.*		3,610		38,735
Shoe Carnival, Inc.		3,062		112,957
Signet Jewelers Ltd.		4,741		424,699
Sleep Number Corp.*		3,221		30,825
Sonic Automotive, Inc., Class A		3,080		167,768
Sportsman’s Warehouse Holdings, Inc.*		3,058		7,370
Tilly’s, Inc., Class A*		1,836		11,071
Upbound Group, Inc.		6,271		192,520
Urban Outfitters, Inc.*		2,086		85,630
Valvoline, Inc.*		6,915		298,728
Victoria’s Secret & Co.*		2,341		41,365
Williams-Sonoma, Inc.		3,428		967,964
Winmark Corp.		455		160,447
Zumiez, Inc.*		2,406		46,869
				11,386,601

Textiles, Apparel & Luxury Goods — 1.1%
Capri Holdings Ltd.*		8,276		273,770
Carter’s, Inc.		1,288		79,817
Columbia Sportswear Co.		3,250		257,010
Delta Apparel, Inc.*		1,153		669
Figs, Inc., Class A*		2,862		15,254
G-III Apparel Group Ltd.*		5,008		135,566
Kontoor Brands, Inc.		2,384		157,702
Lakeland Industries, Inc.		1,669		38,287
Movado Group, Inc.		2,220		55,189
Oxford Industries, Inc.		1,665		166,750
PVH Corp.		1,378		145,889
Ralph Lauren Corp.		2,279		398,962
Rocky Brands, Inc.		1,000		36,960
Skechers U.S.A., Inc., Class A*		6,530		451,354
Steven Madden Ltd.		7,918		334,931
Superior Group of Cos., Inc.		2,200		41,602
Tapestry, Inc.		18,072		773,301
Under Armour, Inc., Class A*		2,222		14,821
Under Armour, Inc., Class C*		1,318		8,606
Unifi, Inc.*		2,394		14,101
VF Corp. @		1,731		23,368
				3,423,909

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Tobacco — 0.1%
Turning Point Brands, Inc.		1,280	$	41,075
Universal Corp.		2,612		125,872
Vector Group Ltd.		8,569		90,575
				257,522

Trading Companies & Distributors — 1.6%
Air Lease Corp.		5,985		284,467
Applied Industrial Technologies, Inc.		4,081		791,714
Beacon Roofing Supply, Inc.*		6,560		593,680
Boise Cascade Co.		3,680		438,730
Core & Main, Inc., Class A*		2,709		132,578
Distribution Solutions Group, Inc.*		224		6,720
DNOW, Inc.*		6,508		89,355
DXP Enterprises, Inc.*		1,824		83,612
GATX Corp.		3,309		437,979
Global Industrial Co.		3,603		112,990
GMS, Inc.*		2,900		233,769
H&E Equipment Services, Inc.		3,452		152,475
Herc Holdings, Inc.		2,648		352,952
MRC Global, Inc.*		5,657		73,032
MSC Industrial Direct Co., Inc., Class A		936		74,234
Rush Enterprises, Inc., Class A		7,718		323,153
SiteOne Landscape Supply, Inc.*		413		50,142
Titan Machinery, Inc.*		2,515		39,989
WESCO International, Inc.		4,569		724,278
Willis Lease Finance Corp.		900		62,370
				5,058,219

Water Utilities — 0.4%
American States Water Co.		4,082		296,231
Artesian Resources Corp., Class A		1,177		41,383
California Water Service Group		6,097		295,643
Consolidated Water Co. Ltd.		1,751		46,471
Essential Utilities, Inc.		8,329		310,922
Middlesex Water Co.		2,133		111,471
Pure Cycle Corp.*		1,000		9,550
SJW Group		2,989		162,064
York Water Co. (The)		1,803		66,873
				1,340,608

Wireless Telecommunication Services — 0.0%
Gogo, Inc.*		1,021		9,822
Spok Holdings, Inc.		2,839		42,045
U.S. Cellular Corp.*		1,551		86,577
				138,444

TOTAL COMMON STOCKS (Identified Cost $159,921,139)				308,001,801

PREFERRED STOCKS — 0.0%
Media — 0.0%
Liberty Broadband Corp., Series A, 7.000%		1,225		27,636
TOTAL PREFERRED STOCKS (Identified Cost $4,658)				27,636

SHORT-TERM INVESTMENTS — 0.3%
Investment Company — 0.1%
State Street Institutional U.S. Government Money Market Fund 5.000%		240,033		240,033

Collateral For Securities On Loan — 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio 5.330%		672,208		672,208
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $912,241)				912,241
Total Investments — 100.1% (Identified Cost $160,838,038)				308,941,678
Liabilities, Less Cash and Other Assets — (0.1%)				(409,017	)
Net Assets — 100.0%			$	308,532,661

	†	See Note 1
	*	Non-income producing security
	@	A portion or all of the security was held on loan. As of June 30, 2024, the fair value of the securities on loan was $6,547,570.
	¶	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.

Table of Contents

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024

	SHARES		VALUE†

COMMON STOCKS — 98.1%
Australia — 6.4%
Ampol Ltd.		3,807	$	82,132
ANZ Group Holdings Ltd.		171,032		3,222,055
Aurizon Holdings Ltd.		293,809		715,400
Bendigo & Adelaide Bank Ltd.		40,324		309,083
BlueScope Steel Ltd.		156,620		2,134,550
Challenger Ltd.		30,072		140,628
Cleanaway Waste Management Ltd. @		139,337		257,476
Evolution Mining Ltd.		260,215		607,563
Harvey Norman Holdings Ltd. @		136,089		378,573
Incitec Pivot Ltd.		195,063		377,367
National Australia Bank Ltd.		258,849		6,256,129
Northern Star Resources Ltd.		128,989		1,118,631
Orica Ltd. @		50,333		600,023
Origin Energy Ltd.		168,307		1,219,334
QBE Insurance Group Ltd.		61,986		719,091
Rio Tinto Ltd. @		15,736		1,249,201
Santos Ltd.		542,800		2,773,700
Seven Group Holdings Ltd. @		3,940		99,037
Sonic Healthcare Ltd. @		60,106		1,054,543
South32 Ltd. @		715,837		1,747,777
Suncorp Group Ltd.		169,164		1,964,706
TPG Telecom Ltd. @		41,292		126,160
Westpac Banking Corp.		209,812		3,811,262
Whitehaven Coal Ltd.		137,340		700,889
Woodside Energy Group Ltd.		157,968		2,972,782
Worley Ltd.		30,039		300,184
Yancoal Australia Ltd. @		33,779		149,175
				35,087,451

Austria — 0.2%
Erste Group Bank AG		1,782		84,429
Mondi PLC		39,669		761,461
OMV AG		6,971		303,551
				1,149,441

Belgium — 0.8%
Ageas SA		21,755		994,381
Anheuser-Busch InBev SA/NV		2,628		152,319
KBC Group NV		25,395		1,792,268
Solvay SA @		9,936		349,769
Syensqo SA		9,936		889,265
				4,178,002

Canada — 9.4%
Agnico Eagle Mines Ltd.		7,006		458,192
AltaGas Ltd. @		24,518		553,965
ARC Resources Ltd. @		10,357		184,799
Bank of Montreal @		55,679		4,668,684
Bank of Montreal		1,424		119,526
Bank of Nova Scotia (The) @		18,431		843,107
Bank of Nova Scotia (The) @		71,773		3,281,461
Barrick Gold Corp.		65,776		1,097,144
Barrick Gold Corp.		6,661		111,110
Brookfield Corp., Class A @		3,180		132,097
Canadian Imperial Bank of Commerce @		82,421		3,919,072
Canadian Imperial Bank of Commerce @		18,668		887,477
Cenovus Energy, Inc. @		67,539		1,327,817
Empire Co. Ltd., Class A		10,500		268,400
Fairfax Financial Holdings Ltd.		3,439		3,912,298
First Quantum Minerals Ltd.		25,434		334,088
iA Financial Corp., Inc.		16,360		1,027,366
Kinross Gold Corp.		173,331		1,443,105
Kinross Gold Corp.		40,702		338,641
Lundin Mining Corp.		122,122		1,359,539
Magna International, Inc. @		52,493		2,199,457
Manulife Financial Corp. @		53,441		1,422,599
MEG Energy Corp.*		17,402		372,323
Nutrien Ltd.		71,837		3,657,222
Suncor Energy, Inc. ¥		67,770		2,583,389
Suncor Energy, Inc.		75,341		2,870,492
Teck Resources Ltd., Class B		85,145		4,078,445
Toronto-Dominion Bank (The)		9,855		541,717
Toronto-Dominion Bank (The) @		85,469		4,697,376
Tourmaline Oil Corp. @		38,136		1,729,717
West Fraser Timber Co. Ltd.		9,956		764,648
Whitecap Resources, Inc. @		20,029		146,552
				51,331,825

China — 0.1%
Prosus NV		18,084		644,149

Denmark — 2.9%
AP Moller - Maersk AS, Class A		191		324,189
AP Moller - Maersk AS, Class B		194		337,221
Carlsberg AS, Class B		15,826		1,898,965
Coloplast AS, Class B		9,124		1,096,101
Danske Bank AS		41,578		1,238,880
Demant AS*		12,776		552,950
DSV AS		16,777		2,570,551
Genmab AS*		4,957		1,242,115
H Lundbeck AS		21,000		117,184
Novo Nordisk A/S, Class B		4,377		632,047
Novonesis (Novozymes), Class B		40,558		2,481,621
Pandora AS		10,165		1,534,114
Rockwool AS, Class B		1,053		427,315
Svitzer AS*		904		33,693
Tryg AS		15,313		334,674
Vestas Wind Systems AS*		50,547		1,170,422
				15,992,042

Finland — 0.7%
Fortum OYJ @		25,594		374,145
Nokia OYJ		18,157		69,196
Nokia OYJ, ADR @		486,141		1,837,613
Nordea Bank Abp @		47,570		566,255
Stora Enso OYJ, Class R @		67,207		918,046
				3,765,255

France — 11.4%
Amundi SA ±		5,568		359,274
Arkema SA		12,548		1,090,517
AXA SA		4,696		153,742

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

Table of Contents

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
France (Continued)
BNP Paribas SA		57,117	$	3,641,419
Bollore SE		89,881		527,494
Bouygues SA		48,843		1,567,684
Carrefour SA		110,447		1,561,339
Cie de Saint-Gobain SA		83,350		6,482,332
Cie Generale des Etablissements Michelin SCA		119,912		4,637,240
Credit Agricole SA		62,747		856,114
Eiffage SA		11,127		1,021,956
Engie SA		174,793		2,496,241
Orange SA		322,578		3,231,480
Publicis Groupe SA		20,708		2,203,974
Renault SA		29,529		1,512,897
Rexel SA		28,911		748,048
Sanofi SA		57,293		5,518,535
Societe Generale SA		68,769		1,614,368
TotalEnergies SE		332,966		22,226,261
Vinci SA		1,446		152,351
Vivendi SE		40,220		420,226
				62,023,492

Germany — 6.1%
BASF SE		65,229		3,156,490
Bayer AG		93,338		2,636,955
Bayerische Motoren Werke AG		40,060		3,791,703
Commerzbank AG		122,047		1,854,069
Continental AG		13,542		767,199
Covestro AG*±		16,685		979,211
Daimler Truck Holding AG		76,082		3,028,614
Deutsche Bank AG		46,122		736,371
Deutsche Bank AG		92,725		1,478,036
Deutsche Telekom AG		18,680		469,726
Evonik Industries AG		20,942		427,250
Fresenius Medical Care AG		19,547		748,595
Fresenius SE & Co. KGaA*		34,117		1,018,669
Hapag-Lloyd AG ±		1,127		209,166
Heidelberg Materials AG		25,898		2,685,349
Henkel AG & Co. KGaA		5,060		398,026
Mercedes-Benz Group AG		122,485		8,469,993
Siemens Energy AG*		6,205		161,546
Volkswagen AG		4,164		499,903
				33,516,871

Hong Kong — 1.2%
BOC Hong Kong Holdings Ltd.		302,500		931,627
Cathay Pacific Airways Ltd. @		230,363		235,701
CK Asset Holdings Ltd.		151,069		565,852
CK Hutchison Holdings Ltd.		324,624		1,554,727
CK Infrastructure Holdings Ltd.		24,000		135,535
Henderson Land Development Co. Ltd.		112,684		302,307
Hong Kong & China Gas Co. Ltd.		135,000		102,688
MTR Corp. Ltd.		59,669		188,351
Sun Hung Kai Properties Ltd.		111,677		966,031
Swire Pacific Ltd., Class A		53,500		472,721
Swire Pacific Ltd., Class B		127,500		171,109
Tsim Sha Tsui Properties Ltd. @		4,907		10,808
WH Group Ltd. ±		1,427,959		939,898
				6,577,355

Ireland — 0.1%
AIB Group PLC		53,993		285,418
Bank of Ireland Group PLC		56,367		589,658
				875,076

Israel — 0.5%
Bank Hapoalim BM		56,083		494,579
Bank Leumi Le-Israel BM		144,144		1,171,561
Delek Group Ltd.		1,842		194,041
Harel Insurance Investments & Financial Services Ltd.		13,270		106,204
Israel Discount Bank Ltd., Class A		131,550		654,404
Menora Mivtachim Holdings Ltd.		591		14,160
				2,634,949

Italy — 1.6%
Banco BPM SpA @		67,300		433,459
Eni SpA		136,163		2,093,155
UniCredit SpA		164,301		6,089,035
				8,615,649

Japan — 21.2%
AGC, Inc. @		48,500		1,569,339
Air Water, Inc.		14,100		190,655
Aisin Corp.		22,500		733,218
Alfresa Holdings Corp.		10,900		149,249
Amada Co. Ltd.		37,100		409,763
Asahi Group Holdings Ltd.		32,700		1,153,412
Asahi Kasei Corp.		191,300		1,225,276
Bridgestone Corp. @		30,500		1,198,465
Brother Industries Ltd.		35,600		626,413
Canon Marketing Japan, Inc.		7,400		205,778
Chiba Bank Ltd. (The)		63,800		567,851
Coca-Cola Bottlers Japan Holdings, Inc.		8,000		100,292
COMSYS Holdings Corp.		2,900		55,714
Concordia Financial Group Ltd.		111,200		653,971
Cosmo Energy Holdings Co. Ltd.		11,900		599,105
Dai-ichi Life Holdings, Inc.		70,900		1,894,016
Daicel Corp.		52,000		498,539
Daiwa House Industry Co. Ltd.		42,100		1,066,826
Daiwa Securities Group, Inc.		31,800		242,517
Dentsu Group, Inc. @		15,200		382,905
Dowa Holdings Co. Ltd.		9,600		340,645
ENEOS Holdings, Inc.		470,600		2,417,788
FUJIFILM Holdings Corp.		44,700		1,045,195
Fukuoka Financial Group, Inc.		13,600		363,478
Hachijuni Bank Ltd. (The)		8,600		56,099
Hakuhodo DY Holdings, Inc.		22,300		162,860
Hankyu Hanshin Holdings, Inc.		26,100		693,340
Haseko Corp.		30,800		340,372
Hitachi Construction Machinery Co. Ltd.		8,000		214,208

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

Table of Contents

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Japan (Continued)
Honda Motor Co. Ltd.		466,200	$	4,983,927
Idemitsu Kosan Co. Ltd.		147,000		951,585
Iida Group Holdings Co. Ltd.		14,400		189,521
INFRONEER Holdings, Inc.		12,800		103,783
Inpex Corp. @		144,500		2,125,872
Isuzu Motors Ltd.		85,200		1,128,480
Iwatani Corp.		1,500		87,209
Iyogin Holdings, Inc.		13,300		123,130
J Front Retailing Co. Ltd.		35,100		365,966
Japan Airlines Co. Ltd.		7,200		113,601
Japan Post Holdings Co. Ltd.		71,600		709,814
Japan Post Insurance Co. Ltd.		4,500		87,293
JFE Holdings, Inc.		66,900		962,813
JTEKT Corp.		43,200		300,593
Kajima Corp.		54,000		933,563
Kamigumi Co. Ltd.		15,700		323,290
Kawasaki Heavy Industries Ltd.		7,800		296,215
Keihan Holdings Co. Ltd.		1,300		23,254
Kobe Steel Ltd.		43,300		537,314
Koito Manufacturing Co. Ltd.		22,800		314,458
Komatsu Ltd.		34,100		990,000
Kubota Corp.		50,800		710,423
Kuraray Co. Ltd. @		76,400		878,251
Kyoto Financial Group, Inc.		26,000		461,210
Kyushu Financial Group, Inc.		16,500		96,729
Lion Corp. @		7,300		56,897
Lixil Corp.		42,700		449,453
LY Corp.		188,400		455,397
Mabuchi Motor Co. Ltd. @		10,200		151,361
Marubeni Corp.		28,700		530,778
Mazda Motor Corp.		65,100		629,595
Mebuki Financial Group, Inc.		83,070		323,420
Medipal Holdings Corp.		17,700		269,312
MEIJI Holdings Co. Ltd.		13,800		297,546
Mitsubishi Chemical Group Corp.		185,800		1,031,375
Mitsubishi Corp.		216,600		4,238,031
Mitsubishi Electric Corp.		57,800		922,379
Mitsubishi Estate Co. Ltd.		70,900		1,110,498
Mitsubishi Gas Chemical Co., Inc.		21,400		408,075
Mitsubishi Logistics Corp.		2,500		82,044
Mitsubishi Motors Corp.		88,400		243,513
Mitsubishi UFJ Financial Group, Inc.		206,400		2,218,072
Mitsubishi UFJ Financial Group, Inc., ADR @		391,058		4,223,426
Mitsui Chemicals, Inc.		47,200		1,302,555
Mitsui Fudosan Co. Ltd.		162,300		1,481,370
Mizuho Financial Group, Inc.		116,740		2,436,528
MS&AD Insurance Group Holdings, Inc.		74,184		1,648,380
NEC Corp.		20,300		1,671,164
NGK Insulators Ltd.		41,200		527,516
NH Foods Ltd.		11,033		329,845
Nikon Corp.		17,200		173,828
NIPPON EXPRESS HOLDINGS, Inc.		15,900		732,790
Nippon Steel Corp.		60,327		1,275,232
Nissan Motor Co. Ltd.		222,800		755,961
Nisshin Seifun Group, Inc.		13,100		150,590
Niterra Co. Ltd.		18,000		522,469
Nomura Holdings, Inc.		175,700		1,006,871
Nomura Real Estate Holdings, Inc.		23,700		593,789
NSK Ltd.		59,600		289,573
Obayashi Corp.		72,500		861,582
Oji Holdings Corp.		226,000		891,695
Open House Group Co. Ltd. @		7,900		241,974
Panasonic Holdings Corp.		194,100		1,588,848
Resona Holdings, Inc.		206,800		1,368,255
Resonac Holdings Corp.		19,900		435,626
Ricoh Co. Ltd.		81,000		692,495
Rohm Co. Ltd.		24,600		328,734
Sankyu, Inc.		1,500		51,165
SBI Holdings, Inc.		20,500		518,202
Seiko Epson Corp.		40,700		632,167
Seino Holdings Co. Ltd.		20,400		275,208
Sekisui Chemical Co. Ltd.		16,000		221,369
Sekisui House Ltd.		42,700		945,616
Seven & i Holdings Co. Ltd.		108,900		1,326,646
Shimizu Corp.		49,600		278,536
Shizuoka Financial Group, Inc.		46,000		441,444
Sohgo Security Services Co. Ltd.		12,000		70,080
Sojitz Corp.		35,820		870,286
Sompo Holdings, Inc.		28,800		614,880
Subaru Corp.		90,700		1,922,351
SUMCO Corp. @		46,300		666,341
Sumitomo Chemical Co. Ltd.		157,200		336,794
Sumitomo Corp.		84,300		2,104,749
Sumitomo Electric Industries Ltd.		164,200		2,553,984
Sumitomo Forestry Co. Ltd. @		33,800		1,074,987
Sumitomo Heavy Industries Ltd. @		26,000		675,654
Sumitomo Metal Mining Co. Ltd.		35,500		1,076,319
Sumitomo Mitsui Financial Group, Inc.		71,100		4,739,558
Sumitomo Mitsui Trust Holdings, Inc.		49,800		1,135,969
Sumitomo Realty & Development Co. Ltd.		42,000		1,232,407
Sumitomo Rubber Industries Ltd. @		42,800		426,297
Suntory Beverage & Food Ltd.		1,900		67,396
Suzuken Co. Ltd.		1,100		33,426
Suzuki Motor Corp.		55,700		640,815
Taiheiyo Cement Corp.		7,500		188,234
Taisei Corp.		7,200		266,314
Taiyo Yuden Co. Ltd.		4,300		109,204
Takashimaya Co. Ltd.		13,100		220,450
Takeda Pharmaceutical Co. Ltd.		126,173		3,271,762
Teijin Ltd.		13,099		108,812
THK Co. Ltd.		10,700		191,102
Tokyo Tatemono Co. Ltd. @		37,600		593,364
Tokyu Fudosan Holdings Corp.		132,300		882,740
Toray Industries, Inc.		166,100		786,159
Tosoh Corp.		58,300		760,230
Toyo Seikan Group Holdings Ltd.		16,700		262,089
Toyo Tire Corp.		7,400		118,136
Toyoda Gosei Co. Ltd.		15,300		268,979
Toyota Boshoku Corp.		9,700		128,447
Toyota Motor Corp.		166,950		3,413,919
Toyota Tsusho Corp.		48,000		934,402

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

Table of Contents

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Japan (Continued)
Yamada Holdings Co. Ltd.		48,000	$	128,883
Yamaha Motor Co. Ltd. @		111,600		1,032,832
Yamato Holdings Co. Ltd.		24,900		273,700
Yokohama Rubber Co. Ltd. (The)		27,600		610,188
Zeon Corp.		12,700		105,379
				115,492,396

Netherlands — 4.9%
ABN AMRO Group NV, GDR ±		42,957		706,174
Aegon Ltd.		138,307		854,356
Akzo Nobel NV		17,322		1,053,326
ArcelorMittal SA @		53,395		1,224,347
ArcelorMittal SA =		1,708		39,090
ASR Nederland NV @		12,664		603,667
Coca-Cola Europacific Partners PLC		11,332		830,103
Heineken NV @		16,759		1,620,710
IMCD NV		605		83,777
ING Groep NV		253,754		4,337,801
JDE Peet’s NV @		9,259		184,436
Koninklijke Ahold Delhaize NV		179,778		5,311,995
Koninklijke KPN NV		263,030		1,008,458
Koninklijke Philips NV*¢		35,721		902,445
Koninklijke Philips NV @*		31,822		801,914
NN Group NV		34,294		1,595,796
Randstad NV @		16,773		760,376
Stellantis NV		191,757		3,793,041
Stellantis NV @		56,317		1,117,892
				26,829,704

New Zealand — 0.2%
Auckland International Airport Ltd. @		101,744		472,848
Fletcher Building Ltd. @		101,890		175,633
Genesis Energy Ltd.		27,074		36,115
Infratil Ltd. @		25,716		175,432
Mercury NZ Ltd.		19,104		76,392
Port of Tauranga Ltd.		3,033		8,720
Ryman Healthcare Ltd. @*		22,869		49,589
Summerset Group Holdings Ltd.		5,748		33,261
				1,027,990

Norway — 0.7%
Aker BP ASA		22,520		574,126
DNB Bank ASA		56,542		1,110,505
Norsk Hydro ASA		88,167		549,134
SpareBank 1 SR-Bank ASA		18,440		225,556
Stolt-Nielsen Ltd.		3,929		185,834
Subsea 7 SA		28,831		542,218
Wallenius Wilhelmsen ASA		13,553		138,234
Yara International ASA		13,680		394,115
				3,719,722

Portugal — 0.1%
EDP Renovaveis SA @		8,133		113,666
Galp Energia SGPS SA		16,108		340,187
				453,853

Singapore — 1.0%
BW LPG Ltd. ±		5,825		108,186
CapitaLand Investment Ltd. @		167,400		328,381
City Developments Ltd.		34,200		130,142
Great Eastern Holdings Ltd.		3,000		56,770
Hongkong Land Holdings Ltd.		101,200		326,876
Keppel Ltd.		241,100		1,150,381
Olam Group Ltd.		36,500		30,955
Oversea-Chinese Banking Corp. Ltd.		82,149		874,196
Seatrium Ltd. @*		297,440		302,704
United Overseas Bank Ltd.		62,600		1,446,355
UOL Group Ltd.		47,218		181,072
Wilmar International Ltd.		273,400		625,029
				5,561,047

Spain — 3.0%
Banco Bilbao Vizcaya Argentaria SA		91,765		919,075
Banco Bilbao Vizcaya Argentaria SA, ADR @		152,951		1,534,099
Banco de Sabadell SA		74,625		143,895
Banco Santander SA		1,654,430		7,672,835
Banco Santander SA, ADR		190,489		881,964
CaixaBank SA		350,839		1,857,239
Repsol SA @		211,452		3,336,809
Telefonica SA, ADR @		6,496		27,348
				16,373,264

Sweden — 2.4%
Billerud Aktiebolag		22,377		207,112
Boliden AB		34,071		1,090,053
Dometic Group AB ±		15,032		95,448
Essity AB, Class B		23,933		612,833
Getinge AB, Class B		7,190		122,140
Holmen AB, Class B @		8,941		351,938
Husqvarna AB, Class B @		42,676		342,004
Loomis AB		8,247		214,753
Millicom International Cellular SA, SDR*		20,565		500,592
Securitas AB, Class B @		59,785		593,394
Skandinaviska Enskilda Banken AB, Class A		140,768		2,078,516
Skanska AB, Class B		29,166		525,038
SKF AB, Class A		839		16,980
SKF AB, Class B		64,782		1,300,652
SSAB AB, Class A		29,362		161,894
SSAB AB, Class B		84,454		458,644
Svenska Cellulosa AB SCA, Class A		244		3,619
Svenska Cellulosa AB SCA, Class B @		25,812		381,250
Svenska Handelsbanken AB, Class A		54,423		518,351
Svenska Handelsbanken AB, Class B @		1,918		22,150
Swedbank AB, Class A		38,879		800,029
Telefonaktiebolaget LM Ericsson, Class B		172,241		1,069,295
Telia Co. AB		286,364		768,122
Trelleborg AB, Class B		10,544		410,260
Volvo AB, Class B		7,971		203,881
Volvo Car AB, Class B @*		39,107		120,966
				12,969,914

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

Table of Contents

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Switzerland — 10.2%
Alcon, Inc. µ		30,384	$	2,712,900
Alcon, Inc.		1,965		175,042
Baloise Holding AG @		4,379		771,059
Banque Cantonale Vaudoise @		1,642		174,261
Barry Callebaut AG @		172		280,269
Cie Financiere Richemont SA, Class A		33,824		5,280,000
DSM-Firmenich AG		9,968		1,127,305
Holcim AG		52,368		4,640,815
Julius Baer Group Ltd. @		29,463		1,646,216
Lonza Group AG		4,850		2,647,270
Novartis AG		110,367		11,813,673
Sandoz Group AG		24,470		886,253
Sandoz Group AG, ADR @		572		20,706
Schindler Holding AG		196		48,866
SIG Group AG @		18,684		342,091
Swatch Group AG (The) µ		6,226		254,321
Swatch Group AG (The) @µ		1,459		298,880
Swiss Life Holding AG		4,035		2,966,800
Swiss Prime Site AG @		1,574		149,262
Swiss Re AG		24,442		3,033,316
Swisscom AG		4,128		2,322,560
UBS Group AG		208,557		6,139,833
Zurich Insurance Group AG		15,364		8,192,879
				55,924,577

United Kingdom — 12.7%
Anglo American PLC		57,451		1,817,047
Barclays PLC, ADR		305,131		3,267,953
Barratt Developments PLC		47,310		282,397
BP PLC		299,981		1,801,986
BP PLC, ADR		90,122		3,253,404
British American Tobacco PLC		112,193		3,446,302
BT Group PLC @		1,231,112		2,184,194
Centrica PLC		51,522		87,859
DCC PLC		2,839		198,818
DS Smith PLC		173,685		924,327
Endeavour Mining PLC @		6,153		129,982
Flutter Entertainment PLC, Class DI*		3,025		551,639
Glencore PLC		465,148		2,652,438
HSBC Holdings PLC		18,452		159,521
HSBC Holdings PLC, ADR @		188,706		8,208,711
Investec PLC		25,929		187,975
J Sainsbury PLC		242,304		781,056
Kingfisher PLC		299,798		942,888
Lloyds Banking Group PLC		5,403,458		3,739,020
Lloyds Banking Group PLC, ADR @		217,015		592,451
Marks & Spencer Group PLC		24,148		87,455
Natwest Group PLC		271,946		1,071,865
Natwest Group PLC, ADR @		116,916		938,835
Shell PLC, ADR		354,216		25,567,311
Standard Chartered PLC		184,890		1,673,431
Taylor Wimpey PLC		177,236		318,478
Tesco PLC		378,871		1,465,528
Vodafone Group PLC		3,200,769		2,822,553
Whitbread PLC		4,742		178,332
				69,333,756

United States — 0.3%
CRH PLC		17,172		1,287,556
Newmont Corp., CDI		3,165		134,009
				1,421,565
TOTAL COMMON STOCKS (Identified Cost $420,820,452)				535,499,345

PREFERRED STOCKS — 0.7%
Germany — 0.7%
Bayerische Motoren Werke AG, 7.301%		7,858		693,860
Henkel AG & Co. KGaA, 2.236%		8,968		799,269
Porsche Automobil Holding SE, 6.084%		11,784		532,694
Volkswagen AG, 8.604%		16,537		1,866,666
				3,892,489
TOTAL PREFERRED STOCKS (Identified Cost $5,453,083)				3,892,489

SHORT-TERM INVESTMENTS — 7.1%
Investment Company — 0.3%
State Street Institutional U.S. Government Money Market Fund 5.000%		1,524,113		1,524,113

Collateral For Securities On Loan — 6.8%
State Street Navigator Securities Lending Government Money Market Portfolio 5.330%		36,936,164		36,936,164

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $38,460,277)				38,460,277

Total Investments — 105.9%
(Identified Cost $464,733,812)				577,852,111
Liabilities in excess of Cash and Other Assets — (5.9%)				(32,362,327	)
Net Assets — 100.0%			$	545,489,784

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

Table of Contents

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	†	See Note 1
	@	A portion or all of the security was held on loan. As of June 30, 2024, the fair value of the securities on loan was $67,576,925.
	*	Non-income producing security
	±	144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at June 30, 2024 amounted to $3,397,356 or 0.62% of the net assets of the Fund.
	¥	Traded on the Canada, Toronto Stock Exchange.
	=	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 — CHESS Depositary Interest

SDR — Swedish Depository Receipt

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

Table of Contents

SA International Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024

	SHARES		VALUE†

MUTUAL FUNDS — 100.1%
Others — 100.1%
DFA International Small Company Portfolio £		12,684,906	$	250,019,496

TOTAL MUTUAL FUNDS
(Identified Cost $129,976,570)				250,019,496

Total Investments — 100.1%
(Identified Cost $129,976,570)				250,019,496
Liabilities in excess of Cash and Other Assets — (0.1%)				(153,219	)
Net Assets — 100.0%			$	249,866,277

†	See Note 1
£	The Fund invests a substantial amount of its assets in the DFA International Small Company Portfolio. Financial statements and other information about the DFA International Small Company Portfolio, including its portfolio holdings, are available at https://www.dimensional.com.

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024

	SHARES		VALUE†

COMMON STOCKS — 98.5%
Belgium — 0.0%
Titan Cement International SA		2,956	$	92,598

Brazil — 2.8%
Anima Holding SA*		24,000		13,524
Atacadao SA*		28,162		45,441
Banco Bradesco SA		70,133		140,389
Banco Bradesco SA, ADR		136,380		305,491
Banco do Brasil SA		102,996		492,124
Banco Santander Brasil SA		12,730		62,533
BrasilAgro - Co. Brasileira de Propriedades Agricolas		4,700		21,557
BRF SA*		22,992		93,241
C&A Modas SA*		15,100		25,229
Camil Alimentos SA		8,900		13,135
Cia Siderurgica Nacional SA		34,656		80,036
Cia Siderurgica Nacional SA, ADR		17,252		39,680
Cogna Educacao SA*		137,975		43,687
Cosan SA		19,100		46,263
Cyrela Brazil Realty SA Empreendimentos e Participacoes		27,874		93,992
Dexco SA		34,954		41,019
Diagnosticos da America SA*		3,900		1,933
Gerdau SA, ADR		103,904		342,883
Grupo Casas Bahia SA*		5,728		5,584
Grupo De Moda Soma SA*		12,400		13,620
Grupo SBF SA		13,400		28,765
Hapvida Participacoes e Investimentos SA*±		242,052		165,839
Iochpe Maxion SA		12,197		25,659
IRB Brasil Resseguros SA*		4,222		23,866
Jalles Machado SA		15,681		19,047
JBS SA*		49,772		287,319
JHSF Participacoes SA		40,831		28,851
Lojas Renner SA		39,789		88,830
LWSA SA*±		35,208		25,508
Movida Participacoes SA*		18,600		20,097
Natura & Co. Holding SA		62,208		172,933
Petroleo Brasileiro SA		342,073		2,470,959
Petroreconcavo SA		10,435		34,609
Suzano SA		8,232		83,953
Tupy SA		3,847		16,262
Vale SA		20,412		227,194
Vale SA, ADR		15,356		171,527
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		8,400		22,870
				5,835,449

British Virgin Islands — 0.0%
AsiaInfo Technologies Ltd. ±		13,200		11,866


Canada — 0.0%
China Gold International Resources Corp. Ltd.*		3,700		23,738

Cayman Islands — 0.0%
Baozun, Inc., Class A*		4,600		3,593
Edvantage Group Holdings Ltd.		32,244		9,332
Fulgent Sun International Holding Co. Ltd.		8,000		30,331
Gourmet Master Co. Ltd.		5,000		13,270
				56,526

Chile — 0.5%
CAP SA*		4,662		29,280
Cencosud SA		18,885		35,621
Cia Sud Americana de Vapores SA		664,643		42,207
Empresa Nacional de Telecomunicaciones SA		13,467		39,855
Empresas CMPC SA		85,818		161,413
Empresas Copec SA		28,747		221,471
Enel Americas SA		983,394		91,542
Falabella SA*		38,983		120,174
Grupo Security SA		48,193		13,502
Inversiones Aguas Metropolitanas SA		51,819		38,517
PAZ Corp. SA		9,073		5,881
Ripley Corp. SA*		81,141		22,160
Salfacorp SA		43,853		25,630
Sigdo Koppers SA		27,803		35,235
SMU SA		215,040		37,704
Sociedad Matriz SAAM SA		298,644		31,418
SONDA SA		83,103		37,001
Vina Concha y Toro SA		23,908		27,939
				1,016,550

China — 24.8%
360 Security Technology, Inc., Class A		20,500		21,668
361 Degrees International Ltd.		71,000		36,641
3SBio, Inc.*±		106,000		87,417
A-Living Smart City Services Co. Ltd. @±		52,500		18,824
AAC Technologies Holdings, Inc.		60,500		237,846
Advanced Technology & Materials Co. Ltd., Class A		13,900		15,170
Agricultural Bank of China Ltd., Class H		1,776,000		759,611
Alibaba Group Holding Ltd.		453,000		4,089,678
Alibaba Group Holding Ltd., ADR		550		39,600
Aluminum Corp. of China Ltd., Class H		216,000		147,429
Angang Steel Co. Ltd., Class H*		142,999		22,341
Anhui Conch Cement Co. Ltd., Class H		97,500		232,231
Anhui Guangxin Agrochemical Co. Ltd., Class A		4,312		7,198
Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd., Class A		12,600		20,705
Anhui Huilong Agricultural Means of Production Co. Ltd., Class A		6,500		3,730
Anhui Jinhe Industrial Co. Ltd., Class A		5,000		13,687
Anhui Truchum Advanced Materials & Technology Co. Ltd., Class A		13,800		12,516
Anhui Zhongding Sealing Parts Co. Ltd., Class A		13,300		22,404
Anjoy Foods Group Co. Ltd., Class A		2,200		22,499

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
China (Continued)
Asia - Potash International Investment Guangzhou Co. Ltd., Class A*		4,400	$	9,786
Asymchem Laboratories Tianjin Co. Ltd., Class A		2,200		19,923
Avary Holding Shenzhen Co. Ltd., Class A		6,900		37,757
AviChina Industry & Technology Co. Ltd., Class H		254,000		114,168
BAIC Motor Corp. Ltd., Class H ±		145,000		37,136
Baidu, Inc., ADR*@		11,412		986,910
Baidu, Inc., Class A*		6,850		74,780
Bank of Beijing Co. Ltd., Class A		98,400		79,088
Bank of Changsha Co. Ltd., Class A		25,500		28,707
Bank of Chengdu Co. Ltd., Class A		26,000		54,354
Bank of China Ltd., Class H		5,337,902		2,631,680
Bank of Chongqing Co. Ltd., Class H @		46,500		30,011
Bank of Communications Co. Ltd., Class H		529,400		415,572
Bank of Guiyang Co. Ltd., Class A		22,500		16,319
Bank of Hangzhou Co. Ltd., Class A		32,101		57,654
Bank of Jiangsu Co. Ltd., Class A		80,100		81,907
Bank of Nanjing Co. Ltd., Class A		61,300		87,655
Bank of Ningbo Co. Ltd., Class A		38,780		117,738
Bank of Shanghai Co. Ltd., Class A		68,500		68,443
Bank of Suzhou Co. Ltd., Class A		22,220		22,935
Baoshan Iron & Steel Co. Ltd., Class A		100,300		91,796
BBMG Corp., Class H @		184,000		13,195
Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A		48,000		17,704
Beijing Easpring Material Technology Co. Ltd., Class A		2,700		12,749
Beijing Enterprises Holdings Ltd.		46,000		154,334
Beijing Enterprises Water Group Ltd. @		448,000		137,686
Beijing GeoEnviron Engineering & Technology, Inc., Class A		11,232		9,708
Beijing Haixin Energy Technology Co. Ltd., Class A*		35,800		8,869
Beijing Jetsen Technology Co. Ltd., Class A*		28,600		14,603
Beijing Jingyuntong Technology Co. Ltd., Class A*		22,000		7,660
Beijing New Building Materials PLC, Class A		5,600		22,859
Beijing Orient National Communication Science & Technology Co. Ltd., Class A*		8,200		6,907
Beijing Originwater Technology Co. Ltd., Class A		5,558		3,205
Beijing Shougang Co. Ltd., Class A*		27,500		10,294
Beijing Sinnet Technology Co. Ltd., Class A		15,900		18,491
Beijing SL Pharmaceutical Co. Ltd., Class A*		8,900		9,027
Beijing Yanjing Brewery Co. Ltd., Class A		9,600		11,666
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		108,000		79,818
Beiqi Foton Motor Co. Ltd., Class A*		66,600		20,623
BGI Genomics Co. Ltd., Class A*		1,800		8,673
BOC International China Co. Ltd., Class A		14,300		17,870
BOE Technology Group Co. Ltd., Class A		220,300		124,005
Bohai Leasing Co. Ltd., Class A*		64,900		22,776
Bright Dairy & Food Co. Ltd., Class A		7,700		8,234
Brilliance China Automotive Holdings Ltd.		178,000		187,139
BTG Hotels Group Co. Ltd., Class A		5,700		9,688
BYD Electronic International Co. Ltd.		14,000		69,919
C C Land Holdings Ltd. @*		106,500		16,502
C&D International Investment Group Ltd. @		40,795		75,853
Caitong Securities Co. Ltd., Class A		15,470		14,073
Canmax Technologies Co. Ltd., Class A		4,800		11,349
CECEP Solar Energy Co. Ltd., Class A*		30,100		19,511
CECEP Wind-Power Corp., Class A		49,010		20,168
CGN New Energy Holdings Co. Ltd. @		130,000		42,451
Changchun High-Tech Industry Group Co. Ltd., Class A		2,500		31,575
Changjiang Securities Co. Ltd., Class A		39,900		26,523
Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A		4,900		14,600
Chengdu Wintrue Holding Co. Ltd., Class A		8,900		8,733
Chengxin Lithium Group Co. Ltd., Class A		5,600		10,343
China Baoan Group Co. Ltd., Class A		9,000		10,652
China BlueChemical Ltd., Class H		58,000		16,489
China Bohai Bank Co. Ltd., Class H*@±		141,000		17,153
China CAMC Engineering Co. Ltd., Class A		20,600		19,732
China Cinda Asset Management Co. Ltd., Class H @		281,000		23,390
China Citic Bank Corp. Ltd., Class H*		613,000		393,278
China Coal Energy Co. Ltd., Class H*		181,000		211,386
China Communication Services Corp. Ltd., Class H		231,600		124,860
China Construction Bank Corp., Class H		7,352,810		5,432,891
China Development Bank Financial Leasing Co. Ltd., Class H ±		128,000		21,964
China Education Group Holdings Ltd.		31,107		17,965
China Energy Engineering Corp. Ltd., Class A*		88,674		25,872
China Energy Engineering Corp. Ltd., Class H @*		152,000		16,740
China Everbright Bank Co. Ltd., Class H*		241,000		74,994
China Feihe Ltd. ±		243,000		112,335
China Foods Ltd.		86,000		31,387
China Galaxy Securities Co. Ltd., Class H		106,500		55,780
China Gas Holdings Ltd.		228,400		204,737
China Great Wall Securities Co. Ltd., Class A		8,500		7,838

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
China (Continued)
China Greatwall Technology Group Co. Ltd., Class A		15,387	$	18,530
China Hongqiao Group Ltd. @		189,000		286,076
China Huiyuan Juice Group Ltd.*§		84,500		—
China International Marine Containers Group Co. Ltd., Class H		74,460		67,127
China Jushi Co. Ltd., Class A		22,631		34,417
China Lesso Group Holdings Ltd.		100,000		39,954
China Lilang Ltd.		31,000		18,340
China Medical System Holdings Ltd.		97,000		82,230
China Meheco Group Co. Ltd., Class A		13,860		19,304
China Meidong Auto Holdings Ltd. @		22,000		5,916
China Mengniu Dairy Co. Ltd.		16,000		28,685
China Merchants Bank Co. Ltd., Class H		173,000		785,352
China Merchants Energy Shipping Co. Ltd., Class A*		27,400		31,865
China Merchants Port Holdings Co. Ltd.		99,712		148,373
China Merchants Property Operation & Service Co. Ltd., Class A		5,000		6,895
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A*		22,000		26,614
China Minsheng Banking Corp. Ltd., Class H		395,880		136,877
China National Accord Medicines Corp. Ltd., Class A		6,760		29,985
China National Building Material Co. Ltd., Class H @		396,850		142,294
China National Chemical Engineering Co. Ltd., Class A*		38,700		43,887
China National Nuclear Power Co. Ltd., Class A		101,100		148,324
China New Higher Education Group Ltd. ±		74,000		19,142
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd., Class A*		15,100		10,557
China Nonferrous Mining Corp. Ltd.		70,000		61,045
China Oilfield Services Ltd., Class H		102,000		97,963
China Overseas Grand Oceans Group Ltd.		141,402		35,491
China Overseas Land & Investment Ltd.		236,000		409,197
China Pacific Insurance Group Co. Ltd., Class H		100,600		245,540
China Petroleum & Chemical Corp., Class H		1,946,400		1,261,201
China Railway Group Ltd., Class H		291,000		160,610
China Railway Hi-tech Industry Co. Ltd., Class A		10,600		10,679
China Railway Signal & Communication Corp. Ltd., Class H ±		149,000		64,110
China Renaissance Holdings Ltd.*@±§		11,300		—
China Resources Building Materials Technology Holdings Ltd.		238,000		42,059
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		6,300		16,977
China Resources Gas Group Ltd.		24,000		84,056
China Resources Land Ltd.		302,000		1,026,770
China Resources Medical Holdings Co. Ltd. @		71,500		32,321
China Resources Pharmaceutical Group Ltd. ±		134,500		99,725
China Risun Group Ltd. @		58,000		22,133
China Shanshui Cement Group Ltd.*		53,000		4,072
China Shenhua Energy Co. Ltd., Class H		149,000		685,941
China Shineway Pharmaceutical Group Ltd.		36,000		35,451
China South Publishing & Media Group Co. Ltd., Class A		11,600		19,828
China State Construction Engineering Corp. Ltd., Class A		191,200		139,728
China State Construction International Holdings Ltd.		50,000		68,254
China Sunshine Paper Holdings Co. Ltd.*		26,000		7,258
China Tianrui Group Cement Co. Ltd.*<>		11,000		68
China Tower Corp. Ltd., Class H ±		3,648,000		471,822
China Traditional Chinese Medicine Holdings Co. Ltd.*		260,000		120,860
China TransInfo Technology Co. Ltd., Class A		6,900		8,613
China Travel International Investment Hong Kong Ltd. @		180,000		26,738
China Vanke Co. Ltd., Class H @		133,972		79,775
China Yongda Automobiles Services Holdings Ltd. @		84,000		18,502
China Zhenhua Group Science & Technology Co. Ltd., Class A		3,700		21,148
China Zheshang Bank Co. Ltd., Class H		124,800		33,401
Chinasoft International Ltd.		78,000		41,052
Chinese Universe Publishing and Media Group Co. Ltd., Class A		9,200		18,790
Chlitina Holding Ltd.		3,090		15,287
Chongqing Changan Automobile Co. Ltd., Class A		40,430		74,728
Chongqing Department Store Co. Ltd., Class A		2,400		7,386
Chongqing Rural Commercial Bank Co. Ltd., Class H		226,000		110,843
Chongqing Sanfeng Environment Group Corp. Ltd., Class A		10,300		12,035
CIMC Enric Holdings Ltd.		74,000		74,578
CITIC Ltd.		356,000		323,676
CITIC Securities Co. Ltd., Class H		16,450		24,225
CMOC Group Ltd., Class H		27,000		24,687
CNGR Advanced Material Co. Ltd., Class A		2,520		10,748
CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A		21,460		9,687

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
China (Continued)
CNOOC Energy Technology & Services Ltd., Class A		62,100	$	35,212
CNSIG Inner Mongolia Chemical Industry Co. Ltd., Class A		13,650		12,887
COFCO Biotechnology Co. Ltd., Class A		15,100		10,453
COFCO Joycome Foods Ltd.*@		66,000		14,030
COFCO Sugar Holding Co. Ltd., Class A		15,600		20,589
Concord New Energy Group Ltd.		420,000		32,270
Consun Pharmaceutical Group Ltd.		23,000		16,376
COSCO Shipping Development Co. Ltd., Class H		324,200		46,913
COSCO Shipping Energy Transportation Co. Ltd., Class H @		74,000		96,089
COSCO Shipping Holdings Co. Ltd., Class H		244,199		427,166
COSCO SHIPPING International Hong Kong Co. Ltd.		34,000		16,588
COSCO SHIPPING Ports Ltd. @		162,485		112,151
COSCO SHIPPING Specialized Carriers Co. Ltd., Class A*		24,600		20,720
CPMC Holdings Ltd.		53,000		47,034
CRRC Corp. Ltd., Class H		177,000		114,237
CSG Holding Co. Ltd., Class A		19,500		13,526
CSSC Hong Kong Shipping Co. Ltd.		70,000		14,163
CTS International Logistics Corp. Ltd., Class A		11,000		8,735
Daan Gene Co. Ltd., Class A		9,400		6,468
Daqin Railway Co. Ltd., Class A		85,800		84,548
DHC Software Co. Ltd., Class A		28,100		17,480
Dian Diagnostics Group Co. Ltd., Class A		4,800		7,927
Digital China Group Co. Ltd., Class A		6,900		21,737
Digital China Holdings Ltd.		62,000		26,518
Dongfang Electric Corp. Ltd., Class H @		21,000		33,453
Dongxing Securities Co. Ltd., Class A		12,000		13,146
Dongyue Group Ltd. @		104,000		113,069
E-Commodities Holdings Ltd.		94,000		17,695
Easyhome New Retail Group Co. Ltd., Class A*		51,400		17,190
EEKA Fashion Holdings Ltd.		8,000		11,105
Essex Bio-technology Ltd.		37,000		11,466
Fangda Carbon New Material Co. Ltd., Class A*		15,700		9,313
Fangda Special Steel Technology Co. Ltd., Class A		19,000		9,780
Far East Horizon Ltd. @		187,000		121,649
FAW Jiefang Group Co. Ltd., Class A		24,100		25,971
Fiberhome Telecommunication Technologies Co. Ltd., Class A		5,800		12,692
FIH Mobile Ltd.*@		45,000		5,071
FinVolution Group, ADR		11,439		54,564
Fosun International Ltd.		195,500		105,147
Founder Securities Co. Ltd., Class A		23,800		25,320
Fufeng Group Ltd. @		153,000		104,037
Fujian Funeng Co. Ltd., Class A		18,330		29,415
Gansu Shangfeng Cement Co. Ltd., Class A		6,240		5,256
GCL Energy Technology Co. Ltd., Class A		4,200		4,601
GCL Technology Holdings Ltd. @*		395,000		58,676
GDS Holdings Ltd., Class A*@		72,300		86,382
Geely Automobile Holdings Ltd.		455,000		512,156
GEM Co. Ltd., Class A		33,500		29,369
Gemdale Corp., Class A		19,200		8,984
Genertec Universal Medical Group Co. Ltd. ±		75,500		41,090
GF Securities Co. Ltd., Class H		64,200		53,191
Giant Network Group Co. Ltd., Class A		9,400		12,212
GoerTek, Inc., Class A		18,300		49,137
Goldwind Science & Technology Co. Ltd., Class H @		47,800		19,465
Gotion High-tech Co. Ltd., Class A		5,100		13,441
Grand Pharmaceutical Group Ltd.		88,500		52,698
Grandjoy Holdings Group Co. Ltd., Class A*		30,000		9,661
Greatview Aseptic Packaging Co. Ltd.*		88,000		26,933
Gree Electric Appliances, Inc. of Zhuhai, Class A		7,200		38,863
Greentown China Holdings Ltd.		78,500		61,722
Greentown Service Group Co. Ltd. @		102,000		44,018
GRG Banking Equipment Co. Ltd., Class A		12,500		17,995
Guangdong Construction Engineering Group Co. Ltd., Class A		42,300		19,910
Guangdong HEC Technology Holding Co. Ltd., Class A		11,800		11,433
Guangdong Provincial Expressway Development Co. Ltd., Class A		12,700		18,195
Guangdong Tapai Group Co. Ltd., Class A		9,300		9,356
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A		4,200		8,133
Guanghui Energy Co. Ltd., Class A		48,700		44,906
Guangshen Railway Co. Ltd., Class H		82,000		22,261
Guangxi Liugong Machinery Co. Ltd., Class A		14,900		22,947
Guangzhou Automobile Group Co. Ltd., Class H		188,000		66,446
Guangzhou Baiyun International Airport Co. Ltd., Class A*		8,300		10,829
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		16,000		42,310
Guangzhou Haige Communications Group, Inc. Co., Class A		22,300		31,796
Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A		18,042		12,316
Guizhou Panjiang Refined Coal Co. Ltd., Class A		9,269		7,667
Guizhou Xinbang Pharmaceutical Co. Ltd., Class A		32,400		14,760
Guosen Securities Co. Ltd., Class A		22,400		26,790

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
China (Continued)
Guosheng Financial Holding, Inc., Class A*		14,131	$	16,472
Haier Smart Home Co. Ltd., Class A		20,500		80,070
Hainan Meilan International Airport Co. Ltd., Class H*@		23,000		22,649
Haitian International Holdings Ltd.		44,000		125,086
Haitong Securities Co. Ltd., Class H		169,600		78,838
Han’s Laser Technology Industry Group Co. Ltd., Class A		8,900		25,477
Hang Zhou Great Star Industrial Co. Ltd., Class A		4,400		14,957
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		22,900		22,881
Hangzhou Robam Appliances Co. Ltd., Class A		2,900		8,820
Harbin Electric Co. Ltd., Class H @		74,000		23,027
Health & Happiness H&H International Holdings Ltd.		18,500		21,179
Hello Group, Inc., ADR		12,302		75,288
Henan Mingtai Al Industrial Co. Ltd., Class A		8,400		13,364
Hengan International Group Co. Ltd.		31,500		96,004
Hengli Petrochemical Co. Ltd., Class A		35,500		68,156
Hengtong Optic-electric Co. Ltd., Class A		9,680		21,009
Hengyi Petrochemical Co. Ltd., Class A		25,000		24,394
Hesteel Co. Ltd., Class A		65,500		17,488
Hopson Development Holdings Ltd.*@		101,900		46,715
Horizon Construction Development Ltd.*@		41,554		7,982
Hoshine Silicon Industry Co. Ltd., Class A*		4,200		27,000
Hoyuan Green Energy Co. Ltd., Class A		3,300		7,762
Hua Han Health Industry Holdings Ltd.*§		504,000		—
Hua Hong Semiconductor Ltd. @±		41,000		115,770
Huafon Chemical Co. Ltd., Class A*		27,754		27,387
Huaibei Mining Holdings Co. Ltd., Class A		10,400		23,960
Huapont Life Sciences Co. Ltd., Class A		27,600		14,434
Huatai Securities Co. Ltd., Class H ±		58,600		64,761
Huaxi Securities Co. Ltd., Class A		12,600		11,428
Huaxia Bank Co. Ltd., Class A		43,300		38,139
Huaxin Cement Co. Ltd., Class A		7,000		13,247
Huaxin Cement Co. Ltd., Class H		17,700		17,090
Huayu Automotive Systems Co. Ltd., Class A		17,500		39,451
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		4,400		19,202
Hubei Xingfa Chemicals Group Co. Ltd., Class A		9,400		24,684
Hubei Yihua Chemical Industry Co. Ltd., Class A		12,200		20,014
Humanwell Healthcare Group Co. Ltd., Class A		9,700		22,922
Hunan Valin Steel Co. Ltd., Class A		47,300		28,838
Hytera Communications Corp. Ltd., Class A*		23,400		13,107
Industrial & Commercial Bank of China Ltd., Class H		4,319,000		2,566,274
Industrial Bank Co. Ltd., Class A*		113,600		275,477
Industrial Securities Co. Ltd., Class A		52,910		36,846
Infore Environment Technology Group Co. Ltd., Class A		12,400		7,219
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A*		169,960		32,747
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		12,000		34,847
Inner Mongolia ERDOS Resources Co. Ltd., Class A		11,760		16,055
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		55,300		28,084
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		34,700		33,000
Intco Medical Technology Co. Ltd., Class A		5,700		21,032
IRICO Display Devices Co. Ltd., Class A*		22,000		20,619
JA Solar Technology Co. Ltd., Class A		14,800		22,813
JCET Group Co. Ltd., Class A		12,895		56,275
JD Logistics, Inc.*±		80,200		86,064
JD.com, Inc., Class A		66,900		884,969
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		22,220		23,150
Jiangsu Eastern Shenghong Co. Ltd., Class A		24,600		26,983
Jiangsu Guotai International Group Co. Ltd., Class A		10,400		9,747
Jiangsu Jiangyin Rural Commercial Bank Co. Ltd., Class A		34,700		18,004
Jiangsu Lihua Animal Husbandry Stock Co. Ltd., Class A*		4,320		13,461
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		14,700		22,173
Jiangsu Provincial Agricultural Reclamation & Development Corp., Class A		11,200		13,904
Jiangsu Shagang Co. Ltd., Class A		38,000		19,716
Jiangsu Shuangxing Color Plastic New Materials Co. Ltd., Class A		10,800		7,372
Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd., Class A		27,840		15,403
Jiangsu Zhongtian Technology Co. Ltd., Class A		11,500		25,086
Jiangxi Copper Co. Ltd., Class H		70,000		139,658
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		7,300		13,463
JinkoSolar Holding Co. Ltd., ADR @		3,545		73,452
Jinneng Holding Shanxi Coal Industry Co. Ltd., Class A		15,000		34,104

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
China (Continued)
Jinneng Science&Technology Co. Ltd., Class A		10,600	$	7,980
Jinxin Fertility Group Ltd. @±		24,000		8,544
Jizhong Energy Resources Co. Ltd., Class A		21,200		19,548
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		18,700		28,747
Jointown Pharmaceutical Group Co. Ltd., Class A		28,792		19,337
Ju Teng International Holdings Ltd.*		56,000		8,892
Kingboard Holdings Ltd.		71,500		168,288
Kingfa Sci & Tech Co. Ltd., Class A*		13,400		12,190
Kunlun Energy Co. Ltd.		354,000		367,189
Lao Feng Xiang Co. Ltd., Class A		2,700		21,623
LB Group Co. Ltd., Class A		11,200		28,624
Legend Holdings Corp., Class H ±		38,400		28,914
Lens Technology Co. Ltd., Class A		24,140		60,632
Leo Group Co. Ltd., Class A		48,000		9,447
Lepu Medical Technology Beijing Co. Ltd., Class A		14,700		30,023
LexinFintech Holdings Ltd., ADR @		4,235		6,988
Leyard Optoelectronic Co. Ltd., Class A		20,300		12,572
Lianhe Chemical Technology Co. Ltd., Class A		6,700		4,426
Lingyi iTech Guangdong Co., Class A		42,800		41,940
Livzon Pharmaceutical Group, Inc., Class H		6,800		22,379
Loncin Motor Co. Ltd., Class A		21,600		20,155
Longfor Group Holdings Ltd. @±		133,000		182,578
LONGi Green Energy Technology Co. Ltd., Class A*		24,500		47,273
Lonking Holdings Ltd.		158,000		29,540
Luenmei Quantum Co. Ltd., Class A		13,300		9,537
Luxi Chemical Group Co. Ltd., Class A		8,600		13,718
Luye Pharma Group Ltd.*@±		161,500		55,839
Maccura Biotechnology Co. Ltd., Class A*		3,800		5,952
Mango Excellent Media Co. Ltd., Class A		12,700		36,530
Maoyan Entertainment*±		21,200		21,854
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		29,300		15,243
Metallurgical Corp. of China Ltd., Class H		225,000		46,100
Ming Yang Smart Energy Group Ltd., Class A*		6,800		8,835
Mingfa Group International Co. Ltd.*		91,000		2,913
Minth Group Ltd.*		56,000		87,058
MLS Co. Ltd., Class A		20,000		22,185
MMG Ltd.*@		236,000		90,060
Morimatsu International Holdings Co. Ltd.*		10,000		6,659
Nanjing Iron & Steel Co. Ltd., Class A		36,600		25,085
Nanjing Tanker Corp., Class A*		42,600		21,048
Nanjing Xinjiekou Department Store Co. Ltd., Class A		6,900		4,739
NavInfo Co. Ltd., Class A*		10,200		8,732
NetDragon Websoft Holdings Ltd.		25,500		38,532
New China Life Insurance Co. Ltd., Class H		57,900		110,476
New Hope Liuhe Co. Ltd., Class A*		12,000		15,095
Newland Digital Technology Co. Ltd., Class A		10,000		19,144
Nexteer Automotive Group Ltd. @		69,000		31,102
Nine Dragons Paper Holdings Ltd.*		54,000		22,474
Ningbo Huaxiang Electronic Co. Ltd., Class A		8,950		15,939
Ningbo Joyson Electronic Corp., Class A		5,200		10,606
Ningbo Shanshan Co. Ltd., Class A		16,300		18,216
Ningbo Zhoushan Port Co. Ltd., Class A		33,200		15,535
Noah Holdings Ltd., ADR*		1,082		10,441
Northeast Securities Co. Ltd., Class A		8,500		6,528
Offshore Oil Engineering Co. Ltd., Class A		27,400		22,286
ORG Technology Co. Ltd., Class A		26,800		15,344
Orient Securities Co. Ltd., Class H @±		52,400		20,533
Oriental Energy Co. Ltd., Class A*		11,300		12,768
Oriental Pearl Group Co. Ltd., Class A		10,700		8,953
PAX Global Technology Ltd.		47,000		35,269
People’s Insurance Co. Group of China Ltd. (The), Class H*		305,000		104,673
PetroChina Co. Ltd., Class H		1,710,000		1,729,916
PICC Property & Casualty Co. Ltd., Class H*		314,000		390,035
Ping An Bank Co. Ltd., Class A		108,500		151,564
Ping An Insurance Group Co. of China Ltd., Class H		488,500		2,214,469
Pingdingshan Tianan Coal Mining Co. Ltd., Class A		15,900		24,509
Poly Property Group Co. Ltd.*		200,431		37,986
Postal Savings Bank of China Co. Ltd., Class H @±		571,000		334,891
Power Construction Corp. of China Ltd., Class A		84,900		65,316
Q Technology Group Co. Ltd.*@		31,000		16,355
Qifu Technology, Inc., ADR		6,037		119,110
Qingdao Hanhe Cable Co. Ltd., Class A		35,800		16,210
Radiance Holdings Group Co. Ltd.*@		37,000		12,651
Redco Properties Group Ltd.*@±§		80,000		—
Renhe Pharmacy Co. Ltd., Class A*		19,700		15,996
Risen Energy Co. Ltd., Class A		6,400		10,658
SAIC Motor Corp. Ltd., Class A		29,700		56,653
Sanan Optoelectronics Co. Ltd., Class A		11,300		18,227
Sansteel Minguang Co. Ltd., Class A*		13,700		5,562
Sansure Biotech, Inc., Class A		3,333		8,064
Sany Heavy Equipment International Holdings Co. Ltd.		8,000		4,979
Sany Heavy Industry Co. Ltd., Class A		20,100		45,644

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
China (Continued)
Satellite Chemical Co. Ltd., Class A		17,026	$	42,131
Sealand Securities Co. Ltd., Class A		24,800		9,932
Seazen Holdings Co. Ltd., Class A*		13,800		16,846
SF Holding Co. Ltd., Class A		19,300		94,799
Shaanxi Coal Industry Co. Ltd., Class A		31,937		113,269
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A*		32,400		44,413
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		9,200		19,182
Shandong Chenming Paper Holdings Ltd., Class H*@		35,250		7,764
Shandong Hi-Speed Road & Bridge Co. Ltd., Class A*		20,600		14,828
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A*		2,700		14,184
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		6,010		22,035
Shandong Humon Smelting Co. Ltd., Class A		10,800		17,108
Shandong Linglong Tyre Co. Ltd., Class A		7,700		19,467
Shandong Nanshan Aluminum Co. Ltd., Class A		37,900		19,873
Shandong Publishing & Media Co. Ltd., Class A		13,000		21,148
Shandong Sun Paper Industry JSC Ltd., Class A		16,800		32,254
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		108,800		51,829
Shanghai AJ Group Co. Ltd., Class A*		16,900		8,769
Shanghai Construction Group Co. Ltd., Class A		55,900		16,541
Shanghai Electric Group Co. Ltd., Class H*		166,000		32,524
Shanghai Environment Group Co. Ltd., Class A		11,600		13,570
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H @		9,500		16,083
Shanghai Industrial Holdings Ltd.		45,000		67,191
Shanghai Jinjiang International Hotels Co. Ltd., Class A*		7,900		24,985
Shanghai Lingang Holdings Corp. Ltd., Class A*		8,760		10,983
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		13,500		16,387
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A		7,100		11,247
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		49,000		73,666
Shanghai Pudong Development Bank Co. Ltd., Class A		118,900		134,674
Shanghai Putailai New Energy Technology Co. Ltd., Class A		8,900		17,307
Shanghai RAAS Blood Products Co. Ltd., Class A		37,200		40,036
Shanghai Tunnel Engineering Co. Ltd., Class A		25,600		23,007
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		18,000		12,758
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		7,800		19,838
Shanxi Coking Coal Energy Group Co. Ltd., Class A*		39,900		56,615
Shanxi Lanhua Sci-Tech Venture Co. Ltd., Class A		16,700		20,570
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		26,900		67,120
Shanxi Meijin Energy Co. Ltd., Class A*		31,400		20,570
Shanxi Securities Co. Ltd., Class A		24,700		15,977
Shanxi Taigang Stainless Steel Co. Ltd., Class A*		34,300		15,956
Shenghe Resources Holding Co. Ltd., Class A		11,000		13,050
Shenwan Hongyuan Group Co. Ltd., Class H*±		43,200		8,187
Shenzhen Agricultural Products Group Co. Ltd., Class A		15,600		10,434
Shenzhen Airport Co. Ltd., Class A		16,200		14,247
Shenzhen Aisidi Co. Ltd., Class A		14,200		17,296
Shenzhen Huaqiang Industry Co. Ltd., Class A		5,900		7,227
Shenzhen International Holdings Ltd.		107,733		85,949
Shenzhen Investment Ltd.		323,060		38,474
Shenzhen Jinjia Group Co. Ltd., Class A		10,602		5,267
Shenzhen Kaifa Technology Co. Ltd., Class A		5,900		12,277
Shenzhen Kinwong Electronic Co. Ltd., Class A		5,800		25,384
Shenzhen MTC Co. Ltd., Class A		42,300		28,002
Shenzhen Neptunus Bioengineering Co. Ltd., Class A*		28,200		8,228
Shenzhen Overseas Chinese Town Co. Ltd., Class A*		43,200		12,129
Shenzhen Sunway Communication Co. Ltd., Class A		4,700		12,665
Shenzhen Tagen Group Co. Ltd., Class A		25,000		13,831
Shenzhen Yan Tian Port Holding Co. Ltd., Class A		28,200		17,581
Shenzhen YUTO Packaging Technology Co. Ltd., Class A		4,900		17,257
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A*		31,900		18,615
Shoucheng Holdings Ltd. @		58,400		10,096
Shougang Fushan Resources Group Ltd.		219,790		90,066
Shui On Land Ltd. @		280,000		23,665
Sichuan Changhong Electric Co. Ltd., Class A		31,500		19,465
Sichuan Development Lomon Co. Ltd., Class A		13,600		12,597
Sichuan Hebang Biotechnology Co. Ltd., Class A*		84,300		19,143

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
China (Continued)
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		8,100	$	33,811
Sichuan Road & Bridge Group Co. Ltd., Class A*		28,840		31,317
Sichuan Yahua Industrial Group Co. Ltd., Class A		8,400		10,312
Sinofert Holdings Ltd.		244,000		31,246
Sinoma International Engineering Co., Class A		14,600		24,233
Sinoma Science & Technology Co. Ltd., Class A		11,000		19,529
Sinomine Resource Group Co. Ltd., Class A		5,700		21,024
Sinopec Engineering Group Co. Ltd., Class H		111,000		76,757
Sinopec Kantons Holdings Ltd.		90,000		46,677
Sinopharm Group Co. Ltd., Class H		140,400		373,067
Sinotrans Ltd., Class H		145,000		70,559
Sinotruk Hong Kong Ltd.		49,000		127,378
Sinotruk Jinan Truck Co. Ltd., Class A		2,800		5,518
Skyworth Group Ltd.		133,484		52,648
SooChow Securities Co. Ltd., Class A		20,280		16,467
STO Express Co. Ltd., Class A		15,900		18,381
Sun Art Retail Group Ltd. @		172,500		32,914
Sun King Technology Group Ltd.*		54,000		7,883
Suning Universal Co. Ltd., Class A		32,100		7,422
Suzhou Anjie Technology Co. Ltd., Class A		10,500		22,312
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		10,800		30,768
Tangshan Jidong Cement Co. Ltd., Class A*		10,000		5,588
TangShan Port Group Co. Ltd., Class A		55,900		36,159
Tangshan Sanyou Chemical Industries Co. Ltd., Class A		11,600		8,014
TBEA Co. Ltd., Class A		27,300		52,112
TCL Electronics Holdings Ltd.		99,667		80,662
TCL Technology Group Corp., Class A		78,540		46,696
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A*		16,000		19,047
Tian Di Science & Technology Co. Ltd., Class A		40,500		38,404
Tiangong International Co. Ltd.		100,000		23,306
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A		30,700		12,887
Tianma Microelectronics Co. Ltd., Class A*		15,500		15,530
Tianneng Power International Ltd. @		74,000		53,161
Tianshan Aluminum Group Co. Ltd., Class A		18,200		20,314
TianShan Material Co. Ltd., Class A		4,500		3,344
Tianshui Huatian Technology Co. Ltd., Class A		35,100		39,370
Titan Wind Energy Suzhou Co. Ltd., Class A*		8,800		10,827
Tofflon Science & Technology Group Co. Ltd., Class A*		3,500		5,727
Tomson Group Ltd.		1,358		337
Tong Ren Tang Technologies Co. Ltd., Class H		41,000		26,462
TongFu Microelectronics Co. Ltd., Class A		10,100		31,123
Tongkun Group Co. Ltd., Class A*		11,100		24,381
Tongling Nonferrous Metals Group Co. Ltd., Class A		49,000		24,345
Tongyu Heavy Industry Co. Ltd., Class A		40,800		9,658
Topsec Technologies Group, Inc., Class A*		7,000		4,692
Transfar Zhilian Co. Ltd., Class A		27,553		14,561
Trina Solar Co. Ltd., Class A		13,541		31,532
Trip.com Group Ltd., ADR*		13,393		629,471
Unisplendour Corp. Ltd., Class A		13,940		42,879
Venustech Group, Inc., Class A*		6,700		15,915
Vipshop Holdings Ltd., ADR		18,775		244,450
Wangsu Science & Technology Co. Ltd., Class A		20,900		22,723
Wanxiang Qianchao Co. Ltd., Class A		42,900		26,333
Wasion Holdings Ltd.		48,000		42,044
Wasu Media Holding Co. Ltd., Class A		20,700		17,891
Weibo Corp., ADR		2,074		15,928
Weichai Power Co. Ltd., Class H		112,000		214,274
Wellhope Foods Co. Ltd., Class A*		7,700		6,931
West China Cement Ltd. @		198,000		26,116
Western Securities Co. Ltd., Class A		22,600		19,253
Wharf Holdings Ltd. (The)		70,000		196,759
Wingtech Technology Co. Ltd., Class A*		3,900		15,163
Wolong Electric Group Co. Ltd., Class A		11,600		19,397
Wuchan Zhongda Group Co. Ltd., Class A		29,100		17,381
Wushang Group Co. Ltd., Class A*		12,600		11,566
Wuxi Biologics Cayman, Inc.*±		7,000		10,344
XCMG Construction Machinery Co. Ltd., Class A*		47,400		46,643
Xi’An Shaangu Power Co. Ltd., Class A		19,200		21,192
Xiamen Bank Co. Ltd., Class A		14,900		10,930
Xiamen C & D, Inc., Class A		17,600		21,630
Xiamen ITG Group Corp. Ltd., Class A		17,300		17,071
Xiamen Tungsten Co. Ltd., Class A		7,300		17,331
Xiamen Xiangyu Co. Ltd., Class A		22,200		20,776
Xiaomi Corp., Class B*±		391,800		826,844
Xinfengming Group Co. Ltd., Class A		4,000		8,582
Xingda International Holdings Ltd.		81,992		13,754
Xinhua Winshare Publishing and Media Co. Ltd., Class H		36,000		44,810
Xinte Energy Co. Ltd., Class H*@		22,800		23,649
Xinxing Ductile Iron Pipes Co. Ltd., Class A		18,100		8,669
Xinyi Energy Holdings Ltd. @		207,138		26,791
Xinyi Solar Holdings Ltd.		182,000		91,594
Xinyu Iron & Steel Co. Ltd., Class A*		27,300		12,474
XPeng, Inc., Class A*@		4,100		15,515
Xtep International Holdings Ltd.		52,500		32,337

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
China (Continued)
Xuji Electric Co. Ltd., Class A		3,400	$	16,101
Yantai Changyu Pioneer Wine Co. Ltd., Class A		3,700		10,872
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		7,300		35,244
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H*@±		25,600		30,816
Yiren Digital Ltd., ADR*@		4,574		20,720
Yixintang Pharmaceutical Group Co. Ltd., Class A		2,800		5,815
Yonfer Agricultural Technology Co. Ltd., Class A		6,900		11,272
YongXing Special Materials Technology Co. Ltd., Class A		2,400		11,818
Youngor Fashion Co. Ltd., Class A		11,500		11,269
YTO Express Group Co. Ltd., Class A		12,500		26,923
Yunda Holding Co. Ltd., Class A		16,500		17,576
Yunnan Aluminium Co. Ltd., Class A		18,200		33,840
Yunnan Baiyao Group Co. Ltd., Class A		1,960		13,798
Yunnan Copper Co. Ltd., Class A		8,100		13,890
Yunnan Energy New Material Co. Ltd., Class A		5,200		22,651
Yunnan Tin Co. Ltd., Class A		14,600		31,125
Zhefu Holding Group Co. Ltd., Class A		16,400		6,297
Zhejiang Century Huatong Group Co. Ltd., Class A*		39,280		18,542
Zhejiang China Commodities City Group Co. Ltd., Class A		30,700		31,350
Zhejiang Chint Electrics Co. Ltd., Class A		13,100		34,363
Zhejiang Crystal-Optech Co. Ltd., Class A		12,400		28,978
Zhejiang Dahua Technology Co. Ltd., Class A		19,700		41,916
Zhejiang Hailiang Co. Ltd., Class A		19,700		21,636
Zhejiang Huace Film & Television Co. Ltd., Class A		30,500		25,773
Zhejiang Huayou Cobalt Co. Ltd., Class A		7,300		22,233
Zhejiang Jiahua Energy Chemical Industry Co. Ltd., Class A		9,000		8,844
Zhejiang JIULI Hi-tech Metals Co. Ltd., Class A		4,400		14,128
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		10,800		20,393
Zhejiang Longsheng Group Co. Ltd., Class A		19,300		22,817
Zhejiang Medicine Co. Ltd., Class A		10,400		15,716
Zhejiang Orient Financial Holdings Group Co. Ltd., Class A		17,420		8,007
Zhejiang Runtu Co. Ltd., Class A		19,400		14,498
Zhejiang Semir Garment Co. Ltd., Class A		21,700		17,352
Zhejiang Wanliyang Co. Ltd., Class A		11,400		7,688
Zhejiang Xinan Chemical Industrial Group Co. Ltd., Class A		14,980		15,668
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H		21,400		29,322
Zhongjin Gold Corp. Ltd., Class A		20,800		42,367
Zhongshan Broad Ocean Motor Co. Ltd., Class A		22,200		14,452
Zhongsheng Group Holdings Ltd.		62,500		91,400
Zhou Hei Ya International Holdings Co. Ltd. @±		54,000		11,963
Zhuhai Huafa Properties Co. Ltd., Class A*		11,600		10,377
Zhuzhou CRRC Times Electric Co. Ltd., Class H*		23,200		91,504
Zhuzhou Kibing Group Co. Ltd., Class A		10,500		9,321
Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H		85,800		55,486
				51,582,182

Colombia — 0.1%
Cementos Argos SA		7,042		14,132
CEMEX Latam Holdings SA*§		13,000		13,148
Corp. Financiera Colombiana SA		15,314		52,611
Grupo Argos SA		22,537		91,652
				171,543

Cyprus — 0.0%
ASBISc Enterprises PLC		4,097		25,443

Czech Republic — 0.1%
Komercni Banka AS		5,768		192,954

Greece — 0.4%
Alpha Services & Holdings SA*		139,014		226,814
Bank of Greece		859		12,190
Eurobank Ergasias Services & Holdings SA, Class A*		46,129		99,841
Fourlis Holdings SA		3,046		12,657
Helleniq Energy Holdings SA		9,060		75,682
Motor Oil Hellas Corinth Refineries SA		4,222		105,985
Piraeus Financial Holdings SA*		71,017		259,046
				792,215

Hong Kong — 0.2%
Alibaba Pictures Group Ltd.*@		430,000		22,852
BOC Aviation Ltd. ±		10,700		76,732
China Zhongwang Holdings Ltd. @*§		154,000		—
CTEG @*§		98,000		—
Jinmao Property Services Co. Ltd.		6,646		2,136
Lumena New Materials*§		5,599		—
Orient Overseas International Ltd.		7,000		113,573
Sino Biopharmaceutical Ltd.		234,000		80,007
Yuexiu Property Co. Ltd.		135,006		88,171
				383,471

Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		44,543		347,592
Opus Global Nyrt		9,300		10,931
OTP Bank Nyrt		360		17,888
				376,411

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
India — 22.1%
ACC Ltd.		5,493	$	172,262
Aditya Birla Capital Ltd.*		44,000		125,572
Advanced Enzyme Technologies Ltd.		3,035		13,896
Ahluwalia Contracts India Ltd.		1,765		26,479
Alembic Pharmaceuticals Ltd.		5,197		54,845
Allcargo Logistics Ltd.		19,940		14,479
Allcargo Terminals Ltd.		4,985		3,024
Amara Raja Energy & Mobility Ltd.		8,020		160,328
Ambuja Cements Ltd.		36,667		293,820
Apar Industries Ltd.		238		24,206
Apollo Tyres Ltd.		31,532		205,216
Arvind Ltd.		13,452		59,809
Ashoka Buildcon Ltd.*		4,930		13,243
Aster DM Healthcare Ltd. ±		9,764		40,619
Aurobindo Pharma Ltd.		25,561		370,154
Avanti Feeds Ltd.		2,210		15,862
Axis Bank Ltd.		133,355		2,021,095
Axis Bank Ltd., GDR		12,180		925,680
Bajaj Consumer Care Ltd.		10,520		33,306
Bajaj Holdings & Investment Ltd.		2,428		247,495
Balmer Lawrie & Co. Ltd.		3,606		11,676
Balrampur Chini Mills Ltd.		14,783		76,257
Bandhan Bank Ltd. ±		42,966		105,112
Bank of Baroda		74,524		245,769
Bank of India		26,524		38,392
Bank of Maharashtra		20,972		16,282
Bharat Heavy Electricals Ltd.		96,730		349,394
Birla Corp. Ltd.		3,237		61,916
Birlasoft Ltd.		1,959		16,257
Bombay Burmah Trading Co.		684		16,610
Camlin Fine Sciences Ltd.*		4,352		5,428
Can Fin Homes Ltd.		2,104		23,087
Canara Bank		128,930		184,796
Ceat Ltd.*		3,536		118,308
Century Textiles & Industries Ltd.		2,731		75,002
Chambal Fertilizers and Chemicals Ltd.		13,907		84,305
Cholamandalam Financial Holdings Ltd.		8,070		141,304
CIE Automotive India Ltd.		6,907		47,329
Cipla Ltd.		26,982		479,746
City Union Bank Ltd.		30,829		61,967
CMS Info Systems Ltd.		2,254		13,326
Cochin Shipyard Ltd. ±		7,994		213,589
Container Corp. Of India Ltd.		7,508		93,864
Coromandel International Ltd.		3,859		73,628
CSB Bank Ltd.*		3,753		17,058
Cyient Ltd.		5,068		112,072
Dalmia Bharat Ltd.		5,315		115,619
DCB Bank Ltd.		19,962		33,036
DCM Shriram Ltd.		2,904		34,303
Deepak Fertilisers & Petrochemicals Corp. Ltd.		4,535		36,984
Delhivery Ltd.*		6,220		29,837
DLF Ltd.		22,962		226,777
Dr Reddy’s Laboratories Ltd., ADR		6,930		527,997
eClerx Services Ltd.		783		22,704
Edelweiss Financial Services Ltd.		13,355		10,466
EID Parry India Ltd.		7,288		66,860
Electrosteel Castings Ltd.		23,821		49,892
Engineers India Ltd.		13,707		41,176
EPL Ltd.		5,342		12,710
Equitas Small Finance Bank Ltd. ±		16,074		18,698
Exide Industries Ltd.		26,178		177,105
FDC Ltd.*		3,013		16,693
Federal Bank Ltd.		161,831		344,981
Finolex Cables Ltd.		1,587		29,594
Finolex Industries Ltd.		15,431		60,910
Firstsource Solutions Ltd.		20,730		52,206
Fortis Healthcare Ltd.		5,066		28,821
Fusion Micro Finance Ltd.*		1,820		9,821
GAIL India Ltd.		260,433		686,753
Galaxy Surfactants Ltd.		196		6,443
Gateway Distriparks Ltd.		25,136		31,048
GHCL Ltd.*		5,527		37,329
GHCL Textiles Ltd.*		5,527		6,048
Glenmark Pharmaceuticals Ltd.		12,966		191,720
Godawari Power and Ispat Ltd.		2,402		30,760
Godfrey Phillips India Ltd.		794		39,277
Godrej Industries Ltd.*		1,769		18,181
Granules India Ltd.		16,905		100,016
Grasim Industries Ltd.		17,963		574,730
Great Eastern Shipping Co. Ltd. (The)		8,516		124,951
Gujarat Alkalies & Chemicals Ltd.		2,551		23,648
Gujarat Ambuja Exports Ltd.		8,766		14,298
Gujarat Mineral Development Corp. Ltd.		5,595		26,402
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		8,187		69,806
Gujarat Pipavav Port Ltd.		19,498		48,986
Gujarat State Fertilizers & Chemicals Ltd.		11,602		33,670
Gujarat State Petronet Ltd.		23,082		81,948
HDFC Bank Ltd.		93,458		1,888,493
HEG Ltd.		1,254		32,542
Hero MotoCorp Ltd.		6,952		466,037
Himadri Speciality Chemical Ltd.		10,592		49,773
Hindalco Industries Ltd.		158,495		1,315,192
Hindustan Aeronautics Ltd.		2,747		173,540
ICICI Bank Ltd., ADR		41,700		1,201,377
IDFC First Bank Ltd.*		161,251		158,955
IDFC Ltd.*		76,058		111,350
IIFL Finance Ltd.		8,058		49,988
IIFL Securities Ltd.		19,584		49,604
India Cements Ltd. (The)*		14,192		50,079
Indiabulls Housing Finance Ltd.		31,451		62,757
Indian Bank		12,211		79,662
Indian Railway Finance Corp. Ltd. ±		47,733		99,522
Indus Towers Ltd.*		55,203		248,815
IndusInd Bank Ltd.		28,574		501,730
Infibeam Avenues Ltd.		77,058		28,462
Info Edge India Ltd.		2,973		242,432
IRCON International Ltd. ±		18,858		60,947

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
India (Continued)
ISGEC Heavy Engineering Ltd.		1,061	$	15,777
J Kumar Infraprojects Ltd.		1,379		13,734
Jammu & Kashmir Bank Ltd. (The)		15,560		21,453
Jindal Saw Ltd.		14,261		93,121
Jindal Stainless Ltd.		28,242		278,703
Jindal Steel & Power Ltd.		46,366		580,552
Jio Financial Services Ltd.*		206,554		886,656
JK Lakshmi Cement Ltd.		4,751		50,585
JK Paper Ltd.		10,798		70,185
JK Tyre & Industries Ltd.		10,161		52,366
JM Financial Ltd.		40,467		42,560
JSW Energy Ltd.		29,196		256,116
JSW Steel Ltd.		80,442		901,105
Jubilant Ingrevia Ltd.		4,945		30,659
Jubilant Pharmova Ltd.		9,690		85,991
Kalpataru Projects International Ltd.		6,178		86,979
Karnataka Bank Ltd. (The)		29,326		78,777
Karur Vysya Bank Ltd. (The)		36,209		89,885
Kaveri Seed Co. Ltd.		1,897		21,180
Kirloskar Oil Engines Ltd.		798		13,407
KNR Constructions Ltd.		3,786		15,777
KRBL Ltd.		2,296		7,811
L&T Finance Ltd.		78,972		171,738
Larsen & Toubro Ltd.		2,341		99,541
Larsen & Toubro Ltd., GDR		29,503		1,256,828
LG Balakrishnan & Bros Ltd.		1,438		24,913
LIC Housing Finance Ltd.		24,147		231,067
LT Foods Ltd.		16,533		50,756
Lupin Ltd.		14,244		277,748
Maharashtra Seamless Ltd.		3,116		24,476
Mahindra & Mahindra Financial Services Ltd.		54,856		197,715
Mahindra & Mahindra Ltd.		46,548		1,600,090
Manappuram Finance Ltd.		34,315		85,800
Marksans Pharma Ltd.*		5,278		10,057
Meghmani Organics Ltd.*		7,232		7,113
MOIL Ltd.		5,661		33,537
Motilal Oswal Financial Services Ltd.		7,072		52,115
MRF Ltd.		147		228,466
Muthoot Finance Ltd.		6,474		139,371
Natco Pharma Ltd.		4,536		63,538
National Aluminium Co. Ltd.		39,968		89,731
Nava Ltd.		6,116		54,994
NCC Ltd.		33,516		127,171
NESCO Ltd.		965		10,693
NIIT Learning Systems Ltd.		2,427		12,896
NIIT Ltd.		2,427		2,996
Nilkamal Ltd.		322		7,514
NMDC Ltd.		47,585		140,893
NMDC Steel Ltd.*		47,585		32,413
NOCIL Ltd.		7,374		24,345
Oberoi Realty Ltd.		9,011		190,718
Orient Cement Ltd.		6,133		20,259
PCBL Ltd.		11,386		35,010
Petronet LNG Ltd.		67,706		268,104
Piramal Enterprises Ltd.*		5,901		65,459
Piramal Pharma Ltd.*		29,025		54,717
PNB Housing Finance Ltd.*±		6,492		61,014
PNC Infratech Ltd.		4,201		24,258
Polyplex Corp. Ltd.		1,179		14,150
Power Finance Corp. Ltd.		121,886		708,404
Prestige Estates Projects Ltd.		14,610		331,131
PTC India Ltd.		17,788		43,937
Punjab National Bank		115,447		170,441
Quess Corp. Ltd. ±		3,874		28,026
Rain Industries Ltd.*		17,328		33,383
Rajesh Exports Ltd.*		7,411		25,040
Rallis India Ltd.		3,389		12,700
Ramco Cements Ltd. (The)		7,384		74,205
Rashtriya Chemicals & Fertilizers Ltd.		16,695		38,540
Raymond Ltd.		3,276		114,520
RBL Bank Ltd. ±		35,444		111,780
REC Ltd.		124,810		787,289
Redington Ltd.		57,900		148,591
Reliance Industries Ltd.		206,554		7,748,794
Reliance Power Ltd.*		223,846		77,633
RITES Ltd.		2,755		22,810
Route Mobile Ltd.		563		12,234
Samvardhana Motherson International Ltd.		168,320		385,539
Shipping Corp. of India Land & Assets Ltd., Spin-off Shares*		14,166		13,743
Shipping Corp. of India Ltd.		14,166		42,963
Shriram Finance Ltd.		20,316		711,654
SIS Ltd.*		2,091		11,280
Sobha Ltd.		3,407		79,876
South Indian Bank Ltd. (The)		83,493		27,014
Spandana Sphoorty Financial Ltd.*		1,093		9,267
Star Cement Ltd.*		7,280		18,421
State Bank of India		69,305		705,454
State Bank of India, GDR		8,728		881,528
Steel Authority of India Ltd.		89,762		160,713
Strides Pharma Science Ltd.		5,470		62,121
Sun Pharmaceutical Industries Ltd.		32,247		587,726
Sun TV Network Ltd.		5,489		49,566
Sundaram-Clayton Ltd.		221		4,084
Sunteck Realty Ltd.*		5,951		40,036
Surya Roshni Ltd.		1,546		11,560
Tamilnad Mercantile Bank Ltd.		1,883		10,653
Tata Chemicals Ltd.		12,988		172,078
Tata Consumer Products Ltd.		7,849		103,351
Tata Steel Ltd.		430,140		901,418
Tata Steel Ltd., GDR		6,923		142,614
Techno Electric & Engineering Co. Ltd.		2,070		38,474
Thirumalai Chemicals Ltd.		4,154		14,945
Time Technoplast Ltd.		3,062		11,919
TransIndia Real Estate Ltd.*		4,985		2,768
Transport Corp. of India Ltd.		1,095		11,871
Tube Investments of India Ltd.		343		17,482
TVS Holdings Ltd.		221		35,364
Uflex Ltd.		3,166		19,705
Union Bank of India Ltd.		81,852		134,212
UPL Ltd.		40,601		277,701
Usha Martin Ltd.		14,837		68,502

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
India (Continued)
VA Tech Wabag Ltd.*		2,558	$	39,348
Vardhman Textiles Ltd.		8,165		47,284
Vedanta Ltd.		58,464		318,305
Voltamp Transformers Ltd.		307		40,848
Welspun Corp. Ltd.		11,246		73,987
Welspun Living Ltd.		30,613		56,353
West Coast Paper Mills Ltd.		3,247		26,284
Wipro Ltd.		41,058		252,983
Wipro Ltd., ADR @		54,311		331,297
Wockhardt Ltd.*		5,344		44,002
Yes Bank Ltd.*		469,708		133,892
Zee Entertainment Enterprises Ltd.*		70,032		127,277
Zensar Technologies Ltd.		5,610		50,087
Zydus Lifesciences Ltd.		13,699		177,194
Zydus Wellness Ltd.		302		6,448
				45,934,557

Indonesia — 1.4%
Adaro Energy Indonesia Tbk. PT		1,752,200		298,543
AKR Corporindo Tbk. PT		245,800		24,317
Aneka Tambang Tbk. PT		728,800		55,634
Aspirasi Hidup Indonesia Tbk. PT		625,900		32,681
Astra Agro Lestari Tbk. PT		61,744		20,361
Astra International Tbk. PT		1,623,600		442,214
Astra Otoparts Tbk. PT		19,600		2,268
Bank Maybank Indonesia Tbk. PT		568,800		7,225
Bank Negara Indonesia Persero Tbk. PT		916,932		260,941
Bank OCBC Nisp Tbk. PT		223,000		17,295
Bank Pan Indonesia Tbk. PT*		399,700		27,948
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT		173,300		10,266
Bank Pembangunan Daerah Jawa Timur Tbk. PT		403,000		12,921
Bank Tabungan Negara Persero Tbk. PT		537,509		41,524
BISI International Tbk. PT		94,000		10,333
Bukalapak.com Tbk. PT*		4,544,000		38,572
Bukit Asam Tbk. PT		339,600		50,810
Bumi Resources Minerals Tbk. PT*		4,125,300		36,781
Bumi Resources Tbk. PT*		3,292,800		15,685
Bumi Serpong Damai Tbk. PT*		435,700		25,410
Charoen Pokphand Indonesia Tbk. PT		65,700		20,362
Ciputra Development Tbk. PT		924,577		63,803
Dayamitra Telekomunikasi PT		857,100		33,761
Elang Mahkota Teknologi Tbk. PT		999,500		23,683
Energi Mega Persada Tbk. PT*		899,700		10,494
Erajaya Swasembada Tbk. PT		1,042,500		24,065
ESSA Industries Indonesia Tbk. PT		324,100		15,240
GoTo Gojek Tokopedia Tbk. PT*		1,981,100		6,049
Gudang Garam Tbk. PT		38,200		42,224
Hanson International Tbk. PT*§		5,335,700		—
Harum Energy Tbk. PT*		170,700		11,884
Indah Kiat Pulp & Paper Tbk. PT		294,700		160,173
Indika Energy Tbk. PT		180,500		13,944
Indo Tambangraya Megah Tbk. PT		52,800		77,064
Indocement Tunggal Prakarsa Tbk. PT		78,800		34,889
Indofood Sukses Makmur Tbk. PT		407,500		151,179
Japfa Comfeed Indonesia Tbk. PT*		567,600		49,394
Medco Energi Internasional Tbk. PT		1,095,352		89,300
Mitra Adiperkasa Tbk. PT		381,700		34,382
Pabrik Kertas Tjiwi Kimia Tbk. PT		133,200		70,769
Pakuwon Jati Tbk. PT		433,100		9,680
Panin Financial Tbk. PT*		1,207,600		22,566
Perusahaan Perkebunan London Sumatra Indonesia Tbk. PT		296,500		14,667
Sarana Menara Nusantara Tbk. PT		684,400		30,720
Sawit Sumbermas Sarana Tbk. PT*		240,200		15,035
Semen Indonesia Persero Tbk. PT		318,224		72,487
Sri Rejeki Isman Tbk. PT*§		996,900		—
Summarecon Agung Tbk. PT*		932,100		28,461
Surya Citra Media Tbk. PT		1,943,100		16,850
Surya Semesta Internusa Tbk. PT*		303,100		19,898
Triputra Agro Persada PT		418,500		14,312
Tunas Baru Lampung Tbk. PT		363,085		13,747
United Tractors Tbk. PT		182,800		245,315
Vale Indonesia Tbk. PT*		184,400		47,522
XL Axiata Tbk. PT		522,966		68,984
				2,984,632

Korea — 12.8%
AMOREPACIFIC Group		1,396		32,808
Ananti, Inc.*		3,670		14,877
Asia Paper Manufacturing Co. Ltd.		2,835		17,321
BH Co. Ltd.		1,193		20,974
BNK Financial Group, Inc.		20,319		125,029
Boryung		1,586		11,061
CJ CheilJedang Corp.		860		240,850
CJ Corp.		1,381		121,897
CJ ENM Co. Ltd.*		1,200		73,404
CJ Logistics Corp.		649		44,838
Dae Won Kang Up Co. Ltd.		4,223		16,935
Daesang Corp.		2,426		49,613
Daewoo Engineering & Construction Co. Ltd.*		18,960		51,239
Daewoong Co. Ltd.		1,602		17,923
Daishin Securities Co. Ltd.		2,379		29,346
Daou Technology, Inc.		2,149		29,507
DB HiTek Co. Ltd.		1,530		54,353
DB Insurance Co. Ltd.		3,376		280,822
DB, Inc.*		6,843		6,696
DGB Financial Group, Inc.		14,531		84,663
DL E&C Co. Ltd.		2,318		54,561
DL Holdings Co. Ltd.		1,534		65,862
Dong-A Socio Holdings Co. Ltd.		287		21,955
Dong-A ST Co. Ltd.		241		11,013
Dongkuk Holdings Co. Ltd.		1,150		7,051
Dongkuk Steel Mill Co. Ltd.		3,583		25,431
Dongwha Pharm Co. Ltd.		736		4,310
Dongwon F&B Co. Ltd.		640		20,434
Dongwon Industries Co. Ltd.		715		18,596
Doosan Bobcat, Inc.		4,635		172,739

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Korea (Continued)
DoubleUGames Co. Ltd.		604	$	20,228
E-MART, Inc.		1,350		55,412
ENF Technology Co. Ltd.		555		11,572
Eugene Investment & Securities Co. Ltd.		8,694		36,507
Fila Holdings Corp.		3,191		92,960
Green Cross Corp.		247		20,510
GS Engineering & Construction Corp.*		2,015		22,002
GS Holdings Corp.		4,562		155,436
GS Retail Co. Ltd.		3,803		57,604
Hana Financial Group, Inc.		22,264		981,783
Handsome Co. Ltd.		1,312		16,861
Hanil Holdings Co. Ltd.		1,021		9,969
Hankook Tire & Technology Co. Ltd.		5,220		171,409
Hanon Systems		10,248		35,215
Hansol Paper Co. Ltd.		2,232		18,226
Hansol Technics Co. Ltd.		1,664		6,637
Hanwha Corp.		3,458		67,452
Hanwha Galleria Corp.*		4,602		4,102
Hanwha Investment & Securities Co. Ltd.*		13,449		31,558
Hanwha Life Insurance Co. Ltd.		20,246		44,125
Hanwha Solutions Corp.		7,228		144,928
Harim Holdings Co. Ltd.		2,243		9,663
HD Hyundai Co. Ltd.		3,291		178,118
HD Hyundai Construction Equipment Co. Ltd.		1,558		62,252
HD Hyundai Energy Solutions Co. Ltd.*		362		6,982
HD Hyundai Infracore Co. Ltd.		7,764		43,093
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.*		2,470		284,952
HDC Holdings Co. Ltd.		2,781		16,304
HDC Hyundai Development Co.- Engineering & Construction		2,554		33,769
HK inno N Corp.		690		18,798
HL Holdings Corp.		389		9,608
HL Mando Co. Ltd.		2,866		91,404
HMM Co. Ltd.		15,163		216,237
Hy-Lok Corp.		918		18,607
Hyosung Corp. <>		657		28,161
Hyosung TNC Corp.		121		30,327
Hyundai Department Store Co. Ltd.		867		30,674
Hyundai Engineering & Construction Co. Ltd.		4,831		112,483
Hyundai GF Holdings		3,524		11,546
Hyundai Glovis Co. Ltd.		1,581		251,536
Hyundai Home Shopping Network Corp.		716		26,632
Hyundai Marine & Fire Insurance Co. Ltd.		4,572		114,591
Hyundai Mobis Co. Ltd.		3,389		619,203
Hyundai Motor Co.		10,966		2,350,142
Hyundai Steel Co.		5,647		119,176
Hyundai Wia Corp.		941		39,581
Industrial Bank of Korea		20,136		205,090
Innocean Worldwide, Inc.		814		12,685
INTOPS Co. Ltd.		1,491		26,538
IS Dongseo Co. Ltd.		1,027		18,615
JB Financial Group Co. Ltd.		11,834		125,862
Kakao Games Corp.*		548		8,161
KB Financial Group, Inc., ADR @		24,215		1,370,811
KCC Corp.		293		65,667
KCC Glass Corp.		444		12,918
KEPCO Plant Service & Engineering Co. Ltd.		695		19,161
KG Eco Solution Co. Ltd.		1,719		9,429
Kia Corp.		23,059		2,166,022
KISWIRE Ltd.		1,165		18,874
KIWOOM Securities Co. Ltd.		1,176		107,561
Kolon Industries, Inc.		1,930		53,771
Korea Asset In Trust Co. Ltd.		5,452		11,922
Korea Circuit Co. Ltd.*		737		8,069
Korea Electric Terminal Co. Ltd.		682		34,038
Korea Investment Holdings Co. Ltd.		2,704		137,508
Korea Line Corp.*		16,631		34,978
Korea Real Estate Investment & Trust Co. Ltd.		10,376		7,538
Korea Zinc Co. Ltd.		457		170,981
Korean Air Lines Co. Ltd.		13,791		232,939
Korean Reinsurance Co.		12,952		75,087
KT&G Corp.		4,140		265,273
Kumho Petrochemical Co. Ltd.		1,116		118,775
Kumho Tire Co., Inc.*		3,713		17,641
Kwang Dong Pharmaceutical Co. Ltd.		5,019		23,482
LG Chem Ltd.		2,768		694,765
LG Corp.		5,347		313,090
LG Display Co. Ltd.*		16,033		133,599
LG Display Co. Ltd., ADR*		8,853		36,474
LG Electronics, Inc.		10,373		835,718
LG H&H Co. Ltd.		577		144,826
LG Innotek Co. Ltd.		893		176,459
LG Uplus Corp.		19,185		136,866
Lotte Chemical Corp.		1,267		105,576
Lotte Chilsung Beverage Co. Ltd.		290		27,978
Lotte Corp.		1,582		28,962
LOTTE Fine Chemical Co. Ltd.		1,517		49,042
Lotte Shopping Co. Ltd.		641		29,570
Lotte Wellfood Co. Ltd.		167		22,250
LS Corp.		1,155		120,744
LX Hausys Ltd.		728		23,826
LX Holdings Corp.		2,593		13,186
LX International Corp.		3,459		76,643
Mirae Asset Life Insurance Co. Ltd.*		5,257		20,890
Mirae Asset Securities Co. Ltd.		23,824		126,692
MK Electron Co. Ltd.		1,843		14,273
NAVER Corp.		3,145		381,330
NCSoft Corp.		516		67,438
Netmarble Corp.*±		1,028		40,104
Nexen Tire Corp.		5,151		29,114
NH Investment & Securities Co. Ltd.		10,116		93,260
NHN Corp.		2,376		35,817
NongShim Co. Ltd.		178		63,234
OCI Co. Ltd.		450		33,672
OCI Holdings Co. Ltd.		995		63,972

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Korea (Continued)
Orion Corp.		995	$	66,647
Orion Holdings Corp.		2,572		28,420
Ottogi Corp.		131		41,208
Pan Ocean Co. Ltd.		22,750		70,820
Paradise Co. Ltd.		1,846		18,909
Partron Co. Ltd.		1,897		10,681
Poongsan Corp.		1,950		89,673
POSCO Holdings, Inc.		1,386		365,505
POSCO Holdings, Inc., ADR @		12,275		806,958
S-Oil Corp.		3,801		183,630
Samsung C&T Corp.		4,028		415,529
Samsung Card Co. Ltd.		2,083		57,958
Samsung Electronics Co. Ltd.		9,536		564,609
Samsung Electronics Co. Ltd., GDR		1,507		2,230,360
Samsung Fire & Marine Insurance Co. Ltd.		1,830		517,159
Samsung Life Insurance Co. Ltd.		4,057		260,839
Samsung SDS Co. Ltd.		215		23,195
Samsung Securities Co. Ltd.		4,720		136,474
Samyang Holdings Corp.		409		20,443
Sangsangin Co. Ltd.*		375		850
SD Biosensor, Inc.*		2,641		18,899
SeAH Steel Holdings Corp.		235		32,813
Sebang Global Battery Co. Ltd.		697		52,661
Seegene, Inc.		2,156		31,326
Seoul Semiconductor Co. Ltd.		2,206		14,648
SFA Engineering Corp.		456		8,928
SGC Energy Co. Ltd.		395		7,217
Shinhan Financial Group Co. Ltd.		23,813		832,979
Shinhan Financial Group Co. Ltd., ADR @		5,343		185,990
Shinsegae International, Inc.		1,209		13,974
Shinsegae, Inc.		629		71,696
Shinyoung Securities Co. Ltd.		511		26,654
SK Chemicals Co. Ltd.		931		33,006
SK Discovery Co. Ltd.		1,247		34,380
SK Gas Ltd.		364		46,224
SK Innovation Co. Ltd.*		3,455		291,410
SK Networks Co. Ltd.		12,838		44,907
SK Securities Co. Ltd.		36,346		14,839
SK, Inc.		2,700		310,505
SL Corp.		1,820		58,970
SNT Dynamics Co. Ltd.		1,411		23,013
SNT Motiv Co. Ltd.		1,086		39,330
Songwon Industrial Co. Ltd.		1,925		17,005
Sung Kwang Bend Co. Ltd.		2,237		18,754
Sungwoo Hitech Co. Ltd.		3,959		25,885
Unid Co. Ltd.		511		37,680
Webzen, Inc.		2,781		33,740
Woori Financial Group, Inc.		45,228		482,673
Youngone Corp.		2,083		52,737
Youngone Holdings Co. Ltd.		787		47,226
Zinus, Inc.		1,112		11,294
				26,584,439

Malaysia — 1.6%
AFFIN Bank Bhd.		45,380		23,953
Alliance Bank Malaysia Bhd.		93,200		74,876
AMMB Holdings Bhd.		154,687		140,669
Axiata Group Bhd.		226,300		125,202
Bank Islam Malaysia Bhd.		33,500		17,682
Batu Kawan Bhd.		16,500		69,323
Berjaya Corp. Bhd.*		69,600		4,574
Bumi Armada Bhd.*		264,700		31,422
CIMB Group Holdings Bhd.		502,873		724,862
DRB-Hicom Bhd.		119,100		34,335
Eastern & Oriental Bhd.*		47,700		9,960
Eco World Development Group Bhd.		33,900		10,779
Ekovest Bhd.*		206,300		19,242
Gamuda Bhd.		131,363		183,226
Genting Bhd.		155,500		155,253
Genting Malaysia Bhd.		234,100		126,540
Genting Plantations Bhd.		7,100		9,030
Hibiscus Petroleum Bhd.		56,080		27,698
Hong Leong Financial Group Bhd.		17,621		64,545
IJM Corp. Bhd.		181,760		117,513
IOI Properties Group Bhd.		75,850		35,533
Kossan Rubber Industries Bhd.		57,000		28,394
Magnum Bhd.		86,961		20,646
Mah Sing Group Bhd.		205,885		75,502
Malaysian Resources Corp. Bhd.		142,600		18,288
Matrix Concepts Holdings Bhd.		64,200		24,224
MBSB Bhd.		205,001		35,199
Mega First Corp. Bhd.		27,600		27,556
MISC Bhd.		80,820		145,964
MKH Bhd.		36,950		10,339
MKH Oil Palm East Kalimantan Bhd.		5,278		627
Oriental Holdings Bhd.		25,760		37,077
OSK Holdings Bhd.		74,455		25,094
PPB Group Bhd.		37,500		113,672
RHB Bank Bhd.		159,891		186,751
Sarawak Oil Palms Bhd.		30,750		18,382
Sime Darby Bhd.		293,600		163,059
Sime Darby Property Bhd.		308,000		87,487
SP Setia Bhd. Group		143,480		41,972
Sunway Bhd.		38,397		29,383
Ta Ann Holdings Bhd.		12,260		9,902
Top Glove Corp. Bhd.*		152,600		35,582
TSH Resources Bhd.		43,000		10,482
UEM Sunrise Bhd.		100,300		22,962
United Malacca Bhd.		14,600		15,722
UOA Development Bhd.		18,187		7,055
Velesto Energy Bhd.		463,000		26,008
Yinson Holdings Bhd.		96,880		47,850
				3,271,396

Mexico — 2.4%
Alfa SAB de CV, Class A		260,453		151,759
Banco del Bajio SA ±		49,342		150,494
Becle SAB de CV		12,842		23,164
Cemex SAB de CV		685,631		438,474
Cemex SAB de CV, ADR		2,361		15,087
Controladora AXTEL SAB DE CV*		260,453		5,595

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Mexico (Continued)
Corp. Actinver SAB de CV		15,700	$	13,730
El Puerto de Liverpool SAB de CV, Class C1		11,951		85,888
Fomento Economico Mexicano SAB de CV		56,916		610,972
Genomma Lab Internacional SAB de CV, Class B		44,530		41,816
Gentera SAB de CV		106,289		131,706
Grupo Carso SAB de CV, Series A1		20,689		142,273
Grupo Comercial Chedraui SA de CV		3,082		21,359
Grupo Financiero Banorte SAB de CV, Class O		130,400		1,014,832
Grupo Financiero Inbursa SAB de CV, Class O*		102,758		243,710
Grupo Hotelero Santa Fe SAB de CV*		22,600		4,645
Grupo Mexico SAB de CV, Series B		123,801		667,964
Grupo Traxion SAB de CV*±		22,512		33,470
Industrias CH SAB de CV, Series B*		23,916		244,193
Industrias Penoles SAB de CV*		9,977		129,524
La Comer SAB de CV		31,617		61,540
Megacable Holdings SAB de CV		59,163		149,306
Nemak SAB de CV*±		174,679		27,593
Orbia Advance Corp. SAB de CV		75,251		104,969
Organizacion Soriana SAB de CV, Class B		57,868		98,023
Promotora y Operadora de Infraestructura SAB de CV		13,054		120,800
Promotora y Operadora de Infraestructura SAB de CV, Class L		1,600		10,320
Regional SAB de CV		18,632		139,483
				4,882,689

Philippines — 0.6%
ACEN Corp.		365,237		31,159
Alliance Global Group, Inc.		253,300		37,427
Ayala Corp.		10,620		105,459
Ayala Land, Inc.		93,300		45,369
Bank of the Philippine Islands		14,998		30,478
BDO Unibank, Inc.		36,730		80,342
Belle Corp.*		176,000		7,507
China Banking Corp.		74,676		50,966
Converge Information & Communications Technology Solutions, Inc.*		82,200		16,129
Cosco Capital, Inc.		257,000		20,259
DMCI Holdings, Inc.		385,900		73,349
Filinvest Land, Inc.		1,435,000		16,649
First Philippine Holdings Corp.		26,510		28,134
Globe Telecom, Inc.		410		14,691
GT Capital Holdings, Inc.		5,682		60,107
JG Summit Holdings, Inc.		178,383		79,286
LT Group, Inc.		132,300		22,009
Megaworld Corp.		1,004,700		29,999
Metropolitan Bank & Trust Co.		133,237		153,563
Puregold Price Club, Inc.		86,900		35,882
Rizal Commercial Banking Corp.		47,790		18,877
Robinsons Land Corp.		247,455		62,910
San Miguel Corp.		41,650		71,277
Security Bank Corp.		37,690		40,449
Top Frontier Investment Holdings, Inc.*		4,630		6,099
Union Bank of the Philippines		66,330		38,875
				1,177,251

Poland — 1.0%
AB SA		845		22,040
Alior Bank SA		7,841		199,353
Amica SA		306		5,298
Asseco Poland SA		4,861		96,661
BNPP Bank Polska SA		440		11,039
Cognor Holding SA*		3,349		7,113
Cyfrowy Polsat SA*		17,146		51,621
Echo Investment SA		1,732		2,048
Enea SA*		30,606		80,969
Jastrzebska Spolka Weglowa SA*		5,386		39,603
KGHM Polska Miedz SA		9,866		368,476
ORLEN SA		59,254		996,337
PGE Polska Grupa Energetyczna SA*		84,800		151,204
Tauron Polska Energia SA*		125,505		123,458
				2,155,220

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		21,918
SIIC Environment Holdings Ltd.		67,000		8,322
				30,240

South Africa — 2.8%
Absa Group Ltd.		60,627		528,003
AECI Ltd.		11,902		70,671
African Rainbow Minerals Ltd. @		9,314		116,209
Anglo American Platinum Ltd.		3,412		112,845
Aspen Pharmacare Holdings Ltd.		30,080		385,735
Barloworld Ltd.		20,449		94,188
DataTec Ltd.		23,107		47,627
Exxaro Resources Ltd.		19,227		188,109
Foschini Group Ltd. (The)		32,821		230,024
Grindrod Ltd.		52,062		43,037
Harmony Gold Mining Co. Ltd.		8,696		80,322
Harmony Gold Mining Co. Ltd., ADR		30,759		282,060
Impala Platinum Holdings Ltd.		64,737		322,978
Investec Ltd.		13,416		97,543
KAP Ltd.*		156,089		24,451
Lewis Group Ltd.		3,337		10,363
Life Healthcare Group Holdings Ltd.		105,017		74,172
Momentum Metropolitan Holdings		102,069		128,472
Motus Holdings Ltd.		16,747		85,043
Mpact Ltd.		15,365		22,380
MTN Group Ltd.		117,519		548,653
Naspers Ltd., Class N		1,011		198,225
Nedbank Group Ltd.		28,026		394,979
Netcare Ltd.		143,425		100,432

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
South Africa (Continued)
Northam Platinum Holdings Ltd.		7,759	$	54,289
Oceana Group Ltd. @		10,541		41,628
Old Mutual Ltd.		443,127		301,771
Omnia Holdings Ltd.		16,030		58,318
Pepkor Holdings Ltd. @±		139,829		143,950
PPC Ltd.*		93,872		16,614
Raubex Group Ltd.		16,897		37,149
Reunert Ltd.		15,079		58,215
Sappi Ltd.		59,313		158,244
Sasol Ltd.		43,988		333,892
Sibanye Stillwater Ltd.		202,105		219,059
Sibanye Stillwater Ltd., ADR		1,610		7,004
SPAR Group Ltd. (The)*		2,272		14,782
Standard Bank Group Ltd.		5,831		67,563
Super Group Ltd.		41,508		64,496
Telkom SA SOC Ltd.*		28,405		38,266
Thungela Resources Ltd.		13,215		80,959
Zeda Ltd.*		20,449		13,881
				5,896,601

Taiwan — 20.8%
AcBel Polytech, Inc.*		51,000		61,075
Acer, Inc.		187,884		271,330
Acter Group Corp. Ltd.		8,000		65,102
ADATA Technology Co. Ltd.		7,000		23,303
Advanced International Multitech Co. Ltd.		8,000		20,418
Advancetek Enterprise Co. Ltd.		13,000		24,845
Alpha Networks, Inc.		11,000		11,800
Altek Corp.		13,000		15,989
Ambassador Hotel (The)		20,000		44,696
AmTRAN Technology Co. Ltd.		70,500		44,767
Apex International Co. Ltd.		15,000		17,894
Arcadyan Technology Corp.		11,000		54,930
Ardentec Corp.		39,092		82,542
ASE Technology Holding Co. Ltd.		233,000		1,210,194
Asia Cement Corp.		158,269		213,926
Asia Optical Co., Inc.		5,000		10,727
Asia Polymer Corp.		31,602		17,096
Asustek Computer, Inc.		47,000		721,483
AUO Corp.		502,400		275,657
Bank of Kaohsiung Co. Ltd.		62,725		23,105
Basso Industry Corp.		9,000		12,068
BES Engineering Corp.		91,000		41,515
Bioteque Corp.		3,000		12,207
Bizlink Holding, Inc.		12,029		138,676
Brighton-Best International Taiwan, Inc.		17,000		17,974
Capital Securities Corp.		184,437		142,699
Catcher Technology Co. Ltd.		43,000		307,507
Cathay Financial Holding Co. Ltd.*		393,170		715,042
Cathay Real Estate Development Co. Ltd.		70,000		65,163
Center Laboratories, Inc.		26,000		43,598
Chailease Holding Co. Ltd.		36,000		170,337
Chang Hwa Commercial Bank Ltd.		306,946		174,565
Chang Wah Electromaterials, Inc.		20,000		27,958
Chang Wah Technology Co. Ltd.		11,000		13,156
Channel Well Technology Co. Ltd.		4,000		9,284
CHC Healthcare Group		7,000		11,587
Cheng Loong Corp.		82,000		72,164
Cheng Shin Rubber Industry Co. Ltd.		131,000		199,681
Cheng Uei Precision Industry Co. Ltd.		44,543		108,469
Chia Hsin Cement Corp.		22,440		12,658
Chin-Poon Industrial Co. Ltd.		36,000		54,375
China Airlines Ltd.		278,111		203,173
China Bills Finance Corp.		89,000		42,797
China Chemical & Pharmaceutical Co. Ltd.		19,000		13,353
China Development Financial Holding Corp.*		1,154,559		537,393
China General Plastics Corp.		28,665		14,800
China Man-Made Fiber Corp.*		115,018		28,895
China Metal Products		31,000		44,816
China Motor Corp.		22,478		85,917
China Petrochemical Development Corp.*		319,871		102,050
China Steel Corp.		784,800		558,818
China Wire & Cable Co. Ltd.		16,000		22,169
Chipbond Technology Corp.		42,000		86,870
ChipMOS Technologies, Inc.		28,897		38,213
Chong Hong Construction Co. Ltd.		12,000		40,504
Chun Yuan Steel Industry Co. Ltd.		30,000		18,726
Chung Hwa Pulp Corp.		30,000		19,836
Chung-Hsin Electric & Machinery Manufacturing Corp.		12,000		69,541
Chunghwa Precision Test Tech Co. Ltd.		2,000		28,174
Clevo Co.		43,000		70,912
CMC Magnetics Corp.*		87,979		34,306
Co-Tech Development Corp.		6,000		12,983
Compal Electronics, Inc.		288,000		308,050
Compeq Manufacturing Co. Ltd.		109,000		273,495
Concord Securities Co. Ltd.*		37,000		19,047
Continental Holdings Corp.		42,000		47,448
Coretronic Corp.		40,800		114,446
CTBC Financial Holding Co. Ltd.		1,128,280		1,316,382
CTCI Corp.		33,000		53,912
D-Link Corp.		50,640		28,566
DA CIN Construction Co. Ltd.		21,200		36,203
Da-Li Development Co. Ltd.		12,600		23,032
Darfon Electronics Corp.		17,000		36,105
Darwin Precisions Corp.		55,000		26,787
Depo Auto Parts Ind Co. Ltd.		12,000		88,220
Dimerco Express Corp.		8,000		22,391
Dyaco International, Inc.*		8,114		7,816
Dynamic Holding Co. Ltd.		21,000		40,975
Dynapack International Technology Corp.		7,000		21,448
Edom Technology Co. Ltd.		10,000		12,392
Elite Advanced Laser Corp.*		6,000		22,841
Elitegroup Computer Systems Co. Ltd.*		35,877		36,495
Ennoconn Corp.		6,116		63,250
Ennostar, Inc.		44,414		59,485
EnTie Commercial Bank Co. Ltd.		68,000		30,393

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Taiwan (Continued)
Eson Precision Ind Co. Ltd.		10,000	$	20,314
Eternal Materials Co. Ltd.		42,300		40,290
Eurocharm Holdings Co. Ltd.		3,000		19,003
Eva Airways Corp.		241,478		283,969
Everest Textile Co. Ltd.*		56,568		13,932
Evergreen Aviation Technologies Corp.		4,000		13,871
Evergreen International Storage & Transport Corp.		54,000		52,849
Evergreen Marine Corp. Taiwan Ltd.		74,583		443,707
EVERGREEN Steel Corp.		13,000		55,901
Everlight Chemical Industrial Corp.		56,000		33,143
Everlight Electronics Co. Ltd.		40,000		94,200
Excelsior Medical Co. Ltd.		12,127		33,606
Far Eastern Department Stores Ltd.		85,220		89,314
Far Eastern International Bank		283,151		144,886
Far Eastern New Century Corp.		266,338		289,395
Far EasTone Telecommunications Co. Ltd.		104,000		269,605
Farglory F T Z Investment Holding Co. Ltd.		14,000		25,202
Farglory Land Development Co. Ltd.		26,721		66,305
Feng Hsin Steel Co. Ltd.		17,000		40,402
First Financial Holding Co. Ltd.		578,210		500,831
First Steamship Co. Ltd.*		103,240		25,427
FIT Holding Co. Ltd.		9,000		15,397
Fitipower Integrated Technology, Inc.		5,600		46,866
FLEXium Interconnect, Inc.		24,000		67,099
Flytech Technology Co. Ltd.		5,000		14,611
Forcecon Tech Co. Ltd.		5,142		32,017
Formosa Advanced Technologies Co. Ltd.		20,000		23,920
Formosa Chemicals & Fibre Corp.*		176,000		273,428
Formosa Laboratories, Inc.		8,000		25,030
Formosa Petrochemical Corp.*		41,000		81,895
Formosa Plastics Corp.*		183,000		324,353
Formosa Sumco Technology Corp.		5,000		26,818
Formosa Taffeta Co. Ltd.		49,000		33,984
Formosan Rubber Group, Inc.		18,072		15,013
Formosan Union Chemical		48,179		34,900
Foxconn Technology Co. Ltd.		58,127		127,752
Foxsemicon Integrated Technology, Inc.		4,000		38,038
FSP Technology, Inc.		8,000		14,993
Fu Hua Innovation Co. Ltd.		19,740		21,084
Fubon Financial Holding Co. Ltd.		493,217		1,205,620
Fulltech Fiber Glass Corp.		32,893		26,058
Fusheng Precision Co. Ltd.		2,000		17,508
G Shank Enterprise Co. Ltd.		10,589		36,068
Gamania Digital Entertainment Co. Ltd.		13,000		33,340
Gemtek Technology Corp.		47,000		53,314
General Interface Solution Holding Ltd.*		18,000		37,729
Genius Electronic Optical Co. Ltd.		4,000		81,624
Getac Holdings Corp.		21,000		73,794
Giant Manufacturing Co. Ltd.		20,000		130,697
Gigabyte Technology Co. Ltd.		3,000		28,251
Global Brands Manufacture Ltd.		21,000		48,096
Global PMX Co. Ltd.		2,000		6,843
Gloria Material Technology Corp.		34,392		51,310
Goldsun Building Materials Co. Ltd.		82,973		110,233
Grand Pacific Petrochemical		119,612		51,618
Grape King Bio Ltd.		5,000		23,658
Great Wall Enterprise Co. Ltd.		44,330		78,162
Greatek Electronics, Inc.		16,000		31,022
Hannstar Board Corp.		38,929		67,079
HannStar Display Corp.*		35,000		10,594
HannsTouch Holdings Co.*		32,279		8,607
Hey Song Corp.		18,750		25,806
Highwealth Construction Corp.		84,966		136,453
Hiwin Technologies Corp.		19,000		124,748
Ho Tung Chemical Corp.		108,688		33,369
Holy Stone Enterprise Co. Ltd.		10,500		30,392
Hon Hai Precision Industry Co. Ltd.		800,068		5,277,640
Hong Pu Real Estate Development Co. Ltd.		20,000		20,653
Hong TAI Electric Industrial		32,000		38,223
Hota Industrial Manufacturing Co. Ltd.		13,000		22,160
Hsin Kuang Steel Co. Ltd.		13,000		25,646
Hu Lane Associate, Inc.		4,000		20,098
Hua Nan Financial Holdings Co. Ltd.		496,337		403,905
Huaku Development Co. Ltd.		7,700		32,398
Huang Hsiang Construction Corp.*		8,000		13,785
Hung Ching Development & Construction Co. Ltd.		20,000		27,742
Hung Sheng Construction Ltd.		50,688		41,639
I-Sheng Electric Wire & Cable Co. Ltd.		9,000		16,091
IBF Financial Holdings Co. Ltd.*		125,715		62,390
Ichia Technologies, Inc.		11,000		11,969
IEI Integration Corp.		8,000		20,098
Innolux Corp.		565,506		250,143
Inpaq Technology Co. Ltd.		9,000		26,022
Integrated Service Technology, Inc.		6,000		28,297
International CSRC Investment Holdings Co.*		58,604		30,981
Inventec Corp.		119,282		205,167
ITEQ Corp.		15,000		53,635
Kedge Construction Co. Ltd.		4,000		11,516
Kenda Rubber Industrial Co. Ltd.		34,650		35,994
Kerry TJ Logistics Co. Ltd.		9,000		11,236
Kindom Development Co. Ltd.		46,200		77,756
King Yuan Electronics Co. Ltd.		86,100		315,827
King’s Town Bank Co. Ltd.		90,000		168,950
Kinpo Electronics*		138,000		76,143
Kinsus Interconnect Technology Corp.		28,000		79,750
KS Terminals, Inc.		14,000		32,668
Kung Long Batteries Industrial Co. Ltd.		8,000		35,263
Kuo Toong International Co. Ltd.		16,000		37,187
Kuo Yang Construction Co. Ltd.*		14,000		11,716
Kwong Lung Enterprise Co. Ltd.		12,000		22,527
L&K Engineering Co. Ltd.		10,397		77,077
Lanner Electronics, Inc.		6,000		17,626
Largan Precision Co. Ltd.		7,000		592,297
Lealea Enterprise Co. Ltd.*		83,200		24,928
Lelon Electronics Corp.		10,000		26,663
Lien Hwa Industrial Holdings Corp.		49,971		105,205

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Taiwan (Continued)
Lingsen Precision Industries Ltd.		41,000	$	29,889
Lite-On Technology Corp.		98,874		323,063
Longchen Paper & Packaging Co. Ltd.		92,459		39,473
Lumax International Corp. Ltd.		4,000		15,474
Lung Yen Life Service Corp.*		16,000		25,548
Macronix International Co. Ltd.		131,171		105,328
Marketech International Corp.		5,000		26,124
MediaTek, Inc.		2,000		86,309
Mega Financial Holding Co. Ltd.		479,891		597,617
Mercuries & Associates Holding Ltd.*		50,184		25,679
Mercuries Life Insurance Co. Ltd.*		72,469		16,396
Merida Industry Co. Ltd.		15,000		100,103
Merry Electronics Co. Ltd.		9,000		38,284
Micro-Star International Co. Ltd.		31,000		170,091
Mirle Automation Corp.		6,000		12,724
Mitac Holdings Corp.		45,637		62,319
MOSA Industrial Corp.		8,656		6,350
Motech Industries, Inc.		17,000		16,742
MPI Corp.		6,000		98,023
Nak Sealing Technologies Corp.		3,000		11,837
Namchow Holdings Co. Ltd.		7,000		12,666
Nan Pao Resins Chemical Co. Ltd.		2,000		21,084
Nan Ya Plastics Corp.*		290,000		440,701
Nan Ya Printed Circuit Board Corp.*		15,000		86,001
Nantex Industry Co., Ltd.		10,000		11,374
Nanya Technology Corp.*		117,000		251,372
Nichidenbo Corp.		6,000		11,744
Nuvoton Technology Corp.		9,000		35,510
O-Bank Co. Ltd.		91,943		29,758
Ocean Plastics Co. Ltd.*		9,000		10,265
Orient Semiconductor Electronics Ltd.		30,485		55,348
Oriental Union Chemical Corp.		16,000		8,483
Pan German Universal Motors Ltd.		2,000		18,310
Pan Jit International, Inc.		24,600		42,767
Pan-International Industrial Corp.		34,380		42,443
Parade Technologies Ltd.		3,000		77,493
PChome Online, Inc.*		408		445
Pegatron Corp.		187,249		603,163
Phison Electronics Corp.		6,000		114,113
Pixart Imaging, Inc.		8,000		41,922
Pou Chen Corp.		169,133		182,472
Powerchip Semiconductor Manufacturing Corp.*		209,000		172,655
Powertech Technology, Inc.		49,000		283,957
President Securities Corp.*		86,636		78,647
Primax Electronics Ltd.		25,000		72,592
Prince Housing & Development Corp.		77,970		28,841
Qisda Corp.		139,400		165,003
Quanta Storage, Inc.		13,000		44,480
Radiant Opto-Electronics Corp.		27,000		157,715
Radium Life Tech Co. Ltd.*		107,962		35,109
Raydium Semiconductor Corp.*		1,000		12,669
Rechi Precision Co. Ltd.		30,000		28,205
Rexon Industrial Corp. Ltd.		13,000		18,353
Rich Development Co. Ltd.*		19,978		7,544
Ruentex Development Co. Ltd.		67,600		90,852
Ruentex Industries Ltd.		37,891		79,656
Sampo Corp.		31,600		28,102
San Fang Chemical Industry Co. Ltd.		13,000		12,422
Sanyang Motor Co. Ltd.		41,573		101,108
SDI Corp.		10,000		43,000
Sercomm Corp.		11,000		40,010
Sesoda Corp.		17,193		17,860
Shanghai Commercial & Savings Bank Ltd. (The)		233,618		331,616
ShenMao Technology, Inc.		10,000		24,999
Shih Wei Navigation Co. Ltd.		17,554		11,444
Shihlin Electric & Engineering Corp.		11,000		100,535
Shin Kong Financial Holding Co. Ltd.*		715,108		216,903
Shin Zu Shing Co. Ltd.		12,660		95,609
Shinkong Insurance Co. Ltd.		22,000		65,237
Shinkong Synthetic Fibers Corp.		108,151		55,507
Sigurd Microelectronics Corp.		42,694		101,071
Simplo Technology Co. Ltd.		9,000		118,598
Sincere Navigation Corp.		27,810		26,231
Sinon Corp.		37,000		50,183
SinoPac Financial Holdings Co. Ltd.		757,281		592,911
Soft-World International Corp.		4,000		18,125
Solar Applied Materials Technology Corp.		5,000		10,064
St. Shine Optical Co. Ltd.		5,000		28,975
Standard Chemical & Pharmaceutical Co. Ltd.		5,000		11,436
Standard Foods Corp.		8,000		10,542
Sunny Friend Environmental Technology Co. Ltd.		4,000		11,935
Sunrex Technology Corp.		6,000		11,115
Supreme Electronics Co. Ltd.		40,000		100,858
Swancor Holding Co. Ltd.*		5,000		21,269
Symtek Automation Asia Co. Ltd.		5,000		18,110
Syncmold Enterprise Corp.		5,000		16,645
Synmosa Biopharma Corp.		14,000		17,758
Synnex Technology International Corp.		87,300		196,712
Systex Corp.		9,000		34,539
T3EX Global Holdings Corp.		4,000		12,022
TA Chen Stainless Pipe		105,444		116,685
Ta Ya Electric Wire & Cable		45,000		77,401
TA-I Technology Co. Ltd.		6,000		9,784
TAI-TECH Advanced Electronics Co. Ltd.		3,000		12,993
Taichung Commercial Bank Co. Ltd.		248,058		139,928
TaiDoc Technology Corp.		7,000		36,466
Taiflex Scientific Co. Ltd.		25,740		46,178
Tainan Spinning Co. Ltd.		86,427		45,956
Taishin Financial Holding Co. Ltd.		752,263		437,099
Taiwan Business Bank		433,163		243,009
Taiwan Cooperative Financial Holding Co. Ltd.		220,191		176,470
Taiwan Fertilizer Co. Ltd.		48,000		95,137
Taiwan Fire & Marine Insurance Co. Ltd.		12,000		10,043
Taiwan FU Hsing Industrial Co. Ltd.		21,000		34,373
Taiwan Glass Industry Corp.*		81,321		48,505

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Taiwan (Continued)
Taiwan Hon Chuan Enterprise Co. Ltd.		30,925	$	163,483
Taiwan Navigation Co. Ltd.		22,000		25,803
Taiwan Paiho Ltd.		12,000		23,636
Taiwan PCB Techvest Co. Ltd.*		28,000		33,920
Taiwan Sakura Corp.		6,000		16,830
Taiwan Semiconductor Co. Ltd.		10,000		23,365
Taiwan Shin Kong Security Co. Ltd.		19,100		24,963
Taiwan Surface Mounting Technology Corp.		21,518		79,594
Taiwan Union Technology Corp.		15,000		75,135
Tatung Co. Ltd.*		115,000		202,056
TCC Group Holdings		380,971		401,622
TCI Co. Ltd.		5,000		24,120
Teco Electric & Machinery Co. Ltd.		101,000		166,561
Test Research, Inc.		11,000		58,151
Thinking Electronic Industrial Co. Ltd.		4,000		21,947
Thye Ming Industrial Co. Ltd.		8,000		19,136
Ton Yi Industrial Corp.		82,000		38,673
Tong Hsing Electronic Industries Ltd.		12,870		59,507
Tong Yang Industry Co. Ltd.		41,921		139,558
Topco Scientific Co. Ltd.		8,115		68,789
Topkey Corp.		3,000		18,541
TPK Holding Co. Ltd.		34,000		42,288
Transcend Information, Inc.		10,000		35,448
Tripod Technology Corp.		25,000		168,380
TSRC Corp.*		26,000		19,154
Tung Ho Steel Enterprise Corp.		58,290		125,055
TXC Corp.		16,000		56,717
TYC Brother Industrial Co. Ltd.		21,000		46,348
U-Ming Marine Transport Corp.		27,000		46,441
Unimicron Technology Corp.		62,000		344,004
Union Bank of Taiwan		167,374		84,354
Unitech Printed Circuit Board Corp.		52,667		59,905
United Microelectronics Corp.*		499,513		857,632
United Microelectronics Corp., ADR @*		56,252		492,768
United Orthopedic Corp.		7,000		24,382
United Renewable Energy Co. Ltd.		24,000		10,098
Universal Cement Corp.		48,241		53,012
UPC Technology Corp.		80,916		30,679
USI Corp.		77,130		36,376
Vanguard International Semiconductor Corp.		50,000		199,590
Wafer Works Corp.		34,000		39,668
Wah Lee Industrial Corp.*		21,420		93,758
Walsin Lihwa Corp.		176,211		192,824
Walsin Technology Corp.		28,000		101,845
Walton Advanced Engineering, Inc.		34,000		21,694
Wan Hai Lines Ltd.		58,000		158,402
Wei Chuan Foods Corp.		14,000		8,091
Weikeng Industrial Co. Ltd.		32,945		37,320
Win Semiconductors Corp.		19,000		102,199
Winbond Electronics Corp.		345,235		273,494
Winstek Semiconductor Co. Ltd.		3,000		12,392
Wisdom Marine Lines Co. Ltd.		27,019		56,634
Wistron Corp.		148,431		484,986
Wistron NeWeb Corp.		6,429		31,906
WPG Holdings Ltd.		154,400		427,388
WT Microelectronics Co. Ltd.		34,360		131,333
Xxentria Technology Materials Corp.		10,900		22,679
Yageo Corp.		25,067		564,059
Yang Ming Marine Transport Corp.		106,000		243,750
YC INOX Co. Ltd.		27,763		21,651
Yem Chio Co. Ltd.		22,666		14,323
YFY, Inc.		110,385		104,630
Yieh Phui Enterprise Co. Ltd.		55,151		26,180
Youngtek Electronics Corp.		12,000		29,333
Yuanta Financial Holding Co. Ltd.		724,621		715,876
Yuen Foong Yu Consumer Products Co. Ltd.		15,000		25,615
Yulon Motor Co. Ltd.		54,247		111,700
YungShin Global Holding Corp.		7,000		11,371
Zeng Hsing Industrial Co. Ltd.		2,148		6,687
Zenitron Corp.		18,000		19,697
Zero One Technology Co. Ltd.		9,000		26,300
Zhen Ding Technology Holding Ltd.		62,000		247,492
Zippy Technology Corp.		12,000		24,672
Zyxel Group Corp.		31,438		38,666
				43,160,540

Thailand — 1.5%
AP Thailand PCL		242,500		52,534
Bangchak Corp. PCL		112,900		115,369
Bangkok Bank PCL		48,500		172,471
Bangkok Bank PCL, NVDR		13,300		47,296
Banpu PCL		429,750		57,616
Berli Jucker PCL		64,800		37,611
BKI Holdings PCL		2,100		16,538
Charoen Pokphand Foods PCL*		322,300		201,122
CP Axtra PCL		33,200		24,653
GFPT PCL		33,300		11,615
Indorama Ventures PCL		93,600		49,737
IRPC PCL		633,100		28,293
Kasikornbank PCL, NVDR		27,100		92,678
Kiatnakin Phatra Bank PCL		21,900		27,750
Krung Thai Bank PCL		204,575		94,211
Lanna Resources PCL		2,500		954
Precious Shipping PCL		41,900		11,189
PTT Exploration & Production PCL		90,700		375,677
PTT Global Chemical PCL		116,228		96,599
PTT PCL		883,900		782,799
Regional Container Lines PCL		17,100		13,280
Sansiri PCL		1,106,700		50,363
SCB X PCL		48,100		135,004
Siam Cement PCL (The)		31,500		193,133
Siam City Cement PCL		4,100		14,524
Sino-Thai Engineering & Construction PCL		70,300		17,241
Somboon Advance Technology PCL		20,300		6,859
Sri Trang Agro-Industry PCL		57,200		33,668
Star Petroleum Refining PCL*		80,000		17,767
Supalai PCL		139,400		68,375
Thai Oil PCL		78,877		113,917
Thai Stanley Electric PCL, NVDR		3,100		18,247

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Thailand (Continued)
Thai Union Group PCL		90,000	$	36,542
Thanachart Capital PCL		17,800		21,948
Thoresen Thai Agencies PCL		102,200		20,052
TMBThanachart Bank PCL		1,537,072		71,623
TPI Polene PCL		676,600		24,337
TPI Polene Power PCL		179,000		15,804
WHA Corp. PCL		253,200		33,394
				3,202,790

Turkey — 1.1%
Akbank TAS		78,502		153,976
Alarko Holding AS		3,088		10,166
Albaraka Turk Katilim Bankasi AS*		137,184		23,190
Aygaz AS		3,340		18,411
Bera Holding AS		42,557		24,970
Dogan Sirketler Grubu Holding AS*		84,330		43,515
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		5,133		8,072
Enka Insaat ve Sanayi AS		66,291		83,557
Eregli Demir ve Celik Fabrikalari TAS		61,749		100,694
Gozde Girisim Sermayesi Yatirim Ortakligi AS*		21,608		18,290
KOC Holding AS		57,667		400,520
Petkim Petrokimya Holding AS*		45,389		30,218
Sekerbank Turk AS		183,608		25,864
TAV Havalimanlari Holding AS*		8,012		63,669
Tekfen Holding AS*		16,364		26,409
Turk Hava Yollari AO*		44,707		422,704
Turk Telekomunikasyon AS*		26,876		39,753
Turkcell Iletisim Hizmetleri AS		64,192		197,757
Turkiye Garanti Bankasi AS		29,467		101,427
Turkiye Is Bankasi, Class C		240,689		116,826
Turkiye Petrol Rafinerileri AS		18,968		96,133
Turkiye Sinai Kalkinma Bankasi AS*		82,882		29,747
Turkiye Sise ve Cam Fabrikalari AS		63,955		98,318
Turkiye Vakiflar Bankasi TAO, Class D*		49,462		33,384
Vestel Elektronik Sanayi ve Ticaret AS*		6,125		14,771
Yapi ve Kredi Bankasi AS		56,920		58,916
Zorlu Enerji Elektrik Uretim AS*		148,541		25,155
				2,266,412

United Arab Emirates — 1.3%
Abu Dhabi Commercial Bank PJSC		238,788		521,394
Abu Dhabi National Hotels		397,983		65,012
AL Seer Marine Supplies & Equipment Co. LLC*		19,486		21,857
Aldar Properties PJSC		79,511		135,513
Amanat Holdings PJSC		35,677		10,685
Dana Gas PJSC*		597,125		103,233
Deyaar Development PJSC		130,763		25,455
Dubai Investments PJSC		191,176		109,823
Emaar Properties PJSC		480,887		1,073,584
Emirates NBD Bank PJSC		99,871		448,645
EMSTEEL Building Materials PJSC*		173,164		60,817
Multiply Group PJSC*		215,570		120,315
RAK Properties PJSC		118,699		34,256
Ras Al Khaimah Ceramics		45,645		30,198
				2,760,787

TOTAL COMMON STOCKS
(Identified Cost $171,803,905)				204,868,500

PREFERRED STOCKS — 1.7%
Brazil — 1.7%
Banco ABC Brasil SA, 7.031%		12,087		47,871
Banco Bradesco SA, 10.595%		100,741		223,104
Banco do Estado do Rio Grande do Sul SA, 5.280%		14,808		30,066
Eucatex SA Industria e Comercio, 6.181%		3,800		10,190
Marcopolo SA, 7.743%		12,819		14,562
Petroleo Brasileiro SA, 14.347%		444,945		3,028,596
Raizen SA, 6.566%		87,020		45,922
Randon SA Implementos e Participacoes, 5.328%		9,200		17,972
Usinas Siderurgicas de Minas Gerais SA Usiminas, 3.579%		26,592		37,628
				3,455,911

Colombia — 0.0%
Grupo de Inversiones Suramericana SA, 5.365%		4,895		28,798

Philippines — 0.0%
Cebu Air, Inc., 6.000%*		12,909		7,280

India — 0.0%
Sundaram Clayton Ltd.*§		250		574


TOTAL PREFERRED STOCKS (Identified Cost $2,351,308)				3,492,563

RIGHTS AND WARRANTS — 0.0%
Brazil — 0.0%
Grupo Casas Bahia SA 9/19/24*		37,720		67
China — 0.0%
MMG Ltd. 7/5/24*@		94,400		4,171

TOTAL RIGHTS AND WARRANTS (Identified Cost $0)				4,238

SHORT-TERM INVESTMENTS — 1.3%
Investment Company — 0.1%
State Street Institutional U.S. Government Money Market Fund 5.000%		256,107		256,107
Collateral For Securities On Loan — 1.2%
State Street Navigator Securities Lending Government Money Market Portfolio 5.330%		2,366,712		2,366,712

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,622,819)				2,622,819

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES	VALUE†

Total Investments — 101.5%
(Identified Cost $176,778,032)		$	210,988,120
Liabilities in excess of Cash and Other Assets — (1.5%)			(3,168,714	)
Net Assets — 100.0%		$	207,819,406

†	See Note 1
*	Non-income producing security
±	144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at June 30, 2024 amounted to $4,213,483 or 2.03% of the net assets of the Fund.
@	A portion or all of the security was held on loan. As of June 30, 2024, the fair value of the securities on loan was $5,405,129.
<>	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.

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SA Real Estate Securities Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024

	SHARES		VALUE†

COMMON STOCKS — 99.2%
Diversified REITs — 2.0%
American Assets Trust, Inc.		6,032	$	134,996
Broadstone Net Lease, Inc.		17,587		279,106
CTO Realty Growth, Inc. @		2,292		40,018
Empire State Realty Trust, Inc., Class A		11,500		107,870
Essential Properties Realty Trust, Inc.		16,991		470,821
Gladstone Commercial Corp.		3,518		50,202
Global Net Lease, Inc.		20,205		148,507
One Liberty Properties, Inc.		1,734		40,714
WP Carey, Inc.		22,561		1,241,983
				2,514,217

Health Care REITs — 11.5%
Alexandria Real Estate Equities, Inc.		15,998		1,871,286
CareTrust REIT, Inc.		13,438		337,294
Community Healthcare Trust, Inc.		2,728		63,808
Diversified Healthcare Trust		9,600		29,280
Global Medical REIT, Inc.		5,127		46,553
Healthcare Realty Trust, Inc.		40,417		666,072
Healthpeak Properties, Inc.		71,531		1,402,008
LTC Properties, Inc.		3,972		137,034
Medical Properties Trust, Inc.		62,421		269,034
National Health Investors, Inc.		4,433		300,247
Omega Healthcare Investors, Inc.		24,829		850,393
Sabra Health Care REIT, Inc.		23,529		362,347
Universal Health Realty Income Trust		1,361		53,270
Ventas, Inc.		41,144		2,109,041
Welltower, Inc.		55,291		5,764,087
				14,261,754

Hotel & Resort REITs — 2.9%
Apple Hospitality REIT, Inc.		22,630		329,040
Braemar Hotels & Resorts, Inc.		5,308		13,535
Chatham Lodging Trust		5,496		46,826
DiamondRock Hospitality Co.		21,351		180,416
Host Hotels & Resorts, Inc.		71,566		1,286,757
Park Hotels & Resorts, Inc.		21,492		321,950
Pebblebrook Hotel Trust		13,051		179,451
RLJ Lodging Trust		16,642		160,263
Ryman Hospitality Properties, Inc.		5,776		576,791
Service Properties Trust		17,100		87,894
Summit Hotel Properties, Inc.		10,209		61,152
Sunstone Hotel Investors, Inc.		19,666		205,706
Xenia Hotels & Resorts, Inc.		11,059		158,476
				3,608,257

Industrial REITs — 12.6%
Americold Realty Trust, Inc.		27,426		700,460
EastGroup Properties, Inc.		4,776		812,397
First Industrial Realty Trust, Inc.		13,467		639,817
Innovative Industrial Properties, Inc.		2,731		298,280
LXP Industrial Trust		29,881		272,515
Plymouth Industrial REIT, Inc.		4,195		89,689
Prologis, Inc.		93,996		10,556,691
Rexford Industrial Realty, Inc.		22,139		987,178
STAG Industrial, Inc.		18,477		666,281
Terreno Realty Corp.		9,469		560,375
				15,583,683

Office REITs — 3.3%
Boston Properties, Inc.		15,165		933,557
Brandywine Realty Trust		17,779		79,650
City Office REIT, Inc.		5,176		25,776
COPT Defense Properties		11,500		287,845
Cousins Properties, Inc.		15,619		361,580
Douglas Emmett, Inc.		17,099		227,588
Easterly Government Properties, Inc.		9,677		119,705
Equity Commonwealth*		10,906		211,576
Highwoods Properties, Inc.		10,772		282,980
Hudson Pacific Properties, Inc.		12,646		60,827
JBG SMITH Properties		9,420		143,467
Kilroy Realty Corp.		11,369		354,372
NET Lease Office Properties		1,572		38,703
Office Properties Income Trust		3,570		7,283
Orion Office REIT, Inc.		6,753		24,243
Paramount Group, Inc.		17,848		82,636
Piedmont Office Realty Trust, Inc., Class A		10,998		79,736
SL Green Realty Corp.		6,602		373,937
Vornado Realty Trust		16,470		432,996
				4,128,457

Residential REITs — 15.1%
American Homes 4 Rent, Class A		33,362		1,239,732
Apartment Investment & Management Co., Class A*		13,399		111,078
AvalonBay Communities, Inc.		14,441		2,987,698
Bluerock Homes Trust, Inc.		412		7,210
BRT Apartments Corp.		400		6,988
Camden Property Trust		10,828		1,181,443
Centerspace		1,534		103,744
Clipper Realty, Inc.		1,167		4,213
Elme Communities		10,445		166,389
Equity LifeStyle Properties, Inc.		18,025		1,173,968
Equity Residential		34,784		2,411,923
Essex Property Trust, Inc.		6,528		1,776,922
Independence Realty Trust, Inc.		22,877		428,715
Invitation Homes, Inc.		62,257		2,234,404
Mid-America Apartment Communities, Inc.		11,869		1,692,638
NexPoint Residential Trust, Inc.		2,384		94,192
Sun Communities, Inc.		12,654		1,522,782
UDR, Inc.		31,819		1,309,352
UMH Properties, Inc.		5,369		85,850
Veris Residential, Inc.		8,319		124,785
				18,664,026

Retail REITs — 14.5%
Acadia Realty Trust		9,876		176,978
Agree Realty Corp.		9,877		611,781
Alexander’s, Inc.		303		68,133
Brixmor Property Group, Inc.		30,770		710,479
Federal Realty Investment Trust		7,572		764,545
Getty Realty Corp.		4,639		123,676
InvenTrust Properties Corp.		6,885		170,473
Kimco Realty Corp.		68,516		1,333,321
Kite Realty Group Trust		22,305		499,186
Macerich Co. (The)		21,929		338,584

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

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SA Real Estate Securities Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
*Retail REITs (Continued)*
NETSTREIT Corp.@		6,691	$	107,725
NNN REIT, Inc.		18,574		791,252
Phillips Edison & Co., Inc.		12,315		402,824
Realty Income Corp.		88,922		4,696,860
Regency Centers Corp.		17,823		1,108,591
Retail Opportunity Investments Corp.		13,055		162,274
Saul Centers, Inc.		1,365		50,191
Simon Property Group, Inc.		33,201		5,039,912
SITE Centers Corp.		19,258		279,241
Tanger, Inc.		10,913		295,851
Urban Edge Properties		12,150		224,410
Whitestone REIT		4,776		63,568
				18,019,855

*Specialized REITs — 37.3%*
American Tower Corp.		47,467		9,226,635
Crown Castle, Inc.		44,115		4,310,036
CubeSmart		22,861		1,032,631
Digital Realty Trust, Inc.		33,057		5,026,317
EPR Properties		7,721		324,128
Equinix, Inc.		9,652		7,302,703
Esc War Ind*§		9,141		—
Extra Space Storage, Inc.		21,511		3,343,025
Four Corners Property Trust, Inc.		9,280		228,938
Gaming & Leisure Properties, Inc.		27,527		1,244,496
Global Self Storage, Inc.		997		4,845
Iron Mountain, Inc.		29,936		2,682,864
Lamar Advertising Co., Class A		8,935		1,068,001
National Storage Affiliates Trust		7,272		299,752
Outfront Media, Inc.		15,691		224,381
Public Storage		16,087		4,627,426
SBA Communications Corp.		10,921		2,143,792
Uniti Group, Inc.		20,375		59,495
VICI Properties, Inc.		107,488		3,078,456
				46,227,921

TOTAL COMMON STOCKS
(Identified Cost $71,310,575)				123,008,170

SHORT-TERM INVESTMENTS — 0.3%
*Investment Company — 0.2%*
State Street Institutional U.S. Government Money Market Fund 5.000%		242,800		242,800

*Collateral For Securities On Loan — 0.1%*
State Street Navigator Securities Lending Government Money Market Portfolio 5.330%		110,402		110,402

TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $353,202)				353,202

Total Investments — 99.5%
(Identified Cost $71,663,777)				123,361,372
Cash and Other Assets, Less Liabilities — 0.5%				636,134
Net Assets — 100.0%			$	123,997,506

†	See Note 1
@	A portion or all of the security was held on loan. As of June 30, 2024, the fair value of the securities on loan was $136,081.
*	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

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

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SA Worldwide Moderate Growth Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2024

	SHARES		VALUE†

MUTUAL FUNDS — 100.1%
Others — 100.1%
SA Emerging Markets Value Fund €		138,353	$	1,483,148
SA Global Fixed Income Fund €		373,429		3,301,112
SA International Value Fund €		325,315		4,320,186
SA Real Estate Securities Fund €		62,188		674,737
SA U.S. Core Market Fund €		110,424		3,726,794
SA U.S. Fixed Income Fund €		345,350		3,284,281
SA U.S. Small Company Fund €		53,738		1,463,291
SA U.S. Value Fund €		171,211		3,686,160
				21,939,709

TOTAL MUTUAL FUNDS
(Identified Cost $19,009,702)				21,939,709

Total Investments — 100.1%
(Identified Cost $19,009,702)				21,939,709
Liabilities in excess of Cash and Other Assets — (0.1%)				(17,377	)
Net Assets — 100.0%			$	21,922,332

†	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.

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STATEMENTS OF ASSETS AND LIABILITIES — JUNE 30, 2024

	SA			SA			SA
	U.S. Fixed			Global Fixed			U.S. Core
	Income Fund			Income Fund			Market Fund
ASSETS
Investments in unaffiliated securities, at value⁽¹⁾	$	464,043,310		$	595,547,901		$	689,349,195
Investments in affiliated securities, at value		—			—			—
Cash		—			—			—
Foreign currency, at value		—			356,614			—
Receivable for investments sold		—			—			—
Dividends and interest receivable		3,657,467			4,241,056			324,692
Receivable for fund shares sold		210,920			258,793			217,613
Unrealized appreciation on forward foreign currency exchange contracts (Note 1)		—			200,413			—
Receivable from the Adviser (Note 2)		1,594			—			—
Receivable for tax reclaims		—			—			—
Prepaid expenses		18,542			19,896			20,680
Other assets		—			—			650
Total Assets		467,931,833			600,624,673			689,912,830

LIABILITIES
Payable for investments purchased		—			—			—
Payable for fund shares redeemed		176,861			313,262			732,463
Due to custodian bank		—			—			295,496
Collateral for securities on loan (Note 1)		—			14,008,000			69,686
Unrealized depreciation on forward foreign currency exchange contracts (Note 1)		—			765,624			—
Advisory fee payable (Note 2)		57,529			120,053			228,539
Sub-Advisory fee payable (Note 2)		11,506			14,406			16,893
Sub-Administration fee payable (Note 2)		13,694			17,147			19,460
Custody and accounting fees payable		15,973			27,623			24,821
Shareholder servicing fee payable (Note 2)		57,529			72,033			84,463
Transfer agent fee payable		12,495			13,643			15,743
Professional fees payable		30,935			26,970			34,856
Accrued foreign capital gains tax		—			—			—
Accrued expenses and other liabilities		14,853			30,930			35,381
Total Liabilities		391,375			15,409,691			1,557,801
NET ASSETS	$	467,540,458		$	585,214,982		$	688,355,029
NET ASSETS CONSIST OF:
Paid-in capital	$	501,717,328		$	643,700,104		$	125,883,433
Total distributable earnings (loss)⁽²⁾		(34,176,870	)		(58,485,122	)		562,471,596
NET ASSETS	$	467,540,458		$	585,214,982		$	688,355,029
Shares of beneficial interest outstanding ($0.01 par value, unlimited shares authorized)		49,160,401			66,177,756			20,395,593
Net asset value per share	$	9.51		$	8.84		$	33.75

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

Table of Contents

SA		SA		SA		SA International		SA Emerging		SA		SA Worldwide
U.S. Value		U.S. Small		International		Small Company		Markets		Real Estate		Moderate
Fund		Company Fund		Value Fund		Fund		Value Fund		Securities Fund		Growth Fund

$	546,490,701	$	308,941,678	$	577,852,111	$	250,019,496	$	210,988,120	$	123,361,372	$	—
	—		—		—		—		—		—		21,939,709
	104,486		145,998		—		—		929		116,948		—
	—		—		1,471,836		—		1,146,709		—		—
	121,010		222,194		1,243,700		123,000		329,000		267,424		—
	357,990		178,976		1,175,037		—		1,081,258		453,677		—
	266,640		126,083		204,021		102,501		101,811		82,784		6,390
	—		—		—		—		—		—		—
	—		—		—		—		65,187		9,398		1,199
	—		—		3,219,833		—		9,381		—		—
	19,032		18,525		19,669		19,524		17,449		16,833		21,359
	—		—		—		—		—		10,730		—
	547,359,859		309,633,454		585,186,207		250,264,521		213,739,844		124,319,166		21,968,657

	—		—		1,217,265		—		409,444		—		4,689
	280,216		152,657		341,176		127,997		89,749		82,380		1,701
	—		—		687,251		123,000		—		—		—
	21,273		672,208		36,936,164		—		2,366,712		110,402		—
	—		—		—		—		—		—		—
	179,120		101,317		211,018		52,087		75,890		35,086		—
	44,780		50,658		90,877		—		60,712		10,025		—
	15,725		9,120		15,570		7,243		5,637		3,756		650
	16,997		20,306		38,720		6,177		68,756		10,186		6,280
	67,170		37,994		68,157		31,252		25,297		15,037		—
	15,075		14,796		15,143		14,490		13,320		13,278		434
	34,934		34,856		58,102		34,934		143,755		34,562		32,153
	—		—		—		—		2,659,699		—		—
	27,265		6,881		16,980		1,064		1,467		6,948		418
	702,555		1,100,793		39,696,423		398,244		5,920,438		321,660		46,325
$	546,657,304	$	308,532,661	$	545,489,784	$	249,866,277	$	207,819,406	$	123,997,506	$	21,922,332

$	302,278,606	$	162,240,202	$	432,105,985	$	150,739,048	$	187,749,767	$	71,282,978	$	18,439,273
	244,378,698		146,292,459		113,383,799		99,127,229		20,069,639		52,714,528		3,483,059
$	546,657,304	$	308,532,661	$	545,489,784	$	249,866,277	$	207,819,406	$	123,997,506	$	21,922,332
	25,395,752		11,331,408		41,063,306		12,127,046		19,386,785		11,432,235		1,873,262
$	21.53	$	27.23	$	13.28	$	20.60	$	10.72	$	10.85	$	11.70

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

Table of Contents

STATEMENTS OF ASSETS AND LIABILITIES — JUNE 30, 2024 (Continued)

	SA		SA		SA
	U.S. Fixed		Global Fixed		U.S. Core
	Income Fund		Income Fund		Market Fund
Identified cost of unaffiliated investments	$	465,389,363	$	599,165,606	$	129,224,320
Identified cost of affiliated investments	$	—	$	—	$	—
Cost of foreign currency	$	—	$	357,912	$	—
⁽¹⁾ Including securities on loan, at value (see Note 1)	$	—	$	22,713,041	$	1,774,006
⁽²⁾ Net of deferred capital gain country tax of:	$	—	$	—	$	—

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

Table of Contents

SA		SA		SA		SA International		SA Emerging		SA		SA Worldwide
U.S. Value		U.S. Small		International		Small Company		Markets		Real Estate		Moderate
Fund		Company Fund		Value Fund		Fund		Value Fund		Securities Fund		Growth Fund
$	310,677,962	$	160,838,038	$	464,733,812	$	129,976,570	$	176,778,032	$	71,663,777	$	—
$	—	$	—	$	—	$	—	$	—	$	—	$	19,009,702
$	—	$	—	$	1,474,238	$	—	$	1,147,716	$	—	$	—
$	491,527	$	6,547,570	$	67,576,925	$	—	$	5,405,129	$	136,081	$	—
$	—	$	—	$	—	$	—	$	2,659,699	$	—	$	—

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

Table of Contents

STATEMENTS OF OPERATIONS — YEAR ENDED JUNE 30, 2024

	SA U.S.			SA Global			SA U.S.
	Fixed Income			Fixed Income			Core Market
	Fund			Fund			Fund
INVESTMENT INCOME
Income:
Unaffiliated dividends	$	—		$	—		$	9,518,992
Affiliated dividends		—			—			—
Interest⁽¹⁾		22,473,284			28,139,329			64,807
Other income		—			5			27,026
Taxes withheld		—			—			(1,821	)
Total Income		22,473,284			28,139,334			9,609,004
Expenses:
Advisory fees (Note 2)		678,455			1,524,253			2,598,333
Shareholder Servicing fees (Note 2)		678,455			914,552			974,375
Sub-Advisory fees (Note 2)		135,691			182,910			187,401
Sub-Administration fees (Note 2)		79,612			107,367			115,223
Trustees’ fees and expenses (Note 2)		38,750			38,750			38,750
Custody and accounting fees		59,459			130,702			107,440
Transfer agent fees		71,598			73,546			86,588
Professional fees*		53,504			59,794			50,504
Registration fees		33,845			37,386			34,113
Shareholders report printing expenses		37,563			58,347			53,370
Insurance expenses		—			—			—
Other expenses**		29,075			34,802			141,869
Total expenses before waivers and reimbursements:		1,896,007			3,162,409			4,387,966
Less: Fee waiver by the Adviser (Note 2)		(86,794	)		—			(57,666	)
Net expenses		1,809,213			3,162,409			4,330,300
Net investment income		20,664,071			24,976,925			5,278,704
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on:
Investments^{(2)^}		(541,864	)		9,670,935			67,903,575
Investments in affiliates		—			—			—
Forward foreign currency exchange contracts		—			3,874,805			—
Foreign currency transactions		—			18,250			—
Capital gain distributions from underlying funds		—			—			370,760
Increase (decrease) in unrealized appreciation (depreciation) on:
Investments⁽³⁾		3,122,347			(8,612,135	)		64,135,545
Investments in affiliates		—			—			—
Forward foreign currency exchange contracts		—			1,282,434			—
Foreign currency transactions		—			(24,994	)		—
Net realized and unrealized gain on investments and foreign currency transactions and translation		2,580,483			6,209,295			132,409,880
Net increase in net assets resulting from operations	$	23,244,554		$	31,186,220		$	137,688,584
⁽¹⁾ Interest income includes security lending income of:	$	—		$	20,772		$	16,469
⁽²⁾ Net of capital gain country tax of:	$	—		$	—		$	—
⁽³⁾ Net of increase of deferred capital gain country tax accrual of:	$	—		$	—		$	—

*		Professional fees include, but are not limited to, fees associated with legal, audit and tax services.
**		Other expenses include, but are not limited to, fees associated with insurance and printing services and ReFlow.
^		For the year ended June 30, 2024, 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 $68,009,769, $40,434,494, $22,221,457, $14,542,929 and $4,793,736 respectively. Net realized gains (losses) on investments includes the realized gain on the transactions of $63,658,282, $28,476,826, $16,058,289, $6,864,416 and $2,715,307, respectively, which will not be realized by the Funds for tax purposes.

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

Table of Contents

SA U.S.		SA U.S.			SA			SA International		SA Emerging			SA Real Estate			SA Worldwide
Value		Small Company			International			Small Company		Markets Value			Securities			Moderate
Fund		Fund			Value Fund			Fund		Fund			Fund			Growth Fund


$	12,700,898	$	4,303,995		$	24,308,452		$	7,181,290	$	8,276,162		$	4,237,631		$	—
	—		—			—			—		—			—			509,936
	60,573		41,183			283,842			—		69,591			19,323			—
	63,592		59,910			496			—		—			—			—
	—		(4,019	)		(2,221,968	)		—		(966,341	)		—			—
	12,825,063		4,401,069			22,370,822			7,181,290		7,379,412			4,256,954			509,936

	2,133,318		1,218,865			2,452,653			616,072		876,374			427,084			—
	799,994		457,074			817,551			369,643		292,125			183,036			—
	533,330		609,433			1,090,068			—		701,099			122,024			—
	93,013		53,189			95,126			43,236		34,053			21,480			3,902
	38,750		38,750			38,750			38,750		38,750			38,750			38,750
	68,275		87,700			164,290			25,915		282,489			47,055			26,735
	82,592		80,975			82,499			79,090		72,684			72,578			3,394
	50,504		50,563			75,250			50,504		180,872			50,210			51,504
	33,122		30,817			32,438			28,763		30,317			28,423			27,777
	44,348		29,261			47,182			26,411		26,516			23,250			17,698
	—		—			—			—		—			—			8,377
	95,546		60,462			70,030			14,771		79,280			37,725			10,801
	3,972,792		2,717,089			4,965,837			1,293,155		2,614,559			1,051,615			188,938
	—		—			(42,838	)		—		(589,162	)		(125,535	)		(188,938	)
	3,972,792		2,717,089			4,922,999			1,293,155		2,025,397			926,080			—
	8,852,271		1,683,980			17,447,823			5,888,135		5,354,015			3,330,874			509,936


	40,878,399		23,141,832			17,326,044			3,399,203		1,987,876			3,774,553			—
	—		—			—			—		—			—			485,877
	—		—			631			—		966			—			—
	—		—			(58,116	)		—		(120,324	)		—			—
	—		—			—			—		—			—			50,983

	29,723,357		8,540,338			30,266,370			14,069,593		23,433,647			(313,435	)		—
	—		—			—			—		—			—			1,655,169
	—		—			—			—		—			—			—
	—		—			(59,560	)		—		(2,686	)		—			—

	70,601,756		31,682,170			47,475,369			17,468,796		25,299,479			3,461,118			2,192,029
$	79,454,027	$	33,366,150		$	64,923,192		$	23,356,931	$	30,653,494		$	6,791,992		$	2,701,965
$	10,577	$	21,415		$	250,518		$	—	$	55,218		$	2,535		$	—
$	—	$	—		$	—		$	—	$	226,026		$	—		$	—
$	—	$	—		$	—		$	—	$	1,555,385		$	—		$	—

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

Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS

	SA U.S. Fixed Income Fund
	Year Ended			Year Ended
	June 30, 2024			June 30, 2023
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	20,664,071		$	10,641,846
Net realized gain (loss) on investments and foreign currency transactions		(541,864	)		(6,535,175	)
Net increase (decrease) in unrealized appreciation (depreciation)		3,122,347			2,972,420
Net increase (decrease) in net assets from operations		23,244,554			7,079,091

Distributions to shareholders:
Investor Class		(21,020,646	)		(8,262,472	)
Select Class^(a)		—			(2,529,260	)
Total distributions to shareholders		(21,020,646	)		(10,791,732	)

Capital share transactions
Proceeds from sale of shares
Investor Class		113,250,771			416,790,234	^(b)
Select Class^(a)		—			9,346,480
		113,250,771			426,136,714
Value of distributions reinvested
Investor Class		20,737,460			8,174,816
Select Class^(a)		—			2,503,640
		20,737,460			10,678,456
Cost of shares redeemed
Investor Class		(75,205,828	)		(74,306,097	)
Select Class^(a)		—			(414,094,652	)^(b)
		(75,205,828	)		(488,400,749	)
Tax-free interclass conversion
Investor Class		—			(47,203	)
Select Class^(a)		—			47,203
		—			—
Total capital share transactions		58,782,403			(51,585,579	)
Total increase (decrease) in net assets		61,006,311			(55,298,220	)

NET ASSETS
Beginning of year	$	406,534,147		$	461,832,367
End of year	$	467,540,458		$	406,534,147

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

Table of Contents

SA Global Fixed Income Fund						SA U.S. Core Market Fund
Year Ended			Year Ended			Year Ended			Year Ended
June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023


$	24,976,925		$	14,200,100		$	5,278,704		$	5,659,768
	13,563,990			(47,589,759	)		68,274,335			35,824,253
	(7,354,695	)		40,837,446			64,135,545			65,430,073
	31,186,220			7,447,787			137,688,584			106,914,094


	(7,999,993	)		(18,787,117	)		(5,568,395	)		(31,997,503	)
	—			(3,999,164	)		—			—
	(7,999,993	)		(22,786,281	)		(5,568,395	)		(31,997,503	)



	57,181,206			697,161,653	^(c)		115,643,405			594,629,964	^(d)
	—			19,545,558			—			16,838,788
	57,181,206			716,707,211			115,643,405			611,468,752

	7,903,805			18,613,725			5,392,211			31,305,591
	—			3,964,077			—			—
	7,903,805			22,577,802			5,392,211			31,305,591

	(176,513,811	)		(120,544,720	)		(205,676,471	)		(126,889,441	)
	—			(678,883,998	)^(c)		—			(534,028,957	)^(d)
	(176,513,811	)		(799,428,718	)		(205,676,471	)		(660,918,398	)

	—			(63,682	)		—			(82,452	)
	—			63,682			—			82,452
	—			—			—			—
	(111,428,800	)		(60,143,705	)		(84,640,855	)		(18,144,055	)
	(88,242,573	)		(75,482,199	)		47,479,334			56,772,536


$	673,457,555		$	748,939,754		$	640,875,695		$	584,103,159
$	585,214,982		$	673,457,555		$	688,355,029		$	640,875,695

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

Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	SA U.S. Fixed Income Fund
	Year Ended			Year Ended
	June 30, 2024			June 30, 2023
CAPITAL SHARE TRANSACTIONS
Shares sold by subscription
Investor Class		11,888,797			44,451,239	^(b)
Select Class^(a)		—			984,015
Shares issued for distributions reinvested
Investor Class		2,183,411			869,365
Select Class^(a)		—			264,097
Shares redeemed
Investor Class		(7,876,344	)		(7,877,726	)
Select Class^(a)		—			(44,079,131	)^(b)
Tax-free interclass conversion
Investor Class		—			(5,011	)
Select Class^(a)		—			5,000
Net increase (decrease) in fund shares		6,195,864			(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.

Table of Contents

SA Global Fixed Income Fund						SA U.S. Core Market Fund
Year Ended			Year Ended			Year Ended			Year Ended
June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023


	6,542,373			81,782,678	^(c)		3,883,930			23,737,954	^(d)
	—			2,263,737			—			663,858

	896,123			2,222,202			183,284			1,327,070
	—			460,939			—			—

	(20,322,712	)		(14,201,099	)		(6,883,284	)		(5,012,660	)
	—			(79,652,877	)^(c)		—			(21,433,395	)^(d)

	—			(7,400	)		—			(3,250	)
	—			7,412			—			3,265
	(12,884,216	)		(7,124,408	)		(2,816,070	)		(717,158	)

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

Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	SA U.S. Value Fund
	Year Ended			Year Ended
	June 30, 2024			June 30, 2023
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	8,852,271		$	9,063,132
Net realized gain (loss) on investments and foreign currency transactions		40,878,399			24,829,240
Net increase (decrease) in unrealized appreciation (depreciation)		29,723,357			22,385,154
Net increase (decrease) in net assets from operations		79,454,027			56,277,526

Distributions to shareholders:
Investor Class		(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		81,107,589			543,036,027	^(b)
Select Class^(a)		—			13,362,519
		81,107,589			556,398,546
Value of distributions reinvested
Investor Class		8,705,450			37,067,906
Select Class^(a)		—			—
		8,705,450			37,067,906
Cost of shares redeemed
Investor Class		(133,893,450	)		(116,735,600	)
Select Class^(a)		—			(491,721,644	)^(b)
		(133,893,450	)		(608,457,244	)
Tax-free interclass conversion
Investor Class		—			(103,118	)
Select Class^(a)		—			103,118
		—			—
Total capital share transactions		(44,080,411	)		(14,990,792	)
Total increase (decrease) in net assets		26,459,687			3,603,750

NET ASSETS
Beginning of year	$	520,197,617		$	516,593,867
End of year	$	546,657,304		$	520,197,617

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

Table of Contents

SA U.S. Small Company Fund						SA International Value Fund
Year Ended			Year Ended			Year Ended			Year Ended
June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023


$	1,683,980		$	1,825,292		$	17,447,823		$	19,526,278
	23,141,832			12,084,959			17,268,559			(328,124	)
	8,540,338			29,037,209			30,206,810			66,754,962
	33,366,150			42,947,460			64,923,192			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	)



	45,969,264			303,499,620	^(c)		54,729,582			491,513,082	^(d)
	—			7,168,836			—			15,295,136
	45,969,264			310,668,456			54,729,582			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

	(76,159,280	)		(61,197,619	)		(119,158,469	)		(102,241,956	)
	—			(278,607,332	)^(c)		—			(471,759,098	)^(d)
	(76,159,280	)		(339,804,951	)		(119,158,469	)		(574,001,054	)

	—			(14,643	)		—			(77,915	)
	—			14,643			—			77,915
	—			—			—			—
	(19,242,781	)		(20,036,523	)		(46,362,513	)		(46,206,732	)
	2,932,351			13,662,876			66,146			18,503,553


$	305,600,310		$	291,937,434		$	545,423,638		$	526,920,085
$	308,532,661		$	305,600,310		$	545,489,784		$	545,423,638

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

Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	SA U.S. Value Fund
	Year Ended			Year Ended
	June 30, 2024			June 30, 2023
CAPITAL SHARE TRANSACTIONS
Shares sold by subscription
Investor Class		4,027,124			28,471,484	^(b)
Select Class^(a)		—			717,407
Shares issued for distributions reinvested
Investor Class		438,341			2,067,368
Select Class^(a)		—			—
Shares redeemed
Investor Class		(6,623,520	)		(6,238,858	)
Select Class^(a)		—			(25,832,120	)^(b)
Tax-free interclass conversion
Investor Class		—			(5,660	)
Select Class^(a)		—			5,683
Net decrease in fund shares		(2,158,055	)		(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.

Table of Contents

SA U.S. Small Company Fund						SA International Value Fund
Year Ended			Year Ended			Year Ended			Year Ended
June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023


	1,767,069			12,650,157	^(c)		4,270,468			46,316,995	^(d)
	—			301,658			—			1,447,657

	414,825			392,918			1,453,449			1,900,915
	—			—			—			—

	(2,914,439	)		(2,519,240	)		(9,327,226	)		(8,776,053	)
	—			(11,667,416	)^(c)		—			(44,917,844	)^(d)

	—			(561	)		—			(7,590	)
	—			563			—			7,620
	(732,545	)		(841,921	)		(3,603,309	)		(4,028,300	)

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

Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	SA International Small Company Fund
	Year Ended			Year Ended
	June 30, 2024			June 30, 2023
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	5,888,135		$	5,925,649
Net realized gain (loss) on investments and foreign currency transactions		3,399,203			542,379
Net increase (decrease) in unrealized appreciation (depreciation)		14,069,593			21,341,505
Net increase (decrease) in net assets from operations		23,356,931			27,809,533

Distributions to shareholders:
Investor Class		(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		17,674,837			217,127,428	^(b)
Select Class^(a)		—			8,677,472
		17,674,837			225,804,900
Value of distributions reinvested
Investor Class		8,027,729			13,809,504
Select Class^(a)		—			—
		8,027,729			13,809,504
Cost of shares redeemed
Investor Class		(37,799,767	)		(34,230,590	)
Select Class^(a)		—			(209,704,012	)^(b)
		(37,799,767	)		(243,934,602	)
Tax-free interclass conversion
Investor Class		—			(50,325	)
Select Class^(a)		—			50,325
		—			—
Total capital share transactions		(12,097,201	)		(4,320,198	)
Total increase (decrease) in net assets		3,074,951			9,503,325

NET ASSETS
Beginning of year	$	246,791,326		$	237,288,001
End of year	$	249,866,277		$	246,791,326

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

Table of Contents

SA Emerging Markets Value Fund						SA Real Estate Securities Fund
Year Ended			Year Ended			Year Ended			Year Ended
June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023


$	5,354,015		$	7,046,667		$	3,330,874		$	3,501,323
	1,868,518			(1,844,092	)		3,774,553			3,470,107
	23,430,961			8,723,143			(313,435	)		(13,923,863	)
	30,653,494			13,925,718			6,791,992			(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	)



	19,642,448			168,230,277	^(c)		20,024,138			128,259,038	^(d)
	—			6,640,753			—			3,286,284
	19,642,448			174,871,030			20,024,138			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

	(32,437,930	)		(26,842,078	)		(27,899,113	)		(24,055,479	)
	—			(158,372,192	)^(c)		—			(116,259,928	)^(d)
	(32,437,930	)		(185,214,270	)		(27,899,113	)		(140,315,407	)

	—			(20,108	)		—			(19,896	)
	—			20,108			—			19,896
	—			—			—			—
	(5,169,224	)		(4,132,236	)		(4,056,661	)		100,345
	17,736,085			3,515,960			(1,157,242	)		(15,858,190	)


$	190,083,321		$	186,567,361		$	125,154,748		$	141,012,938
$	207,819,406		$	190,083,321		$	123,997,506		$	125,154,748

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

Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	SA International Small Company Fund
	Year Ended			Year Ended
	June 30, 2024			June 30, 2023
CAPITAL SHARE TRANSACTIONS
Shares sold by subscription
Investor Class		898,013			12,318,311	^(b)
Select Class^(a)		—			486,385
Shares issued for distributions reinvested
Investor Class		406,262			771,481
Select Class^(a)		—			—
Shares redeemed
Investor Class		(1,910,719	)		(1,808,824	)
Select Class^(a)		—			(12,003,743	)^(b)
Tax-free interclass conversion
Investor Class		—			(2,939	)
Select Class^(a)		—			2,954
Net decrease in fund shares		(606,444	)		(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.

Table of Contents

SA Emerging Markets Value Fund						SA Real Estate Securities Fund
Year Ended			Year Ended			Year Ended			Year Ended
June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023


	1,990,590			20,221,150	^(c)		1,916,538			11,925,062	^(d)
	—			744,798			—			280,610

	796,060			704,195			348,386			868,798
	—			—			—			—

	(3,273,339	)		(2,946,143	)		(2,654,387	)		(2,264,555	)
	—			(19,148,297	)^(c)		—			(10,786,475	)^(d)

	—			(2,249	)		—			(1,766	)
	—			2,249			—			1,772
	(486,689	)		(424,297	)		(389,463	)		23,446

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

Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	SA Worldwide Moderate Growth Fund
	Year Ended			Year Ended
	June 30, 2024			June 30, 2023
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	509,936		$	559,419
Net realized gain (loss) on investments and foreign currency transactions		536,860			1,190,879
Net increase (decrease) in unrealized appreciation (depreciation)		1,655,169			523,672
Net increase (decrease) in net assets from operations		2,701,965			2,273,970
Distributions to shareholders		(922,426	)		(1,732,292	)

Capital share transactions
Proceeds from sale of shares		2,621,268			2,163,784
Value of distributions reinvested		919,357			1,725,778
Cost of shares redeemed		(5,666,665	)		(5,334,057	)
Total capital share transactions		(2,126,040	)		(1,444,495	)
Total increase (decrease) in net assets		(346,501	)		(902,817	)

NET ASSETS
Beginning of year	$	22,268,833		$	23,171,650
End of year	$	21,922,332		$	22,268,833

CAPITAL SHARE TRANSACTIONS
Shares sold by subscription		236,147			205,027
Shares issued for distributions reinvested		83,426			172,233
Shares redeemed		(508,686	)		(501,925	)
Net decrease in fund shares		(189,113	)		(124,665	)

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

Table of Contents

FINANCIAL HIGHLIGHTS
	SA U.S. Fixed Income Fund
	Year Ended June 30,
	2024			2023			2022			2021			2020
Net asset value, beginning of period	$	9.46		$	9.54		$	10.12		$	10.17		$	10.16

Income from investment operations:
Net investment income (loss)		0.44	⁽¹⁾		0.23	⁽¹⁾		0.01	⁽¹⁾		(0.02	)⁽¹⁾⁽²⁾		0.13	⁽¹⁾
Net realized and unrealized gain (loss) on investments		0.05			(0.08	)		(0.58	)		(0.03	)⁽²⁾		0.01
Total from investment operations		0.49			0.15			(0.57	)		(0.05	)		0.14

Less distributions from:
Net investment income		(0.44	)		(0.23	)		(0.01	)		(0.00	)⁽³⁾		(0.13	)

Net asset value, end of period	$	9.51		$	9.46		$	9.54		$	10.12		$	10.17

Total return		5.27	%		1.65	%		(5.63	)%		(0.48	)%		1.42	%
Net assets, end of period (000s)	$	467,540		$	406,534		$	52,715		$	68,818		$	80,440
Ratio of net expenses to average net assets		0.40	%		0.41	%		0.63	%		0.64	%		0.63	%
Ratio of gross expenses to average net assets		0.42	%⁽⁴⁾		0.44	%⁽⁴⁾		0.63	%		0.64	%		0.63	%
Ratio of net investment income (loss) to average net assets		4.57	%		2.46	%		0.10	%		(0.15	)%		1.28	%
Portfolio turnover rate		154	%		29	%		203	%		113	%		49	%

⁽¹⁾

Calculated based on average shares outstanding during the year.

⁽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⁾

Gross expenses before waivers of expenses.

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

Table of Contents

FINANCIAL HIGHLIGHTS (Continued)

	SA Global Fixed Income Fund
	Year Ended June 30,
	2024			2023			2022			2021			2020
Net asset value, beginning of period	$	8.52		$	8.71		$	9.44		$	9.42		$	9.63

Income from investment operations:
Net investment income (loss)		0.36	⁽¹⁾		0.17	⁽¹⁾		0.03	⁽¹⁾		(0.03	)⁽¹⁾		0.00	⁽¹⁾⁽²⁾
Net realized and unrealized gain (loss) on investments		0.08			(0.08	)		(0.74	)		0.05			0.14
Total from investment operations		0.44			(0.09	)		(0.71	)		0.02			0.14

Less distributions from:
Net investment income		(0.12	)		(0.28	)		(0.02	)		—			(0.35	)

Net asset value, end of period	$	8.84		$	8.52		$	8.71		$	9.44		$	9.42

Total return		5.19	%		1.06	%		(7.50	)%		0.21	%		1.46	%
Net assets, end of period (000s)	$	585,215		$	673,458		$	80,670		$	88,378		$	100,567
Ratio of net expenses to average net assets		0.52	%		0.52	%		0.71	%		0.73	%		0.73	%
Ratio of gross expenses to average net assets		0.52	%		0.52	%		0.71	%		0.73	%		0.73	%
Ratio of net investment income (loss) to average net assets		4.10	%		2.01	%		0.37	%		(0.30	)%		0.01	%
Portfolio turnover rate		182	%		97	%		103	%		111	%		58	%

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

⁽²⁾Amount rounds to less than $0.005 per share.

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

Table of Contents

FINANCIAL HIGHLIGHTS (Continued)

	SA U.S. Core Market Fund
	Year Ended June 30,
	2024			2023			2022			2021			2020
Net asset value, beginning of period	$	27.61		$	24.52		$	30.22		$	23.37		$	24.79

Income from investment operations:
Net investment income		0.24	⁽¹⁾		0.24	⁽¹⁾		0.14	⁽¹⁾		0.14	⁽¹⁾		0.23	⁽¹⁾
Net realized and unrealized gain (loss) on investments		6.15			4.23			(3.46	)		8.87			1.43
Total from investment operations		6.39			4.47			(3.32	)		9.01			1.66

Less distributions from:
Net investment income		(0.25	)		(0.22	)		(0.11	)		(0.22	)		(0.26	)
Capital gains		—			(1.16	)		(2.27	)		(1.94	)		(2.82	)
Total distributions		(0.25	)		(1.38	)		(2.38	)		(2.16	)		(3.08	)

Net asset value, end of period	$	33.75		$	27.61		$	24.52		$	30.22		$	23.37

Total return		23.29	%		19.19	%		(12.44	)%		39.94	%		6.31	%
Net assets, end of period (000s)	$	688,355		$	640,876		$	77,555		$	106,102		$	112,429
Ratio of net expenses to average net assets		0.67	%⁽³⁾		0.68	%⁽³⁾		0.86	%		0.87	%		0.88	%
Ratio of gross expenses to average net assets		0.68	%⁽²⁾⁽⁴⁾		0.69	%⁽²⁾⁽⁴⁾		0.86	%		0.87	%		0.88	%
Ratio of net investment income to average net assets		0.81	%		0.94	%		0.48	%		0.53	%		0.98	%
Portfolio turnover rate		1	%		3	%		9	%		1	%		3	%

⁽¹⁾	Calculated based on average shares outstanding during the year.
⁽²⁾	Gross expenses before waivers of expenses.
⁽³⁾	The ratio of net expenses to average net assets excluding ReFlow liquidity program fee were as follows: Year ended June 30, 2024 0.65% Year ended June 30, 2023 0.66%
⁽⁴⁾	The ratio of gross expenses to average net assets excluding ReFlow liquidity program fee were as follows: Year ended June 30, 2024 0.66% Year ended June 30, 2023 0.68%

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

Table of Contents

FINANCIAL HIGHLIGHTS (Continued)

	SA U.S. Value Fund
	Year Ended June 30,
	2024			2023			2022			2021			2020
Net asset value, beginning of period	$	18.88		$	18.28		$	20.71		$	14.10		$	17.13

Income from investment operations:
Net investment income		0.33	⁽¹⁾		0.32	⁽¹⁾		0.26	⁽¹⁾		0.21	⁽¹⁾		0.28	⁽¹⁾
Net realized and unrealized gain (loss) on investments		2.66			1.67			(1.80	)		6.66			(2.39	)
Total from investment operations		2.99			1.99			(1.54	)		6.87			(2.11	)

Less distributions from:
Net investment income		(0.34	)		(0.33	)		(0.22	)		(0.26	)		(0.26	)
Capital gains		—			(1.06	)		(0.67	)		—			(0.66	)
Total distributions		(0.34	)		(1.39	)		(0.89	)		(0.26	)		(0.92	)

Net asset value, end of period	$	21.53		$	18.88		$	18.28		$	20.71		$	14.10

Total return		15.96	%		11.31	%		(7.88	)%		49.17	%		(13.42	)%
Net assets, end of period (000s)	$	546,657		$	520,198		$	59,594		$	80,613		$	74,571
Ratio of net expenses to average net assets		0.74	%⁽²⁾		0.77	%⁽²⁾		0.94	%		0.95	%		0.95	%
Ratio of gross expenses to average net assets		0.74	%⁽³⁾		0.77	%⁽³⁾		0.94	%		0.95	%		0.95	%
Ratio of net investment income to average net assets		1.66	%		1.72	%		1.26	%		1.24	%		1.71	%
Portfolio turnover rate		6	%		5	%		10	%		5	%		10	%

⁽¹⁾	Calculated based on average shares outstanding during the year.
⁽²⁾	The ratio of net expenses to average net assets excluding ReFlow liquidity program fee were as follows: Year ended June 30, 2024 0.73% Year ended June 30, 2023 0.75%
⁽³⁾	The ratio of gross expenses to average net assets excluding ReFlow liquidity program fee were as follows: Year ended June 30, 2024 0.73% Year ended June 30, 2023 0.75%

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

Table of Contents

FINANCIAL HIGHLIGHTS (Continued)

	SA U.S. Small Company Fund
	Year Ended June 30,
	2024			2023			2022			2021			2020
Net asset value, beginning of period	$	25.33		$	22.68		$	33.74		$	21.77		$	25.46

Income from investment operations:
Net investment income		0.14	⁽¹⁾		0.15	⁽¹⁾		0.09	⁽¹⁾		0.06	⁽¹⁾		0.09	⁽¹⁾
Net realized and unrealized gain (loss) on investments		2.72			3.25			(4.02	)		12.60			(2.62	)
Total from investment operations		2.86			3.40			(3.93	)		12.66			(2.53	)

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	)
Total distributions		(0.96	)		(0.75	)		(7.13	)		(0.69	)		(1.16	)

Net asset value, end of period	$	27.23		$	25.33		$	22.68		$	33.74		$	21.77

Total return		11.43	%		15.29	%		(15.24	)%		58.84	%		(10.66	)%
Net assets, end of period (000s)	$	308,533		$	305,600		$	34,945		$	59,623		$	55,701
Ratio of net expenses to average net assets		0.89	%⁽³⁾		0.91	%⁽³⁾		1.09	%		1.14	%		1.14	%
Ratio of gross expenses to average net assets		0.89	%⁽²⁾⁽⁴⁾		0.91	%⁽²⁾⁽⁴⁾		1.09	%		1.14	%		1.14	%
Ratio of net investment income to average net assets		0.55	%		0.60	%		0.31	%		0.20	%		0.38	%
Portfolio turnover rate		7	%		8	%		7	%		7	%		14	%


⁽¹⁾ Calculated based on average shares outstanding during the year.
⁽²⁾ Gross expenses before waivers of expenses.
⁽³⁾ The ratio of net expenses to average net assets excluding ReFlow liquidity program fee were as follows:
Year ended June 30, 2024	0.88%
Year ended June 30, 2023	0.90%
⁽⁴⁾ The ratio of gross expenses to average net assets excluding ReFlow liquidity program fee were as follows:
Year ended June 30, 2024	0.88%
Year ended June 30, 2023	0.90%

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

Table of Contents

FINANCIAL HIGHLIGHTS (Continued)

	SA International Value Fund
	Year Ended June 30,
	2024			2023			2022			2021			2020
Net asset value, beginning of period	$	12.21		$	10.86		$	12.25		$	8.71		$	10.96

Income from investment operations:
Net investment income		0.41	⁽¹⁾		0.41	⁽¹⁾		0.41	⁽¹⁾		0.28	⁽¹⁾		0.19	⁽¹⁾
Net realized and unrealized gain (loss) on investments		1.10			1.39			(1.43	)		3.48			(2.03	)
Total from investment operations		1.51			1.80			(1.02	)		3.76			(1.84	)

Less distributions from:
Net investment income		(0.44	)		(0.45	)		(0.37	)		(0.22	)		(0.41	)

Net asset value, end of period	$	13.28		$	12.21		$	10.86		$	12.25		$	8.71

Total return		12.57	%		17.05	%		(8.57	)%		43.64	%		(17.62	)%
Net assets, end of period (000s)	$	545,490		$	545,424		$	56,827		$	80,507		$	80,664
Ratio of net expenses to average net assets		0.90	%⁽³⁾		0.91	%⁽³⁾		1.11	%		1.11	%		1.11	%
Ratio of gross expenses to average net assets		0.91	%⁽²⁾⁽⁴⁾		0.93	%⁽²⁾⁽⁴⁾		1.11	%		1.11	%		1.11	%
Ratio of net investment income to average net assets		3.20	%		3.63	%		3.36	%		2.64	%		1.92	%
Portfolio turnover rate		12	%		11	%		12	%		9	%		13	%


⁽¹⁾Calculated based on average shares outstanding during the year.
⁽²⁾Gross expenses before waivers of expenses.
⁽³⁾The ratio of net expenses to average net assets excluding ReFlow liquidity program fee were as follows:
Year ended June 30, 2024	0.90%
Year ended June 30, 2023	0.91%
⁽⁴⁾The ratio of gross expenses to average net assets excluding ReFlow liquidity program fee were as follows:
Year ended June 30, 2024	0.91%
Year ended June 30, 2023	0.92%

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

Table of Contents

FINANCIAL HIGHLIGHTS (Continued)

	SA International Small Company Fund
	Year Ended June 30,
	2024			2023			2022			2021			2020
Net asset value, beginning of period	$	19.38		$	18.39		$	24.44		$	17.32		$	19.75

Income from investment operations:
Net investment income		0.47	⁽¹⁾		0.45	⁽¹⁾		0.44	⁽¹⁾		0.24	⁽¹⁾		0.31	⁽¹⁾
Net realized and unrealized gain (loss) on investments		1.41			1.64			(5.16	)		7.31			(1.57	)
Total from investment operations		1.88			2.09			(4.72	)		7.55			(1.26	)

Less distributions from:
Net investment income		(0.51	)		(0.33	)		(0.57	)		(0.24	)		(0.35	)
Capital gains		(0.15	)		(0.77	)		(0.76	)		(0.19	)		(0.82	)
Total distributions		(0.66	)		(1.10	)		(1.33	)		(0.43	)		(1.17	)

Net asset value, end of period	$	20.60		$	19.38		$	18.39		$	24.44		$	17.32

Total return		9.86	%		11.85	%		(20.33	)%		43.94	%		(7.26	)%
Net assets, end of period (000s)	$	249,866		$	246,791		$	26,761		$	43,416		$	41,203
Ratio of net expenses to average net assets^†		0.52	%		0.55	%		0.74	%		0.75	%		0.75	%
Ratio of gross expenses to average net assets^†		0.52	%		0.55	%⁽²⁾		0.74	%		0.75	%⁽²⁾		0.75	%
Ratio of net investment income to average net assets^†(3)		2.39	%		2.43	%		1.92	%		1.11	%		1.63	%
Portfolio turnover rate⁽⁴⁾		4	%		7	%		8	%		2	%		6	%

^†	The DFA International Small Company Portfolio expenses are not included in the stated expense information of the SA International Small Co. Fund. Financial statements and other information about the DFA Portfolio are available at https://www.dimensional.com.
⁽¹⁾	Calculated based on average shares outstanding during the year.
⁽²⁾	Gross expenses before waivers of expenses.
⁽³⁾	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.
⁽⁴⁾	The SA International Small Company Fund invests substantially all of its assets in the DFA Portfolio. Financial statements and other information about the DFA Portfolio are available at https://www.dimensional.com.

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

Table of Contents

FINANCIAL HIGHLIGHTS (Continued)

	SA Emerging Markets Value Fund
	Year Ended June 30,
	2024			2023			2022			2021			2020
Net asset value, beginning of period	$	9.56		$	9.20		$	11.15		$	7.75		$	9.85

Income from investment operations:
Net investment income		0.27	⁽¹⁾		0.35	⁽¹⁾		0.32	⁽¹⁾		0.17	⁽¹⁾		0.18	⁽¹⁾
Net realized and unrealized gain (loss) on investments		1.29			0.32			(1.97	)		3.40			(2.07	)
Total from investment operations		1.56			0.67			(1.65	)		3.57			(1.89	)

Less distributions from:
Net investment income		(0.40	)		(0.31	)		(0.30	)		(0.17	)		(0.21	)

Net asset value, end of period	$	10.72		$	9.56		$	9.20		$	11.15		$	7.75

Total return		16.83	%		7.72	%		(15.07	)%		46.51	%		(19.60	)%
Net assets, end of period (000s)	$	207,819		$	190,083		$	17,439		$	24,222		$	22,078
Ratio of net expenses to average net assets		1.04	%		1.05	%		1.24	%		1.32	%		1.35	%
Ratio of gross expenses to average net assets⁽²⁾		1.34	%		1.34	%		1.54	%		1.61	%		1.61	%
Ratio of net investment income to average net assets		2.75	%		3.82	%		3.05	%		1.83	%		2.06	%
Portfolio turnover rate		13	%		12	%		19	%		22	%		22	%

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

⁽²⁾	Gross expenses before waivers of expenses.

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

Table of Contents

FINANCIAL HIGHLIGHTS (Continued)

	SA Real Estate Securities Fund
	Year Ended June 30,
	2024			2023			2022			2021			2020
Net asset value, beginning of period	$	10.59		$	12.00		$	13.95		$	11.02		$	12.43

Income from investment operations:
Net investment income		0.29	⁽¹⁾		0.29	⁽¹⁾		0.15	⁽¹⁾		0.17	⁽¹⁾		0.22	⁽¹⁾
Net realized and unrealized gain (loss) on investments		0.31			(0.91	)		(0.85	)		3.20			(1.08	)
Total from investment operations		0.60			(0.62	)		(0.70	)		3.37			(0.86	)

Less distributions from:
Net investment income		(0.30	)		(0.19	)		(0.13	)		(0.29	)		(0.15	)
Capital gains		(0.04	)		(0.60	)		(1.12	)		(0.15	)		(0.40	)
Total distributions		(0.34	)		(0.79	)		(1.25	)		(0.44	)		(0.55	)

Net asset value, end of period	$	10.85		$	10.59		$	12.00		$	13.95		$	11.02

Total return		5.61	%		(4.95	)%		(6.51	)%		31.57	%		(7.47	)%
Net assets, end of period (000s)	$	123,998		$	125,155		$	15,527		$	23,828		$	24,097
Ratio of net expenses to average net assets		0.76	%⁽³⁾		0.77	%⁽³⁾		0.95	%		0.95	%		0.95	%
Ratio of gross expenses to average net assets⁽²⁾		0.86	%⁽⁴⁾		0.87	%⁽⁴⁾		1.02	%		1.05	%		1.02	%
Ratio of net investment income to average net assets		2.73	%		2.67	%		1.04	%		1.44	%		1.82	%
Portfolio turnover rate		2	%		2	%		2	%		4	%		3	%


⁽¹⁾Calculated based on average shares outstanding during the year.
⁽²⁾Gross expenses before waivers of expenses.
⁽³⁾The ratio of net expenses to average net assets excluding ReFlow liquidity program fee were as follows:
Year ended June 30, 2024	0.75%
Year ended June 30, 2023	0.76%
⁽⁴⁾The ratio of gross expenses to average net assets excluding ReFlow liquidity program fee were as follows:
Year ended June 30, 2024	0.85%
Year ended June 30, 2023	0.86%

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

Table of Contents

FINANCIAL HIGHLIGHTS (Continued)

	SA Worldwide Moderate Growth Fund
	Year Ended June 30,
	2024			2023			2022			2021			2020
Net asset value, beginning of period	$	10.80		$	10.59		$	12.16		$	9.54		$	10.83

Income from investment operations:
Net investment income (loss)		0.26	⁽¹⁾		0.26	⁽¹⁾		0.16	⁽¹⁾		0.14	⁽¹⁾		0.24	⁽¹⁾
Net realized and unrealized gain (loss) on investments		1.11			0.79			(1.19	)		3.01			(0.97	)
Total from investment operations		1.37			1.05			(1.03	)		3.15			(0.73	)

Less distributions from:
Net investment income		(0.21	)		(0.27	)		(0.16	)		(0.20	)		(0.25	)
Capital gains		(0.26	)		(0.57	)		(0.38	)		(0.33	)		(0.31	)
Total distributions		(0.47	)		(0.84	)		(0.54	)		(0.53	)		(0.56	)

Net asset value, end of period	$	11.70		$	10.80		$	10.59		$	12.16		$	9.54

Total return		12.87	%		10.57	%		(8.97	)%		33.71	%		(7.33	)%
Net assets, end of period (000s)	$	21,922		$	22,269		$	23,172		$	27,169		$	30,464
Ratio of net expenses to average net assets⁽²⁾		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of gross expenses to average net assets⁽²⁾⁽³⁾		0.86	%		0.78	%		0.67	%		0.69	%		0.54	%
Ratio of net investment income to average net assets⁽²⁾⁽⁴⁾		2.31	%		2.46	%		1.38	%		1.24	%		2.36	%
Portfolio turnover rate		11	%		115	%		25	%		11	%		23	%

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

⁽²⁾	These ratios exclude the impact of the underlying affiliated funds as represented in the Portfolio of Investments.

⁽³⁾	Gross expenses before waivers of expenses.

⁽⁴⁾	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

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

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1. Organization and Significant Accounting Policies

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

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

The SA U.S. Core Market Fund, SA U.S. Value Fund, SA U.S. Small Company Fund, SA International Value Fund, and SA International Small Company Fund commenced investment operations on August 5, 1999, the SA Global Fixed Income Fund commenced operations on July 29, 1999, the SA U.S. Fixed Income Fund, SA Emerging Markets Value Fund, and SA Real Estate Securities Fund commenced operations on April 2, 2007, and the SA Worldwide Moderate Growth Fund, commenced operations on July 1, 2015.

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 June 30, 2024, the SA International Small Company Fund held approximately 2.08% 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. Financial statements and other information about the DFA International Small Company Portfolio are available at https://www.dimensional.com.

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 Fund is directly affected by the performance of the Underlying SA Funds. The financial statements

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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 (the “Board” or “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.

Fair Value Measurement — The Board has adopted procedures to fair value securities and other assets of each Fund when market prices are not readily available or do not accurately reflect their current market value. The Board has designated the responsibility for applying these fair valuation methods to the Valuation

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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 or Valuation Designee’s own assumptions used to determine the fair value of investments).

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The tables below provide a summary of the inputs as of June 30, 2024, in valuing each Fund’s investments:

	Investments in Securities
	Unadjusted
	Quoted Prices in		Significant
	Active Markets		Other			Significant
	for Identical		Observable			Unobservable			Total Fair Value
	Investments		Inputs			Inputs			as of
Description	(Level 1)		(Level 2)			(Level 3)			June 30, 2024
SA U.S. Fixed Income Fund
Assets
Yankee Corporate Bonds And Notes	$	—	$	66,635,848		$	—		$	66,635,848
Corporate Bonds and Notes		—		114,540,690			—			114,540,690
U.S. Government and Agency Obligations		—		281,380,777			—			281,380,777
Short-Term Investments		1,485,995		—			—			1,485,995
Total Investments	$	1,485,995	$	462,557,315		$	—		$	464,043,310
SA Global Fixed Income Fund
Assets
Bonds and Notes	$	—	$	579,254,971		$	—		$	579,254,971
Short-Term Investments		16,292,930		—			—			16,292,930
Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—		200,413			—			200,413
Total Investments	$	16,292,930	$	579,455,384		$	—		$	595,748,314
Liabilities
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(765,624	)	$	—		$	(765,624	)
SA U.S. Core Market Fund
Assets
Common Stocks	$	661,180,469	$	—		$	0	^†	$	661,180,469
Mutual Funds		26,564,131		—			—			26,564,131
Short-Term Investments		1,604,595		—			—			1,604,595
Total Investments	$	689,349,195	$	—		$	0		$	689,349,195
SA U.S. Value Fund
Assets
Common Stocks	$	545,553,495	$	—		$	—		$	545,553,495
Short-Term Investments		937,206		—			—			937,206
Total Investments	$	546,490,701	$	—		$	—		$	546,490,701

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	Investments in Securities
	Unadjusted
	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable			Total Fair Value
	Investments		Inputs		Inputs			as of
Description	(Level 1)		(Level 2)		(Level 3)			June 30, 2024
SA U.S. Small Company Fund
Assets
Common Stocks	$	307,959,851	$	—	$	41,950	^†	$	308,001,801
Preferred Stocks		27,636		—		—			27,636
Short-Term Investments		912,241		—		—			912,241
Total Investments	$	308,899,728	$	—	$	41,950		$	308,941,678
SA International Value Fund
Assets
Common Stocks	$	535,499,345	$	—	$	—		$	535,499,345
Preferred Stocks		3,892,489		—		—			3,892,489
Short-Term Investments		38,460,277		—		—			38,460,277
Total Investments	$	577,852,111	$	—	$	—		$	577,852,111
SA International Small Company Fund
Assets
Mutual Funds	$	250,019,496	$	—	$	—		$	250,019,496
Total Investments	$	250,019,496	$	—	$	—		$	250,019,496
SA Emerging Markets Value Fund
Assets
Common Stocks	$	204,827,123	$	28,229	$	13,148	^†	$	204,868,500
Preferred Stocks		3,491,989		—		574			3,492,563
Rights and Warrants		4,238		—		—			4,238
Short-Term Investments		2,622,819		—		—			2,622,819
Total Investments	$	210,946,169	$	28,229	$	13,722		$	210,988,120
SA Real Estate Securities Fund
Assets
Common Stocks	$	123,008,170	$	—	$	0	^†	$	123,008,170
Short-Term Investments		353,202		—		—			353,202
Total Investments	$	123,361,372	$	—	$	0		$	123,361,372
SA Worldwide Moderate Growth Fund
Assets
Mutual Funds	$	21,939,709	$	—	$	—		$	21,939,709
Total Investments	$	21,939,709	$	—	$	—		$	21,939,709

† Contains securities with a market value of zero.

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. There were no significant Level 3 assets and/or liabilities held at the beginning or end of the period.

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Securities Lending – The Funds may lend any of their securities held by State Street Bank and Trust Company (“State Street”) as custodian to certain qualified broker-dealers, banks and other institutions, except those securities which the Adviser or Dimensional Fund Advisor LP (the “Sub-Adviser”) specifically identifies as not being available. Any gain or loss in the fair price of the securities loaned that might occur and any interest or dividends declared during the term of the loan would accrue to the account of the Funds. Risks of delay in recovery of the securities or even loss of rights in the collateral may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the collateral decreases below the value of the securities loaned.

Upon entering into a securities lending transaction, a Fund maintains cash or other securities as collateral in an amount equal to or exceeding 100% of the current fair market value of the loaned securities with respect to securities of the U.S. government or its agencies or instrumentalities, a loan of sovereign debt issued by non-U.S. governments, or a loan of non-U.S. corporate debt, 102% of the current fair value of the loaned securities with respect to other U.S. securities and 105% of the current fair value of the loaned securities with respect to foreign equity securities. The fair value of the loaned security is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral is returned by the Fund, on the next business day. Any cash received as collateral is generally invested by State Street, acting in its capacity as securities lending agent (the “Agent”), in the State Street Navigator Securities Lending Government Money Market Portfolio, which is a money market fund registered under the 1940 Act. A portion of the income received on the collateral is rebated to the borrower of the securities, and the remainder is split between the Agent and each respective Fund.

As of June 30, 2024, 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
	Value		Value of Cash		Non-Cash		Total
	of Securities		Collateral		Collateral*		Collateral
SA Global Fixed Income Fund	$	22,713,041	$	14,008,000	$	9,345,147	$	23,353,147
SA U.S. Core Market Fund		1,774,006		69,686		1,769,736		1,839,422
SA U.S. Value Fund		491,527		21,273		499,648		520,921
SA U.S. Small Company Fund		6,547,570		672,208		6,108,055		6,780,263
SA International Value Fund		67,576,925		36,936,164		33,820,924		70,757,088
SA Emerging Markets Value Fund		5,405,129		2,366,712		3,306,562		5,673,274
SA Real Estate Securities Fund		136,081		110,402		30,220		140,622

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

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The following table provides increased transparency about the types of collateral pledged for securities lending transactions that are accounted for as secured borrowing. Non-cash collateral is not reflected in the table because the Funds cannot repledge or resell this collateral.

	Remaining Contractual Maturity of the Agreements
			As of June 30, 2024
	Overnight and				Between
Securities Lending Transaction⁽¹⁾	Continuous		<30 days		30 & 90 days		>90 days		Total
SA Global Fixed Income Fund
Government Money Market	$	14,008,000	$	—	$	—	$	—	$	14,008,000
Total Borrowings	$	14,008,000	$	—	$	—	$	—	$	14,008,000
Gross amount of recognized liabilities for securities lending transactions									$	14,008,000
SA U.S. Core Market Fund
Government Money Market	$	69,686	$	—	$	—	$	—	$	69,686
Total Borrowings	$	69,686	$	—	$	—	$	—	$	69,686
Gross amount of recognized liabilities for securities lending transactions									$	69,686
SA U.S. Value Fund
Government Money Market	$	21,273	$	—	$	—	$	—	$	21,273
Total Borrowings	$	21,273	$	—	$	—	$	—	$	21,273
Gross amount of recognized liabilities for securities lending transactions									$	21,273
SA U.S. Small Company Fund
Government Money Market	$	672,208	$	—	$	—	$	—	$	672,208
Total Borrowings	$	672,208	$	—	$	—	$	—	$	672,208
Gross amount of recognized liabilities for securities lending transactions									$	672,208
SA International Value Fund
Government Money Market	$	36,936,164	$	—	$	—	$	—	$	36,936,164
Total Borrowings	$	36,936,164	$	—	$	—	$	—	$	36,936,164
Gross amount of recognized liabilities for securities lending transactions									$	36,936,164
SA Emerging Markets Value Fund
Government Money Market	$	2,366,712	$	—	$	—	$	—	$	2,366,712
Total Borrowings	$	2,366,712	$	—	$	—	$	—	$	2,366,712
Gross amount of recognized liabilities for securities lending transactions									$	2,366,712
SA Real Estate Securities Fund
Government Money Market	$	110,402	$	—	$	—	$	—	$	110,402
Total Borrowings	$	110,402	$	—	$	—	$	—	$	110,402
Gross amount of recognized liabilities for securities lending transactions									$	110,402

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

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

The results of operations resulting from changes in foreign exchange rates on investments are not reported separately from fluctuations arising from changes in market prices of securities held. All such fluctuations are included with net realized and unrealized gain or loss on investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Investing in foreign securities may involve certain sovereign and other risks, in addition to the credit and market risks normally associated with domestic securities. Investments in foreign securities are subject to fluctuations in currency exchange rates, which may negatively affect the value of a Fund’s portfolio. Additional risks may include exposure to less developed or less efficient trading markets; social, political or economic instability; nationalization of assets, currency controls or redenomination; changes in tax policy; high transaction costs; settlement, custodial or other operation risks; and less stringent accounting, auditing, financial reporting, and legal standards and practices. As a result, foreign securities can fluctuate more widely in price, and may also be less liquid, than comparable U.S. securities.

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

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

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

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

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

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

The following tables, grouped into appropriate risk categories, disclose the amounts related to the Fund’s use of derivative instruments and hedging activities at June 30, 2024, 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	$	200,413	$	(765,624	)	$	3,874,805	$	1,282,434

⁽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 June 30, 2024:

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.		$	200,413			$	(200,413	)		$	—			$	—

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Forward Currency Contracts Liabilities and Collateral Pledged as of June 30, 2024:

Counterparty	Gross Amount of Liabilities Presented in Statements of Assets & Liabilities			Financial Instruments Available for Offset		Collateral Received		Net Amount
State Street Bank and Trust Co.	$	(447,381	)	$	200,413	$	—	$	(246,968	)
UBS		(318,243	)		—		—		(318,243	)

For the fiscal year ended June 30, 2024, the average monthly principal amount of forward foreign currency exchange contracts was $343,755,344.

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 June 30, 2024, 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

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on existing tax rates and holding periods of the securities. As of June 30, 2024, SA Emerging Markets Value Fund recorded a deferred liability for potential future India and Thailand capital gains taxes of $2,617,087 and $42,612, 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 June 30, 2024, and for all open tax year, each Fund has determined that no liability for unrecognized tax benefits is required in each Fund’s financial statements related to uncertain tax positions taken on a tax return (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction’s statute of limitation. 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 (2020 - 2022), or expected to be taken in the Funds’ 2023 tax returns.

As of June 30, 2024, 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	$	(28,186,396	)	$	(4,643,000	)
SA Global Fixed Income Fund		(32,365,880	)		(35,506,545	)
SA International Value Fund		(4,243,920	)		(8,384,943	)
SA Emerging Markets Value Fund		—			(10,112,540	)

The federal income tax character of distributions paid to shareholders during the fiscal years ended June 30, 2024 and 2023 were as follows:

	2024				2023
	Ordinary Income		Long-Term Capital Gain		Ordinary Income		Long-Term Capital Gain
SA U.S. Fixed Income Fund	$	21,020,646	$	—	$	10,791,732	$	—
SA Global Fixed Income Fund		7,999,993		—		22,786,281		—
SA U.S. Core Market Fund		5,568,395		—		5,200,751		26,796,752
SA U.S. Value Fund		8,913,929		—		9,132,478		28,550,506
SA U.S. Small Company Fund		2,291,715		8,899,303		1,480,401		7,767,660
SA International Value Fund		18,494,533		—		21,242,831		—
SA International Small Company Fund		6,343,298		1,841,481		4,197,396		9,788,614
SA Emerging Markets Value Fund		7,748,185		—		6,277,522		—
SA Real Estate Securities Fund		3,472,342		420,231		2,190,859		6,815,243
SA Worldwide Moderate Growth Fund		474,681		447,745		563,331		1,168,961

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As of June 30, 2024, the components of distributable earnings on a federal income tax basis were:

	Undistributed Ordinary Income		Long-Term Capital Gains		Unrealized Appreciation/ (Depreciation)			Post October Capital/ Late Year Ordinary Loss			Capital Loss Carryforward
SA U.S. Fixed Income Fund	$	—	$	—	$	(1,347,474	)	$	—		$	(32,829,396	)
SA Global Fixed Income Fund		13,273,752		—		(3,557,664	)		—			(67,872,425	)
SA U.S. Core Market Fund		2,401,190		—		560,070,406			—			—
SA U.S. Value Fund		6,458,435		2,156,816		235,763,447			—			—
SA U.S. Small Company Fund		—		—		148,058,635			(1,770,157	)		—
SA International Value Fund		13,128,093		—		112,936,141			—			(12,628,863	)
SA International Small Company Fund		1,981,831		1,731,458		95,413,940			—			—
SA Emerging Markets Value Fund		5,156,816		—		27,692,130			—			(10,112,540	)
SA Real Estate Securities Fund		1,509,696		217,918		50,986,914			—			—
SA Worldwide Moderate Growth Fund		125,644		466,528		2,890,887			—			—

During the fiscal year ended June 30, 2024, the SA International Value Fund and the SA Emerging Markets Value Fund utilized $9,279,867 and $2,105,458 of capital loss carryforward, respectively.

At June 30, 2024, 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	$	465,390,784	$	546,561	$	(1,894,035	)	$	(1,347,474	)
SA Global Fixed Income Fund		599,166,986		754,455		(4,312,119	)		(3,557,664	)
SA U.S. Core Market Fund		129,278,789		561,576,120		(1,505,714	)		560,070,406
SA U.S. Value Fund		310,727,254		249,518,747		(13,755,300	)		235,763,447
SA U.S. Small Company Fund		160,883,043		157,977,983		(9,919,348	)		148,058,635
SA International Value Fund		464,915,970		147,169,782		(34,233,641	)		112,936,141
SA International Small Company Fund		154,605,556		95,413,940		—			95,413,940
SA Emerging Markets Value Fund		183,295,990		58,680,588		(30,988,458	)		27,692,130
SA Real Estate Securities Fund		72,374,458		55,294,855		(4,307,941	)		50,986,914
SA Worldwide Moderate Growth Funds		19,048,822		2,890,887		—			2,890,887

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 (Real Estate Investment Trust) 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, partnership basis adjustments, 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.

At June 30, 2024, as a result of permanent book-to-tax differences, the following reclassifications were made on the Statements of Assets and Liabilities. These differences primarily relate to the utilization of earnings and profits distributed to shareholders on redemption of shares and realized gains and losses on redemptions in-kind:

	Paid in Capital			Total distributable earnings (loss)
SA U.S. Fixed Income Fund	$	(96,129	)	$	96,129
SA U.S. Core Market Fund		68,708,426			(68,708,426	)
SA U.S. Value Fund		32,462,318			(32,462,318	)
SA U.S. Small Company Fund		17,123,034			(17,123,034	)
SA International Value Fund		6,864,416			(6,864,416	)
SA International Small Company Fund		12,190			(12,190	)
SA Real Estate Securities Fund		3,254,908			(3,254,908	)
SA Worldwide Moderate Growth Fund		5,878			(5,878	)

2. Agreements and Transactions with Affiliates

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

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For the advisory and administrative services provided to the Funds under the Investment 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. Prior to August 31, 2023, the Fund was subject to an advisory and administrative fee of 0.25% on assets invested in any other investments.

The Trust and the Adviser have jointly entered into an Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement”) with the Sub-Adviser. For the sub-advisory services provided to the Funds under the Sub-Advisory Agreement, the Sub-Adviser is entitled to a fee from each Fund computed daily and payable monthly at an annual rate based on each Fund’s average daily net assets as follows:

		Sub-Advisory Fees
SA U.S. Fixed Income Fund		0.03%
SA Global Fixed Income Fund		0.03%
SA U.S. Core Market Fund		0.03%*
SA U.S. Value Fund		0.10%
SA U.S. Small Company Fund		0.20%
SA International Value Fund		0.20%
SA Emerging Markets Value Fund		0.36%
SA Real Estate Securities Fund		0.10%

* The Sub-Adviser will not receive any sub-advisory fee for its sub-advisory services to the SA U.S. Core Market Fund with respect to any assets of the SA U.S. Core Market Fund invested in the U.S. Micro Cap Portfolio of the DFA Investment Dimensions Group Inc. For its management services, the Sub-Adviser receives an investment advisory fee from the U.S. Micro Cap Portfolio.

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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 — 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. The Chairman of the Board receives an annual supplemental compensation of $12,800 per year.

Prior to January 1, 2024, 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 received an annual supplemental compensation of $12,200 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 fiscal year ended June 30, 2024 were as follows:

	Purchases				Sales
	U.S. Government		Other		U.S. Government		Other
SA U.S. Fixed Income Fund	$	491,408,737	$	193,461,315	$	468,170,036	$	103,370,318
SA Global Fixed Income Fund		576,570,725		390,300,608		448,377,486		439,787,483
SA U.S. Core Market Fund		—		3,851,994		—		18,281,933
SA U.S. Value Fund		—		33,301,282		—		34,782,892
SA U.S. Small Company Fund		—		20,209,037		—		22,864,829
SA International Value Fund		—		63,306,918		—		96,205,278
SA International Small Company Fund		—		8,863,290		—		23,266,000
SA Emerging Markets Value Fund		—		26,185,329		—		33,221,895
SA Real Estate Securities Fund		—		3,341,116		—		2,129,307
SA Worldwide Moderate Growth Fund		—		2,401,965		—		4,871,310

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 fiscal year ended June 30, 2024, 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		2,444,908	$	73,194,099		(2,470,214	)	$	(73,961,517	)
SA U.S. Value Fund		2,188,447		44,435,068		(2,187,627	)		(44,403,791	)
SA U.S. Small Company Fund		960,073		25,171,908		(955,339	)		(25,091,110	)
SA International Value Fund		1,242,368		16,464,890		(1,204,539	)		(15,957,917	)
SA Real Estate Securities Fund		798,980		8,421,064		(793,104	)		(8,393,008	)

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 fiscal year ended June 30, 2024 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 June 30, 2024		Shares as of June 30, 2024		Dividend Income from Affiliated Investment Companies		Capital Gain Distributions from Affiliated Investment Companies
SA U.S. Fixed Income Fund	$	1,993,098	$	1,379,548	$	(92,820	)	$	827	$	3,628	$	3,284,281	$	345,350	$	123,633	$	—
SA Global Fixed Income Fund		4,650,561		126,861		(1,631,750	)		36,283		119,157		3,301,112		373,429		45,135		—
SA U.S. Core Market Fund		3,738,764		124,799		(904,878	)		166,214		601,895		3,726,794		110,424		33,382		—
SA U.S. Value Fund		3,747,332		159,605		(729,690	)		50,548		458,365		3,686,160		171,211		64,762		—
SA U.S. Small Company Fund		1,489,421		142,007		(282,733	)		27,648		86,948		1,463,291		53,738		8,457		48,610
SA International Value Fund		4,491,942		296,313		(862,283	)		155,683		238,531		4,320,186		325,315		154,408		—
SA Emerging Markets Value Fund		1,489,207		93,976		(274,498	)		48,091		126,372		1,483,148		138,353		60,547		—
SA Real Estate Securities Fund		667,683		78,856		(92,658	)		583		20,273		674,737		62,188		19,612		2,373
Totals	$	22,268,008	$	2,401,965	$	(4,871,310	)	$	485,877	$	1,655,169	$	21,939,709			$	509,936	$	50,983

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

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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.

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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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of

SA Funds – Investment Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of SA Funds – Investment Trust, comprising SA U.S. Fixed Income Fund, SA Global Fixed Income Fund, SA U.S. Core Market Fund, SA U.S. Value Fund, SA U.S. Small Company Fund, SA International Value Fund, SA International Small Company Fund, SA Emerging Markets Value Fund, SA Real Estate Securities Fund and SA Worldwide Moderate Growth Fund (the “Funds”) as of June 30, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (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 Funds as of June 30, 2024, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our 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 Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits 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 procedures included confirmation of securities owned as of June 30, 2024, by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. 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. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2020.

COHEN & COMPANY, LTD.

Cleveland, Ohio

August 27, 2024

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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 or by visiting 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, emailing fundadministration@buckinghamgroup.com, visiting the Funds website at http://www.sa-funds.com, or visiting the SEC’s website at http://www.sec.gov.

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

Trustees and Officers’ Information

Information regarding the Trustees and executive officers of the Trust is listed below. The Board is responsible for managing the business and affairs of the Trust. The Board’s role in management of the Trust is oversight. As is the case with virtually all investment companies (as distinguished from operating companies), service providers to the Trust have the responsibility for the day-to-day management of the Funds. The Board’s oversight role does not make the Board a guarantor of the Funds’ investments or activities. The Trustees are experienced executives who meet periodically throughout the year to oversee each Fund’s activities, review contractual arrangements with companies that provide services to each Fund, and review each Fund’s performance. The Board is comprised entirely of Trustees who are not “interested persons” of the Trust, as such term is defined under the 1940 Act (the “Independent Trustees”).

Officers of the Trust listed in the table below whose names are marked with an asterisk (*) are interested persons of the Trust (as defined by the 1940 Act) by virtue of, among other considerations, their relationships with the Adviser or its affiliated entities. Each Trustee and executive officer of the Trust oversees all Funds of the Trust.

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Independent Trustees:

Name, Address,⁽¹⁾and Year of Birth	Position(s) Held with Trust and Length of Time Served⁽²⁾	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Trusteeships/ Directorships Held
Bryan W. Brown Year of Birth: 1945	Trustee (since April 1999) Chairman (since December 2004)	Self-Employed Management Consultant (financial and technological systems) (since 1992).	10	Director/Officer, Kilohana Martial Arts Association (since June 2018).

Charles M. Roame Year of Birth: 1965	Trustee (since June 2012)	Managing Partner, Tiburon Strategic Advisors & Tiburon CEO Summits (since April 1998).	10	Director, Edelman Financial Engines (provider of financial planning & investment advisory services) (since January 2014). Director, FacetWealth (provider of financial planning services) (since February 2018). Director, DPL Financial Partners (insurance management platform) (since February 2022). Director, Allspring Global Investments (financial services) (since May 2022).

Harold M. Shefrin Year of Birth: 1948	Trustee (since April 1999)	Faculty member, Santa Clara University (since 1978).	10	Trustee, Litman Gregory Funds Trust (11 portfolios) (since February 2005).

(1)

The address of each Trustee is: Buckingham Strategic Partners, LLC, 8182 Maryland Avenue, Suite 500, St. Louis, Missouri 63105.

(2)

Each Trustee serves for the lifetime of the Trust or until he dies, resigns, or is removed.

The Funds’ Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-844-366-0905. It is also available on the Funds’ website at: http://www.sa-funds.com.

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Interested Trustee and Officers of the Trust

Name, Address⁽¹⁾and Year of Birth	Position(s) Held with Trust and Length of Time Served⁽²⁾	Principal Occupation(s) During Past 5 Years
Jonathan Scheid* Year of Birth: 1976	Trustee (since September 2023) and President and Chief Executive Officer (since June 2023).	President, Buckingham Strategic Partners (since 2023); Managing Director, Buckingham Wealth Partners (2022 - September 2023); Managing Director, Buckingham Strategic Partners (2019-2021); Vice President, Buckingham Strategic Partners (2018-2019).

Dan Anderson* Year of Birth: 1976	Chief Financial and Accounting Officer and Treasurer (since March 2023).	Chief Financial Officer, Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (since January 2018); Chief Financial Officer, BAM Management LLC (since January 2018).

Jeffery Yorg*	Chief Compliance Officer and Anti-Money Laundering Compliance Officer (since July 2021)	Chief Compliance Officer and Associate General Counsel, Buckingham Strategic Partners, LLC (since October 2019); Chief Compliance Officer, Head of Compliance Legal and Risk, and Deputy Chief Risk Officer, Gurtin Municipal Bond Management, LLC (2014-2019).

Marcy Tsagarakis* Year of Birth: 1971	Secretary (since June 2006).	Director, Fund Administration, Buckingham Strategic Partners, LLC (since December 2018).

(1)

The address of each Trustee and officer is: Buckingham Strategic Partners, LLC, 8182 Maryland Avenue, Suite 500, St. Louis, Missouri 63105.

(2)

Each Trustee serves for the lifetime of the Trust or until he dies, resigns, or is removed. The Trust’s officers are appointed annually by the Board.

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SA FUNDS

TAX INFORMATION NOTICE (Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the Funds for the fiscal year ended June 30, 2024:

Foreign Tax Credits – For the fiscal year ended June 30, 2024, the following Funds have made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by the Fund to its shareholders, all of which represents taxes witheld.

	Foreign Tax Credit		Foreign Source Income
SA International Value Fund	$	1,963,136	$	24,288,636
SA International Small Company Fund		352,658		3,983,477
SA Emerging Markets Value Fund		804,480		8,276,162
SA Worldwide Moderate Growth Fund		21,000		214,956

Capital Gain Distributions – On December 21, 2023, the following Funds declared long-term capital gain distribution.

SA U.S. Small Company Fund	$	8,899,303
SA International Small Company Fund		1,841,481
SA Real Estate Securities Fund		420,231

On December 27, 2023, the SA Worldwide Moderate Growth Fund declared long-term capital gain distribution of $447,745.

Corporate Dividends Received Deduction – The following Funds paid distributions from ordinary income that qualify for the corporate dividends received deduction. The percentage that qualifies is noted below:

SA U.S. Core Market Fund	100.00	%
SA U.S. Value Fund	100.00	%
SA U.S. Small Company Fund	100.00	%
SA International Value Fund	0.10	%
SA International Small Company Fund	0.16	%
SA Emerging Markets Value Fund	44.88	%
SA Worldwide Moderate Growth Fund	21.53	%

Qualified Dividend Income – For the fiscal year ended June 30, 2024 certain dividends paid by one or more of the Funds may be designated as qualified dividend income and subject to a maximum federal income tax rate of 15% for individual shareholders (20% for individuals with taxable income exceeding $518,900 or $583,750 if married filing jointly). Complete information will be reported in conjunction with your 2023 Form 1099-DIV.

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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.

(b) The registrant’s Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

The Board of Directors did not approve any investment advisory contracts during the Funds’ most recent fiscal half-year.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable to the registrant.

Item 13. Portfolio Managers of Closed-End Management Investment Companies

Not applicable to the registrant.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to the registrant.

Item 15. 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 16. 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 on Form N-CSR and Form N-PORT is accumulated and communicated to the registrant’s management to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to the registrant.

Item 18. Recovery of Erroneously Awarded Compensation

Not applicable to the registrant.

Item 19. Exhibits

(a)(1) Code of Ethics referred to in Item 2 is filed herewith.

(a)(2) Not applicable.

(a)(3) 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, as amended, and the Investment Company Act of 1940, as amended, 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:	September 5, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, 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:	September 5, 2024

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

Date:	September 5, 2024

Sa Funds Investment Trust N-CSRCertified annual shareholder report (management investment company)