Sa Funds Investment Trust NPORTP SA Real Estate Securities Fund (Sep 2024 report)

SA U.S. Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited)

	FACE AMOUNT		VALUE†
YANKEE CORPORATE BONDS AND NOTES — 14.1%
Consumer, Cyclical — 0.7%
Daimler Truck Finance North America LLC, 5.375%, 6/25/34 ±	$	400,000	$	412,840
Mercedes-Benz Finance North America LLC, 5.000%, 1/11/34 ±		3,000,000		3,028,406
				3,441,246
Consumer, Non-cyclical — 1.0%
Ashtead Capital, Inc., 5.550%, 5/30/33 ±		1,480,000		1,514,938
BAT Capital Corp., 6.000%, 2/20/34		3,000,000		3,205,149
				4,720,087
Financial — 10.8%
Australia & New Zealand Banking Group Ltd., SOFR + 0.560%, 5.437%, 3/18/26 ±‡		13,803,000		13,839,500
Bank of Montreal, SOFR + 1.330%, 6.288%, 6/05/26 ‡		1,000,000		1,012,403
Commonwealth Bank of Australia, SOFR + 0.400%, 5.690%, 7/07/25 ±‡		1,950,000		1,951,637
Cooperatieve Rabobank UA, SOFR + 0.710%, 5.668%, 3/05/27 ‡		9,500,000		9,531,869
Cooperatieve Rabobank UA, SOFR + 0.700%, 5.925%, 7/18/25 ‡		1,109,000		1,112,485
Credit Agricole SA, SOFR + 0.870%, 5.794%, 3/11/27 ±‡		572,000		574,383
Nordea Bank Abp, 0.750%, 8/28/25 ±		680,000		657,783
Nordea Bank Abp, SOFR + 0.740%, 5.620%, 3/19/27 ±‡		9,000,000		9,025,724
Royal Bank of Canada, 5.150%, 2/01/34		2,000,000		2,078,281
Royal Bank of Canada, SOFR + 0.440%, 5.657%, 1/21/25 ‡		635,000		635,339
Royal Bank of Canada, SOFR + 0.570%, 5.748%, 4/27/26 ‡		895,000		895,407
Svenska Handelsbanken AB, SOFR + 0.910%, 5.868%, 6/10/25 ±‡		2,000,000		2,007,754
Toronto-Dominion Bank (The), SOFR + 1.080%, 6.310%, 7/17/26 ‡		1,150,000		1,160,367
Westpac Banking Corp., SOFR + 0.420%, 5.657%, 4/16/26 ‡		2,300,000		2,300,126
Westpac Banking Corp., SOFR + 0.720%, 5.775%, 11/17/25 ‡		5,000,000		5,018,491
				51,801,549

	FACE AMOUNT		VALUE†
Government — 1.6%
African Development Bank, 3.375%, 7/07/25	$	5,974,000	$	5,935,673
Svensk Exportkredit AB, SOFR + 1.000%, 6.155%, 8/03/26 ‡		1,600,000		1,620,546
				7,556,219
TOTAL YANKEE CORPORATE BONDS AND NOTES (Identified Cost $66,983,175)				67,519,101
CORPORATE BONDS AND NOTES — 29.1%
Basic Materials — 0.9%
Eastman Chemical Co., 5.625%, 2/20/34		2,300,000		2,400,712
LYB International Finance III LLC, 5.500%, 3/01/34		2,000,000		2,079,849
				4,480,561
Communication — 0.2%
Amazon.com, Inc., 3.000%, 4/13/25		849,000		842,267
Consumer, Cyclical — 0.7%
American Honda Finance Corp., SOFR + 0.600%, 5.675%, 8/14/25 ‡		340,000		340,638
American Honda Finance Corp., SOFR + 0.710%, 5.986%, 1/09/26 ‡		1,000,000		1,003,796
Whirlpool Corp., 5.750%, 3/01/34		2,000,000		2,047,716
				3,392,150
Consumer, Non-cyclical — 5.5%
Cigna Group (The), 5.250%, 2/15/34		3,000,000		3,104,345
ERAC USA Finance LLC, 4.900%, 5/01/33 ±		3,000,000		3,056,790
Nestle Capital Corp., 4.875%, 3/12/34 ±		4,000,000		4,122,515
Philip Morris International, Inc., 5.250%, 2/13/34		3,000,000		3,113,185
Procter & Gamble Co. (The), 4.550%, 1/29/34		4,000,000		4,129,249
Roche Holdings, Inc., 5.593%, 11/13/33 ±		6,000,000		6,503,723
Roche Holdings, Inc., SOFR + 0.740%, 5.828%, 11/13/26 ±‡		900,000		906,674
Tyson Foods, Inc., 5.700%, 3/15/34		1,300,000		1,369,011
				26,305,492
Energy — 0.7%
Kinder Morgan, Inc., 5.200%, 6/01/33		1,000,000		1,011,724
Phillips 66 Co., 5.300%, 6/30/33		2,000,000		2,062,054
				3,073,778
Financial — 13.9%
American Express Co., SOFR + 0.650%, 5.788%, 11/04/26 ‡		1,500,000		1,502,668
American Tower Corp., 5.450%, 2/15/34		2,000,000		2,090,277
Athene Holding Ltd., 5.875%, 1/15/34		2,000,000		2,090,408
BlackRock Funding, Inc., 5.000%, 3/14/34		4,000,000		4,167,786

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF SEPTEMBER 30, 2024 (Unaudited) (Continued)

	FACE AMOUNT		VALUE†
CORPORATE BONDS AND NOTES (Continued)
Financial (Continued)
Brixmor Operating Partnership LP, 5.500%, 2/15/34	$	2,000,000	$	2,063,162
Camden Property Trust, 4.900%, 1/15/34		1,500,000		1,508,495
Charles Schwab Corp. (The), SOFR + 0.520%, 5.614%, 5/13/26 ‡		2,500,000		2,501,081
Citibank NA, SOFR + 1.060%, 6.036%, 12/04/26 ‡		2,000,000		2,018,137
CNA Financial Corp., 5.125%, 2/15/34		3,000,000		3,063,667
Corebridge Financial, Inc., 5.750%, 1/15/34		1,950,000		2,054,791
Crown Castle, Inc., 5.800%, 3/01/34		2,000,000		2,120,858
Jefferies Financial Group, Inc., 6.200%, 4/14/34		2,000,000		2,139,909
JPMorgan Chase Bank NA, SOFR + 1.000%, 5.946%, 12/08/26 ‡		13,000,000		13,163,728
Lincoln National Corp., 5.852%, 3/15/34		2,800,000		2,945,639
Mid-America Apartments LP, 5.000%, 3/15/34		2,400,000		2,449,689
Morgan Stanley Bank NA, 5.479%, 7/16/25		4,620,000		4,654,342
Morgan Stanley Bank NA, SOFR + 1.165%, 6.335%, 10/30/26 ‡		4,000,000		4,047,757
National Securities Clearing Corp., 0.750%, 12/07/25 ±		614,000		590,772
National Securities Clearing Corp., 5.150%, 5/30/25 ±		3,910,000		3,925,798
Realty Income Corp., 2.850%, 12/15/32		2,900,000		2,534,148
Simon Property Group LP, 6.250%, 1/15/34		1,000,000		1,105,187
State Street Corp., SOFR + 0.845%, 5.983%, 8/03/26 ‡		3,500,000		3,512,477
				66,250,776
Industrial — 2.2%
Amphenol Corp., 5.250%, 4/05/34		2,400,000		2,506,010
Avnet, Inc., 5.500%, 6/01/32		3,000,000		3,037,463
John Deere Capital Corp., SOFR + 0.560%, 5.536%, 3/07/25 ‡		4,000,000		4,006,863
Precision Castparts Corp., 3.250%, 6/15/25		1,000,000		991,175
				10,541,511
Technology — 0.8%
IBM International Capital Pte. Ltd., 4.900%, 2/05/34		1,900,000		1,948,575

	FACE AMOUNT		VALUE†
Intel Corp., 5.150%, 2/21/34	$	2,000,000	$	2,019,704
				3,968,279
Utilities — 4.2%
Appalachian Power Co., 5.650%, 4/01/34		725,000		762,035
Eversource Energy, 5.500%, 1/01/34		2,000,000		2,075,179
Georgia Power Co., 5.250%, 3/15/34		2,600,000		2,723,778
Interstate Power & Light Co., 5.700%, 10/15/33		3,000,000		3,196,169
National Rural Utilities Cooperative Finance Corp., SOFR + 0.800%, 5.936%, 2/05/27 ‡		3,000,000		3,016,489
NextEra Energy Capital Holdings, Inc., 5.250%, 3/15/34		3,000,000		3,114,068
Sempra, 5.500%, 8/01/33		2,000,000		2,096,945
Virginia Electric & Power Co., 5.000%, 1/15/34		3,000,000		3,072,128
				20,056,791
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $135,360,439)				138,911,605

U.S. GOVERNMENT & AGENCY OBLIGATIONS — 55.6%
U.S. Treasury Securities — 55.6%
U.S. Treasury Floating Rate Notes, 3 mo. Treasury Money Market Yield + 0.125%, 4.677%, 7/31/25 ‡		36,000,000		35,974,043
U.S. Treasury Floating Rate Notes, 3 mo. Treasury Money Market Yield + 0.150%, 4.702%, 4/30/26 ‡		4,000,000		3,993,989
U.S. Treasury Floating Rate Notes, 3 mo. Treasury Money Market Yield + 0.169%, 4.721%, 4/30/25 ‡		26,350,000		26,334,142
U.S. Treasury Floating Rate Notes, 3 mo. Treasury Money Market Yield + 0.170%, 4.722%, 10/31/25 ‡		24,550,000		24,534,593
U.S. Treasury Floating Rate Notes, 3 mo. Treasury Money Market Yield + 0.245%, 4.797%, 1/31/26 ‡		7,000,000		6,999,775
U.S. Treasury Inflation-Indexed Bonds, 2.000%, 1/15/26		21,393,450		21,356,015
U.S. Treasury Inflation-Indexed Notes, 0.125%, 10/15/25		24,849,895		24,368,001
U.S. Treasury Inflation-Indexed Notes, 0.375%, 7/15/25		24,536,920		24,184,576
U.S. Treasury Inflation-Indexed Notes, 0.625%, 1/15/26		24,488,635		24,022,258
U.S. Treasury Notes, 0.250%, 5/31/25		24,000,000		23,381,645
U.S. Treasury Notes, 0.375%, 4/30/25		23,000,000		22,485,038

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	FACE AMOUNT		VALUE†
U.S. GOVERNMENT & AGENCY OBLIGATIONS (Continued)
U.S. Treasury Securities (Continued)
U.S. Treasury Notes, 2.750%, 8/31/25	$	11,000,000	$	10,874,126
U.S. Treasury Notes, 2.875%, 6/15/25		17,000,000		16,847,232
				265,355,433
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Identified Cost $265,236,711)				265,355,433
SHORT-TERM INVESTMENTS — 0.5%
Investment Company — 0.5%
State Street Institutional U.S. Government Money Market Fund 4.690%		2,437,702		2,437,702
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,437,702)				2,437,702
Total Investments — 99.3% (Identified Cost $470,018,027)				474,223,841
Cash and Other Assets, Less Liabilities — 0.7%				3,193,978
Net Assets — 100.0%			$	477,417,819

	†	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 September 30, 2024 amounted to $52,119,238 or 10.92% of the net assets of the Fund.
	‡	Floating rate or variable rate note. Rate shown is as of September 30, 2024.

Key to abbreviations:
SOFR — Secured Overnight Financing Rate

The accompanying notes are an integral part of these portfolio of investments.

SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited)

		FACE AMOUNT		VALUE†
BONDS AND NOTES — 98.2%
*Australia — 9.6%*
Australia & New Zealand Banking Group Ltd., 4.050%, 5/12/25	AUD		1,000,000	$	689,331
Australia & New Zealand Banking Group Ltd., (3-mo. Swap + 0.830%), 5.264%, 3/31/26 ‡	AUD		1,500,000		1,042,936
Australia & New Zealand Banking Group Ltd., (3-mo. Swap + 0.920%), 5.274%, 11/04/25 ‡	AUD		2,500,000		1,738,400
Australia & New Zealand Banking Group Ltd., (3-mo. Swap + 0.970%), 5.343%, 5/12/27 ‡	AUD		500,000		348,641
Australia & New Zealand Banking Group Ltd., (SOFR + 0.560%), 5.437%, 3/18/26 ±‡	USD		6,682,000		6,699,669
Australia & New Zealand Banking Group Ltd., (3-mo. Swap + 1.200%), 5.554%, 11/04/27 ‡	AUD		500,000		351,140
Commonwealth Bank of Australia, (3-mo. Swap + 0.750%), 5.114%, 8/17/26 ‡	AUD		500,000		347,148
Commonwealth Bank of Australia, (3-mo. Swap + 0.700%), 5.153%, 1/14/27 ‡	AUD		1,000,000		693,002
Commonwealth Bank of Australia, (3-mo. Swap + 0.800%), 5.164%, 8/18/25 ‡	AUD		2,000,000		1,388,314
Commonwealth Bank of Australia, (3-mo. Swap + 0.900%), 5.353%, 1/13/26 ‡	AUD		6,200,000		4,313,032
Commonwealth Bank of Australia, (SOFR + 0.630%), 5.540%, 9/12/25 ±‡	USD		233,000		233,756
Commonwealth Bank of Australia, (3-mo. Swap + 1.150%), 5.603%, 1/13/28 ‡	AUD		1,500,000		1,051,243
Commonwealth Bank of Australia, (SOFR + 0.740%), 5.639%, 3/14/25 ‡	USD		2,900,000		2,902,979
Commonwealth Bank of Australia, (SOFR + 0.400%), 5.690%, 7/07/25 ±‡	USD		3,548,000		3,550,979
National Australia Bank Ltd., 2.900%, 2/25/27	AUD		1,000,000		669,987
National Australia Bank Ltd., 4.951%, 1/10/34 ±	USD		2,883,000		2,952,113
National Australia Bank Ltd., (3-mo. Swap + 0.780%), 5.153%, 5/12/26 ‡	AUD		1,500,000		1,042,138
National Australia Bank Ltd., (3-mo. Swap + 0.770%), 5.240%, 1/21/25 ‡	AUD		1,300,000		900,202
National Australia Bank Ltd., (3-mo. Swap + 0.920%), 5.271%, 11/25/25 ‡	AUD		2,500,000		1,738,798
National Australia Bank Ltd., (3-mo. Swap + 0.900%), 5.294%, 5/30/25 ‡	AUD		4,200,000		2,915,169

		FACE AMOUNT		VALUE†
National Australia Bank Ltd., (3-mo. Swap + 1.200%), 5.551%, 11/25/27 ‡	AUD		500,000	$	350,905
National Australia Bank Ltd., (SOFR + 0.760%), 5.849%, 5/13/25 ±‡	USD		3,110,000		3,119,171
New South Wales Treasury Corp., 1.500%, 2/20/32	AUD		4,000,000		2,259,554
South Australian Government Financing Authority, 1.750%, 5/24/32	AUD		3,300,000		1,884,117
Treasury Corp. of Victoria, 2.250%, 9/15/33	AUD		6,000,000		3,404,554
Westpac Banking Corp., (3-mo. Swap + 0.690%), 5.108%, 3/17/25 ‡	AUD		3,000,000		2,077,970
Westpac Banking Corp., (3-mo. Swap + 0.750%), 5.117%, 2/16/26 ‡	AUD		1,000,000		694,351
Westpac Banking Corp., (3-mo. Swap + 0.800%), 5.173%, 8/11/25 ‡	AUD		6,000,000		4,164,362
Westpac Banking Corp., (3-mo. Swap + 0.700%), 5.191%, 1/25/27 ‡	AUD		1,000,000		693,058
Westpac Banking Corp., (3-mo. Swap + 0.950%), 5.323%, 11/11/25 ‡	AUD		1,400,000		973,911
Westpac Banking Corp., (3-mo. Swap + 0.980%), 5.347%, 2/16/28 ‡	AUD		500,000		348,465
Westpac Banking Corp., (3-mo. Swap + 1.230%), 5.603%, 11/11/27 ‡	AUD		1,500,000		1,053,514
					56,592,909
*Belgium — 1.4%*
Ministeries Van de Vlaamse Gemeenschap, 3.125%, 6/22/34	EUR		7,300,000		8,267,931
*Canada — 9.7%*
Canada Government Bonds, 1.500%, 4/01/25	CAD		24,000,000		17,556,973
Canadian Imperial Bank of Commerce, 3.300%, 5/26/25	CAD		22,000,000		16,228,971
CDP Financial, Inc., (SOFR + 0.400%), 5.475%, 5/19/25 ±‡	USD		5,400,000		5,406,183
CPPIB Capital, Inc., (SOFR + 1.250%), 6.202%, 3/11/26 ±‡	USD		250,000		253,306
Province of Ontario, 3.650%, 6/02/33	CAD		14,000,000		10,465,565
Province of Quebec, 3.600%, 9/01/33	CAD		5,000,000		3,716,093
Royal Bank of Canada, 4.930%, 7/16/25	CAD		5,000,000		3,733,953
					57,361,044
*Denmark — 1.0%*
Novo Nordisk Finance Netherlands BV, 3.375%, 5/21/34	EUR		5,000,000		5,721,215
*Finland — 1.9%*
Nordea Bank Abp, 2.750%, 6/12/25	NOK		68,000,000		6,355,107

The accompanying notes are an integral part of these portfolio of investments.

SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

		FACE AMOUNT		VALUE†
BONDS AND NOTES (Continued)
*Finland (Continued)*
Nordea Bank Abp, (SOFR + 0.740%), 5.620%, 3/19/27 ±‡	USD		5,000,000	$	5,014,291
					11,369,398
France — 8.1%
Agence Francaise de Developpement EPIC, 3.000%, 1/17/34	EUR		5,000,000		5,541,304
Agence France Locale, 3.125%, 3/20/34	EUR		14,500,000		16,199,701
Bpifrance SACA, 3.375%, 5/25/34	EUR		13,000,000		14,854,328
Caisse des Depots et Consignations, (SOFR + 0.340%), 5.504%, 5/03/26 ‡	USD		4,800,000		4,794,930
Regie Autonome des Transports Parisiens EPIC, 3.250%, 4/11/33	EUR		1,000,000		1,126,450
Societe Des Grands Projets EPIC, 1.125%, 5/25/34	EUR		2,000,000		1,864,228
Societe Nationale SNCF SACA, 3.375%, 5/25/33	EUR		3,000,000		3,423,399
					47,804,340
Germany — 0.3%
NRW Bank, 1.050%, 3/31/26	AUD		2,350,000		1,549,987
Netherlands — 1.1%
BNG Bank NV, 3.250%, 7/15/25	AUD		900,000		616,839
Cooperatieve Rabobank UA, (3-mo. Swap + 0.880%), 5.245%, 5/22/26 ‡	AUD		700,000		486,350
Cooperatieve Rabobank UA, (SOFR + 0.710%), 5.668%, 3/05/27 ‡	USD		500,000		501,678
Cooperatieve Rabobank UA, (SOFR + 0.700%), 5.925%, 7/18/25 ‡	USD		3,952,000		3,964,420
Cooperatieve Rabobank UA, (SOFR + 0.900%), 6.196%, 10/05/26 ‡	USD		1,110,000		1,116,725
					6,686,012
Norway — 2.6%
Kommunalbanken AS, (SOFR + 1.000%), 5.918%, 6/17/26 ‡	USD		15,300,000		15,492,366
Singapore — 0.7%
DBS Bank Ltd., (3-mo. Swap + 0.850%), 5.266%, 6/16/25 ‡	AUD		2,300,000		1,595,512
United Overseas Bank Ltd., (3-mo. Swap + 0.590%), 5.070%, 10/27/25 ‡	AUD		3,500,000		2,424,662
					4,020,174
Supranational — 15.4%
Asian Development Bank, 4.800%, 1/17/33	AUD		5,000,000		3,543,930
Asian Development Bank, (SOFR + 1.000%), 5.924%, 6/16/26 ‡	USD		7,100,000		7,192,620

		FACE AMOUNT		VALUE†
Asian Development Bank, (SOFR + 1.000%), 6.032%, 8/27/26 ‡	USD		2,896,000	$	2,935,225
Asian Development Bank, (SOFR + 1.000%), 6.314%, 4/06/27 ‡	USD		200,000		203,508
Asian Infrastructure Investment Bank (The), 1.000%, 5/06/26	AUD		1,900,000		1,250,790
Asian Infrastructure Investment Bank (The), (SOFR + 0.620%), 5.714%, 8/16/27 ‡	USD		5,000,000		5,039,653
European Bank for Reconstruction & Development, (SOFR + 0.330%), 5.400%, 2/20/28 ‡	USD		10,000,000		10,011,630
European Bank for Reconstruction & Development, (SOFR + 0.190%), 5.446%, 4/14/26 ‡	USD		3,126,000		3,124,559
European Investment Bank, 1.250%, 5/12/25	SEK		100,000,000		9,760,508
European Investment Bank, 4.550%, 6/02/33	AUD		2,170,000		1,512,187
European Investment Bank, (SOFR + 1.000%), 6.037%, 5/21/28 ‡	USD		3,800,000		3,887,585
Inter-American Development Bank, (SOFR + 0.170%), 5.094%, 9/16/26 ‡	USD		1,500,000		1,499,231
Inter-American Development Bank, (SOFR + 0.270%), 5.172%, 3/20/28 @‡	USD		2,000,000		1,996,727
Inter-American Development Bank, (SOFR + 0.370%), 5.545%, 8/01/29 ‡	USD		4,000,000		4,005,189
Inter-American Development Bank, (SOFR + 0.350%), 5.665%, 10/05/28 ‡	USD		3,020,000		3,022,132
Inter-American Development Bank, (SOFR + 0.350%), 5.679%, 10/04/27 @‡	USD		5,483,000		5,491,922
International Bank for Reconstruction & Development, 4.200%, 4/21/33	AUD		2,000,000		1,357,591
International Bank for Reconstruction & Development, (SOFR + 0.180%), 5.104%, 6/15/26 ‡	USD		1,500,000		1,498,732
International Bank for Reconstruction & Development, (SOFR + 0.270%), 5.194%, 6/15/27 ‡	USD		8,500,000		8,511,145
International Bank for Reconstruction & Development, (SOFR + 0.430%), 5.505%, 8/19/27 ‡	USD		3,650,000		3,669,800
International Bank for Reconstruction & Development, (SOFR + 0.370%), 5.646%, 1/12/27 ‡	USD		1,000,000		1,003,385

The accompanying notes are an integral part of these portfolio of investments.

SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

		FACE AMOUNT		VALUE†
BONDS AND NOTES (Continued)
Supranational (Continued)
International Finance Corp., 3.635%, 8/26/33	AUD		500,000	$	323,790
Nordic Investment Bank, 1.500%, 3/13/25	NOK		6,000,000		560,897
Nordic Investment Bank, (SOFR + 0.290%), 5.159%, 10/04/27 ±‡	USD		8,325,000		8,333,316
Nordic Investment Bank, (SOFR + 1.000%), 6.116%, 5/12/26 ‡	USD		1,050,000		1,063,479
					90,799,531
Sweden — 1.5%
Kommuninvest I Sverige AB, 1.000%, 5/12/25	SEK		13,000,000		1,267,469
Kommuninvest I Sverige AB, 1.500%, 5/12/25	SEK		10,000,000		978,025
Svensk Exportkredit AB, (SOFR + 1.000%), 6.155%, 8/03/26 ‡	USD		1,835,000		1,858,564
Svenska Handelsbanken AB, 3.650%, 6/10/25 ±	USD		5,000,000		4,970,653
					9,074,711
United States — 44.9%
BlackRock, Inc., 4.750%, 5/25/33	USD		15,000,000		15,427,300
Federal Farm Credit Banks Funding Corp., (SOFR + 0.120%), 4.960%, 7/10/26 ‡	USD		2,000,000		2,000,482
Federal Farm Credit Banks Funding Corp., (SOFR + 0.130%), 4.970%, 8/12/26 ‡	USD		780,000		780,039
Mastercard, Inc., 4.850%, 3/09/33	USD		5,000,000		5,195,505
Mastercard, Inc., 4.875%, 5/09/34	USD		5,000,000		5,169,265
Meta Platforms, Inc., 4.950%, 5/15/33 @	USD		16,500,000		17,312,498
Morgan Stanley Bank NA, (SOFR + 1.165%), 6.335%, 10/30/26 ‡	USD		4,250,000		4,300,742
Nestle Capital Corp., 4.875%, 3/12/34 ±	USD		4,000,000		4,122,515
Nestle Holdings, Inc., 5.000%, 9/12/33 ±	USD		5,000,000		5,253,606
Procter & Gamble Co. (The), 4.550%, 1/29/34	USD		12,000,000		12,387,747
Roche Holdings, Inc., 5.593%, 11/13/33 ±	USD		15,000,000		16,259,307
Roche Holdings, Inc., (SOFR + 0.740%), 5.828%, 11/13/26 ±‡	USD		1,050,000		1,057,787
Texas Instruments, Inc., 4.850%, 2/08/34	USD		4,000,000		4,157,447
Texas Instruments, Inc., 4.900%, 3/14/33 @	USD		5,000,000		5,225,326
U.S. Treasury Floating Rate Notes, (3 mo. Treasury Money Market Yield + 0.169%), 4.721%, 4/30/25 ‡	USD		50,000,000		49,969,909
U.S. Treasury Inflation-Indexed Bonds, 2.000%, 1/15/26	USD		28,049,190		28,000,108
U.S. Treasury Inflation-Indexed Notes, 0.125%, 10/15/25	USD		31,153,283		30,549,153

		FACE AMOUNT		VALUE†
U.S. Treasury Inflation-Indexed Notes, 0.375%, 7/15/25	USD		30,107,464	$	29,675,129
U.S. Treasury Inflation-Indexed Notes, 0.625%, 1/15/26	USD		28,989,249		28,437,160
Wells Fargo Bank NA, (SOFR + 1.070%), 5.994%, 12/11/26 ‡	USD		385,000		388,927
					265,669,952
TOTAL BONDS AND NOTES
(Identified Cost $573,686,646)					580,409,570

	SHARES
SHORT-TERM INVESTMENTS — 2.8%
Investment Company — 2.5%
State Street Institutional U.S. Government Money Market Fund 4.690%		14,614,399		14,614,399
Collateral For Securities On Loan — 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio 5.020%		2,055,000		2,055,000
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $16,669,399)				16,669,399
Total Investments — 101.0%
(Identified Cost $590,356,045)				597,078,969
Liabilities in excess of Cash and Other Assets — (1.0%)				(6,074,045	)
Net Assets — 100.0%			$	591,004,924

†

See Note 1

‡

Floating rate or variable rate note. Rate shown is as of September 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 September 30, 2024 amounted to $67,226,652 or 11.37% of the net assets of the Fund.

A portion or all of the security was held on loan. As of September 30, 2024, the market value of the securities on loan was $19,642,639.

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 portfolio of investments.

SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

Forward Foreign Currency Exchange Contracts sold outstanding as of September 30, 2024
Settlement Date	Currency Purchased		Currency Sold		Counterparty	Total Value		Unrealized Appreciation		Unrealized Depreciation
10/03/24	USD	36,268,125	AUD	53,894,483	State Street Bank and Trust Co.	$	37,260,568	$	—	$	(992,443	)
10/03/24	USD	24,037,488	EUR	21,639,385	State Street Bank and Trust Co.		24,088,805		—		(51,318	)
10/07/24	USD	59,605,617	CAD	80,358,398	State Street Bank and Trust Co.		59,424,366		181,252		—
10/09/24	USD	6,044,240	SEK	63,423,875	State Street Bank and Trust Co.		6,247,139		—		(202,898	)
10/11/24	USD	6,815,764	NOK	73,671,833	State Street Bank and Trust Co.		6,981,815		—		(166,050	)
10/23/24	USD	18,749,501	AUD	27,530,852	State Street Bank and Trust Co.		19,039,769		—		(290,268	)
10/28/24	USD	5,854,628	SEK	59,089,384	State Street Bank and Trust Co.		5,825,507		29,122		—
10/30/24	USD	12,416,738	EUR	11,107,805	State Street Bank and Trust Co.		12,379,027		37,710		—
10/30/24	USD	21,196,998	EUR	19,072,969	State Street Bank and Trust Co.		21,255,756		—		(58,759	)
								$	248,084	$	(1,761,736	)

Forward Foreign Currency Exchange Contracts purchased outstanding as of September 30, 2024
Settlement Date	Currency Purchased		Currency Sold		Counterparty	Total Value		Unrealized Appreciation		Unrealized Depreciation
10/03/24	AUD	5,897,691	USD	4,086,403	State Street Bank and Trust Co.	$	4,077,436	$	—	$	(8,967	)
10/07/24	CAD	9,929,786	USD	7,326,597	State Street Bank and Trust Co.		7,342,994		16,397		—
								$	16,397	$	(8,967	)
Total								$	264,481	$	(1,770,703	)

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited)

	SHARES		VALUE†
COMMON STOCKS — 95.8%
Aerospace & Defense — 1.6%
Axon Enterprise, Inc. *		500	$	199,800
Boeing Co. (The) *		8,201		1,246,880
BWX Technologies, Inc.		2,072		225,226
Curtiss-Wright Corp.		732		240,601
General Dynamics Corp.		3,788		1,144,734
HEICO Corp.		574		150,089
HEICO Corp., Class A		625		127,350
Hexcel Corp.		778		48,104
Howmet Aerospace, Inc.		1,946		195,086
Huntington Ingalls Industries, Inc.		611		161,536
L3Harris Technologies, Inc.		1,449		344,674
Lockheed Martin Corp.		5,557		3,248,400
Moog, Inc., Class A		182		36,768
Northrop Grumman Corp.		1,518		801,610
RTX Corp.		14,657		1,775,842
Textron, Inc.		2,582		228,714
TransDigm Group, Inc.		821		1,171,674
Woodward, Inc.		1,021		175,112
				11,522,200
Air Freight & Logistics — 0.6%
CH Robinson Worldwide, Inc.		2,534		279,678
Expeditors International of Washington, Inc.		3,168		416,275
FedEx Corp.		4,796		1,312,569
GXO Logistics, Inc. *		1,934		100,703
United Parcel Service, Inc., Class B		14,446		1,969,568
				4,078,793
Automobile Components — 0.1%
Aptiv PLC *		2,924		210,557
Autoliv, Inc.		1,465		136,787
BorgWarner, Inc.		3,685		133,729
Gentex Corp.		4,249		126,153
Lear Corp.		957		104,456
Modine Manufacturing Co. *		200		26,558
				738,240
Automobiles — 0.9%
Ford Motor Co.		30,242		319,356
General Motors Co.		9,249		414,725
Harley-Davidson, Inc.		1,069		41,189
Tesla, Inc. *		20,897		5,467,282
Thor Industries, Inc.		1,179		129,560
				6,372,112
Beverages — 1.7%
Brown-Forman Corp., Class A		1,202		57,792
Brown-Forman Corp., Class B		4,083		200,884
Celsius Holdings, Inc. *		1,188		37,256
Coca-Cola Co. (The)		73,733		5,298,453
Coca-Cola Consolidated, Inc.		132		173,765
Constellation Brands, Inc., Class A		1,757		452,761
Keurig Dr Pepper, Inc.		3,375		126,495
Molson Coors Beverage Co., Class B		1,400		80,528
Monster Beverage Corp. *		8,929		465,826
PepsiCo, Inc.		28,513		4,848,636
				11,742,396
Biotechnology — 2.5%
AbbVie, Inc.		37,978		7,499,896
Alkermes PLC *		1,490		41,705
Alnylam Pharmaceuticals, Inc. *		1,198		329,486
Amgen, Inc.		12,097		3,897,774
Biogen, Inc. *		1,615		313,052
BioMarin Pharmaceutical, Inc. *		1,169		82,169
Exact Sciences Corp. *@		1,421		96,799

	SHARES		VALUE†
Exelixis, Inc. *		3,578	$	92,849
Gilead Sciences, Inc.		22,622		1,896,629
GRAIL, Inc. *@		262		3,605
Halozyme Therapeutics, Inc. *		3,014		172,521
Incyte Corp. *		894		59,093
Insmed, Inc. *		516		37,668
Moderna, Inc. *		1,128		75,384
Natera, Inc. *		327		41,513
Neurocrine Biosciences, Inc. *		608		70,054
Regeneron Pharmaceuticals, Inc. *		793		833,633
Sarepta Therapeutics, Inc. *		702		87,673
United Therapeutics Corp. *		835		299,222
Vertex Pharmaceuticals, Inc. *		2,966		1,379,427
				17,310,152
Broadline Retail — 3.8%
Amazon.com, Inc. *		137,309		25,584,786
Coupang, Inc. *		10,006		245,647
Dillard's, Inc., Class A @		100		38,369
eBay, Inc.		9,533		620,694
Etsy, Inc. *		1,250		69,413
Ollie's Bargain Outlet Holdings, Inc. *		691		67,165
				26,626,074
Building Products — 0.8%
A.O. Smith Corp.		1,848		166,006
AAON, Inc.		253		27,284
Advanced Drainage Systems, Inc.		200		31,432
Allegion PLC		2,478		361,144
Armstrong World Industries, Inc.		243		31,937
AZEK Co., Inc. (The) *		968		45,302
Builders FirstSource, Inc. *		2,521		488,721
Carlisle Cos., Inc.		674		303,132
Carrier Global Corp.		13,163		1,059,490
Fortune Brands Innovations, Inc.		2,330		208,605
Johnson Controls International PLC		580		45,014
Lennox International, Inc.		726		438,715
Masco Corp.		4,275		358,843
Owens Corning		1,879		331,681
Simpson Manufacturing Co., Inc.		116		22,187
Trane Technologies PLC		3,350		1,302,245
Trex Co., Inc. *		2,464		164,053
UFP Industries, Inc.		812		106,543
Zurn Elkay Water Solutions Corp. @		642		23,073
				5,515,407
Capital Markets — 2.4%
Affiliated Managers Group, Inc.		600		106,680
Ameriprise Financial, Inc.		1,976		928,345
Ares Management Corp., Class A		1,606		250,279
Bank of New York Mellon Corp. (The)		4,707		338,245
BGC Group, Inc., Class A		4,215		38,694
BlackRock, Inc.		1,265		1,201,130
Blackstone, Inc.		6,683		1,023,368
Carlyle Group, Inc. (The)		1,219		52,490
Cboe Global Markets, Inc.		1,317		269,814
Charles Schwab Corp. (The)		14,444		936,116
CME Group, Inc.		2,477		546,550
Coinbase Global, Inc., Class A *		739		131,668
Evercore, Inc., Class A		400		101,336
FactSet Research Systems, Inc.		677		311,318
Franklin Resources, Inc.		2,732		55,050
Goldman Sachs Group, Inc. (The)		2,257		1,117,463
Hamilton Lane, Inc., Class A		723		121,746
Houlihan Lokey, Inc.		916		144,746
Interactive Brokers Group, Inc., Class A		962		134,064
Intercontinental Exchange, Inc.		5,224		839,183

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Capital Markets (Continued)
Invesco Ltd.		2,611	$	45,849
Janus Henderson Group PLC		1,850		70,429
Jefferies Financial Group, Inc.		1,620		99,711
KKR & Co., Inc.		5,286		690,246
Lazard, Inc.		1,051		52,949
LPL Financial Holdings, Inc.		1,817		422,689
MarketAxess Holdings, Inc.		627		160,637
Moody's Corp.		3,025		1,435,635
Morgan Stanley		13,418		1,398,692
Morningstar, Inc.		304		97,012
MSCI, Inc.		1,170		682,028
Nasdaq, Inc.		3,887		283,790
Northern Trust Corp.		1,618		145,669
Piper Sandler Cos.		155		43,991
Raymond James Financial, Inc.		2,167		265,371
Robinhood Markets, Inc., Class A *		1,886		44,170
S&P Global, Inc.		3,317		1,713,629
SEI Investments Co.		2,147		148,551
State Street Corp.		1,628		144,029
Stifel Financial Corp.		1,678		157,564
T Rowe Price Group, Inc.		3,705		403,586
Tradeweb Markets, Inc., Class A		683		84,467
				17,238,979
Chemicals — 1.4%
Air Products & Chemicals, Inc.		3,414		1,016,484
Albemarle Corp. @		956		90,543
Axalta Coating Systems Ltd. *		1,604		58,049
Balchem Corp.		630		110,880
Cabot Corp.		991		110,764
Celanese Corp.		1,241		168,726
CF Industries Holdings, Inc.		2,192		188,074
Corteva, Inc.		5,428		319,112
Dow, Inc.		6,061		331,113
DuPont de Nemours, Inc.		2,632		234,538
Eastman Chemical Co.		1,476		165,238
Ecolab, Inc.		3,437		877,569
Element Solutions, Inc.		3,767		102,312
FMC Corp.		1,483		97,789
HB Fuller Co.		339		26,910
International Flavors & Fragrances, Inc.		2,270		238,191
Linde PLC		4,857		2,316,109
LyondellBasell Industries NV, Class A		4,468		428,481
Mosaic Co. (The)		4,221		113,038
NewMarket Corp.		82		45,255
Olin Corp.		1,800		86,364
PPG Industries, Inc.		3,241		429,303
RPM International, Inc.		2,334		282,414
Sherwin Williams Co. (The)		5,258		2,006,821
Westlake Corp.		439		65,977
				9,910,054
Commercial Banks — 2.3%
Bank of America Corp.		66,036		2,620,308
Bank OZK		1,661		71,406
BOK Financial Corp.		300		31,386
Cadence Bank		3,669		116,858
Citigroup, Inc.		6,473		405,210
Citizens Financial Group, Inc.		454		18,646
Comerica, Inc.		957		57,334

	SHARES		VALUE†
Commerce Bancshares, Inc.		2,503	$	148,678
Cullen/Frost Bankers, Inc.		699		78,190
East West Bancorp, Inc.		2,039		168,707
Fifth Third Bancorp		7,840		335,866
First Citizens Bancshares, Inc., Class A		112		206,186
First Financial Bankshares, Inc.		1,684		62,325
First Horizon Corp.		3,862		59,977
FNB Corp.		5,930		83,672
Glacier Bancorp, Inc.		474		21,662
Home BancShares, Inc.		1,840		49,846
Huntington Bancshares, Inc.		7,352		108,074
JPMorgan Chase & Co.		33,900		7,148,154
KeyCorp		7,104		118,992
M&T Bank Corp.		522		92,979
Old National Bancorp		2,043		38,122
Pinnacle Financial Partners, Inc.		1,009		98,852
PNC Financial Services Group, Inc. (The)		2,775		512,959
Popular, Inc.		1,642		164,643
Prosperity Bancshares, Inc.		1,026		73,944
Regions Financial Corp.		6,818		159,064
SouthState Corp.		400		38,872
Synovus Financial Corp.		1,811		80,535
Truist Financial Corp.		4,824		206,322
U.S. Bancorp		16,958		775,489
United Bankshares, Inc.		600		22,260
Wells Fargo & Co.		31,501		1,779,492
Western Alliance Bancorp		1,740		150,493
Wintrust Financial Corp.		600		65,118
Zions Bancorp NA		2,092		98,784
				16,269,405
Commercial Services & Supplies — 0.8%
Brink's Co. (The)		381		44,059
Casella Waste Systems, Inc., Class A *		549		54,620
Cintas Corp.		6,924		1,425,513
Clean Harbors, Inc. *		770		186,117
Copart, Inc. *		9,766		511,738
MSA Safety, Inc.		600		106,404
Republic Services, Inc.		3,343		671,408
Rollins, Inc.		4,629		234,135
Tetra Tech, Inc.		3,200		150,912
Veralto Corp.		2,108		235,801
Waste Management, Inc.		9,583		1,989,431
				5,610,138
Communications Equipment — 0.9%
Arista Networks, Inc. *		2,688		1,031,708
Ciena Corp. *		2,569		158,225
Cisco Systems, Inc.		63,490		3,378,938
F5, Inc. *		769		169,334
Motorola Solutions, Inc.		2,888		1,298,531
				6,036,736
Computers & Peripherals — 5.7%
Apple, Inc.		161,031		37,520,223
Dell Technologies, Inc., Class C		3,734		442,628
Hewlett Packard Enterprise Co.		9,599		196,396
HP, Inc.		17,328		621,555
NetApp, Inc.		4,285		529,240
Pure Storage, Inc., Class A *		2,027		101,837
Seagate Technology Holdings PLC		4,475		490,147
Super Micro Computer, Inc. *@		218		90,775

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Computers & Peripherals (Continued)
Western Digital Corp. *		3,176	$	216,889
				40,209,690
Construction & Engineering — 0.2%
AECOM		1,355		139,931
API Group Corp. *		1,855		61,252
Comfort Systems USA, Inc.		533		208,056
Dycom Industries, Inc. *		200		39,420
EMCOR Group, Inc.		678		291,899
Fluor Corp. *		831		39,647
MasTec, Inc. *		1,136		139,842
MDU Resources Group, Inc.		3,960		108,544
Quanta Services, Inc.		1,606		478,829
Valmont Industries, Inc.		200		57,990
WillScot Holdings Corp. *		1,927		72,455
				1,637,865
Construction Materials — 0.1%
Eagle Materials, Inc.		626		180,069
Martin Marietta Materials, Inc.		664		357,398
Summit Materials, Inc., Class A *		1,335		52,105
Vulcan Materials Co.		1,521		380,904
				970,476
Consumer Finance — 0.7%
Ally Financial, Inc.		3,311		117,838
American Express Co.		11,106		3,011,947
Capital One Financial Corp.		4,241		635,005
Credit Acceptance Corp. *		133		58,975
Discover Financial Services		4,189		587,675
FirstCash Holdings, Inc.		831		95,399
OneMain Holdings, Inc.		677		31,866
Synchrony Financial		2,776		138,467
				4,677,172
Consumer Staples Distribution & Retail — 2.3%
Albertsons Cos., Inc., Class A		714		13,195
BJ's Wholesale Club Holdings, Inc. *		2,341		193,086
Casey's General Stores, Inc.		508		190,861
Costco Wholesale Corp.		6,712		5,950,322
Dollar General Corp.		4,801		406,021
Dollar Tree, Inc. *		1,472		103,511
Kroger Co. (The)		17,571		1,006,818
Performance Food Group Co. *		1,336		104,702
Sprouts Farmers Market, Inc. *		1,478		163,186
Sysco Corp.		9,579		747,737
Target Corp.		11,134		1,735,345
U.S. Foods Holding Corp. *		1,600		98,400
Walgreens Boots Alliance, Inc.		3,596		32,220
Walmart, Inc.		68,631		5,541,953
				16,287,357
Containers & Packaging — 0.4%
Amcor PLC		13,861		157,045
AptarGroup, Inc.		1,283		205,524
Avery Dennison Corp.		2,232		492,736
Ball Corp.		3,549		241,013
Berry Global Group, Inc.		2,537		172,465
Crown Holdings, Inc.		2,767		265,300
Graphic Packaging Holding Co.		6,877		203,490
International Paper Co. @		4,336		211,814
Packaging Corp. of America		1,552		334,301
Sealed Air Corp.		3,059		111,042
Silgan Holdings, Inc.		2,057		107,992
Smurfit WestRock PLC		1		49

	SHARES		VALUE†
Sonoco Products Co.		1,933	$	105,600
				2,608,371
Distributors — 0.1%
Genuine Parts Co.		2,179		304,363
LKQ Corp.		4,303		171,776
Pool Corp.		697		262,629
				738,768
Diversified Consumer Services — 0.1%
ADT, Inc.		3,988		28,833
Bright Horizons Family Solutions, Inc. *		639		89,543
Duolingo, Inc. *		94		26,510
H&R Block, Inc.		2,885		183,342
Service Corp. International		2,687		212,085
				540,313
Diversified Telecommunication Services — 0.6%
AT&T, Inc.		58,260		1,281,720
Liberty Global Ltd., Class A *		1,013		21,385
Liberty Global Ltd., Class C *		1,034		22,345
Lumen Technologies, Inc. *		7,414		52,639
Verizon Communications, Inc.		69,962		3,141,993
				4,520,082
Electric Utilities — 1.9%
Alliant Energy Corp.		4,621		280,449
American Electric Power Co., Inc.		8,417		863,584
Constellation Energy Corp.		5,321		1,383,566
Duke Energy Corp.		13,107		1,511,237
Edison International		6,635		577,842
Entergy Corp.		2,869		377,589
Evergy, Inc.		3,652		226,461
Eversource Energy		5,876		399,862
Exelon Corp.		15,965		647,381
FirstEnergy Corp.		8,176		362,606
IDACORP, Inc.		647		66,699
NextEra Energy, Inc.		36,253		3,064,466
NRG Energy, Inc.		5,256		478,822
OGE Energy Corp.		3,314		135,940
PG&E Corp.		2,100		41,517
Pinnacle West Capital Corp.		1,978		175,231
Portland General Electric Co.		827		39,613
PPL Corp.		9,200		304,336
Southern Co. (The)		17,830		1,607,909
Xcel Energy, Inc.		9,222		602,197
				13,147,307
Electrical Equipment — 0.7%
Acuity Brands, Inc.		601		165,509
AMETEK, Inc.		2,615		449,022
Eaton Corp. PLC		5,446		1,805,022
Emerson Electric Co.		6,293		688,266
GE Vernova, Inc. *		682		173,896
Generac Holdings, Inc. *		967		153,637
Hubbell, Inc.		1,043		446,769
NEXTracker, Inc., Class A *		947		35,494
nVent Electric PLC		2,290		160,896
Regal Rexnord Corp.		1,098		182,136
Rockwell Automation, Inc.		2,018		541,752
Sensata Technologies Holding PLC		2,621		93,989
Vertiv Holdings Co., Class A		1,257		125,059
				5,021,447
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		17,616		1,147,859
Arrow Electronics, Inc. *		830		110,249
Badger Meter, Inc.		331		72,294

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Electronic Equipment, Instruments & Components (Continued)
CDW Corp.		2,939	$	665,096
Cognex Corp.		1,711		69,295
Coherent Corp. *		812		72,195
Corning, Inc.		8,949		404,047
Fabrinet *		506		119,639
Flex Ltd. *		5,442		181,926
Insight Enterprises, Inc. *@		300		64,617
Jabil, Inc.		2,830		339,119
Keysight Technologies, Inc. *		2,328		369,989
Littelfuse, Inc.		380		100,795
Novanta, Inc. *		661		118,266
TD SYNNEX Corp.		836		100,387
TE Connectivity PLC		3,575		539,789
Teledyne Technologies, Inc. *		373		163,247
Trimble, Inc. *		1,892		117,474
Vontier Corp.		3,024		102,030
Zebra Technologies Corp., Class A *		573		212,193
				5,070,506
Energy Equipment & Services — 0.2%
Baker Hughes Co.		3,464		125,224
Cactus, Inc., Class A		726		43,320
Halliburton Co.		7,751		225,167
NOV, Inc.		4,002		63,912
Schlumberger NV		12,666		531,339
TechnipFMC PLC		4,963		130,179
Weatherford International PLC		977		82,967
				1,202,108
Entertainment — 0.9%
Atlanta Braves Holdings, Inc., Class C *		58		2,308
Electronic Arts, Inc.		2,838		407,083
Liberty Media Corp.-Liberty Formula One, Class A *		2		143
Liberty Media Corp.-Liberty Formula One, Class C *		1,723		133,412
Liberty Media Corp.-Liberty Live, Class A *		328		16,239
Liberty Media Corp.-Liberty Live, Class C *		367		18,838
Live Nation Entertainment, Inc. *		2,466		270,002
Madison Square Garden Sports Corp. *		279		58,105
Netflix, Inc. *		4,747		3,366,905
ROBLOX Corp., Class A *		2,017		89,272
Spotify Technology SA *		572		210,799
Take-Two Interactive Software, Inc. *		2,052		315,413
TKO Group Holdings, Inc. *		628		77,690
Walt Disney Co. (The)		16,521		1,589,155
Warner Bros Discovery, Inc. *		12,527		103,348
Warner Music Group Corp., Class A		1,467		45,917
				6,704,629
Financial Services — 3.9%
Apollo Global Management, Inc.		5,734		716,234
Berkshire Hathaway, Inc., Class B *		12,209		5,619,314
Block, Inc. *		2,826		189,709
Corebridge Financial, Inc.		814		23,736
Corpay, Inc. *		1,396		436,613
Equitable Holdings, Inc.		7,584		318,756
Essent Group Ltd.		700		45,003
Euronet Worldwide, Inc. *		39		3,870
Fidelity National Information Services, Inc.		5,567		466,236

	SHARES		VALUE†
Fiserv, Inc. *		5,324	$	956,457
Global Payments, Inc.		2,262		231,674
Jack Henry & Associates, Inc.		1,300		229,502
Jackson Financial, Inc., Class A		477		43,517
MasterCard, Inc., Class A		17,989		8,882,968
MGIC Investment Corp.		4,400		112,640
PayPal Holdings, Inc. *		9,049		706,093
Rocket Cos., Inc., Class A *		1,367		26,233
Shift4 Payments, Inc., Class A *@		780		69,108
Toast, Inc., Class A *@		2,632		74,512
Visa, Inc., Class A		28,281		7,775,861
Voya Financial, Inc.		1,519		120,335
WEX, Inc. *		663		139,051
				27,187,422
Food Products — 0.6%
Bunge Global SA		1,401		135,393
Campbell Soup Co.		2,104		102,928
Conagra Brands, Inc.		3,575		116,259
Darling Ingredients, Inc. *		3,101		115,233
Flowers Foods, Inc.		3,652		84,252
Freshpet, Inc. *		191		26,123
General Mills, Inc.		8,511		628,537
Hershey Co. (The)		2,946		564,984
Hormel Foods Corp.		3,316		105,117
Ingredion, Inc.		1,387		190,615
J.M. Smucker Co. (The)		1,268		153,555
Kellanova		5,208		420,338
Kraft Heinz Co. (The)		3,268		114,739
Lamb Weston Holdings, Inc.		3,492		226,072
Lancaster Colony Corp.		261		46,085
McCormick & Co., Inc.		2,892		238,012
Mondelez International, Inc., Class A		11,759		866,285
Pilgrim's Pride Corp. *		940		43,287
Post Holdings, Inc. *		1,136		131,492
Tyson Foods, Inc., Class A		2,688		160,097
				4,469,403
Gas Utilities — 0.1%
Atmos Energy Corp.		2,360		327,355
National Fuel Gas Co.		1,600		96,976
New Jersey Resources Corp.		1,316		62,115
Southwest Gas Holdings, Inc.		1,343		99,060
UGI Corp.		2,799		70,031
				655,537
Ground Transportation — 1.0%
CSX Corp.		35,227		1,216,388
JB Hunt Transport Services, Inc.		1,293		222,823
Knight-Swift Transportation Holdings, Inc.		2,249		121,334
Landstar System, Inc.		564		106,523
Norfolk Southern Corp.		3,252		808,122
Old Dominion Freight Line, Inc.		2,821		560,363
Saia, Inc. *		200		87,452
U-Haul Holding Co. *@		152		11,777
U-Haul Holding Co.		1,368		98,496
Uber Technologies, Inc. *		9,836		739,274
Union Pacific Corp.		11,569		2,851,527
XPO, Inc. *		1,934		207,924
				7,032,003
Health Care Equipment & Supplies — 1.5%
Abbott Laboratories		18,506		2,109,869

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Health Care Equipment & Supplies (Continued)
Align Technology, Inc. *		581	$	147,760
Baxter International, Inc.		5,511		209,253
Becton Dickinson & Co.		2,001		482,441
Boston Scientific Corp. *		10,979		920,040
Cooper Cos., Inc. (The) *		1,568		173,013
Dentsply Sirona, Inc.		1,213		32,824
Dexcom, Inc. *		3,076		206,215
Edwards Lifesciences Corp. *		6,940		457,970
Envista Holdings Corp. *		1		20
GE HealthCare Technologies, Inc.		909		85,310
Globus Medical, Inc., Class A *		57		4,078
Hologic, Inc. *		2,522		205,442
Idexx Laboratories, Inc. *		1,505		760,356
Insulet Corp. *		740		172,235
Intuitive Surgical, Inc. *		1,973		969,276
Lantheus Holdings, Inc. *		438		48,070
Masimo Corp. *		608		81,065
Medtronic PLC		9,595		863,838
Merit Medical Systems, Inc. *		769		76,000
Penumbra, Inc. *		389		75,586
ResMed, Inc.		1,639		400,113
Solventum Corp. *		3,287		229,170
STERIS PLC		889		215,618
Stryker Corp.		3,837		1,386,155
Teleflex, Inc.		364		90,024
Zimmer Biomet Holdings, Inc.		1,186		128,029
				10,529,770
Health Care Providers & Services — 2.5%
Acadia Healthcare Co., Inc. *		1,169		74,126
Cardinal Health, Inc.		3,943		435,780
Cencora, Inc.		2,652		596,912
Centene Corp. *		4,920		370,378
Chemed Corp.		339		203,729
Cigna Group (The)		3,054		1,058,028
Contra Abiomed, Inc. CVR *¶§		350		—
CorVel Corp. *		100		32,689
CVS Health Corp.		10,222		642,759
DaVita, Inc. *		1,043		170,979
Elevance Health, Inc.		2,630		1,367,600
Encompass Health Corp.		2,141		206,906
Ensign Group, Inc. (The)		687		98,804
HCA Healthcare, Inc.		3,366		1,368,043
HealthEquity, Inc. *		331		27,092
Henry Schein, Inc. *		2,053		149,664
Humana, Inc.		1,313		415,880
Labcorp Holdings, Inc.		1,028		229,737
McKesson Corp.		1,986		981,918
Molina Healthcare, Inc. *		1,058		364,545
Option Care Health, Inc. *		1,563		48,922
Quest Diagnostics, Inc.		1,331		206,638
RadNet, Inc. *		658		45,659
Tenet Healthcare Corp. *		1,281		212,902
UnitedHealth Group, Inc.		13,284		7,766,889
Universal Health Services, Inc., Class B		1,155		264,507
				17,341,086
Health Care Technology — 0.0%
Doximity, Inc., Class A *		742		32,329
Veeva Systems, Inc., Class A *		1,334		279,966
				312,295
Hotels, Restaurants & Leisure — 2.0%
Airbnb, Inc., Class A *		2,785		353,166

	SHARES		VALUE†
Aramark		2,445	$	94,695
Booking Holdings, Inc.		490		2,063,939
Caesars Entertainment, Inc. *		2,407		100,468
Carnival Corp. *		2,589		47,845
Cava Group, Inc. *		287		35,545
Chipotle Mexican Grill, Inc. *		21,150		1,218,663
Choice Hotels International, Inc. @		777		101,243
Churchill Downs, Inc.		1,048		141,700
Darden Restaurants, Inc.		2,002		328,588
Domino's Pizza, Inc.		554		238,298
DoorDash, Inc., Class A *		392		55,950
DraftKings, Inc., Class A *		2,512		98,470
Expedia Group, Inc. *		2,025		299,741
Hilton Worldwide Holdings, Inc.		3,388		780,934
Hyatt Hotels Corp., Class A @		300		45,660
Las Vegas Sands Corp.		3,185		160,333
Light & Wonder, Inc. *		1,697		153,969
Marriott International, Inc., Class A		4,786		1,189,800
McDonald's Corp.		10,449		3,181,825
Norwegian Cruise Line Holdings Ltd. *@		2,479		50,844
Planet Fitness, Inc., Class A *		1,127		91,535
Royal Caribbean Cruises Ltd.		2,550		452,268
Starbucks Corp.		16,907		1,648,263
Texas Roadhouse, Inc.		971		171,479
Vail Resorts, Inc.		666		116,077
Wingstop, Inc.		324		134,810
Wyndham Hotels & Resorts, Inc.		1,765		137,917
Wynn Resorts Ltd.		738		70,759
Yum! Brands, Inc.		4,285		598,657
				14,163,441
Household Durables — 0.5%
Champion Homes, Inc. *		447		42,398
DR Horton, Inc.		3,206		611,609
Garmin Ltd.		1,700		299,251
Installed Building Products, Inc.		184		45,314
KB Home		467		40,017
Lennar Corp., Class A		2,657		498,134
Lennar Corp., Class B		72		12,452
Mohawk Industries, Inc. *		600		96,408
NVR, Inc. *		46		451,343
PulteGroup, Inc.		3,614		518,717
SharkNinja, Inc.		397		43,158
Taylor Morrison Home Corp. *		1,243		87,333
Tempur Sealy International, Inc.		3,440		187,824
Toll Brothers, Inc.		1,650		254,908
TopBuild Corp. *		500		203,405
Whirlpool Corp.		1,199		128,293
				3,520,564
Household Products — 1.3%
Church & Dwight Co., Inc.		1,955		204,728
Clorox Co. (The)		2,311		376,485
Colgate-Palmolive Co.		12,032		1,249,042
Kimberly-Clark Corp.		4,641		660,321
Procter & Gamble Co. (The)		39,456		6,833,779
Reynolds Consumer Products, Inc.		878		27,306
				9,351,661
Independent Power Producers & Energy Traders — 0.1%
AES Corp. (The)		11,000		220,660
Clearway Energy, Inc., Class C		2,400		73,632
Ormat Technologies, Inc.		300		23,082
Vistra Corp.		3,161		374,705
				692,079

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Industrial Conglomerates — 0.6%
3M Co.		5,998	$	819,927
General Electric Co.		2,729		514,635
Honeywell International, Inc.		12,502		2,584,288
				3,918,850
Insurance — 2.2%
Aflac, Inc.		5,747		642,515
Allstate Corp. (The)		2,506		475,263
American Financial Group, Inc.		747		100,546
American International Group, Inc.		8,089		592,357
Aon PLC, Class A		4,134		1,430,323
Arch Capital Group Ltd. *		3,373		377,371
Arthur J Gallagher & Co.		2,175		611,980
Assurant, Inc.		793		157,696
Axis Capital Holdings Ltd.		1,300		103,493
Brown & Brown, Inc.		3,234		335,042
Chubb Ltd.		3,276		944,766
Cincinnati Financial Corp.		1,150		156,538
Enstar Group Ltd. *		300		96,477
Erie Indemnity Co., Class A		506		273,149
Everest Group Ltd.		191		74,840
F&G Annuities & Life, Inc.		306		13,684
Fidelity National Financial, Inc.		2,857		177,305
First American Financial Corp.		2,024		133,604
Globe Life, Inc.		1,141		120,843
Hartford Financial Services Group, Inc. (The)		4,796		564,058
Kinsale Capital Group, Inc.		257		119,651
Lincoln National Corp.		2,031		63,997
Loews Corp.		1,471		116,283
Markel Group, Inc. *		100		156,858
Marsh & McLennan Cos., Inc.		9,000		2,007,810
MetLife, Inc.		4,850		400,028
Old Republic International Corp.		2,863		101,407
Primerica, Inc.		731		193,825
Principal Financial Group, Inc.		2,619		224,972
Progressive Corp. (The)		6,652		1,688,011
Prudential Financial, Inc.		3,077		372,625
Reinsurance Group of America, Inc.		777		169,285
RenaissanceRe Holdings Ltd.		783		213,289
RLI Corp.		700		108,486
Selective Insurance Group, Inc.		829		77,346
Travelers Cos., Inc. (The)		5,041		1,180,199
Unum Group		1,700		101,048
W R Berkley Corp.		3,319		188,287
White Mountains Insurance Group Ltd.		23		39,013
Willis Towers Watson PLC		1,050		309,256
				15,213,526
Interactive Media & Services — 6.6%
Alphabet, Inc., Class A		85,738		14,219,647
Alphabet, Inc., Class C		72,823		12,175,277
Match Group, Inc. *		2,359		89,265
Meta Platforms, Inc., Class A		34,322		19,647,286
Pinterest, Inc., Class A *		810		26,220
Snap, Inc., Class A *		3,870		41,409
				46,199,104
IT Services — 1.6%
Accenture PLC, Class A		11,117		3,929,637

	SHARES		VALUE†
Akamai Technologies, Inc. *		2,286	$	230,772
Amdocs Ltd.		2,260		197,705
Cloudflare, Inc., Class A *		1,142		92,376
Cognizant Technology Solutions Corp., Class A		5,404		417,081
EPAM Systems, Inc. *		639		127,180
Gartner, Inc. *		1,713		868,080
Globant SA *		394		78,067
GoDaddy, Inc., Class A *		2,137		335,039
International Business Machines Corp.		19,669		4,348,422
Kyndryl Holdings, Inc. *		900		20,682
MongoDB, Inc. *		284		76,779
Okta, Inc. *		1,243		92,405
Snowflake, Inc., Class A *		1,051		120,718
Twilio, Inc., Class A *		1,065		69,459
VeriSign, Inc. *		1,280		243,149
				11,247,551
Leisure Equipment & Products — 0.1%
Brunswick Corp.		1,532		128,412
Hasbro, Inc.		2,087		150,932
Mattel, Inc. *		4,639		88,373
				367,717
Life Sciences Tools & Services — 1.1%
Agilent Technologies, Inc.		3,928		583,229
Avantor, Inc. *		2,630		68,038
Bio-Rad Laboratories, Inc., Class A *		223		74,611
Bio-Techne Corp.		1,892		151,228
Bruker Corp.		2,044		141,159
Charles River Laboratories International, Inc. *		640		126,061
Danaher Corp.		6,325		1,758,476
Fortrea Holdings, Inc. *@		1,510		30,200
ICON PLC *		70		20,112
Illumina, Inc. *		1,577		205,657
IQVIA Holdings, Inc. *		2,629		622,994
Medpace Holdings, Inc. *		500		166,900
Mettler-Toledo International, Inc. *		397		595,381
Repligen Corp. *		355		52,831
Revvity, Inc.		1,223		156,238
Thermo Fisher Scientific, Inc.		4,191		2,592,427
Waters Corp. *		1,204		433,307
West Pharmaceutical Services, Inc.		791		237,427
				8,016,276
Machinery — 2.3%
AGCO Corp.		1,297		126,924
Allison Transmission Holdings, Inc.		1,376		132,192
Caterpillar, Inc.		10,571		4,134,529
Crane Co.		801		126,782
Cummins, Inc.		1,503		486,656
Deere & Co.		5,503		2,296,567
Donaldson Co., Inc.		2,651		195,379
Dover Corp.		2,265		434,291
Esab Corp.		564		59,959
Federal Signal Corp.		808		75,516
Flowserve Corp.		1,775		91,750
Fortive Corp.		3,115		245,867
Franklin Electric Co., Inc.		300		31,446
Graco, Inc.		2,998		262,355
IDEX Corp.		1,004		215,358

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Machinery (Continued)
Illinois Tool Works, Inc.		6,946	$	1,820,338
Ingersoll Rand, Inc.		3,972		389,892
ITT, Inc.		1,574		235,329
Lincoln Electric Holdings, Inc.		1,135		217,943
Middleby Corp. (The) *		1,043		145,113
Mueller Industries, Inc.		776		57,502
Nordson Corp.		589		154,689
Oshkosh Corp.		1,453		145,605
Otis Worldwide Corp.		5,642		586,429
PACCAR, Inc.		7,924		781,940
Parker-Hannifin Corp.		1,874		1,184,031
Pentair PLC		1,393		136,221
RBC Bearings, Inc. *		421		126,039
Snap-on, Inc.		871		252,337
SPX Technologies, Inc. *		182		29,022
Stanley Black & Decker, Inc.		1,936		213,212
Timken Co., (The)		1,513		127,531
Toro Co. (The)		1,626		141,023
Watts Water Technologies, Inc., Class A		400		82,876
Westinghouse Air Brake Technologies Corp.		1,144		207,945
Xylem, Inc.		2,692		363,501
				16,314,089
Marine Transportation — 0.0%
Kirby Corp. *		322		39,422
Media — 0.7%
Charter Communications, Inc., Class A *		2,282		739,551
Comcast Corp., Class A		59,894		2,501,772
Fox Corp. Class A		3,686		156,028
Fox Corp. Class B		661		25,647
GCI Liberty, Inc. *§		1,444		—
Interpublic Group of Cos., Inc. (The)		6,061		191,709
Liberty Broadband Corp., Class A *		39		2,996
Liberty Broadband Corp., Class C *		1,043		80,613
New York Times Co. (The), Class A		1,641		91,354
News Corp., Class A		3,913		104,203
News Corp., Class B		1,525		42,624
Nexstar Media Group, Inc.		746		123,351
Omnicom Group, Inc.		4,831		499,477
Paramount Global, Class A		616		13,466
Paramount Global, Class B		1,143		12,139
Sirius XM Holdings, Inc.		1,275		30,154
Trade Desk, Inc. (The), Class A *		4,830		529,610
				5,144,694
Metals & Mining — 0.4%
Alcoa Corp.		2,296		88,580
ATI, Inc. *		1,233		82,500
Carpenter Technology Corp.		592		94,471
Cleveland-Cliffs, Inc. *		6,698		85,533
Commercial Metals Co.		1,475		81,066
Freeport-McMoRan, Inc.		16,128		805,110
Newmont Corp.		4,649		248,489
Nucor Corp.		3,651		548,891
Reliance, Inc.		664		192,035
Royal Gold, Inc.		1,115		156,435
Southern Copper Corp.		1,797		207,859
Steel Dynamics, Inc.		2,184		275,359
				2,866,328
Multi-Utilities — 0.7%
Ameren Corp.		3,328		291,067
CenterPoint Energy, Inc.		6,700		197,114

	SHARES		VALUE†
CMS Energy Corp.		5,199	$	367,206
Consolidated Edison, Inc.		5,063		527,210
Dominion Energy, Inc.		13,388		773,693
DTE Energy Co.		3,247		416,947
NiSource, Inc.		5,791		200,658
Public Service Enterprise Group, Inc.		8,415		750,702
Sempra		9,472		792,143
WEC Energy Group, Inc.		4,990		479,938
				4,796,678
Oil, Gas & Consumable Fuels — 2.7%
Antero Midstream Corp.		3,600		54,180
Antero Resources Corp. *		3,300		94,545
APA Corp.		5,617		137,392
Cheniere Energy, Inc.		4,227		760,183
Chesapeake Energy Corp. @		918		75,505
Chevron Corp.		14,873		2,190,347
ConocoPhillips		15,989		1,683,322
Coterra Energy, Inc.		8,623		206,521
Devon Energy Corp.		7,424		290,427
Diamondback Energy, Inc.		2,409		415,311
DT Midstream, Inc.		1,623		127,665
EnLink Midstream LLC *		3,400		49,334
EOG Resources, Inc.		6,790		834,695
EQT Corp.		3,800		139,232
Exxon Mobil Corp.		51,874		6,080,670
Hess Corp.		4,540		616,532
HF Sinclair Corp.		2,161		96,316
Kinder Morgan, Inc.		8,265		182,574
Magnolia Oil & Gas Corp., Class A		1,900		46,398
Marathon Oil Corp.		8,798		234,291
Marathon Petroleum Corp.		4,943		805,264
Matador Resources Co.		1,362		67,310
Murphy Oil Corp.		1,330		44,874
Occidental Petroleum Corp.		15,526		800,210
ONEOK, Inc.		6,698		610,389
Ovintiv, Inc.		3,035		116,271
Phillips 66		3,291		432,602
Range Resources Corp.		3,129		96,248
Southwestern Energy Co. *		12,673		90,105
Targa Resources Corp.		1,997		295,576
Texas Pacific Land Corp.		174		153,945
Valero Energy Corp.		3,136		423,454
Vitesse Energy, Inc. @		190		4,564
Williams Cos., Inc. (The)		13,491		615,864
				18,872,116
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		1,020		109,609
Passenger Airlines — 0.1%
American Airlines Group, Inc. *@		7,509		84,401
Delta Air Lines, Inc.		4,487		227,895
Southwest Airlines Co. @		5,800		171,854
United Airlines Holdings, Inc. *		2,884		164,561
				648,711
Personal Products — 0.2%
BellRing Brands, Inc. *		2,728		165,644
Coty, Inc., Class A *		2,516		23,625
e.l.f. Beauty, Inc. *		574		62,583
Estee Lauder Cos., Inc. (The), Class A		3,525		351,407
Kenvue, Inc.		29,296		677,617
				1,280,876
Pharmaceuticals — 4.4%
Bristol-Myers Squibb Co.		32,947		1,704,678
Elanco Animal Health, Inc. *		4,517		66,355

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Pharmaceuticals (Continued)
Eli Lilly & Co.		17,651	$	15,637,727
Jazz Pharmaceuticals PLC *		1,092		121,659
Johnson & Johnson		37,181		6,025,553
Merck & Co., Inc.		33,114		3,760,426
Pfizer, Inc.		42,944		1,242,799
Royalty Pharma PLC, Class A		2,744		77,628
Viatris, Inc.		10,369		120,384
Zoetis, Inc.		11,289		2,205,645
				30,962,854
Professional Services — 1.2%
Amentum Holdings, Inc. *		195		6,289
Automatic Data Processing, Inc.		9,817		2,716,658
Booz Allen Hamilton Holding Corp.		3,549		577,635
Broadridge Financial Solutions, Inc.		2,485		534,350
CACI International, Inc., Class A *		457		230,584
Concentrix Corp. @		144		7,380
Dayforce, Inc. *@		995		60,944
Equifax, Inc.		1,421		417,575
ExlService Holdings, Inc. *		1,320		50,358
Exponent, Inc.		799		92,109
FTI Consulting, Inc. *		662		150,645
Genpact Ltd.		2,839		111,317
Jacobs Solutions, Inc.		195		25,526
KBR, Inc.		2,555		166,407
Leidos Holdings, Inc.		1,015		165,445
Maximus, Inc.		1,176		109,556
Parsons Corp. *		540		55,987
Paychex, Inc.		5,938		796,820
Paycom Software, Inc.		888		147,914
Paylocity Holding Corp. *		668		110,200
Robert Half, Inc.		1,967		132,596
Science Applications International Corp.		1,070		149,019
SS&C Technologies Holdings, Inc.		3,246		240,886
TransUnion		2,099		219,765
TriNet Group, Inc.		421		40,824
Verisk Analytics, Inc.		3,116		834,963
				8,151,752
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A *		3,515		437,547
CoStar Group, Inc. *		2,890		218,022
Jones Lang LaSalle, Inc. *		779		210,182
Zillow Group, Inc., Class A *		436		27,001
Zillow Group, Inc., Class C *		1,159		74,002
				966,754
Semiconductors & Semiconductor Equipment — 10.6%
Advanced Micro Devices, Inc. *		14,495		2,378,340
Amkor Technology, Inc.		2,141		65,515
Analog Devices, Inc.		4,750		1,093,308
Applied Materials, Inc.		15,368		3,105,104
Broadcom, Inc.		52,390		9,037,275
Cirrus Logic, Inc. *		899		111,665
Enphase Energy, Inc. *		1,883		212,817
Entegris, Inc.		1,797		202,216
First Solar, Inc. *		1,023		255,177
Intel Corp.		40,658		953,837
KLA Corp.		2,927		2,266,698
Lam Research Corp.		2,365		1,930,029

	SHARES		VALUE†
Lattice Semiconductor Corp. *		1,742	$	92,448
MACOM Technology Solutions Holdings, Inc. *		654		72,764
Marvell Technology, Inc.		6,428		463,587
Microchip Technology, Inc.		8,612		691,457
Micron Technology, Inc.		8,188		849,177
MKS Instruments, Inc.		757		82,293
Monolithic Power Systems, Inc.		581		537,135
NVIDIA Corp.		341,350		41,453,544
NXP Semiconductors NV		2,249		539,783
ON Semiconductor Corp. *		6,691		485,834
Onto Innovation, Inc. *		307		63,721
Qorvo, Inc. *		1,637		169,102
QUALCOMM, Inc.		19,977		3,397,089
Skyworks Solutions, Inc.		1,882		185,885
Teradyne, Inc.		2,521		337,638
Texas Instruments, Inc.		16,455		3,399,109
Universal Display Corp.		786		164,981
				74,597,528
Software — 7.8%
Adobe, Inc. *		8,057		4,171,753
AppLovin Corp., Class A *		1,162		151,699
Aspen Technology, Inc. *		364		86,931
Atlassian Corp., Class A *		1,245		197,718
Autodesk, Inc. *		2,329		641,593
Bentley Systems, Inc., Class B		2,343		119,048
Bill Holdings, Inc. *		791		41,733
Box, Inc., Class A *		1,222		39,996
Cadence Design Systems, Inc. *		3,004		814,174
CCC Intelligent Solutions Holdings, Inc. *		3,847		42,509
Crowdstrike Holdings, Inc., Class A *		825		231,388
Datadog, Inc., Class A *		1,407		161,889
DocuSign, Inc. *		1,359		84,380
Dolby Laboratories, Inc., Class A		938		71,785
Dropbox, Inc., Class A *		4,131		105,051
Dynatrace, Inc. *		1,205		64,431
Elastic NV *		571		43,830
Fair Isaac Corp. *		359		697,724
Fortinet, Inc. *		10,538		817,222
Gen Digital, Inc.		5,861		160,767
Guidewire Software, Inc. *		488		89,275
HubSpot, Inc. *		406		215,830
Intuit, Inc.		3,067		1,904,607
Manhattan Associates, Inc. *		1,361		382,958
Microsoft Corp.		74,309		31,975,163
Nutanix, Inc., Class A *		1,172		69,441
Oracle Corp.		26,244		4,471,978
Palantir Technologies, Inc., Class A *		13,943		518,680
Palo Alto Networks, Inc. *		3,011		1,029,160
Pegasystems, Inc.		575		42,027
Procore Technologies, Inc. *		362		22,343
PTC, Inc. *		1,031		186,260
Qualys, Inc. *		503		64,615
Roper Technologies, Inc.		797		443,483
Salesforce, Inc.		6,962		1,905,569
Samsara, Inc., Class A *		1,046		50,334
SentinelOne, Inc., Class A *		2,184		52,241
ServiceNow, Inc. *		1,610		1,439,968
SPS Commerce, Inc. *		393		76,309
Synopsys, Inc. *		1,678		849,722

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Software (Continued)
Tyler Technologies, Inc. *		424	$	247,497
Workday, Inc., Class A *		981		239,766
Zoom Video Communications, Inc., Class A *		832		58,024
Zscaler, Inc. *		705		120,513
				55,201,384
Specialty Retail — 2.6%
Abercrombie & Fitch Co., Class A *		303		42,390
AutoNation, Inc. *		654		117,014
AutoZone, Inc. *		250		787,510
Bath & Body Works, Inc.		2,883		92,025
Best Buy Co., Inc.		4,769		492,638
Burlington Stores, Inc. *		571		150,447
CarMax, Inc. *		1,900		147,022
Carvana Co. *		1,078		187,691
Dick's Sporting Goods, Inc.		1,581		329,955
Floor & Decor Holdings, Inc., Class A *		701		87,043
GameStop Corp., Class A *		1,402		32,148
Gap, Inc. (The)		1,878		41,410
Home Depot, Inc. (The)		18,549		7,516,055
Lithia Motors, Inc.		199		63,210
Lowe's Cos., Inc.		8,263		2,238,033
Murphy USA, Inc.		427		210,455
O'Reilly Automotive, Inc. *		843		970,799
Penske Automotive Group, Inc.		470		76,337
Ross Stores, Inc.		6,099		917,960
TJX Cos., Inc. (The)		22,090		2,596,459
Tractor Supply Co.		2,006		583,606
Ulta Beauty, Inc. *		984		382,894
Valvoline, Inc. *		3,289		137,645
Williams-Sonoma, Inc.		2,400		371,808
				18,572,554
Textiles, Apparel & Luxury Goods — 0.5%
Columbia Sportswear Co. @		858		71,377
Crocs, Inc. *		998		144,520
Deckers Outdoor Corp. *		2,838		452,519
Levi Strauss & Co., Class A		1,533		33,419
Lululemon Athletica, Inc. *		2,254		611,623
NIKE, Inc., Class B		19,778		1,748,375
PVH Corp.		760		76,631
Ralph Lauren Corp.		970		188,054
Skechers U.S.A., Inc., Class A *		1,800		120,456
Tapestry, Inc.		5,352		251,437
VF Corp. @		5,509		109,905
				3,808,316
Tobacco — 0.6%
Altria Group, Inc.		27,551		1,406,203
Philip Morris International, Inc.		21,397		2,597,596
				4,003,799
Trading Companies & Distributors — 0.5%
Air Lease Corp.		1,296		58,696
Applied Industrial Technologies, Inc.		374		83,451
Beacon Roofing Supply, Inc. *		1,400		121,002
Core & Main, Inc., Class A *		1,729		76,768
Fastenal Co.		10,426		744,625
Ferguson Enterprises, Inc.		332		65,925
GATX Corp.		410		54,304
SiteOne Landscape Supply, Inc. *		454		68,513
United Rentals, Inc.		1,221		988,680
Watsco, Inc.		474		233,151
WESCO International, Inc.		596		100,116

	SHARES		VALUE†
WW Grainger, Inc.		811	$	842,475
				3,437,706
Water Utilities — 0.1%
American Water Works Co., Inc.		3,475		508,184
Essential Utilities, Inc.		3,662		141,243
				649,427
Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.		8,733		1,802,142
TOTAL COMMON STOCKS (Identified Cost $111,304,210)				674,751,801
MUTUAL FUNDS — 4.1%
Others — 4.1%
DFA U.S. Micro Cap Portfolio		1,004,246		28,992,571
TOTAL MUTUAL FUNDS (Identified Cost $11,915,187)				28,992,571
SHORT-TERM INVESTMENTS — 0.1%
Investment Company — 0.1%
State Street Institutional U.S. Government Money Market Fund 4.690%		943,241		943,241
Collateral For Securities On Loan — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 5.020%		4,703		4,703
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $947,944)				947,944
Total Investments — 100.0% (Identified Cost $124,167,341)				704,692,316
Liabilities in excess of Cash and Other Assets — 0.0%				(175,451	)
Net Assets — 100.0%			$	704,516,865

†

See Note 1

Non-income producing security.

A portion or all of the security was held on loan. As of September 30, 2024, the fair value of the securities on loan was $1,590,906.

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 portfolio of investments.

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited)

	SHARES		VALUE†
COMMON STOCKS — 99.9%
*Aerospace & Defense — 2.1%*
General Dynamics Corp.		7,826	$	2,365,017
L3Harris Technologies, Inc.		6,055		1,440,303
Northrop Grumman Corp.		2,915		1,539,324
RTX Corp.		36,091		4,372,785
Textron, Inc.		26,765		2,370,844
				12,088,273
*Air Freight & Logistics — 0.8%*
FedEx Corp.		16,968		4,643,802
*Automobile Components — 0.4%*
Aptiv PLC *		10,701		770,579
BorgWarner, Inc.		24,241		879,706
Gentex Corp.		863		25,622
Lear Corp.		4,071		444,350
				2,120,257
*Automobiles — 1.1%*
Ford Motor Co.		161,291		1,703,233
General Motors Co.		98,964		4,437,546
				6,140,779
*Beverages — 0.4%*
Constellation Brands, Inc., Class A		6,742		1,737,346
Keurig Dr. Pepper, Inc.		15,891		595,595
				2,332,941
*Biotechnology — 1.7%*
Biogen, Inc. *		9,123		1,768,402
Gilead Sciences, Inc.		45,490		3,813,882
Moderna, Inc. *		8,724		583,025
Regeneron Pharmaceuticals, Inc. *		3,232		3,397,608
United Therapeutics Corp. *		683		244,753
				9,807,670
*Broadline Retail — 0.2%*
eBay, Inc.		20,328		1,323,556
Building Products — 1.2%
Builders FirstSource, Inc. *		5,259		1,019,510
Carrier Global Corp.		571		45,960
Fortune Brands Innovations, Inc.		11,027		987,247
Johnson Controls International PLC		34,370		2,667,456
Owens Corning		12,209		2,155,132
				6,875,305
Capital Markets — 3.6%
Bank of New York Mellon Corp. (The)		52,444		3,768,626
Franklin Resources, Inc.		5,210		104,981
Goldman Sachs Group, Inc. (The)		16,738		8,287,151
Jefferies Financial Group, Inc.		5,655		348,065
Morgan Stanley		58,923		6,142,134
Northern Trust Corp.		938		84,448
Raymond James Financial, Inc.		4,361		534,048
State Street Corp.		10,112		894,609
T. Rowe Price Group, Inc.		1,285		139,975
				20,304,037
Chemicals — 3.7%
Air Products & Chemicals, Inc.		5,579		1,661,091
Celanese Corp.		4,202		571,304
CF Industries Holdings, Inc.		11,835		1,015,443
Corteva, Inc.		18,513		1,088,379
Dow, Inc.		51,700		2,824,371
DuPont de Nemours, Inc.		13,259		1,181,510
Eastman Chemical Co.		17,799		1,992,598
International Flavors & Fragrances, Inc.		8,219		862,420
Linde PLC		10,864		5,180,607
LyondellBasell Industries NV, Class A		21,390		2,051,301

	SHARES		VALUE†
Mosaic Co. (The)		5,998	$	160,626
PPG Industries, Inc.		8,879		1,176,112
Westlake Corp.		7,968		1,197,511
				20,963,273
*Commercial Banks — 11.5%*
Bank of America Corp.		192,106		7,622,766
Citigroup, Inc.		77,487		4,850,686
Citizens Financial Group, Inc.		18,613		764,436
East West Bancorp, Inc.		2,390		197,749
Fifth Third Bancorp		70,601		3,024,547
First Citizens Bancshares, Inc., Class A		153		281,665
Huntington Bancshares, Inc.		72,900		1,071,630
JPMorgan Chase & Co.		139,302		29,373,220
KeyCorp		33,936		568,428
M&T Bank Corp.		3,759		669,553
PNC Financial Services Group, Inc. (The)		11,566		2,137,975
Regions Financial Corp.		119,937		2,798,130
Truist Financial Corp.		64,730		2,768,502
U.S. Bancorp		40,031		1,830,618
Wells Fargo & Co.		126,013		7,118,474
Zions Bancorp NA		7,456		352,072
				65,430,451
Communications Equipment — 1.2%
Cisco Systems, Inc.		127,316		6,775,758
Computers & Peripherals — 0.8%
Dell Technologies, Inc., Class C		861		102,063
Hewlett Packard Enterprise Co.		141,847		2,902,189
HP, Inc.		8,239		295,533
Western Digital Corp. *		15,020		1,025,716
				4,325,501
Construction & Engineering — 0.0%
Quanta Services, Inc.		431		128,503
Construction Materials — 0.8%
CRH PLC		4,035		374,206
Martin Marietta Materials, Inc.		4,136		2,226,202
Vulcan Materials Co.		8,594		2,152,195
				4,752,603
Consumer Finance — 1.5%
Ally Financial, Inc.		52,963		1,884,953
Capital One Financial Corp.		28,539		4,273,144
Discover Financial Services		7,930		1,112,500
Synchrony Financial		25,544		1,274,135
				8,544,732
Consumer Staples Distribution & Retail — 1.1%
Dollar Tree, Inc. *		12,596		885,751
Kroger Co. (The)		64,415		3,690,979
Target Corp.		5,503		857,698
U.S. Foods Holding Corp. *		9,124		561,126
				5,995,554
Containers & Packaging — 0.5%
Amcor PLC		20,769		235,313
Ball Corp.		6,731		457,102
International Paper Co. @		36,643		1,790,011
Packaging Corp. of America		2,898		624,229
Sonoco Products Co.		611		33,379
				3,140,034
Distributors — 0.3%
Genuine Parts Co.		2,990		417,643
LKQ Corp.		37,512		1,497,479
				1,915,122
*Diversified Telecommunication Services — 3.3%*
AT&T, Inc.		455,881		10,029,382

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
*Diversified Telecommunication Services (Continued)*
Verizon Communications, Inc.		198,247	$	8,903,273
				18,932,655
*Electrical Equipment — 0.2%*
AMETEK, Inc.		6,575		1,128,993
NEXTracker, Inc., Class A *		695		26,049
Sensata Technologies Holding PLC		1,781		63,867
				1,218,909
Electronic Equipment, Instruments & Components — 1.4%
Corning, Inc.		84,494		3,814,904
Flex Ltd. *		24,951		834,112
Keysight Technologies, Inc. *		1,184		188,173
TD SYNNEX Corp.		1,605		192,728
TE Connectivity PLC		19,914		3,006,815
Teledyne Technologies, Inc. *		125		54,708
				8,091,440
Energy Equipment & Services — 0.4%
Baker Hughes Co.		49,652		1,794,920
Halliburton Co.		10,538		306,129
				2,101,049
Entertainment — 0.9%
Electronic Arts, Inc.		5,250		753,060
Liberty Media Corp.-Liberty Formula One, Class A *		1,097		78,468
Liberty Media Corp.-Liberty Formula One, Class C *		2,194		169,881
Take-Two Interactive Software, Inc. *		2,974		457,134
Walt Disney Co. (The)		28,038		2,696,975
Warner Bros Discovery, Inc. *		85,934		708,956
				4,864,474
Financial Services — 3.7%
Berkshire Hathaway, Inc., Class B *		34,475		15,867,463
Fidelity National Information Services, Inc.		27,979		2,343,241
Fiserv, Inc. *		12,529		2,250,835
Global Payments, Inc.		7,128		730,050
				21,191,589
Food Products — 2.5%
Archer-Daniels-Midland Co.		24,965		1,491,409
Bunge Global SA		12,845		1,241,341
Campbell Soup Co.		3,702		181,102
Conagra Brands, Inc.		19,827		644,774
General Mills, Inc.		38,095		2,813,316
Hormel Foods Corp.		5,728		181,577
J.M. Smucker Co. (The)		1,260		152,586
Kraft Heinz Co. (The)		20,920		734,501
McCormick & Co., Inc.		1,921		158,098
Mondelez International, Inc., Class A		51,728		3,810,802
Post Holdings, Inc. *		973		112,625
Tyson Foods, Inc., Class A		41,844		2,492,229
				14,014,360
Ground Transportation — 1.1%
CSX Corp.		18,278		631,139
Norfolk Southern Corp.		16,359		4,065,212
U-Haul Holding Co. *@		2,003		155,192
U-Haul Holding Co.		18,027		1,297,944
				6,149,487

	SHARES		VALUE†
Health Care Equipment & Supplies — 2.4%
Abbott Laboratories		30,722	$	3,502,615
Becton Dickinson & Co.		8,851		2,133,976
Boston Scientific Corp. *		4,174		349,781
Cooper Cos., Inc. (The) *		548		60,466
Edwards Lifesciences Corp. *		1,413		93,244
GE HealthCare Technologies, Inc.		23,244		2,181,450
Hologic, Inc. *		5,323		433,612
Medtronic PLC		37,706		3,394,671
STERIS PLC		3,097		751,147
Zimmer Biomet Holdings, Inc.		8,154		880,224
				13,781,186
Health Care Providers & Services — 5.2%
Centene Corp. *		19,196		1,445,075
Cigna Group (The)		19,065		6,604,879
CVS Health Corp.		58,448		3,675,210
Elevance Health, Inc.		13,010		6,765,200
Henry Schein, Inc. *		3,777		275,343
Humana, Inc.		7,918		2,507,948
Labcorp Holdings, Inc.		13,769		3,077,096
Quest Diagnostics, Inc.		18,783		2,916,061
UnitedHealth Group, Inc.		3,696		2,160,977
Universal Health Services, Inc., Class B		1,221		279,621
				29,707,410
Hotels, Restaurants & Leisure — 0.3%
Aramark		16,117		624,211
Carnival Corp. *		27,865		514,945
Hyatt Hotels Corp., Class A @		3,174		483,083
MGM Resorts International *		7,098		277,461
				1,899,700
Household Durables — 3.3%
DR Horton, Inc.		32,358		6,172,936
Garmin Ltd.		12,982		2,285,221
Lennar Corp., Class A		23,116		4,333,788
Lennar Corp., Class B		573		99,095
NVR, Inc. *		15		147,177
PulteGroup, Inc.		41,840		6,005,295
				19,043,512
Independent Power Producers & Energy Traders — 0.3%
Vistra Corp.		13,958		1,654,581
*Insurance — 5.5%*
Aflac, Inc.		32,730		3,659,214
American International Group, Inc.		29,118		2,132,311
Arch Capital Group Ltd. *		18,837		2,107,484
Chubb Ltd.		11,440		3,299,182
Cincinnati Financial Corp.		370		50,364
Everest Group Ltd.		1,938		759,367
F&G Annuities & Life, Inc.		103		4,606
Fidelity National Financial, Inc.		1,515		94,021
Hartford Financial Services Group, Inc. (The)		47,472		5,583,182
Lincoln National Corp.		9,516		299,849
Loews Corp.		15,964		1,261,954
Markel Group, Inc. *		116		181,955
MetLife, Inc.		12,261		1,011,287
Old Republic International Corp.		14,636		518,407
Principal Financial Group, Inc.		28,632		2,459,489
Prudential Financial, Inc.		22,788		2,759,627
RenaissanceRe Holdings Ltd.		60		16,344

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
*Insurance (Continued)*
Travelers Cos., Inc. (The)		21,374	$	5,004,081
				31,202,724
Interactive Media & Services — 0.1%
Meta Platforms, Inc., Class A		593		339,457
IT Services — 0.8%
Akamai Technologies, Inc. *		3,310		334,145
Amdocs Ltd.		15,213		1,330,833
Cognizant Technology Solutions Corp., Class A		34,305		2,647,660
DXC Technology Co. *		2,868		59,511
Kyndryl Holdings, Inc. *		1,933		44,420
				4,416,569
Life Sciences Tools & Services — 1.7%
Danaher Corp.		19,132		5,319,079
Revvity, Inc.		1,932		246,813
Thermo Fisher Scientific, Inc.		6,997		4,328,134
				9,894,026
*Machinery — 4.4%*
Cummins, Inc.		10,946		3,544,205
Deere & Co.		5,382		2,246,070
Dover Corp.		6,916		1,326,074
Fortive Corp.		7,311		577,057
Ingersoll Rand, Inc.		14,939		1,466,412
Oshkosh Corp.		984		98,607
Otis Worldwide Corp.		25,885		2,690,487
PACCAR, Inc.		34,507		3,405,151
Parker-Hannifin Corp.		4,915		3,105,395
Pentair PLC		20,400		1,994,916
Snap-on, Inc.		6,351		1,839,948
Stanley Black & Decker, Inc.		14,985		1,650,298
Westinghouse Air Brake Technologies Corp.		5,333		969,380
				24,914,000
Media — 2.5%
Charter Communications, Inc., Class A *		153		49,584
Comcast Corp., Class A		262,551		10,966,755
Fox Corp. Class A		24,883		1,053,297
Fox Corp. Class B		14,510		562,988
Interpublic Group of Cos., Inc. (The)		21,833		690,578
News Corp., Class A		8,320		221,562
News Corp., Class B		1,734		48,465
Paramount Global, Class B		25,564		271,490
Sirius XM Holdings, Inc.		11,026		260,765
				14,125,484
Metals & Mining — 3.5%
Freeport-McMoRan, Inc.		106,539		5,318,427
Newmont Corp.		42,413		2,266,975
Nucor Corp.		36,250		5,449,825
Reliance, Inc.		9,348		2,703,535
Royal Gold, Inc.		725		101,717
Steel Dynamics, Inc.		33,820		4,264,026
				20,104,505
Oil, Gas & Consumable Fuels — 12.7%
Chevron Corp.		94,155		13,866,207
ConocoPhillips		81,442		8,574,214
Coterra Energy, Inc.		19,923		477,156
Devon Energy Corp.		27,320		1,068,758
Diamondback Energy, Inc.		8,816		1,519,878
EOG Resources, Inc.		23,992		2,949,337
EQT Corp.		1,748		64,047

	SHARES		VALUE†
Exxon Mobil Corp.		222,594	$	26,092,469
Hess Corp.		1,960		266,168
HF Sinclair Corp.		471		20,992
Kinder Morgan, Inc.		75,243		1,662,118
Marathon Oil Corp.		18,183		484,213
Marathon Petroleum Corp.		27,020		4,401,828
Occidental Petroleum Corp.		34,021		1,753,442
ONEOK, Inc.		9,872		899,635
Phillips 66		19,248		2,530,150
Valero Energy Corp.		19,826		2,677,105
Williams Cos., Inc. (The)		65,049		2,969,487
				72,277,204
*Passenger Airlines — 0.5%*
Delta Air Lines, Inc.		33,883		1,720,917
Southwest Airlines Co. @		22,025		652,601
United Airlines Holdings, Inc. *		5,310		302,989
				2,676,507
Personal Products — 0.1%
Kenvue, Inc.		18,492		427,720
*Pharmaceuticals — 3.0%*
Bristol-Myers Squibb Co.		79,893		4,133,664
Jazz Pharmaceuticals PLC *		4,730		526,969
Johnson & Johnson		37,048		6,003,999
Pfizer, Inc.		209,620		6,066,403
Viatris, Inc.		38,046		441,714
				17,172,749
Professional Services — 0.8%
Amentum Holdings, Inc. *		6,136		197,886
Concentrix Corp. @		1,605		82,256
Jacobs Solutions, Inc.		6,136		803,202
Leidos Holdings, Inc.		16,200		2,640,600
ManpowerGroup, Inc.		632		46,465
SS&C Technologies Holdings, Inc.		7,467		554,126
				4,324,535
Real Estate Management & Development — 0.6%
CBRE Group, Inc., Class A *		19,100		2,377,568
Jones Lang LaSalle, Inc. *		4,440		1,197,956
				3,575,524
Semiconductors & Semiconductor Equipment — 3.5%
Advanced Micro Devices, Inc. *		13,752		2,256,428
Analog Devices, Inc.		18,542		4,267,812
First Solar, Inc. *		248		61,861
Intel Corp.		192,183		4,508,613
Marvell Technology, Inc.		17,138		1,235,993
Micron Technology, Inc.		49,569		5,140,801
ON Semiconductor Corp. *		10,923		793,119
Qorvo, Inc. *		11,125		1,149,213
Skyworks Solutions, Inc.		4,292		423,921
				19,837,761
Software — 1.0%
Gen Digital, Inc.		3,129		85,828
Roper Technologies, Inc.		366		203,657
Salesforce, Inc.		19,011		5,203,501
				5,492,986
Specialty Retail — 0.1%
CarMax, Inc. *		8,119		628,248
Textiles, Apparel & Luxury Goods — 0.1%
Ralph Lauren Corp.		1,676		324,926
Tapestry, Inc.		6,979		327,874
				652,800

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
*Trading Companies & Distributors — 0.0%*
United Rentals, Inc.		184	$	148,990
*Wireless Telecommunication Services — 1.1%*
T-Mobile U.S., Inc.		29,534		6,094,636
TOTAL COMMON STOCKS (Identified Cost $307,358,033)				568,564,928
SHORT-TERM INVESTMENTS — 0.1%
*Investment Company — 0.1%*
State Street Institutional U.S. Government Money Market Fund 4.690%		691,384		691,384
*Collateral For Securities On Loan — 0.0%*
State Street Navigator Securities Lending Government Money Market Portfolio 5.020%		5,804		5,804
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $697,188)				697,188
Total Investments — 100.0% (Identified Cost $308,055,221)				569,262,116
Cash and Other Assets, Less Liabilities — 0.0%				144,374
Net Assets — 100.0%			$	569,406,490

	†	See Note 1
	*	Non-income producing security.
	@	A portion or all of the security was held on loan. As of September 30, 2024, the fair value of the securities on loan was $3,188,692.

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited)

	SHARES		VALUE†
COMMON STOCKS — 99.9%
Aerospace & Defense — 1.4%
AAR Corp. *		3,510	$	229,414
AeroVironment, Inc. *		2,477		496,638
Astronics Corp., Class B *		693		13,617
Axon Enterprise, Inc. *		11		4,396
BWX Technologies, Inc.		3,927		426,865
Curtiss-Wright Corp.		2,577		847,034
Ducommun, Inc. *		1,489		98,021
Hexcel Corp.		4,516		279,224
Huntington Ingalls Industries, Inc.		370		97,821
Innovative Solutions & Support, Inc. *		3,248		21,177
Kratos Defense & Security Solutions, Inc. *		11,721		273,099
Mercury Systems, Inc. *		4,277		158,249
Moog, Inc., Class A		2,730		551,515
National Presto Industries, Inc.		369		27,727
Park Aerospace Corp.		2,501		32,588
Textron, Inc.		1,666		147,574
V2X, Inc. *		1,491		83,287
Woodward, Inc.		4,322		741,266
				4,529,512
Air Freight & Logistics — 0.2%
Air Transport Services Group, Inc. *		3,158		51,128
CH Robinson Worldwide, Inc.		1,457		160,809
Expeditors International of Washington, Inc.		301		39,551
HUB Group, Inc., Class A		5,418		246,248
Radiant Logistics, Inc. *		6,146		39,519
				537,255
Automobile Components — 1.5%
Adient PLC *		4,024		90,822
American Axle & Manufacturing Holdings, Inc. *		3,721		22,996
Autoliv, Inc.		6,598		616,055
BorgWarner, Inc.		15,123		548,814
Cooper-Standard Holdings, Inc. *		1,153		15,992
Dana, Inc.		8,268		87,310
Dorman Products, Inc. *		3,535		399,879
Fox Factory Holding Corp. *		4,601		190,941
Gentex Corp.		15,377		456,543
Gentherm, Inc. *		3,773		175,633
Goodyear Tire & Rubber Co. (The) *		6,748		59,720
LCI Industries		2,757		332,329
Lear Corp.		2,985		325,813
Modine Manufacturing Co. *		5,416		719,191
Motorcar Parts of America, Inc. *		2,267		16,753
Patrick Industries, Inc.		2,334		332,291
Phinia, Inc.		3,024		139,195
Standard Motor Products, Inc.		2,639		87,615
Stoneridge, Inc. *		2,727		30,515
Strattec Security Corp. *		941		40,143
Visteon Corp. *		2,696		256,767
XPEL, Inc. *		305		13,228
				4,958,545
Automobiles — 0.3%
Harley-Davidson, Inc.		6,989		269,286
Lucid Group, Inc. *@		15,466		54,595
Rivian Automotive, Inc., Class A *@		14,455		162,185
Thor Industries, Inc.		2,397		263,407
Winnebago Industries, Inc.		3,191		185,429
				934,902
Beverages — 0.7%
Boston Beer Co., Inc. (The), Class A *		69		19,951
Celsius Holdings, Inc. *		2,162		67,800
Coca-Cola Consolidated, Inc.		882		1,161,065

	SHARES		VALUE†
Duckhorn Portfolio, Inc. (The) *		6,105	$	35,470
MGP Ingredients, Inc. @		1,851		154,096
Molson Coors Beverage Co., Class B		9,730		559,670
National Beverage Corp.		7,326		343,882
				2,341,934
Biotechnology — 2.1%
Agios Pharmaceuticals, Inc. *		3,032		134,712
Aldeyra Therapeutics, Inc. *		3,971		21,404
Alkermes PLC *		5,522		154,561
Allogene Therapeutics, Inc. *@		7,175		20,090
Anika Therapeutics, Inc. *		1,795		44,336
Arcus Biosciences, Inc. *		2,904		44,402
Avidity Biosciences, Inc. *		4,762		218,719
Beam Therapeutics, Inc. *@		497		12,176
BioMarin Pharmaceutical, Inc. *		3,496		245,734
Biomea Fusion, Inc. *@		1,472		14,867
Catalyst Pharmaceuticals, Inc. *		8,570		170,372
Chinook Therapeutics, Inc. CVR *¶§		5,000		4,688
CRISPR Therapeutics AG *@		1,927		90,530
Cullinan Therapeutics, Inc. *		1,139		19,067
Dynavax Technologies Corp. *		7,915		88,173
Enanta Pharmaceuticals, Inc. *		1,585		16,421
Exact Sciences Corp. *@		3,133		213,420
Exelixis, Inc. *		19,780		513,291
Fate Therapeutics, Inc. *		124		434
Generation Bio Co. *		1,291		3,189
Halozyme Therapeutics, Inc. *		8,219		470,456
Incyte Corp. *		4,731		312,719
Insmed, Inc. *		2,264		165,272
Intellia Therapeutics, Inc. *@		2,590		53,224
Krystal Biotech, Inc. *		1,598		290,884
Kura Oncology, Inc. *		5,384		105,203
Kymera Therapeutics, Inc. *@		3,129		148,096
LENZ Therapeutics, Inc. @		446		10,588
Mirati Therapeutics, Inc. CVR *¶§		1,395		4,157
Myriad Genetics, Inc. *		8,130		222,681
Natera, Inc. *		2,782		353,175
Neurocrine Biosciences, Inc. *		7,426		855,624
Nurix Therapeutics, Inc. *		2,828		63,545
PDL BioPharma, Inc. *@§		18,262		21,914
Prothena Corp. PLC *		932		15,592
RAPT Therapeutics, Inc. *		1,843		3,704
Relay Therapeutics, Inc. *		6,235		44,144
Replimune Group, Inc. *		2,590		28,386
Rocket Pharmaceuticals, Inc. *		3,576		66,049
Roivant Sciences Ltd. *		916		10,571
Sage Therapeutics, Inc. *		2,194		15,841
Sarepta Therapeutics, Inc. *		2,651		331,083
Stoke Therapeutics, Inc. *		2,970		36,501
Twist Bioscience Corp. *		2,997		135,404
United Therapeutics Corp. *		2,637		944,969
Veracyte, Inc. *		4,340		147,734
Xencor, Inc. *		2,792		56,147
Xenon Pharmaceuticals, Inc. *		338		13,307
				6,957,556
Broadline Retail — 0.3%
Dillard's, Inc., Class A @		780		299,278
Etsy, Inc. *		418		23,212
Kohl's Corp. @		2,281		48,129
Macy's, Inc.		15,808		248,027
Nordstrom, Inc.		2,914		65,536
Ollie's Bargain Outlet Holdings, Inc. *		3,753		364,792
				1,048,974

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Building Products — 3.0%
A.O. Smith Corp.		8,970	$	805,775
AAON, Inc.		8,580		925,267
Advanced Drainage Systems, Inc.		7,209		1,132,966
Allegion PLC		1,427		207,971
American Woodmark Corp. *		1,353		126,438
Apogee Enterprises, Inc.		2,316		162,155
Armstrong World Industries, Inc.		4,365		573,692
AZZ, Inc.		2,363		195,207
Carlisle Cos., Inc.		609		273,898
CSW Industrials, Inc.		1,174		430,142
Fortune Brands Innovations, Inc.		961		86,038
Gibraltar Industries, Inc. *		3,042		212,727
Insteel Industries, Inc.		2,278		70,823
Masco Corp.		5,470		459,152
Owens Corning		6,683		1,179,683
Quanex Building Products Corp.		3,350		92,963
Resideo Technologies, Inc. *		681		13,715
Simpson Manufacturing Co., Inc.		4,397		841,014
Trex Co., Inc. *		10,510		699,756
UFP Industries, Inc.		6,595		865,330
Zurn Elkay Water Solutions Corp. @		14,150		508,551
				9,863,263
Capital Markets — 3.3%
Affiliated Managers Group, Inc.		3,775		671,195
Artisan Partners Asset Management, Inc., Class A		6,206		268,844
B Riley Financial, Inc. @		1,204		6,321
BGC Group, Inc., Class A		30,567		280,605
Brightsphere Investment Group, Inc.		2,826		71,780
Carlyle Group, Inc. (The)		9,910		426,725
Cohen & Steers, Inc.		5,127		491,936
Diamond Hill Investment Group, Inc.		204		32,968
Donnelley Financial Solutions, Inc. *		2,776		182,744
Evercore, Inc., Class A		3,659		926,971
Federated Hermes, Inc.		7,863		289,122
Franklin Resources, Inc.		13,466		271,340
Hamilton Lane, Inc., Class A		1,792		301,755
Houlihan Lokey, Inc.		1,002		158,336
Invesco Ltd.		24,055		422,406
Janus Henderson Group PLC		14,636		557,193
Jefferies Financial Group, Inc.		21,621		1,330,773
Lazard, Inc.		6,742		339,662
MarketAxess Holdings, Inc.		710		181,902
Moelis & Co., Class A		571		39,119
Morningstar, Inc.		2,847		908,535
Open Lending Corp. *@		2,793		17,093
Oppenheimer Holdings, Inc., Class A		1,244		63,643
Piper Sandler Cos.		1,880		533,563
PJT Partners, Inc., Class A @		1,422		189,609
Robinhood Markets, Inc., Class A *		2,574		60,283
SEI Investments Co.		4,732		327,407
Silvercrest Asset Management Group, Inc., Class A		759		13,085
StepStone Group, Inc., Class A		446		25,346
Stifel Financial Corp.		8,832		829,325
StoneX Group, Inc. *		3,118		255,302
Victory Capital Holdings, Inc., Class A		982		54,403
Virtu Financial, Inc., Class A		3,211		97,807

	SHARES		VALUE†
Virtus Investment Partners, Inc.		676	$	141,588
Westwood Holdings Group, Inc.		1,157		16,429
WisdomTree, Inc. @		4,286		42,817
				10,827,932
Chemicals — 2.5%
AdvanSix, Inc.		3,198		97,155
Albemarle Corp. @		750		71,033
American Vanguard Corp.		3,554		18,836
Arcadium Lithium PLC *@		18,990		54,122
Ashland, Inc.		3,394		295,176
Avient Corp.		10,014		503,904
Axalta Coating Systems Ltd. *		16,030		580,126
Balchem Corp.		3,494		614,944
Cabot Corp.		5,463		610,600
Celanese Corp.		1,157		157,306
CF Industries Holdings, Inc.		824		70,699
Chemours Co. (The)		7,387		150,104
Core Molding Technologies, Inc. *		1,500		25,815
Eastman Chemical Co.		3,373		377,607
Ecovyst, Inc. *		5,086		34,839
Element Solutions, Inc.		21,963		596,515
FMC Corp.		2,021		133,265
Hawkins, Inc.		2,648		337,541
HB Fuller Co.		5,803		460,642
Huntsman Corp.		12,047		291,537
Ingevity Corp. *		1,259		49,101
Innospec, Inc.		2,704		305,795
Intrepid Potash, Inc. *		750		18,000
Koppers Holdings, Inc.		2,308		84,311
Kronos Worldwide, Inc.		2,278		28,361
LSB Industries, Inc. *		2,602		20,920
Mativ Holdings, Inc.		3,615		61,419
Minerals Technologies, Inc.		3,081		237,946
Mosaic Co. (The)		9,271		248,277
NewMarket Corp.		504		278,153
Olin Corp.		3,715		178,246
Orion SA		3,504		62,406
Quaker Chemical Corp.		784		132,096
RPM International, Inc.		4,352		526,592
Sensient Technologies Corp.		4,568		366,445
Stepan Co.		2,418		186,791
Tronox Holdings PLC		1,464		21,418
				8,288,043
Commercial Banks — 9.2%
1st Source Corp.		2,546		152,454
Amalgamated Financial Corp.		477		14,963
Amerant Bancorp, Inc.		661		14,126
Ameris Bancorp		7,199		449,146
AmeriServ Financial, Inc.		4,400		11,484
Arrow Financial Corp.		2,279		65,316
Associated Banc-Corp.		15,878		342,012
Atlantic Union Bankshares Corp.		9,016		339,633
Axos Financial, Inc. *		3,826		240,579
Banc of California, Inc.		5,994		88,292
BancFirst Corp.		3,303		347,641
Bancorp, Inc. (The) *		4,840		258,940
Bank of Hawaii Corp.		3,456		216,933
Bank of Marin Bancorp		1,580		31,742
Bank OZK		4,569		196,421
BankUnited, Inc.		3,310		120,616

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Commercial Banks (Continued)
Bankwell Financial Group, Inc.		326	$	9,764
Banner Corp.		3,355		199,824
Bar Harbor Bankshares		2,089		64,425
BCB Bancorp, Inc.		878		10,835
Berkshire Hills Bancorp, Inc.		3,188		85,853
BOK Financial Corp.		5,182		542,141
Bridgewater Bancshares, Inc. *		700		9,919
Brookline Bancorp, Inc.		7,431		74,979
Burke & Herbert Financial Services Corp.		197		12,015
Business First Bancshares, Inc.		553		14,196
Byline Bancorp, Inc.		1,299		34,774
C&F Financial Corp.		466		27,191
Cadence Bank		15,454		492,210
Camden National Corp.		1,756		72,558
Capital City Bank Group, Inc.		1,890		66,698
Capitol Federal Financial, Inc.		5,302		30,964
Carter Bankshares, Inc. *		711		12,364
Cathay General Bancorp		7,259		311,774
Central Pacific Financial Corp.		3,116		91,953
Citizens & Northern Corp.		852		16,776
Citizens Community Bancorp, Inc.		400		5,668
Citizens Financial Group, Inc.		9,000		369,630
City Holding Co.		1,327		155,777
Civista Bancshares, Inc.		270		4,811
CNB Financial Corp.		2,264		54,472
Coastal Financial Corp. *		555		29,964
Columbia Financial, Inc. *		2,819		48,120
Comerica, Inc.		7,707		461,726
Commerce Bancshares, Inc.		9,002		534,719
Community Financial System, Inc.		4,718		273,974
Community Trust Bancorp, Inc.		1,552		77,072
Community West Bancshares		1,638		31,548
ConnectOne Bancorp, Inc.		3,358		84,118
Cullen/Frost Bankers, Inc.		3,828		428,200
Customers Bancorp, Inc. *		3,713		172,469
CVB Financial Corp.		13,166		234,618
Dime Community Bancshares, Inc.		3,168		91,238
Eagle Bancorp, Inc.		1,459		32,944
East West Bancorp, Inc.		9,740		805,888
Enterprise Bancorp, Inc.		331		10,579
Enterprise Financial Services Corp.		2,901		148,705
Equity Bancshares, Inc., Class A		1,470		60,094
Esquire Financial Holdings, Inc.		569		37,104
ESSA Bancorp, Inc.		1,900		36,518
Farmers & Merchants Bancorp, Inc.		1,205		33,318
Farmers National Banc Corp.		3,991		60,344
FB Financial Corp.		2,735		128,354
Financial Institutions, Inc.		1,855		47,247
First BanCorp		3,381		140,616
First BanCorp		18,672		395,286
First Bancorp, Inc. (The)		1,876		49,376
First Bancshares, Inc. (The)		1,367		43,922
First Busey Corp.		5,571		144,957
First Business Financial Services, Inc.		551		25,120
First Commonwealth Financial Corp.		9,286		159,255
First Community Bankshares, Inc.		1,982		85,523
First Financial Bancorp		8,992		226,868
First Financial Bankshares, Inc.		14,820		548,488
First Financial Corp.		1,395		61,171
First Foundation, Inc.		1,921		11,987
First Hawaiian, Inc.		1,200		27,780
First Horizon Corp.		28,413		441,254
First Internet Bancorp		1,018		34,877

	SHARES		VALUE†
First Interstate Bancsystem, Inc., Class A		4,291	$	131,648
First Merchants Corp.		5,621		209,101
First Mid Bancshares, Inc.		500		19,455
First of Long Island Corp. (The)		2,295		29,537
Flushing Financial Corp.		3,899		56,847
FNB Corp.		22,576		318,547
FS Bancorp, Inc.		962		42,799
Fulton Financial Corp.		15,678		284,242
German American Bancorp, Inc.		3,217		124,659
Glacier Bancorp, Inc.		11,842		541,179
Great Southern Bancorp, Inc.		1,275		73,070
Hancock Whitney Corp.		6,503		332,759
Hanmi Financial Corp.		3,586		66,700
HarborOne Bancorp, Inc.		6,045		78,464
Heartland Financial USA, Inc.		4,558		258,439
Heritage Commerce Corp.		3,576		35,331
Heritage Financial Corp.		4,162		90,607
Hilltop Holdings, Inc.		6,988		224,734
Hingham Institution For Savings (The) @		236		57,421
Home Bancorp, Inc.		994		44,313
Home BancShares, Inc.		13,006		352,333
HomeStreet, Inc.		1,747		27,533
HomeTrust Bancshares, Inc.		2,255		76,850
Hope Bancorp, Inc.		11,541		144,955
Horizon Bancorp, Inc.		3,103		48,252
Independent Bank Corp.		3,858		228,124
Independent Bank Corp.		600		20,010
Independent Bank Group, Inc.		1,379		79,513
International Bancshares Corp.		5,903		352,940
Kearny Financial Corp.		4,719		32,420
KeyCorp		26,535		444,461
Lakeland Financial Corp.		2,447		159,349
Live Oak Bancshares, Inc.		847		40,122
Mercantile Bank Corp.		1,601		69,996
Metropolitan Bank Holding Corp. *		321		16,878
Midland States Bancorp, Inc.		1,086		24,305
MidWestOne Financial Group, Inc.		613		17,489
National Bank Holdings Corp., Class A		3,376		142,130
NBT Bancorp, Inc.		4,206		186,031
New York Community Bancorp, Inc.		1,739		19,529
Nicolet Bankshares, Inc.		1,020		97,543
Northeast Bank		896		69,108
Northfield Bancorp, Inc.		5,020		58,232
Northrim BanCorp, Inc.		836		59,540
Northwest Bancshares, Inc.		12,344		165,163
OceanFirst Financial Corp.		4,432		82,391
OFG Bancorp		4,058		182,285
Old National Bancorp		28,203		526,268
Old Second Bancorp, Inc.		2,244		34,984
Origin Bancorp, Inc.		1,342		43,159
Pacific Premier Bancorp, Inc.		6,186		155,640
Park National Corp.		1,732		290,941
Pathward Financial, Inc.		2,146		141,657
Peapack-Gladstone Financial Corp.		1,992		54,601
Penns Woods Bancorp, Inc.		1,138		27,067
Peoples Bancorp, Inc.		3,204		96,408
Pinnacle Financial Partners, Inc.		3,365		329,669
Popular, Inc.		7,138		715,727
Preferred Bank		1,186		95,177
Premier Financial Corp.		4,193		98,452
Primis Financial Corp.		1,858		22,630
Prosperity Bancshares, Inc.		5,491		395,736
Provident Financial Holdings, Inc.		1,124		16,129
Provident Financial Services, Inc.		8,674		160,989
QCR Holdings, Inc.		1,658		122,742

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Commercial Banks (Continued)
Renasant Corp.		5,355	$	174,037
Republic Bancorp, Inc., Class A		1,997		130,404
Riverview Bancorp, Inc.		2,557		12,043
S&T Bancorp, Inc.		3,996		167,712
Sandy Spring Bancorp, Inc.		1,973		61,893
Seacoast Banking Corp. of Florida		5,003		133,330
ServisFirst Bancshares, Inc.		5,630		452,933
Sierra Bancorp		1,529		44,158
Simmons First National Corp., Class A		7,315		157,565
Southern First Bancshares, Inc. *		923		31,456
Southern Missouri Bancorp, Inc.		686		38,752
Southside Bancshares, Inc.		3,368		112,592
SouthState Corp.		7,217		701,348
Stellar Bancorp, Inc.		3,386		87,664
Stock Yards Bancorp, Inc.		2,936		182,003
Synovus Financial Corp.		7,875		350,201
Territorial Bancorp, Inc.		1,557		16,255
Texas Capital Bancshares, Inc. *		3,132		223,813
TFS Financial Corp.		3,750		48,225
Timberland Bancorp, Inc.		921		27,869
Tompkins Financial Corp.		1,559		90,095
Towne Bank		5,809		192,046
TriCo Bancshares		2,959		126,201
Triumph Financial, Inc. *		2,441		194,157
TrustCo Bank Corp.		1,746		57,740
Trustmark Corp.		5,770		183,601
UMB Financial Corp.		4,960		521,346
United Bankshares, Inc.		12,088		448,465
United Community Banks, Inc.		8,563		249,012
Univest Financial Corp.		3,363		94,635
Valley National Bancorp		27,653		250,536
Veritex Holdings, Inc.		3,570		93,962
WaFd, Inc.		6,377		222,238
Washington Trust Bancorp, Inc.		2,001		64,452
Webster Financial Corp.		10,588		493,507
WesBanco, Inc.		5,118		152,414
West BanCorp, Inc.		1,763		33,515
Westamerica BanCorp		2,658		131,358
Western Alliance Bancorp		5,446		471,025
Western New England Bancorp, Inc.		3,161		26,869
Wintrust Financial Corp.		5,640		612,109
WSFS Financial Corp.		6,445		328,631
Zions Bancorp NA		10,151		479,330
				30,144,017
Commercial Services & Supplies — 2.1%
ABM Industries, Inc.		6,300		332,388
ACCO Brands Corp.		6,694		36,616
Brady Corp., Class A		4,578		350,812
Brink's Co. (The)		4,524		523,155
Casella Waste Systems, Inc., Class A *		6,377		634,448
CECO Environmental Corp. *		4,211		118,750
Cimpress PLC *		1,426		116,818
Clean Harbors, Inc. *		4,977		1,202,991
Deluxe Corp.		2,994		58,353
Driven Brands Holdings, Inc. *		1,606		22,918
Ennis, Inc.		3,110		75,635
HNI Corp.		4,225		227,474
Interface, Inc.		5,834		110,671

	SHARES		VALUE†
Liquidity Services, Inc. *		3,228	$	73,598
Matthews International Corp., Class A		3,151		73,103
MillerKnoll, Inc.		3,785		93,717
MSA Safety, Inc.		4,031		714,858
NL Industries, Inc.		4,571		33,962
OPENLANE, Inc. *		2,720		45,914
Steelcase, Inc., Class A		9,338		125,970
Stericycle, Inc. *		2,821		172,081
Tetra Tech, Inc.		25,245		1,190,554
UniFirst Corp.		1,530		303,934
Vestis Corp.		7,841		116,831
Virco Mfg. Corp. @		2,494		34,442
VSE Corp. @		1,412		116,815
				6,906,808
Communications Equipment — 1.2%
BK Technologies Corp. *		400		8,708
Calix, Inc. *		2,992		116,060
Ciena Corp. *		15,659		964,438
Clearfield, Inc. *@		2,380		92,725
Comtech Telecommunications Corp. *		3,207		15,426
Digi International, Inc. *		3,397		93,519
Extreme Networks, Inc. *		7,358		110,591
F5, Inc. *		3,709		816,722
Harmonic, Inc. *		10,330		150,508
Infinera Corp. *		5,375		36,281
Juniper Networks, Inc.		15,627		609,140
KVH Industries, Inc. *		2,387		11,529
Lantronix, Inc. *		1,100		4,532
Lumentum Holdings, Inc. *		4,956		314,111
NETGEAR, Inc. *		3,539		70,992
NetScout Systems, Inc. *		8,182		177,959
Optical Cable Corp. *		374		1,002
Viasat, Inc. *		1,242		14,830
Viavi Solutions, Inc. *		21,651		195,292
				3,804,365
Computers & Peripherals — 0.0%
AstroNova, Inc. *@		1,572		21,159
Pure Storage, Inc., Class A *		1,383		69,482
Xerox Holdings Corp. @		5,031		52,222
				142,863
Construction & Engineering — 2.2%
AECOM		4,153		428,880
Ameresco, Inc., Class A *		3,289		124,785
API Group Corp. *		1,595		52,667
Arcosa, Inc.		1,853		175,590
Comfort Systems USA, Inc.		2,325		907,564
Dycom Industries, Inc. *		3,171		625,004
EMCOR Group, Inc.		851		366,381
Fluor Corp. *		6,585		314,170
Granite Construction, Inc. @		4,358		345,502
Great Lakes Dredge & Dock Corp. *		7,436		78,301
IES Holdings, Inc. *		1,933		385,866
MasTec, Inc. *		6,602		812,706
Matrix Service Co. *		4,086		47,112
MDU Resources Group, Inc.		11,285		309,322
MYR Group, Inc. *		1,601		163,670
Northwest Pipe Co. *		1,211		54,652
Primoris Services Corp.		5,218		303,062
Sterling Infrastructure, Inc. *		2,663		386,188

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Construction & Engineering (Continued)
Tutor Perini Corp. *		3,153	$	85,636
Valmont Industries, Inc.		1,958		567,722
WillScot Holdings Corp. *		18,315		688,644
				7,223,424
Construction Materials — 0.4%
Eagle Materials, Inc.		1,439		413,929
Knife River Corp. *		2,821		252,169
Summit Materials, Inc., Class A *		5,504		214,821
U.S. Lime & Minerals, Inc.		3,565		348,158
				1,229,077
Consumer Finance — 1.1%
Ally Financial, Inc.		6,410		228,132
Atlanticus Holdings Corp. *		1,788		62,723
Bread Financial Holdings, Inc.		856		40,728
Consumer Portfolio Services, Inc. *		3,813		35,766
Credit Acceptance Corp. *		760		336,999
Encore Capital Group, Inc. *		2,787		131,741
Enova International, Inc. *		2,921		244,751
Ezcorp, Inc., Class A *@		5,994		67,193
FirstCash Holdings, Inc.		2,916		334,757
Green Dot Corp., Class A *		4,505		52,754
LendingClub Corp. *		1,512		17,282
Navient Corp.		11,475		178,895
Nelnet, Inc., Class A		2,441		276,516
OneMain Holdings, Inc.		7,656		360,368
PRA Group, Inc. *		4,120		92,123
PROG Holdings, Inc.		4,487		217,575
Regional Management Corp.		1,467		47,986
SLM Corp.		14,278		326,538
SoFi Technologies, Inc. *@		12,464		97,967
Synchrony Financial		6,387		318,584
World Acceptance Corp. *		673		79,400
				3,548,778
Consumer Staples Distribution & Retail — 1.5%
Albertsons Cos., Inc., Class A		2,354		43,502
Andersons, Inc. (The)		4,055		203,318
BJ's Wholesale Club Holdings, Inc. *		4,618		380,893
Casey's General Stores, Inc.		2,455		922,368
Chefs' Warehouse, Inc. (The) *		4,636		194,758
Grocery Outlet Holding Corp. *		2,734		47,982
Ingles Markets, Inc., Class A		1,973		147,186
Natural Grocers by Vitamin Cottage, Inc.		2,710		80,460
Performance Food Group Co. *		9,263		725,941
PriceSmart, Inc.		3,201		293,788
SpartanNash Co.		3,686		82,603
Sprouts Farmers Market, Inc. *		7,149		789,321
U.S. Foods Holding Corp. *		13,615		837,322
United Natural Foods, Inc. *		1,873		31,504
Village Super Market, Inc., Class A		830		26,386
Weis Markets, Inc.		2,943		202,861
				5,010,193
Containers & Packaging — 1.4%
Amcor PLC		16,740		189,664
AptarGroup, Inc.		5,666		907,636
Avery Dennison Corp.		184		40,620
Berry Global Group, Inc.		9,609		653,220
Crown Holdings, Inc.		3,202		307,008
Graphic Packaging Holding Co.		8,918		263,884
Greif, Inc., Class A		2,553		159,971
Greif, Inc., Class B		715		49,928
International Paper Co. @		9,661		471,940

	SHARES		VALUE†
Myers Industries, Inc.		4,361	$	60,269
O-I Glass, Inc. *		8,143		106,836
Packaging Corp. of America		317		68,282
Pactiv Evergreen, Inc.		8,108		93,323
Sealed Air Corp.		7,912		287,206
Silgan Holdings, Inc.		11,743		616,507
Sonoco Products Co.		5,227		285,551
TriMas Corp.		5,102		130,254
				4,692,099
Distributors — 0.2%
A-Mark Precious Metals, Inc. @		2,332		102,981
LKQ Corp.		3,492		139,400
Pool Corp.		660		248,688
Weyco Group, Inc.		1,043		35,504
				526,573
Diversified Consumer Services — 1.2%
Adtalem Global Education, Inc. *		3,867		291,881
American Public Education, Inc. *@		1,928		28,438
Bright Horizons Family Solutions, Inc. *		1,895		265,546
Carriage Services, Inc.		2,272		74,590
Chegg, Inc. *		3,873		6,855
Duolingo, Inc. *		392		110,552
European Wax Center, Inc., Class A *		583		3,965
Frontdoor, Inc. *		4,679		224,545
Graham Holdings Co., Class B		388		318,827
Grand Canyon Education, Inc. *		3,285		465,977
H&R Block, Inc.		11,646		740,103
Laureate Education, Inc.		3,916		65,045
OneSpaWorld Holdings Ltd.		2,259		37,296
Perdoceo Education Corp.		6,976		155,146
Service Corp. International		7,334		578,873
Strategic Education, Inc.		2,650		245,258
Stride, Inc. *		4,184		356,937
				3,969,834
Diversified Telecommunication Services — 0.2%
Anterix, Inc. *		1,066		40,146
ATN International, Inc.		1,200		38,808
Bandwidth, Inc., Class A *		766		13,413
Costa Communications, Inc. CVR @*¶§		354		173
IDT Corp., Class B		1,342		51,224
Iridium Communications, Inc.		3,745		114,035
Liberty Latin America Ltd., Class A *		1,600		15,328
Liberty Latin America Ltd., Class C *		12,050		114,355
Shenandoah Telecommunications Co.		6,413		90,487
				477,969
Electric Utilities — 1.6%
ALLETE, Inc.		4,869		312,541
Alliant Energy Corp.		8,696		527,760
Evergy, Inc.		7,556		468,548
Genie Energy Ltd., Class B		2,213		35,961
Hawaiian Electric Industries, Inc. *		4,122		39,901
IDACORP, Inc.		2,837		292,466
MGE Energy, Inc.		3,771		344,858
NRG Energy, Inc.		14,356		1,307,832
OGE Energy Corp.		10,049		412,210
Otter Tail Corp.		4,597		359,302
Pinnacle West Capital Corp.		5,960		527,996
Portland General Electric Co.		5,648		270,539
TXNM Energy, Inc.		9,280		406,186
				5,306,100
Electrical Equipment — 1.2%
Acuity Brands, Inc.		2,347		646,340
Allient, Inc.		1,626		30,878

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Electrical Equipment (Continued)
Atkore, Inc.		3,999	$	338,875
EnerSys		3,615		368,911
Generac Holdings, Inc. *		265		42,103
LSI Industries, Inc.		3,137		50,663
NEXTracker, Inc., Class A *		3,948		147,971
nVent Electric PLC		3,043		213,801
Powell Industries, Inc.		1,101		244,411
Preformed Line Products Co.		539		69,035
Regal Rexnord Corp.		6,071		1,007,057
Sensata Technologies Holding PLC		7,316		262,352
Sunrun, Inc. *		6,232		112,550
Thermon Group Holdings, Inc. *		3,577		106,738
Vicor Corp. *		3,445		145,035
				3,786,720
Electronic Equipment, Instruments & Components — 3.6%
Advanced Energy Industries, Inc.		3,308		348,134
Arrow Electronics, Inc. *		5,952		790,604
Avnet, Inc.		8,026		435,892
Badger Meter, Inc.		3,103		677,726
Bel Fuse, Inc., Class B		1,421		111,563
Belden, Inc.		4,607		539,618
Benchmark Electronics, Inc.		3,809		168,815
Climb Global Solutions, Inc.		315		31,355
Cognex Corp.		4,736		191,808
Crane NXT Co. @		3,089		173,293
CTS Corp.		3,522		170,394
ePlus, Inc. *		1,746		171,702
Fabrinet *		3,763		889,724
FARO Technologies, Inc. *		2,298		43,984
Flex Ltd. *		22,671		757,891
Insight Enterprises, Inc. *@		2,997		645,524
IPG Photonics Corp. *		1,315		97,731
Itron, Inc. *		4,157		444,009
Jabil, Inc.		338		40,503
Key Tronic Corp. *		1,700		9,724
Kimball Electronics, Inc. *		2,987		55,289
Knowles Corp. *		3,541		63,844
Littelfuse, Inc.		1,865		494,691
Methode Electronics, Inc.		4,122		49,299
Napco Security Technologies, Inc.		4,363		176,527
nLight, Inc. *		1,098		11,738
Novanta, Inc. *		3,723		666,119
OSI Systems, Inc. *		1,764		267,828
PC Connection, Inc.		2,926		220,708
Plexus Corp. *		2,671		365,152
Richardson Electronics Ltd.		1,505		18,572
Rogers Corp. *		2,017		227,941
Sanmina Corp. *		6,015		411,727
ScanSource, Inc. *		2,807		134,820
TD SYNNEX Corp.		3,515		422,081
Trimble, Inc. *		7,608		472,381
TTM Technologies, Inc. *		10,405		189,891
Vishay Intertechnology, Inc.		11,850		224,083
Vishay Precision Group, Inc. *		1,694		43,875
Vontier Corp.		8,347		281,628
Zebra Technologies Corp., Class A *		953		352,915
				11,891,103

	SHARES		VALUE†
Energy Equipment & Services — 1.1%
Archrock, Inc.		12,231	$	247,555
Bristow Group, Inc. *		1,579		54,776
Cactus, Inc., Class A		3,486		208,010
ChampionX Corp.		6,255		188,588
Core Laboratories, Inc.		998		18,493
Expro Group Holdings NV *		837		14,371
Helix Energy Solutions Group, Inc. *		8,345		92,630
Helmerich & Payne, Inc.		2,724		82,864
Innovex International, Inc. *		2,081		30,549
Liberty Energy, Inc.		11,763		224,556
Nabors Industries Ltd. *		539		34,749
Natural Gas Services Group, Inc. *		2,179		41,641
Newpark Resources, Inc. *		5,904		40,915
Noble Corp. PLC		2,483		89,736
NOV, Inc.		20,787		331,968
Oceaneering International, Inc. *		1,554		38,648
Oil States International, Inc. *		3,584		16,486
ProPetro Holding Corp. *		4,527		34,677
RPC, Inc. @		8,542		54,327
SEACOR Marine Holdings, Inc. *@		3,233		31,198
Select Water Solutions, Inc.		3,073		34,202
Solaris Energy Infrastructure, Inc.		1,000		12,760
TechnipFMC PLC		23,392		613,572
TETRA Technologies, Inc. *		8,698		26,964
Tidewater, Inc. *		2,915		209,268
Transocean Ltd. *@		43,549		185,083
Valaris Ltd. *		1,881		104,866
Weatherford International PLC		4,378		371,780
				3,435,232
Entertainment — 0.3%
Atlanta Braves Holdings, Inc., Class A *@		934		39,368
Atlanta Braves Holdings, Inc., Class C *		2,620		104,276
Cinemark Holdings, Inc. *		7,484		208,355
IMAX Corp. *@		2,245		46,045
Liberty Media Corp.-Liberty Formula One, Class C *		2,610		202,092
Liberty Media Corp.-Liberty Live, Class A *		650		32,181
Liberty Media Corp.-Liberty Live, Class C *		836		42,912
Lions Gate Entertainment Corp., Class A *@		3,637		28,478
Lions Gate Entertainment Corp., Class B *		6,300		43,596
Madison Square Garden Entertainment Corp. *		432		18,373
Madison Square Garden Sports Corp. *		404		84,137
Marcus Corp. (The)		3,100		46,717
Sphere Entertainment Co. *@		432		19,086
TKO Group Holdings, Inc. *		1,300		160,823
Warner Music Group Corp., Class A		1,140		35,682
				1,112,121
Financial Services — 1.7%
Acacia Research Corp. *@		1,995		9,297
Alerus Financial Corp.		466		10,662
AvidXchange Holdings, Inc. *		1,863		15,109
Cantaloupe, Inc. *		3,505		25,937
Cass Information Systems, Inc.		1,499		62,179
Equitable Holdings, Inc.		4,600		193,338
Essent Group Ltd.		4,642		298,434
Euronet Worldwide, Inc. *		2,511		249,167
EVERTEC, Inc.		2,063		69,915

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Financial Services (Continued)
Federal Agricultural Mortgage Corp., Class C		923	$	172,979
Flywire Corp. *		4,301		70,493
I3 Verticals, Inc., Class A *		1,470		31,326
International Money Express, Inc. *		1,977		36,555
Jack Henry & Associates, Inc.		2,212		390,506
Jackson Financial, Inc., Class A		1,992		181,730
Marqeta, Inc., Class A *		3,982		19,591
MGIC Investment Corp.		11,104		284,262
Mr. Cooper Group, Inc. *		4,998		460,716
NMI Holdings, Inc. *		7,878		324,495
PennyMac Financial Services, Inc.		1,706		194,433
Radian Group, Inc.		7,144		247,825
Shift4 Payments, Inc., Class A *@		2,548		225,753
Toast, Inc., Class A *@		8,833		250,062
Voya Financial, Inc.		9,648		764,315
Walker & Dunlop, Inc.		3,120		354,401
Waterstone Financial, Inc.		2,966		43,600
Western Union Co. (The)		10,417		124,275
WEX, Inc. *		2,177		456,582
				5,567,937
Food Products — 1.7%
Alico, Inc. @		713		19,943
B&G Foods, Inc. @		5,620		49,906
Bunge Global SA		517		49,963
Cal-Maine Foods, Inc.		4,595		343,890
Calavo Growers, Inc.		2,189		62,452
Campbell Soup Co.		10,241		500,990
Conagra Brands, Inc.		4,537		147,543
Darling Ingredients, Inc. *		13,438		499,356
Flowers Foods, Inc.		10,685		246,503
Fresh Del Monte Produce, Inc.		5,010		147,995
Freshpet, Inc. *		870		118,990
Hain Celestial Group, Inc. (The) *		2,490		21,489
Hormel Foods Corp.		343		10,873
Ingredion, Inc.		3,754		515,912
J&J Snack Foods Corp.		1,747		300,694
J.M. Smucker Co. (The)		2,567		310,864
John B Sanfilippo & Son, Inc.		981		92,518
Lamb Weston Holdings, Inc.		456		29,521
Lancaster Colony Corp.		2,908		513,465
Lifeway Foods, Inc. *@		1,756		45,515
Limoneira Co. @		2,072		54,908
Mission Produce, Inc. *		1,256		16,102
Pilgrim's Pride Corp. *		5,624		258,985
Post Holdings, Inc. *		4,776		552,822
Seaboard Corp.		42		131,754
Seneca Foods Corp., Class A *		800		49,864
Simply Good Foods Co. (The) *		4,321		150,241
Tootsie Roll Industries, Inc.		4,910		152,063
TreeHouse Foods, Inc. *		3,189		133,874
Utz Brands, Inc. @		1,291		22,851
Vital Farms, Inc. *		2,774		97,284
				5,649,130
Gas Utilities — 0.7%
Chesapeake Utilities Corp.		2,106		261,502
National Fuel Gas Co.		4,000		242,440
New Jersey Resources Corp.		9,687		457,226
Northwest Natural Holding Co.		3,354		136,910
ONE Gas, Inc.		5,011		372,919
RGC Resources, Inc.		600		13,542
Southwest Gas Holdings, Inc.		4,019		296,442

	SHARES		VALUE†
Spire, Inc.		4,808	$	323,530
UGI Corp.		6,235		156,000
				2,260,511
Ground Transportation — 1.1%
ArcBest Corp.		2,227		241,518
Avis Budget Group, Inc. @		279		24,438
Covenant Logistics Group, Inc.		860		45,442
Heartland Express, Inc.		8,017		98,449
Knight-Swift Transportation Holdings, Inc.		10,914		588,810
Landstar System, Inc.		2,867		541,490
Marten Transport Ltd.		7,902		139,865
PAM Transportation Services, Inc. *		2,517		46,564
RXO, Inc. *		1,530		42,840
Saia, Inc. *		1,087		475,302
Schneider National, Inc., Class B		1,500		42,810
U-Haul Holding Co. *@		1,058		81,974
U-Haul Holding Co.		9,522		685,584
Universal Logistics Holdings, Inc.		2,551		109,974
Werner Enterprises, Inc.		6,118		236,094
XPO, Inc. *		2,025		217,708
				3,618,862
Health Care — 0.0%
Aduro Biotech, Inc. CVR *¶§		237		—
Health Care Equipment & Supplies — 1.9%
AngioDynamics, Inc. *		2,110		16,416
Artivion, Inc. *		5,028		133,845
AtriCure, Inc. *		1,614		45,257
Avanos Medical, Inc. *		2,452		58,922
Axogen, Inc. *		2,643		37,055
Axonics, Inc. *		2,988		207,965
CONMED Corp.		2,255		162,180
Dentsply Sirona, Inc.		5,967		161,467
Electromed, Inc. *@		2,175		46,697
Embecta Corp.		2,452		34,573
Enovis Corp. *		2,982		128,375
Envista Holdings Corp. *		7,727		152,685
FONAR Corp. *		1,282		20,756
Globus Medical, Inc., Class A *		9,679		692,436
Haemonetics Corp. *		5,164		415,082
Hologic, Inc. *		1,593		129,766
Inari Medical, Inc. *		518		21,362
Insulet Corp. *		767		178,519
Integer Holdings Corp. *		3,152		409,760
Integra LifeSciences Holdings Corp. *		6,371		115,761
iRadimed Corp.		704		35,404
Lantheus Holdings, Inc. *		3,768		413,538
LeMaitre Vascular, Inc.		1,935		179,742
LENSAR, Inc. *		1,385		6,343
LivaNova PLC *		2,251		118,268
Masimo Corp. *		1,465		195,328
Merit Medical Systems, Inc. *		3,680		363,694
Neogen Corp. *@		10,822		181,918
Omnicell, Inc. *		4,593		200,255
OraSure Technologies, Inc. *		6,967		29,749
OrthoPediatrics Corp. *		1,252		33,942
Penumbra, Inc. *		2,104		408,828
QuidelOrtho Corp. *		446		20,338
Semler Scientific, Inc. *		300		7,065
STAAR Surgical Co. *		1,276		47,403
Surmodics, Inc. *		1,788		69,339
Tactile Systems Technology, Inc. *		1,239		18,102
Teleflex, Inc.		992		245,341
UFP Technologies, Inc. *		913		289,147
Utah Medical Products, Inc.		630		42,153

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Health Care Equipment & Supplies (Continued)
Varex Imaging Corp. *		578	$	6,890
				6,081,666
Health Care Providers & Services — 3.3%
Acadia Healthcare Co., Inc. *		7,221		457,884
Addus HomeCare Corp. *		1,872		249,032
Albireo Pharma, Inc. CVR *¶§		1,018		5,915
Amedisys, Inc. *		336		32,427
AMN Healthcare Services, Inc. *		3,754		159,132
Astrana Health, Inc. *		2,532		146,704
Brookdale Senior Living, Inc. *		7,211		48,963
Castle Biosciences, Inc. *		1,302		37,133
Chemed Corp.		1,565		940,518
Contra Abiomed, Inc. CVR *¶§		90		—
CorVel Corp. *		1,111		363,175
Cross Country Healthcare, Inc. *		3,321		44,634
DaVita, Inc. *		8,508		1,394,716
Encompass Health Corp.		6,968		673,388
Enhabit, Inc. *		1,307		10,325
Ensign Group, Inc. (The)		3,722		535,298
Fulgent Genetics, Inc. *		2,336		50,761
HealthEquity, Inc. *		4,526		370,453
Henry Schein, Inc. *		7,338		534,940
Joint Corp. (The) *@		1,577		18,041
ModivCare, Inc. *@		1,383		19,749
National HealthCare Corp.		1,582		198,968
National Research Corp.		2,987		68,283
NeoGenomics, Inc. *		4,322		63,750
Option Care Health, Inc. *		7,998		250,337
Owens & Minor, Inc. *		2,201		34,534
Patterson Cos., Inc.		2,902		63,380
Pediatrix Medical Group, Inc. *		3,540		41,029
Pennant Group, Inc. (The) *		2,408		85,966
Premier, Inc., Class A @		3,050		61,000
Quest Diagnostics, Inc.		1,950		302,737
RadNet, Inc. *		5,402		374,845
Select Medical Holdings Corp.		12,138		423,252
Surgery Partners, Inc. *		1,984		63,964
Tenet Healthcare Corp. *		10,669		1,773,188
U.S. Physical Therapy, Inc.		1,511		127,876
Universal Health Services, Inc., Class B		3,730		854,207
				10,880,504
Health Care Technology — 0.2%
Certara, Inc. *		6,275		73,480
Doximity, Inc., Class A *		2,443		106,441
Evolent Health, Inc., Class A *		5,196		146,943
HealthStream, Inc.		3,803		109,679
Simulations Plus, Inc. @		1,298		41,562
Teladoc Health, Inc. *		2,607		23,932
TruBridge, Inc. *		1,636		19,567
				521,604
Hotels, Restaurants & Leisure — 3.5%
Aramark		20,945		811,200
Bally's Corp. *		797		13,748
Biglari Holdings, Inc., Class A *		7		5,827
Biglari Holdings, Inc., Class B *		74		12,729
BJ's Restaurants, Inc. *		2,751		89,573
Bloomin' Brands, Inc.		5,028		83,113

	SHARES		VALUE†
Boyd Gaming Corp.		2,637	$	170,482
Brinker International, Inc. *		5,170		395,660
Caesars Entertainment, Inc. *		5,163		215,504
Cava Group, Inc. *		2,351		291,171
Cheesecake Factory, Inc. (The)		5,035		204,169
Choice Hotels International, Inc. @		5,300		690,590
Churchill Downs, Inc.		7,622		1,030,571
Chuy's Holdings, Inc. *		754		28,200
Cracker Barrel Old Country Store, Inc. @		2,324		105,393
Darden Restaurants, Inc.		859		140,988
Dave & Buster's Entertainment, Inc. *@		2,282		77,702
Denny's Corp. *		4,694		30,276
Domino's Pizza, Inc.		558		240,018
DraftKings, Inc., Class A *		7,597		297,802
El Pollo Loco Holdings, Inc. *		2,723		37,305
Everi Holdings, Inc. *		4,400		57,816
Expedia Group, Inc. *		1,676		248,081
Hyatt Hotels Corp., Class A @		811		123,434
Inspired Entertainment, Inc. *		1,305		12,097
International Game Technology PLC		969		20,640
Jack in the Box, Inc. @		2,392		111,324
Kura Sushi USA, Inc., Class A *@		365		29,404
Light & Wonder, Inc. *		1,829		165,945
Marriott Vacations Worldwide Corp.		3,349		246,085
Monarch Casino & Resort, Inc.		1,490		118,112
Nathan's Famous, Inc.		681		55,093
Norwegian Cruise Line Holdings Ltd. *@		4,482		91,926
Papa John's International, Inc.		3,338		179,818
Penn Entertainment, Inc. *@		5,194		97,959
Planet Fitness, Inc., Class A *		8,887		721,802
Shake Shack, Inc., Class A *		2,266		233,874
Six Flags Entertainment Corp.		2,020		81,426
Texas Roadhouse, Inc.		6,983		1,233,198
Travel + Leisure Co.		4,042		186,255
United Parks & Resorts, Inc. *@		3,740		189,244
Vail Resorts, Inc.		2,071		360,955
Wendy's Co. (The)		22,109		387,350
Wingstop, Inc.		1,665		692,773
Wyndham Hotels & Resorts, Inc.		5,481		428,285
Wynn Resorts Ltd.		5,043		483,523
				11,528,440
Household Durables — 3.4%
Bassett Furniture Industries, Inc.		1,080		15,606
Beazer Homes USA, Inc. *		1,643		56,141
Cavco Industries, Inc. *		823		352,442
Century Communities, Inc.		3,367		346,734
Champion Homes, Inc. *		2,566		243,385
Ethan Allen Interiors, Inc.		2,598		82,850
Flexsteel Industries, Inc.		1,069		47,346
GoPro, Inc., Class A *		6,985		9,500
Green Brick Partners, Inc. *		4,024		336,085
Hamilton Beach Brands Holding Co., Class A		2,000		60,860
Helen of Troy Ltd. *		2,629		162,604
Hooker Furnishings Corp.		1,742		31,495
Installed Building Products, Inc.		3,050		751,124
iRobot Corp. *@		2,014		17,502
KB Home		7,849		672,581
La-Z-Boy, Inc.		4,321		185,501
Leggett & Platt, Inc.		5,052		68,808

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Household Durables (Continued)
LGI Homes, Inc. *		624	$	73,956
Lifetime Brands, Inc.		2,082		13,616
Lovesac Co. (The) *		794		22,748
M/I Homes, Inc. *		3,074		526,761
Meritage Homes Corp.		3,491		715,899
Mohawk Industries, Inc. *		3,847		618,136
Newell Brands, Inc.		11,481		88,174
Orleans Homebuilders, Inc. *@§		4,953		—
SharkNinja, Inc.		907		98,600
Sonos, Inc. *		3,418		42,007
Taylor Morrison Home Corp. *		9,778		687,002
Tempur Sealy International, Inc.		18,378		1,003,439
Toll Brothers, Inc.		10,507		1,623,226
TopBuild Corp. *		3,353		1,364,034
TRI Pointe Homes, Inc. *		9,397		425,778
Universal Electronics, Inc. *		1,292		11,925
VOXX International Corp. *@		3,284		20,886
Whirlpool Corp.		218		23,326
Worthington Enterprises, Inc.		4,458		184,784
				10,984,861
Household Products — 0.3%
Central Garden & Pet Co. *@		1,247		45,478
Central Garden & Pet Co., Class A *		5,453		171,224
Clorox Co. (The)		1,886		307,248
Spectrum Brands Holdings, Inc.		1,853		176,295
WD-40 Co.		1,487		383,468
				1,083,713
Independent Power Producers & Energy Traders — 1.0%
AES Corp. (The)		8,066		161,804
Brookfield Renewable Corp., Class A @		2,853		93,179
Clearway Energy, Inc., Class A		3,716		105,794
Clearway Energy, Inc., Class C		8,971		275,230
Ormat Technologies, Inc.		5,451		419,400
Sunnova Energy International, Inc. *@		4,220		41,103
Vistra Corp.		17,985		2,131,942
				3,228,452
Insurance — 3.9%
Ambac Financial Group, Inc. *		900		10,089
American Financial Group, Inc.		3,696		497,482
AMERISAFE, Inc.		1,351		65,294
Assurant, Inc.		4,101		815,525
Assured Guaranty Ltd.		4,657		370,325
Axis Capital Holdings Ltd.		4,830		384,516
Baldwin Insurance Group, Inc. (The) *		3,130		155,874
Brighthouse Financial, Inc. *		3,337		150,265
Citizens, Inc. *@		6,126		22,176
CNO Financial Group, Inc.		10,476		367,708
Crawford & Co., Class A		3,214		35,258
Crawford & Co., Class B		3,345		37,163
Donegal Group, Inc., Class A		2,745		40,461
Employers Holdings, Inc.		2,665		127,840
Enstar Group Ltd. *		1,195		384,300
Everest Group Ltd.		18		7,053
F&G Annuities & Life, Inc.		877		39,219
Fidelity National Financial, Inc.		3,987		247,433
First American Financial Corp.		7,508		495,603
Genworth Financial, Inc. *		14,918		102,188
Globe Life, Inc.		3,866		409,448
Hanover Insurance Group, Inc. (The)		2,145		317,696
HCI Group, Inc. @		741		79,331
Horace Mann Educators Corp.		4,392		153,500

	SHARES		VALUE†
Investors Title Co.		279	$	64,114
James River Group Holdings Ltd.		829		5,198
Kemper Corp.		5,843		357,884
Kinsale Capital Group, Inc.		808		376,181
Lincoln National Corp.		7,815		246,251
Mercury General Corp.		3,869		243,670
Old Republic International Corp.		20,327		719,982
Palomar Holdings, Inc. *		1,593		150,809
Primerica, Inc.		3,776		1,001,206
Reinsurance Group of America, Inc.		3,182		693,262
RenaissanceRe Holdings Ltd.		2,896		788,870
RLI Corp.		4,871		754,908
Safety Insurance Group, Inc.		1,493		122,098
Selective Insurance Group, Inc.		6,118		570,809
Stewart Information Services Corp.		2,578		192,680
Trupanion, Inc. *		335		14,063
Unico American Corp. *		1,700		94
United Fire Group, Inc.		1,892		39,600
Universal Insurance Holdings, Inc.		2,828		62,669
Unum Group		14,680		872,579
White Mountains Insurance Group Ltd.		170		288,354
				12,881,028
Interactive Media & Services — 0.4%
Bumble, Inc., Class A *@		2,172		13,857
Cargurus, Inc. *		1,272		38,198
Cars.com, Inc. *		3,931		65,884
DHI Group, Inc. *		8,881		16,341
Match Group, Inc. *		6,820		258,069
QuinStreet, Inc. *		858		16,413
Shutterstock, Inc.		1,210		42,798
Snap, Inc., Class A *		24,958		267,051
TripAdvisor, Inc. *		4,913		71,189
Yelp, Inc. *		4,724		165,718
Ziff Davis, Inc. *		2,996		145,785
ZoomInfo Technologies, Inc. *		5,496		56,719
				1,158,022
IT Services — 1.1%
Akamai Technologies, Inc. *		933		94,186
Amdocs Ltd.		5,319		465,306
ASGN, Inc. *		5,178		482,745
DXC Technology Co. *		5,492		113,959
EPAM Systems, Inc. *		273		54,335
Fastly, Inc., Class A *		1,787		13,528
Globant SA *		1,678		332,479
GoDaddy, Inc., Class A *		6,116		958,866
Grid Dynamics Holdings, Inc. *		2,704		37,856
Hackett Group, Inc. (The)		3,495		91,814
Information Services Group, Inc.		2,180		7,194
Kyndryl Holdings, Inc. *		2,623		60,277
MongoDB, Inc. *		181		48,933
Okta, Inc. *		5,003		371,923
Perficient, Inc. *		28		2,113
Twilio, Inc., Class A *		5,176		337,579
				3,473,093
Leisure Equipment & Products — 0.5%
Acushnet Holdings Corp. @		541		34,489
American Outdoor Brands, Inc. *		1,946		17,942
Brunswick Corp.		4,070		341,147
Escalade, Inc.		1,950		27,437
Funko, Inc., Class A *		1,917		23,426
Hasbro, Inc.		3,807		275,322
Johnson Outdoors, Inc., Class A @		1,000		36,200
Malibu Boats, Inc., Class A *		2,116		82,122
Marine Products Corp.		3,930		38,082

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Leisure Equipment & Products (Continued)
MasterCraft Boat Holdings, Inc. *		1,583	$	28,826
Mattel, Inc. *		16,916		322,250
Polaris, Inc.		3,050		253,882
Smith & Wesson Brands, Inc.		2,884		37,434
Topgolf Callaway Brands Corp. *		5,300		58,194
				1,576,753
Life Sciences Tools & Services — 0.9%
Adaptive Biotechnologies Corp. *@		4,578		23,439
Avantor, Inc. *		7,284		188,437
Azenta, Inc. *		937		45,388
Bio-Rad Laboratories, Inc., Class A *		457		152,903
Bio-Techne Corp.		3,837		306,692
BioLife Solutions, Inc. *		1,278		32,001
Bruker Corp.		5,636		389,222
Charles River Laboratories International, Inc. *		991		195,197
CryoPort, Inc. *		2,607		21,143
Harvard Bioscience, Inc. *		5,522		14,854
Medpace Holdings, Inc. *		2,141		714,666
OmniAb, Inc. *		8,462		35,794
OmniAb, Inc. *§		654		—
OmniAb, Inc. *§		654		—
Repligen Corp. *		2,931		436,192
Revvity, Inc.		2,555		326,401
				2,882,329
Machinery — 5.1%
AGCO Corp.		4,840		473,642
Alamo Group, Inc.		1,213		218,498
Albany International Corp., Class A		2,901		257,754
Allison Transmission Holdings, Inc.		6,647		638,577
Astec Industries, Inc.		1,354		43,247
Barnes Group, Inc.		4,989		201,606
Chart Industries, Inc. *		3,344		415,124
CNH Industrial NV		11,489		127,528
Columbus McKinnon Corp.		2,642		95,112
Commercial Vehicle Group, Inc. *		3,758		12,214
Crane Co.		3,089		488,927
Donaldson Co., Inc.		8,206		604,782
Douglas Dynamics, Inc.		2,507		69,143
Eastern Co. (The)		776		25,181
Enerpac Tool Group Corp.		5,732		240,113
Enpro, Inc.		1,861		301,817
Esab Corp.		418		44,438
ESCO Technologies, Inc.		2,646		341,281
Federal Signal Corp.		5,985		559,358
Flowserve Corp.		2,564		132,533
Franklin Electric Co., Inc.		4,975		521,480
Gorman-Rupp Co. (The)		2,754		107,268
Graco, Inc.		4,511		394,758
Greenbrier Cos., Inc. (The)		2,663		135,520
Helios Technologies, Inc.		2,930		139,761
Hurco Cos., Inc.		1,000		21,070
Hyster-Yale, Inc.		165		10,522
IDEX Corp.		100		21,450
ITT, Inc.		5,131		767,136
John Bean Technologies Corp.		2,745		270,410
Kadant, Inc.		1,029		347,802
Kennametal, Inc.		3,360		87,125

	SHARES		VALUE†
L.B. Foster Co., Class A *@		1,565	$	31,973
Lincoln Electric Holdings, Inc.		3,365		646,147
Lindsay Corp.		1,109		138,226
Manitex International, Inc. *		1,300		7,319
Manitowoc Co., Inc. (The) *		3,607		34,699
Middleby Corp. (The) *		2,902		403,755
Miller Industries, Inc.		1,261		76,921
Mueller Industries, Inc.		12,444		922,100
Mueller Water Products, Inc., Class A		15,406		334,310
Nordson Corp.		846		222,185
Omega Flex, Inc.		590		29,453
Oshkosh Corp.		4,130		413,867
Park-Ohio Holdings Corp.		2,182		66,987
Pentair PLC		11,013		1,076,961
Perma-Pipe International Holdings, Inc. *		1,900		24,662
RBC Bearings, Inc. *		336		100,592
Shyft Group, Inc. (The)		3,913		49,108
Snap-on, Inc.		709		205,404
SPX Technologies, Inc. *		4,956		790,284
Standex International Corp.		1,107		202,337
Stanley Black & Decker, Inc.		2,632		289,862
Stratasys Ltd. *		2,061		17,127
Tennant Co.		1,721		165,285
Terex Corp.		6,303		333,492
Timken Co. (The)		6,902		581,770
Titan International, Inc. *		4,338		35,268
Toro Co. (The)		3,825		331,742
Trinity Industries, Inc.		4,908		170,995
Wabash National Corp.		4,414		84,705
Watts Water Technologies, Inc., Class A		2,884		597,536
				16,500,249
Marine Transportation — 0.4%
Costamare, Inc.		5,728		90,044
Kirby Corp. *		4,368		534,774
Matson, Inc.		3,669		523,273
				1,148,091
Media — 1.2%
Altice USA, Inc., Class A *		2,984		7,341
Boston Omaha Corp., Class A *@		1,358		20,193
Cable One, Inc. @		186		65,061
EchoStar Corp., Class A *		1,596		39,613
Entravision Communications Corp., Class A		3,329		6,891
EW Scripps Co. (The), Class A *		7,073		15,879
Fox Corp. Class A		3,642		154,166
Fox Corp. Class B		3,807		147,711
Gannett Co., Inc. *		1		6
GCI Liberty, Inc. *§		8,984		—
Gray Television, Inc.		8,433		45,201
Interpublic Group of Cos., Inc. (The)		12,645		399,961
John Wiley & Sons, Inc., Class A		3,247		156,668
Liberty Broadband Corp., Class A *		824		63,300
Liberty Broadband Corp., Class C *		2,320		179,313
Magnite, Inc. *		3,879		53,724
New York Times Co. (The), Class A		17,457		971,831
News Corp., Class A		19,977		531,987
News Corp., Class B		7,188		200,904
Nexstar Media Group, Inc.		2,102		347,566
Paramount Global, Class A		586		12,810
Paramount Global, Class B		6,684		70,984
PubMatic, Inc., Class A *		3,162		47,019

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Media (Continued)
Saga Communications, Inc., Class A		664	$	9,535
Scholastic Corp.		3,519		112,643
Sinclair, Inc. @		2,132		32,619
Sirius XM Holdings, Inc.		6,101		144,289
TechTarget, Inc. *		3,517		85,991
Thryv Holdings, Inc. *		1,938		33,392
WideOpenWest, Inc. *		4,405		23,126
				3,979,724
Metals & Mining — 1.8%
Alcoa Corp.		13,846		534,179
Alpha Metallurgical Resources, Inc.		886		209,255
Arch Resources, Inc.		1,314		181,542
ATI, Inc. *		13,573		908,169
Carpenter Technology Corp.		3,912		624,277
Century Aluminum Co. *		8,912		144,642
Cleveland-Cliffs, Inc. *		19,094		243,830
Coeur Mining, Inc. *		16,461		113,252
Commercial Metals Co.		12,402		681,614
Ferroglobe PLC		10,242		47,523
Fortitude Gold Corp.		4,671		23,869
Friedman Industries, Inc.		700		11,214
Hecla Mining Co.		30,869		205,896
Kaiser Aluminum Corp.		1,901		137,861
Materion Corp.		2,175		243,296
Metallus, Inc. *		5,303		78,643
MP Materials Corp. *@		4,905		86,573
Olympic Steel, Inc.		1,200		46,800
Radius Recycling, Inc.		2,809		52,079
Reliance, Inc.		260		75,195
Royal Gold, Inc.		4,388		615,636
Ryerson Holding Corp.		4,615		91,885
SunCoke Energy, Inc.		5,320		46,178
Tredegar Corp. *		3,412		24,873
U.S. Steel Corp.		7,027		248,264
Warrior Met Coal, Inc.		738		47,158
Worthington Steel, Inc.		4,458		151,617
				5,875,320
Multi-Utilities — 0.5%
Avista Corp.		6,896		267,220
Black Hills Corp.		6,023		368,126
NiSource, Inc.		19,524		676,507
Northwestern Energy Group, Inc.		4,148		237,348
Unitil Corp.		1,923		116,495
				1,665,696
Oil, Gas & Consumable Fuels — 2.8%
Adams Resources & Energy, Inc.		536		14,472
Amplify Energy Corp. *		1,867		12,192
Antero Midstream Corp.		32,353		486,913
Antero Resources Corp. *		5,180		148,407
APA Corp.		10,265		251,082
Ardmore Shipping Corp.		1,612		29,177
Berry Corp.		4,166		21,413
California Resources Corp.		3,564		187,003
Centrus Energy Corp., Class A *@		1,074		58,909
Chesapeake Energy Corp. @		4,468		367,493
Chord Energy Corp.		804		104,705
Civitas Resources, Inc.		2,093		106,052
Clean Energy Fuels Corp. *		20,279		63,068
CNX Resources Corp. *		16,780		546,525
Comstock Resources, Inc. @		8,676		96,564
CONSOL Energy, Inc.		2,376		248,648

	SHARES		VALUE†
CVR Energy, Inc. @		1,556	$	35,835
Delek U.S. Holdings, Inc.		7,082		132,787
DHT Holdings, Inc.		11,638		128,367
Dorian LPG Ltd.		3,332		114,687
DT Midstream, Inc.		1,881		147,959
EnLink Midstream LLC *		27,038		392,321
Evolution Petroleum Corp. @		5,356		28,440
Green Plains, Inc. *		5,096		69,000
Gulfport Energy Corp. *		944		142,874
Hallador Energy Co. *@		3,193		30,110
HF Sinclair Corp.		9,611		428,362
International Seaways, Inc.		4,383		225,987
Kosmos Energy Ltd. *		21,727		87,560
Magnolia Oil & Gas Corp., Class A		7,613		185,909
Marathon Oil Corp.		1,166		31,051
Matador Resources Co.		10,827		535,070
Murphy Oil Corp.		13,521		456,199
NACCO Industries, Inc., Class A		1,000		28,350
New Fortress Energy, Inc. @		3,932		35,742
Nordic American Tankers Ltd. @		8,255		30,296
Northern Oil and Gas, Inc. @		1,306		46,245
Ovintiv, Inc.		6,163		236,105
Par Pacific Holdings, Inc. *		4,135		72,776
PBF Energy, Inc., Class A		10,429		322,778
Peabody Energy Corp. @		3,580		95,013
Permian Resources Corp.		26,947		366,749
Range Resources Corp.		10,825		332,977
REX American Resources Corp. *		2,364		109,430
SandRidge Energy, Inc.		2,175		26,600
Scorpio Tankers, Inc.		2,271		161,922
SFL Corp. Ltd.		4,682		54,171
Sitio Royalties Corp., Class A		3,565		74,295
SM Energy Co.		2,124		84,896
Southwestern Energy Co. *		62,679		445,648
Talos Energy, Inc. *		3,212		33,244
Teekay Corp. *		4,339		39,919
Teekay Tankers Ltd., Class A		1,880		109,510
Texas Pacific Land Corp.		378		334,432
Vitesse Energy, Inc. @		2,544		61,107
World Kinect Corp.		2,783		86,023
				9,103,369
Paper & Forest Products — 0.4%
Clearwater Paper Corp. *		1,838		52,456
Louisiana-Pacific Corp.		7,578		814,332
Mercer International, Inc.		7,857		53,192
Resolute Forest Products, Inc. CVR *¶§		7,629		2,032
Sylvamo Corp.		2,483		213,165
				1,135,177
Passenger Airlines — 0.4%
Alaska Air Group, Inc. *		3,915		176,997
Allegiant Travel Co.		441		24,281
American Airlines Group, Inc. *@		12,202		137,150
SkyWest, Inc. *		3,627		308,368
Southwest Airlines Co. @		10,338		306,315
Spirit Airlines, Inc. @		3,315		7,956
United Airlines Holdings, Inc. *		5,444		310,635
				1,271,702
Personal Products — 0.6%
BellRing Brands, Inc. *		7,482		454,307
Coty, Inc., Class A *		46,457		436,231
Edgewell Personal Care Co.		1,878		68,246
elf Beauty, Inc. *		4,063		442,989
Herbalife Ltd. *		600		4,314
Inter Parfums, Inc.		3,488		451,626

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Personal Products (Continued)
Medifast, Inc. @*		1,290	$	24,691
Natural Alternatives International, Inc. *		1,000		5,730
Nature's Sunshine Products, Inc. *		1,700		23,154
Nu Skin Enterprises, Inc., Class A		1,371		10,104
United-Guardian, Inc. @		600		9,528
USANA Health Sciences, Inc. *		2,205		83,614
				2,014,534
Pharmaceuticals — 0.9%
Amphastar Pharmaceuticals, Inc. *		5,315		257,937
ANI Pharmaceuticals, Inc. *		1,669		99,573
Catalent, Inc. *		3,128		189,463
Collegium Pharmaceutical, Inc. *		2,590		100,078
Corcept Therapeutics, Inc. *		7,842		362,928
Edgewise Therapeutics, Inc. *		1,162		31,014
Elanco Animal Health, Inc. *		2,020		29,674
Harmony Biosciences Holdings, Inc. *		1,923		76,920
Innoviva, Inc. *		5,963		115,145
Jazz Pharmaceuticals PLC *		3,398		378,571
Ligand Pharmaceuticals, Inc. *		1,727		172,855
Organon & Co.		7,211		137,946
Pacira BioSciences, Inc. *		1,786		26,879
Perrigo Co. PLC		6,512		170,810
Prestige Consumer Healthcare, Inc. *		5,152		371,459
SIGA Technologies, Inc.		1,900		12,825
Supernus Pharmaceuticals, Inc. *		5,158		160,826
Viatris, Inc.		18,447		214,170
				2,909,073
Professional Services — 3.1%
Barrett Business Services, Inc.		3,196		119,882
CACI International, Inc., Class A *		1,409		710,925
CBIZ, Inc. *		5,331		358,723
Concentrix Corp. @		3,341		171,226
Conduent, Inc. *		5,702		22,979
CRA International, Inc.		773		135,522
CSG Systems International, Inc.		2,945		143,274
Dayforce, Inc. *@		3,385		207,331
ExlService Holdings, Inc. *		17,683		674,606
Exponent, Inc.		5,450		628,276
Forrester Research, Inc. *		2,360		42,504
Franklin Covey Co. *		1,628		66,960
FTI Consulting, Inc. *		3,603		819,899
Genpact Ltd.		9,689		379,906
Heidrick & Struggles International, Inc.		1,928		74,922
Huron Consulting Group, Inc. *		1,957		212,726
ICF International, Inc.		2,012		335,581
Insperity, Inc.		3,407		299,816
KBR, Inc.		12,616		821,680
Kelly Services, Inc., Class A		3,132		67,056
Kforce, Inc.		1,735		106,616
Korn Ferry		4,964		373,491
Leidos Holdings, Inc.		686		111,818
ManpowerGroup, Inc.		2,622		192,769
Mastech Digital, Inc. *		2,122		21,220
Maximus, Inc.		2,874		267,742
NV5 Global, Inc. *		1,602		149,755
Parsons Corp. *		1,163		120,580
Paycom Software, Inc.		137		22,820
Paylocity Holding Corp. *		2,396		395,268

	SHARES		VALUE†
RCM Technologies, Inc. *@		1,296	$	26,283
Resources Connection, Inc.		3,396		32,941
Robert Half, Inc.		7,950		535,910
Science Applications International Corp.		2,559		356,392
SS&C Technologies Holdings, Inc.		4,194		311,237
TransUnion		2,321		243,009
TriNet Group, Inc.		3,424		332,025
TrueBlue, Inc. *		3,431		27,071
TTEC Holdings, Inc. @		4,929		28,933
Verra Mobility Corp. *		10,023		278,740
				10,228,414
Real Estate Management & Development — 0.8%
Cushman & Wakefield PLC *		5,956		81,180
Douglas Elliman, Inc. *		8,113		14,847
Forestar Group, Inc. *		3,530		114,266
FRP Holdings, Inc. *		400		11,944
Howard Hughes Holdings, Inc. *		1,369		106,002
Jones Lang LaSalle, Inc. *		3,879		1,046,593
Kennedy-Wilson Holdings, Inc.		8,346		92,223
Marcus & Millichap, Inc.		1,262		50,013
Maui Land & Pineapple Co., Inc. *		2,324		52,174
Newmark Group, Inc., Class A		11,400		177,042
RMR Group, Inc. (The), Class A		1,159		29,415
Seaport Entertainment Group, Inc. *@		152		4,168
St. Joe Co. (The)		3,300		192,423
Stratus Properties, Inc. *		313		8,135
Tejon Ranch Co. *		2,249		39,470
Zillow Group, Inc., Class A *		2,824		174,890
Zillow Group, Inc., Class C *		6,550		418,218
				2,613,003
Semiconductors & Semiconductor Equipment — 2.6%
Allegro MicroSystems, Inc. *		1,272		29,638
Alpha & Omega Semiconductor Ltd. *		2,886		107,128
Ambarella, Inc. *		2,341		132,044
Amkor Technology, Inc.		25,678		785,747
Amtech Systems, Inc. *		2,822		16,368
Axcelis Technologies, Inc. *		3,412		357,748
AXT, Inc. *		1,163		2,814
CEVA, Inc. *		3,095		74,744
Cirrus Logic, Inc. *		3,385		420,451
Cohu, Inc. *		5,114		131,430
Diodes, Inc. *		4,900		314,041
Enphase Energy, Inc. *		2,985		337,365
Entegris, Inc.		230		25,882
FormFactor, Inc. *		8,126		373,796
GSI Technology, Inc. *		4,641		14,155
Ichor Holdings Ltd. *		400		12,724
Kulicke & Soffa Industries, Inc.		5,924		267,350
Lattice Semiconductor Corp. *		12,472		661,889
MACOM Technology Solutions Holdings, Inc. *		2,196		244,327
Magnachip Semiconductor Corp. *		4,588		21,426
MaxLinear, Inc. *		4,476		64,812
NVE Corp.		502		40,095
Onto Innovation, Inc. *		4,376		908,282
PDF Solutions, Inc. *		4,938		156,436
Photronics, Inc. *		7,008		173,518
Power Integrations, Inc.		6,164		395,236
Qorvo, Inc. *		2,760		285,108
Rambus, Inc. *		11,347		479,070

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Semiconductors & Semiconductor Equipment (Continued)
Silicon Laboratories, Inc. *		3,386	$	391,320
Skyworks Solutions, Inc.		243		24,001
Synaptics, Inc. *		4,162		322,888
Ultra Clean Holdings, Inc. *		4,298		171,619
Universal Display Corp.		3,037		637,466
Veeco Instruments, Inc. *		4,666		154,585
Wolfspeed, Inc. *@		7,157		69,423
				8,604,926
Software — 3.1%
A10 Networks, Inc.		4,234		61,139
ACI Worldwide, Inc. *		11,727		596,904
Adeia, Inc.		7,577		90,242
Alarm.com Holdings, Inc. *		2,707		147,992
Altair Engineering, Inc., Class A *		3,033		289,682
American Software, Inc., Class A		4,461		49,919
Aspen Technology, Inc. *		2,122		506,776
Bentley Systems, Inc., Class B		4,082		207,406
Bill Holdings, Inc. *		3,263		172,156
Blackbaud, Inc. *		5,719		484,285
Box, Inc., Class A *		6,867		224,757
CommVault Systems, Inc. *		2,675		411,549
Consensus Cloud Solutions, Inc. *		1,449		34,124
DocuSign, Inc. *		5,868		364,344
Dolby Laboratories, Inc., Class A		2,819		215,738
DoubleVerify Holdings, Inc. *		5,203		87,618
Dropbox, Inc., Class A *		14,286		363,293
Dynatrace, Inc. *		7,032		376,001
eGain Corp. *		4,304		21,950
Elastic NV *		2,292		175,934
Envestnet, Inc. *@		409		25,612
EverCommerce, Inc. *@		921		9,542
Gen Digital, Inc.		20,625		565,744
Guidewire Software, Inc. *		3,956		723,711
InterDigital, Inc. @		2,792		395,431
Jamf Holding Corp. *		3,544		61,488
JFrog Ltd. *		479		13,910
LiveRamp Holdings, Inc. *		7,539		186,816
Manhattan Associates, Inc. *		1,016		285,882
Meridianlink, Inc. *		2,090		42,991
Mitek Systems, Inc. *@		1,166		10,109
N-able, Inc. *		8,171		106,713
Nutanix, Inc., Class A *		4,947		293,110
Olo, Inc., Class A *		2,551		12,653
Ooma, Inc. *		1,297		14,773
PowerSchool Holdings, Inc., Class A *		507		11,565
Procore Technologies, Inc. *		3,536		218,242
Progress Software Corp.		4,772		321,490
Qualys, Inc. *		3,876		497,911
Sapiens International Corp. NV		2,496		93,026
SentinelOne, Inc., Class A *		5,750		137,540
SolarWinds Corp.		5,202		67,886
SPS Commerce, Inc. *		2,160		419,407
Teradata Corp. *		4,213		127,822
UiPath, Inc., Class A *		10,245		131,136
Unity Software, Inc. *@		11,422		258,366
Verint Systems, Inc. *		6,847		173,434
Vertex, Inc., Class A *@		1,558		59,999
Yext, Inc. *		4,488		31,057
				10,179,175
Specialty Retail — 3.4%
1-800-Flowers.com, Inc., Class A *@		3,880		30,768
Abercrombie & Fitch Co., Class A *		3,727		521,407

	SHARES		VALUE†
Academy Sports & Outdoors, Inc.		2,614	$	152,553
Advance Auto Parts, Inc. @		3,409		132,917
America's Car-Mart, Inc. *		822		34,458
American Eagle Outfitters, Inc.		19,472		435,978
Asbury Automotive Group, Inc. *		2,143		511,298
AutoNation, Inc. *		4,060		726,415
Bath & Body Works, Inc.		5,771		184,210
Best Buy Co., Inc.		1,982		204,741
Boot Barn Holdings, Inc. *		3,091		517,062
Buckle, Inc. (The)		5,018		220,641
Build-A-Bear Workshop, Inc.		1,640		56,367
Burlington Stores, Inc. *		1,368		360,441
Caleres, Inc.		3,874		128,036
CarMax, Inc. *		4,370		338,151
Cato Corp. (The), Class A		2,638		13,164
Citi Trends, Inc. *@		818		15,027
Destination XL Group, Inc. *		3,560		10,466
Duluth Holdings, Inc., Class B *		1,185		4,456
Five Below, Inc. *		5,505		486,367
Floor & Decor Holdings, Inc., Class A *		4,489		557,399
Foot Locker, Inc.		3,452		89,200
GameStop Corp., Class A *		752		17,243
Gap, Inc. (The)		2,272		50,098
Genesco, Inc. *		1,490		40,483
Group 1 Automotive, Inc.		1,502		575,326
Guess?, Inc. @		3,265		65,724
Haverty Furniture Cos., Inc.		1,983		54,473
Leslie's, Inc. *		6,363		20,107
Lithia Motors, Inc.		1,743		553,646
MarineMax, Inc. *		2,209		77,911
Monro, Inc.		3,090		89,177
Murphy USA, Inc.		2,265		1,116,351
National Vision Holdings, Inc. *		2,877		31,388
ODP Corp. (The) *		3,160		94,010
Penske Automotive Group, Inc.		1,742		282,936
PetMed Express, Inc. @*		2,360		8,685
Revolve Group, Inc. *		706		17,495
RH *		318		106,349
Sally Beauty Holdings, Inc. *		3,610		48,988
Shoe Carnival, Inc.		3,062		134,269
Signet Jewelers Ltd. @		4,741		488,987
Sleep Number Corp. *		3,221		59,009
Sonic Automotive, Inc., Class A		3,080		180,118
Sportsman's Warehouse Holdings, Inc. *		3,058		8,287
Tilly's, Inc., Class A *		1,836		9,364
Upbound Group, Inc.		6,271		200,609
Urban Outfitters, Inc. *		2,086		79,915
Valvoline, Inc. *		6,915		289,393
Victoria's Secret & Co. *		2,341		60,164
Williams-Sonoma, Inc.		3,406		527,657
Winmark Corp.		455		174,233
Zumiez, Inc. *		2,406		51,248
				11,245,165
Textiles, Apparel & Luxury Goods — 1.1%
Capri Holdings Ltd. *		6,340		269,070
Carter's, Inc.		1,288		83,694
Columbia Sportswear Co. @		3,250		270,367
Figs, Inc., Class A *		2,862		19,576
G-III Apparel Group Ltd. *		5,008		152,844
Kontoor Brands, Inc.		2,384		194,964
Lakeland Industries, Inc.		1,669		33,547
Movado Group, Inc.		2,220		41,292
Oxford Industries, Inc.		1,665		144,455
PVH Corp.		1,378		138,944

The accompanying notes are an integral part of these portfolio of investments.

SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Textiles, Apparel & Luxury Goods (Continued)
Ralph Lauren Corp.		2,279	$	441,830
Rocky Brands, Inc.		1,000		31,860
Skechers U.S.A., Inc., Class A *		6,530		436,988
Steven Madden Ltd.		7,918		387,903
Superior Group of Cos., Inc.		2,200		34,078
Tapestry, Inc.		18,072		849,023
Under Armour, Inc., Class A *		2,222		19,798
Under Armour, Inc., Class C *@		1,318		11,018
Unifi, Inc. *		2,394		17,572
VF Corp. @		1,731		34,533
				3,613,356
Tobacco — 0.1%
Turning Point Brands, Inc.		1,280		55,232
Universal Corp.		2,612		138,723
Vector Group Ltd.		8,569		127,850
				321,805
Trading Companies & Distributors — 1.7%
Air Lease Corp.		5,985		271,061
Applied Industrial Technologies, Inc.		4,081		910,593
Beacon Roofing Supply, Inc. *		6,560		566,981
Boise Cascade Co.		3,680		518,806
Core & Main, Inc., Class A *		2,709		120,280
Distribution Solutions Group, Inc. *		224		8,626
DNOW, Inc. *		6,508		84,148
DXP Enterprises, Inc. *		1,824		97,329
GATX Corp.		3,309		438,277
Global Industrial Co.		3,603		122,394
GMS, Inc. *		2,900		262,653
H&E Equipment Services, Inc.		3,452		168,043
Herc Holdings, Inc.		2,648		422,171
MRC Global, Inc. *		5,657		72,070
MSC Industrial Direct Co., Inc., Class A		936		80,552
Rush Enterprises, Inc., Class A		7,718		407,742
SiteOne Landscape Supply, Inc. *		413		62,326
Titan Machinery, Inc. *		2,515		35,034
WESCO International, Inc.		4,569		767,501
Willis Lease Finance Corp.		900		133,929
				5,550,516
Water Utilities — 0.5%
American States Water Co.		4,082		339,990
Artesian Resources Corp., Class A		1,177		43,761
California Water Service Group		6,097		330,579
Consolidated Water Co. Ltd.		1,751		44,143
Essential Utilities, Inc.		8,329		321,249
Middlesex Water Co.		2,133		139,157
Pure Cycle Corp. *		1,000		10,770
SJW Group		2,989		173,691
York Water Co. (The)		1,803		67,540
				1,470,880
Wireless Telecommunication Services — 0.0%
Gogo, Inc. *		1,021		7,331
Spok Holdings, Inc.		2,839		42,755
U.S. Cellular Corp. *		1,551		84,762
				134,848
TOTAL COMMON STOCKS
(Identified Cost $157,040,199)				326,437,120

	SHARES		VALUE†
PREFERRED STOCKS — 0.0%
Media — 0.0%
Liberty Broadband Corp., Series A, 7.000%		1,225	$	29,253
TOTAL PREFERRED STOCKS
(Identified Cost $4,658)				29,253
RIGHTS AND WARRANTS — 0.0%
Real Estate Management & Development — 0.0%
Seaport Entertainment Group, Inc. 10/10/24 *@		152		448
TOTAL RIGHTS AND WARRANTS
(Identified Cost $0)				448
SHORT-TERM INVESTMENTS — 0.6%
Investment Company — 0.1%
State Street Institutional U.S. Government Money Market Fund 4.690%		264,332		264,332
Collateral For Securities On Loan — 0.5%
State Street Navigator Securities Lending Government Money Market Portfolio 5.020%		1,662,230		1,662,230
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $1,926,562)				1,926,562
Total Investments — 100.5%
(Identified Cost $158,971,419)				328,393,383
Liabilities in excess of Cash and other Assets — (0.5%)				(1,721,253	)
Net Assets — 100.0%			$	326,672,130

†

See Note 1

Non-income producing security.

A portion or all of the security was held on loan. As of September 30, 2024, the fair value of the securities on loan was $12,057,101.

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 portfolio of investments.

SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited)

	SHARES		VALUE†
COMMON STOCKS — 98.0%
Australia — 6.7%
Ampol Ltd.		3,807	$	80,354
ANZ Group Holdings Ltd.		171,032		3,604,047
Aurizon Holdings Ltd.		293,809		717,031
Bendigo & Adelaide Bank Ltd.		40,324		324,779
BlueScope Steel Ltd.		114,919		1,763,774
Challenger Ltd.		30,072		135,137
Cleanaway Waste Management Ltd.		139,337		283,212
Evolution Mining Ltd.		260,215		834,734
Fortescue Ltd. @		72,441		1,035,698
Harvey Norman Holdings Ltd. @		136,089		465,721
Incitec Pivot Ltd.		195,063		419,405
National Australia Bank Ltd.		240,164		6,201,498
Northern Star Resources Ltd.		136,578		1,507,939
Orica Ltd.		50,333		645,498
Origin Energy Ltd.		168,307		1,164,754
QBE Insurance Group Ltd.		61,986		708,806
Rio Tinto Ltd. @		19,019		1,697,903
Santos Ltd.		542,800		2,634,359
Seven Group Holdings Ltd.		3,940		116,802
Sonic Healthcare Ltd.		60,106		1,131,523
South32 Ltd.		640,447		1,669,255
Suncorp Group Ltd.		169,164		2,115,654
TPG Telecom Ltd. @		41,292		140,452
Westpac Banking Corp.		209,812		4,601,099
Whitehaven Coal Ltd.		137,340		685,539
Woodside Energy Group Ltd. @		157,968		2,752,122
Worley Ltd.		30,039		307,982
Yancoal Australia Ltd. @		73,145		309,987
				38,055,064
Austria — 0.1%
Erste Group Bank AG		1,782		97,694
OMV AG		8,855		378,112
				475,806
Belgium — 0.8%
Ageas SA		21,755		1,160,458
Anheuser-Busch InBev SA/NV		4,376		289,248
KBC Group NV		25,395		2,018,931
Solvay SA @		9,936		389,321
Syensqo SA <>		9,936		880,507
				4,738,465
Canada — 9.7%
Agnico Eagle Mines Ltd.		3,463		278,979
AltaGas Ltd. @		24,518		606,945
ARC Resources Ltd. @		10,357		175,061
Bank of Montreal		1,424		128,496
Bank of Montreal		48,522		4,376,685
Bank of Nova Scotia (The) @		59,376		3,235,398
Bank of Nova Scotia (The) @		18,431		1,004,237
Barrick Gold Corp.		6,661		132,486
Barrick Gold Corp. @		54,649		1,086,969
Brookfield Corp. @		209		11,108
Canadian Imperial Bank of Commerce @		18,668		1,145,095
Canadian Imperial Bank of Commerce @		78,832		4,835,597
Canadian Tire Corp. Ltd., Class A		1,753		210,096
Cenovus Energy, Inc.		95,795		1,602,650
Empire Co. Ltd., Class A		12,486		381,564
Fairfax Financial Holdings Ltd.		3,439		4,342,251
First Quantum Minerals Ltd. *		25,434		346,780
iA Financial Corp., Inc.		16,360		1,356,025
Kinross Gold Corp.		40,702		380,971
Kinross Gold Corp.		173,331		1,623,797
Lundin Mining Corp. @		110,222		1,154,827

	SHARES		VALUE†
Magna International, Inc. @		52,493	$	2,154,313
Manulife Financial Corp.		14,500		428,475
MEG Energy Corp.		17,402		326,951
Nutrien Ltd. @		74,537		3,582,248
Pan American Silver Corp. @		9,592		200,185
Suncor Energy, Inc. ¥		67,770		2,501,444
Suncor Energy, Inc.		63,249		2,335,153
Teck Resources Ltd., Class B		64,272		3,357,569
Toronto-Dominion Bank (The) @		113,373		7,171,976
Toronto-Dominion Bank (The)		12,175		769,867
Tourmaline Oil Corp.		49,803		2,312,933
West Fraser Timber Co. Ltd. @		9,956		970,019
Whitecap Resources, Inc. @		20,029		149,575
				54,676,725
China — 0.2%
Prosus NV		19,864		868,101
Denmark — 3.1%
AP Moller - Maersk AS, Class A		191		309,465
AP Moller - Maersk AS, Class B		194		326,204
Carlsberg AS, Class B		15,826		1,884,973
Coloplast AS, Class B		10,731		1,402,159
Danske Bank AS		41,578		1,251,087
Demant AS *		12,776		499,093
DSV AS		16,777		3,463,605
Genmab AS *		4,741		1,146,922
H Lundbeck AS		21,000		135,786
Novo Nordisk A/S, Class B		4,377		514,268
Novonesis (Novozymes), Class B		40,558		2,920,469
Pandora AS		10,165		1,673,535
Rockwool AS, Class B		1,053		494,379
Svitzer AS *		904		37,799
Tryg AS		15,313		363,128
Vestas Wind Systems AS *		60,935		1,345,355
				17,768,227
Finland — 0.6%
Nokia OYJ		18,157		79,310
Nokia OYJ, ADR @		486,141		2,124,436
Nordea Bank Abp @		47,570		560,767
Stora Enso OYJ, Class R @		67,207		860,332
				3,624,845
France — 10.8%
Amundi SA ±		5,568		415,577
Arkema SA		1,539		146,473
AXA SA		4,696		180,500
BNP Paribas SA		57,117		3,913,334
Bollore SE @		89,881		598,805
Bouygues SA		48,843		1,634,349
Carrefour SA		110,447		1,882,273
Cie de Saint-Gobain SA		71,555		6,509,113
Cie Generale des Etablissements Michelin SCA		119,912		4,866,680
Credit Agricole SA		62,747		958,647
Eiffage SA		11,127		1,073,124
Engie SA		231,908		4,005,170
Orange SA		322,578		3,693,112
Publicis Groupe SA		10,335		1,129,732
Renault SA		29,529		1,281,609
Rexel SA		28,911		835,773
Sanofi SA		56,003		6,414,756
Societe Generale SA		68,769		1,710,896
TotalEnergies SE @		297,750		19,389,254
Vinci SA		1,446		168,929
Vivendi SE		40,220		464,722
				61,272,828

The accompanying notes are an integral part of these portfolio of investments.

SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Germany — 6.3%
BASF SE		68,442	$	3,623,033
Bayer AG		93,338		3,150,741
Bayerische Motoren Werke AG		40,060		3,530,855
Commerzbank AG		122,047		2,245,029
Continental AG		13,542		876,418
Covestro AG *±		16,685		1,038,968
Daimler Truck Holding AG		78,818		2,950,569
Deutsche Bank AG		78,840		1,360,115
Deutsche Bank AG		92,725		1,605,070
Deutsche Telekom AG		18,680		548,744
Evonik Industries AG		20,942		489,543
Fresenius Medical Care AG		19,547		830,966
Fresenius SE & Co. KGaA *		34,117		1,299,964
Hapag-Lloyd AG ±		1,127		204,236
Heidelberg Materials AG		25,898		2,813,646
Henkel AG & Co. KGaA		5,672		482,057
Mercedes-Benz Group AG		110,920		7,166,230
RWE AG		22,298		811,151
Siemens Energy AG *		6,205		228,418
Talanx AG		670		56,383
Volkswagen AG		4,164		464,906
				35,777,042
Hong Kong — 1.3%
BOC Hong Kong Holdings Ltd.		302,500		968,921
Cathay Pacific Airways Ltd. @		230,363		247,436
CK Asset Holdings Ltd.		151,069		664,608
CK Hutchison Holdings Ltd.		305,124		1,754,477
Henderson Land Development Co. Ltd.		112,684		359,483
MTR Corp. Ltd.		74,669		281,911
Sun Hung Kai Properties Ltd.		111,677		1,228,988
Swire Pacific Ltd., Class A		53,500		456,968
Swire Pacific Ltd., Class B		127,500		172,540
WH Group Ltd. ±		1,427,959		1,131,515
				7,266,847
Ireland — 0.2%
AIB Group PLC		53,993		309,226
Bank of Ireland Group PLC		65,003		725,751
				1,034,977
Israel — 0.5%
Bank Hapoalim BM		56,083		560,995
Bank Leumi Le-Israel BM		144,144		1,408,999
Delek Group Ltd.		1,842		215,433
Harel Insurance Investments & Financial Services Ltd.		13,270		128,824
Israel Discount Bank Ltd., Class A		131,550		735,751
Menora Mivtachim Holdings Ltd.		591		17,249
				3,067,251
Italy — 1.7%
Banco BPM SpA		78,217		527,453
Eni SpA @		165,818		2,525,427
UniCredit SpA		147,958		6,483,390
				9,536,270
Japan — 20.4%
AGC, Inc.		48,500		1,568,130
Air Water, Inc.		14,100		197,336
Aisin Corp. @		67,500		740,633

	SHARES		VALUE†
Alfresa Holdings Corp.		15,700	$	246,437
Amada Co. Ltd. @		37,100		376,227
Asahi Group Holdings Ltd.		178,200		2,329,092
Asahi Kasei Corp.		191,300		1,440,157
Bridgestone Corp. @		36,800		1,408,245
Brother Industries Ltd.		35,600		688,593
Canon Marketing Japan, Inc.		7,400		239,210
Chiba Bank Ltd. (The)		63,800		511,599
Coca-Cola Bottlers Japan Holdings, Inc.		8,000		110,990
COMSYS Holdings Corp.		2,900		63,054
Concordia Financial Group Ltd. @		111,200		612,770
Cosmo Energy Holdings Co. Ltd.		11,900		646,976
Dai-ichi Life Holdings, Inc.		62,600		1,603,710
Daicel Corp.		29,600		274,427
Daiwa House Industry Co. Ltd.		58,900		1,846,196
Daiwa Securities Group, Inc. @		31,800		222,362
Denso Corp.		45,800		677,321
Dowa Holdings Co. Ltd.		9,600		351,004
ENEOS Holdings, Inc.		470,600		2,549,704
FUJIFILM Holdings Corp.		44,700		1,147,007
Fukuoka Financial Group, Inc.		13,600		347,369
Gunma Bank Ltd. (The)		8,800		53,746
Hachijuni Bank Ltd. (The)		8,600		50,293
Hakuhodo DY Holdings, Inc. @		22,300		181,379
Hankyu Hanshin Holdings, Inc.		26,100		803,021
Haseko Corp. @		30,800		401,273
Hitachi Construction Machinery Co. Ltd. @		8,000		193,202
Honda Motor Co. Ltd.		466,200		4,889,870
Hulic Co. Ltd.		14,700		148,764
Idemitsu Kosan Co. Ltd.		147,000		1,051,425
Iida Group Holdings Co. Ltd. @		14,400		221,523
INFRONEER Holdings, Inc.		12,800		104,422
Inpex Corp.		144,500		1,948,450
Isuzu Motors Ltd. @		85,200		1,144,694
Iyogin Holdings, Inc.		13,300		125,759
J Front Retailing Co. Ltd.		35,100		377,681
Japan Airlines Co. Ltd.		19,000		332,806
Japan Post Holdings Co. Ltd.		71,600		680,505
Japan Post Insurance Co. Ltd. @		4,500		81,531
JFE Holdings, Inc. @		71,300		951,742
Kajima Corp. @		54,000		1,005,232
Kamigumi Co. Ltd.		15,700		356,001
Keihan Holdings Co. Ltd.		1,300		27,397
Kobe Steel Ltd. @		43,300		515,623
Koito Manufacturing Co. Ltd. @		27,300		375,144
Komatsu Ltd.		34,100		940,968
Kubota Corp.		121,600		1,718,348
Kuraray Co. Ltd.		76,400		1,126,664
Kyoto Financial Group, Inc. @		26,000		398,796
Kyushu Financial Group, Inc.		16,500		80,029
Lion Corp.		7,300		82,028
Lixil Corp. @		42,700		509,073
LY Corp.		162,700		474,657
Mabuchi Motor Co. Ltd.		10,200		157,835
Marubeni Corp.		23,300		379,349
Mazda Motor Corp. @		78,600		585,159
Mebuki Financial Group, Inc.		83,070		332,049
Medipal Holdings Corp.		17,700		306,710
MEIJI Holdings Co. Ltd. @		16,000		399,652
Mitsubishi Chemical Group Corp.		185,800		1,187,905
Mitsubishi Corp. @		98,000		2,013,185

The accompanying notes are an integral part of these portfolio of investments.

SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Japan (Continued)
Mitsubishi Electric Corp.		57,800	$	926,368
Mitsubishi Estate Co. Ltd.		70,900		1,114,125
Mitsubishi Gas Chemical Co., Inc.		21,400		412,366
Mitsubishi Logistics Corp.		2,500		90,833
Mitsubishi Motors Corp. @		88,400		236,492
Mitsubishi UFJ Financial Group, Inc.		206,400		2,087,336
Mitsubishi UFJ Financial Group, Inc., ADR @		391,058		3,980,970
Mitsui Chemicals, Inc. @		47,200		1,249,581
Mitsui Fudosan Co. Ltd.		162,300		1,510,923
Mizuho Financial Group, Inc. @		116,740		2,384,753
MS&AD Insurance Group Holdings, Inc.		54,484		1,262,353
NEC Corp.		5,300		507,045
NGK Insulators Ltd.		41,200		536,338
NH Foods Ltd.		11,033		409,386
Nikon Corp. @		17,200		177,774
NIPPON EXPRESS HOLDINGS, Inc.		15,900		834,245
Nippon Steel Corp. @		60,327		1,342,326
Nissan Motor Co. Ltd. @		311,000		870,951
Nisshin Seifun Group, Inc.		22,800		288,480
Niterra Co. Ltd. @		18,000		500,331
Nomura Holdings, Inc. @		175,700		908,298
Nomura Real Estate Holdings, Inc. @		23,700		631,725
Obayashi Corp. @		16,600		209,399
Oji Holdings Corp. @		226,000		902,585
Open House Group Co. Ltd. @		7,900		297,092
Panasonic Holdings Corp.		214,900		1,858,554
Resona Holdings, Inc.		206,800		1,435,406
Resonac Holdings Corp.		19,900		509,529
Ricoh Co. Ltd. @		81,000		869,316
Rohm Co. Ltd. @		24,600		274,883
SBI Holdings, Inc. @		20,500		469,977
Seiko Epson Corp.		40,700		747,453
Seino Holdings Co. Ltd. @		20,400		341,644
Sekisui Chemical Co. Ltd.		16,000		248,419
Sekisui House Ltd.		42,700		1,180,656
Seven & i Holdings Co. Ltd.		119,300		1,782,133
Shimizu Corp. @		49,600		339,409
Shizuoka Financial Group, Inc. @		46,000		398,309
Sohgo Security Services Co. Ltd.		12,000		86,415
Sojitz Corp. @		35,820		838,645
Sompo Holdings, Inc.		31,200		694,877
Subaru Corp.		90,700		1,566,307
SUMCO Corp. @		46,300		496,744
Sumitomo Chemical Co. Ltd. @		157,200		445,705
Sumitomo Corp.		84,300		1,873,399
Sumitomo Electric Industries Ltd. @		164,200		2,622,516
Sumitomo Forestry Co. Ltd.		28,900		1,426,652
Sumitomo Heavy Industries Ltd.		26,000		622,300
Sumitomo Metal Mining Co. Ltd. @		31,200		931,496
Sumitomo Mitsui Financial Group, Inc.		213,300		4,519,036
Sumitomo Mitsui Trust Holdings, Inc. @		49,800		1,174,965
Sumitomo Realty & Development Co. Ltd. @		42,000		1,404,432
Sumitomo Rubber Industries Ltd.		42,800		466,787
Suntory Beverage & Food Ltd.		3,700		138,861
Suzuken Co. Ltd.		1,100		38,290
Suzuki Motor Corp. @		103,600		1,147,907
T&D Holdings, Inc. @		7,100		123,253
Taiheiyo Cement Corp.		7,500		175,805
Takashimaya Co. Ltd. @		26,200		208,360
Takeda Pharmaceutical Co. Ltd.		126,173		3,601,933
THK Co. Ltd.		10,700		187,162

	SHARES		VALUE†
Tokyo Tatemono Co. Ltd.		37,600	$	600,789
Tokyu Fudosan Holdings Corp.		132,300		907,621
Toray Industries, Inc.		109,100		640,063
Tosoh Corp.		58,300		775,981
Toyo Seikan Group Holdings Ltd.		16,700		261,553
Toyo Tire Corp.		7,400		107,454
Toyoda Gosei Co. Ltd.		15,300		260,278
Toyota Boshoku Corp.		9,700		126,071
Toyota Motor Corp.		162,450		2,873,746
Toyota Tsusho Corp.		48,000		863,315
Yamada Holdings Co. Ltd.		48,000		149,853
Yamaha Motor Co. Ltd.		111,600		993,898
Yamato Holdings Co. Ltd. @		30,000		341,068
Yokohama Rubber Co. Ltd. (The)		27,600		616,811
				115,350,550
Netherlands — 5.0%
ABN AMRO Group NV, GDR ±		42,957		774,883
Aegon Ltd. @		138,307		888,020
Akzo Nobel NV		17,322		1,220,549
ArcelorMittal SA @		53,395		1,402,153
ArcelorMittal SA =		1,708		44,756
ASR Nederland NV @		17,592		861,631
Coca-Cola Europacific Partners PLC		8,210		645,210
HAL Trust		766		100,956
Heineken NV		16,759		1,485,706
ING Groep NV		253,754		4,596,853
JDE Peet's NV @		9,259		193,353
Koninklijke Ahold Delhaize NV		179,778		6,209,717
Koninklijke KPN NV		263,030		1,074,253
Koninklijke Philips NV @*		41,074		1,343,941
Koninklijke Philips NV *¢		35,721		1,169,822
NN Group NV		35,635		1,776,292
Randstad NV @		16,773		832,720
Stellantis NV @		191,757		2,648,540
Stellantis NV @		56,317		791,254
				28,060,609
New Zealand — 0.2%
Auckland International Airport Ltd. @		113,625		539,229
Fletcher Building Ltd. @*		7,996		14,986
Genesis Energy Ltd.		27,074		36,292
Infratil Ltd. @		42,792		333,026
Mercury NZ Ltd. @		40,757		167,010
Port of Tauranga Ltd.		3,033		11,465
Ryman Healthcare Ltd. @*		22,869		62,473
Summerset Group Holdings Ltd.		11,637		88,346
				1,252,827
Norway — 0.7%
Aker BP ASA		22,520		482,711
Aker Solutions ASA		26,878		103,356
Austevoll Seafood ASA		8,619		78,979
DNB Bank ASA		56,542		1,159,457
Norsk Hydro ASA		88,167		571,964
SpareBank 1 SR-Bank ASA		18,440		237,993
Stolt-Nielsen Ltd.		3,929		145,202
Subsea 7 SA		28,831		465,811
Wallenius Wilhelmsen ASA		13,553		159,508
Yara International ASA		13,680		433,101
				3,838,082
Portugal — 0.0%
EDP Renovaveis SA @		8,133		142,226
Singapore — 1.4%
BW LPG Ltd. ±		1,247		17,957
BW LPG Ltd. ±		5,825		83,073

The accompanying notes are an integral part of these portfolio of investments.

SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Singapore (Continued)
CapitaLand Investment Ltd. @		167,400	$	406,371
City Developments Ltd.		34,200		143,692
Hongkong Land Holdings Ltd.		101,200		371,404
Keppel Ltd.		241,100		1,243,721
Olam Group Ltd. @		36,500		31,807
Oversea-Chinese Banking Corp. Ltd.		111,749		1,312,904
Seatrium Ltd. @*		297,440		411,938
STMicroelectronics NV		30,560		906,576
United Overseas Bank Ltd.		71,400		1,787,153
UOL Group Ltd.		47,218		204,265
Wilmar International Ltd.		273,400		712,616
				7,633,477
Spain — 2.8%
Banco Bilbao Vizcaya Argentaria SA		91,765		991,654
Banco Bilbao Vizcaya Argentaria SA, ADR @		152,951		1,657,989
Banco de Sabadell SA		74,625		158,578
Banco Santander SA		1,631,703		8,356,023
CaixaBank SA		350,839		2,094,836
Repsol SA		211,452		2,788,048
Telefonica SA, ADR @		6,496		31,571
				16,078,699
Sweden — 2.5%
Billerud Aktiebolag		22,377		256,692
Boliden AB @		34,071		1,155,734
Dometic Group AB ±		15,032		89,400
Essity AB, Class B		35,389		1,104,267
Getinge AB, Class B		7,190		154,903
Hexagon AB, Class B @		28,238		303,627
Holmen AB, Class B @		8,941		386,839
Husqvarna AB, Class B @		42,676		298,350
Loomis AB		8,247		271,060
Securitas AB, Class B @		59,785		758,803
Skandinaviska Enskilda Banken AB, Class A		140,768		2,151,886
Skanska AB, Class B		29,166		608,256
SKF AB, Class A		839		16,770
SKF AB, Class B		64,782		1,288,515
SSAB AB, Class A @		29,362		153,751
SSAB AB, Class B @		84,454		432,422
Svenska Cellulosa AB SCA, Class A		244		3,541
Svenska Cellulosa AB SCA, Class B @		25,812		376,028
Svenska Handelsbanken AB, Class A @		54,423		558,653
Svenska Handelsbanken AB, Class B @		1,918		25,193
Swedbank AB, Class A		38,879		824,219
Telefonaktiebolaget LM Ericsson, ADR @		11,013		83,479
Telefonaktiebolaget LM Ericsson, Class B @		172,241		1,301,154
Telia Co. AB		249,241		805,947
Trelleborg AB, Class B		10,544		405,113
Volvo AB, Class B		7,971		210,502
Volvo Car AB, Class B @*		39,107		107,511
				14,132,615
Switzerland — 10.4%
Alcon, Inc. µ		30,384		3,027,092
Baloise Holding AG @		4,379		892,512
Banque Cantonale Vaudoise @		1,642		169,467

	SHARES		VALUE†
Barry Callebaut AG @		172	$	318,251
Cie Financiere Richemont SA, Class A		33,824		5,347,257
DSM-Firmenich AG		7,778		1,070,571
Holcim AG		52,368		5,108,409
Julius Baer Group Ltd. @		24,697		1,485,292
Lonza Group AG		4,850		3,063,520
Novartis AG		96,716		11,101,742
Sandoz Group AG		24,470		1,019,740
Sandoz Group AG, ADR		572		23,798
Schindler Holding AG		196		55,696
SIG Group AG @		18,684		416,353
Swatch Group AG (The) @µ		6,226		266,666
Swatch Group AG (The) @µ		882		188,885
Swiss Life Holding AG		4,035		3,365,877
Swiss Prime Site AG @		1,574		176,397
Swiss Re AG		24,442		3,370,215
Swisscom AG		4,128		2,694,772
UBS Group AG		208,557		6,421,688
Zurich Insurance Group AG		15,364		9,254,525
				58,838,725
United Kingdom — 12.6%
Anglo American PLC		64,628		2,098,763
Barclays PLC, ADR		263,827		3,205,498
Barratt Developments PLC		47,310		302,783
BP PLC		299,981		1,570,951
BP PLC, ADR		109,009		3,421,792
British American Tobacco PLC		112,193		4,085,903
BT Group PLC @		1,231,112		2,434,339
Centrica PLC		116,717		182,026
DCC PLC		2,839		193,386
DS Smith PLC		173,685		1,072,337
Endeavour Mining PLC @		6,153		146,222
Flutter Entertainment PLC, Class DI *		3,025		717,772
Glencore PLC *		465,148		2,659,780
HSBC Holdings PLC		18,452		165,088
HSBC Holdings PLC, ADR @		188,706		8,527,624
J Sainsbury PLC		242,304		956,944
Kingfisher PLC		299,798		1,290,624
Lloyds Banking Group PLC		5,403,458		4,247,803
Lloyds Banking Group PLC, ADR @		217,015		677,087
Marks & Spencer Group PLC		24,148		120,293
Natwest Group PLC		364,280		1,674,876
Natwest Group PLC, ADR		116,916		1,094,334
Shell PLC, ADR		349,508		23,050,053
Standard Chartered PLC		184,890		1,960,207
Taylor Wimpey PLC		177,236		389,318
Tesco PLC		378,871		1,816,929
Vodafone Group PLC		3,200,769		3,211,163
Whitbread PLC		4,742		198,690
				71,472,585
TOTAL COMMON STOCKS
(Identified Cost $418,803,703)				554,962,843
PREFERRED STOCKS — 0.8%
Germany — 0.8%
Bayerische Motoren Werke AG, 8.119%		7,858		649,911
Henkel AG & Co. KGaA, 2.197%		14,026		1,317,740
Porsche Automobil Holding SE, 6.242%		11,784		538,861

The accompanying notes are an integral part of these portfolio of investments.

SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
PREFERRED STOCKS (Continued)
Germany (Continued)
Volkswagen AG, 9.561%		16,537	$	1,751,720
				4,258,232
TOTAL PREFERRED STOCKS
(Identified Cost $5,910,743)				4,258,232
RIGHTS AND WARRANTS — 0.0%
New Zealand — 0.0%
Fletcher Building Ltd. 10/8/24 *<>		2,339		—
TOTAL RIGHTS AND WARRANTS
(Identified Cost $0)				—
SHORT-TERM INVESTMENTS — 12.8%
Investment Company — 0.1%
State Street Institutional U.S. Government Money Market Fund 4.690%		675,348		675,348
Collateral For Securities On Loan — 12.7%
State Street Navigator Securities Lending Government Money Market Portfolio 5.020%		71,761,509		71,761,509
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $72,436,857)				72,436,857
Total Investments — 111.6%
(Identified Cost $497,151,303)				631,657,932
Liabilities, in excess of Cash and Other Assets — (11.6%)				(65,435,891	)
Net Assets — 100.0%			$	566,222,041

†

See Note 1

A portion or all of the security was held on loan. As of September 30, 2024, the fair value of the securities on loan was $118,465,013.

Non-income producing security.

Fair valued security. Security is valued using significant observable inputs other than quoted prices as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1

Traded on the Canada, Toronto Stock Exchange.

Traded on the France, Euronext Paris Exchange.

Traded on the Netherlands, Euronext Amsterdam Stock Market.

Traded on the Switzerland, Swiss Exchange.

Key to abbreviations:

ADR — American Depository Receipt

The accompanying notes are an integral part of these portfolio of investments.

SA International Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited)

	SHARES		VALUE†
MUTUAL FUNDS — 100.1%
Others — 100.1%
DFA International Small Company Portfolio £		12,533,971	$	266,722,905
TOTAL MUTUAL FUNDS (Identified Cost $128,251,417)				266,722,905
Total Investments — 100.1% (Identified Cost $128,251,417)				266,722,905
Liabilities in excess of Cash and Other Assets — (0.1%)				(173,938	)
Net Assets — 100.0%			$	266,548,967

	†	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 portfolio of investments.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited)

	SHARES		VALUE†
COMMON STOCKS — 99.7%
Belgium — 0.1%
Titan Cement International SA		2,956	$	117,470
Brazil — 2.9%
Atacadao SA *		28,162		47,818
Azzas 2154 SA		1,509		11,681
Banco Bradesco SA		70,133		168,519
Banco Bradesco SA, ADR		136,380		362,771
Banco do Brasil SA		102,996		513,874
Banco Santander Brasil SA		8,930		46,537
BrasilAgro - Co. Brasileira de Propriedades Agricolas		4,700		21,750
BRF SA *		22,992		99,815
C&A Modas SA *		15,100		29,104
Camil Alimentos SA		8,900		14,083
Cia Siderurgica Nacional SA		34,656		82,001
Cia Siderurgica Nacional SA, ADR		17,252		41,232
Cogna Educacao SA *		137,975		32,419
Cosan SA		49,993		120,034
Cruzeiro do Sul Educacional SA		30,500		18,755
Cyrela Brazil Realty SA Empreendimentos e Participacoes		27,874		104,994
Dexco SA		34,954		54,859
Diagnosticos da America SA *		3,900		1,926
Gerdau SA, ADR		103,904		363,664
Grupo Casas Bahia SA *		5,728		5,194
Grupo SBF SA		5,100		15,447
Hapvida Participacoes e Investimentos SA *±		242,052		177,728
Iochpe Maxion SA		12,197		24,427
IRB Brasil Resseguros SA *		4,222		34,689
Jalles Machado SA		15,681		18,652
JBS SA		49,772		288,982
JHSF Participacoes SA		40,831		30,805
Lojas Renner SA		17,087		56,646
LWSA SA *±		35,208		27,015
Movida Participacoes SA *		18,600		21,066
Natura & Co. Holding SA		62,208		160,439
Petroleo Brasileiro SA		304,259		2,193,265
Petroreconcavo SA		10,435		33,942
Suzano SA		8,232		82,264
Tupy SA		3,847		18,156
Vale SA		20,412		237,966
Vale SA, ADR		60,669		708,614
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		4,800		20,001
				6,291,134

British Virgin Islands — 0.0%
AsiaInfo Technologies Ltd. @±		13,200		9,763
Canada — 0.0%
China Gold International Resources Corp. Ltd. *		3,700		17,372
Cayman Islands — 0.0%
Baozun, Inc., Class A *		4,600		5,539
Edvantage Group Holdings Ltd.		32,244		9,789
Fulgent Sun International Holding Co. Ltd.		8,000		31,346
Gourmet Master Co. Ltd.		5,000		14,314
				60,988

Chile — 0.4%
CAP SA *		4,662		31,260
Cencosud SA		18,885		38,114
Cia Sud Americana de Vapores SA		1,034,584		63,274
Empresa Nacional de Telecomunicaciones SA		13,467		47,156

	SHARES		VALUE†
Empresas CMPC SA		72,883	$	126,753
Empresas Copec SA		28,747		192,435
Enel Americas SA		1,098,585		112,131
Falabella SA *		31,620		117,085
Inversiones Aguas Metropolitanas SA		51,819		40,508
PAZ Corp. SA		9,073		4,742
Ripley Corp. SA *		81,141		24,082
Salfacorp SA		43,853		26,088
Sigdo Koppers SA		27,803		32,462
SMU SA		215,040		34,911
Sociedad Matriz SAAM SA		298,644		34,537
SONDA SA		83,103		31,882
Vina Concha y Toro SA		23,908		29,424
				986,844
China — 27.2%
360 Security Technology, Inc., Class A		20,500		25,742
361 Degrees International Ltd.		71,000		38,816
3SBio, Inc. ±		106,000		93,676
A-Living Smart City Services Co. Ltd. @±		52,500		23,434
AAC Technologies Holdings, Inc.		60,500		248,262
Advanced Technology & Materials Co. Ltd., Class A		13,900		19,376
Agricultural Bank of China Ltd., Class H		1,776,000		836,157
Alibaba Group Holding Ltd.		405,210		5,733,723
Alibaba Group Holding Ltd., ADR		550		58,366
Aluminum Corp. of China Ltd., Class H		178,000		141,505
Angang Steel Co. Ltd., Class H *		142,999		28,512
Anhui Conch Cement Co. Ltd., Class H		97,500		286,586
Anhui Guangxin Agrochemical Co. Ltd., Class A		4,312		7,836
Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd., Class A		12,600		19,898
Anhui Huilong Agricultural Means of Production Co. Ltd., Class A		6,500		5,040
Anhui Truchum Advanced Materials & Technology Co. Ltd., Class A		13,800		13,572
Anhui Zhongding Sealing Parts Co. Ltd., Class A		13,300		26,482
Anjoy Foods Group Co. Ltd., Class A		2,200		31,150
Asia - Potash International Investment Guangzhou Co. Ltd., Class A *		4,400		12,028
Asymchem Laboratories Tianjin Co. Ltd., Class A		2,200		26,255
AviChina Industry & Technology Co. Ltd., Class H		254,000		124,160
BAIC Motor Corp. Ltd., Class H ±		145,000		41,968
Baidu, Inc., ADR *@		11,412		1,201,569
Baidu, Inc., Class A *		6,850		93,050
Bank of Beijing Co. Ltd., Class A		98,400		81,905
Bank of Changsha Co. Ltd., Class A		25,500		30,421
Bank of Chengdu Co. Ltd., Class A		26,000		58,366
Bank of China Ltd., Class H		5,005,902		2,363,264
Bank of Chongqing Co. Ltd., Class H @		46,500		32,061
Bank of Communications Co. Ltd., Class H		529,400		405,877
Bank of Guiyang Co. Ltd., Class A		22,500		19,434
Bank of Hangzhou Co. Ltd., Class A		32,101		64,512
Bank of Jiangsu Co. Ltd., Class A		80,100		95,899
Bank of Nanjing Co. Ltd., Class A		61,300		95,671
Bank of Ningbo Co. Ltd., Class A		38,780		142,051
Bank of Shanghai Co. Ltd., Class A		68,500		77,032
Bank of Suzhou Co. Ltd., Class A		22,220		25,621
Baoshan Iron & Steel Co. Ltd., Class A		100,300		99,212
Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A		48,000		22,371

The accompanying notes are an integral part of these portfolio of investments.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
China (Continued)
Beijing Easpring Material Technology Co. Ltd., Class A		2,700	$	16,671
Beijing Enterprises Holdings Ltd.		46,000		165,092
Beijing Enterprises Water Group Ltd.		448,000		139,462
Beijing GeoEnviron Engineering & Technology, Inc., Class A		11,232		9,317
Beijing Jetsen Technology Co. Ltd., Class A *		28,600		22,379
Beijing New Building Materials PLC, Class A		5,600		26,323
Beijing Orient National Communication Science & Technology Co. Ltd., Class A *		8,200		10,297
Beijing Originwater Technology Co. Ltd., Class A		5,558		3,858
Beijing Shougang Co. Ltd., Class A		27,500		13,327
Beijing Sinnet Technology Co. Ltd., Class A		15,900		23,841
Beijing SL Pharmaceutical Co. Ltd., Class A		8,900		10,047
Beijing Yanjing Brewery Co. Ltd., Class A		9,600		15,393
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		108,000		92,975
Beiqi Foton Motor Co. Ltd., Class A *		66,600		25,914
BGI Genomics Co. Ltd., Class A		1,800		12,163
BOC International China Co. Ltd., Class A		14,300		25,681
BOE Technology Group Co. Ltd., Class A		220,300		140,354
Bohai Leasing Co. Ltd., Class A *		64,900		28,028
Bright Dairy & Food Co. Ltd., Class A		7,700		10,163
Brilliance China Automotive Holdings Ltd.		178,000		68,921
BTG Hotels Group Co. Ltd., Class A		5,700		12,024
BYD Electronic International Co. Ltd.		14,000		58,620
C C Land Holdings Ltd. *@		106,500		17,810
C&D International Investment Group Ltd. @		44,477		96,348
Caitong Securities Co. Ltd., Class A		15,470		19,227
Canmax Technologies Co. Ltd., Class A		4,800		16,885
CECEP Solar Energy Co. Ltd., Class A		30,100		21,965
CECEP Wind-Power Corp., Class A		49,010		22,982
CGN New Energy Holdings Co. Ltd. @		130,000		43,145
Changchun High-Tech Industry Group Co. Ltd., Class A		2,500		39,156
Changjiang Securities Co. Ltd., Class A		39,900		41,060
Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A		4,900		14,974
Chengdu Wintrue Holding Co. Ltd., Class A		8,900		10,643
Chengxin Lithium Group Co. Ltd., Class A		5,600		12,204
China Baoan Group Co. Ltd., Class A		9,000		12,327
China BlueChemical Ltd., Class H		58,000		15,743
China Bohai Bank Co. Ltd., Class H *±		141,000		18,863
China CAMC Engineering Co. Ltd., Class A		20,600		24,340
China Cinda Asset Management Co. Ltd., Class H		281,000		39,039
China Citic Bank Corp. Ltd., Class H		613,000		391,116
China Coal Energy Co. Ltd., Class H		181,000		225,847
China Communications Services Corp. Ltd., Class H		231,600		125,425
China Conch Venture Holdings Ltd.		61,500		60,678
China Construction Bank Corp., Class H		6,714,810		5,078,961
China Development Bank Financial Leasing Co. Ltd., Class H ±		128,000		22,887
China Education Group Holdings Ltd.		32,701		22,968

	SHARES		VALUE†
China Energy Engineering Corp. Ltd., Class A		88,674	$	30,459
China Energy Engineering Corp. Ltd., Class H @		152,000		19,357
China Everbright Bank Co. Ltd., Class H		241,000		81,844
China Feihe Ltd. ±		243,000		183,801
China Foods Ltd.		86,000		30,644
China Galaxy Securities Co. Ltd., Class H		106,500		99,460
China Gas Holdings Ltd.		228,400		212,421
China Great Wall Securities Co. Ltd., Class A		8,500		11,134
China Greatwall Technology Group Co. Ltd., Class A *		15,387		22,764
China Hongqiao Group Ltd.		189,000		315,087
China Huiyuan Juice Group Ltd. *§		84,500		—
China International Marine Containers Group Co. Ltd., Class H		74,460		58,715
China Jushi Co. Ltd., Class A		22,631		37,933
China Lesso Group Holdings Ltd.		100,000		50,811
China Lilang Ltd.		31,000		16,788
China Medical System Holdings Ltd.		97,000		111,676
China Meheco Group Co. Ltd., Class A		13,860		23,014
China Mengniu Dairy Co. Ltd.		190,000		457,045
China Merchants Bank Co. Ltd., Class H		164,000		813,265
China Merchants Energy Shipping Co. Ltd., Class A		27,400		31,399
China Merchants Port Holdings Co. Ltd.		99,712		158,793
China Merchants Property Operation & Service Co. Ltd., Class A		5,000		8,160
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		22,000		38,412
China Minsheng Banking Corp. Ltd., Class H		395,880		161,431
China National Accord Medicines Corp. Ltd., Class A		6,760		30,475
China National Building Material Co. Ltd., Class H @		396,850		174,589
China National Chemical Engineering Co. Ltd., Class A		38,700		45,451
China National Nuclear Power Co. Ltd., Class A		53,700		85,340
China New Higher Education Group Ltd. ±		74,000		19,133
China Nonferrous Metal Industry's Foreign Engineering and Construction Co. Ltd., Class A *		15,100		11,148
China Nonferrous Mining Corp. Ltd.		102,000		84,105
China Oilfield Services Ltd., Class H		102,000		93,815
China Overseas Grand Oceans Group Ltd. @		141,402		38,380
China Overseas Land & Investment Ltd.		236,000		483,302
China Pacific Insurance Group Co. Ltd., Class H		73,800		265,814
China Petroleum & Chemical Corp., Class H		1,946,400		1,211,829
China Railway Group Ltd., Class H		291,000		152,727
China Railway Hi-tech Industry Co. Ltd., Class A		10,600		12,479
China Railway Signal & Communication Corp. Ltd., Class H ±		149,000		62,292
China Reinsurance Group Corp., Class H		422,000		45,599
China Resources Building Materials Technology Holdings Ltd.		238,000		67,354

The accompanying notes are an integral part of these portfolio of investments.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
China (Continued)
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		6,300	$	21,389
China Resources Gas Group Ltd.		24,000		96,786
China Resources Land Ltd.		285,000		1,050,348
China Resources Medical Holdings Co. Ltd.		71,500		39,917
China Resources Pharmaceutical Group Ltd. ±		134,500		103,983
China Risun Group Ltd. @		58,000		23,576
China Shanshui Cement Group Ltd. *		53,000		3,750
China Shenhua Energy Co. Ltd., Class H		134,500		606,421
China Shineway Pharmaceutical Group Ltd.		36,000		42,975
China South Publishing & Media Group Co. Ltd., Class A		11,600		23,015
China State Construction Engineering Corp. Ltd., Class A		191,200		168,415
China State Construction International Holdings Ltd.		50,000		77,825
China Sunshine Paper Holdings Co. Ltd. *		26,000		7,191
China Taiping Insurance Holdings Co. Ltd.		91,000		146,324
China Tianrui Group Cement Co. Ltd. *@§		11,000		51
China Tower Corp. Ltd., Class H ±		3,648,000		483,344
China Traditional Chinese Medicine Holdings Co. Ltd. *		260,000		146,491
China TransInfo Technology Co. Ltd., Class A		6,900		9,274
China Travel International Investment Hong Kong Ltd.		180,000		27,091
China Vanke Co. Ltd., Class H *@		133,972		128,391
China Yongda Automobiles Services Holdings Ltd. @		84,000		19,990
China Zhenhua Group Science & Technology Co. Ltd., Class A		3,700		23,030
China Zheshang Bank Co. Ltd., Class H @		124,800		35,318
Chinasoft International Ltd. @		164,000		110,123
Chinese Universe Publishing and Media Group Co. Ltd., Class A		9,200		20,482
Chlitina Holding Ltd.		3,090		14,939
Chongqing Changan Automobile Co. Ltd., Class A		30,030		63,689
Chongqing Department Store Co. Ltd., Class A		2,400		8,538
Chongqing Rural Commercial Bank Co. Ltd., Class H		226,000		117,159
Chongqing Sanfeng Environment Group Corp. Ltd., Class A		10,300		12,963
Chongqing Zhifei Biological Products Co. Ltd., Class A		7,000		33,303
CIMC Enric Holdings Ltd.		74,000		65,396
CITIC Ltd.		356,000		420,394
CMOC Group Ltd., Class H		27,000		26,500
CNGR Advanced Material Co. Ltd., Class A		2,520		14,424
CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A		21,460		13,214
CNOOC Energy Technology & Services Ltd., Class A		62,100		40,184
CNSIG Inner Mongolia Chemical Industry Co. Ltd., Class A		13,650		16,926
COFCO Biotechnology Co. Ltd., Class A *		15,100		12,461
COFCO Joycome Foods Ltd. *@		128,000		27,333
COFCO Sugar Holding Co. Ltd., Class A		15,600		22,835
Concord New Energy Group Ltd.		420,000		30,796
Consun Pharmaceutical Group Ltd.		23,000		21,036

	SHARES		VALUE†
COSCO Shipping Development Co. Ltd., Class H		324,200	$	43,372
COSCO Shipping Energy Transportation Co. Ltd., Class H @		74,000		90,146
COSCO Shipping Holdings Co. Ltd., Class H		244,199		409,624
COSCO SHIPPING International Hong Kong Co. Ltd.		34,000		17,757
COSCO SHIPPING Ports Ltd. @		162,485		99,073
COSCO SHIPPING Specialized Carriers Co. Ltd., Class A		24,600		23,772
CPMC Holdings Ltd. *		53,000		47,451
CRRC Corp. Ltd., Class H		177,000		115,665
CSG Holding Co. Ltd., Class A		19,500		16,064
CSPC Pharmaceutical Group Ltd.		26,000		20,235
CSSC Hong Kong Shipping Co. Ltd.		70,000		15,488
CTS International Logistics Corp. Ltd., Class A		11,000		9,987
Daqin Railway Co. Ltd., Class A		85,800		83,891
DHC Software Co. Ltd., Class A		28,100		22,909
Dian Diagnostics Group Co. Ltd., Class A		4,800		9,339
Digital China Group Co. Ltd., Class A		6,900		30,271
Digital China Holdings Ltd.		62,000		23,607
Dongfang Electric Corp. Ltd., Class H @		21,000		28,689
Dongxing Securities Co. Ltd., Class A		12,000		18,728
Dongyue Group Ltd.		104,000		103,949
E-Commodities Holdings Ltd.		94,000		18,742
Easyhome New Retail Group Co. Ltd., Class A		51,400		21,465
EEKA Fashion Holdings Ltd.		8,000		9,900
Essex Bio-technology Ltd.		37,000		12,851
Fangda Carbon New Material Co. Ltd., Class A		15,700		11,189
Fangda Special Steel Technology Co. Ltd., Class A		19,000		11,834
Far East Horizon Ltd.		187,000		136,873
FAW Jiefang Group Co. Ltd., Class A		24,100		31,842
Fiberhome Telecommunication Technologies Co. Ltd., Class A		5,800		14,186
FIH Mobile Ltd. *@		45,000		5,210
FinVolution Group, ADR		11,439		70,693
Fosun International Ltd.		195,500		125,239
Founder Securities Co. Ltd., Class A		23,800		31,683
Fu Shou Yuan International Group Ltd.		72,000		42,049
Fufeng Group Ltd.		153,000		94,864
Fujian Funeng Co. Ltd., Class A		18,330		27,118
Ganfeng Lithium Group Co. Ltd., Class H ±		12,000		34,577
Gansu Shangfeng Cement Co. Ltd., Class A		6,240		7,088
GCL Energy Technology Co. Ltd., Class A		4,200		5,058
GCL Technology Holdings Ltd. *		395,000		71,136
GDS Holdings Ltd., Class A *		22,400		62,960
Geely Automobile Holdings Ltd.		455,000		712,890
GEM Co. Ltd., Class A		33,500		34,044
Gemdale Corp., Class A		19,200		14,969
Genertec Universal Medical Group Co. Ltd. ±		75,500		49,143
GF Securities Co. Ltd., Class H		64,200		89,026
Giant Network Group Co. Ltd., Class A		9,400		15,823
GoerTek, Inc., Class A		18,300		59,130
Goldwind Science & Technology Co. Ltd., Class H @		47,800		36,032
Gotion High-tech Co. Ltd., Class A		5,100		16,791
Grand Pharmaceutical Group Ltd.		88,500		59,198
Greatview Aseptic Packaging Co. Ltd.		88,000		27,847

The accompanying notes are an integral part of these portfolio of investments.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
China (Continued)
Gree Electric Appliances, Inc. of Zhuhai, Class A		7,200	$	49,197
Greentown China Holdings Ltd.		78,500		92,497
Greentown Service Group Co. Ltd. @		102,000		61,275
GRG Banking Equipment Co. Ltd., Class A		12,500		20,845
Guangdong Construction Engineering Group Co. Ltd., Class A		42,300		23,875
Guangdong HEC Technology Holding Co. Ltd., Class A		11,800		13,320
Guangdong Provincial Expressway Development Co. Ltd., Class A		12,700		20,599
Guangdong Tapai Group Co. Ltd., Class A		9,300		10,750
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A		4,200		9,440
Guanghui Energy Co. Ltd., Class A		48,700		49,907
Guangshen Railway Co. Ltd., Class H		82,000		23,522
Guangxi Liugong Machinery Co. Ltd., Class A		14,900		26,546
Guangzhou Automobile Group Co. Ltd., Class H @		188,000		73,760
Guangzhou Baiyun International Airport Co. Ltd., Class A		8,300		12,374
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		16,000		42,399
Guangzhou Haige Communications Group, Inc. Co., Class A		22,300		33,755
Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A		18,042		17,718
Guizhou Panjiang Refined Coal Co. Ltd., Class A		9,269		7,755
Guizhou Xinbang Pharmaceutical Co. Ltd., Class A		32,400		16,994
Guosen Securities Co. Ltd., Class A		22,400		37,769
Guosheng Financial Holding, Inc., Class A *		14,131		25,055
Haier Smart Home Co. Ltd., Class A		20,500		93,938
Hainan Meilan International Airport Co. Ltd., Class H *@		23,000		26,125
Haitian International Holdings Ltd.		33,000		106,125
Haitong Securities Co. Ltd., Class H @		169,600		79,129
Han's Laser Technology Industry Group Co. Ltd., Class A		8,900		29,848
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		22,900		37,013
Hangzhou Great Star Industrial Co. Ltd., Class A		4,400		19,661
Hangzhou Robam Appliances Co. Ltd., Class A		2,900		9,581
Harbin Electric Co. Ltd., Class H @		74,000		25,606
Health & Happiness H&H International Holdings Ltd.		18,500		27,177
Hello Group, Inc., ADR		12,302		93,618
Henan Mingtai Al Industrial Co. Ltd., Class A		8,400		17,983
Hengan International Group Co. Ltd.		42,000		144,793
Hengli Petrochemical Co. Ltd., Class A		35,500		79,236
Hengtong Optic-electric Co. Ltd., Class A		9,680		23,330
Hengyi Petrochemical Co. Ltd., Class A		25,000		24,978
Hesteel Co. Ltd., Class A		65,500		20,725

	SHARES		VALUE†
Hisense Visual Technology Co. Ltd., Class A		8,800	$	28,070
HLA Group Corp. Ltd., Class A		24,000		25,929
Hopson Development Holdings Ltd. *@		101,900		63,312
Horizon Construction Development Ltd. *		115,553		24,080
Hoshine Silicon Industry Co. Ltd., Class A		4,200		35,935
Hoyuan Green Energy Co. Ltd., Class A		3,300		7,977
Hua Han Health Industry Holdings Ltd. *§		504,000		—
Hua Hong Semiconductor Ltd. ±		41,000		110,229
Huafon Chemical Co. Ltd., Class A		27,754		33,228
Huaibei Mining Holdings Co. Ltd., Class A		10,400		26,696
Huapont Life Sciences Co. Ltd., Class A		27,600		18,686
Huatai Securities Co. Ltd., Class H ±		58,600		94,377
Huaxi Securities Co. Ltd., Class A		12,600		15,786
Huaxia Bank Co. Ltd., Class A		43,300		45,854
Huaxin Cement Co. Ltd., Class A		7,000		14,197
Huaxin Cement Co. Ltd., Class H @		17,700		19,536
Huayu Automotive Systems Co. Ltd., Class A		17,500		44,722
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		4,400		19,642
Hubei Xingfa Chemicals Group Co. Ltd., Class A		9,400		30,145
Hubei Yihua Chemical Industry Co. Ltd., Class A		12,200		25,022
Humanwell Healthcare Group Co. Ltd., Class A		9,700		29,158
Hunan Valin Steel Co. Ltd., Class A		47,300		31,686
Hygeia Healthcare Holdings Co. Ltd. *@±		22,400		68,291
Hytera Communications Corp. Ltd., Class A *		23,400		22,246
Industrial & Commercial Bank of China Ltd., Class H		4,045,000		2,414,351
Industrial Bank Co. Ltd., Class A		101,900		279,872
Industrial Securities Co. Ltd., Class A		52,910		51,431
Infore Environment Technology Group Co. Ltd., Class A		12,400		8,271
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A *		169,960		41,908
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		12,000		33,882
Inner Mongolia ERDOS Resources Co. Ltd., Class A		11,760		17,214
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		55,300		36,178
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		34,700		33,334
Intco Medical Technology Co. Ltd., Class A		5,700		22,772
iQIYI, Inc., ADR *		26,467		75,696
IRICO Display Devices Co. Ltd., Class A *		22,000		23,455
JA Solar Technology Co. Ltd., Class A		14,800		28,583
JCET Group Co. Ltd., Class A		7,595		38,245
JD Health International, Inc. *±		41,150		185,269
JD Logistics, Inc. *±		100,800		181,532
JD.com, Inc., Class A		116,650		2,507,408
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		22,220		23,277
Jiangsu Eastern Shenghong Co. Ltd., Class A		24,600		32,538
Jiangsu Guotai International Group Co. Ltd., Class A		10,400		11,518

The accompanying notes are an integral part of these portfolio of investments.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
China (Continued)
Jiangsu Jiangyin Rural Commercial Bank Co. Ltd., Class A		34,700	$	21,168
Jiangsu Lihua Animal Husbandry Stock Co. Ltd., Class A		4,320		14,149
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		14,700		25,163
Jiangsu Shagang Co. Ltd., Class A		38,000		32,388
Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd., Class A		27,840		17,975
Jiangsu Zhongtian Technology Co. Ltd., Class A		11,500		25,389
Jiangxi Copper Co. Ltd., Class H		70,000		142,452
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		7,300		18,031
JinkoSolar Holding Co. Ltd., ADR @		3,545		95,077
Jinneng Holding Shanxi Coal Industry Co. Ltd., Class A		15,000		36,452
Jinneng Science&Technology Co. Ltd., Class A		10,600		8,914
Jinxin Fertility Group Ltd. @±		72,000		33,898
Jiumaojiu International Holdings Ltd. @±		74,000		47,120
Jizhong Energy Resources Co. Ltd., Class A		21,200		20,124
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		18,700		31,637
Jointown Pharmaceutical Group Co. Ltd., Class A		28,792		23,555
Ju Teng International Holdings Ltd. *		56,000		7,492
Kingboard Holdings Ltd.		71,500		181,191
Kingfa Sci & Tech Co. Ltd., Class A		13,400		16,005
Kunlun Energy Co. Ltd.		354,000		365,209
Lao Feng Xiang Co. Ltd., Class A		2,700		24,190
LB Group Co. Ltd., Class A		11,200		33,156
Legend Holdings Corp., Class H *±		38,400		35,417
Lens Technology Co. Ltd., Class A		14,740		42,963
Leo Group Co. Ltd., Class A		48,000		12,657
Lepu Medical Technology Beijing Co. Ltd., Class A		14,700		27,594
LexinFintech Holdings Ltd., ADR		4,235		11,519
Leyard Optoelectronic Co. Ltd., Class A		20,300		15,190
Li Ning Co. Ltd.		119,500		302,829
Lianhe Chemical Technology Co. Ltd., Class A		6,700		5,653
Lingyi iTech Guangdong Co., Class A		19,600		20,980
Livzon Pharmaceutical Group, Inc., Class H		6,800		25,848
Loncin Motor Co. Ltd., Class A		21,600		24,352
Longfor Group Holdings Ltd. @±		133,000		257,314
LONGi Green Energy Technology Co. Ltd., Class A		24,500		61,319
Lonking Holdings Ltd.		158,000		33,739
Luenmei Quantum Co. Ltd., Class A		13,300		11,222
Luxi Chemical Group Co. Ltd., Class A		8,600		15,334
Luye Pharma Group Ltd. *±		161,500		69,596
Maccura Biotechnology Co. Ltd., Class A		3,800		7,902
Mango Excellent Media Co. Ltd., Class A		12,700		47,642
Maoyan Entertainment *@±		21,200		23,589
Metallurgical Corp. of China Ltd., Class H @		225,000		46,020
Ming Yang Smart Energy Group Ltd., Class A		6,800		10,467
Mingfa Group International Co. Ltd. *		91,000		2,341
Minth Group Ltd. *		56,000		115,258
MLS Co. Ltd., Class A		20,000		25,313
MMG Ltd. *		330,400		117,729

	SHARES		VALUE†
Morimatsu International Holdings Co. Ltd.		10,000	$	7,114
Nanjing Iron & Steel Co. Ltd., Class A		36,600		25,300
Nanjing Tanker Corp., Class A *		42,600		21,008
Nanjing Xinjiekou Department Store Co. Ltd., Class A		6,900		6,638
NetDragon Websoft Holdings Ltd.		25,500		38,247
New China Life Insurance Co. Ltd., Class H		43,800		136,631
Newland Digital Technology Co. Ltd., Class A		10,000		24,387
Nexteer Automotive Group Ltd. @		69,000		29,557
Nine Dragons Paper Holdings Ltd. *		109,000		57,908
Ningbo Huaxiang Electronic Co. Ltd., Class A		8,950		18,624
Ningbo Joyson Electronic Corp., Class A		5,200		12,785
Ningbo Shanshan Co. Ltd., Class A		16,300		21,652
Ningbo Zhoushan Port Co. Ltd., Class A		33,200		18,171
Noah Holdings Ltd., ADR		1,082		13,341
Northeast Securities Co. Ltd., Class A		8,500		9,934
Offshore Oil Engineering Co. Ltd., Class A		27,400		22,729
Onewo, Inc., Class H @		10,700		35,511
ORG Technology Co. Ltd., Class A		26,800		18,984
Oriental Energy Co. Ltd., Class A *		11,300		15,623
Oriental Pearl Group Co. Ltd., Class A		10,700		11,453
PAX Global Technology Ltd.		47,000		31,439
People's Insurance Co. Group of China Ltd. (The), Class H		212,000		101,175
PetroChina Co. Ltd., Class H		1,710,000		1,394,599
PICC Property & Casualty Co. Ltd., Class H		222,000		328,980
Ping An Insurance Group Co. of China Ltd., Class H		488,500		3,151,370
Pingdingshan Tianan Coal Mining Co. Ltd., Class A		15,900		24,838
Poly Property Group Co. Ltd.		200,431		45,893
Poly Property Services Co. Ltd., Class H		7,200		31,907
Postal Savings Bank of China Co. Ltd., Class H ±		571,000		341,549
Power Construction Corp. of China Ltd., Class A		84,900		68,248
Qifu Technology, Inc., ADR		2,340		69,755
Qingdao Hanhe Cable Co. Ltd., Class A		35,800		17,808
Qingdao Port International Co. Ltd. Class H ±		35,000		26,834
Redco Properties Group Ltd. *@±§		80,000		—
Renhe Pharmacy Co. Ltd., Class A		19,700		17,942
Risen Energy Co. Ltd., Class A		6,400		12,597
SAIC Motor Corp. Ltd., Class A		29,700		61,931
Sanan Optoelectronics Co. Ltd., Class A		11,300		20,068
Sansteel Minguang Co. Ltd. Fujian, Class A *		13,700		7,010
Sansure Biotech, Inc., Class A		3,333		10,214
Sany Heavy Equipment International Holdings Co. Ltd. @		64,000		47,914
Sany Heavy Industry Co. Ltd., Class A		20,100		54,088
Satellite Chemical Co. Ltd., Class A		17,026		45,307
Sealand Securities Co. Ltd., Class A		24,800		17,073
Seazen Group Ltd. *@		70,000		22,872
Seazen Holdings Co. Ltd., Class A *		13,800		28,245
SF Holding Co. Ltd., Class A		8,300		53,211
Shaanxi Coal Industry Co. Ltd., Class A		31,937		125,543
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		32,400		39,114
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		9,200		23,485
Shandong Chenming Paper Holdings Ltd., Class H *		35,250		8,570

The accompanying notes are an integral part of these portfolio of investments.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
China (Continued)
Shandong Hi-Speed Road & Bridge Co. Ltd., Class A		20,600	$	17,910
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A		2,700		17,810
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		6,010		22,434
Shandong Humon Smelting Co. Ltd., Class A		10,800		17,317
Shandong Linglong Tyre Co. Ltd., Class A		7,700		22,103
Shandong Nanshan Aluminum Co. Ltd., Class A		37,900		23,660
Shandong Publishing & Media Co. Ltd., Class A		13,000		23,976
Shandong Sun Paper Industry JSC Ltd., Class A		16,800		36,109
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		153,600		111,043
Shanghai AJ Group Co. Ltd., Class A		16,900		14,934
Shanghai Construction Group Co. Ltd., Class A		55,900		19,520
Shanghai Electric Group Co. Ltd., Class H *		166,000		37,369
Shanghai Environment Group Co. Ltd., Class A		13,920		16,745
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		24,000		48,100
Shanghai Industrial Holdings Ltd.		45,000		70,158
Shanghai Jinjiang International Hotels Co. Ltd., Class A		7,900		35,277
Shanghai Lingang Holdings Corp. Ltd., Class A		8,760		14,271
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		13,500		21,166
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A		7,100		14,167
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		49,000		79,924
Shanghai Pudong Development Bank Co. Ltd., Class A		118,900		171,670
Shanghai Putailai New Energy Technology Co. Ltd., Class A		8,900		18,964
Shanghai RAAS Blood Products Co. Ltd., Class A		37,200		41,887
Shanghai Tunnel Engineering Co. Ltd., Class A		25,600		24,155
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		18,000		16,368
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		7,800		26,537
Shanxi Coking Coal Energy Group Co. Ltd., Class A		39,900		54,367
Shanxi Lanhua Sci-Tech Venture Co. Ltd., Class A		16,700		23,731
Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A		26,900		67,671
Shanxi Meijin Energy Co. Ltd., Class A *		31,400		23,227
Shanxi Securities Co. Ltd., Class A		24,700		23,235
Shanxi Taigang Stainless Steel Co. Ltd., Class A *		34,300		19,262

	SHARES		VALUE†
Shenwan Hongyuan Group Co. Ltd., Class H ±		43,200	$	11,392
Shenzhen Agricultural Products Group Co. Ltd., Class A		15,600		14,075
Shenzhen Airport Co. Ltd., Class A		16,200		16,371
Shenzhen Aisidi Co. Ltd., Class A		14,200		22,465
Shenzhen Huaqiang Industry Co. Ltd., Class A		5,900		24,715
Shenzhen International Holdings Ltd.		107,733		95,761
Shenzhen Investment Ltd.		323,060		41,973
Shenzhen Jinjia Group Co. Ltd., Class A		10,602		6,467
Shenzhen Kaifa Technology Co. Ltd., Class A		5,900		13,900
Shenzhen Kinwong Electronic Co. Ltd., Class A		5,800		23,849
Shenzhen MTC Co. Ltd., Class A		42,300		32,436
Shenzhen Neptunus Bioengineering Co. Ltd., Class A *		28,200		10,531
Shenzhen Overseas Chinese Town Co. Ltd., Class A *		43,200		17,979
Shenzhen Sunway Communication Co. Ltd., Class A		4,700		15,541
Shenzhen Tagen Group Co. Ltd., Class A		25,000		15,963
Shenzhen Yan Tian Port Holding Co. Ltd., Class A		28,200		20,539
Shenzhen YUTO Packaging Technology Co. Ltd., Class A		4,900		17,963
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		31,900		22,552
Shoucheng Holdings Ltd. @		58,400		10,367
Shougang Fushan Resources Group Ltd.		219,790		83,405
Shui On Land Ltd. @		280,000		29,535
Sichuan Changhong Electric Co. Ltd., Class A		31,500		26,534
Sichuan Development Lomon Co. Ltd., Class A		13,600		18,822
Sichuan Hebang Biotechnology Co. Ltd., Class A *		84,300		25,112
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		8,100		36,944
Sichuan Road & Bridge Group Co. Ltd., Class A		28,840		28,897
Sichuan Yahua Industrial Group Co. Ltd., Class A		8,400		13,014
Sihuan Pharmaceutical Holdings Group Ltd.		325,000		27,174
Sinofert Holdings Ltd.		244,000		36,723
Sinoma International Engineering Co., Class A		14,600		23,931
Sinoma Science & Technology Co. Ltd., Class A		11,000		20,021
Sinomine Resource Group Co. Ltd., Class A		5,700		29,686
Sinopec Engineering Group Co. Ltd., Class H		111,000		76,819
Sinopec Kantons Holdings Ltd.		64,000		37,624
Sinopec Shanghai Petrochemical Co. Ltd., Class H *		108,000		16,671
Sinopharm Group Co. Ltd., Class H		140,400		375,659
Sinotrans Ltd., Class H		145,000		74,236
Sinotruk Hong Kong Ltd.		49,000		147,179
Sinotruk Jinan Truck Co. Ltd., Class A		2,800		6,936
Skyworth Group Ltd.		133,484		60,442

The accompanying notes are an integral part of these portfolio of investments.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
China (Continued)
SooChow Securities Co. Ltd., Class A		20,280	$	24,338
STO Express Co. Ltd., Class A		15,900		26,129
Sun Art Retail Group Ltd. @<>		172,500		39,720
Sun King Technology Group Ltd. *		54,000		8,613
Suning Universal Co. Ltd., Class A		32,100		11,026
Suzhou Anjie Technology Co. Ltd., Class A		10,500		25,277
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		4,500		15,098
Tangshan Jidong Cement Co. Ltd., Class A *		10,000		7,953
TangShan Port Group Co. Ltd., Class A		55,900		41,191
Tangshan Sanyou Chemical Industries Co. Ltd., Class A		11,600		9,755
TBEA Co. Ltd., Class A		27,300		56,965
TCL Electronics Holdings Ltd.		69,667		51,351
TCL Technology Group Corp., Class A		78,540		51,270
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		16,000		23,626
Tian Di Science & Technology Co. Ltd., Class A		40,500		37,636
Tiangong International Co. Ltd. @		100,000		27,014
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A		30,700		17,809
Tianma Microelectronics Co. Ltd., Class A *		15,500		17,872
Tianneng Power International Ltd. @		74,000		75,391
Tianqi Lithium Corp., Class H @		9,200		32,663
Tianshan Aluminum Group Co. Ltd., Class A		18,200		22,205
TianShan Material Co. Ltd., Class A		4,500		3,656
Tianshui Huatian Technology Co. Ltd., Class A		35,100		46,726
Titan Wind Energy Suzhou Co. Ltd., Class A		8,800		10,887
Tofflon Science & Technology Group Co. Ltd., Class A		3,500		6,764
Tomson Group Ltd.		1,358		409
Tong Ren Tang Technologies Co. Ltd., Class H		41,000		30,484
TongFu Microelectronics Co. Ltd., Class A		10,100		32,951
Tongkun Group Co. Ltd., Class A		11,100		21,421
Tongling Nonferrous Metals Group Co. Ltd., Class A		49,000		26,958
Tongyu Heavy Industry Co. Ltd., Class A		40,800		13,840
Topsports International Holdings Ltd. ±		60,000		26,628
Transfar Zhilian Co. Ltd., Class A		27,553		17,593
Trina Solar Co. Ltd., Class A		13,541		43,270
Trip.com Group Ltd., ADR *		12,724		756,187
Unisplendour Corp. Ltd., Class A		13,940		47,963
Venustech Group, Inc., Class A		6,700		16,416
Vipshop Holdings Ltd., ADR		21,780		342,599
Wangsu Science & Technology Co. Ltd., Class A		20,900		27,852
Wanxiang Qianchao Co. Ltd., Class A		42,900		34,241
Wasion Holdings Ltd.		48,000		39,702
Wasu Media Holding Co. Ltd., Class A		20,700		22,039
Weibo Corp., ADR		2,074		20,906
Weibo Corp., Class A		1,420		14,887
Weichai Power Co. Ltd., Class H		112,000		206,888
Wellhope Foods Co. Ltd., Class A *		7,700		8,670
West China Cement Ltd. @		198,000		29,291
Western Securities Co. Ltd., Class A		22,600		27,992
Wharf Holdings Ltd. (The)		70,000		199,901

	SHARES		VALUE†
Wingtech Technology Co. Ltd., Class A		3,900	$	18,193
Wolong Electric Group Co. Ltd., Class A		11,600		21,031
Wuchan Zhongda Group Co. Ltd., Class A		29,100		21,153
Wushang Group Co. Ltd., Class A		12,600		15,696
Wuxi Biologics Cayman, Inc. *±		163,500		368,061
XCMG Construction Machinery Co. Ltd., Class A		47,400		52,493
Xi'An Shaangu Power Co. Ltd., Class A		19,200		24,301
Xiamen Bank Co. Ltd., Class A		14,900		11,468
Xiamen C & D, Inc., Class A		17,600		25,612
Xiamen ITG Group Corp. Ltd., Class A		17,300		18,296
Xiamen Tungsten Co. Ltd., Class A		7,300		21,767
Xiamen Xiangyu Co. Ltd., Class A		22,200		20,282
Xiaomi Corp., Class B *±		69,800		202,023
Xinfengming Group Co. Ltd., Class A		4,000		7,218
Xingda International Holdings Ltd.		81,992		14,028
Xinhua Winshare Publishing and Media Co. Ltd., Class H		18,000		23,386
Xinte Energy Co. Ltd., Class H *@		22,800		24,783
Xinxing Ductile Iron Pipes Co. Ltd., Class A		18,100		9,855
Xinyi Energy Holdings Ltd. @		207,138		25,580
Xinyi Solar Holdings Ltd.		324,000		175,882
Xinyu Iron & Steel Co. Ltd., Class A		27,300		14,047
XPeng, Inc., Class A *		4,100		27,926
Xtep International Holdings Ltd.		103,000		80,027
Xuji Electric Co. Ltd., Class A		3,400		16,568
Yantai Changyu Pioneer Wine Co. Ltd., Class A		3,700		13,342
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		7,300		34,231
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H *±		25,600		31,416
Yiren Digital Ltd., ADR @		4,574		26,026
Yixin Group Ltd. ±		126,500		14,483
Yixintang Pharmaceutical Group Co. Ltd., Class A		2,800		5,958
Yonfer Agricultural Technology Co. Ltd., Class A		6,900		13,277
YongXing Special Materials Technology Co. Ltd., Class A		2,400		14,234
Youngor Fashion Co. Ltd., Class A		11,500		13,244
YTO Express Group Co. Ltd., Class A		12,500		31,802
Yunda Holding Co. Ltd., Class A		16,500		20,907
Yunnan Aluminium Co. Ltd., Class A		18,200		38,366
Yunnan Baiyao Group Co. Ltd., Class A		1,960		17,041
Yunnan Copper Co. Ltd., Class A		8,100		16,070
Yunnan Energy New Material Co. Ltd., Class A		5,200		25,355
Yunnan Tin Co. Ltd., Class A		14,600		33,919
Zhefu Holding Group Co. Ltd., Class A		16,400		7,831
Zhejiang Century Huatong Group Co. Ltd., Class A *		39,280		23,346
Zhejiang China Commodities City Group Co. Ltd., Class A		10,500		14,442
Zhejiang Chint Electrics Co. Ltd., Class A		13,100		42,459
Zhejiang Dahua Technology Co. Ltd., Class A		19,700		48,351
Zhejiang Hailiang Co. Ltd., Class A		19,700		26,590
Zhejiang Huace Film & Television Co. Ltd., Class A		30,500		30,473
Zhejiang Huayou Cobalt Co. Ltd., Class A		7,300		30,704
Zhejiang Jiahua Energy Chemical Industry Co. Ltd., Class A		9,000		10,455
Zhejiang JIULI Hi-tech Metals Co. Ltd., Class A		4,400		14,299

The accompanying notes are an integral part of these portfolio of investments.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
China (Continued)
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		10,800	$	24,491
Zhejiang Longsheng Group Co. Ltd., Class A		19,300		28,939
Zhejiang Medicine Co. Ltd., Class A		10,400		25,674
Zhejiang Orient Financial Holdings Group Co. Ltd., Class A		17,420		11,123
Zhejiang Runtu Co. Ltd., Class A		19,400		18,609
Zhejiang Semir Garment Co. Ltd., Class A		21,700		19,516
Zhejiang Wanliyang Co. Ltd., Class A		11,400		9,830
Zhejiang Xinan Chemical Industrial Group Co. Ltd., Class A		14,980		18,746
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H		21,400		29,951
Zhongjin Gold Corp. Ltd., Class A		10,900		23,614
Zhongshan Broad Ocean Motor Co. Ltd., Class A		22,200		17,593
Zhongsheng Group Holdings Ltd.		62,500		115,934
Zhou Hei Ya International Holdings Co. Ltd. ±		54,000		13,059
Zhuhai Huafa Properties Co. Ltd., Class A		11,600		12,152
Zhuzhou CRRC Times Electric Co. Ltd., Class H		17,300		68,320
Zhuzhou Kibing Group Co. Ltd., Class A		10,500		9,533
Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H		85,800		63,021
				59,132,754

Colombia — 0.1%
Cementos Argos SA		7,042		12,557
CEMEX Latam Holdings SA *§		13,000		9,731
Corp. Financiera Colombiana SA		15,314		45,148
Grupo Argos SA		22,537		94,305
				161,741

Cyprus — 0.0%
ASBISc Enterprises PLC		4,097		21,501
Czech Republic — 0.1%
Komercni Banka AS		6,412		225,909
				225,909

Greece — 0.3%
Alpha Services & Holdings SA		139,014		241,090
Bank of Greece		859		12,861
Helleniq Energy Holdings SA		9,060		70,445
Motor Oil Hellas Corinth Refineries SA		4,222		99,916
Piraeus Financial Holdings SA		85,014		362,067
				786,379

Hong Kong — 0.2%
Alibaba Pictures Group Ltd. *@		430,000		28,210
BOC Aviation Ltd. ±		10,700		88,503
China Zhongwang Holdings Ltd. @*§		154,000		—
CTEG @*§		98,000		—
Jinmao Property Services Co. Ltd.		6,646		2,548
LK Technology Holdings Ltd. @		70,000		32,597
Lumena New Materials *§		5,599		—
Orient Overseas International Ltd.		7,000		99,410
Sino Biopharmaceutical Ltd.		234,000		112,276

	SHARES		VALUE†
Yuexiu Property Co. Ltd.		135,006	$	110,452
				473,996

Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		44,543		332,966
OTP Bank Nyrt		1,095		57,248
				390,214

India — 22.3%
Aarti Drugs Ltd.		1,688		10,294
Aarti Pharmalabs Ltd.		2,707		20,577
ACC Ltd.		5,493		164,460
Aditya Birla Capital Ltd. *		44,000		124,112
Aditya Birla Real Estate Ltd.		1,974		67,369
Advanced Enzyme Technologies Ltd.		3,035		18,217
AGI Greenpac Ltd.		2,388		27,242
Ahluwalia Contracts India Ltd.		1,765		23,989
Ajmera Realty & Infra India Ltd.		2,596		20,796
Alembic Pharmaceuticals Ltd.		5,197		74,977
Allcargo Logistics Ltd.		19,940		15,512
Allcargo Terminals Ltd. *		4,985		2,635
Amara Raja Energy & Mobility Ltd.		10,842		184,240
Ambuja Cements Ltd.		36,667		275,655
Apar Industries Ltd.		238		27,009
Apollo Tyres Ltd.		31,532		206,159
Arvind Ltd.		13,452		59,498
Ashoka Buildcon Ltd. *		8,590		23,443
Aster DM Healthcare Ltd. ±		9,764		48,411
Aurobindo Pharma Ltd.		25,561		446,914
Avanti Feeds Ltd.		2,210		16,559
Axis Bank Ltd.		133,355		1,959,875
Axis Bank Ltd., GDR		12,180		884,268
Bajaj Consumer Care Ltd.		9,842		28,891
Bajaj Holdings & Investment Ltd.		2,428		304,944
Balmer Lawrie & Co. Ltd.		3,606		11,838
Balrampur Chini Mills Ltd.		14,783		113,923
Bandhan Bank Ltd. ±		42,966		101,748
Bank of Baroda		74,524		219,656
Bank of India		26,524		34,946
Bank of Maharashtra		20,972		15,098
Bhansali Engineering Polymers Ltd.		5,648		10,292
Bharat Heavy Electricals Ltd.		96,730		322,332
Birla Corp. Ltd.		3,237		49,054
Birlasoft Ltd.		1,959		14,089
Bombay Burmah Trading Co.		1,162		39,812
Camlin Fine Sciences Ltd. *		4,352		5,333
Can Fin Homes Ltd.		5,565		59,833
Canara Bank		128,930		170,853
Capacit'e Infraprojects Ltd. *		4,280		19,689
Ceat Ltd.		3,536		132,619
Chambal Fertilizers and Chemicals Ltd.		13,907		87,938
Cholamandalam Financial Holdings Ltd.		6,720		164,469
CIE Automotive India Ltd.		6,907		45,933
Cipla Ltd.		25,633		506,229
City Union Bank Ltd.		30,829		60,259
CMS Info Systems Ltd.		11,502		82,077
Cochin Shipyard Ltd. ±		7,994		165,410
Container Corp. Of India Ltd.		7,508		82,170
Coromandel International Ltd.		3,859		77,402
CSB Bank Ltd. *		3,753		14,018
Cyient Ltd.		4,114		90,885
Dalmia Bharat Ltd.		5,315		122,471

The accompanying notes are an integral part of these portfolio of investments.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
India (Continued)
DB Corp. Ltd.		3,441	$	14,002
DCB Bank Ltd.		19,962		29,149
DCM Shriram Ltd.		2,904		35,866
DCW Ltd. *		9,094		10,227
Deepak Fertilisers & Petrochemicals Corp. Ltd.		4,535		57,796
Delhivery Ltd. *		6,220		31,560
Dilip Buildcon Ltd. ±		2,642		16,629
DLF Ltd.		18,356		196,141
Dr. Reddy's Laboratories Ltd.		372		29,964
Dr. Reddy's Laboratories Ltd., ADR		7,915		628,847
eClerx Services Ltd.		783		28,077
Edelweiss Financial Services Ltd.		13,355		22,659
EID Parry India Ltd.		7,288		74,653
Electrosteel Castings Ltd.		23,821		60,120
Engineers India Ltd.		13,707		34,596
EPL Ltd.		9,507		29,268
Equitas Small Finance Bank Ltd. ±		16,074		14,827
Escorts Kubota Ltd.		1,496		75,959
Exide Industries Ltd.		26,178		156,988
FDC Ltd. *		3,013		19,284
Federal Bank Ltd.		161,831		379,834
FIEM Industries Ltd.		1,108		23,151
Finolex Cables Ltd.		1,587		27,098
Finolex Industries Ltd.		15,431		51,485
Firstsource Solutions Ltd.		20,730		77,056
Force Motors Ltd.		432		38,431
Fortis Healthcare Ltd.		8,848		65,092
Fusion Finance Ltd. *		1,820		5,360
G R Infraprojects Ltd. *		1,719		34,749
GAIL India Ltd.		260,433		746,418
Galaxy Surfactants Ltd.		196		6,928
Gateway Distriparks Ltd.		25,136		27,520
GHCL Ltd.		5,527		44,951
GHCL Textiles Ltd.		5,527		6,773
Glenmark Pharmaceuticals Ltd.		12,966		260,546
Godawari Power and Ispat Ltd.		2,366		31,283
Godfrey Phillips India Ltd.		794		65,946
Godrej Industries Ltd. *		1,769		25,987
Granules India Ltd.		16,905		112,443
Grasim Industries Ltd.		17,963		597,968
Great Eastern Shipping Co. Ltd. (The)		8,516		122,301
Greaves Cotton Ltd.		5,025		10,493
Gujarat Alkalies & Chemicals Ltd.		2,551		25,388
Gujarat Ambuja Exports Ltd.		8,766		13,351
Gujarat Mineral Development Corp. Ltd.		5,595		23,808
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		8,187		66,237
Gujarat Pipavav Port Ltd.		19,498		51,194
Gujarat State Fertilizers & Chemicals Ltd.		15,178		39,479
Gujarat State Petronet Ltd.		23,082		116,648
HDFC Bank Ltd.		102,232		2,112,926
HDFC Bank Ltd., ADR		1,446		90,462
HEG Ltd.		1,254		36,901
HeidelbergCement India Ltd.		3,920		10,385
Hero MotoCorp Ltd.		6,092		416,256
HG Infra Engineering Ltd.		1,150		21,202
Himadri Speciality Chemical Ltd.		10,592		83,926
Hindalco Industries Ltd.		158,495		1,427,947
Hindustan Aeronautics Ltd.		2,747		144,889
ICICI Bank Ltd., ADR		19,894		593,836
IDFC First Bank Ltd. *		161,251		142,969
IDFC Ltd.		76,058		102,876

	SHARES		VALUE†
IIFL Finance Ltd.		8,058	$	44,588
IIFL Securities Ltd.		19,584		80,789
India Cements Ltd. (The) *		11,773		51,559
India Glycols Ltd.		656		9,632
Indian Bank		12,211		76,070
Indian Railway Finance Corp. Ltd. ±		47,733		90,293
Indo Count Industries Ltd.		4,356		19,981
Indus Towers Ltd. *		83,353		387,964
IndusInd Bank Ltd.		28,574		492,707
Infibeam Avenues Ltd.		77,058		25,563
Info Edge India Ltd.		2,973		289,491
IRCON International Ltd. ±		18,858		51,285
ISGEC Heavy Engineering Ltd.		1,061		17,485
J Kumar Infraprojects Ltd.		2,507		23,634
Jammu & Kashmir Bank Ltd. (The)		31,797		40,694
Jindal Saw Ltd.		14,261		126,781
Jindal Stainless Ltd.		23,718		223,124
Jindal Steel & Power Ltd.		46,366		574,310
Jio Financial Services Ltd. *		206,554		863,915
JK Lakshmi Cement Ltd.		4,751		43,629
JK Paper Ltd.		10,798		57,732
JK Tyre & Industries Ltd.		10,161		52,138
JM Financial Ltd.		40,467		73,037
JSW Energy Ltd.		17,824		155,904
JSW Steel Ltd.		80,442		988,711
Jubilant Ingrevia Ltd.		4,945		45,516
Jubilant Pharmova Ltd.		9,690		131,877
Just Dial Ltd. *		1,076		14,805
Kalpataru Projects International Ltd.		9,165		149,323
Kalyani Steels Ltd.		1,016		10,354
Karnataka Bank Ltd. (The)		29,326		82,937
Karur Vysya Bank Ltd. (The)		36,209		93,109
Kaveri Seed Co. Ltd.		1,897		22,094
KCP Ltd. (The)		6,994		20,865
Kirloskar Oil Engines Ltd.		798		11,665
KNR Constructions Ltd.		11,124		45,597
KRBL Ltd.		2,296		8,280
L&T Finance Ltd.		78,972		174,810
Larsen & Toubro Ltd., GDR		28,465		1,263,846
LG Balakrishnan & Bros Ltd.		1,438		23,850
LIC Housing Finance Ltd.		24,147		191,012
LT Foods Ltd.		16,533		78,609
Lupin Ltd.		12,034		315,048
Maharashtra Seamless Ltd.		3,116		23,816
Mahindra & Mahindra Financial Services Ltd.		54,856		222,792
Mahindra & Mahindra Ltd.		39,940		1,484,621
Man Infraconstruction Ltd.		4,652		10,542
Manappuram Finance Ltd.		42,964		103,199
Marksans Pharma Ltd.		9,432		33,556
Mastek Ltd.		960		29,785
Meghmani Organics Ltd. *		7,232		8,694
MOIL Ltd.		5,661		27,545
Motilal Oswal Financial Services Ltd.		7,072		64,137
MRF Ltd.		161		266,280
Muthoot Finance Ltd.		6,474		156,780
Natco Pharma Ltd.		4,536		77,132
National Aluminium Co. Ltd.		39,968		100,896
National Fertilizers Ltd.		6,160		9,202
Nava Ltd.		6,116		83,827
NCC Ltd.		36,382		131,546
NESCO Ltd.		965		10,796
NIIT Learning Systems Ltd.		2,427		14,741
NIIT Ltd.		2,427		4,981
Nilkamal Ltd.		322		7,397

The accompanying notes are an integral part of these portfolio of investments.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
India (Continued)
NMDC Ltd.		69,060	$	201,252
NMDC Steel Ltd. *		47,585		30,578
NOCIL Ltd.		7,374		25,597
NRB Bearings Ltd. *		2,776		9,946
Oberoi Realty Ltd.		6,943		155,867
Odigma Consultancy Solutions *<>		866		1,315
Orient Cement Ltd.		6,133		21,257
Orient Green Power Co. Ltd. *		107,182		26,156
Patel Engineering Ltd. *		47,895		32,617
PCBL Ltd.		11,386		77,785
Pennar Industries Ltd. *		5,072		10,392
Petronet LNG Ltd.		67,706		276,152
Piramal Enterprises Ltd.		5,901		77,448
Piramal Pharma Ltd.		29,025		79,315
PNB Housing Finance Ltd. *±		7,594		89,097
PNC Infratech Ltd.		7,840		41,866
Polyplex Corp. Ltd.		2,048		28,226
Power Finance Corp. Ltd.		121,886		709,779
Prakash Industries Ltd.		4,621		10,034
Prestige Estates Projects Ltd.		14,610		320,788
PTC India Ltd.		17,788		44,575
Punjab National Bank		115,447		147,392
Quess Corp. Ltd. ±		3,874		35,885
Rain Industries Ltd.		17,328		37,188
Rajesh Exports Ltd. *		7,411		25,642
Rallis India Ltd.		3,389		13,382
Ramco Cements Ltd. (The)		7,384		76,130
Ramky Infrastructure Ltd. *		1,954		15,413
Rashtriya Chemicals & Fertilizers Ltd.		16,695		36,073
Raymond Lifestyle Ltd. *		2,620		74,097
Raymond Ltd.		3,276		68,877
RBL Bank Ltd. ±		35,444		86,282
REC Ltd.		124,810		823,838
Redington Ltd.		57,900		127,820
Reliance Industries Ltd.		206,554		7,290,902
Reliance Power Ltd. *		223,846		129,978
Repco Home Finance Ltd.		1,643		10,364
RITES Ltd.		5,510		22,677
Route Mobile Ltd.		1,741		32,513
Sammaan Capital Ltd.		31,451		60,987
Samvardhana Motherson International Ltd.		133,256		335,934
Sandur Manganese & Iron Ores Ltd. (The)		1,780		10,511
Sarda Energy & Minerals Ltd.		2,267		11,971
Seshasayee Paper & Boards Ltd.		1,570		6,394
Shipping Corp. of India Land & Assets Ltd., Spin-off Shares		14,166		11,983
Shipping Corp. of India Ltd.		14,166		44,036
Shree Cement Ltd.		388		122,044
Shriram Finance Ltd.		20,316		869,357
Shriram Pistons & Rings Ltd.		500		12,906
SIS Ltd. *		2,091		10,382
Sobha Ltd.		3,407		78,120
South Indian Bank Ltd. (The)		83,493		24,549
Spandana Sphoorty Financial Ltd. *		1,093		7,637
Star Cement Ltd. *		7,280		17,548
State Bank of India		69,305		651,689
State Bank of India, GDR		8,728		812,577
Steel Authority of India Ltd.		89,762		151,029
Strides Pharma Science Ltd.		5,470		91,380

	SHARES		VALUE†
Sun Pharmaceutical Industries Ltd.		32,247	$	741,131
Sun TV Network Ltd.		5,489		54,594
Sundaram-Clayton Ltd.		221		5,873
Sunteck Realty Ltd.		5,951		41,276
Surya Roshni Ltd.		1,546		13,259
Tamilnad Mercantile Bank Ltd.		1,883		10,559
Tata Chemicals Ltd.		12,988		169,167
Tata Consumer Products Ltd.		8,150		116,413
Tata Motors Ltd.		89,315		1,040,003
Tata Steel Ltd.		430,140		862,885
Tata Steel Ltd., GDR		6,923		137,422
Techno Electric & Engineering Co. Ltd.		2,070		39,646
Technocraft Industries India Ltd. *		547		21,540
Thirumalai Chemicals Ltd.		4,154		16,048
Thomas Cook India Ltd.		8,408		20,368
Time Technoplast Ltd.		5,635		26,349
TransIndia Real Estate Ltd.		4,985		2,587
Transport Corp. of India Ltd.		1,896		24,252
Trident Ltd.		104,054		45,507
Tube Investments of India Ltd.		343		17,661
TVS Holdings Ltd.		142		24,295
TVS Srichakra Ltd.		202		10,138
Uflex Ltd.		3,166		26,299
Union Bank of India Ltd.		81,852		120,237
UPL Ltd.		36,161		264,084
Usha Martin Ltd.		12,425		53,450
VA Tech Wabag Ltd. *		3,405		61,354
Vardhman Textiles Ltd.		8,165		46,281
Vedanta Ltd.		58,464		357,546
Voltamp Transformers Ltd.		307		48,284
Welspun Corp. Ltd.		11,246		102,662
Welspun Living Ltd.		30,266		59,628
West Coast Paper Mills Ltd.		3,247		23,941
Wipro Ltd.		41,058		264,766
Wipro Ltd., ADR @		54,311		351,935
Wockhardt Ltd. *		5,344		62,495
Yes Bank Ltd. *		469,708		125,889
Zee Entertainment Enterprises Ltd. *		70,032		115,117
Zensar Technologies Ltd.		5,610		45,040
Zydus Lifesciences Ltd.		10,313		131,821
Zydus Wellness Ltd.		1,105		26,537
				48,506,273

Indonesia — 1.8%
Adaro Energy Indonesia Tbk. PT		1,752,200		440,943
AKR Corporindo Tbk. PT		362,500		37,112
Aneka Tambang Tbk. PT		728,800		71,243
Aspirasi Hidup Indonesia Tbk. PT		625,900		38,034
Astra Agro Lestari Tbk. PT		61,744		26,916
Astra International Tbk. PT		1,660,000		553,699
Astra Otoparts Tbk. PT		19,600		2,926
Bank Maybank Indonesia Tbk. PT		568,800		8,641
Bank Negara Indonesia Persero Tbk. PT		723,032		255,497
Bank OCBC Nisp Tbk. PT		223,000		20,032
Bank Pan Indonesia Tbk. PT *		399,700		42,900
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT		173,300		11,046
Bank Pembangunan Daerah Jawa Timur Tbk. PT		403,000		15,172
Bank Tabungan Negara Persero Tbk. PT		537,509		51,479
BISI International Tbk. PT		94,000		9,220

The accompanying notes are an integral part of these portfolio of investments.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Indonesia (Continued)
Bukalapak.com Tbk. PT *		5,483,400	$	43,824
Bukit Asam Tbk. PT		339,600		69,086
Bumi Resources Minerals Tbk. PT *		4,125,300		62,670
Bumi Resources Tbk. PT *		3,292,800		26,534
Bumi Serpong Damai Tbk. PT *		435,700		34,246
Charoen Pokphand Indonesia Tbk. PT		65,700		20,396
Ciputra Development Tbk. PT		924,577		81,221
Dayamitra Telekomunikasi PT		1,395,200		58,978
Elang Mahkota Teknologi Tbk. PT		999,500		27,331
Energi Mega Persada Tbk. PT *		899,700		12,955
Erajaya Swasembada Tbk. PT		1,042,500		31,261
ESSA Industries Indonesia Tbk. PT		837,700		48,967
Gudang Garam Tbk. PT *		52,600		55,240
Hanson International Tbk. PT *§		5,335,700		—
Harum Energy Tbk. PT *		170,700		15,559
Indah Kiat Pulp & Paper Tbk. PT		294,700		168,372
Indika Energy Tbk. PT		195,300		22,058
Indo Tambangraya Megah Tbk. PT		52,800		92,330
Indocement Tunggal Prakarsa Tbk. PT		106,000		47,609
Indofood Sukses Makmur Tbk. PT		407,500		189,754
Japfa Comfeed Indonesia Tbk. PT *		567,600		53,986
Medco Energi Internasional Tbk. PT		1,095,352		91,521
Metrodata Electronics Tbk. PT		524,800		22,011
Mitra Adiperkasa Tbk. PT		620,000		72,074
Pabrik Kertas Tjiwi Kimia Tbk. PT		133,200		66,424
Pakuwon Jati Tbk. PT		1,135,800		38,635
Panin Financial Tbk. PT *		1,207,600		34,457
Samudera Indonesia Tbk. PT		979,900		23,430
Sarana Menara Nusantara Tbk. PT		1,152,200		65,068
Sawit Sumbermas Sarana Tbk. PT *		240,200		17,373
Semen Indonesia Persero Tbk. PT		318,224		79,661
Sri Rejeki Isman Tbk. PT *§		996,900		—
Summarecon Agung Tbk. PT		932,100		42,788
Surya Citra Media Tbk. PT		1,943,100		15,658
Surya Semesta Internusa Tbk. PT		303,100		25,125
Triputra Agro Persada PT		853,700		45,674
Tunas Baru Lampung Tbk. PT		363,085		15,468
United Tractors Tbk. PT		182,800		327,808
Vale Indonesia Tbk. PT *		184,400		49,693
XL Axiata Tbk. PT		522,966		79,101
				3,859,206
Korea — 11.5%
AMOREPACIFIC Group		1,396		29,731
Ananti, Inc. *		3,670		14,285
Asia Paper Manufacturing Co. Ltd.		2,835		17,343
BH Co. Ltd.		1,193		16,668
BNK Financial Group, Inc.		20,319		140,463
Boryung		1,586		13,123
CJ CheilJedang Corp.		860		199,924
CJ Corp.		1,381		125,565
CJ ENM Co. Ltd. *		1,200		64,327
CJ Logistics Corp.		649		46,205
Daesang Corp.		2,426		39,608
Daewoo Engineering & Construction Co. Ltd. *		18,960		55,530
Daewoong Co. Ltd.		1,602		28,789
Daishin Securities Co. Ltd.		2,379		29,653
Daou Technology, Inc.		2,149		30,385
DB HiTek Co. Ltd.		1,530		47,151
DB Insurance Co. Ltd.		2,617		224,737
DB, Inc. *		6,843		7,588
DGB Financial Group, Inc.		14,531		89,895

	SHARES		VALUE†
DL E&C Co. Ltd.		2,318	$	52,734
DL Holdings Co. Ltd.		1,534		51,556
Dong-A Socio Holdings Co. Ltd.		287		25,744
Dong-A ST Co. Ltd.		241		13,122
Dongkuk Holdings Co. Ltd.		1,150		7,167
Dongkuk Steel Mill Co. Ltd.		3,583		25,344
Dongwha Pharm Co. Ltd.		736		4,367
Dongwon F&B Co. Ltd.		640		16,028
Dongwon Industries Co. Ltd.		715		16,950
Doosan Bobcat, Inc.		4,635		143,902
DoubleUGames Co. Ltd.		604		23,094
E-MART, Inc.		1,350		61,115
ENF Technology Co. Ltd.		555		9,507
Eugene Investment & Securities Co. Ltd.		8,694		28,654
Fila Holdings Corp.		2,504		80,901
Green Cross Corp.		247		28,616
GS Engineering & Construction Corp. *		2,015		28,260
GS Holdings Corp.		4,562		148,439
GS Retail Co. Ltd.		3,803		62,089
Hana Financial Group, Inc.		22,264		1,001,088
Hanil Holdings Co. Ltd.		1,021		10,837
Hankook Tire & Technology Co. Ltd.		5,220		165,458
Hanon Systems		10,248		33,345
Hansol Paper Co. Ltd.		2,232		16,112
Hansol Technics Co. Ltd.		1,664		5,707
Hanwha Corp.		3,458		76,421
Hanwha Galleria Corp. *		4,602		4,885
Hanwha Investment & Securities Co. Ltd. *		5,680		14,442
Hanwha Life Insurance Co. Ltd.		20,246		44,434
Hanwha Solutions Corp.		7,228		142,880
Harim Holdings Co. Ltd.		2,243		9,571
HD Hyundai Co. Ltd.		3,291		192,522
HD Hyundai Construction Equipment Co. Ltd.		1,558		62,549
HD Hyundai Infracore Co. Ltd.		7,764		44,529
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.		428		61,433
HDC Holdings Co. Ltd.		2,781		23,180
HDC Hyundai Development Co.-Engineering & Construction		2,554		43,553
HK inno N Corp.		690		25,775
HL Holdings Corp.		389		10,530
HL Mando Co. Ltd.		2,866		80,652
HMM Co. Ltd.		15,163		214,858
HS Hyosung Corp. *		119		3,867
Hy-Lok Corp.		918		17,620
Hyosung Corp.		537		21,271
Hyosung TNC Corp.		121		29,378
Hyundai Department Store Co. Ltd.		867		32,420
Hyundai Engineering & Construction Co. Ltd.		4,831		112,675
Hyundai Glovis Co. Ltd.		2,360		220,353
Hyundai Home Shopping Network Corp.		716		25,515
Hyundai Marine & Fire Insurance Co. Ltd.		4,572		115,375
Hyundai Mobis Co. Ltd.		3,389		563,667
Hyundai Motor Co.		10,966		2,046,115
Hyundai Steel Co.		5,647		120,480
Hyundai Wia Corp.		941		37,059
Industrial Bank of Korea		20,136		215,110
Innocean Worldwide, Inc.		814		11,914
INTOPS Co. Ltd.		1,491		26,737
IS Dongseo Co. Ltd.		1,027		17,592
JB Financial Group Co. Ltd.		11,834		138,547
Kakao Games Corp. *		548		7,333
KB Financial Group, Inc., ADR @		24,215		1,495,276

The accompanying notes are an integral part of these portfolio of investments.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Korea (Continued)
KCC Corp.		293	$	67,553
KCC Glass Corp.		444		13,598
KEPCO Plant Service & Engineering Co. Ltd.		695		22,375
Kia Corp.		23,059		1,761,562
KISWIRE Ltd.		1,165		17,212
KIWOOM Securities Co. Ltd.		971		96,528
Kolon Industries, Inc.		1,930		52,910
Korea Asset In Trust Co. Ltd.		5,452		12,362
Korea Circuit Co. Ltd. *		737		6,132
Korea Electric Terminal Co. Ltd.		682		36,455
Korea Investment Holdings Co. Ltd.		2,704		151,773
Korea Line Corp. *		16,631		26,262
Korea Real Estate Investment & Trust Co. Ltd.		10,376		8,268
Korea Zinc Co. Ltd.		351		184,666
Korean Air Lines Co. Ltd.		13,791		237,812
Korean Reinsurance Co.		12,952		81,612
KT&G Corp.		731		60,875
Kumho Petrochemical Co. Ltd.		1,116		134,753
Kumho Tire Co., Inc. *		3,713		12,862
Kwang Dong Pharmaceutical Co. Ltd.		5,019		22,337
LG Chem Ltd.		2,768		754,601
LG Corp.		5,347		323,429
LG Display Co. Ltd. *		16,033		134,129
LG Display Co. Ltd., ADR *		8,853		35,855
LG Electronics, Inc.		10,373		827,333
LG H&H Co. Ltd.		577		167,227
LG Innotek Co. Ltd.		451		75,184
LG Uplus Corp.		19,185		143,920
Lotte Chemical Corp.		1,267		98,341
Lotte Chilsung Beverage Co. Ltd.		290		28,829
Lotte Corp.		1,582		29,821
LOTTE Fine Chemical Co. Ltd.		1,517		55,682
Lotte Shopping Co. Ltd.		641		30,146
Lotte Wellfood Co. Ltd.		167		18,019
LS Corp.		1,155		108,814
LX Hausys Ltd.		728		22,240
LX Holdings Corp.		2,593		14,158
LX International Corp.		3,459		79,353
Mirae Asset Life Insurance Co. Ltd. *		5,257		21,065
Mirae Asset Securities Co. Ltd.		23,824		153,398
NAVER Corp.		2,415		312,840
NCSoft Corp.		338		49,368
Netmarble Corp. *±		1,028		46,774
Nexen Tire Corp.		5,151		28,242
NH Investment & Securities Co. Ltd.		10,116		103,813
NHN Corp.		2,376		30,997
NongShim Co. Ltd.		178		52,405
OCI Co. Ltd.		450		28,080
OCI Holdings Co. Ltd.		995		53,946
Orion Corp.		995		74,186
Orion Holdings Corp.		2,572		31,272
Ottogi Corp.		131		42,725
Pan Ocean Co. Ltd.		22,750		69,501
Paradise Co. Ltd.		1,846		17,038
Partron Co. Ltd.		1,897		10,401
Poongsan Corp.		1,950		91,409
POSCO Holdings, Inc.		1,386		408,052

	SHARES		VALUE†
POSCO Holdings, Inc., ADR @		12,275	$	859,127
S-Oil Corp.		3,801		177,886
Samsung C&T Corp.		4,028		424,454
Samsung Card Co. Ltd.		2,083		65,547
Samsung E&A Co. Ltd. *		3,055		51,396
Samsung Electronics Co. Ltd.		9,536		448,470
Samsung Electronics Co. Ltd., GDR		1,507		1,761,683
Samsung Fire & Marine Insurance Co. Ltd.		104		27,398
Samsung Life Insurance Co. Ltd.		4,057		289,143
Samsung SDI Co. Ltd.		1,095		316,936
Samsung SDS Co. Ltd.		750		88,724
Samsung Securities Co. Ltd.		2,679		89,218
Samyang Holdings Corp.		409		24,364
Sangsangin Co. Ltd. *		375		519
SD Biosensor, Inc. *		2,641		18,540
SeAH Steel Holdings Corp.		235		31,305
Sebang Global Battery Co. Ltd.		697		45,145
Seegene, Inc.		2,156		40,805
Seoul Semiconductor Co. Ltd.		2,206		14,659
SFA Engineering Corp.		456		9,188
SGC Energy Co. Ltd.		395		8,458
Shinhan Financial Group Co. Ltd.		23,813		1,010,646
Shinhan Financial Group Co. Ltd., ADR @		5,343		226,383
Shinsegae International, Inc.		1,209		12,675
Shinsegae, Inc.		629		76,527
SK Chemicals Co. Ltd.		314		12,246
SK Discovery Co. Ltd.		867		22,873
SK Gas Ltd.		364		47,348
SK Innovation Co. Ltd. *		3,455		309,383
SK Networks Co. Ltd.		12,838		47,663
SK Securities Co. Ltd.		36,346		14,397
SK, Inc.		2,514		294,521
SL Corp.		1,820		49,338
SNT Dynamics Co. Ltd.		1,411		26,058
SNT Motiv Co. Ltd.		1,086		38,866
Songwon Industrial Co. Ltd.		1,925		19,431
Sung Kwang Bend Co. Ltd.		2,237		23,607
Sungwoo Hitech Co. Ltd.		3,959		20,254
Unid Co. Ltd.		511		30,401
Webzen, Inc.		2,781		36,429
Woori Financial Group, Inc.		45,228		536,082
Youngone Corp.		2,083		64,352
Youngone Holdings Co. Ltd.		787		55,307
Zinus, Inc.		1,112		16,624
				24,956,500
Malaysia — 1.6%
AFFIN Bank Bhd.		45,380		30,595
Alliance Bank Malaysia Bhd.		93,200		100,580
AMMB Holdings Bhd.		191,687		232,432
Axiata Group Bhd.		226,300		138,299
Bank Islam Malaysia Bhd.		49,400		32,346
Batu Kawan Bhd.		16,500		78,108
Berjaya Corp. Bhd. *		69,600		5,401
Bumi Armada Bhd. *		264,700		30,171
Cahya Mata Sarawak Bhd.		76,400		25,198
CIMB Group Holdings Bhd.		224,373		438,027
DRB-Hicom Bhd.		119,100		32,349
Eastern & Oriental Bhd. *		118,100		26,063
Eco World Development Group Bhd.		33,900		14,716
Genting Bhd.		168,300		172,647

The accompanying notes are an integral part of these portfolio of investments.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Malaysia (Continued)
Genting Malaysia Bhd.		258,200	$	151,532
Genting Plantations Bhd.		15,600		19,824
Hibiscus Petroleum Bhd.		56,080		27,200
Hong Leong Financial Group Bhd.		17,621		82,560
IJM Corp. Bhd.		181,760		129,152
IOI Properties Group Bhd. *		75,850		38,996
Kossan Rubber Industries Bhd.		85,400		38,729
Magnum Bhd.		86,961		24,674
Mah Sing Group Bhd.		125,685		52,426
Malaysian Resources Corp. Bhd.		142,600		20,404
Matrix Concepts Holdings Bhd.		64,200		31,139
MBM Resources Bhd.		12,500		17,855
MBSB Bhd.		205,001		38,032
Mega First Corp. Bhd.		37,600		40,121
MISC Bhd.		80,820		152,879
MKH Bhd.		36,950		11,380
MKH Oil Palm East Kalimantan Bhd.		5,278		774
Oriental Holdings Bhd.		25,760		47,478
OSK Holdings Bhd.		74,455		27,807
Petronas Chemicals Group Bhd.		121,800		166,594
PPB Group Bhd.		37,500		131,502
RHB Bank Bhd.		159,890		239,631
Sarawak Oil Palms Bhd.		30,750		22,223
Sime Darby Bhd.		293,600		175,156
Sime Darby Property Bhd.		308,000		109,800
SP Setia Bhd. Group		143,480		43,495
Ta Ann Holdings Bhd.		12,260		11,596
Top Glove Corp. Bhd. *		167,500		40,621
TSH Resources Bhd.		43,000		11,471
UEM Sunrise Bhd.		100,300		24,324
United Malacca Bhd.		14,600		18,164
UOA Development Bhd.		19,187		8,562
Velesto Energy Bhd.		463,000		22,457
Yinson Holdings Bhd.		97,700		63,498
				3,398,988
Mexico — 2.0%
Alfa SAB de CV, Class A		191,923		157,320
Banco del Bajio SA ±		36,142		84,619
Becle SAB de CV		12,842		20,219
Cemex SAB de CV		685,631		419,596
Cemex SAB de CV, ADR		2,361		14,402
Controladora AXTEL SAB DE CV *		260,453		4,101
Corp. Actinver SAB de CV		15,700		13,005
El Puerto de Liverpool SAB de CV, Class C1		11,951		71,463
Fomento Economico Mexicano SAB de CV		47,413		467,460
Genomma Lab Internacional SAB de CV, Class B		65,230		75,036
Gentera SAB de CV		106,289		118,705
Grupo Carso SAB de CV, Series A1		20,689		127,707
Grupo Comercial Chedraui SA de CV		3,082		23,084
Grupo Financiero Banorte SAB de CV, Class O		125,200		891,088
Grupo Financiero Inbursa SAB de CV, Class O *		102,758		234,167
Grupo Hotelero Santa Fe SAB de CV *		22,600		4,247
Grupo Mexico SAB de CV, Series B		98,300		549,162
Grupo Rotoplas SAB de CV		16,900		20,213
Grupo Traxion SAB de CV *±		22,512		22,889
Industrias CH SAB de CV, Series B *		23,916		222,653
Industrias Penoles SAB de CV *		9,977		132,250
La Comer SAB de CV		31,617		63,459

	SHARES		VALUE†
Megacable Holdings SAB de CV		59,163	$	123,134
Nemak SAB de CV *±		174,679		17,566
Orbia Advance Corp. SAB de CV		75,251		76,359
Organizacion Soriana SAB de CV, Class B		57,868		91,401
Promotora y Operadora de Infraestructura SAB de CV		13,054		123,751
Promotora y Operadora de Infraestructura SAB de CV, Class L		1,600		10,157
Regional SAB de CV		18,632		108,130
				4,287,343
Philippines — 0.6%
ACEN Corp.		510,437		49,006
Alliance Global Group, Inc.		253,300		42,399
Ayala Corp.		12,590		150,867
Ayala Land, Inc.		194,000		126,708
BDO Unibank, Inc.		15,190		42,829
Belle Corp. *		176,000		6,124
China Banking Corp.		74,676		67,963
Cosco Capital, Inc.		257,000		25,132
DMCI Holdings, Inc.		385,900		79,194
Filinvest Land, Inc.		1,435,000		20,742
First Philippine Holdings Corp.		26,510		28,716
GT Capital Holdings, Inc.		5,682		74,019
JG Summit Holdings, Inc.		225,183		111,712
LT Group, Inc.		132,300		23,656
Megaworld Corp.		1,004,700		38,547
Metropolitan Bank & Trust Co.		133,237		186,883
Puregold Price Club, Inc.		86,900		48,849
Rizal Commercial Banking Corp.		47,790		22,856
Robinsons Land Corp.		247,455		69,418
San Miguel Corp.		41,650		66,893
Security Bank Corp.		37,690		64,535
Top Frontier Investment Holdings, Inc. *		4,630		5,371
Union Bank of the Philippines		66,330		45,512
				1,397,931
Poland — 1.0%
AB SA		845		22,173
Alior Bank SA		7,841		188,803
Amica SA		306		4,579
Asseco Poland SA		4,881		110,200
Bank Handlowy w Warszawie SA		1,407		33,302
BNPP Bank Polska SA		440		10,746
Cognor Holding SA *		3,349		5,821
Cyfrowy Polsat SA *		17,146		56,886
Echo Investment SA		1,732		1,881
Enea SA *		30,606		91,126
Jastrzebska Spolka Weglowa SA *		5,386		36,215
KGHM Polska Miedz SA		9,866		408,456
ORLEN SA		59,254		860,099
PGE Polska Grupa Energetyczna SA *		84,800		158,628
Tauron Polska Energia SA *		125,505		109,136
				2,098,051
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		23,036
SIIC Environment Holdings Ltd.		67,000		8,102
				31,138

The accompanying notes are an integral part of these portfolio of investments.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
South Africa — 3.2%
Absa Group Ltd.		69,753	$	708,289
AECI Ltd.		11,902		71,291
African Rainbow Minerals Ltd. @		11,264		123,452
Anglo American Platinum Ltd. @		4,361		156,587
Aspen Pharmacare Holdings Ltd.		30,080		339,493
Barloworld Ltd.		20,449		102,473
DataTec Ltd.		23,931		52,592
Exxaro Resources Ltd. @		22,414		223,212
Foschini Group Ltd. (The)		22,715		205,372
Grindrod Ltd.		52,062		45,501
Harmony Gold Mining Co. Ltd.		8,696		89,660
Harmony Gold Mining Co. Ltd., ADR @		30,759		312,819
Impala Platinum Holdings Ltd. *		64,737		362,550
Investec Ltd.		6,267		47,586
KAP Ltd. *		269,658		53,065
Lewis Group Ltd.		3,337		14,061
Life Healthcare Group Holdings Ltd.		40,723		37,712
Momentum Group Ltd.		90,465		154,305
Motus Holdings Ltd. @		16,747		117,760
Mpact Ltd.		15,365		27,506
MTN Group Ltd.		117,519		624,614
Naspers Ltd., Class N		1,718		417,123
Nedbank Group Ltd.		28,026		484,962
Netcare Ltd.		143,425		127,922
Northam Platinum Holdings Ltd. @		22,983		145,048
Oceana Group Ltd.		10,541		42,097
Old Mutual Ltd.		443,127		351,373
Omnia Holdings Ltd.		16,030		60,335
Pepkor Holdings Ltd. ±		170,124		237,204
PPC Ltd.		93,872		21,244
Raubex Group Ltd.		16,897		51,383
Reunert Ltd.		15,079		70,693
Sappi Ltd.		59,313		166,327
Sasol Ltd.		43,988		295,460
Sibanye Stillwater Ltd. *		213,534		220,609
Sibanye Stillwater Ltd., ADR @*		1,610		6,617
Southern Sun Ltd.		31,286		14,034
SPAR Group Ltd. (The) *		2,272		17,824
Standard Bank Group Ltd.		5,831		81,791
Super Group Ltd.		41,508		58,043
Telkom SA SOC Ltd. *		28,405		43,321
Thungela Resources Ltd.		13,215		83,944
Zeda Ltd.		20,449		16,451
				6,883,705
Taiwan — 20.3%
AcBel Polytech, Inc.		51,000		54,793
Acer, Inc.		187,884		242,228
Acter Group Corp. Ltd.		5,000		48,505
ADATA Technology Co. Ltd.		19,000		53,254
Advanced Energy Solution Holding Co. Ltd.		2,000		31,567
Advanced International Multitech Co. Ltd.		8,000		20,527
Advanced Power Electronics Corp.		9,000		23,491
Advanced Wireless Semiconductor Co.		8,000		26,922
Advancetek Enterprise Co. Ltd.		13,000		27,769
Alltek Technology Corp.		10,000		11,660
Alpha Networks, Inc.		11,000		11,905
Altek Corp.		13,000		14,501
Amazing Microelectronic Corp.		8,000		25,279

	SHARES		VALUE†
Ambassador Hotel (The)		14,000	$	27,561
AmTRAN Technology Co. Ltd.		64,775		45,030
Apex International Co. Ltd. *		15,000		27,159
Arcadyan Technology Corp.		11,000		49,358
Ardentec Corp.		39,092		74,363
Argosy Research, Inc.		3,000		14,314
ASE Technology Holding Co. Ltd.		233,000		1,111,750
Asia Cement Corp.		158,269		238,805
Asia Optical Co., Inc.		5,000		18,011
Asia Polymer Corp.		31,602		18,973
ASROCK, Inc.		2,000		13,050
Asustek Computer, Inc.		47,000		821,291
Aten International Co. Ltd.		5,000		12,418
AUO Corp.		502,400		270,675
Axiomtek Co. Ltd.		8,000		22,372
Bank of Kaohsiung Co. Ltd.		64,606		24,396
Basso Industry Corp.		9,000		13,366
BenQ Materials Corp.		15,000		14,670
BES Engineering Corp.		91,000		35,081
Bioteque Corp.		3,000		12,324
Bizlink Holding, Inc.		12,029		175,229
Brighton-Best International Taiwan, Inc.		17,000		18,452
Capital Securities Corp.		184,437		126,177
Castles Technology Co. Ltd.		4,200		16,125
Catcher Technology Co. Ltd.		43,000		321,347
Cathay Financial Holding Co. Ltd.		403,170		847,197
Cathay Real Estate Development Co. Ltd.		70,000		56,294
Cenra, Inc.		9,500		11,858
Center Laboratories, Inc.		26,000		39,477
Chailease Holding Co. Ltd.		103,533		534,898
Chang Hwa Commercial Bank Ltd.		316,768		179,171
Chang Wah Electromaterials, Inc.		20,000		38,614
Chang Wah Technology Co. Ltd.		11,000		13,591
Channel Well Technology Co. Ltd.		13,000		27,276
Charoen Pokphand Enterprise		12,000		37,047
CHC Healthcare Group		7,000		9,655
Cheng Loong Corp.		82,000		63,871
Cheng Shin Rubber Industry Co. Ltd.		131,000		214,425
Cheng Uei Precision Industry Co. Ltd.		44,543		90,503
Chia Hsin Cement Corp.		22,440		12,905
Chin-Poon Industrial Co. Ltd.		36,000		46,754
China Airlines Ltd.		278,111		188,943
China Bills Finance Corp.		89,000		42,185
China General Plastics Corp.		28,665		16,123
China Man-Made Fiber Corp. *		115,018		31,002
China Metal Products		31,000		38,350
China Motor Corp.		22,478		52,419
China Petrochemical Development Corp. *		247,871		74,174
China Steel Chemical Corp.		4,000		12,829
China Steel Corp.		739,800		541,177
China Wire & Cable Co. Ltd.		16,000		19,313
Chipbond Technology Corp.		42,000		88,256
ChipMOS Technologies, Inc.		28,897		34,242
Chong Hong Construction Co. Ltd.		12,000		37,540
Chun Yuan Steel Industry Co. Ltd.		30,000		17,443
Chung Hwa Pulp Corp. *		30,000		20,571
Chung-Hsin Electric & Machinery Manufacturing Corp.		12,000		65,410
Chunghwa Precision Test Tech Co. Ltd.		2,000		33,053
Cleanaway Co. Ltd.		6,000		35,075
Clevo Co.		43,000		82,613

The accompanying notes are an integral part of these portfolio of investments.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Taiwan (Continued)
CMC Magnetics Corp.		31,979	$	12,328
Co-Tech Development Corp.		17,000		32,822
Compal Electronics, Inc.		288,000		303,048
Compeq Manufacturing Co. Ltd.		109,000		235,246
Concord Securities Co. Ltd.		38,850		17,432
Continental Holdings Corp.		42,000		40,877
Coretronic Corp.		40,800		98,885
CTBC Financial Holding Co. Ltd.		1,128,280		1,226,449
CTCI Corp.		33,000		49,323
CyberPower Systems, Inc.		2,000		20,160
D-Link Corp.		15,640		9,563
DA CIN Construction Co. Ltd.		21,200		33,696
Da-Li Development Co. Ltd.		13,230		20,652
Darfon Electronics Corp.		17,000		26,671
Darwin Precisions Corp.		55,000		25,635
Depo Auto Parts Ind Co. Ltd.		12,000		100,295
Dimerco Express Corp.		8,000		22,119
Dyaco International, Inc.		8,519		7,793
Dynamic Holding Co. Ltd.		21,000		51,029
Dynapack International Technology Corp.		7,000		23,004
Edom Technology Co. Ltd.		10,000		11,802
Elite Advanced Laser Corp. *		6,000		35,170
Elitegroup Computer Systems Co. Ltd.		35,877		28,399
Ennoconn Corp.		6,116		55,852
Ennostar, Inc.		44,414		63,716
EnTie Commercial Bank Co. Ltd.		68,000		32,876
Eson Precision Ind Co. Ltd.		10,000		20,381
Eternal Materials Co. Ltd.		42,300		45,646
Eurocharm Holdings Co. Ltd.		3,000		18,154
Eva Airways Corp.		241,478		286,143
Evergreen Aviation Technologies Corp.		11,000		33,960
Evergreen International Storage & Transport Corp.		54,000		52,982
Evergreen Marine Corp. Taiwan Ltd.		74,583		473,707
EVERGREEN Steel Corp.		13,000		48,678
Everlight Chemical Industrial Corp.		56,000		46,893
Everlight Electronics Co. Ltd.		40,000		96,061
Excelsior Medical Co. Ltd.		12,733		35,326
Far Eastern Department Stores Ltd.		85,220		73,112
Far Eastern International Bank		297,478		130,660
Far Eastern New Century Corp.		266,338		323,176
Far EasTone Telecommunications Co. Ltd.		90,000		257,943
Farglory F T Z Investment Holding Co. Ltd.		15,120		22,766
Farglory Land Development Co. Ltd.		26,721		60,625
Feng Hsin Steel Co. Ltd.		17,000		45,661
First Financial Holding Co. Ltd.		595,556		515,641
First Steamship Co. Ltd. *		103,240		26,294
FIT Holding Co. Ltd.		9,000		15,357
Fitipower Integrated Technology, Inc.		5,600		47,158
FLEXium Interconnect, Inc.		24,000		59,608
Flytech Technology Co. Ltd.		5,000		13,430
FocalTech Systems Co. Ltd.		8,000		21,538
Forcecon Tech Co. Ltd.		5,142		27,541
Formosa Advanced Technologies Co. Ltd.		20,000		23,004
Formosa Chemicals & Fibre Corp.		176,000		241,644
Formosa Laboratories, Inc.		8,000		25,026
Formosa Petrochemical Corp.		61,000		101,582
Formosa Plastics Corp.		183,000		309,371
Formosa Sumco Technology Corp.		5,000		21,724
Formosa Taffeta Co. Ltd.		49,000		32,438
Formosan Rubber Group, Inc.		18,072		14,733
Formosan Union Chemical		48,179		37,527
Foxconn Technology Co. Ltd.		58,127		121,961

	SHARES		VALUE†
Foxsemicon Integrated Technology, Inc.		4,000	$	45,060
FSP Technology, Inc.		8,000		15,117
Fu Hua Innovation Co. Ltd.		20,529		21,245
Fubon Financial Holding Co. Ltd.		517,877		1,479,345
Fulltech Fiber Glass Corp. *		32,893		21,931
Fusheng Precision Co. Ltd.		5,000		45,819
G Shank Enterprise Co. Ltd.		10,589		30,449
Gamania Digital Entertainment Co. Ltd.		13,000		32,041
Gemtek Technology Corp.		47,000		56,956
General Interface Solution Holding Ltd. *		18,000		33,217
Genius Electronic Optical Co. Ltd.		4,000		61,429
Getac Holdings Corp.		21,000		73,989
Giant Manufacturing Co. Ltd.		20,000		141,564
Gigabyte Technology Co. Ltd.		3,000		24,505
Global Brands Manufacture Ltd.		21,000		40,080
Global Mixed Mode Technology, Inc.		3,000		21,282
Global PMX Co. Ltd.		2,000		8,279
Gloria Material Technology Corp.		34,392		52,490
Goldsun Building Materials Co. Ltd.		82,973		137,124
Grand Pacific Petrochemical *		119,612		51,025
Grape King Bio Ltd.		10,000		45,345
Great Wall Enterprise Co. Ltd.		44,330		72,141
Greatek Electronics, Inc.		16,000		29,577
Hannstar Board Corp.		38,929		64,950
HannStar Display Corp. *		35,000		10,396
HannsTouch Holdings Co. *		32,279		10,914
Hey Song Corp.		18,750		25,181
Highwealth Construction Corp.		93,462		133,194
Hiwin Technologies Corp.		19,000		128,482
Ho Tung Chemical Corp.		108,688		30,910
Holy Stone Enterprise Co. Ltd.		10,500		30,292
Hon Hai Precision Industry Co. Ltd.		784,068		4,645,466
Hong Pu Real Estate Development Co. Ltd.		20,000		19,686
Hong TAI Electric Industrial		32,000		34,835
Hota Industrial Manufacturing Co. Ltd.		13,000		23,579
Hsin Kuang Steel Co. Ltd.		13,000		24,812
Hu Lane Associate, Inc.		4,100		23,644
Hua Nan Financial Holdings Co. Ltd.		417,300		338,888
Huaku Development Co. Ltd.		17,700		74,387
Huang Hsiang Construction Corp.		8,000		15,016
Hung Ching Development & Construction Co. Ltd.		20,000		21,614
Hung Sheng Construction Ltd.		50,688		41,164
I-Sheng Electric Wire & Cable Co. Ltd.		9,000		15,073
IBF Financial Holdings Co. Ltd.		128,807		61,663
Ichia Technologies, Inc.		11,000		14,338
IEI Integration Corp.		8,000		19,263
Innolux Corp.		497,645		253,961
Inpaq Technology Co. Ltd.		9,000		24,060
Integrated Service Technology, Inc.		6,000		31,188
International CSRC Investment Holdings Co. *		58,604		30,555
Inventec Corp.		179,282		244,168
ITE Technology, Inc.		6,000		26,733
ITEQ Corp.		15,000		35,786
Kedge Construction Co. Ltd.		4,080		9,579
Kenda Rubber Industrial Co. Ltd.		34,650		34,052
Kerry TJ Logistics Co. Ltd.		9,000		11,305
KGI Financial Holding Co. Ltd.		1,154,559		601,969
Kindom Development Co. Ltd.		46,200		70,950
King Yuan Electronics Co. Ltd.		58,100		206,539
King's Town Bank Co. Ltd.		90,000		159,259
Kinpo Electronics		138,000		94,627
Kinsus Interconnect Technology Corp.		28,000		97,325
KMC Kuei Meng International, Inc.		5,000		23,857

The accompanying notes are an integral part of these portfolio of investments.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Taiwan (Continued)
KS Terminals, Inc.		6,000	$	16,684
Kung Long Batteries Industrial Co. Ltd.		8,000		37,919
Kuo Toong International Co. Ltd.		16,000		32,206
Kuo Yang Construction Co. Ltd.		14,000		10,286
Kwong Lung Enterprise Co. Ltd.		12,000		21,841
L&K Engineering Co. Ltd.		10,397		68,500
Lanner Electronics, Inc.		6,000		16,893
Largan Precision Co. Ltd.		7,000		561,831
Lealea Enterprise Co. Ltd. *		83,200		24,923
Lelon Electronics Corp.		10,000		23,763
Li Peng Enterprise Co. Ltd. *		41,000		11,129
Lien Hwa Industrial Holdings Corp.		53,968		105,219
Lingsen Precision Industries Ltd.		25,000		15,010
Lite-On Technology Corp.		127,874		402,050
Longchen Paper & Packaging Co. Ltd. *		92,459		42,802
Lumax International Corp. Ltd.		4,000		14,978
Lung Yen Life Service Corp. *		16,000		23,965
Macronix International Co. Ltd.		103,171		87,371
Marketech International Corp.		5,000		23,778
MediaTek, Inc.		2,000		74,258
Mega Financial Holding Co. Ltd.		494,287		613,827
Mercuries & Associates Holding Ltd.		50,184		28,623
Mercuries Life Insurance Co. Ltd. *		75,879		18,151
Merida Industry Co. Ltd.		15,000		109,017
Merry Electronics Co. Ltd.		15,226		62,547
Micro-Star International Co. Ltd.		36,000		197,937
Mitac Holdings Corp.		61,637		87,645
MOSA Industrial Corp. *		8,656		6,688
Motech Industries, Inc.		17,000		14,074
Nak Sealing Technologies Corp.		3,000		10,854
Namchow Holdings Co. Ltd.		7,000		12,320
Nan Pao Resins Chemical Co. Ltd.		2,000		19,181
Nan Ya Plastics Corp.		290,000		421,532
Nan Ya Printed Circuit Board Corp.		15,000		67,543
Nantex Industry Co. Ltd.		10,000		11,881
Nanya Technology Corp. *		117,000		175,057
Nichidenbo Corp.		6,000		11,755
Nuvoton Technology Corp.		9,000		24,372
O-Bank Co. Ltd.		91,943		29,198
Ocean Plastics Co. Ltd.		9,000		10,679
Orient Semiconductor Electronics Ltd.		30,485		38,773
Oriental Union Chemical Corp.		57,000		33,862
Pan German Universal Motors Ltd.		2,000		18,359
Pan Jit International, Inc.		24,600		45,163
Pan-International Industrial Corp.		34,380		38,295
Parade Technologies Ltd.		3,000		72,141
PChome Online, Inc. *		408		389
Pegatron Corp.		187,249		609,440
Pegavision Corp.		2,000		28,376
Phihong Technology Co. Ltd. *		24,000		30,980
Phison Electronics Corp.		6,000		93,660
Pixart Imaging, Inc.		8,000		68,001
Pou Chen Corp.		169,133		193,202
Powerchip Semiconductor Manufacturing Corp. *		209,000		142,651
Powertech Technology, Inc.		49,000		212,125
President Securities Corp.		86,636		73,916
Primax Electronics Ltd.		25,000		71,572
Prince Housing & Development Corp.		77,970		26,732

	SHARES		VALUE†
Promate Electronic Co. Ltd.		8,000	$	20,400
Qisda Corp.		139,400		165,184
Quanta Storage, Inc.		13,000		42,927
Radiant Opto-Electronics Corp.		27,000		165,943
Radium Life Tech Co. Ltd.		107,962		35,309
Raydium Semiconductor Corp.		4,000		42,785
Rechi Precision Co. Ltd.		30,000		24,458
Rich Development Co. Ltd.		20,577		6,860
Ruentex Development Co. Ltd.		67,600		104,562
Ruentex Industries Ltd.		37,891		93,391
Sampo Corp.		31,600		28,308
San Fang Chemical Industry Co. Ltd.		13,000		15,795
Sanyang Motor Co. Ltd.		41,573		95,898
ScinoPharm Taiwan Ltd.		14,000		11,369
SDI Corp.		10,000		46,293
Sercomm Corp.		18,000		63,419
Sesoda Corp.		17,193		22,465
Shanghai Commercial & Savings Bank Ltd. (The)		233,618		284,950
ShenMao Technology, Inc.		10,000		22,530
Shih Wei Navigation Co. Ltd. *		17,554		10,539
Shihlin Electric & Engineering Corp.		11,000		76,817
Shin Kong Financial Holding Co. Ltd. *		771,851		293,897
Shin Zu Shing Co. Ltd.		9,064		56,710
Shinkong Insurance Co. Ltd.		22,000		65,277
Shinkong Synthetic Fibers Corp.		108,151		55,534
Sigurd Microelectronics Corp.		42,694		102,126
Simplo Technology Co. Ltd.		9,000		100,532
Sincere Navigation Corp.		27,810		26,275
Sinon Corp.		37,000		50,216
SinoPac Financial Holdings Co. Ltd.		776,213		594,795
Sinyi Realty, Inc.		11,000		10,654
Sitronix Technology Corp.		9,000		64,983
Soft-World International Corp.		4,000		16,684
Solar Applied Materials Technology Corp.		5,000		10,301
St. Shine Optical Co. Ltd.		5,000		31,125
Standard Chemical & Pharmaceutical Co. Ltd.		5,000		10,191
Standard Foods Corp.		31,000		38,644
Sunny Friend Environmental Technology Co. Ltd.		4,000		11,666
Sunonwealth Electric Machine Industry Co. Ltd.		16,000		46,716
Sunplus Technology Co. Ltd. *		12,000		12,001
Sunrex Technology Corp.		6,000		10,598
Supreme Electronics Co. Ltd.		40,000		83,295
Swancor Holding Co. Ltd.		5,000		18,169
Symtek Automation Asia Co. Ltd.		5,000		23,620
Syncmold Enterprise Corp.		5,000		16,432
Synmosa Biopharma Corp.		15,400		18,248
Synnex Technology International Corp.		87,300		199,998
Systex Corp.		9,000		36,118
T3EX Global Holdings Corp.		4,000		11,237
TA Chen Stainless Pipe		105,444		115,451
Ta Ya Electric Wire & Cable		47,250		75,698
TA-I Technology Co. Ltd.		6,000		10,030
TAI-TECH Advanced Electronics Co. Ltd.		3,000		12,276
Taichung Commercial Bank Co. Ltd.		261,949		152,303
TaiDoc Technology Corp.		7,000		34,285
Taiflex Scientific Co. Ltd.		26,923		50,959
Tainan Spinning Co. Ltd.		60,427		30,933

The accompanying notes are an integral part of these portfolio of investments.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Taiwan (Continued)
Taishin Financial Holding Co. Ltd.		782,353	$	454,878
Taiwan Business Bank		482,976		243,422
Taiwan Cogeneration Corp.		35,000		50,100
Taiwan Cooperative Financial Holding Co. Ltd.		339,897		278,177
Taiwan Fertilizer Co. Ltd.		48,000		87,972
Taiwan Fire & Marine Insurance Co. Ltd.		12,000		10,769
Taiwan FU Hsing Industrial Co. Ltd.		21,000		37,824
Taiwan Glass Industry Corp. *		81,321		48,053
Taiwan Hon Chuan Enterprise Co. Ltd.		30,925		159,284
Taiwan Mask Corp.		7,000		12,896
Taiwan Navigation Co. Ltd.		22,000		22,663
Taiwan Paiho Ltd.		12,000		27,681
Taiwan PCB Techvest Co. Ltd.		28,000		34,152
Taiwan Sakura Corp.		6,000		16,627
Taiwan Sanyo Electric Co. Ltd.		10,000		12,877
Taiwan Semiconductor Co. Ltd.		10,000		20,255
Taiwan Shin Kong Security Co. Ltd.		19,100		25,228
Taiwan Surface Mounting Technology Corp.		21,518		74,794
Taiwan Union Technology Corp.		11,000		59,264
Taiwan-Asia Semiconductor Corp.		29,000		34,043
Tatung Co. Ltd. *		115,000		178,606
TCC Group Holdings Co. Ltd.		380,971		406,896
TCI Co. Ltd.		5,000		21,645
Teco Electric & Machinery Co. Ltd.		101,000		155,746
Test Research, Inc.		11,000		49,184
Thinking Electronic Industrial Co. Ltd.		4,000		21,993
Thye Ming Industrial Co. Ltd.		8,000		17,468
Ton Yi Industrial Corp.		82,000		43,401
Tong Hsing Electronic Industries Ltd.		12,870		56,935
Tong Yang Industry Co. Ltd.		41,921		141,077
Topco Scientific Co. Ltd.		8,115		72,312
Topkey Corp.		3,000		20,618
TPK Holding Co. Ltd. *		34,000		47,380
Transcend Information, Inc.		10,000		32,547
Tripod Technology Corp.		29,000		180,067
TSRC Corp.		26,000		19,554
TTY Biopharm Co. Ltd.		17,000		39,483
Tung Ho Steel Enterprise Corp.		58,290		145,879
Tung Thih Electronic Co. Ltd.		8,000		21,942
TXC Corp.		16,000		55,109
TYC Brother Industrial Co. Ltd.		21,000		41,872
U-Ming Marine Transport Corp.		27,000		47,607
Uni-President Enterprises Corp.		89,000		245,234
Unimicron Technology Corp.		87,000		395,873
Union Bank of Taiwan		179,090		87,716
Unitech Printed Circuit Board Corp. *		52,667		57,416
United Microelectronics Corp.		499,513		849,187
United Microelectronics Corp., ADR @		56,252		473,642
United Orthopedic Corp.		7,000		20,925
United Renewable Energy Co. Ltd. *		24,000		9,556
Universal Cement Corp.		49,205		48,044
UPC Technology Corp.		50,916		19,870
UPI Semiconductor Corp.		2,000		15,673
USI Corp.		77,130		39,361
Vanguard International Semiconductor Corp.		50,000		163,525
Wafer Works Corp.		34,000		34,111
Wah Lee Industrial Corp.		21,420		86,976
Walsin Lihwa Corp.		176,211		194,884
Walsin Technology Corp.		28,000		95,556
Walton Advanced Engineering, Inc.		34,000		18,748

	SHARES		VALUE†
Wan Hai Lines Ltd.		58,000	$	179,609
Wei Chuan Foods Corp.		14,000		8,096
Weikeng Industrial Co. Ltd.		32,945		35,968
Win Semiconductors Corp. *		25,000		107,832
Winbond Electronics Corp. *		366,378		247,173
Winstek Semiconductor Co. Ltd.		3,000		10,428
Wisdom Marine Lines Co. Ltd.		27,019		65,143
Wistron Corp.		174,431		556,698
Wistron NeWeb Corp.		26,429		96,875
WPG Holdings Ltd.		154,400		365,917
WT Microelectronics Co. Ltd.		34,360		114,546
Xxentria Technology Materials Corp.		10,900		21,217
Yageo Corp.		29,950		589,602
Yang Ming Marine Transport Corp.		106,000		231,116
YC INOX Co. Ltd.		27,763		21,406
Yem Chio Co. Ltd.		22,666		13,787
YFY, Inc.		110,385		115,455
Yieh Phui Enterprise Co. Ltd.		56,254		28,175
Youngtek Electronics Corp.		12,000		26,884
Yuanta Financial Holding Co. Ltd.		739,113		740,363
Yuen Foong Yu Consumer Products Co. Ltd.		15,000		23,083
Yulon Motor Co. Ltd.		54,247		102,849
YungShin Global Holding Corp.		7,000		13,581
Zeng Hsing Industrial Co. Ltd.		2,148		7,840
Zenitron Corp.		18,000		17,774
Zero One Technology Co. Ltd.		9,000		25,311
Zhen Ding Technology Holding Ltd.		62,000		222,363
Zippy Technology Corp.		12,000		28,743
Zyxel Group Corp.		31,438		37,005
				44,048,434
Thailand — 1.8%
AP Thailand PCL		242,500		75,363
Bangchak Corp. PCL		112,900		130,698
Bangkok Bank PCL		48,500		226,843
Bangkok Bank PCL, NVDR		13,300		62,206
Bangkok Commercial Asset Management PCL		55,800		16,734
Banpu PCL		429,750		94,157
Berli Jucker PCL		64,800		49,742
BKI Holdings PCL		2,100		20,036
Charoen Pokphand Foods PCL		322,300		240,392
CP Axtra PCL <>		33,200		33,533
GFPT PCL		33,300		11,901
Indorama Ventures PCL		93,600		71,849
IRPC PCL		633,100		34,432
Kasikornbank PCL, NVDR		27,100		126,330
Kiatnakin Phatra Bank PCL		21,900		34,711
Krung Thai Bank PCL		204,575		130,969
Precious Shipping PCL		41,900		12,370
PTT Exploration & Production PCL		90,700		369,255
PTT Global Chemical PCL		143,128		133,442
PTT PCL		883,900		933,963
Quality Houses PCL		368,100		20,248
Regional Container Lines PCL		17,100		14,349
Sansiri PCL		1,106,700		65,692
SCB X PCL		40,400		136,853
Siam Cement PCL (The)		28,600		214,206
Sino-Thai Engineering & Construction PCL		70,300		21,083
Somboon Advance Technology PCL		20,300		8,201
Sri Trang Agro-Industry PCL		57,200		44,441
Sri Trang Gloves Thailand PCL		50,900		19,457
Star Petroleum Refining PCL		80,000		17,528
Supalai PCL		139,400		89,244

The accompanying notes are an integral part of these portfolio of investments.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Thailand (Continued)
Thai Oil PCL		78,877	$	125,630
Thai Stanley Electric PCL, NVDR		3,100		21,291
Thai Union Group PCL		90,000		40,836
Thanachart Capital PCL		17,800		27,936
Thoresen Thai Agencies PCL		102,200		20,168
TMBThanachart Bank PCL		1,082,672		66,284
TPI Polene PCL		676,600		25,022
TPI Polene Power PCL		179,000		17,134
WHA Corp. PCL		253,200		42,885
				3,847,414
Turkey — 0.8%
Alarko Holding AS		8,981		24,791
Albaraka Turk Katilim Bankasi AS *		137,184		24,791
Aygaz AS		3,340		14,748
Bera Holding AS *		42,557		18,592
Bursa Cimento Fabrikasi AS		56,997		11,984
Dogan Sirketler Grubu Holding AS		84,330		37,285
Dogus Otomotiv Servis ve Ticaret AS		5,901		37,773
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		5,133		7,181
Enka Insaat ve Sanayi AS		66,291		87,813
Eregli Demir ve Celik Fabrikalari TAS		61,749		96,603
Gozde Girisim Sermayesi Yatirim Ortakligi AS *		21,608		19,133
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D		72,396		56,947
KOC Holding AS		57,667		317,360
Kordsa Teknik Tekstil AS *		3,554		8,018
NET Holding AS *		16,043		19,760
Petkim Petrokimya Holding AS *		45,389		30,076
Sekerbank Turk AS		183,608		23,355
Sok Marketler Ticaret AS		9,602		13,545
Tekfen Holding AS *		16,364		24,883
Turk Hava Yollari AO *		44,707		372,586
Turk Telekomunikasyon AS *		26,876		39,138
Turkcell Iletisim Hizmetleri AS		50,598		140,856
Turkiye Is Bankasi AS		—		—
Turkiye Petrol Rafinerileri AS		43,958		199,496
Turkiye Sinai Kalkinma Bankasi AS *		82,882		28,453
Turkiye Sise ve Cam Fabrikalari AS		63,955		80,604
Turkiye Vakiflar Bankasi TAO, Class D *		49,462		33,093
Vestel Elektronik Sanayi ve Ticaret AS *		6,125		11,543
Zorlu Enerji Elektrik Uretim AS *		148,541		18,374
				1,798,781
United Arab Emirates — 1.3%
Abu Dhabi Commercial Bank PJSC		238,788		547,391
Abu Dhabi National Hotels		397,983		64,903
Abu Dhabi Ports Co. PJSC *		45,602		63,442
AL Seer Marine Supplies & Equipment Co. LLC *		19,486		21,114
Dana Gas PJSC *		597,125		104,044
Deyaar Development PJSC		130,763		24,351
Dubai Investments PJSC		209,661		119,299
Emaar Properties PJSC		585,871		1,390,886
Emirates NBD Bank PJSC		64,587		356,956
EMSTEEL Building Materials PJSC *		173,164		60,345
Multiply Group PJSC *		215,570		138,508
RAK Properties PJSC		118,699		38,456

	SHARES		VALUE†
Ras Al Khaimah Ceramics		45,645	$	29,825
				2,959,520
United States — 0.0%
GCC SAB de CV		12,593		94,304
TOTAL COMMON STOCKS
(Identified Cost $173,761,490)				216,843,653
PREFERRED STOCKS — 1.3%
Brazil — 1.3%
Banco ABC Brasil SA, 6.979%		12,087		48,346
Banco Bradesco SA, 8.923%		100,741		271,838
Banco do Estado do Rio Grande do Sul SA, 4.753%		14,808		31,450
Eucatex SA Industria e Comercio, 5.947%		3,800		10,868
Marcopolo SA, 6.960%		1		1
Petroleo Brasileiro SA, 13.568%		353,327		2,335,537
Raizen SA, 5.790%		87,020		49,518
Randon SA Implementos e Participacoes, 4.765%		9,200		18,205
				2,765,763

Colombia — 0.0%
Grupo de Inversiones Suramericana SA, 6.303%		4,895		24,743

Philippines — 0.0%
Cebu Air, Inc., 6.000% *		12,909		9,099
TOTAL PREFERRED STOCKS
(Identified Cost $1,693,036)				2,799,605
RIGHTS AND WARRANTS — 0.0%
Brazil — 0.0%
Diagnosticos da America SA *		3,131		12
Grupo Casas Bahia SA 9/19/24 *		36,212		66
TOTAL RIGHTS AND WARRANTS (Identified Cost $0)				78
SHORT-TERM INVESTMENTS — 1.3%
Investment Company — 0.1%
State Street Institutional U.S. Government Money Market Fund 4.690%		152,429		152,429

Collateral For Securities On Loan — 1.2%
State Street Navigator Securities Lending Government Money Market Portfolio 5.020%		2,670,090		2,670,090
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,822,519)				2,822,519
Total Investments — 102.3%
(Identified Cost $178,277,045)				222,465,855
Liabilities in excess of Cash and Other Assets — (2.3%)				(5,105,383	)
Net Assets — 100.0%			$	217,360,472

	†	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 September 30, 2024 amounted to $4,691,103 or 2.16% of the net assets of the Fund.
	@	A portion or all of the security was held on loan. As of September 30, 2024, the fair value of the securities on loan was $5,907,156.

The accompanying notes are an integral part of these portfolio of investments.

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	<>	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 portfolio of investments.

SA Real Estate Securities Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited)

	SHARES		VALUE†
COMMON STOCKS — 99.5%
Diversified REITs — 2.1%
Alexander & Baldwin, Inc.		6,370	$	122,304
Alpine Income Property Trust, Inc.		1,013		18,437
American Assets Trust, Inc.		5,232		139,799
Broadstone Net Lease, Inc.		17,587		333,274
CTO Realty Growth, Inc. @		2,292		43,594
Empire State Realty Trust, Inc., Class A		11,500		127,420
Essential Properties Realty Trust, Inc.		16,991		580,243
Gladstone Commercial Corp.		3,518		57,132
Global Net Lease, Inc.		20,205		170,126
Modiv Industrial, Inc.		764		12,835
One Liberty Properties, Inc.		1,619		44,587
WP Carey, Inc.		21,798		1,358,015
				3,007,766
Health Care REITs — 11.6%
Alexandria Real Estate Equities, Inc.		15,724		1,867,225
CareTrust REIT, Inc.		14,138		436,299
Community Healthcare Trust, Inc.		2,728		49,513
Diversified Healthcare Trust		9,600		40,224
Global Medical REIT, Inc.		5,127		50,808
Healthcare Realty Trust, Inc.		35,442		643,272
Healthpeak Properties, Inc.		68,927		1,576,360
LTC Properties, Inc.		3,972		145,733
Medical Properties Trust, Inc.		62,421		365,163
National Health Investors, Inc. @		4,395		369,444
Omega Healthcare Investors, Inc.		24,829		1,010,540
Sabra Health Care REIT, Inc.		23,529		437,875
Universal Health Realty Income Trust		1,361		62,266
Ventas, Inc.		41,160		2,639,591
Welltower, Inc.		52,067		6,666,138
				16,360,451
Hotel & Resort REITs — 2.5%
Apple Hospitality REIT, Inc.		22,630		336,056
Braemar Hotels & Resorts, Inc.		5,308		16,402
Chatham Lodging Trust		5,496		46,826
DiamondRock Hospitality Co.		21,351		186,394
Host Hotels & Resorts, Inc.		70,425		1,239,480
Park Hotels & Resorts, Inc.		21,492		303,037
Pebblebrook Hotel Trust		13,051		172,665
RLJ Lodging Trust		16,642		152,774
Ryman Hospitality Properties, Inc.		5,706		611,911
Service Properties Trust		17,100		77,976
Summit Hotel Properties, Inc.		10,209		70,034
Sunstone Hotel Investors, Inc.		19,666		202,953
Xenia Hotels & Resorts, Inc.		11,059		163,341
				3,579,849
Industrial REITs — 12.2%
Americold Realty Trust, Inc.		26,726		755,544
EastGroup Properties, Inc.		4,655		869,647
First Industrial Realty Trust, Inc.		12,644		707,811
Industrial Logistics Properties Trust		8,384		39,908
Innovative Industrial Properties, Inc.		2,731		367,593
LXP Industrial Trust		29,510		296,576
Plymouth Industrial REIT, Inc.		4,195		94,807
Prologis, Inc.		91,516		11,556,640
Rexford Industrial Realty, Inc.		21,345		1,073,867
STAG Industrial, Inc.		18,420		720,038
Terreno Realty Corp.		9,469		632,813
				17,115,244
Office REITs — 3.6%
Brandywine Realty Trust		17,779		96,718
BXP, Inc.		14,627		1,176,888
City Office REIT, Inc.		5,176		30,228

	SHARES		VALUE†
COPT Defense Properties		11,500	$	348,795
Cousins Properties, Inc.		14,844		437,601
Creative Media & Community Trust Corp.		4,743		2,331
Douglas Emmett, Inc.		16,852		296,090
Easterly Government Properties, Inc.		9,677		131,414
Equity Commonwealth *		8,296		165,090
Highwoods Properties, Inc.		10,772		360,970
Hudson Pacific Properties, Inc.		12,646		60,448
JBG SMITH Properties		9,420		164,661
Kilroy Realty Corp.		10,233		396,017
NET Lease Office Properties		1,572		48,135
Office Properties Income Trust		3,570		7,783
Orion Office REIT, Inc.		6,753		27,012
Paramount Group, Inc.		17,848		87,812
Peakstone Realty Trust @		1,614		21,999
Piedmont Office Realty Trust, Inc., Class A		10,998		111,080
Postal Realty Trust, Inc., Class A		1,457		21,330
SL Green Realty Corp.		6,499		452,395
Vornado Realty Trust		15,282		602,111
				5,046,908
Residential REITs — 14.1%
American Homes 4 Rent, Class A		33,305		1,278,579
Apartment Investment & Management Co., Class A *		13,399		121,127
AvalonBay Communities, Inc.		14,259		3,211,840
Bluerock Homes Trust, Inc.		412		6,159
BRT Apartments Corp.		400		7,032
Camden Property Trust		10,631		1,313,248
Centerspace		1,534		108,101
Clipper Realty, Inc.		1,167		6,652
Elme Communities		9,245		162,620
Equity LifeStyle Properties, Inc.		16,926		1,207,501
Equity Residential		34,390		2,560,680
Essex Property Trust, Inc.		6,439		1,902,209
Independence Realty Trust, Inc.		21,679		444,420
Invitation Homes, Inc.		61,577		2,171,205
Mid-America Apartment Communities, Inc.		11,688		1,857,223
NexPoint Residential Trust, Inc.		2,313		101,795
Sun Communities, Inc.		11,909		1,609,501
UDR, Inc.		30,795		1,396,245
UMH Properties, Inc.		7,290		143,394
Veris Residential, Inc.		8,319		148,577
				19,758,108
Retail REITs — 14.8%
Acadia Realty Trust		9,876		231,889
Agree Realty Corp.		9,877		744,034
Alexander's, Inc.		303		73,435
Brixmor Property Group, Inc.		30,770		857,252
CBL & Associates Properties, Inc.		1,387		34,952
Federal Realty Investment Trust		7,572		870,553
Getty Realty Corp.		4,639		147,567
InvenTrust Properties Corp.		6,885		195,327
Kimco Realty Corp.		67,586		1,569,347
Kite Realty Group Trust		22,305		592,421
Macerich Co. (The)		21,929		399,985
NETSTREIT Corp. @		6,691		110,602
NNN REIT, Inc.		18,414		892,895
Phillips Edison & Co., Inc.		12,315		464,399
Realty Income Corp.		86,997		5,517,350
Regency Centers Corp.		17,440		1,259,691
Retail Opportunity Investments Corp.		13,055		205,355
Saul Centers, Inc.		1,365		57,275
Simon Property Group, Inc.		32,688		5,524,926
SITE Centers Corp.		4,794		290,037
Tanger, Inc.		10,913		362,093

The accompanying notes are an integral part of these portfolio of investments.

SA Real Estate Securities Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Retail REITs (Continued)
Urban Edge Properties		12,150	$	259,889
Whitestone REIT		4,776		64,619
				20,725,893
Specialized REITs — 38.6%
American Tower Corp.		47,071		10,946,832
Crown Castle, Inc.		43,814		5,197,655
CubeSmart		21,511		1,157,937
Digital Realty Trust, Inc.		32,826		5,312,232
EPR Properties		7,659		375,597
Equinix, Inc.		9,483		8,417,395
Esc War Ind *§		9,141		—
Extra Space Storage, Inc.		20,646		3,720,203
Four Corners Property Trust, Inc.		9,280		271,997
Gaming & Leisure Properties, Inc.		27,527		1,416,264
Global Self Storage, Inc.		997		5,194
Iron Mountain, Inc.		29,410		3,494,790
Lamar Advertising Co., Class A		8,889		1,187,571
National Storage Affiliates Trust		7,272		350,510
Outfront Media, Inc.		13,992		257,173
Public Storage		15,764		5,736,047
SBA Communications Corp.		11,136		2,680,435
Uniti Group, Inc.		20,375		114,915
VICI Properties, Inc.		107,488		3,580,425
				54,223,172
TOTAL COMMON STOCKS (Identified Cost $70,589,466)				139,817,391
SHORT-TERM INVESTMENTS — 0.7%
Investment Company — 0.4%
State Street Institutional U.S. Government Money Market Fund 4.690%		528,672		528,672
Collateral For Securities On Loan — 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio 5.020%		485,916		485,916
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,014,588)				1,014,588
Total Investments — 100.2% (Identified Cost $71,604,054)				140,831,979
Liabilities in excess of Cash and Other Assets — (0.2%)				(329,601	)
Net Assets — 100.0%			$	140,502,378

	†	See Note 1
	@	A portion or all of the security was held on loan. As of September 30, 2024, the fair value of the securities on loan was $515,425.
	*	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 portfolio of investments.

SA Worldwide Moderate Growth Fund
PORTFOLIO OF INVESTMENTS — AS OF September 30, 2024 (Unaudited)

	SHARES		VALUE†
MUTUAL FUNDS — 100.0%
Others — 100.0%
SA Emerging Markets Value Fund €		134,830	$	1,538,410
SA Global Fixed Income Fund €		378,713		3,355,392
SA International Value Fund €		319,847		4,516,236
SA Real Estate Securities Fund €		53,088		669,970
SA U.S. Core Market Fund €		105,657		3,775,125
SA U.S. Fixed Income Fund €		348,157		3,356,234
SA U.S. Small Company Fund €		51,264		1,517,423
SA U.S. Value Fund €		166,260		3,807,357
				22,536,147
TOTAL MUTUAL FUNDS (Identified Cost $18,688,551)				22,536,147
Total Investments — 100.0% (Identified Cost $18,688,551)				22,536,147
Cash and Other Assets, Less Liabilities — 0.0%				7,610
Net Assets — 100.0%			$	22,543,757

	†	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 portfolio of investments.

SA FUNDS
NOTES TO FINANCIAL STATEMENTS – September 30, 2024 (Unaudited) (Continued)

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 Buckingham Strategic Partners, LLC (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 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 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.

SA FUNDS
NOTES TO FINANCIAL STATEMENTS – September 30, 2024 (Unaudited) (Continued)

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).

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

	Investments in Securities
Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value as of September 30, 2024
SA U.S. Fixed Income Fund
Assets
Yankee Corporate Bonds And Notes	$	—	$	67,519,101		$	—		$	67,519,101
Corporate Bonds and Notes		—		138,911,605			—			138,911,605
U.S. Government and Agency Obligations		—		265,355,433			—			265,355,433
Short-Term Investments		2,437,702		—			—			2,437,702
Total Investments	$	2,437,702	$	471,786,139		$	—		$	474,223,841
SA Global Fixed Income Fund
Assets
Bonds and Notes	$	—	$	580,409,570		$	—		$	580,409,570
Short-Term Investments		16,669,399		—			—			16,669,399
Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—		264,481			—			264,481
Total Investments	$	16,669,399	$	580,674,051		$	—		$	597,343,450
Liabilities
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(1,770,703	)	$	—		$	(1,770,703	)
SA U.S. Core Market Fund
Assets
Common Stocks	$	674,751,801	$	—		$	0	†	$	674,751,801
Mutual Funds		28,992,571		—			—			28,992,571
Short-Term Investments		947,944		—			—			947,944
Total Investments	$	704,692,316	$	—		$	0		$	704,692,316

SA FUNDS
NOTES TO FINANCIAL STATEMENTS – September 30, 2024 (Unaudited) (Continued)

	Investments in Securities
Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total Fair Value as of September 30, 2024
SA U.S. Value Fund
Assets
Common Stocks	$	568,564,928		$	—	$	—		$	568,564,928
Short-Term Investments		697,188			—		—			697,188
Total Investments	$	569,262,116		$	—	$	—		$	569,262,116
SA U.S. Small Company Fund
Assets
Common Stocks	$	326,398,241		$	—	$	38,879	†	$	326,437,120
Preferred Stocks		29,253			—		—			29,253
Rights and Warrants		448			—		—			448
Short-Term Investments		1,926,562			—		—			1,926,562
Total Investments	$	328,354,504		$	—	$	38,879		$	328,393,383
SA International Value Fund
Assets
Common Stocks	$	554,082,336	†	$	880,507	$	—		$	554,962,843
Preferred Stocks		4,258,232			—		—			4,258,232
Short-Term Investments		72,436,857			—		—			72,436,857
Total Investments	$	630,777,425		$	880,507	$	—		$	631,657,932
SA International Small Company Fund
Assets
Mutual Funds	$	266,722,905		$	—	$	—		$	266,722,905
Total Investments	$	266,722,905		$	—	$	—		$	266,722,905
SA Emerging Markets Value Fund
Assets
Common Stocks	$	216,759,303		$	74,568	$	9,782	†	$	216,843,653
Preferred Stocks		2,799,605			—		—			2,799,605
Rights and Warrants		78			—		—			78
Short-Term Investments		2,822,519			—		—			2,822,519
Total Investments	$	222,381,505		$	74,568	$	9,782		$	222,465,855
SA Real Estate Securities Fund
Assets
Common Stocks	$	139,817,391		$	—	$	0	†	$	139,817,391
Short-Term Investments		1,014,588			—		—			1,014,588
Total Investments	$	140,831,979		$	—	$	0		$	140,831,979

SA FUNDS
NOTES TO FINANCIAL STATEMENTS – September 30, 2024 (Unaudited) (Continued)

	Investments in Securities
Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value as of September 30, 2024
SA Worldwide Moderate Growth Fund
Assets
Mutual Funds	$	22,536,147	$	—	$	—	$	22,536,147
Total Investments	$	22,536,147	$	—	$	—	$	22,536,147

† 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.

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 September 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 Securities		Value of Cash Collateral		Value of Non- Cash Collateral*		Total Collateral
SA Global Fixed Income Fund	$	19,642,639	$	2,055,000	$	18,072,329	$	20,127,329
SA U.S Core Market Fund		1,590,906		4,703		1,623,226		1,627,929
SA U.S. Value Fund		3,188,692		5,804		3,257,410		3,263,214
SA U.S. Small Company Fund		12,057,101		1,662,230		10,690,288		12,352,518

SA FUNDS
NOTES TO FINANCIAL STATEMENTS – September 30, 2024 (Unaudited) (Continued)

	Value of Securities		Value of Cash Collateral		Value of Non- Cash Collateral*		Total Collateral
SA International Value Fund		118,465,013		71,761,508		53,272,268		125,033,776
SA Emerging Markets Value Fund		5,907,156		2,670,090		3,533,384		6,203,474
SA Real Estate Securities Fund		515,425		485,916		36,862		522,778

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

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 September 30, 2024
Securities Lending Transaction ⁽¹⁾	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
SA Global Fixed Income Fund
Government Money Market	$	2,055,000	$	—	$	—	$	—	$	2,055,000
Total Borrowings	$	2,055,000	$	—	$	—	$	—	$	2,055,000
Gross amount of recognized liabilities for securities lending transactions									$	2,055,000
SA U.S. Core Market Fund
Government Money Market	$	4,703	$	—	$	—	$	—	$	4,703
Total Borrowings	$	4,703	$	—	$	—	$	—	$	4,703
Gross amount of recognized liabilities for securities lending transactions									$	4,703
SA U.S. Value Fund
Government Money Market	$	5,804	$	—	$	—	$	—	$	5,804
Total Borrowings	$	5,804	$	—	$	—	$	—	$	5,804
Gross amount of recognized liabilities for securities lending transactions									$	5,804
SA U.S. Small Company Fund
Government Money Market	$	1,662,230	$	—	$	—	$	—	$	1,662,230
Total Borrowings	$	1,662,230	$	—	$	—	$	—	$	1,662,230
Gross amount of recognized liabilities for securities lending transactions									$	1,662,230
SA International Value Fund
Government Money Market	$	71,761,509	$	—	$	—	$	—	$	71,761,509
Total Borrowings	$	71,761,509	$	—	$	—	$	—	$	71,761,509
Gross amount of recognized liabilities for securities lending transactions									$	71,761,509
SA Emerging Markets Value Fund
Government Money Market	$	2,670,090	$	—	$	—	$	—	$	2,670,090
Total Borrowings	$	2,670,090	$	—	$	—	$	—	$	2,670,090
Gross amount of recognized liabilities for securities lending transactions									$	2,670,090

SA FUNDS
NOTES TO FINANCIAL STATEMENTS – September 30, 2024 (Unaudited) (Continued)

	Remaining Contractual Maturity of the Agreements As of September 30, 2024
Securities Lending Transaction ⁽¹⁾	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
SA Real Estate Securities Fund
Government Money Market	$	485,916	$	—	$	—	$	—	$	485,916
Total Borrowings	$	485,916	$	—	$	—	$	—	$	485,916
Gross amount of recognized liabilities for securities lending transactions									$	485,916

⁽¹⁾

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

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

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.

SA FUNDS
NOTES TO FINANCIAL STATEMENTS – September 30, 2024 (Unaudited) (Continued)

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.

Federal Income Tax — At September 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	$	470,018,027	$	4,446,098	$	(240,284	)	$	4,205,814
SA Global Fixed Income Fund		590,356,045		7,591,603		(2,374,901	)		5,216,702
SA U.S. Core Market Fund		124,167,341		581,567,900		(1,042,925	)		580,524,975
SA U.S. Value Fund		308,055,221		270,986,542		(9,779,647	)		261,206,895
SA U.S. Small Company Fund		158,971,419		178,914,899		(9,492,935	)		169,421,964
SA International Value Fund		497,151,303		158,627,276		(24,120,647	)		134,506,629
SA International Small Company Fund		128,251,417		138,471,488		—			138,471,488
SA Emerging Markets Value Fund		178,277,045		65,831,891		(21,643,081	)		44,188,810
SA Real Estate Securities Fund		71,604,054		71,993,164		(2,765,239	)		69,227,925
SA Worldwide Moderate Growth		18,688,551		3,847,596		—			3,847,596

Sa Funds Investment Trust NPORT-PSA Real Estate Securities Fund (Sep 2024 report)