(null)


  
    NPORT-P
    false
    
      
      
        
          0001075065
          XXXXXXXX
        
      
      
      
      
        S000015875
        C000043580
        C000179976
      
      
      
    
  
  
    
      SA FUNDS INVESTMENT TRUST
      811-09195
      0001075065
      549300JT43J3I1034E48
      10 Almaden Blvd
      15th Floor
      San Jose
      
      95113
      8443660905
      SA U.S. Fixed Income Fund
      S000015875
      549300OKQJ6SSMZM0E72
      2022-06-30
      2022-03-31
      N
    
    
      484239548.990000000000
      769272.990000000000
      483470276.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      
        
          USD
          
          
        
      
      
      
      N
      
        
          
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Aercap Ireland Capital DAC
        549300TI38531ODB1G63
        AER 2.875 08/14/24
        00774MAM7
        
          
          
          
        
        3000000.0000000000
        PA
        USD
        2921931.3300000000
        0.6043662817
        Long
        DBT
        CORP
        IE
        
        N
        
        2
        
          2024-08-14
          Fixed
          2.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Aircastle Limited
        549300PNK8AKY3OIKP58
        AYR 4.125 05/01/24
        00928QAQ4
        
          
          
          
        
        1990000.0000000000
        PA
        USD
        1989638.8200000000
        0.4115328116
        Long
        DBT
        CORP
        BM
        
        N
        
        2
        
          2024-05-01
          Fixed
          4.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ally Financial Inc.
        549300JBN1OSM8YNAI90
        ALLY 3.875 05/21/24
        02005NBH2
        
          
          
          
        
        2483000.0000000000
        PA
        USD
        2515243.1000000000
        0.5202477225
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-05-21
          Fixed
          3.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Anthem Inc
        8MYN82XMYQH89CTMTH67
        ANTM 2.375 01/15/25
        036752AJ2
        
          
          
          
        
        500000.0000000000
        PA
        USD
        493870.8500000000
        0.1021512334
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-01-15
          Fixed
          2.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ares Capital Corporation
        WEQ82666OJYSI5GUAB47
        ARCC 4.2 06/10/24
        04010LAX1
        
          
          
          
        
        2500000.0000000000
        PA
        USD
        2521884.3300000000
        0.5216213809
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-06-10
          Fixed
          4.200000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Truist Financial Corporation
        549300DRQQI75D2JP341
        TFC 2.85 10/26/24 MTN
        05531FBB8
        
          
          
          
        
        3500000.0000000000
        PA
        USD
        3502809.1700000000
        0.7245138624
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-10-26
          Fixed
          2.850000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bank of Montreal
        NQQ6HPCNCCU6TUTQYE16
        BMO 0.625 07/09/24 MTN
        06367TQW3
        
          
          
          
        
        2000000.0000000000
        PA
        USD
        1903761.5200000000
        0.3937701270
        Long
        DBT
        CORP
        CA
        N
        
        2
        
          2024-07-09
          Fixed
          0.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bayer US Finance LLC
        54930093Q75GSEM74I71
        BAYNGR 3.375 10/08/24 144A
        07274EAG8
        
          
          
          
        
        3000000.0000000000
        PA
        USD
        3000418.4100000000
        0.6206003883
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2024-10-08
          Fixed
          3.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cigna Corporation
        549300VIWYMSIGT1U456
        CI 3.5 06/15/24 *
        125523BX7
        
          
          
          
        
        1000000.0000000000
        PA
        USD
        1012760.5900000000
        0.2094773227
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-06-15
          Fixed
          3.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Canadian Imperial Bank of Commerce
        2IGI19DL77OX0HC3ZE78
        CM 3.1 04/02/24
        13607GAP9
        
          
          
          
        
        4500000.0000000000
        PA
        USD
        4524477.2600000000
        0.9358335940
        Long
        DBT
        CORP
        CA
        N
        
        2
        
          2024-04-02
          Fixed
          3.100000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cardinal Health, Inc.
        CCU46N3GJMF4OK4N7U60
        CAH 3.079 06/15/24
        14149YBH0
        
          
          
          
        
        3165000.0000000000
        PA
        USD
        3171048.4100000000
        0.6558931474
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-06-15
          Fixed
          3.079000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Citigroup Inc.
        6SHGI4ZSSLCXXQSBB395
        C 3.75 06/16/24
        172967HT1
        
          
          
          
        
        3000000.0000000000
        PA
        USD
        3056312.0400000000
        0.6321613120
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-06-16
          Fixed
          3.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cooperatieve Rabobank U.A. New York Branch
        N/A
        RABOBK 1.375 01/10/25
        21688AAS1
        
          
          
          
        
        7762000.0000000000
        PA
        USD
        7439072.5500000000
        1.5386825042
        Long
        DBT
        CORP
        NL
        N
        
        2
        
          2025-01-10
          Fixed
          1.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Daimler Finance North America LLC
        549300423Z16BB673J12
        MBGGR 2.7 06/14/24 144A
        233851DX9
        
          
          
          
        
        2000000.0000000000
        PA
        USD
        1987591.1400000000
        0.4111092737
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2024-06-14
          Fixed
          2.700000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Edison International
        549300I7ROF15MAEVP56
        EIX 3.55 11/15/24
        281020AQ0
        
          
          
          
        
        3000000.0000000000
        PA
        USD
        3014749.3800000000
        0.6235645767
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-11-15
          Fixed
          3.550000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        European Investment Bank
        5493006YXS1U5GIHE750
        EIB 0.375 07/24/24
        298785JM9
        
          
          
        
        10000000.0000000000
        PA
        USD
        9551642.3000000000
        1.9756420972
        Long
        DBT
        NUSS
        XX
        N
        
        2
        
          2024-07-24
          Fixed
          0.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Gilead Sciences, Inc.
        549300WTZWR07K8MNV44
        GILD 3.7 04/01/24
        375558AW3
        
          
          
          
        
        1001000.0000000000
        PA
        USD
        1019095.8200000000
        0.2107876886
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-04-01
          Fixed
          3.700000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Goldman Sachs Group, Inc.
        784F5XWPLTWKTBV3E584
        GS 3.85 07/08/24 MTN
        38141EC23
        
          
          
          
        
        2000000.0000000000
        PA
        USD
        2039047.5400000000
        0.4217524099
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-07-08
          Fixed
          3.850000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Goldman Sachs Group, Inc.
        784F5XWPLTWKTBV3E584
        GS 3.5 01/23/25
        38148LAC0
        
          
          
          
        
        668000.0000000000
        PA
        USD
        674652.8300000000
        0.1395438072
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-01-23
          Fixed
          3.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Laboratory Corp of America Holdings
        OZ7UA8IXAIFILY2VZH07
        LH 3.6 02/01/25
        50540RAQ5
        
          
          
          
        
        2000000.0000000000
        PA
        USD
        2023716.3200000000
        0.4185813318
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-02-01
          Fixed
          3.600000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Marathon Petroleum Company
        3BNYRYQHD39K4LCKQF12
        MPC 3.625 09/15/24
        56585AAG7
        
          
          
          
        
        3000000.0000000000
        PA
        USD
        3026759.4300000000
        0.6260487108
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-09-15
          Fixed
          3.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Marriott International, Inc.
        225YDZ14ZO8E1TXUSU86
        MAR 3.6 04/15/24
        571900BB4
        
          
          
          
        
        2750000.0000000000
        PA
        USD
        2782091.4300000000
        0.5754420836
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-04-15
          Fixed
          3.600000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mitsubishi UFJ Financial Group, Inc.
        353800V2V8PUY9TK3E06
        MUFG 3.407 03/07/24
        606822BD5
        
          
          
          
        
        3946000.0000000000
        PA
        USD
        3991623.9700000000
        0.8256193127
        Long
        DBT
        CORP
        JP
        N
        
        2
        
          2024-03-07
          Fixed
          3.407000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Morgan Stanley
        IGJSJL3JD5P30I6NJZ34
        MS 3.875 04/29/24 F
        61746BDQ6
        
          
          
          
        
        4800000.0000000000
        PA
        USD
        4901615.6200000000
        1.0138401187
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-04-29
          Fixed
          3.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NTT Finance Corp
        3538007PR116187GD960
        NTT 0.583 03/01/24 144A
        62954WAB1
        
          
          
        
        3500000.0000000000
        PA
        USD
        3359702.5700000000
        0.6949139868
        Long
        DBT
        CORP
        JP
        Y
        
        2
        
          2024-03-01
          Fixed
          0.583000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        National Australia Bank Limited
        F8SB4JFBSYQFRQEH3Z21
        NAB 1.388 01/12/25 144A
        6325C0DZ1
        
          
          
          
        
        11000000.0000000000
        PA
        USD
        10550917.8500000000
        2.1823302018
        Long
        DBT
        CORP
        AU
        Y
        
        2
        
          2025-01-12
          Fixed
          1.388000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Natwest Markets PLC
        RR3QWICWWIPCS8A4S074
        NWG 0.8 08/12/24 144A
        63906YAB4
        
          
          
        
        4250000.0000000000
        PA
        USD
        4007737.3400000000
        0.8289521691
        Long
        DBT
        CORP
        GB
        Y
        
        2
        
          2024-08-12
          Fixed
          0.800000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nordic Investment Bank
        213800HYL1S7VAXG6Z48
        NIB 0.375 09/20/24
        65562QBS3
        
          
          
          
        
        2250000.0000000000
        PA
        USD
        2139334.6300000000
        0.4424955858
        Long
        DBT
        NUSS
        XX
        N
        
        2
        
          2024-09-20
          Fixed
          0.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Omnicom Group Inc
        HKUPACFHSSASQK8HLS17
        OMC 3.65 11/01/24
        681919BA3
        
          
          
          
        
        1004000.0000000000
        PA
        USD
        1017048.1200000000
        0.2103641466
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-11-01
          Fixed
          3.650000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Penske Truck Leasing Co., L.P.
        549300ZX07JYMI8GHQ39
        PENSKE 3.45 07/01/24 144A
        709599BF0
        
          
          
          
        
        1750000.0000000000
        PA
        USD
        1756352.5500000000
        0.3632803581
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2024-07-01
          Fixed
          3.450000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cooperatieve Rabobank U.A.
        DG3RU1DBUFHT4ZF9WN62
        RABOBK 2.625 07/22/24 144A
        74977RDF8
        
          
          
          
        
        2000000.0000000000
        PA
        USD
        1986630.0200000000
        0.4109104776
        Long
        DBT
        CORP
        NL
        Y
        
        2
        
          2024-07-22
          Fixed
          2.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Raytheon Technologies Corporation
        I07WOS4YJ0N7YRFE7309
        RTX 3.2 03/15/24
        75513ECG4
        
          
          
          
        
        2695000.0000000000
        PA
        USD
        2727758.1000000000
        0.5642038891
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-03-15
          Fixed
          3.200000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Schlumberger Holdings Corporation
        529900IKZG65COT1D505
        SLB 3.75 05/01/24 144A
        806851AJ0
        
          
          
          
        
        1000000.0000000000
        PA
        USD
        1020470.8300000000
        0.2110720929
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2024-05-01
          Fixed
          3.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Skandinaviska Enskilda Banken AB (publ)
        F3JS33DEI6XQ4ZBPTN86
        SEB 0.65 09/09/24 144A
        83051GAS7
        
          
          
          
        
        1000000.0000000000
        PA
        USD
        945804.7400000000
        0.1956283120
        Long
        DBT
        CORP
        SE
        Y
        
        2
        
          2024-09-09
          Fixed
          0.650000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Societe Generale S.A.
        O2RNE8IBXP4R0TD8PU41
        SOCGEN 2.625 10/16/24 144A
        83368RAU6
        
          
          
          
        
        750000.0000000000
        PA
        USD
        730622.3600000000
        0.1511204300
        Long
        DBT
        CORP
        FR
        Y
        
        2
        
          2024-10-16
          Fixed
          2.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sumitomo Mitsui Banking Corporation
        5U0XI89JRFVHWIBS4F54
        SUMIBK 3.4 07/11/24 GMTN
        865622BN3
        
          
          
          
        
        1000000.0000000000
        PA
        USD
        1011332.9700000000
        0.2091820367
        Long
        DBT
        CORP
        JP
        N
        
        2
        
          2024-07-11
          Fixed
          3.400000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sumitomo Mitsui Financial Group Inc
        35380028MYWPB6AUO129
        SUMIBK 2.696 07/16/24
        86562MBM1
        
          
          
          
        
        1966000.0000000000
        PA
        USD
        1950076.4400000000
        0.4033498101
        Long
        DBT
        CORP
        JP
        N
        
        2
        
          2024-07-16
          Fixed
          2.696000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sumitomo Mitsui Trust Bank, Limited
        5493006GGLR4BTEL8O61
        SUMITR 0.85 03/25/24 144A
        86563VAU3
        
          
          
        
        5000000.0000000000
        PA
        USD
        4797983.7500000000
        0.9924051153
        Long
        DBT
        CORP
        JP
        Y
        
        2
        
          2024-03-25
          Fixed
          0.850000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Swedish Export Credit Corporation
        1FOLRR5RWTWWI397R131
        SEK 0.625 10/07/24
        87031CAC7
        
          
          
        
        3000000.0000000000
        PA
        USD
        2863025.4900000000
        0.5921823186
        Long
        DBT
        NUSS
        SE
        N
        
        2
        
          2024-10-07
          Fixed
          0.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TIAA Asset Management Finance Company, LLC
        N/A
        TIAAGL 4.125 11/01/24 144A
        87246YAC0
        
          
          
          
        
        4000000.0000000000
        PA
        USD
        4081481.4000000000
        0.8442052392
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2024-11-01
          Fixed
          4.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        T 1.25 08/31/24
        912828YE4
        
          
          
          
        
        5000000.0000000000
        PA
        USD
        4863085.9500000000
        1.0058707208
        Long
        DBT
        UST
        US
        N
        
        2
        
          2024-08-31
          Fixed
          1.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        T 1.5 09/30/24
        912828YH7
        
          
          
          
        
        25000000.0000000000
        PA
        USD
        24436523.5000000000
        5.0544003868
        Long
        DBT
        UST
        US
        N
        
        2
        
          2024-09-30
          Fixed
          1.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        T 1.5 11/30/24
        912828YV6
        
          
          
          
        
        49000000.0000000000
        PA
        USD
        47787441.5900000000
        9.8842563777
        Long
        DBT
        UST
        US
        N
        
        2
        
          2024-11-30
          Fixed
          1.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        T 0.375 08/15/24
        91282CCT6
        
          
          
          
        
        43700000.0000000000
        PA
        USD
        41656683.7000000000
        8.6161829936
        Long
        DBT
        UST
        US
        N
        
        2
        
          2024-08-15
          Fixed
          0.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        T 0.375 09/15/24
        91282CCX7
        
          
          
          
        
        50750000.0000000000
        PA
        USD
        48268007.8100000000
        9.9836557088
        Long
        DBT
        UST
        US
        N
        
        2
        
          2024-09-15
          Fixed
          0.375000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        T 0.625 10/15/24
        91282CDB4
        
          
          
          
        
        48000000.0000000000
        PA
        USD
        45868125.1200000000
        9.4872688968
        Long
        DBT
        UST
        US
        N
        
        2
        
          2024-10-15
          Fixed
          0.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        T 0.75 11/15/24
        91282CDH1
        
          
          
          
        
        51000000.0000000000
        PA
        USD
        48795644.3400000000
        10.0927909661
        Long
        DBT
        UST
        US
        N
        
        2
        
          2024-11-15
          Fixed
          0.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        T 1 12/15/24
        91282CDN8
        
          
          
          
        
        48600000.0000000000
        PA
        USD
        46757566.2200000000
        9.6712390691
        Long
        DBT
        UST
        US
        N
        
        2
        
          2024-12-15
          Fixed
          1.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury Notes
        254900HROIFWPRGM1V77
        T 1.125 01/15/25
        91282CDS7
        
          
          
          
        
        34000000.0000000000
        PA
        USD
        32775468.9200000000
        6.7792107492
        Long
        DBT
        UST
        US
        N
        
        2
        
          2025-01-15
          Fixed
          1.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Volkswagen Group of America Finance LLC
        5493002SQ1AVQBY41K40
        VW 2.85 09/26/24 144A
        928668BA9
        
          
          
          
        
        2000000.0000000000
        PA
        USD
        1981833.4800000000
        0.4099183711
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2024-09-26
          Fixed
          2.850000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Vornado Realty Lp
        549300BMOJ05INE4YK86
        VNO 3.5 01/15/25
        929043AJ6
        
          
          
          
        
        1760000.0000000000
        PA
        USD
        1755447.8100000000
        0.3630932235
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-01-15
          Fixed
          3.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SS INST US GOV MM ADMIN SALXX SS INST US GOV MM ADMIN CLASS
        N/A
        SS INST US GOV MM ADMIN SALXX SS INST US GOV MM ADMIN CLASS
        930LXCII9
        
          
          
        
        1233815.7400000000
        NS
        USD
        1233815.7400000000
        0.2551999164
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Walgreens Boots Alliance, Inc.
        549300RPTUOIXG4LIH86
        WBA 3.8 11/18/24
        931427AH1
        
          
          
        
        2001000.0000000000
        PA
        USD
        2029352.3500000000
        0.4197470767
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-11-18
          Fixed
          3.800000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Wells Fargo & Company
        PBLD0EJDB5FWOLXP3B76
        WFC 3.3 09/09/24 MTN
        94974BGA2
        
          
          
          
        
        4500000.0000000000
        PA
        USD
        4549631.4000000000
        0.9410364248
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-09-09
          Fixed
          3.300000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Westpac Banking Corporation
        EN5TNI6CI43VEPAMHL14
        WSTP 1.019 11/18/24
        961214EU3
        
          
          
          
        
        11800000.0000000000
        PA
        USD
        11317890.0000000000
        2.3409691478
        Long
        DBT
        CORP
        AU
        N
        
        2
        
          2024-11-18
          Fixed
          1.019000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
    
    
      2022-05-26
      SA FUNDS INVESTMENT TRUST
      Marcy Tsagarakis
      Marcy Tsagarakis
      SA Funds - Investment Trust, Secretary
    
  
  XXXX

HTML

SA U.S. Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited)


	FACE AMOUNT		VALUE†
YANKEE CORPORATE BONDS AND NOTES — 12.0%
*Communication — 0.7%*
NTT Finance Corp., 0.583%, 3/01/24 ±	$	3,500,000	$	3,359,703

*Financial — 8.3%*
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.875%, 8/14/24		3,000,000		2,921,931
Aircastle Ltd., 4.125%, 5/01/24		1,990,000		1,989,639
Canadian Imperial Bank of Commerce, 3.100%, 4/02/24		4,500,000		4,524,477
Cooperatieve Rabobank UA, 2.625%, 7/22/24 ±		2,000,000		1,986,630
Mitsubishi UFJ Financial Group, Inc., 3.407%, 3/07/24		3,946,000		3,991,624
NatWest Markets PLC, 0.800%, 8/12/24 ±		4,250,000		4,007,737
Skandinaviska Enskilda Banken AB, 0.650%, 9/09/24 ±		1,000,000		945,805
Societe Generale SA, 2.625%, 10/16/24 ±		750,000		730,622
Sumitomo Mitsui Banking Corp., 3.400%, 7/11/24		1,000,000		1,011,333
Sumitomo Mitsui Financial Group, Inc., 2.696%, 7/16/24		1,966,000		1,950,077
Sumitomo Mitsui Trust Bank Ltd., 0.850%, 3/25/24 ±		5,000,000		4,797,984
Westpac Banking Corp., 1.019%, 11/18/24		11,800,000		11,317,890

				40,175,749

*Government — 3.0%*
European Investment Bank, 0.375%, 7/24/24		10,000,000		9,551,642
Nordic Investment Bank, 0.375%, 9/20/24		2,250,000		2,139,335
Svensk Exportkredit AB, 0.625%, 10/07/24		3,000,000		2,863,025

				14,554,002

TOTAL YANKEE CORPORATE BONDS AND NOTES (Identified Cost $60,681,221)				58,089,454
CORPORATE BONDS AND NOTES — 18.3%
*Basic Material — 0.4%*
Georgia-Pacific LLC, 3.600%, 3/01/25 ±		2,000,000		2,021,859

*Communication — 0.2%*
Omnicom Group, Inc./Omnicom Capital, Inc., 3.650%, 11/01/24		1,004,000		1,017,048

*Consumer, Cyclical — 1.8%*
Daimler Finance North America LLC, 2.700%, 6/14/24 ±		2,000,000		1,987,591
Marriott International, Inc., 3.600%, 4/15/24		2,750,000		2,782,091
Volkswagen Group of America Finance LLC, 2.850%, 9/26/24 ±		2,000,000		1,981,834
Walgreens Boots Alliance, Inc., 3.800%, 11/18/24		2,001,000		2,029,352

				8,780,868

*Consumer, Non-cyclical — 2.6%*
Anthem, Inc., 2.375%, 1/15/25		500,000		493,871
Bayer US Finance LLC, 3.375%, 10/08/24 ±		3,000,000		3,000,418


	FACE AMOUNT		VALUE†
Cardinal Health, Inc., 3.079%, 6/15/24	$	3,165,000	$	3,171,049
Cigna Corp., 3.500%, 6/15/24		3,000,000		3,038,282
Gilead Sciences, Inc., 3.700%, 4/01/24		1,001,000		1,019,096
Laboratory Corp. of America Holdings, 3.600%, 2/01/25		2,000,000		2,023,716

				12,746,432

*Energy — 0.9%*
Marathon Petroleum Corp., 3.625%, 9/15/24		3,000,000		3,026,759
Schlumberger Holdings Corp., 3.750%, 5/01/24 ±		1,000,000		1,020,471

				4,047,230

*Financial — 10.9%*
Ally Financial, Inc., 3.875%, 5/21/24		2,483,000		2,515,243
Ares Capital Corp., 4.200%, 6/10/24		2,500,000		2,521,884
Bank of Montreal, 0.625%, 7/09/24		2,000,000		1,903,761
Charles Schwab Corp. (The), 3.000%, 3/10/25		3,000,000		3,007,200
Citigroup, Inc., 3.750%, 6/16/24		3,000,000		3,056,312
Cooperatieve Rabobank UA, 1.375%, 1/10/25		7,762,000		7,439,073
Goldman Sachs Group, Inc. (The), 3.500%, 1/23/25		668,000		674,653
Goldman Sachs Group, Inc. (The), 3.850%, 7/08/24		2,000,000		2,039,048
Morgan Stanley, 3.875%, 4/29/24		4,800,000		4,901,616
National Australia Bank Ltd., 1.388%, 1/12/25 ±		11,000,000		10,550,918
Nuveen Finance LLC, 4.125%, 11/01/24 ±		4,000,000		4,081,481
Truist Financial Corp., 2.850%, 10/26/24		3,500,000		3,502,809
Vornado Realty LP, 3.500%, 1/15/25		1,760,000		1,755,448
Wells Fargo & Co., 3.300%, 9/09/24		4,500,000		4,549,631

				52,499,077

*Industrial — 0.9%*
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.450%, 7/01/24 ±		1,750,000		1,756,353
Raytheon Technologies Corp., 3.200%, 3/15/24		2,695,000		2,727,758

				4,484,111

*Utility — 0.6%*
Edison International, 3.550%, 11/15/24		3,000,000		3,014,749

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $91,395,944)				88,611,374

U.S. GOVERNMENT & AGENCY OBLIGATIONS — 69.1%
*U.S. Treasury Securities — 69.1%*
U.S. Treasury Note, 0.375%, 8/15/24		43,700,000		41,656,684
U.S. Treasury Note, 0.375%, 9/15/24		50,750,000		48,268,008
U.S. Treasury Note, 0.625%, 10/15/24		48,000,000		45,868,125

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

SA U.S. Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	FACE AMOUNT		VALUE†
U.S. GOVERNMENT & AGENCY OBLIGATIONS (Continued)
*U.S. Treasury Securities (Continued)*
U.S. Treasury Note, 0.750%, 11/15/24	$	51,000,000	$	48,795,644
U.S. Treasury Note, 1.000%, 12/15/24		48,600,000		46,757,566
U.S. Treasury Note, 1.125%, 1/15/25		26,500,000		25,545,586
U.S. Treasury Note, 1.250%, 8/31/24		5,000,000		4,863,086
U.S. Treasury Note, 1.500%, 9/30/24		25,000,000		24,436,523
U.S. Treasury Note, 1.500%, 11/30/24		49,000,000		47,787,442

				333,978,664

TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Identified Cost $348,340,536)				333,978,664

SHORT-TERM INVESTMENTS — 0.3%

	SHARES
*Investment Company — 0.3%*
State Street Institutional U.S. Government Money Market Fund 0.250%		1,233,816		1,233,816

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,233,816)				1,233,816

Total Investments — 99.7% (Identified Cost $501,651,517)				481,913,308
Cash and Other Assets, Less Liabilities — 0.3%				1,460,247

Net Assets — 100.0%			$	483,373,555

†	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 March 31, 2022 amounted to $16,637,578 or 3.17% of the net assets of the Fund.

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

Portfolio Sectors as of March 31, 2022

(As a percentage of total investments (excluding short-term money market investment)) (Unaudited)


Sector	Percentage
Government		72.6	%
Financial		19.3	%
Consumer, Non-cyclical		2.7	%
Consumer, Cyclical		1.8	%
Industrial		0.9	%
Communications		0.9	%
Energy		0.8	%
Utilities		0.6	%
Basic Materials		0.4	%

		100.0	%

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited)


	SHARES		VALUE†
COMMON STOCKS — 98.1%
*Belgium — 0.0%*
Titan Cement International SA		2,164	$	32,079

*Brazil — 4.2%*
Atacadao SA		18,062		85,434
Banco Bradesco SA		50,485		193,731
Banco Bradesco SA, ADR		123,982		575,276
Banco do Brasil SA		38,199		278,406
Banco Santander Brasil SA		15,497		120,043
BrasilAgro—Co. Brasileira de Propriedades Agricolas		4,100		27,436
Camil Alimentos SA		8,900		18,039
Cia Brasileira de Distribuicao		8,955		45,423
Cia Siderurgica Nacional SA		11,264		61,583
Cia Siderurgica Nacional SA, ADR @		17,252		93,506
Cielo SA		94,852		61,959
Construtora Tenda SA		4,433		7,989
Cyrela Brazil Realty SA Empreendimentos e Participacoes		22,413		82,336
Direcional Engenharia SA		8,900		22,731
Embraer SA, ADR *		8,625		108,761
Enauta Participacoes SA		13,118		57,144
Ez Tec Empreendimentos e Participacoes SA		5,200		20,479
Gerdau SA, ADR		73,328		471,499
Getnet Adquirencia e Servicos para Meios de Pagamento SA		3,874		2,970
Guararapes Confeccoes SA		6,900		16,710
Hypera SA		4,610		37,482
International Meal Co. Alimentacao SA *		16,347		10,266
Iochpe Maxion SA		12,197		32,920
JBS SA		49,951		390,602
JHSF Participacoes SA		20,831		28,746
M Dias Branco SA		4,368		22,587
MRV Engenharia e Participacoes SA		16,100		43,454
Natura & Co. Holding SA *		30,256		165,545
Petroleo Brasileiro SA		294,300		2,178,329
Positivo Tecnologia SA		9,100		17,680
TIM SA		52,297		151,474
Tupy SA		4,847		18,172
Ultrapar Participacoes SA		26,011		77,306
Usinas Siderurgicas de Minas Gerais SA		9,100		24,924
Vale SA		156,726		3,146,996
Vibra Energia SA		32,735		160,751

				8,858,689

*British Virgin Islands — 0.0%*
AsiaInfo Technologies Ltd. ±		7,600		13,389

*Canada — 0.0%*
China Gold International Resources Corp. Ltd.		3,500		12,444

*Cayman Islands — 0.2%*
Baozun, Inc., Class A *		3,900		11,352
Bizlink Holding, Inc.		2,000		20,697
China Conch Environment Protection Holdings Ltd. *		80,500		100,711
Chindata Group Holdings Ltd. *		4,540		28,693
CNFinance Holdings Ltd. *		2,708		8,720
DouYu International Holdings Ltd., ADR *		2,931		6,096
Edvantage Group Holdings Ltd.		30,000		10,877
Fulgent Sun International Holding Co. Ltd.		8,000		34,483
Gourmet Master Co. Ltd.		5,000		16,334
Hello Group, Inc., ADR		12,916		74,655
HUYA, Inc. *		1,730		7,733


	SHARES		VALUE†
Yeahka Ltd. *@		6,400	$	19,690
Zepp Health Corp. ADR		1,264		3,640

				343,681

*Chile — 0.5%*
Banco de Credito e Inversiones		359		12,933
CAP SA		4,662		72,288
Cencosud SA		120,649		237,679
Empresa Nacional de Telecomunicaciones SA		13,467		58,862
Empresas CMPC SA		54,329		100,607
Empresas COPEC SA		24,403		201,601
Enel Americas SA, ADR @		22,652		135,232
Enel Chile SA, ADR		4,332		6,845
Grupo Security SA		123,808		19,937
Hortifrut SA		6,080		6,208
Inversiones Aguas Metropolitanas SA		40,036		20,252
PAZ Corp. SA <>		9,073		3,863
Salfacorp SA		43,600		14,796
Sigdo Koppers SA		27,803		27,934
SMU SA		147,411		16,862
Sociedad Matriz SAAM SA		550,961		38,514
SONDA SA		25,953		10,357

				984,770

*China — 29.2%*
360 Security Technology, Inc., Class A *		20,500		32,254
361 Degrees International Ltd. *		71,000		36,346
3SBio, Inc. *±		106,000		86,605
A-Living Smart City Services Co. Ltd. ±		17,000		23,786
AAC Technologies Holdings, Inc. @		60,500		146,591
Accelink Technologies Co. Ltd. Class A		9,200		26,223
Agile Group Holdings Ltd. @		131,091		66,438
Agricultural Bank of China Ltd., H Shares		1,613,000		619,806
Air China Ltd., Class H @*		104,000		72,889
Alibaba Group Holding Ltd. *		181,200		2,593,099
Aluminum Corp. of China Ltd., H Shares *		290,000		170,299
Angang Steel Co. Ltd., H Shares		142,999		65,902
Anhui Conch Cement Co. Ltd., H Shares		117,500		604,503
Anhui Guangxin Agrochemical Co. Ltd., Class A		2,200		11,064
Anhui Truchum Advanced Materials & Technology Co. Ltd., Class A		13,800		20,255
Anhui Zhongding Sealing Parts Co. Ltd., Class A		13,300		31,472
Anton Oilfield Services Group @*		226,000		12,695
Asia Cement China Holdings Corp.		40,000		25,685
Avary Holding Shenzhen Co. Ltd., Class A		1,600		7,270
AviChina Industry & Technology Co. Ltd., H Shares		254,000		141,052
BAIC Motor Corp. Ltd., H Shares ±		145,000		48,683
Baidu, Inc., ADR *		12,143		1,606,519
Bank of Beijing Co. Ltd., Class A		98,400		71,049
Bank of Changsha Co. Ltd., Class A		25,500		30,754
Bank of Chengdu Co. Ltd., Class A		26,000		61,566
Bank of China Ltd., H Shares		4,829,902		1,942,245
Bank of Chongqing Co. Ltd., H Shares		46,500		28,672
Bank of Communications Co. Ltd., H Shares		565,400		405,646
Bank of Hangzhou Co. Ltd., Class A		21,100		46,870
Bank of Nanjing Co. Ltd., Class A		61,300		103,115
Bank of Ningbo Co. Ltd., Class A		18,480		108,932
Bank of Shanghai Co. Ltd., Class A		68,500		71,706
Bank of Suzhou Co. Ltd., Class A		20,200		23,566
Baoshan Iron & Steel Co. Ltd., Class A		124,500		132,486
BBMG Corp., H Shares		184,000		29,832
Beijing Capital Co. Ltd., Class A		48,000		23,837

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*China (Continued)*
Beijing Capital Development Co. Ltd., Class A		12,200	$	12,694
Beijing Capital International Airport Co. Ltd., H Shares *		190,000		111,332
Beijing Dabeinong Technology Group Co. Ltd., Class A		18,000		24,688
Beijing Energy International Holding Co. Ltd. *		310,000		9,894
Beijing Enlight Media Co. Ltd., Class A		11,300		14,608
Beijing Enterprises Holdings Ltd.		46,000		145,928
Beijing Enterprises Water Group Ltd.		448,000		137,832
Beijing GeoEnviron Engineering & Technology, Inc., Class A		9,360		22,946
Beijing North Star Co. Ltd., Class H		100,000		14,936
Beijing Orient Landscape & Environment Co. Ltd., Class A *		20,000		8,166
Beijing Orient National Communication Science & Technology Co. Ltd., Class A *		8,200		14,634
Beijing Originwater Technology Co. Ltd., Class A		18,000		17,026
Beijing Shiji Information Technology Co. Ltd., Class A		3,220		10,102
Beijing Shougang Co. Ltd.		27,500		22,544
Beijing Shunxin Agriculture Co. Ltd.		6,100		22,465
Beijing Sinnet Technology Co. Ltd., Class A		12,200		25,504
Beijing SL Pharmaceutical Co. Ltd., Class A		8,900		15,013
Beijing Thunisoft Corp. Ltd., Class A		4,400		6,715
Beijing Yanjing Brewery Co. Ltd., Class A		9,600		11,003
Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A		16,790		32,955
Beijing-Shanghai High Speed Railway Co. Ltd.		81,200		61,190
Blue Sail Medical Co. Ltd., Class A		12,900		26,845
Bluefocus Intelligent Communications Group Co. Ltd., Class A		23,100		30,481
BOE Technology Group Co. Ltd., Class A		220,300		149,689
Bohai Leasing Co. Ltd., Class A *		64,900		23,533
Bright Dairy & Food Co. Ltd., Class A		7,700		13,887
Brilliance China Automotive Holdings Ltd. *§		178,000		83,395
BTG Hotels Group Co. Ltd., Class A *		5,700		20,596
BYD Electronic International Co. Ltd. @		64,000		129,090
C C Land Holdings Ltd.		106,500		25,696
C&D International Investment Group Ltd.		19,620		42,830
Caitong Securities Co. Ltd., Class A		11,900		15,909
CECEP Solar Energy Co. Ltd., Class A		30,100		41,569
CECEP Wind-Power Corp., Class A		37,700		27,281
Central China Management Co. Ltd.		81,000		12,822
Central China Real Estate Ltd. @		81,000		7,859
CGN New Energy Holdings Co. Ltd. @		130,000		57,090
Changjiang Securities Co. Ltd., Class A		39,900		39,189
Chaowei Power Holdings Ltd.		71,000		14,593
Chengdu Wintrue Holding Co. Ltd., Class A		8,900		18,970
Chengtun Mining Group Co. Ltd., Class A		19,700		26,585
China Aircraft Leasing Group Holdings Ltd.		16,000		11,132
China Baoan Group Co. Ltd., Class A		9,000		15,877
China BlueChemical Ltd., H Shares		192,000		65,934
China Bohai Bank Co. Ltd. ±		132,000		21,906


	SHARES		VALUE†
China Cinda Asset Management Co. Ltd., Class H		561,000	$	95,967
China Citic Bank Corp. Ltd., H Shares		613,000		310,675
China Coal Energy Co. Ltd., H Shares		158,000		118,803
China Communication Services Corp. Ltd., H Shares		231,600		104,960
China Conch Venture Holdings Ltd.		80,500		235,335
China Construction Bank Corp., H Shares		6,986,810		5,253,509
China Development Bank Financial Leasing Co. Ltd., H Shares ±		128,000		18,792
China Dongxiang Group Co. Ltd.		389,000		24,830
China Eastern Airlines Corp. Ltd., ADR *		403		6,835
China Eastern Airlines Corp. Ltd., H Shares @*		86,000		28,984
China Education Group Holdings Ltd.		30,000		26,196
China Energy Engineering Corp. *		88,674		34,110
China Energy Engineering Corp. Ltd., H Shares @		152,000		21,539
China Everbright Bank Co. Ltd., H Shares		241,000		91,375
China Everbright Greentech Ltd. @±		65,000		18,836
China Everbright Ltd.		88,000		87,177
China Foods Ltd.		86,000		29,752
China Galaxy Securities Co. Ltd., H Shares		194,500		109,003
China Gas Holdings Ltd.		211,800		271,466
China Great Wall Securities Co. Ltd., Class A		8,500		12,757
China Harmony Auto Holding Ltd.		62,000		31,581
China High Speed Transmission Equipment Group Co. Ltd. *		44,000		26,681
China Hongqiao Group Ltd.		162,500		216,990
China International Marine Containers Group Co. Ltd., Class H @		49,640		81,241
China Jinmao Holdings Group Ltd.		440,000		130,877
China Jushi Co. Ltd., Class A		22,631		54,373
China Kepei Education Group Ltd.		36,000		10,157
China Lesso Group Holdings Ltd.		100,000		121,532
China Life Insurance Co. Ltd., Class H		277,000		425,757
China Lilang Ltd.		31,000		15,038
China Lumena New Materials Corp. *§		5,599		—
China Medical System Holdings Ltd.		97,000		152,807
China Meheco Co. Ltd., Class A		9,900		56,749
China Merchants Bank Co. Ltd., H Shares		233,000		1,830,793
China Merchants Energy Shipping Co. Ltd., Class A		56,880		42,325
China Merchants Land Ltd.		118,000		10,997
China Merchants Port Holdings Co. Ltd.		66,891		121,258
China Merchants Securities Co. Ltd., H Shares ±		19,660		23,191
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		22,000		52,580
China Minsheng Banking Corp. Ltd., H Shares @		395,880		149,087
China Modern Dairy Holdings Ltd. @		290,000		47,017
China Molybdenum Co. Ltd., H Shares		135,000		70,488
China National Accord Medicines Corp. Ltd., Class A		5,200		27,774
China National Building Material Co. Ltd., H Shares		418,850		520,802
China National Medicines Corp. Ltd., Class A		2,900		13,409
China New Higher Education Group Ltd. ±		74,000		23,617

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*China (Continued)*
China Oil & Gas Group Ltd. *		200,000	$	9,319
China Oilfield Services Ltd., H Shares		180,000		184,520
China Oriental Group Co. Ltd.		122,000		34,731
China Overseas Grand Oceans Group Ltd.		131,500		77,222
China Overseas Land & Investment Ltd.		376,500		1,127,102
China Pacific Insurance Group Co. Ltd., H Shares		203,200		495,983
China Petroleum & Chemical Corp., H Shares		1,784,400		895,241
China Railway Group Ltd., H Shares		326,000		182,699
China Railway Signal & Communication Corp. Ltd. H Shares ±		77,000		24,476
China Reinsurance Group Corp., H Shares		323,000		29,689
China Resources Cement Holdings Ltd.		238,000		198,402
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		6,300		16,884
China Resources Gas Group Ltd.		70,000		297,129
China Resources Land Ltd.		338,000		1,574,943
China Resources Medical Holdings Co. Ltd.		71,500		42,900
China Resources Pharmaceutical Group Ltd. ±		134,500		70,055
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		7,900		56,494
China Risun Group Ltd.		16,000		8,477
China Sanjiang Fine Chemicals Co. Ltd. @		44,000		9,942
China SCE Group Holdings Ltd. @		170,000		30,817
China Shanshui Cement Group Ltd. *		53,000		15,900
China Shenhua Energy Co. Ltd., H Shares		293,000		938,851
China Shineway Pharmaceutical Group Ltd.		36,000		28,815
China South City Holdings Ltd.		508,000		44,747
China South Publishing & Media Group Co. Ltd., Class A		11,600		17,337
China Southern Airlines Co. Ltd., H Shares @*		120,000		69,856
China Taiping Insurance Holdings Co. Ltd.		137,800		168,703
China Tianrui Group Cement Co. Ltd. *		11,000		9,549
China Tower Corp. Ltd., Class H ±		3,174,000		356,570
China Traditional Chinese Medicine Holdings Co. Ltd.		260,000		136,086
China TransInfo Technology Co. Ltd., Class A		6,900		11,639
China Travel International Investment Hong Kong Ltd. *		180,000		34,238
China Vanke Co. Ltd., Class H		158,172		358,211
China Yongda Automobiles Services Holdings Ltd.		84,000		91,471
China Zhongwang Holdings Ltd. @*§		154,000		12,386
Chinese Universe Publishing and Media Group Co. Ltd., Class A @		9,200		16,404
Chongqing Changan Automobile Co. Ltd., Class A		17,500		31,258
Chongqing Department Store Co. Ltd., Class A		2,400		9,883
Chongqing Rural Commercial Bank Co. Ltd., H Shares		226,000		88,862
CIFI Holdings Group Co. Ltd.		299,632		176,337
CIMC Enric Holdings Ltd. @		74,000		92,107
CITIC Ltd.		375,000		416,970
CITIC Securities Co. Ltd., Class H		83,950		193,765
Citychamp Watch & Jewellery Group Ltd. *		62,000		7,994
CNHTC Jinan Truck Co. Ltd., Class A		2,800		5,421
CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A		14,800		22,842


	SHARES		VALUE†
COFCO Biotechnology Co. Ltd., Class A		15,100	$	22,734
Cogobuy Group @*±		40,000		10,213
Concord New Energy Group Ltd.		420,000		39,141
Consun Pharmaceutical Group Ltd.		23,000		11,216
COSCO SHIPPING Development Co. Ltd., H Shares @		324,200		65,806
COSCO SHIPPING Energy Transportation Co. Ltd., H Shares @		136,000		63,023
COSCO SHIPPING Holdings Co. Ltd., H Shares *		89,699		156,420
COSCO SHIPPING Ports Ltd.		152,431		118,702
Country Garden Holdings Co. Ltd. @		847,376		652,302
CPMC Holdings Ltd.		53,000		28,079
CSG Holding Co. Ltd., Class A		19,500		22,811
CTS International Logistics Corp. Ltd., Class A		11,000		20,290
DaFa Properties Group Ltd. @		16,000		7,925
Dali Foods Group Co. Ltd. ±		116,500		61,126
Daqin Railway Co. Ltd., Class A		85,800		92,927
DBG Technology Co. Ltd.,Class A		7,000		12,062
Dexin China Holdings Co. Ltd. *		76,000		29,107
DHC Software Co. Ltd., Class A		28,100		31,453
Digital China Holdings Ltd.		62,000		30,156
Digital China Information Service Co. Ltd., Class A		10,000		19,770
Dong-E-E-Jiao Co. Ltd., Class A		3,300		17,636
Dongfang Electric Corp. Ltd. H Shares		29,800		33,363
Dongfeng Motor Group Co. Ltd., H Shares		150,000		112,788
Dongxing Securities Co. Ltd., Class A		12,000		18,464
Dongyue Group Ltd.		44,000		60,552
Dynagreen Environmental Protection Group Co. Ltd., Class H		52,000		23,898
Essex Bio-technology Ltd.		37,000		20,500
Everbright Securities Co. Ltd., Class H @±		16,000		10,969
Fangda Carbon New Material Co. Ltd., Class A		15,700		20,915
Fangda Special Steel Technology Co. Ltd., Class A		19,000		25,820
Far East Horizon Ltd.		200,000		178,724
FAW Jiefang Group Co. Ltd., Class A		24,100		32,827
Fiberhome Telecommunication Technologies Co. Ltd., Class A		5,800		13,835
FIH Mobile Ltd. *		203,000		27,988
Financial Street Holdings Co. Ltd., Class A		23,300		22,517
FinVolution Group, ADR		11,439		45,413
Fosun International Ltd.		195,500		212,888
Founder Securities Co. Ltd., Class A		23,800		25,289
Foxconn Industrial Internet Co. Ltd.		13,900		22,242
Fu Shou Yuan International Group Ltd.		65,000		47,962
Fufeng Group Ltd.		153,000		60,744
Fujian Funeng Co. Ltd., Class A		14,100		24,652
Fujian Star-net Communication Co. Ltd., Class A		6,100		19,580
Fujian Sunner Development Co. Ltd., Class A *		9,000		28,122
Gansu Shangfeng Cement Co. Ltd., Class A		5,200		17,912
GCL-Poly Energy Holdings Ltd. @*		1,016,000		348,900
GDS Holdings Ltd., Class A *		34,800		177,481
Geely Automobile Holdings Ltd.		493,000		777,894
GEM Co. Ltd., Class A		33,500		44,258
Gemdale Corp., Class A		19,200		43,224
Gemdale Properties & Investment Corp. Ltd.		442,000		47,398
Genertec Universal Medical Group Co. Ltd. ±		75,500		49,734

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*China (Continued)*
GF Securities Co. Ltd., Class H		64,200	$	91,137
Giant Network Group Co. Ltd., Class A		9,400		14,938
Ginko International Co. Ltd.		5,000		48,514
Glory Sun Financial Group Ltd. @*		356,000		5,681
Golden Eagle Retail Group Ltd.		15,000		11,279
Grand Pharmaceutical Group Ltd.		68,000		48,266
Grandjoy Holdings Group Co. Ltd., Class A *		30,000		22,182
Greattown Holdings Ltd., Class A		34,100		22,794
Greatview Aseptic Packaging Co. Ltd.		88,000		24,940
Gree Electric Appliances, Inc., Class A		9,700		49,394
Greenland Hong Kong Holdings Ltd.		112,000		25,307
Greentown China Holdings Ltd.		78,500		143,505
GRG Banking Equipment Co. Ltd., Class A		12,500		20,948
Guangdong HEC Technology Holding Co. Ltd., Class A *		28,100		32,516
Guangdong Huatie Tongda High-speed Railway Equipment Corp., Class A		22,300		16,488
Guangdong Tapai Group Co. Ltd., Class A		9,300		16,128
Guanghui Energy Co. Ltd., Class A *		26,800		34,646
Guangshen Railway Co. Ltd. *		82,000		13,923
Guangxi Liugong Machinery Co. Ltd., Class A		14,900		15,245
Guangxi Wuzhou Zhongheng Group Co. Ltd., Class A		24,500		13,403
Guangzhou Automobile Group Co. Ltd., H Shares		188,000		156,961
Guangzhou Baiyun International Airport Co. Ltd., Class A		11,000		21,244
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		16,000		42,383
Guangzhou Haige Communications Group, Inc. Co., Class A		22,300		35,965
Guangzhou R&F Properties Co. Ltd., H Shares @		202,800		71,973
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A		13,365		16,814
Guizhou Panjiang Refined Coal Co. Ltd., Class A		9,269		12,582
Guosen Securities Co. Ltd., Class A		22,400		35,102
Guosheng Financial Holding, Inc., Class A *		14,131		20,250
Guotai Junan Securities Co. Ltd., H Shares *±		29,000		39,169
Haier Smart Home Co. Ltd., Class A		20,500		74,656
Haier Smart Home Co. Ltd., H Shares		50,800		165,047
Haitian International Holdings Ltd.		44,000		114,307
Haitong Securities Co. Ltd., Class H		169,600		129,474
Hang Zhou Great Star Industrial Co. Ltd., Class A *		4,400		11,418
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		22,900		24,766
Health & Happiness H&H International Holdings Ltd.		18,500		26,026
Heilongjiang Agriculture Co. Ltd., Class A		8,000		19,095
Hengan International Group Co. Ltd.		55,500		256,482
Hengdeli Holdings Ltd. *		184,000		6,225
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		9,300		19,837
Hengli Petrochemical Co. Ltd., Class A		19,900		65,224


	SHARES		VALUE†
Hengtong Optic-electric Co. Ltd., Class A		9,680	$	19,793
Hengyi Petrochemical Co. Ltd., Class A		25,000		33,501
Hesteel Co. Ltd., Class A		65,500		24,576
Hi Sun Technology China Ltd. *		138,000		17,441
Hisense Home Appliances Group Co. Ltd., Class H		34,000		32,380
Holitech Technology Co. Ltd., Class A *		35,900		18,451
Hongda Xingye Co. Ltd., Class A		21,200		16,310
Hope Education Group Co. Ltd. @±		120,000		11,336
Hopson Development Holdings Ltd. @		63,800		121,356
Huaan Securities Co. Ltd., Class A		23,372		18,239
Huadong Medicine Co. Ltd., Class A		8,421		44,368
Huafon Chemical Co. Ltd., Class A		16,200		23,267
Huafon Microfibre Shanghai Technology Co. Ltd., Class T *		25,700		19,975
Huagong Tech Co. Ltd., Class A		6,200		19,715
Huapont Life Sciences Co. Ltd., Class A		27,600		26,673
Huatai Securities Co. Ltd., Class H ±		58,600		90,219
Huaxi Securities Co. Ltd., Class A		12,600		16,666
Huaxia Bank Co. Ltd., Class A		43,300		37,954
Huaxin Cement Co. Ltd., Class A		7,000		21,806
Huayu Automotive Systems Co. Ltd., Class A		17,500		55,040
Hubei Biocause Pharmaceutical Co. Ltd., Class A		17,600		8,796
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		4,400		18,264
Hubei Xingfa Chemicals Group Co. Ltd., Class A		9,400		49,244
Hunan Gold Corp. Ltd., Class A *		15,800		26,453
Hunan Valin Steel Co. Ltd., Class A		47,300		41,013
Hytera Communications Corp. Ltd., Class A		23,400		19,736
IMAX China Holding, Inc. @±		6,300		7,560
Industrial & Commercial Bank of China Ltd., H Shares		3,427,000		2,104,333
Industrial Bank Co. Ltd. Class A		122,900		400,489
Industrial Securities Co. Ltd., Class A		40,700		49,278
Infore Environment Technology Group Co. Ltd., Class A		12,400		10,009
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A *		169,960		59,752
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		12,000		32,804
Inner Mongolia ERDOS Resources Co. Ltd. Class A		6,000		24,177
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		55,300		40,016
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A *		34,700		53,556
JD.com, Inc., Class A *		11,000		328,597
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		20,200		24,649
Jiangsu Eastern Shenghong Co. Ltd., Class A		5,100		11,417
Jiangsu Guotai International Group Co. Ltd., Class A		10,400		16,035
Jiangsu Jiangyin Rural Commercial Bank Co. Ltd., Class A		34,700		23,523
Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A		6,700		13,256

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*China (Continued)*
Jiangsu Provincial Agricultural Reclamation and Development Corp.		11,200	$	24,790
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		5,600		24,570
Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd., Class A		23,200		22,823
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		13,900		9,598
Jiangsu Zhongtian Technology Co. Ltd., Class A		18,600		49,849
Jiangxi Copper Co. Ltd., H Shares		82,000		137,551
Jiangxi Zhengbang Technology Co. Ltd., Class A		25,000		30,387
Jiaozuo Wanfang Aluminum Manufacturing Co. Ltd., Class A		17,100		16,876
Jiayuan International Group Ltd.		135,695		27,197
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		7,300		20,382
Jingrui Holdings Ltd.		43,000		9,112
JinkoSolar Holding Co. Ltd., ADR @*		4,223		203,929
Jinneng Science&Technology Co. Ltd., Class A		10,600		20,772
Jizhong Energy Resources Co. Ltd.		21,200		23,563
JNBY Design Ltd.		16,500		19,737
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		18,700		36,085
Jointown Pharmaceutical Group Co. Ltd., Class A		10,700		22,402
Joy City Property Ltd.		226,000		9,232
JOYY, Inc., ADR		4,334		159,188
Ju Teng International Holdings Ltd.		56,000		9,365
Juneyao Airlines Co. Ltd., Class A		9,700		20,920
Kaisa Prosperity Holdings Ltd. *		3,750		3,930
Kehua Data Co. Ltd., Class A		3,500		14,131
Kingboard Holdings Ltd.		71,500		347,765
Kingboard Laminates Holdings Ltd.		96,000		158,094
Kingfa Sci & Tech Co. Ltd.		13,400		20,576
Kingsoft Corp. Ltd.		56,400		182,881
Kunlun Energy Co. Ltd.		354,000		308,659
Kunlun Tech Co. Ltd., Class A		5,800		15,398
KWG Group Holdings Ltd. @		130,000		53,770
KWG Living Group Holdings Ltd.		65,000		24,230
Lao Feng Xiang Co. Ltd., Class A		2,700		18,078
Lee & Man Paper Manufacturing Ltd.		122,000		63,700
Lee’s Pharmaceutical Holdings Ltd.		34,500		10,658
Legend Holdings Corp., H Shares ±		38,400		48,335
Lenovo Group Ltd.		194,000		211,007
Lens Technology Co. Ltd., Class A		24,140		44,413
Leo Group Co. Ltd., Class A		48,000		15,816
LexinFintech Holdings Ltd., ADR *		6,213		16,278
Leyard Optoelectronic Co. Ltd., Class A		20,300		22,818
Liaoning Cheng Da Co. Ltd., Class A		5,800		14,657
Livzon Pharmaceutical Group, Inc., H Shares		14,100		50,670
Logan Group Co. Ltd. @		96,000		27,329
Longfor Group Holdings Ltd. ±		139,000		715,114
Lonking Holdings Ltd.		158,000		43,164
Luenmei Quantum Co. Ltd., Class A		13,300		14,992
Luolai Lifestyle Technology Co. Ltd., Class A		5,300		10,829
Luoniushan Co. Ltd., Class A *		16,000		16,724
Luxi Chemical Group Co. Ltd., Class A		8,600		24,296
Luye Pharma Group Ltd. @*±		161,500		61,851


	SHARES		VALUE†
LVGEM China Real Estate Investment Co. Ltd. *		72,000	$	7,997
Maanshan Iron & Steel Co. Ltd., H Shares		38,000		15,281
Maoyan Entertainment ±@*		6,200		5,161
Metallurgical Corp. of China Ltd., H Shares @		225,000		60,894
Mingfa Group International Co. Ltd. *		91,000		3,020
Minth Group Ltd.		60,000		147,984
MLS Co. Ltd., Class A		20,000		36,449
MMG Ltd. *		192,000		77,454
Nanjing Iron & Steel Co. Ltd., Class A		36,600		20,830
Nanjing Xinjiekou Department Store Co. Ltd., Class A		6,900		11,607
NARI Technology Co. Ltd., Class A		4,506		22,370
NavInfo Co. Ltd., Class A *		10,200		22,464
NetDragon Websoft Holdings Ltd.		25,500		53,387
New China Life Insurance Co. Ltd., H Shares		57,900		161,874
New Hope Liuhe Co. Ltd., Class A *		20,215		54,114
Newland Digital Technology Co. Ltd., Class A		10,000		26,549
Nexteer Automotive Group Ltd.		69,000		44,043
Nine Dragons Paper Holdings Ltd.		173,000		151,063
Ningbo Huaxiang Electronic Co. Ltd., Class A		8,950		22,928
Ningbo Joyson Electronic Corp., Class A		5,200		11,584
Ningbo Zhoushan Port Co. Ltd., Class A		33,200		20,570
Northeast Securities Co. Ltd., Class A		8,500		10,372
OFILM Group Co. Ltd., Class A *		20,800		23,348
ORG Technology Co. Ltd., Class A		26,800		20,956
Orient Securities Co. Ltd., Class H ±		52,400		34,317
Oriental Pearl Group Co. Ltd., Class A		10,700		13,124
Ourpalm Co. Ltd., Class A *		27,500		15,781
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A *		61,900		36,497
PAX Global Technology Ltd.		75,000		61,756
PCI Technology Group Co. Ltd., Class A		15,600		18,322
People’s Insurance Co. Group of China Ltd. (The), H Shares		305,000		100,066
Perfect World Co. Ltd., Class A		6,700		13,584
PetroChina Co. Ltd., H Shares		2,014,000		1,043,856
PICC Property & Casualty Co. Ltd., H Shares		494,000		505,774
Ping An Bank Co. Ltd., Class A		108,500		263,078
Ping An Insurance Group Co. of China Ltd., Class H		436,500		3,101,021
Pingdingshan Tianan Coal Mining Co. Ltd., Class A		15,900		42,914
Poly Property Group Co. Ltd.		186,000		47,015
Postal Savings Bank of China Co. Ltd., Class H ±		472,000		382,623
Pou Sheng International Holdings Ltd. *		252,000		28,953
Power Construction Corp. of China Ltd.		19,800		22,756
Powerlong Real Estate Holdings Ltd. @		143,000		37,789
Q Technology Group Co. Ltd. @		31,000		23,982
Qingdao Hanhe Cable Co. Ltd., Class A		35,800		24,720
Qingling Motors Co. Ltd., Class H		84,000		15,871
Red Star Macalline Group Corp. Ltd., H Shares ±*		35,700		16,042
Redco Properties Group Ltd. @±		80,000		24,817
Redsun Properties Group Ltd. @		82,000		27,322
Renhe Pharmacy Co. Ltd., Class A		19,700		24,380
RiseSun Real Estate Development Co. Ltd., Class A		35,400		24,891
Ronshine China Holdings Ltd. *		43,500		12,939

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*China (Continued)*
SAIC Motor Corp. Ltd., Class A		29,700	$	79,598
Sailun Group Co. Ltd., Class A		13,900		21,607
Sansteel Minguang Co. Ltd., Class A		13,700		15,464
Sany Heavy Equipment International Holdings Co. Ltd.		83,000		86,674
Sany Heavy Industry Co. Ltd. Class A		29,400		81,204
Satellite Chemical Co. Ltd., Class A		6,048		37,567
Sealand Securities Co. Ltd., Class A		24,800		14,622
Seazen Group Ltd.		188,571		101,588
Seazen Holdings Co. Ltd., Class A		13,800		69,989
Shaanxi Coal Industry Co. Ltd., Class A		50,037		129,764
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		20,800		39,579
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		9,200		34,476
Shandong Chenming Paper Holdings Ltd., H Shares @		35,250		13,995
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A		2,700		8,228
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		11,310		58,074
Shandong Humon Smelting Co. Ltd., Class A		10,800		18,235
Shandong Linglong Tyre Co. Ltd., Class A		7,700		26,791
Shandong Longda Meishi Co. Ltd., Class A		8,100		12,208
Shandong Nanshan Aluminum Co. Ltd., Class A		37,900		24,318
Shandong Sun Paper Industry JSC Ltd., Class A		16,800		30,193
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		188,000		201,361
Shandong Yisheng Livestock & Poultry Breeding Co. Ltd., Class A *		7,471		10,695
Shanghai AJ Group Co. Ltd., Class A		16,900		17,558
Shanghai Electric Group Co. Ltd., H Shares		166,000		43,655
Shanghai Environment Group Co. Ltd., Class A		11,600		19,421
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares		26,000		127,124
Shanghai Industrial Holdings Ltd.		45,000		67,558
Shanghai Industrial Urban Development Group Ltd.		274,000		24,835
Shanghai International Airport Co. Ltd., Class A *		2,300		17,840
Shanghai International Port Group Co. Ltd., Class A		48,600		41,910
Shanghai Jahwa United Co. Ltd., Class A		2,600		14,133
Shanghai Jin Jiang Capital Co. Ltd., Class H		148,000		57,626
Shanghai Jinjiang International Hotels Co. Ltd., Class A		1,300		10,194
Shanghai Lingang Holdings Corp. Ltd., Class A		8,760		19,472
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		13,500		24,795
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A		7,100		14,562
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		63,600		122,600


	SHARES		VALUE†
Shanghai Pudong Development Bank Co. Ltd., Class A		118,900	$	149,958
Shanghai RAAS Blood Products Co. Ltd., Class A		37,200		35,129
Shanghai Shimao Co. Ltd., Class A		23,100		13,657
Shanghai Sinyang Semiconductor Materials Co. Ltd., Class A		3,000		16,974
Shanghai Tunnel Engineering Co. Ltd., Class A		25,600		21,390
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		18,000		28,860
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		7,800		16,847
Shanxi Coking Coal Energy Group Co. Ltd., Class A		50,000		97,902
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		22,000		57,574
Shanxi Meijin Energy Co. Ltd., Class A *		31,400		63,413
Shanxi Securities Co. Ltd., Class A		24,700		22,040
Shanxi Taigang Stainless Steel Co. Ltd., Class A		34,300		36,230
Shanying International Holding Co. Ltd., Class A		37,500		17,854
Shenwan Hongyuan Group Co. Ltd., H Shares ±@		43,200		9,651
Shenzhen Agricultural Products Group Co. Ltd., Class A		15,600		15,223
Shenzhen Airport Co. Ltd., Class A *		16,200		17,699
Shenzhen Aisidi Co. Ltd., Class A		14,200		19,252
Shenzhen Hepalink Pharmaceutical Group Co. Ltd. ±		9,500		6,986
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A		4,900		11,363
Shenzhen International Holdings Ltd.		107,733		113,877
Shenzhen Investment Ltd.		323,060		72,173
Shenzhen Kinwong Electronic Co. Ltd., Class A		2,300		8,528
Shenzhen MTC Co. Ltd., Class A *		42,300		24,341
Shenzhen Neptunus Bioengineering Co. Ltd., Class A *		28,200		17,116
Shenzhen Overseas Chinese Town Co. Ltd., Class A		43,200		50,126
Shenzhen Tagen Group Co. Ltd., Class A		25,000		27,195
Shenzhen World Union Group, Inc., Class A		33,300		25,304
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		31,900		22,279
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		11,200		59,151
Shimao Group Holdings Ltd. @		131,000		73,918
Shoucheng Holdings Ltd.		134,400		19,903
Shougang Fushan Resources Group Ltd.		219,790		86,420
Shui On Land Ltd.		280,000		42,894
Sichuan Hebang Biotechnology Co. Ltd., Class A *		84,300		46,648
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		12,500		34,151
Sichuan Languang Development Co. Ltd., Class A *		32,900		11,878
Sieyuan Electric Co. Ltd., Class A		4,300		22,235
Sihuan Pharmaceutical Holdings Group Ltd. @		328,000		65,740

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*China (Continued)*
Sino-Ocean Group Holding Ltd.		293,712	$	62,617
Sinofert Holdings Ltd. @		244,000		41,428
Sinolink Securities Co. Ltd., Class A		11,700		17,707
Sinoma International Engineering Co., Class A		14,600		22,050
Sinoma Science & Technology Co. Ltd., Class A		11,000		42,106
Sinopec Engineering Group Co. Ltd., H Shares		111,000		56,681
Sinopec Kantons Holdings Ltd.		90,000		31,251
Sinopec Shanghai Petrochemical Co. Ltd., Class H		248,000		51,605
Sinopharm Group Co. Ltd., H Shares		140,400		320,472
Sinotrans Ltd., H Shares		145,000		45,351
Sinotruk Hong Kong Ltd.		67,000		102,639
Skyfame Realty Holdings Ltd.		158,000		14,119
Skyworth Group Ltd. *		156,114		80,117
SOHO China Ltd. @*		153,500		29,786
SooChow Securities Co. Ltd., Class A		20,280		23,947
SSY Group Ltd. @		124,000		56,038
Sun Art Retail Group Ltd. @		30,500		11,097
Suning Universal Co. Ltd., Class A *		32,100		22,570
Suning.com Co. Ltd., Class A *		37,200		20,233
Sunward Intelligent Equipment Co. Ltd., Class A		10,800		12,531
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		10,800		31,805
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		15,000		12,935
Tangshan Jidong Cement Co. Ltd., Class A		10,000		18,871
TangShan Port Group Co. Ltd., Class A		55,900		26,262
Tangshan Sanyou Chemical Industries Co. Ltd., Class A		11,600		14,703
TBEA Co. Ltd., Class A		13,000		41,768
TCL Electronics Holdings Ltd.		99,667		42,624
TCL Technology Group Corp., Class A		41,800		32,356
Tech-Bank Food Co. Ltd., Class A		23,240		32,095
Tencent Music Entertainment Group, ADR *		29,336		142,866
Tian Di Science & Technology Co. Ltd., Class A		40,500		31,350
Tiangong International Co. Ltd. @		76,000		31,047
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A		30,700		38,429
Tianjin Port Development Holdings Ltd.		180,000		14,477
Tianneng Power International Ltd. @		74,000		63,672
Tianshui Huatian Technology Co. Ltd., Class A		10,300		17,066
Times China Holdings Ltd.		10,000		3,332
Tingyi Cayman Islands Holding Corp.		18,000		30,332
Titan Wind Energy Suzhou Co. Ltd., Class A		8,800		18,424
Tomson Group Ltd.		24,000		5,883
Tong Ren Tang Technologies Co. Ltd., Class H		41,000		35,016
Tongcheng Travel Holdings Ltd. *		49,200		87,932
Tongda Group Holdings Ltd. *		510,000		10,743
Tongkun Group Co. Ltd., Class A		11,100		30,589
Tongling Nonferrous Metals Group Co. Ltd., Class A		49,000		28,737
Tongyu Heavy Industry Co. Ltd., Class A		40,800		18,975
Topsec Technologies Group, Inc., Class A		7,000		12,481
Transfar Zhilian Co. Ltd., Class A		27,553		27,409


	SHARES		VALUE†
TravelSky Technology Ltd., H Shares		53,000	$	76,456
Trip.com Group Ltd., ADR *		28,782		665,440
Truly International Holdings Ltd.		120,000		34,162
Tus Environmental Science And Technology Development Co. Ltd., Class A *		23,000		12,909
Uni-President China Holdings Ltd.		92,000		80,216
Unisplendour Corp. Ltd., Class A		13,940		42,964
United Energy Group Ltd. @		558,000		64,111
Universal Scientific Industrial Shanghai Co. Ltd., Class A		10,000		19,107
Untrade Hua Han Health §		504,000		—
Untrade Huiyuan Juice §		84,500		—
Vinda International Holdings Ltd. @		26,000		58,816
Vipshop Holdings Ltd., ADR *		30,726		276,534
Wangsu Science & Technology Co. Ltd., Class A		20,900		19,671
Want Want China Holdings Ltd.		52,000		48,061
Wanxiang Qianchao Co. Ltd., Class A		42,900		36,724
Wasion Holdings Ltd.		48,000		17,280
Weibo Corp., ADR *		1,188		29,118
Weichai Power Co. Ltd., H Shares		151,000		238,645
Weifu High-Technology Group Co. Ltd., Class A		5,600		17,533
Wellhope Foods Co. Ltd., Class A		7,700		11,629
Wens Foodstuffs Group Co. Ltd., Class A *		19,100		66,396
West China Cement Ltd.		198,000		31,596
Wharf Holdings Ltd. (The)		70,000		213,575
Wingtech Technology Co. Ltd., Class A		3,900		49,987
Wolong Electric Group Co. Ltd., Class A		11,600		23,993
Wuchan Zhongda Group Co. Ltd., Class A		29,100		24,498
Wuhan Department Store Group Co. Ltd., Class A		12,600		20,321
Wuhu Token Science Co. Ltd., Class A		16,000		20,583
Wuxi Taiji Industry Co. Ltd., Class A		14,900		16,889
XCMG Construction Machinery Co. Ltd., Class A		47,400		38,484
Xiabuxiabu Catering Management China Holdings Co. Ltd. ±		28,000		14,155
Xiamen C & D, Inc., Class A		17,600		35,294
Xiamen Comfort Science & Technology Group Co. Ltd., Class A		8,700		13,112
Xiamen International Port Co. Ltd., Class H		94,000		10,080
Xiamen ITG Group Corp. Ltd., Class A		17,300		21,110
Xiamen Tungsten Co. Ltd., Class A		7,300		21,302
Xiamen Xiangyu Co. Ltd., Class A		22,200		30,799
Xinfengming Group Co. Ltd., Class A		4,000		7,283
Xingda International Holdings Ltd.		95,633		17,336
Xinhu Zhongbao Co. Ltd., Class A		44,900		21,590
Xinhua Winshare Publishing and Media Co. Ltd., Class H		36,000		26,150
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares		47,800		72,127
Xinjiang Tianshan Cement Co. Ltd., Class A		4,500		9,350
Xinjiang Zhongtai Chemical Co. Ltd., Class A		14,500		20,642
Xinxing Ductile Iron Pipes Co. Ltd., Class A		18,100		14,267
Xinyangfeng Agricultural Technology Co. Ltd., Class A		6,900		18,677
Xinyu Iron & Steel Co. Ltd., Class A		27,300		24,317
Xuji Electric Co. Ltd., Class A		9,300		27,960
YaGuang Technology Group Co. Ltd., Class A *		8,000		8,450
Yantai Changyu Pioneer Wine Co. Ltd., Class A		3,700		16,129

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*China (Continued)*
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		7,300	$	48,509
Yanzhou Coal Mining Co. Ltd., H Shares		136,000		403,661
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares *±@		25,600		15,818
Yifan Pharmaceutical Co. Ltd., Class A		7,200		16,913
Yintai Gold Co. Ltd., Class A		31,600		46,380
Yiren Digital Ltd., ADR *		6,796		17,262
Yixintang Pharmaceutical Group Co. Ltd., Class A		2,800		10,497
Yonghui Superstores Co. Ltd., Class A		58,500		38,919
Youngor Group Co. Ltd., Class A		11,500		12,292
Youzu Interactive Co. Ltd., Class A *		8,100		14,085
Yum China Holdings, Inc.		2,380		98,865
Yunda Holding Co. Ltd., Class A		16,500		45,678
Yunnan Aluminium Co. Ltd., Class A *		18,200		39,251
Yunnan Baiyao Group Co. Ltd., Class A		2,000		25,798
Yunnan Copper Co. Ltd., Class A		8,100		14,353
Yunnan Tin Co. Ltd., Class A *		14,600		48,198
Yutong Bus Co. Ltd., Class A		13,300		17,634
Yuzhou Group Holdings Co. Ltd. @		207,126		10,709
Zhaojin Mining Industry Co. Ltd., Class H		120,000		105,856
Zhefu Holding Group Co. Ltd., Class A		16,400		13,729
Zhejiang Century Huatong Group Co. Ltd., Class A *		39,280		38,827
Zhejiang Chint Electrics Co. Ltd., Class A		13,100		81,742
Zhejiang Crystal-Optech Co. Ltd., Class A		12,400		21,816
Zhejiang Dahua Technology Co. Ltd., Class A		19,700		51,400
Zhejiang Hailiang Co. Ltd., Class A		19,700		32,672
Zhejiang Hisoar Pharmaceutical Co. Ltd., Class A		12,700		14,456
Zhejiang Jiahua Energy Chemical Industry Co. Ltd.		9,000		14,260
Zhejiang Juhua Co. Ltd., Class A		7,900		16,266
Zhejiang Longsheng Group Co. Ltd., Class A		19,300		33,165
Zhejiang Medicine Co. Ltd., Class A		10,400		25,610
Zhejiang Narada Power Source Co. Ltd., Class A		9,800		19,420
Zhejiang NHU Co. Ltd., Class A		10,200		50,943
Zhejiang Orient Financial Holdings Group Co. Ltd., Class A		17,420		11,672
Zhejiang Semir Garment Co. Ltd., Class A		21,700		23,263
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A		24,800		16,695
Zhejiang Wanliyang Co. Ltd., Class A		11,400		13,641
Zhejiang Xinan Chemical Industrial Group Co. Ltd., Class A		10,700		44,230
Zhejiang Yasha Decoration Co. Ltd., Class A		16,000		14,554
Zhengzhou Coal Mining Machinery Group Co. Ltd., H Shares @		21,400		23,740
Zhongji Innolight Co. Ltd., Class A		3,700		18,438
Zhongjin Gold Corp. Ltd., Class A		32,000		39,804
Zhongshan Broad Ocean Motor Co. Ltd., Class A		22,200		21,244
Zhongtian Financial Group Co. Ltd., Class A *		38,300		15,337


	SHARES		VALUE†
Zhou Hei Ya International Holdings Co. Ltd. *±@		57,000	$	31,435
Zhuhai Huafa Properties Co. Ltd.		11,600		13,222
Zhuzhou CRRC Times Electric Co. Ltd., Class H		29,300		115,019
Zhuzhou Kibing Group Co. Ltd., Class A		10,500		21,966
Zibo Qixiang Tengda Chemical Co. Ltd., Class A		22,120		29,711
Zoomlion Heavy Industry Science & Technology Co. Ltd., H Shares @		85,800		54,657
ZTE Corp., H Shares		55,800		114,117
ZTO Express Cayman, Inc.		1,700		43,318
ZTO Express Cayman, Inc., ADR		11,133		278,325

				61,971,999

*Colombia — 0.1%*
Bancolombia SA, ADR		755		32,208
Cementos Argos SA		31,937		52,735
CEMEX Latam Holdings SA *		13,000		9,372
Corp. Financiera Colombiana SA *		2,308		17,177
Grupo Argos SA		29,921		110,072
Grupo Aval Acciones y Valores SA		7,483		34,048

				255,612

*Czech Republic — 0.1%*
CEZ, AS		849		35,628
Komercni Banka, AS		4,212		163,582

				199,210

*Greece — 0.3%*
Alpha Services & Holdings SA *		98,742		121,904
Autohellas Tourist and Trading SA		1,184		12,391
Bank of Greece		859		16,991
Eurobank Ergasias Services & Holdings SA *		150,057		176,376
Fourlis Holdings SA *		3,046		12,417
Hellenic Petroleum Holdings SA		3,804		31,056
Motor Oil Hellas Corinth Refineries SA		2,176		33,893
National Bank of Greece SA *		33,402		123,933
Piraeus Financial Holdings SA *		10,411		16,297

				545,258

*Hong Kong — 0.1%*
Jinmao Property Services Co. Ltd. *		6,646		4,208
Untrade CTEG @§		98,000		—
Vnet Group, Inc.,ADR *		5,989		34,916
Yuexiu Property Co. Ltd.		135,006		134,260

				173,384

*Hungary — 0.2%*
MOL Hungarian Oil & Gas PLC		44,543		392,998

				392,998

*India — 14.9%*
ACC Ltd.		5,835		165,752
Adani Enterprises Ltd.		1,614		42,962
Adani Ports & Special Economic Zone Ltd.		15,271		155,713
Adani Transmission Ltd. *		664		20,745
Aditya Birla Capital Ltd. *		44,000		62,364
Alembic Pharmaceuticals Ltd.		5,197		50,859
Allcargo Logistics Ltd.		4,985		23,394
Amara Raja Batteries Ltd.		5,077		35,923
Ambuja Cements Ltd.		41,841		165,238
Apollo Tyres Ltd.		31,532		79,563

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*India (Continued)*
Arvind Fashions Ltd. *		5,200	$	19,602
Arvind Ltd. *		13,452		20,540
Aster DM Healthcare Ltd.* ±		9,764		25,391
Aurobindo Pharma Ltd.		25,561		225,672
Axis Bank Ltd. *		106,251		1,068,399
Axis Bank Ltd., GDR *		6,937		345,463
Bajaj Holdings & Investment Ltd.		3,057		206,153
Balrampur Chini Mills Ltd.		14,783		95,273
Bandhan Bank Ltd. ±		42,966		173,480
Bank of Baroda *		66,538		98,040
Bank of India *		26,524		16,049
Bharat Electronics Ltd.		88,362		246,108
Bharat Heavy Electricals Ltd. *		96,730		62,934
Birla Corp. Ltd.		3,237		50,410
Birlasoft Ltd.		2,054		12,333
Bombay Burmah Trading Co.		684		7,763
Brigade Enterprises Ltd.		1,061		7,176
Camlin Fine Sciences Ltd. *		4,352		7,983
Canara Bank *		25,002		75,196
Ceat Ltd.		3,536		43,678
Central Bank of India Ltd. *		45,284		10,936
Century Textiles & Industries Ltd.		3,788		42,444
Chambal Fertilizers and Chemicals Ltd.		14,403		79,908
Cholamandalam Financial Holdings Ltd.		6,641		54,018
Cipla Ltd.		32,099		431,933
City Union Bank Ltd.		30,829		52,728
Cochin Shipyard Ltd. ±		3,997		15,495
Container Corp. Of India Ltd.		7,508		66,485
Cosmo Films Ltd.		829		18,881
CreditAccess Grameen Ltd. *		1,344		14,934
CSB Bank Ltd. *		3,753		10,458
Cyient Ltd.		6,750		82,594
Dalmia Bharat Ltd.		5,315		104,862
DCB Bank Ltd. *		19,962		18,243
DCM Shriram Ltd.		2,904		43,302
Deepak Fertilisers & Petrochemicals Corp. Ltd.		1,839		13,623
Dhampur Sugar Mills Ltd.		2,664		18,774
Dilip Buildcon Ltd. ±		2,860		9,083
Dishman Carbogen Amcis Ltd. *		5,292		12,920
DLF Ltd.		37,826		189,692
eClerx Services Ltd.		1,015		31,853
Edelweiss Financial Services Ltd.		37,825		29,052
EID Parry India Ltd.		7,288		43,762
Engineers India Ltd.		18,093		15,234
Equitas Small Finance Bank Ltd.* ±		16,074		10,882
Escorts Ltd.		6,126		136,223
Exide Industries Ltd.		26,178		52,201
Federal Bank Ltd.		161,831		208,442
Finolex Cables Ltd.		3,726		18,489
Finolex Industries Ltd.		15,431		31,178
Firstsource Solutions Ltd.		20,730		34,210
Fortis Healthcare Ltd. *		22,623		86,432
GAIL India Ltd.		175,583		361,361
Gateway Distriparks Ltd. *		25,136		22,524
General Insurance Corp. of India *±		7,543		11,323
GHCL Ltd.		4,240		30,344
Glenmark Pharmaceuticals Ltd.		12,966		75,495
Godawari Power and Ispat Ltd.		2,480		12,679
Godfrey Phillips India Ltd.		794		10,583
Granules India Ltd.		17,305		70,042
Grasim Industries Ltd.		22,682		499,707
Great Eastern Shipping Co. Ltd. (The)		8,516		38,885


	SHARES		VALUE†
Gujarat Alkalies & Chemicals Ltd.		2,551	$	30,114
Gujarat Ambuja Exports Ltd.		4,383		14,958
Gujarat Fluorochemicals Ltd.		3,596		131,217
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		8,633		96,020
Gujarat Pipavav Port Ltd.		19,498		19,633
Gujarat State Fertilizers & Chemicals Ltd.		11,602		24,842
Gujarat State Petronet Ltd.		23,082		78,438
Hero MotoCorp Ltd.		8,660		261,943
HIL Ltd.		334		17,406
Himatsingka Seide Ltd.		2,618		5,229
Hindalco Industries Ltd.		170,691		1,286,912
Hinduja Global Solutions Ltd.		1,226		16,552
Hindustan Aeronautics Ltd.		2,011		39,596
Housing Development Finance Corp. Ltd.		23,682		745,354
ICICI Bank Ltd.		5,036		48,562
ICICI Bank Ltd., ADR		89,109		1,687,724
IDFC First Bank Ltd. *		114,324		59,670
IDFC Ltd. *		76,058		62,232
IIFL Finance Ltd.		5,565		20,986
IIFL Securities Ltd.		25,376		30,006
IIFL Wealth Management Ltd.		665		14,735
India Cements Ltd. (The)		18,543		50,924
Indiabulls Housing Finance Ltd.		31,451		65,164
Indian Bank		2,394		4,859
Indian Overseas Bank *		76,991		18,390
Indus Towers Ltd. *		51,298		150,391
IndusInd Bank Ltd.		20,564		253,987
Infibeam Avenues Ltd.		77,058		19,678
Info Edge India Ltd.		1,546		91,932
IRCON International Ltd. ±		18,858		9,892
Jindal Poly Films Ltd.		769		11,265
Jindal Saw Ltd.		14,261		16,938
Jindal Stainless Hisar Ltd. *		10,916		56,039
Jindal Stainless Ltd. *		17,881		47,643
Jindal Steel & Power Ltd.		46,366		324,485
JK Lakshmi Cement Ltd.		2,815		17,572
JK Paper Ltd.		10,798		43,363
JK Tyre & Industries Ltd.		10,161		15,796
JM Financial Ltd.		26,872		24,008
JSW Energy Ltd.		32,770		130,388
JSW Steel Ltd.		89,380		865,314
Jubilant Pharmova Ltd.		9,690		49,572
Kalpataru Power Transmission Ltd.		5,415		26,173
Karnataka Bank Ltd. (The)		41,191		30,115
Karur Vysya Bank Ltd. (The)		36,209		22,268
Kaveri Seed Co. Ltd.		2,043		14,749
KEC International Ltd.		2,756		13,785
KEI Industries Ltd.		1,528		25,327
KPR Mill Ltd.		6,160		50,812
KRBL Ltd.		2,340		6,207
L&T Finance Holdings Ltd. *		78,972		83,636
Larsen & Toubro Ltd.		9,327		217,601
Larsen & Toubro Ltd., GDR		32,082		747,511
LIC Housing Finance Ltd.		20,180		95,554
Lupin Ltd.		22,898		226,774
Mahindra & Mahindra Financial Services Ltd.		54,856		114,671
Mahindra & Mahindra Ltd.		65,830		703,692
Mahindra CIE Automotive Ltd. *		6,907		15,523
Manappuram Finance Ltd.		34,315		51,489
Motilal Oswal Financial Services Ltd.		1,768		20,287
Mphasis Ltd.		1,705		76,053
MRF Ltd.		148		126,939
National Aluminium Co. Ltd.		68,435		110,498

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*India (Continued)*
NCC Ltd.		30,074	$	23,218
NESCO Ltd.		965		7,017
Nilkamal Ltd.		322		8,558
NMDC Ltd.		47,585		101,921
NOCIL Ltd.		7,374		24,426
Oberoi Realty Ltd. *		7,850		97,432
Orient Cement Ltd.		6,133		11,493
PCBL Ltd.		5,693		17,160
Persistent Systems Ltd.		4,032		253,227
Petronet LNG Ltd.		59,924		153,260
Phoenix Mills Ltd. (The)		4,600		66,774
Piramal Enterprises Ltd.		6,545		188,814
PNB Housing Finance Ltd. ±*		4,224		20,929
PNC Infratech Ltd.		4,201		14,470
Polyplex Corp. Ltd.		1,545		49,220
Power Finance Corp. Ltd.		83,351		123,693
Prestige Estates Projects Ltd.		14,610		94,591
PTC India Ltd.		17,788		19,273
Punjab National Bank *		115,447		53,477
Quess Corp. Ltd. ±		2,433		21,097
Rain Industries Ltd.		17,328		44,226
Rajesh Exports Ltd.		7,411		67,058
Rallis India Ltd.		3,389		10,622
Ramco Cements Ltd. (The)		5,904		60,072
Rashtriya Chemicals & Fertilizers Ltd.		16,695		19,642
Raymond Ltd. *		3,276		37,051
RBL Bank Ltd. *±		23,980		41,140
REC Ltd.		93,608		152,132
Redington India Ltd.		57,900		110,719
Reliance Industries Ltd.		206,554		7,185,435
Reliance Power Ltd. *		223,846		40,028
RITES Ltd.		2,755		9,426
Shilpa Medicare Ltd.		2,237		11,661
Shipping Corp. of India Ltd.		14,166		21,686
Shriram City Union Finance Ltd.		2,635		56,209
Shriram Transport Finance Co. Ltd.		15,545		232,636
Sobha Ltd.		6,105		56,800
Star Cement Ltd. *		7,280		8,575
State Bank of India		69,305		451,180
State Bank of India, GDR		7,560		486,108
Steel Authority of India Ltd.		89,762		116,800
Strides Pharma Science Ltd.		5,470		24,955
Sun Pharmaceutical Industries Ltd.		38,050		458,960
Sun TV Network Ltd.		5,489		35,422
Sundaram Finance Ltd.		865		22,146
Sundaram-Clayton Ltd.		221		10,383
Sunteck Realty Ltd.		5,951		33,770
Surya Roshni Ltd.		773		4,193
Tata Chemicals Ltd.		13,719		176,867
Tata Coffee Ltd.		1,997		5,714
Tata Consumer Products Ltd.		32,805		336,514
Tata Motors Ltd. *		178,887		1,024,572
Tata Motors Ltd., ADR @*		2,406		67,248
Tata Steel Ltd.		43,014		742,208
Tata Steel Ltd., GDR		6,923		116,999
Techno Electric & Engineering Co. Ltd.		2,836		9,248
Thirumalai Chemicals Ltd.		4,154		14,555
Tube Investments of India Ltd.		2,032		43,308
TV18 Broadcast Ltd. *		55,772		54,502


	SHARES		VALUE†
Uflex Ltd.		3,166	$	25,361
Union Bank of India Ltd. *		36,541		18,614
UPL Ltd.		40,601		411,529
Usha Martin Ltd. *		14,837		26,287
VA Tech Wabag Ltd. *		2,558		9,449
Vardhman Textiles Ltd.		8,165		47,196
Vedanta Ltd.		34,362		183,090
Venky’s India Ltd.		673		19,006
Welspun Corp. Ltd.		11,246		24,770
Welspun India Ltd.		31,063		37,222
Wipro Ltd.		31,859		249,532
Wockhardt Ltd. *		5,344		18,594
Yes Bank Ltd. *		193,770		31,325
Zee Entertainment Enterprises Ltd.		65,895		250,710
Zensar Technologies Ltd.		5,610		27,241
Zydus Wellness Ltd.		1,266		25,145

				31,627,654

*Indonesia — 1.8%*
Adaro Energy Indonesia Tbk PT		1,844,400		345,444
AKR Corporindo Tbk PT		923,500		58,512
Aneka Tambang Tbk PT		389,000		66,086
Astra Agro Lestari Tbk PT		61,744		53,952
Astra International Tbk PT		1,370,000		627,171
Astra Otoparts Tbk PT		19,600		1,535
Bank Mandiri Persero Tbk PT		710,600		390,861
Bank Maybank Indonesia Tbk PT		568,800		12,039
Bank Negara Indonesia Persero Tbk PT		499,366		286,842
Bank Pan Indonesia Tbk PT *		626,700		33,162
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		173,300		18,401
Bank Pembangunan Daerah Jawa Timur Tbk PT		403,000		22,167
Bank Tabungan Negara Persero Tbk PT		405,590		48,431
BISI International Tbk PT		94,000		8,705
Buana Lintas Lautan Tbk PT *		1,041,300		11,455
Bukit Asam Tbk PT		339,600		77,792
Bumi Serpong Damai Tbk PT *		435,700		30,943
Ciputra Development Tbk PT		924,577		66,949
Delta Dunia Makmur Tbk PT *		589,400		16,415
Erajaya Swasembada Tbk PT		1,042,500		42,099
Gudang Garam Tbk PT		38,200		84,047
Hanson International Tbk PT *§		5,335,700		—
Indah Kiat Pulp & Paper Tbk PT		294,700		162,098
Indika Energy Tbk PT *		68,700		10,667
Indo Tambangraya Megah Tbk PT		52,800		104,957
Indocement Tunggal Prakarsa Tbk PT		62,100		46,589
Indofood Sukses Makmur Tbk PT		407,500		168,816
Japfa Comfeed Indonesia Tbk PT		567,600		65,207
Link Net Tbk PT		34,800		10,395
Lippo Karawaci Tbk PT *		3,192,872		29,122
Medco Energi Internasional Tbk PT *		1,248,052		48,228
Media Nusantara Citra Tbk PT		629,000		43,576
Mitra Adiperkasa Tbk PT *		645,700		39,563
MNC Vision Networks Tbk PT *		1,301,600		12,053
Pabrik Kertas Tjiwi Kimia Tbk PT		84,800		41,477
Panin Financial Tbk PT *		1,598,900		19,148
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		296,500		29,211
PP Persero Tbk PT *		442,900		30,683
Ramayana Lestari Sentosa Tbk PT *		70,400		3,701

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Indonesia (Continued)*
Sawit Sumbermas Sarana Tbk PT		240,200	$	17,811
Semen Indonesia Persero Tbk PT		243,400		112,697
Sri Rejeki Isman Tbk PT *§		996,900		3,800
Surya Semesta Internusa Tbk PT *		393,100		10,839
Timah Tbk PT *		116,300		14,737
Tunas Baru Lampung Tbk PT		317,700		18,249
United Tractors Tbk PT		182,800		325,190
Vale Indonesia Tbk PT		184,400		86,021
Waskita Karya Persero Tbk PT *		1,467,673		56,203
Wijaya Karya Persero Tbk PT *		459,200		31,812
XL Axiata Tbk PT		426,800		78,748

				3,924,606

*Korea — 13.3%*
AK Holdings, Inc.		449		8,131
AMOREPACIFIC Group		612		22,166
Aprogen Medicines, Inc. *		11,871		14,936
Aprogen pharmaceuticals, Inc. *		18,660		12,640
Asia Paper Manufacturing Co. Ltd.		567		20,396
BGF Co. Ltd.		4,970		21,815
Binggrae Co. Ltd.		417		18,578
BNK Financial Group, Inc.		20,319		133,443
Capro Corp. *		3,814		12,917
Chongkundang Holdings Corp.		196		11,595
CJ CheilJedang Corp.		860		262,176
CJ Corp.		1,381		96,165
CJ ENM Co. Ltd.		392		42,497
CJ Logistics Corp. *		395		42,203
Com2uSCorp		128		11,712
Dae Han Flour Mills Co. Ltd.		157		23,122
Daesang Corp.		2,426		46,636
Daewoo Engineering & Construction Co. Ltd. *		18,960		109,500
Daewoo Shipbuilding & Marine Engineering Co. Ltd. *		5,100		104,352
Daihan Pharmaceutical Co. Ltd.		296		7,168
Daishin Securities Co. Ltd.		3,671		53,912
Daou Technology, Inc.		2,149		39,361
DB Insurance Co. Ltd.		5,076		292,737
DGB Financial Group, Inc.		20,001		154,127
DL E&C Co. Ltd.		1,923		210,220
DL Holdings Co. Ltd.		1,534		77,456
Dong-A ST Co. Ltd.		233		13,457
Dongkuk Steel Mill Co. Ltd.		6,894		95,272
Dongkuk Structures & Construction Co. Ltd.		3,960		19,374
Dongwha Pharm Co. Ltd.		736		8,289
Dongwon F&B Co. Ltd.		128		19,009
Dongwon Industries Co. Ltd.		143		29,731
Doosan Bobcat, Inc.		4,635		148,566
Doosan Co. Ltd.		633		54,315
DoubleUGames Co. Ltd.		222		9,451
DTR Automotive Corp.		17		990
E-MART, Inc.		1,350		157,048
Easy Holdings Co. Ltd.		5,023		17,737
Eugene Investment & Securities Co. Ltd.		8,694		24,029
Fila Holdings Corp.		2,627		68,165
Green Cross Holdings Corp.		609		12,009
GS Engineering & Construction Corp.		5,639		215,874
GS Holdings Corp.		4,562		165,234
GS Retail Co. Ltd.		2,919		68,276
Halla Holdings Corp.		1,090		36,647
Han Kuk Carbon Co. Ltd.		2,014		19,524


	SHARES		VALUE†
Hana Financial Group, Inc.		22,264	$	892,728
Handok, Inc.		492		8,809
Handsome Co. Ltd.		1,312		38,644
Hanil Holdings Co. Ltd.		1,021		10,951
Hanjin Transportation Co. Ltd.		1,142		29,208
Hankook Tire & Technology Co. Ltd.		6,064		168,354
Hansol Paper Co. Ltd.		2,232		24,676
Hansol Technics Co. Ltd. *		1,664		9,445
Hanwha Aerospace Co. Ltd.		3,025		130,279
Hanwha Corp.		3,953		102,572
Hanwha General Insurance Co. Ltd. *		8,055		33,428
Hanwha Investment & Securities Co. Ltd.		13,449		56,479
Hanwha Life Insurance Co. Ltd. *		20,246		52,617
Hanwha Solutions Corp. *		9,139		271,067
HDC Hyundai Development Co.-Engineering & Construction		2,554		31,818
HMM Co. Ltd.		7,610		183,022
HS Industries Co. Ltd.		3,615		16,553
Huchems Fine Chemical Corp.		548		10,218
Hy-Lok Corp.		918		13,595
Hyosung Corp.		657		46,563
Hyosung Heavy Industries Corp. *		306		15,451
Hyosung TNC Co., Ltd.		64		24,553
Hyundai Construction Equipment Co. Ltd.		1,558		47,561
Hyundai Department Store Co. Ltd.		1,286		80,319
Hyundai Development Co.		2,781		16,291
Hyundai Doosan Infracore Co. Ltd. *		10,482		57,424
Hyundai Electric & Energy System Co. Ltd. *		1,980		35,041
Hyundai Engineering & Construction Co. Ltd.		4,831		190,920
Hyundai Futurenet Co. Ltd.		3,997		11,921
Hyundai Glovis Co. Ltd.		307		48,758
Hyundai Greenfood Co. Ltd.		5,396		40,023
Hyundai Heavy Industries Holdings Co. Ltd.		3,175		140,931
Hyundai Home Shopping Network Corp.		716		35,562
Hyundai Livart Furniture Co. Ltd.		1,625		21,384
Hyundai Marine & Fire Insurance Co. Ltd.		5,895		156,367
Hyundai Mipo Dockyard Co. Ltd. *		1,444		93,284
Hyundai Mobis Co. Ltd.		3,743		663,954
Hyundai Motor Co.		7,337		1,092,635
Hyundai Motor Securities Co. Ltd.		1,658		15,184
Hyundai Steel Co.		5,647		193,583
Hyundai Wia Corp.		941		49,921
Industrial Bank of Korea		21,945		196,447
Innocean Worldwide, Inc.		407		16,890
INTOPS Co. Ltd.		1,491		45,085
IS Dongseo Co. Ltd.		855		40,209
Jahwa Electronics Co. Ltd. *		1,250		25,319
JB Financial Group Co. Ltd.		11,834		82,503
KB Financial Group, Inc., ADR @		29,181		1,424,908
KC Co. Ltd.		887		16,539
KC Tech Co. Ltd.		463		8,328
KCC Corp.		293		82,675
KCC Glass Corp.		444		23,225
Kia Corp.		16,414		1,002,134
KISWIRE Ltd.		1,072		19,369
KIWOOM Securities Co. Ltd.		1,398		113,958
Kolmar Korea Holdings Co. Ltd.		830		14,244
Kolon Industries, Inc.		1,930		100,955
Korea Asset In Trust Co. Ltd.		5,452		18,442
Korea Electric Terminal Co. Ltd.		682		35,899
Korea Investment Holdings Co. Ltd.		3,650		236,096
Korea Line Corp. *		16,631		38,214
Korea Petrochemical Ind Co. Ltd.		384		53,067

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Korea (Continued)*
Korea Real Estate Investment & Trust Co. Ltd.		13,613	$	26,450
Korea Shipbuilding & Offshore Engineering Co. Ltd. *		2,470		181,167
Korea Zinc Co. Ltd.		479		231,191
Korean Air Lines Co. Ltd. *		1,975		49,210
Korean Reinsurance Co.		8,995		73,026
KT Skylife Co. Ltd.		3,507		25,723
KT&G Corp.		6,668		443,965
Kumho Petrochemical Co. Ltd.		514		65,732
Kumho Tire Co., Inc. *		7,034		24,490
Kwang Dong Pharmaceutical Co. Ltd.		5,019		31,140
Kyobo Securities Co. Ltd.		2,156		13,626
LF Corp.		1,623		23,701
LG Corp.		5,347		337,041
LG Display Co. Ltd.		12,166		207,275
LG Display Co. Ltd., ADR @*		28,889		238,623
LG Electronics, Inc.		10,656		1,059,402
LG HelloVision Co. Ltd.		4,225		18,754
LG Uplus Corp.		15,900		183,656
Lotte Chemical Corp.		1,056		182,527
Lotte Chilsung Beverage Co. Ltd.		274		41,143
Lotte Confectionery Co. Ltd.		72		6,980
Lotte Corp.		1,582		42,289
LOTTE Fine Chemical Co. Ltd.		1,517		99,127
Lotte Food Co. Ltd.		34		9,089
LOTTE Himart Co. Ltd.		1,461		30,014
Lotte Shopping Co. Ltd.		641		50,664
LS Corp.		1,543		67,217
LX Hausys Ltd.		666		35,332
LX Holdings Corp. *		2,593		20,602
LX International Corp.		3,459		98,315
Maeil Dairies Co. Ltd.		341		19,103
Mando Corp.		1,762		73,123
Meritz Financial Group, Inc.		748		25,087
Meritz Securities Co. Ltd.		31,284		168,803
Mirae Asset Securities Co. Ltd.		28,671		202,486
Muhak Co. Ltd.		2,076		17,385
Namyang Dairy Products Co. Ltd.		41		13,565
Nexen Corp.		2,630		9,591
Nexen Tire Corp.		5,151		27,284
NH Investment & Securities Co. Ltd.		10,116		95,147
NHN Corp. *		2,376		72,238
NICE Holdings Co. Ltd.		708		9,901
Nong Shim Holdings Co. Ltd.		185		11,066
NongShim Co. Ltd.		255		63,011
OCI Co. Ltd.		1,256		108,807
Orion Holdings Corp.		2,572		30,239
Ottogi Corp.		38		13,999
Pan Ocean Co. Ltd.		22,750		131,201
Poongsan Corp.		1,950		53,414
POSCO Holdings, Inc.		984		237,871
POSCO Holdings, Inc.		17,853		1,058,147
Posco International Corp.		4,654		82,555
Power Logics Co. Ltd. *		2,246		13,416
S-MAC Co. Ltd. *<>		1,981		5,532
S-Oil Corp.		1,444		115,205
Sajo Industries Co. Ltd.		327		13,449
Samjin Pharmaceutical Co. Ltd.		808		16,833


	SHARES		VALUE†
Samsung C&T Corp.		4,716	$	443,566
Samsung Card Co. Ltd.		2,083		55,510
Samsung Electronics Co. Ltd.		11,336		650,951
Samsung Electronics Co. Ltd., GDR		1,105		1,567,995
Samsung Fire & Marine Insurance Co. Ltd.		3,009		543,683
Samsung Heavy Industries Co. Ltd. *		37,160		174,142
Samsung Life Insurance Co. Ltd.		4,444		241,623
Samsung SDS Co. Ltd.		1,603		183,174
Samsung Securities Co. Ltd.		4,339		149,997
Samyang Corp.		427		18,531
Samyang Holdings Corp.		409		29,054
Sangsangin Co. Ltd.		4,957		38,935
SeAH Steel Holdings Corp.		235		23,266
Sebang Co. Ltd.		1,306		12,715
Sebang Global Battery Co. Ltd.		697		39,334
Seohan Co. Ltd.		5,607		8,327
Seoul Semiconductor Co. Ltd.		1,842		21,428
Shinhan Financial Group Co. Ltd. @		23,813		815,345
Shinhan Financial Group Co. Ltd., ADR *		5,343		178,616
Shinsegae, Inc.		629		133,112
Shinyoung Securities Co. Ltd.		511		25,127
SK Chemicals Co., Ltd.		321		36,018
SK Discovery Co. Ltd.		1,247		42,697
SK Gas Ltd.		364		34,537
SK Hynix, Inc.		24,805		2,414,909
SK Innovation Co. Ltd. *		2,111		374,461
SK Networks Co. Ltd.		12,838		49,994
SK Securities Co. Ltd.		36,346		26,869
SK, Inc.		2,543		507,740
SL Corp.		1,820		37,164
SNT Motiv Co. Ltd.		1,086		41,440
Songwon Industrial Co. Ltd.		1,925		35,814
Soulbrain Holdings Co. Ltd.		523		12,967
Spigen Korea Co. Ltd.		361		13,626
Suheung Co. Ltd.		475		15,813
Sungwoo Hitech Co. Ltd.		3,959		16,283
Sunjin Co. Ltd.		941		9,084
Taekwang Industrial Co. Ltd.		36		30,949
Taeyoung Engineering & Construction Co. Ltd.		2,546		21,426
Theragen Etex Co. Ltd. *		2,386		10,551
Tongyang, Inc.		18,180		24,299
Toptec Co. Ltd. *		1,934		13,371
TY Holdings Co. Ltd. *		2,455		54,081
Unid Co. Ltd.		672		58,215
WiSoL Co. Ltd.		914		8,747
Wonik Holdings Co. Ltd. *		5,077		20,127
Woori Financial Group, Inc.		38,312		485,202
Young Poong Corp.		46		26,187
Youngone Corp.		2,083		81,804
Youngone Holdings Co. Ltd.		787		34,738
Yuanta Securities Korea Co. Ltd.		11,552		35,265

				28,324,295

*Malaysia — 1.8%*
Aeon Co. M Bhd		64,400		24,199
Alliance Bank Malaysia Bhd		118,600		106,055
AMMB Holdings Bhd *		194,787		171,867
Batu Kawan Bhd		16,500		103,205
Boustead Plantations Bhd		55,720		13,185
Bumi Armada Bhd *		264,700		25,811

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Malaysia (Continued)*
Cahya Mata Sarawak Bhd		68,100	$	17,654
CIMB Group Holdings Bhd		503,353		638,057
DRB-Hicom Bhd		119,100		41,638
Ekovest Bhd *		165,800		17,153
Gamuda Bhd		148,628		122,303
Genting Bhd		144,900		161,278
Genting Malaysia Bhd		182,600		129,413
Genting Plantations Bhd		6,500		13,217
HAP Seng Consolidated Bhd		12,400		22,059
Hengyuan Refining Co. Bhd		9,900		9,347
Hibiscus Petroleum Bhd		140,200		38,345
Hong Leong Financial Group Bhd		27,121		126,422
IJM Corp. Bhd		250,560		99,515
IOI Properties Group Bhd		50,050		11,665
Lotte Chemical Titan Holding Bhd ±		36,723		19,476
Magnum Bhd		86,961		37,640
Mah Sing Group Bhd		205,885		33,296
Malayan Banking Bhd		279,064		593,337
Malaysia Airports Holdings Bhd *		31,300		51,736
Malaysia Building Society Bhd		205,001		29,253
Malaysian Resources Corp. Bhd		136,329		11,834
Matrix Concepts Holdings Bhd		42,800		24,124
Mega First Corp. Bhd		12,800		11,324
MISC Bhd		94,320		164,874
MKH Bhd		36,950		11,863
Oriental Holdings Bhd		25,760		37,310
OSK Holdings Bhd		74,455		16,999
PPB Group Bhd		37,500		152,506
RHB Bank Bhd		184,365		261,327
Sarawak Oil Palms Bhd		20,500		26,327
Sime Darby Bhd		293,600		167,582
Sime Darby Property Bhd		308,000		43,218
SP Setia Bhd Group		143,480		42,995
Sunway Bhd		96,197		40,037
Ta Ann Holdings Bhd		12,260		15,016
United Malacca Bhd		14,600		19,236
UOA Development Bhd		14,100		5,902
WCT Holdings Bhd *		115,937		15,992
YTL Corp. Bhd		464,943		65,240

				3,790,832

*Mexico — 2.4%*
ALEATICA SAB de CV *		17,691		17,655
Alfa SAB de CV, Class A		260,453		197,991
Alpek SAB de CV		27,384		37,655
Arca Continental SAB de CV		21,120		143,338
Banco del Bajio SA ±		52,670		143,922
Cemex SAB de CV *		605,139		323,410
Coca-Cola Femsa SAB de CV		24,353		134,107
Consorcio ARA SAB de CV		72,788		14,162
Corp. Actinver SAB de CV		15,700		9,472
El Puerto de Liverpool SAB de CV, Series C1		8,547		43,693
Fomento Economico Mexicano SAB de CV		39,467		327,681
GCC SAB de CV		9,847		70,909
Genomma Lab Internacional SAB de CV, Series B		44,530		48,784
Gentera SAB de CV *		67,054		56,738
Grupo Carso SAB de CV, Series A1		24,499		92,121
Grupo Comercial Chedraui SA de CV		28,843		73,942
Grupo Elektra SAB de CV		420		27,209
Grupo Financiero Banorte SAB de CV, Class O		107,375		808,795


	SHARES		VALUE†
Grupo Financiero Inbursa SAB de CV, Class O *		113,739	$	237,885
Grupo Hotelero Santa Fe SAB de CV *		22,600		4,738
Grupo Mexico SAB de CV, Series B		158,955		949,015
Grupo Sanborns SAB de CV *		34,641		39,361
Grupo Televisa SAB		189,926		445,930
Industrias Bachoco SAB de CV, ADR		639		29,854
Industrias Bachoco SAB de CV, Series B		5,634		22,023
Industrias CH SAB de CV, Series B *		23,916		246,507
Industrias Penoles SAB de CV		8,090		102,091
La Comer SAB de CV		37,216		74,245
Megacable Holdings SAB de CV		16,872		50,896
Minera Frisco SAB de CV, Class A1 *		52,254		9,484
Nemak SAB de CV *±		122,975		33,201
Orbia Advance Corp. SAB de CV		64,269		169,995
Organizacion Soriana SAB de CV, Class B		57,868		65,171
Promotora y Operadora de Infraestructura SAB de CV		11,129		88,366
Promotora y Operadora de Infraestructura SAB de CV, Class L		1,600		7,384
Unifin Financiera SAB de CV *		10,214		12,217

				5,159,947

*Netherlands — 0.0%*
Astarta Holding NV		1,115		6,953

*Philippines — 0.8%*
Alliance Global Group, Inc.		253,300		61,287
Ayala Corp.		9,410		149,847
Bank of the Philippine Islands		67,429		129,789
BDO Unibank, Inc.		94,817		243,158
Belle Corp. *		176,000		4,558
CEMEX Holdings Philippines, Inc. *±		324,537		5,331
China Banking Corp.		74,676		38,965
Cosco Capital, Inc.		257,000		24,535
DMCI Holdings, Inc.		385,900		67,343
East West Banking Corp. *		27,450		4,472
Filinvest Land, Inc.		1,435,000		29,951
First Philippine Holdings Corp.		26,510		35,965
GT Capital Holdings, Inc.		3,472		37,038
JG Summit Holdings, Inc.		152,183		180,285
LT Group, Inc.		132,300		22,755
Megaworld Corp.		1,004,700		58,443
Metropolitan Bank & Trust Co.		120,747		133,010
Puregold Price Club, Inc.		33,600		23,214
Rizal Commercial Banking Corp.		47,790		18,933
Robinsons Land Corp.		247,455		98,035
Robinsons Retail Holdings, Inc.		43,490		46,688
San Miguel Corp.		41,650		88,540
Security Bank Corp.		23,180		48,828
Top Frontier Investment Holdings, Inc. *		4,630		10,603
Union Bank of the Philippines		30,425		57,505
Vista Land & Lifescapes, Inc.		491,200		24,776

				1,643,854

*Poland — 0.9%*
AB SA		845		9,713
Alior Bank SA *		6,050		66,018
Amica SA		306		7,428
Asseco Poland SA		3,975		76,298
Bank Handlowy w Warszawie SA		2,875		43,791
Bank Millennium SA *		56,324		88,807
Bank Polska Kasa Opieki SA		382		10,264
Ciech SA		1,973		20,285
Cyfrowy Polsat SA		10,765		71,122
Develia SA		16,364		12,891
Echo Investment SA		1,732		1,455

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Poland (Continued)*
Enea SA *		15,105	$	33,037
Famur SA *		51,375		35,520
Grupa Azoty SA *		5,354		54,512
Grupa Lotos SA *		8,588		120,386
Jastrzebska Spolka Weglowa SA *		2,892		53,549
Kernel Holding SA		6,315		49,222
KGHM Polska Miedz SA		6,752		277,842
mBank SA *		1,049		88,179
PGE Polska Grupa Energetyczna SA *		69,342		150,509
Polski Koncern Naftowy Orlen SA		28,356		513,030
Santander Bank Polska SA		311		22,575
Tauron Polska Energia SA *		36,917		25,322

				1,831,755

*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.		24,000		23,316

*South Africa — 4.6%*
Absa Group Ltd.		40,917		533,258
Adcock Ingram Holdings Ltd.		3,460		12,396
Aeci Ltd.		11,902		94,874
African Rainbow Minerals Ltd. @		9,314		182,392
AngloGold Ashanti Ltd., ADR		16,757		396,973
Aspen Pharmacare Holdings Ltd.		21,622		293,911
Astral Foods Ltd.		5,245		54,498
Barloworld Ltd.		20,449		163,032
DataTec Ltd.		21,291		59,258
Discovery Ltd. *		16,270		202,834
Exxaro Resources Ltd.		14,928		226,313
Gold Fields Ltd., ADR @		49,257		761,513
Grindrod Ltd.		33,342		15,447
Grindrod Shipping Holdings Ltd. @		905		22,630
Harmony Gold Mining Co. Ltd., ADR @		25,436		127,943
Impala Platinum Holdings Ltd.		50,118		771,809
Investec Ltd.		21,334		142,363
KAP Industrial Holdings Ltd.		75,439		25,194
Lewis Group Ltd.		3,337		10,733
Life Healthcare Group Holdings Ltd.		51,539		82,180
Long4Life Ltd.		66,407		27,267
Metair Investments Ltd.		23,331		47,899
Momentum Metropolitan Holdings @		100,980		119,621
Motus Holdings Ltd.		16,843		123,644
Mpact Ltd.		15,365		34,699
MTN Group Ltd.		115,772		1,505,333
Murray & Roberts Holdings Ltd. *		24,454		21,103
Naspers Ltd.		702		79,946
Nedbank Group Ltd.		26,249		418,673
Netcare Ltd.		23,365		25,743
Oceana Group Ltd.		7,336		28,616
Old Mutual Ltd.		280,462		264,292
Omnia Holdings Ltd.		16,030		82,495
Pepkor Holdings Ltd. ±		70,785		112,384
PPC Ltd. *		147,503		42,901
Raubex Group Ltd.		16,897		45,618


	SHARES		VALUE†
Reunert Ltd.		14,953	$	46,028
RFG Holdings Ltd.		12,062		9,080
Royal Bafokeng Platinum Ltd. @		7,872		87,003
Sappi Ltd. *		46,866		182,493
Sasol Ltd. *		25,120		610,272
Sasol Ltd., ADR *		4,634		112,050
Sibanye Stillwater Ltd.		668		10,842
Sibanye Stillwater Ltd.		92,672		379,250
Standard Bank Group Ltd.		66,138		824,388
Super Group Ltd.		41,508		83,513
Telkom SA SOC Ltd. @*		28,405		86,464
Tiger Brands Ltd.		4,622		51,210
Wilson Bayly Holmes-Ovcon Ltd.		5,488		30,398

				9,672,776

*Taiwan — 19.1%*
Acer, Inc.		187,884		196,399
Advanced International Multitech Co. Ltd.		8,000		21,974
Alpha Networks, Inc.		24,973		27,281
Altek Corp.		13,000		19,442
Ambassador Hotel (The) *		20,000		23,315
AmTRAN Technology Co. Ltd.		70,763		41,369
Apex International Co. Ltd.		15,000		55,494
Arcadyan Technology Corp.		7,000		29,684
Ardentec Corp.		39,092		68,356
ASE Technology Holding Co. Ltd.		208,000		751,374
Asia Cement Corp.		203,269		344,794
Asia Pacific Telecom Co. Ltd. *		125,842		29,427
Asia Polymer Corp.		31,602		41,582
Asia Vital Components Co. Ltd.		27,000		109,785
Asustek Computer, Inc.		56,000		730,014
AU Optronics Corp.		628,000		435,084
Avermedia Technologies		11,200		10,867
Bank of Kaohsiung Co. Ltd.		45,000		23,245
Basso Industry Corp.		9,000		13,429
Bioteque Corp.		3,000		11,361
Brighton-Best International Taiwan, Inc.		17,000		22,784
Capital Securities Corp.		184,437		105,893
Career Technology MFG. Co. Ltd. *		20,400		16,554
Catcher Technology Co. Ltd.		54,000		272,342
Cathay Financial Holding Co. Ltd.		665,166		1,497,416
Cathay Real Estate Development Co. Ltd.		70,000		46,176
Chang Hwa Commercial Bank Ltd.		296,496		198,171
Channel Well Technology Co. Ltd.		16,000		21,109
Cheng Loong Corp.		82,000		100,169
Cheng Shin Rubber Industry Co. Ltd.		121,000		149,711
Cheng Uei Precision Industry Co. Ltd.		44,543		58,843
Chia Hsin Cement Corp.		22,000		16,086
Chin-Poon Industrial Co. Ltd.		36,000		41,778
China Airlines Ltd. *		278,111		258,683
China Bills Finance Corp.		89,000		54,981
China Chemical & Pharmaceutical Co. Ltd.		19,000		14,722
China Development Financial Holding Corp.		896,559		600,804
China General Plastics Corp.		28,665		35,016
China Man-Made Fiber Corp.		115,018		37,294
China Metal Products		31,000		37,112
China Motor Corp.		22,478		47,543
China Petrochemical Development Corp. *		389,871		165,329
China Steel Corp.		866,800		1,178,363
Chipbond Technology Corp.		42,000		101,293

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Taiwan (Continued)*
ChipMOS Technologies, Inc.		28,897	$	51,840
Chun Yuan Steel Industry Co. Ltd.		30,000		25,444
Chung Hung Steel Corp.		60,000		96,644
Chung-Hsin Electric & Machinery Manufacturing Corp.		28,000		53,456
Chunghwa Precision Test Tech Co. Ltd.		2,000		42,092
Clevo Co.		43,000		48,326
CMC Magnetics Corp.		93,595		33,647
Compal Electronics, Inc.		440,000		411,567
Compeq Manufacturing Co. Ltd.		109,000		183,750
Concord Securities Co. Ltd.		37,000		19,435
Continental Holdings Corp.		42,000		38,700
Coretronic Corp.		40,800		100,108
CTBC Financial Holding Co. Ltd.		1,541,280		1,581,545
CyberTAN Technology, Inc.		37,000		35,578
D-Link Corp.		50,640		29,781
DA CIN Construction Co. Ltd.		9,000		11,010
Darfon Electronics Corp.		17,000		29,489
Darwin Precisions Corp. *		55,000		23,227
Depo Auto Parts Ind Co. Ltd.		12,000		25,046
Dyaco International, Inc.		7,000		12,045
Dynapack International Technology Corp.		7,000		27,241
E Ink Holdings, Inc.		3,000		19,371
E.Sun Financial Holding Co. Ltd.		663,773		765,674
Elite Advanced Laser Corp.		8,000		13,779
Elitegroup Computer Systems Co. Ltd.		35,877		25,106
Ennoconn Corp.		3,116		21,969
ENNOSTAR, Inc. *		25,414		63,421
Entie Commercial Bank Co. Ltd.		68,000		38,804
Eternal Materials Co., Ltd.		34,000		43,136
Eva Airways Corp. *		265,478		298,821
Everest Textile Co. Ltd. *		56,568		16,920
Evergreen International Storage & Transport Corp.		54,000		69,546
Evergreen Marine Corp. Taiwan Ltd.		86,459		407,377
Everlight Chemical Industrial Corp.		56,000		50,818
Everlight Electronics Co. Ltd.		40,000		68,129
Excelsior Medical Co. Ltd.		11,000		25,416
Far Eastern Department Stores Ltd.		108,220		80,075
Far Eastern International Bank		250,659		106,732
Far Eastern New Century Corp.		266,338		282,592
Farglory Land Development Co. Ltd.		26,721		63,791
Federal Corp.		33,000		31,271
Feng Hsin Iron & Steel Co.		14,000		47,153
First Financial Holding Co. Ltd.		579,774		575,697
First Steamship Co. Ltd. *		39,240		15,818
FLEXium Interconnect, Inc.		24,000		85,022
Formosa Advanced Technologies Co. Ltd.		20,000		28,620
Formosa Chemicals & Fibre Corp.		176,000		485,280
Formosa Petrochemical Corp.		41,000		134,942
Formosa Plastics Corp.		164,000		609,602
Formosa Taffeta Co. Ltd.		28,000		27,559
Formosan Rubber Group, Inc.		20,080		15,769
Formosan Union Chemical		48,179		46,579
Foxconn Technology Co. Ltd.		58,127		127,406
FSP Technology, Inc.		8,000		12,244
Fubon Financial Holding Co. Ltd.		634,173		1,693,253
Fulltech Fiber Glass Corp. *		31,310		16,665
G Shank Enterprise Co. Ltd.		10,000		19,894
Gemtek Technology Corp.		47,000		54,133
General Interface Solution Holding Ltd.		24,000		80,331
Getac Holdings Corp.		21,000		36,464
Giantplus Technology Co. Ltd. *		37,000		16,078


	SHARES		VALUE†
Gloria Material Technology Corp.		50,392	$	44,497
Gold Circuit Electronics Ltd.		35,000		103,834
Goldsun Building Materials Co. Ltd.		82,973		86,154
Grand Pacific Petrochemical		102,000		97,189
Great Wall Enterprise Co. Ltd.		57,839		109,212
Greatek Electronics, Inc.		16,000		41,436
Hannstar Board Corp.		38,929		57,473
HannsTouch Solution, Inc.		32,279		15,435
Hey Song Corp.		18,750		23,232
Highwealth Construction Corp.		9,900		15,687
Hiroca Holdings Ltd.		8,000		15,385
Ho Tung Chemical Corp.		108,688		39,642
Holy Stone Enterprise Co., Ltd.		10,000		41,883
Hon Hai Precision Industry Co. Ltd.		703,068		2,601,093
Hong Pu Real Estate Development Co. Ltd.		20,000		15,357
Hsin Kuang Steel Co., Ltd.		7,000		16,565
HTC Corp. *		9,000		18,596
Hu Lane Associate, Inc.		1,000		4,310
Hua Nan Financial Holdings Co. Ltd.		475,181		403,841
Hung Ching Development & Construction Co. Ltd.		20,000		20,941
Hung Sheng Construction Ltd.		50,688		44,051
IBF Financial Holdings Co. Ltd.		275,839		161,259
IEI Integration Corp.		8,000		13,012
Innolux Corp.		607,757		356,362
International CSRC Investment Holdings Co.		58,604		57,271
Inventec Corp.		214,282		184,729
ITEQ Corp.		5,000		20,941
Kenda Rubber Industrial Co. Ltd.		22,000		24,648
Kindom Development Co. Ltd.		46,200		58,211
King Slide Works Co. Ltd.		2,000		30,505
King Yuan Electronics Co. Ltd.		127,100		190,086
King’s Town Bank Co. Ltd.		90,000		126,590
Kinpo Electronics		138,000		81,640
Kinsus Interconnect Technology Corp.		28,000		190,077
Kuoyang Construction Co., Ltd.		14,000		11,312
L&K Engineering Co. Ltd.		16,000		17,814
Largan Precision Co. Ltd.		7,000		460,534
Lealea Enterprise Co. Ltd. *		27,000		10,507
Lelon Electronics Corp.		10,000		22,721
Lien Hwa Industrial Holdings Corp.		34,479		77,258
Lingsen Precision Industries Ltd. *		41,000		34,988
Lite-On Technology Corp.		213,874		508,344
Longchen Paper & Packaging Co. Ltd.		89,648		66,959
Longwell Co.		12,000		21,946
Lung Yen Life Service Corp.		7,000		10,823
Macronix International Co. Ltd.		119,171		166,789
MediaTek, Inc.		2,000		63,173
Mega Financial Holding Co. Ltd.		544,850		815,806
Mercuries & Associates Holding Ltd.		42,344		31,405
Mercuries Life Insurance Co. Ltd. *		169,799		49,781
Merry Electronics Co. Ltd.		9,192		27,430
Micro-Star International Co., Ltd.		31,000		140,656
Mirle Automation Corp.		6,000		8,565
Mitac Holdings Corp.		27,637		28,504
MOSA Industrial Corp.		8,000		9,982
MPI Corp.		6,000		21,360
Namchow Holdings Co. Ltd.		7,000		11,898
Nan Ya Plastics Corp.		297,000		966,106
Nanya Technology Corp.		117,000		282,582
O-Bank Co. Ltd.		91,943		32,892
Orient Semiconductor Electronics Ltd. *		42,485		33,289
Oriental Union Chemical Corp. *		16,000		12,732
Pan Jit International, Inc.		8,600		30,616

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Taiwan (Continued)*
Pan-International Industrial Corp.		34,380	$	48,177
Pegatron Corp.		187,249		473,163
PharmaEngine, Inc.		9,000		28,145
Phison Electronics Corp.		6,000		99,576
Pixart Imaging, Inc.		8,000		39,230
POU Chen Corp.		169,133		186,243
Powertech Technology, Inc.		49,000		162,470
President Securities Corp.		86,636		69,547
Primax Electronics Ltd.		13,000		23,639
Prince Housing & Development Corp.		77,970		35,785
Prosperity Dielectrics Co. Ltd.		11,000		21,308
Qisda Corp.		168,400		195,428
Quanta Computer, Inc.		139,000		428,379
Quanta Storage, Inc.		13,000		19,964
Radiant Opto-Electronics Corp.		27,000		97,534
Radium Life Tech Co. Ltd.		101,477		37,011
Rechi Precision Co. Ltd.		16,000		10,052
Rexon Industrial Corp. Ltd.		13,000		20,509
Rich Development Co. Ltd.		19,978		6,478
Ritek Corp. *		47,211		15,094
Ruentex Development Co. Ltd.		62,192		172,131
Ruentex Industries Ltd.		43,420		175,793
Sampo Corp.		31,600		35,624
San Fang Chemical Industry Co. Ltd.		13,000		9,165
Sanyang Motor Co. Ltd.		41,573		41,788
Sesoda Corp.		27,193		52,770
Shanghai Commercial & Savings Bank Ltd. (The)		63,000		110,382
Shihlin Electric & Engineering Corp.		26,000		47,279
Shin Kong Financial Holding Co. Ltd.		715,108		269,555
Shin Zu Shing Co. Ltd.		16,660		48,320
Shinkong Insurance Co. Ltd.		22,000		42,155
Shinkong Synthetic Fibers Corp.		108,151		79,080
Sigurd Microelectronics Corp.		42,694		88,811
Simplo Technology Co., Ltd.		9,000		97,534
Sincere Navigation Corp.		27,810		27,081
Sinon Corp.		56,000		65,965
SinoPac Financial Holdings Co. Ltd.		740,094		475,289
Sirtec International Co. Ltd.		12,000		10,931
Solar Applied Materials Technology Co.		13,000		23,186
St Shine Optical Co. Ltd.		5,000		50,172
Sunonwealth Electric Machine Industry Co. Ltd.		12,000		18,030
Supreme Electronics Co. Ltd.		43,121		78,261
Swancor Holding Co. Ltd.		4,000		14,868
Syncmold Enterprise Corp.		5,000		12,565
Synmosa Biopharma Corp.		13,450		11,783
Synnex Technology International Corp.		119,300		313,536
TA Chen Stainless Pipe Co., Ltd.		87,000		148,788
Ta Ya Electric Wire & Cable		51,322		51,498
TA-I Technology Co. Ltd.		6,000		12,523
TAI-TECH Advanced Electronics Co. Ltd.		3,000		12,565
Taichung Commercial Bank Co. Ltd.		362,062		191,447
TaiDoc Technology Corp.		7,000		50,085
Taiflex Scientific Co. Ltd.		25,740		40,517
Tainan Spinning Co. Ltd.		115,427		94,271
Taishin Financial Holding Co. Ltd.		822,019		588,150
Taiwan Business Bank		356,124		159,719
Taiwan Cement Corp.		406,360		707,724


	SHARES		VALUE†
Taiwan Cogeneration Corp.		28,000	$	37,625
Taiwan Cooperative Financial Holding Co. Ltd.		513,307		529,404
Taiwan Fertilizer Co. Ltd.		48,000		122,800
Taiwan FU Hsing Industrial Co. Ltd.		21,000		32,030
Taiwan Glass Industry Corp.		109,321		96,152
Taiwan Hon Chuan Enterprise Co. Ltd.		30,925		85,053
Taiwan Navigation Co. Ltd.		18,000		22,742
Taiwan Paiho Ltd.		12,000		30,114
Taiwan PCB Techvest Co. Ltd.		28,000		49,645
Taiwan Sakura Corp.		6,000		13,884
Taiwan Shin Kong Security Co. Ltd.		10,100		14,065
Taiwan Styrene Monomer		23,000		13,486
Taiwan Surface Mounting Technology Corp.		21,518		88,621
Taiwan Union Technology Corp.		19,000		55,372
Tatung Co. Ltd. *		115,000		143,492
Teco Electric & Machinery Co. Ltd.		132,000		148,118
Test Research, Inc.		11,000		26,068
Thinking Electronic Industrial Co. Ltd.		4,000		20,802
Thye Ming Industrial Co. Ltd.		8,000		12,900
Ton Yi Industrial Corp.		82,000		51,659
Tong Hsing Electronic Industries Ltd.		3,000		30,365
Tong Yang Industry Co. Ltd.		41,921		47,040
Topco Scientific Co. Ltd.		4,000		23,733
Topkey Corp.		3,000		13,926
TPK Holding Co. Ltd.		34,000		44,085
Tripod Technology Corp.		25,000		116,922
TSRC Corp.		26,000		31,670
Tung Ho Steel Enterprise Corp.		58,290		143,225
TXC Corp.		16,000		57,240
TYC Brother Industrial Co. Ltd.		21,000		13,669
U-Ming Marine Transport Corp.		27,000		55,693
Union Bank of Taiwan *		185,029		111,076
Unitech Printed Circuit Board Corp. *		67,320		41,823
United Microelectronics Corp.		600,513		1,131,798
Universal Cement Corp.		46,836		34,900
Unizyx Holding Corp.		35,000		37,014
UPC Technology Corp.		80,916		51,823
USI Corp.		77,130		81,029
Wah Lee Industrial Corp.		21,420		81,863
Walsin Lihwa Corp.		146,000		149,814
Walsin Technology Corp. *		21,000		104,078
Walton Advanced Engineering, Inc. *		34,000		19,817
Wei Chuan Foods Corp.		14,000		10,481
Weikeng Industrial Co. Ltd.		32,945		37,198
Winbond Electronics Corp.		331,893		361,414
Wisdom Marine Lines Co. Ltd.		27,019		81,477
Wistron Corp.		303,431		315,065
Wistron NeWeb Corp.		5,000		12,495
WPG Holdings Ltd.		168,400		329,142
WT Microelectronics Co. Ltd.		31,265		86,533
Yageo Corp.		3,879		58,757
Yang Ming Marine Transport Corp. *		118,000		512,748
YC INOX Co. Ltd.		27,763		34,012
Yem Chio Co. Ltd.		22,666		12,222
Yeong Guan Energy Technology Group Co. Ltd.		7,000		15,392
YFY, Inc.		114,385		136,536
Yieh Phui Enterprise Co. Ltd. *		52,525		45,373
Youngtek Electronics Corp.		12,000		33,925

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Taiwan (Continued)*
Yuanta Financial Holding Co. Ltd.		744,007	$	685,541
Yuen Foong Yu Consumer Products Co. Ltd.		15,000		25,365
Yulon Motor Co. Ltd.		62,371		88,599
YungShin Global Holding Corp.		7,000		10,322
Zeng Hsing Industrial Co. Ltd.		2,000		9,738
Zenitron Corp.		18,000		24,784
Zhen Ding Technology Holding Ltd.		62,000		232,623
Zig Sheng Industrial Co. Ltd.		28,000		16,711
Zinwell Corp. *		24,000		15,455

				40,507,208

*Thailand — 2.2%*
Ananda Development PCL *		180,700		7,337
AP Thailand PCL		242,500		80,225
Bangchak Corp. PCL		112,900		101,016
Bangkok Bank PCL		42,600		175,525
Bangkok Bank PCL, NVDR		13,300		54,800
Bangkok Insurance PCL		2,100		16,863
Bangkok Land PCL		1,039,700		31,895
Bangkok Life Assurance PCL, NVDR		35,300		45,916
Banpu PCL		429,750		142,173
Berli Jucker PCL		64,800		70,159
Cal-Comp Electronics Thailand PCL		286,595		23,617
Charoen Pokphand Foods PCL		322,300		233,607
Indorama Ventures PCL		93,600		130,899
IRPC PCL		633,100		67,784
Italian-Thai Development PCL *		563,700		35,263
Kasikornbank PCL, NVDR		65,600		318,629
Khon Kaen Sugar Industry PCL		135,600		15,252
Kiatnakin Phatra Bank PCL		21,900		45,447
Krung Thai Bank PCL		204,575		84,906
Lanna Resources PCL		2,500		1,406
LH Financial Group PCL		302,400		12,733
LPN Development PCL		151,700		21,261
MBK PCL *		54,496		20,487
Power Solution Technologies PCL *		224,400		14,173
Property Perfect PCL		952,490		14,323
Pruksa Holding PCL		88,800		36,588
PTT Exploration & Production PCL		107,800		466,863
PTT Global Chemical PCL		116,228		177,401
PTT PCL		883,900		1,023,463
Quality Houses PCL		338,800		23,436
Sansiri PCL		1,106,700		40,607
SC Asset Corp. PCL		188,600		21,554
Siam Cement PCL (The)		30,900		355,931
Siam Commercial Bank PCL (The)		48,100		163,468
Somboon Advance Technology PCL		20,300		12,699
SPCG PCL		37,500		19,511
Sri Trang Agro-Industry PCL		46,400		36,632
Supalai PCL		139,400		90,977
Super Energy Corp. PCL		759,200		20,321
Thai Oil PCL		72,700		113,150
Thai Stanley Electric PCL, NVDR		3,100		16,409
Thai Union Group PCL		120,600		68,552
Thanachart Capital PCL		33,100		42,806
Thitikorn PCL		10,500		3,410
TMBThanachart Bank PCL		1,521,854		60,416
TPI Polene PCL		676,600		33,169
TPI Polene Power PCL		84,700		9,935
True Corp. PCL		993,600		152,402
Unique Engineering & Construction PCL *		54,500		8,851

				4,764,247


	SHARES		VALUE†
*Turkey — 0.5%*
Akbank TAS		203,200	$	100,549
Anadolu Efes Biracilik Ve Malt Sanayii AS		16,612		30,389
Enka Insaat ve Sanayi AS		61,872		67,811
Eregli Demir ve Celik Fabrikalari TAS		47,339		104,669
KOC Holding AS		57,667		155,883
Koza Anadolu Metal Madencilik Isletmeleri AS *		15,673		27,625
TAV Havalimanlari Holding AS *		7,294		20,244
Tekfen Holding AS *		12,307		17,867
Turk Hava Yollari AO *		51,209		112,597
Turkiye Garanti Bankasi AS		220,886		183,673
Turkiye Halk Bankasi AS *		35,220		11,355
Turkiye Sise ve Cam Fabrikalari AS		75,893		78,677
Turkiye Vakiflar Bankasi TAO, Class D *		80,351		19,606
Ulker Biskuvi Sanayi AS		9,180		9,592
Vestel Elektronik Sanayi ve Ticaret AS		6,125		10,771
Yapi ve Kredi Bankasi AS		194,984		54,222

				1,005,530

*United Arab Emirates — 0.9%*
Abu Dhabi Commercial Bank PJSC		170,223		485,683
Agthia Group PJSC		24,134		29,962
Air Arabia PJSC		103,423		45,333
Ajman Bank PJSC *		85,055		18,525
Aldar Properties PJSC		229,175		307,601
Amanat Holdings PJSC *		31,824		10,137
Deyaar Development PJSC *		172,665		21,718
Dubai Investments PJSC		191,176		126,477
Dubai Islamic Bank PJSC		7,056		11,853
Emaar Development PJSC *		84,901		102,861
Emaar Properties PJSC		281,525		459,877
Emirates NBD Bank PJSC		78,295		319,741
Manazel PJSC *		139,614		17,903
RAK Properties PJSC *		114,134		23,771
SHUAA Capital PSC		62,939		10,572

				1,992,014

TOTAL COMMON STOCKS (Identified Cost $181,106,912)				208,058,500

PREFERRED STOCKS — 1.5%
*Brazil — 1.4%*
Banco ABC Brasil SA, 6.250%		11,102		40,178
Banco Bradesco SA, 4.140%		41,368		193,066
Banco do Estado do Rio Grande do Sul SA, PF B, 7.380%		14,808		33,839
Marcopolo SA, 3.190%		2,983		1,673
Petroleo Brasileiro SA, 6.120%		382,139		2,684,817
Usinas Siderurgicas de Minas Gerais SA, Class A, 5.880%		29,592		86,830

				3,040,403

*Colombia — 0.1%*
Grupo Argos SA, 5.640%		12,517		31,185
Grupo de Inversiones Suramericana SA, 5.070%		8,046		47,555

				78,740

*Philippines — 0.0%*
Cebu Air, Inc., 6.000%		12,909		11,900

*Taiwan — 0.0%*
China Development Financial Holding Corp., 1.120% *		42,970		13,782

TOTAL PREFERRED STOCKS (Identified Cost $2,061,223)				3,144,825

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
RIGHTS AND WARRANTS — 0.0%
*Thailand — 0.0%*
MBK PCL		2,180	$	622

TOTAL RIGHTS AND WARRANTS (Identified Cost $0)				622

SHORT-TERM INVESTMENTS — 2.3%
*Investment Company — 0.1%*
State Street Institutional U.S. Government Money Market Fund 0.250%		316,395		316,395

*Collateral For Securities On Loan — 2.2%*
State Street Navigator Securities Lending Government Money Market Portfolio, 0.250%		4,593,663		4,593,663

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $4,910,058)				4,910,058

Total Investments — 101.9% (Identified Cost $188,078,193)				216,114,005
Liabilities, Less Cash and Other Assets — (1.9%)				(4,010,707	)

Net Assets — 100.0%			$	212,103,298

†	See Note 1

@	A portion or all of the security was held on loan. As of March 31, 2022, the fair value of the securities on loan was $6,540,402.

*	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

§	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.

Ten largest industry holdings as of March 31, 2022

(As a percentage of net assets) (Unaudited)


Industry	Percentage
Commercial Banks		19.9	%
Oil, Gas & Consumable Fuels		10.3	%
Metals & Mining		8.7	%
Insurance		5.3	%
Real Estate Management & Development		4.8	%
Electronic Equipment, Instruments & Components		4.4	%
Chemicals		4.1	%
Semiconductors & Semiconductor Equipment		3.5	%
Computers & Peripherals		3.2	%
Automobiles		3.0	%

Country weightings as of March 31, 2022

(As a percentage of long-term investments) (Unaudited)


Country	Percentage
China		29.3	%
Taiwan		19.2	%
India		15.0	%
Korea		13.4	%
Brazil		5.6	%
South Africa		4.6	%
Mexico		2.4	%
Thailand		2.3	%
Indonesia		1.9	%
Other		6.3	%

		100.0	%

SA Real Estate Securities Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited)


	SHARES		VALUE†
COMMON STOCKS — 99.4%
*Real Estate Investment Trusts (REITs) — 99.4%*
Acadia Realty Trust		9,876	$	214,013
Agree Realty Corp. @		8,343		553,641
Alexander’s, Inc.		303		77,638
Alexandria Real Estate Equities, Inc.		17,195		3,460,494
American Assets Trust, Inc.		6,032		228,552
American Campus Communities, Inc.		15,814		885,110
American Homes 4 Rent., Class A		35,207		1,409,336
American Tower Corp.		52,159		13,103,384
Americold Realty Trust		19,321		538,669
Apartment Income REIT Corp.		17,955		959,874
Apartment Investment and Management Co., Class A *		17,051		124,813
Apple Hospitality REIT, Inc.		25,660		461,110
AvalonBay Communities, Inc.		15,865		3,940,390
Bluerock Residential Growth REIT, Inc.		3,300		87,681
Boston Properties, Inc. @		16,973		2,186,122
Braemar Hotels & Resorts, Inc.		5,308		32,803
Brandywine Realty Trust		21,014		297,138
Brixmor Property Group, Inc.		34,588		892,716
BRT Apartments Corp.		400		9,588
Camden Property Trust		11,794		1,960,163
CareTrust REIT, Inc.		10,972		211,760
Centerspace		1,825		179,069
Chatham Lodging Trust *		5,496		75,790
City Office REIT, Inc.		5,176		91,408
Clipper Realty, Inc.		1,167		10,585
Community Healthcare Trust, Inc.		2,728		115,149
Corporate Office Properties Trust		13,288		379,240
Cousins Properties, Inc.		17,110		689,362
Crown Castle International Corp.		49,434		9,125,516
CTO Realty Growth, Inc. @		764		50,668
CubeSmart		24,364		1,267,659
DiamondRock Hospitality Co. *		25,390		256,439
Digital Realty Trust, Inc.		32,453		4,601,835
Diversified Healthcare Trust		29,638		94,842
Douglas Emmett, Inc.		20,310		678,760
Duke Realty Corp.		43,072		2,500,760
Easterly Government Properties, Inc.		9,677		204,572
EastGroup Properties, Inc.		4,697		954,806
Empire State Realty Trust, Inc., Class A		15,965		156,776
EPR Properties		9,127		499,338
Equinix, Inc.		10,373		7,692,824
Equity Commonwealth *		9,195		259,391
Equity LifeStyle Properties, Inc.		19,792		1,513,692
Equity Residential		40,459		3,638,073
Esc War Ind §		9,141		0
Essential Properties Realty Trust, Inc.		14,526		367,508
Essex Property Trust, Inc.		7,457		2,576,244
Extra Space Storage, Inc.		15,190		3,123,064
Federal Realty Investment Trust		8,228		1,004,392
First Industrial Realty Trust, Inc.		14,902		922,583
Four Corners Property Trust, Inc.		9,280		250,931
Franklin Street Properties Corp.		11,612		68,511
Gaming and Leisure Properties, Inc.		26,319		1,235,151
Getty Realty Corp.		3,812		109,099
Gladstone Commercial Corp.		3,518		77,466
Global Medical REIT, Inc.		5,127		83,673
Global Net Lease, Inc.		12,591		198,056
Global Self Storage, Inc.		2,195		12,292
Healthcare Realty Trust, Inc.		17,008		467,380
Healthcare Trust of America, Inc., Class A		25,449		797,572
Healthpeak Properties, Inc.		60,536		2,078,201
Hersha Hospitality Trust *		5,542		50,321


	SHARES		VALUE†
Highwoods Properties, Inc.		11,797	$	539,595
Host Hotels & Resorts, Inc.		81,545		1,584,419
Hudson Pacific Properties, Inc.		18,139		503,357
Independence Realty Trust, Inc.		24,897		658,277
Industrial Logistics Properties Trust		8,397		190,360
Invitation Homes, Inc.		68,562		2,754,821
Iron Mountain, Inc.		32,627		1,807,862
JBG SMITH Properties		13,006		380,035
Kilroy Realty Corp.		12,202		932,477
Kimco Realty Corp.		67,962		1,678,661
Kite Realty Group Trust		25,026		569,842
Lamar Advertising Co., Class A		9,886		1,148,555
Life Storage, Inc.		9,348		1,312,740
LTC Properties, Inc.		3,972		152,803
LXP Industrial Trust		33,281		522,512
Macerich Co. (The)		25,504		398,883
Medical Properties Trust, Inc.		67,245		1,421,559
MGM Growth Properties LLC, Class A		17,917		693,388
Mid-America Apartment Communities, Inc.		13,007		2,724,316
National Health Investors, Inc.		5,063		298,768
National Retail Properties, Inc.		20,037		900,463
National Storage Affiliates Trust		8,976		563,334
Necessity Retail REIT, Inc.		10,986		86,899
NexPoint Residential Trust, Inc.		2,800		252,868
Office Properties Income Trust		4,745		122,089
Omega Healthcare Investors, Inc.		27,652		861,636
One Liberty Properties, Inc.		1,802		55,484
Orion Office REIT, Inc.		6,753		94,542
Outfront Media, Inc.		16,965		482,315
Paramount Group, Inc.		20,948		228,543
Park Hotels & Resorts, Inc.		27,698		540,942
Pebblebrook Hotel Trust		15,554		380,762
Physicians Realty Trust		25,667		450,199
Piedmont Office Realty Trust, Inc., Class A		13,793		237,515
Plymouth Industrial REIT, Inc.		2,437		66,043
Preferred Apartment Communities, Inc.		3,100		77,314
Prologis, Inc.		84,979		13,722,409
PS Business Parks, Inc.		2,468		414,821
Public Storage		18,134		7,077,338
Realty Income Corp.		65,612		4,546,912
Regency Centers Corp.		17,614		1,256,583
Retail Opportunity Investments Corp.		13,420		260,214
Rexford Industrial Realty, Inc.		17,062		1,272,655
RLJ Lodging Trust		19,094		268,844
RPT Realty		8,058		110,959
Ryman Hospitality Properties, Inc. *		6,010		557,548
Sabra Health Care REIT, Inc.		28,032		417,396
Saul Centers, Inc.		1,636		86,217
SBA Communications Corp.		12,232		4,209,031
Seritage Growth Properties, Class A @*		3,790		47,981
Service Properties Trust		20,700		182,781
Simon Property Group, Inc.		37,407		4,921,265
SITE Centers Corp.		20,691		345,747
SL Green Realty Corp. @		7,648		620,865
Sotherly Hotels, Inc. *		3,111		6,409
Spirit Realty Capital, Inc.		14,821		682,062
STAG Industrial, Inc.		20,335		840,852
STORE Capital Corp.		28,385		829,694
Summit Hotel Properties, Inc. *		10,209		101,682
Sun Communities, Inc.		12,976		2,274,563
Sunstone Hotel Investors, Inc. *		25,032		294,877
Tanger Factory Outlet Centers, Inc.		12,293		211,317
Terreno Realty Corp.		8,987		665,487
UDR, Inc.		35,118		2,014,720
UMH Properties, Inc.		5,369		132,024
Uniti Group, Inc.		27,514		378,593

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

SA Real Estate Securities Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Real Estate Investment Trusts (REITs) (Continued)*
Universal Health Realty Income Trust		1,815	$	105,942
Urban Edge Properties		13,783		263,255
Urstadt Biddle Properties, Inc.		1,000		17,360
Urstadt Biddle Properties, Inc., Class A		3,806		71,591
Ventas, Inc.		45,134		2,787,476
Veris Residential, Inc. *		8,319		144,667
VICI Properties, Inc.		84,251		2,397,783
Vornado Realty Trust		18,129		821,606
Washington Real Estate Investment Trust		10,445		266,347
Welltower, Inc.		50,190		4,825,267
Whitestone REIT		6,078		80,533
WP Carey, Inc.		21,294		1,721,407
Xenia Hotels & Resorts, Inc. *		13,264		255,863

				168,279,114

TOTAL COMMON STOCKS (Identified Cost $85,640,063)				168,279,114

SHORT-TERM INVESTMENTS — 0.5%
*Investment Company — 0.5%*
State Street Institutional U.S. Government Money Market Fund 0.250%		817,997		817,997

*Collateral For Securities On Loan — 0.0%*
State Street Navigator Securities Lending Government Money Market Portfolio 0.250%,		49,270		49,270

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $867,267)				867,267

Total Investments — 99.9% (Identified Cost $86,507,330)				169,146,381
Cash and Other Assets, Less Liabilities — 0.1%				114,903

Net Assets — 100.0%			$	169,261,284

†	See Note 1

@	A portion or all of the security was held on loan. As of March 31, 2022, the fair value of the securities on loan was $3,487,368.

*	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

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

Portfolio Sectors as of March 31, 2022

(As a percentage of long-term investments) (Unaudited)


Sector	Percentage
Specialized REITs		26.8	%
Residential REITs		16.7	%
Industrial REITs		12.6	%
Retail REITs		12.2	%
Diversified REITs		12.0	%
Health Care REITs		9.0	%
Office REITs		7.3	%
Hotels & Resorts REITs		3.4	%

		100.0	%

SA International Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited)


	SHARES		VALUE†
MUTUAL FUNDS —100.0%
*Other — 100.0%*
DFA International Small Company Portfolio £		13,966,506	$	281,425,093

TOTAL MUTUAL FUNDS (Identified Cost $153,107,450)				281,425,093

Total Investments — 100.0% (Identified Cost $153,107,450)				281,425,093
Cash and Other Assets, Less Liabilities — 0.0%				27,485

Net Assets — 100.0%			$	281,452,578

†	See Note 1

£	Please refer to the Portfolio of Investments of the DFA International Small Company Portfolio included elsewhere in this report.

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

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited)


	SHARES		VALUE†
COMMON STOCKS — 97.5%
*Australia — 6.8%*
Ansell Ltd.		2,269	$	43,755
Aurizon Holdings Ltd.		224,634		620,266
Australia & New Zealand Banking Group Ltd.		344,269		7,110,217
Bank of Queensland Ltd.		37,699		244,864
Bendigo & Adelaide Bank Ltd.		20,967		161,446
BlueScope Steel Ltd.		163,249		2,548,242
Challenger Ltd.		44,717		225,867
Cleanaway Waste Management Ltd.		152,601		351,709
Crown Resorts Ltd. *		25,077		239,443
Downer EDI Ltd.		55,219		222,717
Fortescue Metals Group Ltd.		17,284		267,209
Harvey Norman Holdings Ltd. @		136,089		544,820
IGO Ltd.		32,049		337,191
Incitec Pivot Ltd.		234,863		666,085
Lendlease Corp. Ltd.		43,821		367,262
National Australia Bank Ltd.		290,228		7,025,698
Newcrest Mining Ltd.		80,215		1,605,066
Orica Ltd. @		26,150		312,110
Origin Energy Ltd.		168,307		784,632
OZ Minerals Ltd.		6,945		138,603
QBE Insurance Group Ltd.		20,830		179,252
Qube Holdings Ltd.		60,569		141,864
Rio Tinto Ltd.		4,000		356,520
Santos Ltd.		447,931		2,594,346
South32 Ltd.		637,438		2,394,515
Suncorp Group Ltd.		186,999		1,556,037
Tabcorp Holdings Ltd. @		198,572		793,479
Treasury Wine Estates Ltd.		6,883		59,643
Westpac Banking Corp.		382,716		6,942,008
Whitehaven Coal Ltd.		41,184		127,895
Woodside Petroleum Ltd.		112,549		2,703,476
Worley Ltd.		30,039		290,193

				41,956,430

*Austria — 0.0%*
Erste Group Bank AG		7,953		291,126

*Belgium — 0.6%*
Ageas SA/NV		21,755		1,103,207
KBC Group NV		25,395		1,836,734
Solvay SA @		4,960		490,867

				3,430,808

*Bermuda — 0.0%*
Golden Ocean Group Ltd.		10,267		127,348

*Canada — 10.9%*
AltaGas Ltd.		24,518		549,137
ARC Resources Ltd.		60,117		804,990
B2Gold Corp.		46,725		214,468
Bank of Montreal		3,074		361,729
Bank of Montreal @		60,561		7,144,381
Bank of Nova Scotia (The) @		88,567		6,352,025
Bank of Nova Scotia (The)		28,504		2,042,922
Barrick Gold Corp.		19,319		473,800
Barrick Gold Corp.		124,277		3,048,515
Canadian Imperial Bank of Commerce		3,371		410,217
Canadian Imperial Bank of Commerce		38,540		4,678,195
Canadian Natural Resources Ltd. @		137,139		8,499,875
Cenovus Energy, Inc. @		83,242		1,388,477
Fairfax Financial Holdings Ltd.		4,452		2,428,827
First Quantum Minerals Ltd.		84,695		2,932,128
Great-West Lifeco, Inc.		16,930		498,901
iA Financial Corp., Inc.		7,692		467,679
Imperial Oil Ltd. @		33,555		1,621,378


	SHARES		VALUE†
Kinross Gold Corp.		173,331	$	1,017,677
Lundin Mining Corp.		146,222		1,481,928
Magna International, Inc.		4,119		264,893
Manulife Financial Corp. @		133,235		2,844,567
Nutrien Ltd.		47,956		4,986,944
Pembina Pipeline Corp.		12,708		477,821
SSR Mining, Inc.		2,355		51,221
Sun Life Financial, Inc.		20,681		1,154,620
Suncor Energy, Inc. ¥		109,045		3,550,079
Suncor Energy, Inc.		41,675		1,358,188
Teck Resources Ltd., Class B		64,723		2,614,162
Toronto-Dominion Bank (The) @		8,030		637,743
Tourmaline Oil Corp.		33,562		1,546,351
Turquoise Hill Resources Ltd. *		1,819		54,643
West Fraser Timber Co. Ltd. @		13,116		1,079,160
Whitecap Resources, Inc.		17,814		147,340

				67,184,981

*Denmark — 1.7%*
AP Moller - Maersk A/S, Class A		246		729,867
AP Moller - Maersk A/S, Class B		297		899,732
Carlsberg A/S, Class B		15,445		1,906,478
Chr Hansen Holding A/S		1,170		86,426
Danske Bank A/S		41,578		696,254
Demant A/S *		6,785		308,771
DSV A/S		16,130		3,119,684
Pandora A/S		771		74,255
Rockwool International A/S, B Shares		1,147		380,736
Tryg A/S		15,313		374,052
Vestas Wind Systems A/S		65,791		1,954,426

				10,530,681

*Finland — 1.0%*
Fortum Oyj		16,485		301,450
Nokia Oyj, ADR *		291,727		1,592,830
Nordea Bank Abp		224,183		2,326,262
Stora Enso Oyj, R Shares		55,739		1,098,495
UPM-Kymmene Oyj @		29,153		956,550

				6,275,587

*France — 9.9%*
Arkema SA		12,548		1,509,583
AXA SA @		104,397		3,067,970
BNP Paribas SA		92,085		5,290,058
Bollore SE		138,791		729,917
Bouygues SA		55,128		1,928,966
Carrefour SA		128,110		2,784,122
Cie de Saint-Gobain		92,022		5,524,649
Cie Generale des Etablissements Michelin SCA		29,978		4,077,410
CNP Assurances		26,215		632,207
Credit Agricole SA		62,747		755,639
Eiffage SA		6,827		704,183
Electricite de France SA @		73,278		691,798
Engie SA		151,795		2,003,995
Faurecia SE		3,439		89,822
Orange SA		322,578		3,819,742
Publicis Groupe SA		27,375		1,673,471
Renault SA *		21,069		556,468
Rexel SA		4,654		100,035
Sanofi		34,561		3,536,944
Societe Generale SA		88,773		2,402,097
TotalEnergies SE @		357,966		18,227,871
Valeo SA		6,450		119,552
Vinci SA		2,407		247,609
Vivendi SE @		18,206		238,462

				60,712,570

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

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Germany — 6.9%*
Allianz SE		30,142	$	7,220,769
BASF SE		49,879		2,856,046
Bayer AG		30,654		2,105,872
Bayerische Motoren Werke AG		53,296		4,634,153
Commerzbank AG *		53,244		408,008
Continental AG *		4,557		329,693
Covestro AG ±		20,287		1,028,764
Daimler Truck Holding AG *		67,992		1,897,703
Deutsche Bank AG *		46,122		587,268
Deutsche Bank AG *		92,725		1,172,971
Evonik Industries AG		12,943		360,532
Fresenius Medical Care AG & Co. KGaA		7,008		471,048
Fresenius SE & Co. KGaA		42,320		1,561,096
HeidelbergCement AG		25,898		1,480,041
Mercedes-Benz Group AG		135,985		9,599,153
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		4,468		1,201,082
RWE AG		52,452		2,293,729
Siemens Energy AG *		10,625		243,541
Talanx AG *		12,026		532,416
Telefonica Deutschland Holding AG		207,880		567,789
Vitesco Technologies Group AG *		911		36,281
Volkswagen AG		6,122		1,531,931

				42,119,886

*Hong Kong — 2.2%*
BOC Aviation Ltd. ±		47,800		378,028
BOC Hong Kong Holdings Ltd.		285,000		1,080,579
Cathay Pacific Airways Ltd. *@		230,363		226,737
CK Asset Holdings Ltd.		200,569		1,374,970
CK Hutchison Holdings Ltd.		336,624		2,473,123
CK Infrastructure Holdings Ltd.		24,000		160,699
Hang Lung Properties Ltd.		239,000		482,070
Hang Seng Bank Ltd.		32,600		629,252
Henderson Land Development Co. Ltd.		133,684		556,355
HKT Trust & HKT Ltd.		176,000		241,758
MTR Corp. Ltd.		126,669		684,824
New World Development Co. Ltd.		231,859		942,733
Orient Overseas International Ltd.		12,000		320,784
Sino Land Co. Ltd.		446,567		579,209
Sun Hung Kai Properties Ltd.		182,177		2,176,831
Swire Pacific Ltd., Class A		49,000		299,631
Swire Pacific Ltd., Class B		127,500		128,586
Tsim Sha Tsui Properties Ltd.		6,907		19,134
WH Group Ltd. ±		1,150,459		726,995

				13,482,298

*Ireland — 0.4%*
CRH PLC, ADR		45,872		1,837,632
Flutter Entertainment PLC *		3,025		352,873

				2,190,505

*Israel — 0.3%*
Bank Hapoalim B.M.		81,713		813,007
Israel Discount Bank Ltd., Class A		18,540		115,963
Phoenix Holdings Ltd. (The)		12,365		162,937
Teva Pharmaceutical Industries Ltd., ADR *		47,500		446,025

				1,537,932


	SHARES		VALUE†
*Italy — 1.4%*
Assicurazioni Generali SpA @		14,345		329,602
Eni SpA		179,617	$	2,641,535
Intesa Sanpaolo SpA		1,039,975		2,397,009
Mediobanca Banca di Credito Finanziario SpA		39,607		403,976
Telecom Italia SpA @		2,860,918		1,055,491
UniCredit SpA		163,283		1,780,126

				8,607,739

*Japan — 19.3%*
AGC, Inc.		48,500		1,954,103
Air Water, Inc.		11,200		158,239
Aisin Corp.		22,500		775,320
Alfresa Holdings Corp. @		7,700		107,461
Alps Alpine Co. Ltd. @		27,500		273,554
Amada Co. Ltd.		37,100		330,347
Aozora Bank Ltd. @		14,700		312,620
Asahi Group Holdings Ltd.		9,200		337,122
Asahi Kasei Corp.		53,400		466,055
Bank of Kyoto Ltd. (The)		8,000		351,569
Bridgestone Corp.		32,100		1,254,574
Brother Industries Ltd.		25,900		475,918
Canon Marketing Japan, Inc.		12,000		248,694
Canon, Inc.		42,600		1,047,329
Chiba Bank Ltd. (The)		79,000		470,470
Coca-Cola Bottlers Japan Holdings, Inc.		13,975		165,533
Concordia Financial Group Ltd.		111,200		418,347
Dai-ichi Life Holdings, Inc.		69,900		1,434,862
Daicel Corp.		52,000		348,973
Daio Paper Corp. @		12,400		161,239
Daiwa House Industry Co. Ltd.		28,400		746,742
Daiwa Securities Group, Inc. @		214,000		1,217,659
Denka Co. Ltd.		16,200		452,440
DIC Corp.		16,000		329,489
Dowa Holdings Co. Ltd.		9,600		442,385
ENEOS Holdings, Inc.		380,900		1,432,990
Ezaki Glico Co. Ltd.		3,000		91,671
FUJIFILM Holdings Corp.		6,200		382,063
Fukuoka Financial Group, Inc.		18,000		351,010
Fukuyama Transporting Co. Ltd. @		4,300		128,922
Hankyu Hanshin Holdings, Inc.		31,900		928,910
Haseko Corp.		22,300		257,730
Hino Motors Ltd. @		25,900		153,179
Hitachi Ltd.		26,800		1,357,171
Honda Motor Co. Ltd.		185,900		5,324,736
House Foods Group, Inc.		2,800		66,562
Idemitsu Kosan Co. Ltd.		27,500		762,383
IHI Corp.		7,700		186,586
Iida Group Holdings Co. Ltd. @		36,900		641,067
Inpex Corp.		144,500		1,709,216
Isuzu Motors Ltd.		67,000		873,961
ITOCHU Corp.		21,900		745,471
J. Front Retailing Co. Ltd.		35,100		287,454
Japan Post Holdings Co. Ltd.		71,600		528,384
JFE Holdings, Inc.		34,100		482,621
JTEKT Corp.		43,200		342,080
K’s Holdings Corp.		32,000		331,986
Kajima Corp.		54,000		661,360
Kamigumi Co. Ltd.		15,700		283,719
Kaneka Corp.		16,000		465,911
Kawasaki Heavy Industries Ltd. @		32,800		599,744
Komatsu Ltd.		31,000		749,409

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

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Japan (Continued)*
Kuraray Co. Ltd.		76,400	$	663,338
LIXIL Corp.		38,200		718,564
Mabuchi Motor Co. Ltd.		5,100		160,239
Marubeni Corp.		168,200		1,970,209
Mazda Motor Corp.		34,000		253,869
Mebuki Financial Group, Inc.		83,070		174,683
Medipal Holdings Corp.		25,300		418,757
Mitsubishi Chemical Holdings Corp.		185,800		1,247,061
Mitsubishi Corp.		105,400		3,983,452
Mitsubishi Electric Corp.		114,300		1,323,829
Mitsubishi Gas Chemical Co., Inc.		36,300		620,505
Mitsubishi Heavy Industries Ltd.		42,400		1,400,099
Mitsubishi Logistics Corp.		2,500		62,428
Mitsubishi Materials Corp.		21,600		380,227
Mitsubishi Motors Corp. *@		41,900		113,922
Mitsubishi UFJ Financial Group, Inc.		206,400		1,289,025
Mitsubishi UFJ Financial Group, Inc., ADR @		464,844		2,877,384
Mitsui Chemicals, Inc.		47,200		1,198,029
Mitsui Fudosan Co. Ltd.		54,100		1,164,301
Mitsui OSK Lines Ltd.		30,300		851,207
Mizuho Financial Group, Inc.		116,640		1,501,354
MS&AD Insurance Group Holdings, Inc.		24,728		808,017
NEC Corp.		32,900		1,391,778
NGK Insulators Ltd.		22,300		321,110
NGK Spark Plug Co. Ltd.		10,600		172,139
NH Foods Ltd.		15,533		529,505
Nippon Electric Glass Co. Ltd.		11,500		256,563
Nippon Express Holdings, Inc.		15,900		1,099,704
Nippon Shokubai Co. Ltd.		4,600		201,396
Nippon Steel Corp.		60,327		1,075,817
Nissan Motor Co. Ltd. *		222,800		1,002,545
Nisshin Seifun Group, Inc.		3,900		54,653
Nitto Denko Corp.		1,300		94,184
Nomura Holdings, Inc.		175,700		743,557
Nomura Real Estate Holdings, Inc.		23,700		570,988
NSK Ltd. @		59,600		360,322
Obayashi Corp.		113,200		836,865
Oji Holdings Corp.		226,000		1,126,844
Otsuka Holdings Co. Ltd.		13,300		462,343
Panasonic Corp.		136,600		1,333,572
Rengo Co. Ltd.		35,400		227,393
Resona Holdings, Inc.		246,400		1,060,771
Ricoh Co. Ltd.		41,800		364,643
Rohm Co. Ltd.		4,700		370,240
Seiko Epson Corp. @		19,500		294,887
Seino Holdings Co. Ltd.		20,400		186,673
Sekisui Chemical Co. Ltd.		16,000		231,181
Sekisui House Ltd.		81,800		1,593,131
Seven & i Holdings Co. Ltd.		20,000		954,986
Shimizu Corp. @		68,400		412,962
Shizuoka Bank Ltd. (The)		58,000		411,155
Showa Denko KK		14,000		279,448
Sojitz Corp. @		35,820		593,469
Sompo Holdings, Inc.		37,143		1,641,749
Stanley Electric Co. Ltd.		6,100		116,448
Subaru Corp.		39,300		628,852
Sumitomo Chemical Co. Ltd.		471,000		2,174,322
Sumitomo Corp.		59,000		1,026,951
Sumitomo Dainippon Pharma Co. Ltd.		5,600		55,568
Sumitomo Electric Industries Ltd.		164,200		1,971,911
Sumitomo Forestry Co. Ltd.		33,800		601,925
Sumitomo Heavy Industries Ltd.		26,000		601,840


	SHARES		VALUE†
Sumitomo Metal Mining Co. Ltd.		18,900	$	956,799
Sumitomo Mitsui Financial Group, Inc.		71,100		2,281,811
Sumitomo Mitsui Trust Holdings, Inc.		24,900		818,342
Sumitomo Realty & Development Co. Ltd.		25,600		712,653
Sumitomo Rubber Industries Ltd.		42,800		395,163
Suzuken Co. Ltd.		1,100		32,799
Suzuki Motor Corp.		18,100		626,378
T&D Holdings, Inc.		77,400		1,062,390
Taiheiyo Cement Corp.		25,000		414,613
Taisei Corp.		7,200		209,069
Takeda Pharmaceutical Co. Ltd.		141,973		4,079,362
TDK Corp.		7,800		285,757
Teijin Ltd.		53,199		595,616
Toda Corp.		28,000		170,429
Tokai Carbon Co. Ltd.		21,300		201,382
Tokio Marine Holdings, Inc.		22,000		1,288,122
Tokyo Tatemono Co. Ltd.		37,600		566,440
Tokyu Fudosan Holdings Corp.		132,300		732,464
Toray Industries, Inc.		166,100		871,568
Tosoh Corp.		58,300		868,705
Toyo Seikan Group Holdings Ltd.		30,500		352,251
Toyoda Gosei Co. Ltd.		15,300		254,623
Toyota Motor Corp.		645,950		11,792,540
Toyota Tsusho Corp.		32,500		1,350,830
Ube Industries Ltd.		24,700		405,174
Yamada Holdings Co. Ltd. *		93,100		290,603
Yamaha Motor Co. Ltd.		37,200		842,149
Yamazaki Baking Co. Ltd.		6,900		84,961
Yokohama Rubber Co. Ltd. (The)		27,600		383,598
Zeon Corp.		28,500		319,320

				118,268,140

*Netherlands — 4.0%*
ABN AMRO Group NV @±		42,957		553,241
Aegon NV		119,175		633,083
Akzo Nobel NV		5,752		497,726
ArcelorMittal SA @		53,718		1,719,513
ArcelorMittal SA =		1,708		55,362
Coca-Cola Europacific Partners PLC		11,100		547,660
Heineken NV		4,344		416,064
ING Groep NV		253,754		2,669,883
JDE Peet’s NV		1,836		52,666
Koninklijke Ahold Delhaize NV		210,060		6,765,710
Koninklijke DSM NV		12,967		2,331,020
Koninklijke KPN NV		238,229		828,309
Koninklijke Philips NV ¢		33,065		1,014,312
Koninklijke Philips NV		13,461		410,964
NN Group NV		33,136		1,681,076
Randstad NV @		16,773		1,013,852
Stellantis NV		170,588		2,792,951
Stellantis NV		13,931		226,657
Universal Music Group NV		18,206		487,297

				24,697,346

*New Zealand — 0.3%*
Auckland International Airport Ltd. *		143,857		780,652
EBOS Group Ltd.		16,413		471,723
Fletcher Building Ltd.		65,006		287,434
Ryman Healthcare Ltd. @		16,629		108,102
Summerset Group Holdings Ltd.		14,160		115,310

				1,763,221

*Norway — 1.0%*
Austevoll Seafood ASA		4,118		63,941
DNB Bank ASA		96,212		2,186,773
Elkem ASA ±		17,994		77,340
Equinor ASA		11,366		427,588

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

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Norway (Continued)*
Norsk Hydro ASA		156,773	$	1,533,211
Schibsted ASA, Class A @		1,169		28,960
SpareBank 1 SR-Bank ASA		18,440		281,297
Storebrand ASA		56,200		563,669
Subsea 7 SA		28,831		269,910
Wallenius Wilhelmsen ASA *		13,553		99,910
Yara International ASA		14,514		728,680

				6,261,279

*Portugal — 0.1%*
Banco Espirito Santo SA *§		414,564		—
EDP Renovaveis SA		27,349		706,148
Galp Energia SGPS SA		8,250		105,092

				811,240

*Singapore — 1.1%*
Capitaland Investment Ltd. *		184,100		541,970
City Developments Ltd.		58,800		341,429
Frasers Property Ltd.		23,300		19,426
Hongkong Land Holdings Ltd.		101,200		495,880
Jardine Cycle & Carriage Ltd.		12,500		230,845
Keppel Corp. Ltd.		367,700		1,741,715
Olam Group Ltd.		94,300		121,758
Oversea-Chinese Banking Corp. Ltd.		60,649		553,978
Singapore Airlines Ltd. *@		301,449		1,223,278
United Overseas Bank Ltd.		27,200		642,597
UOL Group Ltd.		47,218		245,261
Wilmar International Ltd.		110,000		382,263

				6,540,400

*Spain — 1.9%*
Banco Bilbao Vizcaya Argentaria SA @		210,460		1,212,999
Banco Bilbao Vizcaya Argentaria SA, ADR		134,068		762,847
Banco Santander SA		1,916,252		6,571,545
Banco Santander SA, ADR		210,864		712,720
CaixaBank SA		63,253		215,309
Repsol SA		157,090		2,072,162

				11,547,582

*Sweden — 2.8%*
BillerudKorsnas AB		26,684		396,610
Boliden AB		63,768		3,242,521
Dometic Group AB ±		22,074		191,244
Electrolux AB @		19,353		294,543
Essity AB, B Shares @		3,803		89,874
Getinge AB, B Shares		14,497		581,274
Holmen AB, B Shares @		11,612		651,341
Husqvarna AB, B Shares		21,106		221,467
Intrum AB		4,926		133,544
Millicom International Cellular SA, SDR *@		8,745		222,290
Peab AB, Class B		14,364		144,825
Saab AB		4,192		152,389
Securitas AB		4,910		55,589
Skandinaviska Enskilda Banken AB, Class A		140,768		1,533,830
Skanska AB, B Shares @		17,619		396,139
SKF AB, B Shares @		64,782		1,060,707
SSAB AB, A Shares *		11,104		77,685
SSAB AB, B Shares *		33,922		227,652
Svenska Cellulosa AB SCA, A Shares		244		4,733


	SHARES		VALUE†
Svenska Cellulosa AB SCA, B Shares		33,674	$	657,013
Svenska Handelsbanken AB, A Shares @		66,999		619,226
Svenska Handelsbanken AB, B Shares @		1,918		20,266
Swedbank AB, A Shares @		38,879		583,036
Tele2 AB, B Shares		33,320		504,279
Telefonaktiebolaget LM Ericsson, B Shares @		70,727		649,168
Telia Co. AB @		304,898		1,223,821
Trelleborg AB, B Shares		28,547		664,915
Volvo AB, A Shares		17,414		335,227
Volvo AB, B Shares		104,968		1,971,555

				16,906,763

*Switzerland — 9.4%*
ABB Ltd.		59,940		1,957,026
Adecco Group AG *		21,532		978,907
Alcon, Inc. µ		31,115		2,481,657
Alcon, Inc. @		1,965		155,884
Baloise Holding AG		6,063		1,083,276
Cie Financiere Richemont SA, Class A		34,971		4,465,752
Credit Suisse Group AG *		129,912		1,031,929
Credit Suisse Group AG, ADR *@		15,888		124,721
Holcim Ltd. *		72,351		3,546,103
Julius Baer Group Ltd.		38,000		2,215,724
Novartis AG		122,351		10,758,096
Novartis AG, ADR		32,730		2,872,058
SIG Combibloc Group AG *		21,034		532,650
Swatch Group AG (The) µ		6,226		339,582
Swatch Group AG (The) µ		1,834		523,376
Swiss Life Holding AG		4,035		2,594,662
Swiss Prime Site AG		1,574		155,433
Swiss Re AG @		27,273		2,600,830
Swisscom AG		4,128		2,479,346
UBS Group AG		364,408		7,155,655
Vifor Pharma AG *		3,119		556,090
Zurich Insurance Group AG *		17,812		8,805,283

				57,414,040

*United Kingdom — 15.5%*
Abrdn PLC		202,084		570,490
Anglo American PLC		83,810		4,373,602
Aviva PLC		745,467		4,427,336
Barclays PLC, ADR @		330,258		2,609,038
Barratt Developments PLC		10,701		73,436
Bellway PLC		1,481		47,315
Berkeley Group Holdings PLC *		878		43,136
BP PLC		350,960		1,730,508
BP PLC, ADR		347,274		10,209,856
British American Tobacco PLC		183,504		7,700,660
British American Tobacco PLC, ADR		2,004		84,489
BT Group PLC		1,231,112		2,946,629
DS Smith PLC		96,352		407,691
Endeavour Mining PLC		15,498		384,428
Glencore PLC *		1,220,471		8,016,356
HSBC Holdings PLC, ADR @		206,389		7,062,632
J Sainsbury PLC		422,622		1,402,933
Kingfisher PLC		420,977		1,412,403
Lloyds Banking Group PLC		8,264,877		5,108,833
Lloyds Banking Group PLC, ADR		217,015		523,006
Marks & Spencer Group PLC *		28,538		57,995
Melrose Industries PLC		316,251		518,681
Natwest Group PLC		105,541		299,332

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

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*United Kingdom (Continued)*
Natwest Group PLC, ADR @		115,375	$	655,330
Pearson PLC		17,918		176,676
Pearson PLC, ADR @		5,700		56,829
Phoenix Group Holdings PLC		42,251		340,788
Royal Mail PLC		63,477		274,342
Shell PLC		460,830		25,313,392
Standard Chartered PLC		186,070		1,247,086
Taylor Wimpey PLC		139,975		240,329
Tesco PLC		225,464		817,459
Vodafone Group PLC		3,758,387		6,163,605
WPP PLC, ADR @		9		589

				95,297,210

TOTAL COMMON STOCKS (Identified Cost $494,227,003)				597,955,112

PREFERRED STOCKS — 1.3%
*Germany — 1.3%*
Bayerische Motoren Werke AG, 2.580%		9,731		756,774
Henkel AG & Co. KGaA		738		49,540
Porsche Automobil Holding SE, 2.400%		17,284		1,680,685
Volkswagen AG, 2.600%		31,732		5,511,252

				7,998,251

*Italy — 0.0%*
Telecom Italia SpA, 6.500%		711,381		242,385

TOTAL PREFERRED STOCKS (Identified Cost $9,553,797)				8,240,636

SHORT-TERM INVESTMENTS —7.2%
*Investment Company — 0.1%*
State Street Institutional U.S. Government Money Market Fund 0.250%		340,337		340,337

*Collateral For Securities On Loan — 7.1%*
State Street Navigator Securities Lending Government Money Market Portfolio, 0.250%		44,031,196		44,031,196

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $44,371,533)				44,371,533

Total Investments — 106.0% (Identified Cost $548,152,333)				650,567,281
Liabilities, Less Cash and Other Assets — (6.0%)				(36,947,947	)

Net Assets — 100.0%			$	613,619,334

†	See Note 1

*	Non-income producing security

@	A portion or all of the security was held on loan. As of March 31, 2022, the fair value of the securities on loan was $63,531,475.

¥	Traded on the Canada, Toronto Stock Exchange.

=	Traded on the France, Euronext Paris Exchange.

¢	Traded on the Netherlands, Euronext Amsterdam Stock Market.

§	Fair valued security. Security is valued using significant unobservable inputs as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1

µ	Traded on the Switzerland, Swiss Exchange.

Key to abbreviations:

ADR — American Depository Receipt

SDR — Swedish Depository Receipt

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

Ten largest industry holdings as of March 31, 2022

(As a percentage of net assets) (Unaudited)


Industry	Percentage
Commercial Banks		18.5	%
Oil, Gas & Consumable Fuels		14.6	%
Insurance		8.7	%
Automobiles		7.9	%
Metals & Mining		6.9	%
Chemicals		4.5	%
Pharmaceuticals		4.1	%
Capital Markets		2.4	%
Diversified Telecommunication Services		2.2	%
Real Estate Management & Development		2.2	%

Country weightings as of March 31, 2022

(As a percentage of long-term investments) (Unaudited)


Country	Percentage
Japan		19.5	%
United Kingdom		15.7	%
Canada		11.1	%
France		10.0	%
Switzerland		9.5	%
Germany		8.3	%
Australia		6.9	%
Netherlands		4.1	%
Sweden		2.8	%
Other		12.1	%

		100.0	%

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited)


	SHARES		VALUE†
COMMON STOCKS — 99.6%
*Aerospace & Defense — 1.5%*
AAR Corp. *		3,538	$	171,345
Aerojet Rocketdyne Holdings, Inc. *		13,783		542,361
Aerovironment, Inc. *		2,697		253,896
Astronics Corp. *		2,252		29,118
Astronics Corp. Class B *		693		9,037
Axon Enterprise, Inc. *		4,947		681,350
BWX Technologies, Inc.		3,927		211,508
Curtiss-Wright Corp.		2,577		386,962
Ducommun, Inc. *		1,489		78,009
Hexcel Corp.		5,671		337,254
Innovative Solutions & Support, Inc. *		3,248		26,179
Kaman Corp.		3,031		131,788
Kratos Defense & Security Solutions, Inc. *		11,721		240,046
Mercury Systems, Inc. *		4,277		275,653
Moog, Inc., Class A		3,044		267,263
National Presto Industries, Inc.		709		54,558
Park Aerospace Corp.		2,501		32,638
SIFCO Industries, Inc. *		1,187		5,886
Textron, Inc.		10,503		781,213
Vectrus, Inc. *		1,491		53,467
Woodward, Inc.		4,322		539,861

				5,109,392

*Air Freight & Logistics — 0.4%*
Air Transport Services Group, Inc. *		7,789		260,542
Atlas Air Worldwide Holdings, Inc. *		3,175		274,225
Forward Air Corp.		3,327		325,314
HUB Group, Inc., Class A *		4,420		341,268
Radiant Logistics, Inc. *		6,146		39,150

				1,240,499

*Airlines — 0.4%*
Alaska Air Group, Inc. *		7,723		448,011
Allegiant Travel Co. *		1,868		303,345
American Airlines Group, Inc. *@		2,954		53,910
Hawaiian Holdings, Inc. *		6,255		123,223
JetBlue Airways Corp. *		18,686		279,356
Skywest, Inc. *		4,643		133,951
Spirit Airlines, Inc. *		3,315		72,499

				1,414,295

*Auto Components — 1.4%*
American Axle & Manufacturing Holdings, Inc. *		11,103		86,159
Autoliv, Inc.		5,490		419,656
BorgWarner, Inc.		15,123		588,285
Cooper-Standard Holdings, Inc. *		1,529		13,409
Dana, Inc.		13,094		230,062
Dorman Products, Inc. *		3,535		335,931
Fox Factory Holding Corp. *		4,825		472,609
Gentex Corp.		15,377		448,547
Gentherm, Inc. *		4,234		309,251
Goodyear Tire & Rubber Co. (The) *		21,163		302,419
Horizon Global Corp. *		1,725		9,850
LCI Industries		2,757		286,204
Lear Corp.		4,020		573,212
Modine Manufacturing Co. *		6,449		58,106
Motorcar Parts of America, Inc. *		2,267		40,421
Patrick Industries, Inc.		2,334		140,740
Standard Motor Products, Inc.		2,639		113,846
Stoneridge, Inc. *		2,727		56,613
Strattec Security Corp. *		941		35,071
Tenneco, Inc. Class A *		5,563		101,914
Visteon Corp. *		2,696		294,214

				4,916,519


	SHARES		VALUE†
*Automobiles — 0.2%*
Harley-Davidson, Inc.		9,600	$	378,240
Thor Industries, Inc. @		1,091		85,861
Winnebago Industries, Inc.		3,191		172,410

				636,511

*Beverages — 0.5%*
Boston Beer Co., Inc. (The), Class A *		239		92,844
Celsius Holdings, Inc. *		675		37,247
Coca-Cola Consolidated, Inc.		1,082		537,592
MGP Ingredients, Inc.		1,851		158,427
Molson Coors Beverage Co., Class B		12,855		686,200
National Beverage Corp.		8,395		365,182

				1,877,492

*Biotechnology — 2.4%*
2seventy bio, Inc. *		1,341		22,878
Acadia Pharmaceuticals, Inc. *		548		13,273
Adverum Biotechnologies, Inc. *		8,282		10,849
Agios Pharmaceuticals, Inc. *		454		13,216
Akebia Therapeutics, Inc. *		5,200		3,733
Akero Therapeutics, Inc. *		1,300		18,447
Albireo Pharma, Inc. *		1,018		30,367
Alkermes PLC *		6,509		171,252
AnaptysBio, Inc. *		1,482		36,665
Anika Therapeutics, Inc. *		1,795		45,073
Applied Genetic Technologies Corp. *		2,241		2,398
Aravive, Inc. *		1,937		3,738
Arcutis Biotherapeutics, Inc. *		3,374		64,983
Avid Bioservices, Inc. *		5,039		102,644
Biohaven Pharmaceutical Holding Co. Ltd. *		3,004		356,184
Bluebird Bio, Inc. *		4,024		19,516
Blueprint Medicines Corp. *		779		49,763
Catalyst Pharmaceuticals, Inc. *		7,034		58,312
Celldex Therapeutics, Inc. *		7		238
Chimerix, Inc. *		11,001		50,385
Chinook Therapeutics, Inc. *		1,563		25,571
Concert Pharmaceuticals, Inc. *		4,026		13,568
Crinetics Pharmaceuticals, Inc. *		551		12,095
CRISPR Therapeutics AG *		3,902		244,929
Deciphera Pharmaceuticals, Inc. *		600		5,562
Denali Therapeutics, Inc. *		7,124		229,179
Eagle Pharmaceuticals, Inc. *		488		24,151
Editas Medicine, Inc. *		2,552		48,539
Emergent BioSolutions, Inc. *		5,055		207,558
Enanta Pharmaceuticals, Inc. *		2,226		158,447
Exact Sciences Corp. *		5,884		411,409
Exelixis, Inc. *		24,103		546,415
Fate Therapeutics, Inc. *		6,842		265,264
Frequency Therapeutics, Inc. *		375		795
G1 Therapeutics, Inc. *@		2,450		18,620
Global Blood Therapeutics, Inc. *		586		20,299
Halozyme Therapeutics, Inc. *		10,812		431,183
Intellia Therapeutics, Inc. *		5,480		398,232
Ironwood Pharmaceuticals, Inc. *		11,743		147,727
IVERIC bio, Inc. *		3,627		61,042
Karuna Therapeutics, Inc. *		1,623		205,780
Krystal Biotech, Inc. *		1,598		106,331
Ligand Pharmaceuticals, Inc. *		1,727		194,270
MacroGenics, Inc. *		3,231		28,465
Madrigal Pharmaceuticals, Inc. *		145		14,227
Magenta Therapeutics, Inc. *		2,028		5,881
MeiraGTx Holdings PLC *		697		9,653
Merrimack Pharmaceuticals, Inc. *		2,761		17,463
Mirati Therapeutics, Inc. *		2,674		219,856
Morphic Holding, Inc. *		2,220		89,133

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Biotechnology (Continued)*
Myriad Genetics, Inc. *		8,130	$	204,876
Natera, Inc. *		6,591		268,122
Neurocrine Biosciences, Inc. *		7,426		696,188
OPKO Health, Inc. *@		23,063		79,337
PDL BioPharma, Inc. *§		18,262		62,639
Protagonist Therapeutics, Inc. *		3,199		75,752
Prothena Corp. PLC *		1,041		38,069
REGENXBIO, Inc. *		2,291		76,038
Replimune Group, Inc. *		2,085		35,403
Rigel Pharmaceuticals, Inc. *		3,870		11,571
Rocket Pharmaceuticals, Inc. *		1,006		15,955
Rubius Therapeutics, Inc. *		510		2,810
Sage Therapeutics, Inc. *		662		21,912
Sangamo Therapeutics, Inc. *		5,198		30,200
Spero Therapeutics, Inc. *		800		6,960
SpringWorks Therapeutics, Inc. *		3,101		175,020
Stoke Therapeutics, Inc. *		478		10,062
Sutro Biopharma, Inc. *		1,796		14,763
Syndax Pharmaceuticals, Inc. *		5,678		98,684
Travere Therapeutics, Inc. *		5,878		151,476
Twist Bioscience Corp. *		611		30,171
Ultragenyx Pharmaceutical, Inc. *		3,298		239,501
United Therapeutics Corp. *		3,253		583,621
Vanda Pharmaceuticals, Inc. *		2,350		26,579
Verastem, Inc. *		9,653		13,611
Vericel Corp. *		3,482		133,082
Viking Therapeutics, Inc. *		1,800		5,400
Vir Biotechnology, Inc. *		937		24,100
Xencor, Inc. *		1,697		45,276
Y-mAbs Therapeutics, Inc. *		802		9,528

				8,422,264

*Building Products — 2.5%*
A.O. Smith Corp.		8,970		573,093
AAON, Inc.		7,440		414,631
Advanced Drainage Systems, Inc.		7,317		869,333
American Woodmark Corp. *		1,857		90,900
Apogee Enterprises, Inc.		2,316		109,917
Armstrong Flooring, Inc. *		3,460		4,948
Armstrong World Industries, Inc.		4,523		407,115
Builders FirstSource, Inc. *		21,211		1,368,958
Carlisle Cos., Inc.		3,012		740,711
Cornerstone Building Brands, Inc. *		3,775		91,808
CSW Industrials, Inc.		1,174		138,051
Gibraltar Industries, Inc. *		3,042		130,654
Griffon Corp.		5,311		106,379
Insteel Industries, Inc.		2,278		84,263
Lennox International, Inc.		1,677		432,431
Masonite International Corp. *		169		15,031
Owens Corning		6,683		611,495
PGT Innovations, Inc. *		6,135		110,307
Quanex Building Products Corp.		3,883		81,504
Simpson Manufacturing Co., Inc.		4,397		479,449
Trex Co., Inc. *		10,510		686,618
UFP Industries, Inc.		7,021		541,741
Zurn Water Solutions Corp.		14,150		500,910

				8,590,247

*Capital Markets — 2.5%*
Affiliated Managers Group, Inc.		2,522		355,476


	SHARES		VALUE†
Artisan Partners Asset Management, Inc., Class A		6,119	$	240,783
BGC Partners, Inc., Class A		27,768		122,179
Blucora, Inc. *		9,800		191,590
Brightsphere Investment Group, Inc.		2,826		68,530
Cohen & Steers, Inc.		5,127		440,358
Cowen, Inc. Class A @		2,940		79,674
Diamond Hill Investment Group, Inc.		289		54,130
Donnelley Financial Solutions, Inc. *		4,189		139,326
Evercore, Inc., Class A		3,659		407,320
Federated Hermes, Inc.		10,797		367,746
GAMCO Investors, Inc., Class A		1,200		26,532
Greenhill & Co., Inc.		2,413		37,329
Houlihan Lokey, Inc.		1,002		87,976
Invesco Ltd.		24,055		554,708
Janus Henderson Group PLC		14,636		512,553
Jefferies Financial Group, Inc.		21,621		710,250
Lazard Ltd., Class A		6,742		232,599
LPL Financial Holdings, Inc.		5,475		1,000,173
Manning & Napier, Inc.		2,524		22,994
Moelis & Co., Class A		3,389		159,113
Morningstar, Inc.		2,847		777,715
Oppenheimer Holdings, Inc., Class A		1,244		54,213
Piper Sandler Cos.		2,274		298,462
PJT Partners, Inc., Class A		597		37,683
Pzena Investment Management, Inc., Class A		2,375		19,047
Safeguard Scientifics, Inc. *		2,580		13,468
SEI Investments Co.		4,432		266,851
Silvercrest Asset Management Group, Inc., Class A		759		15,522
Stifel Financial Corp.		9,673		656,797
Stonex Group, Inc. *		2,079		154,324
Virtu Financial, Inc., Class A		4,501		167,527
Virtus Investment Partners, Inc.		853		204,711
Westwood Holdings Group, Inc.		1,157		17,725
WisdomTree Investments, Inc. @		14,777		86,741

				8,582,125

*Chemicals — 3.4%*
Advanced Emissions Solutions, Inc. *		2,266		14,095
AdvanSix, Inc.		3,198		163,386
American Vanguard Corp.		3,554		72,217
Ashland Global Holdings, Inc.		3,184		313,337
Avient Corp.		10,014		480,672
Axalta Coating Systems Ltd. *		16,030		394,017
Balchem Corp.		3,741		511,395
Cabot Corp.		5,463		373,724
CF Industries Holdings, Inc.		11,672		1,202,916
Chase Corp.		1,129		98,121
Chemours Co. (The)		8,849		278,567
Core Molding Technologies, Inc. *		1,500		16,140
Ecovyst, Inc.		1,340		15,490
Element Solutions, Inc.		21,963		480,990
Ferro Corp. *		9,929		215,856
FMC Corp.		3,740		492,072
FutureFuel Corp.		4,517		43,950
GCP Applied Technologies, Inc. *		2,256		70,884
H.B. Fuller Co.		6,101		403,093
Hawkins, Inc.		2,648		121,543
Huntsman Corp.		12,047		451,883

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Chemicals (Continued)*
Ingevity Corp. *		948	$	60,738
Innospec, Inc.		2,704		250,255
Intrepid Potash, Inc. *		1,589		130,520
Koppers Holdings, Inc.		2,308		63,516
Kronos Worldwide, Inc.		6,686		103,767
Livent Corp. *@		1,509		39,340
Minerals Technologies, Inc.		3,081		203,808
Mosaic Co. (The)		23,505		1,563,083
NewMarket Corp.		504		163,488
Olin Corp.		3,715		194,220
Quaker Chemical Corp.		30		5,184
Rayonier Advanced Materials, Inc. *		6,292		41,338
RPM International, Inc.		6,495		528,953
Scotts Miracle-Gro Co. (The)		3,576		439,705
Sensient Technologies Corp.		4,568		383,484
Stepan Co.		2,418		238,923
Trecora Resources *		4,188		35,431
Tredegar Corp.		3,412		40,910
Trinseo PLC		4,272		204,714
Tronox Holdings PLC Class A		10,995		217,591
Valvoline, Inc.		5,402		170,487
Westlake Corp.		4,157		512,974

				11,806,777

*Commercial Banks — 9.5%*
1st Source Corp.		2,546		117,753
Allegiance Bancshares, Inc.		1,614		72,114
American National Bankshares, Inc.		1,508		56,821
Ameris Bancorp		6,447		282,894
AmeriServ Financial, Inc.		4,400		17,776
Arrow Financial Corp.		2,149		69,671
Associated Banc-Corp.		13,745		312,836
Atlantic Union Bankshares Corp.		6,981		256,133
Banc of California, Inc.		7,244		140,244
Bancfirst Corp.		3,303		274,843
Bancorp, Inc. (The) *		6,121		173,408
Bank of Hawaii Corp.		3,456		290,028
Bank of Marin Bancorp		1,580		55,411
Bank OZK		3,630		155,001
BankFinancial Corp.		2,474		25,631
BankUnited, Inc.		3,310		145,508
Bankwell Financial Group, Inc.		326		11,029
Banner Corp.		3,355		196,368
Bar Harbor Bankshares		2,089		59,787
BCB Bancorp, Inc.		878		16,024
Berkshire Hills Bancorp, Inc.		4,455		129,061
BOK Financial Corp.		4,072		382,564
Brookline Bancorp, Inc.		7,431		117,558
C&F Financial Corp.		466		23,351
Cadence Bank		15,454		452,184
Camden National Corp.		1,756		82,602
Capital City Bank Group, Inc.		1,890		49,820
Cathay General Bancorp		7,259		324,840
Central Pacific Financial Corp.		3,116		86,936
Central Valley Community Bancorp		1,638		38,247
Citizens & Northern Corp.		852		20,772
Citizens Community Bancorp, Inc.		400		6,044
City Holding Co.		1,686		132,688
Civista Bancshares, Inc.		270		6,507
CNB Financial Corp.		2,264		59,589
Columbia Banking System, Inc.		7,605		245,413
Comerica, Inc.		7,707		696,944
Commerce Bancshares, Inc.		8,166		584,604


	SHARES		VALUE†
Community Bank System, Inc.		4,718	$	330,968
Community Trust Bancorp, Inc.		2,206		90,887
Connectone Bancorp, Inc.		4,989		159,698
Cullen/Frost Bankers, Inc.		3,828		529,834
Customers Bancorp, Inc. *		4,720		246,101
CVB Financial Corp.		13,166		305,583
Dime Community Bancshares, Inc.		4,460		154,182
Eagle Bancorp, Inc.		3,436		195,886
East West Bancorp, Inc.		9,740		769,655
Enterprise Bancorp, Inc.		331		13,280
Enterprise Financial Services Corp.		2,901		137,246
Equity Bancshares, Inc., Class A		1,470		47,496
Farmers & Merchants Bancorp, Inc.		1,205		43,561
Farmers National Banc Corp.		3,991		68,086
FB Financial Corp.		3,274		145,431
Financial Institutions, Inc.		1,855		55,891
First Bancorp		22,823		299,438
First Bancorp, Inc. (The)		1,876		56,430
First Bancorp/Southern Pines NC		3,381		141,224
First Busey Corp.		5,571		141,169
First Business Financial Services, Inc.		551		18,078
First Citizens Bancshares, Inc., Class A		875		582,400
First Commonwealth Financial Corp.		9,286		140,776
First Community Bankshares, Inc.		1,982		55,912
First Financial Bancorp		8,992		207,266
First Financial Bankshares, Inc.		14,820		653,858
First Financial Corp.		1,395		60,376
First Financial Northwest, Inc.		2,239		38,309
First Foundation, Inc.		4,921		119,531
First Hawaiian, Inc.		1,200		33,468
First Horizon Corp.		34,954		821,070
First Internet Bancorp		1,284		55,225
First Interstate Bancsystem, Inc., Class A		5,123		188,373
First Merchants Corp.		5,621		233,834
First Mid Bancshares, Inc.		500		19,245
First of Long Island Corp. (The)		2,295		44,661
Flushing Financial Corp.		3,899		87,143
FNB Corp.		22,576		281,071
Fulton Financial Corp.		15,678		260,568
German American Bancorp, Inc.		3,217		122,214
Glacier Bancorp, Inc.		11,842		595,416
Great Southern Bancorp, Inc.		1,501		88,574
Hancock Whitney Corp.		6,503		339,131
Hanmi Financial Corp.		3,586		88,251
Harborone Bancorp, Inc.		6,045		84,751
Heartland Financial USA, Inc.		4,558		218,009
Heritage Commerce Corp.		6,526		73,418
Heritage Financial Corp.		4,162		104,300
Hilltop Holdings, Inc.		6,988		205,447
Home Bancshares, Inc.		13,006		293,936
HomeStreet, Inc.		2,447		115,939
HomeTrust Bancshares, Inc.		2,255		66,590
Hope Bancorp, Inc.		11,541		185,579
Horizon Bancorp, Inc.		5,096		95,142
Independent Bank Corp.		5,005		408,858
Independent Bank Group, Inc.		2,187		155,627
International Bancshares Corp.		5,903		249,166
Investors Bancorp, Inc.		2,762		41,237
Lakeland Bancorp, Inc.		5,547		92,635
Lakeland Financial Corp.		3,146		229,658
Live Oak Bancshares, Inc.		500		25,445
Macatawa Bank Corp.		5,141		46,320
Mercantile Bank Corp.		1,601		56,707
Meta Financial Group, Inc.		3,897		214,023
Midland States Bancorp, Inc.		1,086		31,342

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Commercial Banks (Continued)*
MidWestOne Financial Group, Inc.		613	$	20,290
National Bank Holdings Corp., Class A		3,376		135,985
NBT Bancorp, Inc.		4,206		151,963
Nicolet Bankshares, Inc. *		1,020		95,441
Northeast Bank		896		30,563
Northrim Bancorp, Inc.		836		36,425
Northwest Bancshares, Inc.		12,344		166,767
OceanFirst Financial Corp.		5,639		113,344
OFG Bancorp		5,852		155,897
Old National Bancorp		28,203		461,965
Old Second Bancorp, Inc.		2,244		32,560
Pacific Premier Bancorp, Inc.		8,840		312,494
PacWest Bancorp		6,102		263,179
Park National Corp.		1,732		227,550
Peapack Gladstone Financial Corp.		1,992		69,222
Penns Woods Bancorp, Inc.		1,138		27,801
People’s United Financial, Inc.		36,390		727,436
Peoples Bancorp, Inc.		3,204		100,317
Pinnacle Financial Partners, Inc.		3,365		309,849
Popular, Inc.		7,138		583,460
Preferred Bank		1,561		115,655
Premier Financial Corp.		4,193		127,174
Primis Financial Corp.		2,721		38,040
Prosperity Bancshares, Inc.		7,853		544,841
QCR Holdings, Inc.		1,914		108,313
Renasant Corp.		5,355		179,125
Republic Bancorp, Inc., Class A		1,997		89,745
Republic First Bancorp, Inc. *		3,546		18,297
Riverview Bancorp, Inc.		2,557		19,305
S&T Bancorp, Inc.		3,996		118,202
Sandy Spring Bancorp, Inc.		4,282		192,347
Seacoast Banking Corp. of Florida		5,003		175,205
ServisFirst Bancshares, Inc.		5,630		536,483
Sierra Bancorp		2,000		49,960
Signature Bank		2,681		786,847
Simmons First National Corp., Class A		10,791		282,940
South State Corp.		7,217		588,835
Southern First Bancshares, Inc. *		923		46,925
Southside Bancshares, Inc.		3,368		137,515
Stock Yards Bancorp, Inc.		2,936		155,314
Summit Financial Group, Inc.		392		10,031
Synovus Financial Corp.		9,560		468,440
Texas Capital Bancshares, Inc. *		3,132		179,495
Tompkins Financial Corp.		1,559		122,023
Towne Bank		5,809		173,922
Trico Bancshares		2,959		118,449
TriState Capital Holdings, Inc. *		3,129		103,977
Triumph Bancorp, Inc. *		2,441		229,503
Trustmark Corp.		5,770		175,350
UMB Financial Corp.		4,960		481,914
Umpqua Holdings Corp.		8,081		152,408
United Bankshares, Inc.		12,088		421,629
United Community Banks, Inc.		8,563		297,992
Univest Financial Corp		3,363		89,994
Valley National Bancorp		37,407		487,039
Veritex Holdings, Inc.		3,570		136,267
Washington Trust Bancorp, Inc.		2,001		105,053
Webster Financial Corp.		11,093		622,539
WesBanco, Inc.		6,661		228,872


	SHARES		VALUE†
West Bancorp, Inc.		1,763	$	47,971
Westamerica Bancorp		2,658		160,809
Western Alliance Bancorp		5,446		451,038
Wintrust Financial Corp.		4,936		458,703
Zions Bancorp NA		10,151		665,500

				32,952,423

*Commercial Services & Supplies — 1.9%*
ABM Industries, Inc.		6,506		299,536
ACCO Brands Corp.		11,957		95,656
Brady Corp., Class A		5,019		232,229
Brink’s Co. (The)		4,837		328,916
Casella Waste Systems, Inc., Class A *		6,377		558,944
Ceco Environmental Corp. *		4,211		23,118
Cimpress PLC *		2,745		174,555
Clean Harbors, Inc. *		5,266		587,896
Deluxe Corp.		4,032		121,928
Ennis, Inc.		3,110		57,442
Harsco Corp. *		6,802		83,256
Healthcare Services Group, Inc.		5,978		111,011
Heritage-Crystal Clean, Inc. *		2,532		74,973
HNI Corp.		4,391		162,687
IAA, Inc. *		7,400		283,050
Interface, Inc.		5,834		79,167
KAR Auction Services, Inc. *		5,924		106,928
Kimball International, Inc., Class B		5,056		42,723
Matthews International Corp., Class A		3,451		111,674
MillerKnoll, Inc.		7,005		242,093
MSA Safety, Inc.		4,156		551,501
NL Industries, Inc.		4,571		32,866
Pitney Bowes, Inc.		4,177		21,720
Quad/Graphics, Inc. *		4,591		31,862
SP Plus Corp. *		2,555		80,125
Steelcase, Inc., Class A		11,344		135,561
Stericycle, Inc. *		4,797		282,639
Team, Inc. *		28		62
Tetra Tech, Inc.		6,444		1,062,873
UniFirst Corp.		1,645		303,141
US Ecology, Inc. *		4,572		218,907
Viad Corp. *		2,501		89,136
Vidler Water Resouces, Inc. *		2,070		31,961
Virco Manufacturing Corp. *		2,494		7,457
VSE Corp.		1,412		65,079

				6,692,672

*Communications Equipment — 1.4%*
ADTRAN, Inc.		5,637		104,003
Applied Optoelectronics, Inc. *		3,183		11,618
BK Technologies Corp.		2,000		5,100
CalAmp Corp. *		5,414		39,576
Calix, Inc. *		1,031		44,240
Ciena Corp. *		15,659		949,405
Clearfield, Inc. *		2,380		155,224
CommScope Holding Co., Inc. *		3,352		26,414
Comtech Telecommunications Corp.		3,207		50,318
Digi International, Inc. *		3,397		73,103
F5, Inc. *		3,709		774,995
Harmonic, Inc. *		10,330		95,966
Infinera Corp. *		16,934		146,818
Juniper Networks, Inc.		19,819		736,474
KVH Industries, Inc. *		2,387		21,722
Lantronix, Inc. *		1,100		7,348

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Communications Equipment (Continued)*
Lumentum Holdings, Inc. *		4,956	$	483,706
NETGEAR, Inc. *		3,539		87,342
NetScout Systems, Inc. *		8,182		262,478
Network-1 Technologies, Inc.		1,343		3,505
Optical Cable Corp. *		374		1,586
PC-Tel, Inc.		2,629		12,199
Pineapple Holdings, Inc. @		354		2,216
Ribbon Communications, Inc. *		13,960		43,136
Tessco Technologies, Inc. *		1,000		6,040
Viasat, Inc. *		4,101		200,129
Viavi Solutions, Inc. *		21,651		348,148

				4,692,809

*Computers & Peripherals — 0.3%*
AstroNova, Inc. *		1,572		23,847
Avid Technology, Inc. *		7,133		248,728
Intevac, Inc. *		3,414		18,265
Pure Storage, Inc., Class A *		11,036		389,681
Super Micro Computer, Inc. *		1,663		63,310
Xerox Holdings Corp.		15,230		307,189

				1,051,020

*Construction & Engineering — 1.8%*
AECOM		9,414		723,089
Ameresco, Inc., Class A *		4,050		321,975
Arcosa, Inc.		1,853		106,084
Argan, Inc.		1,586		64,376
Comfort Systems USA, Inc.		4,850		431,699
Dycom Industries, Inc. *		4,084		389,042
EMCOR Group, Inc.		5,995		675,217
Fluor Corp. *@		6,585		188,924
Granite Construction, Inc.		4,358		142,942
Great Lakes Dredge & Dock Corp. *		7,436		104,327
IES Holdings, Inc. *		2,548		102,430
MasTec, Inc. *		6,602		575,034
Matrix Service Co. *		4,086		33,587
MDU Resources Group, Inc.		11,285		300,745
MYR Group, Inc. *		1,935		181,967
Northwest Pipe Co. *		1,211		30,820
NV5 Global, Inc. *		1,843		245,672
Orion Group Holdings, Inc *		3,431		8,509
Primoris Services Corp.		5,726		136,393
Sterling Construction Co., Inc. *		3,492		93,586
Tutor Perini Corp. *		4,753		51,332
Valmont Industries, Inc.		2,069		493,663
WillScot Mobile Mini Holdings Corp. *		18,811		736,075

				6,137,488

*Construction Materials — 0.1%*
Eagle Materials, Inc.		1,439		184,710
Summit Materials, Inc., Class A *		4,678		145,299
United States Lime & Minerals, Inc.		949		110,122

				440,131

*Consumer Finance — 1.1%*
Atlanticus Holdings Corp. *		3,144		162,828
Consumer Portfolio Services, Inc. *		4,988		50,678
Credit Acceptance Corp. *@		760		418,281
Encore Capital Group, Inc. *		3,784		237,370
Enova International, Inc. *		4,283		162,626
Ezcorp, Inc., Class A *		5,994		36,204
FirstCash Holdings, Inc.		4,847		340,938
Green Dot Corp., Class A *		5,205		143,033
LendingClub Corp. *		7,371		116,314
LendingTree, Inc. *		1,371		164,068


	SHARES		VALUE†
Navient Corp.		17,562	$	299,256
Nelnet, Inc., Class A		3,245		275,793
OneMain Holdings, Inc.		7,656		362,971
PRA Group, Inc. *		5,417		244,198
PROG Holdings, Inc. *		6,028		173,426
Regional Management Corp.		1,467		71,252
SLM Corp.		14,278		262,144
World Acceptance Corp. *		977		187,428

				3,708,808

*Containers & Packaging — 1.2%*
AptarGroup, Inc.		4,035		474,112
Berry Global Group, Inc. *		9,609		556,938
Crown Holdings, Inc.		1,631		204,022
Graphic Packaging Holding Co.		8,918		178,717
Greif, Inc., Class A		2,553		166,098
Greif, Inc., Class B		1,193		76,066
Myers Industries, Inc.		4,361		94,198
Packaging Corp. of America		1,324		206,690
Sealed Air Corp.		10,816		724,239
Silgan Holdings, Inc.		12,267		567,103
Sonoco Products Co.		6,744		421,905
Trimas Corp.		5,102		163,723
WestRock Co.		5,218		245,402

				4,079,213

*Distributors — 0.0%*
Weyco Group, Inc.		1,043		25,783

*Diversified Consumer Services — 1.2%*
Adtalem Global Education, Inc. *		5,934		176,299
American Public Education, Inc. *		2,124		45,114
Bright Horizons Family Solutions, Inc. *		3,373		447,563
Carriage Services, Inc.		2,984		159,137
Chegg, Inc. *@		6,367		230,995
Frontdoor, Inc. *		2,657		79,311
Graham Holdings Co., Class B		462		282,499
Grand Canyon Education, Inc. *		3,776		366,687
H&R Block, Inc.		11,646		303,262
Houghton Mifflin Harcourt Co. *		10,946		229,975
Laureate Education, Inc.		2,699		31,983
Perdoceo Education Corp. *		6,976		80,085
Service Corp. International		10,864		715,069
Strategic Education, Inc.		2,650		175,907
Stride, Inc. *		4,184		152,005
Terminix Global Holdings, Inc. *		9,365		427,325
Universal Technical Institute, Inc. *		4,347		38,471
WW International, Inc. *		5,647		57,769

				3,999,456

*Diversified Financial Services — 0.3%*
A-Mark Precious Metals, Inc.		1,166		90,179
Cannae Holdings, Inc. *		5,121		122,494
Equitable Holdings, Inc.		2,089		64,571
Voya Financial, Inc.		9,648		640,145

				917,389

*Diversified Telecommunication Services — 0.2%*
ATN International, Inc.		2,105		83,948
Cogent Communications Holdings, Inc.		5,536		367,314
Consolidated Communications Holdings, Inc. *		7,487		44,173
Contra Costa Communications CVR<>		355		—
IDT Corp., Class B *		2,980		101,588
Iridium Communications, Inc. *		1,819		73,342

				670,365

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Electric Utilities — 1.1%*
Allete, Inc.		3,067	$	205,428
Genie Energy Ltd. Class B		3,300		22,275
Hawaiian Electric Industries, Inc.		7,162		303,024
IDACORP, Inc.		2,837		327,276
MGE Energy, Inc.		3,771		300,888
NRG Energy, Inc.		14,356		550,696
OGE Energy Corp.		10,049		409,798
Otter Tail Corp.		4,597		287,313
Pinnacle West Capital Corp.		5,960		465,476
PNM Resources, Inc.		10,204		486,425
Portland General Electric Co.		5,648		311,487
Via Renewables, Inc. @		2,000		16,480

				3,686,566

*Electrical Equipment — 1.3%*
Acuity Brands, Inc.		1,828		346,040
Allied Motion Technologies, Inc.		1,626		48,520
Atkore, Inc. *		5,678		558,942
AZZ, Inc.		2,809		135,506
Encore Wire Corp.		2,341		267,038
EnerSys		4,742		353,611
Hubbell, Inc.		3,715		682,705
LSI Industries, Inc.		3,137		18,822
nVent Electric PLC		1,295		45,040
Powell Industries, Inc.		1,380		26,800
Preformed Line Products Co.		668		42,365
Regal Rexnord Corp.		7,570		1,126,265
Sensata Technologies Holding PLC *		10,094		513,280
Sunrun, Inc. *		6,232		189,266
Thermon Group Holdings, Inc. *		3,577		57,947
TPI Composites, Inc. *		564		7,930
Ultralife Corp. *		2,441		13,108
Vicor Corp. *		3,445		243,045

				4,676,230

*Electronic Equipment, Instruments & Components — 2.9%*
Advanced Energy Industries, Inc.		4,145		356,802
Arlo Technologies, Inc. *		10,925		96,795
Arrow Electronics, Inc. *		6,694		794,109
Avnet, Inc.		7,545		306,252
Badger Meter, Inc.		3,368		335,823
Bel Fuse, Inc., Class B		1,421		25,351
Belden, Inc.		4,896		271,238
Benchmark Electronics, Inc.		4,604		115,284
Cognex Corp.		4,433		342,006
Coherent, Inc. *		520		142,147
CTS Corp.		3,954		139,734
Daktronics, Inc. *		4,902		18,824
ePlus, Inc. *		3,836		215,046
Fabrinet *		4,275		449,431
FARO Technologies, Inc. *		2,298		119,312
Flex Ltd. *		28,069		520,680
Frequency Electronics, Inc. *		1,400		12,180
II-VI, Inc. *@		5,457		395,578
Insight Enterprises, Inc. *		3,841		412,216
IPG Photonics Corp. *		2,351		258,046
Itron, Inc. *		4,157		218,991
Jabil, Inc.		5,378		331,984
Key Tronic Corp. *		1,700		9,605
Kimball Electronics, Inc. *		2,987		59,710


	SHARES		VALUE†
Knowles Corp. *		7,671	$	165,157
Littelfuse, Inc.		1,865		465,150
Methode Electronics, Inc.		4,122		178,276
NAPCO Security Technologies, Inc. *		5,355		109,885
National Instruments Corp.		7,611		308,930
nLight, Inc. *		400		6,936
Novanta, Inc. *		4,244		603,879
OSI Systems, Inc. *		1,764		150,152
PC Connection, Inc.		2,926		153,293
Plexus Corp. *		3,061		250,420
Richardson Electronics Ltd.		1,505		18,722
Rogers Corp. *		2,017		548,019
Sanmina Corp. *		6,551		264,791
Scansource, Inc. *		2,807		97,656
TD SYNNEX Corp.		3,213		331,614
TTM Technologies, Inc. *		10,405		154,202
Vishay Intertechnology, Inc.		11,850		232,260
Vishay Precision Group, Inc. *		1,694		54,462
Vontier Corp.		423		10,740
Wayside Technology Group, Inc.		315		10,773

				10,062,461

*Energy Equipment & Services — 0.5%*
Archrock, Inc.		14,737		136,023
Bristow Group, Inc. *		1,138		42,197
Core Laboratories NV		2,189		69,238
DMC Global, Inc. *		2,412		73,566
Dril-Quip, Inc. *		3,044		113,693
Exterran Corp. *		3,877		24,076
Geospace Technologies Corp. *		1,646		9,465
Gulf Island Fabrication, Inc. *		1,823		7,146
Helix Energy Solutions Group, Inc. *		14,425		68,951
Helmerich & Payne, Inc.		6,380		272,936
Nabors Industries Ltd. *		763		116,525
Natural Gas Services Group, Inc. *		2,179		25,952
NOV, Inc.		21,019		412,183
Oceaneering International, Inc. *		8,090		122,644
Oil States International, Inc. *		5,995		41,665
Patterson-UTI Energy, Inc.		599		9,273
SEACOR Marine Holdings, Inc. *		3,233		26,090
TechnipFMC PLC *		5,694		44,129
U.S. Silica Holdings, Inc. *		7,259		135,453

				1,751,205

*Entertainment — 0.6%*
Ballantyne Strong, Inc. *		3,464		10,669
Cinemark Holdings, Inc. *@		1,868		32,279
Gaia, Inc. *		1,407		6,922
IMAX Corp. *		4,817		91,186
Liberty Media Corp.-Liberty Braves, Class A *		338		9,728
Liberty Media Corp.-Liberty Formula One, Class A *		1,700		107,321
Liberty Media Corp.-Liberty Formula One, Class C *		11,084		774,106
Lions Gate Entertainment Corp., Class A *		4,059		65,959
Lions Gate Entertainment Corp., Class B *		5,120		76,954
Madison Square Garden Entertainment Corp. *		1,318		109,803
Marcus Corp. (The) *@		3,100		54,870
Reading International, Inc., Class A *		3,044		13,028

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Entertainment (Continued)*
World Wrestling Entertainment, Inc., Class A @		2,212	$	138,117
Zynga, Inc., Class A *		62,503		577,528

				2,068,470

*Food & Staples Retailing — 0.9%*
Andersons, Inc. (The)		4,055		203,804
BJ’s Wholesale Club Holdings, Inc. *		1,541		104,187
Casey’s General Stores, Inc.		2,355		466,690
Chefs’ Warehouse Inc. (The) *		4,636		151,134
Ingles Markets, Inc., Class A		1,973		175,696
Natural Grocers by Vitamin Cottage, Inc.		2,710		53,116
Performance Food Group Co. *		9,263		471,579
PriceSmart, Inc.		3,201		252,463
SpartanNash Co.		4,477		147,696
Sprouts Farmers Market, Inc. *		7,149		228,625
United Natural Foods, Inc. *		4,623		191,161
US Foods Holding Corp. *		11,021		414,720
Village Super Market, Inc., Class A		1,435		35,158
Weis Markets, Inc.		2,943		210,189

				3,106,218

*Food Products — 1.9%*
B&G Foods, Inc.		8,145		219,752
Bunge Ltd.		6,292		697,217
Cal-Maine Foods, Inc.		5,021		277,260
Calavo Growers, Inc.		2,189		79,789
Coffee Holding Co., Inc.		600		2,046
Darling Ingredients, Inc. *		19,384		1,558,086
Farmer Bros. Co. *		2,275		16,198
Flowers Foods, Inc.		10,685		274,711
Fresh Del Monte Produce, Inc.		5,010		129,809
Freshpet, Inc. *		585		60,044
Hostess Brands, Inc. *		4,664		102,328
Ingredion, Inc.		3,754		327,161
J&J Snack Foods Corp.		2,148		333,155
John B. Sanfilippo & Son, Inc.		1,112		92,785
Lamb Weston Holdings, Inc.		8,392		502,765
Lancaster Colony Corp.		2,908		433,728
Landec Corp. *		3,872		44,838
Lifeway Foods, Inc. *		1,756		12,678
Limoneira Co.		2,072		30,417
Pilgrim’s Pride Corp. *		5,624		141,162
Post Holdings, Inc. *		4,776		330,786
Rocky Mountain Chocolate Factory, Inc.		1,260		9,374
Sanderson Farms, Inc.		2,524		473,225
Seaboard Corp.		42		176,631
Seneca Foods Corp., Class A *		800		41,232
Tootsie Roll Industries, Inc.		5,000		174,787
TreeHouse Foods, Inc. *		225		7,258

				6,549,222

*Gas Utilities — 1.1%*
Atmos Energy Corp.		6,662		796,042
Chesapeake Utilities Corp.		2,106		290,123
National Fuel Gas Co.		4,000		274,800
New Jersey Resources Corp.		9,687		444,246
Northwest Natural Holding Co.		3,354		173,469
ONE Gas, Inc.		5,011		442,171
RGC Resources, Inc.		600		12,828
South Jersey Industries, Inc.		10,442		360,771
Southwest Gas Holdings, Inc.		4,019		314,647
Spire, Inc.		4,808		345,022


	SHARES		VALUE†
UGI Corp.		10,146	$	367,488

				3,821,607

*Health Care — 0.0%*
Contra Aduro Biotech §		237		429

*Health Care Equipment & Supplies — 3.0%*
Accuray, Inc. *		10,241		33,898
Achillion Pharmaceuticals, Inc. @§		23,152		12,589
Angiodynamics, Inc. *		4,953		106,688
Apyx Medical Corp. *		1,030		6,726
Artivion, Inc. *		5,028		107,499
AtriCure, Inc. *		3,477		228,335
Atrion Corp.		201		143,313
Avanos Medical, Inc. *		5,588		187,198
Axogen, Inc. *		2,479		19,683
Axonics, Inc. *		2,988		187,049
Cardiovascular Systems, Inc. *		2,885		65,201
CONMED Corp.		2,494		370,484
Cutera, Inc. *@		1,969		135,861
Dentsply Sirona, Inc.		8,909		438,501
Electromed, Inc. *		2,175		27,057
Envista Holdings Corp. *		11,739		571,807
Fonar Corp. *		1,282		23,781
Glaukos Corp. *		2,946		170,338
Globus Medical, Inc., Class A *		6,108		450,648
Haemonetics Corp. *		4,819		304,657
Heska Corp. *		1,113		153,906
ICU Medical, Inc. *		1,721		383,163
Inari Medical, Inc. *		1,114		100,973
Inogen, Inc. *		2,495		80,888
Integer Holdings Corp. *		3,152		253,957
Integra LifeSciences Holdings Corp. *		6,371		409,400
IntriCon Corp. *		1,000		23,860
Invacare Corp. *		4,558		6,427
iRadimed Corp.		325		14,573
iRhythm Technologies, Inc. *		101		15,904
Lantheus Holdings, Inc. *		7,277		402,491
LeMaitre Vascular, Inc.		2,735		127,095
LENSAR, Inc. *		1,385		10,249
LivaNova PLC *		5,101		417,415
Masimo Corp. *		1,950		283,803
Meridian Bioscience, Inc. *		4,782		124,141
Merit Medical Systems, Inc. *		5,761		383,222
Mesa Laboratories, Inc.		188		47,917
Natus Medical, Inc. *		4,076		107,117
Neogen Corp. *		10,822		333,750
Nevro Corp. *		822		59,455
Novocure Ltd. *@		532		44,076
NuVasive, Inc. *		5,261		298,299
OraSure Technologies, Inc. *		9,521		64,552
Orthofix Medical, Inc. *		2,039		66,675
OrthoPediatrics Corp. *		768		41,464
Penumbra, Inc. *		2,823		627,073
Quidel Corp. *		4,661		524,176
SeaSpine Holdings Corp. *		2,964		36,042
Shockwave Medical, Inc. *		2,116		438,774
SI-BONE, Inc. *		1,793		40,522
STAAR Surgical Co. *		3,622		289,434
SurModics, Inc. *		1,788		81,050
Tactile Systems Technology, Inc. *		1,097		22,115
Tandem Diabetes Care, Inc. *		3,113		362,011
TransMedics Group, Inc. *		1,354		36,477
UFP Technologies, Inc. *		913		60,413
Utah Medical Products, Inc.		630		56,612
Varex Imaging Corp. *@		2,200		46,838

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Health Care Equipment & Supplies (Continued)*
ViewRay, Inc. *		7,099	$	27,828

				10,495,450

*Health Care Providers & Services — 3.7%*
Acadia Healthcare Co., Inc. *		6,699		438,985
Addus HomeCare Corp. *		1,522		141,987
Amedisys, Inc. *		3,317		571,486
AMN Healthcare Services, Inc. *		4,751		495,672
Apollo Medical Holdings, Inc. *@		2,478		120,109
Brookdale Senior Living, Inc. *		16,230		114,421
Chemed Corp.		1,565		792,751
Community Health Systems, Inc. *		11,147		132,315
Corvel Corp. *		2,837		477,864
Covetrus, Inc. *		7,116		119,478
Cross Country Healthcare, Inc. *		5,512		119,445
DaVita, Inc. *		8,508		962,340
Encompass Health Corp.		7,416		527,352
Ensign Group, Inc. (The)		6,774		609,728
Enzo Biochem, Inc. *		6,609		19,166
Guardant Health, Inc. *		3,688		244,293
Hanger, Inc. *		3,413		62,560
HealthEquity, Inc. *		5,161		348,058
Henry Schein, Inc. *		10,880		948,627
InfuSystem Holdings, Inc. *		600		5,880
Joint Corp. (The) *		1,139		40,309
LHC Group, Inc. *		3,259		549,467
Mednax, Inc. *		6,014		141,209
ModivCare, Inc. *		1,383		159,584
National Healthcare Corp.		1,582		111,104
National Research Corp.		2,987		118,434
Option Care Health, Inc. *		3,340		95,390
Owens & Minor, Inc.		7,179		316,020
Patterson Cos., Inc.		6,230		201,665
Pennant Group, Inc. (The) *		3,997		74,464
PetIQ, Inc. *@		1,504		36,698
Premier, Inc., Class A		3,891		138,481
Progyny, Inc. *		7,065		363,141
R1 RCM, Inc. *		20,856		558,107
RadNet, Inc. *		5,402		120,843
Select Medical Holdings Corp.		12,138		291,191
Sharps Compliance Corp. *		823		4,856
Surgery Partners, Inc. *		6,352		349,678
Tenet Healthcare Corp. *		11,198		962,580
Tivity Health, Inc. *		3,606		116,005
U.S. Physical Therapy, Inc.		1,511		150,269
Universal Health Services, Inc., Class B		3,730		540,663

				12,692,675

*Health Care Technology — 0.5%*
Allscripts Healthcare Solutions, Inc. *		14,834		334,062
Computer Programs & Systems, Inc. *		1,636		56,360
Evolent Health, Inc., Class A *		4,696		151,681
Health Catalyst, Inc. *@		1,300		33,969
HealthStream, Inc. *		3,803		75,756
Inspire Medical Systems, Inc. *		600		154,014
NextGen Healthcare, Inc. *		6,391		133,636
Omnicell, Inc. *		4,593		594,747
OptimizeRx Corp. *		1,202		45,327


	SHARES		VALUE†
Simulations Plus, Inc. @		358	$	18,251

				1,597,803

*Hotels, Restaurants & Leisure — 2.9%*
Aramark		13,415		504,404
Biglari Holdings, Inc., Class A *		7		5,029
Biglari Holdings, Inc., Class B *		74		10,701
BJ’s Restaurants, Inc. *		2,751		77,853
Bloomin’ Brands, Inc. @		8,154		178,899
Bluegreen Vacations Holding Corp. *		417		12,331
Boyd Gaming Corp.		1,865		122,680
Brinker International, Inc. *		5,679		216,711
Carrols Restaurant Group, Inc.		8,916		20,150
Cheesecake Factory, Inc. (The) *		5,035		200,343
Choice Hotels International, Inc.		6,024		853,962
Churchill Downs, Inc.		3,811		845,203
Chuy’s Holdings, Inc. *		2,478		66,906
Cracker Barrel Old Country Store, Inc.		2,324		275,928
Dave & Buster’s Entertainment, Inc. *		4,530		222,423
Denny’s Corp. *		4,694		67,171
El Pollo Loco Holdings, Inc. *		4,284		49,780
Everi Holdings, Inc. *		4,400		92,400
Fiesta Restaurant Group, Inc. *		4,058		30,333
Hilton Grand Vacations, Inc. *		559		29,074
Hyatt Hotels Corp., Class A *		811		77,410
International Game Technology PLC @		969		23,915
Jack in the Box, Inc.		3,000		280,230
Marriott Vacations Worldwide Corp.		5,154		812,786
Monarch Casino & Resort, Inc. *		1,490		129,973
Nathan’s Famous, Inc.		794		43,011
Norwegian Cruise Line Holdings Ltd. *@		11,485		251,292
Papa John’s International, Inc.		4,290		451,651
Penn National Gaming, Inc. *		555		23,543
Planet Fitness, Inc. Class A *		8,887		750,774
Playa Hotels & Resorts NV *		1,000		8,650
Red Robin Gourmet Burgers, Inc. *		1,717		28,949
Ruth’s Hospitality Group, Inc.		2,754		63,011
Scientific Games Corp., Class A *		1,500		88,125
SeaWorld Entertainment, Inc. *		3,316		246,843
Shake Shack, Inc., Class A *		2,266		153,861
Texas Roadhouse, Inc.		6,983		584,687
Travel + Leisure Co.		3,148		182,395
Vail Resorts, Inc.		2,071		539,019
Wendy’s Co. (The)		22,109		485,735
Wingstop, Inc.		2,032		238,455
Wyndham Hotels & Resorts, Inc.		5,481		464,186
Wynn Resorts Ltd. *		4,478		357,076

				10,167,858

*Household Durables — 1.9%*
Bassett Furniture Industries, Inc.		1,080		17,885
Beazer Homes USA, Inc. *		1,643		25,006
Cavco Industries, Inc. *		986		237,478
Century Communities, Inc.		3,674		196,816
Ethan Allen Interiors, Inc.		2,598		67,730
Flexsteel Industries, Inc.		1,069		20,632
Green Brick Partners, Inc. *		4,024		79,514
Hamilton Beach Brands Holding Co., Class A		2,000		23,260
Helen of Troy Ltd. *		2,629		514,863
Hooker Furnishings Corp.		1,742		32,994
Installed Building Products, Inc.		3,050		257,695

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Household Durables (Continued)*
iRobot Corp. *		3,109	$	197,111
KB Home		7,849		254,151
La-Z-Boy, Inc.		4,321		113,945
Leggett & Platt, Inc.		8,008		278,678
Lifetime Brands, Inc.		3,200		41,088
M.D.C. Holdings, Inc.		6,276		237,484
M/I Homes, Inc. *		3,074		136,332
Meritage Homes Corp. *		3,491		276,592
Mohawk Industries, Inc. *		3,847		477,797
Newell Brands, Inc.		27,926		597,896
Orleans Homebuilders, Inc. *@§		4,953		—
Skyline Champion Corp. *		2,566		140,822
Sonos, Inc. *		902		25,454
Taylor Morrison Home Corp. *		9,778		266,157
Tempur Sealy International, Inc.		19,486		544,049
Toll Brothers, Inc.		10,507		494,039
TopBuild Corp. *		3,486		632,326
TRI Pointe Homes, Inc. *		12,577		252,546
Tupperware Brands Corp. *		773		15,035
Universal Electronics, Inc. *		1,292		40,362
VOXX International Corp. *		3,284		32,741

				6,528,478

*Household Products — 0.2%*
Central Garden & Pet Co. *		1,247		54,818
Central Garden & Pet Co., Class A *		4,555		185,753
Spectrum Brands Holdings, Inc.		3,742		331,990
WD-40 Co. @		1,589		291,153

				863,714

*Independent Power Producers & Energy Traders — 0.5%*
Atlantica Sustainable Infrastructure PLC		1,800		63,126
Brookfield Renewable Corp. Class A		2,097		91,849
Clearway Energy, Inc., Class A		3,716		123,817
Clearway Energy, Inc., Class C		9,495		346,663
Ormat Technologies, Inc.		5,451		446,055
Sunnova Energy International, Inc. *@		350		8,071
Vistra Corp.		28,253		656,882

				1,736,463

*Insurance — 4.1%*
Alleghany Corp. *		890		753,830
Ambac Financial Group, Inc. *		4,434		46,114
American Equity Investment Life Holding Co.		10,429		416,221
American Financial Group, Inc.		4,216		613,934
American National Group, Inc.		1,348		254,893
AMERISAFE, Inc.		1,961		97,403
Argo Group International Holdings Ltd.		3,856		159,176
Assurant, Inc.		4,101		745,685
Assured Guaranty Ltd.		4,657		296,465
Axis Capital Holdings Ltd.		4,830		292,070
Brighthouse Financial, Inc. *		5,115		264,241
Citizens, Inc. *		6,126		25,974
CNO Financial Group, Inc.		10,476		262,843
Crawford & Co., Class A		5,638		42,623
Crawford & Co., Class B		3,345		24,385
Donegal Group, Inc., Class A		3,630		48,678
eHealth, Inc. *		3,214		39,886
Employers Holdings, Inc.		2,665		109,318
Enstar Group Ltd. *		1,195		312,074
Erie Indemnity Co., Class A		1,600		281,808
Everest Re Group Ltd.		2,558		770,930
Fidelity National Financial, Inc.		12,902		630,134


	SHARES		VALUE†
First American Financial Corp.		7,508	$	486,669
Genworth Financial, Inc., Class A *		14,918		56,390
Global Indemnity Group LLC Class A		2,287		59,668
Globe Life, Inc.		5,598		563,159
Greenlight Capital Re Ltd., Class A *		3,275		23,154
Hallmark Financial Services, Inc. *		4,500		16,335
Hanover Insurance Group, Inc. (The)		2,145		320,720
HCI Group, Inc.		1,239		84,475
Heritage Insurance Holdings, Inc.		3,869		27,625
Horace Mann Educators Corp.		4,392		183,717
Investors Title Co.		279		56,696
James River Group Holdings Ltd.		829		20,509
Kemper Corp.		5,843		330,363
Kingstone Cos., Inc.		2,759		14,678
Kinsale Capital Group, Inc.		400		91,208
Lincoln National Corp.		8,515		556,540
Maiden Holdings Ltd. *		9,822		23,671
MBIA, Inc. *		24,418		375,793
Mercury General Corp.		5,391		296,505
Old Republic International Corp.		20,327		525,860
Primerica, Inc.		4,105		561,646
ProAssurance Corp.		5,438		146,173
Reinsurance Group of America, Inc.		3,019		330,460
RenaissanceRe Holdings Ltd.		2,896		459,045
RLI Corp.		5,024		555,805
Safety Insurance Group, Inc.		1,656		150,448
Selective Insurance Group, Inc.		6,118		546,704
Stewart Information Services Corp.		3,069		186,012
Trupanion, Inc. *		157		13,992
Unico American Corp. *		1,700		4,998
United Fire Group, Inc.		2,400		74,568
United Insurance Holdings Corp.		5,146		17,033
Universal Insurance Holdings, Inc.		4,293		57,913
Unum Group		14,680		462,567
W. R. Berkley Corp.		1,696		112,970
White Mountains Insurance Group Ltd.		28		31,815

				14,314,569

*Interactive Media & Services — 0.2%*
Angi, Inc. *		2,836		16,080
Cargurus, Inc. *		2,133		90,567
DHI Group, Inc. *		8,881		52,842
QuinStreet, Inc. *		5,180		60,088
Travelzoo *		1,588		10,417
Yelp, Inc. *		812		27,698
Ziff Davis, Inc. *		2,996		289,953

				547,645

*Internet & Catalog Retail — 0.2%*
1-800-Flowers.com, Inc., Class A *		3,880		49,509
Liquidity Services, Inc. *		4,207		72,024
PetMed Express, Inc. @		2,360		60,888
Qurate Retail, Inc., Series A		15,608		74,294
Shutterstock, Inc.		3,731		347,281

				603,996

*IT Services — 2.0%*
Alliance Data Systems Corp.		2,224		124,878
Amdocs Ltd.		5,665		465,720
BM Technologies, Inc. *		823		7,037
Cass Information Systems, Inc.		1,788		65,995
Computer Task Group, Inc. *		4,027		39,344
Concentrix Corp.		3,341		556,477
Conduent, Inc. *		3,934		20,299
CSG Systems International, Inc.		4,225		268,583
DXC Technology Co. *		10,737		350,348
Euronet Worldwide, Inc. *		2,789		362,988

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*IT Services (Continued)*
ExlService Holdings, Inc. *		3,892	$	557,607
Genpact Ltd.		12,745		554,535
Globant SA *		1,651		432,678
GoDaddy, Inc., Class A *		8,025		671,693
Hackett Group, Inc. (The)		4,098		94,500
Limelight Networks, Inc. *@		15,146		79,062
Liveramp Holdings, Inc. *		8,339		311,795
Maximus, Inc.		2,874		215,406
MoneyGram International, Inc. *		131		1,383
Perficient, Inc. *		4,602		506,634
PFSweb, Inc. *		3,727		42,600
TTEC Holdings, Inc.		4,929		406,741
Unisys Corp. *		700		15,127
Western Union Co. (The)		10,702		200,555
WEX, Inc. *		2,575		459,509

				6,811,494

*Leisure Equipment & Products — 0.6%*
American Outdoor Brands, Inc. *		1,946		25,551
Brunswick Corp.		4,070		329,222
Clarus Corp.		1,907		43,441
Escalade, Inc.		1,950		25,740
Hasbro, Inc.		3,528		289,014
Johnson Outdoors, Inc., Class A		1,000		77,730
Malibu Boats, Inc., Class A *		2,116		122,749
Marine Products Corp.		3,930		45,392
MasterCraft Boat Holdings, Inc. *		2,183		53,724
Mattel, Inc. *		16,916		375,704
Nautilus, Inc. *		2,812		11,585
Polaris, Inc.		3,530		371,780
Smith & Wesson Brands, Inc.		4,598		69,568
Vista Outdoor, Inc. *		4,383		156,429
YETI Holdings, Inc. *		2,442		146,471

				2,144,100

*Life Sciences Tools & Services — 1.1%*
10X Genomics, Inc. *		2,010		152,901
Adaptive Biotechnologies Corp. *		200		2,776
Azenta, Inc.		7,168		594,084
Bruker Corp.		11,719		753,532
Codexis, Inc. *		4,499		92,769
Fluidigm Corp. *		1,700		6,103
Harvard Bioscience, Inc. *		5,522		34,292
Inotiv, Inc. *@		239		6,257
Medpace Holdings, Inc. *		2,778		454,453
NeoGenomics, Inc. *		6,214		75,500
Repligen Corp. *		4,248		799,006
Sotera Health Co. *		2,361		51,139
Syneos Health, Inc. *		7,939		642,662

				3,665,474

*Machinery — 4.8%*
AGCO Corp.		4,642		677,871
Alamo Group, Inc.		1,320		189,803
Albany International Corp., Class A		3,323		280,195
Allison Transmission Holdings, Inc.		7,391		290,171
Altra Industrial Motion Corp.		2,666		103,787
Astec Industries, Inc.		2,667		114,681
Barnes Group, Inc.		4,989		200,508
Blue Bird Corp. *		2,584		48,631


	SHARES		VALUE†
Chart Industries, Inc. *		3,344	$	574,399
CIRCOR International, Inc. *		2,600		69,212
Colfax Corp. *		1,255		49,936
Columbus McKinnon Corp.		2,642		112,021
Commercial Vehicle Group, Inc. *		3,758		31,755
Crane Co.		3,089		334,477
Donaldson Co., Inc.		8,206		426,138
Douglas Dynamics, Inc.		2,507		86,717
Eastern Co. (The)		1,272		29,625
Enerpac Tool Group Corp.		6,499		142,263
EnPro Industries, Inc.		2,344		229,079
ESCO Technologies, Inc.		2,646		185,008
Federal Signal Corp.		5,985		201,994
Flowserve Corp.		8,820		316,638
Franklin Electric Co., Inc.		5,666		470,505
Gorman-Rupp Co. (The)		3,803		136,452
Graco, Inc.		10,654		742,797
Graham Corp.		1,759		13,562
Greenbrier Cos., Inc. (The)		3,984		205,216
Helios Technologies, Inc.		3,760		301,740
Hurco Cos., Inc.		1,000		31,520
Hyster-Yale Materials Handling, Inc.		1,765		58,616
ITT, Inc.		5,131		385,902
John Bean Technologies Corp.		3,520		417,014
Kadant, Inc.		1,660		322,355
Kennametal, Inc.		6,340		181,387
LB Foster Co., Class A *		2,165		33,276
Lincoln Electric Holdings, Inc.		3,365		463,731
Lindsay Corp.		1,209		189,825
Manitex International, Inc. *		1,300		9,464
Manitowoc Co., Inc. (The) *		3,607		54,394
Meritor, Inc. *		7,601		270,368
Middleby Corp. (The) *		4,055		664,777
Miller Industries, Inc.		1,261		35,510
Mueller Industries, Inc.		6,958		376,915
Mueller Water Products, Inc., Class A		16,726		216,100
NN, Inc. *		5,264		15,160
Nordson Corp.		2,976		675,790
Omega Flex, Inc.		1,002		130,130
Oshkosh Corp.		4,130		415,684
Park-Ohio Holdings Corp.		2,182		30,701
Pentair PLC		11,013		597,015
Perma-Pipe International Holdings, Inc. *		1,900		17,917
Proto Labs, Inc. *		2,997		158,541
RBC Bearings, Inc. *		1,730		335,412
Shyft Group, Inc. (The)		3,913		141,298
Snap-On, Inc.		1,600		328,768
SPX Corp. *		4,956		244,876
SPX FLOW, Inc.		3,884		334,878
Standex International Corp.		1,427		142,586
Tennant Co.		2,037		160,516
Terex Corp.		6,869		244,949
Timken Co. (The)		6,902		418,951
Titan International, Inc. *		7,879		116,058
Toro Co. (The)		7,421		634,421
Trinity Industries, Inc.		4,908		168,639
Wabash National Corp.		6,446		95,659
Watts Water Technologies, Inc., Class A		3,406		475,443
Welbilt, Inc. *		25,499		605,601

				16,765,328

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Marine — 0.3%*
Costamare, Inc.		5,728	$	97,662
Eagle Bulk Shipping, Inc. @		436		29,696
Eneti, Inc.		420		2,667
Kirby Corp. *		4,368		315,326
Matson, Inc.		5,291		638,201

				1,083,552

*Media — 1.3%*
Altice USA, Inc., Class A *		8,066		100,664
AMC Networks, Inc., Class A *		2,989		121,443
Cable One, Inc.		397		581,303
Entravision Communications Corp., Class A		5,678		36,396
EW Scripps Co. (The), Class A *		7,073		147,048
Gannett Co., Inc. *		1		5
Gray Television, Inc.		8,433		186,116
Hemisphere Media Group, Inc. *		2,950		13,481
Interpublic Group of Cos., Inc. (The)		16,227		575,247
John Wiley & Sons, Inc., Class A		1,866		98,954
Loyalty Ventures, Inc. *		889		14,695
New York Times Co. (The), Class A		18,114		830,346
News Corp., Class A		19,977		442,491
News Corp., Class B		3,804		85,666
Nexstar Media Group, Inc. Class A		4,189		789,543
Saga Communications, Inc., Class A		664		15,172
Scholastic Corp.		3,519		141,745
TechTarget, Inc. *		3,517		285,862

				4,466,177

*Metals & Mining — 2.5%*
Alcoa Corp.		15,179		1,366,565
Allegheny Technologies, Inc. *		11,817		317,168
Ampco-Pittsburgh Corp. *		1,498		9,452
Carpenter Technology Corp.		4,542		190,673
Century Aluminum Co. *		10,675		280,859
Cleveland-Cliffs, Inc. *		21,519		693,127
Coeur Mining, Inc. *		17,429		77,559
Commercial Metals Co.		13,236		550,882
Compass Minerals International, Inc.		3,215		201,870
Ferroglobe Representation & Warranty Insurance Trust §		24,025		—
Fortitude Gold Corp.		4,671		34,285
Friedman Industries, Inc.		700		6,167
Haynes International, Inc.		1,229		52,355
Hecla Mining Co.		30,869		202,809
Kaiser Aluminum Corp.		2,372		223,348
Materion Corp.		2,319		198,831
Olympic Steel, Inc.		1,200		46,152
Reliance Steel & Aluminum Co.		5,864		1,075,164
Royal Gold, Inc.		4,388		619,937
Ryerson Holding Corp.		5,114		179,092
Schnitzer Steel Industries, Inc., Class A		2,809		145,900
Steel Dynamics, Inc.		14,567		1,215,325
SunCoke Energy, Inc.		8,204		73,098
TimkenSteel Corp. *		5,303		116,030
United States Steel Corp. @		12,381		467,259
Universal Stainless & Alloy Products, Inc. *		1,092		9,479
Worthington Industries, Inc.		4,458		229,186

				8,582,572

*Multi-Utilities — 0.5%*
Avista Corp.		6,896		311,354
Black Hills Corp.		6,023		463,892
NiSource, Inc.		18,689		594,310
NorthWestern Corp. @		4,148		250,913


	SHARES		VALUE†
Unitil Corp.		1,923	$	95,919

				1,716,388

*Multiline Retail — 0.5%*
Big Lots, Inc.		2,922		101,101
Dillard’s, Inc., Class A		1,103		296,034
Kohl’s Corp.		11,023		666,450
Macy’s, Inc.		19,449		473,778
Nordstrom, Inc.		346		9,380
Ollie’s Bargain Outlet Holdings, Inc. *		3,753		161,229

				1,707,972

*Oil, Gas & Consumable Fuels — 3.1%*
Adams Resources & Energy, Inc.		536		20,631
Antero Midstream Corp.		1,022		11,109
APA Corp.		12,500		516,625
Arch Resources, Inc. @		1,314		180,517
Ardmore Shipping Corp. *		1,612		7,254
Chesapeake Energy Corp. @		4,468		388,716
Civitas Resources, Inc.		1,752		104,612
Clean Energy Fuels Corp. *		20,279		161,015
CNX Resources Corp. *		16,780		347,682
CONSOL Energy, Inc. *		2,376		89,409
Continental Resources, Inc.		4,981		305,485
Coterra Energy, Inc.		44,762		1,207,231
CVR Energy, Inc.		3,184		81,319
Delek US Holdings, Inc. *		7,082		150,280
DHT Holdings, Inc.		16,250		94,250
Diamondback Energy, Inc.		641		87,868
Dorian LPG Ltd.		3,332		48,281
Earthstone Energy, Inc., Class A *		3,602		45,493
EnLink Midstream LLC		22,969		221,651
EQT Corp.		16,054		552,418
Equitrans Midstream Corp.		4,100		34,604
Evolution Petroleum Corp.		5,356		36,367
Green Plains, Inc. *		5,096		158,027
HF Sinclair Corp.		9,611		382,998
International Seaways, Inc.		4,383		79,069
Magnolia Oil & Gas Corp., Class A		1,028		24,312
Marathon Oil Corp.		31,488		790,664
Matador Resources Co.		10,827		573,615
Murphy Oil Corp.		13,521		546,113
NACCO Industries, Inc., Class A		1,000		39,220
Overseas Shipholding Group, Inc., Class A *		11,837		24,739
Par Pacific Holdings, Inc. *		4,135		53,838
PBF Energy, Inc., Class A *		9,903		241,336
PDC Energy, Inc.		8,838		642,346
Range Resources Corp. *		8,409		255,465
Renewable Energy Group, Inc. *		4,892		296,700
Rex American Resources Corp. *		788		78,485
Scorpio Tankers, Inc.		4,277		91,442
SFL Corp. Ltd.		10,975		111,726
SilverBow Resources, Inc. *		1,024		32,768
Southwestern Energy Co. *		61,346		439,851
Talos Energy, Inc. *		4,465		70,502
Targa Resources Corp.		10,817		816,359
World Fuel Services Corp.		4,796		129,684

				10,572,076

*Paper & Forest Products — 0.3%*
Clearwater Paper Corp. *		1,838		51,519
Glatfelter Corp.		6,141		76,026
Louisiana-Pacific Corp.		10,788		670,151
Mercer International, Inc.		7,857		109,605
Neenah, Inc.		1,974		78,289
Resolute Forest Products, Inc.		7,629		98,490

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Paper & Forest Products (Continued)*
Schweitzer-Mauduit International, Inc.		3,456	$	95,040

				1,179,120

*Personal Products — 0.6%*
BellRing Brands, Inc. *		6,054		139,726
Coty, Inc., Class A *		43,703		392,890
Edgewell Personal Care Co.		4,450		163,182
Herbalife Nutriation Ltd. *		9,462		287,266
Inter Parfums, Inc.		3,888		342,339
Medifast, Inc.		1,490		254,462
Natural Alternatives International, Inc. *		1,000		11,520
Natural Health Trends Corp.		1,100		7,788
Nature’s Sunshine Products, Inc. *		1,700		28,594
Nu Skin Enterprises, Inc., Class A		4,636		221,972
United-Guardian, Inc.		600		13,524
USANA Health Sciences, Inc. *		2,205		175,187

				2,038,450

*Pharmaceuticals — 1.0%*
Amneal Pharmaceuticals, Inc. *		7,273		30,328
Amphastar Pharmaceuticals, Inc. *		5,670		203,553
ANI Pharmaceuticals, Inc. *		1,305		36,683
Antares Pharma, Inc. *		9,163		37,568
Cara Therapeutics, Inc. *		2,304		27,994
Collegium Pharmaceutical, Inc. *		1,588		32,332
Contra Zogenix, Inc. @<>		3,347		2,276
Corcept Therapeutics, Inc. *		4,653		104,786
Cumberland Pharmaceuticals, Inc. *		5,912		16,672
Elanco Animal Health, Inc. *		12,367		322,655
Endo International PLC *		15,983		36,921
Innoviva, Inc. *		5,963		115,384
Intra-Cellular Therapies, Inc. *		4,163		254,734
Jazz Pharmaceuticals PLC *		4,717		734,295
Marinus Pharmaceuticals, Inc. *@		1,733		16,204
Nektar Therapeutics *		7,979		43,007
NGM Biopharmaceuticals, Inc. *		3,008		45,872
Organon & Co.		5,795		202,419
Otonomy, Inc. *		6,289		15,094
Pacira BioSciences, Inc. *		2,517		192,097
Perrigo Co. PLC		12,427		477,570
Phathom Pharmaceuticals, Inc. *@		1,013		13,787
Phibro Animal Health Corp., Class A		1,835		36,608
Prestige Consumer Healthcare, Inc. *		6,078		321,769
Relmada Therapeutics, Inc. *		400		10,796
Revance Therapeutics, Inc. *		375		7,312
SIGA Technologies, Inc. *		1,900		13,471
Supernus Pharmaceuticals, Inc. *		5,158		166,707
Taro Pharmaceutical Industries Ltd. *		782		33,829

				3,552,723

*Professional Services — 2.6%*
Acacia Research Corp. *		1,995		8,997
ASGN, Inc. *		5,882		686,488
Barrett Business Services, Inc.		935		72,435
Booz Allen Hamilton Holding Corp.		1,166		102,421
CACI International, Inc., Class A *		2,530		762,188
CBIZ, Inc. *		6,173		259,081
CRA International, Inc.		773		65,133
Exponent, Inc.		5,886		635,982
Forrester Research, Inc. *		2,360		133,151


	SHARES		VALUE†
Franklin Covey Co. *		2,254	$	101,926
FTI Consulting, Inc. *		3,703		582,186
Heidrick & Struggles International, Inc.		1,928		76,310
Huron Consulting Group, Inc. *		2,643		121,076
ICF International, Inc.		2,012		189,410
Insperity, Inc.		4,545		456,409
KBR, Inc.		14,771		808,417
Kelly Services, Inc., Class A		4,683		101,574
Kforce, Inc.		3,397		251,276
Korn Ferry		5,760		374,054
Manpowergroup, Inc.		3,514		330,035
ManTech International Corp., Class A		2,716		234,092
Mastech Digital, Inc. *		2,122		39,236
Mistras Group, Inc. *		3,084		20,385
Nielsen Holdings PLC		23,063		628,236
RCM Technologies, Inc. *		2,995		29,531
Resources Connection, Inc.		3,396		58,207
Robert Half International, Inc.		7,950		907,731
Science Applications International Corp.		2,559		235,863
TriNet Group, Inc. *		7,048		693,241
TrueBlue, Inc. *		3,431		99,122

				9,064,193

*Real Estate Investment Trusts (REITs) — 0.0%*
Contra Zagg, Inc. §		6,699		113

*Real Estate Management & Development — 0.8%*
Douglas Elliman, Inc.		6,138		44,807
Forestar Group, Inc. *		1,150		20,424
Howard Hughes Corp. (The) *		3,042		315,182
Jones Lang LaSalle, Inc. *		3,879		928,865
Kennedy-Wilson Holdings, Inc.		13,722		334,680
Marcus & Millichap, Inc.		3,813		200,869
Maui Land & Pineapple Co., Inc. *		2,324		25,820
Newmark Group, Inc., Class A		24,049		382,860
Rafael Holdings, Inc., Class B *		3,010		7,555
RE/MAX Holdings, Inc., Class A		1,837		50,940
Realogy Holdings Corp. *		5,347		83,841
RMR Group, Inc. (The) Class A		1,159		36,045
St. Joe Co. (The)		2,868		169,900
Stratus Properties, Inc. *		313		13,484
Tejon Ranch Co. *		2,949		53,849

				2,669,121

*Road & Rail — 1.0%*
AMERCO		900		537,246
ArcBest Corp.		3,093		248,986
Covenant Logistics Group, Inc.		1,911		41,144
Heartland Express, Inc.		8,017		112,799
Knight-Swift Transportation Holdings, Inc.		10,458		527,711
Landstar System, Inc.		2,867		432,430
Marten Transport Ltd.		7,902		140,339
P.A.M. Transportation Services, Inc. *		6,092		211,697
Saia, Inc. *		3,397		828,257
Schneider National, Inc., Class B		1,500		38,250
Universal Logistics Holdings, Inc.		2,551		51,403
USA Truck, Inc. *		2,154		44,372
Werner Enterprises, Inc.		6,797		278,677
Yellow Corp. *		2,108		14,777

				3,508,088

*Semiconductors & Semiconductor Equipment — 3.7%*
ACM Research, Inc.,Class A *		717		14,835

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Semiconductors & Semiconductor Equipment (Continued)*
Alpha & Omega Semiconductor Ltd. *		2,886	$	157,720
Ambarella, Inc. *		1,615		169,446
Amkor Technology, Inc.		22,679		492,588
Amtech Systems, Inc. *		2,822		28,389
Axcelis Technologies, Inc. *		3,944		297,890
AXT, Inc. *		5,653		39,684
Ceva, Inc. *		3,095		125,812
Cirrus Logic, Inc. *		5,956		505,009
CMC Materials, Inc.		3,366		624,056
Cohu, Inc. *		5,114		151,374
Cyberoptics Corp. *		1,123		45,571
Diodes, Inc. *		5,169		449,651
First Solar, Inc. *		8,994		753,158
FormFactor, Inc. *		9,854		414,164
GSI Technology, Inc. *		4,641		17,775
Kulicke & Soffa Industries, Inc. @		5,414		303,292
Lattice Semiconductor Corp. *		15,739		959,292
MACOM Technology Solutions Holdings, Inc. *		447		26,762
Magnachip Semiconductor Corp. *		4,588		77,583
MaxLinear, Inc. *		7,715		450,170
MKS Instruments, Inc.		5,561		834,150
NeoPhotonics Corp. *		5,402		82,164
NVE Corp.		502		27,344
Onto Innovation, Inc. *		4,376		380,231
PDF Solutions, Inc. *		4,938		137,622
Photronics, Inc. *		7,008		118,926
Pixelworks, Inc. *		6,964		20,683
Power Integrations, Inc.		6,542		606,313
Rambus, Inc. *		14,241		454,145
Semtech Corp. *		7,337		508,748
Silicon Laboratories, Inc. *		3,982		598,096
Synaptics, Inc. *		5,027		1,002,887
Ultra Clean Holdings, Inc. *		4,298		182,192
Universal Display Corp.		3,037		507,027
Veeco Instruments, Inc. *		4,666		126,869
Wolfspeed, Inc. *@		10,030		1,142,016

				12,833,634

*Software — 2.8%*
ACI Worldwide, Inc. *		10,834		341,163
Agilysys, Inc. *		2,848		113,578
Alarm.com Holdings, Inc. *		465		30,904
Altair Engineering, Inc., Class A *		258		16,615
Alteryx, Inc., Class A *		2,077		148,568
American Software, Inc., Class A		4,461		92,967
Appfolio, Inc., Class A *		2,105		238,307
Aspen Technology, Inc. *		4,750		785,507
Asure Software, Inc. *		3,022		17,981
Avalara, Inc. *		1,448		144,090
Aware, Inc. *		4,900		14,700
Black Knight, Inc. *		200		11,598
Blackbaud, Inc. *		5,719		342,397
Blackline, Inc. *		700		51,254
Bsquare Corp. *		2,300		3,979
CDK Global, Inc.		7,726		376,102
Cognyte Software Ltd. *		8,163		92,324
Commvault Systems, Inc. *		646		42,862
Consensus Cloud Solutions, Inc. *		998		60,010
Coupa Software, Inc. *		1,210		122,972
Dolby Laboratories, Inc., Class A		2,281		178,420
Dropbox, Inc., Class A *		9,814		228,176
Ebix, Inc.		2,155		71,438


	SHARES		VALUE†
eGain Corp. *		4,304	$	49,840
Elastic NV *		2,426		215,793
Envestnet, Inc. *		1,760		131,014
Five9, Inc. *		3,484		384,634
Guidewire Software, Inc. *		4,139		391,632
InterDigital, Inc.		3,064		195,483
Manhattan Associates, Inc. *		3,948		547,627
Model N, Inc. *		401		10,787
NCR Corp. *		2,088		83,917
OneSpan, Inc. *		3,696		53,370
Paylocity Holding Corp. *		3,577		736,039
Pegasystems, Inc.		6,514		525,354
Progress Software Corp.		4,772		224,713
Qualys, Inc. *		4,157		591,998
Sailpoint Technologies Holdings, Inc. *		770		39,409
Smartsheet, Inc., Class A *		5,420		296,908
Teradata Corp. *		5,855		288,593
Varonis Systems, Inc. *		1,100		52,294
Verint Systems, Inc. *		6,847		353,990
Vonage Holdings Corp. *		25,008		507,412
Xperi Holding Corp.		19,304		334,345
Zendesk, Inc. *		995		119,689

				9,660,753

*Specialty Retail — 3.1%*
Aaron’s Co. Inc. (The)		4,459		89,537
Abercrombie & Fitch Co., Class A *		5,443		174,121
Advance Auto Parts, Inc.		3,935		814,388
America’s Car-Mart, Inc. *		822		66,220
American Eagle Outfitters, Inc. @		14,850		249,480
Asbury Automotive Group, Inc. *		2,143		343,309
AutoNation, Inc. *		2,381		237,100
Barnes & Noble Education, Inc. *		5,686		20,356
Bath & Body Works, Inc.		1,927		92,111
Bed Bath & Beyond, Inc. *		3,408		76,782
Boot Barn Holdings, Inc. *		3,866		366,458
Buckle, Inc. (The)		5,018		165,795
Build-A-Bear Workshop, Inc.		1,640		29,979
Caleres, Inc.		3,874		74,884
Cato Corp. (The) Class A		2,638		38,673
Children’s Place, Inc. (The) *		1,314		64,780
Citi Trends, Inc. *		818		25,051
Conn’s, Inc. *		3,722		57,356
Designer Brands, Inc., Class A *		5,596		75,602
Dick’s Sporting Goods, Inc. @		6,038		603,921
Five Below, Inc. *		5,505		871,827
Floor & Decor Holdings, Inc., Class A *		4,489		363,609
Foot Locker, Inc.		5,397		160,075
Gap, Inc. (The)		22,289		313,829
Genesco, Inc. *		1,490		94,779
Group 1 Automotive, Inc.		2,005		336,499
Guess?, Inc.		6,235		136,235
Haverty Furniture Cos., Inc.		1,983		54,374
Hibbett, Inc.		1,600		70,944
Lithia Motors, Inc.		3,347		1,004,502
MarineMax, Inc. *		2,209		88,934
Monro, Inc.		3,090		137,011
Murphy USA, Inc.		3,190		637,872
ODP Corp. (The) *		4,006		183,595
Penske Automotive Group, Inc.		1,742		163,260
Rent-A-Center, Inc.		6,271		157,966
RH *		540		176,089
Sally Beauty Holdings, Inc. *		4,925		76,978
Shoe Carnival, Inc.		3,062		89,288
Signet Jewelers Ltd.		5,809		422,314

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Specialty Retail (Continued)*
Sleep Number Corp. *		3,221	$	163,337
Sonic Automotive, Inc., Class A		3,080		130,931
Sportsman’s Warehouse Holdings, Inc. *		5,336		57,042
Tilly’s, Inc., Class A		1,836		17,185
TravelCenters of America, Inc. *		1,344		57,738
Urban Outfitters, Inc. *		3,938		98,883
Victoria’s Secret & Co. *		642		32,973
Williams-Sonoma, Inc.		4,058		588,410
Winmark Corp.		554		121,880
Zumiez, Inc. *		2,406		91,933

				10,566,195

*Textiles, Apparel & Luxury Goods — 1.7%*
Capri Holdings Ltd. *		8,276		425,304
Carter’s, Inc.		1,367		125,750
Columbia Sportswear Co.		4,507		408,019
Crocs, Inc. *		10,840		828,176
Culp, Inc.		2,004		15,912
Deckers Outdoor Corp. *		2,964		811,454
Delta Apparel, Inc. *		1,153		34,348
Fossil Group, Inc. *		2,477		23,878
G-III Apparel Group Ltd. *		5,008		135,466
Hanesbrands, Inc.		22,273		331,645
Lakeland Industries, Inc. *		1,669		32,028
Movado Group, Inc.		2,220		86,691
Oxford Industries, Inc.		1,665		150,683
PVH Corp.		4,448		340,761
Ralph Lauren Corp.		2,279		258,530
Rocky Brands, Inc.		1,000		41,590
Skechers U.S.A., Inc., Class A *		6,530		266,163
Steven Madden Ltd.		7,918		305,952
Superior Group of Cos., Inc.		2,200		39,270
Tapestry, Inc.		18,072		671,375
Under Armour, Inc., Class A *		11,563		196,802
Under Armour, Inc., Class C *		11,079		172,389
Unifi, Inc. *		2,394		43,331
Vera Bradley, Inc. *		5,091		39,048
Wolverine World Wide, Inc.		9,990		225,374

				6,009,939

*Thrifts & Mortgage Finance — 1.1%*
Axos Financial, Inc. *		7,155		331,921
Capitol Federal Financial, Inc.		15,790		171,795
ESSA Bancorp, Inc.		1,900		34,105
Essent Group Ltd.		4,642		191,297
Federal Agricultural Mortgage Corp., Class C		1,215		131,803
Flagstar Bancorp, Inc.		5,493		232,903
FS Bancorp, Inc.		962		29,822
Hingham Institution for Savings		236		80,995
Home Bancorp, Inc.		994		40,545
Kearny Financial Corp.		7,750		99,820
MGIC Investment Corp.		11,104		150,459
Mr Cooper Group, Inc. *		4,998		228,259
New York Community Bancorp, Inc.		27,709		297,041
NMI Holdings, Inc., Class A *		7,878		162,444
Northfield Bancorp, Inc.		5,020		72,087
Ocwen Financial Corp. *		984		23,380
Provident Financial Holdings, Inc.		1,124		18,591
Provident Financial Services, Inc.		7,592		177,653


	SHARES		VALUE†
Radian Group, Inc.		7,144	$	158,668
Southern Missouri Bancorp, Inc.		686		34,266
Territorial Bancorp, Inc.		1,557		37,368
Timberland Bancorp, Inc.		921		24,876
TrustCo Bank Corp.		2,134		68,139
Walker & Dunlop, Inc.		4,099		530,493
Washington Federal, Inc.		6,377		209,293
Waterstone Financial, Inc.		2,966		57,362
Western New England Bancorp, Inc.		3,161		28,259
WSFS Financial Corp.		6,445		300,466

				3,924,110

*Tobacco — 0.1%*
Turning Point Brands, Inc.		1,280		43,533
Universal Corp.		2,612		151,679
Vector Group Ltd.		12,276		147,803

				343,015

*Trading Companies & Distributors — 1.8%*
Air Lease Corp.		5,293		236,333
Applied Industrial Technologies, Inc.		4,375		449,138
Beacon Roofing Supply, Inc. *		7,687		455,685
Boise Cascade Co.		4,352		302,333
DXP Enterprises, Inc. *		2,323		62,930
GATX Corp.		3,909		482,097
Global Industrial Co.		4,722		152,190
GMS, Inc. *		2,900		144,333
H&E Equipment Services, Inc.		4,346		189,138
Herc Holdings, Inc.		4,556		761,262
Huttig Building Products, Inc. *		1,858		19,806
Lawson Products, Inc. *		1,071		41,276
Mcgrath Rentcorp		2,655		225,622
MRC Global, Inc. *		7,395		88,074
MSC Industrial Direct Co., Inc., Class A		936		79,757
NOW, Inc. *		10,592		116,830
Rush Enterprises, Inc., Class A		5,962		303,525
SiteOne Landscape Supply, Inc. *		185		29,913
Textainer Group Holdings Ltd.		4,819		183,459
Titan Machinery, Inc. *		2,515		71,074
Triton International Ltd.		7,398		519,192
Univar Solutions, Inc. *		1,143		36,736
Veritiv Corp. *		1,000		133,590
Watsco, Inc.		1,919		584,604
WESCO International, Inc. *		5,493		714,859
Willis Lease Finance Corp. *		900		28,971

				6,412,727

*Water Utilities — 0.5%*
American States Water Co.		4,082		363,380
Artesian Resources Corp., Class A		1,177		57,143
California Water Service Group		6,097		361,430
Consolidated Water Co. Ltd.		1,751		19,366
Essential Utilities, Inc.		10,983		561,561
Middlesex Water Co. @		2,133		224,327
Pure Cycle Corp. *		1,000		12,020
SJW Corp.		2,989		207,975
York Water Co. (The)		1,803		81,081

				1,888,283

*Wireless Telecommunication Services — 0.1%*
Shenandoah Telecommunications Co.		6,413		151,219
Spok Holdings, Inc.		2,839		22,655
Telephone & Data Systems, Inc.		10,010		188,989

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Wireless Telecommunication Services* *(Continued)*
United States Cellular Corp. *		2,957	$	89,390

				452,253

TOTAL COMMON STOCKS (Identified Cost $189,633,455)				344,852,587

PREFERRED STOCKS — 0.1%
*Internet & Catalog Retail — 0.0%*
Qurate Retail, Inc. 8.000%		363		31,221

*Media — 0.0%*
Liberty Broadband Corp. 7.000% *		1,225		33,259

*Trading Companies & Distributors — 0.1%*
WESCO International, Inc. 10.625%, 5 year
CMT + 10.325% *		4,390		129,198

TOTAL PREFERRED STOCKS (Identified Cost $166,073)				193,678

*Rights And Warrants — 0.0%*
*Media — 0.0%*
Media General, Inc. CVR §¶		3,965		368

TOTAL RIGHTS AND WARRANTS (Identified Cost $0)				368

SHORT-TERM INVESTMENTS — 0.4%
*Investment Company — 0.1%*
State Street Institutional U.S. Government Money Market Fund 0.250%		459,566		459,566

*Collateral For Securities On Loan — 0.3%*
State Street Navigator Securities Lending Government Money Market Portfolio, 0.250%		899,132		899,132

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,358,698)				1,358,698

Total Investments — 100.1% (Identified Cost $191,158,226)				346,405,331
Liabilities, Less Cash and Other Assets — (0.1%)				(413,099	)

Net Assets — 100.0%			$	345,992,232

†	See Note 1

*	Non-income producing security

@	A portion or all of the security was held on loan. As of March 31, 2022, the fair value of the securities on loan was $6,966,827.

§	Fair valued security. Security is valued using significant unobservable inputs as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1

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

¶	Contingent value rights based on future performance.

Key to abbreviations:

CVR — Contingent Value Rights

CMT — Constant Maturity Treasury

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

Portfolio Sectors as of March 31, 2022

(As a percentage of long-term investments) (Unaudited)


Sector	Percentage
Industrials		20.5	%
Financials		19.4	%
Consumer Discretionary		13.7	%
Information Technology		13.1	%
Health Care		11.7	%
Materials		7.6	%
Consumer Staples		4.3	%
Utilities		3.7	%
Energy		3.6	%
Communication Services		2.4	%

		100.0	%

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited)


	SHARES		VALUE†
COMMON STOCKS — 99.8%
*Aerospace & Defense — 2.0%*
General Dynamics Corp.		7,826	$	1,887,475
Howmet Aerospace, Inc.		33,495		1,203,810
L3Harris Technologies, Inc.		4,688		1,164,827
Northrop Grumman Corp.		3,018		1,349,710
Raytheon Technologies Corp.		41,277		4,089,312
Textron, Inc.		29,452		2,190,640

				11,885,774

*Air Freight & Logistics — 0.9%*
FedEx Corp.		19,292		4,463,976
GXO Logistics, Inc. *		15,841		1,130,097

				5,594,073

*Airlines — 0.3%*
Alaska Air Group, Inc. *		964		55,922
JetBlue Airways Corp. *		716		10,704
Southwest Airlines Co. *		27,340		1,252,172
United Airlines Holdings, Inc. *		15,471		717,235

				2,036,033

*Auto Components — 0.5%*
Aptiv PLC *		4,329		518,225
Autoliv, Inc.		9,173		701,184
BorgWarner, Inc.		24,241		942,975
Gentex Corp.		863		25,174
Goodyear Tire & Rubber Co. (The) *		2,391		34,167
Lear Corp.		6,743		961,484
Veoneer, Inc. *		334		12,341

				3,195,550

*Automobiles — 1.2%*
Ford Motor Co.		150,516		2,545,226
General Motors Co. *		103,473		4,525,909

				7,071,135

*Beverages — 0.4%*
Constellation Brands, Inc., Class A		6,196		1,427,063
Keurig Dr Pepper, Inc.		2,705		102,519
Molson Coors Beverage Co., Class B		10,592		565,401

				2,094,983

*Biotechnology — 1.4%*
AbbVie, Inc.		738		119,637
Biogen, Inc. *		9,479		1,996,277
Gilead Sciences, Inc.		43,881		2,608,726
Regeneron Pharmaceuticals, Inc. *		3,232		2,257,294
United Therapeutics Corp. *		683		122,537
Vertex Pharmaceuticals, Inc. *		4,366		1,139,395

				8,243,866

*Building Products — 1.6%*
Builders FirstSource, Inc. *		7,125		459,847
Carlisle Cos., Inc.		6,915		1,700,537
Carrier Global Corp.		41,203		1,889,982
Fortune Brands Home & Security, Inc.		11,027		819,086
Johnson Controls International PLC		34,370		2,253,641
Owens Corning		12,209		1,117,123
Trane Technologies PLC		9,516		1,453,093

				9,693,309

*Capital Markets — 2.9%*
Bank of New York Mellon Corp. (The)		52,444		2,602,796
Goldman Sachs Group, Inc. (The)		23,008		7,594,941
Jefferies Financial Group, Inc.		6,993		229,720
Morgan Stanley		70,255		6,140,287
Northern Trust Corp.		370		43,087
State Street Corp.		10,112		880,957

				17,491,788


	SHARES		VALUE†
*Chemicals — 4.1%*
Air Products & Chemicals, Inc.		7,452	$	1,862,329
Albemarle Corp.		9,985		2,208,183
Celanese Corp.		4,202		600,340
CF Industries Holdings, Inc.		12,904		1,329,886
Corteva, Inc.		18,513		1,064,127
Dow, Inc.		54,231		3,455,600
DuPont de Nemours, Inc.		13,259		975,597
Eastman Chemical Co.		17,799		1,994,556
FMC Corp.		500		65,785
International Flavors & Fragrances, Inc.		9,315		1,223,339
Linde PLC		19,179		6,126,348
LyondellBasell Industries NV, Class A		21,390		2,199,320
Mosaic Co. (The)		5,998		398,867
PPG Industries, Inc.		775		101,579
Westlake Corp.		7,968		983,251

				24,589,107

*Commercial Banks — 9.0%*
Bank of America Corp.		175,839		7,248,084
Citigroup, Inc.		101,397		5,414,600
Citizens Financial Group, Inc.		18,613		843,727
East West Bancorp, Inc.		2,390		188,858
Fifth Third Bancorp		86,881		3,739,358
Huntington Bancshares, Inc.		72,900		1,065,798
JPMorgan Chase & Co.		103,183		14,065,906
KeyCorp		66,158		1,480,616
M&T Bank Corp.		3,071		520,534
People’s United Financial, Inc.		5,834		116,622
PNC Financial Services Group, Inc. (The)		21,157		3,902,409
Regions Financial Corp.		127,643		2,841,333
Truist Financial Corp.		64,730		3,670,191
US Bancorp		29,194		1,551,661
Wells Fargo & Co.		126,013		6,106,590
Zions Bancorp NA		20,193		1,323,853

				54,080,140

*Commercial Services & Supplies — 0.8%*
Republic Services, Inc.		35,532		4,707,990
*Communications Equipment — 0.2%*
Cisco Systems, Inc.		4,155		231,683
Juniper Networks, Inc.		23,184		861,517

				1,093,200

*Computers & Peripherals — 1.7%*
Dell Technologies, Inc., Class C *		861		43,214
Hewlett Packard Enterprise Co.		168,468		2,815,100
HP, Inc.		176,918		6,422,123
Western Digital Corp. *		23,295		1,156,597
Xerox Holdings Corp.		2,019		40,723

				10,477,757

*Construction & Engineering — 0.5%*
AECOM		11,462		880,396
Quanta Services, Inc.		13,887		1,827,668

				2,708,064

*Construction Materials — 0.6%*
Martin Marietta Materials, Inc.		4,433		1,706,217
Vulcan Materials Co.		9,294		1,707,308

				3,413,525

*Consumer Finance — 1.4%*
Ally Financial, Inc.		66,748		2,902,203
Capital One Financial Corp.		34,312		4,504,822
Synchrony Financial		25,544		889,187

				8,296,212

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

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Containers & Packaging — 0.6%*
Amcor PLC		20,769	$	235,313
International Paper Co.		44,343		2,046,429
Packaging Corp. of America		2,898		452,407
Sonoco Products Co.		611		38,224
WestRock Co.		13,537		636,645

				3,409,018

*Distributors — 0.3%*
Genuine Parts Co.		2,168		273,211
LKQ Corp.		37,512		1,703,420

				1,976,631

*Diversified Consumer Services — 0.0%*
Service Corp. International		2,896		190,615

*Diversified Financial Services — 2.3%*
Apollo Global Management, Inc.		2,277		141,151
Berkshire Hathaway, Inc., Class B *		39,025		13,772,313
Voya Financial, Inc.		1,332		88,378

				14,001,842

*Diversified Telecommunication Services — 3.4%*
AT&T, Inc.		468,558		11,072,026
Lumen Technologies, Inc. @		125,601		1,415,523
Verizon Communications, Inc.		156,014		7,947,353

				20,434,902

*Electric Utilities — 0.1%*
NRG Energy, Inc.		22,148		849,597

*Electrical Equipment — 0.9%*
AMETEK, Inc.		5,351		712,646
Eaton Corp. PLC		21,065		3,196,825
Emerson Electric Co.		8,842		866,958
Hubbell, Inc.		630		115,775
Sensata Technologies Holding PLC *		14,040		713,934

				5,606,138

*Electronic Equipment, Instruments & Components — 1.3%*
Arrow Electronics, Inc. *		7,332		869,795
Corning, Inc.		84,494		3,118,674
Flex Ltd. *		31,420		582,841
Jabil, Inc.		496		30,618
TD SYNNEX Corp.		1,605		165,652
TE Connectivity Ltd.		20,879		2,734,731
Vontier Corp.		1,095		27,802

				7,530,113

*Energy Equipment & Services — 1.1%*
Baker Hughes Co.		20,187		735,009
Halliburton Co.		37,471		1,419,027
Schlumberger NV		102,176		4,220,890

				6,374,926

*Entertainment — 1.4%*
Activision Blizzard, Inc.		21,184		1,697,050
Electronic Arts, Inc.		1,911		241,761
Liberty Media Corp.-Liberty Formula One, Class A *		1,097		69,254
Liberty Media Corp.-Liberty Formula One, Class C *		2,194		153,229
Madison Square Garden Entertainment Corp. *		443		36,906
Take-Two Interactive Software, Inc. *		725		111,462


	SHARES		VALUE†
Walt Disney Co. (The) *		43,240	$	5,930,798

				8,240,460

*Food & Staples Retailing — 2.8%*
Kroger Co. (The)		62,007		3,557,342
US Foods Holding Corp. *		9,124		343,336
Walgreens Boots Alliance, Inc.		47,173		2,111,935
Walmart, Inc.		72,326		10,770,788

				16,783,401

*Food Products — 3.2%*
Archer-Daniels-Midland Co.		24,965		2,253,341
Bunge Ltd.		12,845		1,423,355
Campbell Soup Co.		3,702		164,998
Conagra Brands, Inc.		19,827		665,592
Darling Ingredients, Inc. *		5,424		435,981
General Mills, Inc.		38,095		2,579,793
Hormel Foods Corp.		5,728		295,221
J.M. Smucker Co. (The)		14,255		1,930,270
Kraft Heinz Co. (The)		20,920		824,039
McCormick & Co., Inc.		1,921		191,716
Mondelez International, Inc., Class A		68,798		4,319,138
Post Holdings, Inc. *		973		67,390
Seaboard Corp.		22		92,521
Tyson Foods, Inc., Class A		41,844		3,750,478

				18,993,833

*Health Care Equipment & Supplies — 1.5%*
Abbott Laboratories		2,886		341,587
Baxter International, Inc.		14,838		1,150,538
Becton Dickinson & Co.		4,016		1,068,256
Boston Scientific Corp. *		7,514		332,795
Cooper Cos., Inc. (The)		137		57,210
Hologic, Inc. *		2,895		222,394
Medtronic PLC		37,706		4,183,481
STERIS PLC		3,637		879,317
Zimmer Biomet Holdings, Inc.		8,154		1,042,897
Zimvie, Inc.		815		18,615

				9,297,090

*Health Care Providers & Services — 6.1%*
Anthem, Inc.		16,810		8,257,408
Centene Corp. *		19,196		1,616,111
CIGNA Corp.		19,065		4,568,165
CVS Health Corp.		90,196		9,128,737
Henry Schein, Inc. *		3,777		329,316
Humana, Inc.		8,345		3,631,494
Laboratory Corp. of America Holdings *		14,583		3,844,954
McKesson Corp.		1,984		607,362
Quest Diagnostics, Inc.		19,764		2,704,901
UnitedHealth Group, Inc.		1,004		512,010
Universal Health Services, Inc., Class B		10,322		1,496,174

				36,696,632

*Health Care Technology — 0.1%*
Cerner Corp.		6,747		631,249

*Hotels, Restaurants & Leisure — 0.6%*
Aramark		16,117		605,999
Carnival Corp. *		27,865		563,431
Hyatt Hotels Corp., Class A *		3,174		302,958
MGM Resorts International		30,154		1,264,659
Royal Caribbean Cruises Ltd. *		12,273		1,028,232

				3,765,279

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

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Household Durables — 2.0%*
DR Horton, Inc.		52,707	$	3,927,199
Garmin Ltd.		12,982		1,539,795
Lennar Corp., B Shares		573		39,165
Lennar Corp., Class A		23,116		1,876,326
Mohawk Industries, Inc. *		2,654		329,627
Newell Brands, Inc.		11,135		238,400
PulteGroup, Inc.		48,918		2,049,664
Toll Brothers, Inc.		116		5,454
Whirlpool Corp.		11,339		1,959,152

				11,964,782

*Independent Power Producers & Energy Traders — 0.1%*
Vistra Corp.		25,467		592,108

*Industrial Conglomerates — 0.2%*
General Electric Co.		11,962		1,094,523
Roper Technologies, Inc.		366		172,836

				1,267,359

*Insurance — 4.8%*
Aflac, Inc.		32,730		2,107,485
Alleghany Corp. *		654		553,938
Allstate Corp. (The)		17,397		2,409,658
American Financial Group, Inc.		6,623		964,441
American International Group, Inc.		29,118		1,827,737
Arch Capital Group Ltd. *		11,691		566,078
Assurant, Inc.		4,786		870,238
Chubb Ltd.		11,440		2,447,016
Cincinnati Financial Corp.		370		50,305
CNA Financial Corp.		4,467		217,186
Everest Re Group Ltd.		1,938		584,074
Fidelity National Financial, Inc.		1,515		73,993
Hartford Financial Services Group, Inc. (The)		49,258		3,537,217
Lincoln National Corp.		9,516		621,966
Loews Corp.		18,402		1,192,818
Markel Corp. *		116		171,128
MetLife, Inc.		20,221		1,421,132
Old Republic International Corp.		14,636		378,633
Principal Financial Group, Inc.		32,419		2,379,879
Prudential Financial, Inc.		12,032		1,421,821
Reinsurance Group of America, Inc.		595		65,129
RenaissanceRe Holdings Ltd.		469		74,341
Travelers Companies, Inc. (The)		23,169		4,233,671
W. R. Berkley Corp.		5,744		382,460

				28,552,344

*Internet & Catalog Retail — 0.3%*
eBay, Inc.		33,504		1,918,439

*IT Services — 1.6%*
Akamai Technologies, Inc. *		3,310		395,181
Amdocs Ltd.		15,213		1,250,661
Cognizant Technology Solutions Corp., Class A		34,305		3,076,129
Concentrix Corp.		1,605		267,329
DXC Technology Co. *		20,249		660,725
Fidelity National Information Services, Inc.		17,462		1,753,534
Fiserv, Inc. *		12,529		1,270,441
FleetCor Technologies, Inc. *		483		120,296
Global Payments, Inc.		3,897		533,265
International Business Machines Corp.		252		32,765
Kyndryl Holdings, Inc. *		1,933		25,361

				9,385,687

*Life Sciences Tools & Services — 2.7%*
Bio-Rad Laboratories, Inc., Class A *		172		96,876


	SHARES		VALUE†
Danaher Corp.		20,418	$	5,989,212
PerkinElmer, Inc.		3,201		558,446
Thermo Fisher Scientific, Inc.		16,006		9,453,944

				16,098,478

*Machinery — 2.9%*
AGCO Corp.		8,548		1,248,264
Cummins, Inc.		10,946		2,245,134
Dover Corp.		7,963		1,249,395
Fortive Corp.		7,311		445,459
Ingersoll Rand, Inc.		14,939		752,179
Oshkosh Corp.		984		99,040
Otis Worldwide Corp.		25,885		1,991,851
PACCAR, Inc.		20,694		1,822,520
Parker-Hannifin Corp.		8,468		2,402,880
Pentair PLC		20,400		1,105,884
Snap-On, Inc.		6,351		1,305,003
Stanley Black & Decker, Inc.		14,985		2,094,753
Westinghouse Air Brake Technologies Corp.		5,333		512,875

				17,275,237

*Media — 3.5%*
Comcast Corp., Class A		291,971		13,670,082
Discovery, Inc., Class A *		21,200		528,304
Discovery, Inc., Class C *		35,235		879,818
DISH Network Corp., Class A *		12,654		400,499
Fox Corp. Class A		24,883		981,634
Fox Corp. Class B		14,510		526,423
Interpublic Group of Cos., Inc. (The)		17,681		626,791
Liberty Broadband Corp., Class C *		3,887		525,989
Liberty Media Corp.-Liberty Siriusxm, Class A *		4,389		200,621
Liberty Media Corp.-Liberty Siriusxm, Class C *		8,778		401,418
News Corp., Class A		8,320		184,288
News Corp., Class B		1,734		39,050
Omnicom Group, Inc.		1,501		127,405
Paramount Global, Class B @		44,427		1,679,785
Paramount Global, Class A @		900		36,369

				20,808,476

*Metals & Mining — 3.5%*
Alcoa Corp.		2,284		205,628
Arconic Corp. *		1,634		41,863
Cleveland-Cliffs, Inc. *		9,779		314,982
Freeport-McMoRan, Inc.		116,560		5,797,694
Newmont Corp.		46,812		3,719,213
Nucor Corp.		41,998		6,243,003
Reliance Steel & Aluminum Co.		9,348		1,713,956
Royal Gold, Inc.		725		102,428
Steel Dynamics, Inc.		33,820		2,821,603

				20,960,370

*Multiline Retail — 0.4%*
Dollar Tree, Inc. *		12,596		2,017,249
Kohl’s Corp.		344		20,798
Target Corp.		361		76,612

				2,114,659

*Oil, Gas & Consumable Fuels — 9.8%*
Chevron Corp.		66,076		10,759,155
ConocoPhillips		106,289		10,628,900
Continental Resources, Inc.		1,401		85,923
Devon Energy Corp.		23,608		1,395,941
EOG Resources, Inc.		23,992		2,860,566
Exxon Mobil Corp.		138,682		11,453,747
Hess Corp.		22,619		2,421,138

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

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Oil, Gas & Consumable Fuels (Continued)*
HF Sinclair Corp.		471	$	18,769
Kinder Morgan, Inc.		99,639		1,884,174
Marathon Petroleum Corp.		30,104		2,573,892
Occidental Petroleum Corp.		78,020		4,426,855
ONEOK, Inc.		22,165		1,565,514
Phillips 66		20,636		1,782,744
Pioneer Natural Resources Co.		10,352		2,588,311
Targa Resources Corp.		3,005		226,787
Valero Energy Corp.		19,826		2,013,132
Williams Cos., Inc. (The)		70,657		2,360,650

				59,046,198

*Paper & Forest Products — 0.0%*
Sylvamo Corp. *		1,413		47,025

*Personal Products — 0.0%*
BellRing Brands, Inc. *		1,233		28,458

*Pharmaceuticals — 4.4%*
Bristol-Myers Squibb Co.		93,266		6,811,216
Jazz Pharmaceuticals PLC *		4,730		736,319
Merck & Co., Inc.		7,780		638,349
Perrigo Co. PLC		1,356		52,111
Pfizer, Inc.		340,714		17,638,764
Viatris, Inc.		69,023		750,970

				26,627,729

*Professional Services — 0.5%*
Jacobs Engineering Group, Inc.		6,136		845,602
Leidos Holdings, Inc.		16,200		1,749,924
Manpowergroup, Inc.		632		59,357
Nielsen Holdings PLC		3,273		89,157

				2,744,040

*Real Estate Management & Development — 0.5%*
CBRE Group, Inc., Class A *		19,100		1,748,032
Jones Lang LaSalle, Inc. *		5,491		1,314,875

				3,062,907

*Road & Rail — 1.3%*
AMERCO		2,003		1,195,671
CSX Corp.		42,793		1,602,598
Norfolk Southern Corp.		16,650		4,748,913

				7,547,182

*Semiconductors & Semiconductor Equipment — 4.5%*
Analog Devices, Inc.		10,368		1,712,586
Intel Corp.		266,567		13,211,061
Lam Research Corp.		109		58,599
Marvell Technology, Inc.		18,929		1,357,399
Micron Technology, Inc.		87,164		6,789,204
ON Semiconductor Corp. *		29,385		1,839,795
Qorvo, Inc. *		11,125		1,380,612
Skyworks Solutions, Inc.		7,090		944,955

				27,294,211

*Software — 0.2%*
NortonLifeLock, Inc.		3,129		82,981
Salesforce.com, Inc. *		3,464		735,477
SS&C Technologies Holdings, Inc.		7,467		560,174

				1,378,632

*Specialty Retail — 0.3%*
Advance Auto Parts, Inc.		4,932		1,020,727


	SHARES		VALUE†
Carmax, Inc. *		8,119	$	783,321
Gap, Inc. (The)		2,266		31,905
Lithia Motors, Inc.		400		120,048

				1,956,001

*Textiles, Apparel & Luxury Goods — 0.2%*
Ralph Lauren Corp.		4,113		466,579
Tapestry, Inc.		12,722		472,622

				939,201

*Trading Companies & Distributors — 0.3%*
United Rentals, Inc. *		5,460		1,939,447

*Wireless Telecommunication Services — 0.6%*
T-Mobile US, Inc. *		29,534		3,790,689

TOTAL COMMON STOCKS (Identified Cost $338,229,013)				598,793,891

SHORT-TERM INVESTMENTS — 0.1%
*Investment Company — 0.1%*
State Street Institutional U.S. Government Money Market Fund 0.250%		787,175		787,175

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $787,175)				787,175

Total Investments — 99.9%
(Identified Cost $339,016,188)				599,581,066
Cash and Other Assets, Less Liabilities — 0.1%				716,027

Net Assets — 100.0%			$	600,297,093

†	See Note 1

*	Non-income producing security

@	A portion or all of the security was held on loan. As of March 31, 2022, the fair value of the securities on loan was $3,158,836.

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

Portfolio Sectors as of March 31, 2022

(As a percentage of long-term investments) (Unaudited)


Sector	Percentage
Financials		21.0	%
Health Care		16.3	%
Industrials		12.2	%
Energy		10.9	%
Information Technology		9.5	%
Communication Services		8.9	%
Materials		8.8	%
Consumer Staples		6.3	%
Consumer Discretionary		5.9	%
Utilities		0.2	%

		100.0	%

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited)


	SHARES		VALUE†
COMMON STOCKS — 95.6%
*Aerospace & Defense — 1.5%*
Axon Enterprise, Inc. *		500	$	68,865
Boeing Co. (The) *		8,201		1,570,491
BWX Technologies, Inc.		2,913		156,894
Curtiss-Wright Corp.		847		127,185
General Dynamics Corp.		3,788		913,590
HEICO Corp.		574		88,132
HEICO Corp., Class A		625		79,269
HEXCEL Corp.		778		46,268
Howmet Aerospace, Inc.		1,946		69,939
Huntington Ingalls Industries, Inc.		827		164,937
L3Harris Technologies, Inc.		2,258		561,045
Lockheed Martin Corp.		6,309		2,784,793
Northrop Grumman Corp.		2,944		1,316,616
Raytheon Technologies Corp.		14,657		1,452,069
Textron, Inc.		3,157		234,818
TransDigm Group, Inc. *		928		604,629
Woodward, Inc.		1,254		156,637

				10,396,177

Air Freight & Logistics — 0.7%
CH Robinson Worldwide, Inc.		2,800		301,588
Expeditors International of Washington, Inc.		3,525		363,639
FedEx Corp.		4,796		1,109,746
GXO Logistics, Inc. *		1,934		137,972
United Parcel Service, Inc., Class B		14,911		3,197,813

				5,110,758

*Airlines — 0.1%*
Alaska Air Group, Inc. *		3,201		185,690
American Airlines Group, Inc. *@		9,642		175,966
Delta Air Lines, Inc. *		4,487		177,551
JetBlue Airways Corp. *		3,600		53,820
Southwest Airlines Co. *		5,800		265,640
United Airlines Holdings, Inc. *		2,884		133,702

				992,369

*Auto Components — 0.2%*
Aptiv PLC *		4,280		512,359
Autoliv, Inc.		1,465		111,985
BorgWarner, Inc.		3,685		143,346
Fox Factory Holding Corp. *		422		41,335
Gentex Corp.		4,249		123,943
Lear Corp.		957		136,459
QuantumScape Corp. *@		2,981		59,590

				1,129,017

*Automobiles — 1.8%*
Ford Motor Co.		38,192		645,827
General Motors Co. *		19,500		852,930
Harley-Davidson, Inc.		2,235		88,059
Tesla, Inc. *		10,040		10,819,104
Thor Industries, Inc. @		1,179		92,787

				12,498,707

*Beverages — 1.7%*
Boston Beer Co., Inc. (The), Class A *		216		83,910
Brown-Forman Corp., Class A		1,202		75,413
Brown-Forman Corp., Class B		5,458		365,795
Coca-Cola Co. (The)		76,728		4,757,136
Constellation Brands, Inc., Class A		1,757		404,672
Keurig Dr Pepper, Inc.		3,375		127,913
Molson Coors Beverage Co., Class B		1,400		74,732
Monster Beverage Corp. *		4,711		376,409
PepsiCo, Inc.		32,018		5,359,173

				11,625,153


	SHARES		VALUE†
*Biotechnology — 2.1%*
AbbVie, Inc.		39,827	$	6,456,355
Alnylam Pharmaceuticals, Inc. *		1,198		195,622
Amgen, Inc.		12,097		2,925,297
Biogen, Inc. *		2,404		506,282
Biohaven Pharmaceutical Holding Co. Ltd. *		649		76,952
BioMarin Pharmaceutical, Inc. *		1,169		90,130
CRISPR Therapeutics AG *		204		12,805
Denali Therapeutics, Inc. *		512		16,471
Exact Sciences Corp. *		1,421		99,356
Exelixis, Inc. *		3,578		81,113
Gilead Sciences, Inc.		23,535		1,399,156
Halozyme Therapeutics, Inc. *		2,100		83,748
Horizon Therapeutics PLC *		1,910		200,951
Incyte Corp. *		2,108		167,417
Intellia Therapeutics, Inc. *		455		33,065
Moderna, Inc. *		2,583		444,948
Natera, Inc. *		408		16,598
Neurocrine Biosciences, Inc. *		608		57,000
Regeneron Pharmaceuticals, Inc. *		1,543		1,077,662
Sarepta Therapeutics, Inc. *		702		54,840
Seagen, Inc. *		1,042		150,100
United Therapeutics Corp. *		835		149,807
Vertex Pharmaceuticals, Inc. *		2,363		616,672

				14,912,347

*Building Products — 0.6%*
A.O. Smith Corp.		2,378		151,931
Advanced Drainage Systems, Inc.		1,220		144,948
Allegion PLC		3,064		336,366
Armstrong World Industries, Inc.		1,390		125,114
Builders FirstSource, Inc. *		2,521		162,705
Carlisle Cos., Inc.		1,113		273,709
Carrier Global Corp.		15,513		711,581
Fortune Brands Home & Security, Inc.		2,330		173,073
Johnson Controls International PLC		4,323		283,459
Lennox International, Inc.		835		215,313
Masco Corp.		4,275		218,025
Owens Corning		2,802		256,383
Simpson Manufacturing Co., Inc.		1,080		117,763
Trane Technologies PLC		3,350		511,545
Trex Co., Inc. *		3,239		211,604
UFP Industries, Inc.		812		62,654
Zurn Water Solutions Corp.		1,200		42,480

				3,998,653

*Capital Markets — 2.5%*
Affiliated Managers Group, Inc.		600		84,570
Ameriprise Financial, Inc.		1,870		561,673
Ares Management Corp., Class A		1,606		130,455
Bank of New York Mellon Corp. (The)		6,394		317,334
BlackRock, Inc.		1,720		1,314,372
Blackstone, Inc.		6,683		848,340
Cboe Global Markets, Inc.		1,923		220,030
Charles Schwab Corp. (The)		14,444		1,217,774
CME Group, Inc.		2,477		589,179
FactSet Research Systems, Inc.		857		372,067
Franklin Resources, Inc.		2,732		76,277
Goldman Sachs Group, Inc. (The)		3,831		1,264,613
Hamilton Lane, Inc. Class A		723		55,881
Houlihan Lokey, Inc.		1,466		128,715
Interactive Brokers Group, Inc., Class A		962		63,405
Intercontinental Exchange, Inc.		5,581		737,362
Invesco Ltd.		4,344		100,173
Janus Henderson Group PLC		1,850		64,787
Jefferies Financial Group, Inc.		1,620		53,217

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

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Capital Markets (Continued)*
KKR & Co., Inc.		7,268	$	424,960
Lazard Ltd., Class A		1,200		41,400
LPL Financial Holdings, Inc.		2,331		425,827
MarketAxess Holdings, Inc.		800		272,160
Moelis & Co., Class A		1,252		58,781
Moody’s Corp.		3,822		1,289,581
Morgan Stanley		18,787		1,641,984
Morningstar, Inc.		500		136,585
MSCI, Inc.		1,501		754,823
Nasdaq, Inc.		1,912		340,718
Northern Trust Corp.		2,859		332,931
Raymond James Financial, Inc.		3,195		351,162
S&P Global, Inc.		5,432		2,228,098
SEI Investments Co.		3,132		188,578
State Street Corp.		1,628		141,831
Stifel Financial Corp.		2,529		171,719
T. Rowe Price Group, Inc.		4,513		682,321
Tradeweb Markets, Inc., Class A		683		60,015
Virtu Financial, Inc., Class A		1,430		53,225

				17,796,923

*Chemicals — 1.5%*
Air Products & Chemicals, Inc.		3,414		853,193
Albemarle Corp.		956		211,419
Ashland Global Holdings, Inc.		970		95,458
Avient Corp.		700		33,600
Axalta Coating Systems Ltd. *		1,231		30,258
Balchem Corp.		630		86,121
Celanese Corp.		1,968		281,168
CF Industries Holdings, Inc.		2,192		225,907
Chemours Co. (The)		1,100		34,628
Corteva, Inc.		5,428		312,001
Dow, Inc.		11,163		711,306
DuPont de Nemours, Inc.		4,000		294,320
Eastman Chemical Co.		1,476		165,401
Ecolab, Inc.		4,800		847,488
Element Solutions, Inc.		3,000		65,700
FMC Corp.		1,937		254,851
Huntsman Corp.		4,705		176,485
International Flavors & Fragrances, Inc.		2,270		298,119
Linde PLC		5,832		1,862,916
LyondellBasell Industries NV, Class A		6,211		638,615
Mosaic Co. (The)		4,606		306,299
Olin Corp.		1,800		94,104
PPG Industries, Inc.		4,454		583,786
RPM International, Inc.		2,334		190,081
Scotts Miracle-Gro Co. (The)		1,264		155,421
Sherwin Williams Co. (The)		5,981		1,492,977
Valvoline, Inc.		2,246		70,884
Westlake Corp.		439		54,173

				10,426,679

*Commercial Banks — 2.4%*
Bank of America Corp.		69,472		2,863,636
Bank OZK		1,661		70,925
BOK Financial Corp.		300		28,185
Citigroup, Inc.		23,305		1,244,487
Citizens Financial Group, Inc.		454		20,580
Comerica, Inc.		1,832		165,668
Commerce Bancshares, Inc.		2,271		162,581


	SHARES		VALUE†
Community Bank System, Inc.		932	$	65,380
Cullen/Frost Bankers, Inc.		532		73,634
East West Bancorp, Inc.		2,039		161,122
Fifth Third Bancorp		7,840		337,434
First Citizens Bancshares, Inc., Class A		112		74,547
First Financial Bankshares, Inc.		3,094		136,507
First Horizon Corp.		7,194		168,987
First Republic Bank		1,605		260,170
Glacier Bancorp, Inc.		1,306		65,666
Hancock Whitney Corp.		1,078		56,218
Huntington Bancshares, Inc.		7,352		107,486
JPMorgan Chase & Co.		38,234		5,212,059
KeyCorp		7,104		158,987
M&T Bank Corp.		522		88,479
PacWest Bancorp		700		30,191
Pinnacle Financial Partners, Inc.		300		27,624
PNC Financial Services Group, Inc. (The)		3,193		588,949
Popular, Inc.		2,182		178,357
Prosperity Bancshares, Inc.		1,026		71,184
Regions Financial Corp.		9,428		209,867
ServisFirst Bancshares, Inc.		589		56,126
Signature Bank		385		112,994
South State Corp.		400		32,636
SVB Financial Group *		882		493,435
Synovus Financial Corp.		1,811		88,739
Truist Financial Corp.		9,532		540,464
UMB Financial Corp.		590		57,324
Umpqua Holdings Corp.		2,800		52,808
United Bankshares, Inc.		778		27,137
US Bancorp		19,610		1,042,271
Valley National Bancorp		1,602		20,858
Webster Financial Corp.		2,013		112,970
Wells Fargo & Co.		31,501		1,526,538
Western Alliance Bancorp		2,242		185,682
Wintrust Financial Corp.		600		55,758
Zions Bancorp NA		2,092		137,151

				17,171,801

*Commercial Services & Supplies — 0.6%*
Cintas Corp.		1,987		845,250
Clean Harbors, Inc. *		1,200		133,968
Copart, Inc. *		4,707		590,587
IAA, Inc. *		3,052		116,739
MSA Safety, Inc.		600		79,620
Republic Services, Inc.		4,657		617,053
Rollins, Inc.		4,629		162,246
Stericycle, Inc. *		1,544		90,972
Tetra Tech, Inc.		1,092		180,115
Waste Management, Inc.		9,583		1,518,906

				4,335,456

*Communications Equipment — 0.8%*
Arista Networks, Inc. *		3,192		443,624
Ciena Corp. *		2,569		155,758
Cisco Systems, Inc.		64,788		3,612,579
F5, Inc. *		769		160,682
Juniper Networks, Inc.		4,954		184,091
Lumentum Holdings, Inc. *		1,528		149,133
Motorola Solutions, Inc.		2,888		699,474
Ubiquiti, Inc. @		275		80,069

				5,485,410

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

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Computers & Peripherals — 8.7%*
Apple, Inc.		335,928	$	58,656,388
Dell Technologies, Inc., Class C *		6,259		314,139
Hewlett Packard Enterprise Co.		9,599		160,399
HP, Inc.		18,931		687,195
NetApp, Inc.		4,285		355,655
Pure Storage, Inc., Class A *		2,027		71,573
Seagate Technology Holdings PLC		5,624		505,598
Western Digital Corp. *		3,176		157,689

				60,908,636

*Construction & Engineering — 0.1%*
AECOM		1,355		104,077
API Group Corp. *		1,855		39,011
EMCOR Group, Inc.		1,400		157,682
MasTec, Inc. *		1,400		121,940
MDU Resources Group, Inc.		3,960		105,534
Quanta Services, Inc.		2,721		358,111
Valmont Industries, Inc.		200		47,720
WillScot Mobile Mini Holdings Corp. *		1,927		75,403

				1,009,478

*Construction Materials — 0.1%*
Eagle Materials, Inc.		626		80,353
Martin Marietta Materials, Inc.		664		255,567
Summit Materials, Inc., Class A *		1,470		45,658
Vulcan Materials Co.		1,851		340,029

				721,607

*Consumer Finance — 0.6%*
Ally Financial, Inc.		3,668		159,485
American Express Co.		12,759		2,385,933
Capital One Financial Corp.		4,875		640,039
Credit Acceptance Corp. *@		284		156,305
Discover Financial Services		6,077		669,624
OneMain Holdings, Inc.		900		42,669
SLM Corp.		3,100		56,916
Synchrony Financial		6,557		228,249

				4,339,220

*Containers & Packaging — 0.4%*
Amcor PLC		13,861		157,045
AptarGroup, Inc.		1,483		174,253
Avery Dennison Corp.		2,232		388,301
Ball Corp.		6,941		624,690
Berry Global Group, Inc. *		3,918		227,087
Crown Holdings, Inc.		3,506		438,566
Graphic Packaging Holding Co.		6,877		137,815
International Paper Co.		4,336		200,106
Packaging Corp. of America		1,552		242,283
Sealed Air Corp.		3,059		204,831
Silgan Holdings, Inc.		2,057		95,095
Sonoco Products Co.		1,933		120,928
WestRock Co.		1,629		76,612

				3,087,612

*Distributors — 0.1%*
Genuine Parts Co.		2,179		274,598
LKQ Corp.		4,303		195,399
Pool Corp.		1,026		433,844

				903,841

*Diversified Consumer Services — 0.1%*
ADT, Inc.		5,519		41,889
Bright Horizons Family Solutions, Inc. *		639		84,789
Chegg, Inc. *@		1,444		52,388
Service Corp. International		4,767		313,764


	SHARES		VALUE†
Terminix Global Holdings, Inc. *		3,309	$	150,990

				643,820

*Diversified Financial Services — 0.9%*
Apollo Global Management, Inc.		1,436		89,018
Berkshire Hathaway, Inc., Class B *		16,977		5,991,353
Equitable Holdings, Inc.		5,987		185,058
Voya Financial, Inc.		1,519		100,786

				6,366,215

*Diversified Telecommunication Services — 1.0%*
AT&T, Inc.		76,468		1,806,939
Iridium Communications, Inc. *		3,043		122,694
Lumen Technologies, Inc. @		12,123		136,626
Verizon Communications, Inc.		99,340		5,060,379

				7,126,638

*Electric Utilities — 1.7%*
Alliant Energy Corp.		4,621		288,720
American Electric Power Co., Inc.		8,417		839,764
Avangrid, Inc.		1,433		66,978
Constellation Energy Corp.		5,321		299,306
Duke Energy Corp.		13,107		1,463,528
Edison International		6,635		465,114
Entergy Corp.		2,869		334,956
Evergy, Inc.		3,652		249,578
Eversource Energy		5,876		518,204
Exelon Corp.		15,965		760,413
FirstEnergy Corp.		8,176		374,951
Hawaiian Electric Industries, Inc.		2,245		94,986
IDACORP, Inc.		647		74,638
NextEra Energy, Inc.		37,492		3,175,947
NRG Energy, Inc.		6,256		239,980
OGE Energy Corp.		3,314		135,145
PG&E Corp. *		2,100		25,074
Pinnacle West Capital Corp.		1,978		154,482
PNM Resources, Inc.		2,100		100,107
Portland General Electric Co.		1,411		77,817
PPL Corp.		9,200		262,752
Southern Co. (The)		17,830		1,292,853
Xcel Energy, Inc.		9,222		665,552

				11,960,845

*Electrical Equipment — 0.6%*
Acuity Brands, Inc.		1,000		189,300
AMETEK, Inc.		3,933		523,797
Eaton Corp. PLC		5,446		826,485
Emerson Electric Co.		9,630		944,221
Generac Holdings, Inc. *		1,183		351,659
Hubbell, Inc.		1,149		211,152
nVent Electric PLC		2,290		79,646
Plug Power, Inc. *		670		19,169
Regal Rexnord Corp.		1,234		183,594
Rockwell Automation, Inc.		2,472		692,234
Sensata Technologies Holding PLC *		2,621		133,278

				4,154,535

*Electronic Equipment, Instruments & Components — 0.7%*
Amphenol Corp., Class A		12,045		907,591
Arrow Electronics, Inc. *		830		98,463
Avnet, Inc.		944		38,317
CDW Corp.		2,939		525,758
Cognex Corp.		1,711		132,004
Corning, Inc.		8,949		330,308
Flex Ltd. *		7,316		135,712
II-VI, Inc. *@		900		65,241
IPG Photonics Corp. *		471		51,697
Jabil, Inc.		3,689		227,722

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

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Electronic Equipment, Instruments & Components (Continued)*
Keysight Technologies, Inc. *		3,226	$	509,611
Littelfuse, Inc.		380		94,776
National Instruments Corp.		1,428		57,962
Novanta, Inc. *		661		94,054
TD SYNNEX Corp.		1,139		117,556
TE Connectivity Ltd.		3,575		468,253
Teledyne Technologies, Inc. *		573		270,817
Trimble, Inc. *		2,830		204,156
Vontier Corp.		2,967		75,332
Zebra Technologies Corp., Class A *		919		380,190

				4,785,520

*Energy Equipment & Services — 0.2%*
Baker Hughes Co.		3,464		126,124
ChampionX Corp. *		1,200		29,376
Halliburton Co.		9,380		355,221
NOV, Inc.		4,002		78,479
Schlumberger NV		12,666		523,232

				1,112,432

*Entertainment — 1.0%*
Activision Blizzard, Inc.		9,560		765,852
Electronic Arts, Inc.		2,838		359,035
Liberty Media Corp.-Liberty Formula One, Class A *		315		19,886
Liberty Media Corp.-Liberty Formula One, Class C *		2,102		146,804
Live Nation Entertainment, Inc. *		2,466		290,100
Netflix, Inc. *		6,598		2,471,545
Playtika Holding Corp. *		1,237		23,911
ROBLOX Corp., Class A *@		990		45,778
Roku, Inc. *		866		108,484
Spotify Technology SA *		457		69,016
Take-Two Interactive Software, Inc. *		1,612		247,829
Walt Disney Co. (The) *		18,097		2,482,184
Warner Music Group Corp., Class A		2,120		80,242
Zynga, Inc., Class A *		10,858		100,328

				7,210,994

*Food & Staples Retailing — 1.7%*
Albertsons Cos., Inc., Class A		714		23,740
BJ’s Wholesale Club Holdings, Inc. *		2,341		158,275
Casey’s General Stores, Inc.		774		153,384
Costco Wholesale Corp.		8,735		5,030,050
Kroger Co. (The)		17,571		1,008,048
Performance Food Group Co. *		1,336		68,016
Sysco Corp.		10,169		830,299
US Foods Holding Corp. *		1,600		60,208
Walgreens Boots Alliance, Inc.		6,082		272,291
Walmart, Inc.		27,662		4,119,425

				11,723,736

*Food Products — 0.9%*
Archer-Daniels-Midland Co.		4,142		373,857
Bunge Ltd.		1,401		155,245
Campbell Soup Co.		4,243		189,111
Conagra Brands, Inc.		5,411		181,647
Darling Ingredients, Inc. *		4,810		386,628
Flowers Foods, Inc.		3,652		93,893
Freshpet, Inc. *		258		26,481
General Mills, Inc.		8,511		576,365


	SHARES		VALUE†
Hershey Co. (The)		2,946	$	638,192
Hormel Foods Corp.		4,726		243,578
Ingredion, Inc.		1,590		138,568
J.M. Smucker Co. (The)		1,268		171,700
Kellogg Co.		5,495		354,373
Kraft Heinz Co. (The)		5,057		199,195
Lamb Weston Holdings, Inc.		4,603		275,766
Lancaster Colony Corp.		522		77,856
McCormick & Co., Inc.		4,400		439,120
McCormick & Co., Inc.		405		40,500
Mondelez International, Inc., Class A		13,991		878,355
Pilgrim’s Pride Corp. *		1,700		42,670
Post Holdings, Inc. *		1,501		103,959
Sanderson Farms, Inc.		247		46,310
Tyson Foods, Inc., Class A		5,064		453,886

				6,087,255

*Gas Utilities — 0.1%*
Atmos Energy Corp.		2,360		281,996
National Fuel Gas Co.		1,600		109,920
Southwest Gas Holdings, Inc.		1,343		105,144
UGI Corp.		2,799		101,380

				598,440

*Health Care Equipment & Supplies — 2.0%*
Abbott Laboratories		26,711		3,161,514
Abiomed, Inc. *		350		115,934
Align Technology, Inc. *		833		363,188
Baxter International, Inc.		7,728		599,229
Becton Dickinson & Co.		2,001		532,266
Boston Scientific Corp. *		10,979		486,260
CONMED Corp.		289		42,931
Cooper Cos., Inc. (The)		521		217,564
Dentsply Sirona, Inc.		1,578		77,669
DexCom, Inc. *		994		508,531
Edwards Lifesciences Corp. *		8,835		1,040,056
Envista Holdings Corp. *		2,222		108,234
Globus Medical, Inc., Class A *		1,500		110,670
Hologic, Inc. *		4,904		376,725
ICU Medical, Inc. *		98		21,819
Idexx Laboratories, Inc. *		2,000		1,094,120
Insulet Corp. *		521		138,789
Integra LifeSciences Holdings Corp. *		1,168		75,056
Intuitive Surgical, Inc. *		3,221		971,711
LivaNova PLC *		470		38,460
Masimo Corp. *		787		114,540
Medtronic PLC		9,595		1,064,565
Neogen Corp. *		444		13,693
Novocure Ltd. *@		596		49,379
Penumbra, Inc. *		389		86,409
ResMed, Inc.		2,579		625,433
Shockwave Medical, Inc. *		212		43,960
STERIS plc		889		214,934
Stryker Corp.		4,501		1,203,342
Tandem Diabetes Care, Inc. *		470		54,656
Teleflex, Inc.		364		129,158
Zimmer Biomet Holdings, Inc.		1,186		151,690
Zimvie, Inc.		118		2,695

				13,835,180

*Health Care Providers & Services — 2.9%*
Acadia Healthcare Co., Inc. *		1,169		76,605

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

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Health Care Providers & Services (Continued)*
Amedisys, Inc. *		578	$	99,584
AmerisourceBergen Corp.		2,652		410,291
AMN Healthcare Services, Inc. *		400		41,732
Anthem, Inc.		3,677		1,806,216
Cardinal Health, Inc.		3,943		223,568
Centene Corp. *		4,920		414,215
Chemed Corp.		339		171,720
CIGNA Corp.		5,306		1,271,371
CVS Health Corp.		14,844		1,502,361
DaVita, Inc. *		2,100		237,531
Encompass Health Corp.		2,141		152,246
Ensign Group, Inc. (The)		687		61,837
Guardant Health, Inc. *		673		44,579
HCA Healthcare, Inc.		4,137		1,036,815
Henry Schein, Inc. *		3,048		265,755
Humana, Inc.		2,029		882,960
Laboratory Corp. of America Holdings *		1,685		444,267
McKesson Corp.		2,992		915,941
Molina Healthcare, Inc. *		1,058		352,938
Premier, Inc., Class A		1,383		49,221
Quest Diagnostics, Inc.		2,455		335,991
R1 RCM, Inc. *		1,861		49,800
Select Medical Holdings Corp.		1,200		28,788
Tenet Healthcare Corp. *		1,281		110,115
UnitedHealth Group, Inc.		17,835		9,095,315
Universal Health Services, Inc., Class B		1,628		235,979

				20,317,741

*Health Care Technology — 0.2%*
Cerner Corp.		5,716		534,789
Change Healthcare, Inc. *		7,084		154,431
Omnicell, Inc. *		500		64,745
Teladoc Health, Inc. *@		659		47,534
Veeva Systems, Inc., Class A *		1,334		283,421

				1,084,920

*Hotels, Restaurants & Leisure — 1.7%*
Aramark		2,445		91,932
Booking Holdings, Inc. *		578		1,357,404
Boyd Gaming Corp.		1,142		75,121
Caesars Entertainment, Inc. *		978		75,658
Carnival Corp. *		6,222		125,809
Chipotle Mexican Grill, Inc. *		423		669,199
Choice Hotels International, Inc.		1,000		141,760
Churchill Downs, Inc.		450		99,801
Darden Restaurants, Inc.		2,002		266,166
Domino’s Pizza, Inc.		716		291,419
Expedia Group, Inc. *		1,275		249,479
Hilton Worldwide Holdings, Inc. *		3,388		514,095
Hyatt Hotels Corp., Class A *		300		28,635
Las Vegas Sands Corp. *		3,185		123,801
Marriott International, Inc., Class A *		5,910		1,038,682
Marriott Vacations Worldwide Corp.		750		118,275
McDonald’s Corp.		12,813		3,168,399
MGM Resorts International		3,426		143,686
Norwegian Cruise Line Holdings Ltd. *@		4,116		90,058
Papa John’s International, Inc.		400		42,112
Penn National Gaming, Inc. *		1,762		74,744
Planet Fitness, Inc. Class A *		1,743		147,249
Royal Caribbean Cruises Ltd. *		2,550		213,639
Starbucks Corp.		19,320		1,757,540
Texas Roadhouse, Inc.		1,257		105,249
Travel + Leisure Co.		1,170		67,790
Vail Resorts, Inc.		666		173,340


	SHARES		VALUE†
Wendy’s Co. (The)		5,687	$	124,943
Wyndham Hotels & Resorts, Inc.		1,765		149,478
Wynn Resorts Ltd. *		1,565		124,793
Yum! Brands, Inc.		5,152		610,667

				12,260,923

*Household Durables — 0.3%*
DR Horton, Inc.		5,753		428,656
Garmin Ltd.		2,389		283,359
Helen of Troy Ltd. *		496		97,137
Leggett & Platt, Inc.		3,378		117,554
Lennar Corp., B Shares		72		4,921
Lennar Corp., Class A		3,122		253,413
Mohawk Industries, Inc. *		600		74,520
Newell Brands, Inc.		5,255		112,509
NVR, Inc. *		68		303,774
PulteGroup, Inc.		4,404		184,528
Tempur Sealy International, Inc.		3,440		96,045
Toll Brothers, Inc.		1,650		77,583
TopBuild Corp. *		500		90,695
Whirlpool Corp.		1,555		268,673

				2,393,367

*Household Products — 1.4%*
Church & Dwight Co., Inc.		5,160		512,801
Clorox Co. (The)		2,311		321,298
Colgate-Palmolive Co.		15,714		1,191,593
Kimberly-Clark Corp.		5,955		733,418
Procter & Gamble Co. (The)		48,462		7,404,993

				10,164,103

*Independent Power Producers & Energy Traders — 0.1%*
AES Corp. (The)		11,000		283,030
Clearway Energy, Inc., Class A		1,270		42,317
Clearway Energy, Inc., Class C		2,400		87,624
Ormat Technologies, Inc.		741		60,636
Vistra Corp.		3,161		73,493

				547,100

*Industrial Conglomerates — 0.8%*
3M Co.		14,194		2,113,203
General Electric Co.		6,463		591,364
Honeywell International, Inc.		12,821		2,494,710
Roper Technologies, Inc.		1,264		596,899

				5,796,176

*Insurance — 1.8%*
Aflac, Inc.		7,013		451,567
Alleghany Corp. *		167		141,449
Allstate Corp. (The)		5,296		733,549
American Financial Group, Inc.		527		76,742
American International Group, Inc.		4,355		273,363
Aon PLC, Class A		4,982		1,622,289
Arch Capital Group Ltd. *		4,493		217,551
Arthur J. Gallagher & Co.		2,175		379,755
Assurant, Inc.		1,143		207,832
Axis Capital Holdings Ltd.		1,300		78,611
Brighthouse Financial, Inc. *		1,077		55,638
Brown & Brown, Inc.		4,399		317,916
Chubb Ltd.		3,380		722,982
Cincinnati Financial Corp.		1,150		156,354
CNA Financial Corp.		943		45,849
Enstar Group Ltd. *		300		78,345
Erie Indemnity Co., Class A		545		95,991
Everest Re Group Ltd.		191		57,564
Fidelity National Financial, Inc.		5,659		276,385
First American Financial Corp.		2,368		153,494
Globe Life, Inc.		1,141		114,785

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

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Insurance (Continued)*
Hanover Insurance Group, Inc. (The)		696	$	104,066
Hartford Financial Services Group, Inc. (The)		4,027		289,179
Kinsale Capital Group, Inc.		257		58,601
Lincoln National Corp.		2,031		132,746
Loews Corp.		1,471		95,350
Markel Corp. *		100		147,524
Marsh & McLennan Cos., Inc.		9,000		1,533,780
MBIA, Inc. *		3,900		60,021
MetLife, Inc.		5,593		393,076
Old Republic International Corp.		2,863		74,066
Primerica, Inc.		919		125,738
Principal Financial Group, Inc.		2,619		192,261
Progressive Corp. (The)		9,548		1,088,376
Prudential Financial, Inc.		2,294		271,082
Reinsurance Group of America, Inc.		777		85,050
RenaissanceRe Holdings Ltd.		783		124,113
RLI Corp.		700		77,441
Selective Insurance Group, Inc.		829		74,079
Travelers Companies, Inc. (The)		5,274		963,718
Unum Group		1,700		53,567
W. R. Berkley Corp.		2,655		176,796
Willis Towers Watson PLC		1,050		248,031

				12,626,672

*Interactive Media & Services — 5.0%*
Alphabet, Inc., Class A *		4,558		12,677,393
Alphabet, Inc., Class C *		4,491		12,543,318
Match Group, Inc. *		3,467		377,002
Meta Platforms, Inc., Class A *		40,998		9,116,315
Pinterest, Inc., Class A *		2,822		69,450
Snap, Inc., Class A *		7,149		257,293
Twitter, Inc. *		5,999		232,101
Ziff Davis, Inc. *		1,013		98,038
Zillow Group, Inc., Class A *		436		21,028
Zillow Group, Inc., Class C *		1,159		57,127

				35,449,065

*Internet & Catalog Retail — 4.3%*
Amazon.com, Inc. *		8,940		29,143,953
Chewy, Inc., Class A *@		1,075		43,838
eBay, Inc.		9,533		545,860
Etsy, Inc. *		2,334		290,070
Wayfair, Inc., Class A *@		1,109		122,855

				30,146,576

*IT Services — 4.9%*
Accenture PLC, Class A		12,877		4,342,511
Akamai Technologies, Inc. *		2,286		272,925
Alliance Data Systems Corp.		738		41,439
Amdocs Ltd.		2,698		221,802
Automatic Data Processing, Inc.		9,817		2,233,760
Block, Inc., Class A *		2,826		383,206
Broadridge Financial Solutions, Inc.		2,485		386,939
Cloudflare, Inc., Class A *		1,734		207,560
Cognizant Technology Solutions Corp., Class A		9,261		830,434
Concentrix Corp.		1,139		189,712
DXC Technology Co. *		2,810		91,690
EPAM Systems, Inc. *		781		231,652


	SHARES		VALUE†
Euronet Worldwide, Inc. *		911	$	118,567
Fidelity National Information Services, Inc.		5,983		600,813
Fiserv, Inc. *		5,324		539,854
FleetCor Technologies, Inc. *		1,396		347,688
Gartner, Inc. *		1,713		509,549
Genpact Ltd.		2,839		123,525
Global Payments, Inc.		3,120		426,941
Globant SA *		394		103,256
GoDaddy, Inc., Class A *		2,137		178,867
International Business Machines Corp.		20,148		2,619,643
Jack Henry & Associates, Inc.		1,300		256,165
Kyndryl Holdings, Inc. *		4,029		52,860
MasterCard, Inc., Class A		21,634		7,731,559
Maximus, Inc.		1,464		109,727
MongoDB, Inc. *		284		125,979
Okta, Inc. *		1,243		187,643
Paychex, Inc.		5,938		810,359
PayPal Holdings, Inc. *		12,255		1,417,291
Snowflake, Inc., Class A *		585		134,041
Twilio, Inc., Class A *		1,065		175,523
VeriSign, Inc. *		1,702		378,627
Visa, Inc., Class A		34,029		7,546,611
Western Union Co. (The)		6,874		128,819
WEX, Inc. *		663		118,312

				34,175,849

*Leisure Equipment & Products — 0.1%*
Brunswick Corp.		1,810		146,411
Hasbro, Inc.		2,087		170,967
Mattel, Inc. *		7,865		174,682
Peloton Interactive, Inc., Class A *		1,347		35,588
Polaris, Inc.		1,034		108,901
YETI Holdings, Inc. *		1,669		100,106

				736,655

*Life Sciences Tools & Services — 1.5%*
10X Genomics, Inc. *		538		40,926
Agilent Technologies, Inc.		3,928		519,792
Avantor, Inc. *		9,845		332,958
Azenta, Inc.		1,100		91,168
Bio-Rad Laboratories, Inc., Class A *		223		125,600
Bio-Techne Corp.		473		204,828
Bruker Corp.		2,044		131,429
Charles River Laboratories International, Inc. *		640		181,741
Danaher Corp.		7,238		2,123,122
Illumina, Inc. *		1,686		589,088
IQVIA Holdings, Inc. *		2,790		645,076
Maravai LifeSciences Holdings, Inc., Class A *		2,496		88,034
Medpace Holdings, Inc. *		500		81,795
Mettler-Toledo International, Inc. *		519		712,686
PerkinElmer, Inc.		2,006		349,967
Repligen Corp. *		355		66,772
Syneos Health, Inc. *		927		75,041
Thermo Fisher Scientific, Inc.		5,908		3,489,560
Waters Corp. *		1,391		431,752
West Pharmaceutical Services, Inc.		1,211		497,370

				10,778,705

*Machinery — 2.0%*
AGCO Corp.		1,297		189,401

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

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Machinery (Continued)*
Caterpillar, Inc.		12,969	$	2,889,753
Chart Industries, Inc. *		200		34,354
Colfax Corp. *		1,693		67,364
Crane Co.		1,115		120,732
Cummins, Inc.		2,875		589,691
Deere & Co.		7,430		3,086,868
Donaldson Co., Inc.		2,651		137,666
Dover Corp.		2,615		410,294
Evoqua Water Technologies Corp. *		1,408		66,148
Flowserve Corp.		1,775		63,723
Fortive Corp.		3,548		216,180
Franklin Electric Co., Inc.		300		24,912
Graco, Inc.		3,370		234,956
IDEX Corp.		1,004		192,497
Illinois Tool Works, Inc.		7,442		1,558,355
Ingersoll Rand, Inc.		3,972		199,990
ITT, Inc.		2,081		156,512
John Bean Technologies Corp.		692		81,981
Lincoln Electric Holdings, Inc.		1,491		205,475
Middleby Corp. (The) *		1,043		170,989
Nordson Corp.		848		192,564
Oshkosh Corp.		1,700		171,105
Otis Worldwide Corp.		5,642		434,152
PACCAR, Inc.		5,660		498,476
Parker-Hannifin Corp.		2,575		730,682
Pentair PLC		1,862		100,939
RBC Bearings, Inc. *		421		81,623
Snap-On, Inc.		1,143		234,864
Stanley Black & Decker, Inc.		2,408		336,614
Timken Co., (The)		1,644		99,791
Toro Co. (The)		2,683		229,370
Watts Water Technologies, Inc., Class A		400		55,836
Westinghouse Air Brake Technologies Corp.		1,144		110,018
Xylem, Inc.		2,293		195,501

				14,169,376

*Media — 1.0%*
Altice USA, Inc., Class A *		4,348		54,263
Cable One, Inc.		101		147,888
Charter Communications, Inc., Class A *		2,672		1,457,629
Comcast Corp., Class A		67,945		3,181,185
Discovery, Inc., Class A *		3,611		89,986
Discovery, Inc., Class C *		4,579		114,338
DISH Network Corp., Class A *		3,186		100,837
Fox Corp. Class A		3,686		145,413
Fox Corp. Class B		696		25,251
Interpublic Group of Cos., Inc. (The)		6,061		214,862
Liberty Broadband Corp., Class A *		315		41,284
Liberty Broadband Corp., Class C *		1,371		185,524
Liberty Media Corp.-Liberty Siriusxm, Class A *		1,263		57,732
Liberty Media Corp.-Liberty Siriusxm, Class C *		1,178		53,870
Loyalty Ventures, Inc. *		295		4,876
New York Times Co. (The), Class A		1,641		75,223
News Corp., Class A		1,498		33,181
News Corp., Class B		1,525		34,343
Nexstar Media Group, Inc. Class A		900		169,632
Omnicom Group, Inc.		4,831		410,055
Paramount Global @		616		24,893
Paramount Global @		6,268		236,993
Sirius XM Holdings, Inc. @		12,754		84,431


	SHARES		VALUE†
TEGNA, Inc.		2,624	$	58,778

				7,002,467

*Metals & Mining — 0.6%*
Alcoa Corp.		2,296		206,709
Cleveland-Cliffs, Inc. *		6,262		201,699
Commercial Metals Co.		1,475		61,390
Freeport-McMoRan, Inc.		21,901		1,089,356
MP Materials Corp. *		923		52,925
Newmont Corp.		9,033		717,672
Nucor Corp.		5,263		782,345
Reliance Steel & Aluminum Co.		1,403		257,240
Royal Gold, Inc.		1,115		157,527
Southern Copper Corp.		1,769		134,267
Steel Dynamics, Inc.		3,175		264,890
United States Steel Corp. @		3,845		145,110

				4,071,130

*Multi-Utilities — 0.7%*
Ameren Corp.		3,328		312,033
Black Hills Corp.		1,300		100,126
Centerpoint Energy, Inc.		6,700		205,288
CMS Energy Corp.		5,199		363,618
Consolidated Edison, Inc.		5,063		479,365
Dominion Energy, Inc.		13,388		1,137,578
DTE Energy Co.		3,247		429,286
NiSource, Inc.		5,791		184,154
Public Service Enterprise Group, Inc.		8,415		589,050
Sempra Energy		4,736		796,216
WEC Energy Group, Inc.		4,990		498,052

				5,094,766

*Multiline Retail — 0.7%*
Dollar General Corp.		5,731		1,275,893
Dollar Tree, Inc. *		2,486		398,133
Kohl’s Corp.		1,268		76,663
Macy’s, Inc.		4,200		102,312
Target Corp.		13,538		2,873,034

				4,726,035

*Oil, Gas & Consumable Fuels — 2.2%*
Antero Midstream Corp.		3,600		39,132
Antero Resources Corp. *		3,300		100,749
APA Corp.		5,617		232,151
Cheniere Energy, Inc.		5,431		753,008
Chesapeake Energy Corp. @		918		79,866
Chevron Corp.		17,856		2,907,492
ConocoPhillips		14,759		1,475,900
Coterra Energy, Inc.		8,623		232,562
Devon Energy Corp.		7,545		446,136
Diamondback Energy, Inc.		1,285		176,148
DTE Midstream LLC *		1,623		88,064
EOG Resources, Inc.		6,890		821,495
EQT Corp.		3,800		130,758
Exxon Mobil Corp.		38,811		3,205,400
Hess Corp.		3,471		371,536
HF Sinclair Corp.		2,161		86,116
Kinder Morgan, Inc.		8,265		156,291
Marathon Oil Corp.		8,798		220,918
Marathon Petroleum Corp.		4,094		350,037
Occidental Petroleum Corp.		14,481		821,652
ONEOK, Inc.		6,698		473,080
Ovintiv, Inc.		2,600		140,582
PDC Energy, Inc.		985		71,590
Phillips 66		3,291		284,309
Pioneer Natural Resources Co.		1,324		331,040
Range Resources Corp. *		3,129		95,059

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

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Oil, Gas & Consumable Fuels (Continued)*
Targa Resources Corp.		1,997	$	150,714
Texas Pacific Land Corp.		58		78,422
Valero Energy Corp.		4,073		413,572
Williams Cos., Inc. (The)		13,491		450,734

				15,184,513

*Paper & Forest Products — 0.0%*
Louisiana-Pacific Corp.		1,880		116,786

*Personal Products — 0.2%*
BellRing Brands, Inc. *		1,902		43,898
Coty, Inc., Class A *		2,516		22,619
Estee Lauder Companies, Inc. (The), Class A		4,869		1,325,926
Herbalife Nutriation Ltd. *		2,876		87,315

				1,479,758

*Pharmaceuticals — 4.1%*
Bristol-Myers Squibb Co.		33,566		2,451,325
Catalent, Inc. *		2,337		259,173
Elanco Animal Health, Inc. *		4,517		117,848
Eli Lilly & Co.		19,445		5,568,465
Jazz Pharmaceuticals PLC *		1,092		169,992
Johnson & Johnson		55,065		9,759,170
Merck & Co., Inc.		47,673		3,911,570
Organon & Co.		4,671		163,158
Perrigo Co. PLC		1,790		68,790
Pfizer, Inc.		79,600		4,120,892
Royalty Pharma PLC, Class A		2,744		106,906
Viatris, Inc.		10,369		112,815
Zoetis, Inc.		11,289		2,128,992

				28,939,096

*Professional Services — 0.5%*
ASGN, Inc. *		677		79,013
Booz Allen Hamilton Holding Corp.		3,549		311,744
CACI International, Inc., Class A *		656		197,627
Clarivate PLC *@		2,100		35,196
CoStar Group, Inc. *		2,890		192,503
Equifax, Inc.		1,711		405,678
Exponent, Inc.		799		86,332
FTI Consulting, Inc. *		662		104,080
Jacobs Engineering Group, Inc.		1,338		184,390
KBR, Inc.		2,987		163,478
Leidos Holdings, Inc.		2,174		234,835
Manpowergroup, Inc.		1,600		150,272
Nielsen Holdings PLC		4,300		117,132
Robert Half International, Inc.		2,642		301,664
Science Applications International Corp.		1,371		126,365
TransUnion		2,647		273,541
TriNet Group, Inc. *		865		85,081
Verisk Analytics, Inc.		3,116		668,787

				3,717,718

*Real Estate Management & Development — 0.1%*
CBRE Group, Inc., Class A *		5,492		502,628
Jones Lang LaSalle, Inc. *		1,100		263,406

				766,034

*Road & Rail — 1.3%*
AMERCO		152		90,735
Avis Budget Group, Inc. *		673		177,201


	SHARES		VALUE†
CSX Corp.		47,289	$	1,770,973
JB Hunt Transport Services, Inc.		2,271		455,994
Knight-Swift Transportation Holdings, Inc.		2,249		113,485
Landstar System, Inc.		1,073		161,841
Lyft, Inc., Class A *		1,612		61,901
Norfolk Southern Corp.		4,620		1,317,716
Old Dominion Freight Line, Inc.		1,937		578,543
Ryder System, Inc.		682		54,103
Saia, Inc. *		200		48,764
Uber Technologies, Inc. *		3,224		115,032
Union Pacific Corp.		15,597		4,261,256
XPO Logistics, Inc. *		1,934		140,795

				9,348,339

*Semiconductors & Semiconductor Equipment — 6.4%*
Advanced Micro Devices, Inc. *		27,216		2,975,797
Analog Devices, Inc.		4,750		784,605
Applied Materials, Inc.		20,575		2,711,785
Broadcom, Inc.		9,251		5,825,170
Cirrus Logic, Inc. *		1,237		104,885
CMC Materials, Inc.		592		109,757
Diodes, Inc. *		300		26,097
Enphase Energy, Inc. *		1,883		379,952
Entegris, Inc.		2,368		310,824
First Solar, Inc. *		1,023		85,666
Intel Corp.		72,045		3,570,550
KLA Corp.		3,591		1,314,521
Lam Research Corp.		3,492		1,877,334
Lattice Semiconductor Corp. *		1,742		106,175
Marvell Technology, Inc.		6,428		460,952
Microchip Technology, Inc.		8,612		647,106
Micron Technology, Inc.		14,627		1,139,297
MKS Instruments, Inc.		1,252		187,800
Monolithic Power Systems, Inc.		581		282,180
NVIDIA Corp.		43,332		11,823,570
NXP Semiconductors NV		400		74,032
ON Semiconductor Corp. *		8,229		515,218
Power Integrations, Inc.		846		78,407
Qorvo, Inc. *		1,637		203,152
QUALCOMM, Inc.		25,043		3,827,071
Semtech Corp. *		600		41,604
Silicon Laboratories, Inc. *		600		90,120
Skyworks Solutions, Inc.		3,226		429,961
SolarEdge Technologies, Inc. *		455		146,678
Synaptics, Inc. *		333		66,433
Teradyne, Inc.		3,943		466,181
Texas Instruments, Inc.		21,009		3,854,731
Universal Display Corp.		786		131,223
Wolfspeed, Inc. *@		857		97,578

				44,746,412

*Software — 8.8%*
Adobe, Inc. *		9,085		4,139,308
Alteryx, Inc., Class A *		675		48,283
Anaplan, Inc. *		885		57,569
ANSYS, Inc. *		813		258,249
Appfolio, Inc., Class A *		486		55,020
Aspen Technology, Inc. *		2,199		363,649
Atlassian Corp. PLC, Class A *		2,267		666,113
Autodesk, Inc. *		3,310		709,499
Avalara, Inc. *		621		61,796
Bill.com Holdings, Inc. *		196		44,451

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

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Software (Continued)*
Black Knight, Inc. *		2,102	$	121,895
Cadence Design Systems, Inc. *		5,024		826,247
CDK Global, Inc.		3,162		153,926
Ceridian HCM Holding, Inc. *		995		68,018
Citrix Systems, Inc.		2,573		259,616
Cognyte Software Ltd. *		1,038		11,740
Consensus Cloud Solutions, Inc. *		337		20,264
Coupa Software, Inc. *		709		72,056
Crowdstrike Holdings, Inc., Class A *		1,037		235,482
Datadog, Inc., Class A *		1,407		213,118
DocuSign, Inc. *		1,254		134,328
Dolby Laboratories, Inc., Class A		938		73,370
Dropbox, Inc., Class A *		4,089		95,069
Dynatrace, Inc. *		1,268		59,723
Elastic NV *		423		37,626
Envestnet, Inc. *		1,085		80,767
Fair Isaac Corp. *		488		227,633
Five9, Inc. *		200		22,080
Fortinet, Inc. *		2,769		946,278
Guidewire Software, Inc. *		801		75,791
HubSpot, Inc. *		406		192,826
Intuit, Inc.		4,060		1,952,210
Mandiant, Inc. *		1,537		34,290
Manhattan Associates, Inc. *		2,300		319,033
Microsoft Corp.		130,116		40,116,064
NortonLifeLock, Inc.		8,718		231,201
Oracle Corp.		26,244		2,171,166
Palantir Technologies, Inc., Class A *@		4,149		56,966
Palo Alto Networks, Inc. *@		795		494,895
Paycom Software, Inc. *		888		307,585
Paylocity Holding Corp. *		668		137,454
Pegasystems, Inc.		255		20,566
PTC, Inc. *		1,031		111,059
Qualtrics International, Inc., Class A *		1,431		40,855
Qualys, Inc. *		503		71,632
RingCentral, Inc., Class A *		628		73,608
Salesforce.com, Inc. *		7,199		1,528,492
ServiceNow, Inc. *		1,610		896,593
Smartsheet, Inc., Class A *		763		41,797
Splunk, Inc. *		1,045		155,297
SS&C Technologies Holdings, Inc.		3,246		243,515
Synopsys, Inc. *		1,737		578,890
Teradata Corp. *		1,500		73,935
Trade Desk, Inc. (The), Class A *		4,830		334,478
Tyler Technologies, Inc. *		424		188,633
VMware, Inc., Class A		2,695		306,880
Workday, Inc., Class A *		1,272		304,593
Zendesk, Inc. *		1,234		148,438
Zoom Video Communications, Inc., Class A *		1,524		178,659
Zscaler, Inc. *		411		99,166

				61,549,740

*Specialty Retail — 2.5%*
Advance Auto Parts, Inc.		1,238		256,217
AutoNation, Inc. *		961		95,696
AutoZone, Inc. *		433		885,303
Bath & Body Works, Inc.		1,256		60,037
Best Buy Co., Inc.		6,478		588,850
Burlington Stores, Inc. *@		1,171		213,321
Carmax, Inc. *		3,409		328,900
Carvana Co. *		614		73,244
Dick’s Sporting Goods, Inc. @		1,695		169,534


	SHARES		VALUE†
Five Below, Inc. *		1,000	$	158,370
Floor & Decor Holdings, Inc., Class A *		1,000		81,000
Gap, Inc. (The)		2,801		39,438
Home Depot, Inc. (The)		23,976		7,176,736
Lithia Motors, Inc.		199		59,724
Lowe’s Cos., Inc.		13,076		2,643,836
Murphy USA, Inc.		1,116		223,155
O’Reilly Automotive, Inc. *		1,311		897,983
Penske Automotive Group, Inc.		658		61,668
RH *		220		71,740
Ross Stores, Inc.		6,470		585,276
Signet Jewelers Ltd.		600		43,620
TJX Cos., Inc. (The)		27,206		1,648,140
Tractor Supply Co.		2,732		637,567
Ulta Beauty, Inc. *		984		391,849
Victoria’s Secret & Co. *		1,179		60,553
Williams-Sonoma, Inc.		2,400		348,000

				17,799,757

*Textiles, Apparel & Luxury Goods — 0.9%*
Capri Holdings Ltd. *		1,203		61,822
Carter’s, Inc.		934		85,919
Columbia Sportswear Co.		858		77,675
Crocs, Inc. *		1,471		112,384
Deckers Outdoor Corp. *		473		129,493
Hanesbrands, Inc.		8,404		125,136
Levi Strauss & Co., Class A		1,101		21,756
Lululemon Athletica, Inc. *		2,254		823,228
NIKE, Inc., Class B		27,306		3,674,295
PVH Corp.		760		58,224
Ralph Lauren Corp.		1,100		124,784
Skechers U.S.A., Inc., Class A *		1,800		73,368
Tapestry, Inc.		5,352		198,827
Under Armour, Inc., Class A *		2,760		46,975
Under Armour, Inc., Class C *		2,884		44,875
VF Corp.		5,509		313,242

				5,972,003

*Thrifts & Mortgage Finance — 0.0%*
Essent Group Ltd.		700		28,847
MGIC Investment Corp.		4,400		59,620
New York Community Bancorp, Inc.		6,032		64,663
Rocket Cos, Inc., Class A		3,544		39,409
TFS Financial Corp.		1,093		18,144

				210,683

*Tobacco — 0.5%*
Altria Group, Inc.		27,551		1,439,540
Philip Morris International, Inc.		21,397		2,010,034

				3,449,574

*Trading Companies & Distributors — 0.4%*
Fastenal Co.		12,697		754,202
MSC Industrial Direct Co., Inc., Class A		1,100		93,731
SiteOne Landscape Supply, Inc. *		654		105,745
United Rentals, Inc. *		2,064		733,154
Univar Solutions, Inc. *		2,156		69,294
Watsco, Inc.		474		144,399
WESCO International, Inc. *		596		77,563
WW Grainger, Inc.		1,097		565,822

				2,543,910

*Water Utilities — 0.1%*
American Water Works Co., Inc.		3,475		575,217
Essential Utilities, Inc.		3,662		187,238

				762,455

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

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
*Wireless Telecommunication Services — 0.2%*
T-Mobile US, Inc. *		8,733	$	1,120,881

TOTAL COMMON STOCKS (Identified Cost $142,066,335)				671,704,739

MUTUAL FUNDS — 3.9%
*Other — 3.9%*
DFA U.S. Micro Cap Portfolio		1,043,944		27,340,899

TOTAL MUTUAL FUNDS (Identified Cost $13,253,045)				27,340,899

SHORT-TERM INVESTMENTS — 0.4%
*Investment Company — 0.3%*
State Street Institutional U.S. Government Money Market Fund 0.250%		1,896,475		1,896,475

*Collateral For Securities On Loan — 0.1%*
State Street Navigator Securities Lending Government Money Market Portfolio, 0.250%		644,118		644,118

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,540,593)				2,540,593

Total Investments — 99.9% (Identified Cost $157,859,973)				701,586,231
Cash and Other Assets, Less Liabilities — 0.1%				433,751

Net Assets — 100.0%				$702,019,982

†	See Note 1

*	Non-income producing security

@	A portion or all of the security was held on loan. As of March 31, 2022, the fair value of the securities on loan was $2,406,971.

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

Portfolio Sectors as of March 31, 2022

(As a percentage of long-term investments) (Unaudited)


Sector	Percentage
Information Technology		30.3	%
Health Care		12.8	%
Consumer Discretionary		12.8	%
Financials		12.4	%
Industrials		9.4	%
Communication Services		8.3	%
Consumer Staples		6.4	%
Utilities		2.7	%
Materials		2.6	%
Energy		2.3	%

		100.0	%

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited)


		FACE AMOUNT		VALUE†
BONDS AND NOTES — 99.5%
*Australia — 9.3%*
Australia & New Zealand Banking Group Ltd., 3.700%, 11/16/25 @	USD		1,000,000	$	1,026,844
Australia Government Bond, 0.250%, 11/21/25	AUD		2,000,000		1,381,562
Australia Government Bond, 0.500%, 9/21/26	AUD		2,000,000		1,366,202
Australia Government Bond, 3.250%, 4/21/25	AUD		2,000,000		1,536,720
Australia Government Bond, 4.250%, 4/21/26	AUD		2,700,000		2,154,639
Commonwealth Bank of Australia, 1.125%, 6/15/26 ±	USD		11,800,000		10,908,097
National Australia Bank Ltd., 1.388%, 1/12/25 ±	USD		600,000		575,505
National Australia Bank Ltd., 3.375%, 1/14/26	USD		8,500,000		8,636,959
New South Wales Treasury Corp., 4.000%, 5/20/26	AUD		16,900,000		13,262,701
Queensland Treasury Corp., 3.250%, 7/21/26 ±	AUD		8,500,000		6,479,262
South Australian Government Financing Authority, 3.000%, 7/20/26	AUD		4,300,000		3,245,346
Treasury Corp. of Victoria, 0.500%, 11/20/25	AUD		4,300,000		2,974,600
Westpac Banking Corp., 1.019%, 11/18/24	USD		2,000,000		1,918,286
Westpac Banking Corp., (3-mo. Swap + 0.950%), 1.028%, 11/16/23 ‡	AUD		100,000		75,443
Westpac Banking Corp., 1.150%, 6/03/26 @	USD		6,500,000		6,026,095
Westpac Banking Corp., (3-mo. Swap + 1.140%), 1.205%, 4/24/24 ‡	AUD		1,500,000		1,136,689
Westpac Banking Corp., 2.350%, 2/19/25	USD		3,196,000		3,145,512
Westpac Banking Corp., 2.850%, 5/13/26	USD		4,300,000		4,278,040
Westpac Banking Corp., 4.125%, 6/04/26	AUD		2,300,000		1,762,985

					71,891,487

*Austria — 1.2%*
Oesterreichische Kontrollbank AG, 0.375%, 9/17/25	USD		3,000,000		2,784,072
Oesterreichische Kontrollbank AG, 0.500%, 9/16/24	USD		3,012,000		2,872,213
Oesterreichische Kontrollbank AG, 0.500%, 2/02/26 @	USD		3,557,000		3,287,245

					8,943,530

*Canada — 14.4%*
Bank of Montreal, 2.700%, 9/11/24	CAD		600,000		477,757
CPPIB Capital, Inc., 0.875%, 9/09/26 ±	USD		19,300,000		17,912,589
CPPIB Capital, Inc., 1.250%, 3/04/25	USD		1,500,000		1,444,268
Ontario Teachers’ Finance Trust, 0.875%, 9/21/26 ±	USD		10,499,000		9,717,871


		FACE AMOUNT		VALUE†
Province of Alberta Canada, 2.200%, 6/01/26	CAD		20,100,000	$	15,727,585
Province of British Columbia Canada, 0.900%, 7/20/26	USD		4,649,000		4,332,665
Province of Manitoba Canada, 2.550%, 6/02/26	CAD		4,500,000		3,567,089
Province of Ontario Canada, 0.625%, 1/21/26	USD		9,000,000		8,364,707
Province of Ontario Canada, 1.050%, 4/14/26	USD		10,500,000		9,895,353
Province of Ontario Canada, 3.100%, 8/26/25	AUD		1,000,000		748,204
Province of Quebec Canada, 2.500%, 4/09/24	USD		8,158,000		8,188,591
Province of Quebec Canada, 2.500%, 9/01/26	CAD		11,712,000		9,271,868
Province of Quebec Canada, 3.700%, 5/20/26	AUD		4,500,000		3,414,602
PSP Capital, Inc., 0.000%, 9/15/24	USD		1,219,000		1,161,756
PSP Capital, Inc., 1.000%, 6/29/26 ±	USD		3,900,000		3,623,849
Royal Bank of Canada, 0.000%, 6/22/26	AUD		500,000		384,603
Toronto-Dominion Bank (The), 0.750%, 9/11/25	USD		500,000		462,095
Toronto-Dominion Bank (The), 0.750%, 1/06/26	USD		2,500,000		2,295,950
Toronto-Dominion Bank (The), (3-mo. Swap + 1.000%), 1.068%, 7/10/24 ‡	AUD		2,000,000		1,504,329
Toronto-Dominion Bank (The), 1.128%, 12/09/25	CAD		6,100,000		4,491,306
Toronto-Dominion Bank (The), 1.200%, 6/03/26	USD		2,938,000		2,717,490
Toronto-Dominion Bank (The), 3.226%, 7/24/24	CAD		2,500,000		2,014,840

					111,719,367

*Denmark — 0.8%*
Kommunekredit, 0.500%, 1/28/26	USD		6,625,000		6,102,172

*Finland — 1.6%*
Finnvera Oyj, 1.125%, 10/27/26 ±	USD		3,900,000		3,654,716
Kuntarahoitus Oyj, 0.625%, 3/20/26	USD		9,640,000		8,916,268

					12,570,984

*France — 6.7%*
Agence Francaise de Developpement EPIC, 0.625%, 1/22/26 @	USD		8,200,000		7,595,086
Caisse d’Amortissement de la Dette Sociale, 0.000%, 5/27/24	USD		1,000,000		958,001
Caisse d’Amortissement de la Dette Sociale, 0.625%, 2/18/26 ±	USD		880,000		812,976
Caisse d’Amortissement de la Dette Sociale, 0.625%, 2/18/26	USD		7,050,000		6,513,044
Dexia Credit Local SA, 0.000%, 7/16/24	USD		6,800,000		6,493,429
Dexia Credit Local SA, 1.125%, 4/09/26 ±	USD		400,000		374,996

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

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


		FACE AMOUNT		VALUE†
BONDS AND NOTES (Continued)
*France (Continued)*
Dexia Credit Local SA, 1.125%, 4/09/26	USD		16,640,000	$	15,599,833
SFIL SA, 0.625%, 2/09/26	USD		15,200,000		14,018,642

					52,366,007

*Germany — 5.8%*
Erste Abwicklungsanstalt, 0.250%, 3/01/24	USD		5,000,000		4,800,650
Erste Abwicklungsanstalt, 0.875%, 10/30/24	USD		3,400,000		3,258,990
Kreditanstalt fuer Wiederaufbau, 0.625%, 1/22/26	USD		8,500,000		7,908,994
Kreditanstalt fuer Wiederaufbau, 3.200%, 9/11/26	AUD		500,000		375,057
Kreditanstalt fuer Wiederaufbau, 4.000%, 2/27/25	AUD		1,200,000		927,927
Landwirtschaftliche Rentenbank, 0.500%, 5/27/25	USD		71,000		66,639
Landwirtschaftliche Rentenbank, 0.875%, 3/30/26	USD		9,500,000		8,885,132
Landwirtschaftliche Rentenbank, 4.250%, 1/09/25	AUD		3,780,000		2,941,050
Landwirtschaftliche Rentenbank, 4.750%, 5/06/26	AUD		1,100,000		874,863
Landwirtschaftliche Rentenbank, 5.375%, 4/23/24	NZD		1,000,000		719,861
NRW Bank, 0.875%, 3/09/26	USD		5,200,000		4,847,700
NRW Bank, 1.050%, 3/31/26	AUD		2,350,000		1,613,766
State of North Rhine-Westphalia Germany, 1.000%, 4/21/26	USD		8,300,000		7,769,663

					44,990,292

*Netherlands — 3.2%*
BNG Bank NV, 0.500%, 11/24/25	USD		4,342,000		4,020,338
BNG Bank NV, 0.875%, 5/18/26 ±	USD		9,514,000		8,848,168
BNG Bank NV, 0.875%, 5/18/26	USD		4,676,000		4,348,753
BNG Bank NV, 2.375%, 3/16/26	USD		1,000,000		990,104
BNG Bank NV, 3.250%, 7/15/25	AUD		1,400,000		1,057,241
Cooperatieve Rabobank UA, 1.375%, 1/10/25 @	USD		1,833,000		1,756,741
Shell International Finance BV, 2.875%, 5/10/26	USD		600,000		602,607
Shell International Finance BV, 3.250%, 5/11/25	USD		3,500,000		3,541,151

					25,165,103

*New Zealand — 2.3%*
Bank of New Zealand, 1.000%, 3/03/26 ±	USD		1,604,000		1,475,442
New Zealand Government Bond, 0.500%, 5/15/24	NZD		2,800,000		1,846,070
New Zealand Government Bond, 0.500%, 5/15/26	NZD		14,900,000		9,299,598
New Zealand Local Government Funding Agency Bond, 2.250%, 4/15/24	NZD		6,800,000		4,609,438


		FACE AMOUNT		VALUE†
New Zealand Local Government Funding Agency Bond, 2.750%, 4/15/25	NZD		500,000	$	338,838

					17,569,386

*Norway — 3.2%*
Equinor ASA, 1.750%, 1/22/26	USD		1,900,000		1,823,139
Kommunalbanken AS, 0.375%, 9/11/25	USD		3,944,000		3,655,761
Kommunalbanken AS, 0.500%, 1/13/26 @	USD		3,500,000		3,236,206
Kommunalbanken AS, 0.600%, 6/01/26	AUD		2,000,000		1,344,816
Kommunalbanken AS, 1.125%, 10/26/26 ±	USD		11,400,000		10,700,351
Kommunalbanken AS, 2.125%, 4/23/25	USD		4,366,000		4,305,957

					25,066,230

*Singapore — 0.2%*
Singapore Government Bond, 2.125%, 6/01/26	SGD		2,300,000		1,691,039

*Supranational — 17.1%*
African Development Bank, 0.875%, 3/23/26	USD		10,950,000		10,235,670
African Development Bank, 0.875%, 7/22/26	USD		7,166,000		6,688,013
African Development Bank, 4.500%, 6/02/26	AUD		1,500,000		1,182,398
Asian Development Bank, 0.375%, 6/11/24	USD		800,000		766,129
Asian Development Bank, 0.500%, 2/04/26 @	USD		2,500,000		2,311,798
Asian Development Bank, 0.500%, 5/05/26	AUD		6,000,000		4,038,297
Asian Development Bank, 1.000%, 4/14/26	USD		11,765,000		11,072,490
Asian Development Bank, 3.750%, 3/12/25	AUD		1,000,000		767,864
Asian Infrastructure Investment Bank (The), 0.500%, 10/30/24	USD		143,000		135,489
Asian Infrastructure Investment Bank (The), 0.500%, 1/27/26	USD		21,579,000		19,885,221
Asian Infrastructure Investment Bank (The), 1.000%, 5/06/26	AUD		2,400,000		1,647,082
Asian Infrastructure Investment Bank (The), 2.250%, 5/16/24	USD		844,000		843,935
European Bank for Reconstruction & Development, 0.500%, 1/28/26 @	USD		20,953,000		19,332,328
European Investment Bank, 0.375%, 3/26/26	USD		13,717,000		12,604,243
European Investment Bank, 2.900%, 10/17/25	AUD		600,000		448,103
Inter-American Development Bank, 0.875%, 4/20/26	USD		8,238,000		7,697,528
Inter-American Development Bank, 2.750%, 10/30/25	AUD		300,000		222,840
Inter-American Development Bank, 4.250%, 6/11/26	AUD		6,000,000		4,686,079

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

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)


		FACE AMOUNT		VALUE†
BONDS AND NOTES (Continued)
*Supranational (Continued)*
Inter-American Development Bank, 4.750%, 8/27/24	AUD		5,500,000	$	4,325,746
Inter-American Investment Corp., 0.625%, 2/10/26	USD		315,000		291,008
Inter-American Investment Corp., 1.750%, 10/02/24	USD		648,000		636,192
International Bank for Reconstruction & Development, 0.500%, 5/18/26	AUD		2,800,000		1,881,100
International Bank for Reconstruction & Development, 0.625%, 1/14/26	CAD		2,600,000		1,925,795
International Bank for Reconstruction & Development, 2.500%, 3/19/24	USD		12,500,000		12,544,561
International Finance Corp., 3.200%, 7/22/26	AUD		5,000,000		3,750,446
International Finance Corp., 4.000%, 4/03/25	AUD		3,400,000		2,629,215

					132,549,570

*Sweden — 3.6%*
Skandinaviska Enskilda Banken AB, 0.850%, 9/02/25 ±	USD		7,500,000		6,933,525
Skandinaviska Enskilda Banken AB, 1.200%, 9/09/26 ±	USD		11,150,000		10,250,917
Skandinaviska Enskilda Banken AB, 1.400%, 11/19/25 @±	USD		5,000,000		4,748,679
Svensk Exportkredit AB, 0.375%, 7/30/24	USD		6,363,000		6,065,367
Svenska Handelsbanken AB, 0.550%, 6/11/24 ±	USD		250,000		238,269

					28,236,757

*United States — 30.2%*
Amazon.com, Inc., 0.450%, 5/12/24	USD		2,000,000		1,930,035
Amazon.com, Inc., 1.000%, 5/12/26	USD		12,268,000		11,526,070
Apple, Inc., 0.700%, 2/08/26	USD		2,575,000		2,398,762
Apple, Inc., 1.125%, 5/11/25	USD		1,348,000		1,289,627
Apple, Inc., 2.513%, 8/19/24	CAD		5,000,000		3,973,011
Apple, Inc., 3.250%, 2/23/26	USD		2,192,000		2,234,911
Apple, Inc., 3.600%, 6/10/26	AUD		500,000		379,080
Berkshire Hathaway, Inc., 3.125%, 3/15/26	USD		5,888,000		5,967,640
Chevron Corp., 1.554%, 5/11/25	USD		200,000		193,325
Chevron Corp., 2.954%, 5/16/26	USD		5,740,000		5,775,290
Chevron USA, Inc., 0.687%, 8/12/25	USD		2,000,000		1,871,663
Exxon Mobil Corp., 2.709%, 3/06/25	USD		2,000,000		2,002,321
Johnson & Johnson, 0.550%, 9/01/25	USD		1,000,000		935,807
Merck & Co., Inc., 0.750%, 2/24/26 @	USD		4,900,000		4,575,810
Microsoft Corp., 3.125%, 11/03/25	USD		5,000,000		5,089,295
National Securities Clearing Corp., 0.750%, 12/07/25 @±	USD		3,855,000		3,559,971
National Securities Clearing Corp., 0.750%, 12/07/25	USD		1,000,000		923,468


		FACE AMOUNT		VALUE†
National Securities Clearing Corp., 1.500%, 4/23/25 ±	USD		1,531,000	$	1,468,799
Nestle Holdings, Inc., 0.625%, 1/15/26 ±	USD		5,352,000		4,925,392
Nestle Holdings, Inc., 3.500%, 9/24/25 ±	USD		520,000		530,435
Nestle Holdings, Inc., 3.500%, 9/24/25	USD		10,000,000		10,188,290
Novartis Capital Corp., 3.400%, 5/06/24	USD		1,500,000		1,529,038
Procter & Gamble Co. (The), 0.550%, 10/29/25	USD		900,000		836,481
Procter & Gamble Co. (The), 1.000%, 4/23/26	USD		3,654,000		3,423,454
Roche Holdings, Inc., 0.991%, 3/05/26 ±	USD		1,300,000		1,219,969
Roche Holdings, Inc., 2.625%, 5/15/26 ±	USD		300,000		296,687
U.S. Treasury Note , 0.625%, 10/15/24 @	USD		20,000,000		19,111,719
U.S. Treasury Note, 0.125%, 2/15/24 @	USD		43,000,000		41,327,871
U.S. Treasury Note, 0.250%, 3/15/24	USD		17,000,000		16,344,570
U.S. Treasury Note, 0.750%, 11/15/24 @	USD		26,000,000		24,876,211
U.S. Treasury Note, 1.000%, 12/15/24	USD		17,250,000		16,596,050
U.S. Treasury Note, 2.125%, 2/29/24	USD		11,000,000		10,970,137
U.S. Treasury Note, 2.375%, 2/29/24	USD		16,000,000		16,030,937
Visa, Inc., 3.150%, 12/14/25	USD		5,128,000		5,200,868
Walmart, Inc., 1.050%, 9/17/26	USD		6,000,000		5,592,558

					235,095,552

TOTAL BONDS AND NOTES (Identified Cost $812,107,824)					773,957,476

		SHARES
SHORT-TERM INVESTMENTS — 6.1%
*Investment Company — 1.1%*
State Street Institutional U.S. Government Money Market Fund 0.250%			8,484,795		8,484,795

*Collateral For Securities On Loan — 5.0%*
State Street Navigator Securities Lending Government Money Market Portfolio, 0.250%			38,782,490		38,782,490

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $47,267,285)					47,267,285

Total Investments — 105.6% (Identified Cost $859,375,109)					821,224,761
Liabilities, Less Cash and Other Assets — (5.6%)					(43,688,092	)

Net Assets — 100.0%				$	777,536,669

†	See Note 1

@	A portion or all of the security were held on loan. As of March 31, 2022, the market value of the securities on loan was $44,367,684.

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

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)

‡	Floating rate or variable rate note. Rate shown is as of March 31, 2022.

Key to abbreviations:

AUD — Australian Dollar

CAD — Canadian Dollar

NZD — New Zealand Dollar

SGD — Singapore Dollar

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 MARCH 31, 2022 (Unaudited) (Continued)



Forward Foreign Currency Exchange Contracts sold outstanding as of March 31, 2022
Settlement Date	Currency Purchased			Currency Sold			Counterparty	Total Value		Unrealized Appreciation		Unrealized Depreciation
04/08/22		USD	74,955,953		AUD	104,458,910	Bank of New York	$	78,169,850	$	—	$	(3,213,897	)
04/08/22		USD	703,102		AUD	998,465	State Street Bank and Trust Co.		747,183		—		(44,081	)
04/08/22		USD	16,900,473		NZD	24,733,117	State Street Bank and Trust Co.		17,140,697		—		(240,224	)
04/25/22		USD	56,136,494		CAD	71,448,458	Bank of America N.A.		57,145,511		—		(1,009,017	)
04/25/22		USD	1,832,454		CAD	2,288,821	State Street Bank and Trust Co.		1,830,632		1,822		—
04/25/22		USD	3,142,473		CAD	4,001,050	State Street Bank and Trust Co.		3,200,098		—		(57,625	)
04/29/22		USD	62,798		AUD	87,039	Citibank N.A. London		65,151		—		(2,353	)
04/29/22		USD	5,593,809		AUD	7,873,169	State Street Bank and Trust Co.		5,893,232		—		(299,423	)
06/08/22		USD	1,725,765		SGD	2,349,303	State Street Bank and Trust Co.		1,733,245		—		(7,481	)
06/30/22		USD	214,764		AUD	285,377	State Street Bank and Trust Co.		213,878		886		—

										$	2,707	$	(4,874,099	)


Forward Foreign Currency Exchange Contracts purchased outstanding as of March 31, 2022

Settlement Date	Currency Purchased			Currency Sold			Counterparty	Total Value		Unrealized Appreciation		Unrealized Depreciation
04/08/22		AUD	4,164,459		USD	3,015,823	State Street Bank and Trust Co.	$	2,935,023	$	100,571	$	—
04/08/22		AUD	4,692,023		USD	3,516,095	State Street Bank and Trust Co.		838,578		—		(4,908	)
04/08/22		NZD	303,303		USD	211,759	HSBC Bank USA		210,197		—		(1,562	)
04/25/22		CAD	2,314,712		USD	1,821,171	Bank of America N.A.		1,143,490		30,169		—
04/25/22		CAD	6,734,456		USD	5,395,352	HSBC Bank USA		5,386,315		—		(9,036	)
04/25/22		CAD	11,109,157		USD	8,754,794	State Street Bank and Trust Co.		8,885,264		130,471		—
04/25/22		CAD	5,618,939		USD	4,482,614	UBS		4,494,109		11,495		—
04/29/22		AUD	2,275,050		USD	1,632,943	State Street Bank and Trust Co.		838,578		69,979		—
06/08/22		SGD	55,227		USD	40,619	State Street Bank and Trust Co.		40,745		125		—

										$	342,810	$	(15,507	)

Total										$	345,517	$	(4,889,606	)

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

Country weightings as of March 31, 2022

(As a percentage of long-term investments) (Unaudited)


Country	Percentage
United States		30.4	%
Supranational		17.1	%
Canada		14.4	%
Australia		9.3	%
France		6.8	%
Germany		5.8	%
Sweden		3.6	%
Netherlands		3.3	%
Norway		3.2	%
Other		6.1	%

		100.0	%

SA Worldwide Moderate Growth Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited)


	SHARES		VALUE†
MUTUAL FUNDS — 100.0%
*Other — 100.0%*
SA Emerging Markets Value Fund €		168,600	$	1,750,065
SA Global Fixed Income Fund €		607,481		5,382,278
SA International Value Fund €		427,762		5,257,196
SA Real Estate Securities Fund €		57,260		802,782
SA U.S. Core Market Fund €		151,365		4,395,650
SA U.S. Fixed Income Fund €		239,157		2,312,644
SA U.S. Small Company Fund €		65,326		1,731,799
SA U.S. Value Fund €		209,767		4,354,770

				25,987,184

TOTAL MUTUAL FUNDS
(Identified Cost $22,685,936)				25,987,184

Total Investments — 100.0% (Identified Cost $22,685,936)				25,987,184
Liabilities, Less Cash and Other Assets — 0.0%				(5,642	)

Net Assets — 100.0%			$	25,981,542

†	See Note 1

€	SA Worldwide Moderate Growth Fund invests substantially all of its assets in the Select Class shares of the affiliated Underlying SA Funds

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

SA FUNDS

NOTES TO PORTFOLIOS OF INVESTMENTS – March 31, 2022 (Unaudited)

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 a pricing committee (the “Pricing Committee”) (or its designee) appointed by the Board of Trustees of the Trust (the “Board” or the “Trustees”) pursuant to procedures approved by the Board.

Certain Funds hold securities traded in foreign markets. Foreign securities are valued at the latest market price in the foreign market. However, if events occurring after the close of the foreign market (but before the close of regular trading on the New York Stock Exchange) are believed to materially affect the value of those securities, such securities may be valued at fair value as determined in good faith by the Pricing Committee (or its designee). Any determinations of fair value made by the Pricing Committee (or its designee) are presented to the Board for ratification.

Valuation of securities by the DFA Portfolio and the Series in which it invests is discussed in the “Selected Financial Statements of DFA Investment Dimensions Group Inc. – Notes to Financial Statements,” and “Selected Financial Statements of the DFA Investment Trust Company – Notes to Financial Statements,” which are included elsewhere in this report.

Fair Value Measurement — The Board has adopted procedures to fair value securities and other assets of each Fund when market prices are not readily available or do not accurately reflect their current market value. The Board has designated the responsibility for applying these fair valuation methods to the Pricing Committee (or its designee). For example, a Fund may fair value an asset when it is delisted or trading is halted or suspended; when it has not been traded for an extended period of time; when its primary pricing source is unavailable or other data calls the primary source’s reliability into question; or when its primary trading market is closed during regular U.S. market hours. Each Fund makes fair valuation determinations in accordance with the Trust’s Procedures for Valuing Securities and Assets, as amended. The Pricing Committee (or its designee) may consider various factors, including unobservable market inputs when arriving at fair value. The Pricing Committee (or its designee) may use, but is not limited to, techniques such as review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book value, and other relevant information when determining fair value. The Pricing Committee regularly reviews these inputs and assumptions when reviewing fair valuations of investments held by

SA FUNDS

NOTES TO PORTFOLIOS OF INVESTMENTS – March 31, 2022 (Unaudited) (Continued)

the Funds. Fair value pricing involves subjective judgement and it is possible that the fair value determined for an asset is materially different than the value that could be realized upon the sale of that asset. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Funds value their investments based on a three-level hierarchy of inputs that establishes classification of fair value measurements for disclosure purposes. If inputs used to measure a financial instrument fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. The three-level hierarchy of inputs is summarized in the three broad levels below.

Level 1 – unadjusted quoted prices in active markets for identical investments.

Level 2 – significant observable inputs other than quoted prices within Level 1 (including quoted prices for similar investments, interest rates, yield curves, foreign exchange rates, put or call provisions, credit risk and default rates for similar securities).

Level 3 – significant unobservable inputs to the extent that observable inputs are not available (including the Pricing Committee’s own assumptions used to determine the fair value of investments).

The tables below provide a summary of the inputs as of March 31, 2022, 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 March 31, 2022
SA U.S. Fixed Income Fund
Assets
Yankee Corporate Bonds And Notes	$	—	$	58,089,454	$	—	$	58,089,454
Corporate Bonds and Notes		—		88,611,374		—		88,611,374
U.S. Government and Agency Obligations		—		333,978,664		—		333,978,664
Short-Term Investments		1,233,816		—		—		1,233,816

Total Investments	$	1,233,816	$	480,679,492	$	—	$	481,913,308

SA Global Fixed Income Fund
Assets
Bonds and Notes	$	—	$	773,957,476	$	—	$	773,957,476
Short-Term Investments		47,267,285		—		—		47,267,285
Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—		345,517		—		345,517

Total Investments	$	47,267,285	$	774,302,993	$	—	$	821,570,278

SA FUNDS

NOTES TO PORTFOLIOS OF INVESTMENTS – March 31, 2022 (Unaudited)


	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 March 31, 2022
Liabilities
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(4,889,606	)	$	—		$	(4,889,606	)

SA U.S. Core Market Fund
Assets
Common Stocks	$	671,704,739	$	—		$	—		$	671,704,739
Mutual Funds		27,340,899		—			—			27,340,899
Short-Term Investments		2,540,593		—			—			2,540,593

Total Investments	$	701,586,231	$	—		$	—		$	701,586,231

SA U.S. Value Fund
Assets
Common Stocks	$	598,793,891	$	—		$	—		$	598,793,891
Short-Term Investments		787,175		—			—			787,175

Total Investments	$	599,581,066	$	—		$	—		$	599,581,066

SA U.S. Small Company Fund
Assets
Common Stocks	$	344,774,541	$	2,276		$	75,770	†	$	344,852,587
Preferred Stocks		193,678		—			—			193,678
Rights and Warrants		—		—			368	†		368
Short-Term Investments		1,358,698		—			—			1,358,698

Total Investments	$	346,326,917	$	2,276		$	76,138		$	346,405,331

SA International Value Fund
Assets
Common Stocks	$	597,955,112	$	—		$	0	†	$	597,955,112
Preferred Stocks		8,240,636		—			—			8,240,636
Short-Term Investments		44,371,533		—			—			44,371,533

Total Investments	$	650,567,281	$	—		$	0		$	650,567,281

SA International Small Company Fund
Assets
Mutual Funds	$	281,425,093	$	—		$	—		$	281,425,093

Total Investments	$	281,425,093	$	—		$	—		$	281,425,093

SA FUNDS

NOTES TO PORTFOLIOS OF INVESTMENTS – March 31, 2022 (Unaudited)


	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 March 31, 2022
SA Emerging Markets Value Fund
Assets
Common Stocks	$	207,949,524	$	9,395	$	99,581	†	$	208,058,500
Preferred Stocks		3,144,825		—		—			3,144,825
Rights and Warrants		622		—		—			622
Short-Term Investments		4,910,058		—		—			4,910,058

Total Investments	$	216,005,029	$	9,395	$	99,581		$	216,114,005

SA Real Estate Securities Fund
Assets
Common Stocks	$	168,279,114	$	—	$	0	†	$	168,279,114
Short-Term Investments		867,267		—		—			867,267

Total Investments	$	169,146,381	$	—	$	0		$	169,146,381

SA Worldwide Moderate Growth Fund
Assets
Mutual Funds	$	25,987,184	$	—	$	—		$	25,987,184

Total Investments	$	25,987,184	$	—	$	—		$	25,987,184

†	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. No significant Level 3 assets and/or liabilities held at the beginning or end of the period.

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

Upon entering into a securities lending transaction, a Fund maintains cash or other securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities with respect to securities of the U.S. government or its agencies or instrumentalities, a loan of sovereign debt issued by non-U.S. governments, or a loan of non-U.S. corporate debt, 102% of the current fair value of the loaned securities with respect to other U.S. securities and 105% of the current fair value of the loaned securities with respect to foreign equity securities. The fair value of the loaned security is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral is returned by the Fund, on the next business day. Any cash received as collateral is generally invested by State Street, acting in its capacity as securities lending agent

SA FUNDS

NOTES TO PORTFOLIOS OF INVESTMENTS – March 31, 2022 (Unaudited) (Continued)

(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 March 31, 2022, 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	$	44,367,684	$	38,782,490	$	6,822,441	$	45,604,931
SA U.S Core Market Fund		2,406,971		644,118		1,827,853		2,471,971
SA U.S. Value Fund		3,158,836		—		3,262,542		3,262,542
SA U.S. Small Company Fund		6,966,827		899,132		6,330,979		7,230,111
SA International Value Fund		63,531,475		44,031,196		23,051,397		67,082,593
SA Emerging Markets Value Fund		6,540,402		4,593,663		2,398,108		6,991,771
SA Real Estate Securities Fund		3,487,368		49,270		3,568,254		3,617,524

*	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 March 31, 2022
Securities Lending Transaction⁽¹⁾	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
SA Global Fixed Income Fund
Government Money Market	$	38,782,490	$	—	$	—	$	—	$	38,782,490

Total Borrowings	$	38,782,490	$	—	$	—	$	—	$	38,782,490

Gross amount of recognized liabilities for securities lending transactions									$	38,782,490


SA U.S. Core Market Fund
Government Money Market	$	644,118	$	—	$	—	$	—	$	644,118

Total Borrowings	$	644,118	$	—	$	—	$	—	$	644,118

Gross amount of recognized liabilities for securities lending transactions									$	644,118


SA U.S. Small Company Fund
Government Money Market	$	899,132	$	—	$	—	$	—	$	899,132

Total Borrowings	$	899,132	$	—	$	—	$	—	$	899,132

Gross amount of recognized liabilities for securities lending transactions									$	899,132


SA International Value Fund
Government Money Market	$	44,031,196	$	—	$	—	$	—	$	44,031,196

Total Borrowings	$	44,031,196	$	—	$	—	$	—	$	44,031,196

Gross amount of recognized liabilities for securities lending transactions									$	44,031,196

SA FUNDS

NOTES TO PORTFOLIOS OF INVESTMENTS – March 31, 2022 (Unaudited)


	Remaining Contractual Maturity of the Agreements As of March 31, 2022
Securities Lending Transaction⁽¹⁾	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
SA Emerging Markets Value Fund
Government Money Market	$	4,593,663	$	—	$	—	$	—	$	4,593,663

Total Borrowings	$	4,593,663	$	—	$	—	$	—	$	4,593,663

Gross amount of recognized liabilities for securities lending transactions									$	4,593,663


SA Real Estate Securities Fund
Government Money Market	$	49,270	$	—	$	—	$	—	$	49,270

Total Borrowings	$	49,270	$	—	$	—	$	—	$	49,270

Gross amount of recognized liabilities for securities lending transactions									$	49,270

⁽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 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 PORTFOLIOS OF INVESTMENTS – March 31, 2022 (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 March 31, 2022, the aggregate cost of investment securities, aggregate gross unrealized appreciation (depreciation) and net unrealized appreciation (depreciation) for all securities as computed on a federal income tax basis for each Fund were as follows:


	Cost		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
SA U.S. Fixed Income Fund	$	501,651,517	$	6,572	$	(19,744,781	)	$	(19,738,209	)
SA Global Fixed Income Fund		859,375,109		1,041,392		(43,735,829	)		(42,694,437	)
SA U.S. Core Market Fund		157,859,973		546,879,457		(3,153,199	)		543,726,258
SA U.S. Value Fund		339,016,188		268,955,804		(8,390,926	)		260,564,878
SA U.S. Small Company Fund		191,158,226		170,475,454		(15,228,349	)		155,247,105
SA International Value Fund		548,152,333		144,984,487		(42,569,539	)		102,414,948
SA International Small Company Fund		153,107,450		128,317,643		—			128,317,643
SA Emerging Markets Value Fund		188,078,193		54,220,679		(26,184,867	)		28,035,812
SA Real Estate Securities Fund		86,507,330		84,784,467		(2,145,416	)		82,639,051
SA Worldwide Moderate Growth		22,685,936		3,763,370		(462,122	)		3,301,248

INTERNATIONAL SMALL COMPANY PORTFOLIO

SCHEDULE OF INVESTMENTS

March 31, 2022

(Unaudited)


	Value†
AFFILIATED INVESTMENT COMPANIES — (99.0%)
Investment in The Continental Small Company Series of The DFA Investment Trust Company	$	4,930,185,812
Investment in The Japanese Small Company Series of The DFA Investment Trust Company		2,629,777,044
Investment in The United Kingdom Small Company Series of The DFA Investment Trust Company		1,563,072,615
Investment in The Canadian Small Company Series of The DFA Investment Trust Company		1,410,429,464
Investment in The Asia Pacific Small Company Series of The DFA Investment Trust Company		1,371,099,952

TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES	$	11,904,564,887


	Shares
TEMPORARY CASH INVESTMENTS — (1.0%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.251% (Cost $116,882,307)		116,882,307		116,882,307

TOTAL INVESTMENTS — (100.0%) (Cost $10,284,011,755)^^			$	12,021,447,194

†	See Security Valuation Note within the Notes to Schedules of Investments.

^^	See Federal Tax Cost Note within the Notes to Schedules of Investments.

Summary of the Portfolio’s investments as of March 31, 2022, based on their valuation inputs, is as follows (See Security Valuation Note):


	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3		Total
Affiliated Investment Companies	$	11,904,564,887		—		—	$	11,904,564,887
Temporary Cash Investments		116,882,307		—		—		116,882,307

TOTAL	$	12,021,447,194		—		—	$	12,021,447,194

ORGANIZATION

DFA Investment Dimensions Group Inc. (the “Fund”) is an open-end management investment company registered under the Investment Company Act of 1940, whose shares are generally offered to institutional investors, retirement plans and clients of registered investment advisors. At March 31, 2022, the Fund consisted of one hundred and two operational portfolios, of which, International Small Company Portfolio (the “Portfolio”) is included in this document. The Fund’s investment advisor is Dimensional Fund Advisors LP (the “Advisor”). The Portfolio is a “Fund-of-Funds”, which generally allocates its assets among the five series (the “Underlying Funds”) of The DFA Investment Trust Company, which is also advised by the Advisor. The Schedules of Investments for the Underlying Funds have been included in this document.

SECURITY VALUATION

The International Small Company Portfolio invests in the five Underlying Funds indicated on its Schedule of Investments.

The Portfolio uses a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels described below:

•

Level 1—inputs are quoted prices in active markets for identical securities (including equity securities, open-end investment companies and futures contracts)

•

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Shares held by the International Small Company Portfolio in other investment companies (such as the Underlying Funds) are valued at their respective daily net asset values as reported by their administrator. The Portfolio’s investments in the Underlying Funds reflect its proportionate interest in the net assets of such corresponding Underlying Fund. These valuations are classified as Level 1 in the hierarchy.

Futures contracts held by the Portfolio are valued using the settlement price established each day on the exchange on which they are traded. These valuations are generally categorized as Level 1 in the hierarchy.

A summary of the inputs used to value the Portfolio’s investments by each major security type, industry and/or country is disclosed previously in this note. A valuation hierarchy table has been included at the end of the Schedule of Investments for the Portfolio. The methodology or inputs used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

DERIVATIVE FINANCIAL INSTRUMENTS

Summarized below are the specific types of derivative instruments used by the Portfolio.

1. FUTURES CONTRACTS: The Portfolio may purchase or sell futures contracts and options on futures contracts for equity securities and indices to increase or decrease market exposure based on actual or expected cash inflows to or outflows from the Portfolio. Upon entering into a futures contract, the Portfolio deposits cash or pledges U.S. Government securities to a broker in an amount equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Portfolio as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Portfolio records a realized gain or loss, which is presented in the Statement of Operations as a net realized gain or loss on futures, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Risks may arise upon entrance into futures contracts from potential imperfect price correlations between the futures contracts and the underlying securities, from the possibility of an illiquid secondary market for these instruments and from the possibility that the Portfolio could lose more than the initial margin requirements. The Portfolio entering into stock index futures is subject to equity price risk from those futures contracts. Counterparty credit risk related to exchange-traded futures is minimal because the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

FEDERAL TAX COST

At March 31, 2022, the total cost of securities for federal income tax purposes was $9,834,815.

RECENTLY ISSUED ACCOUNTING STANDARDS

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021, the FASB issued ASU No. 2021-01, with further amendments to Topic 848. The amendments in the ASUs provide optional temporary accounting recognition and financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021 and 2023. The ASUs are effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management has reviewed the requirements and believes the adoption of these ASUs will not have a material impact on the Portfolios’ financial statements.

In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies. Rule 18f-4 (the “Derivatives Rule”) imposes limits on the amount of derivatives contracts the Portfolios could enter, eliminate the asset segregation framework currently used by the Portfolios to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk manager. The Derivatives Rule became effective February 19, 2021 and the Portfolios are required to comply on August 19, 2022. Management is currently evaluating the effect, if any, the Derivatives Rule will have on the Portfolios.

On December 3, 2020, the SEC adopted new Rule 2a-5 (the “Valuation Rule”) under the Investment Company Act of 1940, establishing an updated regulatory framework for fund valuation. The Valuation Rule, in part, provides a framework for good faith fair value determination and permits a Board to designate fair value determinations to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Valuation Rule became effective on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Valuation Rule and its effect on the Portfolios.

CORONAVIRUS (COVID-19) PANDEMIC

The ongoing outbreak of the novel coronavirus, COVID-19, has resulted, at times, in market closures, market volatility, liquidity constraints and increased trading costs. Efforts to contain the spread of COVID-19 have resulted in global travel restrictions and disruptions of healthcare systems, business operations and supply chains, layoffs, reduced consumer demand, defaults and credit rating downgrades, and other significant economic impacts. The effects of COVID-19 have impacted global economic activity and may heighten pre-existing political, social and economic risks, domestically or globally. The full impact of the COVID-19 pandemic is unpredictable and may adversely affect a Portfolio’s performance.

SUBSEQUENT EVENT EVALUATIONS

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

THE JAPANESE SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

March 31, 2022

(Unaudited)


		Shares	Value»
COMMON STOCKS — (97.3%)
COMMUNICATION SERVICES — (2.7%)
#	Accrete, Inc.	20,600	$	238,484
#	Adways, Inc.	96,500		596,400
#	Aeria, Inc.	15,800		48,854
	Aiming, Inc.	36,300		96,856
	Akatsuki, Inc.	45,400		1,072,782
*	Allied Architects, Inc.	17,700		110,053
*	AlphaPolis Co. Ltd.	13,000		368,404
	Amuse, Inc.	33,700		538,818
	ARTERIA Networks Corp.	63,000		674,566
	Asahi Broadcasting Group Holdings Corp.	57,600		336,752
#	Asahi Net, Inc.	109,100		523,652
*	Atrae, Inc.	93,600		1,461,852
	Avex, Inc.	234,900		2,555,962
# *	Bengo4.com, Inc.	46,600		1,483,651
# *	Broadmedia Corp.	5,520		38,883
	Broccoli Co. Ltd.	4,400		43,750
	CareerIndex, Inc.	6,500		32,981
	Carta Holdings, Inc.	29,200		569,108
#	Ceres, Inc.	50,700		668,825
#	CL Holdings, Inc.	20,700		187,333
	COLOPL, Inc.	156,900		815,049
# *	COOKPAD, Inc.	183,200		441,963
*	DeNA Co. Ltd.	411,700		6,254,207
	Digital Holdings, Inc.	58,600		666,582
#	Dip Corp.	198,900		5,424,747
	Direct Marketing MiX, Inc.	10,800		160,958
*	Drecom Co. Ltd.	24,400		109,157
#	Faith, Inc.	56,010		315,481
	FAN Communications, Inc.	80,500		285,527
	Fibergate, Inc.	22,300		236,456
*	FreakOut Holdings, Inc.	10,100		160,850
	Freebit Co. Ltd.	55,300		396,401
	Fuji Media Holdings, Inc.	132,700		1,270,700
#	Gakken Holdings Co. Ltd.	132,500		1,033,621
	geechs, Inc.	13,300		147,444
	GungHo Online Entertainment, Inc.	273,700		5,811,442
#	Imagica Group, Inc.	112,500		652,726
	Imagineer Co. Ltd.	1,600		12,470
	i-mobile Co. Ltd.	4,900		50,204
	Intage Holdings, Inc.	217,600		3,042,394
#	IPS, Inc.	17,200		292,717
	ITmedia, Inc.	53,900		787,922
# *	Japan Communications, Inc.	629,600		1,088,940
# *	Jimoty, Inc.	6,600		122,436
#	J-Stream, Inc.	26,900		170,005
#	Kamakura Shinsho Ltd.	25,700		131,634
*	KLab, Inc.	217,400		787,921
	LIFULL Co. Ltd.	444,000		892,892
# *	Macbee Planet, Inc.	3,400		178,882
	Macromill, Inc.	234,500		2,236,445
	MarkLines Co. Ltd.	72,900		1,708,618
	Marvelous, Inc.	195,700		1,153,356
#	Members Co. Ltd.	50,400		1,309,089

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
COMMUNICATION SERVICES — (Continued)
#	Mixi, Inc.	259,600	$	4,659,275
*	Mobile Factory, Inc.	10,500		92,443
#	MTI Ltd.	132,500		492,948
	Mynet, Inc.	3,500		15,601
*	NexTone, Inc.	26,300		611,213
	Okinawa Cellular Telephone Co.	82,400		3,329,844
#	Orchestra Holdings, Inc.	3,000		74,514
	Oricon, Inc.	27,800		204,193
# *	PR Times, Inc.	11,900		312,475
	Proto Corp.	160,300		1,353,854
	Septeni Holdings Co. Ltd.	437,600		2,271,451
# *	Shobunsha Holdings, Inc.	214,700		756,754
	SKY Perfect JSAT Holdings, Inc.	917,800		3,107,826
*	SoldOut, Inc.	6,300		93,136
#	Toei Co. Ltd.	700		96,960
	Tohokushinsha Film Corp.	94,800		483,136
*	Tokyu Recreation Co. Ltd.	19,200		781,275
#	Tow Co. Ltd.	259,000		670,664
	Trenders, Inc.	2,800		21,548
	TV Asahi Holdings Corp.	98,500		1,211,553
	Tv Tokyo Holdings Corp.	69,000		1,121,718
#	Usen-Next Holdings Co. Ltd.	73,500		1,523,278
	ValueCommerce Co. Ltd.	111,300		3,361,410
#	V-Cube, Inc.	80,700		596,427
	Vector, Inc.	207,600		2,110,493
	Wowow, Inc.	37,900		497,894
#	Zenrin Co. Ltd.	222,450		1,808,654
	ZIGExN Co. Ltd.	62,900		153,690

TOTAL COMMUNICATION SERVICES				81,611,429

CONSUMER DISCRETIONARY — (14.0%)
	&Do Holdings Co. Ltd.	57,400		449,361
	Adastria Co. Ltd.	153,940		2,413,775
#	Adventure, Inc.	8,800		629,337
#	Aeon Fantasy Co. Ltd.	48,932		769,651
#	Ahresty Corp.	152,700		468,822
	Ainavo Holdings Co. Ltd.	5,600		42,828
#	Airtrip Corp.	40,600		989,822
	Aisan Industry Co. Ltd.	213,700		1,266,877
*	Akebono Brake Industry Co. Ltd.	578,900		740,557
#	Alleanza Holdings Co. Ltd.	80,800		643,324
#	Alpen Co. Ltd.	99,900		1,668,513
#	Alpha Corp.	38,400		321,007
	Amiyaki Tei Co. Ltd.	28,200		682,956
#	AOKI Holdings, Inc.	244,500		1,159,068
#	Aoyama Trading Co. Ltd.	249,400		1,370,338
	Arata Corp.	87,800		2,613,558
	Arcland Sakamoto Co. Ltd.	17,700		218,895
#	Arcland Service Holdings Co. Ltd.	94,800		1,690,844
	Asahi Co. Ltd.	110,100		1,196,079
#	Asante, Inc.	18,700		223,274
	Ashimori Industry Co. Ltd.	29,499		217,377
	ASKUL Corp.	226,900		2,978,442
*	Asti Corp.	19,400		285,049
# *	Atsugi Co. Ltd.	101,400		504,873
	Aucnet, Inc.	61,600		801,470
	Autobacs Seven Co. Ltd.	438,800		4,825,350
	Avantia Co. Ltd.	66,500		461,240
	Baroque Japan Ltd.	90,200		577,299

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
CONSUMER DISCRETIONARY — (Continued)
#	Beauty Garage, Inc.	20,100	$	386,039
	Beenos, Inc.	30,500		578,061
#	Belluna Co. Ltd.	335,500		1,985,556
	Benesse Holdings, Inc.	317,000		5,816,207
#	Bic Camera, Inc.	481,400		4,265,795
#	Bike O & Co. Ltd.	33,600		312,386
	Bookoff Group Holdings Ltd.	66,600		602,506
#	Can Do Co. Ltd.	6,180		113,059
	Central Automotive Products Ltd.	80,500		1,650,494
#	Central Sports Co. Ltd.	45,800		875,289
#	Chiyoda Co. Ltd.	110,800		667,417
	Chofu Seisakusho Co. Ltd.	126,100		2,051,889
	Chuo Spring Co. Ltd.	81,700		509,762
	Cleanup Corp.	139,400		603,830
#	Colowide Co. Ltd.	92,000		1,335,125
#	Corona Corp.	97,200		678,066
	Create Restaurants Holdings, Inc.	558,900		3,304,479
*	CROOZ, Inc.	22,400		138,081
	Curves Holdings Co. Ltd.	163,900		943,771
	Daido Metal Co. Ltd.	229,900		1,069,678
# *	Daidoh Ltd.	69,200		79,470
	Daikoku Denki Co. Ltd.	50,900		504,492
	Daikyonishikawa Corp.	255,500		1,126,448
	Daimaruenawin Co. Ltd.	3,400		30,075
#	Dainichi Co. Ltd.	67,100		363,913
	DCM Holdings Co. Ltd.	735,000		6,344,555
#	Diamond Electric Holdings Co. Ltd.	3,400		29,020
	Doshisha Co. Ltd.	136,300		1,666,385
	Doutor Nichires Holdings Co. Ltd.	186,086		2,318,811
	Dynic Corp.	36,400		220,497
	Eagle Industry Co. Ltd.	168,200		1,339,163
#	EAT & Holdings Co. Ltd.	33,000		571,473
#	EDION Corp.	533,300		4,951,500
#	Enigmo, Inc.	157,600		832,155
	ES-Con Japan Ltd.	27,400		182,838
#	Eslead Corp.	47,700		653,766
	ESTELLE Holdings Co. Ltd.	12,600		66,254
	Exedy Corp.	191,400		2,458,921
#	FCC Co. Ltd.	231,100		2,530,582
	Felissimo Corp.	20,600		221,578
	Fields Corp.	23,100		169,101
	Fine Sinter Co. Ltd.	10,300		122,085
	First Juken Co. Ltd.	46,400		470,257
	First-Corp., Inc.	45,300		291,633
#	FJ Next Holdings Co. Ltd.	106,600		862,497
	Foster Electric Co. Ltd.	134,000		788,913
#	F-Tech, Inc.	84,700		376,258
	Fuji Corp.	72,800		707,999
	Fuji Corp. Ltd.	175,400		884,943
	Fuji Kyuko Co. Ltd.	42,900		1,366,764
	Fujibo Holdings, Inc.	66,200		1,867,953
	Fujikura Composites, Inc.	121,100		712,352
	Fujishoji Co. Ltd.	52,700		378,609
*	Fujita Kanko, Inc.	9,700		186,469
	Fujitsu General Ltd.	3,400		66,156
#	FuKoKu Co. Ltd.	66,400		501,306
#	Furukawa Battery Co. Ltd.	88,000		918,883
#	Furyu Corp.	113,200		1,016,615
	Futaba Industrial Co. Ltd.	346,800		1,029,415

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
CONSUMER DISCRETIONARY — (Continued)
#	Gakkyusha Co. Ltd.	49,300	$	625,125
#	Genki Sushi Co. Ltd.	29,900		622,959
	Geo Holdings Corp.	188,400		1,931,781
	Gift Holdings, Inc.	20,300		397,360
#	GLOBERIDE, Inc.	106,198		2,503,134
	Golf Digest Online, Inc.	64,100		517,326
#	GSI Creos Corp.	63,184		586,524
	G-Tekt Corp.	145,100		1,511,253
	Gunze Ltd.	98,800		3,014,883
	H2O Retailing Corp.	542,045		3,744,392
	Hagihara Industries, Inc.	79,000		728,658
#	Hamee Corp.	36,100		344,163
	Handsman Co. Ltd.	43,500		403,460
	Happinet Corp.	99,600		1,228,642
#	Hard Off Corp. Co. Ltd.	58,800		372,255
# *	Haruyama Holdings, Inc.	46,500		201,726
	Heian Ceremony Service Co. Ltd.	8,300		56,014
	Heiwa Corp.	185,200		2,758,561
	HI-LEX Corp.	121,700		1,190,221
	Himaraya Co. Ltd.	32,100		258,844
	Hinokiya Group Co. Ltd.	9,500		183,197
	H-One Co. Ltd.	132,100		655,636
	Honeys Holdings Co. Ltd.	118,640		1,012,760
	Hoosiers Holdings	217,100		1,156,747
	Hotland Co. Ltd.	41,100		445,347
	IBJ, Inc.	125,900		819,328
#	Ichibanya Co. Ltd.	63,758		2,417,373
	Ichikoh Industries Ltd.	194,100		650,563
#	IDOM, Inc.	380,600		2,263,297
	IJTT Co. Ltd.	133,980		587,431
#	Imasen Electric Industrial	50,200		245,859
* ††	Izuhakone Railway Co. Ltd.	300		0
#	Izumi Co. Ltd.	100,900		2,656,598
	J Front Retailing Co. Ltd.	738,800		5,993,494
#	JANOME Corp.	109,400		656,707
	Japan Best Rescue System Co. Ltd.	39,800		326,631
	Japan Wool Textile Co. Ltd.	318,400		2,320,947
	JINS Holdings, Inc.	82,900		3,908,280
# *	Joban Kosan Co. Ltd.	41,499		467,176
#	Joshin Denki Co. Ltd.	109,800		1,723,730
	Joyful Honda Co. Ltd.	129,000		1,578,010
	JP-Holdings, Inc.	360,900		639,008
#	JVCKenwood Corp.	1,051,800		1,525,250
# *	Kasai Kogyo Co. Ltd.	163,600		371,626
	Kawai Musical Instruments Manufacturing Co. Ltd.	36,600		974,961
	Keiyo Co. Ltd.	245,000		1,783,001
	KeyHolder, Inc.	2,100		9,541
#	KFC Holdings Japan Ltd.	84,900		1,975,624
#	King Co. Ltd.	54,100		237,368
# *	Kintetsu Department Store Co. Ltd.	29,800		622,727
#	Ki-Star Real Estate Co. Ltd.	50,100		2,137,927
	Kohnan Shoji Co. Ltd.	157,700		4,507,649
#	Kojima Co. Ltd.	197,700		927,894
#	Komatsu Matere Co. Ltd.	212,600		2,442,281
	KOMEDA Holdings Co. Ltd.	304,100		5,069,071
#	Komehyo Holdings Co. Ltd.	42,400		643,952
	Komeri Co. Ltd.	206,400		4,437,540
#	Konaka Co. Ltd.	163,506		450,482
#	K’s Holdings Corp.	659,100		6,793,480

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
CONSUMER DISCRETIONARY — (Continued)
#	KU Holdings Co. Ltd.	115,500	$	1,016,935
	Kurabo Industries Ltd.	114,900		1,645,417
#	KYB Corp.	122,000		2,954,295
	LEC, Inc.	150,800		1,083,517
	LITALICO, Inc.	108,000		2,491,573
#	Locondo, Inc.	21,000		190,548
#	Look Holdings, Inc.	37,100		462,894
	Mars Group Holdings Corp.	81,500		1,131,312
	Maruzen CHI Holdings Co. Ltd.	106,300		332,756
	Matsuoka Corp.	10,200		97,626
	Matsuyafoods Holdings Co. Ltd.	23,900		708,131
#	Media Do Co. Ltd.	54,200		1,122,155
	Meiko Network Japan Co. Ltd.	65,800		312,517
#	Meiwa Estate Co. Ltd.	75,500		373,110
#	Mikuni Corp.	154,900		508,586
#	Mitsuba Corp.	204,690		614,830
	Mizuno Corp.	118,000		2,032,618
	Monogatari Corp.	69,000		3,280,075
	Morito Co. Ltd.	107,800		684,671
#	MrMax Holdings Ltd.	161,600		771,992
	Murakami Corp.	31,800		630,911
#	Musashi Seimitsu Industry Co. Ltd.	302,800		3,719,182
	Nafco Co. Ltd.	54,200		755,522
	Nagase Brothers, Inc.	200		8,903
#	Nagawa Co. Ltd.	48,800		3,996,567
#	Nakayamafuku Co. Ltd.	74,400		216,922
	New Art Holdings Co. Ltd.	28,734		295,874
	Nextage Co. Ltd.	292,600		5,286,902
	NHK Spring Co. Ltd.	876,456		6,304,589
	Nichirin Co. Ltd.	61,160		775,103
	Nihon House Holdings Co. Ltd.	244,800		905,225
#	Nihon Plast Co. Ltd.	107,800		443,016
	Nihon Tokushu Toryo Co. Ltd.	81,900		560,784
	Nikki Co. Ltd.	2,100		32,426
#	Nippon Felt Co. Ltd.	84,000		356,253
#	Nippon Piston Ring Co. Ltd.	49,800		531,447
	Nippon Seiki Co. Ltd.	303,200		2,113,771
	Nishikawa Rubber Co. Ltd.	38,500		425,966
	Nishimatsuya Chain Co. Ltd.	258,300		3,321,467
	Nissan Shatai Co. Ltd.	479,700		2,175,895
	Nissan Tokyo Sales Holdings Co. Ltd.	166,400		309,093
	Nittan Valve Co. Ltd.	93,500		215,601
	Nojima Corp.	201,000		3,798,459
	NOK Corp.	321,180		2,994,609
#	Ohashi Technica, Inc.	68,600		725,848
	Ohsho Food Service Corp.	86,600		4,253,276
# *	Oisix ra daichi, Inc.	147,000		3,602,524
#	Onward Holdings Co. Ltd.	633,700		1,322,216
#	Ozu Corp.	22,200		386,324
	Pacific Industrial Co. Ltd.	277,000		2,133,988
	PAL GROUP Holdings Co. Ltd.	139,800		1,775,183
#	PAPYLESS Co. Ltd.	33,900		387,194
	Paris Miki Holdings, Inc.	115,700		253,076
#	PC Depot Corp.	183,381		452,846
	People Co. Ltd.	14,600		117,481
#	Piolax, Inc.	181,700		2,307,360
	Plenus Co. Ltd.	78,800		1,297,726
#	Premium Water Holdings, Inc.	8,100		160,204
#	Press Kogyo Co. Ltd.	598,500		1,842,883

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
CONSUMER DISCRETIONARY — (Continued)
#	Pressance Corp.	109,900	$	1,636,920
*	QB Net Holdings Co. Ltd.	50,300		615,956
#	Raccoon Holdings, Inc.	111,700		1,146,612
	Regal Corp.	1,500		23,390
	Resorttrust, Inc.	523,464		8,925,020
#	Rhythm Co. Ltd.	43,600		530,475
	Riberesute Corp.	46,100		305,496
#	Ride On Express Holdings Co. Ltd.	46,900		475,073
*	Right On Co. Ltd.	94,925		562,321
#	Riken Corp.	50,100		999,899
	Riso Kyoiku Co. Ltd.	671,200		2,089,276
	Rock Field Co. Ltd.	94,800		1,151,230
	Roland Corp.	46,300		1,527,880
	Round One Corp.	30,500		334,231
#	Sac’s Bar Holdings, Inc.	122,950		501,641
	San Holdings, Inc.	59,900		766,394
	Sanei Architecture Planning Co. Ltd.	55,200		718,204
	Sangetsu Corp.	291,250		3,639,358
	Sankyo Co. Ltd.	246,900		6,847,064
	Sankyo Seiko Co. Ltd.	235,700		1,007,205
#	Sanoh Industrial Co. Ltd.	154,900		880,040
#	Sanyo Electric Railway Co. Ltd.	109,998		1,832,975
# *	Sanyo Shokai Ltd.	64,699		402,931
#	Scroll Corp.	189,200		1,282,832
	Seiko Holdings Corp.	165,882		3,095,853
#	Seiren Co. Ltd.	284,600		5,164,972
	Senshukai Co. Ltd.	174,600		556,550
#	Seria Co. Ltd.	133,400		3,028,692
#	Shidax Corp.	149,800		476,495
	Shikibo Ltd.	68,600		500,452
#	Shimojima Co. Ltd.	48,800		378,035
	Shin-Nihon Tatemono Co. Ltd.	29,800		98,388
	Shoei Co. Ltd.	152,600		5,686,600
# *	Silver Life Co. Ltd.	15,300		190,097
#	Snow Peak, Inc.	190,300		5,107,166
#	SNT Corp.	164,500		300,737
	Soft99 Corp.	84,400		849,040
#	Sotoh Co. Ltd.	49,100		342,701
	SPK Corp.	48,600		530,861
	Sprix Ltd.	31,300		340,227
	St. Marc Holdings Co. Ltd.	111,200		1,412,711
	Step Co. Ltd.	60,800		872,441
#	Suminoe Textile Co. Ltd.	31,100		482,069
	Sumitomo Riko Co. Ltd.	252,100		1,234,191
#	Suncall Corp.	129,600		523,427
# *	SuRaLa Net Co. Ltd.	2,700		25,059
#	Syuppin Co. Ltd.	134,200		1,432,939
#	T RAD Co. Ltd.	43,500		885,307
	Tachikawa Corp.	71,600		623,959
#	Tachi-S Co. Ltd.	195,940		1,589,098
#	Taiho Kogyo Co. Ltd.	113,300		651,662
	Takashimaya Co. Ltd.	914,300		8,667,719
	Takasho Co. Ltd.	15,400		87,204
#	Takihyo Co. Ltd.	30,600		301,267
	Tama Home Co. Ltd.	101,400		2,113,221
	Tamron Co. Ltd.	103,400		2,008,654
#	Tbk Co. Ltd.	155,300		472,709
	Tear Corp.	60,900		219,162
#	Temairazu, Inc.	14,900		576,503

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
CONSUMER DISCRETIONARY — (Continued)
	T-Gaia Corp.	138,100	$	1,845,181
#	Tigers Polymer Corp.	79,800		299,009
	Toa Corp.	144,900		805,223
	Toabo Corp.	42,099		135,314
	Tokai Rika Co. Ltd.	326,000		3,995,148
	Token Corp.	46,950		3,466,572
*	Tokyo Base Co. Ltd.	130,100		449,912
#	Tokyo Individualized Educational Institute, Inc.	103,700		514,441
	Tokyo Radiator Manufacturing Co. Ltd.	24,300		122,608
	Tokyotokeiba Co. Ltd.	99,900		3,554,090
	Tomy Co. Ltd.	575,393		5,720,570
	Topre Corp.	224,500		2,143,877
#	Toridoll Holdings Corp.	309,300		6,412,996
	Toyo Tire Corp.	126,300		1,605,923
	Toyoda Gosei Co. Ltd.	8,600		141,812
	TPR Co. Ltd.	159,300		1,689,371
#	Treasure Factory Co. Ltd.	10,300		88,296
	TS Tech Co. Ltd.	449,686		5,028,028
	TSI Holdings Co. Ltd.	310,995		849,934
# *	Tsukada Global Holdings, Inc.	86,100		220,582
#	Tsukamoto Corp. Co. Ltd.	18,100		191,619
	Tsutsumi Jewelry Co. Ltd.	40,100		618,911
#	Twinbird Corp.	9,200		51,006
#	Unipres Corp.	241,100		1,385,610
*	Unitika Ltd.	373,200		884,333
	Univance Corp.	10,000		40,709
*	Universal Entertainment Corp.	98,000		2,189,549
	Valuence Holdings, Inc.	1,600		19,078
*	Village Vanguard Co. Ltd.	36,600		300,455
	VT Holdings Co. Ltd.	497,100		1,809,240
	Wacoal Holdings Corp.	269,100		4,045,351
#	Waseda Academy Co. Ltd.	43,600		362,907
#	Watts Co. Ltd.	52,100		321,274
	Weds Co. Ltd.	14,500		56,463
	World Co. Ltd.	90,600		913,456
	Xebio Holdings Co. Ltd.	165,200		1,276,827
#	Yachiyo Industry Co. Ltd.	48,100		276,323
	Yagi & Co. Ltd.	18,600		190,407
	Yamae Group Holdings Co. Ltd.	9,400		79,259
#	Yamato International, Inc.	100,500		244,903
	Yasunaga Corp.	53,200		360,912
	Yellow Hat Ltd.	222,800		2,859,852
#	Yondoshi Holdings, Inc.	97,520		1,308,459
	Yonex Co. Ltd.	2,300		19,293
#	Yorozu Corp.	128,500		931,636
#	Yoshinoya Holdings Co. Ltd.	187,500		3,623,491
	Yutaka Giken Co. Ltd.	8,700		126,146
	Zojirushi Corp.	14,700		174,089

TOTAL CONSUMER DISCRETIONARY				421,710,564

CONSUMER STAPLES — (7.4%)
#	Aeon Hokkaido Corp.	183,000		1,681,666
#	AFC-HD AMS Life Science Co. Ltd.	53,800		327,710
	Ain Holdings, Inc.	147,300		7,654,009
#	Albis Co. Ltd.	38,700		708,129
	Arcs Co. Ltd.	274,400		4,757,955
	Artnature, Inc.	116,400		684,290
	Axial Retailing, Inc.	108,000		2,828,319
	Belc Co. Ltd.	67,800		3,012,727

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
CONSUMER STAPLES — (Continued)
	Bourbon Corp.	54,800	$	1,013,120
#	Bull-Dog Sauce Co. Ltd.	3,000		52,577
	Cawachi Ltd.	77,000		1,415,726
	C’BON COSMETICS Co. Ltd.	10,800		152,904
	Chubu Shiryo Co. Ltd.	132,400		1,067,549
	Chuo Gyorui Co. Ltd.	9,800		239,966
	Como Co. Ltd.	2,600		56,209
#	Cota Co. Ltd.	113,591		1,320,506
	Create SD Holdings Co. Ltd.	128,200		3,364,342
#	Daikokutenbussan Co. Ltd.	36,200		1,536,198
	Delica Foods Holdings Co. Ltd.	66,400		294,602
	DyDo Group Holdings, Inc.	59,300		2,286,540
	Earth Corp.	74,600		3,398,866
	Ebara Foods Industry, Inc.	30,900		713,175
	Eco’s Co. Ltd.	46,600		777,291
#	Ensuiko Sugar Refining Co. Ltd.	86,200		149,108
	Ezaki Glico Co. Ltd.	144,500		4,409,192
	Feed One Co. Ltd.	155,448		852,178
#	Fuji Co. Ltd.	118,700		2,250,884
	Fuji Oil Holdings, Inc.	195,000		3,162,075
	Fujicco Co. Ltd.	125,900		1,991,278
	Fujiya Co. Ltd.	70,000		1,395,839
#	G-7 Holdings, Inc.	141,300		1,906,426
	Genky DrugStores Co. Ltd.	51,000		1,889,668
#	HABA Laboratories, Inc.	15,000		265,622
	Hagoromo Foods Corp.	17,900		458,398
	Halows Co. Ltd.	56,100		1,391,000
	Heiwado Co. Ltd.	194,900		3,022,707
	Hokkaido Coca-Cola Bottling Co. Ltd.	18,699		621,334
	Hokuto Corp.	140,000		2,186,784
#	Ichimasa Kamaboko Co. Ltd.	46,500		322,217
#	Imuraya Group Co. Ltd.	61,500		1,138,621
#	Inageya Co. Ltd.	35,200		389,084
*	I-NE Co. Ltd.	4,100		107,291
#	Itochu-Shokuhin Co. Ltd.	35,100		1,397,265
	Itoham Yonekyu Holdings, Inc.	706,300		3,750,937
	Iwatsuka Confectionery Co. Ltd.	8,700		278,717
	JM Holdings Co. Ltd.	77,000		1,099,965
	J-Oil Mills, Inc.	122,300		1,609,236
#	Kadoya Sesame Mills, Inc.	15,600		476,247
	Kagome Co. Ltd.	119,500		3,053,353
#	Kakiyasu Honten Co. Ltd.	53,400		1,063,018
#	Kameda Seika Co. Ltd.	86,000		2,803,153
#	Kaneko Seeds Co. Ltd.	44,700		584,461
	Kanemi Co. Ltd.	1,200		26,821
#	Kansai Food Market Ltd.	62,700		629,461
	Kato Sangyo Co. Ltd.	152,100		3,939,766
	Kenko Mayonnaise Co. Ltd.	73,300		832,241
#	Kitanotatsujin Corp.	367,500		672,056
	Koike-ya, Inc.	300		12,799
	Kusuri no Aoki Holdings Co. Ltd.	70,700		3,934,381
	Kyokuyo Co. Ltd.	59,999		1,634,847
	Lacto Japan Co. Ltd.	45,100		770,095
	Life Corp.	72,400		1,863,376
	Mandom Corp.	124,400		1,332,185
#	Marudai Food Co. Ltd.	130,800		1,587,492
	Maruha Nichiro Corp.	216,707		4,243,187
	Maxvalu Tokai Co. Ltd.	47,000		990,000
#	Medical System Network Co. Ltd.	155,300		692,724

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
CONSUMER STAPLES — (Continued)
	Megmilk Snow Brand Co. Ltd.	280,000	$	4,548,066
	Meito Sangyo Co. Ltd.	54,100		705,515
	Milbon Co. Ltd.	159,852		7,162,163
#	Ministop Co. Ltd.	90,500		1,076,114
	Mitsubishi Shokuhin Co. Ltd.	103,900		2,558,929
	Mitsui DM Sugar Holdings Co. Ltd.	111,970		1,763,624
	Miyoshi Oil & Fat Co. Ltd.	42,900		407,024
	Morinaga & Co. Ltd.	189,199		5,896,596
	Morinaga Milk Industry Co. Ltd.	900		38,502
#	Morozoff Ltd.	37,800		932,043
#	MTG Co. Ltd.	24,700		307,614
#	Nagatanien Holdings Co. Ltd.	74,900		1,185,730
#	Nakamuraya Co. Ltd.	27,299		703,493
#	Natori Co. Ltd.	65,000		1,037,405
#	Nichimo Co. Ltd.	17,000		401,904
#	Nihon Chouzai Co. Ltd.	73,420		798,688
	Niitaka Co. Ltd.	12,360		244,465
	Nippn Corp.	347,700		4,734,754
	Nippon Beet Sugar Manufacturing Co. Ltd.	65,500		864,643
	Nippon Suisan Kaisha Ltd.	1,912,300		8,567,158
	Nishimoto Co. Ltd.	19,500		452,064
	Nisshin Oillio Group Ltd.	156,000		3,641,998
#	Nissin Sugar Co. Ltd.	98,600		1,364,388
	Nitto Fuji Flour Milling Co. Ltd.	16,200		599,995
	Noevir Holdings Co. Ltd.	83,400		3,367,213
#	Oenon Holdings, Inc.	294,200		777,483
# *	OIE Sangyo Co. Ltd.	22,000		174,925
	Okuwa Co. Ltd.	155,300		1,169,721
	Olympic Group Corp.	52,200		305,667
	OUG Holdings, Inc.	21,300		477,347
#	Pickles Corp.	55,600		737,961
	Pigeon Corp.	101,400		1,783,265
# *	Premier Anti-Aging Co. Ltd.	2,400		72,712
	Prima Meat Packers Ltd.	181,400		3,266,841
	Qol Holdings Co. Ltd.	165,500		1,573,327
	Retail Partners Co. Ltd.	107,600		1,263,111
	Riken Vitamin Co. Ltd.	143,900		1,977,237
	Rokko Butter Co. Ltd.	84,200		1,039,364
	S Foods, Inc.	116,762		3,132,884
	S&B Foods, Inc.	42,798		1,292,451
#	Sagami Rubber Industries Co. Ltd.	57,700		354,842
	Sakata Seed Corp.	14,000		424,395
	San-A Co. Ltd.	116,600		3,945,101
	Sapporo Holdings Ltd.	392,620		7,399,843
	Sato Foods Co. Ltd.	800		31,722
	Satudora Holdings Co. Ltd.	3,900		23,276
#	Shinnihonseiyaku Co. Ltd.	34,100		402,531
	Shinobu Foods Products Co. Ltd.	1,600		8,242
	Shoei Foods Corp.	68,000		2,271,035
#	Showa Sangyo Co. Ltd.	114,300		2,452,906
#	Soiken Holdings, Inc.	39,400		105,822
	ST Corp.	36,100		451,065
	Starzen Co. Ltd.	90,600		1,482,184
#	Takara Holdings, Inc.	345,800		3,103,306
	Toho Co. Ltd.	49,900		464,201
#	Torigoe Co. Ltd.	94,500		509,954
	Toyo Sugar Refining Co. Ltd.	14,500		121,593
#	Transaction Co. Ltd.	89,700		728,941
	United Super Markets Holdings, Inc.	353,200		3,052,301

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
CONSUMER STAPLES — (Continued)
	Valor Holdings Co. Ltd.	225,800	$	3,902,198
	Warabeya Nichiyo Holdings Co. Ltd.	88,260		1,285,014
#	Watahan & Co. Ltd.	94,100		1,029,581
	Yaizu Suisankagaku Industry Co. Ltd.	62,100		463,993
#	YAKUODO Holdings Co. Ltd.	69,400		1,286,370
	Yamami Co.	1,200		17,599
#	YA-MAN Ltd.	194,200		1,817,294
	Yamatane Corp.	59,900		829,329
#	Yamaya Corp.	23,500		479,762
#	Yamazawa Co. Ltd.	11,800		158,584
#	Yaoko Co. Ltd.	28,500		1,548,917
	Yokorei Co. Ltd.	312,700		2,195,029
	Yomeishu Seizo Co. Ltd.	48,700		701,323
# *	Yoshimura Food Holdings KK	29,300		131,189
# *	Yuasa Funashoku Co. Ltd.	14,300		315,469
	Yukiguni Maitake Co. Ltd.	18,600		174,026
	Yutaka Foods Corp.	3,900		57,783

TOTAL CONSUMER STAPLES				222,662,969

ENERGY — (1.0%)
#	BP Castrol KK	44,100		445,823
	Cosmo Energy Holdings Co. Ltd.	348,300		7,460,949
	Fuji Kosan Co. Ltd.	4,400		33,251
#	Fuji Oil Co. Ltd.	292,200		634,114
	Itochu Enex Co. Ltd.	356,500		2,997,844
	Japan Oil Transportation Co. Ltd.	15,500		336,689
#	Japan Petroleum Exploration Co. Ltd.	226,200		4,763,997
	Mitsuuroko Group Holdings Co. Ltd.	197,500		1,665,722
	Modec, Inc.	134,300		1,394,693
	Nippon Coke & Engineering Co. Ltd.	978,100		1,150,325
	Sala Corp.	324,100		1,692,575
	San-Ai Oil Co. Ltd.	390,600		2,991,424
	Sinanen Holdings Co. Ltd.	46,900		1,265,821
	Toa Oil Co. Ltd.	46,200		1,143,681
	Toyo Kanetsu KK	48,700		974,964

TOTAL ENERGY				28,951,872

FINANCIALS — (8.6%)
	77 Bank Ltd.	364,552		4,583,579
#	Advance Create Co. Ltd.	63,400		493,032
	AEON Financial Service Co. Ltd.	124,500		1,233,799
	Aichi Bank Ltd.	48,700		1,801,162
#	Aiful Corp.	2,120,600		6,196,378
#	Aizawa Securities Group Co. Ltd.	207,600		1,242,223
	Akatsuki Corp.	144,000		381,410
	Akita Bank Ltd.	88,440		1,213,793
	Anicom Holdings, Inc.	108,300		573,767
#	Aomori Bank Ltd.	125,000		1,935,477
*	Aruhi Corp.	162,500		1,322,584
#	Asax Co. Ltd.	9,300		49,451
#	Awa Bank Ltd.	234,300		4,145,635
#	Bank of Iwate Ltd.	82,982		1,251,887
#	Bank of Kochi Ltd.	56,100		347,458
#	Bank of Nagoya Ltd.	75,630		1,778,932
	Bank of Saga Ltd.	86,320		1,027,437
	Bank of the Ryukyus Ltd.	262,280		1,701,867
#	Bank of Toyama Ltd.	14,500		251,302
#	Casa, Inc.	28,400		194,957

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
FINANCIALS — (Continued)
#	Chiba Kogyo Bank Ltd.	264,158	$	565,515
	Chugoku Bank Ltd.	607,300		4,324,780
#	Chukyo Bank Ltd.	61,400		801,994
#	Credit Saison Co. Ltd.	735,700		7,806,658
	Daishi Hokuetsu Financial Group, Inc.	264,000		5,378,747
#	Daito Bank Ltd.	62,600		349,965
	eGuarantee, Inc.	217,000		3,615,824
#	Ehime Bank Ltd.	211,700		1,611,571
#	Entrust, Inc.	54,900		254,313
	FIDEA Holdings Co. Ltd.	128,790		1,335,022
	Financial Products Group Co. Ltd.	106,900		750,719
#	First Bank of Toyama Ltd.	319,000		823,604
#	First Brothers Co. Ltd.	34,600		238,341
#	Fukui Bank Ltd.	127,100		1,461,384
	Fukushima Bank Ltd.	17,200		32,097
	Fuyo General Lease Co. Ltd.	117,300		6,687,362
#	GMO Financial Holdings, Inc.	249,100		1,671,951
	Gunma Bank Ltd.	2,064,840		5,951,416
	Hachijuni Bank Ltd.	1,459,600		4,836,037
#	Hirogin Holdings, Inc.	1,534,800		8,087,384
*	Hirose Tusyo, Inc.	20,800		377,517
#	Hokkoku Financial Holdings, Inc.	145,700		3,638,271
	Hokuhoku Financial Group, Inc.	804,000		5,838,939
*	HS Holdings Co. Ltd.	152,200		1,616,864
#	Hyakugo Bank Ltd.	1,393,709		3,805,132
	Hyakujushi Bank Ltd.	134,700		1,820,559
#	Ichiyoshi Securities Co. Ltd.	230,400		1,164,186
	IwaiCosmo Holdings, Inc.	123,900		1,347,550
	Iyo Bank Ltd.	1,034,718		5,043,534
	J Trust Co. Ltd.	345,400		989,440
	Jaccs Co. Ltd.	149,700		3,755,709
*	Jafco Group Co. Ltd.	596,100		9,086,081
*	Japan Asia Investment Co. Ltd.	82,100		146,909
#	Japan Investment Adviser Co. Ltd.	70,300		702,915
#	Japan Securities Finance Co. Ltd.	581,200		4,367,961
#	Jimoto Holdings, Inc.	113,150		574,045
#	J-Lease Co. Ltd.	31,900		449,105
	Juroku Financial Group, Inc.	191,700		3,394,577
	Keiyo Bank Ltd.	674,900		2,711,365
#	Kita-Nippon Bank Ltd.	43,506		560,776
#	Kiyo Bank Ltd.	420,090		4,708,490
#	Kyokuto Securities Co. Ltd.	152,800		915,351
	Kyushu Financial Group, Inc.	1,601,937		5,237,333
#	Kyushu Leasing Service Co. Ltd.	34,000		162,793
*	M&A Capital Partners Co. Ltd.	92,100		3,267,073
#	Marusan Securities Co. Ltd.	336,700		1,367,111
#	Matsui Securities Co. Ltd.	479,400		3,156,197
	Mercuria Holdings Co. Ltd.	65,800		269,122
#	Michinoku Bank Ltd.	261,898		1,897,437
#	Minkabu The Infonoid, Inc.	21,700		507,364
#	Mito Securities Co. Ltd.	359,500		805,310
	Miyazaki Bank Ltd.	102,900		1,731,394
#	Mizuho Leasing Co. Ltd.	182,600		4,436,884
#	Monex Group, Inc.	1,089,600		5,771,128
	Money Partners Group Co. Ltd.	149,100		361,918
	Morningstar Japan KK	118,600		566,613
#	Mortgage Service Japan Ltd.	26,100		201,682
	Musashino Bank Ltd.	194,300		2,778,199
#	Nagano Bank Ltd.	43,899		458,505

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
FINANCIALS — (Continued)
#	Nanto Bank Ltd.	185,100	$	2,980,985
	NEC Capital Solutions Ltd.	60,200		1,019,452
	Nishi-Nippon Financial Holdings, Inc.	806,800		4,963,947
#	North Pacific Bank Ltd.	1,785,600		3,475,920
# *	OAK Capital Corp.	300,200		191,124
#	Ogaki Kyoritsu Bank Ltd.	228,700		3,546,243
	Oita Bank Ltd.	84,199		1,315,905
#	Okasan Securities Group, Inc.	971,900		2,926,461
#	Okinawa Financial Group, Inc.	143,060		2,398,394
#	Orient Corp.	2,808,900		2,839,361
	Premium Group Co. Ltd.	49,300		1,618,694
	Ricoh Leasing Co. Ltd.	99,400		2,707,169
	San ju San Financial Group, Inc.	118,793		1,430,973
	San-In Godo Bank Ltd.	966,000		4,924,079
*	SBI Insurance Group Co. Ltd.	7,600		64,062
	Senshu Ikeda Holdings, Inc.	1,232,328		1,741,261
#	Seven Bank Ltd.	787,400		1,536,790
#	Shiga Bank Ltd.	290,800		5,224,487
#	Shikoku Bank Ltd.	240,900		1,465,242
	Shimizu Bank Ltd.	58,200		748,915
#	Sparx Group Co. Ltd.	594,900		1,328,718
	Strike Co. Ltd.	51,700		1,976,589
#	Suruga Bank Ltd.	900,700		2,994,668
	Taiko Bank Ltd.	41,800		474,964
	Tochigi Bank Ltd.	565,200		1,018,573
#	Toho Bank Ltd.	1,286,400		2,153,999
#	Tohoku Bank Ltd.	64,700		537,933
	Tokai Tokyo Financial Holdings, Inc.	1,409,300		4,625,906
	Tokyo Kiraboshi Financial Group, Inc.	170,738		2,434,038
#	Tomato Bank Ltd.	54,500		465,213
	TOMONY Holdings, Inc.	937,250		2,502,666
#	Tottori Bank Ltd.	56,400		550,082
	Towa Bank Ltd.	210,300		926,586
#	Toyo Securities Co. Ltd.	390,800		475,972
	Traders Holdings Co. Ltd.	13,720		38,622
#	Tsukuba Bank Ltd.	461,800		763,412
*	Uzabase, Inc.	76,400		664,547
	Yamagata Bank Ltd.	143,600		1,015,007
	Yamaguchi Financial Group, Inc.	1,237,672		6,844,163
	Yamanashi Chuo Bank Ltd.	162,526		1,261,717

TOTAL FINANCIALS				258,474,992

HEALTH CARE — (4.5%)
	Advantage Risk Management Co. Ltd.	41,900		211,683
	As One Corp.	4,000		236,029
	ASKA Pharmaceutical Holdings Co. Ltd.	143,200		1,474,587
	Astena Holdings Co. Ltd.	194,800		706,854
	BML, Inc.	149,600		3,774,005
#	Carenet, Inc.	130,800		913,094
	CE Holdings Co. Ltd.	9,500		39,592
# *	CellSource Co. Ltd.	21,100		500,613
	Charm Care Corp. KK	113,900		1,026,525
	CMIC Holdings Co. Ltd.	63,200		789,336
	Create Medic Co. Ltd.	38,700		315,006
#	Daiken Medical Co. Ltd.	116,700		486,566
	Daito Pharmaceutical Co. Ltd.	78,580		1,835,971
#	DATA HORIZON Co. Ltd.	3,600		58,159
#	Dvx, Inc.	44,300		376,236
	Eiken Chemical Co. Ltd.	203,900		2,877,114

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
HEALTH CARE — (Continued)
	Elan Corp.	208,600	$	1,835,954
	EM Systems Co. Ltd.	27,400		174,421
#	FALCO HOLDINGS Co. Ltd.	53,300		875,281
	FINDEX, Inc.	94,500		544,607
#	France Bed Holdings Co. Ltd.	158,600		1,122,246
	Fuji Pharma Co. Ltd.	99,100		796,700
#	Fukuda Denshi Co. Ltd.	63,200		4,037,699
#	Fuso Pharmaceutical Industries Ltd.	42,600		761,986
# *	GNI Group Ltd.	54,200		612,011
#	H.U. Group Holdings, Inc.	356,800		8,473,927
	Hogy Medical Co. Ltd.	110,500		2,924,703
#	Hoshi Iryo-Sanki Co. Ltd.	9,600		261,226
	I’rom Group Co. Ltd.	31,800		497,905
# *	Japan Animal Referral Medical Center Co. Ltd.	9,600		141,871
*	Japan Hospice Holdings, Inc.	11,300		164,319
	Japan Lifeline Co. Ltd.	396,000		3,311,032
	Japan Medical Dynamic Marketing, Inc.	104,500		1,397,253
#	JMS Co. Ltd.	104,457		520,650
	Kaken Pharmaceutical Co. Ltd.	149,700		4,760,556
	Kanamic Network Co. Ltd.	139,700		595,308
#	Kissei Pharmaceutical Co. Ltd.	175,800		3,664,255
#	Koa Shoji Holdings Co. Ltd.	4,100		29,496
#	KYORIN Holdings, Inc.	261,400		3,795,609
	Linical Co. Ltd.	69,400		517,135
	Mani, Inc.	317,400		3,786,215
	Medical Data Vision Co. Ltd.	171,100		1,660,335
	Medikit Co. Ltd.	2,000		38,204
	Medius Holdings Co. Ltd.	68,500		540,844
# *	MedPeer, Inc.	76,300		2,459,843
	Menicon Co. Ltd.	182,200		4,359,754
#	Mizuho Medy Co. Ltd.	22,400		366,190
	Mochida Pharmaceutical Co. Ltd.	50,598		1,544,806
	Nakanishi, Inc.	295,400		5,447,066
# *	Nichi-iko Pharmaceutical Co. Ltd.	323,550		2,058,896
#	Nippon Chemiphar Co. Ltd.	13,400		229,167
#	Nipro Corp.	809,400		6,768,606
#	Nissui Pharmaceutical Co. Ltd.	78,000		624,045
	Paramount Bed Holdings Co. Ltd.	255,200		4,149,649
*	PeptiDream, Inc.	62,200		1,105,367
	Precision System Science Co. Ltd.	4,800		17,055
#	Rion Co. Ltd.	54,600		1,040,465
	Sawai Group Holdings Co. Ltd.	155,000		5,659,694
#	Seed Co. Ltd.	68,100		289,756
	Seikagaku Corp.	233,700		1,670,625
	Shin Nippon Biomedical Laboratories Ltd.	125,400		1,728,086
	Ship Healthcare Holdings, Inc.	278,600		4,513,464
#	Shofu, Inc.	69,900		892,480
	Software Service, Inc.	19,100		974,265
	Solasto Corp.	327,100		2,631,016
#	St-Care Holding Corp.	81,600		552,829
# *	Taiko Pharmaceutical Co. Ltd.	55,900		272,414
	Techno Medica Co. Ltd.	14,700		187,820
#	Toho Holdings Co. Ltd.	298,300		4,504,137
	Tokai Corp.	138,600		1,950,720
	Torii Pharmaceutical Co. Ltd.	90,800		2,326,716
#	Towa Pharmaceutical Co. Ltd.	173,300		3,893,302
#	Trans Genic, Inc.	51,100		176,987
	Tsumura & Co.	163,200		4,266,787
#	Value HR Co. Ltd.	92,800		1,040,419

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
HEALTH CARE — (Continued)
	Vital KSK Holdings, Inc.	262,800	$	1,576,534
# *	Wakamoto Pharmaceutical Co. Ltd.	112,300		264,877
#	WIN-Partners Co. Ltd.	106,100		868,107
#	ZERIA Pharmaceutical Co. Ltd.	17,300		269,195

TOTAL HEALTH CARE				134,144,257

INDUSTRIALS — (28.9%)
#	A&A Material Corp.	26,000		188,481
	Advan Group Co. Ltd.	146,500		1,077,033
	Aeon Delight Co. Ltd.	105,900		2,631,725
	Aica Kogyo Co. Ltd.	128,500		3,124,885
	Aichi Corp.	226,800		1,633,062
	Aida Engineering Ltd.	312,000		2,682,831
	Airtech Japan Ltd.	2,000		17,644
	AIT Corp.	8,100		100,993
	Ajis Co. Ltd.	28,900		567,389
	Alconix Corp.	143,100		1,627,888
#	Alinco, Inc.	80,500		571,411
#	Alps Logistics Co. Ltd.	111,600		978,335
	Altech Co. Ltd.	10,900		23,920
	Altech Corp.	112,570		1,726,891
	Anest Iwata Corp.	220,200		1,490,405
	Asahi Diamond Industrial Co. Ltd.	352,700		1,697,571
#	Asahi Kogyosha Co. Ltd.	51,400		675,877
#	Asanuma Corp.	42,100		1,718,285
#	Asukanet Co. Ltd.	31,200		356,383
	Bando Chemical Industries Ltd.	213,500		1,537,498
#	Br Holdings Corp.	202,000		528,665
#	Bunka Shutter Co. Ltd.	353,700		2,843,820
	Canare Electric Co. Ltd.	21,200		275,034
#	Careerlink Co. Ltd.	7,600		90,123
	Central Glass Co. Ltd.	219,600		3,737,525
	Central Security Patrols Co. Ltd.	53,000		1,083,734
	Chilled & Frozen Logistics Holdings Co. Ltd.	98,500		966,878
*	Chiyoda Corp.	850,900		3,255,223
	Chiyoda Integre Co. Ltd.	71,700		1,235,134
	Chori Co. Ltd.	73,000		1,048,372
	Chudenko Corp.	190,900		3,225,982
#	Chugai Ro Co. Ltd.	37,600		492,794
#	Chuo Warehouse Co. Ltd.	21,000		170,389
	CKD Corp.	213,800		3,262,267
	CMC Corp.	30,200		310,851
	Comany, Inc.	4,700		46,233
	Cosel Co. Ltd.	162,700		1,069,869
	Creek & River Co. Ltd.	67,100		1,120,883
	CTI Engineering Co. Ltd.	73,300		1,362,877
	CTS Co. Ltd.	157,100		1,079,367
#	Dai-Dan Co. Ltd.	90,900		1,558,735
#	Daido Kogyo Co. Ltd.	51,800		394,060
	Daihatsu Diesel Manufacturing Co. Ltd.	122,100		506,135
	Daihen Corp.	128,800		4,435,818
#	Daiho Corp.	91,600		3,386,642
	Dai-Ichi Cutter Kogyo KK	46,300		512,551
	Daiichi Jitsugyo Co. Ltd.	53,100		1,858,294
#	Daiichi Kensetsu Corp.	35,200		426,376
	Daiki Axis Co. Ltd.	41,900		259,422
	Daiohs Corp.	22,100		184,980
	Daiseki Co. Ltd.	292,755		11,011,460
#	Daiseki Eco. Solution Co. Ltd.	39,159		405,664

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
INDUSTRIALS — (Continued)
#	Daisue Construction Co. Ltd.	48,200	$	493,027
	Daiwa Industries Ltd.	206,500		1,833,553
#	Denyo Co. Ltd.	96,400		1,289,093
	DMG Mori Co. Ltd.	728,000		9,861,503
	DMW Corp.	4,800		130,508
	Duskin Co. Ltd.	268,800		5,910,148
	Ebara Jitsugyo Co. Ltd.	70,200		1,409,829
#	Eidai Co. Ltd.	184,700		440,212
#	EJ Holdings, Inc.	30,100		302,176
	Endo Lighting Corp.	56,300		429,569
	en-japan, Inc.	159,400		3,821,897
	Enshu Ltd.	26,199		154,165
#	Envipro Holdings, Inc.	17,200		290,084
#	ERI Holdings Co. Ltd.	14,100		176,878
# *	Escrow Agent Japan, Inc.	136,700		207,647
	F&M Co. Ltd.	44,400		589,917
# *	FDK Corp.	64,298		453,685
#	Forum Engineering, Inc.	21,100		140,572
	Freund Corp.	75,600		487,038
	Fudo Tetra Corp.	102,380		1,274,225
	Fuji Corp.	326,900		5,896,031
	Fuji Die Co. Ltd.	55,300		293,214
	Fuji Furukawa Engineering & Construction Co. Ltd.	1,800		38,761
*	Fujikura Ltd.	1,702,600		8,617,708
	Fujimak Corp.	12,600		75,746
	Fujisash Co. Ltd.	573,900		338,214
	Fujitec Co. Ltd.	155,700		3,998,143
	Fukuda Corp.	55,700		2,052,240
#	Fukushima Galilei Co. Ltd.	82,900		2,596,712
	Fukuvi Chemical Industry Co. Ltd.	10,600		52,140
#	Fukuyama Transporting Co. Ltd.	83,257		2,479,526
	FULLCAST Holdings Co. Ltd.	127,700		2,719,038
	Funai Soken Holdings, Inc.	247,470		4,455,042
	Furukawa Co. Ltd.	197,100		2,072,489
	Furukawa Electric Co. Ltd.	424,300		7,521,907
	Futaba Corp.	208,200		1,118,531
# *	G Three Holdings Corp.	48,700		150,178
	Gakujo Co. Ltd.	5,600		45,523
	Gecoss Corp.	95,900		629,204
	Giken Ltd.	5,400		163,741
	Glory Ltd.	288,055		4,867,955
	gremz, Inc.	23,900		437,300
#	GS Yuasa Corp.	393,683		7,479,629
	Hamakyorex Co. Ltd.	105,000		2,455,021
	Hanwa Co. Ltd.	229,100		6,040,621
#	Hashimoto Sogyo Holdings Co. Ltd.	4,070		63,444
	Hazama Ando Corp.	1,185,600		8,761,975
#	Helios Techno Holding Co. Ltd.	109,800		263,105
	Hibiya Engineering Ltd.	110,700		1,661,436
	Hirakawa Hewtech Corp.	70,800		671,328
#	Hirano Tecseed Co. Ltd.	59,400		1,002,370
#	Hirata Corp.	31,100		1,363,302
	Hisaka Works Ltd.	127,300		826,493
	Hitachi Zosen Corp.	1,034,779		6,284,099
#	Hito Communications Holdings, Inc.	43,900		645,018
	Hokuetsu Industries Co. Ltd.	139,500		997,132
#	Hokuriku Electrical Construction Co. Ltd.	89,040		573,458
	Hosokawa Micron Corp.	89,900		1,961,459
	Howa Machinery Ltd.	65,100		428,078

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
INDUSTRIALS — (Continued)
#	Ichikawa Co. Ltd.	1,000	$	11,492
#	Ichiken Co. Ltd.	33,600		511,606
#	Ichinen Holdings Co. Ltd.	125,100		1,330,733
	Idec Corp.	192,900		4,027,254
	Ihara Science Corp.	52,200		852,197
	Iino Kaiun Kaisha Ltd.	523,400		3,508,075
# *	Impact HD, Inc.	20,500		608,809
	Imura Envelope Co., Inc.	13,700		95,077
	Inaba Denki Sangyo Co. Ltd.	325,200		6,595,103
	Inaba Seisakusho Co. Ltd.	62,800		679,936
	Inabata & Co. Ltd.	293,700		4,953,300
	INFRONEER Holdings, Inc.	559,188		4,772,489
	Insource Co. Ltd.	138,750		2,621,408
#	Inui Global Logistics Co. Ltd.	67,580		1,103,032
	IR Japan Holdings Ltd.	41,300		1,455,327
	Iseki & Co. Ltd.	122,800		1,297,385
#	Ishii Iron Works Co. Ltd.	11,000		265,517
	Itoki Corp.	213,100		604,473
	Iwaki Co. Ltd.	56,100		501,639
#	Iwasaki Electric Co. Ltd.	42,200		786,048
	JAC Recruitment Co. Ltd.	105,100		1,587,495
	Japan Elevator Service Holdings Co. Ltd.	355,100		4,596,752
#	Japan Foundation Engineering Co. Ltd.	122,400		732,315
	Japan Pulp & Paper Co. Ltd.	73,400		2,334,202
	Japan Steel Works Ltd.	130,400		4,041,723
	Japan Transcity Corp.	244,600		1,206,758
	JDC Corp.	68,600		309,369
	JGC Holdings Corp.	416,500		4,978,236
#	JK Holdings Co. Ltd.	94,440		925,425
	Juki Corp.	174,000		1,183,945
	Kamei Corp.	150,100		1,235,564
#	Kanaden Corp.	114,900		932,582
#	Kanagawa Chuo Kotsu Co. Ltd.	42,800		1,217,764
	Kaname Kogyo Co. Ltd.	1,300		9,471
	Kanamoto Co. Ltd.	210,000		3,431,158
	Kandenko Co. Ltd.	629,700		4,296,009
	Kanematsu Corp.	506,325		5,538,822
	Katakura Industries Co. Ltd.	151,500		2,764,252
#	Kato Works Co. Ltd.	62,800		401,262
	Kawada Technologies, Inc.	32,300		954,143
	Kawagishi Bridge Works Co. Ltd.	8,700		204,856
	Kawanishi Warehouse Co. Ltd.	1,700		15,450
	Kawasaki Kinkai Kisen Kaisha Ltd.	7,899		298,666
	Kawata Manufacturing Co. Ltd.	25,100		214,347
#	Keihin Co. Ltd.	15,700		191,136
	KFC Ltd.	8,700		129,895
#	Kimura Chemical Plants Co. Ltd.	98,900		696,621
	Kimura Unity Co. Ltd.	23,500		258,437
#	King Jim Co. Ltd.	58,000		434,802
#	Kinki Sharyo Co. Ltd.	16,599		161,899
#	Kintetsu World Express, Inc.	240,800		6,161,324
	Kitagawa Corp.	54,200		592,069
	Kitano Construction Corp.	24,872		434,427
	Kito Corp.	132,700		1,922,746
	Kitz Corp.	407,200		2,281,468
# *	Kobe Electric Railway Co. Ltd.	37,299		1,005,877
	Koike Sanso Kogyo Co. Ltd.	13,400		223,178
	Kokusai Co. Ltd.	51,600		266,329
#	Kokusai Pulp & Paper Co. Ltd.	47,700		123,456

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
INDUSTRIALS — (Continued)
	Kokuyo Co. Ltd.	427,025	$	5,622,530
#	KOMAIHALTEC, Inc.	20,300		360,230
	Komatsu Wall Industry Co. Ltd.	49,300		739,752
	Komori Corp.	302,500		1,796,094
#	Kondotec, Inc.	114,200		950,062
	Konoike Transport Co. Ltd.	178,300		1,675,398
# *	Kosaido Holdings Co. Ltd.	133,100		869,365
	Kozo Keikaku Engineering, Inc.	21,200		436,119
	KRS Corp.	75,600		619,832
	Kumagai Gumi Co. Ltd.	235,700		5,217,153
	Kuroda Precision Industries Ltd.	700		11,862
#	Kyodo Printing Co. Ltd.	45,800		1,033,511
#	Kyokuto Boeki Kaisha Ltd.	33,000		592,298
	Kyokuto Kaihatsu Kogyo Co. Ltd.	205,600		2,328,022
#	Kyoritsu Printing Co. Ltd.	179,200		210,654
	Kyudenko Corp.	175,700		4,108,107
	LIKE, Inc.	68,700		1,148,009
	Link & Motivation, Inc.	234,300		1,035,284
	Lonseal Corp.	13,900		165,269
	Mabuchi Motor Co. Ltd.	216,100		6,727,189
#	Maezawa Industries, Inc.	49,000		265,989
#	Maezawa Kasei Industries Co. Ltd.	85,100		888,683
	Maezawa Kyuso Industries Co. Ltd.	122,700		975,687
	Makino Milling Machine Co. Ltd.	153,400		4,836,082
*	Management Solutions Co. Ltd.	37,300		1,133,213
	Marufuji Sheet Piling Co. Ltd.	11,800		187,593
#	MARUKA FURUSATO Corp.	107,607		2,605,785
#	Marumae Co. Ltd.	31,900		622,155
#	Maruwa Unyu Kikan Co. Ltd.	132,200		1,209,143
	Maruyama Manufacturing Co., Inc.	18,800		240,033
	Maruzen Co. Ltd.	65,800		951,768
	Maruzen Showa Unyu Co. Ltd.	81,800		2,113,734
#	Matching Service Japan Co. Ltd.	52,000		359,692
#	Matsuda Sangyo Co. Ltd.	82,782		1,665,452
#	Matsui Construction Co. Ltd.	125,500		678,095
	Max Co. Ltd.	164,900		2,288,389
#	Meidensha Corp.	224,410		4,641,443
#	Meiho Facility Works Ltd.	36,100		211,689
#	Meiji Electric Industries Co. Ltd.	52,500		442,837
#	Meiji Shipping Co. Ltd.	94,000		668,218
#	Meisei Industrial Co. Ltd.	227,500		1,283,180
	Meitec Corp.	163,300		8,846,224
#	Meiwa Corp.	145,600		1,091,268
#	MetaReal Corp.	22,800		186,761
	METAWATER Co. Ltd.	162,600		2,654,266
	Midac Holdings Co. Ltd.	17,900		396,836
#	Mie Kotsu Group Holdings, Inc.	346,700		1,292,764
	Mirai Industry Co. Ltd.	4,600		59,231
	Mirait Holdings Corp.	595,335		9,472,798
	Mitani Corp.	294,600		4,467,715
#	Mitani Sangyo Co. Ltd.	145,000		378,365
#	Mitsubishi Kakoki Kaisha Ltd.	39,700		650,033
	Mitsubishi Logisnext Co. Ltd.	186,600		1,412,031
	Mitsubishi Logistics Corp.	157,000		3,884,571
	Mitsubishi Pencil Co. Ltd.	128,100		1,323,699
#	Mitsuboshi Belting Ltd.	150,300		2,484,768
# *	Mitsui E&S Holdings Co. Ltd.	408,581		1,216,554
#	Mitsui Matsushima Holdings Co. Ltd.	77,400		1,205,353
	Mitsui-Soko Holdings Co. Ltd.	128,400		2,626,212

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
INDUSTRIALS — (Continued)
	Mitsumura Printing Co. Ltd.	6,300	$	76,465
	Miyaji Engineering Group, Inc.	37,517		1,060,025
	Mori-Gumi Co. Ltd.	69,500		172,921
	Morita Holdings Corp.	209,700		2,117,595
	Musashi Co. Ltd.	5,000		71,298
#	NAC Co. Ltd.	61,300		478,023
	Nachi-Fujikoshi Corp.	93,600		3,195,198
	Nadex Co. Ltd.	40,600		237,023
	Nagase & Co. Ltd.	578,600		8,584,554
	Naigai Trans Line Ltd.	41,700		651,118
#	Nakabayashi Co. Ltd.	113,400		459,409
	Nakakita Seisakusho Co. Ltd.	3,700		64,269
#	Nakamoto Packs Co. Ltd.	33,300		432,107
*	Nakamura Choukou Co. Ltd.	6,600		39,154
	Nakanishi Manufacturing Co. Ltd.	5,700		61,135
#	Nakano Corp.	107,000		293,290
# *	Namura Shipbuilding Co. Ltd.	256,428		681,234
	Nankai Electric Railway Co. Ltd.	341,300		6,585,257
	Narasaki Sangyo Co. Ltd.	25,400		431,313
	Nice Corp.	35,200		562,906
	Nichias Corp.	386,200		7,951,572
#	Nichiban Co. Ltd.	68,100		946,719
#	Nichiden Corp.	98,100		1,727,389
	Nichiha Corp.	165,280		3,379,936
	Nichireki Co. Ltd.	155,400		1,565,554
	Nihon Dengi Co. Ltd.	30,800		944,511
	Nihon Flush Co. Ltd.	122,000		982,361
#	Nikkato Corp.	53,000		232,958
#	Nikkiso Co. Ltd.	316,800		2,368,867
#	Nikko Co. Ltd.	168,400		835,438
	Nikkon Holdings Co. Ltd.	384,000		6,407,882
	Nippi, Inc.	11,900		343,985
#	Nippon Air Conditioning Services Co. Ltd.	189,000		1,225,511
	Nippon Aqua Co. Ltd.	55,400		297,087
	Nippon Carbon Co. Ltd.	66,200		2,268,325
	Nippon Concept Corp.	37,700		470,681
#	Nippon Densetsu Kogyo Co. Ltd.	226,500		2,922,535
#	Nippon Dry-Chemical Co. Ltd.	11,300		160,536
	Nippon Filcon Co. Ltd.	15,700		67,254
#	Nippon Hume Corp.	137,300		775,802
	Nippon Kanzai Co. Ltd.	15,200		351,040
	Nippon Koei Co. Ltd.	80,300		1,962,755
#	Nippon Parking Development Co. Ltd.	1,350,400		1,699,856
	Nippon Rietec Co. Ltd.	26,400		277,364
	Nippon Seisen Co. Ltd.	14,800		536,639
	Nippon Sharyo Ltd.	40,999		730,420
# *	Nippon Sheet Glass Co. Ltd.	416,900		1,449,537
	Nippon Steel Trading Corp.	96,960		4,197,054
	Nippon Thompson Co. Ltd.	356,500		1,561,651
#	Nippon Tungsten Co. Ltd.	6,699		120,027
#	Nishimatsu Construction Co. Ltd.	321,400		9,649,946
#	Nishi-Nippon Railroad Co. Ltd.	215,300		4,717,958
	Nishio Rent All Co. Ltd.	123,800		2,826,196
	Nissei ASB Machine Co. Ltd.	51,100		1,294,405
#	Nissei Plastic Industrial Co. Ltd.	108,200		891,003
	Nisshinbo Holdings, Inc.	956,780		8,285,916
	Nissin Corp.	92,500		1,233,272
	Nissin Electric Co. Ltd.	329,100		3,950,205
#	Nisso Corp.	69,000		423,520

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
INDUSTRIALS — (Continued)
	Nitta Corp.	128,900	$	2,906,597
	Nitto Boseki Co. Ltd.	59,600		1,369,547
	Nitto Kogyo Corp.	169,300		2,178,110
	Nitto Kohki Co. Ltd.	69,900		888,141
	Nitto Seiko Co. Ltd.	189,000		776,837
#	Nittoc Construction Co. Ltd.	121,600		699,466
	NJS Co. Ltd.	36,800		607,676
	Noda Corp.	120,700		1,076,209
	Nomura Co. Ltd.	199,500		1,495,336
#	Nomura Micro Science Co. Ltd.	39,900		1,367,058
	Noritake Co. Ltd.	59,600		2,166,363
	Noritsu Koki Co. Ltd.	123,200		2,344,451
	Noritz Corp.	180,400		2,160,065
#	NS Tool Co. Ltd.	105,300		1,245,634
#	NS United Kaiun Kaisha Ltd.	69,400		2,369,105
# *	NTN Corp.	2,686,900		4,663,301
	Obara Group, Inc.	74,200		1,813,979
#	Ochi Holdings Co. Ltd.	8,900		93,658
	Odawara Engineering Co. Ltd.	9,900		161,396
#	Ohba Co. Ltd.	76,500		475,168
	Ohmoto Gumi Co. Ltd.	4,100		214,995
#	Oiles Corp.	143,970		1,780,878
	Okabe Co. Ltd.	242,700		1,368,914
#	Okada Aiyon Corp.	42,800		502,233
	Okamoto Machine Tool Works Ltd.	25,299		925,259
	Okamura Corp.	376,300		3,715,600
	OKUMA Corp.	151,100		6,257,348
	Okumura Corp.	193,880		4,705,903
	Onoken Co. Ltd.	109,400		1,374,921
#	Organo Corp.	43,400		3,576,820
#	Oriental Consultants Holdings Co. Ltd.	6,100		128,006
	Oriental Shiraishi Corp.	764,000		1,479,304
#	Origin Co. Ltd.	27,600		274,555
	OSG Corp.	511,900		7,823,350
	Outsourcing, Inc.	715,000		7,367,185
	Oyo Corp.	128,000		2,407,937
#	Paraca, Inc.	35,900		502,603
*	Park24 Co. Ltd.	233,700		3,824,224
	Parker Corp.	34,000		130,260
#	Pasco Corp.	11,200		121,789
	Pasona Group, Inc.	145,800		2,917,584
	Pegasus Sewing Machine Manufacturing Co. Ltd.	139,900		675,904
	Penta-Ocean Construction Co. Ltd.	1,669,600		8,329,183
	People Dreams & Technologies Group Co. Ltd.	22,100		371,060
#	Phil Co., Inc.	7,100		73,140
	Pilot Corp.	123,700		5,312,206
	Prestige International, Inc.	654,700		3,865,242
	Pronexus, Inc.	104,900		908,952
	PS Mitsubishi Construction Co. Ltd.	205,700		984,122
	Punch Industry Co. Ltd.	88,700		360,475
#	Quick Co. Ltd.	76,100		980,480
	Raito Kogyo Co. Ltd.	293,100		4,679,604
	Raiznext Corp.	275,700		2,416,475
#	Rasa Corp.	63,200		514,895
	Rheon Automatic Machinery Co. Ltd.	120,500		999,440
#	Rix Corp.	17,300		233,704
#	Ryobi Ltd.	159,740		1,394,038
#	S LINE Co. Ltd.	23,800		177,957
#	Sakai Heavy Industries Ltd.	23,300		609,084

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
INDUSTRIALS — (Continued)
	Sakai Moving Service Co. Ltd.	72,100	$	2,495,139
# *	Sanix, Inc.	146,200		302,380
	Sanki Engineering Co. Ltd.	272,000		3,115,301
	Sanko Gosei Ltd.	134,300		385,654
#	Sanko Metal Industrial Co. Ltd.	16,200		335,900
#	Sankyo Tateyama, Inc.	133,774		700,474
	Sankyu, Inc.	60,100		1,958,912
	Sansei Technologies, Inc.	64,500		386,593
	Sansha Electric Manufacturing Co. Ltd.	64,300		416,784
	Sanyo Denki Co. Ltd.	53,600		2,143,290
	Sanyo Engineering & Construction, Inc.	60,200		332,725
	Sanyo Industries Ltd.	9,900		150,755
	Sanyo Trading Co. Ltd.	138,600		1,115,738
	Sata Construction Co. Ltd.	89,399		338,582
	Sato Holdings Corp.	179,300		2,507,022
#	Sato Shoji Corp.	86,800		818,695
	SBS Holdings, Inc.	119,400		3,246,727
#	SEC Carbon Ltd.	10,900		522,383
	Seibu Electric & Machinery Co. Ltd.	10,300		124,320
	Seika Corp.	57,600		752,838
#	Seikitokyu Kogyo Co. Ltd.	187,330		1,141,883
	Seiko Electric Co. Ltd.	4,900		50,719
	Seino Holdings Co. Ltd.	255,000		2,319,966
	Seiwa Electric Manufacturing Co. Ltd.	1,700		7,374
	Sekisui Jushi Corp.	203,900		2,948,028
	Senko Group Holdings Co. Ltd.	711,400		5,210,343
	Senshu Electric Co. Ltd.	28,700		1,374,442
	Shibaura Machine Co. Ltd.	132,500		3,684,857
	Shibusawa Warehouse Co. Ltd.	59,900		1,131,615
	Shibuya Corp.	94,600		1,881,531
	Shima Seiki Manufacturing Ltd.	170,400		2,591,047
	Shin Maint Holdings Co. Ltd.	14,600		136,972
#	Shin Nippon Air Technologies Co. Ltd.	88,380		1,391,794
	Shin-Keisei Electric Railway Co. Ltd.	39,399		662,397
	Shinki Bus Co. Ltd.	1,900		50,605
	Shinmaywa Industries Ltd.	385,800		2,852,720
	Shinnihon Corp.	166,700		992,938
	Shinsho Corp.	31,100		904,436
	Shinwa Co. Ltd.	62,300		1,000,451
	Shinwa Co. Ltd.	24,800		159,559
	SHO-BOND Holdings Co. Ltd.	117,500		5,112,218
#	SIGMAXYZ Holdings, Inc.	220,000		2,049,818
	Sinfonia Technology Co. Ltd.	137,100		1,487,550
	Sinko Industries Ltd.	125,400		1,769,445
	Sintokogio Ltd.	276,100		1,552,715
#	Soda Nikka Co. Ltd.	105,700		557,899
	Sodick Co. Ltd.	291,300		1,859,643
#	Sotetsu Holdings, Inc.	60,400		1,128,341
#	Space Co. Ltd.	96,562		760,301
	S-Pool, Inc.	379,500		3,849,705
	Star Micronics Co. Ltd.	228,600		2,867,878
	Studio Alice Co. Ltd.	56,600		1,011,814
	Subaru Enterprise Co. Ltd.	6,300		441,102
#	Sugimoto & Co. Ltd.	62,500		1,062,282
#	Sumiseki Holdings, Inc.	320,200		442,388
	Sumitomo Densetsu Co. Ltd.	111,200		2,021,142
	Sumitomo Mitsui Construction Co. Ltd.	986,540		3,360,774
#	Sumitomo Precision Products Co. Ltd.	17,284		328,247
	Sumitomo Warehouse Co. Ltd.	362,700		6,796,536

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
INDUSTRIALS — (Continued)
	Suzumo Machinery Co. Ltd.	2,200	$	40,570
#	SWCC Showa Holdings Co. Ltd.	136,600		2,083,521
#	Tacmina Corp.	14,700		142,458
	Tadano Ltd.	702,900		5,885,014
	Taihei Dengyo Kaisha Ltd.	91,600		1,977,550
#	Taiheiyo Kouhatsu, Inc.	43,500		228,132
	Taikisha Ltd.	161,000		4,003,361
#	Taisei Oncho Co. Ltd.	14,900		232,766
#	Takadakiko Co. Ltd.	7,500		178,874
#	Takamatsu Construction Group Co. Ltd.	106,800		1,800,818
	Takamatsu Machinery Co. Ltd.	41,800		232,436
	Takamiya Co. Ltd.	137,800		418,931
#	Takano Co. Ltd.	53,000		314,850
	Takaoka Toko Co. Ltd.	67,120		807,729
#	Takara & Co. Ltd.	46,355		745,221
	Takara Standard Co. Ltd.	202,100		2,092,171
	Takasago Thermal Engineering Co. Ltd.	297,900		4,224,013
#	Takashima & Co. Ltd.	25,200		466,469
	Takeuchi Manufacturing Co. Ltd.	226,400		4,868,353
	Takigami Steel Construction Co. Ltd.	5,300		284,716
#	Takisawa Machine Tool Co. Ltd.	41,700		404,036
	Takuma Co. Ltd.	173,200		2,017,497
	Tanabe Consulting Co. Ltd.	2,400		13,632
	Tanabe Engineering Corp.	39,500		295,087
	Tanseisha Co. Ltd.	251,749		1,638,250
	Tatsuta Electric Wire & Cable Co. Ltd.	246,800		931,160
	TECHNO ASSOCIE Co. Ltd.	50,100		479,168
	Techno Ryowa Ltd.	68,690		479,376
#	Techno Smart Corp.	49,500		496,133
	Teikoku Electric Manufacturing Co. Ltd.	108,900		1,401,052
	Teikoku Sen-I Co. Ltd.	113,000		1,595,747
	Tekken Corp.	84,200		1,267,033
	Tenox Corp.	22,500		145,484
	Teraoka Seisakusho Co. Ltd.	55,700		162,056
	Terasaki Electric Co. Ltd.	25,500		222,900
	Toa Corp.	96,400		1,964,744
	TOA ROAD Corp.	25,800		1,016,924
#	Toba, Inc.	9,800		226,123
	Tobishima Corp.	123,770		1,044,614
	Tocalo Co. Ltd.	387,300		4,271,074
	Toda Corp.	649,000		3,930,884
	Toenec Corp.	54,400		1,460,331
	Togami Electric Manufacturing Co. Ltd.	17,800		251,824
	TOKAI Holdings Corp.	651,000		4,590,470
	Tokai Lease Co. Ltd.	18,800		240,314
	Tokyo Energy & Systems, Inc.	144,700		1,148,184
#	Tokyo Keiki, Inc.	73,822		717,939
#	Tokyo Sangyo Co. Ltd.	129,200		763,782
#	Tokyu Construction Co. Ltd.	543,800		2,982,973
	Toli Corp.	282,400		511,408
#	Tomoe Corp.	155,100		615,959
	Tomoe Engineering Co. Ltd.	49,100		971,210
	Tonami Holdings Co. Ltd.	37,500		1,152,539
	Torishima Pump Manufacturing Co. Ltd.	121,400		1,017,871
	TORQ, Inc.	7,900		14,215
	Totech Corp.	49,200		918,862
	Totetsu Kogyo Co. Ltd.	157,400		2,920,169
#	Totoku Electric Co. Ltd.	17,700		396,765
*	Toyo Construction Co. Ltd.	492,600		3,120,523

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
INDUSTRIALS — (Continued)
#	Toyo Denki Seizo KK	36,550	$	299,507
# *	Toyo Engineering Corp.	200,778		1,040,393
#	Toyo Logistics Co. Ltd.	85,100		226,333
	Toyo Machinery & Metal Co. Ltd.	100,000		515,221
	Toyo Tanso Co. Ltd.	80,600		2,069,684
#	Toyo Wharf & Warehouse Co. Ltd.	36,000		442,232
	Trancom Co. Ltd.	48,800		2,815,620
	TRE Holdings Corp.	217,012		3,507,843
	Trinity Industrial Corp.	36,000		208,708
	Trusco Nakayama Corp.	227,000		4,441,540
	Tsubaki Nakashima Co. Ltd.	270,600		2,122,065
	Tsubakimoto Chain Co.	168,240		4,186,859
#	Tsubakimoto Kogyo Co. Ltd.	28,400		850,789
#	Tsugami Corp.	285,300		3,070,888
	Tsukishima Kikai Co. Ltd.	167,800		1,482,880
	Tsurumi Manufacturing Co. Ltd.	118,200		1,755,930
#	Ueki Corp.	60,800		734,454
	Union Tool Co.	46,300		1,437,834
	UPR Corp.	6,000		82,703
	Ushio, Inc.	622,400		9,213,969
#	UT Group Co. Ltd.	186,300		4,689,995
	Waida Manufacturing Co. Ltd.	5,100		41,486
#	Wakachiku Construction Co. Ltd.	76,000		1,212,936
	Wakita & Co. Ltd.	240,100		1,964,205
#	WDB Holdings Co. Ltd.	64,600		1,430,657
	Weathernews, Inc.	36,500		2,688,803
	Welbe, Inc.	59,100		498,167
#	Will Group, Inc.	98,000		1,016,192
	World Holdings Co. Ltd.	50,700		973,673
	Yahagi Construction Co. Ltd.	172,600		1,133,207
	YAMABIKO Corp.	226,728		2,768,490
	YAMADA Consulting Group Co. Ltd.	72,700		701,363
	Yamashina Corp.	245,700		147,048
#	Yamato Corp.	108,400		669,974
#	Yamaura Corp.	12,700		99,015
#	Yamazen Corp.	372,600		2,866,996
#	Yasuda Logistics Corp.	100,700		798,634
	Yokogawa Bridge Holdings Corp.	208,500		3,306,983
#	Yondenko Corp.	54,120		762,582
	Yuasa Trading Co. Ltd.	106,900		2,527,908
#	Yuken Kogyo Co. Ltd.	20,500		294,897
	Yurtec Corp.	259,400		1,464,921
	Yushin Precision Equipment Co. Ltd.	29,800		163,625
	Zaoh Co. Ltd.	25,900		410,143
	Zenitaka Corp.	19,200		652,408
#	Zuiko Corp.	94,600		639,414

TOTAL INDUSTRIALS				868,598,693

INFORMATION TECHNOLOGY — (15.2%)
#	A&D Co. Ltd.	129,500		1,017,663
*	Access Co. Ltd.	121,800		573,056
	Ad-sol Nissin Corp.	47,200		635,481
	Adtec Plasma Technology Co. Ltd.	25,000		535,427
*	Advanced Media, Inc.	53,100		259,127
#	AGS Corp.	13,000		84,552
	Ai Holdings Corp.	246,900		3,441,132
# *	AI inside, Inc.	3,900		165,617
	Aichi Tokei Denki Co. Ltd.	54,600		695,791
	Aiphone Co. Ltd.	66,800		1,118,503

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
INFORMATION TECHNOLOGY — (Continued)
# *	Allied Telesis Holdings KK	191,200	$	158,874
#	Alpha Systems, Inc.	44,020		1,513,674
	Alps Alpine Co. Ltd.	1,039,300		10,232,508
	Amano Corp.	224,100		4,007,291
#	Anritsu Corp.	675,200		8,549,926
	AOI Electronics Co. Ltd.	27,700		455,342
	Argo Graphics, Inc.	105,300		2,629,547
#	Arisawa Manufacturing Co. Ltd.	212,200		1,656,784
	Artiza Networks, Inc.	10,400		115,719
#	ArtSpark Holdings, Inc.	206,000		1,404,271
	Asahi Intelligence Service Co. Ltd.	1,300		12,680
#	Ascentech KK	32,000		216,526
#	Asteria Corp.	59,100		465,790
#	Atled Corp.	15,700		291,969
	Aval Data Corp.	800		20,290
#	Avant Corp.	123,900		1,362,967
#	Axell Corp.	34,400		296,724
	Base Co. Ltd.	6,900		355,454
	Bell System24 Holdings, Inc.	218,600		2,453,563
*	BrainPad, Inc.	77,300		817,300
#	Broadband Tower, Inc.	105,600		187,126
	Broadleaf Co. Ltd.	591,000		1,776,285
#	Business Brain Showa-Ota, Inc.	38,400		464,731
#	Business Engineering Corp.	1,800		57,053
	CAC Holdings Corp.	75,200		864,928
	Canon Electronics, Inc.	128,500		1,682,457
#	CDS Co. Ltd.	15,500		209,086
#	Chino Corp.	45,000		595,449
#	Citizen Watch Co. Ltd.	1,771,000		7,504,190
	CMK Corp.	278,600		1,401,937
	Computer Engineering & Consulting Ltd.	170,100		1,778,977
#	Computer Institute of Japan Ltd.	113,640		704,271
	Comture Corp.	143,900		3,621,383
	CONEXIO Corp.	98,700		1,131,336
#	Core Corp.	45,800		593,474
#	Cresco Ltd.	86,500		1,384,542
#	Cross Cat Co. Ltd.	8,200		80,295
#	Cube System, Inc.	60,600		460,335
	Cyber Com Co. Ltd.	10,600		99,105
	Cyberlinks Co. Ltd.	28,400		234,599
	Cybernet Systems Co. Ltd.	81,500		493,154
	Cybozu, Inc.	150,100		1,690,567
	Daiko Denshi Tsushin Ltd.	26,600		87,458
#	Daishinku Corp.	160,896		1,565,939
	Daitron Co. Ltd.	55,600		855,011
	Daiwabo Holdings Co. Ltd.	582,700		7,809,451
	Dawn Corp.	4,000		64,756
#	Densan System Holdings Co. Ltd.	41,000		865,653
	Dexerials Corp.	376,400		10,155,388
	Digital Arts, Inc.	75,200		4,521,577
	Digital Garage, Inc.	150,100		5,607,637
#	Digital Hearts Holdings Co. Ltd.	74,800		1,087,568
	Digital Information Technologies Corp.	57,500		599,259
	DKK Co. Ltd.	63,400		1,169,119
#	DKK-Toa Corp.	31,400		236,020
	Double Standard, Inc.	34,200		592,511
	DTS Corp.	257,200		5,623,432
	Ebase Co. Ltd.	102,900		477,770
#	E-Guardian, Inc.	62,600		1,550,925

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
INFORMATION TECHNOLOGY — (Continued)
	Eizo Corp.	101,500	$	2,970,905
	Elecom Co. Ltd.	227,300		2,730,151
	Elematec Corp.	118,242		1,005,002
	Enomoto Co. Ltd.	30,200		392,903
#	Enplas Corp.	50,600		1,119,599
	ESPEC Corp.	117,700		1,883,832
	Fenwal Controls of Japan Ltd.	20,500		243,028
#	Ferrotec Holdings Corp.	232,000		5,159,435
# *	FFRI Security, Inc.	11,600		109,784
	Fixstars Corp.	97,100		657,323
#	Focus Systems Corp.	53,700		413,685
#	Forval Corp.	51,100		374,410
#	FTGroup Co. Ltd.	51,000		438,922
	Fuji Soft, Inc.	121,000		6,073,319
	Fukui Computer Holdings, Inc.	55,200		1,462,013
	Furuno Electric Co. Ltd.	157,500		1,304,456
#	Furuya Metal Co. Ltd.	13,900		1,160,786
	Future Corp.	306,300		4,317,197
	Future Innovation Group, Inc.	11,900		28,378
#	Gig Works, Inc.	40,000		157,653
#	GL Sciences, Inc.	44,500		920,147
#	Glosel Co. Ltd.	113,200		394,809
#	GMO Financial Gate, Inc.	6,800		845,876
	GMO GlobalSign Holdings KK	34,100		1,711,084
	GMO Pepabo, Inc.	7,300		136,142
	Hagiwara Electric Holdings Co. Ltd.	48,300		797,049
#	Hakuto Co. Ltd.	84,900		1,687,815
# *	Hennge KK	13,200		101,028
	Himacs Ltd.	960		10,062
	Hioki EE Corp.	64,000		3,653,597
	Hochiki Corp.	91,500		923,271
#	Hokuriku Electric Industry Co. Ltd.	33,197		321,143
#	Honda Tsushin Kogyo Co. Ltd.	110,100		431,510
	Horiba Ltd.	6,500		354,186
#	Hosiden Corp.	329,800		3,112,097
# *	Hotto Link, Inc.	55,800		213,696
# *	HPC Systems, Inc.	17,700		306,247
#	Icom, Inc.	55,500		1,121,134
#	ID Holdings Corp.	76,250		526,328
	Ikegami Tsushinki Co. Ltd.	32,799		169,209
	I’ll, Inc.	24,800		312,900
	Ines Corp.	125,400		1,670,060
#	I-Net Corp.	76,490		797,776
#	Infocom Corp.	145,400		2,502,305
	Infomart Corp.	912,000		4,869,490
	Information Services International-Dentsu Ltd.	144,100		4,589,616
#	Innotech Corp.	98,600		1,108,837
	Intelligent Wave, Inc.	46,700		220,909
	Inter Action Corp.	58,500		1,027,146
#	I-O Data Device, Inc.	50,700		536,948
	I-PEX, Inc.	72,100		859,386
	Iriso Electronics Co. Ltd.	131,700		3,574,245
	ISB Corp.	50,400		464,070
# *	ITbook Holdings Co. Ltd.	60,900		310,090
	Itfor, Inc.	172,600		1,107,054
#	Iwatsu Electric Co. Ltd.	54,900		393,649
	Japan Aviation Electronics Industry Ltd.	314,700		5,097,834
#	Japan Cash Machine Co. Ltd.	141,800		777,722
*	Japan Display, Inc.	64,300		25,250

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
INFORMATION TECHNOLOGY — (Continued)
#	Japan Electronic Materials Corp.	61,600	$	1,045,585
	Japan Material Co. Ltd.	435,800		6,142,950
#	Japan System Techniques Co. Ltd.	13,800		286,608
#	Jastec Co. Ltd.	72,900		658,848
#	JBCC Holdings, Inc.	93,400		1,183,366
	JFE Systems, Inc.	10,000		205,614
# *	JIG-SAW, Inc.	18,500		978,407
	Kaga Electronics Co. Ltd.	111,000		2,933,960
	Kanematsu Electronics Ltd.	78,500		2,458,965
	KEL Corp.	27,900		317,450
#	Koa Corp.	198,800		2,311,621
#	Konica Minolta, Inc.	1,875,100		7,871,160
	KSK Co. Ltd.	3,000		54,816
#	Kyoden Co. Ltd.	116,100		550,203
	Kyosan Electric Manufacturing Co. Ltd.	261,000		930,292
	Kyowa Electronic Instruments Co. Ltd.	129,800		389,014
#	LAC Co. Ltd.	100,100		749,120
	Macnica Fuji Electronics Holdings, Inc.	342,150		7,317,556
#	Marubun Corp.	112,200		649,832
	Maruwa Co. Ltd.	59,700		7,910,468
	Maxell Ltd.	305,000		2,985,908
	MCJ Co. Ltd.	432,800		3,293,156
*	Megachips Corp.	113,300		3,470,842
	Meiko Electronics Co. Ltd.	134,500		4,390,983
#	Melco Holdings, Inc.	35,600		1,136,759
*	Metaps, Inc.	2,500		15,934
	Micronics Japan Co. Ltd.	128,500		1,738,899
	MIMAKI ENGINEERING Co. Ltd.	113,200		631,146
	Mimasu Semiconductor Industry Co. Ltd.	114,381		2,373,668
#	Miraial Co. Ltd.	42,100		597,959
	Miroku Jyoho Service Co. Ltd.	112,800		1,307,609
	Mitachi Co. Ltd.	7,900		59,814
	Mitsubishi Research Institute, Inc.	50,700		1,656,726
	m-up Holdings, Inc.	141,200		1,186,527
#	Mutoh Holdings Co. Ltd.	9,300		161,281
#	Nagano Keiki Co. Ltd.	88,600		905,707
#	Naigai Tec Corp.	7,900		179,673
#	Nakayo, Inc.	73,100		684,290
	NEC Networks & System Integration Corp.	98,200		1,429,263
	NET One Systems Co. Ltd.	204,500		4,764,118
#	NF Holdings Corp.	25,900		262,492
#	Nichicon Corp.	313,500		3,002,732
	Nihon Dempa Kogyo Co. Ltd.	84,000		852,022
	Nihon Denkei Co. Ltd.	43,300		472,794
*	Nippon Chemi-Con Corp.	125,300		1,925,272
	Nippon Computer Dynamics Co. Ltd.	36,200		204,507
	Nippon Electric Glass Co. Ltd.	460,036		10,175,589
#	Nippon Information Development Co. Ltd.	12,600		150,863
#	Nippon Kodoshi Corp.	51,600		927,141
	Nippon Signal Co. Ltd.	295,800		2,132,833
	Nippon Systemware Co. Ltd.	48,600		867,835
#	Nissha Co. Ltd.	245,700		2,895,377
	Nohmi Bosai Ltd.	145,100		2,309,859
	NSD Co. Ltd.	495,760		8,860,670
	Ohara, Inc.	48,700		503,258
#	Ohizumi Manufacturing Co. Ltd.	22,800		166,210
# *	Okaya Electric Industries Co. Ltd.	77,800		190,059
#	Oki Electric Industry Co. Ltd.	520,900		3,591,829
	ONO Sokki Co. Ltd.	32,200		124,150

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
INFORMATION TECHNOLOGY — (Continued)
	Optex Group Co. Ltd.	169,820	$	2,388,854
*	Optim Corp.	76,200		633,148
	Optorun Co. Ltd.	128,700		2,209,547
	Oro Co. Ltd.	31,300		592,846
	Osaki Electric Co. Ltd.	281,800		1,076,049
	Oval Corp.	35,600		82,155
#	PCA Corp.	37,000		463,314
#	PCI Holdings, Inc.	45,300		402,617
	Pipedo HD, Inc.	10,600		237,909
	Poletowin Pitcrew Holdings, Inc.	202,800		1,867,113
#	Pro-Ship, Inc.	51,100		596,516
	Relia, Inc.	245,600		2,131,215
	Restar Holdings Corp.	112,300		1,811,061
*	Ricksoft Co. Ltd.	2,000		28,484
#	Riken Keiki Co. Ltd.	89,400		3,568,127
	Riso Kagaku Corp.	76,000		1,229,519
#	River Eletec Corp.	35,300		325,007
	Roland DG Corp.	82,600		2,267,626
	Rorze Corp.	68,900		6,808,825
#	Ryoden Corp.	95,700		1,331,138
	Ryosan Co. Ltd.	132,200		2,366,291
	Saison Information Systems Co. Ltd.	27,400		427,175
#	Sakura Internet, Inc.	131,700		611,212
#	Sanken Electric Co. Ltd.	89,100		3,752,660
	Sanshin Electronics Co. Ltd.	76,000		996,924
	Satori Electric Co. Ltd.	79,180		638,109
#	Saxa Holdings, Inc.	30,600		384,971
	SB Technology Corp.	65,000		1,337,732
#	Scala, Inc.	102,100		628,213
	Segue Group Co. Ltd.	1,900		9,699
#	Seikoh Giken Co. Ltd.	23,900		346,538
#	SEMITEC Corp.	8,000		490,124
#	SERAKU Co. Ltd.	24,700		285,547
#	Shibaura Electronics Co. Ltd.	45,000		2,779,110
#	Shibaura Mechatronics Corp.	23,100		1,605,116
#	Shindengen Electric Manufacturing Co. Ltd.	48,500		1,225,925
	Shinko Shoji Co. Ltd.	240,500		1,788,400
#	Shizuki Electric Co., Inc.	121,600		450,567
	Showa Shinku Co. Ltd.	24,400		293,118
#	Sigma Koki Co. Ltd.	28,900		385,686
	Siix Corp.	193,700		1,675,394
	SK-Electronics Co. Ltd.	49,000		330,771
# *	Smaregi, Inc.	15,900		180,459
	SMK Corp.	29,199		532,373
#	Softcreate Holdings Corp.	48,200		1,835,330
	Soliton Systems KK	54,100		721,634
	Solxyz Co. Ltd.	41,000		136,215
	Soshin Electric Co. Ltd.	18,200		88,385
# *	Speee, Inc.	3,600		115,587
	SRA Holdings	70,400		1,598,169
	Sumida Corp.	184,249		1,403,366
# *	Sun*, Inc.	19,500		287,138
#	Sun-Wa Technos Corp.	76,800		841,681
	Suzuki Co. Ltd.	73,200		475,825
	System D, Inc.	1,100		10,634
#	System Information Co. Ltd.	54,800		404,481
	System Research Co. Ltd.	29,800		456,745
	System Support, Inc.	19,300		175,513
#	Systems Engineering Consultants Co. Ltd.	6,600		122,281

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
INFORMATION TECHNOLOGY — (Continued)
	Systena Corp.	1,460,000	$	5,117,475
#	Tachibana Eletech Co. Ltd.	105,360		1,415,989
#	Takachiho Koheki Co. Ltd.	40,900		495,691
#	TAKEBISHI Corp.	52,200		609,939
#	Tamagawa Holdings Co. Ltd.	5,900		42,303
#	Tamura Corp.	444,000		2,219,763
#	TDC Soft, Inc.	93,400		888,323
	TechMatrix Corp.	246,900		4,296,504
#	Techno Horizon Co. Ltd.	56,700		338,044
#	Tecnos Japan, Inc.	46,100		173,567
	Teikoku Tsushin Kogyo Co. Ltd.	51,500		605,727
	Terilogy Co. Ltd.	25,800		85,739
#	TESEC Corp.	22,600		360,710
#	TKC Corp.	186,500		5,060,812
	Tobila Systems, Inc.	1,600		10,560
	Toho System Science Co. Ltd.	2,700		20,309
#	Tokyo Electron Device Ltd.	45,100		1,897,542
#	Tokyo Seimitsu Co. Ltd.	253,800		10,030,599
#	Tomen Devices Corp.	17,800		921,975
	Topcon Corp.	684,300		8,669,330
	Torex Semiconductor Ltd.	52,900		1,140,383
	Toshiba TEC Corp.	88,800		3,555,686
	Toukei Computer Co. Ltd.	6,210		258,772
#	Towa Corp.	142,500		2,810,257
	Toyo Corp.	149,600		1,298,898
*	Transcosmos, Inc.	98,100		2,547,594
#	Tri Chemical Laboratories, Inc.	154,500		3,579,498
	Tsuzuki Denki Co. Ltd.	42,800		516,730
	Ubicom Holdings, Inc.	29,000		585,251
	Uchida Yoko Co. Ltd.	50,500		2,003,702
	ULS Group, Inc.	11,100		401,109
#	Uniden Holdings Corp.	38,400		1,080,161
#	UNITED, Inc.	24,200		366,374
	User Local, Inc.	7,400		106,732
#	V Technology Co. Ltd.	56,900		1,523,295
	VINX Corp.	25,600		241,704
	Wacom Co. Ltd.	990,000		7,589,447
#	Wellnet Corp.	54,900		248,432
#	WILLs, Inc.	34,200		214,732
#	Wow World, Inc.	21,700		207,591
# *	Writeup Co. Ltd.	11,400		247,549
#	YAC Holdings Co. Ltd.	59,500		809,346
	Yamaichi Electronics Co. Ltd.	150,900		2,286,558
	Yashima Denki Co. Ltd.	119,500		913,746
#	YE DIGITAL Corp.	14,400		52,438
#	Yokowo Co. Ltd.	108,500		2,284,061

TOTAL INFORMATION TECHNOLOGY				455,321,504

MATERIALS — (12.1%)
	Achilles Corp.	85,800		887,765
	ADEKA Corp.	526,300		11,559,719
#	Agro-Kanesho Co. Ltd.	2,300		21,883
	Aichi Steel Corp.	70,200		1,377,238
#	Arakawa Chemical Industries Ltd.	106,400		927,517
#	Araya Industrial Co. Ltd.	21,400		286,173
#	Asahi Holdings, Inc.	464,800		8,595,744
	Asahi Printing Co. Ltd.	25,700		173,591
	Asahi Yukizai Corp.	90,600		1,479,810
	Asahipen Corp.	2,100		32,865

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
MATERIALS — (Continued)
	Asia Pile Holdings Corp.	210,800	$	735,557
	C Uyemura & Co. Ltd.	72,700		3,390,126
	Carlit Holdings Co. Ltd.	131,200		707,294
#	Chuetsu Pulp & Paper Co. Ltd.	49,900		387,114
#	Chugoku Marine Paints Ltd.	327,800		2,421,389
	CI Takiron Corp.	284,700		1,266,316
#	CK-San-Etsu Co. Ltd.	22,800		714,637
	Dai Nippon Toryo Co. Ltd.	123,600		792,161
#	Daicel Corp.	1,159,700		7,730,240
	Daido Steel Co. Ltd.	170,600		5,127,349
#	Daiichi Kigenso Kagaku-Kogyo Co. Ltd.	126,400		1,036,252
	Daiken Corp.	62,200		1,102,462
#	Daiki Aluminium Industry Co. Ltd.	178,800		2,286,035
	Dainichiseika Color & Chemicals Manufacturing Co. Ltd.	80,700		1,356,071
	Daito Chemix Corp.	27,200		190,108
	DIC Corp.	197,000		4,025,264
	DKS Co. Ltd.	50,800		1,143,890
	Dowa Holdings Co. Ltd.	605		27,650
	Dynapac Co. Ltd.	8,500		89,686
	FP Corp.	5,800		138,254
	Fuji Seal International, Inc.	240,200		3,284,135
	Fujikura Kasei Co. Ltd.	162,600		606,809
	Fujimi, Inc.	61,000		3,323,056
	Fujimori Kogyo Co. Ltd.	104,400		3,185,703
	Fuso Chemical Co. Ltd.	119,600		4,394,527
	Geostr Corp.	57,100		149,980
# *	Godo Steel Ltd.	60,900		658,468
	Gun-Ei Chemical Industry Co. Ltd.	31,700		776,053
#	Hakudo Co. Ltd.	41,600		873,143
#	Harima Chemicals Group, Inc.	93,100		607,220
	Hodogaya Chemical Co. Ltd.	43,000		1,536,266
#	Hokkan Holdings Ltd.	58,100		619,755
	Hokko Chemical Industry Co. Ltd.	119,100		908,151
#	Hokuetsu Corp.	793,299		4,501,166
	Ise Chemicals Corp.	13,000		453,756
#	Ishihara Chemical Co. Ltd.	72,000		735,593
	Ishihara Sangyo Kaisha Ltd.	227,250		1,983,953
	Ishizuka Glass Co. Ltd.	12,900		212,959
	Japan Pure Chemical Co. Ltd.	500		9,833
	JCU Corp.	134,300		4,528,810
#	JSP Corp.	81,100		1,017,439
	Kaneka Corp.	136,400		3,939,985
	Kanto Denka Kogyo Co. Ltd.	286,500		2,514,593
	Katakura & Co-op Agri Corp.	21,500		223,547
	KeePer Technical Laboratory Co. Ltd.	92,800		1,867,788
	KEIWA, Inc.	10,300		441,504
	KH Neochem Co. Ltd.	229,700		5,153,324
#	Kimoto Co. Ltd.	181,500		321,785
#	Koatsu Gas Kogyo Co. Ltd.	187,493		1,011,792
#	Kobe Steel Ltd.	1,598,885		7,689,813
#	Kohsoku Corp.	70,200		917,958
	Konishi Co. Ltd.	210,600		2,688,397
	Konoshima Chemical Co. Ltd.	37,500		537,925
	Krosaki Harima Corp.	30,400		1,024,566
	Kumiai Chemical Industry Co. Ltd.	298,887		2,154,689
	Kunimine Industries Co. Ltd.	41,700		340,954
#	Kureha Corp.	103,950		8,285,343
	Kurimoto Ltd.	60,500		778,865
	Kuriyama Holdings Corp.	78,000		611,117

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
MATERIALS — (Continued)
	Kyoei Steel Ltd.	141,500	$	1,542,702
#	Kyowa Leather Cloth Co. Ltd.	81,300		433,588
	Lintec Corp.	271,800		5,390,077
	Maeda Kosen Co. Ltd.	119,400		3,134,205
#	Maruichi Steel Tube Ltd.	182,200		4,106,747
	MEC Co. Ltd.	97,900		2,660,016
#	Mipox Corp.	5,500		48,020
#	Mitani Sekisan Co. Ltd.	67,400		3,669,798
	Mitsubishi Materials Corp.	173,700		3,039,011
	Mitsubishi Paper Mills Ltd.	246,400		630,116
	Mitsubishi Steel Manufacturing Co. Ltd.	60,400		554,876
	Mitsui Mining & Smelting Co. Ltd.	372,700		10,183,198
#	Molitec Steel Co. Ltd.	83,100		224,728
	MORESCO Corp.	39,800		370,204
	Moriroku Holdings Co. Ltd.	10,200		150,747
#	Mory Industries, Inc.	33,700		707,033
#	Nakayama Steel Works Ltd.	169,700		616,585
	Nasu Denki Tekko Co. Ltd.	3,000		242,766
	Neturen Co. Ltd.	222,100		1,069,637
#	New Japan Chemical Co. Ltd.	117,500		231,747
	Nicca Chemical Co. Ltd.	45,700		281,030
#	Nichia Steel Works Ltd.	138,600		305,201
	Nihon Kagaku Sangyo Co. Ltd.	81,300		783,783
#	Nihon Nohyaku Co. Ltd.	243,500		1,213,139
	Nihon Parkerizing Co. Ltd.	521,900		3,957,056
#	Nihon Yamamura Glass Co. Ltd.	62,500		418,294
#	Nippon Carbide Industries Co., Inc.	46,200		523,220
#	Nippon Chemical Industrial Co. Ltd.	46,300		911,307
	Nippon Concrete Industries Co. Ltd.	293,100		697,059
	Nippon Denko Co. Ltd.	720,914		1,984,145
#	Nippon Fine Chemical Co. Ltd.	83,400		1,507,773
	Nippon Kayaku Co. Ltd.	552,700		5,224,997
#	Nippon Light Metal Holdings Co. Ltd.	376,490		5,263,649
#	Nippon Paper Industries Co. Ltd.	547,200		4,654,240
#	Nippon Pillar Packing Co. Ltd.	121,300		3,026,947
	Nippon Shokubai Co. Ltd.	90,300		3,923,041
	Nippon Soda Co. Ltd.	148,300		4,079,653
#	Nippon Yakin Kogyo Co. Ltd.	93,049		2,126,546
#	Nitta Gelatin, Inc.	85,500		465,901
#	Nittetsu Mining Co. Ltd.	35,900		2,070,587
#	Nozawa Corp.	47,500		278,901
#	Oat Agrio Co. Ltd.	49,200		459,382
	Okamoto Industries, Inc.	70,500		2,250,701
	Okura Industrial Co. Ltd.	54,600		810,613
	Osaka Organic Chemical Industry Ltd.	102,200		2,535,084
	Osaka Soda Co. Ltd.	85,999		2,191,841
#	Osaka Steel Co. Ltd.	89,300		1,128,801
# *	OSAKA Titanium Technologies Co. Ltd.	107,100		1,260,463
#	Pacific Metals Co. Ltd.	92,999		3,132,978
	Pack Corp.	87,200		1,831,659
	Rasa Industries Ltd.	45,700		588,341
#	Rengo Co. Ltd.	774,900		4,949,855
	Riken Technos Corp.	234,800		875,935
	Sakai Chemical Industry Co. Ltd.	86,300		1,365,143
	Sakata INX Corp.	282,500		2,232,781
	Sanyo Chemical Industries Ltd.	86,100		3,538,501
#	Sanyo Special Steel Co. Ltd.	131,960		2,279,533
	Seiko PMC Corp.	78,300		379,031
	Sekisui Kasei Co. Ltd.	150,000		535,075

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
MATERIALS — (Continued)
	Shikoku Chemicals Corp.	229,000	$	2,502,565
	Shinagawa Refractories Co. Ltd.	35,900		1,111,497
	Shin-Etsu Polymer Co. Ltd.	286,200		2,636,682
	SK Kaken Co. Ltd.	1,300		390,929
	Soken Chemical & Engineering Co. Ltd.	48,400		660,510
	Stella Chemifa Corp.	65,600		1,389,052
	Sumitomo Bakelite Co. Ltd.	185,300		7,501,892
#	Sumitomo Osaka Cement Co. Ltd.	226,899		6,219,527
	Sumitomo Seika Chemicals Co. Ltd.	56,400		1,427,728
	T Hasegawa Co. Ltd.	209,300		4,442,709
#	T&K Toka Co. Ltd.	128,100		930,101
#	Taiheiyo Cement Corp.	98,700		1,626,410
	Taisei Lamick Co. Ltd.	36,900		809,641
	Taiyo Holdings Co. Ltd.	229,200		6,052,823
	Takasago International Corp.	85,200		1,911,180
	Takemoto Yohki Co. Ltd.	43,800		304,031
	Tanaka Chemical Corp.	13,400		188,283
#	Taoka Chemical Co. Ltd.	23,500		211,354
	Tayca Corp.	97,400		1,025,835
	Teijin Ltd.	109,300		1,216,216
	Tenma Corp.	111,900		2,211,335
#	Titan Kogyo Ltd.	5,100		77,466
	Toagosei Co. Ltd.	718,900		6,319,764
# *	Toda Kogyo Corp.	1,400		32,739
#	Toho Acetylene Co. Ltd.	12,700		121,009
	Toho Chemical Industry Co. Ltd.	47,000		202,671
#	Toho Titanium Co. Ltd.	231,000		2,741,658
#	Toho Zinc Co. Ltd.	89,899		2,151,500
	Tohoku Steel Co. Ltd.	16,300		223,398
	Tokai Carbon Co. Ltd.	298,100		2,781,082
#	Tokushu Tokai Paper Co. Ltd.	60,958		1,581,241
#	Tokuyama Corp.	389,297		5,447,166
	Tokyo Printing Ink Manufacturing Co. Ltd.	10,200		190,347
#	Tokyo Rope Manufacturing Co. Ltd.	46,000		337,928
#	Tokyo Steel Manufacturing Co. Ltd.	572,300		5,414,024
#	Tokyo Tekko Co. Ltd.	61,900		674,975
	Tomoegawa Co. Ltd.	23,900		165,914
	Tomoku Co. Ltd.	70,600		917,331
	Topy Industries Ltd.	88,200		755,499
#	Toyo Gosei Co. Ltd.	31,100		2,736,500
	Toyo Ink SC Holdings Co. Ltd.	240,100		3,731,352
	Toyo Seikan Group Holdings Ltd.	51,500		589,141
	Toyobo Co. Ltd.	523,000		4,664,295
#	TYK Corp.	148,500		356,768
	UACJ Corp.	208,841		3,972,737
#	Ube Industries Ltd.	449,400		7,319,916
	Ultrafabrics Holdings Co. Ltd.	700		17,544
	Valqua Ltd.	108,399		2,347,287
#	Vertex Corp.	42,098		989,906
	Wavelock Holdings Co. Ltd.	30,900		171,345
#	Wood One Co. Ltd.	40,897		454,107
	Yamato Kogyo Co. Ltd.	261,300		7,918,135
#	Yodogawa Steel Works Ltd.	139,200		2,986,900
	Yotai Refractories Co. Ltd.	115,400		1,188,270
	Yushiro Chemical Industry Co. Ltd.	65,900		556,382

TOTAL MATERIALS				364,835,464

REAL ESTATE — (1.4%)
	AD Works Group Co. Ltd.	144,679		177,742

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
REAL ESTATE — (Continued)
	Airport Facilities Co. Ltd.	143,970	$	637,742
	Anabuki Kosan, Inc.	16,400		300,715
#	Aoyama Zaisan Networks Co. Ltd.	92,000		926,994
	Apaman Co. Ltd.	75,900		304,367
	Ardepro Co. Ltd.	70,700		25,403
	Arealink Co. Ltd.	29,600		325,041
#	B-Lot Co. Ltd.	29,000		120,765
	Cosmos Initia Co. Ltd.	93,700		326,891
	CRE, Inc.	23,200		339,723
	Daibiru Corp.	88,000		1,581,251
#	Dear Life Co. Ltd.	152,600		662,266
	Goldcrest Co. Ltd.	103,270		1,424,126
	Good Com Asset Co. Ltd.	42,500		361,602
#	Grandy House Corp.	95,600		407,764
#	Heiwa Real Estate Co. Ltd.	204,400		6,619,746
	Ichigo, Inc.	756,500		1,945,875
#	Japan Property Management Center Co. Ltd.	86,300		723,466
	JINUSHI Co. Ltd.	84,600		1,305,509
	JSB Co. Ltd.	21,700		610,167
	Keihanshin Building Co. Ltd.	203,900		2,497,167
#	Loadstar Capital KK	9,200		130,032
#	Mirainovate Co. Ltd.	245,140		346,402
	Mugen Estate Co. Ltd.	64,200		265,716
#	Nisshin Group Holdings Co. Ltd.	205,500		777,822
#	Property Agent, Inc.	9,200		127,261
#	Raysum Co. Ltd.	94,000		711,853
	Relo Group, Inc.	12,300		183,021
	SAMTY Co. Ltd.	183,150		3,286,868
	Sankyo Frontier Co. Ltd.	24,600		1,002,717
#	Sansei Landic Co. Ltd.	29,100		195,735
	Shinoken Group Co. Ltd.	112,600		944,320
# *	SRE Holdings Corp.	26,500		724,718
	Star Mica Holdings Co. Ltd.	87,800		946,322
	Starts Corp., Inc.	213,800		4,185,136
	Sun Frontier Fudousan Co. Ltd.	190,500		1,631,862
#	Sunnexta Group, Inc.	11,700		107,110
#	Takara Leben Co. Ltd.	547,800		1,340,000
	Tenpo Innovation Co. Ltd.	3,100		21,272
	TOC Co. Ltd.	300,450		1,633,965
	Tokyo Rakutenchi Co. Ltd.	19,800		672,158
#	Tokyo Theatres Co., Inc.	47,099		478,192
	Tosei Corp.	202,900		1,934,466
	Urbanet Corp. Co. Ltd.	92,700		230,320
	Yoshicon Co. Ltd.	3,100		29,123

TOTAL REAL ESTATE				43,530,713

UTILITIES — (1.5%)
#	EF-ON, Inc.	88,520		425,713
#	eRex Co. Ltd.	191,000		2,696,582
#	Hiroshima Gas Co. Ltd.	322,200		885,271
#	Hokkaido Electric Power Co., Inc.	1,163,200		4,607,925
	Hokkaido Gas Co. Ltd.	96,800		1,167,970
#	Hokuriku Electric Power Co.	1,020,000		4,441,164
#	Hokuriku Gas Co. Ltd.	10,100		240,500
	K&O Energy Group, Inc.	94,800		1,303,107
	Nippon Gas Co. Ltd.	684,000		8,346,838
#	Okinawa Electric Power Co., Inc.	295,316		3,339,132
# *	RENOVA, Inc.	18,000		250,481
#	Saibu Gas Holdings Co. Ltd.	217,700		3,553,267

THE JAPANESE SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
UTILITIES — (Continued)
	Shikoku Electric Power Co., Inc.	708,000	$	4,577,778
	Shizuoka Gas Co. Ltd.	322,100		2,242,484
#	Toell Co. Ltd.	57,500		431,277
#	West Holdings Corp.	134,903		5,282,521

TOTAL UTILITIES				43,792,010

TOTAL COMMON STOCKS Cost ($2,870,612,254)				2,923,634,467


			Value†
SECURITIES LENDING COLLATERAL — (2.7%)
@ §	The DFA Short Term Investment Fund	7,010,537		81,090,883

TOTAL INVESTMENTS — (100.0%)
(Cost $2,951,710,581)^^			$	3,004,725,350

ST Special Tax

»	Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments.

#	Total or Partial Securities on Loan.

*	Non-Income Producing Securities.

††	Security valued using significant unobservable inputs (Level 3).

†	See Security Valuation Note within the Notes to Schedules of Investments.

@	Security purchased with cash collateral received from Securities on Loan.

§	Affiliated Fund.

^^	See Federal Tax Cost Note within the Notes to Schedules of Investments.

Summary of the Series’ investments as of March 31, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):


	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3		Total
Common Stocks
Communication Services		—	$	81,611,429		—	$	81,611,429
Consumer Discretionary		—		421,710,564		—		421,710,564
Consumer Staples		—		222,662,969		—		222,662,969
Energy		—		28,951,872		—		28,951,872
Financials		—		258,474,992		—		258,474,992
Health Care		—		134,144,257		—		134,144,257
Industrials		—		868,598,693		—		868,598,693
Information Technology		—		455,321,504		—		455,321,504
Materials		—		364,835,464		—		364,835,464
Real Estate		—		43,530,713		—		43,530,713
Utilities		—		43,792,010		—		43,792,010
Securities Lending Collateral		—		81,090,883		—		81,090,883

TOTAL		—	$	3,004,725,350		—	$	3,004,725,350

THE ASIA PACIFIC SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

March 31, 2022

(Unaudited)


		Shares	Value»
COMMON STOCKS — (98.1%)
AUSTRALIA — (63.7%)
*	3P Learning Ltd.	93,233	$	108,376
#	5E Advanced Materials, Inc.	10,282		19,389
*	A2B Australia Ltd.	509,844		540,214
	Abacus Property Group	20,266		49,931
# *	A-Cap Energy Ltd.	575,931		51,503
	Accent Group Ltd.	2,684,944		3,408,839
	Acrow Formwork & Construction Services Ltd.	188,221		71,059
# *	Actinogen Medical Ltd.	729,727		56,926
#	Adairs Ltd.	1,027,629		2,294,288
	Adbri Ltd.	2,286,093		5,129,008
# *	Adore Beauty Group Ltd.	42,014		63,742
# *	Advance Zinctek Ltd.	9,653		15,154
# *	Aeris Resources Ltd.	694,142		85,073
*	Ainsworth Game Technology Ltd.	529,062		453,338
# *	Alcidion Group Ltd.	643,486		92,794
# *	Alkane Resources Ltd.	3,356,164		2,880,446
# *	Alliance Aviation Services Ltd.	412,028		1,158,316
# *	Alligator Energy Ltd.	8,107,416		683,914
	Altech Chemical Ltd.	174,277		11,277
# *	AMA Group Ltd.	6,168,260		1,626,064
*	AMP Ltd.	19,595,083		14,055,913
#	Ansell Ltd.	519,500		9,961,660
*	Antipa Minerals Ltd.	2,015,335		66,367
#	Appen Ltd.	755,130		3,861,912
# *	Arafura Resources Ltd.	9,284,899		2,518,270
	ARB Corp. Ltd.	515,812		15,874,824
# *	Archer Materials Ltd.	514,440		369,566
*	Ardea Resources Ltd.	132,809		162,401
# *	Ardent Leisure Group Ltd.	3,173,442		3,156,188
# *	Argosy Minerals Ltd.	1,030,094		355,319
	Aroa Biosurgery Ltd.	61,062		35,139
*	Atomos Ltd.	766,415		524,553
	AUB Group Ltd.	589,615		10,007,305
# *	Audinate Group Ltd.	116,574		577,268
*	Aura Energy Ltd.	259,286		51,527
# *	Aurelia Metals Ltd.	8,842,817		3,250,258
*	Aussie Broadband Ltd.	398,379		1,579,074
	Austal Ltd.	2,403,127		3,392,886
	Austin Engineering Ltd.	333,406		71,522
*	Australian Agricultural Co. Ltd.	3,149,972		3,842,634
	Australian Ethical Investment Ltd.	256,761		1,378,000
#	Australian Finance Group Ltd.	1,762,091		2,807,996
*	Australian Mines Ltd.	1,686,274		256,348
*	Australian Potash Ltd.	426,553		24,918
*	Australian Strategic Materials Ltd.	565,588		3,184,141
# *	Australian Vanadium Ltd.	8,025,656		490,177
#	Australian Vintage Ltd.	3,037,444		1,629,300
*	Australis Oil & Gas Ltd.	643,590		37,135
	Auswide Bank Ltd.	166,720		894,940
#	AVJennings Ltd.	5,672,925		2,265,223
# *	AVZ Minerals Ltd.	1,847,793		1,682,099
††	Axsesstoday Ltd.	1,687		1

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
AUSTRALIA — (Continued)
	Baby Bunting Group Ltd.	766,581	$	2,949,644
*	Bannerman Energy Ltd.	831,485		137,373
	Bannerman Resources Ltd.	122,451		20,617
	Bapcor Ltd.	2,189,248		10,435,297
	Base Resources Ltd.	1,192,868		312,337
*	BCI Minerals Ltd.	2,482,075		806,356
#	Beach Energy Ltd.	11,412,031		13,317,102
#	Beacon Lighting Group Ltd.	399,768		828,800
	Beacon Minerals Ltd.	2,042,535		53,419
	Bega Cheese Ltd.	1,973,378		7,059,144
#	Bell Financial Group Ltd.	709,933		684,903
*	Bellevue Gold Ltd.	6,785,244		4,876,924
# *	Betmakers Technology Group Ltd.	1,239,988		581,618
# *	Bigtincan Holdings Ltd.	1,280,517		823,382
*	Bionomics Ltd.	160,677		7,800
*	Black Rock Mining Ltd.	2,860,513		539,093
	Blackmores Ltd.	94,090		5,282,531
	Boral Ltd.	193,366		498,687
# *	Boss Energy Ltd.	132,969		220,363
*	Botanix Pharmaceuticals Ltd.	688,967		44,803
*	Bowen Coking Coal Ltd.	330,866		68,587
	Bravura Solutions Ltd.	1,830,843		2,425,787
#	Breville Group Ltd.	652,020		13,204,247
	Brickworks Ltd.	486,532		8,837,904
*	Bubs Australia Ltd.	93,511		33,333
*	Buru Energy Ltd.	713,223		124,475
	BWX Ltd.	1,101,611		1,841,563
*	Byron Energy Ltd.	275,427		31,339
*	Calidus Resources Ltd.	690,973		509,253
# *	Calima Energy Ltd.	1,950,890		290,824
*	Calix Ltd.	558,482		3,086,345
*	Cannindah Resources Ltd.	18,583		4,797
	Capitol Health Ltd.	5,572,132		1,434,123
	Capral Ltd.	50,168		343,109
*	Capricorn Metals Ltd.	2,026,381		6,211,454
# *	Carbon Revolution Ltd.	376,531		183,234
# *	Carnarvon Energy Ltd.	6,587,841		1,550,277
	Carnarvon Energy Ltd.	988,149		232,921
	Carsales.com Ltd.	163,160		2,525,929
#	Cash Converters International Ltd.	2,819,818		526,022
# *	Catapult Group International Ltd.	458,978		495,953
* ††	CDS Technologies Ltd.	13,276		0
	Cedar Woods Properties Ltd.	480,734		1,673,044
*	Central Petroleum Ltd.	759,474		68,428
, ††	Centrebet Litigatation	162,672		0
*	Chalice Mining Ltd.	598,429		3,150,319
	Challenger Ltd.	2,094,974		10,496,236
#	Champion Iron Ltd.	1,573,976		9,190,923
*	City Chic Collective Ltd.	1,254,668		3,164,696
*	Clean Seas Seafood Ltd.	231,488		107,168
	ClearView Wealth Ltd.	156,351		87,738
#	Clinuvel Pharmaceuticals Ltd.	240,036		3,287,095
#	Clover Corp. Ltd.	746,988		767,789
# *	Cobalt Blue Holdings Ltd.	650,479		404,409
	Codan Ltd.	670,501		3,632,947
# *	Cogstate Ltd.	196,655		338,313

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
AUSTRALIA — (Continued)
*	Collection House Ltd.	2,047,376	$	184,816
	Collins Foods Ltd.	791,568		6,205,234
*	Comet Ridge Ltd.	567,030		76,485
# *	Cooper Energy Ltd.	12,026,944		2,613,100
# *	Core Lithium Ltd.	756,237		764,607
*	Corporate Travel Management Ltd.	676,420		11,910,118
	Costa Group Holdings Ltd.	2,751,728		6,521,445
#	Credit Corp. Group Ltd.	442,571		9,962,954
*	Creso Pharma Ltd.	39,292		2,109
	CSR Ltd.	3,109,441		14,214,172
# *	Cynata Therapeutics Ltd.	111,132		34,300
# *	Dacian Gold Ltd.	1,194,281		197,343
# *	Danakali Ltd.	693,690		154,999
	Data#3 Ltd.	1,135,606		4,992,545
# *	De Grey Mining Ltd.	5,677,245		4,938,426
*	Decmil Group Ltd.	508,303		79,743
# *	Deep Yellow Ltd.	1,225,908		930,766
	Deterra Royalties Ltd.	2,795,041		10,063,994
*	Develop Global Ltd.	15,149		34,950
#	Dicker Data Ltd.	387,382		4,211,790
	Domain Holdings Australia Ltd.	1,497,814		4,440,308
	Downer EDI Ltd.	3,738,870		15,000,427
# *	Dreadnought Resources Ltd.	4,729,913		137,375
#	Eagers Automotive Ltd.	801,536		8,453,930
#	Earlypay Ltd.	895,572		321,050
# *	Eclipx Group Ltd.	2,349,979		4,404,567
*	Ecofibre Ltd.	75,087		25,639
# *	Ecograf Ltd.	1,661,115		702,214
	Elanor Investor Group	413,052		637,284
	Elders Ltd.	1,009,369		10,017,285
# *	Electro Optic Systems Holdings Ltd.	454,671		966,320
	Elementos Ltd.	47,135		27,511
	Elementos Ltd.	65,488		37,912
# *	Elevate Uranium Ltd.	172,343		95,085
*	Elixir Energy Ltd.	2,250,692		294,597
# *	Elmo Software Ltd.	91,464		293,760
#	Emeco Holdings Ltd.	2,574,795		1,671,462
*	Emerald Resources NL	316,847		272,094
# *	EML Payments Ltd.	1,948,397		4,305,479
# *	Energy Resources of Australia Ltd.	361,125		102,897
	Enero Group Ltd.	247,480		717,994
# *	EnviroSuite Ltd.	1,131,191		126,578
	EQT Holdings Ltd.	131,177		2,692,021
#	Estia Health Ltd.	1,663,088		2,878,455
	Eureka Group Holdings Ltd.	28,507		14,480
*	European Lithium Ltd.	3,234,245		333,974
	Euroz Hartleys Group Ltd.	306,523		377,993
*	EVENT Hospitality & Entertainment Ltd.	554,678		5,997,682
*	Experience Co. Ltd.	102,579		24,434
	Finbar Group Ltd.	337,695		200,525
	Fleetwood Ltd.	619,375		831,109
# *	Flight Centre Travel Group Ltd.	742,646		10,864,688
# *	Fluence Corp. Ltd.	116,395		19,952
*	Frontier Digital Ventures Ltd.	939,397		920,599
# *	FYI Resources Ltd.	452,463		86,981
#	G8 Education Ltd.	6,307,808		5,398,087

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
AUSTRALIA — (Continued)
# *	Galan Lithium Ltd.	1,948,397	$	2,862,582
*	Gascoyne Resources Ltd.	101,641		22,459
	Gascoyne Resources Ltd.	13,721		3,029
# *	Genetic Signatures Ltd.	171,373		154,462
# *	Genex Power Ltd.	899,377		96,903
	Genworth Mortgage Insurance Australia Ltd.	2,608,889		5,603,462
	Gold Road Resources Ltd.	6,651,673		8,120,772
	GR Engineering Services Ltd.	209,190		344,155
	GrainCorp Ltd., Class A	1,547,172		9,791,260
#	Grange Resources Ltd.	3,698,163		3,068,126
# *	Greenland Minerals Ltd.	1,881,748		99,646
*	GTN Ltd.	15,394		5,776
	GUD Holdings Ltd.	1,102,137		9,539,375
	GWA Group Ltd.	1,580,005		2,929,075
	Hansen Technologies Ltd.	1,305,013		5,602,282
# *	Hastings Technology Metals Ltd.	820,158		171,673
	Healius Ltd.	3,973,423		12,957,783
	Healthia Ltd.	104,181		144,459
*	Helios Energy Ltd.	632,312		52,189
# *	Helloworld Travel Ltd.	51,370		90,705
*	Highfield Resources Ltd.	444,440		324,246
	Horizon Oil Ltd.	1,481,646		138,299
*	Hot Chili Ltd.	169,686		182,211
#	HT&E Ltd.	1,709,119		2,448,068
#	HUB24 Ltd.	392,198		7,924,172
#	Humm Group Ltd.	2,546,056		1,623,445
*	IDT Australia Ltd.	52,972		7,858
	IGO Ltd.	142,488		1,489,461
	Iluka Resources Ltd.	2,146,030		18,050,842
#	Image Resources NL	860,899		163,466
	Imdex Ltd.	2,897,993		5,868,828
*	Immutep Ltd.	1,479,153		424,443
*	Immutep Ltd., Sponsored ADR	4,516		12,374
# *	ImpediMed Ltd.	417,437		44,703
*	Imugene Ltd.	4,245,890		777,966
#	Infomedia Ltd.	3,087,927		3,135,567
#	Inghams Group Ltd.	2,772,101		6,336,578
	Insignia Financial Ltd.	3,815,495		10,484,444
	Integral Diagnostics Ltd.	1,510,998		4,440,178
# *	Integrated Research Ltd.	750,808		407,913
*	Investigator Resources Ltd.	686,170		34,570
# *	Invictus Energy Ltd.	160,419		22,261
#	InvoCare Ltd.	945,502		8,444,135
# *	ioneer Ltd.	11,443,354		5,851,065
	IPH Ltd.	1,267,863		7,508,378
	IRESS Ltd.	1,238,548		11,009,236
	iSelect Ltd.	18,983		2,769
	IVE Group Ltd.	628,751		1,000,248
*	Janison Education Group Ltd.	262,831		186,612
# *	Jervois Global Ltd.	129,686		79,292
	Johns Lyng Group Ltd.	1,066,692		6,904,993
	Jumbo Interactive Ltd.	208,843		2,905,689
#	Jupiter Mines Ltd.	5,443,189		1,060,214
# *	Kalium Lakes Ltd.	365,906		27,231
# *	Karoon Energy Ltd.	4,205,730		6,754,149
	Kelly Partners Group Holdings Ltd.	3,572		13,650

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
AUSTRALIA — (Continued)
	Kelsian Group Ltd.	554,052	$	2,908,442
*	KGL Resources Ltd.	310,205		96,723
# *	Kingsgate Consolidated Ltd.	1,079,815		1,258,070
# *	Kogan.com Ltd.	468,030		1,977,150
# *	Lake Resources NL	3,681,901		5,416,692
# *	Lark Distilling Co. Ltd.	65,368		189,240
*	Lednium Technology Pty Ltd.	195,019		0
# *	Legend Mining Ltd.	2,176,273		119,228
	Leigh Creek Energy Ltd.	278,903		36,523
# *	Lepidico Ltd.	2,895,993		79,298
	Lifestyle Communities Ltd.	512,769		6,485,035
	Link Administration Holdings Ltd.	2,206,818		8,498,304
# *	Lithium Power International Ltd.	304,819		160,771
# *	Livetiles Ltd.	344,818		26,989
*	Lotus Resources Ltd.	364,198		107,736
#	Lovisa Holdings Ltd.	315,990		4,387,961
*	Lucapa Diamond Co. Ltd.	2,713,021		149,068
	Lycopodium Ltd.	61,159		251,073
	MA Financial Group Ltd.	335,637		2,011,719
	MACA Ltd.	2,345,337		1,541,822
# *	Mach7 Technologies Ltd.	42,643		22,823
	Macmahon Holdings Ltd.	5,714,103		830,531
*	Macquarie Telecom Group Ltd.	16,592		842,628
	Mader Group Ltd.	19,513		46,694
*	Maggie Beer Holdings Ltd.	243,446		90,447
# *	Magnetite Mines Ltd.	2,125,737		52,413
*	Matador Mining Ltd.	63,503		12,594
	MaxiPARTS Ltd.	79,407		131,701
# *	Mayne Pharma Group Ltd.	9,518,774		1,776,530
	McMillan Shakespeare Ltd.	524,400		4,696,491
#	McPherson’s Ltd.	653,702		459,506
# *	Medical Developments International Ltd.	133,004		382,932
	Medusa Mining Ltd.	966,031		632,473
# *	Megaport Ltd.	899,235		9,211,970
# *	Mesoblast Ltd.	2,382,780		2,014,617
# *	Metals X Ltd.	5,125,335		2,643,964
	Metcash Ltd.	6,296,220		21,315,195
#	Michael Hill International Ltd.	1,522,713		1,349,056
*	Micro-X Ltd.	261,656		42,108
*	Mincor Resources NL	2,649,729		4,296,421
*	MMA Offshore Ltd.	1,563,399		713,188
#	Monadelphous Group Ltd.	674,927		5,517,634
	Monash IVF Group Ltd.	1,751,900		1,555,093
#	Money3 Corp. Ltd.	1,319,770		3,022,239
*	MoneyMe Ltd.	177,692		204,007
# *	Morella Corp. Ltd.	1,171,741		29,604
*	Morning Star Gold NL	332,749		0
	MotorCycle Holdings Ltd.	103,455		227,728
#	Mount Gibson Iron Ltd.	4,669,204		2,165,351
††	Myanmar Metals Ltd.	49,486		4,862
#	Myer Holdings Ltd.	5,088,735		2,035,122
	MyState Ltd.	739,564		2,759,377
# *	Nanosonics Ltd.	1,546,016		4,552,742
	National Tyre & Wheel Ltd.	84,348		80,398
*	Navarre Minerals Ltd.	1,342,028		94,872
	Navigator Global Investments Ltd.	948,257		1,157,954

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
AUSTRALIA — (Continued)
# *	Nearmap Ltd.	3,423,442	$	3,751,798
# *	Neometals Ltd.	1,542,276		1,995,998
#	Netwealth Group Ltd.	621,015		6,896,168
# *	New Century Resources Ltd.	153,321		220,340
	New Energy Solar	35,136		22,220
#	New Hope Corp. Ltd.	3,053,402		7,763,230
*	New World Resources Ltd.	2,729,773		106,138
	nib holdings Ltd.	2,951,426		14,010,268
#	Nick Scali Ltd.	502,778		4,242,847
	Nickel Mines Ltd.	5,750,030		5,446,738
*	NICO Resources Ltd.	129,866		93,292
*	Nitro Software Ltd.	80,176		90,808
*	Northern Minerals Ltd.	730,115		28,309
*	Norwest Energy NL	1,011,292		28,009
*	Noumi Ltd.	297,888		44,445
# *	Nova Minerals Ltd.	108,288		68,895
# *	Novonix Ltd.	1,895,530		8,677,177
*	Noxopharm Ltd.	180,445		49,897
	NRW Holdings Ltd.	3,266,405		5,233,069
	Nufarm Ltd.	1,868,539		8,803,467
	Objective Corp. Ltd.	72,936		1,034,927
*	OFX Group Ltd.	1,889,079		3,419,465
*	Oklo Resources Ltd.	202,639		13,768
*	OM Holdings Ltd.	676,887		458,048
# *	Omni Bridgeway Ltd.	2,340,733		6,598,222
#	oOh!media Ltd.	3,417,957		4,124,553
*	Opthea Ltd.	1,239,176		1,061,651
*	Ora Banda Mining Ltd.	801,622		29,528
# *	OreCorp Ltd.	192,088		112,825
	Orora Ltd.	5,931,076		16,005,457
	OZ Minerals Ltd.	31,172		621,667
	Pacific Current Group Ltd.	337,121		1,916,290
# *	Pacific Smiles Group Ltd.	272,678		441,002
	Pact Group Holdings Ltd.	1,422,949		2,461,904
# *	Paladin Energy Ltd.	13,547,112		8,008,473
# *	Panoramic Resources Ltd.	10,369,824		2,323,577
# *	Pantoro Ltd.	4,232,949		888,466
*	Paradigm Biopharmaceuticals Ltd.	41,528		34,927
	Paragon Care Ltd.	176,578		59,225
	Peak Resources Ltd.	22,422		13,507
	Peet Ltd.	1,348,161		1,180,465
	Pendal Group Ltd.	2,058,779		7,099,890
# *	Peninsula Energy Ltd.	3,332,209		525,828
	PeopleIN Ltd.	408,692		1,231,577
	Pepper Money Ltd.	217,431		331,283
	Perenti Global Ltd.	4,462,529		2,493,163
	Perpetual Ltd.	376,124		9,711,135
	Perseus Mining Ltd.	8,114,950		11,920,377
#	Pinnacle Investment Management Group Ltd.	620,929		4,851,655
	Platinum Asset Management Ltd.	1,941,364		3,186,342
*	Podium Minerals Ltd.	245,537		90,059
*	PointsBet Holdings Ltd.	15,927		44,413
*	Poseidon Nickel Ltd.	12,683,800		860,215
*	PPK Group Ltd.	22,761		88,449
# *	Praemium Ltd.	2,977,411		1,525,768
# *	Predictive Discovery Ltd.	2,463,556		385,271

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
AUSTRALIA — (Continued)
	Premier Investments Ltd.	337,315	$	6,899,165
*	Prescient Therapeutics Ltd.	430,367		46,221
	Pro Medicus Ltd.	21,160		766,559
#	Probiotec Ltd.	78,596		128,984
	Pro-Pac Packaging Ltd.	7,272		6,124
	Propel Funeral Partners Ltd.	151,644		525,752
*	Prophecy International Holdings Ltd.	24,007		19,929
# *	Prospect Resources Ltd.	1,167,946		781,527
	PSC Insurance Group Ltd.	206,969		701,305
	PTB Group Ltd.	51,489		44,229
#	PWR Holdings Ltd.	560,342		3,946,988
# *	PYC Therapeutics Ltd.	389,981		25,819
	QANTM Intellectual Property Ltd.	112,211		92,826
# *	Raiz Invest Ltd.	65,033		49,847
	Ramelius Resources Ltd.	5,345,644		5,784,016
*	ReadyTech Holdings Ltd.	260,516		632,256
#	Reckon Ltd.	391,834		263,307
*	Red 5 Ltd.	12,648,400		3,544,435
	Red River Resources Ltd.	216,907		38,149
# *	Redbubble Ltd.	1,256,028		1,436,603
#	Regis Healthcare Ltd.	998,299		1,608,676
#	Regis Resources Ltd.	4,825,314		7,644,097
# *	Reject Shop Ltd.	172,851		734,077
	Reliance Worldwide Corp. Ltd.	3,624,075		11,442,832
# *	Renascor Resources Ltd.	645,598		142,112
#	Resimac Group Ltd.	121,552		159,052
# *	Resolute Mining Ltd.	7,625,039		1,895,570
*	Retail Food Group Ltd.	12,168,489		634,794
*	Rex Minerals Ltd.	26,619		5,372
	Ridley Corp. Ltd.	1,862,695		2,352,621
*	RPMGlobal Holdings Ltd.	1,028,977		1,404,378
# *	Rumble Resources Ltd.	178,014		53,137
*	Salmat Ltd.	667,137		0
	Sandfire Resources Ltd.	2,964,241		12,583,752
*	SciDev Ltd.	144,186		47,371
# *	SECOS Group Ltd.	230,520		40,479
	Select Harvests Ltd.	892,695		3,565,161
#	Servcorp Ltd.	348,243		961,607
*	Service Stream Ltd.	4,278,797		3,328,796
*	Seven West Media Ltd.	8,955,400		4,543,105
	SG Fleet Group Ltd.	639,084		1,136,744
	Shaver Shop Group Ltd.	659,777		568,915
*	Sheffield Resources Ltd.	129,910		56,562
	Shine Justice Ltd.	59,739		53,663
	Shriro Holdings Ltd.	24,206		17,734
	Sigma Healthcare Ltd.	6,192,917		2,386,904
*	Silex Systems Ltd.	80,327		72,681
*	Silver Lake Resources Ltd.	5,791,755		9,364,551
# *	Silver Mines Ltd.	3,653,933		644,023
	Sims Ltd.	1,175,465		18,946,782
	SmartGroup Corp. Ltd.	937,690		5,977,826
*	SomnoMed Ltd.	25,160		36,472
	Southern Cross Electrical Engineering Ltd.	686,818		310,111
	Southern Cross Media Group Ltd.	1,561,488		2,000,282
# *	Speedcast International Ltd.	1,497,915		0
*	Spirit Technology Solutions Ltd.	391,679		42,211

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
AUSTRALIA — (Continued)
# *	Splitit Ltd.	84,457	$	9,986
	SRG Global Ltd.	521,823		251,534
#	St Barbara Ltd.	5,621,717		5,925,859
*	Star Entertainment Grp Ltd.	5,123,970		12,399,597
*	Starpharma Holdings Ltd.	139,631		94,607
	Steadfast Group Ltd.	2,112,263		7,522,118
# *	Strike Energy Ltd.	5,632,318		1,308,780
	Sunland Group Ltd.	1,145,029		2,281,503
# *	Sunrise Energy Metals Ltd.	8,693		16,080
*	Sunstone Metals Ltd.	6,065,083		362,404
	Super Retail Group Ltd.	1,085,264		8,336,805
*	Superloop Ltd.	2,151,341		1,512,202
	Symbio Holdings Ltd.	295,912		1,213,735
*	Syrah Resources Ltd.	4,758,731		5,748,250
	Tassal Group Ltd.	1,531,815		4,118,315
	Technology One Ltd.	1,701,660		14,433,066
# *	Temple & Webster Group Ltd.	540,805		2,687,985
	Tribune Resources Ltd.	14,725		53,156
# *	Tyro Payments Ltd.	2,067,445		2,677,433
	United Malt Grp Ltd.	1,796,399		5,072,880
*	Uniti Group Ltd.	3,117,288		10,918,304
	VGI Partners Ltd.	7,907		25,778
# *	Vimy Resources Ltd.	2,696,828		538,987
*	Virgin Australia Holdings Ltd.	7,648,897		0
	Virtus Health Ltd.	589,189		3,544,840
	Vita Group Ltd.	881,968		230,664
# *	Vital Metals Ltd.	246,694		11,009
W	Viva Energy Group Ltd.	5,149,577		9,012,344
# *	Viva Leisure Ltd.	84,215		111,213
# *	Vmoto Ltd.	267,457		79,812
# *	Volpara Health Technologies Ltd.	225,102		147,694
# *	VRX Silica Ltd.	1,325,475		213,402
*	Wagners Holding Co. Ltd.	122,838		135,863
*	Walkabout Resources Ltd.	1,129,282		201,710
# *	Warrego Energy Ltd.	86,865		9,743
# *	Webjet Ltd.	2,181,629		9,056,085
*	West African Resources Ltd.	6,322,943		5,926,731
*	Western Areas Ltd.	2,291,678		6,219,973
	Westgold Resources Ltd.	3,020,719		4,376,799
# *	Whispir Ltd.	121,430		161,935
	Whitehaven Coal Ltd.	6,198,763		19,248,940
*	Widgie Nickel Ltd.	265,653		95,064
*	Wiluna Mining Corp. Ltd.	248,265		164,867
#	Yancoal Australia Ltd.	58,222		194,258
# *	Zip Co. Ltd.	2,250,758		2,436,909

TOTAL AUSTRALIA				1,119,496,964

CHINA — (0.7%)
W	BOC Aviation Ltd.	661,800		5,198,530
	BOE Varitronix Ltd.	3,492,293		4,087,331
*	China Display Optoelectronics Technology Holdings Ltd.	6,152,000		342,542
	Fountain SET Holdings Ltd.	5,844,000		1,030,023
	GDH Guangnan Holdings Ltd.	2,083,600		172,737
*	Goodbaby International Holdings Ltd.	2,475,000		318,865
*	Huafa Property Services Group Co. Ltd.	6,380,000		105,534

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
CHINA — (Continued)
	Huasheng International Holding Ltd.	11,350,000	$	184,255
*	Neo-Neon Holdings Ltd.	2,315,500		139,994

TOTAL CHINA				11,579,811

HONG KONG — (19.5%)
*	Aceso Life Science Group Ltd.	18,008,400		150,016
	Aeon Credit Service Asia Co. Ltd.	986,000		634,493
	Allied Group Ltd.	12,144,000		4,265,368
	Analogue Holdings Ltd.	694,000		149,370
	APAC Resources Ltd.	3,766,513		556,176
# *	Apollo Future Mobility Group Ltd.	8,436,000		395,727
*	Applied Development Holdings Ltd.	13,430,000		167,045
	Asia Financial Holdings Ltd.	2,118,908		965,075
	Asia Standard Hotel Group Ltd.	3,201,654		64,681
	Asia Standard International Group Ltd.	11,832,917		1,082,070
	Asiasec Properties Ltd.	1,415,000		88,795
	ASM Pacific Technology Ltd.	1,444,600		14,543,413
	Associated International Hotels Ltd.	952,000		1,541,318
	Automated Systems Holdings Ltd.	434,400		58,858
	Bank of East Asia Ltd.	2,544,200		3,975,409
*	Bel Global Resources Holdings Ltd.	2,576,000		0
	Best Mart 360 Holdings Ltd.	984,000		163,748
	BOCOM International Holdings Co. Ltd.	2,371,000		344,241
††	Brightoil Petroleum Holdings Ltd.	9,034,000		324,418
	Build King Holdings Ltd.	630,000		67,299
	Cafe de Coral Holdings Ltd.	3,056,000		5,093,297
# *	Cathay Pacific Airways Ltd.	4,379,000		4,295,297
*	Century City International Holdings Ltd.	7,111,460		306,841
	Chen Hsong Holdings	1,296,000		382,468
	Cheuk Nang Holdings Ltd.	771,714		237,398
	Chevalier International Holdings Ltd.	820,989		977,528
*	China Baoli Technologies Holdings Ltd.	114,750		4,835
*	China Best Group Holding Ltd.	1,124,998		115,913
*	China Energy Development Holdings Ltd.	51,546,000		1,064,618
	China Motor Bus Co. Ltd.	80,000		929,436
* ††	China Solar Energy Holdings Ltd.	1,669,500		7,193
# *	China Star Entertainment Ltd.	11,170,000		1,198,558
# *	China Strategic Holdings Ltd.	83,051,250		376,648
	China Tonghai International Financial Ltd.	1,300,000		29,150
	Chinese Estates Holdings Ltd.	2,943,500		843,258
	Chinney Investments Ltd.	1,180,000		228,410
	Chow Sang Sang Holdings International Ltd.	2,417,000		2,788,789
	Chuang’s China Investments Ltd.	8,811,407		435,519
	Chuang’s Consortium International Ltd.	7,519,043		878,824
	CITIC Telecom International Holdings Ltd.	13,126,125		4,819,349
#	CK Life Sciences Int’l Holdings, Inc.	18,634,000		1,468,145
#	CMBC Capital Holdings Ltd.	440,999		95,873
#	C-Mer Eye Care Holdings Ltd.	2,026,000		1,181,413
	CNT Group Ltd.	7,979,264		390,254
#	Convenience Retail Asia Ltd.	1,026,000		130,547
# *	Cowell e Holdings, Inc.	407,000		395,716
W	Crystal International Group Ltd.	304,000		120,427
	CSI Properties Ltd.	47,866,383		1,182,272
	Dah Sing Banking Group Ltd.	3,764,716		3,324,937
	Dah Sing Financial Holdings Ltd.	1,436,144		4,640,704

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
HONG KONG — (Continued)
	Dickson Concepts International Ltd.	1,591,000	$	810,700
*	Digital Domain Holdings Ltd.	581,000		40,432
*	Dingyi Group Investment Ltd.	300,000		3,053
*	DTXS Silk Road Investment Holdings Co. Ltd.	72,000		16,965
	Dynamic Holdings Ltd.	198,000		274,982
	Eagle Nice International Holdings Ltd.	2,022,000		1,145,571
	EC Healthcare	1,453,097		1,532,166
	EcoGreen International Group Ltd.	1,994,640		483,415
*	Elegance Optical International Holdings Ltd.	1,160,000		85,522
*	Emperor Capital Group Ltd.	30,219,000		242,815
	Emperor Entertainment Hotel Ltd.	4,840,000		424,558
	Emperor International Holdings Ltd.	10,584,753		1,092,978
	Emperor Watch & Jewellery Ltd.	25,160,000		591,727
*	Energy International Investments Holdings Ltd.	1,960,000		12,102
*	ENM Holdings Ltd.	13,564,000		1,015,157
*	Esprit Holdings Ltd.	10,615,325		1,198,190
*	Eternity Investment Ltd.	820,000		16,115
	EuroEyes International Eye Clinic Ltd., Class C	331,000		293,209
#	Fairwood Holdings Ltd.	805,600		1,559,690
	Far East Consortium International Ltd.	12,107,375		4,098,138
	First Pacific Co. Ltd.	15,728,000		6,354,702
*	First Shanghai Investments Ltd.	1,216,000		24,268
# * W	FIT Hon Teng Ltd.	2,007,000		296,639
# * W	Fosun Tourism Group	178,200		248,508
	Four Seas Mercantile Holdings Ltd.	610,000		206,263
	FSE Lifestyle Services Ltd.	617,000		415,772
# *	GBA Holdings Ltd.	18,640,000		23,796
*	Genting Hong Kong Ltd.	5,824,000		308,549
	Get Nice Financial Group Ltd.	2,438,600		236,176
	Giordano International Ltd.	8,456,000		1,705,481
	Glorious Sun Enterprises Ltd.	3,932,000		387,946
*	Gold Peak Technology Group Ltd.	3,029,642		254,188
	Golden Resources Development International Ltd.	4,082,500		236,136
* ††	Good Resources Holdings Ltd.	6,860,000		13,924
*	GR Properties Ltd.	1,814,000		263,971
	Great Eagle Holdings Ltd.	1,119,446		2,712,264
*	Greentech Technology International Ltd.	11,720,000		266,230
*	G-Resources Group Ltd.	2,817,810		947,357
	Guoco Group Ltd.	2,000		21,184
	Guotai Junan International Holdings Ltd.	30,251,797		3,373,902
#	Haitong International Securities Group Ltd.	20,434,400		3,658,797
	Hang Lung Group Ltd.	2,819,000		5,960,348
	Hanison Construction Holdings Ltd.	2,713,649		422,380
*	Hans Energy Co. Ltd.	2,208,000		46,319
*	Harbour Centre Development Ltd.	935,500		813,519
	HKBN Ltd.	3,890,500		4,456,487
#	HKR International Ltd.	7,078,969		2,584,077
	Hon Kwok Land Investment Co. Ltd.	388,800		130,827
*	Hong Kong ChaoShang Group Ltd.	1,440,000		154,046
	Hong Kong Ferry Holdings Co. Ltd.	1,007,300		893,903
	Hong Kong Technology Venture Co. Ltd.	2,001,000		1,766,372
*	Hongkong & Shanghai Hotels Ltd.	3,625,989		3,852,573
	Hongkong Chinese Ltd.	5,038,000		407,900
W	Honma Golf Ltd.	1,097,500		437,859
††	Hsin Chong Group Holdings Ltd.	10,243,403		85,783
	Hung Hing Printing Group Ltd.	2,940,000		475,272

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
HONG KONG — (Continued)
# *	Huobi Technology Holdings Ltd.	340,000	$	274,810
	Hutchison Telecommunications Hong Kong Holdings Ltd.	12,112,000		1,946,030
*	Hypebeast Ltd.	2,705,000		270,934
	Hysan Development Co. Ltd.	2,474,000		7,218,719
*	I-CABLE Communications Ltd.	354,180		1,876
	IGG, Inc.	8,547,000		4,049,492
*	Imagi International Holdings Ltd.	2,516,984		167,364
W	Impro Precision Industries Ltd.	386,000		96,956
	International Housewares Retail Co. Ltd.	2,101,000		694,947
*	IPE Group Ltd.	3,345,000		321,663
*	IRC Ltd.	35,846,266		951,535
	ITC Properties Group Ltd.	5,873,292		769,085
	Jacobson Pharma Corp. Ltd.	3,616,000		299,116
	Johnson Electric Holdings Ltd.	2,868,054		3,947,273
	K Wah International Holdings Ltd.	1,588,000		598,140
*	Kader Holdings Co. Ltd.	248,000		14,205
	Karrie International Holdings Ltd.	2,932,000		552,464
*	Keck Seng Investments Hong Kong Ltd.	912,600		328,823
	Kerry Logistics Network Ltd.	4,063,500		9,282,185
	Kerry Properties Ltd.	2,316,500		6,525,790
	Kingmaker Footwear Holdings Ltd.	1,878,955		251,005
#	Kowloon Development Co. Ltd.	3,057,000		4,086,020
*	KuangChi Science Ltd.	3,714,000		68,783
*	Kwoon Chung Bus Holdings Ltd.	44,000		10,055
*	Lai Sun Development Co. Ltd.	2,600,694		1,223,130
*	Lai Sun Garment International Ltd.	998,295		463,861
	Lam Soon Hong Kong Ltd.	326,310		582,310
*	Landing International Development Ltd.	6,932,800		198,849
	Landsea Green Properties Co. Ltd.	3,016,000		100,235
*	Langham Hospitality Investments & Langham Hospitality Investments Ltd.	4,040,750		468,036
*	Lifestyle International Holdings Ltd.	3,129,500		1,498,510
	Lippo China Resources Ltd.	17,982,000		327,433
	Lippo Ltd.	1,161,700		412,087
	Liu Chong Hing Investment Ltd.	1,531,200		1,438,945
	L’Occitane International SA	2,278,500		7,336,411
	Luk Fook Holdings International Ltd.	3,577,000		8,674,177
	Lung Kee Bermuda Holdings	1,491,875		707,265
*	Magnificent Hotel Investment Ltd.	13,170,000		200,221
	Man Wah Holdings Ltd.	839,600		908,221
*	Mason Group Holdings Ltd.	111,713,399		254,665
	Matrix Holdings Ltd.	1,067,414		355,204
#	MECOM Power & Construction Ltd.	5,288,000		2,409,998
*	Meilleure Health International Industry Group Ltd.	486,000		24,244
	Melbourne Enterprises Ltd.	39,500		723,570
*	Melco International Development Ltd.	2,869,000		2,616,376
*	Midland Holdings Ltd.	2,901,987		308,575
	Ming Fai International Holdings Ltd.	49,000		2,456
#	Miramar Hotel & Investment	1,144,000		1,825,169
	Modern Dental Group Ltd.	2,354,000		889,982
*	Mongolian Mining Corp.	561,000		209,260
	NagaCorp Ltd.	4,604,000		4,078,879
	Nameson Holdings Ltd.	7,694,000		440,684
	Nanyang Holdings Ltd.	133,500		653,251
	National Electronics Hldgs	2,668,600		350,668
* ††	National United Resources Holdings Ltd.	1,828,000		31,504
*	NewOcean Energy Holdings Ltd.	7,246,000		36,174

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
HONG KONG — (Continued)
#	Nissin Foods Co. Ltd.	1,451,000	$	1,014,903
#	NWS Holdings Ltd.	6,731,000		6,160,319
	Oriental Watch Holdings	2,901,611		1,536,906
*	Oshidori International Holdings Ltd.	20,024,400		1,270,393
††	Pacific Andes International Holdings Ltd.	19,435,067		67,982
	Pacific Basin Shipping Ltd.	32,170,000		17,224,665
*	Pacific Century Premium Developments Ltd.	457,240		28,699
	Pacific Textiles Holdings Ltd.	7,628,000		3,526,495
*	Paliburg Holdings Ltd.	3,180,830		849,810
*	Paradise Entertainment Ltd.	3,672,000		405,259
#	PC Partner Group Ltd.	1,792,000		2,599,199
	PCCW Ltd.	15,297,545		8,597,481
# *	Peace Mark Holdings Ltd.	2,479,870		0
*	Pegasus International Holdings Ltd.	36,000		3,463
	Pentamaster International Ltd.	1,550,000		214,340
#	Perfect Medical Health Management Ltd.	3,063,000		1,880,893
	Pico Far East Holdings Ltd.	5,142,000		711,702
	Playmates Holdings Ltd.	7,082,000		651,080
	Plover Bay Technologies Ltd.	2,224,000		912,580
	Pokfulam Development Co. Ltd.	62,000		88,848
*	PT International Development Co. Ltd.	8,347,150		228,312
	Public Financial Holdings Ltd.	2,848,000		878,333
*	Pyxis Group Ltd.	1,936,000		0
* W	Razer, Inc.	13,925,000		4,514,611
*	Regal Hotels International Holdings Ltd.	2,897,800		1,182,806
W	Regina Miracle International Holdings Ltd.	1,983,000		1,195,041
*	Renco Holdings Group Ltd.	103,000		902
# *	Sa Sa International Holdings Ltd.	5,060,960		889,957
	Safety Godown Co. Ltd.	1,200,000		481,574
	SAS Dragon Holdings Ltd.	2,178,000		1,357,753
	SEA Holdings Ltd.	1,657,523		1,227,419
*	Shangri-La Asia Ltd.	3,670,000		2,872,427
#	Shenwan Hongyuan HK Ltd.	3,511,250		338,468
*	Shun Ho Property Investments Ltd.	1,254,757		185,612
*	Shun Tak Holdings Ltd.	11,609,419		2,537,028
	Sing Tao News Corp. Ltd.	1,974,000		99,904
	Singamas Container Holdings Ltd.	8,682,000		1,261,465
*	SJM Holdings Ltd.	8,376,000		4,112,688
	SmarTone Telecommunications Holdings Ltd.	2,003,481		1,065,764
#	Solomon Systech International Ltd.	11,440,000		862,740
	Soundwill Holdings Ltd.	600,500		549,969
*	South China Holdings Co. Ltd.	17,774,503		165,778
	Stella International Holdings Ltd.	2,697,500		2,620,847
	Sun Hung Kai & Co. Ltd.	5,100,429		2,590,271
	SUNeVision Holdings Ltd.	2,552,000		2,171,352
	TAI Cheung Holdings Ltd.	2,329,000		1,452,666
	Tai Hing Group Holdings Ltd.	221,000		34,484
	Tai Sang Land Development Ltd.	798,910		443,756
#	Tan Chong International Ltd.	1,176,000		302,587
	Tao Heung Holdings Ltd.	1,396,000		168,454
*	Television Broadcasts Ltd.	1,972,400		1,124,734
*	Termbray Industries International Holdings Ltd.	1,244,900		34,546
	Texhong Textile Group Ltd.	176,000		217,232
	Texwinca Holdings Ltd.	4,008,000		743,001
	Tian Teck Land Ltd.	1,024,000		552,387
*	TOM Group Ltd.	416,000		43,908

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
HONG KONG — (Continued)
*	Town Health International Medical Group Ltd.	4,222,115	$	193,454
	Tradelink Electronic Commerce Ltd.	6,126,000		920,865
	Transport International Holdings Ltd.	1,576,602		2,560,614
*	Trendzon Holdings Group Ltd.	3,724,000		568,690
	United Laboratories International Holdings Ltd.	6,644,000		3,474,756
*	Universal Technologies Holdings Ltd.	1,730,000		28,022
††	Untrade Convoy	32,922,000		131,548
*	Untrade CW Group Holdings	1,361,500		0
*	Untrade Gold Fin Holdings	9,580,000		0
	Untrade Master Glory GP	972,981		6,061
†† ^	Untrade Mh Development NPV	3,238,000		89,907
††	Untrade.Burwill	37,300,960		63,333
††	Up Energy Development Group, Ltd	3,929,000		12,138
*	Value Convergence Holdings Ltd.	2,448,000		76,581
	Value Partners Group Ltd.	5,786,000		2,469,227
	Vanke Overseas Investment Holding Co. Ltd.	16,000		4,880
	Vedan International Holdings Ltd.	3,576,000		278,137
#	Vitasoy International Holdings Ltd.	2,975,000		5,641,501
# *	Vobile Group Ltd.	3,623,000		2,184,084
# W	VPower Group International Holdings Ltd.	4,579,397		560,421
	VSTECS Holdings Ltd.	6,261,600		5,862,977
	VTech Holdings Ltd.	1,345,100		9,764,202
	Wai Kee Holdings Ltd.	6,158,738		2,630,993
	Wang On Group Ltd.	41,740,000		371,681
*	Wealthking Investments Ltd.	7,296,000		552,397
	Wing On Co. International Ltd.	759,000		1,788,753
#	Wing Tai Properties Ltd.	2,187,331		1,141,902
*	YT Realty Group Ltd.	1,968,124		383,688
	YTO Express Holdings Ltd.	728,000		217,197
*	Yue Yuen Industrial Holdings Ltd.	2,644,500		4,255,792
# *	Yunfeng Financial Group Ltd.	612,000		112,046
#	Zensun Enterprises Ltd.	929,000		438,842
*	Zhaobangji Properties Holdings Ltd.	1,440,000		89,648

TOTAL HONG KONG				342,468,090

MACAU — (0.0%)
*	Space Group Holdings Ltd.	142,500		89,973

NEW ZEALAND — (4.4%)
*	AFT Pharmaceuticals Ltd.	34,226		85,540
# *	Air New Zealand Ltd.	556,687		496,109
	Arvida Group Ltd.	1,087,209		1,293,781
	Briscoe Group Ltd.	34,115		135,922
	Chorus Ltd.	2,633,592		13,491,004
	Colonial Motor Co. Ltd.	144,588		1,041,942
	Comvita Ltd.	50,282		121,224
	Delegat Group Ltd.	6,400		58,549
# *	Eroad Ltd.	24,092		72,881
#	Freightways Ltd.	932,828		7,974,819
	Genesis Energy Ltd.	257,025		512,273
*	Gentrack Group Ltd.	71,302		87,429
	Hallenstein Glasson Holdings Ltd.	307,057		1,380,204
	Heartland Group Holdings Ltd.	2,175,266		3,381,967
#	Investore Property Ltd.	608,266		724,111
#	KMD Brands Ltd.	2,509,713		2,357,517

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
NEW ZEALAND — (Continued)
*	Millennium & Copthorne Hotels New Zealand Ltd.	366,312	$	634,222
#	Napier Port Holdings Ltd.	46,155		95,863
*	NEW Zealand King Salmon Investments Ltd.	63,420		40,475
*	New Zealand Refining Co. Ltd.	878,074		632,298
#	NZME Ltd.	945,851		1,140,736
#	NZX Ltd.	1,568,757		1,547,553
	Oceania Healthcare Ltd.	1,288,639		934,155
# *	Pacific Edge Ltd.	1,418,192		938,882
	PGG Wrightson Ltd.	120,785		370,520
*	Plexure Group Ltd.	27,580		5,825
*	Pushpay Holdings Ltd.	2,728,665		2,141,920
*	Rakon Ltd.	182,922		213,535
*	Restaurant Brands New Zealand Ltd.	161,636		1,550,621
*	Richina Pacific Ltd.	274,180		0
# *	Sanford Ltd.	362,156		1,178,167
#	Scales Corp. Ltd.	436,710		1,553,991
#	Scott Technology Ltd.	51,657		114,626
*	Serko Ltd.	121,000		389,495
	Skellerup Holdings Ltd.	745,484		3,080,131
*	SKY Network Television Ltd.	364,275		729,974
	SKYCITY Entertainment Group Ltd.	4,337,866		8,612,701
	Steel & Tube Holdings Ltd.	575,667		627,002
	Summerset Group Holdings Ltd.	901,283		7,314,095
*	Synlait Milk Ltd.	456,664		1,045,634
*	Tourism Holdings Ltd.	683,001		1,351,956
	TOWER Ltd.	1,895,126		918,351
	Trustpower Ltd.	237,979		1,162,169
#	Turners Automotive Group Ltd.	109,772		307,862
# *	Vista Group International Ltd.	516,999		663,648
	Warehouse Group Ltd.	381,575		877,022
	Z Energy Ltd.	1,685,119		4,377,163

TOTAL NEW ZEALAND				77,765,864

SINGAPORE — (9.7%)
* ††	Abterra Ltd.	230,320		1,241
	AEM Holdings Ltd.	855,100		2,963,603
*	Amara Holdings Ltd.	974,800		265,613
	Ascendas India Trust	5,025,900		4,396,063
#	Avarga Ltd.	2,626,500		484,535
# *	Banyan Tree Holdings Ltd.	810,900		179,075
# *	Best World International Ltd.	2,210,629		2,218,213
#	Bonvests Holdings Ltd.	950,000		661,162
	Boustead Singapore Ltd.	2,121,982		1,532,035
#	Bukit Sembawang Estates Ltd.	1,182,703		4,366,920
	Bund Center Investment Ltd.	659,825		254,901
# *	Centurion Corp. Ltd.	1,405,100		367,716
	China Aviation Oil Singapore Corp. Ltd.	2,414,099		1,628,268
	China Sunsine Chemical Holdings Ltd.	3,463,900		1,187,520
	Chip Eng Seng Corp. Ltd.	3,702,500		1,226,276
	Chuan Hup Holdings Ltd.	3,937,600		655,631
	Civmec Ltd.	162,700		76,744
	ComfortDelGro Corp. Ltd.	7,004,400		7,662,649
*	COSCO Shipping International Singapore Co. Ltd.	6,633,900		1,244,898
# *	Creative Technology Ltd.	285,050		525,153
	CSE Global Ltd.	2,232,300		780,364

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
SINGAPORE — (Continued)
#	Dasin Retail Trust	296,700	$	67,788
#	Del Monte Pacific Ltd.	2,230,164		623,594
#	Delfi Ltd.	979,700		551,565
*	DMX Technologies Group Ltd.	2,096,000		0
# * ††	Ezion Holdings Ltd.	9,845,878		58,842
# * ††	Ezra Holdings Ltd.	8,161,986		12,405
	Far East Orchard Ltd.	1,158,903		944,180
#	First Resources Ltd.	4,953,200		7,467,058
#	First Sponsor Group Ltd.	484,728		483,827
#	Food Empire Holdings Ltd.	1,334,200		509,768
	Fraser & Neave Ltd.	309,900		310,556
#	Frencken Group Ltd.	1,554,400		1,883,624
	Fu Yu Corp. Ltd.	3,615,000		732,898
*	Gallant Venture Ltd.	5,386,600		512,024
	Geo Energy Resources Ltd.	3,123,600		1,078,246
#	GK Goh Holdings Ltd.	1,387,665		1,162,077
	Golden Agri-Resources Ltd.	35,359,600		7,928,575
*	Golden Energy & Resources Ltd.	763,800		289,894
	GP Industries Ltd.	315,809		142,019
#	GuocoLand Ltd.	1,806,214		2,031,854
# *	Halcyon Agri Corp. Ltd.	1,635,533		295,030
#	Hanwell Holdings Ltd.	1,339,819		400,003
	Haw Par Corp. Ltd.	385,000		3,288,677
#	Hiap Hoe Ltd.	498,000		273,801
#	Ho Bee Land Ltd.	1,547,000		3,327,902
#	Hong Fok Corp. Ltd.	3,338,394		2,122,582
*	Hong Fok Land Ltd.	1,210,000		0
	Hong Leong Asia Ltd.	1,732,600		1,047,713
#	Hong Leong Finance Ltd.	1,002,000		1,907,780
	Hotel Grand Central Ltd.	1,625,054		1,256,894
#	Hour Glass Ltd.	1,618,732		2,774,070
	HRnetgroup Ltd.	130,100		73,756
	Hutchison Port Holdings Trust	24,983,000		6,089,981
	Hwa Hong Corp. Ltd.	2,097,500		475,878
# * ††	Hyflux Ltd.	3,707,700		114,707
#	iFAST Corp. Ltd.	754,900		3,356,367
# *	Indofood Agri Resources Ltd.	2,792,800		809,775
	InnoTek Ltd.	336,600		157,121
#	ISDN Holdings Ltd.	378,544		172,942
#	Japfa Ltd.	2,101,410		1,073,708
# *	Jurong Technologies Industrial Corp. Ltd.	2,227,680		0
*	K1 Ventures Ltd.	1,004,840		0
	Keppel Infrastructure Trust	18,059,446		7,442,621
#	KSH Holdings Ltd.	1,278,300		329,785
#	Low Keng Huat Singapore Ltd.	949,800		328,968
	Lum Chang Holdings Ltd.	1		0
*	Mandarin Oriental International Ltd.	1,452,700		2,908,221
#	Metro Holdings Ltd.	3,006,492		1,668,185
	Mewah International, Inc.	89,000		28,143
	Micro-Mechanics Holdings Ltd.	109,200		257,414
# * ††	Midas Holdings Ltd.	8,576,553		227,805
# *	mm2 Asia Ltd.	5,969,400		285,303
	Nanofilm Technologies International Ltd.	115,200		228,750
#	NSL Ltd.	409,900		265,625
# *	Oceanus Group Ltd.	8,888,300		143,973
	OUE Ltd.	2,128,900		2,069,514

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
SINGAPORE — (Continued)
#	Oxley Holdings Ltd.	7,434,441	$	997,565
#	Pacific Century Regional Developments Ltd.	179,000		56,716
	Pan-United Corp. Ltd.	1,991,250		609,910
	Propnex Ltd.	326,000		450,727
#	Q&M Dental Group Singapore Ltd.	1,136,160		443,275
	QAF Ltd.	1,551,880		983,772
# *	Raffles Education Corp. Ltd.	2,803,923		138,226
#	Raffles Medical Group Ltd.	6,503,632		5,600,177
#	SBS Transit Ltd.	802,100		1,766,862
	Sembcorp Industries Ltd.	1,957,600		3,836,630
*	Sembcorp Marine Ltd.	1,060,100		76,511
	Sheng Siong Group Ltd.	3,933,300		4,404,495
*	SHS Holdings Ltd.	2,175,300		248,779
*	SIA Engineering Co. Ltd.	1,634,600		3,061,071
	SIIC Environment Holdings Ltd.	5,686,720		920,327
#	Sinarmas Land Ltd.	7,118,700		1,202,398
#	Sing Holdings Ltd.	1,470,400		427,178
	Sing Investments & Finance Ltd.	350,675		402,410
	Singapore Land Group Ltd.	101,169		189,189
	Singapore Post Ltd.	10,499,000		5,013,221
	Singapore Press Holdings Ltd.	7,439,300		12,892,710
	Singapore Shipping Corp. Ltd.	1,640,700		339,490
#	Stamford Land Corp. Ltd.	5,698,660		1,678,535
	StarHub Ltd.	5,224,500		4,960,386
	Straco Corp. Ltd.	130,000		41,641
	Straits Trading Co. Ltd.	286,100		672,405
# * ††	Swiber Holdings Ltd.	2,895,250		43,578
	Thomson Medical Group Ltd.	317,800		19,197
	Tiong Woon Corp. Holding Ltd.	26,600		10,225
#	Tuan Sing Holdings Ltd.	4,421,975		1,335,790
#	UMS Holdings Ltd.	2,627,768		2,359,710
	United Overseas Insurance Ltd.	168,150		852,289
	UOB-Kay Hian Holdings Ltd.	2,413,362		2,917,238
#	Valuetronics Holdings Ltd.	2,676,650		1,054,640
#	Vicom Ltd.	557,500		862,305
#	Wee Hur Holdings Ltd.	2,614,200		377,680
#	Wing Tai Holdings Ltd.	3,914,667		5,143,009
#	Yeo Hiap Seng Ltd.	228,759		147,442

TOTAL SINGAPORE				171,210,077

UNITED STATES — (0.1%)
	Clean Seas Seafood Ltd.	16,006		7,396
* W	Frontage Holdings Corp.	2,892,000		1,052,009

TOTAL UNITED STATES				1,059,405

TOTAL COMMON STOCKS				1,723,670,184

PREFERRED STOCKS — (0.0%)
AUSTRALIA — (0.0%)
	Bowen Coking Coal Ltd.	52,269		10,951
	Catapult Group International Ltd.	51,120		55,276
	Genex Power Ltd.	199,465		21,643

TOTAL AUSTRALIA				87,870

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
RIGHTS/WARRANTS — (0.0%)
AUSTRALIA — (0.0%)
*	Decmil Group Ltd. Warrants 09/15/22	5,306	$	0

HONG KONG — (0.0%)
*	APAC Resources Ltd. Warrants 10/06/22	753,303		3,366

SINGAPORE — (0.0%)
# *	Ezion Holdings Ltd. Warrants 04/16/23	5,659,201		0

TOTAL RIGHTS/WARRANTS				3,366

TOTAL INVESTMENT SECURITIES (Cost $1,657,034,923)				1,723,761,420


			Value†
SECURITIES LENDING COLLATERAL — (1.9%)
@ §	The DFA Short Term Investment Fund	2,906,961		33,624,823

TOTAL INVESTMENTS — (100.0%)
(Cost $1,690,659,773)^^			$	1,757,386,243


ADR		American Depositary Receipt
SA		Special Assessment

»		Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments.
*		Non-Income Producing Securities.
#		Total or Partial Securities on Loan.
††		Security valued using significant unobservable inputs (Level 3).
W		Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Fund’s Liquidity Guidelines. The liquidity determination is unaudited.
^		A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.
†		See Security Valuation Note within the Notes to Schedules of Investments.
@		Security purchased with cash collateral received from Securities on Loan.
§		Affiliated Fund.
^^		See Federal Tax Cost Note within the Notes to Schedules of Investments.

Summary of the Series’ investments as of March 31, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):


	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	348,284	$	1,119,143,817	$	4,863	$	1,119,496,964
China		—		11,579,811		—		11,579,811
Hong Kong		—		341,640,360		827,730		342,468,090
Macau		—		89,973		—		89,973
New Zealand		—		77,765,864		—		77,765,864
Singapore		475,878		170,275,621		458,578		171,210,077
United States		—		1,059,405		—		1,059,405

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED


	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3		Total
Preferred Stocks
Australia		—	$	87,870		—	$	87,870
Rights/Warrants
Hong Kong		—		3,366		—		3,366
Securities Lending Collateral		—		33,624,823		—		33,624,823

TOTAL	$	824,162	$	1,755,270,910	$	1,291,171^	$	1,757,386,243

^	A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

THE UNITED KINGDOM SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

March 31, 2022

(Unaudited)


		Shares	Value»
COMMON STOCKS — (98.8%)
COMMUNICATION SERVICES — (3.2%)
	4imprint Group PLC	159,861	$	5,875,168
W	Airtel Africa PLC	830,930		1,516,929
*	Ascential PLC	1,388,298		6,290,237
	Bloomsbury Publishing PLC	295,950		1,644,651
	Centaur Media PLC	254,249		160,293
	Euromoney Institutional Investor PLC	717,545		9,257,649
# *	Frontier Developments PLC	52,449		858,131
	Future PLC	70,626		2,399,864
	Gamma Communications PLC	164,057		2,904,748
*	Helios Towers PLC	1,538,719		2,331,902
# *	Hyve Group PLC	1,560,375		1,454,243
	Moneysupermarket.com Group PLC	3,234,585		8,044,974
	Next Fifteen Communications Group PLC	87,004		1,522,351
	Reach PLC	2,432,289		5,844,206
	STV Group PLC	4,918		20,160
*	Tremor International Ltd.	138,261		1,065,974
*	Tremor International Ltd., ADR	2,906		44,200

TOTAL COMMUNICATION SERVICES				51,235,680

CONSUMER DISCRETIONARY — (16.8%)
	888 Holdings PLC	2,249,900		5,432,392
# *	AO World PLC	272,456		309,800
*	ASOS PLC	20,712		435,752
# * W	Aston Martin Lagonda Global Holdings PLC	135,310		1,734,256
	Bellway PLC	262,780		8,353,308
# *	Boohoo Group PLC	704,428		816,071
*	Card Factory PLC	946,976		562,471
*	Cazoo Group Ltd.	576,667		1,591,601
	Coats Group PLC	3,494,622		3,502,711
* W	Countryside Partnerships PLC	2,740,160		9,686,097
	Crest Nicholson Holdings PLC	1,737,404		6,070,119
	Currys PLC	5,372,637		6,371,127
#	DFS Furniture PLC	1,228,712		3,352,607
# *	Dignity PLC	211,780		1,401,341
	Domino’s Pizza Group PLC	3,183,139		15,769,843
	Dunelm Group PLC	712,296		10,149,612
*	Frasers Group PLC	1,533,433		12,691,153
	Fuller Smith & Turner PLC, Class A	146,090		1,178,227
	Games Workshop Group PLC	164,324		15,625,823
	Greggs PLC	625,080		20,076,058
* W	Gym Group PLC	964,324		2,458,812
	Halfords Group PLC	1,293,157		4,174,888
	Headlam Group PLC	502,271		2,503,035
	Henry Boot PLC	538,578		2,230,226
*	Hollywood Bowl Group PLC	279,302		882,303
* W	Hostelworld Group PLC	163,985		165,207
	Inchcape PLC	2,459,460		21,520,703
*	J D Wetherspoon PLC	525,236		5,350,045
*	Joules Group PLC	3,586		2,625

THE UNITED KINGDOM SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
CONSUMER DISCRETIONARY — (Continued)
*	Lookers PLC	1,420,953	$	1,715,530
*	Marston’s PLC	5,007,713		5,336,560
*	Mitchells & Butlers PLC	2,091,290		6,396,824
	MJ Gleeson PLC	240,572		1,858,770
*	Motorpoint group PLC	51,520		189,870
# *	N Brown Group PLC	948,958		372,683
* W	On the Beach Group PLC	826,273		2,539,547
*	Pendragon PLC	3,945,379		1,453,026
	Pets at Home Group PLC	3,183,397		15,038,446
*	Photo-Me International PLC	1,529,544		1,429,910
*	Playtech PLC	1,947,421		15,106,715
*	PPHE Hotel Group Ltd.	14,433		275,199
*	Rank Group PLC	1,027,396		1,806,372
	Redrow PLC	1,608,116		11,001,073
*	Restaurant Group PLC	1,215,418		972,097
	Smiths News PLC	23,379		10,490
*	Sportech PLC	170,201		78,061
*	SSP Group PLC	2,810,065		8,334,807
#	Studio Retail Group PLC	220,669		333,364
*	Superdry PLC	358,232		752,042
*	Ted Baker PLC	283,991		478,980
W	TI Fluid Systems PLC	282,490		705,511
	Topps Tiles PLC	786,772		576,664
	Vertu Motors PLC	1,149,599		976,899
	Vistry Group PLC	1,049,768		12,916,555
	Vitec Group PLC	212,668		3,759,503
W	Vivo Energy PLC	564,005		1,007,216
* W	Watches of Switzerland Group PLC	209,112		3,107,531
*	WH Smith PLC	129,008		2,409,583
	Wickes Group PLC	2,017,063		4,860,479
	Young & Co’s Brewery PLC, Class A	2,737		50,694

TOTAL CONSUMER DISCRETIONARY				270,249,214

CONSUMER STAPLES — (7.7%)
	AG Barr PLC	726,615		5,085,710
	Anglo-Eastern Plantations PLC	122,466		1,227,523
W	Bakkavor Group PLC	110,157		162,636
	Britvic PLC	1,697,187		17,932,062
*	C&C Group PLC	1,652,308		4,241,134
	Carr’s Group PLC	349,511		700,811
	Cranswick PLC	368,799		17,023,203
	Devro PLC	1,338,335		3,658,987
	Fevertree Drinks PLC	644,091		15,038,780
*	Greencore Group PLC	4,153,904		6,994,182
	Hilton Food Group PLC	322,001		5,221,989
*	Marks & Spencer Group PLC	5,720,589		11,546,198
*	McBride PLC	895,746		500,035
# *	Naked Wines PLC	26,543		125,040
#	Nichols PLC	2,884		51,818
	Premier Foods PLC	4,679,333		6,989,321
	PZ Cussons PLC	1,709,954		4,378,025
	Tate & Lyle PLC	2,311,065		22,154,141

TOTAL CONSUMER STAPLES				123,031,595

THE UNITED KINGDOM SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
ENERGY — (3.3%)
# *	Capricorn Energy PLC	4,040,365	$	11,665,967
	Diversified Energy Co. PLC	2,668,159		4,153,954
*	Energean PLC	272,497		4,242,586
*	EnQuest PLC	12,365,979		4,944,244
	Genel Energy PLC	814,940		1,976,455
	Gulf Keystone Petroleum Ltd.	1,529,511		4,755,254
	Hunting PLC	828,220		3,247,504
*	John Wood Group PLC	3,708,282		7,821,268
*	Lamprell PLC	1,293,820		493,264
*	Pantheon Resources PLC	48,702		74,735
*	Petrofac Ltd.	2,192,330		2,987,053
*	Pharos Energy PLC	1,027,575		367,766
*	Savannah Energy PLC	108,497		39,955
	Serica Energy PLC	581,564		3,026,147
*	Tullow Oil PLC	4,797,134		3,354,001

TOTAL ENERGY				53,150,153

FINANCIALS — (18.3%)
	AJ Bell PLC	570,952		2,267,829
# *	Allied Minds PLC	211,640		56,657
	Ashmore Group PLC	2,404,758		7,303,775
	Bank of Georgia Group PLC	285,869		4,454,241
	Beazley PLC	3,339,570		18,362,555
	Brewin Dolphin Holdings PLC	2,271,334		15,239,807
	Brooks Macdonald Group PLC	628		21,583
	Burford Capital Ltd.	852,412		7,767,027
	Chesnara PLC	863,650		3,423,186
	Close Brothers Group PLC	944,961		14,709,241
W	CMC Markets PLC	868,772		2,881,223
* W	Funding Circle Holdings PLC	104,248		100,625
*	Georgia Capital PLC	20,675		170,223
	Hiscox Ltd.	1,601,914		20,657,908
	IG Group Holdings PLC	1,714,135		18,411,035
	Impax Asset Management Group PLC	171,877		2,211,376
	IntegraFin Holdings PLC	452,878		2,503,664
	International Personal Finance PLC	828,317		1,117,057
	Investec PLC	1,348,593		8,888,150
	IP Group PLC	6,511,353		7,602,224
W	JTC PLC	131,183		1,450,575
	Jupiter Fund Management PLC	3,068,266		8,299,257
*	Just Group PLC	7,231,623		8,307,079
	Lancashire Holdings Ltd.	1,472,663		8,303,834
	Liontrust Asset Management PLC	86,946		1,444,494
	Man Group PLC	9,589,402		29,263,298
*	Metro Bank PLC	150,025		175,711
	Mortgage Advice Bureau Holdings Ltd.	2,530		38,027
	Ninety One PLC	872,636		2,921,392
	Numis Corp. PLC	300,713		1,006,841
	OSB Group PLC	1,561,641		11,566,815
	Paragon Banking Group PLC	1,965,053		12,856,115
	Plus500 Ltd.	505,398		9,325,493
	Polar Capital Holdings PLC	218,605		1,781,821
*	Provident Financial PLC	1,632,928		6,559,459
W	Quilter PLC	10,158,967		18,966,680
	Rathbones Group PLC	359,843		9,337,269

THE UNITED KINGDOM SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
FINANCIALS — (Continued)
	Record PLC	18,948	$	17,527
	River & Mercantile Group PLC	10,512		36,421
#	S&U PLC	28,532		905,820
W	Sabre Insurance Group PLC	270,068		820,211
*	Saga PLC	631,879		1,920,802
	TBC Bank Group PLC	57,458		827,385
	TP ICAP Group PLC	3,563,740		6,934,775
	Virgin Money UK PLC	5,824,590		12,958,414
* ††	Waterloo Investment Holdings Ltd.	4,000		0
	Waterloo Investment Holdings, Ltd.	0		0

TOTAL FINANCIALS				294,174,901

HEALTH CARE — (3.5%)
*	4d pharma PLC	42,478		26,299
	Advanced Medical Solutions Group PLC	449,515		1,744,645
	Alliance Pharma PLC	1,986,783		3,007,696
	CareTech Holdings PLC	308,517		2,800,301
*	Circassia Group PLC	202,629		96,102
	Clinigen Group PLC	47,643		577,010
	CVS Group PLC	434,513		10,186,729
	EKF Diagnostics Holdings PLC	79,384		44,969
	EMIS Group PLC	331,668		5,791,010
*	Ergomed PLC	7,201		127,269
	Genus PLC	3,226		118,901
*	Indivior PLC	3,627,640		13,305,407
W	Integrated Diagnostics Holdings PLC	1,249,693		1,488,032
*	Mediclinic International PLC	2,400,508		11,169,648
*	Oxford Biomedica PLC	58,695		519,619
*	PureTech Health PLC	207,779		540,520
* W	Spire Healthcare Group PLC	1,728,104		5,515,144

TOTAL HEALTH CARE				57,059,301

INDUSTRIALS — (24.5%)
#	Air Partner PLC	253,425		414,085
	Avon Protection PLC	174,981		2,986,435
*	Babcock International Group PLC	2,860,533		12,145,607
	Balfour Beatty PLC	3,601,772		12,136,983
	Begbies Traynor Group PLC	44,955		68,357
W	Biffa PLC	1,455,830		6,070,625
	Bodycote PLC	1,234,838		10,196,359
	Braemar Shipping Services PLC	91,109		273,382
	Chemring Group PLC	1,911,985		8,127,653
	Clarkson PLC	214,418		10,361,004
	Clipper Logistics PLC	224,285		2,594,155
*	Costain Group PLC	237,261		122,949
*	De La Rue PLC	498,978		707,573
# *	Dialight PLC	89,929		427,720
	Diploma PLC	544,376		18,688,849
	DiscoverIE Group PLC	602,449		6,180,316
# *	Esken Ltd.	1,707,178		246,784
# *	Firstgroup PLC	2,190,763		3,190,000
	Galliford Try Holdings PLC	554,808		1,288,108
	Genuit Group PLC	1,481,614		9,502,335
*	Go-Ahead Group PLC	275,431		2,965,746
	Goodwin PLC	383		17,041

THE UNITED KINGDOM SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
INDUSTRIALS — (Continued)
	Grafton Group PLC	1,537,203	$	19,664,152
	Hays PLC	9,077,084		14,535,213
	HomeServe PLC	273,674		3,019,622
	IMI PLC	311,072		5,538,333
* ††	Industrial & Commercial Bank of China Ltd.	5,000		0
*	James Fisher & Sons PLC	243,061		1,100,334
	James Halstead PLC	19,038		57,792
*	JET2 PLC	701,174		10,521,438
*	John Menzies PLC	177,075		1,380,797
*	Johnson Service Group PLC	349,061		538,446
	Keller Group PLC	426,199		4,652,898
*	Kier Group PLC	1,572,493		1,752,577
W	Luceco PLC	278,939		747,254
	Mears Group PLC	696,620		1,877,073
*	Meggitt PLC	2,411,365		23,996,607
	Mitie Group PLC	7,137,464		5,121,306
	Morgan Advanced Materials PLC	1,903,123		7,715,556
	Morgan Sindall Group PLC	256,602		8,079,486
*	National Express Group PLC	2,995,020		9,147,134
	Norcros PLC	134,719		455,699
	Pagegroup PLC	2,011,469		12,958,728
	Porvair PLC	18,060		149,665
	QinetiQ Group PLC	3,372,039		13,400,160
	Redde Northgate PLC	1,414,810		8,007,313
	Renew Holdings PLC	57,690		514,339
*	Renewi PLC	573,673		4,972,871
	Ricardo PLC	297,351		1,532,986
	Robert Walters PLC	396,868		3,640,222
	Rotork PLC	5,001,831		21,297,919
	RPS Group PLC	982,233		1,349,949
	RWS Holdings PLC	14,302		69,413
*	Senior PLC	2,330,880		3,892,256
	Serco Group PLC	2,248,542		4,233,269
	Severfield PLC	1,090,941		959,881
*	SIG PLC	4,192,576		2,373,572
	Smart Metering Systems PLC	466,021		4,814,506
	Speedy Hire PLC	3,226,082		2,283,479
*	Stagecoach Group PLC	1,750,851		2,439,707
	SThree PLC	872,133		4,713,820
	TClarke PLC	64,836		124,634
	Travis Perkins PLC	1,122,242		18,097,006
	Trifast PLC	524,611		790,539
	Tyman PLC	968,246		4,021,466
	Ultra Electronics Holdings PLC	566,936		24,632,678
	Vesuvius PLC	1,467,248		6,561,274
	Volex PLC	449,901		1,561,995
	Volution Group PLC	673,862		3,678,313
	Vp PLC	153,784		1,692,431
	Wilmington PLC	334,384		1,135,698
	Wincanton PLC	649,186		3,292,832
	XP Power Ltd.	104,364		4,741,733

TOTAL INDUSTRIALS				392,548,437

THE UNITED KINGDOM SMALL COMPANY SERIES

CONTINUED


		Shares		Value»
INFORMATION TECHNOLOGY — (7.7%)
	Bytes Technology Group PLC		351,603	$	2,286,700
*	Capita PLC		11,072,752		3,012,040
*	CentralNic Group PLC		22,135		35,240
	Computacenter PLC		503,490		19,357,403
	dotdigital group PLC		423,932		460,857
# *	FD Technologies PLC		30,526		770,922
	FDM Group Holdings PLC		445,583		6,150,989
	GB Group PLC		167,768		1,207,929
	Gooch & Housego PLC		1,817		23,997
	IDOX PLC		140,149		115,604
#	iomart Group PLC		236,264		502,762
# *	IQE PLC		1,527,405		677,312
	Kainos Group PLC		485,776		8,422,584
	Keywords Studios PLC		92,537		3,175,877
*	Kin & Carta PLC		412,807		1,378,329
	Learning Technologies Group PLC		899,494		1,913,424
	Micro Focus International PLC		1,351,680		7,141,710
	NCC Group PLC		1,774,748		4,237,321
* W	Network International Holdings PLC		166,023		606,721
	Oxford Instruments PLC		390,735		10,770,417
	PayPoint PLC		455,934		3,474,156
	Renishaw PLC		49,666		2,506,944
	RM PLC		358,749		703,259
	Softcat PLC		643,755		14,353,329
	Spectris PLC		353,525		11,989,650
	Spirent Communications PLC		4,152,728		12,934,987
#	Strix Group PLC		112,138		297,953
* ††	Trellus Health Ltd.		1,632		0
	TT Electronics PLC		1,084,117		2,911,982
*	Xaar PLC		524,926		1,774,011

TOTAL INFORMATION TECHNOLOGY					123,194,409

MATERIALS — (6.2%)
*	Accsys Technologies PLC		9,505		18,078
*	Aclara Resources, Inc.		244,826		142,961
	Anglo Pacific Group PLC		1,198,093		2,777,799
	Breedon Group PLC		1,487,178		1,583,984
	Castings PLC		172,368		677,418
	Centamin PLC		7,445,413		8,878,828
	Central Asia Metals PLC		678,104		2,108,624
*	Elementis PLC		3,398,485		5,261,139
	Essentra PLC		1,720,465		7,086,059
	Ferrexpo PLC		1,716,878		4,168,465
W	Forterra PLC		1,600,777		4,857,745
	Gem Diamonds Ltd.		413,552		306,247
	Hill & Smith Holdings PLC		554,006		10,662,871
	Hochschild Mining PLC		1,781,849		2,991,461
W	Ibstock PLC		2,896,646		6,648,098
	Marshalls PLC		1,395,877		12,405,470
	Pan African Resources PLC		2,595,774		761,978
*	Petra Diamonds Ltd.		17,532		26,602
	RHI Magnesita NV		127,640		4,050,389
*	SolGold PLC		885,998		419,432
	Synthomer PLC		2,182,281		8,719,899
	Treatt PLC		47,628		706,827
	Victrex PLC		561,817		13,429,963

THE UNITED KINGDOM SMALL COMPANY SERIES

CONTINUED


		Shares		Value»
MATERIALS — (Continued)
	Zotefoams PLC		103,100	$	445,835

TOTAL MATERIALS					99,136,172

REAL ESTATE — (3.7%)
	CLS Holdings PLC		584,213		1,531,370
	Foxtons Group PLC		1,224,286		689,780
	Grainger PLC		4,278,672		16,317,935
	Harworth Group PLC		5,025		11,741
	Helical PLC		816,328		4,378,408
*	IWG PLC		4,106,521		14,048,618
	LSL Property Services PLC		438,441		2,234,242
	Savills PLC		986,247		14,341,347
	Sirius Real Estate Ltd.		2,152,331		3,540,659
	Watkin Jones PLC		766,873		2,576,304

TOTAL REAL ESTATE					59,670,404

UTILITIES — (3.9%)
*	Centrica PLC		19,338,945		20,229,529
W	ContourGlobal PLC		142,157		355,287
	Drax Group PLC		2,521,289		25,928,010
	Pennon Group PLC		515,772		7,259,114
	Telecom Plus PLC		420,402		8,406,913

TOTAL UTILITIES					62,178,853

TOTAL COMMON STOCKS Cost ($1,420,512,597)					1,585,629,119


				Value†
SECURITIES LENDING COLLATERAL — (1.2%)
@ §	The DFA Short Term Investment Fund		1,631,219		18,868,315

TOTAL INVESTMENTS — (100.0%)
(Cost $1,439,380,672)^^				$	1,604,497,434

ADR American Depositary Receipt

»	Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments.

W	Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Fund’s Liquidity Guidelines. The liquidity determination is unaudited.

*	Non-Income Producing Securities.

#	Total or Partial Securities on Loan.

††	Security valued using significant unobservable inputs (Level 3).

†	See Security Valuation Note within the Notes to Schedules of Investments.

@	Security purchased with cash collateral received from Securities on Loan.

§	Affiliated Fund.

^^	See Federal Tax Cost Note within the Notes to Schedules of Investments.

THE UNITED KINGDOM SMALL COMPANY SERIES

CONTINUED

Summary of the Series’ investments as of March 31, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):


	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3		Total
Common Stocks
Communication Services	$	44,200	$	51,191,480		—	$	51,235,680
Consumer Discretionary		—		270,249,214		—		270,249,214
Consumer Staples		—		123,031,595		—		123,031,595
Energy		—		53,150,153		—		53,150,153
Financials		—		294,174,901		—		294,174,901
Health Care		—		57,059,301		—		57,059,301
Industrials		—		392,548,437		—		392,548,437
Information Technology		—		123,194,409		—		123,194,409
Materials		—		99,136,172		—		99,136,172
Real Estate		—		59,670,404		—		59,670,404
Utilities		—		62,178,853		—		62,178,853
Securities Lending Collateral		—		18,868,315		—		18,868,315

TOTAL	$	44,200	$	1,604,453,234		—	$	1,604,497,434

THE CONTINENTAL SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

March 31, 2022

(Unaudited)


		Shares	Value»
COMMON STOCKS — (92.8%)
AUSTRIA — (2.8%)
	Agrana Beteiligungs AG	83,141	$	1,506,585
	ANDRITZ AG	444,676		20,536,819
	AT&S Austria Technologie & Systemtechnik AG	196,445		10,901,530
W	BAWAG Group AG	128,967		6,507,554
# *	DO & Co. AG	46,589		3,917,499
	EVN AG	241,985		6,238,161
*	FACC AG	144,102		1,271,188
*	Flughafen Wien AG	30,811		887,187
	Josef Manner & Comp AG	870		108,977
# *	Kapsch TrafficCom AG	29,728		468,597
# *	Lenzing AG	86,282		8,799,770
#	Mayr Melnhof Karton AG	56,392		10,053,394
	Oberbank AG	25,007		2,639,596
#	Oesterreichische Post AG	233,159		8,284,932
	Palfinger AG	102,246		2,554,424
#	POLYTEC Holding AG	109,361		806,099
*	Porr AG	100,602		1,313,333
#	Raiffeisen Bank International AG	95,986		1,362,717
#	Rosenbauer International AG	21,100		993,408
	S IMMO AG	346,922		8,490,638
*	Schoeller-Bleckmann Oilfield Equipment AG	69,387		3,731,493
#	Semperit AG Holding	71,506		1,802,590
	Strabag SE	106,594		4,276,513
	Telekom Austria AG	1,152,776		8,911,283
	UBM Development AG	21,002		958,224
	UNIQA Insurance Group AG	1,011,545		8,023,791
	Vienna Insurance Group AG Wiener Versicherung Gruppe	301,712		7,815,538
	voestalpine AG	565,063		16,814,133
	Wienerberger AG	675,803		20,406,301
	Zumtobel Group AG	155,917		1,263,252

TOTAL AUSTRIA				171,645,526

BELGIUM — (4.3%)
	Ackermans & van Haaren NV	173,849		32,392,066
*	AGFA-Gevaert NV	1,285,515		5,154,648
#	Atenor	22,537		1,459,661
	Banque Nationale de Belgique	87		167,180
	Barco NV	463,999		10,207,562
	Bekaert SA	254,892		9,973,451
# * W	Biocartis Group NV	227,423		549,088
# *	bpost SA	355,223		2,348,403
# *	Celyad Oncology SA	42,190		99,667
	Cie d’Entreprises CFE	49,898		7,007,737
#	Deceuninck NV	480,813		1,445,404
	D’ieteren Group	191,163		32,188,564
	Econocom Group SA/NV	727,792		3,224,116
	Elia Group SA	131,492		20,061,855
	Etablissements Franz Colruyt NV	92,593		3,832,827
#	Euronav NV	1,350,857		14,362,250
	EVS Broadcast Equipment SA	69,287		1,558,402
#	Exmar NV	145,690		953,609
	Fagron	299,623		5,459,032
*	Galapagos NV	160,271		9,957,939
	Gimv NV	120,857		7,270,559
*	Greenyard NV	2,890		25,722

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
BELGIUM — (Continued)
#	Immobel SA	23,226	$	1,862,483
	Ion Beam Applications	132,008		2,535,983
	Jensen-Group NV	20,961		734,861
*	Kinepolis Group NV	95,538		5,777,494
	Lotus Bakeries NV	1,965		10,269,412
*	MDxHealth SA	69,016		57,604
	Melexis NV	123,644		11,382,958
# *	Ontex Group NV	398,872		2,911,160
# *	Oxurion NV	128,049		217,271
*	Picanol	26,368		1,974,192
#	Proximus SADP	728,656		13,568,573
	Recticel SA	306,705		7,300,264
	Resilux	5,872		1,527,770
	Roularta Media Group NV	19,318		401,727
	Shurgard Self Storage SA	45,665		2,828,220
	Sipef NV	38,999		2,840,181
#	Telenet Group Holding NV	238,905		7,697,337
	TER Beke SA	3,661		436,755
*	Tessenderlo Group SA	205,166		7,418,584
	Van de Velde NV	47,376		2,019,122
	VGP NV	22,776		5,829,408
	Viohalco SA	498,361		2,444,865

TOTAL BELGIUM				261,735,966

CANADA — (0.0%)
*	International Petroleum Corp.	227,703		2,146,732

DENMARK — (5.2%)
	ALK-Abello AS	900,060		19,841,768
	Alm Brand AS	5,895,124		10,088,263
*	Asetek AS	19,672		75,172
# *	Bang & Olufsen AS	708,657		2,021,452
	BankNordik P/F	10,800		203,978
# *	Bavarian Nordic AS	457,322		11,540,306
# *	Better Collective AS	68,782		1,227,506
*	Brodrene Hartmann AS	16,148		681,284
#	cBrain AS	15,860		491,187
	Chemometec AS	61,292		7,445,212
#	Columbus AS	490,087		685,381
	D/S Norden AS	198,932		6,941,324
	Dfds AS	266,261		11,355,041
	Djurslands Bank AS	6,232		326,618
*	Drilling Co. of 1972 AS	95,675		5,230,615
	FLSmidth & Co. AS	307,596		8,030,271
	Fluegger Group AS	4,198		307,410
	GronlandsBANKEN AS	1,125		103,426
	H Lundbeck AS	226,689		5,223,146
*	H+H International AS, Class B	131,547		3,612,537
*	Harboes Bryggeri AS, Class B	5,094		58,168
# *	ISS AS	795,848		14,143,454
	Jeudan AS	38,980		1,595,551
*	Jyske Bank AS	449,441		24,429,153
	Lan & Spar Bank	4,895		466,859
	Matas AS	287,314		4,108,202
# W	Netcompany Group AS	41,094		2,708,128
*	Nilfisk Holding AS	154,895		4,637,832
*	NKT AS	286,087		12,909,898
# * W	NNIT AS	71,567		1,008,294
	North Media AS	5,372		66,200

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
DENMARK — (Continued)
# *	NTG Nordic Transport Group AS, Class A	12,197	$	736,999
*	Parken Sport & Entertainment AS	13,669		172,552
	Per Aarsleff Holding AS	133,444		5,169,402
	Ringkjoebing Landbobank AS	196,955		25,005,081
	Rockwool International AS, Class A	158		51,944
	Royal Unibrew AS	309,202		28,887,397
# *	RTX AS	54,444		1,402,282
W	Scandinavian Tobacco Group AS, Class A	446,371		9,518,148
	Schouw & Co. AS	95,121		8,209,596
#	SimCorp AS	260,559		19,106,923
	Solar AS, Class B	42,476		4,665,947
	SP Group AS	1,371		71,878
	Spar Nord Bank AS	606,502		7,987,535
	Sydbank AS	461,713		15,761,618
	TCM Group AS	2,578		48,215
# *	Tivoli AS	9,878		1,267,331
	Topdanmark AS	428,065		23,940,311
	UIE PLC	10,336		3,072,486
# *	Zealand Pharma AS	220,278		3,385,287

TOTAL DENMARK				320,024,568

FINLAND — (5.1%)
#	Aktia Bank Oyj	344,733		4,147,684
#	Alandsbanken Abp, Class B	23,036		942,971
	Alma Media Oyj	133,889		1,433,702
	Anora Group Oyj	16,685		162,093
#	Apetit Oyj	21,105		294,008
	Aspo Oyj	106,324		827,276
	Atria Oyj	98,413		1,134,217
# *	BasWare Oyj	54,715		1,294,501
#	Bittium Oyj	204,447		1,296,531
	Cargotec Oyj, Class B	279,474		10,615,649
#	Caverion Oyj	645,461		3,711,126
#	Citycon Oyj	452,512		3,425,371
	Digia Oyj	83,685		705,062
W	Enento Group Oyj	2,463		73,122
# *	Finnair Oyj	4,568,940		2,510,555
	Fiskars Oyj Abp	209,781		4,974,550
	Glaston Oyj Abp	9,217		9,691
#	Harvia Oyj	70,873		2,824,587
	HKScan Oyj, Class A	234,984		379,327
#	Huhtamaki Oyj	648,197		22,549,665
#	Ilkka-Yhtyma Oyj	58,887		298,598
#	Kamux Corp.	59,097		727,964
	Kemira Oyj	753,349		9,855,832
	Kojamo Oyj	578,003		13,888,412
	Konecranes Oyj	424,972		13,046,191
#	Lassila & Tikanoja Oyj	214,465		2,564,285
# *	Lehto Group Oyj	159,853		79,278
	Marimekko Oyj	1,286		107,871
	Metsa Board Oyj, Class B	1,207,445		12,224,838
	Metso Outotec Oyj	437,518		3,688,138
*	Multitude SE	39,731		159,376
#	Musti Group Oyj	63,219		1,667,459
	Neles Oyj	706,962		7,200,257
	Nokian Renkaat Oyj	827,219		13,425,589
	Olvi Oyj, Class A	99,753		3,919,314
*	Optomed Oy	1,075		7,144
	Oriola Oyj, Class A	6,054		12,845

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
FINLAND — (Continued)
	Oriola Oyj, Class B	880,807	$	1,829,601
	Orion Oyj, Class A	143,951		6,519,229
	Orion Oyj, Class B	656,293		29,806,723
# *	Outokumpu Oyj	2,443,433		13,008,636
	Pihlajalinna Oyj	77,064		1,041,405
#	Ponsse Oyj	71,199		2,578,336
*	QT Group Oyj	84,479		11,668,458
	Raisio Oyj, Class V	985,362		2,906,948
	Rapala VMC Oyj	116,693		893,148
#	Raute Oyj, Class A	1,817		34,640
	Revenio Group Oyj	138,898		7,277,189
# W	Rovio Entertainment Oyj	29,942		250,498
	Sanoma Oyj	722,281		10,215,317
	Taaleri Oyj	8,120		126,492
	Talenom Oyj	7,120		77,040
	Teleste Oyj	52,966		281,927
W	Terveystalo Oyj	115,077		1,425,809
#	TietoEVRY Oyj	536,309		14,274,455
	Tokmanni Group Corp.	352,006		5,830,668
	Uponor Oyj	388,285		7,867,205
	Vaisala Oyj, Class A	123,353		5,875,739
#	Valmet Oyj	907,722		28,174,277
#	Verkkokauppa.com Oyj	13,945		74,114
# *	Viking Line Abp	11,073		147,809
#	Wartsila OYJ Abp	646,997		5,907,640
*	WithSecure Oyj	712,003		3,583,627
#	YIT Oyj	1,201,267		4,539,111

TOTAL FINLAND				312,401,120

FRANCE — (10.3%)
	ABC arbitrage	169,704		1,394,384
*	Akka Technologies	51,272		2,776,330
	AKWEL	68,408		1,509,572
	Albioma SA	190,542		9,244,071
# W	ALD SA	58,569		778,654
#	Altamir	136,094		3,969,461
	Alten SA	144,806		21,855,134
*	Amplitude Surgical SAS	19,526		55,456
	Assystem SA	60,928		2,862,797
	Atos SE	337,963		9,228,587
	Aubay	49,566		3,285,100
#	Axway Software SA	38,973		725,033
#	Bastide le Confort Medical	18,680		833,091
*	Beneteau SA	251,906		3,943,977
#	Bigben Interactive	96,926		1,588,317
	Boiron SA	37,981		1,622,454
	Bonduelle SCA	107,479		1,960,730
* ††	Bourbon Corp.	28,851		0
	Burelle SA	833		547,545
# *	Casino Guichard Perrachon SA	269,379		4,959,583
	Catana Group	16,846		170,631
# *	Catering International Services	12,144		145,559
# *	Cegedim SA	45,178		1,269,700
*	CGG SA	5,419,513		6,116,794
	Chargeurs SA	144,516		3,246,308
*	Cie des Alpes	137,830		2,040,440
	Cie Plastic Omnium SA	408,687		7,420,067
# *	Claranova SE	66,462		304,148
*	Coface SA	754,461		9,085,485

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
FRANCE — (Continued)
*	DBV Technologies SA	1,382	$	4,531
#	Derichebourg SA	729,966		7,607,067
*	Ekinops SAS	5,333		40,795
	Electricite de Strasbourg SA	21,112		2,484,346
* W	Elior Group SA	767,831		2,573,977
*	Elis SA	1,241,126		18,288,318
*	Eramet SA	77,635		12,675,663
*	Esso SA Francaise	4,117		130,902
*	Etablissements Maurel et Prom SA	322,113		1,426,794
	Eurazeo SE	41,394		3,480,135
#	Eutelsat Communications SA	1,408,273		15,297,904
#	Exel Industries, Class A	10,459		854,482
#	Faurecia SE	784,980		20,416,356
	Fnac Darty SA	134,089		6,874,295
*	Gaumont SA	10,715		1,235,385
	Gaztransport Et Technigaz SA	153,092		17,105,004
#	GEA	2,433		250,546
# *	GL Events	58,364		1,073,506
	Groupe Crit	22,187		1,621,930
#	Groupe Gorge SA	4,320		89,494
	Groupe SFPI	21,754		71,820
	Guerbet	44,662		1,306,623
	Guillemot Corp.	2,527		40,887
*	Haulotte Group SA	73,020		333,093
	HEXAOM	15,908		544,922
*	ID Logistics Group	14,970		5,337,513
	Imerys SA	230,565		9,892,169
	Infotel SA	637		38,012
*	Innate Pharma SA	15,558		52,867
	Ipsen SA	1,135		142,073
	IPSOS	290,780		14,474,237
	Jacquet Metals SACA	92,255		1,994,110
*	JCDecaux SA	249,325		5,892,576
	Kaufman & Broad SA	123,411		4,087,324
	Korian SA	488,212		11,301,858
*	Lagardere SA	327,956		9,181,919
	Laurent-Perrier	13,890		1,472,433
	Lectra	182,425		8,670,283
	Linedata Services	15,704		724,049
	LISI	119,285		2,851,930
#	LNA Sante SA	33,206		1,358,970
W	Maisons du Monde SA	280,575		5,393,560
	Manitou BF SA	69,984		1,954,004
#	Manutan International	15,102		1,126,720
	Mersen SA	124,320		4,600,729
	Metropole Television SA	251,440		4,959,145
# *	Nacon SA	19,382		116,572
* W	Neoen SA	19,798		841,068
	Nexans SA	200,218		18,736,472
	Nexity SA	315,114		11,093,652
# *	Nicox	145,865		315,240
	NRJ Group	87,189		631,240
#	Oeneo SA	128,172		1,915,030
*	OL Groupe SA	10,735		23,231
#	Onxeo SA	48,958		19,346
	Orpea SA	45,620		1,979,622
	Pharmagest Interactive	5,798		554,254
#	Plastiques Du Val De Loire	14,341		93,700
*	Prodways Group SA	6,480		19,397

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
FRANCE — (Continued)
	Quadient SA	235,020	$	4,411,499
# *	Rallye SA	17,941		70,075
# * ††	Recylex SA	102,008		39,101
	Rexel SA	1,938,324		41,378,988
	Robertet SA	2,898		2,821,745
	Rothschild & Co.	133,456		5,277,099
	Rubis SCA	585,367		17,205,613
#	Samse SA	7,930		1,857,231
	Savencia SA	35,032		2,359,334
	SCOR SE	639,248		20,555,287
	Seche Environnement SA	19,700		1,542,674
	SES SA	1,477,981		13,497,248
* W	SMCP SA	68,883		523,807
#	Societe BIC SA	177,288		8,957,133
*	Societe des Bains de Mer et du Cercle des Etrangers a Monaco	37,788		2,729,696
#	Societe Marseillaise du Tunnel Prado-Carenage SA	5,211		168,720
	Societe pour l’Informatique Industrielle	53,215		2,642,355
*	SOITEC	135,169		25,355,475
# *	Solocal Group	681,417		908,284
	Somfy SA	88,911		14,342,260
	Sopra Steria Group SACA	119,777		22,187,158
	SPIE SA	875,309		20,703,089
# * W	SRP Groupe SA	56,827		78,653
	Stef SA	25,714		2,848,380
	Sword Group	36,664		1,978,736
#	Synergie SE	67,143		2,831,845
*	Technip Energies NV	139,764		1,704,306
#	Television Francaise 1	409,975		3,975,667
#	TFF Group	9,347		322,461
	Thermador Groupe	37,127		3,889,406
#	Tikehau Capital SCA	19,757		529,592
	Totalenergies EP Gabon	4,026		787,544
	Trigano SA	63,127		9,193,183
*	Ubisoft Entertainment SA	88,803		3,902,253
#	Union Financiere de France BQE SA	18,515		388,776
	Valeo	358,478		6,621,430
*	Vallourec SA	467,770		5,983,962
W	Verallia SA	98,931		2,355,590
*	Verimatrix SA	6,175		7,468
	Vetoquinol SA	16,919		2,482,214
#	Vicat SA	139,019		4,711,665
	VIEL & Cie SA	156,945		1,027,759
	Vilmorin & Cie SA	35,845		1,749,981
	Virbac SA	27,549		11,013,364
*	Vranken-Pommery Monopole SA	16,787		331,092
	Wavestone	6,292		319,398
* W	X-Fab Silicon Foundries SE	154,440		1,186,281
*	Xilam Animation SA	415		16,628

TOTAL FRANCE				630,384,993

GERMANY — (14.5%)
	1&1 AG	242,521		5,426,547
	7C Solarparken AG	57,433		281,280
	Aareal Bank AG	523,741		16,462,155
	Adesso SE	5,490		1,123,771
W	ADLER Group SA	685		9,061
# *	ADVA Optical Networking SE	394,342		5,963,929
	AIXTRON SE	365,221		7,965,902
	All for One Group SE	4,503		328,505

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
GERMANY — (Continued)
#	Allgeier SE	55,270	$	2,750,773
	Amadeus Fire AG	6,560		1,045,033
	Atoss Software AG	15,711		3,099,313
	Aurubis AG	293,633		34,954,530
	Basler AG	36,052		3,959,875
# *	Bauer AG	99,166		1,009,096
	BayWa AG	105,190		4,917,098
	BayWa AG	124		9,504
	Bechtle AG	13,254		746,203
W	Befesa SA	36,917		2,901,448
	Bertrandt AG	38,940		1,903,506
#	bet-at-home.com AG	22,014		379,682
# *	Bijou Brigitte AG	23,422		631,399
	Bilfinger SE	207,655		7,885,896
# *	Borussia Dortmund GmbH & Co. KGaA	672,687		2,996,324
	CANCOM SE	253,696		15,808,331
#	CECONOMY AG	1,178,129		4,439,895
	CENIT AG	54,144		774,085
	Cewe Stiftung & Co. KGAA	45,666		4,601,287
*	Commerzbank AG	1,908,438		14,502,041
	CompuGroup Medical SE & Co. KgaA	198,103		12,071,334
# *	Corestate Capital Holding SA	89,069		830,496
	CropEnergies AG	181,742		2,393,218
*	CTS Eventim AG & Co. KGaA	12,009		815,618
	Data Modul AG Produktion Und Vertrieb Von Elektronischen Systemen	11,455		726,846
	Dermapharm Holding SE	77,603		4,934,213
	Deutsche Beteiligungs AG	115,972		3,670,774
#	Deutsche EuroShop AG	336,489		6,200,534
W	Deutsche Pfandbriefbank AG	1,147,894		13,937,830
*	Deutz AG	1,035,783		5,346,509
	DIC Asset AG	384,889		6,148,137
	DMG Mori AG	6,842		316,157
	Dr Hoenle AG	35,520		1,288,625
	Draegerwerk AG & Co. KGaA	20,476		1,102,921
	Duerr AG	397,547		11,729,110
	Eckert & Ziegler Strahlen- und Medizintechnik AG	120,190		7,663,599
*	EDAG Engineering Group AG	51,353		701,069
	Elmos Semiconductor SE	3,179		183,682
*	ElringKlinger AG	214,682		2,030,969
#	Encavis AG	423,224		8,824,266
	Energiekontor AG	9,213		886,226
	Fabasoft AG	509		12,283
	Fielmann AG	147,871		8,052,567
	First Sensor AG	2,122		114,473
# *	flatexDEGIRO AG	38,179		768,461
*	Francotyp-Postalia Holding AG, Class A	18,321		54,514
# *	Fraport AG Frankfurt Airport Services Worldwide	165,496		9,174,003
	Freenet AG	1,033,574		27,659,453
	Fuchs Petrolub SE	110,216		3,133,183
	GEA Group AG	742,082		30,415,954
	Gerresheimer AG	247,359		18,068,838
*	Gesco AG	55,404		1,463,867
	GFT Technologies SE	170,750		7,785,483
# *	Global Fashion Group SA	76,275		141,534
	Grand City Properties SA	789,216		15,765,861
#	GRENKE AG	6,713		186,498
*	H&R GmbH & Co. KGaA	71,674		491,183
	Hamburger Hafen und Logistik AG	191,371		3,404,121
	Hawesko Holding AG	313		16,903

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
GERMANY — (Continued)
# *	Heidelberger Druckmaschinen AG	1,884,249	$	4,923,932
	Hensoldt AG	2,025		58,959
*	Highlight Communications AG	98,406		415,772
	Hornbach Holding AG & Co. KGaA	54,883		6,918,275
	Hugo Boss AG	449,115		25,910,344
*	Hypoport SE	6,760		2,551,801
	Indus Holding AG	138,578		4,110,332
W	Instone Real Estate Group SE	36,903		690,926
	IVU Traffic Technologies AG	60,374		1,249,935
	Jenoptik AG	413,736		12,448,008
W	JOST Werke AG	7,084		285,316
*	K+S AG	1,510,444		45,443,997
*	Kloeckner & Co. SE	521,683		7,020,901
*	Koenig & Bauer AG	97,502		2,254,202
	Krones AG	114,103		9,477,431
	KSB SE & Co. KGaA	3,293		1,589,131
	KWS Saat SE & Co. KGaA	83,735		6,067,763
	Lanxess AG	588,462		25,832,381
	Leifheit AG	60,643		1,783,414
# *	Leoni AG	215,274		2,177,790
# *	Manz AG	28,275		1,233,055
*	Mediclin AG	86,554		338,762
# *	Medigene AG	116,971		418,075
*	METRO AG	669,522		5,934,190
	MLP SE	440,536		3,531,561
*	Nagarro SE	61,856		9,766,602
	New Work SE	20,199		4,112,745
	Nexus AG	97,632		5,817,937
# *	Nordex SE	697,405		12,077,133
	Norma Group SE	231,400		6,644,436
	OHB SE	37,995		1,546,993
	Patrizia AG	348,340		6,552,002
	Pfeiffer Vacuum Technology AG	48,041		9,175,612
	PNE AG	491,579		5,687,499
*	Progress-Werk Oberkirch AG	8,558		291,831
	ProSiebenSat.1 Media SE	1,363,524		17,368,156
	PSI Software AG	68,616		2,935,200
*	PVA TePla AG	82,910		2,410,705
*	q.beyond AG	785,304		1,439,817
*	R Stahl AG	14,952		243,610
	Rheinmetall AG	298,833		63,163,897
#	S&T AG	346,499		6,474,709
*	SAF-Holland SE	345,326		2,905,400
# *	Salzgitter AG	270,003		12,511,211
	Schloss Wachenheim AG	6,929		147,597
# W	Scout24 SE	131,236		7,482,039
	Secunet Security Networks AG	7,965		3,682,610
*	SGL Carbon SE	334,832		2,079,836
	Siltronic AG	146,283		15,030,757
*	Sixt SE	99,016		13,341,858
#	SMA Solar Technology AG	59,742		2,479,527
# *	SNP Schneider-Neureither & Partner SE	3,170		111,819
	Softing AG	14,914		100,751
	Software AG	396,237		13,698,952
	Stabilus SA	175,068		8,688,450
#	STRATEC SE	31,695		3,531,994
	Stroeer SE & Co. KGaA	199,898		13,794,774
	Suedzucker AG	529,489		6,813,821
# *	SUESS MicroTec SE	148,771		2,606,834

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
GERMANY — (Continued)
	Surteco Group SE	47,139	$	1,562,688
	TAG Immobilien AG	1,009,676		22,862,941
	Takkt AG	250,308		4,531,280
# * W	TeamViewer AG	199,231		2,942,115
	Technotrans SE	46,673		1,175,146
*	thyssenkrupp AG	1,238,800		10,588,540
	Traffic Systems SE	36,351		1,468,325
	United Internet AG	9,465		324,821
# *	va-Q-tec AG	2,370		53,737
#	Varta AG	24,311		2,392,457
	VERBIO Vereinigte BioEnergie AG	173,398		13,337,889
*	Vitesco Technologies Group AG, Class A	2,318		91,955
*	Vivoryon Therapeutics NV	5,400		70,495
	Vossloh AG	76,106		3,165,360
	Wacker Chemie AG	42,927		7,306,120
	Wacker Neuson SE	227,890		5,080,732
	Washtec AG	85,407		4,517,035
# *	Westwing Group SE	41,567		512,243
	Wuestenrot & Wuerttembergische AG	117,007		2,353,985
	Zeal Network SE	53,966		2,149,863

TOTAL GERMANY				889,258,875

GREECE — (0.0%)
* ††	Alfa Alfa Energy SA	3,810		0
* ††	Neorion Holdings SA	14,991		0

IRELAND — (1.1%)
	AIB Group PLC	853,971		1,880,961
*	Bank of Ireland Group PLC	6,339,548		40,313,895
	Cairn Homes PLC	1,827,825		2,508,519
*	Dalata Hotel Group PLC	203,528		892,076
*	Datalex PLC	123,079		113,846
*	FBD Holdings PLC	142,812		1,598,716
	Glanbia PLC	1,139,597		13,123,906
* W	Glenveagh Properties PLC	760,423		986,367
*	Irish Continental Group PLC	820,853		3,523,127
*	Permanent TSB Group Holdings PLC	268,168		492,525

TOTAL IRELAND				65,433,938

ISRAEL — (4.1%)
	Adgar Investment & Development Ltd.	59,769		140,980
	Afcon Holdings Ltd.	3,064		214,884
	AFI Properties Ltd.	109,219		6,512,902
	Africa Israel Residences Ltd.	5,267		363,212
*	Airport City Ltd.	262,978		5,983,864
*	Albaad Massuot Yitzhak Ltd.	2,031		20,372
#	Allot Ltd.	189,485		1,611,464
# *	Alrov Properties & Lodgings Ltd.	49,832		3,355,229
	Arad Ltd.	22,989		344,939
#	Ashtrom Group Ltd.	196,741		5,808,918
	Atreyu Capital Markets Ltd.	4,320		92,935
#	AudioCodes Ltd.	39,625		995,330
	Aura Investments Ltd.	121,776		283,828
	Automatic Bank Services Ltd.	3,976		32,541
# *	Avgol Industries 1953 Ltd.	468,925		365,094
*	Azorim-Investment Development & Construction Co. Ltd.	575,905		3,176,168
# *	Bet Shemesh Engines Holdings 1997 Ltd.	30,236		818,312
	Blue Square Real Estate Ltd.	37,333		3,191,568

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
ISRAEL — (Continued)
# *	Brack Capital Properties NV	18,347	$	3,034,587
# *	Brainsway Ltd.	17,217		73,771
	Camtek Ltd.	55,586		1,714,667
	Carasso Motors Ltd.	132,164		949,757
*	Cellcom Israel Ltd.	497,683		2,865,509
*	Ceragon Networks Ltd.	266,244		567,100
*	Clal Insurance Enterprises Holdings Ltd.	319,491		7,496,311
	Compugen Ltd.	113,943		380,588
	Danel Adir Yeoshua Ltd.	24,002		4,415,810
#	Delek Automotive Systems Ltd.	254,015		3,909,932
*	Delek Group Ltd.	49,000		7,093,704
	Delta Galil Industries Ltd.	75,453		5,150,787
	Dor Alon Energy in Israel 1988 Ltd.	17,201		657,007
	Duniec Brothers Ltd.	1,134		74,609
#	Electra Consumer Products 1970 Ltd.	50,037		2,959,966
	Electra Ltd.	11,587		8,621,027
	Electra Real Estate Ltd.	35,882		680,483
#	Ellomay Capital Ltd.	2,597		68,249
	Energix-Renewable Energies Ltd.	299,897		1,144,514
# *	Enlight Renewable Energy Ltd.	3,383,121		7,921,726
*	Equital Ltd.	117,510		4,988,227
*	Evogene Ltd.	139		180
# *	Fattal Holdings 1998 Ltd.	9,090		1,301,826
	FMS Enterprises Migun Ltd.	19,186		702,807
	Formula Systems 1985 Ltd.	63,943		6,402,760
	Formula Systems 1985 Ltd., Sponsored ADR	640		62,739
#	Fox Wizel Ltd.	59,658		9,537,887
	Gav-Yam Lands Corp. Ltd.	423,939		4,983,594
*	Gilat Satellite Networks Ltd.	236,247		2,078,437
	Harel Insurance Investments & Financial Services Ltd.	747,052		9,109,892
	Hilan Ltd.	106,788		6,593,238
	IDI Insurance Co. Ltd.	46,650		1,583,461
	IES Holdings Ltd.	322		32,864
	Ilex Medical Ltd.	2,597		121,046
#	Infinya Ltd.	21,885		1,842,206
	Inrom Construction Industries Ltd.	359,755		1,674,369
#	Isracard Ltd.	113,117		557,933
	Israel Canada T.R Ltd.	207,637		1,133,426
#	Israel Land Development - Urban Renewal Ltd.	56,725		915,760
	Isras Investment Co. Ltd.	5,893		1,470,188
# *	Issta Lines Ltd.	14,463		525,248
# *	Kamada Ltd.	212,977		1,184,381
	Kenon Holdings Ltd.	138,521		9,112,807
	Kerur Holdings Ltd.	33,018		877,712
	Klil Industries Ltd.	5,696		495,487
	M Yochananof & Sons Ltd.	1,503		98,681
	Magic Software Enterprises Ltd.	152,541		2,670,813
	Malam - Team Ltd.	8,734		258,637
	Matrix IT Ltd.	233,856		6,095,573
#	Maytronics Ltd.	188,181		3,671,679
#	Mediterranean Towers Ltd.	434,044		1,469,674
#	Mega Or Holdings Ltd.	82,559		3,233,606
*	Mehadrin Ltd.	1,666		95,351
#	Meitav Dash Investments Ltd.	132,413		716,260
	Menora Mivtachim Holdings Ltd.	186,995		4,614,505
	Migdal Insurance & Financial Holdings Ltd.	2,643,267		4,712,223
	Mivtach Shamir Holdings Ltd.	27,751		935,639
	Mizrahi Tefahot Bank Ltd.	1		41
# *	Naphtha Israel Petroleum Corp. Ltd.	244,337		1,960,393

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
ISRAEL — (Continued)
	Nawi Brothers Ltd.	65,742	$	632,703
*	Neto Malinda Trading Ltd.	3,035		147,619
	Neto ME Holdings Ltd.	10,872		768,932
*	Nova Ltd.	73,539		7,924,163
	Novolog Ltd.	121,173		117,385
*	NR Spuntech Industries Ltd.	76,176		141,369
*	Oil Refineries Ltd.	12,221,339		4,849,747
#	One Software Technologies Ltd.	39,331		681,212
# *	OPC Energy Ltd.	120,258		1,368,946
# *	Partner Communications Co. Ltd.	847,565		7,020,434
*	Paz Oil Co. Ltd.	61,942		9,086,583
	Perion Network Ltd.	92,480		2,099,942
	Plasson Industries Ltd.	21,191		1,301,819
	Prashkovsky Investments & Construction Ltd.	3,665		176,816
*	Priortech Ltd.	4,026		121,794
	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.	52,258		4,167,121
	Scope Metals Group Ltd.	47,147		2,393,553
*	Shikun & Binui Ltd.	15,672		93,869
	Shufersal Ltd.	465,772		4,212,329
*	Summit Real Estate Holdings Ltd.	222,691		5,085,366
	Suny Cellular Communication Ltd.	312,529		176,107
	Tadiran Group Ltd.	16,616		2,696,543
	Tel Aviv Stock Exchange Ltd.	21,464		109,919
*	Tera Light Ltd.	179,922		400,491
	Tiv Taam Holdings 1 Ltd.	21,439		59,704
#	Victory Supermarket Chain Ltd.	4,357		80,190
	YH Dimri Construction & Development Ltd.	17,715		1,640,459

TOTAL ISRAEL				248,469,309

ITALY — (7.9%)
	A2A SpA	11,448,108		19,607,989
	ACEA SpA	386,216		7,091,426
*	Aeffe SpA	177,250		377,554
W	Anima Holding SpA	2,243,344		10,008,731
*	Aquafil SpA	83,333		604,925
*	Arnoldo Mondadori Editore SpA	1,084,460		2,391,233
	Ascopiave SpA	477,634		1,810,386
	Autostrade Meridionali SpA	3,917		169,207
	Avio SpA	110,432		1,295,213
	Azimut Holding SpA	850,578		19,719,433
#	Banca Generali SpA	479,643		17,746,841
	Banca IFIS SpA	245,110		5,011,582
	Banca Mediolanum SpA	558,113		4,742,593
*	Banca Monte dei Paschi di Siena SpA	213,039		218,604
	Banca Popolare di Sondrio SPA	3,233,196		13,204,272
#	Banca Profilo SpA	1,711,765		417,873
# W	Banca Sistema SpA	414,926		928,929
#	Banco BPM SpA	10,639,647		31,340,758
	Banco di Desio e della Brianza SpA	241,954		818,269
	Be Shaping The Future SpA	533,191		1,921,157
W	BFF Bank SpA	938,611		6,967,368
# *	Biesse SpA	11,036		199,153
	BPER Banca	7,414,242		12,931,361
	Brembo SpA	848,746		9,448,739
*	Brunello Cucinelli SpA	249,424		14,510,491
	Buzzi Unicem SpA	653,193		12,087,452
	Cairo Communication SpA	576,511		1,428,114
W	Carel Industries SpA	23,432		598,120
	Cementir Holding NV	355,007		2,678,967

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
ITALY — (Continued)
# *	CIR SpA-Compagnie Industriali	2,318,947	$	1,043,786
	Credito Emiliano SpA	616,798		4,055,145
# *	d’Amico International Shipping SA	1,821,713		222,782
	Danieli & C Officine Meccaniche SpA	79,588		1,264,303
#	Danieli & C Officine Meccaniche SpA	102,606		2,237,538
	De’ Longhi SpA	398,689		10,785,069
	DeA Capital SpA	697,876		1,044,356
#	Digital Bros SpA	37,586		1,066,304
W	doValue SpA	37,076		312,184
*	Elica SpA	166,709		582,196
	Emak SpA	565,182		877,383
* W	Enav SpA	327,231		1,509,027
	ERG SpA	398,505		13,215,610
	Esprinet SpA	258,287		2,724,511
*	Eurotech SpA	207,209		873,073
	Fila SpA	142,640		1,477,966
# *	Fincantieri SpA	3,504,948		2,411,175
# * ††	Finmatica SpA	5,960		0
*	FNM SpA	1,412,345		833,952
	Gefran SpA	35,925		395,403
# *	Geox SpA	356,231		350,962
	GPI SpA	12,436		192,765
	Gruppo MutuiOnline SpA	172,390		6,143,371
	Hera SpA	5,756,195		21,206,693
*	Illimity Bank SpA	182,774		2,380,901
# *	IMMSI SpA	1,372,199		671,909
*	Intek Group SpA	1,885,608		1,101,214
	Iren SpA	4,720,306		12,504,750
	Italgas SpA	3,601,793		23,107,162
	Italmobiliare SpA	76,857		2,453,544
*	IVS Group SA	58,424		313,031
# *	Juventus Football Club SpA	5,695,740		2,061,627
	La Doria SpA	97,056		1,765,566
*	Leonardo SpA	2,713,884		26,968,331
	LU-VE SpA	5,064		108,915
#	Maire Tecnimont SpA	1,278,625		4,399,830
# * ††	Mariella Burani Fashion Group SpA	22,744		0
# *	MFE-MediaForEurope NV, Class A	3,502,151		2,455,227
#	MFE-MediaForEurope NV, Class B	3,502,151		4,049,970
*	Newlat Food SpA	12,794		86,368
	Openjobmetis SpA agenzia per il lavoro	63,025		791,213
	Orsero SpA	3,722		57,851
* W	OVS SpA	1,744,205		3,764,176
	Pharmanutra SpA	1,655		114,893
	Piaggio & C SpA	1,286,689		3,623,786
W	Pirelli & C SpA	2,578,872		13,992,960
# *	Prima Industrie SpA	32,067		600,815
W	RAI Way SpA	608,595		3,804,424
	Reply SpA	149,953		24,636,605
	Rizzoli Corriere Della Sera Mediagroup SpA	956,821		815,055
	Sabaf SpA	63,964		1,578,665
#	SAES Getters SpA	900		21,982
*	Safilo Group SpA	26,144		43,655
# *	Saipem SpA	3,496,778		4,407,699
# *	Salvatore Ferragamo SpA	133,303		2,510,737
	Sanlorenzo SpA/Ameglia	1,067		43,192
# *	Saras SpA	4,069,515		3,111,331
*	Servizi Italia SpA	26,961		54,323
	Sesa SpA	57,487		9,387,727

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
ITALY — (Continued)
*	Sogefi SpA	411,547	$	393,367
	SOL SpA	220,103		4,005,385
	Tamburi Investment Partners SpA	860,785		8,510,047
# W	Technogym SpA	818,967		6,456,700
# *	Tesmec SpA	313,747		47,382
	Tinexta SpA	138,460		4,022,003
# *	Tiscali SpA	2,577,711		35,491
*	Tod’s SpA	77,488		3,469,250
	TXT e-solutions SpA	65,215		701,111
# W	Unieuro SpA	145,452		2,814,091
	Unipol Gruppo SpA	3,254,463		17,850,635
	UnipolSai Assicurazioni SpA	42,994		127,102
#	Webuild SpA	1,282,257		2,273,474
	Wiit SpA	16,791		553,232
	Zignago Vetro SpA	181,037		2,367,137

TOTAL ITALY				486,518,135

NETHERLANDS — (6.3%)
	Aalberts NV	700,503		36,304,451
*	Accell Group NV	132,989		8,422,103
*	AFC Ajax NV	13,955		196,272
# * W	Alfen Beheer BV	23,375		2,369,864
	AMG Advanced Metallurgical Group NV	197,518		8,486,087
*	Amsterdam Commodities NV	30,979		837,502
	APERAM SA	332,758		14,706,859
	Arcadis NV	537,656		24,157,020
	ASR Nederland NV	931,393		43,482,927
*	Avantium NV	1,640		9,218
W	B&S Group Sarl	10,048		78,732
# * W	Basic-Fit NV	285,595		12,704,268
#	BE Semiconductor Industries NV	405,420		34,559,333
# *	Beter Bed Holding NV	27,380		148,932
	Boskalis Westminster	574,120		20,558,188
	Brunel International NV	155,477		1,886,992
	Corbion NV	391,516		13,397,446
W	Flow Traders	225,384		7,650,616
#	ForFarmers NV	214,677		809,630
*	Fugro NV	504,793		6,042,452
	Heijmans NV	156,398		2,564,057
*	Hunter Douglas NV	3,727		711,402
	IMCD NV	20,927		3,569,986
* W	Intertrust NV	472,154		10,261,088
	Kendrion NV	97,269		2,091,054
*	Koninklijke BAM Groep NV	1,890,164		5,702,605
	Koninklijke Vopak NV	286,311		9,263,417
* W	Lucas Bols BV	23,064		273,750
	Nedap NV	33,400		2,362,764
*	OCI NV	554,235		19,566,961
	Ordina NV	637,656		3,271,601
# *	Pharming Group NV	273,983		240,445
#	PostNL NV	3,246,884		12,374,397
#	SBM Offshore NV	1,067,055		16,915,563
#	SIF Holding NV	34,182		444,830
W	Signify NV	676,182		31,454,213
*	Sligro Food Group NV	166,461		4,046,293
# * ††	SNS NV	705,718		0
#	TKH Group NV	277,136		15,471,580
# *	TomTom NV	464,278		4,317,212

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
NETHERLANDS — (Continued)
	Van Lanschot Kempen NV	151,358	$	4,027,944

TOTAL NETHERLANDS				385,740,054

NORWAY — (2.3%)
	2020 Bulkers Ltd.	59,850		818,637
	ABG Sundal Collier Holding ASA	2,462,689		2,380,976
# *	Akastor ASA	781,213		723,079
# *	Aker Solutions ASA	1,831,564		6,299,789
	American Shipping Co. ASA	236,690		870,208
*	ArcticZymes Technologies ASA	43,054		374,924
#	Arendals Fossekompani AS	2,250		104,242
	Atea ASA	363,472		5,431,116
# *	Atlantic Sapphire ASA	67,633		271,284
# *	Axactor SE	946,461		715,753
	B2Holding ASA	1,436,002		1,510,029
	Belships ASA	147,218		327,816
*	Bergenbio ASA	24,722		57,129
	Bonheur ASA	146,347		5,925,195
	Borregaard ASA	502,221		9,915,078
#	Bouvet ASA	24,914		197,402
*	BW Energy Ltd.	272,708		832,364
W	BW LPG Ltd.	648,398		4,423,317
	BW Offshore Ltd.	764,469		2,521,509
* W	Crayon Group Holding ASA	134,780		2,537,974
	DNO ASA	3,178,428		4,636,829
W	Europris ASA	1,174,434		7,532,068
W	Fjordkraft Holding ASA	51,884		197,866
	FLEX LNG Ltd.	215,511		5,970,217
# *	Frontline Ltd.	609,442		5,304,340
	Golden Ocean Group Ltd.	394,981		4,855,158
# *	Grieg Seafood ASA	344,872		4,684,012
*	Hafnia Ltd.	15,427		38,523
# *	Hexagon Composites ASA	701,410		2,517,849
	Hunter Group ASA	115,742		36,583
# *	IDEX Biometrics ASA	1,011,211		215,877
# W	Kid ASA	16,723		195,509
#	Kitron ASA	342,728		782,124
	Komplett Bank ASA	33,724		28,699
# *	Kongsberg Automotive ASA	4,858,900		1,387,272
# *	Magnora ASA	21,656		48,500
	Medistim ASA	977		29,160
	MPC Container Ships ASA	1,700,416		5,682,217
# W	Multiconsult ASA	2,534		40,457
*	Next Biometrics Group AS	167,317		117,249
# *	Nordic Nanovector ASA	376,386		637,954
* W	Norske Skog ASA	160,951		907,295
#	Norway Royal Salmon ASA	93,951		2,239,273
# *	Norwegian Energy Co. ASA	2,292		72,462
*	NRC Group ASA	19,066		42,467
*	Odfjell Drilling Ltd.	586,600		1,603,768
*	Odfjell SE, Class A	137,586		591,735
	Odfjell Technology Ltd.	97,767		225,320
W	Okeanis Eco Tankers Corp.	6,274		61,050
	Olav Thon Eiendomsselskap ASA	91,864		1,963,833
*	Otello Corp. ASA	2,772		8,524
	Pareto Bank ASA	21,180		157,570
# *	PGS ASA	2,078,421		688,557
# *	PhotoCure ASA	5,202		69,500
# * W	poLight ASA	920		17,693

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
NORWAY — (Continued)
	Protector Forsikring ASA	438,078	$	6,039,213
*	Q-Free ASA	32,883		29,291
# *	REC Silicon ASA	1,997,785		3,290,484
*	SATS ASA	57,235		117,402
W	Sbanken ASA	486,979		5,785,643
	Selvaag Bolig ASA	309,083		1,746,710
	Solstad Offshore ASA	11,058		21,619
	Sparebank 1 Oestlandet	10,418		165,276
	SpareBank 1 Sorost-Norge	1,788		12,503
	Stolt-Nielsen Ltd.	195,297		3,674,671
#	Subsea 7 SA	13,454		124,998
*	Tekna Holding AS	114		225
	TGS ASA	286,682		4,259,516
	Treasure ASA	316,195		567,643
*	Ultimovacs ASA	18,337		168,257
	Veidekke ASA	640,408		8,895,718
*	Volue ASA	168		853
*	Wallenius Wilhelmsen ASA	419,921		3,080,881
	Wilh Wilhelmsen Holding ASA, Class A	68,304		1,872,325
W	XXL ASA	787,885		999,400

TOTAL NORWAY				140,677,959

PORTUGAL — (0.8%)
	Altri SGPS SA	520,559		3,475,886
*	Banco Comercial Portugues SA, Class R	49,088,548		9,326,908
* ††	Banco Espirito Santo SA	4,777,921		0
	Corticeira Amorim SGPS SA	103,321		1,145,203
#	CTT-Correios de Portugal SA	745,659		3,703,747
*	Greenvolt-Energias Renovaveis SA	9,769		80,329
*	Ibersol SGPS SA	52,494		331,269
# *	Mota-Engil SGPS SA	641,747		950,808
	Navigator Co. SA	1,798,509		6,695,239
	NOS SGPS SA	1,573,636		6,630,525
# *	Novabase SGPS SA	72,649		387,168
	REN - Redes Energeticas Nacionais SGPS SA	3,019,723		9,508,696
	Sonae SGPS SA	7,101,695		8,151,298

TOTAL PORTUGAL				50,387,076

SPAIN — (5.4%)
	Acciona SA	74,820		14,300,730
	Acerinox SA	1,064,577		11,660,589
# * ††	Adveo Group International SA	84,445		0
W	Aedas Homes SA	24,946		637,282
	Alantra Partners SA	70,405		1,291,725
	Almirall SA	464,769		5,905,641
# *	Amper SA	6,472,211		1,781,450
	Applus Services SA	911,802		7,529,423
	Atresmedia Corp. de Medios de Comunicacion SA	541,919		2,288,832
	Azkoyen SA	67,253		406,925
#	Banco de Sabadell SA	38,038,371		31,083,230
	Bankinter SA	4,470,478		26,193,320
# * ††	Caja de Ahorros del Mediterraneo	116,412		0
#	Cia de Distribucion Integral Logista Holdings SA	409,461		7,489,311
	CIE Automotive SA	394,470		8,989,099
#	Construcciones y Auxiliar de Ferrocarriles SA	129,981		4,283,991
# *	Deoleo SA	37,749		15,942
*	Distribuidora Internacional de Alimentacion SA	3,729,910		57,668
#	Ebro Foods SA	527,707		9,266,004

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
SPAIN — (Continued)
*	eDreams ODIGEO SA	427,530	$	3,773,204
	Elecnor SA	200,108		2,421,147
#	Enagas SA	1,378,163		30,603,861
*	Ence Energia y Celulosa SA	979,259		3,443,415
*	Ercros SA	643,000		2,152,276
	Faes Farma SA	2,107,905		8,565,430
	Fluidra SA	367,354		10,629,192
	Fomento de Construcciones y Contratas SA	363,290		4,362,546
W	Gestamp Automocion SA	754,440		2,633,065
W	Global Dominion Access SA	695,411		3,116,887
	Grupo Catalana Occidente SA	270,353		8,303,317
#	Grupo Empresarial San Jose SA	151,317		735,668
# *	Grupo Ezentis SA	1,629,459		264,697
	Iberpapel Gestion SA	47,911		830,365
*	Indra Sistemas SA	962,472		10,664,193
#	Laboratorio Reig Jofre SA	14,659		54,448
	Laboratorios Farmaceuticos Rovi SA	120,922		8,960,466
#	Linea Directa Aseguradora SA Cia de Seguros y Reaseguros	3,862,215		5,944,326
#	Mapfre SA	1,832,552		3,832,977
*	Mediaset Espana Comunicacion SA	1,094,655		5,526,235
*	Melia Hotels International SA	777,775		5,816,070
W	Metrovacesa SA	33,007		280,776
#	Miquel y Costas & Miquel SA	193,707		2,679,386
* W	Neinor Homes SA	77,372		1,019,862
*	Obrascon Huarte Lain SA	1,361,871		1,401,114
*	Oryzon Genomics SA	35,547		103,419
#	Pharma Mar SA	5,055		381,401
#	Prim SA	40,283		650,121
# *	Promotora de Informaciones SA, Class A	1,330,083		951,870
# W	Prosegur Cash SA	230,690		150,618
#	Prosegur Cia de Seguridad SA	1,528,190		3,312,694
*	Realia Business SA	1,667,905		1,541,621
	Renta 4 Banco SA	442		4,851
	Sacyr SA	2,840,800		6,859,443
*	Solaria Energia y Medio Ambiente SA	494,183		11,086,569
* W	Talgo SA	587,102		2,518,884
# *	Tecnicas Reunidas SA	188,993		1,610,005
# *	Tubacex SA	738,150		1,494,239
# *	Tubos Reunidos SA	34,204		13,255
W	Unicaja Banco SA	8,093,500		8,412,269
	Vidrala SA	125,805		8,827,519
	Viscofan SA	274,076		16,254,652
*	Vocento SA	352,577		404,633
	Zardoya Otis SA	979,550		7,642,969

TOTAL SPAIN				333,417,117

SWEDEN — (7.3%)
W	AcadeMedia AB	441,853		2,438,038
	AddLife AB, Class B	182,992		5,071,571
	AddNode Group AB	96,609		3,945,569
	AFRY AB	283,371		5,683,646
W	Alimak Group AB	254,539		2,837,123
	Alligo AB, Class B	137,415		2,027,491
W	Ambea AB	166,767		845,232
*	Annehem Fastigheter AB, Class B	132,805		423,065
*	AQ Group AB	1,510		46,871
*	Arise AB	76,462		387,013
	Arjo AB, Class B	1,033,502		8,750,253
	Atrium Ljungberg AB, Class B	245,262		5,024,554

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
SWEDEN — (Continued)
* W	Attendo AB	733,120	$	2,319,519
*	Balco Group AB	979		11,674
*	BE Group AB	3,385		61,648
	Beijer Alma AB	299,014		6,910,736
*	Beijer Electronics Group AB	93,898		675,768
	Bergman & Beving AB	199,982		2,979,918
	Bergs Timber AB, Class B	62,277		34,969
	Besqab AB	21,962		384,883
	Betsson AB, Class B	894,776		5,426,263
# *	BHG Group AB	351,076		2,315,910
	Bilia AB, Class A	592,953		8,439,690
	BioGaia AB, Class B	49,858		2,951,303
	Biotage AB	419,797		9,757,761
	Bjorn Borg AB	13,009		66,916
	Bonava AB, Class B	526,974		3,300,091
# * W	Boozt AB	212,829		2,717,926
W	Bravida Holding AB	786,149		9,039,627
	Bufab AB	232,909		8,276,897
#	Bulten AB	115,761		798,992
	Bure Equity AB	321,431		10,442,308
	Byggmax Group AB	443,719		3,286,411
# *	Calliditas Therapeutics AB, Class B	99,484		940,628
*	Careium AB	155,569		274,809
#	Catella AB	33,547		164,042
	Catena AB	177,527		10,695,917
# *	Catena Media PLC	330,046		1,649,189
# *	Cavotec SA	79,682		102,780
	Cellavision AB	26,313		871,643
	Clas Ohlson AB, Class B	262,871		2,987,174
	Cloetta AB, Class B	1,822,722		4,973,420
*	Collector AB	274,588		1,139,465
	Concentric AB	354,479		7,689,022
W	Coor Service Management Holding AB	360,247		2,890,808
	Corem Property Group AB, Class B	4,350,002		11,290,104
	Dios Fastigheter AB	782,260		8,485,268
# *	Doro AB	162,545		466,925
*	Duni AB	215,342		2,342,983
W	Dustin Group AB	526,105		4,506,629
	Eastnine AB	126,421		1,439,201
	Elanders AB, Class B	66,195		965,137
*	Electrolux Professional AB, Class B	348,064		2,139,575
* W	Eltel AB	206,068		273,859
*	Enea AB	102,697		1,984,154
#	Eolus Vind AB, Class B	35,068		359,803
	eWork Group AB	32,666		376,293
	Fagerhult AB	300,931		1,602,451
	FastPartner AB, Class A	1,130		12,418
	FastPartner AB, Class D	35		310
#	Fenix Outdoor International AG	19,605		2,206,360
	Ferronordic AB	7,394		45,217
# *	Fingerprint Cards AB, Class B	386,234		605,548
	G5 Entertainment AB	35,644		788,973
	GARO AB	6,571		107,393
	GHP Specialty Care AB	41,172		150,945
	Granges AB	830,762		8,144,695
# *	Haldex AB	383,964		1,675,418
	Heba Fastighets AB, Class B	134,907		2,168,144
#	Hexatronic Group AB	71,883		2,857,385
	HMS Networks AB	149,627		6,995,860

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
SWEDEN — (Continued)
# * W	Hoist Finance AB	443,037	$	1,360,021
*	Humana AB	126,275		808,189
*	IAR Systems Group AB	1,213		16,943
*	Immunovia AB	8,077		34,672
#	Instalco AB	482,045		3,606,793
#	INVISIO AB	555		10,150
	Inwido AB	456,345		7,215,935
#	JM AB	441,763		14,035,161
# *	John Mattson Fastighetsforetagen AB	8,700		152,835
	Karnov Group AB	34,072		216,413
*	K-fast Holding AB	9,734		68,569
	Kindred Group PLC	562,848		6,140,993
	KNOW IT AB	199,430		6,610,983
	Lagercrantz Group AB, Class B	1,424,369		16,117,418
W	LeoVegas AB	558,727		2,241,947
	Lime Technologies AB	9,545		276,668
	Lindab International AB	646,372		16,442,678
	Loomis AB	380,443		10,377,273
*	Maha Energy AB	76,219		130,579
*	Medcap AB	6,064		117,508
*	Mekonomen AB	299,806		3,530,163
	Midsona AB, Class B	8,545		25,064
# *	Millicom International Cellular SA	34,490		875,595
	MIPS AB	55,692		5,179,003
*	Modern Times Group MTG AB, Class B	551,757		8,031,177
	Momentum Group Komponenter + T	137,415		1,169,191
W	Munters Group AB	53,016		328,431
	Mycronic AB	438,731		8,172,102
	NCAB Group AB	40,267		279,837
	NCC AB, Class B	326,927		4,644,713
#	Nederman Holding AB	31,174		633,224
*	Nelly Group AB	47,409		120,884
*	Net Insight AB, Class B	2,331,047		992,553
	New Wave Group AB, Class B	426,925		6,924,839
	Nobia AB	896,177		3,942,130
	Nolato AB, Class B	1,482,789		10,981,415
	Nordic Waterproofing Holding AB	70,179		1,259,092
*	Note AB	44,399		878,419
	NP3 Fastigheter AB	169,215		5,588,628
	Nyfosa AB	1,254,829		17,940,212
	OEM International AB, Class B	143,694		2,490,778
# * W	Oncopeptides AB	38,454		37,489
*	Ovzon AB	1,938		10,369
# *	Pandox AB	337,956		5,089,430
	Peab AB, Class B	51,386		516,824
	Platzer Fastigheter Holding AB, Class B	250,352		3,092,181
	Prevas AB, Class B	2,947		37,055
#	Pricer AB, Class B	892,974		1,849,122
	Proact IT Group AB	186,907		1,361,114
	Ratos AB, Class B	1,586,079		8,170,327
*	RaySearch Laboratories AB	160,684		881,212
	Rejlers AB	948		13,412
W	Resurs Holding AB	1,040,265		3,049,898
	Rottneros AB	672,020		797,662
	Scandi Standard AB	397,762		1,504,734
* W	Scandic Hotels Group AB	789,878		3,624,392
# *	Sdiptech AB, Class B	8,683		332,971
	Sectra AB, Class B	377,318		5,763,598
	Semcon AB	118,592		1,470,184

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
SWEDEN — (Continued)
*	Sensys Gatso Group AB	2,726,230	$	291,584
	SkiStar AB	323,216		6,009,966
*	Solid Forsakring AB	86,686		449,444
*	Starbreeze AB	37,435		4,005
*	Stendorren Fastigheter AB	1,169		33,590
# *	Stillfront Group AB	169,387		476,302
	Svedbergs i Dalstorp AB, Class B	7,665		41,788
#	Systemair AB	360,836		2,676,146
	Tethys Oil AB	105,015		872,828
	TF Bank AB	1,461		27,795
*	Tobii AB	1,361		4,520
	Troax Group AB	227,770		5,905,330
	VBG Group AB, Class B	28,343		419,321
	Vitec Software Group AB, Class B	36,199		1,865,864
	Wihlborgs Fastigheter AB	182,515		3,817,935
	XANO Industri AB, Class B	1,477		47,301

TOTAL SWEDEN				444,564,452

SWITZERLAND — (15.4%)
	Adecco Group AG	52,022		2,359,797
	Allreal Holding AG	124,196		26,590,866
	ALSO Holding AG	46,937		11,413,500
*	ams-OSRAM AG	1,474,621		22,572,021
*	APG SGA SA	8,849		1,863,525
	Arbonia AG	345,431		6,763,895
# *	Aryzta AG	6,589,298		6,716,449
*	Ascom Holding AG	200,120		2,242,647
#	Autoneum Holding AG	23,132		3,208,272
	Bachem Holding AG, Class B	6,229		3,428,084
	Baloise Holding AG	86,584		15,463,604
	Banque Cantonale de Geneve	9,528		1,685,789
	Banque Cantonale du Jura SA	3,848		213,913
#	Banque Cantonale Vaudoise	87,914		7,606,221
	Belimo Holding AG	65,936		34,921,019
	Bell Food Group AG	14,632		4,296,234
	Bellevue Group AG	57,974		2,423,618
	Berner Kantonalbank AG	30,400		7,373,381
	BKW AG	163,961		20,536,485
*	Bobst Group SA	68,727		6,771,528
	Bossard Holding AG, Class A	47,109		11,042,291
	Bucher Industries AG	54,953		22,212,511
	Burckhardt Compression Holding AG	3,083		1,629,230
	Burkhalter Holding AG	28,825		2,254,127
	Bystronic AG	9,740		10,044,004
	Calida Holding AG	37,936		2,089,527
	Carlo Gavazzi Holding AG	3,077		927,874
	Cembra Money Bank AG	188,532		13,857,971
#	Cicor Technologies Ltd.	15,422		825,298
	Cie Financiere Tradition SA	10,803		1,259,232
	Clariant AG	791,071		13,727,466
	Coltene Holding AG	26,808		3,016,204
	Comet Holding AG	18,573		5,363,553
*	COSMO Pharmaceuticals NV	1,793		117,965
	Daetwyler Holding AG	7,287		2,410,411
	DKSH Holding AG	247,560		20,850,019
	dormakaba Holding AG	25,076		12,861,909
# *	Dottikon Es Holding AG	1,937		531,819
*	Dufry AG	291,333		12,258,626
	EFG International AG	683,675		5,268,441

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
SWITZERLAND — (Continued)
	Emmi AG	15,918	$	17,343,920
	Energiedienst Holding AG	83,637		4,167,681
# *	Evolva Holding SA	3,349,123		408,444
*	Feintool International Holding AG	15,677		823,169
*	Flughafen Zurich AG	148,108		26,583,434
	Forbo Holding AG	8,781		14,958,470
	Fundamenta Real Estate AG	1,593		34,131
W	Galenica AG	121,061		9,320,031
# *	GAM Holding AG	1,195,762		1,476,342
	Georg Fischer AG	31,822		38,023,006
#	Gurit Holding AG	3,022		4,840,785
	Helvetia Holding AG	266,540		34,797,277
	Hiag Immobilien Holding AG	20,971		2,356,494
# *	HOCHDORF Holding AG	6,697		295,603
	Huber & Suhner AG	106,321		9,945,288
	Hypothekarbank Lenzburg AG	6		27,380
# *	Implenia AG	107,391		2,626,304
*	Ina Invest Holding AG	25,352		527,791
	Inficon Holding AG	15,056		17,258,209
	Interroll Holding AG	5,227		17,217,588
	Intershop Holding AG	10,420		7,213,813
	Investis Holding SA	4,392		535,304
*	Jungfraubahn Holding AG	17,432		2,697,062
	Kardex Holding AG	50,262		11,574,729
*	Komax Holding AG	24,168		6,761,989
#	Kudelski SA	217,692		779,715
#	Landis+Gyr Group AG	84,407		5,338,771
	LEM Holding SA	3,961		9,593,032
	Liechtensteinische Landesbank AG	64,323		3,856,294
	Luzerner Kantonalbank AG	20,159		9,436,130
* W	Medacta Group SA	4,763		569,723
* W	Medartis Holding AG	2,631		351,826
* W	Medmix AG	143,103		4,993,840
# *	Meier Tobler Group AG	45,826		1,036,238
	Metall Zug AG, Class B	1,092		2,499,710
# *	Meyer Burger Technology AG	2,533,186		1,054,264
*	Mikron Holding AG	8,692		72,863
	Mobilezone Holding AG	295,533		5,220,133
	Mobimo Holding AG	57,560		18,362,799
	OC Oerlikon Corp. AG	1,736,239		13,835,992
# *	Orascom Development Holding AG	93,520		939,116
	Orell Fuessli AG	5,028		476,077
	Orior AG	37,151		3,625,655
	Peach Property Group AG	1,034		63,714
	Phoenix Mecano AG	4,517		1,910,515
	Plazza AG, Class A	6,895		2,607,546
	PSP Swiss Property AG	334,181		43,888,729
*	Rieter Holding AG	23,266		3,765,119
	Romande Energie Holding SA	2,640		3,505,584
	Schaffner Holding AG	3,363		1,148,930
	Schweiter Technologies AG	7,284		8,912,523
#	Schweizerische Nationalbank	23		191,191
* W	Sensirion Holding AG	23,393		2,878,025
	SFS Group AG	126,108		17,564,750
	Siegfried Holding AG	32,945		27,155,446
	SIG Combibloc Group AG	20,923		527,466
	Softwareone Holding AG	206,099		2,905,473
	St Galler Kantonalbank AG	17,568		8,773,317
	Sulzer AG	144,172		11,975,753

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
SWITZERLAND — (Continued)
	Swiss Prime Site AG	83,584	$	8,243,451
*	Swiss Steel Holding AG	3,362,368		1,008,485
	Swissquote Group Holding SA	86,734		15,630,046
	Tecan Group AG	13,185		5,212,558
	Thurgauer Kantonalbank	3,152		383,970
# *	Tornos Holding AG	26,632		225,332
*	TX Group AG	19,090		3,178,415
*	u-blox Holding AG	53,215		5,169,709
	Valiant Holding AG	111,392		11,509,679
*	Valora Holding AG	28,888		5,389,927
W	VAT Group AG	120,921		46,039,323
	Vaudoise Assurances Holding SA	6,746		3,331,458
	Vetropack Holding AG	66,692		3,119,627
*	Vifor Pharma AG	16,966		3,024,889
# *	Von Roll Holding AG	378,198		443,219
	Vontobel Holding AG	229,961		19,338,687
	VP Bank AG, Class A	24,056		2,480,763
	VZ Holding AG	90,310		8,542,710
*	V-ZUG Holding AG	10,820		1,301,902
	Walliser Kantonalbank	18,991		2,303,405
	Warteck Invest AG	27		69,216
	Ypsomed Holding AG	10,720		1,882,794
	Zehnder Group AG	87,466		7,560,605
	Zug Estates Holding AG, Class B	1,186		2,593,278
	Zuger Kantonalbank AG	702		5,582,549

TOTAL SWITZERLAND				946,195,826

UNITED ARAB EMIRATES — (0.0%)
# *	Borr Drilling Ltd.	52,360		174,317

UNITED KINGDOM — (0.0%)
# *	TORM PLC, Class A	195,257		1,682,629

UNITED STATES — (0.0%)
#	Arko Corp.	124,906		1,136,644

TOTAL COMMON STOCKS				5,691,995,236

PREFERRED STOCKS — (0.7%)
GERMANY — (0.7%)
*	Biotest AG	95,815		3,921,827
	Draegerwerk AG & Co. KGaA	65,107		3,602,690
	Fuchs Petrolub SE	391,668		14,210,276
	Jungheinrich AG	359,171		10,400,713
	Sixt SE	120,365		8,991,952
	STO SE & Co. KGaA	16,482		3,768,428
	Villeroy & Boch AG	41,086		1,085,648

TOTAL GERMANY				45,981,534

RIGHTS/WARRANTS — (0.0%)
AUSTRIA — (0.0%)
*	CA Immobilien Anlagen AG Rights Exp 07/26/21	497,492		0
*	Immofinanz AG Exp 03/03/23	681,828		0

ITALY — (0.0%)
# *	Webuild SpA Warrants 08/02/30	116,038		0

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED


		Shares		Value»
SWEDEN — (0.0%)
*	Svedbergs i Dalstorp AB Rights Exp 03/08/2022		2	$	2

TOTAL RIGHTS/WARRANTS					2

TOTAL INVESTMENT SECURITIES (Cost $4,528,363,460)					5,737,976,772


				Value†
SECURITIES LENDING COLLATERAL — (6.5%)
@ §	The DFA Short Term Investment Fund		34,474,936		398,771,589

TOTAL INVESTMENTS — (100.0%) (Cost $4,927,136,598)^^				$	6,136,748,361

ADR American Depositary Receipt

BAM Build America Mutual

SA Special Assessment

»	Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments.

W	Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Fund’s Liquidity Guidelines. The liquidity determination is unaudited.

#	Total or Partial Securities on Loan.

*	Non-Income Producing Securities.

††	Security valued using significant unobservable inputs (Level 3).

†	See Security Valuation Note within the Notes to Schedules of Investments.

@	Security purchased with cash collateral received from Securities on Loan.

§	Affiliated Fund.

^^	See Federal Tax Cost Note within the Notes to Schedules of Investments.

Summary of the Series’ investments as of March 31, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):


	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3		Total
Common Stocks
Austria		—	$	171,645,526		—	$	171,645,526
Belgium	$	469,604		261,266,362		—		261,735,966
Canada		—		2,146,732		—		2,146,732
Denmark		—		320,024,568		—		320,024,568
Finland		—		312,401,120		—		312,401,120
France		—		630,345,892	$	39,101		630,384,993
Germany		—		889,258,875		—		889,258,875
Ireland		—		65,433,938		—		65,433,938
Israel		698,773		247,770,536		—		248,469,309
Italy		—		486,518,135		—		486,518,135
Netherlands		—		385,740,054		—		385,740,054
Norway		225,320		140,452,639		—		140,677,959
Portugal		—		50,387,076		—		50,387,076
Spain		—		333,417,117		—		333,417,117
Sweden		1,169,191		443,395,261		—		444,564,452
Switzerland		3,024,889		943,170,937		—		946,195,826
United Arab Emirates		—		174,317		—		174,317
United Kingdom		—		1,682,629		—		1,682,629
United States		1,136,644		—		—		1,136,644

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED


	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3			Total
Preferred Stocks
Germany	$	3,921,827	$	42,059,707		—		$	45,981,534
Rights/Warrants
Sweden		—		2		—			2

Securities Lending Collateral		—		398,771,589		—			398,771,589

TOTAL	$	10,646,248	$	6,126,063,012	$	39,101	^	$	6,136,748,361

^	A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

THE CANADIAN SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

March 31, 2022

(Unaudited)


		Shares	Value»
COMMON STOCKS — (85.3%)
COMMUNICATION SERVICES — (1.1%)
*	AcuityAds Holdings, Inc.	9,419	$	29,760
*	Aimia, Inc.	747,208		3,012,381
#	Cogeco Communications, Inc.	80,682		6,678,377
#	Cogeco, Inc.	33,834		2,086,089
#	Corus Entertainment, Inc., Class B	1,028,921		4,049,347
# *	Enthusiast Gaming Holdings, Inc.	27,353		66,116
# *	MDF Commerce, Inc.	24,190		60,952
*	TeraGo, Inc.	2,400		11,020
# *	WildBrain Ltd.	612,863		1,632,471
#	Yellow Pages Ltd.	105,820		1,120,711

TOTAL COMMUNICATION SERVICES				18,747,224

CONSUMER DISCRETIONARY — (4.8%)
*	Aritzia, Inc.	449,840		18,362,065
*	AutoCanada, Inc.	133,641		3,872,986
	BMTC Group, Inc.	20,581		246,613
# *	Bragg Gaming Group, Inc.	4,700		33,911
# *	Canada Goose Holdings, Inc.	261,127		6,874,135
#	Dorel Industries, Inc., Class B	149,777		1,159,734
#	Exco Technologies Ltd.	164,124		1,259,008
	Gamehost, Inc.	89,999		633,517
	Leon’s Furniture Ltd.	171,679		3,061,013
	Linamar Corp.	255,634		11,363,102
#	Martinrea International, Inc.	486,868		3,497,240
#	MTY Food Group, Inc.	103,016		4,490,114
	Park Lawn Corp.	185,122		5,120,601
#	Pizza Pizza Royalty Corp.	162,278		1,830,276
*	Points.com, Inc.	62,977		1,165,704
#	Pollard Banknote Ltd.	49,129		1,058,308
# *	Recipe Unlimited Corp.	88,994		1,043,596
*	Reitmans Canada Ltd., Class A	125,155		159,178
# W	Sleep Country Canada Holdings, Inc.	197,990		4,626,075
* W	Spin Master Corp.	148,575		5,116,309
# *	Uni-Select, Inc.	242,884		5,925,659

TOTAL CONSUMER DISCRETIONARY				80,899,144

CONSUMER STAPLES — (4.0%)
*	Alcanna, Inc.	139,850		1,024,698
#	Andrew Peller Ltd., Class A	168,200		979,479
*	CareRx Corp.	2,700		11,814
	Corby Spirit & Wine Ltd.	87,267		1,213,215
	High Liner Foods, Inc.	106,744		1,164,651
W	Jamieson Wellness, Inc.	264,898		7,384,470
#	KP Tissue, Inc.	47,200		417,198
#	Lassonde Industries, Inc., Class A	18,100		2,064,745
#	Maple Leaf Foods, Inc.	438,246		10,516,642
#	North West Co., Inc.	305,380		9,355,720
#	Premium Brands Holdings Corp.	189,209		16,553,044
	Primo Water Corp.	807,822		11,502,005
	Primo Water Corp.	84,925		1,210,181
#	Rogers Sugar, Inc.	698,654		3,520,794

THE CANADIAN SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
CONSUMER STAPLES — (Continued)
# *	SunOpta, Inc.	349,280	$	1,754,506

TOTAL CONSUMER STAPLES				68,673,162

ENERGY — (19.6%)
*	Advantage Energy Ltd.	1,194,867		8,324,834
#	Africa Oil Corp.	1,333,299		2,388,985
*	Athabasca Oil Corp.	2,177,410		3,535,690
*	Baytex Energy Corp.	346,770		1,511,736
	Birchcliff Energy Ltd.	1,626,440		10,876,326
*	Calfrac Well Services Ltd.	3,700		13,259
#	Canacol Energy Ltd.	963,916		2,413,358
# *	Cardinal Energy Ltd.	460,444		2,813,894
	CES Energy Solutions Corp.	1,334,769		2,562,449
	Computer Modelling Group Ltd.	464,145		1,990,015
#	Crescent Point Energy Corp.	3,289,792		23,842,547
# *	Crew Energy, Inc.	384,876		1,594,735
# *	Denison Mines Corp.	3,774,323		6,158,956
#	Enerflex Ltd.	506,965		3,248,242
# *	Energy Fuels, Inc.	249,392		2,296,124
#	Enerplus Corp.	1,323,108		16,765,250
*	Ensign Energy Services, Inc.	741,132		2,045,279
# *	Fission Uranium Corp.	1,962,000		1,475,247
#	Freehold Royalties Ltd.	645,441		7,388,122
*	Frontera Energy Corp.	270,637		3,136,848
*	Gear Energy Ltd.	201,778		258,245
#	Gibson Energy, Inc.	904,630		18,097,665
*	Gran Tierra Energy, Inc.	1,845,435		2,893,295
*	Greenlane Renewables, Inc.	17,100		14,909
# *	Headwater Exploration, Inc.	540,066		2,864,166
*	InPlay Oil Corp.	10,100		29,650
*	Kelt Exploration Ltd.	773,541		4,170,433
#	Keyera Corp.	359,780		9,120,048
* ††	Lightstream Resources Ltd.	687,816		0
*	MEG Energy Corp.	2,167,763		29,599,420
	North American Construction Group Ltd.	149,733		2,166,910
*	NuVista Energy Ltd.	1,111,528		9,397,953
	Paramount Resources Ltd., Class A	402,921		10,058,929
#	Parex Resources, Inc.	786,291		16,132,755
#	Parkland Corp.	699,759		20,693,589
	Pason Systems, Inc.	407,444		4,989,775
#	Peyto Exploration & Development Corp.	965,837		9,796,275
	PHX Energy Services Corp.	102,328		541,046
*	Pine Cliff Energy Ltd.	87,000		79,334
#	PrairieSky Royalty Ltd.	1,124,067		15,546,229
*	Precision Drilling Corp.	79,933		5,923,779
# *	Questerre Energy Corp., Class A	797,460		184,988
	Secure Energy Services, Inc.	1,486,857		6,351,090
*	ShawCor Ltd.	371,654		1,498,329
*	Surge Energy, Inc.	13,859		98,218
	Tamarack Valley Energy Ltd.	1,165,080		4,622,483
	TerraVest Industries, Inc.	5,000		100,588
	Tidewater Midstream & Infrastructure Ltd.	1,346,778		1,400,481
*	Total Energy Services, Inc.	238,344		1,487,090
# *	Touchstone Exploration, Inc.	28,397		33,845
*	TransGlobe Energy Corp.	9,567		34,824
*	Trican Well Service Ltd.	1,196,395		3,560,045
#	Vermilion Energy, Inc.	949,975		19,952,339
#	Whitecap Resources, Inc.	3,201,537		26,479,939

THE CANADIAN SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
ENERGY — (Continued)
# *	Yangarra Resources Ltd.	323,471	$	732,250

TOTAL ENERGY				333,292,810

FINANCIALS — (8.3%)
	AGF Management Ltd., Class B	333,248		2,073,887
#	Alaris Equity Partners Income	153,883		2,487,682
	Canaccord Genuity Group, Inc.	528,907		5,224,974
#	Canadian Western Bank	500,863		14,559,342
#	Chesswood Group Ltd.	56,542		682,041
	CI Financial Corp.	1,010,158		16,047,465
	Clairvest Group, Inc.	1,900		104,807
#	ECN Capital Corp.	2,463,868		13,145,622
	E-L Financial Corp. Ltd.	7,278		5,140,562
#	Element Fleet Management Corp.	1,990,748		19,268,128
	Equitable Group, Inc.	128,884		7,396,023
#	Fiera Capital Corp.	369,963		3,089,560
	Firm Capital Mortgage Investment Corp.	188,519		2,144,335
#	First National Financial Corp.	79,319		2,571,531
	goeasy Ltd.	61,859		6,941,231
# *	GoldMoney, Inc.	125,000		194,977
	Guardian Capital Group Ltd., Class A	92,714		2,966,492
	Home Capital Group, Inc.	286,967		8,722,750
	Kingsway Financial Services, Inc.	13,070		71,886
#	Laurentian Bank of Canada	380,429		12,646,986
	RF Capital Group, Inc.	17,024		235,581
	Sprott, Inc.	132,256		6,631,534
	Timbercreek Financial Corp.	524,352		3,980,403
*	Trisura Group Ltd.	180,100		4,951,435
	VersaBank	3,400		39,435

TOTAL FINANCIALS				141,318,669

HEALTH CARE — (1.4%)
#	Andlauer Healthcare Group, Inc.	44,155		1,757,865
# *	Aptose Biosciences, Inc.	75,121		102,163
# *	Aurora Cannabis, Inc.	763,275		3,049,989
# *	Canopy Growth Corp.	313,200		2,374,723
# *	Charlottes Web Holdings, Inc.	49,894		53,879
# *	Cronos Group, Inc.	373,190		1,451,709
#	Extendicare, Inc.	489,939		3,076,448
*	HEXO Corp.	77,100		47,794
#	HLS Therapeutics, Inc.	18,704		227,413
# *	Knight Therapeutics, Inc.	782,395		3,266,889
#	Medical Facilities Corp.	166,745		1,509,862
*	Oncolytics Biotech, Inc.	33,485		52,906
*	Opsens, Inc.	6,100		9,320
# *	Organigram Holdings, Inc.	1,127,585		1,874,163
#	Sienna Senior Living, Inc.	352,451		4,316,302
*	Valens Co., Inc.	9,500		16,110
*	Viemed Healthcare, Inc.	81,551		407,560
	Zenith Capital Corp.	111,820		20,707

TOTAL HEALTH CARE				23,615,802

INDUSTRIALS — (9.9%)
	Aecon Group, Inc.	340,754		4,625,521
#	AG Growth International, Inc.	124,923		4,314,822
	Algoma Central Corp.	48,800		675,311
# *	ATS Automation Tooling Systems, Inc.	441,354		15,922,142
#	Badger Infrastructure Solutions Ltd.	173,203		4,358,650

THE CANADIAN SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
INDUSTRIALS — (Continued)
*	Ballard Power Systems, Inc.	224,377	$	2,611,748
#	Bird Construction, Inc.	290,072		2,118,432
	Black Diamond Group Ltd.	237,417		932,462
# *	Bombardier, Inc., Class A	349,750		425,245
# *	Bombardier, Inc., Class B	10,650,523		12,267,930
#	Boyd Group Services, Inc.	47,000		6,224,685
	Calian Group Ltd.	53,590		2,962,528
	Dexterra Group, Inc.	168,743		1,060,927
# *	DIRTT Environmental Solutions	316,970		443,705
#	Doman Building Materials Group Ltd.	341,492		2,182,555
	Exchange Income Corp.	100,053		3,423,803
#	Finning International, Inc.	775,113		23,337,402
# *	GDI Integrated Facility Services, Inc.	49,036		2,118,101
#	Hardwoods Distribution, Inc.	70,690		2,063,900
*	Heroux-Devtek, Inc.	247,453		3,382,771
*	IBI Group, Inc.	122,400		1,383,444
	K-Bro Linen, Inc.	62,753		1,696,136
#	LifeWorks, Inc.	390,348		6,750,649
#	Magellan Aerospace Corp.	114,378		901,190
#	Mullen Group Ltd.	472,925		5,054,016
#	NFI Group, Inc.	340,794		4,345,284
*	Patriot One Technologies, Inc.	120,000		51,834
	Richelieu Hardware Ltd.	331,673		12,082,061
#	Russel Metals, Inc.	345,023		9,140,633
#	Savaria Corp.	215,010		3,013,219
#	SNC-Lavalin Group, Inc.	768,042		18,492,232
	Stantec, Inc.	13,649		684,661
	Wajax Corp.	104,085		1,645,178
*	Westport Fuel Systems, Inc.	73,881		116,993
#	Westshore Terminals Investment Corp.	262,257		6,950,026

TOTAL INDUSTRIALS				167,760,196

INFORMATION TECHNOLOGY — (2.1%)
*	Celestica, Inc.	620,813		7,384,867
	Enghouse Systems Ltd.	254,495		8,045,148
	Evertz Technologies Ltd.	146,939		1,791,265
# *	Kinaxis, Inc.	90,947		11,903,170
# *	Lightspeed Commerce, Inc.	32,050		976,564
#	Quarterhill, Inc.	592,981		1,152,617
# *	Sierra Wireless, Inc.	233,552		4,216,509
	TECSYS, Inc.	14,563		372,302
	Vecima Networks, Inc.	6,059		77,691
*	VIQ Solutions, Inc.	9,600		15,589

TOTAL INFORMATION TECHNOLOGY				35,935,722

MATERIALS — (24.1%)
# *	5N Plus, Inc.	420,567		807,392
#	Acadian Timber Corp.	65,067		991,502
#	AirBoss of America Corp.	99,621		2,836,866
#	Alamos Gold, Inc.,Class A	2,216,202		18,614,357
#	Altius Minerals Corp.	222,138		4,282,307
# *	Americas Gold & Silver Corp.	86,596		94,898
	Amerigo Resources Ltd.	217,817		320,588
# *	Argonaut Gold, Inc.	1,730,006		3,390,406
*	Ascot Resources Ltd.	71,438		60,572
*	Aya Gold & Silver, Inc.	16,800		119,870
#	B2Gold Corp.	4,417,516		20,278,258
*	Calibre Mining Corp.	231,489		275,902

THE CANADIAN SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
MATERIALS — (Continued)
*	Canfor Corp.	341,278	$	7,032,213
# *	Canfor Pulp Products, Inc.	138,951		595,750
*	Capstone Copper Corp.	2,342,383		13,246,929
	Cascades, Inc.	468,209		4,801,375
	Centerra Gold, Inc.	1,150,410		11,309,476
	China Gold International Resources Corp. Ltd.	1,488,085		5,308,850
# *	Copper Mountain Mining Corp.	984,419		2,960,777
	Dundee Precious Metals, Inc.	1,031,781		6,156,930
*	Eldorado Gold Corp.	966,848		10,830,578
# *	Endeavour Silver Corp.	506,479		2,351,325
# *	Equinox Gold Corp.	1,278,472		10,563,825
*	ERO Copper Corp.	302,222		4,426,417
#	First Majestic Silver Corp.	1,164,811		15,317,279
# *	First Mining Gold Corp.	749,400		164,848
# *	Fortuna Silver Mines, Inc.	1,518,245		5,774,791
*	Freegold Ventures Ltd.	9,000		3,600
# *	Galiano Gold, Inc.	696,057		389,745
# *	GoGold Resources, Inc.	62,609		146,738
*	Gold Standard Ventures Corp.	10,700		4,879
*	Great Panther Mining Ltd.	91,900		23,156
* ††	Hanfeng Evergreen, Inc.	45,837		0
#	Hudbay Minerals, Inc.	1,208,976		9,495,802
*	i-80 Gold Corp.	399,340		1,098,852
*	IAMGOLD Corp.	2,760,346		9,587,507
# *	Imperial Metals Corp.	381,250		1,146,662
#	Interfor Corp.	357,541		9,944,167
#	Intertape Polymer Group, Inc.	300,915		9,551,100
*	Karora Resources, Inc.	501,231		2,549,957
#	Labrador Iron Ore Royalty Corp.	310,069		10,419,549
# *	Largo, Inc.	70,585		893,986
# *	Lucara Diamond Corp.	1,615,273		865,682
*	Lundin Gold, Inc.	160,743		1,343,650
# *	MAG Silver Corp.	240,622		3,891,239
*	Major Drilling Group International, Inc.	668,976		6,512,369
*	Mandalay Resources Corp.	464		1,183
*	Marathon Gold Corp.	147,500		319,742
	Maverix Metals, Inc.	69,145		331,818
#	Methanex Corp.	341,499		18,625,643
	Neo Performance Materials, Inc.	16,755		203,984
*	New Gold, Inc.	3,469,405		6,299,684
	New Pacific Metals Corp.	1,200		3,816
	Newcrest Mining Ltd.	304,677		6,142,486
# *	Northern Dynasty Minerals Ltd.	76,877		31,977
*	Novo Resources Corp.	12,300		10,429
*	OceanaGold Corp.	3,780,713		8,377,055
* ††	Orbite Technologies, Inc.	73,500		0
	Osisko Gold Royalties Ltd.	713,993		9,417,834
# *	Osisko Mining, Inc.	1,202,429		3,837,693
*	PolyMet Mining Corp.	64,208		265,533
*	Sabina Gold & Silver Corp.	1,438,714		1,737,758
#	Sandstorm Gold Ltd.	1,137,435		9,175,251
# *	Seabridge Gold, Inc.	330,641		6,121,038
	Sierra Metals, Inc.	6,100		7,198
# *	SilverCrest Metals, Inc.	167,445		1,492,013
#	SSR Mining, Inc.	1,132,718		24,628,559
#	Stelco Holdings, Inc.	152,152		6,327,547
	Stella-Jones, Inc.	312,231		9,383,289
# *	Taseko Mines Ltd.	1,738,925		4,006,002
*	Torex Gold Resources, Inc.	458,504		5,758,119

THE CANADIAN SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
MATERIALS — (Continued)
#	Transcontinental, Inc., Class A	398,053	$	5,562,521
# *	Treasury Metals, Inc.	25,002		13,599
# *	Trevali Mining Corp.	255,929		296,842
# *	Turquoise Hill Resources Ltd.	539,779		16,211,460
*	Victoria Gold Corp.	23,206		295,145
# *	Wallbridge Mining Co. Ltd.	350,615		92,551
*	Wesdome Gold Mines Ltd.	720,771		9,046,032
*	Western Copper & Gold Corp.	27,900		65,836
	Western Forest Products, Inc.	1,894,026		3,045,228
#	Winpak Ltd.	160,363		4,925,760
	Yamana Gold, Inc.	4,806,286		26,833,120

TOTAL MATERIALS				409,676,666

REAL ESTATE — (3.0%)
#	Altus Group Ltd.	244,093		9,860,174
	Bridgemarq Real Estate Services	53,069		676,230
#	Colliers International Group, Inc.	33,775		4,402,111
	DREAM Unlimited Corp., Class A	235,787		9,392,627
	Information Services Corp.	29,405		584,501
# *	Invesque, Inc.	191,266		271,598
*	Mainstreet Equity Corp.	31,349		3,586,146
	Melcor Developments Ltd.	55,340		774,224
	Morguard Corp.	22,184		2,445,981
# *	Real Matters, Inc.	350,220		1,490,357
#	Tricon Residential, Inc.	1,080,292		17,170,261

TOTAL REAL ESTATE				50,654,210

UTILITIES — (7.0%)
	Atco Ltd., Class I	395,942		13,596,601
#	Boralex, Inc., Class A	480,304		15,567,666
#	Brookfield Infrastructure Corp., Class A	257,498		19,431,557
#	Capital Power Corp.	731,450		23,819,005
#	Innergex Renewable Energy, Inc.	682,407		10,851,698
*	Maxim Power Corp.	61,434		179,366
	Polaris Infrastructure, Inc.	115,463		1,560,872
#	Superior Plus Corp.	823,728		7,564,210
	TransAlta Corp.	8,389		86,910
	TransAlta Corp.	1,769,656		18,317,281
#	TransAlta Renewables, Inc.	588,980		8,706,436

TOTAL UTILITIES				119,681,602

TOTAL COMMON STOCKS				1,450,255,207

RIGHTS/WARRANTS — (0.0%)
ENERGY — (0.0%)
*	Cenovus Energy, Inc. Warrants 01/01/26	4,828		55,998

MATERIALS — (0.0%)
*	Treasury Metals, Inc. Warrants 08/07/23	1		0

TOTAL RIGHTS/WARRANTS				55,998

TOTAL INVESTMENT SECURITIES (Cost $1,066,762,292)				1,450,311,205

THE CANADIAN SMALL COMPANY SERIES

CONTINUED


		Shares	Value»
UNKNOWN ST — (0.0%)
UNKNOWN G1 — (0.0%)
	Lightstream Resources, Ltd.	0	$	0


			Value†
SECURITIES LENDING COLLATERAL — (14.7%)
@ §	The DFA Short Term Investment Fund	21,644,532		250,362,299

TOTAL INVESTMENTS — (100.0%) (Cost $1,317,131,315)^^			$	1,700,673,504

ST Special Tax

»	Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments.

*	Non-Income Producing Securities.

#	Total or Partial Securities on Loan.

W	Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Fund’s Liquidity Guidelines. The liquidity determination is unaudited.

††	Security valued using significant unobservable inputs (Level 3).

†	See Security Valuation Note within the Notes to Schedules of Investments.

@	Security purchased with cash collateral received from Securities on Loan.

§	Affiliated Fund.

^^	See Federal Tax Cost Note within the Notes to Schedules of Investments.

Summary of the Series’ investments as of March 31, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):


	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3		Total
Common Stocks
Communication Services	$	18,747,224		—		—	$	18,747,224
Consumer Discretionary		80,899,144		—		—		80,899,144
Consumer Staples		68,673,162		—		—		68,673,162
Energy		333,292,810		—		—		333,292,810
Financials		141,318,669		—		—		141,318,669
Health Care		23,595,095	$	20,707		—		23,615,802
Industrials		167,760,196		—		—		167,760,196
Information Technology		35,935,722		—		—		35,935,722
Materials		409,676,666		—		—		409,676,666
Real Estate		50,654,210		—		—		50,654,210
Utilities		119,681,602		—		—		119,681,602
Rights/Warrants
Energy		—		55,998		—		55,998
Securities Lending Collateral		—		250,362,299		—		250,362,299

TOTAL	$	1,450,234,500	$	250,439,004		—	$	1,700,673,504

ORGANIZATION

The DFA Investment Trust Company (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, whose shares are generally offered to institutional investors, retirement plans and clients of registered investment advisors. At March 31, 2022, the Trust consisted of ten operational investment portfolios, of which five The Japanese Small Company Series, The Asia Pacific Small Company Series, The United Kingdom Small Company Series, The Continental Small Company Series and The Canadian Small Company Series (collectively, the “Series”), are included in this document.

SECURITY VALUATION

The Series use a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels described below:

•

Level 1—inputs are quoted prices in active markets for identical securities (including equity securities, open-end investment companies and futures contracts)

•

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Series’ own assumptions in determining the fair value of investments)

Securities held by the Series, including over-the-counter securities, are valued at the last quoted sale price of the day. International equity securities are subject to a fair value factor, as described later in this note. Securities held by the Series that are listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If there is no last reported sale price or NOCP for the day, the Series value the securities within the range of the most recent quoted bid and ask prices. Price information on listed securities is taken from the exchange where the security is primarily traded. Generally, securities issued by open-end management investment companies are valued using their respective net asset values or public offering prices, as appropriate, for purchase orders placed at the close of the New York Stock Exchange (NYSE). These securities are generally categorized as Level 1 in the hierarchy.

Securities for which no market quotations are readily available (including restricted securities), or for which market quotations have become unreliable, are valued in good faith at fair value in accordance with procedures adopted by the Board of Trustees of the Trust. Fair value pricing may also be used if events that have a significant effect on the value of an investment (as determined in the discretion of the Dimensional Fund Advisors LP) occur before the net asset value of the Series is calculated. When fair value pricing is used, the prices of securities used by the Series may differ from the quoted or published prices for the same securities on their primary markets or exchanges. These securities are generally categorized as Level 2 in the hierarchy.

The Series will also apply a fair value price in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the close of the NYSE. For example, trading in the Japanese securities markets is completed each day at the close of the Tokyo Stock Exchange (normally, 2:00 a.m. ET), which is fourteen hours before the close of the NYSE (normally, 4:00 p.m. ET) and the time that the net asset values of the Series are computed. Due to the time differences between the closings of the relevant foreign securities exchanges and the time the Series price their shares at the close of the NYSE, the Series will fair value their foreign investments when it is determined that the market quotations for the foreign investments are either unreliable or not readily available. The fair value prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Series’ foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees of the Series has determined that movements in relevant indices or other appropriate market indicators, after the close of the Tokyo Stock Exchange or the London Stock Exchange, demonstrate that market quotations may be unreliable. Fair valuation of portfolio securities may occur on a daily basis. The fair value pricing by the Series uses data furnished by an independent pricing service (and that data draws upon, among other information, the market values of foreign investments). When a Series uses fair value pricing, the values assigned to the Series’ foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges. These securities are generally categorized as Level 2 in the hierarchy.

Futures contracts held by the Series are valued using the settlement price established each day on the exchange on which they are traded. These valuations are generally categorized as Level 1 in the hierarchy.

Over-the-counter derivative contracts, which include forward currency contracts, do not require material subjectivity as pricing inputs are observed from quoted markets and are categorized as Level 2 in the hierarchy.

A summary of the inputs used to value the Series’ investments by each major security type, industry and/or country is disclosed previously in this note. A valuation hierarchy table has been included at the end of the Schedule of Investments The methodology or inputs used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

FINANCIAL INSTRUMENTS

In accordance with the Series’ investment objectives and policies, the Series may invest in certain financial instruments that have off-balance sheet risk in excess of the amounts recognized in the financial statements and concentrations of credit and market risk. These instruments and their significant corresponding risks are described below:

1. FOREIGN MARKET RISKS: Investments in foreign markets may involve certain considerations and risks not typically associated with investments in the United States of America, including the possibility of future political and economic developments and the level of foreign governmental supervision and regulation of foreign securities markets. These markets are generally smaller, less liquid and more volatile than the major securities markets in the United States of America. Consequently, acquisition and disposition of international securities held by the Series may be inhibited.

Derivative Financial Instruments

Summarized below are the specific types of derivative instruments used by the Series.

2. FUTURES CONTRACTS: The Series may purchase or sell futures contracts and options on futures contracts for equity securities and indices to adjust market exposure based on actual or expected cash inflows to or outflows from the Series. The Series, however, do not intend to sell futures contracts to establish short positions in individual securities. Upon entering into a futures contract, a Series deposits cash or pledges U.S. Government securities to a broker in an amount equal to the minimum initial margin requirements of the exchange on which the contract is traded. Subsequent payments are received from or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as variation margin and are recorded daily by the Series as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Series record a realized gain or loss, which is presented in the Statements of Operations as a net realized gain or loss on futures, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Risks may arise upon entrance into futures contracts from potential imperfect price correlations between the futures contracts and the underlying securities or indices, from the possibility of an illiquid secondary market for these instruments and from the possibility that the Series could lose more than the initial margin requirements. Entering into stock index futures subjects the Series to equity price risk from those futures contracts. Counterparty credit risk related to exchange-traded futures is minimal because the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

FEDERAL TAX COST

At March 31, 2022, the total cost of securities for federal income tax purposes was:


	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)
The Japanese Small Company Series	$	3,040,985		—		—		—
The Asia Pacific Small Company Series		1,732,321		—		—		—
The United Kingdom Small Company Series		1,462,551		—		—		—
The Continental Small Company Series		4,978,564		—		—		—
The Canadian Small Company Series		1,346,946		—		—		—

RECENTLY ISSUED ACCOUNTING STANDARDS

In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies. Rule 18f-4 (the “Derivatives Rule”) imposes limits on the amount of derivatives contracts the Series could enter, eliminate the asset segregation framework currently used by the Series to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk manager. The Derivatives Rule became effective February 19, 2021 and the Series are required to comply on August 19, 2022. Management is currently evaluating the effect, if any, the Derivatives Rule will have on the Series.

CORONAVIRUS (COVID-19) PANDEMIC

SUBSEQUENT EVENT EVALUATIONS

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