What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

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

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

For the fiscal year ended June 30, 2025, the Fund had a net return of 13.13% compared to a return of 15.15% for the Fund’s Primary Benchmark. The Fund underperformed the Primary Benchmark during the fiscal year by 2.02%, after deducting the Fund’s net operating expenses for the year. Across the fiscal year the Fund had more exposure to stocks of companies with higher levels of operating profitability ("high profitability stocks") and less exposure to stocks of companies with lower levels of operating profitability ("low profitability stocks") compared to the Primary Benchmark. However, during the fiscal year, the returns of low profitability stocks were stronger than the returns of higher profitability stocks, hence the Fund's lower exposure to low profitability stocks caused the underperformance of the Fund to its Primary Benchmark.

Fund Performance

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

What did the Fund invest in?

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

Investment performance of the Fund is judged against the performance of certain market indexes. For this Fund, performance is compared to a broad-based securities market index (the “Primary Benchmark”) known as the Morningstar^® US Market Extended Index^SM, which is composed of large, mid, and small cap U.S. stocks. The Fund’s performance is also compared to an additional index (the “Secondary Benchmark”) known as the Morningstar^® US Large-Mid Cap Broad Value Index^SM, which is designed to measure the performance of value stocks within the large and mid-capitalization segment of the U.S. stock market. The Secondary Benchmark is closer in scope to the universe of securities chosen within the Fund. The benchmark indexes are unmanaged and do not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2025, the Fund had a net return of 8.58%, compared to a return of 11.57% for the Fund’s Secondary Benchmark. The Fund underperformed this Secondary Benchmark during the fiscal year by 2.99%, after deducting the Fund’s net operating expenses for the year. Across the fiscal year the Fund held larger positions in the stocks of companies whose ratio of price-to-book-value was below the median price-to-book value of stocks ("deeper value stocks") found in the Secondary Benchmark. These deeper value stocks - particularly those selected to be held in the Fund - significantly underperformed the stocks in the Secondary Benchmark, leading to the Fund's underperformance relative to the Secondary Benchmark.

Fund Performance

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

What did the Fund invest in?

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

Investment performance of the Fund is judged against the performance of certain market indexes. For this Fund, performance is compared to a broad-based securities market index (the “Primary Benchmark”) known as the Morningstar^® US Market Extended Index^SM, which is composed of large, mid, and small cap U.S. stocks. The Fund’s performance is also compared to an additional index (the “Secondary Benchmark”) known as the Morningstar^® US Small Cap Extended Index^SM, which is designed to measure the performance of small cap stocks within the U.S. stock market. The Secondary Benchmark is closer in scope to the universe of securities chosen within the Fund. The benchmark indexes are unmanaged and do not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2025, the Fund had a net return of 7.99%, compared to a return of 9.35% for the Fund’s Secondary Benchmark. The Fund underperformed this benchmark during the fiscal year by 1.36% after deducting the Fund’s net operating expenses for the year. The Fund’s underperformance relative to its Secondary Benchmark over the fiscal year was the result of the Fund’s tendency to avoid holding smaller cap stocks that exhibit both lower levels of profitability and also higher levels of price-to-book ratios (“growth-oriented low profit stocks”). However, these growth-oriented low profit stocks are found in the Secondary Benchmark, and during the fiscal year, these stocks performed well, leading to the returns of the Secondary Benchmark outperforming the returns of the Fund.

Fund Performance

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

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

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

For the fiscal year ended June 30, 2025, the Fund had a net return of 22.47%, compared to a return of 22.95% for the Fund’s Secondary Benchmark. The Fund underperformed the Secondary Benchmark during the fiscal year by 0.48% after deducting the Fund’s net operating expenses for the year. The Fund's underperformance relative to the Secondary Benchmark during the fiscal year was primarily the result of the fact that the Fund charges net operating expenses while the Secondary Benchmark does not.

Fund Performance

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

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

What were the Fund costs for last year?

(based on a hypothetical $10,000 investment)

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

Investment performance of the Fund is judged against the performance of certain market indexes. For this Fund, performance is compared to a broad-based securities market index (the “Primary Benchmark”) known as the Morningstar^® US Market Extended Index^SM, which is composed of large, mid, and small cap U.S. stocks. The Fund’s performance is also compared to an additional index (the “Secondary Benchmark”) known as the Morningstar^® US REIT Index^SM, which is designed to measure the performance of real estate stocks within the U.S. stock market. The Secondary Benchmark is closer in scope to the universe of securities chosen within the Fund. The benchmark indexes are unmanaged and do not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2025, the Fund had a net return of 8.29%, compared to a return of 9.66% for the Fund’s Secondary Benchmark. The Fund underperformed the Secondary Benchmark during the fiscal year by 1.37% after deducting the Fund’s net operating expenses for the year. Part of the Fund's underperformance to the Secondary Benchmark during the fiscal year was due to the fact that the Fund pays operating expenses while the Secondary Benchmark does not. The remainder of the underperformance was due to the fact that the Fund held a small percentage of stocks that are not included in the Secondary Benchmark, and these stocks had significantly underperformed the Secondary Benchmark.

Fund Performance

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

What did the Fund invest in?

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

Investment performance of the Fund is judged against the performance of certain market indexes. For this Fund, performance is compared to a broad-based securities market index (the “Primary Benchmark”) known as the Morningstar^® Global Markets Index^SM, which is composed of large, mid, and small cap stocks and is designed to be representative of the global stock market overall. The Fund’s performance is also compared to an additional index (the “Secondary Benchmark”) known as the Morningstar^® US Moderate Target Allocation Index^SM, which is designed to measure the performance of a portfolio holding 60% global stocks and 40% global bonds. The Secondary Benchmark is closer in scope to the universe of securities chosen within the Fund. The benchmark indexes are unmanaged and do not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2025, the Fund had a net return of 11.69%, compared to a return of 12.16% for the Fund’s Secondary Benchmark. Since the Fund invests exclusively in shares of the SA Fund family (the “Underlying Funds”), the performance of the Fund relative to the Secondary Benchmark is driven primarily by the performance of each of the Underlying Funds against the relevant components of that Secondary Benchmark. For the fiscal year, two of the eight Underlying Funds contributed positively to relative performance, notably the SA International Value Fund. Six of the eight Underlying Funds contributed negatively to relative performance for the fiscal year, most notably the SA US Core Market Fund and the SA Global Fixed Income Fund.

Fund Performance

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