UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09195

______________________________________________

SA FUNDS – INVESTMENT TRUST

______________________________________________________________________________

(Exact name of registrant as specified in charter)

190 Carondelet Plaza, Suite 600, St. Louis, Missouri 63105

______________________________________________________________________________

(Address of principal executive offices) (zip code)

Jeff Yorg, Esq.

Chief Compliance Officer

SA Funds – Investment Trust

190 Carondelet Plaza, Suite 600

St. Louis, Missouri 63105

(Name and address of agent for service)

Copy to:

Brian F. Link, Esq.

Managing Director and Managing Counsel

State Street Bank and Trust Company

One Congress Street, 15^th Floor

Boston, Massachusetts 02114

Mark D. Perlow, Esq.

Counsel to the Trust

Dechert LLP

45 Fremont St., 26^th Floor

San Francisco, California 94105

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

Date of fiscal year end: June 30

Date of reporting period: June 30, 2026

Item 1. Reports to Shareholders.

(a) A copy of the reports transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), for the period July 1, 2025 through June 30, 2026, are filed herewith.

SA U.S. Fixed Income Fund

SAUFX

Annual Shareholder Report - June 30, 2026

This annual shareholder report contains important information about SA U.S. Fixed Income Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://focusadvisorsolutions.com/sa-funds/documents. You can also request this information by contacting us at 1-844-366-0905.

What were the Fund costs for last year?

(Based on a hypothetical $10,000 investment)

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

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

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

For the fiscal year ended June 30, 2026, the Fund had a net return of 3.62%, compared to a return of 3.15% for the Fund’s Additional Index. The Fund outperformed the Additional Index by 0.47% after deducting the Fund’s net operating expenses for the year. The outperformance of the Fund relative to its Additional Index was due to the Fund's overweight position in securities at the shortest end of the yield curve, where returns across the fiscal year were stronger.

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 Regulatory Index and for the Additional Index.

Date	SAUFX	Regulatory Index	Additional Index
6/30/2016	$10,000	$10,000	$10,000
6/30/2017	$10,010	$9,966	$10,036
6/30/2018	$10,027	$9,926	$10,060
6/30/2019	$10,286	$10,705	$10,494
6/30/2020	$10,433	$11,637	$10,939
6/30/2021	$10,382	$11,602	$10,995
6/30/2022	$9,798	$10,412	$10,582
6/30/2023	$9,959	$10,302	$10,632
6/30/2024	$10,484	$10,566	$11,145
6/30/2025	$11,114	$11,201	$11,802
6/30/2026	$11,516	$11,628	$12,173

Average Annual Total Returns
	1 Year	5 Years	10 Years
SAUFX	3.62%	2.09%	1.42%
Regulatory Index	3.81%	0.04%	1.52%
Additional Index	3.15%	2.06%	1.99%

Key Fund Statistics
Total Net Assets	$447,417,805
# of Portfolio Holdings	141
Portfolio Turnover Rate	51%
Total Advisory Fees Paid	$588,408

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

What did the Fund invest in?

Portfolio Composition (As a % of long-term investments)
Corporate Bonds and Notes	56.1%
U.S. Government & Agency Obligations	30.0
Yankee Corporate Bonds and Notes	13.9

Additional Information

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

Toll-free: 1-844-366-0905

SA U.S. Fixed Income Fund

Annual Shareholder Report - June 30, 2026

SAUFX

SA Global Fixed Income Fund
SAXIX
Annual Shareholder Report - June 30, 2026

This annual shareholder report contains important information about SA Global Fixed Income Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://focusadvisorsolutions.com/sa-funds/documents. You can also request this information by contacting us at 1-844-366-0905.

What were the Fund costs for last year?

(Based on a hypothetical $10,000 investment)

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

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

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

For the fiscal year ended June 30, 2026, the Fund had a net return of 3.93%, compared to a return of 3.22% for the Fund’s Additional Index. The Fund outperformed the Additional Index for the fiscal year by 0.71%, after deducting the Fund’s net operating expenses for the year. The outperformance was primarily due to the Fund's overweight exposure (relative to the Additional Index) in higher grade bonds.

Fund Performance

Date	SAXIX	Regulatory Index	Additional Index
6/30/2016	$10,000	$10,000	$10,000
6/30/2017	$9,967	$9,933	$10,034
6/30/2018	$9,971	$10,105	$10,137
6/30/2019	$10,360	$10,893	$10,579
6/30/2020	$10,512	$11,559	$10,966
6/30/2021	$10,534	$11,548	$10,981
6/30/2022	$9,744	$10,439	$10,621
6/30/2023	$9,847	$10,390	$10,687
6/30/2024	$10,358	$10,790	$11,222
6/30/2025	$10,946	$11,434	$11,908
6/30/2026	$11,376	$11,801	$12,290

Average Annual Total Returns
	1 Year	5 Years	10 Years
SAXIX	3.93%	1.55%	1.30%
Regulatory Index	3.21%	0.43%	1.67%
Additional Index	3.22%	2.28%	2.08%

Key Fund Statistics
Total Net Assets	$547,800,313
# of Portfolio Holdings	135
Portfolio Turnover Rate	32%
Total Advisory Fees Paid	$1,363,757

What did the Fund invest in?

Portfolio Composition
(As a % of long-term investments)
Sovereign Bonds and Notes	45.7%
Corporate Bonds and Notes	33.8
U.S. Government & Agency Obligations	20.5

Top Ten Largest Countries
(As a % of long-term investments)
United States	36.3%
Canada	20.0
Supranational	12.9
Australia	7.6
New Zealand	5.5
Finland	3.7
France	2.9
Denmark	2.7
Netherlands	2.2
Others	6.2

Additional Information

Toll-free: 1-844-366-0905

SA Global Fixed Income Fund
Annual Shareholder Report - June 30, 2026

SAXIX

SA U.S. Core Market Fund

SAMKX

Annual Shareholder Report - June 30, 2026

This annual shareholder report contains important information about SA U.S. Core Market Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://focusadvisorsolutions.com/sa-funds/documents. You can also request this information by contacting us at 1-844-366-0905.

What were the Fund costs for last year?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SAMKX	$73	0.66%

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 "Regulatory Index"), which is composed of large, mid, and small cap U.S. stocks. The Regulatory Index is unmanaged and does not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2026, the Fund had a net return of 21.06% compared to a return of 23.02% for the Fund’s Regulatory Index. The Fund underperformed the Regulatory Index during the fiscal year by 1.96%, after deducting the Fund’s net operating expenses for the year. During the fiscal year the Fund held a larger position than the Regulatory Index in stocks of companies with higher levels of operating profitability ("high profitability stocks") while also holding a smaller position than the Regulatory Index in stocks of companies with lower levels of operating profitability ("low profitability stocks"). 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 contributed to the underperformance of the Fund relative to its Regulatory Index.

Fund Performance

Date	SAMKX	Regulatory Index
6/30/2016	$10,000	$10,000
6/30/2017	$11,781	$11,854
6/30/2018	$13,655	$13,611
6/30/2019	$14,924	$14,857
6/30/2020	$15,866	$15,832
6/30/2021	$22,202	$22,822
6/30/2022	$19,440	$19,593
6/30/2023	$23,171	$23,328
6/30/2024	$28,568	$28,784
6/30/2025	$32,319	$33,147
6/30/2026	$39,123	$40,777

Average Annual Total Returns
	1 Year	5 Years	10 Years
SAMKX	21.06%	12.00%	14.62%
Regulatory Index	23.02%	12.31%	15.09%

Key Fund Statistics
Total Net Assets	$746,046,200
# of Portfolio Holdings	827
Portfolio Turnover Rate	1%
Total Advisory Fees Paid	$2,805,532

What did the Fund invest in?

Top Ten Largest Sectors
(As a % of long-term investments)
Information Technology		33.6%
Financials		15.4
Communication Services		9.8
Health Care		9.6
Industrials		9.6
Consumer Discretionary		9.4
Consumer Staples		5.5
Utilities		2.7
Energy		2.6
Materials		1.7

Additional Information

Toll-free: 1-844-366-0905

SA U.S. Core Market Fund

Annual Shareholder Report - June 30, 2026

SAMKX

SA U.S. Value Fund

SABTX

Annual Shareholder Report - June 30, 2026

This annual shareholder report contains important information about SA U.S. Value Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://focusadvisorsolutions.com/sa-funds/documents. You can also request this information by contacting us at 1-844-366-0905.

What were the Fund costs for last year?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SABTX	$86	0.74%

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 “Regulatory Index”) 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 “Additional Index”) 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 Additional Index is closer in scope to the universe of securities that could be chosen within the Fund. The market indexes are unmanaged and do not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2026, the Fund had a net return of 33.24%, compared to a return of 23.55% for the Fund’s Additional Index. The Fund outperformed this Additional Index during the fiscal year by 9.69%, after deducting the Fund’s net operating expenses for the year. During the fiscal year the Fund held larger positions than the Additional Index in the stocks of companies whose ratio of price-to-book-value was below the average level of stocks and the Fund held smaller positions than the Additional Index in the stocks of companies whose ratio of price-to-book-value was above the average level of stocks. This positioning - in particular the decision to avoid larger positions in stocks with higher levels of price-to-book-value - helped the Fund outperform the Additional Index, since the stocks with higher price-to-book-value ratios tended to underperform the market during the fiscal year.

Fund Performance

Date	SABTX	Regulatory Index	Additional Index
6/30/2016	$10,000	$10,000	$10,000
6/30/2017	$12,067	$11,854	$11,678
6/30/2018	$13,225	$13,611	$12,700
6/30/2019	$13,546	$14,857	$13,841
6/30/2020	$11,728	$15,832	$13,259
6/30/2021	$17,494	$22,822	$18,777
6/30/2022	$16,115	$19,593	$17,926
6/30/2023	$17,938	$23,328	$20,275
6/30/2024	$20,801	$28,784	$23,822
6/30/2025	$22,585	$33,147	$26,578
6/30/2026	$30,092	$40,777	$32,837

Average Annual Total Returns
	1 Year	5 Years	10 Years
SABTX	33.24%	11.46%	11.65%
Regulatory Index	23.02%	12.31%	15.09%
Additional Index	23.55%	11.83%	12.63%

Key Fund Statistics
Total Net Assets	$636,861,543
# of Portfolio Holdings	266
Portfolio Turnover Rate	14%
Total Advisory Fees Paid	$2,301,736

What did the Fund invest in?

Top Ten Largest Sectors (As a % of long-term investments)
Financials	22.5%
Information Technology	16.4
Health Care	14.7
Industrials	13.0
Energy	10.3
Consumer Discretionary	7.1
Materials	6.2
Communication Services	5.2
Consumer Staples	4.1
Real Estate	0.5

Additional Information

Toll-free: 1-844-366-0905

SA U.S. Value Fund

Annual Shareholder Report - June 30, 2026

SABTX

SA U.S. Small Company Fund

SAUMX

Annual Shareholder Report - June 30, 2026

This annual shareholder report contains important information about SA U.S. Small Company Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://focusadvisorsolutions.com/sa-funds/documents. You can also request this information by contacting us at 1-844-366-0905.

What were the Fund costs for last year?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SAUMX	$103	0.89%

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 “Regulatory Index”) 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 “Additional Index”) known as the Morningstar^® US Small Cap Extended Market Index^SM, which is designed to measure the performance of small cap stocks within the U.S. stock market. The Additional Index is closer in scope to the universe of securities that could be chosen within the Fund. The market indexes are unmanaged and do not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2026, the Fund had a net return of 31.62%, compared to a return of 31.35% for the Fund’s Additional Index. The Fund outperformed this Additional Index during the fiscal year by 0.27% after deducting the Fund’s net operating expenses for the year. The Fund’s outperformance relative to the Additional Index over the fiscal year was the result of three factors relating to the Fund's portfolio: first, the Fund's greater holdings of mid-cap stocks than the Additional Index; second, the Fund's greater holding of the smallest stocks than the Additional Index; and third, the Fund's exclusion of real estate securities. Both mid-cap stocks and the smallest capitalization stocks performed strongly during the fiscal year, benefiting the Fund's overweight position in those security types. Real estate securities during the fiscal year had weak performance, which also benefited the Fund by virtue of the Fund's exclusion of real estate securities during the fiscal year.

Fund Performance

Average Annual Total Returns
	1 Year	5 Years	10 Years
SAUMX	31.62%	9.13%	11.33%
Regulatory Index	23.02%	12.31%	15.09%
Additional Index	31.35%	6.64%	10.96%

Key Fund Statistics
Total Net Assets	$358,060,549
# of Portfolio Holdings	1,559
Portfolio Turnover Rate	14%
Total Advisory Fees Paid	$1,279,590

What did the Fund invest in?
Top Ten Largest Sectors
(As a % of long-term investments)
Industrials		22.6%
Financials		21.3
Information Technology		14.0
Consumer Discretionary		13.1
Health Care		10.6
Materials		4.5
Energy		4.4
Consumer Staples		4.1
Utilities		2.8
Communication Services		1.9

Additional Information

Toll-free: 1-844-366-0905

SA U.S. Small Company Fund

Annual Shareholder Report - June 30, 2026

SAUMX

SA International Value Fund

SAHMX

Annual Shareholder Report - June 30, 2026

This annual shareholder report contains important information about SA International Value Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://focusadvisorsolutions.com/sa-funds/documents. You can also request this information by contacting us at 1-844-366-0905.

What were the Fund costs for last year?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SAHMX	$104	0.91%

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 “Regulatory Index”) 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 “Additional Index”) 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 Additional Index is closer in scope to the universe of securities that could be chosen within the Fund. The market indexes are unmanaged and do not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2026, the Fund had a net return of 28.93%, compared to a return of 27.47% for the Fund’s Additional Index. The Fund outperformed the Additional Index during the fiscal year by 1.46% after deducting the Fund’s net operating expenses for the year. During the fiscal year the Fund maintained a larger position than the Additional Index in the stocks of companies whose ratio of price-to-book-value were among the lowest in the Additional Index (known as “deeper value stocks”), while the Fund had less weight than the Additional Index in stocks with higher ratios of price-to-book-value. During the fiscal year, returns on deeper value stocks were stronger, on average, than the returns of the other stocks in the Additional Index with higher ratios of price-to-book-value, hence the Fund's greater allocation to deeper value stocks contributed to the Fund outperforming the Additional Index for the fiscal year.

Fund Performance

Average Annual Total Returns
	1 Year	5 Years	10 Years
SAHMX	28.93%	13.73%	11.22%
Regulatory Index	20.85%	8.80%	9.64%
Additional Index	27.47%	12.92%	10.61%

Key Fund Statistics
Total Net Assets	$620,473,199
# of Portfolio Holdings	399
Portfolio Turnover Rate	4%
Total Advisory Fees Paid	$2,772,850

What did the Fund invest in?

Top Ten Largest Sectors
(As a % of long-term investments)
Financials	37.8%
Energy	13.7
Materials	10.9
Consumer Discretionary	10.0
Industrials	9.3
Consumer Staples	5.0
Health Care	4.5
Communication Services	3.3
Utilities	2.5
Real Estate	1.9

Top Ten Largest Countries
(As a % of long-term investments)
Japan	22.6%
United Kingdom	11.1
France	10.7
Canada	10.6
Switzerland	8.1
Germany	7.8
Australia	6.0
Netherlands	4.9
Spain	3.8
Others	14.4

Additional Information

Toll-free: 1-844-366-0905

SA International Value Fund

Annual Shareholder Report - June 30, 2026

SAHMX

SA International Small Company Fund

SAISX

Annual Shareholder Report - June 30, 2026

This annual shareholder report contains important information about SA International Small Company Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://focusadvisorsolutions.com/safunds/documents. You can also request this information by contacting us at 1-844-366-0905.

What were the Fund costs for last year?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SAISX	$57	0.52%

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

Investment performance of the Fund is judged against the performance of certain market indexes. For this Fund, performance is compared to a broad-based securities market index (the “Regulatory Index”) 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 “Additional Index”) known as the Morningstar^® Developed Markets ex-US Small Cap Target Market Exposure Index^SM, which is designed to measure the performance of small cap stocks within the international developed markets. The Additional Index is closer in scope to the universe of securities that could be chosen within the Fund. The market indexes are unmanaged and do not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2026, the Fund had a net return of 17.41%, compared to a return of 20.30% for the Fund’s Additional Index. The Fund underperformed the Additional Index during the fiscal year by 2.89% after deducting the Fund’s net operating expenses for the year. During the fiscal year, the Fund held smaller exposures than the Additional Index in stocks considered to be mid-cap stocks and larger small cap stocks. During the fiscal year, however, such stocks, and especially the mid-cap stocks, performed more strongly than the smaller cap stocks held predominantly by the Fund, hence the Fund underperformed the Additional Index during the fiscal year.

Fund Performance

Average Annual Total Returns
	1 Year	5 Years	10 Years
SAISX	17.41%	7.21%	8.75%
Regulatory Index	20.85%	8.80%	9.64%
Additional Index	20.30%	5.82%	8.28%

Key Fund Statistics
Total Net Assets	$281,444,908
# of Portfolio Holdings	1
Portfolio Turnover Rate	5%
Total Advisory Fees Paid	$705,786

What did the Fund invest in?

Largest Holdings

(As a % of total investments)

DFA International Small Company Portfolio, Class Institutional *

100.0%

The Fund pursues its goal by investing substantially all its assets in the International Small Company Portfolio of DFA Investment Dimensions Group Inc. (the “DFA Portfolio”), a separate registered investment company with the same investment objective and investment policies as the Fund. The DFA Portfolio invests substantially all its assets in the following series of The DFA Investment Trust Company: The Japanese Small Company Series, The United Kingdom Small Company Series, The Continental Small Company Series, The Asia Pacific Small Company Series and The Canadian Small Company Series. Financial statements and other information about the DFA International Small Company Portfolio, including its portfolio holdings, are available at https://www.dimensional.com/usen/funds/dfisx/international-small-company-portfolio-i.

Additional Information

Toll-free: 1-844-366-0905

SA International Small Company Fund

Annual Shareholder Report - June 30, 2026

SAISX

SA Emerging Markets Value Fund

SAEMX

Annual Shareholder Report - June 30, 2026

This annual shareholder report contains important information about SA Emerging Markets Value Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://focusadvisorsolutions.com/safunds/documents. You can also request this information by contacting us at 1-844-366-0905.

What were the Fund costs for last year?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SAEMX	$124	1.04%

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

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

For the fiscal year ended June 30, 2026, the Fund had a net return of 38.50%, compared to a return of 40.98% for the Fund’s Additional Index. The Fund underperformed the Additional Index during the fiscal year by 2.48% after deducting the Fund’s net operating expenses for the year. Across the fiscal year the Fund maintained a larger position than that of the Additional Index in the stocks of companies whose ratio of price-to-book-value were among the lowest in the Additional Index (known as “deeper value stocks”), while the Fund maintained a smaller position than that of the Additional Index in those value stocks with higher ratios of price-to-book-value. During the fiscal year, returns on value stocks with higher price-to-book-value in the Additional Index were strong, hence the Fund's lower allocation to those stocks contributed to the Fund’s underperformance relative to the Additional Index.

Fund Performance

Average Annual Total Returns
	1 Year	5 Years	10 Years
SAEMX	38.50%	10.29%	9.77%
Regulatory Index	38.85%	7.23%	10.11%
Additional Index	40.98%	10.80%	11.46%

Key Fund Statistics
Total Net Assets	$246,329,102
# of Portfolio Holdings	1,778
Portfolio Turnover Rate	10%
Total Advisory Fees Paid	$421,189

What did the Fund invest in?

Top Ten Largest Sectors (As a % of long-term investments)
Information Technology	32.4%
Financials	24.4
Consumer Discretionary	8.9
Materials	8.5
Industrials	8.5
Energy	7.4
Communication Services	2.7
Health Care	2.2
Consumer Staples	2.0
Real Estate	1.9

Top Ten Largest Countries (As a % of long-term investments)
Taiwan	32.6%
China	20.2
Korea	18.1
India	13.4
South Africa	3.1
Brazil	2.8
Mexico	1.6
Malaysia	1.2
Poland	1.2
Others	5.8

Additional Information

Toll-free: 1-844-366-0905

SA Emerging Markets Value Fund

Annual Shareholder Report - June 30, 2026

SAEMX

SA Real Estate Securities Fund

SAREX

Annual Shareholder Report - June 30, 2026

This annual shareholder report contains important information about SA Real Estate Securities Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://focusadvisorsolutions.com/sa-funds/documents. You can also request this information by contacting us at 1-844-366-0905.

What were the Fund costs for last year?

(Based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SAREX	$81	0.76%

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 “Regulatory Index”) 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 “Additional Index”) 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 Additional Index is closer in scope to the universe of securities that could be chosen within the Fund. The market indexes are unmanaged and do not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2026, the Fund had a net return of 13.93%, compared to a return of 14.74% for the Fund’s Additional Index. The Fund underperformed the Additional Index during the fiscal year by 0.81% after deducting the Fund’s net operating expenses for the year. Most of the Fund's underperformance to the Additional Index during the fiscal year was due to the fact that the Fund charges operating expenses while the Additional Index does not. Prior to the deduction of the Fund's operating expenses, the Fund's performance was slightly ahead of that of the Additional Index. Once the Fund's operating expenses were taken into consideration, however, the Fund underperformed the Additional Index.

Fund Performance

Average Annual Total Returns
	1 Year	5 Years	10 Years
SAREX	13.93%	2.98%	4.80%
Regulatory Index	23.02%	12.31%	15.09%
Additional Index	14.74%	3.67%	5.80%

Key Fund Statistics
Total Net Assets	$127,045,767
# of Portfolio Holdings	123
Portfolio Turnover Rate	9%
Total Advisory Fees Paid	$287,286

What did the Fund invest in?

Largest Industry Holdings (As a % of long-term investments)
Specialized REITs	33.2%
Retail REITs	18.1
Health Care REITs	16.9
Residential REITs	12.9
Industrial REITs	10.2
Hotel & Resort REITs	3.3
Office REITs	3.1
Diversified REITs	2.3

Additional Information

Toll-free: 1-844-366-0905

SA Real Estate Securities Fund

Annual Shareholder Report - June 30, 2026

SAREX

SA Worldwide Moderate Growth Fund

SAWMX

Annual Shareholder Report - June 30, 2026

This annual shareholder report contains important information about SA Worldwide Moderate Growth Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://focusadvisorsolutions.com/safunds/documents. You can also request this information by contacting us at 1-844-366-0905.

What were the Fund costs for last year?

(Based on a hypothetical $10,000 investment)

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

Focus Advisor Solutions, LLC (the "Adviser") has contractually agreed to waive fees and/or reimburse expenses to the Fund (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses), as further described in the Fund's prospectus. Shareholders would have paid $78, or 0.71% when considering the acquired fund fees and expenses.

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 “Regulatory Index”) 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 “Additional Index”) 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 Additional Index is closer in scope to the universe of securities that could be chosen within the Fund. The market indexes are unmanaged and do not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2026, the Fund had a net return of 20.79%, compared to a return of 15.00% for the Fund’s Additional Index. The Fund outperformed the Additional Index for the fiscal year by 5.79%. Since the Fund invests exclusively in shares of the SA Fund family (the “Underlying Funds”), the performance of the Fund relative to the Additional Index is driven primarily by the performance of each of the Underlying Funds against the Fund's Additional Index. For the fiscal year, five of the eight Underlying Funds contributed positively to relative performance, notably the SA U.S. Value Fund and the SA International Value Fund. Three of the eight underlying funds contributed negatively to relative performance for the fiscal year, most notably the SA U.S. Core Market Fund and the SA Global Fixed Income Fund.

Fund Performance

Average Annual Total Returns
	1 Year	5 Years	10 Years
SAWMX	20.79%	8.91%	9.25%
Regulatory Index	23.78%	10.51%	12.45%
Additional Index	15.00%	7.42%	9.23%

Key Fund Statistics
Total Net Assets	$23,519,162
# of Portfolio Holdings	8
Portfolio Turnover Rate	11%
Total Advisory Fees Paid	$0

What did the Fund invest in?

Largest Holdings (As a % of total investments)
SA International Value Fund	19.8%
SA U.S. Value Fund	17.0
SA U.S. Core Market Fund	16.9
SA Global Fixed Income Fund	14.9
SA U.S. Fixed Income Fund	14.8
SA U.S. Small Company Fund	6.9
SA Emerging Markets Value Fund	6.7
SA Real Estate Securities Fund	3.0

Additional Information

Toll-free: 1-844-366-0905

SA Worldwide Moderate Growth Fund

Annual Shareholder Report - June 30, 2026

SAWMX

(b) Not applicable.

Item 2. Code of Ethics.

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

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

(e) Not applicable.

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

For the fiscal year June 30, 2026, Cohen & Co. (“Cohen”) serves as the independent registered public accounting firm for the registrant.

(a) Audit Fees.

For the fiscal years ended June 30, 2026 and June 30, 2025, the aggregate fees billed for professional services rendered by Cohen for the audit of the registrant’s annual financial statements or for services that are normally provided by Cohen in connection with statutory and regulatory filings or engagements were $203,500 and $203,500 respectively.

(b) Audit-Related Fees.

For the fiscal years ended June 30, 2026 and June 30, 2025, the aggregate fees billed for assurance and related services rendered by Cohen that are reasonably related to the performance of the audit or review of the registrant’s financial statements and that are not reported under Audit Fees above were $0 and $0, respectively. Services for which fees in the Audit-Related Fees category were billed include Cohen’s reasonable out-of-pocket expenses and ticket charges for booking travel related to conducting the audit.

For the twelve month periods ended June 30, 2026 and June 30, 2025, aggregate Audit-Related Fees billed by Cohen that were required to be approved by the registrant’s Audit Committee for audit-related services rendered to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant (the “Affiliated Service Providers”) that relate directly to the operations and financial reporting of the registrant were $0 and $0, respectively.

For the fiscal years ended June 30, 2026 and June 30, 2025, the aggregate fees billed for tax compliance, tax advice and tax planning by Cohen were $42,000 and $42,000, respectively. Services for which fees in the Tax Fees category are billed include Cohen’s review of the registrant’s U.S. federal income tax returns and the required state corporate income tax returns, as well as Cohen’s review of excise tax distribution calculations.

For the twelve month periods ended June 30, 2026 and June 30, 2025, the aggregate Tax Fees billed Cohen that were required to be approved by the registrant’s Audit Committee for tax compliance, tax advice and tax planning services rendered on behalf of Affiliated Service Providers that relate directly to the operations and financial reporting of the registrant were $0 and $0, respectively.

(d) All Other Fees.

For the fiscal years ended June 30, 2026 and June 30, 2025, the aggregate fees billed by Cohen to the registrant for all services other than services reported under Audit Fees, Audit-Related Fees, and Tax Fees were $9,000 and $9,550, respectively.

For the twelve month periods ended June 30, 2026 and June 30, 2025, the aggregate fees in this category billed by Cohen that were required to be approved by the registrant’s Audit Committee for services rendered on behalf of Affiliated Service Providers that relate directly to the operations and financial reporting of the registrant were $0 and $0, respectively.

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

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

(e)(2) Percentage of Services.

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

(f) Not applicable.

(g) For the fiscal years ended June 30, 2026 and June 30, 2025, aggregate non-audit fees billed by Cohen for services rendered to the registrant were $0 and $0, respectively.

For the twelve month periods ended June 30, 2026 and June 30, 2025, aggregate non-audit fees billed by Cohen for services rendered to the Affiliated Service Providers were $0 and $0, respectively.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the registrant.

Item 6. Investments.

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

(b) Not applicable to the registrant.

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

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

Table of Contents

ANNUAL FINANCIALS AND OTHER INFORMATION

June 30, 2026

Table of Contents

TABLE OF CONTENTS

		Page
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
Portfolios of Investments
SA U.S. Fixed Income Fund		1
SA Global Fixed Income Fund		5
SA U.S. Core Market Fund		10
SA U.S. Value Fund		20
SA U.S. Small Company Fund		24
SA International Value Fund		42
SA International Small Company Fund		47
SA Emerging Markets Value Fund		48
SA Real Estate Securities Fund		70
SA Worldwide Moderate Growth Fund		72
Statements of Assets and Liabilities		74
Statements of Operations		76
Statements of Changes in Net Assets		78
Financial Highlights		85
Notes to Financial Statements		95
Report of Independent Registered Public Accounting Firm.		112
Additional Information		113
Item 8. Changes in and Disagreements with Accountants		113
Item 9. Proxy Disclosures		113
Item 10. Remuneration Paid to Directors, Officers, and Others		114
Item 11. Statement Regarding the Basis for the Board’s Approval of Investment Advisory Contract		114
Trustees and Officers’ Information		119
Tax Information Notice		122

Table of Contents

SA U.S. Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF June 30, 2026

	FACE AMOUNT		VALUE†

YANKEE CORPORATE BONDS AND NOTES — 13.7%
Consumer, Cyclical — 0.3%
BMW U.S. Capital LLC, 3.700%, 4/01/32 ±	$	1,000,000	$	935,739
Magna International, Inc., 5.500%, 3/21/33		400,000		410,452
				1,346,191

Consumer, Non-cyclical — 0.4%
BAT Capital Corp., 6.000%, 2/20/34		1,500,000		1,584,530

Financial — 7.2%
Australia & New Zealand Banking Group Ltd., SOFR + 0.680%, 4.318%, 12/08/30 ±‡		4,000,000		4,018,273
Bank of Nova Scotia (The), 5.650%, 2/01/34		300,000		311,554
Commonwealth Bank of Australia, SOFR + 0.630%, 4.266%, 3/27/29 ±‡		1,000,000		1,005,804
Commonwealth Bank of Australia, SOFR + 0.810%, 4.448%, 3/14/30 ±‡		2,000,000		2,018,889
Cooperatieve Rabobank UA, 3.957%, 10/17/28		300,000		297,199
Cooperatieve Rabobank UA, SOFR + 0.710%, 4.348%, 3/05/27 ‡		9,500,000		9,527,676
Credit Agricole SA, SOFR + 0.870%, 4.508%, 3/11/27 ±‡		572,000		574,330
Credit Agricole SA, 5.514%, 7/05/33 ±		400,000		413,571
Mitsubishi UFJ Financial Group, Inc., 3.195%, 7/18/29		2,000,000		1,915,230
Nordea Bank Abp, SOFR + 1.020%, 4.658%, 9/10/29 ±‡		3,600,000		3,657,121
Royal Bank of Canada, 5.000%, 2/01/33		1,000,000		1,008,418
Sumitomo Mitsui Financial Group, Inc., 5.766%, 1/13/33		1,000,000		1,042,335
Swedbank AB, SOFR + 1.030%, 4.661%, 11/20/29 ±‡		2,000,000		2,025,647
Westpac Banking Corp., SOFR + 0.820%, 4.456%, 7/01/30 ‡		4,217,000		4,263,433
				32,079,480

Government — 5.8%
European Bank for Reconstruction & Development, SOFR + 0.420%, 4.053%, 7/22/30 ‡		2,500,000		2,503,784
European Investment Bank, SOFR + 0.320%, 3.947%, 8/14/29 ‡		7,500,000		7,512,188
Inter-American Development Bank, SOFR + 0.370%, 4.000%, 8/01/29 ‡		4,000,000		4,015,284
Kommunalbanken AS, SOFR + 0.400%, 4.039%, 3/03/28 ±‡		5,000,000		5,013,153
Province of Ontario Canada, 4.200%, 1/18/29		3,000,000		3,000,820
Svensk Exportkredit AB, SOFR + 1.000%, 4.628%, 5/05/27 ‡		2,500,000		2,517,496
Svensk Exportkredit AB, SOFR + 1.000%, 4.628%, 8/03/26 ‡		1,600,000		1,601,126
				26,163,851
TOTAL YANKEE CORPORATE BONDS AND NOTES (Identified Cost $61,006,677)				61,174,052

CORPORATE BONDS AND NOTES — 55.3%
Basic Materials — 0.9%
EIDP, Inc., 4.800%, 5/15/33		2,000,000		1,977,254
LYB International Finance III LLC, 5.500%, 3/01/34		2,110,000		2,095,576
				4,072,830

Communications — 7.0%
Alphabet, Inc., 4.100%, 11/15/30		2,000,000		1,969,126
Amazon.com, Inc., 3.600%, 4/13/32		4,719,000		4,477,367
Amazon.com, Inc., 4.350%, 3/20/33		8,500,000		8,286,120
Cisco Systems, Inc., 4.800%, 2/26/27		2,000,000		2,007,492
Cisco Systems, Inc., 4.850%, 2/26/29		2,000,000		2,022,113
Cisco Systems, Inc., 4.950%, 2/24/32		3,000,000		3,040,395
Comcast Corp., 4.250%, 1/15/33		3,500,000		3,337,655
FactSet Research Systems, Inc., 3.450%, 3/01/32		2,200,000		1,983,694
Meta Platforms, Inc., 3.850%, 8/15/32		3,000,000		2,839,807
Verizon Communications, Inc., 4.500%, 8/10/33		300,000		290,462
Verizon Communications, Inc., 4.750%, 1/15/33		1,000,000		985,653
				31,239,884

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

Table of Contents

SA U.S. Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF June 30, 2026 (Continued)

	FACE AMOUNT		VALUE†

CORPORATE BONDS AND NOTES (Continued)
Consumer, Cyclical — 3.2%
American Honda Finance Corp., 4.900%, 1/10/34	$	2,000,000	$	1,965,079
Costco Wholesale Corp., 1.750%, 4/20/32		5,000,000		4,338,126
Dick’s Sporting Goods, Inc., 4.000%, 10/01/29 ±		500,000		487,841
LKQ Corp., 6.250%, 6/15/33		620,000		643,092
Walmart, Inc., SOFR + 0.400%, 4.028%, 4/30/29 ‡		840,000		841,248
Walmart, Inc., SOFR + 0.430%, 4.060%, 4/28/27 ‡		6,213,000		6,226,671
				14,502,057

Consumer, Non-cyclical — 8.5%
Cargill, Inc., 4.000%, 6/22/32 ±		1,000,000		960,193
Cigna Group (The), 5.250%, 2/15/34		3,000,000		3,037,023
Colgate-Palmolive Co., 4.200%, 5/01/30		500,000		498,056
Elevance Health, Inc., 4.100%, 5/15/32		151,000		145,046
Eli Lilly & Co., SOFR + 0.530%, 4.164%, 10/15/28 ‡		3,500,000		3,508,881
Experian Finance PLC, 2.750%, 3/08/30 ±		1,000,000		931,058
Merck & Co., Inc., SOFR + 0.460%, 4.098%, 9/15/27 ‡		1,622,000		1,625,429
Nestle Capital Corp., 4.650%, 3/12/29 ±		1,000,000		1,005,521
Nestle Holdings, Inc., 4.950%, 3/14/30 ±		1,000,000		1,013,736
Novartis Capital Corp., 4.100%, 3/16/29		1,162,000		1,154,074
Novartis Capital Corp., 4.100%, 11/05/30		3,000,000		2,950,102
Philip Morris International, Inc., 5.250%, 2/13/34		3,000,000		3,053,783
Procter & Gamble Co. (The), 4.050%, 5/01/30		500,000		496,581
Procter & Gamble Co. (The), 4.550%, 1/29/34		4,000,000		3,994,616
Roche Holdings, Inc., SOFR + 0.740%, 4.368%, 11/13/26 ±‡		900,000		901,679
Roche Holdings, Inc., 4.909%, 3/08/31 ±		5,400,000		5,471,434
Roche Holdings, Inc., 5.593%, 11/13/33 ±		6,000,000		6,281,901
UnitedHealth Group, Inc., 5.150%, 7/15/34		1,000,000		1,010,804
				38,039,917

Energy — 3.4%
BP Capital Markets America, Inc., 4.812%, 2/13/33		1,000,000		994,328
BP Capital Markets America, Inc., 4.893%, 9/11/33		2,500,000		2,492,627
Chevron USA, Inc., SOFR + 0.360%, 3.995%, 2/26/27 ‡		459,000		459,370
Chevron USA, Inc., SOFR + 0.470%, 4.105%, 2/26/28 ‡		6,744,000		6,763,004
Shell Finance U.S., Inc., 2.375%, 11/07/29		2,700,000		2,529,517
Shell Finance U.S., Inc., 4.125%, 11/06/30		2,000,000		1,965,627
				15,204,473

Financial — 25.1%
Allstate Corp. (The), 5.250%, 3/30/33		400,000		407,704
American Express Co.,SOFR + 0.650%, 4.278%, 11/04/26 ‡		1,500,000		1,501,379
American National Group, Inc., 6.144%, 6/13/32 ±		390,000		402,737
Americold Realty Operating Partnership LP, 5.600%, 5/15/32		1,920,000		1,929,251
Ameriprise Financial, Inc., 5.150%, 5/15/33		1,000,000		1,013,244
Assurant, Inc., 2.650%, 1/15/32		2,000,000		1,758,520
Bank of America NA, SOFR + 1.020%, 4.648%, 8/18/26 ‡		2,500,000		2,500,842
Bank of America NA, 5.526%, 8/18/26		5,000,000		5,003,996
Bank of New York Mellon Corp. (The), 1.050%, 10/15/26		1,000,000		991,399
Bank of New York Mellon Corp. (The), 2.050%, 1/26/27		7,000,000		6,916,847
Bank of New York Mellon Corp. (The), 2.450%, 8/17/26		2,000,000		1,996,126
Bank of New York Mellon Corp. (The), 2.500%, 1/26/32		400,000		359,363
Bank of New York Mellon Corp. (The), SOFR + 0.630%, 4.260%, 1/22/30 ‡		3,000,000		3,003,657
Blackrock, Inc., 1.900%, 1/28/31		5,800,000		5,179,934
Blackrock, Inc., 4.750%, 5/25/33		500,000		501,424
Boston Properties LP, 2.550%, 4/01/32		250,000		218,003
Camden Property Trust, 4.900%, 1/15/34		1,500,000		1,496,532
Charles Schwab Corp. (The), 2.900%, 3/03/32		1,000,000		909,170
Citibank NA, SOFR + 1.060%, 4.698%, 12/04/26 ‡		2,000,000		2,004,744

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

Table of Contents

SA U.S. Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF June 30, 2026 (Continued)

	FACE AMOUNT		VALUE†

CORPORATE BONDS AND NOTES (Continued)
Financial (Continued)
CME Group, Inc., 4.400%, 3/15/30	$	2,000,000	$	1,992,397
CNA Financial Corp., 5.125%, 2/15/34		3,000,000		2,977,228
GLP Capital LP/GLP Financing II, Inc., 5.250%, 2/15/33		260,000		255,300
Jefferies Financial Group, Inc., 6.200%, 4/14/34		2,000,000		2,050,039
JPMorgan Chase Bank NA, SOFR + 1.000%, 4.638%, 12/08/26 ‡		13,000,000		13,034,031
Kimco Realty OP LLC, 4.850%, 3/01/35		500,000		490,613
Lincoln National Corp., 5.852%, 3/15/34		2,800,000		2,867,077
Mastercard, Inc., 2.000%, 11/18/31		771,000		681,755
Mastercard, Inc., 4.325%, 6/08/28		1,610,000		1,609,624
Mastercard, Inc., 4.350%, 1/15/32		7,600,000		7,496,609
Mid-America Apartments LP, 5.000%, 3/15/34		2,400,000		2,389,746
Morgan Stanley Bank NA, SOFR + 1.165%, 4.791%, 10/30/26 ‡		4,000,000		4,007,998
National Securities Clearing Corp., SOFR + 0.570%, 4.201%, 5/20/27 ±‡		1,000,000		1,002,540
National Securities Clearing Corp., 4.350%, 5/20/27 ±		3,000,000		3,004,295
Prologis LP, 5.000%, 1/31/35		500,000		498,555
Realty Income Corp., 2.850%, 12/15/32		600,000		534,270
Realty Income Corp., 5.125%, 2/15/34		1,000,000		1,005,598
Simon Property Group LP, 5.500%, 3/08/33		850,000		880,123
State Street Bank & Trust Co., SOFR + 0.460%, 4.095%, 11/25/26 ‡		450,000		450,374
State Street Bank & Trust Co., 4.594%, 11/25/26		2,000,000		2,004,370
State Street Corp., SOFR + 0.640%, 4.270%, 10/22/27 ‡		5,120,000		5,138,054
State Street Corp., SOFR + 0.845%, 4.471%, 8/03/26 ‡		4,000,000		4,001,927
State Street Corp., 4.993%, 3/18/27		1,000,000		1,005,166
Synchrony Financial, 2.875%, 10/28/31		400,000		353,386
Visa, Inc., 2.050%, 4/15/30		2,000,000		1,840,434
Wells Fargo Bank NA, SOFR + 1.060%, 4.687%, 8/07/26 ‡		2,924,000		2,925,689
Wells Fargo Bank NA, 5.254%, 12/11/26		4,500,000		4,520,078
Wells Fargo Bank NA, 5.450%, 8/07/26		5,000,000		5,005,280
				112,117,428

Industrial — 0.7%
Amphenol Corp., 5.250%, 4/05/34		600,000		613,449
Avnet, Inc., 5.500%, 6/01/32		2,500,000		2,533,905
				3,147,354

Technology — 4.2%
Accenture Capital, Inc., 4.500%, 10/04/34		5,000,000		4,804,204
Apple, Inc., 1.250%, 8/20/30		1,000,000		883,361
Fidelity National Information Services, Inc., 4.550%, 3/10/29		1,000,000		992,813
IBM International Capital Pte. Ltd., 4.900%, 2/05/34		3,000,000		2,969,307
Salesforce, Inc., 4.650%, 3/15/29		2,000,000		1,999,971
Texas Instruments, Inc., 1.900%, 9/15/31		8,401,000		7,395,490
				19,045,146

Utilities — 2.3%
Edison International, 6.950%, 11/15/29		500,000		522,851
Georgia Power Co., 5.250%, 3/15/34		2,600,000		2,644,976
NextEra Energy Capital Holdings, Inc., 5.250%, 3/15/34		3,000,000		3,041,287
NextEra Energy Capital Holdings, Inc., 5.300%, 3/15/32		1,000,000		1,020,411
Virginia Electric & Power Co., 5.000%, 1/15/34		3,000,000		2,999,142
				10,228,667
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $247,033,798)				247,597,756

U.S. GOVERNMENT & AGENCY OBLIGATIONS — 29.7%
Sovereign — 0.5%
Federal Home Loan Mortgage Corp., SOFR + 0.220%, 3.840%, 5/23/28 ‡		2,339,000		2,345,225

U.S. Treasury Securities — 29.2%
U.S. Treasury Inflation-Indexed Notes, 0.125%, 10/15/26		13,767,468		13,694,552
U.S. Treasury Inflation-Indexed Notes, 0.125%, 4/15/27		23,582,800		23,130,950
U.S. Treasury Inflation-Indexed Notes, 0.125%, 1/15/30		6,340,649		5,960,178
U.S. Treasury Inflation-Indexed Notes, 0.125%, 7/15/30		2,597,020		2,429,230

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

Table of Contents

SA U.S. Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF June 30, 2026 (Continued)

	FACE AMOUNT		VALUE†

U.S. GOVERNMENT & AGENCY OBLIGATIONS (Continued)
*U.S. Treasury Securities (Continued)*
U.S. Treasury Inflation-Indexed Notes, 0.125%, 1/15/31	$	3,836,790	$	3,547,994
U.S. Treasury Inflation-Indexed Notes, 0.250%, 7/15/29		13,015,400		12,424,789
U.S. Treasury Inflation-Indexed Notes, 0.375%, 7/15/27		19,734,500		19,410,343
U.S. Treasury Inflation-Indexed Notes, 1.125%, 1/15/33		3,688,311		3,496,265
U.S. Treasury Inflation-Indexed Notes, 1.750%, 1/15/34		3,357,517		3,289,084
U.S. Treasury Notes, 0.625%, 11/30/27		21,000,000		19,994,297
U.S. Treasury Notes, 3.875%, 6/15/28		12,000,000		11,939,297
U.S. Treasury Notes, 4.125%, 10/31/27		11,000,000		10,996,348
				130,313,327

TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Identified Cost $133,804,489)				132,658,552

	SHARES

SHORT-TERM INVESTMENTS — 0.5%
Investment Company — 0.5%
State Street Institutional U.S. Government Money Market Fund 3.330%		2,291,948		2,291,948

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,291,948)				2,291,948

Total Investments — 99.2% (Identified Cost $444,136,912)				443,722,308

Cash and Other Assets, Less Liabilities — 0.8%				3,695,497

Net Assets — 100.0%			$	447,417,805

†	See Note 1
±	144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at June 30, 2026 amounted to $41,125,459 or 9.19% of the net assets of the Fund.
‡	Floating rate or variable rate note. Rate shown is as of June 30, 2026.

Key to abbreviations:

SOFR — Secured Overnight Financing Rate

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

Table of Contents

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF June 30, 2026

		FACE AMOUNT		VALUE†

BONDS AND NOTES — 98.4%
Australia — 7.5%
Australia & New Zealand Banking Group Ltd., 3.919%, 12/08/28	USD		1,200,000	$	1,187,975
Australia & New Zealand Banking Group Ltd., (SOFR + 0.620%), 4.257%, 6/18/28 ±‡	USD		2,000,000		2,007,839
Australia & New Zealand Banking Group Ltd., (SOFR + 0.650%), 4.287%, 9/30/27 ±‡	USD		713,000		715,827
Australia & New Zealand Banking Group Ltd., (SOFR + 0.810%), 4.442%, 1/18/27 ±‡	USD		1,900,000		1,905,602
Australia & New Zealand Banking Group Ltd., (3-mo. Swap + 1.200%), 5.570%, 11/04/27 ‡	AUD		500,000		349,789
Commonwealth Bank of Australia, (SOFR + 0.460%), 4.097%, 11/27/26 ±‡	USD		2,750,000		2,752,148
Commonwealth Bank of Australia, (SOFR + 0.640%), 4.278%, 3/14/28 ±‡	USD		3,360,000		3,374,139
Commonwealth Bank of Australia, (3-mo. Swap + 1.150%), 5.490%, 1/13/28 ‡	AUD		1,500,000		1,049,793
Macquarie Bank Ltd., (SOFR + 0.740%), 4.378%, 6/12/28 ±‡	USD		1,300,000		1,307,371
National Australia Bank Ltd., 1.375%, 8/30/28	EUR		2,100,000		2,324,655
National Australia Bank Ltd., (SOFR + 0.620%), 4.258%, 6/11/27 ±‡	USD		5,969,000		5,987,187
National Australia Bank Ltd., (SOFR + 0.650%), 4.288%, 6/13/28 ±‡	USD		2,200,000		2,209,992
National Australia Bank Ltd., (SOFR + 0.790%), 4.423%, 1/14/30 ±‡	USD		3,000,000		3,024,355
National Australia Bank Ltd., (3-mo. Swap + 1.200%), 5.641%, 11/25/27 ‡	AUD		500,000		349,896
National Australia Bank Ltd., Series B, 4.434%, 6/04/29	USD		740,000		739,810
NBN Co. Ltd., 4.125%, 3/15/29	EUR		200,000		234,862
New South Wales Treasury Corp., 1.750%, 3/20/34	AUD		4,000,000		2,184,115
Queensland Treasury Corp., 1.750%, 7/20/34	AUD		4,500,000		2,423,762
Treasury Corp. of Victoria, 2.250%, 9/15/33	AUD		6,000,000		3,453,096
Westpac Banking Corp., (SOFR + 0.810%), 4.444%, 4/16/29 ‡	USD		2,790,000		2,811,579
Westpac Banking Corp., (SOFR + 0.820%), 4.456%, 7/01/30 ‡	USD		300,000		303,303
Westpac Banking Corp., (3-mo. Swap + 0.980%), 5.434%, 2/16/28 ‡	AUD		500,000		349,273
					41,046,368

Belgium — 1.0%
Kingdom of Belgium Government Bonds, 2.850%, 10/22/34	EUR		2,800,000		3,111,121
Ministeries Van de Vlaamse Gemeenschap, 2.375%, 11/27/28	EUR		1,700,000		1,925,127
Ministeries Van de Vlaamse Gemeenschap, 2.750%, 10/22/29	EUR		400,000		455,612
					5,491,860

Canada — 19.6%
Canada Housing Trust No. 1, 1.750%, 6/15/30 ±	CAD		4,000,000		2,688,037
Canada Housing Trust No. 1, 2.650%, 12/15/28 ±	CAD		3,000,000		2,104,831
Canada Housing Trust No. 1, 2.850%, 6/15/30 ±	CAD		2,000,000		1,401,421
City of Montreal, 4.250%, 9/01/33	CAD		5,000,000		3,667,344
CPPIB Capital, Inc., 4.300%, 6/02/34	CAD		10,000,000		7,405,366
OMERS Finance Trust, 3.250%, 1/28/35	EUR		2,000,000		2,280,538
Ontario Teachers’ Finance Trust, 1.850%, 5/03/32 ±	EUR		2,619,000		2,802,104
Ontario Teachers’ Finance Trust, 4.150%, 11/01/29	CAD		2,600,000		1,894,153
Province of Alberta Canada, 3.125%, 10/16/34	EUR		2,500,000		2,843,064
Province of Alberta Canada, 4.150%, 6/01/33	CAD		12,800,000		9,423,156
Province of British Columbia Canada, 4.150%, 6/18/34	CAD		18,300,000		13,411,497
Province of Manitoba Canada, 3.800%, 6/02/33	CAD		8,000,000		5,751,409
Province of Manitoba Canada, 4.250%, 6/02/34	CAD		11,000,000		8,105,788
Province of Manitoba Canada, 4.850%, 8/28/34	AUD		2,000,000		1,337,883
Province of Ontario Canada, 3.650%, 6/02/33	CAD		12,500,000		8,937,335
Province of Ontario Canada, 4.150%, 6/02/34	CAD		6,600,000		4,847,180
Province of Ontario Canada, 5.350%, 5/08/34	AUD		2,000,000		1,400,486
Province of Quebec Canada, 0.000%, 10/29/30 #	EUR		250,000		252,567

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

Table of Contents

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF June 30, 2026 (Continued)

		FACE AMOUNT		VALUE†

BONDS AND NOTES (Continued)
*Canada (Continued)*
Province of Quebec Canada, 3.600%, 9/01/33	CAD		6,800,000	$	4,829,292
Province of Quebec Canada, 4.450%, 9/01/34	CAD		10,000,000		7,460,067
Province of Saskatchewan Canada, 3.300%, 5/08/34	EUR		6,600,000		7,614,030
Province of Saskatchewan Canada, 3.800%, 6/02/35	CAD		2,000,000		1,425,193
PSP Capital, Inc., 3.250%, 7/02/34 @	EUR		5,000,000		5,732,369
					107,615,110

*Denmark — 2.6%*
Novo Nordisk Finance Netherlands BV, 2.375%, 5/27/28	EUR		200,000		226,509
Novo Nordisk Finance Netherlands BV, 3.375%, 5/21/34	EUR		12,400,000		14,105,880
					14,332,389

*Finland — 3.6%*
Finnvera OYJ, 2.375%, 10/29/30	EUR		1,700,000		1,907,611
Kuntarahoitus OYJ, 0.000%, 4/21/28 #	EUR		1,100,000		1,199,692
Kuntarahoitus OYJ, (SOFR + 1.000%), 4.628%, 2/02/29 ‡	USD		7,500,000		7,633,283
Nordea Bank Abp, 2.750%, 5/02/30	EUR		3,500,000		3,956,215
Nordea Bank Abp, (SOFR + 0.740%), 4.377%, 3/19/27 ±‡	USD		5,000,000		5,015,960
					19,712,761

*France — 2.8%*
L’Oreal SA, 2.500%, 1/12/29	EUR		100,000		113,361
LVMH Moet Hennessy Louis Vuitton SE, 2.625%, 3/07/29	EUR		3,000,000		3,405,073
LVMH Moet Hennessy Louis Vuitton SE, 2.625%, 6/25/30	EUR		4,300,000		4,840,280
LVMH Moet Hennessy Louis Vuitton SE, 3.000%, 3/07/32	EUR		2,000,000		2,259,605
LVMH Moet Hennessy Louis Vuitton SE, 3.500%, 9/07/33	EUR		4,200,000		4,857,328
					15,475,647

*Germany — 1.4%*
Deutsche Boerse AG, 3.875%, 9/28/33	EUR		1,300,000		1,534,523
Kreditanstalt fuer Wiederaufbau, 0.050%, 9/29/34	EUR		3,500,000		3,155,410
Kreditanstalt fuer Wiederaufbau, 3.750%, 1/09/29	GBP		2,100,000		2,751,211
					7,441,144

*Netherlands — 2.2%*
BNG Bank NV, 0.100%, 1/15/30	EUR		1,000,000		1,041,957
BNG Bank NV, 0.125%, 4/19/33	EUR		4,000,000		3,778,938
BNG Bank NV, 2.750%, 8/28/34	EUR		5,000,000		5,576,941
Cooperatieve Rabobank UA, (SOFR + 0.710%), 4.348%, 3/05/27 ‡	USD		500,000		501,457
Cooperatieve Rabobank UA, (SOFR + 0.900%), 4.534%, 10/05/26 ‡	USD		1,110,000		1,111,898
					12,011,191

*New Zealand — 5.4%*
New Zealand Government Bonds, 2.000%, 5/15/32	NZD		29,000,000		14,776,520
New Zealand Government Bonds, 3.000%, 4/20/29	NZD		1,700,000		952,715
New Zealand Local Government Funding Agency Bonds, 2.250%, 5/15/31	NZD		15,000,000		7,864,440
New Zealand Local Government Funding Agency Bonds, 4.500%, 5/14/32	NZD		5,000,000		2,892,768
New Zealand Local Government Funding Agency Bonds, 5.000%, 3/08/34	AUD		4,500,000		3,088,999
					29,575,442

*Norway — 0.4%*
Equinor ASA, 1.375%, 5/22/32	EUR		2,000,000		2,053,378

*Singapore — 1.8%*
DBS Group Holdings Ltd., (SOFR + 0.600%), 4.239%, 3/21/28 ±‡	USD		3,400,000		3,410,107
DBS Group Holdings Ltd., (SOFR + 0.600%), 4.239%, 3/21/28 ‡	USD		1,200,000		1,203,567
DBS Group Holdings Ltd., (SOFR + 0.650%), 4.289%, 3/21/30 ‡	USD		5,100,000		5,133,070
					9,746,744

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

Table of Contents

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF June 30, 2026 (Continued)

		FACE AMOUNT		VALUE†

BONDS AND NOTES (Continued)
*Supranational — 12.7%*
Asian Development Bank, 2.150%, 7/11/28	EUR		600,000	$	679,329
Asian Development Bank, (SOFR + 0.300%), 3.939%, 6/20/28 ‡	USD		1,700,000		1,701,812
Asian Development Bank, (SOFR + 1.000%), 4.635%, 4/06/27 ‡	USD		200,000		201,159
Asian Development Bank, 4.800%, 1/17/33	AUD		5,000,000		3,442,642
Asian Infrastructure Investment Bank (The), (SOFR + 0.620%), 4.247%, 8/16/27 ‡	USD		5,000,000		5,020,340
European Bank for Reconstruction & Development, (SOFR + 0.330%), 3.958%, 2/20/28 ‡	USD		10,000,000		10,008,668
European Investment Bank, 1.375%, 5/12/28	SEK		2,450,000		248,191
European Investment Bank, 3.900%, 6/15/28	CAD		4,000,000		2,878,364
European Investment Bank, (SOFR + 0.320%), 3.947%, 8/14/29 ‡	USD		2,000,000		2,003,250
European Investment Bank, (SOFR + 1.000%), 4.632%, 5/21/28 ‡	USD		3,800,000		3,849,610
European Union, 3.000%, 12/04/34	EUR		5,000,000		5,672,157
European Union, 3.125%, 12/04/30	EUR		1,000,000		1,159,405
European Union, 3.250%, 7/04/34	EUR		7,200,000		8,329,218
Inter-American Development Bank, (SOFR + 0.270%), 3.909%, 3/20/28 ‡	USD		2,000,000		2,001,500
Inter-American Development Bank, (SOFR + 0.280%), 3.913%, 4/12/27 ‡	USD		1,000,000		1,000,542
Inter-American Development Bank, (SOFR + 0.350%), 3.985%, 10/04/27 ‡	USD		3,983,000		3,991,518
Inter-American Development Bank, (SOFR + 0.350%), 3.985%, 10/05/28 ‡	USD		3,020,000		3,029,466
Inter-American Development Bank, (SOFR + 0.370%), 4.000%, 8/01/29 ‡	USD		4,000,000		4,015,284
International Bank for Reconstruction & Development, 3.500%, 1/12/29	CAD		6,000,000		4,292,950
International Bank for Reconstruction & Development, 4.200%, 4/21/33	AUD		2,000,000		1,323,787
International Finance Corp., 3.635%, 8/26/33	AUD		500,000		318,640
Nordic Investment Bank, (SOFR + 0.290%), 3.925%, 10/04/27 ±‡	USD		4,325,000		4,332,770
					69,500,602

*Sweden — 1.7%*
Svensk Exportkredit AB, (SOFR + 1.000%), 4.628%, 5/05/27 ‡	USD		3,000,000		3,020,996
Svensk Exportkredit AB, (SOFR + 1.000%), 4.628%, 8/03/26 ‡	USD		1,835,000		1,836,291
Svenska Handelsbanken AB, 0.050%, 9/06/28	EUR		2,500,000		2,690,038
Swedbank AB, (SOFR + 1.030%), 4.661%, 11/20/29 ±‡	USD		1,700,000		1,721,800
					9,269,125

*United States — 35.7%*
Alphabet, Inc., 2.500%, 5/06/29	EUR		1,700,000		1,920,061
Alphabet, Inc., 3.000%, 5/06/33	EUR		5,600,000		6,272,493
Amazon.com, Inc., 3.100%, 3/16/30	EUR		1,100,000		1,259,163
Amazon.Com, Inc., 3.400%, 6/12/29	CAD		5,000,000		3,538,456
Berkshire Hathaway Finance Corp., 2.000%, 3/18/34	EUR		10,000,000		10,344,945
Blackrock, Inc., 4.750%, 5/25/33	USD		5,000,000		5,014,244
Chevron USA, Inc., (SOFR + 0.470%), 4.105%, 2/26/28 ‡	USD		2,000,000		2,005,636
Eli Lilly & Co., (SOFR + 0.530%), 4.164%, 10/15/28 ‡	USD		6,200,000		6,215,732
Exxon Mobil Corp., 0.835%, 6/26/32	EUR		11,100,000		11,032,080
Federal Farm Credit Banks Funding Corp., (SOFR + 0.130%), 3.750%, 8/12/26 ‡	USD		280,000		280,037
Morgan Stanley Bank NA, (SOFR + 1.165%), 4.791%, 10/30/26 ‡	USD		5,250,000		5,260,497
Nestle Finance International Ltd., 2.875%, 1/14/32	EUR		2,602,000		2,947,170
Nestle Holdings, Inc., 2.192%, 1/26/29	CAD		7,000,000		4,815,832
Procter & Gamble Co. (The), 2.900%, 11/03/33	EUR		2,600,000		2,910,171
Procter & Gamble Co. (The), 3.200%, 4/29/34	EUR		4,500,000		5,126,198
Roche Holdings, Inc., (SOFR + 0.740%), 4.368%, 11/13/26 ±‡	USD		1,050,000		1,051,959

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

Table of Contents

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF June 30, 2026 (Continued)

		FACE AMOUNT		VALUE†

BONDS AND NOTES (Continued)
*United States (Continued)*
Sanofi SA, 2.750%, 3/11/31	EUR		5,200,000	$	5,862,904
Shell International Finance BV, 1.875%, 4/07/32	EUR		1,800,000		1,911,973
State Street Corp., (SOFR + 0.640%), 4.270%, 10/22/27 ‡	USD		3,560,000		3,572,553
U.S. Treasury Inflation-Indexed Notes, 0.125%, 1/15/30	USD		18,116,140		17,029,079
U.S. Treasury Inflation-Indexed Notes, 0.125%, 7/15/30	USD		18,179,140		17,004,611
U.S. Treasury Inflation-Indexed Notes, 0.125%, 1/15/31	USD		17,905,020		16,557,307
U.S. Treasury Inflation-Indexed Notes, 0.250%, 7/15/29	USD		16,920,020		16,152,225
U.S. Treasury Inflation-Indexed Notes, 0.375%, 7/15/27	USD		27,220,000		26,772,886
U.S. Treasury Inflation-Indexed Notes, 1.125%, 1/15/33	USD		3,688,311		3,496,265
U.S. Treasury Inflation-Indexed Notes, 1.750%, 1/15/34	USD		9,206,095		9,018,457
U.S. Treasury Notes, 0.750%, 1/31/28	USD		4,000,000		3,793,438
Visa, Inc., 2.250%, 5/15/28	EUR		200,000		226,315
Visa, Inc., 3.125%, 5/15/33	EUR		3,100,000		3,512,893
Wells Fargo Bank NA, (SOFR + 1.070%), 4.708%, 12/11/26 ‡	USD		385,000		386,099
					195,291,679
TOTAL BONDS AND NOTES (Identified Cost $537,775,078)					538,563,440

	SHARES

SHORT-TERM INVESTMENTS — 1.6%
Investment Company — 0.5%
State Street Institutional U.S. Government Money Market Fund 3.330%		3,008,059		3,008,059

Collateral For Securities On Loan — 1.1%
State Street Navigator Securities Lending Government Money Market Portfolio 3.660%		6,008,000		6,008,000

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $9,016,059)				9,016,059

Total Investments — 100.0% (Identified Cost $546,791,137)				547,579,499
Cash and Other Assets, Less Liabilities — 0.0%				220,814

Net Assets — 100.0%			$	547,800,313

†	See Note 1
±	144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at June 30, 2026 amounted to $47,813,448 or 8.73% of the net assets of the Fund.
‡	Floating rate or variable rate note. Rate shown is as of June 30, 2026.
#	Zero coupon bond
@	A portion or all of the security was held on loan. As of June 30, 2026, the fair value of the securities on loan was $5,718,038.

Key to abbreviations:

AUD — Australian Dollar

CAD — Canadian Dollar

EUR — Euro Currency

GBP — British Pound

NZD — New Zealand Dollar

SEK — Swedish Krona

SOFR — Secured Overnight Financing Rate

USD — U.S. Dollar

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

Table of Contents

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF June 30, 2026 (Continued)

Forward Foreign Currency Exchange Contracts sold outstanding as of June 30, 2026

Settlement Date	Currency Purchased		Currency Sold		Counterparty		Total Value	Unrealized Appreciation		Unrealized Depreciation
07/01/26	USD	40,932,834	EUR	35,211,555	State Street Bank & Trust Co.	$	40,232,719	$	700,115	$	—
07/02/26	USD	6,284,502	NZD	10,660,270	State Street Bank & Trust Co.		6,054,502		230,000		—
07/03/26	USD	249,812	AUD	349,042	State Street Bank & Trust Co.		241,655		8,157		—
07/10/26	USD	37,795,921	EUR	32,722,277	State Street Bank & Trust Co.		37,400,527		395,395		—
07/13/26	USD	7,510,468	AUD	10,723,851	State Street Bank & Trust Co.		7,423,252		87,216		—
07/13/26	USD	6,027,903	NZD	10,365,448	State Street Bank & Trust Co.		5,889,583		138,320		—
07/20/26	USD	6,541,062	NZD	11,207,938	State Street Bank & Trust Co.		6,369,667		171,395		—
07/22/26	USD	1,747,324	NZD	3,017,506	State Street Bank & Trust Co.		1,715,009		32,316		—
07/23/26	USD	6,635,225	NZD	11,505,063	State Street Bank & Trust Co.		6,539,139		96,086		—
07/27/26	USD	1,715,686	EUR	1,506,048	State Street Bank & Trust Co.		1,722,555		—		(6,869	)
08/03/26	USD	256,440	SEK	2,394,753	State Street Bank & Trust Co.		247,402		9,038		—
08/04/26	USD	10,120,130	CAD	14,235,177	State Street Bank & Trust Co.		10,051,445		68,686		—
08/10/26	USD	3,224,192	CAD	4,481,820	State Street Bank & Trust Co.		3,165,458		58,734		—
08/14/26	USD	277,401	AUD	392,239	State Street Bank & Trust Co.		271,358		6,043		—
08/14/26	USD	4,765,319	CAD	6,642,910	State Street Bank & Trust Co.		4,692,651		72,668		—
08/21/26	USD	38,245,557	EUR	32,930,453	State Street Bank & Trust Co.		37,703,875		541,681		—
08/24/26	USD	5,647,242	CAD	7,956,809	State Street Bank & Trust Co.		5,623,325		23,917		—
08/24/26	USD	39,931,367	EUR	34,957,670	State Street Bank & Trust Co.		40,030,025		—		(98,658	)
08/31/26	USD	40,250,262	EUR	35,211,555	State Street Bank & Trust Co.		40,332,688		—		(82,426	)
08/31/26	USD	6,047,913	NZD	10,660,270	State Street Bank & Trust Co.		6,066,748		—		(18,835	)
09/02/26	USD	2,812,374	GBP	2,094,813	State Street Bank & Trust Co.		2,778,608		33,766		—
09/16/26	USD	3,977,869	CAD	5,601,301	State Street Bank & Trust Co.		3,962,773		15,097		—
09/16/26	USD	1,785,897	CAD	2,528,445	State Street Bank & Trust Co.		1,788,808		—		(2,911	)
09/23/26	USD	13,228,084	AUD	19,085,228	State Street Bank & Trust Co.		13,194,195		33,887		—
09/24/26	USD	18,266,199	CAD	25,878,274	State Street Bank & Trust Co.		18,314,968		—		(48,770	)
09/25/26	USD	51,370,373	CAD	72,876,703	State Street Bank & Trust Co.		51,579,799		—		(209,426	)
								$	2,722,517	$	(467,895	)

Forward Foreign Currency Exchange Contracts purchased outstanding as of June 30, 2026

Settlement Date	Currency Purchased		Currency Sold		Counterparty		Total Value	Unrealized Appreciation		Unrealized Depreciation
07/01/26	EUR	35,211,555	USD	40,148,919	State Street Bank & Trust Co.	$	40,232,719	$	83,800	$	—
07/02/26	NZD	10,660,270	USD	6,035,845	State Street Bank & Trust Co.		6,054,502		18,657		—
								$	102,457	$	—
Total								$	2,824,974	$	(467,895	)

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

Table of Contents

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026

	SHARES		VALUE†

COMMON STOCKS — 95.0%
Aerospace & Defense — 2.0%
ATI, Inc. *		1,233	$	243,024
Axon Enterprise, Inc. *		479		268,532
Boeing Co. (The)		8,201		1,775,271
BWX Technologies, Inc.		1,140		221,901
Carpenter Technology Corp.		592		365,169
Curtiss-Wright Corp.		354		268,247
General Dynamics Corp.		2,193		776,848
General Electric Co.		5,444		2,034,586
HEICO Corp.		574		204,453
HEICO Corp., Class A		455		117,349
Hexcel Corp.		452		45,227
Honeywell Aerospace, Inc. *		4,721		1,043,719
Howmet Aerospace, Inc.		1,946		523,202
Huntington Ingalls Industries, Inc.		381		106,638
Kratos Defense & Security Solutions, Inc. *		768		38,293
L3Harris Technologies, Inc.		1,182		343,477
Lockheed Martin Corp.		3,963		2,018,990
Moog, Inc., Class A		182		77,139
Northrop Grumman Corp.		1,266		644,787
Rocket Lab Corp. *		1,262		128,282
RTX Corp.		12,597		2,390,029
Textron, Inc.		2,582		236,847
TransDigm Group, Inc.		677		901,791
Woodward, Inc.		559		237,821
				15,011,622
Air Freight & Logistics — 0.4%
CH Robinson Worldwide, Inc.		1,901		358,034
Expeditors International of Washington, Inc.		2,033		331,338
FedEx Corp.		2,834		887,411
United Parcel Service, Inc., Class B		14,446		1,552,945
				3,129,728
Automobile Components — 0.1%
Aptiv PLC *		2,924		179,475
Autoliv, Inc.		1,465		170,189
BorgWarner, Inc.		2,570		170,648
Lear Corp.		324		43,436
				563,748
Automobiles — 1.1%
Ford Motor Co.		31,922		443,716
General Motors Co.		7,922		610,628
Rivian Automotive, Inc., Class A *		3,399		58,972
Tesla, Inc. *		17,562		7,386,577
				8,499,893
Beverages — 1.3%
Brown-Forman Corp., Class B @		4,083		108,812
Coca-Cola Co. (The)		57,084		4,639,217
Coca-Cola Consolidated, Inc.		1,320		252,014
Constellation Brands, Inc., Class A		1,757		244,381
Keurig Dr Pepper, Inc.		3,375		110,464
Molson Coors Beverage Co., Class B		1,400		54,544
Monster Beverage Corp. *		6,514		626,126
PepsiCo, Inc.		26,459		3,582,548
				9,618,106
Biotechnology — 2.1%
AbbVie, Inc.		22,326		5,618,115
Alnylam Pharmaceuticals, Inc. *		1,198		360,634
Amgen, Inc.		11,547		4,181,400
Arrowhead Pharmaceuticals, Inc. *		397		32,359
Biogen, Inc. *		1,615		348,937
BioMarin Pharmaceutical, Inc. *		1,169		66,890
Bridgebio Pharma, Inc. *		679		50,572
Exelixis, Inc. *		3,578		194,679
Gilead Sciences, Inc.		18,725		2,365,717
Halozyme Therapeutics, Inc. *		3,014		235,906
Incyte Corp. *		894		101,344
Insmed, Inc. *		516		55,016
Moderna, Inc. *		1,071		75,002
Natera, Inc. *		492		133,553
Neurocrine Biosciences, Inc. *		608		102,469
Regeneron Pharmaceuticals, Inc.		622		387,842
Revolution Medicines, Inc. *		337		63,113
Roivant Sciences Ltd. *		1,541		54,536
United Therapeutics Corp. *		441		238,947
Vaxcyte, Inc. *		179		10,405
Vertex Pharmaceuticals, Inc. *		2,429		1,206,557
				15,883,993
Broadline Retail — 3.9%
Amazon.com, Inc.		117,079		27,904,609
Coupang, Inc. *		3,791		65,850
eBay, Inc.		6,141		686,257
Etsy, Inc. *		1,250		94,162
Ollie’s Bargain Outlet Holdings, Inc. *		691		53,124
				28,804,002
Building Products — 0.5%
A.O. Smith Corp.		1,521		95,397
AAON, Inc.		521		66,094
Advanced Drainage Systems, Inc.		200		31,392
Allegion PLC		2,478		348,134
Armstrong World Industries, Inc.		243		38,982
Builders FirstSource, Inc. *		2,521		225,579
Carlisle Cos., Inc.		606		219,827
Carrier Global Corp.		5,139		376,946
Fortune Brands Innovations, Inc.		397		21,795
Johnson Controls International PLC		580		84,744
Lennox International, Inc.		567		324,863
Masco Corp.		4,275		347,857
Modine Manufacturing Co. *		204		54,472
Owens Corning		1,113		176,922
Simpson Manufacturing Co., Inc.		116		24,285
Trane Technologies PLC		3,115		1,529,963
UFP Industries, Inc.		812		73,681
Zurn Elkay Water Solutions Corp.		642		32,440
				4,073,373

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

Table of Contents

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Capital Markets — 2.4%
Affiliated Managers Group, Inc.		600	$	203,040
Ameriprise Financial, Inc.		1,406		645,017
Ares Management Corp., Class A		1,606		178,764
Bank of New York Mellon Corp. (The)		4,707		680,679
Blackrock, Inc.		1,218		1,171,180
Blackstone, Inc.		6,683		786,389
Carlyle Group, Inc. (The)		1,219		51,332
Cboe Global Markets, Inc.		980		237,817
Charles Schwab Corp. (The)		14,444		1,332,748
CME Group, Inc.		2,288		505,259
Coinbase Global, Inc., Class A *		739		108,034
Evercore, Inc., Class A		400		136,576
FactSet Research Systems, Inc.		469		107,907
Franklin Resources, Inc.		2,732		90,894
Goldman Sachs Group, Inc. (The)		2,257		2,282,662
Houlihan Lokey, Inc.		916		122,863
Interactive Brokers Group, Inc., Class A		3,848		334,930
Intercontinental Exchange, Inc.		3,821		470,403
Invesco Ltd.		2,611		68,904
Jefferies Financial Group, Inc.		1,620		80,968
KKR & Co., Inc.		5,286		485,149
LPL Financial Holdings, Inc.		1,023		288,159
Moody’s Corp.		2,547		1,153,587
Morgan Stanley		11,897		2,486,949
Morningstar, Inc.		304		47,430
MSCI, Inc.		874		489,475
Nasdaq, Inc.		3,887		306,373
Northern Trust Corp.		1,618		281,273
PJT Partners, Inc., Class A		284		42,867
Raymond James Financial, Inc.		1,798		273,350
Robinhood Markets, Inc., Class A *		1,886		189,128
S&P Global, Inc.		2,006		816,964
SEI Investments Co.		1,932		169,456
State Street Corp.		1,628		276,109
Stifel Financial Corp.		2,517		175,611
StoneX Group, Inc. *		298		35,313
T Rowe Price Group, Inc.		3,705		421,221
Tradeweb Markets, Inc., Class A		325		32,389
				17,567,169
Chemicals — 1.0%
Air Products & Chemicals, Inc.		2,422		710,082
Albemarle Corp.		956		129,089
Axalta Coating Systems Ltd. *		1,604		54,889
Celanese Corp.		1,241		57,086
CF Industries Holdings, Inc.		1,971		213,380
Corteva, Inc.		5,428		459,697
Dow, Inc.		2,782		76,115
DuPont de Nemours, Inc.		478		64,836
Eastman Chemical Co.		1,476		98,862
Ecolab, Inc.		3,171		883,472
Element Solutions, Inc.		1,684		80,411
International Flavors & Fragrances, Inc.		1,457		115,423
Linde PLC		4,857		2,520,492
LyondellBasell Industries NV, Class A		3,118		164,163
Mosaic Co. (The)		1,614		34,201
PPG Industries, Inc.		3,241		393,101
RPM International, Inc.		1,444		160,501
Sherwin Williams Co. (The)		3,806		1,310,482
Solstice Advanced Materials, Inc.		1,756		155,582
				7,681,864
Commercial Banks — 2.6%
Bank of America Corp.		51,509		2,934,983
BOK Financial Corp.		300		41,664
Citigroup, Inc.		5,386		753,825
Citizens Financial Group, Inc.		454		31,812
Columbia Banking System, Inc.		1,378		44,165
Commerce Bancshares, Inc.		2,759		159,332
Cullen/Frost Bankers, Inc.		699		108,009
East West Bancorp, Inc.		1,577		203,575
Fifth Third Bancorp		8,649		487,544
First Citizens Bancshares, Inc., Class A		112		233,048
First Horizon Corp.		3,862		99,022
FNB Corp.		5,930		113,144
Glacier Bancorp, Inc.		919		47,402
Home BancShares, Inc.		1,840		52,532
Huntington Bancshares, Inc.		14,700		260,631
JPMorgan Chase & Co.		25,108		8,218,602
KeyCorp		4,839		111,539
M&T Bank Corp.		522		124,241
Old National Bancorp		2,043		52,914
Pinnacle Financial Partners, Inc.		1,679		169,378
PNC Financial Services Group, Inc. (The)		2,775		683,260
Popular, Inc.		1,642		269,584
Prosperity Bancshares, Inc.		1,026		74,929
Regions Financial Corp.		3,661		110,562
Southstate Bank Corp.		400		39,960
Truist Financial Corp.		3,912		194,896
U.S. Bancorp		15,032		907,933
UMB Financial Corp.		355		50,680
United Bankshares, Inc.		556		25,481
Valley National Bancorp		3,256		47,700
Webster Financial Corp.		377		28,810
Wells Fargo & Co.		31,501		2,603,243
Western Alliance Bancorp		1,740		143,028
Wintrust Financial Corp.		600		96,432
Zions Bancorp NA		2,092		144,745
				19,668,605

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

Table of Contents

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Commercial Services & Supplies — 0.5%
Casella Waste Systems, Inc., Class A *		549	$	53,237
Cintas Corp.		5,631		957,720
Clean Harbors, Inc. *		642		191,797
Copart, Inc. *		5,688		160,345
MSA Safety, Inc.		600		104,748
Republic Services, Inc.		2,738		583,413
Rollins, Inc.		4,375		182,613
Tetra Tech, Inc.		3,200		92,448
Veralto Corp.		2,108		186,937
Waste Management, Inc.		6,265		1,396,343
				3,909,601
Communications Equipment — 1.3%
Arista Networks, Inc.		9,994		1,697,781
Ciena Corp. *		2,569		1,260,249
Cisco Systems, Inc.		43,228		5,077,561
F5, Inc. *		612		254,567
Lumentum Holdings, Inc. *		314		269,431
Motorola Solutions, Inc.		2,888		1,199,357
Viasat, Inc. *		643		57,748
				9,816,694
Computers & Peripherals — 7.2%
Apple, Inc.		152,923		44,249,799
Dell Technologies, Inc., Class C		3,734		1,611,072
Everpure, Inc., Class A *		2,027		159,707
Hewlett Packard Enterprise Co.		6,204		279,862
HP, Inc.		16,520		362,449
IonQ, Inc. *@		1,045		55,657
NetApp, Inc.		3,794		587,160
Sandisk Corp. *		821		1,866,732
Seagate Technology Holdings PLC		2,763		2,666,295
Super Micro Computer, Inc. *		1,322		38,774
Western Digital Corp.		2,465		1,574,445
				53,451,952
Construction & Engineering — 0.5%
AECOM		1,355		94,579
API Group Corp. *		2,782		117,818
Argan, Inc.		64		51,107
Comfort Systems USA, Inc.		533		1,056,379
EMCOR Group, Inc.		656		544,401
Everus Construction Group, Inc. *		1		166
Fluor Corp. *		831		43,536
IES Holdings, Inc. *		71		52,161
MasTec, Inc. *		555		230,913
MYR Group, Inc. *		83		41,533
Quanta Services, Inc.		1,363		981,415
Sterling Infrastructure, Inc. *		349		292,937
Valmont Industries, Inc.		200		115,520
				3,622,465
Construction Materials — 0.1%
CRH PLC		936		100,152
Eagle Materials, Inc.		548		123,300
James Hardie Industries PLC *		786		20,577
Martin Marietta Materials, Inc.		376		216,839
Vulcan Materials Co.		1,259		371,418
				832,286
Consumer Finance — 0.5%
Ally Financial, Inc.		1,983		91,119
American Express Co.		7,047		2,383,648
Capital One Financial Corp.		4,033		809,100
Credit Acceptance Corp. *		86		54,760
FirstCash Holdings, Inc.		286		61,867
OneMain Holdings, Inc.		677		41,277
SoFi Technologies, Inc. *@		6,056		108,584
Synchrony Financial		2,776		211,115
				3,761,470
Consumer Staples Distribution & Retail — 2.1%
Albertsons Cos., Inc., Class A		2,313		31,295
BJ’s Wholesale Club Holdings, Inc. *		2,341		204,182
Casey’s General Stores, Inc.		347		275,792
Costco Wholesale Corp.		5,371		5,024,409
Dollar General Corp.		4,564		525,362
Dollar Tree, Inc. *		1,472		178,038
Kroger Co. (The)		9,608		533,532
Maplebear, Inc. *		876		41,479
Performance Food Group Co. *		1,336		149,352
Sprouts Farmers Market, Inc. *		1,478		125,009
Sysco Corp.		9,579		800,613
Target Corp.		10,013		1,307,798
U.S. Foods Holding Corp. *		1,600		163,600
Walmart, Inc.		55,374		6,271,659
				15,632,120
Containers & Packaging — 0.2%
Amcor PLC		6,450		279,607
AptarGroup, Inc.		845		105,794
Avery Dennison Corp.		2,080		337,688
Ball Corp.		2,814		175,594
Crown Holdings, Inc.		1,488		166,388
International Paper Co.		4,336		165,202
Packaging Corp. of America		1,160		276,405
Smurfit Westrock PLC		1		46
				1,506,724
Distributors — 0.1%
Genuine Parts Co.		2,179		257,078
LKQ Corp.		4,303		113,298
Pool Corp.		484		104,012
				474,388

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

Table of Contents

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Diversified Consumer Services — 0.0%
Liberty Live Holdings, Inc., Class A *		328	$	33,213
Liberty Live Holdings, Inc., Class C *		367		38,770
Service Corp. International		2,063		156,706
				228,689
Diversified Telecommunication Services — 0.7%
AST SpaceMobile, Inc. *@		701		62,291
AT&T, Inc.		55,778		1,154,605
Comcast Corp., Class A		55,820		1,370,381
Liberty Capital Corp., Class C *		291		6,274
Lumen Technologies, Inc. *		5,202		39,951
Verizon Communications, Inc.		59,788		2,531,424
				5,164,926
Electric Utilities — 1.7%
Alliant Energy Corp.		4,621		352,536
American Electric Power Co., Inc.		8,417		1,151,530
Constellation Energy Corp.		3,987		990,251
Duke Energy Corp.		12,215		1,546,175
Edison International		5,709		425,035
Entergy Corp.		5,738		659,067
Evergy, Inc.		3,652		315,642
Eversource Energy		5,876		424,659
Exelon Corp.		15,965		744,288
FirstEnergy Corp.		5,602		266,319
IDACORP, Inc.		647		97,891
NextEra Energy, Inc.		26,026		2,284,302
NRG Energy, Inc.		3,712		542,175
OGE Energy Corp.		3,314		161,259
PG&E Corp.		2,100		35,322
Pinnacle West Capital Corp.		1,978		211,646
PPL Corp.		9,200		334,420
Southern Co. (The)		16,775		1,605,535
Xcel Energy, Inc.		9,222		740,527
				12,888,579
Electrical Equipment — 0.9%
Acuity, Inc.		354		133,338
AMETEK, Inc.		2,082		503,719
Bloom Energy Corp., Class A		447		135,307
Eaton Corp. PLC		4,909		2,091,823
Emerson Electric Co.		5,965		853,890
EnerSys		53		12,392
GE Vernova, Inc.		682		801,254
Generac Holdings, Inc. *		668		195,597
Hubbell, Inc.		662		346,358
Nextpower, Inc., Class A		947		112,826
nVent Electric PLC		1,736		294,443
Regal Rexnord Corp.		1,098		261,533
Rockwell Automation, Inc.		1,446		715,886
Sensata Technologies Holding PLC		977		46,642
Vertiv Holdings Co., Class A		1,257		420,869
				6,925,877
Electronic Equipment, Instruments & Components — 1.2%
Advanced Energy Industries, Inc.		121		45,117
Amphenol Corp., Class A		15,581		2,747,242
Arrow Electronics, Inc.		651		138,930
Avnet, Inc.		532		47,252
CDW Corp.		2,939		413,341
Cognex Corp.		252		18,250
Coherent Corp. *		812		320,310
Corning, Inc.		7,647		1,953,273
Fabrinet *		506		284,412
Flex Ltd. *		4,248		688,473
Jabil, Inc.		2,001		771,345
Keysight Technologies, Inc. *		1,071		374,925
Littelfuse, Inc.		36		16,392
Plexus Corp. *		125		37,584
Ralliant Corp.		1		74
TD SYNNEX Corp.		836		223,496
TE Connectivity PLC		3,575		720,756
Teledyne Technologies, Inc. *		294		196,069
Trimble, Inc. *		1,892		96,833
TTM Technologies, Inc. *		411		76,865
Zebra Technologies Corp., Class A *		374		98,459
				9,269,398
Energy Equipment & Services — 0.2%
Archrock, Inc.		801		32,609
Baker Hughes Co.		3,464		192,252
Halliburton Co.		2,470		83,856
Kodiak Gas Services, Inc.		429		32,231
Noble Corp. PLC		397		14,808
NOV, Inc.		2,708		50,233
SLB Ltd.		9,537		443,375
TechnipFMC PLC		4,963		329,047
Transocean Ltd. *		6,746		32,988
Valaris Ltd. *		458		33,251
Weatherford International PLC		456		37,164
				1,281,814
Entertainment — 0.9%
Atlanta Braves Holdings, Inc., Class C		58		3,010
Liberty Media Corp.-Liberty Formula One, Class A *		2		175

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

Table of Contents

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Entertainment (Continued)
Liberty Media Corp.-Liberty Formula One, Class C *		1,723	$	163,926
Live Nation Entertainment, Inc. *		2,466		451,549
Netflix, Inc. *		47,470		3,389,358
ROBLOX Corp., Class A *		2,437		132,524
Roku, Inc. *		1,025		141,594
Spotify Technology SA *		572		262,622
Take-Two Interactive Software, Inc. *		2,052		512,959
TKO Group Holdings, Inc.		628		126,423
Walt Disney Co. (The)		11,325		1,090,031
Warner Bros Discovery, Inc. *		7,497		199,870
Warner Music Group Corp., Class A		1,467		39,712
				6,513,753
Financial Services — 3.4%
Affirm Holdings, Inc. *		1,361		110,990
Apollo Global Management, Inc.		5,497		650,350
Berkshire Hathaway, Inc., Class B		12,209		6,109,261
Block, Inc. *		2,239		170,164
Corebridge Financial, Inc.		814		23,305
Corpay, Inc. *		1,166		388,593
Equitable Holdings, Inc.		7,584		332,786
Essent Group Ltd.		700		44,996
Fidelity National Information Services, Inc.		5,177		201,282
Fiserv, Inc. *		5,152		252,706
Global Payments, Inc.		2,160		156,730
Jack Henry & Associates, Inc.		953		131,266
Jackson Financial, Inc., Class A		477		48,840
MasterCard, Inc., Class A		14,682		7,540,675
PayPal Holdings, Inc.		8,856		382,402
Rocket Cos., Inc., Class A *		1,367		21,530
Toast, Inc., Class A *		2,632		73,222
Visa, Inc., Class A		25,892		8,883,286
Voya Financial, Inc.		1,206		109,179
				25,631,563
Food Products — 0.3%
Archer-Daniels-Midland Co.		455		34,762
Bunge Global SA		836		89,226
Campbell’s Co. (The) @		2,104		46,856
Conagra Brands, Inc.		1,972		26,543
Darling Ingredients, Inc. *		739		40,364
Flowers Foods, Inc. @		2		16
General Mills, Inc.		8,511		296,183
Hershey Co. (The)		2,946		516,876
Hormel Foods Corp.		3,316		82,303
Ingredion, Inc.		866		82,019
J.M. Smucker Co. (The)		1,268		142,650
Kraft Heinz Co. (The)		3,268		77,190
Lamb Weston Holdings, Inc.		3,122		134,808
McCormick & Co., Inc.		2,892		145,815
Mondelez International, Inc., Class A		11,759		680,141
Pilgrim’s Pride Corp.		940		26,423
Tyson Foods, Inc., Class A		2,688		153,888
				2,576,063
Gas Utilities — 0.1%
Atmos Energy Corp.		2,360		406,557
MDU Resources Group, Inc.		1		21
National Fuel Gas Co.		1,600		123,536
New Jersey Resources Corp.		712		39,901
Southwest Gas Holdings, Inc.		300		26,604
UGI Corp.		2,799		96,677
				693,296
Ground Transportation — 0.9%
CSX Corp.		22,426		1,065,908
Fedex Freight Holding Co., inc. *		1,417		213,967
JB Hunt Transport Services, Inc.		913		264,249
Knight-Swift Transportation Holdings, Inc.		2,249		175,130
Norfolk Southern Corp.		2,101		660,953
Old Dominion Freight Line, Inc.		2,293		496,664
Ryder System, Inc.		259		68,316
Saia, Inc. *		200		84,232
U-Haul Holding Co.		152		9,947
U-Haul Holding Co.		869		50,141
Uber Technologies, Inc. *		9,836		709,766
Union Pacific Corp.		9,280		2,524,160
XPO, Inc. *		1,854		380,608
				6,704,041
Health Care Equipment & Supplies — 1.0%
Abbott Laboratories		17,149		1,556,100
ABIOMED, Inc. CVR *¶§		350		—
Align Technology, Inc.		581		97,991
Baxter International, Inc.		5,511		117,494
Becton Dickinson & Co.		1,681		254,386
Boston Scientific Corp. *		10,979		468,584
Cooper Cos., Inc. (The) *		1,444		103,549
Dexcom, Inc. *		3,076		207,169
Edwards Lifesciences Corp.		3,681		332,983
Envista Holdings Corp. *		1		26
GE HealthCare Technologies, Inc.		909		58,185
Globus Medical, Inc., Class A *		57		4,504
IDEXX Laboratories, Inc. *		1,286		677,002
Insulet Corp. *		521		79,322
Intuitive Surgical, Inc. *		1,973		784,623
Medtronic PLC		7,672		600,180
Penumbra, Inc. *		300		94,725
ResMed, Inc.		1,368		266,596

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

Table of Contents

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Health Care Equipment & Supplies (Continued)
Solventum Corp. *		3,287	$	253,592
STERIS PLC		889		187,197
Stryker Corp.		3,275		1,031,101
Zimmer Biomet Holdings, Inc.		1,186		102,103
				7,277,412
Health Care Providers & Services — 1.4%
BrightSpring Health Services, Inc. *		592		41,286
Cardinal Health, Inc.		3,943		936,699
Cencora, Inc.		2,652		750,463
Centene Corp. *		1,984		127,353
Cigna Group (The)		2,466		679,827
CVS Health Corp.		4,313		446,180
DaVita, Inc. *		394		87,657
Elevance Health, Inc.		1,860		719,318
Encompass Health Corp.		1,240		125,339
Ensign Group, Inc. (The)		687		110,126
HCA Healthcare, Inc.		1,957		763,015
HealthEquity, Inc. *		331		29,896
Henry Schein, Inc. *		1,420		118,598
Humana, Inc.		739		293,545
Labcorp Holdings, Inc.		579		162,120
McKesson Corp.		1,426		1,077,486
Molina Healthcare, Inc. *		831		190,050
Quest Diagnostics, Inc.		980		207,711
Tenet Healthcare Corp. *		1,281		239,649
UnitedHealth Group, Inc.		8,220		3,416,479
Universal Health Services, Inc., Class B		662		98,433
				10,621,230
Health Care Technology — 0.0%
Veeva Systems, Inc., Class A *		1,016		180,310
Hotels, Restaurants & Leisure — 1.6%
Airbnb, Inc., Class A		1,780		254,718
Aramark		2,445		139,121
Booking Holdings, Inc.		9,378		1,671,535
Brinker International, Inc. *		384		64,512
Carnival Corp. Ltd.		4,670		133,422
Chipotle Mexican Grill, Inc. *		20,879		709,886
Churchill Downs, Inc.		148		13,267
Darden Restaurants, Inc.		1,819		374,732
Domino’s Pizza, Inc.		399		118,120
DoorDash, Inc., Class A *		810		149,469
Dutch Bros, Inc., Class A *		691		49,621
Expedia Group, Inc.		2,025		518,157
Hilton Worldwide Holdings, Inc.		3,388		1,119,598
Hyatt Hotels Corp., Class A		300		58,152
Las Vegas Sands Corp.		3,185		147,115
Marriott International, Inc., Class A		2,816		1,043,581
McDonald’s Corp.		8,872		2,398,190
Norwegian Cruise Line Holdings Ltd. *		2,479		52,332
Royal Caribbean Cruises Ltd.		2,550		809,702
Starbucks Corp.		14,262		1,457,434
Texas Roadhouse, Inc.		971		187,626
Vail Resorts, Inc. @		666		90,676
Wingstop, Inc.		324		56,185
Wyndham Hotels & Resorts, Inc.		1		84
Wynn Resorts Ltd.		738		71,652
Yum! Brands, Inc.		3,476		555,673
				12,244,560
Household Durables — 0.3%
Dr. Horton, Inc.		1,600		260,608
Garmin Ltd.		1,512		359,161
Lennar Corp., Class A		1,783		161,344
Lennar Corp., Class B @		72		6,387
Mohawk Industries, Inc. *		600		72,798
NVR, Inc. *		38		258,909
PulteGroup, Inc.		1,926		264,267
SharkNinja, Inc. *		397		60,451
Somnigroup International, Inc.		3,440		269,696
Toll Brothers, Inc.		1,051		173,152
TopBuild Corp. *		361		127,985
				2,014,758
Household Products — 1.0%
Church & Dwight Co., Inc.		1,955		189,400
Clorox Co. (The)		2,311		220,562
Colgate-Palmolive Co.		12,032		1,103,094
Kimberly-Clark Corp.		4,287		470,584
Procter & Gamble Co. (The)		35,012		5,134,160
				7,117,800
Independent Power Producers & Energy Traders — 0.1%
AES Corp. (The)		11,000		161,260
Clearway Energy, Inc., Class C		2,400		82,032
Ormat Technologies, Inc.		433		47,153
Talen Energy Corp. *		107		41,116
Vistra Corp.		3,525		559,171
				890,732
Industrial Conglomerates — 0.3%
3M Co.		5,998		971,136
Honeywell International, Inc.		4,721		1,057,032
				2,028,168
Insurance — 1.7%
Aflac, Inc.		3,641		426,907
Allstate Corp. (The)		2,506		596,278
American Financial Group, Inc.		429		60,034
American International Group, Inc.		6,543		487,650
Aon PLC, Class A		3,262		1,081,973
Arch Capital Group Ltd. *		3,373		327,383
Arthur J Gallagher & Co.		1,622		372,363
Assurant, Inc.		793		212,944

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

Table of Contents

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Insurance (Continued)
Axis Capital Holdings Ltd.		1,300	$	139,672
Brown & Brown, Inc.		1,861		119,383
Chubb Ltd.		3,276		1,116,264
Cincinnati Financial Corp.		1,150		212,911
Erie Indemnity Co., Class A @		350		83,913
Everest Group Ltd.		191		68,231
Fidelity National Financial, Inc.		2,857		134,736
First American Financial Corp.		2,024		138,826
Globe Life, Inc.		857		153,129
Hanover Insurance Group, Inc. (The)		243		52,031
Hartford Insurance Group, Inc. (The)		3,562		472,036
Kinsale Capital Group, Inc.		257		84,761
Lincoln National Corp.		1,449		51,222
Loews Corp.		1,471		166,532
Markel Group, Inc. *		100		195,301
Marsh & McLennan Cos., Inc.		7,886		1,314,360
MetLife, Inc.		4,850		410,358
Old Republic International Corp.		2,863		117,154
Primerica, Inc.		435		123,627
Principal Financial Group, Inc.		2,619		282,276
Progressive Corp. (The)		6,652		1,453,129
Prudential Financial, Inc.		1,064		114,838
Reinsurance Group of America, Inc.		649		138,010
RenaissanceRe Holdings Ltd.		783		248,133
Travelers Cos., Inc. (The)		3,435		1,133,962
Unum Group		1,700		151,980
W.R. Berkley Corp.		2,276		160,526
Willis Towers Watson PLC		1,050		274,439
				12,677,272
Interactive Media & Services — 7.9%
Alphabet, Inc., Class A		59,070		21,109,846
Alphabet, Inc., Class C		53,433		18,879,482
Match Group, Inc.		2,359		89,760
Meta Platforms, Inc., Class A		33,180		18,689,962
Reddit, Inc., Class A *		269		46,693
				58,815,743
IT Services — 1.0%
Accenture PLC, Class A		7,867		978,969
Akamai Technologies, Inc. *		1,609		190,200
Cloudflare, Inc., Class A *		1,393		341,675
Cognizant Technology Solutions Corp., Class A		4,623		179,049
CoreWeave, Inc., Class A *		1,019		101,431
EPAM Systems, Inc. *		476		37,771
Gartner, Inc. *		985		127,676
GoDaddy, Inc., Class A *		2,137		181,388
International Business Machines Corp.		16,047		4,512,577
MongoDB, Inc. *		284		95,396
Okta, Inc. *		1,243		169,607
Snowflake, Inc. *		834		212,253
Twilio, Inc., Class A *		609		125,655
VeriSign, Inc.		1,032		259,610
				7,513,257
Leisure Equipment & Products — 0.0%
Hasbro, Inc.		738		60,951
Life Sciences Tools & Services — 0.6%
Agilent Technologies, Inc.		2,711		360,102
Bio-Rad Laboratories, Inc., Class A		223		65,475
Bio-Techne Corp.		1,495		105,622
Charles River Laboratories International, Inc. *		640		145,145
Danaher Corp.		5,259		1,001,734
Illumina, Inc. *		948		166,687
IQVIA Holdings, Inc. *		2,227		430,301
Medpace Holdings, Inc. *		463		245,200
Mettler-Toledo International, Inc. *		264		337,263
Revvity, Inc.		1,223		136,071
Thermo Fisher Scientific, Inc.		2,316		1,161,150
Waters Corp. *		994		372,790
West Pharmaceutical Services, Inc.		650		233,350
				4,760,890
Machinery — 2.4%
AGCO Corp.		829		99,231
Allison Transmission Holdings, Inc.		1,376		155,130
Caterpillar, Inc.		6,947		7,397,860
CNH Industrial NV		6,879		77,251
Crane Co.		560		124,919
Cummins, Inc.		1,437		1,024,883
Deere & Co.		2,199		1,394,892
Donaldson Co., Inc.		1,457		130,795
Dover Corp.		1,329		298,068
Esab Corp.		564		55,627
ESCO Technologies, Inc.		128		44,805
Federal Signal Corp.		808		103,820
Flowserve Corp.		1,196		88,695
Fortive Corp.		2,248		137,330
Franklin Electric Co., Inc.		300		32,157
Gates Industrial Corp. PLC *		530		14,824
Graco, Inc.		1,841		139,198
IDEX Corp.		810		183,830
Illinois Tool Works, Inc.		5,245		1,418,615
Ingersoll Rand, Inc.		2,507		205,549
ITT, Inc.		917		181,346
Lincoln Electric Holdings, Inc.		818		217,187
Middleby Corp. (The) *		612		105,270
Mueller Industries, Inc.		776		95,394
Nordson Corp.		589		177,696
Oshkosh Corp.		906		139,053
Otis Worldwide Corp.		5,642		403,967
PACCAR, Inc.		3,282		394,234

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

Table of Contents

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Machinery (Continued)
Parker-Hannifin Corp.		1,172	$	1,146,357
Pentair PLC		1,393		106,788
RBC Bearings, Inc. *		285		183,557
Snap-on, Inc.		598		240,635
SPX Technologies, Inc.		182		44,621
Stanley Black & Decker, Inc.		1,936		182,216
Terex Corp.		681		49,298
Timken Co., (The)		236		34,296
Toro Co. (The)		1,219		118,755
Watts Water Technologies, Inc., Class A		314		122,915
Westinghouse Air Brake Technologies Corp.		1,058		285,237
Xylem, Inc.		1,587		187,599
				17,543,900
Marine Transportation — 0.0%
Kirby Corp. *		322		43,782
Media — 0.2%
Charter Communications, Inc., Class A *@		1,657		235,642
Fox Corp., Class A		3,686		192,262
Fox Corp., Class B		661		30,961
Liberty Broadband Corp., Class A *		39		1,298
Liberty Broadband Corp., Class C *		322		10,710
New York Times Co. (The), Class A		749		52,415
News Corp., Class A		3,913		97,160
News Corp., Class B		1,525		42,791
Omnicom Group, Inc.		6,773		493,278
Paramount Skydance Corp., Class B		447		4,407
Trade Desk, Inc. (The), Class A *		3,136		56,699
Versant Media Group, Inc.		1		36
				1,217,659
Metals & Mining — 0.3%
Alcoa Corp.		2,296		119,713
Cleveland-Cliffs, Inc. *		892		8,376
Commercial Metals Co.		1,475		92,556
Freeport-McMoRan, Inc.		6,585		414,131
Hecla Mining Co.		3,598		55,517
Newmont Corp.		4,649		434,217
Nucor Corp.		1,446		322,097
Reliance, Inc.		516		192,778
Royal Gold, Inc.		1,115		222,565
Southern Copper Corp.		1,474		256,859
Steel Dynamics, Inc.		1,261		289,349
				2,408,158
Multi-Utilities — 0.7%
Ameren Corp.		3,328		376,197
Black Hills Corp.		545		40,548
CenterPoint Energy, Inc.		6,700		295,068
CMS Energy Corp.		5,199		397,723
Consolidated Edison, Inc.		5,063		560,120
Dominion Energy, Inc.		13,388		914,267
DTE Energy Co.		3,247		494,745
NiSource, Inc.		5,791		275,362
Public Service Enterprise Group, Inc.		8,415		682,961
Sempra		5,686		527,149
WEC Energy Group, Inc.		4,154		485,063
				5,049,203
Oil, Gas & Consumable Fuels — 2.4%
Antero Midstream Corp.		3,600		81,900
Antero Resources Corp. *		3,300		115,962
APA Corp.		1,655		53,903
Cheniere Energy, Inc.		3,277		783,236
Chevron Corp.		18,360		3,043,354
Chord Energy Corp.		237		27,089
ConocoPhillips		17,157		1,783,642
Devon Energy Corp.		10,964		453,032
Diamondback Energy, Inc.		793		139,394
DT Midstream, Inc.		980		143,805
EOG Resources, Inc.		6,600		856,218
EQT Corp.		3,800		202,046
Expand Energy Corp.		1,555		141,800
Exxon Mobil Corp.		39,346		5,379,385
HF Sinclair Corp.		2,161		150,514
Kinder Morgan, Inc.		8,265		264,232
Marathon Petroleum Corp.		2,105		538,185
Matador Resources Co.		656		32,656
Occidental Petroleum Corp.		12,838		623,542
ONEOK, Inc.		5,894		512,424
Ovintiv, Inc.		3,035		159,793
Permian Resources Corp., Class A		2,910		53,573
Phillips 66		2,402		406,058
Range Resources Corp.		3,129		116,367
Targa Resources Corp.		1,997		535,476
Texas Pacific Land Corp.		522		228,448
Valero Energy Corp.		1,909		497,180
Viper Energy, Inc., Class A		1,275		54,060
Vitesse Energy, Inc. @		190		2,996
Williams Cos., Inc. (The)		11,620		863,831
				18,244,101
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		391		30,756
Passenger Airlines — 0.2%
American Airlines Group, Inc. *		4,400		79,508
Delta Air Lines, Inc.		4,487		420,253
Southwest Airlines Co.		5,800		298,236
United Airlines Holdings, Inc. *		2,884		392,195
				1,190,192
Personal Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A		2,029		160,189
Kenvue, Inc.		29,296		559,847
				720,036

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

Table of Contents

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Pharmaceuticals — 4.4%
Bristol-Myers Squibb Co.		14,979	$	863,090
Elanco Animal Health, Inc. *		4,517		111,163
Eli Lilly & Co.		14,878		17,845,120
Jazz Pharmaceuticals PLC *		1,092		263,139
Johnson & Johnson		30,834		7,830,911
Merck & Co., Inc.		33,114		4,255,149
Pfizer, Inc.		40,872		984,198
Viatris, Inc.		10,369		164,660
Zoetis, Inc.		7,084		509,056
				32,826,486
Professional Services — 0.5%
Amentum Holdings, Inc.		206		4,258
Automatic Data Processing, Inc.		5,716		1,280,098
Booz Allen Hamilton Holding Corp.		3,323		201,607
Broadridge Financial Solutions, Inc.		1,862		255,001
CACI International, Inc., Class A *		249		115,352
Concentrix Corp. @		144		3,226
Equifax, Inc.		1,024		162,529
Jacobs Solutions, Inc.		195		24,570
Leidos Holdings, Inc.		1,015		104,515
Parsons Corp. *		540		28,291
Paychex, Inc.		5,549		545,633
Paycom Software, Inc.		888		111,604
Paylocity Holding Corp. *		368		38,467
SS&C Technologies Holdings, Inc.		3,246		201,414
TransUnion		2,099		151,422
UL Solutions, Inc., Class A		501		51,032
Verisk Analytics, Inc.		2,746		492,989
				3,772,008
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A *		2,744		369,589
CoStar Group, Inc. *		2,760		78,163
Jones Lang LaSalle, Inc. *		303		93,915
Zillow Group, Inc., Class A *		436		13,677
Zillow Group, Inc., Class C *		1,159		36,532
				591,876
Semiconductors & Semiconductor Equipment — 16.6%
Advanced Micro Devices, Inc.		10,167		5,906,112
Analog Devices, Inc.		3,106		1,233,610
Applied Materials, Inc.		9,579		6,925,617
Astera Labs, Inc. *		494		238,612
Broadcom, Inc.		48,052		18,151,643
Cirrus Logic, Inc. *		307		45,599
Credo Technology Group Holding Ltd. *		400		108,780
Entegris, Inc.		1,452		261,157
First Solar, Inc. *		970		228,881
Intel Corp. *		28,850		4,028,325
KLA Corp.		23,640		7,132,424
Lam Research Corp.		18,860		8,172,604
Lattice Semiconductor Corp. *		859		131,393
MACOM Technology Solutions Holdings, Inc. *		654		248,762
Marvell Technology, Inc.		5,992		1,784,957
Microchip Technology, Inc.		7,490		683,088
Micron Technology, Inc.		8,892		10,263,947
MKS, Inc.		102		45,369
Monolithic Power Systems, Inc.		459		634,503
NVIDIA Corp.		245,708		49,163,714
NXP Semiconductors NV		1,369		384,730
ON Semiconductor Corp. *		2,542		240,321
Onto Innovation, Inc. *		204		77,204
Qnity Electronics, Inc.		717		117,093
Qorvo, Inc. *		855		79,746
QUALCOMM, Inc.		16,133		2,981,217
Rambus, Inc. *		627		83,228
Skyworks Solutions, Inc.		1,474		99,937
Teradyne, Inc.		1,484		718,018
Texas Instruments, Inc.		11,627		3,465,660
Universal Display Corp.		379		32,818
				123,669,069
Software — 6.2%
Adobe, Inc. *		6,302		1,292,036
AppLovin Corp., Class A *		1,162		598,697
Atlassian Corp., Class A		1,100		85,569
Autodesk, Inc.		2,329		452,804
Bentley Systems, Inc., Class B		2,343		70,032
Cadence Design Systems, Inc. *		2,504		939,801
Clear Secure, Inc., Class A		300		16,719
Crowdstrike Holdings, Inc., Class A *		825		629,590
Datadog, Inc., Class A *		784		204,122
DocuSign, Inc. *		618		27,452
Dolby Laboratories, Inc., Class A		338		17,772
Dropbox, Inc., Class A *		3,142		86,311
Dynatrace, Inc. *		1,205		52,912
Fair Isaac Corp. *		277		330,954
Fortinet, Inc.		10,538		1,618,848
Gen Digital, Inc.		3,818		95,030
Guidewire Software, Inc. *		488		60,048
HubSpot, Inc. *		406		74,099
InterDigital, Inc.		227		64,271
Intuit, Inc.		2,586		674,946
Manhattan Associates, Inc. *		1,022		142,313
Microsoft Corp.		75,928		28,322,663
Nutanix, Inc., Class A *		1,918		97,741
Oracle Corp.		26,244		3,846,058
Palantir Technologies, Inc., Class A *		13,943		1,626,730
Palo Alto Networks, Inc. *		4,300		1,466,386
PTC, Inc. *		539		61,236
Riot Platforms, Inc. *		2,415		66,123
Roper Technologies, Inc.		642		217,246
Rubrik, Inc., Class A *		778		62,458
Salesforce, Inc.		6,219		974,269
Samsara, Inc., Class A *		1,561		50,623
SentinelOne, Inc., Class A *		2,184		37,062
ServiceNow, Inc. *		7,765		770,909
Synopsys, Inc. *		1,401		624,944
Tyler Technologies, Inc. *		290		84,813
Unity Software, Inc. *		1,575		45,014
Workday, Inc., Class A *		523		64,026

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

Table of Contents

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
Software (Continued)
Zoom Communications, Inc. *		832	$	71,810
Zscaler, Inc. *		705		99,511
				46,123,948
Specialty Retail — 2.1%
AutoNation, Inc. *		654		121,507
AutoZone, Inc.		198		632,796
Best Buy Co., Inc.		3,983		302,230
Burlington Stores, Inc. *		571		180,893
CarMax, Inc. *		1		53
Carvana Co. *		7,250		477,195
Dick’s Sporting Goods, Inc.		946		214,562
Five Below, Inc. *		211		37,936
GameStop Corp., Class A *		2,677		59,108
Gap, Inc. (The)		1,878		35,081
Home Depot, Inc. (The)		17,855		6,297,101
Lithia Motors, Inc.		199		57,808
Lowe’s Cos., Inc.		7,021		1,548,060
Murphy USA, Inc.		306		164,894
O’Reilly Automotive, Inc. *		10,030		923,663
Penske Automotive Group, Inc. @		257		45,990
Ross Stores, Inc.		4,732		1,007,206
TJX Cos., Inc. (The)		16,713		2,532,020
Tractor Supply Co.		8,267		261,320
Ulta Beauty, Inc. *		697		314,333
Valvoline, Inc. *		466		18,426
Victoria’s Secret & Co. *		482		40,237
Wayfair, Inc., Class A *		426		39,371
Williams-Sonoma, Inc.		1,894		441,491
				15,753,281
Textiles, Apparel & Luxury Goods — 0.2%
Deckers Outdoor Corp. *		2,094		207,913
Lululemon Athletica, Inc. *		2,254		257,362
NIKE, Inc., Class B		11,406		468,216
PVH Corp.		1		74
Ralph Lauren Corp.		507		203,515
Tapestry, Inc.		2,865		419,379
VF Corp.		1,109		18,498
				1,574,957
Tobacco — 0.7%
Altria Group, Inc.		23,551		1,694,494
Philip Morris International, Inc.		19,411		3,511,644
				5,206,138
Trading Companies & Distributors — 0.5%
Applied Industrial Technologies, Inc.		374		126,468
Core & Main, Inc., Class A *		1,729		83,424
Fastenal Co.		14,646		703,447
Ferguson Enterprises, Inc.		332		78,794
FTAI Aviation Ltd.		961		259,979
SiteOne Landscape Supply, Inc. *		454		51,942
United Rentals, Inc.		985		1,115,897
Watsco, Inc.		357		148,773
WESCO International, Inc.		365		126,082
WW Grainger, Inc.		659		896,504
				3,591,310
Water Utilities — 0.1%
American Water Works Co., Inc.		3,475		457,240
Essential Utilities, Inc.		2,393		91,676
				548,916
Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.		7,083		1,188,032
TOTAL COMMON STOCKS (Identified Cost $93,421,659)				708,884,693

MUTUAL FUNDS — 4.8%
Others — 4.8%
DFA U.S. Micro Cap Portfolio		904,189		35,453,280

TOTAL MUTUAL FUNDS (Identified Cost $9,564,601)				35,453,280

SHORT-TERM INVESTMENTS — 0.1%
Investment Company — 0.1%
State Street Institutional U.S. Government Money Market Fund 3.330%		504,642		504,642

Collateral For Securities On Loan — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 3.660%		143,941		143,941

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $648,583)				648,583

Total Investments — 99.9% (Identified Cost $103,634,843)				744,986,556
Cash and Other Assets, Less Liabilities — 0.1%				1,059,644

Net Assets — 100.0%			$	746,046,200

†	See Note 1

*	Non-income producing security

@	A portion or all of the security was held on loan. As of June 30, 2026, the fair value of the securities on loan was $716,639.

¶	Contingent value rights based on future performance.

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

Key to abbreviations

CVR — Contingent Value Rights

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

Table of Contents

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026


	SHARES		VALUE†
COMMON STOCKS — 99.4%
Aerospace & Defense — 2.3%
General Dynamics Corp.		7,826	$	2,772,282
L3Harris Technologies, Inc.		6,055		1,759,522
Northrop Grumman Corp.		5,583		2,843,478
RTX Corp.		36,091		6,847,545
Textron, Inc.		4,987		457,458
				14,680,285
Air Freight & Logistics — 0.7%
FedEx Corp.		13,833		4,331,527
United Parcel Service, Inc., Class B		4,156		446,770
				4,778,297
Automobile Components — 0.2%
BorgWarner, Inc.		24,241		1,609,602
Automobiles — 1.3%
Ford Motor Co.		179,189		2,490,727
General Motors Co.		73,732		5,683,263
				8,173,990
Beverages — 0.4%
Constellation Brands, Inc., Class A		10,451		1,453,630
Keurig Dr Pepper, Inc.		27,263		892,318
				2,345,948
Biotechnology — 0.9%
Biogen, Inc. *		3,662		791,212
Gilead Sciences, Inc.		12,981		1,640,020
Incyte Corp. *		1,784		202,234
Regeneron Pharmaceuticals, Inc.		2,368		1,476,543
United Therapeutics Corp. *		683		370,070
Vertex Pharmaceuticals, Inc. *		2,839		1,410,216
				5,890,295
Broadline Retail — 2.9%
Amazon.com, Inc. *		77,911		18,569,308
Building Products — 0.7%
Builders FirstSource, Inc. *		4,516		404,092
Carrier Global Corp.		22,435		1,645,607
Johnson Controls International PLC		11,442		1,671,791
Owens Corning		3,518		559,221
				4,280,711
Capital Markets — 3.4%
Bank of New York Mellon Corp. (The)		31,263		4,520,942
Charles Schwab Corp. (The)		7,559		697,469
Franklin Resources, Inc.		5,210		173,337
Goldman Sachs Group, Inc. (The)		6,443		6,516,257
Intercontinental Exchange, Inc.		3,517		432,978
Jefferies Financial Group, Inc.		3,256		162,735
Morgan Stanley		31,148		6,511,178
Northern Trust Corp.		1,590		276,405
Raymond James Financial, Inc.		4,361		663,003
State Street Corp.		10,112		1,714,995
T Rowe Price Group, Inc.		1,285		146,092
				21,815,391
Chemicals — 2.2%
Air Products & Chemicals, Inc.		8,304		2,434,567
CF Industries Holdings, Inc.		6,602		714,732
Corteva, Inc.		18,513		1,567,866
DuPont de Nemours, Inc.		3,637		493,323
Eastman Chemical Co.		10,818		724,589
International Flavors & Fragrances, Inc.		5,249		415,826
Linde PLC		12,368		6,418,250
PPG Industries, Inc.		8,879		1,076,934
Westlake Corp.		4,853		354,269
				14,200,356
Commercial Banks — 10.3%
Bank of America Corp.		90,136		5,135,949
Citigroup, Inc.		36,242		5,072,430
Citizens Financial Group, Inc.		15,595		1,092,742
East West Bancorp, Inc.		2,390		308,525
Fifth Third Bancorp		61,071		3,442,572
First Citizens Bancshares, Inc., Class A		153		318,361
Huntington Bancshares, Inc.		72,900		1,292,517
JPMorgan Chase & Co.		86,943		28,459,052
KeyCorp		33,936		782,225
M&T Bank Corp.		3,759		894,680
PNC Financial Services Group, Inc. (The)		11,566		2,847,781
Regions Financial Corp.		90,843		2,743,459
Truist Financial Corp.		45,621		2,272,838
U.S. Bancorp		40,031		2,417,872
Wells Fargo & Co.		99,373		8,212,185
Zions Bancorp NA		4,132		285,893
				65,579,081
Commercial Services & Supplies — 0.4%
Copart, Inc. *		14,582		411,067
Republic Services, Inc.		9,365		1,995,494
				2,406,561
Communications Equipment — 2.3%
Cisco Systems, Inc.		121,792		14,305,689
F5, Inc. *		869		361,469
				14,667,158
Computers & Peripherals — 1.5%
Dell Technologies, Inc., Class C		861		371,487
Hewlett Packard Enterprise Co.		131,303		5,923,078
HP, Inc.		4,715		103,447
Sandisk Corp. *		1,322		3,005,871
Super Micro Computer, Inc. *		778		22,819
				9,426,702
Construction Materials — 1.2%
CRH PLC		27,465		2,938,755
Martin Marietta Materials, Inc.		4,136		2,385,231
Vulcan Materials Co.		7,957		2,347,395
				7,671,381

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

Table of Contents

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
Consumer Finance — 0.8%
Ally Financial, Inc.		10,944	$	502,877
Capital One Financial Corp.		11,831		2,373,535
Synchrony Financial		25,544		1,942,621
				4,819,033
Consumer Staples Distribution & Retail — 1.3%
Casey’s General Stores, Inc.		1,143		908,445
Dollar General Corp.		4,555		524,326
Dollar Tree, Inc. *		10,106		1,222,321
Kroger Co. (The)		41,321		2,294,555
Target Corp.		16,536		2,159,767
U.S. Foods Holding Corp. *		11,078		1,132,725
				8,242,139
Containers & Packaging — 0.2%
Amcor PLC		4,153		180,033
International Paper Co.		5,831		222,161
Packaging Corp. of America		2,898		690,535
Sonoco Products Co.		611		34,430
				1,127,159
Diversified Telecommunication Services — 2.8%
AT&T, Inc.		287,354		5,948,228
Comcast Corp., Class A		202,907		4,981,367
Verizon Communications, Inc.		156,451		6,624,135
				17,553,730
Electrical Equipment — 0.9%
AMETEK, Inc.		6,575		1,590,755
Emerson Electric Co.		25,047		3,585,478
Hubbell, Inc.		624		326,477
				5,502,710
Electronic Equipment, Instruments & Components — 1.4%
Corning, Inc.		2,054		524,653
Flex Ltd. *		19,824		3,212,876
Keysight Technologies, Inc. *		618		216,343
Ralliant Corp.		2,437		179,436
TD SYNNEX Corp.		1,143		305,570
TE Connectivity PLC		19,914		4,014,861
Teledyne Technologies, Inc. *		243		162,057
				8,615,796
Energy Equipment & Services — 1.0%
Baker Hughes Co.		54,341		3,015,926
Halliburton Co.		10,538		357,765
SLB Ltd.		63,362		2,945,699
				6,319,390
Entertainment — 0.6%
Liberty Media Corp.-Liberty Formula One, Class A *		1,097		96,031
Liberty Media Corp.-Liberty Formula One, Class C *		2,194		208,737
Walt Disney Co. (The)		16,890		1,625,663
Warner Bros Discovery, Inc. *		63,964		1,705,280
				3,635,711
Financial Services — 2.4%
Berkshire Hathaway, Inc., Class B *		25,243		12,631,345
Fidelity National Information Services, Inc.		27,232		1,058,780
Fiserv, Inc. *		11,916		584,480
PayPal Holdings, Inc.		28,978		1,251,270
				15,525,875
Food Products — 1.2%
Archer-Daniels-Midland Co.		23,803		1,818,549
Bunge Global SA		7,718		823,742
Conagra Brands, Inc.		2,632		35,427
J.M. Smucker Co. (The)		880		99,000
Mondelez International, Inc., Class A		51,728		2,991,948
Tyson Foods, Inc., Class A		36,798		2,106,685
				7,875,351
Ground Transportation — 1.9%
CSX Corp.		96,197		4,572,243
Fedex Freight Holding Co., inc. *		6,916		1,044,316
Norfolk Southern Corp.		14,303		4,499,581
U-Haul Holding Co. *@		1,815		118,774
U-Haul Holding Co.		11,881		685,534
Uber Technologies, Inc. *		20,575		1,484,692
				12,405,140
Health Care Equipment & Supplies — 2.0%
Abbott Laboratories		35,000		3,175,900
Becton Dickinson & Co.		6,914		1,046,296
Boston Scientific Corp. *		18,095		772,295
Edwards Lifesciences Corp. *		7,417		670,942
GE HealthCare Technologies, Inc.		24,661		1,578,551
Medtronic PLC		35,985		2,815,106
ResMed, Inc.		3,091		602,374
STERIS PLC		3,097		652,135
Stryker Corp.		3,284		1,033,934
Zimmer Biomet Holdings, Inc.		1,358		116,910
				12,464,443
Health Care Providers & Services — 5.5%
Centene Corp. *		19,196		1,232,191
Cigna Group (The)		16,977		4,680,219
CVS Health Corp.		54,310		5,618,370
Elevance Health, Inc.		9,306		3,598,909
Henry Schein, Inc. *		3,777		315,455
Humana, Inc.		6,723		2,670,510
Labcorp Holdings, Inc.		11,532		3,228,960
Quest Diagnostics, Inc.		18,163		3,849,648
Tenet Healthcare Corp. *		254		47,518
UnitedHealth Group, Inc.		22,793		9,473,455
Universal Health Services, Inc., Class B		1,221		181,551
				34,896,786

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

Table of Contents

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure — 0.4%
Aramark		16,117	$	917,057
Carnival Corp. Ltd.		34,226		977,837
Hyatt Hotels Corp., Class A		643		124,639
MGM Resorts International *		2,440		116,657
Royal Caribbean Cruises Ltd.		2,087		662,685
				2,798,875
Household Durables — 2.0%
Dr. Horton, Inc.		23,543		3,834,684
Garmin Ltd.		11,585		2,751,901
Lennar Corp., Class A		19,726		1,785,006
Lennar Corp., Class B @		573		50,831
NVR, Inc. *		23		156,708
PulteGroup, Inc.		29,612		4,063,062
				12,642,192
Household Products — 0.9%
Church & Dwight Co., Inc.		483		46,793
Procter & Gamble Co. (The)		37,244		5,461,460
				5,508,253
Insurance — 5.5%
Aflac, Inc.		32,730		3,837,592
Allstate Corp. (The)		9,458		2,250,437
American International Group, Inc.		29,118		2,170,165
Arch Capital Group Ltd. *		18,837		1,828,319
Chubb Ltd.		11,440		3,898,066
Cincinnati Financial Corp.		370		68,502
Everest Group Ltd.		583		208,265
F&G Annuities & Life, Inc.		193		5,132
Fidelity National Financial, Inc.		1,515		71,447
Hartford Insurance Group, Inc. (The)		35,682		4,728,579
Lincoln National Corp.		9,516		336,391
Loews Corp.		5,847		661,939
Markel Group, Inc. *		116		226,549
MetLife, Inc.		22,858		1,934,015
Old Republic International Corp.		5,321		217,735
Principal Financial Group, Inc.		26,311		2,835,800
Progressive Corp. (The)		594		129,759
Prudential Financial, Inc.		20,923		2,258,219
RenaissanceRe Holdings Ltd.		60		19,014
Travelers Cos., Inc. (The)		20,385		6,729,496
W. R. Berkley Corp.		6,200		437,286
				34,852,707
Interactive Media & Services — 0.9%
Meta Platforms, Inc., Class A		9,949		5,604,172
IT Services — 0.9%
Accenture PLC, Class A		10,310		1,282,976
Akamai Technologies, Inc. *		1,649		194,928
Amdocs Ltd.		3,385		171,078
Cognizant Technology Solutions Corp., Class A		34,305		1,328,633
DXC Technology Co. *		2,868		25,382
International Business Machines Corp.		10,149		2,854,000
				5,856,997
Life Sciences Tools & Services — 1.4%
Agilent Technologies, Inc.		4,406		585,249
Danaher Corp.		16,625		3,166,730
IQVIA Holdings, Inc. *		5,406		1,044,547
Thermo Fisher Scientific, Inc.		7,432		3,726,108
Waters Corp. *		1,824		684,073
				9,206,707
Machinery — 3.9%
Cummins, Inc.		8,275		5,901,813
Deere & Co.		6,907		4,381,317
Dover Corp.		6,916		1,551,121
Fortive Corp.		7,311		446,629
Ingersoll Rand, Inc.		11,262		923,371
Oshkosh Corp.		984		151,024
Otis Worldwide Corp.		23,695		1,696,562
PACCAR, Inc.		28,566		3,431,348
Pentair PLC		18,534		1,420,816
Snap-on, Inc.		6,351		2,555,642
Stanley Black & Decker, Inc.		8,515		801,432
Westinghouse Air Brake Technologies Corp.		5,333		1,437,777
Xylem, Inc.		2,684		317,276
				25,016,128
Media — 0.5%
Fox Corp., Class A		23,101		1,204,948
Fox Corp., Class B		14,510		679,648
News Corp., Class A		8,320		206,586
News Corp., Class B		30		842
Omnicom Group, Inc.		7,510		546,953
Versant Media Group, Inc.		8,215		295,822
				2,934,799
Metals & Mining — 2.5%
Freeport-McMoRan, Inc.		82,325		5,177,419
Newmont Corp.		42,413		3,961,374
Nucor Corp.		19,684		4,384,611
Reliance, Inc.		1,561		583,190
Royal Gold, Inc.		725		144,717
Steel Dynamics, Inc.		8,313		1,907,501
				16,158,812
Oil, Gas & Consumable Fuels — 9.3%
Cheniere Energy, Inc.		2,262		540,641
Chevron Corp.		49,580		8,218,381
ConocoPhillips		61,108		6,352,788
Devon Energy Corp.		41,266		1,705,111
Diamondback Energy, Inc.		9,017		1,585,008
EOG Resources, Inc.		26,723		3,466,775
EQT Corp.		7,594		403,773
Exxon Mobil Corp.		137,400		18,785,328
HF Sinclair Corp.		471		32,805

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

Table of Contents

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels (Continued)
Kinder Morgan, Inc.		75,243	$	2,405,519
Marathon Petroleum Corp.		20,283		5,185,755
Occidental Petroleum Corp.		38,793		1,884,176
ONEOK, Inc.		21,376		1,858,429
Phillips 66		11,349		1,918,548
Valero Energy Corp.		12,591		3,279,200
Williams Cos., Inc. (The)		20,936		1,556,382
				59,178,619
Passenger Airlines — 1.1%
Delta Air Lines, Inc.		37,883		3,548,122
Southwest Airlines Co.		18,667		959,857
United Airlines Holdings, Inc. *		17,600		2,393,424
				6,901,403
Personal Products — 0.3%
Kenvue, Inc.		113,017		2,159,755
Pharmaceuticals — 4.8%
Bristol-Myers Squibb Co.		42,728		2,461,987
Jazz Pharmaceuticals PLC *		4,230		1,019,303
Johnson & Johnson		58,234		14,789,689
Merck & Co., Inc.		54,875		7,051,438
Pfizer, Inc.		209,620		5,047,650
Viatris, Inc.		3,308		52,531
				30,422,598
Professional Services — 0.5%
Equifax, Inc.		2,560		406,323
Jacobs Solutions, Inc.		4,173		525,798
Leidos Holdings, Inc.		16,200		1,668,114
SS&C Technologies Holdings, Inc.		7,467		463,328
				3,063,563
Real Estate Management & Development — 0.5%
CBRE Group, Inc., Class A *		19,100		2,572,579
Jones Lang LaSalle, Inc. *		1,211		375,350
				2,947,929
Semiconductors & Semiconductor Equipment — 9.6%
Advanced Micro Devices, Inc. *		3,464		2,012,272
Analog Devices, Inc.		10,869		4,316,841
First Solar, Inc. *		843		198,914
Intel Corp. *		68,056		9,502,659
Marvell Technology, Inc.		6,371		1,897,857
Micron Technology, Inc.		31,320		36,152,363
NXP Semiconductors NV		9,470		2,661,354
ON Semiconductor Corp. *		10,923		1,032,661
Qnity Electronics, Inc.		5,456		891,019
Qorvo, Inc. *		8,449		788,038
QUALCOMM, Inc.		9,855		1,821,106
Skyworks Solutions, Inc.		2,266		153,635
				61,428,719
Software — 0.6%
Gen Digital, Inc.		3,129		77,881
Roper Technologies, Inc.		1,163		393,547
Salesforce, Inc.		18,963		2,970,744
Zoom Communications, Inc. *		1,437		124,027
				3,566,199
Specialty Retail — 0.0%
Dick’s Sporting Goods, Inc.		1,230		278,976
Textiles, Apparel & Luxury Goods — 0.1%
NIKE, Inc., Class B		17,325		711,191
Trading Companies & Distributors — 0.5%
United Rentals, Inc.		2,996		3,394,138
Wireless Telecommunication Services — 0.5%
T-Mobile U.S., Inc.		20,225		3,392,339

TOTAL COMMON STOCKS (Identified Cost $314,245,554)				633,103,400

SHORT-TERM INVESTMENTS — 0.5%
Investment Company — 0.5%
State Street Institutional U.S. Government Money Market Fund 3.330%		2,982,460		2,982,460

Collateral For Securities On Loan — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 3.660%		58,850		58,850

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $3,041,310)				3,041,310

Total Investments — 99.9% (Identified Cost $317,286,864)				636,144,710

Cash and Other Assets, Less Liabilities — 0.1%				716,833

Net Assets — 100.0%			$	636,861,543

†	See Note 1

*	Non-income producing security

@	A portion or all of the security was held on loan. As of June 30, 2026, the fair value of the securities on loan was $57,375.

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026

	SHARES		VALUE†

COMMON STOCKS — 99.9%
Aerospace & Defense — 3.3%
AAR Corp. *		3,108	$	444,226
AeroVironment, Inc. *		1,825		301,253
Astronics Corp., Class B @*		831		63,202
ATI, Inc. *		13,573		2,675,238
BWX Technologies, Inc.		3,927		764,391
Carpenter Technology Corp.		3,866		2,384,703
Curtiss-Wright Corp.		9		6,820
Ducommun, Inc. *		1,489		275,778
Hexcel Corp.		3,842		384,431
Huntington Ingalls Industries, Inc.		43		12,035
Innovative Solutions & Support, Inc. *		3,248		58,464
Kratos Defense & Security Solutions, Inc. *		11,721		584,409
Leonardo DRS, Inc.		1,346		57,434
Mercury Systems, Inc. *		4,277		523,205
Moog, Inc., Class A		2,730		1,157,083
National Presto Industries, Inc.		369		46,121
Park Aerospace Corp.		1,334		50,905
V2X, Inc. *		1,491		111,169
VSE Corp. @		1,412		322,642
Woodward, Inc.		4,022		1,711,120
				11,934,629
Air Freight & Logistics — 0.1%
HUB Group, Inc., Class A		5,418		237,254
Radiant Logistics, Inc. *		6,146		58,141
				295,395
Automobile Components — 1.4%
Adient PLC *		2,715		49,902
Autoliv, Inc.		6,598		766,490
BorgWarner, Inc.		15,123		1,004,167
Cooper-Standard Holdings, Inc. *		1,153		31,189
Dana, Inc.		8,268		224,972
Dauch Corp. *		9,183		49,772
Dorman Products, Inc. *		2,645		360,910
Fox Factory Holding Corp. *		4,601		77,964
Garrett Motion, Inc.		7,655		277,341
Gentex Corp.		10,395		262,682
Gentherm, Inc. *		3,773		128,697
Goodyear Tire & Rubber Co. (The) *		17,962		118,549
Holley, Inc. *		6,800		17,340
LCI Industries		2,757		291,911
Lear Corp.		2,598		348,288
Motorcar Parts of America, Inc. *		2,267		34,730
Patrick Industries, Inc.		2,988		268,263
Phinia, Inc.		3,024		249,087
Solid Power, Inc. *@		7,000		18,130
Standard Motor Products, Inc.		2,639		102,842
Stoneridge, Inc. *		2,727		19,962
Strattec Security Corp. *		941		76,644
Versigent PLC *		1,154		48,479
Visteon Corp.		2,696		267,470
XPEL, Inc. *		1,810		89,776
				5,185,557
Automobiles — 0.1%
Harley-Davidson, Inc.		6,944		169,850
Thor Industries, Inc. @		1,781		133,860
Winnebago Industries, Inc.		3,191		99,687
				403,397
Beverages — 0.6%
Boston Beer Co., Inc. (The), Class A *		546		96,659
Coca-Cola Consolidated, Inc.		6,546		1,249,762
MGP Ingredients, Inc.		1,851		32,430
Molson Coors Beverage Co., Class B		10,269		400,080
National Beverage Corp. *		6,380		199,056
Vita Coco Co., Inc. (The) *		2,686		177,652
				2,155,639
Biotechnology — 3.4%
4D Molecular Therapeutics, Inc. *		2,296		30,537
Acadia Pharmaceuticals, Inc. *		11,366		287,560
ADMA Biologics, Inc. *		9,853		82,470
Agios Pharmaceuticals, Inc. *		4,122		152,967
Albireo Pharma, Inc. CVR *¶§		1,018		6,495
Alkermes PLC *		5,522		289,325
Allogene Therapeutics, Inc. *		18,201		37,858
Altimmune, Inc. *		4,035		12,266
AnaptysBio, Inc. *		726		49,005
Anika Therapeutics, Inc. *		1,795		26,261
Annexon, Inc. *		4,302		24,564
Apellis Pharmaceuticals, Inc. CVR *¶§		6,771		203
Arcturus Therapeutics Holdings, Inc. *@		1,191		8,004
Arcus Biosciences, Inc. *		2,904		89,530
ArriVent Biopharma, Inc. *		2,134		74,135
Aura Biosciences, Inc. *		1,708		12,127
Beam Therapeutics, Inc. *		7,171		246,109
Bicara Therapeutics, Inc. *		3,259		96,760
BioCryst Pharmaceuticals, Inc. *		4,349		43,490
BioMarin Pharmaceutical, Inc. *		629		35,991
C4 Therapeutics, Inc. *		4,026		18,801
Cabaletta Bio, Inc. *		3,808		11,843
CareDx, Inc. *		3,813		108,670
Catalyst Pharmaceuticals, Inc. *		7,520		236,354
Celldex Therapeutics, Inc. *		3,625		134,886
CG oncology, Inc. *		893		63,448
Chinook Therapeutics, Inc. CVR *¶§		5,000		—
Climb Bio, Inc. *		1,075		14,018
Compass Therapeutics, Inc. *		5,067		11,097
Cullinan Therapeutics, Inc. *		3,699		67,359
Denali Therapeutics, Inc. *		10,630		273,404
Design Therapeutics, Inc. *		3,260		47,172
Dianthus Therapeutics, Inc. *		1,115		108,690
Disc Medicine, Inc. *		2,207		161,420
Dyne Therapeutics, Inc. *		8,576		190,473
Eledon Pharmaceuticals, Inc. *		2,900		11,426
Emergent BioSolutions, Inc. *		2,600		21,788

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Biotechnology (Continued)
Enanta Pharmaceuticals, Inc. *		800	$	11,664
Exelixis, Inc. *		19,780		1,076,230
First Tracks Biotherapeutics, Inc. *		1,502		30,220
GRAIL, Inc. *@		2,750		187,742
Halozyme Therapeutics, Inc. *		8,219		643,301
Ideaya Biosciences, Inc. *		5,822		216,986
Immunome, Inc. *		3,723		78,890
Intellia Therapeutics, Inc. *		9,232		156,205
Iovance Biotherapeutics, Inc. *@		32,401		134,788
Ironwood Pharmaceuticals, Inc. *		8,299		34,939
Janux Therapeutics, Inc. *		1,825		28,032
Kiniksa Pharmaceuticals International PLC *		2,670		170,746
Krystal Biotech, Inc. *		1,670		620,689
Kura Oncology, Inc. *		2,828		31,023
Kymera Therapeutics, Inc. *		3,034		347,909
Lexeo Therapeutics, Inc. *		4,520		21,041
MiMedx Group, Inc. *		3,081		11,862
Mineralys Therapeutics, Inc. *		3,263		88,036
Mirati Therapeutics, Inc. CVR *¶§		1,395		779
Monte Rosa Therapeutics, Inc. *		4,675		113,135
Myriad Genetics, Inc. *		3,519		20,093
Neurocrine Biosciences, Inc. *		7,426		1,251,541
Neurogene, Inc. *		400		12,580
Novavax, Inc. *@		3,635		34,242
Nurix Therapeutics, Inc. *		5,888		142,843
Olema Pharmaceuticals, Inc. *		3,695		46,224
ORIC Pharmaceuticals, Inc. *		4,084		44,230
Oruka Therapeutics, Inc. *		1,616		153,795
Ovid therapeutics, Inc. *		3,918		10,539
PDL BioPharma, Inc. *§		18,262		5,479
Perspective Therapeutics, Inc. *		5,035		17,169
Protara Therapeutics, Inc. *		1,836		7,014
Prothena Corp. PLC *		2,478		24,260
PTC Therapeutics, Inc. *		3,130		255,314
Puma Biotechnology, Inc. *		1,521		12,335
REGENXBIO, Inc. *		2,634		31,555
Relay Therapeutics, Inc. *		11,965		223,865
Rezolute, Inc. *		4,168		21,674
Rocket Pharmaceuticals, Inc. *		5,571		19,053
Sagimet Biosciences, Inc., Class A *		3,410		26,359
Sana Biotechnology, Inc. *@		3,913		13,656
Sarepta Therapeutics, Inc. *		3,148		56,570
Shattuck Labs, Inc. *		4,381		30,404
Solid Biosciences, Inc. *		6,794		67,872
Stoke Therapeutics, Inc. *		4,122		134,872
Tectonic Therapeutic, Inc. *		366		12,581
Tenax Therapeutics, Inc. *		1,076		15,656
Twist Bioscience Corp. *		2,125		218,620
United Therapeutics Corp. *		2,333		1,264,089
Upstream Bio, Inc. *		2,317		16,034
Vanda Pharmaceuticals, Inc. *		2,932		17,944
Vera Therapeutics, Inc. *		2,993		128,430
Veracyte, Inc. *		5,549		325,893
Vericel Corp. *		3,359		149,442
Vir Biotechnology, Inc. *		10,251		104,458
Viridian Therapeutics, Inc. *		6,641		121,995
Voyager Therapeutics, Inc. *		2,522		8,827
Xencor, Inc. *		2,873		46,255
XOMA Royalty Corp. *		556		23,630
Zentalis Pharmaceuticals, Inc. *		2,629		12,751
				12,220,866
Broadline Retail — 0.3%
Dillard’s, Inc., Class A @		780		412,168
Etsy, Inc. *		1,032		77,740
Groupon, Inc. *@		904		21,750
Kohl’s Corp.		3,997		70,827
Macy’s, Inc.		12,082		284,531
Ollie’s Bargain Outlet Holdings, Inc. *		3,753		288,531
Savers Value Village, Inc. *		8,473		85,493
				1,241,040
Building Products — 2.6%
A.O. Smith Corp.		8,970		562,598
AAON, Inc.		4,843		614,383
Advanced Drainage Systems, Inc.		7,209		1,131,525
Allegion PLC		1,427		200,479
Apogee Enterprises, Inc.		1,092		49,948
Armstrong World Industries, Inc.		4,365		700,233
AZZ, Inc.		2,363		366,383
CSW Industrials, Inc.		1,174		326,724
Gibraltar Industries, Inc. *		3,042		137,194
Insteel Industries, Inc.		2,278		68,796
Masco Corp.		5,470		445,094
Modine Manufacturing Co. *		4,578		1,222,418
Owens Corning		6,683		1,062,330
Quanex Building Products Corp.		3,350		62,377
Resideo Technologies, Inc. *		681		21,179
Simpson Manufacturing Co., Inc.		3,582		749,892
Trex Co., Inc. *		9,328		466,773
UFP Industries, Inc.		4,990		452,793
Zurn Elkay Water Solutions Corp.		14,150		714,999
				9,356,118
Capital Markets — 3.1%
Acadian Asset Management, Inc.		2,826		202,116
Affiliated Managers Group, Inc.		3,775		1,277,460
Artisan Partners Asset Management, Inc., Class A		6,206		214,293
BGC Group, Inc., Class A		30,567		326,761
Cohen & Steers, Inc.		5,127		390,370
DigitalBridge Group, Inc.		2,242		35,379
Donnelley Financial Solutions, Inc. *		2,776		116,453
Evercore, Inc., Class A		3,349		1,143,483
FactSet Research Systems, Inc.		633		145,641
Federated Hermes, Inc.		7,863		434,195
Franklin Resources, Inc.		3,815		126,925
GCM Grosvenor, Inc., Class A		2,023		24,883
Hamilton Lane, Inc., Class A @		1,792		141,263
Houlihan Lokey, Inc.		1,002		134,398
Invesco Ltd.		21,232		560,312

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Capital Markets (Continued)
Janus Henderson Group PLC		11,391	$	591,762
Jefferies Financial Group, Inc.		21,621		1,080,618
Lazard, Inc.		6,742		282,759
Moelis & Co., Class A		571		37,355
Morningstar, Inc.		2,847		444,189
Oppenheimer Holdings, Inc., Class A		1,244		131,292
Perella Weinberg Partners @		4,234		67,575
Piper Sandler Cos.		6,528		472,235
PJT Partners, Inc., Class A		1,634		246,636
SEI Investments Co.		4,732		415,044
Silvercrest Asset Management Group, Inc., Class A		759		7,673
Stifel Financial Corp.		9,255		645,721
StoneX Group, Inc. *		6,420		760,770
Victory Capital Holdings, Inc., Class A		982		82,547
Virtu Financial, Inc., Class A		3,211		191,279
Virtus Investment Partners, Inc.		608		87,248
Westwood Holdings Group, Inc.		1,157		22,168
WisdomTree, Inc. @		9,439		159,897
				11,000,700
Chemicals — 2.2%
AdvanSix, Inc.		1,777		35,327
Alto Ingredients, Inc. *		4,281		24,402
Ashland, Inc.		2,859		188,379
Aspen Aerogels, Inc. *		3,280		20,795
Avient Corp.		10,014		370,117
Axalta Coating Systems Ltd. *		16,030		548,547
Balchem Corp.		2,794		472,046
Cabot Corp.		5,463		496,150
Chemours Co. (The)		7,842		160,918
Core Molding Technologies, Inc. *		1,500		35,400
Eastman Chemical Co.		3,373		225,923
Ecovyst, Inc. *		6,590		82,045
Element Solutions, Inc.		21,963		1,048,733
Flotek Industries, Inc. *@		2,517		59,200
Hawkins, Inc.		1,779		252,796
HB Fuller Co.		5,803		338,257
Huntsman Corp.		11,979		127,217
Ingevity Corp. *		1,570		117,232
Innospec, Inc.		2,148		174,826
Intrepid Potash, Inc. *		556		18,226
Koppers Holdings, Inc.		2,308		103,629
Kronos Worldwide, Inc.		3,905		24,719
LSB Industries, Inc. *		4,455		48,159
Mativ Holdings, Inc.		3,615		27,366
Minerals Technologies, Inc.		3,081		227,902
NewMarket Corp.		537		424,896
Olin Corp.		7,275		144,190
Orion SA		2,996		19,863
Perimeter Solutions, Inc. *		9,027		321,812
Quaker Chemical Corp.		1,192		189,373
Rayonier Advanced Materials, Inc. *		3,612		28,390
RPM International, Inc.		4,352		483,725
Scotts Miracle-Gro Co. (The)		2,953		201,129
Sensient Technologies Corp.		4,568		563,189
Stepan Co.		2,418		134,731
Tronox Holdings PLC		9,677		60,965
Westlake Corp.		136		9,928
				7,810,502
Commercial Banks — 10.9%
1st Source Corp.		2,546		207,703
ACNB Corp.		524		31,115
Amalgamated Financial Corp.		1,892		86,843
Amerant Bancorp, Inc.		2,517		64,234
Ameris Bancorp		7,199		649,782
AmeriServ Financial, Inc.		4,400		17,072
Ames National Corp.		373		11,045
Arrow Financial Corp.		2,279		93,416
Associated Banc-Corp.		15,176		466,966
Atlantic Union Bankshares Corp.		9,016		381,467
Axos Financial, Inc. *		3,826		372,614
Banc of California, Inc.		8,918		182,195
BancFirst Corp.		3,303		367,062
Bancorp, Inc. (The) *		4,087		256,010
Bank First Corp.		663		98,356
Bank of Hawaii Corp. @		3,456		281,629
Bank of Marin Bancorp		1,580		43,766
Bank of NT Butterfield & Son Ltd. (The)		2,767		164,637
Bank OZK		4,569		237,999
BankUnited, Inc.		4,944		239,537
Bankwell Financial Group, Inc.		326		19,153
Banner Corp.		3,355		222,906
Bar Harbor Bankshares		2,089		78,881
BayCom Corp.		400		13,160
Beacon Financial Corp.		6,309		192,109
Blue Ridge Bankshares, Inc.		2,500		8,825
BOK Financial Corp.		4,648		645,514
Bridgewater Bancshares, Inc. *		1,327		27,920
Burke & Herbert Financial Services Corp.		1,139		81,849
Business First Bancshares, Inc.		2,451		75,319
Byline Bancorp, Inc.		3,036		114,336
C&F Financial Corp.		466		37,280
California BanCorp		1,727		35,991
Camden National Corp.		1,756		95,210
Capital Bancorp, Inc.		748		26,270
Capital City Bank Group, Inc.		1,890		93,404
Capitol Federal Financial, Inc.		7,600		64,676
Carter Bankshares, Inc.		1,143		38,873
Cathay General Bancorp		7,259		449,985
Central Pacific Financial Corp.		3,116		119,031
Chemung Financial Corp.		205		15,289
ChoiceOne Financial Services, Inc.		819		27,846
Citizens & Northern Corp.		852		19,860
Citizens Community Bancorp, Inc.		400		9,356
Citizens Financial Services, Inc.		157		11,373

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Commercial Banks (Continued)
City Holding Co.		1,327	$	176,013
Civista Bancshares, Inc.		1,211		34,174
CNB Financial Corp.		3,887		131,031
Coastal Financial Corp. *		1,123		87,044
Colony Bankcorp, Inc.		1,080		21,697
Columbia Banking System, Inc.		4,733		151,693
Columbia Financial, Inc. *		6,680		141,750
Commerce Bancshares, Inc.		9,924		573,111
Community Financial System, Inc.		4,718		316,672
Community Trust Bancorp, Inc.		1,552		112,303
Community West Bancshares		1,638		43,997
ConnectOne Bancorp, Inc.		4,072		136,168
Cullen/Frost Bankers, Inc.		3,828		591,503
Customers Bancorp, Inc. *		3,713		293,698
CVB Financial Corp.		15,490		349,299
Dime Commercial Bancshares, Inc.		3,168		128,779
Eagle Bancorp, Inc.		1,860		52,805
East West Bancorp, Inc.		9,740		1,257,337
Eastern Bankshares, Inc.		4,278		95,143
Enterprise Financial Services Corp.		2,901		191,118
Equity Bancshares, Inc., Class A		1,470		72,015
Esquire Financial Holdings, Inc.		569		67,774
Farmers & Merchants Bancorp, Inc.		1,205		36,849
Farmers National Banc Corp.		3,971		57,977
FB Financial Corp.		3,709		205,293
Fifth Third Bancorp		2,562		144,420
Financial Institutions, Inc.		1,855		72,289
First BanCorp		22,053		702,926
First BanCorp, Inc. (The)		1,876		65,322
First Bank		700		12,411
First Busey Corp.		5,571		164,345
First Business Financial Services, Inc.		551		34,807
First Commonwealth Financial Corp.		9,286		188,784
First Community Bankshares, Inc.		1,982		88,040
First Community Corp.		358		11,699
First Financial Bancorp		8,992		304,199
First Financial Bankshares, Inc.		14,820		512,772
First Financial Corp.		1,395		108,029
First Hawaiian, Inc.		7,925		232,202
First Horizon Corp.		28,413		728,509
First Interstate Bancsystem, Inc., Class A		6,510		251,026
First Merchants Corp.		5,621		245,581
First Mid Bancshares, Inc.		1,699		81,705
First National Corp.		393		11,798
Firstsun Capital Bancorp *		1,285		49,832
Five Star Bancorp		1,082		52,683
Flagstar Bank NA		1,739		25,981
FNB Corp.		22,576		430,750
FS Bancorp, Inc.		962		41,751
Fulton Financial Corp.		16,663		403,078
FVCBankcorp, Inc.		704		12,320
German American Bancorp, Inc.		3,217		152,679
Glacier Bancorp, Inc.		11,842		610,810
Great Southern Bancorp, Inc.		1,275		99,973
Hancock Whitney Corp.		6,503		485,904
Hanmi Financial Corp.		3,586		116,186
HBT Financial, Inc.		854		27,319
Heritage Financial Corp.		4,162		123,278
Hilltop Holdings, Inc.		4,251		164,854
Hingham Institution For Savings (The) @		236		72,487
Home Bancorp, Inc.		994		68,109
Home BancShares, Inc.		13,006		371,321
HomeTrust Bancshares, Inc.		2,255		112,502
Hope Bancorp, Inc.		12,794		175,022
Horizon Bancorp, Inc.		3,103		61,998
Independent Bank Corp.		5,084		376,648
International Bancshares Corp.		5,903		448,333
Investar Holding Corp.		805		24,118
John Marshall Bancorp, Inc.		500		10,900
Kearny Financial Corp.		4,719		44,642
Lakeland Financial Corp.		2,447		151,029
Live Oak Bancshares, Inc.		3,137		128,115
Mechanics Bancorp, Class A		4,489		71,375
Mercantile Bank Corp.		1,601		91,929
Metrocity Bankshares, Inc.		1,481		53,153
Metropolitan Bank Holding Corp.		763		75,354
Mid Penn Bancorp, Inc.		1,416		49,333
Midland States Bancorp, Inc.		982		30,579
MVB Financial Corp.		494		14,331
National Bank Holdings Corp., Class A		3,376		149,996
NB Bancorp, Inc.		2,670		56,417
NBT Bancorp, Inc.		4,206		207,650
Nicolet Bankshares, Inc.		1,445		238,989
Northeast Bank		896		118,747
Northeast Community Bancorp, Inc.		455		12,622
Northfield Bancorp, Inc.		5,020		73,945
Northrim BanCorp, Inc.		3,344		92,763
Northwest Bancshares, Inc.		15,058		228,279
Norwood Financial Corp.		337		10,835
Oak Valley Bancorp		606		20,449
OceanFirst Financial Corp.		7,746		151,279
OFG Bancorp		4,058		199,126
Old National Bancorp		28,203		730,458
Old Second Bancorp, Inc.		3,851		89,805
Orange County Bancorp, Inc.		626		23,024
Origin Bancorp, Inc.		1,918		98,106
Orrstown Financial Services, Inc.		1,090		44,505
Park National Corp.		1,732		316,939
Parke Bancorp, Inc.		768		25,467
Pathward Financial, Inc.		2,146		186,831
PCB Bancorp		500		14,185
Peapack-Gladstone Financial Corp.		1,992		94,281

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Commercial Banks (Continued)
Peoples Bancorp, Inc.		3,204	$	123,066
Peoples Financial Services Corp.		417		27,676
Pinnacle Financial Partners, Inc.		7,088		715,037
Plumas Bancorp		413		24,136
Ponce Financial Group, Inc. *		743		14,815
Popular, Inc.		7,138		1,171,917
Preferred Bank		1,186		126,024
Primis Financial Corp.		1,858		30,415
Prosperity Bancshares, Inc.		5,808		424,158
Provident Financial Holdings, Inc. @		1,124		19,333
Provident Financial Services, Inc.		9,168		216,732
QCR Holdings, Inc.		1,658		161,406
RBB Bancorp		988		27,086
Red River Bancshares, Inc.		396		36,147
Renasant Corp.		6,722		285,954
Republic Bancorp, Inc., Class A		1,997		180,589
Riverview Bancorp, Inc.		2,557		13,885
S&T Bancorp, Inc.		3,996		196,124
Seacoast Banking Corp. of Florida		6,666		221,645
ServisFirst Bancshares, Inc.		5,630		488,402
Shore Bancshares, Inc.		1,682		38,602
Sierra Bancorp		1,529		62,322
Simmons First National Corp., Class A		9,541		216,104
Southern First Bancshares, Inc. *		923		56,395
Southern Missouri Bancorp, Inc.		686		52,280
Southside Bancshares, Inc.		3,368		118,520
Southstate Bank Corp.		8,044		803,596
Stellar Bancorp, Inc.		3,540		139,193
Stock Yards Bancorp, Inc.		2,936		224,516
Texas Capital Bancshares, Inc.		3,132		323,410
TFS Financial Corp. @		3,750		66,450
Third Coast Bancshares, Inc. *		812		32,805
Timberland Bancorp, Inc.		921		41,270
Tompkins Financial Corp.		1,559		147,357
Towne Bank		6,190		224,326
TriCo Bancshares		2,959		159,342
Triumph Financial, Inc. *		2,441		186,273
TrustCo Bank Corp.		1,746		95,873
Trustmark Corp.		5,770		265,478
UMB Financial Corp.		7,466		1,065,846
United Bankshares, Inc.		12,088		553,993
United Community Banks, Inc.		8,563		300,476
Unity Bancorp, Inc.		560		32,866
Univest Financial Corp.		3,363		147,131
USCB Financial Holdings, Inc.		803		16,429
Valley National Bancorp		27,653		405,116
WaFd, Inc.		6,377		244,685
Washington Trust Bancorp, Inc.		2,001		72,996
Webster Financial Corp.		10,588		809,135
WesBanco, Inc.		8,472		330,662
West BanCorp, Inc.		1,763		46,772
Westamerica BanCorp		2,658		155,945
Western Alliance Bancorp		5,446		447,661
Western New England Bancorp, Inc.		3,161		45,202
Wintrust Financial Corp.		5,640		906,461
WSFS Financial Corp.		6,445		494,525
Zions Bancorp NA		10,151		702,348
				39,014,253
Commercial Services & Supplies — 1.7%
ABM Industries, Inc.		6,300		278,712
Brady Corp., Class A		4,578		419,207
Brink’s Co. (The)		4,524		427,473
Casella Waste Systems, Inc., Class A *		5,326		516,462
Cimpress PLC *		1,426		145,024
Clean Harbors, Inc. *		4,977		1,486,879
Deluxe Corp.		2,134		50,960
Ennis, Inc.		3,110		66,088
HNI Corp.		6,271		253,411
Interface, Inc.		5,834		209,091
Liquidity Services, Inc. *		3,228		126,279
Millerknoll, Inc.		1,017		20,808
MSA Safety, Inc.		4,031		703,732
OPENLANE, Inc. *		2,720		112,173
Tetra Tech, Inc.		22,616		653,376
UniFirst Corp.		1,530		404,624
Vestis Corp. *		6,146		89,240
Virco Mfg. Corp.		2,494		15,313
				5,978,852
Communications Equipment — 1.4%
ADTRAN Holdings, Inc. *		4,107		57,087
Aviat Networks, Inc. *		500		11,100
BK Technologies Corp. *		400		34,392
Calix, Inc. *		4,166		155,475
Ciena Corp. *		4,791		2,350,273
Clearfield, Inc. *		1,417		56,382
Digi International, Inc. *		3,397		254,605
F5, Inc. *		215		89,431
Harmonic, Inc. *		10,330		168,689
Lantronix, Inc. *		1,100		6,468
NETGEAR, Inc. *		3,539		82,636
NetScout Systems, Inc. *		8,182		356,326
Optical Cable Corp. *		374		7,843
Ribbon Communications, Inc. *		14,490		33,907
Viasat, Inc. *		1,242		111,544
Viavi Solutions, Inc. *		21,651		1,033,835
Vistance Networks, Inc. *		14,806		189,221
				4,999,214
Computers & Peripherals — 0.1%
AstroNova, Inc. *		1,572		44,755
Corsair Gaming, Inc. *		6,121		59,190
Diebold Nixdorf, Inc. *		2,315		196,821
Eastman Kodak Co. *		3,861		35,714
				336,480
Construction & Engineering — 2.8%
AECOM		4,153		289,879
Ameresco, Inc., Class A *		3,289		90,776

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Construction & Engineering (Continued)
Arcosa, Inc.		1,853	$	269,222
Dycom Industries, Inc. *		2,492		1,259,930
Everus Construction Group, Inc. *		2,821		468,145
Fluor Corp. *		6,585		344,988
Granite Construction, Inc.		4,358		688,913
IES Holdings, Inc. *		1,933		1,420,098
Matrix Service Co. *		4,086		55,978
MYR Group, Inc. *		1,336		668,535
NWPX Infrastructure, Inc. *		1,211		181,577
Primoris Services Corp.		4,603		456,249
Sterling Infrastructure, Inc. *		2,358		1,979,211
Tutor Perini Corp.		3,153		261,605
Valmont Industries, Inc.		1,958		1,130,941
WillScot Holdings Corp.		18,315		528,571
				10,094,618
Construction Materials — 0.2%
Eagle Materials, Inc.		1,439		323,775
Knife River Corp. *		2,821		235,976
U.S. Lime & Minerals, Inc.		2,498		261,466
				821,217
Consumer Finance — 1.5%
Ally Financial, Inc.		6,410		294,539
Atlanticus Holdings Corp. *		1,324		135,379
Bread Financial Holdings, Inc.		2,939		318,441
Consumer Portfolio Services, Inc. *		3,813		36,586
Credit Acceptance Corp. *		760		483,922
Dave, Inc. *		624		232,496
Encore Capital Group, Inc. *		2,787		259,999
Enova International, Inc. *		2,166		521,421
Ezcorp, Inc., Class A *@		5,994		207,213
FirstCash Holdings, Inc.		2,667		576,925
Green Dot Corp., Class A *		2,863		38,679
Happen, Inc. *		8,536		177,037
LendingTree, Inc. *		946		41,898
Navient Corp.		5,962		50,737
Nelnet, Inc., Class A		2,441		325,459
NerdWallet, Inc., Class A *		2,839		26,261
OneMain Holdings, Inc.		8,057		491,235
Oportun Financial Corp. *		1,900		10,849
OppFi, Inc. *		2,634		26,156
PRA Group, Inc. *		4,120		78,239
PROG Holdings, Inc.		4,487		209,139
Regional Management Corp.		1,467		60,440
SLM Corp.		14,278		370,371
Upstart Holdings, Inc. *@		4,885		173,076
World Acceptance Corp. *		514		115,049
				5,261,546
Consumer Staples Distribution & Retail — 1.8%
Albertsons Cos., Inc., Class A		3,094		41,862
Andersons, Inc. (The)		4,055		277,362
BJ’s Wholesale Club Holdings, Inc. *		4,618		402,782
Casey’s General Stores, Inc.		2,265		1,800,199
Chefs’ Warehouse, Inc. (The) *		4,636		445,520
Grocery Outlet Holding Corp. *		6,836		68,223
Ingles Markets, Inc., Class A		1,973		174,768
Maplebear, Inc. *		7,401		350,437
Natural Grocers by Vitamin Cottage, Inc. @		2,710		84,064
Performance Food Group Co. *		9,263		1,035,511
PriceSmart, Inc.		2,691		525,660
Sprouts Farmers Market, Inc. *		7,149		604,663
U.S. Foods Holding Corp. *		2,594		265,237
United Natural Foods, Inc. *		4,103		187,384
Village Super Market, Inc., Class A		830		35,009
Weis Markets, Inc. @		2,943		230,466
				6,529,147
Containers & Packaging — 0.7%
AptarGroup, Inc.		5,666		709,383
Ardagh Metal Packaging SA		22,202		105,237
Avery Dennison Corp.		609		98,871
Crown Holdings, Inc.		3,202		358,048
Greif, Inc., Class A		2,553		190,173
Greif, Inc., Class B @		715		66,881
Myers Industries, Inc.		4,361		153,987
O-I Glass, Inc. *		6,684		64,367
Ranpak Holdings Corp. *@		4,400		32,164
Silgan Holdings, Inc.		11,743		544,758
Sonoco Products Co.		3,384		190,688
TriMas Corp.		3,690		166,161
				2,680,718
Distributors — 0.1%
GigaCloud Technology, Inc., Class A *		1,341		42,376
Gold.com, Inc.		2,332		97,034
Weyco Group, Inc.		1,043		41,021
				180,431
Diversified Consumer Services — 1.3%
ADT, Inc.		1,253		8,144
American Public Education, Inc. *		1,928		103,533
Bright Horizons Family Solutions, Inc. *		3,302		234,046
Carriage Services, Inc.		1,424		54,596
Coursera, Inc. *		12,888		72,688
Covista, Inc. *		3,867		482,060
Driven Brands Holdings, Inc. *		7,070		98,556
Duolingo, Inc. *		500		57,510
Frontdoor, Inc. *		2,849		221,054
Graham Holdings Co., Class B		388		442,871
Grand Canyon Education, Inc. *		2,418		346,040
H&R Block, Inc.		11,646		443,480
Laureate Education, Inc. *		3,916		142,229
Liberty Live Holdings, Inc., Class A *		650		65,819
Liberty Live Holdings, Inc., Class C *		836		88,315

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Diversified Consumer Services (Continued)
Lincoln Educational Services Corp. *		1,490	$	74,351
Matthews International Corp., Class A		2,051		55,213
OneSpaWorld Holdings Ltd.		6,957		196,466
Perdoceo Education Corp.		6,976		223,232
Service Corp. International		7,334		557,091
Strategic Education, Inc.		2,650		203,043
Stride, Inc. *		3,868		333,576
Universal Technical Institute, Inc. *		3,232		138,233
				4,642,146
Diversified Telecommunication Services — 0.3%
Anterix, Inc. *		1,324		136,293
ATN International, Inc.		1,200		31,788
Bandwidth, Inc., Class A *		1,665		105,394
IDT Corp., Class B		1,342		78,051
Iridium Communications, Inc.		5,217		286,152
Liberty Capital Corp., Class A *@		164		3,592
Liberty Capital Corp., Class C *		1,661		35,811
Liberty Latin America Ltd., Class A *		1,600		12,544
Liberty Latin America Ltd., Class C *		10,810		84,210
Lumen Technologies, Inc. *		10,533		80,893
Shenandoah Telecommunications Co.		6,413		96,708
Uniti Group, Inc.		1,930		22,137
				973,573
Electric Utilities — 1.0%
Genie Energy Ltd., Class B		2,213		31,978
Hawaiian Electric Industries, Inc. *		8,291		112,177
IDACORP, Inc.		2,837		429,238
MGE Energy, Inc.		3,771		307,487
OGE Energy Corp.		10,990		534,773
Otter Tail Corp.		4,597		413,638
Pinnacle West Capital Corp.		8,287		886,709
Portland General Electric Co.		7,003		362,966
TXNM Energy, Inc.		6,132		348,175
				3,427,141
Electrical Equipment — 2.1%
Acuity, Inc.		2,347		884,021
Allient, Inc.		1,626		167,364
Atkore, Inc.		3,999		304,084
EnerSys		3,615		845,259
Generac Holdings, Inc. *		720		210,823
LSI Industries, Inc.		3,137		83,382
Nextpower, Inc., Class A *		3,948		470,365
nVent Electric PLC		2,194		372,124
Powell Industries, Inc.		3,186		912,343
Preformed Line Products Co.		539		221,292
Regal Rexnord Corp.		6,071		1,446,052
Sensata Technologies Holding PLC		6,595		314,845
Sunrun, Inc. *		6,232		83,384
Vicor Corp. *		3,445		1,308,342
				7,623,680
Electronic Equipment, Instruments & Components — 5.4%
Advanced Energy Industries, Inc.		3,308		1,233,454
Arlo Technologies, Inc. *		2,527		34,064
Arrow Electronics, Inc. *		5,952		1,270,216
Avnet, Inc.		8,026		712,869
Badger Meter, Inc.		3,103		460,423
Bel Fuse, Inc., Class B		1,421		473,250
Belden, Inc.		4,607		552,425
Benchmark Electronics, Inc.		3,809		375,834
Climb Global Solutions, Inc.		1,260		29,245
Cognex Corp.		3,708		268,533
Crane NXT Co.		3,739		191,287
CTS Corp.		3,522		229,599
Daktronics, Inc. *		3,162		61,849
ePlus, Inc.		1,749		145,569
Fabrinet *		2,299		1,292,222
Flex Ltd. *		14,006		2,269,953
Frequency Electronics, Inc. *		392		26,009
Insight Enterprises, Inc. *		2,809		342,136
IPG Photonics Corp. *		2,104		246,841
Itron, Inc. *		4,157		359,705
Kimball Electronics, Inc. *		2,512		64,307
Knowles Corp. *		4,852		201,261
Littelfuse, Inc.		1,865		849,191
Methode Electronics, Inc.		4,122		78,194
Mirion Technologies, Inc. *		1,739		31,180
Napco Security Technologies, Inc.		3,236		122,903
nLight, Inc. *		1,098		76,443
Novanta, Inc. *@		3,185		516,734
OSI Systems, Inc. *		1,449		316,896
PC Connection, Inc.		2,305		168,242
Plexus Corp. *		2,380		715,595
Powerfleet, Inc. NJ *		5,900		22,597
Richardson Electronics Ltd.		1,505		28,610
Rogers Corp. *		2,017		330,244
Sanmina Corp. *		4,678		1,183,908
ScanSource, Inc. *		2,807		146,217
TD SYNNEX Corp.		3,238		865,647
TTM Technologies, Inc. *		8,928		1,669,715
Vishay Intertechnology, Inc.		11,850		637,293
Vishay Precision Group, Inc. *		1,694		253,948
Vontier Corp.		8,347		242,063
Zebra Technologies Corp., Class A *		953		250,887
				19,347,558
Energy Equipment & Services — 1.9%
Archrock, Inc.		12,231		497,924
Atlas Energy Solutions, Inc. @		6,017		99,942
Borr Drilling Ltd. *@		16,547		68,339

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Energy Equipment & Services (Continued)
Bristow Group, Inc.		1,864	$	77,020
Cactus, Inc., Class A		3,486		178,588
Core Laboratories, Inc. @		2,969		34,589
Energy Services of America Corp.		675		13,055
Expro Group Holdings NV *		8,043		118,795
Flowco Holdings, Inc., Class A		901		19,227
Forum Energy Technologies, Inc. *		645		32,398
Helix Energy Solutions Group, Inc. *		9,645		84,297
Helmerich & Payne, Inc.		6,202		203,054
Innovex International, Inc. *		5,086		126,133
Kodiak Gas Services, Inc.		3,960		297,515
Liberty Energy, Inc.		8,869		232,279
Nabors Industries Ltd. *@		1,026		86,194
National Energy Services Reunited Corp. *		6,729		201,399
Natural Gas Services Group, Inc.		2,179		94,002
Noble Corp. PLC		2,483		92,616
NOV, Inc.		17,625		326,944
Oceaneering International, Inc. *		6,656		269,701
Oil States International, Inc. *		3,584		28,708
Patterson-UTI Energy, Inc.		26,058		239,212
ProFrac Holding Corp., Class A *@		4,635		26,929
ProPetro Holding Corp. *		8,233		118,061
Ranger Energy Services, Inc., Class A		923		14,777
RPC, Inc. @		16,366		95,414
SEACOR Marine Holdings, Inc. *		1,517		11,605
Seadrill Ltd. *		4,163		157,445
Select Water Solutions, Inc.		9,159		182,997
Solaris Energy Infrastructure, Inc.		2,175		175,001
TechnipFMC PLC		20,068		1,330,508
TETRA Technologies, Inc. *		8,698		98,548
Tidewater, Inc. *		3,350		223,211
Transocean Ltd. *		43,549		212,955
Valaris Ltd. *		2,773		201,320
Weatherford International PLC		4,378		356,807
				6,627,509
Entertainment — 0.4%
Atlanta Braves Holdings, Inc., Class A *		934		52,594
Atlanta Braves Holdings, Inc., Class C *		2,866		148,745
Cinemark Holdings, Inc.		7,484		237,467
IMAX Corp. *		3,711		147,920
Lionsgate Studios Corp. *@		4,178		63,965
Madison Square Garden Entertainment Corp. *		1,717		138,888
Madison Square Garden Sports Corp. *		97		38,979
Marcus Corp. (The)		3,100		72,726
Reservoir Media, Inc. *@		1,074		10,622
Sphere Entertainment Co. *		1,900		328,757
Starz Entertainment Corp. *		278		8,023
Warner Music Group Corp., Class A		1,140		30,860
				1,279,546
Financial Services — 1.6%
Acacia Research Corp. *		4,294		20,010
Alerus Financial Corp.		1,341		41,705
Cass Information Systems, Inc.		1,499		76,929
Equitable Holdings, Inc.		4,600		201,848
Essent Group Ltd.		4,642		298,388
Euronet Worldwide, Inc. *		1,304		95,440
EVERTEC, Inc.		2,560		71,117
Federal Agricultural Mortgage Corp., Class C		923		183,926
Flywire Corp. *		8,463		148,695
Jack Henry & Associates, Inc.		2,212		304,681
Jackson Financial, Inc., Class A		1,992		203,961
Marqeta, Inc., Class A *		17,441		70,810
Merchants Bancorp @		2,861		143,050
MGIC Investment Corp.		11,104		313,133
NCR Atleos Corp. *		4,060		176,245
NMI Holdings, Inc. *		7,878		323,707
Onity Group, Inc. *		410		16,297
Paymentus Holdings, Inc., Class A *		4,123		99,612
Payoneer Global, Inc. *		22,794		162,293
Paysafe Ltd. *@		2,682		20,035
Paysign, Inc. *		1,810		14,824
PennyMac Financial Services, Inc.		2,927		254,942
Priority Technology Holdings, Inc. *		2,933		19,563
Radian Group, Inc.		8,766		330,215
Remitly Global, Inc. *		9,727		217,982
Repay Holdings Corp. *		3,361		14,116
Sezzle, Inc. *		1,441		247,319
Shift4 Payments, Inc., Class A *@		2,548		123,935
Velocity Financial, Inc. *		1,819		33,579
Voya Financial, Inc.		9,648		873,433
Walker & Dunlop, Inc.		3,120		170,664
Waterstone Financial, Inc.		2,966		61,485
Western Union Co. (The) @		11,042		85,023
WEX, Inc. *		1,703		240,276
				5,659,238
Food Products — 1.1%
Alico, Inc.		713		29,497
B&G Foods, Inc. @		3,893		15,494
Cal-Maine Foods, Inc.		3,959		318,937
Darling Ingredients, Inc. *		13,438		733,984
Del Monte Corp.		5,010		139,829
Dole PLC		6,037		82,828
Freshpet, Inc. *		3,321		196,338
Ingredion, Inc.		3,754		355,541
J&J Snack Foods Corp.		1,747		128,317
J.M. Smucker Co. (The)		2,567		288,787
John B Sanfilippo & Son, Inc.		981		84,356
Lifeway Foods, Inc. *@		1,756		52,399

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Food Products (Continued)
Limoneira Co.		1,004	$	13,183
Mama’s Creations, Inc. *		1,932		34,486
Marzetti Co. (The)		2,908		331,977
Mission Produce, Inc. *@		7,464		88,001
Pilgrim’s Pride Corp.		6,102		171,527
Post Holdings, Inc. *		4,776		421,530
Seaboard Corp.		42		187,502
Seneca Foods Corp., Class A *		800		139,152
Tootsie Roll Industries, Inc.		5,208		205,976
				4,019,641
Gas Utilities — 0.8%
Chesapeake Utilities Corp.		2,106		257,943
MDU Resources Group, Inc.		12,234		259,483
National Fuel Gas Co.		4,271		329,764
New Jersey Resources Corp.		9,687		542,859
Northwest Natural Holding Co.		3,354		164,547
ONE Gas, Inc.		5,011		386,198
RGC Resources, Inc.		600		14,340
Southwest Gas Holdings, Inc.		4,019		356,405
Spire, Inc.		4,808		375,457
UGI Corp.		6,235		215,357
				2,902,353
Ground Transportation — 1.1%
ArcBest Corp.		2,227		319,664
Covenant Logistics Group, Inc.		1,720		75,990
Heartland Express, Inc.		5,239		79,738
Knight-Swift Transportation Holdings, Inc.		10,458		814,364
Landstar System, Inc.		2,867		592,924
Marten Transport Ltd.		7,902		137,100
PAMT Corp. *		2,517		35,263
RXO, Inc. *		1,530		42,213
Saia, Inc. *		1,087		457,801
Schneider National, Inc., Class B		1,500		54,795
U-Haul Holding Co. *@		1,058		69,235
U-Haul Holding Co.		9,522		549,419
Universal Logistics Holdings, Inc. @		1,834		27,143
Werner Enterprises, Inc.		6,118		266,806
XPO, Inc. *		1,925		395,183
				3,917,638
Health Care Equipment & Supplies — 1.6%
ABIOMED, Inc. CVR *¶§		90		—
Align Technology, Inc. *		606		102,208
AngioDynamics, Inc. *		2,110		27,451
Artivion, Inc. *		5,028		112,979
AtriCure, Inc. *		2,403		67,236
Avanos Medical, Inc. *		2,715		67,549
Axogen, Inc. *		2,643		122,080
Baxter International, Inc.		6,371		135,830
Bioventus, Inc., Class A *@		3,716		35,079
CONMED Corp.		2,255		73,806
Cooper Cos., Inc. (The) *		1,405		100,753
Delcath Systems, Inc. *@		1,306		16,443
Dentsply Sirona, Inc.		11,058		117,325
Electromed, Inc. *		2,175		92,003
Enovis Corp. *		2,116		43,801
Envista Holdings Corp. *		3,902		102,818
Globus Medical, Inc., Class A *		8,354		660,050
Haemonetics Corp. *		5,164		387,300
ICU Medical, Inc. *		1,615		236,759
Integer Holdings Corp. *		3,152		294,554
Integra LifeSciences Holdings Corp. *		6,371		114,423
iRadimed Corp.		704		67,274
Lantheus Holdings, Inc. *		3,992		442,873
LeMaitre Vascular, Inc.		1,935		185,683
LENSAR, Inc. *@		1,385		7,908
LivaNova PLC *		3,939		323,904
Merit Medical Systems, Inc. *		3,849		266,890
Neogen Corp. *		14,367		129,159
Novocure Ltd. *		6,600		99,990
Omnicell, Inc. *		4,593		190,701
OraSure Technologies, Inc. *		2,453		10,940
Orthofix Medical, Inc. *		2,271		20,757
OrthoPediatrics Corp. *		1,400		26,782
Penumbra, Inc. *		1,722		543,722
QuidelOrtho Corp. *		3,821		66,925
SI-BONE, Inc. *		2,193		35,790
Sight Sciences, Inc. *		2,351		12,742
STAAR Surgical Co. *		2,877		82,541
Tactile Systems Technology, Inc. *		1,239		36,897
TransMedics Group, Inc. *		2,272		150,906
UFP Technologies, Inc. *		700		185,591
Utah Medical Products, Inc.		630		43,457
Varex Imaging Corp. *		2,330		24,302
				5,866,181
Health Care Providers & Services — 3.2%
Acadia Healthcare Co., Inc. *		5,046		149,008
AdaptHealth Corp. *		8,220		85,652
Addus HomeCare Corp. *		1,872		188,080
Alignment Healthcare, Inc. *		6,686		159,194
AMN Healthcare Services, Inc. *		3,754		121,517
Astrana Health, Inc. *		3,699		171,671
Aveanna Healthcare Holdings, Inc. *		6,860		58,790
Brookdale Senior Living, Inc. *		12,689		204,166
Castle Biosciences, Inc. *		1,772		42,262
Chemed Corp.		896		417,303
Clover Health Investments Corp. *		7,614		39,897
Community Health Systems, Inc. *		6,088		20,334
Concentra Group Holdings Parent, Inc.		9,795		291,401
CorVel Corp. *		3,061		191,374
Cross Country Healthcare, Inc. *		3,321		43,870
DaVita, Inc. *		8,508		1,892,860
Encompass Health Corp.		6,968		704,325
Ensign Group, Inc. (The)		3,414		547,264
Fulgent Genetics, Inc. *		1,400		28,728

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Health Care Providers & Services (Continued)
GeneDx Holdings Corp. *		1,788	$	122,746
Guardian Pharmacy Services, Inc., Class A *		1,744		73,021
HealthEquity, Inc. *		4,526		408,788
Henry Schein, Inc. *		7,338		612,870
Innovage Holding Corp. *		5,011		59,380
LifeStance Health Group, Inc. *		27,189		291,194
Molina Healthcare, Inc. *		195		44,597
National HealthCare Corp.		1,582		334,372
NeoGenomics, Inc. *		10,037		146,440
NRC Health		2,987		64,430
Option Care Health, Inc. *		8,013		168,033
PACS Group, Inc. *		3,079		131,289
Pediatrix Medical Group, Inc. *		4,190		106,133
Pennant Group, Inc. (The) *		2,408		88,976
Privia Health Group, Inc. *		7,948		204,502
Progyny, Inc. *		6,204		178,861
RadNet, Inc. *		5,402		333,141
Select Medical Holdings Corp.		12,138		200,398
Sonida Senior Living, Inc. *		688		28,070
Strata Critical Medical, Inc. @*		6,186		32,600
Surgery Partners, Inc. *		8,274		139,003
Talkspace, Inc. *		4,209		21,887
Tenet Healthcare Corp. *		9,110		1,704,299
U.S. Physical Therapy, Inc.		1,511		103,776
Universal Health Services, Inc., Class B		3,730		554,614
				11,511,116
Health Care Technology — 0.1%
Certara, Inc. *		11,874		77,775
HealthStream, Inc.		2,771		75,510
Schrodinger, Inc. *		2,198		35,717
Simulations Plus, Inc. *		1,298		23,766
Teladoc Health, Inc. *		11,110		94,213
TruBridge, Inc. *		1,636		42,880
				349,861
Hotels, Restaurants & Leisure — 2.8%
Aramark		20,945		1,191,771
Biglari Holdings, Inc., Class A *		7		14,733
Biglari Holdings, Inc., Class B *		131		55,810
BJ’s Restaurants, Inc. *		2,751		167,082
Bloomin’ Brands, Inc.		4,836		44,201
Boyd Gaming Corp.		2,637		232,926
Brinker International, Inc. *		4,610		774,480
Cheesecake Factory, Inc. (The)		5,035		400,484
Choice Hotels International, Inc. @		5,300		584,431
Churchill Downs, Inc.		6,075		544,563
Cracker Barrel Old Country Store, Inc.		2,324		123,869
Dave & Buster’s Entertainment, Inc. *		1,638		18,673
Dine Brands Global, Inc. @		500		17,950
Domino’s Pizza, Inc.		558		165,190
Dutch Bros, Inc., Class A *		1,169		83,946
El Pollo Loco Holdings, Inc. *		2,723		46,182
First Watch Restaurant Group, Inc. *		3,750		48,338
Global Business Travel Group I *		19,679		184,786
Hilton Grand Vacations, Inc. *		5,115		267,873
Hyatt Hotels Corp., Class A		811		157,204
Inspired Entertainment, Inc. *		1,305		10,766
Krispy Kreme, Inc. *		9,314		32,878
Kura Sushi USA, Inc., Class A *@		718		41,328
Life Time Group Holdings, Inc. *		1,043		42,596
Lindblad Expeditions Holdings, Inc. *		3,223		91,018
Marriott Vacations Worldwide Corp.		3,349		341,196
Monarch Casino & Resort, Inc.		1,490		196,099
Norwegian Cruise Line Holdings Ltd. *		4,482		94,615
Papa John’s International, Inc. @		3,338		122,738
Planet Fitness, Inc., Class A *		8,887		463,635
Pursuit Attractions & Hospitality, Inc. *		1,821		101,921
Sabre Corp. *@		16,815		35,143
Serve Robotics, Inc. *@		3,067		20,181
Shake Shack, Inc., Class A *		2,566		143,747
Sweetgreen, Inc., Class A *		2,408		21,214
Target Hospitality Corp. *		6,007		122,303
Texas Roadhouse, Inc.		5,745		1,110,106
Travel & Leisure Co.		3,181		243,124
United Parks & Resorts, Inc. *@		3,740		178,548
Vail Resorts, Inc. @		1,460		198,779
Wendy’s Co. (The) @		22,109		183,284
Wingstop, Inc.		1,429		247,803
Wyndham Hotels & Resorts, Inc.		5,481		461,555
Wynn Resorts Ltd.		5,043		489,625
				10,118,694
Household Durables — 2.7%
Bassett Furniture Industries, Inc.		1,080		19,138
Beazer Homes USA, Inc. *		1,643		46,086
Cavco Industries, Inc. *		691		424,537
Century Communities, Inc.		3,367		241,279
Champion Homes, Inc. *		2,933		258,456
Cricut, Inc., Class A @		2,300		10,097
Dream Finders Homes, Inc., Class A *@		1,898		32,759
Ethan Allen Interiors, Inc.		2,598		58,039
Flexsteel Industries, Inc.		1,069		79,619
Green Brick Partners, Inc. *		4,024		322,081
Hamilton Beach Brands Holding Co., Class A		2,000		46,060
Helen of Troy Ltd. *		2,629		76,425
Hooker Furnishings Corp.		1,742		31,060
Hovnanian Enterprises, Inc., Class A *		113		16,092
Installed Building Products, Inc.		3,050		701,012
KB Home		7,849		491,269
La-Z-Boy, Inc.		4,321		173,359
Legacy Housing Corp. *@		1,146		30,105
LGI Homes, Inc. *		699		44,512

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Household Durables (Continued)
M/I Homes, Inc. *		2,340	$	376,249
Meritage Homes Corp.		6,982		585,441
Mohawk Industries, Inc. *		3,847		466,756
Newell Brands, Inc.		16,233		99,671
Orleans Homebuilders, Inc. *@§		4,953		—
Somnigroup International, Inc.		16,837		1,320,021
Sonos, Inc. *		7,732		104,614
Taylor Morrison Home Corp. *		9,778		701,474
Toll Brothers, Inc.		10,507		1,731,028
TopBuild Corp. *		2,826		1,001,902
				9,489,141
Household Products — 0.2%
Central Garden & Pet Co. *		427		18,933
Central Garden & Pet Co., Class A *		5,031		195,052
Energizer Holdings, Inc.		4,201		90,069
Oil-Dri Corp. of America		611		62,450
Reynolds Consumer Products, Inc.		1,511		40,570
Spectrum Brands Holdings, Inc.		1,189		101,957
WD-40 Co.		1,229		299,434
				808,465
Independent Power Producers & Energy Traders — 0.4%
AES Corp. (The)		14,453		211,881
Clearway Energy, Inc., Class C		12,687		433,642
Hallador Energy Co. *		3,193		55,526
Ormat Technologies, Inc.		5,451		593,614
				1,294,663
Insurance — 4.3%
Abacus Global Management, Inc. @		1,581		16,933
American Coastal Insurance Corp.		3,026		33,589
American Financial Group, Inc.		3,696		517,218
AMERISAFE, Inc.		892		30,176
Assurant, Inc.		4,101		1,101,242
Assured Guaranty Ltd.		4,657		373,305
Axis Capital Holdings Ltd.		4,830		518,935
Baldwin Insurance Group, Inc. (The) *@		4,624		122,906
Bowhead Specialty Holdings, Inc. *		1,887		56,478
Brighthouse Financial, Inc. *		4,027		254,909
Citizens, Inc. *		6,126		35,163
CNO Financial Group, Inc.		8,455		431,036
Crawford & Co., Class A		3,214		36,222
Crawford & Co., Class B		3,345		34,888
Donegal Group, Inc., Class A		2,745		51,771
Employers Holdings, Inc.		2,665		134,529
F&G Annuities & Life, Inc.		2,662		70,783
Fidelity National Financial, Inc.		3,987		188,027
First American Financial Corp.		7,508		514,974
Genworth Financial, Inc. *		27,488		260,311
Globe Life, Inc.		3,866		690,777
Greenlight Capital Re Ltd., Class A *		2,687		43,476
Hamilton Insurance Group Ltd., Class B		4,094		138,950
Hanover Insurance Group, Inc. (The)		2,145		459,287
HCI Group, Inc.		882		154,571
Heritage Insurance Holdings, Inc. *		1,986		51,795
Hippo Holdings, Inc. *		1,768		49,964
Horace Mann Educators Corp.		4,392		226,847
Investors Title Co.		279		76,357
James River Group Holdings, Inc.		1,700		7,480
Kemper Corp.		5,843		157,527
Kinsale Capital Group, Inc.		808		266,486
Lincoln National Corp.		7,815		276,260
Mercury General Corp.		3,869		412,513
Old Republic International Corp.		20,327		831,781
Oscar Health, Inc., Class A *		7,429		211,875
Palomar Holdings, Inc. *		1,757		222,067
Pelagos Insurance Capital Ltd.		5,980		145,613
Primerica, Inc.		2,788		792,350
Reinsurance Group of America, Inc.		3,182		676,652
RenaissanceRe Holdings Ltd.		2,896		917,742
RLI Corp.		7,825		462,223
Root, Inc., Class A *		262		14,651
Safety Insurance Group, Inc.		1,493		111,766
Selective Insurance Group, Inc.		5,516		535,107
SiriusPoint Ltd. *		7,656		183,744
Skyward Specialty Insurance Group, Inc. *		2,578		150,426
Stewart Information Services Corp.		2,578		170,200
Tiptree, Inc.		2,949		52,846
Trupanion, Inc. *		2,139		52,983
TWFG, Inc. *		1,142		27,465
Unico American Corp. *§		1,700		—
United Fire Group, Inc.		1,485		77,873
Universal Insurance Holdings, Inc.		2,828		116,966
Unum Group		14,680		1,312,392
White Mountains Insurance Group Ltd.		170		352,476
				15,214,883
Interactive Media & Services — 0.4%
Angi, Inc. *		1,799		10,704
Bumble, Inc., Class A *		5,850		18,720
Cargurus, Inc. *		4,669		159,166
Cars.com, Inc. *		3,931		43,005
EverQuote, Inc., Class A *		1,321		31,427
Grindr, Inc. *		2,181		31,341
Match Group, Inc.		8,057		306,569
MediaAlpha, Inc., Class A *		1,710		21,495
Nextdoor Holdings, Inc. *		14,627		33,203
Pinterest, Inc., Class A *		8,197		172,383
QuinStreet, Inc. *		4,281		62,717
Shutterstock, Inc.		1,210		16,879
TripAdvisor, Inc. *		7,556		103,593
Yelp, Inc. *		2,980		73,070

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Interactive Media & Services (Continued)
Ziff Davis, Inc. *		2,996	$	156,900
ZoomInfo Technologies, Inc. *		11,989		35,128
				1,276,300
IT Services — 0.3%
Amdocs Ltd.		3,682		186,088
Backblaze, Inc., Class A *		3,000		47,580
DXC Technology Co. *		10,932		96,748
Everforth, Inc. *		4,078		72,874
Fastly, Inc., Class A *		9,817		180,240
Globant SA *		761		22,023
Grid Dynamics Holdings, Inc. *		1,651		9,378
Hackett Group, Inc. (The)		3,495		37,641
Information Services Group, Inc.		2,180		8,960
Kyndryl Holdings, Inc. *		9,646		109,096
Okta, Inc. *		2,791		380,832
TSS, Inc. *@		889		10,935
				1,162,395
Leisure Equipment & Products — 0.5%
Acushnet Holdings Corp.		541		64,125
Brunswick Corp.		3,312		279,003
Callaway Golf Co. *		7,819		146,919
Escalade, Inc.		1,950		36,621
Funko, Inc., Class A *@		2,073		12,189
Hasbro, Inc.		3,807		314,420
JAKKS Pacific, Inc.		500		11,640
Johnson Outdoors, Inc., Class A		1,000		46,040
Latham Group, Inc. *		6,782		43,879
Malibu Boats, Inc., Class A *		2,116		58,042
MasterCraft Boat Holdings, Inc. *		2,494		64,395
Mattel, Inc. *		17,770		246,648
Peloton Interactive, Inc., Class A *		1,693		10,006
Polaris, Inc.		3,949		270,270
Smith & Wesson Brands, Inc.		2,884		43,375
Sturm Ruger & Co., Inc.		1,025		38,796
YETI Holdings, Inc. *		4,641		230,008
				1,916,376
Life Sciences Tools & Services — 0.9%
10X Genomics, Inc., Class A *		7,244		277,735
Azenta, Inc. *		2,245		57,292
Bio-Rad Laboratories, Inc., Class A *		154		45,216
BioLife Solutions, Inc. *		3,684		104,036
Bruker Corp.		4,966		298,854
Charles River Laboratories International, Inc. *		891		202,070
CryoPort, Inc. *		2,913		45,734
Cytek Biosciences, Inc. *		7,745		34,310
Fortrea Holdings, Inc. *		5,873		102,190
Maravai LifeSciences Holdings, Inc., Class A *		6,182		38,576
Medpace Holdings, Inc. *		2,141		1,133,852
Mesa Laboratories, Inc.		293		29,168
OmniAb, Inc. *		8,462		20,817
OmniAb, Inc. *§		654		—
OmniAb, Inc. *§		654		—
Personalis, Inc. *@		6,114		81,928
Repligen Corp. *		3,188		434,971
Revvity, Inc.		3,081		342,792
				3,249,541
Machinery — 5.6%
Aebi Schmidt Holding AG		4,070		51,079
AGCO Corp.		4,840		579,348
Alamo Group, Inc.		1,213		199,526
Albany International Corp., Class A		2,901		216,124
Allison Transmission Holdings, Inc.		6,647		749,383
Astec Industries, Inc.		1,354		82,851
CECO Environmental Corp. *		7,043		639,082
CNH Industrial NV		11,489		129,021
Columbus McKinnon Corp.		2,642		39,973
Crane Co.		3,089		689,063
Donaldson Co., Inc.		8,206		736,653
Douglas Dynamics, Inc.		2,507		135,253
Eastern Co. (The)		776		21,612
Enerpac Tool Group Corp.		4,909		176,037
Enpro, Inc.		1,812		682,997
Esab Corp.		418		41,227
ESCO Technologies, Inc.		2,200		770,088
Federal Signal Corp.		5,267		676,757
Flowserve Corp.		2,564		190,146
Franklin Electric Co., Inc.		4,975		533,270
Gorman-Rupp Co. (The)		2,754		252,652
Graco, Inc.		4,511		341,077
Greenbrier Cos., Inc. (The)		2,663		130,514
Helios Technologies, Inc.		2,930		261,502
Hurco Cos., Inc. *		1,000		22,895
Hyster-Yale, Inc.		165		5,785
IDEX Corp.		100		22,695
ITT, Inc.		5,131		1,014,707
Kadant, Inc.		1,029		323,343
Kennametal, Inc.		3,360		117,768
L.B. Foster Co., Class A *		1,565		70,691
Lincoln Electric Holdings, Inc.		3,365		893,441
Lindsay Corp.		1,109		137,294
Manitowoc Co., Inc. (The) *		3,607		50,101
Middleby Corp. (The) *		2,710		466,147
Miller Industries, Inc.		1,261		64,500
Mueller Industries, Inc.		9,528		1,171,277
Mueller Water Products, Inc., Class A		15,406		397,937
Nordson Corp.		494		149,035
Omega Flex, Inc.		590		18,520
Oshkosh Corp.		4,130		633,872
Park-Ohio Holdings Corp.		2,182		83,898

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Machinery (Continued)
Pentair PLC		11,013	$	844,257
Perma-Pipe International Holdings, Inc. *		1,900		51,737
RBC Bearings, Inc. *		336		216,404
SPX Technologies, Inc. *		4,109		1,007,404
Standex International Corp.		1,107		395,941
Stanley Black & Decker, Inc.		2,815		264,948
Tennant Co.		1,721		150,656
Terex Corp.		6,303		456,274
Timken Co. (The)		6,902		1,002,999
Titan International, Inc. *		4,338		33,446
Toro Co. (The)		3,825		372,631
Trinity Industries, Inc.		4,908		169,719
Wabash National Corp.		2,121		28,634
Watts Water Technologies, Inc., Class A		2,360		923,822
Worthington Enterprises, Inc.		4,458		239,662
				20,127,675
Marine Transportation — 0.4%
Costamare Bulkers Holdings Ltd. *		1,145		20,106
Costamare, Inc.		5,728		80,307
Kirby Corp. *		4,368		593,917
Matson, Inc.		2,963		569,577
				1,263,907
Media — 0.9%
AMC Global Media, Inc. *		1,250		12,475
Boston Omaha Corp., Class A *@		900		12,276
DoubleVerify Holdings, Inc. *		9,879		107,088
Entravision Communications Corp., Class A		3,329		43,410
Gray Media, Inc.		8,433		33,479
John Wiley & Sons, Inc., Class A		2,775		134,615
Magnite, Inc. *		9,743		184,922
National CineMedia, Inc.		2,942		11,180
New York Times Co. (The), Class A		17,457		1,221,641
News Corp., Class A		19,977		496,029
News Corp., Class B		7,188		201,695
Nexstar Media Group, Inc.		2,102		375,396
PubMatic, Inc., Class A *		1,357		17,804
Scholastic Corp.		1,911		87,906
Sinclair, Inc.		2,838		40,442
Stagwell, Inc. *@		10,186		75,682
TechTarget, Inc. *		2,200		7,920
USA TODAY Co., Inc. *@		8,755		74,855
				3,138,815
Metals & Mining — 1.2%
Alpha Metallurgical Resources, Inc. *		901		148,611
American Battery Technology Co. *@		6,986		19,770
Caledonia Mining Corp. PLC		1,095		20,915
Century Aluminum Co. *		8,912		410,041
Coeur Mining, Inc.		16,461		268,644
Commercial Metals Co.		12,402		778,226
Compass Minerals International, Inc. *		2,502		77,887
Dakota Gold Corp. *		1,813		7,723
Fortitude Gold Corp.		4,671		23,308
Friedman Industries, Inc.		700		22,526
Hecla Mining Co.		30,869		476,309
Ivanhoe Electric, Inc. *		1,861		17,884
Kaiser Aluminum Corp.		1,901		371,893
Materion Corp.		1,832		544,819
McEwen, Inc. *		3,801		68,912
Metallus, Inc. *		3,673		68,648
MP Materials Corp. *@		4,905		274,729
Nexa Resources SA *		5,122		62,693
Ramaco Resources, Inc., Class A *		3,376		44,664
Royal Gold, Inc.		254		50,701
Ryerson Holding Corp.		6,667		164,075
SunCoke Energy, Inc.		5,320		42,826
Tredegar Corp. *		1,300		10,348
Warrior Met Coal, Inc.		938		76,128
Worthington Steel, Inc.		3,627		121,795
				4,174,075
Multi-Utilities — 0.3%
Avista Corp.		6,896		282,115
Black Hills Corp.		6,023		448,111
Northwestern Energy Group, Inc.		4,148		297,080
Unitil Corp.		1,923		101,323
				1,128,629
Oil, Gas & Consumable Fuels — 2.5%
Amplify Energy Corp. *		1,867		7,431
Antero Midstream Corp.		32,353		736,031
Antero Resources Corp. *		7,435		261,266
APA Corp.		2,924		95,235
Ardmore Shipping Corp.		2,990		41,890
BKV Corp. *		4,270		116,827
California Resources Corp.		1,759		92,998
Calumet, Inc. *		2,362		85,079
Centrus Energy Corp., Class A *		1,074		180,292
Chord Energy Corp.		393		44,920
Clean Energy Fuels Corp. *		12,495		25,615
CNX Resources Corp. *		16,780		569,345
Comstock Resources, Inc. *@		8,676		129,446
Comstock, Inc. *		3,100		12,896
Core Natural Resources, Inc.		1,743		139,475
Crescent Energy Co., Class A		9,111		89,470
CVR Energy, Inc.		5,513		151,828
Delek U.S. Holdings, Inc.		1,924		97,758
DHT Holdings, Inc.		11,638		192,376
Dorian LPG Ltd.		3,332		115,887
DT Midstream, Inc.		2,684		393,850
Evolution Petroleum Corp.		5,356		19,710
Excelerate Energy, Inc., Class A		1,191		45,246
Granite Ridge Resources, Inc.		7,696		33,939
Green Plains, Inc. *		4,293		66,026
Gulfport Energy Corp. *		944		160,197

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels (Continued)
HF Sinclair Corp.		8,792	$	612,363
International Seaways, Inc.		4,383		335,694
Kinetik Holdings, Inc.		968		46,793
Kosmos Energy Ltd. *		34,139		72,033
Magnolia Oil & Gas Corp., Class A		9,140		233,801
Matador Resources Co.		10,827		538,968
Murphy Oil Corp.		7,588		247,065
NACCO Industries, Inc., Class A		533		26,677
Nordic American Tankers Ltd. @		15,466		85,682
Northern Oil and Gas, Inc.		6,921		125,616
Par Pacific Holdings, Inc. *		2,616		146,705
PBF Energy, Inc., Class A		7,572		344,677
Peabody Energy Corp.		8,429		194,879
Permian Resources Corp., Class A		18,990		349,606
PrimeEnergy Resources Corp. @*		123		20,528
Range Resources Corp.		13,876		516,048
REX American Resources Corp. *		3,102		140,055
Riley Exploration Permian, Inc.		1,228		40,475
SandRidge Energy, Inc.		2,175		29,798
Scorpio Tankers, Inc.		2,479		171,696
SFL Corp. Ltd.		9,725		99,195
SM Energy Co.		4,988		130,187
Sunococorp LLC		1,049		70,986
Talos Energy, Inc. *		12,133		156,637
Teekay Corp. Ltd.		5,222		52,220
Teekay Tankers Ltd., Class A		2,169		140,703
Vaalco Energy, Inc.		7,646		38,842
Vitesse Energy, Inc. @		2,544		40,119
W&T Offshore, Inc.		5,182		16,323
World Kinect Corp.		3,183		104,848
				9,034,252
Paper & Forest Products — 0.2%
Clearwater Paper Corp. *		1,838		28,820
Louisiana-Pacific Corp.		6,194		487,220
Magnera Corp. *		937		11,010
Resolute Forest Products, Inc. CVR *¶§		7,629		—
Sylvamo Corp.		2,034		76,885
				603,935
Passenger Airlines — 0.2%
Aduro Biotech, Inc. CVR *¶§		237		—
Alaska Air Group, Inc. *		1,516		79,135
Allegiant Travel Co. *		441		51,862
American Airlines Group, Inc. *		6,571		118,738
SkyWest, Inc. *		3,627		360,270
				610,005
Personal Products — 0.2%
Edgewell Personal Care Co.		2,610		70,104
elf Beauty, Inc. *		4,063		300,662
Herbalife Ltd. *		4,298		56,519
Honest Co., Inc. (The) *		3,674		13,447
Interparfums, Inc.		2,826		316,116
Medifast, Inc. *		1,290		13,687
Nature’s Sunshine Products, Inc. *		1,700		37,060
Niagen Bioscience, Inc. *@		4,400		14,036
USANA Health Sciences, Inc. *		2,205		47,077
				868,708
Pharmaceuticals — 1.3%
Aclaris Therapeutics, Inc. *		3,657		19,346
Amphastar Pharmaceuticals, Inc. *		5,315		107,257
Amylyx Pharmaceuticals, Inc. *		2,673		48,007
ANI Pharmaceuticals, Inc. *		1,669		138,160
Arvinas, Inc. *		3,522		29,268
Atea Pharmaceuticals, Inc. *		3,390		15,764
BioAge Labs, Inc. *		1,230		30,147
Collegium Pharmaceutical, Inc. *@		2,590		93,758
Contineum Therapeutics, Inc., Class A *		1,024		16,783
Corcept Therapeutics, Inc. *		7,842		681,862
Crinetics Pharmaceuticals, Inc. *		3,969		148,520
Edgewise Therapeutics, Inc. *		3,194		129,772
Elanco Animal Health, Inc. *		13,501		332,260
Enliven Therapeutics, Inc. *		2,723		138,192
Eton Pharmaceuticals, Inc. *		422		15,276
EyePoint, Inc. *		4,428		63,320
Harmony Biosciences Holdings, Inc. *		2,191		79,774
Harrow, Inc. *		1,241		52,705
Innoviva, Inc. *		5,963		135,420
Jazz Pharmaceuticals PLC *		2,825		680,740
Ligand Pharmaceuticals, Inc. *		1,727		545,887
MBX Biosciences, Inc. *		1,417		78,218
Neumora Therapeutics, Inc. *		5,693		9,678
Ocular Therapeutix, Inc. *		12,595		123,683
Organon & Co.		1,332		18,035
Pacira BioSciences, Inc. *		2,431		61,675
Perrigo Co. PLC		4,736		49,207
Phibro Animal Health Corp., Class A		1,311		41,165
Prestige Consumer Healthcare, Inc. *		5,152		243,535
Rapport Therapeutics, Inc. *		2,550		106,259
Septerna, Inc. *		410		13,731
SIGA Technologies, Inc.		5,422		19,736
Supernus Pharmaceuticals, Inc. *		5,158		239,899
Theravance Biopharma, Inc. *@		2,895		49,215
Viatris, Inc.		10,266		163,024
WaVe Life Sciences Ltd. *		4,392		25,518
Xeris Biopharma Holdings, Inc. *		3,350		26,532
Zevra Therapeutics, Inc. *		3,108		44,569
				4,815,897
Professional Services — 1.3%
Amentum Holdings, Inc. *		16		331
Barrett Business Services, Inc.		3,196		113,522
Booz Allen Hamilton Holding Corp.		513		31,124
CACI International, Inc., Class A *		1,409		652,733
Concentrix Corp. @		1,636		36,655
CRA International, Inc.		567		80,684

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Professional Services (Continued)
ExlService Holdings, Inc. *		13,901	$	359,480
Exponent, Inc.		4,607		270,707
Franklin Covey Co. *@		1,628		39,935
FTI Consulting, Inc. *		3,603		536,883
Genpact Ltd.		9,689		266,448
Huron Consulting Group, Inc. *		1,957		176,443
ICF International, Inc.		2,012		146,594
Insperity, Inc.		3,407		140,743
KBR, Inc.		12,616		435,631
Kforce, Inc.		1,735		81,406
Korn Ferry		4,964		330,503
Mastech Digital, Inc. *		2,122		16,403
Maximus, Inc.		2,874		154,506
Parsons Corp. *		1,549		81,152
Paycom Software, Inc.		332		41,726
Paylocity Holding Corp. *		2,396		250,454
RCM Technologies, Inc. *		1,296		36,586
Science Applications International Corp.		2,559		282,539
TIC Solutions, Inc. *@		7,383		59,728
TriNet Group, Inc.		3,424		169,454
TrueBlue, Inc. *		3,431		23,914
Verra Mobility Corp. *		1,691		7,187
				4,823,471
Real Estate Management & Development — 0.7%
AGNT, Inc. @		9,326		50,454
Compass, Inc., Class A *		4,133		50,960
Cushman & Wakefield Ltd. *		10,173		136,216
Douglas Elliman, Inc. *		8,113		14,360
Five Point Holdings LLC, Class A *		2,100		11,067
Forestar Group, Inc. *		3,530		111,724
FRP Holdings, Inc. *		400		9,996
Howard Hughes Holdings, Inc. *		2,872		205,319
Jones Lang LaSalle, Inc. *		3,879		1,202,296
Marcus & Millichap, Inc.		2,297		71,597
Maui Land & Pineapple Co., Inc. *		293		5,210
Newmark Group, Inc., Class A		11,400		172,254
Opendoor Technologies, Inc. *		18,519		85,558
RMR Group, Inc. (The), Class A		1,239		25,437
St. Joe Co. (The)		3,300		206,679
Stratus Properties, Inc. *		313		8,999
Tejon Ranch Co. *@		2,249		42,056
Zillow Group, Inc., Class C *		3,388		106,790
				2,516,972
Semiconductors & Semiconductor Equipment — 4.4%
ACM Research, Inc., Class A *		4,052		514,158
Allegro MicroSystems, Inc. *		1,272		88,557
Alpha & Omega Semiconductor Ltd. *		2,886		136,594
Ambarella, Inc. *		2,233		191,591
Amkor Technology, Inc.		24,529		2,115,136
Amtech Systems, Inc. *		2,822		65,132
Axcelis Technologies, Inc. *		3,412		646,403
CEVA, Inc. *		3,095		145,960
Cirrus Logic, Inc. *		3,204		475,890
Cohu, Inc. *		3,788		279,971
Diodes, Inc. *		4,900		536,256
Everspin Technologies, Inc. *		400		9,672
FormFactor, Inc. *		8,126		1,299,591
GSI Technology, Inc. *		1,572		12,152
Ichor Holdings Ltd. *		2,113		237,248
Kulicke & Soffa Industries, Inc.		5,924		792,394
Lattice Semiconductor Corp. *		5,018		767,553
MACOM Technology Solutions Holdings, Inc. *		1,731		658,421
MaxLinear, Inc. *		3,913		500,981
NVE Corp.		256		26,765
Onto Innovation, Inc. *		4,274		1,617,495
PDF Solutions, Inc. *		4,938		349,561
Penguin Solutions, Inc. *		3,263		248,021
Photronics, Inc. *		7,008		227,970
Power Integrations, Inc.		6,164		516,297
Qorvo, Inc. *		2,545		237,372
Rambus, Inc. *		9,260		1,229,173
Silicon Laboratories, Inc. *		378		82,616
Skyworks Solutions, Inc.		2,640		178,992
Synaptics, Inc. *		4,162		517,045
Teradyne, Inc.		267		129,185
Ultra Clean Holdings, Inc. *		4,298		612,852
Veeco Instruments, Inc. *		4,270		323,666
				15,770,670
Software — 2.3%
8x8, Inc. *		1,774		3,034
A10 Networks, Inc.		4,234		158,182
ACI Worldwide, Inc. *		8,881		446,625
Adeia, Inc.		7,577		249,511
Agilysys, Inc. *		1,277		133,446
Alarm.com Holdings, Inc. *		1,693		79,097
Alkami Technology, Inc. *@		3,758		68,095
Amplitude, Inc., Class A *		4,351		33,285
AvePoint, Inc. *		7,228		81,026
Bill Holdings, Inc. *		2,000		72,320
Blackbaud, Inc. *		5,719		169,397
BlackLine, Inc. *		2,330		65,403
Box, Inc., Class A *		7,367		195,520
Braze, Inc., Class A *		6,536		141,766
CCC Intelligent Solutions Holdings, Inc. *		28,197		145,497
Cerence, Inc. *		1,605		18,169
Cleanspark, Inc. *@		17,765		258,481
Commvault Systems, Inc. *		2,675		379,128
Consensus Cloud Solutions, Inc. *		1,449		55,279
CS Disco, Inc. *		2,700		10,206
Daily Journal Corp. *@		79		47,494

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Software (Continued)
Digital Turbine, Inc. *		9,261	$	119,467
DocuSign, Inc. *		5,112		227,075
Dolby Laboratories, Inc., Class A		1,224		64,358
Dropbox, Inc., Class A *		14,286		392,436
Dynatrace, Inc. *		7,032		308,775
eGain Corp. *@		4,304		27,115
Five9, Inc. *		4,693		100,055
Freshworks, Inc., Class A *		9,400		95,128
Gen Digital, Inc.		15,392		383,107
I3 Verticals, Inc., Class A *@		1,470		31,399
Intapp, Inc. *		786		19,815
InterDigital, Inc.		2,792		790,499
JFrog Ltd. *		479		43,532
LiveRamp Holdings, Inc. *		7,539		283,768
Manhattan Associates, Inc. *		782		108,893
MARA Holdings, Inc. *@		7,167		99,550
Mitek Systems, Inc. *		3,419		68,824
N-able, Inc. *		10,174		37,339
nCino, Inc. *		6,891		112,668
NCR Voyix Corp. @*		5,307		43,358
Nutanix, Inc., Class A *		4,180		213,013
OneSpan, Inc.		2,012		28,872
Ooma, Inc. *		1,297		24,928
Porch Group, Inc. *		6,205		93,323
Progress Software Corp. *		4,129		138,652
Q2 Holdings, Inc. *		2,678		128,812
Qualys, Inc. *		3,876		532,911
Red Violet, Inc. *		698		44,477
Rimini Street, Inc. *		3,072		13,087
RingCentral, Inc., Class A		3,262		127,153
SentinelOne, Inc., Class A *		5,750		97,577
Sprinklr, Inc., Class A *		7,658		39,515
Telos Corp. *		2,908		13,377
Tenable Holdings, Inc. *		4,998		184,326
Teradata Corp. *@		4,402		152,529
UiPath, Inc., Class A *		7,523		81,775
Unity Software, Inc. *		2,579		73,708
Varonis Systems, Inc. *		1,805		75,738
Vertex, Inc., Class A *		1,558		17,886
Xperi, Inc. *		1,897		15,612
Yext, Inc. *		4,488		20,959
				8,286,352
Specialty Retail — 2.6%
1-800-Flowers.com, Inc., Class A *		3,880		13,502
Abercrombie & Fitch Co., Class A *		3,727		335,467
Academy Sports & Outdoors, Inc.		4,400		207,372
Advance Auto Parts, Inc. @		3,878		241,289
American Eagle Outfitters, Inc.		11,649		200,363
Arhaus, Inc. @		2,720		22,902
Arko Corp.		6,437		51,689
Asbury Automotive Group, Inc. *		2,143		430,915
AutoNation, Inc. *		4,060		754,308
Bath & Body Works, Inc.		1,927		44,572
Bed Bath & Beyond, Inc. *		3,641		21,081
Boot Barn Holdings, Inc. *		2,603		427,595
Buckle, Inc. (The)		5,018		211,760
Build-A-Bear Workshop, Inc. @		1,640		50,200
Caleres, Inc.		3,874		47,921
Citi Trends, Inc. *		818		47,313
Designer Brands, Inc., Class A @		2,426		14,144
Envela Corp. *		973		28,100
Five Below, Inc. *		5,505		989,744
Floor & Decor Holdings, Inc., Class A *		4,095		243,079
GameStop Corp., Class A *		752		16,604
Gap, Inc. (The)		6,158		115,032
Genesco, Inc. *		1,490		50,317
Group 1 Automotive, Inc.		1,103		321,161
Haverty Furniture Cos., Inc.		1,983		50,626
Lands’ End, Inc. *@		1,298		13,603
Lithia Motors, Inc.		1,581		459,265
MarineMax, Inc. *		2,209		80,894
Monro, Inc.		3,090		52,870
Murphy USA, Inc.		1,712		922,546
Penske Automotive Group, Inc.		1,819		325,510
Petco Health & Wellness Co., Inc. *		18,206		49,520
Revolve Group, Inc. *		2,353		53,860
RH *		807		132,937
Sally Beauty Holdings, Inc. *		3,266		46,181
Shoe Station Group, Inc.		3,062		45,410
Signet Jewelers Ltd.		4,741		408,674
Sonic Automotive, Inc., Class A		1,991		168,817
Stitch Fix, Inc., Class A *		7,576		31,137
Upbound Group, Inc.		6,271		133,071
Urban Outfitters, Inc. *		2,086		147,814
Valvoline, Inc. *		6,915		273,419
Victoria’s Secret & Co. *		4,630		386,512
Warby Parker, Inc., Class A *		5,607		170,116
Wayfair, Inc., Class A *		1,043		96,394
Winmark Corp.		455		192,501
Zumiez, Inc. *		2,406		42,827
				9,170,934
Textiles, Apparel & Luxury Goods — 1.2%
Birkenstock Holding PLC *@		260		11,188
Capri Holdings Ltd. *		6,870		127,576
Carter’s, Inc.		2,563		105,493
Columbia Sportswear Co.		3,476		214,886
Figs, Inc., Class A *		9,880		101,072
Fossil Group, Inc. *		2,500		10,350
G-III Apparel Group Ltd.		5,008		168,820
Kontoor Brands, Inc.		3,023		251,937
Lakeland Industries, Inc. @		1,669		17,842
Levi Strauss & Co., Class A		1,049		26,047
Movado Group, Inc.		2,220		87,268
Oxford Industries, Inc. @		1,665		58,059
PVH Corp.		3,071		228,052

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Textiles, Apparel & Luxury Goods (Continued)
Ralph Lauren Corp.		2,279	$	914,813
Rocky Brands, Inc.		1,000		41,240
Steven Madden Ltd.		6,355		267,546
Superior Group of Cos., Inc.		2,200		28,864
Tapestry, Inc.		10,048		1,470,826
Under Armour, Inc., Class A *@		13,534		86,482
Under Armour, Inc., Class C *		14,361		89,325
VF Corp.		1,731		28,873
Wolverine World Wide, Inc.		4,490		74,220
				4,410,779
Tobacco — 0.1%
Turning Point Brands, Inc.		1,280		108,557
Universal Corp.		2,612		136,268
				244,825
Trading Companies & Distributors — 1.4%
Applied Industrial Technologies, Inc.		2,291		774,702
Boise Cascade Co.		3,680		285,678
Core & Main, Inc., Class A *		2,709		130,709
Distribution Solutions Group, Inc. *		224		6,126
DNOW, Inc. *		5,367		69,610
DXP Enterprises, Inc. *		1,824		307,782
GATX Corp.		3,309		586,322
Global Industrial Co.		3,303		110,518
Herc Holdings, Inc.		1,323		189,639
MSC Industrial Direct Co., Inc., Class A		936		111,337
NPK International, Inc. *		5,904		93,933
Rush Enterprises, Inc., Class A		6,868		501,261
SiteOne Landscape Supply, Inc. *		413		47,251
Titan Machinery, Inc. *		2,515		53,117
WESCO International, Inc.		4,569		1,578,270
Willis Lease Finance Corp.		605		138,424
				4,984,679
Water Utilities — 0.4%
American States Water Co.		4,082		337,296
Artesian Resources Corp., Class A		1,177		40,006
California Water Service Group		6,097		296,619
Consolidated Water Co. Ltd.		1,751		51,654
Essential Utilities, Inc.		8,329		319,084
H2O America		2,989		181,642
Middlesex Water Co.		2,133		119,789
Pure Cycle Corp. *		1,000		10,710
York Water Co. (The)		1,803		55,262
				1,412,062
Wireless Telecommunication Services — 0.0%
Array Digital Infrastructure, Inc.		1,856		67,299
Gogo, Inc. *		7,616		23,610
Spok Holdings, Inc.		2,839		29,071
				119,980
TOTAL COMMON STOCKS (Identified Cost $138,347,933)				357,684,580
PREFERRED STOCKS — 0.0%
Diversified Telecommunication Services — 0.0%
Liberty Latin America Ltd., 9.00% *		1,241		26,917
TOTAL PREFERRED STOCKS (Identified Cost $27,067)				26,917
RIGHTS AND WARRANTS — 0.0%
Computers & Peripherals — 0.0%
Xerox Holdings Corp. *		2,515		693
TOTAL RIGHTS AND WARRANTS (Identified Cost $0)				693

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

Table of Contents

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

SHORT-TERM INVESTMENTS — 0.6%
Investment Company — 0.0%
State Street Institutional U.S. Government Money Market Fund 3.330%		138,300	$	138,300

Collateral For Securities On Loan — 0.6%
State Street Navigator Securities Lending Government Money Market Portfolio 3.660%		1,986,879		1,986,879

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,125,179)				2,125,179

Total Investments — 100.5% (Identified Cost $140,500,179)				359,837,369
Liabilities in excess of Cash and Other Assets — (0.5%)				(1,776,820	)

Net Assets — 100.0%			$	358,060,549

†	See Note 1

*	Non-income producing security

@	A portion or all of the security was held on loan. As of June 30, 2026, the fair value of the securities on loan was $7,422,291.

¶	Contingent value rights based on future performance.

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

Key to abbreviations:

CVR — Contingent Value Rights

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

Table of Contents

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026


	SHARES		VALUE†
COMMON STOCKS — 98.6%
Australia — 6.0%
ANZ Group Holdings Ltd.		150,141	$	3,674,637
Aurizon Holdings Ltd.		187,962		543,966
Bendigo & Adelaide Bank Ltd.		20,521		149,891
BlueScope Steel Ltd.		103,358		2,280,615
Challenger Ltd.		54,241		375,538
Dyno Nobel Ltd.		195,063		529,403
Endeavour Group Ltd. @		60,152		135,350
Fortescue Ltd. @		90,885		1,204,999
Harvey Norman Holdings Ltd. @		136,089		454,146
National Australia Bank Ltd.		149,199		3,910,860
Northern Star Resources Ltd.		45,046		591,005
Orica Ltd.		50,333		825,202
Origin Energy Ltd.		168,307		1,279,470
Perseus Mining Ltd.		69,066		229,526
QBE Insurance Group Ltd.		127,828		2,229,359
Rio Tinto Ltd. @		23,574		2,815,615
Sandfire Resources Ltd. *		13,466		178,912
Santos Ltd.		512,778		2,559,708
Sonic Healthcare Ltd. @		54,564		786,148
South32 Ltd.		593,528		1,602,624
Suncorp Group Ltd.		130,499		1,742,871
TPG Telecom Ltd.		43,138		107,520
Westpac Banking Corp. @		209,812		5,114,723
Whitehaven Coal Ltd. @		99,731		526,842
Woodside Energy Group Ltd. @		134,304		2,623,118
Worley Ltd.		30,039		230,020
Yancoal Australia Ltd.		73,145		278,024
				36,980,092
Austria — 0.1%
Erste Group Bank AG		1,782		238,429
OMV AG		8,855		557,992
				796,421
Belgium — 0.8%
Ageas SA		21,755		1,740,008
Anheuser-Busch InBev SA		23,958		1,989,025
KBC Group NV		10,904		1,486,348
				5,215,381
Canada — 10.5%
AltaGas Ltd.		24,518		905,692
ARC Resources Ltd.		33,370		701,164
Bank of Montreal		27,083		4,785,566
Bank of Montreal		1,424		251,686
Bank of Nova Scotia (The)		59,376		5,156,212
Bank of Nova Scotia (The)		18,436		1,602,401
Barrick Mining Corp.		18,166		667,237
Canadian Imperial Bank of Commerce		56,832		6,544,546
Canadian Pacific Kansas City Ltd.		14,289		1,238,142
Canadian Tire Corp. Ltd., Class A @		240		33,058
Cenovus Energy, Inc.		64,965		1,611,782
Empire Co. Ltd., Class A		2,283		79,955
Fairfax Financial Holdings Ltd.		2,277		3,745,213
First Quantum Minerals Ltd. *		25,434		694,739
iA Financial Corp., Inc.		14,160		1,955,193
Kinross Gold Corp.		62,384		1,477,070
Kinross Gold Corp.		1		24
Lundin Mining Corp.		100,467		2,448,186
Magna International, Inc. @		32,969		2,164,745
Manulife Financial Corp.		45,685		1,850,699
Nutrien Ltd.		66,297		4,173,396
Pembina Pipeline Corp. @		31,627		1,462,749
Rogers Communications, Inc., Class B		14,402		468,065
Suncor Energy, Inc. ¥		67,770		3,645,938
Suncor Energy, Inc.		21,894		1,175,270
Teck Resources Ltd., Class B		32,869		1,954,391
Toronto-Dominion Bank (The)		11,768		1,430,830
Toronto-Dominion Bank (The) @		81,551		9,902,738
Tourmaline Oil Corp.		53,003		2,216,166
Whitecap Resources, Inc. @		65,637		681,708
				65,024,561
China — 0.0%
Budweiser Brewing Co. APAC Ltd. @±		150,900		117,367
Denmark — 2.0%
AP Moller - Maersk AS, Class A		191		440,883
AP Moller - Maersk AS, Class B		194		460,856
Carlsberg AS, Class B		12,201		1,598,040
Danske Bank AS		41,578		2,225,832
DSV AS		16,777		3,972,633
Genmab AS *		2,066		566,901
Novonesis Novozymes B, Class B		33,128		2,090,994
Rockwool AS, Class B		4,849		155,069
Tryg AS		15,313		348,552
Vestas Wind Systems AS		23,446		661,627
				12,521,387
Finland — 0.2%
Nokia OYJ		18,157		239,722
Nordea Bank Abp		28,127		533,489
UPM-Kymmene OYJ		4,302		114,039
				887,250
France — 10.6%
Alstom SA @*		7,667		133,288
Amundi SA ±		5,568		534,090
AXA SA		4,696		235,284
BNP Paribas SA		57,117		6,665,848
Bouygues SA		42,399		2,364,605
Carrefour SA		27,160		504,286
Cie de Saint-Gobain SA		62,218		5,627,507
Cie Generale des Etablissements Michelin SCA		119,912		4,624,136
Credit Agricole SA		53,157		1,068,671
Eiffage SA		11,127		1,641,340
Engie SA		231,637		7,302,201
Kering SA		416		117,547
Orange SA		322,578		6,083,373
Pernod Ricard SA		1,006		73,404

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

Table of Contents

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
France (Continued)
Publicis Groupe SA @		10,803	$	1,067,220
Renault SA @		3,817		109,382
Rexel SA		14,200		619,954
Sanofi SA		38,342		3,289,222
Societe Generale SA		82,075		7,255,672
TotalEnergies SE		206,199		16,028,069
Vinci SA		1,446		211,151
				65,556,250
Germany — 7.3%
Aumovio SE *		2,479		101,970
BASF SE		100,217		5,356,681
Bayer AG		98,545		5,450,845
Bayerische Motoren Werke AG		25,958		1,698,309
Commerzbank AG		88,483		3,763,978
Continental AG		8,730		719,789
Daimler Truck Holding AG		81,396		3,924,729
Deutsche Bank AG		94,182		3,188,016
Deutsche Bank AG		27		911
Deutsche Post AG		54,353		3,297,708
Deutsche Telekom AG		58,392		1,591,241
E.ON SE		152,793		3,146,827
Fresenius Medical Care AG		14,083		637,213
Fresenius SE & Co. KGaA		34,117		1,558,114
Hapag-Lloyd AG ±		1,127		143,580
Heidelberg Materials AG		21,305		4,062,862
Henkel AG & Co. KGaA		6,345		501,686
Mercedes-Benz Group AG		65,981		3,311,124
Merck KGaA		3,520		590,624
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		553		308,662
RWE AG		23,956		1,549,810
Volkswagen AG		4,164		342,798
				45,247,477
Hong Kong — 1.4%
BOC Hong Kong Holdings Ltd.		302,500		1,634,604
Cathay Pacific Airways Ltd. @		230,363		381,253
CK Asset Holdings Ltd.		82,569		465,124
CK Hutchison Holdings Ltd.		204,124		1,724,273
CK Infrastructure Holdings Ltd.		9,000		68,508
Henderson Land Development Co. Ltd. @		88,684		280,429
HKT Trust & HKT Ltd.		56,000		83,255
Hong Kong & China Gas Co. Ltd.		383,000		317,423
MTR Corp. Ltd. @		74,669		290,380
Sun Hung Kai Properties Ltd.		81,177		1,162,355
Swire Pacific Ltd., Class A		53,500		557,317
Swire Pacific Ltd., Class B		120,000		190,645
WH Group Ltd. ±		1,427,959		1,509,372
				8,664,938
Ireland — 0.4%
AIB Group PLC		73,001		857,047
Bank of Ireland Group PLC		65,003		1,294,197
				2,151,244
Israel — 0.9%
Bank Hapoalim BM		62,229		1,434,308
Bank Leumi Le-Israel BM		106,093		2,371,883
Clal Insurance Enterprises Holdings Ltd.		2,481		190,420
Delek Group Ltd.		1,842		470,303
Israel Discount Bank Ltd., Class A		131,549		1,304,068
				5,770,982
Italy — 1.9%
Banco BPM SpA		78,217		1,350,392
Eni SpA		212,093		4,996,998
Telecom Italia SpA *		45,585		414,496
UniCredit SpA		51,856		4,636,957
Unipol Assicurazioni SpA		21,052		587,158
				11,986,001
Japan — 22.4%
AGC, Inc. @		41,300		1,769,147
Air Water, Inc.		11,100		188,897
Aisin Corp.		67,500		907,708
Alfresa Holdings Corp.		13,000		173,818
Amada Co. Ltd.		27,500		499,193
Asahi Group Holdings Ltd. @		182,600		1,738,459
Asahi Kasei Corp.		191,300		2,107,188
Bridgestone Corp. @		78,600		1,648,427
Brother Industries Ltd. @		35,600		803,761
Canon Marketing Japan, Inc. @		14,800		313,304
Canon, Inc. @		4,600		117,323
Chiba Bank Ltd. (The)		38,200		579,596
Coca-Cola Bottlers Japan Holdings, Inc.		8,000		211,175
COMSYS Holdings Corp.		2,900		97,223
Cosmo Energy Holdings Co. Ltd.		23,800		554,472
Dai Nippon Printing Co. Ltd.		13,400		243,696
Daiichi Life Group, Inc.		250,400		2,738,930
Daiwa House Industry Co. Ltd.		58,900		1,600,057
Daiwa Securities Group, Inc.		74,700		733,011
Denso Corp.		98,200		1,133,019
ENEOS Holdings, Inc.		451,300		3,322,403
FUJIFILM Holdings Corp.		59,300		1,270,284
Fukuoka Financial Group, Inc.		13,600		571,870
Gunma Bank Ltd. (The)		8,800		126,781
Hachijuni Nagano Bank Ltd.		8,600		126,333
Hakuhodo DY Holdings, Inc. @		12,500		88,141
Hankyu Hanshin Holdings, Inc. @		28,300		743,551
Haseko Corp.		30,800		538,638
Hitachi Construction Machinery Co. Ltd.		8,000		258,507
Honda Motor Co. Ltd.		323,500		2,944,617

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

Table of Contents

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)


	SHARES		VALUE†
COMMON STOCKS (Continued)
Japan (Continued)
Hulic Co. Ltd. @		25,300	$	264,055
Idemitsu Kosan Co. Ltd.		147,000		1,083,096
Iida Group Holdings Co. Ltd.		14,400		193,334
INFRONEER Holdings, Inc.		12,800		210,703
Inpex Corp.		144,500		2,901,642
Isuzu Motors Ltd. @		85,200		1,126,865
Iyogin Holdings, Inc.		13,300		257,501
J Front Retailing Co. Ltd. @		35,100		780,816
Japan Airlines Co. Ltd.		19,000		333,036
Japan Post Holdings Co. Ltd.		54,700		729,692
Japan Post Insurance Co. Ltd.		13,500		126,743
JFE Holdings, Inc.		46,000		441,342
Kamigumi Co. Ltd.		15,700		491,388
Kirin Holdings Co. Ltd.		39,400		681,040
Kobe Steel Ltd.		43,300		498,658
Koito Manufacturing Co. Ltd.		27,300		428,066
Komatsu Ltd.		24,500		946,579
Kubota Corp. @		115,000		1,899,397
Kuraray Co. Ltd. @		46,000		471,896
Kyoto Financial Group, Inc.		26,000		718,620
Kyushu Financial Group, Inc.		16,500		145,826
Lixil Corp.		25,500		282,924
LY Corp.		162,700		434,080
Marubeni Corp.		23,300		672,081
Mazda Motor Corp.		37,400		250,376
Mebuki Financial Group, Inc.		83,070		721,393
Medipal Holdings Corp.		17,700		285,429
MEIJI Holdings Co. Ltd. @		26,100		607,414
Minebea Mitsumi, Inc.		38,700		1,131,998
Mitsubishi Chemical Group Corp.		124,300		862,711
Mitsubishi Estate Co. Ltd.		70,100		1,787,045
Mitsubishi Gas Chemical Co., Inc.		21,400		667,027
Mitsubishi Logistics Corp.		12,500		118,661
Mitsubishi UFJ Financial Group, Inc.		240,700		4,747,532
Mitsui & Co. Ltd.		12,300		340,189
Mitsui Chemicals, Inc.		70,800		928,789
Mitsui Fudosan Co. Ltd.		80,100		738,460
Mizuho Financial Group, Inc.		89,740		4,273,544
MS&AD Insurance Group Holdings, Inc.		44,084		1,149,581
NGK Corp.		41,200		1,908,536
NH Foods Ltd.		11,033		403,945
NHK Spring Co. Ltd.		7,800		186,371
Nikon Corp. @		17,200		240,130
Nippon Express Holdings, Inc. @		47,700		1,479,743
Nippon Steel Corp. @		210,635		694,495
Nissan Motor Co. Ltd. *		113,200		208,863
Nisshin Seifun Group, Inc.		22,800		278,418
Niterra Co. Ltd.		18,000		1,185,092
Nomura Holdings, Inc.		175,700		1,527,427
Nomura Real Estate Holdings, Inc.		118,500		680,266
Obayashi Corp.		12,700		254,398
Oji Holdings Corp.		164,200		803,252
Omron Corp.		3,700		131,984
Ono Pharmaceutical Co. Ltd.		19,200		281,987
Open House Group Co. Ltd.		7,900		411,872
Panasonic Holdings Corp.		214,900		5,950,243
Resona Holdings, Inc.		177,600		2,300,351
Resonac Holdings Corp.		22,300		2,427,565
Ricoh Co. Ltd.		81,000		700,427
SBI Holdings, Inc.		18,700		303,511
Seiko Epson Corp.		40,700		675,100
Seino Holdings Co. Ltd.		20,400		329,973
Sekisui Chemical Co. Ltd.		16,000		255,014
Sekisui House Ltd.		54,500		1,133,608
Seven & i Holdings Co. Ltd.		84,700		1,019,453
Shizuoka Financial Group, Inc.		46,000		855,807
Sojitz Corp.		35,820		1,139,182
Sompo Holdings, Inc.		23,400		897,747
Subaru Corp.		84,900		1,247,954
Sumitomo Chemical Co. Ltd.		157,200		496,462
Sumitomo Corp.		270,800		2,579,841
Sumitomo Electric Industries Ltd.		372,000		6,696,663
Sumitomo Forestry Co. Ltd. @		86,700		720,123
Sumitomo Heavy Industries Ltd.		19,000		591,051
Sumitomo Mitsui Financial Group, Inc.		216,600		8,453,788
Sumitomo Mitsui Trust Group, Inc.		49,800		1,855,153
Sumitomo Realty & Development Co. Ltd.		84,000		1,932,679
Sumitomo Rubber Industries Ltd. @		42,800		548,310
Suntory Beverage & Food Ltd. @		12,700		351,253
Suzuki Motor Corp.		103,600		1,245,978
T&D Holdings, Inc.		2,300		67,998
Taiheiyo Cement Corp.		3,200		78,152
Takashimaya Co. Ltd.		26,200		403,405
Takeda Pharmaceutical Co. Ltd.		126,173		4,000,257
Tokyo Tatemono Co. Ltd. @		37,600		762,198
Tokyu Fudosan Holdings Corp.		132,300		1,054,934
Toray Industries, Inc.		106,100		735,741
Tosoh Corp.		58,300		1,049,504
Toyo Seikan Group Holdings Ltd.		16,700		419,362
Toyo Tire Corp. @		7,400		169,668
Toyoda Gosei Co. Ltd.		15,300		481,127
Toyota Boshoku Corp.		5,500		71,915
Toyota Motor Corp.		294,950		4,943,195
Toyota Motor Corp., ADR @		2,917		491,281
Toyota Tsusho Corp.		62,400		2,294,211
Yamaha Motor Co. Ltd. @		111,600		842,860
Yamato Holdings Co. Ltd.		18,700		210,985
Yokohama Financial Group, Inc.		111,200		1,184,870
Yokohama Rubber Co. Ltd. (The) @		27,600		1,229,477
				138,754,213
Macau — 0.1%
Galaxy Entertainment Group Ltd.		119,000		446,391

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

Table of Contents

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Netherlands — 4.8%
ABN AMRO Bank NV, GDR		35,524	$	1,509,126
Aegon Ltd.		119,642		1,016,796
Akzo Nobel NV		13,002		881,560
ArcelorMittal SA @		40,735		2,453,062
ArcelorMittal SA =		1,708		102,847
ASR Nederland NV		17,592		1,327,445
Coca-Cola Europacific Partners PLC		8,210		823,629
HAL Trust		1,592		300,138
Heineken NV		19,819		1,666,686
ING Groep NV		198,598		6,278,823
Koninklijke Ahold Delhaize NV		159,582		6,421,958
Koninklijke KPN NV		263,030		1,297,122
Koninklijke Philips NV ¢		27,565		748,339
Koninklijke Philips NV @		41,074		1,116,802
NN Group NV		37,699		3,302,120
Stellantis NV *		125,958		716,072
				29,962,525
New Zealand — 0.2%
Auckland International Airport Ltd.		117,067		555,177
Fletcher Building Ltd. @*		56,820		109,398
Infratil Ltd. @		43,390		380,247
Mercury NZ Ltd.		30,130		118,075
Meridian Energy Ltd.		44,314		146,479
Port of Tauranga Ltd.		3,033		15,331
Summerset Group Holdings Ltd. @		8,007		39,564
				1,364,271
Norway — 0.8%
Aker BP ASA		22,520		689,808
Austevoll Seafood ASA		8,619		67,482
DNB Bank ASA		17,623		524,675
Equinor ASA		18,973		600,903
Norsk Hydro ASA		88,167		799,858
SpareBank 1 Sor-Norge ASA		18,440		360,287
Stolt-Nielsen Ltd.		433		12,751
Subsea 7 SA		28,831		984,480
TGS ASA		6,495		84,579
Yara International ASA		13,148		578,334
				4,703,157
Portugal — 0.0%
EDP Renewables SA @		8,296		134,318
Singapore — 1.4%
BW LPG Ltd. ±		5,825		101,570
BW LPG Ltd. @±		1,247		21,735
City Developments Ltd.		14,600		87,685
Genting Singapore Ltd. @		191,700		90,386
Hafnia Ltd.		9,131		59,683
Hongkong Land Holdings Ltd.		73,200		521,184
Keppel Ltd.		148,300		1,254,031
Oversea-Chinese Banking Corp. Ltd.		87,149		1,669,893
Seatrium Ltd. @		238,840		363,683
Singapore Airlines Ltd.		77,500		460,058
STMicroelectronics NV		16,980		1,251,193
United Overseas Bank Ltd.		71,400		2,194,291
UOL Group Ltd.		47,218		347,451
Wilmar International Ltd.		180,900		504,772
				8,927,615
Spain — 3.7%
Banco de Sabadell SA		74,625		264,241
Banco Santander SA		1,315,931		18,169,292
Cellnex Telecom SA ±*		8,456		252,657
Mapfre SA		35,087		173,592
Repsol SA @		173,224		4,356,345
				23,216,127
Sweden — 2.6%
Assa Abloy AB, Class B		3,612		127,548
Boliden AB		34,071		1,921,344
Essity AB, Class B		35,389		1,001,119
Evolution AB *±		1,380		94,672
Getinge AB, Class B		7,190		146,894
Hexagon AB, Class B		53,499		442,057
Hexpol AB @		16,597		123,669
Holmen AB, Class B		8,941		280,872
Husqvarna AB, Class B		29,807		116,076
Loomis AB		9,469		464,058
Securitas AB, Class B		59,785		981,583
Skandinaviska Enskilda Banken AB, Class A		122,336		2,433,763
Skanska AB, Class B		29,166		779,657
SKF AB, Class A		839		21,589
SKF AB, Class B		64,782		1,662,250
SSAB AB, Class A		29,362		272,110
SSAB AB, Class B @		84,454		780,231
Svenska Cellulosa AB SCA, Class A		244		2,496
Svenska Cellulosa AB SCA, Class B		25,812		263,807
Svenska Handelsbanken AB, Class A		54,423		800,375
Svenska Handelsbanken AB, Class B @		1,918		46,564
Swedbank AB, Class A		38,879		1,451,494
Swedish Orphan Biovitrum AB *		3,353		159,760
Telefonaktiebolaget LM Ericsson, Class B		9,317		103,919
Telia Co. AB		199,344		970,574
Trelleborg AB, Class B		10,544		438,882
				15,887,363
Switzerland — 8.0%
Alcon AG		30,384		2,053,176
Chocoladefabriken Lindt & Spruengli AG		2		237,624
Cie Financiere Richemont SA, Class A		25,566		5,902,645
DSM-Firmenich AG @		7,778		737,633
Helvetia Baloise Holding AG		3,566		920,628
Holcim AG		54,961		4,957,373
Julius Baer Group Ltd.		24,697		2,133,478

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

Table of Contents

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Switzerland (Continued)
Lonza Group AG		4,601	$	3,107,953
Novartis AG		2,121		332,273
Sandoz Group AG		24,470		2,214,414
Sandoz Group AG, ADR		572		51,760
Swiss Life Holding AG		3,535		3,892,000
Swiss Prime Site AG		1,636		267,065
Swiss Re AG		28,375		4,512,608
Swisscom AG		4,128		3,185,406
UBS Group AG		142,707		7,075,300
Zurich Insurance Group AG		11,149		8,259,643
				49,840,979
United Kingdom — 11.0%
Associated British Foods PLC @		9,107		239,908
Barclays PLC, ADR		124,117		3,333,783
British American Tobacco PLC		94,630		5,870,662
BT Group PLC		1,231,112		3,104,349
Centrica PLC		116,717		264,509
Glencore PLC *		485,546		3,309,142
HSBC Holdings PLC		18,452		350,198
HSBC Holdings PLC, ADR		78,806		7,493,662
J Sainsbury PLC		201,103		853,076
Kingfisher PLC		166,517		625,522
Lloyds Banking Group PLC		5,202,883		7,667,415
Lloyds Banking Group PLC, ADR		106,788		622,574
Natwest Group PLC		428,451		3,790,686
Natwest Group PLC, ADR @		51,478		907,557
Shell PLC, ADR		315,990		24,501,865
Standard Chartered PLC		159,181		4,309,482
Vodafone Group PLC		850,785		1,124,010
				68,368,400
United States — 1.5%
Amrize Ltd. *		54,961		2,912,661
BP PLC		299,981		1,858,637
BP PLC, ADR		90,293		3,336,326
International Paper Co.		16,133		608,819
Octave Intelligence PLC, SDR @*		5,349		86,278
Shell PLC		2,416		93,994
Sinch AB *±		25,107		98,239
Tenaris SA, ADR @		4,481		248,651
				9,243,605
TOTAL COMMON STOCKS (Identified Cost $334,661,198)				611,768,315

PREFERRED STOCKS — 0.4%
Germany — 0.4%
Bayerische Motoren Werke AG, 7.687%		7,858		515,818
Henkel AG & Co. KGaA, 2.822%		14,026		1,178,560
Volkswagen AG, 7.495%		12,250		981,179
				2,675,557
TOTAL PREFERRED STOCKS (Identified Cost $3,245,128)				2,675,557

SHORT-TERM INVESTMENTS — 2.2%
Collateral For Securities On Loan — 2.2%
State Street Navigator Securities Lending Government Money Market Portfolio 3.660%		13,503,480		13,503,480

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $13,503,480)				13,503,480

Total Investments — 101.2% (Identified Cost $351,409,806)				627,947,352
Liabilities in excess of Cash and Other Assets — (1.2%)				(7,474,153	)

Net Assets — 100.0%			$	620,473,199

†	See Note 1
@	A portion or all of the security was held on loan. As of June 30, 2026, the fair value of the securities on loan was $40,903,191.
*	Non-income producing security
¥	Traded on the Canada, Toronto Stock Exchange.
=	Traded on the France, Euronext Paris Exchange.
¢	Traded on the Netherlands, Euronext Amsterdam Stock Market.
±	144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at June 30, 2026 amounted to $2,873,282 or 0.46% of the net assets of the Fund.

Key to abbreviations:

ADR — American Depository Receipt

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

Table of Contents

SA International Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026

	SHARES		VALUE†

MUTUAL FUNDS — 100.0%
Others — 100.0%
DFA International Small Company Portfolio £		10,446,395	$	281,530,356

TOTAL MUTUAL FUNDS (Identified Cost $103,188,208)				281,530,356

Total Investments — 100.0% (Identified Cost $103,188,208)				281,530,356
Liabilities in excess of Cash and Other Assets — (0.0%)				(85,448	)

Net Assets — 100.0%			$	281,444,908

†	See Note 1

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

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026

	SHARES		VALUE†

COMMON STOCKS — 100.1%
Brazil — 2.0%
Azzas 2154 SA		4,900	$	16,971
Banco Bradesco SA		47,201		144,191
Banco do Brasil SA		67,954		262,086
Banco Santander Brasil SA		146,380		759,929
Brava Energia		13,142		49,133
C&A Modas SA		8,100		16,867
Cia Siderurgica Nacional SA *		34,656		31,015
Cogna Educacao SA		113,519		49,478
Cyrela Brazil Realty SA Empreendimentos e Participacoes		9,010		40,178
Gerdau SA, ADR		32,213		130,141
Grupo Mateus SA		25,900		18,413
Grupo SBF SA		12,700		25,389
Guararapes Confeccoes SA		5,700		10,092
Hypera SA		10,300		41,521
Iochpe Maxion SA		12,197		21,312
IRB Brasil Resseguros SA		3,822		40,794
JHSF Participacoes SA		40,831		89,614
Lojas Renner SA		26,229		74,994
M Dias Branco SA		2,888		9,801
Magazine Luiza SA		4,973		4,508
Petroleo Brasileiro SA - Petrobras		216,013		1,748,256
Petroleo Brasileiro SA - Petrobras,ADR		31,807		465,654
Petroreconcavo SA		10,435		20,173
PRIO SA *		6,383		64,482
Sao Martinho SA		10,312		31,362
Suzano SA		20,102		154,787
Vale SA		20,412		307,942
Vale SA, ADR		13,185		198,302
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		4,800		16,049
Vibra Energia SA		27,292		158,022
YDUQS Participacoes SA		9,300		15,998
				5,017,454
British Virgin Islands — 0.0%
AsiaInfo Technologies Ltd. @±		13,200		7,490
Canada — 0.0%
China Gold International Resources Corp. Ltd.		1,200		18,743
Cayman Islands — 0.1%
Fulgent Sun International Holding Co. Ltd.		8,315		18,976
Gourmet Master Co. Ltd. *		5,000		10,485
Trip.com Group Ltd. *		5,400		214,544
				244,005
Chile — 0.4%
Banco Itau Chile SA		717		14,619
CAP SA *		4,662		32,868
Cencosud SA		48,086		111,092
Cia Cervecerias Unidas SA, ADR @		4,298		48,138
Empresa Nacional de Telecomunicaciones SA		13,467		52,585
Empresas CMPC SA		47,954		53,365
Empresas Copec SA		19,513		121,718
Enel Americas SA		705,488		63,206
Falabella SA		20,400		127,361
Inversiones Aguas Metropolitanas SA		43,236		43,238
Ripley Corp. SA		81,141		33,883
Salfacorp SA		43,853		59,446
Sigdo Koppers SA		27,803		49,118
SMU SA		215,040		30,788
Sociedad Matriz SAAM SA		298,644		47,723
SONDA SA		83,103		26,140
Vina Concha y Toro SA		11,495		10,722
				926,010
China — 20.4%
361 Degrees International Ltd.		71,000		36,392
3SBio, Inc. ±		68,000		146,442
AAC Technologies Holdings, Inc.		12,000		65,333
AECC Aero-Engine Control Co. Ltd., Class A		7,100		19,138
Agricultural Bank of China Ltd., Class H		1,328,000		904,202
Airtac International Group		6,000		251,440
Alibaba Group Holding Ltd.		293,610		3,475,993
Aluminum Corp. of China Ltd., Class H		28,000		26,633
Anhui Conch Cement Co. Ltd., Class H @		57,000		121,880
Anhui Guangxin Agrochemical Co. Ltd., Class A *		4,312		6,088
Anhui Heli Co. Ltd., Class A		8,200		19,771
Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd., Class A		12,600		12,813
Anhui Huilong Agricultural Means of Production Co. Ltd., Class A		6,500		4,292
Anhui Jiangnan Chemical Industry Co. Ltd., Class A *		29,200		19,322
Anhui Truchum Advanced Materials & Technology Co. Ltd., Class A		13,800		27,598
Anhui Zhongding Sealing Parts Co. Ltd., Class A		13,300		35,066
Anjoy Foods Group Co. Ltd., Class A		2,200		26,000
Anton Oilfield Services Group		112,000		11,853
Asia - Potash International Investment Guangzhou Co. Ltd., Class A		4,400		26,515
Asymchem Laboratories Tianjin Co. Ltd., Class A		2,200		52,525
Autohome, Inc., ADR @		3,138		59,716
AviChina Industry & Technology Co. Ltd., Class H		219,000		80,699

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
*China (Continued)*
BAIC Foton Motor Co. Ltd.,Class A *		66,600	$	28,562
BAIC Motor Corp. Ltd., Class H *@±		145,000		14,421
Baidu, Inc., ADR @*		11,412		1,304,277
Baidu, Inc., Class A *		6,850		95,725
Bairong, Inc. *@±		21,500		12,747
Bank of Beijing Co. Ltd., Class A		98,400		71,058
Bank of Changsha Co. Ltd., Class A		25,500		32,733
Bank of Chengdu Co. Ltd., Class A		26,000		67,822
Bank of China Ltd., Class H		3,327,902		2,117,372
Bank of Chongqing Co. Ltd.,Class H		46,500		43,341
Bank of Communications Co. Ltd., Class H		462,400		397,378
Bank of Guiyang Co. Ltd., Class A		22,500		17,011
Bank of Hangzhou Co. Ltd., Class A		32,101		68,361
Bank of Jiangsu Co. Ltd., Class A		80,100		127,255
Bank of Nanjing Co. Ltd., Class A		61,300		89,347
Bank of Ningbo Co. Ltd., Class A		33,980		148,682
Bank of Qingdao Co. Ltd., Class H ±		53,000		28,518
Bank of Shanghai Co. Ltd., Class A		68,500		87,626
Bank of Suzhou Co. Ltd., Class A		22,220		22,792
Baoshan Iron & Steel Co. Ltd.,Class A		100,300		80,265
BBMG Corp., Class H @		103,000		7,223
Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A		48,000		19,241
Beijing Capital International Airport Co. Ltd., Class H *		108,000		19,967
Beijing Dabeinong Technology Group Co. Ltd., Class A		28,600		11,633
Beijing Easpring Material Technology Co. Ltd., Class A		2,700		19,116
Beijing Enterprises Holdings Ltd.		39,500		135,379
Beijing Enterprises WaterGroup Ltd. @		290,000		83,567
Beijing GeoEnviron Engineering & Technology, Inc., Class A		11,232		31,782
Beijing Jetsen Technology Co. Ltd., Class A		28,600		20,021
Beijing New Building Materials PLC, Class A		5,600		14,930
Beijing Originwater Technology Co. Ltd., Class A		5,558		2,613
Beijing Shougang Co. Ltd., Class A *		27,500		14,225
Beijing Sinnet Technology Co. Ltd., Class A		15,900		29,150
Beijing SL Pharmaceutical Co. Ltd., Class A		8,900		7,778
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. @		9,000		7,425
Beijing Yanjing Brewery Co. Ltd.,Class A		9,600		14,332
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		108,000		72,102
BGI Genomics Co. Ltd., Class A *		1,800		9,301
BOC International China Co. Ltd.,Class A		14,300		26,659
BOE Technology Group Co. Ltd.,Class A		186,400		238,446
BOE Varitronix Ltd.		15,000		8,262
Bohai Leasing Co. Ltd., Class A *		64,900		38,928
Bright Dairy & Food Co. Ltd.,Class A		7,700		6,888
Brilliance China Automotive Holdings Ltd.		178,000		43,349
BTG Hotels Group Co. Ltd., Class A		5,700		9,173
Business-intelligence of Oriental Nations Corp. Ltd., Class A *		8,200		21,402
By-health Co. Ltd., Class A		11,100		14,788
BYD Electronic International Co. Ltd. @		33,000		88,024
C&D International Investment Group Ltd. @		60,566		104,253
Caitong Securities Co. Ltd., Class A		15,470		19,721
CALB Group Co. Ltd., Class H *±		4,100		12,254
Canmax Technologies Co. Ltd.,Class A *		3,100		42,721
CECEP Solar Energy Co. Ltd.,Class A		30,100		20,406
CECEP Wind-Power Corp.,Class A		49,010		28,025
CGN New Energy Holdings Co. Ltd.		130,000		35,638
Changchun High-Tech Industry Group Co. Ltd., Class A		2,500		24,538
Changjiang Securities Co. Ltd.,Class A		17,900		25,721
Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A		4,900		14,768
Chengdu Wintrue Holding Co. Ltd., Class A		8,900		14,848
Chengxin Lithium Group Co. Ltd.,Class A *		5,600		36,998
China Baoan Group Co. Ltd.,Class A		9,000		8,263
China BlueChemical Ltd., Class H		58,000		14,864
China Bohai Bank Co. Ltd.,Class H *±		217,000		19,921
China CAMC Engineering Co. Ltd., Class A		4,400		7,340
China Cinda Asset Management Co. Ltd., Class H @		242,000		28,696
China Citic Bank Corp. Ltd.,Class H		434,000		367,991
China Coal Energy Co. Ltd., Class H		164,000		205,971

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
China (Continued)
China Coal Xinji Energy Co. Ltd.,Class A		19,900	$	25,192
China Communications Services Corp. Ltd., Class H		195,600		97,764
China Conch Venture Holdings Ltd.		61,500		85,316
China Construction Bank Corp.,Class H		4,583,810		4,716,569
China Development Bank Financial Leasing Co. Ltd., Class H ±		128,000		24,318
China Education Group Holdings Ltd. *@		34,181		7,453
China Energy Engineering Corp. Ltd., Class A		88,674		34,892
China Energy Engineering Corp. Ltd., Class H @		152,000		21,513
China Everbright Bank Co. Ltd.,Class H @		198,000		73,971
China Feihe Ltd. @±		234,000		83,541
China Foods Ltd.		86,000		33,883
China Galaxy Securities Co. Ltd.,Class H		96,500		90,559
China Gas Holdings Ltd.		203,800		134,605
China Great Wall Securities Co. Ltd., Class A		8,500		10,447
China Hongqiao Group Ltd.		107,500		274,957
China Huiyuan Juice Group Ltd. *§		84,500		—
China International Marine Containers Group Co. Ltd., Class H @*		74,460		70,540
China Jushi Co. Ltd., Class A		10,131		108,814
China Lesso Group Holdings Ltd.		73,000		33,136
China Medical System Holdings Ltd.		64,000		83,888
China Meheco Group Co. Ltd.,Class A		13,860		17,873
China Mengniu Dairy Co. Ltd.		151,000		309,784
China Merchants Bank Co. Ltd.,Class H		212,500		1,217,096
China Merchants Energy Shipping Co. Ltd., Class A		20,000		51,788
China Merchants Expressway Network & Technology Holdings Co. Ltd.,Class A		12,700		17,144
China Merchants Port Holdings Co. Ltd.		61,712		97,098
China Merchants Property Operation & Service Co. Ltd., Class A		5,000		6,013
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		22,000		20,848
China Minsheng Banking Corp. Ltd., Class H		314,380		125,867
China National Accord Medicines Corp. Ltd., Class A		4,576		12,753
China National Building Material Co. Ltd., Class H		207,591		141,344
China National Chemical Engineering Co. Ltd., Class A		38,700		41,920
China National Medicines Corp. Ltd., Class A		4,600		17,653
China National Nuclear Power Co. Ltd., Class A		53,700		71,464
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd., Class A *		15,100		14,621
China Nonferrous Mining Corp. Ltd.		17,000		24,385
China Oilfield Services Ltd., Class H		134,000		106,785
China Overseas Land & Investment Ltd.		178,000		273,712
China Pacific Insurance Group Co. Ltd., Class H		91,600		313,943
China Petroleum & Chemical Corp., Class H		1,436,400		732,591
China Railway Group Ltd., Class H		247,000		104,244
China Railway Hi-tech Industry Co. Ltd., Class A		10,600		10,295
China Railway Signal & Communication Corp. Ltd., Class H @±*		149,000		60,794
China Reinsurance Group Corp., Class H		422,000		59,726
China Resources Beer Holdings Co. Ltd.		16,500		44,769
China Resources Building Materials Technology Holdings Ltd. @		238,000		31,256
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		6,300		14,893
China Resources Gas Group Ltd.		59,200		110,658
China Resources Land Ltd.		232,000		887,432
China Resources Medical Holdings Co. Ltd. @		71,500		21,697
China Resources Pharmaceutical Group Ltd. ±		134,500		72,713
China Risun Group Ltd. @		58,000		14,199
China Ruyi Holdings Ltd. *@		132,000		25,078
China Shenhua Energy Co. Ltd., Class H @		97,500		498,760
China Shineway Pharmaceutical Group Ltd.		36,000		33,875
China South Publishing & Media Group Co. Ltd., Class A		11,600		16,822
China State Construction Engineering Corp. Ltd., Class A		136,300		87,179
China State Construction International Holdings Ltd.		50,000		44,435
China Taiping Insurance Holdings Co. Ltd.		55,600		127,748
China Tower Corp. Ltd., Class H ±		321,300		360,921
China Traditional Chinese Medicine Holdings Co. Ltd. @		124,000		21,344
China TransInfo Technology Co. Ltd., Class A		6,900		7,301
China Travel International Investment Hong Kong Ltd. @		180,000		23,639

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
*China (Continued)*
China XD Electric Co. Ltd.,Class A		14,900	$	32,763
China Yongda Automobiles Services Holdings Ltd.		84,000		7,497
China Youran Dairy Group Ltd. *@±		71,000		25,076
China Zhenhua Group Science & Technology Co. Ltd., Class A		3,700		30,885
China Zheshang Bank Co. Ltd.,Class H @		124,800		33,735
Chinasoft International Ltd. @		164,000		60,641
Chinese Universe Publishing and Media Group Co. Ltd., Class A		9,200		8,989
Chongqing Changan Automobile Co. Ltd., Class A		41,230		43,567
Chongqing Chongbai Technology Group Co. Ltd., Class A		2,400		6,643
Chongqing Rural Commercial Bank Co. Ltd., Class H		137,000		100,966
Chongqing Sanfeng Environment Group Corp. Ltd., Class A		10,300		11,036
Chongqing Zhifei Biological Products Co. Ltd., Class A *		7,000		12,060
Chow Tai Seng Jewellery Co. Ltd., Class A		12,900		21,198
CIMC Enric Holdings Ltd.		60,000		54,929
CITIC Ltd.		209,000		282,740
CMOC Group Ltd., Class H		9,000		17,420
CNGR Advanced Material Co. Ltd., Class A		2,520		16,248
CNOOC Energy Technology & Services Ltd., Class A		62,100		30,476
CNSIG Inner Mongolia Chemical Industry Co. Ltd., Class A		13,650		12,070
COFCO Biotechnology Co. Ltd., Class A *		15,100		9,458
COFCO Capital Holdings Co. Ltd., Class A		11,200		13,584
COFCO Joycome Foods Ltd. *@		183,000		22,633
COFCO Sugar Holding Co. Ltd., Class A		15,600		28,347
Concord New Energy Group Ltd. @		420,000		21,153
Consun Pharmaceutical Group Ltd.		23,000		36,892
COSCO SHIPPING Development Co. Ltd., Class H		324,200		35,963
COSCO SHIPPING Energy Transportation Co. Ltd., Class H @		42,000		74,062
COSCO SHIPPING Holdings Co. Ltd., Class H @		203,699		337,903
COSCO SHIPPING International Hong Kong Co. Ltd.		34,000		23,106
COSCO SHIPPING Ports Ltd.		89,550		51,153
COSCO SHIPPING Specialized Carriers Co. Ltd., Class A		24,600		28,315
CRRC Corp. Ltd., Class H		177,000		101,332
CSG Holding Co. Ltd., Class A		19,500		14,829
CSPC Pharmaceutical Group Ltd.		60,000		53,322
CSSC Hong Kong Shipping Co. Ltd.		70,000		19,279
CTS International Logistics Corp. Ltd., Class A		11,000		8,187
Daqin Railway Co. Ltd., Class A		57,300		38,930
Dian Diagnostics Group Co. Ltd.,Class A		4,800		13,257
Dongfang Electric Corp. Ltd.,Class H @		14,400		39,145
Dongxing Securities Co. Ltd.,Class A		12,000		24,034
Dongyue Group Ltd.		58,000		141,102
Dynagreen Environmental Protection Group Co. Ltd., Class H		16,000		10,323
Easyhome New Retail Group Co. Ltd., Class A *		51,400		15,150
EEKA Fashion Holdings Ltd. @		17,500		10,777
ENN Natural Gas Co. Ltd., Class A		8,100		18,861
Ever Sunshine Services Group Ltd.		42,000		8,836
Fangda Carbon New Material Co. Ltd., Class A		15,700		14,276
Fangda Special Steel Technology Co. Ltd., Class A		19,000		11,341
Far East Horizon Ltd.		187,000		127,562
FAW Jiefang Group Co. Ltd.,Class A *		14,900		13,066
Fiberhome Telecommunication Technologies Co. Ltd., Class A *		5,800		62,912
FIH Mobile Ltd.		16,500		39,447
FinVolution Group, ADR		3,837		18,379
First Tractor Co. Ltd., Class H		12,000		10,236
Founder Securities Co. Ltd., Class A		23,800		25,254
Fu Shou Yuan International Group Ltd. @§		93,000		23,479
Fufeng Group Ltd.		124,000		74,784
Fujian Funeng Co. Ltd., Class A		18,330		27,527
Fujian Sunner Development Co. Ltd., Class A		9,800		21,895
Ganfeng Lithium Group Co. Ltd., Class H ±		4,600		29,502
Gansu Energy Chemical Co. Ltd., Class A		56,900		18,784
Gansu Shangfeng Materials Co. Ltd., Class A		6,240		21,777
GCL Energy Technology Co. Ltd., Class A		4,200		10,102
GCL Technology Holdings Ltd. *		395,000		34,751
GDS Holdings Ltd., Class A *@		5,500		19,804
Geely Automobile Holdings Ltd.		216,000		464,341
GEM Co. Ltd., Class A		33,500		32,634
Genertec Universal Medical Group Co. Ltd. ±		75,500		42,742
Genscript Biotech Corp. *		22,000		34,306
GF Securities Co. Ltd., Class H		38,400		83,186
Global New Material International Holdings Ltd. *		25,000		21,580
GoerTek, Inc., Class A		6,900		22,911

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
*China (Continued)*
Goldwind Science & Technology Co. Ltd., Class H		21,600	$	28,973
Gotion High-tech Co. Ltd., Class A		5,100		20,677
Grand Pharmaceutical Group Ltd.		67,500		40,451
Great Wall Motor Co. Ltd., Class H		107,500		120,756
Gree Electric Appliances, Inc. of Zhuhai, Class A		12,300		67,977
Green Development Electricity Group of Tianjin Co. Ltd., Class A		10,700		11,527
Greentown China Holdings Ltd. *@		78,500		67,662
Greentown Management Holdings Co. Ltd. ±		61,000		14,000
Greentown Service Group Co. Ltd.		102,000		50,981
GRG Banking Equipment Co. Ltd., Class A		12,500		17,280
Guangdong Construction Engineering Group Co. Ltd., Class A		42,300		18,889
Guangdong Provincial Expressway Development Co. Ltd., Class A		12,700		25,548
Guangdong Tapai Group Co. Ltd., Class A		9,300		9,553
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A		4,200		6,858
Guanghui Energy Co. Ltd., Class A		48,700		35,455
Guangshen Railway Co. Ltd., Class H		82,000		21,434
Guangxi Liugong Machinery Co. Ltd., Class A		14,900		16,579
Guangzhou Baiyun International Airport Co. Ltd., Class A *		8,300		8,881
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		16,000		28,989
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		4,100		20,864
Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A		18,042		20,793
Guizhou Panjiang Refined Coal Co. Ltd., Class A		9,269		6,229
Guizhou Xinbang Pharmaceutical Co. Ltd., Class A		32,400		12,463
Guosen Securities Co. Ltd., Class A		22,400		32,979
Guotai Haitong Securities Co. Ltd., Class H ±		34,352		65,044
Haier Smart Home Co. Ltd., Class H		144,600		368,375
Hainan Meilan International Airport Co. Ltd., Class H *		8,000		4,080
Haitian International Holdings Ltd.		38,000		90,847
Han’s Laser Technology Industry Group Co. Ltd., Class A		3,000		66,367
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		22,900		25,649
Hangzhou GreatStar Industrial Co. Ltd.		4,400		20,167
Hangzhou Robam Appliances Co. Ltd., Class A		2,900		6,248
Harbin Electric Co. Ltd., Class H		24,000		46,881
Health & Happiness H&H International Holdings Ltd.		13,000		16,874
Hello Group, Inc., ADR		7,107		41,221
Henan Mingtai Al Industrial Co. Ltd., Class A		8,400		20,550
Henan Pinggao Electric Co. Ltd., Class A		9,400		24,465
Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A		8,500		26,557
Hengan International Group Co. Ltd.		42,000		116,422
Hengli Petrochemical Co. Ltd., Class A		35,500		92,656
Hengtong Optic-electric Co. Ltd., Class A		3,980		64,134
Hengyi Petrochemical Co. Ltd., Class A		25,000		49,997
Hesteel Co. Ltd., Class A		65,500		18,727
Hisense Visual Technology Co. Ltd., Class A		8,800		36,145
HLA Group Corp. Ltd., Class A		24,000		18,499
Hopson Development Holdings Ltd. *§		101,900		34,301
Horizon Construction Development Ltd.		115,553		9,724
Hoshine Silicon Industry Co. Ltd., Class A		4,200		29,872
Hua Han Health Industry Holdings Ltd. *§		504,000		—
Hua Hong Grace Semiconductor Ltd., Class H *±		3,000		82,317
Huafon Chemical Co. Ltd., Class A		27,754		38,816
Huaibei Mining Holdings Co. Ltd., Class A		10,400		21,534
Huapont Life Sciences Co. Ltd., Class A		27,600		15,985
Huatai Securities Co. Ltd., Class H ±		46,400		98,801
Huaxi Securities Co. Ltd., Class A		12,600		15,171
Huaxia Bank Co. Ltd., Class A		43,300		40,777
Huaxin Building Materials Group Co. Ltd., Class H		17,700		26,044
Huayu Automotive Systems Co. Ltd., Class A		17,500		40,027
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		4,400		14,389
Hubei Xingfa Chemicals Group Co. Ltd., Class A		9,400		65,069
Hubei Yihua Chemical Industry Co. Ltd., Class A		12,200		25,262
Humanwell Healthcare Group Co. Ltd., Class A		9,700		23,502
Hunan Valin Steel Co. Ltd., Class A		47,300		24,189
Hygeia Healthcare Holdings Co. Ltd. *@±		22,400		26,190
Hytera Communications Corp. Ltd., Class A *		11,800		13,373

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
*China (Continued)*
IKD Co. Ltd., Class A		7,100	$	15,465
Industrial & Commercial Bank of China Ltd., Class H		3,151,000		2,583,363
Industrial Bank Co. Ltd., Class A		68,600		167,421
Industrial Securities Co. Ltd., Class A		28,910		25,734
Infore Environment Technology Group Co. Ltd., Class A		12,400		19,243
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A *		169,960		55,857
Inner Mongolia Berun Chemical Co. Ltd., Class A *		34,700		29,456
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		12,000		40,888
Inner Mongolia ERDOS Resources Co. Ltd., Class A		11,760		18,579
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A *		55,300		36,348
Intco Medical Technology Co. Ltd., Class A		5,700		32,904
iQIYI, Inc., ADR *@		31,465		32,724
IRICO Display Devices Co. Ltd., Class A		22,000		54,762
JA Solar Technology Co. Ltd., Class A *		14,800		17,667
JCET Group Co. Ltd., Class A		5,195		79,279
JD Health International, Inc. *±		3,400		14,237
JD Logistics, Inc. *±		121,400		181,879
JD.com, Inc., Class A		88,750		1,123,117
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		26,886		23,061
Jiangsu Eastern Shenghong Co. Ltd., Class A *		29,100		49,105
Jiangsu Guotai International Group Co. Ltd., Class A		10,400		11,081
Jiangsu Jiangyin Rural Commercial Bank Co. Ltd., Class A		38,170		20,870
Jiangsu Lihua Foods Group Co. Ltd.		4,320		10,448
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		14,700		19,043
Jiangsu Provincial Agricultural Reclamation & Development Corp., Class A		14,300		15,785
Jiangsu Yanghe Distillery Co. Ltd., Class A		4,400		24,738
Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd., Class A		27,840		16,001
Jiangsu Zhongtian Technology Co. Ltd., Class A		8,800		78,696
Jiangxi Copper Co. Ltd., Class H		70,000		275,971
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		7,300		19,075
Jinan Acetate Chemical Co. Ltd.		19,000		28,271
JinkoSolar Holding Co. Ltd., ADR @		1,340		22,512
Jinneng Holding Shanxi Coal Industry Co. Ltd., Class A		15,000		38,443
Jinneng Science&Technology Co. Ltd., Class A		10,600		6,436
Jizhong Energy Resources Co. Ltd., Class A		23,320		13,678
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		18,700		25,961
Jointown Pharmaceutical Group Co. Ltd., Class A		28,792		19,901
KE Holdings, Inc., Class A		14,000		67,047
Keda Industrial Group Co. Ltd., Class A		18,900		38,438
Kinetic Development Group Ltd.		104,000		20,421
Kingboard Holdings Ltd.		32,500		488,566
Kingfa Sci & Tech Co. Ltd., Class A		13,400		30,511
Kingsoft Corp. Ltd.		46,600		131,787
Kunlun Energy Co. Ltd.		354,000		290,229
Lao Feng Xiang Co. Ltd., Class A		2,700		12,793
LB Group Co. Ltd., Class A		11,200		27,202
Lee & Man Paper Manufacturing Ltd.		70,000		25,616
Legend Holdings Corp., Class H ±		38,400		68,987
Lenovo Group Ltd.		22,000		64,573
Lens Technology Co. Ltd., Class A		9,540		75,444
Lepu Medical Technology Beijing Co. Ltd., Class A		14,700		25,672
LexinFintech Holdings Ltd., ADR		7,280		14,342
Leyard Optoelectronic Co. Ltd., Class A		20,300		16,754
Li Auto, Inc., Class A *		45,600		267,919
Li Ning Co. Ltd.		157,500		295,607
Lianhe Chemical Technology Co. Ltd., Class A		6,700		13,498
Livzon Pharmaceutical Group, Inc., Class H		6,800		20,705
Loncin Motor Co. Ltd., Class A		10,000		17,582
Longfor Group Holdings Ltd. @±		124,828		95,179
LONGi Green Energy Technology Co. Ltd., Class A *		13,900		26,877
Lonking Holdings Ltd.		158,000		52,379
Luenmei Quantum Co. Ltd., Class A *		13,300		10,957
Luxi Chemical Group Co. Ltd., Class A		8,600		15,209
Luye Pharma Group Ltd. *@±		161,500		37,066
Maccura Biotechnology Co. Ltd., Class A *		3,800		4,626
Mango Excellent Media Co. Ltd., Class A		8,800		18,974
Maoyan Entertainment ±		22,130		12,585
Metallurgical Corp. of China Ltd., Class H @		225,000		37,869
Ming Yang Smart Energy Group Ltd., Class A		6,800		11,595
Mingfa Group International Co. Ltd. *		69,000		669
Minth Group Ltd. *		32,200		108,471

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
China (Continued)
MLS Co. Ltd., Class A		20,000	$	36,991
MMG Ltd. *@		42,400		37,519
Morimatsu International Holdings Co. Ltd. @		30,000		29,339
Muyuan Foods Group Co. Ltd., Class A		4,100		21,142
Nanjing Iron & Steel Co. Ltd., Class A		36,600		24,758
Nanjing Tanker Corp., Class A		42,600		23,418
Nanjing Xinjiekou Department Store Co. Ltd., Class A		6,900		5,237
NetDragon Websoft Holdings Ltd. @		25,500		23,182
New China Life Insurance Co. Ltd., Class H		4,100		24,058
New Hope Liuhe Co. Ltd., Class A		13,600		12,567
Newland Digital Technology Co. Ltd., Class A		2,500		6,006
Nexteer Automotive Group Ltd.		69,000		33,520
Nine Dragons Paper Holdings Ltd. *		109,000		94,923
Ningbo Huaxiang Electronic Co. Ltd., Class A		8,950		30,337
Ningbo Shanshan Co. Ltd., Class A *		16,300		32,550
Ningbo Zhoushan Port Co. Ltd., Class A		33,200		15,412
Noah Holdings Ltd., ADR		2,147		21,449
Northeast Securities Co. Ltd., Class A		8,500		10,523
Offshore Oil Engineering Co. Ltd., Class A *		27,400		20,312
Onewo, Inc., Class H @		10,700		20,574
ORG Technology Co. Ltd., Class A		26,800		16,826
Oriental Energy Co. Ltd., Class A *		11,300		8,760
Oriental Pearl Group Co. Ltd., Class A		10,700		13,104
People’s Insurance Co. Group of China Ltd. (The), Class H		300,000		179,399
PetroChina Co. Ltd., Class H		1,504,000		1,626,184
PICC Property & Casualty Co. Ltd., Class H		138,000		251,970
Ping An Bank Co. Ltd., Class A		42,300		62,651
Ping An Insurance Group Co. of China Ltd., Class H		207,500		1,350,641
Pingdingshan Tianan Coal Mining Co. Ltd., Class A		15,900		16,754
Poly Property Group Co. Ltd.		106,431		21,306
Poly Property Services Co. Ltd., Class H		10,200		33,502
Postal Savings Bank of China Co. Ltd., Class H ±		571,000		332,720
Power Construction Corp. of China Ltd., Class A		84,900		58,807
Q Technology Group Co. Ltd.		27,000		23,616
Qfin Holdings, Inc., ADR		4,284		67,730
Qingdao Hanhe Cable Co. Ltd., Class A		35,800		35,983
Qingdao Port International Co. Ltd. Class H ±		56,000		44,984
Qingdao Sentury Tire Co. Ltd., Class A		7,900		15,217
Qinhuangdao Port Co. Ltd., Class H		43,000		13,378
Renhe Pharmacy Co. Ltd., Class A *		19,700		14,778
Rongsheng Petrochemical Co. Ltd., Class A		22,009		34,868
SAIC Motor Corp. Ltd., Class A		29,700		42,720
Sailun Group Co. Ltd., Class A		11,500		19,541
Sanan Optoelectronics Co. Ltd., Class A		11,300		35,339
Sansteel Minguang Co. Ltd. Fujian, Class A *		13,700		5,815
Sansure Biotech, Inc., Class A		3,333		7,073
Sany Heavy Equipment International Holdings Co. Ltd.		47,000		39,792
Sany Heavy Industry Co. Ltd., Class A		11,000		28,013
Satellite Chemical Co. Ltd., Class A		8,826		30,554
SDIC Capital Co. Ltd., Class A		20,400		19,692
Sealand Securities Co. Ltd., Class A		24,800		13,450
Seazen Group Ltd. *@		72,000		12,210
Seazen Holdings Co. Ltd., Class A *		13,800		20,867
SF Holding Co. Ltd., Class A		8,300		38,238
Shaanxi Coal Industry Co. Ltd., Class A		32,937		98,781
Shaanxi Construction Engineering Group Corp. Ltd., Class A		31,000		12,198
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		32,400		36,528
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		9,200		19,795
Shandong Hi-Speed Road & Bridge Group Co. Ltd., Class A		20,600		14,360
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		12,310		43,395
Shandong Humon Smelting Co. Ltd., Class A		10,800		23,381
Shandong Linglong Tyre Co. Ltd., Class A		7,700		11,564
Shandong Nanshan Aluminum Co. Ltd., Class A		37,900		22,286
Shandong Publishing & Media Co. Ltd., Class A		13,000		12,262
Shandong Sun Paper Industry JSC Ltd., Class A		16,800		30,924
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		153,600		62,084
Shanghai Bailian Group Co. Ltd., Class A		15,600		17,036
Shanghai Construction Group Co. Ltd., Class A		55,900		18,289
Shanghai Electric Group Co. Ltd., Class H		60,000		25,858
Shanghai Environment Group Co. Ltd., Class A *		13,920		13,540

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
*China (Continued)*
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		24,000	$	46,238
Shanghai Industrial Holdings Ltd. @		22,000		34,447
Shanghai Jinjiang International Hotels Co. Ltd., Class A		7,900		20,945
Shanghai Lingang Holdings Corp. Ltd., Class A		8,760		9,670
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		13,500		12,494
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A		7,100		21,555
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		38,600		56,107
Shanghai Pudong Development Bank Co. Ltd., Class A		118,900		150,872
Shanghai Putailai New Energy Technology Group Co. Ltd.		8,900		37,946
Shanghai RAAS Blood Products Co. Ltd., Class A		37,200		23,793
Shanghai Rural Commercial Bank Co. Ltd., Class A		9,600		10,597
Shanghai Tunnel Engineering Co. Ltd., Class A		25,600		19,656
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A *		18,000		10,903
Shanghai Zhonggu Logistics Co. Ltd., Class A		9,300		13,445
Shanxi Coal International Energy Group Co. Ltd., Class A *		11,800		19,008
Shanxi Coking Coal Energy Group Co. Ltd., Class A		39,900		34,106
Shanxi Lanhua Sci-Tech Venture Co. Ltd., Class A		16,700		13,143
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		16,200		34,093
Shanxi Meijin Energy Co. Ltd., Class A *		31,400		15,502
Shanxi Securities Co. Ltd., Class A		24,700		18,783
Shanxi Taigang Stainless Steel Co. Ltd., Class A		34,300		17,237
Shenwan Hongyuan Group Co. Ltd., Class H ±		43,200		13,771
Shenzhen Agricultural Power Group Co. Ltd., Class A		15,600		12,875
Shenzhen Airport Co. Ltd., Class A		16,200		14,396
Shenzhen Aisidi Co. Ltd., Class A		14,200		18,751
Shenzhen Gas Corp. Ltd., Class A		22,300		18,601
Shenzhen International Holdings Ltd. @		116,804		79,231
Shenzhen Jinjia Group Co. Ltd., Class A *		10,602		6,109
Shenzhen Kaifa Technology Co. Ltd., Class A		5,900		55,884
Shenzhen Kangtai Biological Products Co. Ltd., Class A		8,900		14,874
Shenzhen Kinwong Electronic Co. Ltd., Class A		3,200		34,149
Shenzhen MTC Co. Ltd., Class A		29,200		44,712
Shenzhen Tagen Group Co. Ltd., Class A		25,000		11,090
Shenzhen Yan Tian Port Holding Co. Ltd., Class A		28,200		16,998
Shenzhen YUTO Packaging Technology Co. Ltd., Class A		6,869		35,998
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A *		31,900		35,589
Shenzhou International Group Holdings Ltd.		16,600		83,308
Shoucheng Holdings Ltd. @		58,400		11,393
Shougang Fushan Resources Group Ltd.		193,116		53,186
Shui On Land Ltd. *		183,500		10,763
Sichuan Hebang Biotechnology Co. Ltd., Class A *		84,300		28,823
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		3,600		20,437
Sichuan Road & Bridge Group Co. Ltd., Class A		28,840		33,237
Sichuan Yahua Industrial Group Co. Ltd., Class A		8,400		25,217
Sihuan Pharmaceutical Holdings Group Ltd.		98,000		10,371
Silergy Corp.		7,000		131,402
Sinofert Holdings Ltd.		244,000		39,822
Sinoma International Engineering Co., Class A		14,600		15,341
Sinomine Resource Group Co. Ltd., Class A		1,300		11,302
Sinopec Engineering Group Co. Ltd., Class H		111,000		69,774
Sinopec Kantons Holdings Ltd. @		44,000		19,692
Sinopec Shanghai Petrochemical Co. Ltd., Class H *@		178,000		24,738
Sinopharm Group Co. Ltd., Class H		100,800		204,483
Sinotrans Ltd., Class H		145,000		70,625
Sinotruk Hong Kong Ltd.		13,000		63,882
Sinotruk Jinan Truck Co. Ltd., Class A		2,800		8,051
SooChow Securities Co. Ltd., Class A		20,280		23,671
Southern Publishing & Media Co. Ltd., Class A		10,300		16,485
STO Express Co. Ltd., Class A		15,900		34,118
Sun Art Retail Group Ltd.		172,500		20,455
Sun King Technology Group Ltd.		54,000		19,967
Sunny Optical Technology Group Co. Ltd.		6,500		50,556
Sunshine Lake Pharma Co. Ltd., Class H *@		4,948		25,236

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
*China (Continued)*
Suzhou Anjie Technology Co. Ltd., Class A		1,100	$	3,315
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A *		1,600		61,862
TangShan Port Group Co. Ltd., Class A		55,900		34,189
Tangshan Sanyou Chemical Industries Co. Ltd., Class A		11,600		10,445
Tasly Pharmaceutical Group Co. Ltd., Class A		9,600		18,718
TBEA Co. Ltd., Class A		27,300		90,525
TCL Electronics Holdings Ltd.		39,667		65,194
TCL Technology Group Corp., Class A		78,540		67,366
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A *		16,000		28,343
Tencent Music Entertainment Group, Class A		20,400		85,524
Tian Di Science & Technology Co. Ltd., Class A		40,500		26,561
Tiangong International Co. Ltd.		100,000		45,264
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A *		30,700		13,121
Tianma Microelectronics Co. Ltd., Class A *		15,500		22,638
Tianneng Power International Ltd. @		74,000		44,535
Tianqi Lithium Corp., Class H *@		5,400		27,665
Tianshan Aluminum Group Co. Ltd., Class A		18,200		28,780
Tianshui Huatian Technology Co. Ltd., Class A		9,400		30,907
Tinergy Chemical Co. Ltd., Class A		21,460		14,896
Titan Wind Energy Suzhou Co. Ltd., Class A *		8,800		10,933
Tofflon Science & Technology Group Co. Ltd., Class A		3,500		5,705
Tomson Group Ltd.		1,426		371
Tong Ren Tang Technologies Co. Ltd., Class H @		41,000		16,729
Tongcheng Travel Holdings Ltd.		16,000		24,460
Tongkun Group Co. Ltd., Class A		11,100		35,416
Tongling Nonferrous Metals Group Co. Ltd., Class A		49,000		45,928
Tongyu Heavy Industry Co. Ltd., Class A		40,800		16,415
Topsports International Holdings Ltd. ±		141,000		31,282
Transfar Zhilian Co. Ltd., Class A		27,553		18,151
TravelSky Technology Ltd., Class H *		49,000		50,482
Trina Solar Co. Ltd., Class A *		13,541		28,178
Trip.com Group Ltd., ADR *		6,319		251,749
Tsinghua Tongfang Co. Ltd., Class A		20,700		20,897
Universal Scientific Industrial Shanghai Co. Ltd., Class A		6,300		30,082
Venustech Group, Inc., Class A *		6,700		12,491
Vipshop Holdings Ltd., ADR		20,638		273,660
Viva Biotech Holdings *±		45,500		6,556
Wanhua Chemical Group Co. Ltd., Class A		14,300		144,172
Wanxiang Qianchao Co. Ltd., Class A		12,300		23,438
Wasion Holdings Ltd.		14,000		35,416
Wasu Media Holding Co. Ltd., Class A		20,700		19,250
Weibo Corp., ADR @		2,074		15,057
Weibo Corp., Class A		2,320		16,713
Weichai Power Co. Ltd., Class H		13,000		56,523
Wellhope Foods Co. Ltd., Class A *		7,700		6,536
Wens Foodstuffs Group Co. Ltd., Class A		5,300		9,623
West China Cement Ltd. @		198,000		34,839
Western Securities Co. Ltd., Class A		22,600		21,616
Wharf Holdings Ltd. (The)		42,000		96,929
Wingtech Technology Co. Ltd.,Class A *		3,900		9,668
Wuchan Zhongda Group Co. Ltd., Class A		29,100		20,242
Wushang Group Co. Ltd., Class A		12,600		12,423
Wuxi Biologics Cayman, Inc. *±		15,000		66,175
Wuxi Taiji Industry Ltd. Co., Class A		21,000		90,309
XCMG Construction Machinery Co. Ltd., Class A		47,400		56,513
Xi’An Shaangu Power Co. Ltd., Class A <>		19,200		25,608
Xiamen Bank Co. Ltd., Class A		14,900		14,998
Xiamen C & D, Inc., Class A		17,600		20,569
Xiamen ITG Group Corp. Ltd., Class A		17,300		13,819
Xiamen Tungsten Co. Ltd., Class A		3,700		46,459
Xiamen Xiangyu Co. Ltd., Class A		22,200		17,733
Xiaomi Corp., Class B *±		4,200		11,589
Xinfengming Group Co. Ltd., Class A		4,000		11,584
Xinhua Winshare Publishing and Media Co. Ltd., Class H		18,000		19,508
Xinxing Ductile Iron Pipes Co. Ltd., Class A		18,100		9,896
Xinyi Energy Holdings Ltd. @		224,901		25,522
Xinyi Solar Holdings Ltd. @		368,884		96,891
Xtep International Holdings Ltd. @		108,430		51,983
Xuji Electric Co. Ltd., Class A		3,400		10,873
Yankuang Energy Group Co. Ltd., Class H		28,000		39,450
Yantai Changyu Pioneer Wine Co. Ltd., Class A		3,700		8,496
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		1,900		42,702
Yiren Digital Ltd., ADR		1,713		1,432
Yixin Group Ltd. @±		126,500		20,162

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
China (Continued)
Yixintang Pharmaceutical Group Co. Ltd., Class A		2,800	$	3,957
Yonfer Agricultural Technology Co. Ltd., Class A		6,900		11,755
YongXing Special Materials Technology Co. Ltd., Class A		2,400		20,034
Youngor Fashion Co. Ltd., Class A		11,500		12,762
YTO Express Group Co. Ltd., Class A		12,500		29,014
YUNDA Holding Group Co. Ltd., Class A		16,500		15,466
Yunnan Aluminium Co. Ltd., Class A		6,500		21,209
Yunnan Baiyao Group Co. Ltd., Class A		4,660		32,532
Yunnan Copper Co. Ltd., Class A		8,100		18,957
Yunnan Energy New Material Group Co. Ltd., Class A *		3,500		34,513
Yunnan Tin Co. Ltd., Class A		6,400		40,265
ZCZL Industrial Technology Group Co. Ltd., Class H		21,400		32,770
Zhefu Holding Group Co. Ltd., Class A		16,400		12,230
Zhejiang Chint Electrics Co. Ltd., Class A		13,100		48,401
Zhejiang Dahua Technology Co. Ltd., Class A		12,000		29,163
Zhejiang Hailiang Co. Ltd., Class A		12,400		41,757
Zhejiang Huayou Cobalt Co. Ltd., Class A		5,300		37,695
Zhejiang Jiahua Energy Chemical Industry Co. Ltd., Class A		9,000		8,648
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		5,700		50,738
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		10,800		21,742
Zhejiang Longsheng Group Co. Ltd., Class A		19,300		34,445
Zhejiang Medicine Co. Ltd., Class A		10,400		17,473
Zhejiang NHU Co. Ltd., Class A		7,900		33,088
Zhejiang Orient Holdings Group Co. Ltd., Class A		17,420		11,039
Zhejiang Runtu Co. Ltd., Class A		19,400		29,306
Zhejiang Semir Garment Co. Ltd., Class A		21,700		16,118
Zhejiang Wanliyang Co. Ltd., Class A *		11,400		10,164
Zhejiang Xinan Chemical Industrial Group Co. Ltd., Class A		14,980		35,235
Zheshang Securities Co. Ltd., Class A		13,300		18,621
Zhongjin Gold Corp. Ltd., Class A		10,900		28,995
Zhongshan Broad Ocean Motor Co. Ltd., Class A		22,200		24,538
Zhongsheng Group Holdings Ltd. *		62,500		38,650
Zhongtai Securities Co. Ltd., Class A *		15,500		12,153
Zhuhai Huafa Properties Co. Ltd., Class A		11,600		3,949
Zhuzhou CRRC Times Electric Co. Ltd., Class H		25,600		130,761
Zhuzhou Kibing Group Co. Ltd., Class A		10,500		15,830
Zibo Qixiang Tengda Chemical Co. Ltd., Class A *		14,700		10,160
Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H @		85,800		75,485
ZTE Corp., Class H @		20,600		59,991
ZTO Express Cayman, Inc.		14,800		323,821
				50,180,069

Colombia — 0.1%
Almacenes Exito SA *		8,474		12,048
Cementos Argos SA		9,406		30,379
Corp. Financiera Colombiana SA *		19,558		105,622
Grupo Argos SA		12,377		64,090
Grupo de Inversiones Suramericana SA		5,605		90,186
				302,325

Czech Republic — 0.1%
CEZ AS		740		43,266
Komercni Banka AS		6,412		293,549
				336,815

Greece — 0.7%
Alpha Bank SA		116,305		525,049
Autohellas Tourist & Trading SA		1,582		20,353
Bank of Greece		859		14,919
Fourlis Holdings SA		4,016		20,534
GEK Terna SA		1,337		67,217
Helleniq Energy Holdings SA		9,060		114,389
Motor Oil Hellas Corinth Refineries SA		5,094		223,387
Piraeus Bank SA *		77,328		802,970
				1,788,818
Hong Kong — 0.2%
BOC Aviation Ltd. ±		10,700		110,850
China Zhongwang Holdings Ltd. @*§		154,000		—
CTEG @*§		98,000		—
Damai Entertainment Holdings Ltd. *@		430,000		24,946
J&T Global Express Ltd. *@		16,200		17,268
Jinmao Property Services Co. Ltd.		6,646		1,856
Kingboard Laminates Holdings Ltd. @		11,000		139,063

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Hong Kong (Continued)
LK Technology Holdings Ltd.		42,500	$	8,399
Lumena Newmat *§		5,599		—
Orient Overseas International Ltd. @		7,000		108,889
Sino Biopharmaceutical Ltd.		24,000		13,495
Skyworth Group Ltd. *		30,000		16,142
SSY Group Ltd. @		46,000		12,434
				453,342

COMMON STOCKS (Continued)
Hungary — 0.2%
MOL Hungarian Oil & Gas PLC *		32,127		381,787
OTP Bank Nyrt		301		44,422
				426,209

India — 13.6%
Aarti Pharmalabs Ltd.		2,707		19,418
ACC Ltd.		5,493		77,063
Adani Power Ltd. *		40,280		95,433
Aditya Birla Capital Ltd. *		20,583		85,390
Advanced Enzyme Technologies Ltd.		3,035		9,862
Ahluwalia Contracts India Ltd.		1,765		15,996
Ajmera Realty & Infra India Ltd.		12,980		17,774
Alembic Pharmaceuticals Ltd.		4,429		38,592
Allcargo Global Ltd. *<>		19,940		4,902
Allcargo Logistics Ltd. *		19,940		1,713
Amara Raja Energy & Mobility Ltd.		10,842		96,555
Ambuja Cements Ltd.		36,667		163,776
Apollo Tyres Ltd.		31,532		143,238
Arvind Ltd.		9,221		56,792
Ashoka Buildcon Ltd. *		8,590		11,879
Aurobindo Pharma Ltd.		21,910		364,323
Avanti Feeds Ltd.		2,210		21,783
AvenuesAI Ltd. *		96,394		16,762
Axis Bank Ltd.		76,336		1,089,895
Axis Bank Ltd., GDR		12,180		862,344
Bajaj Consumer Care Ltd. *		9,060		57,514
Bajaj Holdings & Investment Ltd.		1,604		180,058
Balrampur Chini Mills Ltd.		8,487		50,182
Bandhan Bank Ltd. ±		54,816		118,135
Bank of Baroda		74,524		215,167
Bank of India		34,110		50,719
Bank of Maharashtra		39,556		38,152
Bharat Heavy Electricals Ltd.		8,843		39,049
Biocon Ltd.		11,002		48,543
Birla Corp. Ltd.		3,237		33,537
Birlasoft Ltd.		1,959		5,931
Bombay Burmah Trading Co.		1,162		18,873
Can Fin Homes Ltd.		5,565		50,983
Canara Bank		128,930		171,537
Ceat Ltd.		1,302		47,481
Chambal Fertilizers and Chemicals Ltd.		9,207		45,569
Cholamandalam Financial Holdings Ltd.		4,013		69,802
CIE Automotive India Ltd.		6,907		33,412
Cipla Ltd.		20,365		315,827
City Union Bank Ltd.		41,105		90,388
CMS Info Systems Ltd.		9,549		28,236
Cochin Shipyard Ltd. ±		105		1,679
Container Corp. Of India Ltd.		8,811		44,423
Coromandel International Ltd.		1,848		39,342
CreditAccess Grameen Ltd. *		688		10,823
CSB Bank Ltd. *		3,753		13,454
Cyient Ltd.		3,556		32,826
Dalmia Bharat Ltd.		4,819		86,551
DCB Bank Ltd.		19,962		39,186
DCM Shriram Ltd.		2,904		31,507
Deepak Fertilisers & Petrochemicals Corp. Ltd.		4,535		74,738
Delhivery Ltd. *		10,201		50,688
Digitide Solutions Ltd. *		3,874		3,478
DLF Ltd.		9,419		61,688
Dr. Reddy’s Laboratories Ltd., ADR @		39,575		573,442
eClerx Services Ltd.		1,142		15,970
Edelweiss Financial Services Ltd.		23,512		30,152
EID Parry India Ltd. *		7,288		54,819
Electrosteel Castings Ltd.		23,821		19,855
EPL Ltd.		9,507		22,598
Escorts Kubota Ltd.		785		24,547
Eureka Forbes Ltd. *		1,532		7,398
Exide Industries Ltd.		26,178		107,302
Federal Bank Ltd.		68,692		238,785
FIEM Industries Ltd.		1,108		26,547
Finolex Cables Ltd.		3,624		44,751
Finolex Industries Ltd.		15,431		28,838
Firstsource Solutions Ltd.		6,425		15,482
Force Motors Ltd.		141		27,704
Fortis Healthcare Ltd.		4,364		44,122
G R Infraprojects Ltd.		1,719		16,707
GAIL India Ltd.		162,094		295,236
Gateway Distriparks Ltd.		25,136		15,402
GHCL Ltd.		5,253		24,248
GHCL Textiles Ltd.		5,527		5,789
Gland Pharma Ltd. ±		1,034		27,008
Glenmark Pharmaceuticals Ltd.		2,640		61,552
Godawari Power & Ispat Ltd.		11,830		31,962
Godfrey Phillips India Ltd.		1,053		24,185
Godrej Industries Ltd. *		1,769		21,996
Godrej Properties Ltd. *		554		10,927
Granules India Ltd.		7,725		66,230
Graphite India Ltd.		2,245		14,586
Grasim Industries Ltd.		13,743		450,653

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
*India (Continued)*
Great Eastern Shipping Co. Ltd. (The)		8,516	$	133,329
Greaves Cotton Ltd.		5,025		11,679
Gujarat Ambuja Exports Ltd.		8,766		15,290
Gujarat Gas Ltd.		17,755		61,879
Gujarat Mineral Development Corp. Ltd.		5,595		34,607
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		8,187		46,912
Gujarat Pipavav Port Ltd.		19,498		31,173
Gujarat State Fertilizers & Chemicals Ltd.		15,178		25,977
HDFC Bank Ltd.		191,851		1,622,324
HEG Ltd.		6,270		34,245
Hero MotoCorp Ltd.		1,670		84,666
Hindalco Industries Ltd.		140,566		1,424,092
IDFC First Bank Ltd.		279,140		233,848
IIFL Capital Services Ltd.		8,327		29,799
IIFL Finance Ltd.		9,954		53,183
India Cements Ltd. (The) *		5,546		21,971
India Glycols Ltd.		1,312		13,645
Indian Bank		14,634		126,383
Indian Railway Finance Corp. Ltd. ±		17,190		16,475
Indus Towers Ltd. *		92,068		382,098
IndusInd Bank Ltd.		26,758		260,700
Info Edge India Ltd.		16,055		166,302
IRCON International Ltd. ±		18,858		26,142
J Kumar Infraprojects Ltd.		2,507		13,052
Jain Irrigation Systems Ltd. *		17,519		6,605
Jammu & Kashmir Bank Ltd. (The)		31,797		51,882
Jindal Saw Ltd.		28,522		78,763
Jindal Stainless Ltd.		16,836		123,684
Jindal Steel Ltd.		23,288		260,757
Jio Financial Services Ltd.		176,909		442,577
JK Lakshmi Cement Ltd. *		4,751		30,237
JK Paper Ltd.		10,798		39,926
JK Tyre & Industries Ltd.		10,161		42,207
JM Financial Ltd.		40,467		52,241
JSW Energy Ltd.		15,508		95,276
JSW Steel Ltd.		22,582		293,265
Jubilant Pharmova Ltd.		7,273		74,613
Kalpataru Projects International Ltd.		7,183		103,884
Karnataka Bank Ltd. (The)		24,316		70,128
Karur Vysya Bank Ltd. (The)		25,761		80,419
Kaveri Seed Co. Ltd.		1,897		17,756
Kirloskar Oil Engines Ltd.		798		19,988
KNR Constructions Ltd.		11,124		15,530
Kotak Mahindra Bank Ltd.		137,133		573,689
KRBL Ltd.		2,296		9,203
L&T Finance Ltd.		28,840		94,449
Larsen & Toubro Ltd., GDR		24,321		1,057,964
LG Balakrishnan & Bros Ltd.		1,438		24,291
LIC Housing Finance Ltd.		24,147		144,358
LT Foods Ltd.		12,007		46,501
Lupin Ltd.		4,573		116,901
Maharashtra Seamless Ltd.		3,116		19,603
Mahindra & Mahindra Financial Services Ltd.		38,384		128,543
Mahindra & Mahindra Ltd.		30,033		976,006
Manappuram Finance Ltd.		42,964		146,763
Maruti Suzuki India Ltd.		3,107		464,513
MAS Financial Services Ltd. ±		3,106		10,172
Mastek Ltd.		960		16,094
MOIL Ltd.		5,661		16,670
Motilal Oswal Financial Services Ltd.		4,117		41,408
MRF Ltd.		119		159,846
Muthoot Finance Ltd.		1,358		43,023
Natco Pharma Ltd.		5,577		54,834
National Aluminium Co. Ltd.		52,829		189,838
Nava Ltd.		7,969		51,253
NCC Ltd.		36,382		57,268
NESCO Ltd.		965		11,122
NIIT Learning Systems Ltd.		2,427		6,041
NMDC Ltd.		253,182		227,883
NMDC Steel Ltd. *		47,585		21,495
NOCIL Ltd.		7,374		14,046
Nuvoco Vistas Corp. Ltd. *		2,511		8,051
Oberoi Realty Ltd.		4,520		84,375
Orient Cement Ltd.		2,204		3,132
Patel Engineering Ltd. *		56,276		20,737
PCBL Chemical Ltd.		11,386		38,672
Petronet LNG Ltd.		67,706		200,989
Piramal Finance Ltd.		4,265		97,687
Piramal Pharma Ltd.		29,025		51,376
PNB Housing Finance Ltd. ±		10,969		120,804
PNC Infratech Ltd.		7,840		18,887
Polyplex Corp. Ltd.		2,048		20,640
Power Finance Corp. Ltd.		121,886		547,116
Power Mech Projects Ltd.		484		14,163
Prestige Estates Projects Ltd.		4,126		67,631
PTC India Ltd.		17,788		34,013
Punjab National Bank		135,010		152,256
PVR Inox Ltd. *		4,239		43,438
Ramco Cements Ltd. (The)		5,843		57,344
Rashtriya Chemicals & Fertilizers Ltd.		16,695		23,085
Raymond Lifestyle Ltd.		2,620		21,741
Raymond Ltd. *		3,276		20,153
Raymond Realty Ltd. *		3,276		21,494
RBL Bank Ltd. ±		16,755		65,332
REC Ltd.		124,810		478,691
Redington Ltd.		57,900		169,127
Reliance Industries Ltd.		386,323		5,283,137
Reliance Power Ltd. *		164,619		43,390
Repco Home Finance Ltd.		1,643		7,204
Rhi Magnesita India Ltd.		2,246		8,708
RITES Ltd.		5,510		11,875
Sammaan Capital Ltd. *		6,273		11,531
Samvardhana Motherson International Ltd.		166,399		261,046

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
*India (Continued)*
Sandur Manganese & Iron Ores Ltd. (The)		5,340	$	11,463
Sarda Energy & Minerals Ltd.		2,267		11,855
Shipping Corp. of India Land & Assets Ltd., Spin-off Shares		14,166		6,555
Shipping Corp. of India Ltd.		14,166		45,861
Shriram Finance Ltd.		9,055		100,060
Shriram Pistons & Rings Ltd.		500		22,079
Shyam Metalics & Energy Ltd.		2,791		27,975
Sobha Ltd.		1,677		24,326
South Indian Bank Ltd. (The)		83,493		40,221
Star Cement Ltd.		7,280		15,979
State Bank of India		69,305		754,048
State Bank of India, GDR		8,728		946,115
Steel Authority of India Ltd.		78,549		143,881
Strides Pharma Science Ltd.		3,173		36,370
Sun Pharmaceutical Industries Ltd.		8,112		160,065
Sun TV Network Ltd.		7,133		38,958
Sunteck Realty Ltd.		5,951		19,470
Tamilnad Mercantile Bank Ltd.		4,102		31,938
Tata Chemicals Ltd.		12,988		98,255
Tata Consumer Products Ltd.		5,391		61,109
Tata Motors Ltd.		131,488		589,315
Tata Motors Passenger Vehicles Ltd.		131,488		488,260
Tata Steel Ltd.		430,140		857,610
Tata Steel Ltd., GDR		6,923		141,922
Texmaco Rail & Engineering Ltd.		11,707		13,368
Time Technoplast Ltd.		11,270		21,368
Transport Corp. of India Ltd.		1,896		18,508
Triveni Engineering & Industries Ltd.		4,797		21,436
Tube Investments of India Ltd.		320		10,217
Union Bank of India Ltd.		45,312		82,574
UPL Ltd.		32,505		196,248
Usha Martin Ltd.		8,223		43,166
VA Tech Wabag Ltd.		2,756		58,580
Vardhman Textiles Ltd.		8,165		54,653
Vedanta Aluminium Metal Ltd. *		7,667		36,513
Vedanta Iron & Steel Ltd. *		7,667		2,888
Vedanta Ltd.		7,667		22,768
Vedanta Oil & Gas Ltd. *		7,667		2,616
Vedanta Power Ltd. *		7,667		3,270
Voltamp Transformers Ltd.		223		24,666
Welspun Corp. Ltd.		5,464		87,197
Welspun Enterprises Ltd.		1,530		9,779
Welspun Living Ltd. *		29,865		50,196
Wipro Ltd.		126,562		227,764
Wipro Ltd., ADR @		29,490		66,353
Wockhardt Ltd. *		2,598		53,520
Yes Bank Ltd. *		581,105		148,808
Zee Entertainment Enterprises Ltd.		70,032		76,573
Zensar Technologies Ltd.		5,610		25,354
Zydus Lifesciences Ltd.		7,116		83,670
Zydus Wellness Ltd.		5,525		33,561
				33,392,176
*Indonesia — 0.8%*
Alamtri Minerals Indonesia Tbk. PT		382,600		28,781
Alamtri Resources Indonesia Tbk. PT		790,300		99,892
Aneka Tambang Persero Tbk. PT		329,800		47,773
Aspirasi Hidup Indonesia Tbk. PT		625,900		11,412
Astra Agro Lestari Tbk. PT		28,600		9,517
Astra International Tbk. PT		1,618,200		409,075
Bank Mandiri Persero Tbk. PT		229,300		49,374
Bank Negara Indonesia Persero Tbk. PT		1,037,332		183,332
Bank OCBC Nisp Tbk. PT		223,000		14,655
Bank Pan Indonesia Tbk. PT		399,700		19,784
Bank Tabungan Negara Persero Tbk. PT *		537,509		33,068
BFI Finance Indonesia Tbk. PT		108,300		4,452
Bukit Asam Persero Tbk. PT		168,400		21,568
Bumi Resources Minerals Tbk. PT *		520,100		13,788
Bumi Resources Tbk. PT *		2,671,800		19,725
Bumi Serpong Damai Tbk. PT *		435,700		13,281
Ciputra Development Tbk. PT *		924,577		28,699
Dayamitra Telekomunikasi PT *		1,395,200		42,137
Dharma Satya Nusantara Tbk. PT		140,700		8,774
Elang Mahkota Teknologi Tbk. PT		594,000		16,146
Energi Mega Persada Tbk. PT *		951,500		54,280
Erajaya Swasembada Tbk. PT *		492,900		9,648
ESSA Industries Indonesia Tbk. PT		517,700		14,911
Gudang Garam Tbk. PT		38,200		34,718
Hanson International Tbk. PT *§		5,335,700		—
Indah Kiat Pulp & Paper Tbk. PT *		170,100		67,307
Indika Energy Tbk. PT		195,300		19,880
Indo Tambangraya Megah Tbk. PT		37,400		46,070
Indocement Tunggal Prakarsa Tbk. PT		129,800		30,200
Indofood Sukses Makmur Tbk. PT		407,500		152,129
Japfa Comfeed Indonesia Tbk. PT		397,600		43,251
Medco Energi Internasional Tbk. PT		761,252		43,640
Merdeka Battery Materials Tbk. PT *		337,300		8,715
Pabrik Kertas Tjiwi Kimia Tbk. PT *		92,300		27,876
Pakuwon Jati Tbk. PT		1,135,800		15,246
Panin Financial Tbk. PT *		1,207,600		14,588
Perusahaan Perkebunan London Sumatra Indonesia Tbk. PT		154,500		10,974
Sarana Menara Nusantara Tbk. PT		1,152,200		23,456
Semen Indonesia Persero Tbk. PT		315,724		24,986
Sri Rejeki Isman Tbk. PT *§		996,900		—
Sumber Tani Agung Resources Tbk. PT		162,900		9,111
Summarecon Agung Tbk. PT		932,100		14,180
Surya Citra Media Tbk. PT		1,066,200		11,807
Surya Semesta Internusa Tbk. PT		303,100		25,343
Trimegah Bangun Persada Tbk. PT		478,700		20,883
Triputra Agro Persada PT		285,700		23,089
Ultrajaya Milk Industry & Trading Co. Tbk. PT		131,500		9,671

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
*Indonesia (Continued)*
United Tractors Tbk. PT		135,600	$	174,429
Vale Indonesia Tbk. PT		184,400		42,490
XLSMART Telecom Sejahtera Tbk. PT		202,066		26,784
				2,074,895

*Korea — 18.3%*
Amorepacific Corp.		738		50,350
Amorepacific Holdings Corp.		1,044		14,690
BH Co. Ltd.		1,193		16,363
BNK Financial Group, Inc.		15,620		171,898
Celltrion, Inc.		3,854		431,097
Cheil Worldwide, Inc.		1,499		17,609
CJ CheilJedang Corp.		610		72,879
CJ Corp.		1,142		114,030
CJ ENM Co. Ltd. *		799		16,400
CJ Logistics Corp.		649		31,040
Daesang Corp.		2,426		26,385
Daewoo Engineering & Construction Co. Ltd. *		14,197		172,640
Daishin Securities Co. Ltd.		697		12,147
Daou Technology, Inc.		2,149		49,380
DB HiTek Co. Ltd.		1,524		141,845
DB Insurance Co. Ltd.		941		81,327
DL E&C Co. Ltd.		1,344		55,606
DL Holdings Co. Ltd. *		1,071		29,898
DN Automotive Corp.		314		7,742
Dong-A Socio Holdings Co. Ltd.		303		15,861
Dongjin Semichem Co. Ltd.		1,047		39,398
Dongkuk Holdings Co. Ltd. *		5,750		6,499
Dongkuk Steel Mill Co. Ltd.		3,583		20,374
Dongwon Industries Co. Ltd.		1,371		28,450
Doosan Bobcat, Inc.		3,756		149,581
DoubleUGames Co. Ltd.		604		24,834
E-MART, Inc.		1,021		54,302
ENF Technology Co. Ltd.		555		16,443
GC Biopharma Corp.		119		9,232
GS Engineering & Construction Corp.		2,015		32,645
GS Holdings Corp.		3,044		130,263
GS P&L Co. Ltd.		729		17,222
GS Retail Co. Ltd.		1,825		27,682
HAESUNG DS Co. Ltd.		586		26,666
Hana Financial Group, Inc.		15,949		1,179,730
Hanil Holdings Co. Ltd.		1,021		10,544
Hankook Tire & Technology Co. Ltd.		5,220		208,557
Hanon Systems *		14,434		35,729
Hanwha Corp.		1,223		78,702
Hanwha Galleria Corp. *		4,602		6,312
Hanwha Investment & Securities Co. Ltd. *		5,680		17,873
Hanwha Life Insurance Co. Ltd. *		13,416		39,314
Hanwha Solutions Corp. *		6,070		133,013
Harim Holdings Co. Ltd.		2,243		14,072
HD Construction Equipment Co. Ltd.		647		52,117
HD Hyundai Co. Ltd.		1,757		226,245
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.		1,687		381,108
HDC Holdings Co. Ltd.		2,781		37,336
HK inno N Corp.		967		25,278
HL Holdings Corp.		389		9,667
HL Mando Co. Ltd.		1,823		57,656
HMM Co. Ltd.		14,834		178,184
Hotel Shilla Co. Ltd. *		317		9,647
HS Hyosung Advanced Materials Corp.		80		8,267
Hy-Lok Corp.		918		18,694
HYBE Co. Ltd.		385		47,737
Hyosung Corp.		537		60,760
Hyosung TNC Corp.		121		21,243
Hyundai Department Store Co. Ltd.		867		108,396
Hyundai Engineering & Construction Co. Ltd.		3,290		242,508
Hyundai Glovis Co. Ltd.		1,450		171,364
Hyundai Marine & Fire Insurance Co. Ltd. *		3,214		72,296
Hyundai Mobis Co. Ltd.		2,365		763,248
Hyundai Motor Co.		6,062		1,936,804
Hyundai Steel Co.		4,416		80,094
Hyundai Wia Corp.		941		38,811
iM Financial Group Co. Ltd.		7,519		81,582
Industrial Bank of Korea		19,140		245,844
Innocean Worldwide, Inc.		1,076		12,501
IPARK Hyundai Development Co.		2,554		29,607
JB Financial Group Co. Ltd.		5,577		89,272
Kakao Corp.		9,298		207,349
KakaoBank Corp.		691		9,322
Kangwon Land, Inc.		2,189		20,204
KB Financial Group, Inc., ADR		16,090		1,688,806
KCC Corp.		293		92,006
KEPCO Plant Service & Engineering Co. Ltd.		484		13,839
KG Mobility Corp. *		4,088		7,362
Kia Corp.		17,435		1,552,979
KIWOOM Securities Co. Ltd.		158		34,980
Kolon Industries, Inc.		1,434		55,720
Korea Electric Terminal Co. Ltd.		682		30,594
Korea Investment Holdings Co. Ltd.		1,347		192,143
Korea Line Corp. *		16,631		19,891
Korea Zinc Co. Ltd.		68		47,402
Korean Air Lines Co. Ltd.		8,699		154,688
Korean Reinsurance Co.		12,649		108,422
Krafton, Inc.		656		99,926
KT&G Corp.		3,108		340,430
Kumho Petrochemical Co. Ltd.		829		60,625
Kumho Tire Co., Inc. *		3,713		11,695

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
*Korea (Continued)*
LG Chem Ltd.		2,479	$	448,022
LG Corp.		4,087		256,674
LG Display Co. Ltd. *		16,033		119,319
LG Display Co. Ltd., ADR *@		8,853		34,438
LG Electronics, Inc.		7,988		1,046,643
LG Energy Solution Ltd. *		401		93,695
LG H&H Co. Ltd.		398		58,956
LG Innotek Co. Ltd.		432		273,538
LG Uplus Corp.		11,990		108,346
Lotte Chilsung Beverage Co. Ltd.		290		18,475
Lotte Corp.		1,582		23,434
LOTTE Fine Chemical Co. Ltd.		1,517		43,132
Lotte Shopping Co. Ltd.		641		70,211
Lotte Wellfood Co. Ltd.		167		10,272
LS Corp.		730		172,216
LX Holdings Corp.		2,593		12,285
LX International Corp.		2,607		61,923
LX Semicon Co. Ltd.		567		15,023
Meritz Financial Group, Inc. *		493		33,603
Mirae Asset Life Insurance Co. Ltd. *		4,274		57,932
Mirae Asset Securities Co. Ltd.		4,500		124,169
Misto Holdings Corp.		576		15,410
NAVER Corp.		3,546		455,466
NC Corp.		286		47,534
Netmarble Corp. ±		1,270		30,617
NH Investment & Securities Co. Ltd.		5,453		103,478
NICE Holdings Co. Ltd.		2,345		16,922
NongShim Co. Ltd.		135		29,234
OCI Co. Ltd. *		450		27,448
OCI Holdings Co. Ltd.		700		96,915
Orion Corp.		1,129		96,118
Orion Holdings Corp.		2,572		39,925
Otoki Corp.		131		25,620
Pan Ocean Co. Ltd.		22,750		69,529
Paradise Co. Ltd.		1,846		16,443
Partron Co. Ltd.		1,897		7,077
Poongsan Corp.		575		23,901
POSCO Holdings, Inc.		854		174,736
POSCO Holdings, Inc., ADR @		9,207		473,056
Posco International Corp.		603		19,130
S-Oil Corp.		2,562		175,948
Samsung C&T Corp.		3,438		1,039,633
Samsung Card Co. Ltd.		2,083		64,468
Samsung E&A Co. Ltd.		3,314		101,818
Samsung Electro-Mechanics Co. Ltd.		186		262,198
Samsung Electronics Co. Ltd.		2,447		527,527
Samsung Electronics Co. Ltd., GDR		3,499		18,859,610
Samsung Episholdings Co. Ltd. *		37		10,269
Samsung Fire & Marine Insurance Co. Ltd.		888		354,214
Samsung Life Insurance Co. Ltd.		1,326		343,204
Samsung SDI Co. Ltd. *		2,650		832,989
Samsung SDS Co. Ltd.		1,498		184,482
Samsung Securities Co. Ltd.		2,235		156,521
SeAH Steel Holdings Corp.		136		9,990
Sebang Global Battery Co. Ltd.		697		23,214
Seegene, Inc.		1,002		19,208
SGC Energy Co. Ltd.		395		10,198
Shinhan Financial Group Co. Ltd.		17,905		1,107,144
Shinhan Financial Group Co. Ltd., ADR		914		57,810
Shinsegae, Inc.		510		248,532
SK Chemicals Co. Ltd.		314		7,995
SK Discovery Co. Ltd.		867		28,484
SK Gas Ltd.		175		23,607
SK Innovation Co. Ltd. *		2,567		157,238
SK Networks Co. Ltd.		8,257		53,561
SK, Inc.		1,745		939,347
SL Corp.		1,820		66,607
SNT Motiv Co. Ltd.		1,079		18,038
Sungwoo Hitech Co. Ltd.		3,959		15,741
Unid Co. Ltd.		167		6,769
Woori Financial Group, Inc.		45,228		846,584
Youngone Corp.		1,446		67,759
Youngone Holdings Co. Ltd.		397		41,793
				45,104,638

*Kuwait — 0.1%*
Agility Global PLC		243,775		116,817

*Malaysia — 1.2%*
Aeon Co. M Bhd.		29,400		7,571
AEON Credit Service M Bhd.		8,100		11,562
AFFIN Bank Bhd.		49,846		27,261
Alliance Bank Malaysia Bhd.		81,811		95,304
AMMB Holdings Bhd.		191,687		299,460
Axiata Group Bhd.		226,300		117,104
Bank Islam Malaysia Bhd.		68,600		35,499
Batu Kawan Bhd.		16,500		85,383
Berjaya Corp. Bhd. *		166,400		10,406
Bumi Armada Bhd.		264,700		22,396
CIMB Group Holdings Bhd.		131,573		239,106
Dayang Enterprise Holdings Bhd.		27,900		11,153
Dialog Group Bhd.		37,200		16,969
Eco World Development Group Bhd.		67,900		36,635
Genting Bhd.		84,700		44,869
Genting Malaysia Bhd.		151,700		69,572
Genting Plantations Bhd.		23,600		30,386
HAP Seng Consolidated Bhd.		14,800		9,728
Hartalega Holdings Bhd.		69,700		16,923
Hibiscus Petroleum Bhd.		56,080		25,169
Hong Leong Bank Bhd.		11,500		60,356
Hong Leong Financial Group Bhd.		17,621		79,516
IJM Corp. Bhd.		66,660		36,947
IOI Properties Group Bhd.		75,850		73,292
Kossan Rubber Industries Bhd.		73,800		18,642
Kuala Lumpur Kepong Bhd.		2,100		10,898

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
*Malaysia (Continued)*
Magnum Bhd.		86,961	$	26,872
Mah Sing Group Bhd.		125,685		30,053
Malayan Cement Bhd.		14,900		23,314
Matrix Concepts Holdings Bhd.		96,300		27,869
MBM Resources Bhd.		12,500		14,654
MBSB Bhd.		205,001		32,177
Mega First Corp. Bhd.		37,600		26,557
MISC Bhd.		94,320		180,428
MKH Bhd.		36,950		17,671
MKH Oil Palm East Kalimantan Bhd.		5,278		803
Oriental Holdings Bhd.		25,760		42,707
OSK Holdings Bhd.		111,682		53,410
Petronas Chemicals Group Bhd.		133,400		132,500
PPB Group Bhd.		37,500		85,438
RHB Bank Bhd.		145,390		295,237
Sarawak Oil Palms Bhd.		30,750		34,841
Scientex Bhd.		27,300		24,973
Sime Darby Bhd.		263,700		138,398
Sime Darby Property Bhd.		175,200		61,873
SP Setia Bhd. Group		143,480		34,133
Ta Ann Holdings Bhd.		12,260		15,906
Top Glove Corp. Bhd.		291,800		49,021
TSH Resources Bhd.		43,000		12,233
UOA Development Bhd.		20,387		8,500
WCT Holdings Bhd. *		52,300		5,259
Yinson Holdings Bhd.		54,899		25,581
YTL Corp. Bhd.		81,160		40,605
				2,933,120
*Mexico — 1.6%*
Alpek SAB de CV *		68,614		50,144
Banco del Bajio SA ±		42,751		138,490
Cemex SAB de CV		685,631		823,345
Cemex SAB de CV, ADR		12,231		146,772
Controladora AXTEL SAB DE CV		260,453		13,106
Corp. Actinver SAB de CV		15,700		19,302
El Puerto de Liverpool SAB de CV, Class C1		7,251		42,297
Fomento Economico Mexicano SAB de CV		13,622		174,097
Genomma Lab Internacional SAB de CV, Class B		42,530		36,432
Grupo Bimbo SAB de CV, Series A		59,470		194,181
Grupo Carso SAB de CV, Series A1		15,019		112,088
Grupo Comercial Chedraui SA de CV		6,957		35,602
Grupo Financiero Banorte SAB de CV, Class O		75,782		802,563
Grupo Financiero Inbursa SAB de CV, Class O		74,270		177,016
Grupo Traxion SAB de CV *±		22,512		14,083
Industrias CH SAB de CV, Series B *		23,861		245,603
La Comer SAB de CV		19,613		39,613
Megacable Holdings SAB de CV		59,163		211,211
Nemak SAB de CV *±		220,070		41,025
Operadora De Sites Mexicanos SAB de CV, Class A-1		43,851		43,255
Orbia Advance Corp. SAB de CV *		51,451		66,375
Organizacion Soriana SAB de CV, Class B		44,134		75,712
Promotora y Operadora de Infraestructura SAB de CV		9,454		150,167
Promotora y Operadora de Infraestructura SAB de CV, Class L		1,600		18,207
Regional SAB de CV		18,632		142,259
Sigma Foods SAB de CV		221,384		203,186
				4,016,131

*Philippines — 0.3%*
Alliance Global Group, Inc.		253,300		33,020
Ayala Corp.		12,590		85,752
Ayala Land, Inc.		354,500		85,491
China Banking Corp.		60,526		56,413
DMCI Holdings, Inc.		91,100		11,133
First Philippine Holdings Corp.		26,510		35,422
GT Capital Holdings, Inc.		7,512		59,367
JG Summit Holdings, Inc.		181,683		78,452
LT Group, Inc.		132,300		32,164
Megaworld Corp.		1,004,700		34,052
Metropolitan Bank & Trust Co.		133,237		141,118
Puregold Price Club, Inc.		46,600		30,829
Rizal Commercial Banking Corp.		47,790		18,261
Robinsons Land Corp.		76,255		20,452
San Miguel Corp.		41,650		46,150
Security Bank Corp.		30,510		32,563
Top Frontier Investment Holdings, Inc. *		4,630		4,036
Union Bank of the Philippines		66,330		25,832
				830,507

*Poland — 1.2%*
AB SA		845		29,606
Alior Bank SA		6,105		210,976
Asseco Poland SA		732		32,525
Bank Handlowy w Warszawie SA		32		1,038
Bank Polska Kasa Opieki SA		715		43,488
BNPP Bank Polska SA		811		32,123
Echo Investment SA		1,732		2,228
Enea SA		30,606		157,676
Inter Cars SA		295		62,971
KGHM Polska Miedz SA		5,853		515,393
Mirbud SA		5,445		15,054
ORLEN SA		38,019		1,279,495

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
Poland (Continued)
PGE Polska Grupa Energetyczna SA *		74,035	$	185,786
Tauron Polska Energia SA		125,505		303,937
				2,872,296

Russia — 0.0%
Gazprom PJSC, ADR *§		162,760		—
Lukoil PJSC, ADR *§		15,271		—
RusHydro PJSC, ADR *§		61,905		—
VTB Bank PJSC, GDR *§		92,145		—
				—

Singapore — 0.0%
China XLX Fertiliser Ltd. *		44,000		51,221

South Africa — 3.1%
Absa Group Ltd.		55,314		769,668
AECI Ltd.		8,481		65,000
African Rainbow Minerals Ltd.		5,623		61,252
Altron Ltd., Class A		18,636		31,515
Aspen Pharmacare Holdings Ltd.		8,205		78,584
Astral Foods Ltd.		2,628		38,024
Bidvest Group Ltd.		12,878		188,272
Blu Label Unlimited Group Ltd.		20,177		9,633
DataTec Ltd.		22,225		125,100
Exxaro Resources Ltd.		16,672		206,598
Foschini Group Ltd. (The) @		27,805		104,057
Grindrod Ltd.		40,655		66,269
Impala Platinum Holdings Ltd.		29,741		312,299
Investec Ltd.		8,961		70,523
KAP Ltd. *		82,431		13,587
Kumba Iron Ore Ltd.		4,304		76,471
Lewis Group Ltd.		3,337		18,482
Life Healthcare Group Holdings Ltd.		87,850		55,939
Momentum Group Ltd.		72,898		180,821
Motus Holdings Ltd.		16,747		113,487
MTN Group Ltd.		68,044		946,551
Naspers Ltd., Class N		19,458		974,824
Nedbank Group Ltd.		25,556		421,175
Netcare Ltd.		81,657		89,932
Northam Platinum Holdings Ltd.		4,836		69,650
Oceana Group Ltd.		10,541		43,786
Old Mutual Ltd.		382,492		313,373
Omnia Holdings Ltd.		16,030		109,519
Pepkor Holdings Ltd. ±		170,124		229,532
Pick n Pay Stores Ltd. *@		32,290		41,062
PPC Ltd.		93,872		45,217
Raubex Group Ltd.		16,897		53,012
Reunert Ltd.		12,692		46,793
Sanlam Ltd.		17,440		93,940
Sappi Ltd. *@		59,313		33,748
Sasol Ltd. *		35,827		353,589
Sibanye Stillwater Ltd.		17,852		37,949
Southern Sun Ltd.		54,046		32,665
Standard Bank Group Ltd.		45,281		893,097
Super Group Ltd. *		29,786		35,569
Telkom SA SOC Ltd.		28,405		97,389
Thungela Resources Ltd. @		6,203		34,847
Valterra Platinum Ltd.		344		23,236
Zeda Ltd.		20,449		17,665
				7,623,701

Taiwan — 33.0%
91APP, Inc.		8,000		15,243
AcBel Polytech, Inc.		51,000		93,174
Acer, Inc.		165,884		172,359
Acter Group Corp. Ltd.		1,000		40,494
Actron Technology Corp.		3,000		17,328
ADATA Technology Co. Ltd.		20,450		262,554
Advanced International Multitech Co. Ltd.		8,000		13,285
Advanced Power Electronics Corp.		1,000		8,491
Advanced Wireless Semiconductor Co.		8,000		37,543
Advancetek Enterprise Co. Ltd.		13,000		10,977
Advantech Co. Ltd.		9,000		138,998
Allied Supreme Corp.		3,000		20,200
Allis Electric Co. Ltd.		2,000		7,722
Alltek Technology Corp.		10,000		18,583
Alltop Technology Co. Ltd.		3,000		29,288
Alpha Networks, Inc.		11,000		11,757
Altek Corp.		14,014		21,952
Ambassador Hotel (The)		14,000		19,622
AMPOC Far-East Co. Ltd.		8,864		81,387
AmTRAN Technology Co. Ltd.		58,106		78,979
Apex International Co. Ltd. *		20,286		30,693
Arcadyan Technology Corp.		11,000		66,297
Ardentec Corp.		39,092		272,422
Argosy Research, Inc.		3,000		16,857
ASE Technology Holding Co. Ltd.		233,000		4,973,553
Asia Cement Corp.		134,269		147,518
Asia Optical Co., Inc.		11,000		49,205
ASMedia Technology, Inc.		1,000		46,144
ASROCK, Inc. *		2,000		14,691
Asustek Computer, Inc. *		36,000		791,047
AUO Corp.		396,400		406,896
Axiomtek Co. Ltd.		8,000		36,037
Bank of Kaohsiung Co. Ltd.		66,544		25,589
BES Engineering Corp. *		95,577		39,153
Bioteque Corp.		3,000		10,830
Bizlink Holding, Inc.		4,108		246,946
Bora Pharmaceuticals Co. Ltd.		3,000		39,741
Brighton-Best International Taiwan, Inc. *		17,000		18,571
Capital Securities Corp. *		152,437		183,031

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
*Taiwan (Continued)*
Catcher Technology Co. Ltd.		7,000	$	45,925
Cathay Financial Holding Co. Ltd.		471,170		1,453,895
Cathay Real Estate Development Co. Ltd.		41,000		31,789
Cenra, Inc.		9,500		10,423
Century Iron & Steel Industrial Co. Ltd.		6,000		22,131
Chailease Holding Co. Ltd.		98,603		363,689
Chang Hwa Commercial Bank Ltd.		332,606		250,578
Chang Wah Electromaterials, Inc.		20,000		33,651
Chang Wah Technology Co. Ltd.		11,000		28,971
Channel Well Technology Co. Ltd.		13,000		21,628
Charoen Pokphand Enterprise		12,000		42,754
Cheng Loong Corp.		82,000		55,085
Cheng Shin Rubber Industry Co. Ltd.		131,000		123,160
Chicony Electronics Co. Ltd.		30,000		97,939
Chicony Power Technology Co. Ltd.		6,000		17,949
Chin-Poon Industrial Co. Ltd.		36,000		61,250
China Airlines Ltd.		278,111		206,904
China Bills Finance Corp.		89,000		49,310
China Man-Made Fiber Corp. *		72,018		30,406
China Metal Products		31,000		22,090
China Motor Corp.		22,478		39,090
China Steel Chemical Corp.		8,000		20,668
China Steel Corp.		492,800		290,824
Chipbond Technology Corp.		42,000		278,844
ChipMOS Technologies, Inc.		28,897		90,256
ChipMOS Technologies, Inc., ADR *		328		21,074
Chong Hong Development Co. Ltd.		12,774		31,397
Chun Yuan Steel Industry Co. Ltd. *		30,000		22,319
Chung-Hsin Electric & Machinery Manufacturing Corp.		20,000		111,123
Cleanaway Co. Ltd.		60,000		52,548
Clevo Co.		28,000		36,608
CMC Magnetics Corp.		31,979		11,594
Co-Tech Development Corp.		3,000		56,503
Compal Electronics, Inc.		288,000		319,131
Compeq Manufacturing Co. Ltd.		96,000		700,642
Concord Securities Co. Ltd.		42,735		38,165
Continental Holdings Corp.		42,000		28,544
Coretronic Corp.		15,800		43,100
CTBC Financial Holding Co. Ltd.		518,280		1,155,114
CTCI Corp.		36,306		47,695
CyberPower Systems, Inc.		2,000		13,372
D-Link Corp. *		15,640		8,984
DA CIN Construction Co. Ltd.		21,200		60,958
Da-Li Development Co. Ltd.		14,376		20,352
Darfon Electronics Corp.		17,000		22,253
Depo Auto Parts Ind Co. Ltd.		8,000		34,153
Dimerco Express Corp.		8,000		19,312
Dynamic Holding Co. Ltd. *		21,356		117,987
E Ink Holdings, Inc.		35,000		235,666
E.Sun Financial Holding Co. Ltd.		114,131		123,423
Eclat Textile Co. Ltd.		9,000		88,287
ECOVE Environment Corp.		2,000		18,144
Edom Technology Co. Ltd. *		10,000		19,745
Elan Microelectronics Corp.		13,000		77,127
Ennoconn Corp.		4,116		47,741
EnTie Commercial Bank Co. Ltd.		68,000		31,165
Eternal Materials Co. Ltd.		42,300		98,259
Eva Airways Corp.		241,478		340,350
Evergreen Aviation Technologies Corp.		11,000		64,053
Evergreen International Storage & Transport Corp.		27,000		41,191
Evergreen Marine Corp. Taiwan Ltd.		62,583		362,456
EVERGREEN Steel Corp.		13,000		38,319
Everlight Chemical Industrial Corp. *		56,000		78,929
Everlight Electronics Co. Ltd.		32,000		68,306
Excelsior Medical Co. Ltd.		14,350		30,946
Far Eastern Department Stores Ltd. *		56,220		40,590
Far Eastern International Bank		161,146		65,760
Far Eastern New Century Corp.		185,338		165,810
Far EasTone Telecommunications Co. Ltd.		99,000		326,307
Farglory Land Development Co. Ltd.		26,721		54,186
Feng Hsin Steel Co. Ltd.		17,000		32,392
Feng TAY Enterprise Co. Ltd.		19,000		41,750
First Financial Holding Co. Ltd.		610,444		627,566
FIT Holding Co. Ltd.		9,000		5,198
Fitipower Integrated Technology, Inc.		5,600		29,005
Flytech Technology Co. Ltd.		5,000		20,247
FocalTech Systems Co. Ltd.		8,000		13,963
Forcecon Tech Co. Ltd.		5,913		16,742
Formosa Advanced Technologies Co. Ltd.		20,000		45,203
Formosa Chemicals & Fibre Corp.		152,000		260,518
Formosa Petrochemical Corp.		47,000		81,293
Formosa Plastics Corp.		168,000		287,414
Formosa Sumco Technology Corp.		5,000		57,131
Formosa Taffeta Co. Ltd.		49,000		26,072
Formosan Union Chemical Corp.		48,179		33,197
Foxsemicon Integrated Technology, Inc.		4,000		41,499
FSP Technology, Inc.		8,000		15,796
Fubon Financial Holding Co. Ltd.		530,823		2,157,851
Fulltech Fiber Glass Corp. *		16,064		55,973
Fusheng Precision Co. Ltd.		5,000		40,102
G Shank Enterprise Co. Ltd.		10,589		43,212
Gamania Digital Entertainment Co. Ltd.		13,000		20,241
Gemtek Technology Corp.		47,000		62,998
General Interface Solution GIS Holding Ltd. *		18,000		39,270
Genius Electronic Optical Co. Ltd.		4,000		82,746
Getac Holdings Corp.		21,000		66,580
GFC Ltd.		3,000		11,348
Giant Manufacturing Co. Ltd.		20,000		49,409
Gigabyte Technology Co. Ltd.		18,000		194,372
Global Brands Manufacture Ltd.		21,888		73,174
Global Mixed Mode Technology, Inc.		3,000		29,476

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
*Taiwan (Continued)*
Global PMX Co. Ltd.		2,000	$	14,126
Globalwafers Co. Ltd.		15,000		473,216
Gloria Material Technology Corp.		34,392		34,115
Goldsun Building Materials Co. Ltd.		82,973		86,603
Grape King Bio Ltd.		10,000		28,911
Great Wall Enterprise Co. Ltd.		44,330		77,231
Greatek Electronics, Inc.		16,000		68,557
Group Up Industrial Co. Ltd.		2,000		24,548
Gudeng Precision Industrial Co. Ltd.		1,000		15,947
Hannstar Board Corp.		23,814		66,755
HannsTouch Holdings Co. *		32,279		13,730
Hey Song Corp.		18,750		19,688
Highwealth Construction Corp.		98,135		132,617
Hiwin Technologies Corp.		19,000		193,838
Ho Tung Chemical Corp.		63,688		39,285
Holy Stone Enterprise Co. Ltd.		10,500		277,526
Hon Hai Precision Industry Co. Ltd.		654,068		5,153,456
Hong TAI Electric Industrial		32,000		37,267
Hota Industrial Manufacturing Co. Ltd. *		6,000		8,984
Hotai Finance Co. Ltd.		14,420		26,571
Hotai Motor Co. Ltd.		13,000		189,961
Hsin Kuang Steel Co. Ltd.		13,000		15,446
Hu Lane Associate, Inc.		4,305		15,879
Hua Nan Financial Holdings Co. Ltd.		318,453		379,866
Hua Yu Lien Development Co. Ltd.		3,904		5,496
Huaku Development Co. Ltd.		18,585		59,507
Hung Sheng Construction Ltd.		13,688		7,068
I-Sheng Electric Wire & Cable Co. Ltd.		9,000		13,631
IBF Financial Holdings Co. Ltd.		132,503		61,767
Ichia Technologies, Inc.		11,000		22,375
IEI Integration Corp.		8,000		21,044
Innodisk Corp.		1,039		52,673
Innolux Corp.		361,645		779,904
Inpaq Technology Co. Ltd.		9,000		28,393
Inventec Corp.		149,282		312,093
ITE Technology, Inc.		6,000		29,947
ITEQ Corp.		15,000		174,454
JPC connectivity, Inc.		5,000		54,934
Kedge Construction Co. Ltd.		4,324		12,759
Kenda Rubber Industrial Co. Ltd.		34,650		18,328
Kerry TJ Logistics Co. Ltd.		9,000		8,151
KGI Financial Holding Co. Ltd.		1,124,694		1,013,254
Kindom Development Co. Ltd.		27,720		29,542
King Yuan Electronics Co. Ltd.		58,100		615,534
Kinik Co.		2,000		47,840
Kinpo Electronics		111,000		122,476
Kinsus Interconnect Technology Corp.		31,217		873,114
Kung Long Batteries Industrial Co. Ltd.		8,000		31,516
Kuo Toong International Co. Ltd.		16,000		32,646
L&K Engineering Co. Ltd.		3,397		98,424
Lanner Electronics, Inc.		6,000		15,482
Largan Precision Co. Ltd.		6,000		807,998
Lelon Electronics Corp.		10,000		142,357
Lien Hwa Industrial Holdings Corp.		33,666		45,390
Lion Travel Service Co. Ltd.		3,000		14,079
Lite-On Technology Corp.		127,874		891,122
Lotes Co. Ltd.		4,000		264,938
Lotus Pharmaceutical Co. Ltd.		2,000		12,023
Lumax International Corp. Ltd.		4,000		15,444
Lung Yen Life Service Corp. *		16,000		24,259
Macronix International Co. Ltd. *		72,171		352,286
Makalot Industrial Co. Ltd.		10,000		68,746
Marketech International Corp.		5,000		86,952
MediaTek, Inc.		48,000		6,396,183
Mega Financial Holding Co. Ltd.		324,287		469,280
Mega Union Technology, Inc.		1,000		30,669
Mercuries & Associates Holding Ltd.		19,184		8,913
Mercuries Life Insurance Co. Ltd. *		81,475		21,330
Merida Industry Co. Ltd.		15,000		36,868
Merry Electronics Co. Ltd.		15,226		43,112
Micro-Star International Co. Ltd.		42,000		192,488
Mitac Holdings Corp.		53,500		146,612
MOSA Industrial Corp. *		9,616		4,845
Motech Industries, Inc.		17,000		14,782
Nak Sealing Technologies Corp.		3,000		11,065
Namchow Holdings Co. Ltd.		7,000		6,922
Nan Kang Rubber Tire Co. Ltd.		12,321		12,144
Nan Pao Resins Chemical Co. Ltd.		2,000		21,565
Nan Ya Plastics Corp.		202,000		1,055,766
Nan Ya Printed Circuit Board Corp.		15,000		557,971
Nantex Industry Co. Ltd.		10,000		8,617
Nanya Technology Corp. *		64,000		909,077
Nichidenbo Corp.		6,000		60,741
Nien Made Enterprise Co. Ltd.		7,000		76,028
Novatek Microelectronics Corp.		19,000		319,087
O-Bank Co. Ltd.		91,943		30,160
Orient Semiconductor Electronics Ltd.		30,485		51,388
Pan German Universal Motors Ltd.		2,000		14,628
Pan Jit International, Inc.		24,600		140,929
Pan-International Industrial Corp.		34,380		53,367
Parade Technologies Ltd.		5,000		98,724
Pegatron Corp.		134,249		353,148
Pegavision Corp. *		2,000		21,660
PharmaEssentia Corp.		5,000		210,318
Phison Electronics Corp.		9,000		673,803
Pixart Imaging, Inc.		8,000		59,768
Pou Chen Corp.		115,133		91,618
Powerchip Semiconductor Manufacturing Corp. *		65,000		162,620
Powertech Technology, Inc.		49,000		519,125
Poya International Co. Ltd.		1,000		20,938
President Chain Store Corp.		10,000		70,001
President Securities Corp.		95,299		149,575
Primax Electronics Ltd.		25,000		51,795
Prince Housing & Development Corp.		77,970		19,898
Promate Electronic Co. Ltd.		9,599		15,126
Qisda Corp.		106,108		113,581

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
*Taiwan (Continued)*
Quanta Computer, Inc.		43,000	$	496,728
Quanta Storage, Inc.		7,000		17,029
Radiant Opto-Electronics Corp.		27,000		73,737
Radium Life Tech Co. Ltd.		41,409		14,298
Raydium Semiconductor Corp.		4,000		34,969
Realtek Semiconductor Corp.		9,000		227,709
Rechi Precision Co. Ltd.		30,000		26,510
Ritek Corp. *		29,000		11,971
Ruentex Development Co. Ltd.		67,600		56,870
Run Long Construction Co. Ltd.		14,000		13,184
Sakura Development Co. Ltd.		8,400		10,257
Sampo Corp.		31,600		23,212
San Fang Chemical Industry Co. Ltd.		13,000		13,997
Sanyang Motor Co. Ltd.		41,573		79,736
ScinoPharm Taiwan Ltd.		14,000		9,075
SDI Corp.		10,000		66,705
Sercomm Corp.		18,000		45,655
Sesoda Corp.		17,193		28,766
Shanghai Commercial & Savings Bank Ltd. (The)		171,618		230,034
Shihlin Electric & Engineering Corp.		11,000		82,699
Shin Ruenn Development Co. Ltd.		5,650		7,440
Shin Zu Shing Co. Ltd.		9,064		56,621
Shinkong Insurance Co. Ltd.		11,000		49,205
Shinkong Synthetic Fibers Corp.		108,151		88,438
Shinkong Textile Co. Ltd.		4,000		8,162
Shiny Chemical Industrial Co. Ltd.		3,000		16,009
Sigurd Microelectronics Corp.		42,694		317,627
Simplo Technology Co. Ltd.		9,000		117,951
Sinbon Electronics Co. Ltd.		11,000		113,431
Sincere Navigation Corp.		27,810		25,753
Sino-American Silicon Products, Inc.		33,000		186,461
Sinon Corp.		37,000		45,529
SinoPac Financial Holdings Co. Ltd.		739,233		925,883
Sinyi Realty, Inc.		11,000		6,612
Sitronix Technology Corp.		9,000		93,796
Soft-World International Corp.		4,000		13,121
Solar Applied Materials Technology Corp.		18,000		81,647
Sporton International, Inc.		4,000		23,983
Sports Gear Co. Ltd.		4,000		9,380
Standard Chemical & Pharmaceutical Co. Ltd.		5,000		9,935
Standard Foods Corp.		31,000		28,561
Stark Technology, Inc.		2,000		9,794
Starlux Airlines Co. Ltd. *		60,000		39,741
Sunny Friend Environmental Technology Co. Ltd.		4,000		9,530
Sunonwealth Electric Machine Industry Co. Ltd.		12,445		55,473
Superalloy Industrial Co. Ltd.		12,000		23,392
Supreme Electronics Co. Ltd. *		40,000		116,020
Swancor Holding Co. Ltd.		5,000		17,029
Syncmold Enterprise Corp.		5,000		13,090
Synmosa Biopharma Corp.		17,986		17,700
Synnex Technology International Corp. *		77,300		221,055
Systex Corp.		9,000		37,857
T3EX Global Holdings Corp. *		4,000		8,802
TA Chen Stainless Pipe		110,317		139,729
Ta Ya Electric Wire & Cable		47,958		57,207
TA-I Technology Co. Ltd. *		6,000		42,472
TAI-TECH Advanced Electronics Co. Ltd.		3,000		30,041
Taichung Commercial Bank Co. Ltd.		284,630		179,142
TaiDoc Technology Corp.		7,000		27,357
Taiflex Scientific Co. Ltd.		26,923		125,925
Taiwan Acceptance Corp.		16,800		42,189
Taiwan Business Bank		453,954		252,937
Taiwan Cogeneration Corp.		29,957		71,750
Taiwan Cooperative Financial Holding Co. Ltd.		350,093		273,094
Taiwan Fertilizer Co. Ltd.		33,000		49,153
Taiwan Fire & Marine Insurance Co. Ltd.		8,400		14,555
Taiwan FU Hsing Industrial Co. Ltd.		6,800		8,432
Taiwan Glass Industry Corp. *		81,321		190,944
Taiwan Hon Chuan Enterprise Co. Ltd.		26,612		107,345
Taiwan Mask Corp. *		7,000		11,163
Taiwan Mobile Co. Ltd.		90,000		329,132
Taiwan Navigation Co. Ltd.		22,000		20,511
Taiwan Paiho Ltd.		12,000		16,706
Taiwan PCB Techvest Co. Ltd.		28,000		32,213
Taiwan Sakura Corp.		6,000		15,595
Taiwan Secom Co. Ltd.		7,000		23,182
Taiwan Semiconductor Co. Ltd.		10,000		37,826
Taiwan Semiconductor Manufacturing Co. Ltd.		18,000		1,361,732
Taiwan Shin Kong Security Co. Ltd.		19,100		24,312
Taiwan Surface Mounting Technology Corp.		21,518		143,874
Taiwan Union Technology Corp.		2,000		105,473
Tatung Co. Ltd.		98,800		84,668
TCC Group Holdings Co. Ltd.		323,971		244,581
TCI Co. Ltd.		5,000		18,050
Teco Electric & Machinery Co. Ltd.		65,000		143,032
Test Research, Inc.		11,000		113,085
Thinking Electronic Industrial Co. Ltd.		4,000		39,552
Ton Yi Industrial Corp.		82,000		38,997
Tong Hsing Electronic Industries Ltd.		12,870		107,868
Tong Yang Industry Co. Ltd.		29,921		72,697
Topco Scientific Co. Ltd.		8,115		139,850
Topkey Corp.		3,000		15,727
TPK Holding Co. Ltd.		20,000		50,476
Transcend Information, Inc.		10,000		83,656
Tripod Technology Corp.		29,000		471,552
TS Financial Holding Co. Ltd.		1,301,036		1,357,947

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
*Taiwan (Continued)*
TSRC Corp.		26,000	$	16,895
TTY Biopharm Co. Ltd.		17,000		40,397
Tung Ho Steel Enterprise Corp.		47,290		100,053
TXC Corp.		16,000		94,172
U-Ming Marine Transport Corp.		27,000		51,107
Uni-President Enterprises Corp.		284,000		664,166
Unimicron Technology Corp.		88,962		2,988,067
Union Bank of Taiwan		79,276		56,365
Unitech Printed Circuit Board Corp.		55,184		98,046
United Microelectronics Corp. *		485,513		2,507,083
United Microelectronics Corp., ADR *		51,052		1,389,125
United Orthopedic Corp.		7,000		20,150
United Renewable Energy Co. Ltd. *		24,000		13,109
Universal Cement Corp.		49,205		41,395
UPI Semiconductor Corp.		2,000		16,951
Vanguard International Semiconductor Corp.		47,576		322,585
Via Technologies, Inc.		8,000		18,408
Visco Vision, Inc.		2,000		12,305
VisEra Technologies Co. Ltd.		3,000		48,310
Vizionfocus, Inc.		2,000		12,305
Voltronic Power Technology Corp.		1,000		34,059
Wafer Works Corp. *		36,493		140,902
Wah Lee Industrial Corp.		18,420		74,879
Walsin Lihwa Corp.		160,198		187,069
Walsin Technology Corp.		22,000		390,187
Wan Hai Lines Ltd. *		47,000		116,849
Weikeng Industrial Co. Ltd.		32,945		51,088
Win Semiconductors Corp.		25,000		334,312
Winbond Electronics Corp.		203,378		1,324,720
Winstek Semiconductor Co. Ltd.		3,000		16,904
Wisdom Marine Lines Co. Ltd.		27,019		61,575
Wistron Corp. *		174,431		867,870
WNC Corp.		26,429		215,288
Wowprime Corp.		3,000		23,261
WPG Holdings Ltd.		95,400		320,431
WT Microelectronics Co. Ltd.		34,360		230,818
Yageo Corp.		114,800		4,108,173
Yang Ming Marine Transport Corp.		95,000		155,070
YC INOX Co. Ltd.		29,977		18,914
Yea Shin International Development Co. Ltd.		1,065		747
Yem Chio Co. Ltd.		23,119		11,539
YFY, Inc.		110,385		93,903
Yieh Phui Enterprise Co. Ltd. *		56,254		23,839
Youngtek Electronics Corp.		12,000		35,220
Yuanta Financial Holding Co. Ltd.		696,396		1,436,229
Yulon Motor Co. Ltd.		54,247		46,318
YungShin Global Holding Corp.		7,000		11,822
Zeng Hsing Industrial Co. Ltd.		2,148		6,102
Zero One Technology Co. Ltd.		9,000		28,252
Zhen Ding Technology Holding Ltd.		55,000		1,087,690
Zyxel Group Corp.		31,438		45,938
				81,228,956
*Thailand — 1.1%*
AP Thailand PCL		242,500		55,113
Asset World Corp. PCL <>		202,400		13,648
Bangchak Corp. PCL		73,300		75,020
Bangkok Bank PCL		56,300		304,205
Bangkok Bank PCL, NVDR		13,300		71,864
Bangkok Commercial Asset Management PCL		116,500		22,970
Bangkok Life Assurance PCL, NVDR		26,800		19,926
Banpu PCL		429,750		69,856
Berli Jucker PCL		64,800		28,674
Charoen Pokphand Foods PCL		179,100		105,669
CP Axtra PCL		56,521		25,351
GFPT PCL		33,300		8,971
Hana Microelectronics PCL		19,000		22,306
Kasikornbank PCL, NVDR		23,200		152,243
Krung Thai Bank PCL		38,675		44,239
PTT Exploration & Production PCL		46,400		186,463
PTT Global Chemical PCL		123,028		124,063
PTT PCL		759,800		811,935
Regional Container Lines PCL		17,100		16,343
Sansiri PCL		1,106,700		48,305
Siam Cement PCL (The)		31,500		231,363
Sri Trang Agro-Industry PCL		57,200		29,099
Sri Trang Gloves Thailand PCL		50,900		15,475
Star Petroleum Refining PCL		80,000		18,302
Stecon Group PCL <>		70,300		15,554
Supalai PCL		115,700		55,725
Thai Oil PCL		58,777		85,811
Thanachart Capital PCL		17,800		36,167
TMBThanachart Bank PCL		534,672		39,593
WHA Corp. PCL		253,200		39,252
				2,773,505

*Turkey — 0.5%*
Alarko Holding AS		8,981		20,736
Albaraka Turk Katilim Bankasi AS		137,184		23,822
Aygaz AS		2,629		12,033
Dogan Sirketler Grubu Holding AS		84,330		37,061
Dogus Otomotiv Servis ve Ticaret AS		5,901		22,682
Enka Insaat ve Sanayi AS		43,996		85,358
Eregli Demir ve Celik Fabrikalari TAS		123,498		107,173
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D *		72,396		61,770
KOC Holding AS		47,064		195,233
Pegasus Hava Tasimaciligi AS *		3,440		12,913
Turk Hava Yollari AO		41,883		292,711
Turk Telekomunikasyon AS *		40,171		52,877
Turkcell Iletisim Hizmetleri AS		82,156		189,159
Turkiye Is Bankasi AS, Class C		29,470		9,357
Turkiye Petrol Rafinerileri AS		26,307		128,303
Turkiye Sinai Kalkinma Bankasi AS		37,637		9,585
Turkiye Sise ve Cam Fabrikalari AS		63,955		60,738
				1,321,511

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

Table of Contents

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
*United Arab Emirates — 1.0%*
Abu Dhabi Commercial Bank PJSC		13,118	$	51,646
Abu Dhabi National Hotels		374,550		39,670
Abu Dhabi Ports Co. PJSC *		70,011		89,592
Agthia Group PJSC		18,043		17,292
Ajman Bank PJSC		74,597		28,435
Alpha Dhabi Holding PJSC		88,467		190,529
Amanat Holdings PJSC		96,835		36,384
Bank of Sharjah		40,477		13,005
Dana Gas PJSC		486,882		123,550
Deyaar Development PJSC		130,763		28,661
Dubai Investments PJSC		167,588		169,285
Dubai Islamic Bank PJSC		5,114		10,373
Emaar Properties PJSC		315,614		1,024,319
Emirates NBD Bank PJSC		33,810		272,115
EMSTEEL Building Materials PJSC *		112,430		34,285
First Abu Dhabi Bank PJSC		4,957		22,944
Modon Holding PSC *		121,014		98,517
National Central Cooling Co. PJSC		34,380		24,712
NMDC Group PJSC		5,249		31,441
RAK Properties PJSC *		93,395		27,463
Ras Al Khaimah Ceramics PJSC		45,645		29,703
Sharjah Islamic Bank		112,274		90,179
Two Point Zero Group PJSC *		133,955		78,050
				2,532,150
*United States — 0.1%*
GCC SAB de CV		9,763		116,034
TOTAL COMMON STOCKS (Identified Cost $148,361,700)				246,688,938

PREFERRED STOCKS — 0.8%
*Brazil — 0.8%*
Banco ABC Brasil SA, 15.722%		9,687		44,604
Banco Bradesco SA, 8.319%		105,309		369,233
Banco do Estado do Rio Grande do Sul SA, 11.432%		14,808		39,815
Cyrela Brazil Realty SA Empreendimentos e Participacoes *		722		3,003
Petroleo Brasileiro SA - Petrobras, 8.759%		195,991		1,435,108
Randoncorp SA, 1.051% *		9,200		7,931
				1,899,694
*Colombia — 0.0%*
Grupo Argos SA, 5.628%		3,541		12,949
Grupo de Inversiones Suramericana SA, 3.547%		7,476		100,213
				113,162

TOTAL PREFERRED STOCKS (Identified Cost $936,251)				2,012,856

RIGHTS AND WARRANTS — 0.0%
*Brazil — 0.0%*
Banco ABC Brasil SA *<>		325		267

*Korea — 0.0%*
Hanwha Solutions Corp. *<>		1,496		5,842

TOTAL RIGHTS AND WARRANTS (Identified Cost $0)				6,109

SHORT-TERM INVESTMENTS — 0.4%
*Collateral For Securities On Loan — 0.4%*
State Street Navigator Securities Lending Government Money Market Portfolio 3.660%		905,937		905,937

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $905,937)				905,937

Total Investments — 101.3% (Identified Cost $150,203,888)				249,613,840
Liabilities in excess of Cash and Other Assets — (1.3%)				(3,284,738	)

Net Assets — 100.0%			$	246,329,102

†	See Note 1
*	Non-income producing security
@	A portion or all of the security was held on loan. As of June 30, 2026, the fair value of the securities on loan was $5,335,748.
±	144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at June 30, 2026 amounted to $3,115,265 or 1.26% of the net assets of the Fund.
<>	Fair valued security. Security is valued using significant observable inputs other than quoted prices as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1
§	Fair valued security. Security is valued using significant unobservable inputs as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1

Key to abbreviations:
ADR — American Depository Receipt
GDR — Global Depository Receipt
NVDR — Non-Voting Depository Receipt

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

Table of Contents

SA Real Estate Securities Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026

	SHARES		VALUE†

COMMON STOCKS — 99.0%
*Diversified REITs — 2.3%*
Alpine Income Property Trust, Inc.		1,013	$	21,030
American Assets Trust, Inc.		4,156		102,612
Broadstone Net Lease, Inc.		18,157		375,305
CTO Realty Growth, Inc.		2,292		49,301
Essential Properties Realty Trust, Inc.		20,474		611,149
Gladstone Commercial Corp.		3,518		43,271
Global Net Lease, Inc.		12,253		109,542
Modiv Industrial, Inc.		764		13,294
WP Carey, Inc.		22,293		1,593,949
				2,919,453

*Health Care REITs — 16.8%*
Alexandria Real Estate Equities, Inc.		11,839		625,691
American Healthcare REIT, Inc.		19,639		1,024,174
CareTrust REIT, Inc.		23,792		960,007
Chiron Real Estate, Inc.		1,025		38,458
Community Healthcare Trust, Inc.		893		16,324
Diversified Healthcare Trust		16,344		151,999
Healthcare Realty Trust, Inc.		31,487		635,093
Healthpeak Properties, Inc.		63,632		1,361,725
LTC Properties, Inc.		5,301		203,823
Medical Properties Trust, Inc.		20,913		96,618
National Health Investors, Inc.		4,395		335,163
Omega Healthcare Investors, Inc.		28,341		1,351,299
Sabra Health Care REIT, Inc.		23,826		464,845
Sila Realty Trust, Inc.		596		18,095
Strawberry Fields REIT, Inc.		897		12,334
Universal Health Realty Income Trust		1,361		59,694
Ventas, Inc.		47,519		4,219,687
Welltower, Inc.		42,821		9,719,082
				21,294,111

*Hotel & Resort REITs — 3.2%*
Apple Hospitality REIT, Inc.		22,038		370,459
Ashford Hospitality Trust, Inc. *		2,697		8,739
DiamondRock Hospitality Co.		21,117		257,205
Host Hotels & Resorts, Inc.		69,793		1,654,792
Park Hotels & Resorts, Inc.		20,989		299,093
Pebblebrook Hotel Trust		9,947		193,071
RLJ Lodging Trust		6,300		74,655
Ryman Hospitality Properties, Inc.		5,980		768,729
Summit Hotel Properties, Inc. @		10,691		74,944
Sunstone Hotel Investors, Inc.		19,666		225,176
Xenia Hotels & Resorts, Inc.		9,259		188,513
				4,115,376

*Industrial REITs — 10.1%*
Americold Realty Trust, Inc.		15,653		246,065
EastGroup Properties, Inc.		4,909		994,220
First Industrial Realty Trust, Inc.		12,201		748,043
Industrial Logistics Properties Trust		5,224		46,337
Innovative Industrial Properties, Inc.		2,731		169,267
Lineage, Inc.		6,492		280,779
LXP Industrial Trust		5,637		303,722
One Liberty Properties, Inc.		1,445		35,287
Prologis, Inc.		58,447		7,917,815
Rexford Industrial Realty, Inc.		20,866		699,011
STAG Industrial, Inc.		18,420		701,065
Terreno Realty Corp.		9,811		635,459
				12,777,070

*Office REITs — 3.1%*
Brandywine Realty Trust		5,871		18,611
BXP, Inc.		14,044		931,258
COPT Defense Properties		11,467		417,284
Cousins Properties, Inc.		15,986		479,260
Douglas Emmett, Inc.		16,456		194,181
Empire State Realty Trust, Inc., Class A		11,500		62,215
Highwoods Properties, Inc. @		10,905		328,895
Hudson Pacific Properties, Inc. *		2,105		31,975
JBG SMITH Properties		6,335		92,934
Kilroy Realty Corp.		10,355		388,002
NET Lease Office Properties		1,572		17,496
Piedmont Realty Trust, Inc. *		10,204		93,367
Postal Realty Trust, Inc., Class A @		1,457		35,900
SL Green Realty Corp.		6,966		360,630
Vornado Realty Trust		12,336		484,805
				3,936,813

*Residential REITs — 12.7%*
American Homes 4 Rent, Class A		33,305		1,116,384
AvalonBay Communities, Inc.		12,609		2,379,192
BRT Apartments Corp.		400		6,148
Camden Property Trust		9,322		1,067,276
Centerspace		1,534		86,195
Clipper Realty, Inc.		3,380		9,194
Equity LifeStyle Properties, Inc.		16,824		1,084,307
Equity Residential		36,272		2,463,957
Essex Property Trust, Inc.		5,930		1,729,129
Independence Realty Trust, Inc.		23,271		388,393
Invitation Homes, Inc.		53,807		1,625,509
Mid-America Apartment Communities, Inc.		10,712		1,488,325
NexPoint Residential Trust, Inc.		2,313		64,579
Sun Communities, Inc.		11,092		1,330,042
UDR, Inc.		30,795		1,229,336
UMH Properties, Inc.		7,288		110,340
				16,178,306

*Retail REITs — 17.9%*
Acadia Realty Trust		12,887		269,467
Agree Realty Corp.		11,131		843,062
Alexander’s, Inc.		87		23,974
Brixmor Property Group, Inc.		31,516		993,700
CBL & Associates Properties, Inc.		1,387		73,636
Curbline Properties Corp.		9,588		291,475
Federal Realty Investment Trust		8,296		1,024,058
FrontView REIT, Inc.		1,158		23,426
Getty Realty Corp.		5,433		181,245
InvenTrust Properties Corp.		8,476		300,050
Kimco Realty Corp.		68,155		1,727,729
Kite Realty Group Trust		20,516		582,244
Macerich Co. (The)		27,610		695,496
NETSTREIT Corp. @		8,981		189,769

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

Table of Contents

SA Real Estate Securities Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026 (Continued)

	SHARES		VALUE†

COMMON STOCKS (Continued)
*Retail REITs (Continued)*
NNN REIT, Inc.		19,387	$	902,077
Phillips Edison & Co., Inc.		12,315		512,550
Realty Income Corp.		88,852		5,505,270
Regency Centers Corp.		17,440		1,390,666
Saul Centers, Inc.		1,365		51,037
Simon Property Group, Inc.		28,708		6,420,544
Tanger, Inc.		10,913		430,736
Urban Edge Properties		12,150		277,992
Whitestone REIT		4,776		90,553
				22,800,756
*Specialized REITs — 32.9%*
American Tower Corp.		34,884		5,705,976
Crown Castle, Inc.		42,177		3,194,064
CubeSmart		20,841		828,847
Digital Realty Trust, Inc.		28,476		5,113,720
EPR Properties		7,659		444,299
Equinix, Inc.		6,269		6,534,743
Extra Space Storage, Inc.		19,765		2,871,855
Four Corners Property Trust, Inc.		10,899		267,570
Gaming & Leisure Properties, Inc.		27,314		1,216,292
Global Self Storage, Inc.		995		5,214
Iron Mountain, Inc.		29,901		3,776,795
Lamar Advertising Co., Class A		8,593		1,340,336
National Storage Affiliates Trust		7,272		323,386
Outfront Media, Inc.		15,521		508,468
Public Storage		15,761		5,016,884
SBA Communications Corp.		10,655		1,880,181
VICI Properties, Inc.		103,544		2,749,093
				41,777,723
TOTAL COMMON STOCKS (Identified Cost $68,273,308)				125,799,608

SHORT-TERM INVESTMENTS — 1.0%
*Investment Company — 0.8%*
State Street Institutional U.S. Government Money Market Fund 3.330%		1,039,153		1,039,153

*Collateral For Securities On Loan — 0.2%*
State Street Navigator Securities Lending Government Money Market Portfolio 3.660%		234,736		234,736

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,273,889)				1,273,889

Total Investments — 100.0% (Identified Cost $69,547,197)				127,073,497
Liabilities in excess of Cash and Other Assets — 0.0%				(27,730	)

Net Assets — 100.0%			$	127,045,767

†	See Note 1
@	A portion or all of the security was held on loan. As of June 30, 2026, the fair value of the securities on loan was $630,153.
*	Non-income producing security

Key to abbreviations:
REIT — Real Estate Investment Trust

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

Table of Contents

SA Worldwide Moderate Growth Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2026

	SHARES		VALUE†

MUTUAL FUNDS — 100.0%
*Others — 100.0%*
SA Emerging Markets Value Fund €		102,923	$	1,561,343
SA Global Fixed Income Fund €		395,989		3,504,506
SA International Value Fund €		242,797		4,661,707
SA Real Estate Securities Fund €		56,310		707,251
SA U.S. Core Market Fund €		87,371		3,984,112
SA U.S. Fixed Income Fund €		363,436		3,481,716
SA U.S. Small Company Fund €		42,453		1,629,782
SA U.S. Value Fund €		136,952		4,000,374
				23,530,791
TOTAL MUTUAL FUNDS (Identified Cost $17,006,499)				23,530,791

Total Investments — 100.0% (Identified Cost $17,006,499)				23,530,791
Liabilities in excess of Cash and Other Assets — 0.0%				(11,629	)

Net Assets — 100.0%			$	23,519,162

†	See Note 1
€	SA Worldwide Moderate Growth Fund invests substantially all of its assets in the affiliated Underlying SA Funds.

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

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Table of Contents

STATEMENTS OF ASSETS AND LIABILITIES - JUNE 30, 2026

	SA U.S. Fixed Income Fund			SA Global Fixed Income Fund			SA U.S. Core Market Fund
ASSETS
Investments in unaffiliated securities, at value⁽¹⁾	$	443,722,308		$	547,579,499		$	744,986,556
Investments in affiliated securities, at value		—			—			—
Cash		—			7,810			1,398,422
Foreign currency, at value		—			184,650			—
Receivable for investments sold		—			—			—
Dividends and interest receivable		3,421,487			3,454,275			297,896
Receivable for fund shares sold		852,000			974,915			308,056
Unrealized appreciation on forward foreign currency exchange contracts (Note 1)		—			2,824,974			—
Receivable from the Adviser (Note 2)		4,768			—			—
Receivable for tax reclaims		—			—			—
Prepaid expenses		19,074			19,147			19,133
Other assets		—			—			832
Total Assets		448,019,637			555,045,270			747,010,895

LIABILITIES
Payable for investments purchased		—			—			—
Payable for fund shares redeemed		354,308			405,109			294,176
Due to custodian bank		—			—			—
Collateral for securities on loan (Note 1)		—			6,008,000			143,941
Unrealized depreciation on forward foreign currency exchange contracts (Note 1)		—			467,895			—
Advisory fee payable (Note 2)		55,514			112,779			250,081
Sub-Advisory fee payable (Note 2)		11,103			13,534			18,275
Sub-Administration fee payable (Note 2)		30,125			33,275			45,338
Custody and accounting fees payable		31,863			50,396			53,220
Shareholder servicing fee payable (Note 2)		55,514			67,668			91,377
Transfer agent fee payable		9,106			9,840			11,659
Professional fees payable		35,051			48,504			30,009
Accrued foreign capital gains tax		—			—			—
Accrued expenses and other liabilities		19,248			27,957			26,619
Total Liabilities		601,832			7,244,957			964,695
NET ASSETS	$	447,417,805		$	547,800,313		$	746,046,200

NET ASSETS CONSIST OF:
Paid-in capital	$	477,572,957		$	605,045,018		$	102,774,893
Total distributable earnings (loss)⁽²⁾		(30,155,152	)		(57,244,705	)		643,271,307
NET ASSETS	$	447,417,805		$	547,800,313		$	746,046,200
Shares of beneficial interest outstanding ($0.01 par value, unlimited shares authorized)		46,683,326			61,867,982			16,361,417
Net asset value per share	$	9.58		$	8.85		$	45.60
Identified cost of unaffiliated investments	$	444,136,912		$	546,791,137		$	103,634,843
Identified cost of affiliated investments	$	—		$	—		$	—
Cost of foreign currency	$	—		$	183,925		$	—
⁽¹⁾ Including securities on loan, at value (see Note 1)	$	—		$	5,718,038		$	716,639
⁽²⁾ Net of deferred capital gain country tax of:	$	—		$	—		$	—

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

Table of Contents

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

$	636,144,710	$	359,837,369	$	627,947,352	$	281,530,356	$	249,613,840	$	127,073,497	$	—
	—		—		—		—		—		—		23,530,791
	1,036,518		449,036		—		—		—		141,688		—
	—		—		823,649		—		617,820		—		—
	—		7,294		3,103,228		253,000		407,149		111,498		2,430
	433,614		146,001		849,684		—		884,457		556,010		—
	303,652		182,473		305,808		169,285		166,239		101,861		—
	—		—		—		—		—		—		—
	—		—		—		—		46,455		8,211		20,710
	—		—		3,329,424		—		40,888		—		—
	20,016		17,913		18,315		17,662		19,672		16,394		21,562
	—		—		—		—		—		7,427		—
	637,938,510		360,640,086		636,377,460		281,970,303		251,796,520		128,016,586		23,575,493


	—		—		183,257		—		71,396		527,768		—
	536,440		257,323		359,914		94,721		109,323		64,249		2,430
	—		—		1,205,951		252,750		1,546,726		—		—
	58,850		1,986,879		13,503,480		—		905,937		234,736		—
	—		—		—		—		—		—		—
	209,588		114,090		233,322		59,117		94,514		36,471		—
	52,397		57,045		103,699		—		75,611		10,420		—
	38,223		20,136		34,735		22,322		—		10,021		1,582
	35,803		43,474		83,597		8,559		175,767		19,168		12,136
	78,595		42,784		77,774		35,470		31,505		15,630		—
	10,927		10,655		11,108		10,387		9,685		9,466		280
	30,009		31,615		53,115		29,965		126,814		32,509		27,940
	—		—		—		—		2,257,734		—		—
	26,135		15,536		54,309		12,104		62,406		10,381		11,963
	1,076,967		2,579,537		15,904,261		525,395		5,467,418		970,819		56,331
$	636,861,543	$	358,060,549	$	620,473,199	$	281,444,908	$	246,329,102	$	127,045,767	$	23,519,162


$	302,501,192	$	141,398,968	$	330,475,765	$	109,707,806	$	149,312,338	$	69,900,612	$	16,132,064
	334,360,351		216,661,581		289,997,434		171,737,102		97,016,764		57,145,155		7,387,098
$	636,861,543	$	358,060,549	$	620,473,199	$	281,444,908	$	246,329,102	$	127,045,767	$	23,519,162
	21,806,415		9,326,120		32,318,832		10,414,320		16,235,502		10,118,692		1,682,282
$	29.21	$	38.39	$	19.20	$	27.02	$	15.17	$	12.56	$	13.98
$	317,286,864	$	140,500,179	$	351,409,806	$	103,188,208	$	150,203,888	$	69,547,197	$	—
$	—	$	—	$	—	$	—	$	—	$	—	$	17,006,499
$	—	$	—	$	827,947	$	—	$	617,310	$	—	$	—
$	57,375	$	7,422,291	$	40,903,191	$	—	$	5,335,748	$	630,153	$	—
$	—	$	—	$	—	$	—	$	2,257,734	$	—	$	—

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

Table of Contents

STATEMENTS OF OPERATIONS — YEAR ENDED JUNE 30, 2026

	SA U.S. Fixed Income Fund			SA Global Fixed Income Fund			SA U.S. Core Market Fund
INVESTMENT INCOME
Income:
Unaffiliated dividends	$	—		$	—		$	8,404,283
Affiliated dividends		—			—			—
Interest⁽¹⁾		20,730,685			22,501,375			46,706
Other income		—			21			5,804
Taxes withheld		—			—			(1,326	)
Total Income		20,730,685			22,501,396			8,455,467
Expenses:
Advisory fees (Note 2)		678,871			1,363,757			2,817,293
Shareholder Servicing fees (Note 2)		678,871			818,254			1,056,485
Sub-Advisory fees (Note 2)		135,774			163,651			202,002
Sub-Administration fees (Note 2)		86,276			101,179			127,297
Trustees’ fees and expenses (Note 2)		42,315			42,315			42,315
Custody and accounting fees		64,396			103,688			104,855
Transfer agent fees		62,978			66,728			82,907
Professional fees *		56,530			59,886			56,252
Registration fees		38,223			40,341			39,731
Shareholders report printing expenses		33,964			22,787			35,747
Insurance expenses		—			—			—
Other expenses **		22,588			27,703			90,867
Total expenses before waivers and reimbursements:		1,900,786			2,810,289			4,655,751
Less: Fee waiver by the Adviser (Note 2)		(90,463	)		—			(11,761	)
Net expenses		1,810,323			2,810,289			4,643,990
Net investment income		18,920,362			19,691,107			3,811,477
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on:
Investments^{(2)^}		1,297,345			1,378,585			47,992,105
Investments in affiliates		—			—			—
Forward foreign currency exchange contracts		—			1,082,759			—
Foreign currency transactions		—			(19,169	)		—
Capital gain distributions from underlying funds		—			—			—
Increase (decrease) in unrealized appreciation (depreciation) on:
Investments⁽³⁾		(3,725,301	)		(12,294,332	)		83,097,354
Investments in affiliates		—			—			—
Forward foreign currency exchange contracts		—			11,320,699			—
Foreign currency transactions		—			(126,232	)		—
Net realized and unrealized gain (loss) on investments and foreign currency transactions and translation		(2,427,956	)		1,342,310			131,089,459
Net increase in net assets resulting from operations	$	16,492,406		$	21,033,417		$	134,900,936
⁽¹⁾ Interest income includes security lending income of:	$	—		$	34,469		$	3,717
⁽²⁾ Net of capital gain country tax of:	$	—		$	—		$	—
⁽³⁾ Net of decrease of deferred capital gain country tax accrual of:	$	—		$	—		$	—

Professional fees include, but are not limited to, fees associated with legal, audit and tax services.

Other expenses include, but are not limited to, fees associated with insurance, printing services and ReFlow.

For the year ended June 30, 2026, the SA U.S. Core Market Fund, SA U.S. Value Fund, SA U.S. Small Company Fund, SA International Value Fund, and SA Real Estate Securities Fund had redemptions-in-kind of securities in the amount of $48,717,548, $45,691,851, $20,511,825, $43,453,529, and $6,932,118 respectively. Net realized gains (losses) on investments includes the realized gain on the transactions of $44,939,302, $37,221,094 $18,247,915, $25,977,866, and $5,044,920, respectively, which will not be realized by the Funds for tax purposes.

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

Table of Contents

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


$	11,744,918		$	4,202,960		$	22,442,049		$	8,680,096	$	6,964,807		$	4,012,713		$	—
	—			—			—			—		—			—			586,459
	41,972			51,448			261,326			—		81,330			14,118			—
	13,276			9,719			53			—		23			—			—
	(6,107	)		(4,693	)		(2,201,151	)		—		(983,353	)		—			—
	11,794,059			4,259,434			20,502,277			8,680,096		6,062,807			4,026,831			586,459

	2,301,736			1,279,590			2,772,850			705,786		1,014,983			419,597			—
	863,151			479,846			924,283			423,471		338,328			179,827			—
	575,434			639,795			1,232,378			—		811,987			119,885			—
	104,622			62,839			116,246			57,839		46,751			31,437			8,290
	42,315			42,315			42,315			42,315		42,315			42,315			42,315
	71,186			85,060			177,489			30,135		315,225			38,905			24,234
	77,006			75,020			78,058			72,695		68,477			65,979			2,940
	56,252			56,265			57,142			56,050		98,022			58,752			55,549
	38,279			35,110			38,417			34,765		29,916			27,974			32,281
	35,361			33,518			36,087			32,741		32,625			30,056			12,816
	—			—			—			—		—			—			7,934
	82,919			52,042			128,434			23,445		140,904			30,100			10,846
	4,248,261			2,841,400			5,603,699			1,479,242		2,939,533			1,044,827			197,205
	—			—			—			—		(593,794	)		(132,311	)		(197,205	)
	4,248,261			2,841,400			5,603,699			1,479,242		2,345,739			912,516			—
	7,545,798			1,418,034			14,898,578			7,200,854		3,717,068			3,114,315			586,459


	63,559,014			18,788,038			47,031,342			15,665,151		14,314,375			4,767,271			—
	—			—			—			—		—			—			899,206
	—			—			229			—		5,755			—			—
	—			—			(34,207	)		—		(68,949	)		—			—
	—			—			—			—		—			—			201,494

	95,498,958			69,013,422			94,033,866			22,176,350		55,940,483			7,927,362			—
	—			—			—			—		—			—			2,591,780
	—			—			—			—		—			—			—
	—			—			(195,829	)		—		(12,760	)		—			—
	159,057,972			87,801,460			140,835,401			37,841,501		70,178,904			12,694,633			3,692,480
$	166,603,770		$	89,219,494		$	155,733,979		$	45,042,355	$	73,895,972		$	15,808,948		$	4,278,939
$	2,020		$	30,427		$	239,114		$	—	$	70,960		$	1,910		$	—
$	—		$	—		$	—		$	—	$	546,069		$	—		$	—
$	—		$	—		$	—		$	—	$	(482,035	)	$	—		$	—

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

Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS

	SA U.S. Fixed Income Fund
	Year Ended June 30, 2026			Year Ended June 30, 2025
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	18,920,362		$	20,790,151
Net realized gain on investments and foreign currency transactions		1,297,345			1,705,730
Net increase (decrease) in unrealized appreciation (depreciation)		(3,725,301	)		4,656,750
Net increase (decrease) in net assets from operations		16,492,406			27,152,631
Distributions to shareholders:		(18,826,404	)		(20,812,291	)

Capital share transactions
Proceeds from sale of shares		62,205,159			56,140,618
Value of distributions reinvested		18,528,659			20,611,018
Cost of shares redeemed		(83,513,761	)		(98,100,688	)
Total capital share transactions		(2,779,943	)		(21,349,052	)
Total increase (decrease) in net assets		(5,113,941	)		(15,008,712	)

NET ASSETS
Beginning of year	$	452,531,746		$	467,540,458
End of year	$	447,417,805		$	452,531,746

CAPITAL SHARE TRANSACTIONS
Shares sold by subscription		6,420,574			5,849,368
Shares issued for distributions reinvested		1,923,036			2,152,226
Shares redeemed		(8,625,009	)		(10,197,270	)
Net increase (decrease) in fund shares		(281,399	)		(2,195,676	)

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

Table of Contents

SA Global Fixed Income Fund						SA U.S. Core Market Fund
Year Ended			Year Ended			Year Ended			Year Ended
June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025


$	19,691,107		$	22,612,660		$	3,811,477		$	4,353,464
	2,442,175			1,015,138			47,992,105			80,819,140
	(1,099,865	)		8,380,254			83,097,354			(1,870,516	)
	21,033,417			32,008,052			134,900,936			83,302,088
	(25,527,266	)		(26,273,786	)		(4,637,690	)		(4,719,534	)


	81,685,674			51,026,458			101,918,261			124,573,213
	25,279,113			26,011,346			4,458,019			4,568,228
	(97,960,149	)		(124,697,528	)		(160,230,706	)		(226,441,644	)
	9,004,638			(47,659,724	)		(53,854,426	)		(97,300,203	)
	4,510,789			(41,925,458	)		76,408,820			(18,717,649	)


$	543,289,524		$	585,214,982		$	669,637,380		$	688,355,029
$	547,800,313		$	543,289,524		$	746,046,200		$	669,637,380


	9,270,867			5,769,579			2,443,166			3,508,498
	2,888,182			2,967,649			108,388			126,895
	(11,104,570	)		(14,101,481	)		(3,847,692	)		(6,373,431	)
	1,054,479			(5,364,253	)		(1,296,138	)		(2,738,038	)

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

Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	SA U.S. Value Fund
	Year Ended June 30, 2026			Year Ended June 30, 2025
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	7,545,798		$	8,889,859
Net realized gain on investments and foreign currency transactions		63,559,014			48,265,461
Net increase (decrease) in unrealized appreciation (depreciation)		95,498,958			(12,453,851	)
Net increase (decrease) in net assets from operations		166,603,770			44,701,469
Distributions to shareholders:		(21,296,472	)		(13,673,954	)

Capital share transactions
Proceeds from sale of shares		94,749,791			90,630,311
Value of distributions reinvested		20,767,586			13,404,585
Cost of shares redeemed		(148,030,921	)		(157,651,926	)
Total capital share transactions		(32,513,544	)		(53,617,030	)
Total increase (decrease) in net assets		112,793,754			(22,589,515	)

NET ASSETS
Beginning of year	$	524,067,789		$	546,657,304
End of year	$	636,861,543		$	524,067,789

CAPITAL SHARE TRANSACTIONS
Shares sold by subscription		3,671,964			4,073,130
Shares issued for distributions reinvested		851,130			622,600
Shares redeemed		(5,718,246	)		(7,089,915	)
Net decrease in fund shares		(1,195,152	)		(2,394,185	)

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

Table of Contents

SA U.S. Small Company Fund						SA International Value Fund
Year Ended June 30, 2026			Year Ended June 30, 2025			Year Ended June 30, 2026			Year Ended June 30, 2025


$	1,418,034		$	1,658,946		$	14,898,578		$	17,573,784
	18,788,038			20,372,606			46,997,364			25,208,176
	69,013,422			2,220,128			93,838,037			69,693,456
	89,219,494			24,251,680			155,733,979			112,475,416
	(1,628,037	)		(921,691	)		(31,778,218	)		(18,017,604	)


	46,575,860			51,383,968			81,405,922			56,764,387
	1,584,197			902,470			31,058,819			17,706,429
	(73,367,252	)		(88,472,801	)		(192,952,606	)		(137,413,109	)
	(25,207,195	)		(36,186,363	)		(80,487,865	)		(62,942,293	)
	62,384,262			(12,856,374	)		43,467,896			31,515,519


$	295,676,287		$	308,532,661		$	577,005,303		$	545,489,784
$	358,060,549		$	295,676,287		$	620,473,199		$	577,005,303


	1,405,893			1,784,776			4,413,692			4,116,439
	49,214			30,749			1,801,556			1,393,110
	(2,212,582	)		(3,063,338	)		(10,655,333	)		(9,813,938	)
	(757,475	)		(1,247,813	)		(4,440,085	)		(4,304,389	)

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

Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	SA International Small Company Fund
	Year Ended June 30, 2026			Year Ended June 30, 2025
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	7,200,854		$	7,777,932
Net realized gain on investments and foreign currency transactions		15,665,151			9,492,777
Net increase (decrease) in unrealized appreciation (depreciation)		22,176,350			36,122,872
Net increase (decrease) in net assets from operations		45,042,355			53,393,581
Distributions to shareholders:		(15,842,948	)		(9,214,208	)

Capital share transactions
Proceeds from sale of shares		15,862,146			15,417,654
Value of distributions reinvested		15,557,195			9,084,724
Cost of shares redeemed		(50,718,597	)		(47,003,271	)
Total capital share transactions		(19,299,256	)		(22,500,893	)
Total increase (decrease) in net assets		9,900,151			21,678,480

NET ASSETS
Beginning of year	$	271,544,757		$	249,866,277
End of year	$	281,444,908		$	271,544,757

CAPITAL SHARE TRANSACTIONS
Shares sold by subscription		606,107			728,036
Shares issued for distributions reinvested		621,294			461,388
Shares redeemed		(1,940,227	)		(2,189,324	)
Net decrease in fund shares		(712,826	)		(999,900	)

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

Table of Contents

SA Emerging Markets Value Fund						SA Real Estate Securities Fund
Year Ended June 30, 2026			Year Ended June 30, 2025			Year Ended June 30, 2026			Year Ended June 30, 2025


$	3,717,068		$	5,733,539		$	3,114,315		$	3,094,749
	14,251,181			3,736,529			4,767,271			9,435,267
	55,927,723			9,679,310			7,927,362			(2,098,657	)
	73,895,972			19,149,378			15,808,948			10,431,359
	(7,287,979	)		(8,149,574	)		(3,570,616	)		(3,936,900	)


	18,403,013			20,612,123			22,550,724			22,041,007
	7,188,446			8,058,865			3,523,465			3,882,870
	(49,462,310	)		(43,898,238	)		(29,991,473	)		(37,691,123	)
	(23,870,851	)		(15,227,250	)		(3,917,284	)		(11,767,246	)
	42,737,142			(4,227,446	)		8,321,048			(5,272,787	)


$	203,591,960		$	207,819,406		$	118,724,719		$	123,997,506
$	246,329,102		$	203,591,960		$	127,045,767		$	118,724,719


	1,429,423			1,958,110			1,931,400			1,893,259
	595,070			796,330			322,662			348,552
	(3,741,007	)		(4,189,209	)		(2,566,114	)		(3,243,302	)
	(1,716,514	)		(1,434,769	)		(312,052	)		(1,001,491	)

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

Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	SA Worldwide Moderate Growth Fund
	Year Ended June 30, 2026			Year Ended June 30, 2025
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	586,459		$	606,056
Net realized gain on investments and foreign currency transactions		1,100,700			750,094
Net increase (decrease) in unrealized appreciation (depreciation)		2,591,780			1,002,505
Net increase (decrease) in net assets from operations		4,278,939			2,358,655
Distributions to shareholders		(1,273,286	)		(1,336,819	)

Capital share transactions
Proceeds from sale of shares		1,956,931			1,829,917
Value of distributions reinvested		1,267,115			1,331,288
Cost of shares redeemed		(3,859,242	)		(4,956,668	)
Total capital share transactions		(635,196	)		(1,795,463	)
Total increase (decrease) in net assets		2,370,457			(773,627	)

NET ASSETS
Beginning of year	$	21,148,705		$	21,922,332
End of year	$	23,519,162		$	21,148,705

CAPITAL SHARE TRANSACTIONS
Shares sold by subscription		151,461			153,517
Shares issued for distributions reinvested		99,773			116,985
Shares redeemed		(294,603	)		(418,113	)
Net decrease in fund shares		(43,369	)		(147,611	)

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

Table of Contents

FINANCIAL HIGHLIGHTS

	SA U.S. Fixed Income Fund
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	9.64		$	9.51		$	9.46		$	9.54		$	10.12

Income from investment operations:
Net investment income⁽¹⁾		0.40			0.42			0.44			0.23			0.01
Net realized and unrealized gain (loss) on investments		(0.05	)		0.14			0.05			(0.08	)		(0.58	)
Total from investment operations		0.35			0.56			0.49			0.15			(0.57	)

Less distributions from:
Net investment income		(0.41	)		(0.43	)		(0.44	)		(0.23	)		(0.01	)

Net asset value, end of period	$	9.58		$	9.64		$	9.51		$	9.46		$	9.54

Total return		3.62	%		6.01	%		5.27	%		1.65	%		(5.63	)%
Net assets, end of period (000s)	$	447,418		$	452,532		$	467,540		$	406,534		$	52,715
Ratio of net expenses to average net assets		0.40	%		0.40	%		0.40	%		0.41	%		0.63	%
Ratio of gross expenses to average net assets		0.42	%⁽²⁾		0.42	%⁽²⁾		0.42	%⁽²⁾		0.44	%⁽²⁾		0.63	%
Ratio of net investment income to average net assets		4.18	%		4.42	%		4.57	%		2.46	%		0.10	%
Portfolio turnover rate		51	%		69	%		154	%		29	%		203	%

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

⁽²⁾	Gross expenses before waivers of expenses.

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

Table of Contents

FINANCIAL HIGHLIGHTS (Continued)

	SA Global Fixed Income Fund
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	8.93		$	8.84		$	8.52		$	8.71		$	9.44

Income from investment operations:
Net investment income⁽¹⁾		0.32			0.35			0.36			0.17			0.03
Net realized and unrealized gain (loss) on investments		0.02			0.14			0.08			(0.08	)		(0.74	)
Total from investment operations		0.34			0.49			0.44			0.09			(0.71	)

Less distributions from:
Net investment income		(0.42	)		(0.40	)		(0.12	)		(0.28	)		(0.02	)

Net asset value, end of period	$	8.85		$	8.93		$	8.84		$	8.52		$	8.71

Total return		3.93	%		5.67	%		5.19	%		1.06	%		(7.50	)%
Net assets, end of period (000s)	$	547,800		$	543,290		$	585,215		$	673,458		$	80,670
Ratio of net expenses to average net assets		0.52	%		0.51	%		0.52	%		0.52	%		0.71	%
Ratio of gross expenses to average net assets		0.52	%		0.51	%		0.52	%		0.52	%		0.71	%
Ratio of net investment income to average net assets		3.61	%		3.91	%		4.10	%		2.01	%		0.37	%
Portfolio turnover rate		32	%		77	%		182	%		97	%		103	%

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

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

Table of Contents

FINANCIAL HIGHLIGHTS (Continued)

	SA U.S. Core Market Fund
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	37.92		$	33.75		$	27.61		$	24.52		$	30.22

Income from investment operations:
Net investment income⁽¹⁾		0.22			0.23			0.24			0.24			0.14
Net realized and unrealized gain (loss) on investments		7.74			4.19			6.15			4.23			(3.46	)
Total from investment operations		7.96			4.42			6.39			4.47			(3.32	)

Less distributions from:
Net investment income		(0.23	)		(0.25	)		(0.25	)		(0.22	)		(0.11	)
Capital gains		(0.05	)		—			—			(1.16	)		(2.27	)
Total distributions		(0.28	)		(0.25	)		(0.25	)		(1.38	)		(2.38	)

Net asset value, end of period	$	45.60		$	37.92		$	33.75		$	27.61		$	24.52

Total return		21.06	%		13.13	%		23.29	%		19.19	%		(12.44	)%
Net assets, end of period (000s)	$	746,046		$	669,637		$	688,355		$	640,876		$	77,555
Ratio of net expenses to average net assets		0.66	%⁽²⁾		0.67	%⁽²⁾		0.67	%⁽²⁾		0.68	%⁽²⁾		0.86	%
Ratio of gross expenses to average net assets		0.66	%⁽³⁾⁽⁴⁾		0.67	%⁽³⁾⁽⁴⁾		0.68	%⁽³⁾⁽⁴⁾		0.69	%⁽³⁾⁽⁴⁾		0.86	%
Ratio of net investment income to average net assets		0.54	%		0.64	%		0.81	%		0.94	%		0.48	%
Portfolio turnover rate		1	%		1	%		1	%		3	%		9	%

⁽¹⁾	Calculated based on average shares outstanding during the year.
⁽²⁾	The ratio of net expenses to average net assets excluding ReFlow liquidity program fee for each of the last four fiscal years were as follows:

Year ended June 30, 2026 0.65%

Year ended June 30, 2025 0.65%

Year ended June 30, 2024 0.65%

Year ended June 30, 2023 0.66%

⁽³⁾	Gross expenses before waivers of expenses.
⁽⁴⁾	The ratio of gross expenses to average net assets excluding ReFlow liquidity program fee for each of the last four fiscal years were as follows:

Year ended June 30, 2026 0.65%

Year ended June 30, 2025 0.65%

Year ended June 30, 2024 0.66%

Year ended June 30, 2023 0.68%

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

Table of Contents

FINANCIAL HIGHLIGHTS (Continued)

	SA U.S. Value Fund
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	22.78		$	21.53		$	18.88		$	18.28		$	20.71

Income from investment operations:
Net investment income⁽¹⁾		0.33			0.36			0.33			0.32			0.26
Net realized and unrealized gain (loss) on investments		7.05			1.45			2.66			1.67			(1.80	)
Total from investment operations		7.38			1.81			2.99			1.99			(1.54	)

Less distributions from:
Net investment income		(0.37	)		(0.36	)		(0.34	)		(0.33	)		(0.22	)
Capital gains		(0.58	)		(0.20	)		—			(1.06	)		(0.67	)
Total distributions		(0.95	)		(0.56	)		(0.34	)		(1.39	)		(0.89	)

Net asset value, end of period	$	29.21		$	22.78		$	21.53		$	18.88		$	18.28

Total return		33.24	%		8.58	%		15.96	%		11.31	%		(7.88	)%
Net assets, end of period (000s)	$	636,862		$	524,068		$	546,657		$	520,198		$	59,594
Ratio of net expenses to average net assets		0.74	%⁽²⁾		0.74	%⁽²⁾		0.74	%⁽²⁾		0.77	%⁽²⁾		0.94	%
Ratio of gross expenses to average net assets		0.74	%⁽³⁾		0.74	%⁽³⁾		0.74	%⁽³⁾		0.77	%⁽³⁾		0.94	%
Ratio of net investment income to average net assets		1.31	%		1.63	%		1.66	%		1.72	%		1.26	%
Portfolio turnover rate		14	%		11	%		6	%		5	%		10	%

⁽¹⁾	Calculated based on average shares outstanding during the year.
⁽²⁾	The ratio of net expenses to average net assets excluding ReFlow liquidity program fee for each of the last four fiscal years were as follows:

Year ended June 30, 2026 0.73%

Year ended June 30, 2025 0.73%

Year ended June 30, 2024 0.73%

Year ended June 30, 2023 0.75%

⁽³⁾	The ratio of gross expenses to average net assets excluding ReFlow liquidity program fee for each of the last four fiscal years were as follows:

Year ended June 30, 2026 0.73%

Year ended June 30, 2025 0.73%

Year ended June 30, 2024 0.73%

Year ended June 30, 2023 0.75%

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

Table of Contents

FINANCIAL HIGHLIGHTS (Continued)

	SA U.S. Small Company Fund
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	29.32		$	27.23		$	25.33		$	22.68		$	33.74

Income from investment operations:
Net investment income⁽¹⁾		0.15			0.15			0.14			0.15			0.09
Net realized and unrealized gain (loss) on investments		9.09			2.03			2.72			3.25			(4.02	)
Total from investment operations		9.24			2.18			2.86			3.40			(3.93	)

Less distributions from:
Net investment income		(0.17	)		(0.09	)		(0.14	)		(0.12	)		(0.07	)
Capital gains		—			—			(0.82	)		(0.63	)		(7.06	)
Total distributions		(0.17	)		(0.09	)		(0.96	)		(0.75	)		(7.13	)

Net asset value, end of period	$	38.39		$	29.32		$	27.23		$	25.33		$	22.68

Total return		31.62	%		7.99	%		11.43	%		15.29	%		(15.24	)%
Net assets, end of period (000s)	$	358,061		$	295,676		$	308,533		$	305,600		$	34,945
Ratio of net expenses to average net assets		0.89	%⁽²⁾		0.89	%⁽²⁾		0.89	%⁽²⁾		0.91	%⁽²⁾		1.09	%
Ratio of gross expenses to average net assets		0.89	%⁽⁴⁾		0.89	%⁽⁴⁾		0.89	%⁽³⁾⁽⁴⁾		0.91	%⁽³⁾⁽⁴⁾		1.09	%
Ratio of net investment income to average net assets		0.44	%		0.54	%		0.55	%		0.60	%		0.31	%
Portfolio turnover rate		14	%		3	%		7	%		8	%		7	%

⁽¹⁾	Calculated based on average shares outstanding during the year.
⁽²⁾	The ratio of net expenses to average net assets excluding ReFlow liquidity program fee for each of the last four fiscal years were as follows:

Year ended June 30, 2026 0.88%

Year ended June 30, 2025 0.88%

Year ended June 30, 2024 0.88%

Year ended June 30, 2023 0.90%.

⁽³⁾	Gross expenses before waivers of expenses.
⁽⁴⁾	The ratio of gross expenses to average net assets excluding ReFlow liquidity program fee for each of the last four fiscal years were as follows:

Year ended June 30, 2026 0.88%

Year ended June 30, 2025 0.88%

Year ended June 30, 2024 0.88%

Year ended June 30, 2023 0.90%

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

Table of Contents

FINANCIAL HIGHLIGHTS (Continued)

	SA International Value Fund
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	15.70		$	13.28		$	12.21		$	10.86		$	12.25

Income from investment operations:
Net investment income⁽¹⁾		0.43			0.44			0.41			0.41			0.41
Net realized and unrealized gain (loss) on investments		4.01			2.44			1.10			1.39			(1.43	)
Total from investment operations		4.44			2.88			1.51			1.80			(1.02	)

Less distributions from:
Net investment income		(0.53	)		(0.46	)		(0.44	)		(0.45	)		(0.37	)
Capital gains		(0.41	)		—			—			—			—
Total distributions		(0.94	)		(0.46	)		(0.44	)		(0.45	)		(0.37	)

Net asset value, end of period	$	19.20		$	15.70		$	13.28		$	12.21		$	10.86

Total return		28.93	%		22.47	%		12.57	%		17.05	%		(8.57	)%
Net assets, end of period (000s)	$	620,473		$	577,005		$	545,490		$	545,424		$	56,827
Ratio of net expenses to average net assets		0.91	%⁽²⁾		0.91	%⁽²⁾		0.90	%⁽²⁾		0.91	%⁽²⁾		1.11	%
Ratio of gross expenses to average net assets		0.91	%⁽⁴⁾		0.91	%⁽⁴⁾		0.91	%⁽³⁾⁽⁴⁾		0.93	%⁽³⁾⁽⁴⁾		1.11	%
Ratio of net investment income to average net assets		2.42	%		3.19	%		3.20	%		3.63	%		3.36	%
Portfolio turnover rate		4	%		9	%		12	%		11	%		12	%

⁽¹⁾	Calculated based on average shares outstanding during the year.
⁽²⁾	The ratio of net expenses to average net assets excluding ReFlow liquidity program fee for each of the last four fiscal years were as follows:

Year ended June 30, 2026 0.90%

Year ended June 30, 2025 0.90%

Year ended June 30, 2024 0.90%

Year ended June 30, 2023 0.91%

⁽³⁾	Gross expenses before waivers of expenses.
⁽⁴⁾	The ratio of gross expenses to average net assets excluding ReFlow liquidity program fee for each of the last four fiscal years were as follows:

Year ended June 30, 2026 0.90%

Year ended June 30, 2025 0.90%

Year ended June 30, 2024 0.91%

Year ended June 30, 2023 0.92%

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

Table of Contents

FINANCIAL HIGHLIGHTS (Continued)

	SA International Small Company Fund
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	24.40		$	20.60		$	19.38		$	18.39		$	24.44

Income from investment operations:
Net investment income⁽¹⁾		0.67			0.66			0.47			0.45			0.44
Net realized and unrealized gain (loss) on investments		3.46			3.93			1.41			1.64			(5.16	)
Total from investment operations		4.13			4.59			1.88			2.09			(4.72	)

Less distributions from:
Net investment income		(0.73	)		(0.59	)		(0.51	)		(0.33	)		(0.57	)
Capital gains		(0.78	)		(0.20	)		(0.15	)		(0.77	)		(0.76	)
Total distributions		(1.51	)		(0.79	)		(0.66	)		(1.10	)		(1.33	)

Net asset value, end of period	$	27.02		$	24.40		$	20.60		$	19.38		$	18.39

Total return		17.41	%		23.19	%		9.86	%		11.85	%		(20.33	)%
Net assets, end of period (000s)	$	281,445		$	271,545		$	249,866		$	246,791		$	26,761
Ratio of net expenses to average net assets^†		0.52	%		0.53	%		0.52	%		0.55	%		0.74	%
Ratio of gross expenses to average net assets^†		0.52	%		0.53	%		0.52	%		0.55	%⁽²⁾		0.74	%
Ratio of net investment income to average net assets^†(3)		2.55	%		3.08	%		2.39	%		2.43	%		1.92	%
Portfolio turnover rate⁽⁴⁾		5	%		4	%		4	%		7	%		8	%

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

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

Table of Contents

FINANCIAL HIGHLIGHTS (Continued)

	SA Emerging Markets Value Fund
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	11.34		$	10.72		$	9.56		$	9.20		$	11.15

Income from investment operations:
Net investment income⁽¹⁾		0.21			0.30			0.27			0.35			0.32
Net realized and unrealized gain (loss) on investments		4.05			0.76			1.29			0.32			(1.97	)
Total from investment operations		4.26			1.06			1.56			0.67			(1.65	)

Less distributions from:
Net investment income		(0.43	)		(0.44	)		(0.40	)		(0.31	)		(0.30	)

Net asset value, end of period	$	15.17		$	11.34		$	10.72		$	9.56		$	9.20

Total return		38.50	%		10.33	%		16.83	%		7.72	%		(15.07	)%
Net assets, end of period (000s)	$	246,329		$	203,592		$	207,819		$	190,083		$	17,439
Ratio of net expenses to average net assets		1.04	%		1.04	%		1.04	%		1.05	%		1.24	%
Ratio of gross expenses to average net assets⁽²⁾		1.30	%		1.34	%		1.34	%		1.34	%		1.54	%
Ratio of net investment income to average net assets		1.65	%		2.87	%		2.75	%		3.82	%		3.05	%
Portfolio turnover rate		10	%		17	%		13	%		12	%		19	%

⁽¹⁾	Calculated based on average shares outstanding during the year.
⁽²⁾	Gross expenses before waivers of expenses.

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

Table of Contents

FINANCIAL HIGHLIGHTS (Continued)

	SA Real Estate Securities Fund
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	11.38		$	10.85		$	10.59		$	12.00		$	13.95

Income from investment operations:
Net investment income⁽¹⁾		0.30			0.28			0.29			0.29			0.15
Net realized and unrealized gain (loss) on investments		1.23			0.61			0.31			(0.91	)		(0.85	)
Total from investment operations		1.53			0.89			0.60			(0.62	)		(0.70	)

Less distributions from:
Net investment income		(0.27	)		(0.32	)		(0.30	)		(0.19	)		(0.13	)
Capital gains		(0.08	)		(0.04	)		(0.04	)		(0.60	)		(1.12	)
Total distributions		(0.35	)		(0.36	)		(0.34	)		(0.79	)		(1.25	)

Net asset value, end of period	$	12.56		$	11.38		$	10.85		$	10.59		$	12.00

Total return		13.93	%		8.29	%		5.61	%		(4.95	)%		(6.51	)%
Net assets, end of period (000s)	$	127,046		$	118,725		$	123,998		$	125,155		$	15,527
Ratio of net expenses to average net assets		0.76	%⁽²⁾		0.77	%⁽²⁾		0.76	%⁽²⁾		0.77	%⁽²⁾		0.95	%
Ratio of gross expenses to average net assets⁽³⁾		0.87	%⁽⁴⁾		0.86	%⁽⁴⁾		0.86	%⁽⁴⁾		0.87	%⁽⁴⁾		1.02	%
Ratio of net investment income to average net assets		2.60	%⁽⁴⁾		2.41	%		2.73	%		2.67	%		1.04	%
Portfolio turnover rate		9	%		5	%		2	%		2	%		2	%

⁽¹⁾	Calculated based on average shares outstanding during the year.
⁽²⁾	The ratio of net expenses to average net assets excluding ReFlow liquidity program fee for each of the last four fiscal years were as follows:

Year ended June 30, 2026 0.75%

Year ended June 30, 2025 0.75%

Year ended June 30, 2024 0.75%

Year ended June 30, 2023 0.76%

⁽³⁾	Gross expenses before waivers of expenses.
⁽⁴⁾	The ratio of gross expenses to average net assets excluding ReFlow liquidity program fee for each of the last four fiscal years were as follows:

Year ended June 30, 2026 0.86%

Year ended June 30, 2025 0.84%

Year ended June 30, 2024 0.85%

Year ended June 30, 2023 0.86%

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

Table of Contents

FINANCIAL HIGHLIGHTS (Continued)

	SA Worldwide Moderate Growth Fund
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	12.26		$	11.70		$	10.80		$	10.59		$	12.16

Income from investment operations:
Net investment income⁽¹⁾		0.34			0.33			0.26			0.26			0.16
Net realized and unrealized gain (loss) on investments		2.13			0.98			1.11			0.79			(1.19	)
Total from investment operations		2.47			1.31			1.37			1.05			(1.03	)

Less distributions from:
Net investment income		(0.34	)		(0.38	)		(0.21	)		(0.27	)		(0.16	)
Capital gains		(0.41	)		(0.37	)		(0.26	)		(0.57	)		(0.38	)
Total distributions		(0.75	)		(0.75	)		(0.47	)		(0.84	)		(0.54	)

Net asset value, end of period	$	13.98		$	12.26		$	11.70		$	10.80		$	10.59

Total return		20.79	%		11.69	%		12.87	%		10.57	%		(8.97	)%
Net assets, end of period (000s)	$	23,519		$	21,149		$	21,922		$	22,269		$	23,172
Ratio of net expenses to average net assets⁽²⁾		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of gross expenses to average net assets⁽²⁾⁽³⁾		0.87	%		0.88	%		0.86	%		0.78	%		0.67	%
Ratio of net investment income to average net assets⁽²⁾⁽⁴⁾		2.58	%		2.79	%		2.31	%		2.46	%		1.38	%
Portfolio turnover rate		11	%		9	%		11	%		115	%		25	%

⁽¹⁾	Calculated based on average shares outstanding during the year.
⁽²⁾	These ratios exclude the impact of the underlying affiliated funds as represented in the Portfolio of Investments.
⁽³⁾	Gross expenses before waivers of expenses.
⁽⁴⁾	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

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

Table of Contents

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — June 30, 2026

1. Organization and Significant Accounting Policies

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

SA U.S. Fixed Income Fund

SA Global Fixed Income Fund

SA U.S. Core Market Fund

SA U.S. Value Fund

SA U.S. Small Company Fund

SA International Value Fund

SA International Small Company Fund

SA Emerging Markets Value Fund

SA Real Estate Securities Fund

SA Worldwide Moderate Growth Fund

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

The SA International Small Company Fund invests substantially all of its assets in the International Small Company Portfolio (the “DFA Portfolio”), a series of DFA Investment Dimensions Group Inc., a separate registered investment company. The DFA Portfolio has the same investment objective as SA International Small Company Fund and invests its assets in The Japanese Small Company Series, The Asia Pacific Small Company Series, The United Kingdom Small Company Series, The Continental Small Company Series and The Canadian Small Company Series, each a series of The DFA Investment Trust Company (each a “Series”), an open-end management investment company. As of June 30, 2026, the SA International Small Company Fund held approximately 1.80% of the DFA Portfolio. The SA International Small Company Fund adheres closely to the accounting for a fund-of-funds investments under the AICPA Audit and Accounting Guide for Investment Companies. The performance of the SA International Small Company Fund is directly affected by the performance of the DFA Portfolio. Financial statements and other information about the DFA International Small Company Portfolio are available at https://www.dimensional.com.

The SA Worldwide Moderate Growth Fund invested substantially all of its assets in the Underlying SA Funds. The Underlying SA Funds managed by Focus Advisor Solutions, LLC (formerly, Focus Partners Advisor Solutions, LLC) (the “Adviser”) comprise various asset categories and strategies. The Adviser has established an asset allocation target for the Fund. This target is the approximate percentage of the Fund’s assets that will be invested in equity investments and fixed income investments. Under normal market conditions, the SA Worldwide Moderate Growth Fund invests approximately 70% of its assets in equity investments and approximately 30% of its assets in fixed income investments as represented by the holdings of the Underlying SA Funds. The performance of the SA Worldwide Moderate Growth Fund is directly affected by the performance of the Underlying SA Funds.

Table of Contents

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — June 30, 2026 (Continued)

The financial statements of the Underlying SA Funds are included elsewhere in the report and should be read in conjunction with the financial statements of the SA Worldwide Moderate Growth Fund.

Use of Estimates — The Funds are investment companies that follow the investment company accounting and reporting guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services – Investment Companies.

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

The following summarizes the significant accounting policies of the Funds:

Security Valuation — Domestic equity securities listed on an exchange or stock market for which market quotations are readily available are valued according to the official closing price, if any, or at their last reported sale price on the exchange or stock market where the security is primarily traded, or in the absence of such reported prices, at the mean between the most recent quoted bid and asked prices. Domestic equity securities traded on the over-the-counter markets are valued at the mean between the most recent quoted bid and asked prices in the absence of an official closing price or last reported sale price.

Foreign equity securities traded on a foreign exchange or over-the-counter markets are generally valued at the most recent quoted bid price in the absence of an official closing price or last reported sale price. Foreign securities quoted in foreign currencies are translated into U.S. dollars using prevailing exchange rates.

Fixed income investments are generally valued based on prices received from independent pricing services. In determining the value of a fixed income investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures.

Shares of registered open-end investment companies are valued at the investment company’s net asset value. Forward currency contracts are valued based on prices received from independent pricing services. Securities for which market quotations are not readily available, or for which available quotations appear not to accurately reflect the current value of an investment, are valued at fair value as determined in good faith by the valuation designee (“Valuation Designee”) appointed by the Board of Trustees (the “Board” or “Trustees”) pursuant to procedures approved by the Board. The Board has designated the Adviser as the Valuation Designee for the Funds.

Certain Funds hold securities traded in foreign markets. Foreign securities are valued at the latest market price in the foreign market. However, if events occurring after the close of the foreign market (but before the close of regular trading on the New York Stock Exchange) are believed to materially affect the value of those securities, such securities may be valued at fair value as determined in good faith by the Valuation Designee.

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

Table of Contents

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — June 30, 2026 (Continued)

and Assets, as amended. The Valuation Designee may consider various factors, including unobservable market inputs when arriving at fair value. The Valuation Designee may use, but is not limited to, techniques such as review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book value, and other relevant information when determining fair value. The Valuation Designee regularly reviews these inputs and assumptions when reviewing fair valuations of investments held by the Funds. Fair value pricing involves subjective judgement and it is possible that the fair value determined for an asset is materially different than the value that could be realized upon the sale of that asset. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

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

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

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

Table of Contents

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — June 30, 2026 (Continued)

The tables below provide a summary of the inputs as of June 30, 2026, 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 June 30, 2026
SA U.S. Fixed Income Fund
Assets
Yankee Corporate Bonds And Notes	$	—	$	61,174,052		$	—		$	61,174,052
Corporate Bonds and Notes		—		247,597,756			—			247,597,756
U.S. Government & Agency Obligations		—		132,658,552			—			132,658,552
Short-Term Investments		2,291,948		—			—			2,291,948
Total Investments	$	2,291,948	$	441,430,360		$	—		$	443,722,308
SA Global Fixed Income Fund
Assets
Bonds and Notes	$	—	$	538,563,440		$	—		$	538,563,440
Short-Term Investments		9,016,059		—			—			9,016,059
Other Financial Instruments Forward Foreign Currency Exchange Contracts		—		2,824,974			—			2,824,974
Total Investments	$	9,016,059	$	541,388,414		$	—		$	550,404,473
Liabilities
Other Financial Instruments Forward Foreign Currency Exchange Contracts	$	—	$	(467,895	)	$	—		$	(467,895	)
SA U.S. Core Market Fund
Assets
Common Stocks	$	708,884,693	$	—		$	0	^†	$	708,884,693
Mutual Funds		35,453,280		—			—			35,453,280
Short-Term Investments		648,583		—			—			648,583
Total Investments	$	744,986,556	$	—		$	0		$	744,986,556
SA U.S. Value Fund
Assets
Common Stocks	$	633,103,400	$	—		$	—		$	633,103,400
Short-Term Investments		3,041,310		—			—			3,041,310
Total Investments	$	636,144,710	$	—		$	—		$	636,144,710
SA U.S. Small Company Fund
Assets
Common Stocks	$	357,671,624	$	—		$	12,956	^†	$	357,684,580
Preferred Stocks		26,917		—			—			26,917
Rights and Warrants		693		—			—			693
Short-Term Investments		2,125,179		—			—			2,125,179
Total Investments	$	359,824,413	$	—		$	12,956		$	359,837,369

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	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 June 30, 2026
SA International Value Fund
Assets
Common Stocks	$	611,768,315	$	—	$	—		$	611,768,315
Preferred Stocks		2,675,557		—		—			2,675,557
Short-Term Investments		13,503,480		—		—			13,503,480
Total Investments	$	627,947,352	$	—	$	—		$	627,947,352
SA International Small Company Fund
Assets
Short-Term Investments	$	281,530,356	$	—	$	—		$	281,530,356
Total Investments	$	281,530,356	$	—	$	—		$	281,530,356
SA Emerging Markets Value Fund
Assets
Common Stocks	$	246,571,446	$	59,712	$	57,780	^†	$	246,688,938
Preferred Stocks		2,012,856		—		—			2,012,856
Rights and Warrants		—		6,109		—			6,109
Short-Term Investments		905,937		—		—			905,937
Total Investments	$	249,490,239	$	65,821	$	57,780		$	249,613,840
SA Real Estate Securities Fund
Assets
Common Stocks	$	125,799,608	$	—	$	—		$	125,799,608
Short-Term Investments		1,273,889		—		—			1,273,889
Total Investments	$	127,073,497	$	—	$	—		$	127,073,497
SA Worldwide Moderate Growth Fund
Assets
Mutual Funds	$	23,530,791	$	—	$	—		$	23,530,791
Total Investments	$	23,530,791	$	—	$	—		$	23,530,791

^† Contains securities with a market value of zero.

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A reconciliation in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 assets and/or liabilities at the beginning and/or end of the period. There were no significant Level 3 assets and/or liabilities held at the beginning or end of the period.

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

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

As of June 30, 2026, 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	$	5,718,038	$	6,008,000	$	—	$	6,008,000
SA U.S. Core Market Fund		716,639		143,941		592,774		736,715
SA U.S. Value Fund		57,375		58,850		—		58,850
SA U.S. Small Company Fund		7,422,291		1,986,879		5,699,391		7,686,270
SA International Value Fund		40,903,191		13,503,480		29,497,440		43,000,920
SA Emerging Markets Value Fund		5,335,748		905,937		4,698,072		5,604,009
SA Real Estate Securities Fund		630,153		234,736		428,164		662,900

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

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

	Remaining Contractual Maturity of the Agreements As of June 30, 2026
Securities Lending Transaction ⁽¹⁾	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
SA Global Fixed Income Fund
Government Money Market	$	6,008,000	$	—	$	—	$	—	$	6,008,000
Total Borrowings	$	6,008,000	$	—	$	—	$	—	$	6,008,000
Gross amount of recognized liabilities for securities lending transactions									$	6,008,000
SA U.S. Core Market Fund
Government Money Market	$	143,941	$	—	$	—	$	—	$	143,941
Total Borrowings	$	143,941	$	—	$	—	$	—	$	143,941
Gross amount of recognized liabilities for securities lending transactions									$	143,941
SA U.S. Value Fund
Government Money Market	$	58,850	$	—	$	—	$	—	$	58,850
Total Borrowings	$	58,850	$	—	$	—	$	—	$	58,850
Gross amount of recognized liabilities for securities lending transactions									$	58,850
SA U.S. Small Company Fund
Government Money Market	$	1,986,879	$	—	$	—	$	—	$	1,986,879
Total Borrowings	$	1,986,879	$	—	$	—	$	—	$	1,986,879
Gross amount of recognized liabilities for securities lending transactions									$	1,986,879
SA International Value Fund
Government Money Market	$	13,503,480	$	—	$	—	$	—	$	13,503,480
Total Borrowings	$	13,503,480	$	—	$	—	$	—	$	13,503,480
Gross amount of recognized liabilities for securities lending transactions									$	13,503,480
SA Emerging Markets Value Fund
Government Money Market	$	905,937	$	—	$	—	$	—	$	905,937
Total Borrowings	$	905,937	$	—	$	—	$	—	$	905,937
Gross amount of recognized liabilities for securities lending transactions									$	905,937
SA Real Estate Securities Fund
Government Money Market	$	234,736	$	—	$	—	$	—	$	234,736
Total Borrowings	$	234,736	$	—	$	—	$	—	$	234,736
Gross amount of recognized liabilities for securities lending transactions									$	234,736

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

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

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

Investing in foreign securities may involve certain sovereign and other risks, in addition to the credit and market risks normally associated with domestic securities. Investments in foreign securities are subject to fluctuations in currency exchange rates, which may negatively affect the value of a Fund’s portfolio. Additional risks may include exposure to less developed or less efficient trading markets; social, political or economic instability; nationalization of assets, currency controls or redenomination; changes in tax policy; high transaction costs; settlement, custodial or other operation risks; and less stringent accounting, auditing, financial reporting, and legal standards and practices. As a result, foreign securities can fluctuate more widely in price, and may also be less liquid, than comparable U.S. securities.

Forward Foreign Currency Exchange Contracts — Each Fund that may invest in foreign securities may enter into forward foreign currency exchange contracts. A forward foreign currency exchange contract is an agreement between two parties to buy or sell currency at a set price on a future date. By entering into a forward contract for the purchase or sale for a fixed amount of dollars of the amount of foreign currency involved in an underlying security transaction, a Fund may be able to protect itself against a possible loss resulting from an adverse change in the relationship between the U.S. dollar and the applicable foreign currency during the period between the date the security is purchased or sold and the date on which payment is made or received.

The market value of a contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the 4:00 PM Eastern Time pricing for the forward currency exchange rate, and the change in market value is recorded as unrealized appreciation (depreciation) on foreign currency and forward currency transactions in a fund’s statement of assets and liabilities. When the contract is closed, a realized gain or loss is recognized, which is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, and recorded as realized gain (loss) on foreign currency and forward currency transactions in a fund’s statement of operations.

Forward foreign currency exchange contracts may involve risks from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

The Funds have adopted provisions surrounding disclosures regarding derivative instruments and hedging activities which require qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about currency risk-related contingent features in derivative agreements.

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In order to better define its contractual rights and to secure rights that will help the SA Global Fixed Income Fund mitigate its counterparty risk, the SA Global Fixed Income Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the SA Global Fixed Income Fund and a counterparty that governs over-the-counter derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the SA Global Fixed Income Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the SA Global Fixed Income Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in its Statement of Assets and Liabilities.

The following tables, grouped into appropriate risk categories, disclose the amounts related to the SA Global Fixed Income Fund’s use of derivative instruments and hedging activities at June 30, 2026, on a gross basis:

					Gain or (Loss) on Derivatives Recognized in Income
Risk Type	Asset Derivative Fair Value⁽¹⁾		Liability Derivative Fair Value⁽²⁾		Realized Gain⁽³⁾		Change in Depreciation⁽⁴⁾
Foreign currency	$	2,824,974	$	467,895	$	1,082,759	$	11,320,699

⁽¹⁾

Statement of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts.

⁽²⁾

Statement of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.

⁽³⁾

Statement of Operations location: Realized gain (loss) on: forward foreign currency exchange contracts.

⁽⁴⁾

Statement of Operations location: Increase (decrease) in unrealized appreciation (depreciation) on: forward foreign currency exchange contracts.

Forward Currency Contracts Assets and Collateral Held by Counterparty as of June 30, 2026:

Counterparty		Gross Amount of Assets Presented in Statements of Assets & Liabilities				Financial Instruments Available for Offset				Collateral Received				Net Amount
State Street Bank and Trust Co.		$	2,824,974			$	(467,895	)		$	—			$	2,357,079

Forward Currency Contracts Liabilities and Collateral Pledged as of June 30, 2026:

Counterparty		Gross Amount of Liabilities Presented in Statements of Assets & Liabilities				Financial Instruments Available for Offset				Collateral Pledged				Net Amount
State Street Bank and Trust Co.		$	(467,895	)		$	467,895			$	—			$	—

For the year ended June 30, 2026, the average monthly notional amount of SA Global Fixed Income Fund’s forward foreign currency exchange contracts was $318,708,746.

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Investment Transactions, Income and Expenses — Investments in securities are accounted for as of trade date (the date the buy or sell is executed). Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis and includes amortization of discounts and premiums based on the effective interest method. Gains and losses are determined on the identified cost basis, which is the same for U.S. federal income tax purposes.

The Funds characterize distributions received from mutual fund investments on the Statements of Operations using the same characterization as the distribution received.

The SA Real Estate Securities Fund characterizes distributions received from REIT (Real Estate Investment Trust) investments based on information provided by the REITs into the following categories: ordinary income, long-term capital gains, and return of capital. If information is not available on a timely basis from the REITs in which the Fund invests, the characterization will be estimated based on available information, which may include the previous year’s allocation. If new or additional information becomes available from one or more of those REITs at a later date, a recharacterization will be made in the following year. The Fund records any amount recharacterized as dividend income as ordinary income, any amount recharacterized as long-term capital gain as realized gain in the Statement of Operations, and any amount recharacterized as a return of capital as a reduction to the cost of investments in the Statement of Assets and Liabilities and in the Portfolio of Investments. These recharacterizations are reflected in the accompanying financial statements.

Expenses directly attributable to a specific Fund are charged to the respective Fund. Expenses that cannot be attributed to a particular Fund are apportioned among the Funds evenly or based on relative net assets.

Indemnifications — Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. The Trustees are also indemnified against certain liabilities pursuant to an Indemnity Agreement between the Trust and each Trustee. In addition, in the normal course of business the Trust enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposures under these arrangements are unknown as this would involve potential future claims against the Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote.

Foreign Taxes — Each Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, or capital gains on investments or currency repatriation. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign markets in which the Fund invests. These foreign taxes, if any, are paid by each Fund and are disclosed in its Statement of Operations. Foreign taxes payable as of June 30, 2026, if any, are reflected in each Fund’s Statement of Assets and Liabilities. The Funds may also be subject to capital gains tax in India and potentially other foreign jurisdictions, on gains realized upon the sale of securities. Any realized losses in excess of gains in India may be carried forward to offset future gains. Funds with exposure to Indian securities and potentially other foreign jurisdictions accrue a deferred liability for unrealized gains in excess of available loss carryforwards based on existing tax rates and holding periods of the securities. As of June 30, 2026, SA Emerging Markets Value Fund recorded a deferred liability for potential future India and Thailand capital gains taxes of $2,199,655 and $58,079, respectively.

The SA Emerging Markets Value Fund’s investments in Chinese issuers, including China A-shares where applicable, may be subject to the People’s Republic of China (“PRC”) taxes, including withholding taxes and other taxes imposed under evolving PRC tax rules. Uncertainties in the PRC tax rules governing the taxation of income and gains from such investments could result in unexpected tax liabilities for the Fund, which may reduce Fund returns.

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Federal Income Tax — Each Fund is treated as a separate entity for U.S. federal income tax purposes. Each Fund’s policy is to comply with the requirements of Subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of the Funds’ taxable income and net capital gain to their shareholders. Therefore, no income tax provision is required.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is “more likely than not” to be sustained upon examination by the tax authorities based on the technical merits of the tax position. As of June 30, 2026, and for all open tax years, each Fund has determined that no liability for unrecognized tax benefits is required in each Fund’s financial statements related to uncertain tax positions taken on a tax return (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction’s statute of limitation. The Funds record interest and penalties, if any, on the Statements of Operations.

The Trust’s management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded with respect to uncertain tax positions taken on returns filed for open tax years (2023-2025), or expected to be taken in the Funds’ 2026 tax returns.

As of June 30, 2026, for U.S. federal income tax purposes, the Funds have realized capital losses which may be carried forward indefinitely to offset future net realized gains as follows:

	Unlimited Short-Term Losses			Unlimited Long-Term Losses
SA U.S. Fixed Income Fund	$	(26,352,010	)	$	(3,476,229	)
SA Global Fixed Income Fund		(30,381,238	)		(34,954,791	)
SA U.S. Small Company Fund		—			(3,104,115	)

The federal income tax character of distributions paid to shareholders during the fiscal year ended June 30, 2026 and 2025 were as follows:

	2026				2025
	Ordinary Income		Long-Term Capital Gain		Ordinary Income		Long-Term Capital Gain
SA U.S. Fixed Income Fund	$	18,826,404	$	—	$	20,812,291	$	—
SA Global Fixed Income Fund		25,527,266		—		26,273,786		—
SA U.S. Core Market Fund		3,876,166		761,524		4,719,534		—
SA U.S. Value Fund		8,278,940		13,017,532		10,953,436		2,720,518
SA U.S. Small Company Fund		1,628,037		—		921,691		—
SA International Value Fund		18,351,405		13,426,813		18,017,604		—
SA International Small Company Fund		7,637,801		8,205,147		6,873,969		2,340,239
SA Emerging Markets Value Fund		7,287,979		—		8,149,574		—
SA Real Estate Securities Fund		2,710,643		859,973		3,652,202		284,698
SA Worldwide Moderate Growth Fund		589,028		684,258		675,196		661,623

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As of June 30, 2026, the components of distributable earnings on a federal income tax basis were:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation/ (Depreciation)			Post October Capital/ Late Year Ordinary Loss			Capital Loss Carryforward
SA U.S. Fixed Income Fund	$	116,027	$	—	$	(442,940	)	$	—		$	(29,828,239	)
SA Global Fixed Income Fund		11,741,675		—		785,203			—			(65,336,029	)
SA U.S. Core Market Fund		1,960,695		—		641,310,612			—			—
SA U.S. Value Fund		3,606,167		11,910,190		318,843,994			—			—
SA U.S. Small Company Fund		470,186		—		219,295,510			—			(3,104,115	)
SA International Value Fund		10,116,430		3,397,663		276,422,667			—			—
SA International Small Company Fund		2,448,847		10,107,895		159,180,360			—			—
SA Emerging Markets Value Fund		2,108,339		4,326,273		92,841,750			—			—
SA Real Estate Securities Fund		1,432,581		—		56,986,268			(1,273,694	)		—
SA Worldwide Moderate Growth Fund		72,404		832,807		6,481,887			—			—

Under current tax law, certain specified losses incurred after October 31 or December 31, as applicable, may be deferred and treated as occurring on the first day of the following taxable year. As of June 30, 2026, the SA Real Estate Securities Fund is deferring post-October capital losses.

During the fiscal year ended, June 30, 2026, the SA Global Fixed Income Fund had book-to-tax differences of $(4,435,554), primarily related to straddle loss deferrals and marked-to-market and unrealized appreciation (depreciation) on foreign currency. The SA International Value Fund and SA Emerging Markets Value Fund had book-to-tax differences of $60,674 and $(2,259,598), respectively, which were primarily related to marked-to-market and unrealized appreciation (depreciation) on foreign currency.

During the fiscal year ended June 30, 2026, the SA U.S. Fixed Income Fund, SA Global Fixed Income Fund, SA U.S. Small Company Fund and the SA Emerging Markets Value Fund utilized $1,296,970, $174,630, $540,235 and $6,832,692 of capital loss carryforward, respectively.

At June 30, 2026, the aggregate cost of investment securities, aggregate gross unrealized appreciation (depreciation) and net unrealized appreciation (depreciation) for all securities, including forward foreign currency exchange contracts, as computed on a federal income tax basis for each fund were as follows:

	Cost		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
SA U.S. Fixed Income Fund	$	444,165,248	$	1,526,359	$	(1,969,299	)	$	(442,940	)
SA Global Fixed Income Fund		546,794,296		4,373,284		(3,588,081	)		785,203
SA U.S. Core Market Fund		103,675,944		641,753,344		(442,732	)		641,310,612
SA U.S. Value Fund		317,300,716		333,118,463		(14,274,469	)		318,843,994
SA U.S. Small Company Fund		140,541,859		222,304,363		(3,008,853	)		219,295,510
SA International Value Fund		351,524,685		283,017,100		(6,594,433	)		276,422,667
SA International Small Company Fund		122,349,996		159,180,360		—			159,180,360
SA Emerging Markets Value Fund		156,772,090		112,852,469		(20,010,719	)		92,841,750
SA Real Estate Securities Fund		70,087,229		58,544,912		(1,558,644	)		56,986,268
SA Worldwide Moderate Growth Fund		17,048,904		6,481,887		—			6,481,887

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Distributions to Shareholders — Each Fund, excluding the SA Global Fixed Income Fund and the SA U.S. Fixed Income Fund, declares and pays dividends from its net investment income, if any, annually. The SA Global Fixed Income Fund and the SA U.S. Fixed Income Fund declare and pay dividends from net investment income, if any, quarterly. All of the Funds declare and pay distributions from net realized capital gains, if any, at least annually.

Dividends to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles in the U.S. These differences are primarily due to differing treatments of income and gains on various investment securities held by the Funds, timing differences and differing characterizations of distributions made by the Funds. To the extent that distributions exceed the sum of net investment income and net capital gains for federal income tax purposes, they are reported as distributions of paid-in capital. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary book and tax differences such as wash sales, passive foreign investment companies, REIT return of capital, and foreign currency transactions that will reverse in a subsequent period. During any particular year, a Fund’s net realized gains from investment transactions in excess of available capital loss carry forwards will be taxable to a Fund if not distributed and, therefore, will be distributed to shareholders annually.

At June 30, 2026, as a result of permanent book-to-tax differences, the following reclassifications were made on the Statements of Assets and Liabilities. These differences primarily relate to the utilization of earnings and profits distributed to shareholders on redemption of shares and realized gains and losses on redemptions in-kind:

	Paid in Capital		Total distributable earnings (loss)
SA U.S. Core Market Fund	$	47,223,668	$	(47,223,668	)
SA U.S. Value Fund		43,467,511		(43,467,511	)
SA U.S. Small Company Fund		18,257,179		(18,257,179	)
SA International Value Fund		30,907,749		(30,907,749	)
SA International Small Company Fund		625,614		(625,614	)
SA Emerging Markets Value Fund		660,672		(660,672	)
SA Real Estate Securities Fund		5,093,563		(5,093,563	)
SA Worldwide Moderate Growth Fund		66,716		(66,716	)

2. Agreements and Transactions with Affiliates

The Trust has an Investment Advisory and Administrative Services Agreement with the Adviser (the “Investment Advisory Agreement”) under which the Adviser manages the investments of, and provides administrative services to, each Fund.

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For the advisory and administrative services provided to the Funds under the Investment Advisory Agreement, the Adviser is entitled to receive from each Fund a fee computed daily and payable monthly at the annual rate set forth below:

Fund	Advisory and Administrative Fee
SA U.S. Fixed Income Fund		0.15	%
SA Global Fixed Income Fund		0.25	%
SA U.S. Core Market Fund		0.40	%
SA U.S. Value Fund		0.40	%
SA U.S. Small Company Fund		0.40	%
SA International Value Fund		0.45	%
SA International Small Company Fund		0.25	%
SA Emerging Markets Value Fund		0.45	%
SA Real Estate Securities Fund		0.35	%

The SA Worldwide Moderate Growth Fund does not have an advisory and administrative fee on assets invested in the Underlying SA Funds, any other investment companies advised or sub-advised by the Adviser, money market funds or held in cash or cash equivalents.

The Trust and the Adviser have jointly entered into an Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement”) with the Sub-Adviser. For the sub-advisory services provided to the Funds under the Sub-Advisory Agreement, the Sub-Adviser is entitled to a fee from each Fund computed daily and payable monthly at an annual rate based on each Fund’s average daily net assets as follows:

	Sub-Advisory Fees
SA U.S. Fixed Income Fund		0.03	%
SA Global Fixed Income Fund		0.03	%
SA U.S. Core Market Fund		0.03	%*
SA U.S. Value Fund		0.10	%
SA U.S. Small Company Fund		0.20	%
SA International Value Fund		0.20	%
SA Emerging Markets Value Fund		0.36	%
SA Real Estate Securities Fund		0.10	%

* The Sub-Adviser will not receive any sub-advisory fee for its sub-advisory services to the SA U.S. Core Market Fund with respect to any assets of the SA U.S. Core Market Fund invested in the U.S. Micro Cap Portfolio of the DFA Investment Dimensions Group Inc. For its management services, the Sub-Adviser receives an investment advisory fee from the U.S. Micro Cap Portfolio.

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NOTES TO FINANCIAL STATEMENTS — June 30, 2026 (Continued)

The Trust has a Shareholder Servicing Agreement with the Adviser. For the shareholder services provided to the Funds, the Adviser is entitled to a fee from each Fund computed daily and payable monthly at the annual rate of 0.15% of the average daily net assets of each Fund. There is no shareholder servicing fee on assets of the SA Worldwide Moderate Growth Fund that are invested in the Underlying SA Funds, any other investment companies advised or sub-advised by the Adviser, money market funds or held in cash or cash equivalents. The SA Worldwide Moderate Growth Fund is subject to a shareholder servicing fee of 0.25% on assets invested in any other investment. The SA Worldwide Moderate Growth Fund does not currently intend to make investments that would be subject to a shareholder servicing fee.

The Adviser has contractually agreed, pursuant to a Fee Waiver and Expense Reimbursement Letter Agreement (the “SA Funds Fee Waiver Agreement”), to waive the fees payable to it under the Investment Advisory Agreement and/or to reimburse the operating expenses allocated to an SA Fund to the extent each SA Fund’s shares’ total annual operating expenses (excluding interest, taxes, brokerage commissions, redemption liquidity service expenses, acquired fund fees and expenses, and extraordinary expenses) exceed, in the aggregate, the rate per annum, as set forth below. The SA Funds Fee Waiver Agreement will remain in effect until October 28, 2028, at which time it may be continued, modified or eliminated and net expenses will be adjusted as necessary.

Fund Expense Limitation (Shown is the resulting ratio of total annual fund operating expenses expressed as a percentage)	Expense Limitation
SA U.S. Fixed Income Fund		0.40	%
SA Global Fixed Income Fund		0.55	%
SA U.S. Core Market Fund		0.65	%
SA U.S. Value Fund		0.75	%
SA U.S. Small Company Fund		0.90	%
SA International Value Fund		0.90	%
SA International Small Company Fund		0.55	%
SA Emerging Markets Value Fund		1.04	%
SA Real Estate Securities Fund		0.75	%

Trustees’ Fees and Expenses — The Trustees of the Trust received an annual retainer fee of $133,000, as well as reimbursement for expenses incurred in connection with each meeting of the Board and its Committees. The Chairman of the Board received an annual supplemental compensation of $13,300 per year.

Effective January 1, 2026, the Trustees of the Trust receive an annual retainer fee of $140,000, as well as reimbursement for expenses incurred in connection with each meeting of the Board and its Committees. Also effective January 1, 2026, the Chairman of the Board receives an annual supplemental compensation of $14,000 per year.

Sub-Administration Fees — State Street serves as sub-administrator for the Trust, pursuant to a Sub-Administration Agreement with the Trust and the Adviser. State Street receives a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily net assets of the Trust as follows: 0.017% of the first $1.5 billion of net assets and 0.014% of net assets over $1.5 billion. The fee is then allocated to each Fund based on the relative net assets of each Fund, subject to a minimum fee of $54,000 annually per Fund.

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NOTES TO FINANCIAL STATEMENTS — June 30, 2026 (Continued)

3. Purchases and Sales of Securities

Excluding short-term investments, each Fund’s purchases and sales of securities for the year ended June 30, 2026 were as follows:

	Purchases				Sales
	U.S. Government		Other		U.S. Government		Other
SA U.S. Fixed Income Fund	$	104,651,064	$	121,684,752	$	137,247,712	$	91,129,927
SA Global Fixed Income Fund		28,201,781		145,805,949		30,991,486		140,720,693
SA U.S. Core Market Fund		—		7,716,790		—		13,794,826
SA U.S. Value Fund		—		81,102,812		—		83,367,906
SA U.S. Small Company Fund		—		43,246,350		—		43,532,778
SA International Value Fund		—		24,939,812		—		77,665,775
SA International Small Company Fund		—		13,712,097		—		41,674,000
SA Emerging Markets Value Fund		—		22,108,843		—		47,699,269
SA Real Estate Securities Fund		—		14,642,080		—		11,213,925
SA Worldwide Moderate Growth Fund		—		2,534,984		—		3,652,642

4. Liquidity

Certain Funds are permitted to participate in the ReFlow liquidity program, which is designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Pursuant to the program, ReFlow Fund, LLC (“ReFlow”) provides participating mutual funds with a source of cash to meet net shareholder redemptions by standing ready each business day to purchase fund shares up to the value of the net shares redeemed by other shareholders that are to settle the next business day. Following purchases of fund shares, ReFlow then generally redeems those shares when the fund experiences net sales, at the end of a maximum holding period determined by ReFlow (currently 8 days) or at other times at ReFlow’s discretion. While ReFlow holds fund shares, it will have the same rights and privileges with respect to those shares as any other shareholder. For use of the ReFlow service, a fund pays a fee to ReFlow each time it purchases fund shares, calculated by applying to the purchase amount a fee rate determined through an automated daily auction among participating mutual funds. ReFlow’s purchases of fund shares through the liquidity program are made on an investment-blind basis without regard to the fund’s objective, policies or anticipated performance. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a fund. ReFlow will periodically redeem its entire share position in participating Funds and request that such redemption be met in kind in accordance with the Funds’ redemption in-kind policies.

During the year ended June 30, 2026, the following Funds utilized ReFlow. The shares and amounts ReFlow subscribed to and redemptions-in-kind were as follows:

Fund	Shares ReFlow Subscribed to		Amount ReFlow Subscribed to		Redemptions- in-kind Shares			Redemptions- in-kind Amount
SA U.S. Core Market Fund		1,397,626	$	58,574,054		(1,280,236	)	$	(53,171,631	)
SA U.S. Value Fund		2,142,489		56,050,207		(1,899,305	)		(49,034,311	)
SA U.S. Small Company Fund		769,431		25,759,413		(699,593	)		(23,106,137	)
SA International Value Fund		2,577,379		48,620,301		(2,414,171	)		(45,587,034	)
SA Real Estate Securities Fund		922,740		10,860,570		(825,907	)		(9,614,798	)

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5. Affiliated Ownership

The SA Worldwide Moderate Growth Fund invests in Underlying Securities and other Investment Companies, certain of which may be deemed to be under common control because of the same or affiliated investment adviser and membership in a common family of investment companies (the “Affiliated Underlying Funds”). A summary of the transactions with each Affiliated Underlying Fund during the year ended June 30, 2026 follows:

Affiliated Investment Companies	Beginning Value as of June 30, 2025		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss) on Sales of Affiliated Investment Companies			Change in Unrealized Appreciation/ Depreciation			Ending Value as of June 30, 2026		Shares as of June 30, 2026		Dividend Income from Affiliated Investment Companies		Capital Gain Distributions from Affiliated Investment Companies
SA U.S. Fixed Income Fund	$	3,147,593	$	597,051	$	(239,239	)	$	1,327		$	(25,016	)	$	3,481,716		363,436	$	142,226	$	—
SA Global Fixed Income Fund		3,135,097		627,547		(229,580	)		(713	)		(27,845	)		3,504,506		395,989		158,195		—
SA U.S. Core Market Fund		3,570,139		322,201		(613,385	)		205,583			499,574			3,984,112		87,371		20,780		4,082
SA U.S. Value Fund		3,567,368		278,646		(810,094	)		186,625			777,829			4,000,374		136,952		55,875		87,859
SA U.S. Small Company Fund		1,417,516		100,647		(306,343	)		65,948			352,014			1,629,782		42,453		7,900		—
SA International Value Fund		4,279,589		373,398		(917,336	)		298,194			627,862			4,661,707		242,797		134,265		104,509
SA Emerging Markets Value Fund		1,420,767		124,665		(442,893	)		138,545			320,259			1,561,343		102,923		51,319		—
SA Real Estate Securities Fund		619,394		110,829		(93,772	)		3,697			67,103			707,251		56,310		15,899		5,044
Totals	$	21,157,463	$	2,534,984	$	(3,652,642	)	$	899,206		$	2,591,780		$	23,530,791			$	586,459	$	201,494

6. Operating Segments

Each Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each fund is used by the Adviser to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for each fund is the information utilized for the day-to-day management of the funds. Each Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to a fund based on performance measurements. The Trust’s President and Treasurer collectively act as the Funds’ Chief Operating Decision Maker.

7. Recent Accounting Pronouncement

The Funds have adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures (“ASU 2023-09”) during the period. ASU 2023-09 enhances income tax disclosures including income taxes paid. The adoption of the new standard did not impact the Funds’ financial position or results of operations and did not have a material impact on financial statement disclosures.

8. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has determined that there were no subsequent events that require recognition or disclosure in the financial statements.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of
SA Funds – Investment Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of SA Funds – Investment Trust comprising SA U.S. Fixed Income Fund, SA Global Fixed Income Fund, SA U.S. Core Market Fund, SA U.S. Value Fund, SA U.S. Small Company Fund, SA International Value Fund, SA International Small Company Fund, SA Emerging Markets Value Fund, SA Real Estate Securities Fund, and SA Worldwide Moderate Growth Fund (the “Funds”) as of June 30, 2026, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2026, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2026, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2020.

COHEN & COMPANY, LTD.

Cleveland, Ohio
August 27, 2026

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ADDITIONAL INFORMATION (Unaudited)

Additional Information

This report is prepared for the general information of shareholders and is not an offer of shares of the SA Funds. Shares are sold only through the currently effective prospectus, which must precede or accompany this report.

More information about the SA Funds is available without charge, upon request, please mail, visit the Funds’ website or call:

SA Funds – Investment Trust

c/o Focus Advisor Solutions, LLC

190 Carondelet Plaza

Suite 600

St. Louis, MO 63105

Toll-free: 1-844-366-0905

Website: http://www.sa-funds.com

Changes in and Disagreements with Accountants for Open-end Management Investment Companies (Item 8 of Form N-CSR)

Not applicable

Proxy Disclosures for Open-end Management Investment Companies (Item 9 of Form N-CSR)

Not applicable.

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Remuneration Paid to Directors, Officers, and Others of Open-end Management Investment Companies (Item 10 of Form N-CSR)

Remuneration Paid to Directors, Officers, and Others of Open-end Investment Companies is included as part of the Financial Statements under the heading “Trustees’ Fees and Expenses.”

Statement Regarding the Basis for the Board’s Approval of Investment Advisory Contract (Item 11 of Form N-CSR)

Board Approval of Investment Advisory Agreements and Sub-Advisory Agreement

At a meeting held on June 11, 2026, the Board, consisting solely of Independent Trustees, considered the renewal for a one-year term of (1) the Investment Advisory Agreements by and between the Trust, with respect to the Funds, and the Adviser; and (2) the Sub-Advisory Agreement by and among the Trust, with respect to the Funds, except with respect to the SA Worldwide Moderate Growth Fund, the Adviser and DFA (collectively, the “Advisory Agreements”).

The Board discussed the role of the Funds as asset allocation tools and as a means by which smaller retail-level investors could access the investment services offered by DFA. The Board also discussed the role of the Adviser in monitoring the Funds’ effectiveness in this regard and the value added by the Adviser in ensuring that the Funds provided the type of comprehensive asset allocation investment program that shareholders were expecting to receive at reasonable cost levels. The Board also discussed asset growth and economies of scale, which, together with past reductions of the Adviser’s management fees and contractual fee waiver/expense reimbursement arrangements, have resulted in fee and/or expense reductions in recent years.

Factors Considered in Approving the Advisory Agreements

In approving the renewal of the Advisory Agreements, the Board was advised by counsel to the Independent Trustees and took into account information prepared specifically in connection with its review of the Advisory Agreements at the Meeting and the videoconference meeting of the Board on May 21, 2026 (the “May 21 Videoconference Meeting”) and information furnished to the Board throughout the year. The Board also considered the items discussed with representatives of the Trust, the Adviser and the Sub-Adviser during the May 21
Videoconference Meeting. In their deliberations, the Board considered the factors discussed below, among others. The Independent Trustees did not identify any particular piece of information that was all-important or controlling, and each Trustee may have attributed different weights to the various factors:

The nature, extent and quality of the services provided and to be provided by the Adviser and the Sub-Adviser. The Board considered the experience and qualifications of the personnel at the Adviser and the Sub-Adviser who are responsible for providing services to the Funds and the compensation structures of the Adviser and the Sub-Adviser. The Board noted the oversight role of the Adviser over the Sub-Adviser relating to portfolio construction and management, compliance with the Funds’ investment objectives and policies, the Trust’s compliance policies and procedures, and applicable laws and regulations, as well as the Adviser’s role in implementing the Board’s directives relating to the Funds. The Board also noted that the Adviser has extensive experience offering asset allocation and risk diversification through investment portfolios such as the Funds. The Board further noted the Sub-Adviser’s experience and expertise in constructing portfolios that reflect diverse asset classes and risk levels, as well as the extensive industry experience of the Sub-Adviser’s personnel.

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The Board then considered the resources, policies and procedures, and infrastructure of the Adviser and the Sub-Adviser devoted to ensuring compliance with applicable laws and regulations, as well as the Adviser’s and the Sub-Adviser’s commitment to those programs. The Board considered the information received regarding the Adviser’s and the Sub-Adviser’s respective compliance programs and compliance reports received during the prior year. The Board noted that there are currently no known pending regulatory issues with the SEC or other regulatory agencies involving the Adviser or Sub-Adviser other than routine examination matters.

The Board noted that the Adviser continues to provide portfolio management and reporting services, asset-class allocation, shareholder servicing and, if requested, administrative services support to investors and their financial representatives to enhance the effectiveness of the Funds as asset allocation vehicles.

The investment performance of the Funds achieved by the Adviser and the Sub-Adviser. The Board reviewed the short-term and longer-term performance of each of the Funds on both an absolute basis and relative to each Fund’s benchmark index, a peer group of funds based on investment style, and comparable funds managed by the Sub-Adviser. The Board noted that it received and discussed Fund performance information on a quarterly basis throughout the year. As part of its review, the Board also reviewed a report prepared by an independent consulting firm, Broadridge Financial Solutions, Inc. (“Broadridge”), which included comparisons of the performance of each Fund to certain funds determined by Broadridge to be comparable based on investment style (the “Broadridge Peer Group”) and the Fund’s benchmark index. The Board noted that the Broadridge Peer Group, which is used for both performance and expense comparisons, was determined for each Fund based on investment style, share class characteristics (to reflect similar expense structures) and asset size (to reflect similar economies of scale), among other factors, as applicable. The Board examined the performance of each of the Funds for the 1-year, 3-year, 5-year and 10-year periods ended December 31, 2025, as applicable.

In assessing performance, the Board took into consideration that each Fund is intended to provide exposure to a particular asset class. For this reason, the Board viewed fidelity to asset class characteristics as highly important to its evaluation of the Funds. The Board noted that it looks for Fund performance to track the appropriate benchmark index(es) as closely as possible, given certain practical constraints imposed by the 1940 Act and each Fund’s investment restrictions, size and similar factors. Because the Funds are primarily asset allocation tools, the Board emphasized each Fund’s performance against its asset class benchmark index(es) and its general adherence to asset class representation, with the exception of the SA Worldwide Moderate Growth Fund, which invests in other Funds managed by the Adviser (the “Underlying Funds”) comprising various asset classes and strategies.

For the SA U.S. Fixed Income Fund, it was noted that the Fund’s gross total return performance was in the 4th (bottom) quartile of its Broadridge Peer Group for the 3-year, 5-year, and 10-year periods ended December 31, 2025 and in the 2nd quartile for the 1-year period ended the same date. It was also noted that the Fund outperformed its benchmark, the Morningstar U.S. 1-3 Year Composite Government and Corporate Bond Index, for the 1-year, 3-year, and 5-year periods. The Board also took into consideration that the Fund’s relatively shorter duration and persistent bias toward higher quality credits contributed to its underperformance relative to its Broadridge Peer Group and benchmark during long stretches when interest rate risk was beneficial.

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For the SA Global Fixed Income Fund, it was noted that the Fund’s gross total return performance was in the 2nd quartile of its Broadridge Peer Group for the 5-year period ended December 31, 2025, and the 4th quartile for the 1-year, 3-year, and 10-year periods ended the same date. It was also noted that the Fund’s performance exceeded that of its benchmark, the Morningstar Global 1-5 Year Treasury Bond GR Hedged USD Index, for the 1-year and 3-year periods ended the same date. The Board took into consideration that the Fund’s relatively shorter duration contributed to its underperformance relative to its Broadridge Peer Group and benchmark during the long stretches when taking longer duration risk would have been beneficial to the Fund.

For the SA U.S. Core Market Fund, it was noted that the Fund’s gross total return performance was in the 2nd quartile of its Broadridge Peer Group for the 3-year, 5-year, and 10-year periods ended December 31, 2025 and the 3rd quartile for the 1-year period ended the same date. It was also noted that the Fund’s performance outperformed its benchmark, the Morningstar U.S. Market Extended USD Index, for the 5-year and 10-year periods.

For the SA U.S. Value Fund, it was noted that the Fund’s gross total return performance was in the 1st quartile among its Broadridge Peer Group for the 1-year period, 4th quartile for the 3-year period, and the 3rd quartile for the 5-year and 10-year periods ended December 31, 2025. It was also noted that the Fund underperformed its benchmark, the Morningstar U.S. Large-Mid Cap Broad Value Index, for all periods.

For the SA U.S. Small Company Fund, it was noted that the Fund’s gross total return performance was in the 1st quartile of its Broadridge Peer Group for the 1-year, 3-year, and 10-year periods ended December 31, 2025, and 2nd quartile of its Broadridge Peer Group for the 5-year period ended the same date. It was also noted that the Fund outperformed its benchmark, the Morningstar U.S. Small Cap Extended Index, for the 5-year and 10-year periods.

For the SA Real Estate Securities Fund, it was noted that the Fund’s gross total return performance was in the 3rd quartile of its Broadridge Peer Group for the 1-year and 10-year periods ended December 31, 2025 and the 4th quartile for the 3-year and 5-year periods ended the same date. It was also noted that the Fund outperformed its benchmark, the Morningstar U.S. REIT Index, for the 5-year period.

For the SA International Value Fund, it was noted that the Fund’s gross total return performance was in the 1st quartile of its Broadridge Peer Group for the 1-year, 5-year, and 10-year periods ended December 31, 2025 and the 2nd quartile for the 3-year period ended the same date. It was also noted that the Fund outperformed its benchmark, the Morningstar Developed Markets ex-U.S. Value Target Market Exposure Index, for all periods.

For the SA International Small Company Fund, it was noted that the Fund invests substantially all of its assets in the International Small Company Portfolio of DFA Investment Dimensions Group Inc. It was noted that the Fund’s gross total return performance was in the 2nd quartile of its Broadridge Peer Group for the 1-year period ended December 31, 2025 and the 3rd quartile for the 3-year, 5-year, and 10-year periods ended the same date. It was also noted that the Fund outperformed its benchmark, the Morningstar Developed Markets ex-U.S. Small Cap Target Market Exposure Index, for all periods.

For the SA Emerging Markets Value Fund, it was noted that the Fund’s gross total return performance was in the 1st quartile of its Broadridge Peer Group for the 5-year period ended December 31, 2025, the 2nd quartile for the 10-year period ended the same date, the 3rd quartile for the 3-year period ended the same date, and the 4th quartile for the 1-year period ended the same date. It was also noted that the Fund outperformed its benchmark, the Morningstar Emerging Markets Value Target Market Exposure Index, for the 5-year period.

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For the SA Worldwide Moderate Growth Fund, it was noted that the Fund’s gross total return performance was in the 1st quartile of its Broadridge Peer Group for the 1-year and 5-year periods ended December 31, 2025 and the 2nd quartile of its Broadridge Peer Group for the 3-year and 10-year periods ended the same date. It was also noted that the Fund outperformed its benchmark, the Morningstar U.S. Moderate Target Allocation Index, for the 1-year and 5-year periods.

The extent to which the Adviser and the Sub-Adviser realize economies of scale as the Trust grows larger and whether fee levels reflect these economies of scale for the benefit of Fund shareholders. The Board evaluated any apparent or anticipated economies of scale in relation to the services the Adviser provides to each Fund. The Board considered the Funds’ net flows and asset levels and noted that the Funds are designed to work together as a set of asset allocation choices and that economies of scale (and other factors) are most appropriately assessed on a Trust-level and not on a Fund-by-Fund basis. The Board also noted that although the Funds do not have advisory fee breakpoints, the Adviser has contractually agreed to waive a portion of its advisory fees and/or reimburse each of the Funds for certain expenses so that each Fund does not exceed its operating expense limitation and has taken other steps to reduce Fund operating expenses.

In considering potential economies of scale, the Board noted that the Adviser is still subsidizing certain operations of the Trust through the expense limitation arrangements and that the Adviser has recouped only a portion of the amounts previously waived under these expense limitation arrangements. It was further noted that in recent years the management fees payable to the Adviser were reduced on a majority of the Funds, with additional reductions in management fees and operating expense limits for a majority of Funds applicable effective January 1,
2018 and further reductions on the SA Emerging Markets Value Fund, effective March 1, 2021 and July 1, 2021 and on the SA U.S. Small Company Fund effective July 1, 2021. The Board concluded that any economies of scale generated at current asset levels were being effectively shared with Fund shareholders.

Total expenses of the Funds and competitiveness of fees to be paid to the Adviser and the Sub-Adviser. The Board considered the gross management fee rates charged by the Adviser and the Sub-Adviser, as well as the effective management fee rates after taking into consideration the Funds’ expense limitation arrangements with the Adviser.

In considering the management fees and the total fees and expenses of each Fund, the Board reviewed a comparison of each Fund’s effective advisory fee and overall expense ratio to its respective Broadridge Peer Group. The Board considered the median of the contractual management fees and overall expense ratios of each peer group.

It was noted that each Fund’s net expense ratio, a figure that includes all of the Fund’s operating expenses, excluding any dividend, interest or borrowing expenses, minus any expense waivers or other reimbursements, was below the median expense ratio of its respective Broadridge Peer Group.

The Board noted the implementation of annual operating expense limitations (as a percentage of average daily net assets) until October 28, 2028, for all Funds.

In assessing the fees charged by the Sub-Adviser, the Board noted that the fees ranged from 0 to 36 bps annually, with most of them at or below 10 bps annually, except for the SA International Value Fund (20 bps annually),

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the SA U.S. Small Company Fund (20 bps annually) and the SA Emerging Markets Value Fund (36 bps annually). The Board took into consideration that these fees reflected an arm’s-length negotiation between the Adviser and the Sub-Adviser and determined that the fees were reasonable in light of the services provided to each Fund. The Board also noted the previous reduction in fees payable pursuant to the Sub-Advisory Agreement for most Funds.

The profits to be realized by the Adviser, the Sub-Adviser and their respective affiliates, from their relationship with the Trust. The Board considered other benefits derived by the Adviser from its relationship with the Funds, including amounts received by the Adviser for the provision of certain shareholder and administrative services to the Funds. It was noted that the Adviser does not receive any soft dollar benefits from the Funds. The Board also considered the profitability rates of the Sub-Adviser.

The Board reviewed information provided by the Adviser and the Sub-Adviser regarding their financial stability and the profitability attributable to their respective agreements with the Funds. The Board discussed the fact that the Funds were designed to operate in an integrated manner as a set of asset allocation vehicles and, for that reason, profitability of the Adviser on a Fund-by-Fund basis was not as relevant to the Board’s determinations as overall profitability of the Adviser at the Trust level. The Board also noted the difficulty of making comparisons of profitability because of differing business mixes and types of funds managed across different advisers, the fact that publicly traded advisory firms for which data are available are typically much bigger than the Adviser, and the lack of an industry standard for methodology used to calculate profitability.

After such review, the Board determined that the profitability rates of the Adviser and the Sub-Adviser, with respect to the Investment Advisory Agreement and the Sub-Advisory Agreement, were not unreasonable in consideration of the services each provides to the Funds.

The Board also considered the climate in the financial services industry; the risks assumed by the Adviser and the Sub-Adviser in complying with investment restrictions, expense limitations and tax laws; the entrepreneurial risks undertaken by the Adviser in sponsoring the Trust and adding Funds to the Trust; the volatility of the financial markets and, thus, of management fee income; and the compensation of the Adviser and the Sub-Adviser and the need to provide sufficient incentives to their respective owners and employees in light of the foregoing considerations.

Conclusions. In approving the Advisory Agreements, the Board concluded that the terms of the Advisory Agreements are fair and reasonable and that approval of the Advisory Agreements is in the best interests of each Fund and its shareholders. In reaching this determination, the Board considered that the Adviser and the Sub-Adviser could be expected to provide a high level of service to each Fund; the performance of each Fund over time and in some cases for more recent periods, or, in the case of underperforming Funds, that it retained confidence in the Adviser’s and the Sub-Adviser’s capabilities to manage the Funds consistently with their respective specified investment objective and strategies; that each Fund’s fee structure appeared to the Board to be reasonable given the nature and quality of services provided; and that the benefits accruing to the Adviser and the Sub-Adviser by virtue of their relationship to the Funds were reasonable in comparison with the benefits accruing to each Fund. After this review and discussion, the Board concluded that the renewal of the Advisory Agreements for a one-year term was in the best interests of each Fund and its shareholders.

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Trustees and Officers’ Information

Information regarding the Trustees and executive officers of the Trust is listed below. The Board is responsible for managing the business and affairs of the Trust. The Board’s role in management of the Trust is oversight. As is the case with virtually all investment companies (as distinguished from operating companies), service providers to the Trust have the responsibility for the day-to-day management of the Funds. The Board’s oversight role does not make the Board a guarantor of the Funds’ investments or activities. The Trustees are experienced executives who meet periodically throughout the year to oversee each Fund’s activities, review contractual arrangements with companies that provide services to each Fund, and review each Fund’s performance. The Board is comprised entirely of Trustees who are not “interested persons” of the Trust, as such term is defined under the 1940 Act (the “Independent Trustees”).

Officers of the Trust listed in the table below whose names are marked with an asterisk (*) are interested persons of the Trust (as defined by the 1940 Act) by virtue of, among other considerations, their relationships with the Adviser or its affiliated entities. Each Trustee and executive officer of the Trust oversees all Funds of the Trust.

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Independent Trustees:

Name, Address, ⁽¹⁾ and Year of Birth	Position(s) Held with Trust and Length of Time Served ⁽²⁾	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Trusteeships/ Directorships Held
Bryan W. Brown Year of Birth: 1945	Trustee (since 1999) Chairman (since 2004)	Self-Employed Management Consultant (financial and technological systems) (since 1992).	10	Director/Officer, Kilohana Martial Arts Association (since 2018).

Charles M. Roame Year of Birth: 1965	Trustee (since 2012)	Managing Partner, Tiburon Strategic Advisors & Tiburon CEO Summits (since 1998).	10	Director, Edelman Financial Engines (financial planning & investment advisory services) (since 2014). Director, FacetWealth (DBA Facet) (financial planning services) (since 2018). Director, DPL Financial Partners (insurance & annuities platform) (since 2022). Director, Allspring Group Holdings (DBA Allspring Global Investments)(investment management services) (since 2022). Director, Vise Technologies (technology & investment management services) (since 2023). Director, Foundation Source Philanthropic Services (charitable giving technology & services) (since 2023). Director, Apex Fintech Solutions (clearing and technology services) (since 2024).

Harold M. Shefrin Year of Birth: 1948	Trustee (since 1999)	Faculty member, Santa Clara University (since 1978).	10	Trustee, Litman Gregory Funds Trust (11 portfolios) (since 2005).

⁽¹⁾	The address of each Trustee is: Focus Advisor Solutions, LLC. 190 Carondelet Plaza, Suite 600, St. Louis, Missouri 63105.
⁽²⁾	Each Trustee serves for the lifetime of the Trust or until he dies, resigns, or is removed.

The Funds’ Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-844-366-0905. It is also available on the Funds’ website at: http://www.sa-funds.com.

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Interested Trustee and Officers of the Trust

Name, Address ⁽¹⁾ and Year of Birth	Position(s) Held with Trust and Length of Time Served ⁽²⁾	Principal Occupation(s) During Past 5 Years
Jonathan Scheid* Year of Birth: 1976	Trustee (since 2023) and President and Chief Executive Officer (since 2023).	President, Focus Advisor Solutions (since 2023); Managing Director, Focus Partners Wealth (2022 - 2023).

Dan Anderson* Year of Birth: 1976	Chief Financial and Accounting Officer and Treasurer (since 2023).	Financial Consultant (since July 2025); Chief Financial Officer, Focus Partners Wealth and Focus Advisor Solutions (2018 - June 2025); Chief Financial Officer, BAM Management LLC (2018 - June 2025).

Jeffery Yorg* Year of Birth: 1977	Chief Compliance Officer and Anti-Money Laundering Compliance Officer (since 2021).	Chief Compliance Officer, Focus Advisor Solutions, LLC, and Associate General Counsel, Focus Partners Wealth, LLC (since 2019).

Marcy Tsagarakis* Year of Birth: 1971	Secretary (since 2006).	Director, Fund Administration, Focus Advisor Solutions, LLC (since 2018).

⁽¹⁾	The address of each Trustee and officer is: Focus Advisor Solutions, LLC, 190 Carondelet Plaza, Suite 600, St. Louis, Missouri 63105.
⁽²⁾	Each Trustee serves for the lifetime of the Trust or until he dies, resigns, or is removed. The Trust’s officers are appointed annually by the Board.

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TAX INFORMATION NOTICE

For federal income tax purposes, the following information is furnished with respect to the distributions of the Funds for the fiscal year ended June 30, 2026:

Foreign Tax Credits – For the fiscal year ended June 30, 2026, the following Funds have made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by the Fund to its shareholders, all of which represents taxes withheld.

	Foreign Tax Credit		Foreign Source Income
SA International Value Fund	$	1,088,954	$	16,838,350
SA International Small Company Fund		287,357		4,148,966
SA Emerging Markets Value Fund		731,554		6,964,779
SA Worldwide Moderate Growth Fund		14,425		188,520

Capital Gain Distributions – On December 18, 2025, the following Funds declared long-term capital gain distribution.

SA U.S. Core Market Fund	$	761,524
SA U.S. Value Fund		13,017,532
SA International Value Fund		13,426,813
SA International Small Company Fund		8,205,147
SA Real Estate Securities Fund		859,973

On December 29, 2025, the SA Worldwide Moderate Growth Fund declared long-term capital gain distribution of $684,258.

Corporate Dividends Received Deduction – The following Funds paid distributions from ordinary income that qualify for the corporate dividends received deduction. The percentage that qualifies is noted below:

SA U.S. Core Market Fund	100	%
SA U.S. Value Fund	100	%
SA U.S. Small Company Fund	100	%
SA International Value Fund	0.17	%
SA International Small Company Fund	0.06	%
SA Worldwide Moderate Growth Fund	14.06	%

Qualified Dividend Income – For the fiscal year ended June 30, 2026 certain dividends paid by one or more of the Funds may be designated as qualified dividend income and subject to a maximum federal income tax rate of 15% for individual shareholders (20% for individuals with taxable income exceeding $545,501 or $613,701 if married filing jointly). Complete information will be reported in conjunction with your 2026 Form 1099-DIV.

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(b) The registrant’s Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 15. Submission of Matters to a Vote of Security Holders.

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 16. Controls and Procedures.

(a) Within 90 days of the filing date of this Form N-CSR, Jonathan Scheid, the registrant’s President and Chief Executive Officer, and Dan Anderson, the registrant’s Treasurer and Chief Financial and Accounting Officer, reviewed the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) and evaluated their effectiveness. Based on their review, Messrs. Scheid and Anderson determined that the disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the registrant on Form N-CSR and Form N-PORT is accumulated and communicated to the registrant’s management to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable to the registrant.

Item 19. Exhibits.

(a)(1) Code of Ethics referred to in Item 2 is filed herewith.

(a)(2) Not applicable.

(a)(3) The certifications required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are filed herewith.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act are filed herewith.

The certifications provided pursuant to Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act are not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates them by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SA FUNDS – INVESTMENT TRUST

By:	/s/ Jonathan Scheid
	Jonathan Scheid
	President and Chief Executive Officer

Date:

September 3, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Jonathan Scheid
	Jonathan Scheid
	President and Chief Executive Officer

Date:

September 3, 2026

By:	/s/ Dan Anderson
	Dan Anderson
	Treasurer and Chief Financial and Accounting Officer

Date:

September 3, 2026

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Date	SAHMX	Regulatory Index	Additional Index
6/30/2016	$10,000	$10,000	$10,000
6/30/2017	$12,581	$11,948	$12,354
6/30/2018	$13,663	$12,857	$12,952
6/30/2019	$12,860	$12,894	$12,780
6/30/2020	$10,594	$12,249	$10,879
6/30/2021	$15,218	$16,471	$14,931
6/30/2022	$13,914	$13,545	$13,317
6/30/2023	$16,286	$15,759	$15,526
6/30/2024	$18,334	$17,454	$17,494
6/30/2025	$22,454	$20,776	$21,509
6/30/2026	$28,950	$25,108	$27,417

Date	SAISX	Regulatory Index	Additional Index
6/30/2016	$10,000	$10,000	$10,000
6/30/2017	$12,287	$11,948	$12,113
6/30/2018	$13,313	$12,857	$13,427
6/30/2019	$12,242	$12,894	$12,629
6/30/2020	$11,353	$12,249	$12,069
6/30/2021	$16,341	$16,471	$16,693
6/30/2022	$13,019	$13,545	$12,674
6/30/2023	$14,563	$15,759	$13,890
6/30/2024	$15,999	$17,454	$14,968
6/30/2025	$19,709	$20,776	$18,416
6/30/2026	$23,140	$25,108	$22,154

Date	SAEMX	Regulatory Index	Additional Index
6/30/2016	$10,000	$10,000	$10,000
6/30/2017	$12,442	$12,188	$12,681
6/30/2018	$13,093	$13,077	$13,342
6/30/2019	$13,219	$13,403	$14,212
6/30/2020	$10,629	$12,917	$12,257
6/30/2021	$15,572	$18,472	$17,733
6/30/2022	$13,225	$14,083	$14,797
6/30/2023	$14,246	$14,588	$15,689
6/30/2024	$16,625	$16,632	$17,898
6/30/2025	$18,344	$18,860	$20,999
6/30/2026	$25,406	$26,188	$29,606

Date	SAWMX	Regulatory Index	Additional Index
6/30/2016	$10,000	$10,000	$10,000
6/30/2017	$11,504	$11,884	$11,080
6/30/2018	$12,437	$13,178	$11,971
6/30/2019	$12,752	$13,833	$12,899
6/30/2020	$11,817	$14,008	$13,677
6/30/2021	$15,800	$19,617	$16,904
6/30/2022	$14,383	$16,387	$14,836
6/30/2023	$15,903	$19,030	$16,428
6/30/2024	$17,950	$22,570	$18,746
6/30/2025	$20,048	$26,127	$21,025
6/30/2026	$24,216	$32,340	$24,179