What were the Fund costs for last year?

(Based on a hypothetical $10,000 investment)

What were the Fund costs for last year?

(Based on a hypothetical $10,000 investment)

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

Investment performance of the Fund is judged against the performance of a broad-based securities market index. For this Fund, performance is compared to the Morningstar^® US Market Extended Index^SM (the "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

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.

What did the Fund invest in?

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

Investment performance of the Fund is judged against the performance of certain market indexes. For this Fund, performance is compared to a broad-based securities market index (the “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

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.

What did the Fund invest in?

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

Investment performance of the Fund is judged against the performance of certain market indexes. For this Fund, performance is compared to a broad-based securities market index (the “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

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.

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

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.

What were the Fund costs for last year?

(Based on a hypothetical $10,000 investment)

What were the Fund costs for last year?

(Based on a hypothetical $10,000 investment)

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

Investment performance of the Fund is judged against the performance of certain market indexes. For this Fund, performance is compared to a broad-based securities market index (the “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

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.

What did the Fund invest in?

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

Investment performance of the Fund is judged against the performance of certain market indexes. For this Fund, performance is compared to a broad-based securities market index (the “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

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.

What did the Fund invest in?