SA U.S. Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited)
| FACE AMOUNT | VALUE† | |||||||
| YANKEE CORPORATE BONDS AND NOTES — 12.0% | ||||||||
| Financial — 11.3% | ||||||||
| Australia & New Zealand Banking Group Ltd., SOFR + 0.560%, 5.923%, 3/18/26 ±‡ | $ | 13,803,000 | $ | 13,820,544 | ||||
| Bank of Montreal, SOFR + 1.330%, 6.691%, 6/05/26 ‡ | 1,000,000 | 1,014,305 | ||||||
| Bank of Nova Scotia (The), SOFR + 1.090%, 6.453%, 6/12/25 ‡ | 3,500,000 | 3,524,418 | ||||||
| Commonwealth Bank of Australia, SOFR + 0.400%, 5.747%, 7/07/25 ±‡ | 1,950,000 | 1,951,805 | ||||||
| Cooperatieve Rabobank UA, SOFR + 0.700%, 6.050%, 7/18/25 ‡ | 1,109,000 | 1,114,562 | ||||||
| Cooperatieve Rabobank UA, SOFR + 0.710%, 6.071%, 3/05/27 ‡ | 9,500,000 | 9,516,537 | ||||||
| Credit Agricole SA, SOFR + 0.870%, 6.231%, 3/11/27 ±‡ | 572,000 | 573,573 | ||||||
| Nordea Bank Abp, 0.750%, 8/28/25 ± | 680,000 | 639,392 | ||||||
| Nordea Bank Abp, SOFR + 0.740%, 6.104%, 3/19/27 ±‡ | 9,000,000 | 9,018,991 | ||||||
| Royal Bank of Canada, 5.150%, 2/01/34 | 2,000,000 | 2,003,585 | ||||||
| Royal Bank of Canada, SOFR + 0.440%, 5.790%, 1/21/25 ‡ | 635,000 | 635,636 | ||||||
| Royal Bank of Canada, SOFR + 0.570%, 5.922%, 4/27/26 ‡ | 895,000 | 894,733 | ||||||
| Svenska Handelsbanken AB, SOFR + 0.910%, 6.271%, 6/10/25 ±‡ | 2,000,000 | 2,008,290 | ||||||
| Toronto-Dominion Bank (The), SOFR + 1.080%, 6.431%, 7/17/26 ‡ | 1,150,000 | 1,161,751 | ||||||
| Westpac Banking Corp., SOFR + 0.720%, 6.075%, 11/17/25 ‡ | 5,000,000 | 5,019,873 | ||||||
| 52,897,995 | ||||||||
| Government — 0.4% | ||||||||
| Svensk Exportkredit AB, SOFR + 1.000%, 6.351%, 8/03/26 ‡ | 1,600,000 | 1,624,574 | ||||||
| Technology — 0.3% | ||||||||
| IBM International Capital Pte. Ltd., 4.900%, 2/05/34 | 1,500,000 | 1,472,301 | ||||||
| TOTAL YANKEE CORPORATE BONDS AND NOTES
(Identified Cost $55,886,153) | 55,994,870 | |||||||
| CORPORATE BONDS AND NOTES — 22.1% | ||||||||
| Basic Materials — 1.6% | ||||||||
| Eastman Chemical Co., 5.625%, 2/20/34 | 2,300,000 | 2,319,801 | ||||||
| LYB International Finance III LLC, 5.500%, 3/01/34 | 2,000,000 | 2,003,230 | ||||||
| FACE AMOUNT | VALUE† | |||||||
| Mosaic Co. (The), 5.450%, 11/15/33 | $ | 3,000,000 | $ | 3,003,957 | ||||
| 7,326,988 | ||||||||
| Consumer, Cyclical — 2.0% | ||||||||
| American Honda Finance Corp., SOFR + 0.600%, 5.953%, 8/14/25 ‡ | 340,000 | 340,747 | ||||||
| American Honda Finance Corp., SOFR + 0.710%, 6.057%, 1/09/26 ‡ | 2,000,000 | 2,004,960 | ||||||
| General Motors Financial Co., Inc., SOFR + 0.620%, 5.969%, 10/15/24 ‡ | 1,939,000 | 1,939,071 | ||||||
| Mercedes-Benz Finance North America LLC, 5.000%, 1/11/34 ± | 3,000,000 | 2,976,413 | ||||||
| Whirlpool Corp., 5.750%, 3/01/34 | 2,000,000 | 2,009,299 | ||||||
| 9,270,490 | ||||||||
| Consumer, Non-cyclical — 5.5% | ||||||||
| Ashtead Capital, Inc., 5.550%, 5/30/33 ± | 1,480,000 | 1,456,318 | ||||||
| BAT Capital Corp., 6.000%, 2/20/34 | 3,000,000 | 3,040,408 | ||||||
| Cigna Group (The), 5.250%, 2/15/34 | 3,000,000 | 2,996,745 | ||||||
| ERAC USA Finance LLC, 4.900%, 5/01/33 ± | 3,000,000 | 2,944,989 | ||||||
| Nestle Capital Corp., 4.875%, 3/12/34 ± | 4,000,000 | 4,004,231 | ||||||
| Philip Morris International, Inc., 5.250%, 2/13/34 | 3,000,000 | 2,977,601 | ||||||
| Roche Holdings, Inc., 5.593%, 11/13/33 ± | 6,000,000 | 6,292,941 | ||||||
| Roche Holdings, Inc., SOFR + 0.740%, 6.093%, 11/13/26 ౠ| 900,000 | 903,517 | ||||||
| Tyson Foods, Inc., 5.700%, 3/15/34 | 1,300,000 | 1,316,913 | ||||||
| 25,933,663 | ||||||||
| Energy — 0.6% | ||||||||
| Kinder Morgan, Inc., 5.200%, 6/01/33 | 1,000,000 | 985,066 | ||||||
| Phillips 66 Co., 5.300%, 6/30/33 | 2,000,000 | 2,013,647 | ||||||
| 2,998,713 | ||||||||
| Financial — 7.3% | ||||||||
| American Express Co., SOFR + 0.650%, 6.003%, 11/04/26 ‡ | 1,500,000 | 1,502,101 | ||||||
| American Tower Corp., 5.450%, 2/15/34 | 2,000,000 | 2,005,394 | ||||||
| Athene Holding Ltd., 5.875%, 1/15/34 | 2,000,000 | 2,006,862 | ||||||
| Brixmor Operating Partnership LP, 5.500%, 2/15/34 | 2,000,000 | 1,974,481 | ||||||
| Camden Property Trust, 3.500%, 9/15/24 | 3,000,000 | 2,971,395 | ||||||
| Charles Schwab Corp. (The), SOFR + 0.520%, 5.874%, 5/13/26 ‡ | 3,500,000 | 3,500,202 | ||||||
| Citibank NA, SOFR + 1.060%, 6.420%, 12/04/26 ‡ | 2,000,000 | 2,026,741 | ||||||
| CNA Financial Corp., 5.125%, 2/15/34 | 3,000,000 | 2,921,055 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| FACE AMOUNT | VALUE† | |||||||
| CORPORATE BONDS AND NOTES (Continued) | ||||||||
| Financial (Continued) | ||||||||
| Corebridge Financial, Inc., 5.750%, 1/15/34 | $ | 1,950,000 | $ | 1,994,975 | ||||
| Crown Castle, Inc., 5.800%, 3/01/34 | 2,000,000 | 2,047,865 | ||||||
| Lincoln National Corp., 5.852%, 3/15/34 | 2,800,000 | 2,766,313 | ||||||
| National Securities Clearing Corp., 5.150%, 5/30/25 ± | 3,910,000 | 3,912,342 | ||||||
| Simon Property Group LP, 6.250%, 1/15/34 | 1,000,000 | 1,069,749 | ||||||
| State Street Corp., SOFR + 0.845%, 6.197%, 8/03/26 ‡ | 3,500,000 | 3,509,663 | ||||||
| 34,209,138 | ||||||||
| Industrial — 1.1% | ||||||||
| John Deere Capital Corp., SOFR + 0.560%, 5.920%, 3/07/25 ‡ | 4,000,000 | 4,012,794 | ||||||
| Precision Castparts Corp., 3.250%, 6/15/25 | 1,000,000 | 978,546 | ||||||
| 4,991,340 | ||||||||
| Technology — 0.6% | ||||||||
| Intel Corp., 5.150%, 2/21/34 | 3,000,000 | 3,008,543 | ||||||
| Utilities — 3.4% | ||||||||
| Eversource Energy, 5.500%, 1/01/34 | 2,000,000 | 2,003,331 | ||||||
| Interstate Power & Light Co., 5.700%, 10/15/33 | 3,000,000 | 3,077,149 | ||||||
| National Rural Utilities Cooperative Finance Corp., SOFR + 0.800%, 6.153%, 2/05/27 ‡ | 3,000,000 | 3,007,863 | ||||||
| NextEra Energy Capital Holdings, Inc., 5.050%, 2/28/33 | 3,000,000 | 2,974,596 | ||||||
| Sempra, 5.500%, 8/01/33 | 2,000,000 | 2,008,440 | ||||||
| Virginia Electric & Power Co., 5.000%, 1/15/34 | 3,000,000 | 2,949,149 | ||||||
| 16,020,528 | ||||||||
| TOTAL CORPORATE BONDS AND NOTES
(Identified Cost $103,677,644) | 103,759,403 | |||||||
| U.S. GOVERNMENT & AGENCY OBLIGATIONS — 64.1% | ||||||||
| U.S. Treasury Securities — 64.1% | ||||||||
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury Money Market Yield + 0.125%, 5.425%, 7/31/25 ‡ | 36,000,000 | 35,986,271 | ||||||
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury Money Market Yield + 0.169%, 5.469%, 4/30/25 ‡ | 41,350,000 | 41,367,458 | ||||||
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury Money Market Yield + 0.170%, 5.470%, 10/31/25 ‡ | 24,550,000 | 24,559,159 | ||||||
| FACE AMOUNT | VALUE† | |||||||
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury Money Market Yield + 0.245%, 5.545%, 1/31/26 ‡ | $ | 7,000,000 | $ | 7,007,888 | ||||
| U.S. Treasury Inflation-Indexed Bonds, 2.000%, 1/15/26 | 20,974,140 | 20,887,220 | ||||||
| U.S. Treasury Inflation-Indexed Notes, 0.125%, 10/15/25 | 24,362,815 | 23,654,008 | ||||||
| U.S. Treasury Inflation-Indexed Notes, 0.375%, 7/15/25 | 24,055,920 | 23,537,671 | ||||||
| U.S. Treasury Inflation-Indexed Notes, 0.625%, 1/15/26 | 24,008,560 | 23,327,788 | ||||||
| U.S. Treasury Notes, 0.250%, 5/31/25 | 25,000,000 | 23,683,594 | ||||||
| U.S. Treasury Notes, 0.375%, 4/30/25 | 25,000,000 | 23,799,805 | ||||||
| U.S. Treasury Notes, 2.750%, 6/30/25 | 4,000,000 | 3,897,578 | ||||||
| U.S. Treasury Notes, 2.750%, 8/31/25 | 20,000,000 | 19,433,594 | ||||||
| U.S. Treasury Notes, 2.875%, 6/15/25 | 25,000,000 | 24,400,879 | ||||||
| U.S. Treasury Notes, 4.375%, 12/15/26 | 5,000,000 | 4,990,234 | ||||||
| 300,533,147 | ||||||||
| TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Identified Cost $300,807,838) | 300,533,147 | |||||||
| SHARES | ||||||||
| SHORT-TERM INVESTMENTS — 1.5% | ||||||||
| Investment Company — 1.5% | ||||||||
| State Street Institutional U.S. Government Money Market Fund 5.010% | 6,937,364 | 6,937,364 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Identified Cost $6,937,364) | 6,937,364 | |||||||
| Total Investments — 99.7% (Identified Cost $467,308,999) | 467,224,784 | |||||||
| Cash and Other Assets, Less Liabilities — 0.3% | 1,517,823 | |||||||
| Net Assets — 100.0% | $ | 468,742,607 | ||||||
| † | See Note 1 | |
| ± | 144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at March 31, 2024 amounted to $50,503,346 or 10.77% of the net assets of the Fund. | |
| ‡ | Floating rate or variable rate note. Rate shown is as of March 31, 2024. |
Key to abbreviations:
SOFR — Secured Overnight Financing Rate
The accompanying notes are an integral part of these portfolio of investments.
Portfolio Sectors as of March 31, 2024
(As a percentage of total investment excluding short-term money market investment) (Unaudited)
| Sector | Percentage | |||
| Government | 65.6 | % | ||
| Financial | 18.9 | % | ||
| Consumer, Non-cyclical | 5.6 | % | ||
| Utilities | 3.5 | % | ||
| Consumer, Cyclical | 2.0 | % | ||
| Basic Materials | 1.6 | % | ||
| Industrial | 1.1 | % | ||
| Technology | 1.0 | % | ||
| Energy | 0.7 | % | ||
| 100.0 | % | |||
SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited)
| FACE AMOUNT | VALUE† | |||||||||
| BONDS AND NOTES — 98.7% | ||||||||||
| Australia — 9.9% | ||||||||||
| Australia & New Zealand Banking Group Ltd., 4.050%, 5/12/25 | AUD | 1,000,000 | $ | 648,097 | ||||||
| Australia & New Zealand Banking Group Ltd., (3-mo. Swap + 0.830%), 5.174%, 3/31/26 ‡ | AUD | 1,500,000 | 982,588 | |||||||
| Australia & New Zealand Banking Group Ltd., (3-mo. Swap + 0.920%), 5.269%, 11/04/25 ‡ | AUD | 2,500,000 | 1,640,271 | |||||||
| Australia & New Zealand Banking Group Ltd., (3-mo. Swap + 0.970%), 5.317%, 5/12/27 ‡ | AUD | 500,000 | 328,163 | |||||||
| Australia & New Zealand Banking Group Ltd., (3-mo. Swap + 1.200%), 5.549%, 11/04/27 ‡ | AUD | 500,000 | 330,422 | |||||||
| Australia & New Zealand Banking Group Ltd., (SOFR + 0.560%), 5.923%, 3/18/26 ౠ| USD | 6,682,000 | 6,690,493 | |||||||
| Commonwealth Bank of Australia, 4.200%, 8/18/25 | AUD | 1,700,000 | 1,102,861 | |||||||
| Commonwealth Bank of Australia, (3-mo. Swap + 0.700%), 5.050%, 1/14/27 ‡ | AUD | 1,000,000 | 652,142 | |||||||
| Commonwealth Bank of Australia, (3-mo. Swap + 0.750%), 5.090%, 8/17/26 ‡ | AUD | 500,000 | 326,830 | |||||||
| Commonwealth Bank of Australia, (3-mo. Swap + 0.800%), 5.140%, 8/18/25 ‡ | AUD | 2,000,000 | 1,309,647 | |||||||
| Commonwealth Bank of Australia, (3-mo. Swap + 0.900%), 5.250%, 1/13/26 ‡ | AUD | 6,200,000 | 4,066,971 | |||||||
| Commonwealth Bank of Australia, (3-mo. Swap + 1.150%), 5.500%, 1/13/28 ‡ | AUD | 1,500,000 | 988,901 | |||||||
| Commonwealth Bank of Australia, (SOFR + 0.400%), 5.747%, 7/07/25 ౠ| USD | 3,548,000 | 3,551,284 | |||||||
| Commonwealth Bank of Australia, (SOFR + 0.630%), 5.993%, 9/12/25 ౠ| USD | 233,000 | 233,907 | |||||||
| Commonwealth Bank of Australia, (SOFR + 0.740%), 6.103%, 3/14/25 ‡ | USD | 2,900,000 | 2,915,110 | |||||||
| National Australia Bank Ltd., 2.900%, 2/25/27 | AUD | 1,000,000 | 622,676 | |||||||
| National Australia Bank Ltd., 3.900%, 5/30/25 | AUD | 2,400,000 | 1,552,554 | |||||||
| National Australia Bank Ltd., 4.951%, 1/10/34 ± | USD | 2,883,000 | 2,877,892 | |||||||
| National Australia Bank Ltd., (3-mo. Swap + 0.770%), 5.116%, 1/21/25 ‡ | AUD | 1,300,000 | 850,103 | |||||||
| National Australia Bank Ltd., (3-mo. Swap + 0.780%), 5.127%, 5/12/26 ‡ | AUD | 1,500,000 | 981,548 | |||||||
| FACE AMOUNT | VALUE† | |||||||||
| National Australia Bank Ltd., (3-mo. Swap + 0.900%), 5.240%, 5/30/25 ‡ | AUD | 5,900,000 | $ | 3,866,953 | ||||||
| National Australia Bank Ltd., (3-mo. Swap + 0.920%), 5.256%, 11/25/25 ‡ | AUD | 2,500,000 | 1,640,621 | |||||||
| National Australia Bank Ltd., (3-mo. Swap + 1.200%), 5.536%, 11/25/27 ‡ | AUD | 500,000 | 330,480 | |||||||
| National Australia Bank Ltd., (SOFR + 0.760%), 6.114%, 5/13/25 ౠ| USD | 3,110,000 | 3,125,219 | |||||||
| New South Wales Treasury Corp., 1.500%, 2/20/32 | AUD | 4,000,000 | 2,107,734 | |||||||
| South Australian Government Financing Authority, 1.750%, 5/24/32 | AUD | 3,300,000 | 1,762,909 | |||||||
| Treasury Corp. of Victoria, 2.250%, 9/15/33 | AUD | 6,000,000 | 3,198,390 | |||||||
| Westpac Banking Corp., (3-mo. Swap + 0.690%), 5.044%, 3/17/25 ‡ | AUD | 3,000,000 | 1,961,060 | |||||||
| Westpac Banking Corp., (3-mo. Swap + 0.700%), 5.052%, 1/25/27 ‡ | AUD | 1,000,000 | 651,801 | |||||||
| Westpac Banking Corp., (3-mo. Swap + 0.750%), 5.088%, 2/16/26 ‡ | AUD | 1,000,000 | 654,062 | |||||||
| Westpac Banking Corp., (3-mo. Swap + 0.800%), 5.147%, 8/11/25 ‡ | AUD | 6,000,000 | 3,928,753 | |||||||
| Westpac Banking Corp., (3-mo. Swap + 0.950%), 5.297%, 11/11/25 ‡ | AUD | 1,400,000 | 919,042 | |||||||
| Westpac Banking Corp., (3-mo. Swap + 0.980%), 5.318%, 2/16/28 ‡ | AUD | 500,000 | 327,873 | |||||||
| Westpac Banking Corp., (3-mo. Swap + 1.230%), 5.577%, 11/11/27 ‡ | AUD | 1,500,000 | 992,296 | |||||||
| 58,119,653 | ||||||||||
| Canada — 14.2% | ||||||||||
| Canada Government Bonds, 1.500%, 4/01/25 | CAD | 24,000,000 | 17,185,067 | |||||||
| Canadian Imperial Bank of Commerce, 3.300%, 5/26/25 | CAD | 22,000,000 | 15,956,955 | |||||||
| CDP Financial, Inc., 0.875%, 6/10/25 ± | USD | 10,000,000 | 9,514,968 | |||||||
| CDP Financial, Inc., (SOFR + 0.400%), 5.755%, 5/19/25 ౠ| USD | 5,400,000 | 5,408,105 | |||||||
| CPPIB Capital, Inc., (SOFR + 1.250%), 6.611%, 3/11/26 ౠ| USD | 250,000 | 254,669 | |||||||
| OMERS Finance Trust, 5.500%, 11/15/33 ± | USD | 2,293,000 | 2,411,848 | |||||||
| Province of Alberta Canada, 2.350%, 6/01/25 | CAD | 5,000,000 | 3,598,881 | |||||||
| Province of Alberta Canada, 4.500%, 1/24/34 | USD | 13,000,000 | 12,871,041 | |||||||
| Province of British Columbia Canada, 2.850%, 6/18/25 | CAD | 10,000,000 | 7,233,576 | |||||||
| Province of Quebec Canada, 5.350%, 6/01/25 | CAD | 7,000,000 | 5,212,562 | |||||||
The accompanying notes are an integral part of these portfolio of investments.
SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| FACE AMOUNT | VALUE† | |||||||||
| BONDS AND NOTES (Continued) | ||||||||||
| Canada (Continued) | ||||||||||
| Royal Bank of Canada, 4.930%, 7/16/25 | CAD | 5,000,000 | $ | 3,694,888 | ||||||
| 83,342,560 | ||||||||||
| Finland — 1.9% | ||||||||||
| Nordea Bank Abp, 2.750%, 6/12/25 | NOK | 68,000,000 | 6,116,348 | |||||||
| Nordea Bank Abp, (SOFR + 0.740%), 6.104%, 3/19/27 ౠ| USD | 5,000,000 | 5,010,550 | |||||||
| 11,126,898 | ||||||||||
| France — 1.4% | ||||||||||
| Agence Francaise de Developpement EPIC, 3.000%, 1/17/34 | EUR | 3,000,000 | 3,201,660 | |||||||
| Caisse des Depots et Consignations, (SOFR + 0.340%), 5.691%, 5/03/26 ‡ | USD | 4,800,000 | 4,795,044 | |||||||
| 7,996,704 | ||||||||||
| Germany — 0.3% | ||||||||||
| Landwirtschaftliche Rentenbank, 5.375%, 4/23/24 | NZD | 1,000,000 | 597,342 | |||||||
| NRW Bank, 1.050%, 3/31/26 | AUD | 2,350,000 | 1,432,347 | |||||||
| 2,029,689 | ||||||||||
| Netherlands — 3.0% | ||||||||||
| BNG Bank NV, 3.250%, 7/15/25 | AUD | 900,000 | 578,299 | |||||||
| Cooperatieve Rabobank UA, 3.375%, 5/21/25 | USD | 11,000,000 | 10,794,005 | |||||||
| Cooperatieve Rabobank UA, (3-mo. Swap + 0.880%), 5.217%, 5/22/26 ‡ | AUD | 700,000 | 457,792 | |||||||
| Cooperatieve Rabobank UA, (SOFR + 0.700%), 6.050%, 7/18/25 ‡ | USD | 3,952,000 | 3,971,823 | |||||||
| Cooperatieve Rabobank UA, (SOFR + 0.710%), 6.071%, 3/05/27 ‡ | USD | 500,000 | 500,870 | |||||||
| Cooperatieve Rabobank UA, (SOFR + 0.900%), 6.248%, 10/05/26 ‡ | USD | 1,110,000 | 1,119,784 | |||||||
| 17,422,573 | ||||||||||
| New Zealand — 1.1% | ||||||||||
| New Zealand Government Bond, 0.500%, 5/15/24 | NZD | 4,000,000 | 2,376,201 | |||||||
| New Zealand Local Government Funding Agency Bond, 2.250%, 4/15/24 | NZD | 6,800,000 | 4,058,225 | |||||||
| 6,434,426 | ||||||||||
| Norway — 2.6% | ||||||||||
| Kommunalbanken AS, (SOFR + 1.000%), 6.362%, 6/17/26 ‡ | USD | 15,300,000 | 15,527,989 | |||||||
| Singapore — 0.7% | ||||||||||
| DBS Bank Ltd., (3-mo. Swap + 0.850%), 5.204%, 6/16/25 ‡ | AUD | 2,300,000 | 1,506,096 | |||||||
| United Overseas Bank Ltd., (3-mo. Swap + 0.350%), 4.683%, 5/20/24 ‡ | AUD | 600,000 | 391,024 | |||||||
| FACE AMOUNT | VALUE† | |||||||||
| United Overseas Bank Ltd., (3-mo. Swap + 0.590%), 4.946%, 10/27/25 ‡ | AUD | 3,500,000 | $ | 2,283,805 | ||||||
| 4,180,925 | ||||||||||
| Supranational — 11.6% | ||||||||||
| Asian Development Bank, 4.800%, 1/17/33 | AUD | 5,000,000 | 3,312,988 | |||||||
| Asian Development Bank, (SOFR + 1.000%), 6.353%, 4/06/27 ‡ | USD | 200,000 | 203,778 | |||||||
| Asian Development Bank, (SOFR + 1.000%), 6.357%, 8/27/26 ‡ | USD | 2,896,000 | 2,937,667 | |||||||
| Asian Development Bank, (SOFR + 1.000%), 6.362%, 6/16/26 ‡ | USD | 6,500,000 | 6,600,949 | |||||||
| Asian Infrastructure Investment Bank (The), 1.000%, 5/06/26 | AUD | 1,900,000 | 1,155,502 | |||||||
| Asian Infrastructure Investment Bank (The), (SOFR + 0.620%), 5.974%, 8/16/27 ‡ | USD | 5,000,000 | 5,027,376 | |||||||
| European Bank for Reconstruction & Development, (SOFR + 0.190%), 5.539%, 4/14/26 ‡ | USD | 3,126,000 | 3,121,571 | |||||||
| European Bank for Reconstruction & Development, (SOFR + 0.330%), 5.685%, 2/20/28 ‡ | USD | 10,000,000 | 9,991,309 | |||||||
| European Investment Bank, 1.250%, 5/12/25 | SEK | 100,000,000 | 9,102,663 | |||||||
| European Investment Bank, 4.550%, 6/02/33 | AUD | 2,170,000 | 1,412,584 | |||||||
| European Investment Bank, (SOFR + 1.000%), 6.356%, 5/21/28 ‡ | USD | 3,800,000 | 3,891,687 | |||||||
| Inter-American Development Bank, (SOFR + 0.170%), 5.532%, 9/16/26 ‡ | USD | 1,500,000 | 1,496,830 | |||||||
| Inter-American Development Bank, (SOFR + 0.270%), 5.632%, 3/20/28 @‡ | USD | 2,000,000 | 1,993,222 | |||||||
| Inter-American Development Bank, (SOFR + 0.350%), 5.702%, 10/05/28 ‡ | USD | 3,020,000 | 3,018,822 | |||||||
| Inter-American Development Bank, (SOFR + 0.350%), 5.703%, 10/04/27 ‡@ | USD | 5,483,000 | 5,484,836 | |||||||
| International Bank for Reconstruction & Development, 4.200%, 4/21/33 | AUD | 2,000,000 | 1,267,991 | |||||||
| International Bank for Reconstruction & Development, (SOFR + 0.180%), 5.543%, 6/15/26 ‡ | USD | 1,500,000 | 1,498,992 | |||||||
| International Bank for Reconstruction & Development, (SOFR + 0.370%), 5.718%, 1/12/27 ‡ | USD | 1,000,000 | 1,002,603 | |||||||
The accompanying notes are an integral part of these portfolio of investments.
SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| FACE AMOUNT | VALUE† | |||||||||
| BONDS AND NOTES (Continued) | ||||||||||
| Supranational (Continued) | ||||||||||
| International Bank for Reconstruction & Development, (SOFR + 0.430%), 5.785%, 8/19/27 ‡ | USD | 3,650,000 | $ | 3,667,559 | ||||||
| International Finance Corp., 3.635%, 8/26/33 | AUD | 500,000 | 300,073 | |||||||
| Nordic Investment Bank, 1.500%, 3/13/25 | NOK | 6,000,000 | 536,647 | |||||||
| Nordic Investment Bank, (SOFR + 1.000%), 6.353%, 5/12/26 ‡ | USD | 1,050,000 | 1,065,445 | |||||||
| 68,091,094 | ||||||||||
| Sweden — 1.5% | ||||||||||
| Kommuninvest I Sverige AB, 1.000%, 5/12/25 | SEK | 13,000,000 | 1,179,260 | |||||||
| Kommuninvest I Sverige AB, 1.500%, 5/12/25 | SEK | 10,000,000 | 912,291 | |||||||
| Svensk Exportkredit AB, (SOFR + 1.000%), 6.351%, 8/03/26 ‡ | USD | 1,835,000 | 1,863,183 | |||||||
| Svenska Handelsbanken AB, 3.650%, 6/10/25 ± | USD | 5,000,000 | 4,912,281 | |||||||
| 8,867,015 | ||||||||||
| United States — 50.5% | ||||||||||
| BlackRock, Inc., 4.750%, 5/25/33 | USD | 15,000,000 | 14,941,314 | |||||||
| Colgate-Palmolive Co., 3.250%, 8/15/32 | USD | 8,000,000 | 7,235,847 | |||||||
| Mastercard, Inc., 4.850%, 3/09/33 | USD | 5,000,000 | 5,044,461 | |||||||
| Meta Platforms, Inc., 4.950%, 5/15/33 @ | USD | 16,500,000 | 16,721,137 | |||||||
| Morgan Stanley Bank NA, (SOFR + 1.165%), 6.517%, 10/30/26 ‡ | USD | 4,250,000 | 4,312,632 | |||||||
| National Securities Clearing Corp., 5.150%, 5/30/25 ± | USD | 3,910,000 | 3,912,342 | |||||||
| Nestle Capital Corp., 4.875%, 3/12/34 ± | USD | 4,000,000 | 4,004,231 | |||||||
| Nestle Holdings, Inc., 5.000%, 9/12/33 ± | USD | 5,000,000 | 5,133,420 | |||||||
| Procter & Gamble Co. (The), 4.550%, 1/29/34 | USD | 8,500,000 | 8,461,119 | |||||||
| Roche Holdings, Inc., 5.593%, 11/13/33 ± | USD | 15,000,000 | 15,732,352 | |||||||
| Roche Holdings, Inc., (SOFR + 0.740%), 6.093%, 11/13/26 ౠ| USD | 1,050,000 | 1,054,103 | |||||||
| Texas Instruments, Inc., 3.650%, 8/16/32 | USD | 3,617,000 | 3,361,956 | |||||||
| Texas Instruments, Inc., 4.850%, 2/08/34 | USD | 4,000,000 | 4,021,322 | |||||||
| U.S. Treasury Bonds, 5.250%, 2/15/29 | USD | 8,000,000 | 8,360,313 | |||||||
| U.S. Treasury Floating Rate Notes, (3 mo. Treasury Money Market Yield + 0.169%), 5.469%, 4/30/25 ‡ | USD | 75,000,000 | 75,031,664 | |||||||
| U.S. Treasury Inflation-Indexed Bonds, 2.000%, 1/15/26 | USD | 27,499,428 | 27,385,466 | |||||||
| U.S. Treasury Inflation-Indexed Notes, 0.125%, 10/15/25 | USD | 30,542,651 | 29,654,050 | |||||||
| U.S. Treasury Inflation-Indexed Notes, 0.375%, 7/15/25 | USD | 29,517,264 | 28,881,358 | |||||||
| FACE AMOUNT | VALUE† | |||||||||
| U.S. Treasury Inflation-Indexed Notes, 0.625%, 1/15/26 | USD | 29,459,152 | $ | 28,623,826 | ||||||
| U.S. Treasury Notes, 3.875%, 8/15/33 | USD | 5,000,000 | 4,873,047 | |||||||
| 296,745,960 | ||||||||||
| TOTAL BONDS AND NOTES (Identified Cost $583,240,852) | 579,885,486 | |||||||||
| SHARES | ||||||||||
| SHORT-TERM INVESTMENTS — 3.5% | ||||||||||
| Investment Company — 3.1% | ||||||||||
| State Street Institutional U.S. Government Money Market Fund 5.010% | 18,141,056 | 18,141,056 | ||||||||
| Collateral For Securities On Loan — 0.4% | ||||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio 5.340% | 2,149,100 | 2,149,100 | ||||||||
| TOTAL SHORT-TERM INVESTMENTS (Identified Cost $20,290,156) | 20,290,156 | |||||||||
| Total Investments — 102.2% (Identified Cost $603,531,008) | 600,175,642 | |||||||||
| Liabilities in excess of Cash and Other Assets — (2.2%) | (12,772,454 | ) | ||||||||
| Net Assets — 100.0% | $ | 587,403,188 | ||||||||
| † | See Note 1 | |
| ‡ | Floating rate or variable rate note. Rate shown is as of March 31, 2024. | |
| ± | 144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at March 31, 2024 amounted to $73,827,665 or 12.57% of the net assets of the Fund. | |
| @ | A portion or all of the security were held on loan. As of March 31, 2024, the market value of the securities on loan was $7,122,355. |
Key to abbreviations:
AUD — Australian Dollar
CAD — Canadian Dollar
EUR — Euro Currency
GBP — British Pound
NOK — Norwegian Krone
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 portfolio of investments.
SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| Forward Foreign Currency Exchange Contracts sold outstanding as of March 31, 2024 | ||||||||||||||||||||||
| Settlement Date | Currency Purchased |
Currency Sold | Counterparty | Total Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
| 04/02/24 | USD | 23,031,458 | EUR | 21,014,081 | State Street Bank and Trust Co. | $ | 22,671,039 | $ | 360,419 | $ | — | |||||||||||
| 04/03/24 | USD | 16,138,548 | GBP | 12,769,904 | State Street Bank and Trust Co. | 16,117,531 | 21,017 | — | ||||||||||||||
| 04/03/24 | USD | 13,143,273 | NOK | 139,521,436 | State Street Bank and Trust Co. | 12,851,420 | 291,853 | — | ||||||||||||||
| 04/05/24 | USD | 7,295,947 | NZD | 11,842,366 | State Street Bank and Trust Co. | 7,075,226 | 220,721 | — | ||||||||||||||
| 04/05/24 | USD | 5,659,158 | SEK | 58,079,957 | State Street Bank and Trust Co. | 5,426,436 | 232,722 | — | ||||||||||||||
| 04/08/24 | USD | 24,218,644 | AUD | 37,066,927 | Morgan Stanley & Co., Inc. | 24,157,974 | 60,670 | — | ||||||||||||||
| 04/09/24 | USD | 32,971,301 | EUR | 30,455,342 | State Street Bank and Trust Co. | 32,864,417 | 106,884 | — | ||||||||||||||
| 04/09/24 | USD | 17,757,146 | EUR | 16,470,063 | State Street Bank and Trust Co. | 17,772,876 | — | (15,730 | ) | |||||||||||||
| 04/15/24 | USD | 19,563,901 | AUD | 29,556,051 | State Street Bank and Trust Co. | 19,266,703 | 297,198 | — | ||||||||||||||
| 04/15/24 | USD | 17,376,672 | EUR | 16,074,779 | State Street Bank and Trust Co. | 17,350,502 | 26,170 | — | ||||||||||||||
| 04/17/24 | USD | 12,800,727 | AUD | 19,587,404 | Morgan Stanley & Co., Inc. | 12,769,185 | 31,542 | — | ||||||||||||||
| 04/17/24 | USD | 2,875,741 | AUD | 4,407,055 | State Street Bank and Trust Co. | 2,872,994 | 2,747 | — | ||||||||||||||
| 04/17/24 | USD | 60,992,565 | CAD | 82,270,870 | State Street Bank and Trust Co. | 60,750,873 | 241,693 | — | ||||||||||||||
| 04/17/24 | USD | 10,974,868 | CAD | 14,890,786 | State Street Bank and Trust Co. | 10,995,730 | — | (20,862 | ) | |||||||||||||
| 04/17/24 | USD | 19,284,070 | EUR | 17,861,286 | Morgan Stanley & Co., Inc. | 19,280,347 | 3,723 | — | ||||||||||||||
| 04/17/24 | USD | 2,398,287 | SEK | 25,026,687 | State Street Bank and Trust Co. | 2,339,375 | 58,912 | — | ||||||||||||||
| 04/17/24 | USD | 10,518,047 | SEK | 108,107,585 | UBS AG | 10,105,380 | 412,666 | — | ||||||||||||||
| 04/18/24 | USD | 3,259,499 | EUR | 2,990,869 | State Street Bank and Trust Co. | 3,228,621 | 30,878 | — | ||||||||||||||
| 04/29/24 | USD | 6,849,349 | NOK | 73,692,384 | State Street Bank and Trust Co. | 6,792,379 | 56,970 | — | ||||||||||||||
| $ | 2,456,785 | $ | (36,592 | ) | ||||||||||||||||||
| Forward Foreign Currency Exchange Contracts purchased outstanding as of March 31, 2024 | ||||||||||||||||||||||
| Settlement Date | Currency Purchased |
Currency Sold | Counterparty | Total Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
| 04/02/24 | EUR | 21,014,081 | USD | 22,817,312 | State Street Bank and Trust Co. | $ | 22,671,038 | $ | — | $ | (146,273 | ) | ||||||||||
| 04/03/24 | GBP | 12,769,904 | USD | 16,258,171 | State Street Bank and Trust Co. | 16,117,531 | — | (140,639 | ) | |||||||||||||
| 04/03/24 | NOK | 139,521,436 | USD | 13,044,894 | State Street Bank and Trust Co. | 12,851,419 | — | (193,474 | ) | |||||||||||||
| 04/08/24 | AUD | 9,143,184 | USD | 6,005,939 | State Street Bank and Trust Co. | 5,958,973 | — | (46,967 | ) | |||||||||||||
| 04/09/24 | EUR | 6,704,564 | USD | 7,234,277 | State Street Bank and Trust Co. | 7,234,908 | 631 | — | ||||||||||||||
| 04/09/24 | EUR | 40,220,841 | USD | 43,866,822 | State Street Bank and Trust Co. | 43,402,385 | — | (464,436 | ) | |||||||||||||
| 04/15/24 | EUR | 16,074,779 | USD | 17,452,002 | UBS AG | 17,350,502 | — | (101,500 | ) | |||||||||||||
| 04/17/24 | CAD | 24,721,502 | USD | 18,221,333 | UBS AG | 18,254,977 | 33,644 | — | ||||||||||||||
| 04/17/24 | EUR | 1,961,118 | USD | 2,117,969 | State Street Bank and Trust Co. | 2,116,927 | — | (1,043 | ) | |||||||||||||
| 04/17/24 | EUR | 15,900,168 | USD | 17,263,830 | UBS AG | 17,163,420 | — | (100,410 | ) | |||||||||||||
| 04/17/24 | SEK | 70,194,088 | USD | 6,789,376 | State Street Bank and Trust Co. | 6,561,407 | — | (227,968 | ) | |||||||||||||
| $ | 34,275 | $ | (1,422,710 | ) | ||||||||||||||||||
| $ | 2,491,060 | $ | (1,459,302 | ) | ||||||||||||||||||
The accompanying notes are an integral part of these portfolio of investments.
Country weightings as of March 31, 2024
(As a percentage of long-term investments) (Unaudited)
| Country | Percentage | |||
| United States | 51.2 | % | ||
| Canada | 14.4 | % | ||
| Supranational | 11.7 | % | ||
| Australia | 10.0 | % | ||
| Netherlands | 3.0 | % | ||
| Norway | 2.7 | % | ||
| Finland | 1.9 | % | ||
| Sweden | 1.5 | % | ||
| France | 1.4 | % | ||
| Other | 2.2 | % | ||
| 100.0 | % | |||
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited)
| SHARES | VALUE† | |||||||
| COMMON STOCKS — 96.0% | ||||||||
| Aerospace & Defense — 1.5% | ||||||||
| Axon Enterprise, Inc. * | 500 | $ | 156,440 | |||||
| Boeing Co. (The) * | 8,201 | 1,582,711 | ||||||
| BWX Technologies, Inc. | 2,913 | 298,932 | ||||||
| Curtiss-Wright Corp. | 801 | 205,008 | ||||||
| General Dynamics Corp. | 3,788 | 1,070,072 | ||||||
| HEICO Corp. | 574 | 109,634 | ||||||
| HEICO Corp., Class A | 625 | 96,213 | ||||||
| Hexcel Corp. | 778 | 56,677 | ||||||
| Howmet Aerospace, Inc. | 1,946 | 133,165 | ||||||
| Huntington Ingalls Industries, Inc. | 714 | 208,110 | ||||||
| L3Harris Technologies, Inc. | 1,449 | 308,782 | ||||||
| Lockheed Martin Corp. | 5,830 | 2,651,892 | ||||||
| Northrop Grumman Corp. | 1,620 | 775,429 | ||||||
| Parsons Corp. * | 540 | 44,793 | ||||||
| RTX Corp. | 14,657 | 1,429,497 | ||||||
| Textron, Inc. | 2,582 | 247,691 | ||||||
| TransDigm Group, Inc. | 844 | 1,039,470 | ||||||
| Woodward, Inc. | 1,021 | 157,357 | ||||||
| 10,571,873 | ||||||||
| Air Freight & Logistics — 0.6% | ||||||||
| CH Robinson Worldwide, Inc. | 2,800 | 213,192 | ||||||
| Expeditors International of Washington, Inc. | 3,525 | 428,534 | ||||||
| FedEx Corp. | 4,796 | 1,389,593 | ||||||
| GXO Logistics, Inc. * | 1,934 | 103,972 | ||||||
| United Parcel Service, Inc., Class B | 14,911 | 2,216,222 | ||||||
| 4,351,513 | ||||||||
| Automobile Components — 0.1% | ||||||||
| Aptiv PLC * | 2,924 | 232,896 | ||||||
| Autoliv, Inc. | 1,465 | 176,430 | ||||||
| BorgWarner, Inc. | 3,685 | 128,017 | ||||||
| Gentex Corp. | 4,249 | 153,474 | ||||||
| Goodyear Tire & Rubber Co. (The) * | 3,778 | 51,872 | ||||||
| Lear Corp. | 957 | 138,650 | ||||||
| Phinia, Inc. | 737 | 28,323 | ||||||
| 909,662 | ||||||||
| Automobiles — 1.0% | ||||||||
| Ford Motor Co. | 30,242 | 401,614 | ||||||
| General Motors Co. | 9,249 | 419,442 | ||||||
| Harley-Davidson, Inc. | 974 | 42,603 | ||||||
| Tesla, Inc. * | 32,070 | 5,637,585 | ||||||
| Thor Industries, Inc. | 1,179 | 138,344 | ||||||
| 6,639,588 | ||||||||
| Beverages — 1.7% | ||||||||
| Brown-Forman Corp., Class A | 1,202 | 63,646 | ||||||
| Brown-Forman Corp., Class B | 5,458 | 281,742 | ||||||
| Celsius Holdings, Inc. * | 1,188 | 98,509 | ||||||
| Coca-Cola Co. (The) | 73,733 | 4,510,985 | ||||||
| Coca-Cola Consolidated, Inc. | 132 | 111,726 | ||||||
| Constellation Brands, Inc., Class A | 1,757 | 477,483 | ||||||
| Keurig Dr Pepper, Inc. | 3,375 | 103,511 | ||||||
| Molson Coors Beverage Co., Class B | 1,400 | 94,150 | ||||||
| Monster Beverage Corp. * | 8,929 | 529,311 | ||||||
| National Beverage Corp. * | 881 | 41,812 | ||||||
| PepsiCo, Inc. | 32,018 | 5,603,470 | ||||||
| 11,916,345 | ||||||||
| Biotechnology — 2.3% | ||||||||
| AbbVie, Inc. | 37,978 | 6,915,794 | ||||||
| Alkermes PLC * | 1,447 | 39,170 | ||||||
| Alnylam Pharmaceuticals, Inc. * | 1,198 | 179,041 | ||||||
| Amgen, Inc. | 12,097 | 3,439,419 | ||||||
| Biogen, Inc. * | 1,615 | 348,242 | ||||||
| SHARES | VALUE† | |||||||
| BioMarin Pharmaceutical, Inc. * | 1,169 | $ | 102,101 | |||||
| CRISPR Therapeutics AG *@ | 655 | 44,645 | ||||||
| Exact Sciences Corp. * | 1,421 | 98,134 | ||||||
| Exelixis, Inc. * | 3,578 | 84,906 | ||||||
| Gilead Sciences, Inc. | 23,232 | 1,701,744 | ||||||
| Halozyme Therapeutics, Inc. * | 3,014 | 122,610 | ||||||
| Incyte Corp. * | 894 | 50,931 | ||||||
| Moderna, Inc. * | 1,128 | 120,200 | ||||||
| Neurocrine Biosciences, Inc. * | 608 | 83,855 | ||||||
| Regeneron Pharmaceuticals, Inc. * | 1,211 | 1,165,575 | ||||||
| Sarepta Therapeutics, Inc. * | 702 | 90,881 | ||||||
| United Therapeutics Corp. * | 835 | 191,816 | ||||||
| Vertex Pharmaceuticals, Inc. * | 2,966 | 1,239,818 | ||||||
| 16,018,882 | ||||||||
| Broadline Retail — 3.7% | ||||||||
| Amazon.com, Inc. * | 139,038 | 25,079,674 | ||||||
| Dillard's, Inc., Class A @ | 100 | 47,164 | ||||||
| eBay, Inc. | 9,533 | 503,152 | ||||||
| Etsy, Inc. * | 1,250 | 85,900 | ||||||
| Ollie's Bargain Outlet Holdings, Inc. * | 691 | 54,983 | ||||||
| 25,770,873 | ||||||||
| Building Products — 0.7% | ||||||||
| A.O. Smith Corp. | 1,848 | 165,322 | ||||||
| Advanced Drainage Systems, Inc. | 200 | 34,448 | ||||||
| Allegion PLC | 2,744 | 369,644 | ||||||
| Builders FirstSource, Inc. * | 2,521 | 525,755 | ||||||
| Carlisle Cos., Inc. | 1,113 | 436,129 | ||||||
| Carrier Global Corp. | 15,513 | 901,771 | ||||||
| Fortune Brands Innovations, Inc. | 2,330 | 197,281 | ||||||
| Johnson Controls International PLC | 580 | 37,886 | ||||||
| Lennox International, Inc. | 763 | 372,924 | ||||||
| Masco Corp. | 4,275 | 337,212 | ||||||
| Owens Corning | 2,233 | 372,464 | ||||||
| Trane Technologies PLC | 3,350 | 1,005,670 | ||||||
| Trex Co., Inc. * | 2,724 | 271,719 | ||||||
| UFP Industries, Inc. | 812 | 99,884 | ||||||
| 5,128,109 | ||||||||
| Capital Markets — 2.3% | ||||||||
| Affiliated Managers Group, Inc. | 600 | 100,482 | ||||||
| Ameriprise Financial, Inc. | 2,269 | 994,820 | ||||||
| Ares Management Corp., Class A | 1,606 | 213,566 | ||||||
| Bank of New York Mellon Corp. (The) | 4,707 | 271,217 | ||||||
| BlackRock, Inc. | 1,265 | 1,054,631 | ||||||
| Blackstone, Inc. | 6,683 | 877,946 | ||||||
| Carlyle Group, Inc. (The) | 1,219 | 57,183 | ||||||
| Cboe Global Markets, Inc. | 1,317 | 241,972 | ||||||
| Charles Schwab Corp. (The) | 14,444 | 1,044,879 | ||||||
| CME Group, Inc. | 2,477 | 533,273 | ||||||
| Coinbase Global, Inc., Class A * | 739 | 195,924 | ||||||
| Evercore, Inc., Class A | 400 | 77,036 | ||||||
| FactSet Research Systems, Inc. | 757 | 343,973 | ||||||
| Franklin Resources, Inc. | 2,732 | 76,797 | ||||||
| Goldman Sachs Group, Inc. (The) | 2,257 | 942,726 | ||||||
| Hamilton Lane, Inc., Class A | 723 | 81,525 | ||||||
| Houlihan Lokey, Inc. | 916 | 117,422 | ||||||
| Interactive Brokers Group, Inc., Class A | 962 | 107,465 | ||||||
| Intercontinental Exchange, Inc. | 5,224 | 717,934 | ||||||
| Invesco Ltd. | 2,611 | 43,317 | ||||||
| Janus Henderson Group PLC | 1,850 | 60,847 | ||||||
| Jefferies Financial Group, Inc. | 1,620 | 71,442 | ||||||
| KKR & Co., Inc. | 5,286 | 531,666 | ||||||
| LPL Financial Holdings, Inc. | 2,186 | 577,541 | ||||||
| MarketAxess Holdings, Inc. | 627 | 137,470 | ||||||
| Moody's Corp. | 3,123 | 1,227,433 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Capital Markets (Continued) | ||||||||
| Morgan Stanley | 13,418 | $ | 1,263,439 | |||||
| Morningstar, Inc. | 304 | 93,744 | ||||||
| MSCI, Inc. | 1,207 | 676,463 | ||||||
| Nasdaq, Inc. | 4,902 | 309,316 | ||||||
| Northern Trust Corp. | 1,618 | 143,873 | ||||||
| Raymond James Financial, Inc. | 2,352 | 302,044 | ||||||
| Robinhood Markets, Inc., Class A * | 1,886 | 37,965 | ||||||
| S&P Global, Inc. | 3,317 | 1,411,218 | ||||||
| SEI Investments Co. | 2,631 | 189,169 | ||||||
| State Street Corp. | 1,628 | 125,877 | ||||||
| Stifel Financial Corp. | 2,529 | 197,692 | ||||||
| T Rowe Price Group, Inc. | 3,972 | 484,266 | ||||||
| Tradeweb Markets, Inc., Class A | 683 | 71,148 | ||||||
| 16,006,701 | ||||||||
| Chemicals — 1.4% | ||||||||
| Air Products & Chemicals, Inc. | 3,414 | 827,110 | ||||||
| Albemarle Corp. @ | 956 | 125,943 | ||||||
| Ashland, Inc. | 970 | 94,449 | ||||||
| Axalta Coating Systems Ltd. * | 1,604 | 55,162 | ||||||
| Balchem Corp. | 630 | 97,619 | ||||||
| Cabot Corp. | 991 | 91,370 | ||||||
| Celanese Corp. | 1,241 | 213,278 | ||||||
| CF Industries Holdings, Inc. | 2,192 | 182,396 | ||||||
| Corteva, Inc. | 5,428 | 313,033 | ||||||
| Dow, Inc. | 6,683 | 387,146 | ||||||
| DuPont de Nemours, Inc. | 2,632 | 201,795 | ||||||
| Eastman Chemical Co. | 1,476 | 147,925 | ||||||
| Ecolab, Inc. | 3,437 | 793,603 | ||||||
| Element Solutions, Inc. | 4,600 | 114,908 | ||||||
| FMC Corp. | 1,937 | 123,387 | ||||||
| HB Fuller Co. | 339 | 27,032 | ||||||
| Huntsman Corp. | 4,223 | 109,925 | ||||||
| International Flavors & Fragrances, Inc. | 2,270 | 195,197 | ||||||
| Linde PLC | 4,857 | 2,255,202 | ||||||
| LyondellBasell Industries NV, Class A | 5,133 | 525,003 | ||||||
| Mosaic Co. (The) | 4,221 | 137,014 | ||||||
| NewMarket Corp. | 82 | 52,039 | ||||||
| Olin Corp. | 1,800 | 105,840 | ||||||
| PPG Industries, Inc. | 3,241 | 469,621 | ||||||
| RPM International, Inc. | 2,334 | 277,629 | ||||||
| Sherwin Williams Co. (The) | 5,466 | 1,898,506 | ||||||
| Westlake Corp. | 439 | 67,079 | ||||||
| 9,889,211 | ||||||||
| Commercial Banks — 2.4% | ||||||||
| Bank of America Corp. | 66,036 | 2,504,085 | ||||||
| Bank OZK | 1,661 | 75,509 | ||||||
| BOK Financial Corp. | 300 | 27,600 | ||||||
| Cadence Bank | 3,669 | 106,401 | ||||||
| Citigroup, Inc. | 6,473 | 409,352 | ||||||
| Citizens Financial Group, Inc. | 454 | 16,476 | ||||||
| Comerica, Inc. | 1,832 | 100,742 | ||||||
| Commerce Bancshares, Inc. | 2,503 | 133,160 | ||||||
| Cullen/Frost Bankers, Inc. | 956 | 107,617 | ||||||
| East West Bancorp, Inc. | 2,039 | 161,305 | ||||||
| Fifth Third Bancorp | 7,840 | 291,726 | ||||||
| First Citizens Bancshares, Inc., Class A | 112 | 183,120 | ||||||
| First Financial Bankshares, Inc. | 3,094 | 101,514 | ||||||
| First Horizon Corp. | 7,194 | 110,788 | ||||||
| SHARES | VALUE† | |||||||
| FNB Corp. | 5,930 | $ | 83,613 | |||||
| Home BancShares, Inc. | 1,840 | 45,209 | ||||||
| Huntington Bancshares, Inc. | 7,352 | 102,560 | ||||||
| JPMorgan Chase & Co. | 37,681 | 7,547,504 | ||||||
| KeyCorp | 7,104 | 112,314 | ||||||
| M&T Bank Corp. | 522 | 75,920 | ||||||
| New York Community Bancorp, Inc. @ | 4,753 | 15,305 | ||||||
| Pinnacle Financial Partners, Inc. | 1,009 | 86,653 | ||||||
| PNC Financial Services Group, Inc. (The) | 3,193 | 515,989 | ||||||
| Popular, Inc. | 1,880 | 165,609 | ||||||
| Prosperity Bancshares, Inc. | 1,026 | 67,490 | ||||||
| Regions Financial Corp. | 9,428 | 198,365 | ||||||
| SouthState Corp. | 400 | 34,012 | ||||||
| Synovus Financial Corp. | 1,811 | 72,549 | ||||||
| Truist Financial Corp. | 4,824 | 188,039 | ||||||
| U.S. Bancorp | 16,958 | 758,023 | ||||||
| United Bankshares, Inc. | 778 | 27,845 | ||||||
| Wells Fargo & Co. | 31,501 | 1,825,798 | ||||||
| Western Alliance Bancorp | 2,242 | 143,914 | ||||||
| Wintrust Financial Corp. | 600 | 62,634 | ||||||
| Zions Bancorp NA | 2,092 | 90,793 | ||||||
| 16,549,533 | ||||||||
| Commercial Services & Supplies — 0.8% | ||||||||
| Casella Waste Systems, Inc., Class A * | 549 | 54,280 | ||||||
| Cintas Corp. | 1,731 | 1,189,249 | ||||||
| Clean Harbors, Inc. * | 770 | 155,009 | ||||||
| Copart, Inc. * | 9,766 | 565,647 | ||||||
| MSA Safety, Inc. | 600 | 116,154 | ||||||
| Republic Services, Inc. | 3,343 | 639,984 | ||||||
| Rollins, Inc. | 4,629 | 214,184 | ||||||
| Stericycle, Inc. * | 1,544 | 81,446 | ||||||
| Tetra Tech, Inc. | 640 | 118,214 | ||||||
| Veralto Corp. | 2,108 | 186,895 | ||||||
| Waste Management, Inc. | 9,583 | 2,042,616 | ||||||
| 5,363,678 | ||||||||
| Communications Equipment — 0.8% | ||||||||
| Arista Networks, Inc. * | 2,688 | 779,466 | ||||||
| Ciena Corp. * | 2,569 | 127,037 | ||||||
| Cisco Systems, Inc. | 63,490 | 3,168,786 | ||||||
| F5, Inc. * | 769 | 145,795 | ||||||
| Motorola Solutions, Inc. | 2,888 | 1,025,182 | ||||||
| 5,246,266 | ||||||||
| Computers & Peripherals — 5.1% | ||||||||
| Apple, Inc. | 191,328 | 32,808,925 | ||||||
| Dell Technologies, Inc., Class C | 3,734 | 426,087 | ||||||
| Hewlett Packard Enterprise Co. | 9,599 | 170,190 | ||||||
| HP, Inc. | 17,328 | 523,652 | ||||||
| NetApp, Inc. | 4,285 | 449,796 | ||||||
| Pure Storage, Inc., Class A * | 2,027 | 105,384 | ||||||
| Seagate Technology Holdings PLC | 4,475 | 416,399 | ||||||
| Super Micro Computer, Inc. * | 218 | 220,187 | ||||||
| Western Digital Corp. * | 3,176 | 216,730 | ||||||
| 35,337,350 | ||||||||
| Construction & Engineering — 0.2% | ||||||||
| AECOM | 1,355 | 132,898 | ||||||
| API Group Corp. * | 1,855 | 72,846 | ||||||
| Comfort Systems USA, Inc. | 533 | 169,339 | ||||||
| EMCOR Group, Inc. | 745 | 260,899 | ||||||
| Fluor Corp. * | 831 | 35,135 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Construction & Engineering (Continued) | ||||||||
| MasTec, Inc. * | 1,136 | $ | 105,932 | |||||
| MDU Resources Group, Inc. | 3,960 | 99,792 | ||||||
| Quanta Services, Inc. | 1,718 | 446,336 | ||||||
| Valmont Industries, Inc. | 200 | 45,656 | ||||||
| WillScot Mobile Mini Holdings Corp. * | 1,927 | 89,606 | ||||||
| 1,458,439 | ||||||||
| Construction Materials — 0.2% | ||||||||
| Eagle Materials, Inc. | 626 | 170,116 | ||||||
| Martin Marietta Materials, Inc. | 664 | 407,656 | ||||||
| Summit Materials, Inc., Class A * | 1,335 | 59,501 | ||||||
| Vulcan Materials Co. | 1,521 | 415,111 | ||||||
| 1,052,384 | ||||||||
| Consumer Finance — 0.7% | ||||||||
| Ally Financial, Inc. | 3,311 | 134,393 | ||||||
| American Express Co. | 12,072 | 2,748,674 | ||||||
| Capital One Financial Corp. | 4,875 | 725,839 | ||||||
| Credit Acceptance Corp. * | 133 | 73,356 | ||||||
| Discover Financial Services | 6,077 | 796,634 | ||||||
| FirstCash Holdings, Inc. | 1,032 | 131,621 | ||||||
| OneMain Holdings, Inc. | 677 | 34,588 | ||||||
| Synchrony Financial | 2,776 | 119,701 | ||||||
| 4,764,806 | ||||||||
| Consumer Staples Distribution & Retail — 2.2% | ||||||||
| Albertsons Cos., Inc., Class A | 714 | 15,308 | ||||||
| BJ's Wholesale Club Holdings, Inc. * | 2,341 | 177,097 | ||||||
| Casey's General Stores, Inc. | 508 | 161,773 | ||||||
| Costco Wholesale Corp. | 6,624 | 4,852,941 | ||||||
| Dollar General Corp. | 5,246 | 818,691 | ||||||
| Dollar Tree, Inc. * | 2,486 | 331,011 | ||||||
| Kroger Co. (The) | 17,571 | 1,003,831 | ||||||
| Performance Food Group Co. * | 1,336 | 99,719 | ||||||
| Sprouts Farmers Market, Inc. * | 1,478 | 95,301 | ||||||
| Sysco Corp. | 9,579 | 777,623 | ||||||
| Target Corp. | 11,134 | 1,973,056 | ||||||
| U.S. Foods Holding Corp. * | 1,600 | 86,352 | ||||||
| Walgreens Boots Alliance, Inc. | 3,596 | 77,997 | ||||||
| Walmart, Inc. | 75,498 | 4,542,715 | ||||||
| 15,013,415 | ||||||||
| Containers & Packaging — 0.4% | ||||||||
| Amcor PLC | 13,861 | 131,818 | ||||||
| AptarGroup, Inc. | 1,483 | 213,389 | ||||||
| Avery Dennison Corp. | 2,232 | 498,294 | ||||||
| Ball Corp. | 5,664 | 381,527 | ||||||
| Berry Global Group, Inc. | 3,599 | 217,667 | ||||||
| Crown Holdings, Inc. | 3,205 | 254,028 | ||||||
| Graphic Packaging Holding Co. | 6,877 | 200,671 | ||||||
| Greif, Inc., Class B | 21 | 1,460 | ||||||
| International Paper Co. | 4,336 | 169,191 | ||||||
| Packaging Corp. of America | 1,552 | 294,539 | ||||||
| Sealed Air Corp. | 3,059 | 113,795 | ||||||
| Silgan Holdings, Inc. | 2,057 | 99,888 | ||||||
| Sonoco Products Co. | 1,933 | 111,805 | ||||||
| Westrock Co. | 1 | 49 | ||||||
| 2,688,121 | ||||||||
| Distributors — 0.1% | ||||||||
| Genuine Parts Co. | 2,179 | 337,593 | ||||||
| LKQ Corp. | 4,303 | 229,823 | ||||||
| Pool Corp. | 772 | 311,502 | ||||||
| 878,918 | ||||||||
| SHARES | VALUE† | |||||||
| Diversified Consumer Services — 0.1% | ||||||||
| ADT, Inc. | 3,988 | $ | 26,800 | |||||
| Bright Horizons Family Solutions, Inc. * | 639 | 72,437 | ||||||
| H&R Block, Inc. | 2,885 | 141,682 | ||||||
| Service Corp. International | 2,981 | 221,220 | ||||||
| 462,139 | ||||||||
| Diversified Telecommunication Services — 0.6% | ||||||||
| AT&T, Inc. | 65,472 | 1,152,307 | ||||||
| Iridium Communications, Inc. | 2,721 | 71,181 | ||||||
| Verizon Communications, Inc. | 69,962 | 2,935,606 | ||||||
| 4,159,094 | ||||||||
| Electric Utilities — 1.5% | ||||||||
| Alliant Energy Corp. | 4,621 | 232,898 | ||||||
| American Electric Power Co., Inc. | 8,417 | 724,704 | ||||||
| Avangrid, Inc. | 833 | 30,355 | ||||||
| Constellation Energy Corp. | 5,321 | 983,587 | ||||||
| Duke Energy Corp. | 13,107 | 1,267,578 | ||||||
| Edison International | 6,635 | 469,294 | ||||||
| Entergy Corp. | 2,869 | 303,196 | ||||||
| Evergy, Inc. | 3,652 | 194,944 | ||||||
| Eversource Energy | 5,876 | 351,208 | ||||||
| Exelon Corp. | 15,965 | 599,805 | ||||||
| FirstEnergy Corp. | 8,176 | 315,757 | ||||||
| IDACORP, Inc. | 647 | 60,100 | ||||||
| NextEra Energy, Inc. | 36,253 | 2,316,929 | ||||||
| NRG Energy, Inc. | 5,256 | 355,779 | ||||||
| OGE Energy Corp. | 3,314 | 113,670 | ||||||
| PG&E Corp. | 2,100 | 35,196 | ||||||
| Pinnacle West Capital Corp. | 1,978 | 147,816 | ||||||
| Portland General Electric Co. | 1,411 | 59,262 | ||||||
| PPL Corp. | 9,200 | 253,276 | ||||||
| Southern Co. (The) | 17,830 | 1,279,124 | ||||||
| Xcel Energy, Inc. | 9,222 | 495,682 | ||||||
| 10,590,160 | ||||||||
| Electrical Equipment — 0.7% | ||||||||
| Acuity Brands, Inc. | 739 | 198,591 | ||||||
| AMETEK, Inc. | 2,615 | 478,284 | ||||||
| Atkore, Inc. | 943 | 179,510 | ||||||
| Eaton Corp. PLC | 5,446 | 1,702,855 | ||||||
| Emerson Electric Co. | 6,519 | 739,385 | ||||||
| Generac Holdings, Inc. * | 967 | 121,977 | ||||||
| Hubbell, Inc. | 1,043 | 432,897 | ||||||
| NEXTracker, Inc., Class A * | 947 | 53,288 | ||||||
| nVent Electric PLC | 2,290 | 172,666 | ||||||
| Regal Rexnord Corp. | 1,234 | 222,243 | ||||||
| Rockwell Automation, Inc. | 2,184 | 636,265 | ||||||
| Sensata Technologies Holding PLC | 2,621 | 96,296 | ||||||
| 5,034,257 | ||||||||
| Electronic Equipment, Instruments & Components — 0.7% | ||||||||
| Amphenol Corp., Class A | 8,977 | 1,035,497 | ||||||
| Arrow Electronics, Inc. * | 830 | 107,452 | ||||||
| Avnet, Inc. | 944 | 46,803 | ||||||
| Badger Meter, Inc. | 331 | 53,559 | ||||||
| CDW Corp. | 2,939 | 751,737 | ||||||
| Cognex Corp. | 1,711 | 72,581 | ||||||
| Corning, Inc. | 8,949 | 294,959 | ||||||
| Fabrinet * | 506 | 95,644 | ||||||
| Flex Ltd. * | 5,442 | 155,696 | ||||||
| Insight Enterprises, Inc. * | 300 | 55,656 | ||||||
| IPG Photonics Corp. * | 471 | 42,715 | ||||||
| Jabil, Inc. | 3,689 | 494,141 | ||||||
| Keysight Technologies, Inc. * | 2,660 | 415,971 | ||||||
| Littelfuse, Inc. | 380 | 92,093 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Electronic Equipment, Instruments & Components (Continued) | ||||||||
| Novanta, Inc. * | 661 | $ | 115,523 | |||||
| TD SYNNEX Corp. | 836 | 94,552 | ||||||
| TE Connectivity Ltd. | 3,575 | 519,233 | ||||||
| Teledyne Technologies, Inc. * | 373 | 160,136 | ||||||
| Trimble, Inc. * | 1,892 | 121,769 | ||||||
| Vontier Corp. | 3,024 | 137,169 | ||||||
| Zebra Technologies Corp., Class A * | 573 | 172,725 | ||||||
| 5,035,611 | ||||||||
| Energy Equipment & Services — 0.3% | ||||||||
| Baker Hughes Co. | 3,464 | 116,044 | ||||||
| ChampionX Corp. | 3,461 | 124,215 | ||||||
| Halliburton Co. | 12,219 | 481,673 | ||||||
| NOV, Inc. | 4,002 | 78,119 | ||||||
| Schlumberger NV | 12,666 | 694,224 | ||||||
| TechnipFMC PLC | 4,963 | 124,621 | ||||||
| Weatherford International PLC * | 977 | 112,765 | ||||||
| 1,731,661 | ||||||||
| Entertainment — 1.0% | ||||||||
| Atlanta Braves Holdings, Inc., Class C * | 58 | 2,265 | ||||||
| Electronic Arts, Inc. | 2,838 | 376,517 | ||||||
| Endeavor Group Holdings, Inc., Class A | 1,972 | 50,740 | ||||||
| Liberty Media Corp.-Liberty Formula One, Class A * | 315 | 18,503 | ||||||
| Liberty Media Corp.-Liberty Formula One, Class C * | 1,723 | 113,029 | ||||||
| Liberty Media Corp.-Liberty Live, Class A * | 328 | 13,891 | ||||||
| Liberty Media Corp.-Liberty Live, Class C * | 367 | 16,082 | ||||||
| Live Nation Entertainment, Inc. * | 2,466 | 260,829 | ||||||
| Madison Square Garden Sports Corp. * | 279 | 51,481 | ||||||
| Netflix, Inc. * | 4,747 | 2,882,996 | ||||||
| ROBLOX Corp., Class A * | 2,017 | 77,009 | ||||||
| Spotify Technology SA * | 572 | 150,951 | ||||||
| Take-Two Interactive Software, Inc. * | 2,052 | 304,701 | ||||||
| TKO Group Holdings, Inc. | 628 | 54,265 | ||||||
| Walt Disney Co. (The) | 16,521 | 2,021,510 | ||||||
| Warner Bros Discovery, Inc. * | 12,527 | 109,361 | ||||||
| Warner Music Group Corp., Class A | 1,467 | 48,440 | ||||||
| 6,552,570 | ||||||||
| Financial Services — 4.3% | ||||||||
| Apollo Global Management, Inc. | 5,734 | 644,788 | ||||||
| Berkshire Hathaway, Inc., Class B * | 15,538 | 6,534,040 | ||||||
| Block, Inc. * | 2,826 | 239,023 | ||||||
| Corpay, Inc. * | 1,396 | 430,722 | ||||||
| Equitable Holdings, Inc. | 7,584 | 288,268 | ||||||
| Essent Group Ltd. | 700 | 41,657 | ||||||
| Euronet Worldwide, Inc. * | 911 | 100,146 | ||||||
| Fidelity National Information Services, Inc. | 5,567 | 412,960 | ||||||
| Fiserv, Inc. * | 5,324 | 850,882 | ||||||
| Global Payments, Inc. | 3,102 | 414,613 | ||||||
| Jack Henry & Associates, Inc. | 1,300 | 225,849 | ||||||
| MasterCard, Inc., Class A | 18,596 | 8,955,276 | ||||||
| MGIC Investment Corp. | 4,400 | 98,384 | ||||||
| PayPal Holdings, Inc. * | 9,049 | 606,193 | ||||||
| Rocket Cos, Inc., Class A *@ | 3,544 | 51,565 | ||||||
| Shift4 Payments, Inc., Class A * | 780 | 51,535 | ||||||
| Toast, Inc., Class A * | 2,632 | 65,589 | ||||||
| Visa, Inc., Class A | 32,889 | 9,178,662 | ||||||
| SHARES | VALUE† | |||||||
| Voya Financial, Inc. | 1,519 | $ | 112,284 | |||||
| Western Union Co. (The) | 6,874 | 96,099 | ||||||
| WEX, Inc. * | 663 | 157,482 | ||||||
| 29,556,017 | ||||||||
| Food Products — 0.7% | ||||||||
| Archer-Daniels-Midland Co. | 1,384 | 86,929 | ||||||
| Bunge Global SA | 1,401 | 143,631 | ||||||
| Campbell Soup Co. | 2,104 | 93,523 | ||||||
| Conagra Brands, Inc. | 3,575 | 105,963 | ||||||
| Darling Ingredients, Inc. * | 3,101 | 144,228 | ||||||
| Flowers Foods, Inc. | 3,652 | 86,735 | ||||||
| General Mills, Inc. | 8,511 | 595,515 | ||||||
| Hershey Co. (The) | 2,946 | 572,997 | ||||||
| Hormel Foods Corp. | 4,014 | 140,048 | ||||||
| Ingredion, Inc. | 1,387 | 162,071 | ||||||
| J.M. Smucker Co. (The) | 1,268 | 159,603 | ||||||
| Kellanova | 5,208 | 298,366 | ||||||
| Kraft Heinz Co. (The) | 5,057 | 186,603 | ||||||
| Lamb Weston Holdings, Inc. | 3,961 | 421,965 | ||||||
| Lancaster Colony Corp. | 261 | 54,191 | ||||||
| McCormick & Co., Inc. | 3,138 | 241,030 | ||||||
| Mondelez International, Inc., Class A | 11,759 | 823,130 | ||||||
| Pilgrim's Pride Corp. * | 1,700 | 58,344 | ||||||
| Post Holdings, Inc. * | 1,501 | 159,526 | ||||||
| Tyson Foods, Inc., Class A | 2,688 | 157,866 | ||||||
| WK Kellogg Co. | 1,302 | 24,478 | ||||||
| 4,716,742 | ||||||||
| Gas Utilities — 0.1% | ||||||||
| Atmos Energy Corp. | 2,360 | 280,533 | ||||||
| National Fuel Gas Co. | 1,600 | 85,952 | ||||||
| New Jersey Resources Corp. | 954 | 40,936 | ||||||
| Southwest Gas Holdings, Inc. | 1,343 | 102,243 | ||||||
| UGI Corp. | 2,799 | 68,687 | ||||||
| 578,351 | ||||||||
| Ground Transportation — 1.2% | ||||||||
| Avis Budget Group, Inc. | 526 | 64,414 | ||||||
| CSX Corp. | 37,161 | 1,377,558 | ||||||
| JB Hunt Transport Services, Inc. | 1,293 | 257,630 | ||||||
| Knight-Swift Transportation Holdings, Inc. | 2,249 | 123,740 | ||||||
| Landstar System, Inc. | 564 | 108,717 | ||||||
| Norfolk Southern Corp. | 4,052 | 1,032,733 | ||||||
| Old Dominion Freight Line, Inc. | 3,746 | 821,535 | ||||||
| Saia, Inc. * | 200 | 117,000 | ||||||
| U-Haul Holding Co. *@ | 152 | 10,266 | ||||||
| U-Haul Holding Co. | 1,368 | 91,218 | ||||||
| Uber Technologies, Inc. * | 9,836 | 757,274 | ||||||
| Union Pacific Corp. | 13,822 | 3,399,245 | ||||||
| XPO, Inc. * | 1,934 | 236,006 | ||||||
| 8,397,336 | ||||||||
| Health Care Equipment & Supplies — 1.6% | ||||||||
| Abbott Laboratories | 19,151 | 2,176,703 | ||||||
| Align Technology, Inc. * | 581 | 190,522 | ||||||
| Baxter International, Inc. | 6,069 | 259,389 | ||||||
| Becton Dickinson & Co. | 2,001 | 495,147 | ||||||
| Boston Scientific Corp. * | 10,979 | 751,952 | ||||||
| Cooper Cos., Inc. (The) | 1,568 | 159,089 | ||||||
| Dentsply Sirona, Inc. | 1,213 | 40,260 | ||||||
| Dexcom, Inc. * | 3,789 | 525,534 | ||||||
| Edwards Lifesciences Corp. * | 6,940 | 663,186 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Health Care Equipment & Supplies (Continued) | ||||||||
| Envista Holdings Corp. * | 1 | $ | 21 | |||||
| GE HealthCare Technologies, Inc. | 909 | 82,637 | ||||||
| Globus Medical, Inc., Class A * | 1,500 | 80,460 | ||||||
| Haemonetics Corp. * | 657 | 56,075 | ||||||
| Hologic, Inc. * | 2,522 | 196,615 | ||||||
| Idexx Laboratories, Inc * | 1,876 | 1,012,909 | ||||||
| Insulet Corp. * | 740 | 126,836 | ||||||
| Intuitive Surgical, Inc. * | 1,973 | 787,405 | ||||||
| Masimo Corp. * | 608 | 89,285 | ||||||
| Medtronic PLC | 9,595 | 836,204 | ||||||
| Merit Medical Systems, Inc. * | 769 | 58,252 | ||||||
| Penumbra, Inc. * | 389 | 86,817 | ||||||
| ResMed, Inc. | 1,763 | 349,127 | ||||||
| STERIS PLC | 889 | 199,865 | ||||||
| Stryker Corp. | 3,837 | 1,373,147 | ||||||
| Teleflex, Inc. | 364 | 82,326 | ||||||
| Zimmer Biomet Holdings, Inc. | 1,186 | 156,528 | ||||||
| 10,836,291 | ||||||||
| Health Care Providers & Services — 2.4% | ||||||||
| Acadia Healthcare Co., Inc. * | 1,169 | 92,608 | ||||||
| Cardinal Health, Inc. | 3,943 | 441,222 | ||||||
| Cencora, Inc. | 2,652 | 644,409 | ||||||
| Centene Corp. * | 4,920 | 386,122 | ||||||
| Chemed Corp. | 339 | 217,614 | ||||||
| Cigna Group (The) | 3,269 | 1,187,268 | ||||||
| Contra Abiomed, Inc. CVR *¶§ | 350 | — | ||||||
| CVS Health Corp. | 13,129 | 1,047,169 | ||||||
| DaVita, Inc. * | 1,043 | 143,986 | ||||||
| Elevance Health, Inc. | 2,630 | 1,363,760 | ||||||
| Encompass Health Corp. | 2,141 | 176,804 | ||||||
| Ensign Group, Inc. (The) | 687 | 85,477 | ||||||
| HCA Healthcare, Inc. | 3,366 | 1,122,662 | ||||||
| HealthEquity, Inc. * | 331 | 27,020 | ||||||
| Henry Schein, Inc. * | 2,345 | 177,094 | ||||||
| Humana, Inc. | 1,369 | 474,660 | ||||||
| Laboratory Corp. of America Holdings | 1,162 | 253,851 | ||||||
| McKesson Corp. | 1,986 | 1,066,184 | ||||||
| Molina Healthcare, Inc. * | 1,058 | 434,658 | ||||||
| Option Care Health, Inc. * | 1,563 | 52,423 | ||||||
| Quest Diagnostics, Inc. | 1,331 | 177,169 | ||||||
| Tenet Healthcare Corp. * | 1,281 | 134,646 | ||||||
| UnitedHealth Group, Inc. | 13,722 | 6,788,273 | ||||||
| Universal Health Services, Inc., Class B | 1,322 | 241,212 | ||||||
| 16,736,291 | ||||||||
| Health Care Technology — 0.1% | ||||||||
| Veeva Systems, Inc., Class A * | 1,334 | 309,075 | ||||||
| Hotels, Restaurants & Leisure — 2.0% | ||||||||
| Airbnb, Inc., Class A * | 2,785 | 459,414 | ||||||
| Aramark | 2,445 | 79,511 | ||||||
| Booking Holdings, Inc. | 515 | 1,868,358 | ||||||
| Boyd Gaming Corp. | 1,142 | 76,879 | ||||||
| Caesars Entertainment, Inc. * | 2,407 | 105,282 | ||||||
| Chipotle Mexican Grill, Inc. * | 423 | 1,229,564 | ||||||
| Choice Hotels International, Inc. | 777 | 98,174 | ||||||
| Churchill Downs, Inc. | 1,048 | 129,690 | ||||||
| Darden Restaurants, Inc. | 2,002 | 334,634 | ||||||
| Domino's Pizza, Inc. | 554 | 275,272 | ||||||
| DraftKings, Inc., Class A * | 2,512 | 114,070 | ||||||
| Expedia Group, Inc. * | 2,025 | 278,944 | ||||||
| Hilton Grand Vacations, Inc. * | 500 | 23,605 | ||||||
| Hilton Worldwide Holdings, Inc. | 3,388 | 722,694 | ||||||
| Hyatt Hotels Corp., Class A | 300 | 47,886 | ||||||
| SHARES | VALUE† | |||||||
| Las Vegas Sands Corp. | 3,185 | $ | 164,664 | |||||
| Marriott International, Inc., Class A | 5,509 | 1,389,976 | ||||||
| McDonald's Corp. | 10,866 | 3,063,669 | ||||||
| MGM Resorts International * | 2,787 | 131,574 | ||||||
| Planet Fitness, Inc., Class A * | 1,127 | 70,584 | ||||||
| Royal Caribbean Cruises Ltd. * | 2,550 | 354,475 | ||||||
| Starbucks Corp. | 16,907 | 1,545,131 | ||||||
| Texas Roadhouse, Inc. | 1,257 | 194,169 | ||||||
| Vail Resorts, Inc. | 666 | 148,405 | ||||||
| Wingstop, Inc. | 324 | 118,714 | ||||||
| Wyndham Hotels & Resorts, Inc. | 1,765 | 135,464 | ||||||
| Wynn Resorts Ltd. | 738 | 75,446 | ||||||
| Yum! Brands, Inc. | 4,285 | 594,115 | ||||||
| 13,830,363 | ||||||||
| Household Durables — 0.5% | ||||||||
| DR Horton, Inc. | 3,407 | 560,622 | ||||||
| Garmin Ltd. | 1,837 | 273,474 | ||||||
| Lennar Corp., Class A | 2,856 | 491,175 | ||||||
| Lennar Corp., Class B | 72 | 11,101 | ||||||
| Mohawk Industries, Inc. * | 600 | 78,534 | ||||||
| NVR, Inc. * | 62 | 502,198 | ||||||
| PulteGroup, Inc. | 4,404 | 531,210 | ||||||
| Taylor Morrison Home Corp. * | 1,243 | 77,277 | ||||||
| Tempur Sealy International, Inc. | 3,440 | 195,461 | ||||||
| Toll Brothers, Inc. | 1,650 | 213,460 | ||||||
| TopBuild Corp. * | 500 | 220,365 | ||||||
| Whirlpool Corp. | 1,555 | 186,025 | ||||||
| 3,340,902 | ||||||||
| Household Products — 1.4% | ||||||||
| Church & Dwight Co., Inc. | 1,955 | 203,926 | ||||||
| Clorox Co. (The) | 2,311 | 353,837 | ||||||
| Colgate-Palmolive Co. | 12,032 | 1,083,482 | ||||||
| Kimberly-Clark Corp. | 4,641 | 600,313 | ||||||
| Procter & Gamble Co. (The) | 45,612 | 7,400,547 | ||||||
| Reynolds Consumer Products, Inc. | 878 | 25,076 | ||||||
| 9,667,181 | ||||||||
| Independent Power Producers & Energy Traders — 0.1% | ||||||||
| AES Corp. (The) | 11,000 | 197,230 | ||||||
| Clearway Energy, Inc., Class C | 2,400 | 55,320 | ||||||
| Ormat Technologies, Inc. | 741 | 49,047 | ||||||
| Vistra Corp. | 3,161 | 220,163 | ||||||
| 521,760 | ||||||||
| Industrial Conglomerates — 0.6% | ||||||||
| 3M Co. | 13,151 | 1,394,927 | ||||||
| General Electric Co. | 2,729 | 479,021 | ||||||
| Honeywell International, Inc. | 12,502 | 2,566,036 | ||||||
| 4,439,984 | ||||||||
| Insurance — 2.1% | ||||||||
| Aflac, Inc. | 7,013 | 602,136 | ||||||
| Allstate Corp. (The) | 2,506 | 433,563 | ||||||
| American Financial Group, Inc. | 747 | 101,951 | ||||||
| American International Group, Inc. | 8,089 | 632,317 | ||||||
| Aon PLC, Class A | 4,134 | 1,379,598 | ||||||
| Arch Capital Group Ltd. * | 3,373 | 311,800 | ||||||
| Arthur J Gallagher & Co. | 2,175 | 543,837 | ||||||
| Assurant, Inc. | 793 | 149,274 | ||||||
| Axis Capital Holdings Ltd. | 1,300 | 84,526 | ||||||
| Brown & Brown, Inc. | 4,399 | 385,088 | ||||||
| Chubb Ltd. | 3,276 | 848,910 | ||||||
| Cincinnati Financial Corp. | 1,150 | 142,796 | ||||||
| Enstar Group Ltd. * | 300 | 93,228 | ||||||
| Erie Indemnity Co., Class A | 506 | 203,194 | ||||||
| Everest Group Ltd. | 191 | 75,923 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Insurance (Continued) | ||||||||
| F&G Annuities & Life, Inc. @ | 306 | $ | 12,408 | |||||
| Fidelity National Financial, Inc. | 4,510 | 239,481 | ||||||
| First American Financial Corp. | 2,024 | 123,565 | ||||||
| Globe Life, Inc. | 1,141 | 132,778 | ||||||
| Hanover Insurance Group, Inc. (The) | 696 | 94,774 | ||||||
| Hartford Financial Services Group, Inc. (The) | 4,796 | 494,228 | ||||||
| Kinsale Capital Group, Inc. | 257 | 134,858 | ||||||
| Lincoln National Corp. | 2,031 | 64,850 | ||||||
| Loews Corp. | 1,471 | 115,165 | ||||||
| Markel Group, Inc. * | 100 | 152,148 | ||||||
| Marsh & McLennan Cos., Inc. | 9,000 | 1,853,820 | ||||||
| MetLife, Inc. | 4,850 | 359,434 | ||||||
| Old Republic International Corp. | 2,863 | 87,951 | ||||||
| Primerica, Inc. | 919 | 232,470 | ||||||
| Principal Financial Group, Inc. | 2,619 | 226,046 | ||||||
| Progressive Corp. (The) | 6,652 | 1,375,767 | ||||||
| Prudential Financial, Inc. | 3,077 | 361,240 | ||||||
| Reinsurance Group of America, Inc. | 777 | 149,868 | ||||||
| RenaissanceRe Holdings Ltd. | 783 | 184,029 | ||||||
| RLI Corp. | 700 | 103,929 | ||||||
| Selective Insurance Group, Inc. | 829 | 90,502 | ||||||
| Travelers Companies, Inc. (The) | 5,151 | 1,185,451 | ||||||
| Unum Group | 1,700 | 91,222 | ||||||
| W R Berkley Corp. | 2,439 | 215,705 | ||||||
| White Mountains Insurance Group Ltd. | 33 | 59,212 | ||||||
| Willis Towers Watson PLC | 1,050 | 288,750 | ||||||
| 14,417,792 | ||||||||
| Interactive Media & Services — 6.7% | ||||||||
| Alphabet, Inc., Class A * | 86,420 | 13,043,371 | ||||||
| Alphabet, Inc., Class C * | 87,329 | 13,296,714 | ||||||
| Match Group, Inc. * | 2,359 | 85,584 | ||||||
| Meta Platforms, Inc., Class A | 40,475 | 19,653,850 | ||||||
| Pinterest, Inc., Class A * | 810 | 28,083 | ||||||
| Snap, Inc., Class A * | 3,870 | 44,428 | ||||||
| ZoomInfo Technologies, Inc. * | 878 | 14,074 | ||||||
| 46,166,104 | ||||||||
| IT Services — 1.7% | ||||||||
| Accenture PLC, Class A | 12,877 | 4,463,297 | ||||||
| Akamai Technologies, Inc. * | 2,286 | 248,625 | ||||||
| Amdocs Ltd. | 2,260 | 204,236 | ||||||
| Cloudflare, Inc., Class A * | 1,142 | 110,580 | ||||||
| Cognizant Technology Solutions Corp., Class A | 5,705 | 418,119 | ||||||
| EPAM Systems, Inc. * | 781 | 215,681 | ||||||
| Gartner, Inc. * | 1,713 | 816,536 | ||||||
| Globant SA * | 394 | 79,549 | ||||||
| GoDaddy, Inc., Class A * | 2,137 | 253,619 | ||||||
| International Business Machines Corp. | 20,148 | 3,847,462 | ||||||
| MongoDB, Inc. * | 284 | 101,854 | ||||||
| Okta, Inc. * | 1,243 | 130,043 | ||||||
| Snowflake, Inc., Class A * | 1,051 | 169,841 | ||||||
| Twilio, Inc., Class A * | 1,065 | 65,125 | ||||||
| VeriSign, Inc. * | 1,468 | 278,201 | ||||||
| 11,402,768 | ||||||||
| Leisure Equipment & Products — 0.1% | ||||||||
| Brunswick Corp. | 1,810 | 174,701 | ||||||
| SHARES | VALUE† | |||||||
| Hasbro, Inc. | 2,087 | $ | 117,957 | |||||
| Mattel, Inc. * | 4,639 | 91,899 | ||||||
| Polaris, Inc. | 1,034 | 103,524 | ||||||
| 488,081 | ||||||||
| Life Sciences Tools & Services — 1.2% | ||||||||
| Agilent Technologies, Inc. | 3,928 | 571,563 | ||||||
| Avantor, Inc. * | 2,630 | 67,249 | ||||||
| Bio-Rad Laboratories, Inc., Class A * | 223 | 77,129 | ||||||
| Bio-Techne Corp. | 1,892 | 133,178 | ||||||
| Bruker Corp. | 2,044 | 192,013 | ||||||
| Charles River Laboratories International, Inc. * | 640 | 173,408 | ||||||
| Danaher Corp. | 6,325 | 1,579,479 | ||||||
| Fortrea Holdings, Inc. * | 1,510 | 60,611 | ||||||
| Illumina, Inc. * | 1,577 | 216,554 | ||||||
| IQVIA Holdings, Inc. * | 2,790 | 705,563 | ||||||
| Medpace Holdings, Inc. * | 500 | 202,075 | ||||||
| Mettler-Toledo International, Inc. * | 397 | 528,522 | ||||||
| Repligen Corp. * | 355 | 65,292 | ||||||
| Revvity, Inc. | 1,223 | 128,415 | ||||||
| Thermo Fisher Scientific, Inc. | 4,264 | 2,478,280 | ||||||
| Waters Corp. * | 1,391 | 478,824 | ||||||
| West Pharmaceutical Services, Inc. | 875 | 346,246 | ||||||
| 8,004,401 | ||||||||
| Machinery — 2.4% | ||||||||
| AGCO Corp. | 1,297 | 159,557 | ||||||
| Allison Transmission Holdings, Inc. | 1,376 | 111,676 | ||||||
| Caterpillar, Inc. | 11,269 | 4,129,300 | ||||||
| Crane Co. | 1,115 | 150,670 | ||||||
| Cummins, Inc. | 1,605 | 472,913 | ||||||
| Deere & Co. | 5,503 | 2,260,302 | ||||||
| Donaldson Co., Inc. | 2,651 | 197,977 | ||||||
| Dover Corp. | 2,615 | 463,352 | ||||||
| Esab Corp. | 564 | 62,362 | ||||||
| Federal Signal Corp. | 808 | 68,575 | ||||||
| Flowserve Corp. | 1,775 | 81,082 | ||||||
| Fortive Corp. | 3,548 | 305,199 | ||||||
| Franklin Electric Co., Inc. | 300 | 32,043 | ||||||
| Graco, Inc. | 2,998 | 280,193 | ||||||
| IDEX Corp. | 1,004 | 244,996 | ||||||
| Illinois Tool Works, Inc. | 6,946 | 1,863,820 | ||||||
| Ingersoll Rand, Inc. | 3,972 | 377,142 | ||||||
| ITT, Inc. | 1,721 | 234,108 | ||||||
| Lincoln Electric Holdings, Inc. | 1,135 | 289,924 | ||||||
| Middleby Corp. (The) * | 1,043 | 167,704 | ||||||
| Mueller Industries, Inc. | 776 | 41,850 | ||||||
| Nordson Corp. | 589 | 161,704 | ||||||
| Oshkosh Corp. | 1,700 | 212,007 | ||||||
| Otis Worldwide Corp. | 5,642 | 560,081 | ||||||
| PACCAR, Inc. | 7,924 | 981,704 | ||||||
| Parker-Hannifin Corp. | 1,922 | 1,068,228 | ||||||
| Pentair PLC | 1,393 | 119,018 | ||||||
| RBC Bearings, Inc. * | 421 | 113,817 | ||||||
| Snap-on, Inc. | 954 | 282,594 | ||||||
| Stanley Black & Decker, Inc. | 1,936 | 189,593 | ||||||
| Timken Co., (The) | 1,513 | 132,282 | ||||||
| Toro Co. (The) | 1,626 | 148,990 | ||||||
| Watts Water Technologies, Inc., Class A | 400 | 85,020 | ||||||
| Westinghouse Air Brake Technologies Corp. | 1,144 | 166,658 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Machinery (Continued) | ||||||||
| Xylem, Inc. | 2,968 | $ | 383,584 | |||||
| 16,600,025 | ||||||||
| Marine Transportation — 0.0% | ||||||||
| Kirby Corp. * | 322 | 30,693 | ||||||
| Media — 0.7% | ||||||||
| Charter Communications, Inc., Class A * | 2,672 | 776,563 | ||||||
| Comcast Corp., Class A | 59,894 | 2,596,405 | ||||||
| Fox Corp. Class A | 3,686 | 115,261 | ||||||
| Fox Corp. Class B | 661 | 18,918 | ||||||
| GCI Liberty, Inc. *§ | 1,444 | — | ||||||
| Interpublic Group of Cos., Inc. (The) | 6,061 | 197,770 | ||||||
| Liberty Broadband Corp., Class A * | 39 | 2,228 | ||||||
| Liberty Broadband Corp., Class C * | 1,043 | 59,691 | ||||||
| New York Times Co. (The), Class A | 1,641 | 70,924 | ||||||
| News Corp., Class A | 3,913 | 102,442 | ||||||
| News Corp., Class B | 1,525 | 41,266 | ||||||
| Nexstar Media Group, Inc. | 900 | 155,061 | ||||||
| Omnicom Group, Inc. | 4,831 | 467,448 | ||||||
| Paramount Global, Class A | 616 | 13,447 | ||||||
| Paramount Global, Class B | 1,143 | 13,453 | ||||||
| Sirius XM Holdings, Inc. @ | 12,754 | 49,486 | ||||||
| Trade Desk, Inc. (The), Class A * | 4,830 | 422,239 | ||||||
| 5,102,602 | ||||||||
| Metals & Mining — 0.4% | ||||||||
| Alcoa Corp. | 2,296 | 77,582 | ||||||
| ATI, Inc. * | 1,233 | 63,093 | ||||||
| Cleveland-Cliffs, Inc. * | 6,698 | 152,312 | ||||||
| Commercial Metals Co. | 2,430 | 142,811 | ||||||
| Freeport-McMoRan, Inc. | 16,128 | 758,339 | ||||||
| Newmont Corp. | 4,649 | 166,620 | ||||||
| Nucor Corp. | 3,651 | 722,533 | ||||||
| Reliance, Inc. | 664 | 221,895 | ||||||
| Royal Gold, Inc. | 1,115 | 135,818 | ||||||
| Southern Copper Corp. | 1,769 | 188,434 | ||||||
| Steel Dynamics, Inc. | 2,409 | 357,086 | ||||||
| 2,986,523 | ||||||||
| Multi-Utilities — 0.6% | ||||||||
| Ameren Corp. | 3,328 | 246,139 | ||||||
| CenterPoint Energy, Inc. | 6,700 | 190,883 | ||||||
| CMS Energy Corp. | 5,199 | 313,707 | ||||||
| Consolidated Edison, Inc. | 5,063 | 459,771 | ||||||
| Dominion Energy, Inc. | 13,388 | 658,556 | ||||||
| DTE Energy Co. | 3,247 | 364,118 | ||||||
| NiSource, Inc. | 5,791 | 160,179 | ||||||
| Public Service Enterprise Group, Inc. | 8,415 | 561,954 | ||||||
| Sempra | 9,472 | 680,374 | ||||||
| WEC Energy Group, Inc. | 4,990 | 409,779 | ||||||
| 4,045,460 | ||||||||
| Oil, Gas & Consumable Fuels — 3.5% | ||||||||
| Antero Midstream Corp. | 3,600 | 50,616 | ||||||
| Antero Resources Corp. * | 3,300 | 95,700 | ||||||
| APA Corp. | 5,617 | 193,112 | ||||||
| Cheniere Energy, Inc. | 4,227 | 681,731 | ||||||
| Chesapeake Energy Corp. @ | 1,889 | 167,800 | ||||||
| Chevron Corp. | 19,502 | 3,076,245 | ||||||
| Civitas Resources, Inc. | 478 | 36,285 | ||||||
| ConocoPhillips | 20,640 | 2,627,059 | ||||||
| Coterra Energy, Inc. | 12,762 | 355,805 | ||||||
| Devon Energy Corp. | 12,088 | 606,576 | ||||||
| Diamondback Energy, Inc. | 2,409 | 477,391 | ||||||
| DT Midstream, Inc. | 1,623 | 99,165 | ||||||
| SHARES | VALUE† | |||||||
| EnLink Midstream LLC * | 3,400 | $ | 46,376 | |||||
| EOG Resources, Inc. | 8,893 | 1,136,881 | ||||||
| EQT Corp. | 3,800 | 140,866 | ||||||
| Exxon Mobil Corp. | 54,648 | 6,352,283 | ||||||
| Hess Corp. | 4,540 | 692,986 | ||||||
| HF Sinclair Corp. | 2,161 | 130,460 | ||||||
| Kinder Morgan, Inc. | 8,265 | 151,580 | ||||||
| Magnolia Oil & Gas Corp., Class A | 1,900 | 49,305 | ||||||
| Marathon Oil Corp. | 8,798 | 249,335 | ||||||
| Marathon Petroleum Corp. | 6,829 | 1,376,043 | ||||||
| Matador Resources Co. | 1,362 | 90,941 | ||||||
| Murphy Oil Corp. | 1,330 | 60,781 | ||||||
| New Fortress Energy, Inc. @ | 1,001 | 30,621 | ||||||
| Occidental Petroleum Corp. | 15,526 | 1,009,035 | ||||||
| ONEOK, Inc. | 6,698 | 536,979 | ||||||
| Ovintiv, Inc. | 3,582 | 185,906 | ||||||
| PBF Energy, Inc., Class A | 1,038 | 59,758 | ||||||
| Phillips 66 | 3,291 | 537,552 | ||||||
| Pioneer Natural Resources Co. | 3,120 | 819,000 | ||||||
| Range Resources Corp. | 3,129 | 107,731 | ||||||
| Southwestern Energy Co. * | 16,772 | 127,132 | ||||||
| Targa Resources Corp. | 1,997 | 223,644 | ||||||
| Texas Pacific Land Corp. | 174 | 100,661 | ||||||
| Valero Energy Corp. | 6,271 | 1,070,397 | ||||||
| Vitesse Energy, Inc. | 190 | 4,509 | ||||||
| Williams Cos., Inc. (The) | 13,491 | 525,744 | ||||||
| 24,283,991 | ||||||||
| Paper & Forest Products — 0.0% | ||||||||
| Louisiana-Pacific Corp. | 1,020 | 85,588 | ||||||
| Passenger Airlines — 0.1% | ||||||||
| Alaska Air Group, Inc. * | 2,503 | 107,604 | ||||||
| American Airlines Group, Inc. * | 10,481 | 160,883 | ||||||
| Delta Air Lines, Inc. | 4,487 | 214,793 | ||||||
| Southwest Airlines Co. | 5,800 | 169,302 | ||||||
| United Airlines Holdings, Inc. * | 2,884 | 138,086 | ||||||
| 790,668 | ||||||||
| Personal Products — 0.3% | ||||||||
| BellRing Brands, Inc. * | 2,728 | 161,034 | ||||||
| Coty, Inc., Class A * | 2,516 | 30,091 | ||||||
| e.l.f Beauty, Inc. * | 574 | 112,521 | ||||||
| Estee Lauder Companies, Inc. (The), Class A | 3,525 | 543,379 | ||||||
| Kenvue, Inc. | 43,727 | 938,382 | ||||||
| 1,785,407 | ||||||||
| Pharmaceuticals — 4.5% | ||||||||
| Bristol-Myers Squibb Co. | 35,866 | 1,945,013 | ||||||
| Elanco Animal Health, Inc. * | 4,517 | 73,537 | ||||||
| Eli Lilly & Co. | 18,033 | 14,028,953 | ||||||
| Jazz Pharmaceuticals PLC * | 1,092 | 131,498 | ||||||
| Johnson & Johnson | 37,932 | 6,000,463 | ||||||
| Merck & Co., Inc. | 40,422 | 5,333,683 | ||||||
| Pfizer, Inc. | 42,944 | 1,191,696 | ||||||
| Royalty Pharma PLC, Class A | 2,744 | 83,335 | ||||||
| Viatris, Inc. | 10,369 | 123,806 | ||||||
| Zoetis, Inc. | 11,289 | 1,910,212 | ||||||
| 30,822,196 | ||||||||
| Professional Services — 1.1% | ||||||||
| Alight, Inc., Class A * | 4,692 | 46,216 | ||||||
| Automatic Data Processing, Inc. | 9,817 | 2,451,698 | ||||||
| Booz Allen Hamilton Holding Corp. | 3,549 | 526,814 | ||||||
| Broadridge Financial Solutions, Inc. | 2,485 | 509,077 | ||||||
| CACI International, Inc., Class A * | 457 | 173,125 | ||||||
| Clarivate PLC *@ | 1,732 | 12,869 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Professional Services (Continued) | ||||||||
| Concentrix Corp. | 1,048 | $ | 69,399 | |||||
| Dayforce, Inc. *@ | 995 | 65,879 | ||||||
| Dun & Bradstreet Holdings, Inc. | 2,459 | 24,688 | ||||||
| Equifax, Inc. | 1,421 | 380,146 | ||||||
| ExlService Holdings, Inc. * | 1,320 | 41,976 | ||||||
| Exponent, Inc. | 799 | 66,069 | ||||||
| FTI Consulting, Inc. * | 662 | 139,212 | ||||||
| Genpact Ltd. | 2,839 | 93,545 | ||||||
| Insperity, Inc. | 451 | 49,434 | ||||||
| Jacobs Solutions, Inc. | 195 | 29,977 | ||||||
| KBR, Inc. | 2,555 | 162,651 | ||||||
| Leidos Holdings, Inc. | 1,015 | 133,056 | ||||||
| Maximus, Inc. | 1,426 | 119,641 | ||||||
| Paychex, Inc. | 5,938 | 729,186 | ||||||
| Paycom Software, Inc. | 888 | 176,721 | ||||||
| Paylocity Holding Corp. * | 668 | 114,803 | ||||||
| Robert Half, Inc. | 2,642 | 209,458 | ||||||
| Science Applications International Corp. | 1,254 | 163,509 | ||||||
| SS&C Technologies Holdings, Inc. | 3,246 | 208,945 | ||||||
| TransUnion | 2,647 | 211,231 | ||||||
| TriNet Group, Inc. | 421 | 55,778 | ||||||
| Verisk Analytics, Inc. | 3,116 | 734,535 | ||||||
| 7,699,638 | ||||||||
| Real Estate Management & Development — 0.1% | ||||||||
| CBRE Group, Inc., Class A * | 3,761 | 365,720 | ||||||
| CoStar Group, Inc. * | 2,890 | 279,174 | ||||||
| Jones Lang LaSalle, Inc. * | 861 | 167,972 | ||||||
| Zillow Group, Inc., Class A * | 436 | 20,867 | ||||||
| Zillow Group, Inc., Class C * | 1,159 | 56,536 | ||||||
| 890,269 | ||||||||
| Semiconductors & Semiconductor Equipment — 9.7% | ||||||||
| Advanced Micro Devices, Inc. * | 15,685 | 2,830,986 | ||||||
| Allegro MicroSystems, Inc. * | 1,167 | 31,462 | ||||||
| Amkor Technology, Inc. | 2,141 | 69,026 | ||||||
| Analog Devices, Inc. | 4,750 | 939,502 | ||||||
| Applied Materials, Inc. | 17,626 | 3,635,010 | ||||||
| Broadcom, Inc. | 7,023 | 9,308,354 | ||||||
| Cirrus Logic, Inc. * | 1,237 | 114,497 | ||||||
| Enphase Energy, Inc. * | 1,883 | 227,805 | ||||||
| Entegris, Inc. | 1,797 | 252,550 | ||||||
| First Solar, Inc. * | 1,023 | 172,682 | ||||||
| Intel Corp. | 40,658 | 1,795,864 | ||||||
| KLA Corp. | 3,026 | 2,113,873 | ||||||
| Lam Research Corp. | 2,444 | 2,374,517 | ||||||
| Lattice Semiconductor Corp. * | 1,742 | 136,277 | ||||||
| MACOM Technology Solutions Holdings, Inc. * | 878 | 83,972 | ||||||
| Marvell Technology, Inc. | 6,428 | 455,617 | ||||||
| Microchip Technology, Inc. | 8,612 | 772,583 | ||||||
| Micron Technology, Inc. | 8,415 | 992,044 | ||||||
| Monolithic Power Systems, Inc. | 581 | 393,581 | ||||||
| NVIDIA Corp. | 34,047 | 30,763,507 | ||||||
| NXP Semiconductors NV | 2,249 | 557,235 | ||||||
| ON Semiconductor Corp. * | 6,691 | 492,123 | ||||||
| Onto Innovation, Inc. * | 307 | 55,592 | ||||||
| Power Integrations, Inc. | 846 | 60,531 | ||||||
| Qorvo, Inc. * | 1,637 | 187,977 | ||||||
| QUALCOMM, Inc. | 25,043 | 4,239,780 | ||||||
| SHARES | VALUE† | |||||||
| Skyworks Solutions, Inc. | 1,882 | $ | 203,858 | |||||
| Teradyne, Inc. | 2,728 | 307,800 | ||||||
| Texas Instruments, Inc. | 19,702 | 3,432,285 | ||||||
| Universal Display Corp. | 786 | 132,402 | ||||||
| Wolfspeed, Inc. *@ | 857 | 25,282 | ||||||
| 67,158,574 | ||||||||
| Software — 8.0% | ||||||||
| Adobe, Inc. * | 8,414 | 4,245,704 | ||||||
| Aspen Technology, Inc. * | 364 | 77,634 | ||||||
| Atlassian Corp., Class A * | 1,245 | 242,912 | ||||||
| Autodesk, Inc. * | 2,329 | 606,518 | ||||||
| Bentley Systems, Inc., Class B | 2,343 | 122,352 | ||||||
| Bill Holdings, Inc. * | 791 | 54,358 | ||||||
| Blackbaud, Inc. * | 638 | 47,301 | ||||||
| Cadence Design Systems, Inc. * | 4,098 | 1,275,625 | ||||||
| Crowdstrike Holdings, Inc., Class A * | 825 | 264,487 | ||||||
| Datadog, Inc., Class A * | 1,407 | 173,905 | ||||||
| DocuSign, Inc. * | 1,359 | 80,929 | ||||||
| Dolby Laboratories, Inc., Class A | 938 | 78,576 | ||||||
| DoubleVerify Holdings, Inc. * | 540 | 18,986 | ||||||
| Dropbox, Inc., Class A * | 5,131 | 124,683 | ||||||
| Dynatrace, Inc. * | 1,205 | 55,960 | ||||||
| Fair Isaac Corp. * | 375 | 468,604 | ||||||
| Fortinet, Inc. * | 13,129 | 896,842 | ||||||
| Gen Digital, Inc. | 5,861 | 131,286 | ||||||
| Guidewire Software, Inc. * | 488 | 56,955 | ||||||
| HubSpot, Inc. * | 406 | 254,383 | ||||||
| Intuit, Inc. | 3,133 | 2,036,450 | ||||||
| Manhattan Associates, Inc. * | 2,113 | 528,736 | ||||||
| Microsoft Corp. | 77,793 | 32,729,071 | ||||||
| Oracle Corp. | 26,244 | 3,296,509 | ||||||
| Palantir Technologies, Inc., Class A * | 13,943 | 320,828 | ||||||
| Palo Alto Networks, Inc. * | 3,011 | 855,515 | ||||||
| Procore Technologies, Inc. * | 362 | 29,746 | ||||||
| PTC, Inc. * | 1,031 | 194,797 | ||||||
| Qualys, Inc. * | 503 | 83,936 | ||||||
| Roper Technologies, Inc. | 842 | 472,227 | ||||||
| Salesforce, Inc. | 7,199 | 2,168,195 | ||||||
| SentinelOne, Inc., Class A * | 2,184 | 50,909 | ||||||
| ServiceNow, Inc. * | 1,610 | 1,227,464 | ||||||
| SPS Commerce, Inc. * | 393 | 72,666 | ||||||
| Synopsys, Inc. * | 1,737 | 992,696 | ||||||
| Teradata Corp. * | 1,256 | 48,570 | ||||||
| Tyler Technologies, Inc. * | 424 | 180,204 | ||||||
| Workday, Inc., Class A * | 981 | 267,568 | ||||||
| Zoom Video Communications, Inc., Class A * | 832 | 54,388 | ||||||
| Zscaler, Inc. * | 705 | 135,804 | ||||||
| 55,024,279 | ||||||||
| Specialty Retail — 2.7% | ||||||||
| AutoNation, Inc. * | 961 | 159,122 | ||||||
| AutoZone, Inc. * | 260 | 819,429 | ||||||
| Bath & Body Works, Inc. | 2,883 | 144,208 | ||||||
| Best Buy Co., Inc. | 6,478 | 531,390 | ||||||
| Burlington Stores, Inc. * | 571 | 132,580 | ||||||
| CarMax, Inc. * | 1,900 | 165,509 | ||||||
| Chewy, Inc., Class A *@ | 1,146 | 18,233 | ||||||
| Dick's Sporting Goods, Inc. | 1,695 | 381,138 | ||||||
| Five Below, Inc. * | 1,000 | 181,380 | ||||||
| Floor & Decor Holdings, Inc., Class A * | 701 | 90,864 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Specialty Retail (Continued) | ||||||||
| GameStop Corp., Class A * | 1,519 | $ | 19,018 | |||||
| Group 1 Automotive, Inc. | 214 | 62,537 | ||||||
| Home Depot, Inc. (The) | 18,311 | 7,024,099 | ||||||
| Lithia Motors, Inc. | 199 | 59,871 | ||||||
| Lowe's Cos., Inc. | 8,534 | 2,173,866 | ||||||
| Murphy USA, Inc. | 483 | 202,474 | ||||||
| O'Reilly Automotive, Inc. * | 884 | 997,930 | ||||||
| Penske Automotive Group, Inc. | 470 | 76,135 | ||||||
| RH * | 330 | 114,926 | ||||||
| Ross Stores, Inc. | 6,303 | 925,028 | ||||||
| TJX Cos., Inc. (The) | 25,484 | 2,584,587 | ||||||
| Tractor Supply Co. | 2,475 | 647,757 | ||||||
| Ulta Beauty, Inc. * | 984 | 514,514 | ||||||
| Valvoline, Inc. * | 3,289 | 146,591 | ||||||
| Williams-Sonoma, Inc. | 1,394 | 442,637 | ||||||
| 18,615,823 | ||||||||
| Textiles, Apparel & Luxury Goods — 0.6% | ||||||||
| Capri Holdings Ltd. * | 1,085 | 49,151 | ||||||
| Columbia Sportswear Co. | 858 | 69,652 | ||||||
| Crocs, Inc. * | 1,415 | 203,477 | ||||||
| Deckers Outdoor Corp. * | 473 | 445,216 | ||||||
| Levi Strauss & Co., Class A | 2,933 | 58,631 | ||||||
| Lululemon Athletica, Inc. * | 2,254 | 880,525 | ||||||
| NIKE, Inc., Class B | 19,778 | 1,858,736 | ||||||
| PVH Corp. | 760 | 106,864 | ||||||
| Ralph Lauren Corp. | 970 | 182,127 | ||||||
| Skechers U.S.A., Inc., Class A * | 1,800 | 110,268 | ||||||
| Tapestry, Inc. | 5,352 | 254,113 | ||||||
| VF Corp. | 5,509 | 84,508 | ||||||
| 4,303,268 | ||||||||
| Tobacco — 0.5% | ||||||||
| Altria Group, Inc. | 27,551 | 1,201,775 | ||||||
| Philip Morris International, Inc. | 21,397 | 1,960,393 | ||||||
| 3,162,168 | ||||||||
| Trading Companies & Distributors — 0.6% | ||||||||
| Air Lease Corp. | 1,296 | 66,666 | ||||||
| Applied Industrial Technologies, Inc. | 374 | 73,884 | ||||||
| Beacon Roofing Supply, Inc. * | 1,400 | 137,228 | ||||||
| Core & Main, Inc., Class A * | 1,729 | 98,985 | ||||||
| Fastenal Co. | 10,847 | 836,737 | ||||||
| Ferguson PLC | 332 | 72,519 | ||||||
| GATX Corp. | 410 | 54,952 | ||||||
| MSC Industrial Direct Co., Inc., Class A | 1,100 | 106,744 | ||||||
| SiteOne Landscape Supply, Inc. * | 654 | 114,156 | ||||||
| United Rentals, Inc. | 1,530 | 1,103,298 | ||||||
| Watsco, Inc. | 474 | 204,754 | ||||||
| WESCO International, Inc. | 596 | 102,083 | ||||||
| WW Grainger, Inc. | 993 | 1,010,179 | ||||||
| 3,982,185 | ||||||||
| Water Utilities — 0.1% | ||||||||
| American Water Works Co., Inc. | 3,475 | 424,680 | ||||||
| Essential Utilities, Inc. | 3,662 | 135,677 | ||||||
| 560,357 | ||||||||
| Wireless Telecommunication Services — 0.2% | ||||||||
| T-Mobile U.S., Inc. | 8,733 | 1,425,400 | ||||||
| TOTAL COMMON STOCKS (Identified Cost $120,461,506) | 661,885,712 | |||||||
| MUTUAL FUNDS — 3.9% | ||||||||
| Others — 3.9% | ||||||||
| DFA U.S. Micro Cap Portfolio | 998,700 | 27,224,550 | ||||||
| SHARES | VALUE† | |||||||
| TOTAL MUTUAL FUNDS (Identified Cost $11,763,205) | $ | 27,224,550 | ||||||
| SHORT-TERM INVESTMENTS — 0.2% | ||||||||
| Investment Company — 0.2% | ||||||||
| State Street Institutional U.S. Government Money Market Fund 5.010% | 1,038,613 | 1,038,613 | ||||||
| Collateral For Securities On Loan — 0.0% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio 5.340% | 106,741 | 106,741 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,145,354) | 1,145,354 | |||||||
| Total Investments — 100.1% (Identified Cost $133,370,065) | 690,255,616 | |||||||
| Liabilities in excess of Cash and Other Assets — (0.1%) | (599,731) | |||||||
| Net Assets — 100.0% | $ | 689,655,885 | ||||||
| † | See Note 1 | |
| * | Non-income producing security | |
| @ | A portion or all of the security was held on loan. As of March 31, 2024, the fair value of the securities on loan was $674,493. | |
| ¶ | 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 portfolio of investments.
Portfolio Sectors as of March 31, 2024
(As a percentage of long-term investments) (Unaudited)
| Sector | Percentage | |||
| Information Technology | 26.1 | % | ||
| Financials | 15.7 | % | ||
| Health Care | 12.0 | % | ||
| Consumer Discretionary | 10.9 | % | ||
| Industrials | 10.7 | % | ||
| Communication Services | 9.2 | % | ||
| Consumer Staples | 6.7 | % | ||
| Energy | 3.8 | % | ||
| Materials | 2.4 | % | ||
| Other | 2.5 | % | ||
| 100.0 | % | |||
SA U.S. Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited)
| SHARES | VALUE† | |||||||
| COMMON STOCKS — 99.9% | ||||||||
| Aerospace & Defense — 1.9% | ||||||||
| General Dynamics Corp. | 7,826 | $ | 2,210,767 | |||||
| L3Harris Technologies, Inc. | 6,055 | 1,290,321 | ||||||
| Northrop Grumman Corp. | 2,915 | 1,395,294 | ||||||
| RTX Corp. | 36,091 | 3,519,955 | ||||||
| Textron, Inc. | 26,765 | 2,567,566 | ||||||
| 10,983,903 | ||||||||
| Air Freight & Logistics — 0.8% | ||||||||
| FedEx Corp. | 16,968 | 4,916,308 | ||||||
| Automobile Components — 0.4% | ||||||||
| Aptiv PLC * | 10,701 | 852,335 | ||||||
| BorgWarner, Inc. | 24,241 | 842,132 | ||||||
| Gentex Corp. | 863 | 31,172 | ||||||
| Lear Corp. | 4,071 | 589,806 | ||||||
| 2,315,445 | ||||||||
| Automobiles — 1.1% | ||||||||
| Ford Motor Co. | 150,516 | 1,998,853 | ||||||
| General Motors Co. | 98,964 | 4,488,017 | ||||||
| 6,486,870 | ||||||||
| Beverages — 0.4% | ||||||||
| Constellation Brands, Inc., Class A | 5,660 | 1,538,162 | ||||||
| Keurig Dr Pepper, Inc. | 2,705 | 82,962 | ||||||
| Molson Coors Beverage Co., Class B | 10,592 | 712,312 | ||||||
| 2,333,436 | ||||||||
| Biotechnology — 1.7% | ||||||||
| Biogen, Inc. * | 9,693 | 2,090,102 | ||||||
| Gilead Sciences, Inc. | 45,490 | 3,332,142 | ||||||
| Moderna, Inc. * | 8,724 | 929,629 | ||||||
| Regeneron Pharmaceuticals, Inc. * | 3,232 | 3,110,768 | ||||||
| United Therapeutics Corp. * | 683 | 156,899 | ||||||
| 9,619,540 | ||||||||
| Broadline Retail — 0.2% | ||||||||
| eBay, Inc. | 20,328 | 1,072,912 | ||||||
| Building Products — 1.1% | ||||||||
| Builders FirstSource, Inc. * | 5,259 | 1,096,765 | ||||||
| Carrier Global Corp. | 571 | 33,192 | ||||||
| Fortune Brands Innovations, Inc. | 11,027 | 933,656 | ||||||
| Johnson Controls International PLC | 34,370 | 2,245,048 | ||||||
| Owens Corning | 12,209 | 2,036,461 | ||||||
| 6,345,122 | ||||||||
| Capital Markets — 3.1% | ||||||||
| Bank of New York Mellon Corp. (The) | 52,444 | 3,021,823 | ||||||
| Franklin Resources, Inc. | 5,210 | 146,453 | ||||||
| Goldman Sachs Group, Inc. (The) | 17,696 | 7,391,442 | ||||||
| Jefferies Financial Group, Inc. | 6,993 | 308,391 | ||||||
| Morgan Stanley | 58,923 | 5,548,190 | ||||||
| Northern Trust Corp. | 938 | 83,407 | ||||||
| Raymond James Financial, Inc. | 4,361 | 560,040 | ||||||
| State Street Corp. | 10,112 | 781,860 | ||||||
| T Rowe Price Group, Inc. | 1,285 | 156,667 | ||||||
| 17,998,273 | ||||||||
| Chemicals — 3.9% | ||||||||
| Air Products & Chemicals, Inc. | 5,579 | 1,351,624 | ||||||
| Albemarle Corp. @ | 4,214 | 555,152 | ||||||
| Celanese Corp. | 4,202 | 722,156 | ||||||
| CF Industries Holdings, Inc. | 11,835 | 984,790 | ||||||
| Corteva, Inc. | 18,513 | 1,067,645 | ||||||
| Dow, Inc. | 51,700 | 2,994,981 | ||||||
| DuPont de Nemours, Inc. | 13,259 | 1,016,568 | ||||||
| Eastman Chemical Co. | 17,799 | 1,783,816 | ||||||
| International Flavors & Fragrances, Inc. | 9,315 | 800,997 | ||||||
| SHARES | VALUE† | |||||||
| Linde PLC | 14,100 | $ | 6,546,912 | |||||
| LyondellBasell Industries NV, Class A | 21,390 | 2,187,769 | ||||||
| Mosaic Co. (The) | 5,998 | 194,695 | ||||||
| PPG Industries, Inc. | 8,879 | 1,286,567 | ||||||
| Westlake Corp. | 7,968 | 1,217,510 | ||||||
| 22,711,182 | ||||||||
| Commercial Banks — 10.9% | ||||||||
| Bank of America Corp. | 196,564 | 7,453,707 | ||||||
| Citigroup, Inc. | 77,487 | 4,900,278 | ||||||
| Citizens Financial Group, Inc. | 18,613 | 675,466 | ||||||
| East West Bancorp, Inc. | 2,390 | 189,073 | ||||||
| Fifth Third Bancorp | 70,601 | 2,627,063 | ||||||
| First Citizens Bancshares, Inc., Class A | 153 | 250,155 | ||||||
| Huntington Bancshares, Inc. | 72,900 | 1,016,955 | ||||||
| JPMorgan Chase & Co. | 142,484 | 28,539,545 | ||||||
| KeyCorp | 33,936 | 536,528 | ||||||
| M&T Bank Corp. | 3,759 | 546,709 | ||||||
| PNC Financial Services Group, Inc. (The) | 11,566 | 1,869,066 | ||||||
| Regions Financial Corp. | 119,937 | 2,523,474 | ||||||
| Truist Financial Corp. | 64,730 | 2,523,175 | ||||||
| U.S. Bancorp | 40,031 | 1,789,386 | ||||||
| Wells Fargo & Co. | 126,013 | 7,303,713 | ||||||
| Zions Bancorp NA | 16,027 | 695,572 | ||||||
| 63,439,865 | ||||||||
| Commercial Services & Supplies — 0.1% | ||||||||
| Veralto Corp. | 6,377 | 565,385 | ||||||
| Communications Equipment — 0.6% | ||||||||
| Cisco Systems, Inc. | 66,108 | 3,299,450 | ||||||
| Computers & Peripherals — 1.1% | ||||||||
| Dell Technologies, Inc., Class C | 861 | 98,249 | ||||||
| Hewlett Packard Enterprise Co. | 141,847 | 2,514,947 | ||||||
| HP, Inc. | 87,556 | 2,645,942 | ||||||
| Western Digital Corp. * | 15,020 | 1,024,965 | ||||||
| 6,284,103 | ||||||||
| Construction & Engineering — 0.1% | ||||||||
| Quanta Services, Inc. | 1,055 | 274,089 | ||||||
| Construction Materials — 0.8% | ||||||||
| Martin Marietta Materials, Inc. | 4,136 | 2,539,256 | ||||||
| Vulcan Materials Co. | 8,594 | 2,345,474 | ||||||
| 4,884,730 | ||||||||
| Consumer Finance — 1.5% | ||||||||
| Ally Financial, Inc. | 52,963 | 2,149,768 | ||||||
| Capital One Financial Corp. | 28,539 | 4,249,172 | ||||||
| Discover Financial Services | 7,930 | 1,039,544 | ||||||
| Synchrony Financial | 25,544 | 1,101,457 | ||||||
| 8,539,941 | ||||||||
| Consumer Staples Distribution & Retail — 2.2% | ||||||||
| Dollar Tree, Inc. * | 12,596 | 1,677,157 | ||||||
| Kroger Co. (The) | 64,415 | 3,680,029 | ||||||
| U.S. Foods Holding Corp. * | 9,124 | 492,422 | ||||||
| Walgreens Boots Alliance, Inc. | 44,769 | 971,040 | ||||||
| Walmart, Inc. | 103,128 | 6,205,212 | ||||||
| 13,025,860 | ||||||||
| Containers & Packaging — 0.5% | ||||||||
| Amcor PLC | 20,769 | 197,513 | ||||||
| Ball Corp. | 6,731 | 453,400 | ||||||
| International Paper Co. | 36,643 | 1,429,810 | ||||||
| Packaging Corp. of America | 2,898 | 549,983 | ||||||
| Sonoco Products Co. | 611 | 35,340 | ||||||
| 2,666,046 | ||||||||
| Distributors — 0.4% | ||||||||
| Genuine Parts Co. | 2,990 | 463,241 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Distributors (Continued) | ||||||||
| LKQ Corp. | 37,512 | $ | 2,003,516 | |||||
| 2,466,757 | ||||||||
| Diversified Telecommunication Services — 2.8% | ||||||||
| AT&T, Inc. | 455,881 | 8,023,506 | ||||||
| Verizon Communications, Inc. | 198,247 | 8,318,444 | ||||||
| 16,341,950 | ||||||||
| Electric Utilities — 0.3% | ||||||||
| NRG Energy, Inc. | 22,148 | 1,499,198 | ||||||
| Electrical Equipment — 0.3% | ||||||||
| AMETEK, Inc. | 6,575 | 1,202,568 | ||||||
| Eaton Corp. PLC | 755 | 236,073 | ||||||
| NEXTracker, Inc., Class A * | 5,472 | 307,909 | ||||||
| Sensata Technologies Holding PLC | 1,781 | 65,434 | ||||||
| 1,811,984 | ||||||||
| Electronic Equipment, Instruments & Components — 1.2% | ||||||||
| Corning, Inc. | 84,494 | 2,784,922 | ||||||
| Flex Ltd. * | 31,420 | 898,926 | ||||||
| Keysight Technologies, Inc. * | 1,184 | 185,154 | ||||||
| TD SYNNEX Corp. | 1,605 | 181,526 | ||||||
| TE Connectivity Ltd. | 19,914 | 2,892,309 | ||||||
| Teledyne Technologies, Inc. * | 125 | 53,665 | ||||||
| 6,996,502 | ||||||||
| Energy Equipment & Services — 0.3% | ||||||||
| Baker Hughes Co. | 49,652 | 1,663,342 | ||||||
| Entertainment — 1.1% | ||||||||
| Electronic Arts, Inc. | 5,250 | 696,518 | ||||||
| Liberty Media Corp.-Liberty Formula One, Class A * | 1,097 | 64,438 | ||||||
| Liberty Media Corp.-Liberty Formula One, Class C * | 2,194 | 143,926 | ||||||
| Take-Two Interactive Software, Inc. * | 2,974 | 441,609 | ||||||
| Walt Disney Co. (The) | 34,691 | 4,244,791 | ||||||
| Warner Bros Discovery, Inc. * | 85,934 | 750,204 | ||||||
| 6,341,486 | ||||||||
| Financial Services — 3.6% | ||||||||
| Berkshire Hathaway, Inc., Class B * | 37,787 | 15,890,189 | ||||||
| Fidelity National Information Services, Inc. | 27,979 | 2,075,482 | ||||||
| Fiserv, Inc. * | 12,529 | 2,002,385 | ||||||
| Global Payments, Inc. | 7,128 | 952,729 | ||||||
| 20,920,785 | ||||||||
| Food Products — 2.6% | ||||||||
| Archer-Daniels-Midland Co. | 24,965 | 1,568,052 | ||||||
| Bunge Global SA | 12,845 | 1,316,869 | ||||||
| Campbell Soup Co. | 3,702 | 164,554 | ||||||
| Conagra Brands, Inc. | 19,827 | 587,672 | ||||||
| General Mills, Inc. | 38,095 | 2,665,507 | ||||||
| Hormel Foods Corp. | 5,728 | 199,850 | ||||||
| J.M. Smucker Co. (The) | 13,087 | 1,647,261 | ||||||
| Kraft Heinz Co. (The) | 20,920 | 771,948 | ||||||
| McCormick & Co., Inc. | 1,921 | 147,552 | ||||||
| Mondelez International, Inc., Class A | 51,728 | 3,620,960 | ||||||
| Post Holdings, Inc. * | 973 | 103,411 | ||||||
| Tyson Foods, Inc., Class A | 41,844 | 2,457,498 | ||||||
| 15,251,134 | ||||||||
| SHARES | VALUE† | |||||||
| Ground Transportation — 1.0% | ||||||||
| Norfolk Southern Corp. | 16,359 | $ | 4,169,418 | |||||
| U-Haul Holding Co. *@ | 2,003 | 135,283 | ||||||
| U-Haul Holding Co. | 18,027 | 1,202,040 | ||||||
| 5,506,741 | ||||||||
| Health Care Equipment & Supplies — 2.0% | ||||||||
| Abbott Laboratories | 13,396 | 1,522,589 | ||||||
| Becton Dickinson & Co. | 8,851 | 2,190,180 | ||||||
| Boston Scientific Corp. * | 7,514 | 514,634 | ||||||
| Cooper Cos., Inc. (The) | 548 | 55,600 | ||||||
| GE HealthCare Technologies, Inc. | 23,244 | 2,113,112 | ||||||
| Hologic, Inc. * | 5,323 | 414,981 | ||||||
| Medtronic PLC | 37,706 | 3,286,078 | ||||||
| STERIS PLC | 3,097 | 696,268 | ||||||
| Zimmer Biomet Holdings, Inc. | 8,154 | 1,076,165 | ||||||
| 11,869,607 | ||||||||
| Health Care Providers & Services — 4.9% | ||||||||
| Centene Corp. * | 19,196 | 1,506,502 | ||||||
| Cigna Group (The) | 19,065 | 6,924,217 | ||||||
| CVS Health Corp. | 58,448 | 4,661,813 | ||||||
| Elevance Health, Inc. | 13,010 | 6,746,205 | ||||||
| Henry Schein, Inc. * | 3,777 | 285,239 | ||||||
| Humana, Inc. | 7,918 | 2,745,329 | ||||||
| Laboratory Corp. of America Holdings | 13,769 | 3,007,976 | ||||||
| Quest Diagnostics, Inc. | 18,783 | 2,500,205 | ||||||
| UnitedHealth Group, Inc. | 187 | 92,509 | ||||||
| Universal Health Services, Inc., Class B | 1,221 | 222,784 | ||||||
| 28,692,779 | ||||||||
| Hotels, Restaurants & Leisure — 0.5% | ||||||||
| Aramark | 16,117 | 524,125 | ||||||
| Carnival Corp. * | 27,865 | 455,314 | ||||||
| Hyatt Hotels Corp., Class A | 3,174 | 506,634 | ||||||
| MGM Resorts International * | 26,967 | 1,273,112 | ||||||
| 2,759,185 | ||||||||
| Household Durables — 3.2% | ||||||||
| DR Horton, Inc. | 46,332 | 7,623,931 | ||||||
| Garmin Ltd. | 12,982 | 1,932,630 | ||||||
| Lennar Corp., Class A | 23,116 | 3,975,490 | ||||||
| Lennar Corp., Class B | 573 | 88,345 | ||||||
| NVR, Inc. * | 15 | 121,499 | ||||||
| PulteGroup, Inc. | 41,840 | 5,046,741 | ||||||
| 18,788,636 | ||||||||
| Independent Power Producers & Energy Traders — 0.3% | ||||||||
| Vistra Corp. | 25,467 | 1,773,777 | ||||||
| Industrial Conglomerates — 0.4% | ||||||||
| General Electric Co. | 11,962 | 2,099,690 | ||||||
| Insurance — 5.0% | ||||||||
| Aflac, Inc. | 32,730 | 2,810,198 | ||||||
| American International Group, Inc. | 29,118 | 2,276,154 | ||||||
| Arch Capital Group Ltd. * | 18,837 | 1,741,292 | ||||||
| Chubb Ltd. | 11,440 | 2,964,447 | ||||||
| Cincinnati Financial Corp. | 370 | 45,943 | ||||||
| Everest Group Ltd. | 1,938 | 770,355 | ||||||
| F&G Annuities & Life, Inc. @ | 103 | 4,177 | ||||||
| Fidelity National Financial, Inc. | 1,515 | 80,446 | ||||||
| Hartford Financial Services Group, Inc. (The) | 47,472 | 4,891,990 | ||||||
| Lincoln National Corp. | 9,516 | 303,846 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Insurance (Continued) | ||||||||
| Loews Corp. | 15,964 | $ | 1,249,821 | |||||
| Markel Group, Inc. * | 116 | 176,492 | ||||||
| MetLife, Inc. | 12,261 | 908,663 | ||||||
| Old Republic International Corp. | 14,636 | 449,618 | ||||||
| Principal Financial Group, Inc. | 28,632 | 2,471,228 | ||||||
| Prudential Financial, Inc. | 22,788 | 2,675,311 | ||||||
| RenaissanceRe Holdings Ltd. | 469 | 110,229 | ||||||
| Travelers Companies, Inc. (The) | 21,374 | 4,919,012 | ||||||
| 28,849,222 | ||||||||
| Interactive Media & Services — 0.8% | ||||||||
| Meta Platforms, Inc., Class A | 9,764 | 4,741,203 | ||||||
| IT Services — 0.8% | ||||||||
| Akamai Technologies, Inc. * | 3,310 | 359,996 | ||||||
| Amdocs Ltd. | 15,213 | 1,374,799 | ||||||
| Cognizant Technology Solutions Corp., Class A | 34,305 | 2,514,213 | ||||||
| DXC Technology Co. * | 10,285 | 218,145 | ||||||
| Kyndryl Holdings, Inc. * | 1,933 | 42,062 | ||||||
| 4,509,215 | ||||||||
| Life Sciences Tools & Services — 1.6% | ||||||||
| Danaher Corp. | 19,132 | 4,777,643 | ||||||
| Revvity, Inc. | 1,932 | 202,860 | ||||||
| Thermo Fisher Scientific, Inc. | 6,997 | 4,066,726 | ||||||
| 9,047,229 | ||||||||
| Machinery — 4.0% | ||||||||
| Cummins, Inc. | 10,946 | 3,225,239 | ||||||
| Dover Corp. | 6,916 | 1,225,446 | ||||||
| Fortive Corp. | 7,311 | 628,892 | ||||||
| Ingersoll Rand, Inc. | 14,939 | 1,418,458 | ||||||
| Oshkosh Corp. | 984 | 122,715 | ||||||
| Otis Worldwide Corp. | 25,885 | 2,569,604 | ||||||
| PACCAR, Inc. | 34,507 | 4,275,072 | ||||||
| Parker-Hannifin Corp. | 6,463 | 3,592,071 | ||||||
| Pentair PLC | 20,400 | 1,742,976 | ||||||
| Snap-on, Inc. | 6,351 | 1,881,293 | ||||||
| Stanley Black & Decker, Inc. | 14,985 | 1,467,481 | ||||||
| Westinghouse Air Brake Technologies Corp. | 5,333 | 776,911 | ||||||
| 22,926,158 | ||||||||
| Media — 2.6% | ||||||||
| Comcast Corp., Class A | 276,529 | 11,987,532 | ||||||
| Fox Corp. Class A | 24,883 | 778,092 | ||||||
| Fox Corp. Class B | 14,510 | 415,276 | ||||||
| Interpublic Group of Cos., Inc. (The) | 21,833 | 712,411 | ||||||
| Liberty Media Corp.-Liberty SiriusXM, Class A * | 4,389 | 130,353 | ||||||
| Liberty Media Corp.-Liberty SiriusXM, Class C * | 8,778 | 260,794 | ||||||
| News Corp., Class A | 8,320 | 217,818 | ||||||
| News Corp., Class B | 1,734 | 46,922 | ||||||
| Paramount Global, Class B | 25,564 | 300,888 | ||||||
| 14,850,086 | ||||||||
| Metals & Mining — 3.8% | ||||||||
| Freeport-McMoRan, Inc. | 106,539 | 5,009,464 | ||||||
| Newmont Corp. | 42,413 | 1,520,082 | ||||||
| Nucor Corp. | 38,084 | 7,536,823 | ||||||
| Reliance, Inc. | 9,348 | 3,123,915 | ||||||
| Royal Gold, Inc. | 725 | 88,312 | ||||||
| Steel Dynamics, Inc. | 33,820 | 5,013,139 | ||||||
| 22,291,735 | ||||||||
| SHARES | VALUE† | |||||||
| Oil, Gas & Consumable Fuels — 13.9% | ||||||||
| Chevron Corp. | 97,929 | $ | 15,447,321 | |||||
| ConocoPhillips | 87,630 | 11,153,546 | ||||||
| Coterra Energy, Inc. | 19,923 | 555,453 | ||||||
| Devon Energy Corp. | 27,320 | 1,370,918 | ||||||
| Diamondback Energy, Inc. | 8,816 | 1,747,067 | ||||||
| EOG Resources, Inc. | 23,992 | 3,067,137 | ||||||
| EQT Corp. | 1,748 | 64,798 | ||||||
| Exxon Mobil Corp. | 222,398 | 25,851,544 | ||||||
| HF Sinclair Corp. | 471 | 28,434 | ||||||
| Kinder Morgan, Inc. | 75,243 | 1,379,957 | ||||||
| Marathon Oil Corp. | 18,183 | 515,306 | ||||||
| Marathon Petroleum Corp. | 30,104 | 6,065,956 | ||||||
| Occidental Petroleum Corp. | 34,021 | 2,211,025 | ||||||
| ONEOK, Inc. | 1,519 | 121,778 | ||||||
| Phillips 66 | 15,495 | 2,530,953 | ||||||
| Pioneer Natural Resources Co. | 10,352 | 2,717,400 | ||||||
| Valero Energy Corp. | 19,826 | 3,384,100 | ||||||
| Williams Cos., Inc. (The) | 67,920 | 2,646,842 | ||||||
| 80,859,535 | ||||||||
| Passenger Airlines — 0.4% | ||||||||
| Delta Air Lines, Inc. | 33,883 | 1,621,979 | ||||||
| Southwest Airlines Co. | 22,025 | 642,910 | ||||||
| United Airlines Holdings, Inc. * | 5,310 | 254,243 | ||||||
| 2,519,132 | ||||||||
| Pharmaceuticals — 2.4% | ||||||||
| Bristol-Myers Squibb Co. | 79,893 | 4,332,597 | ||||||
| Jazz Pharmaceuticals PLC * | 4,730 | 569,587 | ||||||
| Pfizer, Inc. | 300,796 | 8,347,089 | ||||||
| Viatris, Inc. | 69,023 | 824,135 | ||||||
| 14,073,408 | ||||||||
| Professional Services — 0.6% | ||||||||
| Concentrix Corp. | 1,605 | 106,283 | ||||||
| Jacobs Solutions, Inc. | 6,136 | 943,287 | ||||||
| Leidos Holdings, Inc. | 16,200 | 2,123,658 | ||||||
| ManpowerGroup, Inc. | 632 | 49,069 | ||||||
| SS&C Technologies Holdings, Inc. | 7,467 | 480,651 | ||||||
| 3,702,948 | ||||||||
| Real Estate Management & Development — 0.5% | ||||||||
| CBRE Group, Inc., Class A * | 19,100 | 1,857,284 | ||||||
| Jones Lang LaSalle, Inc. * | 4,753 | 927,263 | ||||||
| 2,784,547 | ||||||||
| Semiconductors & Semiconductor Equipment — 4.5% | ||||||||
| Advanced Micro Devices, Inc. * | 11,477 | 2,071,484 | ||||||
| Analog Devices, Inc. | 18,542 | 3,667,422 | ||||||
| Intel Corp. | 209,588 | 9,257,502 | ||||||
| Marvell Technology, Inc. | 18,929 | 1,341,688 | ||||||
| Micron Technology, Inc. | 65,226 | 7,689,493 | ||||||
| ON Semiconductor Corp. * | 4,447 | 327,077 | ||||||
| Qorvo, Inc. * | 11,125 | 1,277,484 | ||||||
| Skyworks Solutions, Inc. | 4,292 | 464,909 | ||||||
| 26,097,059 | ||||||||
| Software — 0.6% | ||||||||
| Gen Digital, Inc. | 3,129 | 70,090 | ||||||
| Roper Technologies, Inc. | 366 | 205,267 | ||||||
| Salesforce, Inc. | 10,426 | 3,140,103 | ||||||
| 3,415,460 | ||||||||
| Specialty Retail — 0.1% | ||||||||
| CarMax, Inc. * | 8,119 | 707,246 | ||||||
| Textiles, Apparel & Luxury Goods — 0.1% | ||||||||
| Ralph Lauren Corp. | 1,676 | 314,686 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Textiles, Apparel & Luxury Goods (Continued) | ||||||||
| Tapestry, Inc. | 6,979 | $ | 331,363 | |||||
| 646,049 | ||||||||
| Trading Companies & Distributors — 0.1% | ||||||||
| United Rentals, Inc. | 659 | 475,211 | ||||||
| Wireless Telecommunication Services — 0.8% | ||||||||
| T-Mobile U.S., Inc. | 29,534 | 4,820,539 | ||||||
| TOTAL COMMON STOCKS (Identified Cost $309,128,061) | 579,861,995 | |||||||
| SHORT-TERM INVESTMENTS — 0.2% | ||||||||
| Investment Company — 0.2% | ||||||||
| State Street Institutional U.S. Government Money Market Fund 5.010% | 1,269,039 | 1,269,039 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,269,039) | 1,269,039 | |||||||
| Total Investments — 100.1% (Identified Cost $310,397,100) | 581,131,034 | |||||||
| Liabilities in excess of Cash and Other Assets — (0.1%) | (458,176 | ) | ||||||
| Net Assets — 100.0% | $ | 580,672,858 | ||||||
| † | See Note 1 | |
| * | Non-income producing security | |
| @ | A portion or all of the security was held on loan. As of March 31, 2024, the fair value of the securities on loan was $640,242. |
The accompanying notes are an integral part of these portfolio of investments.
Portfolio Sectors as of March 31, 2024
(As a percentage of long-term investments) (Unaudited)
| Sector | Percentage | |||
| Financials | 24.2 | % | ||
| Energy | 14.2 | % | ||
| Health Care | 12.6 | % | ||
| Industrials | 10.7 | % | ||
| Materials | 9.1 | % | ||
| Information Technology | 8.7 | % | ||
| Communication Services | 8.1 | % | ||
| Consumer Discretionary | 6.1 | % | ||
| Consumer Staples | 5.3 | % | ||
| Other | 1.0 | % | ||
| 100.0 | % | |||
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited)
| SHARES | VALUE† | |||||||
| COMMON STOCKS — 99.9% | ||||||||
| Aerospace & Defense — 1.2% | ||||||||
| AAR Corp. * | 3,510 | $ | 210,144 | |||||
| AeroVironment, Inc. * | 2,477 | 379,674 | ||||||
| Astronics Corp., Class B * | 693 | 13,205 | ||||||
| Axon Enterprise, Inc. * | 11 | 3,442 | ||||||
| BWX Technologies, Inc. | 3,927 | 402,989 | ||||||
| Curtiss-Wright Corp. | 2,577 | 659,557 | ||||||
| Ducommun, Inc. * | 1,489 | 76,386 | ||||||
| Hexcel Corp. | 5,671 | 413,132 | ||||||
| Huntington Ingalls Industries, Inc. | 136 | 39,640 | ||||||
| Innovative Solutions & Support, Inc. * | 3,248 | 23,775 | ||||||
| Kratos Defense & Security Solutions, Inc. * | 11,721 | 215,432 | ||||||
| Mercury Systems, Inc. * | 4,277 | 126,171 | ||||||
| Moog, Inc., Class A | 2,730 | 435,844 | ||||||
| National Presto Industries, Inc. | 709 | 59,414 | ||||||
| Park Aerospace Corp. | 2,501 | 41,592 | ||||||
| Parsons Corp. * | 1,163 | 96,471 | ||||||
| V2X, Inc. * | 1,491 | 69,645 | ||||||
| Woodward, Inc. | 4,322 | 666,107 | ||||||
| 3,932,620 | ||||||||
| Air Freight & Logistics — 0.2% | ||||||||
| Air Transport Services Group, Inc. * | 4,965 | 68,318 | ||||||
| CH Robinson Worldwide, Inc. | 1,094 | 83,297 | ||||||
| Forward Air Corp. | 2,778 | 86,424 | ||||||
| HUB Group, Inc., Class A | 5,418 | 234,166 | ||||||
| Radiant Logistics, Inc. * | 6,146 | 33,311 | ||||||
| 505,516 | ||||||||
| Automobile Components — 1.7% | ||||||||
| Adient PLC * | 4,024 | 132,470 | ||||||
| American Axle & Manufacturing Holdings, Inc. * | 3,721 | 27,387 | ||||||
| Autoliv, Inc. | 6,598 | 794,597 | ||||||
| BorgWarner, Inc. | 15,123 | 525,373 | ||||||
| Cooper-Standard Holdings, Inc. * | 1,153 | 19,094 | ||||||
| Dana, Inc. | 9,900 | 125,730 | ||||||
| Dorman Products, Inc. * | 3,535 | 340,739 | ||||||
| Fox Factory Holding Corp. * | 4,601 | 239,574 | ||||||
| Gentex Corp. | 15,377 | 555,417 | ||||||
| Gentherm, Inc. * | 3,773 | 217,249 | ||||||
| Goodyear Tire & Rubber Co. (The) * | 6,748 | 92,650 | ||||||
| LCI Industries | 2,757 | 339,276 | ||||||
| Lear Corp. | 4,020 | 582,418 | ||||||
| Modine Manufacturing Co. * | 5,416 | 515,549 | ||||||
| Motorcar Parts of America, Inc. * | 2,267 | 18,227 | ||||||
| Patrick Industries, Inc. | 2,334 | 278,843 | ||||||
| Phinia, Inc. | 3,024 | 116,212 | ||||||
| Standard Motor Products, Inc. | 2,639 | 88,538 | ||||||
| Stoneridge, Inc. * | 2,727 | 50,286 | ||||||
| Strattec Security Corp. * | 941 | 22,330 | ||||||
| Visteon Corp. * | 2,696 | 317,077 | ||||||
| XPEL, Inc. * | 305 | 16,476 | ||||||
| 5,415,512 | ||||||||
| Automobiles — 0.3% | ||||||||
| Harley-Davidson, Inc. | 9,600 | 419,904 | ||||||
| Lucid Group, Inc. *@ | 15,466 | 44,078 | ||||||
| Rivian Automotive, Inc., Class A * | 5,359 | 58,681 | ||||||
| Thor Industries, Inc. | 2,397 | 281,264 | ||||||
| Winnebago Industries, Inc. | 3,191 | 236,134 | ||||||
| 1,040,061 | ||||||||
| Beverages — 0.7% | ||||||||
| Boston Beer Co., Inc. (The), Class A * | 69 | 21,005 | ||||||
| Celsius Holdings, Inc. * | 5,436 | 450,753 | ||||||
| Coca-Cola Consolidated, Inc. | 882 | 746,534 | ||||||
| SHARES | VALUE† | |||||||
| Duckhorn Portfolio, Inc. (The) * | 6,105 | $ | 56,837 | |||||
| MGP Ingredients, Inc. @ | 1,851 | 159,427 | ||||||
| Molson Coors Beverage Co., Class B | 9,730 | 654,342 | ||||||
| National Beverage Corp. * | 7,326 | 347,692 | ||||||
| 2,436,590 | ||||||||
| Biotechnology — 2.0% | ||||||||
| Agios Pharmaceuticals, Inc. * | 4,111 | 120,206 | ||||||
| Aldeyra Therapeutics, Inc. *@ | 3,971 | 12,985 | ||||||
| Alkermes PLC * | 7,251 | 196,285 | ||||||
| Allogene Therapeutics, Inc. *@ | 7,175 | 32,072 | ||||||
| AnaptysBio, Inc. * | 2,569 | 57,854 | ||||||
| Anika Therapeutics, Inc. * | 1,795 | 45,593 | ||||||
| Arcturus Therapeutics Holdings, Inc. * | 2,548 | 86,046 | ||||||
| Arcus Biosciences, Inc. * | 2,904 | 54,828 | ||||||
| Avid Bioservices, Inc. * | 4,386 | 29,386 | ||||||
| Avidity Biosciences, Inc. * | 4,762 | 121,526 | ||||||
| Beam Therapeutics, Inc. *@ | 497 | 16,421 | ||||||
| Biomea Fusion, Inc. *@ | 1,472 | 22,006 | ||||||
| Catalyst Pharmaceuticals, Inc. * | 8,570 | 136,606 | ||||||
| Chinook Therapeutics, Inc. CVR *¶§ | 5,000 | 1,219 | ||||||
| Crinetics Pharmaceuticals, Inc. * | 551 | 25,792 | ||||||
| CRISPR Therapeutics AG *@ | 1,927 | 131,344 | ||||||
| Cullinan Oncology, Inc. * | 1,139 | 19,409 | ||||||
| Deciphera Pharmaceuticals, Inc. * | 2,440 | 38,381 | ||||||
| Dynavax Technologies Corp. * | 7,915 | 98,225 | ||||||
| Dyne Therapeutics, Inc. * | 1,485 | 42,159 | ||||||
| Eagle Pharmaceuticals, Inc. *@ | 488 | 2,557 | ||||||
| Editas Medicine, Inc. * | 4,524 | 33,568 | ||||||
| Enanta Pharmaceuticals, Inc. * | 1,585 | 27,674 | ||||||
| Exact Sciences Corp. * | 1,691 | 116,780 | ||||||
| Exelixis, Inc. * | 22,934 | 544,224 | ||||||
| Fate Therapeutics, Inc. * | 124 | 910 | ||||||
| Generation Bio Co. * | 1,291 | 5,254 | ||||||
| Halozyme Therapeutics, Inc. * | 8,219 | 334,349 | ||||||
| Ideaya Biosciences, Inc. * | 4,393 | 192,765 | ||||||
| Incyte Corp. * | 4,362 | 248,503 | ||||||
| Intellia Therapeutics, Inc. * | 2,590 | 71,251 | ||||||
| Iovance Biotherapeutics, Inc. * | 6,868 | 101,784 | ||||||
| Krystal Biotech, Inc. * | 1,598 | 284,332 | ||||||
| Kura Oncology, Inc. * | 5,384 | 114,841 | ||||||
| Kymera Therapeutics, Inc. * | 3,129 | 125,786 | ||||||
| LENZ Therapeutics, Inc. | 446 | 9,962 | ||||||
| Mirati Therapeutics, Inc. CVR *¶<> | 1,395 | 977 | ||||||
| Myriad Genetics, Inc. * | 8,130 | 173,332 | ||||||
| Natera, Inc. * | 555 | 50,760 | ||||||
| Neurocrine Biosciences, Inc. * | 7,426 | 1,024,194 | ||||||
| Nurix Therapeutics, Inc. * | 2,828 | 41,572 | ||||||
| PDL BioPharma, Inc. *§ | 18,262 | 22,051 | ||||||
| PMV Pharmaceuticals, Inc. * | 3,331 | 5,663 | ||||||
| Prothena Corp. PLC * | 932 | 23,086 | ||||||
| RAPT Therapeutics, Inc. * | 1,843 | 16,550 | ||||||
| Recursion Pharmaceuticals, Inc., Class A *@ | 1,754 | 17,487 | ||||||
| REGENXBIO, Inc. * | 2,258 | 47,576 | ||||||
| Relay Therapeutics, Inc. * | 6,235 | 51,751 | ||||||
| Replimune Group, Inc. * | 3,690 | 30,147 | ||||||
| REVOLUTION Medicines, Inc. * | 5,705 | 183,872 | ||||||
| Rocket Pharmaceuticals, Inc. * | 3,576 | 96,337 | ||||||
| Sage Therapeutics, Inc. * | 2,194 | 41,116 | ||||||
| Sarepta Therapeutics, Inc. * | 2,651 | 343,199 | ||||||
| Stoke Therapeutics, Inc. *@ | 2,970 | 40,095 | ||||||
| Sutro Biopharma, Inc. * | 908 | 5,130 | ||||||
| Twist Bioscience Corp. * | 2,997 | 102,827 | ||||||
| United Therapeutics Corp. * | 2,637 | 605,772 | ||||||
| Vaxcyte, Inc. * | 672 | 45,904 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Biotechnology (Continued) | ||||||||
| Veracyte, Inc. * | 4,340 | $ | 96,174 | |||||
| Vericel Corp. * | 713 | 37,090 | ||||||
| Xencor, Inc. * | 2,792 | 61,787 | ||||||
| Xenon Pharmaceuticals, Inc. * | 338 | 14,551 | ||||||
| 6,681,883 | ||||||||
| Broadline Retail — 0.4% | ||||||||
| Big Lots, Inc. * | 1,156 | 5,005 | ||||||
| Dillard's, Inc., Class A @ | 780 | 367,879 | ||||||
| Etsy, Inc. * | 418 | 28,725 | ||||||
| Kohl's Corp. | 2,281 | 66,491 | ||||||
| Macy's, Inc. | 16,931 | 338,451 | ||||||
| Nordstrom, Inc. | 2,914 | 59,067 | ||||||
| Ollie's Bargain Outlet Holdings, Inc. * | 3,753 | 298,626 | ||||||
| 1,164,244 | ||||||||
| Building Products — 3.1% | ||||||||
| A.O. Smith Corp. | 8,970 | 802,456 | ||||||
| AAON, Inc. | 8,580 | 755,898 | ||||||
| Advanced Drainage Systems, Inc. | 7,209 | 1,241,678 | ||||||
| Allegion PLC | 1,427 | 192,231 | ||||||
| American Woodmark Corp. * | 1,353 | 137,546 | ||||||
| Apogee Enterprises, Inc. | 2,316 | 137,107 | ||||||
| Armstrong World Industries, Inc. | 4,365 | 542,220 | ||||||
| AZZ, Inc. | 2,363 | 182,684 | ||||||
| Carlisle Cos., Inc. | 609 | 238,637 | ||||||
| CSW Industrials, Inc. | 1,174 | 275,420 | ||||||
| Fortune Brands Innovations, Inc. | 961 | 81,368 | ||||||
| Gibraltar Industries, Inc. * | 3,042 | 244,972 | ||||||
| Insteel Industries, Inc. | 2,278 | 87,065 | ||||||
| Lennox International, Inc. | 748 | 365,592 | ||||||
| Masco Corp. | 5,670 | 447,250 | ||||||
| Owens Corning | 6,683 | 1,114,724 | ||||||
| Quanex Building Products Corp. | 3,350 | 128,741 | ||||||
| Resideo Technologies, Inc. * | 681 | 15,268 | ||||||
| Simpson Manufacturing Co., Inc. | 4,397 | 902,176 | ||||||
| Trex Co., Inc. * | 10,510 | 1,048,373 | ||||||
| UFP Industries, Inc. | 6,595 | 811,251 | ||||||
| Zurn Elkay Water Solutions Corp. | 14,150 | 473,601 | ||||||
| 10,226,258 | ||||||||
| Capital Markets — 3.0% | ||||||||
| Affiliated Managers Group, Inc. | 3,775 | 632,199 | ||||||
| Artisan Partners Asset Management, Inc., Class A | 6,206 | 284,049 | ||||||
| AssetMark Financial Holdings, Inc. * | 3,140 | 111,187 | ||||||
| B Riley Financial, Inc. @ | 1,204 | 25,489 | ||||||
| BGC Group, Inc., Class A | 30,567 | 237,506 | ||||||
| Brightsphere Investment Group, Inc. | 2,826 | 64,546 | ||||||
| Carlyle Group, Inc. (The) | 9,910 | 464,878 | ||||||
| Cohen & Steers, Inc. | 5,127 | 394,215 | ||||||
| Diamond Hill Investment Group, Inc. | 289 | 44,555 | ||||||
| Donnelley Financial Solutions, Inc. * | 2,776 | 172,140 | ||||||
| Evercore, Inc., Class A | 3,659 | 704,687 | ||||||
| Federated Hermes, Inc. | 7,863 | 284,012 | ||||||
| Franklin Resources, Inc. | 13,466 | 378,529 | ||||||
| Hamilton Lane, Inc., Class A | 1,792 | 202,066 | ||||||
| Houlihan Lokey, Inc. | 1,002 | 128,446 | ||||||
| Invesco Ltd. | 24,055 | 399,072 | ||||||
| Janus Henderson Group PLC | 14,636 | 481,378 | ||||||
| SHARES | VALUE† | |||||||
| Jefferies Financial Group, Inc. | 21,621 | $ | 953,486 | |||||
| Lazard, Inc. | 6,742 | 282,288 | ||||||
| MarketAxess Holdings, Inc. | 710 | 155,668 | ||||||
| Moelis & Co., Class A | 1,713 | 97,247 | ||||||
| Morningstar, Inc. | 2,847 | 877,929 | ||||||
| Open Lending Corp., Class A * | 2,793 | 17,484 | ||||||
| Oppenheimer Holdings, Inc., Class A | 1,244 | 49,660 | ||||||
| Piper Sandler Cos. | 1,880 | 373,161 | ||||||
| PJT Partners, Inc., Class A | 1,422 | 134,038 | ||||||
| Robinhood Markets, Inc., Class A * | 14,262 | 287,094 | ||||||
| SEI Investments Co. | 4,732 | 340,231 | ||||||
| Silvercrest Asset Management Group, Inc., Class A | 759 | 12,000 | ||||||
| StepStone Group, Inc., Class A | 446 | 15,940 | ||||||
| Stifel Financial Corp. | 9,673 | 756,138 | ||||||
| StoneX Group, Inc. * | 3,118 | 219,071 | ||||||
| Victory Capital Holdings, Inc., Class A | 982 | 41,666 | ||||||
| Virtu Financial, Inc., Class A | 3,211 | 65,890 | ||||||
| Virtus Investment Partners, Inc. | 676 | 167,635 | ||||||
| Westwood Holdings Group, Inc. | 1,157 | 14,254 | ||||||
| WisdomTree, Inc. @ | 4,286 | 39,388 | ||||||
| 9,909,222 | ||||||||
| Chemicals — 2.5% | ||||||||
| AdvanSix, Inc. | 3,198 | 91,463 | ||||||
| Alto Ingredients, Inc. * | 5,761 | 12,559 | ||||||
| American Vanguard Corp. | 3,554 | 46,024 | ||||||
| Arcadium Lithium PLC *@ | 18,990 | 81,847 | ||||||
| Ashland, Inc. | 3,394 | 330,474 | ||||||
| Avient Corp. | 10,014 | 434,608 | ||||||
| Axalta Coating Systems Ltd. * | 16,030 | 551,272 | ||||||
| Balchem Corp. | 3,494 | 541,395 | ||||||
| Cabot Corp. | 5,463 | 503,689 | ||||||
| Celanese Corp. | 1,157 | 198,842 | ||||||
| Chemours Co. (The) | 8,849 | 232,375 | ||||||
| Core Molding Technologies, Inc. * | 1,500 | 28,395 | ||||||
| Eastman Chemical Co. | 3,373 | 338,042 | ||||||
| Ecovyst, Inc. * | 5,086 | 56,709 | ||||||
| Element Solutions, Inc. | 21,963 | 548,636 | ||||||
| FMC Corp. | 2,021 | 128,738 | ||||||
| Hawkins, Inc. | 2,648 | 203,366 | ||||||
| HB Fuller Co. | 5,803 | 462,731 | ||||||
| Huntsman Corp. | 12,047 | 313,583 | ||||||
| Ingevity Corp. * | 1,259 | 60,054 | ||||||
| Innospec, Inc. | 2,704 | 348,654 | ||||||
| Intrepid Potash, Inc. * | 750 | 15,645 | ||||||
| Koppers Holdings, Inc. | 2,308 | 127,332 | ||||||
| Kronos Worldwide, Inc. | 2,278 | 26,880 | ||||||
| LSB Industries, Inc. * | 3,802 | 33,382 | ||||||
| Mativ Holdings, Inc. | 3,615 | 67,781 | ||||||
| Minerals Technologies, Inc. | 3,081 | 231,938 | ||||||
| Mosaic Co. (The) | 9,271 | 300,937 | ||||||
| NewMarket Corp. | 504 | 319,848 | ||||||
| Olin Corp. | 3,715 | 218,442 | ||||||
| Orion SA | 3,504 | 82,414 | ||||||
| Quaker Chemical Corp. | 784 | 160,916 | ||||||
| RPM International, Inc. | 4,352 | 517,670 | ||||||
| Sensient Technologies Corp. | 4,568 | 316,060 | ||||||
| Stepan Co. | 2,418 | 217,717 | ||||||
| Tronox Holdings PLC | 1,464 | 25,400 | ||||||
| 8,175,818 | ||||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Commercial Banks — 8.5% | ||||||||
| 1st Source Corp. | 2,546 | $ | 133,461 | |||||
| Amalgamated Financial Corp. | 477 | 11,448 | ||||||
| Amerant Bancorp, Inc. | 661 | 15,395 | ||||||
| American National Bankshares, Inc. | 1,508 | 72,022 | ||||||
| Ameris Bancorp | 7,199 | 348,288 | ||||||
| AmeriServ Financial, Inc. | 4,400 | 11,440 | ||||||
| Arrow Financial Corp. | 2,279 | 57,021 | ||||||
| Associated Banc-Corp. | 15,878 | 341,536 | ||||||
| Atlantic Union Bankshares Corp. | 6,981 | 246,499 | ||||||
| Axos Financial, Inc. * | 5,392 | 291,384 | ||||||
| Banc of California, Inc. | 5,994 | 91,169 | ||||||
| BancFirst Corp. | 3,303 | 290,763 | ||||||
| Bancorp, Inc. (The) * | 4,840 | 161,946 | ||||||
| Bank of Hawaii Corp. | 3,456 | 215,620 | ||||||
| Bank of Marin Bancorp | 1,580 | 26,497 | ||||||
| Bank OZK | 4,569 | 207,707 | ||||||
| BankUnited, Inc. | 3,310 | 92,680 | ||||||
| Bankwell Financial Group, Inc. | 326 | 8,456 | ||||||
| Banner Corp. | 3,355 | 161,040 | ||||||
| Bar Harbor Bankshares | 2,089 | 55,317 | ||||||
| BCB Bancorp, Inc. | 878 | 9,175 | ||||||
| Berkshire Hills Bancorp, Inc. | 4,455 | 102,109 | ||||||
| BOK Financial Corp. | 5,182 | 476,744 | ||||||
| Bridgewater Bancshares, Inc. * | 700 | 8,148 | ||||||
| Brookline Bancorp, Inc. | 7,431 | 74,013 | ||||||
| Business First Bancshares, Inc. | 553 | 12,321 | ||||||
| Byline Bancorp, Inc. | 1,299 | 28,214 | ||||||
| C&F Financial Corp. | 466 | 22,834 | ||||||
| Cadence Bank | 15,454 | 448,166 | ||||||
| Camden National Corp. | 1,756 | 58,861 | ||||||
| Capital City Bank Group, Inc. | 1,890 | 52,353 | ||||||
| Capitol Federal Financial, Inc. | 9,589 | 57,150 | ||||||
| Carter Bankshares, Inc. * | 711 | 8,987 | ||||||
| Cathay General Bancorp | 7,259 | 274,608 | ||||||
| Central Pacific Financial Corp. | 3,116 | 61,541 | ||||||
| Central Valley Community Bancorp | 1,638 | 32,580 | ||||||
| Citizens & Northern Corp. | 852 | 16,001 | ||||||
| Citizens Community Bancorp, Inc. | 400 | 4,860 | ||||||
| Citizens Financial Group, Inc. | 13,844 | 502,399 | ||||||
| City Holding Co. | 1,327 | 138,300 | ||||||
| Civista Bancshares, Inc. | 270 | 4,153 | ||||||
| CNB Financial Corp. | 2,264 | 46,163 | ||||||
| Coastal Financial Corp. * | 555 | 21,573 | ||||||
| Columbia Financial, Inc. *@ | 2,819 | 48,515 | ||||||
| Comerica, Inc. | 7,707 | 423,808 | ||||||
| Commerce Bancshares, Inc. | 9,002 | 478,906 | ||||||
| Community Bank System, Inc. | 4,718 | 226,606 | ||||||
| Community Trust Bancorp, Inc. | 1,552 | 66,193 | ||||||
| ConnectOne Bancorp, Inc. | 3,358 | 65,481 | ||||||
| Cullen/Frost Bankers, Inc. | 3,828 | 430,918 | ||||||
| Customers Bancorp, Inc. * | 3,713 | 197,012 | ||||||
| CVB Financial Corp. | 13,166 | 234,881 | ||||||
| Dime Community Bancshares, Inc. | 4,460 | 85,900 | ||||||
| Eagle Bancorp, Inc. | 1,459 | 34,272 | ||||||
| East West Bancorp, Inc. | 9,740 | 770,531 | ||||||
| Enterprise Bancorp, Inc. | 331 | 8,596 | ||||||
| Enterprise Financial Services Corp. | 2,901 | 117,665 | ||||||
| Equity Bancshares, Inc., Class A | 1,470 | 50,524 | ||||||
| Esquire Financial Holdings, Inc. | 569 | 27,010 | ||||||
| ESSA Bancorp, Inc. | 1,900 | 34,637 | ||||||
| Farmers & Merchants Bancorp, Inc. | 1,205 | 26,859 | ||||||
| Farmers National Banc Corp. | 3,991 | 53,320 | ||||||
| FB Financial Corp. | 3,274 | 123,299 | ||||||
| SHARES | VALUE† | |||||||
| Financial Institutions, Inc. | 1,855 | $ | 34,911 | |||||
| First BanCorp | 3,381 | 122,122 | ||||||
| First BanCorp | 18,672 | 327,507 | ||||||
| First Bancorp, Inc. (The) | 1,876 | 46,225 | ||||||
| First Bancshares, Inc. (The) | 1,367 | 35,474 | ||||||
| First Busey Corp. | 5,571 | 133,983 | ||||||
| First Business Financial Services, Inc. | 551 | 20,662 | ||||||
| First Commonwealth Financial Corp. | 9,286 | 129,261 | ||||||
| First Community Bankshares, Inc. | 1,982 | 68,637 | ||||||
| First Financial Bancorp | 8,992 | 201,601 | ||||||
| First Financial Bankshares, Inc. | 14,820 | 486,244 | ||||||
| First Financial Corp. | 1,395 | 53,470 | ||||||
| First Financial Northwest, Inc. | 985 | 20,252 | ||||||
| First Foundation, Inc. | 3,421 | 25,829 | ||||||
| First Hawaiian, Inc. | 1,200 | 26,352 | ||||||
| First Horizon Corp. | 33,269 | 512,343 | ||||||
| First Internet Bancorp | 1,284 | 44,606 | ||||||
| First Interstate Bancsystem, Inc., Class A | 4,291 | 116,758 | ||||||
| First Merchants Corp. | 5,621 | 196,173 | ||||||
| First Mid Bancshares, Inc. | 500 | 16,340 | ||||||
| First of Long Island Corp. (The) | 2,295 | 25,452 | ||||||
| Flushing Financial Corp. | 3,899 | 49,166 | ||||||
| FNB Corp. | 22,576 | 318,322 | ||||||
| FS Bancorp, Inc. | 962 | 33,391 | ||||||
| Fulton Financial Corp. | 15,678 | 249,123 | ||||||
| German American Bancorp, Inc. | 3,217 | 111,437 | ||||||
| Glacier Bancorp, Inc. | 11,842 | 476,996 | ||||||
| Great Southern Bancorp, Inc. | 1,275 | 69,895 | ||||||
| Hancock Whitney Corp. | 6,503 | 299,398 | ||||||
| Hanmi Financial Corp. | 3,586 | 57,089 | ||||||
| HarborOne Bancorp, Inc. | 6,045 | 64,440 | ||||||
| Heartland Financial USA, Inc. | 4,558 | 160,214 | ||||||
| Heritage Commerce Corp. | 3,576 | 30,682 | ||||||
| Heritage Financial Corp. | 4,162 | 80,701 | ||||||
| Hilltop Holdings, Inc. | 6,988 | 218,864 | ||||||
| Hingham Institution For Savings (The) | 236 | 41,173 | ||||||
| Home Bancorp, Inc. | 994 | 38,080 | ||||||
| Home BancShares, Inc. | 13,006 | 319,557 | ||||||
| HomeStreet, Inc. | 1,747 | 26,292 | ||||||
| HomeTrust Bancshares, Inc. | 2,255 | 61,652 | ||||||
| Hope Bancorp, Inc. | 11,541 | 132,837 | ||||||
| Horizon Bancorp, Inc. | 3,103 | 39,811 | ||||||
| Independent Bank Corp. | 3,858 | 200,693 | ||||||
| Independent Bank Corp. | 600 | 15,210 | ||||||
| Independent Bank Group, Inc. | 1,832 | 83,631 | ||||||
| International Bancshares Corp. | 5,903 | 331,394 | ||||||
| Kearny Financial Corp. | 7,750 | 49,910 | ||||||
| KeyCorp | 26,535 | 419,518 | ||||||
| Lakeland Bancorp, Inc. | 5,547 | 67,119 | ||||||
| Lakeland Financial Corp. | 2,447 | 162,285 | ||||||
| Live Oak Bancshares, Inc. | 847 | 35,159 | ||||||
| Macatawa Bank Corp. | 5,141 | 50,330 | ||||||
| Mercantile Bank Corp. | 1,601 | 61,622 | ||||||
| Metropolitan Bank Holding Corp. * | 321 | 12,358 | ||||||
| Midland States Bancorp, Inc. | 1,086 | 27,291 | ||||||
| MidWestOne Financial Group, Inc. | 613 | 14,369 | ||||||
| National Bank Holdings Corp., Class A | 3,376 | 121,772 | ||||||
| NBT Bancorp, Inc. | 4,206 | 154,276 | ||||||
| New York Community Bancorp, Inc. @ | 23,882 | 76,900 | ||||||
| Nicolet Bankshares, Inc. | 1,020 | 87,710 | ||||||
| Northeast Bank | 896 | 49,585 | ||||||
| Northfield Bancorp, Inc. | 5,020 | 48,794 | ||||||
| Northrim BanCorp, Inc. | 836 | 42,226 | ||||||
| Northwest Bancshares, Inc. | 12,344 | 143,808 | ||||||
| OceanFirst Financial Corp. | 4,432 | 72,729 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Commercial Banks (Continued) | ||||||||
| OFG Bancorp | 4,058 | $ | 149,375 | |||||
| Old National Bancorp | 28,203 | 491,014 | ||||||
| Old Second Bancorp, Inc. | 2,244 | 31,057 | ||||||
| Origin Bancorp, Inc. | 1,342 | 41,924 | ||||||
| Pacific Premier Bancorp, Inc. | 6,186 | 148,464 | ||||||
| Park National Corp. | 1,732 | 235,292 | ||||||
| Pathward Financial, Inc. | 2,146 | 108,330 | ||||||
| Peapack-Gladstone Financial Corp. | 1,992 | 48,465 | ||||||
| Penns Woods Bancorp, Inc. | 1,138 | 22,089 | ||||||
| Peoples Bancorp, Inc. | 3,204 | 94,870 | ||||||
| Pinnacle Financial Partners, Inc. | 3,365 | 288,986 | ||||||
| Popular, Inc. | 7,138 | 628,786 | ||||||
| Preferred Bank | 1,186 | 91,049 | ||||||
| Premier Financial Corp. | 4,193 | 85,118 | ||||||
| Primis Financial Corp. | 1,858 | 22,612 | ||||||
| Prosperity Bancshares, Inc. | 7,853 | 516,570 | ||||||
| Provident Financial Holdings, Inc. | 1,124 | 15,039 | ||||||
| Provident Financial Services, Inc. | 7,592 | 110,615 | ||||||
| QCR Holdings, Inc. | 1,658 | 100,707 | ||||||
| Renasant Corp. | 5,355 | 167,719 | ||||||
| Republic Bancorp, Inc., Class A | 1,997 | 101,847 | ||||||
| Riverview Bancorp, Inc. | 2,557 | 12,069 | ||||||
| S&T Bancorp, Inc. | 3,996 | 128,192 | ||||||
| Sandy Spring Bancorp, Inc. | 2,451 | 56,814 | ||||||
| Seacoast Banking Corp. of Florida | 5,003 | 127,026 | ||||||
| ServisFirst Bancshares, Inc. | 5,630 | 373,607 | ||||||
| Sierra Bancorp | 2,000 | 40,400 | ||||||
| Simmons First National Corp., Class A | 8,397 | 163,406 | ||||||
| Southern First Bancshares, Inc. * | 923 | 29,314 | ||||||
| Southern Missouri Bancorp, Inc. | 686 | 29,985 | ||||||
| Southside Bancshares, Inc. | 3,368 | 98,447 | ||||||
| SouthState Corp. | 7,217 | 613,661 | ||||||
| Stellar Bancorp, Inc. | 3,386 | 82,483 | ||||||
| Stock Yards Bancorp, Inc. | 2,936 | 143,600 | ||||||
| Summit Financial Group, Inc. | 392 | 10,647 | ||||||
| Synovus Financial Corp. | 7,875 | 315,472 | ||||||
| Territorial Bancorp, Inc. | 1,557 | 12,549 | ||||||
| Texas Capital Bancshares, Inc. * | 3,132 | 192,775 | ||||||
| Timberland Bancorp, Inc. | 921 | 24,793 | ||||||
| Tompkins Financial Corp. | 1,559 | 78,402 | ||||||
| Towne Bank | 5,809 | 163,001 | ||||||
| TriCo Bancshares | 2,959 | 108,832 | ||||||
| Triumph Financial, Inc. * | 2,441 | 193,620 | ||||||
| TrustCo Bank Corp. | 2,134 | 60,093 | ||||||
| Trustmark Corp. | 5,770 | 162,195 | ||||||
| UMB Financial Corp. | 4,960 | 431,470 | ||||||
| United Bankshares, Inc. | 12,088 | 432,630 | ||||||
| United Community Banks, Inc. | 8,563 | 225,378 | ||||||
| Univest Financial Corp. | 3,363 | 70,018 | ||||||
| Valley National Bancorp | 37,407 | 297,760 | ||||||
| Veritex Holdings, Inc. | 3,570 | 73,149 | ||||||
| WaFd, Inc. | 6,377 | 185,124 | ||||||
| Washington Trust Bancorp, Inc. | 2,001 | 53,787 | ||||||
| Webster Financial Corp. | 11,093 | 563,192 | ||||||
| WesBanco, Inc. | 5,118 | 152,568 | ||||||
| West BanCorp, Inc. | 1,763 | 31,434 | ||||||
| Westamerica BanCorp | 2,658 | 129,923 | ||||||
| Western Alliance Bancorp | 5,446 | 349,579 | ||||||
| Western New England Bancorp, Inc. | 3,161 | 24,245 | ||||||
| SHARES | VALUE† | |||||||
| Wintrust Financial Corp. | 4,936 | $ | 515,269 | |||||
| WSFS Financial Corp. | 6,445 | 290,927 | ||||||
| Zions Bancorp NA | 10,151 | 440,553 | ||||||
| 27,646,203 | ||||||||
| Commercial Services & Supplies — 1.9% | ||||||||
| ABM Industries, Inc. | 6,300 | 281,106 | ||||||
| ACCO Brands Corp. | 6,694 | 37,553 | ||||||
| Brady Corp., Class A | 4,578 | 271,384 | ||||||
| Brink's Co. (The) | 4,524 | 417,927 | ||||||
| Casella Waste Systems, Inc., Class A * | 6,377 | 630,494 | ||||||
| CECO Environmental Corp. * | 4,211 | 96,937 | ||||||
| Cimpress PLC * | 1,426 | 126,215 | ||||||
| Clean Harbors, Inc. * | 4,977 | 1,001,920 | ||||||
| Deluxe Corp. | 2,994 | 61,647 | ||||||
| Driven Brands Holdings, Inc. * | 1,606 | 25,359 | ||||||
| Ennis, Inc. | 3,110 | 63,786 | ||||||
| HNI Corp. | 4,225 | 190,674 | ||||||
| Interface, Inc. | 5,834 | 98,128 | ||||||
| Liquidity Services, Inc. * | 3,228 | 60,041 | ||||||
| Matthews International Corp., Class A | 3,151 | 97,933 | ||||||
| MillerKnoll, Inc. | 3,785 | 93,717 | ||||||
| MSA Safety, Inc. | 4,031 | 780,361 | ||||||
| NL Industries, Inc. | 4,571 | 33,505 | ||||||
| OPENLANE, Inc. * | 2,720 | 47,056 | ||||||
| Steelcase, Inc., Class A | 9,338 | 122,141 | ||||||
| Stericycle, Inc. * | 4,277 | 225,612 | ||||||
| Tetra Tech, Inc. | 5,049 | 932,601 | ||||||
| UniFirst Corp. | 1,530 | 265,348 | ||||||
| Vestis Corp. | 10,472 | 201,796 | ||||||
| Virco Mfg. Corp. | 2,494 | 27,259 | ||||||
| VSE Corp. @ | 1,412 | 112,960 | ||||||
| 6,303,460 | ||||||||
| Communications Equipment — 1.1% | ||||||||
| BK Technologies Corp. * | 400 | 5,840 | ||||||
| Calix, Inc. * | 2,992 | 99,215 | ||||||
| Cambium Networks Corp. * | 2,226 | 9,594 | ||||||
| Ciena Corp. * | 15,659 | 774,338 | ||||||
| Clearfield, Inc. *@ | 2,380 | 73,399 | ||||||
| Comtech Telecommunications Corp. * | 3,207 | 11,000 | ||||||
| Digi International, Inc. * | 3,397 | 108,466 | ||||||
| Extreme Networks, Inc. * | 7,358 | 84,911 | ||||||
| F5, Inc. * | 3,709 | 703,189 | ||||||
| Harmonic, Inc. * | 10,330 | 138,835 | ||||||
| Infinera Corp. *@ | 5,375 | 32,411 | ||||||
| Juniper Networks, Inc. | 17,860 | 661,892 | ||||||
| KVH Industries, Inc. * | 2,387 | 12,174 | ||||||
| Lantronix, Inc. * | 1,100 | 3,916 | ||||||
| Lumentum Holdings, Inc. * | 4,956 | 234,667 | ||||||
| NETGEAR, Inc. * | 3,539 | 55,810 | ||||||
| NetScout Systems, Inc. * | 8,182 | 178,695 | ||||||
| Optical Cable Corp. * | 374 | 1,058 | ||||||
| Viasat, Inc. * | 5,325 | 96,329 | ||||||
| Viavi Solutions, Inc. * | 21,651 | 196,808 | ||||||
| 3,482,547 | ||||||||
| Computers & Peripherals — 0.3% | ||||||||
| AstroNova, Inc. * | 1,572 | 28,013 | ||||||
| Pure Storage, Inc., Class A * | 16,618 | 863,970 | ||||||
| Stratasys Ltd. * | 3,784 | 43,970 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Computers & Peripherals (Continued) | ||||||||
| Xerox Holdings Corp. | 5,031 | $ | 90,055 | |||||
| 1,026,008 | ||||||||
| Construction & Engineering — 2.4% | ||||||||
| AECOM | 4,153 | 407,326 | ||||||
| Ameresco, Inc., Class A * | 3,289 | 79,364 | ||||||
| Arcosa, Inc. | 1,853 | 159,099 | ||||||
| Comfort Systems USA, Inc. | 3,764 | 1,195,860 | ||||||
| Dycom Industries, Inc. * | 3,171 | 455,134 | ||||||
| EMCOR Group, Inc. | 4,190 | 1,467,338 | ||||||
| Fluor Corp. * | 6,585 | 278,414 | ||||||
| Granite Construction, Inc. | 4,358 | 248,973 | ||||||
| Great Lakes Dredge & Dock Corp. * | 7,436 | 65,065 | ||||||
| IES Holdings, Inc. * | 1,933 | 235,130 | ||||||
| MasTec, Inc. * | 6,602 | 615,636 | ||||||
| Matrix Service Co. * | 4,086 | 53,241 | ||||||
| MDU Resources Group, Inc. | 11,285 | 284,382 | ||||||
| MYR Group, Inc. * | 1,601 | 282,977 | ||||||
| Northwest Pipe Co. * | 1,211 | 41,997 | ||||||
| Primoris Services Corp. | 5,218 | 222,130 | ||||||
| Sterling Infrastructure, Inc. * | 2,663 | 293,756 | ||||||
| Tutor Perini Corp. * | 3,153 | 45,592 | ||||||
| Valmont Industries, Inc. | 1,958 | 446,972 | ||||||
| WillScot Mobile Mini Holdings Corp. * | 18,315 | 851,647 | ||||||
| 7,730,033 | ||||||||
| Construction Materials — 0.3% | ||||||||
| Eagle Materials, Inc. | 1,439 | 391,048 | ||||||
| Knife River Corp. * | 2,821 | 228,727 | ||||||
| Summit Materials, Inc., Class A * | 5,504 | 245,313 | ||||||
| U.S. Lime & Minerals, Inc. | 713 | 212,574 | ||||||
| 1,077,662 | ||||||||
| Consumer Finance — 1.2% | ||||||||
| Ally Financial, Inc. | 6,410 | 260,182 | ||||||
| Atlanticus Holdings Corp. * | 1,788 | 52,907 | ||||||
| Bread Financial Holdings, Inc. | 856 | 31,877 | ||||||
| Consumer Portfolio Services, Inc. * | 3,813 | 28,826 | ||||||
| Credit Acceptance Corp. * | 760 | 419,178 | ||||||
| Encore Capital Group, Inc. * | 2,787 | 127,115 | ||||||
| Enova International, Inc. * | 2,921 | 183,526 | ||||||
| Ezcorp, Inc., Class A * | 5,994 | 67,912 | ||||||
| FirstCash Holdings, Inc. | 4,847 | 618,186 | ||||||
| Green Dot Corp., Class A * | 4,505 | 42,032 | ||||||
| LendingClub Corp. * | 1,512 | 13,290 | ||||||
| Navient Corp. | 11,475 | 199,665 | ||||||
| Nelnet, Inc., Class A | 2,441 | 231,041 | ||||||
| OneMain Holdings, Inc. | 7,656 | 391,145 | ||||||
| PRA Group, Inc. * | 4,120 | 107,450 | ||||||
| PROG Holdings, Inc. | 4,487 | 154,532 | ||||||
| Regional Management Corp. | 1,467 | 35,516 | ||||||
| SLM Corp. | 14,278 | 311,118 | ||||||
| SoFi Technologies, Inc. *@ | 12,464 | 90,987 | ||||||
| Synchrony Financial | 7,322 | 315,725 | ||||||
| World Acceptance Corp. * | 673 | 97,572 | ||||||
| 3,779,782 | ||||||||
| Consumer Staples Distribution & Retail — 1.3% | ||||||||
| Albertsons Cos., Inc., Class A | 2,354 | 50,470 | ||||||
| Andersons, Inc. (The) | 4,055 | 232,635 | ||||||
| BJ's Wholesale Club Holdings, Inc. * | 4,618 | 349,352 | ||||||
| Casey's General Stores, Inc. | 2,455 | 781,795 | ||||||
| Chefs' Warehouse Inc. (The) * | 4,636 | 174,592 | ||||||
| Grocery Outlet Holding Corp. * | 2,734 | 78,685 | ||||||
| Ingles Markets, Inc., Class A | 1,973 | 151,290 | ||||||
| SHARES | VALUE† | |||||||
| Natural Grocers by Vitamin Cottage, Inc. | 2,710 | $ | 48,915 | |||||
| Performance Food Group Co. * | 9,263 | 691,390 | ||||||
| PriceSmart, Inc. | 3,201 | 268,884 | ||||||
| SpartanNash Co. | 3,686 | 74,494 | ||||||
| Sprouts Farmers Market, Inc. * | 7,149 | 460,967 | ||||||
| U.S. Foods Holding Corp. * | 13,615 | 734,802 | ||||||
| United Natural Foods, Inc. * | 1,873 | 21,521 | ||||||
| Village Super Market, Inc., Class A | 1,435 | 41,055 | ||||||
| Weis Markets, Inc. | 2,943 | 189,529 | ||||||
| 4,350,376 | ||||||||
| Containers & Packaging — 1.5% | ||||||||
| Amcor PLC | 16,740 | 159,197 | ||||||
| AptarGroup, Inc. | 5,666 | 815,281 | ||||||
| Berry Global Group, Inc. | 9,609 | 581,152 | ||||||
| Crown Holdings, Inc. | 3,202 | 253,791 | ||||||
| Graphic Packaging Holding Co. | 8,918 | 260,227 | ||||||
| Greif, Inc., Class A | 2,553 | 176,285 | ||||||
| Greif, Inc., Class B | 715 | 49,707 | ||||||
| International Paper Co. | 9,661 | 376,972 | ||||||
| Myers Industries, Inc. | 4,361 | 101,044 | ||||||
| O-I Glass, Inc. * | 8,143 | 135,092 | ||||||
| Packaging Corp. of America | 258 | 48,963 | ||||||
| Pactiv Evergreen, Inc. | 8,108 | 116,107 | ||||||
| Sealed Air Corp. | 8,913 | 331,564 | ||||||
| Silgan Holdings, Inc. | 11,743 | 570,240 | ||||||
| Sonoco Products Co. | 6,744 | 390,073 | ||||||
| TriMas Corp. | 5,102 | 136,377 | ||||||
| Westrock Co. | 8,525 | 421,561 | ||||||
| 4,923,633 | ||||||||
| Distributors — 0.1% | ||||||||
| LKQ Corp. | 3,492 | 186,508 | ||||||
| Pool Corp. | 660 | 266,310 | ||||||
| Weyco Group, Inc. | 1,043 | 33,251 | ||||||
| 486,069 | ||||||||
| Diversified Consumer Services — 1.0% | ||||||||
| Adtalem Global Education, Inc. * | 3,867 | 198,764 | ||||||
| American Public Education, Inc. * | 1,928 | 27,378 | ||||||
| Bright Horizons Family Solutions, Inc. * | 1,895 | 214,817 | ||||||
| Carriage Services, Inc. | 2,272 | 61,435 | ||||||
| Chegg, Inc. * | 3,873 | 29,319 | ||||||
| Duolingo, Inc. * | 234 | 51,616 | ||||||
| European Wax Center, Inc., Class A * | 583 | 7,567 | ||||||
| Frontdoor, Inc. * | 4,679 | 152,442 | ||||||
| Graham Holdings Co., Class B | 388 | 297,860 | ||||||
| Grand Canyon Education, Inc. * | 3,285 | 447,450 | ||||||
| H&R Block, Inc. | 11,646 | 571,935 | ||||||
| Laureate Education, Inc. | 3,916 | 57,056 | ||||||
| OneSpaWorld Holdings Ltd. * | 2,259 | 29,886 | ||||||
| Perdoceo Education Corp. | 6,976 | 122,498 | ||||||
| Service Corp. International | 7,334 | 544,256 | ||||||
| Strategic Education, Inc. | 2,650 | 275,918 | ||||||
| Stride, Inc. * | 4,184 | 263,801 | ||||||
| 3,353,998 | ||||||||
| Diversified Telecommunication Services — 0.2% | ||||||||
| Anterix, Inc. * | 1,066 | 35,828 | ||||||
| ATN International, Inc. | 2,105 | 66,318 | ||||||
| Bandwidth, Inc., Class A * | 766 | 13,987 | ||||||
| Cogent Communications Holdings, Inc. @ | 5,207 | 340,173 | ||||||
| Costa Communications, Inc. CVR @*¶§ | 354 | 351 | ||||||
| EchoStar Corp., Class A * | 2,720 | 38,760 | ||||||
| IDT Corp., Class B | 1,342 | 50,741 | ||||||
| Iridium Communications, Inc. | 4,335 | 113,404 | ||||||
| Liberty Latin America Ltd., Class A * | 1,600 | 11,152 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Diversified Telecommunication Services (Continued) | ||||||||
| Liberty Latin America Ltd., Class C * | 12,050 | $ | 84,230 | |||||
| Ooma, Inc. * | 1,297 | 11,063 | ||||||
| 766,007 | ||||||||
| Electric Utilities — 1.4% | ||||||||
| ALLETE, Inc. | 4,869 | 290,387 | ||||||
| Alliant Energy Corp. | 8,696 | 438,278 | ||||||
| Evergy, Inc. | 7,556 | 403,339 | ||||||
| Genie Energy Ltd., Class B | 3,300 | 49,764 | ||||||
| Hawaiian Electric Industries, Inc. @ | 4,122 | 46,455 | ||||||
| IDACORP, Inc. | 2,837 | 263,529 | ||||||
| MGE Energy, Inc. | 3,771 | 296,853 | ||||||
| NRG Energy, Inc. | 14,356 | 971,758 | ||||||
| OGE Energy Corp. | 10,049 | 344,681 | ||||||
| Otter Tail Corp. | 4,597 | 397,181 | ||||||
| Pinnacle West Capital Corp. | 5,960 | 445,391 | ||||||
| PNM Resources, Inc. | 9,280 | 349,299 | ||||||
| Portland General Electric Co. | 5,648 | 237,216 | ||||||
| 4,534,131 | ||||||||
| Electrical Equipment — 1.4% | ||||||||
| Acuity Brands, Inc. | 2,347 | 630,709 | ||||||
| Allient, Inc. | 1,626 | 58,016 | ||||||
| Atkore, Inc. | 3,999 | 761,250 | ||||||
| Encore Wire Corp. | 1,468 | 385,761 | ||||||
| EnerSys | 3,615 | 341,473 | ||||||
| LSI Industries, Inc. | 3,137 | 47,431 | ||||||
| NEXTracker, Inc., Class A * | 3,948 | 222,154 | ||||||
| nVent Electric PLC | 3,043 | 229,442 | ||||||
| Plug Power, Inc. *@ | 1,062 | 3,653 | ||||||
| Powell Industries, Inc. | 1,101 | 156,672 | ||||||
| Preformed Line Products Co. | 539 | 69,353 | ||||||
| Regal Rexnord Corp. | 6,071 | 1,093,387 | ||||||
| Sensata Technologies Holding PLC | 7,316 | 268,790 | ||||||
| Sunrun, Inc. *@ | 6,232 | 82,138 | ||||||
| Thermon Group Holdings, Inc. * | 3,577 | 117,040 | ||||||
| Vicor Corp. * | 3,445 | 131,737 | ||||||
| 4,599,006 | ||||||||
| Electronic Equipment, Instruments & Components — 3.4% | ||||||||
| Advanced Energy Industries, Inc. | 3,308 | 337,350 | ||||||
| Arrow Electronics, Inc. * | 5,952 | 770,546 | ||||||
| Avnet, Inc. | 8,026 | 397,929 | ||||||
| Badger Meter, Inc. | 3,103 | 502,096 | ||||||
| Bel Fuse, Inc., Class B | 1,421 | 85,701 | ||||||
| Belden, Inc. | 4,607 | 426,654 | ||||||
| Benchmark Electronics, Inc. | 3,809 | 114,308 | ||||||
| Climb Global Solutions, Inc. | 315 | 22,327 | ||||||
| Cognex Corp. | 5,365 | 227,583 | ||||||
| Crane NXT Co. | 3,089 | 191,209 | ||||||
| CTS Corp. | 3,522 | 164,794 | ||||||
| ePlus, Inc. * | 3,312 | 260,125 | ||||||
| Fabrinet * | 3,763 | 711,282 | ||||||
| FARO Technologies, Inc. * | 2,298 | 49,430 | ||||||
| Flex Ltd. * | 22,671 | 648,617 | ||||||
| Identiv, Inc. * | 927 | 7,342 | ||||||
| Insight Enterprises, Inc. * | 2,997 | 556,003 | ||||||
| IPG Photonics Corp. * | 1,782 | 161,610 | ||||||
| Itron, Inc. * | 4,157 | 384,606 | ||||||
| Key Tronic Corp. * | 1,700 | 7,922 | ||||||
| SHARES | VALUE† | |||||||
| Kimball Electronics, Inc. * | 2,987 | $ | 64,669 | |||||
| Knowles Corp. * | 3,541 | 57,010 | ||||||
| Littelfuse, Inc. | 1,865 | 451,983 | ||||||
| Methode Electronics, Inc. | 4,122 | 50,206 | ||||||
| Napco Security Technologies, Inc. | 4,363 | 175,218 | ||||||
| nLight, Inc. * | 1,098 | 14,274 | ||||||
| Novanta, Inc. * | 3,723 | 650,669 | ||||||
| OSI Systems, Inc. * | 1,764 | 251,934 | ||||||
| PC Connection, Inc. | 2,926 | 192,911 | ||||||
| Plexus Corp. * | 2,671 | 253,264 | ||||||
| Richardson Electronics Ltd. | 1,505 | 13,861 | ||||||
| Rogers Corp. * | 2,017 | 239,398 | ||||||
| Sanmina Corp. * | 6,015 | 374,013 | ||||||
| ScanSource, Inc. * | 2,807 | 123,620 | ||||||
| TD SYNNEX Corp. | 3,515 | 397,547 | ||||||
| Trimble, Inc. * | 7,608 | 489,651 | ||||||
| TTM Technologies, Inc. * | 10,405 | 162,838 | ||||||
| Vishay Intertechnology, Inc. | 11,850 | 268,758 | ||||||
| Vishay Precision Group, Inc. * | 1,694 | 59,849 | ||||||
| Vontier Corp. | 8,347 | 378,620 | ||||||
| Zebra Technologies Corp., Class A * | 1,044 | 314,703 | ||||||
| 11,012,430 | ||||||||
| Energy Equipment & Services — 1.3% | ||||||||
| Archrock, Inc. | 12,231 | 240,584 | ||||||
| Bristow Group, Inc. * | 1,579 | 42,949 | ||||||
| Cactus, Inc., Class A | 3,486 | 174,614 | ||||||
| ChampionX Corp. | 9,876 | 354,450 | ||||||
| Core Laboratories, Inc. | 998 | 17,046 | ||||||
| Dril-Quip, Inc. * | 2,081 | 46,885 | ||||||
| Expro Group Holdings NV * | 837 | 16,715 | ||||||
| Helix Energy Solutions Group, Inc. * | 8,345 | 90,460 | ||||||
| Helmerich & Payne, Inc. | 4,747 | 199,659 | ||||||
| Liberty Energy, Inc. | 11,763 | 243,729 | ||||||
| Nabors Industries Ltd. * | 539 | 46,424 | ||||||
| Natural Gas Services Group, Inc. * | 2,179 | 42,338 | ||||||
| Newpark Resources, Inc. * | 5,904 | 42,627 | ||||||
| Noble Corp. PLC | 2,483 | 120,401 | ||||||
| NOV, Inc. | 23,731 | 463,229 | ||||||
| Oceaneering International, Inc. * | 1,554 | 36,363 | ||||||
| Oil States International, Inc. * | 3,584 | 22,077 | ||||||
| Patterson-UTI Energy, Inc. | 3,641 | 43,473 | ||||||
| ProPetro Holding Corp. * | 4,527 | 36,578 | ||||||
| RPC, Inc. | 11,642 | 90,109 | ||||||
| SEACOR Marine Holdings, Inc. * | 3,233 | 45,068 | ||||||
| Select Water Solutions, Inc. | 3,073 | 28,364 | ||||||
| Solaris Oilfield Infrastructure, Inc., Class A | 1,000 | 8,670 | ||||||
| TechnipFMC PLC | 23,392 | 587,373 | ||||||
| TETRA Technologies, Inc. * | 8,698 | 38,532 | ||||||
| Tidewater, Inc. * | 2,915 | 268,180 | ||||||
| Transocean Ltd. *@ | 43,549 | 273,488 | ||||||
| U.S. Silica Holdings, Inc. * | 5,267 | 65,363 | ||||||
| Valaris Ltd. * | 1,881 | 141,564 | ||||||
| Weatherford International PLC * | 4,378 | 505,309 | ||||||
| 4,332,621 | ||||||||
| Entertainment — 0.4% | ||||||||
| Atlanta Braves Holdings, Inc., Class A * | 934 | 39,135 | ||||||
| Atlanta Braves Holdings, Inc., Class C * | 2,620 | 102,337 | ||||||
| Cinemark Holdings, Inc. * | 7,484 | 134,487 | ||||||
| Endeavor Group Holdings, Inc., Class A | 5,025 | 129,293 | ||||||
| IMAX Corp. * | 2,245 | 36,302 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Entertainment (Continued) | ||||||||
| Liberty Media Corp.-Liberty Formula One, Class A * | 600 | $ | 35,244 | |||||
| Liberty Media Corp.-Liberty Formula One, Class C * | 1,202 | 78,851 | ||||||
| Liberty Media Corp.-Liberty Live, Class A * | 650 | 27,527 | ||||||
| Liberty Media Corp.-Liberty Live, Class C * | 836 | 36,634 | ||||||
| Lions Gate Entertainment Corp., Class A * | 3,637 | 36,188 | ||||||
| Lions Gate Entertainment Corp., Class B * | 6,300 | 58,653 | ||||||
| Madison Square Garden Entertainment Corp. * | 432 | 16,939 | ||||||
| Madison Square Garden Sports Corp. * | 404 | 74,546 | ||||||
| Marcus Corp. (The) | 3,100 | 44,206 | ||||||
| Roku, Inc. * | 2,980 | 194,207 | ||||||
| Sphere Entertainment Co. * | 432 | 21,203 | ||||||
| TKO Group Holdings, Inc. | 1,300 | 112,333 | ||||||
| 1,178,085 | ||||||||
| Financial Services — 1.7% | ||||||||
| A-Mark Precious Metals, Inc. @ | 2,332 | 71,569 | ||||||
| Acacia Research Corp. * | 1,995 | 10,633 | ||||||
| Alerus Financial Corp. | 466 | 10,173 | ||||||
| AvidXchange Holdings, Inc. * | 1,863 | 24,499 | ||||||
| Cantaloupe, Inc. * | 3,505 | 22,537 | ||||||
| Cass Information Systems, Inc. | 1,499 | 72,207 | ||||||
| Equitable Holdings, Inc. | 4,600 | 174,846 | ||||||
| Essent Group Ltd. | 4,642 | 276,245 | ||||||
| Euronet Worldwide, Inc. * | 2,511 | 276,034 | ||||||
| EVERTEC, Inc. | 4,311 | 172,009 | ||||||
| Federal Agricultural Mortgage Corp., Class C | 923 | 181,720 | ||||||
| Flywire Corp. * | 4,301 | 106,708 | ||||||
| I3 Verticals, Inc., Class A * | 1,470 | 33,648 | ||||||
| International Money Express, Inc. * | 1,977 | 45,135 | ||||||
| Jack Henry & Associates, Inc. | 2,212 | 384,291 | ||||||
| Jackson Financial, Inc., Class A | 1,992 | 131,751 | ||||||
| Marqeta, Inc., Class A * | 3,982 | 23,733 | ||||||
| MGIC Investment Corp. | 11,104 | 248,285 | ||||||
| Mr Cooper Group, Inc. * | 4,998 | 389,594 | ||||||
| NMI Holdings, Inc., Class A * | 7,878 | 254,775 | ||||||
| PennyMac Financial Services, Inc. | 1,706 | 155,400 | ||||||
| Radian Group, Inc. | 7,144 | 239,110 | ||||||
| Shift4 Payments, Inc., Class A * | 2,548 | 168,346 | ||||||
| TFS Financial Corp. | 3,750 | 47,100 | ||||||
| Toast, Inc., Class A * | 7,473 | 186,227 | ||||||
| Voya Financial, Inc. | 9,648 | 713,180 | ||||||
| Walker & Dunlop, Inc. | 3,120 | 315,307 | ||||||
| Waterstone Financial, Inc. | 2,966 | 36,096 | ||||||
| Western Union Co. (The) | 12,000 | 167,760 | ||||||
| WEX, Inc. * | 2,575 | 611,640 | ||||||
| 5,550,558 | ||||||||
| Food Products — 1.7% | ||||||||
| Alico, Inc. | 713 | 20,877 | ||||||
| B&G Foods, Inc. | 8,145 | 93,179 | ||||||
| Bunge Global SA | 166 | 17,018 | ||||||
| Cal-Maine Foods, Inc. | 4,595 | 270,416 | ||||||
| Calavo Growers, Inc. | 2,189 | 60,876 | ||||||
| Campbell Soup Co. | 10,241 | 455,212 | ||||||
| Conagra Brands, Inc. | 4,537 | 134,477 | ||||||
| Darling Ingredients, Inc. * | 13,438 | 625,001 | ||||||
| Flowers Foods, Inc. | 10,685 | 253,769 | ||||||
| Fresh Del Monte Produce, Inc. | 5,010 | 129,809 | ||||||
| Freshpet, Inc. * | 870 | 100,798 | ||||||
| Hain Celestial Group, Inc. (The) * | 2,490 | 19,571 | ||||||
| SHARES | VALUE† | |||||||
| Ingredion, Inc. | 3,754 | $ | 438,655 | |||||
| J&J Snack Foods Corp. | 1,747 | 252,546 | ||||||
| J.M. Smucker Co. (The) | 2,567 | 323,108 | ||||||
| John B Sanfilippo & Son, Inc. | 981 | 103,908 | ||||||
| Lamb Weston Holdings, Inc. | 456 | 48,578 | ||||||
| Lancaster Colony Corp. | 2,908 | 603,788 | ||||||
| Lifeway Foods, Inc. * | 1,756 | 30,238 | ||||||
| Limoneira Co. | 2,072 | 40,528 | ||||||
| Mission Produce, Inc. * | 1,256 | 14,909 | ||||||
| Pilgrim's Pride Corp. * | 5,624 | 193,016 | ||||||
| Post Holdings, Inc. * | 4,776 | 507,593 | ||||||
| Seaboard Corp. | 42 | 135,405 | ||||||
| Seneca Foods Corp., Class A * | 800 | 45,520 | ||||||
| Simply Good Foods Co. (The) * | 4,321 | 147,044 | ||||||
| Tootsie Roll Industries, Inc. | 4,910 | 157,268 | ||||||
| TreeHouse Foods, Inc. * | 3,458 | 134,689 | ||||||
| Utz Brands, Inc. | 1,291 | 23,806 | ||||||
| Vital Farms, Inc. * | 2,774 | 64,495 | ||||||
| 5,446,097 | ||||||||
| Gas Utilities — 0.7% | ||||||||
| Chesapeake Utilities Corp. | 2,106 | 225,974 | ||||||
| National Fuel Gas Co. | 4,000 | 214,880 | ||||||
| New Jersey Resources Corp. | 9,687 | 415,669 | ||||||
| Northwest Natural Holding Co. | 3,354 | 124,836 | ||||||
| ONE Gas, Inc. | 5,011 | 323,360 | ||||||
| RGC Resources, Inc. | 600 | 12,144 | ||||||
| Southwest Gas Holdings, Inc. | 4,019 | 305,966 | ||||||
| Spire, Inc. | 4,808 | 295,067 | ||||||
| UGI Corp. | 10,146 | 248,983 | ||||||
| 2,166,879 | ||||||||
| Ground Transportation — 1.2% | ||||||||
| ArcBest Corp. | 2,227 | 317,348 | ||||||
| Avis Budget Group, Inc. | 279 | 34,166 | ||||||
| Covenant Logistics Group, Inc. | 1,259 | 58,367 | ||||||
| Heartland Express, Inc. | 8,017 | 95,723 | ||||||
| Knight-Swift Transportation Holdings, Inc. | 10,914 | 600,488 | ||||||
| Landstar System, Inc. | 2,867 | 552,643 | ||||||
| Marten Transport Ltd. | 7,902 | 146,029 | ||||||
| PAM Transportation Services, Inc. * | 2,517 | 40,801 | ||||||
| RXO, Inc. * | 1,530 | 33,461 | ||||||
| Saia, Inc. * | 1,087 | 635,895 | ||||||
| Schneider National, Inc., Class B | 1,500 | 33,960 | ||||||
| U-Haul Holding Co. *@ | 1,058 | 71,457 | ||||||
| U-Haul Holding Co. | 9,522 | 634,927 | ||||||
| Universal Logistics Holdings, Inc. | 2,551 | 94,055 | ||||||
| Werner Enterprises, Inc. | 6,118 | 239,336 | ||||||
| XPO, Inc. * | 2,025 | 247,111 | ||||||
| 3,835,767 | ||||||||
| Health Care — 0.0% | ||||||||
| Aduro Biotech, Inc. CVR *¶§ | 237 | 235 | ||||||
| Health Care Equipment & Supplies — 2.1% | ||||||||
| Achillion Pharmaceuticals, Inc. CVR @*¶§ | 23,152 | — | ||||||
| AngioDynamics, Inc. * | 2,110 | 12,386 | ||||||
| Artivion, Inc. * | 5,028 | 106,392 | ||||||
| AtriCure, Inc. * | 1,614 | 49,098 | ||||||
| Atrion Corp. @ | 171 | 79,267 | ||||||
| Avanos Medical, Inc. * | 3,420 | 68,092 | ||||||
| Axogen, Inc. * | 2,643 | 21,329 | ||||||
| Axonics, Inc. * | 2,988 | 206,082 | ||||||
| CONMED Corp. | 2,255 | 180,580 | ||||||
| Dentsply Sirona, Inc. | 8,717 | 289,317 | ||||||
| Electromed, Inc. * | 2,175 | 35,126 | ||||||
| Embecta Corp. | 2,452 | 32,538 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Health Care Equipment & Supplies (Continued) | ||||||||
| Enovis Corp. * | 3,400 | $ | 212,330 | |||||
| Envista Holdings Corp. * | 9,977 | 213,308 | ||||||
| FONAR Corp. * | 1,282 | 27,384 | ||||||
| Glaukos Corp. * | 3,346 | 315,494 | ||||||
| Globus Medical, Inc., Class A * | 9,679 | 519,182 | ||||||
| Haemonetics Corp. * | 5,164 | 440,747 | ||||||
| Inari Medical, Inc. * | 518 | 24,854 | ||||||
| Integer Holdings Corp. * | 3,152 | 367,775 | ||||||
| Integra LifeSciences Holdings Corp. * | 6,371 | 225,852 | ||||||
| iRadimed Corp. | 704 | 30,969 | ||||||
| Lantheus Holdings, Inc. * | 3,768 | 234,520 | ||||||
| LeMaitre Vascular, Inc. | 2,735 | 181,495 | ||||||
| LENSAR, Inc. * | 1,385 | 4,917 | ||||||
| LivaNova PLC * | 2,251 | 125,921 | ||||||
| Masimo Corp. * | 1,950 | 286,358 | ||||||
| Merit Medical Systems, Inc. * | 5,761 | 436,396 | ||||||
| Neogen Corp. *@ | 10,822 | 170,771 | ||||||
| Omnicell, Inc. * | 4,593 | 134,253 | ||||||
| OraSure Technologies, Inc. * | 9,521 | 58,554 | ||||||
| OrthoPediatrics Corp. * | 1,252 | 36,508 | ||||||
| Penumbra, Inc. * | 2,476 | 552,594 | ||||||
| Pulmonx Corp. * | 667 | 6,183 | ||||||
| QuidelOrtho Corp. * | 446 | 21,381 | ||||||
| Semler Scientific, Inc. * | 300 | 8,763 | ||||||
| Shockwave Medical, Inc. * | 1,284 | 418,109 | ||||||
| STAAR Surgical Co. * | 1,276 | 48,845 | ||||||
| Surmodics, Inc. * | 1,788 | 52,460 | ||||||
| Tactile Systems Technology, Inc. * | 1,239 | 20,134 | ||||||
| Teleflex, Inc. | 992 | 224,361 | ||||||
| TransMedics Group, Inc. * | 72 | 5,324 | ||||||
| UFP Technologies, Inc. * | 913 | 230,259 | ||||||
| Utah Medical Products, Inc. | 630 | 44,799 | ||||||
| Varex Imaging Corp. * | 578 | 10,462 | ||||||
| 6,771,469 | ||||||||
| Health Care Providers & Services — 3.3% | ||||||||
| Acadia Healthcare Co., Inc. * | 8,805 | 697,532 | ||||||
| Addus HomeCare Corp. * | 1,872 | 193,453 | ||||||
| Agiliti, Inc. * | 1,877 | 18,995 | ||||||
| agilon health, Inc. * | 8,212 | 50,093 | ||||||
| Albireo Pharma, Inc. CVR *¶§ | 1,018 | 4,131 | ||||||
| Amedisys, Inc. * | 1,139 | 104,970 | ||||||
| AMN Healthcare Services, Inc. * | 3,754 | 234,663 | ||||||
| Astrana Health, Inc. * | 3,529 | 148,183 | ||||||
| Brookdale Senior Living, Inc. * | 7,211 | 47,665 | ||||||
| Castle Biosciences, Inc. * | 1,302 | 28,839 | ||||||
| Chemed Corp. | 1,565 | 1,004,620 | ||||||
| Contra Abiomed, Inc. CVR *¶§ | 90 | — | ||||||
| CorVel Corp. * | 1,868 | 491,209 | ||||||
| Cross Country Healthcare, Inc. * | 3,321 | 62,169 | ||||||
| DaVita, Inc. * | 8,508 | 1,174,529 | ||||||
| Encompass Health Corp. | 6,968 | 575,417 | ||||||
| Enhabit, Inc. * | 2,323 | 27,063 | ||||||
| Ensign Group, Inc. (The) | 5,933 | 738,184 | ||||||
| Fulgent Genetics, Inc. * | 2,336 | 50,691 | ||||||
| HealthEquity, Inc. * | 5,161 | 421,292 | ||||||
| Henry Schein, Inc. * | 10,880 | 821,658 | ||||||
| Joint Corp. (The) *@ | 1,577 | 20,596 | ||||||
| ModivCare, Inc. * | 1,383 | 32,431 | ||||||
| SHARES | VALUE† | |||||||
| National HealthCare Corp. | 1,582 | $ | 149,515 | |||||
| National Research Corp. | 2,987 | 118,315 | ||||||
| NeoGenomics, Inc. * | 4,322 | 67,942 | ||||||
| Option Care Health, Inc. * | 7,998 | 268,253 | ||||||
| Owens & Minor, Inc. * | 3,716 | 102,970 | ||||||
| Patterson Cos., Inc. | 3,733 | 103,217 | ||||||
| Pediatrix Medical Group, Inc. * | 3,540 | 35,506 | ||||||
| Pennant Group, Inc. (The) * | 3,997 | 78,461 | ||||||
| Premier, Inc., Class A | 5,075 | 112,158 | ||||||
| Quest Diagnostics, Inc. | 301 | 40,066 | ||||||
| RadNet, Inc. * | 5,402 | 262,861 | ||||||
| Select Medical Holdings Corp. | 12,138 | 365,961 | ||||||
| Surgery Partners, Inc. * | 1,984 | 59,183 | ||||||
| Tenet Healthcare Corp. * | 10,669 | 1,121,419 | ||||||
| U.S. Physical Therapy, Inc. | 1,511 | 170,547 | ||||||
| Universal Health Services, Inc., Class B | 3,730 | 680,576 | ||||||
| 10,685,333 | ||||||||
| Health Care Technology — 0.2% | ||||||||
| Certara, Inc. * | 6,275 | 112,197 | ||||||
| Doximity, Inc., Class A * | 2,443 | 65,741 | ||||||
| Evolent Health, Inc., Class A * | 5,196 | 170,377 | ||||||
| HealthStream, Inc. | 3,803 | 101,388 | ||||||
| Schrodinger, Inc. * | 4,061 | 109,647 | ||||||
| Simulations Plus, Inc. @ | 1,668 | 68,638 | ||||||
| Teladoc Health, Inc. * | 2,607 | 39,366 | ||||||
| TruBridge, Inc. * | 1,636 | 15,084 | ||||||
| Veradigm, Inc. * | 5,810 | 44,737 | ||||||
| 727,175 | ||||||||
| Hotels, Restaurants & Leisure — 3.4% | ||||||||
| Aramark | 20,945 | 681,131 | ||||||
| Bally's Corp. *@ | 797 | 11,110 | ||||||
| Biglari Holdings, Inc., Class A * | 7 | 6,622 | ||||||
| Biglari Holdings, Inc., Class B * | 74 | 14,036 | ||||||
| BJ's Restaurants, Inc. * | 2,751 | 99,531 | ||||||
| Bloomin' Brands, Inc. | 8,154 | 233,857 | ||||||
| Boyd Gaming Corp. | 2,637 | 177,523 | ||||||
| Brinker International, Inc. * | 5,170 | 256,846 | ||||||
| Caesars Entertainment, Inc. * | 5,163 | 225,830 | ||||||
| Cheesecake Factory, Inc. (The) @ | 5,035 | 182,015 | ||||||
| Choice Hotels International, Inc. | 5,300 | 669,655 | ||||||
| Churchill Downs, Inc. | 7,622 | 943,222 | ||||||
| Chuy's Holdings, Inc. * | 1,904 | 64,222 | ||||||
| Cracker Barrel Old Country Store, Inc. @ | 2,324 | 169,024 | ||||||
| Dave & Buster's Entertainment, Inc. * | 4,530 | 283,578 | ||||||
| Denny's Corp. * | 4,694 | 42,058 | ||||||
| Dine Brands Global, Inc. | 769 | 35,743 | ||||||
| Domino's Pizza, Inc. | 558 | 277,259 | ||||||
| DraftKings, Inc., Class A * | 6,255 | 284,040 | ||||||
| El Pollo Loco Holdings, Inc. * | 4,284 | 41,726 | ||||||
| Everi Holdings, Inc. * | 4,400 | 44,220 | ||||||
| Hyatt Hotels Corp., Class A | 811 | 129,452 | ||||||
| Inspired Entertainment, Inc. * | 1,305 | 12,867 | ||||||
| International Game Technology PLC | 969 | 21,890 | ||||||
| Jack in the Box, Inc. | 2,392 | 163,804 | ||||||
| Kura Sushi USA, Inc., Class A * | 365 | 42,033 | ||||||
| Light & Wonder, Inc. * | 1,500 | 153,135 | ||||||
| Marriott Vacations Worldwide Corp. | 3,349 | 360,788 | ||||||
| Monarch Casino & Resort, Inc. | 1,490 | 111,735 | ||||||
| Nathan's Famous, Inc. | 681 | 48,215 | ||||||
| Norwegian Cruise Line Holdings Ltd. *@ | 4,482 | 93,808 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Hotels, Restaurants & Leisure (Continued) | ||||||||
| Papa John's International, Inc. | 3,338 | $ | 222,311 | |||||
| Penn Entertainment, Inc. * | 5,194 | 94,583 | ||||||
| Planet Fitness, Inc., Class A * | 8,887 | 556,593 | ||||||
| Shake Shack, Inc., Class A * | 2,266 | 235,732 | ||||||
| Six Flags Entertainment Corp. * | 3,483 | 91,673 | ||||||
| Texas Roadhouse, Inc. | 6,983 | 1,078,664 | ||||||
| Travel + Leisure Co. | 4,491 | 219,879 | ||||||
| United Parks & Resorts, Inc. * | 4,795 | 269,527 | ||||||
| Vail Resorts, Inc. | 2,071 | 461,481 | ||||||
| Wendy's Co. (The) | 22,109 | 416,534 | ||||||
| Wingstop, Inc. | 1,665 | 610,056 | ||||||
| Wyndham Hotels & Resorts, Inc. | 5,481 | 420,667 | ||||||
| Wynn Resorts Ltd. | 5,043 | 515,546 | ||||||
| 11,074,221 | ||||||||
| Household Durables — 3.1% | ||||||||
| Bassett Furniture Industries, Inc. | 1,080 | 15,941 | ||||||
| Beazer Homes USA, Inc. * | 1,643 | 53,890 | ||||||
| Cavco Industries, Inc. * | 823 | 328,426 | ||||||
| Century Communities, Inc. | 3,367 | 324,916 | ||||||
| Ethan Allen Interiors, Inc. | 2,598 | 89,813 | ||||||
| Flexsteel Industries, Inc. | 1,069 | 39,874 | ||||||
| GoPro, Inc., Class A * | 6,985 | 15,577 | ||||||
| Green Brick Partners, Inc. * | 4,024 | 242,366 | ||||||
| Hamilton Beach Brands Holding Co., Class A | 2,000 | 48,720 | ||||||
| Helen of Troy Ltd. * | 2,629 | 302,966 | ||||||
| Hooker Furnishings Corp. | 1,742 | 41,825 | ||||||
| Installed Building Products, Inc. | 3,050 | 789,126 | ||||||
| iRobot Corp. *@ | 2,014 | 17,643 | ||||||
| KB Home | 7,849 | 556,337 | ||||||
| La-Z-Boy, Inc. | 4,321 | 162,556 | ||||||
| Leggett & Platt, Inc. | 5,052 | 96,746 | ||||||
| LGI Homes, Inc. * | 624 | 72,615 | ||||||
| Lifetime Brands, Inc. | 2,082 | 21,819 | ||||||
| Lovesac Co. (The) * | 794 | 17,944 | ||||||
| M/I Homes, Inc. * | 3,074 | 418,955 | ||||||
| Meritage Homes Corp. | 3,491 | 612,531 | ||||||
| Mohawk Industries, Inc. * | 3,847 | 503,534 | ||||||
| Newell Brands, Inc. | 20,709 | 166,293 | ||||||
| Orleans Homebuilders, Inc. *@§ | 4,953 | — | ||||||
| Skyline Champion Corp. * | 2,566 | 218,136 | ||||||
| Sonos, Inc. * | 3,418 | 65,147 | ||||||
| Taylor Morrison Home Corp. * | 9,778 | 607,898 | ||||||
| Tempur Sealy International, Inc. | 18,378 | 1,044,238 | ||||||
| Toll Brothers, Inc. | 10,507 | 1,359,291 | ||||||
| TopBuild Corp. * | 3,353 | 1,477,768 | ||||||
| TRI Pointe Homes, Inc. * | 9,397 | 363,288 | ||||||
| Universal Electronics, Inc. * | 1,292 | 12,933 | ||||||
| VOXX International Corp. * | 3,284 | 26,797 | ||||||
| Whirlpool Corp. | 218 | 26,079 | ||||||
| 10,141,988 | ||||||||
| Household Products — 0.2% | ||||||||
| Central Garden & Pet Co. * | 1,247 | 53,409 | ||||||
| Central Garden & Pet Co., Class A * | 5,453 | 201,325 | ||||||
| Spectrum Brands Holdings, Inc. | 1,853 | 164,935 | ||||||
| WD-40 Co. | 1,487 | 376,672 | ||||||
| 796,341 | ||||||||
| Independent Power Producers & Energy Traders — 0.7% | ||||||||
| AES Corp. (The) | 8,066 | 144,623 | ||||||
| Brookfield Renewable Corp., Class A @ | 2,853 | 70,098 | ||||||
| Clearway Energy, Inc., Class A | 3,716 | 79,931 | ||||||
| SHARES | VALUE† | |||||||
| Clearway Energy, Inc., Class C | 8,971 | $ | 206,782 | |||||
| Ormat Technologies, Inc. | 5,451 | 360,802 | ||||||
| Sunnova Energy International, Inc. *@ | 7,071 | 43,345 | ||||||
| Vistra Corp. | 19,486 | 1,357,200 | ||||||
| 2,262,781 | ||||||||
| Insurance — 3.9% | ||||||||
| Ambac Financial Group, Inc. * | 900 | 14,067 | ||||||
| American Equity Investment Life Holding Co. * | 5,046 | 283,686 | ||||||
| American Financial Group, Inc. | 3,696 | 504,430 | ||||||
| AMERISAFE, Inc. | 1,961 | 98,383 | ||||||
| Assurant, Inc. | 4,350 | 818,844 | ||||||
| Assured Guaranty Ltd. | 4,657 | 406,323 | ||||||
| Axis Capital Holdings Ltd. | 4,830 | 314,047 | ||||||
| Brighthouse Financial, Inc. * | 5,115 | 263,627 | ||||||
| BRP Group, Inc., Class A * | 3,130 | 90,582 | ||||||
| Citizens, Inc. *@ | 6,126 | 13,110 | ||||||
| CNO Financial Group, Inc. | 10,476 | 287,881 | ||||||
| Crawford & Co., Class A | 3,214 | 30,308 | ||||||
| Crawford & Co., Class B | 3,345 | 30,339 | ||||||
| Donegal Group, Inc., Class A | 3,630 | 51,328 | ||||||
| Employers Holdings, Inc. | 2,665 | 120,964 | ||||||
| Enstar Group Ltd. * | 1,195 | 371,358 | ||||||
| Everest Group Ltd. | 18 | 7,155 | ||||||
| F&G Annuities & Life, Inc. @ | 877 | 35,562 | ||||||
| Fidelity National Financial, Inc. | 3,987 | 211,710 | ||||||
| First American Financial Corp. | 7,508 | 458,363 | ||||||
| Genworth Financial, Inc., Class A * | 14,918 | 95,923 | ||||||
| Globe Life, Inc. | 3,866 | 449,886 | ||||||
| Hanover Insurance Group, Inc. (The) | 2,145 | 292,085 | ||||||
| HCI Group, Inc. @ | 741 | 86,015 | ||||||
| Horace Mann Educators Corp. | 4,392 | 162,460 | ||||||
| Investors Title Co. | 279 | 45,530 | ||||||
| James River Group Holdings Ltd. | 829 | 7,710 | ||||||
| Kemper Corp. | 5,843 | 361,799 | ||||||
| Kinsale Capital Group, Inc. | 808 | 423,990 | ||||||
| Lincoln National Corp. | 7,815 | 249,533 | ||||||
| MBIA, Inc. * | 6,313 | 42,676 | ||||||
| Mercury General Corp. | 3,869 | 199,640 | ||||||
| Old Republic International Corp. | 20,327 | 624,446 | ||||||
| Oscar Health, Inc., Class A * | 3,732 | 55,495 | ||||||
| Palomar Holdings, Inc. * | 1,593 | 133,541 | ||||||
| Primerica, Inc. | 3,776 | 955,177 | ||||||
| Reinsurance Group of America, Inc. | 3,182 | 613,744 | ||||||
| RenaissanceRe Holdings Ltd. | 2,896 | 680,647 | ||||||
| RLI Corp. | 4,871 | 723,197 | ||||||
| Safety Insurance Group, Inc. | 1,493 | 122,710 | ||||||
| Selective Insurance Group, Inc. | 6,118 | 667,902 | ||||||
| Stewart Information Services Corp. | 2,578 | 167,725 | ||||||
| Trupanion, Inc. *@ | 335 | 9,249 | ||||||
| Unico American Corp. * | 1,700 | 6 | ||||||
| United Fire Group, Inc. | 2,400 | 52,248 | ||||||
| Universal Insurance Holdings, Inc. | 2,828 | 57,465 | ||||||
| Unum Group | 14,680 | 787,729 | ||||||
| White Mountains Insurance Group Ltd. | 170 | 305,031 | ||||||
| 12,785,626 | ||||||||
| Interactive Media & Services — 0.3% | ||||||||
| Bumble, Inc., Class A * | 2,172 | 24,652 | ||||||
| Cargurus, Inc. * | 1,272 | 29,358 | ||||||
| Cars.com, Inc. * | 3,931 | 67,534 | ||||||
| DHI Group, Inc. * | 8,881 | 22,646 | ||||||
| Match Group, Inc. * | 6,820 | 247,430 | ||||||
| QuinStreet, Inc. * | 858 | 15,152 | ||||||
| Shutterstock, Inc. | 1,210 | 55,430 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Interactive Media & Services (Continued) | ||||||||
| TripAdvisor, Inc. * | 6,168 | $ | 171,409 | |||||
| Yelp, Inc. * | 4,724 | 186,126 | ||||||
| Ziff Davis, Inc. * | 2,996 | 188,868 | ||||||
| ZoomInfo Technologies, Inc. * | 5,496 | 88,101 | ||||||
| 1,096,706 | ||||||||
| IT Services — 1.0% | ||||||||
| Amdocs Ltd. | 5,319 | 480,678 | ||||||
| Brightcove, Inc. * | 3,324 | 6,449 | ||||||
| DXC Technology Co. * | 8,018 | 170,062 | ||||||
| EPAM Systems, Inc. * | 273 | 75,392 | ||||||
| Fastly, Inc., Class A * | 1,787 | 23,177 | ||||||
| Globant SA * | 1,874 | 378,361 | ||||||
| GoDaddy, Inc., Class A * | 8,025 | 952,407 | ||||||
| Grid Dynamics Holdings, Inc. * | 2,704 | 33,232 | ||||||
| Hackett Group, Inc. (The) | 3,495 | 84,928 | ||||||
| Information Services Group, Inc. | 2,180 | 8,807 | ||||||
| Kyndryl Holdings, Inc. * | 2,623 | 57,076 | ||||||
| Okta, Inc. * | 5,003 | 523,414 | ||||||
| Perficient, Inc. * | 3,654 | 205,684 | ||||||
| Twilio, Inc., Class A * | 5,176 | 316,512 | ||||||
| 3,316,179 | ||||||||
| Leisure Equipment & Products — 0.5% | ||||||||
| Acushnet Holdings Corp. | 541 | 35,679 | ||||||
| American Outdoor Brands, Inc. * | 1,946 | 17,125 | ||||||
| Brunswick Corp. | 4,070 | 392,836 | ||||||
| Escalade, Inc. | 1,950 | 26,813 | ||||||
| Funko, Inc., Class A *@ | 1,917 | 11,962 | ||||||
| Hasbro, Inc. | 3,807 | 215,172 | ||||||
| Johnson Outdoors, Inc., Class A | 1,000 | 46,110 | ||||||
| Malibu Boats, Inc., Class A * | 2,116 | 91,580 | ||||||
| Marine Products Corp. | 3,930 | 46,177 | ||||||
| MasterCraft Boat Holdings, Inc. * | 2,183 | 51,781 | ||||||
| Mattel, Inc. * | 16,916 | 335,106 | ||||||
| Polaris, Inc. | 3,297 | 330,096 | ||||||
| Smith & Wesson Brands, Inc. | 4,598 | 79,821 | ||||||
| Topgolf Callaway Brands Corp. * | 5,300 | 85,701 | ||||||
| 1,765,959 | ||||||||
| Life Sciences Tools & Services — 1.0% | ||||||||
| Adaptive Biotechnologies Corp. * | 4,578 | 14,695 | ||||||
| Avantor, Inc. * | 5,810 | 148,562 | ||||||
| Azenta, Inc. * | 937 | 56,482 | ||||||
| Bio-Rad Laboratories, Inc., Class A * | 457 | 158,063 | ||||||
| Bio-Techne Corp. | 3,837 | 270,087 | ||||||
| BioLife Solutions, Inc. * | 1,278 | 23,707 | ||||||
| Bruker Corp. | 5,636 | 529,446 | ||||||
| Charles River Laboratories International, Inc. * | 800 | 216,760 | ||||||
| CryoPort, Inc. *@ | 2,607 | 46,144 | ||||||
| Harvard Bioscience, Inc. * | 5,522 | 23,413 | ||||||
| Medpace Holdings, Inc. * | 2,141 | 865,285 | ||||||
| OmniAb, Inc. * | 8,462 | 45,864 | ||||||
| OmniAb, Inc. *§ | 654 | — | ||||||
| OmniAb, Inc. *§ | 654 | — | ||||||
| Pacific Biosciences of California, Inc. * | 2,709 | 10,159 | ||||||
| Repligen Corp. * | 3,946 | 725,748 | ||||||
| Revvity, Inc. | 1,314 | 137,970 | ||||||
| 3,272,385 | ||||||||
| SHARES | VALUE† | |||||||
| Machinery — 5.1% | ||||||||
| AGCO Corp. | 5,729 | $ | 704,782 | |||||
| Alamo Group, Inc. | 1,213 | 276,964 | ||||||
| Albany International Corp., Class A | 2,901 | 271,272 | ||||||
| Allison Transmission Holdings, Inc. | 6,647 | 539,471 | ||||||
| Astec Industries, Inc. | 1,354 | 59,183 | ||||||
| Barnes Group, Inc. | 4,989 | 185,341 | ||||||
| Chart Industries, Inc. *@ | 3,344 | 550,824 | ||||||
| Columbus McKinnon Corp. | 2,642 | 117,912 | ||||||
| Commercial Vehicle Group, Inc. * | 3,758 | 24,164 | ||||||
| Crane Co. | 3,089 | 417,417 | ||||||
| Donaldson Co., Inc. | 8,206 | 612,824 | ||||||
| Douglas Dynamics, Inc. | 2,507 | 60,469 | ||||||
| Eastern Co. (The) | 1,272 | 43,362 | ||||||
| Enerpac Tool Group Corp. | 5,732 | 204,403 | ||||||
| Enpro, Inc. | 1,861 | 314,081 | ||||||
| Esab Corp. | 418 | 46,218 | ||||||
| ESCO Technologies, Inc. | 2,646 | 283,254 | ||||||
| Federal Signal Corp. | 5,985 | 507,947 | ||||||
| Flowserve Corp. | 2,564 | 117,124 | ||||||
| Franklin Electric Co., Inc. | 4,975 | 531,380 | ||||||
| Gorman-Rupp Co. (The) | 2,754 | 108,921 | ||||||
| Graco, Inc. | 4,511 | 421,598 | ||||||
| Greenbrier Cos., Inc. (The) | 2,663 | 138,742 | ||||||
| Helios Technologies, Inc. | 2,930 | 130,942 | ||||||
| Hurco Cos., Inc. | 1,000 | 20,160 | ||||||
| Hyster-Yale Materials Handling, Inc. | 165 | 10,588 | ||||||
| ITT, Inc. | 5,131 | 697,970 | ||||||
| John Bean Technologies Corp. | 2,745 | 287,923 | ||||||
| Kadant, Inc. | 1,029 | 337,615 | ||||||
| Kennametal, Inc. | 3,360 | 83,798 | ||||||
| LB Foster Co., Class A * | 1,565 | 42,740 | ||||||
| Lincoln Electric Holdings, Inc. | 3,365 | 859,556 | ||||||
| Lindsay Corp. | 1,109 | 130,485 | ||||||
| Manitex International, Inc. * | 1,300 | 8,918 | ||||||
| Manitowoc Co., Inc. (The) * | 3,607 | 51,003 | ||||||
| Middleby Corp. (The) * | 4,055 | 652,003 | ||||||
| Miller Industries, Inc. | 1,261 | 63,176 | ||||||
| Mueller Industries, Inc. | 12,444 | 671,105 | ||||||
| Mueller Water Products, Inc., Class A | 15,406 | 247,883 | ||||||
| Nordson Corp. | 846 | 232,261 | ||||||
| Omega Flex, Inc. | 1,002 | 71,072 | ||||||
| Oshkosh Corp. | 4,130 | 515,052 | ||||||
| Park-Ohio Holdings Corp. | 2,182 | 58,216 | ||||||
| Pentair PLC | 11,013 | 940,951 | ||||||
| Perma-Pipe International Holdings, Inc. * | 1,900 | 15,010 | ||||||
| RBC Bearings, Inc. * | 336 | 90,838 | ||||||
| Shyft Group, Inc. (The) | 3,913 | 48,599 | ||||||
| Snap-on, Inc. | 631 | 186,915 | ||||||
| SPX Technologies, Inc. * | 4,956 | 610,232 | ||||||
| Standex International Corp. | 1,107 | 201,718 | ||||||
| Stanley Black & Decker, Inc. | 1,887 | 184,794 | ||||||
| Tennant Co. | 1,721 | 209,291 | ||||||
| Terex Corp. | 6,303 | 405,913 | ||||||
| Timken Co. (The) | 6,902 | 603,442 | ||||||
| Titan International, Inc. * | 4,338 | 54,051 | ||||||
| Toro Co. (The) | 3,825 | 350,485 | ||||||
| Trinity Industries, Inc. | 4,908 | 136,688 | ||||||
| Wabash National Corp. | 4,414 | 132,155 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Machinery (Continued) | ||||||||
| Watts Water Technologies, Inc., Class A | 2,884 | $ | 612,994 | |||||
| 16,494,195 | ||||||||
| Marine Transportation — 0.3% | ||||||||
| Costamare, Inc. | 5,728 | 65,013 | ||||||
| Eagle Bulk Shipping, Inc. @ | 436 | 27,237 | ||||||
| Kirby Corp. * | 4,368 | 416,358 | ||||||
| Matson, Inc. | 3,669 | 412,395 | ||||||
| 921,003 | ||||||||
| Media — 1.2% | ||||||||
| Altice USA, Inc., Class A * | 2,984 | 7,788 | ||||||
| Boston Omaha Corp., Class A * | 1,358 | 20,995 | ||||||
| Cable One, Inc. | 215 | 90,973 | ||||||
| Entravision Communications Corp., Class A | 5,678 | 9,312 | ||||||
| EW Scripps Co. (The), Class A * | 7,073 | 27,797 | ||||||
| Fox Corp. Class A | 2,939 | 91,903 | ||||||
| Fox Corp. Class B | 3,807 | 108,956 | ||||||
| Gannett Co., Inc. * | 1 | 2 | ||||||
| GCI Liberty, Inc. *§ | 8,984 | — | ||||||
| Gray Television, Inc. | 8,433 | 53,297 | ||||||
| Interpublic Group of Cos., Inc. (The) | 12,645 | 412,606 | ||||||
| John Wiley & Sons, Inc., Class A | 3,247 | 123,808 | ||||||
| Liberty Broadband Corp., Class A * | 824 | 47,067 | ||||||
| Liberty Broadband Corp., Class C * | 2,320 | 132,774 | ||||||
| Liberty Media Corp.-Liberty SiriusXM, Class A * | 3,084 | 91,595 | ||||||
| Liberty Media Corp.-Liberty SiriusXM, Class C * | 4,202 | 124,841 | ||||||
| Magnite, Inc. * | 3,879 | 41,699 | ||||||
| New York Times Co. (The), Class A | 17,457 | 754,492 | ||||||
| News Corp., Class A | 19,977 | 522,998 | ||||||
| News Corp., Class B | 7,188 | 194,507 | ||||||
| Nexstar Media Group, Inc. | 3,165 | 545,298 | ||||||
| Paramount Global, Class A | 586 | 12,792 | ||||||
| Paramount Global, Class B | 6,684 | 78,671 | ||||||
| PubMatic, Inc., Class A * | 3,162 | 75,003 | ||||||
| Saga Communications, Inc., Class A | 664 | 14,814 | ||||||
| Scholastic Corp. | 3,519 | 132,701 | ||||||
| Sinclair, Inc. @ | 2,132 | 28,718 | ||||||
| TechTarget, Inc. * | 3,517 | 116,342 | ||||||
| Thryv Holdings, Inc. * | 1,938 | 43,082 | ||||||
| WideOpenWest, Inc. * | 4,405 | 15,946 | ||||||
| 3,920,777 | ||||||||
| Metals & Mining — 1.9% | ||||||||
| Alcoa Corp. | 15,179 | 512,898 | ||||||
| Alpha Metallurgical Resources, Inc. | 886 | 293,417 | ||||||
| Arch Resources, Inc. | 1,865 | 299,873 | ||||||
| ATI, Inc. * | 13,573 | 694,530 | ||||||
| Carpenter Technology Corp. | 3,912 | 279,395 | ||||||
| Century Aluminum Co. * | 8,912 | 137,156 | ||||||
| Cleveland-Cliffs, Inc. * | 21,519 | 489,342 | ||||||
| Coeur Mining, Inc. * | 16,461 | 62,058 | ||||||
| Commercial Metals Co. | 12,402 | 728,866 | ||||||
| Ferroglobe PLC | 10,242 | 51,005 | ||||||
| Fortitude Gold Corp. | 4,671 | 25,504 | ||||||
| Friedman Industries, Inc. | 700 | 13,118 | ||||||
| Haynes International, Inc. | 1,229 | 73,888 | ||||||
| Hecla Mining Co. | 30,869 | 148,480 | ||||||
| Kaiser Aluminum Corp. | 1,901 | 169,873 | ||||||
| Materion Corp. | 2,175 | 286,556 | ||||||
| Metallus, Inc. * | 5,303 | 117,992 | ||||||
| MP Materials Corp. *@ | 6,046 | 86,458 | ||||||
| SHARES | VALUE† | |||||||
| Olympic Steel, Inc. | 1,200 | $ | 85,056 | |||||
| Radius Recycling, Inc. | 2,809 | 59,354 | ||||||
| Royal Gold, Inc. | 4,388 | 534,502 | ||||||
| Ryerson Holding Corp. | 4,615 | 154,603 | ||||||
| SunCoke Energy, Inc. | 8,204 | 92,459 | ||||||
| Tredegar Corp. | 3,412 | 22,246 | ||||||
| U.S. Steel Corp. | 7,027 | 286,561 | ||||||
| Warrior Met Coal, Inc. | 738 | 44,797 | ||||||
| Worthington Enterprises, Inc. | 4,458 | 277,421 | ||||||
| Worthington Steel, Inc. | 4,458 | 159,819 | ||||||
| 6,187,227 | ||||||||
| Multi-Utilities — 0.4% | ||||||||
| Avista Corp. | 6,896 | 241,498 | ||||||
| Black Hills Corp. | 6,023 | 328,856 | ||||||
| NiSource, Inc. | 19,524 | 540,034 | ||||||
| Northwestern Energy Group, Inc. | 4,148 | 211,257 | ||||||
| Unitil Corp. | 1,923 | 100,669 | ||||||
| 1,422,314 | ||||||||
| Oil, Gas & Consumable Fuels — 3.3% | ||||||||
| Adams Resources & Energy, Inc. | 536 | 15,544 | ||||||
| Amplify Energy Corp. * | 1,867 | 12,341 | ||||||
| Antero Midstream Corp. | 32,353 | 454,883 | ||||||
| Antero Resources Corp. * | 5,180 | 150,220 | ||||||
| APA Corp. | 6,432 | 221,132 | ||||||
| Ardmore Shipping Corp. | 1,612 | 26,469 | ||||||
| Berry Corp. | 4,166 | 33,536 | ||||||
| California Resources Corp. | 3,564 | 196,376 | ||||||
| Callon Petroleum Co. * | 3,677 | 131,489 | ||||||
| Centrus Energy Corp., Class A * | 1,074 | 44,603 | ||||||
| Chesapeake Energy Corp. @ | 4,468 | 396,892 | ||||||
| Chord Energy Corp. | 804 | 143,305 | ||||||
| Civitas Resources, Inc. | 2,093 | 158,880 | ||||||
| Clean Energy Fuels Corp. * | 20,279 | 54,348 | ||||||
| CNX Resources Corp. * | 16,780 | 398,022 | ||||||
| Comstock Resources, Inc. @ | 10,634 | 98,683 | ||||||
| CONSOL Energy, Inc. | 2,376 | 199,014 | ||||||
| CVR Energy, Inc. | 1,556 | 55,487 | ||||||
| Delek U.S. Holdings, Inc. | 7,082 | 217,701 | ||||||
| DHT Holdings, Inc. | 11,638 | 133,837 | ||||||
| Dorian LPG Ltd. | 3,332 | 128,149 | ||||||
| DT Midstream, Inc. | 1,881 | 114,929 | ||||||
| EnLink Midstream LLC * | 27,038 | 368,798 | ||||||
| Equitrans Midstream Corp. | 22,329 | 278,889 | ||||||
| Evolution Petroleum Corp. @ | 5,356 | 32,886 | ||||||
| Green Plains, Inc. * | 5,096 | 117,819 | ||||||
| Gulfport Energy Corp. * | 944 | 151,153 | ||||||
| Hallador Energy Co. * | 3,193 | 17,019 | ||||||
| HF Sinclair Corp. | 9,611 | 580,216 | ||||||
| International Seaways, Inc. | 4,383 | 233,176 | ||||||
| Kosmos Energy Ltd. * | 21,727 | 129,493 | ||||||
| Magnolia Oil & Gas Corp., Class A | 7,613 | 197,557 | ||||||
| Marathon Oil Corp. | 1,166 | 33,044 | ||||||
| Matador Resources Co. | 10,827 | 722,919 | ||||||
| Murphy Oil Corp. | 13,521 | 617,910 | ||||||
| NACCO Industries, Inc., Class A | 1,000 | 30,200 | ||||||
| New Fortress Energy, Inc. @ | 3,932 | 120,280 | ||||||
| Nordic American Tankers Ltd. | 8,255 | 32,360 | ||||||
| Northern Oil and Gas, Inc. | 1,306 | 51,822 | ||||||
| Ovintiv, Inc. | 6,163 | 319,860 | ||||||
| Par Pacific Holdings, Inc. * | 4,135 | 153,243 | ||||||
| PBF Energy, Inc., Class A | 10,429 | 600,398 | ||||||
| Peabody Energy Corp. | 3,580 | 86,851 | ||||||
| Permian Resources Corp. | 26,947 | 475,884 | ||||||
| Range Resources Corp. | 10,825 | 372,705 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Oil, Gas & Consumable Fuels (Continued) | ||||||||
| REX American Resources Corp. * | 2,364 | $ | 138,790 | |||||
| SandRidge Energy, Inc. | 2,175 | 31,690 | ||||||
| Scorpio Tankers, Inc. | 2,271 | 162,490 | ||||||
| SFL Corp. Ltd. | 4,682 | 61,709 | ||||||
| Sitio Royalties Corp., Class A | 3,565 | 88,127 | ||||||
| SM Energy Co. | 2,124 | 105,881 | ||||||
| Southwestern Energy Co. * | 62,679 | 475,107 | ||||||
| Talos Energy, Inc. * | 3,212 | 44,743 | ||||||
| Teekay Corp. * | 4,339 | 31,588 | ||||||
| Teekay Tankers Ltd., Class A | 1,880 | 109,811 | ||||||
| Texas Pacific Land Corp. | 378 | 218,677 | ||||||
| Vital Energy, Inc. * | 1,191 | 62,575 | ||||||
| Vitesse Energy, Inc. | 2,544 | 60,369 | ||||||
| W&T Offshore, Inc. | 9,305 | 24,658 | ||||||
| World Kinect Corp. | 2,783 | 73,610 | ||||||
| 10,800,147 | ||||||||
| Paper & Forest Products — 0.3% | ||||||||
| Clearwater Paper Corp. * | 1,838 | 80,376 | ||||||
| Louisiana-Pacific Corp. | 7,578 | 635,870 | ||||||
| Mercer International, Inc. | 7,857 | 78,177 | ||||||
| Resolute Forest Products, Inc. CVR *¶§ | 7,629 | — | ||||||
| Sylvamo Corp. | 2,483 | 153,300 | ||||||
| 947,723 | ||||||||
| Passenger Airlines — 0.3% | ||||||||
| Alaska Air Group, Inc. * | 5,834 | 250,804 | ||||||
| Allegiant Travel Co. | 441 | 33,168 | ||||||
| American Airlines Group, Inc. * | 12,202 | 187,301 | ||||||
| SkyWest, Inc. * | 3,627 | 250,553 | ||||||
| Spirit Airlines, Inc. @ | 3,315 | 16,044 | ||||||
| United Airlines Holdings, Inc. * | 2,365 | 113,236 | ||||||
| 851,106 | ||||||||
| Personal Products — 0.8% | ||||||||
| BellRing Brands, Inc. * | 7,482 | 441,662 | ||||||
| Coty, Inc., Class A * | 46,457 | 555,626 | ||||||
| Edgewell Personal Care Co. | 1,878 | 72,566 | ||||||
| elf Beauty, Inc. * | 4,063 | 796,470 | ||||||
| Herbalife Ltd. * | 600 | 6,030 | ||||||
| Inter Parfums, Inc. | 3,488 | 490,099 | ||||||
| Medifast, Inc. | 1,290 | 49,433 | ||||||
| Natural Alternatives International, Inc. * | 1,000 | 6,090 | ||||||
| Nature's Sunshine Products, Inc. * | 1,700 | 35,309 | ||||||
| Nu Skin Enterprises, Inc., Class A | 3,048 | 42,154 | ||||||
| United-Guardian, Inc. | 600 | 4,638 | ||||||
| USANA Health Sciences, Inc. * | 2,205 | 106,942 | ||||||
| 2,607,019 | ||||||||
| Pharmaceuticals — 0.9% | ||||||||
| Amphastar Pharmaceuticals, Inc. * | 5,315 | 233,382 | ||||||
| ANI Pharmaceuticals, Inc. * | 1,669 | 115,378 | ||||||
| Catalent, Inc. * | 3,128 | 176,575 | ||||||
| Collegium Pharmaceutical, Inc. * | 2,590 | 100,544 | ||||||
| Corcept Therapeutics, Inc. * | 7,842 | 197,540 | ||||||
| Edgewise Therapeutics, Inc. * | 1,162 | 21,195 | ||||||
| Elanco Animal Health, Inc. * | 2,020 | 32,886 | ||||||
| Harmony Biosciences Holdings, Inc. * | 1,923 | 64,574 | ||||||
| Innoviva, Inc. * | 5,963 | 90,876 | ||||||
| Jazz Pharmaceuticals PLC * | 3,913 | 471,203 | ||||||
| Ligand Pharmaceuticals, Inc. * | 1,727 | 126,244 | ||||||
| SHARES | VALUE† | |||||||
| Organon & Co. | 8,187 | $ | 153,916 | |||||
| Pacira BioSciences, Inc. * | 1,786 | 52,187 | ||||||
| Perrigo Co. PLC | 6,512 | 209,621 | ||||||
| Prestige Consumer Healthcare, Inc. * | 5,152 | 373,829 | ||||||
| SIGA Technologies, Inc. | 1,900 | 16,264 | ||||||
| Supernus Pharmaceuticals, Inc. * | 5,158 | 175,939 | ||||||
| Taro Pharmaceutical Industries Ltd. * | 438 | 18,545 | ||||||
| Viatris, Inc. | 18,447 | 220,257 | ||||||
| 2,850,955 | ||||||||
| Professional Services — 3.2% | ||||||||
| ASGN, Inc. * | 5,178 | 542,447 | ||||||
| Barrett Business Services, Inc. | 799 | 101,249 | ||||||
| CACI International, Inc., Class A * | 2,374 | 899,342 | ||||||
| CBIZ, Inc. * | 5,331 | 418,484 | ||||||
| Concentrix Corp. | 3,341 | 221,241 | ||||||
| Conduent, Inc. * | 5,702 | 19,273 | ||||||
| CRA International, Inc. | 773 | 115,625 | ||||||
| CSG Systems International, Inc. | 2,945 | 151,785 | ||||||
| Dayforce, Inc. *@ | 3,385 | 224,121 | ||||||
| ExlService Holdings, Inc. * | 17,683 | 562,319 | ||||||
| Exponent, Inc. | 5,450 | 450,660 | ||||||
| Forrester Research, Inc. * | 2,360 | 50,882 | ||||||
| Franklin Covey Co. * | 1,628 | 63,915 | ||||||
| FTI Consulting, Inc. * | 3,603 | 757,675 | ||||||
| Genpact Ltd. | 12,745 | 419,948 | ||||||
| Heidrick & Struggles International, Inc. | 1,928 | 64,896 | ||||||
| Huron Consulting Group, Inc. * | 1,957 | 189,085 | ||||||
| ICF International, Inc. | 2,012 | 303,068 | ||||||
| Insperity, Inc. | 3,407 | 373,441 | ||||||
| KBR, Inc. | 12,616 | 803,135 | ||||||
| Kelly Services, Inc., Class A | 3,132 | 78,425 | ||||||
| Kforce, Inc. | 1,735 | 122,352 | ||||||
| Korn Ferry | 4,964 | 326,433 | ||||||
| Leidos Holdings, Inc. | 686 | 89,928 | ||||||
| ManpowerGroup, Inc. | 2,941 | 228,339 | ||||||
| Mastech Digital, Inc. * | 2,122 | 19,098 | ||||||
| Maximus, Inc. | 2,874 | 241,129 | ||||||
| NV5 Global, Inc. * | 1,602 | 157,012 | ||||||
| Paycom Software, Inc. | 137 | 27,264 | ||||||
| Paylocity Holding Corp. * | 2,396 | 411,777 | ||||||
| RCM Technologies, Inc. * | 1,296 | 27,696 | ||||||
| Resources Connection, Inc. | 3,396 | 44,691 | ||||||
| Robert Half, Inc. | 7,950 | 630,276 | ||||||
| Science Applications International Corp. | 2,559 | 333,668 | ||||||
| SS&C Technologies Holdings, Inc. | 2,637 | 169,744 | ||||||
| TransUnion | 910 | 72,618 | ||||||
| TriNet Group, Inc. | 3,424 | 453,646 | ||||||
| TrueBlue, Inc. * | 3,431 | 42,956 | ||||||
| TTEC Holdings, Inc. | 4,929 | 51,114 | ||||||
| Verra Mobility Corp. * | 10,023 | 250,274 | ||||||
| 10,511,031 | ||||||||
| Real Estate Management & Development — 0.7% | ||||||||
| Cushman & Wakefield PLC * | 5,956 | 62,300 | ||||||
| Douglas Elliman, Inc. * | 8,113 | 12,818 | ||||||
| Forestar Group, Inc. * | 3,530 | 141,871 | ||||||
| FRP Holdings, Inc. * | 200 | 12,280 | ||||||
| Howard Hughes Holdings, Inc. * | 1,369 | 99,417 | ||||||
| Jones Lang LaSalle, Inc. * | 3,879 | 756,754 | ||||||
| Kennedy-Wilson Holdings, Inc. | 8,346 | 71,609 | ||||||
| Marcus & Millichap, Inc. | 3,263 | 111,497 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Real Estate Management & Development (Continued) | ||||||||
| Maui Land & Pineapple Co., Inc. * | 2,324 | $ | 50,338 | |||||
| Newmark Group, Inc., Class A | 11,400 | 126,426 | ||||||
| RMR Group, Inc. (The), Class A | 1,159 | 27,816 | ||||||
| St. Joe Co. (The) | 3,300 | 191,301 | ||||||
| Stratus Properties, Inc. * | 313 | 7,146 | ||||||
| Tejon Ranch Co. * | 2,249 | 34,657 | ||||||
| Zillow Group, Inc., Class A * | 2,824 | 135,156 | ||||||
| Zillow Group, Inc., Class C * | 6,550 | 319,509 | ||||||
| 2,160,895 | ||||||||
| Semiconductors & Semiconductor Equipment — 3.0% | ||||||||
| Allegro MicroSystems, Inc. * | 1,272 | 34,293 | ||||||
| Alpha & Omega Semiconductor Ltd. * | 2,886 | 63,607 | ||||||
| Ambarella, Inc. * | 2,341 | 118,853 | ||||||
| Amkor Technology, Inc. | 25,678 | 827,859 | ||||||
| Amtech Systems, Inc. * | 2,822 | 15,267 | ||||||
| Axcelis Technologies, Inc. * | 3,412 | 380,506 | ||||||
| AXT, Inc. * | 5,653 | 25,947 | ||||||
| CEVA, Inc. * | 3,095 | 70,288 | ||||||
| Cirrus Logic, Inc. * | 5,956 | 551,287 | ||||||
| Cohu, Inc. * | 5,114 | 170,450 | ||||||
| Diodes, Inc. * | 4,900 | 345,450 | ||||||
| Enphase Energy, Inc. * | 733 | 88,678 | ||||||
| FormFactor, Inc. * | 8,126 | 370,789 | ||||||
| GSI Technology, Inc. *@ | 4,641 | 15,779 | ||||||
| Ichor Holdings Ltd. * | 400 | 15,448 | ||||||
| Kulicke & Soffa Industries, Inc. | 5,924 | 298,037 | ||||||
| Lattice Semiconductor Corp. * | 12,472 | 975,685 | ||||||
| MACOM Technology Solutions Holdings, Inc. * | 2,196 | 210,025 | ||||||
| Magnachip Semiconductor Corp. * | 4,588 | 25,601 | ||||||
| MaxLinear, Inc. * | 7,715 | 144,039 | ||||||
| MKS Instruments, Inc. | 1,144 | 152,152 | ||||||
| NVE Corp. | 502 | 45,270 | ||||||
| Onto Innovation, Inc. * | 4,376 | 792,406 | ||||||
| PDF Solutions, Inc. * | 4,938 | 166,263 | ||||||
| Photronics, Inc. * | 7,008 | 198,467 | ||||||
| Power Integrations, Inc. | 6,164 | 441,034 | ||||||
| Qorvo, Inc. * | 2,760 | 316,931 | ||||||
| Rambus, Inc. * | 11,347 | 701,358 | ||||||
| Semtech Corp. *@ | 7,337 | 201,694 | ||||||
| Silicon Laboratories, Inc. * | 3,386 | 486,636 | ||||||
| Synaptics, Inc. * | 4,162 | 406,045 | ||||||
| Ultra Clean Holdings, Inc. * | 4,298 | 197,450 | ||||||
| Universal Display Corp. | 3,037 | 511,583 | ||||||
| Veeco Instruments, Inc. * | 4,666 | 164,103 | ||||||
| Wolfspeed, Inc. *@ | 10,030 | 295,885 | ||||||
| 9,825,165 | ||||||||
| Software — 3.1% | ||||||||
| A10 Networks, Inc. | 6,016 | 82,359 | ||||||
| ACI Worldwide, Inc. * | 11,727 | 389,454 | ||||||
| Adeia, Inc. | 7,577 | 82,741 | ||||||
| Agilysys, Inc. * | 2,848 | 239,972 | ||||||
| Alarm.com Holdings, Inc. * | 3,799 | 275,314 | ||||||
| Altair Engineering, Inc., Class A * | 3,033 | 261,293 | ||||||
| American Software, Inc., Class A | 4,461 | 51,078 | ||||||
| AppLovin Corp., Class A * | 2,866 | 198,385 | ||||||
| Aspen Technology, Inc. * | 2,122 | 452,580 | ||||||
| Bill Holdings, Inc. * | 3,263 | 224,233 | ||||||
| Blackbaud, Inc. * | 5,719 | 424,007 | ||||||
| Box, Inc., Class A * | 6,867 | 194,473 | ||||||
| CommVault Systems, Inc. * | 2,675 | 271,325 | ||||||
| Consensus Cloud Solutions, Inc. * | 1,449 | 22,981 | ||||||
| SHARES | VALUE† | |||||||
| Digital Turbine, Inc. * | 635 | $ | 1,664 | |||||
| DocuSign, Inc. * | 5,868 | 349,439 | ||||||
| Dolby Laboratories, Inc., Class A | 2,819 | 236,148 | ||||||
| DoubleVerify Holdings, Inc. * | 6,316 | 222,071 | ||||||
| Dropbox, Inc., Class A * | 14,286 | 347,150 | ||||||
| Dynatrace, Inc. * | 7,032 | 326,566 | ||||||
| eGain Corp. * | 4,304 | 27,761 | ||||||
| Elastic NV * | 966 | 96,832 | ||||||
| Envestnet, Inc. * | 3,097 | 179,347 | ||||||
| EverCommerce, Inc. * | 921 | 8,676 | ||||||
| Gen Digital, Inc. | 20,625 | 462,000 | ||||||
| Guidewire Software, Inc. * | 3,956 | 461,705 | ||||||
| InterDigital, Inc. @ | 2,792 | 297,236 | ||||||
| Jamf Holding Corp. * | 4,792 | 87,933 | ||||||
| JFrog Ltd. * | 479 | 21,181 | ||||||
| LiveRamp Holdings, Inc. * | 7,539 | 260,096 | ||||||
| Manhattan Associates, Inc. * | 675 | 168,905 | ||||||
| MeridianLink, Inc. * | 2,090 | 39,083 | ||||||
| Mitek Systems, Inc. * | 1,166 | 16,441 | ||||||
| N-able, Inc. * | 8,171 | 106,795 | ||||||
| Nutanix, Inc., Class A * | 4,947 | 305,329 | ||||||
| Olo, Inc., Class A * | 2,551 | 14,005 | ||||||
| PowerSchool Holdings, Inc., Class A * | 3,215 | 68,447 | ||||||
| Procore Technologies, Inc. * | 3,536 | 290,553 | ||||||
| Progress Software Corp. | 4,772 | 254,395 | ||||||
| Qualys, Inc. * | 3,876 | 646,788 | ||||||
| Rimini Street, Inc. * | 4,492 | 14,644 | ||||||
| Sapiens International Corp. NV | 2,496 | 80,271 | ||||||
| SentinelOne, Inc., Class A * | 5,750 | 134,033 | ||||||
| SolarWinds Corp. * | 5,202 | 65,649 | ||||||
| SPS Commerce, Inc. * | 2,160 | 399,384 | ||||||
| Teradata Corp. * | 6,462 | 249,886 | ||||||
| UiPath, Inc., Class A * | 10,245 | 232,254 | ||||||
| Unity Software, Inc. *@ | 11,422 | 304,967 | ||||||
| Verint Systems, Inc. * | 6,847 | 226,978 | ||||||
| Vertex, Inc., Class A * | 1,558 | 49,482 | ||||||
| Xperi, Inc. * | 3,030 | 36,542 | ||||||
| Yext, Inc. * | 4,488 | 27,063 | ||||||
| 10,287,894 | ||||||||
| Specialty Retail — 4.0% | ||||||||
| 1-800-Flowers.com, Inc., Class A * | 3,880 | 42,020 | ||||||
| Aaron's Co., Inc. (The) | 4,459 | 33,442 | ||||||
| Abercrombie & Fitch Co., Class A * | 3,727 | 467,105 | ||||||
| Academy Sports & Outdoors, Inc. | 2,614 | 176,550 | ||||||
| Advance Auto Parts, Inc. | 3,409 | 290,072 | ||||||
| America's Car-Mart, Inc. * | 822 | 52,501 | ||||||
| American Eagle Outfitters, Inc. | 19,472 | 502,183 | ||||||
| Asbury Automotive Group, Inc. * | 2,143 | 505,276 | ||||||
| AutoNation, Inc. * | 4,060 | 672,255 | ||||||
| Bath & Body Works, Inc. | 5,771 | 288,665 | ||||||
| Boot Barn Holdings, Inc. * | 3,091 | 294,109 | ||||||
| Buckle, Inc. (The) | 5,018 | 202,075 | ||||||
| Build-A-Bear Workshop, Inc. | 1,640 | 48,987 | ||||||
| Burlington Stores, Inc. * | 1,120 | 260,053 | ||||||
| Caleres, Inc. | 3,874 | 158,950 | ||||||
| CarMax, Inc. * | 4,370 | 380,671 | ||||||
| CarParts.com, Inc. * | 2,801 | 4,538 | ||||||
| Cato Corp. (The), Class A | 2,638 | 15,221 | ||||||
| Children's Place, Inc. (The) * | 1,314 | 15,164 | ||||||
| Citi Trends, Inc. * | 818 | 22,192 | ||||||
| Conn's, Inc. * | 3,722 | 12,469 | ||||||
| Destination XL Group, Inc. * | 3,560 | 12,816 | ||||||
| Dick's Sporting Goods, Inc. | 2,101 | 472,431 | ||||||
| Duluth Holdings, Inc., Class B * | 1,185 | 5,806 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Specialty Retail (Continued) | ||||||||
| Five Below, Inc. * | 5,505 | $ | 998,497 | |||||
| Floor & Decor Holdings, Inc., Class A * | 4,489 | 581,864 | ||||||
| Foot Locker, Inc. | 3,452 | 98,382 | ||||||
| GameStop Corp., Class A * | 8,267 | 103,503 | ||||||
| Gap, Inc. (The) | 2,272 | 62,594 | ||||||
| Genesco, Inc. * | 1,490 | 41,929 | ||||||
| Group 1 Automotive, Inc. | 1,502 | 438,929 | ||||||
| Guess?, Inc. | 5,086 | 160,056 | ||||||
| Haverty Furniture Cos., Inc. | 1,983 | 67,660 | ||||||
| Hibbett, Inc. | 1,600 | 122,896 | ||||||
| Leslie's, Inc. * | 6,363 | 41,359 | ||||||
| Lithia Motors, Inc. | 2,910 | 875,503 | ||||||
| MarineMax, Inc. * | 2,209 | 73,471 | ||||||
| Monro, Inc. | 3,090 | 97,459 | ||||||
| Murphy USA, Inc. | 2,265 | 949,488 | ||||||
| National Vision Holdings, Inc. * | 2,877 | 63,754 | ||||||
| ODP Corp. (The) * | 3,360 | 178,248 | ||||||
| Penske Automotive Group, Inc. | 1,742 | 282,187 | ||||||
| PetMed Express, Inc. @ | 2,360 | 11,304 | ||||||
| Revolve Group, Inc. * | 706 | 14,946 | ||||||
| RH * | 318 | 110,747 | ||||||
| Sally Beauty Holdings, Inc. * | 3,610 | 44,836 | ||||||
| Shoe Carnival, Inc. | 3,062 | 112,192 | ||||||
| Signet Jewelers Ltd. | 4,741 | 474,432 | ||||||
| Sleep Number Corp. * | 3,221 | 51,633 | ||||||
| Sonic Automotive, Inc., Class A | 3,080 | 175,375 | ||||||
| Sportsman's Warehouse Holdings, Inc. * | 3,058 | 9,510 | ||||||
| Tilly's, Inc., Class A * | 1,836 | 12,485 | ||||||
| Upbound Group, Inc. | 6,271 | 220,802 | ||||||
| Urban Outfitters, Inc. * | 2,086 | 90,574 | ||||||
| Valvoline, Inc. * | 6,915 | 308,202 | ||||||
| Victoria's Secret & Co. * | 2,341 | 45,369 | ||||||
| Williams-Sonoma, Inc. | 3,597 | 1,142,155 | ||||||
| Winmark Corp. | 455 | 164,573 | ||||||
| Zumiez, Inc. * | 2,406 | 36,547 | ||||||
| 13,199,012 | ||||||||
| Textiles, Apparel & Luxury Goods — 1.2% | ||||||||
| Capri Holdings Ltd. * | 8,276 | 374,903 | ||||||
| Carter's, Inc. | 1,442 | 122,109 | ||||||
| Columbia Sportswear Co. | 3,907 | 317,170 | ||||||
| Delta Apparel, Inc. * | 1,153 | 3,447 | ||||||
| Figs, Inc., Class A * | 2,862 | 14,253 | ||||||
| G-III Apparel Group Ltd. * | 5,008 | 145,282 | ||||||
| Kontoor Brands, Inc. | 2,384 | 143,636 | ||||||
| Lakeland Industries, Inc. | 1,669 | 30,543 | ||||||
| Movado Group, Inc. | 2,220 | 62,005 | ||||||
| Oxford Industries, Inc. | 1,665 | 187,146 | ||||||
| PVH Corp. | 1,378 | 193,761 | ||||||
| Ralph Lauren Corp. | 2,279 | 427,905 | ||||||
| Rocky Brands, Inc. | 1,000 | 27,130 | ||||||
| Skechers U.S.A., Inc., Class A * | 6,530 | 400,028 | ||||||
| Steven Madden Ltd. | 7,918 | 334,773 | ||||||
| Superior Group of Cos., Inc. | 2,200 | 36,344 | ||||||
| Tapestry, Inc. | 18,072 | 858,059 | ||||||
| Under Armour, Inc., Class A * | 2,222 | 16,398 | ||||||
| Under Armour, Inc., Class C * | 1,318 | 9,410 | ||||||
| Unifi, Inc. * | 2,394 | 14,340 | ||||||
| VF Corp. | 1,731 | 26,553 | ||||||
| SHARES | VALUE† | |||||||
| Wolverine World Wide, Inc. | 5,855 | $ | 65,634 | |||||
| 3,810,829 | ||||||||
| Tobacco — 0.1% | ||||||||
| Turning Point Brands, Inc. | 1,280 | 37,504 | ||||||
| Universal Corp. | 2,612 | 135,093 | ||||||
| Vector Group Ltd. | 12,276 | 134,545 | ||||||
| 307,142 | ||||||||
| Trading Companies & Distributors — 1.8% | ||||||||
| Air Lease Corp. | 5,985 | 307,868 | ||||||
| Applied Industrial Technologies, Inc. | 4,081 | 806,202 | ||||||
| Beacon Roofing Supply, Inc. * | 6,560 | 643,011 | ||||||
| Boise Cascade Co. | 3,680 | 564,402 | ||||||
| Core & Main, Inc., Class A * | 2,709 | 155,090 | ||||||
| Distribution Solutions Group, Inc. * | 224 | 7,948 | ||||||
| DNOW, Inc. * | 6,508 | 98,922 | ||||||
| DXP Enterprises, Inc. * | 1,824 | 98,004 | ||||||
| GATX Corp. | 3,309 | 443,505 | ||||||
| Global Industrial Co. | 3,603 | 161,342 | ||||||
| GMS, Inc. * | 2,900 | 282,286 | ||||||
| H&E Equipment Services, Inc. | 3,452 | 221,549 | ||||||
| Herc Holdings, Inc. | 2,648 | 445,658 | ||||||
| MRC Global, Inc. * | 5,657 | 71,109 | ||||||
| MSC Industrial Direct Co., Inc., Class A | 936 | 90,830 | ||||||
| Rush Enterprises, Inc., Class A | 7,718 | 413,067 | ||||||
| SiteOne Landscape Supply, Inc. * | 413 | 72,089 | ||||||
| Titan Machinery, Inc. * | 2,515 | 62,397 | ||||||
| WESCO International, Inc. | 4,569 | 782,578 | ||||||
| Willis Lease Finance Corp. * | 900 | 44,658 | ||||||
| 5,772,515 | ||||||||
| Water Utilities — 0.4% | ||||||||
| American States Water Co. | 4,082 | 294,884 | ||||||
| Artesian Resources Corp., Class A | 1,177 | 43,678 | ||||||
| California Water Service Group | 6,097 | 283,389 | ||||||
| Consolidated Water Co. Ltd. | 1,751 | 51,322 | ||||||
| Essential Utilities, Inc. | 8,329 | 308,589 | ||||||
| Middlesex Water Co. | 2,133 | 111,982 | ||||||
| Pure Cycle Corp. * | 1,000 | 9,500 | ||||||
| SJW Group | 2,989 | 169,148 | ||||||
| York Water Co. (The) | 1,803 | 65,395 | ||||||
| 1,337,887 | ||||||||
| Wireless Telecommunication Services — 0.1% | ||||||||
| Gogo, Inc. * | 1,021 | 8,964 | ||||||
| Shenandoah Telecommunications Co. | 6,413 | 111,394 | ||||||
| Spok Holdings, Inc. | 2,839 | 45,282 | ||||||
| U.S. Cellular Corp. * | 1,551 | 56,612 | ||||||
| 222,252 | ||||||||
| TOTAL COMMON STOCKS (Identified Cost $163,961,823) | 326,202,562 | |||||||
| PREFERRED STOCKS — 0.0% | ||||||||
| Media — 0.0% | ||||||||
| Liberty Broadband Corp. 7.000% | 1,225 | 28,543 | ||||||
| TOTAL PREFERRED STOCKS (Identified Cost $4,658) | 28,543 | |||||||
| SHORT-TERM INVESTMENTS — 0.6% | ||||||||
| Investment Company — 0.2% | ||||||||
| State Street Institutional U.S. Government Money Market Fund 5.010% | 519,769 | 519,769 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| SHORT-TERM INVESTMENTS (Continued) | ||||||||
| Collateral For Securities On Loan — 0.4% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio 5.340% | $ | 1,297,674 | $ | 1,297,674 | ||||
| TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,817,443) | 1,817,443 | |||||||
| Total Investments — 100.5% (Identified Cost $165,783,924) | 328,048,548 | |||||||
| Liabilities in excess of Cash and Other Assets — (0.5%) | (1,496,412 | ) | ||||||
| Net Assets — 100.0% | $ | 326,552,136 | ||||||
| † | See Note 1 | |
| * | Non-income producing security | |
| @ | A portion or all of the security was held on loan. As of March 31, 2024, the fair value of the securities on loan was $5,795,478. | |
| ¶ | Contingent value rights based on future performance. | |
| <> | 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:
CMT — Constant Maturity Treasury
CVR — Contingent Value Rights
The accompanying notes are an integral part of these portfolio of investments.
Portfolio Sectors as of March 31, 2024
(As a percentage of long-term investments) (Unaudited)
| Sector | Percentage | |||
| Industrials | 22.0 | % | ||
| Financials | 18.3 | % | ||
| Consumer Discretionary | 15.9 | % | ||
| Information Technology | 11.9 | % | ||
| Health Care | 9.5 | % | ||
| Materials | 6.4 | % | ||
| Consumer Staples | 4.9 | % | ||
| Energy | 4.6 | % | ||
| Utilities | 3.6 | % | ||
| Other | 2.9 | % | ||
| 100.0 | % | |||
SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited)
| SHARES | VALUE† | |||||||
| COMMON STOCKS — 97.9% | ||||||||
| Australia — 6.1% | ||||||||
| Ampol Ltd. | 9,808 | $ | 254,313 | |||||
| ANZ Group Holdings Ltd. | 171,032 | 3,276,719 | ||||||
| Aurizon Holdings Ltd. | 293,809 | 765,843 | ||||||
| Bendigo & Adelaide Bank Ltd. @ | 40,324 | 269,341 | ||||||
| BlueScope Steel Ltd. | 156,620 | 2,434,165 | ||||||
| Challenger Ltd. @ | 30,072 | 139,331 | ||||||
| Cleanaway Waste Management Ltd. @ | 139,337 | 246,973 | ||||||
| Evolution Mining Ltd. | 260,215 | 607,057 | ||||||
| Harvey Norman Holdings Ltd. @ | 136,089 | 456,714 | ||||||
| Incitec Pivot Ltd. | 195,063 | 367,356 | ||||||
| Insurance Australia Group Ltd. | 23,277 | 97,078 | ||||||
| National Australia Bank Ltd. | 258,849 | 5,843,039 | ||||||
| Northern Star Resources Ltd. | 111,364 | 1,050,093 | ||||||
| Orica Ltd. @ | 50,333 | 598,919 | ||||||
| Origin Energy Ltd. | 168,307 | 1,009,031 | ||||||
| QBE Insurance Group Ltd. | 61,986 | 732,328 | ||||||
| Rio Tinto Ltd. @ | 18,815 | 1,492,874 | ||||||
| Santos Ltd. | 542,800 | 2,741,296 | ||||||
| Seven Group Holdings Ltd. @ | 3,940 | 104,677 | ||||||
| Sonic Healthcare Ltd. | 60,106 | 1,151,933 | ||||||
| South32 Ltd. @ | 715,837 | 1,399,426 | ||||||
| Suncorp Group Ltd. | 169,164 | 1,805,661 | ||||||
| TPG Telecom Ltd. @ | 41,292 | 121,355 | ||||||
| Westpac Banking Corp. | 199,169 | 3,387,480 | ||||||
| Whitehaven Coal Ltd. | 137,340 | 635,433 | ||||||
| Woodside Energy Group Ltd. | 157,968 | 3,139,666 | ||||||
| Worley Ltd. | 30,039 | 327,880 | ||||||
| Yancoal Australia Ltd. @ | 33,779 | 115,343 | ||||||
| 34,571,324 | ||||||||
| Austria — 0.2% | ||||||||
| Erste Group Bank AG | 1,782 | 79,400 | ||||||
| Mondi PLC | 39,669 | 698,702 | ||||||
| OMV AG | 4,549 | 215,251 | ||||||
| 993,353 | ||||||||
| Belgium — 0.7% | ||||||||
| Ageas SA | 21,755 | 1,007,349 | ||||||
| KBC Group NV | 25,395 | 1,901,927 | ||||||
| Solvay SA @ | 9,936 | 271,202 | ||||||
| Syensqo SA * | 9,936 | 940,953 | ||||||
| 4,121,431 | ||||||||
| Bermuda — 0.0% | ||||||||
| Golden Ocean Group Ltd. | 18,503 | 232,981 | ||||||
| Canada — 9.9% | ||||||||
| Agnico Eagle Mines Ltd. | 48,665 | 2,902,867 | ||||||
| AltaGas Ltd. @ | 24,518 | 541,566 | ||||||
| ARC Resources Ltd. @ | 28,212 | 502,986 | ||||||
| Bank of Montreal | 3,225 | 314,869 | ||||||
| Bank of Montreal @ | 55,679 | 5,438,725 | ||||||
| Bank of Nova Scotia (The) @ | 76,783 | 3,975,824 | ||||||
| Bank of Nova Scotia (The) @ | 18,431 | 953,424 | ||||||
| Barrick Gold Corp. | 6,661 | 110,791 | ||||||
| Barrick Gold Corp. | 76,976 | 1,280,881 | ||||||
| Brookfield Corp., Class A @ | 5,620 | 235,309 | ||||||
| Canadian Imperial Bank of Commerce @ | 18,668 | 946,841 | ||||||
| Canadian Imperial Bank of Commerce | 81,273 | 4,120,200 | ||||||
| Cenovus Energy, Inc. @ | 53,936 | 1,078,181 | ||||||
| Fairfax Financial Holdings Ltd. | 3,439 | 3,706,976 | ||||||
| First Quantum Minerals Ltd. | 25,434 | 273,389 | ||||||
| iA Financial Corp., Inc. | 16,360 | 1,016,348 | ||||||
| Imperial Oil Ltd. @ | 2,900 | 200,477 | ||||||
| Kinross Gold Corp. | 173,331 | 1,063,365 | ||||||
| Kinross Gold Corp. | 40,702 | 249,503 | ||||||
| SHARES | VALUE† | |||||||
| Lundin Mining Corp. | 133,036 | $ | 1,361,248 | |||||
| Magna International, Inc. @ | 52,493 | 2,859,819 | ||||||
| Manulife Financial Corp. @ | 176,474 | 4,410,085 | ||||||
| MEG Energy Corp. * | 17,402 | 399,544 | ||||||
| Nutrien Ltd. | 71,837 | 3,901,468 | ||||||
| Suncor Energy, Inc. ¥ | 67,770 | 2,501,068 | ||||||
| Suncor Energy, Inc. | 75,341 | 2,780,836 | ||||||
| Teck Resources Ltd., Class B | 103,946 | 4,758,648 | ||||||
| Toronto-Dominion Bank (The) | 1,749 | 105,556 | ||||||
| Toronto-Dominion Bank (The) @ | 28,089 | 1,696,014 | ||||||
| Tourmaline Oil Corp. | 28,189 | 1,317,935 | ||||||
| West Fraser Timber Co. Ltd. @ | 9,956 | 859,661 | ||||||
| Whitecap Resources, Inc. @ | 20,029 | 151,561 | ||||||
| 56,015,965 | ||||||||
| China — 0.1% | ||||||||
| ESR Group Ltd. @± | 165,600 | 177,091 | ||||||
| Prosus NV | 18,084 | 567,251 | ||||||
| 744,342 | ||||||||
| Denmark — 2.6% | ||||||||
| AP Moller - Maersk AS, Class A | 191 | 244,073 | ||||||
| AP Moller - Maersk AS, Class B | 261 | 339,526 | ||||||
| Carlsberg AS, Class B | 15,826 | 2,159,927 | ||||||
| Coloplast AS, Class B | 4,543 | 612,668 | ||||||
| Danske Bank AS | 41,578 | 1,242,436 | ||||||
| Demant AS * | 12,776 | 633,825 | ||||||
| DSV AS | 16,777 | 2,722,621 | ||||||
| Genmab AS * | 4,957 | 1,494,158 | ||||||
| H Lundbeck AS | 21,000 | 100,902 | ||||||
| Novonesis (Novozymes), Class B | 40,558 | 2,376,983 | ||||||
| Pandora AS | 7,588 | 1,223,172 | ||||||
| ROCKWOOL AS, Class B * | 1,053 | 345,575 | ||||||
| Tryg AS | 15,313 | 314,949 | ||||||
| Vestas Wind Systems AS * | 26,882 | 750,411 | ||||||
| 14,561,226 | ||||||||
| Finland — 0.6% | ||||||||
| Fortum OYJ @ | 25,594 | 316,020 | ||||||
| Nokia OYJ | 18,157 | 64,467 | ||||||
| Nokia OYJ, ADR | 486,141 | 1,720,939 | ||||||
| Nordea Bank Abp | 47,570 | 537,330 | ||||||
| Stora Enso OYJ, Class R @ | 67,207 | 934,243 | ||||||
| 3,572,999 | ||||||||
| France — 11.5% | ||||||||
| Adevinta ASA * | 8,113 | 85,042 | ||||||
| Amundi SA ± | 5,568 | 382,348 | ||||||
| Arkema SA | 12,548 | 1,320,439 | ||||||
| BNP Paribas SA | 57,117 | 4,058,337 | ||||||
| Bollore SE | 117,541 | 784,948 | ||||||
| Bouygues SA | 48,843 | 1,993,424 | ||||||
| Carrefour SA | 128,110 | 2,194,107 | ||||||
| Cie de Saint-Gobain SA | 92,022 | 7,141,061 | ||||||
| Cie Generale des Etablissements Michelin SCA | 119,912 | 4,595,118 | ||||||
| Credit Agricole SA | 62,747 | 935,269 | ||||||
| Eiffage SA | 11,127 | 1,262,259 | ||||||
| Engie SA | 96,094 | 1,607,937 | ||||||
| Orange SA | 322,578 | 3,789,168 | ||||||
| Publicis Groupe SA | 20,708 | 2,257,540 | ||||||
| Renault SA | 29,529 | 1,490,765 | ||||||
| Rexel SA | 28,911 | 780,701 | ||||||
| Sanofi SA | 54,372 | 5,335,643 | ||||||
| Societe Generale SA | 61,863 | 1,655,841 | ||||||
| TotalEnergies SE @ | 332,966 | 22,799,715 | ||||||
| Vinci SA | 1,446 | 185,268 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| France (Continued) | ||||||||
| Vivendi SE | 40,220 | $ | 438,253 | |||||
| 65,093,183 | ||||||||
| Germany — 6.6% | ||||||||
| BASF SE | 65,229 | 3,724,806 | ||||||
| Bayer AG | 93,338 | 2,862,835 | ||||||
| Bayerische Motoren Werke AG | 40,060 | 4,622,675 | ||||||
| Commerzbank AG | 122,047 | 1,676,164 | ||||||
| Continental AG | 11,926 | 860,760 | ||||||
| Covestro AG *± | 16,685 | 912,271 | ||||||
| Daimler Truck Holding AG | 61,594 | 3,120,524 | ||||||
| Deutsche Bank AG | 46,122 | 725,582 | ||||||
| Deutsche Bank AG | 92,725 | 1,462,273 | ||||||
| Deutsche Telekom AG | 18,680 | 453,441 | ||||||
| Evonik Industries AG | 20,942 | 414,022 | ||||||
| Fresenius Medical Care AG | 20,893 | 803,566 | ||||||
| Fresenius SE & Co. KGaA | 34,117 | 920,178 | ||||||
| Hapag-Lloyd AG @± | 402 | 60,587 | ||||||
| Heidelberg Materials AG | 25,898 | 2,848,489 | ||||||
| Henkel AG & Co. KGaA | 2,252 | 162,198 | ||||||
| Mercedes-Benz Group AG | 122,485 | 9,753,470 | ||||||
| RWE AG | 32,833 | 1,114,372 | ||||||
| Siemens Energy AG * | 13,742 | 252,108 | ||||||
| Volkswagen AG | 4,164 | 636,114 | ||||||
| 37,386,435 | ||||||||
| Hong Kong — 1.2% | ||||||||
| BOC Hong Kong Holdings Ltd. | 302,500 | 809,692 | ||||||
| Cathay Pacific Airways Ltd. @* | 230,363 | 261,652 | ||||||
| CK Asset Holdings Ltd. | 210,069 | 864,227 | ||||||
| CK Hutchison Holdings Ltd. | 324,624 | 1,567,771 | ||||||
| CK Infrastructure Holdings Ltd. | 24,000 | 140,439 | ||||||
| Hang Lung Properties Ltd. | 45,000 | 46,110 | ||||||
| Henderson Land Development Co. Ltd. | 112,684 | 321,053 | ||||||
| Hong Kong & China Gas Co. Ltd. | 135,000 | 102,282 | ||||||
| MTR Corp. Ltd. | 25,669 | 84,613 | ||||||
| Sun Hung Kai Properties Ltd. | 111,677 | 1,076,548 | ||||||
| Swire Pacific Ltd., Class A | 53,500 | 440,200 | ||||||
| Swire Pacific Ltd., Class B | 127,500 | 166,158 | ||||||
| Tsim Sha Tsui Properties Ltd. @ | 6,907 | 16,132 | ||||||
| WH Group Ltd. ± | 1,427,959 | 941,403 | ||||||
| 6,838,280 | ||||||||
| Ireland — 0.3% | ||||||||
| AIB Group PLC | 42,862 | 217,521 | ||||||
| Bank of Ireland Group PLC | 56,367 | 574,669 | ||||||
| Flutter Entertainment PLC * | 3,025 | 602,863 | ||||||
| Smurfit Kappa Group PLC | 10,152 | 462,961 | ||||||
| 1,858,014 | ||||||||
| Israel — 0.5% | ||||||||
| Bank Hapoalim BM | 56,083 | 525,924 | ||||||
| Bank Leumi Le-Israel BM | 144,144 | 1,198,439 | ||||||
| Delek Group Ltd. | 904 | 118,235 | ||||||
| Harel Insurance Investments & Financial Services Ltd. * | 13,270 | 127,725 | ||||||
| Israel Discount Bank Ltd., Class A | 113,725 | 588,601 | ||||||
| Menora Mivtachim Holdings Ltd. | 591 | 15,881 | ||||||
| Phoenix Holdings Ltd. (The) | 11,727 | 117,115 | ||||||
| 2,691,920 | ||||||||
| SHARES | VALUE† | |||||||
| Italy — 1.6% | ||||||||
| Banco BPM SpA | 43,063 | $ | 286,556 | |||||
| Eni SpA | 112,330 | 1,775,150 | ||||||
| Intesa Sanpaolo SpA | 132,936 | 482,315 | ||||||
| Telecom Italia SpA @* | 570,741 | 138,604 | ||||||
| UniCredit SpA | 172,773 | 6,556,484 | ||||||
| 9,239,109 | ||||||||
| Japan — 22.1% | ||||||||
| AGC, Inc. | 48,500 | 1,756,355 | ||||||
| Air Water, Inc. | 14,100 | 219,864 | ||||||
| Aisin Corp. | 22,500 | 915,131 | ||||||
| Alfresa Holdings Corp. | 10,900 | 157,905 | ||||||
| Amada Co. Ltd. | 37,100 | 422,638 | ||||||
| Asahi Group Holdings Ltd. | 26,300 | 963,187 | ||||||
| Asahi Kasei Corp. | 191,300 | 1,398,924 | ||||||
| Bridgestone Corp. | 26,000 | 1,149,201 | ||||||
| Brother Industries Ltd. | 35,600 | 658,240 | ||||||
| Canon Marketing Japan, Inc. | 7,400 | 217,434 | ||||||
| Canon, Inc. @ | 5,400 | 160,559 | ||||||
| Chiba Bank Ltd. (The) | 63,800 | 529,981 | ||||||
| Coca-Cola Bottlers Japan Holdings, Inc. | 8,000 | 117,823 | ||||||
| COMSYS Holdings Corp. | 2,900 | 67,701 | ||||||
| Concordia Financial Group Ltd. | 111,200 | 557,689 | ||||||
| Cosmo Energy Holdings Co. Ltd. | 11,900 | 595,236 | ||||||
| Dai-ichi Life Holdings, Inc. | 77,400 | 1,968,490 | ||||||
| Daicel Corp. | 52,000 | 511,653 | ||||||
| Daiwa House Industry Co. Ltd. | 42,100 | 1,247,871 | ||||||
| Daiwa Securities Group, Inc. | 41,200 | 311,898 | ||||||
| Dentsu Group, Inc. | 15,200 | 420,716 | ||||||
| Dowa Holdings Co. Ltd. | 9,600 | 329,893 | ||||||
| ENEOS Holdings, Inc. | 470,600 | 2,259,116 | ||||||
| FUJIFILM Holdings Corp. | 44,700 | 1,000,420 | ||||||
| Fujikura Ltd. | 10,500 | 154,677 | ||||||
| Fukuoka Financial Group, Inc. @ | 13,600 | 361,876 | ||||||
| Hachijuni Bank Ltd. (The) | 8,600 | 57,862 | ||||||
| Hakuhodo DY Holdings, Inc. | 10,500 | 94,332 | ||||||
| Hankyu Hanshin Holdings, Inc. | 26,100 | 746,896 | ||||||
| Haseko Corp. | 30,800 | 379,761 | ||||||
| Hitachi Construction Machinery Co. Ltd. | 8,000 | 240,349 | ||||||
| Honda Motor Co. Ltd. | 466,200 | 5,738,959 | ||||||
| Idemitsu Kosan Co. Ltd. | 147,000 | 1,003,111 | ||||||
| Iida Group Holdings Co. Ltd. @ | 26,100 | 336,465 | ||||||
| INFRONEER Holdings, Inc. @ | 12,800 | 122,436 | ||||||
| Inpex Corp. | 144,500 | 2,194,991 | ||||||
| Isetan Mitsukoshi Holdings Ltd. @ | 25,900 | 419,177 | ||||||
| Isuzu Motors Ltd. | 85,200 | 1,147,594 | ||||||
| Iwatani Corp. | 4,900 | 263,580 | ||||||
| J Front Retailing Co. Ltd. | 35,100 | 388,841 | ||||||
| Japan Post Holdings Co. Ltd. | 71,600 | 720,115 | ||||||
| Japan Post Insurance Co. Ltd. | 4,500 | 85,895 | ||||||
| JFE Holdings, Inc. | 50,400 | 831,843 | ||||||
| JTEKT Corp. | 43,200 | 406,231 | ||||||
| Kajima Corp. | 54,000 | 1,104,043 | ||||||
| Kamigumi Co. Ltd. | 15,700 | 344,844 | ||||||
| Kawasaki Heavy Industries Ltd. @ | 30,100 | 985,239 | ||||||
| Kobe Steel Ltd. @ | 43,300 | 584,656 | ||||||
| Koito Manufacturing Co. Ltd. | 22,800 | 306,500 | ||||||
| Komatsu Ltd. | 37,400 | 1,102,630 | ||||||
| Kubota Corp. | 31,200 | 487,745 | ||||||
| Kuraray Co. Ltd. | 76,400 | 815,327 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Japan (Continued) | ||||||||
| Kyoto Financial Group, Inc. | 26,000 | $ | 467,426 | |||||
| Lixil Corp. | 42,700 | 524,935 | ||||||
| LY Corp. | 188,400 | 476,040 | ||||||
| Mabuchi Motor Co. Ltd. | 10,200 | 185,329 | ||||||
| Marubeni Corp. | 44,000 | 758,766 | ||||||
| Mazda Motor Corp. | 65,100 | 757,522 | ||||||
| Mebuki Financial Group, Inc. | 83,070 | 272,126 | ||||||
| Medipal Holdings Corp. | 17,700 | 270,212 | ||||||
| Mitsubishi Chemical Group Corp. | 185,800 | 1,128,326 | ||||||
| Mitsubishi Corp. | 270,600 | 6,226,052 | ||||||
| Mitsubishi Electric Corp. | 57,800 | 962,761 | ||||||
| Mitsubishi Estate Co. Ltd. | 82,000 | 1,486,920 | ||||||
| Mitsubishi Gas Chemical Co., Inc. | 21,400 | 357,798 | ||||||
| Mitsubishi Logistics Corp. | 2,500 | 80,757 | ||||||
| Mitsubishi Motors Corp. @ | 88,400 | 289,353 | ||||||
| Mitsubishi UFJ Financial Group, Inc. | 206,400 | 2,092,905 | ||||||
| Mitsubishi UFJ Financial Group, Inc., ADR @ | 391,058 | 4,000,523 | ||||||
| Mitsui Chemicals, Inc. @ | 47,200 | 1,380,018 | ||||||
| Mitsui Fudosan Co. Ltd. | 162,300 | 1,740,613 | ||||||
| Mizuho Financial Group, Inc. | 116,740 | 2,304,262 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 74,184 | 1,305,742 | ||||||
| NEC Corp. | 24,500 | 1,782,716 | ||||||
| NGK Insulators Ltd. | 41,200 | 552,763 | ||||||
| NH Foods Ltd. | 11,033 | 368,860 | ||||||
| Nikon Corp. @ | 17,200 | 173,272 | ||||||
| NIPPON EXPRESS HOLDINGS, Inc. | 15,900 | 809,705 | ||||||
| Nippon Steel Corp. @ | 60,327 | 1,446,206 | ||||||
| Nissan Motor Co. Ltd. @ | 222,800 | 878,955 | ||||||
| Niterra Co. Ltd. @ | 18,000 | 595,363 | ||||||
| Nomura Holdings, Inc. | 175,700 | 1,119,104 | ||||||
| Nomura Real Estate Holdings, Inc. | 23,700 | 667,414 | ||||||
| NSK Ltd. | 59,600 | 338,828 | ||||||
| Obayashi Corp. | 72,500 | 858,956 | ||||||
| Oji Holdings Corp. @ | 226,000 | 936,964 | ||||||
| Otsuka Holdings Co. Ltd. | 10,100 | 418,398 | ||||||
| Panasonic Holdings Corp. | 194,100 | 1,844,450 | ||||||
| Resona Holdings, Inc. | 206,800 | 1,273,204 | ||||||
| Resonac Holdings Corp. | 14,000 | 324,244 | ||||||
| Ricoh Co. Ltd. | 81,000 | 717,806 | ||||||
| Rohm Co. Ltd. | 24,600 | 392,531 | ||||||
| Sankyu, Inc. | 1,500 | 51,466 | ||||||
| SBI Holdings, Inc. | 20,500 | 535,589 | ||||||
| Seiko Epson Corp. @ | 40,700 | 708,446 | ||||||
| Seino Holdings Co. Ltd. @ | 20,400 | 279,695 | ||||||
| Sekisui Chemical Co. Ltd. | 16,000 | 233,373 | ||||||
| Sekisui House Ltd. | 42,700 | 968,634 | ||||||
| Shimizu Corp. @ | 49,600 | 319,297 | ||||||
| Shizuoka Financial Group, Inc. | 46,000 | 436,359 | ||||||
| Sohgo Security Services Co. Ltd. | 12,000 | 65,002 | ||||||
| Sojitz Corp. | 35,820 | 940,813 | ||||||
| Sompo Holdings, Inc. | 28,800 | 601,189 | ||||||
| Subaru Corp. | 90,700 | 2,052,703 | ||||||
| SUMCO Corp. | 46,300 | 728,388 | ||||||
| Sumitomo Chemical Co. Ltd. @ | 157,200 | 340,922 | ||||||
| Sumitomo Corp. | 84,300 | 2,021,462 | ||||||
| Sumitomo Electric Industries Ltd. | 164,200 | 2,532,745 | ||||||
| Sumitomo Forestry Co. Ltd. | 33,800 | 1,059,683 | ||||||
| Sumitomo Heavy Industries Ltd. | 26,000 | 814,969 | ||||||
| Sumitomo Metal Mining Co. Ltd. | 35,500 | 1,051,305 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 71,100 | 4,148,204 | ||||||
| Sumitomo Mitsui Trust Holdings, Inc. | 49,800 | 1,071,795 | ||||||
| Sumitomo Realty & Development Co. Ltd. | 42,000 | 1,558,145 | ||||||
| SHARES | VALUE† | |||||||
| Sumitomo Rubber Industries Ltd. | 42,800 | $ | 525,316 | |||||
| Suzuken Co. Ltd. | 1,100 | 33,477 | ||||||
| Suzuki Motor Corp. | 82,800 | 941,332 | ||||||
| Taiheiyo Cement Corp. | 7,500 | 172,216 | ||||||
| Taisei Corp. | 7,200 | 261,736 | ||||||
| Takashimaya Co. Ltd. | 13,100 | 208,555 | ||||||
| Takeda Pharmaceutical Co. Ltd. | 126,173 | 3,503,139 | ||||||
| Teijin Ltd. | 13,099 | 118,590 | ||||||
| THK Co. Ltd. | 10,700 | 250,218 | ||||||
| Tokyo Tatemono Co. Ltd. | 37,600 | 632,255 | ||||||
| Tokyu Fudosan Holdings Corp. | 132,300 | 1,064,046 | ||||||
| Toray Industries, Inc. | 166,100 | 796,156 | ||||||
| Tosoh Corp. | 58,300 | 789,696 | ||||||
| Toyo Seikan Group Holdings Ltd. | 16,700 | 262,503 | ||||||
| Toyo Tire Corp. | 7,400 | 139,172 | ||||||
| Toyoda Gosei Co. Ltd. | 15,300 | 335,553 | ||||||
| Toyota Boshoku Corp. | 9,700 | 164,614 | ||||||
| Toyota Motor Corp. | 322,150 | 8,099,504 | ||||||
| Toyota Tsusho Corp. | 16,000 | 1,091,822 | ||||||
| Yamada Holdings Co. Ltd. | 48,000 | 138,946 | ||||||
| Yamaha Motor Co. Ltd. | 111,600 | 1,024,364 | ||||||
| Yokohama Rubber Co. Ltd. (The) | 27,600 | 741,324 | ||||||
| Zeon Corp. | 12,700 | 110,280 | ||||||
| 125,857,023 | ||||||||
| Netherlands — 5.0% | ||||||||
| ABN AMRO Group NV, GDR ± | 42,957 | 734,555 | ||||||
| Aegon Ltd. | 149,418 | 910,778 | ||||||
| Akzo Nobel NV | 17,322 | 1,292,825 | ||||||
| ArcelorMittal SA @ | 53,395 | 1,472,634 | ||||||
| ArcelorMittal SA = | 1,708 | 46,905 | ||||||
| ASR Nederland NV | 2,953 | 144,606 | ||||||
| Coca-Cola Europacific Partners PLC | 11,332 | 800,772 | ||||||
| Heineken NV | 16,759 | 1,615,307 | ||||||
| ING Groep NV | 253,754 | 4,173,783 | ||||||
| JDE Peet's NV @ | 9,259 | 194,387 | ||||||
| Koninklijke Ahold Delhaize NV | 179,778 | 5,376,390 | ||||||
| Koninklijke KPN NV | 263,030 | 983,546 | ||||||
| Koninklijke Philips NV ¢ | 34,541 | 693,344 | ||||||
| Koninklijke Philips NV @* | 17,339 | 346,780 | ||||||
| NN Group NV | 31,090 | 1,436,245 | ||||||
| Randstad NV @ | 16,773 | 885,234 | ||||||
| Stellantis NV | 191,757 | 5,450,175 | ||||||
| Stellantis NV @ | 56,317 | 1,593,771 | ||||||
| 28,152,037 | ||||||||
| New Zealand — 0.2% | ||||||||
| Auckland International Airport Ltd. @ | 100,959 | 503,655 | ||||||
| Fletcher Building Ltd. @ | 101,890 | 250,802 | ||||||
| Genesis Energy Ltd. | 26,157 | 38,444 | ||||||
| Infratil Ltd. | 22,728 | 147,873 | ||||||
| Mercury NZ Ltd. | 18,796 | 77,822 | ||||||
| Port of Tauranga Ltd. | 3,033 | 9,785 | ||||||
| Ryman Healthcare Ltd. @* | 22,869 | 62,167 | ||||||
| Summerset Group Holdings Ltd. | 14,844 | 101,101 | ||||||
| 1,191,649 | ||||||||
| Norway — 0.5% | ||||||||
| Aker BP ASA | 20,563 | 511,021 | ||||||
| DNB Bank ASA | 34,741 | 688,324 | ||||||
| Norsk Hydro ASA | 88,167 | 482,395 | ||||||
| SpareBank 1 SR-Bank ASA | 18,440 | 230,999 | ||||||
| Stolt-Nielsen Ltd. | 3,929 | 144,761 | ||||||
| Subsea 7 SA | 28,831 | 458,231 | ||||||
| Wallenius Wilhelmsen ASA | 13,553 | 110,294 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Norway (Continued) | ||||||||
| Yara International ASA | 13,680 | $ | 432,080 | |||||
| 3,058,105 | ||||||||
| Portugal — 0.1% | ||||||||
| EDP Renovaveis SA @ | 8,006 | 108,354 | ||||||
| Galp Energia SGPS SA | 16,108 | 266,146 | ||||||
| 374,500 | ||||||||
| Singapore — 0.9% | ||||||||
| BW LPG Ltd. ± | 5,825 | 64,922 | ||||||
| CapitaLand Investment Ltd. | 167,400 | 332,258 | ||||||
| City Developments Ltd. @ | 34,200 | 148,173 | ||||||
| Great Eastern Holdings Ltd. | 3,000 | 40,481 | ||||||
| Hongkong Land Holdings Ltd. | 101,200 | 310,684 | ||||||
| Keppel Ltd. | 241,100 | 1,310,627 | ||||||
| Oversea-Chinese Banking Corp. Ltd. | 82,149 | 820,730 | ||||||
| Seatrium Ltd. @* | 5,948,805 | 348,051 | ||||||
| United Overseas Bank Ltd. | 48,900 | 1,061,477 | ||||||
| UOL Group Ltd. | 47,218 | 201,076 | ||||||
| Wilmar International Ltd. | 273,400 | 694,510 | ||||||
| 5,332,989 | ||||||||
| Spain — 3.1% | ||||||||
| Banco Bilbao Vizcaya Argentaria SA | 91,765 | 1,092,967 | ||||||
| Banco Bilbao Vizcaya Argentaria SA, ADR @ | 180,366 | 2,135,534 | ||||||
| Banco de Sabadell SA | 74,625 | 117,141 | ||||||
| Banco Santander SA | 1,654,430 | 8,070,342 | ||||||
| Banco Santander SA, ADR | 210,864 | 1,020,582 | ||||||
| CaixaBank SA @ | 301,099 | 1,459,509 | ||||||
| Repsol SA | 211,452 | 3,522,250 | ||||||
| Telefonica SA, ADR @ | 6,496 | 28,647 | ||||||
| 17,446,972 | ||||||||
| Sweden — 2.2% | ||||||||
| Billerud Aktiebolag | 22,377 | 200,732 | ||||||
| Boliden AB | 34,071 | 946,151 | ||||||
| Dometic Group AB ± | 15,032 | 121,531 | ||||||
| Essity AB, Class B @ | 3,803 | 90,314 | ||||||
| Getinge AB, Class B | 7,190 | 144,687 | ||||||
| Holmen AB, Class B * | 8,941 | 363,688 | ||||||
| Husqvarna AB, Class B @ | 42,676 | 365,361 | ||||||
| Loomis AB | 8,247 | 230,213 | ||||||
| Millicom International Cellular SA, SDR * | 20,565 | 419,216 | ||||||
| Securitas AB, Class B | 59,785 | 616,337 | ||||||
| Skandinaviska Enskilda Banken AB, Class A @ | 140,768 | 1,906,233 | ||||||
| Skanska AB, Class B | 23,704 | 421,862 | ||||||
| SKF AB, Class B @ | 64,782 | 1,322,390 | ||||||
| SKF AB, Class A | 839 | 17,127 | ||||||
| SSAB AB, Class A | 29,362 | 216,704 | ||||||
| SSAB AB, Class B | 84,454 | 622,517 | ||||||
| Svenska Cellulosa AB SCA, Class A | 244 | 3,743 | ||||||
| Svenska Cellulosa AB SCA, Class B @ | 25,812 | 396,199 | ||||||
| Svenska Handelsbanken AB, Class A @ | 54,423 | 550,382 | ||||||
| Svenska Handelsbanken AB, Class B | 1,918 | 24,262 | ||||||
| Swedbank AB, Class A @ | 38,879 | 771,115 | ||||||
| Swedish Orphan Biovitrum AB * | 7,957 | 198,628 | ||||||
| Tele2 AB, Class B | 45,909 | 376,999 | ||||||
| Telefonaktiebolaget LM Ericsson, Class B @ | 195,119 | 1,050,697 | ||||||
| SHARES | VALUE† | |||||||
| Telia Co. AB | 221,905 | $ | 568,652 | |||||
| Trelleborg AB, Class B | 10,544 | 377,177 | ||||||
| Volvo Car AB, Class B @ | 7,971 | 216,030 | ||||||
| Volvo Car AB, Class B @* | 39,107 | 148,259 | ||||||
| 12,687,206 | ||||||||
| Switzerland — 9.8% | ||||||||
| Alcon, Inc. µ | 30,384 | 2,518,046 | ||||||
| Alcon, Inc. | 1,965 | 163,665 | ||||||
| Baloise Holding AG | 4,379 | 686,093 | ||||||
| Banque Cantonale Vaudoise @ | 1,642 | 190,810 | ||||||
| Barry Callebaut AG @ | 108 | 156,758 | ||||||
| Cie Financiere Richemont SA, Class A | 33,824 | 5,156,955 | ||||||
| DSM-Firmenich AG | 11,057 | 1,257,300 | ||||||
| Holcim AG | 47,111 | 4,265,770 | ||||||
| Julius Baer Group Ltd. | 29,463 | 1,701,428 | ||||||
| Lonza Group AG | 4,850 | 2,905,106 | ||||||
| Novartis AG | 118,807 | 11,509,860 | ||||||
| Sandoz Group AG * | 24,470 | 738,292 | ||||||
| Sandoz Group AG, ADR @* | 572 | 17,217 | ||||||
| Schindler Holding AG | 196 | 47,813 | ||||||
| SIG Group AG @ | 22,119 | 490,525 | ||||||
| Swatch Group AG (The) µ | 6,226 | 282,357 | ||||||
| Swatch Group AG (The) @µ | 1,459 | 338,764 | ||||||
| Swiss Life Holding AG | 4,035 | 2,828,549 | ||||||
| Swiss Prime Site AG | 1,574 | 148,438 | ||||||
| Swiss Re AG | 23,316 | 2,997,716 | ||||||
| Swisscom AG * | 4,128 | 2,523,900 | ||||||
| UBS Group AG | 208,557 | 6,415,004 | ||||||
| Zurich Insurance Group AG | 15,364 | 8,284,652 | ||||||
| 55,625,018 | ||||||||
| United Kingdom — 11.8% | ||||||||
| Anglo American PLC | 68,697 | 1,692,326 | ||||||
| Barclays PLC, ADR @ | 305,131 | 2,883,488 | ||||||
| Barratt Developments PLC | 47,310 | 283,992 | ||||||
| BP PLC | 299,981 | 1,876,824 | ||||||
| BP PLC, ADR | 106,310 | 4,005,761 | ||||||
| British American Tobacco PLC | 112,193 | 3,407,001 | ||||||
| BT Group PLC | 1,231,112 | 1,703,794 | ||||||
| DCC PLC | 2,839 | 206,395 | ||||||
| DS Smith PLC | 173,685 | 869,632 | ||||||
| Endeavour Mining PLC | 6,153 | 125,009 | ||||||
| Glencore PLC | 465,148 | 2,555,587 | ||||||
| HSBC Holdings PLC | 18,452 | 144,160 | ||||||
| HSBC Holdings PLC, ADR @ | 188,706 | 7,427,468 | ||||||
| Investec PLC | 25,929 | 173,973 | ||||||
| J Sainsbury PLC | 242,304 | 826,948 | ||||||
| Kingfisher PLC | 299,798 | 943,705 | ||||||
| Lloyds Banking Group PLC | 5,403,458 | 3,530,018 | ||||||
| Lloyds Banking Group PLC, ADR @ | 217,015 | 562,069 | ||||||
| Marks & Spencer Group PLC | 24,148 | 80,798 | ||||||
| Natwest Group PLC | 172,450 | 577,881 | ||||||
| Natwest Group PLC, ADR @ | 116,916 | 795,029 | ||||||
| Shell PLC, ADR | 389,196 | 26,091,700 | ||||||
| Standard Chartered PLC | 184,890 | 1,566,771 | ||||||
| Taylor Wimpey PLC | 49,518 | 85,655 | ||||||
| Tesco PLC | 378,871 | 1,418,317 | ||||||
| Vodafone Group PLC | 3,477,659 | 3,092,719 | ||||||
| 66,927,020 | ||||||||
The accompanying notes are an integral part of these portfolio of investments.
SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| United States — 0.3% | ||||||||
| CRH PLC | 17,172 | $ | 1,481,257 | |||||
| Newmont Corp., CDI | 13,690 | 479,151 | ||||||
| 1,960,408 | ||||||||
| TOTAL COMMON STOCKS (Identified Cost $420,875,198) | 556,533,489 | |||||||
| PREFERRED STOCKS — 0.8% | ||||||||
| Germany — 0.8% | ||||||||
| Bayerische Motoren Werke AG, 8.589% | 7,858 | 842,674 | ||||||
| Henkel AG & Co. KGaA, 2.487% | 5,117 | 411,275 | ||||||
| Porsche Automobil Holding SE, 5.221% | 11,784 | 624,471 | ||||||
| Volkswagen AG, 7.162% | 22,302 | 2,955,593 | ||||||
| 4,834,013 | ||||||||
| TOTAL PREFERRED STOCKS (Identified Cost $6,535,725) | 4,834,013 | |||||||
| SHORT-TERM INVESTMENTS — 9.9% | ||||||||
| Investment Company — 0.1% | ||||||||
| State Street Institutional U.S. Government Money Market Fund 5.01% | 431,968 | 431,968 | ||||||
| Collateral For Securities On Loan — 9.8% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio 5.340% | 55,692,597 | 55,692,597 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Identified Cost $56,124,565) | 56,124,565 | |||||||
| Total Investments — 108.6% (Identified Cost $483,535,488) | 617,492,067 | |||||||
| Liabilities in excess of Cash and Other Assets — (8.6%) | (49,149,398 | ) | ||||||
| Net Assets — 100.0% | $ | 568,342,669 | ||||||
| † | See Note 1 | |
| @ | A portion or all of the security was held on loan. As of March 31, 2024, the fair value of the securities on loan was $84,177,266. | |
| * | Non-income producing security | |
| ± | 144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at March 31, 2024 amounted to $3,394,708 or 0.60% of the net assets of the Fund. | |
| ¥ | Traded on the Canada, Toronto Stock Exchange. | |
| = | Traded on the France, Euronext Paris Exchange. | |
| ¢ | Traded on the Netherlands, Euronext Amsterdam Stock Market. | |
| µ | Traded on the Switzerland, Swiss Exchange. |
Key to abbreviations:
ADR — American Depository Receipt
CDI — CHESS Depositary Interest
SDR — Swedish Depository Receipt
The accompanying notes are an integral part of these portfolio of investments.
Ten largest industry holdings as of March 31, 2024
(As a percentage of net assets) (Unaudited)
| Industry | Percentage | |||
| Commercial Banks | 20.0 | % | ||
| Oil, Gas & Consumable Fuels | 14.7 | % | ||
| Automobiles | 8.6 | % | ||
| Insurance | 6.2 | % | ||
| Metals & Mining | 5.6 | % | ||
| Chemicals | 4.6 | % | ||
| Pharmaceuticals | 4.3 | % | ||
| Automobile Components | 2.9 | % | ||
| Capital Markets | 2.3 | % | ||
| Real Estate Management & Development | 2.2 | % | ||
Country weightings as of March 31, 2024
(As a percentage of long-term investments) (Unaudited)
| Country | Percentage | |||
| Japan | 22.4 | % | ||
| United Kingdom | 11.9 | % | ||
| France | 11.6 | % | ||
| Canada | 10.0 | % | ||
| Switzerland | 9.9 | % | ||
| Germany | 7.5 | % | ||
| Australia | 6.2 | % | ||
| Netherlands | 5.0 | % | ||
| Spain | 3.1 | % | ||
| Other | 12.4 | % | ||
| 100.0 | % | |||
SA International Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited)
| SHARES | VALUE† | |||||||
| MUTUAL FUNDS — 100.1% | ||||||||
| Others — 100.1% | ||||||||
| DFA International Small Company Portfolio £ | 12,857,024 | $ | 255,983,353 | |||||
| TOTAL MUTUAL FUNDS (Identified Cost $131,817,748) | 255,983,353 | |||||||
| Total Investments — 100.1% (Identified Cost $131,817,748) | 255,983,353 | |||||||
| Liabilities in excess of Cash and Other Assets — (0.1%) | (296,101 | ) | ||||||
| Net Assets — 100.0% | $ | 255,687,252 | ||||||
| † | See Note 1 | |
| £ | Please refer to the Portfolio of Investments of the DFA International Small Company Portfolio included elsewhere in this report. |
The accompanying notes are an integral part of these portfolio of investments.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited)
| SHARES | VALUE† | |||||||
| COMMON STOCKS — 98.4% | ||||||||
| Belgium — 0.0% | ||||||||
| Titan Cement International SA | 2,956 | $ | 84,670 | |||||
| Brazil — 3.4% | ||||||||
| Anima Holding SA * | 24,000 | 23,448 | ||||||
| Atacadao SA | 28,162 | 76,534 | ||||||
| Banco Bradesco SA | 70,133 | 178,150 | ||||||
| Banco Bradesco SA, ADR | 136,380 | 390,047 | ||||||
| Banco do Brasil SA | 51,498 | 581,373 | ||||||
| Banco Santander Brasil SA | 12,730 | 72,389 | ||||||
| BRF SA * | 22,992 | 74,815 | ||||||
| C&A Modas SA * | 15,100 | 32,034 | ||||||
| Camil Alimentos SA | 8,900 | 15,935 | ||||||
| Cia Siderurgica Nacional SA | 34,656 | 108,486 | ||||||
| Cia Siderurgica Nacional SA, ADR | 17,252 | 53,999 | ||||||
| Cielo SA | 78,047 | 84,032 | ||||||
| Cogna Educacao SA * | 137,975 | 64,924 | ||||||
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 27,874 | 138,609 | ||||||
| Desktop SA ± | 8,200 | 24,884 | ||||||
| Dexco SA | 34,954 | 53,524 | ||||||
| Diagnosticos da America SA * | 5,700 | 6,967 | ||||||
| Embraer SA, ADR * | 7,658 | 204,009 | ||||||
| Empreendimentos Pague Menos SA | 24,500 | 13,238 | ||||||
| Ez Tec Empreendimentos e Participacoes SA | 8,100 | 26,325 | ||||||
| Gerdau SA, ADR | 86,587 | 382,715 | ||||||
| Grupo Casas Bahia SA * | 5,728 | 7,743 | ||||||
| Grupo De Moda Soma SA | 32,600 | 49,465 | ||||||
| Grupo SBF SA | 13,400 | 34,599 | ||||||
| Hapvida Participacoes e Investimentos SA *± | 242,052 | 178,568 | ||||||
| Iochpe Maxion SA | 12,197 | 35,190 | ||||||
| IRB Brasil Resseguros SA * | 8,022 | 59,740 | ||||||
| Jalles Machado SA | 15,681 | 24,700 | ||||||
| JBS SA | 63,545 | 272,405 | ||||||
| JHSF Participacoes SA | 40,831 | 39,729 | ||||||
| LWSA SA ± | 35,208 | 40,997 | ||||||
| Movida Participacoes SA | 18,600 | 31,523 | ||||||
| Natura & Co. Holding SA | 62,208 | 221,773 | ||||||
| Petroleo Brasileiro SA | 344,373 | 2,628,424 | ||||||
| Petroleo Brasileiro SA, ADR | 1,600 | 24,336 | ||||||
| Petroreconcavo SA | 5,235 | 24,581 | ||||||
| Sao Martinho SA | 6,149 | 38,044 | ||||||
| TIM SA | 2,800 | 9,937 | ||||||
| Tupy SA | 3,847 | 21,347 | ||||||
| Usinas Siderurgicas de Minas Gerais SA Usiminas | 11,900 | 22,232 | ||||||
| Vale SA | 20,412 | 247,570 | ||||||
| Vale SA, ADR | 11,660 | 142,135 | ||||||
| Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 8,400 | 30,968 | ||||||
| Zamp SA * | 22,200 | 15,005 | ||||||
| 6,807,448 | ||||||||
| British Virgin Islands — 0.0% | ||||||||
| AsiaInfo Technologies Ltd. ± | 13,200 | 12,092 | ||||||
| Canada — 0.0% | ||||||||
| China Gold International Resources Corp. Ltd. | 13,700 | 86,294 | ||||||
| Cayman Islands — 0.0% | ||||||||
| Baozun, Inc., Class A @* | 4,600 | 3,514 | ||||||
| Edvantage Group Holdings Ltd. | 32,244 | 9,805 | ||||||
| Fulgent Sun International Holding Co. Ltd. | 8,000 | 30,622 | ||||||
| SHARES | VALUE† | |||||||
| Gourmet Master Co. Ltd. | 5,000 | $ | 14,420 | |||||
| 58,361 | ||||||||
| Chile — 0.5% | ||||||||
| CAP SA | 4,662 | 32,018 | ||||||
| Cencosud SA | 18,885 | 32,767 | ||||||
| Cia Sud Americana de Vapores SA | 664,643 | 49,996 | ||||||
| Empresa Nacional de Telecomunicaciones SA | 13,467 | 45,069 | ||||||
| Empresas CMPC SA | 85,818 | 174,392 | ||||||
| Empresas Copec SA | 28,747 | 206,528 | ||||||
| Enel Americas SA | 983,394 | 95,452 | ||||||
| Falabella SA * | 38,983 | 102,374 | ||||||
| Grupo Security SA | 48,193 | 13,310 | ||||||
| Inversiones Aguas Metropolitanas SA | 51,819 | 38,846 | ||||||
| PAZ Corp. SA | 9,073 | 5,241 | ||||||
| Ripley Corp. SA | 81,141 | 17,805 | ||||||
| Salfacorp SA | 43,853 | 23,785 | ||||||
| Sigdo Koppers SA | 27,803 | 36,181 | ||||||
| SMU SA | 215,040 | 37,312 | ||||||
| Sociedad Matriz SAAM SA | 298,644 | 34,748 | ||||||
| SONDA SA | 83,103 | 37,151 | ||||||
| Vina Concha y Toro SA | 15,387 | 18,687 | ||||||
| 1,001,662 | ||||||||
| China — 25.1% | ||||||||
| 360 Security Technology, Inc., Class A * | 20,500 | 25,102 | ||||||
| 361 Degrees International Ltd. | 71,000 | 41,728 | ||||||
| 3SBio, Inc. ± | 106,000 | 80,987 | ||||||
| A-Living Smart City Services Co. Ltd. @± | 52,500 | 20,592 | ||||||
| AAC Technologies Holdings, Inc. | 60,500 | 202,906 | ||||||
| Addsino Co. Ltd., Class A | 16,300 | 16,892 | ||||||
| Advanced Technology & Materials Co. Ltd., Class A | 13,900 | 16,905 | ||||||
| Agricultural Bank of China Ltd., Class H | 1,776,000 | 748,802 | ||||||
| Alibaba Group Holding Ltd. | 388,500 | 3,486,965 | ||||||
| Aluminum Corp. of China Ltd., Class H | 306,000 | 194,307 | ||||||
| Angang Steel Co. Ltd., Class H | 142,999 | 23,751 | ||||||
| Anhui Conch Cement Co. Ltd., Class H | 97,500 | 202,801 | ||||||
| Anhui Guangxin Agrochemical Co. Ltd., Class A | 4,312 | 8,705 | ||||||
| Anhui Huilong Agricultural Means of Production Co. Ltd., Class A | 6,500 | 4,470 | ||||||
| Anhui Jinhe Industrial Co. Ltd., Class A | 5,000 | 12,646 | ||||||
| Anhui Truchum Advanced Materials & Technology Co. Ltd., Class A | 13,800 | 15,390 | ||||||
| Anhui Zhongding Sealing Parts Co. Ltd., Class A | 13,300 | 20,868 | ||||||
| Asia - Potash International Investment Guangzhou Co. Ltd., Class A * | 4,400 | 11,762 | ||||||
| Avary Holding Shenzhen Co. Ltd., Class A | 12,300 | 40,198 | ||||||
| AviChina Industry & Technology Co. Ltd., Class H | 254,000 | 99,953 | ||||||
| BAIC Motor Corp. Ltd., Class H ± | 145,000 | 39,645 | ||||||
| Baidu, Inc., ADR * | 11,412 | 1,201,455 | ||||||
| Baidu, Inc., Class A * | 6,850 | 89,882 | ||||||
| Bank of Beijing Co. Ltd., Class A | 98,400 | 76,923 | ||||||
| Bank of Changsha Co. Ltd., Class A | 25,500 | 27,203 | ||||||
| Bank of Chengdu Co. Ltd., Class A | 26,000 | 48,673 | ||||||
| Bank of China Ltd., Class H | 5,702,902 | 2,353,470 | ||||||
| Bank of Chongqing Co. Ltd., Class H @ | 46,500 | 25,606 | ||||||
| Bank of Communications Co. Ltd., Class H | 529,400 | 347,662 | ||||||
| Bank of Guiyang Co. Ltd., Class A | 22,500 | 16,686 | ||||||
| Bank of Hangzhou Co. Ltd., Class A | 32,101 | 49,123 | ||||||
| Bank of Jiangsu Co. Ltd., Class A | 80,100 | 86,889 | ||||||
| Bank of Nanjing Co. Ltd., Class A | 61,300 | 76,588 | ||||||
| Bank of Ningbo Co. Ltd., Class A | 38,780 | 111,713 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| China (Continued) | ||||||||
| Bank of Shanghai Co. Ltd., Class A | 68,500 | $ | 63,596 | |||||
| Bank of Suzhou Co. Ltd., Class A | 22,220 | 21,920 | ||||||
| Baoshan Iron & Steel Co. Ltd., Class A | 100,300 | 89,788 | ||||||
| BBMG Corp., Class H @ | 184,000 | 14,575 | ||||||
| Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A | 48,000 | 18,197 | ||||||
| Beijing Easpring Material Technology Co. Ltd., Class A | 2,700 | 14,211 | ||||||
| Beijing Enterprises Holdings Ltd. | 46,000 | 133,412 | ||||||
| Beijing Enterprises Water Group Ltd. | 448,000 | 99,595 | ||||||
| Beijing GeoEnviron Engineering & Technology, Inc., Class A | 11,232 | 9,091 | ||||||
| Beijing Haixin Energy Technology Co. Ltd., Class A * | 35,800 | 11,838 | ||||||
| Beijing Jetsen Technology Co. Ltd., Class A * | 28,600 | 22,754 | ||||||
| Beijing Jingyuntong Technology Co. Ltd., Class A * | 22,000 | 11,324 | ||||||
| Beijing New Building Materials PLC, Class A | 10,000 | 39,585 | ||||||
| Beijing Orient National Communication Science & Technology Co. Ltd., Class A * | 8,200 | 9,508 | ||||||
| Beijing Originwater Technology Co. Ltd., Class A | 5,558 | 3,730 | ||||||
| Beijing Shougang Co. Ltd., Class A * | 27,500 | 11,986 | ||||||
| Beijing SL Pharmaceutical Co. Ltd., Class A | 8,900 | 10,775 | ||||||
| Beijing Yanjing Brewery Co. Ltd., Class A | 9,600 | 12,194 | ||||||
| Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 108,000 | 74,566 | ||||||
| BGI Genomics Co. Ltd., Class A | 1,800 | 10,253 | ||||||
| BOC International China Co. Ltd., Class A | 14,300 | 19,805 | ||||||
| BOE Technology Group Co. Ltd., Class A | 220,300 | 122,839 | ||||||
| Bohai Leasing Co. Ltd., Class A * | 64,900 | 20,294 | ||||||
| Bright Dairy & Food Co. Ltd., Class A | 7,700 | 9,642 | ||||||
| Brilliance China Automotive Holdings Ltd. | 178,000 | 122,807 | ||||||
| BTG Hotels Group Co. Ltd., Class A * | 5,700 | 11,751 | ||||||
| BYD Electronic International Co. Ltd. | 14,000 | 51,604 | ||||||
| C C Land Holdings Ltd. @ | 106,500 | 16,737 | ||||||
| C&D International Investment Group Ltd. | 40,795 | 71,198 | ||||||
| Caitong Securities Co. Ltd., Class A | 15,470 | 15,797 | ||||||
| Canmax Technologies Co. Ltd., Class A | 4,800 | 13,083 | ||||||
| CECEP Solar Energy Co. Ltd., Class A | 30,100 | 21,698 | ||||||
| CECEP Wind-Power Corp., Class A | 49,010 | 19,733 | ||||||
| CGN New Energy Holdings Co. Ltd. | 130,000 | 34,381 | ||||||
| Changjiang Securities Co. Ltd., Class A | 39,900 | 28,100 | ||||||
| Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A | 4,900 | 11,587 | ||||||
| Chengdu Wintrue Holding Co. Ltd., Class A | 8,900 | 9,162 | ||||||
| Chengxin Lithium Group Co. Ltd., Class A | 5,600 | 14,892 | ||||||
| China Baoan Group Co. Ltd., Class A | 9,000 | 13,088 | ||||||
| China BlueChemical Ltd., Class H | 58,000 | 16,747 | ||||||
| China Bohai Bank Co. Ltd., Class H *± | 141,000 | 18,375 | ||||||
| China CAMC Engineering Co. Ltd., Class A | 20,600 | 20,892 | ||||||
| China Cinda Asset Management Co. Ltd., Class H | 281,000 | 23,336 | ||||||
| China Citic Bank Corp. Ltd., Class H | 613,000 | 326,593 | ||||||
| China Coal Energy Co. Ltd., Class H | 181,000 | 176,215 | ||||||
| China Communication Services Corp. Ltd., Class H | 231,600 | 108,004 | ||||||
| SHARES | VALUE† | |||||||
| China Conch Environment Protection Holdings Ltd. @* | 97,500 | $ | 10,464 | |||||
| China Conch Venture Holdings Ltd. | 98,500 | 68,461 | ||||||
| China Construction Bank Corp., Class H | 7,488,810 | 4,516,115 | ||||||
| China CSSC Holdings Ltd., Class A | 6,500 | 31,118 | ||||||
| China Development Bank Financial Leasing Co. Ltd., Class H ± | 128,000 | 32,708 | ||||||
| China Education Group Holdings Ltd. | 31,107 | 16,653 | ||||||
| China Energy Engineering Corp. Ltd., Class A | 88,674 | 25,765 | ||||||
| China Energy Engineering Corp. Ltd., Class H @ | 152,000 | 13,788 | ||||||
| China Everbright Bank Co. Ltd., Class H | 241,000 | 69,280 | ||||||
| China Feihe Ltd. ± | 243,000 | 114,252 | ||||||
| China Foods Ltd. | 86,000 | 31,974 | ||||||
| China Galaxy Securities Co. Ltd., Class H | 106,500 | 52,251 | ||||||
| China Gas Holdings Ltd. | 228,400 | 206,021 | ||||||
| China Great Wall Securities Co. Ltd., Class A | 8,500 | 8,644 | ||||||
| China Greatwall Technology Group Co. Ltd., Class A | 15,387 | 21,013 | ||||||
| China Hongqiao Group Ltd. @ | 189,000 | 212,498 | ||||||
| China Huiyuan Juice Group Ltd. *§ | 84,500 | — | ||||||
| China International Marine Containers Group Co. Ltd., Class H | 74,460 | 63,549 | ||||||
| China Jushi Co. Ltd., Class A | 22,631 | 32,784 | ||||||
| China Lesso Group Holdings Ltd. | 100,000 | 47,401 | ||||||
| China Lilang Ltd. | 31,000 | 19,605 | ||||||
| China Medical System Holdings Ltd. | 97,000 | 101,872 | ||||||
| China Meheco Co. Ltd., Class A | 13,860 | 20,788 | ||||||
| China Meidong Auto Holdings Ltd. @ | 22,000 | 8,489 | ||||||
| China Merchants Bank Co. Ltd., Class H | 277,500 | 1,097,321 | ||||||
| China Merchants Energy Shipping Co. Ltd., Class A | 27,400 | 29,229 | ||||||
| China Merchants Port Holdings Co. Ltd. | 99,712 | 119,625 | ||||||
| China Merchants Property Operation & Service Co. Ltd., Class A | 5,000 | 7,056 | ||||||
| China Merchants Securities Co. Ltd., Class H ± | 19,660 | 15,021 | ||||||
| China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 22,000 | 29,405 | ||||||
| China Minsheng Banking Corp. Ltd., Class H | 395,880 | 137,070 | ||||||
| China National Accord Medicines Corp. Ltd., Class A | 6,760 | 28,256 | ||||||
| China National Building Material Co. Ltd., Class H @ | 396,850 | 136,392 | ||||||
| China National Chemical Engineering Co. Ltd., Class A | 38,700 | 35,662 | ||||||
| China National Nuclear Power Co. Ltd., Class A | 101,100 | 125,196 | ||||||
| China New Higher Education Group Ltd. ± | 74,000 | 21,556 | ||||||
| China Nonferrous Metal Industry's Foreign Engineering and Construction Co. Ltd., Class A * | 15,100 | 9,631 | ||||||
| China Nonferrous Mining Corp. Ltd. | 70,000 | 58,491 | ||||||
| China Oil & Gas Group Ltd. * | 200,000 | 5,162 | ||||||
| China Oilfield Services Ltd., Class H | 122,000 | 140,285 | ||||||
| China Overseas Grand Oceans Group Ltd. | 141,402 | 31,435 | ||||||
| China Overseas Land & Investment Ltd. | 279,000 | 401,377 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| China (Continued) | ||||||||
| China Pacific Insurance Group Co. Ltd., Class H | 162,600 | $ | 284,611 | |||||
| China Petroleum & Chemical Corp., Class H | 1,946,400 | 1,104,143 | ||||||
| China Railway Group Ltd., Class H | 291,000 | 143,885 | ||||||
| China Railway Signal & Communication Corp. Ltd., Class H ± | 149,000 | 56,730 | ||||||
| China Renaissance Holdings Ltd. @*±§ | 11,300 | 1,968 | ||||||
| China Resources Building Materials Technology Holdings Ltd. | 238,000 | 36,185 | ||||||
| China Resources Double Crane Pharmaceutical Co. Ltd., Class A | 6,300 | 17,651 | ||||||
| China Resources Gas Group Ltd. | 24,000 | 76,505 | ||||||
| China Resources Land Ltd. | 302,000 | 954,976 | ||||||
| China Resources Medical Holdings Co. Ltd. | 71,500 | 35,810 | ||||||
| China Resources Pharmaceutical Group Ltd. ± | 134,500 | 85,922 | ||||||
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 5,100 | 37,209 | ||||||
| China Risun Group Ltd. @ | 58,000 | 22,527 | ||||||
| China Shanshui Cement Group Ltd. * | 53,000 | 5,011 | ||||||
| China Shenhua Energy Co. Ltd., Class H | 175,000 | 687,533 | ||||||
| China Shineway Pharmaceutical Group Ltd. | 36,000 | 44,753 | ||||||
| China South Publishing & Media Group Co. Ltd., Class A | 11,600 | 20,271 | ||||||
| China State Construction Engineering Corp. Ltd., Class A | 191,200 | 138,094 | ||||||
| China State Construction International Holdings Ltd. | 50,000 | 54,555 | ||||||
| China Sunshine Paper Holdings Co. Ltd. * | 26,000 | 5,913 | ||||||
| China Taiping Insurance Holdings Co. Ltd. | 137,800 | 120,601 | ||||||
| China Tianrui Group Cement Co. Ltd. @* | 11,000 | 7,280 | ||||||
| China Tower Corp. Ltd., Class H ± | 3,648,000 | 419,476 | ||||||
| China Traditional Chinese Medicine Holdings Co. Ltd. | 260,000 | 142,176 | ||||||
| China TransInfo Technology Co. Ltd., Class A * | 6,900 | 10,158 | ||||||
| China Travel International Investment Hong Kong Ltd. @ | 180,000 | 30,127 | ||||||
| China Vanke Co. Ltd., Class H @ | 133,972 | 92,773 | ||||||
| China Yongda Automobiles Services Holdings Ltd. @ | 84,000 | 23,396 | ||||||
| China Zheshang Bank Co. Ltd., Class H @ | 124,800 | 36,514 | ||||||
| Chinasoft International Ltd. | 42,000 | 25,328 | ||||||
| Chinese Universe Publishing and Media Group Co. Ltd., Class A | 9,200 | 19,590 | ||||||
| Chlitina Holding Ltd. | 3,000 | 18,279 | ||||||
| Chongqing Changan Automobile Co. Ltd., Class A | 40,430 | 96,048 | ||||||
| Chongqing Department Store Co. Ltd., Class A | 2,400 | 8,926 | ||||||
| Chongqing Rural Commercial Bank Co. Ltd., Class H | 226,000 | 93,554 | ||||||
| Chow Tai Seng Jewellery Co. Ltd., Class A | 9,125 | 23,281 | ||||||
| CIMC Enric Holdings Ltd. | 74,000 | 75,258 | ||||||
| CITIC Ltd. | 356,000 | 342,041 | ||||||
| CITIC Securities Co. Ltd., Class H | 16,450 | 27,112 | ||||||
| Citychamp Watch & Jewellery Group Ltd. * | 62,000 | 8,001 | ||||||
| CMOC Group Ltd., Class H | 51,000 | 43,331 | ||||||
| CNGR Advanced Material Co. Ltd., Class A | 1,800 | 12,936 | ||||||
| CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A | 21,460 | 12,144 | ||||||
| SHARES | VALUE† | |||||||
| CNOOC Energy Technology & Services Ltd., Class A | 62,100 | $ | 29,300 | |||||
| CNSIG Inner Mongolia Chemical Industry Co. Ltd., Class A | 13,650 | 14,033 | ||||||
| COFCO Biotechnology Co. Ltd., Class A | 15,100 | 11,783 | ||||||
| COFCO Joycome Foods Ltd. @* | 66,000 | 13,998 | ||||||
| Concord New Energy Group Ltd. | 420,000 | 33,270 | ||||||
| Consun Pharmaceutical Group Ltd. | 23,000 | 16,456 | ||||||
| COSCO Shipping Development Co. Ltd., Class H | 324,200 | 32,309 | ||||||
| COSCO Shipping Energy Transportation Co. Ltd., Class H @ | 74,000 | 76,677 | ||||||
| COSCO Shipping Holdings Co. Ltd., Class H | 244,199 | 256,776 | ||||||
| COSCO SHIPPING International Hong Kong Co. Ltd. | 34,000 | 14,596 | ||||||
| COSCO SHIPPING Ports Ltd. @ | 156,998 | 86,253 | ||||||
| CPMC Holdings Ltd. | 53,000 | 46,385 | ||||||
| CRRC Corp. Ltd., Class H | 177,000 | 95,432 | ||||||
| CSG Holding Co. Ltd., Class A | 19,500 | 14,623 | ||||||
| CSSC Hong Kong Shipping Co. Ltd. | 70,000 | 11,537 | ||||||
| CTS International Logistics Corp. Ltd., Class A | 11,000 | 10,015 | ||||||
| Daan Gene Co. Ltd., Class A | 9,400 | 10,743 | ||||||
| Daqin Railway Co. Ltd., Class A | 85,800 | 86,899 | ||||||
| DBG Technology Co. Ltd., Class A | 7,000 | 28,252 | ||||||
| DHC Software Co. Ltd., Class A | 28,100 | 21,773 | ||||||
| Dian Diagnostics Group Co. Ltd., Class A | 4,800 | 11,802 | ||||||
| Digital China Holdings Ltd. | 62,000 | 23,606 | ||||||
| Digital China Information Service Group Co. Ltd., Class A | 10,000 | 15,981 | ||||||
| Dong-E-E-Jiao Co. Ltd., Class A | 300 | 2,525 | ||||||
| Dongfang Electric Corp. Ltd., Class H @ | 21,000 | 21,947 | ||||||
| Dongxing Securities Co. Ltd., Class A | 12,000 | 13,100 | ||||||
| Dongyue Group Ltd. @ | 104,000 | 97,530 | ||||||
| E-Commodities Holdings Ltd. | 94,000 | 22,338 | ||||||
| EEKA Fashion Holdings Ltd. | 8,000 | 13,655 | ||||||
| Essex Bio-technology Ltd. | 37,000 | 11,156 | ||||||
| Fangda Carbon New Material Co. Ltd., Class A * | 15,700 | 10,427 | ||||||
| Fangda Special Steel Technology Co. Ltd., Class A * | 19,000 | 11,015 | ||||||
| Far East Horizon Ltd. @ | 187,000 | 138,573 | ||||||
| FAW Jiefang Group Co. Ltd. * | 24,100 | 30,077 | ||||||
| Fiberhome Telecommunication Technologies Co. Ltd., Class A | 5,800 | 14,317 | ||||||
| FIH Mobile Ltd. * | 45,000 | 2,932 | ||||||
| FinVolution Group, ADR | 11,439 | 57,653 | ||||||
| Fosun International Ltd. | 195,500 | 101,910 | ||||||
| Founder Securities Co. Ltd., Class A | 23,800 | 25,751 | ||||||
| Fufeng Group Ltd. @ | 153,000 | 99,108 | ||||||
| Fujian Funeng Co. Ltd., Class A | 18,330 | 25,970 | ||||||
| Gansu Shangfeng Cement Co. Ltd., Class A | 6,240 | 6,147 | ||||||
| GCL Energy Technology Co. Ltd. | 4,200 | 6,119 | ||||||
| GCL Technology Holdings Ltd. | 395,000 | 64,598 | ||||||
| GDS Holdings Ltd., Class A @* | 72,300 | 58,842 | ||||||
| Geely Automobile Holdings Ltd. | 455,000 | 537,148 | ||||||
| GEM Co. Ltd., Class A | 33,500 | 27,440 | ||||||
| Gemdale Corp., Class A | 19,200 | 10,228 | ||||||
| Genertec Universal Medical Group Co. Ltd. ± | 75,500 | 41,189 | ||||||
| GF Securities Co. Ltd., Class H | 64,200 | 66,358 | ||||||
| Giant Network Group Co. Ltd., Class A | 9,400 | 15,919 | ||||||
| GoerTek, Inc., Class A | 18,300 | 39,981 | ||||||
| Goldwind Science & Technology Co. Ltd. | 47,800 | 17,711 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| China (Continued) | ||||||||
| Gotion High-tech Co. Ltd., Class A * | 5,100 | $ | 14,332 | |||||
| Grand Pharmaceutical Group Ltd. | 88,500 | 46,472 | ||||||
| Grandjoy Holdings Group Co. Ltd., Class A * | 30,000 | 11,083 | ||||||
| Greatview Aseptic Packaging Co. Ltd. * | 88,000 | 24,398 | ||||||
| Gree Electric Appliances, Inc., Class A | 7,200 | 39,051 | ||||||
| Greentown China Holdings Ltd. | 78,500 | 62,584 | ||||||
| Greentown Service Group Co. Ltd. @ | 102,000 | 38,966 | ||||||
| GRG Banking Equipment Co. Ltd., Class A | 12,500 | 20,737 | ||||||
| Guangdong HEC Technology Holding Co. Ltd., Class A * | 11,800 | 14,155 | ||||||
| Guangdong Provincial Expressway Development Co. Ltd., Class A | 12,700 | 17,256 | ||||||
| Guangdong Tapai Group Co. Ltd., Class A | 9,300 | 9,483 | ||||||
| Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A | 4,200 | 9,548 | ||||||
| Guanghui Energy Co. Ltd., Class A | 48,700 | 48,650 | ||||||
| Guangshen Railway Co. Ltd., Class H * | 82,000 | 18,544 | ||||||
| Guangxi Liugong Machinery Co. Ltd., Class A | 14,900 | 17,152 | ||||||
| Guangzhou Automobile Group Co. Ltd., Class H | 188,000 | 77,103 | ||||||
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H | 16,000 | 39,331 | ||||||
| Guangzhou Haige Communications Group, Inc. Co., Class A | 22,300 | 32,397 | ||||||
| Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A | 18,042 | 13,905 | ||||||
| Guizhou Panjiang Refined Coal Co. Ltd., Class A | 9,269 | 7,669 | ||||||
| Guizhou Xinbang Pharmaceutical Co. Ltd., Class A | 32,400 | 17,035 | ||||||
| Guosen Securities Co. Ltd., Class A | 22,400 | 25,693 | ||||||
| Guosheng Financial Holding, Inc., Class A * | 14,131 | 18,144 | ||||||
| Haier Smart Home Co. Ltd., Class A | 20,500 | 71,137 | ||||||
| Hainan Meilan International Airport Co. Ltd., Class H @* | 23,000 | 20,658 | ||||||
| Haitian International Holdings Ltd. | 44,000 | 127,892 | ||||||
| Haitong Securities Co. Ltd., Class H | 169,600 | 81,042 | ||||||
| Han's Laser Technology Industry Group Co. Ltd., Class A | 8,900 | 22,880 | ||||||
| Hang Zhou Great Star Industrial Co. Ltd., Class A | 4,400 | 14,891 | ||||||
| Hangcha Group Co. Ltd., Class A | 8,000 | 29,443 | ||||||
| Hangzhou Binjiang Real Estate Group Co. Ltd., Class A | 22,900 | 21,260 | ||||||
| Hangzhou Robam Appliances Co. Ltd., Class A | 2,900 | 9,610 | ||||||
| Harbin Electric Co. Ltd., Class H @ | 74,000 | 24,771 | ||||||
| Health & Happiness H&H International Holdings Ltd. | 18,500 | 24,818 | ||||||
| Hello Group, Inc., ADR | 12,302 | 76,395 | ||||||
| Henan Mingtai Al Industrial Co. Ltd., Class A | 8,400 | 12,808 | ||||||
| Hengan International Group Co. Ltd. | 31,500 | 99,206 | ||||||
| Hengli Petrochemical Co. Ltd., Class A * | 35,500 | 67,292 | ||||||
| Hengtong Optic-electric Co. Ltd., Class A | 9,680 | 16,394 | ||||||
| Hengyi Petrochemical Co. Ltd., Class A * | 25,000 | 22,207 | ||||||
| Hesteel Co. Ltd., Class A | 65,500 | 19,304 | ||||||
| SHARES | VALUE† | |||||||
| Hopson Development Holdings Ltd. @* | 101,900 | $ | 46,218 | |||||
| Horizon Construction Development Ltd. @* | 6,925 | 1,743 | ||||||
| Hoyuan Green Energy Co. Ltd., Class A | 3,300 | 11,045 | ||||||
| Hua Han Health Industry Holdings Ltd. *§ | 504,000 | — | ||||||
| Hua Hong Semiconductor Ltd. @*± | 41,000 | 79,937 | ||||||
| Huafon Chemical Co. Ltd., Class A | 27,754 | 25,229 | ||||||
| Huaibei Mining Holdings Co. Ltd., Class A | 10,400 | 23,570 | ||||||
| Huapont Life Sciences Co. Ltd., Class A | 27,600 | 16,383 | ||||||
| Huatai Securities Co. Ltd., Class H ± | 58,600 | 66,934 | ||||||
| Huaxi Securities Co. Ltd., Class A | 12,600 | 12,744 | ||||||
| Huaxia Bank Co. Ltd., Class A | 43,300 | 38,762 | ||||||
| Huaxin Cement Co. Ltd., Class A | 7,000 | 12,727 | ||||||
| Huaxin Cement Co. Ltd., Class H | 17,700 | 15,468 | ||||||
| Huayu Automotive Systems Co. Ltd., Class A | 17,500 | 39,855 | ||||||
| Hubei Biocause Pharmaceutical Co. Ltd., Class A | 17,600 | 5,966 | ||||||
| Hubei Jumpcan Pharmaceutical Co. Ltd., Class A | 4,400 | 22,343 | ||||||
| Hubei Xingfa Chemicals Group Co. Ltd., Class A | 9,400 | 23,580 | ||||||
| Humanwell Healthcare Group Co. Ltd., Class A | 9,700 | 25,970 | ||||||
| Hunan Valin Steel Co. Ltd., Class A | 47,300 | 33,639 | ||||||
| Hytera Communications Corp. Ltd., Class A * | 23,400 | 15,088 | ||||||
| Industrial & Commercial Bank of China Ltd., Class H | 4,579,000 | 2,305,033 | ||||||
| Industrial Bank Co. Ltd., Class A | 122,900 | 276,325 | ||||||
| Industrial Securities Co. Ltd., Class A | 52,910 | 39,751 | ||||||
| Infore Environment Technology Group Co. Ltd., Class A | 12,400 | 8,561 | ||||||
| Inner Mongolia BaoTou Steel Union Co. Ltd., Class A * | 169,960 | 37,390 | ||||||
| Inner Mongolia Dian Tou Energy Corp. Ltd., Class A | 12,000 | 26,715 | ||||||
| Inner Mongolia ERDOS Resources Co. Ltd., Class A | 11,760 | 17,573 | ||||||
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 55,300 | 27,928 | ||||||
| Inner Mongolia Yuan Xing Energy Co. Ltd., Class A | 34,700 | 26,886 | ||||||
| Intco Medical Technology Co. Ltd., Class A | 5,700 | 17,650 | ||||||
| JA Solar Technology Co. Ltd., Class A | 14,800 | 35,610 | ||||||
| JCET Group Co. Ltd., Class A | 12,895 | 51,794 | ||||||
| JD Logistics, Inc. *± | 80,200 | 81,666 | ||||||
| JD.com, Inc., Class A | 78,150 | 1,077,360 | ||||||
| Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A | 20,200 | 19,648 | ||||||
| Jiangsu Eastern Shenghong Co. Ltd., Class A | 24,600 | 33,765 | ||||||
| Jiangsu Guotai International Group Co. Ltd., Class A | 10,400 | 9,871 | ||||||
| Jiangsu Jiangyin Rural Commercial Bank Co. Ltd., Class A | 34,700 | 17,668 | ||||||
| Jiangsu Lihua Animal Husbandry Stock Co. Ltd., Class A | 4,320 | 12,044 | ||||||
| Jiangsu Provincial Agricultural Reclamation & Development Corp. | 11,200 | 15,109 | ||||||
| Jiangsu Shagang Co. Ltd., Class A | 38,000 | 22,924 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| China (Continued) | ||||||||
| Jiangsu Shuangxing Color Plastic New Materials Co. Ltd., Class A | 10,800 | $ | 9,728 | |||||
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 5,600 | 26,406 | ||||||
| Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd., Class A | 27,840 | 15,292 | ||||||
| Jiangsu Zhongtian Technology Co. Ltd., Class A | 11,500 | 22,372 | ||||||
| Jiangxi Copper Co. Ltd., Class H | 70,000 | 119,307 | ||||||
| Jilin Aodong Pharmaceutical Group Co. Ltd., Class A | 7,300 | 14,504 | ||||||
| JinkoSolar Holding Co. Ltd., ADR @ | 3,545 | 89,299 | ||||||
| Jinneng Holding Shanxi Coal Industry Co. Ltd., Class A | 15,000 | 30,322 | ||||||
| Jinneng Science&Technology Co. Ltd., Class A | 10,600 | 9,870 | ||||||
| Jinxin Fertility Group Ltd. @*± | 24,000 | 7,451 | ||||||
| Jizhong Energy Resources Co. Ltd., Class A | 21,200 | 21,941 | ||||||
| JNBY Design Ltd. | 9,000 | 16,903 | ||||||
| Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 18,700 | 28,021 | ||||||
| Jointown Pharmaceutical Group Co. Ltd., Class A | 22,320 | 24,613 | ||||||
| Ju Teng International Holdings Ltd. | 56,000 | 7,584 | ||||||
| Kingboard Holdings Ltd. | 71,500 | 145,797 | ||||||
| Kingboard Laminates Holdings Ltd. @ | 58,500 | 43,276 | ||||||
| Kingfa Sci & Tech Co. Ltd., Class A | 13,400 | 12,737 | ||||||
| Kingsoft Corp. Ltd. | 9,400 | 28,944 | ||||||
| Kunlun Energy Co. Ltd. | 354,000 | 295,343 | ||||||
| KWG Living Group Holdings Ltd. * | 65,000 | 3,031 | ||||||
| Lao Feng Xiang Co. Ltd., Class A | 2,700 | 29,057 | ||||||
| LB Group Co. Ltd., Class A | 11,200 | 28,591 | ||||||
| Legend Holdings Corp., Class H ± | 38,400 | 29,192 | ||||||
| Lenovo Group Ltd. | 26,000 | 30,129 | ||||||
| Lens Technology Co. Ltd., Class A | 24,140 | 45,258 | ||||||
| Leo Group Co. Ltd., Class A * | 48,000 | 14,877 | ||||||
| Lepu Medical Technology Beijing Co. Ltd., Class A | 14,700 | 28,068 | ||||||
| LexinFintech Holdings Ltd., ADR @ | 4,235 | 7,623 | ||||||
| Leyard Optoelectronic Co. Ltd., Class A | 20,300 | 14,240 | ||||||
| Lianhe Chemical Technology Co. Ltd., Class A | 6,700 | 5,544 | ||||||
| Lingyi iTech Guangdong Co., Class A | 42,800 | 32,274 | ||||||
| Livzon Pharmaceutical Group, Inc., Class H | 6,800 | 23,154 | ||||||
| Longfor Group Holdings Ltd. ± | 165,000 | 233,157 | ||||||
| Lonking Holdings Ltd. | 158,000 | 28,867 | ||||||
| Luenmei Quantum Co. Ltd., Class A | 13,300 | 10,268 | ||||||
| Luxi Chemical Group Co. Ltd., Class A | 8,600 | 11,173 | ||||||
| Luye Pharma Group Ltd. *± | 161,500 | 56,331 | ||||||
| Maccura Biotechnology Co. Ltd., Class A | 3,800 | 6,588 | ||||||
| Mango Excellent Media Co. Ltd., Class A | 11,000 | 37,243 | ||||||
| Maoyan Entertainment *± | 21,200 | 25,894 | ||||||
| Meinian Onehealth Healthcare Holdings Co. Ltd., Class A * | 29,300 | 20,311 | ||||||
| Metallurgical Corp. of China Ltd., Class H | 225,000 | 48,008 | ||||||
| Midea Real Estate Holding Ltd. ± | 14,000 | 7,119 | ||||||
| Ming Yang Smart Energy Group Ltd., Class A | 6,800 | 8,844 | ||||||
| Mingfa Group International Co. Ltd. * | 91,000 | 3,721 | ||||||
| Minth Group Ltd. | 56,000 | 88,434 | ||||||
| MLS Co. Ltd., Class A | 20,000 | 21,529 | ||||||
| MMG Ltd. @* | 236,000 | 92,568 | ||||||
| SHARES | VALUE† | |||||||
| Nanjing Iron & Steel Co. Ltd., Class A | 36,600 | $ | 23,446 | |||||
| Nanjing Xinjiekou Department Store Co. Ltd., Class A | 6,900 | 5,595 | ||||||
| NavInfo Co. Ltd., Class A * | 10,200 | 12,476 | ||||||
| NetDragon Websoft Holdings Ltd. | 25,500 | 35,708 | ||||||
| New China Life Insurance Co. Ltd., Class H | 57,900 | 102,530 | ||||||
| New Hope Liuhe Co. Ltd., Class A * | 12,000 | 15,557 | ||||||
| Newland Digital Technology Co. Ltd., Class A | 10,000 | 23,923 | ||||||
| Nexteer Automotive Group Ltd. @ | 69,000 | 32,442 | ||||||
| Nine Dragons Paper Holdings Ltd. @* | 54,000 | 22,492 | ||||||
| Ningbo Huaxiang Electronic Co. Ltd., Class A | 8,950 | 15,826 | ||||||
| Ningbo Joyson Electronic Corp., Class A | 5,200 | 12,102 | ||||||
| Ningbo Zhoushan Port Co. Ltd., Class A | 33,200 | 15,572 | ||||||
| Ningxia Baofeng Energy Group Co. Ltd., Class A | 11,600 | 25,150 | ||||||
| Northeast Securities Co. Ltd., Class A | 8,500 | 7,938 | ||||||
| Offshore Oil Engineering Co. Ltd., Class A | 27,400 | 24,149 | ||||||
| ORG Technology Co. Ltd., Class A | 26,800 | 15,685 | ||||||
| Orient Securities Co. Ltd., Class H @± | 52,400 | 20,754 | ||||||
| Oriental Energy Co. Ltd., Class A * | 11,300 | 13,915 | ||||||
| Oriental Pearl Group Co. Ltd., Class A | 10,700 | 10,733 | ||||||
| PAX Global Technology Ltd. | 47,000 | 37,050 | ||||||
| People's Insurance Co. Group of China Ltd. (The), Class H | 305,000 | 97,420 | ||||||
| PetroChina Co. Ltd., Class H | 2,014,000 | 1,721,456 | ||||||
| PICC Property & Casualty Co. Ltd., Class H | 314,000 | 414,018 | ||||||
| Ping An Bank Co. Ltd., Class A | 108,500 | 157,478 | ||||||
| Ping An Insurance Group Co. of China Ltd., Class H | 488,500 | 2,062,748 | ||||||
| Pingdingshan Tianan Coal Mining Co. Ltd., Class A | 15,900 | 26,905 | ||||||
| Poly Property Group Co. Ltd. | 200,431 | 36,363 | ||||||
| Postal Savings Bank of China Co. Ltd., Class H ± | 571,000 | 298,380 | ||||||
| Power Construction Corp. of China Ltd., Class A | 84,900 | 58,030 | ||||||
| Q Technology Group Co. Ltd. @* | 31,000 | 11,961 | ||||||
| Qifu Technology, Inc., ADR | 6,037 | 111,262 | ||||||
| Qingdao Hanhe Cable Co. Ltd., Class A | 35,800 | 17,882 | ||||||
| Radiance Holdings Group Co. Ltd. @* | 37,000 | 9,360 | ||||||
| Redco Properties Group Ltd. @*±§ | 80,000 | 2,549 | ||||||
| Renhe Pharmacy Co. Ltd., Class A | 19,700 | 17,772 | ||||||
| Risen Energy Co. Ltd., Class A | 6,400 | 13,008 | ||||||
| SAIC Motor Corp. Ltd., Class A | 29,700 | 61,435 | ||||||
| Sailun Group Co. Ltd., Class A | 13,900 | 28,021 | ||||||
| Sanan Optoelectronics Co. Ltd., Class A | 11,300 | 19,012 | ||||||
| Sansteel Minguang Co. Ltd., Class A | 13,700 | 6,653 | ||||||
| Sansure Biotech, Inc., Class A | 3,333 | 8,808 | ||||||
| Sany Heavy Equipment International Holdings Co. Ltd. | 8,000 | 5,141 | ||||||
| Sany Heavy Industry Co. Ltd., Class A | 28,800 | 57,580 | ||||||
| Satellite Chemical Co. Ltd., Class A * | 17,026 | 40,165 | ||||||
| Sealand Securities Co. Ltd., Class A | 24,800 | 11,358 | ||||||
| Seazen Holdings Co. Ltd., Class A * | 13,800 | 18,712 | ||||||
| SF Holding Co. Ltd., Class A | 14,100 | 70,896 | ||||||
| Shaanxi Coal Industry Co. Ltd., Class A | 31,937 | 110,471 | ||||||
| Shan Xi Hua Yang Group New Energy Co. Ltd., Class A | 32,400 | 41,153 | ||||||
| Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 9,200 | 21,131 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| China (Continued) | ||||||||
| Shandong Chenming Paper Holdings Ltd., Class H @* | 35,250 | $ | 7,611 | |||||
| Shandong Hi-Speed Road & Bridge Co. Ltd., Class A | 20,600 | 15,562 | ||||||
| Shandong Himile Mechanical Science & Technology Co. Ltd., Class A | 2,700 | 13,184 | ||||||
| Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 11,310 | 39,576 | ||||||
| Shandong Humon Smelting Co. Ltd., Class A * | 10,800 | 16,109 | ||||||
| Shandong Linglong Tyre Co. Ltd., Class A | 7,700 | 22,224 | ||||||
| Shandong Nanshan Aluminum Co. Ltd., Class A | 37,900 | 17,672 | ||||||
| Shandong Sun Paper Industry JSC Ltd., Class A | 16,800 | 32,798 | ||||||
| Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 108,800 | 67,836 | ||||||
| Shanghai AJ Group Co. Ltd., Class A | 16,900 | 10,289 | ||||||
| Shanghai Construction Group Co. Ltd., Class A | 55,900 | 18,021 | ||||||
| Shanghai Electric Group Co. Ltd., Class H * | 166,000 | 32,238 | ||||||
| Shanghai Environment Group Co. Ltd., Class A | 11,600 | 14,092 | ||||||
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 9,500 | 15,536 | ||||||
| Shanghai Industrial Holdings Ltd. | 45,000 | 59,564 | ||||||
| Shanghai Jinjiang International Hotels Co. Ltd., Class A | 1,300 | 5,166 | ||||||
| Shanghai Lingang Holdings Corp. Ltd., Class A | 8,760 | 11,902 | ||||||
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A | 13,500 | 15,914 | ||||||
| Shanghai Mechanical and Electrical Industry Co. Ltd., Class A | 7,100 | 11,690 | ||||||
| Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 49,000 | 70,743 | ||||||
| Shanghai Pudong Development Bank Co. Ltd., Class A | 118,900 | 117,955 | ||||||
| Shanghai RAAS Blood Products Co. Ltd., Class A | 37,200 | 36,184 | ||||||
| Shanghai Tunnel Engineering Co. Ltd., Class A | 25,600 | 21,217 | ||||||
| Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A | 18,000 | 14,943 | ||||||
| Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 7,800 | 21,606 | ||||||
| Shanxi Coking Coal Energy Group Co. Ltd., Class A | 39,900 | 56,366 | ||||||
| Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A | 26,900 | 74,625 | ||||||
| Shanxi Meijin Energy Co. Ltd., Class A * | 31,400 | 27,849 | ||||||
| Shanxi Securities Co. Ltd., Class A | 24,700 | 17,088 | ||||||
| Shanxi Taigang Stainless Steel Co. Ltd., Class A | 34,300 | 16,800 | ||||||
| Shenghe Resources Holding Co. Ltd., Class A | 11,000 | 14,489 | ||||||
| Shengyi Technology Co. Ltd., Class A | 9,946 | 24,138 | ||||||
| SHARES | VALUE† | |||||||
| Shenwan Hongyuan Group Co. Ltd., Class H ± | 43,200 | $ | 7,617 | |||||
| Shenzhen Agricultural Products Group Co. Ltd., Class A | 15,600 | 12,648 | ||||||
| Shenzhen Airport Co. Ltd., Class A * | 16,200 | 15,063 | ||||||
| Shenzhen Aisidi Co. Ltd., Class A | 14,200 | 22,437 | ||||||
| Shenzhen Huaqiang Industry Co. Ltd., Class A | 5,900 | 7,869 | ||||||
| Shenzhen International Holdings Ltd. | 107,733 | 82,724 | ||||||
| Shenzhen Investment Ltd. | 323,060 | 42,101 | ||||||
| Shenzhen Jinjia Group Co. Ltd., Class A | 10,602 | 6,557 | ||||||
| Shenzhen Kaifa Technology Co. Ltd., Class A | 5,900 | 11,208 | ||||||
| Shenzhen Kinwong Electronic Co. Ltd., Class A | 5,800 | 15,761 | ||||||
| Shenzhen MTC Co. Ltd., Class A | 42,300 | 29,205 | ||||||
| Shenzhen Neptunus Bioengineering Co. Ltd., Class A * | 28,200 | 9,442 | ||||||
| Shenzhen Overseas Chinese Town Co. Ltd., Class A * | 43,200 | 16,378 | ||||||
| Shenzhen Sunway Communication Co. Ltd., Class A | 4,700 | 12,323 | ||||||
| Shenzhen Tagen Group Co. Ltd., Class A | 25,000 | 15,877 | ||||||
| Shenzhen Yan Tian Port Holding Co. Ltd., Class A | 28,200 | 18,299 | ||||||
| Shenzhen YUTO Packaging Technology Co. Ltd., Class A | 4,900 | 16,509 | ||||||
| Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | 31,900 | 20,082 | ||||||
| Shoucheng Holdings Ltd. @ | 58,400 | 10,744 | ||||||
| Shougang Fushan Resources Group Ltd. | 219,790 | 75,258 | ||||||
| Shui On Land Ltd. @ | 280,000 | 23,969 | ||||||
| Sichuan Development Lomon Co. Ltd., Class A | 13,600 | 12,401 | ||||||
| Sichuan Hebang Biotechnology Co. Ltd., Class A | 84,300 | 26,827 | ||||||
| Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 12,500 | 52,301 | ||||||
| Sichuan Road & Bridge Group Co. Ltd., Class A | 28,840 | 29,648 | ||||||
| Sichuan Yahua Industrial Group Co. Ltd., Class A | 8,400 | 11,994 | ||||||
| Sinofert Holdings Ltd. | 244,000 | 25,563 | ||||||
| Sinoma International Engineering Co., Class A | 14,600 | 22,928 | ||||||
| Sinoma Science & Technology Co. Ltd., Class A | 11,000 | 22,951 | ||||||
| Sinopec Engineering Group Co. Ltd., Class H | 111,000 | 63,960 | ||||||
| Sinopec Kantons Holdings Ltd. | 90,000 | 41,626 | ||||||
| Sinopharm Group Co. Ltd., Class H | 140,400 | 359,660 | ||||||
| Sinotrans Ltd., Class H | 145,000 | 70,769 | ||||||
| Sinotruk Hong Kong Ltd. | 49,000 | 120,326 | ||||||
| Sinotruk Jinan Truck Co. Ltd., Class A | 2,800 | 6,106 | ||||||
| Skyworth Group Ltd. | 133,484 | 50,481 | ||||||
| SooChow Securities Co. Ltd., Class A | 20,280 | 18,884 | ||||||
| STO Express Co. Ltd., Class A * | 15,900 | 18,502 | ||||||
| Sun Art Retail Group Ltd. @ | 172,500 | 34,381 | ||||||
| Sun King Technology Group Ltd. * | 54,000 | 8,210 | ||||||
| Suning Universal Co. Ltd., Class A | 32,100 | 9,283 | ||||||
| Suzhou Anjie Technology Co. Ltd., Class A | 10,500 | 20,412 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| China (Continued) | ||||||||
| Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 10,800 | $ | 21,638 | |||||
| Tangshan Jidong Cement Co. Ltd., Class A | 10,000 | 7,389 | ||||||
| TangShan Port Group Co. Ltd., Class A | 55,900 | 33,722 | ||||||
| Tangshan Sanyou Chemical Industries Co. Ltd., Class A | 11,600 | 7,768 | ||||||
| TBEA Co. Ltd., Class A | 27,300 | 57,150 | ||||||
| TCL Electronics Holdings Ltd. | 99,667 | 36,037 | ||||||
| TCL Technology Group Corp., Class A | 78,540 | 50,640 | ||||||
| TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A | 16,000 | 26,123 | ||||||
| Tencent Music Entertainment Group, ADR * | 18,038 | 201,845 | ||||||
| Tian Di Science & Technology Co. Ltd., Class A | 40,500 | 38,105 | ||||||
| Tiande Chemical Holdings Ltd. | 36,000 | 5,565 | ||||||
| Tiangong International Co. Ltd. | 100,000 | 21,081 | ||||||
| Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A | 30,700 | 16,566 | ||||||
| Tianma Microelectronics Co. Ltd., Class A * | 15,500 | 17,607 | ||||||
| Tianneng Power International Ltd. @ | 74,000 | 69,302 | ||||||
| Tianshan Aluminum Group Co. Ltd., Class A | 18,200 | 16,091 | ||||||
| Tianshui Huatian Technology Co. Ltd., Class A | 35,100 | 37,492 | ||||||
| Titan Wind Energy Suzhou Co. Ltd., Class A * | 8,800 | 12,334 | ||||||
| Tofflon Science & Technology Group Co. Ltd., Class A | 3,500 | 7,022 | ||||||
| Tomson Group Ltd. | 1,275 | 249 | ||||||
| Tong Ren Tang Technologies Co. Ltd., Class H | 41,000 | 25,511 | ||||||
| TongFu Microelectronics Co. Ltd., Class A | 10,100 | 30,981 | ||||||
| Tongkun Group Co. Ltd., Class A * | 11,100 | 20,595 | ||||||
| Tongling Nonferrous Metals Group Co. Ltd., Class A | 49,000 | 26,509 | ||||||
| Tongyu Heavy Industry Co. Ltd., Class A | 40,800 | 12,927 | ||||||
| Topsec Technologies Group, Inc., Class A * | 7,000 | 6,780 | ||||||
| Transfar Zhilian Co. Ltd., Class A | 27,553 | 16,545 | ||||||
| TravelSky Technology Ltd., Class H | 21,000 | 25,435 | ||||||
| Trina Solar Co. Ltd., Class A | 6,168 | 20,234 | ||||||
| Trip.com Group Ltd., ADR * | 18,857 | 827,634 | ||||||
| Unisplendour Corp. Ltd., Class A * | 13,940 | 42,336 | ||||||
| Universal Scientific Industrial Shanghai Co. Ltd., Class A | 10,000 | 18,983 | ||||||
| Victory Giant Technology Huizhou Co. Ltd., Class A | 9,400 | 31,839 | ||||||
| Vinda International Holdings Ltd. | 21,000 | 62,918 | ||||||
| Vipshop Holdings Ltd., ADR | 20,828 | 344,703 | ||||||
| Wangsu Science & Technology Co. Ltd., Class A | 20,900 | 26,720 | ||||||
| Wanxiang Qianchao Co. Ltd., Class A | 42,900 | 29,144 | ||||||
| Wasion Holdings Ltd. | 48,000 | 34,711 | ||||||
| Wasu Media Holding Co. Ltd., Class A | 20,700 | 24,774 | ||||||
| Weibo Corp., ADR | 2,074 | 18,853 | ||||||
| Weichai Power Co. Ltd., Class H | 126,000 | 240,187 | ||||||
| Wellhope Foods Co. Ltd., Class A | 7,700 | 7,543 | ||||||
| West China Cement Ltd. @ | 198,000 | 26,056 | ||||||
| Western Securities Co. Ltd., Class A | 22,600 | 21,138 | ||||||
| Wharf Holdings Ltd. (The) | 70,000 | 229,848 | ||||||
| Wingtech Technology Co. Ltd., Class A * | 3,900 | 19,744 | ||||||
| Wolong Electric Group Co. Ltd., Class A | 11,600 | 27,991 | ||||||
| SHARES | VALUE† | |||||||
| Wuchan Zhongda Group Co. Ltd., Class A | 29,100 | $ | 17,635 | |||||
| Wushang Group Co. Ltd., Class A | 12,600 | 12,726 | ||||||
| XCMG Construction Machinery Co. Ltd., Class A | 47,400 | 40,727 | ||||||
| Xiamen C & D, Inc., Class A | 17,600 | 24,717 | ||||||
| Xiamen ITG Group Corp. Ltd., Class A | 17,300 | 17,186 | ||||||
| Xiamen Tungsten Co. Ltd., Class A | 7,300 | 19,635 | ||||||
| Xiamen Xiangyu Co. Ltd., Class A | 22,200 | 20,058 | ||||||
| Xiaomi Corp., Class B *± | 458,400 | 874,995 | ||||||
| Xinfengming Group Co. Ltd., Class A * | 4,000 | 7,737 | ||||||
| Xingda International Holdings Ltd. | 81,992 | 16,133 | ||||||
| Xinhua Winshare Publishing and Media Co. Ltd., Class H | 36,000 | 37,670 | ||||||
| Xinjiang Tianshan Cement Co. Ltd., Class A | 4,500 | 4,402 | ||||||
| Xinjiang Zhongtai Chemical Co. Ltd., Class A | 14,500 | 9,068 | ||||||
| Xinte Energy Co. Ltd., Class H @* | 22,800 | 30,470 | ||||||
| Xinxing Ductile Iron Pipes Co. Ltd., Class A | 18,100 | 9,667 | ||||||
| Xinyi Energy Holdings Ltd. @ | 207,138 | 29,376 | ||||||
| Xinyi Solar Holdings Ltd. | 182,000 | 140,914 | ||||||
| Xinyu Iron & Steel Co. Ltd., Class A | 27,300 | 13,183 | ||||||
| XJ International Holdings Co. Ltd. @*± | 120,000 | 3,787 | ||||||
| XPeng, Inc., Class A @* | 4,100 | 16,815 | ||||||
| Xtep International Holdings Ltd. | 52,500 | 32,532 | ||||||
| Xuji Electric Co. Ltd., Class A | 9,300 | 30,998 | ||||||
| Yantai Changyu Pioneer Wine Co. Ltd., Class A | 3,700 | 11,519 | ||||||
| Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 7,300 | 30,018 | ||||||
| YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H @*± | 25,600 | 35,586 | ||||||
| Yifan Pharmaceutical Co. Ltd., Class A * | 7,200 | 10,948 | ||||||
| Yiren Digital Ltd., ADR * | 4,574 | 20,629 | ||||||
| Yixintang Pharmaceutical Group Co. Ltd., Class A | 2,800 | 7,438 | ||||||
| Yonfer Agricultural Technology Co. Ltd., Class A | 6,900 | 10,015 | ||||||
| YongXing Special Materials Technology Co. Ltd., Class A | 2,400 | 15,750 | ||||||
| Youngor Fashion Co. Ltd. | 11,500 | 11,106 | ||||||
| YTO Express Group Co. Ltd., Class A | 21,200 | 44,410 | ||||||
| Yunda Holding Co. Ltd., Class A | 16,500 | 16,392 | ||||||
| Yunnan Aluminium Co. Ltd., Class A | 18,200 | 34,298 | ||||||
| Yunnan Baiyao Group Co. Ltd., Class A | 1,960 | 13,695 | ||||||
| Yunnan Copper Co. Ltd., Class A | 8,100 | 14,558 | ||||||
| Yunnan Energy New Material Co. Ltd., Class A | 1,400 | 7,895 | ||||||
| Yunnan Tin Co. Ltd., Class A | 14,600 | 29,170 | ||||||
| Zhefu Holding Group Co. Ltd., Class A | 16,400 | 7,170 | ||||||
| Zhejiang Century Huatong Group Co. Ltd., Class A * | 39,280 | 25,870 | ||||||
| Zhejiang China Commodities City Group Co. Ltd., Class A | 30,700 | 37,252 | ||||||
| Zhejiang Chint Electrics Co. Ltd., Class A | 13,100 | 36,541 | ||||||
| Zhejiang Crystal-Optech Co. Ltd., Class A | 12,400 | 24,380 | ||||||
| Zhejiang Dahua Technology Co. Ltd., Class A | 19,700 | 50,753 | ||||||
| Zhejiang Hailiang Co. Ltd., Class A | 19,700 | 24,804 | ||||||
| Zhejiang Huace Film & Television Co. Ltd., Class A | 30,500 | 39,837 | ||||||
| Zhejiang Huayou Cobalt Co. Ltd., Class A | 4,300 | 15,808 | ||||||
| Zhejiang Jiahua Energy Chemical Industry Co. Ltd., Class A | 9,000 | 9,788 | ||||||
| Zhejiang JIULI Hi-tech Metals Co. Ltd., Class A | 4,400 | 13,308 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| China (Continued) | ||||||||
| Zhejiang Juhua Co. Ltd., Class A | 7,900 | $ | 25,599 | |||||
| Zhejiang Longsheng Group Co. Ltd., Class A | 19,300 | 22,218 | ||||||
| Zhejiang Medicine Co. Ltd., Class A | 10,400 | 12,907 | ||||||
| Zhejiang Orient Financial Holdings Group Co. Ltd., Class A | 17,420 | 8,966 | ||||||
| Zhejiang Runtu Co. Ltd., Class A | 19,400 | 15,703 | ||||||
| Zhejiang Semir Garment Co. Ltd., Class A | 21,700 | 16,033 | ||||||
| Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A | 14,000 | 30,489 | ||||||
| Zhejiang Wanliyang Co. Ltd., Class A * | 11,400 | 9,842 | ||||||
| Zhejiang Xinan Chemical Industrial Group Co. Ltd., Class A | 14,980 | 16,706 | ||||||
| Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H | 21,400 | 25,701 | ||||||
| Zhongjin Gold Corp. Ltd., Class A | 32,000 | 54,725 | ||||||
| Zhongshan Broad Ocean Motor Co. Ltd., Class A | 22,200 | 15,327 | ||||||
| Zhongsheng Group Holdings Ltd. | 62,500 | 108,280 | ||||||
| Zhuhai Huafa Properties Co. Ltd., Class A | 11,600 | 11,460 | ||||||
| Zhuzhou CRRC Times Electric Co. Ltd. | 23,200 | 73,511 | ||||||
| Zhuzhou Kibing Group Co. Ltd., Class A | 10,500 | 10,446 | ||||||
| Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H | 85,800 | 53,167 | ||||||
| 49,959,141 | ||||||||
| Colombia — 0.1% | ||||||||
| Bancolombia SA | 4,612 | 40,903 | ||||||
| Bancolombia SA, ADR | 777 | 26,589 | ||||||
| Cementos Argos SA | 7,042 | 15,741 | ||||||
| CEMEX Latam Holdings SA *§ | 13,000 | 4,278 | ||||||
| Corp. Financiera Colombiana SA | 2,308 | 7,941 | ||||||
| Grupo Argos SA | 22,537 | 89,676 | ||||||
| 185,128 | ||||||||
| Cyprus — 0.0% | ||||||||
| ASBISc Enterprises PLC | 2,088 | 13,957 | ||||||
| Czech Republic — 0.1% | ||||||||
| Komercni Banka AS | 5,768 | 206,579 | ||||||
| Moneta Money Bank AS ± | 3,540 | 15,395 | ||||||
| 221,974 | ||||||||
| Greece — 0.5% | ||||||||
| Alpha Services & Holdings SA * | 139,014 | 244,460 | ||||||
| Bank of Greece | 859 | 14,364 | ||||||
| Eurobank Ergasias Services & Holdings SA, Class A * | 60,567 | 116,441 | ||||||
| Fourlis Holdings SA | 3,046 | 13,966 | ||||||
| Helleniq Energy Holdings SA | 5,395 | 48,542 | ||||||
| Motor Oil Hellas Corinth Refineries SA | 4,222 | 125,806 | ||||||
| National Bank of Greece SA * | 10,842 | 84,873 | ||||||
| Piraeus Financial Holdings SA * | 71,017 | 296,966 | ||||||
| 945,418 | ||||||||
| Hong Kong — 0.2% | ||||||||
| Alibaba Pictures Group Ltd. * | 430,000 | 24,997 | ||||||
| BOC Aviation Ltd. ± | 8,900 | 68,567 | ||||||
| China Zhongwang Holdings Ltd. @*§ | 154,000 | — | ||||||
| CTEG @*§ | 98,000 | — | ||||||
| Jinmao Property Services Co. Ltd. | 6,646 | 1,868 | ||||||
| Lumena New Materials *§ | 5,599 | — | ||||||
| SHARES | VALUE† | |||||||
| Orient Overseas International Ltd. | 7,000 | $ | 83,622 | |||||
| Sino Biopharmaceutical Ltd. | 234,000 | 90,289 | ||||||
| Vnet Group, Inc., ADR @* | 9,629 | 14,925 | ||||||
| Yuexiu Property Co. Ltd. | 135,006 | 74,343 | ||||||
| 358,611 | ||||||||
| Hungary — 0.2% | ||||||||
| MOL Hungarian Oil & Gas PLC | 44,543 | 361,207 | ||||||
| 361,207 | ||||||||
| India — 20.6% | ||||||||
| ACC Ltd. | 5,493 | 163,468 | ||||||
| Aditya Birla Capital Ltd. * | 44,000 | 92,851 | ||||||
| Advanced Enzyme Technologies Ltd. | 3,035 | 12,554 | ||||||
| Ahluwalia Contracts India Ltd. | 1,765 | 21,443 | ||||||
| Alembic Pharmaceuticals Ltd. | 5,197 | 61,315 | ||||||
| Allcargo Logistics Ltd. * | 19,940 | 17,214 | ||||||
| Allcargo Terminals Ltd. | 4,985 | 3,251 | ||||||
| Amara Raja Energy & Mobility Ltd. | 8,020 | 73,510 | ||||||
| Ambuja Cements Ltd. | 36,667 | 269,499 | ||||||
| Apar Industries Ltd. | 559 | 46,515 | ||||||
| Apollo Tyres Ltd. | 31,532 | 176,918 | ||||||
| Arvind Ltd. | 13,452 | 43,597 | ||||||
| Aster DM Healthcare Ltd. *± | 9,764 | 47,654 | ||||||
| Aurobindo Pharma Ltd. | 25,561 | 334,061 | ||||||
| Avanti Feeds Ltd. | 2,210 | 12,764 | ||||||
| Axis Bank Ltd. | 133,355 | 1,673,283 | ||||||
| Axis Bank Ltd., GDR | 12,180 | 770,994 | ||||||
| Bajaj Consumer Care Ltd. | 10,520 | 26,766 | ||||||
| Bajaj Holdings & Investment Ltd. | 2,428 | 241,628 | ||||||
| Balrampur Chini Mills Ltd. | 14,783 | 63,987 | ||||||
| Bandhan Bank Ltd. ± | 42,966 | 92,678 | ||||||
| Bank of Baroda | 74,524 | 236,254 | ||||||
| Bank of India | 26,524 | 43,251 | ||||||
| Bharat Electronics Ltd. | 13,036 | 31,550 | ||||||
| Bharat Heavy Electricals Ltd. | 96,730 | 287,050 | ||||||
| Birla Corp. Ltd. | 3,237 | 55,190 | ||||||
| Birlasoft Ltd. | 1,959 | 17,432 | ||||||
| Bombay Burmah Trading Co. | 684 | 12,835 | ||||||
| Camlin Fine Sciences Ltd. * | 4,352 | 4,657 | ||||||
| Can Fin Homes Ltd. | 2,104 | 19,025 | ||||||
| Canara Bank | 25,786 | 180,079 | ||||||
| Ceat Ltd. | 3,536 | 112,818 | ||||||
| Century Textiles & Industries Ltd. | 3,170 | 61,954 | ||||||
| Chambal Fertilizers and Chemicals Ltd. | 13,907 | 57,210 | ||||||
| Cholamandalam Financial Holdings Ltd. | 8,070 | 108,661 | ||||||
| CIE Automotive India Ltd. | 6,907 | 38,178 | ||||||
| Cipla Ltd. | 32,099 | 575,763 | ||||||
| City Union Bank Ltd. | 30,829 | 49,828 | ||||||
| CMS Info Systems Ltd. | 2,254 | 10,567 | ||||||
| Cochin Shipyard Ltd. ± | 7,994 | 83,532 | ||||||
| Container Corp. Of India Ltd. | 7,508 | 79,489 | ||||||
| Coromandel International Ltd. | 2,932 | 37,897 | ||||||
| CSB Bank Ltd. * | 3,753 | 15,837 | ||||||
| Cyient Ltd. | 5,068 | 120,620 | ||||||
| Dalmia Bharat Ltd. | 5,315 | 124,013 | ||||||
| DCB Bank Ltd. | 19,962 | 28,733 | ||||||
| DCM Shriram Ltd. | 2,904 | 29,770 | ||||||
| Deepak Fertilisers & Petrochemicals Corp. Ltd. | 4,535 | 27,296 | ||||||
| DLF Ltd. | 27,758 | 299,538 | ||||||
| Dr Reddy's Laboratories Ltd., ADR | 1,311 | 96,162 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| India (Continued) | ||||||||
| eClerx Services Ltd. | 783 | $ | 22,391 | |||||
| EID Parry India Ltd. | 7,288 | 47,537 | ||||||
| Electrosteel Castings Ltd. | 23,821 | 50,925 | ||||||
| Engineers India Ltd. | 17,515 | 42,337 | ||||||
| EPL Ltd. | 5,342 | 11,462 | ||||||
| Equitas Small Finance Bank Ltd. ± | 16,074 | 17,808 | ||||||
| Exide Industries Ltd. | 26,178 | 96,046 | ||||||
| FDC Ltd. * | 3,013 | 15,397 | ||||||
| Federal Bank Ltd. | 161,831 | 291,054 | ||||||
| Finolex Cables Ltd. | 3,726 | 44,630 | ||||||
| Finolex Industries Ltd. | 15,431 | 45,570 | ||||||
| Firstsource Solutions Ltd. | 20,730 | 49,214 | ||||||
| Fortis Healthcare Ltd. | 5,066 | 25,466 | ||||||
| GAIL India Ltd. | 260,433 | 568,002 | ||||||
| Gateway Distriparks Ltd. | 25,136 | 30,379 | ||||||
| GHCL Ltd. | 5,527 | 29,423 | ||||||
| GHCL Textiles Ltd. * | 5,527 | 5,020 | ||||||
| Glenmark Pharmaceuticals Ltd. | 12,966 | 148,623 | ||||||
| Godawari Power and Ispat Ltd. | 2,402 | 21,686 | ||||||
| Godfrey Phillips India Ltd. | 794 | 29,432 | ||||||
| Godrej Industries Ltd. * | 1,769 | 16,523 | ||||||
| Granules India Ltd. | 16,905 | 87,512 | ||||||
| Grasim Industries Ltd. | 17,963 | 496,445 | ||||||
| Great Eastern Shipping Co. Ltd. (The) | 8,516 | 101,837 | ||||||
| Gujarat Alkalies & Chemicals Ltd. | 2,551 | 20,514 | ||||||
| Gujarat Ambuja Exports Ltd. | 8,766 | 16,659 | ||||||
| Gujarat Mineral Development Corp. Ltd. | 5,595 | 23,037 | ||||||
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 8,187 | 61,440 | ||||||
| Gujarat Pipavav Port Ltd. | 19,498 | 49,702 | ||||||
| Gujarat State Fertilizers & Chemicals Ltd. | 11,602 | 27,258 | ||||||
| Gujarat State Petronet Ltd. | 23,082 | 97,473 | ||||||
| HDFC Bank Ltd. | 98,376 | 1,706,784 | ||||||
| HEG Ltd. | 1,254 | 27,667 | ||||||
| Hero MotoCorp Ltd. | 8,694 | 493,062 | ||||||
| Himadri Speciality Chemical Ltd. | 10,592 | 38,354 | ||||||
| Hindalco Industries Ltd. | 158,495 | 1,067,719 | ||||||
| Hindustan Aeronautics Ltd. | 2,747 | 110,041 | ||||||
| ICICI Bank Ltd., ADR | 46,932 | 1,239,474 | ||||||
| IDFC First Bank Ltd. * | 161,251 | 145,972 | ||||||
| IDFC Ltd. * | 76,058 | 101,225 | ||||||
| IIFL Finance Ltd. | 7,253 | 29,481 | ||||||
| IIFL Securities Ltd. | 25,376 | 37,424 | ||||||
| India Cements Ltd. (The) * | 14,192 | 36,313 | ||||||
| Indiabulls Housing Finance Ltd. * | 15,725 | 15,772 | ||||||
| Indiabulls Housing Finance Ltd. | 31,451 | 63,202 | ||||||
| Indian Bank | 12,211 | 76,426 | ||||||
| Indian Railway Finance Corp. Ltd. ± | 47,733 | 81,899 | ||||||
| Indus Towers Ltd. * | 55,203 | 192,808 | ||||||
| IndusInd Bank Ltd. | 28,574 | 530,950 | ||||||
| Infibeam Avenues Ltd. | 77,058 | 31,552 | ||||||
| Info Edge India Ltd. | 2,973 | 198,550 | ||||||
| IRCON International Ltd. ± | 18,858 | 49,393 | ||||||
| ISGEC Heavy Engineering Ltd. | 1,061 | 11,363 | ||||||
| Jindal Saw Ltd. | 14,261 | 74,252 | ||||||
| Jindal Stainless Ltd. | 31,050 | 257,998 | ||||||
| Jindal Steel & Power Ltd. | 46,366 | 473,180 | ||||||
| Jio Financial Services Ltd. * | 206,554 | 876,466 | ||||||
| JK Lakshmi Cement Ltd. | 4,751 | 50,015 | ||||||
| JK Paper Ltd. | 10,798 | 41,818 | ||||||
| JK Tyre & Industries Ltd. | 10,161 | 52,741 | ||||||
| JM Financial Ltd. | 40,467 | 36,026 | ||||||
| JSW Energy Ltd. | 29,196 | 184,500 | ||||||
| SHARES | VALUE† | |||||||
| JSW Steel Ltd. | 80,442 | $ | 804,203 | |||||
| Jubilant Ingrevia Ltd. | 2,745 | 14,893 | ||||||
| Jubilant Pharmova Ltd. | 9,690 | 65,806 | ||||||
| Kalpataru Projects International Ltd. | 5,415 | 68,825 | ||||||
| Karnataka Bank Ltd. (The) | 29,326 | 79,044 | ||||||
| Karur Vysya Bank Ltd. (The) | 36,209 | 79,427 | ||||||
| Kaveri Seed Co. Ltd. | 1,897 | 14,258 | ||||||
| KEC International Ltd. | 2,733 | 22,678 | ||||||
| Kirloskar Oil Engines Ltd. | 798 | 8,229 | ||||||
| KNR Constructions Ltd. | 3,786 | 11,172 | ||||||
| KRBL Ltd. | 5,994 | 19,979 | ||||||
| L&T Finance Holdings Ltd. | 78,972 | 150,554 | ||||||
| Larsen & Toubro Ltd. | 4,048 | 182,732 | ||||||
| Larsen & Toubro Ltd., GDR | 31,226 | 1,414,538 | ||||||
| LG Balakrishnan & Bros Ltd. | 1,438 | 21,963 | ||||||
| LIC Housing Finance Ltd. | 24,147 | 177,565 | ||||||
| LT Foods Ltd. | 16,533 | 36,970 | ||||||
| Lupin Ltd. | 15,489 | 301,599 | ||||||
| Maharashtra Seamless Ltd. | 3,116 | 31,394 | ||||||
| Mahindra & Mahindra Financial Services Ltd. | 54,856 | 182,716 | ||||||
| Mahindra & Mahindra Ltd. | 60,755 | 1,395,247 | ||||||
| Mahindra & Mahindra Ltd., GDR | 4,830 | 112,539 | ||||||
| Manappuram Finance Ltd. | 34,315 | 71,385 | ||||||
| Meghmani Organics Ltd. | 7,232 | 6,872 | ||||||
| MOIL Ltd. | 5,661 | 18,852 | ||||||
| Motilal Oswal Financial Services Ltd. | 1,768 | 35,417 | ||||||
| MRF Ltd. | 136 | 218,381 | ||||||
| Muthoot Finance Ltd. | 6,474 | 114,576 | ||||||
| Natco Pharma Ltd. | 3,671 | 41,945 | ||||||
| National Aluminium Co. Ltd. | 39,968 | 73,416 | ||||||
| Nava Ltd. | 6,116 | 35,478 | ||||||
| NCC Ltd. | 30,074 | 83,891 | ||||||
| NESCO Ltd. | 965 | 9,661 | ||||||
| NIIT Learning Systems Ltd. | 2,427 | 14,511 | ||||||
| NIIT Ltd. | 2,427 | 3,061 | ||||||
| Nilkamal Ltd. | 322 | 6,614 | ||||||
| NMDC Ltd. | 47,585 | 115,279 | ||||||
| NMDC Steel Ltd. * | 47,585 | 31,380 | ||||||
| NOCIL Ltd. | 7,374 | 22,192 | ||||||
| Oberoi Realty Ltd. | 9,011 | 158,822 | ||||||
| Orient Cement Ltd. | 6,133 | 14,361 | ||||||
| PCBL Ltd. | 11,386 | 36,416 | ||||||
| Petronet LNG Ltd. | 67,706 | 214,315 | ||||||
| Piramal Enterprises Ltd. | 5,901 | 60,084 | ||||||
| Piramal Pharma Ltd. * | 29,025 | 44,737 | ||||||
| PNB Housing Finance Ltd. *± | 6,492 | 48,856 | ||||||
| PNC Infratech Ltd. | 4,201 | 21,961 | ||||||
| Polyplex Corp. Ltd. | 1,545 | 14,190 | ||||||
| Power Finance Corp. Ltd. | 121,886 | 572,219 | ||||||
| Prestige Estates Projects Ltd. | 14,610 | 205,830 | ||||||
| PTC India Ltd. | 17,788 | 39,670 | ||||||
| Punjab National Bank | 115,447 | 172,196 | ||||||
| Quess Corp. Ltd. ± | 2,433 | 15,082 | ||||||
| Rain Industries Ltd. | 17,328 | 31,165 | ||||||
| Rajesh Exports Ltd. * | 7,411 | 23,294 | ||||||
| Rallis India Ltd. | 3,389 | 10,163 | ||||||
| Ramco Cements Ltd. (The) | 7,384 | 72,510 | ||||||
| Rashtriya Chemicals & Fertilizers Ltd. | 16,695 | 25,662 | ||||||
| Raymond Ltd. | 3,276 | 70,895 | ||||||
| RBL Bank Ltd. ± | 35,444 | 102,504 | ||||||
| REC Ltd. | 124,810 | 676,034 | ||||||
| Redington Ltd. | 57,900 | 144,086 | ||||||
| Reliance Industries Ltd. | 206,554 | 7,356,222 | ||||||
| Reliance Power Ltd. * | 223,846 | 75,821 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| India (Continued) | ||||||||
| RITES Ltd. | 2,755 | $ | 21,868 | |||||
| Samvardhana Motherson International Ltd. | 156,613 | 219,702 | ||||||
| Shipping Corp. of India Land & Assets Ltd., Spin-off Shares * | 14,166 | 6,777 | ||||||
| Shipping Corp. of India Ltd. | 14,166 | 35,490 | ||||||
| Shriram Finance Ltd. | 20,316 | 574,872 | ||||||
| Sobha Ltd. | 3,407 | 58,822 | ||||||
| South Indian Bank Ltd. *<> | 16,698 | 5,456 | ||||||
| South Indian Bank Ltd. (The) | 66,795 | 21,944 | ||||||
| Star Cement Ltd. * | 7,280 | 19,727 | ||||||
| State Bank of India | 69,305 | 625,679 | ||||||
| State Bank of India, GDR | 8,728 | 791,630 | ||||||
| Steel Authority of India Ltd. | 89,762 | 144,594 | ||||||
| Strides Pharma Science Ltd. | 5,470 | 51,550 | ||||||
| Sun Pharmaceutical Industries Ltd. | 32,247 | 629,068 | ||||||
| Sun TV Network Ltd. | 5,489 | 39,291 | ||||||
| Sundaram-Clayton Ltd. * | 221 | 3,713 | ||||||
| Sunteck Realty Ltd. * | 5,951 | 27,692 | ||||||
| Surya Roshni Ltd. | 1,546 | 9,380 | ||||||
| Tata Chemicals Ltd. | 12,988 | 168,644 | ||||||
| Tata Consumer Products Ltd. | 7,849 | 103,521 | ||||||
| Tata Steel Ltd. | 430,140 | 805,586 | ||||||
| Tata Steel Ltd., GDR | 6,923 | 128,422 | ||||||
| Techno Electric & Engineering Co. Ltd. | 2,836 | 26,081 | ||||||
| Thirumalai Chemicals Ltd. | 4,154 | 11,652 | ||||||
| TransIndia Real Estate Ltd. * | 4,985 | 2,776 | ||||||
| Transport Corp. of India Ltd. | 1,095 | 10,700 | ||||||
| Tube Investments of India Ltd. | 732 | 32,739 | ||||||
| TVS Holdings Ltd. * | 221 | 21,537 | ||||||
| Uflex Ltd. | 3,166 | 15,412 | ||||||
| Union Bank of India Ltd. | 81,852 | 150,843 | ||||||
| UPL Ltd. | 40,601 | 222,033 | ||||||
| Usha Martin Ltd. | 14,837 | 56,918 | ||||||
| UTI Asset Management Co. Ltd. | 947 | 9,197 | ||||||
| VA Tech Wabag Ltd. * | 2,558 | 23,426 | ||||||
| Vardhman Textiles Ltd. | 8,165 | 43,565 | ||||||
| Varroc Engineering Ltd. *± | 3,632 | 22,340 | ||||||
| Vedanta Ltd. | 58,464 | 191,054 | ||||||
| Voltamp Transformers Ltd. | 307 | 35,227 | ||||||
| Welspun Corp. Ltd. | 11,246 | 69,308 | ||||||
| Welspun Living Ltd. | 30,613 | 50,653 | ||||||
| West Coast Paper Mills Ltd. | 3,247 | 23,114 | ||||||
| Wipro Ltd. | 41,058 | 236,298 | ||||||
| Wipro Ltd., ADR @ | 54,311 | 312,288 | ||||||
| Wockhardt Ltd. * | 5,344 | 37,529 | ||||||
| Yes Bank Ltd. * | 469,708 | 130,377 | ||||||
| Zee Entertainment Enterprises Ltd. * | 70,032 | 116,507 | ||||||
| Zensar Technologies Ltd. | 5,610 | 40,560 | ||||||
| Zydus Lifesciences Ltd. | 13,699 | 166,551 | ||||||
| Zydus Wellness Ltd. | 1,266 | 22,319 | ||||||
| 40,895,137 | ||||||||
| Indonesia — 1.6% | ||||||||
| Ace Hardware Indonesia Tbk. PT | 625,900 | 34,739 | ||||||
| Adaro Energy Indonesia Tbk. PT | 1,752,200 | 298,388 | ||||||
| AKR Corporindo Tbk. PT | 245,800 | 26,665 | ||||||
| Aneka Tambang Tbk. PT | 600,600 | 60,609 | ||||||
| Astra Agro Lestari Tbk. PT | 61,744 | 26,871 | ||||||
| Astra International Tbk. PT | 1,623,600 | 527,376 | ||||||
| SHARES | VALUE† | |||||||
| Astra Otoparts Tbk. PT | 19,600 | $ | 2,757 | |||||
| Bank Mandiri Persero Tbk. PT | 73,400 | 33,564 | ||||||
| Bank Maybank Indonesia Tbk. PT | 568,800 | 9,256 | ||||||
| Bank Negara Indonesia Persero Tbk. PT | 916,932 | 341,211 | ||||||
| Bank OCBC Nisp Tbk. PT | 223,000 | 19,269 | ||||||
| Bank Pan Indonesia Tbk. PT * | 399,700 | 28,991 | ||||||
| Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT | 173,300 | 13,226 | ||||||
| Bank Pembangunan Daerah Jawa Timur Tbk. PT | 403,000 | 15,251 | ||||||
| Bank Tabungan Negara Persero Tbk. PT | 537,509 | 52,717 | ||||||
| BISI International Tbk. PT | 94,000 | 12,095 | ||||||
| Bukalapak.com Tbk. PT * | 2,923,900 | 28,031 | ||||||
| Bukit Asam Tbk. PT | 339,600 | 63,615 | ||||||
| Bumi Resources Minerals Tbk. PT * | 2,909,300 | 27,524 | ||||||
| Bumi Resources Tbk. PT * | 3,292,800 | 17,445 | ||||||
| Bumi Serpong Damai Tbk. PT * | 435,700 | 27,068 | ||||||
| Charoen Pokphand Indonesia Tbk. PT | 65,700 | 21,755 | ||||||
| Ciputra Development Tbk. PT | 924,577 | 75,809 | ||||||
| Dayamitra Telekomunikasi PT | 857,100 | 33,246 | ||||||
| Elang Mahkota Teknologi Tbk. PT | 999,500 | 27,485 | ||||||
| Erajaya Swasembada Tbk. PT | 1,042,500 | 28,273 | ||||||
| GoTo Gojek Tokopedia Tbk. PT * | 1,981,100 | 8,622 | ||||||
| Gudang Garam Tbk. PT | 38,200 | 47,946 | ||||||
| Hanson International Tbk. PT *§ | 5,335,700 | — | ||||||
| Harum Energy Tbk. PT * | 170,700 | 14,535 | ||||||
| Indah Kiat Pulp & Paper Tbk. PT | 294,700 | 177,972 | ||||||
| Indika Energy Tbk. PT | 180,500 | 17,020 | ||||||
| Indo Tambangraya Megah Tbk. PT | 52,800 | 88,916 | ||||||
| Indocement Tunggal Prakarsa Tbk. PT | 78,800 | 43,488 | ||||||
| Indofood Sukses Makmur Tbk. PT | 407,500 | 163,848 | ||||||
| Japfa Comfeed Indonesia Tbk. PT | 567,600 | 42,601 | ||||||
| Medco Energi Internasional Tbk. PT | 1,095,352 | 98,792 | ||||||
| Pabrik Kertas Tjiwi Kimia Tbk. PT | 133,200 | 59,858 | ||||||
| Pakuwon Jati Tbk. PT | 433,100 | 11,582 | ||||||
| Panin Financial Tbk. PT * | 1,207,600 | 21,631 | ||||||
| Perusahaan Perkebunan London Sumatra Indonesia Tbk. PT | 296,500 | 16,737 | ||||||
| Sawit Sumbermas Sarana Tbk. PT | 240,200 | 15,756 | ||||||
| Semen Indonesia Persero Tbk. PT | 223,824 | 83,290 | ||||||
| Sri Rejeki Isman Tbk. PT *§ | 996,900 | — | ||||||
| Summarecon Agung Tbk. PT | 932,100 | 31,158 | ||||||
| Surya Citra Media Tbk. PT | 1,943,100 | 17,280 | ||||||
| Surya Esa Perkasa Tbk. PT * | 324,100 | 13,798 | ||||||
| Triputra Agro Persada PT | 418,500 | 15,441 | ||||||
| Tunas Baru Lampung Tbk. PT | 363,085 | 15,343 | ||||||
| United Tractors Tbk. PT | 182,800 | 278,725 | ||||||
| Vale Indonesia Tbk. PT | 184,400 | 47,336 | ||||||
| XL Axiata Tbk. PT | 522,966 | 74,544 | ||||||
| 3,259,455 | ||||||||
| Korea — 13.0% | ||||||||
| Amorepacific Corp. | 432 | 38,892 | ||||||
| Amorepacific Corp | 1,396 | 28,101 | ||||||
| Ananti, Inc. * | 3,670 | 17,502 | ||||||
| Asia Paper Manufacturing Co. Ltd. | 567 | 18,995 | ||||||
| BH Co. Ltd. | 1,193 | 14,994 | ||||||
| Binggrae Co. Ltd. | 417 | 16,850 | ||||||
| BNK Financial Group, Inc. | 20,319 | 120,442 | ||||||
| Boryung | 1,586 | 15,563 | ||||||
| CJ CheilJedang Corp. | 860 | 186,533 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Korea (Continued) | ||||||||
| CJ Corp. * | 1,381 | $ | 125,354 | |||||
| CJ ENM Co. Ltd. * | 1,200 | 69,794 | ||||||
| CJ Logistics Corp. | 649 | 57,705 | ||||||
| Dae Won Kang Up Co. Ltd. | 4,223 | 16,280 | ||||||
| Daesang Corp. | 2,426 | 35,338 | ||||||
| Daewoo Engineering & Construction Co. Ltd. * | 18,960 | 52,532 | ||||||
| Daewoong Co. Ltd. | 1,602 | 24,632 | ||||||
| Daishin Securities Co. Ltd. | 3,671 | 42,920 | ||||||
| Daou Data Corp. | 1,785 | 16,892 | ||||||
| Daou Technology, Inc. | 2,149 | 33,841 | ||||||
| DB HiTek Co. Ltd. | 1,122 | 36,587 | ||||||
| DB Insurance Co. Ltd. | 3,376 | 241,492 | ||||||
| DB, Inc. * | 6,843 | 7,863 | ||||||
| DGB Financial Group, Inc. | 18,216 | 117,719 | ||||||
| DL E&C Co. Ltd. | 2,318 | 63,363 | ||||||
| DL Holdings Co. Ltd. | 1,534 | 59,708 | ||||||
| Dong-A Socio Holdings Co. Ltd. | 287 | 25,071 | ||||||
| Dong-A ST Co. Ltd. | 241 | 13,390 | ||||||
| Dongkuk Holdings Co. Ltd. | 1,150 | 6,996 | ||||||
| Dongkuk Steel Mill Co. Ltd. | 3,583 | 30,660 | ||||||
| Dongwha Pharm Co. Ltd. | 736 | 5,194 | ||||||
| Dongwon F&B Co. Ltd. | 640 | 15,949 | ||||||
| Dongwon Industries Co. Ltd. | 715 | 21,085 | ||||||
| Doosan Bobcat, Inc. | 4,635 | 185,916 | ||||||
| Doosan Co. Ltd. * | 376 | 42,173 | ||||||
| DoubleUGames Co. Ltd. | 604 | 19,000 | ||||||
| E-MART, Inc. * | 1,350 | 68,490 | ||||||
| ENF Technology Co. Ltd. | 555 | 10,677 | ||||||
| Eugene Investment & Securities Co. Ltd. | 8,694 | 27,349 | ||||||
| Fila Holdings Corp. | 3,191 | 90,901 | ||||||
| Green Cross Corp. | 247 | 22,971 | ||||||
| GS Engineering & Construction Corp. * | 2,015 | 22,721 | ||||||
| GS Holdings Corp. | 4,562 | 164,351 | ||||||
| GS Retail Co. Ltd. | 3,803 | 57,769 | ||||||
| Hana Financial Group, Inc. | 22,264 | 974,076 | ||||||
| Handsome Co. Ltd. | 1,312 | 19,491 | ||||||
| Hanil Holdings Co. Ltd. | 1,021 | 9,503 | ||||||
| Hanjin Kal Corp. | 418 | 18,443 | ||||||
| Hankook Tire & Technology Co. Ltd. | 5,220 | 209,769 | ||||||
| Hansol Paper Co. Ltd. | 2,232 | 17,176 | ||||||
| Hansol Technics Co. Ltd. | 1,664 | 7,762 | ||||||
| Hanwha Corp. | 3,458 | 72,435 | ||||||
| Hanwha Galleria Corp. * | 4,602 | 4,861 | ||||||
| Hanwha Investment & Securities Co. Ltd. * | 13,449 | 39,960 | ||||||
| Hanwha Life Insurance Co. Ltd. | 20,246 | 43,613 | ||||||
| Hanwha Solutions Corp. | 7,228 | 148,453 | ||||||
| Hanwha Systems Co. Ltd. | 1,328 | 16,977 | ||||||
| Harim Holdings Co. Ltd. | 2,243 | 11,213 | ||||||
| HD Hyundai Co. Ltd. | 3,291 | 168,431 | ||||||
| HD Hyundai Construction Equipment Co. Ltd. | 1,558 | 67,701 | ||||||
| HD Hyundai Energy Solutions Co. Ltd. * | 362 | 6,319 | ||||||
| HD Hyundai Infracore Co. Ltd. | 7,764 | 49,367 | ||||||
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. * | 2,470 | 220,534 | ||||||
| HDC Holdings Co. Ltd. | 2,781 | 16,774 | ||||||
| HDC Hyundai Development Co.-Engineering & Construction | 2,554 | 34,034 | ||||||
| HK inno N Corp. | 690 | 19,476 | ||||||
| HL Holdings Corp. | 389 | 9,767 | ||||||
| HL Mando Co. Ltd. | 2,866 | 72,595 | ||||||
| HMM Co. Ltd. | 19,467 | 227,748 | ||||||
| SHARES | VALUE† | |||||||
| Hy-Lok Corp. | 918 | $ | 17,763 | |||||
| Hyosung Corp. | 657 | 30,404 | ||||||
| Hyosung Heavy Industries Corp. | 154 | 31,744 | ||||||
| Hyosung TNC Corp. | 121 | 27,728 | ||||||
| Hyundai Department Store Co. Ltd. | 867 | 33,424 | ||||||
| Hyundai Engineering & Construction Co. Ltd. | 4,831 | 119,317 | ||||||
| Hyundai GF Holdings | 3,524 | 11,347 | ||||||
| Hyundai Glovis Co. Ltd. | 1,581 | 212,092 | ||||||
| Hyundai Home Shopping Network Corp. | 716 | 27,762 | ||||||
| Hyundai Marine & Fire Insurance Co. Ltd. | 4,572 | 104,770 | ||||||
| Hyundai Mobis Co. Ltd. | 3,389 | 658,290 | ||||||
| Hyundai Motor Co. | 10,966 | 1,930,505 | ||||||
| Hyundai Steel Co. | 5,647 | 133,389 | ||||||
| Hyundai Wia Corp. * | 941 | 39,772 | ||||||
| Industrial Bank of Korea | 20,136 | 208,652 | ||||||
| Innocean Worldwide, Inc. | 814 | 13,544 | ||||||
| INTOPS Co. Ltd. | 1,491 | 33,779 | ||||||
| IS Dongseo Co. Ltd. | 1,027 | 22,466 | ||||||
| JB Financial Group Co. Ltd. | 11,834 | 114,626 | ||||||
| Kakao Games Corp. * | 548 | 9,505 | ||||||
| KB Financial Group, Inc., ADR | 24,215 | 1,260,875 | ||||||
| KCC Corp. | 293 | 57,675 | ||||||
| KCC Glass Corp. | 444 | 13,588 | ||||||
| KEPCO Plant Service & Engineering Co. Ltd. | 695 | 18,740 | ||||||
| KG Eco Technology Service Co. Ltd. | 1,719 | 12,067 | ||||||
| Kia Corp. | 23,059 | 1,918,372 | ||||||
| KISWIRE Ltd. | 1,165 | 18,389 | ||||||
| KIWOOM Securities Co. Ltd. | 1,176 | 107,707 | ||||||
| Kolon Industries, Inc. | 1,930 | 54,477 | ||||||
| Korea Asset In Trust Co. Ltd. | 5,452 | 12,757 | ||||||
| Korea Circuit Co. Ltd. * | 737 | 9,909 | ||||||
| Korea Electric Terminal Co. Ltd. | 682 | 31,409 | ||||||
| Korea Investment Holdings Co. Ltd. | 2,704 | 133,769 | ||||||
| Korea Line Corp. * | 16,631 | 23,682 | ||||||
| Korea Real Estate Investment & Trust Co. Ltd. | 10,376 | 7,954 | ||||||
| Korea Zinc Co. Ltd. | 457 | 154,285 | ||||||
| Korean Air Lines Co. Ltd. | 13,791 | 222,295 | ||||||
| Korean Reinsurance Co. | 12,952 | 80,045 | ||||||
| KT&G Corp. | 1,723 | 119,922 | ||||||
| Kumho Petrochemical Co. Ltd. | 1,237 | 129,098 | ||||||
| Kumho Tire Co., Inc. * | 3,713 | 16,465 | ||||||
| Kwang Dong Pharmaceutical Co. Ltd. | 5,019 | 27,514 | ||||||
| LG Chem Ltd. | 2,768 | 904,676 | ||||||
| LG Corp. | 5,347 | 347,927 | ||||||
| LG Display Co. Ltd. * | 16,033 | 126,001 | ||||||
| LG Display Co. Ltd., ADR @ | 8,853 | 36,297 | ||||||
| LG Electronics, Inc. | 10,373 | 745,854 | ||||||
| LG H&H Co. Ltd. | 577 | 165,653 | ||||||
| LG Innotek Co. Ltd. | 893 | 131,007 | ||||||
| LG Uplus Corp. | 19,185 | 143,220 | ||||||
| Lotte Chemical Corp. | 1,267 | 112,936 | ||||||
| Lotte Chilsung Beverage Co. Ltd. | 290 | 27,551 | ||||||
| Lotte Corp. | 1,582 | 32,727 | ||||||
| LOTTE Fine Chemical Co. Ltd. | 1,517 | 53,468 | ||||||
| Lotte Shopping Co. Ltd. | 641 | 35,044 | ||||||
| Lotte Wellfood Co. Ltd. | 167 | 15,208 | ||||||
| LS Corp. | 1,155 | 97,977 | ||||||
| LX Hausys Ltd. | 728 | 21,360 | ||||||
| LX Holdings Corp. | 2,593 | 13,463 | ||||||
| LX International Corp. | 3,459 | 68,217 | ||||||
| Meritz Financial Group, Inc. | 258 | 15,657 | ||||||
| Mirae Asset Life Insurance Co. Ltd. * | 5,257 | 17,709 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Korea (Continued) | ||||||||
| Mirae Asset Securities Co. Ltd. | 23,824 | $ | 143,873 | |||||
| MK Electron Co. Ltd. | 1,843 | 19,166 | ||||||
| Netmarble Corp. *± | 1,028 | 48,183 | ||||||
| Nexen Tire Corp. | 5,151 | 31,834 | ||||||
| NH Investment & Securities Co. Ltd. | 10,116 | 88,593 | ||||||
| NHN Corp. | 2,376 | 44,564 | ||||||
| NongShim Co. Ltd. | 178 | 49,252 | ||||||
| OCI Co. Ltd. | 450 | 28,713 | ||||||
| OCI Holdings Co. Ltd. | 995 | 69,548 | ||||||
| Orion Holdings Corp. | 2,572 | 27,014 | ||||||
| Ottogi Corp. | 131 | 38,777 | ||||||
| Pan Ocean Co. Ltd. | 22,750 | 71,989 | ||||||
| Paradise Co. Ltd. | 1,846 | 19,622 | ||||||
| Partron Co. Ltd. | 1,897 | 11,090 | ||||||
| Poongsan Corp. | 1,950 | 72,858 | ||||||
| POSCO Holdings, Inc. | 1,386 | 433,431 | ||||||
| POSCO Holdings, Inc., ADR | 12,275 | 962,606 | ||||||
| S-Oil Corp. | 3,801 | 219,943 | ||||||
| Samsung C&T Corp. | 4,028 | 479,022 | ||||||
| Samsung Card Co. Ltd. | 2,083 | 59,492 | ||||||
| Samsung Electronics Co. Ltd. | 9,536 | 572,337 | ||||||
| Samsung Electronics Co. Ltd., GDR | 1,507 | 2,240,909 | ||||||
| Samsung Fire & Marine Insurance Co. Ltd. | 1,830 | 420,033 | ||||||
| Samsung Life Insurance Co. Ltd. | 4,057 | 287,795 | ||||||
| Samsung SDS Co. Ltd. | 215 | 26,127 | ||||||
| Samsung Securities Co. Ltd. | 4,720 | 142,696 | ||||||
| Samyang Holdings Corp. | 409 | 21,692 | ||||||
| Sangsangin Co. Ltd. * | 375 | 1,059 | ||||||
| SD Biosensor, Inc. * | 2,641 | 23,207 | ||||||
| SeAH Steel Holdings Corp. | 235 | 40,410 | ||||||
| Sebang Global Battery Co. Ltd. | 697 | 40,746 | ||||||
| Seegene, Inc. | 2,156 | 39,397 | ||||||
| Seojin System Co. Ltd. * | 932 | 17,515 | ||||||
| Seoul Semiconductor Co. Ltd. | 2,206 | 16,763 | ||||||
| SFA Engineering Corp. | 456 | 8,654 | ||||||
| SGC Energy Co. Ltd. | 395 | 6,587 | ||||||
| Shinhan Financial Group Co. Ltd. | 23,813 | 834,892 | ||||||
| Shinhan Financial Group Co. Ltd., ADR | 5,343 | 189,623 | ||||||
| Shinsegae International, Inc. | 1,209 | 16,012 | ||||||
| Shinsegae, Inc. | 629 | 79,568 | ||||||
| Shinyoung Securities Co. Ltd. | 511 | 24,179 | ||||||
| SK Chemicals Co. Ltd. | 931 | 43,706 | ||||||
| SK Discovery Co. Ltd. | 1,247 | 41,451 | ||||||
| SK Gas Ltd. | 364 | 40,692 | ||||||
| SK Innovation Co. Ltd. * | 3,729 | 327,958 | ||||||
| SK Networks Co. Ltd. | 12,838 | 58,361 | ||||||
| SK Securities Co. Ltd. | 36,346 | 16,631 | ||||||
| SK, Inc. | 2,700 | 366,217 | ||||||
| SL Corp. | 1,820 | 42,991 | ||||||
| SNT Motiv Co. Ltd. | 1,086 | 36,261 | ||||||
| Songwon Industrial Co. Ltd. | 1,925 | 19,775 | ||||||
| Sung Kwang Bend Co. Ltd. | 2,237 | 18,611 | ||||||
| Sungwoo Hitech Co. Ltd. | 3,959 | 27,849 | ||||||
| Unid Co. Ltd. | 511 | 30,897 | ||||||
| Webzen, Inc. | 2,781 | 34,085 | ||||||
| Woori Financial Group, Inc. | 45,228 | 490,159 | ||||||
| Youngone Corp. | 2,083 | 62,587 | ||||||
| Youngone Holdings Co. Ltd. | 787 | 50,508 | ||||||
| SHARES | VALUE† | |||||||
| Zinus, Inc. | 1,112 | $ | 11,547 | |||||
| 25,790,915 | ||||||||
| Malaysia — 1.5% | ||||||||
| Alliance Bank Malaysia Bhd. | 93,200 | 72,465 | ||||||
| AMMB Holdings Bhd. | 154,687 | 136,287 | ||||||
| Axiata Group Bhd. | 191,100 | 108,612 | ||||||
| Bank Islam Malaysia Bhd. | 33,500 | 18,190 | ||||||
| Batu Kawan Bhd. | 16,500 | 69,514 | ||||||
| Bumi Armada Bhd. * | 264,700 | 31,878 | ||||||
| CIMB Group Holdings Bhd. | 502,873 | 695,926 | ||||||
| DRB-Hicom Bhd. | 119,100 | 36,739 | ||||||
| Ekovest Bhd. * | 206,300 | 21,358 | ||||||
| Gamuda Bhd. | 131,363 | 146,267 | ||||||
| Genting Bhd. | 144,900 | 144,502 | ||||||
| Genting Malaysia Bhd. | 186,500 | 107,573 | ||||||
| Genting Plantations Bhd. | 7,100 | 9,226 | ||||||
| Hibiscus Petroleum Bhd. | 56,080 | 30,096 | ||||||
| Hong Leong Financial Group Bhd. | 17,621 | 61,057 | ||||||
| IJM Corp. Bhd. | 181,760 | 92,934 | ||||||
| IOI Properties Group Bhd. | 75,850 | 36,058 | ||||||
| Kossan Rubber Industries Bhd. | 80,000 | 33,129 | ||||||
| Magnum Bhd. | 86,961 | 20,946 | ||||||
| Mah Sing Group Bhd. | 205,885 | 53,940 | ||||||
| Malayan Banking Bhd. | 28,643 | 58,399 | ||||||
| Malaysia Building Society Bhd. * | 205,001 | 34,434 | ||||||
| Malaysian Resources Corp. Bhd. | 142,600 | 19,885 | ||||||
| Matrix Concepts Holdings Bhd. | 64,200 | 24,416 | ||||||
| Mega First Corp. Bhd. | 27,600 | 25,308 | ||||||
| MISC Bhd. | 80,820 | 130,630 | ||||||
| MKH Bhd. | 36,950 | 10,461 | ||||||
| Mkh Oil Plam *<> | 5,278 | 859 | ||||||
| Oriental Holdings Bhd. | 25,760 | 34,234 | ||||||
| OSK Holdings Bhd. | 74,455 | 23,125 | ||||||
| PPB Group Bhd. | 37,500 | 123,600 | ||||||
| RHB Bank Bhd. | 156,680 | 186,705 | ||||||
| Sarawak Oil Palms Bhd. | 30,750 | 20,011 | ||||||
| Sime Darby Bhd. | 293,600 | 161,285 | ||||||
| Sime Darby Property Bhd. | 308,000 | 59,869 | ||||||
| SP Setia Bhd. Group | 143,480 | 43,047 | ||||||
| Sunway Bhd. | 37,097 | 27,433 | ||||||
| Ta Ann Holdings Bhd. | 12,260 | 10,361 | ||||||
| Top Glove Corp. Bhd. * | 152,600 | 25,793 | ||||||
| UEM Sunrise Bhd. | 48,500 | 12,399 | ||||||
| United Malacca Bhd. | 14,600 | 15,547 | ||||||
| UOA Development Bhd. | 18,187 | 7,186 | ||||||
| Velesto Energy Bhd. * | 203,400 | 12,463 | ||||||
| Yinson Holdings Bhd. | 96,880 | 47,488 | ||||||
| YTL Corp. Bhd. | 50,443 | 27,817 | ||||||
| 3,069,452 | ||||||||
| Mexico — 3.3% | ||||||||
| Alfa SAB de CV, Class A | 260,453 | 192,858 | ||||||
| Banco del Bajio SA ± | 49,342 | 191,705 | ||||||
| Becle SAB de CV | 7,000 | 16,455 | ||||||
| Cemex SAB de CV * | 605,139 | 534,722 | ||||||
| Cemex SAB de CV, ADR * | 2,361 | 21,273 | ||||||
| Consorcio ARA SAB de CV | 72,788 | 14,011 | ||||||
| Controladora AXTEL SAB DE CV * | 260,453 | 3,995 | ||||||
| Corp. Actinver SAB de CV | 15,700 | 14,071 | ||||||
| El Puerto de Liverpool SAB de CV, Class C1 | 11,951 | 103,677 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Mexico (Continued) | ||||||||
| Fomento Economico Mexicano SAB de CV | 56,916 | $ | 740,016 | |||||
| Genomma Lab Internacional SAB de CV, Class B | 44,530 | 42,027 | ||||||
| Gentera SAB de CV | 106,289 | 181,640 | ||||||
| Grupo Carso SAB de CV, Series A1 | 20,689 | 185,653 | ||||||
| Grupo Comercial Chedraui SA de CV | 3,082 | 24,851 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 130,400 | 1,385,694 | ||||||
| Grupo Financiero Inbursa SAB de CV, Class O * | 102,758 | 315,670 | ||||||
| Grupo Hotelero Santa Fe SAB de CV * | 22,600 | 5,071 | ||||||
| Grupo Mexico SAB de CV, Series B | 204,503 | 1,209,218 | ||||||
| Grupo Traxion SAB de CV *± | 22,512 | 41,653 | ||||||
| Industrias CH SAB de CV, Series B * | 23,916 | 274,629 | ||||||
| Industrias Penoles SAB de CV * | 9,977 | 141,609 | ||||||
| La Comer SAB de CV | 31,617 | 74,323 | ||||||
| Megacable Holdings SAB de CV | 59,163 | 164,416 | ||||||
| Nemak SAB de CV *± | 174,679 | 34,464 | ||||||
| Orbia Advance Corp. SAB de CV | 75,251 | 157,206 | ||||||
| Organizacion Soriana SAB de CV, Class B | 57,868 | 118,246 | ||||||
| Promotora y Operadora de Infraestructura SAB de CV | 13,054 | 138,522 | ||||||
| Promotora y Operadora de Infraestructura SAB de CV, Class L | 1,600 | 10,592 | ||||||
| Regional SAB de CV | 15,015 | 147,896 | ||||||
| 6,486,163 | ||||||||
| Philippines — 0.7% | ||||||||
| ACEN Corp. | 168,237 | 11,522 | ||||||
| Alliance Global Group, Inc. | 253,300 | 45,780 | ||||||
| Ayala Corp. | 10,620 | 120,907 | ||||||
| Ayala Land, Inc. | 38,300 | 21,972 | ||||||
| Bank of the Philippine Islands | 28,578 | 60,038 | ||||||
| BDO Unibank, Inc. | 36,730 | 100,948 | ||||||
| Belle Corp. * | 176,000 | 5,636 | ||||||
| China Banking Corp. | 74,676 | 48,487 | ||||||
| Converge Information & Communications Technology Solutions, Inc. * | 82,200 | 14,564 | ||||||
| Cosco Capital, Inc. | 257,000 | 22,539 | ||||||
| DMCI Holdings, Inc. | 385,900 | 77,983 | ||||||
| Filinvest Land, Inc. | 1,435,000 | 17,358 | ||||||
| First Philippine Holdings Corp. | 26,510 | 30,653 | ||||||
| Globe Telecom, Inc. | 1,080 | 33,986 | ||||||
| GT Capital Holdings, Inc. | 4,582 | 57,382 | ||||||
| JG Summit Holdings, Inc. | 178,383 | 115,506 | ||||||
| LT Group, Inc. | 132,300 | 23,511 | ||||||
| Megaworld Corp. | 1,004,700 | 34,315 | ||||||
| Metropolitan Bank & Trust Co. | 133,237 | 154,414 | ||||||
| Puregold Price Club, Inc. | 55,500 | 26,459 | ||||||
| Rizal Commercial Banking Corp. | 47,790 | 19,893 | ||||||
| Robinsons Land Corp. | 247,455 | 73,424 | ||||||
| San Miguel Corp. | 41,650 | 81,426 | ||||||
| Security Bank Corp. | 37,690 | 45,994 | ||||||
| Top Frontier Investment Holdings, Inc. * | 4,630 | 7,437 | ||||||
| Union Bank of the Philippines | 66,330 | 53,097 | ||||||
| 1,305,231 | ||||||||
| Poland — 1.0% | ||||||||
| AB SA | 845 | 18,363 | ||||||
| Alior Bank SA * | 7,841 | 192,261 | ||||||
| Amica SA * | 306 | 5,692 | ||||||
| Asseco Poland SA | 5,651 | 109,644 | ||||||
| Cognor Holding SA | 3,349 | 7,102 | ||||||
| Cyfrowy Polsat SA * | 17,146 | 46,103 | ||||||
| SHARES | VALUE† | |||||||
| Echo Investment SA | 1,732 | $ | 2,038 | |||||
| Enea SA * | 30,606 | 71,720 | ||||||
| Jastrzebska Spolka Weglowa SA * | 5,386 | 50,094 | ||||||
| KGHM Polska Miedz SA | 9,866 | 281,953 | ||||||
| Lubelski Wegiel Bogdanka SA | 1,684 | 14,166 | ||||||
| ORLEN SA | 59,254 | 965,438 | ||||||
| PGE Polska Grupa Energetyczna SA * | 70,185 | 126,548 | ||||||
| Tauron Polska Energia SA * | 125,505 | 96,148 | ||||||
| 1,987,270 | ||||||||
| 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 | 20,969 | ||||||
| SIIC Environment Holdings Ltd. | 67,000 | 7,618 | ||||||
| 28,587 | ||||||||
| South Africa — 2.5% | ||||||||
| Absa Group Ltd. | 58,028 | 453,838 | ||||||
| AECI Ltd. | 11,902 | 58,398 | ||||||
| African Rainbow Minerals Ltd. @ | 9,314 | 80,885 | ||||||
| Aspen Pharmacare Holdings Ltd. | 30,080 | 348,413 | ||||||
| Barloworld Ltd. | 20,449 | 65,882 | ||||||
| DataTec Ltd. | 23,107 | 46,226 | ||||||
| Exxaro Resources Ltd. | 19,227 | 171,541 | ||||||
| Foschini Group Ltd. (The) | 32,821 | 172,510 | ||||||
| Grindrod Ltd. | 33,342 | 22,850 | ||||||
| Harmony Gold Mining Co. Ltd. | 8,696 | 72,548 | ||||||
| Harmony Gold Mining Co. Ltd., ADR | 30,759 | 251,301 | ||||||
| Impala Platinum Holdings Ltd. | 74,519 | 308,109 | ||||||
| Investec Ltd. | 9,799 | 64,635 | ||||||
| KAP Ltd. * | 156,089 | 21,427 | ||||||
| Lewis Group Ltd. | 3,337 | 7,664 | ||||||
| Life Healthcare Group Holdings Ltd. | 105,017 | 95,314 | ||||||
| Momentum Metropolitan Holdings | 22,884 | 24,551 | ||||||
| Motus Holdings Ltd. @ | 16,747 | 77,351 | ||||||
| Mpact Ltd. | 15,365 | 21,587 | ||||||
| MTN Group Ltd. @ | 111,789 | 553,279 | ||||||
| Naspers Ltd., Class N | 1,011 | 179,223 | ||||||
| Nedbank Group Ltd. | 28,026 | 338,369 | ||||||
| Oceana Group Ltd. | 7,336 | 27,307 | ||||||
| Old Mutual Ltd. | 361,727 | 224,408 | ||||||
| Omnia Holdings Ltd. | 16,030 | 49,960 | ||||||
| Pepkor Holdings Ltd. ± | 139,829 | 139,312 | ||||||
| PPC Ltd. * | 93,872 | 16,356 | ||||||
| Raubex Group Ltd. | 16,897 | 27,576 | ||||||
| Reunert Ltd. | 2,910 | 10,140 | ||||||
| Sappi Ltd. | 46,866 | 124,440 | ||||||
| Sasol Ltd. | 43,988 | 339,990 | ||||||
| Sasol Ltd., ADR @ | 3,934 | 30,725 | ||||||
| Sibanye Stillwater Ltd. | 202,105 | 231,450 | ||||||
| Sibanye Stillwater Ltd., ADR @ | 1,610 | 7,583 | ||||||
| SPAR Group Ltd. (The) * | 2,272 | 10,609 | ||||||
| Standard Bank Group Ltd. | 5,831 | 57,029 | ||||||
| Super Group Ltd. | 41,508 | 56,323 | ||||||
| Telkom SA SOC Ltd. * | 28,405 | 44,992 | ||||||
| Thungela Resources Ltd. | 8,954 | 57,619 | ||||||
| Zeda Ltd. * | 20,449 | 11,930 | ||||||
| 4,903,650 | ||||||||
| Taiwan — 19.6% | ||||||||
| AcBel Polytech, Inc. | 40,000 | 48,620 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Taiwan (Continued) | ||||||||
| Acer, Inc. | 187,884 | $ | 273,870 | |||||
| Acter Group Corp. Ltd. | 8,000 | 50,494 | ||||||
| Advanced International Multitech Co. Ltd. | 8,000 | 17,473 | ||||||
| Altek Corp. | 13,000 | 14,745 | ||||||
| Ambassador Hotel (The) | 20,000 | 38,183 | ||||||
| AmTRAN Technology Co. Ltd. | 70,500 | 31,281 | ||||||
| Apex International Co. Ltd. | 15,000 | 18,795 | ||||||
| Arcadyan Technology Corp. | 11,000 | 65,821 | ||||||
| Ardentec Corp. | 39,092 | 100,529 | ||||||
| ASE Technology Holding Co. Ltd. | 233,000 | 1,128,470 | ||||||
| Asia Cement Corp. | 158,269 | 202,513 | ||||||
| Asia Optical Co., Inc. | 5,000 | 10,155 | ||||||
| Asia Polymer Corp. | 31,602 | 18,860 | ||||||
| Asustek Computer, Inc. | 47,000 | 621,948 | ||||||
| AUO Corp. | 502,400 | 284,139 | ||||||
| Bank of Kaohsiung Co. Ltd. * | 62,725 | 23,323 | ||||||
| Basso Industry Corp. | 9,000 | 11,713 | ||||||
| BES Engineering Corp. | 91,000 | 40,092 | ||||||
| Bioteque Corp. | 3,000 | 11,811 | ||||||
| Bizlink Holding, Inc. | 9,029 | 72,506 | ||||||
| Brighton-Best International Taiwan, Inc. | 17,000 | 17,954 | ||||||
| Capital Securities Corp. | 184,437 | 109,209 | ||||||
| Catcher Technology Co. Ltd. | 43,000 | 292,234 | ||||||
| Cathay Financial Holding Co. Ltd. | 393,170 | 592,762 | ||||||
| Cathay Real Estate Development Co. Ltd. | 70,000 | 46,479 | ||||||
| Center Laboratories, Inc. | 26,000 | 35,340 | ||||||
| Chang Hwa Commercial Bank Ltd. | 306,946 | 174,077 | ||||||
| Chang Wah Electromaterials, Inc. | 20,000 | 24,841 | ||||||
| Chang Wah Technology Co. Ltd. | 11,000 | 11,703 | ||||||
| Channel Well Technology Co. Ltd. | 4,000 | 9,936 | ||||||
| Cheng Loong Corp. | 82,000 | 75,073 | ||||||
| Cheng Shin Rubber Industry Co. Ltd. | 131,000 | 203,437 | ||||||
| Cheng Uei Precision Industry Co. Ltd. | 44,543 | 64,024 | ||||||
| Chia Hsin Cement Corp. | 22,440 | 12,200 | ||||||
| Chin-Poon Industrial Co. Ltd. | 36,000 | 52,251 | ||||||
| China Airlines Ltd. | 278,111 | 169,455 | ||||||
| China Bills Finance Corp. | 89,000 | 41,992 | ||||||
| China Chemical & Pharmaceutical Co. Ltd. | 19,000 | 13,536 | ||||||
| China Development Financial Holding Corp. * | 1,154,559 | 499,653 | ||||||
| China General Plastics Corp. | 28,665 | 16,212 | ||||||
| China Man-Made Fiber Corp. * | 115,018 | 26,092 | ||||||
| China Metal Products | 31,000 | 36,179 | ||||||
| China Motor Corp. | 22,478 | 91,307 | ||||||
| China Petrochemical Development Corp. * | 319,871 | 94,252 | ||||||
| China Steel Corp. | 813,800 | 605,198 | ||||||
| Chipbond Technology Corp. | 42,000 | 102,233 | ||||||
| ChipMOS Technologies, Inc. | 28,897 | 46,050 | ||||||
| Chong Hong Construction Co. Ltd. | 5,000 | 13,717 | ||||||
| Chun Yuan Steel Industry Co. Ltd. | 30,000 | 17,998 | ||||||
| Chung Hwa Pulp Corp. | 30,000 | 21,935 | ||||||
| Chung-Hsin Electric & Machinery Manufacturing Corp. | 12,000 | 66,368 | ||||||
| Clevo Co. | 43,000 | 54,953 | ||||||
| CMC Magnetics Corp. * | 87,979 | 33,676 | ||||||
| Co-Tech Development Corp. | 6,000 | 10,930 | ||||||
| Compal Electronics, Inc. | 288,000 | 344,662 | ||||||
| Compeq Manufacturing Co. Ltd. | 109,000 | 266,340 | ||||||
| Concord Securities Co. Ltd. * | 37,000 | 19,076 | ||||||
| SHARES | VALUE† | |||||||
| Continental Holdings Corp. | 42,000 | $ | 39,633 | |||||
| Coretronic Corp. | 40,800 | 99,694 | ||||||
| CTBC Financial Holding Co. Ltd. | 1,475,280 | 1,493,558 | ||||||
| CTCI Corp. | 33,000 | 48,773 | ||||||
| D-Link Corp. | 50,640 | 29,352 | ||||||
| DA CIN Construction Co. Ltd. | 7,200 | 12,554 | ||||||
| Da-Li Development Co. Ltd. | 12,600 | 16,555 | ||||||
| Darfon Electronics Corp. | 17,000 | 33,093 | ||||||
| Darwin Precisions Corp. | 55,000 | 27,755 | ||||||
| Depo Auto Parts Ind Co. Ltd. | 12,000 | 85,491 | ||||||
| Dimerco Express Corp. | 8,000 | 22,548 | ||||||
| Dyaco International, Inc. | 8,114 | 7,834 | ||||||
| Dynamic Holding Co. Ltd. | 10,000 | 21,685 | ||||||
| Dynapack International Technology Corp. | 7,000 | 20,779 | ||||||
| Edom Technology Co. Ltd. | 10,000 | 7,343 | ||||||
| Elite Advanced Laser Corp. | 6,000 | 14,080 | ||||||
| Elitegroup Computer Systems Co. Ltd. * | 35,877 | 34,864 | ||||||
| Ennoconn Corp. | 6,116 | 66,695 | ||||||
| ENNOSTAR, Inc. * | 44,414 | 53,638 | ||||||
| EnTie Commercial Bank Co. Ltd. | 68,000 | 29,853 | ||||||
| Eternal Materials Co. Ltd. * | 42,300 | 41,370 | ||||||
| Eva Airways Corp. | 241,478 | 238,433 | ||||||
| Everest Textile Co. Ltd. * | 56,568 | 14,724 | ||||||
| Evergreen Aviation Technologies Corp. | 4,000 | 13,748 | ||||||
| Evergreen International Storage & Transport Corp. | 54,000 | 52,729 | ||||||
| Evergreen Marine Corp. Taiwan Ltd. | 74,583 | 410,162 | ||||||
| EVERGREEN Steel Corp. | 13,000 | 51,994 | ||||||
| Everlight Chemical Industrial Corp. | 56,000 | 34,471 | ||||||
| Everlight Electronics Co. Ltd. | 40,000 | 66,868 | ||||||
| Excelsior Medical Co. Ltd. | 12,127 | 36,529 | ||||||
| Far Eastern Department Stores Ltd. | 85,220 | 79,086 | ||||||
| Far Eastern International Bank | 283,151 | 126,077 | ||||||
| Far Eastern New Century Corp. | 266,338 | 275,047 | ||||||
| Far EasTone Telecommunications Co. Ltd. | 54,000 | 136,504 | ||||||
| Farglory Land Development Co. Ltd. | 26,721 | 48,260 | ||||||
| Feng Hsin Steel Co. Ltd. * | 14,000 | 31,015 | ||||||
| First Financial Holding Co. Ltd. | 578,210 | 498,652 | ||||||
| First Steamship Co. Ltd. * | 103,240 | 25,420 | ||||||
| FIT Holding Co. Ltd. | 9,000 | 12,121 | ||||||
| Fitipower Integrated Technology, Inc. | 5,600 | 47,245 | ||||||
| FLEXium Interconnect, Inc. | 24,000 | 68,767 | ||||||
| Flytech Technology Co. Ltd. | 5,000 | 12,249 | ||||||
| Forcecon Tech Co. Ltd. | 5,000 | 23,904 | ||||||
| Formosa Advanced Technologies Co. Ltd. | 20,000 | 22,685 | ||||||
| Formosa Chemicals & Fibre Corp. | 176,000 | 300,817 | ||||||
| Formosa Laboratories, Inc. | 8,000 | 27,247 | ||||||
| Formosa Petrochemical Corp. | 41,000 | 87,884 | ||||||
| Formosa Plastics Corp. | 183,000 | 389,404 | ||||||
| Formosa Sumco Technology Corp. | 5,000 | 25,700 | ||||||
| Formosa Taffeta Co. Ltd. | 49,000 | 33,837 | ||||||
| Formosan Rubber Group, Inc. | 18,072 | 13,694 | ||||||
| Formosan Union Chemical | 48,179 | 29,281 | ||||||
| Foxconn Technology Co. Ltd. | 58,127 | 118,239 | ||||||
| Foxsemicon Integrated Technology, Inc. | 4,000 | 37,433 | ||||||
| FSP Technology, Inc. | 8,000 | 14,223 | ||||||
| Fu Hua Innovation Co. Ltd. | 19,740 | 17,394 | ||||||
| Fubon Financial Holding Co. Ltd. | 493,217 | 1,068,006 | ||||||
| Fulltech Fiber Glass Corp. | 32,893 | 18,654 | ||||||
| Fusheng Precision Co. Ltd. | 2,000 | 14,717 | ||||||
| G Shank Enterprise Co. Ltd. | 10,589 | 24,187 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Taiwan (Continued) | ||||||||
| Gamania Digital Entertainment Co. Ltd. | 6,000 | $ | 13,611 | |||||
| Gemtek Technology Corp. | 47,000 | 50,226 | ||||||
| General Interface Solution Holding Ltd. | 24,000 | 44,995 | ||||||
| Genius Electronic Optical Co. Ltd. | 4,000 | 63,618 | ||||||
| Getac Holdings Corp. | 21,000 | 87,272 | ||||||
| Giant Manufacturing Co. Ltd. | 20,000 | 140,610 | ||||||
| Gigabyte Technology Co. Ltd. | 3,000 | 29,341 | ||||||
| Global Brands Manufacture Ltd. | 21,000 | 48,360 | ||||||
| Global PMX Co. Ltd. | 2,000 | 6,687 | ||||||
| Gloria Material Technology Corp. | 34,392 | 53,355 | ||||||
| Goldsun Building Materials Co. Ltd. | 82,973 | 97,742 | ||||||
| Grand Pacific Petrochemical | 119,612 | 48,961 | ||||||
| Grape King Bio Ltd. | 3,000 | 15,139 | ||||||
| Great Wall Enterprise Co. Ltd. | 44,330 | 79,924 | ||||||
| Greatek Electronics, Inc. | 16,000 | 31,147 | ||||||
| Hannstar Board Corp. | 38,929 | 76,876 | ||||||
| HannStar Display Corp. * | 35,000 | 11,702 | ||||||
| HannsTouch Holdings Co. * | 32,279 | 8,321 | ||||||
| Hey Song Corp. | 18,750 | 24,079 | ||||||
| Highwealth Construction Corp. | 84,966 | 107,523 | ||||||
| Hiwin Technologies Corp. | 16,000 | 139,485 | ||||||
| Ho Tung Chemical Corp. | 108,688 | 29,750 | ||||||
| Holy Stone Enterprise Co. Ltd. | 10,500 | 31,628 | ||||||
| Hon Hai Precision Industry Co. Ltd. | 800,068 | 3,887,405 | ||||||
| Hong Pu Real Estate Development Co. Ltd. | 20,000 | 18,592 | ||||||
| Hong TAI Electric Industrial | 13,000 | 12,735 | ||||||
| Hota Industrial Manufacturing Co. Ltd. | 13,000 | 20,838 | ||||||
| Hsin Kuang Steel Co. Ltd. | 13,000 | 25,225 | ||||||
| Hu Lane Associate, Inc. | 1,000 | 5,171 | ||||||
| Hua Nan Financial Holdings Co. Ltd. | 496,337 | 355,152 | ||||||
| Huaku Development Co. Ltd. | 7,000 | 27,450 | ||||||
| Huang Hsiang Construction Corp. | 8,000 | 11,224 | ||||||
| Hung Ching Development & Construction Co. Ltd. | 20,000 | 24,810 | ||||||
| Hung Sheng Construction Ltd. | 50,688 | 34,369 | ||||||
| IBF Financial Holdings Co. Ltd. * | 125,715 | 54,601 | ||||||
| IEI Integration Corp. | 8,000 | 20,548 | ||||||
| Innolux Corp. | 565,506 | 268,586 | ||||||
| International CSRC Investment Holdings Co. | 58,604 | 31,679 | ||||||
| Inventec Corp. | 132,282 | 241,802 | ||||||
| ITEQ Corp. | 15,000 | 41,902 | ||||||
| Kenda Rubber Industrial Co. Ltd. | 34,650 | 34,809 | ||||||
| Kerry TJ Logistics Co. Ltd. | 9,000 | 10,911 | ||||||
| Kindom Development Co. Ltd. | 46,200 | 59,259 | ||||||
| King Yuan Electronics Co. Ltd. | 86,100 | 285,175 | ||||||
| King's Town Bank Co. Ltd. | 90,000 | 145,109 | ||||||
| Kinpo Electronics | 138,000 | 65,543 | ||||||
| Kinsus Interconnect Technology Corp. | 28,000 | 86,528 | ||||||
| KS Terminals, Inc. | 14,000 | 30,578 | ||||||
| Kung Long Batteries Industrial Co. Ltd. | 3,000 | 13,124 | ||||||
| Kuo Toong International Co. Ltd. | 16,000 | 38,996 | ||||||
| Kuo Yang Construction Co. Ltd. * | 14,000 | 12,096 | ||||||
| Kwong Lung Enterprise Co. Ltd. | 12,000 | 22,835 | ||||||
| L&K Engineering Co. Ltd. | 16,397 | 115,791 | ||||||
| Largan Precision Co. Ltd. | 7,000 | 531,504 | ||||||
| Lealea Enterprise Co. Ltd. * | 83,200 | 23,787 | ||||||
| Lelon Electronics Corp. | 10,000 | 22,248 | ||||||
| Lien Hwa Industrial Holdings Corp. | 49,971 | 106,177 | ||||||
| Lingsen Precision Industries Ltd. | 41,000 | 30,875 | ||||||
| Lite-On Technology Corp. | 79,874 | 264,554 | ||||||
| Longchen Paper & Packaging Co. Ltd. | 92,459 | 42,035 | ||||||
| Lumax International Corp. Ltd. | 4,000 | 12,624 | ||||||
| SHARES | VALUE† | |||||||
| Lung Yen Life Service Corp. * | 16,000 | $ | 20,198 | |||||
| Macronix International Co. Ltd. | 131,171 | 109,229 | ||||||
| Marketech International Corp. | 5,000 | 25,466 | ||||||
| MediaTek, Inc. | 2,000 | 72,492 | ||||||
| Mega Financial Holding Co. Ltd. | 479,891 | 603,547 | ||||||
| Mercuries & Associates Holding Ltd. * | 50,184 | 19,758 | ||||||
| Mercuries Life Insurance Co. Ltd. * | 72,469 | 10,937 | ||||||
| Merida Industry Co. Ltd. | 15,000 | 99,598 | ||||||
| Merry Electronics Co. Ltd. | 9,000 | 33,324 | ||||||
| Micro-Star International Co. Ltd. | 31,000 | 161,764 | ||||||
| Mirle Automation Corp. | 6,000 | 8,812 | ||||||
| Mitac Holdings Corp. | 27,637 | 45,078 | ||||||
| MOSA Industrial Corp. | 8,656 | 6,315 | ||||||
| Motech Industries, Inc. | 17,000 | 15,006 | ||||||
| MPI Corp. | 6,000 | 57,087 | ||||||
| Namchow Holdings Co. Ltd. | 7,000 | 12,730 | ||||||
| Nan Pao Resins Chemical Co. Ltd. | 2,000 | 19,592 | ||||||
| Nan Ya Plastics Corp. | 290,000 | 499,289 | ||||||
| Nan Ya Printed Circuit Board Corp. | 11,000 | 68,055 | ||||||
| Nanya Technology Corp. | 117,000 | 247,135 | ||||||
| Nichidenbo Corp. | 6,000 | 11,099 | ||||||
| Nuvoton Technology Corp. | 9,000 | 34,871 | ||||||
| O-Bank Co. Ltd. | 91,943 | 28,528 | ||||||
| Ocean Plastics Co. Ltd. * | 9,000 | 9,786 | ||||||
| Orient Semiconductor Electronics Ltd. | 42,485 | 86,819 | ||||||
| Oriental Union Chemical Corp. | 16,000 | 8,999 | ||||||
| Pan German Universal Motors Ltd. | 2,000 | 19,810 | ||||||
| Pan Jit International, Inc. | 24,600 | 44,121 | ||||||
| Pan-International Industrial Corp. | 34,380 | 41,090 | ||||||
| PChome Online, Inc. * | 408 | 433 | ||||||
| Pegatron Corp. | 187,249 | 583,334 | ||||||
| Phison Electronics Corp. | 6,000 | 129,361 | ||||||
| Pixart Imaging, Inc. | 8,000 | 38,496 | ||||||
| Pou Chen Corp. | 169,133 | 191,575 | ||||||
| Powerchip Semiconductor Manufacturing Corp. * | 209,000 | 169,141 | ||||||
| Powertech Technology, Inc. | 49,000 | 307,748 | ||||||
| President Securities Corp. | 86,636 | 65,511 | ||||||
| Primax Electronics Ltd. | 25,000 | 67,024 | ||||||
| Prince Housing & Development Corp. | 77,970 | 25,703 | ||||||
| Qisda Corp. | 139,400 | 195,356 | ||||||
| Quanta Storage, Inc. | 13,000 | 39,768 | ||||||
| Radiant Opto-Electronics Corp. | 27,000 | 145,531 | ||||||
| Radium Life Tech Co. Ltd. * | 107,962 | 33,701 | ||||||
| Rechi Precision Co. Ltd. | 16,000 | 12,474 | ||||||
| Rexon Industrial Corp. Ltd. * | 13,000 | 20,188 | ||||||
| Rich Development Co. Ltd. * | 19,978 | 6,586 | ||||||
| Ruentex Development Co. Ltd. | 67,600 | 74,035 | ||||||
| Ruentex Industries Ltd. | 37,891 | 70,564 | ||||||
| Sampo Corp. | 31,600 | 29,227 | ||||||
| San Fang Chemical Industry Co. Ltd. | 13,000 | 11,963 | ||||||
| Sanyang Motor Co. Ltd. | 41,573 | 99,504 | ||||||
| SDI Corp. | 4,000 | 11,999 | ||||||
| Sesoda Corp. | 17,193 | 16,627 | ||||||
| Shanghai Commercial & Savings Bank Ltd. (The) | 233,618 | 352,214 | ||||||
| ShenMao Technology, Inc. | 10,000 | 19,904 | ||||||
| Shih Wei Navigation Co. Ltd. | 17,554 | 10,092 | ||||||
| Shihlin Electric & Engineering Corp. | 19,000 | 166,232 | ||||||
| Shin Kong Financial Holding Co. Ltd. * | 715,108 | 180,098 | ||||||
| Shin Zu Shing Co. Ltd. | 16,660 | 93,702 | ||||||
| Shinkong Insurance Co. Ltd. | 22,000 | 58,019 | ||||||
| Shinkong Synthetic Fibers Corp. | 108,151 | 53,056 | ||||||
| Sigurd Microelectronics Corp. | 42,694 | 96,051 | ||||||
| Simplo Technology Co. Ltd. | 9,000 | 126,970 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Taiwan (Continued) | ||||||||
| Sincere Navigation Corp. | 27,810 | $ | 21,116 | |||||
| Sinon Corp. | 37,000 | 45,204 | ||||||
| SinoPac Financial Holdings Co. Ltd. | 757,281 | 508,743 | ||||||
| Soft-World International Corp. | 4,000 | 17,811 | ||||||
| Solar Applied Materials Technology Corp. | 5,000 | 7,741 | ||||||
| St. Shine Optical Co. Ltd. | 5,000 | 29,606 | ||||||
| Sunrex Technology Corp. | 6,000 | 11,942 | ||||||
| Supreme Electronics Co. Ltd. | 40,000 | 92,490 | ||||||
| Swancor Holding Co. Ltd. | 5,000 | 19,607 | ||||||
| Syncmold Enterprise Corp. | 5,000 | 13,936 | ||||||
| Synmosa Biopharma Corp. | 14,000 | 17,301 | ||||||
| Synnex Technology International Corp. | 87,300 | 213,862 | ||||||
| Systex Corp. | 9,000 | 33,324 | ||||||
| T3EX Global Holdings Corp. | 4,000 | 12,074 | ||||||
| TA Chen Stainless Pipe | 105,444 | 122,236 | ||||||
| TA-I Technology Co. Ltd. | 6,000 | 8,887 | ||||||
| TAI-TECH Advanced Electronics Co. Ltd. | 3,000 | 11,343 | ||||||
| Taichung Commercial Bank Co. Ltd. | 248,058 | 132,154 | ||||||
| TaiDoc Technology Corp. | 7,000 | 34,121 | ||||||
| Taiflex Scientific Co. Ltd. | 25,740 | 37,480 | ||||||
| Tainan Spinning Co. Ltd. | 115,427 | 55,363 | ||||||
| Taishin Financial Holding Co. Ltd. | 752,263 | 421,926 | ||||||
| Taiwan Business Bank | 433,163 | 215,204 | ||||||
| Taiwan Cement Corp. | 380,971 | 377,358 | ||||||
| Taiwan Cooperative Financial Holding Co. Ltd. | 220,191 | 178,886 | ||||||
| Taiwan Fertilizer Co. Ltd. | 48,000 | 94,940 | ||||||
| Taiwan FU Hsing Industrial Co. Ltd. | 21,000 | 35,499 | ||||||
| Taiwan Glass Industry Corp. * | 81,321 | 43,578 | ||||||
| Taiwan Hon Chuan Enterprise Co. Ltd. | 30,925 | 141,080 | ||||||
| Taiwan Navigation Co. Ltd. | 22,000 | 23,716 | ||||||
| Taiwan Paiho Ltd. | 12,000 | 21,523 | ||||||
| Taiwan PCB Techvest Co. Ltd. | 28,000 | 38,277 | ||||||
| Taiwan Sakura Corp. | 6,000 | 15,767 | ||||||
| Taiwan Semiconductor Co. Ltd. | 5,000 | 11,749 | ||||||
| Taiwan Shin Kong Security Co. Ltd. | 10,100 | 12,955 | ||||||
| Taiwan Styrene Monomer | 23,000 | 9,666 | ||||||
| Taiwan Surface Mounting Technology Corp. | 21,518 | 70,934 | ||||||
| Taiwan Union Technology Corp. | 19,000 | 108,644 | ||||||
| Tatung Co. Ltd. * | 115,000 | 207,337 | ||||||
| TCI Co. Ltd. | 5,000 | 24,294 | ||||||
| Teco Electric & Machinery Co. Ltd. | 101,000 | 180,202 | ||||||
| Test Research, Inc. | 11,000 | 29,456 | ||||||
| Thinking Electronic Industrial Co. Ltd. | 4,000 | 20,748 | ||||||
| Thye Ming Industrial Co. Ltd. | 8,000 | 18,648 | ||||||
| Ton Yi Industrial Corp. | 82,000 | 36,640 | ||||||
| Tong Hsing Electronic Industries Ltd. | 12,870 | 59,115 | ||||||
| Tong Yang Industry Co. Ltd. | 41,921 | 163,736 | ||||||
| Topco Scientific Co. Ltd. | 8,115 | 55,404 | ||||||
| Topkey Corp. | 3,000 | 18,186 | ||||||
| TPK Holding Co. Ltd. | 34,000 | 39,202 | ||||||
| Transcend Information, Inc. | 10,000 | 27,778 | ||||||
| Tripod Technology Corp. | 25,000 | 159,748 | ||||||
| TSRC Corp. | 26,000 | 18,929 | ||||||
| Tung Ho Steel Enterprise Corp. | 58,290 | 124,946 | ||||||
| TXC Corp. | 16,000 | 57,244 | ||||||
| TYC Brother Industrial Co. Ltd. | 21,000 | 35,434 | ||||||
| U-Ming Marine Transport Corp. | 27,000 | 45,389 | ||||||
| SHARES | VALUE† | |||||||
| Unimicron Technology Corp. | 29,000 | $ | 172,169 | |||||
| Union Bank of Taiwan | 167,374 | 78,709 | ||||||
| Unitech Printed Circuit Board Corp. | 71,667 | 59,679 | ||||||
| United Microelectronics Corp. | 499,513 | 811,620 | ||||||
| United Microelectronics Corp., ADR @ | 56,252 | 455,079 | ||||||
| United Renewable Energy Co. Ltd. | 24,000 | 8,549 | ||||||
| Universal Cement Corp. | 48,241 | 47,482 | ||||||
| UPC Technology Corp. | 80,916 | 33,501 | ||||||
| USI Corp. | 77,130 | 38,440 | ||||||
| Vanguard International Semiconductor Corp. | 34,000 | 90,090 | ||||||
| Wafer Works Corp. | 25,000 | 30,309 | ||||||
| Wah Lee Industrial Corp. | 21,420 | 75,296 | ||||||
| Walsin Lihwa Corp. | 176,211 | 205,924 | ||||||
| Walsin Technology Corp. | 28,000 | 97,552 | ||||||
| Walton Advanced Engineering, Inc. | 34,000 | 18,964 | ||||||
| Wan Hai Lines Ltd. | 58,000 | 79,741 | ||||||
| Wei Chuan Foods Corp. | 14,000 | 8,224 | ||||||
| Weikeng Industrial Co. Ltd. | 32,945 | 32,736 | ||||||
| Win Semiconductors Corp. | 16,000 | 72,742 | ||||||
| Winbond Electronics Corp. | 345,235 | 291,260 | ||||||
| Wisdom Marine Lines Co. Ltd. | 27,019 | 49,726 | ||||||
| Wistron Corp. | 166,431 | 626,648 | ||||||
| Wistron NeWeb Corp. | 6,429 | 31,037 | ||||||
| WPG Holdings Ltd. | 154,400 | 463,149 | ||||||
| WT Microelectronics Co. Ltd. | 34,360 | 161,045 | ||||||
| Xxentria Technology Materials Corp. | 5,000 | 11,499 | ||||||
| Yageo Corp. | 25,067 | 465,255 | ||||||
| Yang Ming Marine Transport Corp. | 143,000 | 197,050 | ||||||
| YC INOX Co. Ltd. | 27,763 | 21,774 | ||||||
| Yem Chio Co. Ltd. | 22,666 | 13,279 | ||||||
| Yeong Guan Energy Technology Group Co. Ltd. * | 7,000 | 11,461 | ||||||
| YFY, Inc. | 110,385 | 102,785 | ||||||
| Yieh Phui Enterprise Co. Ltd. | 55,151 | 26,280 | ||||||
| Youngtek Electronics Corp. | 12,000 | 27,072 | ||||||
| Yuanta Financial Holding Co. Ltd. | 724,621 | 681,522 | ||||||
| Yuen Foong Yu Consumer Products Co. Ltd. | 15,000 | 23,177 | ||||||
| Yulon Motor Co. Ltd. | 54,247 | 115,601 | ||||||
| YungShin Global Holding Corp. | 7,000 | 10,521 | ||||||
| Zeng Hsing Industrial Co. Ltd. | 2,148 | 6,645 | ||||||
| Zenitron Corp. | 18,000 | 19,798 | ||||||
| Zero One Technology Co. Ltd. | 9,000 | 20,501 | ||||||
| Zhen Ding Technology Holding Ltd. | 62,000 | 242,161 | ||||||
| Zinwell Corp. * | 24,000 | 15,823 | ||||||
| Zyxel Group Corp. | 31,438 | 47,152 | ||||||
| 39,042,456 | ||||||||
| Thailand — 1.8% | ||||||||
| AP Thailand PCL | 242,500 | 72,443 | ||||||
| Bangchak Corp. PCL | 112,900 | 137,692 | ||||||
| Bangkok Bank PCL | 48,500 | 184,762 | ||||||
| Bangkok Bank PCL, NVDR | 13,300 | 50,667 | ||||||
| Bangkok Insurance PCL | 2,100 | 17,209 | ||||||
| Banpu PCL | 429,750 | 64,779 | ||||||
| Berli Jucker PCL | 64,800 | 43,333 | ||||||
| Cal-Comp Electronics Thailand PCL | 310,479 | 21,103 | ||||||
| Charoen Pokphand Foods PCL | 322,300 | 160,764 | ||||||
| GFPT PCL | 33,300 | 11,134 | ||||||
| Indorama Ventures PCL | 93,600 | 61,310 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Thailand (Continued) | ||||||||
| IRPC PCL | 633,100 | $ | 32,967 | |||||
| Kasikornbank PCL, NVDR | 27,100 | 92,097 | ||||||
| Kiatnakin Phatra Bank PCL | 21,900 | 31,211 | ||||||
| Krung Thai Bank PCL | 204,575 | 94,193 | ||||||
| Lanna Resources PCL | 2,500 | 959 | ||||||
| Precious Shipping PCL | 41,900 | 8,785 | ||||||
| Property Perfect PCL | 1,000,115 | 7,127 | ||||||
| Pruksa Holding PCL | 88,800 | 28,231 | ||||||
| PTT Exploration & Production PCL | 101,100 | 415,622 | ||||||
| PTT Global Chemical PCL | 116,228 | 121,842 | ||||||
| PTT PCL | 883,900 | 811,529 | ||||||
| Quality Houses PCL | 338,800 | 20,428 | ||||||
| Regional Container Lines PCL | 17,100 | 8,576 | ||||||
| Sansiri PCL | 1,106,700 | 51,563 | ||||||
| SC Asset Corp. PCL | 188,600 | 19,228 | ||||||
| SCB X PCL | 48,100 | 150,282 | ||||||
| Siam Cement PCL (The) | 31,500 | 221,007 | ||||||
| Siam City Cement PCL | 4,100 | 15,731 | ||||||
| Sino-Thai Engineering & Construction PCL | 70,300 | 18,785 | ||||||
| Somboon Advance Technology PCL | 20,300 | 9,235 | ||||||
| SPCG PCL | 37,500 | 11,716 | ||||||
| Star Petroleum Refining PCL * | 80,000 | 19,294 | ||||||
| Supalai PCL | 139,400 | 80,612 | ||||||
| Super Energy Corp. PCL * | 759,200 | 6,242 | ||||||
| Thai Oil PCL | 78,877 | 127,003 | ||||||
| Thai Stanley Electric PCL, NVDR | 3,100 | 17,332 | ||||||
| Thai Union Group PCL | 210,500 | 83,075 | ||||||
| Thanachart Capital PCL | 17,800 | 25,124 | ||||||
| Thitikorn PCL | 10,500 | 1,453 | ||||||
| Thoresen Thai Agencies PCL | 37,800 | 6,786 | ||||||
| TMBThanachart Bank PCL | 1,537,072 | 76,669 | ||||||
| TPI Polene PCL | 676,600 | 25,219 | ||||||
| TPI Polene Power PCL | 179,000 | 16,189 | ||||||
| WHA Corp. PCL | 253,200 | 33,309 | ||||||
| 3,514,617 | ||||||||
| Turkey — 1.2% | ||||||||
| Akbank TAS | 317,936 | 460,031 | ||||||
| Alarko Holding AS | 6,957 | 28,404 | ||||||
| Albaraka Turk Katilim Bankasi AS * | 137,184 | 18,500 | ||||||
| Anadolu Efes Biracilik Ve Malt Sanayii AS | 14,359 | 67,153 | ||||||
| Bera Holding AS | 42,557 | 27,221 | ||||||
| Dogan Sirketler Grubu Holding AS | 84,330 | 34,926 | ||||||
| Enka Insaat ve Sanayi AS | 66,291 | 70,616 | ||||||
| Eregli Demir ve Celik Fabrikalari TAS * | 61,749 | 80,446 | ||||||
| Gozde Girisim Sermayesi Yatirim Ortakligi AS * | 21,608 | 15,372 | ||||||
| KOC Holding AS * | 57,667 | 362,799 | ||||||
| Kordsa Teknik Tekstil AS * | 3,698 | 9,843 | ||||||
| Sekerbank Turk AS | 136,606 | 17,535 | ||||||
| TAV Havalimanlari Holding AS * | 12,121 | 66,734 | ||||||
| Tekfen Holding AS | 16,364 | 20,863 | ||||||
| Turk Hava Yollari AO * | 44,707 | 411,732 | ||||||
| Turkiye Garanti Bankasi AS | 39,578 | 87,528 | ||||||
| Turkiye Is Bankasi, Class C | 548,127 | 190,392 | ||||||
| Turkiye Sinai Kalkinma Bankasi AS * | 82,882 | 21,714 | ||||||
| Turkiye Sise ve Cam Fabrikalari AS | 63,955 | 89,967 | ||||||
| Turkiye Vakiflar Bankasi TAO, Class D * | 49,462 | 22,612 | ||||||
| Vestel Elektronik Sanayi ve Ticaret AS * | 6,125 | 16,103 | ||||||
| Yapi ve Kredi Bankasi AS * | 184,720 | 157,121 | ||||||
| Zorlu Enerji Elektrik Uretim AS * | 148,541 | 26,097 | ||||||
| 2,303,709 | ||||||||
| SHARES | VALUE† | |||||||
| United Arab Emirates — 1.5% | ||||||||
| Abu Dhabi Commercial Bank PJSC | 238,788 | $ | 546,210 | |||||
| Abu Dhabi National Hotels | 190,238 | 33,466 | ||||||
| AL Seer Marine Supplies & Equipment Co. LLC * | 2,922 | 4,368 | ||||||
| Aldar Properties PJSC | 170,966 | 256,990 | ||||||
| Amanat Holdings PJSC | 112,633 | 33,125 | ||||||
| Dana Gas PJSC | 466,156 | 82,257 | ||||||
| Deyaar Development PJSC * | 130,763 | 28,807 | ||||||
| Dubai Investments PJSC | 191,176 | 119,217 | ||||||
| Emaar Development PJSC | 37,579 | 83,913 | ||||||
| Emaar Properties PJSC | 449,710 | 998,063 | ||||||
| Emirates NBD Bank PJSC | 135,476 | 638,229 | ||||||
| EMSTEEL Building Materials PJSC * | 143,669 | 58,293 | ||||||
| Multiply Group PJSC * | 159,273 | 97,153 | ||||||
| RAK Properties PJSC | 118,699 | 42,343 | ||||||
| Ras Al Khaimah Ceramics | 54,445 | 40,475 | ||||||
| 3,062,909 | ||||||||
| United States — 0.0% | ||||||||
| GCC SAB de CV | 6,055 | 72,080 | ||||||
| TOTAL COMMON STOCKS (Identified Cost $173,142,566) | 195,817,594 | |||||||
| PREFERRED STOCKS — 2.0% | ||||||||
| Brazil — 1.9% | ||||||||
| Banco ABC Brasil SA * | 407 | 1,986 | ||||||
| Banco ABC Brasil SA, 6.424% | 11,680 | 56,427 | ||||||
| Banco Bradesco SA, 7.809% | 100,741 | 286,431 | ||||||
| Banco do Estado do Rio Grande do Sul SA, Class B, 5.039% | 14,808 | 39,416 | ||||||
| Eucatex SA Industria e Comercio, 5.371% | 3,800 | 13,070 | ||||||
| Marcopolo SA, 6.211% | 12,819 | 19,272 | ||||||
| Petroleo Brasileiro SA, 8.536% | 448,645 | 3,341,982 | ||||||
| Randon SA Implementos e Participacoes, 4.520% | 9,200 | 23,608 | ||||||
| Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, 3.284% | 26,592 | 53,074 | ||||||
| 3,835,266 | ||||||||
| Colombia — 0.1% | ||||||||
| Grupo Argos SA, 5.098% | 12,517 | 36,529 | ||||||
| Grupo de Inversiones Suramericana SA, 6.904% | 4,895 | 23,479 | ||||||
| 60,008 | ||||||||
| Philippines — 0.0% | ||||||||
| Cebu Air, Inc., 6.000% * | 12,909 | 7,853 | ||||||
| India — 0.0% | ||||||||
| Sundaram Clayton Ltd. *§ | 250 | 1,148 | ||||||
| 1,148 | ||||||||
| TOTAL PREFERRED STOCKS (Identified Cost $2,409,237) | 3,904,275 | |||||||
| RIGHTS AND WARRANTS — 0.0% | ||||||||
| Brazil — 0.0% | ||||||||
| Grupo Casas Bahia SA 9/19/24 * | 37,720 | 150 | ||||||
| TOTAL RIGHTS AND WARRANTS (Identified Cost $0) | 150 | |||||||
| SHORT-TERM INVESTMENTS — 0.6% | ||||||||
| Investment Company — 0.0% | ||||||||
| State Street Institutional U.S. Government Money Market Fund 5.010% | 58,086 | 58,086 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| SHORT-TERM INVESTMENTS (Continued) | ||||||||
| Collateral For Securities On Loan — 0.6% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio 5.340% | $ | 1,108,089 | $ | 1,108,089 | ||||
| TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,166,175) | 1,166,175 | |||||||
| Total Investments — 101.0% (Identified Cost $176,717,978) | 200,888,194 | |||||||
| Liabilities in excess of Cash and Other Assets — (1.0%) | (1,981,263 | ) | ||||||
| Net Assets — 100.0% | $ | 198,906,931 | ||||||
| † | See Note 1 | |
| * | Non-income producing security | |
| ± | 144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at March 31, 2024 amounted to $4,137,340 or 2.08% of the net assets of the Fund. | |
| @ | A portion or all of the security was held on loan. As of March 31, 2024, the fair value of the securities on loan was $2,581,736. | |
| <> | Fair valued security. Security is valued using significant observable inputs other than quoted prices as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1 | |
| § | Fair valued security. Security is valued using significant unobservable inputs as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1 |
Key to abbreviations:
ADR — American Depository Receipt
GDR — Global Depository Receipt
NVDR — Non-Voting Depository Receipt
The accompanying notes are an integral part of these portfolio of investments.
Ten largest industry holdings as of March 31, 2024
(As a percentage of net assets) (Unaudited)
| Industry | Percentage | |||
| Commercial Banks | 21.8 | % | ||
| Metals & Mining | 6.7 | % | ||
| Electronic Equipment, Instruments & Components | 5.6 | % | ||
| Computers & Peripherals | 4.0 | % | ||
| Automobiles | 3.6 | % | ||
| Insurance | 3.5 | % | ||
| Chemicals | 3.4 | % | ||
| Broadline Retail | 2.9 | % | ||
| Industrial Conglomerates | 2.5 | % | ||
| Financial Services | 2.1 | % | ||
Country weightings as of March 31, 2024
(As a percentage of long-term investments) (Unaudited)
| Country | Percentage | |||
| China | 25.1 | % | ||
| India | 20.5 | % | ||
| Taiwan | 19.5 | % | ||
| Korea | 12.9 | % | ||
| Brazil | 5.3 | % | ||
| Mexico | 3.2 | % | ||
| South Africa | 2.5 | % | ||
| Thailand | 1.8 | % | ||
| Indonesia | 1.6 | % | ||
| Other | 7.6 | % | ||
| 100.0 | % | |||
SA Real Estate Securities Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited)
| SHARES | VALUE† | |||||||
| COMMON STOCKS — 99.4% | ||||||||
| Diversified REITs — 2.0% | ||||||||
| American Assets Trust, Inc. | 6,032 | $ | 132,161 | |||||
| Broadstone Net Lease, Inc. | 17,587 | 275,588 | ||||||
| CTO Realty Growth, Inc. | 2,292 | 38,850 | ||||||
| Empire State Realty Trust, Inc., Class A | 11,500 | 116,495 | ||||||
| Essential Properties Realty Trust, Inc. | 16,085 | 428,826 | ||||||
| Gladstone Commercial Corp. | 3,518 | 48,689 | ||||||
| Global Net Lease, Inc. | 20,205 | 156,993 | ||||||
| One Liberty Properties, Inc. | 1,734 | 39,171 | ||||||
| WP Carey, Inc. | 22,561 | 1,273,343 | ||||||
| 2,510,116 | ||||||||
| Health Care REITs — 9.1% | ||||||||
| CareTrust REIT, Inc. | 12,625 | 307,671 | ||||||
| Community Healthcare Trust, Inc. | 2,728 | 72,428 | ||||||
| Diversified Healthcare Trust | 9,600 | 23,616 | ||||||
| Global Medical REIT, Inc. | 5,127 | 44,861 | ||||||
| Healthcare Realty Trust, Inc. | 40,417 | 571,901 | ||||||
| Healthpeak Properties, Inc. | 73,979 | 1,387,106 | ||||||
| LTC Properties, Inc. | 3,972 | 129,130 | ||||||
| Medical Properties Trust, Inc. @ | 62,813 | 295,221 | ||||||
| National Health Investors, Inc. | 4,520 | 283,992 | ||||||
| Omega Healthcare Investors, Inc. | 24,829 | 786,335 | ||||||
| Sabra Health Care REIT, Inc. | 23,956 | 353,830 | ||||||
| Universal Health Realty Income Trust | 1,361 | 49,962 | ||||||
| Ventas, Inc. | 41,144 | 1,791,410 | ||||||
| Welltower, Inc. | 58,080 | 5,426,995 | ||||||
| 11,524,458 | ||||||||
| Hotel & Resort REITs — 3.3% | ||||||||
| Apple Hospitality REIT, Inc. | 22,630 | 370,679 | ||||||
| Braemar Hotels & Resorts, Inc. | 5,308 | 10,616 | ||||||
| Chatham Lodging Trust | 5,496 | 55,565 | ||||||
| DiamondRock Hospitality Co. | 21,586 | 207,442 | ||||||
| Host Hotels & Resorts, Inc. | 71,566 | 1,479,985 | ||||||
| Park Hotels & Resorts, Inc. | 21,582 | 377,469 | ||||||
| Pebblebrook Hotel Trust | 13,051 | 201,116 | ||||||
| RLJ Lodging Trust | 16,642 | 196,708 | ||||||
| Ryman Hospitality Properties, Inc. | 5,776 | 667,763 | ||||||
| Service Properties Trust | 17,100 | 115,938 | ||||||
| Summit Hotel Properties, Inc. | 10,209 | 66,461 | ||||||
| Sunstone Hotel Investors, Inc. | 19,867 | 221,318 | ||||||
| Xenia Hotels & Resorts, Inc. | 11,864 | 178,079 | ||||||
| 4,149,139 | ||||||||
| Industrial REITs — 13.9% | ||||||||
| Americold Realty Trust, Inc. | 28,465 | 709,348 | ||||||
| EastGroup Properties, Inc. | 4,776 | 858,581 | ||||||
| First Industrial Realty Trust, Inc. | 13,467 | 707,556 | ||||||
| Innovative Industrial Properties, Inc. | 2,731 | 282,768 | ||||||
| LXP Industrial Trust | 29,881 | 269,527 | ||||||
| Plymouth Industrial REIT, Inc. | 4,195 | 94,387 | ||||||
| Prologis, Inc. | 93,834 | 12,219,063 | ||||||
| Rexford Industrial Realty, Inc. | 21,977 | 1,105,443 | ||||||
| STAG Industrial, Inc. | 18,604 | 715,138 | ||||||
| Terreno Realty Corp. | 9,469 | 628,742 | ||||||
| 17,590,553 | ||||||||
| Office REITs — 5.1% | ||||||||
| Alexandria Real Estate Equities, Inc. | 16,903 | 2,178,966 | ||||||
| Boston Properties, Inc. | 15,522 | 1,013,742 | ||||||
| Brandywine Realty Trust | 17,917 | 86,001 | ||||||
| City Office REIT, Inc. | 5,176 | 26,967 | ||||||
| COPT Defense Properties | 11,717 | 283,200 | ||||||
| Cousins Properties, Inc. | 15,801 | 379,856 | ||||||
| Douglas Emmett, Inc. | 17,191 | 238,439 | ||||||
| Easterly Government Properties, Inc. | 9,677 | 111,382 | ||||||
| SHARES | VALUE† | |||||||
| Equity Commonwealth * | 10,996 | $ | 207,604 | |||||
| Highwoods Properties, Inc. | 10,951 | 286,697 | ||||||
| Hudson Pacific Properties, Inc. | 12,646 | 81,567 | ||||||
| JBG SMITH Properties | 9,420 | 151,191 | ||||||
| Kilroy Realty Corp. | 11,414 | 415,812 | ||||||
| NET Lease Office Properties | 1,572 | 37,414 | ||||||
| Office Properties Income Trust @ | 3,570 | 7,283 | ||||||
| Orion Office REIT, Inc. | 6,753 | 23,703 | ||||||
| Paramount Group, Inc. | 17,848 | 83,707 | ||||||
| Piedmont Office Realty Trust, Inc., Class A | 10,998 | 77,316 | ||||||
| SL Green Realty Corp. | 6,602 | 363,968 | ||||||
| Vornado Realty Trust | 16,470 | 473,842 | ||||||
| 6,528,657 | ||||||||
| Residential REITs — 14.4% | ||||||||
| American Homes 4 Rent, Class A | 33,533 | 1,233,344 | ||||||
| Apartment Income REIT Corp. | 15,754 | 511,532 | ||||||
| Apartment Investment & Management Co., Class A * | 13,592 | 111,318 | ||||||
| AvalonBay Communities, Inc. | 14,441 | 2,679,672 | ||||||
| Bluerock Homes Trust, Inc. | 412 | 6,992 | ||||||
| BRT Apartments Corp. | 400 | 6,720 | ||||||
| Camden Property Trust | 10,884 | 1,070,986 | ||||||
| Centerspace | 1,825 | 104,281 | ||||||
| Clipper Realty, Inc. | 1,167 | 5,637 | ||||||
| Elme Communities | 10,445 | 145,394 | ||||||
| Equity LifeStyle Properties, Inc. | 18,025 | 1,160,810 | ||||||
| Equity Residential | 36,829 | 2,324,278 | ||||||
| Essex Property Trust, Inc. | 6,528 | 1,598,120 | ||||||
| Independence Realty Trust, Inc. | 23,042 | 371,667 | ||||||
| Invitation Homes, Inc. | 62,551 | 2,227,441 | ||||||
| Mid-America Apartment Communities, Inc. | 11,869 | 1,561,723 | ||||||
| NexPoint Residential Trust, Inc. | 2,449 | 78,833 | ||||||
| Sun Communities, Inc. | 12,654 | 1,627,051 | ||||||
| UDR, Inc. | 31,819 | 1,190,349 | ||||||
| UMH Properties, Inc. | 5,369 | 87,193 | ||||||
| Veris Residential, Inc. | 8,319 | 126,532 | ||||||
| 18,229,873 | ||||||||
| Retail REITs — 14.4% | ||||||||
| Acadia Realty Trust | 9,876 | 167,991 | ||||||
| Agree Realty Corp. | 9,877 | 564,174 | ||||||
| Alexander's, Inc. | 303 | 65,793 | ||||||
| Brixmor Property Group, Inc. | 30,987 | 726,645 | ||||||
| Federal Realty Investment Trust | 7,623 | 778,461 | ||||||
| Getty Realty Corp. | 4,639 | 126,877 | ||||||
| InvenTrust Properties Corp. | 6,885 | 177,013 | ||||||
| Kimco Realty Corp. | 68,686 | 1,346,932 | ||||||
| Kite Realty Group Trust | 22,840 | 495,171 | ||||||
| Macerich Co. (The) | 22,113 | 381,007 | ||||||
| NETSTREIT Corp. @ | 6,691 | 122,914 | ||||||
| NNN REIT, Inc. | 18,574 | 793,853 | ||||||
| Phillips Edison & Co., Inc. | 12,315 | 441,739 | ||||||
| Realty Income Corp. | 85,517 | 4,626,470 | ||||||
| Regency Centers Corp. | 17,903 | 1,084,206 | ||||||
| Retail Opportunity Investments Corp. | 13,055 | 167,365 | ||||||
| Saul Centers, Inc. | 1,365 | 52,539 | ||||||
| Simon Property Group, Inc. | 33,130 | 5,184,514 | ||||||
| SITE Centers Corp. | 19,341 | 283,345 | ||||||
| Tanger, Inc. | 10,913 | 322,261 | ||||||
| Urban Edge Properties | 12,189 | 210,504 | ||||||
| Whitestone REIT | 4,996 | 62,700 | ||||||
| 18,182,474 | ||||||||
| Specialized REITs — 37.2% | ||||||||
| American Tower Corp. | 47,488 | 9,383,154 | ||||||
| Crown Castle, Inc. | 44,521 | 4,711,657 | ||||||
The accompanying notes are an integral part of these portfolio of investments.
SA Real Estate Securities Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited) (Continued)
| SHARES | VALUE† | |||||||
| COMMON STOCKS (Continued) | ||||||||
| Specialized REITs (Continued) | ||||||||
| CubeSmart | 23,005 | $ | 1,040,286 | |||||
| Digital Realty Trust, Inc. | 31,814 | 4,582,489 | ||||||
| EPR Properties | 7,762 | 329,497 | ||||||
| Equinix, Inc. | 9,669 | 7,980,116 | ||||||
| Esc War Ind *§ | 9,141 | — | ||||||
| Extra Space Storage, Inc. | 21,511 | 3,162,117 | ||||||
| Four Corners Property Trust, Inc. | 9,280 | 227,082 | ||||||
| Gaming and Leisure Properties, Inc. | 27,527 | 1,268,169 | ||||||
| Global Self Storage, Inc. | 997 | 4,437 | ||||||
| Iron Mountain, Inc. | 30,174 | 2,420,256 | ||||||
| Lamar Advertising Co., Class A | 9,074 | 1,083,526 | ||||||
| National Storage Affiliates Trust | 8,178 | 320,250 | ||||||
| Outfront Media, Inc. | 15,691 | 263,452 | ||||||
| Public Storage | 16,087 | 4,666,195 | ||||||
| SBA Communications Corp. | 11,120 | 2,409,704 | ||||||
| Uniti Group, Inc. | 20,375 | 120,212 | ||||||
| VICI Properties, Inc. | 105,639 | 3,146,986 | ||||||
| 47,119,585 | ||||||||
| TOTAL COMMON STOCKS (Identified Cost $71,908,003) | 125,834,855 | |||||||
| SHORT-TERM INVESTMENTS — 0.6% | ||||||||
| Investment Company — 0.4% | ||||||||
| State Street Institutional U.S. Government Money Market Fund 5.01% | 502,523 | 502,523 | ||||||
| Collateral For Securities On Loan — 0.2% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio 5.340% | 232,197 | 232,197 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Identified Cost $734,720) | 734,720 | |||||||
| Total Investments — 100.0% (Identified Cost $72,642,723) | 126,569,575 | |||||||
| Liabilities in excess of Cash and Other Assets — 0.0% | (13,885 | ) | ||||||
| Net Assets — 100.0% | $ | 126,555,690 | ||||||
| † | See Note 1 | |
| @ | A portion or all of the security was held on loan. As of March 31, 2024, the fair value of the securities on loan was $418,757. | |
| * | Non-income producing security | |
| § | Fair valued security. Security is valued using significant unobservable inputs as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1 |
Key to abbreviations:
REIT — Real Estate Investment Trust
The accompanying notes are an integral part of these portfolio of investments.
Portfolio Sectors as of March 31, 2024
(As a percentage of long-term investments) (Unaudited)
| Sector | Percentage | |||
| Retail REITs | 14.5 | % | ||
| Industrial REITs | 14.0 | % | ||
| Telecom Tower REITs | 13.1 | % | ||
| Data Center REITs | 10.0 | % | ||
| Multi-Family Residential REITs | 9.4 | % | ||
| Health Care REITs | 9.2 | % | ||
| Self Storage REITs | 7.3 | % | ||
| Other Specialized REITs | 7.0 | % | ||
| Office REITs | 5.2 | % | ||
| Other | 10.3 | % | ||
| 100.0 | % | |||
SA Worldwide Moderate Growth Fund
PORTFOLIO OF INVESTMENTS — AS OF March 31, 2024 (Unaudited)
| SHARES | VALUE† | |||||||
| MUTUAL FUNDS — 99.9% | ||||||||
| Others — 99.9% | ||||||||
| SA Emerging Markets Value Fund € | 151,363 | $ | 1,521,196 | |||||
| SA Global Fixed Income Fund € | 384,471 | 3,414,099 | ||||||
| SA International Value Fund € | 346,661 | 4,645,263 | ||||||
| SA Real Estate Securities Fund € | 62,548 | 681,770 | ||||||
| SA U.S. Core Market Fund € | 118,588 | 3,871,908 | ||||||
| SA U.S. Fixed Income Fund € | 300,649 | 2,868,196 | ||||||
| SA U.S. Small Company Fund € | 55,680 | 1,566,841 | ||||||
| SA U.S. Value Fund € | 178,244 | 3,964,139 | ||||||
| 22,533,412 | ||||||||
| TOTAL MUTUAL FUNDS (Identified Cost $19,380,004) | 22,533,412 | |||||||
| Total Investments — 99.9% (Identified Cost $19,380,004) | 22,533,412 | |||||||
| Cash and Other Assets, Less Liabilities — 0.1% | 15,201 | |||||||
| Net Assets — 100.0% | $ | 22,548,613 | ||||||
| † | See Note 1 | |
| € |
SA Worldwide Moderate Growth Fund invests substantially all of its assets in the affiliated Underlying SA Funds. |
The accompanying notes are an integral part of these portfolio of investments.
| SA FUNDS |
| NOTES TO FINANCIAL STATEMENTS – March 31, 2024 (Unaudited) |
Security Valuation — Domestic equity securities listed on an exchange or stock market for which market quotations are readily available are valued according to the official closing price, if any, or at their last reported sale price on the exchange or stock market where the security is primarily traded, or in the absence of such reported prices, at the mean between the most recent quoted bid and asked prices. Domestic equity securities traded on the over-the-counter markets are valued at the mean between the most recent quoted bid and asked prices in the absence of an official closing price or last reported sale price.
Foreign equity securities traded on a foreign exchange or over-the-counter markets are generally valued at the most recent quoted bid price in the absence of an official closing price or last reported sale price. Foreign securities quoted in foreign currencies are translated into U.S. dollars using prevailing exchange rates.
Fixed income investments are generally valued based on prices received from independent pricing services. In determining the value of a fixed income investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures.
Shares of registered open-end investment companies are valued at the investment company’s net asset value. Forward currency contracts are valued based on prices received from independent pricing services. Securities for which market quotations are not readily available, or for which available quotations appear not to accurately reflect the current value of an investment, are valued at fair value as determined in good faith by the valuation designee (“Valuation Designee”) appointed by the Board of Trustees pursuant to procedures approved by the Board of Trustees. The Board of Trustees has designated Buckingham Strategic Partners, LLC (the “Adviser”) as the Valuation Designee for the Funds.
Certain Funds hold securities traded in foreign markets. Foreign securities are valued at the latest market price in the foreign market. However, if events occurring after the close of the foreign market (but before the close of regular trading on the New York Stock Exchange) are believed to materially affect the value of those securities, such securities may be valued at fair value as determined in good faith by the Valuation Designee.
Valuation of securities by the DFA Portfolio and the Series in which it invests is discussed in the “Selected Financial Statements of DFA Investment Dimensions Group Inc. – Notes to Financial Statements,” and “Selected Financial Statements of the DFA Investment Trust Company – Notes to Financial Statements,” which are included elsewhere in this report.
Fair Value Measurement — The Board has approved procedures to fair value securities and other assets of each Fund when market prices are not readily available or do not accurately reflect their current market value. The Board has designated the responsibility for applying these fair valuation methods to the valuation designee. For example, a Fund may fair value an asset when it is delisted or trading is halted or suspended; when it has not been traded for an extended period of time; when its primary pricing source is unavailable or other data calls the primary source’s reliability into question; or when its primary trading market is closed during regular U.S. market hours. Each Fund makes fair valuation determinations in accordance with the Trust’s Procedures for Valuing Securities and Assets, as amended. The Valuation Designee may consider various factors, including unobservable market inputs when arriving at fair value. The Valuation Designee may use, but is not limited to, techniques such as review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book value, and other relevant information when determining fair value. The Valuation Designee regularly reviews these inputs and assumptions when reviewing fair valuations of investments held by the Funds. Fair value pricing involves subjective judgement and it is possible that the fair value determined for an asset is materially different than the value that could be realized upon the sale of that asset. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The Funds value their investments based on a three-level hierarchy of inputs that establishes classification of fair value measurements for disclosure purposes. If inputs used to measure a financial instrument fall within
| SA FUNDS |
| NOTES TO FINANCIAL STATEMENTS – March 31, 2024 (Unaudited) (Continued) |
different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. The three-level hierarchy of inputs is summarized in the three broad levels below.
Level 1 – unadjusted quoted prices in active markets for identical investments.
Level 2 – significant observable inputs other than quoted prices within Level 1 (including quoted prices for similar investments, interest rates, yield curves, foreign exchange rates, put or call provisions, credit risk and default rates for similar securities).
Level 3 – significant unobservable inputs to the extent that observable inputs are not available (including the Pricing Committee’s own assumptions used to determine the fair value of investments).
The tables below provide a summary of the inputs as of March 31, 2024, in valuing each Fund's investments:
| Investments in Securities | ||||||||||||||||
| Description | Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value as of March 31, 2024 | ||||||||||||
| SA U.S. Fixed Income Fund | ||||||||||||||||
| Assets | ||||||||||||||||
| Yankee Corporate Bonds And Notes | $ | — | 55,994,870 | $ | — | $ | 55,994,870 | |||||||||
| Corporate Bonds and Notes | — | 103,759,403 | — | 103,759,403 | ||||||||||||
| U.S. Government and Agency Obligations | — | 300,533,147 | — | 300,533,147 | ||||||||||||
| Short-Term Investments | 6,937,364 | — | — | 6,937,364 | ||||||||||||
| Total Investments | $ | 6,937,364 | 460,287,420 | $ | — | $ | 467,224,784 | |||||||||
| SA Global Fixed Income Fund | ||||||||||||||||
| Assets | ||||||||||||||||
| Bonds and Notes | $ | — | $ | 579,885,486 | $ | — | $ | 579,885,486 | ||||||||
| Short-Term Investments | 20,290,156 | — | — | 20,290,156 | ||||||||||||
| Other Financial Instruments | ||||||||||||||||
| Forward Foreign Currency Exchange Contracts | — | 2,491,060 | — | 2,491,060 | ||||||||||||
| Total Investments | $ | 20,290,156 | $ | 582,376,546 | $ | — | $ | 602,666,702 | ||||||||
| Liabilities | ||||||||||||||||
| Other Financial Instruments | ||||||||||||||||
| Forward Foreign Currency Exchange Contracts | $ | — | $ | (1,459,302 | ) | $ | — | $ | (1,459,302 | ) | ||||||
| SA U.S. Core Market Fund | ||||||||||||||||
| Assets | ||||||||||||||||
| Common Stocks | $ | 661,885,712 | $ | — | $ | 0 | † | $ | 661,885,712 | |||||||
| Mutual Funds | 27,224,550 | — | — | 27,224,550 | ||||||||||||
| Short-Term Investments | 1,145,354 | — | — | 1,145,354 | ||||||||||||
| Total Investments | $ | 690,255,616 | $ | — | $ | 0 | $ | 690,255,616 | ||||||||
| SA FUNDS |
| NOTES TO FINANCIAL STATEMENTS – March 31, 2024 (Unaudited) (Continued) |
| Investments in Securities | ||||||||||||||||
| Description | Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value as of March 31, 2024 | ||||||||||||
| SA U.S. Value Fund | ||||||||||||||||
| Assets | ||||||||||||||||
| Common Stocks | $ | 579,861,995 | $ | — | $ | — | $ | 579,861,995 | ||||||||
| Short-Term Investments | 1,269,039 | — | — | 1,269,039 | ||||||||||||
| Total Investments | $ | 581,131,034 | $ | — | $ | — | $ | 581,131,034 | ||||||||
| SA U.S. Small Company Fund | ||||||||||||||||
| Assets | ||||||||||||||||
| Common Stocks | $ | 326,173,599 | $ | 976 | $ | 27,987 | † | $ | 326,202,562 | |||||||
| Preferred Stocks | 28,543 | — | — | 28,543 | ||||||||||||
| Short-Term Investments | 1,817,443 | — | — | 1,817,443 | ||||||||||||
| Total Investments | $ | 328,019,585 | $ | 976 | $ | 27,987 | $ | 328,048,548 | ||||||||
| SA International Value Fund | ||||||||||||||||
| Assets | ||||||||||||||||
| Common Stocks | $ | 556,533,489 | $ | — | $ | — | $ | 556,533,489 | ||||||||
| Preferred Stocks | 4,834,013 | — | — | 4,834,013 | ||||||||||||
| Short-Term Investments | 56,124,565 | — | — | 56,124,565 | ||||||||||||
| Total Investments | $ | 617,492,067 | $ | — | $ | — | $ | 617,492,067 | ||||||||
| SA International Small Company Fund | ||||||||||||||||
| Assets | ||||||||||||||||
| Mutual Funds | $ | 255,983,353 | $ | — | $ | — | $ | 255,983,353 | ||||||||
| Total Investments | $ | 255,983,353 | $ | — | $ | — | $ | 255,983,353 | ||||||||
| SA Emerging Markets Value Fund | ||||||||||||||||
| Assets | ||||||||||||||||
| Common Stocks | $ | 195,802,484 | $ | 6,314 | $ | 8,795 | † | $ | 195,817,594 | |||||||
| Preferred Stocks | 3,904,127 | — | 1,148 | 3,904,275 | ||||||||||||
| Rights and Warrants | 150 | — | — | 150 | ||||||||||||
| Short-Term Investments | 1,166,175 | — | — | 1,166,175 | ||||||||||||
| Total Investments | $ | 200,872,936 | $ | 6,314 | $ | 9,943 | $ | 200,888,194 | ||||||||
| SA Real Estate Securities Fund | ||||||||||||||||
| Assets | ||||||||||||||||
| Common Stocks | $ | 125,834,855 | $ | — | $ | 0 | † | $ | 125,834,855 | |||||||
| Short-Term Investments | 734,720 | — | — | 734,720 | ||||||||||||
| Total Investments | $ | 126,569,575 | $ | — | $ | 0 | $ | 126,569,575 | ||||||||
| SA Worldwide Moderate Growth Fund | ||||||||||||||||
| Assets | ||||||||||||||||
| Mutual Funds | $ | 22,533,412 | $ | — | $ | — | $ | 22,533,412 | ||||||||
| Total Investments | $ | 22,533,412 | $ | — | $ | — | $ | 22,533,412 | ||||||||
| SA FUNDS |
| NOTES TO FINANCIAL STATEMENTS – March 31, 2024 (Unaudited) (Continued) |
† Contains securities with a market value of zero.
A reconciliation in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 assets and/or liabilities at the beginning and/or end of the period. No significant Level 3 assets and/or liabilities held at the beginning or end of the period.
Securities Lending – The Funds may lend any of their securities held by State Street Bank and Trust Company (“State Street”) as custodian to certain qualified broker-dealers, banks and other institutions, except those securities which the Adviser or Dimensional Fund Advisor LP (the "Sub-Adviser") specifically identifies as not being available. Any gain or loss in the fair price of the securities loaned that might occur and any interest or dividends declared during the term of the loan would accrue to the account of the Funds. Risks of delay in recovery of the securities or even loss of rights in the collateral may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the collateral decreases below the value of the securities loaned.
Upon entering into a securities lending transaction, a Fund maintains cash or other securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities with respect to securities of the U.S. government or its agencies or instrumentalities, a loan of sovereign debt issued by non-U.S. governments, or a loan of non-U.S. corporate debt, 102% of the current fair value of the loaned securities with respect to other U.S. securities and 105% of the current fair value of the loaned securities with respect to foreign equity securities. The fair value of the loaned security is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral is returned by the Fund, on the next business day. Any cash received as collateral is generally invested by State Street, acting in its capacity as securities lending agent (the “Agent”), in the State Street Navigator Securities Lending Government Money Market Portfolio, which is a money market fund registered under the 1940 Act. A portion of the income received on the collateral is rebated to the borrower of the securities, and the remainder is split between the Agent and each respective Fund.
As of March 31, 2024, the following Funds had securities on loan, which were collateralized by short-term investments. The value of securities on loan and the value of the related collateral were as follows:
| Value of Securities | Value of
Cash Collateral | Value of
Non- Cash Collateral* | Total Collateral | |||||||||||||
| SA Global Fixed Income Fund | $ | 7,122,355 | $ | 2,149,100 | $ | 5,118,613 | $ | 7,267,713 | ||||||||
| SA U.S Core Market Fund | 674,493 | 106,741 | 583,157 | 689,898 | ||||||||||||
| SA U.S. Value Fund | 640,242 | — | 652,685 | 652,685 | ||||||||||||
| SA U.S. Small Company Fund | 5,795,478 | 1,297,674 | 4,627,576 | 5,925,250 | ||||||||||||
| SA International Value Fund | 84,177,266 | 55,692,597 | 32,123,500 | 87,816,097 | ||||||||||||
| SA Emerging Markets Value Fund | 2,581,736 | 1,108,089 | 1,620,746 | 2,728,835 | ||||||||||||
| SA Real Estate Securities Fund | 418,757 | 232,197 | 201,625 | 433,822 | ||||||||||||
* The Funds cannot repledge or resell this collateral. The non-cash collateral is comprised of U.S. government securities.
| SA FUNDS |
| NOTES TO FINANCIAL STATEMENTS – March 31, 2024 (Unaudited) |
The following table provides increased transparency about the types of collateral pledged for securities lending transactions that are accounted for as secured borrowing. Non-cash collateral is not reflected in the table because the Funds cannot repledge or resell this collateral.
| Remaining Contractual Maturity of the Agreements As of March 31, 2024 | ||||||||||||||||||||
| Securities Lending Transaction (1) | Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | |||||||||||||||
| SA Global Fixed Income Fund | ||||||||||||||||||||
| Government Money Market | $ | 2,149,100 | $ | — | $ | — | $ | — | $ | 2,149,100 | ||||||||||
| Total Borrowings | $ | 2,149,100 | $ | — | $ | — | $ | — | $ | 2,149,100 | ||||||||||
| Gross amount of recognized liabilities for securities lending transactions | $ | 2,149,100 | ||||||||||||||||||
| SA U.S. Core Market Fund | ||||||||||||||||||||
| Government Money Market | $ | 106,741 | $ | — | $ | — | $ | — | $ | 106,741 | ||||||||||
| Total Borrowings | $ | 106,741 | $ | — | $ | — | $ | — | $ | 106,741 | ||||||||||
| Gross amount of recognized liabilities for securities lending transactions | $ | 106,741 | ||||||||||||||||||
| SA U.S. Small Company Fund | ||||||||||||||||||||
| Government Money Market | $ | 1,297,674 | $ | — | $ | — | $ | — | $ | 1,297,674 | ||||||||||
| Total Borrowings | $ | 1,297,674 | $ | — | $ | — | $ | — | $ | 1,297,674 | ||||||||||
| Gross amount of recognized liabilities for securities lending transactions | $ | 1,297,674 | ||||||||||||||||||
| SA International Value Fund | ||||||||||||||||||||
| Government Money Market | $ | 55,692,597 | $ | — | $ | — | $ | — | $ | 55,692,597 | ||||||||||
| Total Borrowings | $ | 55,692,597 | $ | — | $ | — | $ | — | $ | 55,692,597 | ||||||||||
| Gross amount of recognized liabilities for securities lending transactions | $ | 55,692,597 | ||||||||||||||||||
| SA Emerging Markets Value Fund | ||||||||||||||||||||
| Government Money Market | $ | 1,108,089 | $ | — | $ | — | $ | — | $ | 1,108,089 | ||||||||||
| Total Borrowings | $ | 1,108,089 | $ | — | $ | — | $ | — | $ | 1,108,089 | ||||||||||
| Gross amount of recognized liabilities for securities lending transactions | $ | 1,108,089 | ||||||||||||||||||
| SA Real Estate Securities Fund | ||||||||||||||||||||
| Government Money Market | $ | 232,197 | $ | — | $ | — | $ | — | $ | 232,197 | ||||||||||
| Total Borrowings | $ | 232,197 | $ | — | $ | — | $ | — | $ | 232,197 | ||||||||||
| Gross amount of recognized liabilities for securities lending transactions | $ | 232,197 | ||||||||||||||||||
| (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. |
| SA FUNDS |
| NOTES TO FINANCIAL STATEMENTS – March 31, 2024 (Unaudited) |
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.
| SA FUNDS |
| NOTES TO FINANCIAL STATEMENTS – March 31, 2024 (Unaudited) |
Federal Income Tax — At March 31, 2024, the aggregate cost of investment securities, aggregate gross unrealized appreciation (depreciation) and net unrealized appreciation (depreciation) for all securities, including forward foreign currency exchange contracts, as computed on a federal income tax basis for each fund were as follows:
| Cost | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
| SA U.S. Fixed Income Fund | $ | 467,308,999 | $ | 319,567 | $ | (403,782 | ) | $ | (84,215 | ) | ||||||
| SA Global Fixed Income Fund | 603,531,008 | 2,882,535 | (5,206,143 | ) | (2,323,608 | ) | ||||||||||
| SA U.S. Core Market Fund | 133,370,065 | 557,745,145 | (859,594 | ) | 556,885,551 | |||||||||||
| SA U.S. Value Fund | 310,397,100 | 281,354,445 | (10,620,511 | ) | 270,733,934 | |||||||||||
| SA U.S. Small Company Fund | 165,783,924 | 171,032,078 | (8,767,454 | ) | 162,264,624 | |||||||||||
| SA International Value Fund | 483,535,488 | 164,177,655 | (30,221,076 | ) | 133,956,579 | |||||||||||
| SA International Small Company Fund | 131,817,748 | 124,165,605 | — | 124,165,605 | ||||||||||||
| SA Emerging Markets Value Fund | 176,717,978 | 55,351,950 | (31,181,734 | ) | 24,170,216 | |||||||||||
| SA Real Estate Securities Fund | 72,642,723 | 57,993,113 | (4,066,261 | ) | 53,926,852 | |||||||||||
| SA Worldwide Moderate Growth | 19,380,004 | 3,153,408 | — | 3,153,408 | ||||||||||||
International Small Company Portfolio
SCHEDULE OF INVESTMENTS
March 31, 2024
(Unaudited)
| Value† | ||||
| AFFILIATED INVESTMENT COMPANIES — (99.1%) | ||||
| Investment in The Continental Small Company Series
of The DFA Investment Trust Company | $ | 4,823,526,483 | ||
| Investment in The Japanese Small Company Series of The DFA Investment Trust Company | 2,924,088,835 | |||
| Investment in The United Kingdom Small Company Series of The DFA Investment Trust Company | 1,569,719,363 | |||
| Investment in The Canadian Small Company Series of The DFA Investment Trust Company | 1,322,586,392 | |||
| Investment in The Asia Pacific Small Company
Series of The DFA Investment Trust Company | 1,270,674,193 | |||
| TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES | $ | 11,910,595,266 | ||
| Shares | ||||||||
| TEMPORARY CASH INVESTMENTS — (0.9%) | ||||||||
| State Street Institutional
U.S. Government Money Market Fund, 5.258% (Cost $110,089,918) | 110,089,918 | 110,089,918 | ||||||
| TOTAL INVESTMENTS — (100.0%) (Cost $10,185,065,945)^^ | $ | 12,020,685,184 | ||||||
| † | See Security Valuation Note within the Notes to Schedules of Investments. |
| ^^ | See Federal Tax Cost Note within the Notes to Schedules of Investments. |
As of March 31, 2024, International Small Company Portfolio had entered into the following outstanding futures contracts:
| Description | Number
of Contracts | Expiration Date | Notional Value | Market Value | Unrealized Appreciation (Depreciation) | |||||||||||||
| Long Position Contracts: | ||||||||||||||||||
| S&P 500® E-Mini Index | 412 | 06/21/24 | $ | 107,135,719 | $ | 109,355,100 | $ | 2,219,381 | ||||||||||
| Total Futures Contracts | $ | 107,135,719 | $ | 109,355,100 | $ | 2,219,381 | ||||||||||||
Summary of the Portfolio’s investments as of March 31, 2019, based on their valuation inputs, is as follows (See Security Valuation Note):
| Investments in Securities (Market Value) | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Affiliated Investment Companies | $ | 11,910,595,266 | — | — | $ | 11,910,595,266 | ||||||||||
| Temporary Cash Investments | 110,089,918 | — | — | 110,089,918 | ||||||||||||
| Futures Contracts** | 2,219,381 | — | — | 2,219,381 | ||||||||||||
| TOTAL | $ | 12,022,904,565 | — | — | $ | 12,022,904,565 | ||||||||||
| ** | Valued at the unrealized appreciation/(depreciation) on the investment. |
ORGANIZATION
DFA Investment Dimensions Group Inc. (the “Fund”) is an open-end management investment company registered under the Investment Company Act of 1940 (the “1940 Act”), whose shares are generally offered to institutional investors, retirement plans and clients of registered investment advisors. At March 31, 2024, the Fund consisted of one hundred and two operational portfolios, of which one, International Small Company Portfolio (the “Portfolio”) is included in this report. The Fund’s investment advisor is Dimensional Fund Advisors LP (the “Advisor”). The Portfolio is a “Fund-of-Funds”, which generally allocates its assets among the five series (the “Underlying Funds”) of The DFA Investment Trust Company, which is also advised by the Advisor. The Schedules of Investments for the Underlying Funds have been included in this document.
SECURITY VALUATION
The International Small Company Portfolio invests in the five Underlying Funds indicated on its Schedule of Investments.
The Portfolio uses a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels described below:
| • | Level 1 - inputs are quoted prices in active markets for identical securities (including equity securities, open-end investment companies and futures contracts) |
| • | Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 - significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments) |
Shares held by the International Small Company Portfolio in other investment companies (such as the Underlying Funds) are valued at their respective daily net asset values as reported by their administrator. The Portfolio’s investments in the Underlying Funds reflect its proportionate interest in the net assets of such corresponding Underlying Fund. These valuations are classified as Level 1 in the hierarchy.
Futures contracts held by the Portfolio are valued using the settlement price established each day on the exchange on which they are traded. These valuations are generally categorized as Level 1 in the hierarchy.
A summary of the inputs used to value the Portfolio’s investments by each major security type, industry and/or country is disclosed previously in this note. A valuation hierarchy table has been included at the end of the Schedule of Investments for the Portfolio. The methodology or inputs used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
DERIVATIVE FINANCIAL INSTRUMENTS
Summarized below are the specific types of derivative instruments used by the Portfolio.
1. FUTURES CONTRACTS: The Portfolio may purchase or sell futures contracts and options on futures contracts for equity securities and indices to increase or decrease market exposure based on actual or expected cash inflows to or outflows from the Portfolio. Upon entering into a futures contract, the Portfolio deposits cash or pledges U.S. Government securities to a broker in an amount equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Portfolio as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Portfolio records a realized gain or loss, which is presented in the Statement of Operations as a net realized gain or loss on futures, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
Risks may arise upon entrance into futures contracts from potential imperfect price correlations between the futures contracts and the underlying securities, from the possibility of an illiquid secondary market for these instruments and from the possibility that the Portfolio could lose more than the initial margin requirements. The Portfolio entering into stock index futures is subject to equity price risk from those futures contracts.
FEDERAL TAX COST
At March 31, 2024, the total cost of securities for federal income tax purposes was $7,950,190.
RECENTLY ISSUED ACCOUNTING STANDARDS
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021, the FASB issued ASU No. 2021-01, with further amendments to Topic 848. The amendments in the ASUs provide optional temporary accounting recognition and financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021 and 2023. The ASUs were effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. Management has reviewed the requirements and determined the adoption of these ASUs will not have a material impact on the Portfolios’ financial statements.
In October 2022, the SEC adopted rule and form amendments requiring open-end management investment companies, including mutual funds and exchange-traded funds, to transmit concise and visually engaging semi-annual and annual reports that highlight key information, including fund expenses, performance, and holdings to shareholders. Other information, including financial statements, will no longer appear in the Portfolios’ shareholder reports but will be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Portfolios’ until the 2024 annual shareholder reports, and will have no effect on the Portfolios’ accounting policies or financial statements.
SUBSEQUENT EVENT EVALUATIONS
Management has evaluated the impact of all subsequent events on the Portfolios through the date on which the financial statements were issued and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements.
The Japanese Small Company Series
SCHEDULE OF INVESTMENTS
March 31, 2024
(Unaudited)
| Shares | Value» | |||||||||
| COMMON STOCKS — (96.9%) | ||||||||||
| COMMUNICATION SERVICES — (2.1%) | ||||||||||
| Akatsuki, Inc. | 44,200 | $ | 739,415 | |||||||
| * | AlphaPolis Co. Ltd. | 9,200 | 124,153 | |||||||
| # | Amuse, Inc. | 37,300 | 377,297 | |||||||
| Asahi Broadcasting Group Holdings Corp. | 3,600 | 15,475 | ||||||||
| Asahi Net, Inc. | 109,100 | 458,748 | ||||||||
| Ateam, Inc. | 2,100 | 8,839 | ||||||||
| * | Atrae, Inc. | 41,000 | 120,091 | |||||||
| # | Avex, Inc. | 200,700 | 1,700,231 | |||||||
| * | Bank of Innovation, Inc. | 6,200 | 183,196 | |||||||
| # * | Bengo4.com, Inc. | 43,000 | 951,320 | |||||||
| # | Broadmedia Corp. | 7,321 | 60,320 | |||||||
| # | Bushiroad, Inc. | 22,000 | 56,078 | |||||||
| Carta Holdings, Inc. | 15,800 | 163,756 | ||||||||
| * | CAVE Interactive Co. Ltd. | 12,500 | 147,465 | |||||||
| # | Ceres, Inc. | 15,900 | 184,115 | |||||||
| COLOPL, Inc. | 224,600 | 915,790 | ||||||||
| * | COOKPAD, Inc. | 190,600 | 170,558 | |||||||
| Daiichikosho Co. Ltd. | 281,900 | 3,569,125 | ||||||||
| # * | DeNA Co. Ltd. | 394,600 | 3,901,610 | |||||||
| # | Digital Holdings, Inc. | 46,900 | 339,741 | |||||||
| Direct Marketing MiX, Inc. | 37,400 | 77,887 | ||||||||
| # * | Drecom Co. Ltd. | 3,500 | 24,037 | |||||||
| Fibergate, Inc. | 43,400 | 329,514 | ||||||||
| Freebit Co. Ltd. | 65,800 | 666,553 | ||||||||
| * | GA Technologies Co. Ltd. | 52,800 | 594,951 | |||||||
| Gakken Holdings Co. Ltd. | 132,500 | 813,820 | ||||||||
| # * | giftee, Inc. | 103,700 | 920,562 | |||||||
| Gree, Inc. | 227,000 | 722,184 | ||||||||
| GungHo Online Entertainment, Inc. | 267,600 | 4,282,632 | ||||||||
| IG Port, Inc. | 8,200 | 362,512 | ||||||||
| Imagica Group, Inc. | 86,800 | 388,018 | ||||||||
| i-mobile Co. Ltd. | 98,800 | 262,755 | ||||||||
| Infocom Corp. | 143,100 | 2,528,076 | ||||||||
| Intage Holdings, Inc. | 55,400 | 579,072 | ||||||||
| # | IPS, Inc. | 23,400 | 390,348 | |||||||
| # | ITmedia, Inc. | 56,800 | 670,949 | |||||||
| # * | Japan Communications, Inc. | 832,400 | 1,129,852 | |||||||
| Kakaku.com, Inc. | 200,300 | 2,429,914 | ||||||||
| # | Kamakura Shinsho Ltd. | 75,700 | 358,937 | |||||||
| # * | KLab, Inc. | 174,300 | 416,942 | |||||||
| LIFULL Co. Ltd. | 392,800 | 437,541 | ||||||||
| Macromill, Inc. | 238,997 | 1,223,412 | ||||||||
| MarkLines Co. Ltd. | 72,900 | 1,633,952 | ||||||||
| Marvelous, Inc. | 161,100 | 738,586 | ||||||||
| # | Members Co. Ltd. | 48,200 | 287,459 | |||||||
| MIXI, Inc. | 233,000 | 4,032,260 | ||||||||
| Okinawa Cellular Telephone Co. | 157,500 | 3,713,384 | ||||||||
| Oricon, Inc. | 23,100 | 130,526 | ||||||||
| # | Port, Inc. | 27,900 | 400,538 | |||||||
| * | PR Times Corp. | 15,200 | 206,123 | |||||||
| Proto Corp. | 156,700 | 1,456,596 | ||||||||
| # * | Sharingtechnology, Inc. | 47,800 | 159,707 | |||||||
| SKY Perfect JSAT Holdings, Inc. | 897,900 | 6,121,130 | ||||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| COMMUNICATION SERVICES — (Continued) | ||||||||||
| # | Synchro Food Co. Ltd. | 20,000 | $ | 80,273 | ||||||
| # | Toei Co. Ltd. | 27,000 | 685,088 | |||||||
| # | Tohokushinsha Film Corp. | 94,800 | 871,063 | |||||||
| Tow Co. Ltd. | 59,400 | 150,537 | ||||||||
| TV Asahi Holdings Corp. | 100,500 | 1,387,303 | ||||||||
| Tv Tokyo Holdings Corp. | 59,200 | 1,159,804 | ||||||||
| U-Next Holdings Co. Ltd. | 100,100 | 3,429,889 | ||||||||
| ValueCommerce Co. Ltd. | 97,800 | 690,959 | ||||||||
| # * | V-Cube, Inc. | 76,200 | 131,555 | |||||||
| # | Vector, Inc. | 174,200 | 1,351,207 | |||||||
| * | Vision, Inc. | 211,100 | 1,709,317 | |||||||
| Wowow, Inc. | 28,700 | 214,143 | ||||||||
| Zenrin Co. Ltd. | 196,650 | 1,106,756 | ||||||||
| ZIGExN Co. Ltd. | 276,100 | 1,099,622 | ||||||||
| TOTAL COMMUNICATION SERVICES | 66,745,568 | |||||||||
| CONSUMER DISCRETIONARY — (14.8%) | ||||||||||
| &Do Holdings Co. Ltd. | 59,500 | 493,527 | ||||||||
| AB&Company Co. Ltd. | 2,500 | 15,621 | ||||||||
| Adastria Co. Ltd. | 140,240 | 3,562,785 | ||||||||
| # | Adventure, Inc. | 13,900 | 336,444 | |||||||
| # | Aeon Fantasy Co. Ltd. | 44,432 | 698,405 | |||||||
| Aeon Kyushu Co. Ltd. | 2,500 | 50,675 | ||||||||
| # | Ahresty Corp. | 107,300 | 587,321 | |||||||
| Ainavo Holdings Co. Ltd. | 5,600 | 48,139 | ||||||||
| # | Airtrip Corp. | 89,900 | 968,858 | |||||||
| # | Aisan Industry Co. Ltd. | 208,600 | 2,329,615 | |||||||
| * | Akebono Brake Industry Co. Ltd. | 574,900 | 548,372 | |||||||
| Alleanza Holdings Co. Ltd. | 77,800 | 536,466 | ||||||||
| # | Alpen Co. Ltd. | 94,700 | 1,256,526 | |||||||
| # | Alpha Corp. | 31,700 | 349,680 | |||||||
| Amiyaki Tei Co. Ltd. | 26,114 | 898,720 | ||||||||
| AOKI Holdings, Inc. | 210,400 | 1,556,512 | ||||||||
| Aoyama Trading Co. Ltd. | 217,900 | 2,413,073 | ||||||||
| Arata Corp. | 171,200 | 3,640,036 | ||||||||
| ARCLANDS Corp. | 242,776 | 2,836,169 | ||||||||
| Asahi Co. Ltd. | 99,500 | 874,632 | ||||||||
| # | Ashimori Industry Co. Ltd. | 26,599 | 471,730 | |||||||
| ASKUL Corp. | 227,500 | 3,312,604 | ||||||||
| * | Asti Corp. | 17,700 | 396,771 | |||||||
| Aucnet, Inc. | 68,500 | 1,099,554 | ||||||||
| # | Autobacs Seven Co. Ltd. | 419,500 | 4,381,906 | |||||||
| # | Avantia Co. Ltd. | 53,900 | 305,797 | |||||||
| # | Baroque Japan Ltd. | 12,200 | 61,253 | |||||||
| Beauty Garage, Inc. | 44,600 | 675,221 | ||||||||
| # | Beenos, Inc. | 32,700 | 448,720 | |||||||
| # | Belluna Co. Ltd. | 282,400 | 1,146,752 | |||||||
| Bic Camera, Inc. | 452,100 | 3,829,877 | ||||||||
| # | Bookoff Group Holdings Ltd. | 66,600 | 636,124 | |||||||
| # | BuySell Technologies Co. Ltd. | 6,200 | 122,288 | |||||||
| # | Casio Computer Co. Ltd. | 142,600 | 1,231,583 | |||||||
| # | Central Automotive Products Ltd. | 80,500 | 3,068,626 | |||||||
| # | Central Sports Co. Ltd. | 39,686 | 654,720 | |||||||
| # | Chikaranomoto Holdings Co. Ltd. | 69,100 | 729,280 | |||||||
| Chiyoda Co. Ltd. | 108,500 | 636,021 | ||||||||
| Chofu Seisakusho Co. Ltd. | 107,200 | 1,527,994 | ||||||||
| # | Choushimaru Co. Ltd. | 17,200 | 231,343 | |||||||
| # | Chuo Spring Co. Ltd. | 75,100 | 519,991 | |||||||
| Cleanup Corp. | 117,400 | 608,775 | ||||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| CONSUMER DISCRETIONARY — (Continued) | ||||||||||
| # | Colowide Co. Ltd. | 352,100 | $ | 5,000,573 | ||||||
| Corona Corp. | 95,400 | 606,236 | ||||||||
| # | Create Restaurants Holdings, Inc. | 694,000 | 4,734,110 | |||||||
| # | Curves Holdings Co. Ltd. | 235,700 | 1,242,254 | |||||||
| Daido Metal Co. Ltd. | 224,100 | 994,544 | ||||||||
| # | Daikoku Denki Co. Ltd. | 45,800 | 1,218,585 | |||||||
| Daikyonishikawa Corp. | 227,800 | 1,167,170 | ||||||||
| Daimaruenawin Co. Ltd. | 3,400 | 31,732 | ||||||||
| Dainichi Co. Ltd. | 38,700 | 179,612 | ||||||||
| DCM Holdings Co. Ltd. | 650,800 | 6,294,652 | ||||||||
| # * | DD GROUP Co. Ltd. | 54,300 | 449,577 | |||||||
| * | Demae-Can Co. Ltd. | 74,500 | 160,907 | |||||||
| # | Doshisha Co. Ltd. | 130,800 | 1,804,170 | |||||||
| Doutor Nichires Holdings Co. Ltd. | 182,986 | 2,483,243 | ||||||||
| # | Eagle Industry Co. Ltd. | 162,900 | 1,966,617 | |||||||
| # | EAT & Holdings Co. Ltd. | 35,300 | 471,203 | |||||||
| # | EDION Corp. | 489,800 | 4,930,213 | |||||||
| # | ES-Con Japan Ltd. | 79,700 | 535,245 | |||||||
| # | Eslead Corp. | 47,700 | 1,092,723 | |||||||
| # | Exedy Corp. | 175,800 | 3,524,454 | |||||||
| FCC Co. Ltd. | 211,800 | 3,083,671 | ||||||||
| Felissimo Corp. | 20,600 | 125,207 | ||||||||
| First Juken Co. Ltd. | 17,300 | 134,931 | ||||||||
| FJ Next Holdings Co. Ltd. | 106,600 | 971,928 | ||||||||
| Food & Life Cos. Ltd. | 509,300 | 9,774,302 | ||||||||
| Foster Electric Co. Ltd. | 105,500 | 857,786 | ||||||||
| Fuji Corp. | 72,800 | 875,731 | ||||||||
| Fuji Corp. Ltd. | 159,600 | 789,405 | ||||||||
| # | Fuji Kyuko Co. Ltd. | 111,399 | 2,880,863 | |||||||
| Fujibo Holdings, Inc. | 61,600 | 1,778,153 | ||||||||
| Fujikura Composites, Inc. | 104,700 | 972,919 | ||||||||
| * | Fujio Food Group, Inc. | 29,800 | 274,201 | |||||||
| Fujishoji Co. Ltd. | 33,900 | 303,024 | ||||||||
| * | Fujita Kanko, Inc. | 37,400 | 1,800,429 | |||||||
| # | Fujitsu General Ltd. | 216,500 | 2,680,538 | |||||||
| FuKoKu Co. Ltd. | 66,400 | 813,660 | ||||||||
| # | Furukawa Battery Co. Ltd. | 88,000 | 588,816 | |||||||
| # | Furyu Corp. | 106,600 | 890,155 | |||||||
| Futaba Industrial Co. Ltd. | 299,600 | 2,331,195 | ||||||||
| Gakkyusha Co. Ltd. | 49,300 | 687,020 | ||||||||
| # | Gamecard-Joyco Holdings, Inc. | 10,400 | 182,365 | |||||||
| Genki Sushi Co. Ltd. | 62,100 | 1,304,442 | ||||||||
| Geo Holdings Corp. | 148,000 | 1,857,875 | ||||||||
| Gift Holdings, Inc. | 50,500 | 1,173,796 | ||||||||
| # | GLOBERIDE, Inc. | 103,298 | 1,373,999 | |||||||
| Greens Co. Ltd. | 41,000 | 650,856 | ||||||||
| GSI Creos Corp. | 63,184 | 991,689 | ||||||||
| G-Tekt Corp. | 135,700 | 1,899,537 | ||||||||
| Gunze Ltd. | 90,200 | 3,236,126 | ||||||||
| Hagihara Industries, Inc. | 76,000 | 821,640 | ||||||||
| Hamee Corp. | 36,200 | 307,338 | ||||||||
| Handsman Co. Ltd. | 43,500 | 284,611 | ||||||||
| # | Happinet Corp. | 97,600 | 1,960,045 | |||||||
| Hard Off Corp. Co. Ltd. | 58,800 | 654,374 | ||||||||
| # | Heiwa Corp. | 327,400 | 4,281,688 | |||||||
| Hiday Hidaka Corp. | 76,100 | 1,347,850 | ||||||||
| HI-LEX Corp. | 123,580 | 1,390,218 | ||||||||
| # | Himaraya Co. Ltd. | 16,100 | 97,245 | |||||||
| # * | HIS Co. Ltd. | 52,200 | 656,268 | |||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| CONSUMER DISCRETIONARY — (Continued) | ||||||||||
| # | H-One Co. Ltd. | 100,900 | $ | 464,020 | ||||||
| Honeys Holdings Co. Ltd. | 113,140 | 1,295,938 | ||||||||
| Hoosiers Holdings Co. Ltd. | 207,900 | 1,509,570 | ||||||||
| Hotland Co. Ltd. | 58,200 | 764,458 | ||||||||
| I K K Holdings, Inc. | 13,700 | 75,149 | ||||||||
| # | IBJ, Inc. | 117,900 | 422,461 | |||||||
| Ichibanya Co. Ltd. | 188,090 | 1,489,559 | ||||||||
| Ichikoh Industries Ltd. | 194,100 | 699,964 | ||||||||
| IDOM, Inc. | 310,800 | 2,144,518 | ||||||||
| # | Imasen Electric Industrial | 37,400 | 157,562 | |||||||
| # * | Istyle, Inc. | 336,598 | 1,157,114 | |||||||
| * †† | Izuhakone Railway Co. Ltd. | 300 | 0 | |||||||
| Izumi Co. Ltd. | 134,900 | 3,094,585 | ||||||||
| * | Jade Group, Inc. | 52,000 | 930,101 | |||||||
| JANOME Corp. | 95,700 | 433,568 | ||||||||
| Japan Wool Textile Co. Ltd. | 306,800 | 2,947,778 | ||||||||
| JINS Holdings, Inc. | 75,900 | 2,149,998 | ||||||||
| # * | Joban Kosan Co. Ltd. | 40,199 | 323,803 | |||||||
| # | Joshin Denki Co. Ltd. | 106,200 | 1,617,758 | |||||||
| Joyful Honda Co. Ltd. | 166,500 | 2,394,892 | ||||||||
| JP-Holdings, Inc. | 305,200 | 1,076,957 | ||||||||
| JVCKenwood Corp. | 904,200 | 5,564,080 | ||||||||
| # * | Kappa Create Co. Ltd. | 61,700 | 656,714 | |||||||
| Kawai Musical Instruments Manufacturing Co. Ltd. | 34,500 | 818,555 | ||||||||
| KeyHolder, Inc. | 3,600 | 22,340 | ||||||||
| # | KFC Holdings Japan Ltd. | 88,100 | 2,546,846 | |||||||
| # | King Co. Ltd. | 54,100 | 253,617 | |||||||
| Kintetsu Department Store Co. Ltd. | 24,100 | 377,396 | ||||||||
| # | Ki-Star Real Estate Co. Ltd. | 50,899 | 1,261,092 | |||||||
| * | KNT-CT Holdings Co. Ltd. | 18,900 | 169,270 | |||||||
| Kohnan Shoji Co. Ltd. | 146,300 | 4,219,422 | ||||||||
| Kojima Co. Ltd. | 172,500 | 931,323 | ||||||||
| Komatsu Matere Co. Ltd. | 174,599 | 888,503 | ||||||||
| # | KOMEDA Holdings Co. Ltd. | 283,300 | 5,046,313 | |||||||
| # | Komehyo Holdings Co. Ltd. | 40,300 | 1,025,763 | |||||||
| # | Komeri Co. Ltd. | 191,100 | 4,357,209 | |||||||
| # | Konaka Co. Ltd. | 129,706 | 346,692 | |||||||
| Koshidaka Holdings Co. Ltd. | 239,400 | 1,479,337 | ||||||||
| # | Kotobukiya Co. Ltd. | 5,400 | 65,811 | |||||||
| * | Kourakuen Holdings Corp. | 5,400 | 48,454 | |||||||
| # | K's Holdings Corp. | 621,900 | 5,348,057 | |||||||
| KU Holdings Co. Ltd. | 115,500 | 881,538 | ||||||||
| Kura Sushi, Inc. | 20,900 | 646,538 | ||||||||
| Kurabo Industries Ltd. | 91,800 | 2,111,286 | ||||||||
| Kushikatsu Tanaka Holdings Co. | 17,400 | 194,127 | ||||||||
| KYB Corp. | 102,100 | 3,464,632 | ||||||||
| # | Kyoritsu Maintenance Co. Ltd. | 360,800 | 8,261,099 | |||||||
| LEC, Inc. | 142,200 | 1,080,982 | ||||||||
| # | LITALICO, Inc. | 113,600 | 1,574,544 | |||||||
| Look Holdings, Inc. | 37,100 | 644,694 | ||||||||
| Mamiya-Op Co. Ltd. | 1,800 | 19,517 | ||||||||
| # | Mars Group Holdings Corp. | 63,900 | 1,382,320 | |||||||
| # | Maruzen CHI Holdings Co. Ltd. | 101,100 | 221,222 | |||||||
| # | Matsuoka Corp. | 6,800 | 70,467 | |||||||
| Matsuya Co. Ltd. | 57,000 | 403,704 | ||||||||
| # | Matsuyafoods Holdings Co. Ltd. | 13,800 | 513,781 | |||||||
| Media Do Co. Ltd. | 47,900 | 474,075 | ||||||||
| # | Meiwa Estate Co. Ltd. | 73,200 | 510,208 | |||||||
| # * | Mercari, Inc. | 641,700 | 8,202,545 | |||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| CONSUMER DISCRETIONARY — (Continued) | ||||||||||
| # | Mikuni Corp. | 134,100 | $ | 426,476 | ||||||
| # | Mitsuba Corp. | 178,488 | 1,932,771 | |||||||
| Mizuno Corp. | 105,600 | 4,409,411 | ||||||||
| Monogatari Corp. | 184,000 | 5,649,891 | ||||||||
| Morito Co. Ltd. | 107,800 | 1,084,390 | ||||||||
| # | MrMax Holdings Ltd. | 137,925 | 573,136 | |||||||
| Murakami Corp. | 31,800 | 1,069,201 | ||||||||
| Musashi Seimitsu Industry Co. Ltd. | 278,800 | 3,113,856 | ||||||||
| # | Nafco Co. Ltd. | 54,200 | 924,968 | |||||||
| Nagase Brothers, Inc. | 8,600 | 110,256 | ||||||||
| # | Nagawa Co. Ltd. | 31,800 | 1,601,334 | |||||||
| # | Nakayamafuku Co. Ltd. | 41,800 | 100,852 | |||||||
| # | New Art Holdings Co. Ltd. | 36,134 | 416,107 | |||||||
| # | Nextage Co. Ltd. | 222,300 | 4,209,637 | |||||||
| NHK Spring Co. Ltd. | 974,587 | 9,683,187 | ||||||||
| Nichirin Co. Ltd. | 61,160 | 1,499,596 | ||||||||
| # | Nihon House Holdings Co. Ltd. | 222,000 | 510,949 | |||||||
| Nihon Plast Co. Ltd. | 48,300 | 176,277 | ||||||||
| Nihon Tokushu Toryo Co. Ltd. | 75,300 | 723,188 | ||||||||
| Nihon Trim Co. Ltd. | 5,000 | 124,074 | ||||||||
| Nippon Felt Co. Ltd. | 84,000 | 240,327 | ||||||||
| Nippon Seiki Co. Ltd. | 274,900 | 2,782,404 | ||||||||
| Nishikawa Rubber Co. Ltd. | 38,500 | 539,106 | ||||||||
| Nishimatsuya Chain Co. Ltd. | 228,700 | 3,636,058 | ||||||||
| # | Nissan Shatai Co. Ltd. | 359,300 | 2,470,840 | |||||||
| # | Nissan Tokyo Sales Holdings Co. Ltd. | 166,400 | 652,786 | |||||||
| NITTAN Corp. | 22,400 | 55,429 | ||||||||
| Nojima Corp. | 379,300 | 4,230,849 | ||||||||
| NOK Corp. | 170,680 | 2,345,573 | ||||||||
| NPR-RIKEN Corp. | 125,398 | 2,560,888 | ||||||||
| # | Ohashi Technica, Inc. | 67,600 | 732,447 | |||||||
| # | Ohsho Food Service Corp. | 67,800 | 3,459,915 | |||||||
| Onward Holdings Co. Ltd. | 561,800 | 1,993,687 | ||||||||
| # | Ootoya Holdings Co. Ltd. | 7,200 | 248,476 | |||||||
| Ozu Corp. | 22,200 | 258,240 | ||||||||
| Pacific Industrial Co. Ltd. | 252,000 | 2,797,871 | ||||||||
| PAL GROUP Holdings Co. Ltd. | 248,700 | 4,230,260 | ||||||||
| PALTAC Corp. | 69,800 | 1,855,842 | ||||||||
| # | Paris Miki Holdings, Inc. | 8,700 | 23,851 | |||||||
| * | PIA Corp. | 1,700 | 35,894 | |||||||
| Piolax, Inc. | 163,900 | 2,873,535 | ||||||||
| Press Kogyo Co. Ltd. | 533,100 | 2,482,469 | ||||||||
| # | Pressance Corp. | 111,400 | 1,303,742 | |||||||
| QB Net Holdings Co. Ltd. | 12,680 | 102,658 | ||||||||
| # | Raccoon Holdings, Inc. | 102,800 | 416,798 | |||||||
| # | Renaissance, Inc. | 3,500 | 23,433 | |||||||
| # | Resorttrust, Inc. | 477,064 | 8,162,529 | |||||||
| # | Rhythm Co. Ltd. | 34,000 | 871,562 | |||||||
| Riberesute Corp. | 29,600 | 156,318 | ||||||||
| # | Ride On Express Holdings Co. Ltd. | 36,600 | 252,829 | |||||||
| # * | Right On Co. Ltd. | 84,225 | 231,676 | |||||||
| # | Ringer Hut Co. Ltd. | 28,700 | 437,483 | |||||||
| # | Riso Kyoiku Co. Ltd. | 635,500 | 925,010 | |||||||
| Rock Field Co. Ltd. | 94,800 | 1,071,177 | ||||||||
| Roland Corp. | 53,600 | 1,635,463 | ||||||||
| Round One Corp. | 1,154,900 | 5,979,385 | ||||||||
| Royal Holdings Co. Ltd. | 94,100 | 1,538,293 | ||||||||
| Sac's Bar Holdings, Inc. | 104,150 | 599,585 | ||||||||
| Saizeriya Co. Ltd. | 124,500 | 4,253,153 | ||||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| CONSUMER DISCRETIONARY — (Continued) | ||||||||||
| San Holdings, Inc. | 119,800 | $ | 835,200 | |||||||
| Sangetsu Corp. | 272,850 | 5,963,830 | ||||||||
| Sankyo Seiko Co. Ltd. | 232,800 | 1,154,705 | ||||||||
| Sanoh Industrial Co. Ltd. | 149,500 | 1,127,889 | ||||||||
| Sanyo Shokai Ltd. | 49,499 | 896,189 | ||||||||
| Scroll Corp. | 181,700 | 1,141,780 | ||||||||
| Seiko Group Corp. | 157,081 | 4,232,909 | ||||||||
| # | Seiren Co. Ltd. | 255,600 | 4,650,248 | |||||||
| # * | Senshukai Co. Ltd. | 174,600 | 346,162 | |||||||
| Seria Co. Ltd. | 248,224 | 4,906,993 | ||||||||
| SFP Holdings Co. Ltd. | 20,400 | 258,923 | ||||||||
| Shikibo Ltd. | 62,826 | 474,280 | ||||||||
| # * | Shin-Nihon Tatemono Co. Ltd. | 44,800 | 188,812 | |||||||
| Shoei Co. Ltd. | 297,700 | 4,499,949 | ||||||||
| * | Snow Peak, Inc. | 115,900 | 956,018 | |||||||
| SNT Corp. | 108,200 | 201,899 | ||||||||
| Soft99 Corp. | 84,400 | 833,008 | ||||||||
| Sotoh Co. Ltd. | 49,100 | 230,157 | ||||||||
| SPK Corp. | 48,600 | 660,433 | ||||||||
| # | Sprix, Inc. | 34,300 | 183,956 | |||||||
| # | SRS Holdings Co. Ltd. | 48,900 | 371,307 | |||||||
| St. Marc Holdings Co. Ltd. | 38,900 | 546,564 | ||||||||
| Step Co. Ltd. | 60,800 | 794,701 | ||||||||
| # | Suminoe Textile Co. Ltd. | 8,200 | 140,797 | |||||||
| Sumitomo Riko Co. Ltd. | 195,698 | 1,731,204 | ||||||||
| # | Suncall Corp. | 115,600 | 369,570 | |||||||
| # | Syuppin Co. Ltd. | 120,000 | 935,840 | |||||||
| T RAD Co. Ltd. | 24,400 | 633,687 | ||||||||
| Tachikawa Corp. | 63,600 | 621,353 | ||||||||
| # | Tachi-S Co. Ltd. | 168,040 | 2,212,288 | |||||||
| Taiho Kogyo Co. Ltd. | 91,001 | 561,611 | ||||||||
| # | Take & Give Needs Co. Ltd. | 34,268 | 250,791 | |||||||
| # | Tama Home Co. Ltd. | 86,300 | 2,558,711 | |||||||
| Tamron Co. Ltd. | 108,600 | 4,827,320 | ||||||||
| Tbk Co. Ltd. | 133,900 | 335,233 | ||||||||
| Tear Corp. | 53,700 | 162,594 | ||||||||
| Temairazu, Inc. | 8,400 | 179,075 | ||||||||
| # | T-Gaia Corp. | 131,100 | 1,763,465 | |||||||
| Tigers Polymer Corp. | 61,000 | 451,887 | ||||||||
| Toa Corp. | 130,515 | 999,500 | ||||||||
| Tokai Rika Co. Ltd. | 313,100 | 5,372,695 | ||||||||
| Token Corp. | 41,850 | 2,915,239 | ||||||||
| Tokyo Base Co. Ltd. | 18,400 | 36,667 | ||||||||
| Tokyo Individualized Educational Institute, Inc. | 72,245 | 205,421 | ||||||||
| # | Tokyotokeiba Co. Ltd. | 92,300 | 2,732,358 | |||||||
| Tomy Co. Ltd. | 510,693 | 9,326,250 | ||||||||
| Topre Corp. | 212,700 | 3,615,574 | ||||||||
| # | Toridoll Holdings Corp. | 166,400 | 4,544,054 | |||||||
| Torikizoku Holdings Co. Ltd. | 35,900 | 1,122,328 | ||||||||
| # | Tosho Co. Ltd. | 71,600 | 337,221 | |||||||
| Toyo Tire Corp. | 58,500 | 1,105,448 | ||||||||
| Toyoda Gosei Co. Ltd. | 14,800 | 326,424 | ||||||||
| # | TPR Co. Ltd. | 130,462 | 2,033,278 | |||||||
| # | Treasure Factory Co. Ltd. | 55,300 | 538,367 | |||||||
| TS Tech Co. Ltd. | 453,286 | 5,763,786 | ||||||||
| TSI Holdings Co. Ltd. | 271,495 | 1,410,012 | ||||||||
| # | Tsuburaya Fields Holdings, Inc. | 201,300 | 2,337,344 | |||||||
| # | Tsutsumi Jewelry Co. Ltd. | 29,300 | 401,491 | |||||||
| # | Twinbird Corp. | 9,200 | 30,373 | |||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| CONSUMER DISCRETIONARY — (Continued) | ||||||||||
| # | Unipres Corp. | 213,797 | $ | 1,643,320 | ||||||
| # | United Arrows Ltd. | 106,300 | 1,371,668 | |||||||
| * | Unitika Ltd. | 347,200 | 381,767 | |||||||
| # | Universal Entertainment Corp. | 124,100 | 1,579,074 | |||||||
| # * | Village Vanguard Co. Ltd. | 36,600 | 253,353 | |||||||
| VT Holdings Co. Ltd. | 474,400 | 1,679,429 | ||||||||
| # | Wacoal Holdings Corp. | 244,800 | 5,979,441 | |||||||
| # | Waseda Academy Co. Ltd. | 43,600 | 455,315 | |||||||
| # | WATAMI Co. Ltd. | 66,800 | 427,525 | |||||||
| Watts Co. Ltd. | 48,500 | 213,985 | ||||||||
| # * | Wealth Management, Inc. | 8,500 | 58,165 | |||||||
| Weds Co. Ltd. | 14,500 | 62,405 | ||||||||
| # | Workman Co. Ltd. | 6,266 | 164,982 | |||||||
| World Co. Ltd. | 97,500 | 1,348,961 | ||||||||
| # | Xebio Holdings Co. Ltd. | 151,996 | 969,925 | |||||||
| Yagi & Co. Ltd. | 16,800 | 196,162 | ||||||||
| # | Yamae Group Holdings Co. Ltd. | 37,200 | 680,767 | |||||||
| # | Yasunaga Corp. | 19,600 | 93,069 | |||||||
| Yellow Hat Ltd. | 204,600 | 2,678,000 | ||||||||
| Yondoshi Holdings, Inc. | 67,420 | 827,055 | ||||||||
| # | Yonex Co. Ltd. | 233,600 | 1,708,754 | |||||||
| # | Yorozu Corp. | 81,377 | 519,520 | |||||||
| Yoshinoya Holdings Co. Ltd. | 363,000 | 8,094,856 | ||||||||
| # | Yossix Holdings Co. Ltd. | 23,400 | 445,430 | |||||||
| Yutaka Giken Co. Ltd. | 8,700 | 151,780 | ||||||||
| Zojirushi Corp. | 47,100 | 447,476 | ||||||||
| TOTAL CONSUMER DISCRETIONARY | 474,890,798 | |||||||||
| CONSUMER STAPLES — (7.7%) | ||||||||||
| # | Aeon Hokkaido Corp. | 190,100 | 1,177,663 | |||||||
| AFC-HD AMS Life Science Co. Ltd. | 44,500 | 274,631 | ||||||||
| Ain Holdings, Inc. | 124,300 | 4,477,002 | ||||||||
| # | Albis Co. Ltd. | 35,813 | 645,614 | |||||||
| Almado, Inc. | 11,100 | 114,162 | ||||||||
| Arcs Co. Ltd. | 258,400 | 5,336,407 | ||||||||
| Artnature, Inc. | 109,100 | 556,105 | ||||||||
| Axial Retailing, Inc. | 428,000 | 2,904,986 | ||||||||
| # | Axxzia, Inc. | 8,400 | 46,932 | |||||||
| # | Belc Co. Ltd. | 65,800 | 3,017,861 | |||||||
| Bourbon Corp. | 54,800 | 876,250 | ||||||||
| # | Bull-Dog Sauce Co. Ltd. | 3,000 | 41,056 | |||||||
| # | Cawachi Ltd. | 79,400 | 1,386,509 | |||||||
| # | C'BON COSMETICS Co. Ltd. | 10,800 | 104,405 | |||||||
| Chubu Shiryo Co. Ltd. | 133,295 | 1,044,859 | ||||||||
| # | Chuo Gyorui Co. Ltd. | 9,800 | 201,799 | |||||||
| # | Como Co. Ltd. | 2,600 | 49,965 | |||||||
| # | Cota Co. Ltd. | 137,445 | 1,347,949 | |||||||
| Create SD Holdings Co. Ltd. | 147,200 | 3,205,767 | ||||||||
| Daikokutenbussan Co. Ltd. | 31,900 | 2,035,487 | ||||||||
| Delica Foods Holdings Co. Ltd. | 59,900 | 232,010 | ||||||||
| DyDo Group Holdings, Inc. | 113,200 | 2,042,747 | ||||||||
| Ebara Foods Industry, Inc. | 30,900 | 586,646 | ||||||||
| Eco's Co. Ltd. | 45,800 | 692,373 | ||||||||
| # | Ensuiko Sugar Refining Co. Ltd. | 86,200 | 168,597 | |||||||
| Ezaki Glico Co. Ltd. | 252,200 | 7,039,467 | ||||||||
| # | Fancl Corp. | 341,483 | 4,546,603 | |||||||
| Feed One Co. Ltd. | 145,048 | 930,979 | ||||||||
| Fuji Co. Ltd. | 6,100 | 74,467 | ||||||||
| Fuji Oil Holdings, Inc. | 247,100 | 3,871,776 | ||||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| CONSUMER STAPLES — (Continued) | ||||||||||
| Fujicco Co. Ltd. | 112,400 | $ | 1,410,614 | |||||||
| Fujiya Co. Ltd. | 66,400 | 1,095,136 | ||||||||
| G-7 Holdings, Inc. | 141,300 | 1,338,046 | ||||||||
| Genky DrugStores Co. Ltd. | 50,300 | 2,169,993 | ||||||||
| H2O Retailing Corp. | 512,245 | 6,548,457 | ||||||||
| # | HABA Laboratories, Inc. | 15,000 | 205,876 | |||||||
| Hagoromo Foods Corp. | 17,900 | 387,606 | ||||||||
| Halows Co. Ltd. | 56,100 | 1,657,943 | ||||||||
| Heiwado Co. Ltd. | 179,100 | 2,396,233 | ||||||||
| # | Hokkaido Coca-Cola Bottling Co. Ltd. | 37,398 | 633,049 | |||||||
| Hokuto Corp. | 130,200 | 1,575,840 | ||||||||
| House Foods Group, Inc. | 43,100 | 877,090 | ||||||||
| # | Ichimasa Kamaboko Co. Ltd. | 38,800 | 192,519 | |||||||
| Imuraya Group Co. Ltd. | 57,947 | 963,394 | ||||||||
| # | Inageya Co. Ltd. | 16,000 | 147,802 | |||||||
| # | I-NE Co. Ltd. | 26,700 | 322,198 | |||||||
| Ito En Ltd. | 72,000 | 1,761,085 | ||||||||
| Itochu-Shokuhin Co. Ltd. | 35,100 | 1,666,812 | ||||||||
| Itoham Yonekyu Holdings, Inc. | 140,880 | 3,701,114 | ||||||||
| Iwatsuka Confectionery Co. Ltd. | 17,400 | 315,949 | ||||||||
| JM Holdings Co. Ltd. | 79,700 | 1,446,211 | ||||||||
| J-Oil Mills, Inc. | 115,000 | 1,472,568 | ||||||||
| Kadoya Sesame Mills, Inc. | 15,600 | 392,352 | ||||||||
| Kagome Co. Ltd. | 193,000 | 4,678,368 | ||||||||
| Kakiyasu Honten Co. Ltd. | 53,400 | 1,117,803 | ||||||||
| # | Kameda Seika Co. Ltd. | 67,300 | 1,888,330 | |||||||
| Kaneko Seeds Co. Ltd. | 44,700 | 421,973 | ||||||||
| # | Kanemi Co. Ltd. | 1,200 | 25,852 | |||||||
| Kanro, Inc. | 12,800 | 209,188 | ||||||||
| # | Kansai Food Market Ltd. | 2,400 | 27,979 | |||||||
| Kato Sangyo Co. Ltd. | 146,300 | 4,390,806 | ||||||||
| Kenko Mayonnaise Co. Ltd. | 64,877 | 862,220 | ||||||||
| # | Kibun Foods, Inc. | 13,800 | 113,509 | |||||||
| Koike-ya, Inc. | 600 | 17,999 | ||||||||
| # | Kotobuki Spirits Co. Ltd. | 345,800 | 4,346,957 | |||||||
| Kusuri No. Aoki Holdings Co. Ltd. | 262,800 | 5,416,585 | ||||||||
| # | Kyokuyo Co. Ltd. | 52,400 | 1,282,583 | |||||||
| Lacto Japan Co. Ltd. | 47,000 | 731,176 | ||||||||
| Life Corp. | 105,000 | 2,693,672 | ||||||||
| Lifedrink Co., Inc. | 33,400 | 1,083,818 | ||||||||
| Mandom Corp. | 214,900 | 1,896,012 | ||||||||
| Marudai Food Co. Ltd. | 109,400 | 1,169,949 | ||||||||
| Maruha Nichiro Corp. | 216,387 | 4,234,655 | ||||||||
| Maxvalu Tokai Co. Ltd. | 49,500 | 1,008,329 | ||||||||
| Medical System Network Co. Ltd. | 130,800 | 560,482 | ||||||||
| Megmilk Snow Brand Co. Ltd. | 259,200 | 4,599,960 | ||||||||
| Meito Sangyo Co. Ltd. | 54,100 | 632,618 | ||||||||
| Milbon Co. Ltd. | 157,552 | 3,312,660 | ||||||||
| Ministop Co. Ltd. | 84,200 | 841,788 | ||||||||
| Mitsubishi Shokuhin Co. Ltd. | 102,100 | 3,755,195 | ||||||||
| Mitsui DM Sugar Holdings Co. Ltd. | 104,270 | 2,146,535 | ||||||||
| Miyoshi Oil & Fat Co. Ltd. | 31,500 | 267,101 | ||||||||
| Morinaga & Co. Ltd. | 414,798 | 7,119,974 | ||||||||
| Morinaga Milk Industry Co. Ltd. | 381,100 | 7,796,526 | ||||||||
| Morozoff Ltd. | 37,400 | 1,048,245 | ||||||||
| # | MTG Co. Ltd. | 24,700 | 256,771 | |||||||
| Nagatanien Holdings Co. Ltd. | 66,201 | 975,723 | ||||||||
| # | Nakamuraya Co. Ltd. | 25,999 | 529,374 | |||||||
| # | Natori Co. Ltd. | 65,000 | 908,206 | |||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| CONSUMER STAPLES — (Continued) | ||||||||||
| # | Nichimo Co. Ltd. | 32,600 | $ | 511,557 | ||||||
| Nihon Chouzai Co. Ltd. | 69,689 | 719,990 | ||||||||
| Niitaka Co. Ltd. | 4,360 | 57,115 | ||||||||
| Nippn Corp. | 304,000 | 4,666,682 | ||||||||
| Nippon Beet Sugar Manufacturing Co. Ltd. | 54,600 | 745,836 | ||||||||
| Nishimoto Co. Ltd. | 18,700 | 739,146 | ||||||||
| Nisshin Oillio Group Ltd. | 148,200 | 4,967,888 | ||||||||
| Nissui Corp. | 1,737,200 | 10,892,046 | ||||||||
| Nitto Fuji Flour Milling Co. Ltd. | 16,200 | 569,486 | ||||||||
| Noevir Holdings Co. Ltd. | 89,400 | 3,069,737 | ||||||||
| # | Oenon Holdings, Inc. | 229,300 | 540,790 | |||||||
| # | OIE Sangyo Co. Ltd. | 22,000 | 246,572 | |||||||
| # * | Oisix ra daichi, Inc. | 150,000 | 1,281,467 | |||||||
| Okuwa Co. Ltd. | 168,800 | 1,057,373 | ||||||||
| OUG Holdings, Inc. | 21,300 | 361,076 | ||||||||
| Pickles Holdings Co. Ltd. | 56,900 | 445,648 | ||||||||
| Pigeon Corp. | 698,425 | 6,729,235 | ||||||||
| Pola Orbis Holdings, Inc. | 155,200 | 1,485,381 | ||||||||
| # | Premium Water Holdings, Inc. | 12,100 | 249,906 | |||||||
| Prima Meat Packers Ltd. | 158,700 | 2,378,238 | ||||||||
| # | Qol Holdings Co. Ltd. | 145,900 | 1,671,591 | |||||||
| # | Retail Partners Co. Ltd. | 116,600 | 1,434,087 | |||||||
| Riken Vitamin Co. Ltd. | 139,200 | 2,309,680 | ||||||||
| # | Rokko Butter Co. Ltd. | 74,200 | 683,039 | |||||||
| S Foods, Inc. | 109,662 | 2,442,732 | ||||||||
| # | S&B Foods, Inc. | 38,744 | 1,128,980 | |||||||
| # | Sagami Rubber Industries Co. Ltd. | 56,000 | 357,608 | |||||||
| Sakata Seed Corp. | 28,400 | 696,676 | ||||||||
| San-A Co. Ltd. | 120,000 | 3,718,101 | ||||||||
| Sato Foods Co. Ltd. | 800 | 32,956 | ||||||||
| Satudora Holdings Co. Ltd. | 3,900 | 22,635 | ||||||||
| Shinnihonseiyaku Co. Ltd. | 46,600 | 523,381 | ||||||||
| Shinobu Foods Products Co. Ltd. | 1,600 | 10,370 | ||||||||
| # | Shoei Foods Corp. | 9,000 | 279,601 | |||||||
| Showa Sangyo Co. Ltd. | 114,300 | 2,614,786 | ||||||||
| ST Corp. | 38,000 | 386,076 | ||||||||
| Starzen Co. Ltd. | 86,100 | 1,608,871 | ||||||||
| STI Foods Holdings, Inc. | 8,700 | 237,624 | ||||||||
| # | Takara Holdings, Inc. | 812,477 | 5,852,594 | |||||||
| # | Toho Co. Ltd. | 49,000 | 953,897 | |||||||
| Torigoe Co. Ltd. | 92,100 | 432,499 | ||||||||
| Transaction Co. Ltd. | 88,300 | 1,328,545 | ||||||||
| # | United Super Markets Holdings, Inc. | 320,900 | 2,115,240 | |||||||
| Valor Holdings Co. Ltd. | 207,100 | 3,385,073 | ||||||||
| Warabeya Nichiyo Holdings Co. Ltd. | 80,660 | 1,460,537 | ||||||||
| Watahan & Co. Ltd. | 87,600 | 898,266 | ||||||||
| Wellneo Sugar Co. Ltd. | 98,300 | 1,501,227 | ||||||||
| # | Yaizu Suisankagaku Industry Co. Ltd. | 57,700 | 541,923 | |||||||
| # | YAKUODO Holdings Co. Ltd. | 64,600 | 1,123,066 | |||||||
| Yamami Co. | 8,700 | 209,991 | ||||||||
| # | YA-MAN Ltd. | 6,200 | 40,779 | |||||||
| Yamatane Corp. | 59,000 | 1,151,814 | ||||||||
| # | Yamaya Corp. | 23,500 | 500,690 | |||||||
| Yamazawa Co. Ltd. | 11,800 | 97,096 | ||||||||
| Yaoko Co. Ltd. | 64,800 | 3,896,393 | ||||||||
| Yokorei Co. Ltd. | 296,900 | 2,021,784 | ||||||||
| Yomeishu Seizo Co. Ltd. | 42,500 | 525,180 | ||||||||
| * | Yoshimura Food Holdings KK | 48,300 | 416,380 | |||||||
| Yuasa Funashoku Co. Ltd. | 14,300 | 337,179 | ||||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| CONSUMER STAPLES — (Continued) | ||||||||||
| # | Yukiguni Maitake Co. Ltd. | 87,200 | $ | 608,238 | ||||||
| # | Yutaka Foods Corp. | 3,900 | 48,629 | |||||||
| TOTAL CONSUMER STAPLES | 245,398,865 | |||||||||
| ENERGY — (0.9%) | ||||||||||
| BP Castrol KK | 26,200 | 175,251 | ||||||||
| # | Fuji Kosan Co. Ltd. | 11,100 | 136,450 | |||||||
| # | Fuji Oil Co. Ltd. | 213,300 | 663,266 | |||||||
| Itochu Enex Co. Ltd. | 339,700 | 3,498,561 | ||||||||
| Japan Oil Transportation Co. Ltd. | 5,500 | 105,766 | ||||||||
| # | Japan Petroleum Exploration Co. Ltd. | 200,700 | 9,124,397 | |||||||
| # | Mitsuuroko Group Holdings Co. Ltd. | 195,200 | 1,825,148 | |||||||
| Modec, Inc. | 69,500 | 1,405,940 | ||||||||
| # | Nippon Coke & Engineering Co. Ltd. | 949,100 | 811,057 | |||||||
| Sala Corp. | 291,400 | 1,592,547 | ||||||||
| San-Ai Obbli Co. Ltd. | 374,300 | 5,101,347 | ||||||||
| Sinanen Holdings Co. Ltd. | 46,500 | 1,527,672 | ||||||||
| Toyo Kanetsu KK | 48,100 | 1,415,044 | ||||||||
| TOTAL ENERGY | 27,382,446 | |||||||||
| FINANCIALS — (9.0%) | ||||||||||
| 77 Bank Ltd. | 330,252 | 8,808,699 | ||||||||
| AEON Financial Service Co. Ltd. | 413,100 | 3,766,378 | ||||||||
| Aichi Financial Group, Inc. | 48,870 | 853,157 | ||||||||
| Aiful Corp. | 1,250,900 | 3,761,076 | ||||||||
| # | Aizawa Securities Group Co. Ltd. | 200,800 | 1,586,409 | |||||||
| Akatsuki Corp. | 152,300 | 504,820 | ||||||||
| Akita Bank Ltd. | 87,640 | 1,198,569 | ||||||||
| Anicom Holdings, Inc. | 248,400 | 941,446 | ||||||||
| # | Aozora Bank Ltd. | 245,000 | 3,969,008 | |||||||
| Asax Co. Ltd. | 9,300 | 46,987 | ||||||||
| # | Awa Bank Ltd. | 185,328 | 3,406,971 | |||||||
| # | Bank of Iwate Ltd. | 82,982 | 1,406,586 | |||||||
| Bank of Kochi Ltd. | 27,900 | 195,402 | ||||||||
| # | Bank of Nagoya Ltd. | 60,930 | 2,609,200 | |||||||
| Bank of Saga Ltd. | 74,320 | 1,036,840 | ||||||||
| # | Bank of the Ryukyus Ltd. | 234,867 | 1,846,625 | |||||||
| # | Bank of Toyama Ltd. | 9,200 | 120,720 | |||||||
| # | Casa, Inc. | 7,300 | 39,788 | |||||||
| # | Chiba Kogyo Bank Ltd. | 273,758 | 1,900,542 | |||||||
| Chugin Financial Group, Inc. | 679,900 | 5,795,522 | ||||||||
| Daishi Hokuetsu Financial Group, Inc. | 225,700 | 6,640,677 | ||||||||
| # | Daito Bank Ltd. | 6,800 | 34,725 | |||||||
| eGuarantee, Inc. | 207,700 | 2,463,106 | ||||||||
| # | Ehime Bank Ltd. | 181,901 | 1,351,934 | |||||||
| # | Entrust, Inc. | 54,900 | 314,417 | |||||||
| FIDEA Holdings Co. Ltd. | 106,454 | 1,117,857 | ||||||||
| Financial Partners Group Co. Ltd. | 309,900 | 4,360,694 | ||||||||
| * | Fintech Global, Inc. | 104,000 | 59,346 | |||||||
| # | First Bank of Toyama Ltd. | 287,900 | 1,812,658 | |||||||
| First Brothers Co. Ltd. | 3,100 | 26,166 | ||||||||
| # | Fukui Bank Ltd. | 110,562 | 1,416,830 | |||||||
| Fuyo General Lease Co. Ltd. | 19,600 | 1,743,707 | ||||||||
| # | GMO Financial Gate, Inc. | 19,200 | 1,132,805 | |||||||
| # | GMO Financial Holdings, Inc. | 252,300 | 1,314,518 | |||||||
| Gunma Bank Ltd. | 1,914,640 | 10,870,347 | ||||||||
| # | Hirogin Holdings, Inc. | 1,462,700 | 10,498,357 | |||||||
| # * | Hirose Tusyo, Inc. | 20,800 | 446,225 | |||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| FINANCIALS — (Continued) | ||||||||||
| # | Hokkoku Financial Holdings, Inc. | 133,700 | $ | 4,404,200 | ||||||
| # | Hokuhoku Financial Group, Inc. | 650,353 | 8,236,482 | |||||||
| * | HS Holdings Co. Ltd. | 121,596 | 805,323 | |||||||
| # | Hyakugo Bank Ltd. | 1,291,009 | 5,464,227 | |||||||
| # | Hyakujushi Bank Ltd. | 125,700 | 2,424,522 | |||||||
| Ichiyoshi Securities Co. Ltd. | 186,100 | 1,026,545 | ||||||||
| IwaiCosmo Holdings, Inc. | 118,400 | 1,741,494 | ||||||||
| Iyogin Holdings, Inc. | 799,118 | 6,183,286 | ||||||||
| # | J Trust Co. Ltd. | 126,641 | 369,181 | |||||||
| Jaccs Co. Ltd. | 136,600 | 4,962,386 | ||||||||
| # * | JAFCO Group Co. Ltd. | 467,100 | 5,776,326 | |||||||
| Japan Investment Adviser Co. Ltd. | 136,400 | 932,557 | ||||||||
| # | Japan Securities Finance Co. Ltd. | 560,600 | 6,195,339 | |||||||
| # | Jimoto Holdings, Inc. | 37,950 | 149,830 | |||||||
| # | J-Lease Co. Ltd. | 63,800 | 529,255 | |||||||
| Juroku Financial Group, Inc. | 185,800 | 5,771,372 | ||||||||
| Keiyo Bank Ltd. | 563,146 | 2,817,796 | ||||||||
| # | Kita-Nippon Bank Ltd. | 43,506 | 705,647 | |||||||
| Kiyo Bank Ltd. | 393,290 | 4,833,115 | ||||||||
| # | Kyokuto Securities Co. Ltd. | 128,300 | 1,352,480 | |||||||
| Kyushu Financial Group, Inc. | 125,937 | 930,076 | ||||||||
| # | Kyushu Leasing Service Co. Ltd. | 34,000 | 318,990 | |||||||
| # * | LIFENET INSURANCE Co. | 61,400 | 601,876 | |||||||
| M&A Capital Partners Co. Ltd. | 79,100 | 1,173,217 | ||||||||
| # | Marusan Securities Co. Ltd. | 254,300 | 1,804,469 | |||||||
| Matsui Securities Co. Ltd. | 609,900 | 3,329,528 | ||||||||
| Mercuria Holdings Co. Ltd. | 60,500 | 422,865 | ||||||||
| Mito Securities Co. Ltd. | 288,529 | 940,631 | ||||||||
| Miyazaki Bank Ltd. | 87,300 | 1,661,726 | ||||||||
| Mizuho Leasing Co. Ltd. | 859,500 | 6,335,315 | ||||||||
| Monex Group, Inc. | 1,081,600 | 6,442,401 | ||||||||
| Money Partners Group Co. Ltd. | 29,700 | 55,788 | ||||||||
| # | Mortgage Service Japan Ltd. | 26,100 | 87,651 | |||||||
| Musashino Bank Ltd. | 155,521 | 3,012,216 | ||||||||
| Nanto Bank Ltd. | 150,800 | 3,047,517 | ||||||||
| NEC Capital Solutions Ltd. | 60,200 | 1,530,123 | ||||||||
| * | Net Protections Holdings, Inc. | 222,300 | 325,882 | |||||||
| Nishi-Nippon Financial Holdings, Inc. | 703,300 | 8,793,168 | ||||||||
| # | North Pacific Bank Ltd. | 1,579,600 | 4,607,360 | |||||||
| Ogaki Kyoritsu Bank Ltd. | 207,300 | 2,992,654 | ||||||||
| Oita Bank Ltd. | 78,999 | 1,577,499 | ||||||||
| # | Okasan Securities Group, Inc. | 935,100 | 5,003,427 | |||||||
| Okinawa Financial Group, Inc. | 113,516 | 1,953,782 | ||||||||
| # | Orient Corp. | 261,390 | 1,848,955 | |||||||
| Premium Group Co. Ltd. | 179,300 | 2,426,517 | ||||||||
| Procrea Holdings, Inc. | 233,772 | 2,869,665 | ||||||||
| # | Ricoh Leasing Co. Ltd. | 91,300 | 3,180,332 | |||||||
| San ju San Financial Group, Inc. | 117,893 | 1,625,847 | ||||||||
| San-In Godo Bank Ltd. | 904,000 | 7,096,799 | ||||||||
| * | SBI ARUHI Corp. | 73,300 | 454,337 | |||||||
| # | SBI Global Asset Management Co. Ltd. | 145,400 | 704,621 | |||||||
| # | Senshu Ikeda Holdings, Inc. | 1,179,128 | 3,062,695 | |||||||
| # | Seven Bank Ltd. | 761,799 | 1,477,402 | |||||||
| # | Shiga Bank Ltd. | 271,100 | 7,494,491 | |||||||
| Shikoku Bank Ltd. | 205,690 | 1,636,715 | ||||||||
| Shimizu Bank Ltd. | 58,200 | 617,339 | ||||||||
| Sparx Group Co. Ltd. | 115,060 | 1,430,141 | ||||||||
| Strike Co. Ltd. | 47,100 | 1,507,932 | ||||||||
| # | Suruga Bank Ltd. | 854,000 | 4,975,164 | |||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| FINANCIALS — (Continued) | ||||||||||
| Taiko Bank Ltd. | 41,800 | $ | 416,732 | |||||||
| # | Tochigi Bank Ltd. | 527,800 | 1,275,243 | |||||||
| # | Toho Bank Ltd. | 1,153,200 | 2,733,685 | |||||||
| Tohoku Bank Ltd. | 53,257 | 442,127 | ||||||||
| Tokai Tokyo Financial Holdings, Inc. | 1,094,774 | 4,366,905 | ||||||||
| Tokyo Kiraboshi Financial Group, Inc. | 147,338 | 4,571,388 | ||||||||
| Tomato Bank Ltd. | 25,600 | 214,568 | ||||||||
| # | TOMONY Holdings, Inc. | 859,443 | 2,369,306 | |||||||
| # | Tottori Bank Ltd. | 50,400 | 495,212 | |||||||
| Towa Bank Ltd. | 199,900 | 949,116 | ||||||||
| Toyo Securities Co. Ltd. | 327,900 | 864,920 | ||||||||
| Traders Holdings Co. Ltd. | 56,520 | 269,997 | ||||||||
| # | Tsukuba Bank Ltd. | 410,900 | 819,265 | |||||||
| Wellnet Corp. | 78,300 | 290,175 | ||||||||
| # | Yamagata Bank Ltd. | 143,600 | 1,112,334 | |||||||
| Yamaguchi Financial Group, Inc. | 980,072 | 9,955,716 | ||||||||
| # | Yamanashi Chuo Bank Ltd. | 150,126 | 1,861,152 | |||||||
| # | Zenkoku Hosho Co. Ltd. | 3,800 | 136,132 | |||||||
| TOTAL FINANCIALS | 286,581,563 | |||||||||
| HEALTH CARE — (5.1%) | ||||||||||
| Amvis Holdings, Inc. | 183,200 | 3,079,446 | ||||||||
| As One Corp. | 302,000 | 5,284,635 | ||||||||
| ASKA Pharmaceutical Holdings Co. Ltd. | 130,700 | 1,911,370 | ||||||||
| Astena Holdings Co. Ltd. | 194,800 | 626,333 | ||||||||
| # | BML, Inc. | 137,200 | 2,643,254 | |||||||
| # | Carenet, Inc. | 121,300 | 517,173 | |||||||
| # | CellSource Co. Ltd. | 17,900 | 176,201 | |||||||
| Charm Care Corp. KK | 110,200 | 1,202,357 | ||||||||
| Create Medic Co. Ltd. | 32,900 | 207,942 | ||||||||
| # * | CYBERDYNE, Inc. | 138,700 | 192,822 | |||||||
| Daiken Medical Co. Ltd. | 103,800 | 389,893 | ||||||||
| Daito Pharmaceutical Co. Ltd. | 81,338 | 1,254,727 | ||||||||
| Eiken Chemical Co. Ltd. | 196,400 | 2,557,187 | ||||||||
| Elan Corp. | 183,700 | 1,113,226 | ||||||||
| EM Systems Co. Ltd. | 77,300 | 364,198 | ||||||||
| # | FALCO HOLDINGS Co. Ltd. | 53,300 | 819,042 | |||||||
| FINDEX, Inc. | 92,700 | 686,132 | ||||||||
| # | France Bed Holdings Co. Ltd. | 137,555 | 1,158,210 | |||||||
| # | Fuji Pharma Co. Ltd. | 92,900 | 1,000,564 | |||||||
| # | Fukuda Denshi Co. Ltd. | 125,200 | 5,727,534 | |||||||
| Fuso Pharmaceutical Industries Ltd. | 40,800 | 588,943 | ||||||||
| * | GNI Group Ltd. | 211,100 | 4,205,847 | |||||||
| # | H.U. Group Holdings, Inc. | 324,700 | 5,287,821 | |||||||
| Hisamitsu Pharmaceutical Co., Inc. | 22,700 | 588,377 | ||||||||
| Hogy Medical Co. Ltd. | 79,400 | 1,956,849 | ||||||||
| # | Hoshi Iryo-Sanki Co. Ltd. | 9,600 | 328,607 | |||||||
| # | I'rom Group Co. Ltd. | 38,400 | 480,118 | |||||||
| # * | Japan Hospice Holdings, Inc. | 20,800 | 224,715 | |||||||
| Japan Lifeline Co. Ltd. | 341,000 | 2,720,390 | ||||||||
| Japan Medical Dynamic Marketing, Inc. | 99,400 | 476,372 | ||||||||
| JCR Pharmaceuticals Co. Ltd. | 257,532 | 1,461,934 | ||||||||
| Jeol Ltd. | 252,800 | 10,472,655 | ||||||||
| JMS Co. Ltd. | 104,457 | 363,178 | ||||||||
| Kaken Pharmaceutical Co. Ltd. | 115,500 | 2,610,765 | ||||||||
| Kanamic Network Co. Ltd. | 138,300 | 483,599 | ||||||||
| Kissei Pharmaceutical Co. Ltd. | 170,700 | 3,992,950 | ||||||||
| Koa Shoji Holdings Co. Ltd. | 4,100 | 23,369 | ||||||||
| # | Kyorin Pharmaceutical Co. Ltd. | 240,646 | 2,893,489 | |||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| HEALTH CARE — (Continued) | ||||||||||
| # | Linical Co. Ltd. | 66,700 | $ | 174,351 | ||||||
| Mani, Inc. | 392,300 | 5,132,238 | ||||||||
| Medical Data Vision Co. Ltd. | 149,300 | 591,549 | ||||||||
| Medikit Co. Ltd. | 2,000 | 39,710 | ||||||||
| # | Medius Holdings Co. Ltd. | 68,500 | 350,805 | |||||||
| * | Medley, Inc. | 87,700 | 2,606,934 | |||||||
| MedPeer, Inc. | 77,600 | 356,447 | ||||||||
| # | Menicon Co. Ltd. | 357,490 | 3,674,022 | |||||||
| Mizuho Medy Co. Ltd. | 21,600 | 464,622 | ||||||||
| # | Mochida Pharmaceutical Co. Ltd. | 64,998 | 1,375,417 | |||||||
| Nakanishi, Inc. | 342,800 | 5,379,216 | ||||||||
| # | Nihon Kohden Corp. | 114,400 | 3,037,711 | |||||||
| Nippon Shinyaku Co. Ltd. | 73,100 | 2,170,484 | ||||||||
| Nipro Corp. | 832,700 | 6,609,307 | ||||||||
| Paramount Bed Holdings Co. Ltd. | 245,100 | 4,161,724 | ||||||||
| * | PeptiDream, Inc. | 455,993 | 4,280,778 | |||||||
| # | Pharma Foods International Co. Ltd. | 88,100 | 554,646 | |||||||
| # | PHC Holdings Corp. | 47,700 | 388,756 | |||||||
| Rion Co. Ltd. | 51,800 | 1,000,595 | ||||||||
| Sawai Group Holdings Co. Ltd. | 219,400 | 8,578,138 | ||||||||
| # | Seed Co. Ltd. | 68,100 | 288,632 | |||||||
| Seikagaku Corp. | 225,300 | 1,130,489 | ||||||||
| # | Shin Nippon Biomedical Laboratories Ltd. | 126,900 | 1,287,669 | |||||||
| Ship Healthcare Holdings, Inc. | 344,100 | 4,753,015 | ||||||||
| Shofu, Inc. | 67,400 | 1,291,653 | ||||||||
| Software Service, Inc. | 18,600 | 1,560,402 | ||||||||
| Solasto Corp. | 319,700 | 1,148,292 | ||||||||
| St-Care Holding Corp. | 81,600 | 485,457 | ||||||||
| * | StemCell Institute | 4,300 | 56,720 | |||||||
| # * | Sumitomo Pharma Co. Ltd. | 699,300 | 1,832,783 | |||||||
| # | SUNWELS Co. Ltd. | 47,800 | 866,237 | |||||||
| Takara Bio, Inc. | 198,800 | 1,281,398 | ||||||||
| Techno Medica Co. Ltd. | 14,700 | 168,944 | ||||||||
| # | Toho Holdings Co. Ltd. | 284,600 | 6,763,263 | |||||||
| Tokai Corp. | 120,600 | 1,717,798 | ||||||||
| Torii Pharmaceutical Co. Ltd. | 88,300 | 2,403,576 | ||||||||
| # | Towa Pharmaceutical Co. Ltd. | 150,600 | 2,919,199 | |||||||
| # | Trans Genic, Inc. | 51,100 | 81,075 | |||||||
| Tsumura & Co. | 278,018 | 6,921,330 | ||||||||
| # | Value HR Co. Ltd. | 92,800 | 819,441 | |||||||
| Vital KSK Holdings, Inc. | 246,500 | 2,026,231 | ||||||||
| WIN-Partners Co. Ltd. | 23,400 | 187,414 | ||||||||
| ZERIA Pharmaceutical Co. Ltd. | 74,000 | 1,036,665 | ||||||||
| TOTAL HEALTH CARE | 162,027,357 | |||||||||
| INDUSTRIALS — (28.8%) | ||||||||||
| Advan Group Co. Ltd. | 144,200 | 1,097,595 | ||||||||
| Aeon Delight Co. Ltd. | 115,600 | 2,683,878 | ||||||||
| Aichi Corp. | 223,100 | 1,582,209 | ||||||||
| Aida Engineering Ltd. | 303,600 | 1,780,576 | ||||||||
| # * | Aidma Holdings, Inc. | 5,500 | 64,093 | |||||||
| Airtech Japan Ltd. | 2,000 | 15,604 | ||||||||
| AIT Corp. | 28,000 | 333,567 | ||||||||
| Ajis Co. Ltd. | 28,900 | 482,380 | ||||||||
| Alconix Corp. | 141,600 | 1,345,239 | ||||||||
| # | Alinco, Inc. | 80,500 | 550,856 | |||||||
| # | Alps Logistics Co. Ltd. | 110,100 | 2,040,334 | |||||||
| Altech Corp. | 101,970 | 1,847,603 | ||||||||
| Anest Iwata Corp. | 220,200 | 1,962,486 | ||||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| INDUSTRIALS — (Continued) | ||||||||||
| Artner Co. Ltd. | 14,900 | $ | 231,196 | |||||||
| Asahi Diamond Industrial Co. Ltd. | 282,200 | 1,783,341 | ||||||||
| Asahi Kogyosha Co. Ltd. | 102,800 | 1,137,271 | ||||||||
| Asanuma Corp. | 76,600 | 2,017,442 | ||||||||
| # | Asukanet Co. Ltd. | 39,400 | 185,095 | |||||||
| AZ-COM MARUWA Holdings, Inc. | 191,700 | 1,716,553 | ||||||||
| Bando Chemical Industries Ltd. | 202,900 | 2,518,713 | ||||||||
| Bell System24 Holdings, Inc. | 206,500 | 2,144,793 | ||||||||
| Bewith, Inc. | 10,100 | 149,721 | ||||||||
| # | Br Holdings Corp. | 181,900 | 451,265 | |||||||
| Bunka Shutter Co. Ltd. | 332,200 | 3,736,206 | ||||||||
| Canare Electric Co. Ltd. | 2,200 | 24,992 | ||||||||
| Career Design Center Co. Ltd. | 4,600 | 54,125 | ||||||||
| # | Careerlink Co. Ltd. | 32,600 | 529,480 | |||||||
| Central Glass Co. Ltd. | 125,700 | 2,371,231 | ||||||||
| # | Central Security Patrols Co. Ltd. | 51,100 | 892,467 | |||||||
| Chilled & Frozen Logistics Holdings Co. Ltd. | 98,500 | 2,005,669 | ||||||||
| * | Chiyoda Corp. | 885,700 | 2,351,850 | |||||||
| Chiyoda Integre Co. Ltd. | 66,200 | 1,213,709 | ||||||||
| Chori Co. Ltd. | 67,600 | 1,509,413 | ||||||||
| Chudenko Corp. | 183,100 | 3,633,911 | ||||||||
| # | Chugai Ro Co. Ltd. | 32,700 | 662,368 | |||||||
| Chuo Warehouse Co. Ltd. | 21,000 | 158,190 | ||||||||
| # | CKD Corp. | 287,200 | 5,758,054 | |||||||
| # | CMC Corp. | 30,200 | 255,626 | |||||||
| Copro-Holdings Co. Ltd. | 26,600 | 313,576 | ||||||||
| Cosel Co. Ltd. | 146,800 | 1,467,189 | ||||||||
| Creek & River Co. Ltd. | 67,100 | 874,025 | ||||||||
| * | CrowdWorks, Inc. | 17,300 | 178,071 | |||||||
| CTI Engineering Co. Ltd. | 66,400 | 2,254,505 | ||||||||
| CTS Co. Ltd. | 151,400 | 790,310 | ||||||||
| Dai-Dan Co. Ltd. | 178,400 | 2,835,925 | ||||||||
| Daido Kogyo Co. Ltd. | 38,800 | 195,519 | ||||||||
| # | Daihatsu Diesel Manufacturing Co. Ltd. | 108,000 | 1,047,759 | |||||||
| # | Daihen Corp. | 89,000 | 5,555,103 | |||||||
| # | Daiho Corp. | 65,800 | 1,503,045 | |||||||
| Dai-Ichi Cutter Kogyo KK | 46,300 | 492,474 | ||||||||
| Daiichi Jitsugyo Co. Ltd. | 153,300 | 2,149,341 | ||||||||
| Daiichi Kensetsu Corp. | 35,200 | 412,633 | ||||||||
| # | Daiki Axis Co. Ltd. | 41,900 | 209,430 | |||||||
| Daiseki Co. Ltd. | 279,055 | 6,812,676 | ||||||||
| # | Daiseki Eco. Solution Co. Ltd. | 8,259 | 56,988 | |||||||
| Daisue Construction Co. Ltd. | 48,200 | 514,027 | ||||||||
| Daiwa Industries Ltd. | 174,500 | 1,841,322 | ||||||||
| # | Denyo Co. Ltd. | 96,400 | 1,498,065 | |||||||
| Dip Corp. | 204,335 | 3,735,959 | ||||||||
| DMG Mori Co. Ltd. | 221,000 | 5,842,412 | ||||||||
| DMW Corp. | 4,800 | 126,902 | ||||||||
| Duskin Co. Ltd. | 254,000 | 5,417,534 | ||||||||
| Ebara Jitsugyo Co. Ltd. | 64,800 | 1,524,857 | ||||||||
| # | Eidai Co. Ltd. | 184,700 | 363,758 | |||||||
| EJ Holdings, Inc. | 32,100 | 374,671 | ||||||||
| # | en Japan, Inc. | 174,808 | 3,072,981 | |||||||
| Endo Lighting Corp. | 54,600 | 546,084 | ||||||||
| # | Envipro Holdings, Inc. | 34,400 | 119,800 | |||||||
| ERI Holdings Co. Ltd. | 16,000 | 188,095 | ||||||||
| EXEO Group, Inc. | 907,800 | 9,646,457 | ||||||||
| # | F&M Co. Ltd. | 44,400 | 604,192 | |||||||
| # * | FDK Corp. | 67,898 | 333,254 | |||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| INDUSTRIALS — (Continued) | ||||||||||
| # | Forum Engineering, Inc. | 75,800 | $ | 465,320 | ||||||
| Freund Corp. | 65,156 | 354,373 | ||||||||
| Fudo Tetra Corp. | 95,480 | 1,291,668 | ||||||||
| Fuji Corp. | 375,000 | 6,628,907 | ||||||||
| Fuji Furukawa Engineering & Construction Co. Ltd. | 1,800 | 71,332 | ||||||||
| Fujikura Ltd. | 67,600 | 999,137 | ||||||||
| Fujisash Co. Ltd. | 443,357 | 275,670 | ||||||||
| # | Fukuda Corp. | 53,200 | 1,971,904 | |||||||
| Fukushima Galilei Co. Ltd. | 77,600 | 3,055,543 | ||||||||
| # | Fukuvi Chemical Industry Co. Ltd. | 10,600 | 63,246 | |||||||
| # | Fukuyama Transporting Co. Ltd. | 93,457 | 2,210,945 | |||||||
| FULLCAST Holdings Co. Ltd. | 120,000 | 1,147,660 | ||||||||
| Funai Soken Holdings, Inc. | 239,370 | 3,935,044 | ||||||||
| Furukawa Co. Ltd. | 155,972 | 1,875,037 | ||||||||
| # | Furukawa Electric Co. Ltd. | 380,200 | 8,026,002 | |||||||
| Futaba Corp. | 202,000 | 691,224 | ||||||||
| Gakujo Co. Ltd. | 19,300 | 229,856 | ||||||||
| Gecoss Corp. | 95,900 | 727,245 | ||||||||
| Giken Ltd. | 35,798 | 490,512 | ||||||||
| Glory Ltd. | 263,355 | 4,970,321 | ||||||||
| # | gremz, Inc. | 41,200 | 584,207 | |||||||
| GS Yuasa Corp. | 417,183 | 8,694,520 | ||||||||
| Hamakyorex Co. Ltd. | 100,900 | 2,559,378 | ||||||||
| Hanwa Co. Ltd. | 165,500 | 6,458,980 | ||||||||
| # | Harmonic Drive Systems, Inc. | 11,300 | 301,097 | |||||||
| Hashimoto Sogyo Holdings Co. Ltd. | 8,140 | 73,162 | ||||||||
| # | Hazama Ando Corp. | 966,700 | 7,528,514 | |||||||
| # | Helios Techno Holding Co. Ltd. | 32,000 | 112,440 | |||||||
| Hibiya Engineering Ltd. | 109,900 | 2,140,205 | ||||||||
| * | Hino Motors Ltd. | 1,013,200 | 3,395,295 | |||||||
| # | Hirakawa Hewtech Corp. | 70,800 | 631,175 | |||||||
| # | Hirano Tecseed Co. Ltd. | 56,700 | 780,350 | |||||||
| # | Hirata Corp. | 26,100 | 1,346,773 | |||||||
| Hisaka Works Ltd. | 116,000 | 780,441 | ||||||||
| # | Hitachi Zosen Corp. | 982,779 | 8,588,607 | |||||||
| # | Hito Communications Holdings, Inc. | 42,900 | 329,360 | |||||||
| # | Hokuetsu Industries Co. Ltd. | 137,200 | 1,800,329 | |||||||
| Hokuriku Electrical Construction Co. Ltd. | 89,040 | 742,483 | ||||||||
| Hosokawa Micron Corp. | 83,600 | 2,631,570 | ||||||||
| # | Howa Machinery Ltd. | 48,700 | 263,157 | |||||||
| Ichiken Co. Ltd. | 28,197 | 465,611 | ||||||||
| Ichinen Holdings Co. Ltd. | 125,100 | 1,447,466 | ||||||||
| Idec Corp. | 179,700 | 3,176,077 | ||||||||
| # | Iino Kaiun Kaisha Ltd. | 469,600 | 3,919,175 | |||||||
| Imura & Co. Ltd. | 13,700 | 97,371 | ||||||||
| Inaba Denki Sangyo Co. Ltd. | 313,900 | 7,283,785 | ||||||||
| Inaba Seisakusho Co. Ltd. | 54,800 | 654,917 | ||||||||
| Inabata & Co. Ltd. | 277,500 | 5,841,553 | ||||||||
| Insource Co. Ltd. | 292,200 | 1,757,527 | ||||||||
| Integrated Design & Engineering Holdings Co. Ltd. | 74,800 | 2,135,100 | ||||||||
| # | Inui Global Logistics Co. Ltd. | 80,380 | 566,183 | |||||||
| # | IR Japan Holdings Ltd. | 49,600 | 432,454 | |||||||
| # | Iseki & Co. Ltd. | 97,249 | 658,204 | |||||||
| # | Ishii Iron Works Co. Ltd. | 1,400 | 26,059 | |||||||
| # | Itoki Corp. | 237,200 | 2,726,224 | |||||||
| Iwaki Co. Ltd. | 56,100 | 1,061,855 | ||||||||
| JAC Recruitment Co. Ltd. | 430,000 | 2,241,920 | ||||||||
| # * | Jamco Corp. | 22,500 | 181,360 | |||||||
| # | Japan Elevator Service Holdings Co. Ltd. | 388,700 | 6,346,930 | |||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| INDUSTRIALS — (Continued) | ||||||||||
| # | Japan Foundation Engineering Co. Ltd. | 95,500 | $ | 315,674 | ||||||
| # | Japan Pulp & Paper Co. Ltd. | 72,300 | 2,474,910 | |||||||
| Japan Steel Works Ltd. | 192,900 | 4,304,308 | ||||||||
| Japan Transcity Corp. | 228,408 | 1,001,304 | ||||||||
| JDC Corp. | 105,100 | 369,422 | ||||||||
| JK Holdings Co. Ltd. | 87,140 | 611,408 | ||||||||
| # | Juki Corp. | 168,100 | 635,578 | |||||||
| Kamei Corp. | 148,700 | 2,026,262 | ||||||||
| Kanaden Corp. | 105,700 | 1,057,155 | ||||||||
| Kanagawa Chuo Kotsu Co. Ltd. | 35,800 | 743,791 | ||||||||
| Kaname Kogyo Co. Ltd. | 1,300 | 7,721 | ||||||||
| Kanamoto Co. Ltd. | 177,900 | 3,173,172 | ||||||||
| Kandenko Co. Ltd. | 537,900 | 6,140,370 | ||||||||
| Kanematsu Corp. | 470,325 | 8,027,735 | ||||||||
| Katakura Industries Co. Ltd. | 151,500 | 1,921,113 | ||||||||
| Kato Works Co. Ltd. | 54,900 | 550,943 | ||||||||
| Kawada Technologies, Inc. | 93,900 | 2,025,657 | ||||||||
| # | Kawata Manufacturing Co. Ltd. | 20,200 | 140,207 | |||||||
| Keihin Co. Ltd. | 4,500 | 59,238 | ||||||||
| KFC Ltd. | 8,700 | 86,111 | ||||||||
| # | Kimura Chemical Plants Co. Ltd. | 98,900 | 458,376 | |||||||
| # | Kimura Unity Co. Ltd. | 47,000 | 527,561 | |||||||
| King Jim Co. Ltd. | 61,200 | 360,884 | ||||||||
| Kitagawa Corp. | 44,800 | 490,286 | ||||||||
| Kitano Construction Corp. | 21,072 | 502,899 | ||||||||
| Kitz Corp. | 405,100 | 3,634,173 | ||||||||
| # | Kobe Electric Railway Co. Ltd. | 35,799 | 662,697 | |||||||
| Koike Sanso Kogyo Co. Ltd. | 7,000 | 290,804 | ||||||||
| Kokuyo Co. Ltd. | 454,525 | 7,432,664 | ||||||||
| KOMAIHALTEC, Inc. | 2,500 | 34,807 | ||||||||
| Komatsu Wall Industry Co. Ltd. | 49,300 | 1,036,907 | ||||||||
| # | Komori Corp. | 259,405 | 2,111,113 | |||||||
| # | Kondotec, Inc. | 114,200 | 947,368 | |||||||
| Konoike Transport Co. Ltd. | 161,700 | 2,257,799 | ||||||||
| # | Kosaido Holdings Co. Ltd. | 476,000 | 2,064,446 | |||||||
| Kozo Keikaku Engineering, Inc. | 22,000 | 582,723 | ||||||||
| KPP Group Holdings Co. Ltd. | 215,400 | 1,057,594 | ||||||||
| KRS Corp. | 75,600 | 580,202 | ||||||||
| Kumagai Gumi Co. Ltd. | 198,000 | 5,396,880 | ||||||||
| Kyodo Printing Co. Ltd. | 34,900 | 790,663 | ||||||||
| # | Kyokuto Boeki Kaisha Ltd. | 66,000 | 908,248 | |||||||
| # | Kyokuto Kaihatsu Kogyo Co. Ltd. | 198,600 | 3,364,824 | |||||||
| KYORITSU Co. Ltd. | 125,100 | 152,485 | ||||||||
| Kyudenko Corp. | 183,600 | 7,616,756 | ||||||||
| # | LIKE, Inc. | 59,100 | 651,415 | |||||||
| Link & Motivation, Inc. | 258,900 | 929,930 | ||||||||
| * | LTS, Inc. | 1,700 | 26,548 | |||||||
| Mabuchi Motor Co. Ltd. | 509,668 | 9,297,560 | ||||||||
| Maezawa Industries, Inc. | 49,000 | 354,011 | ||||||||
| # | Maezawa Kasei Industries Co. Ltd. | 78,000 | 879,288 | |||||||
| Maezawa Kyuso Industries Co. Ltd. | 122,700 | 1,016,970 | ||||||||
| Makino Milling Machine Co. Ltd. | 131,500 | 5,469,532 | ||||||||
| # | Management Solutions Co. Ltd. | 57,800 | 810,503 | |||||||
| Marufuji Sheet Piling Co. Ltd. | 7,200 | 142,714 | ||||||||
| MARUKA FURUSATO Corp. | 56,707 | 827,585 | ||||||||
| # | Marumae Co. Ltd. | 28,000 | 390,551 | |||||||
| Maruyama Manufacturing Co., Inc. | 12,800 | 206,984 | ||||||||
| Maruzen Co. Ltd. | 65,800 | 1,273,528 | ||||||||
| Maruzen Showa Unyu Co. Ltd. | 79,400 | 2,433,846 | ||||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| INDUSTRIALS — (Continued) | ||||||||||
| Matching Service Japan Co. Ltd. | 56,700 | $ | 433,108 | |||||||
| Matsuda Sangyo Co. Ltd. | 75,682 | 1,228,984 | ||||||||
| Matsui Construction Co. Ltd. | 118,900 | 708,705 | ||||||||
| Max Co. Ltd. | 156,800 | 3,311,324 | ||||||||
| Meidensha Corp. | 208,910 | 3,931,894 | ||||||||
| # | Meiho Facility Works Ltd. | 26,000 | 152,048 | |||||||
| Meiji Electric Industries Co. Ltd. | 51,600 | 522,557 | ||||||||
| # | Meiji Shipping Group Co. Ltd. | 73,900 | 379,096 | |||||||
| Meisei Industrial Co. Ltd. | 216,000 | 1,879,035 | ||||||||
| MEITEC Group Holdings, Inc. | 453,200 | 8,762,379 | ||||||||
| # | Meiwa Corp. | 145,600 | 632,452 | |||||||
| # * | MetaReal Corp. | 20,700 | 200,822 | |||||||
| METAWATER Co. Ltd. | 111,100 | 1,635,676 | ||||||||
| # | Midac Holdings Co. Ltd. | 30,400 | 318,803 | |||||||
| # | Mie Kotsu Group Holdings, Inc. | 346,700 | 1,409,394 | |||||||
| # | Mirai Industry Co. Ltd. | 9,300 | 268,738 | |||||||
| Mirait One Corp. | 532,276 | 6,561,102 | ||||||||
| Mitani Corp. | 294,600 | 3,617,690 | ||||||||
| # | Mitani Sangyo Co. Ltd. | 145,000 | 385,628 | |||||||
| Mitsubishi Kakoki Kaisha Ltd. | 39,000 | 1,048,917 | ||||||||
| Mitsubishi Logisnext Co. Ltd. | 180,000 | 2,187,657 | ||||||||
| Mitsubishi Logistics Corp. | 169,500 | 5,487,340 | ||||||||
| Mitsubishi Pencil Co. Ltd. | 135,100 | 2,263,962 | ||||||||
| # | Mitsuboshi Belting Ltd. | 94,500 | 2,903,667 | |||||||
| # | Mitsui E&S Co. Ltd. | 134,381 | 1,696,429 | |||||||
| # | Mitsui Matsushima Holdings Co. Ltd. | 67,300 | 1,290,334 | |||||||
| Mitsui-Soko Holdings Co. Ltd. | 119,500 | 3,692,322 | ||||||||
| Miura Co. Ltd. | 30,200 | 585,271 | ||||||||
| Miyaji Engineering Group, Inc. | 67,335 | 1,899,417 | ||||||||
| Mori-Gumi Co. Ltd. | 69,500 | 158,611 | ||||||||
| Morita Holdings Corp. | 202,300 | 2,191,698 | ||||||||
| # | Moriya Transportation Engineering & Manufacturing Co. Ltd. | 1,400 | 12,154 | |||||||
| Nabtesco Corp. | 387,000 | 6,487,841 | ||||||||
| # | NAC Co. Ltd. | 122,600 | 431,925 | |||||||
| Nachi-Fujikoshi Corp. | 83,800 | 1,917,442 | ||||||||
| Nadex Co. Ltd. | 22,200 | 163,962 | ||||||||
| Nagase & Co. Ltd. | 558,800 | 9,391,605 | ||||||||
| Naigai Trans Line Ltd. | 41,700 | 671,851 | ||||||||
| Nakabayashi Co. Ltd. | 110,400 | 389,015 | ||||||||
| Nakakita Seisakusho Co. Ltd. | 3,100 | 88,367 | ||||||||
| Nakamoto Packs Co. Ltd. | 33,300 | 362,200 | ||||||||
| Nakanishi Manufacturing Co. Ltd. | 5,700 | 78,120 | ||||||||
| Nakano Corp. | 14,000 | 55,484 | ||||||||
| # | Namura Shipbuilding Co. Ltd. | 284,528 | 3,776,494 | |||||||
| # | Nankai Electric Railway Co. Ltd. | 217,000 | 4,457,353 | |||||||
| Narasaki Sangyo Co. Ltd. | 25,400 | 502,855 | ||||||||
| Nice Corp. | 30,000 | 353,306 | ||||||||
| Nichias Corp. | 366,500 | 9,793,075 | ||||||||
| # | Nichiban Co. Ltd. | 68,100 | 879,514 | |||||||
| # | Nichiden Corp. | 92,100 | 1,619,172 | |||||||
| # | Nichiha Corp. | 152,180 | 3,440,005 | |||||||
| # | Nichireki Co. Ltd. | 145,400 | 2,402,042 | |||||||
| # | Nihon Dengi Co. Ltd. | 30,800 | 1,186,949 | |||||||
| # | Nihon Flush Co. Ltd. | 116,200 | 743,018 | |||||||
| # | Nihon M&A Center Holdings, Inc. | 1,777,000 | 11,312,504 | |||||||
| Nikkiso Co. Ltd. | 304,400 | 2,487,805 | ||||||||
| Nikko Co. Ltd. | 157,244 | 790,737 | ||||||||
| Nikkon Holdings Co. Ltd. | 356,100 | 6,872,313 | ||||||||
| Nippi, Inc. | 11,900 | 443,446 | ||||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| INDUSTRIALS — (Continued) | ||||||||||
| Nippon Air Conditioning Services Co. Ltd. | 187,100 | $ | 1,116,784 | |||||||
| Nippon Aqua Co. Ltd. | 78,100 | 525,533 | ||||||||
| Nippon Carbon Co. Ltd. | 56,300 | 1,971,736 | ||||||||
| Nippon Concept Corp. | 39,500 | 485,243 | ||||||||
| Nippon Densetsu Kogyo Co. Ltd. | 224,600 | 3,110,775 | ||||||||
| # | Nippon Dry-Chemical Co. Ltd. | 11,300 | 199,667 | |||||||
| Nippon Filcon Co. Ltd. | 5,900 | 21,614 | ||||||||
| Nippon Hume Corp. | 137,300 | 769,757 | ||||||||
| Nippon Parking Development Co. Ltd. | 1,161,400 | 1,553,700 | ||||||||
| # | Nippon Rietec Co. Ltd. | 26,400 | 234,734 | |||||||
| # | Nippon Road Co. Ltd. | 106,000 | 1,318,293 | |||||||
| Nippon Seisen Co. Ltd. | 74,000 | 647,860 | ||||||||
| Nippon Sharyo Ltd. | 37,725 | 591,953 | ||||||||
| * | Nippon Sheet Glass Co. Ltd. | 529,700 | 1,809,466 | |||||||
| # | Nippon Thompson Co. Ltd. | 302,637 | 1,280,937 | |||||||
| Nippon Tungsten Co. Ltd. | 13,398 | 113,715 | ||||||||
| # | Nishimatsu Construction Co. Ltd. | 180,900 | 5,200,328 | |||||||
| # | Nishi-Nippon Railroad Co. Ltd. | 290,700 | 4,742,157 | |||||||
| Nishio Holdings Co. Ltd. | 118,100 | 3,020,325 | ||||||||
| Nissei ASB Machine Co. Ltd. | 50,300 | 1,721,969 | ||||||||
| Nissei Plastic Industrial Co. Ltd. | 105,100 | 814,365 | ||||||||
| Nisshinbo Holdings, Inc. | 813,980 | 6,542,587 | ||||||||
| Nissin Corp. | 90,000 | 1,700,977 | ||||||||
| # | Nisso Holdings Co. Ltd. | 79,600 | 433,951 | |||||||
| Nitta Corp. | 115,000 | 3,011,784 | ||||||||
| Nitto Kogyo Corp. | 152,900 | 4,206,960 | ||||||||
| Nitto Kohki Co. Ltd. | 61,500 | 787,829 | ||||||||
| Nitto Seiko Co. Ltd. | 164,473 | 691,760 | ||||||||
| Nittoc Construction Co. Ltd. | 117,600 | 904,038 | ||||||||
| Nittoku Co. Ltd. | 35,200 | 459,329 | ||||||||
| NJS Co. Ltd. | 36,800 | 747,383 | ||||||||
| Noda Corp. | 116,900 | 911,467 | ||||||||
| # | Nomura Micro Science Co. Ltd. | 117,600 | 4,139,934 | |||||||
| Noritake Co. Ltd. | 111,600 | 3,104,429 | ||||||||
| Noritsu Koki Co. Ltd. | 111,900 | 2,356,381 | ||||||||
| Noritz Corp. | 153,000 | 1,752,593 | ||||||||
| # | NS Tool Co. Ltd. | 95,700 | 618,955 | |||||||
| NS United Kaiun Kaisha Ltd. | 53,400 | 1,668,662 | ||||||||
| # | NTN Corp. | 2,291,500 | 4,776,623 | |||||||
| Obara Group, Inc. | 62,000 | 1,558,595 | ||||||||
| Ochi Holdings Co. Ltd. | 8,900 | 96,790 | ||||||||
| Ohba Co. Ltd. | 76,500 | 517,210 | ||||||||
| # | Ohmoto Gumi Co. Ltd. | 12,300 | 207,296 | |||||||
| # | Oiles Corp. | 139,970 | 2,055,061 | |||||||
| Okabe Co. Ltd. | 205,100 | 1,057,098 | ||||||||
| Okada Aiyon Corp. | 42,800 | 892,060 | ||||||||
| Okamoto Machine Tool Works Ltd. | 24,599 | 1,054,663 | ||||||||
| Okamura Corp. | 350,100 | 5,160,691 | ||||||||
| # | OKUMA Corp. | 143,200 | 6,810,823 | |||||||
| Okumura Corp. | 175,580 | 5,832,106 | ||||||||
| Onamba Co. Ltd. | 1,400 | 12,207 | ||||||||
| Onoken Co. Ltd. | 107,500 | 1,328,987 | ||||||||
| Open Up Group, Inc. | 217,600 | 2,952,093 | ||||||||
| # | Organo Corp. | 150,600 | 7,468,266 | |||||||
| Oriental Consultants Holdings Co. Ltd. | 6,100 | 120,623 | ||||||||
| Oriental Shiraishi Corp. | 739,100 | 1,931,350 | ||||||||
| # | Origin Co. Ltd. | 24,900 | 198,764 | |||||||
| OSG Corp. | 487,600 | 7,023,908 | ||||||||
| Oyo Corp. | 126,400 | 1,838,871 | ||||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| INDUSTRIALS — (Continued) | ||||||||||
| Paraca, Inc. | 34,000 | $ | 447,730 | |||||||
| * | Park24 Co. Ltd. | 740,573 | 8,745,420 | |||||||
| Parker Corp. | 34,000 | 220,124 | ||||||||
| # | Pasco Corp. | 11,200 | 138,085 | |||||||
| Pasona Group, Inc. | 126,600 | 2,328,919 | ||||||||
| # | Pegasus Co. Ltd. | 123,100 | 433,715 | |||||||
| Penta-Ocean Construction Co. Ltd. | 385,300 | 1,934,172 | ||||||||
| People Dreams & Technologies Group Co. Ltd. | 23,700 | 275,103 | ||||||||
| Pilot Corp. | 142,300 | 3,698,293 | ||||||||
| Prestige International, Inc. | 622,200 | 2,806,255 | ||||||||
| # | Pronexus, Inc. | 104,900 | 844,530 | |||||||
| PS Mitsubishi Construction Co. Ltd. | 62,560 | 432,668 | ||||||||
| # | Punch Industry Co. Ltd. | 19,700 | 59,311 | |||||||
| Quick Co. Ltd. | 77,000 | 1,203,800 | ||||||||
| Raito Kogyo Co. Ltd. | 267,000 | 3,553,982 | ||||||||
| Raiznext Corp. | 261,500 | 3,600,541 | ||||||||
| # * | Raksul, Inc. | 212,700 | 1,521,296 | |||||||
| Rasa Corp. | 63,200 | 833,581 | ||||||||
| Rheon Automatic Machinery Co. Ltd. | 98,100 | 1,005,646 | ||||||||
| Rix Corp. | 17,300 | 461,994 | ||||||||
| Ryobi Ltd. | 123,740 | 2,461,040 | ||||||||
| # | S LINE GROUP Co. Ltd. | 23,800 | 138,607 | |||||||
| Sakai Heavy Industries Ltd. | 22,800 | 1,013,753 | ||||||||
| # | Sakai Moving Service Co. Ltd. | 134,400 | 2,259,543 | |||||||
| * | Sanix, Inc. | 13,300 | 29,141 | |||||||
| Sanki Engineering Co. Ltd. | 262,700 | 3,654,933 | ||||||||
| Sanko Gosei Ltd. | 118,900 | 592,261 | ||||||||
| Sanko Metal Industrial Co. Ltd. | 15,100 | 489,333 | ||||||||
| Sankyo Tateyama, Inc. | 139,674 | 869,907 | ||||||||
| Sankyu, Inc. | 199,300 | 6,859,498 | ||||||||
| Sansei Technologies, Inc. | 60,578 | 512,588 | ||||||||
| # | Sansha Electric Manufacturing Co. Ltd. | 55,300 | 659,247 | |||||||
| Sanyo Denki Co. Ltd. | 51,200 | 2,393,371 | ||||||||
| # | Sanyo Electric Railway Co. Ltd. | 99,198 | 1,361,674 | |||||||
| # | Sanyo Engineering & Construction, Inc. | 60,200 | 323,194 | |||||||
| Sanyo Industries Ltd. | 6,400 | 140,814 | ||||||||
| Sanyo Trading Co. Ltd. | 138,600 | 1,312,912 | ||||||||
| Sata Construction Co. Ltd. | 86,199 | 441,277 | ||||||||
| Sato Holdings Corp. | 151,500 | 2,316,926 | ||||||||
| Sato Shoji Corp. | 86,800 | 1,015,449 | ||||||||
| SBS Holdings, Inc. | 111,000 | 1,897,194 | ||||||||
| # | SEC Carbon Ltd. | 54,500 | 951,484 | |||||||
| Seibu Electric & Machinery Co. Ltd. | 10,300 | 115,665 | ||||||||
| Seika Corp. | 44,500 | 1,103,267 | ||||||||
| # | Seikitokyu Kogyo Co. Ltd. | 40,230 | 498,346 | |||||||
| # | Sekisui Jushi Corp. | 187,200 | 2,905,869 | |||||||
| Senko Group Holdings Co. Ltd. | 674,800 | 5,055,821 | ||||||||
| Senshu Electric Co. Ltd. | 73,600 | 2,428,779 | ||||||||
| # | Shibaura Machine Co. Ltd. | 110,900 | 2,680,763 | |||||||
| Shibusawa Warehouse Co. Ltd. | 58,000 | 1,161,014 | ||||||||
| Shibuya Corp. | 93,100 | 2,143,241 | ||||||||
| Shima Seiki Manufacturing Ltd. | 150,930 | 1,382,826 | ||||||||
| # | Shimojima Co. Ltd. | 48,800 | 447,087 | |||||||
| Shin Maint Holdings Co. Ltd. | 14,600 | 138,502 | ||||||||
| Shin Nippon Air Technologies Co. Ltd. | 84,680 | 1,877,549 | ||||||||
| # | Shinki Bus Co. Ltd. | 1,900 | 43,633 | |||||||
| Shinmaywa Industries Ltd. | 339,100 | 2,761,626 | ||||||||
| Shinnihon Corp. | 164,700 | 1,803,599 | ||||||||
| Shinsho Corp. | 30,000 | 1,431,837 | ||||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| INDUSTRIALS — (Continued) | ||||||||||
| # | Shinwa Co. Ltd. | 60,300 | $ | 1,091,753 | ||||||
| Shinwa Co. Ltd. | 24,800 | 123,244 | ||||||||
| SHO-BOND Holdings Co. Ltd. | 6,300 | 264,847 | ||||||||
| # | SIGMAXYZ Holdings, Inc. | 200,300 | 2,234,223 | |||||||
| # | Sinfonia Technology Co. Ltd. | 135,800 | 2,780,959 | |||||||
| Sinko Industries Ltd. | 119,600 | 3,023,346 | ||||||||
| Sintokogio Ltd. | 253,400 | 2,115,989 | ||||||||
| SMS Co. Ltd. | 322,300 | 5,542,887 | ||||||||
| Soda Nikka Co. Ltd. | 105,700 | 799,046 | ||||||||
| Sodick Co. Ltd. | 257,500 | 1,225,644 | ||||||||
| # | Sotetsu Holdings, Inc. | 312,100 | 5,577,030 | |||||||
| # | Space Co. Ltd. | 93,062 | 631,387 | |||||||
| # | S-Pool, Inc. | 353,600 | 733,797 | |||||||
| Star Micronics Co. Ltd. | 207,800 | 2,544,328 | ||||||||
| # | Studio Alice Co. Ltd. | 55,200 | 751,733 | |||||||
| Subaru Enterprise Co. Ltd. | 32,700 | 578,490 | ||||||||
| Sugimoto & Co. Ltd. | 61,600 | 920,309 | ||||||||
| # | Sumiseki Holdings, Inc. | 212,700 | 2,050,342 | |||||||
| Sumitomo Densetsu Co. Ltd. | 109,300 | 2,436,137 | ||||||||
| Sumitomo Mitsui Construction Co. Ltd. | 821,040 | 2,309,741 | ||||||||
| Sumitomo Warehouse Co. Ltd. | 319,400 | 5,377,938 | ||||||||
| Suzumo Machinery Co. Ltd. | 4,400 | 34,521 | ||||||||
| SWCC Corp. | 157,200 | 3,931,535 | ||||||||
| Tacmina Corp. | 14,700 | 190,234 | ||||||||
| Tadano Ltd. | 619,100 | 5,295,092 | ||||||||
| Taihei Dengyo Kaisha Ltd. | 89,200 | 2,721,241 | ||||||||
| Taiheiyo Kouhatsu, Inc. | 37,100 | 198,692 | ||||||||
| # | Taikisha Ltd. | 149,700 | 4,676,816 | |||||||
| # | Taisei Oncho Co. Ltd. | 13,600 | 411,113 | |||||||
| # | Takamatsu Construction Group Co. Ltd. | 90,100 | 1,678,310 | |||||||
| Takamiya Co. Ltd. | 144,999 | 557,523 | ||||||||
| # | Takano Co. Ltd. | 22,000 | 152,300 | |||||||
| Takaoka Toko Co. Ltd. | 59,920 | 1,006,054 | ||||||||
| Takara & Co. Ltd. | 48,955 | 898,357 | ||||||||
| Takara Standard Co. Ltd. | 192,400 | 2,436,608 | ||||||||
| # | Takasago Thermal Engineering Co. Ltd. | 245,700 | 7,821,520 | |||||||
| Takashima & Co. Ltd. | 74,800 | 633,607 | ||||||||
| # | Takatori Corp. | 4,500 | 126,107 | |||||||
| Takeuchi Manufacturing Co. Ltd. | 204,100 | 8,181,561 | ||||||||
| # | Takigami Steel Construction Co. Ltd. | 5,300 | 260,457 | |||||||
| Takuma Co. Ltd. | 166,600 | 2,069,201 | ||||||||
| # | Tanabe Engineering Corp. | 39,500 | 362,262 | |||||||
| Tanseisha Co. Ltd. | 230,049 | 1,334,058 | ||||||||
| # * | Tatsuta Electric Wire & Cable Co. Ltd. | 179,300 | 828,192 | |||||||
| Techno Ryowa Ltd. | 68,690 | 937,411 | ||||||||
| Techno Smart Corp. | 46,800 | 638,998 | ||||||||
| TechnoPro Holdings, Inc. | 163,200 | 3,268,607 | ||||||||
| # | Teikoku Electric Manufacturing Co. Ltd. | 103,400 | 1,730,108 | |||||||
| Teikoku Sen-I Co. Ltd. | 113,000 | 1,722,348 | ||||||||
| Tekken Corp. | 72,000 | 1,282,743 | ||||||||
| Terasaki Electric Co. Ltd. | 24,300 | 397,517 | ||||||||
| Tess Holdings Co. Ltd. | 150,800 | 461,108 | ||||||||
| TKC Corp. | 183,400 | 4,501,643 | ||||||||
| Toa Corp. | 322,400 | 2,585,030 | ||||||||
| # | TOA ROAD Corp. | 240,500 | 1,982,453 | |||||||
| Toba, Inc. | 9,800 | 237,458 | ||||||||
| Tobishima Corp. | 103,354 | 1,008,302 | ||||||||
| Tocalo Co. Ltd. | 364,000 | 4,270,582 | ||||||||
| Toda Corp. | 908,300 | 6,076,764 | ||||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| INDUSTRIALS — (Continued) | ||||||||||
| Toenec Corp. | 54,000 | $ | 2,051,586 | |||||||
| # | Togami Electric Manufacturing Co. Ltd. | 17,800 | 350,764 | |||||||
| TOKAI Holdings Corp. | 626,700 | 4,085,264 | ||||||||
| Tokyo Energy & Systems, Inc. | 115,400 | 934,869 | ||||||||
| Tokyo Keiki, Inc. | 71,022 | 1,214,828 | ||||||||
| # | Tokyo Sangyo Co. Ltd. | 126,500 | 599,058 | |||||||
| # | Tokyu Construction Co. Ltd. | 490,300 | 2,678,479 | |||||||
| Toli Corp. | 237,700 | 650,613 | ||||||||
| Tomoe Corp. | 138,700 | 678,181 | ||||||||
| Tomoe Engineering Co. Ltd. | 46,400 | 1,347,560 | ||||||||
| Tonami Holdings Co. Ltd. | 33,400 | 1,006,718 | ||||||||
| # | Torishima Pump Manufacturing Co. Ltd. | 110,500 | 2,061,656 | |||||||
| # | Totech Corp. | 144,300 | 2,866,692 | |||||||
| Totetsu Kogyo Co. Ltd. | 144,700 | 2,856,759 | ||||||||
| Toukei Computer Co. Ltd. | 13,620 | 321,429 | ||||||||
| Toyo Construction Co. Ltd. | 492,600 | 4,222,522 | ||||||||
| Toyo Denki Seizo KK | 3,650 | 28,662 | ||||||||
| Toyo Engineering Corp. | 161,695 | 1,021,996 | ||||||||
| Toyo Logistics Co. Ltd. | 17,020 | 173,394 | ||||||||
| Toyo Machinery & Metal Co. Ltd. | 84,800 | 428,638 | ||||||||
| Toyo Tanso Co. Ltd. | 81,200 | 4,328,071 | ||||||||
| Toyo Wharf & Warehouse Co. Ltd. | 23,300 | 214,439 | ||||||||
| # | Trancom Co. Ltd. | 47,200 | 1,893,402 | |||||||
| * | Transcosmos, Inc. | 116,900 | 2,385,410 | |||||||
| TRE Holdings Corp. | 145,500 | 1,159,512 | ||||||||
| # | Trinity Industrial Corp. | 36,000 | 281,640 | |||||||
| Trusco Nakayama Corp. | 238,200 | 4,038,590 | ||||||||
| Tsubaki Nakashima Co. Ltd. | 240,200 | 1,317,137 | ||||||||
| Tsubakimoto Chain Co. | 154,640 | 5,209,586 | ||||||||
| Tsubakimoto Kogyo Co. Ltd. | 85,200 | 1,260,412 | ||||||||
| Tsugami Corp. | 248,500 | 1,890,007 | ||||||||
| Tsukishima Holdings Co. Ltd. | 165,000 | 1,545,999 | ||||||||
| Tsurumi Manufacturing Co. Ltd. | 101,700 | 2,517,726 | ||||||||
| # | TWOSTONE&Sons | 13,400 | 133,749 | |||||||
| # | Ueki Corp. | 60,800 | 663,584 | |||||||
| # | UEX Ltd. | 14,000 | 108,169 | |||||||
| Union Tool Co. | 46,900 | 1,376,951 | ||||||||
| # | Ushio, Inc. | 572,300 | 7,317,670 | |||||||
| UT Group Co. Ltd. | 175,900 | 4,129,947 | ||||||||
| * | Visional, Inc. | 73,700 | 4,728,721 | |||||||
| Wakachiku Construction Co. Ltd. | 74,800 | 1,794,253 | ||||||||
| Wakita & Co. Ltd. | 217,200 | 2,293,818 | ||||||||
| WDB Holdings Co. Ltd. | 56,400 | 858,326 | ||||||||
| Weathernews, Inc. | 35,600 | 1,201,922 | ||||||||
| Welbe, Inc. | 18,800 | 134,715 | ||||||||
| Will Group, Inc. | 96,500 | 674,339 | ||||||||
| World Holdings Co. Ltd. | 48,500 | 819,569 | ||||||||
| # * | W-Scope Corp. | 123,500 | 446,083 | |||||||
| Yahagi Construction Co. Ltd. | 172,600 | 1,766,542 | ||||||||
| YAMABIKO Corp. | 217,528 | 2,887,682 | ||||||||
| YAMADA Consulting Group Co. Ltd. | 50,438 | 590,284 | ||||||||
| # | Yamashina Corp. | 197,900 | 111,457 | |||||||
| Yamashin-Filter Corp. | 87,600 | 266,532 | ||||||||
| # | Yamato Corp. | 108,400 | 777,417 | |||||||
| # | Yamaura Corp. | 14,400 | 137,805 | |||||||
| Yamazen Corp. | 338,600 | 2,992,401 | ||||||||
| # | Yasuda Logistics Corp. | 99,100 | 789,064 | |||||||
| Yokogawa Bridge Holdings Corp. | 194,000 | 3,741,960 | ||||||||
| Yondenko Corp. | 54,120 | 1,426,899 | ||||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| INDUSTRIALS — (Continued) | ||||||||||
| Yuasa Trading Co. Ltd. | 99,900 | $ | 3,490,737 | |||||||
| Yuken Kogyo Co. Ltd. | 4,300 | 65,904 | ||||||||
| Yurtec Corp. | 257,400 | 2,519,727 | ||||||||
| Yushin Precision Equipment Co. Ltd. | 31,700 | 143,503 | ||||||||
| Zaoh Co. Ltd. | 25,900 | 435,692 | ||||||||
| # | Zenitaka Corp. | 14,300 | 405,568 | |||||||
| # | Zuiko Corp. | 94,600 | 870,697 | |||||||
| TOTAL INDUSTRIALS | 923,068,256 | |||||||||
| INFORMATION TECHNOLOGY — (13.0%) | ||||||||||
| # | A&D HOLON Holdings Co. Ltd. | 143,900 | 2,772,834 | |||||||
| # | Abalance Corp. | 12,000 | 206,274 | |||||||
| Ad-sol Nissin Corp. | 45,308 | 503,168 | ||||||||
| # | Adtec Plasma Technology Co. Ltd. | 25,000 | 256,965 | |||||||
| # | Advanced Media, Inc. | 3,100 | 33,423 | |||||||
| # | AGS Corp. | 11,100 | 61,443 | |||||||
| Ai Holdings Corp. | 216,400 | 3,483,417 | ||||||||
| * | AI inside, Inc. | 9,000 | 451,284 | |||||||
| Aichi Tokei Denki Co. Ltd. | 44,837 | 718,104 | ||||||||
| Aiphone Co. Ltd. | 66,800 | 1,341,660 | ||||||||
| Allied Telesis Holdings KK | 191,200 | 139,123 | ||||||||
| # * | Almedio, Inc. | 54,600 | 390,244 | |||||||
| Alpha Systems, Inc. | 27,720 | 595,070 | ||||||||
| # | Alps Alpine Co. Ltd. | 980,642 | 7,710,022 | |||||||
| Amano Corp. | 287,300 | 7,320,958 | ||||||||
| # | Anritsu Corp. | 148,699 | 1,203,612 | |||||||
| # | AOI Electronics Co. Ltd. | 26,700 | 461,085 | |||||||
| Argo Graphics, Inc. | 102,600 | 2,885,454 | ||||||||
| Arisawa Manufacturing Co. Ltd. | 207,900 | 1,548,993 | ||||||||
| Asahi Intelligence Service Co. Ltd. | 1,300 | 12,062 | ||||||||
| # | Atled Corp. | 12,000 | 112,609 | |||||||
| Avant Group Corp. | 127,100 | 1,083,390 | ||||||||
| Axell Corp. | 11,400 | 145,652 | ||||||||
| Base Co. Ltd. | 27,000 | 627,374 | ||||||||
| * | baudroie, Inc. | 11,700 | 300,085 | |||||||
| BrainPad, Inc. | 91,500 | 815,006 | ||||||||
| Business Brain Showa-Ota, Inc. | 41,500 | 591,547 | ||||||||
| # | Business Engineering Corp. | 10,300 | 254,186 | |||||||
| CAC Holdings Corp. | 75,200 | 929,813 | ||||||||
| Canon Electronics, Inc. | 117,500 | 1,903,913 | ||||||||
| # | CDS Co. Ltd. | 15,500 | 176,222 | |||||||
| # | Celsys, Inc. | 180,700 | 1,044,271 | |||||||
| # | Change Holdings, Inc. | 183,200 | 1,553,920 | |||||||
| # | Chino Corp. | 41,600 | 721,609 | |||||||
| # | Citizen Watch Co. Ltd. | 1,379,800 | 9,092,469 | |||||||
| # | CMK Corp. | 261,900 | 1,066,921 | |||||||
| Computer Engineering & Consulting Ltd. | 162,300 | 1,659,320 | ||||||||
| Computer Institute of Japan Ltd. | 340,917 | 1,311,455 | ||||||||
| Comture Corp. | 145,700 | 1,901,799 | ||||||||
| * | Core Concept Technologies, Inc. | 16,300 | 280,557 | |||||||
| # | Core Corp. | 45,800 | 569,035 | |||||||
| # | Cresco Ltd. | 84,700 | 1,200,734 | |||||||
| # | Cross Cat Co. Ltd. | 8,200 | 85,633 | |||||||
| # | Cube System, Inc. | 60,600 | 439,085 | |||||||
| * | Cyber Security Cloud, Inc. | 26,300 | 501,174 | |||||||
| # | Cyberlinks Co. Ltd. | 26,700 | 151,232 | |||||||
| # | Cybozu, Inc. | 159,000 | 1,849,249 | |||||||
| # | Daishinku Corp. | 148,696 | 778,069 | |||||||
| Daitron Co. Ltd. | 55,600 | 1,302,235 | ||||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| INFORMATION TECHNOLOGY — (Continued) | ||||||||||
| Daiwabo Holdings Co. Ltd. | 556,300 | $ | 9,313,139 | |||||||
| Dawn Corp. | 3,100 | 41,401 | ||||||||
| Densan System Holdings Co. Ltd. | 43,600 | 774,006 | ||||||||
| Dentsu Soken, Inc. | 34,200 | 1,117,146 | ||||||||
| Dexerials Corp. | 335,200 | 14,611,449 | ||||||||
| Digital Arts, Inc. | 70,300 | 2,017,077 | ||||||||
| # | Digital Hearts Holdings Co. Ltd. | 72,600 | 458,612 | |||||||
| Digital Information Technologies Corp. | 61,700 | 733,903 | ||||||||
| DKK Co. Ltd. | 50,700 | 716,627 | ||||||||
| # | DKK-Toa Corp. | 31,400 | 197,784 | |||||||
| # | Double Standard, Inc. | 33,000 | 400,840 | |||||||
| DTS Corp. | 245,400 | 6,414,613 | ||||||||
| Ebase Co. Ltd. | 131,400 | 628,197 | ||||||||
| E-Guardian, Inc. | 21,708 | 198,409 | ||||||||
| Eizo Corp. | 91,900 | 3,132,397 | ||||||||
| Elecom Co. Ltd. | 251,700 | 2,585,262 | ||||||||
| Elematec Corp. | 109,742 | 1,387,906 | ||||||||
| # | Enomoto Co. Ltd. | 29,100 | 312,218 | |||||||
| # | Enplas Corp. | 37,900 | 1,821,286 | |||||||
| ESPEC Corp. | 111,200 | 2,206,583 | ||||||||
| # | Ferrotec Holdings Corp. | 251,000 | 4,883,380 | |||||||
| # | FFRI Security, Inc. | 3,300 | 42,868 | |||||||
| Fixstars Corp. | 130,200 | 1,975,068 | ||||||||
| Focus Systems Corp. | 53,700 | 460,555 | ||||||||
| # | Forval Corp. | 51,100 | 430,824 | |||||||
| FTGroup Co. Ltd. | 51,000 | 414,872 | ||||||||
| Fukui Computer Holdings, Inc. | 62,200 | 1,062,723 | ||||||||
| Furuno Electric Co. Ltd. | 148,500 | 2,402,268 | ||||||||
| Furuya Metal Co. Ltd. | 22,600 | 1,677,511 | ||||||||
| Future Corp. | 273,600 | 3,014,608 | ||||||||
| # | Gig Works, Inc. | 8,200 | 30,722 | |||||||
| GL Sciences, Inc. | 44,500 | 798,955 | ||||||||
| # | Global Security Experts, Inc. | 5,400 | 199,346 | |||||||
| GMO GlobalSign Holdings KK | 24,200 | 479,735 | ||||||||
| GMO internet group, Inc. | 290,720 | 5,267,621 | ||||||||
| Hagiwara Electric Holdings Co. Ltd. | 46,100 | 1,356,188 | ||||||||
| # | Hakuto Co. Ltd. | 77,800 | 2,869,328 | |||||||
| # * | Headwaters Co. Ltd. | 1,500 | 151,356 | |||||||
| * | Hennge KK | 61,400 | 492,419 | |||||||
| Himacs Ltd. | 960 | 9,146 | ||||||||
| Hioki EE Corp. | 58,800 | 2,786,326 | ||||||||
| Hochiki Corp. | 91,500 | 1,314,065 | ||||||||
| Hokuriku Electric Industry Co. Ltd. | 21,839 | 200,323 | ||||||||
| Hosiden Corp. | 289,700 | 3,688,741 | ||||||||
| HPC Systems, Inc. | 1,700 | 27,785 | ||||||||
| # | Icom, Inc. | 54,900 | 1,234,733 | |||||||
| ID Holdings Corp. | 79,450 | 795,939 | ||||||||
| I'll, Inc. | 46,500 | 928,217 | ||||||||
| Ines Corp. | 123,100 | 1,265,252 | ||||||||
| # | I-Net Corp. | 76,490 | 1,155,005 | |||||||
| Innotech Corp. | 96,100 | 1,268,853 | ||||||||
| Intelligent Wave, Inc. | 49,800 | 382,896 | ||||||||
| Inter Action Corp. | 40,400 | 347,279 | ||||||||
| I-PEX, Inc. | 69,100 | 832,673 | ||||||||
| Iriso Electronics Co. Ltd. | 122,500 | 2,454,327 | ||||||||
| # | ISB Corp. | 51,700 | 467,680 | |||||||
| Itfor, Inc. | 172,600 | 1,542,742 | ||||||||
| Iwatsu Electric Co. Ltd. | 4,400 | 19,832 | ||||||||
| # | Japan Aviation Electronics Industry Ltd. | 284,400 | 4,670,230 | |||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| INFORMATION TECHNOLOGY — (Continued) | ||||||||||
| Japan Business Systems, Inc. | 5,600 | $ | 51,654 | |||||||
| # | Japan Cash Machine Co. Ltd. | 128,900 | 1,119,977 | |||||||
| # | Japan Electronic Materials Corp. | 60,200 | 1,062,123 | |||||||
| Japan Material Co. Ltd. | 407,400 | 6,511,632 | ||||||||
| # | Japan System Techniques Co. Ltd. | 70,800 | 844,553 | |||||||
| # | Jastec Co. Ltd. | 71,600 | 685,320 | |||||||
| JBCC Holdings, Inc. | 87,300 | 1,908,039 | ||||||||
| JFE Systems, Inc. | 10,000 | 256,765 | ||||||||
| # * | JIG-SAW, Inc. | 19,400 | 512,495 | |||||||
| Justsystems Corp. | 175,600 | 3,081,949 | ||||||||
| Kaga Electronics Co. Ltd. | 98,800 | 4,200,680 | ||||||||
| # * | Kaonavi, Inc. | 17,600 | 212,700 | |||||||
| KEL Corp. | 27,900 | 344,421 | ||||||||
| # | Koa Corp. | 182,200 | 1,771,388 | |||||||
| # | Konica Minolta, Inc. | 2,220,500 | 7,266,867 | |||||||
| KSK Co. Ltd. | 3,000 | 80,632 | ||||||||
| Kyosan Electric Manufacturing Co. Ltd. | 214,900 | 735,782 | ||||||||
| # | Kyowa Electronic Instruments Co. Ltd. | 55,300 | 155,409 | |||||||
| # | LAC Co. Ltd. | 89,400 | 478,621 | |||||||
| Marubun Corp. | 106,400 | 1,070,510 | ||||||||
| # | Maruwa Co. Ltd. | 33,200 | 6,947,369 | |||||||
| Maxell Ltd. | 231,100 | 2,422,180 | ||||||||
| MCJ Co. Ltd. | 428,700 | 3,799,131 | ||||||||
| * | Megachips Corp. | 91,900 | 2,347,204 | |||||||
| # | Meiko Electronics Co. Ltd. | 122,000 | 4,331,438 | |||||||
| Melco Holdings, Inc. | 35,600 | 851,241 | ||||||||
| Micronics Japan Co. Ltd. | 164,100 | 9,006,344 | ||||||||
| MIMAKI ENGINEERING Co. Ltd. | 113,200 | 875,530 | ||||||||
| Mimasu Semiconductor Industry Co. Ltd. | 103,481 | 2,104,122 | ||||||||
| # | Miraial Co. Ltd. | 41,100 | 410,825 | |||||||
| # | Miroku Jyoho Service Co. Ltd. | 111,000 | 1,313,956 | |||||||
| Mitsubishi Research Institute, Inc. | 51,500 | 1,688,416 | ||||||||
| Mitsui High-Tec, Inc. | 77,500 | 4,402,262 | ||||||||
| # | m-up Holdings, Inc. | 174,600 | 1,351,409 | |||||||
| Mutoh Holdings Co. Ltd. | 7,400 | 112,429 | ||||||||
| # | Nagano Keiki Co. Ltd. | 82,400 | 1,231,385 | |||||||
| Naigai Tec Corp. | 6,100 | 133,941 | ||||||||
| NCD Co. Ltd./Shinagawa | 31,500 | 380,854 | ||||||||
| NEC Networks & System Integration Corp. | 244,408 | 4,069,106 | ||||||||
| NET One Systems Co. Ltd. | 492,716 | 8,669,085 | ||||||||
| # | Nichicon Corp. | 270,800 | 2,286,915 | |||||||
| # | Nihon Dempa Kogyo Co. Ltd. | 112,400 | 1,007,587 | |||||||
| Nihon Denkei Co. Ltd. | 43,300 | 691,097 | ||||||||
| # | Nippon Avionics Co. Ltd. | 4,100 | 316,813 | |||||||
| * | Nippon Chemi-Con Corp. | 98,500 | 932,683 | |||||||
| Nippon Electric Glass Co. Ltd. | 441,436 | 11,275,542 | ||||||||
| # | Nippon Information Development Co. Ltd. | 12,600 | 166,557 | |||||||
| # | Nippon Kodoshi Corp. | 51,600 | 630,811 | |||||||
| Nippon Signal Company Ltd. | 284,800 | 1,939,590 | ||||||||
| Nissha Co. Ltd. | 236,100 | 2,351,348 | ||||||||
| Nohmi Bosai Ltd. | 140,700 | 2,103,435 | ||||||||
| # | NPC, Inc. | 38,400 | 206,449 | |||||||
| NSD Co. Ltd. | 464,660 | 8,985,203 | ||||||||
| NSW, Inc. | 48,600 | 1,004,227 | ||||||||
| Ohara, Inc. | 47,000 | 409,215 | ||||||||
| Oki Electric Industry Co. Ltd. | 494,256 | 3,778,603 | ||||||||
| # | Optex Group Co. Ltd. | 185,100 | 2,413,679 | |||||||
| * | Optim Corp. | 93,500 | 639,862 | |||||||
| Optorun Co. Ltd. | 149,100 | 2,030,048 | ||||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| INFORMATION TECHNOLOGY — (Continued) | ||||||||||
| Oro Co. Ltd. | 39,800 | $ | 689,504 | |||||||
| Osaki Electric Co. Ltd. | 199,340 | 893,923 | ||||||||
| Oval Corp. | 35,600 | 126,921 | ||||||||
| PCI Holdings, Inc. | 45,300 | 282,605 | ||||||||
| Plus Alpha Consulting Co. Ltd. | 123,400 | 1,976,898 | ||||||||
| # | Pole To Win Holdings, Inc. | 175,897 | 594,585 | |||||||
| # | Pro-Ship, Inc. | 51,100 | 484,445 | |||||||
| Restar Corp. | 108,800 | 2,180,331 | ||||||||
| # | Riken Keiki Co. Ltd. | 163,200 | 4,113,081 | |||||||
| # | Riso Kagaku Corp. | 45,000 | 915,807 | |||||||
| Roland DG Corp. | 76,900 | 2,748,002 | ||||||||
| Rorze Corp. | 58,300 | 8,235,837 | ||||||||
| RS Technologies Co. Ltd. | 67,400 | 1,352,344 | ||||||||
| # | RYODEN Corp. | 92,900 | 1,643,070 | |||||||
| # * | Ryosan Co. Ltd. | 106,000 | 3,382,085 | |||||||
| Saison Technology Co. Ltd. | 25,500 | 330,253 | ||||||||
| # | Sakura Internet, Inc. | 103,200 | 4,190,111 | |||||||
| # | Samco, Inc. | 27,500 | 901,868 | |||||||
| # | Sanken Electric Co. Ltd. | 108,800 | 4,771,514 | |||||||
| Sanshin Electronics Co. Ltd. | 70,900 | 1,002,552 | ||||||||
| # | Santec Holdings Corp. | 18,900 | 644,665 | |||||||
| Satori Electric Co. Ltd. | 69,680 | 1,201,920 | ||||||||
| Saxa Holdings, Inc. | 21,300 | 423,593 | ||||||||
| SB Technology Corp. | 62,000 | 854,982 | ||||||||
| # | Segue Group Co. Ltd. | 23,900 | 84,873 | |||||||
| Seikoh Giken Co. Ltd. | 23,900 | 288,757 | ||||||||
| # | SEMITEC Corp. | 32,000 | 373,596 | |||||||
| Shibaura Electronics Co. Ltd. | 42,300 | 1,742,308 | ||||||||
| # | Shibaura Mechatronics Corp. | 58,400 | 2,476,063 | |||||||
| # | Shikino High-Tech Co. Ltd. | 2,300 | 37,593 | |||||||
| # | Shindengen Electric Manufacturing Co. Ltd. | 43,000 | 862,624 | |||||||
| Shinko Shoji Co. Ltd. | 231,100 | 1,820,677 | ||||||||
| # | Shizuki Electric Co., Inc. | 105,000 | 309,748 | |||||||
| # | Showa Shinku Co. Ltd. | 24,400 | 229,950 | |||||||
| Sigma Koki Co. Ltd. | 22,300 | 242,611 | ||||||||
| Siix Corp. | 175,700 | 2,005,889 | ||||||||
| * | Simplex Holdings, Inc. | 99,500 | 1,836,889 | |||||||
| SK-Electronics Co. Ltd. | 44,900 | 1,056,065 | ||||||||
| # * | Smaregi, Inc. | 17,500 | 269,844 | |||||||
| SMK Corp. | 26,049 | 448,520 | ||||||||
| Softcreate Holdings Corp. | 96,400 | 1,183,351 | ||||||||
| Soliton Systems KK | 54,100 | 476,423 | ||||||||
| Solxyz Co. Ltd. | 29,700 | 66,234 | ||||||||
| SRA Holdings | 69,900 | 1,824,811 | ||||||||
| Startia Holdings, Inc. | 22,600 | 229,318 | ||||||||
| Sumida Corp. | 132,049 | 1,058,925 | ||||||||
| # * | Sun*, Inc. | 50,900 | 324,222 | |||||||
| Sun-Wa Technos Corp. | 75,500 | 1,199,867 | ||||||||
| Suzuden Corp. | 13,400 | 189,631 | ||||||||
| Suzuki Co. Ltd. | 65,977 | 552,497 | ||||||||
| System D, Inc. | 1,100 | 9,407 | ||||||||
| System Research Co. Ltd. | 61,600 | 658,534 | ||||||||
| System Support, Inc. | 29,400 | 401,998 | ||||||||
| Systems Engineering Consultants Co. Ltd. | 10,500 | 336,013 | ||||||||
| # | Systena Corp. | 1,593,700 | 2,829,035 | |||||||
| # | T&S, Inc. | 6,200 | 82,907 | |||||||
| Tachibana Eletech Co. Ltd. | 101,760 | 2,170,935 | ||||||||
| TAKEBISHI Corp. | 52,200 | 704,530 | ||||||||
| # | Tamura Corp. | 423,400 | 1,664,776 | |||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| INFORMATION TECHNOLOGY — (Continued) | ||||||||||
| # | Tazmo Co. Ltd. | 58,700 | $ | 1,457,019 | ||||||
| # | TDC Soft, Inc. | 186,800 | 1,369,514 | |||||||
| TechMatrix Corp. | 237,900 | 2,861,548 | ||||||||
| # | Techno Horizon Co. Ltd. | 9,700 | 33,341 | |||||||
| # | Tecnos Japan, Inc. | 46,100 | 186,032 | |||||||
| Teikoku Tsushin Kogyo Co. Ltd. | 40,000 | 499,703 | ||||||||
| # | Tera Probe, Inc. | 11,500 | 479,058 | |||||||
| # | TESEC Corp. | 22,600 | 357,994 | |||||||
| # | Toho System Science Co. Ltd. | 4,050 | 33,538 | |||||||
| # | Tokyo Electron Device Ltd. | 112,800 | 5,131,947 | |||||||
| Tomen Devices Corp. | 17,800 | 773,453 | ||||||||
| Topcon Corp. | 617,300 | 7,135,867 | ||||||||
| # | Torex Semiconductor Ltd. | 52,900 | 641,863 | |||||||
| Toshiba TEC Corp. | 137,500 | 2,740,543 | ||||||||
| # | Towa Corp. | 119,700 | 7,945,566 | |||||||
| Toyo Corp. | 149,600 | 1,515,046 | ||||||||
| Tsuzuki Denki Co. Ltd. | 45,800 | 711,794 | ||||||||
| # | Ubicom Holdings, Inc. | 15,600 | 130,764 | |||||||
| Uchida Yoko Co. Ltd. | 46,400 | 2,120,926 | ||||||||
| ULS Group, Inc. | 14,700 | 399,465 | ||||||||
| UNITED, Inc. | 50,500 | 295,755 | ||||||||
| User Local, Inc. | 30,400 | 457,927 | ||||||||
| # | V Technology Co. Ltd. | 48,800 | 801,601 | |||||||
| Wacom Co. Ltd. | 30,700 | 131,766 | ||||||||
| # | WILLs, Inc. | 34,200 | 179,070 | |||||||
| * | WingArc1st, Inc. | 64,000 | 1,288,477 | |||||||
| # | YAC Holdings Co. Ltd. | 13,000 | 214,210 | |||||||
| # | Yamaichi Electronics Co. Ltd. | 130,100 | 2,079,168 | |||||||
| Yashima Denki Co. Ltd. | 119,500 | 1,231,905 | ||||||||
| # | YE DIGITAL Corp. | 27,500 | 148,006 | |||||||
| Yokowo Co. Ltd. | 98,275 | 999,668 | ||||||||
| TOTAL INFORMATION TECHNOLOGY | 417,327,264 | |||||||||
| MATERIALS — (12.5%) | ||||||||||
| Achilles Corp. | 66,700 | 676,206 | ||||||||
| ADEKA Corp. | 494,500 | 10,441,077 | ||||||||
| Agro-Kanesho Co. Ltd. | 2,300 | 19,054 | ||||||||
| Aica Kogyo Co. Ltd. | 225,700 | 5,521,905 | ||||||||
| Aichi Steel Corp. | 60,565 | 1,543,796 | ||||||||
| Arakawa Chemical Industries Ltd. | 92,300 | 707,938 | ||||||||
| # | Araya Industrial Co. Ltd. | 12,200 | 309,484 | |||||||
| ARE Holdings, Inc. | 453,000 | 5,754,499 | ||||||||
| Artience Co. Ltd. | 214,900 | 4,170,630 | ||||||||
| Asahi Printing Co. Ltd. | 25,700 | 153,134 | ||||||||
| Asahi Yukizai Corp. | 84,300 | 2,931,556 | ||||||||
| Asahipen Corp. | 2,100 | 25,699 | ||||||||
| Asia Pile Holdings Corp. | 187,730 | 1,028,886 | ||||||||
| C Uyemura & Co. Ltd. | 64,100 | 4,366,109 | ||||||||
| Carlit Holdings Co. Ltd. | 122,213 | 860,743 | ||||||||
| # | Chubu Steel Plate Co. Ltd. | 31,300 | 545,279 | |||||||
| Chuetsu Pulp & Paper Co. Ltd. | 32,800 | 409,189 | ||||||||
| # | Chugoku Marine Paints Ltd. | 183,100 | 2,693,537 | |||||||
| CI Takiron Corp. | 281,800 | 1,252,671 | ||||||||
| # | CK-San-Etsu Co. Ltd. | 23,100 | 591,827 | |||||||
| Dai Nippon Toryo Co. Ltd. | 118,200 | 915,675 | ||||||||
| Daido Steel Co. Ltd. | 604,900 | 7,009,665 | ||||||||
| # | Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 107,100 | 673,136 | |||||||
| Daiki Aluminium Industry Co. Ltd. | 156,900 | 1,272,104 | ||||||||
| # | Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 74,600 | 1,457,115 | |||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| MATERIALS — (Continued) | ||||||||||
| # | Daio Paper Corp. | 363,500 | $ | 2,816,291 | ||||||
| # | Denka Co. Ltd. | 330,100 | 5,146,854 | |||||||
| DIC Corp. | 356,700 | 6,810,850 | ||||||||
| DKS Co. Ltd. | 41,115 | 972,157 | ||||||||
| # | Dowa Holdings Co. Ltd. | 199,500 | 6,894,158 | |||||||
| Dynapac Co. Ltd. | 8,500 | 102,149 | ||||||||
| FP Corp. | 156,297 | 2,837,568 | ||||||||
| Fuji Seal International, Inc. | 232,828 | 3,052,353 | ||||||||
| Fujikura Kasei Co. Ltd. | 132,400 | 415,362 | ||||||||
| Fujimi, Inc. | 264,700 | 6,073,610 | ||||||||
| Fujimori Kogyo Co. Ltd. | 98,500 | 2,788,171 | ||||||||
| # | Fuso Chemical Co. Ltd. | 112,800 | 3,443,662 | |||||||
| Godo Steel Ltd. | 49,900 | 1,892,854 | ||||||||
| Gun-Ei Chemical Industry Co. Ltd. | 25,700 | 639,042 | ||||||||
| # | Hakudo Co. Ltd. | 41,600 | 691,053 | |||||||
| # | Harima Chemicals Group, Inc. | 68,700 | 420,182 | |||||||
| Hodogaya Chemical Co. Ltd. | 34,401 | 815,020 | ||||||||
| Hokkan Holdings Ltd. | 53,741 | 664,150 | ||||||||
| Hokko Chemical Industry Co. Ltd. | 115,300 | 952,637 | ||||||||
| # | Hokuetsu Corp. | 754,699 | 9,286,837 | |||||||
| # | Ise Chemicals Corp. | 10,400 | 1,065,740 | |||||||
| Ishihara Chemical Co. Ltd. | 72,000 | 877,115 | ||||||||
| Ishihara Sangyo Kaisha Ltd. | 174,050 | 1,992,424 | ||||||||
| # | Ishizuka Glass Co. Ltd. | 10,200 | 196,910 | |||||||
| # | Japan Pure Chemical Co. Ltd. | 500 | 10,100 | |||||||
| JCU Corp. | 124,200 | 3,160,356 | ||||||||
| # | JSP Corp. | 79,400 | 1,183,936 | |||||||
| Kaneka Corp. | 219,600 | 5,464,506 | ||||||||
| # | Kanto Denka Kogyo Co. Ltd. | 249,700 | 1,663,892 | |||||||
| KeePer Technical Laboratory Co. Ltd. | 83,000 | 2,728,143 | ||||||||
| # | KEIWA, Inc. | 47,200 | 355,479 | |||||||
| KH Neochem Co. Ltd. | 190,142 | 2,879,385 | ||||||||
| Kimoto Co. Ltd. | 172,900 | 259,487 | ||||||||
| Koatsu Gas Kogyo Co. Ltd. | 185,393 | 1,099,619 | ||||||||
| Kohsoku Corp. | 70,200 | 1,063,241 | ||||||||
| Konishi Co. Ltd. | 330,800 | 3,362,991 | ||||||||
| # | Konoshima Chemical Co. Ltd. | 37,500 | 385,699 | |||||||
| # | Krosaki Harima Corp. | 116,000 | 2,695,751 | |||||||
| Kumiai Chemical Industry Co. Ltd. | 346,887 | 1,897,435 | ||||||||
| Kunimine Industries Co. Ltd. | 35,000 | 242,796 | ||||||||
| Kureha Corp. | 263,550 | 4,753,075 | ||||||||
| Kurimoto Ltd. | 59,000 | 1,542,186 | ||||||||
| Kuriyama Holdings Corp. | 79,300 | 703,373 | ||||||||
| # | Kyoei Steel Ltd. | 131,200 | 2,052,102 | |||||||
| Kyowa Leather Cloth Co. Ltd. | 70,100 | 370,612 | ||||||||
| Lintec Corp. | 240,500 | 4,958,095 | ||||||||
| Maeda Kosen Co. Ltd. | 116,000 | 2,778,962 | ||||||||
| Maruichi Steel Tube Ltd. | 233,400 | 6,232,085 | ||||||||
| # | MEC Co. Ltd. | 92,900 | 2,486,417 | |||||||
| Mitani Sekisan Co. Ltd. | 66,000 | 2,626,248 | ||||||||
| Mitsubishi Materials Corp. | 477,800 | 8,984,881 | ||||||||
| # | Mitsubishi Paper Mills Ltd. | 172,200 | 679,482 | |||||||
| # | Mitsubishi Steel Manufacturing Co. Ltd. | 57,000 | 547,867 | |||||||
| Mitsui Mining & Smelting Co. Ltd. | 329,400 | 10,095,522 | ||||||||
| # | MORESCO Corp. | 22,600 | 211,093 | |||||||
| # | Moriroku Holdings Co. Ltd. | 15,400 | 264,348 | |||||||
| Mory Industries, Inc. | 33,200 | 1,369,046 | ||||||||
| Muto Seiko Co. | 21,900 | 286,427 | ||||||||
| # | Nakayama Steel Works Ltd. | 206,000 | 1,276,668 | |||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| MATERIALS — (Continued) | ||||||||||
| Nasu Denki Tekko Co. Ltd. | 3,000 | $ | 222,286 | |||||||
| Neturen Co. Ltd. | 200,900 | 1,467,698 | ||||||||
| # * | New Japan Chemical Co. Ltd. | 103,900 | 127,873 | |||||||
| Nicca Chemical Co. Ltd. | 45,700 | 282,632 | ||||||||
| Nichia Steel Works Ltd. | 24,800 | 54,038 | ||||||||
| # | Nihon Kagaku Sangyo Co. Ltd. | 79,800 | 754,218 | |||||||
| Nihon Nohyaku Co. Ltd. | 184,500 | 978,035 | ||||||||
| Nihon Parkerizing Co. Ltd. | 513,400 | 4,134,830 | ||||||||
| # | Nihon Yamamura Glass Co. Ltd. | 45,000 | 497,625 | |||||||
| Nippon Carbide Industries Co., Inc. | 46,200 | 551,156 | ||||||||
| Nippon Chemical Industrial Co. Ltd. | 42,500 | 661,754 | ||||||||
| # | Nippon Concrete Industries Co. Ltd. | 240,017 | 629,871 | |||||||
| Nippon Denko Co. Ltd. | 561,614 | 1,179,945 | ||||||||
| # | Nippon Fine Chemical Co. Ltd. | 81,000 | 1,357,909 | |||||||
| Nippon Kayaku Co. Ltd. | 608,700 | 5,221,478 | ||||||||
| Nippon Light Metal Holdings Co. Ltd. | 339,890 | 4,033,373 | ||||||||
| Nippon Paper Industries Co. Ltd. | 517,800 | 4,006,918 | ||||||||
| # | Nippon Pillar Packing Co. Ltd. | 108,800 | 4,422,888 | |||||||
| Nippon Shokubai Co. Ltd. | 421,600 | 4,117,071 | ||||||||
| Nippon Soda Co. Ltd. | 136,200 | 5,453,160 | ||||||||
| # | Nippon Yakin Kogyo Co. Ltd. | 73,349 | 2,341,228 | |||||||
| # | Nitta Gelatin, Inc. | 70,100 | 333,716 | |||||||
| Nittetsu Mining Co. Ltd. | 65,900 | 2,125,489 | ||||||||
| Nozawa Corp. | 47,500 | 303,474 | ||||||||
| Oat Agrio Co. Ltd. | 49,200 | 664,893 | ||||||||
| Okamoto Industries, Inc. | 69,300 | 2,254,503 | ||||||||
| Okura Industrial Co. Ltd. | 44,300 | 904,897 | ||||||||
| Osaka Organic Chemical Industry Ltd. | 90,943 | 1,917,874 | ||||||||
| # | Osaka Soda Co. Ltd. | 62,399 | 3,965,942 | |||||||
| # | Osaka Steel Co. Ltd. | 79,300 | 1,143,865 | |||||||
| # | OSAKA Titanium Technologies Co. Ltd. | 157,200 | 2,715,113 | |||||||
| # * | Pacific Metals Co. Ltd. | 86,841 | 776,199 | |||||||
| Pack Corp. | 87,200 | 2,166,236 | ||||||||
| # | Rasa Industries Ltd. | 43,000 | 773,798 | |||||||
| Rengo Co. Ltd. | 1,028,300 | 7,838,768 | ||||||||
| Riken Technos Corp. | 231,800 | 1,517,594 | ||||||||
| Sakai Chemical Industry Co. Ltd. | 80,516 | 1,021,710 | ||||||||
| # | Sakata INX Corp. | 243,000 | 2,530,159 | |||||||
| Sanyo Chemical Industries Ltd. | 72,100 | 2,009,946 | ||||||||
| Sanyo Special Steel Co. Ltd. | 115,660 | 1,708,295 | ||||||||
| Sekisui Kasei Co. Ltd. | 135,082 | 446,805 | ||||||||
| Shikoku Kasei Holdings Corp. | 224,500 | 2,621,633 | ||||||||
| Shinagawa Refractories Co. Ltd. | 161,000 | 2,023,498 | ||||||||
| Shin-Etsu Polymer Co. Ltd. | 262,800 | 2,675,414 | ||||||||
| SK Kaken Co. Ltd. | 6,700 | 351,691 | ||||||||
| Soken Chemical & Engineering Co. Ltd. | 46,700 | 987,483 | ||||||||
| Stella Chemifa Corp. | 55,900 | 1,355,555 | ||||||||
| # | Sumitomo Bakelite Co. Ltd. | 254,000 | 7,654,315 | |||||||
| Sumitomo Osaka Cement Co. Ltd. | 196,699 | 4,920,987 | ||||||||
| Sumitomo Seika Chemicals Co. Ltd. | 50,200 | 1,675,231 | ||||||||
| # | T Hasegawa Co. Ltd. | 123,100 | 2,483,085 | |||||||
| Taiheiyo Cement Corp. | 435,291 | 10,025,363 | ||||||||
| Taisei Lamick Co. Ltd. | 36,900 | 719,132 | ||||||||
| Taiyo Holdings Co. Ltd. | 221,700 | 4,884,861 | ||||||||
| Takasago International Corp. | 82,700 | 1,879,233 | ||||||||
| Takemoto Yohki Co. Ltd. | 35,900 | 187,782 | ||||||||
| Taki Chemical Co. Ltd. | 7,700 | 190,042 | ||||||||
| # | Tanaka Chemical Corp. | 13,400 | 88,850 | |||||||
| # | Taoka Chemical Co. Ltd. | 15,100 | 80,867 | |||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| MATERIALS — (Continued) | ||||||||||
| Tayca Corp. | 89,617 | $ | 900,389 | |||||||
| Teijin Ltd. | 840,188 | 7,631,000 | ||||||||
| # | Tenma Corp. | 111,300 | 1,666,230 | |||||||
| Toagosei Co. Ltd. | 666,600 | 6,984,339 | ||||||||
| Toho Acetylene Co. Ltd. | 63,500 | 165,292 | ||||||||
| Toho Chemical Industry Co. Ltd. | 47,000 | 163,050 | ||||||||
| # | Toho Titanium Co. Ltd. | 182,800 | 1,898,989 | |||||||
| # * | Toho Zinc Co. Ltd. | 81,499 | 593,810 | |||||||
| Tohoku Steel Co. Ltd. | 8,300 | 106,544 | ||||||||
| Tokai Carbon Co. Ltd. | 1,067,700 | 7,075,223 | ||||||||
| Tokushu Tokai Paper Co. Ltd. | 52,258 | 1,373,134 | ||||||||
| Tokuyama Corp. | 354,797 | 6,212,982 | ||||||||
| Tokyo Printing Ink Manufacturing Co. Ltd. | 10,200 | 231,384 | ||||||||
| Tokyo Rope Manufacturing Co. Ltd. | 46,000 | 434,503 | ||||||||
| # | Tokyo Steel Manufacturing Co. Ltd. | 469,100 | 5,143,876 | |||||||
| # | Tokyo Tekko Co. Ltd. | 52,900 | 1,838,368 | |||||||
| Tomoku Co. Ltd. | 70,600 | 1,227,709 | ||||||||
| Topy Industries Ltd. | 76,800 | 1,370,105 | ||||||||
| # | Toyo Gosei Co. Ltd. | 29,500 | 1,891,135 | |||||||
| Toyobo Co. Ltd. | 469,900 | 3,456,542 | ||||||||
| # | TYK Corp. | 108,200 | 341,377 | |||||||
| UACJ Corp. | 189,241 | 5,413,571 | ||||||||
| UBE Corp. | 581,000 | 10,350,189 | ||||||||
| # | Ultrafabrics Holdings Co. Ltd. | 12,900 | 105,461 | |||||||
| # | Valqua Ltd. | 103,799 | 3,476,681 | |||||||
| Vertex Corp. | 126,294 | 1,377,931 | ||||||||
| Wavelock Holdings Co. Ltd. | 28,300 | 128,569 | ||||||||
| # | Wood One Co. Ltd. | 8,797 | 60,997 | |||||||
| # | Yodogawa Steel Works Ltd. | 133,400 | 4,037,725 | |||||||
| Yotai Refractories Co. Ltd. | 115,400 | 1,118,302 | ||||||||
| Yushiro Chemical Industry Co. Ltd. | 54,300 | 799,251 | ||||||||
| # | Zeon Corp. | 348,499 | 3,035,629 | |||||||
| TOTAL MATERIALS | 401,879,939 | |||||||||
| REAL ESTATE — (1.5%) | ||||||||||
| AD Works Group Co. Ltd. | 75,179 | 123,938 | ||||||||
| Airport Facilities Co. Ltd. | 143,970 | 580,296 | ||||||||
| # | Anabuki Kosan, Inc. | 16,400 | 234,107 | |||||||
| Aoyama Zaisan Networks Co. Ltd. | 101,700 | 864,153 | ||||||||
| Apaman Co. Ltd. | 75,900 | 244,319 | ||||||||
| Arealink Co. Ltd. | 47,573 | 845,224 | ||||||||
| AZOOM Co. Ltd. | 8,200 | 327,781 | ||||||||
| B-Lot Co. Ltd. | 33,900 | 234,388 | ||||||||
| Cosmos Initia Co. Ltd. | 46,100 | 278,089 | ||||||||
| CRE, Inc. | 38,300 | 361,176 | ||||||||
| Dear Life Co. Ltd. | 150,100 | 1,037,952 | ||||||||
| # | Goldcrest Co. Ltd. | 89,770 | 1,506,132 | |||||||
| # | Grandy House Corp. | 95,600 | 380,623 | |||||||
| Heiwa Real Estate Co. Ltd. | 124,100 | 3,257,129 | ||||||||
| # | JALCO Holdings, Inc. | 96,400 | 241,840 | |||||||
| # | Japan Property Management Center Co. Ltd. | 79,300 | 642,405 | |||||||
| JINUSHI Co. Ltd. | 77,900 | 1,252,280 | ||||||||
| JSB Co. Ltd. | 50,800 | 954,383 | ||||||||
| # | Kasumigaseki Capital Co. Ltd. | 10,400 | 1,174,767 | |||||||
| # | Katitas Co. Ltd. | 258,200 | 3,364,433 | |||||||
| # | Keihanshin Building Co. Ltd. | 197,400 | 2,007,838 | |||||||
| # | LA Holdings Co. Ltd. | 12,200 | 389,264 | |||||||
| Leopalace21 Corp. | 1,048,500 | 3,533,004 | ||||||||
| Loadstar Capital KK | 34,100 | 621,182 | ||||||||
The Japanese Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| REAL ESTATE — (Continued) | ||||||||||
| Mirarth Holdings, Inc. | 523,500 | $ | 1,723,583 | |||||||
| Mugen Estate Co. Ltd. | 54,600 | 568,207 | ||||||||
| Nisshin Group Holdings Co. Ltd. | 196,700 | 664,291 | ||||||||
| Raysum Co. Ltd. | 21,248 | 483,300 | ||||||||
| Relo Group, Inc. | 456,756 | 3,718,217 | ||||||||
| SAMTY Co. Ltd. | 155,850 | 2,847,406 | ||||||||
| Sankyo Frontier Co. Ltd. | 23,700 | 664,980 | ||||||||
| Sansei Landic Co. Ltd. | 3,100 | 22,082 | ||||||||
| # * | SRE Holdings Corp. | 46,200 | 1,290,588 | |||||||
| Star Mica Holdings Co. Ltd. | 137,071 | 561,889 | ||||||||
| Starts Corp., Inc. | 200,400 | 4,169,526 | ||||||||
| Sun Frontier Fudousan Co. Ltd. | 173,400 | 2,144,095 | ||||||||
| Sunnexta Group, Inc. | 11,100 | 74,355 | ||||||||
| # * | Tasuki Corp. | 7,200 | 66,730 | |||||||
| # | Tenpo Innovation Co. Ltd. | 3,100 | 19,133 | |||||||
| # * | TKP Corp. | 49,700 | 575,070 | |||||||
| # | TOC Co. Ltd. | 284,250 | 1,306,559 | |||||||
| # | Tokyo Theatres Co., Inc. | 47,099 | 346,467 | |||||||
| Tosei Corp. | 178,200 | 2,825,546 | ||||||||
| Urbanet Corp. Co. Ltd. | 92,700 | 256,924 | ||||||||
| TOTAL REAL ESTATE | 48,785,651 | |||||||||
| UTILITIES — (1.5%) | ||||||||||
| EF-ON, Inc. | 72,920 | 210,784 | ||||||||
| # * | eRex Co. Ltd. | 156,800 | 715,946 | |||||||
| # | Hiroshima Gas Co. Ltd. | 307,500 | 776,785 | |||||||
| # | Hokkaido Electric Power Co., Inc. | 971,300 | 5,312,273 | |||||||
| Hokkaido Gas Co. Ltd. | 92,600 | 1,547,611 | ||||||||
| # | Hokuriku Electric Power Co. | 989,500 | 5,256,132 | |||||||
| # | Hokuriku Gas Co. Ltd. | 10,100 | 229,197 | |||||||
| # | K&O Energy Group, Inc. | 84,600 | 1,777,844 | |||||||
| Nippon Gas Co. Ltd. | 655,600 | 11,041,717 | ||||||||
| # | Okinawa Electric Power Co., Inc. | 250,916 | 1,904,385 | |||||||
| # * | Renewable Japan Co. Ltd. | 12,900 | 86,660 | |||||||
| # * | RENOVA, Inc. | 214,500 | 1,762,239 | |||||||
| Saibu Gas Holdings Co. Ltd. | 151,600 | 1,899,971 | ||||||||
| # | Shikoku Electric Power Co., Inc. | 776,800 | 6,070,348 | |||||||
| Shizuoka Gas Co. Ltd. | 315,000 | 1,969,435 | ||||||||
| Toell Co. Ltd. | 54,200 | 298,670 | ||||||||
| # | Toho Gas Co. Ltd. | 265,600 | 5,880,528 | |||||||
| West Holdings Corp. | 126,603 | 2,400,970 | ||||||||
| TOTAL UTILITIES | 49,141,495 | |||||||||
| TOTAL COMMON STOCKS Cost ($2,674,148,544) | 3,103,229,202 | |||||||||
| Value† | ||||||||||
| SECURITIES LENDING COLLATERAL — (3.1%) | ||||||||||
| @ § | The DFA Short Term Investment Fund | 8,692,194 | 100,559,993 | |||||||
| TOTAL INVESTMENTS — (100.0%) (Cost $2,774,700,637)^^ | $ | 3,203,789,195 | ||||||||
| » | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. |
| * | Non-Income Producing Securities. |
| # | Total or Partial Securities on Loan. |
| †† | Security valued using significant unobservable inputs (Level 3). |
| † | See Security Valuation Note within the Notes to Schedules of Investments. |
| @ | Security purchased with cash collateral received from Securities on Loan. |
The Japanese Small Company Series
CONTINUED
| § | Affiliated Fund. |
| ^^ | See Federal Tax Cost Note within the Notes to Schedules of Investments. |
Summary of the Series' investments as of March 31, 2024, based on their valuation inputs, is as follows (see Security Valuation Note):
| Investments in Securities (Market Value) | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Common Stocks | ||||||||||||||||
| Communication Services | — | $ | 66,745,568 | — | $ | 66,745,568 | ||||||||||
| Consumer Discretionary | — | 474,890,798 | — | 474,890,798 | ||||||||||||
| Consumer Staples | — | 245,398,865 | — | 245,398,865 | ||||||||||||
| Energy | — | 27,382,446 | — | 27,382,446 | ||||||||||||
| Financials | — | 286,581,563 | — | 286,581,563 | ||||||||||||
| Health Care | — | 162,027,357 | — | 162,027,357 | ||||||||||||
| Industrials | — | 923,068,256 | — | 923,068,256 | ||||||||||||
| Information Technology | — | 417,327,264 | — | 417,327,264 | ||||||||||||
| Materials | — | 401,879,939 | — | 401,879,939 | ||||||||||||
| Real Estate | — | 48,785,651 | — | 48,785,651 | ||||||||||||
| Utilities | — | 49,141,495 | — | 49,141,495 | ||||||||||||
| Securities Lending Collateral | — | 100,559,993 | — | 100,559,993 | ||||||||||||
| TOTAL | — | $ | 3,203,789,195 | — | $ | 3,203,789,195 | ||||||||||
The Asia Pacific Small Company Series
SCHEDULE OF INVESTMENTS
March 31, 2024
(Unaudited)
| Shares | Value» | |||||||||
| COMMON STOCKS — (99.2%) | ||||||||||
| AUSTRALIA — (69.0%) | ||||||||||
| # * | 29Metals Ltd. | 554,459 | $ | 135,619 | ||||||
| * | 3P Learning Ltd. | 93,233 | 75,949 | |||||||
| # * | 4DMedical Ltd. | 44,717 | 18,939 | |||||||
| 4DMedical Ltd. | 6,529 | 2,766 | ||||||||
| A2B Australia Ltd. | 511,111 | 478,676 | ||||||||
| Accent Group Ltd. | 2,364,473 | 3,127,848 | ||||||||
| * †† | ACN Ltd. | 1,687 | 0 | |||||||
| Acrow Ltd. | 575,359 | 448,211 | ||||||||
| # | Adairs Ltd. | 946,090 | 1,583,870 | |||||||
| * | Adbri Ltd. | 2,268,700 | 4,630,214 | |||||||
| * | Ainsworth Game Technology Ltd. | 557,129 | 441,075 | |||||||
| * | Alkane Resources Ltd. | 2,714,831 | 1,106,945 | |||||||
| * | Alliance Aviation Services Ltd. | 436,741 | 826,424 | |||||||
| # * | Alligator Energy Ltd. | 8,107,416 | 311,191 | |||||||
| # * | Altech Batteries Ltd. | 174,277 | 7,948 | |||||||
| Altium Ltd. | 49,163 | 2,088,309 | ||||||||
| * | Alumina Ltd. | 9,199,687 | 8,525,012 | |||||||
| # * | AMA Group Ltd. | 10,669,904 | 382,299 | |||||||
| # | AMP Ltd. | 16,162,745 | 12,329,553 | |||||||
| Ansell Ltd. | 681,598 | 10,915,625 | ||||||||
| * | Antipa Minerals Ltd. | 3,268,084 | 25,445 | |||||||
| # | APM Human Services International Ltd. | 80,377 | 85,376 | |||||||
| # * | Appen Ltd. | 1,224,295 | 466,482 | |||||||
| # * | Arafura Rare Earths Ltd. | 11,847,717 | 1,583,859 | |||||||
| # | ARB Corp. Ltd. | 511,012 | 13,765,736 | |||||||
| # * | Archer Materials Ltd. | 514,440 | 191,335 | |||||||
| * | Ardea Resources Ltd. | 232,320 | 109,889 | |||||||
| # * | Argosy Minerals Ltd. | 2,371,384 | 208,625 | |||||||
| # | ARN Media Ltd. | 2,190,777 | 1,255,852 | |||||||
| # * | Aroa Biosurgery Ltd. | 310,301 | 112,260 | |||||||
| # * | Articore Group Ltd. | 1,256,028 | 452,445 | |||||||
| AUB Group Ltd. | 604,471 | 11,714,329 | ||||||||
| * | Audinate Group Ltd. | 300,422 | 4,097,780 | |||||||
| # * | Aura Energy Ltd. | 259,286 | 27,886 | |||||||
| Aura Energy Ltd. | 36,741 | 3,950 | ||||||||
| # * | Aurelia Metals Ltd. | 9,262,466 | 934,367 | |||||||
| # * | Aussie Broadband Ltd. | 1,249,902 | 2,914,299 | |||||||
| Austal Ltd. | 1,884,395 | 2,697,361 | ||||||||
| # | Austin Engineering Ltd. | 845,694 | 270,051 | |||||||
| # * | Australian Agricultural Co. Ltd. | 2,095,546 | 1,857,795 | |||||||
| # | Australian Clinical Labs Ltd. | 892,912 | 1,564,916 | |||||||
| Australian Ethical Investment Ltd. | 432,568 | 1,390,305 | ||||||||
| # | Australian Finance Group Ltd. | 1,690,583 | 1,794,909 | |||||||
| # * | Australian Strategic Materials Ltd. | 519,757 | 467,728 | |||||||
| # * | Australian Vanadium Ltd. | 16,823,179 | 186,379 | |||||||
| # * | Australian Vintage Ltd. | 2,444,948 | 637,160 | |||||||
| # | Auswide Bank Ltd. | 198,877 | 568,794 | |||||||
| Autosports Group Ltd. | 6,773 | 11,737 | ||||||||
| # * | AVJennings Ltd. | 7,298,697 | 1,689,853 | |||||||
| # * †† | AVZ Minerals Ltd. | 263,719 | 27,651 | |||||||
| # * | Azure Minerals Ltd. | 14,528 | 34,494 | |||||||
| # | Baby Bunting Group Ltd. | 696,057 | 951,995 | |||||||
The Asia Pacific Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| AUSTRALIA — (Continued) | ||||||||||
| # | Bank of Queensland Ltd. | 3,764,914 | $ | 15,510,442 | ||||||
| # * | Bannerman Energy Ltd. | 95,393 | 229,414 | |||||||
| # | Bapcor Ltd. | 2,013,984 | 8,280,844 | |||||||
| Base Resources Ltd. | 2,267,930 | 170,264 | ||||||||
| * | BCI Minerals Ltd. | 5,533,358 | 847,420 | |||||||
| Beach Energy Ltd. | 9,477,871 | 11,367,311 | ||||||||
| # | Beacon Lighting Group Ltd. | 496,214 | 956,734 | |||||||
| Beacon Minerals Ltd. | 2,446,902 | 39,928 | ||||||||
| Bega Cheese Ltd. | 1,544,663 | 4,208,467 | ||||||||
| # | Bell Financial Group Ltd. | 734,391 | 650,735 | |||||||
| * | Bellevue Gold Ltd. | 8,680,965 | 10,675,685 | |||||||
| Bendigo & Adelaide Bank Ltd. | 20,951 | 139,936 | ||||||||
| * | Berkeley Energia Ltd. | 37,692 | 6,633 | |||||||
| # * | Betmakers Technology Group Ltd. | 2,293,199 | 146,582 | |||||||
| # * | Bigtincan Holdings Ltd. | 1,377,352 | 139,282 | |||||||
| * | Black Cat Syndicate Ltd. | 80,356 | 11,785 | |||||||
| # * | Black Rock Mining Ltd. | 2,703,893 | 126,626 | |||||||
| Black Rock Mining Ltd. | 379,417 | 17,802 | ||||||||
| # * | Boss Energy Ltd. | 2,985,896 | 9,271,683 | |||||||
| * | Botanix Pharmaceuticals Ltd. | 220,516 | 32,332 | |||||||
| # * | Bravura Solutions Ltd. | 2,245,735 | 2,048,015 | |||||||
| # | Breville Group Ltd. | 613,229 | 10,986,528 | |||||||
| Brickworks Ltd. | 402,565 | 7,471,515 | ||||||||
| # * | Bubs Australia Ltd. | 1,112,690 | 123,170 | |||||||
| # * †† | BWX Ltd. | 744,883 | 18,203 | |||||||
| * | Byron Energy Ltd. | 275,427 | 14,694 | |||||||
| # * | Calidus Resources Ltd. | 1,056,671 | 79,346 | |||||||
| Calidus Resources Ltd. | 224,917 | 16,855 | ||||||||
| Calima Energy Ltd. | 1,950,890 | 159,069 | ||||||||
| * | Calix Ltd. | 11,872 | 11,316 | |||||||
| # | Capitol Health Ltd. | 5,647,083 | 882,813 | |||||||
| Capral Ltd. | 73,253 | 443,715 | ||||||||
| * | Capricorn Metals Ltd. | 2,326,307 | 7,803,364 | |||||||
| # * | Carnarvon Energy Ltd. | 9,573,458 | 1,184,381 | |||||||
| # | Cash Converters International Ltd. | 2,674,589 | 391,782 | |||||||
| # * | Catapult Group International Ltd. | 510,098 | 515,157 | |||||||
| Cedar Woods Properties Ltd. | 384,889 | 1,203,704 | ||||||||
| Centrebet International Ltd. | 81,336 | 0 | ||||||||
| # * | Cettire Ltd. | 1,098,138 | 2,899,001 | |||||||
| Challenger Ltd. | 2,095,730 | 9,708,021 | ||||||||
| Champion Iron Ltd. | 2,045,901 | 9,877,249 | ||||||||
| # * | Chrysos Corp. Ltd. | 62,746 | 280,409 | |||||||
| # * | City Chic Collective Ltd. | 1,254,668 | 335,156 | |||||||
| * | Clean Seas Seafood Ltd. | 247,494 | 41,933 | |||||||
| ClearView Wealth Ltd. | 156,351 | 60,633 | ||||||||
| # | Clinuvel Pharmaceuticals Ltd. | 243,314 | 2,276,325 | |||||||
| # | Clover Corp. Ltd. | 788,775 | 249,445 | |||||||
| # * | Coast Entertainment Holdings Ltd. | 2,196,968 | 759,069 | |||||||
| # * | Cobalt Blue Holdings Ltd. | 650,479 | 59,186 | |||||||
| Cobram Estate Olives Ltd. | 13,612 | 17,253 | ||||||||
| Codan Ltd. | 810,546 | 5,741,600 | ||||||||
| # | COG Financial Services Ltd. | 11,590 | 10,671 | |||||||
| # * | Cogstate Ltd. | 285,806 | 251,328 | |||||||
| Collins Foods Ltd. | 698,877 | 4,618,472 | ||||||||
| * | Comet Ridge Ltd. | 2,645,338 | 345,117 | |||||||
| # * | Cooper Energy Ltd. | 16,525,904 | 2,377,183 | |||||||
The Asia Pacific Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| AUSTRALIA — (Continued) | ||||||||||
| # * | Core Lithium Ltd. | 2,708,158 | $ | 273,328 | ||||||
| Ω | Coronado Global Resources, Inc., CDI | 1,743,818 | 1,419,547 | |||||||
| # | Corporate Travel Management Ltd. | 735,679 | 8,137,349 | |||||||
| # | Credit Corp. Group Ltd. | 403,803 | 4,864,615 | |||||||
| CSR Ltd. | 3,025,097 | 17,390,070 | ||||||||
| Dalrymple Bay Infrastructure Ltd. | 197,878 | 353,402 | ||||||||
| Data#3 Ltd. | 1,167,081 | 6,296,948 | ||||||||
| * | De Grey Mining Ltd. | 9,508,084 | 7,845,390 | |||||||
| * | Deep Yellow Ltd. | 2,243,598 | 1,950,668 | |||||||
| Deterra Royalties Ltd. | 1,584,998 | 5,092,910 | ||||||||
| # * | Develop Global Ltd. | 101,560 | 157,597 | |||||||
| Dicker Data Ltd. | 454,347 | 3,188,006 | ||||||||
| # | Domain Holdings Australia Ltd. | 1,612,485 | 3,445,593 | |||||||
| Domino's Pizza Enterprises Ltd. | 366,930 | 10,366,681 | ||||||||
| Downer EDI Ltd. | 4,102,725 | 13,643,047 | ||||||||
| # * | Dreadnought Resources Ltd. | 5,603,062 | 62,330 | |||||||
| # * | Dropsuite Ltd. | 52,173 | 10,372 | |||||||
| * | DUG Technology Ltd. | 40,507 | 71,044 | |||||||
| Duratec Ltd. | 242,534 | 187,346 | ||||||||
| # | Eagers Automotive Ltd. | 877,469 | 8,096,813 | |||||||
| * | Earlypay Ltd. | 223,836 | 27,692 | |||||||
| # * | Ecograf Ltd. | 1,581,731 | 185,518 | |||||||
| Elanor Investor Group | 258,201 | 198,606 | ||||||||
| Elders Ltd. | 960,921 | 5,872,585 | ||||||||
| # * | Electro Optic Systems Holdings Ltd. | 80,313 | 86,679 | |||||||
| Electro Optic Systems Holdings Ltd. | 9,662 | 10,420 | ||||||||
| # * | Elevate Uranium Ltd. | 172,343 | 53,347 | |||||||
| # * | Elixir Energy Ltd. | 2,250,692 | 104,177 | |||||||
| Emeco Holdings Ltd. | 1,804,089 | 835,930 | ||||||||
| * | Emerald Resources NL | 2,812,872 | 5,377,073 | |||||||
| # * | EML Payments Ltd. | 1,912,519 | 1,533,149 | |||||||
| * | Energy Transition Minerals Ltd. | 1,881,748 | 46,688 | |||||||
| Enero Group Ltd. | 298,728 | 344,713 | ||||||||
| # * | EnviroSuite Ltd. | 1,131,191 | 41,977 | |||||||
| # | EQT Holdings Ltd. | 180,608 | 3,460,533 | |||||||
| Eureka Group Holdings Ltd. | 37,142 | 12,957 | ||||||||
| # * | European Lithium Ltd. | 3,882,196 | 177,164 | |||||||
| Euroz Hartleys Group Ltd. | 329,402 | 179,214 | ||||||||
| EVT Ltd. | 623,546 | 5,047,069 | ||||||||
| * | Experience Co. Ltd. | 102,579 | 10,683 | |||||||
| Fenix Resources Ltd. | 949,923 | 163,918 | ||||||||
| * | Finbar Group Ltd. | 337,695 | 155,359 | |||||||
| # * †† | Firefinch Ltd. | 1,569,275 | 38,348 | |||||||
| * | FleetPartners Group Ltd. | 1,881,675 | 4,611,359 | |||||||
| # | Fleetwood Ltd. | 570,779 | 556,115 | |||||||
| # | Flight Centre Travel Group Ltd. | 991,677 | 14,106,519 | |||||||
| # * | Frontier Digital Ventures Ltd. | 1,085,135 | 410,356 | |||||||
| G8 Education Ltd. | 4,311,845 | 3,371,763 | ||||||||
| # * | Galan Lithium Ltd. | 1,772,684 | 479,705 | |||||||
| # * | Genetic Signatures Ltd. | 197,143 | 87,350 | |||||||
| * | Genetic Signatures Ltd. | 25,770 | 11,419 | |||||||
| # * | Genex Power Ltd. | 1,098,842 | 175,806 | |||||||
| Gold Road Resources Ltd. | 7,784,315 | 8,027,208 | ||||||||
| GR Engineering Services Ltd. | 350,657 | 521,109 | ||||||||
| GrainCorp Ltd., Class A | 1,353,547 | 7,266,809 | ||||||||
| Grange Resources Ltd. | 3,343,783 | 958,761 | ||||||||
The Asia Pacific Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| AUSTRALIA — (Continued) | ||||||||||
| GUD Holdings Ltd. | 1,021,707 | $ | 7,852,748 | |||||||
| GWA Group Ltd. | 1,285,728 | 2,245,711 | ||||||||
| Hansen Technologies Ltd. | 1,184,216 | 3,759,489 | ||||||||
| # | Harvey Norman Holdings Ltd. | 903,252 | 3,031,312 | |||||||
| # * | Hastings Technology Metals Ltd. | 50,199 | 14,072 | |||||||
| # * | Healius Ltd. | 4,269,945 | 3,684,925 | |||||||
| Helia Group Ltd. | 2,432,299 | 6,197,179 | ||||||||
| * | Helios Energy Ltd. | 817,342 | 26,707 | |||||||
| # | Helloworld Travel Ltd. | 51,370 | 101,114 | |||||||
| # * | Highfield Resources Ltd. | 535,052 | 148,301 | |||||||
| # * | Hillgrove Resources Ltd. | 937,758 | 41,516 | |||||||
| Horizon Oil Ltd. | 2,581,265 | 303,025 | ||||||||
| * | Hot Chili Ltd. | 169,686 | 121,734 | |||||||
| HUB24 Ltd. | 477,073 | 13,177,210 | ||||||||
| # | Humm Group Ltd. | 2,572,069 | 836,843 | |||||||
| # | IDP Education Ltd. | 98,018 | 1,144,175 | |||||||
| Iluka Resources Ltd. | 1,803,994 | 8,479,007 | ||||||||
| * | Image Resources NL | 208,730 | 9,540 | |||||||
| Imdex Ltd. | 3,102,837 | 4,707,702 | ||||||||
| # * | Immutep Ltd. | 3,323,024 | 822,816 | |||||||
| # * | Immutep Ltd., Sponsored ADR | 7,245 | 16,881 | |||||||
| * | ImpediMed Ltd. | 267,755 | 16,060 | |||||||
| # * | Imugene Ltd. | 4,503,837 | 308,217 | |||||||
| Incitec Pivot Ltd. | 5,553,944 | 10,460,039 | ||||||||
| Infomedia Ltd. | 3,020,161 | 3,504,334 | ||||||||
| Inghams Group Ltd. | 2,665,743 | 6,236,394 | ||||||||
| # | Insignia Financial Ltd. | 3,269,076 | 5,372,042 | |||||||
| # | Integral Diagnostics Ltd. | 1,227,850 | 1,801,571 | |||||||
| * | Investigator Resources Ltd. | 278,908 | 7,471 | |||||||
| # * | ioneer Ltd. | 8,674,581 | 904,130 | |||||||
| IPD Group Ltd. | 101,800 | 319,200 | ||||||||
| IPH Ltd. | 1,562,087 | 6,420,626 | ||||||||
| # | IRESS Ltd. | 1,207,485 | 6,523,233 | |||||||
| IVE Group Ltd. | 740,279 | 1,051,716 | ||||||||
| # | Johns Lyng Group Ltd. | 1,318,732 | 5,510,279 | |||||||
| * | Judo Capital Holdings Ltd. | 326,325 | 282,919 | |||||||
| Jumbo Interactive Ltd. | 208,843 | 2,333,676 | ||||||||
| Jupiter Mines Ltd. | 5,809,198 | 851,729 | ||||||||
| * | Karoon Energy Ltd. | 5,017,969 | 7,088,589 | |||||||
| Kelly Partners Group Holdings Ltd. | 3,572 | 15,549 | ||||||||
| # | Kelsian Group Ltd. | 923,438 | 3,475,714 | |||||||
| # * | Kogan.com Ltd. | 479,738 | 2,466,540 | |||||||
| # * | Lark Distilling Co. Ltd. | 53,414 | 41,583 | |||||||
| Lendlease Corp. Ltd. | 2,861,333 | 11,985,473 | ||||||||
| * †† | Leo Lithium Ltd. | 726,998 | 89,538 | |||||||
| # * | Lepidico Ltd. | 2,895,993 | 9,451 | |||||||
| Liberty Financial Group Ltd. | 4,470 | 11,321 | ||||||||
| Lifestyle Communities Ltd. | 676,135 | 6,900,575 | ||||||||
| Lindsay Australia Ltd. | 412,943 | 299,968 | ||||||||
| Link Administration Holdings Ltd. | 2,909,717 | 4,230,147 | ||||||||
| Lovisa Holdings Ltd. | 404,882 | 8,803,233 | ||||||||
| * | Lucapa Diamond Co. Ltd. | 427,428 | 32,008 | |||||||
| Lycopodium Ltd. | 81,447 | 621,137 | ||||||||
| # | MA Financial Group Ltd. | 509,471 | 1,621,339 | |||||||
| # | Maas Group Holdings Ltd. | 114,146 | 334,868 | |||||||
| # * | Mach7 Technologies Ltd. | 42,643 | 19,877 | |||||||
The Asia Pacific Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| AUSTRALIA — (Continued) | ||||||||||
| # | Macmahon Holdings Ltd. | 5,977,758 | $ | 876,350 | ||||||
| * | Macquarie Technology Group Ltd. | 30,813 | 1,597,846 | |||||||
| # | Mader Group Ltd. | 101,553 | 422,477 | |||||||
| Magellan Financial Group Ltd. | 934,906 | 6,023,721 | ||||||||
| †† | Mallee Resources Ltd. | 49,485 | 2,580 | |||||||
| MaxiPARTS Ltd. | 102,620 | 159,833 | ||||||||
| # * | Mayne Pharma Group Ltd. | 373,929 | 1,763,480 | |||||||
| McMillan Shakespeare Ltd. | 544,280 | 6,959,481 | ||||||||
| # | McPherson's Ltd. | 653,702 | 232,365 | |||||||
| # * | Medical Developments International Ltd. | 167,262 | 65,426 | |||||||
| * | Megaport Ltd. | 589,666 | 5,756,176 | |||||||
| # * | Melbana Energy Ltd. | 1,489,820 | 60,238 | |||||||
| # * | Mesoblast Ltd. | 3,561,708 | 1,287,428 | |||||||
| # * | Metals X Ltd. | 3,009,959 | 696,829 | |||||||
| Metcash Ltd. | 5,799,205 | 14,779,711 | ||||||||
| Michael Hill International Ltd. | 1,522,713 | 664,190 | ||||||||
| # * | Micro-X Ltd. | 261,656 | 20,464 | |||||||
| * | MMA Offshore Ltd. | 1,868,257 | 3,179,164 | |||||||
| Monadelphous Group Ltd. | 567,315 | 5,240,853 | ||||||||
| Monash IVF Group Ltd. | 2,171,758 | 2,045,197 | ||||||||
| Morning Star Gold NL | 332,749 | 0 | ||||||||
| # | MotorCycle Holdings Ltd. | 109,445 | 110,922 | |||||||
| * | Mount Gibson Iron Ltd. | 3,425,177 | 957,933 | |||||||
| # | Myer Holdings Ltd. | 3,710,235 | 1,969,587 | |||||||
| MyState Ltd. | 642,171 | 1,530,999 | ||||||||
| * | Nanosonics Ltd. | 1,532,733 | 2,745,636 | |||||||
| Navigator Global Investments Ltd. | 1,510,054 | 1,615,908 | ||||||||
| # * | Neometals Ltd. | 1,640,466 | 139,227 | |||||||
| Netwealth Group Ltd. | 798,551 | 10,980,709 | ||||||||
| # | New Hope Corp. Ltd. | 3,161,113 | 9,576,504 | |||||||
| * | New World Resources Ltd. | 2,751,437 | 79,086 | |||||||
| # * | NextEd Group Ltd. | 47,565 | 9,301 | |||||||
| nib holdings Ltd. | 2,762,115 | 14,147,722 | ||||||||
| Nick Scali Ltd. | 398,085 | 3,993,828 | ||||||||
| Nickel Industries Ltd. | 9,405,425 | 4,960,745 | ||||||||
| # | Nine Entertainment Co. Holdings Ltd. | 7,806,987 | 8,695,500 | |||||||
| # * | Novonix Ltd. | 1,098,177 | 613,056 | |||||||
| NRW Holdings Ltd. | 3,217,572 | 6,138,844 | ||||||||
| Nufarm Ltd. | 2,214,939 | 7,941,484 | ||||||||
| * | Nuix Ltd. | 468,715 | 680,995 | |||||||
| Objective Corp. Ltd. | 110,773 | 930,413 | ||||||||
| * | OFX Group Ltd. | 1,517,351 | 1,610,613 | |||||||
| OM Holdings Ltd. | 676,887 | 191,903 | ||||||||
| # * | Omni Bridgeway Ltd. | 1,596,158 | 1,574,807 | |||||||
| oOh!media Ltd. | 2,618,980 | 3,037,492 | ||||||||
| * | Opthea Ltd. | 273,202 | 131,652 | |||||||
| Orora Ltd. | 7,895,775 | 13,992,003 | ||||||||
| Pacific Current Group Ltd. | 333,540 | 2,219,349 | ||||||||
| # | Pacific Smiles Group Ltd. | 272,678 | 284,270 | |||||||
| * | Paladin Energy Ltd. | 17,262,941 | 15,380,670 | |||||||
| # * †† | Panoramic Resources Ltd. | 10,367,820 | 175,661 | |||||||
| # * | Pantoro Ltd. | 9,770,781 | 402,072 | |||||||
| # * | Paradigm Biopharmaceuticals Ltd. | 59,638 | 13,390 | |||||||
| Paragon Care Ltd. | 348,680 | 70,446 | ||||||||
| Peet Ltd. | 1,364,417 | 1,070,955 | ||||||||
| # * | Peninsula Energy Ltd. | 5,706,281 | 464,295 | |||||||
The Asia Pacific Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| AUSTRALIA — (Continued) | ||||||||||
| # | PeopleIN Ltd. | 454,984 | $ | 326,066 | ||||||
| Pepper Money Ltd. | 217,431 | 232,664 | ||||||||
| Perenti Ltd. | 4,497,642 | 2,872,247 | ||||||||
| Perpetual Ltd. | 595,344 | 9,730,928 | ||||||||
| Perseus Mining Ltd. | 8,150,426 | 11,429,184 | ||||||||
| # | Peter Warren Automotive Holdings Ltd. | 341,518 | 489,594 | |||||||
| * | PEXA Group Ltd. | 718,528 | 6,343,830 | |||||||
| # | Pinnacle Investment Management Group Ltd. | 843,664 | 6,387,940 | |||||||
| Platinum Asset Management Ltd. | 2,397,454 | 1,687,635 | ||||||||
| * | Playside Studios Ltd. | 41,490 | 25,572 | |||||||
| # | PointsBet Holdings Ltd. | 616,994 | 331,531 | |||||||
| * | Poseidon Nickel Ltd. | 13,403,271 | 57,017 | |||||||
| PPK Mining Equipment Group Pty. Ltd. | 22,761 | 0 | ||||||||
| # * | Praemium Ltd. | 2,916,041 | 836,576 | |||||||
| # * | Predictive Discovery Ltd. | 1,997,557 | 293,326 | |||||||
| Premier Investments Ltd. | 434,928 | 9,297,866 | ||||||||
| Probiotec Ltd. | 109,937 | 207,755 | ||||||||
| # | Propel Funeral Partners Ltd. | 262,510 | 956,617 | |||||||
| # * †† | Province Resources Ltd. | 889,179 | 4,635 | |||||||
| PSC Insurance Group Ltd. | 764,913 | 2,702,634 | ||||||||
| PWR Holdings Ltd. | 618,964 | 4,652,517 | ||||||||
| QANTM Intellectual Property Ltd. | 112,211 | 115,644 | ||||||||
| Qube Holdings Ltd. | 382,135 | 849,044 | ||||||||
| Ramelius Resources Ltd. | 6,372,398 | 7,734,774 | ||||||||
| # * | ReadyTech Holdings Ltd. | 271,579 | 593,008 | |||||||
| * | Red 5 Ltd. | 19,115,525 | 4,740,646 | |||||||
| †† | Red River Resources Ltd. | 480,964 | 0 | |||||||
| Regal Partners Ltd. | 40,660 | 78,955 | ||||||||
| # | Regis Healthcare Ltd. | 924,208 | 2,415,179 | |||||||
| * | Regis Resources Ltd. | 4,390,572 | 5,765,150 | |||||||
| Reject Shop Ltd. | 181,592 | 538,545 | ||||||||
| Reliance Worldwide Corp. Ltd. | 4,574,507 | 17,165,099 | ||||||||
| # | Resimac Group Ltd. | 124,613 | 84,892 | |||||||
| * | Resolute Mining Ltd. | 12,373,039 | 3,470,357 | |||||||
| # * | Retail Food Group Ltd. | 13,948,578 | 681,965 | |||||||
| # * | Rex Minerals Ltd. | 1,661,163 | 216,861 | |||||||
| # | Ridley Corp. Ltd. | 1,892,845 | 3,072,547 | |||||||
| * | RPMGlobal Holdings Ltd. | 1,315,368 | 1,893,930 | |||||||
| * | Sandfire Resources Ltd. | 2,980,077 | 17,260,825 | |||||||
| # * | Select Harvests Ltd. | 726,282 | 2,106,030 | |||||||
| # | Servcorp Ltd. | 348,243 | 857,372 | |||||||
| Service Stream Ltd. | 3,458,885 | 2,818,662 | ||||||||
| # * | Seven West Media Ltd. | 5,367,384 | 664,548 | |||||||
| SG Fleet Group Ltd. | 437,984 | 841,769 | ||||||||
| Shaver Shop Group Ltd. | 677,094 | 498,562 | ||||||||
| * | Sheffield Resources Ltd. | 249,376 | 89,536 | |||||||
| Shine Justice Ltd. | 59,739 | 26,870 | ||||||||
| Shriro Holdings Ltd. | 24,206 | 11,368 | ||||||||
| Sigma Healthcare Ltd. | 10,130,069 | 8,551,734 | ||||||||
| * | Silver Lake Resources Ltd. | 5,859,748 | 4,737,932 | |||||||
| # * | Silver Mines Ltd. | 4,378,799 | 484,749 | |||||||
| Sims Ltd. | 1,023,034 | 8,476,211 | ||||||||
| SmartGroup Corp. Ltd. | 884,641 | 5,601,604 | ||||||||
| # | Solvar Ltd. | 1,099,280 | 767,762 | |||||||
| Southern Cross Electrical Engineering Ltd. | 872,550 | 585,853 | ||||||||
| # | Southern Cross Media Group Ltd. | 1,279,864 | 796,451 | |||||||
The Asia Pacific Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| AUSTRALIA — (Continued) | ||||||||||
| * †† | SpeedCast International Ltd. | 1,497,915 | $ | 0 | ||||||
| SRG Global Ltd. | 1,505,931 | 784,892 | ||||||||
| * | St Barbara Ltd. | 5,370,860 | 611,930 | |||||||
| Stanmore Resources Ltd. | 679,376 | 1,427,434 | ||||||||
| * | Star Entertainment Group Ltd. | 12,793,618 | 4,787,817 | |||||||
| * †† | Strandline Resources Ltd. | 2,534,832 | 117,279 | |||||||
| # * | Strike Energy Ltd. | 8,089,932 | 1,369,483 | |||||||
| †† | Sunland Group Ltd. | 644,302 | 23,092 | |||||||
| * | Sunstone Metals Ltd. | 6,566,306 | 68,104 | |||||||
| Super Retail Group Ltd. | 1,077,207 | 11,303,961 | ||||||||
| # * | Superloop Ltd. | 2,415,451 | 2,124,314 | |||||||
| # * | Syrah Resources Ltd. | 4,499,306 | 1,452,640 | |||||||
| Tabcorp Holdings Ltd. | 13,480,179 | 6,633,254 | ||||||||
| Technology One Ltd. | 955,590 | 10,562,172 | ||||||||
| * | Telix Pharmaceuticals Ltd. | 166,539 | 1,397,675 | |||||||
| * | Temple & Webster Group Ltd. | 645,713 | 5,522,607 | |||||||
| * †† | Ten Sixty Four Ltd. | 1,044,721 | 74,887 | |||||||
| # | Terracom Ltd. | 2,757,084 | 431,332 | |||||||
| Tribune Resources Ltd. | 14,725 | 36,489 | ||||||||
| # * | Tuas Ltd. | 288,970 | 735,556 | |||||||
| * | Tyro Payments Ltd. | 2,563,518 | 1,718,275 | |||||||
| # | Universal Store Holdings Ltd. | 19,109 | 66,627 | |||||||
| Ventia Services Group Pty. Ltd. | 3,811,343 | 9,564,631 | ||||||||
| †† | Virgin Australia Holdings Pty. Ltd. | 7,648,897 | 0 | |||||||
| Ω | Viva Energy Group Ltd. | 5,662,942 | 13,663,872 | |||||||
| # * | Viva Leisure Ltd. | 84,215 | 80,433 | |||||||
| # * | Volpara Health Technologies Ltd. | 225,102 | 166,556 | |||||||
| # * | Vulcan Energy Resources Ltd. | 76,760 | 143,549 | |||||||
| # * | Wagners Holding Co. Ltd. | 137,096 | 86,977 | |||||||
| * †† | Walkabout Resources Ltd. | 1,129,282 | 95,544 | |||||||
| # * | Webjet Ltd. | 2,238,459 | 12,871,298 | |||||||
| * | West African Resources Ltd. | 5,444,548 | 4,263,279 | |||||||
| # | Westgold Resources Ltd. | 2,847,042 | 4,870,414 | |||||||
| * †† | Wiluna Mining Corp. Ltd. | 248,265 | 6,148 | |||||||
| XRF Scientific Ltd. | 50,780 | 40,686 | ||||||||
| * | Zip Co. Ltd. | 170,241 | 154,099 | |||||||
| TOTAL AUSTRALIA | 980,692,446 | |||||||||
| CHINA — (0.0%) | ||||||||||
| * | Fountain SET Holdings Ltd. | 776,000 | 43,151 | |||||||
| * | Neo-Neon Holdings Ltd. | 2,061,500 | 107,395 | |||||||
| PAX Global Technology Ltd. | 200,000 | 157,688 | ||||||||
| SIIC Environment Holdings Ltd. | 2,906,220 | 352,905 | ||||||||
| TOTAL CHINA | 661,139 | |||||||||
| HONG KONG — (18.1%) | ||||||||||
| * | Aceso Life Science Group Ltd. | 7,436,400 | 144,653 | |||||||
| * | Acme International Holdings Ltd. | 50,000 | 11,703 | |||||||
| Aeon Credit Service Asia Co. Ltd. | 1,074,000 | 760,335 | ||||||||
| Allied Group Ltd. | 9,666,000 | 2,017,122 | ||||||||
| Analogue Holdings Ltd. | 842,000 | 108,678 | ||||||||
| APAC Resources Ltd. | 5,007,284 | 614,106 | ||||||||
| # * | Apollo Future Mobility Group Ltd. | 583,599 | 37,278 | |||||||
| Asia Financial Holdings Ltd. | 1,626,908 | 703,210 | ||||||||
| * | Asia Standard International Group Ltd. | 10,846,917 | 565,405 | |||||||
The Asia Pacific Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| HONG KONG — (Continued) | ||||||||||
| ASMPT Ltd. | 1,550,900 | $ | 19,509,461 | |||||||
| Associated International Hotels Ltd. | 952,000 | 647,167 | ||||||||
| Bank of East Asia Ltd. | 3,549,377 | 4,229,247 | ||||||||
| Best Mart 360 Holdings Ltd. | 984,000 | 233,876 | ||||||||
| * | Blue River Holdings Ltd. | 220,000 | 6,342 | |||||||
| * | BOCOM International Holdings Co. Ltd. | 2,371,000 | 84,676 | |||||||
| Bright Smart Securities & Commodities Group Ltd. | 1,760,000 | 378,106 | ||||||||
| Build King Holdings Ltd. | 630,000 | 93,478 | ||||||||
| Cafe de Coral Holdings Ltd. | 2,510,000 | 2,571,425 | ||||||||
| * | Central Wealth Group Holdings Ltd. | 13,664,000 | 40,205 | |||||||
| * | Century City International Holdings Ltd. | 7,111,460 | 212,714 | |||||||
| Chen Hsong Holdings | 1,296,000 | 223,683 | ||||||||
| Cheuk Nang Holdings Ltd. | 771,714 | 162,841 | ||||||||
| Chevalier International Holdings Ltd. | 820,989 | 438,688 | ||||||||
| * | Chi Kan Holdings Ltd. | 64,000 | 24,934 | |||||||
| * | China Best Group Holding Ltd. | 626,997 | 11,841 | |||||||
| * | China Energy Development Holdings Ltd. | 49,560,000 | 525,094 | |||||||
| China Motor Bus Co. Ltd. | 80,000 | 577,491 | ||||||||
| # * | China Star Entertainment Ltd. | 10,110,000 | 813,856 | |||||||
| * | Chinese Estates Holdings Ltd. | 2,912,000 | 376,100 | |||||||
| Chinney Investments Ltd. | 1,136,000 | 116,207 | ||||||||
| Chow Sang Sang Holdings International Ltd. | 2,035,000 | 2,160,240 | ||||||||
| * | Chuang's China Investments Ltd. | 7,871,407 | 120,634 | |||||||
| * | Chuang's Consortium International Ltd. | 7,519,043 | 403,732 | |||||||
| CITIC Telecom International Holdings Ltd. | 11,401,125 | 3,686,280 | ||||||||
| # | CK Life Sciences International Holdings, Inc. | 17,138,000 | 734,047 | |||||||
| # * | C-Mer Eye Care Holdings Ltd. | 2,716,000 | 982,892 | |||||||
| CN Logistics International Holdings Ltd. | 33,000 | 24,444 | ||||||||
| CNT Group Ltd. | 7,979,264 | 338,912 | ||||||||
| Convenience Retail Asia Ltd. | 1,026,000 | 79,975 | ||||||||
| # †† | Convoy, Inc. | 32,922,000 | 131,656 | |||||||
| * | Cowell e Holdings, Inc. | 1,254,000 | 3,004,343 | |||||||
| Ω | Crystal International Group Ltd. | 440,500 | 180,184 | |||||||
| * | CSC Holdings Ltd. | 83,051,250 | 286,147 | |||||||
| CSI Properties Ltd. | 47,316,383 | 595,957 | ||||||||
| †† | CW Group Holdings Ltd. | 1,361,500 | 0 | |||||||
| Dah Sing Banking Group Ltd. | 3,094,716 | 2,203,558 | ||||||||
| Dah Sing Financial Holdings Ltd. | 1,166,144 | 2,680,284 | ||||||||
| Dickson Concepts International Ltd. | 1,591,000 | 991,754 | ||||||||
| Dynamic Holdings Ltd. | 230,000 | 214,819 | ||||||||
| Eagle Nice International Holdings Ltd. | 2,022,000 | 1,199,038 | ||||||||
| # | EC Healthcare | 2,072,097 | 347,472 | |||||||
| * †† | EcoGreen International Group Ltd. | 1,994,640 | 90,801 | |||||||
| Emperor International Holdings Ltd. | 10,584,753 | 517,776 | ||||||||
| Emperor Watch & Jewellery Ltd. | 25,160,000 | 572,413 | ||||||||
| * | Energy International Investments Holdings Ltd. | 448,000 | 64,935 | |||||||
| * | ENM Holdings Ltd. | 12,820,000 | 467,034 | |||||||
| * | Esprit Holdings Ltd. | 10,905,325 | 159,004 | |||||||
| * | Eternity Investment Ltd. | 820,000 | 3,928 | |||||||
| EuroEyes International Eye Clinic Ltd. | 331,000 | 196,394 | ||||||||
| Fairwood Holdings Ltd. | 792,100 | 815,751 | ||||||||
| Far East Consortium International Ltd. | 12,311,629 | 1,605,022 | ||||||||
| First Pacific Co. Ltd. | 12,142,000 | 6,117,358 | ||||||||
| * Ω | FIT Hon Teng Ltd. | 4,518,000 | 1,156,497 | |||||||
| * Ω | Fosun Tourism Group | 341,800 | 155,590 | |||||||
| Four Seas Mercantile Holdings Ltd. | 610,000 | 194,814 | ||||||||
The Asia Pacific Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| HONG KONG — (Continued) | ||||||||||
| # * Ω | Frontage Holdings Corp. | 2,300,000 | $ | 423,790 | ||||||
| FSE Lifestyle Services Ltd. | 685,000 | 477,298 | ||||||||
| Get Nice Financial Group Ltd. | 2,438,600 | 196,779 | ||||||||
| Giordano International Ltd. | 6,066,000 | 1,596,511 | ||||||||
| Glorious Sun Enterprises Ltd. | 3,932,000 | 421,770 | ||||||||
| # †† | Gold Fin Holdings | 9,580,000 | 0 | |||||||
| * | Gold Peak Technology Group Ltd. | 3,029,642 | 216,934 | |||||||
| Golden Resources Development International Ltd. | 4,216,500 | 223,687 | ||||||||
| * | GR Life Style Company Ltd. | 2,224,000 | 86,777 | |||||||
| Great Eagle Holdings Ltd. | 1,186,472 | 1,665,384 | ||||||||
| * | Greentech Technology International Ltd. | 2,594,000 | 114,495 | |||||||
| G-Resources Group Ltd. | 2,582,810 | 798,232 | ||||||||
| Guoco Group Ltd. | 4,000 | 45,627 | ||||||||
| Guotai Junan International Holdings Ltd. | 14,527,797 | 985,577 | ||||||||
| Hang Lung Group Ltd. | 3,274,000 | 3,771,206 | ||||||||
| Hang Lung Properties Ltd. | 1,076,000 | 1,106,501 | ||||||||
| Hanison Construction Holdings Ltd. | 2,713,649 | 211,493 | ||||||||
| * | Hao Tian International Construction Investment Group Ltd. | 856,000 | 95,627 | |||||||
| * | Harbour Centre Development Ltd. | 936,500 | 721,570 | |||||||
| HKBN Ltd. | 4,273,500 | 1,600,200 | ||||||||
| HKR International Ltd. | 7,039,769 | 1,138,011 | ||||||||
| Hon Kwok Land Investment Co. Ltd. | 388,800 | 69,604 | ||||||||
| # * | Hong Kong ChaoShang Group Ltd. | 1,320,000 | 103,148 | |||||||
| Hong Kong Ferry Holdings Co. Ltd. | 1,007,300 | 576,806 | ||||||||
| * | Hong Kong Technology Venture Co. Ltd. | 2,029,000 | 422,923 | |||||||
| * | Hongkong & Shanghai Hotels Ltd. | 3,607,989 | 2,745,968 | |||||||
| * | Hongkong Chinese Ltd. | 4,838,000 | 185,521 | |||||||
| Ω | Honma Golf Ltd. | 1,123,000 | 466,521 | |||||||
| Hung Hing Printing Group Ltd. | 2,940,000 | 432,287 | ||||||||
| Hutchison Telecommunications Hong Kong Holdings Ltd. | 9,124,000 | 1,177,635 | ||||||||
| Hysan Development Co. Ltd. | 2,941,000 | 4,744,978 | ||||||||
| * | IGG, Inc. | 4,488,000 | 1,895,395 | |||||||
| * | Imagi International Holdings Ltd. | 28,984 | 1,316 | |||||||
| Ω | Impro Precision Industries Ltd. | 416,000 | 134,096 | |||||||
| International Housewares Retail Co. Ltd. | 1,915,000 | 327,962 | ||||||||
| * | IPE Group Ltd. | 3,145,000 | 186,912 | |||||||
| * | ITC Properties Group Ltd. | 5,524,292 | 373,750 | |||||||
| Jacobson Pharma Corp. Ltd. | 3,580,000 | 270,225 | ||||||||
| JBM Healthcare Ltd. | 323,110 | 39,254 | ||||||||
| Johnson Electric Holdings Ltd. | 1,936,668 | 2,684,638 | ||||||||
| K Wah International Holdings Ltd. | 1,912,000 | 437,569 | ||||||||
| * | Kader Holdings Co. Ltd. | 14,000 | 567 | |||||||
| Karrie International Holdings Ltd. | 2,932,000 | 183,443 | ||||||||
| Keck Seng Investments Hong Kong Ltd. | 856,600 | 281,381 | ||||||||
| Kerry Logistics Network Ltd. | 3,661,000 | 3,993,073 | ||||||||
| Kerry Properties Ltd. | 3,070,500 | 5,625,018 | ||||||||
| Kingmaker Footwear Holdings Ltd. | 1,878,955 | 177,502 | ||||||||
| Kowloon Development Co. Ltd. | 2,725,000 | 1,674,762 | ||||||||
| KRP Development Holdings Ltd. | 691,000 | 70,222 | ||||||||
| * | Kwoon Chung Bus Holdings Ltd. | 44,000 | 9,577 | |||||||
| * | Lai Sun Development Co. Ltd. | 2,556,894 | 199,590 | |||||||
| * | Lai Sun Garment International Ltd. | 1,497,442 | 124,558 | |||||||
| Lam Soon Hong Kong Ltd. | 326,310 | 389,969 | ||||||||
| Langham Hospitality Investments & Langham Hospitality Investments Ltd. | 4,040,750 | 294,650 | ||||||||
| * | Lippo China Resources Ltd. | 274,200 | 36,843 | |||||||
| * | Lippo Ltd. | 1,161,700 | 130,018 | |||||||
The Asia Pacific Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| HONG KONG — (Continued) | ||||||||||
| Liu Chong Hing Investment Ltd. | 1,531,200 | $ | 943,331 | |||||||
| L'Occitane International SA | 988,250 | 3,999,873 | ||||||||
| Luk Fook Holdings International Ltd. | 3,369,000 | 9,235,494 | ||||||||
| Lung Kee Bermuda Holdings | 1,323,875 | 199,685 | ||||||||
| * | Magnificent Hotel Investment Ltd. | 13,090,000 | 123,812 | |||||||
| Man Wah Holdings Ltd. | 6,346,000 | 4,484,804 | ||||||||
| Matrix Holdings Ltd. | 1,067,414 | 107,816 | ||||||||
| # * | MECOM Power & Construction Ltd. | 9,701,999 | 215,963 | |||||||
| Melbourne Enterprises Ltd. | 39,500 | 398,654 | ||||||||
| # †† | MH Development NPV | 3,238,000 | 0 | |||||||
| * | Midland Holdings Ltd. | 2,759,987 | 346,137 | |||||||
| Miramar Hotel & Investment | 1,170,000 | 1,492,504 | ||||||||
| Modern Dental Group Ltd. | 2,093,000 | 1,097,947 | ||||||||
| # * | Mongolian Mining Corp. | 1,248,000 | 1,451,661 | |||||||
| * | NagaCorp Ltd. | 5,503,359 | 2,407,601 | |||||||
| Nameson Holdings Ltd. | 7,692,000 | 521,514 | ||||||||
| Nanyang Holdings Ltd. | 133,500 | 432,933 | ||||||||
| National Electronics Holdings | 2,668,600 | 225,027 | ||||||||
| * †† | National United Resources Holdings Ltd. | 1,828,000 | 20,124 | |||||||
| * | NEW Concepts Holdings Ltd. | 1,140,000 | 44,365 | |||||||
| # | New World Development Co. Ltd. | 3,848,000 | 4,068,420 | |||||||
| †† | NewOcean Energy Holdings Ltd. | 7,246,000 | 0 | |||||||
| # | Nissin Foods Co. Ltd. | 1,500,000 | 948,870 | |||||||
| NWS Holdings Ltd. | 6,279,000 | 5,216,665 | ||||||||
| Oriental Watch Holdings | 2,719,611 | 1,244,239 | ||||||||
| * | Oshidori International Holdings Ltd. | 20,024,400 | 487,221 | |||||||
| Pacific Basin Shipping Ltd. | 28,012,000 | 8,111,015 | ||||||||
| * | Pacific Century Premium Developments Ltd. | 457,240 | 11,047 | |||||||
| Pacific Textiles Holdings Ltd. | 4,817,000 | 775,623 | ||||||||
| * | Paliburg Holdings Ltd. | 3,180,830 | 337,423 | |||||||
| * | Paradise Entertainment Ltd. | 360,000 | 40,050 | |||||||
| PC Partner Group Ltd. | 1,138,000 | 423,472 | ||||||||
| PCCW Ltd. | 18,623,545 | 9,212,741 | ||||||||
| # * †† | Peace Mark Holdings Ltd. | 2,479,870 | 0 | |||||||
| Pentamaster International Ltd. | 1,550,000 | 160,461 | ||||||||
| Perfect Medical Health Management Ltd. | 2,553,000 | 1,044,702 | ||||||||
| Pico Far East Holdings Ltd. | 5,010,000 | 1,063,046 | ||||||||
| Playmates Holdings Ltd. | 7,082,000 | 525,313 | ||||||||
| Plover Bay Technologies Ltd. | 2,224,000 | 676,407 | ||||||||
| Pokfulam Development Co. Ltd. | 62,000 | 42,778 | ||||||||
| * | PT International Development Co. Ltd. | 12,163,725 | 93,831 | |||||||
| Public Financial Holdings Ltd. | 2,848,000 | 451,202 | ||||||||
| * †† | Pyxis Group Ltd. | 1,936,000 | 0 | |||||||
| # * | Realord Group Holdings Ltd. | 290,000 | 202,320 | |||||||
| * | Regal Hotels International Holdings Ltd. | 2,897,800 | 973,327 | |||||||
| # Ω | Regina Miracle International Holdings Ltd. | 1,983,000 | 501,956 | |||||||
| * | Sa Sa International Holdings Ltd. | 978,000 | 103,796 | |||||||
| Safety Godown Co. Ltd. | 1,200,000 | 306,723 | ||||||||
| * Ω | Samsonite International SA | 4,615,200 | 17,486,398 | |||||||
| SAS Dragon Holdings Ltd. | 2,168,000 | 955,235 | ||||||||
| # | SEA Holdings Ltd. | 1,657,523 | 371,400 | |||||||
| * | Shandong Hi-Speed Holdings Group Ltd. | 43,000 | 29,785 | |||||||
| * | Shangri-La Asia Ltd. | 4,510,000 | 2,826,071 | |||||||
| * | Shun Ho Property Investments Ltd. | 1,140,757 | 130,410 | |||||||
| # * | Shun Tak Holdings Ltd. | 8,283,419 | 794,704 | |||||||
| Singamas Container Holdings Ltd. | 8,400,000 | 600,889 | ||||||||
The Asia Pacific Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| HONG KONG — (Continued) | ||||||||||
| SITC International Holdings Co. Ltd. | 3,397,000 | $ | 6,210,593 | |||||||
| # * | SJM Holdings Ltd. | 11,923,750 | 3,645,032 | |||||||
| SmarTone Telecommunications Holdings Ltd. | 1,749,981 | 856,344 | ||||||||
| # * | Solomon Systech International Ltd. | 8,926,000 | 319,716 | |||||||
| Soundwill Holdings Ltd. | 600,500 | 534,949 | ||||||||
| * | South China Holdings Co. Ltd. | 17,774,503 | 111,551 | |||||||
| Stella International Holdings Ltd. | 2,686,000 | 4,280,440 | ||||||||
| Sun Hung Kai & Co. Ltd. | 4,393,429 | 1,348,167 | ||||||||
| * | Suncorp Technologies Ltd. | 210,000 | 4,643 | |||||||
| SUNeVision Holdings Ltd. | 2,981,000 | 971,968 | ||||||||
| TAI Cheung Holdings Ltd. | 2,329,000 | 940,932 | ||||||||
| Tai Hing Group Holdings Ltd. | 221,000 | 24,872 | ||||||||
| Tai Sang Land Development Ltd. | 798,910 | 209,077 | ||||||||
| Tan Chong International Ltd. | 1,176,000 | 221,666 | ||||||||
| Tao Heung Holdings Ltd. | 1,396,000 | 130,162 | ||||||||
| * | Television Broadcasts Ltd. | 1,566,000 | 617,225 | |||||||
| # * | Texhong International Group Ltd. | 385,000 | 210,817 | |||||||
| Texwinca Holdings Ltd. | 4,160,000 | 388,287 | ||||||||
| # * | Theme International Holdings Ltd. | 7,870,000 | 624,117 | |||||||
| Tian Teck Land Ltd. | 1,024,000 | 276,035 | ||||||||
| * | TOM Group Ltd. | 416,000 | 32,984 | |||||||
| * | Tongda Group Holdings Ltd. | 640,000 | 6,223 | |||||||
| Town Health International Medical Group Ltd. | 7,030,115 | 265,073 | ||||||||
| Tradelink Electronic Commerce Ltd. | 6,126,000 | 711,649 | ||||||||
| Transport International Holdings Ltd. | 1,662,531 | 1,910,965 | ||||||||
| Tycoon Group Holdings Ltd. | 62,000 | 33,034 | ||||||||
| United Laboratories International Holdings Ltd. | 5,272,000 | 6,039,892 | ||||||||
| * | Universal Technologies Holdings Ltd. | 1,730,000 | 15,687 | |||||||
| †† | Untrade.Genting Hk | 5,824,000 | 0 | |||||||
| * | Value Convergence Holdings Ltd. | 2,448,000 | 32,800 | |||||||
| Value Partners Group Ltd. | 5,059,000 | 1,158,016 | ||||||||
| Vedan International Holdings Ltd. | 3,576,000 | 228,369 | ||||||||
| Vesync Co. Ltd. | 82,000 | 52,446 | ||||||||
| Vitasoy International Holdings Ltd. | 3,587,000 | 3,076,540 | ||||||||
| * | Vobile Group Ltd. | 1,855,000 | 382,344 | |||||||
| # * Ω | VPower Group International Holdings Ltd. | 2,510,397 | 84,940 | |||||||
| VSTECS Holdings Ltd. | 4,817,600 | 2,581,285 | ||||||||
| VTech Holdings Ltd. | 1,090,000 | 6,611,183 | ||||||||
| * | Wai Kee Holdings Ltd. | 4,956,738 | 577,559 | |||||||
| Wang On Group Ltd. | 41,740,000 | 176,204 | ||||||||
| * | Wealthink AI-Innovation Capital Ltd. | 7,296,000 | 124,476 | |||||||
| Wing On Co. International Ltd. | 759,000 | 1,162,588 | ||||||||
| Wing Tai Properties Ltd. | 2,187,331 | 609,696 | ||||||||
| Xinyi Glass Holdings Ltd. | 1,185,000 | 1,257,547 | ||||||||
| * | YT Realty Group Ltd. | 1,968,124 | 80,485 | |||||||
| YTO International Express & Supply Chain Technology Ltd. | 810,000 | 121,648 | ||||||||
| Yue Yuen Industrial Holdings Ltd. | 3,182,000 | 4,472,123 | ||||||||
| * | Yunfeng Financial Group Ltd. | 612,000 | 58,835 | |||||||
| * | Zensun Enterprises Ltd. | 190,000 | 8,024 | |||||||
| * | Zhaobangji Lifestyle Holdings Ltd. | 2,104,000 | 48,950 | |||||||
| TOTAL HONG KONG | 256,903,700 | |||||||||
| NEW ZEALAND — (2.8%) | ||||||||||
| AFT Pharmaceuticals Ltd. | 34,226 | 64,019 | ||||||||
| Air New Zealand Ltd. | 6,045,691 | 2,184,609 | ||||||||
The Asia Pacific Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| NEW ZEALAND — (Continued) | ||||||||||
| Arvida Group Ltd. | 1,439,573 | $ | 955,402 | |||||||
| Briscoe Group Ltd. | 34,115 | 93,191 | ||||||||
| Channel Infrastructure NZ Ltd. | 939,281 | 853,667 | ||||||||
| Chorus Ltd. | 766,277 | 3,520,840 | ||||||||
| # | Colonial Motor Co. Ltd. | 99,975 | 487,510 | |||||||
| # | Comvita Ltd. | 50,282 | 63,100 | |||||||
| Delegat Group Ltd. | 6,400 | 25,232 | ||||||||
| # * | Eroad Ltd. | 39,322 | 19,262 | |||||||
| # | Freightways Group Ltd. | 850,165 | 4,497,182 | |||||||
| Genesis Energy Ltd. | 13,727 | 20,186 | ||||||||
| # * | Gentrack Group Ltd. | 73,469 | 389,944 | |||||||
| # | Hallenstein Glasson Holdings Ltd. | 307,057 | 1,182,366 | |||||||
| # | Heartland Group Holdings Ltd. | 2,449,252 | 1,875,500 | |||||||
| Investore Property Ltd. | 780,995 | 541,877 | ||||||||
| KMD Brands Ltd. | 2,439,406 | 802,382 | ||||||||
| # | Manawa Energy Ltd. | 242,973 | 660,345 | |||||||
| # | Millennium & Copthorne Hotels New Zealand Ltd. | 354,679 | 366,862 | |||||||
| # | Napier Port Holdings Ltd. | 46,155 | 67,628 | |||||||
| NZME Ltd. | 945,851 | 542,562 | ||||||||
| # | NZX Ltd. | 1,720,946 | 1,078,268 | |||||||
| Oceania Healthcare Ltd. | 2,113,804 | 796,944 | ||||||||
| # * | Pacific Edge Ltd. | 1,413,438 | 71,640 | |||||||
| # | PGG Wrightson Ltd. | 124,704 | 162,461 | |||||||
| Rakon Ltd. | 187,210 | 131,881 | ||||||||
| # | Restaurant Brands New Zealand Ltd. | 145,379 | 303,686 | |||||||
| * †† | RPNZ Ltd. | 274,180 | 0 | |||||||
| Sanford Ltd. | 352,347 | 806,568 | ||||||||
| Scales Corp. Ltd. | 436,710 | 874,153 | ||||||||
| # | Scott Technology Ltd. | 53,845 | 90,078 | |||||||
| * | Serko Ltd. | 156,533 | 363,634 | |||||||
| # | Skellerup Holdings Ltd. | 783,212 | 2,114,777 | |||||||
| SKY Network Television Ltd. | 433,058 | 731,551 | ||||||||
| SKYCITY Entertainment Group Ltd. | 2,974,002 | 3,700,107 | ||||||||
| Steel & Tube Holdings Ltd. | 575,667 | 358,401 | ||||||||
| Summerset Group Holdings Ltd. | 758,651 | 5,168,236 | ||||||||
| # * | Synlait Milk Ltd. | 346,641 | 155,326 | |||||||
| # | Tourism Holdings Ltd. | 520,310 | 989,508 | |||||||
| * | TOWER Ltd. | 1,895,126 | 785,810 | |||||||
| # | Turners Automotive Group Ltd. | 117,856 | 323,931 | |||||||
| # * | Vista Group International Ltd. | 584,534 | 697,652 | |||||||
| Vulcan Steel Ltd. | 8,513 | 46,784 | ||||||||
| # | Warehouse Group Ltd. | 373,457 | 345,813 | |||||||
| TOTAL NEW ZEALAND | 39,310,875 | |||||||||
| SINGAPORE — (9.3%) | ||||||||||
| * †† | Abterra Ltd. | 230,320 | 0 | |||||||
| # | AEM Holdings Ltd. | 787,400 | 1,277,177 | |||||||
| # * | Avarga Ltd. | 2,626,500 | 347,616 | |||||||
| Aztech Global Ltd. | 606,700 | 458,381 | ||||||||
| * | Banyan Tree Holdings Ltd. | 927,000 | 264,465 | |||||||
| * †† | Best World International Ltd. | 518,483 | 814,091 | |||||||
| Bonvests Holdings Ltd. | 950,000 | 652,991 | ||||||||
| Boustead Singapore Ltd. | 2,032,082 | 1,444,340 | ||||||||
| BRC Asia Ltd. | 26,900 | 37,632 | ||||||||
| # | Bukit Sembawang Estates Ltd. | 1,134,703 | 2,647,010 | |||||||
The Asia Pacific Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| SINGAPORE — (Continued) | ||||||||||
| # | Bund Center Investment Ltd. | 659,825 | $ | 185,753 | ||||||
| # | Capitaland India Trust | 4,633,321 | 3,602,883 | |||||||
| Centurion Corp. Ltd. | 1,377,400 | 433,677 | ||||||||
| China Aviation Oil Singapore Corp. Ltd. | 2,119,799 | 1,421,133 | ||||||||
| # | China Sunsine Chemical Holdings Ltd. | 3,215,400 | 940,454 | |||||||
| # | Chuan Hup Holdings Ltd. | 3,341,700 | 458,045 | |||||||
| Civmec Ltd. | 162,700 | 92,824 | ||||||||
| ComfortDelGro Corp. Ltd. | 9,516,700 | 9,865,236 | ||||||||
| # * | COSCO Shipping International Singapore Co. Ltd. | 4,630,400 | 497,587 | |||||||
| # * | Creative Technology Ltd. | 285,050 | 255,422 | |||||||
| CSE Global Ltd. | 2,559,660 | 814,989 | ||||||||
| # | Del Monte Pacific Ltd. | 2,336,864 | 205,921 | |||||||
| # | Delfi Ltd. | 1,113,200 | 742,150 | |||||||
| DFI Retail Group Holdings Ltd. | 82,700 | 177,830 | ||||||||
| # | Dyna-Mac Holdings Ltd. | 1,402,700 | 390,287 | |||||||
| # * †† | Ezion Holdings Ltd. | 9,845,878 | 0 | |||||||
| # * †† | Ezra Holdings Ltd. | 6,762,986 | 0 | |||||||
| Far East Orchard Ltd. | 1,191,395 | 882,040 | ||||||||
| First Resources Ltd. | 2,357,800 | 2,392,244 | ||||||||
| # | First Sponsor Group Ltd. | 484,727 | 407,688 | |||||||
| Food Empire Holdings Ltd. | 1,257,100 | 1,266,021 | ||||||||
| Fraser & Neave Ltd. | 328,300 | 252,908 | ||||||||
| Frasers Property Ltd. | 13,400 | 8,438 | ||||||||
| Frencken Group Ltd. | 1,050,200 | 1,298,955 | ||||||||
| Fu Yu Corp. Ltd. | 3,673,300 | 323,522 | ||||||||
| * | Gallant Venture Ltd. | 5,386,600 | 518,111 | |||||||
| # | Geo Energy Resources Ltd. | 2,186,500 | 558,774 | |||||||
| Golden Agri-Resources Ltd. | 30,691,400 | 6,138,235 | ||||||||
| GP Industries Ltd. | 181,509 | 69,891 | ||||||||
| Grand Venture Technology Ltd. | 34,200 | 13,047 | ||||||||
| GuocoLand Ltd. | 1,654,914 | 1,838,173 | ||||||||
| Haw Par Corp. Ltd. | 426,900 | 3,060,556 | ||||||||
| Hiap Hoe Ltd. | 498,000 | 242,202 | ||||||||
| # | Ho Bee Land Ltd. | 1,438,100 | 1,810,469 | |||||||
| Hong Fok Corp. Ltd. | 2,500,794 | 1,536,937 | ||||||||
| Hong Leong Asia Ltd. | 1,675,100 | 750,627 | ||||||||
| Hong Leong Finance Ltd. | 1,033,800 | 1,906,938 | ||||||||
| Hotel Grand Central Ltd. | 1,496,154 | 875,311 | ||||||||
| # | Hour Glass Ltd. | 1,353,932 | 1,604,708 | |||||||
| # | HRnetgroup Ltd. | 386,200 | 207,334 | |||||||
| Hutchison Port Holdings Trust | 21,258,900 | 2,675,518 | ||||||||
| # * †† | Hyflux Ltd. | 3,238,900 | 0 | |||||||
| iFAST Corp. Ltd. | 662,700 | 3,270,440 | ||||||||
| # | Indofood Agri Resources Ltd. | 2,701,700 | 600,209 | |||||||
| InnoTek Ltd. | 336,600 | 110,921 | ||||||||
| # | ISDN Holdings Ltd. | 555,296 | 125,403 | |||||||
| # | Japfa Ltd. | 2,349,410 | 460,977 | |||||||
| # * †† | Jurong Technologies Industrial Corp. Ltd. | 2,227,680 | 0 | |||||||
| Keppel Infrastructure Trust | 19,027,987 | 6,975,059 | ||||||||
| # | KSH Holdings Ltd. | 1,278,300 | 241,822 | |||||||
| Low Keng Huat Singapore Ltd. | 949,800 | 218,426 | ||||||||
| # | Mandarin Oriental International Ltd. | 1,452,700 | 2,257,118 | |||||||
| Marco Polo Marine Ltd. | 8,307,500 | 369,357 | ||||||||
| Metro Holdings Ltd. | 2,946,592 | 1,069,792 | ||||||||
| Mewah International, Inc. | 89,000 | 18,794 | ||||||||
| # | Micro-Mechanics Holdings Ltd. | 131,000 | 132,895 | |||||||
The Asia Pacific Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| SINGAPORE — (Continued) | ||||||||||
| # * †† | Midas Holdings Ltd. | 8,576,553 | $ | 0 | ||||||
| * | mm2 Asia Ltd. | 7,981,300 | 124,095 | |||||||
| # | Nanofilm Technologies International Ltd. | 884,300 | 468,104 | |||||||
| Netlink NBN Trust | 3,856,900 | 2,442,177 | ||||||||
| # | NSL Ltd. | 409,900 | 215,585 | |||||||
| # * | Oceanus Group Ltd. | 4,959,300 | 29,434 | |||||||
| Olam Group Ltd. | 257,000 | 213,255 | ||||||||
| # | OUE Ltd. | 1,920,100 | 1,549,956 | |||||||
| # * | Oxley Holdings Ltd. | 6,837,741 | 440,720 | |||||||
| Pacific Century Regional Developments Ltd. | 179,000 | 42,449 | ||||||||
| Pan-United Corp. Ltd. | 1,866,350 | 607,740 | ||||||||
| # | Propnex Ltd. | 860,600 | 586,356 | |||||||
| PSC Corp. Ltd. | 1,339,819 | 352,561 | ||||||||
| # | Q&M Dental Group Singapore Ltd. | 1,136,160 | 210,303 | |||||||
| QAF Ltd. | 1,422,180 | 890,082 | ||||||||
| * | Raffles Education Ltd. | 2,109,623 | 73,429 | |||||||
| Raffles Medical Group Ltd. | 5,920,932 | 4,561,426 | ||||||||
| # | Rex International Holding Ltd. | 1,408,400 | 136,151 | |||||||
| Riverstone Holdings Ltd. | 1,080,100 | 680,068 | ||||||||
| Samudera Shipping Line Ltd. | 132,000 | 73,734 | ||||||||
| * | SATS Ltd. | 2,765,867 | 5,326,362 | |||||||
| # | SBS Transit Ltd. | 741,200 | 1,426,741 | |||||||
| Sheng Siong Group Ltd. | 3,654,500 | 4,141,409 | ||||||||
| SHS Holdings Ltd. | 1,436,100 | 127,638 | ||||||||
| SIA Engineering Co. Ltd. | 1,675,500 | 2,804,728 | ||||||||
| Silverlake Axis Ltd. | 1,034,000 | 168,489 | ||||||||
| # | Sinarmas Land Ltd. | 7,118,700 | 854,044 | |||||||
| # | Sing Holdings Ltd. | 1,470,400 | 359,258 | |||||||
| Sing Investments & Finance Ltd. | 526,012 | 397,451 | ||||||||
| Singapore Land Group Ltd. | 140,969 | 186,836 | ||||||||
| Singapore Post Ltd. | 6,335,200 | 1,970,943 | ||||||||
| # | Singapore Shipping Corp. Ltd. | 1,642,504 | 292,018 | |||||||
| Stamford Land Corp. Ltd. | 5,219,418 | 1,527,120 | ||||||||
| StarHub Ltd. | 3,901,300 | 3,409,495 | ||||||||
| Straco Corp. Ltd. | 130,000 | 47,390 | ||||||||
| Straits Trading Co. Ltd. | 468,700 | 510,306 | ||||||||
| # * †† | Swiber Holdings Ltd. | 2,894,600 | 0 | |||||||
| †† | Swiber Holdings Ltd. | 2,895,250 | 0 | |||||||
| # | Thomson Medical Group Ltd. | 4,131,300 | 159,120 | |||||||
| Tiong Woon Corp. Holding Ltd. | 26,600 | 9,606 | ||||||||
| # | Tuan Sing Holdings Ltd. | 4,314,132 | 798,941 | |||||||
| UMS Holdings Ltd. | 2,570,568 | 2,569,806 | ||||||||
| United Overseas Insurance Ltd. | 168,150 | 749,853 | ||||||||
| UOB-Kay Hian Holdings Ltd. | 2,689,873 | 2,749,982 | ||||||||
| Valuetronics Holdings Ltd. | 2,599,050 | 1,106,977 | ||||||||
| Venture Corp. Ltd. | 844,800 | 8,929,035 | ||||||||
| # | Vicom Ltd. | 557,500 | 574,001 | |||||||
| Wee Hur Holdings Ltd. | 2,614,200 | 356,608 | ||||||||
| Wing Tai Holdings Ltd. | 2,970,967 | 3,102,127 | ||||||||
| # | Yeo Hiap Seng Ltd. | 228,759 | 99,089 | |||||||
| TOTAL SINGAPORE | 132,970,752 | |||||||||
| TOTAL COMMON STOCKS | 1,410,538,912 | |||||||||
The Asia Pacific Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| RIGHTS/WARRANTS — (0.0%) | ||||||||||
| AUSTRALIA — (0.0%) | ||||||||||
| * | Arafura Rare Earths Ltd. Warrants 06/20/2025 | 429,204 | $ | 15,663 | ||||||
| * | Black Cat Syndicate Ltd. Warrants 11/14/2025 | 4,879 | 238 | |||||||
| * | Highfield Resources Ltd. Warrants 06/19/2024 | 11,353 | 0 | |||||||
| * | Imugene Ltd. Warrants 08/31/2026 | 214,096 | 8,371 | |||||||
| * | Panoramic Resources Ltd. Warrants 09/16/2024 | 1,671,670 | 0 | |||||||
| * | Paradigm Biopharmaceuticals Ltd. Warrants 11/30/2024 | 8,908 | 311 | |||||||
| * | Peninsula Energy Ltd. Warrants 02/01/2025 | 988,446 | 16,103 | |||||||
| # * | PointsBet Holdings Ltd. Warrants 07/08/2024 | 6,189 | 0 | |||||||
| * | Rex Minerals Ltd. Warrants 08/09/2024 | 40,320 | 5,255 | |||||||
| TOTAL AUSTRALIA | 45,941 | |||||||||
| SINGAPORE — (0.0%) | ||||||||||
| * | Ezion Holdings Ltd. | 4,459,201 | 0 | |||||||
| TOTAL RIGHTS/WARRANTS | 45,941 | |||||||||
| TOTAL INVESTMENT SECURITIES (Cost $1,498,026,423) | 1,410,584,853 | |||||||||
| Value† | ||||||||||
| SECURITIES LENDING COLLATERAL — (0.8%) | ||||||||||
| @ § | The DFA Short Term Investment Fund | 936,898 | 10,838,971 | |||||||
| TOTAL INVESTMENTS — (100.0%) (Cost $1,508,864,561)^^ | $ | 1,421,423,824 | ||||||||
| ADR | American Depositary Receipt |
| » | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. |
| # | Total or Partial Securities on Loan. |
| * | Non-Income Producing Securities. |
| †† | Security valued using significant unobservable inputs (Level 3). |
| Ω | Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Fund’s Liquidity Guidelines. The liquidity determination is unaudited. |
| † | See Security Valuation Note within the Notes to Schedules of Investments. |
| @ | Security purchased with cash collateral received from Securities on Loan. |
| § | Affiliated Fund. |
| ^^ | See Federal Tax Cost Note within the Notes to Schedules of Investments. |
Summary of the Series' investments as of March 31, 2024, based on their valuation inputs, is as follows (see Security Valuation Note):
| Investments in Securities (Market Value) | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | 16,881 | $ | 980,001,999 | $ | 673,566 | $ | 980,692,446 | ||||||||
| China | — | 661,139 | — | 661,139 | ||||||||||||
| Hong Kong | — | 256,661,119 | 242,581 | 256,903,700 | ||||||||||||
| New Zealand | — | 39,310,875 | — | 39,310,875 | ||||||||||||
| Singapore | — | 132,156,661 | 814,091 | 132,970,752 | ||||||||||||
| Rights/Warrants | ||||||||||||||||
| Australia | — | 45,941 | — | 45,941 | ||||||||||||
| Securities Lending Collateral | — | 10,838,971 | — | 10,838,971 | ||||||||||||
| TOTAL | $ | 16,881 | $ | 1,419,676,705 | $1,730,238 | <> | $ | 1,421,423,824 | ||||||||
The Asia Pacific Small Company Series
CONTINUED
| <> | A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets. |
The United Kingdom Small Company Series
SCHEDULE OF INVESTMENTS
March 31, 2024
(Unaudited)
| Shares | Value» | |||||||||
| COMMON STOCKS — (98.6%) | ||||||||||
| COMMUNICATION SERVICES — (4.5%) | ||||||||||
| 4imprint Group PLC | 170,419 | $ | 13,605,368 | |||||||
| Ω | Airtel Africa PLC | 1,757,793 | 2,350,321 | |||||||
| # * | Ascential PLC | 2,361,015 | 9,039,069 | |||||||
| Bloomsbury Publishing PLC | 386,929 | 2,575,425 | ||||||||
| Centaur Media PLC | 254,249 | 126,749 | ||||||||
| Future PLC | 280,976 | 2,175,787 | ||||||||
| Gamma Communications PLC | 274,207 | 4,734,960 | ||||||||
| * | Helios Towers PLC | 2,375,284 | 2,829,601 | |||||||
| ITV PLC | 18,733,766 | 17,482,553 | ||||||||
| Moneysupermarket.com Group PLC | 3,603,652 | 9,994,709 | ||||||||
| # | Next 15 Group PLC | 201,496 | 2,345,811 | |||||||
| * | Nexxen International Ltd. | 169,671 | 449,538 | |||||||
| * | Nexxen International Ltd., ADR | 2,906 | 15,169 | |||||||
| Reach PLC | 1,780,182 | 1,767,382 | ||||||||
| Rightmove PLC | 335,804 | 2,327,545 | ||||||||
| * | S4 Capital PLC | 542,896 | 360,530 | |||||||
| STV Group PLC | 4,918 | 14,558 | ||||||||
| Team Internet Group PLC | 392,131 | 716,029 | ||||||||
| TOTAL COMMUNICATION SERVICES | 72,911,104 | |||||||||
| CONSUMER DISCRETIONARY — (19.1%) | ||||||||||
| * | AO World PLC | 200,168 | 254,088 | |||||||
| # * | ASOS PLC | 68,338 | 329,765 | |||||||
| * Ω | Aston Martin Lagonda Global Holdings PLC | 1,067,735 | 2,282,588 | |||||||
| * | Auction Technology Group PLC | 155,039 | 1,209,067 | |||||||
| Bellway PLC | 614,466 | 20,612,710 | ||||||||
| # * | boohoo Group PLC | 2,284,135 | 1,035,188 | |||||||
| * | Card Factory PLC | 1,523,555 | 1,775,747 | |||||||
| Coats Group PLC | 6,831,590 | 6,990,865 | ||||||||
| Crest Nicholson Holdings PLC | 1,406,155 | 3,423,325 | ||||||||
| * | Currys PLC | 5,587,628 | 4,282,789 | |||||||
| DFS Furniture PLC | 1,163,644 | 1,621,165 | ||||||||
| Domino's Pizza Group PLC | 3,097,499 | 13,458,109 | ||||||||
| Dowlais Group PLC | 2,425,884 | 2,389,485 | ||||||||
| Dr Martens PLC | 1,328,615 | 1,475,440 | ||||||||
| Dunelm Group PLC | 703,134 | 10,075,004 | ||||||||
| * | Frasers Group PLC | 892,504 | 9,158,284 | |||||||
| Fuller Smith & Turner PLC, Class A | 157,340 | 1,169,557 | ||||||||
| Games Workshop Group PLC | 185,280 | 23,481,633 | ||||||||
| Greggs PLC | 616,518 | 22,363,084 | ||||||||
| * Ω | Gym Group PLC | 907,327 | 1,312,227 | |||||||
| Halfords Group PLC | 1,211,456 | 2,446,877 | ||||||||
| Headlam Group PLC | 454,367 | 1,010,560 | ||||||||
| Henry Boot PLC | 527,600 | 1,195,426 | ||||||||
| Hollywood Bowl Group PLC | 514,560 | 2,139,894 | ||||||||
| * Ω | Hostelworld Group PLC | 94,092 | 184,851 | |||||||
| Inchcape PLC | 2,224,738 | 20,368,467 | ||||||||
| * | J D Wetherspoon PLC | 597,909 | 5,541,170 | |||||||
| * Ω | Just Eat Takeaway.com NV | 81,499 | 1,207,860 | |||||||
The United Kingdom Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| CONSUMER DISCRETIONARY — (Continued) | ||||||||||
| Kingfisher PLC | 3,610,541 | $ | 11,363,366 | |||||||
| * | Marston's PLC | 3,528,240 | 1,260,923 | |||||||
| Me Group International PLC | 1,581,235 | 3,324,645 | ||||||||
| * | Mitchells & Butlers PLC | 1,853,685 | 5,279,143 | |||||||
| MJ Gleeson PLC | 260,575 | 1,577,100 | ||||||||
| * | Moonpig Group PLC | 388,036 | 828,056 | |||||||
| * | Motorpoint group PLC | 51,520 | 86,900 | |||||||
| * | N Brown Group PLC | 447,329 | 90,529 | |||||||
| * Ω | On the Beach Group PLC | 449,814 | 938,188 | |||||||
| Persimmon PLC | 1,127,300 | 18,691,187 | ||||||||
| Pets at Home Group PLC | 3,234,580 | 10,962,513 | ||||||||
| * | Pinewood Technologies Group PLC | 5,237,113 | 2,537,574 | |||||||
| * | Playtech PLC | 1,318,371 | 7,673,503 | |||||||
| PPHE Hotel Group Ltd. | 18,873 | 337,399 | ||||||||
| * | Rank Group PLC | 1,110,924 | 964,974 | |||||||
| Redrow PLC | 1,640,617 | 13,759,208 | ||||||||
| Smiths News PLC | 43,375 | 26,215 | ||||||||
| SSP Group PLC | 3,886,783 | 10,732,414 | ||||||||
| # * †† | Studio Retail Group PLC | 220,669 | 0 | |||||||
| Taylor Wimpey PLC | 117,296 | 202,789 | ||||||||
| * | THG PLC | 2,758,259 | 2,404,747 | |||||||
| Ω | TI Fluid Systems PLC | 1,099,743 | 2,000,744 | |||||||
| Topps Tiles PLC | 723,089 | 411,991 | ||||||||
| * Ω | Trainline PLC | 203,433 | 950,581 | |||||||
| * | TUI AG | 46,626 | 384,018 | |||||||
| Vertu Motors PLC | 1,526,243 | 1,302,091 | ||||||||
| Victorian Plumbing Group PLC | 16,385 | 16,369 | ||||||||
| Videndum PLC | 305,302 | 1,114,621 | ||||||||
| Vistry Group PLC | 1,658,004 | 25,744,605 | ||||||||
| * Ω | Watches of Switzerland Group PLC | 929,365 | 4,203,669 | |||||||
| WH Smith PLC | 681,162 | 11,344,080 | ||||||||
| Wickes Group PLC | 1,736,927 | 3,406,324 | ||||||||
| Young & Co.'s Brewery PLC, Class A | 26,907 | 332,231 | ||||||||
| TOTAL CONSUMER DISCRETIONARY | 307,047,922 | |||||||||
| CONSUMER STAPLES — (7.3%) | ||||||||||
| AG Barr PLC | 751,064 | 5,519,383 | ||||||||
| Anglo-Eastern Plantations PLC | 126,037 | 1,105,436 | ||||||||
| Ω | Bakkavor Group PLC | 785,442 | 1,070,474 | |||||||
| Britvic PLC | 1,626,728 | 16,848,164 | ||||||||
| C&C Group PLC | 1,987,116 | 4,100,652 | ||||||||
| Carr's Group PLC | 357,844 | 516,271 | ||||||||
| Cranswick PLC | 366,623 | 18,972,882 | ||||||||
| Fevertree Drinks PLC | 112,643 | 1,706,532 | ||||||||
| * | Greencore Group PLC | 2,410,541 | 3,624,724 | |||||||
| Hilton Food Group PLC | 375,367 | 3,986,219 | ||||||||
| Kitwave Group PLC | 17,362 | 81,534 | ||||||||
| Marks & Spencer Group PLC | 9,096,384 | 30,462,604 | ||||||||
| * | McBride PLC | 920,906 | 1,155,623 | |||||||
| MP Evans Group PLC | 7,544 | 77,275 | ||||||||
| Premier Foods PLC | 4,712,428 | 8,874,994 | ||||||||
| PZ Cussons PLC | 1,352,766 | 1,525,530 | ||||||||
| Tate & Lyle PLC | 2,282,146 | 17,773,585 | ||||||||
| TOTAL CONSUMER STAPLES | 117,401,882 | |||||||||
The United Kingdom Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| ENERGY — (2.6%) | ||||||||||
| Capricorn Energy PLC | 1,269,828 | $ | 2,805,889 | |||||||
| # | Diversified Energy Co. PLC | 184,470 | 2,211,756 | |||||||
| # | Energean PLC | 566,913 | 7,822,610 | |||||||
| * | EnQuest PLC | 9,232,372 | 1,642,765 | |||||||
| # | Genel Energy PLC | 1,069,021 | 1,122,208 | |||||||
| # * | Gulf Keystone Petroleum Ltd. | 1,210,680 | 1,730,427 | |||||||
| * | Gulf Marine Services PLC | 204,026 | 50,678 | |||||||
| Harbour Energy PLC | 3,023,230 | 10,528,962 | ||||||||
| Hunting PLC | 833,050 | 3,479,958 | ||||||||
| * | John Wood Group PLC | 3,699,401 | 6,170,891 | |||||||
| # * | Pantheon Resources PLC | 88,116 | 29,398 | |||||||
| Pharos Energy PLC | 1,523,473 | 404,453 | ||||||||
| * | Savannah Energy PLC | 388,799 | 128,815 | |||||||
| Serica Energy PLC | 458,457 | 1,092,378 | ||||||||
| # * | Tullow Oil PLC | 6,815,516 | 2,670,493 | |||||||
| TOTAL ENERGY | 41,891,681 | |||||||||
| FINANCIALS — (20.8%) | ||||||||||
| abrdn PLC | 6,302,801 | 11,227,655 | ||||||||
| AJ Bell PLC | 1,346,690 | 5,124,634 | ||||||||
| Ashmore Group PLC | 2,416,082 | 5,980,349 | ||||||||
| Bank of Georgia Group PLC | 269,724 | 17,163,539 | ||||||||
| Beazley PLC | 3,371,873 | 28,353,760 | ||||||||
| Ω | Bridgepoint Group PLC | 258,726 | 846,705 | |||||||
| Brooks Macdonald Group PLC | 1,612 | 36,811 | ||||||||
| Burford Capital Ltd. | 1,040,043 | 16,301,137 | ||||||||
| Chesnara PLC | 890,316 | 2,957,650 | ||||||||
| Close Brothers Group PLC | 822,115 | 4,342,181 | ||||||||
| Ω | CMC Markets PLC | 602,174 | 1,653,307 | |||||||
| * | Direct Line Insurance Group PLC | 6,636,380 | 16,332,786 | |||||||
| Foresight Group Holdings Ltd. | 46,456 | 260,926 | ||||||||
| * Ω | Funding Circle Holdings PLC | 104,248 | 57,297 | |||||||
| * | Georgia Capital PLC | 52,591 | 880,507 | |||||||
| H&T Group PLC | 2,590 | 12,176 | ||||||||
| Hargreaves Lansdown PLC | 1,527,918 | 14,180,672 | ||||||||
| Hiscox Ltd. | 1,713,988 | 26,851,238 | ||||||||
| IG Group Holdings PLC | 1,903,515 | 17,563,132 | ||||||||
| Impax Asset Management Group PLC | 289,903 | 1,699,768 | ||||||||
| IntegraFin Holdings PLC | 877,459 | 3,072,206 | ||||||||
| International Personal Finance PLC | 1,112,997 | 1,531,545 | ||||||||
| IP Group PLC | 5,472,447 | 3,291,319 | ||||||||
| Jupiter Fund Management PLC | 2,164,243 | 2,421,893 | ||||||||
| Just Group PLC | 6,132,726 | 8,136,551 | ||||||||
| Lancashire Holdings Ltd. | 1,513,280 | 11,803,979 | ||||||||
| Liontrust Asset Management PLC | 187,456 | 1,590,024 | ||||||||
| Man Group PLC | 7,658,922 | 25,838,121 | ||||||||
| # * | Metro Bank Holdings PLC | 164,184 | 66,728 | |||||||
| Mortgage Advice Bureau Holdings Ltd. | 2,813 | 32,268 | ||||||||
| * Ω | Network International Holdings PLC | 232,907 | 1,155,137 | |||||||
| Ninety One PLC | 1,590,112 | 3,424,650 | ||||||||
| OSB Group PLC | 2,134,752 | 10,197,831 | ||||||||
| Paragon Banking Group PLC | 1,921,607 | 16,753,545 | ||||||||
| PayPoint PLC | 243,983 | 1,500,071 | ||||||||
| Plus500 Ltd. | 559,488 | 12,749,561 | ||||||||
| Polar Capital Holdings PLC | 348,110 | 2,002,331 | ||||||||
The United Kingdom Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| FINANCIALS — (Continued) | ||||||||||
| Ω | Quilter PLC | 7,650,691 | $ | 10,351,303 | ||||||
| Rathbones Group PLC | 316,206 | 6,179,639 | ||||||||
| Record PLC | 18,948 | 15,299 | ||||||||
| S&U PLC | 32,376 | 767,003 | ||||||||
| Ω | Sabre Insurance Group PLC | 511,162 | 1,159,238 | |||||||
| * | Saga PLC | 575,705 | 887,835 | |||||||
| St. James's Place PLC | 620,616 | 3,640,950 | ||||||||
| TBC Bank Group PLC | 153,363 | 6,221,314 | ||||||||
| TP ICAP Group PLC | 3,839,814 | 10,915,336 | ||||||||
| Vanquis Banking Group PLC | 1,270,872 | 846,391 | ||||||||
| Virgin Money U.K. PLC | 5,748,672 | 15,521,984 | ||||||||
| Waterloo Investment Holdings Ltd. | 4,000 | 1,400 | ||||||||
| XPS Pensions Group PLC | 85,223 | 248,735 | ||||||||
| TOTAL FINANCIALS | 334,150,417 | |||||||||
| HEALTH CARE — (2.3%) | ||||||||||
| Advanced Medical Solutions Group PLC | 572,058 | 1,415,859 | ||||||||
| # | Alliance Pharma PLC | 2,234,721 | 1,122,129 | |||||||
| CVS Group PLC | 389,403 | 4,786,999 | ||||||||
| EKF Diagnostics Holdings PLC | 79,384 | 27,692 | ||||||||
| Genus PLC | 17,651 | 392,620 | ||||||||
| Hikma Pharmaceuticals PLC | 486,347 | 11,765,208 | ||||||||
| * | Indivior PLC | 422,554 | 9,030,181 | |||||||
| * Ω | Integrated Diagnostics Holdings PLC | 1,249,693 | 492,768 | |||||||
| NIOX Group PLC | 202,629 | 163,490 | ||||||||
| * | Oxford Biomedica PLC | 5,730 | 14,502 | |||||||
| * | Oxford Nanopore Technologies PLC | 303,335 | 465,040 | |||||||
| # * | PureTech Health PLC | 580,526 | 1,626,831 | |||||||
| Ω | Spire Healthcare Group PLC | 1,989,285 | 5,818,456 | |||||||
| * | Trellus Health PLC | 1,632 | 46 | |||||||
| TOTAL HEALTH CARE | 37,121,821 | |||||||||
| INDUSTRIALS — (25.0%) | ||||||||||
| Ashtead Technology Holdings PLC | 49,074 | 470,657 | ||||||||
| Avon Rubber PLC | 173,710 | 2,370,079 | ||||||||
| Babcock International Group PLC | 2,576,317 | 16,907,392 | ||||||||
| Balfour Beatty PLC | 3,585,302 | 17,299,142 | ||||||||
| Begbies Traynor Group PLC | 60,262 | 81,425 | ||||||||
| Bodycote PLC | 1,185,696 | 10,392,460 | ||||||||
| # | Braemar PLC | 83,994 | 278,781 | |||||||
| * | Capita PLC | 8,481,602 | 1,412,393 | |||||||
| # * | Ceres Power Holdings PLC | 16,384 | 29,440 | |||||||
| Chemring Group PLC | 1,544,588 | 7,062,825 | ||||||||
| Clarkson PLC | 214,590 | 10,868,324 | ||||||||
| Costain Group PLC | 333,308 | 314,824 | ||||||||
| * | De La Rue PLC | 451,647 | 465,882 | |||||||
| # * | Dialight PLC | 89,929 | 197,916 | |||||||
| Diploma PLC | 406,243 | 19,081,817 | ||||||||
| DiscoverIE Group PLC | 548,298 | 5,225,172 | ||||||||
| easyJet PLC | 966,101 | 6,953,970 | ||||||||
| Firstgroup PLC | 3,158,174 | 7,195,635 | ||||||||
| Galliford Try Holdings PLC | 537,513 | 1,633,373 | ||||||||
| Genuit Group PLC | 1,378,745 | 7,658,619 | ||||||||
| Goodwin PLC | 246 | 16,729 | ||||||||
| Grafton Group PLC | 1,489,341 | 18,828,725 | ||||||||
The United Kingdom Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| INDUSTRIALS — (Continued) | ||||||||||
| Hays PLC | 8,744,520 | $ | 10,440,571 | |||||||
| Howden Joinery Group PLC | 1,961,497 | 22,453,601 | ||||||||
| IMI PLC | 455,444 | 10,433,663 | ||||||||
| †† | Industrial & Commercial Bank of China Ltd. | 5,000 | 0 | |||||||
| * | International Distributions Services PLC | 3,658,794 | 10,575,424 | |||||||
| * | James Fisher & Sons PLC | 205,009 | 675,043 | |||||||
| James Halstead PLC | 159,970 | 405,095 | ||||||||
| JET2 PLC | 813,756 | 14,813,113 | ||||||||
| Johnson Service Group PLC | 964,720 | 1,598,414 | ||||||||
| Keller Group PLC | 514,763 | 6,808,913 | ||||||||
| * | Kier Group PLC | 2,010,758 | 3,346,605 | |||||||
| Learning Technologies Group PLC | 400,539 | 432,312 | ||||||||
| Ω | Luceco PLC | 284,627 | 499,749 | |||||||
| Mears Group PLC | 777,591 | 3,619,928 | ||||||||
| Mitie Group PLC | 8,157,936 | 10,794,735 | ||||||||
| Mobico Group PLC | 3,075,182 | 2,699,414 | ||||||||
| Morgan Advanced Materials PLC | 1,884,645 | 6,772,913 | ||||||||
| Morgan Sindall Group PLC | 293,286 | 8,588,367 | ||||||||
| Norcros PLC | 155,422 | 360,898 | ||||||||
| Pagegroup PLC | 1,978,421 | 11,198,097 | ||||||||
| Porvair PLC | 18,060 | 141,535 | ||||||||
| QinetiQ Group PLC | 3,297,003 | 15,187,884 | ||||||||
| Redde Northgate PLC | 1,519,745 | 7,307,298 | ||||||||
| Renew Holdings PLC | 132,217 | 1,542,841 | ||||||||
| * | Renewi PLC | 444,844 | 3,222,258 | |||||||
| Ricardo PLC | 317,822 | 1,829,606 | ||||||||
| Robert Walters PLC | 391,393 | 2,008,579 | ||||||||
| Rotork PLC | 4,453,609 | 18,492,281 | ||||||||
| RS Group PLC | 1,357,016 | 12,442,594 | ||||||||
| RWS Holdings PLC | 719,560 | 1,701,334 | ||||||||
| Senior PLC | 2,429,830 | 5,424,444 | ||||||||
| Serco Group PLC | 6,263,031 | 14,995,453 | ||||||||
| Severfield PLC | 1,107,512 | 764,707 | ||||||||
| * | SIG PLC | 4,065,613 | 1,499,373 | |||||||
| # | Smart Metering Systems PLC | 529,721 | 6,364,428 | |||||||
| Speedy Hire PLC | 2,690,870 | 862,526 | ||||||||
| SThree PLC | 925,041 | 5,015,407 | ||||||||
| TClarke PLC | 64,836 | 101,164 | ||||||||
| Travis Perkins PLC | 1,218,528 | 11,216,534 | ||||||||
| Trifast PLC | 524,611 | 494,705 | ||||||||
| Tyman PLC | 1,077,281 | 3,928,889 | ||||||||
| Vesuvius PLC | 1,604,552 | 10,009,821 | ||||||||
| Volex PLC | 576,385 | 2,093,794 | ||||||||
| Volution Group PLC | 871,266 | 4,767,333 | ||||||||
| Vp PLC | 153,784 | 1,064,637 | ||||||||
| Wilmington PLC | 342,038 | 1,504,206 | ||||||||
| Wincanton PLC | 680,344 | 5,144,242 | ||||||||
| XP Power Ltd. | 55,148 | 760,512 | ||||||||
| TOTAL INDUSTRIALS | 401,150,820 | |||||||||
| INFORMATION TECHNOLOGY — (5.3%) | ||||||||||
| * | Accesso Technology Group PLC | 14,495 | 97,989 | |||||||
| Ω | Alfa Financial Software Holdings PLC | 22,791 | 48,786 | |||||||
| Bytes Technology Group PLC | 845,509 | 5,455,832 | ||||||||
| Computacenter PLC | 501,247 | 17,041,918 | ||||||||
The United Kingdom Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| INFORMATION TECHNOLOGY — (Continued) | ||||||||||
| * | Darktrace PLC | 734,202 | $ | 4,052,507 | ||||||
| dotdigital group PLC | 505,544 | 546,592 | ||||||||
| FDM Group Holdings PLC | 466,532 | 2,026,205 | ||||||||
| * | Fund Technologies PLC | 60,340 | 932,334 | |||||||
| GB Group PLC | 437,487 | 1,504,426 | ||||||||
| Gooch & Housego PLC | 6,822 | 44,738 | ||||||||
| IDOX PLC | 140,149 | 110,733 | ||||||||
| iomart Group PLC | 332,032 | 608,461 | ||||||||
| # * | IQE PLC | 2,857,562 | 756,525 | |||||||
| Kainos Group PLC | 514,937 | 6,296,825 | ||||||||
| Keywords Studios PLC | 61,095 | 1,002,870 | ||||||||
| * | Kin & Carta PLC | 271,302 | 440,920 | |||||||
| NCC Group PLC | 1,596,111 | 2,504,244 | ||||||||
| Oxford Instruments PLC | 356,001 | 9,515,306 | ||||||||
| Renishaw PLC | 3,601 | 192,641 | ||||||||
| * | RM PLC | 313,273 | 217,297 | |||||||
| Softcat PLC | 721,394 | 14,491,445 | ||||||||
| Spectris PLC | 107,149 | 4,458,441 | ||||||||
| Spirent Communications PLC | 3,744,181 | 9,472,237 | ||||||||
| Strix Group PLC | 312,276 | 270,363 | ||||||||
| TT Electronics PLC | 1,136,948 | 2,275,093 | ||||||||
| * | Xaar PLC | 553,856 | 740,738 | |||||||
| TOTAL INFORMATION TECHNOLOGY | 85,105,466 | |||||||||
| MATERIALS — (6.7%) | ||||||||||
| * | Accsys Technologies PLC | 9,505 | 7,230 | |||||||
| Atalaya Mining PLC | 35,460 | 173,493 | ||||||||
| Breedon Group PLC | 999,206 | 4,838,566 | ||||||||
| Capital Ltd. | 59,308 | 67,542 | ||||||||
| Castings PLC | 172,431 | 721,667 | ||||||||
| Centamin PLC | 8,657,968 | 12,330,610 | ||||||||
| Central Asia Metals PLC | 859,404 | 2,138,185 | ||||||||
| DS Smith PLC | 3,428,619 | 17,150,452 | ||||||||
| Ecora Resources PLC | 1,136,043 | 1,098,003 | ||||||||
| * | Elementis PLC | 3,736,682 | 6,999,532 | |||||||
| Essentra PLC | 1,595,688 | 3,544,307 | ||||||||
| * | Ferrexpo PLC | 384 | 211 | |||||||
| Ω | Forterra PLC | 1,125,378 | 2,444,032 | |||||||
| Fresnillo PLC | 692,021 | 4,098,591 | ||||||||
| * | Gem Diamonds Ltd. | 312,102 | 33,825 | |||||||
| Hill & Smith PLC | 552,541 | 13,648,700 | ||||||||
| * | Hochschild Mining PLC | 1,655,440 | 2,653,584 | |||||||
| Ω | Ibstock PLC | 2,241,450 | 4,262,619 | |||||||
| Johnson Matthey PLC | 675,589 | 15,267,183 | ||||||||
| Marshalls PLC | 610,209 | 2,112,879 | ||||||||
| Pan African Resources PLC | 6,135,923 | 1,745,027 | ||||||||
| * | Petra Diamonds Ltd. | 17,531 | 8,950 | |||||||
| RHI Magnesita NV | 10,540 | 469,053 | ||||||||
| * | Sigmaroc PLC | 555,903 | 477,510 | |||||||
| * | SolGold PLC | 1,728,262 | 231,050 | |||||||
| # * | Synthomer PLC | 751,394 | 2,471,884 | |||||||
| Treatt PLC | 22,859 | 122,800 | ||||||||
| Victrex PLC | 455,636 | 7,474,685 | ||||||||
| Zotefoams PLC | 107,318 | 517,937 | ||||||||
| TOTAL MATERIALS | 107,110,107 | |||||||||
The United Kingdom Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| REAL ESTATE — (2.7%) | ||||||||||
| Foxtons Group PLC | 1,480,091 | $ | 1,022,372 | |||||||
| Grainger PLC | 4,254,403 | 13,834,930 | ||||||||
| Harworth Group PLC | 30,381 | 53,100 | ||||||||
| Helical PLC | 159,645 | 418,844 | ||||||||
| * | IWG PLC | 3,772,770 | 9,174,552 | |||||||
| LSL Property Services PLC | 428,902 | 1,442,457 | ||||||||
| * | Phoenix Spree Deutschland Ltd. | 15,813 | 30,244 | |||||||
| Savills PLC | 971,680 | 13,092,075 | ||||||||
| Sirius Real Estate Ltd. | 3,412,853 | 4,219,305 | ||||||||
| Watkin Jones PLC | 1,032,515 | 530,761 | ||||||||
| TOTAL REAL ESTATE | 43,818,640 | |||||||||
| UTILITIES — (2.3%) | ||||||||||
| Drax Group PLC | 2,467,126 | 15,653,662 | ||||||||
| Pennon Group PLC | 1,497,540 | 12,229,443 | ||||||||
| Telecom Plus PLC | 438,901 | 9,031,327 | ||||||||
| TOTAL UTILITIES | 36,914,432 | |||||||||
| TOTAL COMMON STOCKS Cost ($1,403,135,850) | 1,584,624,292 | |||||||||
| Value† | ||||||||||
| SECURITIES LENDING COLLATERAL — (1.4%) | ||||||||||
| @ § | The DFA Short Term Investment Fund | 1,980,567 | 22,913,179 | |||||||
| TOTAL INVESTMENTS — (100.0%) (Cost $1,426,047,242)^^ | $ | 1,607,537,471 | ||||||||
| ADR | American Depositary Receipt |
| » | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. |
| Ω | Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Fund’s Liquidity Guidelines. The liquidity determination is unaudited. |
| # | Total or Partial Securities on Loan. |
| * | Non-Income Producing Securities. |
| †† | Security valued using significant unobservable inputs (Level 3). |
| † | See Security Valuation Note within the Notes to Schedules of Investments. |
| @ | Security purchased with cash collateral received from Securities on Loan. |
| § | Affiliated Fund. |
| ^^ | See Federal Tax Cost Note within the Notes to Schedules of Investments. |
Summary of the Series' investments as of March 31, 2024, based on their valuation inputs, is as follows (see Security Valuation Note):
| Investments in Securities (Market Value) | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Common Stocks | ||||||||||||||||
| Communication Services | $ | 15,169 | $ | 72,895,935 | — | $ | 72,911,104 | |||||||||
| Consumer Discretionary | — | 307,047,922 | — | 307,047,922 | ||||||||||||
| Consumer Staples | — | 117,401,882 | — | 117,401,882 | ||||||||||||
| Energy | — | 41,891,681 | — | 41,891,681 | ||||||||||||
| Financials | — | 334,150,417 | — | 334,150,417 | ||||||||||||
| Health Care | — | 37,121,821 | — | 37,121,821 | ||||||||||||
| Industrials | — | 401,150,820 | — | 401,150,820 | ||||||||||||
The United Kingdom Small Company Series
CONTINUED
| Investments in Securities (Market Value) | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Information Technology | — | $ | 85,105,466 | — | $ | 85,105,466 | ||||||||||
| Materials | — | 107,110,107 | — | 107,110,107 | ||||||||||||
| Real Estate | — | 43,818,640 | — | 43,818,640 | ||||||||||||
| Utilities | — | 36,914,432 | — | 36,914,432 | ||||||||||||
| Securities Lending Collateral | — | 22,913,179 | — | 22,913,179 | ||||||||||||
| TOTAL | $ | 15,169 | $ | 1,607,522,302 | — | $ | 1,607,537,471 | |||||||||
The Continental Small Company Series
SCHEDULE OF INVESTMENTS
March 31, 2024
(Unaudited)
| Shares | Value» | |||||||||
| COMMON STOCKS — (94.2%) | ||||||||||
| AUSTRIA — (3.2%) | ||||||||||
| Agrana Beteiligungs AG | 73,256 | $ | 1,106,542 | |||||||
| ANDRITZ AG | 432,017 | 26,926,229 | ||||||||
| # | AT&S Austria Technologie & Systemtechnik AG | 178,771 | 3,730,019 | |||||||
| Ω | BAWAG Group AG | 434,580 | 27,505,195 | |||||||
| CA Immobilien Anlagen AG | 189,696 | 6,687,043 | ||||||||
| DO & Co. AG | 46,689 | 6,965,341 | ||||||||
| * | Eurotelesites AG | 289,656 | 1,157,848 | |||||||
| EVN AG | 246,314 | 6,509,564 | ||||||||
| # * | FACC AG | 115,029 | 789,305 | |||||||
| * | Immofinanz AG | 96,097 | 2,340,807 | |||||||
| Immofinanz AG | 681,827 | 0 | ||||||||
| Josef Manner & Comp AG | 870 | 101,327 | ||||||||
| * | Kapsch TrafficCom AG | 29,728 | 272,552 | |||||||
| # * | Lenzing AG | 103,680 | 3,583,065 | |||||||
| Mayr Melnhof Karton AG | 56,716 | 7,069,193 | ||||||||
| Oberbank AG | 44,662 | 3,353,722 | ||||||||
| Oesterreichische Post AG | 118,889 | 4,059,707 | ||||||||
| Palfinger AG | 91,619 | 2,279,385 | ||||||||
| # | POLYTEC Holding AG | 106,063 | 383,367 | |||||||
| Porr AG | 98,841 | 1,513,500 | ||||||||
| Raiffeisen Bank International AG | 241,731 | 4,811,379 | ||||||||
| * | Rosenbauer International AG | 20,672 | 628,448 | |||||||
| Schoeller-Bleckmann Oilfield Equipment AG | 55,898 | 2,671,408 | ||||||||
| Semperit AG Holding | 44,844 | 593,223 | ||||||||
| Strabag SE | 1,762 | 74,227 | ||||||||
| Telekom Austria AG | 1,158,627 | 9,683,273 | ||||||||
| UBM Development AG | 21,002 | 425,694 | ||||||||
| UNIQA Insurance Group AG | 907,621 | 7,839,365 | ||||||||
| Vienna Insurance Group AG Wiener Versicherung Gruppe | 287,577 | 8,961,381 | ||||||||
| voestalpine AG | 625,521 | 17,547,785 | ||||||||
| Wienerberger AG | 687,303 | 25,035,559 | ||||||||
| Zumtobel Group AG | 157,714 | 981,867 | ||||||||
| TOTAL AUSTRIA | 185,587,320 | |||||||||
| BELGIUM — (3.3%) | ||||||||||
| Ackermans & van Haaren NV | 169,888 | 29,701,928 | ||||||||
| Ageas SA | 17,374 | 804,861 | ||||||||
| * | AGFA-Gevaert NV | 837,512 | 1,201,556 | |||||||
| # | Atenor | 117,970 | 848,808 | |||||||
| Azelis Group NV | 100,916 | 2,131,574 | ||||||||
| Barco NV | 464,377 | 7,651,671 | ||||||||
| Bekaert SA | 252,469 | 12,945,577 | ||||||||
| # * †† Ω | Biocartis Group NV | 357,370 | 0 | |||||||
| bpost SA | 469,452 | 1,754,413 | ||||||||
| Cie d'Entreprises CFE | 49,898 | 385,260 | ||||||||
| Colruyt Group NV | 311,426 | 14,396,615 | ||||||||
| Deceuninck NV | 464,892 | 1,131,181 | ||||||||
| Deme Group NV | 52,928 | 8,467,593 | ||||||||
| Econocom Group SA | 516,320 | 1,182,719 | ||||||||
| # * | Euronav NV | 44,428 | 738,838 | |||||||
| EVS Broadcast Equipment SA | 71,831 | 2,585,113 | ||||||||
| Fagron | 365,547 | 6,964,545 | ||||||||
| * | Galapagos NV | 236,921 | 7,589,762 | |||||||
| Gimv NV | 127,837 | 6,141,256 | ||||||||
| Greenyard NV | 2,890 | 15,863 | ||||||||
The Continental Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| BELGIUM — (Continued) | ||||||||||
| # | Immobel SA | 23,226 | $ | 726,947 | ||||||
| # | Ion Beam Applications | 116,108 | 1,640,865 | |||||||
| Jensen-Group NV | 20,961 | 835,217 | ||||||||
| Kinepolis Group NV | 92,649 | 4,251,238 | ||||||||
| Lotus Bakeries NV | 2,257 | 21,790,881 | ||||||||
| Melexis NV | 125,120 | 10,132,307 | ||||||||
| * | Ontex Group NV | 369,383 | 3,122,981 | |||||||
| Proximus SADP | 825,378 | 6,675,051 | ||||||||
| # | Recticel SA | 272,024 | 3,207,767 | |||||||
| Roularta Media Group NV | 7,618 | 82,938 | ||||||||
| Sipef NV | 38,999 | 2,332,764 | ||||||||
| Solvay SA | 128,188 | 3,498,459 | ||||||||
| Tessenderlo Group SA | 164,754 | 4,310,215 | ||||||||
| Umicore SA | 671,603 | 14,479,484 | ||||||||
| Van de Velde NV | 45,864 | 1,683,502 | ||||||||
| VGP NV | 47,344 | 5,419,049 | ||||||||
| Viohalco SA | 498,361 | 3,006,144 | ||||||||
| What's Cooking BV | 3,904 | 337,973 | ||||||||
| TOTAL BELGIUM | 194,172,915 | |||||||||
| DENMARK — (6.7%) | ||||||||||
| * | ALK-Abello AS | 882,799 | 15,922,681 | |||||||
| Alm Brand AS | 6,011,145 | 11,461,184 | ||||||||
| # * | Ambu AS, Class B | 575,529 | 9,472,073 | |||||||
| * | Bang & Olufsen AS | 599,792 | 809,198 | |||||||
| BankNordik P | 10,800 | 238,663 | ||||||||
| # * | Bavarian Nordic AS | 456,154 | 10,218,419 | |||||||
| cBrain AS | 29,474 | 1,612,593 | ||||||||
| Chemometec AS | 90,601 | 5,580,622 | ||||||||
| # | Columbus AS | 490,087 | 569,186 | |||||||
| D/S Norden AS | 196,785 | 8,042,608 | ||||||||
| Dfds AS | 203,673 | 5,920,761 | ||||||||
| # | Djurslands Bank AS | 6,232 | 496,032 | |||||||
| FLSmidth & Co. AS | 314,074 | 15,689,813 | ||||||||
| # | Fluegger Group AS | 4,198 | 207,080 | |||||||
| * | GN Store Nord AS | 614,024 | 16,240,222 | |||||||
| # | GronlandsBANKEN AS | 1,125 | 105,702 | |||||||
| H Lundbeck AS | 1,517,470 | 7,308,785 | ||||||||
| H Lundbeck AS, Class A | 25,600 | 106,286 | ||||||||
| # * | H&H International AS, Class B | 92,234 | 932,532 | |||||||
| * | Harboes Bryggeri AS, Class B | 5,094 | 64,142 | |||||||
| # | ISS AS | 945,132 | 17,219,193 | |||||||
| Jeudan AS | 40,415 | 1,289,592 | ||||||||
| Jyske Bank AS | 425,821 | 36,069,420 | ||||||||
| # | Lan & Spar Bank | 4,895 | 495,963 | |||||||
| Matas AS | 279,854 | 4,744,303 | ||||||||
| # * Ω | Netcompany Group AS | 209,817 | 8,672,813 | |||||||
| * | Nilfisk Holding AS | 100,764 | 2,064,839 | |||||||
| * | NKT AS | 367,425 | 30,396,143 | |||||||
| # * Ω | NNIT AS | 71,567 | 1,120,836 | |||||||
| North Media AS | 5,372 | 49,772 | ||||||||
| # * | NTG Nordic Transport Group AS | 28,806 | 1,174,399 | |||||||
| # | Parken Sport & Entertainment AS | 11,952 | 220,470 | |||||||
| Per Aarsleff Holding AS | 134,696 | 6,722,182 | ||||||||
| Ringkjoebing Landbobank AS | 195,913 | 34,350,226 | ||||||||
| Rockwool AS, Class A | 649 | 211,726 | ||||||||
| Rockwool AS, Class B | 12,655 | 4,163,815 | ||||||||
| Royal Unibrew AS | 312,981 | 20,709,589 | ||||||||
| # * | RTX AS | 44,919 | 632,550 | |||||||
The Continental Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| DENMARK — (Continued) | ||||||||||
| Ω | Scandinavian Tobacco Group AS | 452,246 | $ | 8,088,838 | ||||||
| Schouw & Co. AS | 90,827 | 7,000,683 | ||||||||
| Solar AS, Class B | 34,913 | 1,683,034 | ||||||||
| SP Group AS | 7,224 | 227,009 | ||||||||
| Spar Nord Bank AS | 607,698 | 10,143,178 | ||||||||
| Sparekassen Sjaelland-Fyn AS | 4,528 | 139,682 | ||||||||
| Sydbank AS | 452,041 | 23,434,704 | ||||||||
| * | TCM Group AS | 2,578 | 19,154 | |||||||
| # | Tivoli AS | 9,878 | 1,054,424 | |||||||
| Topdanmark AS | 358,334 | 15,312,321 | ||||||||
| TORM PLC, Class A | 242,573 | 8,240,435 | ||||||||
| UIE PLC | 103,360 | 3,257,718 | ||||||||
| * | Zealand Pharma AS | 271,476 | 26,889,672 | |||||||
| TOTAL DENMARK | 386,797,265 | |||||||||
| FINLAND — (4.8%) | ||||||||||
| Aktia Bank OYJ | 339,023 | 3,663,926 | ||||||||
| # | Alandsbanken Abp, Class B | 23,036 | 874,467 | |||||||
| Alma Media OYJ | 135,302 | 1,439,445 | ||||||||
| Anora Group OYJ | 17,444 | 100,818 | ||||||||
| Apetit OYJ | 21,105 | 312,132 | ||||||||
| Aspo OYJ | 108,218 | 709,641 | ||||||||
| Atria OYJ | 98,413 | 1,029,021 | ||||||||
| # | Bittium OYJ | 192,809 | 1,127,283 | |||||||
| Cargotec OYJ, Class B | 271,845 | 18,954,203 | ||||||||
| # | Citycon OYJ | 466,756 | 1,926,245 | |||||||
| Digia OYJ | 87,143 | 483,899 | ||||||||
| Elisa OYJ | 27,593 | 1,230,189 | ||||||||
| Ω | Enento Group OYJ | 8,442 | 157,130 | |||||||
| * | Finnair OYJ | 662,496 | 2,095,839 | |||||||
| # | Fiskars OYJ Abp | 215,530 | 3,992,144 | |||||||
| F-Secure OYJ | 678,721 | 1,372,886 | ||||||||
| Glaston OYJ Abp | 9,217 | 8,453 | ||||||||
| Gofore OYJ | 574 | 13,261 | ||||||||
| Harvia OYJ | 76,334 | 3,154,956 | ||||||||
| # * | HKScan OYJ, Class A | 234,984 | 173,530 | |||||||
| Huhtamaki OYJ | 631,957 | 26,466,923 | ||||||||
| Ilkka OYJ | 58,887 | 207,360 | ||||||||
| Kamux Corp. | 59,097 | 369,950 | ||||||||
| Kemira OYJ | 741,189 | 14,011,354 | ||||||||
| # | Kesko OYJ, Class B | 133,596 | 2,497,446 | |||||||
| * | Kojamo OYJ | 641,793 | 7,605,833 | |||||||
| Konecranes OYJ | 435,511 | 22,605,684 | ||||||||
| # | Lassila & Tikanoja OYJ | 159,902 | 1,517,524 | |||||||
| * | Lindex Group OYJ | 14,220 | 49,606 | |||||||
| Marimekko OYJ | 59,153 | 793,203 | ||||||||
| # | Metsa Board OYJ, Class B | 1,192,468 | 9,033,978 | |||||||
| Nokian Renkaat OYJ | 703,018 | 6,622,217 | ||||||||
| Olvi OYJ, Class A | 95,777 | 3,183,097 | ||||||||
| Oma Saastopankki OYJ | 12,155 | 262,197 | ||||||||
| Oriola OYJ | 6,054 | 7,261 | ||||||||
| # | Oriola OYJ, Class B | 808,151 | 885,711 | |||||||
| Orion OYJ, Class B | 651,111 | 24,271,371 | ||||||||
| # | Outokumpu OYJ | 2,101,252 | 9,140,508 | |||||||
| * | Pihlajalinna OYJ | 83,458 | 684,431 | |||||||
| Ponsse OYJ | 71,199 | 1,813,888 | ||||||||
| Puuilo OYJ | 51,140 | 546,762 | ||||||||
| * | QT Group OYJ | 86,351 | 7,126,273 | |||||||
| Raisio OYJ, Class V | 689,156 | 1,524,088 | ||||||||
The Continental Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| FINLAND — (Continued) | ||||||||||
| Rapala VMC OYJ | 116,693 | $ | 346,206 | |||||||
| Revenio Group OYJ | 130,109 | 3,574,983 | ||||||||
| Sanoma OYJ | 471,854 | 3,463,628 | ||||||||
| Scanfil OYJ | 2,904 | 26,185 | ||||||||
| Taaleri PLC | 8,120 | 90,621 | ||||||||
| # | Talenom OYJ | 7,120 | 45,588 | |||||||
| * | Teleste OYJ | 52,966 | 182,195 | |||||||
| # Ω | Terveystalo OYJ | 363,953 | 2,959,298 | |||||||
| TietoEVRY OYJ | 586,911 | 12,419,329 | ||||||||
| Tokmanni Group Corp. | 324,373 | 5,312,126 | ||||||||
| Vaisala OYJ, Class A | 125,505 | 5,134,981 | ||||||||
| # | Valmet OYJ | 885,247 | 23,303,466 | |||||||
| * | Verkkokauppa.com OYJ | 13,945 | 35,620 | |||||||
| # | Viking Line Abp | 11,073 | 249,550 | |||||||
| Wartsila OYJ Abp | 2,286,733 | 34,752,656 | ||||||||
| # * | WithSecure OYJ | 528,284 | 605,777 | |||||||
| # | YIT OYJ | 680,060 | 1,427,568 | |||||||
| TOTAL FINLAND | 277,975,910 | |||||||||
| FRANCE — (11.2%) | ||||||||||
| # | ABC arbitrage | 147,890 | 611,177 | |||||||
| # * | Air France-KLM | 213,395 | 2,375,518 | |||||||
| AKWEL SADIR | 61,346 | 973,133 | ||||||||
| Ω | ALD SA | 65,207 | 460,988 | |||||||
| # | Alstom SA | 720,365 | 10,969,985 | |||||||
| Altamir | 136,094 | 3,603,666 | ||||||||
| Alten SA | 154,146 | 22,497,079 | ||||||||
| Arkema SA | 124,123 | 13,067,624 | ||||||||
| Assystem SA | 61,561 | 3,904,851 | ||||||||
| # * | Atos SE | 463,767 | 945,567 | |||||||
| Aubay | 43,296 | 1,901,828 | ||||||||
| # | Axway Software SA | 39,876 | 1,131,845 | |||||||
| # * | Bastide le Confort Medical | 18,680 | 283,964 | |||||||
| Beneteau SACA | 262,633 | 3,870,465 | ||||||||
| # * | Bigben Interactive | 85,998 | 259,655 | |||||||
| Boiron SA | 33,957 | 1,232,316 | ||||||||
| Bonduelle SCA | 103,735 | 840,961 | ||||||||
| * †† | Bourbon Corp. SA | 28,851 | 0 | |||||||
| Catana Group | 47,853 | 242,594 | ||||||||
| * | Cegedim SA | 39,170 | 548,712 | |||||||
| * | CGG SA | 4,602,240 | 1,994,273 | |||||||
| Cie des Alpes | 129,059 | 1,879,306 | ||||||||
| Cie Plastic Omnium SE | 375,641 | 4,891,774 | ||||||||
| # * | Claranova SE | 66,462 | 185,400 | |||||||
| # | Clariane SE | 461,522 | 733,134 | |||||||
| Coface SA | 763,755 | 12,073,037 | ||||||||
| Derichebourg SA | 681,103 | 3,236,995 | ||||||||
| # * | Ekinops SAS | 7,393 | 29,764 | |||||||
| # | Electricite de Strasbourg SA | 21,112 | 2,608,061 | |||||||
| # * Ω | Elior Group SA | 767,090 | 2,050,749 | |||||||
| Elis SA | 1,272,724 | 28,927,002 | ||||||||
| Equasens | 12,616 | 697,991 | ||||||||
| # | Eramet SA | 62,267 | 4,729,805 | |||||||
| Esso SA Francaise | 4,763 | 643,747 | ||||||||
| Etablissements Maurel et Prom SA | 404,715 | 2,447,338 | ||||||||
| Eurazeo SE | 192,241 | 16,845,050 | ||||||||
| * | Euroapi SA | 108,008 | 325,668 | |||||||
| # * | Eutelsat Communications SACA | 1,169,230 | 5,095,290 | |||||||
| * | Exclusive Networks SA | 12,881 | 305,600 | |||||||
The Continental Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| FRANCE — (Continued) | ||||||||||
| Exel Industries SA, Class A | 10,459 | $ | 630,068 | |||||||
| Fnac Darty SA | 74,524 | 2,335,008 | ||||||||
| * | Forvia SE | 1,075,585 | 16,296,545 | |||||||
| * | Gaumont SA | 10,715 | 1,115,342 | |||||||
| Gaztransport Et Technigaz SA | 192,390 | 28,764,615 | ||||||||
| # | GEA | 2,433 | 255,943 | |||||||
| GL Events SACA | 56,164 | 1,156,977 | ||||||||
| Groupe Crit SA | 22,324 | 1,729,557 | ||||||||
| Groupe SFPI | 21,754 | 44,602 | ||||||||
| Guerbet | 35,476 | 1,257,165 | ||||||||
| # * | Haulotte Group SA | 73,020 | 187,525 | |||||||
| * | ID Logistics Group SACA | 16,065 | 6,129,276 | |||||||
| Imerys SA | 215,458 | 7,339,996 | ||||||||
| Infotel SA | 637 | 32,281 | ||||||||
| Interparfums SA | 27,073 | 1,525,321 | ||||||||
| IPSOS SA | 294,938 | 20,792,989 | ||||||||
| Jacquet Metals SACA | 90,380 | 1,797,321 | ||||||||
| * | JCDecaux SE | 295,075 | 5,727,886 | |||||||
| Kaufman & Broad SA | 104,118 | 3,035,553 | ||||||||
| Ω | La Francaise des Jeux SAEM | 110,098 | 4,487,340 | |||||||
| Laurent-Perrier | 14,168 | 1,841,433 | ||||||||
| Lectra | 32,033 | 1,117,907 | ||||||||
| Linedata Services | 3,353 | 247,467 | ||||||||
| LISI SA | 45,202 | 1,153,409 | ||||||||
| # | LNA Sante SA | 32,778 | 722,747 | |||||||
| # Ω | Maisons du Monde SA | 173,243 | 811,573 | |||||||
| Manitou BF SA | 64,454 | 1,764,576 | ||||||||
| # * | McPhy Energy SA | 3,521 | 7,212 | |||||||
| Mersen SA | 152,413 | 6,001,460 | ||||||||
| Metropole Television SA | 167,187 | 2,492,320 | ||||||||
| # * | Nacon SA | 48,706 | 67,330 | |||||||
| Ω | Neoen SA | 172,723 | 4,889,678 | |||||||
| Nexans SA | 195,817 | 20,470,961 | ||||||||
| # | Nexity SA | 289,837 | 2,963,861 | |||||||
| NRJ Group | 87,189 | 739,283 | ||||||||
| Oeneo SA | 88,742 | 986,313 | ||||||||
| # * | OVH Groupe SAS | 15,608 | 162,912 | |||||||
| # * | Pierre Et Vacances SA | 23,344 | 32,279 | |||||||
| * | Plastiques Du Val De Loire | 14,341 | 42,990 | |||||||
| Quadient SA | 220,199 | 4,528,650 | ||||||||
| * †† | Recylex SA | 102,008 | 0 | |||||||
| Rexel SA | 1,258,287 | 33,989,882 | ||||||||
| Robertet SA | 489 | 420,934 | ||||||||
| Rubis SCA | 652,775 | 23,046,992 | ||||||||
| Samse SACA | 7,930 | 1,577,093 | ||||||||
| Savencia SA | 35,032 | 1,935,216 | ||||||||
| SCOR SE | 865,645 | 29,966,469 | ||||||||
| SEB SA | 130,517 | 16,698,690 | ||||||||
| Seche Environnement SACA | 21,328 | 2,605,587 | ||||||||
| SES SA | 2,144,185 | 14,291,832 | ||||||||
| # * Ω | SMCP SA | 78,239 | 196,703 | |||||||
| Societe BIC SA | 148,190 | 10,589,097 | ||||||||
| # | Societe des Bains de Mer et du Cercle des Etrangers a Monaco | 37,677 | 4,179,655 | |||||||
| Societe LDC SADIR | 82 | 12,022 | ||||||||
| * | SOITEC | 50,026 | 5,165,874 | |||||||
| Sopra Steria Group | 118,375 | 28,687,356 | ||||||||
| SPIE SA | 882,098 | 33,158,535 | ||||||||
| # * Ω | SRP Groupe SA | 56,827 | 57,984 | |||||||
| Stef SA | 25,714 | 3,782,876 | ||||||||
The Continental Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| FRANCE — (Continued) | ||||||||||
| Sword Group | 40,282 | $ | 1,636,989 | |||||||
| Synergie SE | 67,764 | 2,331,734 | ||||||||
| Technip Energies NV | 728,396 | 18,426,375 | ||||||||
| Teleperformance SE | 71,995 | 6,993,212 | ||||||||
| Television Francaise 1 SA | 378,959 | 3,461,537 | ||||||||
| TFF Group | 9,441 | 435,865 | ||||||||
| Thermador Groupe | 38,326 | 3,653,015 | ||||||||
| # | Tikehau Capital SCA | 41,123 | 902,888 | |||||||
| Totalenergies EP Gabon | 2,570 | 465,198 | ||||||||
| Trigano SA | 58,606 | 10,308,137 | ||||||||
| * | Ubisoft Entertainment SA | 566,224 | 11,909,945 | |||||||
| Valeo SE | 1,268,309 | 15,856,757 | ||||||||
| * | Vallourec SACA | 894,589 | 16,616,580 | |||||||
| # * | Vantiva SA | 81,942 | 12,357 | |||||||
| Ω | Verallia SA | 413,526 | 16,077,441 | |||||||
| Vetoquinol SA | 11,390 | 1,223,417 | ||||||||
| Vicat SACA | 113,465 | 4,475,718 | ||||||||
| VIEL & Cie SA | 156,945 | 1,489,944 | ||||||||
| Virbac SACA | 16,614 | 6,208,667 | ||||||||
| # * | Voltalia SA | 80,640 | 570,552 | |||||||
| # | Vranken-Pommery Monopole SA | 16,787 | 285,837 | |||||||
| Wavestone | 15,694 | 950,198 | ||||||||
| * Ω | Worldline SA | 166,314 | 2,057,558 | |||||||
| * Ω | X-Fab Silicon Foundries SE | 259,726 | 1,964,899 | |||||||
| TOTAL FRANCE | 653,785,200 | |||||||||
| GERMANY — (13.4%) | ||||||||||
| 1&1 AG | 258,581 | 4,463,416 | ||||||||
| 7C Solarparken AG | 188,738 | 633,279 | ||||||||
| # | Adesso SE | 10,304 | 1,213,576 | |||||||
| * | Adtran Networks SE | 3,098 | 66,709 | |||||||
| AIXTRON SE | 94,485 | 2,494,694 | ||||||||
| All for One Group SE | 4,701 | 295,297 | ||||||||
| # | Allgeier SE | 49,258 | 1,066,065 | |||||||
| AlzChem Group AG | 825 | 32,848 | ||||||||
| Amadeus Fire AG | 11,033 | 1,429,274 | ||||||||
| # * | Aroundtown SA | 4,629,735 | 9,759,838 | |||||||
| Atoss Software AG | 20,164 | 5,961,185 | ||||||||
| Aurubis AG | 211,924 | 14,904,850 | ||||||||
| # * Ω | Auto1 Group SE | 415,769 | 1,963,207 | |||||||
| # | Basler AG | 51,114 | 595,811 | |||||||
| # | BayWa AG | 97,774 | 2,653,702 | |||||||
| BayWa AG | 124 | 4,502 | ||||||||
| Bechtle AG | 458,988 | 24,259,453 | ||||||||
| Ω | Befesa SA | 199,474 | 6,856,711 | |||||||
| Bertrandt AG | 36,820 | 1,812,674 | ||||||||
| Bijou Brigitte AG | 24,485 | 1,007,160 | ||||||||
| Bilfinger SE | 191,469 | 8,942,827 | ||||||||
| # * | Borussia Dortmund GmbH & Co. KGaA | 507,376 | 1,834,540 | |||||||
| # | BRANICKS Group AG | 375,149 | 575,493 | |||||||
| # | CANCOM SE | 213,716 | 6,373,586 | |||||||
| * | Ceconomy AG | 954,113 | 1,913,735 | |||||||
| CENIT AG | 57,781 | 781,853 | ||||||||
| Cewe Stiftung & Co. KGaA | 46,238 | 5,129,230 | ||||||||
| CompuGroup Medical SE & Co. KGaA | 186,933 | 5,752,860 | ||||||||
| CTS Eventim AG & Co. KGaA | 332,856 | 29,595,171 | ||||||||
| Data Modul AG Produktion Und Vertrieb Von Elektronischen Systemen | 11,455 | 460,336 | ||||||||
| * Ω | Delivery Hero SE | 89,931 | 2,571,523 | |||||||
| # | Dermapharm Holding SE | 93,676 | 3,299,820 | |||||||
The Continental Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| GERMANY — (Continued) | ||||||||||
| Deutsche Beteiligungs AG | 112,633 | $ | 3,132,596 | |||||||
| Deutsche EuroShop AG | 544 | 11,156 | ||||||||
| # Ω | Deutsche Pfandbriefbank AG | 935,598 | 4,995,100 | |||||||
| Deutz AG | 674,170 | 4,278,255 | ||||||||
| DMG Mori AG | 1,330 | 63,164 | ||||||||
| # * | Dr Hoenle AG | 33,387 | 696,186 | |||||||
| Draegerwerk AG & Co. KGaA | 19,398 | 948,925 | ||||||||
| Duerr AG | 339,819 | 7,852,425 | ||||||||
| Ω | DWS Group GmbH & Co. KGaA | 66,154 | 2,913,060 | |||||||
| Eckert & Ziegler SE | 105,115 | 4,252,201 | ||||||||
| EDAG Engineering Group AG | 53,781 | 736,017 | ||||||||
| Elmos Semiconductor SE | 29,175 | 2,325,576 | ||||||||
| ElringKlinger AG | 193,727 | 1,269,210 | ||||||||
| # * | Encavis AG | 671,444 | 12,204,175 | |||||||
| Energiekontor AG | 23,306 | 1,610,522 | ||||||||
| * | Evotec SE | 405,152 | 6,314,413 | |||||||
| Fabasoft AG | 509 | 10,943 | ||||||||
| Fielmann Group AG | 158,286 | 7,271,376 | ||||||||
| * | flatexDEGIRO AG | 363,579 | 4,072,993 | |||||||
| * | Fraport AG Frankfurt Airport Services Worldwide | 250,366 | 13,195,042 | |||||||
| Freenet AG | 997,996 | 28,085,411 | ||||||||
| Friedrich Vorwerk Group SE | 13,184 | 222,497 | ||||||||
| FUCHS SE | 149,956 | 5,888,987 | ||||||||
| GEA Group AG | 401,718 | 16,984,688 | ||||||||
| Gerresheimer AG | 251,672 | 28,331,251 | ||||||||
| Gesco SE | 55,761 | 1,049,882 | ||||||||
| GFT Technologies SE | 157,441 | 4,581,729 | ||||||||
| * | Grand City Properties SA | 500,850 | 5,728,026 | |||||||
| Grenke AG | 50,145 | 1,309,808 | ||||||||
| H&R GmbH & Co. KGaA | 71,674 | 376,049 | ||||||||
| * | Hamburger Hafen und Logistik AG | 125,057 | 2,237,238 | |||||||
| Hawesko Holding SE | 313 | 9,807 | ||||||||
| # * | Heidelberger Druckmaschinen AG | 1,764,141 | 1,979,453 | |||||||
| * | HelloFresh SE | 1,030,948 | 7,353,568 | |||||||
| Hensoldt AG | 307,854 | 14,445,614 | ||||||||
| * | Highlight Communications AG | 98,406 | 261,487 | |||||||
| HOCHTIEF AG | 115,852 | 13,462,343 | ||||||||
| Hornbach Holding AG & Co. KGaA | 56,633 | 4,549,672 | ||||||||
| Hugo Boss AG | 440,451 | 25,959,551 | ||||||||
| Init Innovation in Traffic Systems SE | 37,723 | 1,483,162 | ||||||||
| Ω | Instone Real Estate Group SE | 83,977 | 808,754 | |||||||
| IVU Traffic Technologies AG | 51,403 | 881,969 | ||||||||
| Jenoptik AG | 390,966 | 12,144,814 | ||||||||
| Ω | JOST Werke SE | 16,196 | 832,247 | |||||||
| K&S AG | 1,091,009 | 17,026,460 | ||||||||
| KION Group AG | 310,438 | 16,330,178 | ||||||||
| Kloeckner & Co. SE | 46,695 | 340,064 | ||||||||
| Knaus Tabbert AG | 2,351 | 112,954 | ||||||||
| * | Koenig & Bauer AG | 89,148 | 1,202,941 | |||||||
| Kontron AG | 341,210 | 7,525,281 | ||||||||
| Krones AG | 118,001 | 15,621,337 | ||||||||
| KSB SE & Co. KGaA | 3,293 | 2,397,115 | ||||||||
| KWS Saat SE & Co. KGaA | 80,774 | 4,318,861 | ||||||||
| Lanxess AG | 541,103 | 14,482,930 | ||||||||
| * | LEG Immobilien SE | 367,371 | 31,553,807 | |||||||
| Leifheit AG | 59,026 | 942,477 | ||||||||
| # * | Manz AG | 25,270 | 273,418 | |||||||
| * | Mediclin AG | 78,748 | 215,988 | |||||||
| * | Medigene AG | 116,971 | 266,013 | |||||||
The Continental Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| GERMANY — (Continued) | ||||||||||
| * | Medios AG | 12,137 | $ | 214,697 | ||||||
| METRO AG | 765,743 | 4,166,709 | ||||||||
| MLP SE | 469,154 | 2,837,149 | ||||||||
| Mutares SE & Co. KGaA | 12,634 | 503,152 | ||||||||
| * | Nagarro SE | 53,881 | 4,634,271 | |||||||
| New Work SE | 18,377 | 1,334,846 | ||||||||
| Nexus AG | 72,646 | 4,409,300 | ||||||||
| * | Nordex SE | 18,657 | 244,665 | |||||||
| Norma Group SE | 199,527 | 3,703,639 | ||||||||
| * | OHB SE | 39,251 | 1,856,972 | |||||||
| # | Patrizia SE | 295,571 | 2,746,104 | |||||||
| Pfeiffer Vacuum Technology AG | 44,213 | 7,443,157 | ||||||||
| PNE AG | 46,015 | 665,329 | ||||||||
| * | ProCredit Holding AG | 2,583 | 25,444 | |||||||
| # | ProSiebenSat.1 Media SE | 1,096,343 | 7,699,483 | |||||||
| PSI Software SE | 17,128 | 425,071 | ||||||||
| # | Puma SE | 584,540 | 26,454,089 | |||||||
| * | PVA TePla AG | 125,635 | 2,544,812 | |||||||
| PWO AG | 8,558 | 280,601 | ||||||||
| * | q.beyond AG | 644,117 | 395,740 | |||||||
| * | R Stahl AG | 14,952 | 367,685 | |||||||
| Rational AG | 1,507 | 1,298,425 | ||||||||
| * Ω | Redcare Pharmacy NV | 12,393 | 2,028,629 | |||||||
| # | RTL Group SA | 68,731 | 2,318,943 | |||||||
| SAF-Holland SE | 265,527 | 5,412,318 | ||||||||
| Salzgitter AG | 232,427 | 6,071,083 | ||||||||
| Schloss Wachenheim AG | 6,929 | 114,252 | ||||||||
| Ω | Scout24 SE | 7,633 | 575,057 | |||||||
| # | Secunet Security Networks AG | 8,631 | 1,494,029 | |||||||
| # * | SGL Carbon SE | 341,797 | 2,564,473 | |||||||
| Siltronic AG | 120,647 | 10,704,416 | ||||||||
| Sixt SE | 97,474 | 9,718,369 | ||||||||
| * | SMA Solar Technology AG | 108,460 | 6,263,037 | |||||||
| Stabilus SE | 171,114 | 10,895,650 | ||||||||
| STRATEC SE | 29,220 | 1,267,285 | ||||||||
| Stroeer SE & Co. KGaA | 213,092 | 12,969,914 | ||||||||
| Suedzucker AG | 519,400 | 7,445,609 | ||||||||
| SUESS MicroTec SE | 143,891 | 5,672,702 | ||||||||
| Surteco Group SE | 47,139 | 717,349 | ||||||||
| * | Synlab AG | 35,702 | 382,605 | |||||||
| * | TAG Immobilien AG | 1,362,181 | 18,617,071 | |||||||
| Takkt AG | 235,455 | 3,399,183 | ||||||||
| * Ω | TeamViewer SE | 878,739 | 13,095,188 | |||||||
| Technotrans SE | 46,083 | 900,775 | ||||||||
| thyssenkrupp AG | 3,151,431 | 16,905,591 | ||||||||
| United Internet AG | 295,652 | 6,653,385 | ||||||||
| # | Verbio SE | 157,196 | 3,573,597 | |||||||
| Vossloh AG | 72,974 | 3,596,157 | ||||||||
| Wacker Chemie AG | 101,180 | 11,412,370 | ||||||||
| Wacker Neuson SE | 172,751 | 3,198,189 | ||||||||
| Washtec AG | 78,241 | 3,329,154 | ||||||||
| # * | Westwing Group SE | 41,567 | 355,048 | |||||||
| Wuestenrot & Wuerttembergische AG | 163,602 | 2,349,951 | ||||||||
| * Ω | Zalando SE | 363,400 | 10,391,515 | |||||||
| # | Zeal Network SE | 32,866 | 1,223,679 | |||||||
| TOTAL GERMANY | 778,304,304 | |||||||||
| GREECE — (0.0%) | ||||||||||
| * †† | Neorion Holdings SA | 14,991 | 0 | |||||||
The Continental Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| IRELAND — (0.8%) | ||||||||||
| Bank of Ireland Group PLC | 710,157 | $ | 7,247,203 | |||||||
| Cairn Homes PLC | 2,238,010 | 3,854,374 | ||||||||
| Dalata Hotel Group PLC | 475,504 | 2,311,416 | ||||||||
| FBD Holdings PLC | 142,812 | 2,027,499 | ||||||||
| Glanbia PLC | 1,136,976 | 22,134,910 | ||||||||
| * Ω | Glenveagh Properties PLC | 1,291,710 | 1,744,008 | |||||||
| Irish Continental Group PLC | 820,853 | 4,330,822 | ||||||||
| * | Permanent TSB Group Holdings PLC | 273,432 | 405,136 | |||||||
| TOTAL IRELAND | 44,055,368 | |||||||||
| ISRAEL — (2.3%) | ||||||||||
| Adgar Investment & Development Ltd. | 105,459 | 144,149 | ||||||||
| * | Afcon Holdings Ltd. | 3,064 | 81,003 | |||||||
| # * | AFI Properties Ltd. | 100,052 | 4,605,415 | |||||||
| Africa Israel Residences Ltd. | 17,401 | 1,162,069 | ||||||||
| # * | Allot Ltd. | 189,485 | 419,428 | |||||||
| # | Alony Hetz Properties & Investments Ltd. | 148,947 | 1,093,356 | |||||||
| # | Alrov Properties & Lodgings Ltd. | 49,832 | 2,088,861 | |||||||
| Arad Ltd. | 28,968 | 410,314 | ||||||||
| * | Argo Properties NV | 4,799 | 98,053 | |||||||
| Ashdod Refinery Ltd. | 60,862 | 1,448,665 | ||||||||
| Atreyu Capital Markets Ltd. | 828 | 13,020 | ||||||||
| AudioCodes Ltd. | 28,045 | 369,162 | ||||||||
| # | Aura Investments Ltd. | 534,066 | 2,251,070 | |||||||
| # | Automatic Bank Services Ltd. | 16,866 | 67,320 | |||||||
| * | Avgol Industries 1953 Ltd. | 468,925 | 177,355 | |||||||
| * | Azorim-Investment Development & Construction Co. Ltd. | 522,253 | 2,680,974 | |||||||
| Bet Shemesh Engines Holdings 1997 Ltd. | 33,432 | 1,340,536 | ||||||||
| Blue Square Real Estate Ltd. | 36,996 | 2,550,539 | ||||||||
| * | Brack Capital Properties NV | 17,073 | 1,077,736 | |||||||
| Carasso Motors Ltd. | 152,860 | 733,547 | ||||||||
| * | Cellcom Israel Ltd. | 528,949 | 2,270,719 | |||||||
| * | Ceragon Networks Ltd. | 266,244 | 851,981 | |||||||
| # * | Clal Insurance Enterprises Holdings Ltd. | 333,251 | 6,132,880 | |||||||
| # * | Compugen Ltd. | 120,076 | 309,682 | |||||||
| Danel Adir Yeoshua Ltd. | 25,544 | 2,182,429 | ||||||||
| Danya Cebus Ltd. | 408 | 10,493 | ||||||||
| Delek Automotive Systems Ltd. | 87,939 | 535,004 | ||||||||
| Delta Galil Ltd. | 71,511 | 3,146,213 | ||||||||
| # | Direct Finance of Direct Group 2006 Ltd. | 502 | 68,179 | |||||||
| Dor Alon Energy in Israel 1988 Ltd. | 10,173 | 213,307 | ||||||||
| * | Doral Group Renewable Energy Resources Ltd. | 42,161 | 117,035 | |||||||
| * | El Al Israel Airlines | 505,509 | 682,231 | |||||||
| # | Electra Consumer Products 1970 Ltd. | 47,261 | 1,072,704 | |||||||
| # | Electra Real Estate Ltd. | 64,516 | 689,266 | |||||||
| * | Electreon Wireless Ltd. | 4,233 | 156,295 | |||||||
| * | Ellomay Capital Ltd. | 2,597 | 42,671 | |||||||
| * | Equital Ltd. | 131,344 | 4,179,577 | |||||||
| # | FMS Enterprises Migun Ltd. | 19,186 | 812,864 | |||||||
| Formula Systems 1985 Ltd. | 64,490 | 5,161,944 | ||||||||
| Formula Systems 1985 Ltd., Sponsored ADR | 640 | 49,600 | ||||||||
| # | Fox Wizel Ltd. | 47,275 | 4,418,097 | |||||||
| Gav-Yam Lands Corp. Ltd. | 309,306 | 2,355,903 | ||||||||
| # * | Gilat Satellite Networks Ltd. | 229,038 | 1,248,113 | |||||||
| * | Hagag Group Real Estate Development | 24,932 | 108,074 | |||||||
| Hilan Ltd. | 107,013 | 6,798,992 | ||||||||
| # | IDI Insurance Co. Ltd. | 43,477 | 1,270,578 | |||||||
| * | IES Holdings Ltd. | 1,768 | 108,154 | |||||||
| Ilex Medical Ltd. | 4,067 | 71,919 | ||||||||
The Continental Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| ISRAEL — (Continued) | ||||||||||
| # | Inrom Construction Industries Ltd. | 409,907 | $ | 1,304,494 | ||||||
| Isracard Ltd. | 293,333 | 1,195,833 | ||||||||
| Israel Canada T.R Ltd. | 252,277 | 1,004,569 | ||||||||
| Israel Land Development Co. Ltd. | 88,993 | 822,131 | ||||||||
| Israel Shipyards Industries Ltd. | 580 | 11,015 | ||||||||
| Isras Investment Co. Ltd. | 7,128 | 1,440,777 | ||||||||
| # * | Issta Ltd. | 19,856 | 444,023 | |||||||
| * | Kamada Ltd. | 203,071 | 1,148,365 | |||||||
| Kardan Real Estate Enterprise & Development Ltd. | 43,634 | 54,005 | ||||||||
| Kenon Holdings Ltd. | 20,947 | 548,549 | ||||||||
| Kerur Holdings Ltd. | 32,360 | 592,962 | ||||||||
| # * | Klil Industries Ltd. | 5,696 | 290,598 | |||||||
| # | Kvutzat Acro Ltd. | 14,640 | 174,918 | |||||||
| Lahav L.R. Real Estate Ltd. | 9,407 | 9,159 | ||||||||
| Lapidoth Capital Ltd. | 1,086 | 17,886 | ||||||||
| Levinstein Properties Ltd. | 1,526 | 25,929 | ||||||||
| M Yochananof & Sons Ltd. | 5,941 | 286,067 | ||||||||
| Magic Software Enterprises Ltd. | 146,061 | 1,685,459 | ||||||||
| # | Malam - Team Ltd. | 10,222 | 174,594 | |||||||
| Matrix IT Ltd. | 228,108 | 5,027,003 | ||||||||
| Max Stock Ltd. | 30,095 | 69,579 | ||||||||
| # | Maytronics Ltd. | 204,596 | 2,036,046 | |||||||
| Mediterranean Towers Ltd. | 426,954 | 1,113,465 | ||||||||
| # | Mega Or Holdings Ltd. | 94,962 | 2,535,738 | |||||||
| Meitav Investment House Ltd. | 183,020 | 894,663 | ||||||||
| Menora Mivtachim Holdings Ltd. | 172,867 | 4,643,723 | ||||||||
| Meshulam Levinstein Contracting & Engineering Ltd. | 458 | 39,423 | ||||||||
| # | Migdal Insurance & Financial Holdings Ltd. | 2,157,682 | 2,980,374 | |||||||
| * | Mivtach Shamir Holdings Ltd. | 31,365 | 1,212,381 | |||||||
| Mizrahi Tefahot Bank Ltd. | 1 | 39 | ||||||||
| * | Naphtha Israel Petroleum Corp. Ltd. | 198,678 | 1,117,749 | |||||||
| # | Nawi Brothers Ltd. | 71,549 | 543,195 | |||||||
| * | Nayax Ltd. | 3,835 | 100,987 | |||||||
| * | Neto Malinda Trading Ltd. | 4,663 | 63,828 | |||||||
| * | Neto ME Holdings Ltd. | 3,661 | 61,789 | |||||||
| Next Vision Stabilized Systems Ltd. | 29,551 | 351,844 | ||||||||
| Novolog Ltd. | 200,415 | 83,705 | ||||||||
| # | Oil Refineries Ltd. | 12,078,156 | 4,008,627 | |||||||
| One Software Technologies Ltd. | 62,935 | 931,031 | ||||||||
| Palram Industries 1990 Ltd. | 1,112 | 13,333 | ||||||||
| * | Partner Communications Co. Ltd. | 717,998 | 3,128,151 | |||||||
| Paz Oil Co. Ltd. | 62,211 | 6,647,096 | ||||||||
| # * | Perion Network Ltd. | 47,295 | 1,064,914 | |||||||
| Plasson Industries Ltd. | 19,907 | 831,098 | ||||||||
| Prashkovsky Investments & Construction Ltd. | 16,368 | 417,969 | ||||||||
| * | Priortech Ltd. | 14,287 | 621,373 | |||||||
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 54,361 | 3,266,483 | ||||||||
| * | Rani Zim Shopping Centers Ltd. | 26,927 | 19,214 | |||||||
| Retailors Ltd. | 6,957 | 170,262 | ||||||||
| # * | Scope Metals Group Ltd. | 47,550 | 1,687,170 | |||||||
| * | Shikun & Binui Ltd. | 124,079 | 307,271 | |||||||
| Summit Real Estate Holdings Ltd. | 220,893 | 2,798,111 | ||||||||
| Suny Cellular Communication Ltd. | 187,376 | 57,734 | ||||||||
| Tadiran Group Ltd. | 16,618 | 1,342,377 | ||||||||
| Ω | Tamar Petroleum Ltd. | 51,161 | 333,574 | |||||||
| Tel Aviv Stock Exchange Ltd. | 52,416 | 353,675 | ||||||||
| Telsys Ltd. | 249 | 16,781 | ||||||||
| * | Tera Light Ltd. | 45,638 | 100,089 | |||||||
| Tiv Taam Holdings 1 Ltd. | 39,749 | 55,936 | ||||||||
The Continental Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| ISRAEL — (Continued) | ||||||||||
| # | Victory Supermarket Chain Ltd. | 5,213 | $ | 67,564 | ||||||
| YH Dimri Construction & Development Ltd. | 21,042 | 1,654,860 | ||||||||
| TOTAL ISRAEL | 131,879,033 | |||||||||
| ITALY — (10.9%) | ||||||||||
| A2A SpA | 11,130,525 | 20,079,058 | ||||||||
| Abitare In SpA | 1,909 | 8,178 | ||||||||
| ACEA SpA | 278,123 | 4,929,294 | ||||||||
| # * | Aeffe SpA | 177,250 | 162,190 | |||||||
| Amplifon SpA | 248,124 | 9,044,779 | ||||||||
| Ω | Anima Holding SpA | 1,678,832 | 7,980,375 | |||||||
| # | Aquafil SpA | 83,333 | 272,503 | |||||||
| Arnoldo Mondadori Editore SpA | 1,088,121 | 2,731,847 | ||||||||
| Ascopiave SpA | 432,784 | 1,103,834 | ||||||||
| # * | Avio SpA | 85,821 | 935,855 | |||||||
| Azimut Holding SpA | 751,074 | 20,418,211 | ||||||||
| Banca Generali SpA | 435,216 | 17,293,675 | ||||||||
| Banca IFIS SpA | 237,598 | 4,655,107 | ||||||||
| Banca Mediolanum SpA | 641,478 | 7,050,453 | ||||||||
| * | Banca Monte dei Paschi di Siena SpA | 5,298,912 | 24,032,141 | |||||||
| Banca Popolare di Sondrio SpA | 2,730,141 | 20,431,430 | ||||||||
| Banca Profilo SpA | 1,711,765 | 406,496 | ||||||||
| # Ω | Banca Sistema SpA | 335,410 | 487,516 | |||||||
| Banco BPM SpA | 6,633,056 | 44,131,538 | ||||||||
| Banco di Desio e della Brianza SpA | 241,954 | 1,220,368 | ||||||||
| Ω | BFF Bank SpA | 770,495 | 10,315,561 | |||||||
| Biesse SpA | 38,550 | 515,440 | ||||||||
| BPER Banca | 6,542,561 | 30,935,786 | ||||||||
| Brembo SpA | 145,255 | 1,858,779 | ||||||||
| Brunello Cucinelli SpA | 239,655 | 27,389,606 | ||||||||
| Buzzi SpA | 635,851 | 24,971,756 | ||||||||
| Cairo Communication SpA | 380,269 | 820,767 | ||||||||
| Ω | Carel Industries SpA | 99,812 | 2,191,656 | |||||||
| Cembre SpA | 1,941 | 92,301 | ||||||||
| Cementir Holding NV | 371,783 | 4,208,354 | ||||||||
| * | CIR SpA-Compagnie Industriali | 2,514,714 | 1,452,754 | |||||||
| Credito Emiliano SpA | 555,182 | 5,555,322 | ||||||||
| d'Amico International Shipping SA | 290,567 | 1,995,578 | ||||||||
| Danieli & C Officine Meccaniche SpA | 130,848 | 3,449,953 | ||||||||
| Danieli & C Officine Meccaniche SpA | 106,476 | 3,780,134 | ||||||||
| Datalogic SpA | 30,430 | 188,509 | ||||||||
| De' Longhi SpA | 181,815 | 6,287,529 | ||||||||
| DiaSorin SpA | 21,682 | 2,092,416 | ||||||||
| # * | Digital Bros SpA | 34,830 | 305,077 | |||||||
| Digital Value SpA | 298 | 17,842 | ||||||||
| # Ω | doValue SpA | 91,134 | 208,985 | |||||||
| Elica SpA | 159,199 | 334,863 | ||||||||
| Emak SpA | 376,132 | 458,105 | ||||||||
| Ω | Enav SpA | 666,746 | 2,788,780 | |||||||
| ERG SpA | 166,279 | 4,174,593 | ||||||||
| Esprinet SpA | 220,835 | 1,282,546 | ||||||||
| # * | Eurotech SpA | 207,209 | 388,562 | |||||||
| * | Fiera Milano SpA | 19,117 | 79,110 | |||||||
| Fila SpA | 168,019 | 1,444,646 | ||||||||
| # * †† | Finmatica SpA | 5,960 | 0 | |||||||
| FNM SpA | 1,387,892 | 662,188 | ||||||||
| Gefran SpA | 35,925 | 317,259 | ||||||||
| # * | Geox SpA | 356,231 | 257,852 | |||||||
| GPI SpA | 17,707 | 231,729 | ||||||||
The Continental Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| ITALY — (Continued) | ||||||||||
| Gruppo MutuiOnline SpA | 124,312 | $ | 5,018,978 | |||||||
| Hera SpA | 5,499,110 | 19,377,110 | ||||||||
| IMMSI SpA | 1,037,733 | 615,486 | ||||||||
| Intercos SpA | 20,033 | 290,007 | ||||||||
| Interpump Group SpA | 410,162 | 19,990,002 | ||||||||
| Iren SpA | 4,373,561 | 8,947,268 | ||||||||
| Italgas SpA | 3,355,608 | 19,549,004 | ||||||||
| Italian Sea Group SpA | 5,100 | 55,441 | ||||||||
| Italmobiliare SpA | 80,188 | 2,993,301 | ||||||||
| * | Iveco Group NV | 1,173,817 | 17,486,563 | |||||||
| # | IVS Group SA | 116,966 | 816,354 | |||||||
| Leonardo SpA | 2,136,258 | 53,670,571 | ||||||||
| LU-VE SpA | 5,064 | 126,051 | ||||||||
| # | Maire Tecnimont SpA | 1,232,552 | 9,666,878 | |||||||
| # * †† | Mariella Burani Fashion Group SpA | 22,744 | 0 | |||||||
| MFE-MediaForEurope NV, Class A | 1,003,807 | 2,606,077 | ||||||||
| * | Newlat Food SpA | 24,212 | 161,171 | |||||||
| Openjobmetis SpA agenzia per il lavoro | 63,079 | 1,105,192 | ||||||||
| Orsero SpA | 34,386 | 531,138 | ||||||||
| Ω | OVS SpA | 1,489,463 | 3,917,506 | |||||||
| Pharmanutra SpA | 5,819 | 357,994 | ||||||||
| Piaggio & C SpA | 1,288,486 | 4,074,631 | ||||||||
| Ω | Pirelli & C SpA | 2,342,202 | 14,341,289 | |||||||
| Ω | RAI Way SpA | 612,982 | 3,435,849 | |||||||
| Reply SpA | 147,826 | 20,919,151 | ||||||||
| Rizzoli Corriere Della Sera Mediagroup SpA | 956,821 | 814,677 | ||||||||
| * | Sabaf SpA | 61,986 | 1,194,182 | |||||||
| # * | Safilo Group SpA | 204,731 | 265,287 | |||||||
| * | Saipem SpA | 2 | 5 | |||||||
| Salcef Group SpA | 9,244 | 228,230 | ||||||||
| Salvatore Ferragamo SpA | 214,047 | 2,604,186 | ||||||||
| Sanlorenzo SpA | 12,280 | 558,927 | ||||||||
| Saras SpA | 2,937,528 | 5,615,049 | ||||||||
| # * | Seri Industrial SpA | 3,574 | 11,161 | |||||||
| Sesa SpA | 52,251 | 5,776,634 | ||||||||
| * | Sogefi SpA | 354,095 | 1,220,447 | |||||||
| SOL SpA | 231,248 | 8,282,936 | ||||||||
| # | Spaxs SpA | 258,973 | 1,359,267 | |||||||
| Tamburi Investment Partners SpA | 851,687 | 9,142,647 | ||||||||
| # Ω | Technogym SpA | 918,805 | 9,116,251 | |||||||
| # * | Telecom Italia SpA | 50,212,502 | 12,189,349 | |||||||
| # * | Tesmec SpA | 313,747 | 30,301 | |||||||
| * | Tod's SpA | 3,826 | 177,448 | |||||||
| * | TREVI - Finanziaria Industriale SpA | 361,621 | 142,008 | |||||||
| TXT e-solutions SpA | 578 | 14,015 | ||||||||
| # Ω | Unieuro SpA | 105,971 | 1,010,043 | |||||||
| Unipol Gruppo SpA | 3,064,314 | 25,678,740 | ||||||||
| UnipolSai Assicurazioni SpA | 586,033 | 1,697,814 | ||||||||
| Webuild SpA | 1,493,427 | 3,612,551 | ||||||||
| # | Wiit SpA | 6,648 | 129,472 | |||||||
| Zignago Vetro SpA | 190,091 | 2,719,125 | ||||||||
| TOTAL ITALY | 632,072,950 | |||||||||
| NETHERLANDS — (4.9%) | ||||||||||
| Aalberts NV | 654,734 | 31,479,161 | ||||||||
| Acomo NV | 51,385 | 974,062 | ||||||||
| AFC Ajax NV | 13,955 | 153,426 | ||||||||
| # * Ω | Alfen NV | 80,726 | 4,349,167 | |||||||
| Allfunds Group PLC | 346,282 | 2,497,338 | ||||||||
The Continental Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| NETHERLANDS — (Continued) | ||||||||||
| AMG Critical Materials NV | 179,177 | $ | 4,069,213 | |||||||
| Aperam SA | 271,693 | 8,588,303 | ||||||||
| Arcadis NV | 518,635 | 31,761,005 | ||||||||
| * | Avantium NV | 19,708 | 44,856 | |||||||
| Ω | B&S Group SARL | 16,023 | 63,625 | |||||||
| # * Ω | Basic-Fit NV | 294,041 | 6,558,333 | |||||||
| BE Semiconductor Industries NV | 352,392 | 53,978,882 | ||||||||
| Brunel International NV | 129,710 | 1,425,064 | ||||||||
| Corbion NV | 349,347 | 7,469,071 | ||||||||
| Ω | CTP NV | 118,290 | 2,110,156 | |||||||
| # * | Ebusco Holding NV | 2,604 | 9,561 | |||||||
| # * | Fastned BV | 409 | 11,353 | |||||||
| Flow Traders Ltd. | 197,621 | 3,897,053 | ||||||||
| ForFarmers NV | 203,933 | 570,177 | ||||||||
| * | Fugro NV | 666,317 | 16,333,552 | |||||||
| * | InPost SA | 343,400 | 5,288,915 | |||||||
| # | Kendrion NV | 86,878 | 1,288,564 | |||||||
| Koninklijke BAM Groep NV | 1,607,627 | 6,095,032 | ||||||||
| Koninklijke Heijmans NV, CVA | 145,097 | 2,687,791 | ||||||||
| Koninklijke Vopak NV | 336,864 | 12,991,731 | ||||||||
| # | MFE-MediaForEurope NV, Class B | 406,270 | 1,409,209 | |||||||
| Nedap NV | 33,400 | 2,434,187 | ||||||||
| OCI NV | 461,688 | 12,654,297 | ||||||||
| # * | Pharming Group NV | 3,585,543 | 3,940,642 | |||||||
| # | PostNL NV | 1,827,096 | 2,488,267 | |||||||
| SBM Offshore NV | 948,274 | 15,145,517 | ||||||||
| # * | SIF Holding NV | 40,013 | 461,086 | |||||||
| Ω | Signify NV | 719,081 | 22,136,530 | |||||||
| Sligro Food Group NV | 125,350 | 1,897,029 | ||||||||
| * †† | SRH NV | 705,718 | 0 | |||||||
| TKH Group NV | 255,928 | 10,910,385 | ||||||||
| * | TomTom NV | 408,253 | 3,261,959 | |||||||
| Van Lanschot Kempen NV | 164,832 | 5,606,184 | ||||||||
| TOTAL NETHERLANDS | 287,040,683 | |||||||||
| NORWAY — (1.9%) | ||||||||||
| 2020 Bulkers Ltd. | 107,406 | 1,478,757 | ||||||||
| ABG Sundal Collier Holding ASA | 1,989,504 | 1,113,991 | ||||||||
| AF Gruppen ASA | 4,067 | 52,236 | ||||||||
| # * | Akastor ASA | 736,801 | 749,359 | |||||||
| * | Aker BioMarine ASA | 16,523 | 97,670 | |||||||
| # * | Aker Carbon Capture ASA | 724,918 | 388,208 | |||||||
| AMSC ASA | 274,096 | 686,436 | ||||||||
| * | Archer Ltd. | 305,147 | 31,925 | |||||||
| * | ArcticZymes Technologies ASA | 83,850 | 226,304 | |||||||
| Arendals Fossekompani ASA | 1,452 | 24,315 | ||||||||
| Atea ASA | 384,721 | 4,606,180 | ||||||||
| * | Atlantic Sapphire ASA | 146 | 12 | |||||||
| Austevoll Seafood ASA | 143,669 | 1,130,354 | ||||||||
| Ω | Avance Gas Holding Ltd. | 99,772 | 1,139,577 | |||||||
| # * | Axactor ASA | 689,478 | 297,470 | |||||||
| B2 Impact ASA | 1,017,618 | 748,949 | ||||||||
| Belships ASA | 468,828 | 903,861 | ||||||||
| * | Bluenord ASA | 21,795 | 1,152,591 | |||||||
| Bonheur ASA | 137,587 | 3,041,147 | ||||||||
| Borregaard ASA | 415,703 | 7,252,012 | ||||||||
| Bouvet ASA | 69,946 | 400,203 | ||||||||
| Ω | BW LPG Ltd. | 438,052 | 4,886,804 | |||||||
| BW Offshore Ltd. | 496,641 | 1,241,325 | ||||||||
The Continental Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| NORWAY — (Continued) | ||||||||||
| # * | Cadeler AS | 157,068 | $ | 769,428 | ||||||
| * | Cloudberry Clean Energy ASA | 27,190 | 24,873 | |||||||
| # * Ω | Crayon Group Holding ASA | 360,151 | 2,645,410 | |||||||
| DNO ASA | 3,232,793 | 2,928,410 | ||||||||
| Ω | Elkem ASA | 489,404 | 964,424 | |||||||
| Ω | Elmera Group ASA | 85,009 | 270,935 | |||||||
| Elopak ASA | 51,567 | 161,154 | ||||||||
| * | Ensurge Micropower ASA | 1,783,881 | 50,298 | |||||||
| Ω | Europris ASA | 1,144,627 | 8,243,473 | |||||||
| FLEX LNG Ltd. | 134,727 | 3,361,787 | ||||||||
| Gram Car Carriers ASA | 10,491 | 193,052 | ||||||||
| # | Grieg Seafood ASA | 351,263 | 2,201,008 | |||||||
| * | Hexagon Composites ASA | 719,711 | 1,246,719 | |||||||
| # * | Hexagon Purus ASA | 235,168 | 135,157 | |||||||
| Ω | Kid ASA | 51,417 | 671,564 | |||||||
| Kitron ASA | 779,037 | 2,442,795 | ||||||||
| Ω | Klaveness Combination Carriers ASA | 28,281 | 245,050 | |||||||
| * | Kongsberg Automotive ASA | 3,235,578 | 449,548 | |||||||
| * | LINK Mobility Group Holding ASA | 335,680 | 613,191 | |||||||
| Magnora ASA | 30,920 | 87,869 | ||||||||
| Medistim ASA | 2,163 | 37,157 | ||||||||
| * | Morrow Bank ASA | 33,724 | 12,681 | |||||||
| MPC Container Ships ASA | 1,892,230 | 2,192,305 | ||||||||
| Ω | Multiconsult ASA | 2,534 | 34,504 | |||||||
| # * | NEL ASA | 663,640 | 295,828 | |||||||
| Norbit ASA | 15,658 | 100,016 | ||||||||
| # Ω | Norske Skog ASA | 354,658 | 1,098,480 | |||||||
| * | Northern Ocean Ltd. | 64,314 | 59,167 | |||||||
| * | Norwegian Air Shuttle ASA | 842,208 | 1,272,667 | |||||||
| * | NRC Group ASA | 38,228 | 41,688 | |||||||
| # * | Nykode Therapeutics ASA | 338,115 | 466,776 | |||||||
| Odfjell Drilling Ltd. | 636,267 | 2,865,932 | ||||||||
| Odfjell SE, Class A | 138,332 | 1,749,171 | ||||||||
| Odfjell Technology Ltd. | 107,420 | 641,439 | ||||||||
| # * | OKEA ASA | 206,616 | 476,123 | |||||||
| Ω | Okeanis Eco Tankers Corp. | 68,308 | 2,022,680 | |||||||
| Olav Thon Eiendomsselskap ASA | 54,302 | 1,109,063 | ||||||||
| * | Otello Corp. ASA | 13,451 | 10,373 | |||||||
| Panoro Energy ASA | 278,857 | 691,908 | ||||||||
| Pareto Bank ASA | 52,111 | 282,693 | ||||||||
| * | Pexip Holding ASA | 70,095 | 189,757 | |||||||
| * | PGS ASA | 5,778,271 | 4,210,265 | |||||||
| * | PhotoCure ASA | 77,641 | 393,997 | |||||||
| * Ω | poLight ASA | 5,744 | 2,026 | |||||||
| Protector Forsikring ASA | 430,646 | 9,020,291 | ||||||||
| Rana Gruber ASA | 42,157 | 305,146 | ||||||||
| # * | REC Silicon ASA | 1,555,597 | 1,538,496 | |||||||
| * | Salmon Evolution ASA | 236,397 | 139,027 | |||||||
| * | SATS ASA | 69,640 | 117,337 | |||||||
| * Ω | Scatec ASA | 374,751 | 2,494,446 | |||||||
| * | SD Standard ETC PLC | 271,994 | 42,966 | |||||||
| Selvaag Bolig ASA | 279,707 | 938,722 | ||||||||
| * Ω | Shelf Drilling Ltd. | 657,268 | 1,552,858 | |||||||
| * | Siem Offshore, Inc. | 10,249 | 32,797 | |||||||
| # * | Solstad Offshore ASA | 37,831 | 136,621 | |||||||
| Sparebank 1 Oestlandet | 40,574 | 465,147 | ||||||||
| SpareBank 1 Sorost-Norge | 1,788 | 11,056 | ||||||||
| Stolt-Nielsen Ltd. | 43,514 | 1,605,892 | ||||||||
| # | TGS ASA | 265,947 | 2,932,282 | |||||||
The Continental Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| NORWAY — (Continued) | ||||||||||
| # * | Ultimovacs ASA | 50,358 | $ | 36,948 | ||||||
| Veidekke ASA | 659,506 | 7,167,848 | ||||||||
| * | Volue ASA | 6,103 | 16,802 | |||||||
| # * | Vow ASA | 9,797 | 5,012 | |||||||
| Wilh Wilhelmsen Holding ASA, Class A | 68,812 | 2,214,966 | ||||||||
| * Ω | XXL ASA | 3,251,432 | 282,024 | |||||||
| TOTAL NORWAY | 110,669,211 | |||||||||
| PORTUGAL — (0.9%) | ||||||||||
| Altri SGPS SA | 472,047 | 2,661,361 | ||||||||
| * | Banco Comercial Portugues SA, Class R | 49,853,259 | 16,817,507 | |||||||
| Corticeira Amorim SGPS SA | 135,979 | 1,442,020 | ||||||||
| CTT-Correios de Portugal SA | 491,944 | 2,191,888 | ||||||||
| # * | Greenvolt-Energias Renovaveis SA | 156,250 | 1,375,891 | |||||||
| Ibersol SGPS SA | 57,040 | 416,359 | ||||||||
| Mota-Engil SGPS SA | 733,051 | 3,807,282 | ||||||||
| Navigator Co. SA | 1,800,047 | 7,871,213 | ||||||||
| NOS SGPS SA | 994,629 | 3,889,973 | ||||||||
| REN - Redes Energeticas Nacionais SGPS SA | 2,882,126 | 6,845,515 | ||||||||
| Semapa-Sociedade de Investimento e Gestao | 1,972 | 31,717 | ||||||||
| Sonae SGPS SA | 6,586,941 | 6,251,054 | ||||||||
| TOTAL PORTUGAL | 53,601,780 | |||||||||
| SPAIN — (6.1%) | ||||||||||
| Acciona SA | 45,633 | 5,553,564 | ||||||||
| Acerinox SA | 1,095,358 | 12,028,851 | ||||||||
| * †† | Adveo Group International SA | 84,445 | 0 | |||||||
| Ω | Aedas Homes SA | 35,251 | 660,786 | |||||||
| Alantra Partners SA | 60,724 | 553,895 | ||||||||
| Almirall SA | 464,897 | 4,146,273 | ||||||||
| # * | Amper SA | 7,369,582 | 650,484 | |||||||
| Applus Services SA | 874,505 | 10,783,830 | ||||||||
| Atresmedia Corp. de Medios de Comunicacion SA | 510,640 | 2,443,605 | ||||||||
| Azkoyen SA | 67,253 | 440,051 | ||||||||
| Banco de Sabadell SA | 35,081,456 | 55,189,369 | ||||||||
| # | Bankinter SA | 4,245,482 | 31,106,534 | |||||||
| # | Cia de Distribucion Integral Logista Holdings SA | 408,960 | 11,429,487 | |||||||
| CIE Automotive SA | 373,265 | 10,705,225 | ||||||||
| Construcciones y Auxiliar de Ferrocarriles SA | 118,448 | 4,320,038 | ||||||||
| Corp. ACCIONA Energias Renovables SA | 31,476 | 685,879 | ||||||||
| * | Distribuidora Internacional de Alimentacion SA | 4,617,030 | 62,732 | |||||||
| # | Ebro Foods SA | 480,588 | 8,010,362 | |||||||
| * | eDreams ODIGEO SA | 447,059 | 3,252,838 | |||||||
| Elecnor SA | 207,985 | 4,328,751 | ||||||||
| Enagas SA | 1,457,648 | 21,654,554 | ||||||||
| Ence Energia y Celulosa SA | 831,813 | 2,896,661 | ||||||||
| Ercros SA | 590,023 | 2,236,570 | ||||||||
| Faes Farma SA | 1,843,460 | 6,257,792 | ||||||||
| Fluidra SA | 517,281 | 12,241,437 | ||||||||
| Ω | Gestamp Automocion SA | 950,021 | 3,050,830 | |||||||
| Ω | Global Dominion Access SA | 518,361 | 1,885,360 | |||||||
| # * | Grenergy Renovables SA | 7,453 | 195,663 | |||||||
| * | Grifols SA | 141,694 | 1,274,529 | |||||||
| Grupo Catalana Occidente SA | 268,886 | 10,299,402 | ||||||||
| # | Grupo Empresarial San Jose SA | 141,180 | 615,565 | |||||||
| Iberpapel Gestion SA | 47,911 | 961,264 | ||||||||
| # | Indra Sistemas SA | 876,621 | 18,167,601 | |||||||
| # | Laboratorio Reig Jofre SA | 15,086 | 40,547 | |||||||
The Continental Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| SPAIN — (Continued) | ||||||||||
| Laboratorios Farmaceuticos Rovi SA | 130,063 | $ | 11,349,765 | |||||||
| # | Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 3,369,919 | 3,369,003 | |||||||
| Mapfre SA | 4,520,827 | 11,429,440 | ||||||||
| * | Melia Hotels International SA | 624,896 | 5,050,470 | |||||||
| # Ω | Metrovacesa SA | 27,648 | 242,926 | |||||||
| Miquel y Costas & Miquel SA | 185,363 | 2,343,323 | ||||||||
| # Ω | Neinor Homes SA | 115,525 | 1,266,749 | |||||||
| # * | Obrascon Huarte Lain SA | 2,278,833 | 860,587 | |||||||
| * | Oryzon Genomics SA | 35,547 | 65,908 | |||||||
| # | Pharma Mar SA | 55,216 | 1,710,272 | |||||||
| Prim SA | 40,283 | 439,095 | ||||||||
| * | Promotora de Informaciones SA, Class A | 1,330,083 | 503,238 | |||||||
| Ω | Prosegur Cash SA | 527,801 | 272,831 | |||||||
| Realia Business SA | 1,667,905 | 1,838,605 | ||||||||
| Renta 4 Banco SA | 442 | 5,021 | ||||||||
| Sacyr SA | 2,882,311 | 10,645,220 | ||||||||
| * | Solaria Energia y Medio Ambiente SA | 498,778 | 5,441,711 | |||||||
| # * | Soltec Power Holdings SA | 58,317 | 141,089 | |||||||
| Ω | Talgo SA | 548,128 | 2,657,720 | |||||||
| * | Tecnicas Reunidas SA | 271,263 | 2,201,727 | |||||||
| Tubacex SA | 712,576 | 2,565,191 | ||||||||
| # * | Tubos Reunidos SA | 34,204 | 22,504 | |||||||
| Ω | Unicaja Banco SA | 7,318,410 | 9,068,527 | |||||||
| # | Vidrala SA | 134,680 | 13,982,275 | |||||||
| Viscofan SA | 267,269 | 16,989,779 | ||||||||
| Vocento SA | 352,577 | 311,483 | ||||||||
| TOTAL SPAIN | 352,904,788 | |||||||||
| SWEDEN — (6.3%) | ||||||||||
| Ω | AcadeMedia AB | 483,291 | 2,190,247 | |||||||
| AddLife AB, Class B | 418,916 | 4,381,199 | ||||||||
| Addnode Group AB | 516,224 | 5,515,305 | ||||||||
| AFRY AB | 438,399 | 6,999,691 | ||||||||
| Ω | Alimak Group AB | 379,232 | 3,470,236 | |||||||
| Alleima AB | 353,526 | 2,386,118 | ||||||||
| Alligo AB, Class B | 153,171 | 2,202,825 | ||||||||
| Ω | Ambea AB | 327,270 | 1,948,319 | |||||||
| # * | Annehem Fastigheter AB, Class B | 214,348 | 366,034 | |||||||
| # | AQ Group AB | 10,843 | 542,119 | |||||||
| Arise AB | 17,654 | 67,595 | ||||||||
| Arjo AB, Class B | 1,343,622 | 6,416,666 | ||||||||
| Atrium Ljungberg AB, Class B | 56,692 | 1,107,729 | ||||||||
| * Ω | Attendo AB | 674,584 | 2,570,713 | |||||||
| Beijer Alma AB | 293,791 | 5,308,872 | ||||||||
| Bergman & Beving AB | 208,899 | 4,091,479 | ||||||||
| Betsson AB, Class B | 886,384 | 8,770,587 | ||||||||
| # * | Better Collective AS | 128,300 | 3,445,766 | |||||||
| # * | BHG Group AB | 645,782 | 1,115,173 | |||||||
| Bilia AB, Class A | 580,862 | 7,444,378 | ||||||||
| Billerud Aktiebolag | 30,543 | 274,082 | ||||||||
| * Ω | BioArctic AB | 28,503 | 573,464 | |||||||
| * | BioInvent International AB | 39,595 | 62,858 | |||||||
| Biotage AB | 188,675 | 3,204,757 | ||||||||
| Bjorn Borg AB | 13,009 | 61,367 | ||||||||
| # * | Bonava AB, Class B | 1,520,844 | 1,503,918 | |||||||
| * Ω | Boozt AB | 5,339 | 70,045 | |||||||
| Ω | Bravida Holding AB | 808,611 | 7,092,022 | |||||||
| Bufab AB | 223,887 | 8,781,744 | ||||||||
| Bulten AB | 102,657 | 704,586 | ||||||||
The Continental Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| SWEDEN — (Continued) | ||||||||||
| Bure Equity AB | 350,573 | $ | 11,235,676 | |||||||
| * | Byggmax Group AB | 367,794 | 1,237,178 | |||||||
| * | Camurus AB | 22,448 | 1,064,022 | |||||||
| Catella AB | 89,746 | 255,409 | ||||||||
| Catena AB | 190,068 | 9,286,730 | ||||||||
| # * | Catena Media PLC | 330,046 | 328,361 | |||||||
| * | Cavotec SA | 79,682 | 117,662 | |||||||
| Cellavision AB | 57,079 | 1,273,857 | ||||||||
| Cibus Nordic Real Estate AB publ | 117,236 | 1,536,560 | ||||||||
| * | Cint Group AB | 96,052 | 136,224 | |||||||
| Clas Ohlson AB, Class B | 268,008 | 3,627,873 | ||||||||
| Cloetta AB, Class B | 1,269,507 | 2,157,442 | ||||||||
| Concentric AB | 339,818 | 6,072,538 | ||||||||
| Ω | Coor Service Management Holding AB | 515,415 | 2,415,635 | |||||||
| # | Corem Property Group AB, Class B | 3,930,376 | 4,003,488 | |||||||
| CTT Systems AB | 1,884 | 58,421 | ||||||||
| Dedicare AB, Class B | 6,297 | 59,289 | ||||||||
| Dios Fastigheter AB | 770,250 | 6,196,820 | ||||||||
| Ω | Dometic Group AB | 51,610 | 417,112 | |||||||
| * Ω | Dustin Group AB | 1,981,572 | 2,338,630 | |||||||
| Eastnine AB | 126,421 | 2,103,243 | ||||||||
| Elanders AB, Class B | 74,315 | 866,788 | ||||||||
| Electrolux Professional AB, Class B | 601,935 | 3,936,598 | ||||||||
| * Ω | Eltel AB | 206,068 | 138,868 | |||||||
| # * | Enea AB | 93,388 | 449,558 | |||||||
| # | Engcon AB | 21,338 | 167,455 | |||||||
| Eolus Vind AB, Class B | 41,913 | 290,727 | ||||||||
| Ependion AB | 98,758 | 996,412 | ||||||||
| Ework Group AB | 42,999 | 596,100 | ||||||||
| Fagerhult Group AB | 336,247 | 2,321,868 | ||||||||
| # | FastPartner AB, Class A | 39,447 | 283,726 | |||||||
| FastPartner AB, Class D | 35 | 216 | ||||||||
| Fenix Outdoor International AG | 22,095 | 1,424,654 | ||||||||
| # | G5 Entertainment AB | 41,029 | 497,718 | |||||||
| Granges AB | 839,851 | 9,085,514 | ||||||||
| Hanza AB | 95,940 | 596,872 | ||||||||
| Heba Fastighets AB, Class B | 317,232 | 1,028,422 | ||||||||
| Hemnet Group AB | 57,258 | 1,751,958 | ||||||||
| # | Hexatronic Group AB | 188,356 | 578,802 | |||||||
| HMS Networks AB | 156,077 | 6,759,763 | ||||||||
| * Ω | Hoist Finance AB | 276,716 | 1,374,036 | |||||||
| * | Humana AB | 176,433 | 404,415 | |||||||
| # | IAR Systems Group AB | 1,213 | 15,740 | |||||||
| Instalco AB | 764,705 | 3,019,655 | ||||||||
| # * | International Petroleum Corp. | 563,724 | 6,734,572 | |||||||
| # | Intrum AB | 132,234 | 309,462 | |||||||
| INVISIO AB | 22,397 | 509,244 | ||||||||
| Inwido AB | 484,214 | 6,596,997 | ||||||||
| # | JM AB | 455,664 | 9,316,933 | |||||||
| * | Karnov Group AB | 117,160 | 723,434 | |||||||
| # * | K-fast Holding AB | 20,521 | 40,838 | |||||||
| Kindred Group PLC, SDR | 25,445 | 295,504 | ||||||||
| KNOW IT AB | 165,960 | 2,449,976 | ||||||||
| Lagercrantz Group AB, Class B | 444,408 | 6,793,491 | ||||||||
| # | Lime Technologies AB | 20,271 | 714,268 | |||||||
| Lindab International AB | 625,664 | 13,451,812 | ||||||||
| Loomis AB | 337,241 | 9,412,885 | ||||||||
| # * | Maha Energy AB | 148,058 | 111,220 | |||||||
| * | Medcap AB | 12,843 | 458,317 | |||||||
The Continental Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| SWEDEN — (Continued) | ||||||||||
| Medicover AB, Class B | 32,688 | $ | 421,073 | |||||||
| MEKO AB | 245,126 | 2,761,408 | ||||||||
| * | Modern Times Group MTG AB, Class B | 578,881 | 4,520,012 | |||||||
| Momentum Group AB | 162,090 | 1,961,038 | ||||||||
| Mycronic AB | 281,352 | 9,921,777 | ||||||||
| NCAB Group AB | 310,541 | 2,033,260 | ||||||||
| NCC AB, Class B | 507,385 | 6,982,902 | ||||||||
| Nederman Holding AB | 43,804 | 717,384 | ||||||||
| * | Net Insight AB, Class B | 1,794,044 | 991,742 | |||||||
| # | New Wave Group AB, Class B | 828,917 | 9,913,666 | |||||||
| Nilorngruppen AB, Class B | 7,191 | 43,665 | ||||||||
| # * | Nobia AB | 820,940 | 337,610 | |||||||
| Nolato AB, Class B | 1,580,501 | 7,062,481 | ||||||||
| Nordic Paper Holding AB | 82,488 | 409,637 | ||||||||
| Nordic Waterproofing Holding AB | 83,900 | 1,286,767 | ||||||||
| * | Norion Bank AB | 320,368 | 1,396,921 | |||||||
| * | Norva24 Group AB | 4,692 | 11,158 | |||||||
| # * | Note AB | 89,762 | 1,211,550 | |||||||
| NP3 Fastigheter AB | 176,937 | 3,652,170 | ||||||||
| Nyfosa AB | 1,209,815 | 11,932,256 | ||||||||
| OEM International AB, Class B | 327,092 | 3,208,867 | ||||||||
| # * | Orron Energy AB | 670,464 | 445,351 | |||||||
| # * | Ovzon AB | 568 | 707 | |||||||
| * | OX2 AB | 351,540 | 1,620,337 | |||||||
| Peab AB, Class B | 650,157 | 4,086,670 | ||||||||
| Platzer Fastigheter Holding AB, Class B | 303,472 | 2,609,206 | ||||||||
| Prevas AB, Class B | 12,098 | 138,454 | ||||||||
| * | Pricer AB, Class B | 757,103 | 723,564 | |||||||
| Proact IT Group AB | 203,154 | 2,098,602 | ||||||||
| Ratos AB, Class B | 1,345,531 | 4,421,531 | ||||||||
| * | RaySearch Laboratories AB | 159,435 | 1,712,453 | |||||||
| Rejlers AB | 948 | 12,712 | ||||||||
| Ω | Resurs Holding AB | 775,908 | 1,126,849 | |||||||
| Rottneros AB | 672,020 | 758,005 | ||||||||
| Rvrc Holding AB | 33,924 | 216,694 | ||||||||
| Scandi Standard AB | 369,860 | 2,473,747 | ||||||||
| # * Ω | Scandic Hotels Group AB | 1,065,790 | 6,228,945 | |||||||
| * | Sdiptech AB, Class B | 64,612 | 1,572,623 | |||||||
| # * | Sedana Medical AB | 12,684 | 18,964 | |||||||
| * | Sensys Gatso Group AB | 43,904 | 332,110 | |||||||
| SkiStar AB | 317,931 | 4,792,482 | ||||||||
| Solid Forsakring AB | 86,686 | 562,814 | ||||||||
| * | Stendorren Fastigheter AB | 6,293 | 108,042 | |||||||
| * | Stillfront Group AB | 1,952,196 | 1,736,888 | |||||||
| # | Storskogen Group AB, Class B | 2,796,121 | 1,488,249 | |||||||
| Synsam AB | 28,085 | 152,333 | ||||||||
| Systemair AB | 391,739 | 2,795,513 | ||||||||
| Tethys Oil AB | 178,504 | 593,030 | ||||||||
| * | TF Bank AB | 5,604 | 87,608 | |||||||
| Troax Group AB | 238,672 | 5,489,009 | ||||||||
| # * | Truecaller AB, Class B | 492,049 | 1,504,179 | |||||||
| VBG Group AB, Class B | 43,163 | 1,264,279 | ||||||||
| # * | Viaplay Group AB | 193,548 | 17,145 | |||||||
| Vitec Software Group AB, Class B | 61,417 | 3,190,058 | ||||||||
| Vitrolife AB | 24,061 | 451,657 | ||||||||
| Volati AB | 6,339 | 73,943 | ||||||||
| XANO Industri AB, Class B | 5,023 | 39,727 | ||||||||
| TOTAL SWEDEN | 368,818,706 | |||||||||
The Continental Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| SWITZERLAND — (17.5%) | ||||||||||
| Accelleron Industries AG | 164,935 | $ | 6,177,954 | |||||||
| Adecco Group AG | 585,919 | 23,180,301 | ||||||||
| Allreal Holding AG | 122,211 | 20,988,290 | ||||||||
| ALSO Holding AG | 46,741 | 12,130,278 | ||||||||
| * | Aluflexpack AG | 2,219 | 37,336 | |||||||
| * | ams-OSRAM AG | 5,343,211 | 6,189,498 | |||||||
| APG SGA SA | 8,182 | 2,004,547 | ||||||||
| Arbonia AG | 308,639 | 4,126,482 | ||||||||
| * | Aryzta AG | 6,138,424 | 11,146,292 | |||||||
| Ascom Holding AG | 213,448 | 1,945,376 | ||||||||
| # * | Autoneum Holding AG | 25,161 | 4,505,275 | |||||||
| * | Avolta AG | 554,235 | 23,076,875 | |||||||
| Baloise Holding AG | 98,975 | 15,519,837 | ||||||||
| Banque Cantonale de Geneve | 9,943 | 3,175,116 | ||||||||
| Banque Cantonale du Jura SA | 3,848 | 260,207 | ||||||||
| # | Banque Cantonale Vaudoise | 113,639 | 13,220,315 | |||||||
| Barry Callebaut AG | 4,198 | 6,098,016 | ||||||||
| * | Basilea Pharmaceutica AG | 29,287 | 1,222,696 | |||||||
| Belimo Holding AG | 66,278 | 32,528,338 | ||||||||
| Bell Food Group AG | 14,644 | 4,388,572 | ||||||||
| Bellevue Group AG | 48,912 | 1,145,462 | ||||||||
| Berner Kantonalbank AG | 31,224 | 8,450,858 | ||||||||
| BKW AG | 144,734 | 22,240,580 | ||||||||
| Bossard Holding AG, Class A | 43,144 | 10,456,932 | ||||||||
| Bucher Industries AG | 53,084 | 23,342,823 | ||||||||
| Burckhardt Compression Holding AG | 13,515 | 8,474,065 | ||||||||
| Burkhalter Holding AG | 26,092 | 2,827,000 | ||||||||
| Bystronic AG | 8,214 | 4,344,016 | ||||||||
| Calida Holding AG | 34,242 | 1,109,798 | ||||||||
| Carlo Gavazzi Holding AG | 3,219 | 1,161,544 | ||||||||
| Cembra Money Bank AG | 195,981 | 16,415,320 | ||||||||
| # * | Cicor Technologies Ltd. | 15,422 | 878,895 | |||||||
| Cie Financiere Tradition SA | 10,123 | 1,542,020 | ||||||||
| Clariant AG | 1,286,221 | 17,402,518 | ||||||||
| # | Coltene Holding AG | 24,227 | 1,548,947 | |||||||
| Comet Holding AG | 45,630 | 15,873,989 | ||||||||
| COSMO Pharmaceuticals NV | 15,693 | 1,239,579 | ||||||||
| # | Daetwyler Holding AG | 23,030 | 4,744,493 | |||||||
| DKSH Holding AG | 234,221 | 15,945,868 | ||||||||
| * | DocMorris AG | 4,404 | 440,945 | |||||||
| dormakaba Holding AG | 22,442 | 11,802,502 | ||||||||
| EFG International AG | 678,438 | 8,494,479 | ||||||||
| Emmi AG | 15,716 | 15,593,494 | ||||||||
| Energiedienst Holding AG | 83,637 | 3,667,557 | ||||||||
| # | Feintool International Holding AG | 39,987 | 842,557 | |||||||
| Flughafen Zurich AG | 143,958 | 32,688,680 | ||||||||
| Forbo Holding AG | 8,340 | 10,650,404 | ||||||||
| Fundamenta Real Estate AG | 3,191 | 55,542 | ||||||||
| Ω | Galenica AG | 297,782 | 24,848,749 | |||||||
| * | GAM Holding AG | 682,619 | 198,015 | |||||||
| Georg Fischer AG | 616,034 | 45,688,923 | ||||||||
| # * | Gurit Holding AG, Class BR | 28,958 | 2,125,985 | |||||||
| Helvetia Holding AG | 258,089 | 35,582,937 | ||||||||
| # | Hiag Immobilien Holding AG | 25,900 | 2,275,482 | |||||||
| * | HOCHDORF Holding AG | 2,081 | 17,081 | |||||||
| Huber & Suhner AG | 109,750 | 9,266,957 | ||||||||
| Hypothekarbank Lenzburg AG | 6 | 28,088 | ||||||||
| Implenia AG | 85,815 | 3,110,180 | ||||||||
| # * | Ina Invest Holding AG | 29,955 | 565,484 | |||||||
The Continental Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| SWITZERLAND — (Continued) | ||||||||||
| Inficon Holding AG | 14,761 | $ | 21,541,106 | |||||||
| # | Interroll Holding AG | 4,863 | 16,160,328 | |||||||
| Intershop Holding AG | 10,830 | 7,783,783 | ||||||||
| Investis Holding SA | 6,259 | 674,490 | ||||||||
| Jungfraubahn Holding AG | 19,038 | 3,812,718 | ||||||||
| Kardex Holding AG | 49,428 | 13,876,269 | ||||||||
| # | Komax Holding AG | 22,696 | 4,398,585 | |||||||
| # * | Kudelski SA | 217,692 | 381,159 | |||||||
| Landis & Gyr Group AG | 94,470 | 7,251,093 | ||||||||
| LEM Holding SA | 3,906 | 7,391,756 | ||||||||
| Liechtensteinische Landesbank AG | 65,577 | 5,334,268 | ||||||||
| Luzerner Kantonalbank AG | 119,117 | 9,340,582 | ||||||||
| Ω | Medacta Group SA | 13,327 | 1,810,682 | |||||||
| Ω | Medmix AG | 151,076 | 2,680,746 | |||||||
| Meier Tobler Group AG | 45,826 | 1,710,399 | ||||||||
| Metall Zug AG, Class B | 1,164 | 1,704,197 | ||||||||
| Mikron Holding AG | 9,944 | 204,603 | ||||||||
| Mobilezone Holding AG | 305,440 | 5,032,320 | ||||||||
| Mobimo Holding AG | 62,895 | 18,080,771 | ||||||||
| * Ω | Montana Aerospace AG | 7,275 | 136,496 | |||||||
| Novavest Real Estate AG | 1,614 | 60,744 | ||||||||
| OC Oerlikon Corp. AG | 1,084,366 | 4,780,216 | ||||||||
| * | Orascom Development Holding AG | 93,520 | 487,608 | |||||||
| # | Orell Fuessli AG | 5,028 | 429,324 | |||||||
| # | Orior AG | 41,050 | 3,028,128 | |||||||
| * | Phoenix Mecano AG | 4,376 | 2,213,008 | |||||||
| Plazza AG, Class A | 7,187 | 2,454,093 | ||||||||
| # * Ω | PolyPeptide Group AG | 11,760 | 395,732 | |||||||
| PSP Swiss Property AG | 337,750 | 44,275,162 | ||||||||
| # | Rieter Holding AG | 15,023 | 2,169,540 | |||||||
| Romande Energie Holding SA | 67,957 | 4,050,673 | ||||||||
| Schweiter Technologies AG | 6,061 | 3,412,596 | ||||||||
| # * | Schweizerische Nationalbank | 23 | 105,122 | |||||||
| * Ω | Sensirion Holding AG | 10,110 | 747,472 | |||||||
| SFS Group AG | 124,869 | 16,418,429 | ||||||||
| Siegfried Holding AG | 32,456 | 33,140,734 | ||||||||
| SIG Group AG | 332,386 | 7,370,415 | ||||||||
| SKAN Group AG | 7,515 | 711,199 | ||||||||
| Softwareone Holding AG | 230,172 | 4,244,823 | ||||||||
| St. Galler Kantonalbank AG | 17,753 | 9,566,486 | ||||||||
| # | Stadler Rail AG | 133,672 | 4,261,737 | |||||||
| # | StarragTornos Group AG | 2,819 | 162,720 | |||||||
| Sulzer AG | 139,983 | 17,035,953 | ||||||||
| Swiss Prime Site AG | 182,651 | 17,228,936 | ||||||||
| # * | Swiss Steel Holding AG | 3,362,368 | 268,039 | |||||||
| Swissquote Group Holding SA | 82,376 | 23,094,572 | ||||||||
| Temenos AG | 363,716 | 26,016,738 | ||||||||
| Thurgauer Kantonalbank | 3,152 | 440,163 | ||||||||
| TX Group AG | 18,616 | 3,074,808 | ||||||||
| u-blox Holding AG | 48,813 | 4,701,647 | ||||||||
| Valiant Holding AG | 100,956 | 11,844,659 | ||||||||
| Ω | VAT Group AG | 50,204 | 25,935,077 | |||||||
| Vaudoise Assurances Holding SA | 6,822 | 3,396,299 | ||||||||
| Vetropack Holding AG | 69,627 | 2,513,644 | ||||||||
| # | Vontobel Holding AG | 218,761 | 13,264,048 | |||||||
| VP Bank AG, Class A | 21,182 | 2,205,777 | ||||||||
| VZ Holding AG | 92,245 | 11,254,895 | ||||||||
| * | V-ZUG Holding AG | 11,164 | 737,460 | |||||||
| Walliser Kantonalbank | 19,534 | 2,502,501 | ||||||||
The Continental Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| SWITZERLAND — (Continued) | ||||||||||
| Warteck Invest AG | 58 | $ | 118,100 | |||||||
| Ypsomed Holding AG | 13,356 | 5,336,032 | ||||||||
| Zehnder Group AG | 82,191 | 5,446,363 | ||||||||
| Zug Estates Holding AG, Class B | 1,206 | 2,432,958 | ||||||||
| Zuger Kantonalbank AG | 709 | 6,289,036 | ||||||||
| TOTAL SWITZERLAND | 1,017,940,366 | |||||||||
| UNITED STATES — (0.0%) | ||||||||||
| ADTRAN Holdings, Inc. | 110,648 | 601,564 | ||||||||
| Noble Corp. PLC | 4,682 | 224,364 | ||||||||
| TOTAL UNITED STATES | 825,928 | |||||||||
| TOTAL COMMON STOCKS | 5,476,431,727 | |||||||||
| PREFERRED STOCKS — (0.9%) | ||||||||||
| GERMANY — (0.9%) | ||||||||||
| Draegerwerk AG & Co. KGaA | 56,173 | 3,088,676 | ||||||||
| FUCHS SE | 477,660 | 23,664,770 | ||||||||
| Jungheinrich AG | 346,549 | 12,821,514 | ||||||||
| Sixt SE | 118,586 | 8,699,734 | ||||||||
| STO SE & Co. KGaA | 16,514 | 2,818,779 | ||||||||
| Villeroy & Boch AG | 41,086 | 809,173 | ||||||||
| TOTAL GERMANY | 51,902,646 | |||||||||
| RIGHTS/WARRANTS — (0.0%) | ||||||||||
| AUSTRIA — (0.0%) | ||||||||||
| * †† | CA Immobilien Anlagen AG | 497,492 | 0 | |||||||
| * †† | S Immo AG | 346,922 | 0 | |||||||
| * | Strabag SE | 107,907 | 0 | |||||||
| ITALY — (0.0%) | ||||||||||
| # * | Webuild SpA Warrants 08/02/2030 | 116,038 | 0 | |||||||
| SWEDEN — (0.0%) | ||||||||||
| * | Nobia AB Rights 04/17/2024 | 820,940 | 437,160 | |||||||
| TOTAL RIGHTS/WARRANTS | 437,160 | |||||||||
| TOTAL INVESTMENT SECURITIES (Cost $4,343,657,547) | 5,528,771,533 | |||||||||
| Value† | ||||||||||
| SECURITIES LENDING COLLATERAL — (4.9%) | ||||||||||
| @ § | The DFA Short Term Investment Fund | 24,516,534 | 283,631,784 | |||||||
| TOTAL INVESTMENTS — (100.0%) (Cost $4,627,268,134)^^ | $ | 5,812,403,317 | ||||||||
| ADR | American Depositary Receipt |
| » | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. |
| # | Total or Partial Securities on Loan. |
| Ω | Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Fund’s Liquidity Guidelines. The liquidity determination is unaudited. |
| * | Non-Income Producing Securities. |
| †† | Security valued using significant unobservable inputs (Level 3). |
| † | See Security Valuation Note within the Notes to Schedules of Investments. |
| @ | Security purchased with cash collateral received from Securities on Loan. |
| § | Affiliated Fund. |
The Continental Small Company Series
CONTINUED
| ^^ | See Federal Tax Cost Note within the Notes to Schedules of Investments. |
Summary of the Series' investments as of March 31, 2024, based on their valuation inputs, is as follows (see Security Valuation Note):
| Investments in Securities (Market Value) | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Common Stocks | ||||||||||||||||
| Austria | — | $ | 185,587,320 | — | $ | 185,587,320 | ||||||||||
| Belgium | $ | 738,838 | 193,434,077 | — | 194,172,915 | |||||||||||
| Denmark | — | 386,797,265 | — | 386,797,265 | ||||||||||||
| Finland | — | 277,975,910 | — | 277,975,910 | ||||||||||||
| France | — | 653,785,200 | — | 653,785,200 | ||||||||||||
| Germany | — | 778,304,304 | — | 778,304,304 | ||||||||||||
| Ireland | — | 44,055,368 | — | 44,055,368 | ||||||||||||
| Israel | 2,014,499 | 129,864,534 | — | 131,879,033 | ||||||||||||
| Italy | — | 632,072,950 | — | 632,072,950 | ||||||||||||
| Netherlands | — | 287,040,683 | — | 287,040,683 | ||||||||||||
| Norway | — | 110,669,211 | — | 110,669,211 | ||||||||||||
| Portugal | — | 53,601,780 | — | 53,601,780 | ||||||||||||
| Spain | — | 352,904,788 | — | 352,904,788 | ||||||||||||
| Sweden | — | 368,818,706 | — | 368,818,706 | ||||||||||||
| Switzerland | — | 1,017,940,366 | — | 1,017,940,366 | ||||||||||||
| United States | — | 825,928 | — | 825,928 | ||||||||||||
| Preferred Stocks | ||||||||||||||||
| Germany | — | 51,902,646 | — | 51,902,646 | ||||||||||||
| Rights/Warrants | ||||||||||||||||
| Sweden | — | 437,160 | — | 437,160 | ||||||||||||
| Securities Lending Collateral | — | 283,631,784 | — | 283,631,784 | ||||||||||||
| TOTAL | $ | 2,753,337 | $ | 5,809,649,980 | — | $ | 5,812,403,317 | |||||||||
The Canadian Small Company Series
SCHEDULE OF INVESTMENTS
March 31, 2024
(Unaudited)
| Shares | Value» | |||||||||
| COMMON STOCKS — (91.0%) | ||||||||||
| COMMUNICATION SERVICES — (0.7%) | ||||||||||
| * | Aimia, Inc. | 511,089 | $ | 965,921 | ||||||
| # * | Cineplex, Inc. | 36,490 | 198,539 | |||||||
| Cogeco Communications, Inc. | 80,416 | 3,566,788 | ||||||||
| Cogeco, Inc. | 37,667 | 1,582,262 | ||||||||
| # | Corus Entertainment, Inc., Class B | 993,121 | 535,217 | |||||||
| TELUS Corp. | 176,768 | 2,827,923 | ||||||||
| # * | WildBrain Ltd. | 541,109 | 443,417 | |||||||
| # | Yellow Pages Ltd. | 56,545 | 411,601 | |||||||
| TOTAL COMMUNICATION SERVICES | 10,531,668 | |||||||||
| CONSUMER DISCRETIONARY — (4.0%) | ||||||||||
| * | Aritzia, Inc. | 457,892 | 12,642,694 | |||||||
| * | AutoCanada, Inc. | 121,583 | 2,412,721 | |||||||
| BMTC Group, Inc. | 20,581 | 225,782 | ||||||||
| # * | Bragg Gaming Group, Inc. | 4,700 | 28,765 | |||||||
| BRP, Inc. | 7,396 | 496,272 | ||||||||
| # * | Canada Goose Holdings, Inc. | 32,778 | 395,303 | |||||||
| # * | Dorel Industries, Inc., Class B | 164,677 | 841,287 | |||||||
| Exco Technologies Ltd. | 164,124 | 899,044 | ||||||||
| Gamehost, Inc. | 89,999 | 657,111 | ||||||||
| # * | GoldMoney, Inc. | 25,000 | 154,664 | |||||||
| Leon's Furniture Ltd. | 167,479 | 2,793,068 | ||||||||
| Linamar Corp. | 263,351 | 13,998,207 | ||||||||
| Martinrea International, Inc. | 514,975 | 4,623,008 | ||||||||
| # | MTY Food Group, Inc. | 115,723 | 4,368,161 | |||||||
| Park Lawn Corp. | 183,840 | 2,266,530 | ||||||||
| Pizza Pizza Royalty Corp. | 162,278 | 1,655,666 | ||||||||
| # | Pollard Banknote Ltd. | 49,129 | 1,297,001 | |||||||
| # Ω | Sleep Country Canada Holdings, Inc. | 220,590 | 4,870,877 | |||||||
| Ω | Spin Master Corp. | 185,042 | 4,734,824 | |||||||
| TOTAL CONSUMER DISCRETIONARY | 59,360,985 | |||||||||
| CONSUMER STAPLES — (4.1%) | ||||||||||
| # | Andrew Peller Ltd., Class A | 168,200 | 495,455 | |||||||
| Corby Spirit & Wine Ltd. | 75,467 | 718,150 | ||||||||
| High Liner Foods, Inc. | 106,744 | 1,067,795 | ||||||||
| Ω | Jamieson Wellness, Inc. | 236,615 | 4,657,012 | |||||||
| # | KP Tissue, Inc. | 47,200 | 308,034 | |||||||
| Lassonde Industries, Inc., Class A | 18,000 | 1,976,804 | ||||||||
| # | Maple Leaf Foods, Inc. | 458,562 | 7,518,853 | |||||||
| North West Co., Inc. | 292,956 | 8,488,814 | ||||||||
| # | Premium Brands Holdings Corp. | 244,773 | 15,992,330 | |||||||
| Primo Water Corp. | 892,177 | 16,242,790 | ||||||||
| Rogers Sugar, Inc. | 682,633 | 2,686,083 | ||||||||
| # * | SunOpta, Inc. | 242,811 | 1,663,494 | |||||||
| TOTAL CONSUMER STAPLES | 61,815,614 | |||||||||
| ENERGY — (22.0%) | ||||||||||
| * | Advantage Energy Ltd. | 1,240,556 | 9,048,535 | |||||||
| Africa Oil Corp. | 1,517,856 | 2,644,524 | ||||||||
| * | Athabasca Oil Corp. | 1,992,842 | 7,694,484 | |||||||
| Baytex Energy Corp. | 656,132 | 2,368,673 | ||||||||
The Canadian Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| ENERGY — (Continued) | ||||||||||
| # | Birchcliff Energy Ltd. | 1,731,777 | $ | 6,827,130 | ||||||
| # * | Bonterra Energy Corp. | 52,762 | 247,343 | |||||||
| * | Calfrac Well Services Ltd. | 18,245 | 53,339 | |||||||
| # | Canacol Energy Ltd. | 158,831 | 539,384 | |||||||
| # | Cardinal Energy Ltd. | 732,276 | 3,827,479 | |||||||
| # | CES Energy Solutions Corp. | 1,456,468 | 5,064,386 | |||||||
| Crescent Point Energy Corp. | 3,033,304 | 24,820,076 | ||||||||
| * | Crew Energy, Inc. | 762,573 | 2,617,817 | |||||||
| * | Denison Mines Corp. | 3,434,657 | 6,719,457 | |||||||
| Enerflex Ltd. | 277,198 | 1,612,580 | ||||||||
| # * | Energy Fuels, Inc. | 66,322 | 414,710 | |||||||
| Enerplus Corp. | 1,217,670 | 23,921,434 | ||||||||
| * | Ensign Energy Services, Inc. | 760,132 | 1,453,429 | |||||||
| # * | Fission Uranium Corp. | 1,962,000 | 1,404,998 | |||||||
| # | Freehold Royalties Ltd. | 694,066 | 7,475,858 | |||||||
| * | Frontera Energy Corp. | 256,656 | 1,566,974 | |||||||
| # | Gear Energy Ltd. | 227,278 | 110,741 | |||||||
| # | Gibson Energy, Inc. | 854,905 | 14,553,992 | |||||||
| * | Gran Tierra Energy, Inc. | 202,111 | 1,445,836 | |||||||
| # | Headwater Exploration, Inc. | 1,197,279 | 6,779,469 | |||||||
| # | InPlay Oil Corp. | 29,169 | 51,251 | |||||||
| # * | Journey Energy, Inc. | 22,652 | 55,687 | |||||||
| * | Kelt Exploration Ltd. | 1,000,756 | 4,469,805 | |||||||
| * | Kolibri Global Energy, Inc. | 5,600 | 17,446 | |||||||
| * †† | Lightstream Resources Ltd. | 687,816 | 0 | |||||||
| * | Mattr Corp. | 423,244 | 5,549,307 | |||||||
| * | MEG Energy Corp. | 789,027 | 18,115,787 | |||||||
| # | North American Construction Group Ltd. | 164,890 | 3,668,290 | |||||||
| * | NuVista Energy Ltd. | 996,250 | 8,737,551 | |||||||
| # * | Obsidian Energy Ltd. | 226,518 | 1,862,384 | |||||||
| Paramount Resources Ltd., Class A | 453,102 | 9,195,511 | ||||||||
| Parex Resources, Inc. | 562,234 | 8,982,130 | ||||||||
| Parkland Corp. | 638,847 | 20,346,137 | ||||||||
| Pason Systems, Inc. | 444,691 | 5,134,522 | ||||||||
| # | Peyto Exploration & Development Corp. | 1,064,787 | 11,736,200 | |||||||
| PHX Energy Services Corp. | 129,423 | 863,744 | ||||||||
| # | Pine Cliff Energy Ltd. | 189,200 | 139,677 | |||||||
| # | PrairieSky Royalty Ltd. | 1,219,867 | 23,892,120 | |||||||
| * | Precision Drilling Corp. | 84,235 | 5,667,354 | |||||||
| # * | Questerre Energy Corp., Class A | 797,460 | 129,520 | |||||||
| Secure Energy Services, Inc. | 1,822,233 | 14,999,739 | ||||||||
| # | Spartan Delta Corp. | 446,448 | 1,249,151 | |||||||
| # * Ω | STEP Energy Services Ltd. | 31,360 | 85,661 | |||||||
| # * | Strathcona Resources Ltd. | 7,061 | 148,148 | |||||||
| Surge Energy, Inc. | 292,745 | 1,666,281 | ||||||||
| # | Tamarack Valley Energy Ltd. | 2,467,653 | 6,995,524 | |||||||
| TerraVest Industries, Inc. | 5,000 | 221,476 | ||||||||
| Tidewater Midstream & Infrastructure Ltd. | 1,358,267 | 852,333 | ||||||||
| # | Topaz Energy Corp. | 358,740 | 5,905,948 | |||||||
| Total Energy Services, Inc. | 233,559 | 1,755,294 | ||||||||
| # * | Touchstone Exploration, Inc. | 28,397 | 18,449 | |||||||
| Trican Well Service Ltd. | 1,351,655 | 4,141,131 | ||||||||
| Vermilion Energy, Inc. | 915,075 | 11,378,198 | ||||||||
| Whitecap Resources, Inc. | 2,390,657 | 18,090,316 | ||||||||
| * | Yangarra Resources Ltd. | 308,771 | 250,746 | |||||||
| TOTAL ENERGY | 329,585,466 | |||||||||
| FINANCIALS — (6.9%) | ||||||||||
| AGF Management Ltd., Class B | 502,801 | 3,043,792 | ||||||||
The Canadian Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| FINANCIALS — (Continued) | ||||||||||
| Alaris Equity Partners Income | 115,744 | $ | 1,461,166 | |||||||
| Brookfield Reinsurance Ltd. | 3,598 | 150,324 | ||||||||
| Canaccord Genuity Group, Inc. | 482,088 | 3,167,534 | ||||||||
| Canadian Western Bank | 535,877 | 11,156,274 | ||||||||
| # | Chesswood Group Ltd. | 56,542 | 300,544 | |||||||
| CI Financial Corp. | 871,529 | 11,143,835 | ||||||||
| Clairvest Group, Inc. | 1,900 | 102,143 | ||||||||
| Definity Financial Corp. | 219,636 | 6,995,015 | ||||||||
| ECN Capital Corp. | 5,859 | 9,040 | ||||||||
| E-L Financial Corp. Ltd. | 7,378 | 5,931,541 | ||||||||
| EQB, Inc. | 171,631 | 10,763,762 | ||||||||
| # | Fiera Capital Corp. | 405,845 | 2,474,829 | |||||||
| Firm Capital Mortgage Investment Corp. | 189,321 | 1,601,727 | ||||||||
| First National Financial Corp. | 85,119 | 2,364,015 | ||||||||
| goeasy Ltd. | 68,059 | 8,008,508 | ||||||||
| Guardian Capital Group Ltd., Class A | 93,214 | 3,288,003 | ||||||||
| # | Laurentian Bank of Canada | 267,880 | 5,541,322 | |||||||
| Nuvei Corp. | 184,133 | 5,822,285 | ||||||||
| Onex Corp. | 89,659 | 6,716,399 | ||||||||
| * | RF Capital Group, Inc. | 17,024 | 90,866 | |||||||
| # | Sprott, Inc. | 127,516 | 4,705,092 | |||||||
| Timbercreek Financial Corp. | 525,090 | 2,996,527 | ||||||||
| * | Trisura Group Ltd. | 192,279 | 5,912,237 | |||||||
| VersaBank | 3,400 | 35,919 | ||||||||
| TOTAL FINANCIALS | 103,782,699 | |||||||||
| HEALTH CARE — (2.4%) | ||||||||||
| Andlauer Healthcare Group, Inc. | 98,005 | 3,072,808 | ||||||||
| * | Times New Roman, Times, Serife Biosciences, Inc. | 767 | 1,273 | |||||||
| # * | Aurora Cannabis, Inc. | 61,293 | 269,029 | |||||||
| # * | Bausch Health Cos., Inc. | 1,577,973 | 16,742,008 | |||||||
| # * | Cronos Group, Inc. | 659,166 | 1,721,376 | |||||||
| * | dentalcorp Holdings Ltd. | 105,011 | 517,865 | |||||||
| # | Extendicare, Inc. | 469,355 | 2,643,814 | |||||||
| # | HLS Therapeutics, Inc. | 20,104 | 59,367 | |||||||
| * | Knight Therapeutics, Inc. | 518,358 | 2,028,199 | |||||||
| Medical Facilities Corp. | 154,017 | 1,176,831 | ||||||||
| # * | Organigram Holdings, Inc. | 273,484 | 585,424 | |||||||
| # | Sienna Senior Living, Inc. | 426,586 | 4,226,336 | |||||||
| * | TerrAscend Corp. | 26,702 | 50,071 | |||||||
| # * | Tilray Brands, Inc. | 21,350 | 52,734 | |||||||
| * | Viemed Healthcare, Inc. | 93,487 | 881,582 | |||||||
| * | Vitalhub Corp. | 7,000 | 31,110 | |||||||
| * | Well Health Technologies Corp. | 622,257 | 1,685,935 | |||||||
| Zenith Capital Corp. | 111,820 | 13,208 | ||||||||
| TOTAL HEALTH CARE | 35,758,970 | |||||||||
| INDUSTRIALS — (13.9%) | ||||||||||
| ADENTRA, Inc. | 30,258 | 916,083 | ||||||||
| Aecon Group, Inc. | 383,920 | 4,821,143 | ||||||||
| Ag Growth International, Inc. | 136,394 | 6,178,536 | ||||||||
| * | Air Canada | 272,076 | 3,938,880 | |||||||
| # | Algoma Central Corp. | 48,800 | 533,916 | |||||||
| * | ATS Corp. | 445,364 | 14,986,299 | |||||||
| Badger Infrastructure Solution | 208,438 | 7,724,770 | ||||||||
| # * | Ballard Power Systems, Inc. | 1,032,613 | 2,870,958 | |||||||
| Bird Construction, Inc. | 285,251 | 3,925,347 | ||||||||
| Black Diamond Group Ltd. | 298,735 | 1,973,850 | ||||||||
The Canadian Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| INDUSTRIALS — (Continued) | ||||||||||
| * | Bombardier, Inc., Class A | 13,489 | $ | 578,178 | ||||||
| * | Bombardier, Inc., Class B | 491,174 | 21,085,798 | |||||||
| Boyd Group Services, Inc. | 104,026 | 21,994,793 | ||||||||
| Calian Group Ltd. | 63,597 | 2,666,797 | ||||||||
| Dexterra Group, Inc. | 168,743 | 691,390 | ||||||||
| Doman Building Materials Group Ltd. | 397,715 | 2,425,253 | ||||||||
| # | Exchange Income Corp. | 127,407 | 4,656,839 | |||||||
| Finning International, Inc. | 814,064 | 23,925,206 | ||||||||
| * | GDI Integrated Facility Services, Inc. | 69,185 | 2,002,690 | |||||||
| # | Hammond Power Solutions, Inc. | 22,825 | 2,443,339 | |||||||
| * | Heroux-Devtek, Inc. | 244,553 | 3,284,057 | |||||||
| K-Bro Linen, Inc. | 62,086 | 1,608,355 | ||||||||
| # * | Lion Electric Co. | 110,662 | 157,466 | |||||||
| Magellan Aerospace Corp. | 120,278 | 707,700 | ||||||||
| # * | MDA Ltd. | 177,234 | 1,924,707 | |||||||
| # | Mullen Group Ltd. | 536,149 | 5,747,210 | |||||||
| * | NFI Group, Inc. | 259,328 | 2,463,956 | |||||||
| Richelieu Hardware Ltd. | 309,993 | 9,749,143 | ||||||||
| Russel Metals, Inc. | 357,603 | 11,898,540 | ||||||||
| # | Savaria Corp. | 268,184 | 3,318,271 | |||||||
| SNC-Lavalin Group, Inc. | 727,591 | 29,757,884 | ||||||||
| * | TELUS International CDA, Inc. | 12,685 | 107,315 | |||||||
| * | Transat AT, Inc. | 24,945 | 70,532 | |||||||
| Wajax Corp. | 127,359 | 3,080,197 | ||||||||
| # * | Westport Fuel Systems, Inc. | 7,388 | 49,713 | |||||||
| Westshore Terminals Investment Corp. | 216,180 | 4,088,835 | ||||||||
| TOTAL INDUSTRIALS | 208,353,946 | |||||||||
| INFORMATION TECHNOLOGY — (4.3%) | ||||||||||
| # * | Bitfarms Ltd. | 206,800 | 459,539 | |||||||
| # * | BlackBerry Ltd. | 1,816,819 | 5,014,420 | |||||||
| * | Celestica, Inc. | 704,173 | 31,639,720 | |||||||
| Computer Modelling Group Ltd. | 474,445 | 3,562,147 | ||||||||
| Converge Technology Solutions Corp. | 138,443 | 594,838 | ||||||||
| Dye & Durham Ltd. | 131,718 | 1,528,631 | ||||||||
| Enghouse Systems Ltd. | 256,230 | 5,775,130 | ||||||||
| Evertz Technologies Ltd. | 148,543 | 1,625,194 | ||||||||
| * | Kinaxis, Inc. | 8,677 | 986,496 | |||||||
| # * | Lightspeed Commerce, Inc. | 758,210 | 10,660,789 | |||||||
| # | Quarterhill, Inc. | 1,065,526 | 1,470,993 | |||||||
| * | Sangoma Technologies Corp. | 4,200 | 20,309 | |||||||
| Softchoice Corp. | 18,332 | 241,982 | ||||||||
| TECSYS, Inc. | 7,863 | 223,952 | ||||||||
| Vecima Networks, Inc. | 6,059 | 89,014 | ||||||||
| TOTAL INFORMATION TECHNOLOGY | 63,893,154 | |||||||||
| MATERIALS — (22.3%) | ||||||||||
| * | 5N Plus, Inc. | 547,650 | 2,021,520 | |||||||
| Acadian Timber Corp. | 66,067 | 847,694 | ||||||||
| # | AirBoss of America Corp. | 94,697 | 415,966 | |||||||
| Alamos Gold, Inc., Class A | 1,670,405 | 24,626,613 | ||||||||
| # | Altius Minerals Corp. | 283,002 | 4,293,449 | |||||||
| # * | Americas Gold & Silver Corp. | 86,596 | 18,859 | |||||||
| Amerigo Resources Ltd. | 227,887 | 260,769 | ||||||||
| # * | Argonaut Gold, Inc. | 1,641,719 | 472,681 | |||||||
| * | Ascot Resources Ltd. | 71,438 | 39,554 | |||||||
| B2Gold Corp. | 7,123,507 | 18,610,261 | ||||||||
| * | Calibre Mining Corp. | 302,879 | 373,414 | |||||||
The Canadian Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| MATERIALS — (Continued) | ||||||||||
| * | Canfor Corp. | 339,850 | $ | 4,292,816 | ||||||
| * | Canfor Pulp Products, Inc. | 144,351 | 180,099 | |||||||
| * | Capstone Copper Corp. | 2,311,783 | 14,711,579 | |||||||
| Cascades, Inc. | 767,190 | 5,601,498 | ||||||||
| Centerra Gold, Inc. | 1,293,885 | 7,641,713 | ||||||||
| China Gold International Resources Corp. Ltd. | 1,030,676 | 6,574,169 | ||||||||
| Dundee Precious Metals, Inc. | 1,095,246 | 8,328,252 | ||||||||
| * | Eldorado Gold Corp. | 1,150,014 | 16,171,369 | |||||||
| # | Endeavour Mining PLC | 193,786 | 3,937,094 | |||||||
| # * | Endeavour Silver Corp. | 698,719 | 1,682,762 | |||||||
| # * | Equinox Gold Corp. | 1,616,510 | 9,738,341 | |||||||
| # * | ERO Copper Corp. | 387,556 | 7,473,041 | |||||||
| # | First Majestic Silver Corp. | 1,602,991 | 9,418,378 | |||||||
| # * | First Mining Gold Corp. | 749,400 | 66,390 | |||||||
| * | Foraco International SA | 355,941 | 754,162 | |||||||
| # * | Fortuna Silver Mines, Inc. | 1,665,436 | 6,197,175 | |||||||
| * | Freegold Ventures Ltd. | 9,000 | 2,724 | |||||||
| # * | Galiano Gold, Inc. | 696,057 | 966,068 | |||||||
| # * | GoGold Resources, Inc. | 180,275 | 163,699 | |||||||
| * †† | Hanfeng Evergreen, Inc. | 45,837 | 0 | |||||||
| Hudbay Minerals, Inc. | 1,890,762 | 13,233,490 | ||||||||
| * | i-80 Gold Corp. | 9,900 | 13,266 | |||||||
| * | IAMGOLD Corp. | 2,990,873 | 9,975,861 | |||||||
| # * | Imperial Metals Corp. | 381,250 | 605,136 | |||||||
| # * | Interfor Corp. | 343,025 | 5,358,539 | |||||||
| * | K92 Mining, Inc. | 406,089 | 1,888,716 | |||||||
| * | Karora Resources, Inc. | 553,631 | 2,076,295 | |||||||
| # | Labrador Iron Ore Royalty Corp. | 334,669 | 7,135,389 | |||||||
| # * | Largo, Inc. | 70,585 | 116,224 | |||||||
| # * | Lucara Diamond Corp. | 1,635,773 | 380,398 | |||||||
| Lundin Gold, Inc. | 423,894 | 5,958,393 | ||||||||
| # * | MAG Silver Corp. | 184,065 | 1,946,901 | |||||||
| * | Major Drilling Group International, Inc. | 616,318 | 4,094,985 | |||||||
| * | Mandalay Resources Corp. | 464 | 506 | |||||||
| Methanex Corp. | 351,518 | 15,675,478 | ||||||||
| Neo Performance Materials, Inc. | 32,055 | 149,088 | ||||||||
| * | New Gold, Inc. | 3,347,181 | 5,634,028 | |||||||
| # * | Northern Dynasty Minerals Ltd. | 76,877 | 24,121 | |||||||
| OceanaGold Corp. | 4,394,012 | 9,926,305 | ||||||||
| * †† | Orbite Technologies, Inc. | 73,500 | 0 | |||||||
| * | Orla Mining Ltd. | 827,104 | 3,134,017 | |||||||
| Osisko Gold Royalties Ltd. | 931,762 | 15,294,174 | ||||||||
| * | Osisko Mining, Inc. | 1,231,447 | 2,527,351 | |||||||
| Sandstorm Gold Ltd. | 432,987 | 2,272,415 | ||||||||
| # * | Seabridge Gold, Inc. | 289,285 | 4,373,923 | |||||||
| # * | SilverCrest Metals, Inc. | 481,626 | 3,208,168 | |||||||
| SSR Mining, Inc. | 1,213,366 | 5,404,545 | ||||||||
| # | Stelco Holdings, Inc. | 247,737 | 8,169,807 | |||||||
| Stella-Jones, Inc. | 340,688 | 19,869,589 | ||||||||
| # * | Taseko Mines Ltd. | 1,642,585 | 3,528,790 | |||||||
| * | Torex Gold Resources, Inc. | 499,465 | 7,352,502 | |||||||
| Transcontinental, Inc., Class A | 454,041 | 4,930,747 | ||||||||
| †† | Trevali Mining Corp. | 255,929 | 0 | |||||||
| Triple Flag Precious Metals Corp. | 72,116 | 1,042,051 | ||||||||
| * | Victoria Gold Corp. | 43,601 | 213,088 | |||||||
| * | Wallbridge Mining Co. Ltd. | 350,615 | 20,707 | |||||||
| * | Wesdome Gold Mines Ltd. | 884,595 | 6,589,320 | |||||||
| * | Western Copper & Gold Corp. | 27,900 | 42,636 | |||||||
| Western Forest Products, Inc. | 1,975,290 | 918,706 | ||||||||
The Canadian Small Company Series
CONTINUED
| Shares | Value» | |||||||||
| MATERIALS — (Continued) | ||||||||||
| # | Winpak Ltd. | 177,825 | $ | 5,322,082 | ||||||
| TOTAL MATERIALS | 334,289,846 | |||||||||
| REAL ESTATE — (3.4%) | ||||||||||
| Altus Group Ltd. | 245,393 | 9,398,685 | ||||||||
| Bridgemarq Real Estate Services | 53,069 | 547,321 | ||||||||
| # | Colliers International Group, Inc. | 90,962 | 11,118,343 | |||||||
| DREAM Unlimited Corp., Class A | 224,598 | 3,215,057 | ||||||||
| Information Services Corp. | 34,805 | 711,491 | ||||||||
| Mainstreet Equity Corp. | 31,349 | 4,348,891 | ||||||||
| Melcor Developments Ltd. | 55,340 | 469,423 | ||||||||
| Morguard Corp. | 25,320 | 2,212,077 | ||||||||
| * | Real Matters, Inc. | 51,714 | 233,649 | |||||||
| StorageVault Canada, Inc. | 510,897 | 1,946,203 | ||||||||
| Tricon Residential, Inc. | 1,493,623 | 16,650,964 | ||||||||
| TOTAL REAL ESTATE | 50,852,104 | |||||||||
| UTILITIES — (7.0%) | ||||||||||
| # | Algonquin Power & Utilities Corp. | 2,902,176 | 18,341,608 | |||||||
| * | Altius Renewable Royalties Corp. | 4,704 | 32,192 | |||||||
| Atco Ltd., Class I | 427,741 | 11,908,097 | ||||||||
| # | Boralex, Inc., Class A | 518,790 | 10,961,404 | |||||||
| Brookfield Infrastructure Corp.,Class A | 188,713 | 6,800,696 | ||||||||
| # | Capital Power Corp. | 688,895 | 19,432,784 | |||||||
| # | Innergex Renewable Energy, Inc. | 785,863 | 4,635,521 | |||||||
| * | Maxim Power Corp. | 61,434 | 207,721 | |||||||
| Northland Power, Inc. | 753,355 | 12,307,959 | ||||||||
| Polaris Renewable Energy, Inc. | 138,283 | 1,191,364 | ||||||||
| # | Superior Plus Corp. | 1,141,158 | 8,500,450 | |||||||
| TransAlta Corp. | 8,389 | 53,941 | ||||||||
| TransAlta Corp. | 1,643,807 | 10,545,704 | ||||||||
| TOTAL UTILITIES | 104,919,441 | |||||||||
| TOTAL COMMON STOCKS Cost ($1,112,936,218) | 1,363,143,893 | |||||||||
| Value† | ||||||||||
| SECURITIES LENDING COLLATERAL — (9.0%) | ||||||||||
| @ § | The DFA Short Term Investment Fund | 11,601,434 | 134,216,985 | |||||||
| TOTAL INVESTMENTS — (100.0%) (Cost $1,247,141,631)^^ | $ | 1,497,360,878 | ||||||||
| » | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. |
| * | Non-Income Producing Securities. |
| # | Total or Partial Securities on Loan. |
| Ω | Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Fund’s Liquidity Guidelines. The liquidity determination is unaudited. |
| †† | Security valued using significant unobservable inputs (Level 3). |
| † | See Security Valuation Note within the Notes to Schedules of Investments. |
| @ | Security purchased with cash collateral received from Securities on Loan. |
| § | Affiliated Fund. |
| ^^ | See Federal Tax Cost Note within the Notes to Schedules of Investments. |
The Canadian Small Company Series
CONTINUED
Summary of the Series' investments as of March 31, 2024, based on their valuation inputs, is as follows (see Security Valuation Note):
| Investments in Securities (Market Value) | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Common Stocks | ||||||||||||||||
| Communication Services | $ | 10,531,668 | — | — | $ | 10,531,668 | ||||||||||
| Consumer Discretionary | 59,360,985 | — | — | 59,360,985 | ||||||||||||
| Consumer Staples | 61,815,614 | — | — | 61,815,614 | ||||||||||||
| Energy | 329,585,466 | — | — | 329,585,466 | ||||||||||||
| Financials | 103,680,556 | $ | 102,143 | — | 103,782,699 | |||||||||||
| Health Care | 35,745,762 | 13,208 | — | 35,758,970 | ||||||||||||
| Industrials | 208,353,946 | — | — | 208,353,946 | ||||||||||||
| Information Technology | 63,893,154 | — | — | 63,893,154 | ||||||||||||
| Materials | 334,289,846 | — | — | 334,289,846 | ||||||||||||
| Real Estate | 50,852,104 | — | — | 50,852,104 | ||||||||||||
| Utilities | 104,919,441 | — | — | 104,919,441 | ||||||||||||
| Securities Lending Collateral | — | 134,216,985 | — | 134,216,985 | ||||||||||||
| TOTAL | $ | 1,363,028,542 | $ | 134,332,336 | — | $ | 1,497,360,878 | |||||||||
ORGANIZATION
The DFA Investment Trust Company (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940 (the “1940 Act”) , whose shares are generally offered to institutional investors, retirement plans and clients of registered investment advisors. At March 31, 2024, the Trust consisted of ten operational investment portfolios, of which five The Japanese Small Company Series, The Asia Pacific Small Company Series, The United Kingdom Small Company Series, The Continental Small Company Series and The Canadian Small Company Series (collectively, the “Series”), are included in this document.
SECURITY VALUATION
The Series use a fair value hierarchy which prioritizes the inputs-to-valuation techniques used to measure fair value into three broad levels described below:
| • | Level 1 - inputs are quoted prices in active markets for identical securities (including equity securities, open-end investment companies and futures contracts) |
| • | Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 - significant unobservable inputs (including the Series' own assumptions in determining the fair value of investments) |
Securities held by the Series, including over-the-counter securities, are valued at the last quoted sale price of the day. International equity securities are subject to a fair value factor, as described later in this note. Securities held by the Series that are listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If there is no last reported sale price or NOCP for the day, the Series value the securities at the mean between the most recent quoted bid and ask prices. Price information on listed securities is taken from the exchange where the security is primarily traded. Generally, securities issued by open-end management investment companies are valued using their respective net asset values or public offering prices, as appropriate, for purchase orders placed at the close of the New York Stock Exchange (“NYSE”). These securities are generally categorized as Level 1 in the hierarchy.
Securities for which no market quotations are readily available (including restricted securities), or for which market quotations have become unreliable, are valued in good faith at fair value in accordance with Rule 2a-5 under the 1940 Act pursuant to procedures approved by the Board of Trustees of the Trust. Fair value pricing may also be used if events that have a significant effect on the value of an investment (as determined in the discretion of the Advisors) occur before the net asset value of the Series is calculated. When fair value pricing is used, the prices of securities used by the Series may differ from the quoted or published prices for the same securities on their primary markets or exchanges. These securities are generally categorized as Level 2 or Level 3 in the hierarchy.
The Series will also apply a fair value price in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the close of the NYSE. For example, trading in the Japanese securities markets is completed each day at the close of the Tokyo Stock Exchange (normally, 2:00 a.m. ET), which is fourteen hours before the close of the NYSE (normally, 4:00 p.m. ET) and the time that the net asset values of the Series are computed. Due to the time differences between the closings of the relevant foreign securities exchanges and the time the Series price their shares (at the close of the NYSE), the Series will fair value their foreign investments when it is determined that the market quotations for the foreign investments are either unreliable or not readily available. The fair value prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Series’ foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Advisor has determined that movements in relevant indices or other appropriate market indicators, after the close of the Tokyo Stock Exchange or the London Stock Exchange, demonstrate that market quotations may be unreliable. Fair valuation of portfolio securities may occur on a daily basis. The fair value pricing by the Series uses data furnished by an independent pricing service (and that data draws upon, among other information, the market values of foreign investments). When a Series uses fair value pricing, the values assigned to the Series' foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges. These securities are generally categorized as Level 2 in the hierarchy.
Futures contracts held by the Series are valued using the settlement price established each day on the exchange on which they are traded. These valuations are generally categorized as Level 1 in the hierarchy.
Over-the-counter derivative contracts, which include forward currency contracts, do not require material subjectivity as pricing inputs are observed from quoted markets and are categorized as Level 2 in the hierarchy.
A summary of the inputs used to value the Series’ investments by each major security type, industry and/or country is disclosed previously in this note. A valuation hierarchy table has been included at the end of the Schedule of Investments The methodology or inputs used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
FINANCIAL INSTRUMENTS
In accordance with the Series’ investment objectives and policies, the Series may invest in certain financial instruments that have off-balance sheet risk in excess of the amounts recognized in the financial statements and concentrations of credit and market risk. These instruments and their significant corresponding risks are described below:
1. FOREIGN MARKET RISKS: Investments in foreign markets may involve certain considerations and risks not typically associated with investments in the United States of America, including the possibility of future political and economic developments and the level of foreign governmental supervision and regulation of foreign securities markets. These markets are generally smaller, less liquid and more volatile than the major securities markets in the United States of America. Consequently, acquisition and disposition of international securities held by the Series may be inhibited.
Derivative Financial Instruments
Summarized below are the specific types of derivative instruments used by the Series.
2. FUTURES CONTRACTS: The Series may purchase or sell futures contracts and options on futures contracts for equity securities and indices to increase or decrease market exposure based on actual or expected cash inflows to or outflows from the Series. Upon entering into a futures contract, a Series deposits cash or pledges U.S. government securities to a broker in an amount equal to the minimum ''initial margin'' requirements of the exchange on which the contract is traded. Subsequent payments are received from or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as ''variation margin'' and are recorded daily by the Series as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Series records a realized gain or loss, which is presented in the Statements of Operations as a net realized gain or loss on futures, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
Risks may arise upon entrance into futures contracts from potential imperfect price correlations between the futures contracts and the underlying securities or indices, from the possibility of an illiquid secondary market for these instruments and from the possibility that the Series could lose more than the initial margin requirements. A Portfolio entering into stock index futures is subject to equity price risk from those futures contracts.
FEDERAL TAX COST
At March 31, 2024, the total cost of securities for federal income tax purposes was:
| Federal Tax Cost | ||||
| The Japanese Small Company Series | $ | 2,857,097 | ||
| The Asia Pacific Small Company Series | 1,541,200 | |||
| The United Kingdom Small Company Series | 1,436,687 | |||
| The Continental Small Company Series | 4,668,168 | |||
| The Canadian Small Company Series | 1,272,166 | |||
RECENTLY ISSUED ACCOUNTING STANDARDS
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021, the FASB issued ASU No. 2021-01, with further amendments to Topic 848. The amendments in the ASUs provide optional temporary accounting recognition and financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021 and 2023. The ASUs were effective for certain
reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. Management has reviewed the requirements and determined the adoption of these ASUs will not have a material impact on the Series’ financial statements.
In October 2022, the SEC adopted rule and form amendments requiring open-end management investment companies, including mutual funds and exchange-traded funds, to transmit concise and visually engaging semi-annual and annual reports that highlight key information, including fund expenses, performance, and holdings to shareholders. Other information, including financial statements, will no longer appear in the Series’ shareholder reports but will be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Accordingly, the rule and form amendments will not impact the Series until the 2024 annual shareholder reports, and will have no effect on the Series’ accounting policies or financial statements.
SUBSEQUENT EVENT EVALUATIONS
Management has evaluated the impact of all subsequent events on the Portfolios through the date on which the financial statements were issued and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements.