UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09195
SA FUNDS – INVESTMENT TRUST |
(Exact name of registrant as specified in charter) | ||
10 Almaden Blvd.,15thFloor, San Jose, CA 95113 | ||
(Address of principal executive offices) (zip code) |
Salvatore Papa, Esq.
Chief Compliance Officer
SA Funds – Investment Trust
10 Almaden Blvd., 15th Floor,
San Jose, CA 95113
(Name and Address of Agent for Service)
Copies to:
Brian F. Link, Esq. | Mark D. Perlow, Esq. |
Vice President and Managing Counsel | Counsel to the Trust |
State Street Bank and Trust Company | Dechert LLP |
One Lincoln Street, 8thFloor | One Bush Street, Suite 1600 |
Boston, Massachusetts 02111 | San Francisco, California 94104-4446 |
Registrant’s telephone number, including area code: (844) 366-0905
Date of fiscal year end: June 30
Date of reporting period: December 31, 2019
Item 1. Report to Shareholders.
SEMI-ANNUAL REPORT December 31, 2019 |
TABLE OF CONTENTS
Page | ||
Portfolios of Investments | ||
SA U.S. Fixed Income Fund | 1 | |
SA Global Fixed Income Fund | 4 | |
SA U.S. Core Market Fund | 10 | |
SA U.S. Value Fund | 14 | |
SA U.S. Small Company Fund | 17 | |
SA International Value Fund | 21 | |
SA International Small Company Fund | 24 | |
SA Emerging Markets Value Fund | 25 | |
SA Real Estate Securities Fund | 28 | |
SA Worldwide Moderate Growth Fund | 31 | |
Statements of Assets and Liabilities | 32 | |
Statements of Operations | 36 | |
Statements of Changes in Net Assets | 38 | |
Financial Highlights | 45 | |
Notes to Financial Statements | 64 | |
Proxy Voting Policies and Procedures | 82 | |
Schedules of Portfolio Holdings | 82 | |
Semi-Annual Portfolio Schedule | 82 | |
Understanding Your Fund’s Expenses | 83 | |
Selected Financial Statements of DFA Investment Dimensions Group Inc. | 85 |
Any information in this shareholder report regarding market or economic trends or the factors influencing the performance of SA Funds – Investment Trust (the “Trust”) are statements of the opinion of Trust management as of the date of this report. Any such opinion is subject to change at any time based upon market or other conditions and we disclaim responsibility to update such opinions. These statements should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that stated investment objectives will be achieved.
SA U.S. Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited)
FACE | ||||||||
AMOUNT | VALUE† | |||||||
YANKEE CORPORATE | ||||||||
BONDS AND NOTES — 8.1% | ||||||||
Basic Materials — 0.3% | ||||||||
LyondellBasell Industries NV, | ||||||||
6.000%, 11/15/21 | $ | 1,500,000 | $ | 1,593,811 | ||||
Consumer, Cyclical — 0.2% | ||||||||
Royal Caribbean Cruises Ltd., | ||||||||
2.650%, 11/28/20 | 1,000,000 | 1,005,337 | ||||||
Consumer, Non-cyclical — 0.5% | ||||||||
Mylan NV, 3.150%, 6/15/21 | 3,000,000 | 3,040,159 | ||||||
Energy — 1.0% | ||||||||
Shell International Finance BV, | ||||||||
2.125%, 5/11/20 | 6,365,000 | 6,369,180 | ||||||
Financial — 6.1% | ||||||||
Bank of Montreal MTN, | ||||||||
2.100%, 6/15/20 | 9,500,000 | 9,511,877 | ||||||
Bank of Montreal MTN, | ||||||||
3.100%, 7/13/20 | 5,600,000 | 5,639,387 | ||||||
Mizuho Bank Ltd., | ||||||||
2.400%, 3/26/20 ± | 1,000,000 | 1,001,188 | ||||||
MUFG Bank Ltd., | ||||||||
2.300%, 3/05/20 ± | 1,000,000 | 1,000,600 | ||||||
National Australia Bank Ltd., | ||||||||
2.250%, 1/10/20 | 1,000,000 | 1,000,041 | ||||||
Royal Bank of Canada GMTN, | ||||||||
2.326%, 4/30/21 | 8,000,000 | 8,028,594 | ||||||
Toronto-Dominion Bank (The) | ||||||||
MTN, 3.000%, 6/11/20 | 11,263,000 | 11,317,142 | ||||||
37,498,829 | ||||||||
TOTAL YANKEE | ||||||||
CORPORATE BONDS | ||||||||
AND NOTES (Identified | ||||||||
Cost $49,189,806) | 49,507,316 | |||||||
CORPORATE BONDS AND NOTES — 23.1% | ||||||||
Communications — 0.8% | ||||||||
Cisco Systems, Inc., | ||||||||
4.450%, 1/15/20 | 5,000,000 | 5,004,324 | ||||||
Consumer, Cyclical — 3.0% | ||||||||
Toyota Motor Credit Corp. | ||||||||
GMTN, 2.200%, 1/10/20 | 2,000,000 | 1,999,997 | ||||||
Toyota Motor Credit Corp. MTN, | ||||||||
2.150%, 3/12/20 | 3,831,000 | 3,832,111 | ||||||
Toyota Motor Credit Corp. MTN, | ||||||||
2.600%, 1/11/22 | 1,562,000 | 1,586,108 | ||||||
Walmart, Inc., | ||||||||
1.968%, 6/23/20 | 3,444,000 | 3,444,181 | ||||||
Walmart, Inc., | ||||||||
2.158%, 6/23/21 | 7,512,000 | 7,526,750 | ||||||
18,389,147 | ||||||||
Consumer, Non-cyclical — 7.7% | ||||||||
Allergan, Inc., | ||||||||
3.375%, 9/15/20 | 1,000,000 | 1,008,705 | ||||||
Amgen, Inc., | ||||||||
2.200%, 5/11/20 | 4,704,000 | 4,708,341 | ||||||
Anthem, Inc., | ||||||||
4.350%, 8/15/20 | 1,000,000 | 1,014,414 | ||||||
Biogen, Inc., | ||||||||
2.900%, 9/15/20 | 4,250,000 | 4,281,772 | ||||||
Gilead Sciences, Inc., | ||||||||
2.350%, 2/01/20 | 3,505,000 | 3,505,848 | ||||||
Gilead Sciences, Inc., | ||||||||
2.550%, 9/01/20 | 1,910,000 | 1,918,371 | ||||||
JM Smucker Co. (The), | ||||||||
2.500%, 3/15/20 | 1,225,000 | 1,226,057 | ||||||
Keurig Dr Pepper, Inc., | ||||||||
2.000%, 1/15/20 | 5,000,000 | 4,999,776 | ||||||
Merck & Co., Inc., | ||||||||
1.850%, 2/10/20 | 5,633,000 | 5,631,702 | ||||||
Merck & Co., Inc., | ||||||||
2.276%, 2/10/20 | 9,795,000 | 9,800,466 | ||||||
Novartis Capital Corp., | ||||||||
1.800%, 2/14/20 | 1,493,000 | 1,492,765 | ||||||
Philip Morris International, Inc., | ||||||||
2.000%, 2/21/20 | 3,715,000 | 3,714,555 | ||||||
Philip Morris International, Inc., | ||||||||
4.500%, 3/26/20 | 1,500,000 | 1,508,586 | ||||||
Quest Diagnostics, Inc., | ||||||||
4.750%, 1/30/20 | 1,000,000 | 1,001,795 | ||||||
Total System Services, Inc., | ||||||||
3.800%, 4/01/21 | 1,000,000 | 1,019,898 | ||||||
Unilever Capital Corp., | ||||||||
1.800%, 5/05/20 | 500,000 | 500,284 | ||||||
47,333,335 | ||||||||
Energy — 2.7% | ||||||||
Chevron Corp., | ||||||||
1.991%, 3/03/20 | 4,750,000 | 4,750,340 | ||||||
Chevron Corp., | ||||||||
2.116%, 3/03/20 | 4,300,000 | 4,301,107 | ||||||
Chevron Corp., 2.440%, | ||||||||
11/15/21 | 7,645,000 | 7,706,482 | ||||||
16,757,929 | ||||||||
Financial — 4.8% | ||||||||
Bank of America Corp. MTN, | ||||||||
2.625%, 10/19/20 | 4,500,000 | 4,526,347 | ||||||
Berkshire Hathaway Finance | ||||||||
Corp., 2.330%, 1/10/20 | 5,880,000 | 5,880,806 | ||||||
Citigroup, Inc., | ||||||||
2.400%, 2/18/20 | 2,500,000 | 2,501,084 | ||||||
Goldman Sachs Group, Inc. | ||||||||
(The), 2.625%, 4/25/21 | 1,000,000 | 1,008,959 | ||||||
Goldman Sachs Group, Inc. (The) | ||||||||
GMTN, 5.375%, 3/15/20 | 500,000 | 503,419 | ||||||
HSBC USA, Inc., 2.750%, | ||||||||
8/07/20 | 1,685,000 | 1,692,458 |
The accompanying notes are an integral part of these financial statements.
1
SA U.S. Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
FACE | ||||||||
AMOUNT | VALUE† | |||||||
CORPORATE | ||||||||
BONDS AND NOTES (Continued) | ||||||||
Financial (Continued) | ||||||||
KeyCorp MTN, | ||||||||
2.900%, 9/15/20 | $ | 3,780,000 | $ | 3,805,656 | ||||
Morgan Stanley, | ||||||||
2.800%, 6/16/20 | 4,645,000 | 4,664,684 | ||||||
Wells Fargo & Co., 2.150%, | ||||||||
1/30/20 | 1,938,000 | 1,938,313 | ||||||
Wells Fargo & Co. GMTN, | ||||||||
2.600%, 7/22/20 | 3,000,000 | 3,011,793 | ||||||
29,533,519 | ||||||||
Industrial — 1.2% | ||||||||
John Deere Capital Corp. MTN, | ||||||||
2.050%, 3/10/20 | 2,260,000 | 2,260,427 | ||||||
General Dynamics Corp., | ||||||||
2.875%, 5/11/20 | 3,000,000 | 3,010,608 | ||||||
General Electric Co. GMTN, | ||||||||
5.500%, 1/08/20 | 2,000,000 | 2,000,730 | ||||||
7,271,765 | ||||||||
Technology — 2.4% | ||||||||
Apple, Inc., | ||||||||
2.094%, 2/07/20 | 3,400,000 | 3,401,124 | ||||||
Apple, Inc., | ||||||||
2.205%, 5/06/20 | 1,500,000 | 1,501,482 | ||||||
Broadcom Corp. / Broadcom | ||||||||
Cayman Finance Ltd., | ||||||||
2.375%, 1/15/20 | 2,500,000 | 2,500,133 | ||||||
IBM Credit LLC, | ||||||||
2.226%, 1/20/21 | 6,000,000 | 6,013,336 | ||||||
QUALCOMM, Inc., | ||||||||
2.250%, 5/20/20 | 1,000,000 | 1,001,173 | ||||||
14,417,248 | ||||||||
Utilities — 0.5% | ||||||||
NextEra Energy Capital Holdings, | ||||||||
Inc., 3.342%, 9/01/20 | 3,000,000 | 3,026,627 | ||||||
TOTAL CORPORATE BONDS | ||||||||
AND NOTES (Identified | ||||||||
Cost $141,288,236) | 141,733,894 | |||||||
U.S. GOVERNMENT AND AGENCY | ||||||||
OBLIGATIONS — 20.6% | ||||||||
Agency Securities — 4.6% | ||||||||
Federal Farm Credit Banks, | ||||||||
1.785%, 4/16/21 | 28,350,000 | 28,357,141 | ||||||
U.S. Treasury Securities — 16.0% | ||||||||
United States Treasury Floating | ||||||||
Rate Note, 1.571%, 10/31/20 | 37,000,000 | 36,985,303 | ||||||
United States Treasury Floating | ||||||||
Rate Note, 1.641%, 1/31/21 | 1,000,000 | 999,723 | ||||||
United States Treasury Floating | ||||||||
Rate Note, 1.665%, 4/30/21 | 60,000,000 | 59,975,037 | ||||||
97,960,063 | ||||||||
TOTAL U.S. GOVERNMENT | ||||||||
AND AGENCY | ||||||||
OBLIGATIONS (Identified | ||||||||
Cost $126,337,147) | 126,317,204 | |||||||
SHORT-TERM INVESTMENTS — 49.6% | ||||||||
Agency Securities — 19.6% | ||||||||
Federal Home Loan Bank | ||||||||
Discount Notes, 0.000%, | ||||||||
1/03/20# | 15,000,000 | 14,999,375 | ||||||
Federal Home Loan Bank | ||||||||
Discount Notes, 0.000%, | ||||||||
1/06/20# | 15,000,000 | 14,997,500 | ||||||
Federal Home Loan Bank | ||||||||
Discount Notes, 0.000%, | ||||||||
1/07/20# | 5,000,000 | 4,998,958 | ||||||
Federal Home Loan Bank | ||||||||
Discount Notes, 0.000%, | ||||||||
1/09/20# | 10,000,000 | 9,997,083 | ||||||
Federal Home Loan Bank | ||||||||
Discount Notes, 0.000%, | ||||||||
1/13/20# | 5,000,000 | 4,997,708 | ||||||
Federal Home Loan Bank | ||||||||
Discount Notes, 0.000%, | ||||||||
1/27/20# | 15,000,000 | 14,984,375 | ||||||
Federal Home Loan Bank | ||||||||
Discount Notes, 0.000%, | ||||||||
1/30/20# | 10,000,000 | 9,988,333 | ||||||
Federal Home Loan Bank | ||||||||
Discount Notes, 0.000%, | ||||||||
1/31/20# | 10,000,000 | 9,987,917 | ||||||
Federal Home Loan Bank | ||||||||
Discount Notes, 0.000%, | ||||||||
2/04/20# | 10,000,000 | 9,986,158 | ||||||
Federal Home Loan Bank | ||||||||
Discount Notes, 0.000%, | ||||||||
2/28/20# | 5,000,000 | 4,988,046 | ||||||
Federal Home Loan Bank | ||||||||
Discount Notes, 0.000%, | ||||||||
3/02/20# | 10,000,000 | 9,974,167 | ||||||
Federal Home Loan Bank | ||||||||
Discount Notes, 0.000%, | ||||||||
3/24/20# | 10,000,000 | 9,964,695 | ||||||
119,864,315 | ||||||||
Commercial Papers — 22.5% | ||||||||
Apple, Inc., 1.770%, 1/14/20 | 12,000,000 | 11,992,330 | ||||||
CPPIB Capital, Inc., | ||||||||
1.700%, 1/23/20 | 1,000,000 | 998,961 | ||||||
Eli Lilly & Co., | ||||||||
1.600%, 1/14/20 | 15,000,000 | 14,991,333 | ||||||
Equipment Intermediation, Inc., | ||||||||
1.750%, 2/20/20 | 5,000,000 | 4,987,847 | ||||||
Erste Abwicklungsanstalt, | ||||||||
1.820%, 2/19/20 | 5,000,000 | 4,987,614 | ||||||
Exxon Mobil Corp., | ||||||||
1.640%, 1/22/20 | 12,000,000 | 11,988,520 |
The accompanying notes are an integral part of these financial statements.
2
SA U.S. Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
FACE | ||||||||
AMOUNT | VALUE† | |||||||
SHORT-TERM INVESTMENTS (Continued) | ||||||||
Commercial Papers (Continued) | ||||||||
Exxon Mobil Corp., | ||||||||
1.650%, 1/22/20 | $ | 2,050,000 | $ | 2,048,027 | ||||
Exxon Mobil Corp., | ||||||||
1.748%, 1/03/20 | 3,600,000 | 3,599,672 | ||||||
John Deere Ltd., | ||||||||
1.850%, 1/13/20 | 1,000,000 | 999,383 | ||||||
Kfw International Finance, Inc., | ||||||||
1.720%, 2/05/20 | 3,000,000 | 2,994,983 | ||||||
Kfw International Finance, Inc., | ||||||||
1.720%, 2/20/20 | 5,000,000 | 4,988,056 | ||||||
Kfw International Finance, Inc., | ||||||||
1.820%, 3/04/20 | 1,600,000 | 1,594,766 | ||||||
Massachusetts Mutual Life | ||||||||
Insurance Co., 0.010%, | ||||||||
1/13/20 | 10,000,000 | 9,994,500 | ||||||
Massachusetts Mutual Life | ||||||||
Insurance Co., 0.010%, | ||||||||
1/14/20 | 6,000,000 | 5,996,447 | ||||||
Merck & Co., Inc., | ||||||||
1.600%, 1/22/20 | 2,500,000 | 2,497,667 | ||||||
Oversea-Chinese Banking Corp. | ||||||||
L, 1.900%, 3/19/20 | 3,500,000 | 3,485,507 | ||||||
Pfizer, Inc., 1.680%, 2/05/20 | 5,000,000 | 4,991,833 | ||||||
Pfizer, Inc., 1.700%, 2/04/20 | 1,000,000 | 998,395 | ||||||
Pfizer, Inc., 2.030%, 1/23/20 | 12,000,000 | 11,985,113 | ||||||
Province of Alberta, | ||||||||
1.850%, 1/30/20 | 6,105,000 | 6,095,902 | ||||||
PSP Capital, Inc., | ||||||||
1.740%, 1/28/20 | 14,000,000 | 13,981,730 | ||||||
Roche Holding, Inc., | ||||||||
1.580%, 1/03/20 | 5,000,000 | 4,999,561 | ||||||
Toronto Dominion Bank, | ||||||||
1.810%, 1/27/20 | 5,000,000 | 4,993,464 | ||||||
Toyota Motor Credit, | ||||||||
1.940%, 2/25/20 | 2,000,000 | 1,994,072 | ||||||
138,185,683 | ||||||||
U.S. Treasury Securities — 1.6% | ||||||||
United States Treasury Bill, | ||||||||
1.570%, 1/14/20 | 10,000,000 | 9,995,125 | ||||||
SHARES | ||||||||
Investment Company — 5.9% | ||||||||
State Street Institutional U.S. | ||||||||
Government Money Market | ||||||||
Fund 1.535% | 35,866,506 | 35,866,506 | ||||||
TOTAL SHORT-TERM | ||||||||
INVESTMENTS (Identified Cost | ||||||||
$303,903,068) | 303,911,629 | |||||||
Total Investments — 101.4% | ||||||||
(Identified Cost | ||||||||
$620,718,258) | 621,470,043 | |||||||
Liabilities, Less Cash and | ||||||||
Other Assets — (1.4%) | (8,510,481 | ) | ||||||
Net Assets — 100.0% | $ | 612,959,562 |
† | 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 December 31, 2019 amounted to $2,001,788 or 0.33% of the net assets of the Fund. | ||
# | Zero coupon bond |
Key to abbreviations: |
GMTN — Global Medium Term Note |
MTN — Medium Term Note |
USD — U.S. Dollar |
Portfolio Sectors as of December 31, 2019
(As a percentage of long-term investments)
The accompanying notes are an integral part of these financial statements.
3
SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited)
FACE | |||||||||
AMOUNT | VALUE† | ||||||||
BONDS AND NOTES — 89.3% | |||||||||
Australia — 1.6% | |||||||||
Commonwealth Bank of | |||||||||
Australia, 0.500%, 7/11/22 | EUR | 500,000 | $ | 569,049 | |||||
National Australia Bank Ltd. | |||||||||
GMTN, 0.350%, 9/07/22 | EUR | 3,150,000 | 3,573,034 | ||||||
National Australia Bank Ltd. | |||||||||
GMTN, 0.875%, 1/20/22 | EUR | 1,500,000 | 1,716,866 | ||||||
Toyota Finance Australia Ltd., | |||||||||
0.500%, 4/06/23 | EUR | 4,900,000 | 5,594,527 | ||||||
Westpac Banking Corp., 0.250%, | |||||||||
1/17/22 | EUR | 1,000,000 | 1,128,572 | ||||||
12,582,048 | |||||||||
Austria — 0.1% | |||||||||
Republic of Austria Government | |||||||||
International Bond, 0.000%, | |||||||||
6/04/20 | EUR | 667,000 | 749,933 | ||||||
Belgium — 2.4% | |||||||||
Kingdom of Belgium | |||||||||
Government Bond, 0.200%, | |||||||||
10/22/23 ± | EUR | 17,000,000 | 19,540,994 | ||||||
Canada — 20.6% | |||||||||
Bank of Montreal, 0.102%, | |||||||||
9/28/21 | EUR | 2,277,000 | 2,570,406 | ||||||
Bank of Montreal, 0.250%, | |||||||||
11/17/21 | EUR | 300,000 | 338,712 | ||||||
Bank of Montreal, 1.610%, | |||||||||
10/28/21 | CAD | 10,000,000 | 7,636,826 | ||||||
Bank of Montreal, 1.880%, | |||||||||
3/31/21 | CAD | 2,500,000 | 1,921,836 | ||||||
Bank of Montreal, 2.461%, | |||||||||
4/13/21 | USD | 1,000,000 | 1,003,504 | ||||||
Bank of Nova Scotia (The), | |||||||||
0.375%, 4/06/22 | EUR | 2,500,000 | 2,829,687 | ||||||
Bank of Nova Scotia (The), | |||||||||
1.750%, 12/23/22 | GBP | 1,000,000 | 1,354,356 | ||||||
Bank of Nova Scotia (The), | |||||||||
2.130%, 6/15/20 | CAD | 20,000,000 | 15,416,118 | ||||||
Bank of Nova Scotia (The), | |||||||||
2.406%, 4/20/21 | USD | 3,250,000 | 3,261,569 | ||||||
Canada Housing Trust No 1, | |||||||||
1.450%, 6/15/20 ± | CAD | 10,000,000 | 7,690,501 | ||||||
Canadian Government Bond, | |||||||||
1.500%, 3/01/20 | CAD | 15,000,000 | 11,546,379 | ||||||
Canadian Imperial Bank of | |||||||||
Commerce, 0.750%, | |||||||||
3/22/23 | EUR | 300,000 | 344,717 | ||||||
Canadian Imperial Bank of | |||||||||
Commerce, 1.850%, | |||||||||
7/14/20 | CAD | 4,500,000 | 3,463,325 | ||||||
Canadian Imperial Bank of | |||||||||
Commerce, 2.353%, | |||||||||
10/05/20 | USD | 757,000 | 758,031 | ||||||
Export Development Canada, | |||||||||
1.037%, 5/29/24 | GBP | 1,500,000 | 1,987,059 | ||||||
Province of Manitoba Canada, | |||||||||
1.500%, 12/15/22 | GBP | 825,000 | 1,107,310 | ||||||
Province of Manitoba Canada | |||||||||
MTN, 4.750%, 2/11/20 | CAD | 20,000,000 | 15,449,232 | ||||||
Province of Ontario Canada, | |||||||||
3.000%, 9/28/20 | EUR | 938,000 | 1,078,963 | ||||||
Province of Ontario Canada, | |||||||||
4.000%, 6/02/21 | CAD | 13,922,000 | 11,048,721 | ||||||
Province of Ontario Canada, | |||||||||
4.200%, 6/02/20 | CAD | 7,000,000 | 5,444,319 | ||||||
Province of Quebec Canada, | |||||||||
2.375%, 1/22/24 | EUR | 5,321,000 | 6,587,225 | ||||||
Royal Bank of Canada, 0.096%, | |||||||||
7/24/20 | EUR | 500,000 | 562,342 | ||||||
Royal Bank of Canada, 0.190%, | |||||||||
1/19/21 | EUR | 2,100,000 | 2,368,372 | ||||||
Royal Bank of Canada, 1.583%, | |||||||||
9/13/21 | CAD | 22,500,000 | 17,184,764 | ||||||
Royal Bank of Canada, 2.030%, | |||||||||
3/15/21 | CAD | 4,000,000 | 3,080,205 | ||||||
Royal Bank of Canada GMTN, | |||||||||
2.326%, 4/30/21 | USD | 320,000 | 321,144 | ||||||
Toronto-Dominion Bank (The), | |||||||||
0.082%, 7/13/20 | EUR | 250,000 | 281,150 | ||||||
Toronto-Dominion Bank (The), | |||||||||
0.085%, 9/08/20 | EUR | 289,000 | 325,120 | ||||||
Toronto-Dominion Bank (The), | |||||||||
0.625%, 3/08/21 | EUR | 2,330,000 | 2,640,711 | ||||||
Toronto-Dominion Bank (The), | |||||||||
0.625%, 7/20/23 | EUR | 7,463,000 | 8,562,362 | ||||||
Toronto-Dominion Bank (The), | |||||||||
1.693%, 4/02/20 | CAD | 7,000,000 | 5,387,016 | ||||||
Toronto-Dominion Bank (The), | |||||||||
2.563%, 6/24/20 | CAD | 3,000,000 | 2,317,015 | ||||||
Toronto-Dominion Bank (The), | |||||||||
3.005%, 5/30/23 | CAD | 5,000,000 | 3,953,602 | ||||||
Total Capital Canada Ltd., | |||||||||
1.125%, 3/18/22 | EUR | 2,000,000 | 2,309,524 | ||||||
Total Capital Canada Ltd., | |||||||||
1.875%, 7/09/20 | EUR | 1,000,000 | 1,134,597 | ||||||
Toyota Credit Canada, Inc. MTN, | |||||||||
1.800%, 2/19/20 | CAD | 11,000,000 | 8,468,700 | ||||||
Toyota Credit Canada, Inc. MTN, | |||||||||
2.200%, 2/25/21 | CAD | 2,452,000 | 1,890,601 | ||||||
163,626,021 | |||||||||
Denmark — 3.5% | |||||||||
Denmark Government Bond, | |||||||||
1.500%, 11/15/23 | DKK | 130,000,000 | 21,066,660 | ||||||
Kommunekredit, 0.125%, | |||||||||
8/28/23 | EUR | 5,000,000 | 5,687,849 | ||||||
Kommunekredit, 0.250%, | |||||||||
3/29/23 | EUR | 1,000,000 | 1,141,615 | ||||||
Kommunekredit, 0.250%, | |||||||||
5/15/23 | EUR | 350,000 | 399,688 | ||||||
28,295,812 |
The accompanying notes are an integral part of these financial statements.
4
SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
FACE | |||||||||
AMOUNT | VALUE† | ||||||||
BONDS AND NOTES (Continued) | |||||||||
Finland — 0.4% | |||||||||
OP Corporate Bank PLC, | |||||||||
0.750%, 3/03/22 | EUR | 900,000 | $ | 1,028,402 | |||||
OP Corporate Bank PLC, | |||||||||
2.500%, 5/20/22 | GBP | 1,642,000 | 2,247,162 | ||||||
3,275,564 | |||||||||
France — 11.7% | |||||||||
Agence Francaise de | |||||||||
Developpement, 0.500%, | |||||||||
10/25/22 | EUR | 300,000 | 343,989 | ||||||
Agence Francaise de | |||||||||
Developpement, 3.125%, | |||||||||
1/04/24 @ | EUR | 10,000,000 | 12,730,307 | ||||||
Bpifrance Financement SA, | |||||||||
0.100%, 2/19/21 | EUR | 600,000 | 676,800 | ||||||
Caisse d’Amortissement de | |||||||||
la Dette Sociale, | |||||||||
0.125%, 11/25/22 | EUR | 10,800,000 | 12,302,105 | ||||||
Caisse d’Amortissement de | |||||||||
la Dette Sociale, | |||||||||
0.125%, 10/25/23 | EUR | 1,500,000 | 1,711,498 | ||||||
Caisse d’Amortissement de | |||||||||
la Dette Sociale, | |||||||||
0.500%, 5/25/23 | EUR | 6,200,000 | 7,161,096 | ||||||
Caisse des Depots et | |||||||||
Consignations, 1.000%, | |||||||||
1/25/21 | GBP | 600,000 | 795,754 | ||||||
Caisse des Depots et | |||||||||
Consignations, 1.999%, | |||||||||
10/02/20 | USD | 2,400,000 | 2,400,127 | ||||||
Dexia Credit Local SA, 0.200%, | |||||||||
3/16/21 | EUR | 600,000 | 677,564 | ||||||
Dexia Credit Local SA, 0.250%, | |||||||||
3/19/20 | EUR | 2,650,000 | 2,976,821 | ||||||
Dexia Credit Local SA, 0.250%, | |||||||||
6/02/22 | EUR | 5,850,000 | 6,649,216 | ||||||
Dexia Credit Local SA, 0.625%, | |||||||||
1/21/22 | EUR | 300,000 | 342,892 | ||||||
Dexia Credit Local SA, 0.750%, | |||||||||
1/25/23 | EUR | 1,200,000 | 1,386,229 | ||||||
Dexia Credit Local SA, 0.875%, | |||||||||
9/07/21 | GBP | 3,000,000 | 3,968,399 | ||||||
Dexia Credit Local SA, 1.125%, | |||||||||
6/15/22 | GBP | 4,900,000 | 6,513,617 | ||||||
Dexia Credit Local SA, 2.000%, | |||||||||
1/22/21 | EUR | 200,000 | 229,981 | ||||||
Sanofi, 0.000%, 1/13/20 | EUR | 800,000 | 897,426 | ||||||
Sanofi, 0.500%, 3/21/23 | EUR | 14,200,000 | 16,242,736 | ||||||
Sanofi, 1.125%, 3/10/22 | EUR | 500,000 | 576,564 | ||||||
SNCF Reseau, 6.000%, | |||||||||
10/12/20 | EUR | 1,142,000 | 1,344,978 | ||||||
Total Capital International SA, | |||||||||
0.000%, 3/19/20 | EUR | 500,000 | 561,240 | ||||||
Total Capital International SA, | |||||||||
0.250%, 7/12/23 | EUR | 2,700,000 | 3,063,456 | ||||||
Total Capital International SA, | |||||||||
2.125%, 3/15/23 | EUR | 2,000,000 | 2,405,234 | ||||||
UNEDIC ASSEO, 0.125%, | |||||||||
3/05/20 | EUR | 2,000,000 | 2,245,789 | ||||||
UNEDIC ASSEO, 0.125%, | |||||||||
5/25/22 | EUR | 2,000,000 | 2,268,573 | ||||||
UNEDIC ASSEO, 0.875%, | |||||||||
10/25/22 | EUR | 2,500,000 | 2,900,918 | ||||||
93,373,309 | |||||||||
Germany — 9.4% | |||||||||
Deutsche Bahn Finance GMBH, | |||||||||
2.750%, 6/20/22 | GBP | 1,780,000 | 2,460,937 | ||||||
Erste Abwicklungsanstalt, | |||||||||
0.000%, 2/25/21 | EUR | 1,500,000 | 1,690,803 | ||||||
Kreditanstalt fuer Wiederaufbau, | |||||||||
0.125%, 6/07/23 | EUR | 5,550,000 | 6,328,578 | ||||||
Kreditanstalt fuer Wiederaufbau, | |||||||||
0.125%, 2/24/23 | EUR | 400,000 | 455,802 | ||||||
Kreditanstalt fuer Wiederaufbau, | |||||||||
0.125%, 1/15/24 | EUR | 2,500,000 | 2,852,548 | ||||||
Kreditanstalt fuer Wiederaufbau, | |||||||||
1.000%, 10/12/21 | NOK | 5,000,000 | 562,799 | ||||||
Land Baden-Wuerttemberg, | |||||||||
0.343%, 7/19/21 | EUR | 1,520,000 | 1,725,177 | ||||||
Land Berlin, 0.250%, 7/15/20 | EUR | 125,000 | 140,704 | ||||||
Landeskreditbank Baden- | |||||||||
Wuerttemberg Foerderbank, | |||||||||
1.125%, 5/17/21 | GBP | 510,000 | 677,782 | ||||||
Landeskreditbank Baden- | |||||||||
Wuerttemberg Foerderbank, | |||||||||
2.067%, 9/27/21 | USD | 10,000,000 | 10,010,120 | ||||||
Landwirtschaftliche Rentenbank, | |||||||||
0.050%, 6/12/23 | EUR | 3,500,000 | 3,979,598 | ||||||
Landwirtschaftliche Rentenbank, | |||||||||
0.375%, 1/22/24 | EUR | 5,000,000 | 5,761,404 | ||||||
NRW Bank, 0.000%, 8/10/22 | EUR | 900,000 | 1,018,835 | ||||||
NRW Bank, 0.125%, 3/10/23 | EUR | 4,900,000 | 5,574,180 | ||||||
NRW Bank, 0.125%, 7/07/23 | EUR | 6,300,000 | 7,169,135 | ||||||
NRW Bank, 0.250%, 2/02/24 | EUR | 2,000,000 | 2,288,833 | ||||||
NRW Bank, 1.944%, 2/08/21 | USD | 1,000,000 | 999,660 | ||||||
State of North Rhine-Westphalia | |||||||||
Germany, 0.200%, 4/17/23 | EUR | 8,500,000 | 9,691,197 | ||||||
State of North Rhine-Westphalia | |||||||||
Germany, 0.375%, 2/16/23 | EUR | 900,000 | 1,031,009 | ||||||
State of North Rhine-Westphalia | |||||||||
Germany, 0.857%, 10/29/21 | GBP | 5,000,000 | 6,621,057 | ||||||
State of North Rhine-Westphalia | |||||||||
Germany, 1.250%, 3/13/20 | EUR | 3,000,000 | 3,376,061 | ||||||
74,416,219 | |||||||||
Luxembourg — 6.4% | |||||||||
European Financial Stability | |||||||||
Facility, 0.000%, 11/17/22 | EUR | 6,500,000 | 7,364,292 | ||||||
European Financial Stability | |||||||||
Facility, 0.100%, 1/19/21 | EUR | 500,000 | 564,053 | ||||||
European Financial Stability | |||||||||
Facility, 0.125%, 10/17/23 | EUR | 4,000,000 | 4,558,710 | ||||||
European Financial Stability | |||||||||
Facility, 0.200%, 1/17/24 | EUR | 2,000,000 | 2,286,025 | ||||||
European Financial Stability | |||||||||
Facility, 0.500%, 1/20/23 | EUR | 6,200,000 | 7,131,515 |
The accompanying notes are an integral part of these financial statements.
5
SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
FACE | |||||||||
AMOUNT | VALUE† | ||||||||
BONDS AND NOTES (Continued) | |||||||||
Luxembourg (Continued) | |||||||||
European Financial Stability | |||||||||
Facility, 1.500%, 1/22/20 | EUR | 657,000 | $ | 737,743 | |||||
Luxembourg Government Bond, | |||||||||
3.375%, 5/18/20 | EUR | 910,000 | 1,035,658 | ||||||
Nestle Finance International Ltd., | |||||||||
0.750%, 11/08/21 | EUR | 750,000 | 857,150 | ||||||
Nestle Finance International Ltd., | |||||||||
0.750%, 5/16/23 | EUR | 3,000,000 | 3,465,018 | ||||||
Novartis Finance SA, 0.125%, | |||||||||
9/20/23 | EUR | 3,500,000 | 3,962,088 | ||||||
Novartis Finance SA, 0.500%, | |||||||||
8/14/23 | EUR | 15,460,000 | 17,695,490 | ||||||
Novartis Finance SA, 0.750%, | |||||||||
11/09/21 | EUR | 1,217,000 | 1,391,563 | ||||||
51,049,305 | |||||||||
Netherlands — 5.1% | |||||||||
Bank Nederlandse Gemeenten | |||||||||
NV, 0.250%, 2/22/23 | EUR | 2,000,000 | 2,283,759 | ||||||
Bank Nederlandse Gemeenten | |||||||||
NV, 1.000%, 3/15/22 | GBP | 500,000 | 663,735 | ||||||
BNG Bank NV, 0.050%, | |||||||||
7/11/23 | EUR | 12,000,000 | 13,622,880 | ||||||
BNG Bank NV, 0.250%, | |||||||||
1/10/24 | EUR | 3,000,000 | 3,434,290 | ||||||
BNG Bank NV, 1.500%, | |||||||||
4/15/20 | EUR | 1,856,000 | 2,093,479 | ||||||
Cooperatieve Centrale Raiffeisen- | |||||||||
Boerenleenbank BA, 4.750%, | |||||||||
6/06/22 | EUR | 5,370,000 | 6,738,582 | ||||||
Cooperatieve Centrale Raiffeisen- | |||||||||
Boerenleenbank BA GMTN, | |||||||||
4.000%, 1/11/22 | EUR | 1,000,000 | 1,215,775 | ||||||
Nederlandse Waterschapsbank | |||||||||
NV, 0.125%, 9/25/23 | EUR | 3,000,000 | 3,418,696 | ||||||
Shell International Finance BV, | |||||||||
1.000%, 4/06/22 | EUR | 600,000 | 691,522 | ||||||
Shell International Finance BV, | |||||||||
1.250%, 3/15/22 | EUR | 625,000 | 723,838 | ||||||
Shell International Finance BV, | |||||||||
1.625%, 3/24/21 | EUR | 3,788,000 | 4,349,168 | ||||||
Toyota Motor Finance Netherlands | |||||||||
BV, 0.250%, 1/10/22 | EUR | 912,000 | 1,032,193 | ||||||
40,267,917 | |||||||||
New Zealand — 0.2% | |||||||||
ANZ New Zealand Int’l Ltd., | |||||||||
0.400%, 3/01/22 | EUR | 355,000 | 402,600 | ||||||
ASB Finance Ltd., 0.500%, | |||||||||
6/10/22 | EUR | 800,000 | 910,138 | ||||||
1,312,738 | |||||||||
Norway — 0.4% | |||||||||
Equinor ASA, 0.875%, 2/17/23 | EUR | 500,000 | 575,721 | ||||||
Equinor ASA, 2.000%, 9/10/20 | EUR | 2,222,000 | 2,532,254 | ||||||
3,107,975 | |||||||||
Supranational — 12.4% | |||||||||
African Development Bank, | |||||||||
0.250%, 1/24/24 | EUR | 7,977,000 | 9,145,489 | ||||||
Asian Development Bank, | |||||||||
0.961%, 10/12/23 | GBP | 998,000 | 1,321,387 | ||||||
Asian Development Bank, | |||||||||
0.971%, 2/01/22 | GBP | 2,500,000 | 3,314,778 | ||||||
Asian Development Bank, | |||||||||
1.001%, 3/19/24 | GBP | 3,854,000 | 5,104,895 | ||||||
Asian Development Bank GMTN, | |||||||||
0.200%, 5/25/23 | EUR | 7,626,000 | 8,712,510 | ||||||
EUROFIMA, 1.988%, 3/11/22 | USD | 300,000 | 301,197 | ||||||
EUROFIMA, 2.000%, 11/15/21 | USD | 5,000,000 | 5,000,550 | ||||||
EUROFIMA, 4.000%, 10/27/21 | EUR | 500,000 | 605,611 | ||||||
European Bank for Reconstruction | |||||||||
& Development GMTN, 1.011%, | |||||||||
2/28/24 | GBP | 3,996,000 | 5,296,721 | ||||||
European Investment Bank, | |||||||||
0.000%, 1/15/20 | EUR | 500,000 | 560,980 | ||||||
European Investment Bank, | |||||||||
0.000%, 10/16/23 | EUR | 11,500,000 | 13,063,142 | ||||||
European Investment Bank, | |||||||||
0.050%, 12/15/23 | EUR | 2,500,000 | 2,846,782 | ||||||
European Investment Bank, | |||||||||
0.860%, 2/18/22 | GBP | 500,000 | 662,809 | ||||||
European Investment Bank, | |||||||||
0.991%, 1/10/22 | GBP | 750,000 | 995,348 | ||||||
European Investment Bank, | |||||||||
1.500%, 5/12/22 @ | NOK | 15,000,000 | 1,702,489 | ||||||
European Investment Bank, | |||||||||
1.625%, 3/15/23 | EUR | 600,000 | 716,089 | ||||||
European Investment Bank, | |||||||||
2.125%, 1/15/24 | EUR | 3,000,000 | 3,696,212 | ||||||
European Stability Mechanism, | |||||||||
0.100%, 7/31/23 | EUR | 7,078,000 | 8,054,776 | ||||||
Inter-American Investment Corp., | |||||||||
2.091%, 10/12/21 | USD | 3,900,000 | 3,900,780 | ||||||
International Bank for | |||||||||
Reconstruction & Development, | |||||||||
0.997%, 5/15/24 | GBP | 4,023,000 | 5,328,790 | ||||||
International Bank for | |||||||||
Reconstruction & Development, | |||||||||
1.000%, 12/19/22 | GBP | 6,400,000 | 8,520,445 | ||||||
International Bank for | |||||||||
Reconstruction & | |||||||||
Development, 1.125%, | |||||||||
3/11/20 | CAD | 9,000,000 | 6,922,560 | ||||||
International Finance Corp., | |||||||||
0.977%, 1/18/22 | GBP | 1,000,000 | 1,325,800 | ||||||
Nordic Investment Bank GMTN, | |||||||||
1.375%, 7/15/20 | NOK | 13,420,000 | 1,526,570 | ||||||
98,626,710 | |||||||||
Sweden — 5.6% | |||||||||
Kommuninvest I Sverige AB, | |||||||||
0.250%, 6/01/22 | SEK | 113,000,000 | 12,106,975 | ||||||
Kommuninvest I Sverige AB, | |||||||||
0.750%, 2/16/20 | SEK | 18,000,000 | 1,923,326 |
The accompanying notes are an integral part of these financial statements.
6
SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
FACE | ||||||||||
AMOUNT | VALUE† | |||||||||
BONDS AND NOTES (Continued) | ||||||||||
Sweden (Continued) | ||||||||||
Kommuninvest I Sverige AB, | ||||||||||
0.750%, 2/22/23 | SEK | 65,000,000 | $ | 7,045,535 | ||||||
Kommuninvest I Sverige AB, | ||||||||||
1.000%, 11/13/23 | SEK | 30,000,000 | 3,292,056 | |||||||
Skandinaviska Enskilda Banken | ||||||||||
AB GMTN, 0.300%, 2/17/22 | EUR | 918,000 | 1,037,366 | |||||||
Svensk Exportkredit AB, 2.007%, | ||||||||||
12/13/21 | USD | 1,000,000 | 1,000,625 | |||||||
Svenska Handelsbanken AB, | ||||||||||
0.250%, 2/28/22 | EUR | 250,000 | 282,602 | |||||||
Svenska Handelsbanken AB, | ||||||||||
1.125%, 12/14/22 | EUR | 1,633,000 | 1,892,500 | |||||||
Sweden Government Bond, | ||||||||||
5.000%, 12/01/20 | SEK | 145,000,000 | 16,237,046 | |||||||
44,818,031 | ||||||||||
United States — 9.5% | ||||||||||
3M Co., 0.000%, 5/15/20 | EUR | 500,000 | 561,532 | |||||||
3M Co., 0.950%, 5/15/23 | EUR | 3,120,000 | 3,626,245 | |||||||
3M Co., 1.875%, 11/15/21 | EUR | 500,000 | 582,694 | |||||||
Apple, Inc., 3.040%, 2/23/21 | USD | 500,000 | 506,108 | |||||||
Berkshire Hathaway, Inc., | ||||||||||
0.625%, 1/17/23 | EUR | 1,767,000 | 2,023,289 | |||||||
Berkshire Hathaway, Inc., | ||||||||||
0.750%, 3/16/23 | EUR | 400,000 | 458,189 | |||||||
Berkshire Hathaway, Inc., | ||||||||||
1.300%, 3/15/24 | EUR | 560,000 | 658,699 | |||||||
Coca-Cola Co. (The), 0.750%, | ||||||||||
3/09/23 | EUR | 3,220,000 | 3,698,746 | |||||||
Johnson & Johnson, 0.250%, | ||||||||||
1/20/22 | EUR | 1,650,000 | 1,870,222 | |||||||
Merck & Co., Inc., 1.125%, | ||||||||||
10/15/21 | EUR | 1,000,000 | 1,145,571 | |||||||
Oracle Corp., 1.900%, 9/15/21 | USD | 2,282,000 | 2,287,362 | |||||||
Oracle Corp., 2.250%, 1/10/21 | EUR | 1,378,000 | 1,585,721 | |||||||
Pfizer, Inc., 0.250%, 3/06/22 | EUR | 4,075,000 | 4,612,934 | |||||||
Pfizer, Inc., 2.200%, 12/15/21 | USD | 3,570,000 | 3,606,085 | |||||||
Procter & Gamble Co. (The), | ||||||||||
1.125%, 11/02/23 | EUR | 2,000,000 | 2,350,408 | |||||||
Procter & Gamble Co. (The), | ||||||||||
2.000%, 8/16/22 | EUR | 1,600,000 | 1,899,056 | |||||||
Toyota Motor Credit Corp., | ||||||||||
0.000%, 7/21/21 | EUR | 400,000 | 450,139 | |||||||
Toyota Motor Credit Corp., | ||||||||||
0.750%, 7/21/22 | EUR | 2,500,000 | 2,872,800 | |||||||
Toyota Motor Credit Corp., | ||||||||||
1.800%, 7/23/20 | EUR | 500,000 | 567,397 | |||||||
Toyota Motor Credit Corp. MTN, | ||||||||||
2.162%, 10/09/20 | USD | 2,000,000 | 2,001,606 | |||||||
Toyota Motor Credit Corp. MTN, | ||||||||||
2.600%, 1/11/22 | USD | 765,000 | 776,807 | |||||||
United States Treasury Floating | ||||||||||
Rate Note, 1.746%, 7/31/21 | USD | 36,000,000 | 36,021,079 | |||||||
Walmart, Inc., 1.900%, | ||||||||||
4/08/22 | EUR | 1,000,000 | 1,171,968 | |||||||
75,334,657 | ||||||||||
TOTAL BONDS AND NOTES | ||||||||||
(Identified Cost | ||||||||||
$713,286,045) | 710,377,233 | |||||||||
SHORT-TERM INVESTMENTS — 12.4% | ||||||||||
Commercial Paper — 4.3% | ||||||||||
Singapore — 4.3% | ||||||||||
DBS Bank Ltd., 1.930%, | ||||||||||
3/02/20 | USD | 15,000,000 | 14,953,164 | |||||||
DBS Bank Ltd., 0.010%, | ||||||||||
3/09/20 | USD | 5,000,000 | 4,982,539 | |||||||
Oversea-Chinese Banking Corp. | ||||||||||
Ltd., 2.000%, 5/15/20 ± | USD | 4,000,000 | 4,000,000 | |||||||
United Overseas Bank Ltd., | ||||||||||
0.010%, 3/06/20 | USD | 10,000,000 | 9,968,174 | |||||||
33,903,877 | ||||||||||
Sovereign — 5.9% | ||||||||||
European Stability Mechanism | ||||||||||
Treasury Bill, 0.000%, | ||||||||||
3/05/20 # | EUR | 12,000,000 | 13,473,486 | |||||||
European Stability Mechanism | ||||||||||
Treasury Bill, 0.000%, | ||||||||||
2/06/20 # | EUR | 1,000,000 | 1,122,305 | |||||||
European Stability Mechanism | ||||||||||
Treasury Bill, 0.000%, | ||||||||||
1/23/20 # | EUR | 1,000,000 | 1,122,154 | |||||||
Monetary Authority of Singapore | ||||||||||
Bill, 0.000%, 3/20/20 # | SGD | 15,000,000 | 11,111,580 | |||||||
Monetary Authority of Singapore | ||||||||||
Bill, 0.000%, 1/31/20 # | SGD | 11,000,000 | 8,167,199 | |||||||
United Kingdom Treasury Bill, | ||||||||||
0.000%, 3/23/20 # | GBP | 5,000,000 | 6,611,840 | |||||||
United Kingdom Treasury Bill, | ||||||||||
0.000%, 3/02/20 # | GBP | 4,000,000 | 5,291,726 | |||||||
46,900,290 | ||||||||||
SHARES | ||||||||||
Investment Company — 1.2% | ||||||||||
State Street Institutional U.S. | ||||||||||
Government Money Market | ||||||||||
Fund 1.535% | 9,657,007 | 9,657,007 | ||||||||
Collateral For Securities On Loan — 1.0% | ||||||||||
State Street Navigator Securities | ||||||||||
Lending Government Money | ||||||||||
Market Portfolio, 1.560% | 7,734,000 | 7,734,000 | ||||||||
TOTAL SHORT-TERM | ||||||||||
INVESTMENTS | ||||||||||
(Identified Cost $97,594,004) | 98,195,174 | |||||||||
Total Investments — 101.7% | ||||||||||
(Identified Cost $810,880,049) | 808,572,407 | |||||||||
Liabilities, Less Cash and Other | ||||||||||
Assets — (1.7%) | (13,613,069 | ) | ||||||||
Net Assets — 100.0% | $ | 794,959,338 |
The accompanying notes are an integral part of these financial statements.
7
SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
† | 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 December 31, 2019 amounted to $31,231,495 or 3.93% of the net assets of the Fund. | ||
@ | A portion or all of the security were held on loan. As of December 31, 2019, the market value of the securities on loan was $7,599,443. | ||
# | Zero coupon bond |
Key to abbreviations:
CAD — Canadian Dollar
DKK — Danish Krone
EUR — Euro Currency
GBP — British Pound
GMTN — Global Medium Term Note
MTN — Medium Term Note
NOK — Norwegian Krone
SEK — Swedish Krona
SGD — Singapore Dollar
USD — U.S. Dollar
Country Weightings as of December 31, 2019
(As a percentage of long-term investments)
The accompanying notes are an integral part of these financial statements.
8
SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
Forward Foreign Currency Exchange Contracts sold outstanding as of December 31, 2019 | ||||||||||||||||||
Total Value as of | ||||||||||||||||||
Settlement | Currency | Currency | December 31, | Unrealized | Unrealized | |||||||||||||
Date | Purchased | Sold | Counterparty | 2019 | Appreciation | Depreciation | ||||||||||||
01/06/20 | USD | 7,635,312 | CAD | 10,036,259 | Bank of America N.A. | $ | 7,729,058 | $ | — | $ | (93,746 | ) | ||||||
01/06/20 | USD | 137,709,821 | CAD | 181,881,844 | HSBC Bank USA | 140,069,652 | — | (2,359,831 | ) | |||||||||
01/06/20 | USD | 7,696,027 | CAD | 10,232,004 | State Street Bank and Trust Co. | 7,879,804 | — | (183,777 | ) | |||||||||
01/09/20 | USD | 138,436,135 | EUR | 125,251,906 | State Street Bank and Trust Co. | 140,547,660 | — | (2,111,525 | ) | |||||||||
01/09/20 | USD | 13,856,616 | GBP | 10,569,607 | State Street Bank and Trust Co. | 14,002,945 | — | (146,329 | ) | |||||||||
01/17/20 | USD | 21,062,927 | DKK | 141,680,332 | HSBC Bank USA | 21,287,820 | — | (224,893 | ) | |||||||||
01/23/20 | USD | 6,177,780 | SEK | 58,016,903 | Bank of America N.A. | 6,200,295 | — | (22,515 | ) | |||||||||
01/23/20 | USD | 34,150,025 | SEK | 324,737,418 | State Street Bank and Trust Co. | 34,704,847 | — | (554,822 | ) | |||||||||
01/24/20 | USD | 121,929,551 | EUR | 109,677,973 | Citibank N.A. | 123,186,298 | — | (1,256,747 | ) | |||||||||
01/24/20 | USD | 68,292,257 | GBP | 52,658,046 | State Street Bank and Trust Co. | 69,793,000 | — | (1,500,743 | ) | |||||||||
01/28/20 | USD | 3,820,800 | EUR | 3,450,731 | HSBC Bank USA | 3,876,696 | — | (55,896 | ) | |||||||||
01/28/20 | USD | 148,989,666 | EUR | 133,448,209 | State Street Bank and Trust Co. | 149,921,322 | — | (931,656 | ) | |||||||||
01/28/20 | USD | 3,650,136 | NOK | 33,567,015 | State Street Bank and Trust Co. | 3,823,874 | — | (173,738 | ) | |||||||||
02/05/20 | USD | 19,120,440 | SGD | 25,917,270 | HSBC Bank USA | 19,275,004 | — | (154,565 | ) | |||||||||
$ | — | $ | (9,770,783 | ) | ||||||||||||||
Forward Foreign Currency Exchange Contracts purchased outstanding as of December 31, 2019 | ||||||||||||||||||
Total Value as of | ||||||||||||||||||
Settlement | Currency | Currency | December 31, | Unrealized | Unrealized | |||||||||||||
Date | Purchased | Sold | Counterparty | 2019 | Appreciation | Depreciation | ||||||||||||
01/06/20 | CAD | 28,481,335 | USD | 21,573,787 | HSBC Bank USA | $ | 21,933,858 | $ | 360,072 | $ | — | |||||||
01/06/20 | CAD | 5,364,127 | USD | 4,048,821 | State Street Bank and Trust Co. | 4,130,986 | 82,165 | — | ||||||||||
01/09/20 | EUR | 2,068,259 | USD | 2,299,621 | Bank of America N.A. | 2,320,835 | 21,214 | — | ||||||||||
01/09/20 | GBP | 2,044,242 | USD | 2,685,727 | State Street Bank and Trust Co. | 2,708,276 | 22,548 | — | ||||||||||
01/24/20 | GBP | 6,543,502 | USD | 8,476,668 | Bank of America N.A. | 8,672,761 | 196,092 | — | ||||||||||
01/28/20 | EUR | 3,493,585 | USD | 3,886,778 | Bank of America N.A. | 3,924,840 | 38,063 | — | ||||||||||
01/28/20 | EUR | 10,622,336 | USD | 11,811,672 | State Street Bank and Trust Co. | 11,933,578 | 121,906 | — | ||||||||||
$ | 842,060 | $ | — | |||||||||||||||
Total | $ | 842,060 | $ | (9,770,783 | ) |
The accompanying notes are an integral part of these financial statements.
9
SA U.S. Core Market Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited)
SHARES | VALUE† | |||||
COMMON STOCKS — 95.4% | ||||||
Aerospace & Defense — 2.6% | ||||||
Boeing Co. (The) | 12,878 | $ | 4,195,137 | |||
Lockheed Martin Corp. | 8,754 | 3,408,633 | ||||
Other Securities^ | 76,374 | 11,136,776 | ||||
18,740,546 | ||||||
Air Freight & Logistics — 0.7% | ||||||
Other Securities^*@ | 45,085 | 4,982,742 | ||||
Airlines — 0.5% | ||||||
Other Securities^* | 64,479 | 3,358,487 | ||||
Auto Components — 0.2% | ||||||
Other Securities^@ | 30,824 | 1,651,821 | ||||
Automobiles — 0.5% | ||||||
Other Securities^@ | 141,300 | 3,226,978 | ||||
Beverages — 2.3% | ||||||
Coca-Cola Co. (The) | 122,545 | 6,782,866 | ||||
PepsiCo, Inc. | 50,535 | 6,906,618 | ||||
Other Securities^* | 31,350 | 2,372,613 | ||||
16,062,097 | ||||||
Biotechnology — 2.1% | ||||||
AbbVie, Inc. | 35,619 | 3,153,706 | ||||
Amgen, Inc. | 22,372 | 5,393,218 | ||||
Other Securities^* | 68,783 | 6,541,910 | ||||
15,088,834 | ||||||
Building Products — 0.3% | ||||||
Other Securities^*@ | 37,279 | 2,445,816 | ||||
Capital Markets — 2.4% | ||||||
Other Securities^ | 189,081 | 16,798,590 | ||||
Chemicals — 1.6% | ||||||
Other Securities^ | 117,119 | 11,163,648 | ||||
Commercial Banks — 3.8% | ||||||
Bank of America Corp. | 103,861 | 3,657,984 | ||||
JPMorgan Chase & Co. | 56,659 | 7,898,265 | ||||
Wells Fargo & Co. | 72,581 | 3,904,858 | ||||
Other Securities^ | 252,965 | 11,416,383 | ||||
26,877,490 | ||||||
Commercial Services & Supplies — 0.7% | ||||||
Other Securities^ | 51,798 | 4,915,816 | ||||
Communications Equipment — 1.1% | ||||||
Cisco Systems, Inc. | 122,164 | 5,858,986 | ||||
Other Securities^* | 21,295 | 1,632,284 | ||||
7,491,270 | ||||||
Computers & Peripherals — 4.6% | ||||||
Apple, Inc. | 99,457 | 29,205,548 | ||||
Other Securities^* | 97,777 | 3,040,230 | ||||
32,245,778 | ||||||
Construction & Engineering — 0.1% | ||||||
Other Securities^ | 12,413 | 779,294 | ||||
Construction Materials — 0.1% | ||||||
Other Securities^ | 4,282 | 717,765 | ||||
Consumer Finance — 0.8% | ||||||
Other Securities^ | 82,230 | 5,503,870 | ||||
Containers & Packaging — 0.5% | ||||||
Other Securities^ | 73,631 | 3,540,370 | ||||
Distributors — 0.1% | ||||||
Other Securities^ | 11,623 | 928,921 | ||||
Diversified Consumer Services — 0.1% | ||||||
Other Securities^* | 19,719 | 988,850 | ||||
Diversified Financial Services — 0.8% | ||||||
Berkshire Hathaway, Inc., Class B * | 22,583 | 5,115,050 | ||||
Other Securities^ | 5,323 | 205,063 | ||||
5,320,113 | ||||||
Diversified Telecommunication Services — 2.4% | ||||||
AT&T, Inc. | 175,947 | 6,876,009 | ||||
Verizon Communications, Inc. | 149,421 | 9,174,449 | ||||
Other Securities^* | 35,071 | 798,640 | ||||
16,849,098 | ||||||
Electric Utilities — 1.9% | ||||||
Other Securities^ | 179,774 | 13,532,910 | ||||
Electrical Equipment — 0.6% | ||||||
Other Securities^* | 43,992 | 3,982,956 | ||||
Electronic Equipment, Instruments & Components — 0.8% | ||||||
Other Securities^* | 84,031 | 5,731,722 | ||||
Energy Equipment & Services — 0.2% | ||||||
Other Securities^*@ | 51,018 | 1,339,977 | ||||
Entertainment — 1.2% | ||||||
Walt Disney Co. (The) | 21,765 | 3,147,872 | ||||
Other Securities^* | 58,577 | 5,055,643 | ||||
8,203,515 | ||||||
Food & Staples Retailing — 1.7% | ||||||
Costco Wholesale Corp. | 13,301 | 3,909,430 | ||||
Walmart, Inc. | 37,347 | 4,438,317 | ||||
Other Securities^ | 72,310 | 3,870,646 | ||||
12,218,393 |
The accompanying notes are an integral part of these financial statements.
10
SA U.S. Core Market Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | |||||
COMMON STOCKS (Continued) | ||||||
Food Products — 1.0% | ||||||
Other Securities^ | 110,908 | $ | 7,196,733 | |||
Gas Utilities — 0.2% | ||||||
Other Securities^ | 18,418 | 1,143,883 | ||||
Health Care Equipment & Supplies — 2.4% | ||||||
Other Securities^ | 142,932 | 16,797,439 | ||||
Health Care Providers & Services — 2.5% | ||||||
UnitedHealth Group, Inc. | 22,819 | 6,708,330 | ||||
Other Securities^* | 88,047 | 10,764,828 | ||||
17,473,158 | ||||||
Health Care Technology — 0.1% | ||||||
Other Securities^* | 10,997 | 947,521 | ||||
Hotels, Restaurants & Leisure — 2.1% | ||||||
McDonald’s Corp. | 18,329 | 3,621,994 | ||||
Other Securities^ | 143,332 | 11,533,695 | ||||
15,155,689 | ||||||
Household Durables — 0.4% | ||||||
Other Securities^ | 36,232 | 2,641,702 | ||||
Household Products — 1.6% | ||||||
Procter & Gamble Co. (The) | 59,661 | 7,451,659 | ||||
Other Securities^@ | 38,932 | 3,711,439 | ||||
11,163,098 | ||||||
Independent Power Producers & Energy Traders — 0.1% | ||||||
Other Securities^ | 34,143 | 868,642 | ||||
Industrial Conglomerates — 1.3% | ||||||
3M Co. | 20,776 | 3,665,302 | ||||
Honeywell International, Inc. | 19,032 | 3,368,664 | ||||
Other Securities^ | 86,149 | 1,826,694 | ||||
8,860,660 | ||||||
Insurance — 1.8% | ||||||
Other Securities^ | 166,042 | 12,717,890 | ||||
Interactive Media & Services — 3.9% | ||||||
Alphabet, Inc., Class A* | 5,413 | 7,250,118 | ||||
Alphabet, Inc., Class C* | 5,585 | 7,467,257 | ||||
Facebook, Inc., Class A* | 57,962 | 11,896,700 | ||||
Other Securities^*@ | 16,959 | 791,120 | ||||
27,405,195 | ||||||
Internet & Catalog Retail — 4.4% | ||||||
Amazon.com, Inc. * | 14,215 | 26,267,046 | ||||
Other Securities^*@ | 49,850 | 4,783,984 | ||||
31,051,030 | ||||||
IT Services — 6.2% | ||||||
Accenture PLC, Class A | 19,355 | 4,075,582 | ||||
International Business Machines Corp. | 31,997 | 4,288,878 | ||||
MasterCard, Inc., Class A | 32,433 | 9,684,169 | ||||
Visa, Inc., Class A | 51,539 | 9,684,178 | ||||
Other Securities^* | 168,543 | 15,897,036 | ||||
43,629,843 | ||||||
Leisure Equipment & Products — 0.1% | ||||||
Other Securities^ | 13,554 | 724,498 | ||||
Life Sciences Tools & Services — 0.9% | ||||||
Other Securities^* | 29,892 | 6,033,219 | ||||
Machinery — 2.2% | ||||||
Other Securities^ | 133,909 | 15,416,781 | ||||
Marine — 0.0% | ||||||
Other Securities^* | 792 | 70,908 | ||||
Media — 1.5% | ||||||
Comcast Corp., Class A | 109,345 | 4,917,245 | ||||
Other Securities^ | 141,689 | 5,920,865 | ||||
10,838,110 | ||||||
Metals & Mining — 0.2% | ||||||
Other Securities^ | 49,587 | 1,740,334 | ||||
Multi-Utilities — 0.9% | ||||||
Other Securities^ | 92,367 | 6,600,880 | ||||
Multiline Retail — 0.5% | ||||||
Other Securities^ | 41,551 | 3,754,541 | ||||
Oil, Gas & Consumable Fuels — 2.8% | ||||||
Chevron Corp. | 31,063 | 3,743,402 | ||||
Exxon Mobil Corp. | 68,646 | 4,790,118 | ||||
Other Securities^* | 244,741 | 11,276,582 | ||||
19,810,102 | ||||||
Paper & Forest Products — 0.0% | ||||||
Other Securities^ | 2,153 | 63,880 | ||||
Personal Products — 0.3% | ||||||
Other Securities^* | 15,235 | 1,846,660 | ||||
Pharmaceuticals — 5.0% | ||||||
Bristol-Myers Squibb Co. | 73,101 | 4,692,353 | ||||
Eli Lilly & Co. | 25,881 | 3,401,540 | ||||
Johnson & Johnson | 79,239 | 11,558,593 | ||||
Merck & Co., Inc. | 75,235 | 6,842,623 | ||||
Pfizer, Inc. | 133,582 | 5,233,743 | ||||
Other Securities^ | 44,712 | 3,873,833 | ||||
35,602,685 |
The accompanying notes are an integral part of these financial statements.
11
SA U.S. Core Market Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Professional Services — 0.4% | |||||||
Other Securities^ | 32,418 | $ | 2,673,500 | ||||
Real Estate Management & Development — 0.1% | |||||||
Other Securities^ | 11,552 | 839,564 | |||||
Road & Rail — 1.1% | |||||||
Union Pacific Corp. | 20,900 | 3,778,511 | |||||
Other Securities^ | 42,518 | 4,294,274 | |||||
8,072,785 | |||||||
Semiconductors & Semiconductor Equipment — 4.6% | |||||||
Intel Corp. | 130,967 | 7,838,375 | |||||
NVIDIA Corp. | 13,418 | 3,157,255 | |||||
Texas Instruments, Inc. | 33,772 | 4,332,610 | |||||
Other Securities^ | 212,549 | 17,534,356 | |||||
32,862,596 | |||||||
Software — 6.8% | |||||||
Adobe, Inc.* | 11,659 | 3,845,255 | |||||
Microsoft Corp. | 177,335 | 27,965,729 | |||||
Oracle Corp. | 76,275 | 4,041,049 | |||||
Other Securities^* | 105,625 | 12,424,386 | |||||
48,276,419 | |||||||
Specialty Retail — 2.8% | |||||||
Home Depot, Inc. (The) | 26,274 | 5,737,716 | |||||
Lowe’s Cos., Inc. | 27,692 | 3,316,394 | |||||
Other Securities^@ | 118,817 | 10,865,134 | |||||
19,919,244 | |||||||
Textiles, Apparel & Luxury Goods — 1.0% | |||||||
NIKE, Inc., Class B | 39,480 | 3,999,719 | |||||
Other Securities^ | 56,315 | 3,386,736 | |||||
7,386,455 | |||||||
Thrifts & Mortgage Finance — 0.1% | |||||||
Other Securities^ | 14,014 | 356,378 | |||||
Tobacco — 0.9% | |||||||
Altria Group, Inc. | 67,700 | 3,378,907 | |||||
Philip Morris International, Inc. | 37,475 | 3,188,748 | |||||
6,567,655 | |||||||
Trading Companies & Distributors — 0.3% | |||||||
Other Securities^ | 36,829 | 2,444,774 | |||||
Transportation Infrastructure — 0.0% | |||||||
Other Securities^ | 1,285 | 55,049 | |||||
Water Utilities — 0.1% | |||||||
Other Securities^ | 10,563 | 886,543 | |||||
Wireless Telecommunication Services — 0.1% | |||||||
Other Securities^* | 28,333 | 967,287 | |||||
TOTAL COMMON STOCKS | |||||||
(Identified Cost $228,635,502) | 675,550,997 | ||||||
RIGHTS AND WARRANTS — 0.0% | |||||||
Pharmaceuticals — 0.0% | |||||||
Bristol-Myers Squibb Co.* | 21,149 | 63,659 | |||||
TOTAL RIGHTS AND WARRANTS | |||||||
(Identified Cost $45,047) | 63,659 | ||||||
MUTUAL FUNDS — 4.4% | |||||||
Other — 4.4% | |||||||
DFA U.S. Micro Cap Portfolio | 1,446,514 | 31,374,885 | |||||
TOTAL MUTUAL FUNDS | |||||||
(Identified Cost $18,809,130) | 31,374,885 | ||||||
SHORT-TERM INVESTMENTS — 0.2% | |||||||
Investment Company — 0.1% | |||||||
State Street Institutional U.S. | |||||||
Government Money Market | |||||||
Fund 1.535% | 652,491 | 652,491 | |||||
Collateral For Securities On Loan — 0.1% | |||||||
State Street Navigator Securities | |||||||
Lending Government Money Market | |||||||
Portfolio, 1.560% | 939,564 | 939,564 | |||||
TOTAL SHORT-TERM INVESTMENTS | |||||||
(Identified Cost $1,592,055) | 1,592,055 | ||||||
Total Investments — 100.0% | |||||||
(Identified Cost $249,081,734) | $ | 708,581,596 | |||||
Liabilities, Less Cash and Other | |||||||
Assets — 0.0% | (246,647 | ) | |||||
Net Assets — 100.0% | $ | 708,334,949 |
† | See Note 1 | ||
^ | The Summary Portfolio of Investments does not reflect the Fund’s complete portfolio holdings. “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Certain individual securities within this category may include non-income producing securities, bankrupt/delisted, and/or fair valued securities. | ||
* | Non-income producing security | ||
@ | A portion or all of the security/securities were held on loan. As of December 31, 2019, the market value of the securities on loan was $7,968,856. |
The accompanying notes are an integral part of these financial statements.
12
SA U.S. Core Market Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
Portfolio Sectors as of December 31, 2019
(As a percentage of long-term investments)
The accompanying notes are an integral part of these financial statements.
13
SA U.S. Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited)
SHARES | VALUE† | ||||||
COMMON STOCKS — 99.7% | |||||||
Aerospace & Defense — 1.7% | |||||||
United Technologies Corp. | 46,760 | $ | 7,002,778 | ||||
Other Securities^ | 90,383 | 4,028,409 | |||||
11,031,187 | |||||||
Air Freight & Logistics — 0.6% | |||||||
FedEx Corp. | 19,292 | 2,917,143 | |||||
Other Securities^*@ | 15,841 | 1,262,528 | |||||
4,179,671 | |||||||
Airlines — 1.7% | |||||||
Delta Air Lines, Inc. | 65,959 | 3,857,282 | |||||
United Continental Holdings, Inc. * | 38,241 | 3,368,650 | |||||
Other Securities^ | 93,430 | 3,468,740 | |||||
10,694,672 | |||||||
Auto Components — 0.6% | |||||||
Other Securities^*@ | 75,962 | 3,834,466 | |||||
Automobiles — 1.3% | |||||||
General Motors Co. | 147,663 | 5,404,466 | |||||
Other Securities^ | 274,426 | 2,637,700 | |||||
8,042,166 | |||||||
Beverages — 0.3% | |||||||
Other Securities^ | 22,654 | 1,897,855 | |||||
Biotechnology — 0.1% | |||||||
Other Securities^* | 5,202 | 957,164 | |||||
Building Products — 0.6% | |||||||
Other Securities^ | 75,272 | 3,812,597 | |||||
Capital Markets — 2.6% | |||||||
Bank of New York Mellon Corp. (The) | 82,474 | 4,150,916 | |||||
Goldman Sachs Group, Inc. (The) | 27,710 | 6,371,360 | |||||
Morgan Stanley | 108,757 | 5,559,658 | |||||
Other Securities^ | 20,169 | 774,832 | |||||
16,856,766 | |||||||
Chemicals — 2.2% | |||||||
Other Securities^ | 204,919 | 14,275,078 | |||||
Commercial Banks — 13.6% | |||||||
Bank of America Corp. | 472,935 | 16,656,771 | |||||
Citigroup, Inc. | 136,813 | 10,929,991 | |||||
JPMorgan Chase & Co. | 156,713 | 21,845,792 | |||||
PNC Financial Services Group, Inc. (The) | 21,675 | 3,459,980 | |||||
Truist Financial Corp. | 78,338 | 4,411,996 | |||||
Wells Fargo & Co. | 343,221 | 18,465,290 | |||||
Other Securities^ | 490,704 | 11,579,385 | |||||
87,349,205 | |||||||
Commercial Services & Supplies — 0.6% | |||||||
Republic Services, Inc. | 40,514 | 3,631,270 | |||||
Communications Equipment — 0.1% | |||||||
Other Securities^ | 29,940 | 764,625 | |||||
Computers & Peripherals — 1.5% | |||||||
HP, Inc. | 184,096 | 3,783,173 | |||||
Other Securities^* | 231,219 | 5,723,802 | |||||
9,506,975 | |||||||
Construction & Engineering — 0.3% | |||||||
Other Securities^ | 34,348 | 1,847,836 | |||||
Construction Materials — 0.5% | |||||||
Other Securities^ | 16,239 | 2,979,607 | |||||
Consumer Finance — 1.3% | |||||||
Capital One Financial Corp. | 47,279 | 4,865,482 | |||||
Other Securities^ | 107,816 | 3,322,454 | |||||
8,187,936 | |||||||
Containers & Packaging — 0.6% | |||||||
Other Securities^ | 88,751 | 4,107,986 | |||||
Distributors — 0.3% | |||||||
Other Securities^* | 47,648 | 1,701,034 | |||||
Diversified Financial Services — 2.2% | |||||||
Berkshire Hathaway, Inc., Class B * | 58,774 | 13,312,311 | |||||
Other Securities^ | 14,013 | 577,520 | |||||
13,889,831 | |||||||
Diversified Telecommunication Services — 4.4% | |||||||
AT&T, Inc. | 678,094 | 26,499,913 | |||||
Other Securities^ | 139,832 | 1,847,181 | |||||
28,347,094 | |||||||
Electrical Equipment — 0.8% | |||||||
Eaton Corp. PLC | 40,532 | 3,839,191 | |||||
Other Securities^* | 18,677 | 1,006,130 | |||||
4,845,321 | |||||||
Electronic Equipment, Instruments & Components — 0.9% | |||||||
Other Securities^ | 144,206 | 5,606,830 | |||||
Energy Equipment & Services — 0.6% | |||||||
Other Securities^ | 132,379 | 3,837,340 | |||||
Entertainment — 1.7% | |||||||
Walt Disney Co. (The) | 68,629 | 9,925,812 | |||||
Other Securities^* | 15,173 | 958,906 | |||||
10,884,718 | |||||||
Food & Staples Retailing — 2.0% | |||||||
Walgreens Boots Alliance, Inc. | 63,418 | 3,739,125 | |||||
Walmart, Inc. | 51,637 | 6,136,541 | |||||
Other Securities^* | 82,847 | 2,670,571 | |||||
12,546,237 | |||||||
Food Products — 2.1% | |||||||
Mondelez International, Inc., Class A | 74,783 | 4,119,048 | |||||
Tyson Foods, Inc., Class A | 41,844 | 3,809,478 | |||||
Other Securities^ | 84,398 | 5,763,446 | |||||
13,691,972 |
The accompanying notes are an integral part of these financial statements.
14
SA U.S. Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2018 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Health Care Equipment & Supplies — 2.6% | |||||||
Danaher Corp. | 32,463 | $ | 4,982,421 | ||||
Medtronic PLC | 76,880 | 8,722,036 | |||||
Other Securities^ | 34,411 | 2,953,869 | |||||
16,658,326 | |||||||
Health Care Providers & Services — 6.5% | |||||||
Anthem, Inc. | 28,740 | 8,680,342 | |||||
CIGNA Corp. * | 31,781 | 6,498,897 | |||||
CVS Health Corp. | 113,823 | 8,455,911 | |||||
Humana, Inc. | 10,141 | 3,716,879 | |||||
Other Securities^ | 155,174 | 14,196,997 | |||||
41,549,026 | |||||||
Hotels, Restaurants & Leisure — 1.6% | |||||||
Royal Caribbean Cruises Ltd. | 26,539 | 3,543,222 | |||||
Other Securities^* | 157,938 | 7,066,370 | |||||
10,609,592 | |||||||
Household Durables — 1.7% | |||||||
DR Horton, Inc. | 65,701 | 3,465,728 | |||||
Other Securities^ | 128,293 | 7,689,797 | |||||
11,155,525 | |||||||
Household Products — 0.0% | |||||||
Other Securities^ | 175 | 11,251 | |||||
Independent Power Producers & Energy Traders — 0.2% | |||||||
Other Securities^ | 47,615 | 1,465,869 | |||||
Industrial Conglomerates — 0.3% | |||||||
Other Securities^ | 74,229 | 1,870,348 | |||||
Insurance — 4.5% | |||||||
Hartford Financial Services Group, Inc. | 49,258 | 2,993,409 | |||||
Travelers Companies, Inc. (The) | 23,169 | 3,172,995 | |||||
Other Securities^ | 341,799 | 23,023,087 | |||||
29,189,491 | |||||||
IT Services — 1.5% | |||||||
Fidelity National Information | |||||||
Services, Inc. | 26,982 | 3,752,926 | |||||
Other Securities^ | 81,594 | 6,183,532 | |||||
9,936,458 | |||||||
Life Sciences Tools & Services — 1.2% | |||||||
Thermo Fisher Scientific, Inc. | 20,616 | 6,697,520 | |||||
Other Securities^* | 6,567 | 1,051,736 | |||||
7,749,256 | |||||||
Machinery — 2.0% | |||||||
Other Securities^@ | 115,857 | 12,827,174 | |||||
Media — 5.4% | |||||||
Charter Communications, Inc., Class A * | 20,137 | 9,768,056 | |||||
Comcast Corp., Class A | 428,572 | 19,272,883 | |||||
Other Securities^ | 160,317 | 5,707,686 | |||||
34,748,625 | |||||||
Metals & Mining — 1.5% | |||||||
Nucor Corp. | 56,664 | 3,189,050 | |||||
Other Securities^ | 208,610 | 6,136,022 | |||||
9,325,072 | |||||||
Multi-Utilities — 0.0% | |||||||
Other Securities^ | 5,121 | 152,145 | |||||
Multiline Retail — 1.0% | |||||||
Target Corp. | 30,047 | 3,852,326 | |||||
Other Securities^ | 39,919 | 2,326,867 | |||||
6,179,193 | |||||||
Oil, Gas & Consumable Fuels — 12.0% | |||||||
Chevron Corp. | 176,242 | 21,238,923 | |||||
ConocoPhillips | 97,287 | 6,326,574 | |||||
Exxon Mobil Corp. | 291,290 | 20,326,216 | |||||
Marathon Petroleum Corp. | 75,262 | 4,534,536 | |||||
Valero Energy Corp. | 52,914 | 4,955,396 | |||||
Other Securities^@ | 541,845 | 20,046,148 | |||||
77,427,793 | |||||||
Personal Products — 0.0% | |||||||
Other Securities^ | 22,181 | 249,536 | |||||
Pharmaceuticals — 3.7% | |||||||
Pfizer, Inc. | 516,804 | 20,248,381 | |||||
Other Securities^ | 84,672 | 3,256,743 | |||||
23,505,124 | |||||||
Professional Services — 0.2% | |||||||
Other Securities^ | 38,119 | 1,441,438 | |||||
Real Estate Management & Development — 0.3% | |||||||
Other Securities^ | 20,773 | 1,892,562 | |||||
Road & Rail — 1.3% | |||||||
Norfolk Southern Corp. | 27,918 | 5,419,721 | |||||
Other Securities^ | 16,225 | 2,931,009 | |||||
8,350,730 | |||||||
Semiconductors & Semiconductor Equipment — 6.0% | |||||||
Intel Corp. | 451,952 | 27,049,327 | |||||
Micron Technology, Inc. * | 110,111 | 5,921,770 | |||||
Other Securities^ | 90,031 | 5,292,064 | |||||
38,263,161 | |||||||
Software — 0.0% | |||||||
Other Securities^ | 6,585 | 292,050 | |||||
Specialty Retail — 0.3% | |||||||
Other Securities^ | 30,325 | 1,797,223 | |||||
Textiles, Apparel & Luxury Goods — 0.3% | |||||||
Other Securities^ | 26,351 | 1,825,846 | |||||
Thrifts & Mortgage Finance — 0.0% | |||||||
Other Securities^ | 8,435 | 101,389 |
The accompanying notes are an integral part of these financial statements.
15
SA U.S. Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2018 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Trading Companies & Distributors — 0.1% | |||||||
Other Securities^* | 5,460 | $ | 910,564 | ||||
Wireless Telecommunication Services — 0.3% | |||||||
Other Securities^* | 54,373 | 2,069,314 | |||||
TOTAL COMMON STOCKS | |||||||
(Identified Cost $442,262,286) | 640,861,520 | ||||||
SHORT-TERM INVESTMENTS — 0.4% | |||||||
Investment Company — 0.2% | |||||||
State Street Institutional U.S. Government | |||||||
Money Market Fund 1.535% | 1,477,705 | 1,477,705 | |||||
Collateral For Securities On Loan — 0.2% | |||||||
State Street Navigator Securities | |||||||
Lending Government Money Market | |||||||
Portfolio, 1.560% | 1,390,828 | 1,390,828 | |||||
TOTAL SHORT-TERM INVESTMENTS | |||||||
(Identified Cost $2,868,533) | 2,868,533 | ||||||
Total Investments — 100.1% | |||||||
(Identified Cost $445,130,819) | 643,730,053 | ||||||
Liabilities, Less Cash and | |||||||
Other Assets — (0.1%) | (759,019 | ) | |||||
Net Assets — 100.0% | $ | 642,971,034 |
† | See Note 1 | ||
^ | The Summary Portfolio of Investments does not reflect the Fund’s complete portfolio holdings. “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Certain individual securities within this category may include non-income producing securities, bankrupt/delisted, and/or fair valued securities. | ||
* | Non-income producing security | ||
@ | A portion or all of the security/securities were held on loan. As of December 31, 2019, the market value of the securities on loan was $3,986,550. |
Portfolio Sectors as of December 31, 2019
(As a percentage of long-term investments)
The accompanying notes are an integral part of these financial statements.
16
SA U.S. Small Company Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited)
SHARES | VALUE† | ||||||
COMMON STOCKS — 99.8% | |||||||
Aerospace & Defense — 1.5% | |||||||
Other Securities^* | 135,035 | $ | 6,499,012 | ||||
Air Freight & Logistics — 0.4% | |||||||
Other Securities^*@ | 50,873 | 1,795,820 | |||||
Airlines — 0.6% | |||||||
Other Securities^* | 55,862 | 2,614,390 | |||||
Auto Components — 1.6% | |||||||
Other Securities^* | 220,218 | 6,997,831 | |||||
Automobiles — 0.2% | |||||||
Other Securities^ | 18,733 | 839,373 | |||||
Beverages — 0.4% | |||||||
Other Securities^*@ | 22,190 | 1,642,786 | |||||
Biotechnology — 1.7% | |||||||
Alnylam Pharmaceuticals, Inc.* | 8,545 | 984,128 | |||||
Other Securities^*@ | 320,985 | 6,742,353 | |||||
7,726,481 | |||||||
Building Products — 2.1% | |||||||
Armstrong World Industries, Inc. | 11,660 | 1,095,690 | |||||
Trex Co., Inc.*@ | 15,148 | 1,361,502 | |||||
Other Securities^ | 177,097 | 6,850,381 | |||||
9,307,573 | |||||||
Capital Markets — 2.1% | |||||||
Other Securities^ | 359,969 | 9,205,688 | |||||
Chemicals — 2.6% | |||||||
Other Securities^ | 363,530 | 11,704,492 | |||||
Commercial Banks — 10.3% | |||||||
Bank of Hawaii Corp. | 9,487 | 902,783 | |||||
First Financial Bankshares, Inc.@ | 27,608 | 969,041 | |||||
Glacier Bancorp, Inc. | 19,481 | 895,931 | |||||
TCF Financial Corp. | 32,127 | 1,503,544 | |||||
Other Securities^ | 1,354,032 | 41,437,137 | |||||
45,708,436 | |||||||
Commercial Services & Supplies — 2.9% | |||||||
Clean Harbors, Inc.* | 12,448 | 1,067,416 | |||||
MSA Safety, Inc. | 8,699 | 1,099,206 | |||||
Tetra Tech, Inc. | 13,369 | 1,151,873 | |||||
Other Securities^ | 299,346 | 9,680,177 | |||||
12,998,672 | |||||||
Communications Equipment — 1.1% | |||||||
Ciena Corp.* | 27,004 | 1,152,801 | |||||
Other Securities^* | 186,755 | 3,721,771 | |||||
4,874,572 | |||||||
Computers & Peripherals — 0.3% | |||||||
Xerox Holdings Corp.* | 28,195 | 1,039,550 | |||||
Other Securities^ | 38,031 | 446,367 | |||||
1,485,917 | |||||||
Construction & Engineering — 1.2% | |||||||
Other Securities^ | 157,175 | 5,289,488 | |||||
Construction Materials — 0.1% | |||||||
Other Securities^* | 12,985 | 553,493 | |||||
Consumer Finance — 0.9% | |||||||
FirstCash, Inc. | 11,198 | 902,895 | |||||
Other Securities^* | 139,625 | 3,105,862 | |||||
4,008,757 | |||||||
Containers & Packaging — 0.8% | |||||||
Other Securities^* | 81,285 | 3,523,117 | |||||
Distributors — 0.3% | |||||||
Other Securities^ | 22,770 | 1,286,486 | |||||
Diversified Consumer Services — 1.2% | |||||||
Other Securities^* | 140,101 | 5,217,422 | |||||
Diversified Financial Services — 0.3% | |||||||
Other Securities^ | 59,587 | 1,527,581 | |||||
Diversified Telecommunication Services — 0.6% | |||||||
Other Securities^* | 131,844 | 2,567,760 | |||||
Electric Utilities — 1.0% | |||||||
Other Securities^@ | 78,995 | 4,546,945 | |||||
Electrical Equipment — 1.3% | |||||||
Generac Holdings, Inc.* | 14,198 | 1,428,177 | |||||
Other Securities^* | 88,453 | 4,576,831 | |||||
6,005,008 | |||||||
Electronic Equipment, Instruments & Components — 3.6% | |||||||
Arrow Electronics, Inc.* | 10,507 | 890,363 | |||||
Littelfuse, Inc. | 4,934 | 943,874 | |||||
Other Securities^ | 374,519 | 14,119,987 | |||||
15,954,224 | |||||||
Energy Equipment & Services — 0.9% | |||||||
Other Securities^*@ | 423,273 | 3,883,993 | |||||
Entertainment — 0.5% | |||||||
Zynga, Inc., Class A* | 155,342 | 950,693 | |||||
Other Securities^@ | 58,903 | 1,398,953 | |||||
2,349,646 | |||||||
Food & Staples Retailing — 0.6% | |||||||
Other Securities^ | 75,990 | 2,750,562 |
The accompanying notes are an integral part of these financial statements.
17
SA U.S. Small Company Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Food Products — 1.8% | |||||||
Darling Ingredients, Inc.* | 37,935 | $ | 1,065,215 | ||||
J&J Snack Foods Corp. | 4,900 | 902,923 | |||||
Sanderson Farms, Inc. | 6,194 | 1,091,507 | |||||
Other Securities^* | 134,441 | 5,153,020 | |||||
8,212,665 | |||||||
Gas Utilities — 1.0% | |||||||
Spire, Inc. | 11,344 | 945,069 | |||||
Other Securities^ | 64,815 | 3,620,620 | |||||
4,565,689 | |||||||
Health Care Equipment & Supplies — 3.5% | |||||||
Globus Medical, Inc., Class A* | 18,325 | 1,078,976 | |||||
Haemonetics Corp.* | 12,126 | 1,393,277 | |||||
Integra LifeSciences Holdings Corp.* | 16,147 | 941,047 | |||||
Other Securities^ | 240,438 | 11,970,389 | |||||
15,383,689 | |||||||
Health Care Providers & Services — 2.9% | |||||||
Amedisys, Inc.* | 7,540 | 1,258,577 | |||||
Chemed Corp. | 3,195 | 1,403,436 | |||||
LHC Group, Inc.* | 7,231 | 996,143 | |||||
Other Securities^ | 255,401 | 9,173,589 | |||||
12,831,745 | |||||||
Health Care Technology — 0.6% | |||||||
Other Securities^*@ | 93,269 | 2,535,985 | |||||
Hotels, Restaurants & Leisure — 3.2% | |||||||
Choice Hotels International, Inc.@ | 10,908 | 1,128,214 | |||||
Marriott Vacations Worldwide Corp. | 9,427 | 1,213,821 | |||||
Planet Fitness, Inc. Class A* | 14,937 | 1,115,495 | |||||
Texas Roadhouse, Inc. | 17,624 | 992,584 | |||||
Wendy’s Co. (The) | 49,718 | 1,104,237 | |||||
Other Securities^ | 307,390 | 8,619,744 | |||||
14,174,095 | |||||||
Household Durables — 2.2% | |||||||
Helen of Troy Ltd.* | 6,811 | 1,224,550 | |||||
Other Securities^*@ | 270,225 | 8,391,757 | |||||
9,616,307 | |||||||
Household Products — 0.3% | |||||||
Other Securities^@ | 17,957 | 1,138,988 | |||||
Independent Power Producers & Energy Traders — 0.3% | |||||||
Other Securities^ | 42,285 | 1,401,095 | |||||
Industrial Conglomerates — 0.2% | |||||||
Other Securities^ | 10,355 | 740,502 | |||||
Insurance — 3.8% | |||||||
Kemper Corp. | 17,267 | 1,338,192 | |||||
Primerica, Inc. | 8,809 | 1,150,103 | |||||
Selective Insurance Group, Inc. | 13,673 | 891,343 | |||||
Other Securities^ | 415,353 | 13,511,666 | |||||
16,891,304 | |||||||
Interactive Media & Services — 0.3% | |||||||
Other Securities^*@ | 68,733 | 1,282,917 | |||||
Internet & Catalog Retail — 0.4% | |||||||
Other Securities^*@ | 74,298 | 1,670,825 | |||||
IT Services — 2.4% | |||||||
CACI International, Inc., Class A* | 5,262 | 1,315,447 | |||||
Science Applications International Corp. | 12,120 | 1,054,682 | |||||
Other Securities^* | 262,691 | 8,338,524 | |||||
10,708,653 | |||||||
Leisure Equipment & Products — 0.4% | |||||||
Other Securities^* | 89,551 | 1,841,897 | |||||
Life Sciences Tools & Services — 0.8% | |||||||
Other Securities^* | 58,322 | 3,585,134 | |||||
Machinery — 5.4% | |||||||
Other Securities^ | 559,245 | 24,143,308 | |||||
Marine — 0.2% | |||||||
Other Securities^ | 26,352 | 882,020 | |||||
Media — 1.3% | |||||||
New York Times Co. (The), Class A@ | 32,019 | 1,030,051 | |||||
Other Securities^* | 216,677 | 4,917,821 | |||||
5,947,872 | |||||||
Metals & Mining — 1.7% | |||||||
Reliance Steel & Aluminum Co. | 8,480 | 1,015,565 | |||||
Other Securities^ | 424,519 | 6,429,140 | |||||
7,444,705 | |||||||
Multi-Utilities — 0.6% | |||||||
Other Securities^ | 51,118 | 2,888,842 | |||||
Multiline Retail — 0.4% | |||||||
Other Securities^* | 102,928 | 1,975,791 | |||||
Oil, Gas & Consumable Fuels — 2.6% | |||||||
Other Securities^* | 1,089,591 | 11,366,155 | |||||
Paper & Forest Products — 0.6% | |||||||
Other Securities^* | 101,591 | 2,712,378 | |||||
Personal Products — 0.6% | |||||||
Other Securities^* | 91,105 | 2,646,828 | |||||
Pharmaceuticals — 1.0% | |||||||
Other Securities^*@ | 154,103 | 4,428,057 | |||||
Professional Services — 2.0% | |||||||
FTI Consulting, Inc.* | 9,657 | 1,068,644 | |||||
Other Securities^*@ | 203,954 | 7,624,200 | |||||
8,692,844 | |||||||
Real Estate Management & Development — 0.7% | |||||||
Other Securities^* | 97,543 | 2,953,764 |
The accompanying notes are an integral part of these financial statements.
18
SA U.S. Small Company Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Road & Rail — 0.8% | ||||||||
Other Securities^*@ | 106,474 | $ | 3,777,834 | |||||
Semiconductors & Semiconductor Equipment — 4.0% | ||||||||
Cabot Microelectronics Corp. | 6,595 | 951,790 | ||||||
Entegris, Inc. | 27,952 | 1,400,116 | ||||||
MKS Instruments, Inc. | 9,585 | 1,054,446 | ||||||
Silicon Laboratories, Inc.* | 10,112 | 1,172,790 | ||||||
Other Securities^ | 421,604 | 13,216,127 | ||||||
17,795,269 | ||||||||
Software — 3.7% | ||||||||
ACI Worldwide, Inc.* | 29,488 | 1,117,153 | ||||||
Pegasystems, Inc. | 15,185 | 1,209,485 | ||||||
Other Securities^*@ | 289,256 | 14,090,193 | ||||||
16,416,831 | ||||||||
Specialty Retail — 3.0% | ||||||||
Aaron’s, Inc. | 18,376 | 1,049,453 | ||||||
Five Below, Inc.* | 10,803 | 1,381,272 | ||||||
Other Securities^* | 443,510 | 10,835,084 | ||||||
13,265,809 | ||||||||
Textiles, Apparel & Luxury Goods — 1.7% | ||||||||
Deckers Outdoor Corp.* | 6,638 | 1,120,893 | ||||||
Other Securities^ | 178,682 | 6,260,051 | ||||||
7,380,944 | ||||||||
Thrifts & Mortgage Finance — 1.8% | ||||||||
Other Securities^ | 336,273 | 7,930,225 | ||||||
Tobacco — 0.2% | ||||||||
Other Securities^@ | 50,145 | 879,230 | ||||||
Trading Companies & Distributors — 1.5% | ||||||||
Other Securities^* | 183,782 | 6,641,137 | ||||||
Water Utilities — 0.5% | ||||||||
Other Securities^ | 41,074 | 2,316,038 | ||||||
Wireless Telecommunication Services — 0.3% | ||||||||
Other Securities^* | 44,403 | 1,126,929 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Identified Cost $291,877,417) | 443,059,825 | |||||||
PREFERRED STOCKS — 0.0% | ||||||||
Diversified Telecommunication Services — 0.0% | ||||||||
Other Securities^* | 1,225 | 32,438 | ||||||
TOTAL PREFERRED STOCKS | ||||||||
(Identified Cost $4,659) | 32,438 | |||||||
RIGHTS AND WARRANTS — 0.0% | ||||||||
Capital Markets — 0.0% | ||||||||
Other Securities^*§~¶ | 13,144 | 9,231 | ||||||
Chemicals — 0.0% | ||||||||
Other Securities^*§~¶ | 6,827 | — | ||||||
Media — 0.0% | ||||||||
Other Securities^*§~¶ | 3,965 | — | ||||||
Pharmaceuticals — 0.0% | ||||||||
Other Securities^*§~¶ | 17,000 | — | ||||||
TOTAL RIGHTS AND WARRANTS | ||||||||
(Identified Cost $6,541) | 9,231 | |||||||
SHORT-TERM INVESTMENTS — 1.3% | ||||||||
Investment Company — 0.2% | ||||||||
State Street Institutional U.S. | ||||||||
Government Money Market | ||||||||
Fund 1.535% | 836,626 | 836,626 | ||||||
Collateral For Securities On Loan — 1.1% | ||||||||
State Street Navigator Securities | ||||||||
Lending Government Money Market | ||||||||
Portfolio, 1.560% | 5,121,368 | 5,121,368 | ||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Identified Cost $5,957,994) | 5,957,994 | |||||||
Total Investments — 101.1% | ||||||||
(Identified Cost $297,846,611) | 449,059,488 | |||||||
Liabilities, Less Cash and | ||||||||
Other Assets — (1.1%) | (4,755,226 | ) | ||||||
Net Assets — 100.0% | $ | 444,304,262 |
† | See Note 1 | ||
* | Non-income producing security | ||
^ | The Summary Portfolio of Investments does not reflect the Fund’s complete portfolio holdings. “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Certain individual securities within this category may include non-income producing securities, bankrupt/delisted, and/or fair valued securities. | ||
@ | A portion or all of the security/securities were held on loan. As of December 31, 2019, the market value of the securities on loan was $38,341,640. | ||
~ | Bankrupt/delisted security | ||
¶ | Contingent value rights based on future performance. |
The accompanying notes are an integral part of these financial statements.
19
SA U.S. Small Company Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
Portfolio Sectors as of December 31, 2019
(As a percentage of long-term investments)
The accompanying notes are an integral part of these financial statements.
20
SA International Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited)
SHARES | VALUE† | ||||||
COMMON STOCKS — 98.2% | |||||||
Australia — 5.9% | |||||||
Australia & New Zealand | |||||||
Banking Group Ltd. | 454,892 | $ | 7,862,399 | ||||
Fortescue Metals Group Ltd.@ | 547,655 | 4,108,347 | |||||
National Australia Bank Ltd. | 277,774 | 4,801,074 | |||||
Woodside Petroleum Ltd. | 168,726 | 4,070,711 | |||||
Other Securities^ | 4,492,887 | 20,688,919 | |||||
41,531,450 | |||||||
Austria — 0.1% | |||||||
Other Securities^ | 19,663 | 493,834 | |||||
Belgium — 1.1% | |||||||
Other Securities^ | 103,489 | 7,924,269 | |||||
Canada — 8.7% | |||||||
Bank of Montreal | 79,335 | 6,148,462 | |||||
Bank of Montreal | 13,274 | 1,028,759 | |||||
Bank of Nova Scotia (The) | 66,838 | 3,775,679 | |||||
Bank of Nova Scotia (The) | 21,150 | 1,194,681 | |||||
Canadian Imperial | |||||||
Bank of Commerce@ | 15,004 | 1,248,333 | |||||
Canadian Imperial | |||||||
Bank of Commerce@ | 31,391 | 2,612,230 | |||||
Canadian Natural Resources Ltd. | 179,399 | 5,803,558 | |||||
Magna International, Inc. | 78,921 | 4,328,028 | |||||
Manulife Financial Corp. | 189,784 | 3,850,717 | |||||
Suncor Energy, Inc. | 31,230 | 1,024,344 | |||||
Suncor Energy, Inc.¥ | 217,673 | 7,134,237 | |||||
Other Securities^ | 1,476,033 | 22,877,435 | |||||
61,026,463 | |||||||
Denmark — 1.7% | |||||||
Vestas Wind Systems A/S | 37,580 | 3,797,572 | |||||
Other Securities^@* | 139,781 | 8,171,528 | |||||
11,969,100 | |||||||
Finland — 1.0% | |||||||
Other Securities^ | 412,374 | 7,090,145 | |||||
France — 10.3% | |||||||
AXA SA | 161,385 | 4,545,552 | |||||
BNP Paribas SA | 86,860 | 5,147,272 | |||||
Cie de Saint-Gobain | 101,314 | 4,148,003 | |||||
Cie Generale des | |||||||
Etablissements Michelin | 38,971 | 4,769,172 | |||||
Orange SA | 322,578 | 4,747,285 | |||||
Peugeot SA | 170,171 | 4,065,761 | |||||
Societe Generale SA | 115,065 | 4,003,057 | |||||
Total SA | 378,156 | 20,869,536 | |||||
Other Securities^ | 935,226 | 20,134,359 | |||||
72,429,997 | |||||||
Germany — 6.6% | |||||||
Bayer AG | 108,375 | 8,851,092 | |||||
Bayerische Motoren Werke AG | 62,360 | 5,116,085 | |||||
Daimler AG | 168,879 | 9,352,236 | |||||
Muenchener Rueckversicherungs AG | 15,112 | 4,458,147 | |||||
Other Securities^ | 881,245 | 18,603,365 | |||||
46,380,925 | |||||||
Hong Kong — 2.9% | |||||||
CK Hutchison Holdings Ltd. | 401,124 | 3,824,739 | |||||
Other Securities^ | 5,728,172 | 16,562,782 | |||||
20,387,521 | |||||||
Ireland — 0.4% | |||||||
Other Securities^ | 141,987 | 2,765,967 | |||||
Israel — 0.4% | |||||||
Other Securities^* | 446,239 | 3,172,705 | |||||
Italy — 1.3% | |||||||
Other Securities^ | 4,326,124 | 9,417,142 | |||||
Japan — 22.6% | |||||||
Hitachi Ltd. | 116,700 | 4,968,517 | |||||
Honda Motor Co., Ltd. | 260,600 | 7,432,694 | |||||
Sumitomo Mitsui Financial Group, Inc. | 172,700 | 6,418,136 | |||||
Toyota Motor Corp. | 131,890 | 9,363,577 | |||||
Toyota Motor Corp., ADR@ | 40,897 | 5,747,664 | |||||
Other Securities^ | 10,946,097 | 125,098,427 | |||||
159,029,015 | |||||||
Luxembourg — 0.1% | |||||||
Other Securities^ | 60,528 | 848,678 | |||||
Netherlands — 4.0% | |||||||
Fiat Chrysler Automobiles NV | 202,005 | 2,989,615 | |||||
Fiat Chrysler Automobiles NV | 52,894 | 777,013 | |||||
ING Groep NV | 386,479 | 4,633,392 | |||||
Koninklijke Ahold Delhaize NV | 285,058 | 7,128,816 | |||||
Koninklijke DSM NV | 38,309 | 4,988,957 | |||||
Other Securities^ | 409,008 | 7,774,166 | |||||
New Zealand — 0.2% | |||||||
Other Securities^ | 393,278 | 1,765,747 | |||||
Norway — 0.7% | |||||||
Other Securities^ | 456,836 | 5,234,673 | |||||
Portugal — 0.1% | |||||||
Other Securities^ | 446,935 | 381,261 | |||||
Singapore — 1.1% | |||||||
Other Securities^ | 1,659,966 | 7,494,450 |
The accompanying notes are an integral part of these financial statements.
21
SA International Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Spain — 2.0% | |||||||
Banco Santander SA | 2,786,466 | $ | 11,658,409 | ||||
Other Securities^ | 873,074 | 2,798,716 | |||||
Sweden — 2.3% | 14,457,125 | ||||||
Other Securities^ | 1,376,093 | 16,134,746 | |||||
Switzerland — 9.8% | |||||||
Cie Financiere Richemont SA | 68,383 | 5,374,262 | |||||
Novartis AG | 155,578 | 14,773,319 | |||||
UBS Group AG | 385,713 | 4,872,227 | |||||
Zurich Insurance Group AG | 26,257 | 10,773,564 | |||||
Other Securities^ | 525,086 | 33,106,680 | |||||
68,900,052 | |||||||
United Kingdom — 14.9% | |||||||
Anglo American PLC | 157,388 | 4,530,186 | |||||
Aviva PLC | 901,779 | 5,001,356 | |||||
BP PLC, ADR | 270,319 | 10,201,839 | |||||
British American Tobacco PLC | 220,071 | 9,420,016 | |||||
Glencore PLC | 1,526,564 | 4,758,980 | |||||
HSBC Holdings PLC, ADR@ | 256,837 | 10,039,758 | |||||
Lloyds Banking Group PLC | 9,201,932 | 7,618,048 | |||||
Royal Dutch Shell PLC, ADR, Class A | 182,057 | 10,737,722 | |||||
Royal Dutch Shell PLC, ADR, Class B@ | 201,632 | 12,091,871 | |||||
Vodafone Group PLC | 4,677,355 | 9,092,697 | |||||
Other Securities^@ | 3,694,937 | 21,193,994 | |||||
104,686,467 | |||||||
TOTAL COMMON STOCKS (Identified Cost $631,309,587) | 691,813,691 | ||||||
PREFERRED STOCKS — 1.3% | |||||||
Germany — 1.3% | |||||||
Volkswagen AG, 2.680% | 37,559 | 7,424,979 | |||||
Other Securities^ | 28,411 | 1,979,068 | |||||
9,404,047 | |||||||
TOTAL PREFERRED STOCKS (Identified Cost $10,884,972) | 9,404,047 | ||||||
RIGHTS AND WARRANTS — 0.0% | |||||||
Spain — 0.0% | |||||||
Other Securities^* | 13,625 | 6,465 | |||||
TOTAL RIGHTS AND WARRANTS (Identified Cost $6,438) | 6,465 | ||||||
SHORT-TERM INVESTMENTS — 2.6% | |||||||
Investment Company — 0.1% | |||||||
State Street Institutional U.S. Government Money Market Fund 1.535% | 672,047 | 672,047 | |||||
Collateral For Securities On Loan — 2.5% | |||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 1.560% | 17,676,965 | 17,676,965 | |||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $18,349,012) | 18,349,012 | ||||||
Total Investments — 102.1% | |||||||
(Identified Cost $660,550,009) | 719,573,215 | ||||||
Liabilities, Less Cash and Other Assets — (2.1%) | (14,697,255 | ) | |||||
Net Assets — 100.0% | $ | 704,875,960 |
† | See Note 1 | ||
@ | A portion or all of the security were held on loan. As of December 31, 2019, the market value of the securities on loan was $42,154,294. | ||
^ | The Summary Portfolio of Investments does not reflect the Fund’s complete portfolio holdings. “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Certain individual securities within this category may include non- income producing securities, bankrupt/delisted , and/or fair valued securities. | ||
¥ | Traded on the Canada, Toronto Stock Exchange. | ||
* | 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 December 31, 2019 amounted to $3,390,688 or 0.48% of the net assets of the Fund. | ||
= | Traded on the France, Euronext Paris Exchange. | ||
µ | Traded on the Switzerland, Swiss Exchange. |
Key to abbreviations:
ADR — American Depository Receipt
The accompanying notes are an integral part of these financial statements.
22
SA International Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
Ten largest industry holdings as of December 31, 2019
(As a percentage of net assets):
Industry | Percentage | ||||
Commercial Banks | 18.4% | ||||
Financials | 15.9% | ||||
Oil, Gas & Consumable Fuels | 12.4% | ||||
Insurance | 9.1% | ||||
Automobiles | 8.9% | ||||
Metals & Mining | 5.5% | ||||
Pharmaceuticals | 4.6% | ||||
Chemicals | 3.8% | ||||
Auto Components | 3.0% | ||||
Real Estate Management & Development | 2.6% |
Country Weightings as of December 31, 2019
(As a percentage of long-term investments)
The accompanying notes are an integral part of these financial statements.
23
SA International Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited)
SHARES | VALUE† | ||||||
MUTUAL FUNDS — 100.0% | |||||||
Other — 100.0% | |||||||
DFA International Small Company Portfolio£ | 18,375,473 | $ | 347,296,443 | ||||
TOTAL MUTUAL FUNDS (Identified Cost $222,385,885) | 347,296,443 | ||||||
Total Investments — 100.0% (Identified Cost $222,385,885) | 347,296,443 | ||||||
Liabilities, Less Cash and Other Assets — 0.0% | (117,404 | ) | |||||
Net Assets — 100.0% | $ | 347,179,039 |
† | 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 financial statements.
24
SA Emerging Markets Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited)
SHARES | VALUE† | ||||||
COMMON STOCKS — 96.9% | |||||||
Brazil — 7.1% | |||||||
Banco Bradesco SA, ADR | 120,549 | $ | 1,078,914 | ||||
Banco do Brasil SA | 68,244 | 896,077 | |||||
Petroleo Brasileiro SA | 451,622 | 3,592,588 | |||||
Vale SA | 423,489 | 5,611,148 | |||||
Other Securities^*@ | 777,792 | 4,669,511 | |||||
15,848,238 | |||||||
Chile — 1.1% | |||||||
Other Securities^* | 17,597,750 | 2,399,580 | |||||
China — 17.0% | |||||||
Bank of China Ltd., H Shares | 3,637,902 | 1,554,639 | |||||
China Construction Bank Corp., H Shares | 5,998,810 | 5,181,011 | |||||
China Mobile Ltd. | 490,500 | 4,123,012 | |||||
China Overseas Land & Investment Ltd. | 320,000 | 1,246,359 | |||||
China Petroleum & Chemical Corp., H Shares | 1,746,400 | 1,051,117 | |||||
China Resources Land Ltd. | 246,000 | 1,224,901 | |||||
CNOOC Ltd. | 1,432,000 | 2,381,674 | |||||
Industrial & Commercial Bank of China Ltd., H Shares | 3,289,000 | 2,532,500 | |||||
Other Securities^*@±§~ | 33,215,049 | 18,840,916 | |||||
38,136,129 | |||||||
Colombia — 0.3% | |||||||
Other Securities^* | 157,516 | 670,850 | |||||
Czech Republic — 0.2% | |||||||
Other Securities^ | 20,203 | 454,054 | |||||
Greece — 0.4% | |||||||
Other Securities^* | 402,555 | 917,956 | |||||
Hong Kong — 0.1% | |||||||
Other Securities^*@ | 454,288 | 216,464 | |||||
Hungary — 0.3% | |||||||
Other Securities^ | 65,062 | 757,702 | |||||
India — 13.2% | |||||||
Axis Bank Ltd. | 134,335 | 1,416,219 | |||||
Bharti Airtel Ltd. | 295,587 | 1,888,360 | |||||
ICICI Bank Ltd., ADR | 82,445 | 1,244,095 | |||||
Reliance Industries Ltd. | 354,872 | 7,537,124 | |||||
Reliance Industries Ltd., GDR ± | 28,624 | 1,217,951 | |||||
Other Securities^* ± | 6,568,282 | 16,175,450 | |||||
29,479,199 | |||||||
Indonesia — 2.6% | |||||||
Bank Mandiri Tbk PT | 1,948,700 | 1,077,347 | |||||
Other Securities^*§ | 46,487,796 | 4,740,119 | |||||
5,817,466 | |||||||
Korea — 15.9% | |||||||
Hana Financial Group, Inc. | 48,804 | 1,557,238 | |||||
Hyundai Mobis Co., Ltd. | 6,886 | 1,524,334 | |||||
Hyundai Motor Co. | 12,940 | 1,348,325 | |||||
KB Financial Group, Inc., ADR * | 56,600 | 2,341,542 | |||||
Kia Motors Corp. | 34,999 | 1,340,703 | |||||
LG Electronics, Inc. * | 18,039 | 1,124,659 | |||||
POSCO, ADR | 51,783 | 2,621,255 | |||||
Samsung Fire & Marine Insurance Co., Ltd. | 4,298 | 904,979 | |||||
Shinhan Financial Group Co., Ltd., ADR *@ | 45,208 | 1,721,069 | |||||
Other Securities^*@± | 1,299,138 | 21,190,786 | |||||
35,674,890 | |||||||
Malaysia — 2.6% | |||||||
CIMB Group Holdings Bhd | 813,505 | 1,024,215 | |||||
Other Securities^* | 9,426,331 | 4,705,757 | |||||
5,729,972 | |||||||
Mexico — 3.2% | |||||||
Grupo Financiero Banorte SAB de CV | 286,505 | 1,599,549 | |||||
Grupo Mexico SAB de CV, Series B | 466,960 | 1,283,754 | |||||
Other Securities^*@±§ | 3,532,168 | 4,165,311 | |||||
7,048,614 | |||||||
Netherlands — 0.0% | |||||||
Other Securities^ | 14,442 | 36,538 | |||||
Philippines — 1.4% | |||||||
Other Securities^*±§ | 7,973,901 | 3,084,532 | |||||
Poland — 1.1% | |||||||
Other Securities^* | 418,040 | 2,419,976 | |||||
Russia — 2.4% | |||||||
Gazprom PAO, ADR | 228,645 | 1,881,291 | |||||
Lukoil PJSC, ADR | 28,118 | 2,788,743 | |||||
Other Securities^ | 235,239 | 754,083 | |||||
5,424,117 | |||||||
Singapore — 0.0% | |||||||
Other Securities^* | 905 | 6,268 | |||||
South Africa — 6.5% | |||||||
AngloGold Ashanti Ltd., ADR | 46,550 | 1,039,927 | |||||
Gold Fields Ltd., ADR | 163,422 | 1,078,585 | |||||
MTN Group Ltd. @ | 246,937 | 1,454,365 | |||||
Standard Bank Group Ltd. | 165,433 | 1,988,125 | |||||
Other Securities^*@§ | 3,348,889 | 8,903,526 | |||||
14,464,528 | |||||||
Spain — 0.2% | |||||||
Other Securities^* | 90,719 | 341,738 | |||||
Taiwan — 17.0% | |||||||
Cathay Financial Holding Co., Ltd. | 735,166 | 1,043,510 | |||||
China Steel Corp. | 1,869,800 | 1,490,750 | |||||
CTBC Financial Holding Co., Ltd. | 2,616,280 | 1,954,988 | |||||
E.Sun Financial Holding Co., Ltd. | 1,185,937 | 1,103,768 | |||||
First Financial Holding Co., Ltd. | 1,184,577 | 936,534 | |||||
Fubon Financial Holding Co., Ltd. | 913,211 | 1,413,517 | |||||
Hon Hai Precision Industry Co., Ltd. | 1,126,068 | 3,410,847 |
The accompanying notes are an integral part of these financial statements.
25
SA Emerging Markets Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Taiwan (Continued) | |||||||
Mega Financial Holding Co., Ltd. | 1,249,850 | $ | 1,275,825 | ||||
Taiwan Cement Corp. | 734,095 | 1,070,152 | |||||
United Microelectronics Corp. | 2,220,513 | 1,218,515 | |||||
Yuanta Financial Holding Co., Ltd. | 1,469,815 | 990,435 | |||||
Other Securities^* | 29,090,447 | 22,186,080 | |||||
38,094,921 | |||||||
Thailand — 3.4% | |||||||
PTT PCL | 1,217,800 | 1,788,865 | |||||
Other Securities^* | 19,490,855 | 5,880,187 | |||||
7,669,052 | |||||||
Turkey — 0.9% | |||||||
Other Securities^* | 1,817,467 | 1,970,437 | |||||
United States — 0.0% | |||||||
Other Securities^* | 4,015 | 39,880 | |||||
TOTAL COMMON STOCKS (Identified Cost $208,533,775) | 216,703,101 | ||||||
PREFERRED STOCKS — 2.5% | |||||||
Brazil — 2.4% | |||||||
Petroleo Brasileiro SA, 3.090% | 502,064 | 3,766,697 | |||||
Petroleo Brasileiro SA, ADR, 3.140% | 84,297 | 1,257,711 | |||||
Other Securities^ | 134,901 | 429,315 | |||||
5,453,723 | |||||||
Colombia — 0.1% | |||||||
Other Securities^ | 61,825 | 145,903 | |||||
Korea — 0.0% | |||||||
Other Securities^* | 252 | 15,777 | |||||
TOTAL PREFERRED STOCKS (Identified Cost $4,108,882) | 5,615,403 | ||||||
RIGHTS AND WARRANTS — 0.0% | |||||||
China — 0.0% | |||||||
Other Securities^* | 50,000 | 1,765 | |||||
Hong Kong — 0.0% | |||||||
Other Securities^*§ | 1,461 | — | |||||
India — 0.0% | |||||||
Other Securities^*§ | 1,154 | 3,614 | |||||
Thailand — 0.0% | |||||||
Other Securities^*§ | 108,237 | — | |||||
TOTAL RIGHTS AND WARRANTS (Identified Cost $0) | 5,379 | ||||||
SHORT-TERM INVESTMENTS — 1.8% | |||||||
Investment Company — 0.2% | |||||||
State Street Institutional U.S. Government Money Market Fund 1.535% | 350,320 | 350,320 | |||||
Collateral For Securities On Loan — 1.6% | |||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 1.560% | 3,698,037 | 3,698,037 | |||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $4,048,357) | 4,048,357 | ||||||
Total Investments — 101.2% (Identified Cost $216,691,014) | 226,372,240 | ||||||
Liabilities, Less Cash and Other Assets — (1.2%) | -2,715,883 | ||||||
Net Assets — 100.0% | $ | 223,656,357 |
† | See Note 1 | ||
^ | The Summary Portfolio of Investments does not reflect the Fund’s complete portfolio holdings. “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Certain individual securities within this category may include non- income producing securities, bankrupt/delisted, and/or fair valued securities. | ||
* | Non-income producing security | ||
@ | A portion or all of the security/securities were held on loan. As of December 31, 2019, the market value of the securities on loan was $4,230,137. | ||
± | 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 December 31, 2019 amounted to $2,838,269 or 1.27% of the net assets of the Fund. | ||
~ | Bankrupt/delisted security |
Key to abbreviations:
ADR — American Depository Receipt
GDR — Global Depository Receipt
The accompanying notes are an integral part of these financial statements.
26
SA Emerging Markets Value Fund
SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
Ten largest industry holdings as of December 31, 2019
(As a percentage of net assets):
Industry | Percentage | |||||
Commercial Banks | 23.2 | % | ||||
Oil, Gas & Consumable Fuels | 16.0 | % | ||||
Metals & Mining | 9.1 | % | ||||
Insurance | 4.0 | % | ||||
Electronic Equipment, Instruments & Components | 3.8 | % | ||||
Real Estate Management & Development | 3.6 | % | ||||
Wireless Telecommunication Services | 3.5 | % | ||||
Industrial Conglomerates | 2.9 | % | ||||
Chemicals | 2.9 | % | ||||
Automobiles | 2.6 | % |
Country Weightings as of December 31, 2019
(As a percentage of long-term investments)
The accompanying notes are an integral part of these financial statements.
27
SA Real Estate Securities Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited)
SHARES | VALUE† | ||||||
COMMON STOCKS — 99.2% | |||||||
Real Estate Investment Trusts (REITs) — 99.2% | |||||||
Acadia Realty Trust | 15,716 | $ | 407,516 | ||||
Agree Realty Corp. | 6,555 | 459,963 | |||||
Alexander’s, Inc. | 403 | 133,131 | |||||
Alexandria Real Estate Equities, Inc. | 19,240 | 3,108,799 | |||||
American Assets Trust, Inc. | 7,620 | 349,758 | |||||
American Campus Communities, Inc. | 23,553 | 1,107,698 | |||||
American Finance Trust, Inc. | 4,993 | 66,207 | |||||
American Homes 4 Rent., Class A | 47,061 | 1,233,469 | |||||
American Tower Corp. | 73,733 | 16,945,318 | |||||
Apartment Investment & Management Co., Class A | 25,204 | 1,301,787 | |||||
Apple Hospitality REIT, Inc. | 37,683 | 612,349 | |||||
Ashford Hospitality Trust, Inc. | 19,998 | 55,794 | |||||
AvalonBay Communities, Inc. | 23,402 | 4,907,399 | |||||
Bluerock Residential Growth REIT, Inc. | 3,300 | 39,765 | |||||
Boston Properties, Inc. | 25,965 | 3,579,535 | |||||
Braemar Hotels & Resorts, Inc. | 7,756 | 69,261 | |||||
Brandywine Realty Trust | 30,935 | 487,226 | |||||
Brixmor Property Group, Inc. | 51,495 | 1,112,807 | |||||
Brookfield Property REIT, Inc., Class A @ | 12,277 | 226,449 | |||||
BRT Apartments Corp. | 400 | 6,788 | |||||
Camden Property Trust | 16,288 | 1,728,157 | |||||
CareTrust REIT, Inc. | 13,678 | 282,177 | |||||
CBL & Associates Properties, Inc. @ | 34,365 | 36,083 | |||||
Cedar Realty Trust, Inc. | 17,672 | 52,132 | |||||
Chatham Lodging Trust | 8,674 | 159,081 | |||||
City Office REIT, Inc. | 5,176 | 69,980 | |||||
Clipper Realty, Inc. | 1,167 | 12,370 | |||||
Columbia Property Trust, Inc. | 20,505 | 428,760 | |||||
Community Healthcare Trust, Inc. | 3,480 | 149,153 | |||||
CorePoint Lodging, Inc. | 7,863 | 83,977 | |||||
CoreSite Realty Corp. | 6,741 | 755,801 | |||||
Corporate Office Properties Trust | 19,635 | 576,876 | |||||
Cousins Properties, Inc. | 24,914 | 1,026,457 | |||||
Crown Castle International Corp. | 69,466 | 9,874,592 | |||||
CubeSmart | 32,818 | 1,033,111 | |||||
CyrusOne, Inc. | 18,871 | 1,234,730 | |||||
DiamondRock Hospitality Co. | 38,224 | 423,522 | |||||
Digital Realty Trust, Inc. @ | 34,949 | 4,184,793 | |||||
Diversified Healthcare Trust | 46,083 | 388,941 | |||||
Douglas Emmett, Inc. | 28,724 | 1,260,984 | |||||
Duke Realty Corp. | 62,469 | 2,165,800 | |||||
Easterly Government Properties, Inc. | 8,837 | 209,702 | |||||
EastGroup Properties, Inc. | 6,698 | 888,624 | |||||
Empire State Realty Trust, Inc., Class A | 25,972 | 362,569 | |||||
EPR Properties | 13,058 | 922,417 | |||||
Equinix, Inc. | 14,195 | 8,285,621 | |||||
Equity Commonwealth | 21,729 | 713,363 | |||||
Equity LifeStyle Properties, Inc. | 29,125 | 2,050,109 | |||||
Equity Residential | 62,195 | 5,032,819 | |||||
Essential Properties Realty Trust, Inc. @ | 8,300 | 205,923 | |||||
Essex Property Trust, Inc. | 11,127 | 3,347,669 | |||||
Extra Space Storage, Inc. | 21,846 | 2,307,375 | |||||
Federal Realty Investment Trust | 12,674 | 1,631,524 | |||||
First Industrial Realty Trust, Inc. | 22,063 | 915,835 | |||||
Four Corners Property Trust, Inc. | 10,646 | 300,111 | |||||
Franklin Street Properties Corp. | 22,915 | 196,152 | |||||
Front Yard Residential Corp. | 1,000 | 12,340 | |||||
Gaming & Leisure Properties, Inc. | 35,317 | 1,520,397 | |||||
Getty Realty Corp. | 6,637 | 218,158 | |||||
Gladstone Commercial Corp. | 5,964 | 130,373 | |||||
Global Medical REIT, Inc. | 5,127 | 67,830 | |||||
Global Net Lease, Inc. | 11,391 | 231,009 | |||||
Global Self Storage, Inc. | 2,195 | 9,439 | |||||
Healthcare Realty Trust, Inc. | 22,669 | 756,465 | |||||
Healthcare Trust of America, Inc., Class A | 36,588 | 1,107,885 | |||||
Healthpeak Properties, Inc. | 83,379 | 2,874,074 | |||||
Hersha Hospitality Trust | 7,035 | 102,359 | |||||
Highwoods Properties, Inc. | 18,570 | 908,259 | |||||
Host Hotels & Resorts, Inc. | 120,066 | 2,227,224 | |||||
Hudson Pacific Properties, Inc. | 26,970 | 1,015,420 | |||||
Independence Realty Trust, Inc. | 13,010 | 183,181 | |||||
Industrial Logistics Properties Trust | 8,397 | 188,261 | |||||
Investors Real Estate Trust | 2,611 | 189,298 | |||||
Invitation Homes, Inc. | 85,871 | 2,573,554 | |||||
Iron Mountain, Inc. @ | 47,541 | 1,515,132 | |||||
JBG SMITH Properties | 20,330 | 810,964 | |||||
Kilroy Realty Corp. | 17,773 | 1,491,155 | |||||
Kimco Realty Corp. | 71,056 | 1,471,570 | |||||
Kite Realty Group Trust | 16,957 | 331,170 | |||||
Lamar Advertising Co., Class A | 14,473 | 1,291,860 | |||||
Lexington Realty Trust | 37,085 | 393,843 | |||||
Liberty Property Trust | 26,013 | 1,562,081 | |||||
Life Storage, Inc. | 7,997 | 865,915 | |||||
LTC Properties, Inc. | 6,971 | 312,092 | |||||
Macerich Co. (The) @ | 18,478 | 497,428 | |||||
Mack-Cali Realty Corp. | 15,758 | 364,483 | |||||
Medical Properties Trust, Inc. | 74,129 | 1,564,863 | |||||
MGM Growth Properties LLC, Class A @ | 18,384 | 569,352 | |||||
Mid-America Apartment Communities, Inc. | 19,206 | 2,532,503 | |||||
Monmouth Real Estate Investment Corp. | 14,037 | 203,256 | |||||
National Health Investors, Inc. | 7,578 | 617,455 | |||||
National Retail Properties, Inc. | 28,607 | 1,533,907 | |||||
National Storage Affiliates Trust | 8,583 | 288,560 | |||||
New Senior Investment Group, Inc. | 17,592 | 134,579 | |||||
NexPoint Residential Trust, Inc. | 2,800 | 126,000 | |||||
Office Properties Income Trust | 8,380 | 269,333 | |||||
Omega Healthcare Investors, Inc. | 35,948 | 1,522,398 | |||||
One Liberty Properties, Inc. | 2,871 | 78,062 | |||||
Outfront Media, Inc. | 23,791 | 638,075 | |||||
Paramount Group, Inc. | 32,574 | 453,430 | |||||
Park Hotels & Resorts, Inc. | 41,111 | 1,063,542 | |||||
Pebblebrook Hotel Trust | 22,918 | 614,432 | |||||
Pennsylvania REIT @ | 14,993 | 79,913 | |||||
Physicians Realty Trust | 30,813 | 583,598 |
The accompanying notes are an integral part of these financial statements.
28
SA Real Estate Securities Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Real Estate Investment Trusts (REITs) (Continued) | |||||||
Piedmont Office Realty Trust, Inc., Class A | 22,147 | $ | 492,549 | ||||
Plymouth Industrial REIT, Inc. | 804 | 14,786 | |||||
Prologis, Inc. | 104,989 | 9,358,719 | |||||
PS Business Parks, Inc. | 3,640 | 600,127 | |||||
Public Storage | 26,188 | 5,576,996 | |||||
QTS Realty Trust, Inc., Class A | 8,920 | 484,088 | |||||
Realty Income Corp. | 53,833 | 3,963,724 | |||||
Regency Centers Corp. | 27,733 | 1,749,675 | |||||
Retail Opportunity Investments Corp. | 22,076 | 389,862 | |||||
Retail Properties of America, Inc., Class A | 37,649 | 504,497 | |||||
Retail Value, Inc. | 3,622 | 133,290 | |||||
Rexford Industrial Realty, Inc. | 16,853 | 769,677 | |||||
RLJ Lodging Trust | 30,974 | 548,859 | |||||
RPT Realty | 14,849 | 223,329 | |||||
Ryman Hospitality Properties | 8,389 | 726,991 | |||||
Sabra Healthcare REIT, Inc. | 31,913 | 681,023 | |||||
Saul Centers, Inc. | 3,089 | 163,037 | |||||
SBA Communications Corp. | 18,891 | 4,552,542 | |||||
Seritage Growth Properties, Class A | 4,826 | 193,426 | |||||
Service Properties Trust | 28,849 | 701,896 | |||||
Simon Property Group, Inc. | 51,264 | 7,636,285 | |||||
SITE Centers Corp. | 26,870 | 376,717 | |||||
SL Green Realty Corp. | 13,530 | 1,243,136 | |||||
Sotherly Hotels, Inc. | 3,111 | 21,093 | |||||
Spirit MTA REIT | 9,141 | 7,017 | |||||
Spirit Realty Capital, Inc. | 16,070 | 790,323 | |||||
STAG Industrial, Inc. | 20,104 | 634,683 | |||||
STORE Capital Corp. | 35,598 | 1,325,670 | |||||
Summit Hotel Properties, Inc. @ | 21,227 | 261,941 | |||||
Sun Communities, Inc. | 15,480 | 2,323,548 | |||||
Sunstone Hotel Investors, Inc. | 40,540 | 564,317 | |||||
Tanger Factory Outlet Centers, Inc. @ | 18,139 | 267,187 | |||||
Taubman Centers, Inc. | 11,250 | 349,762 | |||||
Terreno Realty Corp. | 10,190 | 551,687 | |||||
UDR, Inc. | 48,789 | 2,278,446 | |||||
UMH Properties, Inc. | 5,369 | 84,454 | |||||
Uniti Group, Inc. @ | 27,583 | 226,456 | |||||
Universal Health Realty Income Trust | 2,594 | 304,432 | |||||
Urban Edge Properties | 22,808 | 437,457 | |||||
Urstadt Biddle Properties, Inc. | 1,000 | 19,870 | |||||
Urstadt Biddle Properties, Inc., Class A | 6,307 | 156,666 | |||||
Ventas, Inc. | 62,271 | 3,595,528 | |||||
VEREIT, Inc. | 170,759 | 1,577,813 | |||||
Vornado Realty Trust | 29,153 | 1,938,674 | |||||
Washington Prime Group, Inc. @ | 37,014 | 134,731 | |||||
Washington REIT | 14,041 | 409,716 | |||||
Weingarten Realty Investors | 21,441 | 669,817 | |||||
Welltower, Inc. | 67,550 | 5,524,239 | |||||
Whitestone REIT @ | 7,118 | 96,947 | |||||
WP Carey, Inc. | 28,765 | 2,302,351 | |||||
Xenia Hotels & Resorts, Inc. | 18,403 | 397,689 | |||||
195,942,531 | |||||||
TOTAL COMMON STOCKS (Identified Cost $112,261,041) | 195,942,531 | ||||||
SHORT-TERM INVESTMENTS — 0.8% | |||||||
Investment Company — 0.5% | |||||||
State Street Institutional U.S. Government Money Market Fund 1.535% | 1,010,567 | $ | 1,010,567 | ||||
Collateral For Securities On Loan — 0.3% | |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.560% | 588,911 | 588,911 | |||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,599,478) | 1,599,478 | ||||||
Total Investments — 100.0% (Identified Cost $113,860,519) | 197,542,009 | ||||||
Cash and Other Assets, Less Liabilities — 0.0% | 79,529 | ||||||
Net Assets — 100.0% | $ | 197,621,538 |
† | See Note 1 | ||
@ | A portion or all of the security were held on loan. As of December 31, 2019, the market value of the securities on loan was $7,171,281. |
Key to abbreviations:
REIT — Real Estate Investment Trust
The accompanying notes are an integral part of these financial statements.
29
SA Real Estate Securities Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
Portfolio Sectors as of December 31, 2019
(As a percentage of long-term investments)
The accompanying notes are an integral part of these financial statements.
30
SA Worldwide Moderate Growth Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited)
SHARES | VALUE† | ||||||
MUTUAL FUNDS — 100.0% | |||||||
Other — 100.0% | |||||||
SA Emerging Markets Value Fund € | 420,972 | $ | 4,108,682 | ||||
SA Global Fixed Income Fund € | 587,169 | 5,589,848 | |||||
SA International Value Fund € | 642,233 | 7,096,679 | |||||
SA Real Estate Securities Fund € | 176,611 | 2,242,957 | |||||
SA U.S. Core Market Fund € | 186,089 | 4,482,874 | |||||
SA U.S. Fixed Income Fund € | 367,652 | 3,727,991 | |||||
SA U.S. Small Company Fund € | 159,658 | 4,108,013 | |||||
SA U.S. Value Fund € | 336,523 | 5,976,650 | |||||
37,333,694 | |||||||
TOTAL MUTUAL FUNDS (Identified Cost $35,149,956) | 37,333,694 | ||||||
Total Investments — 100.0% (Identified Cost $35,149,956) | 37,333,694 | ||||||
Cash and Other Assets, Less Liabilities — 0.0% | 9,326 | ||||||
Net Assets — 100.0% | $ | 37,343,020 |
† | See Note 1 | ||
€ | SA Worldwide Moderate Growth Fund invests substantially all of its assets in the Select Class shares of the affiliated Underlying SA Funds. |
The accompanying notes are an integral part of these financial statements.
31
STATEMENTS OF ASSETS AND LIABILITIES — DECEMBER 31, 2019 (Unaudited)
SA | SA | SA | ||||||||||
U.S. Fixed | Global Fixed | U.S. Core | ||||||||||
Income Fund | Income Fund | Market Fund | ||||||||||
ASSETS | ||||||||||||
Investments in unaffiliated securities, at value | $ | 621,470,043 | $ | 808,572,407 | $ | 708,581,596 | ||||||
Cash | — | — | 84,694 | |||||||||
Foreign currency, at value | — | 2,665 | — | |||||||||
Receivable for investments sold | — | — | 957,132 | |||||||||
Dividends and interest receivable | 1,480,171 | 3,016,287 | 614,441 | |||||||||
Receivable for fund shares sold | 1,081,071 | 1,448,335 | 732,270 | |||||||||
Unrealized appreciation on forward foreign currency | ||||||||||||
exchange contracts (Note 1) | — | 842,060 | — | |||||||||
Receivable from the Adviser (Note 2) | — | — | — | |||||||||
Receivable for tax reclaims | — | — | — | |||||||||
Prepaid expenses | 26,022 | 34,122 | 33,787 | |||||||||
Other assets | — | — | 808 | |||||||||
Total Assets | 624,057,307 | 813,915,876 | 711,004,728 | |||||||||
LIABILITIES | ||||||||||||
Payable for investments purchased | 9,974,250 | — | — | |||||||||
Payable for fund shares redeemed | 846,441 | 1,025,052 | 1,245,703 | |||||||||
Due to custodian bank | — | — | — | |||||||||
Collateral for securities on loan (Note 1) | — | 7,734,000 | 939,564 | |||||||||
Unrealized depreciation on forward foreign currency | ||||||||||||
exchange contracts (Note 1) | — | 9,770,783 | — | |||||||||
Advisory fee payable (Note 2) | 77,795 | 168,113 | 237,446 | |||||||||
Sub-Advisory fee payable (Note 2) | 15,559 | 20,174 | 17,808 | |||||||||
Administration fee payable (Note 2) | 51,863 | 67,245 | 59,362 | |||||||||
Sub-Administration fee payable (Note 2) | 10,807 | 10,378 | 15,571 | |||||||||
Custody and accounting fees payable | 32,039 | 53,167 | 43,617 | |||||||||
Shareholder servicing fee payable (Note 2) | 42,843 | 54,903 | 54,185 | |||||||||
Transfer agent fee payable | 15,103 | 14,686 | 16,524 | |||||||||
Professional fees payable | 8,347 | 12,459 | 12,593 | |||||||||
Accrued expenses and other liabilities | 22,698 | 25,578 | 27,406 | |||||||||
Total Liabilities | 11,097,745 | 18,956,538 | 2,669,779 | |||||||||
NET ASSETS | $ | 612,959,562 | $ | 794,959,338 | $ | 708,334,949 | ||||||
NET ASSETS CONSIST OF: | ||||||||||||
Paid-in capital | $ | 616,135,250 | $ | 802,515,429 | $ | 232,245,563 | ||||||
Total distributable earnings (loss)(1) | (3,175,688 | ) | (7,556,091 | ) | 476,089,386 | |||||||
NET ASSETS | $ | 612,959,562 | $ | 794,959,338 | $ | 708,334,949 | ||||||
INVESTOR CLASS SHARES | ||||||||||||
Net Assets | $ | 99,436,272 | $ | 125,402,303 | $ | 145,656,090 | ||||||
Shares of beneficial interest outstanding ($0.01 par value, | ||||||||||||
unlimited shares authorized) | 9,802,925 | 13,120,497 | 6,014,258 | |||||||||
Net asset value per share | $ | 10.14 | $ | 9.56 | $ | 24.22 | ||||||
SELECT CLASS SHARES | ||||||||||||
Net Assets | $ | 513,523,290 | $ | 669,557,035 | $ | 562,678,859 | ||||||
Shares of beneficial interest outstanding ($0.01 par value, | ||||||||||||
unlimited shares | 50,668,251 | 70,351,832 | 23,353,158 | |||||||||
Net asset value per share | $ | 10.14 | $ | 9.52 | $ | 24.09 | ||||||
Identified cost of unaffiliated investments | $ | 620,718,258 | $ | 810,880,049 | $ | 249,081,734 | ||||||
Cost of foreign currency | $ | — | $ | 2,654 | $ | — | ||||||
(1)Net of deferred capital gain country tax of: | $ | — | $ | — | $ | — |
The accompanying notes are an integral part of these financial statements.
32
SA | SA | SA | SA International | SA | SA | ||||||||||||||||||||
U.S. Value | U.S. Small | International | Small Company | Emerging Markets | Real Estate | ||||||||||||||||||||
Fund | Company Fund | Value Fund | Fund | Value Fund | Securities Fund | ||||||||||||||||||||
$ | 643,730,053 | $ | 449,059,488 | $ | 719,573,215 | $ | 347,296,443 | $ | 226,372,240 | $ | 197,542,009 | ||||||||||||||
144,493 | 347,387 | 24,880 | — | — | 875 | ||||||||||||||||||||
— | — | 1,393,932 | — | 1,236,613 | — | ||||||||||||||||||||
219,748 | 73,627 | — | 169,000 | — | — | ||||||||||||||||||||
649,279 | 299,407 | 716,883 | — | 350,948 | 884,837 | ||||||||||||||||||||
810,927 | 655,512 | 837,159 | 367,989 | 327,634 | 278,786 | ||||||||||||||||||||
— | — | — | — | — | — | ||||||||||||||||||||
— | — | — | — | 39,067 | 5,939 | ||||||||||||||||||||
— | — | 1,395,944 | — | 2,514 | — | ||||||||||||||||||||
32,349 | 30,148 | 32,879 | 29,341 | 21,150 | 20,703 | ||||||||||||||||||||
— | — | — | — | — | — | ||||||||||||||||||||
645,586,849 | 450,465,569 | 723,974,892 | 347,862,773 | 228,350,166 | 198,733,149 | ||||||||||||||||||||
— | 121,053 | — | — | 255,287 | 88,602 | ||||||||||||||||||||
775,682 | 525,360 | 813,054 | 339,797 | 284,293 | 282,070 | ||||||||||||||||||||
— | — | — | 168,721 | — | — | ||||||||||||||||||||
1,390,828 | 5,121,368 | 17,676,965 | — | 3,698,037 | 588,911 | ||||||||||||||||||||
— | — | — | — | — | — | ||||||||||||||||||||
214,833 | 148,822 | 265,169 | 72,746 | 83,121 | 57,542 | ||||||||||||||||||||
53,708 | 93,013 | 117,853 | — | 86,815 | 16,440 | ||||||||||||||||||||
53,708 | 37,205 | 58,927 | 28,799 | 18,471 | 16,440 | ||||||||||||||||||||
8,556 | 6,124 | 11,699 | 5,174 | 3,852 | 3,054 | ||||||||||||||||||||
26,204 | 35,911 | 56,177 | 9,160 | 90,130 | 15,462 | ||||||||||||||||||||
45,990 | 31,845 | 48,807 | 24,576 | 14,737 | 13,961 | ||||||||||||||||||||
15,887 | 15,652 | 16,401 | 15,709 | 14,338 | 14,550 | ||||||||||||||||||||
8,887 | 8,920 | 11,111 | 9,529 | 21,534 | 6,140 | ||||||||||||||||||||
21,532 | 16,034 | 22,769 | 9,523 | 123,194 | 8,439 | ||||||||||||||||||||
2,615,815 | 6,161,307 | 19,098,932 | 683,734 | 4,693,809 | 1,111,611 | ||||||||||||||||||||
$ | 642,971,034 | $ | 444,304,262 | $ | 704,875,960 | $ | 347,179,039 | $ | 223,656,357 | $ | 197,621,538 | ||||||||||||||
$ | 439,420,503 | $ | 290,896,834 | $ | 683,571,242 | $ | 246,286,631 | $ | 219,718,767 | $ | 115,053,591 | ||||||||||||||
203,550,531 | 153,407,428 | 21,304,718 | 100,892,408 | 3,937,590 | 82,567,947 | ||||||||||||||||||||
$ | 642,971,034 | $ | 444,304,262 | $ | 704,875,960 | $ | 347,179,039 | $ | 223,656,357 | $ | 197,621,538 | ||||||||||||||
$ | 113,685,718 | $ | 78,497,629 | $ | 115,056,128 | $ | 60,930,755 | $ | 33,034,295 | $ | 34,219,568 | ||||||||||||||
6,369,067 | 3,043,835 | 10,361,094 | 2,961,651 | 3,380,123 | 2,683,460 | ||||||||||||||||||||
$ | 17.85 | $ | 25.79 | $ | 11.10 | $ | 20.57 | $ | 9.77 | $ | 12.75 | ||||||||||||||
$ | 529,285,316 | $ | 365,806,633 | $ | 589,819,832 | $ | 286,248,284 | $ | 190,622,062 | $ | 163,401,970 | ||||||||||||||
29,796,242 | 14,219,437 | 53,355,889 | 13,991,994 | 19,532,225 | 12,866,050 | ||||||||||||||||||||
$ | 17.76 | $ | 25.73 | $ | 11.05 | $ | 20.46 | $ | 9.76 | $ | 12.70 | ||||||||||||||
$ | 445,130,819 | $ | 297,846,611 | $ | 660,550,009 | $ | 222,385,885 | $ | 216,691,014 | $ | 113,860,519 | ||||||||||||||
$ | — | $ | — | $ | 1,376,638 | $ | — | $ | 1,227,366 | $ | — | ||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | 118,189 | $ | — |
The accompanying notes are an integral part of these financial statements.
33
STATEMENT OF ASSETS AND LIABILITIES — DECEMBER 31, 2019 (Unaudited) (Continued)
SA Worldwide | ||||
Moderate | ||||
Growth Fund | ||||
ASSETS | ||||
Investments in affiliated securities, at value | $ | 37,333,694 | ||
�� Receivable for investments sold | 213,060 | |||
Receivable for fund shares sold | 19,066 | |||
Receivable from the Adviser (Note 2) | 16,229 | |||
Prepaid expenses | 20,184 | |||
Total Assets | 37,602,233 | |||
LIABILITIES | ||||
Payable for fund shares redeemed | 231,626 | |||
Due to custodian bank | 500 | |||
Sub-Administration fee payable (Note 2) | 753 | |||
Custody and accounting fees payable | 9,312 | |||
Transfer agent fee payable | 625 | |||
Professional fees payable | 6,921 | |||
Accrued expenses and other liabilities | 9,476 | |||
Total Liabilities | 259,213 | |||
NET ASSETS | $ | 37,343,020 | ||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 34,575,304 | ||
Total distributable earnings (loss) | 2,767,716 | |||
NET ASSETS | $ | 37,343,020 | ||
Shares of beneficial interest outstanding ($0.01 par value, unlimited shares authorized) | 3,443,646 | |||
Net asset value per share | $ | 10.84 | ||
Identified cost of affiliated investments | $ | 35,149,956 |
The accompanying notes are an integral part of these financial statements.
34
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STATEMENTS OF OPERATIONS — SIX MONTHS ENDED DECEMBER 31, 2019 (Unaudited)
SA U.S. | SA Global | SA U.S. | |||||||||||
Fixed Income | Fixed Income | Core Market | |||||||||||
Fund | Fund | Fund | |||||||||||
INVESTMENT INCOME | |||||||||||||
Income: | |||||||||||||
Unaffiliated dividends | $ | — | $ | — | $ | 6,526,717 | |||||||
Affiliated dividends | — | — | — | ||||||||||
Interest(1) | 7,083,400 | 3,306,802 | 19,059 | ||||||||||
Other income | — | — | 17,346 | ||||||||||
Taxes withheld | — | (1,724 | ) | (131 | ) | ||||||||
Total Income | 7,083,400 | 3,305,078 | 6,562,991 | ||||||||||
Expenses: | |||||||||||||
Advisory fees (Note 2) | 465,031 | 990,276 | 1,413,454 | ||||||||||
Shareholder Services fees (Note 2) | |||||||||||||
Investor Class | 134,480 | 167,203 | 189,503 | ||||||||||
Select Class | 128,114 | 164,615 | 138,781 | ||||||||||
Administration fees (Note 2) | 310,021 | 396,111 | 353,363 | ||||||||||
Sub-Advisory fees (Note 2) | 93,006 | 118,833 | 101,601 | ||||||||||
Sub-Administration fees (Note 2) | 57,697 | 70,162 | 68,298 | ||||||||||
Trustees’ fees and expenses (Note 2) | 15,710 | 15,710 | 15,710 | ||||||||||
Custody and accounting fees | 54,959 | 82,219 | 67,857 | ||||||||||
Transfer agent fees | 56,200 | 55,730 | 62,550 | ||||||||||
Professional fees * | 33,870 | 38,042 | 38,179 | ||||||||||
Registration fees | 23,272 | 22,651 | 22,510 | ||||||||||
Other expenses ** | 50,160 | 58,131 | 61,900 | ||||||||||
Total expenses before waivers and reimbursements: | 1,422,520 | 2,179,683 | 2,533,706 | ||||||||||
Less: Fee waiver by the Adviser (Note 2) | — | — | — | ||||||||||
Net expenses | 1,422,520 | 2,179,683 | 2,533,706 | ||||||||||
Net investment income | 5,660,880 | 1,125,395 | 4,029,285 | ||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | |||||||||||||
Realized gain (loss) on: | |||||||||||||
Investments(2) | 580,991 | (2,399,261 | ) | 46,512,666 | |||||||||
Investments in affiliates | — | — | — | ||||||||||
Forward currency transaction | — | 9,948,787 | — | ||||||||||
Foreign currency translation | — | (7,405 | ) | — | |||||||||
Capital gain distributions from underlying funds | — | — | 611,297 | ||||||||||
Increase (decrease) in unrealized appreciation (depreciation) on: | |||||||||||||
Investments(3) | (784,930 | ) | (1,455,705 | ) | 17,978,798 | ||||||||
Investments in affiliates | — | — | — | ||||||||||
Forward currency transaction | — | (763,914 | ) | — | |||||||||
Foreign currency translation | — | 17,135 | — | ||||||||||
Net realized and unrealized gain (loss) on investments and | |||||||||||||
foreign currency transactions and translation | (203,939 | ) | 5,339,637 | 65,102,761 | |||||||||
Net increase in net assets resulting from operations | $ | 5,456,941 | $ | 6,465,032 | $ | 69,132,046 | |||||||
(1)Interest income includes security lending income of: | $ | — | $ | 1,206 | $ | 6,265 | |||||||
(2)Net of capital gain country tax of: | $ | — | $ | — | $ | — | |||||||
(3)Net of increase of deferred capital gain country tax accrual of: | $ | — | $ | — | $ | — | |||||||
*Professional fees include, but are not limited to, fees associated with legal, audit and tax services. | |||||||||||||
**Other expenses include, but are not limited to, fees associated with insurance and printing services. |
The accompanying notes are an integral part of these financial statements.
36
SA U.S. | SA U.S. | SA International | SA International | SA Emerging | SA | SA Worldwide | |||||||||||||||||||||
Value | Small Company | Value | Small Company | Markets Value | Real Estate | Moderate | |||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Securities Fund | Growth Fund | |||||||||||||||||||||
$ | 7,793,522 | $ | 3,123,715 | $ | 9,454,339 | $ | 6,557,313 | $ | 4,096,600 | $ | 3,678,691 | ||||||||||||||||
— | — | — | — | — | — | $ | 699,395 | ||||||||||||||||||||
17,117 | 76,212 | 143,465 | — | 32,210 | 10,146 | — | |||||||||||||||||||||
10,354 | 60,896 | — | — | 10 | 572 | — | |||||||||||||||||||||
— | (1,401 | ) | (683,984 | ) | — | (578,878 | ) | — | — | ||||||||||||||||||
7,820,993 | 3,259,422 | 8,913,820 | 6,557,313 | 3,549,942 | 3,689,409 | 699,395 | |||||||||||||||||||||
1,224,963 | 851,511 | 1,529,180 | 407,586 | 475,513 | 347,418 | — | |||||||||||||||||||||
144,209 | 100,341 | 147,047 | 75,930 | 42,169 | 46,024 | N/A | |||||||||||||||||||||
124,278 | 86,371 | 140,499 | 66,331 | 44,401 | 40,426 | N/A | |||||||||||||||||||||
306,241 | 212,878 | 339,818 | 163,035 | 105,669 | 99,262 | — | |||||||||||||||||||||
306,241 | 532,195 | 679,636 | — | 496,646 | 99,262 | — | |||||||||||||||||||||
54,177 | 37,798 | 62,171 | 29,502 | 19,531 | 18,178 | 3,738 | |||||||||||||||||||||
15,710 | 15,710 | 15,710 | 15,710 | 15,710 | 15,710 | 15,710 | |||||||||||||||||||||
39,014 | 55,010 | 82,022 | 13,857 | 137,021 | 23,063 | 13,776 | |||||||||||||||||||||
60,913 | 60,256 | 62,523 | 59,681 | 54,412 | 55,447 | 2,517 | |||||||||||||||||||||
34,474 | 34,503 | 36,695 | 35,052 | 40,938 | 31,723 | 32,443 | |||||||||||||||||||||
21,726 | 19,849 | 22,329 | 19,246 | 18,897 | 18,059 | 12,873 | |||||||||||||||||||||
47,000 | 38,940 | 59,651 | 34,583 | 30,809 | 21,769 | 13,643 | |||||||||||||||||||||
2,378,946 | 2,045,362 | 3,177,281 | 920,513 | 1,481,716 | 816,341 | 94,700 | |||||||||||||||||||||
— | — | — | (314 | ) | (232,782 | ) | (35,055 | ) | (94,700 | ) | |||||||||||||||||
2,378,946 | 2,045,362 | 3,177,281 | 920,199 | 1,248,934 | 781,286 | — | |||||||||||||||||||||
5,442,047 | 1,214,060 | 5,736,539 | 5,637,114 | 2,301,008 | 2,908,123 | 699,395 | |||||||||||||||||||||
10,964,250 | 4,854,487 | (10,544,747 | ) | (1,438,402 | ) | (2,609,449 | ) | 1,096,049 | — | ||||||||||||||||||
— | — | — | — | — | — | 139,952 | |||||||||||||||||||||
— | — | — | — | 55 | — | — | |||||||||||||||||||||
— | — | 24,420 | — | (13,125 | ) | — | — | ||||||||||||||||||||
— | — | — | 7,161,197 | — | — | 917,991 | |||||||||||||||||||||
41,257,516 | 19,139,637 | 39,492,978 | 21,379,930 | 3,827,650 | 9,557,188 | ||||||||||||||||||||||
— | — | — | — | — | — | 181,071 | |||||||||||||||||||||
— | — | — | — | — | — | — | |||||||||||||||||||||
— | — | 531 | — | 6,994 | — | — | |||||||||||||||||||||
52,221,766 | 23,994,124 | 28,973,182 | 27,102,725 | 1,212,125 | 10,653,237 | 1,239,014 | |||||||||||||||||||||
$ | 57,663,813 | $ | 25,208,184 | $ | 34,709,721 | $ | 32,739,839 | $ | 3,513,133 | $ | 13,561,360 | $ | 1,938,409 | ||||||||||||||
$ | 2,600 | $ | 65,041 | $ | 133,818 | $ | — | $ | 28,522 | $ | 4,011 | $ | — | ||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | 3,051 | $ | — | $ | — | ||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | (42,653 | ) | $ | — | $ | — |
The accompanying notes are an integral part of these financial statements.
37
STATEMENTS OF CHANGES IN NET ASSETS
SA U.S. Fixed Income Fund | |||||||||
Six Months Ended | |||||||||
December 31, 2019 | Year Ended | ||||||||
(Unaudited) | June 30, 2019 | ||||||||
INCREASE (DECREASE) IN NET ASSETS | |||||||||
Operations: | |||||||||
Net investment income | $ | 5,660,880 | $ | 13,283,234 | |||||
Net realized gain (loss) on investments and foreign currency transactions | 580,991 | (855,979 | ) | ||||||
Net increase (decrease) in unrealized appreciation (depreciation) | (784,930 | ) | 4,480,087 | ||||||
Net increase (decrease) in net assets from operations | 5,456,941 | 16,907,342 | |||||||
Distributions to shareholders: | |||||||||
Investor Class | (940,826 | ) | (2,511,526 | ) | |||||
Select Class | (5,241,321 | ) | (11,512,193 | ) | |||||
Total distributions to shareholders | (6,182,147 | ) | (14,023,719 | ) | |||||
Capital share transactions | |||||||||
Proceeds from sale of shares | |||||||||
Investor Class | 7,149,123 | 18,311,675 | |||||||
Select Class | 42,909,885 | 95,929,848 | |||||||
50,059,008 | 114,241,523 | ||||||||
Value of distributions reinvested | |||||||||
Investor Class | 927,243 | 2,438,362 | |||||||
Select Class | 5,141,667 | 11,351,961 | |||||||
6,068,910 | 13,790,323 | ||||||||
Cost of shares redeemed | |||||||||
Investor Class | (17,094,995 | ) | (30,582,475 | ) | |||||
Select Class | (55,244,852 | ) | (90,269,305 | ) | |||||
(72,339,847 | ) | (120,851,780 | ) | ||||||
Tax-free interclass conversion | |||||||||
Investor Class | (4,884,143 | ) | (24,761,930 | ) | |||||
Select Class | 4,884,143 | 24,761,930 | |||||||
— | — | ||||||||
Total capital share transactions | (16,211,929 | ) | 7,180,066 | ||||||
Total increase (decrease) in net assets | (16,937,135 | ) | 10,063,689 | ||||||
NET ASSETS | |||||||||
Beginning of period | $ | 629,896,697 | $ | 619,833,008 | |||||
End of period | $ | 612,959,562 | $ | 629,896,697 | |||||
CAPITAL SHARE TRANSACTIONS | |||||||||
Shares sold by subscription | |||||||||
Investor Class | 702,911 | 1,808,111 | |||||||
Select Class | 4,222,094 | 9,476,826 | |||||||
Shares issued for distributions reinvested | |||||||||
Investor Class | 91,407 | 241,383 | |||||||
Select Class | 507,367 | 1,124,755 | |||||||
Shares redeemed | |||||||||
Investor Class | (1,681,083 | ) | (3,019,041 | ) | |||||
Select Class | (5,436,685 | ) | (8,917,437 | ) | |||||
Tax-free interclass conversion | |||||||||
Investor Class | (479,378 | ) | (2,445,369 | ) | |||||
Select Class | 479,849 | 2,446,874 | |||||||
Net increase (decrease) in fund shares | (1,593,518 | ) | 716,102 |
The accompanying notes are an integral part of these financial statements.
38
SA Global Fixed Income Fund | SA U.S. Core Market Fund | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
December 31, 2019 | Year Ended | December 31, 2019 | Year Ended | |||||||||||||
(Unaudited) | June 30, 2019 | (Unaudited) | June 30, 2019 | |||||||||||||
$ | 1,125,395 | $ | 5,104,178 | $ | 4,029,285 | $ | 9,306,635 | |||||||||
7,542,121 | 27,044,427 | 47,123,963 | 64,895,853 | |||||||||||||
(2,202,484 | ) | (2,047,196 | ) | 17,978,798 | (4,897,507 | ) | ||||||||||
6,465,032 | 30,101,409 | 69,132,046 | 69,304,981 | |||||||||||||
(1,957,371 | ) | (5,005,633 | ) | (16,802,237 | ) | (9,676,209 | ) | |||||||||
(10,642,663 | ) | (23,876,553 | ) | (65,886,578 | ) | (35,979,252 | ) | |||||||||
(12,600,034 | ) | (28,882,186 | ) | (82,688,815 | ) | (45,655,461 | ) | |||||||||
15,503,966 | 19,878,542 | 4,632,646 | 18,248,004 | |||||||||||||
97,072,908 | 105,172,117 | 28,279,886 | 79,927,235 | |||||||||||||
112,576,874 | 125,050,659 | 32,912,532 | 98,175,239 | |||||||||||||
1,930,798 | 4,877,774 | 15,971,544 | 9,216,579 | |||||||||||||
10,472,552 | 23,628,223 | 65,017,485 | 33,943,036 | |||||||||||||
12,403,350 | 28,505,997 | 80,989,029 | 43,159,615 | |||||||||||||
(19,364,585 | ) | (35,427,647 | ) | (34,288,564 | ) | (42,938,278 | ) | |||||||||
(55,835,206 | ) | (107,487,662 | ) | (113,023,964 | ) | (161,697,779 | ) | |||||||||
(75,199,791 | ) | (142,915,309 | ) | (147,312,528 | ) | (204,636,057 | ) | |||||||||
(5,661,143 | ) | (26,483,597 | ) | (4,143,601 | ) | (31,121,043 | ) | |||||||||
5,661,143 | 26,483,597 | 4,143,601 | 31,121,043 | |||||||||||||
— | — | — | — | |||||||||||||
49,780,433 | 10,641,347 | (33,410,967 | ) | (63,301,203 | ) | |||||||||||
43,645,431 | 11,860,570 | (46,967,736 | ) | (39,651,683 | ) | |||||||||||
$ | 751,313,907 | $ | 739,453,337 | $ | 755,302,685 | $ | 794,954,368 | |||||||||
$ | 794,959,338 | $ | 751,313,907 | $ | 708,334,949 | $ | 755,302,685 | |||||||||
1,609,804 | 2,077,971 | 183,437 | 758,562 | |||||||||||||
10,122,648 | 11,025,703 | 1,125,019 | 3,360,925 | |||||||||||||
201,201 | 511,693 | 664,373 | 447,624 | |||||||||||||
1,097,225 | 2,489,034 | 2,719,259 | 1,655,758 | |||||||||||||
(2,010,256 | ) | (3,702,879 | ) | (1,362,181 | ) | (1,792,141 | ) | |||||||||
(5,818,686 | ) | (11,276,940 | ) | (4,502,000 | ) | (6,749,392 | ) | |||||||||
(587,991 | ) | (2,769,820 | ) | (160,200 | ) | (1,243,195 | ) | |||||||||
590,290 | 2,778,342 | 160,585 | 1,243,061 | |||||||||||||
5,204,235 | 1,133,104 | (1,171,708 | ) | (2,318,798 | ) |
The accompanying notes are an integral part of these financial statements.
39
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
SA U.S. Value Fund | |||||||||
Six Months Ended | |||||||||
December 31, 2019 | Year Ended | ||||||||
(Unaudited) | June 30, 2019 | ||||||||
INCREASE (DECREASE) IN NET ASSETS | |||||||||
Operations: | |||||||||
Net investment income | $ | 5,442,047 | $ | 10,060,054 | |||||
Net realized gain (loss) on investments and foreign currency transactions | 10,964,250 | 30,531,694 | |||||||
Net increase (decrease) in unrealized appreciation (depreciation) | 41,257,516 | (26,224,913 | ) | ||||||
Net increase (decrease) in net assets from operations | 57,663,813 | 14,366,835 | |||||||
Distributions to shareholders: | |||||||||
Investor Class | (5,623,754 | ) | (10,387,101 | ) | |||||
Select Class | (27,287,842 | ) | (39,249,863 | ) | |||||
Total distributions to shareholders | (32,911,596 | ) | (49,636,964 | ) | |||||
Capital share transactions | |||||||||
Proceeds from sale of shares | |||||||||
Investor Class | 7,236,121 | 14,774,588 | |||||||
Select Class | 48,215,717 | 73,308,742 | |||||||
55,451,838 | 88,083,330 | ||||||||
Value of distributions reinvested | |||||||||
Investor Class | 5,494,859 | 10,033,363 | |||||||
Select Class | 25,473,417 | 37,015,592 | |||||||
30,968,276 | 47,048,955 | ||||||||
Cost of shares redeemed | |||||||||
Investor Class | (17,972,085 | ) | (28,823,661 | ) | |||||
Select Class | (43,205,151 | ) | (79,444,054 | ) | |||||
(61,177,236 | ) | (108,267,715 | ) | ||||||
Tax-free interclass conversion | |||||||||
Investor Class | (3,365,509 | ) | (24,080,571 | ) | |||||
Select Class | 3,365,509 | 24,080,571 | |||||||
— | — | ||||||||
Total capital share transactions | 25,242,878 | 26,864,570 | |||||||
Total increase (decrease) in net assets | 49,995,095 | (8,405,559 | ) | ||||||
NET ASSETS | |||||||||
Beginning of period | $ | 592,975,939 | $ | 601,381,498 | |||||
End of period | $ | 642,971,034 | $ | 592,975,939 | |||||
CAPITAL SHARE TRANSACTIONS | |||||||||
Shares sold by subscription | |||||||||
Investor Class | 416,953 | 841,853 | |||||||
Select Class | 2,788,727 | 4,257,717 | |||||||
Shares issued for distributions reinvested | |||||||||
Investor Class | 310,619 | 678,388 | |||||||
Select Class | 1,446,531 | 2,512,939 | |||||||
Shares redeemed | |||||||||
Investor Class | (1,029,295 | ) | (1,665,204 | ) | |||||
Select Class | (2,478,596 | ) | (4,594,239 | ) | |||||
Tax-free interclass conversion | |||||||||
Investor Class | (187,611 | ) | (1,299,305 | ) | |||||
Select Class | 188,136 | 1,299,001 | |||||||
Net increase in fund shares | 1,455,464 | 2,031,150 |
The accompanying notes are an integral part of these financial statements.
40
SA U.S. Small Company Fund | SA International Value Fund | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
December 31, 2019 | Year Ended | December 31, 2019 | Year Ended | |||||||||||||
(Unaudited) | June 30, 2019 | (Unaudited) | June 30, 2019 | |||||||||||||
$ | 1,214,060 | $ | 2,081,191 | $ | 5,736,539 | $ | 20,812,263 | |||||||||
4,854,487 | 19,601,388 | (10,520,327 | ) | (26,818,688 | ) | |||||||||||
19,139,637 | (38,126,825 | ) | 39,493,509 | (36,504,671 | ) | |||||||||||
25,208,184 | (16,444,246 | ) | 34,709,721 | (42,511,096 | ) | |||||||||||
(3,409,041 | ) | (2,474,953 | ) | (4,103,404 | ) | (2,413,501 | ) | |||||||||
(16,655,015 | ) | (10,022,966 | ) | (22,391,509 | ) | (12,985,834 | ) | |||||||||
(20,064,056 | ) | (12,497,919 | ) | (26,494,913 | ) | (15,399,335 | ) | |||||||||
6,924,698 | 10,466,049 | 6,070,583 | 18,817,975 | |||||||||||||
42,820,497 | 50,923,567 | 37,090,642 | 95,474,252 | |||||||||||||
49,745,195 | 61,389,616 | 43,161,225 | 114,292,227 | |||||||||||||
3,321,886 | 2,390,101 | 4,025,053 | 2,328,986 | |||||||||||||
15,495,388 | 9,461,556 | 21,118,863 | 12,256,937 | |||||||||||||
18,817,274 | 11,851,657 | 25,143,916 | 14,585,923 | |||||||||||||
(12,138,179 | ) | (20,113,433 | ) | (17,617,235 | ) | (29,631,782 | ) | |||||||||
(28,503,510 | ) | (57,952,707 | ) | (46,706,054 | ) | (83,941,904 | ) | |||||||||
(40,641,689 | ) | (78,066,140 | ) | (64,323,289 | ) | (113,573,686 | ) | |||||||||
(2,260,331 | ) | (17,580,369 | ) | (3,570,022 | ) | (29,167,039 | ) | |||||||||
2,260,331 | 17,580,369 | 3,570,022 | 29,167,039 | |||||||||||||
— | — | — | — | |||||||||||||
27,920,780 | (4,824,867 | ) | 3,981,852 | 15,304,464 | ||||||||||||
33,064,908 | (33,767,032 | ) | 12,196,660 | (42,605,967 | ) | |||||||||||
$ | 411,239,354 | $ | 445,006,386 | $ | 692,679,300 | $ | 735,285,267 | |||||||||
$ | 444,304,262 | $ | 411,239,354 | $ | 704,875,960 | $ | 692,679,300 | |||||||||
272,720 | 406,073 | 561,224 | 1,694,758 | |||||||||||||
1,692,046 | 2,011,980 | 3,450,252 | 8,662,206 | |||||||||||||
128,955 | 110,143 | 363,272 | 232,898 | |||||||||||||
602,934 | 437,023 | 1,914,675 | 1,230,616 | |||||||||||||
(477,799 | ) | (785,670 | ) | (1,627,911 | ) | (2,685,365 | ) | |||||||||
(1,120,574 | ) | (2,256,172 | ) | (4,304,058 | ) | (7,658,728 | ) | |||||||||
(87,966 | ) | (651,802 | ) | (324,359 | ) | (2,566,124 | ) | |||||||||
87,984 | 651,011 | 325,056 | 2,564,186 | |||||||||||||
1,098,300 | (77,414 | ) | 358,151 | 1,474,447 |
The accompanying notes are an integral part of these financial statements.
41
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
SA International Small Company Fund | |||||||||
Six Months Ended | |||||||||
December 31, 2019 | Year Ended | ||||||||
(Unaudited) | June 30, 2019 | ||||||||
INCREASE (DECREASE) IN NET ASSETS | |||||||||
Operations: | |||||||||
Net investment income | $ | 5,637,114 | $ | 5,949,597 | |||||
Net realized gain (loss) on investments and foreign currency transactions | 5,722,795 | 11,671,830 | |||||||
Net increase (decrease) in unrealized appreciation (depreciation) | 21,379,930 | (45,853,769 | ) | ||||||
Net increase (decrease) in net assets from operations | 32,739,839 | (28,232,342 | ) | ||||||
Distributions to shareholders: | |||||||||
Investor Class | (3,310,038 | ) | (3,954,534 | ) | |||||
Select Class | (16,168,256 | ) | (15,924,470 | ) | |||||
Total distributions to shareholders | (19,478,294 | ) | (19,879,004 | ) | |||||
Capital share transactions | |||||||||
Proceeds from sale of shares | |||||||||
Investor Class | 3,116,484 | 8,482,092 | |||||||
Select Class | 17,838,814 | 43,517,772 | |||||||
20,955,298 | 51,999,864 | ||||||||
Value of distributions reinvested | |||||||||
Investor Class | 3,235,712 | 3,813,704 | |||||||
Select Class | 15,954,808 | 15,789,268 | |||||||
19,190,520 | 19,602,972 | ||||||||
Cost of shares redeemed | |||||||||
Investor Class | (9,076,180 | ) | (15,013,199 | ) | |||||
Select Class | (21,749,775 | ) | (38,928,367 | ) | |||||
(30,825,955 | ) | (53,941,566 | ) | ||||||
Tax-free interclass conversion | |||||||||
Investor Class | (1,705,535 | ) | (14,034,512 | ) | |||||
Select Class | 1,705,535 | 14,034,512 | |||||||
— | — | ||||||||
Total capital share transactions | 9,319,863 | 17,661,270 | |||||||
Total increase (decrease) in net assets | 22,581,408 | (30,450,076 | ) | ||||||
NET ASSETS | |||||||||
Beginning of period | $ | 324,597,631 | $ | 355,047,707 | |||||
End of period | $ | 347,179,039 | $ | 324,597,631 | |||||
CAPITAL SHARE TRANSACTIONS | |||||||||
Shares sold by subscription | |||||||||
Investor Class | 156,837 | 416,466 | |||||||
Select Class | 905,840 | 2,169,376 | |||||||
Shares issued for distributions reinvested | |||||||||
Investor Class | 159,552 | 219,304 | |||||||
Select Class | 791,017 | 912,674 | |||||||
Shares redeemed | |||||||||
Investor Class | (456,254 | ) | (743,950 | ) | |||||
Select Class | (1,094,807 | ) | (1,948,349 | ) | |||||
Tax-free interclass conversion | |||||||||
Investor Class | (83,971 | ) | (655,909 | ) | |||||
Select Class | 84,238 | 655,708 | |||||||
Net increase in fund shares | 462,452 | 1,025,320 |
The accompanying notes are an integral part of these financial statements.
42
SA Emerging Markets Value Fund | SA Real Estate Securities Fund | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
December 31, 2019 | Year Ended | December 31, 2019 | Year Ended | |||||||||||||
(Unaudited) | June 30, 2019 | (Unaudited) | June 30, 2019 | |||||||||||||
$ | 2,301,008 | $ | 3,951,776 | $ | 2,908,123 | $ | 4,510,684 | |||||||||
(2,622,519 | ) | 1,724,592 | 1,096,049 | 5,464,020 | ||||||||||||
3,834,644 | (3,349,320 | ) | 9,557,188 | 14,099,330 | ||||||||||||
3,513,133 | 2,327,048 | 13,561,360 | 24,074,034 | |||||||||||||
(713,402 | ) | (685,828 | ) | (1,423,501 | ) | (1,360,083 | ) | |||||||||
(4,453,559 | ) | (3,414,178 | ) | (7,112,402 | ) | (5,993,355 | ) | |||||||||
(5,166,961 | ) | (4,100,006 | ) | (8,535,903 | ) | (7,353,438 | ) | |||||||||
2,511,842 | 5,837,011 | 1,876,025 | 4,472,974 | |||||||||||||
19,524,072 | 30,581,981 | 13,509,227 | 21,219,196 | |||||||||||||
22,035,914 | 36,418,992 | 15,385,252 | 25,692,170 | |||||||||||||
702,205 | 667,208 | 1,402,951 | 1,322,185 | |||||||||||||
4,137,606 | 3,177,559 | 7,014,151 | 5,654,080 | |||||||||||||
4,839,811 | 3,844,767 | 8,417,102 | 6,976,265 | |||||||||||||
(5,470,998 | ) | (9,068,092 | ) | (5,940,533 | ) | (8,883,587 | ) | |||||||||
(12,903,984 | ) | (26,044,011 | ) | (14,864,013 | ) | (36,469,819 | ) | |||||||||
(18,374,982 | ) | (35,112,103 | ) | (20,804,546 | ) | (45,353,406 | ) | |||||||||
(1,246,889 | ) | (9,334,441 | ) | (1,180,397 | ) | (8,386,548 | ) | |||||||||
1,246,889 | 9,334,441 | 1,180,397 | 8,386,548 | |||||||||||||
— | — | — | — | |||||||||||||
8,500,743 | 5,151,656 | 2,997,808 | (12,684,971 | ) | ||||||||||||
6,846,915 | 3,378,698 | 8,023,265 | 4,035,625 | |||||||||||||
$ | 216,809,442 | $ | 213,430,744 | $ | 189,598,273 | $ | 185,562,648 | |||||||||
$ | 223,656,357 | $ | 216,809,442 | $ | 197,621,538 | $ | 189,598,273 | |||||||||
267,074 | 598,985 | 144,755 | 386,526 | |||||||||||||
2,073,490 | 3,144,221 | 1,046,580 | 1,831,223 | |||||||||||||
72,095 | 72,444 | 112,146 | 124,382 | |||||||||||||
425,680 | 345,762 | 562,934 | 533,907 | |||||||||||||
(584,643 | ) | (932,919 | ) | (455,034 | ) | (758,733 | ) | |||||||||
(1,368,505 | ) | (2,684,764 | ) | (1,144,817 | ) | (3,099,795 | ) | |||||||||
(132,236 | ) | (955,001 | ) | (90,079 | ) | (719,667 | ) | |||||||||
132,211 | 954,214 | 90,231 | 719,420 | |||||||||||||
885,166 | 542,942 | 266,716 | (982,737 | ) |
The accompanying notes are an integral part of these financial statements.
43
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
SA Worldwide Moderate Growth Fund | |||||||||
Six Months Ended | Year Ended | ||||||||
December 31, 2019 | June 30, 2018 | ||||||||
INCREASE (DECREASE) IN NET ASSETS | |||||||||
Operations: | |||||||||
Net investment income | $ | 699,395 | $ | 756,839 | |||||
Net realized gain on investments and foreign currency transactions | 1,057,943 | 670,514 | |||||||
Net increase (decrease) in unrealized appreciation (depreciation) | 181,071 | (452,604 | ) | ||||||
Net increase (decrease) in net assets from operations | 1,938,409 | 974,749 | |||||||
Distributions to shareholders(1) | (1,858,952 | ) | (2,134,551 | ) | |||||
Capital share transactions | |||||||||
Proceeds from sale of shares | 2,954,923 | 11,458,404 | |||||||
Value of distributions reinvested | 1,851,726 | 2,125,762 | |||||||
Cost of shares redeemed | (5,752,880 | ) | (9,959,625 | ) | |||||
Total capital share transactions | (946,231 | ) | 3,624,541 | ||||||
Total increase (decrease) in net assets | (866,774 | ) | 2,464,739 | ||||||
NET ASSETS | |||||||||
Beginning of year | $ | 38,209,794 | $ | 35,745,055 | |||||
End of year | $ | 37,343,020 | $ | 38,209,794 | |||||
CAPITAL SHARE TRANSACTIONS | |||||||||
Shares sold by subscription | 271,533 | 1,057,019 | |||||||
Shares issued for distributions reinvested | 170,666 | 218,925 | |||||||
Shares redeemed | (527,077 | ) | (913,986 | ) | |||||
Net increase (decrease) in fund shares | (84,878 | ) | 361,958 |
The accompanying notes are an integral part of these financial statements.
44
FINANCIAL HIGHLIGHTS
SA U.S. Fixed Income Fund | |||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||
December 31, 2019 | Year Ended June 30, | ||||||||||||||||||||||||
Investor Class | (Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||
Net asset value, beginning of period | $ | 10.16 | $ | 10.11 | $ | 10.18 | $ | 10.22 | $ | 10.20 | $ | 10.19 | |||||||||||||
Income from investment operations: | |||||||||||||||||||||||||
Net investment income (loss) | (0.09 | ) | (0.20 | ) | (0.05 | ) | 0.06 | 0.03 | 0.00 | (1) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.16 | 0.46 | 0.07 | (0.05 | ) | 0.03 | 0.01 | ||||||||||||||||||
Total from investment operations | 0.07 | 0.26 | 0.02 | 0.01 | 0.06 | 0.01 | |||||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.21 | ) | (0.09 | ) | (0.05 | ) | (0.03 | ) | — | ||||||||||||||
Capital gains | — | — | — | — | (0.01 | ) | (0.00 | )(1) | |||||||||||||||||
Total distributions | (0.09 | ) | (0.21 | ) | (0.09 | ) | (0.05 | ) | (0.04 | ) | (0.00 | )(1) | |||||||||||||
Net asset value, end of period | $ | 10.14 | $ | 10.16 | $ | 10.11 | $ | 10.18 | $ | 10.22 | $ | 10.20 | |||||||||||||
Total return | 0.71 | %(2) | 2.58 | % | 0.17 | % | 0.10 | % | 0.53 | % | 0.22 | % | |||||||||||||
Net assets, end of period (000s) | $ | 99,436 | $ | 113,430 | $ | 147,431 | $ | 606,640 | $ | 615,114 | $ | 612,129 | |||||||||||||
Ratio of net expenses to average net assets | 0.65 | %(3) | 0.64 | % | 0.64 | % | 0.65 | % | 0.65 | % | 0.65 | % | |||||||||||||
Ratio of gross expenses to average net assets | 0.65 | %(3) | 0.64 | % | 0.64 | % | 0.65 | % | 0.65 | % | 0.74 | %(4) | |||||||||||||
Ratio of net investment income (loss) to average net assets | 1.64 | %(3) | 1.92 | % | 0.94 | % | 0.56 | % | 0.31 | % | (0.01 | )% | |||||||||||||
Portfolio turnover rate | 4 | % | 88 | % | 107 | % | 115 | % | 140 | % | 202 | % | |||||||||||||
Without giving effect to the expense waiver described in Note 2 to the Financial Statements, net investment income (loss) per share would have been | $ | (0.09 | ) | $ | (0.20 | ) | $ | (0.05 | ) | $ | 0.06 | $ | 0.03 | $ | (0.01 | ) |
(1) | Amount rounds to less than $0.005 per share. | |
(2) | Periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
45
FINANCIAL HIGHLIGHTS (Continued)
SA U.S. Fixed Income Fund | |||||||||||||
Six Months Ended | |||||||||||||
December 31, 2019 | Year Ended | Period Ended | |||||||||||
Select Class | (Unaudited) | June 30, 2019 | June 30, 2018(1) | ||||||||||
Net asset value, beginning of period | $ | 10.15 | $ | 10.10 | $ | 10.18 | |||||||
Income from investment operations: | |||||||||||||
Net investment loss | (0.11 | ) | (0.25 | ) | (0.10 | ) | |||||||
Net realized and unrealized gain (loss) on investments | 0.20 | 0.53 | 0.13 | ||||||||||
Total from investment operations | 0.09 | 0.28 | 0.03 | ||||||||||
Less distributions from: | |||||||||||||
Net investment income | (0.10 | ) | (0.23 | ) | (0.11 | ) | |||||||
Capital gains | — | — | — | ||||||||||
Total distributions | (0.10 | ) | (0.23 | ) | (0.11 | ) | |||||||
Net asset value, end of period | $ | 10.14 | $ | 10.15 | $ | 10.10 | |||||||
Total return | 0.93 | %(2) | 2.83 | % | 0.33 | %(2) | |||||||
Net assets, end of period (000s) | $ | 513,523 | $ | 516,466 | $ | 472,402 | |||||||
Ratio of net expenses to average net assets | 0.42 | %(3) | 0.41 | % | 0.43 | %(3) | |||||||
Ratio of gross expenses to average net assets | 0.42 | %(3) | 0.41 | % | 0.43 | %(3)(4) | |||||||
Ratio of net investment income to average net assets | 1.86 | %(3) | 2.17 | % | 1.55 | %(3) | |||||||
Portfolio turnover rate | 4 | % | 88 | % | 107 | % | |||||||
Without giving effect to the expense waiver described in Note 2 to the Financial Statements, net investment income (loss) per share would have been | $ | (0.11 | ) | $ | (0.25 | ) | $ | (0.10 | ) |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. | |
(2) | Periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
46
FINANCIAL HIGHLIGHTS (Continued)
SA Global Fixed Income Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
December 31, 2019 | Year Ended June 30, | ||||||||||||||||||||||||||||||||||
Investor Class | (Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||
Net asset value, beginning | |||||||||||||||||||||||||||||||||||
of period | $ | 9.63 | $ | 9.59 | $ | 9.63 | $ | 9.79 | $ | 9.63 | $ | 9.69 | |||||||||||||||||||||||
Income from investment | |||||||||||||||||||||||||||||||||||
operations: | |||||||||||||||||||||||||||||||||||
Net investment income (loss) | (0.27 | ) | (0.09 | ) | 0.20 | 0.09 | 0.06 | 0.11 | |||||||||||||||||||||||||||
Net realized and unrealized | |||||||||||||||||||||||||||||||||||
gain (loss) on investments | 0.35 | 0.46 | (0.20 | ) | (0.13 | ) | 0.17 | (0.01 | ) | ||||||||||||||||||||||||||
Total from investment operations | 0.08 | 0.37 | — | (0.04 | ) | 0.23 | 0.10 | ||||||||||||||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.15 | ) | (0.33 | ) | (0.04 | ) | (0.10 | ) | (0.06 | ) | (0.15 | ) | |||||||||||||||||||||||
Capital gains | — | — | (0.00 | )(1) | (0.02 | ) | (0.01 | ) | (0.01 | ) | |||||||||||||||||||||||||
Total distributions | (0.15 | ) | (0.33 | ) | (0.04 | ) | (0.12 | ) | (0.07 | ) | (0.16 | ) | |||||||||||||||||||||||
Net asset value, end of period | $ | 9.56 | $ | 9.63 | $ | 9.59 | $ | 9.63 | $ | 9.79 | $ | 9.63 | |||||||||||||||||||||||
Total return | 0.78 | %(2) | 3.90 | % | 0.04 | % | (0.33 | )% | 2.32 | % | 1.00 | % | |||||||||||||||||||||||
Net assets, end of period (000s) | $ | 125,402 | $ | 133,954 | $ | 170,558 | $ | 721,120 | $ | 732,949 | $ | 753,463 | |||||||||||||||||||||||
Ratio of net expenses to | |||||||||||||||||||||||||||||||||||
average net assets | 0.73 | %(3) | 0.73 | % | 0.73 | % | 0.73 | % | 0.73 | % | 0.79 | % | |||||||||||||||||||||||
Ratio of gross expenses to | |||||||||||||||||||||||||||||||||||
average net assets | 0.73 | %(3) | 0.73 | % | 0.73 | % | 0.73 | % | 0.73 | % | 0.79 | % | |||||||||||||||||||||||
Ratio of net investment income | |||||||||||||||||||||||||||||||||||
to average net assets | 0.11 | %(3) | 0.53 | % | 1.02 | % | 1.06 | % | 0.91 | % | 1.04 | % | |||||||||||||||||||||||
Portfolio turnover rate | 27 | % | 75 | % | 46 | % | 41 | % | 42 | % | 72 | % | |||||||||||||||||||||||
Without giving effect to the expense | |||||||||||||||||||||||||||||||||||
waiver described in Note 2 | |||||||||||||||||||||||||||||||||||
to the Financial Statements, | |||||||||||||||||||||||||||||||||||
net investment income (loss) | |||||||||||||||||||||||||||||||||||
per share would have been | $ | (0.27 | ) | $ | (0.09 | ) | $ | 0.20 | $ | 0.09 | $ | 0.06 | $ | 0.11 |
(1) | Amount rounds to less than $0.005 per share. | |
(2) | Periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. |
The accompanying notes are an integral part of these financial statements.
47
FINANCIAL HIGHLIGHTS (Continued)
SA Global Fixed Income Fund | ||||||||||||||||||
Six Months Ended | ||||||||||||||||||
December 31, 2019 | Year Ended | Period Ended | ||||||||||||||||
Select Class | (Unaudited) | June 30, 2019 | June 30, 2018(1) | |||||||||||||||
Net asset value, beginning of period | $ | 9.59 | $ | 9.59 | $ | 9.62 | ||||||||||||
Income from investment operations: | ||||||||||||||||||
Net investment loss | (0.31 | ) | (0.29 | ) | (0.02 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.40 | 0.68 | 0.04 | |||||||||||||||
Total from investment operations | 0.09 | 0.39 | 0.02 | |||||||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | (0.16 | ) | (0.39 | ) | (0.05 | ) | ||||||||||||
Capital gains | — | — | — | |||||||||||||||
Total distributions | (0.16 | ) | (0.39 | ) | (0.05 | ) | ||||||||||||
Net asset value, end of period | $ | 9.52 | $ | 9.59 | $ | 9.59 | ||||||||||||
Total return | 0.90 | %(2) | 4.12 | % | 0.25 | %(2) | ||||||||||||
Net assets, end of period (000s) | $ | 669,557 | $ | 617,360 | $ | 568,896 | ||||||||||||
Ratio of net expenses to average net assets | 0.51 | %(3) | 0.51 | % | 0.52 | %(3) | ||||||||||||
Ratio of gross expenses to average net assets | 0.51 | %(3) | 0.51 | % | 0.54 | %(3)(4) | ||||||||||||
Ratio of net investment income to average net assets | 0.32 | %(3) | 0.73 | % | 1.12 | %(3) | ||||||||||||
Portfolio turnover rate | 27 | % | 75 | % | 46 | % | ||||||||||||
Without giving effect to the expense waiver described | ||||||||||||||||||
in Note 2 to the Financial Statements, net investment | ||||||||||||||||||
income (loss) per share would have been | $ | (0.31 | ) | $ | (0.29 | ) | $ | (0.02 | ) |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. | |
(2) | Periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
48
FINANCIAL HIGHLIGHTS (Continued)
SA U.S. Core Market Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
December 31, 2019 | Year Ended June 30, | ||||||||||||||||||||||||||||||||||
Investor Class | (Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||
Net asset value, beginning | |||||||||||||||||||||||||||||||||||
of period | $ | 24.79 | $ | 24.18 | $ | 21.71 | $ | 19.56 | $ | 19.47 | $ | 18.49 | |||||||||||||||||||||||
Income from investment | |||||||||||||||||||||||||||||||||||
operations: | |||||||||||||||||||||||||||||||||||
Net investment income (loss) | (0.32 | ) | 0.01 | (0.02 | ) | 0.22 | 0.21 | 0.19 | |||||||||||||||||||||||||||
Net realized and unrealized | |||||||||||||||||||||||||||||||||||
gain on investments | 2.83 | 1.95 | 3.45 | 3.16 | 0.05 | 0.95 | |||||||||||||||||||||||||||||
Total from investment operations | 2.51 | 1.96 | 3.43 | 3.38 | 0.26 | 1.14 | |||||||||||||||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.26 | ) | (0.17 | ) | (0.22 | ) | (0.26 | ) | (0.17 | ) | (0.16 | ) | |||||||||||||||||||||||
Capital gains | (2.82 | ) | (1.18 | ) | (0.74 | ) | (0.97 | ) | — | — | |||||||||||||||||||||||||
Total distributions | (3.08 | ) | (1.35 | ) | (0.96 | ) | (1.23 | ) | (0.17 | ) | (0.16 | ) | |||||||||||||||||||||||
Net asset value, end | |||||||||||||||||||||||||||||||||||
of period | $ | 24.22 | $ | 24.79 | $ | 24.18 | $ | 21.71 | $ | 19.56 | $ | 19.47 | |||||||||||||||||||||||
Total return | 10.17 | %(1) | 9.30 | % | 15.91 | % | 17.81 | % | 1.31 | % | 6.22 | % | |||||||||||||||||||||||
Net assets, end of period (000s) | $ | 145,656 | $ | 165,849 | $ | 205,989 | $ | 731,679 | $ | 668,601 | $ | 699,644 | |||||||||||||||||||||||
Ratio of net expenses to | |||||||||||||||||||||||||||||||||||
average net assets | 0.88 | %(1) | 0.88 | % | 0.90 | % | 0.93 | % | 0.98 | % | 1.00 | % | |||||||||||||||||||||||
Ratio of gross expenses to | |||||||||||||||||||||||||||||||||||
average net assets | 0.88 | %(1) | 0.88 | % | 0.90 | %(2) | 0.93 | % | 0.98 | % | 1.00 | % | |||||||||||||||||||||||
Ratio of net investment income | |||||||||||||||||||||||||||||||||||
to average net assets | 0.97 | %(1) | 1.02 | % | 0.90 | % | 1.06 | % | 1.09 | % | 0.99 | % | |||||||||||||||||||||||
Portfolio turnover rate | 1 | % | 4 | % | 6 | % | 8 | % | 11 | % | 10 | % | |||||||||||||||||||||||
Without giving effect to the | |||||||||||||||||||||||||||||||||||
expense waiver described | |||||||||||||||||||||||||||||||||||
in Note 2 to the Financial | |||||||||||||||||||||||||||||||||||
Statements, net investment | |||||||||||||||||||||||||||||||||||
income (loss) per share | |||||||||||||||||||||||||||||||||||
would have been | $ | (0.32 | ) | $ | 0.0 | $ | (0.02 | ) | $ | 0.22 | $ | 0.21 | $ | 0.19 |
(1) | Annualized for periods less than one year. | |
(2) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
49
FINANCIAL HIGHLIGHTS (Continued)
SA U.S. Core Market Fund | ||||||||||||||||||
Six Months Ended | ||||||||||||||||||
December 31, 2019 | Year Ended | Period Ended | ||||||||||||||||
Select Class | (Unaudited) | June 30, 2019 | June 30, 2018(1) | |||||||||||||||
Net asset value, beginning of period | $ | 24.71 | $ | 24.20 | $ | 21.74 | ||||||||||||
Income from investment operations: | ||||||||||||||||||
Net investment loss | (0.48 | ) | (0.28 | ) | (0.20 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 3.01 | 2.26 | 3.65 | |||||||||||||||
Total from investment operations | 2.53 | 1.98 | 3.45 | |||||||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | (0.33 | ) | (0.29 | ) | (0.25 | ) | ||||||||||||
Capital gains | (2.82 | ) | (1.18 | ) | (0.74 | ) | ||||||||||||
Total distributions | (3.15 | ) | (1.47 | ) | (0.99 | ) | ||||||||||||
Net asset value, end of period | $ | 24.09 | $ | 24.71 | $ | 24.20 | ||||||||||||
Total return | 10.27 | %(2) | 9.51 | % | 15.99 | %(2) | ||||||||||||
Net assets, end of period (000s) | $ | 562,679 | $ | 589,454 | $ | 588,965 | ||||||||||||
Ratio of net expenses to average net assets | 0.67 | %(3) | 0.66 | % | 0.67 | %(3) | ||||||||||||
Ratio of gross expenses to average net assets | 0.67 | %(3) | 0.66 | % | 0.68 | %(3)(4) | ||||||||||||
Ratio of net investment income to average net assets | 1.19 | %(3) | 1.24 | % | 1.12 | % | ||||||||||||
Portfolio turnover rate | 1 | % | 4 | % | 6 | % | ||||||||||||
Without giving effect to the expense waiver described | ||||||||||||||||||
in Note 2 to the Financial Statements, net investment | ||||||||||||||||||
income (loss) per share would have been | $ | (0.48 | ) | $ | (0.28 | ) | $ | (0.20 | ) |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. | |
(2) | Periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
50
FINANCIAL HIGHLIGHTS (Continued)
SA U.S. Value Fund | |||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
December 31, 2019 | Year Ended June 30, | ||||||||||||||||||||||||||||||||||
Investor Class | (Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||
Net asset value, beginning | |||||||||||||||||||||||||||||||||||
of period | $ | 17.13 | $ | 18.39 | $ | 18.51 | $ | 16.11 | $ | 17.45 | $ | 18.08 | |||||||||||||||||||||||
Income from investment | |||||||||||||||||||||||||||||||||||
operations: | |||||||||||||||||||||||||||||||||||
Net investment income (loss) | (0.33 | ) | (0.03 | ) | (0.00 | )(1) | 0.22 | 0.24 | 0.20 | ||||||||||||||||||||||||||
Net realized and unrealized | |||||||||||||||||||||||||||||||||||
gain (loss) on investments | 1.97 | 0.24 | 1.83 | 3.07 | (0.52 | ) | 0.23 | ||||||||||||||||||||||||||||
Total from investment operations | 1.64 | 0.21 | 1.83 | 3.29 | (0.28 | ) | 0.43 | ||||||||||||||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.26 | ) | (0.19 | ) | (0.24 | ) | (0.25 | ) | (0.22 | ) | (0.17 | ) | |||||||||||||||||||||||
Capital gains | (0.66 | ) | (1.28 | ) | (1.71 | ) | (0.64 | ) | (0.84 | ) | (0.89 | ) | |||||||||||||||||||||||
Total distributions | (0.92 | ) | (1.47 | ) | (1.95 | ) | (0.89 | ) | (1.06 | ) | (1.06 | ) | |||||||||||||||||||||||
Net asset value, end | |||||||||||||||||||||||||||||||||||
of period | $ | 17.85 | $ | 17.13 | $ | 18.39 | $ | 18.51 | $ | 16.11 | $ | 17.45 | |||||||||||||||||||||||
Total return | 9.60 | %(2) | 2.43 | % | 9.59 | % | 20.67 | % | (1.35 | )% | 2.54 | % | |||||||||||||||||||||||
Net assets, end of period (000s) | $ | 113,686 | $ | 117,485 | $ | 152,688 | $ | 572,841 | $ | 519,215 | $ | 546,453 | |||||||||||||||||||||||
Ratio of net expenses to | |||||||||||||||||||||||||||||||||||
average net assets | 0.95 | %(3) | 0.96 | % | 0.97 | % | 1.00 | % | 1.05 | % | 1.05 | % | |||||||||||||||||||||||
Ratio of gross expenses to | |||||||||||||||||||||||||||||||||||
average net assets | 0.95 | %(3) | 0.96 | % | 0.97 | % | 1.00 | % | 1.05 | % | 1.05 | %(4) | |||||||||||||||||||||||
Ratio of net investment income | |||||||||||||||||||||||||||||||||||
to average net assets | 1.61 | %(3) | 1.53 | % | 1.41 | % | 1.29 | % | 1.55 | % | 1.17 | % | |||||||||||||||||||||||
Portfolio turnover rate | 6 | % | 11 | % | 19 | % | 16 | % | 21 | % | 23 | % | |||||||||||||||||||||||
Without giving effect to the | |||||||||||||||||||||||||||||||||||
expense waiver described | |||||||||||||||||||||||||||||||||||
in Note 2 to the Financial | |||||||||||||||||||||||||||||||||||
Statements, net investment | |||||||||||||||||||||||||||||||||||
income (loss) per share | |||||||||||||||||||||||||||||||||||
would have been | $ | (0.33 | ) | $ | (0.03 | ) | $ | 0.00 | (1) | $ | 0.22 | $ | 0.24 | $ | 0.20 |
(1) | Amount rounds to less than $0.005 per share. | |
(2) | Periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
51
FINANCIAL HIGHLIGHTS (Continued)
SA U.S. Value Fund | ||||||||||||||
Six Months Ended | ||||||||||||||
December 31, 2019 | Year Ended | Period Ended | ||||||||||||
Select Class | (Unaudited) | June 30, 2019 | June 30, 2018(1) | |||||||||||
Net asset value, beginning of period | $ | 17.07 | $ | 18.41 | $ | 18.62 | ||||||||
Income from investment operations: | ||||||||||||||
Net investment loss | (0.45 | ) | (0.28 | ) | (0.23 | ) | ||||||||
Net realized and unrealized gain (loss) on investments | 2.11 | 0.51 | 1.99 | |||||||||||
Total from investment operations | 1.66 | 0.23 | 1.76 | |||||||||||
Less distributions from: | ||||||||||||||
Net investment income | (0.31 | ) | (0.29 | ) | (0.26 | ) | ||||||||
Capital gains | (0.66 | ) | (1.28 | ) | (1.71 | ) | ||||||||
Total distributions | (0.97 | ) | (1.57 | ) | (1.97 | ) | ||||||||
Net asset value, end of period | $ | 17.76 | $ | 17.07 | $ | 18.41 | ||||||||
Total return | 9.72 | %(2) | 2.63 | % | 9.20 | %(2) | ||||||||
Net assets, end of period (000s) | $ | 529,285 | $ | 475,491 | $ | 448,694 | ||||||||
Ratio of net expenses to average net assets | 0.74 | %(3) | 0.74 | % | 0.75 | %(3) | ||||||||
Ratio of gross expenses to average net assets | 0.74 | %(3) | 0.74 | % | 0.76 | %(3)(4) | ||||||||
Ratio of net investment income to average net assets | 1.82 | %(3) | 1.76 | % | 1.46 | %(3) | ||||||||
Portfolio turnover rate | 6 | % | 11 | % | 19 | % | ||||||||
Without giving effect to the expense waiver described | ||||||||||||||
in Note 2 to the Financial Statements, net investment | ||||||||||||||
income (loss) per share would have been | $ | (0.45 | ) | $ | (0.28 | ) | $ | (0.23 | ) |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. |
(2) | Periods less than one year are not annualized. |
(3) | Annualized for periods less than one year. |
(4) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
52
FINANCIAL HIGHLIGHTS (Continued)
SA U.S. Small Company Fund | ||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||
December 31, 2019 | Year Ended June 30, | |||||||||||||||||||||||||
Investor Class | (Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||
Net asset value, beginning | ||||||||||||||||||||||||||
of period | $ | 25.46 | $ | 27.37 | $ | 25.76 | $ | 22.40 | $ | 25.64 | $ | 25.77 | ||||||||||||||
Income from investment | ||||||||||||||||||||||||||
operations: | ||||||||||||||||||||||||||
Net investment income (loss) | (0.08 | ) | 0.07 | (0.06 | ) | 0.05 | 0.09 | 0.07 | ||||||||||||||||||
Net realized and unrealized | ||||||||||||||||||||||||||
gain (loss) on investments | 1.57 | (1.27 | ) | 3.75 | 4.62 | (1.48 | ) | 1.11 | ||||||||||||||||||
Total from investment operations | 1.49 | (1.20 | ) | 3.69 | 4.67 | (1.39 | ) | 1.18 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | (0.07 | ) | — | (0.05 | ) | (0.08 | ) | (0.09 | ) | (0.03 | ) | |||||||||||||||
Capital gains | (1.09 | ) | (0.71 | ) | (2.03 | ) | (1.23 | ) | (1.76 | ) | (1.28 | ) | ||||||||||||||
Total distributions | (1.16 | ) | (0.71 | ) | (2.08 | ) | (1.31 | ) | (1.85 | ) | (1.31 | ) | ||||||||||||||
Net asset value, end | ||||||||||||||||||||||||||
of period | $ | 25.79 | $ | 25.46 | $ | 27.37 | $ | 25.76 | $ | 22.40 | $ | 25.64 | ||||||||||||||
Total return | 5.84 | %(1) | (3.94 | )% | 14.64 | % | 20.90 | % | (5.23 | )% | 4.81 | % | ||||||||||||||
Net assets, end of period (000s) | $ | 78,498 | $ | 81,679 | $ | 113,007 | $ | 402,770 | $ | 366,164 | $ | 404,400 | ||||||||||||||
Ratio of net expenses to | ||||||||||||||||||||||||||
average net assets | 1.14 | %(2) | 1.15 | % | 1.17 | % | 1.20 | % | 1.20 | % | 1.20 | % | ||||||||||||||
Ratio of gross expenses to | ||||||||||||||||||||||||||
average net assets | 1.14 | %(2) | 1.15 | % | 1.21 | %(3) | 1.27 | %(3) | 1.28 | %(3) | 1.34 | %(3) | ||||||||||||||
Ratio of net investment income | ||||||||||||||||||||||||||
to average net assets | 0.38 | %(2) | 0.31 | % | 0.26 | % | 0.26 | % | 0.42 | % | 0.27 | % | ||||||||||||||
Portfolio turnover rate | 6 | % | 12 | % | 16 | % | 12 | % | 12 | % | 11 | % | ||||||||||||||
Without giving effect to the expense | ||||||||||||||||||||||||||
waiver described in Note 2 | ||||||||||||||||||||||||||
to the Financial Statements, | ||||||||||||||||||||||||||
net investment income (loss) | ||||||||||||||||||||||||||
per share would have been | $ | (0.08 | ) | $ | 0.07 | $ | (0.09 | ) | $ | 0.03 | $ | 0.07 | $ | 0.03 |
(1) | Periods less than one year are not annualized. |
(2) | Annualized for periods less than one year. |
(3) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
53
FINANCIAL HIGHLIGHTS (Continued)
SA U.S. Small Company Fund | ||||||||||||||
Six Months Ended | ||||||||||||||
December 31, 2019 | Year Ended | Period Ended | ||||||||||||
Select Class | (Unaudited) | June 30, 2019 | June 30, 2018(1) | |||||||||||
Net asset value, beginning of period | $ | 25.43 | $ | 27.41 | $ | 25.96 | ||||||||
Income from investment operations: | ||||||||||||||
Net investment loss | (0.19 | ) | (0.08 | ) | (0.06 | ) | ||||||||
Net realized and unrealized gain (loss) on investments | 1.71 | (1.08 | ) | 3.62 | ||||||||||
Total from investment operations | 1.52 | (1.16 | ) | 3.56 | ||||||||||
Less distributions from: | ||||||||||||||
Net investment income | (0.13 | ) | (0.11 | ) | (0.08 | ) | ||||||||
Capital gains | (1.09 | ) | (0.71 | ) | (2.03 | ) | ||||||||
Total distributions | (1.22 | ) | (0.82 | ) | (2.11 | ) | ||||||||
Net asset value, end of period | $ | 25.73 | $ | 25.43 | $ | 27.41 | ||||||||
Total return | 5.99 | %(2) | (3.73 | )% | 14.05 | %(2) | ||||||||
Net assets, end of period (000s) | $ | 365,807 | $ | 329,561 | $ | 331,999 | ||||||||
Ratio of net expenses to average net assets | 0.92 | %(3) | 0.92 | % | 0.93 | %(3) | ||||||||
Ratio of gross expenses to average net assets | 0.92 | %(3) | 0.92 | % | 0.95 | %(3)(4) | ||||||||
Ratio of net investment income to average net assets | 0.62 | %(3) | 0.56 | % | 0.48 | %(3) | ||||||||
Portfolio turnover rate | 6 | % | 12 | % | 16 | % | ||||||||
Without giving effect to the expense waiver described | ||||||||||||||
in Note 2 to the Financial Statements, net investment | ||||||||||||||
income (loss) per share would have been | $ | (0.19 | ) | $ | (0.08 | ) | $ | (0.06 | ) |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. |
(2) | Periods less than one year are not annualized. |
(3) | Annualized for periods less than one year. |
(4) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
54
FINANCIAL HIGHLIGHTS (Continued)
SA International Value Fund | ||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||
December 31, 2019 | Year Ended June 30, | |||||||||||||||||||||||||
Investor Class | (Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||
Net asset value, beginning | ||||||||||||||||||||||||||
of period | $ | 10.96 | $ | 11.87 | $ | 11.20 | $ | 9.16 | $ | 11.34 | $ | 12.59 | ||||||||||||||
Income from investment | ||||||||||||||||||||||||||
operations: | ||||||||||||||||||||||||||
Net investment income (loss) | (0.62 | ) | 0.13 | 0.15 | 0.27 | 0.25 | 0.22 | |||||||||||||||||||
Net realized and unrealized | ||||||||||||||||||||||||||
gain (loss) on investments | 1.17 | (0.85 | ) | 0.83 | 2.07 | (2.24 | ) | (1.08 | ) | |||||||||||||||||
Total from investment operations | 0.55 | (0.72 | ) | 0.98 | 2.34 | (1.99 | ) | (0.86 | ) | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | (0.41 | ) | (0.19 | ) | (0.31 | ) | (0.30 | ) | (0.19 | ) | (0.39 | ) | ||||||||||||||
Capital gains | — | — | — | — | — | — | ||||||||||||||||||||
Total distributions | (0.41 | ) | (0.19 | ) | (0.31 | ) | (0.30 | ) | (0.19 | ) | (0.39 | ) | ||||||||||||||
Net asset value, end | ||||||||||||||||||||||||||
of period | $ | 11.10 | $ | 10.96 | $ | 11.87 | $ | 11.20 | $ | 9.16 | $ | 11.34 | ||||||||||||||
Total return | 4.99 | %(1) | (5.88 | )% | 8.61 | % | 25.81 | % | (17.66 | )% | (6.62 | )% | ||||||||||||||
Net assets, end of period (000s) | $ | 115,056 | $ | 124,822 | $ | 174,610 | $ | 714,939 | $ | 602,565 | $ | 710,710 | ||||||||||||||
Ratio of net expenses to | ||||||||||||||||||||||||||
average net assets | 1.12 | %(3) | 1.12 | % | 1.12 | % | 1.13 | %(2) | 1.16 | % | 1.26 | % | ||||||||||||||
Ratio of gross expenses to | ||||||||||||||||||||||||||
average net assets | 1.12 | %(3) | 1.12 | % | 1.12 | % | 1.13 | %(2) | 1.16 | % | 1.26 | % | ||||||||||||||
Ratio of net investment income | ||||||||||||||||||||||||||
to average net assets | 1.51 | %(3) | 2.67 | % | 1.86 | % | 2.51 | % | 2.51 | % | 2.12 | % | ||||||||||||||
Portfolio turnover rate | 6 | % | 19 | % | 21 | % | 17 | % | 21 | % | 21 | % | ||||||||||||||
Without giving effect to the expense | ||||||||||||||||||||||||||
waiver described in Note 2 | ||||||||||||||||||||||||||
to the Financial Statements, | ||||||||||||||||||||||||||
net investment income (loss) | ||||||||||||||||||||||||||
per share would have been | $ | (0.62 | ) | $ | 0.13 | $ | 0.15 | $ | 0.27 | $ | 0.25 | $ | 0.22 |
(1) | Periods less than one year are not annualized. |
(2) | Reflects the fund’s receipt of a one time reimbursement of custody expenses paid in prior years. Had such reimbursement not been included in this period, the annualized net and gross expense ratios would have been 1.15% and 1.15%, respectively. |
(3) | Annualized for periods less than one year. |
The accompanying notes are an integral part of these financial statements.
55
FINANCIAL HIGHLIGHTS (Continued)
SA International Value Fund | ||||||||||||||
Six Months Ended | ||||||||||||||
December 31, 2019 | Year Ended | Period Ended | ||||||||||||
Select Class | (Unaudited) | June 30, 2019 | June 30, 2018(1) | |||||||||||
Net asset value, beginning of period | $ | 10.93 | $ | 11.89 | $ | 11.28 | ||||||||
Income from investment operations: | ||||||||||||||
Net investment loss | (0.77 | ) | (0.19 | ) | (0.21 | ) | ||||||||
Net realized and unrealized gain (loss) on investments | 1.32 | (0.51 | ) | 1.14 | ||||||||||
Total from investment operations | 0.55 | (0.70 | ) | 0.93 | ||||||||||
Less distributions from: | ||||||||||||||
Net investment income | (0.43 | ) | (0.26 | ) | (0.32 | ) | ||||||||
Capital gains | — | — | — | |||||||||||
Total distributions | (0.43 | ) | (0.26 | ) | (0.32 | ) | ||||||||
Net asset value, end of period | $ | 11.05 | $ | 10.93 | $ | 11.89 | ||||||||
Total return | 5.08 | %(2) | (5.66 | )% | 8.16 | %(2) | ||||||||
Net assets, end of period (000s) | $ | 589,820 | $ | 567,858 | $ | 560,676 | ||||||||
Ratio of net expenses to average net assets | 0.90 | %(3) | 0.90 | % | 0.90 | %(3) | ||||||||
Ratio of gross expenses to average net assets | 0.90 | %(3) | 0.90 | % | 0.92 | %(4)(3) | ||||||||
Ratio of net investment income to average net assets | 1.73 | %(3) | 3.08 | % | 4.25 | %(3) | ||||||||
Portfolio turnover rate | 6 | % | 19 | % | 21 | % | ||||||||
Without giving effect to the expense waiver described | ||||||||||||||
in Note 2 to the Financial Statements, net investment | ||||||||||||||
income (loss) per share would have been | $ | (0.77 | ) | $ | (0.19 | ) | $ | (0.21 | ) |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. |
(2) | Periods less than one year are not annualized. |
(3) | Annualized for periods less than one year. |
(4) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
56
FINANCIAL HIGHLIGHTS (Continued)
SA International Small Company Fund | |||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||
December 31, 2019 | Year Ended June 30, | ||||||||||||||||||||||||||
Investor Class | (Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||
Net asset value, beginning | |||||||||||||||||||||||||||
of period | $ | 19.75 | $ | 22.94 | $ | 22.09 | $ | 18.72 | $ | 20.43 | $ | 22.05 | |||||||||||||||
Income from investment | |||||||||||||||||||||||||||
operations: | |||||||||||||||||||||||||||
Net investment income (loss) | (0.40 | ) | (0.21 | ) | (0.60 | ) | 0.18 | 0.42 | 0.23 | ||||||||||||||||||
Net realized and unrealized | |||||||||||||||||||||||||||
gain (loss) on investments | 2.38 | (1.80 | ) | 2.46 | 3.97 | (1.40 | ) | (1.42 | ) | ||||||||||||||||||
Total from investment operations | 1.98 | (2.01 | ) | 1.86 | 4.15 | (0.98 | ) | (1.19 | ) | ||||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||||
Net investment income | (0.35 | ) | (0.29 | ) | (0.43 | ) | (0.36 | ) | (0.19 | ) | (0.31 | ) | |||||||||||||||
Capital gains | (0.81 | ) | (0.89 | ) | (0.58 | ) | (0.42 | ) | (0.54 | ) | (0.12 | ) | |||||||||||||||
Total distributions | (1.16 | ) | (1.18 | ) | (1.01 | ) | (0.78 | ) | (0.73 | ) | (0.43 | ) | |||||||||||||||
Net asset value, end of period | $ | 20.57 | $ | 19.75 | $ | 22.94 | $ | 22.09 | $ | 18.72 | $ | 20.43 | |||||||||||||||
Total return | 10.14 | %(1) | (8.05 | )% | 8.35 | % | 22.87 | % | (4.81 | )% | (5.21 | )% | |||||||||||||||
Net assets, end of period (000s) | $ | 60,931 | $ | 62,905 | $ | 90,584 | $ | 355,959 | $ | 307,502 | $ | 337,659 | |||||||||||||||
Ratio of net expenses to | |||||||||||||||||||||||||||
average net assets† | 0.75 | %(3) | 0.75 | % | 0.86 | % | 0.96 | %(2) | 1.04 | % | 1.10 | % | |||||||||||||||
Ratio of gross expenses to | |||||||||||||||||||||||||||
average net assets† | 0.75 | %(3)(4) | 0.76 | %(4) | 0.86 | % | 0.96 | %(2) | 1.04 | % | 1.12 | %(4) | |||||||||||||||
Ratio of net investment income | |||||||||||||||||||||||||||
to average net assets† | 3.11 | %(3) | 1.58 | % | 1.27 | % | 0.64 | % | 2.15 | % | 1.15 | % | |||||||||||||||
Ratio of expenses to average | |||||||||||||||||||||||||||
net assets for the DFA | |||||||||||||||||||||||||||
Portfolio (unaudited)(5)† | 0.54 | % | 0.53 | % | 0.53 | % | 0.53 | % | 0.53 | % | 0.53 | % | |||||||||||||||
Ratio of expenses to average net | |||||||||||||||||||||||||||
assets for the DFA Portfolio(6)† | 0.54 | % | 0.53 | % | 0.53 | % | 0.53 | % | 0.54 | % | 0.53 | % | |||||||||||||||
Portfolio turnover rate(7) | 4 | % | 6 | % | 6 | % | 0 | % | 0 | % | 0 | % | |||||||||||||||
Without giving effect to the expense | |||||||||||||||||||||||||||
waiver described in Note 2 | |||||||||||||||||||||||||||
to the Financial Statements, | |||||||||||||||||||||||||||
net investment income (loss) | |||||||||||||||||||||||||||
per share would have been | $ | (0.40 | ) | $ | (0.21 | ) | $ | (0.60 | ) | $ | 0.18 | $ | 0.42 | $ | 0.23 |
† | The DFA Portfolio expenses are not included in the stated expense information of the SA International Small Company Fund. The financial statements of the DFA Portfolio are included elsewhere in this report. | |
(1) | Periods less than one year are not annualized. | |
(2) | Reflects the fund’s receipt of a one time reimbursement of custody expenses paid in prior years. Had such reimbursement not been included in this period, the annualized net and gross expense ratios would have been 1.15% and 1.15%, respectively. | |
(3) | Annualized for periods less than one year. | |
(4) | Gross expenses before waivers of expenses. | |
(5) | The DFA Portfolio expense ratios are as of April 30, 2019, 2018, 2017, 2016 and 2015, respectively and are unaudited. | |
(6) | The DFA Portfolio expense ratios are for the fiscal years ended October 31, 2019, 2018, 2017, 2016, 2015 and 2014, respectively. | |
(7) | The SA International Small Company Fund invests substantially all of its assets in the DFA Portfolio. Please refer to the financial statements of the DFA Portfolio included elsewhere in this report. |
The accompanying notes are an integral part of these financial statements.
57
FINANCIAL HIGHLIGHTS (Continued)
SA International Small Company Fund | ||||||||||||||||||
Six Months Ended | ||||||||||||||||||
December 31, 2019 | Year Ended | Period Ended | ||||||||||||||||
Select Class | (Unaudited) | June 30, 2019 | June 30, 2018(1) | |||||||||||||||
Net asset value, beginning of period | $ | 19.67 | $ | 22.96 | $ | 22.01 | ||||||||||||
Income from investment operations: | ||||||||||||||||||
Net investment loss | (0.46 | ) | (0.40 | ) | (0.41 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 2.46 | (1.58 | ) | 2.40 | ||||||||||||||
Total from investment operations | 2.00 | (1.98 | ) | 1.99 | ||||||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | (0.40 | ) | (0.42 | ) | (0.46 | ) | ||||||||||||
Capital gains | (0.81 | ) | (0.89 | ) | (0.58 | ) | ||||||||||||
Total distributions | (1.21 | ) | (1.31 | ) | (1.04 | ) | ||||||||||||
Net asset value, end of period | $ | 20.46 | $ | 19.67 | $ | 22.96 | ||||||||||||
Total return | 10.30 | %(2) | (7.81 | )% | 8.98 | %(2) | ||||||||||||
Net assets, end of period (000s) | $ | 286,248 | $ | 261,693 | $ | 264,464 | ||||||||||||
Ratio of net expenses to average net assets† | 0.52 | %(3) | 0.52 | % | 0.54 | % | ||||||||||||
Ratio of gross expenses to average net assets† | 0.52 | %(3) | 0.52 | % | 0.57 | %(3)(4) | ||||||||||||
Ratio of net investment income to average net assets† | 3.54 | %(3) | 1.91 | % | 0.98 | %(3) | ||||||||||||
Ratio of expenses to average net assets for | ||||||||||||||||||
the DFA Portfolio (unaudited)†(5) | 0.54 | % | 0.53 | % | 0.53 | % | ||||||||||||
Ratio of expenses to average net assets for the DFA Portfolio†(6) | 0.54 | % | 0.53 | % | 0.53 | % | ||||||||||||
Portfolio turnover rate(7) | 4 | % | 6 | % | 6 | % | ||||||||||||
Without giving effect to the expense waiver described | ||||||||||||||||||
in Note 2 to the Financial Statements, net investment | ||||||||||||||||||
income (loss) per share would have been | $ | (0.46 | ) | $ | (0.40 | ) | $ | (0.41 | ) |
† | The DFA Portfolio expenses are not included in the stated expense information of the SA International Small Company Fund. The financial statements of the DFA Portfolio are included elsewhere in this report. | |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. | |
(2) | Periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | Gross expenses before waivers of expenses. | |
(5) | The DFA Portfolio expense ratios are as of April 30, 2019 and 2018, respectively and are unaudited. | |
(6) | The DFA Portfolio expense ratios are for the fiscal years ended October 31, 2019, 2018 and 2017 respectively. | |
(7) | Refer to the financial statements of the DFA Portfolio included elsewhere in this report. |
The accompanying notes are an integral part of these financial statements.
58
FINANCIAL HIGHLIGHTS (Continued)
SA Emerging Markets Value Fund | |||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||
December 31, 2019 | Year Ended June 30, | ||||||||||||||||||||||||||
Investor Class | (Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||
Net asset value, beginning of period | $ | 9.85 | $ | 9.93 | $ | 9.56 | $ | 7.78 | $ | 9.05 | $ | 10.51 | |||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||
Net investment income (loss) | (0.31 | ) | (0.12 | ) | (0.11 | ) | 0.09 | 0.11 | 0.11 | ||||||||||||||||||
Net realized and unrealized | |||||||||||||||||||||||||||
gain (loss) on investments | 0.44 | 0.20 | 0.62 | 1.79 | (1.29 | ) | (1.43 | ) | |||||||||||||||||||
Total from investment operations | 0.13 | 0.08 | 0.51 | 1.88 | (1.18 | ) | (1.32 | ) | |||||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||||
Net investment income | (0.21 | ) | (0.16 | ) | (0.14 | ) | (0.10 | ) | (0.09 | ) | (0.13 | ) | |||||||||||||||
Capital gains | — | — | — | — | — | (0.01 | ) | ||||||||||||||||||||
Total distributions | (0.21 | ) | (0.16 | ) | (0.14 | ) | (0.10 | ) | (0.09 | ) | (0.14 | ) | |||||||||||||||
Net asset value, end of period | $ | 9.77 | $ | 9.85 | $ | 9.93 | $ | 9.56 | $ | 7.78 | $ | 9.05 | |||||||||||||||
Total return | 1.36 | %(1) | 0.97 | % | 5.23 | % | 24.42 | % | (12.95 | )% | (12.53 | )% | |||||||||||||||
Net assets, end of period (000s) | $ | 33,034 | $ | 37,001 | $ | 49,384 | $ | 204,553 | $ | 166,788 | $ | 167,220 | |||||||||||||||
Ratio of net expenses to average | |||||||||||||||||||||||||||
net assets | 1.35 | %(2) | 1.35 | % | 1.38 | % | 1.40 | % | 1.40 | % | 1.45 | % | |||||||||||||||
Ratio of gross expenses to | |||||||||||||||||||||||||||
average net assets(3) | 1.61 | %(2) | 1.62 | % | 1.61 | % | 1.66 | % | 1.72 | % | 1.83 | % | |||||||||||||||
Ratio of net investment income | |||||||||||||||||||||||||||
to average net assets | 2.10 | %(2) | 1.78 | % | 1.26 | % | 0.93 | % | 1.52 | % | 1.17 | % | |||||||||||||||
Portfolio turnover rate | 7 | % | 12 | % | 18 | % | 21 | % | 13 | % | 14 | % | |||||||||||||||
Without giving effect to the expense waiver | |||||||||||||||||||||||||||
described in Note 2 to the Financial | |||||||||||||||||||||||||||
Statements, net investment income | |||||||||||||||||||||||||||
(loss) per share would have been | $ | (0.32 | ) | $ | (0.15 | ) | $ | (0.19 | ) | $ | 0.07 | $ | 0.09 | $ | 0.07 |
(1) | Periods less than one year are not annualized. | |
(2) | Annualized for periods less than one year. | |
(3) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
59
FINANCIAL HIGHLIGHTS (Continued)
SA Emerging Markets Value Fund | ||||||||||||||
Six Months Ended | ||||||||||||||
December 31, 2019 | Year Ended | Period Ended | ||||||||||||
Select Class | (Unaudited) | June 30, 2019 | June 30, 2018(1) | |||||||||||
Net asset value, beginning of period | $ | 9.84 | $ | 9.94 | $ | 9.61 | ||||||||
Income from investment operations: | ||||||||||||||
Net investment loss | (0.36 | ) | (0.20 | ) | (0.11 | ) | ||||||||
Net realized and unrealized gain (loss) on investments | 0.51 | 0.30 | 0.59 | |||||||||||
Total from investment operations | 0.15 | 0.10 | 0.48 | |||||||||||
Less distributions from: | ||||||||||||||
Net investment income | (0.23 | ) | (0.20 | ) | (0.15 | ) | ||||||||
Capital gains | — | — | — | |||||||||||
Total distributions | (0.23 | ) | (0.20 | ) | (0.15 | ) | ||||||||
Net asset value, end of period | $ | 9.76 | $ | 9.84 | $ | 9.94 | ||||||||
Total return | 1.57 | %(2) | 1.10 | % | 4.87 | %(2) | ||||||||
Net assets, end of period (000s) | $ | 190,622 | $ | 179,808 | $ | 164,047 | ||||||||
Ratio of net expenses to average net assets | 1.15 | %(3) | 1.15 | % | 1.16 | %(3) | ||||||||
Ratio of gross expenses to average net assets(4) | 1.36 | %(3) | 1.37 | % | 1.41 | %(3) | ||||||||
Ratio of net investment income to average net assets | 2.19 | %(3) | 1.88 | % | 1.74 | %(3) | ||||||||
Portfolio turnover rate | 7 | % | 12 | % | 18 | % | ||||||||
Without giving effect to the expense waiver described | ||||||||||||||
in Note 2 to the Financial Statements, net investment | ||||||||||||||
income (loss) per share would have been | $ | (0.36 | ) | $ | (0.22 | ) | $ | (0.10 | ) |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. | |
(2) | Periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
60
FINANCIAL HIGHLIGHTS (Continued)
SA Real Estate Securities Fund | |||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||
December 31, 2019 | Year Ended June 30, | ||||||||||||||||||||||||||
Investor Class | (Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||
Net asset value, beginning of period | $ | 12.43 | $ | 11.40 | $ | 11.38 | $ | 12.17 | $ | 10.03 | $ | 9.94 | |||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||
Net investment income (loss) | 0.42 | (0.34 | ) | 0.14 | 0.21 | 0.26 | 0.19 | ||||||||||||||||||||
Net realized and unrealized | |||||||||||||||||||||||||||
gain (loss) on investments | 0.45 | 1.79 | 0.21 | (0.59 | ) | 2.07 | 0.13 | ||||||||||||||||||||
Total from investment operations | 0.87 | 1.45 | 0.35 | (0.38 | ) | 2.33 | 0.32 | ||||||||||||||||||||
Less distributions from: | |||||||||||||||||||||||||||
Net investment income | (0.15 | ) | (0.35 | ) | (0.14 | ) | (0.35 | ) | (0.19 | ) | (0.23 | ) | |||||||||||||||
Capital gains | (0.40 | ) | (0.07 | ) | (0.19 | ) | (0.06 | ) | — | — | |||||||||||||||||
Total distributions | (0.55 | ) | (0.42 | ) | (0.33 | ) | (0.41 | ) | (0.19 | ) | (0.23 | ) | |||||||||||||||
Net asset value, end of period | $ | 12.75 | $ | 12.43 | $ | 11.40 | $ | 11.38 | $ | 12.17 | $ | 10.03 | |||||||||||||||
Total return | 7.06 | %(1) | 13.32 | % | 3.14 | % | (2.98 | )% | 23.56 | % | 3.12 | % | |||||||||||||||
Net assets, end of period (000s) | $ | 34,220 | $ | 36,944 | $ | 44,916 | $ | 172,150 | $ | 186,216 | $ | 160,246 | |||||||||||||||
Ratio of net expenses to | |||||||||||||||||||||||||||
average net assets | 0.95 | %(2) | 0.95 | % | 0.98 | % | 1.00 | % | 1.00 | % | 1.00 | % | |||||||||||||||
Ratio of gross expenses to | |||||||||||||||||||||||||||
average net assets(3) | 1.02 | %(2) | 1.04 | % | 1.04 | % | 1.05 | % | 1.06 | % | 1.23 | % | |||||||||||||||
Ratio of net investment income | |||||||||||||||||||||||||||
to average net assets | 2.71 | %(2) | 2.28 | % | 2.27 | % | 1.53 | % | 2.43 | % | 1.85 | % | |||||||||||||||
Portfolio turnover rate | 1 | % | 6 | % | 6 | % | 7 | % | 7 | % | 3 | % | |||||||||||||||
Without giving effect to the expense | |||||||||||||||||||||||||||
waiver described in Note 2 to | |||||||||||||||||||||||||||
the Financial Statements, net | |||||||||||||||||||||||||||
investment income (loss) per | |||||||||||||||||||||||||||
share would have been | $ | 0.42 | $ | (0.35 | ) | $ | 0.12 | $ | 0.20 | $ | 0.25 | $ | 0.17 |
(1) | Periods less than one year are not annualized. | |
(2) | Annualized for periods less than one year. | |
(3) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
61
FINANCIAL HIGHLIGHTS (Continued)
SA Real Estate Securities Fund | |||||||||||||
Six Months Ended | |||||||||||||
December 31, 2019 | Year Ended | Period Ended | |||||||||||
Select Class | (Unaudited) | June 30, 2019 | June 30, 2018(1) | ||||||||||
Net asset value, beginning of period | $ | 12.40 | $ | 11.41 | $ | 11.53 | |||||||
Income from investment operations: | |||||||||||||
Net investment loss | (0.18 | ) | (0.53 | ) | (0.09 | ) | |||||||
Net realized and unrealized gain (loss) on investments | 1.06 | 2.00 | 0.32 | ||||||||||
Total from investment operations | 0.88 | 1.47 | 0.23 | ||||||||||
Less distributions from: | |||||||||||||
Net investment income | (0.18 | ) | (0.41 | ) | (0.16 | ) | |||||||
Capital gains | (0.40 | ) | (0.07 | ) | (0.19 | ) | |||||||
Total distributions | (0.58 | ) | (0.48 | ) | (0.35 | ) | |||||||
Net asset value, end of period | $ | 12.70 | $ | 12.40 | $ | 11.41 | |||||||
Total return | 7.16 | %(2) | 13.54 | % | 2.03 | %(2) | |||||||
Net assets, end of period (000s) | $ | 163,402 | $ | 152,655 | $ | 140,647 | |||||||
Ratio of net expenses to average net assets | 0.75 | %(3) | 0.75 | % | 0.76 | %(3) | |||||||
Ratio of gross expenses to average net assets(4) | 0.78 | %(3) | 0.78 | % | 0.85 | %(3) | |||||||
Ratio of net investment income to average net assets | 2.98 | %(3) | 2.42 | % | 3.10 | %(3) | |||||||
Portfolio turnover rate | 1 | % | 6 | % | 6 | % | |||||||
Without giving effect to the expense waiver described in Note 2 to the Financial Statements, net investment income (loss) per share would have been | $ | (0.18 | ) | $ | (0.54 | ) | $ | (0.08 | ) |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. | |
(2) | Periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
62
FINANCIAL HIGHLIGHTS (Continued)
SA Worldwide Moderate Growth Fund | |||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||
December 31, 2019 | Year Ended June 30, | ||||||||||||||||||||
Select Class | (Unaudited) | 2019 | 2018 | 2017 | 2016‡ | ||||||||||||||||
Net asset value, beginning of period | $ | 10.83 | $ | 11.29 | $ | 10.73 | $ | 9.51 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||||
Net investment income (loss) | (0.29 | ) | (0.18 | ) | (0.15 | ) | 0.14 | 0.10 | |||||||||||||
Net realized and unrealized gain (loss) on investments | 0.86 | 0.39 | 1.03 | 1.27 | (0.49 | ) | |||||||||||||||
Total from investment operations | 0.57 | 0.21 | 0.88 | 1.41 | (0.39 | ) | |||||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | (0.25 | ) | (0.21 | ) | (0.15 | ) | (0.14 | ) | (0.10 | ) | |||||||||||
Capital gains | (0.31 | ) | (0.46 | ) | (0.17 | ) | (0.05 | ) | — | ||||||||||||
Total distributions | (0.56 | ) | (0.67 | ) | (0.32 | ) | (0.19 | ) | (0.10 | ) | |||||||||||
Net asset value, end of period | $ | 10.84 | $ | 10.83 | $ | 11.29 | $ | 10.73 | $ | 9.51 | |||||||||||
Total return | 5.30 | %(1) | 2.53 | % | 8.11 | % | 15.04 | % | (3.89 | )%(1) | |||||||||||
Net assets, end of period (000s) | $ | 37,343 | $ | 38,210 | $ | 35,745 | $ | 27,422 | $ | 11,662 | |||||||||||
Ratio of net expenses to average net assets | 0.00 | %(2) | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | %(2) | |||||||||||
Ratio of gross expenses to average net assets(3) | 0.51 | %(2) | 0.51 | % | 0.60 | % | 0.61 | % | 2.72 | %(2) | |||||||||||
Ratio of net investment income to average net assets | 3.73 | %(2) | 2.07 | % | 1.09 | % | 1.32 | % | 1.11 | %(2) | |||||||||||
Portfolio turnover rate | 16 | % | 14 | % | 20 | % | 11 | % | 5 | % | |||||||||||
Without giving effect to the expense waiver described in Note 2 to the Financial Statements, net investment income (loss) per share would have been | $ | (0.32 | ) | $ | (0.23 | ) | $ | (0.21 | ) | $ | 0.10 | $ | (0.02 | ) |
‡ | Fund commenced operations on July 1, 2015. | |
(1) | Periods less than one year are not annualized. | |
(2) | Annualized for periods less than one year. | |
(3) | Gross expenses before waivers of expenses. |
The accompanying notes are an integral part of these financial statements.
63
SA FUNDS
NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2019 (Unaudited)
1. Organization and Significant Accounting Policies
SA Funds — Investment Trust (the “Trust”) is a Delaware statutory trust that was organized on June 16, 1998. The Agreement and Declaration of Trust permits the Trust to offer separate portfolios (“Funds”) of shares of beneficial interest and different classes of shares of each Fund. The Trust is registered under the Investment Company Act of 1940 (the “1940 Act”), and currently offers the following ten Funds, each of which (with the exception of the SA Worldwide Moderate Growth Fund) is a diversified mutual fund as defined in the 1940 Act:
SA U.S. Fixed Income Fund
SA Global Fixed Income Fund
SA U.S. Core Market Fund
SA U.S. Value Fund
SA U.S. Small Company Fund
SA International Value Fund
SA International Small Company Fund
SA Emerging Markets Value Fund
SA Real Estate Securities Fund
SA Worldwide Moderate Growth Fund
The SA U.S. Core Market Fund, SA U.S. Value Fund, SA U.S. Small Company Fund, SA International Value Fund, and SA International Small Company Fund commenced investment operations on August 5,1999, the SA Global Fixed Income Fund, commenced operations on July 29, 1999, the SA U.S. Fixed Income Fund, SA Emerging Markets Value Fund, and SA Real Estate Securities Fund, commenced operations on April 2, 2007, and the SA Worldwide Moderate Growth Fund, commenced operations on July 1, 2015.
Each SA Fund, with the exception of the SA Worldwide Moderate Growth Fund, offers Investor Class shares and Select Class shares. The SA Worldwide Moderate Growth Fund offers only a single share class.
Select Class shares are available to investors that invest through Buckingham Strategic Partners, LLC (the “Adviser” or “Buckingham”) or Buckingham Strategist Program and certain registered investment companies at the discretion of the Adviser. In addition, Select Class shares are available to certain Turn-Key Asset Management Program participants who invest through a unified managed account program sponsored by the Adviser and who invest at least $500,000 in a model portfolio that includes one or more of the Funds; or investors who are clients of investment advisors whose clients invest in aggregate at least $20 million in the Funds and other accounts managed by the Adviser. The Adviser may automatically convert Investor Class shares to Select Class shares when investment level thresholds are achieved. The minimum initial purchase amount of Select Class shares is generally $100,000 in aggregate across all of the SA Funds with no minimum for subsequent investments. In the Adviser’s discretion, the minimum initial purchase amount may be applied across all assets of the investor under administration with the investment advisor or may be reduced.
The SA International Small Company Fund invests substantially all of its assets in the International Small Company Portfolio (the “DFA Portfolio”), a series of DFA Investment Dimensions Group Inc., a separate registered investment company. The DFA Portfolio has the same investment objective as SA International Small Company Fund and invests its assets in The Japanese Small Company Series, The Asia Pacific Small Company Series, The United Kingdom Small Company Series, The Continental Small Company Series and The Canadian Small Company Series, each a series of The DFA Investment Trust Company (each a “Series”), an open-end management
64
SA FUNDS
NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2019 (Unaudited) (Continued)
investment company. As of December 31, 2019, the SA International Small Company Fund held approximately 2.59% of the DFA Portfolio. The performance of the SA International Small Company Fund is directly affected by the performance of the DFA Portfolio. The financial statements of the DFA Portfolio and the Series in which it invests are included elsewhere in this report and should be read in conjunction with the financial statements of the SA International Small Company Fund.
The SA Worldwide Moderate Growth Fund invests substantially all of its assets in the Select Class shares of the Underlying SA Funds managed by the Adviser comprising various asset categories and strategies. The Adviser has established an asset allocation target for the Fund. This target is the approximate percentage of the Fund’s assets that will be invested in equity investments and fixed income investments. Under normal market conditions, the Fund currently expects that it will invest approximately 75% of its assets in equity investments and approximately 25% of its assets in fixed income investments as represented by the holdings of the Underlying SA Funds. The performance of the SA Worldwide Moderate Growth Fund is directly affected by the performance of the Underlying SA Funds. The financial statements of the Underlying SA Funds are included elsewhere in the report and should be read in conjunction with the financial statements of the SA Worldwide Moderate Growth Fund.
Use of Estimates —The Funds are investment companies that follow the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to investment companies.
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The following summarizes the significant accounting policies of the Funds:
Security Valuation —Domestic equity securities listed on an exchange or stock market for which market quotations are readily available are valued according to the official closing price, if any, or at their last reported sale price on the exchange or stock market where the security is primarily traded, or in the absence of such reported prices, at the mean between the most recent quoted bid and asked prices. Domestic equity securities traded on the over-the-counter markets are valued at the mean between the most recent quoted bid and asked prices in the absence of an official closing price or last reported sale price.
Foreign equity securities traded on a foreign exchange or over-the-counter markets are generally valued at the most recent quoted bid price in the absence of an official closing price or last reported sale price. Foreign securities quoted in foreign currencies are translated into U.S. dollars using prevailing exchange rates.
Fixed income investments are generally valued based on prices received from independent pricing services. In determining the value of a fixed income investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures.
65
SA FUNDS
NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2019 (Unaudited) (Continued)
Shares of registered open-end investment companies are valued at the investment company’s net asset value. Forward currency contracts are valued based on prices received from independent pricing services. Securities for which market quotations are not readily available, or for which available quotations appear not to accurately reflect the current value of an investment, are valued at fair value as determined in good faith by a pricing committee (the “Pricing Committee”) (or its designee) appointed by the Board of Trustees of the Trust (the “Board” or the “Trustees”) pursuant to procedures approved by the Board.
Certain Funds hold securities traded in foreign markets. Foreign securities are valued at the latest market price in the foreign market. However, if events occurring after the close of the foreign market (but before the close of regular trading on the New York Stock Exchange) are believed to materially affect the value of those securities, such securities may be valued at fair value as determined in good faith by the Pricing Committee (or its designee). Any determinations of fair value made by the Pricing Committee (or its designee) are presented to the Board for ratification.
Valuation of securities by the DFA Portfolio and the Series in which it invests is discussed in the “Selected Financial Statements of DFA Investment Dimensions Group Inc. – Notes to Financial Statements,” and “Selected Financial Statements of the DFA Investment Trust Company – Notes to Financial Statements,” which are included elsewhere in this report.
Fair Value Measurement —The Board has adopted procedures to fair value securities and other assets of each Fund when market prices are not readily available or do not accurately reflect their current market value. The Board has designated the responsibility for applying these fair valuation methods to the Pricing Committee (or its designee). For example, a Fund may fair value an asset when it is delisted or trading is halted or suspended; when it has not been traded for an extended period of time; when its primary pricing source is unavailable or other data calls the primary source’s reliability into question; or when its primary trading market is closed during regular U.S. market hours. Each Fund makes fair valuation determinations in accordance with the Trust’s Procedures for Valuing Securities and Assets, as amended. The Pricing Committee (or its designee) may consider various factors, including unobservable market inputs when arriving at fair value. The Pricing Committee (or its designee) may use, but is not limited to, techniques such as review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book value, and other relevant information when determining fair value. The Pricing Committee regularly reviews these inputs and assumptions when reviewing fair valuations of investments held by 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.
66
SA FUNDS
NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2019 (Unaudited) (Continued)
The Funds value their investments based on a three-level hierarchy of inputs that establishes classification of fair value measurements for disclosure purposes. If inputs used to measure a financial instrument fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. The three-level hierarchy of inputs is summarized in the three broad levels below.
Level 1 – unadjusted quoted prices in active markets for identical investments.
Level 2 – significant observable inputs other than quoted prices within Level 1 (including quoted prices for similar investments, interest rates, yield curves, foreign exchange rates, put or call provisions, credit risk and default rates for similar securities).
Level 3 – significant unobservable inputs to the extent that observable inputs are not available (including the Pricing Committee’s own assumptions used to determine the fair value of investments).
The tables below provide a summary of the inputs as of December 31, 2019, in valuing each Fund’s investments:
Investments in Securities | |||||||||||||||
Unadjusted Quoted | |||||||||||||||
Prices in Active | Significant | ||||||||||||||
Markets for Identical | Significant Other | Unobservable | Total Balance | ||||||||||||
Investments | Observable Inputs | Inputs | as of | ||||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | December 31, 2019 | |||||||||||
SA U.S. Fixed Income Fund | |||||||||||||||
Bonds and Notes | $ | — | $ | 317,558,414 | $ | — | $ | 317,558,414 | |||||||
Short-Term Investments | 35,866,506 | 268,045,123 | — | 303,911,629 | |||||||||||
Total Investments | $ | 35,866,506 | $ | 585,603,537 | $ | — | $ | 621,470,043 | |||||||
SA Global Fixed Income Fund | |||||||||||||||
Assets | |||||||||||||||
Bonds and Notes | $ | — | $ | 710,377,233 | — | $ | 710,377,233 | ||||||||
Short-Term Investments | 17,391,007 | 80,804,167 | — | 98,195,174 | |||||||||||
Other Financial Instruments | |||||||||||||||
Forward Foreign Currency Contracts | — | 842,060 | — | 842,060 | |||||||||||
Total Investments | $ | 17,391,007 | $ | 792,023,460 | — | $ | 809,414,467 | ||||||||
Liabilities | |||||||||||||||
Other Financial Instruments | |||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (9,770,783 | ) | — | $ | (9,770,783 | ) | ||||||
SA U.S. Core Market Fund | |||||||||||||||
Common Stocks | $ | 675,550,997 | $ | — | $ | — | $ | 675,550,997 | |||||||
Rights And Warrants | 63,659 | — | — | 63,659 | |||||||||||
Mutual Funds | 31,374,885 | — | — | 31,374,885 | |||||||||||
Short-Term Investments | 1,592,055 | — | — | 1,592,055 | |||||||||||
Total Investments | $ | 708,581,596 | $ | — | $ | — | $ | 708,581,596 |
67
SA FUNDS
NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2019 (Unaudited) (Continued)
Investments in Securities | |||||||||||||||
Unadjusted Quoted Prices in Active | Significant | ||||||||||||||
Markets for Identical | Significant Other | Unobservable | Total Balance | ||||||||||||
Investments | Observable Inputs | Inputs | as of | ||||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | December 31, 2019 | |||||||||||
SA U.S. Value Fund | |||||||||||||||
Common Stocks | $ | 640,861,520 | $ | — | $ | — | $ | 640,861,520 | |||||||
Short-Term Investments | 2,868,533 | — | — | 2,868,533 | |||||||||||
Total Investments | $ | 643,730,053 | $ | — | $ | — | $ | 643,730,053 | |||||||
SA U.S. Small Company Fund | |||||||||||||||
Common Stocks | $ | 443,059,825 | $ | — | $ | — | † | $ | 443,059,825 | ||||||
Preferred Stocks | 32,438 | — | — | 32,438 | |||||||||||
Rights And Warrants | — | — | 9,231 | † | 9,231 | ||||||||||
Short-Term Investments | 5,957,994 | — | — | 5,957,994 | |||||||||||
Total Investments | $ | 449,050,257 | $ | — | $ | 9,231 | $ | 449,059,488 | |||||||
SA International Value Fund | |||||||||||||||
Common Stocks | $ | 691,813,691 | $ | — | $ | — | † | $ | 691,813,691 | ||||||
Preferred Stocks | 9,404,047 | — | — | 9,404,047 | |||||||||||
Rights And Warrants | 6,465 | — | — | 6,465 | |||||||||||
Short-Term Investments | 18,349,012 | — | — | 18,349,012 | |||||||||||
Total Investments | $ | 719,573,215 | $ | — | $ | — | $ | 719,573,215 | |||||||
SA International Small Company Fund | |||||||||||||||
Mutual Funds | $ | 347,296,443 | $ | — | $ | — | $ | 347,296,443 | |||||||
Total Investments | $ | 347,296,443 | $ | — | $ | — | $ | 347,296,443 | |||||||
SA Emerging Markets Value Fund | |||||||||||||||
Common Stocks | $ | 216,569,472 | $ | 120,511 | $ | 13,118 | † | $ | 216,703,101 | ||||||
Preferred Stocks | 5,615,403 | — | — | 5,615,403 | |||||||||||
Rights And Warrants | 1,765 | 3,614 | † | — | 5,379 | ||||||||||
Short-Term Investments | 4,048,357 | — | — | 4,048,357 | |||||||||||
Total Investments | $ | 226,234,997 | $ | 124,125 | $ | 13,118 | $ | 226,372,240 | |||||||
SA Real Estate Securities Fund | |||||||||||||||
Common Stocks | $ | 195,942,531 | $ | — | $ | — | $ | 195,942,531 | |||||||
Short-Term Investments | 1,599,478 | — | — | 1,599,478 | |||||||||||
Total Investments | $ | 197,542,009 | $ | — | $ | — | $ | 197,542,009 | |||||||
SA Worldwide Moderate Growth Fund | |||||||||||||||
Mutual Funds | $ | 37,333,694 | $ | — | $ | — | $ | 37,333,694 | |||||||
Total Investments | $ | 37,333,694 | $ | — | $ | — | $ | 37,333,694 |
† Contains securities with a market value of zero.
68
SA FUNDS
NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2019 (Unaudited) (Continued)
Transfers between investment valuation levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes.
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. The table presents the fiscal year-to-date activity of Level 3 securities held at the beginning and the end of the fiscal Period.
Net Change in | |||||||||||||||||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||||||||||||||
Appreciation | |||||||||||||||||||||||||||||||||||||
(Depreciation) | |||||||||||||||||||||||||||||||||||||
Beginning | Ending | on Investments | |||||||||||||||||||||||||||||||||||
Balance | Accrued | Total realized | Transfers | Transfers | Balance | Held at | |||||||||||||||||||||||||||||||
June 30, | discounts | and unrealized | in to | out of | December 31, | December 31, | |||||||||||||||||||||||||||||||
2019 | Purchases | Sales | (premiums) | gains (losses)* | Level 3 | Level 3 | 2019 | 2019* | |||||||||||||||||||||||||||||
SA U.S. Small | |||||||||||||||||||||||||||||||||||||
Company Fund | |||||||||||||||||||||||||||||||||||||
Rights and Warrants(1)(2) | $ | 1,279 | $ | 412 | $ | (238 | ) | $ | — | $ | 7,778 | $ | — | $ | — | $ | 9,231 | $ | 8,190 | ||||||||||||||||||
SA Emerging Markets | |||||||||||||||||||||||||||||||||||||
Value Fund | |||||||||||||||||||||||||||||||||||||
Common Stocks(1)(2) | 9,020 | 561 | — | — | 15,504 | 12,595 | (24,562 | ) | 13,118 | 15,542 |
(1) Level 3 at July 1, 2019 included securities with a fair value of $0.
(2) Level 3 at December 31, 2019 included securities with a fair value of $0.
* All net realized and change in unrealized gains (losses) are reflected on the accompanying Statements of Operations.
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 market 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.
69
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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2019 (Unaudited) (Continued)
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 market 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 market value of the loaned securities with respect to other U.S. securities and 105% of the current market value of the loaned securities with respect to foreign equity securities. 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 the Fund.
As of December 31, 2019, 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:
Total | |||||||||||||
Collateral | |||||||||||||
Value | Value of | (Including | |||||||||||
Value of | of Cash | Non-Cash | Calculated | ||||||||||
Securities | Collateral | Collateral* | Mark)† | ||||||||||
SA Global Fixed Income Fund | $ | 7,599,443 | $ | 7,748,550 | $ | — | $ | 7,748,550 | |||||
SA U.S Core Market Fund | $ | 7,968,856 | $ | 940,233 | $ | 7,215,108 | $ | 8,155,341 | |||||
SA U.S. Value Fund | $ | 3,986,550 | $ | 1,384,085 | $ | 2,693,740 | $ | 4,077,825 | |||||
SA U.S. Small Company Fund | $ | 38,341,640 | $ | 5,149,783 | $ | 34,342,881 | $ | 39,492,664 | |||||
SA International Value Fund | $ | 42,154,294 | $ | 17,756,174 | $ | 25,982,543 | $ | 43,738,717 | |||||
SA Emerging Markets Value Fund | $ | 4,230,137 | $ | 3,682,488 | $ | 770,836 | $ | 4,453,324 | |||||
SA Real Estate Securities Fund | $ | 7,171,281 | $ | 600,342 | $ | 6,750,611 | $ | 7,350,953 |
† Balances represent the end-of-day fair market value of securities lending collateral that will be reflected by the Funds as of the next business day.
* The Funds cannot repledge or resell this collateral. The non-cash collateral is comprised of U.S. government securities.
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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2019 (Unaudited) (Continued)
The following table provides increased transparency about the types of collateral pledged for securities lending transactions that are accounted for as secured borrowing.
Remaining Contractual Maturity of the Agreements | ||||||||||||||||
As of December 31, 2019 | ||||||||||||||||
Overnight and | Between | |||||||||||||||
Securities Lending Transaction(1) | Continuous | <30 days | 30 & 90 days | >90 days | Total | |||||||||||
SA Global Fixed Income Fund | ||||||||||||||||
Common Stocks | $ | 7,734,000 | $ | — | $ | — | $ | — | $ | 7,734,000 | ||||||
Total Borrowings | $ | 7,734,000 | $ | — | $ | — | $ | — | $ | 7,734,000 | ||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 7,734,000 | ||||||||||||||
SA U.S. Core Market Fund | ||||||||||||||||
Common Stocks | $ | 939,564 | $ | — | $ | — | $ | — | $ | 939,564 | ||||||
Total Borrowings | $ | 939,564 | $ | — | $ | — | $ | — | $ | 939,564 | ||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 939,564 | ||||||||||||||
SA U.S. Value Fund | ||||||||||||||||
Common Stocks | $ | 1,390,828 | $ | — | $ | — | $ | — | $ | 1,390,828 | ||||||
Total Borrowings | $ | 1,390,828 | $ | — | $ | — | $ | — | $ | 1,390,828 | ||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 1,390,828 | ||||||||||||||
SA U.S. Small Company Fund | ||||||||||||||||
Common Stocks | $ | 5,121,368 | $ | — | $ | — | $ | — | $ | 5,121,368 | ||||||
Total Borrowings | $ | 5,121,368 | $ | — | $ | — | $ | — | $ | 5,121,368 | ||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 5,121,368 | ||||||||||||||
SA International Value Fund | ||||||||||||||||
Common Stocks | $ | 17,676,965 | $ | — | $ | — | $ | — | $ | 17,676,965 | ||||||
Total Borrowings | $ | 17,676,965 | $ | — | $ | — | $ | — | $ | 17,676,965 | ||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 17,676,965 | ||||||||||||||
SA Emerging Markets Value Fund | ||||||||||||||||
Common Stocks | $ | 3,698,037 | $ | — | $ | — | $ | — | $ | 3,698,037 | ||||||
Total Borrowings | $ | 3,698,037 | $ | — | $ | — | $ | — | $ | 3,698,037 | ||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 3,698,037 | ||||||||||||||
SA Real Estate Securities Fund | ||||||||||||||||
Common Stocks | $ | 588,911 | $ | — | $ | — | $ | — | $ | 588,911 | ||||||
Total Borrowings | $ | 588,911 | $ | — | $ | — | $ | — | $ | 588,911 | ||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 588,911 |
(1) Amounts represent the payable for cash collateral received on securities on loan. This will generally be in the “Overnight and Continuous” column as the securities are typically callable on demand. The payable will be allocated into categories of securities based on the market value of the securities on loan.
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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2019 (Unaudited) (Continued)
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.
Investing in foreign securities may involve certain sovereign and other risks, in addition to the credit and market risks normally associated with domestic securities. Investments in foreign securities are subject to fluctuations in currency exchange rates, which may negatively affect the value of a Fund’s portfolio. Additional risks may include exposure to less developed or less efficient trading markets; social, political or economic instability; nationalization of assets, currency controls or redenomination; changes in tax policy; high transaction costs; settlement, custodial or other operation risks; and less stringent accounting, auditing, financial reporting, and legal standards and practices. As a result, foreign securities can fluctuate more widely in price, and may also be less liquid, than comparable U.S. securities.
Forward Foreign Currency Exchange Contracts —Each Fund that may invest in foreign securities may enter into forward foreign currency exchange contracts. A forward foreign currency exchange contract is an agreement between two parties to buy or sell currency at a set price on a future date. By entering into a forward contract for the purchase or sale for a fixed amount of dollars of the amount of foreign currency involved in an underlying security transaction, a Fund may be able to protect itself against a possible loss resulting from an adverse change in the relationship between the U.S. dollar and the applicable foreign currency during the period between the date the security is purchased or sold and the date on which payment is made or received.
The market value of a contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the 4:00 PM Eastern Time pricing for the forward currency exchange rate, and the change in market value is recorded as unrealized appreciation (depreciation) on foreign currency and forward currency transactions in a fund’s statement of assets and liabilities. When the contract is closed, a realized gain or loss is recognized, which is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, and recorded as realized gain (loss) on foreign currency and forward currency transactions in a fund’s statement of operations.
Forward foreign currency exchange contracts may involve risks from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.
The Funds have adopted provisions surrounding disclosures regarding derivative instruments and hedging activities which require qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about currency risk-related contingent features in derivative agreements.
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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2019 (Unaudited) (Continued)
In order to better define its contractual rights and to secure rights that will help the SA Global Fixed Income Fund mitigate its counterparty risk, the SA Global Fixed Income Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the SA Global Fixed Income Fund and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the SA Global Fixed Income Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
For financial reporting purposes, the SA Global Fixed Income Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in its Statement of Assets and Liabilities.
The following tables, grouped into appropriate risk categories, discloses the amounts related to the Fund’s use of derivative instruments and hedging activities at December 31, 2019, on a gross basis:
Gain or (Loss) on Derivatives | ||||||||||
Recognized in Income | ||||||||||
Asset Derivative | Liability Derivative | Change in | ||||||||
Risk Type | Fair Value(1) | Fair Value(2) | Realized Gain(3) | Depreciation(4) | ||||||
Foreign currency | $842,060 | $9,770,783 | $9,948,787 | $(763,914) |
Forward Currency Contracts Assets and Collateral Held by Counterparty as of December 31, 2019:
Gross Amount of | Financial | |||||||||||||||||||
Assets Presented | Instruments | |||||||||||||||||||
in Statements of | Available for | Collateral | ||||||||||||||||||
Counterparty | Assets & Liabilities | Offset | Received | Net Amount | ||||||||||||||||
Bank of America N.A. | $ | 255,369 | $ | (116,261 | ) | — | $ | 139,108 | ||||||||||||
HSBC Bank | $ | 360,072 | $ | (360,072 | ) | — | — | |||||||||||||
State Street Bank and Trust Co. | $ | 226,619 | $ | (226,619 | ) | — | — |
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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2019 (Unaudited) (Continued)
Forward Currency Contracts Liabilities and Collateral Pledged as of December 31, 2019:
Gross Amounts of | Financial | |||||||||||||||||
Liabilities Presented | Instruments | |||||||||||||||||
in Statements of | Available for | Collateral | ||||||||||||||||
Counterparty | Assets & Liabilities | Offset | Pledged | Net Amount | ||||||||||||||
Bank of America N.A. | $ | 116,261 | $ | (116,261 | ) | — | — | |||||||||||
Citibank N.A. | $ | 1,256,747 | — | — | $ | 1,256,747 | ||||||||||||
HSBC Bank | $ | 2,795,185 | $ | (360,072 | ) | — | $ | 2,435,113 | ||||||||||
State Street Bank and Trust Co. | $ | 5,602,590 | $ | (226,619 | ) | — | $ | 5,375,971 |
For the six months ended December 31, 2019, the average monthly principal amount of forward foreign currency exchange contracts was $395,872,681.
Investment Transactions, Income and Expenses —Investments in securities are accounted for as of trade date (the date the buy or sell is executed). Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis and includes amortization of discounts and premiums based on the effective interest method. Gains and losses are determined on the identified cost basis, which is the same for U.S. federal income tax purposes.
The Funds characterize distributions received from mutual fund investments on the Statements of Operations using the same characterization as the distribution received.
Investment income and realized and unrealized gains(losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.
Expenses directly attributable to a specific Fund are charged to the respective Fund. Class specific expenses are charged directly to that share class. Expenses that cannot be attributed to a particular Fund are apportioned among the Funds evenly or based on relative net assets. Expenses are allocated daily to each class of shares based on the relative proportion of net assets of each class.
Indemnifications —Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. The Trustees are also indemnified against certain liabilities pursuant to an Indemnity Agreement between the Trust and each Trustee. In addition, in the normal course of business the Trust enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposures under these arrangements are unknown as this would involve potential future claims against the Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote.
Foreign Taxes —Each Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, or capital gains on investments or currency repatriation. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign markets in which the Fund invests. These foreign taxes, if any, are paid by each Fund and are disclosed in its Statement of Operations. Foreign taxes payable as of December 31, 2019, if any, are reflected in each Fund’s Statement of Assets and Liabilities.
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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2019 (Unaudited) (Continued)
Federal Income Tax —Each Fund is treated as a separate entity for U.S. federal income tax purposes. Each Fund’s policy is to comply with the requirements of Subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of the Funds’ taxable income and net capital gain to their shareholders. Therefore, no income tax provision is required.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is “more likely than not” to be sustained upon examination by the tax authorities based on the technical merits of the tax position. As of June 30, 2019, and for all open tax years, each Fund has determined that no liability for unrecognized tax benefits is required in each Fund’s financial statements related to uncertain tax positions taken on a tax return (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction’s statute of limitation.
The Trust management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded with respect to uncertain tax positions taken on returns filed for open tax years (2016- 2018), or expected to be taken in the Funds’ 2019 tax returns.
As of June 30, 2019, for U.S. federal income tax purposes, the SA U.S. Fixed Income Fund, SA Global Fixed Income Fund and SA International Value Fund had an amount of $3,006,163, $42,317 and $1,676,121 in unlimited short-term losses, and the SA U.S. Fixed Income Fund, SA Global Fixed Income Fund, SA International Value Fund and SA Emerging Markets Value Fund had an amount of $1,475,682, $6,771,482, $25,160,432 and $1,048,313 in unlimited long-term losses, respectively, available to offset future net realized gains.
At December 31, 2019, the aggregate cost of investment securities, aggregate gross unrealized appreciation (depreciation) and net unrealized appreciation (depreciation) for all securities as computed on a federal income tax basis for each fund were as follows:
Net Unrealized | ||||||||||||||||
Unrealized | Unrealized | Appreciation | ||||||||||||||
Cost | Appreciation | Depreciation | (Depreciation) | |||||||||||||
SA U.S. Fixed Income Fund | $ | 620,718,258 | $ | 784,763 | $ | (32,978 | ) | $ | 751,785 | |||||||
SA Global Fixed Income Fund | 810,880,049 | 5,903,111 | (8,210,753 | ) | (2,307,642 | ) | ||||||||||
SA U.S. Core Market Fund | 249,081,734 | 463,723,385 | (4,223,523 | ) | 459,499,862 | |||||||||||
SA U.S. Value Fund | 445,130,819 | 222,751,637 | (24,152,403 | ) | 198,599,234 | |||||||||||
SA U.S. Small Company Fund | 297,846,611 | 183,806,807 | (32,593,930 | ) | 151,212,877 | |||||||||||
SA International Value Fund | 660,550,009 | 109,980,218 | (50,957,012 | ) | 59,023,206 | |||||||||||
SA International Small Company Fund | 222,385,885 | 124,910,558 | — | 124,910,558 | ||||||||||||
SA Emerging Markets Value Fund | 216,691,014 | 41,334,354 | (31,653,128 | ) | 9,681,226 | |||||||||||
SA Real Estate Securities Fund | 113,860,519 | 88,660,818 | (4,979,328 | ) | 83,681,490 | |||||||||||
SA Worldwide Moderate Growth Fund | 35,149,956 | 2,217,453 | (33,715 | ) | 2,183,738 |
Distributions to Shareholders —Each Fund, excluding the SA Global Fixed Income Fund and the SA U.S. Fixed Income Fund, declares and pays dividends from its net investment income, if any, annually. The SA Global Fixed Income Fund and the SA U.S. Fixed Income Fund declare and pay dividends from net investment income, if any, quarterly. All of the Funds declare and pay distributions from net realized capital gains, if any, at least annually.
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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2019 (Unaudited) (Continued)
The SA Real Estate Securities Fund characterizes distributions received from REIT investments based on information provided by the REITs into the following categories: ordinary income, long-term capital gains, and return of capital. If information is not available on a timely basis from the REITs in which the Fund invests, the characterization will be estimated based on available information, which may include the previous year’s allocation. If new or additional information becomes available from one or more of those REITs at a later date, a recharacterization will be made in the following year. The Fund records any amount recharacterized as dividend income as ordinary income, any amount recharacterized as long-term capital gain as realized gain in the Statement of Operations, and any amount recharacterized as a return of capital as a reduction to the cost of investments in the Statement of Assets and Liabilities and in the Portfolio of Investments. These recharacterizations are reflected in the accompanying financial statements.
Dividends to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles in the U.S. These differences are primarily due to differing treatments of income and gains on various investment securities held by the Funds, timing differences and differing characterizations of distributions made by the Funds. To the extent that distributions exceed the sum of net investment income and net capital gains for federal income tax purposes, they are reported as distributions of paid-in capital. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid-in capital. Undistributed net investment income and undistributed accumulated net realized gain (loss) on investments and foreign currency transactions may include temporary book and tax differences such as wash sales, passive foreign investment companies, non-REIT return of capital, and foreign currency transactions that will reverse in a subsequent period. During any particular year, a Fund’s net realized gains from investment transactions in excess of available capital loss carry forwards will be taxable to a Fund if not distributed and, therefore, will be distributed to shareholders annually.
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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2019 (Unaudited) (Continued)
2. Agreements and Transactions with Affiliates
The Trust has an Investment Advisory and Administrative Services Agreement with the Adviser (the “Investment Advisory Agreement”) under which the Adviser manages the investments of, and provides administrative services to, each Fund.
For the advisory services provided to the Funds under the Advisory Agreement, the Adviser is entitled to a fee from each Fund computed daily and payable monthly at an annual rate based on each Fund’s average daily net assets as follows:
Advisory Fees | ||||||
SA U.S. Fixed Income Fund | 0.15 | % | ||||
SA Global Fixed Income Fund | 0.25 | % | ||||
SA U.S. Core Market Fund | 0.40 | % | ||||
SA U.S. Value Fund | 0.40 | % | ||||
SA U.S. Small Company Fund | 0.40 | % | ||||
SA International Value Fund | 0.45 | % | ||||
SA International Small Company Fund | 0.25 | % | ||||
SA Emerging Markets Value Fund | 0.45 | % | ||||
SA Real Estate Securities Fund | 0.35 | % | ||||
SA Worldwide Moderate Growth Fund | 0.00 | %* |
*The management fee for the SA Worldwide Moderate Growth Fund has two components. There is no management fee on assets invested in the Underlying SA Funds, any other investment companies advised or sub-advised by the Adviser, money market funds or held in cash or cash equivalents. The Fund is subject to a management fee of 0.25% on assets invested in any other investments. The Fund does not currently intend to make investments that would be subject to a management fee.
For the administrative services provided to the Funds, the Adviser is entitled to a fee from each Fund, except the SA Worldwide Moderate Growth Fund, computed daily and payable monthly at the annual rate of 0.10% of the average daily net assets of each Fund.
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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2019 (Unaudited) (Continued)
The Trust and the Adviser have jointly entered into an Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement”) with the Sub-Adviser. For the sub-advisory services provided to the Funds under the Sub-Advisory Agreement, the Sub-Adviser is entitled to a fee from each Fund computed daily and payable monthly at an annual rate based on each Fund’s average daily net assets as follows:
Sub-Advisory | ||||||
Fees | ||||||
SA U.S. Fixed Income Fund | 0.03 | % | ||||
SA Global Fixed Income Fund | 0.03 | % | ||||
SA U.S. Core Market Fund | 0.03 | %* | ||||
SA U.S. Value Fund | 0.10 | % | ||||
SA U.S. Small Company Fund | 0.25 | % | ||||
SA International Value Fund | 0.20 | % | ||||
SA Emerging Markets Value Fund | 0.47 | % | ||||
SA Real Estate Securities Fund | 0.10 | % |
*The Sub-Adviser will not receive any sub-advisory fee for its sub-advisory services to the SA U.S. Core Market Fund with respect to any assets of the SA U.S. Core Market Fund invested in the U.S. Micro Cap Portfolio of the DFA Investment Dimensions Group Inc. For its management services, the Sub-Adviser receives an investment advisory fee from the U.S. Micro Cap Portfolio.
The Trust has a Shareholder Servicing Agreement with the Adviser. For the shareholder services provided to the Funds, the Adviser is entitled to a fee from each Fund computed daily and payable monthly at the annual rate of 0.25% and 0.05% of the average daily net assets of each Fund’s Investor Class and Select Class shares, respectively. There is no shareholder servicing fee on assets of the SA Worldwide Moderate Growth Fund that are invested in the Underlying SA Funds, any other investment companies advised or sub-advised by the Adviser, money market funds or held in cash or cash equivalents. The SA Worldwide Moderate Growth Fund is subject to a shareholder servicing fee of 0.25% on assets invested in any other investment. The SA Worldwide Moderate Growth Fund does not currently intend to make investments that would be subject to a shareholder servicing fee.
The Adviser has contractually agreed to waive its advisory fees and/or to reimburse expenses to the extent that: (1) each Fund’s Investor Class shares’ operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) exceed, in the aggregate, the rate per annum shown in the table below; (2) each Fund’s Select Class shares’ total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) are 0.20% lower than the Investor Class shares’ total annual operating expense ratio after fee waiver and/or expense reimbursement and will not exceed, in the aggregate, the rate per annum shown in the table below. This agreement will remain in effect until October 28, 2021, at which time the agreement may be continued, modified or eliminated and net expenses will be adjusted as necessary. In addition, the Adviser has contractually agreed to waive fees and/or reimburse
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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2019 (Unaudited) (Continued)
expenses so that the SA Worldwide Moderate Growth Fund’s total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) do not exceed the total annual acquired fund fees and expenses related to the Fund’s investments in the Underlying SA Funds, any other investment companies advised or sub-advised by the Adviser, or any money market fund. This agreement will remain in effect until July 1, 2025, at which time the agreement may be continued, modified or eliminated and net expenses will be adjusted as necessary. These agreements may only be amended or terminated during their terms with the approval of the Board. The expense limitations for the Funds are as follows:
Expense Limitation | |||||||||||
Investor | Select | ||||||||||
Class | Class | ||||||||||
SA U.S. Fixed Income Fund | 0.65 | % | 0.45 | % | |||||||
SA Global Fixed Income Fund | 0.75 | % | 0.55 | % | |||||||
SA U.S. Core Market Fund | 0.90 | % | 0.70 | % | |||||||
SA U.S. Value Fund | 1.00 | % | 0.80 | % | |||||||
SA U.S. Small Company Fund | 1.15 | % | 0.95 | % | |||||||
SA International Value Fund | 1.15 | % | 0.95 | % | |||||||
SA International Small Company Fund | 0.75 | % | 0.55 | % | |||||||
SA Emerging Markets Value Fund | 1.35 | % | 1.15 | % | |||||||
SA Real Estate Securities Fund | 0.95 | % | 0.75 | % |
Trustees’ Fees and Expenses —For their services as Trustees, the Trustees of the Trust received an annual retainer fee of $100,800, as well as reimbursement for expenses incurred in connection with each meeting of the Board and its Committees. The Chairman of the Board received an annual supplemental compensation of $10,080 per year.
Sub-Administration Fees —State Street serves as sub-administrator for the Trust, pursuant to a Sub-Administration Agreement with the Trust and the Adviser. State Street receives a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily net assets of the Trust as follows: 0.02% of the first $1.5 billion of net assets and 0.0175% of net assets over $1.5 billion. The fee is then allocated to each Fund based on the relative net assets of each Fund, subject to a minimum fee of $70,000 annually per Fund, except for the SA International Small Company Fund and the SA Worldwide Moderate Growth Fund, which are subject to a minimum fee of $50,000 annually per Fund. Fees are calculated for the fund complex and then allocated to the Funds based upon each Fund’s total net assets, which may cause a Fund to pay less than the minimum annual charge.
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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2019 (Unaudited) (Continued)
3. Purchases and Sales of Securities
Excluding short-term investments, each Fund’s purchases and sales of securities for the six months ended December 31, 2019 were as follows:
Purchases | Sales | ||||||||||||||||
U.S. Government | Other | U.S. Government | Other | ||||||||||||||
SA U.S. Fixed Income Fund | — | $ | 12,124,707 | $ | 19,985,763 | $ | 75,547,769 | ||||||||||
SA Global Fixed Income Fund | $ | 87,956,041 | 51,972,499 | 86,565,602 | 197,697,219 | ||||||||||||
SA U.S. Core Market Fund | — | 5,680,350 | — | 87,275,208 | |||||||||||||
SA U.S. Value Fund | — | 35,946,371 | — | 37,861,873 | |||||||||||||
SA U.S. Small Company Fund | — | 33,835,973 | — | 23,624,203 | |||||||||||||
SA International Value Fund | — | 40,833,177 | — | 53,150,293 | |||||||||||||
SA International Small Company Fund | N/A | N/A | N/A | N/A | |||||||||||||
SA Emerging Markets Value Fund | — | 20,820,791 | — | 14,684,554 | |||||||||||||
SA Real Estate Securities Fund | — | 2,432,849 | — | 5,022,224 | |||||||||||||
SA Worldwide Moderate Growth Fund | — | 6,028,540 | — | 7,231,275 |
N/A —The SA International Small Company Fund invests substantially all of its assets in the DFA Portfolio. Please refer to the financial statements of the DFA Portfolio which are included elsewhere in this report.
80
SA FUNDS
NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2019 (Unaudited) (Continued)
4. Affiliated Ownership
The SA Worldwide Moderate Growth Fund invests in underlying securities and other investment companies, certain of which may be deemed to be under common control because of the same or affiliated investment adviser and membership in a common family of investment companies (the “Affiliated Underlying Funds”). A summary of the transactions with each Affiliated Underlying Fund during the six months ended December 31, 2019 follows:
Net Realized | Dividend | ||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) | Income | Capital Gain | |||||||||||||||||||||||||||||||||||||||||
on Sales of | Change in | Ending | from | Distributions | |||||||||||||||||||||||||||||||||||||||
Beginning | Affiliated | Unrealized | Value as of | Shares as of | Affiliated | from Affiliated | |||||||||||||||||||||||||||||||||||||
Value as of | Purchases at | Proceeds | Investment | Appreciation/ | December 31, | December 31, | Investment | Investment | |||||||||||||||||||||||||||||||||||
Affiliated Investment Companies | June 30, 2019 | Cost | from Sales | Companies | Depreciation | 2019 | 2019 | Companies | Companies | ||||||||||||||||||||||||||||||||||
SA Emerging Markets Value Fund | $ | 3,821,594 | $ | 705,749 | $ | (390,721 | ) | $ | (42,582 | ) | $ | 14,642 | $ | 4,108,682 | 420,972 | $ | 96,855 | $ | — | ||||||||||||||||||||||||
SA Global Fixed Income Fund | 4,928,589 | 1,187,298 | (486,369 | ) | (1,786 | ) | (37,884 | ) | 5,589,848 | 587,169 | 90,027 | — | |||||||||||||||||||||||||||||||
SA International Value Fund | 7,276,809 | 504,691 | (774,484 | ) | (90,754 | ) | 180,417 | 7,096,679 | 642,233 | 269,847 | — | ||||||||||||||||||||||||||||||||
SA Real Estate Securities Fund | 1,861,300 | 678,098 | (360,063 | ) | 44,896 | 18,726 | 2,242,957 | 176,611 | 31,057 | 68,470 | |||||||||||||||||||||||||||||||||
SA US Core Market Fund | 6,892,333 | 580,511 | (2,923,833 | ) | 311,461 | (377,598 | ) | 4,482,874 | 186,089 | 54,475 | 470,182 | ||||||||||||||||||||||||||||||||
SA US Fixed Income Fund | 4,546,809 | 215,946 | (1,031,498 | ) | (3,310 | ) | 44 | 3,727,991 | 367,652 | 37,956 | — | ||||||||||||||||||||||||||||||||
SA US Small Company Fund | 3,488,341 | 1,022,604 | (458,016 | ) | (26,629 | ) | 81,713 | 4,108,013 | 159,658 | 20,458 | 167,161 | ||||||||||||||||||||||||||||||||
SA US Value Fund | 5,399,631 | 1,133,643 | (806,292 | ) | (51,343 | ) | 301,011 | 5,976,650 | 336,523 | 98,720 | 212,178 | ||||||||||||||||||||||||||||||||
Totals | $ | 38,215,406 | $ | 6,028,540 | $ | (7,231,276 | ) | $ | 139,953 | $ | 181,071 | $ | 37,333,694 | $ | 699,395 | $ | 917,991 |
5. Recent Accounting Pronouncements
In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820). The amendments in the ASU impact disclosure requirements for fair value measurement. It is anticipated that this change will enhance the effectiveness of disclosures in the notes to the financial statements. This ASU is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted and can include the entire standard or certain provisions that exclude or amend disclosures. For the six months ended December 31, 2019, the Funds have chosen to adopt certain provisions of the standard which eliminated the disclosures of transfers between level 1 and level 2 portfolio investments and the policy for the timing of transfers between levels of the fair value hierarchy. Management has evaluated that the full adoption of this ASU will not have a material impact on a Fund’s financial statements.
6. Subsequent Events
Effective January 1, 2020, the annual compensation of each Trustee increased from $100,800 to $107,500. In addition, the Chairman of the Board’s annual supplemental compensation was increased from $10,080 to $10,750. The Trustees approved these increases at a Board meeting on December 5, 2019.
81
SA FUNDS
ADDITIONAL INFORMATION (Unaudited)
Proxy Voting Policies and Procedures
The Sub-Adviser is responsible for exercising the voting rights associated with the securities purchased and/or held by the Funds. A description of the policies and procedures that are used by the Sub-Adviser to vote proxies relating to the Funds’ portfolio securities is available without charge, upon request, by calling (844) 366-0905 and on the Securities and Exchange Commission’s website (“SEC”) at http://www.sec.gov. Information regarding how the Sub-Adviser voted these proxies during the most recent 12-month period ended June 30th is listed in the Trust’s Form N-PX, which is available after August 31st without charge, upon request, by calling the same number or visiting the SEC’s website at http://www.sec.gov.
Schedules of Portfolio Holdings
The Trust files the complete schedules of portfolio holdings for each Fund monthly on Form N-PORT with every third month made available to the public on the SEC’s website at www.sec.gov no later than 60 days after the relevant period. The Trust’s Form N-PORT may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Trust’s most recent Form N-PORT is also available without charge, upon request, by calling 1-844-366-0905.
Semi-Annual Portfolio Schedule
The Trust files a complete schedule of portfolio holdings for each Fund for the second quarter of each fiscal year on Form N-CSR. The Trust’s Form N-CSR is available on the SEC’s website at http://www.sec.gov or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Trust’s most recent Form N-CSR is also available without charge, upon request, by calling (844) 366-0905.
Additional Information
This report is prepared for the general information of shareholders and is not an offer of shares of the SA Funds. Shares are sold only through the currently effective prospectus, which must precede or accompany this report.
More information about the SA Funds is available without charge, upon request, please mail, visit the Funds’ website or call:
SA Funds – Investment Trust
c/o Buckingham Strategic Partners, LLC
10 Almaden Blvd.
15th Floor
San Jose, California 95113
Toll-free: 1-844-366-0905
Website: http://www.sa-funds.com
82
SA FUNDS
ADDITIONAL INFORMATION (Unaudited) (Continued)
Understanding Your Fund’s Expense
Shareholder Expense Example
As a mutual fund shareholder you incur ongoing costs including management fees, shareholder services fees, fees for administrative services and other Fund expenses. These costs are described in more detail in the Funds’ prospectus. The examples below are intended to help you understand your ongoing costs of investing in the Funds and help you compare these with the ongoing costs of investing in other mutual funds. The following examples are based on an investment of $1,000 made at the beginning of the period, July 1, 2019 through December 31, 2019. Expenses paid during the period in the table below are equal to the annualized net expense ratio of the Funds’ each class of shares, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period). Such expenses are limited by an agreement between the Fund and the Adviser and may be recovered by the Adviser under certain circumstances. You can find additional information about the Fund’s expenses, including the expense limitation agreement, in the Notes to Financial Statements section of this report and in the Fund’s current prospectus.
Actual Expenses
The table below shows the actual account values and actual Fund expenses, based on the actual performance of the Funds’ each class of shares during the period. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) then multiply the result by the number in the first line of the table for your Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid over the period.
Actual Expenses | |||||||||||||||||||||||||||||||||||||
Investor Class | Select Class | ||||||||||||||||||||||||||||||||||||
Beginning | Ending | Annual | Expenses | Beginning | Ending | Annual | Expenses | ||||||||||||||||||||||||||||||
Account | Account | Expense | Paid During | Account | Account | Expense | Paid During | ||||||||||||||||||||||||||||||
Value | Value | Ratio | Period | Value | Value | Ratio | Period | ||||||||||||||||||||||||||||||
SA U.S. Fixed Income Fund | $ | 1,000 | $ | 1,007.10 | 0.65 | % | $ | 3.28 | $ | 1,000 | $ | 1,009.30 | 0.42 | % | $ | 2.12 | |||||||||||||||||||||
SA Global Fixed Income Fund | 1,000 | 1,007.80 | 0.73 | 3.68 | 1,000 | 1,009.00 | 0.51 | 2.58 | |||||||||||||||||||||||||||||
SA U.S. Core Market Fund | 1,000 | 1,101.70 | 0.88 | 4.65 | 1,000 | 1,102.70 | 0.67 | 3.54 | |||||||||||||||||||||||||||||
SA U.S. Value Fund | 1,000 | 1,096.00 | 0.95 | 5.01 | 1,000 | 1,097.20 | 0.74 | 3.90 | |||||||||||||||||||||||||||||
SA U.S. Small Company Fund | 1,000 | 1,058.40 | 1.14 | 5.90 | 1,000 | 1,059.90 | 0.92 | 4.76 | |||||||||||||||||||||||||||||
SA International Value Fund | 1,000 | 1,049.90 | 1.12 | 5.77 | 1,000 | 1,050.80 | 0.90 | 4.64 | |||||||||||||||||||||||||||||
SA International Small Company Fund | 1,000 | 1,101.40 | 0.75 | 3.96 | 1,000 | 1,103.00 | 0.52 | 2.75 | |||||||||||||||||||||||||||||
SA Emerging Markets Value Fund | 1,000 | 1,013.60 | 1.35 | 6.83 | 1,000 | 1,015.70 | 1.15 | 5.83 | |||||||||||||||||||||||||||||
SA Real Estate Securities Fund | 1,000 | 1,070.60 | 0.95 | 4.94 | 1,000 | 1,071.60 | 0.75 | 3.91 |
Actual Expenses | |||||||||
Beginning | Ending | Annual | Expenses | ||||||
Account | Account | Expense | Paid During | ||||||
Value | Value | Ratio | Period | ||||||
SA Worldwide Moderate Growth Fund | $1,000 | $1,053.00 | 0.00% | $0.00 |
83
SA FUNDS
ADDITIONAL INFORMATION (Unaudited) (Continued)
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on actual expense ratio of the Funds’ each class of shares and an assumed rate of return of 5% per year before expenses, which is not actual return of the Funds’ each class of shares. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in the Fund versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Hypothetical Expenses | |||||||||||||||||||||||||||||||||||||
Investor Class | Select Class | ||||||||||||||||||||||||||||||||||||
Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | Beginning Account Value | Ending Account Value | Annual Expense Ratio | Expenses Paid During Period | ||||||||||||||||||||||||||||||
SA U.S. Fixed Income Fund | $ | 1,000 | $ | 1,021.87 | 0.65 | % | $ | 3.30 | $ | 1,000 | $ | 1,023.03 | 0.42 | % | $ | 2.14 | |||||||||||||||||||||
SA Global Fixed Income Fund | 1,000 | 1,021.47 | 0.73 | 3.71 | 1,000 | 1,022.57 | 0.51 | 2.59 | |||||||||||||||||||||||||||||
SA U.S. Core Market Fund | 1,000 | 1,020.71 | 0.88 | 4.47 | 1,000 | 1,021.77 | 0.67 | 3.40 | |||||||||||||||||||||||||||||
SA U.S. Value Fund | 1,000 | 1,020.36 | 0.95 | 4.82 | 1,000 | 1,021.42 | 0.74 | 3.76 | |||||||||||||||||||||||||||||
SA U.S. Small Company Fund | 1,000 | 1,019.41 | 1.14 | 5.79 | 1,000 | 1,020.51 | 0.92 | 4.67 | |||||||||||||||||||||||||||||
SA International Value Fund | 1,000 | 1,019.51 | 1.12 | 5.69 | 1,000 | 1,020.61 | 0.90 | 4.57 | |||||||||||||||||||||||||||||
SA International Small Company Fund | 1,000 | 1,021.37 | 0.75 | 3.81 | 1,000 | 1,022.52 | 0.52 | 2.64 | |||||||||||||||||||||||||||||
SA Emerging Markets Value Fund | 1,000 | 1,018.35 | 1.35 | 6.85 | 1,000 | 1,019.36 | 1.15 | 5.84 | |||||||||||||||||||||||||||||
SA Real Estate Securities Fund | 1,000 | 1,020.36 | 0.95 | 4.82 | 1,000 | 1,021.37 | 0.75 | 3.81 |
Hypothetical Expenses | |||||||||
Beginning | Ending | Annual | Expenses | ||||||
Account | Account | Expense | Paid During | ||||||
Value | Value | Ratio | Period | ||||||
SA Worldwide Moderate Growth Fund | $1,000 | $1,025.14 | 0.00% | $0.00 |
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of investing in different funds. In addition, if these transaction costs were included, your costs would have been higher.
84
Selected Financial Statements of DFA Investment Dimensions Group Inc.
International Small Company Portfolio
TABLE OF CONTENTS
Page | |
Definitions of Abbreviations and Footnotes | 86 |
Disclosure of Fund Expenses — October 31, 2019 (Unaudited) | 87 |
Disclosure of Portfolio Holdings — October 31, 2019 (Unaudited) | 88 |
Schedule of Investments — December 31, 2019 (Unaudited) | 89 |
Schedule of Investments — October 31, 2019 | 90 |
Statement of Assets and Liabilities — December 31, 2019 (Unaudited) | 91 |
Statement of Assets and Liabilities — October 31, 2019 | 92 |
Statement of Operations — October 31, 2019 | 93 |
Statement of Changes in Net Assets | 94 |
Financial Highlights | 95 |
Notes to Financial Statements — October 31, 2019 | 96 |
Report of Independent Registered Public Accounting Firm | 103 |
85
DFA INVESTMENT DIMENSIONS GROUP INC.
THE DFA INVESTMENT TRUST COMPANY
DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES
Schedules of Investments/Summary Schedules of Portfolio Holdings
Investment Abbreviations | |
P.L.C. | Public Limited Company |
SA | Special Assessment |
ST | Special Tax |
Investment Footnotes | |
» | Securities that have generally been fair value factored. See Note B to Financial Statements. |
‡ | Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. “Other Securities” are those securities that are not among the top 50 holdings in unaffiliated issuers of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities. |
# | Total or Partial Securities on Loan. |
* | Non-Income Producing Securities. |
@ | Security purchased with cash proceeds from Securities on Loan. |
§ | Affiliated Fund. |
† | See Note B to Financial Statements. |
Financial Highlights | |
(A) | Computed using average shares outstanding. |
(B) | Represents the combined ratios for the respective portfolio and its respective pro-rata share of its Master Fund(s) and/or Underlying Fund(s). |
All Statements, Schedules and Notes to Financial Statements | |
— | Amounts designated as — are either zero or rounded to zero. |
SEC | Securities and Exchange Commission |
86
DFA INVESTMENT DIMENSIONS GROUP INC.
INTERNATIONAL SMALL COMPANY PORTFOLIO
DISCLOSURE OF FUND EXPENSES
(Unaudited)
The following Expense Table is shown so that you can understand the impact of fees on your investment. All mutual funds have operating expenses. As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports, among others. Operating expenses and legal and audit services, which are deducted from a fund’s gross income, directly reduce the investment return of the fund. A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs, in dollars, of investing in the fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The Expense Table below illustrate your fund’s costs in two ways.
Actual Fund Return
This section helps you to estimate the actual expenses after fee waivers that you paid over the period. The “Ending Account Value” shown is derived from the fund’s actual return and “Expenses Paid During Period” reflect the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, a $7,500 account value divided by $1,000 = 7.5), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”
Hypothetical Example for Comparison Purposes
This section is intended to help you compare your fund’s costs with those of other mutual funds. The hypothetical “Ending Account Value” and “Expenses Paid During Period” are derived from the fund’s actual expense ratio and an assumed 5% annual return before expenses. In this case, because the return used is not the fund’s actual return, the results do not apply to your investment. The example is useful in making comparisons because the SEC requires all mutual funds to calculate expenses based on a 5% annual return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Please note that the expenses shown in the tables are meant to highlight and help you compare ongoing costs only and do not reflect any transactional costs, if applicable. The “Annualized Expense Ratio” represents the actual expenses for the six-month period indicated.
EXPENSE TABLE | Six Months Ended October 31, 2019 | |||||||||||
Beginning | Ending | Expenses | ||||||||||
Account | Account | Annualized | Paid | |||||||||
Value | Value | Expense | During | |||||||||
05/01/19 | 10/31/19 | Ratio(1) | Period(1) | |||||||||
International Small Company Portfolio(2) | ||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,014.50 | 0.54% | $ | 2.74 | |||||
Hypothetical 5% Annual Return | $ | 1,000.00 | $ | 1,022.48 | 0.54% | $ | 2.75 |
1 | Expenses are equal to the fund’s annualized expense ratio for the six-month period, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period (184), then divided by the number of days in the year (365) to reflect the six-month period. | |
2 | The Portfolio is a Fund of Funds. The expenses shown reflect the direct expenses of the Fund of Funds and the Fund of Funds’ portion of the expenses of its Underlying Funds (Affiliated Investment Companies). |
87
DFA INVESTMENT DIMENSIONS GROUP INC.
INTERNATIONAL SMALL COMPANY PORTFOLIO
DISCLOSURE OF PORTFOLIO HOLDINGS
(Unaudited)
The SEC requires that all funds file a complete Schedule of Investments with the SEC for their first and third fiscal quarters on Form N-PORT. For DFA Investment Dimensions Group Inc., this would be for the fiscal quarters ending January 31 and July 31. Such Form N-PORT filing must be made within 60 days of the end of the quarter. DFA Investment Dimensions Group Inc. filed its most recent Form N-PORT with the SEC on October 31, 2019. They are available upon request, without charge, by calling collect: (512) 306-7400; by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746; or by visiting the SEC’s website at http://www.sec.gov.
SEC regulations permit a fund to include in its reports to shareholders a “Schedule of Investments” in lieu of a full Schedule of Investments. The Schedule of Investments reports the fund’s 50 largest holdings in unaffiliated issuers and any investments that exceed one percent of the fund’s net assets at the end of the reporting period. The regulations also require that the Summary Schedule of Portfolio Holdings identify each category of investments that are held.
A fund is required to file a complete Schedule of Investments with the SEC on Form N-CSR within ten days after mailing the annual and semi-annual reports to shareholders. It will be available upon request, without charge, by calling collect: (512) 306-7400; by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746; or by visiting the SEC’s website at http://www.sec.gov.
PORTFOLIO HOLDINGS
The SEC requires that all funds present their categories of portfolio holdings in a table, chart or graph format in their annual and semi-annual shareholder reports, whether or not a Schedule of Investments is used. The following table, which presents portfolio holdings as a percentage of total investments before short-term investments and collateral for loaned securities, is provided in compliance with this requirement. The categories shown below represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.
The categories of industry classification for the Affiliated Investment Companies are represented in their Disclosures of Portfolio Holdings, which are included elsewhere in the report. Refer to the Schedule of Investments/Summary Schedule of Portfolio Holdings for each of the underlying Affiliated Investment Company’s holdings, which reflect the investments by category or country.
FUND OF FUNDS | Affiliated Investment Companies | ||
International Small Company Portfolio | 100.0% |
88
DFA INVESTMENT DIMENSIONS GROUP INC.
INTERNATIONAL SMALL COMPANY PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 2019
(Unaudited)
Value† | ||||
AFFILIATED INVESTMENT COMPANIES — (100.0%) | ||||
Investment in The Continental Small Company Series of | ||||
The DFA Investment Trust Company | $ | 5,245,922,417 | ||
Investment in The Japanese Small Company Series of | ||||
The DFA Investment Trust Company | 3,201,649,722 | |||
Investment in The United Kingdom Small Company Series of | ||||
The DFA Investment Trust Company | 2,368,657,552 | |||
Investment in The Asia Pacific Small Company Series of | ||||
The DFA Investment Trust Company | 1,359,162,307 | |||
Investment in The Canadian Small Company Series of | ||||
The DFA Investment Trust Company | 1,222,826,508 | |||
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES | $ | 13,398,218,506 |
† | See Note B to Financial Statements. |
As of December 31, 2019, International Small Company Portfolio had entered into the following outstanding futures contracts:
Unrealized | ||||||||||||||||
Number of | Expiration | Notional | Market | Appreciation | ||||||||||||
Description | Contracts | Date | Value | Value | (Depreciation) | |||||||||||
Long Position Contracts: | ||||||||||||||||
S&P 500®Emini Index | 515 | 03/20/20 | $ | 82,219,263 | $ | 83,200,825 | $ | 981,562 | ||||||||
Total Futures Contracts | $ | 82,219,263 | $ | 83,200,825 | $ | 981,562 |
Summary of the Portfolio’s Master Fund’s investments as of December 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 | $ | 13,398,218,506 | — | — | $ | 13,398,218,506 | |||||
Futures Contracts** | 981,562 | — | — | 981,562 | |||||||
TOTAL | $ | 13,399,200,068 | — | — | $ | 13,399,200,068 |
** | Valued at the unrealized appreciation/(depreciation) on the investment. |
See accompanying Notes to Financial Statements.
89
DFA INVESTMENT DIMENSIONS GROUP INC.
INTERNATIONAL SMALL COMPANY PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2019
Value† | ||||
AFFILIATED INVESTMENT COMPANIES — (100.0%) | ||||
Investment in The Continental Small Company Series of | ||||
The DFA Investment Trust Company | $ | 4,902,033,708 | ||
Investment in The Japanese Small Company Series of | ||||
The DFA Investment Trust Company | 3,104,231,823 | |||
Investment in The United Kingdom Small Company Series of | ||||
The DFA Investment Trust Company | 2,205,859,880 | |||
Investment in The Asia Pacific Small Company Series of | ||||
The DFA Investment Trust Company | 1,299,382,680 | |||
Investment in The Canadian Small Company Series of | ||||
The DFA Investment Trust Company | 1,121,067,005 | |||
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES | $ | 12,632,575,096 |
As of October 31, 2019, International Small Company Portfolio had entered into the following outstanding futures contracts:
Unrealized | ||||||||||||||||
Number of | Expiration | Notional | Market | Appreciation | ||||||||||||
Description | Contracts | Date | Value | Value | (Depreciation) | |||||||||||
Long Position Contracts: | ||||||||||||||||
S&P 500®Emini Index | 705 | 12/20/19 | $ | 105,711,748 | $ | 107,011,950 | $ | 1,300,202 | ||||||||
Total Futures Contracts | $ | 105,711,748 | $ | 107,011,950 | $ | 1,300,202 |
Summary of the Portfolio’s Master Fund’s investments as of October 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 | $ | 12,632,575,096 | — | — | $ | 12,632,575,096 | |||||
Futures Contracts** | 1,300,202 | — | — | 1,300,202 | |||||||
TOTAL | $ | 12,633,875,298 | — | — | $ | 12,633,875,298 |
** | Valued at the unrealized appreciation/(depreciation) on the investment. |
See accompanying Notes to Financial Statements.
90
DFA INVESTMENT DIMENSIONS GROUP INC.
INTERNATIONAL SMALL COMPANY PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2019
(Unaudited)
(Amounts in thousands, except share and per share amounts)
ASSETS: | ||||
Investments in Affiliated Investment Companies at Value | $ | 13,398,219 | ||
Cash | 95,555 | |||
Receivables: | ||||
Fund Shares Sold | 6,070 | |||
Futures Margin Variation | 983 | |||
Prepaid Expenses and Other Assets | 74 | |||
Total Assets | 13,500,901 | |||
LIABILITIES: | ||||
Payables: | ||||
Fund Shares Redeemed | 23,598 | |||
Due to Advisor | 4,496 | |||
Accrued Expenses and Other Liabilities | 969 | |||
Total Liabilities | 29,063 | |||
NET ASSETS | $ | 13,471,838 | ||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: | ||||
Institutional Class Shares — based on net assets of $13,471,838 and | ||||
shares outstanding of 712,826,258 | $ | 18.90 | ||
NUMBER OF SHARES AUTHORIZED | 3,000,000,000 | |||
NET ASSETS CONSIST OF: | ||||
Paid-In Capital | $ | 11,862,446 | ||
Total Distributable Earnings (Loss) | 1,609,392 | |||
NET ASSETS | $ | 13,471,838 |
See accompanying Notes to Financial Statements.
91
DFA INVESTMENT DIMENSIONS GROUP INC.
INTERNATIONAL SMALL COMPANY PORTFOLIO
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2019
(Amounts in thousands, except share and per share amounts)
ASSETS: | ||||
Investments in Affiliated Investment Companies at Value | $ | 12,632,575 | ||
Segregated Cash for Futures Contracts | 4,441 | |||
Cash | 119,937 | |||
Receivables: | ||||
Fund Shares Sold | 3,815 | |||
Prepaid Expenses and Other Assets | 60 | |||
Total Assets | 12,760,828 | |||
LIABILITIES: | ||||
Payables: | ||||
Fund Shares Redeemed | 5,279 | |||
Due to Advisor | 4,205 | |||
Futures Margin Variation | 424 | |||
Accrued Expenses and Other Liabilities | 810 | |||
Total Liabilities | 10,718 | |||
NET ASSETS | $ | 12,750,110 | ||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: | ||||
Institutional Class Shares — based on net assets of $12,750,110 and shares outstanding of 700,276,371 | $ | 18.21 | ||
NUMBER OF SHARES AUTHORIZED | 3,000,000,000 | |||
NET ASSETS CONSIST OF: | ||||
Paid-In Capital | $ | 11,684,308 | ||
Total Distributable Earnings (Loss) | 1,065,802 | |||
NET ASSETS | $ | 12,750,110 |
See accompanying Notes to Financial Statements.
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DFA INVESTMENT DIMENSIONS GROUP INC.
INTERNATIONAL SMALL COMPANY PORTFOLIO*
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2019
(Amounts in thousands)
Investment Income | ||||
Net Investment Income Allocated from Affiliated Investment Companies: | ||||
Dividends (Net of Foreign Taxes Withheld of $29,969) | $ | 335,908 | ||
Income from Securities Lending | 30,195 | |||
Expenses Allocated from Affiliated Investment Companies | (14,583 | ) | ||
Total Investment Income | 351,520 | |||
Fund Expenses | ||||
Investment Management Fees | 49,136 | |||
Accounting & Transfer Agent Fees | 1,336 | |||
Custodian Fees | 8 | |||
Filing Fees | 215 | |||
Shareholders’ Reports | 558 | |||
Directors’/Trustees’ Fees & Expenses | 73 | |||
Professional Fees | 72 | |||
Other | 85 | |||
Total Expenses | 51,483 | |||
Net Expenses | 51,483 | |||
Net Investment Income (Loss) | 300,037 | |||
Realized and Unrealized Gain (Loss) | ||||
Net Realized Gain (Loss) on: | ||||
Transactions Allocated from Affiliated Investment Company** | 313,315 | |||
Futures | (626 | ) | ||
Change in Unrealized Appreciation (Depreciation) of: | ||||
Transactions Allocated from Affiliated Investment Company | 135,389 | |||
Futures | 7,881 | |||
Net Realized and Unrealized Gain (Loss) | 455,959 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 755,996 |
* | Investment Income and Realized and Unrealized Gain (Loss) were allocated from the Portfolio’s Underlying Funds (Affiliated Investment Companies). | |
** | Net of foreign capital gain taxes withheld of $0. |
See accompanying Notes to Financial Statements.
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DFA INVESTMENT DIMENSIONS GROUP INC.
INTERNATIONAL SMALL COMPANY PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
Year | Year | ||||||||
Ended | Ended | ||||||||
Oct. 31, 2019 | Oct. 31, 2018 | ||||||||
Increase (Decrease) in Net Assets | |||||||||
Operations: | |||||||||
Net Investment Income (Loss) | $ | 300,037 | $ | 305,199 | |||||
Net Realized Gain (Loss) on: | |||||||||
Transactions Allocated from Affiliated Investment Company*,** | 313,315 | 549,889 | |||||||
Futures | (626 | ) | 17,382 | ||||||
Change in Unrealized Appreciation (Depreciation) of: | |||||||||
Transactions Allocated from Affiliated Investment Company | 135,389 | (2,214,609 | ) | ||||||
Futures | 7,881 | (9,491 | ) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 755,996 | (1,351,630 | ) | ||||||
Distributions From:^ | |||||||||
Institutional Class Shares | (857,472 | ) | (711,038 | ) | |||||
Total Distributions | (857,472 | ) | (711,038 | ) | |||||
Capital Share Transactions (1): | |||||||||
Shares Issued | 2,921,274 | 2,606,895 | |||||||
Shares Issued in Lieu of Cash Distributions | 824,335 | 680,889 | |||||||
Shares Redeemed | (3,550,227 | ) | (2,059,202 | ) | |||||
Net Increase from Capital Share Transactions | 195,382 | 1,228,582 | |||||||
Total Increase (Decrease) in Net Assets | 93,906 | (834,086 | ) | ||||||
Net Assets | |||||||||
Beginning of Year | 12,656,204 | 13,490,290 | |||||||
End of Year | $ | 12,750,110 | $ | 12,656,204 | |||||
(1) Shares Issued and Redeemed: | |||||||||
Shares Issued | 170,065 | 124,547 | |||||||
Shares Issued in Lieu of Cash Distributions | 51,059 | 33,057 | |||||||
Shares Redeemed | (206,414 | ) | (98,779 | ) | |||||
Net Increase (Decrease) from Shares Issued and Redeemed | 14,710 | 58,825 |
* | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $0. | |
** | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2018 of $0. |
See accompanying Notes to Financial Statements.
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DFA INVESTMENT DIMENSIONS GROUP INC.
INTERNATIONAL SMALL COMPANY PORTFOLIO
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
Year | Year | Year | Year | Year | |||||||||||||||||
Ended | Ended | Ended | Ended | Ended | |||||||||||||||||
Oct. 31, | Oct. 31, | Oct. 31, | Oct. 31, | Oct. 31, | |||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||
Net Asset Value, Beginning of Year | $ | 18.46 | $ | 21.52 | $ | 17.78 | $ | 17.78 | $ | 18.24 | |||||||||||
Income from Investment Operations | |||||||||||||||||||||
Net Investment Income (Loss) (A) | 0.43 | 0.46 | 0.41 | 0.43 | 0.41 | ||||||||||||||||
Net Gains (Losses) on Securities (Realized and Unrealized) | 0.58 | (2.41 | ) | 4.13 | 0.48 | 0.12 | |||||||||||||||
Total from Investment Operations | 1.01 | (1.95 | ) | 4.54 | 0.91 | 0.53 | |||||||||||||||
Less Distributions | |||||||||||||||||||||
Net Investment Income | (0.44 | ) | (0.44 | ) | (0.34 | ) | (0.51 | ) | (0.42 | ) | |||||||||||
Net Realized Gains | (0.82 | ) | (0.67 | ) | (0.46 | ) | (0.40 | ) | (0.57 | ) | |||||||||||
Total Distributions | (1.26 | ) | (1.11 | ) | (0.80 | ) | (0.91 | ) | (0.99 | ) | |||||||||||
Net Asset Value, End of Year | $ | 18.21 | $ | 18.46 | $ | 21.52 | $ | 17.78 | $ | 17.78 | |||||||||||
Total Return | 6.44 | % | (9.54 | )% | 26.54 | % | 5.43 | % | 3.30 | % | |||||||||||
Net Assets, End of Year (thousands) | $ | 12,750,110 | $ | 12,656,204 | $ | 13,490,290 | $ | 10,387,361 | $ | 9,323,492 | |||||||||||
Ratio of Expenses to Average Net Assets *(B) | 0.54 | % | 0.53 | % | 0.53 | % | 0.53 | % | 0.54 | % | |||||||||||
Ratio of Expenses to Average Net Assets (Excluding Fees (Waived), (Expenses Reimbursed), and/or Previously Waived Fees Recovered by Advisor)(B) | 0.54 | % | 0.53 | % | 0.53 | % | 0.53 | % | 0.54 | % | |||||||||||
Ratio of Net Investment Income to Average Net Assets | 2.44 | % | 2.18 | % | 2.14 | % | 2.47 | % | 2.30 | % | |||||||||||
* The Ratio of Expenses to Average Net Assets is inclusive of acquired fund fees and expenses incurred by the Portfolio indirectly as a result of Portfolio’s investment in Underlying Funds as follows | 0.12 | % | 0.12 | % | 0.12 | % | 0.13 | % | 0.12 | % |
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
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DFA INVESTMENT DIMENSIONS GROUP INC.
NOTES TO FINANCIAL STATEMENTS
A. Organization:
DFA Investment Dimensions Group Inc. (the “Fund”) is an open-end management investment company registered under the Investment Company Act of 1940, whose shares are generally offered to institutional investors, retirement plans and clients of registered investment advisors. The Fund consists of one hundred and three operational portfolios, of which one, the International Small Company Portfolio (the “Portfolio”), is included in this report.
International Small Company Portfolio invests in five series (“Underlying Funds”) within The DFA Investment Trust Company (“DFAITC”).
At October 31, 2019, the Portfolio was the owner of record of the following approximate percentages of the total outstanding shares of the following Underlying Funds as detailed below:
Percentage | |||||||
Ownership | |||||||
Fund of Funds | Underlying Funds | at 10/31/19 | |||||
International Small Company Portfolio | The Continental Small Company Series | 87% | |||||
The Japanese Small Company Series | 83% | ||||||
The United Kingdom Small Company Series | 97% | ||||||
The Asia Pacific Small Company Series | 79% | ||||||
The Canadian Small Company Series | 97% |
The financial statements of the Portfolio’s Master Funds are included elsewhere in this report and should be read in conjunction with the financial statements of the Portfolio.
B. Significant Accounting Policies:
The following significant accounting policies are in conformity with accounting principles generally accepted in the United States of America. Such policies are consistently followed by the Fund in preparation of its financial statements. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be material.
1.Security Valuation: 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)
Listed derivatives, such as futures, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy.
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.
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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 Summary Schedule of Portfolio Holdings/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.
2.Deferred Compensation Plan:Each eligible Director of the Fund may elect to participate in the Fee Deferral Plan for Independent Directors and Trustees (the “Plan”). Under the Plan, effective January 1, 2002, such Directors may defer payment of all or a portion of their total fees earned as a Director. These deferred amounts may be treated as though such amounts had been invested in shares of the following funds: the U.S. Large Cap Value Portfolio, U.S. Core Equity 1 Portfolio, U.S. Core Equity 2 Portfolio, U.S. Vector Equity Portfolio, U.S. Micro Cap Portfolio, DFA International Value Portfolio, International Core Equity Portfolio, Emerging Markets Portfolio, Emerging Markets Core Equity Portfolio, and/or DFA Two-Year Global Fixed Income Portfolio. Contributions made under the Plan and the change in unrealized appreciation (depreciation) and income are included in Directors’/ Trustees’ Fees & Expenses.
The Directors may receive their distributions of proceeds by one of the following methods: lump sum, annual installments over a period of agreed-upon years, or quarterly installments over a period of agreed-upon years. Each Director shall have the right in a notice of election (the “Notice”) to defer the receipt of the Director’s deferred compensation until a date specified by such Director in the Notice. The date may not be sooner than the earlier of: (i) the first business day of January following the year in which such Director ceases to be a member of the Board of Directors of the Fund; and (ii) five years following the effective date of the Director’s first deferral election. If a Director who elects to defer fees fails to designate in the Notice a time or date as of which payment of the Director’s deferred fee account shall commence, payment of such amount shall commence as of the first business day of January following the year in which the Director ceases to be a member of the Board (unless the Director files an amended Notice selecting a different distribution date). As of October 31, 2019, none of the Directors have requested or received a distribution of proceeds of a deferred fee account.
3.Other: Security transactions are accounted for as of the trade date. Costs used in determining realized gains and losses on the sale of investment securities/affiliated investment companies and foreign currency are accounted for on the basis of identified cost. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Distributions received on securities and from the investment in affiliated investment companies that represent a return of capital or capital gains are recorded as a reduction of cost of investments or as a realized gain, respectively. The Portfolio estimates the character of received distributions that may be considered return of capital distributions. Interest income is recorded on an accrual basis. Discount and premium on debt securities purchased are amortized over the lives of the respective securities, using the effective interest method. Expenses directly attributable to a Portfolio are directly charged. Common expenses of the Fund or the Portfolio are allocated using methods approved by the Board, generally based on average net assets.
The Portfolio recognizes its pro-rata share of net investment income and realized and unrealized gains/losses on a daily basis from its Underlying Funds within DFAITC, which are treated as partnerships for federal income tax purposes.
The Portfolio may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Portfolio accrues such taxes when the related income or capital gains are earned or throughout the holding period. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. Additionally, if there is a deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.
C. Investment Advisor and Administrator:
The Advisor, Dimensional Fund Advisors LP, provides investment management services to the Portfolio. For the year ended October 31, 2019, the Portfolio’s investment management fees were accrued daily and paid monthly to the Advisor based on an effective annual rate of 0.40% of average daily net assets.
Pursuant to an Amended and Restated Fee Waiver and/or Expense Assumption Agreement (the “Fee Waiver Agreement”), effective July 21, 2015, the Advisor has contractually agreed to waive all or a portion of its management fee and to assume the other direct expenses of a class of the Portfolio (excluding expenses incurred through its investment in other investment companies) (“Portfolio Expenses”) to the extent necessary to limit the Portfolio Expenses of a class of the Portfolio to 0.45% of the average net assets of a class of the Portfolio on an annualized basis (the “Expense Limitation Amount”). At any time that the Portfolio Expenses of a class of the Portfolio are less than Expense Limitation Amount for such class of shares of
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the Portfolio, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery is within thirty-six months and will not cause the annualized Portfolio Expenses for such class of shares of the Portfolio to exceed the applicable Expense Limitation Amount, as listed above. Prior to July 21, 2015, the Advisor had contractually agreed to waive its administration fee and to assume Portfolio Expenses to the extent necessary to limit the Portfolio Expenses of the Portfolio, on an annualized basis, to the Expense Limitation Amount listed above.
Fees Paid to Officers and Directors/Trustees:
Certain Officers and Directors of the Advisor are also Officers and Directors of the Fund; however, such Officers and Directors (with the exception of the Chief Compliance Officer (“CCO”)) receive no compensation from the Fund. For the year ended October 31, 2019, the total related amounts paid by the Fund to the CCO were $312 (in thousands). The total related amounts paid the Portfolio are included in Other Expenses on the Statement of Operations.
D. Deferred Compensation:
At October 31, 2019, the total liability for deferred compensation to Directors was $348 and is included in Accrued Expenses and Other Liabilities on the Statement of Assets and Liabilities (amounts in thousands).
E. Federal Income Taxes:
The Portfolio has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code for federal income tax purposes and to distribute substantially all of its taxable income and net capital gains to its shareholders. Accordingly, no provision has been made for federal income taxes.
Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined under accounting principles generally accepted in the United States of America. These book/tax differences are either temporary or permanent in nature. To the extent that these differences are permanent, they are charged or credited to paid-in capital or distributable earnings, as appropriate, in the period that the differences arise. Accordingly, the permanent differences as of October 31, 2019, primarily attributable to realized gains on securities considered to be “passive foreign investment companies”, non-deductible expenses, realized foreign capital gains tax, tax-equalization, non-deductible 90 day stock issuance cost, net foreign currency gains/losses, distributions received from real estate investment trusts and distribution redesignations, were reclassified to the accounts. These reclassifications had no effect on net assets or net asset value per share.
The tax character of dividends and distributions declared and paid during the years ended October 31, 2018 and October 31, 2019 were as follows (amounts in thousands):
Net Investment | |||||||||||||
Income and | |||||||||||||
Short-Term | Long-Term | Tax Exempt | |||||||||||
Capital Gain | Capital Gains | Income | Total | ||||||||||
International Small Company Portfolio | |||||||||||||
2018 | $ | 335,310 | 375,728 | — | $ | 711,038 | |||||||
2019 | 339,853 | 517,619 | — | 857,472 |
As of October 31, 2019, the following net investment income and short-term capital gains and long-term capital gains distributions designated for federal income tax purposes are due to the use of accumulated earnings and profits distributed to shareholders upon redemption of shares (amounts in thousands):
Net Investment | |||||||||||||||||
Income and | |||||||||||||||||
Short-Term | Long-Term | ||||||||||||||||
Capital Gains | Capital Gains | Total | |||||||||||||||
International Small Company Portfolio | $ | (34,708 | ) | $ | (23,004 | ) | $ | (57,712 | ) |
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At October 31, 2019, the components of distributable earnings (accumulated losses) were as follows (amounts in thousands):
Undistributed | Total Net | ||||||||||
Net Investment | Distributable | ||||||||||
Income and | Undistributed | Unrealized | Earnings | ||||||||
Short-Term | Long-Term | Capital Loss | Appreciation | (Accumulated | |||||||
Capital Gains | Capital Gains | Carryforwards | (Depreciation) | Losses) | |||||||
International Small Company Portfolio | $172,408 | $278,416 | — | $615,587 | $1,066,411 |
For federal income tax purposes, the Fund measures its capital loss carryforwards annually at October 31, its fiscal year end. Capital loss carryforwards may be carried forward and applied against future capital gains. Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Portfolio after October 31, 2011, will not be subject to expiration and will retain their character as either short-term or long-term capital losses. As of October 31, 2019, the Portfolio did not have any capital loss carryforwards available to offset future realized capital gains.
As of October 31, 2019, the total cost and aggregate gross unrealized appreciation (depreciation) of securities for federal income tax purposes were different from amounts reported for financial reporting purposes, as follows (amounts in thousands):
Net | |||||||||
Unrealized | |||||||||
Federal | Unrealized | Unrealized | Appreciation | ||||||
Tax Cost | Appreciation | Depreciation | (Depreciation) | ||||||
International Small Company Portfolio | $12,017,254 | $615,322 | — | $615,322 |
The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales and net mark to market gains (losses) on regulated futures contracts, net mark-to-market gain/loss on foreign currency contracts, and differences in the tax treatment of passive foreign investment company investments.
ASC 740 Accounting for Uncertainty in Income Taxes sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has analyzed the Portfolio’s tax positions and has concluded that no additional provision for income tax is required in the Portfolio’s financial statements. The Portfolio is not aware of any tax positions for which it is more likely than not that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
F. Financial Instruments:
In accordance with the Portfolio’s investment objective and policies, the Portfolio may invest either directly or indirectly (through its investment in a corresponding Underlying Fund), 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 Portfolio may be inhibited.
Derivative Financial Instruments:
Summarized below are the specific types of derivative instruments used by the Portfolio.
2.Futures Contracts: The Portfolio may purchase or sell futures contracts and options on futures contracts for equity securities and indices to adjust market exposure based on actual or expected cash inflows to or outflows from the Portfolio. The Portfolio, however, does not intend to sell futures contracts to establish short positions in individual securities. 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
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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 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 entering into futures contracts from potential imperfect price correlations between the futures contracts and the underlying securities, from the possibility of an illiquid secondary market for these instruments and from the possibility that the Portfolio could lose more than the initial margin requirements. The Portfolio entering into stock index futures is subject to equity price risk from those futures contracts. Counterparty credit risk related to exchange-traded futures is minimal because the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.
Securities have been segregated as collateral for open futures contracts.
The average volume (based on the open positions at each fiscal month-end) of derivative activity for the year ended October 31, 2019 was as follows (amounts in thousands):
Futures** | |||
International Small Company Portfolio | $74,137 |
** Average Notional Value of contracts
The following is a summary of the Portfolio’s derivative instrument holdings categorized by primary risk exposure as of October 31, 2019 (amounts in thousands):
Asset Derivatives Value | |||||
Total Value at | Equity | ||||
October 31,2019 | Contracts*,(1) | ||||
International Small Company Portfolio | $1,300 | $1,300 |
(1) Presented on Statements of Assets and Liabilities as Receivables: Futures Margin Variation.
* Includes cumulative appreciation (depreciation) of futures contracts. Only current day’s margin variation is reported within the Statement of Assets and Liabilities.
The following is a summary of the realized and change in unrealized gains and losses from the Portfolio’s derivative instrument holdings categorized by primary risk exposure for the year ended October 31, 2019 (amounts in thousands):
Realized Gain (loss) on | |||||
Derivatives | |||||
Equity | |||||
Total | Contracts(1) | ||||
International Small Company Portfolio | $(626) | $(626) | |||
Change in Unrealized Appreciation | |||||
(Depreciation) on Derivatives | |||||
Equity | |||||
Total | Contracts(2) | ||||
International Small Company Portfolio | $7,881 | $7,881 |
(1) Presented on Statements of Operations as Net Realized Gain (Loss) on: Futures. |
(2) Presented on Statements of Operations as Change in Unrealized Appreciation (Depreciation) of: Futures. |
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G. Line of Credit and Interfund Lending Program:
The Fund, together with other Dimensional-advised portfolios, has entered into a $500 million uncommitted, unsecured discretionary line of credit effective April 10, 2019, with its domestic custodian bank. A line of credit with similar terms was in effect through April 10, 2019. Each portfolio is permitted to borrow, subject to its investment limitations, up to a maximum of $500 million, as long as total borrowings under the line of credit do not exceed $500 million in the aggregate. Borrowings under the line of credit are charged interest at rates agreed upon by the parties at the time of borrowing. Each portfolio is individually, and not jointly, liable for its particular advances under the line of credit. There is no commitment fee on the unused portion of the line of credit. The agreement for the discretionary line of credit may be terminated by either party at any time. The agreement for the line of credit expires on April 8, 2020.
The Fund, together with other Dimensional-advised portfolios, has also entered into an additional $700 million unsecured line of credit with its international custodian bank effective January 4, 2019. A line of credit with similar terms was in effect through January 4, 2019. Each portfolio is permitted to borrow, subject to its investment limitations, up to a maximum of $500 million, as long as total borrowings under the line of credit do not exceed $700 million in the aggregate. Each portfolio is individually, and not jointly, liable for its particular advances under the line of credit. Borrowings under the line of credit are charged interest at rates agreed upon by the parties at the time of borrowing. There is no commitment fee on the unused portion of the line of credit. The line of credit agreement expires on January 3, 2020.
For the year ended October 31, 2019, borrowings by the Portfolio under the lines of credit were as follows (amounts in thousands, except percentages and days):
Weighted | Weighted | Number of | Interest | Maximum Amount | Outstanding | ||||||||
Average | Average | Days | Expense | Borrowed During | Borrowings as of | ||||||||
Interest Rate | Loan Balance | Outstanding* | Incurred | the Period | 10/31/2019 | ||||||||
International Small Company Portfolio | 1.58% | 1,004 | 2 | — | 2,008 | — |
* Number of Days Outstanding represents the total of single or consecutive days during the year ended October 31, 2019, that each Portfolio’s available line of credit was used.
Pursuant to an exemptive order issued by the SEC (the “Order”), the Portfolio may participate in an interfund lending program among certain portfolios managed by the Advisor (portfolios that operate as feeder funds do not participate in the program). The program allows the participating portfolios to borrow money from and loan money to each other for temporary or emergency purposes, subject to the conditions in the Order. A loan can only be made through the program if the interfund loan rate on that day is more favorable to both the borrowing and lending portfolios as compared to rates available through short-term bank loans or investments in overnight repurchase agreements and money market funds, respectively, as detailed in the Order. Further, a portfolio may participate in the program only if and to the extent that such participation is consistent with its investment objectives and limitations. Interfund loans have a maximum duration of seven days and may be called on one business day’s notice.
The Portfolio did not use the interfund lending program during the year ended October 31, 2019.
H. Indemnitees; Contractual Obligations:
Under the Fund’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund.
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
I. Recently Issued Accounting Standards:
In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-08 which changes the amortization period for a callable debt security from the maturity date to the earliest call date. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. Management has evaluated the requirements of this update and does not expect any material impact to the Fund’s financial statements.
101
In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurements” (“ASU 2018-13”). This update makes certain removals from, changes to and additions to existing disclosure requirements for fair value measurement. ASU 2018-13 does not change fair value measurements already required or permitted by existing standards. ASU 2018-13 is effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Portfolio’s early adoption of all of the ASU 2018-13 disclosure requirements are reflected within these financial statements prepared as of October 31, 2019.
J. Other:
At October 31, 2019, the following number of shareholders held the following approximate percentages of the Portfolio’s outstanding shares. One or more of the shareholders may be omnibus accounts, which typically hold shares for the benefit of several other underlying investors.
Approximate | |||||
Number of | Percentage of | ||||
Shareholders | Outstanding Shares | ||||
International Small Company Portfolio – Institutional Class Shares | 3 | 65% |
K. Subsequent Event Evaluations:
Management has evaluated the impact of all subsequent events on the Portfolio through the date that the financial statements were issued and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements.
102
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors of DFA Investment Dimensions Group Inc. and
Shareholders of International Small Company Portfolio
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of International Small Company Portfolio (one of the portfolios constituting DFA Investment Dimensions Group Inc., hereafter referred to as the “Portfolio”) as of October 31, 2019, the related statement of operations for the year ended October 31, 2019, the statement of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2019 and the financial highlights for each of the five years in the period ended October 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the broker and the transfer agent of the investee funds. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 20, 2019
We have served as the auditor of one or more investment companies in Dimensional Fund Advisors L.P. investment company group since 1981.
103
Selected Financial Statements of The DFA Investment Trust Company
The Japanese Small Company Series
The Asia Pacific Small Company Series
The United Kingdom Small Company Series
The Continental Small Company Series
The Canadian Small Company Series
TABLE OF CONTENTS
Page | ||
Disclosure of Fund Expenses — October 31, 2019 (Unaudited) | 105 | |
Disclosure of Portfolio Holdings — October 31, 2019 (Unaudited) | 107 | |
Summary Schedules of Portfolio Holdings — December 31, 2019 (Unaudited) | ||
The Japanese Small Company Series | 109 | |
The Asia Pacific Small Company Series | 112 | |
The United Kingdom Small Company Series | 115 | |
The Continental Small Company Series | 118 | |
The Canadian Small Company Series | 122 | |
Summary Schedules of Portfolio Holdings — October 31, 2019 | ||
The Japanese Small Company Series | 126 | |
The Asia Pacific Small Company Series | 129 | |
The United Kingdom Small Company Series | 132 | |
The Continental Small Company Series | 136 | |
The Canadian Small Company Series | 140 | |
Statement of Assets and Liabilities — December 31, 2019 (Unaudited) | 144 | |
Statement of Assets and Liabilities — October 31, 2019 | 145 | |
Statement of Operations — October 31, 2019 | 146 | |
Statement of Changes in Net Assets | 147 | |
Financial Highlights | 149 | |
Notes to Financial Statements — October 31, 2019 | 151 | |
Report of Independent Registered Public Accounting Firm | 161 | |
Fund Management — October 31, 2019 | 162 | |
Voting Proxies on Fund Portfolio Securities | 171 |
104
THE DFA INVESTMENT TRUST COMPANY
DISCLOSURE OF FUND EXPENSES
(Unaudited)
The following Expense Tables are shown so that you can understand the impact of fees on your investment. All mutual funds have operating expenses. As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports, among others. Operating expenses, legal and audit services, which are deducted from a fund’s gross income, directly reduce the investment return of the fund. A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs, in dollars, of investing in the fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The Expense Tables below illustrate your fund’s costs in two ways.
Actual Fund Return
This section helps you to estimate the actual expenses after fee waivers that you paid over the period. The “Ending Account Value” shown is derived from the fund’s actual return and “Expenses Paid During Period” reflect the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, a $7,500 account value divided by $1,000 = 7.5), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”
Hypothetical Example for Comparison Purposes
This section is intended to help you compare your fund’s costs with those of other mutual funds. The hypothetical “Ending Account Value” and “Expenses Paid During Period” are derived from the fund’s actual expense ratio and an assumed 5% annual return before expenses. In this case, because the return used is not the fund’s actual return, the results do not apply to your investment. The example is useful in making comparisons because the SEC requires all mutual funds to calculate expenses based on a 5% annual return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Please note that the expenses shown in the tables are meant to highlight and help you compare ongoing costs only and do not reflect any transactional costs, if applicable. The “Annualized Expense Ratio” represents the actual expenses for the six-month period indicated.
Six Months Ended October 31, 2019
EXPENSE TABLES
Beginning | Ending | Expenses | |||||||||
Account | Account | Annualized | Paid | ||||||||
Value | Value | Expense | During | ||||||||
05/01/19 | 10/31/19 | Ratio* | Period* | ||||||||
The Japanese Small Company Series | |||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,059.70 | 0.12% | $0.62 | |||||
Hypothetical 5% Annual Return | $ | 1,000.00 | $ | 1,024.60 | 0.12% | $0.61 | |||||
The Asia Pacific Small Company Series | |||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 958.90 | 0.13% | $0.64 | |||||
Hypothetical 5% Annual Return | $ | 1,000.00 | $ | 1,024.55 | 0.13% | $0.66 | |||||
The United Kingdom Small Company Series | |||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,010.30 | 0.12% | $0.61 | |||||
Hypothetical 5% Annual Return | $ | 1,000.00 | $ | 1,024.60 | 0.12% | $0.61 |
105
Beginning | Ending | Expenses | |||||||||
Account | Account | Annualized | Paid | ||||||||
Value | Value | Expense | During | ||||||||
05/01/19 | 10/31/19 | Ratio(1) | Period(1) | ||||||||
The Continental Small Company Series | |||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,010.50 | 0.13% | $0.66 | |||||
Hypothetical 5% Annual Return | $ | 1,000.00 | $ | 1,024.55 | 0.13% | $0.66 | |||||
The Canadian Small Company Series | |||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,016.00 | 0.12% | $0.61 | |||||
Hypothetical 5% Annual Return | $ | 1,000.00 | $ | 1,024.60 | 0.12% | $0.61 |
(1) | Expenses are equal to the fund’s annualized expense ratio for the six-month period, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period (184), then divided by the number of days in the year (365) to reflect the six-month period. |
106
THE DFA INVESTMENT TRUST COMPANY
DISCLOSURE OF PORTFOLIO HOLDINGS
(Unaudited)
The SEC requires that all funds file a complete Schedule of Investments with the SEC for their first and third fiscal quarters as an exhibit to their reports on Form N-PORT. For The DFA Investment Trust Company, this would be for the fiscal quarters ending January 31 and July 31. Such Form N-PORT filing must be made within 60 days of the end of the quarter. The DFA Investment Trust Company filed its most recent Form N-PORT with the SEC on September 27 and 30, 2019. They are available upon request, without charge, by calling collect: (512) 306-7400; by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, Texas 78746, or by visiting the SEC’s website at http://www.sec.gov.
SEC regulations permit a fund to include in its reports to shareholders a “Summary Schedule of Portfolio Holdings” in lieu of a full Schedule of Investments. The Summary Schedule of Portfolio Holdings reports the fund’s 50 largest holdings in unaffiliated issuers and any investments that exceed one percent of the fund’s net assets at the end of the reporting period. The regulations also require that the Summary Schedule of Portfolio Holdings identify each category of investments that are held.
A fund is required to file a complete Schedule of Investments with the SEC on Form N-CSR within ten days after mailing the annual and semi-annual reports to shareholders. It will be available upon request, without charge, by calling collect: (512) 306-7400; by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746, or by visiting the SEC’s website at http://www.sec.gov.
PORTFOLIO HOLDINGS
The SEC requires that all funds present their categories of portfolio holdings in a table, chart or graph format in their annual and semi-annual shareholder reports, whether or not a Schedule of Investments is used. The following table, which presents portfolio holdings as a percent of total investments before short-term investments and collateral for loaned securities, is provided in compliance with such requirement. The categories shown below represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.
SERIES | ||||||||||
The Japanese Small Company Series | The Asia Pacific Small Company Series | The United Kingdom Small Company Series | ||||||||
Communication Services | 2.7% | Communication Services | 8.8% | Communication Services | 4.7% | |||||
Consumer Discretionary | 18.4% | Consumer Discretionary | 19.3% | Consumer Discretionary | 21.8% | |||||
Consumer Staples | 7.2% | Consumer Staples | 6.5% | Consumer Staples | 5.2% | |||||
Energy | 1.4% | Energy | 2.4% | Energy | 3.8% | |||||
Financials | 8.3% | Financials | 12.0% | Financials | 13.8% | |||||
Health Care | 4.6% | Health Care | 5.4% | Health Care | 3.2% | |||||
Industrials | 30.5% | Industrials | 13.5% | Industrials | 28.9% | |||||
Information Technology | 13.2% | Information Technology | 8.4% | Information Technology | 6.5% | |||||
Materials | 10.3% | Materials | 13.4% | Materials | 5.6% | |||||
Real Estate | 2.2% | Real Estate | 7.4% | Real Estate | 4.4% | |||||
Utilities | 1.2% | Utilities | 2.9% | Utilities | 2.1% | |||||
100.0% | 100.0% | 100.0% |
107
DISCLOSURE OF PORTFOLIO HOLDINGS | ||||||||||
CONTINUED | ||||||||||
The Continental Small Company Series | The Canadian Small Company Series | |||||||||
Communication Services | 7.0% | Communication Services | 2.3% | |||||||
Consumer Discretionary | 9.6% | Consumer Discretionary | 5.5% | |||||||
Consumer Staples | 4.8% | Consumer Staples | 4.6% | |||||||
Energy | 3.5% | Energy | 14.9% | |||||||
Financials | 13.0% | Financials | 10.6% | |||||||
Health Care | 6.8% | Health Care | 1.8% | |||||||
Industrials | 25.1% | Industrials | 11.5% | |||||||
Information Technology | 10.8% | Information Technology | 4.0% | |||||||
Materials | 7.2% | Materials | 33.2% | |||||||
Real Estate | 7.5% | Real Estate | 4.7% | |||||||
Utilities | 4.7% | Utilities | 6.9% | |||||||
100.0% | 100.0% |
108
THE JAPANESE SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
December 31, 2019
(Unaudited)
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
COMMON STOCKS — (97.7%) | |||||||||
COMMUNICATION SERVICES — (2.7%) | |||||||||
Other Securities | $ | 104,022,407 | 2.7% | ||||||
CONSUMER DISCRETIONARY — (18.0%) | |||||||||
Autobacs Seven Co., Ltd. | 555,300 | 8,745,172 | 0.2% | ||||||
Fujitsu General, Ltd. | 469,100 | 10,527,053 | 0.3% | ||||||
Other Securities | 679,990,473 | 17.8% | |||||||
TOTAL CONSUMER DISCRETIONARY | 699,262,698 | 18.3% | |||||||
CONSUMER STAPLES — (7.1%) | |||||||||
cocokara fine, Inc. | 149,160 | 8,661,596 | 0.2% | ||||||
Milbon Co., Ltd. | 170,552 | 9,670,819 | 0.3% | ||||||
Morinaga Milk Industry Co., Ltd. | 247,900 | 10,107,816 | 0.3% | ||||||
Nippon Suisan Kaisha, Ltd. | 1,522,500 | 9,092,238 | 0.2% | ||||||
Other Securities | 237,283,146 | 6.2% | |||||||
TOTAL CONSUMER STAPLES | 274,815,615 | 7.2% | |||||||
ENERGY — (1.2%) | |||||||||
Iwatani Corp. | 283,400 | 9,637,810 | 0.3% | ||||||
Other Securities | 37,055,359 | 0.9% | |||||||
TOTAL ENERGY | 46,693,169 | 1.2% | |||||||
FINANCIALS — (8.0%) | |||||||||
Fuyo General Lease Co., Ltd. | 147,800 | 9,941,681 | 0.3% | ||||||
Hokuhoku Financial Group, Inc. | 923,400 | 9,678,772 | 0.3% | ||||||
Jafco Co., Ltd. | 241,100 | 9,451,088 | 0.3% | ||||||
Shiga Bank, Ltd. (The) | 332,900 | 8,453,810 | 0.2% | ||||||
Other Securities | 273,691,285 | 7.1% | |||||||
TOTAL FINANCIALS | 311,216,636 | 8.2% | |||||||
HEALTH CARE — (4.5%) | |||||||||
Miraca Holdings, Inc. | 450,300 | 11,029,174 | 0.3% | ||||||
Other Securities | 164,982,849 | 4.3% | |||||||
TOTAL HEALTH CARE | 176,012,023 | 4.6% | |||||||
INDUSTRIALS — (29.6%) | |||||||||
Daiseki Co., Ltd. | 298,863 | 8,598,209 | 0.2% | ||||||
# | DMG Mori Co., Ltd. | 670,800 | 10,263,372 | 0.3% | |||||
Duskin Co., Ltd. | 336,400 | 9,304,227 | 0.3% | ||||||
# | Fuji Corp. | 484,400 | 8,851,573 | 0.2% | |||||
Hazama Ando Corp. | 1,485,000 | 12,914,236 | 0.3% | ||||||
Inaba Denki Sangyo Co., Ltd. | 398,000 | 10,094,454 | 0.3% | ||||||
Kanematsu Corp. | 630,225 | 8,468,268 | 0.2% | ||||||
# * | Kawasaki Kisen Kaisha, Ltd. | 567,500 | 9,578,179 | 0.3% | |||||
Kumagai Gumi Co., Ltd. | 287,100 | 8,732,332 | 0.2% | ||||||
Maeda Corp. | 930,800 | 9,061,648 | 0.2% | ||||||
Meitec Corp. | 209,300 | 11,759,576 | 0.3% | ||||||
# | Mirait Holdings Corp. | 586,235 | 8,859,590 | 0.2% | |||||
Nichias Corp. | 462,800 | 11,724,790 | 0.3% |
109
The Japanese Small Company Series
continued
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
INDUSTRIALS — (Continued) | |||||||||
Nikkon Holdings Co., Ltd. | 385,300 | $ | 9,633,264 | 0.3% | |||||
Nishimatsu Construction Co., Ltd. | 398,600 | 8,968,081 | 0.2% | ||||||
Nisshinbo Holdings, Inc. | 990,480 | 9,424,680 | 0.3% | ||||||
NTN Corp. | 3,034,100 | 9,487,913 | 0.3% | ||||||
# | Outsourcing, Inc. | 822,100 | 8,649,357 | 0.2% | |||||
Penta-Ocean Construction Co., Ltd. | 1,716,400 | 10,625,799 | 0.3% | ||||||
Shinmaywa Industries, Ltd. | 634,100 | 8,600,077 | 0.2% | ||||||
SMS Co., Ltd. | 308,000 | 8,507,243 | 0.2% | ||||||
Ushio, Inc. | 964,600 | 14,303,146 | 0.4% | ||||||
Other Securities | 934,989,002 | 24.5% | |||||||
TOTAL INDUSTRIALS | 1,151,399,016 | 30.2% | |||||||
INFORMATION TECHNOLOGY — (13.0%) | |||||||||
Citizen Watch Co., Ltd. | 1,585,000 | 8,632,057 | 0.2% | ||||||
NSD Co., Ltd. | 566,360 | 9,325,811 | 0.3% | ||||||
Oki Electric Industry Co., Ltd. | 676,100 | 9,402,908 | 0.3% | ||||||
Systena Corp. | 536,700 | 8,716,245 | 0.2% | ||||||
Tokyo Seimitsu Co., Ltd. | 295,500 | 11,473,594 | 0.3% | ||||||
Topcon Corp. | 832,400 | 10,758,791 | 0.3% | ||||||
Other Securities | 447,080,603 | 11.7% | |||||||
TOTAL INFORMATION TECHNOLOGY | 505,390,009 | 13.3% | |||||||
MATERIALS — (10.2%) | |||||||||
ADEKA Corp. | 658,100 | 9,914,330 | 0.3% | ||||||
# | Kobe Steel, Ltd. | 1,761,200 | 9,436,777 | 0.3% | |||||
Mitsui Mining & Smelting Co., Ltd. | 460,600 | 12,214,894 | 0.3% | ||||||
Nippon Light Metal Holdings Co., Ltd. | 4,505,300 | 9,683,641 | 0.3% | ||||||
Sumitomo Osaka Cement Co., Ltd. | 238,699 | 10,397,291 | 0.3% | ||||||
Toagosei Co., Ltd. | 864,100 | 9,962,280 | 0.3% | ||||||
Tokuyama Corp. | 414,298 | 10,780,506 | 0.3% | ||||||
Tokyo Ohka Kogyo Co., Ltd. | 232,600 | 9,075,014 | 0.2% | ||||||
Toyobo Co., Ltd. | 685,700 | 10,412,987 | 0.3% | ||||||
Other Securities | 303,851,710 | 7.8% | |||||||
TOTAL MATERIALS | 395,729,430 | 10.4% | |||||||
REAL ESTATE — (2.2%) | |||||||||
Unizo Holdings Co., Ltd. | 211,100 | 9,912,559 | 0.3% | ||||||
Other Securities | 73,374,798 | 1.9% | |||||||
TOTAL REAL ESTATE | 83,287,357 | 2.2% | |||||||
UTILITIES — (1.2%) | |||||||||
Other Securities | 48,249,203 | 1.3% | |||||||
TOTAL COMMON STOCKS | |||||||||
(Cost $3,241,036,667) | 3,796,077,563 | 99.6% |
110
The Japanese Small Company Series
continued
Percentage | |||||||||
Shares | Value† | of Net Assets‡ | |||||||
SECURITIES LENDING COLLATERAL — (2.3%) | |||||||||
@ § | The DFA Short Term Investment Fund | 7,630,239 | $ | 88,289,498 | 2.3% | ||||
TOTAL INVESTMENTS—(100.0%) | |||||||||
(Cost $3,329,317,612) | $ | 3,884,367,061 | 101.9% |
^ | The cost for federal income tax purposes is $3,329,317,612 |
Summary of the Series’ investments as of December 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 | |||||||||
Common Stocks | ||||||||||||
Communication Services | — | $ | 104,022,407 | — | $ | 104,022,407 | ||||||
Consumer Discretionary | $ | 2,922,203 | 696,340,495 | — | 699,262,698 | |||||||
Consumer Staples | — | 274,815,615 | — | 274,815,615 | ||||||||
Energy | — | 46,693,169 | — | 46,693,169 | ||||||||
Financials | — | 311,216,636 | — | 311,216,636 | ||||||||
Health Care | — | 176,012,023 | — | 176,012,023 | ||||||||
Industrials | — | 1,151,399,016 | — | 1,151,399,016 | ||||||||
Information Technology | — | 505,390,009 | — | 505,390,009 | ||||||||
Materials | — | 395,729,430 | — | 395,729,430 | ||||||||
Real Estate | — | 83,287,357 | — | 83,287,357 | ||||||||
Utilities | — | 48,249,203 | — | 48,249,203 | ||||||||
Securities Lending Collateral | — | 88,289,498 | — | 88,289,498 | ||||||||
TOTAL | $ | 2,922,203 | $ | 3,881,444,858 | — | $ | 3,884,367,061 |
See accompanying Notes to Financial Statements.
111
THE ASIA PACIFIC SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
December 31, 2019
(Unaudited)
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
COMMON STOCKS — (96.0%) | |||||||||
AUSTRALIA — (51.0%) | |||||||||
ALS, Ltd. | 1,365,117 | $ | 8,789,167 | 0.5% | |||||
Altium, Ltd. | 420,941 | 10,256,720 | 0.6% | ||||||
Ansell, Ltd. | 840,210 | 17,109,111 | 1.0% | ||||||
# | Bapcor, Ltd. | 1,866,075 | 8,387,000 | 0.5% | |||||
Breville Group, Ltd. | 788,368 | 9,669,422 | 0.6% | ||||||
carsales.com, Ltd. | 1,530,363 | 17,846,753 | 1.1% | ||||||
Cleanaway Waste Management, Ltd. | 10,799,966 | 15,243,211 | 0.9% | ||||||
# | Credit Corp. Group, Ltd. | 531,516 | 11,509,252 | 0.7% | |||||
CSR, Ltd. | 3,828,183 | 12,238,962 | 0.7% | ||||||
* | GrainCorp, Ltd., Class A | 1,527,548 | 8,129,445 | 0.5% | |||||
Independence Group NL | 3,070,006 | 13,458,554 | 0.8% | ||||||
# | InvoCare, Ltd. | 1,006,913 | 9,320,600 | 0.6% | |||||
# | IOOF Holdings, Ltd. | 2,149,859 | 11,856,860 | 0.7% | |||||
IRESS, Ltd. | 1,132,562 | 10,350,884 | 0.6% | ||||||
# | JB Hi-Fi, Ltd. | 800,010 | 21,173,092 | 1.3% | |||||
* | Lynas Corp., Ltd. | 5,278,373 | 8,619,051 | 0.5% | |||||
# | Metcash, Ltd. | 7,124,101 | 12,839,789 | 0.8% | |||||
# | Mineral Resources, Ltd. | 1,210,928 | 14,043,294 | 0.8% | |||||
#* | NEXTDC, Ltd. | 2,176,341 | 10,055,084 | 0.6% | |||||
nib holdings, Ltd. | 3,261,361 | 14,361,476 | 0.9% | ||||||
Nine Entertainment Co. Holdings, Ltd. | 10,839,029 | 13,624,170 | 0.8% | ||||||
#* | Nufarm, Ltd. | 2,065,056 | 8,403,366 | 0.5% | |||||
Orora, Ltd. | 7,394,816 | 16,483,890 | 1.0% | ||||||
OZ Minerals, Ltd. | 2,185,193 | 16,216,401 | 1.0% | ||||||
Pendal Group, Ltd. | 1,860,191 | 11,216,609 | 0.7% | ||||||
# | Perpetual, Ltd. | 372,743 | 10,764,464 | 0.6% | |||||
Premier Investments, Ltd. | 786,850 | 10,358,052 | 0.6% | ||||||
Regis Resources, Ltd. | 3,099,309 | 9,377,789 | 0.6% | ||||||
#* | Resolute Mining, Ltd. | 9,592,905 | 8,441,380 | 0.5% | |||||
* | Saracen Mineral Holdings, Ltd. | 7,420,230 | 17,207,920 | 1.0% | |||||
Sims Metal Management, Ltd. | 1,121,268 | 8,393,714 | 0.5% | ||||||
Spark Infrastructure Group | 9,664,927 | 14,168,687 | 0.8% | ||||||
St Barbara, Ltd. | 5,006,626 | 9,512,294 | 0.6% | ||||||
Steadfast Group, Ltd. | 5,683,479 | 13,883,491 | 0.8% | ||||||
Technology One, Ltd. | 1,748,272 | 10,159,366 | 0.6% | ||||||
* | Vocus Group, Ltd. | 4,546,270 | 9,120,698 | 0.5% | |||||
Other Securities | 449,110,026 | 26.6% | |||||||
TOTAL AUSTRALIA | 881,700,044 | 52.4% | |||||||
CHINA — (0.1%) | |||||||||
Other Securities | 738,110 | 0.0% | |||||||
HONG KONG — (24.1%) | |||||||||
# | Luk Fook Holdings International, Ltd. | 3,902,000 | 11,260,448 | 0.7% | |||||
Man Wah Holdings, Ltd. | 15,887,200 | 11,318,228 | 0.7% | ||||||
# | Samsonite International SA | 3,901,500 | 9,384,130 | 0.6% | |||||
VTech Holdings, Ltd. | 1,438,200 | 14,213,833 | 0.9% | ||||||
Other Securities | 371,366,472 | 21.9% | |||||||
TOTAL HONG KONG | 417,543,111 | 24.8% |
112
The Asia Pacific Small Company Series
continued
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
NEW ZEALAND — (6.6%) | |||||||||
# | Chorus, Ltd. | 3,219,258 | $ | 13,393,427 | 0.8% | ||||
Infratil, Ltd. | 4,439,775 | 15,070,251 | 0.9% | ||||||
Mainfreight, Ltd. | 370,944 | 10,618,393 | 0.6% | ||||||
SKYCITY Entertainment Group, Ltd. | 4,698,726 | 12,565,277 | 0.8% | ||||||
Other Securities | 62,819,566 | 3.7% | |||||||
TOTAL NEW ZEALAND | 114,466,914 | 6.8% | |||||||
SINGAPORE — (14.2%) | |||||||||
# | First Resources, Ltd. | 5,941,700 | 8,393,999 | 0.5% | |||||
Sembcorp Industries, Ltd. | 7,106,600 | 12,102,509 | 0.7% | ||||||
# | Singapore Post, Ltd. | 13,246,100 | 9,211,139 | 0.5% | |||||
# | Singapore Press Holdings, Ltd. | 7,633,400 | 12,365,325 | 0.7% | |||||
Venture Corp., Ltd. | 1,271,900 | 15,343,900 | 0.9% | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 23,215,200 | 19,351,426 | 1.2% | ||||||
Other Securities | 169,151,573 | 10.1% | |||||||
TOTAL SINGAPORE | 245,919,871 | 14.6% | |||||||
UNITED STATES — (0.0%) | |||||||||
Other Security | 557,612 | 0.0% | |||||||
TOTAL COMMON STOCKS | 1,660,925,662 | 98.6% | |||||||
RIGHTS/WARRANTS — (0.0%) | |||||||||
Other Securities | 3,607 | 0.0% | |||||||
TOTAL INVESTMENT SECURITIES (Cost $1,684,937,013) | 1,660,929,269 | ||||||||
Value† | |||||||||
SECURITIES LENDING COLLATERAL — (4.0%) | |||||||||
@§ | The DFA Short Term Investment Fund | 6,051,389 | 70,020,627 | 4.2% | |||||
TOTAL INVESTMENTS—(100.0%) (Cost $1,754,952,675) | $ | 1,730,949,896 | 102.8% |
^ | The cost for federal income tax purposes is $1,754,952,675. |
As of December 31, 2019, The Asia Pacific Small Company Series had entered into the following outstanding futures contracts:
Unrealized | ||||||||||||||
Number | Expiration | Notional | Market | Appreciation | ||||||||||
Description | of Contracts | Date | Value | Value | (Depreciation) | |||||||||
Long Position Contracts: | ||||||||||||||
S&P 500®Emini Index | 115 | 03/20/20 | $ | 18,553,700 | $ | 18,578,825 | $ | 25,125 | ||||||
Total Futures Contracts | $ | 18,553,700 | $ | 18,578,825 | $ | 25,125 |
113
The Asia Pacific Small Company Series
continued
Summary of the Series’ investments as of December 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 | ||||||||||
Common Stocks | |||||||||||||
Australia | $ | 377,924 | $ | 881,322,120 | — | $ | 881,700,044 | ||||||
China | — | 738,110 | — | 738,110 | |||||||||
Hong Kong | 23,921 | 417,519,190 | — | 417,543,111 | |||||||||
New Zealand | — | 114,466,914 | — | 114,466,914 | |||||||||
Singapore | — | 245,919,871 | — | 245,919,871 | |||||||||
United States | 557,612 | — | — | 557,612 | |||||||||
Rights/Warrants | |||||||||||||
Australia | — | 3 | — | 3 | |||||||||
Singapore | — | 3,604 | — | 3,604 | |||||||||
Securities Lending Collateral | — | 70,020,627 | — | 70,020,627 | |||||||||
Futures Contracts** | 25,125 | — | — | 25,125 | |||||||||
TOTAL | $ | 984,582 | $ | 1,729,990,439 | — | $ | 1,730,975,021 |
** | Valued at the unrealized appreciation/(depreciation) on the investment. |
See accompanying Notes to Financial Statements.
114
THE UNITED KINGDOM SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
December 31, 2019
(Unaudited)
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
COMMON STOCKS — (99.0%) | |||||||||
COMMUNICATION SERVICES — (2.7%) | |||||||||
Other Securities | $ | 65,630,584 | 2.7% | ||||||
CONSUMER DISCRETIONARY — (20.3%) | |||||||||
B&M European Value Retail SA | 4,071,072 | 22,090,475 | 0.9% | ||||||
Bellway P.L.C. | 582,195 | 29,384,893 | 1.2% | ||||||
* | Boohoo Group P.L.C. | 4,547,586 | 17,959,478 | 0.8% | |||||
Bovis Homes Group P.L.C. | 1,149,166 | 20,665,464 | 0.9% | ||||||
Games Workshop Group P.L.C. | 225,968 | 18,256,849 | 0.8% | ||||||
Greggs P.L.C. | 708,806 | 21,620,265 | 0.9% | ||||||
Inchcape P.L.C | 2,900,376 | 27,135,386 | 1.1% | ||||||
Redrow P.L.C. | 1,727,378 | 17,049,709 | 0.7% | ||||||
SSP Group P.L.C. | 3,025,801 | 26,050,297 | 1.1% | ||||||
WH Smith P.L.C. | 751,843 | 25,911,345 | 1.1% | ||||||
Other Securities | 259,917,462 | 10.8% | |||||||
TOTAL CONSUMER DISCRETIONARY | 486,041,623 | 20.3% | |||||||
CONSUMER STAPLES — (5.3%) | |||||||||
Britvic P.L.C. | 1,797,722 | 21,544,977 | 0.9% | ||||||
Cranswick P.L.C. | 375,566 | 16,859,601 | 0.7% | ||||||
Fevertree Drinks P.L.C. | 623,396 | 17,263,526 | 0.7% | ||||||
Tate & Lyle P.L.C. | 3,293,684 | 33,186,602 | 1.4% | ||||||
Other Securities | 36,751,901 | 1.6% | |||||||
TOTAL CONSUMER STAPLES | 125,606,607 | 5.3% | |||||||
ENERGY — (3.2%) | |||||||||
John Wood Group P.L.C. | 3,682,638 | 19,531,636 | 0.8% | ||||||
Other Securities | 56,832,740 | 2.4% | |||||||
TOTAL ENERGY | 76,364,376 | 3.2% | |||||||
FINANCIALS — (14.2%) | |||||||||
# | Ashmore Group P.L.C. | 2,429,174 | 16,663,131 | 0.7% | |||||
Beazley P.L.C. | 3,060,183 | 22,516,237 | 0.9% | ||||||
Close Brothers Group P.L.C. | 1,047,363 | 22,183,165 | 0.9% | ||||||
IG Group Holdings P.L.C. | 2,577,389 | 23,712,057 | 1.0% | ||||||
Intermediate Capital Group P.L.C. | 1,527,197 | 32,573,486 | 1.4% | ||||||
Man Group P.L.C. | 10,728,537 | 22,469,382 | 0.9% | ||||||
Quilter P.L.C. | 9,786,100 | 20,892,862 | 0.9% | ||||||
TP ICAP P.L.C. | 3,741,156 | 20,281,823 | 0.9% | ||||||
Other Securities | 157,944,305 | 6.6% | |||||||
TOTAL FINANCIALS | 339,236,448 | 14.2% | |||||||
HEALTH CARE — (3.2%) | |||||||||
ConvaTec Group P.L.C. | 7,675,233 | 20,199,137 | 0.8% | ||||||
Other Securities | 56,256,305 | 2.4% | |||||||
TOTAL HEALTH CARE | 76,455,442 | 3.2% | |||||||
INDUSTRIALS — (30.4%) | |||||||||
Aggreko P.L.C. | 1,667,624 | 18,415,405 | 0.8% | ||||||
Babcock International Group P.L.C. | 3,358,269 | 28,024,563 | 1.2% | ||||||
Balfour Beatty P.L.C. | 4,769,544 | 16,530,758 | 0.7% |
115
The United Kingdom Small Company Series
continued
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
INDUSTRIALS — (Continued) | |||||||||
Bodycote P.L.C. | 1,369,401 | $ | 17,226,738 | 0.7% | |||||
Cobham P.L.C. | 16,545,169 | 35,983,259 | 1.5% | ||||||
Diploma P.L.C. | 1,445,946 | 21,866,755 | 0.9% | ||||||
G4S P.L.C. | 10,279,435 | 29,726,684 | 1.2% | ||||||
Grafton Group P.L.C. | 1,630,690 | 18,750,765 | 0.8% | ||||||
Hays P.L.C. | 10,009,978 | 24,074,253 | 1.0% | ||||||
HomeServe P.L.C. | 1,447,715 | 24,248,559 | 1.0% | ||||||
Howden Joinery Group P.L.C. | 4,421,129 | 39,388,939 | 1.6% | ||||||
IMI P.L.C. | 1,918,201 | 29,975,627 | 1.3% | ||||||
National Express Group P.L.C. | 3,186,456 | 19,860,318 | 0.8% | ||||||
QinetiQ Group P.L.C. | 3,964,771 | 18,765,431 | 0.8% | ||||||
Rotork P.L.C. | 5,894,982 | 26,205,010 | 1.1% | ||||||
Signature Aviation PLC | 5,841,254 | 24,557,246 | 1.0% | ||||||
Travis Perkins P.L.C. | 1,638,423 | 34,801,830 | 1.5% | ||||||
Ultra Electronics Holdings P.L.C. | 623,121 | 17,464,520 | 0.7% | ||||||
Other Securities | 281,297,216 | 11.7% | |||||||
TOTAL INDUSTRIALS | 727,163,876 | 30.3% | |||||||
INFORMATION TECHNOLOGY — (6.8%) | |||||||||
Electrocomponents P.L.C. | 3,109,851 | 27,970,262 | 1.2% | ||||||
Spectris P.L.C. | 796,033 | 30,677,230 | 1.3% | ||||||
Other Securities | 104,121,943 | 4.3% | |||||||
TOTAL INFORMATION TECHNOLOGY | 162,769,435 | 6.8% | |||||||
MATERIALS — (6.0%) | |||||||||
Victrex P.L.C. | 607,408 | 20,080,144 | 0.8% | ||||||
Other Securities | 122,126,779 | 5.1% | |||||||
TOTAL MATERIALS | 142,206,923 | 5.9% | |||||||
REAL ESTATE — (4.8%) | |||||||||
Capital & Counties Properties P.L.C. | 5,048,587 | 17,493,793 | 0.7% | ||||||
Grainger P.L.C. | 4,445,647 | 18,422,466 | 0.8% | ||||||
IWG P.L.C. | 4,427,345 | 25,639,813 | 1.1% | ||||||
St. Modwen Properties P.L.C. | 2,796,659 | 18,386,757 | 0.8% | ||||||
Other Securities | 35,497,772 | 1.4% | |||||||
TOTAL REAL ESTATE | 115,440,601 | 4.8% | |||||||
UTILITIES — (2.1%) | |||||||||
Pennon Group P.L.C. | 2,487,313 | 33,737,149 | 1.4% | ||||||
Other Securities | 17,351,494 | 0.7% | |||||||
TOTAL UTILITIES | 51,088,643 | 2.1% | |||||||
TOTAL COMMON STOCKS (Cost $1,976,035,559) | 2,368,004,558 | 98.8% | |||||||
Value† | |||||||||
SECURITIES LENDING COLLATERAL — (1.0%) | |||||||||
@§ | The DFA Short Term Investment Fund | 1,963,455 | 22,719,136 | 0.9% | |||||
TOTAL INVESTMENTS—(100.0%) (Cost $1,998,752,460) | $ | 2,390,723,694 | 99.7% |
^ |
| The cost for federal income tax purposes is $1,998,752,460. |
116
The United Kingdom Small Company Series
continued
Summary of the Series’ investments as of December 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 | ||||||||
Common Stocks | |||||||||||
Communication Services | — | $ | 65,630,584 | — | $ | 65,630,584 | |||||
Consumer Discretionary | — | 486,041,623 | — | 486,041,623 | |||||||
Consumer Staples | — | 125,606,607 | — | 125,606,607 | |||||||
Energy | — | 76,364,376 | — | 76,364,376 | |||||||
Financials | — | 339,236,448 | — | 339,236,448 | |||||||
Health Care | — | 76,455,442 | — | 76,455,442 | |||||||
Industrials | — | 727,163,876 | — | 727,163,876 | |||||||
Information Technology | — | 162,769,435 | — | 162,769,435 | |||||||
Materials | — | 142,206,923 | — | 142,206,923 | |||||||
Real Estate | — | 115,440,601 | — | 115,440,601 | |||||||
Utilities | — | 51,088,643 | — | 51,088,643 | |||||||
Securities Lending Collateral | — | 22,719,136 | — | 22,719,136 | |||||||
TOTAL | — | $ | 2,390,723,694 | — | $ | 2,390,723,694 |
See accompanying Notes to Financial Statements.
117
THE CONTINENTAL SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
December 31, 2019
(Unaudited)
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
COMMON STOCKS — (92.8%) | |||||||||
AUSTRIA — (3.1%) | |||||||||
# | ANDRITZ AG | 510,397 | $ | 21,942,086 | 0.4% | ||||
Other Securities | 176,231,883 | 2.9% | |||||||
TOTAL AUSTRIA | 198,173,969 | 3.3% | |||||||
BELGIUM — (4.0%) | |||||||||
Ackermans & van Haaren NV | 170,969 | 26,807,439 | 0.5% | ||||||
Other Securities | 226,085,725 | 3.8% | |||||||
TOTAL BELGIUM | 252,893,164 | 4.3% | |||||||
DENMARK — (4.7%) | |||||||||
Royal Unibrew A.S. | 362,160 | 33,173,405 | 0.6% | ||||||
SimCorp A.S. | 292,294 | 33,256,791 | 0.6% | ||||||
Topdanmark A.S. | 467,367 | 23,037,508 | 0.4% | ||||||
Other Securities | 207,619,527 | 3.4% | |||||||
TOTAL DENMARK | 297,087,231 | 5.0% | |||||||
FINLAND — (5.6%) | |||||||||
Huhtamaki Oyj | 765,266 | 35,531,377 | 0.6% | ||||||
Kesko Oyj, Class B | 421,805 | 29,857,017 | 0.5% | ||||||
Metso Oyj | 667,333 | 26,363,023 | 0.4% | ||||||
Nokian Renkaat Oyj | 883,124 | 25,400,303 | 0.4% | ||||||
# | Orion Oyj, Class B | 748,676 | 34,672,406 | 0.6% | |||||
# | Valmet Oyj | 947,069 | 22,710,620 | 0.4% | |||||
Other Securities | 182,216,388 | 3.1% | |||||||
TOTAL FINLAND | 356,751,134 | 6.0% | |||||||
FRANCE — (10.7%) | |||||||||
Altran Technologies SA | 1,693,540 | 26,983,283 | 0.5% | ||||||
Elis SA | 1,112,804 | 23,145,223 | 0.4% | ||||||
Euronext NV | 373,020 | 30,490,613 | 0.5% | ||||||
Ingenico Group SA | 410,246 | 44,625,854 | 0.8% | ||||||
Rexel SA | 2,301,645 | 30,613,455 | 0.5% | ||||||
Rubis SCA | 608,177 | 37,424,755 | 0.6% | ||||||
Other Securities | 480,594,016 | 8.1% | |||||||
TOTAL FRANCE | 673,877,199 | 11.4% | |||||||
GERMANY — (15.5%) | |||||||||
# | Bechtle AG | 219,385 | 30,632,702 | 0.5% | |||||
CTS Eventim AG & Co. KGaA | 442,453 | 27,760,979 | 0.5% | ||||||
* | Dialog Semiconductor P.L.C. | 601,965 | 30,572,120 | 0.5% | |||||
Freenet AG | 970,933 | 22,233,530 | 0.4% | ||||||
# | GEA Group AG | 890,332 | 29,469,537 | 0.5% | |||||
Hugo Boss AG | 488,688 | 23,654,506 | 0.4% | ||||||
Lanxess AG | 628,306 | 42,186,541 | 0.7% | ||||||
Nemetschek SE | 355,407 | 23,413,666 | 0.4% | ||||||
OSRAM Licht AG | 602,174 | 29,943,673 | 0.5% | ||||||
Rheinmetall AG | 335,274 | 38,443,183 | 0.7% |
118
The Continental Small Company Series
continued
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
GERMANY — (Continued) | |||||||||
TAG Immobilien AG | 1,004,621 | $ | 24,950,432 | 0.4% | |||||
TLG Immobilien AG | 722,981 | 23,001,109 | 0.4% | ||||||
Other Securities | 634,216,828 | 10.6% | |||||||
TOTAL GERMANY | 980,478,806 | 16.5% | |||||||
IRELAND — (0.6%) | |||||||||
Other Securities | 38,693,640 | 0.7% | |||||||
ISRAEL — (2.9%) | |||||||||
Other Securities | 184,163,068 | 3.1% | |||||||
ITALY — (9.8%) | |||||||||
#* | Banco BPM SpA | 11,213,677 | 25,522,063 | 0.4% | |||||
Hera SpA | 6,212,281 | 27,210,016 | 0.5% | ||||||
Italgas SpA | 3,697,613 | 22,606,084 | 0.4% | ||||||
#* | Saipem SpA | 4,752,726 | 23,244,218 | 0.4% | |||||
# | Unione di Banche Italiane SpA | 7,195,705 | 23,521,722 | 0.4% | |||||
Other Securities | 499,801,101 | 8.4% | |||||||
TOTAL ITALY | 621,905,204 | 10.5% | |||||||
NETHERLANDS — (6.7%) | |||||||||
Aalberts NV | 723,006 | 32,540,937 | 0.6% | ||||||
* | Altice Europe NV | 4,683,910 | 30,330,658 | 0.5% | |||||
ASM International NV | 317,039 | 35,784,959 | 0.6% | ||||||
ASR Nederland NV | 738,879 | 27,689,844 | 0.5% | ||||||
BE Semiconductor Industries NV | 577,528 | 22,421,396 | 0.4% | ||||||
IMCD NV | 357,089 | 31,265,651 | 0.5% | ||||||
SBM Offshore NV | 1,334,375 | 24,930,141 | 0.4% | ||||||
Signify NV | 743,551 | 23,272,239 | 0.4% | ||||||
#* | Takeaway.com NV | 233,901 | 21,620,937 | 0.4% | |||||
Other Securities | 172,561,750 | 2.8% | |||||||
TOTAL NETHERLANDS | 422,418,512 | 7.1% | |||||||
NORWAY — (2.5%) | |||||||||
Other Securities | 156,392,115 | 2.6% | |||||||
PORTUGAL — (1.0%) | |||||||||
Other Securities | 62,191,594 | 1.1% | |||||||
SPAIN — (6.2%) | |||||||||
Cellnex Telecom SA | 666,257 | 28,739,399 | 0.5% | ||||||
# | Enagas SA | 1,053,434 | 26,907,019 | 0.5% | |||||
Other Securities | 334,067,347 | 5.6% | |||||||
TOTAL SPAIN | 389,713,765 | 6.6% | |||||||
SWEDEN — (7.7%) | |||||||||
Other Securities | 485,997,902 | 8.2% |
119
The Continental Small Company Series
continued
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
SWITZERLAND — (11.8%) | |||||||||
# | Belimo Holding AG | 3,005 | $ | 22,641,803 | 0.4% | ||||
Georg Fischer AG | 30,391 | 30,817,226 | 0.5% | ||||||
Helvetia Holding AG | 216,663 | 30,603,441 | 0.5% | ||||||
PSP Swiss Property AG | 325,433 | 44,934,028 | 0.8% | ||||||
VAT Group AG | 199,273 | 33,618,705 | 0.6% | ||||||
Other Securities | 581,004,361 | 9.8% | |||||||
TOTAL SWITZERLAND | 743,619,564 | 12.6% | |||||||
UNITED KINGDOM — (0.0%) | |||||||||
Other Security | 685,632 | 0.0% | |||||||
TOTAL COMMON STOCKS | 5,865,042,499 | 99.0% | |||||||
PREFERRED STOCKS — (0.6%) | |||||||||
GERMANY — (0.6%) | |||||||||
Other Securities | 37,289,417 | 0.6% | |||||||
RIGHTS/WARRANTS — (0.0%) | |||||||||
Other Securities | 334,072 | 0.0% | |||||||
TOTAL INVESTMENT SECURITIES | |||||||||
(Cost $4,862,298,531) | 5,902,665,988 | ||||||||
Value† | |||||||||
SECURITIES LENDING COLLATERAL — (6.6%) | |||||||||
@§ | The DFA Short Term Investment Fund | 36,118,928 | 417,932,116 | 7.0% | |||||
TOTAL INVESTMENTS—(100.0%) | |||||||||
(Cost $5,280,179,896) | $ | 6,320,598,104 | 106.6% |
^ | The cost for federal income tax purposes is $5,280,179,896. |
120
The Continental Small Company Series
continued
Summary of the Series’ investments as of December 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 | |||||||||
Common Stocks | ||||||||||||
Austria | — | $ | 198,173,969 | — | $ | 198,173,969 | ||||||
Belgium | $ | 10,691,067 | 242,202,097 | — | 252,893,164 | |||||||
Denmark | — | 297,087,231 | — | 297,087,231 | ||||||||
Finland | — | 356,751,134 | — | 356,751,134 | ||||||||
France | — | 673,877,199 | — | 673,877,199 | ||||||||
Germany | 1,241,992 | 979,236,814 | — | 980,478,806 | ||||||||
Ireland | — | 38,693,640 | — | 38,693,640 | ||||||||
Israel | 566,272 | 183,596,796 | — | 184,163,068 | ||||||||
Italy | 2,705,578 | 619,199,626 | — | 621,905,204 | ||||||||
Netherlands | — | 422,418,512 | — | 422,418,512 | ||||||||
Norway | — | 156,392,115 | — | 156,392,115 | ||||||||
Portugal | — | 62,191,594 | — | 62,191,594 | ||||||||
Spain | — | 389,713,765 | — | 389,713,765 | ||||||||
Sweden | — | 485,997,902 | — | 485,997,902 | ||||||||
Switzerland | — | 743,619,564 | — | 743,619,564 | ||||||||
United Kingdom | — | 685,632 | — | 685,632 | ||||||||
Preferred Stocks | ||||||||||||
Germany | — | 37,289,417 | — | 37,289,417 | ||||||||
Rights/Warrants | ||||||||||||
Norway | — | 7,804 | — | 7,804 | ||||||||
Spain | — | 325,083 | — | 325,083 | ||||||||
Sweden | — | 1,185 | — | 1,185 | ||||||||
Securities Lending Collateral | — | 417,932,116 | — | 417,932,116 | ||||||||
TOTAL | $ | 15,204,909 | $ | 6,305,393,195 | — | $ | 6,320,598,104 |
See accompanying Notes to Financial Statements.
121
THE CANADIAN SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
December 31, 2019
(Unaudited)
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
COMMON STOCKS — (86.5%) | |||||||||
COMMUNICATION SERVICES — (2.1%) | |||||||||
# | Cineplex, Inc. | 388,838 | $ | 10,136,049 | 0.8% | ||||
Other Securities | 19,865,948 | 1.6% | |||||||
TOTAL COMMUNICATION SERVICES | 30,001,997 | 2.4% | |||||||
CONSUMER DISCRETIONARY — (4.7%) | |||||||||
* | Great Canadian Gaming Corp. | 412,684 | 13,678,271 | 1.1% | |||||
Linamar Corp. | 317,583 | 12,015,596 | 1.0% | ||||||
Other Securities | 42,128,598 | 3.3% | |||||||
TOTAL CONSUMER DISCRETIONARY | 67,822,465 | 5.4% | |||||||
CONSUMER STAPLES — (3.8%) | |||||||||
Cott Corp. | 96,682 | 1,322,610 | 0.1% | ||||||
Cott Corp. | 902,170 | 12,324,898 | 1.0% | ||||||
# | Premium Brands Holdings Corp. | 180,719 | 12,658,889 | 1.0% | |||||
Other Securities | 28,069,206 | 2.2% | |||||||
TOTAL CONSUMER STAPLES | 54,375,603 | 4.3% | |||||||
ENERGY — (14.7%) | |||||||||
# | ARC Resources, Ltd. | 1,607,614 | 10,126,897 | 0.8% | |||||
Crescent Point Energy Corp. | 2,146,838 | 9,572,363 | 0.8% | ||||||
Enerplus Corp. | 1,541,818 | 10,982,878 | 0.9% | ||||||
# | Gibson Energy, Inc. | 837,646 | 17,152,214 | 1.4% | |||||
* | Parex Resources, Inc. | 1,002,298 | 18,640,404 | 1.5% | |||||
# | Whitecap Resources, Inc. | 2,757,376 | 11,785,019 | 0.9% | |||||
Other Securities | 134,293,624 | 10.7% | |||||||
TOTAL ENERGY | 212,553,399 | 17.0% | |||||||
FINANCIALS — (8.7%) | |||||||||
# | Canadian Western Bank | 636,331 | 15,627,119 | 1.2% | |||||
ECN Capital Corp. | 2,426,362 | 8,950,194 | 0.7% | ||||||
Element Fleet Management Corp. | 2,322,226 | 19,832,495 | 1.6% | ||||||
# | Genworth MI Canada, Inc. | 277,680 | 12,150,304 | 1.0% | |||||
#* | Home Capital Group, Inc. | 528,870 | 13,423,861 | 1.1% | |||||
# | Laurentian Bank of Canada | 315,090 | 10,780,832 | 0.9% | |||||
Other Securities | 44,465,648 | 3.5% | |||||||
TOTAL FINANCIALS | 125,230,453 | 10.0% | |||||||
HEALTH CARE — (1.3%) | |||||||||
Other Securities | 19,019,766 | 1.5% | |||||||
INDUSTRIALS — (9.9%) | |||||||||
#* | ATS Automation Tooling Systems, Inc. | 544,399 | 8,984,229 | 0.7% | |||||
# | Morneau Shepell, Inc. | 342,711 | 8,917,797 | 0.7% | |||||
# | Stantec, Inc. | 615,390 | 17,392,332 | 1.4% | |||||
TFI International, Inc. | 543,589 | 18,322,660 | 1.5% | ||||||
Other Securities | 88,601,989 | 7.0% | |||||||
TOTAL INDUSTRIALS | 142,219,007 | 11.3% |
122
The Canadian Small Company Series
continued
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
INFORMATION TECHNOLOGY — (3.5%) | |||||||||
* | Descartes Systems Group, Inc. (The) | 259,820 | $ | 11,104,701 | 0.9% | ||||
Enghouse Systems, Ltd. | 251,614 | 9,335,615 | 0.8% | ||||||
* | Kinaxis, Inc. | 136,174 | 10,488,717 | 0.8% | |||||
Other Securities | 19,567,710 | 1.5% | |||||||
TOTAL INFORMATION TECHNOLOGY | 50,496,743 | 4.0% | |||||||
MATERIALS — (28.4%) | |||||||||
* | Alacer Gold Corp. | 2,162,988 | 11,493,294 | 0.9% | |||||
Alamos Gold, Inc., Class A | 2,897,498 | 17,471,338 | 1.4% | ||||||
B2Gold Corp. | 5,115,388 | 20,523,793 | 1.6% | ||||||
* | Centerra Gold, Inc. | 1,661,044 | 13,213,651 | 1.1% | |||||
* | Detour Gold Corp. | 1,259,316 | 24,380,428 | 2.0% | |||||
#* | Eldorado Gold Corp. | 1,125,514 | 9,040,167 | 0.7% | |||||
#* | Endeavour Mining Corp. | 495,656 | 9,363,084 | 0.8% | |||||
#* | First Majestic Silver Corp. | 952,031 | 11,679,071 | 0.9% | |||||
* | IAMGOLD Corp. | 3,307,246 | 12,352,349 | 1.0% | |||||
* | Ivanhoe Mines, Ltd., Class A | 3,717,728 | 12,167,682 | 1.0% | |||||
Osisko Gold Royalties, Ltd. | 934,945 | 9,086,298 | 0.7% | ||||||
Pan American Silver Corp. | 1,366,489 | 32,369,334 | 2.6% | ||||||
#* | Pretium Resources, Inc. | 293,903 | 3,271,140 | 0.3% | |||||
* | Pretium Resources, Inc. | 782,788 | 8,710,706 | 0.7% | |||||
#* | Sandstorm Gold, Ltd. | 1,253,777 | 9,355,896 | 0.8% | |||||
* | SSR Mining, Inc. | 851,205 | 16,381,050 | 1.3% | |||||
Stella-Jones, Inc. | 325,502 | 9,404,979 | 0.8% | ||||||
* | Torex Gold Resources, Inc. | 623,504 | 9,852,760 | 0.8% | |||||
West Fraser Timber Co., Ltd. | 239,802 | 10,577,843 | 0.8% | ||||||
Yamana Gold, Inc. | 6,776,574 | 26,823,450 | 2.1% | ||||||
Other Securities | 131,895,730 | 10.4% | |||||||
TOTAL MATERIALS | 409,414,043 | 32.7% | |||||||
REAL ESTATE — (3.8%) | |||||||||
Colliers International Group, Inc. | 221,419 | 17,238,813 | 1.4% | ||||||
FirstService Corp. | 114,795 | 10,686,972 | 0.9% | ||||||
Other Securities | 26,700,064 | 2.1% | |||||||
TOTAL REAL ESTATE | 54,625,849 | 4.4% | |||||||
UTILITIES — (5.6%) | |||||||||
# | Boralex, Inc., Class A | 481,967 | 9,078,521 | 0.7% | |||||
Capital Power Corp. | 714,120 | 18,912,315 | 1.5% | ||||||
Innergex Renewable Energy, Inc. | 733,181 | 9,519,410 | 0.8% | ||||||
# | Superior Plus Corp. | 1,133,810 | 10,966,581 | 0.9% | |||||
TransAlta Corp. | 1,999,424 | 14,288,749 | 1.1% | ||||||
# | TransAlta Renewables, Inc. | 779,039 | 9,310,912 | 0.7% | |||||
Other Securities | 9,384,100 | 0.8% | |||||||
TOTAL UTILITIES | 81,460,588 | 6.5% | |||||||
TOTAL COMMON STOCKS | 1,247,219,913 | 99.5% |
123
The Canadian Small Company Series
continued
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
RIGHTS/WARRANTS — (0.0%) | |||||||||
Other Securities | $ | 662,804 | 0.1% | ||||||
TOTAL INVESTMENT SECURITIES | |||||||||
(Cost $1,329,313,708) | 1,247,882,717 | ||||||||
SECURITIES LENDING COLLATERAL — (13.5%) | |||||||||
@§ | The DFA Short Term Investment Fund | 16,820,638 | 194,631,604 | 15.5% | |||||
TOTAL INVESTMENTS — (100.0%) | |||||||||
(Cost $1,523,928,877) | $ | 1,442,514,321 | 115.1% |
^ | The cost for federal income tax purposes is $1,523,928,877. |
124
The Canadian Small Company Series
continued
Summary of the Series’ investments as of December 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 | |||||||||
Common Stocks | ||||||||||||
Communication Services | $ | 30,001,997 | — | — | $ | 30,001,997 | ||||||
Consumer Discretionary | 65,136,886 | $ | 2,685,579 | — | 67,822,465 | |||||||
Consumer Staples | 54,375,603 | — | — | 54,375,603 | ||||||||
Energy | 212,553,399 | — | — | 212,553,399 | ||||||||
Financials | 125,230,453 | — | — | 125,230,453 | ||||||||
Health Care | 19,019,766 | — | — | 19,019,766 | ||||||||
Industrials | 142,219,007 | — | — | 142,219,007 | ||||||||
Information Technology | 50,496,743 | — | — | 50,496,743 | ||||||||
Materials | 409,413,731 | 312 | — | 409,414,043 | ||||||||
Real Estate | 54,625,849 | — | — | 54,625,849 | ||||||||
Utilities | 81,460,588 | — | — | 81,460,588 | ||||||||
Rights/Warrants | ||||||||||||
Energy | — | 77 | — | 77 | ||||||||
Materials | — | 662,727 | — | 662,727 | ||||||||
Securities Lending Collateral | — | 194,631,604 | — | 194,631,604 | ||||||||
TOTAL | $ | 1,244,534,022 | $ | 197,980,299 | — | $ | 1,442,514,321 |
See accompanying Notes to Financial Statements.
125
THE JAPANESE SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2019
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
COMMON STOCKS — (97.6%) | |||||||||
COMMUNICATION SERVICES — (2.6%) | |||||||||
Other Securities | $ | 100,852,769 | 2.7% | ||||||
CONSUMER DISCRETIONARY — (18.0%) | |||||||||
Autobacs Seven Co., Ltd. | 555,300 | 9,166,960 | 0.3% | ||||||
# | Fujitsu General, Ltd. | 512,500 | 9,251,020 | 0.3% | |||||
Showa Corp. | 399,000 | 8,336,955 | 0.2% | ||||||
Other Securities | 657,574,356 | 17.5% | |||||||
TOTAL CONSUMER DISCRETIONARY | 684,329,291 | 18.3% | |||||||
CONSUMER STAPLES — (7.1%) | |||||||||
Milbon Co., Ltd. | 170,552 | 9,341,344 | 0.3% | ||||||
Morinaga Milk Industry Co., Ltd. | 250,300 | 9,731,214 | 0.3% | ||||||
Other Securities | 250,052,565 | 6.6% | |||||||
TOTAL CONSUMER STAPLES | 269,125,123 | 7.2% | |||||||
ENERGY — (1.3%) | |||||||||
Iwatani Corp. | 294,300 | 10,205,404 | 0.3% | ||||||
Other Securities | 40,052,153 | 1.0% | |||||||
TOTAL ENERGY | 50,257,557 | 1.3% | |||||||
FINANCIALS — (8.1%) | |||||||||
Fuyo General Lease Co., Ltd. | 150,600 | 9,815,904 | 0.3% | ||||||
Hokuhoku Financial Group, Inc. | 923,400 | 9,032,551 | 0.2% | ||||||
Jafco Co., Ltd. | 241,100 | 9,056,167 | 0.2% | ||||||
Other Securities | 279,431,248 | 7.5% | |||||||
TOTAL FINANCIALS | 307,335,870 | 8.2% | |||||||
HEALTH CARE — (4.5%) | |||||||||
Miraca Holdings, Inc. | 472,500 | 11,152,044 | 0.3% | ||||||
Other Securities | 160,281,465 | 4.3% | |||||||
TOTAL HEALTH CARE | 171,433,509 | 4.6% | |||||||
INDUSTRIALS — (29.7%) | |||||||||
Daiseki Co., Ltd. | 305,263 | 8,867,639 | 0.2% | ||||||
# | DMG Mori Co., Ltd. | 701,300 | 11,354,168 | 0.3% | |||||
Duskin Co., Ltd. | 346,300 | 9,201,820 | 0.3% | ||||||
Fujikura, Ltd. | 1,953,600 | 9,064,834 | 0.3% | ||||||
Glory, Ltd. | 299,055 | 8,804,941 | 0.2% | ||||||
Hanwa Co., Ltd. | 285,000 | 8,303,047 | 0.2% | ||||||
Hazama Ando Corp. | 1,528,900 | 11,846,070 | 0.3% | ||||||
Inaba Denki Sangyo Co., Ltd. | 201,800 | 9,270,433 | 0.3% | ||||||
Japan Steel Works, Ltd. (The) | 421,200 | 8,875,711 | 0.2% | ||||||
* | Kawasaki Kisen Kaisha, Ltd. | 632,300 | 9,408,578 | 0.3% | |||||
Kumagai Gumi Co., Ltd. | 303,400 | 9,353,855 | 0.3% | ||||||
Maeda Corp. | 930,800 | 8,638,586 | 0.2% | ||||||
Makino Milling Machine Co., Ltd. | 177,900 | 8,845,037 | 0.2% | ||||||
Meitec Corp. | 216,400 | 11,280,995 | 0.3% |
126
The Japanese Small Company Series
continued
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
INDUSTRIALS — (Continued) | |||||||||
Mirait Holdings Corp. | 586,235 | $ | 9,413,178 | 0.3% | |||||
Nichias Corp. | 480,100 | 10,128,253 | 0.3% | ||||||
Nikkon Holdings Co., Ltd. | 385,300 | 9,365,788 | 0.3% | ||||||
Nishimatsu Construction Co., Ltd. | 398,600 | 8,299,205 | 0.2% | ||||||
NTN Corp. | 3,034,100 | 9,407,385 | 0.3% | ||||||
Outsourcing, Inc. | 822,100 | 8,849,066 | 0.2% | ||||||
Penta-Ocean Construction Co., Ltd. | 1,716,400 | 10,529,135 | 0.3% | ||||||
Shinmaywa Industries, Ltd. | 707,200 | 8,712,038 | 0.2% | ||||||
SMS Co., Ltd. | 398,300 | 9,765,014 | 0.3% | ||||||
Ushio, Inc. | 973,200 | 14,544,315 | 0.4% | ||||||
Other Securities | 900,111,597 | 23.8% | |||||||
TOTAL INDUSTRIALS | 1,132,240,688 | 30.2% | |||||||
INFORMATION TECHNOLOGY — (12.9%) | |||||||||
NSD Co., Ltd. | 293,480 | 9,046,407 | 0.2% | ||||||
Oki Electric Industry Co., Ltd. | 699,800 | 9,391,632 | 0.3% | ||||||
Tokyo Seimitsu Co., Ltd. | 315,100 | 10,120,723 | 0.3% | ||||||
Topcon Corp. | 862,100 | 11,887,112 | 0.3% | ||||||
Ulvac, Inc. | 237,200 | 10,377,361 | 0.3% | ||||||
Other Securities | 438,718,873 | 11.7% | |||||||
TOTAL INFORMATION TECHNOLOGY | 489,542,108 | 13.1% | |||||||
MATERIALS — (10.1%) | |||||||||
ADEKA Corp. | 665,700 | 9,526,870 | 0.3% | ||||||
Kureha Corp. | 141,650 | 9,053,385 | 0.2% | ||||||
Mitsui Mining & Smelting Co., Ltd. | 484,900 | 13,551,811 | 0.4% | ||||||
Nippon Light Metal Holdings Co., Ltd. | 4,755,800 | 9,250,215 | 0.3% | ||||||
Sumitomo Osaka Cement Co., Ltd. | 238,699 | 10,419,680 | 0.3% | ||||||
Toagosei Co., Ltd. | 871,100 | 9,655,071 | 0.3% | ||||||
Tokuyama Corp. | 414,298 | 11,067,550 | 0.3% | ||||||
Tokyo Ohka Kogyo Co., Ltd. | 242,500 | 9,603,821 | 0.3% | ||||||
Toyobo Co., Ltd. | 715,200 | 9,667,381 | 0.3% | ||||||
Other Securities | 292,639,320 | 7.5% | |||||||
TOTAL MATERIALS | 384,435,104 | 10.2% | |||||||
REAL ESTATE — (2.1%) | |||||||||
Kenedix, Inc. | 1,600,900 | 8,713,937 | 0.2% | ||||||
# | Unizo Holdings Co., Ltd. | 211,100 | 9,736,461 | 0.3% | |||||
Other Securities | 61,699,038 | 1.6% | |||||||
TOTAL REAL ESTATE | 80,149,436 | 2.1% | |||||||
UTILITIES — (1.2%) | |||||||||
Other Securities | 45,413,941 | 1.2% | |||||||
TOTAL COMMON STOCKS | |||||||||
(Cost $3,300,844,445) | 3,715,115,396 | 99.1% | |||||||
Value† | |||||||||
SECURITIES LENDING COLLATERAL — (2.4%) | |||||||||
@§ | The DFA Short Term Investment Fund | 7,882,015 | 91,202,795 | 2.5% | |||||
TOTAL INVESTMENTS—(100.0%) | |||||||||
(Cost $3,392,036,762) | $ | 3,806,318,191 | 101.6% |
127
The Japanese Small Company Series
continued
Summary of the Series’ investments as of October 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 | ||||||||||
Common Stocks | |||||||||||||
Communication Services | — | $ | 100,852,769 | — | $ | 100,852,769 | |||||||
Consumer Discretionary | $ | 2,914,557 | 681,414,734 | — | 684,329,291 | ||||||||
Consumer Staples | — | 269,125,123 | — | 269,125,123 | |||||||||
Energy | — | 50,257,557 | — | 50,257,557 | |||||||||
Financials | — | 307,335,870 | — | 307,335,870 | |||||||||
Health Care | — | 171,433,509 | — | 171,433,509 | |||||||||
Industrials | — | 1,132,240,688 | — | 1,132,240,688 | |||||||||
Information Technology | — | 489,542,108 | — | 489,542,108 | |||||||||
Materials | — | 384,435,104 | — | 384,435,104 | |||||||||
Real Estate | — | 80,149,436 | — | 80,149,436 | |||||||||
Utilities | — | 45,413,941 | — | 45,413,941 | |||||||||
Securities Lending Collateral | — | 91,202,795 | — | 91,202,795 | |||||||||
TOTAL | $ | 2,914,557 | $ | 3,803,403,634 | — | $ | 3,806,318,191 |
See accompanying Notes to Financial Statements.
128
THE ASIA PACIFIC SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2019
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
COMMON STOCKS — (97.1%) | |||||||||
AUSTRALIA — (52.9%) | |||||||||
ALS, Ltd. | 1,937,440 | $ | 10,775,238 | 0.7% | |||||
Altium, Ltd. | 596,319 | 13,200,823 | 0.8% | ||||||
Ansell, Ltd. | 897,943 | 17,075,979 | 1.0% | ||||||
Appen, Ltd. | 556,409 | 8,359,545 | 0.5% | ||||||
# | Bapcor, Ltd. | 1,866,075 | 9,198,821 | 0.6% | |||||
Breville Group, Ltd. | 834,341 | 8,836,168 | 0.5% | ||||||
carsales.com, Ltd. | 1,661,566 | 17,806,162 | 1.1% | ||||||
Cleanaway Waste Management, Ltd. | 10,062,156 | 12,788,931 | 0.8% | ||||||
# | Credit Corp. Group, Ltd. | 553,754 | 11,961,519 | 0.7% | |||||
CSR, Ltd. | 3,957,955 | 11,313,522 | 0.7% | ||||||
GrainCorp, Ltd., Class A | 1,833,496 | 9,136,956 | 0.6% | ||||||
Independence Group NL | 3,324,011 | 14,557,711 | 0.9% | ||||||
# | InvoCare, Ltd. | 1,006,913 | 9,100,772 | 0.6% | |||||
# | IOOF Holdings, Ltd. | 2,296,344 | 11,677,647 | 0.7% | |||||
IRESS, Ltd. | 1,095,248 | 9,618,441 | 0.6% | ||||||
# | JB Hi-Fi, Ltd. | 861,985 | 22,028,595 | 1.3% | |||||
* | Lynas Corp., Ltd. | 5,145,389 | 8,809,881 | 0.5% | |||||
# | Metcash, Ltd. | 7,553,452 | 14,683,218 | 0.9% | |||||
# | Mineral Resources, Ltd. | 1,210,928 | 11,910,590 | 0.7% | |||||
#* | NEXTDC, Ltd. | 1,959,517 | 8,659,622 | 0.5% | |||||
nib holdings, Ltd. | 3,390,280 | 16,388,762 | 1.0% | ||||||
# | Nine Entertainment Co. Holdings, Ltd. | 11,957,501 | 15,172,093 | 0.9% | |||||
#* | Nufarm, Ltd. | 2,065,056 | 8,427,098 | 0.5% | |||||
Orora, Ltd. | 7,303,221 | 15,566,511 | 1.0% | ||||||
OZ Minerals, Ltd. | 2,477,965 | 17,289,828 | 1.1% | ||||||
Pendal Group, Ltd. | 1,938,181 | 9,569,992 | 0.6% | ||||||
# | Perpetual, Ltd. | 356,633 | 8,841,267 | 0.5% | |||||
Premier Investments, Ltd. | 829,371 | 10,991,808 | 0.7% | ||||||
Regis Resources, Ltd. | 3,442,546 | 11,666,993 | 0.7% | ||||||
* | Saracen Mineral Holdings, Ltd. | 5,717,531 | 14,793,622 | 0.9% | |||||
Sims Metal Management, Ltd. | 1,382,214 | 8,895,865 | 0.5% | ||||||
Spark Infrastructure Group | 9,526,664 | 13,285,174 | 0.8% | ||||||
St Barbara, Ltd. | 5,006,626 | 9,658,812 | 0.6% | ||||||
Steadfast Group, Ltd. | 5,956,128 | 14,750,048 | 0.9% | ||||||
Technology One, Ltd. | 1,891,632 | 9,609,521 | 0.6% | ||||||
* | Vocus Group, Ltd. | 4,120,793 | 9,447,578 | 0.6% | |||||
Other Securities | 453,786,509 | 27.6% | |||||||
TOTAL AUSTRALIA | 889,641,622 | 54.2% |
129
The Asia Pacific Small Company Series
continued
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
CHINA — (0.1%) | |||||||||
Other Securities | $ | 877,015 | 0.0% | ||||||
HONG KONG — (24.2%) | |||||||||
Cafe de Coral Holdings, Ltd. | 3,476,000 | 9,484,602 | 0.6% | ||||||
HKBN, Ltd. | 5,339,000 | 9,528,487 | 0.6% | ||||||
# | Luk Fook Holdings International, Ltd. | 3,963,000 | 10,526,170 | 0.7% | |||||
# | Man Wah Holdings, Ltd. | 17,293,600 | 11,778,606 | 0.7% | |||||
VTech Holdings, Ltd. | 1,359,100 | 11,916,338 | 0.7% | ||||||
Other Securities | 352,926,496 | 21.4% | |||||||
TOTAL HONG KONG | 406,160,699 | 24.7% | |||||||
NEW ZEALAND — (6.3%) | |||||||||
Chorus, Ltd. | 3,243,921 | 11,029,769 | 0.7% | ||||||
Infratil, Ltd. | 4,611,834 | 14,572,102 | 0.9% | ||||||
Mainfreight, Ltd. | 402,884 | 10,378,721 | 0.6% | ||||||
SKYCITY Entertainment Group, Ltd. | 4,793,322 | 12,008,879 | 0.7% | ||||||
Other Securities | 58,498,299 | 3.6% | |||||||
TOTAL NEW ZEALAND | 106,487,770 | 6.5% | |||||||
SINGAPORE — (13.6%) | |||||||||
# | Sembcorp Industries, Ltd. | 6,073,600 | 10,196,907 | 0.6% | |||||
# | Singapore Post, Ltd. | 12,563,600 | 8,858,074 | 0.5% | |||||
# | Singapore Press Holdings, Ltd. | 6,521,000 | 10,612,235 | 0.7% | |||||
Venture Corp., Ltd. | 1,125,100 | 13,050,734 | 0.8% | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 18,491,700 | 12,945,807 | 0.8% | ||||||
Other Securities | 172,482,497 | 10.5% | |||||||
TOTAL SINGAPORE | 228,146,254 | 13.9% | |||||||
TOTAL COMMON STOCKS | 1,631,313,360 | 99.3% | |||||||
RIGHTS/WARRANTS — (0.0%) | |||||||||
Other Securities | 2,976 | 0.0% | |||||||
TOTAL INVESTMENT SECURITIES | |||||||||
(Cost $1,736,491,472) | 1,631,316,336 | ||||||||
Value† | |||||||||
SECURITIES LENDING COLLATERAL — (2.9%) | |||||||||
@§ | The DFA Short Term Investment Fund | 4,221,581 | 48,847,919 | 3.0% | |||||
TOTAL INVESTMENTS—(100.0%) | |||||||||
(Cost $1,785,334,426) | $ | 1,680,164,255 | 102.3% |
130
The Asia Pacific Small Company Series
continued
Summary of the Series’ investments as of October 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 | ||||||||||
Common Stocks | |||||||||||||
Australia | $ | 439,275 | $ | 889,202,347 | — | $ | 889,641,622 | ||||||
China | — | 877,015 | — | 877,015 | |||||||||
Hong Kong | 460,908 | 405,699,791 | — | 406,160,699 | |||||||||
New Zealand | — | 106,487,770 | — | 106,487,770 | |||||||||
Singapore | 11,864 | 228,134,390 | — | 228,146,254 | |||||||||
Rights/Warrants | |||||||||||||
Australia | — | 2,976 | — | 2,976 | |||||||||
Securities Lending Collateral | — | 48,847,919 | — | 48,847,919 | |||||||||
TOTAL | $ | 912,047 | $ | 1,679,252,208 | — | $ | 1,680,164,255 |
See accompanying Notes to Financial Statements.
131
THE UNITED KINGDOM SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2019
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
COMMON STOCKS — (99.2%) | |||||||||
COMMUNICATION SERVICES — (4.7%) | |||||||||
Entertainment One, Ltd. | 2,630,507 | $ | 18,997,490 | 0.8% | |||||
Inmarsat P.L.C. | 2,400,987 | 17,128,455 | 0.8% | ||||||
Other Securities | 69,081,559 | 3.0% | |||||||
TOTAL COMMUNICATION SERVICES | 105,207,504 | 4.6% | |||||||
CONSUMER DISCRETIONARY — (21.6%) | |||||||||
B&M European Value Retail SA | 5,453,680 | 26,163,411 | 1.2% | ||||||
Bellway P.L.C. | 785,920 | 32,167,252 | 1.4% | ||||||
* | Boohoo Group P.L.C. | 4,528,022 | 15,478,500 | 0.7% | |||||
Bovis Homes Group P.L.C. | 1,284,142 | 19,457,559 | 0.9% | ||||||
Greggs P.L.C. | 734,900 | 16,903,572 | 0.7% | ||||||
Inchcape P.L.C. | 2,923,312 | 24,440,490 | 1.1% | ||||||
JD Sports Fashion P.L.C. | 1,736,308 | 17,271,954 | 0.8% | ||||||
Merlin Entertainments P.L.C. | 4,495,638 | 26,485,860 | 1.2% | ||||||
Moneysupermarket.com Group P.L.C. | 3,912,801 | 17,410,624 | 0.8% | ||||||
SSP Group P.L.C. | 3,025,801 | 24,951,150 | 1.1% | ||||||
WH Smith P.L.C. | 741,725 | 21,018,611 | 0.9% | ||||||
Other Securities | 245,393,384 | 10.6% | |||||||
TOTAL CONSUMER DISCRETIONARY | 487,142,367 | 21.4% | |||||||
CONSUMER STAPLES — (5.2%) | |||||||||
Britvic P.L.C. | 1,845,637 | 23,586,871 | 1.1% | ||||||
Fevertree Drinks P.L.C. | 631,057 | 15,205,992 | 0.7% | ||||||
Tate & Lyle P.L.C. | 3,470,820 | 30,273,503 | 1.3% | ||||||
Other Securities | 48,295,503 | 2.1% | |||||||
TOTAL CONSUMER STAPLES | 117,361,869 | 5.2% | |||||||
ENERGY — (3.8%) | |||||||||
John Wood Group P.L.C. | 3,647,826 | 16,016,209 | 0.7% | ||||||
Tullow Oil P.L.C. | 9,865,717 | 26,364,357 | 1.2% | ||||||
Other Securities | 43,225,104 | 1.9% | |||||||
TOTAL ENERGY | 85,605,670 | 3.8% | |||||||
FINANCIALS — (13.6%) | |||||||||
Beazley P.L.C. | 2,966,841 | 22,548,944 | 1.0% | ||||||
Close Brothers Group P.L.C. | 1,042,864 | 18,699,833 | 0.8% | ||||||
IG Group Holdings P.L.C. | 2,610,897 | 21,480,945 | 0.9% | ||||||
Intermediate Capital Group P.L.C. | 1,866,605 | 35,924,136 | 1.6% | ||||||
Man Group P.L.C. | 11,167,689 | 20,785,020 | 0.9% | ||||||
Quilter P.L.C. | 9,786,100 | 17,363,535 | 0.8% | ||||||
TP ICAP P.L.C. | 3,608,881 | 16,046,822 | 0.7% | ||||||
Other Securities | 154,748,420 | 6.8% | |||||||
TOTAL FINANCIALS | 307,597,655 | 13.5% | |||||||
HEALTH CARE — (3.1%) | |||||||||
ConvaTec Group P.L.C. | 7,978,950 | 20,384,000 | 0.9% | ||||||
Other Securities | 50,367,254 | 2.2% | |||||||
TOTAL HEALTH CARE | 70,751,254 | 3.1% |
132
The United Kingdom Small Company Series
continued
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
INDUSTRIALS — (28.7%) | |||||||||
Aggreko P.L.C. | 1,647,699 | $ | 16,892,274 | 0.7% | |||||
Babcock International Group P.L.C. | 3,197,831 | 22,967,450 | 1.0% | ||||||
BBA Aviation P.L.C. | 7,301,568 | 28,725,347 | 1.3% | ||||||
Cobham P.L.C. | 16,545,169 | 33,842,830 | 1.5% | ||||||
Diploma P.L.C. | 793,073 | 16,418,068 | 0.7% | ||||||
G4S P.L.C. | 9,906,519 | 26,568,687 | 1.2% | ||||||
Grafton Group P.L.C. | 1,638,906 | 16,595,963 | 0.7% | ||||||
Hays P.L.C. | 10,246,441 | 20,852,201 | 0.9% | ||||||
HomeServe P.L.C. | 1,762,201 | 26,469,025 | 1.2% | ||||||
Howden Joinery Group P.L.C. | 4,476,142 | 33,500,704 | 1.5% | ||||||
IMI P.L.C. | 1,911,037 | 24,851,430 | 1.1% | ||||||
Meggitt P.L.C. | 2,528,732 | 20,460,802 | 0.9% | ||||||
National Express Group P.L.C. | 3,061,395 | 17,712,519 | 0.8% | ||||||
QinetiQ Group P.L.C. | 3,964,771 | 16,162,957 | 0.7% | ||||||
Rotork P.L.C. | 5,871,491 | 22,929,186 | 1.0% | ||||||
Travis Perkins P.L.C. | 1,726,015 | 32,059,239 | 1.4% | ||||||
Ultra Electronics Holdings P.L.C. | 646,972 | 16,341,114 | 0.7% | ||||||
Other Securities | 253,872,435 | 11.1% | |||||||
TOTAL INDUSTRIALS | 647,222,231 | 28.4% | |||||||
INFORMATION TECHNOLOGY — (6.5%) | |||||||||
Electrocomponents P.L.C. | 3,231,445 | 28,511,406 | 1.3% | ||||||
Spectris P.L.C. | 827,935 | 25,667,336 | 1.1% | ||||||
Other Securities | 92,305,157 | 4.0% | |||||||
TOTAL INFORMATION TECHNOLOGY | 146,483,899 | 6.4% | |||||||
MATERIALS — (5.5%) | |||||||||
Victrex P.L.C. | 629,414 | 17,880,697 | 0.8% | ||||||
Other Securities | 106,253,523 | 4.6% | |||||||
TOTAL MATERIALS | 124,134,220 | 5.4% | |||||||
REAL ESTATE — (4.4%) | |||||||||
Capital & Counties Properties P.L.C. | 4,962,871 | 16,403,005 | 0.7% | ||||||
IWG P.L.C. | 4,354,218 | 21,689,498 | 1.0% | ||||||
St. Modwen Properties P.L.C. | 2,832,022 | 16,530,842 | 0.7% | ||||||
Other Securities | 43,243,787 | 1.9% | |||||||
TOTAL REAL ESTATE | 97,867,132 | 4.3% | |||||||
UTILITIES — (2.1%) | |||||||||
Pennon Group P.L.C. | 2,929,675 | 34,062,254 | 1.5% | ||||||
Other Securities | 12,972,658 | 0.6% | |||||||
TOTAL UTILITIES | 47,034,912 | 2.1% | |||||||
TOTAL COMMON STOCKS | 2,236,408,713 | 98.2% |
133
The United Kingdom Small Company Series
continued
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
PREFERRED STOCKS — (0.0%) | |||||||||
CONSUMER STAPLES — (0.0%) | |||||||||
Other Security | $ | 13,207 | 0.0% | ||||||
TOTAL INVESTMENT SECURITIES | |||||||||
Cost $2,084,250,199) | 2,236,421,920 | ||||||||
Value† | |||||||||
SECURITIES LENDING COLLATERAL — (0.8%) | |||||||||
@§ | The DFA Short Term Investment Fund | 1,625,922 | 18,813,540 | 0.8% | |||||
TOTAL INVESTMENTS—(100.0%) | |||||||||
(Cost $2,103,060,882) | $ | 2,255,235,460 | 99.0% |
134
The United Kingdom Small Company Series
continued
Summary of the Series’ investments as of October 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 | ||||||||
Common Stocks | |||||||||||
Communication Services | — | $ | 105,207,504 | — | $ | 105,207,504 | |||||
Consumer Discretionary | — | 487,142,367 | — | 487,142,367 | |||||||
Consumer Staples | — | 117,361,869 | — | 117,361,869 | |||||||
Energy | — | 85,605,670 | — | 85,605,670 | |||||||
Financials | — | 307,597,655 | — | 307,597,655 | |||||||
Health Care | — | 70,751,254 | — | 70,751,254 | |||||||
Industrials | — | 647,222,231 | — | 647,222,231 | |||||||
Information Technology | — | 146,483,899 | — | 146,483,899 | |||||||
Materials | — | 124,134,220 | — | 124,134,220 | |||||||
Real Estate | — | 97,867,132 | — | 97,867,132 | |||||||
Utilities | — | 47,034,912 | — | 47,034,912 | |||||||
Preferred Stocks | |||||||||||
Consumer Staples | — | 13,207 | — | 13,207 | |||||||
Securities Lending Collateral | — | 18,813,540 | — | 18,813,540 | |||||||
TOTAL | — | $ | 2,255,235,460 | — | $ | 2,255,235,460 |
See accompanying Notes to Financial Statements.
135
THE CONTINENTAL SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2019
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
COMMON STOCKS — (91.0%) | |||||||||
AUSTRIA — (3.1%) | |||||||||
# | ANDRITZ AG | 510,397 | $ | 22,950,629 | 0.4% | ||||
Other Securities | 167,851,812 | 3.0% | |||||||
TOTAL AUSTRIA | 190,802,441 | 3.4% | |||||||
BELGIUM — (4.4%) | |||||||||
Ackermans & van Haaren NV | 174,099 | 26,688,658 | 0.5% | ||||||
* | Galapagos NV | 220,186 | 40,539,939 | 0.7% | |||||
Other Securities | 201,242,099 | 3.6% | |||||||
TOTAL BELGIUM | 268,470,696 | 4.8% | |||||||
DENMARK — (4.4%) | |||||||||
Royal Unibrew A.S. | 364,385 | 29,893,850 | 0.5% | ||||||
SimCorp A.S. | 294,845 | 26,382,068 | 0.5% | ||||||
Topdanmark A.S. | 475,380 | 21,291,486 | 0.4% | ||||||
Other Securities | 191,284,392 | 3.4% | |||||||
TOTAL DENMARK | 268,851,796 | 4.8% | |||||||
FINLAND — (5.7%) | |||||||||
Huhtamaki Oyj | 768,251 | 35,574,237 | 0.6% | ||||||
Kesko Oyj, Class B | 421,805 | 28,104,043 | 0.5% | ||||||
# | Metso Oyj | 667,333 | 25,263,083 | 0.4% | |||||
Nokian Renkaat Oyj | 883,124 | 25,238,923 | 0.4% | ||||||
# | Orion Oyj, Class B | 748,676 | 33,214,713 | 0.6% | |||||
Valmet Oyj | 956,184 | 21,399,886 | 0.4% | ||||||
Other Securities | 175,351,457 | 3.2% | |||||||
TOTAL FINLAND | 344,146,342 | 6.1% | |||||||
FRANCE — (10.6%) | |||||||||
Altran Technologies SA | 1,693,540 | 26,925,558 | 0.5% | ||||||
Elis SA | 1,112,804 | 21,275,159 | 0.4% | ||||||
Euronext NV | 373,020 | 30,092,307 | 0.5% | ||||||
Eutelsat Communications SA | 1,279,751 | 24,276,769 | 0.4% | ||||||
Ingenico Group SA | 424,498 | 45,392,020 | 0.8% | ||||||
Rexel SA | 2,320,855 | 28,772,809 | 0.5% | ||||||
Rubis SCA | 608,177 | 35,266,736 | 0.6% | ||||||
Other Securities | 436,977,009 | 7.9% | |||||||
TOTAL FRANCE | 648,978,367 | 11.6% |
136
The Continental Small Company Series
continued
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
GERMANY — (15.4%) | |||||||||
# | Bechtle AG | 225,300 | $ | 24,398,771 | 0.4% | ||||
CTS Eventim AG & Co. KGaA | 442,453 | 26,797,580 | 0.5% | ||||||
* | Dialog Semiconductor P.L.C. | 621,432 | 27,952,191 | 0.5% | |||||
Freenet AG | 981,903 | 21,805,853 | 0.4% | ||||||
# | GEA Group AG | 890,332 | 27,192,379 | 0.5% | |||||
Gerresheimer AG | 262,222 | 21,146,921 | 0.4% | ||||||
# | K+S AG | 1,567,865 | 22,263,660 | 0.4% | |||||
Lanxess AG | 628,306 | 40,826,813 | 0.7% | ||||||
# | OSRAM Licht AG | 602,174 | 26,956,108 | 0.5% | |||||
Rheinmetall AG | 339,164 | 40,905,414 | 0.7% | ||||||
TAG Immobilien AG | 1,024,715 | 24,902,336 | 0.5% | ||||||
TLG Immobilien AG | 722,981 | 21,202,568 | 0.4% | ||||||
Other Securities | 613,715,934 | 10.8% | |||||||
TOTAL GERMANY | 940,066,528 | 16.7% | |||||||
IRELAND — (0.5%) | |||||||||
Other Securities | 32,095,239 | 0.6% | |||||||
ISRAEL — (3.0%) | |||||||||
Other Securities | 184,044,089 | 3.3% | |||||||
ITALY — (9.7%) | |||||||||
#* | Banco BPM SpA | 12,626,497 | 28,742,468 | 0.5% | |||||
Hera SpA | 6,455,969 | 27,655,462 | 0.5% | ||||||
Italgas SpA | 3,818,401 | 24,581,718 | 0.4% | ||||||
#* | Saipem SpA | 5,057,693 | 22,957,059 | 0.4% | |||||
# | Unione di Banche Italiane SpA | 7,724,232 | 23,530,091 | 0.4% | |||||
Other Securities | 462,560,883 | 8.3% | |||||||
TOTAL ITALY | 590,027,681 | 10.5% | |||||||
NETHERLANDS — (6.4%) | |||||||||
Aalberts NV | 728,381 | 29,352,137 | 0.5% | ||||||
#* | Altice Europe NV | 4,683,910 | 26,800,426 | 0.5% | |||||
ASM International NV | 331,781 | 33,450,744 | 0.6% | ||||||
ASR Nederland NV | 688,282 | 25,231,450 | 0.5% | ||||||
BE Semiconductor Industries NV | 589,568 | 21,856,942 | 0.4% | ||||||
IMCD NV | 357,303 | 27,899,685 | 0.5% | ||||||
SBM Offshore NV | 1,376,758 | 23,742,884 | 0.4% | ||||||
Other Securities | 200,756,381 | 3.5% | |||||||
TOTAL NETHERLANDS | 389,090,649 | 6.9% | |||||||
NORWAY — (2.3%) | |||||||||
Other Securities | 138,761,156 | 2.5% | |||||||
PORTUGAL — (1.0%) | |||||||||
Other Securities | 62,779,176 | 1.1% | |||||||
SPAIN — (6.0%) | |||||||||
# | Cellnex Telecom SA | 684,045 | 29,515,742 | 0.5% | |||||
Enagas SA | 945,913 | 23,406,228 | 0.4% | ||||||
Other Securities | 310,162,882 | 5.6% | |||||||
TOTAL SPAIN | 363,084,852 | 6.5% |
137
The Continental Small Company Series
continued
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
SWEDEN — (7.2%) | |||||||||
Other Securities | $ | 441,605,487 | 7.9% | ||||||
SWITZERLAND — (11.3%) | |||||||||
Cembra Money Bank AG | 214,769 | 22,775,270 | 0.4% | ||||||
# | Georg Fischer AG | 31,450 | 30,036,368 | 0.5% | |||||
Helvetia Holding AG | 216,663 | 30,434,052 | 0.5% | ||||||
PSP Swiss Property AG | 325,433 | 43,075,928 | 0.8% | ||||||
VAT Group AG | 199,273 | 29,299,419 | 0.5% | ||||||
Other Securities | 534,051,612 | 9.6% | |||||||
TOTAL SWITZERLAND | 689,672,649 | 12.3% | |||||||
UNITED KINGDOM — (0.0%) | |||||||||
Other Security | 1,167,097 | 0.0% | |||||||
TOTAL COMMON STOCKS | 5,553,644,245 | 99.0% | |||||||
PREFERRED STOCKS — (0.6%) | |||||||||
GERMANY — (0.6%) | |||||||||
Other Securities | 33,843,637 | 0.6% | |||||||
RIGHTS/WARRANTS — (0.0%) | |||||||||
Other Securities | 873,861 | 0.0% | |||||||
TOTAL INVESTMENT SECURITIES | |||||||||
(Cost $4,988,017,993) | 5,588,361,743 | ||||||||
Value† | |||||||||
SECURITIES LENDING COLLATERAL — (8.4%) | |||||||||
@§ | The DFA Short Term Investment Fund | 44,497,991 | 514,886,250 | 9.2% | |||||
TOTAL INVESTMENTS—(100.0%) | |||||||||
(Cost $5,502,845,113) | $ | 6,103,247,993 | 108.8% |
138
The Continental Small Company Series
continued
Summary of the Series’ investments as of October 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 | |||||||||
Common Stocks | ||||||||||||
Austria | — | $ | 190,802,441 | — | $ | 190,802,441 | ||||||
Belgium | $ | 9,150,257 | 259,320,439 | — | 268,470,696 | |||||||
Denmark | — | 268,851,796 | — | 268,851,796 | ||||||||
Finland | — | 344,146,342 | — | 344,146,342 | ||||||||
France | — | 648,978,367 | — | 648,978,367 | ||||||||
Germany | 1,207,475 | 938,859,053 | — | 940,066,528 | ||||||||
Ireland | — | 32,095,239 | — | 32,095,239 | ||||||||
Israel | 799,434 | 183,244,655 | — | 184,044,089 | ||||||||
Italy | 2,432,465 | 587,595,216 | — | 590,027,681 | ||||||||
Netherlands | — | 389,090,649 | — | 389,090,649 | ||||||||
Norway | — | 138,761,156 | — | 138,761,156 | ||||||||
Portugal | — | 62,779,176 | — | 62,779,176 | ||||||||
Spain | — | 363,084,852 | — | 363,084,852 | ||||||||
Sweden | — | 441,605,487 | — | 441,605,487 | ||||||||
Switzerland | — | 689,672,649 | — | 689,672,649 | ||||||||
United Kingdom | — | 1,167,097 | — | 1,167,097 | ||||||||
Preferred Stocks | ||||||||||||
Germany | — | 33,843,637 | — | 33,843,637 | ||||||||
Rights/Warrants | ||||||||||||
Italy | — | 379,240 | — | 379,240 | ||||||||
Norway | — | 16,603 | — | 16,603 | ||||||||
Spain | — | 477,143 | — | 477,143 | ||||||||
Sweden | — | 875 | — | 875 | ||||||||
Securities Lending Collateral | — | 514,886,250 | — | 514,886,250 | ||||||||
TOTAL | $ | 13,589,631 | $ | 6,089,658,362 | — | $ | 6,103,247,993 |
See accompanying Notes to Financial Statements.
139
THE CANADIAN SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2019
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
COMMON STOCKS — (86.3%) | |||||||||
COMMUNICATION SERVICES — (2.0%) | |||||||||
Cogeco Communications, Inc. | 95,472 | $ | 8,252,591 | 0.7% | |||||
Other Securities | 18,350,341 | 1.6% | |||||||
TOTAL COMMUNICATION SERVICES | 26,602,932 | 2.3% | |||||||
CONSUMER DISCRETIONARY — (4.8%) | |||||||||
* | Great Canadian Gaming Corp. | 418,284 | 13,230,363 | 1.1% | |||||
Linamar Corp. | 322,683 | 10,522,538 | 0.9% | ||||||
Other Securities | 39,534,125 | 3.5% | |||||||
TOTAL CONSUMER DISCRETIONARY | 63,287,026 | 5.5% | |||||||
CONSUMER STAPLES — (4.0%) | |||||||||
Cott Corp. | 96,682 | 1,242,364 | 0.1% | ||||||
Cott Corp. | 909,370 | 11,682,135 | 1.0% | ||||||
# | Premium Brands Holdings Corp. | 186,219 | 12,284,997 | 1.1% | |||||
Other Securities | 27,482,578 | 2.4% | |||||||
TOTAL CONSUMER STAPLES | 52,692,074 | 4.6% | |||||||
ENERGY — (12.8%) | |||||||||
Crescent Point Energy Corp. | 2,146,838 | 7,840,172 | 0.7% | ||||||
# | Enerplus Corp. | 1,624,918 | 9,807,986 | 0.9% | |||||
Gibson Energy, Inc. | 855,146 | 14,907,108 | 1.3% | ||||||
* | Parex Resources, Inc. | 1,044,698 | 14,158,271 | 1.2% | |||||
# | Whitecap Resources, Inc. | 2,833,976 | 7,896,661 | 0.7% | |||||
Other Securities | 115,545,912 | 10.0% | |||||||
TOTAL ENERGY | 170,156,110 | 14.8% | |||||||
FINANCIALS — (9.2%) | |||||||||
# | Canadian Western Bank | 643,831 | 16,302,304 | 1.4% | |||||
ECN Capital Corp. | 2,446,608 | 8,080,438 | 0.7% | ||||||
Element Fleet Management Corp. | 2,450,611 | 20,838,845 | 1.8% | ||||||
# | Genworth MI Canada, Inc. | 281,680 | 11,377,554 | 1.0% | |||||
#* | Home Capital Group, Inc. | 541,770 | 11,151,306 | 1.0% | |||||
# | Laurentian Bank of Canada | 326,390 | 11,225,774 | 1.0% | |||||
Other Securities | 42,556,392 | 3.7% | |||||||
TOTAL FINANCIALS | 121,532,613 | 10.6% | |||||||
HEALTH CARE — (1.5%) | |||||||||
Other Securities | 20,377,182 | 1.8% |
140
The Canadian Small Company Series
continued
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
INDUSTRIALS — (9.9%) | |||||||||
Morneau Shepell, Inc. | 346,211 | $ | 8,335,245 | 0.7% | |||||
# | Stantec, Inc. | 625,036 | 13,334,987 | 1.2% | |||||
TFI International, Inc. | 556,989 | 17,748,712 | 1.6% | ||||||
Other Securities | 91,974,002 | 8.0% | |||||||
TOTAL INDUSTRIALS | 131,392,946 | 11.5% | |||||||
INFORMATION TECHNOLOGY — (3.5%) | |||||||||
* | Descartes Systems Group, Inc. (The) | 333,561 | 12,979,273 | 1.1% | |||||
* | Kinaxis, Inc. | 145,074 | 9,264,425 | 0.8% | |||||
Other Securities | 24,038,252 | 2.1% | |||||||
TOTAL INFORMATION TECHNOLOGY | 46,281,950 | 4.0% | |||||||
MATERIALS — (28.6%) | |||||||||
* | Alacer Gold Corp. | 2,184,997 | 10,816,324 | 0.9% | |||||
Alamos Gold, Inc., Class A | 2,957,288 | 16,098,817 | 1.4% | ||||||
* | B2Gold Corp. | 5,382,692 | 18,921,770 | 1.6% | |||||
* | Centerra Gold, Inc. | 1,682,253 | 14,343,409 | 1.3% | |||||
* | Detour Gold Corp. | 1,259,316 | 20,910,516 | 1.8% | |||||
#* | Eldorado Gold Corp. | 1,158,414 | 9,753,860 | 0.9% | |||||
#* | Endeavour Mining Corp. | 502,056 | 9,091,206 | 0.8% | |||||
#* | First Majestic Silver Corp. | 977,531 | 10,449,958 | 0.9% | |||||
* | IAMGOLD Corp. | 3,346,046 | 12,575,300 | 1.1% | |||||
* | Ivanhoe Mines, Ltd., Class A | 3,744,528 | 9,296,642 | 0.8% | |||||
OceanaGold Corp. | 4,416,629 | 10,596,422 | 0.9% | ||||||
Osisko Gold Royalties, Ltd. | 963,845 | 9,484,046 | 0.8% | ||||||
Pan American Silver Corp. | 1,378,389 | 23,410,948 | 2.0% | ||||||
* | Pretium Resources, Inc. | 794,788 | 8,007,620 | 0.7% | |||||
#* | Sandstorm Gold, Ltd. | 1,264,677 | 9,025,863 | 0.8% | |||||
* | SSR Mining, Inc. | 859,605 | 12,713,617 | 1.1% | |||||
Stella-Jones, Inc. | 332,002 | 9,205,613 | 0.8% | ||||||
* | Torex Gold Resources, Inc. | 632,604 | 9,255,394 | 0.8% | |||||
Yamana Gold, Inc. | 6,883,874 | 25,139,651 | 2.2% | ||||||
Other Securities | 130,973,674 | 11.5% | |||||||
TOTAL MATERIALS | 380,070,650 | 33.1% | |||||||
REAL ESTATE — (4.1%) | |||||||||
Colliers International Group, Inc. | 224,919 | 15,070,307 | 1.3% | ||||||
FirstService Corp. | 1,234 | 107,741 | 0.0% | ||||||
FirstService Corp. | 153,669 | 13,412,640 | 1.2% | ||||||
# | Tricon Capital Group, Inc. | 1,029,132 | 8,329,320 | 0.7% | |||||
Other Securities | 17,246,869 | 1.5% | |||||||
TOTAL REAL ESTATE | 54,166,877 | 4.7% |
141
The Canadian Small Company Series
continued
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
UTILITIES — (5.9%) | |||||||||
# | Boralex, Inc., Class A | 485,312 | $ | 8,032,649 | 0.7% | ||||
Capital Power Corp. | 724,420 | 17,363,859 | 1.5% | ||||||
Innergex Renewable Energy, Inc. | 740,781 | 9,246,404 | 0.8% | ||||||
Northland Power, Inc. | 513,208 | 10,247,795 | 0.9% | ||||||
# | Superior Plus Corp. | 1,170,310 | 10,564,867 | 0.9% | |||||
TransAlta Corp. | 2,047,057 | 12,091,795 | 1.1% | ||||||
# | TransAlta Renewables, Inc. | 779,039 | 8,387,194 | 0.7% | |||||
Other Securities | 2,618,233 | 0.2% | |||||||
TOTAL UTILITIES | 78,552,796 | 6.8% | |||||||
TOTAL COMMON STOCKS | 1,145,113,156 | 99.7% | |||||||
RIGHTS/WARRANTS — (0.0%) | |||||||||
Other Securities | 525,727 | 0.0% | |||||||
TOTAL INVESTMENT SECURITIES | |||||||||
(Cost $1,363,796,012) | 1,145,638,883 | ||||||||
Value† | |||||||||
SECURITIES LENDING COLLATERAL — (13.7%) | |||||||||
@§ | The DFA Short Term Investment Fund | 15,667,770 | 181,291,764 | 15.8% | |||||
TOTAL INVESTMENTS—(100.0%) | |||||||||
(Cost $1,545,068,154) | $ | 1,326,930,647 | 115.5% |
142
The Canadian Small Company Series
continued
Summary of the Series’ investments as of October 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 | |||||||||
Common Stocks | ||||||||||||
Communication Services | $ | 26,602,932 | — | — | $ | 26,602,932 | ||||||
Consumer Discretionary | 63,280,149 | $ | 6,877 | — | 63,287,026 | |||||||
Consumer Staples | 52,692,074 | — | — | 52,692,074 | ||||||||
Energy | 169,654,103 | 502,007 | — | 170,156,110 | ||||||||
Financials | 121,532,613 | — | — | 121,532,613 | ||||||||
Health Care | 20,377,182 | — | — | 20,377,182 | ||||||||
Industrials | 131,392,946 | — | — | 131,392,946 | ||||||||
Information Technology | 46,281,950 | — | — | 46,281,950 | ||||||||
Materials | 380,070,161 | 489 | — | 380,070,650 | ||||||||
Real Estate | 54,166,877 | — | — | 54,166,877 | ||||||||
Utilities | 78,552,796 | — | — | 78,552,796 | ||||||||
Rights/Warrants | ||||||||||||
Communication Services | — | 50,475 | — | 50,475 | ||||||||
Energy | — | 76 | — | 76 | ||||||||
Materials | — | 475,176 | — | 475,176 | ||||||||
Securities Lending Collateral | — | 181,291,764 | — | 181,291,764 | ||||||||
TOTAL | $ | 1,144,603,783 | $ | 182,326,864 | — | $ | 1,326,930,647 |
See accompanying Notes to Financial Statements.
143
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2019
(Unaudited)
(Amounts in thousands)
The | The | The United | The | The | ||||||||||||
Japanese | Asia Pacific | Kingdom | Continental | Canadian | ||||||||||||
Small | Small | Small | Small | Small | ||||||||||||
Company | Company | Company | Company | Company | ||||||||||||
Series* | Series* | Series* | Series* | Series* | ||||||||||||
ASSETS: | ||||||||||||||||
Investment Securities at Value (including $180,095, $208,267, $21,162 $413,980 and $241,474 of securities on loan, respectively) | $ | 3,796,078 | $ | 1,660,929 | $ | 2,368,005 | $ | 5,902,666 | $ | 1,247,883 | ||||||
Collateral from Securities on Loan Invested in Affiliate at Value (including cost of $88,281, $70,016, $22,717, $417,881 and $194,615) | 88,289 | 70,021 | 22,719 | 417,932 | 194,632 | |||||||||||
Foreign Currencies at Value | 1,399 | 14,549 | 3,018 | 3,390 | 2,315 | |||||||||||
Cash | 4,330 | 41 | 7 | 10,513 | 33 | |||||||||||
Receivables: | ||||||||||||||||
Investment Securities Sold | 6,229 | 8,832 | 19,549 | 801 | 88 | |||||||||||
Dividends and Interest | 5,519 | 1,820 | 7,354 | 10,747 | 2,948 | |||||||||||
Securities Lending Income | 502 | 395 | 49 | 1,029 | 249 | |||||||||||
Futures Margin Variation | — | 25 | — | — | — | |||||||||||
Total Assets | 3,902,346 | 1,756,612 | 2,420,701 | 6,347,078 | 1,448,148 | |||||||||||
LIABILITIES: | ||||||||||||||||
Payables: | ||||||||||||||||
Upon Return of Securities Loaned | 88,320 | 70,007 | 22,720 | 417,927 | 194,611 | |||||||||||
Investment Securities Purchased | 2,721 | 2,007 | — | 925 | — | |||||||||||
Due to Advisor | 324 | 140 | 198 | 492 | 102 | |||||||||||
Accrued Expenses and Other Liabilities | 360 | 177 | 178 | 507 | 96 | |||||||||||
Total Liabilities | 91,725 | 72,331 | 23,096 | 419,851 | 194,809 | |||||||||||
NET ASSETS | $ | 3,810,621 | $ | 1,684,281 | $ | 2,397,605 | $ | 5,927,227 | $ | 1,253,339 | ||||||
Investments at Cost | $ | 3,241,037 | $ | 1,684,937 | $ | 1,976,036 | $ | 4,862,299 | $ | 1,329,314 | ||||||
Foreign Currencies at Cost | $ | 1,391 | $ | 14,460 | $ | 2,968 | $ | 3,360 | $ | 2,296 |
* | See Note J in the Notes to Financial Statements for additional securities lending collateral. |
See accompanying Notes to Financial Statements.
144
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2019
(Amounts in thousands)
The | The | The United | The | The | ||||||||||||
Japanese | Asia Pacific | Kingdom | Continental | Canadian | ||||||||||||
Small | Small | Small | Small | Small | ||||||||||||
Company | Company | Company | Company | Company | ||||||||||||
Series* | Series* | Series* | Series* | Series* | ||||||||||||
ASSETS: | ||||||||||||||||
Investment Securities at Value (including $191,793, $231,554, $17,450, $527,896 and $215,322 of securities on loan, respectively) | $ | 3,715,115 | $ | 1,631,316 | $ | 2,236,422 | $ | 5,588,362 | $ | 1,145,639 | ||||||
Collateral from Securities on Loan Invested in Affiliate at Value (including cost of $91,192, $48,843, $18,811, $527,896 and $215,322) | 91,203 | 48,848 | 18,814 | 514,886 | 181,292 | |||||||||||
Foreign Currencies at Value | 2,283 | 6,498 | 6,006 | 10,125 | 741 | |||||||||||
Cash | 4,341 | — | 312 | 3,377 | 810 | |||||||||||
Receivables: | ||||||||||||||||
Investment Securities Sold | 2,309 | 2,994 | 31,768 | 4,167 | 899 | |||||||||||
Dividends and Interest | 26,307 | 1,251 | 6,901 | 12,045 | 843 | |||||||||||
Securities Lending Income | 580 | 409 | 50 | 1,327 | 232 | |||||||||||
Total Assets | 3,842,138 | 1,691,316 | 2,300,273 | 6,134,289 | 1,330,456 | |||||||||||
LIABILITIES: | ||||||||||||||||
Payables: | ||||||||||||||||
Due to Custodian | — | 2 | — | — | — | |||||||||||
Upon Return of Securities Loaned | 91,233 | 48,834 | 18,814 | 514,881 | 181,271 | |||||||||||
Investment Securities Purchased | 2,089 | 327 | 3,656 | 10,962 | 384 | |||||||||||
Due to Advisor | 308 | 137 | 187 | 461 | 97 | |||||||||||
Line of Credit | — | 10 | — | — | — | |||||||||||
Unrealized Loss on Foreign Currency Contracts | — | — | — | 14 | — | |||||||||||
Accrued Expenses and Other Liabilities | 331 | 163 | 165 | 476 | 89 | |||||||||||
Total Liabilities | 93,961 | 49,473 | 22,822 | 526,794 | 181,841 | |||||||||||
NET ASSETS | $ | 3,748,177 | $ | 1,641,843 | $ | 2,084,250 | $ | 5,607,495 | $ | 1,148,615 | ||||||
Investments at Cost | $ | 3,300,844 | $ | 1,736,491 | $ | 2,233,549 | $ | 4,988,018 | $ | 1,363,796 | ||||||
Foreign Currencies at Cost | $ | 2,272 | $ | 6,486 | $ | 5,978 | $ | 10,108 | $ | 744 |
* | See Note J in the Notes to Financial Statements for additional securities lending collateral. |
See accompanying Notes to Financial Statements.
145
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2019
(Amounts in thousands)
The | The Asia | The United | The | The | |||||||||||||||||
Japanese | Pacific | Kingdom | Continental | Canadian | |||||||||||||||||
Small | Small | Small | Small | Small | |||||||||||||||||
Company | Company | Company | Company | Company | |||||||||||||||||
Series# | Series# | Series# | Series# | Series# | |||||||||||||||||
Investment Income | |||||||||||||||||||||
Dividends (Net of Foreign Taxes Withheld of $8,503, $912, $223, $21,820 and $4,102 respectively) | $ | 76,667 | $ | 64,269 | $ | 78,292 | $ | 138,372 | $ | 23,553 | |||||||||||
Non Cash Income | |||||||||||||||||||||
Income from Securities Lending | 9,223 | 6,043 | 460 | 15,048 | 4,211 | ||||||||||||||||
Total Investment Income | 85,890 | 70,312 | 78,752 | 153,420 | 27,764 | ||||||||||||||||
Expenses | |||||||||||||||||||||
Investment Management Fees | 3,519 | 1,659 | 2,223 | 5,366 | 1,118 | ||||||||||||||||
Accounting & Transfer Agent Fees | 174 | 100 | 121 | 253 | 71 | ||||||||||||||||
Custodian Fees | 478 | 267 | 127 | 798 | 76 | ||||||||||||||||
Shareholders’ Reports | 12 | 12 | 12 | 13 | 12 | ||||||||||||||||
Directors'/Trustees' Fees & Expenses | 22 | 10 | 12 | 32 | 6 | ||||||||||||||||
Professional Fees | 59 | 28 | 36 | 164 | 17 | ||||||||||||||||
Other | 100 | 54 | 63 | 164 | 28 | ||||||||||||||||
Total Expenses | 4,364 | 2,130 | 2,594 | 6,790 | 1,328 | ||||||||||||||||
Fees Paid Indirectly (Note C) | (77 | ) | (33 | ) | (94 | ) | (276 | ) | (46 | ) | |||||||||||
Net Expenses | 4,287 | 2,097 | 2,500 | 6,514 | 1,282 | ||||||||||||||||
Net Investment Income (Loss) | 81,603 | 68,215 | 76,252 | 146,906 | 26,482 | ||||||||||||||||
Realized and Unrealized Gain (Loss) | |||||||||||||||||||||
Net Realized Gain (Loss) on: | |||||||||||||||||||||
Investment Securities Sold** | 63,546 | 28,597 | 45,398 | 271,616 | (81,417 | ) | |||||||||||||||
Affiliated Investment Companies Shares Sold | — | 3 | 2 | 7 | (6 | ) | |||||||||||||||
Futures | — | (97 | ) | — | — | — | |||||||||||||||
Foreign Currency Transactions | 893 | (572 | ) | (1,016 | ) | (101 | ) | 172 | |||||||||||||
�� Change in Unrealized Appreciation (Depreciation) of: | |||||||||||||||||||||
Investment Securities and Foreign Currency | 2,479 | (10,141 | ) | 105,943 | 20,336 | 60,948 | |||||||||||||||
Affiliated Investment Companies Shares | 10 | 4 | 1 | 46 | 16 | ||||||||||||||||
Translation of Foreign Currency Denominated Amounts | 9 | 16 | 552 | 63 | 6 | ||||||||||||||||
Net Realized and Unrealized Gain (Loss) | 66,937 | 17,810 | 150,880 | 291,967 | (20,281 | ) | |||||||||||||||
Net Increase (Decrease) in Net Assets | |||||||||||||||||||||
Resulting from Operations | $ | 148,540 | $ | 86,025 | $ | 227,132 | $ | 438,873 | $ | 6,201 |
** | Net of foreign capital gain taxes withheld of $0, $0, $0, $0 and $0, respectively. |
# | Portion of income is from investment in affiliated fund. |
See accompanying Notes to Financial Statements.
146
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
The Japanese Small | |||||||||
Company Series | |||||||||
Year | Year | ||||||||
Ended | Ended | ||||||||
Oct. 31, | Oct. 31, | ||||||||
2019 | 2018 | ||||||||
Increase (Decrease) in Net Assets | |||||||||
Operations: | |||||||||
Net Investment Income (Loss) | $ | 81,603 | $ | 80,378 | |||||
Net Realized Gain (Loss) on: | |||||||||
Investment Securities Sold*,** | 63,546 | 229,342 | |||||||
Affiliated Investment Companies Shares Sold | — | (137 | ) | ||||||
Foreign Currency Transactions | 893 | (2,149 | ) | ||||||
Change in Unrealized Appreciation (Depreciation) of: | |||||||||
Investment Securities and Foreign Currency | 2,479 | (628,895 | ) | ||||||
Affiliated Investment Companies Shares | 10 | 71 | |||||||
Translation of Foreign Currency-Denominated Amounts | 9 | 280 | |||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 148,540 | (321,110 | ) | ||||||
Transactions in Interest: | |||||||||
Contributions | 105,276 | 364,251 | |||||||
Withdrawals | (339,736 | ) | (198,093 | ) | |||||
Net Increase (Decrease) from Transactions in Interest | (234,460 | ) | 166,158 | ||||||
Total Increase (Decrease) in Net Assets | (85,920 | ) | (154,952 | ) | |||||
Net Assets | |||||||||
Beginning of Year | 3,834,097 | 3,989,049 | |||||||
End of Year | $ | 3,748,177 | $ | 3,834,097 |
* | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $0. | |
** | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $0. |
See accompanying Notes to Financial Statements.
147
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
The Asia Pacific Small | The United Kingdom Small | The Continental Small | The Canadian Small | |||||||||||||||||||||||||||||||||
Company Series | Company Series | Company Series | Company Series | |||||||||||||||||||||||||||||||||
Year | Year | Year | Year | Year | Year | Year | Year | |||||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||||||||
Oct. 31, | Oct. 31, | Oct. 31, | Oct. 31, | Oct. 31, | Oct. 31, | Oct. 31, | Oct. 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | $ | 68,215 | $ | 76,219 | $ | 76,252 | $ | 76,805 | $ | 146,906 | $ | 152,247 | $ | 26,482 | $ | 25,307 | ||||||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||||||||||||||||||||||
Investment Securities Sold*,** | 28,597 | (55,523 | ) | 45,398 | 85,120 | 271,616 | 319,242 | (81,417 | ) | 27,505 | ||||||||||||||||||||||||||
Affiliated Investment | ||||||||||||||||||||||||||||||||||||
Companies Shares Sold | 3 | (60 | ) | 2 | (9 | ) | 7 | (101 | ) | (6 | ) | (19 | ) | |||||||||||||||||||||||
Futures | (97 | ) | (134 | ) | — | — | — | 161 | — | — | ||||||||||||||||||||||||||
Foreign Currency Transactions | (572 | ) | (898 | ) | (1,016 | ) | (1,153 | ) | (101 | ) | (2,498 | ) | 172 | 120 | ||||||||||||||||||||||
Change in Unrealized Appreciation | ||||||||||||||||||||||||||||||||||||
(Depreciation) of: | ||||||||||||||||||||||||||||||||||||
Investment Securities and | ||||||||||||||||||||||||||||||||||||
Foreign Currency | (10,141 | ) | (175,750 | ) | 105,943 | (373,044 | ) | 20,336 | (1,131,028 | ) | 60,948 | (185,376 | ) | |||||||||||||||||||||||
Affiliated Investment | ||||||||||||||||||||||||||||||||||||
Companies Shares | 4 | 42 | 1 | — | 46 | 78 | 16 | (3 | ) | |||||||||||||||||||||||||||
Translation of Foreign Currency- | ||||||||||||||||||||||||||||||||||||
Denominated Amounts | 16 | (7 | ) | 552 | (181 | ) | 63 | (371 | ) | 6 | 6 | |||||||||||||||||||||||||
Net Increase (Decrease) in | ||||||||||||||||||||||||||||||||||||
Net Assets Resulting | ||||||||||||||||||||||||||||||||||||
from Operations | 86,025 | (156,111 | ) | 227,132 | (212,462 | ) | 438,873 | (662,270 | ) | 6,201 | (132,460 | ) | ||||||||||||||||||||||||
Transactions in Interest: | ||||||||||||||||||||||||||||||||||||
Contributions | 84,771 | 199,024 | 92,887 | 120,516 | 223,410 | 480,253 | 99,460 | 136,490 | ||||||||||||||||||||||||||||
Withdrawals | (259,324 | ) | (128,247 | ) | (231,393 | ) | (49,141 | ) | (477,048 | ) | (146,782 | ) | (103,857 | ) | (47,441 | ) | ||||||||||||||||||||
Net Increase (Decrease) from | ||||||||||||||||||||||||||||||||||||
Transactions in Interest | (174,553 | ) | 70,777 | (138,506 | ) | 71,375 | (253,638 | ) | 333,471 | (4,397 | ) | 89,049 | ||||||||||||||||||||||||
Total Increase (Decrease) in | ||||||||||||||||||||||||||||||||||||
Net Assets | (88,528 | ) | (85,334 | ) | 88,626 | (141,087 | ) | 185,235 | (328,799 | ) | 1,804 | (43,411 | ) | |||||||||||||||||||||||
Net Assets | ||||||||||||||||||||||||||||||||||||
Beginning of Year | 1,730,371 | 1,815,705 | 2,188,825 | 2,329,912 | 5,422,260 | 5,751,059 | 1,146,811 | 1,190,222 | ||||||||||||||||||||||||||||
End of Year | $ | 1,641,843 | $ | 1,730,371 | $ | 2,277,451 | $ | 2,188,825 | $ | 5,607,495 | $ | 5,422,260 | $ | 1,148,615 | $ | 1,146,811 |
* | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $0. | |
** | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $0. |
See accompanying Notes to Financial Statements.
148
THE DFAINVESTMENT TRUST COMPANY
FINANCIAL HIGHLIGHTS
(for a shareoutstanding throughouteachperiod)
The Japanese Small Company Series | The Asia Pacific Small Company Series | |||||||||||||||||||||||||||||||||||||||||
Year | Year | Year | Year | Year | Year | Year | Year | Year | Year | |||||||||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||||||||||||
Oct. 31, | Oct. 31, | Oct. 31, | Oct. 31, | Oct. 31, | Oct. 31, | Oct. 31, | Oct. 31, | Oct. 31, | Oct. 31, | |||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||
Total Return | 4.47 | % | (7.46 | %) | 27.10 | % | 14.53 | % | 9.04 | % | 5.27 | % | (8.14 | %) | 16.21 | % | 16.69 | % | (11.83 | %) | ||||||||||||||||||||||
Net Assets, End of Year (thousands) | $ | 3,748,177 | $ | 3,834,097 | $ | 3,989,049 | $ | 3,132,594 | $ | 2,631,688 | $ | 1,641,843 | $ | 1,730,371 | $ | 1,815,705 | $ | 1,555,736 | $ | 1,228,274 | ||||||||||||||||||||||
Ratio of Expenses to Average | ||||||||||||||||||||||||||||||||||||||||||
Net Assets | 0.12 | % | 0.12 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | ||||||||||||||||||||||
Ratio of Expenses to Average | ||||||||||||||||||||||||||||||||||||||||||
Net Assets (Excluding Fees | ||||||||||||||||||||||||||||||||||||||||||
Paid Indirectly) | 0.12 | % | 0.12 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | ||||||||||||||||||||||
Ratio of Net Investment Income to | ||||||||||||||||||||||||||||||||||||||||||
Average Net Assets | 2.32 | % | 1.90 | % | 1.90 | % | 1.99 | % | 1.69 | % | 4.11 | % | 3.96 | % | 3.82 | % | 4.00 | % | 4.17 | % | ||||||||||||||||||||||
Portfolio Turnover Rate | 12 | % | 17 | % | 13 | % | 10 | % | 6 | % | 18 | % | 18 | % | 14 | % | 10 | % | 7 | % | ||||||||||||||||||||||
____________________ See page 1 - 2 for the Definitions of Abbreviations and Footnotes. | ||||||||||||||||||||||||||||||||||||||||||
The United Kingdom Small Company Series | The Continental Small Company Series | |||||||||||||||||||||||||||||||||||||||||
Year | Year | Year | Year | Year | Year | Year | Year | Year | Year | |||||||||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||||||||||||
Oct. 31, | Oct. 31, | Oct. 31, | Oct. 31, | Oct. 31, | Oct. 31, | Oct. 31, | Oct. 31, | Oct. 31, | Oct. 31, | |||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||
Total Return | 10.67 | % | (8.90 | %) | 29.87 | % | (15.82 | %) | 9.95 | % | 8.43 | % | (10.78 | %) | 34.27 | % | 6.10 | % | 9.81 | % | ||||||||||||||||||||||
Net Assets, End of Year (thousands) | $ | 2,277,451 | $ | 2,188,825 | $ | 2,329,912 | $ | 1,683,465 | $ | 2,084,113 | $ | 5,607,495 | $ | 5,422,260 | $ | 5,751,059 | $ | 4,147,925 | $ | 3,653,743 | ||||||||||||||||||||||
Ratio of Expenses to Average | ||||||||||||||||||||||||||||||||||||||||||
Net Assets | 0.11 | % | 0.11 | % | 0.12 | % | 0.12 | % | 0.11 | % | 0.12 | % | 0.12 | % | 0.13 | % | 0.13 | % | 0.13 | % | ||||||||||||||||||||||
Ratio of Expenses to Average | ||||||||||||||||||||||||||||||||||||||||||
Net Assets (Excluding Fees | ||||||||||||||||||||||||||||||||||||||||||
Paid Indirectly) | 0.12 | % | 0.11 | % | 0.12 | % | 0.12 | % | 0.11 | % | 0.13 | % | 0.12 | % | 0.13 | % | 0.13 | % | 0.13 | % | ||||||||||||||||||||||
Ratio of Net Investment Income to | ||||||||||||||||||||||||||||||||||||||||||
Average Net Assets | 3.43 | % | 3.23 | % | 3.40 | % | 4.36 | % | 3.44 | % | 2.74 | % | 2.51 | % | 2.33 | % | 2.49 | % | 2.44 | % | ||||||||||||||||||||||
Portfolio Turnover Rate | 18 | % | 14 | % | 9 | % | 15 | % | 10 | % | 17 | % | 15 | % | 13 | % | 9 | % | 14 | % |
See page 1 - 2 for theDefinitionsofAbbreviationsandFootnotes.
SeeaccompanyingNotes toFinancial Statements.
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THE DFA INVESTMENT TRUST COMPANY
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
The Canadian Small Company Series | |||||||||||||||||||||
Year | Year | Year | Year | Year | |||||||||||||||||
Ended | Ended | Ended | Ended | Ended | |||||||||||||||||
Oct. 31, | Oct. 31, | Oct. 31, | Oct. 31, | Oct. 31, | |||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||
Total Return | 1.00 | % | (10.44 | %) | 12.10 | % | 20.77 | % | (25.00 | %) | |||||||||||
Net Assets, End of Year (thousands) | $ | 1,148,615 | $ | 1,146,811 | $ | 1,190,222 | $ | 933,264 | $ | 623,132 | |||||||||||
Ratio of Expenses to Average Net Assets | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | |||||||||||
Ratio of Expenses to Average Net Assets | |||||||||||||||||||||
(Excluding Fees Paid Indirectly) | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | |||||||||||
Ratio of Net Investment Income to Average Net Assets | 2.37 | % | 2.11 | % | 2.14 | % | 2.52 | % | 2.73 | % | |||||||||||
Portfolio Turnover Rate | 12 | % | 14 | % | 22 | % | 8 | % | 18 | % |
See page 1 - 2 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
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THE DFA INVESTMENT TRUST COMPANY
NOTES TO FINANCIAL STATEMENTS
A. Organization:
The DFA Investment Trust Company (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of eleven portfolios, five of which, 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 are included in this section of the report (collectively, the “Series”). The remaining operational portfolios are presented in separate reports. The Series are investment companies, and accordingly, follow the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Certification (“ASC”) Topic 946, “Financial Services-Investment Companies.”
B. Significant Accounting Policies:
The following significant accounting policies are in conformity with accounting principles generally accepted in the United States of America. Such policies are consistently followed by the Trust in preparation of its financial statements. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be material.
1.Security Valuation: The Series use a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels described below:
● | Level 1 - inputs are quoted prices in active markets for identical securities (including equity securities, open-end investment companies, and futures contracts) |
● | Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
● | Level 3 - significant unobservable inputs (including the Series’ own assumptions in determining the fair value of investments) |
Securities held by the Series, including over-the-counter securities, are valued at the last quoted sale price of the day. International equity securities are subject to a fair value factor, as described later in this note. Securities held by the Series that are listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If there is no last reported sale price or NOCP for the day, the Series value the securities within the range of the most recent quoted bid and ask prices. Price information on listed securities is taken from the exchange where the security is primarily traded. Generally, securities issued by open-end management investment companies are valued using their respective net asset values or public offering prices, as appropriate, for purchase orders placed at the close of the New York Stock Exchange (NYSE). These securities are generally categorized as Level 1 in the hierarchy.
Securities for which no market quotations are readily available (including restricted securities), or for which market quotations have become unreliable, are valued in good faith at fair value in accordance with procedures adopted by the Board of Trustees of the Trust. Fair value pricing may also be used if events that have a significant effect on the value of an investment (as determined in the discretion of Dimensional Fund Advisors LP) occur before the net asset value of the Series is calculated. When fair value pricing is used, the prices of securities used by the Series may differ from the quoted or published prices for the same securities on their primary markets or exchanges. These securities are generally categorized as Level 2 in the hierarchy.
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The Series will also apply a fair value price in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the close of the NYSE. For example, trading in the Japanese securities markets is completed each day at the close of the Tokyo Stock Exchange (normally, 2:00 a.m. ET), which is fourteen hours before the close of the NYSE (normally, 4:00 p.m. ET) and the time that the net asset values of the Series are computed. Due to the time differences between the closings of the relevant foreign securities exchanges and the time the Series price their shares at the close of the NYSE, the Series will fair value their foreign investments when it is determined that the market quotations for the foreign investments are either unreliable or not readily available. The fair value prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Series’ foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees of the Series has determined that movements in relevant indices or other appropriate market indicators, after the close of the Tokyo Stock Exchange or the London Stock Exchange, demonstrate that market quotations may be unreliable. Fair valuation of portfolio securities may occur on a daily basis. The fair value pricing by the Series uses data furnished by an independent pricing service (and that data draws upon, among other information, the market values of foreign investments). When a Series uses fair value pricing, the values assigned to the Series’ foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges. These securities are generally categorized as Level 2 in the hierarchy.
Futures contracts held by the Series are valued using the settlement price established each day on the exchange on which they are traded. These valuations are generally categorized as Level 1 in the hierarchy.
Over-the-counter derivative contracts, which include forward currency contracts, do not require material subjectivity as pricing inputs are observed from quoted markets and are categorized as Level 2 in the hierarchy.
A summary of the inputs used to value the Series’ investments by each major security type, industry and/or country is disclosed previously in this note. Valuation hierarchy tables have been included at the end of the Summary Schedules of Portfolio Holdings. The methodology or inputs used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
2.Foreign Currency Translation: Securities and other assets and liabilities of the Series, whose values are initially expressed in foreign currencies are translated to U.S. dollars using the mean between the most recent bid and ask prices for the U.S. dollar as quoted by generally recognized reliable sources. To facilitate the translation, the Series enter into foreign currency contracts. A foreign currency contract is a spot agreement between two parties to buy and sell currencies at current market exchange rates, for settlement generally within two business days. Dividend and interest income and certain expenses are translated to U.S. dollars at the rate of exchange on their respective accrual dates. Receivables and payables denominated in foreign currencies are marked-to-market daily based on daily exchange rates and exchange gains or losses are realized upon ultimate receipt or disbursement.
The Series do not isolate the effect of foreign currency rate fluctuations when determining the realized gain or loss upon the sale or maturity of foreign currency denominated debt obligations pursuant to U.S. Federal income tax regulations; such amounts are categorized as foreign exchange gain or loss for income tax reporting purposes.
Realized gains or losses on foreign currency transactions represent net foreign exchange gains or losses from the disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates of securities transactions, and the difference between amounts of interest, dividends and any foreign withholding taxes recorded on the books of the Series and the U.S. dollar equivalent amounts actually received or paid.
3.Deferred Compensation Plan: Each eligible Trustee of the Trust may elect to participate in the Fee Deferral Plan for Independent Directors and Trustees (the “Plan”). Under the Plan, effective January 1, 2002, such Trustees may defer payment of all or a portion of their total fees earned as a Trustee. These deferred amounts may be treated as though such amounts had been invested in shares of the following funds: U.S. Large Cap Value Portfolio; U.S. Core
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Equity 1 Portfolio; U.S. Core Equity 2 Portfolio; U.S. Vector Equity Portfolio; U.S. Micro Cap Portfolio; DFA International Value Portfolio; International Core Equity Portfolio; Emerging Markets Portfolio; Emerging Markets Core Equity Portfolio; and/or DFA Two-Year Global Fixed Income Portfolio. Contributions made under the Plan and the change in unrealized appreciation (depreciation) and income are included in Directors’/Trustees’ Fees & Expenses.
The Trustees may receive their distributions of proceeds by one of the following methods: lump sum, annual installments over a period of agreed-upon years, or quarterly installments over a period of agreed-upon years. Each Trustee shall have the right in a notice of election (the “Notice”) to defer the receipt of the Trustee’s deferred compensation until a date specified by such Trustee in the Notice. The date may not be sooner than the earlier of: (i) the first business day of January following the year in which such Trustee ceases to be a member of the Board of Trustees of the Trust; and (ii) five years following the effective date of the Trustee’s first deferral election. If a Trustee who elects to defer fees fails to designate in the Notice a time or date as of which payment of the Trustee’s deferred fee account shall commence, payment of such amount shall commence as of the first business day of January following the year in which the Trustee ceases to be a member of the Board (unless the Trustee files an amended Notice selecting a different distribution date). As of October 31, 2019, none of the Trustees have requested or received a distribution of proceeds of a deferred fee account.
4.Other: Security transactions are accounted for as of the trade date. Costs used in determining realized gains and losses on the sale of investment securities and foreign currency are accounted for on the basis of identified cost. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Distributions received on securities and that represent a return of capital or capital gains are recorded as a reduction of cost of investments or as a realized gain, respectively. The Series estimate the character of received distributions that may be considered return of capital distributions. Interest income is recorded on an accrual basis. Discount and premium on securities purchased are amortized over the lives of the respective securities, using the effective interest method. Expenses directly attributable to a Series are directly charged. Common expenses of the Trust or Series are allocated using methods approved by the Board of Trustees, generally based on average net assets.
The Series may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Series accrue such taxes when the related income or capital gains are earned or throughout the holding period. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. Additionally, if there is a deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.
C. Investment Advisor:
The Advisor, Dimensional Fund Advisors LP, provides investment management services to the Series. For the year ended October 31, 2019, the Series’ investment management fees were accrued daily and paid monthly to the Advisor based on the following effective annual rates of average daily net assets:
The Japanese Small Company Series | 0.10% | ||
The Asia Pacific Small Company Series | 0.10% | ||
The United Kingdom Small Company Series | 0.10% | ||
The Continental Small Company Series | 0.10% | ||
The Canadian Small Company Series | 0.10% |
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Earned Income Credit:
Additionally, the Series have entered into arrangements with their custodian whereby net interest earned on uninvested cash balances was used to reduce a portion of each Series’ custody expenses. Custody expense in the accompanying financial statements is presented before reduction for credits. The impact of such credits is generally less than one basis point of each Series’ net assets. During the year ended October 31, 2019, expenses reduced were as follows (amounts in thousands):
Fees Paid | |||||
Indirectly | |||||
The Japanese Small Company Series | $ | 77 | |||
The Asia Pacific Small Company Series | 33 | ||||
The United Kingdom Small Company Series | 94 | ||||
The Continental Small Company Series | 276 | ||||
The Canadian Small Company Series | 46 |
Fees Paid to Officers and Directors/Trustees:
Certain Officers and Trustees of the Advisor are also Officers and Trustees of the Trust; however, such Officers and Trustees (with the exception of the Chief Compliance Officer (“CCO”)) receive no compensation from the Trust. For the year ended October 31, 2019, the total related amounts paid by the Trust to the CCO were $73 (in thousands). The total related amounts paid by each of the Series are included in Other Expenses on the Statement of Operations.
D. Deferred Compensation:
At October 31, 2019, the total liability for deferred compensation to Trustees is included in Accrued Expenses and Other Liabilities on the Statement of Assets and Liabilities as follows (amounts in thousands):
The Japanese Small Company Series | $ | 101 | ||
The Asia Pacific Small Company Series | 51 | |||
The United Kingdom Small Company Series | 66 | |||
The Continental Small Company Series | 133 | |||
The Canadian Small Company Series | 32 |
E. Purchases and Sales of Securities:
For the year ended October 31, 2019, the Series’ transactions related to investment securities, other than short-term securities, in-kind redemptions and U.S. government securities (amounts in thousands), were as follows:
Purchases | Sales | ||||||
The Japanese Small Company Series | $ | 413,924 | $ | 566,085 | |||
The Asia Pacific Small Company Series | 303,278 | 331,966 | |||||
The United Kingdom Small Company Series | 414,490 | 399,311 | |||||
The Continental Small Company Series | 886,698 | 964,242 | |||||
The Canadian Small Company Series | 172,997 | 133,503 |
There were no purchases or sales of long-term U.S. government securities.
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For the year ended October 31, 2019, transactions related to Affiliated Investment Companies, excluding in-kind redemptions, are presented below.
The amounts presented below may differ from the respective amounts presented in the corresponding Schedule of Investments/Summary Schedule of Portfolio Holdings, Statement of Assets and Liabilities or Statement of Operations due to rounding. The amounts are as follows(amounts in thousands):
Balance at 10/31/18 | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ Depreciation | Balance at October 31, 2019 | Shares as of October 31, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||||||
The Japanese Small Company Series | |||||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund | $ | 218,283 | $ | 566,951 | $ | 694,041 | $ | — | $ | 10 | $ | 91,203 | $ | 7,882 | $ | 3,328 | — | ||||||||||||||||||||||
Total | $ | 218,283 | $ | 566,951 | $ | 694,041 | $ | — | $ | 10 | $ | 91,203 | $ | 7,882 | $ | 3,328 | — | ||||||||||||||||||||||
The Asia Pacific Small Company | |||||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund | $ | 102,269 | $ | 215,000 | $ | 268,428 | $ | 3 | $ | 4 | $ | 48,848 | $ | 4,222 | $ | 2,167 | — | ||||||||||||||||||||||
Total | $ | 102,269 | $ | 215,000 | $ | 268,428 | $ | 3 | $ | 4 | $ | 48,848 | $ | 4,222 | $ | 2,167 | — | ||||||||||||||||||||||
The United Kingdom Small Company Series | |||||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund | $ | 25,540 | $ | 222,126 | $ | 228,855 | $ | 2 | $ | 1 | $ | 18,814 | $ | 1,626 | $ | 729 | — | ||||||||||||||||||||||
Total | $ | 25,540 | $ | 222,126 | $ | 228,855 | $ | 2 | $ | 1 | $ | 18,814 | $ | 1,626 | $ | 729 | — | ||||||||||||||||||||||
The Continental Small Company Series | |||||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund | $ | 589,645 | $ | 1,524,995 | $ | 1,599,808 | $ | 7 | $ | 47 | $ | 514,886 | $ | 44,498 | $ | 11,828 | — | ||||||||||||||||||||||
Total | $ | 589,645 | $ | 1,524,995 | $ | 1,599,808 | $ | 7 | $ | 47 | $ | 514,886 | $ | 44,498 | $ | 11,828 | — | ||||||||||||||||||||||
The Canadian Small Company | |||||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund | $ | 154,044 | $ | 912,955 | $ | 885,717 | $ | (6 | ) | $ | 16 | $ | 181,292 | $ | 15,668 | $ | 3,714 | — | |||||||||||||||||||||
Total | $ | 154,044 | $ | 912,955 | $ | 885,717 | $ | (6 | ) | $ | 16 | $ | 181,292 | $ | 15,668 | $ | 3,714 | — |
F. Federal Income Taxes:
No provision for federal income taxes is required since the Series are treated as partnerships for federal income tax purposes. Any net investment income and realized and unrealized gains and losses have been deemed to have been “passed down” to their respective partners.
At October 31, 2019, the total cost and aggregate gross unrealized appreciation (depreciation) of securities for federal income tax purposes were different from amounts reported for financial reporting purposes, as follows (amounts in thousands):
Net | ||||||||||||||||||||
Unrealized | ||||||||||||||||||||
Federal | Unrealized | Unrealized | Appreciation | |||||||||||||||||
Tax Cost | Appreciation | (Depreciation) | (Depreciation) | |||||||||||||||||
The Japanese Small Company Series | $ | 3,458,783 | $ | 730,459 | $ | (382,924 | ) | $ | 347,535 | |||||||||||
The Asia Pacific Small Company Series | 1,819,346 | 298,364 | (437,545 | ) | (139,181 | ) | ||||||||||||||
The United Kingdom Small Company Series | 2,134,598 | 452,850 | (332,212 | ) | 120,638 | |||||||||||||||
The Continental Small Company Series | 5,549,045 | 1,377,133 | (822,930 | ) | 554,203 | |||||||||||||||
The Canadian Small Company Series | 1,567,974 | 205,101 | (446,144 | ) | (241,043 | ) |
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The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales and net mark to market gains (losses) on regulated futures contracts, net mark-to-market gain/loss on foreign currency contracts, and differences in the tax treatment of passive foreign investment company investments.
ASC 740 Accounting for Uncertainty in Income Taxessets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has analyzed the Series’ tax positions and has concluded that no additional provision for income tax is required in any Series’ financial statements. The Series are not aware of any tax positions for which it is more likely than not that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Series’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
G. 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.
Series that have significant exposure to certain countries, such as The United Kingdom Small Company Series that concentrates investments in the United Kingdom, can be expected to be impacted by the political and economic conditions within such countries. For example, there is continuing uncertainty around the future of the euro and the European Union (EU) following the United Kingdom’s (UK) vote to exit the EU in June 2016. Brexit may cause greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence, and increased likelihood of a recession in the UK. While it is not possible to determine the precise impact these events may have on the Series, during this period and beyond, the impact on the UK, EU countries, other countries or parties that transact with the UK and EU, and the broader global economy could be significant and could adversely affect the value and liquidity of the Series’ investments.
Derivative Financial Instruments:
Summarized below are the specific types of derivative instruments used by the Series.
2.Futures Contracts: The Series listed below may purchase or sell futures contracts and options on futures contracts for equity securities and indices to adjust market exposure based on actual or expected cash inflows to or outflows from the Series. The Series, however, do not intend to sell futures contracts to establish short positions in individual securities. Upon entering into a futures contract, a Series deposits cash or pledges U.S. Government securities to a broker, in an amount equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Series as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Series 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, from the possibility of an illiquid secondary market for these instruments and from the possibility that the Series could lose more than the initial margin requirements. Entering into stock index futures subjects the Series to equity price risk from those futures contracts. Counterparty credit risk related to exchange-traded futures is minimal because the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.
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The average volume (based on the open positions at each fiscal month-end) of derivative activity for the year ended October 31, 2019 was as follows (amounts in thousands):
Futures** | |||
The Asia Pacific Small Company Series | $698 |
** | Average Notional Value of contracts |
The following is a summary of the realized and change in unrealized gains and losses from the Series’ derivative instrument holdings categorized by primary risk exposure for the year ended October 31, 2019 (amounts in thousands):
Realized Gain (Loss) | |||||
on Derivatives | |||||
Equity | |||||
Total | Contracts(1) | ||||
The Asia Pacific Small Company Series | $(97) | $(97)* |
(1) | Presented on Statements of Operations as Net Realized Gain (Loss) on: Futures. | |
* | As of October 31, 2019, there were no futures contracts outstanding. During the year ended October 31, 2019, the Series had limited activity in futures contracts. |
H. Line of Credit and Interfund Lending Program:
The Trust, together with other Dimensional-advised portfolios, has entered into a $500 million uncommitted, unsecured discretionary line of credit effective April 10, 2019 with its domestic custodian bank. A line of credit with similar terms was in effect through April 10, 2019. Each portfolio is permitted to borrow, subject to its investment limitations, up to a maximum of $500 million, as long as total borrowings under the line of credit do not exceed $500 million in the aggregate. Borrowings under the line of credit are charged interest at rates agreed upon by the parties at the time of borrowing. Each portfolio is individually, and not jointly, liable for its particular advances under the line of credit. There is no commitment fee on the unused portion of the line of credit. The agreement for the discretionary line of credit may be terminated by either party at any time. The agreement for the line of credit expires on April 8, 2020.
The Trust, together with other Dimensional-advised portfolios, has also entered into an additional $700 million unsecured line of credit with its international custodian bank effective January 4, 2019. A line of credit with similar terms was in effect through January 4, 2019. Each portfolio is permitted to borrow, subject to its investment limitations, up to a maximum of $500 million, as long as total borrowings under the line of credit do not exceed $700 million in the aggregate. Each portfolio is individually, and not jointly, liable for its particular advances under the line of credit. Borrowings under the line of credit are charged interest at rates agreed upon by the parties at the time of borrowing. There is no commitment fee on the unused portion of the line of credit. The agreement for the discretionary line of credit may be terminated by either party at any time. The line of credit agreement expires on January 3, 2020.
For the year ended October 31, 2019, borrowings by the following Series under the lines of credit were as follows (amounts in thousands, except percentages and days):
Weighted | Weighted | Number of | Interest | Maximum Amount | Outstanding | ||||||||||||||||||||||
Average | Average | Days | Expense | Borrowed During | Borrowings | ||||||||||||||||||||||
Interest Rate | Loan Balance | Outstanding* | Incurred | the Period | As of 10/31/2019 | ||||||||||||||||||||||
The Japanese Small Company Series | 2.96% | $ | 1,452 | 28 | $ | 3 | $ | 4,590 | — | ||||||||||||||||||
The Asia Pacific Small Company Series | 2.84% | 2,880 | 29 | 6 | 32,447 | $ | 10 | ||||||||||||||||||||
The United Kingdom Small Company Series | 3.01% | 409 | 15 | — | 2,481 | — | |||||||||||||||||||||
The Continental Small Company Series | 2.70% | 2,327 | 10 | 2 | 16,411 | — | |||||||||||||||||||||
The Canadian Small Company Series | 2.15% | 333 | 4 | — | 443 | — |
* | Number of Days Outstanding represents the total of single or consecutive days during the year ended October 31, 2019, that each Series’ available line of credit was used. |
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Pursuant to an exemptive order issued by the SEC (the “Order”), the Series may participate in an interfund lending program among certain portfolios managed by the Advisor (portfolios that operate as feeder funds do not participate in the program). The program allows the participating portfolios to borrow money from and loan money to each other for temporary or emergency purposes, subject to the conditions in the Order. A loan can only be made through the program if the interfund loan rate on that day is more favorable to both the borrowing and lending portfolios as compared to rates available through short-term bank loans or investments in overnight repurchase agreements and money market funds, respectively, as detailed in the Order. Further, a portfolio may participate in the program only if and to the extent that such participation is consistent with its investment objectives and limitations. Interfund loans have a maximum duration of seven days and may be called on one business day’s notice.
The Series did not utilize the interfund lending program during the year ended October 31, 2019.
I. Affiliated Trades:
Cross trades for the year ended October 31, 2019, if any, were executed by the Series pursuant to procedures adopted by the Board of Trustees of the Trust to ensure compliance with Rule 17a-7 under the Investment Company Act of 1940 (the “1940 Act”). Cross trading is the buying or selling of portfolio securities between series of investment companies, or between a series of an investment company and another entity, that are or could be considered affiliates by virtue of a common investment advisor (or affiliated investment advisors), common Trustees and/or common Officers. At its regularly scheduled meetings, the CCO certifies to the Board that the 17a-7 transactions entered into by the Series complied with the Rule 17a-7 Procedures adopted by the Board of Trustees of the Trust.
For the year ended October 31, 2019, cross trades by the Series under Rule 17a-7 were as follows (amounts in thousands):
Realized | |||||||||||
Portfolio | Purchases | Sales | Gain (Loss) | ||||||||
The Japanese Small Company Series | $ | 77,611 | $ | 45,808 | $ | 2,930 | |||||
The Asia Pacific Small Company Series | 19,544 | 52,066 | 7,392 | ||||||||
The United Kingdom Small Company Series | 125 | 34,943 | (47,534 | ) | |||||||
The Continental Small Company Series | 48,163 | 30,355 | 5,452 | ||||||||
The Canadian Small Company Series | 28,285 | 3,871 | 12 |
J. Securities Lending:
As of October 31, 2019, each Series had securities on loan to brokers/dealers, for which each such Series received cash collateral. The Series also received non-cash collateral consisting of short-and/or long-term U.S. Treasuries and U.S. government agency securities as follows (amounts in thousands):
Non-Cash | ||||||
Market Value | ||||||
The Japanese Small Company Series | $ | 112,829 | ||||
The Asia Pacific Small Company Series | 197,335 | |||||
The Continental Small Company Series | 43,921 | |||||
The Canadian Small Company Series | 45,992 |
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Each Series invests the cash collateral, as described below, and records a liability for the return of the collateral, during the period the securities are on loan. Loans of securities are expected at all times to be secured by collateral in an amount (i) equal to at least 100% of the current market value of the loaned securities with respect to securities of the U.S. government or its agencies, (ii) generally equal to 102% of the current market value of the loaned securities with respect to U.S. securities, and (iii) generally equal to 105% of the current market value of the loaned securities with respect to foreign securities. However, daily market fluctuations could cause the Series’ collateral to be lower or higher than the expected thresholds. If this were to occur, the collateral would be adjusted the next business day to ensure adequate collateralization. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. If the borrower fails to return loaned securities, cash collateral being maintained by the borrower is insufficient to cover the value of loaned securities and such collateral insufficiency is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Series with securities on loan or, at the option of the lending agent, to replace the securities. In the event of the bankruptcy of the borrower, the Series with securities on loan could experience delay in recovering the loaned securities or only recover cash or a security of equivalent value.
Subject to their stated investment policies, each Series with securities on loan will generally invest the cash collateral received for the loaned securities in The DFA Short Term Investment Fund (the Money Market Series), an affiliated registered money market fund advised by the Advisor for which the Advisor receives a management fee of 0.05% of the average daily net assets of the Money Market Series. Income received from the Money Market Series is netted with fees for securities lending and collateral investment expenses and with other payments to and from borrowers of securities. The Series also may invest the cash collateral received for the loaned securities in securities of the U.S. government or its agencies, repurchase agreements collateralized by securities of the U.S. government or its agencies, and affiliated or unaffiliated money market funds that are registered or unregistered. For purposes of this paragraph, agencies include both agency debentures and agency mortgage-backed securities. Additionally, each Series will be able to terminate the loan at any time and will receive reasonable interest on the loan, as well as amounts equal to any dividends, interest or, other distributions on the loaned securities. However, dividend income received from loaned securities may not be eligible for taxation at qualified dividend income rates.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of October 31, 2019:
Remaining Contractual Maturity of the Agreements | ||||||||||||
As of October 31, 2019 | ||||||||||||
Overnight and | Between | |||||||||||
Continuous | <30 days | 30 & 90 days | >90 days | Total | ||||||||
Securities Lending Transactions | ||||||||||||
The Japanese Small Company Series | ||||||||||||
Common Stocks | $ | 91,233 | — | — | — | $ | 91,233 | |||||
The Asia Pacific Small Company Series | ||||||||||||
Common Stocks | 48,834 | — | — | — | 48,834 | |||||||
The United Kingdom Small Company Series | ||||||||||||
Common Stocks | 18,814 | — | — | — | 18,814 | |||||||
The Continental Small Company Series | ||||||||||||
Common Stocks, Rights/Warrants | 514,881 | — | — | — | 514,881 | |||||||
The Canadian Small Company Series | ||||||||||||
Common Stocks, Rights/Warrants | 181,271 | — | — | — | 181,271 |
K. Indemnitees; Contractual Obligations:
Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust.
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In the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties that provide general indemnification. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust and/or its affiliates that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote.
L. Recently Issued Accounting Standards:
In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-08 which changes the amortization period for a callable debt security from the maturity date to the earliest call date. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. Management has evaluated the requirements of this update and does not expect any material impact to the Fund’s financial statements.
In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurements” (“ASU 2018-13”). This update makes certain removals from, changes to and additions to existing disclosure requirements for fair value measurement. ASU 2018-13 does not change fair value measurements already required or permitted by existing standards. ASU 2018-13 is effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Series’ early adoption of all of the ASU 2018-13 disclosure requirements are reflected within these financial statements prepared as of October 31, 2019.
M. Other:
The Series and the Trust are subject to claims and suits that arise from time to time in the ordinary course of business (for example, in The Tribune Company Bankruptcy, certain creditors have filed actions against all shareholders of The Tribune Company who tendered shares when The Tribune Company went private in 2007 in a leveraged buy-out transaction, seeking the return of proceeds received by the shareholders). Although management currently believes that resolving claims against us, individually or in aggregate, will not have a material adverse impact on our financial position, our results of operations, or our cash flows, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future.
N. Subsequent Event Evaluations:
Management has evaluated the impact of all subsequent events on the Series through the date on which the financial statements were issued and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of The DFA Investment Trust Company and Shareholders of 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
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the summary schedules of portfolio holdings, of 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 (five of the series constituting The DFA Investment Trust Company, hereafter collectively referred to as the “Series”) as of October 31, 2019, the related statements of operations for the year ended October 31, 2019, the statements of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Series as of October 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2019, and each of the financial highlights for each of the five years in the period ended October 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian, brokers and the transfer agent of the investee fund; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 20, 2019
We have served as the auditor of one or more investment companies in Dimensional Fund Advisors L.P. investment company group since 1981.
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FUND MANAGEMENT
(Unaudited)
Trustees/Directors
Each Board of Trustees/Directors (each, the “Board” and collectively, the “Boards”) of The DFA Investment Trust Company (“DFAITC”), DFA Investment Dimensions Group Inc. (“DFAIDG”), Dimensional Investment Group Inc. (“DIG”), and Dimensional Emerging Markets Value Fund (“DEM”) (each, the “Fund” and collectively, the “Funds”) is responsible for establishing the Funds’ policies and for overseeing the management of the Funds. The Trustees/Directors of the Funds, including all of the disinterested Trustees/Directors, have adopted written procedures to monitor potential conflicts of interest that might develop between portfolios of the Funds (the “Feeder Portfolios”) that invest in certain series of DFAITC or DEM (the “Master Funds”).
Each Board has three standing committees: an Audit Committee, a Nominating Committee, and an Investment Strategy Committee (the “Strategy Committee”). The Audit Committee is composed of George M. Constantinides, Roger G. Ibbotson, Abbie J. Smith and Ingrid M. Werner. Each member of the Audit Committee is a disinterested Trustee/Director. The Audit Committee oversees the Fund’s accounting and financial reporting policies and practices, the Fund’s internal controls, the Fund’s financial statements and the independent audits thereof and performs other oversight functions as requested by the Board. The Audit Committee recommends the appointment of each Fund’s independent registered certified public accounting firm and acts as a liaison between the Fund’s independent registered certified public accounting firm and the full Board. There were two Audit Committee meetings held during the fiscal year ended October 31, 2019.
Each Board’s Nominating Committee is composed of George M. Constantinides, Roger G. Ibbotson, Myron S. Scholes, Edward P. Lazear, Abbie J. Smith, Douglas W. Diamond, Darrell Duffie and Ingrid M. Werner. Each member of the Nominating Committee is a disinterested Trustee/Director. The Nominating Committee for each Board makes recommendations for nominations of disinterested and interested members on the Board to the disinterested Board members and to the full Board. The Nominating Committee evaluates a candidate’s qualification for Board membership and the independence of such candidate from the Advisor and other principal service providers. The Nominating Committee met one time during the fiscal year ended October 31, 2019.
Each Board’s Strategy Committee is composed of Gerard K. O’Reilly, Douglas W. Diamond, Edward P. Lazear, Myron S. Scholes and Darrell Duffie. The Strategy Committee assists the Board in carrying out its fiduciary duties with respect to the oversight of the Fund and its performance. At the request of the Board or the Advisor, the Strategy Committee (i) reviews the design of possible new series of the Fund, (ii) reviews performance of existing portfolios of the Funds and discusses and recommends possible enhancements to the portfolios’ investment strategies, (iii) reviews proposals by the Advisor to modify or enhance the investment strategies or policies of each portfolio, and (iv) considers issues relating to investment services for each portfolio of the Fund. There were three Strategy Committee meetings held during the fiscal year ended October 31, 2019.
Certain biographical information for each disinterested Trustee/Director and interested Trustee/Director of the Funds is set forth in the tables below, including a description of each Trustee/Director’s experience as a Trustee/Director of the Funds and as a Director or Trustee of other funds, as well as other recent professional experience.
The statements of additional information (together, “SAI”) of the Funds include additional information about each Trustee/Director. You may obtain copies of the SAI and prospectus of each Fund advised by Dimensional Fund Advisors LP by calling collect (512) 306-7400 or by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746. Prospectuses are also available at http://us.dimensional.com.
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Disinterested Directors
Name, Address and Year of Birth | Position | Term of Office1 and Length of Service | Principal Occupation During Past 5 Years | Portfolios within the DFA Fund Complex2 Overseen | Other Directorships of Public Companies Held During Past 5 Years |
George M. Constantinides University of Chicago Booth School of Business 5807 S. Woodlawn Avenue Chicago, IL 60637 1947 | Director | Since 1983 | Leo Melamed Professor of Finance, University of Chicago Booth School of Business (since 1978). | 128 portfolios in 4 investment companies | None |
Douglas W. Diamond c/o Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One Austin, TX 78746 1953 | Director | Since 2017 | Merton H. Miller Distinguished Service Professor of Finance, University of Chicago Booth School of Business (since 1988). Visiting Scholar, Federal Reserve Bank of Richmond (since 1990). Formerly, Fischer Black Visiting Professor of Financial Economics, Alfred P. Sloan School of Management, Massachusetts Institute of Technology (2015 to 2016). | 128 portfolios in 4 investment companies | None |
Darrell Duffie c/o Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One Austin, TX 78746 1954 | Director | Since March 2019 | Dean Witter Distinguished Professor of Finance, Graduate School of Business, Stanford University (since 1984). | 128 portfolios in 4 investment companies | Formerly, Director, Moody’s Corporation (financial information and information technology) (2008-April 2018). |
Roger G. Ibbotson Yale School of Management P.O. Box 208200 New Haven, CT 06520-8200 1943 | Director | Since 1981 | Professor in Practice Emeritus of Finance, Yale School of Management (since 1984). Chairman and Partner, Zebra Capital Management, LLC (hedge fund and asset manager) (since 2001). Formerly, Consultant to Morningstar, Inc. (2006 - 2016). | 128 portfolios in 4 investment companies | None |
Edward P. Lazear Stanford University Graduate School of Business Knight Management Center, E346 Stanford, CA 94305 1948 | Director | Since 2010 | Distinguished Visiting Fellow, Becker Friedman Institute for Research in Economics, University of Chicago (since 2015). Morris Arnold Cox Senior Fellow, Hoover Institution (since 2002). Davies Family Professor of Economics, Graduate School of Business, Stanford University (since 1995). Cornerstone Research (expert testimony and economic and financial analysis) (since 2009). | 128 portfolios in 4 investment companies | None |
Myron S. Scholes c/o Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One Austin, TX 78746 1941 | Director | Since 1981 | Chief Investment Strategist, Janus Henderson Investors (since 2014). Frank E. Buck Professor of Finance, Emeritus, Graduate School of Business, Stanford University (since 1981). | 128 portfolios in 4 investment companies | Formerly, Adviser, Kuapay, Inc. (2013-2014). Formerly, Director, American Century Fund Complex (registered investment companies) (43 Portfolios) (1980-2014). |
163
Name, Address and Year of Birth | Position | Term of Office1 and Length of Service | Principal Occupation During Past 5 Years | Portfolios within the DFA Fund Complex2 Overseen | Other Directorships of Public Companies Held During Past 5 Years |
Abbie J. Smith University of Chicago Booth School of Business 5807 S. Woodlawn Avenue Chicago, IL 60637 1953 | Director | Since 2000 | Boris and Irene Stern Distinguished Service Professor of Accounting, University of Chicago Booth School of Business (since 1980). | 128 portfolios in 4 investment companies | Director (since 2000) and formerly, Lead Director (2014-2017), HNI Corporation (office furniture); Director, Ryder System Inc. (transportation, logistics and supply-chain management) (since 2003); and Trustee, UBS Funds (3 investment companies within the fund complex) (19 portfolios) (since 2009). |
Ingrid M. Werner c/o Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One Austin, TX 78746 1961 | Director | Since March 2019 | Martin and Andrew Murrer Professor of Finance, Fisher College of Business, The Ohio State University (since 1998). Adjunct Member, the Prize Committee for the Swedish Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (annual award for significant scientific research contribution) (since January 2018). President, Western Finance Association (global association of academic researchers and practitioners in finance) (since June 2018). Director, American Finance Association (global association of academic researchers and practitioners in finance) (since January 2019). Member, Economic Advisory Committee, FINRA (since 2017). Chairman, Scientific Advisory Board, Swedish House of Finance (institute supporting academic research in finance) (since 2014). Member, Scientific Board, Danish Finance Institute (institute supporting academic research in finance) (since 2017). Member, Academic Board, Mistra Financial Systems (organization funding academic research on environment, governance and climate/ sustainability in finance) (since 2016). Fellow, Center for Analytical Finance (academic research) (since 2015). Associate Editor, Journal of Finance (since 2016). | 128 portfolios in 4 investment companies | Director, Fourth Swedish AP Fund (pension fund asset management) (since 2017). |
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Interested Director
The following interested Director is described as such because he is deemed to be an “interested person,” as that term is defined under the 1940 Act, due to his position with the Advisor.
Name, Address and Year of Birth | Position | Term of Office1 and Length of Service | Principal Occupation During Past 5 Years | Portfolios within the DFA Fund Complex2 Overseen | Other Directorships of Public Companies Held During Past 5 Years |
David G. Booth 6300 Bee Cave Road, Building One Austin, TX 78746 1946 | Chairman and Director | Since 1981 | Chairman, Director/Trustee, and formerly, President and Co-Chief Executive Officer (each until March 2017) of Dimensional Emerging Markets Value Fund (“DEM”), DFAIDG, Dimensional Investment Group Inc. (“DIG”) and The DFA Investment Trust Company (“DFAITC”). Executive Chairman, and formerly, President and Co-Chief Executive Officer (each until February 2017) of Dimensional Holdings Inc., Dimensional Fund Advisors LP, Dimensional Investment LLC and DFA Securities LLC (collectively with DEM, DFAIDG, DIG and DFAITC, the “DFA Entities”). Formerly, Chairman and Director (2009-2018) and Co-Chief Executive Officer (2010 – June 2017) of Dimensional Fund Advisors Canada ULC. Trustee, University of Chicago (since 2002). Trustee, University of Kansas Endowment Association (since 2005). Formerly, Director of Dimensional Fund Advisors Ltd. (2002 – July 2017), DFA Australia Limited (1994 – July 2017), Dimensional Advisors Ltd. (2012 – July 2017), Dimensional Funds plc (2006 – July 2017) and Dimensional Funds II plc (2006 – July 2017). Formerly, Director and President of Dimensional Japan Ltd. (2012 – April 2017). Formerly, President, Dimensional SmartNest (US) LLC (2009-2014); and Limited Partner, VSC Investors, LLC (2007-2015). Formerly, Chairman, Director, President and Co-Chief Executive Officer of Dimensional Cayman Commodity Fund I Ltd. (2010-September 2017). | 128 portfolios in 4 investment companies | None |
1 | Each Director holds office for an indefinite term until his or her successor is elected and qualified. | |
2 | Each Director is a director or trustee of each of the four registered investment companies within the DFA Fund Complex, which include: DFAIDG; DIG; DFAITC; and DEM. Each disinterested Director also serves on the Independent Review Committee of the Dimensional Funds, mutual funds registered in the provinces of Canada and managed by the Advisor’s affiliate, Dimensional Fund Advisors Canada ULC. |
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Officers
Below is the name, year of birth, information regarding positions with the Fund and the principal occupation for each officer of the Fund. The address of each officer is 6300 Bee Cave Road, Building One, Austin, TX 78746. Each of the officers listed below holds the same office (except as otherwise noted) in the DFA Entities.
Term of Office1 | |||
and Length of | |||
Name and Year of Birth | Position | Service | Principal Occupation During Past 5 Years |
Valerie A. Brown | Vice President and Assistant Secretary | Since 2001 | Vice President and Assistant Secretary of ●all the DFA Entities (since 2001) ●DFA Australia Limited (since 2002) ●Dimensional Fund Advisors Ltd. (since 2002) ●Dimensional Cayman Commodity Fund I Ltd. (since 2010) ●Dimensional Fund Advisors Pte. Ltd. (since 2012) ●Dimensional Hong Kong Limited (since 2012) Director, Vice President and Assistant Secretary (since 2003) of ●Dimensional Fund Advisors Canada ULC |
Ryan P. Buechner | Vice President and Assistant Secretary | Since September 2019 | Vice President and Assistant Secretary of ●DFAIDG, DIG, DFAITC and DEM (since September 2019) Vice President (since January 2018) of ●Dimensional Holdings Inc. ●Dimensional Fund Advisors LP ●Dimensional Investment LLC ●DFA Securities LLC |
David P. Butler | Co-Chief Executive Officer | Since 2017 | Co-Chief Executive Officer (since 2017) of ●all the DFA entities Director (since 2017) of ●Dimensional Holdings Inc. ●Dimensional Fund Advisors Canada ULC ●Dimensional Japan Ltd. ●Dimensional Advisors Ltd. ●Dimensional Fund Advisors Ltd. ●DFA Australia Limited Director and Co-Chief Executive Officer (since 2017) of ●Dimensional Cayman Commodity Fund I Ltd. Head of Global Financial Advisor Services (since 2007) for ●Dimensional Fund Advisors LP Formerly, Vice President (2007 – 2017) of ●all the DFA Entities |
166
Term of Office1 | |||
and Length of | |||
Name and Year of Birth | Position | Service | Principal Occupation During Past 5 Years |
Stephen A. Clark | Executive Vice President | Since 2017 | Executive Vice President (since 2017) of ●all the DFA entities Director and Vice President (since 2016) of ●Dimensional Japan Ltd. President and Director (since 2016) of ●Dimensional Fund Advisors Canada ULC Vice President (since 2008) and Director (since 2016) of ●DFA Australia Limited Director (since 2016) of ●Dimensional Advisors Ltd. ●Dimensional Fund Advisors Pte. Ltd. ●Dimensional Hong Kong Limited Vice President (since 2016) of ●Dimensional Fund Advisors Pte. Ltd. Formerly, Vice President (2004 – 2017) of ●all the DFA Entities Formerly, Vice President (2010 – 2016) of ●Dimensional Fund Advisors Canada ULC Formerly, Head of Institutional, North America (2012 – 2013) and Head of Global Institutional Services (2014-2018) for ●Dimensional Fund Advisors LP |
Christopher S. Crossan | Vice President and Global Chief Compliance Officer | Since 2004 | Vice President and Global Chief Compliance Officer (since 2004) of ●all the DFA Entities ●DFA Australia Limited ●Dimensional Fund Advisors Ltd. Chief Compliance Officer (since 2006) and Chief Privacy Officer (since 2015) of ●Dimensional Fund Advisors Canada ULC Chief Compliance Officer of ●Dimensional Fund Advisors Pte. Ltd. (since 2012) ●Dimensional Japan Ltd. (since 2017) Formerly, Vice President and Global Chief Compliance Officer (2010 – 2014) for ●Dimensional SmartNest (US) LLC |
167
Term of Office1 | |||
and Length of | |||
Name and Year of Birth | Position | Service | Principal Occupation During Past 5 Years |
Gregory K. Hinkle | Vice President, Chief Financial Officer, and Treasurer | Vice President since 2015 and Chief Financial Officer and Treasurer since 2016 | Vice President, Chief Financial Officer, and Treasurer (since 2016) of ●all the DFA Entities ●Dimensional Advisors Ltd. ●Dimensional Fund Advisors Ltd. ●Dimensional Hong Kong Limited ●Dimensional Cayman Commodity Fund I Ltd. ●Dimensional Fund Advisors Canada ULC ●Dimensional Fund Advisors Pte. Ltd. ●DFA Australia Limited Director (since 2016) for ●Dimensional Funds plc ●Dimensional Funds II plc Formerly, interim Chief Financial Officer and interim Treasurer (2016) of ●all the DFA Entities ●Dimensional Fund Advisors LP ●Dimensional Fund Advisors Ltd. ●DFA Australia Limited ●Dimensional Advisors Ltd. ●Dimensional Fund Advisors Pte. Ltd. ●Dimensional Hong Kong Limited ●Dimensional Cayman Commodity Fund I Ltd. ●Dimensional Fund Advisors Canada ULC Formerly, Controller (2015 – 2016) of ●all the DFA Entities ●Dimensional Fund Advisors LP Formerly, Vice President (2008 – 2015) of ●T. Rowe Price Group, Inc. Formerly, Director of Investment Treasury and Treasurer (2008 – 2015) of ●the T. Rowe Price Funds |
Jeff J. Jeon | Vice President | Since 2004 | Vice President (since 2004) and Assistant Secretary (2017-2019) of ●all the DFA Entities Vice President and Assistant Secretary (since 2010) of ●Dimensional Cayman Commodity Fund I Ltd. |
Joy Lopez | Vice President and Assistant Treasurer | Vice President since 2015 and Assistant Treasurer since 2017 | Vice President (since 2015) of ●all the DFA Entities Assistant Treasurer (since 2017) of ●the DFA Fund Complex Formerly, Senior Tax Manager (2013 – 2015) for ●Dimensional Fund Advisors LP |
Kenneth M. Manell 1972 | Vice President | Since 2010 | Vice President (since 2010) of ●all the DFA Entities ●Dimensional Cayman Commodity Fund I Ltd. |
168
Term of Office1 | |||
and Length of | |||
Name and Year of Birth | Position | Service | Principal Occupation During Past 5 Years |
Catherine L. Newell | President and General Counsel | President since 2017 and General Counsel since 2001 | President (since 2017) of ●the DFA Fund Complex General Counsel (since 2001) of ●All the DFA Entities Executive Vice President (since 2017) and Secretary (since 2000) of ●Dimensional Fund Advisors LP ●Dimensional Holdings Inc. ●DFA Securities LLC ●Dimensional Investment LLC Director (since 2002), Vice President (since 1997) and Secretary (since 2002) of ●DFA Australia Limited ●Dimensional Fund Advisors Ltd. Vice President and Secretary of ●Dimensional Fund Advisors Canada ULC (since 2003) ●Dimensional Cayman Commodity Fund I Ltd. (since 2010) ●Dimensional Japan Ltd. (since 2012) ●Dimensional Advisors Ltd (since 2012) ●Dimensional Fund Advisors Pte. Ltd. (since 2012) Director of ●Dimensional Funds plc (since 2002) ●Dimensional Funds II plc (since 2006) ●Director of Dimensional Japan Ltd. (since 2012) ●Dimensional Advisors Ltd. (since 2012) ●Dimensional Fund Advisors Pte. Ltd. (since 2012) ●Dimensional Hong Kong Limited (since 2012) Formerly, Vice President and Secretary (2010 – 2014) of ●Dimensional SmartNest (US) LLC Formerly, Vice President (1997 – 2017) and Secretary (2000 – 2017) of ●the DFA Fund Complex Formerly, Vice President of ●Dimensional Fund Advisors LP (1997 – 2017) ●Dimensional Holdings Inc. (2006 – 2017) ●DFA Securities LLC (1997 – 2017) ●Dimensional Investment LLC (2009 – 2017) |
Selwyn Notelovitz | Vice President and Deputy Chief Compliance Officer | Since 2013 | Vice President and Deputy Chief Compliance Officer of ●the DFA Fund Complex (since 2013) ●Dimensional Fund Advisors LP (since 2012) |
Carolyn L. O | Vice President and Secretary | Vice President since 2010 and Secretary since 2017 | Vice President (since 2010) and Secretary (since 2017) of ●the DFA Fund Complex Vice President (since 2010) and Assistant Secretary (since 2016) of ●Dimensional Fund Advisors LP ●Dimensional Holdings Inc. ●Dimensional Investment LLC Vice President of ●DFA Securities LLC (since 2010) ●Dimensional Cayman Commodity Fund I Ltd. (since 2010) ●Dimensional Fund Advisors Canada ULC (since 2016) |
169
Term of Office1 | |||
and Length of | |||
Name and Year of Birth | Position | Service | Principal Occupation During Past 5 Years |
Gerard K. O’Reilly | Co-Chief | Co-Chief Executive Officer and Chief Investment Officer since 2017 | Co-Chief Executive Officer and Chief Investment Officer (since 2017) of ●all the DFA Entities ●Dimensional Fund Advisors Canada ULC Director, Chief Investment Officer and Vice President (since 2017) of ●DFA Australia Limited Chief Investment Officer (since 2017) and Vice President (since 2016) of ●Dimensional Japan Ltd. Director, Co-Chief Executive Officer and Chief Investment Officer (since 2017) of ●Dimensional Cayman Commodity Fund I Ltd. Director of ●Dimensional Funds plc (since 2014) ●Dimensional Fund II plc (since 2014) ●Dimensional Holdings Inc. (since 2017) Formerly, Co-Chief Investment Officer of ●Dimensional Japan Ltd. (2016 – 2017) ●DFA Australia Limited (2014 – 2017) Formerly, Executive Vice President (2017) and Co-Chief Investment Officer (2014 – 2017) of ●all the DFA Entities Formerly, Vice President (2007 – 2017) of ●all the DFA Entities Formerly, Vice President and Co-Chief Investment Officer (2014 – 2017) of ●Dimensional Fund Advisors Canada ULC Formerly, Director (2017 – 2018) of ●Dimensional Fund Advisors Pte. Ltd. |
1 | Each officer holds office for an indefinite term at the pleasure of the Board of Directors and until his or her successor is elected and qualified. |
170
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
A description of the policies and procedures that the Fund uses in voting proxies relating to securities held in the portfolio is available (1) without charge, upon request, by calling collect: (512) 306-7400; (2) from the Advisor’s website at http://us.dimensional.com; and (3) on the SEC’s website at http://www.sec.gov. Information regarding how the Advisor votes these proxies is available from the EDGAR database on the SEC’s website at http://www.sec.gov and from the Advisor’s website at http://us.dimensional.com and reflects the twelve-month period beginning July 1st and ending June 30th.
Foreside Financial Services, LLC
Three Canal Plaza, Suite 100,
Portland, ME 04101
www.foreside.com
171
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable to the registrant.
Item 6. Schedule of Investments.
(a)
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited)
SHARES | VALUE† | ||||||
COMMON STOCKS — 95.4% | |||||||
Aerospace & Defense — 2.6% | |||||||
Aerojet Rocketdyne Holdings, Inc. * | 2,690 | $ | 122,825 | ||||
Arconic, Inc. | 8,728 | 268,561 | |||||
Axon Enterprise, Inc. * | 500 | 36,640 | |||||
Boeing Co. (The) | 12,878 | 4,195,137 | |||||
BWX Technologies, Inc. | 3,963 | 246,023 | |||||
Curtiss-Wright Corp. | 1,160 | 163,432 | |||||
General Dynamics Corp. | 5,924 | 1,044,697 | |||||
HEICO Corp. | 1,321 | 150,792 | |||||
HEICO Corp., Class A | 2,193 | 196,339 | |||||
HEXCEL Corp. | 2,560 | 187,674 | |||||
Huntington Ingalls Industries, Inc. | 1,299 | 325,893 | |||||
L3Harris Technologies, Inc. | 5,492 | 1,086,702 | |||||
Lockheed Martin Corp. | 8,754 | 3,408,633 | |||||
Mercury Systems, Inc. * | 613 | 42,365 | |||||
Moog, Inc., Class A | 977 | 83,367 | |||||
Northrop Grumman Corp. | 4,821 | 1,658,279 | |||||
Raytheon Co. | 8,584 | 1,886,248 | |||||
Spirit Aerosystems Holdings, Inc., Class A | 4,119 | 300,193 | |||||
Teledyne Technologies, Inc. * | 749 | 259,559 | |||||
Textron, Inc. | 4,852 | 216,399 | |||||
TransDigm Group, Inc. | 1,195 | 669,200 | |||||
United Technologies Corp. | 14,634 | 2,191,588 | |||||
18,740,546 | |||||||
Air Freight & Logistics — 0.7% | |||||||
CH Robinson Worldwide, Inc. | 5,050 | 394,910 | |||||
Expeditors International of Washington, Inc. | 5,423 | 423,102 | |||||
FedEx Corp. | 6,437 | 973,339 | |||||
United Parcel Service, Inc., Class B | 25,317 | 2,963,608 | |||||
XPO Logistics, Inc. *@ | 2,858 | 227,783 | |||||
4,982,742 | |||||||
Airlines — 0.5% | |||||||
Alaska Air Group, Inc. | 3,201 | 216,868 | |||||
American Airlines Group, Inc. | 11,010 | 315,767 | |||||
Copa Holdings SA, Class A | 741 | 80,087 | |||||
Delta Air Lines, Inc. | 17,510 | 1,023,985 | |||||
JetBlue Airways Corp. * | 6,352 | 118,909 | |||||
Skywest, Inc. | 1,469 | 94,942 | |||||
Southwest Airlines Co. | 14,637 | 790,105 | |||||
Spirit Airlines, Inc. * | 2,600 | 104,806 | |||||
United Continental Holdings, Inc. * | 6,959 | 613,018 | |||||
3,358,487 | |||||||
Auto Components — 0.2% | |||||||
Aptiv PLC | 7,686 | 729,939 | |||||
Autoliv, Inc. | 2,200 | 185,702 | |||||
BorgWarner, Inc. | 5,449 | 236,378 | |||||
Gentex Corp. | 6,416 | 185,936 | |||||
Goodyear Tire & Rubber Co. (The) | 7,653 | 119,042 | |||||
Lear Corp. @ | 1,420 | 194,824 | |||||
1,651,821 | |||||||
Automobiles — 0.5% | |||||||
Ford Motor Co. | 95,191 | 885,276 | |||||
General Motors Co. | 38,721 | 1,417,188 | |||||
Harley-Davidson, Inc. | 4,619 | 171,781 | |||||
Tesla, Inc. * | 1,590 | 665,145 | |||||
Thor Industries, Inc. @ | 1,179 | 87,588 | |||||
3,226,978 | |||||||
Beverages — 2.3% | |||||||
Boston Beer Co., Inc. (The), Class A *@ | 261 | 98,619 | |||||
Brown-Forman Corp., Class A | 1,902 | 119,389 | |||||
Brown-Forman Corp., Class B | 11,475 | 775,710 | |||||
Coca-Cola Co. (The) | 122,545 | 6,782,866 | |||||
Coca-Cola Consolidated, Inc. | 97 | 27,553 | |||||
Constellation Brands, Inc., Class A | 2,870 | 544,583 | |||||
Keurig Dr Pepper, Inc. @ | 3,375 | 97,706 | |||||
Molson Coors Brewing Co., Class B | 1,400 | 75,460 | |||||
Monster Beverage Corp. * | 9,970 | 633,593 | |||||
PepsiCo, Inc. | 50,535 | 6,906,618 | |||||
16,062,097 | |||||||
Biotechnology — 2.1% | |||||||
AbbVie, Inc. | 35,619 | 3,153,706 | |||||
ACADIA Pharmaceuticals, Inc. * | 971 | 41,539 | |||||
Alexion Pharmaceuticals, Inc. * | 2,224 | 240,526 | |||||
Alkermes PLC * | 1,579 | 32,212 | |||||
Alnylam Pharmaceuticals, Inc. * | 1,281 | 147,533 | |||||
Amgen, Inc. | 22,372 | 5,393,218 | |||||
Biogen, Inc. * | 5,514 | 1,636,169 | |||||
BioMarin Pharmaceutical, Inc. * | 1,433 | 121,160 | |||||
Bluebird Bio, Inc. *@ | 593 | 52,036 | |||||
Blueprint Medicines Corp. * | 517 | 41,417 | |||||
Exact Sciences Corp. * | 1,754 | 162,210 | |||||
Exelixis, Inc. * | 8,017 | 141,259 | |||||
FibroGen, Inc. * | 1,047 | 44,906 | |||||
Gilead Sciences, Inc. | 31,756 | 2,063,505 | |||||
Global Blood Therapeutics, Inc. * | 871 | 69,236 | |||||
Incyte Corp. * | 1,173 | 102,426 | |||||
Ionis Pharmaceuticals, Inc. * | 1,498 | 90,494 | |||||
Neurocrine Biosciences, Inc. * | 1,024 | 110,070 | |||||
Regeneron Pharmaceuticals, Inc. * | 1,450 | 544,446 | |||||
Sage Therapeutics, Inc. *@ | 386 | 27,865 | |||||
Sarepta Therapeutics, Inc. *@ | 770 | 99,361 | |||||
Seattle Genetics, Inc. * | 1,165 | 133,113 | |||||
United Therapeutics Corp. * | 1,397 | 123,048 | |||||
Vertex Pharmaceuticals, Inc. * | 2,363 | 517,379 | |||||
15,088,834 | |||||||
Building Products — 0.3% | |||||||
A.O. Smith Corp. | 3,947 | 188,035 | |||||
AAON, Inc. | 600 | 29,646 | |||||
Allegion PLC | 3,463 | 431,282 | |||||
Armstrong World Industries, Inc. | 1,690 | 158,809 | |||||
Fortune Brands Home & Security, Inc. | 3,352 | 219,020 | |||||
Johnson Controls International PLC | 10,147 | 413,084 | |||||
Lennox International, Inc. | 835 | 203,715 | |||||
Masco Corp. | 7,363 | 353,350 | |||||
Owens Corning | 2,802 | 182,466 | |||||
Simpson Manufacturing Co., Inc. | 1,080 | 86,649 | |||||
Trex Co., Inc. *@ | 2,000 | 179,760 | |||||
2,445,816 | |||||||
Capital Markets — 2.4% | |||||||
Affiliated Managers Group, Inc. | 1,196 | 101,349 | |||||
Ameriprise Financial, Inc. | 4,010 | 667,986 | |||||
Ares Management Corp., Class A | 2,300 | 82,087 | |||||
Bank of New York Mellon Corp. (The) | 8,449 | 425,238 | |||||
BGC Partners, Inc., Class A | 8,437 | 50,116 | |||||
BlackRock, Inc. | 1,671 | 840,012 | |||||
Blackstone Group, Inc. (The), Class A | 5,482 | 306,663 | |||||
CBOE Holdings, Inc. | 2,123 | 254,760 | |||||
Charles Schwab Corp. (The) | 26,568 | 1,263,574 | |||||
CME Group, Inc. | 3,716 | 745,876 | |||||
Cohen & Steers, Inc. | 785 | 49,267 | |||||
E*Trade Financial Corp. | 5,476 | 248,446 | |||||
Eaton Vance Corp. | 3,368 | 157,252 | |||||
Evercore, Inc., Class A | 1,680 | 125,597 | |||||
FactSet Research Systems, Inc. @ | 1,387 | 372,132 |
The accompanying notes are an integral part of these financial statements.
1
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Capital Markets (Continued) | |||||||
Federated Investors, Inc., Class B | 3,536 | $ | 115,238 | ||||
Franklin Resources, Inc. | 4,676 | 121,483 | |||||
Goldman Sachs Group, Inc. (The) | 3,838 | 882,471 | |||||
Hamilton Lane, Inc. Class A | 723 | 43,091 | |||||
Houlihan Lokey, Inc. | 1,466 | 71,643 | |||||
Interactive Brokers Group, Inc., Class A @ | 2,083 | 97,109 | |||||
Intercontinental Exchange, Inc. | 7,466 | 690,978 | |||||
Invesco Ltd. | 7,462 | 134,167 | |||||
Janus Henderson Group PLC | 3,343 | 81,736 | |||||
Lazard Ltd., Class A | 3,196 | 127,712 | |||||
Legg Mason, Inc. | 1,900 | 68,229 | |||||
LPL Financial Holdings, Inc. | 3,218 | 296,861 | |||||
MarketAxess Holdings, Inc. | 992 | 376,077 | |||||
Moody's Corp. | 5,423 | 1,287,474 | |||||
Morgan Stanley | 21,933 | 1,121,215 | |||||
Morningstar, Inc. | 700 | 105,917 | |||||
MSCI, Inc., Class A | 2,174 | 561,283 | |||||
Nasdaq, Inc. | 2,219 | 237,655 | |||||
Northern Trust Corp. | 3,808 | 404,562 | |||||
Raymond James Financial, Inc. | 2,130 | 190,550 | |||||
S&P Global, Inc. | 8,962 | 2,447,074 | |||||
SEI Investments Co. | 3,532 | 231,275 | |||||
State Street Corp. | 3,828 | 302,795 | |||||
Stifel Financial Corp. | 1,686 | 102,256 | |||||
T. Rowe Price Group, Inc. | 5,629 | 685,837 | |||||
TD Ameritrade Holding Corp. | 6,510 | 323,547 | |||||
16,798,590 | |||||||
Chemicals — 1.6% | |||||||
Air Products & Chemicals, Inc. | 3,849 | 904,476 | |||||
Albemarle Corp. @ | 1,733 | 126,578 | |||||
Ashland Global Holdings, Inc. | 670 | 51,275 | |||||
Axalta Coating Systems Ltd. * | 6,803 | 206,811 | |||||
Balchem Corp. | 893 | 90,756 | |||||
Celanese Corp., Series A | 3,863 | 475,613 | |||||
CF Industries Holdings, Inc. | 4,724 | 225,524 | |||||
Corteva, Inc. * | 6,894 | 203,787 | |||||
Dow, Inc. * | 11,749 | 643,023 | |||||
DuPont de Nemours, Inc. | 6,894 | 442,595 | |||||
Eastman Chemical Co. | 3,324 | 263,460 | |||||
Ecolab, Inc. | 6,249 | 1,205,994 | |||||
FMC Corp. | 2,554 | 254,940 | |||||
Huntsman Corp. | 5,594 | 135,151 | |||||
Ingevity Corp. * | 1,630 | 142,429 | |||||
International Flavors & Fragrances, Inc. @ | 1,158 | 149,405 | |||||
Linde PLC | 5,114 | 1,088,771 | |||||
LyondellBasell Industries NV, Class A | 8,725 | 824,338 | |||||
Mosaic Co. (The) | 4,472 | 96,774 | |||||
NewMarket Corp. | 353 | 171,742 | |||||
Olin Corp. | 3,768 | 64,998 | |||||
PPG Industries, Inc. | 7,225 | 964,465 | |||||
Quaker Chemical Corp. @ | 100 | 16,452 | |||||
RPM International, Inc. | 4,015 | 308,191 | |||||
Scotts Miracle-Gro Co. (The) | 1,264 | 134,212 | |||||
Sensient Technologies Corp. | 1,000 | 66,090 | |||||
Sherwin Williams Co. (The) | 2,581 | 1,506,117 | |||||
Valvoline, Inc. | 6,062 | 129,787 | |||||
W.R. Grace & Co. | 2,716 | 189,713 | |||||
Westlake Chemical Corp. | 1,143 | 80,181 | |||||
11,163,648 | |||||||
Commercial Banks — 3.8% | |||||||
Ameris Bancorp | 300 | 12,762 | |||||
Associated Banc-Corp. | 2,802 | 61,756 | |||||
Atlantic Union Bankshares Corp. | 723 | 27,149 | |||||
BancorpSouth Bank | 2,260 | 70,987 | |||||
Bank of America Corp. | 103,861 | 3,657,984 | |||||
Bank of Hawaii Corp. | 900 | 85,644 | |||||
Bank OZK | 3,146 | 95,969 | |||||
BankUnited, Inc. | 2,500 | 91,400 | |||||
BOK Financial Corp. | 536 | 46,846 | |||||
Cathay General Bancorp | 2,395 | 91,130 | |||||
CenterState Bank Corp. | 2,400 | 59,952 | |||||
CIT Group, Inc. | 2,584 | 117,908 | |||||
Citigroup, Inc. | 21,608 | 1,726,263 | |||||
Citizens Financial Group, Inc. | 4,226 | 171,618 | |||||
Columbia Banking System, Inc. | 2,122 | 86,334 | |||||
Comerica, Inc. | 2,162 | 155,123 | |||||
Commerce Bancshares, Inc. @ | 2,060 | 139,956 | |||||
Community Bank System, Inc. | 1,414 | 100,309 | |||||
Cullen/Frost Bankers, Inc. | 998 | 97,584 | |||||
CVB Financial Corp. | 2,712 | 58,525 | |||||
East West Bancorp, Inc. | 3,283 | 159,882 | |||||
Fifth Third Bancorp | 9,854 | 302,912 | |||||
First Citizens Bancshares, Inc., Class A | 212 | 112,829 | |||||
First Financial Bankshares, Inc. @ | 3,094 | 108,599 | |||||
First Hawaiian, Inc. | 2,089 | 60,268 | |||||
First Horizon National Corp. | 6,040 | 100,022 | |||||
First Interstate Bancsystem, Inc., Class A | 976 | 40,914 | |||||
First Republic Bank | 1,536 | 180,403 | |||||
FNB Corp. | 6,315 | 80,200 | |||||
Fulton Financial Corp. | 5,467 | 95,290 | |||||
Glacier Bancorp, Inc. | 1,416 | 65,122 | |||||
Hancock Whiteny Corp. | 2,048 | 89,866 | |||||
Hilltop Holdings, Inc. | 2,327 | 58,012 | |||||
Home Bancshares, Inc. | 2,811 | 55,264 | |||||
Huntington Bancshares, Inc. | 17,719 | 267,203 | |||||
Iberiabank Corp. | 966 | 72,286 | |||||
Independent Bank Corp. | 523 | 43,540 | |||||
Investors Bancorp, Inc. | 5,282 | 62,935 | |||||
JPMorgan Chase & Co. | 56,659 | 7,898,265 | |||||
KeyCorp | 12,191 | 246,746 | |||||
M&T Bank Corp. | 2,341 | 397,385 | |||||
Old National Bancorp | 2,800 | 51,212 | |||||
PacWest Bancorp | 1,422 | 54,420 | |||||
People's United Financial, Inc. | 6,502 | 109,884 | |||||
Pinnacle Financial Partners, Inc. | 1,595 | 102,080 | |||||
PNC Financial Services Group, Inc. (The) | 4,208 | 671,723 | |||||
Popular, Inc. | 2,182 | 128,192 | |||||
Prosperity Bancshares, Inc. | 1,226 | 88,137 | |||||
Regions Financial Corp. | 8,968 | 153,891 | |||||
Signature Bank | 645 | 88,113 | |||||
South State Corp. | 799 | 69,313 | |||||
Sterling Bancorp | 4,073 | 85,859 | |||||
SVB Financial Group * | 1,071 | 268,864 | |||||
Synovus Financial Corp. | 3,294 | 129,125 | |||||
TCF Financial Corp. | 3,233 | 151,304 | |||||
Texas Capital Bancshares, Inc. * | 1,332 | 75,618 | |||||
Truist Financial Corp. | 14,505 | 816,922 | |||||
UMB Financial Corp. | 900 | 61,776 | |||||
Umpqua Holdings Corp. | 4,700 | 83,190 | |||||
United Bankshares, Inc. | 2,162 | 83,583 | |||||
US Bancorp | 27,512 | 1,631,186 |
The accompanying notes are an integral part of these financial statements.
2
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Commercial Banks (Continued) | |||||||
Valley National Bancorp | 5,707 | $ | 65,345 | ||||
Webster Financial Corp. | 1,771 | 94,501 | |||||
Wells Fargo & Co. | 72,581 | 3,904,858 | |||||
Western Alliance Bancorp | 2,242 | 127,794 | |||||
Wintrust Financial Corp. | 1,447 | 102,592 | |||||
Zions Bancorp NA | 4,331 | 224,866 | |||||
26,877,490 | |||||||
Commercial Services & Supplies — 0.7% | |||||||
Brady Corp., Class A | 700 | 40,082 | |||||
Brink's Co. (The) | 1,830 | 165,944 | |||||
Cimpress PLC *@ | 1,180 | 148,409 | |||||
Cintas Corp. | 2,711 | 729,476 | |||||
Clean Harbors, Inc. * | 1,735 | 148,776 | |||||
Copart, Inc. * | 6,410 | 582,925 | |||||
Iaa, Inc. * | 3,452 | 162,451 | |||||
KAR Auction Services, Inc. @ | 3,266 | 71,166 | |||||
MSA Safety, Inc. | 764 | 96,539 | |||||
Republic Services, Inc. | 5,945 | 532,850 | |||||
Rollins, Inc. | 5,072 | 168,188 | |||||
Stericycle, Inc. *@ | 1,544 | 98,523 | |||||
Tetra Tech, Inc. | 1,092 | 94,087 | |||||
UniFirst Corp. | 477 | 96,345 | |||||
Waste Management, Inc. | 15,620 | 1,780,055 | |||||
4,915,816 | |||||||
Communications Equipment — 1.1% | |||||||
Arista Networks, Inc. * | 571 | 116,141 | |||||
Ciena Corp. * | 2,569 | 109,671 | |||||
Cisco Systems, Inc. | 122,164 | 5,858,986 | |||||
EchoStar Corp., Class A * | 1,040 | 45,042 | |||||
F5 Networks, Inc. * | 1,495 | 208,777 | |||||
Juniper Networks, Inc. | 3,011 | 74,161 | |||||
Lumentum Holdings, Inc. * | 1,528 | 121,170 | |||||
Motorola Solutions, Inc. | 4,257 | 685,973 | |||||
Ubiquiti, Inc. @ | 593 | 112,065 | |||||
Viasat, Inc. * | 1,131 | 82,784 | |||||
Viavi Solutions, Inc. * | 5,100 | 76,500 | |||||
7,491,270 | |||||||
Computers & Peripherals — 4.6% | |||||||
Apple, Inc. | 99,457 | 29,205,548 | |||||
Dell Technologies, Inc., Class C * | 3,966 | 203,813 | |||||
Hewlett Packard Enterprise Co. | 23,303 | 369,586 | |||||
HP, Inc. | 35,523 | 729,998 | |||||
NCR Corp. * | 4,927 | 173,233 | |||||
NetApp, Inc. | 7,606 | 473,473 | |||||
Pure Storage, Inc., Class A * | 3,981 | 68,115 | |||||
Seagate Technology PLC | 10,030 | 596,785 | |||||
Western Digital Corp. | 4,286 | 272,032 | |||||
Xerox Holdings Corp. * | 4,155 | 153,195 | |||||
32,245,778 | |||||||
Construction & Engineering — 0.1% | |||||||
AECOM * | 2,700 | 116,451 | |||||
EMCOR Group, Inc. | 1,700 | 146,710 | |||||
Jacobs Engineering Group, Inc. | 1,857 | 166,814 | |||||
MasTec, Inc. * | 2,200 | 141,152 | |||||
Quanta Services, Inc. | 3,524 | 143,462 | |||||
Valmont Industries, Inc. | 432 | 64,705 | |||||
779,294 | |||||||
Construction Materials — 0.1% | |||||||
Eagle Materials, Inc. | 880 | 79,781 | |||||
Martin Marietta Materials, Inc. | 1,092 | 305,367 | |||||
Vulcan Materials Co. | 2,310 | 332,617 | |||||
717,765 | |||||||
Consumer Finance — 0.8% | |||||||
Ally Financial, Inc. | 7,957 | 243,166 | |||||
American Express Co. | 20,941 | 2,606,945 | |||||
Capital One Financial Corp. | 8,641 | 889,245 | |||||
Credit Acceptance Corp. *@ | 294 | 130,045 | |||||
Discover Financial Services | 7,681 | 651,503 | |||||
FirstCash, Inc. | 1,400 | 112,882 | |||||
Navient Corp. | 4,553 | 62,285 | |||||
OneMain Holdings, Inc. | 2,157 | 90,918 | |||||
Santander Consumer USA Holdings, Inc. | 3,992 | 93,293 | |||||
SLM Corp. | 9,696 | 86,391 | |||||
Synchrony Financial | 14,918 | 537,197 | |||||
5,503,870 | |||||||
Containers & Packaging — 0.5% | |||||||
Amcor PLC * | 12,061 | 130,741 | |||||
AptarGroup, Inc. | 1,821 | 210,544 | |||||
Avery Dennison Corp. | 3,141 | 410,906 | |||||
Ball Corp. | 7,723 | 499,446 | |||||
Berry Plastics Group, Inc. * | 4,752 | 225,673 | |||||
Crown Holdings, Inc. * | 5,401 | 391,789 | |||||
Graphic Packaging Holding Co. | 9,342 | 155,544 | |||||
International Paper Co. | 11,961 | 550,804 | |||||
Packaging Corp. of America | 3,112 | 348,513 | |||||
Sealed Air Corp. | 4,059 | 161,670 | |||||
Silgan Holdings, Inc. | 3,389 | 105,330 | |||||
Sonoco Products Co. | 2,906 | 179,358 | |||||
WestRock Co. | 3,963 | 170,052 | |||||
3,540,370 | |||||||
Distributors — 0.1% | |||||||
Genuine Parts Co. | 3,610 | 383,490 | |||||
LKQ Corp. * | 6,545 | 233,657 | |||||
Pool Corp. | 1,468 | 311,774 | |||||
928,921 | |||||||
Diversified Consumer Services — 0.1% | |||||||
Bright Horizons Family Solutions, Inc. * | 1,422 | 213,712 | |||||
Chegg, Inc. * | 1,910 | 72,408 | |||||
Frontdoor, Inc. * | 1,191 | 56,477 | |||||
Graham Holdings Co., Class B | 100 | 63,899 | |||||
Grand Canyon Education, Inc. * | 834 | 79,889 | |||||
H&R Block, Inc. @ | 5,446 | 127,872 | |||||
Laureate Education, Inc. Class A * | 240 | 4,227 | |||||
Service Corp. International | 5,267 | 242,440 | |||||
ServiceMaster Global Holdings, Inc. * | 3,309 | 127,926 | |||||
988,850 | |||||||
Diversified Financial Services — 0.8% | |||||||
Berkshire Hathaway, Inc., Class B * | 22,583 | 5,115,050 | |||||
Cannae Holdings, Inc. * | 574 | 21,347 | |||||
Jefferies Financial Group, Inc. | 2,673 | 57,122 | |||||
Voya Financial, Inc. | 2,076 | 126,594 | |||||
5,320,113 | |||||||
Diversified Telecommunication Services — 2.4% | |||||||
AT&T, Inc. | 175,947 | 6,876,009 | |||||
CenturyLink, Inc. | 21,894 | 289,220 | |||||
Cogent Communications Holdings, Inc. | 1,228 | 80,815 | |||||
GCI Liberty, Inc., Class A * | 1,244 | 88,137 | |||||
Iridium Communications, Inc. * | 3,043 | 74,980 | |||||
Verizon Communications, Inc. | 149,421 | 9,174,449 | |||||
Zayo Group Holdings, Inc. * | 7,662 | 265,488 | |||||
16,849,098 |
The accompanying notes are an integral part of these financial statements.
3
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Electric Utilities — 1.9% | |||||||
Allete, Inc. | 1,153 | $ | 93,589 | ||||
Alliant Energy Corp. | 5,592 | 305,994 | |||||
American Electric Power Co., Inc. | 11,151 | 1,053,881 | |||||
Avangrid, Inc. | 1,433 | 73,312 | |||||
Duke Energy Corp. | 16,577 | 1,511,988 | |||||
Edison International | 8,634 | 651,090 | |||||
El Paso Electric Co. | 1,200 | 81,468 | |||||
Entergy Corp. | 4,510 | 540,298 | |||||
Evergy, Inc. | 4,970 | 323,497 | |||||
Eversource Energy | 7,165 | 609,527 | |||||
Exelon Corp. | 23,906 | 1,089,875 | |||||
FirstEnergy Corp. | 12,570 | 610,902 | |||||
Hawaiian Electric Industries, Inc. | 2,245 | 105,201 | |||||
IDACORP, Inc. | 1,054 | 112,567 | |||||
MGE Energy, Inc. | 1,340 | 105,619 | |||||
NextEra Energy, Inc. | 10,877 | 2,633,974 | |||||
OGE Energy Corp. | 3,314 | 147,374 | |||||
Pinnacle West Capital Corp. | 2,769 | 249,016 | |||||
PNM Resources, Inc. | 2,600 | 131,846 | |||||
Portland General Electric Co. | 2,100 | 117,159 | |||||
PPL Corp. | 17,675 | 634,179 | |||||
Southern Co. (The) | 25,224 | 1,606,769 | |||||
Xcel Energy, Inc. | 11,715 | 743,785 | |||||
13,532,910 | |||||||
Electrical Equipment — 0.6% | |||||||
Acuity Brands, Inc. | 1,000 | 138,000 | |||||
AMETEK, Inc. | 5,356 | 534,207 | |||||
Eaton Corp. PLC | 7,736 | 732,754 | |||||
Emerson Electric Co. | 10,326 | 787,461 | |||||
EnerSys | 1,200 | 89,796 | |||||
Generac Holdings, Inc. * | 2,200 | 221,298 | |||||
GrafTech International Ltd. @ | 2,123 | 24,669 | |||||
Hubbell, Inc. | 1,588 | 234,738 | |||||
nVent Electric PLC | 3,472 | 88,814 | |||||
Regal Beloit Corp. | 967 | 82,785 | |||||
Rockwell Automation, Inc. | 4,141 | 839,257 | |||||
Sensata Technologies Holding PLC * | 3,883 | 209,177 | |||||
3,982,956 | |||||||
Electronic Equipment, Instruments & Components — 0.8% | |||||||
Amphenol Corp., Class A | 9,208 | 996,582 | |||||
Arrow Electronics, Inc. * | 1,783 | 151,091 | |||||
Avnet, Inc. | 1,880 | 79,787 | |||||
CDW Corp. | 5,466 | 780,763 | |||||
Cognex Corp. | 2,453 | 137,466 | |||||
Coherent, Inc. * | 580 | 96,483 | |||||
Corning, Inc. | 15,028 | 437,465 | |||||
Dolby Laboratories, Inc., Class A | 938 | 64,534 | |||||
Flex Ltd. * | 15,083 | 190,347 | |||||
FLIR Systems, Inc. | 3,073 | 160,011 | |||||
IPG Photonics Corp. * | 990 | 143,471 | |||||
Jabil, Inc. | 5,400 | 223,182 | |||||
Keysight Technologies, Inc. * | 3,985 | 408,981 | |||||
Littelfuse, Inc. | 580 | 110,954 | |||||
National Instruments Corp. | 1,675 | 70,920 | |||||
Novanta, Inc. * | 1,061 | 93,835 | |||||
SYNNEX Corp. | 1,139 | 146,703 | |||||
TE Connectivity Ltd. | 8,176 | 783,588 | |||||
Tech Data Corp. * | 763 | 109,567 | |||||
Trimble, Inc. * | 3,146 | 131,157 | |||||
Zebra Technologies Corp., Class A * | 1,624 | 414,835 | |||||
5,731,722 | |||||||
Energy Equipment & Services — 0.2% | |||||||
Baker Hughes a GE Co. | 5,800 | 148,654 | |||||
Halliburton Co. | 12,311 | 301,250 | |||||
Helmerich & Payne, Inc. | 1,381 | 62,739 | |||||
National Oilwell Varco, Inc. | 4,552 | 114,028 | |||||
Schlumberger Ltd. | 13,582 | 545,996 | |||||
TechnipFMC PLC | 5,163 | 110,695 | |||||
Transocean Ltd. *@ | 8,229 | 56,615 | |||||
1,339,977 | |||||||
Entertainment — 1.2% | |||||||
Activision Blizzard, Inc. | 12,571 | 746,969 | |||||
Cinemark Holdings, Inc. @ | 3,424 | 115,902 | |||||
Electronic Arts, Inc. * | 5,572 | 599,046 | |||||
Liberty Media Corp-Liberty Formula One, Class A * | 315 | 13,791 | |||||
Liberty Media Corp-Liberty Formula One, Class C * | 3,134 | 144,054 | |||||
Live Nation Entertainment, Inc. * | 3,717 | 265,654 | |||||
Madison Square Garden Co. (The), Class A * | 314 | 92,376 | |||||
Netflix, Inc. * | 8,167 | 2,642,596 | |||||
Take-Two Interactive Software, Inc. * | 1,964 | 240,452 | |||||
Walt Disney Co. (The) | 21,765 | 3,147,872 | |||||
World Wrestling Entertainment, Inc., Class A @ | 1,295 | 84,007 | |||||
Zynga, Inc., Class A * | 18,104 | 110,796 | |||||
8,203,515 | |||||||
Food & Staples Retailing — 1.7% | |||||||
BJ's Wholesale Club Holdings, Inc. *@ | 2,341 | 53,234 | |||||
Casey's General Stores, Inc. | 986 | 156,764 | |||||
Costco Wholesale Corp. | 13,301 | 3,909,430 | |||||
Kroger Co. (The) | 25,414 | 736,752 | |||||
Performance Food Group Co. * | 2,733 | 140,695 | |||||
Sysco Corp. | 17,731 | 1,516,710 | |||||
US Foods Holding Corp. * | 5,611 | 235,045 | |||||
Walgreens Boots Alliance, Inc. | 17,494 | 1,031,446 | |||||
Walmart, Inc. | 37,347 | 4,438,317 | |||||
12,218,393 | |||||||
Food Products — 1.0% | |||||||
Archer-Daniels-Midland Co. | 5,638 | 261,321 | |||||
Bunge Ltd. | 2,539 | 146,119 | |||||
Campbell Soup Co. | 6,657 | 328,989 | |||||
Conagra Brands, Inc. | 5,086 | 174,145 | |||||
Darling Ingredients, Inc. * | 4,810 | 135,065 | |||||
Flowers Foods, Inc. | 3,652 | 79,394 | |||||
General Mills, Inc. | 15,879 | 850,479 | |||||
Hershey Co. (The) | 5,359 | 787,666 | |||||
Hormel Foods Corp. @ | 6,202 | 279,772 | |||||
Ingredion, Inc. | 1,990 | 184,971 | |||||
J&J Snack Foods Corp. | 160 | 29,483 | |||||
J.M. Smucker Co. (The) | 1,655 | 172,335 | |||||
Kellogg Co. | 7,817 | 540,624 | |||||
Kraft Heinz Co. (The) | 6,163 | 198,017 | |||||
Lamb Weston Holdings, Inc. | 4,433 | 381,371 | |||||
Lancaster Colony Corp. | 722 | 115,592 | |||||
McCormick & Co., Inc. | 3,337 | 566,389 | |||||
Mondelez International, Inc., Class A | 16,383 | 902,376 | |||||
Pilgrim's Pride Corp. * | 1,700 | 55,616 |
The accompanying notes are an integral part of these financial statements.
4
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Food Products (Continued) | |||||||
Post Holdings, Inc. * | 1,937 | $ | 211,327 | ||||
Sanderson Farms, Inc. | 405 | 71,369 | |||||
TreeHouse Foods, Inc. * | 916 | 44,426 | |||||
Tyson Foods, Inc., Class A | 7,468 | 679,887 | |||||
7,196,733 | |||||||
Gas Utilities — 0.2% | |||||||
Atmos Energy Corp. | 2,360 | 263,989 | |||||
National Fuel Gas Co. | 2,513 | 116,955 | |||||
New Jersey Resources Corp. | 2,300 | 102,511 | |||||
ONE Gas, Inc. | 1,574 | 147,279 | |||||
South Jersey Industries, Inc. @ | 1,600 | 52,768 | |||||
Southwest Gas Corp. | 1,343 | 102,028 | |||||
Spire, Inc. | 1,429 | 119,050 | |||||
UGI Corp. | 5,299 | 239,303 | |||||
1,143,883 | |||||||
Health Care Equipment & Supplies — 2.4% | |||||||
Abbott Laboratories | 25,889 | 2,248,719 | |||||
ABIOMED, Inc. * | 957 | 163,255 | |||||
Align Technology, Inc. * | 2,300 | 641,792 | |||||
Baxter International, Inc. | 9,285 | 776,412 | |||||
Becton Dickinson & Co. | 3,312 | 900,765 | |||||
Boston Scientific Corp. * | 24,678 | 1,115,939 | |||||
Cantel Medical Corp. @ | 1,074 | 76,147 | |||||
CONMED Corp. | 586 | 65,532 | |||||
Cooper Companies, Inc. (The) | 939 | 301,691 | |||||
Danaher Corp. | 6,437 | 987,951 | |||||
Dentsply Sirona, Inc. | 2,313 | 130,893 | |||||
DexCom, Inc. * | 783 | 171,273 | |||||
Edwards Lifesciences Corp. * | 3,752 | 875,304 | |||||
Envista Holdings Corp. * | 2,804 | 83,116 | |||||
Globus Medical, Inc., Class A * | 1,500 | 88,320 | |||||
Haemonetics Corp. * | 1,000 | 114,900 | |||||
Hill-Rom Holdings, Inc. | 1,695 | 192,433 | |||||
Hologic, Inc. * | 6,492 | 338,947 | |||||
ICU Medical, Inc. * | 148 | 27,694 | |||||
Idexx Laboratories, Inc. * | 2,754 | 719,152 | |||||
Insulet Corp. * | 901 | 154,251 | |||||
Integra LifeSciences Holdings Corp. * | 1,168 | 68,071 | |||||
Intuitive Surgical, Inc. * | 1,828 | 1,080,622 | |||||
LivaNova PLC * | 1,115 | 84,104 | |||||
Masimo Corp. * | 934 | 147,628 | |||||
Medtronic PLC | 16,142 | 1,831,310 | |||||
Neogen Corp. * | 417 | 27,213 | |||||
Novocure Ltd. * | 596 | 50,225 | |||||
NuVasive, Inc. * | 1,369 | 105,878 | |||||
Penumbra, Inc. *@ | 389 | 63,901 | |||||
ResMed, Inc. | 4,096 | 634,757 | |||||
STERIS PLC | 1,118 | 170,406 | |||||
Stryker Corp. | 6,278 | 1,318,003 | |||||
Teleflex, Inc. | 364 | 137,024 | |||||
Varian Medical Systems, Inc. * | 2,401 | 340,966 | |||||
West Pharmaceutical Services, Inc. | 1,311 | 197,083 | |||||
Wright Medical Group NV * | 1,712 | 52,182 | |||||
Zimmer Biomet Holdings, Inc. | 2,095 | 313,580 | |||||
16,797,439 | |||||||
Health Care Providers & Services — 2.5% | |||||||
Acadia Healthcare Co., Inc. *@ | 2,540 | 84,379 | |||||
Amedisys, Inc. * | 980 | 163,582 | |||||
AmerisourceBergen Corp. | 4,597 | 390,837 | |||||
AMN Healthcare Services, Inc. * | 1,226 | 76,392 | |||||
Anthem, Inc. | 4,651 | 1,404,741 | |||||
Cardinal Health, Inc. | 9,239 | 467,309 | |||||
Centene Corp. * | 3,642 | 228,973 | |||||
Chemed Corp. | 521 | 228,854 | |||||
CIGNA Corp. * | 6,747 | 1,379,694 | |||||
CVS Health Corp. | 16,898 | 1,255,352 | |||||
DaVita, Inc. * | 2,810 | 210,834 | |||||
Encompass Health Corp. | 2,746 | 190,215 | |||||
HCA Holdings, Inc. | 6,512 | 962,539 | |||||
HealthEquity, Inc. * | 1,189 | 88,069 | |||||
Henry Schein, Inc. * | 3,048 | 203,363 | |||||
Humana, Inc. | 3,389 | 1,242,136 | |||||
Laboratory Corp. of America Holdings * | 1,916 | 324,130 | |||||
LHC Group, Inc. * | 200 | 27,552 | |||||
McKesson Corp. | 4,455 | 616,216 | |||||
Molina Healthcare, Inc. * | 1,312 | 178,025 | |||||
Pennant Group Inc.(The) * | 870 | 28,771 | |||||
Premier, Inc., Class A * | 1,155 | 43,751 | |||||
Quest Diagnostics, Inc. | 2,647 | 282,673 | |||||
Tenet Healthcare Corp. * | 1,620 | 61,609 | |||||
UnitedHealth Group, Inc. | 22,819 | 6,708,330 | |||||
Universal Health Services, Inc., Class B | 2,201 | 315,755 | |||||
WellCare Health Plans, Inc. * | 936 | 309,077 | |||||
17,473,158 | |||||||
Health Care Technology — 0.1% | |||||||
Cerner Corp. | 7,738 | 567,892 | |||||
Omnicell, Inc. * | 700 | 57,204 | |||||
Teladoc Health, Inc. *@ | 659 | 55,171 | |||||
Veeva Systems, Inc., Class A * | 1,900 | 267,254 | |||||
947,521 | |||||||
Hotels, Restaurants & Leisure — 2.1% | |||||||
Aramark | 6,056 | 262,831 | |||||
Caesars Entertainment Corp. * | 6,077 | 82,647 | |||||
Carnival Corp. | 8,022 | 407,758 | |||||
Chipotle Mexican Grill, Inc. * | 475 | 397,627 | |||||
Choice Hotels International, Inc. @ | 1,000 | 103,430 | |||||
Churchill Downs, Inc. | 450 | 61,740 | |||||
Cracker Barrel Old Country Store, Inc. | 814 | 125,144 | |||||
Darden Restaurants, Inc. | 3,965 | 432,225 | |||||
Domino's Pizza, Inc. | 936 | 274,978 | |||||
Dunkin' Brands Group, Inc. | 2,456 | 185,526 | |||||
Eldorado Resorts, Inc. *@ | 1,074 | 64,053 | |||||
Extended Stay America, Inc. | 4,450 | 66,127 | |||||
Hilton Grand Vacations, Inc. * | 1,941 | 66,751 | |||||
Hilton Worldwide Holdings, Inc. | 6,598 | 731,784 | |||||
Hyatt Hotels Corp., Class A | 420 | 37,678 | |||||
International Game Technology PLC | 1,437 | 21,512 | |||||
Las Vegas Sands Corp. | 13,565 | 936,528 | |||||
Marriott International, Inc., Class A | 10,042 | 1,520,660 | |||||
Marriott Vacations Worldwide Corp. | 917 | 118,073 | |||||
McDonald's Corp. | 18,329 | 3,621,994 | |||||
MGM Resorts International | 7,904 | 262,966 | |||||
Norwegian Cruise Line Holdings Ltd. * | 4,996 | 291,816 | |||||
Planet Fitness, Inc. Class A * | 2,043 | 152,571 | |||||
Royal Caribbean Cruises Ltd. | 3,090 | 412,546 | |||||
Six Flags Entertainment Corp. | 2,452 | 110,610 | |||||
Starbucks Corp. | 28,870 | 2,538,251 | |||||
Texas Roadhouse, Inc. | 1,857 | 104,586 | |||||
Vail Resorts, Inc. | 1,101 | 264,053 | |||||
Wendy's Co. (The) | 5,687 | 126,308 | |||||
Wyndham Destinations, Inc. | 2,756 | 142,458 | |||||
Wyndham Hotels & Resorts, Inc. | 1,765 | 110,860 | |||||
Wynn Resorts Ltd. | 2,638 | 366,339 | |||||
Yum! Brands, Inc. | 7,478 | 753,259 | |||||
15,155,689 |
The accompanying notes are an integral part of these financial statements.
5
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Household Durables — 0.4% | |||||||
DR Horton, Inc. | 6,751 | $ | 356,115 | ||||
Garmin Ltd. | 2,389 | 233,071 | |||||
Helen of Troy Ltd. * | 496 | 89,176 | |||||
Leggett & Platt, Inc. | 4,900 | 249,067 | |||||
Lennar Corp., Class A | 3,817 | 212,950 | |||||
Lennar Corp., B Shares | 72 | 3,218 | |||||
Meritage Homes Corp. * | 900 | 54,999 | |||||
Mohawk Industries, Inc. * | 1,266 | 172,657 | |||||
Newell Brands, Inc. | 3,579 | 68,788 | |||||
NVR, Inc. * | 116 | 441,776 | |||||
PulteGroup, Inc. | 5,849 | 226,941 | |||||
Tempur Sealy International, Inc. * | 1,941 | 168,984 | |||||
Toll Brothers, Inc. | 2,101 | 83,011 | |||||
TopBuild Corp. * | 500 | 51,540 | |||||
Whirlpool Corp. | 1,555 | 229,409 | |||||
2,641,702 | |||||||
Household Products — 1.6% | |||||||
Church & Dwight Co., Inc. | 5,860 | 412,192 | |||||
Clorox Co. (The) | 4,691 | 720,256 | |||||
Colgate-Palmolive Co. | 19,614 | 1,350,228 | |||||
Kimberly-Clark Corp. | 8,363 | 1,150,331 | |||||
Procter & Gamble Co. (The) | 59,661 | 7,451,659 | |||||
WD-40 Co. @ | 404 | 78,432 | |||||
11,163,098 | |||||||
Independent Power Producers & Energy Traders — 0.1% | |||||||
AES Corp. | 17,413 | 346,519 | |||||
Clearway Energy, Inc., Class A | 475 | 9,082 | |||||
Clearway Energy, Inc., Class C | 2,875 | 57,356 | |||||
NRG Energy, Inc. | 6,557 | 260,641 | |||||
Ormat Technologies, Inc. | 741 | 55,219 | |||||
Vistra Energy Corp. | 6,082 | 139,825 | |||||
868,642 | |||||||
Industrial Conglomerates — 1.3% | |||||||
3M Co. | 20,776 | 3,665,302 | |||||
Carlisle Cos., Inc. | 1,544 | 249,881 | |||||
General Electric Co. | 82,761 | 923,613 | |||||
Honeywell International, Inc. | 19,032 | 3,368,664 | |||||
Roper Technologies, Inc. | 1,844 | 653,200 | |||||
8,860,660 | |||||||
Insurance — 1.8% | |||||||
Aflac, Inc. | 7,771 | 411,086 | |||||
Alleghany Corp. * | 225 | 179,903 | |||||
Allstate Corp. (The) | 3,557 | 399,985 | |||||
American Financial Group, Inc. | 705 | 77,303 | |||||
American International Group, Inc. | 8,541 | 438,410 | |||||
American National Insurance Co. | 117 | 13,769 | |||||
Aon PLC | 7,676 | 1,598,834 | |||||
Arch Capital Group Ltd. * | 3,648 | 156,463 | |||||
Arthur J. Gallagher & Co. | 3,602 | 343,018 | |||||
Assurant, Inc. | 1,143 | 149,824 | |||||
Assured Guaranty Ltd. | 1,936 | 94,903 | |||||
Athene Holding Ltd., Class A * | 2,509 | 117,998 | |||||
Axis Capital Holdings Ltd. | 1,600 | 95,104 | |||||
Brighthouse Financial, Inc. * | 1,815 | 71,202 | |||||
Brown & Brown, Inc. | 4,399 | 173,673 | |||||
Chubb Ltd. | 4,128 | 642,564 | |||||
Cincinnati Financial Corp. | 1,256 | 132,068 | |||||
CNO Financial Group, Inc. | 5,300 | 96,089 | |||||
Enstar Group Ltd. * | 300 | 62,058 | |||||
Erie Indemnity Co., Class A @ | 830 | 137,780 | |||||
Everest Re Group Ltd. | 406 | 112,397 | |||||
Fidelity National Financial, Inc. | 3,562 | 161,537 | |||||
First American Financial Corp. | 2,790 | 162,713 | |||||
Genworth Financial, Inc., Class A * | 12,668 | 55,739 | |||||
Globe Life, Inc. | 1,112 | 117,038 | |||||
Hanover Insurance Group, Inc. (The) | 946 | 129,290 | |||||
Hartford Financial Services Group, Inc. | 8,847 | 537,632 | |||||
Kemper Corp. | 1,200 | 93,000 | |||||
Lincoln National Corp. | 2,007 | 118,433 | |||||
Loews Corp. | 2,266 | 118,942 | |||||
Markel Corp. * | 100 | 114,317 | |||||
Marsh & McLennan Cos., Inc. | 12,157 | 1,354,411 | |||||
MBIA, Inc. * | 3,900 | 36,270 | |||||
Mercury General Corp. | 800 | 38,984 | |||||
MetLife, Inc. | 7,921 | 403,733 | |||||
Old Republic International Corp. | 4,650 | 104,021 | |||||
Primerica, Inc. | 1,400 | 182,784 | |||||
Principal Financial Group, Inc. | 3,893 | 214,115 | |||||
Progressive Corp. (The) | 14,182 | 1,026,635 | |||||
Prudential Financial, Inc. | 3,976 | 372,710 | |||||
Reinsurance Group of America, Inc. | 777 | 126,698 | |||||
RenaissanceRe Holdings Ltd. | 883 | 173,086 | |||||
RLI Corp. | 700 | 63,014 | |||||
Selective Insurance Group, Inc. | 1,695 | 110,497 | |||||
Travelers Companies, Inc. (The) | 6,364 | 871,550 | |||||
Unum Group | 2,795 | 81,502 | |||||
White Mountains Insurance Group Ltd. | 84 | 93,703 | |||||
Willis Towers Watson PLC | 1,133 | 228,798 | |||||
WR Berkley Corp. | 1,770 | 122,307 | |||||
12,717,890 | |||||||
Interactive Media & Services — 3.9% | |||||||
Alphabet, Inc., Class A * | 5,413 | 7,250,118 | |||||
Alphabet, Inc., Class C * | 5,585 | 7,467,257 | |||||
Cargurus, Inc. * | 251 | 8,830 | |||||
Facebook, Inc., Class A * | 57,962 | 11,896,700 | |||||
IAC/InterActiveCorp * | 956 | 238,149 | |||||
Match Group, Inc. *@ | 1,404 | 115,282 | |||||
Snap, Inc., Class A *@ | 3,870 | 63,197 | |||||
TripAdvisor, Inc. | 2,215 | 67,292 | |||||
Twitter, Inc. * | 5,842 | 187,236 | |||||
Zillow Group, Inc., Class A *@ | 436 | 19,943 | |||||
Zillow Group, Inc., Class C *@ | 1,985 | 91,191 | |||||
27,405,195 | |||||||
Internet & Catalog Retail — 4.4% | |||||||
Amazon.com, Inc. * | 14,215 | 26,267,046 | |||||
Booking Holdings, Inc. * | 1,512 | 3,105,240 | |||||
eBay, Inc. | 27,692 | 999,958 | |||||
Etsy, Inc. * | 1,722 | 76,285 | |||||
Expedia Group, Inc. | 2,994 | 323,771 | |||||
GrubHub, Inc. *@ | 1,212 | 58,952 | |||||
Qurate Retail, Inc., Series A * | 13,550 | 114,226 | |||||
Wayfair, Inc., Class A *@ | 1,168 | 105,552 | |||||
31,051,030 | |||||||
IT Services — 6.2% | |||||||
Accenture PLC, Class A | 19,355 | 4,075,582 | |||||
Akamai Technologies, Inc. * | 2,706 | 233,744 | |||||
Alliance Data Systems Corp. | 1,570 | 176,154 | |||||
Amdocs Ltd. | 2,698 | 194,769 | |||||
Automatic Data Processing, Inc. | 15,683 | 2,673,952 |
The accompanying notes are an integral part of these financial statements.
6
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
IT Services (Continued) | |||||||
Black Knight, Inc. * | 2,949 | $ | 190,152 | ||||
Booz Allen Hamilton Holding Corp. | 5,147 | 366,106 | |||||
Broadridge Financial Solutions, Inc. | 4,418 | 545,800 | |||||
CACI International, Inc., Class A * | 656 | 163,993 | |||||
Cognizant Technology Solutions Corp., Class A | 13,196 | 818,416 | |||||
CoreLogic, Inc. * | 2,907 | 127,065 | |||||
DXC Technology Co. | 6,204 | 233,208 | |||||
EPAM Systems, Inc. * | 1,012 | 214,706 | |||||
Euronet Worldwide, Inc. * | 1,435 | 226,099 | |||||
Fidelity National Information Services, Inc. | 7,652 | 1,064,317 | |||||
Fiserv, Inc. * | 7,200 | 832,536 | |||||
FleetCor Technologies, Inc. * | 2,121 | 610,254 | |||||
Gartner, Inc., Class A * | 2,233 | 344,105 | |||||
Genpact Ltd. | 4,492 | 189,428 | |||||
Global Payments, Inc. | 3,673 | 670,543 | |||||
GoDaddy, Inc., Class A * | 4,882 | 331,585 | |||||
International Business Machines Corp. | 31,997 | 4,288,878 | |||||
Jack Henry & Associates, Inc. | 1,984 | 289,009 | |||||
KBR, Inc. | 2,987 | 91,104 | |||||
Leidos Holdings, Inc. | 2,174 | 212,813 | |||||
Liveramp Holdings, Inc. * | 1,791 | 86,093 | |||||
MasterCard, Inc., Class A | 32,433 | 9,684,169 | |||||
MAXIMUS, Inc. | 1,704 | 126,761 | |||||
MongoDB, Inc. *@ | 284 | 37,377 | |||||
Okta, Inc. * | 1,243 | 143,405 | |||||
Paychex, Inc. | 10,313 | 877,224 | |||||
PayPal Holdings, Inc. * | 20,154 | 2,180,058 | |||||
Perspecta, Inc. | 3,641 | 96,268 | |||||
Sabre Corp. | 8,718 | 195,632 | |||||
Science Applications International Corp. | 1,571 | 136,708 | |||||
Square, Inc., Class A * | 2,409 | 150,707 | |||||
Twilio, Inc., Class A *@ | 609 | 59,853 | |||||
VeriSign, Inc. * | 2,583 | 497,692 | |||||
Visa, Inc., Class A | 51,539 | 9,684,178 | |||||
Western Union Co. (The) @ | 12,741 | 341,204 | |||||
WEX, Inc. * | 803 | 168,196 | |||||
43,629,843 | |||||||
Leisure Equipment & Products — 0.1% | |||||||
Brunswick Corp. | 2,766 | 165,905 | |||||
Hasbro, Inc. | 2,087 | 220,408 | |||||
Mattel, Inc. *@ | 6,202 | 84,037 | |||||
Polaris Industries, Inc. | 2,499 | 254,148 | |||||
724,498 | |||||||
Life Sciences Tools & Services — 0.9% | |||||||
Agilent Technologies, Inc. | 6,058 | 516,808 | |||||
Bio-Rad Laboratories, Inc., Class A * | 290 | 107,309 | |||||
Bio-Techne Corp. | 800 | 175,608 | |||||
Bruker Corp. | 2,844 | 144,959 | |||||
Charles River Laboratories International, Inc. * | 1,272 | 194,311 | |||||
Illumina, Inc. * | 2,286 | 758,358 | |||||
IQVIA Holdings, Inc. * | 2,629 | 406,207 | |||||
Mettler-Toledo International, Inc. * | 875 | 694,120 | |||||
PerkinElmer, Inc. | 1,576 | 153,029 | |||||
PRA Health Sciences, Inc. * | 1,513 | 168,170 | |||||
Syneos Health, Inc. * | 927 | 55,133 | |||||
Thermo Fisher Scientific, Inc. | 6,555 | 2,129,523 | |||||
Waters Corp. * | 2,267 | 529,684 | |||||
6,033,219 | |||||||
Machinery — 2.2% | |||||||
AGCO Corp. | 1,297 | 100,193 | |||||
Albany International Corp., Class A | 577 | 43,806 | |||||
Allison Transmission Holdings, Inc. | 4,543 | 219,518 | |||||
Caterpillar, Inc. | 20,265 | 2,992,735 | |||||
Colfax Corp. *@ | 1,602 | 58,281 | |||||
Crane Co. | 1,115 | 96,314 | |||||
Cummins, Inc. | 3,728 | 667,163 | |||||
Deere & Co. | 9,007 | 1,560,553 | |||||
Donaldson Co., Inc. | 4,104 | 236,472 | |||||
Dover Corp. | 3,693 | 425,655 | |||||
Flowserve Corp. | 1,775 | 88,342 | |||||
Fortive Corp. | 5,025 | 383,860 | |||||
Gardner Denver Holdings, Inc. *@ | 600 | 22,008 | |||||
Graco, Inc. | 5,179 | 269,308 | |||||
IDEX Corp. | 2,054 | 353,288 | |||||
Illinois Tool Works, Inc. | 12,234 | 2,197,593 | |||||
Ingersoll-Rand PLC | 5,904 | 784,760 | |||||
ITT, Inc. | 2,281 | 168,589 | |||||
John Bean Technologies Corp. | 1,192 | 134,291 | |||||
Kennametal, Inc. | 2,100 | 77,469 | |||||
Lincoln Electric Holdings, Inc. | 1,791 | 173,243 | |||||
Middleby Corp. * | 1,500 | 164,280 | |||||
Nordson Corp. | 1,255 | 204,364 | |||||
Oshkosh Corp. | 2,000 | 189,300 | |||||
PACCAR, Inc. | 8,704 | 688,486 | |||||
Parker-Hannifin Corp. | 3,322 | 683,734 | |||||
Pentair PLC | 3,472 | 159,261 | |||||
Proto Labs, Inc. * | 473 | 48,033 | |||||
RBC Bearings, Inc. * | 421 | 66,661 | |||||
Rexnord Corp. * | 3,100 | 101,122 | |||||
Snap-On, Inc. | 1,424 | 241,225 | |||||
Stanley Black & Decker, Inc. | 2,738 | 453,796 | |||||
Timken Co., (The) | 1,644 | 92,574 | |||||
Toro Co. (The) | 3,554 | 283,147 | |||||
WABCO Holdings, Inc. * | 2,200 | 298,100 | |||||
Wabtec Corp. @ | 2,029 | 157,856 | |||||
Watts Water Technologies, Inc., Class A | 400 | 39,904 | |||||
Woodward, Inc. | 1,254 | 148,524 | |||||
Xylem, Inc. | 4,353 | 342,973 | |||||
15,416,781 | |||||||
Marine — 0.0% | |||||||
Kirby Corp. * | 792 | 70,908 | |||||
Media — 1.5% | |||||||
Altice USA, Inc., Class A * | 5,718 | 156,330 | |||||
Cable One, Inc. | 145 | 215,828 | |||||
Charter Communications, Inc., Class A * | 3,622 | 1,756,960 | |||||
Comcast Corp., Class A | 109,345 | 4,917,245 | |||||
Discovery, Inc., Class A *@ | 3,611 | 118,224 | |||||
Discovery, Inc., Class C * | 8,027 | 244,743 | |||||
DISH Network Corp., Class A * | 5,319 | 188,665 | |||||
Fox Corp. Class A | 6,818 | 252,743 | |||||
Fox Corp. Class B * | 3,842 | 139,849 | |||||
Interpublic Group of Cos., Inc. (The) | 10,877 | 251,259 | |||||
John Wiley & Sons, Inc., Class A | 1,300 | 63,076 | |||||
Liberty Broadband Corp., Class A * | 315 | 39,236 | |||||
Liberty Broadband Corp., Class C * | 1,507 | 189,505 | |||||
Liberty Latin America Ltd. * | 3,298 | 64,179 | |||||
Liberty SiriusXM Group, Class A * | 1,263 | 61,053 | |||||
Liberty SiriusXM Group, Class C * | 1,841 | 88,626 | |||||
New York Times Co. (The), Class A @ | 1,201 | 38,636 | |||||
News Corp., Class A | 5,348 | 75,621 | |||||
News Corp., Class B | 1,525 | 22,128 | |||||
Nexstar Media Group, Inc., Class A | 900 | 105,525 |
The accompanying notes are an integral part of these financial statements.
7
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Media (Continued) | |||||||
Omnicom Group, Inc. | 7,861 | $ | 636,898 | ||||
Sinclair Broadcast Group, Inc., Class A | 2,200 | 73,348 | |||||
Sirius XM Holdings, Inc. @ | 40,907 | 292,485 | |||||
TEGNA, Inc. | 6,935 | 115,745 | |||||
ViacomCBS, Inc. Class A. Class A @ | 1,291 | 57,927 | |||||
ViacomCBS, Inc. Class B | 16,018 | 672,276 | |||||
10,838,110 | |||||||
Metals & Mining — 0.2% | |||||||
Alcoa Corp. * | 6,138 | 132,028 | |||||
Freeport-McMoRan, Inc. | 18,140 | 237,997 | |||||
Newmont Mining Corp. | 6,254 | 271,736 | |||||
Nucor Corp. | 7,801 | 439,040 | |||||
Reliance Steel & Aluminum Co. | 1,803 | 215,927 | |||||
Royal Gold, Inc. | 1,115 | 136,309 | |||||
Southern Copper Corp. | 2,789 | 118,477 | |||||
Steel Dynamics, Inc. | 5,547 | 188,820 | |||||
1,740,334 | |||||||
Multi-Utilities — 0.9% | |||||||
Ameren Corp. | 5,621 | 431,693 | |||||
Avista Corp. | 1,575 | 75,742 | |||||
Black Hills Corp. | 1,500 | 117,810 | |||||
Centerpoint Energy, Inc. | 11,464 | 312,623 | |||||
CMS Energy Corp. | 7,195 | 452,134 | |||||
Consolidated Edison, Inc. | 7,627 | 690,015 | |||||
Dominion Resources, Inc. | 17,786 | 1,473,037 | |||||
DTE Energy Co. | 4,323 | 561,428 | |||||
MDU Resources Group, Inc. | 4,722 | 140,291 | |||||
NiSource, Inc. | 5,791 | 161,221 | |||||
NorthWestern Corp. | 1,200 | 86,004 | |||||
Public Service Enterprise Group, Inc. | 11,426 | 674,705 | |||||
Sempra Energy | 5,144 | 779,213 | |||||
WEC Energy Group, Inc. | 6,993 | 644,964 | |||||
6,600,880 | |||||||
Multiline Retail — 0.5% | |||||||
Dollar General Corp. | 6,138 | 957,405 | |||||
Dollar Tree, Inc. * | 1,434 | 134,868 | |||||
Kohl's Corp. | 4,974 | 253,425 | |||||
Macy's, Inc. @ | 7,638 | 129,846 | |||||
Nordstrom, Inc. @ | 4,741 | 194,049 | |||||
Ollie's Bargain Outlet Holdings, Inc. *@ | 742 | 48,460 | |||||
Target Corp. | 15,884 | 2,036,488 | |||||
3,754,541 | |||||||
Oil, Gas & Consumable Fuels — 2.8% | |||||||
Apache Corp. | 9,789 | 250,501 | |||||
Cabot Oil & Gas Corp. | 12,160 | 211,706 | |||||
Cheniere Energy, Inc. * | 5,605 | 342,297 | |||||
Chevron Corp. | 31,063 | 3,743,402 | |||||
Cimarex Energy Co. | 2,858 | 150,016 | |||||
Concho Resources, Inc. | 1,960 | 171,637 | |||||
ConocoPhillips | 31,100 | 2,022,433 | |||||
Continental Resources, Inc. | 3,516 | 120,599 | |||||
CVR Energy, Inc. | 600 | 24,258 | |||||
Devon Energy Corp. | 7,592 | 197,164 | |||||
Diamondback Energy, Inc. | 1,701 | 157,955 | |||||
EOG Resources, Inc. | 14,221 | 1,191,151 | |||||
Exxon Mobil Corp. | 68,646 | 4,790,118 | |||||
Hess Corp. | 4,373 | 292,160 | |||||
HollyFrontier Corp. | 4,361 | 221,146 | |||||
Kinder Morgan, Inc. | 27,337 | 578,724 | |||||
Marathon Oil Corp. | 16,317 | 221,585 | |||||
Marathon Petroleum Corp. | 7,289 | 439,162 | |||||
Murphy Oil Corp. @ | 4,149 | 111,193 | |||||
Noble Energy, Inc. | 8,781 | 218,120 | |||||
Occidental Petroleum Corp. | 21,868 | 901,180 | |||||
ONEOK, Inc. | 7,907 | 598,323 | |||||
Parsley Energy, Inc., Class A | 3,133 | 59,245 | |||||
PBF Energy, Inc., Class A | 3,569 | 111,960 | |||||
Phillips 66 | 7,609 | 847,719 | |||||
Pioneer Natural Resources Co. | 3,205 | 485,141 | |||||
Targa Resources Corp. @ | 3,540 | 144,538 | |||||
Valero Energy Corp. | 7,812 | 731,594 | |||||
Williams Cos., Inc. (The) | 12,624 | 299,441 | |||||
World Fuel Services Corp. | 1,397 | 60,658 | |||||
WPX Energy, Inc. * | 8,368 | 114,976 | |||||
19,810,102 | |||||||
Paper & Forest Products — 0.0% | |||||||
Louisiana-Pacific Corp. | 2,153 | 63,880 | |||||
Personal Products — 0.3% | |||||||
Coty, Inc., Class A | 4,317 | 48,566 | |||||
Estee Lauder Companies, Inc. (The), Class A | 8,042 | 1,660,995 | |||||
Herbalife Nutriation Ltd. * | 2,876 | 137,099 | |||||
1,846,660 | |||||||
Pharmaceuticals — 5.0% | |||||||
Allergan PLC | 3,045 | 582,112 | |||||
Bristol-Myers Squibb Co. | 73,101 | 4,692,353 | |||||
Catalent, Inc. * | 4,134 | 232,744 | |||||
Elanco Animal Health, Inc. * | 4,517 | 133,026 | |||||
Eli Lilly & Co. | 25,881 | 3,401,540 | |||||
Horizon Therapeutics PLC * | 1,910 | 69,142 | |||||
Jazz Pharmaceuticals PLC * | 1,375 | 205,260 | |||||
Johnson & Johnson | 79,239 | 11,558,593 | |||||
Merck & Co., Inc. | 75,235 | 6,842,623 | |||||
Mylan NV * | 9,849 | 197,965 | |||||
Perrigo Co. PLC | 1,942 | 100,324 | |||||
Pfizer, Inc. | 133,582 | 5,233,743 | |||||
Taro Pharmaceutical Industries Ltd. * | 475 | 41,767 | |||||
Zoetis, Inc. | 17,465 | 2,311,493 | |||||
35,602,685 | |||||||
Professional Services — 0.4% | |||||||
ASGN, Inc. * | 1,277 | 90,629 | |||||
CoStar Group, Inc. * | 438 | 262,055 | |||||
Equifax, Inc. | 1,565 | 219,288 | |||||
Exponent, Inc. | 1,658 | 114,419 | |||||
FTI Consulting, Inc. * | 662 | 73,257 | |||||
Insperity, Inc. | 1,714 | 147,472 | |||||
Manpowergroup, Inc. | 1,621 | 157,399 | |||||
Nielsen Holdings PLC | 8,630 | 175,189 | |||||
Robert Half International, Inc. | 4,575 | 288,911 | |||||
TransUnion | 4,425 | 378,824 | |||||
TriNet Group, Inc. * | 1,165 | 65,951 | |||||
Verisk Analytics, Inc., Class A | 4,688 | 700,106 | |||||
2,673,500 | |||||||
Real Estate Management & Development — 0.1% | |||||||
CBRE Group, Inc., Class A * | 8,207 | 503,007 | |||||
Howard Hughes Corp. (The) * | 803 | 101,820 | |||||
Jones Lang LaSalle, Inc. | 1,173 | 204,208 |
The accompanying notes are an integral part of these financial statements.
8
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Real Estate Management & Development (Continued) | |||||||
Kennedy-Wilson Holdings, Inc. | 1,369 | $ | 30,529 | ||||
839,564 | |||||||
Road & Rail — 1.1% | |||||||
AMERCO | 236 | 88,694 | |||||
CSX Corp. | 22,710 | 1,643,296 | |||||
JB Hunt Transport Services, Inc. | 2,703 | 315,656 | |||||
Kansas City Southern | 1,994 | 305,401 | |||||
Knight-Swift Transportation Holdings, Inc. @ | 2,249 | 80,604 | |||||
Landstar System, Inc. | 1,385 | 157,710 | |||||
Norfolk Southern Corp. | 6,281 | 1,219,331 | |||||
Old Dominion Freight Line, Inc. | 1,863 | 353,560 | |||||
Ryder System, Inc. | 1,922 | 104,384 | |||||
Schneider National, Inc., Class B | 1,175 | 25,638 | |||||
Union Pacific Corp. | 20,900 | 3,778,511 | |||||
8,072,785 | |||||||
Semiconductors & Semiconductor Equipment — 4.6% | |||||||
Advanced Micro Devices, Inc. * | 19,236 | 882,163 | |||||
Amkor Technology, Inc. * | 2,800 | 36,400 | |||||
Analog Devices, Inc. | 6,654 | 790,761 | |||||
Applied Materials, Inc. | 30,666 | 1,871,853 | |||||
Broadcom, Inc. | 9,221 | 2,914,020 | |||||
Brooks Automation, Inc. | 1,100 | 46,156 | |||||
Cabot Microelectronics Corp. | 836 | 120,652 | |||||
Cirrus Logic, Inc. * | 1,900 | 156,579 | |||||
Cree, Inc. * | 2,253 | 103,976 | |||||
Cypress Semiconductor Corp. | 9,792 | 228,447 | |||||
Enphase Energy, Inc. *@ | 1,883 | 49,203 | |||||
Entegris, Inc. | 4,137 | 207,222 | |||||
First Solar, Inc. * | 1,402 | 78,456 | |||||
Intel Corp. | 130,967 | 7,838,375 | |||||
Kla-Tencor Corp. | 5,527 | 984,746 | |||||
Lam Research Corp. | 4,493 | 1,313,753 | |||||
Lattice Semiconductor Corp. * | 1,737 | 33,246 | |||||
Marvell Technology Group Ltd. | 6,428 | 170,728 | |||||
Maxim Integrated Products, Inc. | 8,317 | 511,579 | |||||
Microchip Technology, Inc. @ | 4,789 | 501,504 | |||||
Micron Technology, Inc. * | 28,080 | 1,510,142 | |||||
MKS Instruments, Inc. | 1,252 | 137,733 | |||||
Monolithic Power Systems, Inc. | 706 | 125,682 | |||||
NVIDIA Corp. | 13,418 | 3,157,255 | |||||
ON Semiconductor Corp. * | 10,894 | 265,596 | |||||
Qorvo, Inc. * | 1,579 | 183,527 | |||||
QUALCOMM, Inc. | 27,407 | 2,418,120 | |||||
Semtech Corp. * | 600 | 31,740 | |||||
Silicon Laboratories, Inc. * | 600 | 69,588 | |||||
Skyworks Solutions, Inc. | 4,491 | 542,872 | |||||
SolarEdge Technologies, Inc. * | 622 | 59,146 | |||||
Teradyne, Inc. | 6,144 | 418,959 | |||||
Texas Instruments, Inc. | 33,772 | 4,332,610 | |||||
Universal Display Corp. | 786 | 161,971 | |||||
Xilinx, Inc. | 6,217 | 607,836 | |||||
32,862,596 | |||||||
Software — 6.8% | |||||||
ACI Worldwide, Inc. * | 2,645 | 100,206 | |||||
Adobe, Inc. * | 11,659 | 3,845,255 | |||||
Alteryx, Inc., Class A *@ | 675 | 67,547 | |||||
ANSYS, Inc. * | 1,606 | 413,400 | |||||
Appfolio, Inc., Class A *@ | 486 | 53,436 | |||||
Aspen Technology, Inc. * | 2,399 | 290,111 | |||||
Atlassian Corp. PLC, Class A * | 1,245 | 149,823 | |||||
Autodesk, Inc. * | 5,345 | 980,594 | |||||
Avalara, Inc. * | 354 | 25,930 | |||||
Blackbaud, Inc. | 1,688 | 134,365 | |||||
Cadence Design Systems, Inc. * | 8,709 | 604,056 | |||||
CDK Global, Inc. | 3,619 | 197,887 | |||||
Cerence, Inc. * | 550 | 12,447 | |||||
Citrix Systems, Inc. | 4,957 | 549,731 | |||||
Cornerstone OnDemand, Inc. * | 725 | 42,449 | |||||
Coupa Software, Inc. *@ | 835 | 122,119 | |||||
Dropbox, Inc., Class A * | 1,689 | 30,250 | |||||
Envestnet, Inc. * | 1,085 | 75,549 | |||||
Fair Isaac Corp. * | 1,050 | 393,414 | |||||
Fortinet, Inc. * | 2,910 | 310,672 | |||||
Globant SA * | 394 | 41,784 | |||||
Guidewire Software, Inc. * | 801 | 87,926 | |||||
HubSpot, Inc. * | 757 | 119,984 | |||||
Intuit, Inc. | 7,838 | 2,053,007 | |||||
j2 Global, Inc. | 1,413 | 132,412 | |||||
LogMeIn, Inc. | 1,043 | 89,427 | |||||
Manhattan Associates, Inc. * | 2,518 | 200,810 | |||||
Microsoft Corp. | 177,335 | 27,965,729 | |||||
New Relic, Inc. * | 369 | 24,247 | |||||
NortonLifeLock, Inc. | 6,790 | 173,281 | |||||
Nuance Communications, Inc. * | 4,400 | 78,452 | |||||
Oracle Corp. | 76,275 | 4,041,049 | |||||
Palo Alto Networks, Inc. * | 795 | 183,844 | |||||
Paycom Software, Inc. * | 1,495 | 395,816 | |||||
Paylocity Holding Corp. * | 300 | 36,246 | |||||
Pegasystems, Inc. | 255 | 20,311 | |||||
Proofpoint, Inc. * | 470 | 53,947 | |||||
PTC, Inc. * | 953 | 71,370 | |||||
Qualys, Inc. * | 503 | 41,935 | |||||
RealPage, Inc. * | 1,381 | 74,229 | |||||
RingCentral, Inc., Class A * | 628 | 105,925 | |||||
Salesforce.com, Inc. * | 7,732 | 1,257,532 | |||||
ServiceNow, Inc. * | 2,331 | 658,088 | |||||
Splunk, Inc. * | 1,731 | 259,252 | |||||
SS&C Technologies Holdings, Inc. | 3,246 | 199,304 | |||||
Synopsys, Inc. * | 2,448 | 340,762 | |||||
Teradata Corp. * | 3,627 | 97,095 | |||||
TiVo Corp. | 1,378 | 11,685 | |||||
Trade Desk, Inc. (The), Class A *@ | 483 | 125,474 | |||||
Tyler Technologies, Inc. * | 544 | 163,211 | |||||
Verint Systems, Inc. * | 1,038 | 57,464 | |||||
VMware, Inc., Class A * | 2,065 | 313,446 | |||||
Workday, Inc., Class A * | 1,676 | 275,618 | |||||
Zendesk, Inc. * | 1,651 | 126,516 | |||||
48,276,419 | |||||||
Specialty Retail — 2.8% | |||||||
Aaron's, Inc. | 1,750 | 99,943 | |||||
Advance Auto Parts, Inc. | 1,480 | 237,037 | |||||
AutoNation, Inc. * | 2,137 | 103,922 | |||||
AutoZone, Inc. * | 582 | 693,342 | |||||
Best Buy Co., Inc. | 8,809 | 773,430 | |||||
Burlington Stores, Inc. * | 2,632 | 600,175 | |||||
Carmax, Inc. * | 4,316 | 378,384 | |||||
Dick's Sporting Goods, Inc. @ | 2,102 | 104,028 | |||||
Five Below, Inc. * | 1,605 | 205,215 | |||||
Floor & Decor Holdings, Inc., Class A * | 1,935 | 98,317 | |||||
Foot Locker, Inc. | 2,923 | 113,968 | |||||
Gap, Inc. (The) | 6,907 | 122,116 | |||||
Home Depot, Inc. (The) | 26,274 | 5,737,716 | |||||
L Brands, Inc. @ | 6,819 | 123,560 | |||||
Lithia Motors, Inc. Class A | 315 | 46,305 |
The accompanying notes are an integral part of these financial statements.
9
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Special Retail (Continued) | |||||||
Lowe's Cos., Inc. | 27,692 | $ | 3,316,394 | ||||
Murphy USA, Inc. * | 1,416 | 165,672 | |||||
O'Reilly Automotive, Inc. * | 2,734 | 1,198,203 | |||||
Penske Auto Group, Inc. @ | 1,318 | 66,190 | |||||
Ross Stores, Inc. | 13,305 | 1,548,968 | |||||
Tiffany & Co. | 3,102 | 414,582 | |||||
TJX Cos., Inc. | 44,118 | 2,693,845 | |||||
Tractor Supply Co. | 3,772 | 352,456 | |||||
Ulta Salon Cosmetics & Fragrance, Inc. * | 2,100 | 531,594 | |||||
Williams-Sonoma, Inc. @ | 2,640 | 193,882 | |||||
19,919,244 | |||||||
Textiles, Apparel & Luxury Goods — 1.0% | |||||||
Capri Holdings Ltd. * | 3,945 | 150,502 | |||||
Carter's, Inc. | 1,668 | 182,379 | |||||
Columbia Sportswear Co. | 858 | 85,963 | |||||
Deckers Outdoor Corp. * | 977 | 164,976 | |||||
Hanesbrands, Inc. | 14,244 | 211,523 | |||||
Lululemon Athletica, Inc. * | 3,400 | 787,678 | |||||
NIKE, Inc., Class B | 39,480 | 3,999,719 | |||||
PVH Corp. | 1,316 | 138,377 | |||||
Ralph Lauren Corp. | 1,100 | 128,942 | |||||
Skechers U.S.A., Inc., Class A * | 3,300 | 142,527 | |||||
Steven Madden Ltd. | 2,346 | 100,902 | |||||
Tapestry, Inc. | 7,810 | 210,636 | |||||
Under Armour, Inc., Class A *@ | 2,760 | 59,616 | |||||
Under Armour, Inc., Class C * | 2,884 | 55,315 | |||||
VF Corp. | 9,707 | 967,400 | |||||
7,386,455 | |||||||
Thrifts & Mortgage Finance — 0.1% | |||||||
Essent Group Ltd. | 2,110 | 109,699 | |||||
LendingTree, Inc. *@ | 202 | 61,295 | |||||
New York Community Bancorp, Inc. | 9,133 | 109,779 | |||||
TFS Financial Corp. | 1,093 | 21,510 | |||||
Washington Federal, Inc. | 1,476 | 54,095 | |||||
356,378 | |||||||
Tobacco — 0.9% | |||||||
Altria Group, Inc. | 67,700 | 3,378,907 | |||||
Philip Morris International, Inc. | 37,475 | 3,188,748 | |||||
6,567,655 | |||||||
Trading Companies & Distributors — 0.3% | |||||||
Air Lease Corp. | 3,438 | 163,374 | |||||
Fastenal Co. | 17,811 | 658,117 | |||||
GATX Corp. @ | 1,100 | 91,135 | |||||
HD Supply Holdings, Inc. * | 5,845 | 235,086 | |||||
MSC Industrial Direct Co., Class A | 1,509 | 118,411 | |||||
United Rentals, Inc. * | 2,892 | 482,299 | |||||
Univar, Inc. * | 2,106 | 51,049 | |||||
Watsco, Inc. | 474 | 85,391 | |||||
WW Grainger, Inc. | 1,654 | 559,912 | |||||
2,444,774 | |||||||
Transportation Infrastructure — 0.0% | |||||||
Macquarie Infrastructure Corp. | 1,285 | 55,049 | |||||
Water Utilities — 0.1% | |||||||
American States Water Co. | 1,331 | 115,318 | |||||
American Water Works Co., Inc. | 4,451 | 546,805 | |||||
Aqua America, Inc. | 4,781 | 224,420 | |||||
886,543 | |||||||
Wireless Telecommunication Services — 0.1% | |||||||
Sprint Corp. *@ | 15,015 | 78,228 | |||||
T-Mobile US, Inc. * | 10,305 | 808,118 | |||||
Telephone & Data Systems, Inc. | 2,613 | 66,449 | |||||
United States Cellular Corp. * | 400 | 14,492 | |||||
967,287 | |||||||
TOTAL COMMON STOCKS (Identified Cost $228,635,502) | 675,550,997 | ||||||
RIGHTS AND WARRANTS— 0.0% | |||||||
Pharmaceuticals — 0.0% | |||||||
Bristol-Myers Squibb Co. * | 21,149 | 63,659 | |||||
TOTAL RIGHTS AND WARRANTS (Identified Cost $45,047) | 63,659 | ||||||
MUTUAL FUNDS— 4.4% | |||||||
Other — 4.4% | |||||||
DFA U.S. Micro Cap Portfolio | 1,446,514 | 31,374,885 | |||||
TOTAL MUTUAL FUNDS (Identified Cost $18,809,130) | 31,374,885 | ||||||
SHORT-TERM INVESTMENTS — 0.2% | |||||||
Investment Company — 0.1% | |||||||
State Street Institutional U.S. Government Money Market Fund 1.534% | 652,491 | 652,491 | |||||
Collateral For Securities On Loan — 0.1% | |||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 1.560% | 939,564 | 939,564 | |||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,592,055) | 1,592,055 | ||||||
Total Investments — 100.0% (Identified Cost $249,081,734) | 708,581,596 | ||||||
Liabilities, Less Cash and Other Assets — 0.0% | (246,647 | ) | |||||
Net Assets — 100.0% | $ | 708,334,949 |
† | See Note 1 | ||
* | Non-income producing security | ||
@ | A portion or all of the security were held on loan. As of December 31, 2019, the market value of the securities on loan was $7,968,856. |
The accompanying notes are an integral part of these financial statements.
10
SA U.S. Value Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited)
SHARES | VALUE† | ||||||
COMMON STOCKS — 99.7% | |||||||
Aerospace & Defense — 1.7% | |||||||
Arconic, Inc. | 42,783 | $ | 1,316,433 | ||||
L3Harris Technologies, Inc. | 3,843 | 760,414 | |||||
Textron, Inc. | 43,757 | 1,951,562 | |||||
United Technologies Corp. | 46,760 | 7,002,778 | |||||
11,031,187 | |||||||
Air Freight & Logistics — 0.6% | |||||||
FedEx Corp. | 19,292 | 2,917,143 | |||||
XPO Logistics, Inc. *@ | 15,841 | 1,262,528 | |||||
4,179,671 | |||||||
Airlines — 1.7% | |||||||
Alaska Air Group, Inc. | 13,361 | 905,208 | |||||
Delta Air Lines, Inc. | 65,959 | 3,857,282 | |||||
JetBlue Airways Corp. * | 49,875 | 933,660 | |||||
Southwest Airlines Co. | 30,194 | 1,629,872 | |||||
United Continental Holdings, Inc. * | 38,241 | 3,368,650 | |||||
10,694,672 | |||||||
Auto Components — 0.6% | |||||||
Autoliv, Inc. | 11,805 | 996,460 | |||||
BorgWarner, Inc. | 24,241 | 1,051,574 | |||||
Gentex Corp. | 25,695 | 744,641 | |||||
Goodyear Tire & Rubber Co. (The) | 2,391 | 37,192 | |||||
Lear Corp. @ | 6,743 | 925,140 | |||||
Veoneer, Inc. *@ | 5,087 | 79,459 | |||||
3,834,466 | |||||||
Automobiles — 1.3% | |||||||
Ford Motor Co. | 271,359 | 2,523,638 | |||||
General Motors Co. | 147,663 | 5,404,466 | |||||
Harley-Davidson, Inc. | 3,067 | 114,062 | |||||
8,042,166 | |||||||
Beverages — 0.3% | |||||||
Constellation Brands, Inc., Class A | 4,982 | 945,334 | |||||
Molson Coors Brewing Co., Class B | 17,672 | 952,521 | |||||
1,897,855 | |||||||
Biotechnology — 0.1% | |||||||
Alexion Pharmaceuticals, Inc. * | 2,354 | 254,585 | |||||
Biogen, Inc. * | 2,165 | 642,420 | |||||
United Therapeutics Corp. * | 683 | 60,159 | |||||
957,164 | |||||||
Building Products — 0.6% | |||||||
Fortune Brands Home & Security, Inc. | 11,027 | 720,504 | |||||
Johnson Controls International PLC | 44,717 | 1,820,429 | |||||
Owens Corning | 19,528 | 1,271,664 | |||||
3,812,597 | |||||||
Capital Markets — 2.6% | |||||||
Bank of New York Mellon Corp. (The) | 82,474 | 4,150,916 | |||||
Goldman Sachs Group, Inc. (The) | 27,710 | 6,371,360 | |||||
Invesco Ltd. | 13,425 | 241,382 | |||||
Morgan Stanley | 108,757 | 5,559,658 | |||||
State Street Corp. | 6,744 | 533,450 | |||||
16,856,766 | |||||||
Chemicals — 2.2% | |||||||
Air Products & Chemicals, Inc. | 7,452 | 1,751,145 | |||||
Albemarle Corp. @ | 9,985 | 729,304 | |||||
Ashland Global Holdings, Inc. | 2,645 | 202,422 | |||||
CF Industries Holdings, Inc. | 25,378 | 1,211,546 | |||||
Corteva, Inc. * | 18,513 | 547,244 | |||||
Dow, Inc. * | 31,294 | 1,712,721 | |||||
DuPont de Nemours, Inc. | 24,698 | 1,585,612 | |||||
Eastman Chemical Co. | 23,262 | 1,843,746 | |||||
FMC Corp. | 1,536 | 153,324 | |||||
Huntsman Corp. | 8,468 | 204,587 | |||||
Linde PLC | 9,842 | 2,095,362 | |||||
LyondellBasell Industries NV, Class A | 13,053 | 1,233,247 | |||||
Valvoline, Inc. | 20,825 | 445,863 | |||||
Westlake Chemical Corp. | 7,968 | 558,955 | |||||
14,275,078 | |||||||
Commercial Banks — 13.6% | |||||||
Bank of America Corp. | 472,935 | 16,656,771 | |||||
Citigroup, Inc. | 136,813 | 10,929,991 | |||||
Citizens Financial Group, Inc. | 18,613 | 755,874 | |||||
Comerica, Inc. | 2,306 | 165,455 | |||||
East West Bancorp, Inc. | 2,390 | 116,393 | |||||
Fifth Third Bancorp | 86,881 | 2,670,722 | |||||
Huntington Bancshares, Inc. | 122,871 | 1,852,895 | |||||
JPMorgan Chase & Co. | 156,713 | 21,845,792 | |||||
KeyCorp | 66,158 | 1,339,038 | |||||
M&T Bank Corp. | 3,071 | 521,302 | |||||
PacWest Bancorp | 293 | 11,213 | |||||
People's United Financial, Inc. | 5,834 | 98,595 | |||||
PNC Financial Services Group, Inc. (The) | 21,675 | 3,459,980 | |||||
Regions Financial Corp. | 155,307 | 2,665,068 | |||||
TCF Financial Corp. | 3,510 | 164,268 | |||||
Truist Financial Corp. | 78,338 | 4,411,996 | |||||
Wells Fargo & Co. | 343,221 | 18,465,290 | |||||
Zions Bancorp NA | 23,470 | 1,218,562 | |||||
87,349,205 | |||||||
Commercial Services & Supplies — 0.6% | |||||||
Republic Services, Inc. | 40,514 | 3,631,270 | |||||
Communications Equipment — 0.1% | |||||||
Cisco Systems, Inc. | 1,166 | 55,921 | |||||
Juniper Networks, Inc. | 28,774 | 708,704 | |||||
764,625 | |||||||
Computers & Peripherals — 1.5% | |||||||
Dell Technologies, Inc., Class C * | 873 | 44,863 | |||||
Hewlett Packard Enterprise Co. | 168,468 | 2,671,902 | |||||
HP, Inc. | 184,096 | 3,783,173 | |||||
Western Digital Corp. | 27,278 | 1,731,335 | |||||
Xerox Holdings Corp. * | 34,600 | 1,275,702 | |||||
9,506,975 | |||||||
Construction & Engineering — 0.3% | |||||||
AECOM * | 11,462 | 494,356 | |||||
Arcosa, Inc. | 447 | 19,914 | |||||
Jacobs Engineering Group, Inc. | 8,552 | 768,226 | |||||
Quanta Services, Inc. | 13,887 | 565,340 | |||||
1,847,836 | |||||||
Construction Materials — 0.5% | |||||||
Martin Marietta Materials, Inc. | 4,728 | 1,322,138 | |||||
Vulcan Materials Co. | 11,511 | 1,657,469 | |||||
2,979,607 | |||||||
Consumer Finance — 1.3% | |||||||
Ally Financial, Inc. | 66,748 | 2,039,819 | |||||
Capital One Financial Corp. | 47,279 | 4,865,482 | |||||
Santander Consumer USA Holdings, Inc. | 15,524 | 362,796 | |||||
Synchrony Financial | 25,544 | 919,839 | |||||
8,187,936 | |||||||
Containers & Packaging — 0.6% | |||||||
Amcor PLC * | 7,600 | 82,384 | |||||
Ball Corp. | 8,846 | 572,071 | |||||
International Paper Co. | 44,343 | 2,041,995 | |||||
Packaging Corp. of America | 2,898 | 324,547 |
The accompanying notes are an integral part of these financial statements.
11
SA U.S. Value Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Containers & Packaging (Continued) | |||||||
Sonoco Products Co. | 611 | $ | 37,711 | ||||
WestRock Co. | 24,453 | 1,049,278 | |||||
4,107,986 | |||||||
Distributors — 0.3% | |||||||
LKQ Corp. * | 47,648 | 1,701,034 | |||||
Diversified Financial Services — 2.2% | |||||||
Berkshire Hathaway, Inc., Class B * | 58,774 | 13,312,311 | |||||
Jefferies Financial Group, Inc. | 6,993 | 149,440 | |||||
Voya Financial, Inc. | 7,020 | 428,080 | |||||
13,889,831 | |||||||
Diversified Telecommunication Services — 4.4% | |||||||
AT&T, Inc. | 678,094 | 26,499,913 | |||||
CenturyLink, Inc. | 139,832 | 1,847,181 | |||||
28,347,094 | |||||||
Electrical Equipment — 0.8% | |||||||
Eaton Corp. PLC | 40,532 | 3,839,191 | |||||
Sensata Technologies Holding PLC * | 18,677 | 1,006,130 | |||||
4,845,321 | |||||||
Electronic Equipment, Instruments & Components — 0.9% | |||||||
Arrow Electronics, Inc. * | 7,332 | 621,314 | |||||
Avnet, Inc. | 2,422 | 102,790 | |||||
Corning, Inc. | 80,778 | 2,351,448 | |||||
Flex Ltd. * | 31,420 | 396,520 | |||||
Jabil, Inc. | 496 | 20,500 | |||||
SYNNEX Corp. | 879 | 113,215 | |||||
TE Connectivity Ltd. | 20,879 | 2,001,043 | |||||
5,606,830 | |||||||
Energy Equipment & Services — 0.6% | |||||||
Baker Hughes a GE Co. | 20,187 | 517,393 | |||||
Halliburton Co. | 6,541 | 160,058 | |||||
Helmerich & Payne, Inc. | 1,046 | 47,520 | |||||
National Oilwell Varco, Inc. | 29,834 | 747,342 | |||||
Schlumberger Ltd. | 40,615 | 1,632,723 | |||||
TechnipFMC PLC | 34,156 | 732,304 | |||||
3,837,340 | |||||||
Entertainment — 1.7% | |||||||
Activision Blizzard, Inc. | 11,439 | 679,706 | |||||
Liberty Media Corp-Liberty Formula One, | |||||||
Class A * | 1,097 | 48,027 | |||||
Liberty Media Corp-Liberty Formula One, | |||||||
Class C * | 2,194 | 100,847 | |||||
Madison Square Garden Co. (The), | |||||||
Class A * | 443 | 130,326 | |||||
Walt Disney Co. (The) | 68,629 | 9,925,812 | |||||
10,884,718 | |||||||
Food & Staples Retailing — 2.0% | |||||||
Kroger Co. (The) | 62,007 | 1,797,583 | |||||
US Foods Holding Corp. * | 20,840 | 872,988 | |||||
Walgreens Boots Alliance, Inc. | 63,418 | 3,739,125 | |||||
Walmart, Inc. | 51,637 | 6,136,541 | |||||
12,546,237 | |||||||
Food Products — 2.1% | |||||||
Archer-Daniels-Midland Co. | 27,404 | 1,270,175 | |||||
Bunge Ltd. | 12,845 | 739,230 | |||||
Conagra Brands, Inc. | 10,593 | 362,704 | |||||
Ingredion, Inc. | 3,073 | 285,635 | |||||
J.M. Smucker Co. (The) | 18,272 | 1,902,663 | |||||
Kraft Heinz Co. (The) | 3,992 | 128,263 | |||||
Mondelez International, Inc., Class A | 74,783 | 4,119,048 | |||||
Post Holdings, Inc. * | 8,176 | 892,002 | |||||
Seaboard Corp. | 43 | 182,774 | |||||
Tyson Foods, Inc., Class A | 41,844 | 3,809,478 | |||||
13,691,972 | |||||||
Health Care Equipment & Supplies — 2.6% | |||||||
Abbott Laboratories | 9,224 | 801,197 | |||||
Becton Dickinson & Co. | 574 | 156,111 | |||||
Danaher Corp. | 32,463 | 4,982,421 | |||||
Envista Holdings Corp. * | 14,141 | 419,147 | |||||
Medtronic PLC | 76,880 | 8,722,036 | |||||
STERIS PLC | 3,637 | 554,351 | |||||
Zimmer Biomet Holdings, Inc. | 6,835 | 1,023,063 | |||||
16,658,326 | |||||||
Health Care Providers & Services — 6.5% | |||||||
Anthem, Inc. | 28,740 | 8,680,342 | |||||
Cardinal Health, Inc. | 28,915 | 1,462,521 | |||||
Centene Corp. * | 32,696 | 2,055,597 | |||||
CIGNA Corp. * | 31,781 | 6,498,897 | |||||
CVS Health Corp. | 113,823 | 8,455,911 | |||||
DaVita, Inc. * | 30,386 | 2,279,862 | |||||
Henry Schein, Inc. * | 3,777 | 252,001 | |||||
Humana, Inc. | 10,141 | 3,716,879 | |||||
Laboratory Corp. of America Holdings * | 16,237 | 2,746,813 | |||||
McKesson Corp. | 13,077 | 1,808,811 | |||||
Quest Diagnostics, Inc. | 19,764 | 2,110,598 | |||||
Universal Health Services, Inc., Class B | 10,322 | 1,480,794 | |||||
41,549,026 | |||||||
Hotels, Restaurants & Leisure — 1.6% | |||||||
Aramark | 24,025 | 1,042,685 | |||||
Carnival Corp. | 27,865 | 1,416,378 | |||||
Hyatt Hotels Corp., Class A | 3,874 | 347,536 | |||||
MGM Resorts International | 67,948 | 2,260,630 | |||||
Norwegian Cruise Line Holdings Ltd. * | 34,226 | 1,999,141 | |||||
Royal Caribbean Cruises Ltd. | 26,539 | 3,543,222 | |||||
10,609,592 | |||||||
Household Durables — 1.7% | |||||||
DR Horton, Inc. | 65,701 | 3,465,728 | |||||
Garmin Ltd. | 12,982 | 1,266,524 | |||||
Lennar Corp., Class A | 23,116 | 1,289,642 | |||||
Lennar Corp.,B Shares | 573 | 25,613 | |||||
Mohawk Industries, Inc. * | 6,136 | 836,828 | |||||
Newell Brands, Inc. | 19,061 | 366,352 | |||||
PulteGroup, Inc. | 50,018 | 1,940,698 | |||||
Toll Brothers, Inc. | 4,225 | 166,930 | |||||
Whirlpool Corp. | 12,182 | 1,797,210 | |||||
11,155,525 | |||||||
Household Products — 0.0% | |||||||
Spectrum Brands Holdings, Inc. | 175 | 11,251 | |||||
Independent Power Producers & Energy Traders — 0.2% | |||||||
NRG Energy, Inc. | 22,148 | 880,383 | |||||
Vistra Energy Corp. | 25,467 | 585,486 | |||||
1,465,869 | |||||||
Industrial Conglomerates — 0.3% | |||||||
Carlisle Cos., Inc. | 6,915 | 1,119,124 | |||||
General Electric Co. | 67,314 | 751,224 | |||||
1,870,348 |
The accompanying notes are an integral part of these financial statements.
12
SA U.S. Value Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Insurance — 4.5% | |||||||
Aflac, Inc. | 46,265 | $ | 2,447,419 | ||||
Alleghany Corp. * | 855 | 683,632 | |||||
Allstate Corp. (The) | 18,126 | 2,038,269 | |||||
American Financial Group, Inc. | 6,623 | 726,212 | |||||
American International Group, Inc. | 41,993 | 2,155,501 | |||||
Arch Capital Group Ltd. * | 11,691 | 501,427 | |||||
Assurant, Inc. | 4,786 | 627,349 | |||||
Athene Holding Ltd., Class A * | 1,982 | 93,213 | |||||
Axis Capital Holdings Ltd. | 2,004 | 119,118 | |||||
Chubb Ltd. | 11,440 | 1,780,750 | |||||
CNA Financial Corp. | 4,467 | 200,166 | |||||
Everest Re Group Ltd. | 3,455 | 956,482 | |||||
Hartford Financial Services Group, Inc. | 49,258 | 2,993,409 | |||||
Lincoln National Corp. | 15,935 | 940,324 | |||||
Loews Corp. | 25,413 | 1,333,928 | |||||
MetLife, Inc. | 37,755 | 1,924,372 | |||||
Old Republic International Corp. | 23,484 | 525,337 | |||||
Principal Financial Group, Inc. | 32,419 | 1,783,045 | |||||
Prudential Financial, Inc. | 19,379 | 1,816,587 | |||||
Reinsurance Group of America, Inc. | 5,167 | 842,531 | |||||
RenaissanceRe Holdings Ltd. | 2,534 | 496,715 | |||||
Travelers Companies, Inc. (The) | 23,169 | 3,172,995 | |||||
Unum Group | 19,221 | 560,484 | |||||
WR Berkley Corp. | 6,805 | 470,226 | |||||
29,189,491 | |||||||
IT Services — 1.5% | |||||||
Akamai Technologies, Inc. * | 1,638 | 141,491 | |||||
Amdocs Ltd. | 15,213 | 1,098,227 | |||||
Cognizant Technology Solutions Corp., Class A | 7,059 | 437,799 | |||||
DXC Technology Co. | 26,465 | 994,819 | |||||
Fidelity National Information Services, Inc. | 26,982 | 3,752,926 | |||||
Fiserv, Inc. * | 7,058 | 816,117 | |||||
Global Payments, Inc. | 3,897 | 711,436 | |||||
Leidos Holdings, Inc. | 20,264 | 1,983,643 | |||||
9,936,458 | |||||||
Life Sciences Tools & Services — 1.2% | |||||||
Bio-Rad Laboratories, Inc., Class A * | 172 | 63,645 | |||||
IQVIA Holdings, Inc. * | 6,395 | 988,091 | |||||
Thermo Fisher Scientific, Inc. | 20,616 | 6,697,520 | |||||
7,749,256 | |||||||
Machinery — 2.0% | |||||||
AGCO Corp. | 8,713 | 673,079 | |||||
Cummins, Inc. | 8,463 | 1,514,539 | |||||
Dover Corp. | 8,822 | 1,016,824 | |||||
Ingersoll-Rand PLC | 16,931 | 2,250,469 | |||||
Oshkosh Corp. | 7,274 | 688,484 | |||||
PACCAR, Inc. | 16,406 | 1,297,715 | |||||
Parker-Hannifin Corp. | 2,864 | 589,468 | |||||
Pentair PLC | 20,400 | 935,748 | |||||
Snap-On, Inc. | 6,351 | 1,075,859 | |||||
Stanley Black & Decker, Inc. | 14,300 | 2,370,082 | |||||
Wabtec Corp. @ | 5,333 | 414,907 | |||||
12,827,174 | |||||||
Media — 5.4% | |||||||
Altice USA, Inc., Class A * | 9,995 | 273,263 | |||||
Charter Communications, Inc., Class A * | 20,137 | 9,768,056 | |||||
Comcast Corp., Class A | 428,572 | 19,272,883 | |||||
Discovery, Inc., Class A *@ | 17,782 | 582,183 | |||||
Discovery, Inc., Class C * | 35,235 | 1,074,315 | |||||
DISH Network Corp., Class A * | 11,054 | 392,086 | |||||
Fox Corp. Class A | 12,954 | 480,205 | |||||
Fox Corp. Class B * | 8,600 | 313,040 | |||||
Interpublic Group of Cos., Inc. (The) | 13,320 | 307,692 | |||||
Liberty Broadband Corp., Class C * | 3,887 | 488,790 | |||||
Liberty SiriusXM Group, Class A * | 4,389 | 212,164 | |||||
Liberty SiriusXM Group, Class C * | 8,778 | 422,573 | |||||
News Corp., Class A | 8,320 | 117,645 | |||||
News Corp., Class B | 1,734 | 25,160 | |||||
ViacomCBS, Inc. Class B | 24,269 | 1,018,570 | |||||
34,748,625 | |||||||
Metals & Mining — 1.5% | |||||||
Freeport-McMoRan, Inc. | 120,413 | 1,579,819 | |||||
Newmont Mining Corp. | 40,759 | 1,770,979 | |||||
Nucor Corp. | 56,664 | 3,189,050 | |||||
Reliance Steel & Aluminum Co. | 12,373 | 1,481,790 | |||||
Royal Gold, Inc. | 1,245 | 152,201 | |||||
Steel Dynamics, Inc. | 33,820 | 1,151,233 | |||||
9,325,072 | |||||||
Multi-Utilities — 0.0% | |||||||
MDU Resources Group, Inc. | 5,121 | 152,145 | |||||
Multiline Retail — 1.0% | |||||||
Dollar Tree, Inc. * | 6,798 | 639,352 | |||||
Kohl's Corp. | 33,121 | 1,687,515 | |||||
Target Corp. | 30,047 | 3,852,326 | |||||
6,179,193 | |||||||
Oil, Gas & Consumable Fuels — 12.0% | |||||||
Apache Corp. | 41,053 | 1,050,546 | |||||
Chevron Corp. | 176,242 | 21,238,923 | |||||
Cimarex Energy Co. | 937 | 49,183 | |||||
Concho Resources, Inc. | 16,586 | 1,452,436 | |||||
ConocoPhillips | 97,287 | 6,326,574 | |||||
Devon Energy Corp. | 52,433 | 1,361,685 | |||||
Diamondback Energy, Inc. | 8,333 | 773,802 | |||||
EOG Resources, Inc. | 3,217 | 269,456 | |||||
Exxon Mobil Corp. | 291,290 | 20,326,216 | |||||
Hess Corp. | 21,400 | 1,429,734 | |||||
HollyFrontier Corp. | 23,643 | 1,198,937 | |||||
Kinder Morgan, Inc. | 98,222 | 2,079,360 | |||||
Marathon Oil Corp. | 102,694 | 1,394,585 | |||||
Marathon Petroleum Corp. | 75,262 | 4,534,536 | |||||
Noble Energy, Inc. | 55,397 | 1,376,061 | |||||
Occidental Petroleum Corp. | 63,984 | 2,636,781 | |||||
Phillips 66 | 25,426 | 2,832,711 | |||||
Pioneer Natural Resources Co. | 8,833 | 1,337,051 | |||||
Targa Resources Corp. @ | 19,687 | 803,820 | |||||
Valero Energy Corp. | 52,914 | 4,955,396 | |||||
77,427,793 | |||||||
Personal Products — 0.0% | |||||||
Coty, Inc., Class A | 22,181 | 249,536 | |||||
Pharmaceuticals — 3.7% | |||||||
Allergan PLC | 3,547 | 678,080 | |||||
Jazz Pharmaceuticals PLC * | 4,730 | 706,094 | |||||
Mylan NV * | 65,716 | 1,320,892 | |||||
Perrigo Co. PLC | 10,679 | 551,677 | |||||
Pfizer, Inc. | 516,804 | 20,248,381 | |||||
23,505,124 | |||||||
Professional Services — 0.2% | |||||||
Manpowergroup, Inc. | 8,693 | 844,090 | |||||
Nielsen Holdings PLC | 29,426 | 597,348 | |||||
1,441,438 | |||||||
Real Estate Management & Development — 0.3% | |||||||
CBRE Group, Inc., Class A * | 15,282 | 936,634 |
The accompanying notes are an integral part of these financial statements.
13
SA U.S. Value Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Real Estate Management & Development (Continued) | |||||||
Jones Lang LaSalle, Inc. | 5,491 | $ | 955,928 | ||||
1,892,562 | |||||||
Road & Rail — 1.3% | |||||||
AMERCO | 2,003 | 752,767 | |||||
Kansas City Southern | 14,222 | 2,178,242 | |||||
Norfolk Southern Corp. | 27,918 | 5,419,721 | |||||
8,350,730 | |||||||
Semiconductors & Semiconductor Equipment — 6.0% | |||||||
Analog Devices, Inc. | 10,368 | 1,232,133 | |||||
Intel Corp. | 451,952 | 27,049,327 | |||||
Lam Research Corp. | 1,417 | 414,331 | |||||
Marvell Technology Group Ltd. | 18,929 | 502,754 | |||||
Micron Technology, Inc. * | 110,111 | 5,921,770 | |||||
ON Semiconductor Corp. * | 41,142 | 1,003,042 | |||||
Qorvo, Inc. * | 12,299 | 1,429,513 | |||||
Skyworks Solutions, Inc. | 5,876 | 710,291 | |||||
38,263,161 | |||||||
Software — 0.0% | |||||||
NortonLifeLock, Inc. | 3,129 | 79,852 | |||||
SS&C Technologies Holdings, Inc. | 3,456 | 212,198 | |||||
292,050 | |||||||
Specialty Retail — 0.3% | |||||||
Advance Auto Parts, Inc. | 4,932 | 789,909 | |||||
Carmax, Inc. * | 6,257 | 548,552 | |||||
Foot Locker, Inc. | 694 | 27,059 | |||||
Gap, Inc. (The) | 17,531 | 309,948 | |||||
Tiffany & Co. | 911 | 121,755 | |||||
1,797,223 | |||||||
Textiles, Apparel & Luxury Goods — 0.3% | |||||||
PVH Corp. | 9,516 | 1,000,608 | |||||
Ralph Lauren Corp. | 4,113 | 482,126 | |||||
Tapestry, Inc. | 12,722 | 343,112 | |||||
1,825,846 | |||||||
Thrifts & Mortgage Finance — 0.0% | |||||||
New York Community Bancorp, Inc. | 8,435 | 101,389 | |||||
Trading Companies & Distributors — 0.1% | |||||||
United Rentals, Inc. * | 5,460 | 910,564 | |||||
Wireless Telecommunication Services — 0.3% | |||||||
Sprint Corp. *@ | 29,977 | 156,180 | |||||
T-Mobile US, Inc. * | 24,396 | 1,913,134 | |||||
2,069,314 | |||||||
TOTAL COMMON STOCKS | |||||||
(Identified Cost $442,262,285) | 640,861,520 | ||||||
SHORT-TERM INVESTMENTS — 0.4% | |||||||
Investment Company — 0.2% | |||||||
State Street Institutional U.S. Government | |||||||
Money Market Fund 1.535% | 1,477,705 | 1,477,705 | |||||
Collateral For Securities On Loan — 0.2% | |||||||
State Street Navigator Securities Lending | |||||||
Government Money Market Portfolio, | |||||||
1.560% | 1,390,828 | 1,390,828 | |||||
TOTAL SHORT-TERM INVESTMENTS | |||||||
(Identified Cost $2,868,533) | 2,868,533 | ||||||
Total Investments — 100.1% | |||||||
(Identified Cost $445,130,818) | 643,730,053 | ||||||
Liabilities, Less Cash and Other Assets — (0.1%) | (759,019 | ) | |||||
Net Assets — 100.0% | $ | 642,971,034 |
† | See Note 1 | ||
* | Non-income producing security | ||
@ | A portion or all of the security were held on loan. As of December 31, 2019, the market value of the securities on loan was $3,986,550. |
The accompanying notes are an integral part of these financial statements.
14
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited)
SHARES | VALUE† | ||||||
COMMON STOCKS — 99.8% | |||||||
Aerospace & Defense — 1.5% | |||||||
AAR Corp. | 6,733 | $ | 303,658 | ||||
Aerojet Rocketdyne Holdings, Inc. * | 16,439 | 750,605 | |||||
Aerovironment, Inc. * | 4,738 | 292,524 | |||||
Astronics Corp. * | 4,622 | 129,185 | |||||
Astronics Corp. Class B * | 693 | 19,456 | |||||
Axon Enterprise, Inc. * | 11,968 | 877,015 | |||||
BWX Technologies, Inc. | 4,085 | 253,597 | |||||
CPI Aerostructures, Inc. * | 1,342 | 9,032 | |||||
Cubic Corp. | 6,175 | 392,545 | |||||
Curtiss-Wright Corp. | 2,920 | 411,399 | |||||
Ducommun, Inc. * | 2,355 | 118,998 | |||||
HEXCEL Corp. | 6,425 | 471,017 | |||||
Innovative Solutions & Support, Inc. * | 3,248 | 18,968 | |||||
Kratos Defense & Security Solutions, Inc. * | 17,754 | 319,750 | |||||
Mercury Systems, Inc. * | 8,267 | 571,332 | |||||
Moog, Inc., Class A | 6,352 | 542,016 | |||||
National Presto Industries, Inc. @ | 1,177 | 104,035 | |||||
Park Aerospace Corp. | 4,648 | 75,623 | |||||
SIFCO Industries, Inc. * | 1,187 | 4,689 | |||||
Spirit Aerosystems Holdings, Inc., Class A | 6,971 | 508,046 | |||||
Triumph Group, Inc. | 2,204 | 55,695 | |||||
Vectrus, Inc. * | 2,671 | 136,915 | |||||
Wesco Aircraft Holdings, Inc. * | 12,061 | 132,912 | |||||
6,499,012 | |||||||
Air Freight & Logistics — 0.4% | |||||||
Air Transport Services Group, Inc. * | 12,229 | 286,892 | |||||
Atlas Air Worldwide Holdings, Inc. * | 5,507 | 151,828 | |||||
Echo Global Logistics, Inc. * | 5,962 | 123,413 | |||||
Forward Air Corp. | 5,515 | 385,774 | |||||
HUB Group, Inc., Class A * | 6,511 | 333,949 | |||||
Radiant Logistics, Inc. * | 9,354 | 52,102 | |||||
XPO Logistics, Inc. *@ | 5,795 | 461,862 | |||||
1,795,820 | |||||||
Airlines — 0.6% | |||||||
Alaska Air Group, Inc. | 8,750 | 592,812 | |||||
Allegiant Travel Co. | 3,245 | 564,760 | |||||
Hawaiian Holdings, Inc. | 9,213 | 269,849 | |||||
JetBlue Airways Corp. * | 21,174 | 396,377 | |||||
Skywest, Inc. | 10,165 | 656,964 | |||||
Spirit Airlines, Inc. * | 3,315 | 133,628 | |||||
2,614,390 | |||||||
Auto Components — 1.6% | |||||||
American Axle & Manufacturing Holdings, | |||||||
Inc. * | 22,774 | 245,048 | |||||
Autoliv, Inc. | 5,961 | 503,168 | |||||
BorgWarner, Inc. | 14,240 | 617,731 | |||||
Cooper Tire & Rubber Co. | 10,126 | 291,123 | |||||
Cooper-Standard Holdings, Inc. * | 3,482 | 115,463 | |||||
Dana, Inc. | 28,485 | 518,427 | |||||
Delphi Technologies PLC | 2,052 | 26,327 | |||||
Dorman Products, Inc. * | 7,027 | 532,084 | |||||
Fox Factory Holding Corp. * | 7,705 | 536,037 | |||||
Gentex Corp. | 17,024 | 493,356 | |||||
Gentherm, Inc. * | 6,526 | 289,689 | |||||
Goodyear Tire & Rubber Co. (The) | 30,115 | 468,439 | |||||
Horizon Global Corp. * | 3,431 | 11,974 | |||||
LCI Industries | 5,143 | 550,970 | |||||
Lear Corp. @ | 4,180 | 573,496 | |||||
Modine Manufacturing Co. * | 11,514 | 88,658 | |||||
Motorcar Parts of America, Inc. *@ | 4,413 | 97,218 | |||||
Shiloh Industries, Inc. * | 7,004 | 24,934 | |||||
Standard Motor Products, Inc. | 4,549 | 242,098 | |||||
Stoneridge, Inc. * | 5,532 | 162,198 | |||||
Strattec Security Corp. | 1,541 | 34,226 | |||||
Superior Industries International, Inc. | 3,031 | 11,184 | |||||
Tenneco, Inc. Class A | 9,249 | 121,162 | |||||
Visteon Corp. * | 5,114 | 442,821 | |||||
6,997,831 | |||||||
Automobiles — 0.2% | |||||||
Harley-Davidson, Inc. | 10,877 | 404,516 | |||||
Thor Industries, Inc. @ | 875 | 65,004 | |||||
Winnebago Industries, Inc. | 6,981 | 369,853 | |||||
839,373 | |||||||
Beverages — 0.4% | |||||||
Boston Beer Co., Inc. (The), Class A *@ | 1,852 | 699,778 | |||||
Coca-Cola Consolidated, Inc. | 1,354 | 384,604 | |||||
Craft Brew Alliance, Inc. * | 4,918 | 81,147 | |||||
MGP Ingredients, Inc. @ | 3,495 | 169,333 | |||||
National Beverage Corp. *@ | 4,756 | 242,651 | |||||
Primo Water Corp. *@ | 5,815 | 65,273 | |||||
1,642,786 | |||||||
Biotechnology — 1.7% | |||||||
Acadia Pharmaceuticals, Inc. * | 8,765 | 374,967 | |||||
Achillion Pharmaceuticals, Inc. * | 23,152 | 139,606 | |||||
Acorda Therapeutics, Inc. *@ | 12,575 | 25,653 | |||||
Aduro Biotech, Inc. * | 1,186 | 1,399 | |||||
Adverum Biotechnologies, Inc. * | 8,282 | 95,409 | |||||
Agios Pharmaceuticals, Inc. *@ | 1,978 | 94,449 | |||||
Alkermes PLC * | 4,984 | 101,674 | |||||
Alnylam Pharmaceuticals, Inc. * | 8,545 | 984,128 | |||||
AMAG Pharmaceuticals, Inc. *@ | 2,638 | 32,104 | |||||
Anika Therapeutics, Inc. * | 3,341 | 173,231 | |||||
Applied Genetic Technologies Corp. * | 2,241 | 10,129 | |||||
Aravive, Inc. * | 1,937 | 26,479 | |||||
Ardelyx, Inc. * | 10,642 | 79,868 | |||||
Arrowhead Pharmaceuticals, Inc. *@ | 5,579 | 353,876 | |||||
BioSpecifics Technologies Corp. * | 1,701 | 96,855 | |||||
Bluebird Bio, Inc. *@ | 4,559 | 400,052 | |||||
Blueprint Medicines Corp. * | 2,864 | 229,435 | |||||
Calithera Biosciences, Inc. * | 3,632 | 20,739 | |||||
Cellular Biomedicine Group, Inc. *@ | 2,000 | 32,480 | |||||
Chimerix, Inc. * | 13,027 | 26,445 | |||||
Concert Pharmaceuticals, Inc. * | 4,026 | 37,140 | |||||
Corvus Pharmaceuticals, Inc. *@ | 1,065 | 5,794 | |||||
Emergent BioSolutions, Inc. * | 9,016 | 486,413 | |||||
Enanta Pharmaceuticals, Inc. * | 4,112 | 254,039 | |||||
Exelixis, Inc. * | 21,779 | 383,746 | |||||
Five Prime Therapeutics, Inc. * | 4,603 | 21,128 | |||||
Infinity Pharmaceuticals, Inc. * | 17,874 | 17,159 | |||||
Intrexon Corp. *@ | 872 | 4,779 | |||||
Ionis Pharmaceuticals, Inc. * | 7,150 | 431,931 | |||||
Karyopharm Therapeutics, Inc. * | 2,354 | 45,126 | |||||
Kindred Biosciences, Inc. * | 3,345 | 28,366 | |||||
Ligand Pharmaceuticals, Inc. *@ | 2,408 | 251,130 | |||||
Lineage Cell Therapeutics, Inc. *@ | 3,419 | 3,043 | |||||
MacroGenics, Inc. * | 2,337 | 25,427 | |||||
Madrigal Pharmaceuticals, Inc. *@ | 101 | 9,202 | |||||
MEI Pharma, Inc. * | 6,204 | 15,386 | |||||
Merrimack Pharmaceuticals, Inc. | 4,336 | 13,658 | |||||
Minerva Neurosciences, Inc. * | 5,077 | 36,097 | |||||
Myriad Genetics, Inc. * | 13,779 | 375,202 | |||||
Neoleukin Therapeutics, Inc. * | 1,970 | 24,270 | |||||
Neurocrine Biosciences, Inc. * | 7,422 | 797,791 | |||||
OPKO Health, Inc. *@ | 23,063 | 33,903 |
The accompanying notes are an integral part of these financial statements.
15
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Biotechnology (Continued) | |||||||
PDL BioPharma, Inc. * | 18,262 | $ | 59,260 | ||||
Pfenex, Inc. * | 2,903 | 31,875 | |||||
Retrophin, Inc. * | 8,973 | 127,417 | |||||
Sage Therapeutics, Inc. *@ | 3,009 | 217,220 | |||||
Sarepta Therapeutics, Inc. *@ | 4,098 | 528,806 | |||||
Spectrum Pharmaceuticals, Inc. * | 4,922 | 17,916 | |||||
Syndax Pharmaceuticals, Inc. * | 6,974 | 61,232 | |||||
United Therapeutics Corp. * | 796 | 70,112 | |||||
Verastem, Inc. *@ | 9,653 | 12,935 | |||||
7,726,481 | |||||||
Building Products — 2.1% | |||||||
A.O. Smith Corp. | 10,163 | 484,165 | |||||
AAON, Inc. | 11,897 | 587,831 | |||||
Advanced Drainage Systems, Inc. | 12,236 | 475,246 | |||||
American Woodmark Corp. * | 3,248 | 339,449 | |||||
Apogee Enterprises, Inc. | 5,443 | 176,898 | |||||
Armstrong Flooring, Inc. * | 5,675 | 24,232 | |||||
Armstrong World Industries, Inc. | 11,660 | 1,095,690 | |||||
Builders FirstSource, Inc. * | 23,094 | 586,819 | |||||
Continental Building Products, Inc. * | 6,826 | 248,671 | |||||
Cornerstone Building Brands, Inc. * | 10,395 | 88,462 | |||||
CSW Industrials, Inc. | 1,329 | 102,333 | |||||
Fortune Brands Home & Security, Inc. | 9,604 | 627,525 | |||||
Gibraltar Industries, Inc. * | 6,651 | 335,476 | |||||
Griffon Corp. | 10,377 | 210,964 | |||||
Insteel Industries, Inc. | 4,690 | 100,788 | |||||
Masonite International Corp. * | 169 | 12,204 | |||||
Owens Corning | 7,572 | 493,089 | |||||
Patrick Industries, Inc. | 4,826 | 253,027 | |||||
PGT Innovations, Inc. * | 12,429 | 185,316 | |||||
Quanex Building Products Corp. | 7,483 | 127,810 | |||||
Simpson Manufacturing Co., Inc. | 9,021 | 723,755 | |||||
Trex Co., Inc. *@ | 15,148 | 1,361,502 | |||||
Universal Forest Products, Inc. | 13,969 | 666,321 | |||||
9,307,573 | |||||||
Capital Markets — 2.1% | |||||||
Affiliated Managers Group, Inc. | 2,857 | 242,102 | |||||
Ares Management Corp., Class A | 2,832 | 101,074 | |||||
Artisan Partners Asset Management, Inc., | |||||||
Class A | 10,977 | 354,777 | |||||
BGC Partners, Inc., Class A | 58,742 | 348,928 | |||||
Blucora, Inc. * | 10,400 | 271,856 | |||||
BrightSphere Investment Group PLC * | 5,801 | 59,286 | |||||
Cohen & Steers, Inc. | 7,453 | 467,750 | |||||
Cowen Group, Inc. Class A * | 6,131 | 96,563 | |||||
Diamond Hill Investment Group, Inc. | 739 | 103,800 | |||||
Donnelley Financial Solutions, Inc. * | 7,095 | 74,285 | |||||
Eaton Vance Corp. | 6,683 | 312,029 | |||||
Evercore, Inc., Class A | 9,789 | 731,826 | |||||
Federated Investors, Inc., Class B | 20,626 | 672,201 | |||||
Gain Capital Holdings, Inc. @ | 9,997 | 39,488 | |||||
GAMCO Investors, Inc., Class A | 1,700 | 33,133 | |||||
Greenhill & Co., Inc. | 3,087 | 52,726 | |||||
Houlihan Lokey, Inc. | 1,002 | 48,968 | |||||
Interactive Brokers Group, Inc., Class A @ | 16,151 | 752,960 | |||||
Intl FCStone, Inc. * | 3,859 | 188,435 | |||||
Invesco Ltd. | 27,257 | 490,081 | |||||
Janus Henderson Group PLC | 16,584 | 405,479 | |||||
Ladenburg Thalmann Financial Service | |||||||
Inc. | 35,937 | 125,061 | |||||
Lazard Ltd., Class A | 7,639 | 305,254 | |||||
LPL Financial Holdings, Inc. | 6,530 | 602,393 | |||||
Manning & Napier, Inc. @ | 2,524 | 4,392 | |||||
Moelis & Co., Class A | 3,839 | 122,541 | |||||
Morningstar, Inc. | 3,198 | 483,889 | |||||
Oppenheimer Holdings, Inc., Class A | 2,523 | 69,332 | |||||
Piper Jaffray Cos. | 2,887 | 230,787 | |||||
PJT Partners, Inc., Class A | 597 | 26,943 | |||||
Pzena Investment Management, Inc., | |||||||
Class A | 4,481 | 38,626 | |||||
Safeguard Scientifics, Inc. | 5,542 | 60,851 | |||||
Silvercrest Asset Management Group, Inc., | |||||||
Class A | 759 | 9,548 | |||||
Stifel Financial Corp. | 12,616 | 765,160 | |||||
Virtu Financial, Inc., Class A @ | 5,099 | 81,533 | |||||
Virtus Investment Partners, Inc. | 1,373 | 167,122 | |||||
Waddell & Reed Financial, Inc., Class A @ | 3,742 | 62,566 | |||||
Westwood Holdings Group, Inc. | 2,110 | 62,498 | |||||
WisdomTree Investments, Inc. | 28,811 | 139,445 | |||||
9,205,688 | |||||||
Chemicals — 2.6% | |||||||
Advanced Emissions Solutions, Inc. @ | 2,266 | 23,793 | |||||
AdvanSix, Inc. * | 6,440 | 128,542 | |||||
AgroFresh Solutions, Inc. * | 3,359 | 8,666 | |||||
Albemarle Corp. @ | 8,394 | 613,098 | |||||
American Vanguard Corp. | 7,147 | 139,152 | |||||
Ashland Global Holdings, Inc. | 3,607 | 276,044 | |||||
Axalta Coating Systems Ltd. * | 18,164 | 552,186 | |||||
Balchem Corp. | 7,418 | 753,891 | |||||
Cabot Corp. | 9,527 | 452,723 | |||||
Chase Corp. | 1,902 | 225,349 | |||||
Chemours Co. (The) @ | 10,027 | 181,388 | |||||
Core Molding Technologies, Inc. * | 1,500 | 4,875 | |||||
Element Solutions, Inc. * | 30,212 | 352,876 | |||||
Ferro Corp. * | 16,853 | 249,930 | |||||
Flotek Industries, Inc. * | 6,893 | 13,786 | |||||
FutureFuel Corp. | 10,473 | 129,761 | |||||
GCP Applied Technologies, Inc. * | 2,256 | 51,234 | |||||
H.B. Fuller Co. | 10,077 | 519,671 | |||||
Hawkins, Inc. | 2,398 | 109,852 | |||||
Huntsman Corp. | 13,650 | 329,784 | |||||
Ingevity Corp. * | 948 | 82,836 | |||||
Innophos Holdings, Inc. | 4,500 | 143,910 | |||||
Innospec, Inc. | 5,199 | 537,785 | |||||
Intrepid Potash, Inc. * | 15,892 | 43,067 | |||||
Koppers Holdings, Inc. * | 4,597 | 175,697 | |||||
Kraton Corp. * | 6,776 | 171,568 | |||||
Kronos Worldwide, Inc. | 10,857 | 145,484 | |||||
Minerals Technologies, Inc. | 6,456 | 372,059 | |||||
Mosaic Co. (The) | 23,015 | 498,045 | |||||
NewMarket Corp. | 570 | 277,316 | |||||
Northern Technologies International Corp. | 1,600 | 22,496 | |||||
Olin Corp. | 2,299 | 39,658 | |||||
Omnova Solutions, Inc. * | 10,952 | 110,725 | |||||
PolyOne Corp. | 15,538 | 571,643 | |||||
Quaker Chemical Corp. @ | 896 | 147,410 | |||||
Rayonier Advanced Materials, Inc. | 12,548 | 48,184 | |||||
RPM International, Inc. | 6,495 | 498,556 | |||||
Scotts Miracle-Gro Co. (The) | 3,752 | 398,387 |
The accompanying notes are an integral part of these financial statements.
16
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Chemicals (Continued) | |||||||
Sensient Technologies Corp. | 8,813 | $ | 582,451 | ||||
Stepan Co. | 3,991 | 408,838 | |||||
Trecora Resources * | 5,488 | 39,239 | |||||
Tredegar Corp. | 7,107 | 158,842 | |||||
Trinseo SA | 7,865 | 292,657 | |||||
Tronox Holdings PLC Class A * | 12,458 | 142,270 | |||||
Valvoline, Inc. | 3,829 | 81,979 | |||||
W.R. Grace & Co. | 4,369 | 305,175 | |||||
Westlake Chemical Corp. | 4,157 | 291,614 | |||||
11,704,492 | |||||||
Commercial Banks — 10.3% | |||||||
1st Source Corp. | 5,209 | 270,243 | |||||
Allegiance Bancshares, Inc. * | 1,614 | 60,686 | |||||
American National Bankshares, Inc. | 2,356 | 93,227 | |||||
Ameris Bancorp | 15,532 | 660,731 | |||||
AmeriServ Financial, Inc. | 4,400 | 18,480 | |||||
Arrow Financial Corp. | 3,163 | 119,561 | |||||
Associated Banc-Corp. | 33,353 | 735,100 | |||||
Atlantic Capital Bancshares, Inc. * | 2,502 | 45,912 | |||||
Atlantic Union Bankshares Corp. | 12,121 | 455,144 | |||||
Banc of California, Inc. | 8,558 | 147,026 | |||||
Bancfirst Corp. | 6,580 | 410,855 | |||||
Bancorp, Inc. (The) * | 13,385 | 173,603 | |||||
BancorpSouth Bank | 20,043 | 629,551 | |||||
Bank of Hawaii Corp. | 9,487 | 902,783 | |||||
Bank of Marin Bancorp | 2,100 | 94,605 | |||||
Bank OZK | 3,630 | 110,733 | |||||
BankFinancial Corp. | 3,364 | 44,001 | |||||
BankUnited, Inc. | 3,750 | 137,100 | |||||
Bankwell Financial Group, Inc. | 326 | 9,402 | |||||
Banner Corp. | 6,855 | 387,924 | |||||
Bar Harbor Bankshares | 2,489 | 63,196 | |||||
BCB Bancorp, Inc. | 878 | 12,108 | |||||
Berkshire Hills Bancorp, Inc. | 7,927 | 260,640 | |||||
BOK Financial Corp. | 4,438 | 387,881 | |||||
Boston Private Financial Holdings, Inc. | 18,069 | 217,370 | |||||
Bridge Bancorp, Inc. | 2,975 | 99,752 | |||||
Brookline Bancorp, Inc. | 16,454 | 270,833 | |||||
Bryn Mawr Bank Corp. | 4,448 | 183,436 | |||||
C&F Financial Corp. | 962 | 53,227 | |||||
Cadence BanCorp | 6,063 | 109,922 | |||||
Camden National Corp. | 3,508 | 161,578 | |||||
Capital City Bank Group, Inc. | 1,890 | 57,645 | |||||
Carolina Financial Corp. | 4,074 | 176,119 | |||||
Cathay General Bancorp | 16,356 | 622,346 | |||||
CenterState Bank Corp. | 14,477 | 361,635 | |||||
Central Pacific Financial Corp. | 7,849 | 232,173 | |||||
Central Valley Community Bancorp | 2,688 | 58,249 | |||||
Century Bancorp, Inc., Class A | 975 | 87,711 | |||||
CIT Group, Inc. | 6,260 | 285,644 | |||||
Citizens & Northern Corp. | 852 | 24,069 | |||||
Citizens Community Bancorp, Inc. | 400 | 4,888 | |||||
City Holding Co. | 3,198 | 262,076 | |||||
Civista Bancshares, Inc. | 270 | 6,480 | |||||
CNB Financial Corp. | 3,264 | 106,668 | |||||
Columbia Banking System, Inc. | 14,629 | 595,181 | |||||
Commerce Bancshares, Inc. @ | 8,130 | 552,352 | |||||
Community Bank System, Inc. | 10,370 | 735,648 | |||||
Community Trust Bancorp, Inc. | 3,934 | 183,482 | |||||
Connectone Bancorp, Inc. | 6,144 | 158,024 | |||||
Cullen/Frost Bankers, Inc. | 4,337 | 424,072 | |||||
Customers Bancorp, Inc. * | 5,348 | 127,336 | |||||
CVB Financial Corp. | 27,325 | 589,673 | |||||
Dime Community Bancshares, Inc. | 7,456 | 155,756 | |||||
Eagle Bancorp, Inc. | 6,328 | 307,731 | |||||
East West Bancorp, Inc. | 11,036 | 537,453 | |||||
Enterprise Bancorp, Inc. | 331 | 11,211 | |||||
Enterprise Financial Services Corp. | 3,837 | 184,982 | |||||
Equity Bancshares, Inc., Class A * | 2,190 | 67,605 | |||||
Farmers & Merchants Bancorp, | |||||||
Inc./Archbold OH @ | 1,205 | 36,331 | |||||
Farmers National Banc Corp. | 6,489 | 105,900 | |||||
FB Financial Corp. | 630 | 24,942 | |||||
Financial Institutions, Inc. | 3,165 | 101,596 | |||||
First Bancorp | 35,131 | 372,037 | |||||
First Bancorp, Inc. | 2,600 | 78,598 | |||||
First Bancorp/Southern Pines NC | 4,576 | 182,628 | |||||
First Busey Corp. | 7,922 | 217,855 | |||||
First Business Financial Services, Inc. | 551 | 14,508 | |||||
First Citizens Bancshares, Inc., Class A | 551 | 293,248 | |||||
First Commonwealth Financial Corp. | 18,560 | 269,306 | |||||
First Community Bancshares, Inc. | 3,404 | 105,592 | |||||
First Financial Bancorp | 19,373 | 492,849 | |||||
First Financial Bankshares, Inc. @ | 27,608 | 969,041 | |||||
First Financial Corp. | 2,768 | 126,553 | |||||
First Financial Northwest, Inc. | 2,239 | 33,451 | |||||
First Foundation, Inc. | 6,207 | 108,002 | |||||
First Hawaiian, Inc. | 1,200 | 34,620 | |||||
First Horizon National Corp. | 19,448 | 322,059 | |||||
First Internet Bancorp | 1,284 | 30,444 | |||||
First Interstate Bancsystem, Inc., Class A | 6,668 | 279,523 | |||||
First Merchants Corp. | 9,708 | 403,756 | |||||
First Mid Bancshares, Inc. | 500 | 17,625 | |||||
First Midwest Bancorp, Inc. | 18,632 | 429,654 | |||||
First of Long Island Corp. (The) | 5,134 | 128,761 | |||||
Flushing Financial Corp. | 6,540 | 141,297 | |||||
FNB Corp. | 24,564 | 311,963 | |||||
Franklin Financial Network, Inc. | 2,740 | 94,064 | |||||
Fulton Financial Corp. | 33,159 | 577,961 | |||||
German American Bancorp, Inc. | 4,050 | 144,261 | |||||
Glacier Bancorp, Inc. | 19,481 | 895,931 | |||||
Great Southern Bancorp, Inc. | 2,813 | 178,119 | |||||
Great Western Bancorp, Inc. | 1,271 | 44,155 | |||||
Hancock Whiteny Corp. | 7,368 | 323,308 | |||||
Hanmi Financial Corp. | 7,091 | 141,785 | |||||
Harborone Bancorp, Inc. * | 7,533 | 82,788 | |||||
Heartland Financial USA, Inc. | 5,400 | 268,596 | |||||
Heritage Commerce Corp. | 9,426 | 120,936 | |||||
Heritage Financial Corp. | 5,733 | 162,244 | |||||
Hilltop Holdings, Inc. | 25,969 | 647,407 | |||||
Home Bancshares, Inc. | 14,737 | 289,729 | |||||
HomeTrust Bancshares, Inc. | 2,644 | 70,939 | |||||
Hope Bancorp, Inc. | 24,778 | 368,201 | |||||
Horizon Bancorp, Inc. | 9,114 | 173,166 | |||||
Howard Bancorp, Inc. * | 499 | 8,423 | |||||
Iberiabank Corp. | 4,398 | 329,102 | |||||
Independent Bank Corp. | 5,646 | 470,029 | |||||
Independent Bank Group, Inc. | 2,477 | 137,325 | |||||
International Bancshares Corp. | 13,041 | 561,676 | |||||
Investors Bancorp, Inc. | 2,762 | 32,909 | |||||
Lakeland Bancorp, Inc. | 6,732 | 117,002 | |||||
Lakeland Financial Corp. | 5,055 | 247,341 | |||||
Live Oak Bancshares, Inc. | 500 | 9,505 | |||||
Macatawa Bank Corp. | 6,741 | 75,027 | |||||
Mercantile Bank Corp. | 3,731 | 136,070 | |||||
Midland States Bancorp, Inc. | 1,086 | 31,451 | |||||
MidWestOne Financial Group, Inc. | 613 | 22,209 |
The accompanying notes are an integral part of these financial statements.
17
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Commercial Banks (Continued) | |||||||
National Bank Holdings Corp., Class A | 5,759 | $ | 202,832 | ||||
NBT Bancorp, Inc. | 8,112 | 329,023 | |||||
Nicolet Bankshares, Inc. * | 1,020 | 75,327 | |||||
Northeast Bank * | 2,190 | 48,158 | |||||
Northrim Bancorp, Inc. | 1,680 | 64,344 | |||||
OFG Bancorp | 10,569 | 249,534 | |||||
Old National Bancorp | 29,051 | 531,343 | |||||
Old Second Bancorp, Inc. | 2,244 | 30,227 | |||||
Opus Bank | 4,401 | 113,854 | |||||
Pacific Mercantile Bancorp * | 2,500 | 20,300 | |||||
Pacific Premier Bancorp, Inc. | 6,414 | 209,128 | |||||
PacWest Bancorp | 6,913 | 264,560 | |||||
Park National Corp. | 3,197 | 327,309 | |||||
Peapack Gladstone Financial Corp. | 4,278 | 132,190 | |||||
Penns Woods Bancorp, Inc. | 1,738 | 61,803 | |||||
People's United Financial, Inc. | 41,235 | 696,871 | |||||
People's Utah Bancorp | 3,598 | 108,372 | |||||
Peoples Bancorp, Inc. | 4,491 | 155,658 | |||||
Pinnacle Financial Partners, Inc. | 3,114 | 199,296 | |||||
Popular, Inc. | 10,180 | 598,075 | |||||
Preferred Bank | 3,337 | 200,520 | |||||
Premier Financial Bancorp, Inc. | 1,726 | 31,310 | |||||
Prosperity Bancshares, Inc. | 9,198 | 661,244 | |||||
QCR Holdings, Inc. | 3,022 | 132,545 | |||||
Renasant Corp. | 8,712 | 308,579 | |||||
Republic Bancorp, Inc., Class A | 3,994 | 186,919 | |||||
Republic First Bancorp, Inc. * | 3,546 | 14,822 | |||||
S&T Bancorp, Inc. | 6,802 | 274,053 | |||||
Sandy Spring Bancorp, Inc. | 6,300 | 238,644 | |||||
Seacoast Banking Corp. of Florida * | 5,668 | 173,271 | |||||
Select Bancorp, Inc. * | 200 | 2,460 | |||||
ServisFirst Bancshares, Inc. | 6,378 | 240,323 | |||||
Sierra Bancorp | 3,623 | 105,502 | |||||
Signature Bank | 4,291 | 586,193 | |||||
Simmons First National Corp., Class A | 15,870 | 425,157 | |||||
South State Corp. | 6,422 | 557,108 | |||||
Southern First Bancshares, Inc. * | 1,759 | 74,740 | |||||
Southern National Bancorp of Virginia, Inc. | 3,875 | 63,356 | |||||
Southside Bancshares, Inc. | 6,142 | 228,114 | |||||
Sterling Bancorp | 40,698 | 857,914 | |||||
Stock Yards Bancorp, Inc. | 4,336 | 178,036 | |||||
Summit Financial Group, Inc. | 392 | 10,619 | |||||
Synovus Financial Corp. | 10,832 | 424,614 | |||||
TCF Financial Corp. | 32,127 | 1,503,544 | |||||
Texas Capital Bancshares, Inc. * | 3,548 | 201,420 | |||||
Tompkins Financial Corp. | 2,420 | 221,430 | |||||
TowneBank | 6,582 | 183,111 | |||||
Trico Bancshares | 5,350 | 218,333 | |||||
TriState Capital Holdings, Inc. * | 6,765 | 176,702 | |||||
Triumph Bancorp, Inc. * | 4,016 | 152,688 | |||||
Trustmark Corp. | 12,329 | 425,474 | |||||
UMB Financial Corp. | 10,042 | 689,283 | |||||
Umpqua Holdings Corp. | 9,156 | 162,061 | |||||
United Bankshares, Inc. | 11,450 | 442,657 | |||||
United Community Banks, Inc. | 15,117 | 466,813 | |||||
Univest Financial Corp | 6,110 | 163,626 | |||||
Valley National Bancorp | 75,975 | 869,914 | |||||
Veritex Holdings, Inc. | 7,096 | 206,706 | |||||
Washington Trust Bancorp, Inc. | 3,000 | 161,370 | |||||
Webster Financial Corp. | 3,323 | 177,315 | |||||
WesBanco, Inc. | 12,954 | 489,532 | |||||
West Bancorp, Inc. | 3,998 | 102,469 | |||||
Westamerica Bancorp | 5,298 | 359,045 | |||||
Western Alliance Bancorp | 5,446 | 310,422 | |||||
Wintrust Financial Corp. | 5,592 | 396,473 | |||||
Zions Bancorp NA | 11,502 | 597,184 | |||||
45,708,436 | |||||||
Commercial Services & Supplies — 2.9% | |||||||
ABM Industries, Inc. | 14,023 | 528,807 | |||||
ACCO Brands Corp. | 19,452 | 182,071 | |||||
ARC Document Solutions, Inc. * | 5,486 | 7,626 | |||||
Brady Corp., Class A | 9,812 | 561,835 | |||||
Brink's Co. (The) | 7,356 | 667,042 | |||||
Casella Waste Systems, Inc., Class A * | 9,857 | 453,718 | |||||
Ceco Environmental Corp. * | 4,211 | 32,256 | |||||
Cimpress PLC *@ | 6,005 | 755,249 | |||||
Civeo Corp. * | 16,915 | 21,820 | |||||
Clean Harbors, Inc. * | 12,448 | 1,067,416 | |||||
Covanta Holding Corp. | 25,646 | 380,587 | |||||
Deluxe Corp. | 8,496 | 424,120 | |||||
Ennis, Inc. | 5,800 | 125,570 | |||||
Healthcare Services Group, Inc. @ | 7,841 | 190,693 | |||||
Heritage-Crystal Clean, Inc. * | 3,229 | 101,294 | |||||
Herman Miller, Inc. | 12,375 | 515,419 | |||||
HNI Corp. | 7,981 | 298,968 | |||||
Iaa, Inc. * | 7,649 | 359,962 | |||||
Interface, Inc. | 12,507 | 207,491 | |||||
KAR Auction Services, Inc. @ | 5,924 | 129,084 | |||||
Kimball International, Inc., Class B | 8,557 | 176,873 | |||||
Knoll, Inc. | 10,471 | 264,497 | |||||
Matthews International Corp., Class A | 6,646 | 253,678 | |||||
Mcgrath Rentcorp | 5,000 | 382,700 | |||||
Mobile Mini, Inc. | 8,863 | 335,996 | |||||
MSA Safety, Inc. | 8,699 | 1,099,206 | |||||
NL Industries, Inc. * | 7,891 | 30,854 | |||||
Pico Holdings, Inc. * | 2,830 | 31,470 | |||||
Pitney Bowes, Inc. @ | 4,177 | 16,833 | |||||
Quad/Graphics, Inc. @ | 4,591 | 21,440 | |||||
SP Plus Corp. * | 5,058 | 214,611 | |||||
Steelcase, Inc., Class A | 16,551 | 338,633 | |||||
Stericycle, Inc. *@ | 4,583 | 292,441 | |||||
Team, Inc. *@ | 6,603 | 105,450 | |||||
Tetra Tech, Inc. | 13,369 | 1,151,873 | |||||
UniFirst Corp. | 3,000 | 605,940 | |||||
US Ecology, Inc. | 4,572 | 264,764 | |||||
Viad Corp. | 4,330 | 292,275 | |||||
Virco Manufacturing Corp. | 2,494 | 10,575 | |||||
VSE Corp. | 2,564 | 97,535 | |||||
12,998,672 | |||||||
Communications Equipment — 1.1% | |||||||
Acacia Communications, Inc. * | 545 | 36,957 | |||||
ADTRAN, Inc. | 10,951 | 108,305 | |||||
Applied Optoelectronics, Inc. *@ | 4,381 | 52,046 | |||||
Bk Technologies Corp. * | 2,000 | 6,200 | |||||
CalAmp Corp. * | 7,114 | 68,152 | |||||
Ciena Corp. * | 27,004 | 1,152,801 | |||||
Clearfield, Inc. * | 3,231 | 45,040 | |||||
CommScope Holding Co., Inc. * | 3,352 | 47,565 | |||||
Communications Systems, Inc. | 1,418 | 8,749 | |||||
Comtech Telecommunications Corp. | 5,019 | 178,124 | |||||
Digi International, Inc. * | 5,749 | 101,872 |
The accompanying notes are an integral part of these financial statements.
18
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Communications Equipment (Continued) | |||||||
EMCORE Corp. * | 4,428 | $ | 13,461 | ||||
F5 Networks, Inc. * | 2,328 | 325,105 | |||||
Harmonic, Inc. * | 10,330 | 80,574 | |||||
Infinera Corp. *@ | 22,351 | 177,467 | |||||
InterDigital, Inc. | 5,953 | 324,379 | |||||
Juniper Networks, Inc. | 5,414 | 133,347 | |||||
KVH Industries, Inc. * | 5,534 | 61,593 | |||||
Lantronix, Inc. * | 1,100 | 3,905 | |||||
Lumentum Holdings, Inc. * | 5,615 | 445,270 | |||||
NETGEAR, Inc. * | 6,587 | 161,447 | |||||
NetScout Systems, Inc. * | 12,873 | 309,853 | |||||
Network-1 Technologies, Inc. | 1,343 | 2,928 | |||||
Optical Cable Corp. * | 374 | 1,216 | |||||
PC-Tel, Inc. * | 4,100 | 34,727 | |||||
Plantronics, Inc. @ | 745 | 20,368 | |||||
Ribbon Communications, Inc. * | 13,960 | 43,276 | |||||
Tessco Technologies, Inc. | 1,000 | 11,220 | |||||
Ubiquiti, Inc. @ | 367 | 69,356 | |||||
Viasat, Inc. * | 4,646 | 340,064 | |||||
Viavi Solutions, Inc. * | 33,947 | 509,205 | |||||
4,874,572 | |||||||
Computers & Peripherals — 0.3% | |||||||
AstroNova, Inc. | 1,572 | 21,568 | |||||
Avid Technology, Inc. * | 14,913 | 127,953 | |||||
CCUR Holdings, Inc. * | 1,362 | 5,925 | |||||
Diebold Nixdorf, Inc. *@ | 2,237 | 23,623 | |||||
Intevac, Inc. * | 4,883 | 34,474 | |||||
Pure Storage, Inc., Class A * | 8,857 | 151,543 | |||||
Super Micro Computer, Inc. * | 2,692 | 64,662 | |||||
Transact Technologies, Inc. | 1,515 | 16,619 | |||||
Xerox Holdings Corp. * | 28,195 | 1,039,550 | |||||
1,485,917 | |||||||
Construction & Engineering — 1.2% | |||||||
AECOM * | 10,667 | 460,068 | |||||
Aegion Corp. * | 7,119 | 159,252 | |||||
Ameresco, Inc., Class A * | 6,298 | 110,215 | |||||
Arcosa, Inc. | 1,853 | 82,551 | |||||
Argan, Inc. | 1,886 | 75,704 | |||||
Comfort Systems USA, Inc. | 6,794 | 338,681 | |||||
Dycom Industries, Inc. * | 6,260 | 295,159 | |||||
EMCOR Group, Inc. | 9,013 | 777,822 | |||||
Fluor Corp. | 6,585 | 124,325 | |||||
Goldfield Corp. (The) * | 11,707 | 41,560 | |||||
Granite Construction, Inc. @ | 9,465 | 261,896 | |||||
Great Lakes Dredge & Dock Corp. * | 16,460 | 186,492 | |||||
IES Holdings, Inc. * | 4,932 | 126,555 | |||||
MasTec, Inc. * | 7,480 | 479,917 | |||||
MYR Group, Inc. * | 3,408 | 111,067 | |||||
Northwest Pipe Co. * | 1,898 | 63,222 | |||||
NV5 Global, Inc. * | 2,453 | 123,754 | |||||
Orion Marine Group, Inc. * | 3,431 | 17,807 | |||||
Primoris Services Corp. | 10,526 | 234,098 | |||||
Quanta Services, Inc. | 9,091 | 370,095 | |||||
Sterling Construction Co., Inc. * | 5,413 | 76,215 | |||||
Tutor Perini Corp. *@ | 10,146 | 130,477 | |||||
Valmont Industries, Inc. | 4,290 | 642,556 | |||||
5,289,488 | |||||||
Construction Materials — 0.1% | |||||||
Eagle Materials, Inc. | 1,439 | 130,460 | |||||
Forterra, Inc. * | 1,512 | 17,479 | |||||
Summit Materials, Inc., Class A * | 5,300 | 126,670 | |||||
United States Lime & Minerals, Inc. | 1,679 | 151,613 | |||||
US Concrete, Inc. * | 3,055 | 127,271 | |||||
553,493 | |||||||
Consumer Finance — 0.9% | |||||||
Atlanticus Holdings Corp. * | 5,476 | 49,339 | |||||
Consumer Portfolio Services, Inc. * | 7,272 | 24,507 | |||||
Credit Acceptance Corp. *@ | 170 | 75,196 | |||||
Encore Capital Group, Inc. * | 6,224 | 220,081 | |||||
Enova International, Inc. * | 7,369 | 177,298 | |||||
Ezcorp, Inc., Class A * | 10,752 | 73,329 | |||||
FirstCash, Inc. | 11,198 | 902,895 | |||||
Green Dot Corp., Class A * | 9,784 | 227,967 | |||||
LendingClub Corp. * | 8,351 | 105,390 | |||||
Navient Corp. | 25,118 | 343,614 | |||||
Nelnet, Inc., Class A | 6,172 | 359,457 | |||||
OneMain Holdings, Inc. | 8,524 | 359,286 | |||||
PRA Group, Inc. * | 9,204 | 334,105 | |||||
Regional Management Corp. * | 2,592 | 77,838 | |||||
Santander Consumer USA Holdings, Inc. | 16,393 | 383,104 | |||||
SLM Corp. | 14,278 | 127,217 | |||||
World Acceptance Corp. * | 1,946 | 168,134 | |||||
4,008,757 | |||||||
Containers & Packaging — 0.8% | |||||||
AptarGroup, Inc. | 4,442 | 513,584 | |||||
Berry Plastics Group, Inc. * | 10,559 | 501,447 | |||||
Crown Holdings, Inc. * | 5,848 | 424,214 | |||||
Graphic Packaging Holding Co. | 8,918 | 148,485 | |||||
Greif, Inc., Class B | 1,193 | 61,762 | |||||
Greif, Inc., Class A | 5,187 | 229,265 | |||||
Myers Industries, Inc. | 8,111 | 135,291 | |||||
Sealed Air Corp. | 12,255 | 488,117 | |||||
Silgan Holdings, Inc. | 16,218 | 504,055 | |||||
Sonoco Products Co. | 7,641 | 471,603 | |||||
UFP Technologies, Inc. * | 913 | 45,294 | |||||
3,523,117 | |||||||
Distributors — 0.3% | |||||||
Core-Mark Holding Co., Inc. | 8,938 | 243,024 | |||||
LKQ Corp. * | 9,154 | 326,798 | |||||
Pool Corp. | 3,189 | 677,280 | |||||
Weyco Group, Inc. | 1,489 | 39,384 | |||||
1,286,486 | |||||||
Diversified Consumer Services — 1.2% | |||||||
Adtalem Global Education, Inc. * | 10,328 | 361,170 | |||||
American Public Education, Inc. * | 3,824 | 104,739 | |||||
Bright Horizons Family Solutions, Inc. * | 2,527 | 379,783 | |||||
Carriage Services, Inc. | 3,469 | 88,806 | |||||
Chegg, Inc. * | 6,405 | 242,814 | |||||
Collectors Universe, Inc. | 1,790 | 41,259 | |||||
Frontdoor, Inc. * | 2,710 | 128,508 | |||||
Graham Holdings Co., Class B | 523 | 334,192 | |||||
Grand Canyon Education, Inc. * | 8,480 | 812,299 | |||||
H&R Block, Inc. @ | 13,196 | 309,842 | |||||
Houghton Mifflin Harcourt Co. * | 14,959 | 93,494 | |||||
K12, Inc. * | 8,196 | 166,789 | |||||
Perdoceo Education Corp. * | 13,672 | 251,428 | |||||
Regis Corp. * | 8,486 | 151,645 | |||||
Service Corp. International | 12,310 | 566,629 | |||||
ServiceMaster Global Holdings, Inc. * | 10,611 | 410,221 | |||||
Strategic Education, Inc. | 3,002 | 477,018 | |||||
Universal Technical Institute, Inc. * | 5,900 | 45,489 | |||||
WW International, Inc. * | 6,398 | 244,468 | |||||
Zovio, Inc. * | 3,315 | 6,829 | |||||
5,217,422 |
The accompanying notes are an integral part of these financial statements.
19
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Diversified Financial Services — 0.3% | |||||||
A-Mark Precious Metals, Inc. * | 1,856 | $ | 15,349 | ||||
Cannae Holdings, Inc. * | 4,237 | 157,574 | |||||
Jefferies Financial Group, Inc. | 24,499 | 523,544 | |||||
Marlin Business Services Corp. | 3,196 | 70,248 | |||||
On Deck Capital, Inc. * | 14,292 | 59,169 | |||||
Voya Financial, Inc. | 11,507 | 701,697 | |||||
1,527,581 | |||||||
Diversified Telecommunication Services — 0.6% | |||||||
Alaska Communications Systems Group, | |||||||
Inc. * | 2,448 | 4,333 | |||||
ATN International, Inc. | 3,292 | 182,344 | |||||
Cincinnati Bell, Inc. *@ | 6,675 | 69,887 | |||||
Cogent Communications Holdings, Inc. | 11,951 | 786,495 | |||||
Consolidated Communications Holdings, | |||||||
Inc. @ | 8,637 | 33,512 | |||||
GCI Liberty, Inc., Class A * | 8,984 | 636,516 | |||||
IDT Corp., Class B * | 6,820 | 49,172 | |||||
Intelsat SA *@ | 9,952 | 69,963 | |||||
Orbcomm, Inc. * | 17,501 | 73,679 | |||||
Vonage Holdings Corp. * | 46,407 | 343,876 | |||||
Zayo Group Holdings, Inc. * | 9,177 | 317,983 | |||||
2,567,760 | |||||||
Electric Utilities — 1.0% | |||||||
Allete, Inc. | 10,480 | 850,662 | |||||
El Paso Electric Co. | 9,131 | 619,904 | |||||
Genie Energy Ltd., Class B | 4,900 | 37,877 | |||||
Hawaiian Electric Industries, Inc. | 8,115 | 380,269 | |||||
IDACORP, Inc. | 3,214 | 343,255 | |||||
MGE Energy, Inc. | 7,061 | 556,548 | |||||
OGE Energy Corp. | 4,121 | 183,261 | |||||
Otter Tail Corp. | 7,365 | 377,751 | |||||
PNM Resources, Inc. | 16,209 | 821,958 | |||||
Portland General Electric Co. | 6,399 | 357,000 | |||||
Spark Energy, Inc., Class A @ | 2,000 | 18,460 | |||||
4,546,945 | |||||||
Electrical Equipment — 1.3% | |||||||
Acuity Brands, Inc. | 2,065 | 284,970 | |||||
Allied Motion Technologies, Inc. | 2,312 | 112,132 | |||||
Atkore International Group, Inc. * | 9,891 | 400,190 | |||||
AZZ, Inc. | 5,198 | 238,848 | |||||
Encore Wire Corp. | 4,184 | 240,162 | |||||
EnerSys | 8,454 | 632,613 | |||||
Espey Manufacturing & Electronics Corp. | 565 | 12,204 | |||||
Generac Holdings, Inc. * | 14,198 | 1,428,177 | |||||
Hubbell, Inc. | 4,209 | 622,174 | |||||
LSI Industries, Inc. | 3,137 | 18,979 | |||||
nVent Electric PLC | 1,295 | 33,126 | |||||
Powell Industries, Inc. | 3,021 | 147,999 | |||||
Preformed Line Products Co. | 1,398 | 84,369 | |||||
Regal Beloit Corp. | 6,159 | 527,272 | |||||
Sensata Technologies Holding PLC * | 11,437 | 616,111 | |||||
Sunrun, Inc. *@ | 8,165 | 112,759 | |||||
Thermon Group Holdings, Inc. * | 7,133 | 191,164 | |||||
TPI Composites, Inc. * | 564 | 10,440 | |||||
Ultralife Corp. * | 3,600 | 26,604 | |||||
Vicor Corp. * | 5,666 | 264,715 | |||||
6,005,008 | |||||||
Electronic Equipment, Instruments & Components — 3.6% | |||||||
Anixter International, Inc. * | 6,907 | 636,135 | |||||
Arlo Technologies, Inc. * | 16,012 | 67,410 | |||||
Arrow Electronics, Inc. * | 10,507 | 890,363 | |||||
Avnet, Inc. | 13,159 | 558,468 | |||||
AVX Corp. | 15,493 | 317,142 | |||||
Badger Meter, Inc. | 5,392 | 350,103 | |||||
Bel Fuse, Inc., Class B | 3,168 | 64,944 | |||||
Belden, Inc. | 9,004 | 495,220 | |||||
Benchmark Electronics, Inc. | 7,901 | 271,478 | |||||
Cognex Corp. | 10,272 | 575,643 | |||||
Coherent, Inc. * | 520 | 86,502 | |||||
CTS Corp. | 6,694 | 200,887 | |||||
Daktronics, Inc. | 11,985 | 72,989 | |||||
Data I/O Corp. * | 4,458 | 18,679 | |||||
Dolby Laboratories, Inc., Class A | 974 | 67,011 | |||||
ePlus, Inc. * | 2,400 | 202,296 | |||||
Fabrinet * | 7,181 | 465,616 | |||||
FARO Technologies, Inc. * | 3,545 | 178,491 | |||||
Flex Ltd. * | 26,859 | 338,961 | |||||
FLIR Systems, Inc. | 6,022 | 313,566 | |||||
Frequency Electronics, Inc. * | 1,400 | 14,294 | |||||
IEC Electronics Corp. * | 800 | 7,272 | |||||
II-VI, Inc. *@ | 15,901 | 535,387 | |||||
Insight Enterprises, Inc. * | 6,742 | 473,895 | |||||
IPG Photonics Corp. * | 1,161 | 168,252 | |||||
Itron, Inc. * | 8,406 | 705,684 | |||||
Jabil, Inc. | 4,847 | 200,326 | |||||
Kemet Corp. | 12,384 | 334,987 | |||||
Key Tronic Corp. * | 1,700 | 9,248 | |||||
Kimball Electronics, Inc. * | 5,879 | 103,176 | |||||
Knowles Corp. * | 11,920 | 252,108 | |||||
LightPath Technologies, Inc., Class A * | 4,009 | 2,906 | |||||
Littelfuse, Inc. | 4,934 | 943,874 | |||||
Methode Electronics, Inc. | 7,927 | 311,927 | |||||
MTS Systems Corp. | 3,800 | 182,514 | |||||
NAPCO Security Technologies, Inc. * | 4,850 | 142,541 | |||||
National Instruments Corp. | 8,623 | 365,098 | |||||
Novanta, Inc. * | 4,922 | 435,302 | |||||
OSI Systems, Inc. * | 3,527 | 355,310 | |||||
PAR Technology Corp. *@ | 3,000 | 92,220 | |||||
PC Connection, Inc. | 5,585 | 277,351 | |||||
Perceptron, Inc. * | 1,100 | 6,050 | |||||
Plexus Corp. * | 5,984 | 460,409 | |||||
Richardson Electronics Ltd. | 2,700 | 15,201 | |||||
Rogers Corp. * | 3,568 | 445,037 | |||||
Sanmina Corp. * | 13,614 | 466,143 | |||||
Scansource, Inc. * | 5,628 | 207,955 | |||||
SYNNEX Corp. | 3,640 | 468,832 | |||||
Tech Data Corp. * | 4,480 | 643,328 | |||||
TTM Technologies, Inc. * | 20,635 | 310,557 | |||||
Vishay Intertechnology, Inc. | 34,292 | 730,077 | |||||
Vishay Precision Group, Inc. * | 3,234 | 109,956 | |||||
Wayside Technology Group, Inc. | 315 | 5,103 | |||||
15,954,224 | |||||||
Energy Equipment & Services — 0.9% | |||||||
Archrock, Inc. | 21,713 | 217,999 | |||||
Basic Energy Services, Inc. * | 3,202 | 849 | |||||
Core Laboratories NV @ | 2,189 | 82,460 | |||||
Dawson Geophysical Co. * | 2,775 | 6,660 | |||||
Diamond Offshore Drilling, Inc. *@ | 20,830 | 149,768 |
The accompanying notes are an integral part of these financial statements.
20
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Energy Equipment & Services (Continued) | |||||||
DMC Global, Inc. @ | 2,998 | $ | 134,730 | ||||
Dril-Quip, Inc. * | 6,853 | 321,474 | |||||
Era Group, Inc. * | 6,415 | 65,241 | |||||
Exterran Corp. * | 8,570 | 67,103 | |||||
Forum Energy Technologies, Inc. * | 13,194 | 22,166 | |||||
Frank's International NV * | 12,111 | 62,614 | |||||
Geospace Technologies Corp. * | 1,646 | 27,603 | |||||
Gulf Island Fabrication, Inc. * | 1,823 | 9,243 | |||||
Helix Energy Solutions Group, Inc. * | 17,953 | 172,887 | |||||
Helmerich & Payne, Inc. | 7,229 | 328,413 | |||||
ION Geophysical Corp. * | 1,706 | 14,808 | |||||
KLX Energy Services Holdings, Inc. * | 3,833 | 24,685 | |||||
Matrix Service Co. * | 5,785 | 132,361 | |||||
McDermott International, Inc. *@ | 19,039 | 12,882 | |||||
Mitcham Industries, Inc. * | 2,601 | 7,465 | |||||
Nabors Industries Ltd. | 50,859 | 146,474 | |||||
National Oilwell Varco, Inc. | 15,617 | 391,206 | |||||
Natural Gas Services Group, Inc. * | 3,685 | 45,178 | |||||
Newpark Resources, Inc. * | 20,693 | 129,745 | |||||
Noble Corp. PLC * | 29,917 | 36,499 | |||||
Oceaneering International, Inc. * | 19,653 | 293,026 | |||||
Oil States International, Inc. * | 7,268 | 118,541 | |||||
Patterson-UTI Energy, Inc. | 599 | 6,289 | |||||
RigNet, Inc. * | 2,347 | 15,490 | |||||
SEACOR Holdings, Inc. * | 3,874 | 167,163 | |||||
SEACOR Marine Holdings, Inc. * | 5,046 | 69,584 | |||||
Tetra Technologies, Inc. * | 15,222 | 29,835 | |||||
Transocean Ltd. *@ | 46,000 | 316,480 | |||||
U.S. Silica Holdings, Inc. @ | 13,442 | 82,668 | |||||
Valaris PLC *@ | 26,586 | 174,404 | |||||
3,883,993 | |||||||
Entertainment — 0.5% | |||||||
AMC Entertainment Holdings, Inc., | |||||||
Class A @ | 6,707 | 48,559 | |||||
Ballantyne Strong, Inc. * | 3,464 | 11,223 | |||||
Cinemark Holdings, Inc. @ | 1,868 | 63,232 | |||||
Gaia, Inc. *@ | 1,407 | 11,242 | |||||
Glu Mobile, Inc. * | 14,543 | 87,985 | |||||
IMAX Corp. * | 4,817 | 98,411 | |||||
Lions Gate Entertainment Corp., Class A * | 4,059 | 43,269 | |||||
Lions Gate Entertainment Corp., Class B * | 5,120 | 50,842 | |||||
Madison Square Garden Co. (The), | |||||||
Class A * | 500 | 147,095 | |||||
Marcus Corp. (The) | 4,500 | 142,965 | |||||
Reading International, Inc., Class A * | 4,951 | 55,402 | |||||
Roku, Inc. *@ | 3,533 | 473,069 | |||||
Rosetta Stone, Inc. * | 1,222 | 22,167 | |||||
World Wrestling Entertainment, Inc., | |||||||
Class A @ | 2,212 | 143,492 | |||||
Zynga, Inc., Class A * | 155,342 | 950,693 | |||||
2,349,646 | |||||||
Food & Staples Retailing — 0.6% | |||||||
Andersons, Inc. (The) | 6,913 | 174,761 | |||||
Casey's General Stores, Inc. | 2,566 | 407,968 | |||||
Chefs' Warehouse Inc. (The) * | 6,038 | 230,108 | |||||
Ingles Markets, Inc., Class A | 2,846 | 135,213 | |||||
Natural Grocers by Vitamin Cottage, Inc. | 2,710 | 26,748 | |||||
Performance Food Group Co. * | 5,713 | 294,105 | |||||
PriceSmart, Inc. | 6,117 | 434,429 | |||||
SpartanNash Co. | 8,657 | 123,276 | |||||
Sprouts Farmers Market, Inc. * | 8,100 | 156,735 | |||||
United Natural Foods, Inc. * | 8,554 | 74,933 | |||||
US Foods Holding Corp. * | 9,874 | 413,622 | |||||
Village Super Market, Inc., Class A | 2,388 | 55,402 | |||||
Weis Markets, Inc. | 5,514 | 223,262 | |||||
2,750,562 | |||||||
Food Products — 1.8% | |||||||
B&G Foods, Inc. @ | 23,846 | 427,559 | |||||
Bunge Ltd. | 9,297 | 535,042 | |||||
Cal-Maine Foods, Inc. | 8,148 | 348,327 | |||||
Calavo Growers, Inc. @ | 3,350 | 303,476 | |||||
Coffee Holding Co., Inc. * | 600 | 2,760 | |||||
Darling Ingredients, Inc. * | 37,935 | 1,065,215 | |||||
Dean Foods Co. @ | 11,073 | 664 | |||||
Farmer Bros. Co. * | 3,998 | 60,210 | |||||
Flowers Foods, Inc. | 12,107 | 263,206 | |||||
Fresh Del Monte Produce, Inc. | 9,718 | 339,936 | |||||
Hostess Brands, Inc. * | 4,664 | 67,815 | |||||
Ingredion, Inc. | 4,253 | 395,316 | |||||
J&J Snack Foods Corp. | 4,900 | 902,923 | |||||
John B. Sanfilippo & Son, Inc. | 2,254 | 205,745 | |||||
Lancaster Colony Corp. | 5,159 | 825,956 | |||||
Landec Corp. * | 7,274 | 82,269 | |||||
Lifeway Foods, Inc. * | 3,800 | 7,562 | |||||
Limoneira Co. | 2,072 | 39,845 | |||||
Pilgrim's Pride Corp. * | 5,624 | 183,989 | |||||
Post Holdings, Inc. * | 5,411 | 590,340 | |||||
Rocky Mountain Chocolate Factory, Inc. | 1,260 | 11,630 | |||||
Sanderson Farms, Inc. | 6,194 | 1,091,507 | |||||
Seaboard Corp. | 20 | 85,011 | |||||
Seneca Foods Corp., Class A * | 2,138 | 87,209 | |||||
Tootsie Roll Industries, Inc. @ | 8,150 | 278,241 | |||||
TreeHouse Foods, Inc. * | 225 | 10,912 | |||||
8,212,665 | |||||||
Gas Utilities — 1.0% | |||||||
Chesapeake Utilities Corp. | 3,064 | 293,623 | |||||
National Fuel Gas Co. | 4,531 | 210,873 | |||||
New Jersey Resources Corp. | 19,713 | 878,609 | |||||
Northwest Natural Holding Co. | 5,935 | 437,588 | |||||
ONE Gas, Inc. | 9,334 | 873,382 | |||||
RGC Resources, Inc. | 600 | 17,148 | |||||
South Jersey Industries, Inc. @ | 17,084 | 563,430 | |||||
Southwest Gas Corp. | 4,554 | 345,967 | |||||
Spire, Inc. | 11,344 | 945,069 | |||||
4,565,689 | |||||||
Health Care Equipment & Supplies — 3.5% | |||||||
ABIOMED, Inc. * | 2,553 | 435,516 | |||||
Accuray, Inc. * | 14,711 | 41,485 | |||||
Angiodynamics, Inc. * | 7,968 | 127,568 | |||||
Apollo Endosurgery, Inc. *@ | 1,905 | 5,429 | |||||
Atrion Corp. | 374 | 281,061 | |||||
Avanos Medical, Inc. * | 8,986 | 302,828 | |||||
Cantel Medical Corp. @ | 10,310 | 730,979 | |||||
CONMED Corp. | 6,792 | 759,549 | |||||
CryoLife, Inc. * | 8,010 | 216,991 | |||||
Cutera, Inc. * | 3,187 | 114,127 | |||||
Electromed, Inc. * | 2,929 | 25,336 | |||||
FONAR Corp. * | 1,982 | 39,026 | |||||
Globus Medical, Inc., Class A * | 18,325 | 1,078,976 | |||||
Haemonetics Corp. * | 12,126 | 1,393,277 | |||||
Heska Corp. * | 1,387 | 133,069 | |||||
Hill-Rom Holdings, Inc. | 5,319 | 603,866 | |||||
ICU Medical, Inc. * | 3,065 | 573,523 | |||||
Inogen, Inc. * | 3,628 | 247,901 | |||||
Insulet Corp. * | 4,730 | 809,776 | |||||
Integer Holdings Corp. * | 6,581 | 529,310 |
The accompanying notes are an integral part of these financial statements.
21
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Health Care Equipment & Supplies (Continued) | |||||||
Integra LifeSciences Holdings Corp. * | 16,147 | $ | 941,047 | ||||
IntriCon Corp. *@ | 1,000 | 18,000 | |||||
Invacare Corp. | 9,456 | 85,293 | |||||
Iridex Corp. * | 671 | 1,503 | |||||
Lantheus Holdings, Inc. * | 8,245 | 169,105 | |||||
LeMaitre Vascular, Inc. @ | 3,866 | 138,983 | |||||
LivaNova PLC * | 5,780 | 435,985 | |||||
Masimo Corp. * | 4,143 | 654,843 | |||||
Meridian Bioscience, Inc. | 10,411 | 101,715 | |||||
Merit Medical Systems, Inc. * | 10,450 | 326,249 | |||||
Mesa Laboratories, Inc. @ | 788 | 196,527 | |||||
Misonix, Inc. * | 2,200 | 40,942 | |||||
Natus Medical, Inc. * | 6,850 | 225,982 | |||||
Neogen Corp. * | 7,090 | 462,693 | |||||
Novocure Ltd. * | 7,372 | 621,238 | |||||
NuVasive, Inc. * | 9,715 | 751,358 | |||||
Nuvectra Corp. * | 4,525 | 430 | |||||
OraSure Technologies, Inc. * | 14,221 | 114,195 | |||||
Orthofix Medical, Inc. * | 3,915 | 180,795 | |||||
Penumbra, Inc. *@ | 2,535 | 416,424 | |||||
Quidel Corp. * | 7,203 | 540,441 | |||||
RTI Surgical Holdings Inc * | 15,534 | 42,563 | |||||
SeaSpine Holdings Corp. * | 2,964 | 35,598 | |||||
SurModics, Inc. * | 3,056 | 126,610 | |||||
Utah Medical Products, Inc. | 831 | 89,665 | |||||
Varex Imaging Corp. * | 2,200 | 65,582 | |||||
West Pharmaceutical Services, Inc. | 1,000 | 150,330 | |||||
15,383,689 | |||||||
Health Care Providers & Services — 2.9% | |||||||
Acadia Healthcare Co., Inc. *@ | 4,406 | 146,367 | |||||
Addus HomeCare Corp. * | 2,638 | 256,466 | |||||
Amedisys, Inc. * | 7,540 | 1,258,577 | |||||
American Renal Associates Holdings, Inc. * | 3,424 | 35,507 | |||||
AMN Healthcare Services, Inc. * | 12,615 | 786,041 | |||||
BioTelemetry, Inc. * | 6,594 | 305,302 | |||||
Brookdale Senior Living, Inc. * | 15,683 | 114,015 | |||||
Capital Senior Living Corp. * | 10,327 | 31,910 | |||||
Chemed Corp. | 3,195 | 1,403,436 | |||||
Corvel Corp. * | 3,554 | 310,477 | |||||
Cross Country Healthcare, Inc. * | 9,103 | 105,777 | |||||
CynergisTek, Inc. * | 2,905 | 9,586 | |||||
DaVita, Inc. * | 10,027 | 752,326 | |||||
Digirad Corp. * | 210 | 542 | |||||
Diplomat Pharmacy, Inc. * | 7,290 | 29,160 | |||||
Encompass Health Corp. | 7,365 | 510,174 | |||||
Ensign Group, Inc. (The) | 12,396 | 562,407 | |||||
Enzo Biochem, Inc. * | 9,744 | 25,627 | |||||
Guardant Health, Inc. * | 5,181 | 404,843 | |||||
HealthEquity, Inc. * | 7,664 | 567,672 | |||||
LHC Group, Inc. * | 7,231 | 996,143 | |||||
Magellan Health, Inc. * | 4,712 | 368,714 | |||||
MEDNAX, Inc. * | 2,085 | 57,942 | |||||
Molina Healthcare, Inc. * | 3,919 | 531,769 | |||||
National Healthcare Corp. | 3,000 | 259,290 | |||||
National Research Corp. | 5,162 | 340,382 | |||||
Option Care Health, Inc. * | 9,341 | 34,842 | |||||
Owens & Minor, Inc. | 7,490 | 38,723 | |||||
Patterson Cos., Inc. @ | 6,194 | 126,853 | |||||
Pennant Group Inc. (The) * | 6,498 | 214,889 | |||||
Premier, Inc., Class A * | 1,300 | 49,244 | |||||
Providence Service Corp. (The) * | 2,749 | 162,686 | |||||
Psychemedics Corp. | 2,439 | 22,317 | |||||
RadNet, Inc. * | 10,696 | 217,129 | |||||
Select Medical Holdings Corp. * | 26,888 | 627,566 | |||||
Surgery Partners, Inc. * | 1,077 | 16,860 | |||||
Tenet Healthcare Corp. * | 16,691 | 634,759 | |||||
Tivity Health, Inc. *@ | 5,834 | 118,693 | |||||
Triple-S Management Corp., Class B * | 5,643 | 104,339 | |||||
U.S. Physical Therapy, Inc. | 2,557 | 292,393 | |||||
12,831,745 | |||||||
Health Care Technology — 0.6% | |||||||
Allscripts Healthcare Solutions, Inc. * | 31,571 | 309,869 | |||||
Computer Programs & Systems, Inc. | 2,670 | 70,488 | |||||
Evolent Health, Inc., Class A *@ | 3,026 | 27,385 | |||||
HealthStream, Inc. * | 6,577 | 178,894 | |||||
HMS Holdings Corp. * | 20,254 | 599,519 | |||||
NextGen Healthcare, Inc. * | 13,127 | 210,951 | |||||
Omnicell, Inc. * | 8,383 | 685,059 | |||||
Simulations Plus, Inc. | 3,432 | 99,768 | |||||
Teladoc Health, Inc. *@ | 4,229 | 354,052 | |||||
2,535,985 | |||||||
Hotels, Restaurants & Leisure — 3.2% | |||||||
BBQ Holdings, Inc. * | 2,602 | 10,226 | |||||
BBX Capital Corp. | 2,088 | 9,960 | |||||
Biglari Holdings, Inc., Class A * | 7 | 4,200 | |||||
Biglari Holdings, Inc., Class B * | 74 | 8,467 | |||||
BJ's Restaurants, Inc. | 3,923 | 148,917 | |||||
Bloomin' Brands, Inc. | 17,597 | 388,366 | |||||
Brinker International, Inc. @ | 11,556 | 485,352 | |||||
Caesars Entertainment Corp. * | 41,187 | 560,143 | |||||
Carrols Restaurant Group, Inc. * | 8,916 | 62,858 | |||||
Cheesecake Factory, Inc. (The) @ | 8,694 | 337,849 | |||||
Choice Hotels International, Inc. @ | 10,908 | 1,128,214 | |||||
Churchill Downs, Inc. | 4,317 | 592,292 | |||||
Chuy's Holdings, Inc. * | 3,969 | 102,876 | |||||
Cracker Barrel Old Country Store, Inc. | 3,034 | 466,447 | |||||
Dave & Buster's Entertainment, Inc. @ | 6,312 | 253,553 | |||||
Del Taco Restaurants, Inc. * | 9,103 | 71,959 | |||||
Denny's Corp. * | 17,545 | 348,795 | |||||
DineEquity, Inc. @ | 1,127 | 94,127 | |||||
Dover Motorsports, Inc. | 4,000 | 7,440 | |||||
Drive Shack, Inc. *@ | 17,393 | 63,658 | |||||
Dunkin' Brands Group, Inc. | 5,619 | 424,459 | |||||
El Pollo Loco Holdings, Inc. * | 4,284 | 64,860 | |||||
Eldorado Resorts, Inc. *@ | 7,498 | 447,181 | |||||
Everi Holdings, Inc. * | 4,400 | 59,092 | |||||
Extended Stay America, Inc. | 8,000 | 118,880 | |||||
Fiesta Restaurant Group, Inc. * | 6,458 | 63,870 | |||||
Habit Restaurants, Inc. (The), Class A * | 2,386 | 24,886 | |||||
Hilton Grand Vacations, Inc. * | 559 | 19,224 | |||||
International Game Technology PLC @ | 969 | 14,506 | |||||
Jack in the Box, Inc. @ | 7,279 | 567,980 | |||||
Lindblad Expeditions Holdings, Inc. * | 9,143 | 149,488 | |||||
Luby's, Inc. * | 7,260 | 15,972 | |||||
Marriott Vacations Worldwide Corp. | 9,427 | 1,213,821 | |||||
Monarch Casino & Resort, Inc. * | 1,490 | 72,339 | |||||
Nathan's Famous, Inc. | 1,394 | 98,807 | |||||
Papa John's International, Inc. | 10,862 | 685,935 | |||||
Penn National Gaming, Inc. * | 11,868 | 303,346 | |||||
Planet Fitness, Inc. Class A * | 14,937 | 1,115,495 |
The accompanying notes are an integral part of these financial statements.
22
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Hotels, Restaurants & Leisure (Continued) | |||||||
Playa Hotels & Resorts NV * | 1,000 | $ | 8,400 | ||||
Potbelly Corp. * | 6,131 | 25,873 | |||||
RCI Hospitality Holdings, Inc. | 2,209 | 45,285 | |||||
Red Lion Hotels Corp. * | 7,375 | 27,509 | |||||
Red Robin Gourmet Burgers, Inc. * | 2,986 | 98,598 | |||||
Ruth's Hospitality Group, Inc. | 5,962 | 129,763 | |||||
Scientific Games Corp., Class A * | 900 | 24,102 | |||||
SeaWorld Entertainment, Inc. * | 3,757 | 119,134 | |||||
Shake Shack, Inc., Class A *@ | 2,567 | 152,916 | |||||
Six Flags Entertainment Corp. | 3,778 | 170,426 | |||||
Texas Roadhouse, Inc. | 17,624 | 992,584 | |||||
Town Sports International Holdings, Inc. * | 8,000 | 13,680 | |||||
Wendy's Co. (The) | 49,718 | 1,104,237 | |||||
Wingstop, Inc. | 2,302 | 198,501 | |||||
Wyndham Destinations, Inc. | 1,300 | 67,197 | |||||
Wyndham Hotels & Resorts, Inc. | 6,210 | 390,050 | |||||
14,174,095 | |||||||
Household Durables — 2.2% | |||||||
Bassett Furniture Industries, Inc. | 2,600 | 43,368 | |||||
Beazer Homes USA, Inc. * | 1,643 | 23,216 | |||||
Cavco Industries, Inc. * | 1,874 | 366,142 | |||||
Century Communities, Inc. * | 5,284 | 144,517 | |||||
CSS Industries, Inc. | 2,100 | 9,261 | |||||
Dixie Group, Inc. (The) * | 1,200 | 1,368 | |||||
Ethan Allen Interiors, Inc. | 5,445 | 103,782 | |||||
Flexsteel Industries, Inc. | 1,493 | 29,740 | |||||
Green Brick Partners, Inc. * | 4,024 | 46,195 | |||||
Hamilton Beach Brands Holding Co., | |||||||
Class A | 2,000 | 38,200 | |||||
Helen of Troy Ltd. * | 6,811 | 1,224,550 | |||||
Hooker Furniture Corp. | 2,500 | 64,225 | |||||
Installed Building Products, Inc. * | 6,010 | 413,909 | |||||
iRobot Corp. *@ | 5,565 | 281,756 | |||||
KB Home | 21,141 | 724,502 | |||||
La-Z-Boy, Inc. | 9,134 | 287,538 | |||||
Leggett & Platt, Inc. | 8,250 | 419,347 | |||||
Libbey, Inc. * | 7,340 | 10,643 | |||||
Lifetime Brands, Inc. | 3,200 | 22,240 | |||||
M.D.C. Holdings, Inc. | 12,404 | 473,337 | |||||
M/I Homes, Inc. * | 5,641 | 221,973 | |||||
Meritage Homes Corp. * | 10,314 | 630,288 | |||||
New Home Co., Inc. (The) * | 3,433 | 15,998 | |||||
Newell Brands, Inc. | 29,428 | 565,606 | |||||
Orleans Homebuilders, Inc. *@§ | 4,953 | — | |||||
PulteGroup, Inc. | 12,367 | 479,840 | |||||
Skyline Champion Corp. * | 2,906 | 92,120 | |||||
Taylor Morrison Home Corp., Class A * | 9,818 | 214,621 | |||||
Tempur Sealy International, Inc. * | 6,494 | 565,368 | |||||
Toll Brothers, Inc. | 18,692 | 738,521 | |||||
TopBuild Corp. * | 4,720 | 486,538 | |||||
TRI Pointe Group, Inc. *@ | 28,274 | 440,509 | |||||
Tupperware Brands Corp. | 11,712 | 100,489 | |||||
Universal Electronics, Inc. * | 3,172 | 165,769 | |||||
VOXX International Corp. * | 3,284 | 14,384 | |||||
William Lyon Homes, Class A * | 5,111 | 102,118 | |||||
ZAGG, Inc. *@ | 6,699 | 54,329 | |||||
9,616,307 | |||||||
Household Products — 0.3% | |||||||
Central Garden & Pet Co. *@ | 2,917 | 90,631 | |||||
Central Garden & Pet Co., Class A * | 7,899 | 231,915 | |||||
Spectrum Brands Holdings, Inc. | 4,389 | 282,169 | |||||
WD-40 Co. @ | 2,752 | 534,273 | |||||
1,138,988 | |||||||
Independent Power Producers & Energy Traders — 0.3% | |||||||
Atlantica Yield PLC | 1,800 | 47,502 | |||||
Clearway Energy, Inc., Class A | 6,260 | 119,691 | |||||
Clearway Energy, Inc., Class C | 11,658 | 232,577 | |||||
Ormat Technologies, Inc. | 8,775 | 653,913 | |||||
Pattern Energy Group, Inc., Class A | 11,892 | 318,171 | |||||
TerraForm Power, Inc., Class A | 1,900 | 29,241 | |||||
1,401,095 | |||||||
Industrial Conglomerates — 0.2% | |||||||
Carlisle Cos., Inc. | 3,012 | 487,462 | |||||
Raven Industries, Inc. | 7,343 | 253,040 | |||||
740,502 | |||||||
Insurance — 3.8% | |||||||
Ambac Financial Group, Inc. * | 9,649 | 208,129 | |||||
American Equity Investment Life | |||||||
Holding Co. | 17,733 | 530,749 | |||||
American National Insurance Co. | 1,527 | 179,697 | |||||
AMERISAFE, Inc. | 3,769 | 248,867 | |||||
Argo Group International Holdings Ltd. | 7,513 | 493,980 | |||||
Assurant, Inc. | 4,647 | 609,129 | |||||
Assured Guaranty Ltd. | 5,276 | 258,629 | |||||
Athene Holding Ltd., Class A * | 10,158 | 477,731 | |||||
Axis Capital Holdings Ltd. | 4,913 | 292,029 | |||||
Brighthouse Financial, Inc. * | 5,795 | 227,338 | |||||
Citizens, Inc. *@ | 11,958 | 80,716 | |||||
CNO Financial Group, Inc. | 45,733 | 829,139 | |||||
Crawford & Co., Class A | 8,228 | 94,375 | |||||
Crawford & Co., Class B | 4,945 | 50,192 | |||||
Donegal Group, Inc., Class A | 5,984 | 88,683 | |||||
eHealth, Inc. *@ | 4,939 | 474,539 | |||||
Employers Holdings, Inc. | 6,325 | 264,069 | |||||
Enstar Group Ltd. * | 1,353 | 279,882 | |||||
Erie Indemnity Co., Class A @ | 856 | 142,096 | |||||
FBL Financial Group, Inc., Class A | 5,048 | 297,479 | |||||
FedNat Holding Co. | 3,068 | 51,021 | |||||
First American Financial Corp. | 8,052 | 469,593 | |||||
Genworth Financial, Inc., Class A * | 14,918 | 65,639 | |||||
Global Indemnity Ltd. | 2,787 | 82,579 | |||||
Greenlight Capital Re Ltd., Class A *@ | 7,144 | 72,226 | |||||
Hallmark Financial Services, Inc. * | 5,700 | 100,149 | |||||
Hanover Insurance Group, Inc. (The) | 2,430 | 332,108 | |||||
HCI Group, Inc. | 1,727 | 78,837 | |||||
Heritage Insurance Holdings, Inc. | 3,869 | 51,264 | |||||
Horace Mann Educators Corp. | 7,635 | 333,344 | |||||
Independence Holding Co. | 3,115 | 131,079 | |||||
Investors Title Co. | 393 | 62,566 | |||||
James River Group Holdings Ltd. | 829 | 34,163 | |||||
Kemper Corp. | 17,267 | 1,338,192 | |||||
Kingstone Cos, Inc. | 2,759 | 21,382 | |||||
Kinsale Capital Group, Inc. | 400 | 40,664 | |||||
Maiden Holdings Ltd. * | 18,753 | 14,065 | |||||
MBIA, Inc. * | 29,495 | 274,303 | |||||
Mercury General Corp. | 12,090 | 589,146 | |||||
National General Holdings Corp. | 17,357 | 383,590 | |||||
Old Republic International Corp. | 23,032 | 515,226 | |||||
Primerica, Inc. | 8,809 | 1,150,103 | |||||
ProAssurance Corp. | 10,680 | 385,975 | |||||
Protective Insurance Corp., Class B | 1,818 | 29,252 | |||||
RenaissanceRe Holdings Ltd. | 2,704 | 530,038 | |||||
RLI Corp. | 9,126 | 821,522 | |||||
Safety Insurance Group, Inc. | 3,658 | 338,475 | |||||
Selective Insurance Group, Inc. | 13,673 | 891,343 |
The accompanying notes are an integral part of these financial statements.
23
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Insurance (Continued) | |||||||
State Auto Financial Corp. | 9,300 | $ | 288,486 | ||||
Stewart Information Services Corp. | 5,055 | 206,193 | |||||
Third Point Reinsurance Ltd. * | 655 | 6,891 | |||||
Unico American Corp. * | 1,700 | 10,710 | |||||
United Fire Group, Inc. | 5,088 | 222,498 | |||||
United Insurance Holdings Corp. | 9,819 | 123,818 | |||||
Universal Insurance Holdings, Inc. | 7,187 | 201,164 | |||||
Unum Group | 16,633 | 485,018 | |||||
White Mountains Insurance Group Ltd. | 28 | 31,234 | |||||
16,891,304 | |||||||
Interactive Media & Services — 0.3% | |||||||
ANGI Homeservices, Inc., Class A *@ | 2,836 | 24,021 | |||||
Cargurus, Inc. * | 2,133 | 75,039 | |||||
DHI Group, Inc. * | 8,881 | 26,732 | |||||
Liberty TripAdvisor Holdings, Inc., | |||||||
Class A * | 3,488 | 25,637 | |||||
Meet Group, Inc. (The) * | 17,611 | 88,231 | |||||
QuinStreet, Inc. * | 5,714 | 87,481 | |||||
Travelzoo, Inc. * | 2,482 | 26,557 | |||||
TripAdvisor, Inc. | 8,308 | 252,397 | |||||
Yelp, Inc. * | 812 | 28,282 | |||||
Zedge, Inc., Class B * | 2,411 | 3,713 | |||||
Zillow Group, Inc., Class A *@ | 4,757 | 217,585 | |||||
Zillow Group, Inc., Class C *@ | 9,300 | 427,242 | |||||
1,282,917 | |||||||
Internet & Catalog Retail — 0.4% | |||||||
1-800-Flowers.com, Inc., Class A * | 8,747 | 126,831 | |||||
Etsy, Inc. * | 9,627 | 426,476 | |||||
Groupon, Inc. * | 8,500 | 20,315 | |||||
GrubHub, Inc. * | 6,667 | 324,283 | |||||
Liquidity Services, Inc. * | 9,034 | 53,843 | |||||
PetMed Express, Inc. @ | 6,065 | 142,649 | |||||
Qurate Retail, Inc., Series A * | 12,485 | 105,249 | |||||
Rubicon Project, Inc. (The) * | 6,096 | 49,743 | |||||
Shutterstock, Inc. * | 4,226 | 181,211 | |||||
Stamps.com, Inc. * | 2,543 | 212,391 | |||||
Wayfair, Inc., Class A *@ | 308 | 27,834 | |||||
1,670,825 | |||||||
IT Services — 2.4% | |||||||
Alithya Group, Inc., Class A * | 2,741 | 7,730 | |||||
Alliance Data Systems Corp. | 2,520 | 282,744 | |||||
Booz Allen Hamilton Holding Corp. | 8,116 | 577,291 | |||||
CACI International, Inc., Class A * | 5,262 | 1,315,447 | |||||
Cardtronics PLC, Class A * | 5,567 | 248,567 | |||||
Cass Information Systems, Inc. | 2,976 | 171,834 | |||||
Computer Task Group, Inc. * | 4,027 | 20,860 | |||||
Conduent, Inc. * | 3,934 | 24,391 | |||||
CoreLogic, Inc. * | 4,731 | 206,792 | |||||
CSG Systems International, Inc. | 6,722 | 348,065 | |||||
DXC Technology Co. | 1,987 | 74,691 | |||||
Endurance International Group Holdings, | |||||||
Inc. * | 1,300 | 6,110 | |||||
Euronet Worldwide, Inc. * | 1,747 | 275,257 | |||||
ExlService Holdings, Inc. * | 6,315 | 438,640 | |||||
Genpact Ltd. | 14,441 | 608,977 | |||||
GTT Communications, Inc. *@ | 7,000 | 79,450 | |||||
Hackett Group, Inc. (The) | 6,586 | 106,298 | |||||
Internap Corp. *@ | 3,747 | 4,122 | |||||
KBR, Inc. | 27,114 | 826,977 | |||||
Limelight Networks, Inc. * | 30,307 | 123,653 | |||||
Liveramp Holdings, Inc. * | 13,482 | 648,080 | |||||
Mantech International Corp., Class A | 5,860 | 468,097 | |||||
MAXIMUS, Inc. | 3,256 | 242,214 | |||||
MoneyGram International, Inc. * | 131 | 275 | |||||
MongoDB, Inc. *@ | 2,881 | 379,168 | |||||
NIC, Inc. | 14,552 | 325,237 | |||||
Perficient, Inc. * | 7,103 | 327,235 | |||||
PFSweb, Inc. * | 6,940 | 26,511 | |||||
PRGX Global, Inc. * | 4,649 | 22,873 | |||||
Sabre Corp. | 19,391 | 435,134 | |||||
Science Applications International Corp. | 12,120 | 1,054,682 | |||||
ServiceSource International, Inc. * | 10,651 | 17,787 | |||||
Steel Connect, Inc. * | 6,850 | 10,001 | |||||
SYKES Enterprises, Inc. * | 8,532 | 315,599 | |||||
TTEC Holdings, Inc. | 10,800 | 427,896 | |||||
Virtusa Corp. * | 5,735 | 259,968 | |||||
10,708,653 | |||||||
Leisure Equipment & Products — 0.4% | |||||||
American Outdoor Brands Corp. * | 11,555 | 107,230 | |||||
Brunswick Corp. | 4,070 | 244,119 | |||||
Callaway Golf Co. | 19,272 | 408,566 | |||||
Clarus Corp. | 1,900 | 25,764 | |||||
Escalade, Inc. | 1,950 | 19,168 | |||||
Jakks Pacific, Inc. *@ | 5,129 | 5,283 | |||||
Johnson Outdoors, Inc., Class A | 1,000 | 76,700 | |||||
Malibu Boats, Inc., Class A * | 4,144 | 169,697 | |||||
Marine Products Corp. | 4,652 | 66,989 | |||||
MasterCraft Boat Holdings, Inc. * | 2,852 | 44,919 | |||||
Mattel, Inc. *@ | 16,916 | 229,212 | |||||
Nautilus, Inc. * | 7,268 | 12,719 | |||||
Polaris Industries, Inc. | 3,878 | 394,393 | |||||
Vista Outdoor, Inc. * | 4,965 | 37,138 | |||||
1,841,897 | |||||||
Life Sciences Tools & Services — 0.8% | |||||||
Bio-Techne Corp. | 2,944 | 646,238 | |||||
Bruker Corp. | 11,119 | 566,735 | |||||
Charles River Laboratories International, | |||||||
Inc. * | 3,705 | 565,976 | |||||
Harvard Bioscience, Inc. * | 10,123 | 30,875 | |||||
Luminex Corp. | 9,396 | 217,611 | |||||
NeoGenomics, Inc. * | 4,184 | 122,382 | |||||
PRA Health Sciences, Inc. * | 4,966 | 551,971 | |||||
Repligen Corp. * | 5,344 | 494,320 | |||||
Syneos Health, Inc. * | 6,541 | 389,026 | |||||
3,585,134 | |||||||
Machinery — 5.4% | |||||||
Actuant Corp., Class A | 12,314 | 320,533 | |||||
AGCO Corp. | 5,254 | 405,871 | |||||
Alamo Group, Inc. | 2,414 | 303,078 | |||||
Albany International Corp., Class A | 5,824 | 442,158 | |||||
Allison Transmission Holdings, Inc. | 8,374 | 404,632 | |||||
Altra Industrial Motion Corp. | 3,940 | 142,667 | |||||
Astec Industries, Inc. | 4,624 | 194,208 | |||||
Barnes Group, Inc. | 10,114 | 626,663 | |||||
Blue Bird Corp. * | 2,584 | 59,225 | |||||
Briggs & Stratton Corp. @ | 9,985 | 66,500 | |||||
Chart Industries, Inc. * | 6,711 | 452,925 | |||||
CIRCOR International, Inc. * | 4,536 | 209,745 | |||||
Columbus McKinnon Corp. | 5,051 | 202,192 |
The accompanying notes are an integral part of these financial statements.
24
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Machinery (Continued) | |||||||
Commercial Vehicle Group, Inc. * | 3,758 | $ | 23,863 | ||||
Crane Co. | 3,500 | 302,330 | |||||
Donaldson Co., Inc. | 9,298 | 535,751 | |||||
Douglas Dynamics, Inc. | 4,736 | 260,480 | |||||
Eastern Co. (The) | 1,272 | 38,834 | |||||
EnPro Industries, Inc. | 4,011 | 268,256 | |||||
ESCO Technologies, Inc. | 4,812 | 445,110 | |||||
Federal Signal Corp. | 12,784 | 412,284 | |||||
Flowserve Corp. | 9,994 | 497,401 | |||||
Franklin Electric Co., Inc. | 9,295 | 532,789 | |||||
FreightCar America, Inc. * | 1,800 | 3,726 | |||||
Gardner Denver Holdings, Inc. *@ | 15,797 | 579,434 | |||||
Gorman-Rupp Co. (The) | 5,655 | 212,063 | |||||
Graco, Inc. | 12,071 | 627,692 | |||||
Graham Corp. | 2,904 | 63,540 | |||||
Greenbrier Cos., Inc. (The) | 6,690 | 216,957 | |||||
Harsco Corp. * | 14,561 | 335,049 | |||||
Helios Technologies, Inc. | 5,762 | 266,377 | |||||
Hillenbrand, Inc. | 11,612 | 386,796 | |||||
Hurco Cos., Inc. | 1,000 | 38,360 | |||||
Hyster-Yale Materials Handling, Inc. | 2,000 | 117,920 | |||||
ITT, Inc. | 5,814 | 429,713 | |||||
John Bean Technologies Corp. | 7,290 | 821,291 | |||||
Kadant, Inc. | 2,216 | 233,433 | |||||
Kennametal, Inc. | 14,622 | 539,406 | |||||
LB Foster Co., Class A * | 2,165 | 41,958 | |||||
Lincoln Electric Holdings, Inc. | 3,730 | 360,803 | |||||
Lindsay Corp. | 2,158 | 207,146 | |||||
Lydall, Inc. * | 3,767 | 77,299 | |||||
Manitex International, Inc. * | 1,300 | 7,735 | |||||
Manitowoc Co., Inc. (The) * | 7,249 | 126,858 | |||||
Meritor, Inc. * | 16,295 | 426,766 | |||||
Middleby Corp. * | 4,593 | 503,025 | |||||
Miller Industries, Inc. | 2,618 | 97,206 | |||||
Mueller Industries, Inc. | 10,675 | 338,931 | |||||
Mueller Water Products, Inc., Class A | 31,902 | 382,186 | |||||
Navistar International Corp. * | 6,372 | 184,406 | |||||
NN, Inc. | 6,764 | 62,567 | |||||
Nordson Corp. | 3,371 | 548,934 | |||||
Omega Flex, Inc. | 1,525 | 163,617 | |||||
Oshkosh Corp. | 4,679 | 442,867 | |||||
Park-Ohio Holdings Corp. | 2,956 | 99,469 | |||||
Pentair PLC | 12,478 | 572,366 | |||||
Perma-Pipe International Holdings, Inc. * | 1,900 | 17,822 | |||||
Proto Labs, Inc. * | 5,322 | 540,449 | |||||
RBC Bearings, Inc. * | 5,044 | 798,667 | |||||
Rexnord Corp. * | 20,662 | 673,994 | |||||
Spartan Motors, Inc. | 8,341 | 150,805 | |||||
SPX Corp. * | 6,967 | 354,481 | |||||
SPX FLOW, Inc. * | 6,533 | 319,268 | |||||
Standex International Corp. | 2,545 | 201,946 | |||||
Tennant Co. | 3,621 | 282,148 | |||||
Terex Corp. | 11,454 | 341,100 | |||||
Timken Co. (The) | 11,431 | 643,680 | |||||
Titan International, Inc. | 16,288 | 58,963 | |||||
Toro Co. (The) | 8,408 | 669,865 | |||||
Trimas Corp. * | 8,514 | 267,425 | |||||
Trinity Industries, Inc. | 5,561 | 123,176 | |||||
Twin Disc, Inc. * | 4,162 | 45,865 | |||||
Wabash National Corp. | 11,633 | 170,889 | |||||
WABCO Holdings, Inc. * | 1,143 | 154,877 | |||||
Watts Water Technologies, Inc., Class A | 6,350 | 633,476 | |||||
Welbilt, Inc. * | 28,893 | 451,020 | |||||
Woodward, Inc. | 4,897 | 580,001 | |||||
24,143,308 | |||||||
Marine — 0.2% | |||||||
Costamare, Inc. | 5,728 | 54,588 | |||||
Eagle Bulk Shipping, Inc. *@ | 3,052 | 14,039 | |||||
Kirby Corp. * | 4,949 | 443,084 | |||||
Matson, Inc. | 8,420 | 343,536 | |||||
Scorpio Bulkers, Inc. | 4,203 | 26,773 | |||||
882,020 | |||||||
Media — 1.3% | |||||||
AH Belo Corp., Class A | 3,878 | 10,936 | |||||
AMC Networks, Inc., Class A * | 4,654 | 183,833 | |||||
Beasley Broadcast Group, Inc., Class A | 1,657 | 5,120 | |||||
Cable One, Inc. | 431 | 641,531 | |||||
Central European Media Enterprises Ltd., | |||||||
Class A * | 4,512 | 20,439 | |||||
Clear Channel Outdoor Holdings * | 3,398 | 9,718 | |||||
Entercom Communications Corp., | |||||||
Class A @ | 4,435 | 20,578 | |||||
Entravision Communications Corp., Class A | 12,528 | 32,823 | |||||
EW Scripps Co. (The), Class A | 15,088 | 237,033 | |||||
Gannett Co., Inc. | 15,545 | 99,177 | |||||
Gray Television, Inc. * | 15,960 | 342,182 | |||||
Hemisphere Media Group, Inc. * | 2,950 | 43,808 | |||||
Interpublic Group of Cos., Inc. (The) | 12,380 | 285,978 | |||||
John Wiley & Sons, Inc., Class A | 10,578 | 513,245 | |||||
Meredith Corp. | 8,002 | 259,825 | |||||
MSG Networks, Inc., Class A * | 12,409 | 215,917 | |||||
National CineMedia, Inc. | 9,576 | 69,809 | |||||
New York Times Co. (The), Class A @ | 32,019 | 1,030,051 | |||||
News Corp., Class A | 26,953 | 381,115 | |||||
News Corp., Class B | 12,850 | 186,454 | |||||
Nexstar Media Group, Inc., Class A | 4,746 | 556,469 | |||||
Saga Communications, Inc., Class A | 1,116 | 33,926 | |||||
Salem Media Group, Inc. | 1,041 | 1,499 | |||||
Scholastic Corp. | 6,461 | 248,425 | |||||
Sinclair Broadcast Group, Inc., Class A | 9,840 | 328,066 | |||||
TechTarget, Inc. * | 4,551 | 118,781 | |||||
Tribune Publishing Co. | 4,438 | 58,404 | |||||
Urban One, Inc. * | 6,700 | 12,730 | |||||
5,947,872 | |||||||
Metals & Mining — 1.7% | |||||||
AK Steel Holding Corp. *@ | 41,100 | 135,219 | |||||
Alcoa Corp. * | 24,027 | 516,821 | |||||
Allegheny Technologies, Inc. *@ | 21,731 | 448,962 | |||||
Ampco-Pittsburgh Corp. * | 1,498 | 4,509 | |||||
Carpenter Technology Corp. | 9,739 | 484,807 | |||||
Century Aluminum Co. * | 17,927 | 134,721 | |||||
Cleveland-Cliffs, Inc. @ | 42,686 | 358,562 | |||||
Coeur Mining, Inc. * | 19,749 | 159,572 | |||||
Commercial Metals Co. | 24,392 | 543,210 | |||||
Compass Minerals International, Inc. | 6,276 | 382,585 | |||||
Ferroglobe PLC * | 20,848 | 19,597 | |||||
Ferroglobe Representation & Warranty | |||||||
Insurance Trust *§~ | 24,025 | — | |||||
Friedman Industries, Inc. | 700 | 4,214 | |||||
Gold Resource Corp. | 16,351 | 90,584 | |||||
Haynes International, Inc. | 1,520 | 54,386 | |||||
Hecla Mining Co. | 34,978 | 118,575 | |||||
Kaiser Aluminum Corp. | 4,533 | 502,664 | |||||
Materion Corp. | 4,288 | 254,922 | |||||
McEwen Mining, Inc. *@ | 21,736 | 27,605 | |||||
Olympic Steel, Inc. | 1,900 | 34,048 | |||||
Reliance Steel & Aluminum Co. | 8,480 | 1,015,565 |
The accompanying notes are an integral part of these financial statements.
25
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Metals & Mining (Continued) | |||||||
Royal Gold, Inc. | 4,971 | $ | 607,705 | ||||
Ryerson Holding Corp. * | 6,828 | 80,775 | |||||
Schnitzer Steel Industries, Inc., Class A | 5,492 | 119,067 | |||||
Steel Dynamics, Inc. | 16,505 | 561,830 | |||||
SunCoke Energy, Inc. | 14,843 | 92,472 | |||||
TimkenSteel Corp. * | 11,317 | 88,952 | |||||
United States Steel Corp. @ | 13,108 | 149,562 | |||||
Universal Stainless & Alloy Products, Inc. * | 1,092 | 16,271 | |||||
Worthington Industries, Inc. | 10,359 | 436,943 | |||||
7,444,705 | |||||||
Multi-Utilities — 0.6% | |||||||
Avista Corp. | 13,101 | 630,027 | |||||
Black Hills Corp. | 10,799 | 848,153 | |||||
MDU Resources Group, Inc. | 12,119 | 360,056 | |||||
NorthWestern Corp. | 11,897 | 852,658 | |||||
Unitil Corp. | 3,202 | 197,948 | |||||
2,888,842 | |||||||
Multiline Retail — 0.4% | |||||||
Big Lots, Inc. | 8,437 | 242,311 | |||||
Dillard's, Inc., Class A @ | 1,249 | 91,777 | |||||
J.C. Penney Co., Inc. *@ | 37,504 | 42,004 | |||||
Kohl's Corp. | 12,490 | 636,365 | |||||
Macy's, Inc. @ | 22,038 | 374,646 | |||||
Nordstrom, Inc. @ | 7,155 | 292,854 | |||||
Ollie's Bargain Outlet Holdings, Inc. *@ | 4,252 | 277,698 | |||||
Tuesday Morning Corp. * | 9,803 | 18,136 | |||||
1,975,791 | |||||||
Oil, Gas & Consumable Fuels — 2.6% | |||||||
Abraxas Petroleum Corp. * | 28,096 | 9,864 | |||||
Adams Resources & Energy, Inc. | 900 | 34,263 | |||||
Amplify Energy Corp. | 424 | 2,803 | |||||
Antero Resources Corp. *@ | 14,321 | 40,815 | |||||
Apache Corp. | 11,482 | 293,824 | |||||
Arch Coal, Inc., Class A @ | 3,080 | 220,959 | |||||
Ardmore Shipping Corp. * | 1,612 | 14,589 | |||||
Bonanza Creek Energy, Inc. * | 1,752 | 40,892 | |||||
Cabot Oil & Gas Corp. | 23,549 | 409,988 | |||||
California Resources Corp. *@ | 1,945 | 17,563 | |||||
Callon Petroleum Co. *@ | 32,041 | 154,759 | |||||
Centennial Resource Development, Inc., | |||||||
Class A * | 12,753 | 58,919 | |||||
Chesapeake Energy Corp. *@ | 54,989 | 45,399 | |||||
Cimarex Energy Co. | 7,087 | 371,997 | |||||
Clean Energy Fuels Corp. * | 22,203 | 51,955 | |||||
CNX Resources Corp. * | 19,013 | 168,265 | |||||
CONSOL Energy, Inc. * | 2,376 | 34,476 | |||||
Contango Oil & Gas Co. *@ | 3,109 | 11,410 | |||||
CVR Energy, Inc. | 3,184 | 128,729 | |||||
Delek US Holdings, Inc. | 21,124 | 708,288 | |||||
Denbury Resources, Inc. * | 32,490 | 45,811 | |||||
DHT Holdings, Inc. | 19,547 | 161,849 | |||||
Dorian LPG Ltd. * | 8,036 | 124,397 | |||||
Earthstone Energy, Inc. Class A * | 3,602 | 22,801 | |||||
Energy Transfer LP | 5,825 | 74,735 | |||||
EnLink Midstream LLC @* | 26,027 | 159,545 | |||||
EQT Corp. | 14,074 | 153,407 | |||||
Equitrans Midstream Corp. @ | 4,100 | 54,776 | |||||
Evolution Petroleum Corp. | 8,084 | 44,219 | |||||
Extraction Oil & Gas, Inc. *@ | 1,577 | 3,343 | |||||
GasLog Ltd. | 18,166 | 177,845 | |||||
Goodrich Petroleum Corp. * | 401 | 4,026 | |||||
Green Plains, Inc. | 6,397 | 98,706 | |||||
Gulfport Energy Corp. * | 12,179 | 37,024 | |||||
HighPoint Resources Corp. * | 21,993 | 37,168 | |||||
HollyFrontier Corp. | 9,545 | 484,027 | |||||
International Seaways, Inc. * | 4,383 | 130,438 | |||||
Kosmos Energy Ltd. @ | 63,708 | 363,136 | |||||
Laredo Petroleum, Inc. * | 36,599 | 105,039 | |||||
Matador Resources Co. *@ | 18,366 | 330,037 | |||||
Montage Resources Corp. *@ | 635 | 5,042 | |||||
Murphy Oil Corp. @ | 20,866 | 559,209 | |||||
NACCO Industries, Inc., Class A | 1,000 | 46,830 | |||||
Oasis Petroleum, Inc. * | 38,552 | 125,680 | |||||
Overseas Shipholding Group, Inc., | |||||||
Class A * | 11,837 | 27,225 | |||||
Panhandle Oil & Gas, Inc., Class A | 3,577 | 40,098 | |||||
Par Pacific Holdings, Inc. * | 4,135 | 96,097 | |||||
Parsley Energy, Inc., Class A | 29,123 | 550,716 | |||||
PBF Energy, Inc., Class A | 23,970 | 751,939 | |||||
PDC Energy, Inc. * | 11,615 | 303,965 | |||||
Peabody Energy Corp. | 15,042 | 137,183 | |||||
Penn Virginia Corp. * | 1,880 | 57,058 | |||||
QEP Resources, Inc. | 23,580 | 106,110 | |||||
Range Resources Corp. @ | 9,528 | 46,211 | |||||
Renewable Energy Group, Inc. *@ | 8,526 | 229,776 | |||||
Rex American Resources Corp. * | 1,283 | 105,155 | |||||
Ring Energy, Inc. *@ | 11,864 | 31,321 | |||||
SandRidge Energy, Inc. * | 4,227 | 17,922 | |||||
Scorpio Tankers, Inc. | 4,277 | 168,257 | |||||
SFL Corp. Ltd. | 20,026 | 291,178 | |||||
SilverBow Resources, Inc. * | 1,024 | 10,138 | |||||
SM Energy Co. | 13,539 | 152,178 | |||||
Southwestern Energy Co. *@ | 85,859 | 207,779 | |||||
SRC Energy, Inc. * | 47,630 | 196,236 | |||||
Talos Energy, Inc. * | 4,465 | 134,620 | |||||
Targa Resources Corp. @ | 10,817 | 441,658 | |||||
Teekay Corp. | 5,035 | 26,786 | |||||
Unit Corp. * | 6,551 | 4,557 | |||||
W&T Offshore, Inc. * | 31,492 | 175,095 | |||||
Whiting Petroleum Corp. * | 13,670 | 100,338 | |||||
World Fuel Services Corp. | 6,251 | 271,418 | |||||
WPX Energy, Inc. * | 37,576 | 516,294 | |||||
11,366,155 | |||||||
Paper & Forest Products — 0.6% | |||||||
Boise Cascade Co. | 8,316 | 303,784 | |||||
Clearwater Paper Corp. * | 3,870 | 82,663 | |||||
Domtar Corp. | 11,548 | 441,596 | |||||
Louisiana-Pacific Corp. | 29,614 | 878,647 | |||||
Mercer International, Inc. | 13,909 | 171,081 | |||||
Neenah Paper, Inc. | 3,300 | 232,419 | |||||
P. H. Glatfelter Co. | 10,448 | 191,198 | |||||
Resolute Forest Products, Inc. * | 8,572 | 36,002 | |||||
Schweitzer-Mauduit International, Inc. | 6,610 | 277,554 | |||||
Verso Corp. Class A * | 5,404 | 97,434 | |||||
2,712,378 | |||||||
Personal Products — 0.6% | |||||||
Coty, Inc., Class A | 49,522 | 557,123 | |||||
Edgewell Personal Care Co. * | 5,042 | 156,100 | |||||
Herbalife Nutriation Ltd. * | 10,721 | 511,070 |
The accompanying notes are an integral part of these financial statements.
26
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Personal Products (Continued) | |||||||
Inter Parfums, Inc. | 6,047 | $ | 439,677 | ||||
Medifast, Inc. @ | 2,306 | 252,691 | |||||
Natural Alternatives International, Inc. * | 1,000 | 7,980 | |||||
Natural Health Trends Corp. @ | 1,100 | 5,918 | |||||
Natures Sunshine Products, Inc. * | 1,700 | 15,181 | |||||
Nu Skin Enterprises, Inc., Class A | 8,973 | 367,714 | |||||
United-Guardian, Inc. | 600 | 11,790 | |||||
USANA Health Sciences, Inc. * | 4,094 | 321,584 | |||||
2,646,828 | |||||||
Pharmaceuticals — 1.0% | |||||||
Akorn, Inc. * | 7,475 | 11,212 | |||||
Amphastar Pharmaceuticals, Inc. * | 9,402 | 181,365 | |||||
ANI Pharmaceuticals, Inc. * | 2,753 | 169,777 | |||||
Assertio Therapeutics, Inc. * | 7,708 | 9,635 | |||||
Catalent, Inc. * | 9,068 | 510,528 | |||||
Corcept Therapeutics, Inc. * | 6,100 | 73,810 | |||||
Cumberland Pharmaceuticals, Inc. * | 5,912 | 30,447 | |||||
Endo International PLC * | 13,442 | 63,043 | |||||
Horizon Therapeutics PLC * | 10,834 | 392,191 | |||||
Innoviva, Inc. * | 9,199 | 130,258 | |||||
Intra-Cellular Therapies, Inc. *@ | 3,760 | 129,006 | |||||
Jazz Pharmaceuticals PLC * | 4,540 | 677,731 | |||||
Lannett Co., Inc. *@ | 4,608 | 40,643 | |||||
Mallinckrodt PLC *@ | 7,995 | 27,903 | |||||
Otonomy, Inc. * | 6,289 | 24,087 | |||||
Perrigo Co. PLC | 15,181 | 784,250 | |||||
Phibro Animal Health Corp., Class A | 3,593 | 89,214 | |||||
Prestige Consumer Healthcare Inc *@ | 10,178 | 412,209 | |||||
Reata Pharmaceuticals, Inc., Class A *@ | 1,299 | 265,555 | |||||
Supernus Pharmaceuticals, Inc. * | 10,511 | 249,321 | |||||
Taro Pharmaceutical Industries Ltd. * | 250 | 21,982 | |||||
Zogenix, Inc. * | 2,380 | 124,069 | |||||
Zynerba Pharmaceuticals, Inc. *@ | 1,626 | 9,821 | |||||
4,428,057 | |||||||
Professional Services — 2.0% | |||||||
Acacia Research Corp. * | 7,978 | 21,221 | |||||
ASGN, Inc. * | 10,462 | 742,488 | |||||
Barrett Business Services, Inc. | 1,975 | 178,658 | |||||
CBIZ, Inc. * | 11,152 | 300,658 | |||||
CRA International, Inc. | 1,646 | 89,658 | |||||
Exponent, Inc. | 11,502 | 793,753 | |||||
Forrester Research, Inc. | 3,935 | 164,089 | |||||
Franklin Covey Co. * | 3,586 | 115,577 | |||||
FTI Consulting, Inc. * | 9,657 | 1,068,644 | |||||
GP Strategies Corp. * | 4,107 | 54,336 | |||||
Heidrick & Struggles International, Inc. | 4,281 | 139,132 | |||||
Hill International, Inc. * | 10,450 | 33,022 | |||||
Huron Consulting Group, Inc. * | 4,951 | 340,233 | |||||
ICF International, Inc. | 3,918 | 358,967 | |||||
Innerworkings, Inc. * | 11,271 | 62,103 | |||||
Insperity, Inc. | 8,294 | 713,616 | |||||
Kelly Services, Inc., Class A | 7,420 | 167,544 | |||||
Kforce, Inc. | 5,057 | 200,763 | |||||
Korn Ferry | 10,230 | 433,752 | |||||
Manpowergroup, Inc. | 3,981 | 386,555 | |||||
Mastech Digital, Inc. * | 2,122 | 23,491 | |||||
Mistras Group, Inc. * | 6,212 | 88,645 | |||||
Nielsen Holdings PLC | 23,742 | 481,963 | |||||
RCM Technologies, Inc. * | 2,995 | 8,985 | |||||
Resources Connection, Inc. | 7,377 | 120,466 | |||||
Robert Half International, Inc. | 9,008 | 568,855 | |||||
TriNet Group, Inc. * | 13,099 | 741,534 | |||||
TrueBlue, Inc. * | 8,569 | 206,170 | |||||
Volt Information Sciences, Inc. * | 2,024 | 5,020 | |||||
Willdan Group, Inc. *@ | 2,610 | 82,946 | |||||
8,692,844 | |||||||
Real Estate Management & Development — 0.7% | |||||||
Altisource Portfolio Solutions SA *@ | 5,434 | 105,039 | |||||
Consolidated-Tomoka Land Co. | 1,010 | 60,923 | |||||
Forestar Group, Inc. * | 1,150 | 23,977 | |||||
Griffin Industrial Realty, Inc. | 420 | 16,611 | |||||
Howard Hughes Corp. (The) * | 2,754 | 349,207 | |||||
Jones Lang LaSalle, Inc. | 4,395 | 765,126 | |||||
Kennedy-Wilson Holdings, Inc. | 22,178 | 494,569 | |||||
Marcus & Millichap, Inc. * | 7,383 | 275,017 | |||||
Maui Land & Pineapple Co., Inc. * | 3,255 | 36,619 | |||||
Newmark Group, Inc., Class A | 27,250 | 366,649 | |||||
Rafael Holdings, Inc., Class B * | 3,410 | 60,834 | |||||
RE/MAX Holdings, Inc., Class A | 3,519 | 135,446 | |||||
Realogy Holdings Corp. @ | 5,347 | 51,759 | |||||
RMR Group, Inc. (The), Class A | 1,159 | 52,897 | |||||
St. Joe Co. (The) *@ | 3,249 | 64,428 | |||||
Stratus Properties, Inc. * | 313 | 9,697 | |||||
Tejon Ranch Co. * | 5,317 | 84,966 | |||||
2,953,764 | |||||||
Road & Rail — 0.8% | |||||||
AMERCO | 1,383 | 519,759 | |||||
ArcBest Corp. | 5,050 | 139,380 | |||||
Avis Budget Group, Inc. * | 14,120 | 455,229 | |||||
Covenant Transportation Group, Inc., | |||||||
Class A * | 3,731 | 48,223 | |||||
Heartland Express, Inc. | 16,521 | 347,767 | |||||
Knight-Swift Transportation Holdings, | |||||||
Inc. @ | 11,850 | 424,704 | |||||
Landstar System, Inc. | 3,248 | 369,850 | |||||
Marten Transport Ltd. | 11,619 | 249,692 | |||||
P.A.M. Transportation Services, Inc. * | 1,523 | 87,893 | |||||
Saia, Inc. * | 5,234 | 487,390 | |||||
Schneider National, Inc., Class B | 1,500 | 32,730 | |||||
Universal Truckload Services, Inc. | 3,300 | 62,568 | |||||
USA Truck, Inc. * | 2,154 | 16,047 | |||||
Werner Enterprises, Inc. | 13,955 | 507,823 | |||||
YRC Worldwide, Inc. *@ | 11,286 | 28,779 | |||||
3,777,834 | |||||||
Semiconductors & Semiconductor Equipment — 4.0% | |||||||
Advanced Energy Industries, Inc. * | 7,778 | 553,794 | |||||
Alpha & Omega Semiconductor Ltd. * | 6,435 | 87,645 | |||||
Ambarella, Inc. * | 1,829 | 110,764 | |||||
Amkor Technology, Inc. * | 48,825 | 634,725 | |||||
Amtech Systems, Inc. * | 4,964 | 35,542 | |||||
Axcelis Technologies, Inc. * | 7,504 | 180,809 | |||||
AXT, Inc. * | 10,752 | 46,771 | |||||
Brooks Automation, Inc. | 16,216 | 680,423 | |||||
Cabot Microelectronics Corp. | 6,595 | 951,790 | |||||
Ceva, Inc. * | 4,958 | 133,668 | |||||
Cirrus Logic, Inc. * | 7,387 | 608,763 | |||||
Cohu, Inc. | 8,645 | 197,538 | |||||
Cree, Inc. * | 18,393 | 848,837 | |||||
Cyberoptics Corp. * | 2,334 | 42,899 | |||||
Cypress Semiconductor Corp. | 1,769 | 41,271 | |||||
Diodes, Inc. * | 10,097 | 569,168 | |||||
DSP Group, Inc. * | 3,919 | 61,685 | |||||
Entegris, Inc. | 27,952 | 1,400,116 | |||||
First Solar, Inc. * | 13,324 | 745,611 | |||||
FormFactor, Inc. * | 15,477 | 401,938 | |||||
GSI Technology, Inc. * | 6,914 | 49,020 |
The accompanying notes are an integral part of these financial statements.
27
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Semiconductors & Semiconductor Equipment (Continued) | |||||||
Impinj, Inc. *@ | 1,813 | $ | 46,884 | ||||
inTEST Corp. * | 4,064 | 24,181 | |||||
Kopin Corp. *@ | 5,434 | 2,179 | |||||
Kulicke & Soffa Industries, Inc. | 12,549 | 341,333 | |||||
Lattice Semiconductor Corp. * | 28,018 | 536,264 | |||||
MACOM Technology Solutions Holdings, | |||||||
Inc., Class H *@ | 447 | 11,890 | |||||
Magnachip Semiconductor Corp. * | 4,588 | 53,267 | |||||
MaxLinear, Inc. * | 9,792 | 207,786 | |||||
MKS Instruments, Inc. | 9,585 | 1,054,446 | |||||
Monolithic Power Systems, Inc. | 2,989 | 532,102 | |||||
NeoPhotonics Corp. * | 5,402 | 47,646 | |||||
NVE Corp. | 1,137 | 81,182 | |||||
ON Semiconductor Corp. * | 15,186 | 370,235 | |||||
Onto Innovation, Inc. * | 11,007 | 402,196 | |||||
PDF Solutions, Inc. * | 8,488 | 143,362 | |||||
Photronics, Inc. * | 14,152 | 223,035 | |||||
Pixelworks, Inc. * | 6,964 | 27,299 | |||||
Power Integrations, Inc. | 6,728 | 665,466 | |||||
Rambus, Inc. * | 23,915 | 329,429 | |||||
Semtech Corp. * | 15,219 | 805,085 | |||||
Silicon Laboratories, Inc. * | 10,112 | 1,172,790 | |||||
SolarEdge Technologies, Inc. * | 1,621 | 154,141 | |||||
Synaptics, Inc. *@ | 7,083 | 465,849 | |||||
Teradyne, Inc. | 8,189 | 558,408 | |||||
Ultra Clean Holdings, Inc. * | 8,834 | 207,334 | |||||
Universal Display Corp. | 3,170 | 653,242 | |||||
Veeco Instruments, Inc. * | 6,421 | 94,292 | |||||
Xperi Corp. | 10,874 | 201,169 | |||||
17,795,269 | |||||||
Software — 3.7% | |||||||
ACI Worldwide, Inc. * | 29,488 | 1,117,153 | |||||
Agilysys, Inc. * | 6,366 | 161,760 | |||||
Alteryx, Inc., Class A *@ | 3,151 | 315,321 | |||||
American Software, Inc., Class A | 7,098 | 105,618 | |||||
Anaplan, Inc. * | 2,318 | 121,463 | |||||
Appfolio, Inc., Class A *@ | 4,264 | 468,827 | |||||
Aspen Technology, Inc. * | 4,773 | 577,199 | |||||
Asure Software, Inc. *@ | 4,622 | 37,808 | |||||
Avalara, Inc. * | 5,536 | 405,512 | |||||
Aware, Inc. * | 4,900 | 16,464 | |||||
Blackbaud, Inc. | 7,542 | 600,343 | |||||
Bottomline Technologies de, Inc. * | 3,996 | 214,186 | |||||
Bsquare Corp. * | 2,300 | 3,197 | |||||
CDK Global, Inc. | 8,754 | 478,669 | |||||
Ceridian HCM Holding, Inc. *@ | 5,411 | 367,299 | |||||
Coupa Software, Inc. *@ | 4,614 | 674,797 | |||||
DocuSign, Inc. * | 8,222 | 609,332 | |||||
Dropbox, Inc., Class A * | 11,120 | 199,159 | |||||
Ebix, Inc. @ | 2,155 | 71,999 | |||||
eGain Corp. * | 6,644 | 52,620 | |||||
Elastic NV * | 684 | 43,981 | |||||
Envestnet, Inc. * | 1,760 | 122,549 | |||||
Fair Isaac Corp. * | 1,394 | 522,304 | |||||
Finjan Holdings, Inc. * | 9,872 | 19,843 | |||||
Globant SA * | 760 | 80,598 | |||||
GSE Systems, Inc. * | 2,896 | 4,778 | |||||
Guidewire Software, Inc. * | 2,842 | 311,966 | |||||
HubSpot, Inc. * | 3,318 | 525,903 | |||||
j2 Global, Inc. | 3,394 | 318,052 | |||||
LogMeIn, Inc. | 1,838 | 157,590 | |||||
Manhattan Associates, Inc. * | 4,150 | 330,962 | |||||
MicroStrategy, Inc., Class A * | 1,426 | 203,390 | |||||
New Relic, Inc. * | 3,973 | 261,066 | |||||
Nutanix, Inc., Class A * | 8,033 | 251,112 | |||||
OneSpan, Inc. * | 7,796 | 133,468 | |||||
Paylocity Holding Corp. * | 3,520 | 425,286 | |||||
Pegasystems, Inc. | 15,185 | 1,209,485 | |||||
Progress Software Corp. | 8,638 | 358,909 | |||||
Proofpoint, Inc. * | 4,384 | 503,196 | |||||
PTC, Inc. * | 6,767 | 506,781 | |||||
QAD, Inc., Class A | 3,478 | 177,135 | |||||
QAD, Inc., Class B | 960 | 35,414 | |||||
Qualys, Inc. * | 4,710 | 392,673 | |||||
RealNetworks, Inc. * | 7,399 | 8,879 | |||||
RealPage, Inc. * | 6,552 | 352,170 | |||||
RingCentral, Inc., Class A * | 2,517 | 424,542 | |||||
Seachange International, Inc. * | 5,137 | 21,524 | |||||
Teradata Corp. * | 6,634 | 177,592 | |||||
TiVo Corp. | 30,394 | 257,741 | |||||
Verint Systems, Inc. * | 12,694 | 702,740 | |||||
Zendesk, Inc. * | 7,781 | 596,258 | |||||
Zix Corp. * | 13,571 | 92,011 | |||||
Zscaler, Inc. *@ | 6,198 | 288,207 | |||||
16,416,831 | |||||||
Specialty Retail — 3.0% | |||||||
Aaron's, Inc. | 18,376 | 1,049,453 | |||||
Abercrombie & Fitch Co., Class A @ | 12,872 | 222,557 | |||||
America's Car-Mart, Inc. * | 1,341 | 147,054 | |||||
American Eagle Outfitters, Inc. | 42,236 | 620,869 | |||||
Asbury Automotive Group, Inc. * | 4,068 | 454,762 | |||||
Ascena Retail Group, Inc. *@ | 2,744 | 21,033 | |||||
At Home Group, Inc. *@ | 6,138 | 33,759 | |||||
AutoNation, Inc. * | 1,104 | 53,688 | |||||
Barnes & Noble Education, Inc. * | 5,686 | 24,279 | |||||
Bed Bath & Beyond, Inc. | 3,408 | 58,958 | |||||
Big 5 Sporting Goods Corp. | 3,022 | 9,066 | |||||
Boot Barn Holdings, Inc. * | 5,243 | 233,471 | |||||
Buckle, Inc. (The) @ | 12,544 | 339,190 | |||||
Build-A-Bear Workshop, Inc. * | 5,546 | 17,969 | |||||
Caleres, Inc. | 8,392 | 199,310 | |||||
Cato Corp. (The), Class A | 5,992 | 104,261 | |||||
Chico's FAS, Inc. | 15,662 | 59,672 | |||||
Children's Place, Inc. (The) @ | 3,074 | 192,186 | |||||
Citi Trends, Inc. | 2,477 | 57,268 | |||||
Conn's, Inc. *@ | 5,865 | 72,667 | |||||
Designer Brands, Inc., Class A | 13,304 | 209,405 | |||||
Dick's Sporting Goods, Inc. @ | 10,466 | 517,962 | |||||
Express, Inc. * | 9,133 | 44,478 | |||||
Five Below, Inc. * | 10,803 | 1,381,272 | |||||
Floor & Decor Holdings, Inc., Class A * | 4,095 | 208,067 | |||||
Foot Locker, Inc. | 6,115 | 238,424 | |||||
Francesca's Holdings Corp. * | 350 | 3,633 | |||||
GameStop Corp., Class A @ | 11,233 | 68,297 | |||||
Gap, Inc. (The) | 20,559 | 363,483 | |||||
Genesco, Inc. * | 3,221 | 154,350 | |||||
Group 1 Automotive, Inc. | 2,384 | 238,400 | |||||
Guess?, Inc. | 12,802 | 286,509 | |||||
Haverty Furniture Cos., Inc. | 4,500 | 90,720 | |||||
Hibbett Sports, Inc. * | 4,336 | 121,581 |
The accompanying notes are an integral part of these financial statements.
28
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Speciality Retail (Continued) | |||||||
Kirkland's, Inc. *@ | 3,932 | $ | 4,876 | ||||
L Brands, Inc. @ | 18,756 | 339,859 | |||||
Lithia Motors, Inc. Class A | 5,254 | 772,338 | |||||
MarineMax, Inc. * | 4,001 | 66,777 | |||||
Monro, Inc. @ | 7,778 | 608,240 | |||||
Murphy USA, Inc. * | 6,893 | 806,481 | |||||
Office Depot, Inc. | 45,381 | 124,344 | |||||
Penske Auto Group, Inc. @ | 1,742 | 87,483 | |||||
Pier 1 Imports, Inc. *@ | 502 | 3,213 | |||||
Rent-A-Center, Inc. | 10,324 | 297,744 | |||||
RTW RetailWinds, Inc. * | 9,814 | 7,861 | |||||
Sally Beauty Holdings, Inc. *@ | 4,925 | 89,881 | |||||
Shoe Carnival, Inc. @ | 2,788 | 103,937 | |||||
Signet Jewelers Ltd. @ | 9,096 | 197,747 | |||||
Sleep Number Corp. * | 9,893 | 487,131 | |||||
Sonic Automotive, Inc., Class A @ | 7,331 | 227,261 | |||||
Sportsman's Warehouse Holdings, Inc. * | 7,232 | 58,073 | |||||
Stage Stores, Inc. | 5,910 | 47,989 | |||||
Tailored Brands, Inc. @ | 7,289 | 30,176 | |||||
Tandy Leather Factory, Inc. * | 3,611 | 20,619 | |||||
Tilly's, Inc., Class A | 3,349 | 41,025 | |||||
Trans World Entertainment Corp. *@ | 220 | 442 | |||||
TravelCenters of America, Inc. * | 1,344 | 23,050 | |||||
Urban Outfitters, Inc. * | 4,462 | 123,910 | |||||
Williams-Sonoma, Inc. @ | 4,597 | 337,604 | |||||
Winmark Corp. | 1,294 | 256,600 | |||||
Zumiez, Inc. * | 5,880 | 203,095 | |||||
13,265,809 | |||||||
Textiles, Apparel & Luxury Goods — 1.7% | |||||||
Capri Holdings Ltd. * | 8,732 | 333,126 | |||||
Carter's, Inc. | 1,548 | 169,258 | |||||
Columbia Sportswear Co. | 5,106 | 511,570 | |||||
Crocs, Inc. * | 13,778 | 577,161 | |||||
Culp, Inc. | 3,004 | 40,915 | |||||
Deckers Outdoor Corp. * | 6,638 | 1,120,893 | |||||
Delta Apparel, Inc. * | 1,153 | 35,858 | |||||
Fossil Group, Inc. *@ | 2,477 | 19,519 | |||||
G-III Apparel Group Ltd. * | 9,938 | 332,923 | |||||
Hanesbrands, Inc. | 25,238 | 374,784 | |||||
Lakeland Industries, Inc. * | 3,373 | 36,428 | |||||
Movado Group, Inc. | 3,710 | 80,655 | |||||
Oxford Industries, Inc. @ | 3,287 | 247,906 | |||||
PVH Corp. | 5,039 | 529,851 | |||||
Ralph Lauren Corp. | 2,011 | 235,729 | |||||
Rocky Brands, Inc. | 1,000 | 29,430 | |||||
Skechers U.S.A., Inc., Class A * | 6,921 | 298,918 | |||||
Steven Madden Ltd. | 18,405 | 791,599 | |||||
Superior Group of Cos., Inc. | 2,200 | 29,788 | |||||
Tapestry, Inc. | 19,202 | 517,878 | |||||
Under Armour, Inc., Class A *@ | 11,819 | 255,290 | |||||
Under Armour, Inc., Class C * | 2,376 | 45,572 | |||||
Unifi, Inc. * | 4,533 | 114,504 | |||||
Vera Bradley, Inc. * | 6,960 | 82,128 | |||||
Wolverine World Wide, Inc. | 16,872 | 569,261 | |||||
7,380,944 | |||||||
Thrifts & Mortgage Finance — 1.8% | |||||||
Axos Financial, Inc. * | 12,388 | 375,109 | |||||
Capitol Federal Financial, Inc. | 27,655 | 379,703 | |||||
ESSA Bancorp, Inc. | 1,900 | 32,205 | |||||
Essent Group Ltd. | 5,259 | 273,415 | |||||
Federal Agricultural Mortgage Corp., | |||||||
Class C | 1,400 | 116,900 | |||||
First Defiance Financial Corp. | 3,904 | 122,937 | |||||
Flagstar Bancorp, Inc. | 10,468 | 400,401 | |||||
FS Bancorp, Inc. | 481 | 30,683 | |||||
Hingham Institution for Savings | 348 | 73,150 | |||||
Home Bancorp, Inc. | 994 | 38,955 | |||||
HomeStreet, Inc. * | 5,290 | 179,860 | |||||
Impac Mortgage Holdings, Inc. *@ | 301 | 1,583 | |||||
Kearny Financial Corp. | 18,182 | 251,457 | |||||
LendingTree, Inc. *@ | 2,115 | 641,776 | |||||
Meridian Bancorp, Inc. | 11,660 | 234,249 | |||||
Meta Financial Group, Inc. | 8,563 | 312,635 | |||||
MGIC Investment Corp. | 12,435 | 176,204 | |||||
Mr Cooper Group, Inc. * | 5,663 | 70,844 | |||||
New York Community Bancorp, Inc. | 31,398 | 377,404 | |||||
NMI Holdings, Inc., Class A * | 8,926 | 296,165 | |||||
Northfield Bancorp, Inc. | 9,595 | 162,731 | |||||
Northwest Bancshares, Inc. | 21,287 | 354,003 | |||||
OceanFirst Financial Corp. | 7,799 | 199,187 | |||||
Ocwen Financial Corp. * | 14,766 | 20,229 | |||||
PennyMac Financial Services, Inc. | 1,561 | 53,136 | |||||
Provident Financial Holdings, Inc. | 1,124 | 24,616 | |||||
Provident Financial Services, Inc. | 12,494 | 307,977 | |||||
Radian Group, Inc. | 8,095 | 203,670 | |||||
Riverview Bancorp, Inc. | 5,418 | 44,482 | |||||
Southern Missouri Bancorp, Inc. | 686 | 26,315 | |||||
Territorial Bancorp, Inc. | 2,444 | 75,617 | |||||
Timberland Bancorp, Inc. | 2,163 | 64,328 | |||||
Trustco Bank Corp. NY | 21,023 | 182,269 | |||||
United Community Financial Corp. | 10,792 | 125,835 | |||||
Walker & Dunlop, Inc. | 6,152 | 397,911 | |||||
Washington Federal, Inc. | 18,720 | 686,088 | |||||
Waterstone Financial, Inc. | 6,169 | 117,396 | |||||
Western New England Bancorp, Inc. | 6,806 | 65,542 | |||||
WSFS Financial Corp. | 9,849 | 433,258 | |||||
7,930,225 | |||||||
Tobacco — 0.2% | |||||||
Pyxus International, Inc. *@ | 3,932 | 35,152 | |||||
Turning Point Brands, Inc. @ | 1,280 | 36,608 | |||||
Universal Corp. | 4,713 | 268,924 | |||||
Vector Group Ltd. @ | 40,220 | 538,546 | |||||
879,230 | |||||||
Trading Companies & Distributors — 1.5% | |||||||
Air Lease Corp. | 5,572 | 264,781 | |||||
Applied Industrial Technologies, Inc. | 7,530 | 502,176 | |||||
Beacon Roofing Supply, Inc. * | 13,685 | 437,646 | |||||
BMC Stock Holdings, Inc. * | 14,022 | 402,291 | |||||
CAI International, Inc. * | 3,151 | 91,316 | |||||
DXP Enterprises, Inc. * | 4,133 | 164,535 | |||||
GATX Corp. @ | 7,339 | 608,036 | |||||
GMS, Inc. * | 2,900 | 78,532 | |||||
H&E Equipment Services, Inc. | 7,929 | 265,067 | |||||
HD Supply Holdings, Inc. * | 12,884 | 518,195 | |||||
Herc Holdings, Inc. * | 5,162 | 252,628 | |||||
Huttig Building Products, Inc. *@ | 1,858 | 2,861 | |||||
Kaman Corp. | 5,160 | 340,147 | |||||
Lawson Products, Inc. * | 1,575 | 82,058 | |||||
MRC Global, Inc. * | 16,111 | 219,754 | |||||
MSC Industrial Direct Co., Class A | 936 | 73,448 | |||||
NOW, Inc. * | 21,709 | 244,009 | |||||
Rush Enterprises, Inc., Class A | 5,838 | 271,467 | |||||
Systemax, Inc. | 8,059 | 202,764 | |||||
Textainer Group Holdings Ltd. * | 6,922 | 74,135 | |||||
Titan Machinery, Inc. * | 4,710 | 69,614 | |||||
Triton International Ltd. | 13,664 | 549,293 |
The accompanying notes are an integral part of these financial statements.
29
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Trading Companies & Distributors (Continued) | ||||||||
Univar, Inc. * | 1,143 | $ | 27,706 | |||||
Veritiv Corp. * | 1,000 | 19,670 | ||||||
Watsco, Inc. | 1,976 | 355,976 | ||||||
WESCO International, Inc. * | 7,914 | 470,013 | ||||||
Willis Lease Finance Corp. * | 900 | 53,019 | ||||||
6,641,137 | ||||||||
Water Utilities — 0.5% | ||||||||
American States Water Co. | 7,808 | 676,485 | ||||||
Aqua America, Inc. | 5,414 | 254,133 | ||||||
Artesian Resources Corp., Class A | 1,783 | 66,345 | ||||||
California Water Service Group | 11,688 | 602,633 | ||||||
Consolidated Water Co., Ltd. | 2,822 | 45,999 | ||||||
Middlesex Water Co. | 3,505 | 222,813 | ||||||
Pure Cycle Corp. * | 1,000 | 12,590 | ||||||
SJW Corp. | 4,400 | 312,664 | ||||||
York Water Co. | 2,654 | 122,376 | ||||||
2,316,038 | ||||||||
Wireless Telecommunication Services — 0.3% | ||||||||
Boingo Wireless, Inc. * | 9,496 | 103,981 | ||||||
Shenandoah Telecommunications Co. | 9,536 | 396,793 | ||||||
Spok Holdings, Inc. | 3,861 | 47,220 | ||||||
Telephone & Data Systems, Inc. | 18,553 | 471,803 | ||||||
United States Cellular Corp. * | 2,957 | 107,132 | ||||||
1,126,929 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Identified Cost $291,907,415) | 443,059,825 | |||||||
PREFERRED STOCKS — 0.0% | ||||||||
Diversified Telecommunication Services — 0.0% | ||||||||
GCI Liberty, Inc. 7.000% * | 1,225 | 32,438 | ||||||
TOTAL PREFERRED STOCKS | ||||||||
(Identified Cost $4,658) | 32,438 | |||||||
RIGHTS AND WARRANTS — 0.0% | ||||||||
Capital Markets — 0.0% | ||||||||
Newsstar Financial, Inc. CVR *§~¶ | 13,144 | 9,231 | ||||||
Chemicals — 0.0% | ||||||||
Schulman A, Inc. CVR *§~¶ | 6,827 | — | ||||||
Media — 0.0% | ||||||||
Media General, Inc. CVR *§~¶ | 3,965 | — | ||||||
Pharmaceuticals — 0.0% | ||||||||
Elanco Animal Health, Inc. CVR *§¶ | 16,344 | — | ||||||
FRD Acquisition Co. CVR *§~¶ | 656 | — | ||||||
— | ||||||||
TOTAL RIGHTS AND WARRANTS | ||||||||
(Identified Cost $6,541) | 9,231 | |||||||
SHORT-TERM INVESTMENTS — 1.3% | ||||||||
Investment Company — 0.2% | ||||||||
State Street Institutional U.S. Government | ||||||||
Money Market Fund 1.534% | 836,626 | 836,626 | ||||||
Collateral For Securities On Loan — 1.1% | ||||||||
State Street Navigator Securities Lending | ||||||||
Government Money Market Portfolio, | ||||||||
1.560% | 5,121,368 | 5,121,368 | ||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Identified Cost $5,957,994) | 5,957,994 | |||||||
Total Investments — 101.1% | ||||||||
(Identified Cost $297,876,608) | 449,059,488 | |||||||
Liabilities, Less Cash and Other Assets — (1.1%) | (4,755,226 | ) | ||||||
Net Assets — 100.0% | $ | 444,304,262 |
† | See Note 1 | ||
* | Non-income producing security | ||
@ | A portion or all of the security were held on loan. As of December 31, 2019, the market value of the securities on loan was $38,341,640. | ||
§ | Fair valued security. Fair values are determined pursuant to procedures approved by the Fund's Board of Trustees. See Note 1 | ||
~ | Bankrupt/delisted security | ||
¶ | Contingent value rights based on future performance. |
Key to abbreviations:
CVR — Contingent Value Rights
The accompanying notes are an integral part of these financial statements.
30
SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited)
SHARES | VALUE† | ||||||
COMMON STOCKS — 98.2% | |||||||
Australia — 5.9% | |||||||
AMP Ltd. @ | 497,852 | $ | 669,039 | ||||
Australia & New Zealand Banking | |||||||
Group Ltd. | 454,892 | 7,862,399 | |||||
Bank of Queensland Ltd. @ | 57,449 | 292,283 | |||||
Bendigo & Adelaide Bank Ltd. @ | 89,016 | 610,927 | |||||
BlueScope Steel Ltd. | 175,538 | 1,855,148 | |||||
Boral Ltd. | 232,161 | 729,877 | |||||
Challenger Ltd. | 19,494 | 110,670 | |||||
Crown Resorts Ltd. | 14,484 | 122,071 | |||||
Downer EDI Ltd. | 107,258 | 614,942 | |||||
Fortescue Metals Group Ltd. @ | 547,655 | 4,108,347 | |||||
Harvey Norman Holdings Ltd. @ | 136,089 | 388,687 | |||||
Incitec Pivot Ltd. | 276,700 | 617,474 | |||||
National Australia Bank Ltd. | 277,774 | 4,801,074 | |||||
Newcrest Mining Ltd. | 54,329 | 1,153,293 | |||||
Oil Search Ltd. | 178,755 | 909,450 | |||||
Origin Energy Ltd. | 203,601 | 1,207,311 | |||||
QBE Insurance Group Ltd. | 91,369 | 825,842 | |||||
Qube Holdings Ltd. | 50,863 | 117,430 | |||||
Santos Ltd. | 319,417 | 1,833,554 | |||||
South32 Ltd. | 1,097,269 | 2,079,023 | |||||
Star Entertainment Group Ltd. (The) | 192,770 | 622,271 | |||||
Suncorp Group Ltd. | 189,947 | 1,727,507 | |||||
TABCORP Holdings Ltd. | 208,042 | 661,350 | |||||
Westpac Banking Corp. | 179,331 | 3,049,237 | |||||
Whitehaven Coal Ltd. @ | 91,114 | 168,800 | |||||
Woodside Petroleum Ltd. | 168,726 | 4,070,711 | |||||
WorleyParsons Ltd. | 30,039 | 322,733 | |||||
41,531,450 | |||||||
Austria — 0.1% | |||||||
Raiffeisen Bank International AG | 19,663 | 493,834 | |||||
Belgium — 1.1% | |||||||
Ageas | 34,647 | 2,047,331 | |||||
KBC Groep NV | 31,034 | 2,334,415 | |||||
Proximus SADP | 1,095 | 31,345 | |||||
Solvay SA | 16,274 | 1,885,694 | |||||
UCB SA | 20,439 | 1,625,484 | |||||
7,924,269 | |||||||
Canada — 8.7% | |||||||
Agnico Eagle Mines Ltd. @ | 21,605 | 1,331,084 | |||||
AltaGas Ltd. @ | 20,555 | 313,101 | |||||
Bank of Montreal | 79,335 | 6,148,462 | |||||
Bank of Montreal | 13,274 | 1,028,759 | |||||
Bank of Nova Scotia (The) | 66,838 | 3,775,679 | |||||
Bank of Nova Scotia (The) | 21,150 | 1,194,681 | |||||
Barrick Gold Corp. | 81,840 | 1,521,406 | |||||
Cameco Corp. | 37,046 | 329,709 | |||||
Canadian Imperial Bank of Commerce @ | 15,004 | 1,248,333 | |||||
Canadian Imperial Bank of Commerce @ | 31,391 | 2,612,230 | |||||
Canadian Natural Resources Ltd. | 179,399 | 5,803,558 | |||||
Cenovus Energy, Inc. | 104,410 | 1,059,761 | |||||
Empire Co., Ltd., Class A | 706 | 16,561 | |||||
Encana Corp. @ | 99,224 | 465,361 | |||||
EnCana Corp. @¥ | 92,785 | 434,433 | |||||
Fairfax Financial Holdings Ltd. | 4,373 | 2,053,362 | |||||
First Quantum Minerals Ltd. | 85,708 | 869,258 | |||||
Great-West Lifeco, Inc. | 14,520 | 371,903 | |||||
Husky Energy, Inc. | 97,683 | 783,841 | |||||
Ia Financial Corp., Inc. | 31,827 | 1,748,273 | |||||
Imperial Oil Ltd. @ | 36,955 | 978,199 | |||||
Kinross Gold Corp. * | 292,831 | 1,389,118 | |||||
Lundin Mining Corp. @ | 146,222 | 873,807 | |||||
Magna International, Inc. | 78,921 | 4,328,028 | |||||
Manulife Financial Corp. | 189,784 | 3,850,717 | |||||
Nutrien Ltd. @ | 37,001 | 1,772,718 | |||||
Nutrien Ltd. | 1,100 | 52,664 | |||||
Onex Corp. | 608 | 38,473 | |||||
Stars Group, Inc. (The) * | 13,428 | 350,336 | |||||
Sun Life Financial, Inc. | 35,956 | 1,638,515 | |||||
Suncor Energy, Inc. | 31,230 | 1,024,344 | |||||
Suncor Energy, Inc. ¥ | 217,673 | 7,134,237 | |||||
Teck Resources Ltd., Class A | 500 | 8,729 | |||||
Teck Resources Ltd., Class B | 94,542 | 1,642,195 | |||||
Teck Resources Ltd., Class B ¥ | 75,600 | 1,311,087 | |||||
TMX Group Ltd. | 5,966 | 516,635 | |||||
Tourmaline Oil Corp. | 15,175 | 177,863 | |||||
Wheaton Precious Metals Corp. | 27,867 | 829,043 | |||||
61,026,463 | |||||||
Denmark — 1.7% | |||||||
AP Moeller - Maersk A/S, Class A | 430 | 582,856 | |||||
AP Moeller - Maersk A/S, Class B | 315 | 454,306 | |||||
Carlsberg A/S, Class B | 15,445 | 2,304,051 | |||||
Danske Bank A/S | 41,578 | 672,802 | |||||
Drilling Co. of 1972 A/S (The) * | 706 | 46,693 | |||||
DSV A/S | 14,852 | 1,711,742 | |||||
H Lundbeck A/S | 12,173 | 464,858 | |||||
ISS A/S | 24,024 | 576,452 | |||||
Novozymes A/S, B Shares | 9,923 | 485,585 | |||||
Pandora A/S | 771 | 33,540 | |||||
Rockwool International A/S, B Shares | 1,147 | 271,691 | |||||
Tryg A/S | 7,068 | 209,541 | |||||
Vestas Wind Systems A/S | 37,580 | 3,797,572 | |||||
William Demant Holding A/S @* | 11,349 | 357,411 | |||||
11,969,100 | |||||||
Finland — 1.0% | |||||||
Fortum Oyj | 50,706 | 1,251,292 | |||||
Nordea Bank Abp | 189,414 | 1,538,252 | |||||
Stora Enso Oyj, R Shares | 83,052 | 1,207,812 | |||||
UPM-Kymmene Oyj | 89,202 | 3,092,789 | |||||
7,090,145 | |||||||
France — 10.3% | |||||||
Amundi SA ± | 3,901 | 305,865 | |||||
Arkema SA | 15,142 | 1,608,459 | |||||
Atos SE | 7,307 | 609,146 | |||||
AXA SA | 161,385 | 4,545,552 | |||||
BNP Paribas SA | 86,860 | 5,147,272 | |||||
Bollore SA | 148,214 | 646,719 | |||||
Bollore SA * | 861 | 3,664 | |||||
Bouygues SA | 55,128 | 2,342,388 | |||||
Carrefour SA | 125,739 | 2,108,569 | |||||
Casino Guichard Perrachon SA @ | 2,001 | 93,597 | |||||
Cie de Saint-Gobain | 101,314 | 4,148,003 | |||||
Cie Generale des Etablissements Michelin | 38,971 | 4,769,172 | |||||
CNP Assurances | 26,215 | 521,357 | |||||
Credit Agricole SA | 58,593 | 849,480 | |||||
Electricite de France SA | 91,190 | 1,015,513 | |||||
Engie SA | 153,978 | 2,487,127 | |||||
Faurecia SE | 4,636 | 249,766 | |||||
Iliad SA @ | 1,937 | 251,059 | |||||
Natixis SA | 109,065 | 484,215 | |||||
Orange SA | 322,578 | 4,747,285 | |||||
Peugeot SA | 170,171 | 4,065,761 | |||||
Publicis Groupe SA | 21,609 | 978,279 | |||||
Renault SA | 38,066 | 1,801,028 |
The accompanying notes are an integral part of these financial statements.
31
SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
France (Continued) | |||||||
Sanofi | 17,489 | $ | 1,758,112 | ||||
SCOR SE | 16,613 | 697,314 | |||||
Societe Generale SA | 115,065 | 4,003,057 | |||||
Total SA | 378,156 | 20,869,536 | |||||
Valeo SA | 37,542 | 1,322,702 | |||||
72,429,997 | |||||||
Germany — 6.6% | |||||||
1&1 Drillisch AG | 1,291 | 33,133 | |||||
Allianz SE | 12,770 | 3,128,385 | |||||
BASF SE | 4,353 | 328,854 | |||||
Bayer AG | 108,375 | 8,851,092 | |||||
Bayerische Motoren Werke AG | 62,360 | 5,116,085 | |||||
Commerzbank AG | 150,668 | 932,397 | |||||
Continental AG | 15,550 | 2,010,415 | |||||
Daimler AG | 168,879 | 9,352,236 | |||||
Deutsche Bank AG | 46,122 | 357,851 | |||||
Deutsche Bank AG | 177,432 | 1,380,421 | |||||
Deutsche Lufthansa AG | 82,096 | 1,511,149 | |||||
Hapag-Lloyd AG ± | 3,538 | 303,596 | |||||
HeidelbergCement AG | 28,941 | 2,108,804 | |||||
METRO AG | 13,398 | 215,659 | |||||
Muenchener Rueckversicherungs AG | 15,112 | 4,458,147 | |||||
RWE AG | 62,224 | 1,908,939 | |||||
Talanx AG * | 13,218 | 655,041 | |||||
Telefonica Deutschland Holding AG | 207,880 | 602,535 | |||||
Uniper SE | 55,055 | 1,822,396 | |||||
Volkswagen AG | 6,709 | 1,303,790 | |||||
46,380,925 | |||||||
Hong Kong — 2.9% | |||||||
Bank of East Asia Ltd. (The) | 36,400 | 81,280 | |||||
Cathay Pacific Airways Ltd. @ | 231,000 | 341,506 | |||||
CK Asset Holdings Ltd. | 210,000 | 1,515,920 | |||||
CK Hutchison Holdings Ltd. | 401,124 | 3,824,739 | |||||
Hang Lung Group Ltd. | 86,000 | 212,564 | |||||
Hang Lung Properties Ltd. | 239,000 | 524,479 | |||||
Henderson Land Development Co., Ltd. | 133,684 | 656,214 | |||||
Hongkong Land Holdings Ltd. | 101,200 | 581,900 | |||||
Kerry Properties Ltd. | 162,000 | 514,546 | |||||
Melco International Development Ltd. | 32,000 | 89,935 | |||||
MTR Corp. Ltd. | 123,449 | 729,544 | |||||
New World Development Co., Ltd. | 1,189,436 | 1,630,222 | |||||
NWS Holdings Ltd. | 290,715 | 407,403 | |||||
Shangri-La Asia Ltd. | 175,143 | 182,958 | |||||
Sino Land Co., Ltd. | 424,061 | 616,040 | |||||
SJM Holdings Ltd. | 433,000 | 492,885 | |||||
Sun Hung Kai Properties Ltd. | 207,177 | 3,171,877 | |||||
Swire Pacific Ltd., Series A | 132,000 | 1,226,441 | |||||
Swire Pacific Ltd., Series B | 210,000 | 314,233 | |||||
Tsim Sha Tsui Properties | 60,907 | 192,281 | |||||
WH Group Ltd. ± | 640,000 | 661,166 | |||||
Wharf Holdings Ltd. (The) | 171,000 | 434,945 | |||||
Wheelock & Co., Ltd. | 231,000 | 1,540,040 | |||||
Xinyi Glass Holdings Ltd. | 106,000 | 140,385 | |||||
Yue Yuen Industrial Holdings Ltd. | 103,000 | 304,018 | |||||
20,387,521 | |||||||
Ireland — 0.4% | |||||||
AIB Group PLC | 71,738 | 249,935 | |||||
Bank of Ireland Group PLC | 25,156 | 137,758 | |||||
CRH PLC, ADR | 38,201 | 1,540,646 | |||||
Paddy Power Betfair PLC | 6,892 | 837,628 | |||||
2,765,967 | |||||||
Israel — 0.4% | |||||||
Bank Hapoalim B.M. | 138,244 | 1,146,929 | |||||
Bank Leumi Le-Israel | 81,999 | 596,952 | |||||
First International Bank Of Israel Ltd. | 4,623 | 133,725 | |||||
Israel Discount Bank Ltd., Series A | 172,805 | 801,146 | |||||
Mizrahi Tefahot Bank Ltd. | 1,068 | 28,453 | |||||
Teva Pharmaceutical Industries Ltd., ADR * | 47,500 | 465,500 | |||||
3,172,705 | |||||||
Italy — 1.3% | |||||||
Eni SpA | 115,191 | 1,789,038 | |||||
Intesa Sanpaolo SpA | 1,147,125 | 3,021,885 | |||||
Mediobanca SpA | 39,607 | 436,008 | |||||
Telecom Italia SpA * | 2,860,918 | 1,785,539 | |||||
UniCredit SpA | 163,283 | 2,384,672 | |||||
9,417,142 | |||||||
Japan — 22.6% | |||||||
AEON Financial Service Co. Ltd. | 5,400 | 85,829 | |||||
AGC, Inc. | 48,500 | 1,754,222 | |||||
Air Water, Inc. | 4,900 | 72,155 | |||||
Aisin Seiki Co., Ltd. | 22,500 | 842,805 | |||||
Alfresa Holdings Corp. | 5,800 | 118,931 | |||||
Alps Alpine Co. Ltd. | 12,300 | 282,100 | |||||
Amada Holdings Co., Ltd. | 37,100 | 426,810 | |||||
Aozora Bank Ltd. | 14,700 | 391,125 | |||||
Asahi Kasei Corp. | 33,100 | 375,918 | |||||
Bank of Kyoto Ltd. (The) | 8,000 | 346,049 | |||||
Brother Industries Ltd. | 5,100 | 106,595 | |||||
Canon Marketing Japan, Inc. @ | 12,000 | 280,521 | |||||
Chiba Bank Ltd. (The) | 79,000 | 460,237 | |||||
Chugoku Bank Ltd. (The) | 19,700 | 202,158 | |||||
Citizen Watch Co., Ltd. | 42,800 | 235,163 | |||||
Coca-Cola West Co., Ltd. @ | 20,975 | 538,781 | |||||
Concordia Financial Group Ltd. | 111,200 | 462,587 | |||||
Credit Saison Co., Ltd. | 23,900 | 418,148 | |||||
Dai Nippon Printing Co., Ltd. | 30,000 | 817,266 | |||||
Dai-ichi Life Holdings, Inc. (The) | 107,000 | 1,788,832 | |||||
Daicel Corp. | 52,000 | 502,029 | |||||
Daido Steel Co., Ltd. | 6,200 | 274,180 | |||||
Daio Paper Corp. | 12,400 | 170,613 | |||||
Daiwa Securities Group, Inc. | 214,000 | 1,089,154 | |||||
Denka Co., Ltd. | 16,200 | 487,543 | |||||
Denso Corp. | 45,800 | 2,093,257 | |||||
Dentsu, Inc. @ | 24,200 | 840,780 | |||||
DIC Corp. @ | 16,000 | 446,919 | |||||
Dowa Holdings Co., Ltd. | 9,600 | 360,039 | |||||
Ebara Corp. | 16,800 | 514,104 | |||||
FUJIFILM Holdings Corp. | 26,100 | 1,256,298 | |||||
Fukuoka Financial Group, Inc. | 18,000 | 348,718 | |||||
Fukuyama Transporting Co., Ltd. | 4,300 | 157,903 | |||||
Furukawa Electric Co., Ltd. | 14,000 | 363,352 | |||||
Fuyo General Lease Co., Ltd. | 800 | 54,264 | |||||
Glory Ltd. | 11,200 | 341,190 | |||||
GS Yuasa Corp. | 4,500 | 97,948 | |||||
Hachijuni Bank Ltd. (The) | 48,000 | 211,164 | |||||
Hankyu Hanshin Holdings, Inc. | 44,300 | 1,908,094 | |||||
Haseko Corp. | 22,300 | 301,903 | |||||
Heiwa Corp. | 14,000 | 294,547 | |||||
Hino Motors Ltd. | 25,900 | 276,985 |
The accompanying notes are an integral part of these financial statements.
32
SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Japan (Continued) | |||||||
Hitachi Capital Corp. | 9,900 | $ | 262,317 | ||||
Hitachi Chemical Co., Ltd. | 3,900 | 164,212 | |||||
Hitachi Ltd. | 116,700 | 4,968,517 | |||||
Hitachi Metals Ltd. | 47,400 | 703,660 | |||||
Honda Motor Co., Ltd. | 260,600 | 7,432,694 | |||||
Ibiden Co., Ltd. | 17,800 | 426,754 | |||||
Idemitsu Kosan Co., Ltd. | 32,600 | 909,098 | |||||
IHI Corp. | 7,700 | 182,410 | |||||
Iida Group Holdings Co., Ltd. | 36,900 | 651,706 | |||||
Inpex Corp. | 86,000 | 899,535 | |||||
Isetan Mitsukoshi Holdings Ltd. | 26,300 | 238,178 | |||||
Isuzu Motors Ltd. | 57,600 | 688,624 | |||||
ITOCHU Corp. | 77,600 | 1,810,107 | |||||
Itoham Yonekyu Holdings, Inc. | 22,300 | 144,692 | |||||
Iyo Bank Ltd. (The) | 19,600 | 111,840 | |||||
J. Front Retailing Co., Ltd. | 51,400 | 723,777 | |||||
Japan Post Holdings Co., Ltd. | 71,600 | 676,100 | |||||
JFE Holdings, Inc. | 91,300 | 1,185,627 | |||||
JGC Corp. | 16,300 | 263,278 | |||||
JSR Corp. | 33,300 | 616,627 | |||||
JTEKT Corp. | 49,700 | 595,092 | |||||
JX Holdings, Inc. | 478,800 | 2,194,050 | |||||
K's Holdings Corp. | 32,000 | 421,444 | |||||
Kajima Corp. | 54,000 | 724,605 | |||||
Kamigumi Co., Ltd. | 15,700 | 346,641 | |||||
Kandenko Co., Ltd. | 16,400 | 158,332 | |||||
Kaneka Corp. | 16,000 | 518,338 | |||||
Kawasaki Heavy Industries Ltd. | 32,800 | 726,910 | |||||
Kobe Steel Ltd. | 18,900 | 102,454 | |||||
Kokuyo Co., Ltd. @ | 11,900 | 178,957 | |||||
Konica Minolta, Inc. | 142,000 | 931,812 | |||||
Kuraray Co., Ltd. | 76,400 | 935,883 | |||||
Kurita Water Industries Ltd. | 3,100 | 92,867 | |||||
Kyushu Financial Group, Inc. | 44,870 | 194,916 | |||||
Lintec Corp. | 4,200 | 94,472 | |||||
LIXIL Group Corp. | 45,500 | 791,031 | |||||
Mabuchi Motor Co., Ltd. | 5,100 | 194,791 | |||||
Maeda Corp. | 7,100 | 69,853 | |||||
Maeda Road Construction Co., Ltd. | 10,300 | 253,483 | |||||
Marubeni Corp. | 203,100 | 1,515,189 | |||||
Mazda Motor Corp. | 116,300 | 1,003,998 | |||||
Mebuki Financial Group, Inc. | 83,070 | 214,068 | |||||
Medipal Holdings Corp. | 25,300 | 561,860 | |||||
Mitsubishi Chemical Holdings Corp. | 185,800 | 1,397,925 | |||||
Mitsubishi Corp. | 121,400 | 3,240,164 | |||||
Mitsubishi Gas Chemical Co., Inc. | 36,300 | 559,258 | |||||
Mitsubishi Heavy Industries Ltd. | 36,600 | 1,430,922 | |||||
Mitsubishi Logistics Corp. | 2,500 | 65,506 | |||||
Mitsubishi Materials Corp. | 35,500 | 972,652 | |||||
Mitsubishi Motors Corp. | 126,800 | 534,484 | |||||
Mitsubishi Tanabe Pharma Corp. | 16,600 | 306,777 | |||||
Mitsubishi UFJ Financial Group, Inc. | 263,200 | 1,436,936 | |||||
Mitsubishi UFJ Financial Group, Inc., ADR | 600,079 | 3,258,429 | |||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 110,200 | 716,039 | |||||
Mitsui Chemicals, Inc. | 47,200 | 1,164,199 | |||||
Mitsui Fudosan Co., Ltd. | 38,600 | 949,236 | |||||
Mitsui OSK Lines Ltd. | 24,600 | 684,874 | |||||
Mizuho Financial Group, Inc. | 1,258,800 | 1,949,805 | |||||
MS&AD Insurance Group Holdings, Inc. | 43,428 | 1,443,270 | |||||
Nagase & Co., Ltd. | 10,200 | 153,016 | |||||
NEC Corp. | 47,700 | 1,984,299 | |||||
NGK Insulators Ltd. | 22,300 | 390,771 | |||||
NGK Spark Plug Co., Ltd. | 10,600 | 208,186 | |||||
NH Foods Ltd. | 15,533 | 644,736 | |||||
NHK Spring Co., Ltd. | 42,200 | 386,443 | |||||
Nikkon Holdings Co., Ltd. | 2,800 | 70,763 | |||||
Nikon Corp. | 41,100 | 508,383 | |||||
Nippo Corp. | 11,000 | 238,314 | |||||
Nippon Electric Glass Co., Ltd. @ | 13,000 | 292,053 | |||||
Nippon Express Co., Ltd. | 21,600 | 1,276,260 | |||||
Nippon Kayaku Co., Ltd. | 11,700 | 145,907 | |||||
Nippon Paper Industries Co., Ltd. | 16,500 | 280,631 | |||||
Nippon Shokubai Co., Ltd. | 4,600 | 287,460 | |||||
Nippon Steel Sumitomo Metal Corp. | 124,127 | 1,889,522 | |||||
Nippon Yusen KK | 32,300 | 588,894 | |||||
Nipro Corp. | 14,600 | 176,697 | |||||
Nissan Motor Co., Ltd. | 354,400 | 2,074,767 | |||||
Nitto Denko Corp. | 1,300 | 73,940 | |||||
NOK Corp. | 19,900 | 300,547 | |||||
Nomura Holdings, Inc. | 175,700 | 911,043 | |||||
Nomura Real Estate Holdings, Inc. | 23,700 | 571,479 | |||||
NSK Ltd. | 84,600 | 810,534 | |||||
NTN Corp. | 39,800 | 126,372 | |||||
Obayashi Corp. | 113,200 | 1,267,907 | |||||
Oji Holdings Corp. | 226,000 | 1,237,587 | |||||
Panasonic Corp. | 50,000 | 473,747 | |||||
Rengo Co., Ltd. | 35,400 | 271,719 | |||||
Resona Holdings, Inc. | 246,400 | 1,086,242 | |||||
Ricoh Co., Ltd. | 118,700 | 1,302,199 | |||||
Rohm Co., Ltd. | 9,500 | 767,659 | |||||
Sawai Pharmaceutical Co., Ltd. | 3,200 | 203,801 | |||||
Seiko Epson Corp. | 8,700 | 132,516 | |||||
Seino Holdings Co., Ltd. | 20,400 | 277,307 | |||||
Sekisui House Ltd. | 81,800 | 1,756,756 | |||||
Shimamura Co., Ltd. | 2,600 | 199,089 | |||||
Shimizu Corp. | 68,400 | 702,539 | |||||
Shinsei Bank Ltd. @ | 18,500 | 285,192 | |||||
Shizuoka Bank Ltd. (The) | 58,000 | 436,648 | |||||
Showa Denko KK @ | 14,000 | 373,531 | |||||
SoftBank Group Corp. | 81,200 | 3,554,252 | |||||
Sojitz Corp. | 179,100 | 580,214 | |||||
Sompo Holdings, Inc. | 37,143 | 1,469,927 | |||||
Sumitomo Chemical Co., Ltd. | 471,000 | 2,158,741 | |||||
Sumitomo Corp. | 102,000 | 1,524,532 | |||||
Sumitomo Electric Industries Ltd. | 181,800 | 2,764,103 | |||||
Sumitomo Forestry Co., Ltd. | 33,800 | 502,388 | |||||
Sumitomo Heavy Industries Ltd. | 26,000 | 748,976 | |||||
Sumitomo Metal Mining Co., Ltd. | 38,800 | 1,265,540 | |||||
Sumitomo Mitsui Financial Group, Inc. | 172,700 | 6,418,136 | |||||
Sumitomo Mitsui Trust Holdings, Inc. | 24,900 | 993,892 | |||||
Sumitomo Osaka Cement Co., Ltd. | 4,500 | 197,759 | |||||
Sumitomo Rubber Industries Ltd. | 42,800 | 526,654 | |||||
T&D Holdings, Inc. | 122,400 | 1,571,469 | |||||
Taiheiyo Cement Corp. | 25,000 | 739,727 | |||||
Taiyo Yuden Co. Ltd. @ | 10,400 | 321,127 | |||||
Takashimaya Co., Ltd. | 23,500 | 265,593 | |||||
Takeda Pharmaceutical Co. Ltd. | 44,373 | 1,769,121 | |||||
TDK Corp. | 9,000 | 1,026,276 | |||||
Teijin Ltd. | 53,199 | 1,001,261 | |||||
THK Co., Ltd. @ | 8,300 | 226,721 | |||||
Toda Corp. | 28,000 | 187,088 | |||||
Toho Holdings Co., Ltd. | 8,800 | 196,563 | |||||
Tokai Carbon Co. Ltd. @ | 21,300 | 214,657 | |||||
Tokio Marine Holdings, Inc. | 20,400 | 1,148,844 | |||||
Tokyo Tatemono Co., Ltd. | 37,600 | 591,398 | |||||
Tokyu Fudosan Holdings Corp. | 132,300 | 919,300 | |||||
Toray Industries, Inc. | 128,500 | 876,456 | |||||
Tosoh Corp. | 58,300 | 909,470 |
The accompanying notes are an integral part of these financial statements.
33
SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Japan (Continued) | |||||||
Toyo Seikan Group Holdings Ltd. | 30,500 | $ | 530,532 | ||||
Toyoda Gosei Co., Ltd. | 15,300 | 386,531 | |||||
Toyota Motor Corp. | 131,890 | 9,363,577 | |||||
Toyota Motor Corp., ADR @ | 40,897 | 5,747,664 | |||||
Toyota Tsusho Corp. | 46,800 | 1,662,583 | |||||
TS Tech Co., Ltd. | 7,000 | 220,653 | |||||
Ube Industries Ltd. | 24,700 | 540,806 | |||||
Wacoal Holdings Corp. | 1,700 | 45,952 | |||||
Yamada Denki Co., Ltd. | 93,100 | 495,254 | |||||
Yamaguchi Financial Group, Inc. | 23,000 | 157,489 | |||||
Yamaha Motor Co., Ltd. @ | 37,200 | 754,237 | |||||
Yokohama Rubber Co., Ltd. (The) | 27,600 | 541,306 | |||||
Zeon Corp. | 28,500 | 358,299 | |||||
159,029,015 | |||||||
Luxembourg — 0.1% | |||||||
SES SA | 60,528 | 848,678 | |||||
Netherlands — 4.0% | |||||||
ABN AMRO Group NV ± | 77,588 | 1,411,634 | |||||
Aegon NV | 178,433 | 814,003 | |||||
Akzo Nobel NV | 2,244 | 228,150 | |||||
ArcelorMittal @ | 53,718 | 942,214 | |||||
ArcelorMittal = | 1,708 | 29,968 | |||||
ASR Nederland NV | 2,539 | 95,009 | |||||
Fiat Chrysler Automobiles NV | 202,005 | 2,989,615 | |||||
Fiat Chrysler Automobiles NV | 52,894 | 777,013 | |||||
ING Groep NV | 386,479 | 4,633,392 | |||||
Koninklijke Ahold Delhaize NV | 285,058 | 7,128,816 | |||||
Koninklijke DSM NV | 38,309 | 4,988,957 | |||||
Koninklijke Philips NV @ | 22,433 | 1,094,730 | |||||
Koninklijke Vopak NV | 10,435 | 565,700 | |||||
NN Group NV | 46,074 | 1,747,858 | |||||
Randstad Holding NV | 13,836 | 844,900 | |||||
28,291,959 | |||||||
New Zealand — 0.2% | |||||||
Air New Zealand Ltd. | 126,439 | 249,398 | |||||
Auckland International Airport Ltd. | 122,236 | 720,031 | |||||
EBOS Group Ltd. | 14,140 | 230,837 | |||||
Fletcher Building Ltd. | 104,034 | 356,482 | |||||
Ryman Healthcare Ltd. | 16,629 | 182,808 | |||||
SKYCITY Entertainment Group, Ltd. | 9,800 | 26,191 | |||||
1,765,747 | |||||||
Norway — 0.7% | |||||||
Austevoll Seafood ASA | 4,728 | 48,496 | |||||
DNB ASA | 140,787 | 2,629,944 | |||||
Norsk Hydro ASA | 174,914 | 650,302 | |||||
SpareBank 1 SR-Bank ASA | 25,719 | 292,950 | |||||
Statoil ASA | 11,143 | 222,751 | |||||
Storebrand ASA | 56,200 | 441,826 | |||||
Subsea 7 SA | 28,831 | 344,653 | |||||
Yara International ASA | 14,514 | 603,751 | |||||
5,234,673 | |||||||
Portugal — 0.1% | |||||||
Banco Espirito Santo SA *§ | 414,564 | — | |||||
EDP Renovaveis SA | 32,371 | 381,261 | |||||
381,261 | |||||||
Singapore — 1.1% | |||||||
BOC Aviation Ltd. ± | 47,800 | 486,140 | |||||
CapitaLand Ltd. | 430,800 | 1,201,160 | |||||
City Developments Ltd. | 103,600 | 843,466 | |||||
Frasers Centrepoint Ltd. | 23,300 | 29,278 | |||||
Keppel Corp. Ltd. | 379,500 | 1,910,268 | |||||
Olam International Ltd. | 82,000 | 110,353 | |||||
Oversea-Chinese Banking Corp. Ltd. | 83,765 | 683,847 | |||||
Singapore Airlines Ltd. | 158,940 | 1,068,306 | |||||
United Industrial Corp. Ltd. | 63,243 | 134,955 | |||||
UOL Group Ltd. | 47,218 | 292,095 | |||||
Wilmar International Ltd. | 239,800 | 734,582 | |||||
7,494,450 | |||||||
Spain — 2.0% | |||||||
Banco Bilbao Vizcaya Argentaria SA | 283,641 | 1,585,392 | |||||
Banco Bilbao Vizcaya Argentaria SA, | |||||||
ADR @ | 19,187 | 107,063 | |||||
Banco de Sabadell SA | 370,058 | 431,698 | |||||
Banco Santander SA | 2,786,466 | 11,658,409 | |||||
Bankia SA | 123,310 | 263,148 | |||||
CaixaBank SA | 63,253 | 198,521 | |||||
Repsol SA | 13,625 | 212,894 | |||||
14,457,125 | |||||||
Sweden — 2.3% | |||||||
BillerudKorsnas AB | 35,971 | 424,946 | |||||
Boliden AB | 68,429 | 1,815,500 | |||||
Dometic Group AB ± | 22,074 | 222,287 | |||||
Getinge AB, B Shares | 33,006 | 613,157 | |||||
Holmen AB | 23,456 | 714,222 | |||||
Husqvarna AB, Class B | 9,183 | 73,551 | |||||
ICA Gruppen AB | 15,599 | 728,126 | |||||
Intrum AB | 10,769 | 321,241 | |||||
Millicom International Cellular SA | 12,736 | 609,989 | |||||
Peab AB | 3,201 | 32,040 | |||||
SKF AB | 68,707 | 1,389,347 | |||||
SSAB AB, A Shares | 32,802 | 115,044 | |||||
SSAB AB, B Shares | 185,078 | 1,740,451 | |||||
SSAB AB, Series B | 71,560 | 233,176 | |||||
Svenska Cellulosa AB, Series A | 244 | 2,602 | |||||
Svenska Cellulosa AB, Series B | 83,778 | 849,734 | |||||
Svenska Handelsbanken AB, A Shares | 84,880 | 914,379 | |||||
Svenska Handelsbanken AB, B Shares | 1,918 | 21,174 | |||||
Swedbank AB, A Shares | 67,198 | 1,000,471 | |||||
Tele2 AB, B Shares | 8,541 | 123,879 | |||||
Telia Co. AB | 390,069 | 1,676,243 | |||||
Trelleborg AB | 39,848 | 717,076 | |||||
Volvo AB, Series A | 21,144 | 357,127 | |||||
Volvo AB, Series B | 85,902 | 1,438,984 | |||||
16,134,746 | |||||||
Switzerland — 9.8% | |||||||
ABB Ltd. | 119,814 | 2,893,215 | |||||
Adecco Group SA | 36,654 | 2,318,617 | |||||
Alcon, Inc. *µ | 31,115 | 1,761,833 | |||||
Alcon, Inc. @* | 3,914 | 221,415 | |||||
Baloise Holding AG | 10,839 | 1,959,935 | |||||
Banque Cantonale Vaudoise | 173 | 141,217 | |||||
Chocoladefabriken Lindt & Spruengli AG | 1 | 88,345 | |||||
Cie Financiere Richemont SA | 68,383 | 5,374,262 | |||||
Clariant AG | 8,119 | 181,205 | |||||
Credit Suisse Group AG | 129,912 | 1,759,141 | |||||
Flughafen Zuerich AG | 517 | 94,393 | |||||
Helvetia Holding AG | 2,160 | 305,319 | |||||
Julius Baer Group Ltd. | 38,000 | 1,960,467 |
The accompanying notes are an integral part of these financial statements.
34
SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | |||||||
COMMON STOCKS (Continued) | ||||||||
Switzerland (Continued) | ||||||||
LafargeHolcim Ltd. | 56,614 | $ | 3,141,322 | |||||
Lonza Group AG | 9,923 | 3,621,413 | ||||||
Novartis AG | 155,578 | 14,773,319 | ||||||
Novartis AG, ADR | 19,570 | 1,853,083 | ||||||
Swatch Group AG (The) µ | 12,219 | 645,797 | ||||||
Swatch Group AG (The) @µ | 5,344 | 1,490,887 | ||||||
Swiss Life Holding AG | 5,678 | 2,850,147 | ||||||
Swiss Re AG | 27,273 | 3,063,211 | ||||||
Swisscom AG | 4,128 | 2,186,415 | ||||||
UBS Group AG | 385,713 | 4,872,227 | ||||||
Vifor Pharma AG | 3,119 | 569,303 | ||||||
Zurich Insurance Group AG | 26,257 | 10,773,564 | ||||||
68,900,052 | ||||||||
United Kingdom — 14.9% | ||||||||
Anglo American PLC | 157,388 | 4,530,186 | ||||||
Antofagasta PLC | 11,948 | 145,096 | ||||||
Aviva PLC | 901,779 | 5,001,356 | ||||||
Barclays PLC, ADR | 274,779 | 2,615,896 | ||||||
Barratt Developments PLC | 249,631 | 2,468,716 | ||||||
BP PLC, ADR | 270,319 | 10,201,839 | ||||||
British American Tobacco PLC | 220,071 | 9,420,016 | ||||||
British American Tobacco PLC, ADR @ | 2,004 | 85,090 | ||||||
Carnival PLC | 7,715 | 372,391 | ||||||
Coca-Cola European Partners PLC | 3,617 | 181,153 | ||||||
Glencore PLC | 1,526,564 | 4,758,980 | ||||||
GVC Holdings PLC | 14,764 | 172,918 | ||||||
HSBC Holdings PLC | 142,436 | 1,116,742 | ||||||
HSBC Holdings PLC, ADR @ | 256,837 | 10,039,758 | ||||||
Investec PLC | 102,451 | 601,316 | ||||||
J Sainsbury PLC | 422,622 | 1,286,992 | ||||||
Kingfisher PLC | 420,977 | 1,210,049 | ||||||
Lloyds Banking Group PLC | 9,201,932 | 7,618,048 | ||||||
Lloyds Banking Group PLC, ADR @ | 376,801 | 1,247,211 | ||||||
Melrose Industries PLC | 351,390 | 1,117,548 | ||||||
Micro Focus International PLC @ | 13,173 | 184,817 | ||||||
Phoenix Group Holdings PLC | 47,050 | 466,795 | ||||||
Royal Bank of Scotland Group PLC | 40,266 | 128,167 | ||||||
Royal Bank of Scotland Group PLC, | ||||||||
ADR @ | 162,939 | 1,049,327 | ||||||
Royal Dutch Shell PLC, ADR, Class A | 182,057 | 10,737,722 | ||||||
Royal Dutch Shell PLC, ADR, Class B @ | 201,632 | 12,091,871 | ||||||
Standard Chartered PLC | 186,070 | 1,755,840 | ||||||
Standard Life Aberdeen PLC | 112,099 | 487,184 | ||||||
Tesco PLC | 28,781 | 97,291 | ||||||
Vodafone Group PLC | 4,677,355 | 9,092,697 | ||||||
WM Morrison Supermarkets PLC | 548,065 | 1,450,482 | ||||||
WPP PLC | 166,889 | 2,357,617 | ||||||
WPP PLC, ADR @ | 8,470 | 595,356 | ||||||
104,686,467 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Identified Cost $631,309,587) | 691,813,691 | |||||||
PREFERRED STOCKS — 1.3% | ||||||||
Germany — 1.3% | ||||||||
Bayerische Motoren Werke AG, 6.210% | 11,127 | 687,088 | ||||||
Porsche Automobil Holding SE, 3.200% | 17,284 | 1,291,980 | ||||||
Volkswagen AG, 2.680% | 37,559 | 7,424,979 | ||||||
9,404,047 | ||||||||
TOTAL PREFERRED STOCKS | ||||||||
(Identified Cost $10,884,972) | 9,404,047 | |||||||
RIGHTS AND WARRANTS — 0.0% | ||||||||
Spain — 0.0% | ||||||||
Repsol SA * | 13,625 | 6,465 | ||||||
TOTAL RIGHTS AND WARRANTS | ||||||||
(Identified Cost $6,438) | 6,465 | |||||||
SHORT-TERM INVESTMENTS — 2.6% | ||||||||
Investment Company — 0.1% | ||||||||
State Street Institutional U.S. Government | ||||||||
Money Market Fund 1.535% | 672,047 | 672,047 | ||||||
Collateral For Securities On Loan — 2.5% | ||||||||
State Street Navigator Securities Lending | ||||||||
Government Money Market Portfolio, | ||||||||
1.560% | 17,676,965 | 17,676,965 | ||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Identified Cost $18,349,012) | 18,349,012 | |||||||
Total Investments — 102.1% | ||||||||
(Identified Cost $660,550,009) | 719,573,215 | |||||||
Liabilities, Less Cash and Other Assets — (2.1%) | (14,697,255 | ) | ||||||
Net Assets — 100.0% | $ | 704,875,960 |
† | See Note 1 | ||
@ | A portion or all of the security were held on loan. As of December 31, 2019, the market value of the securities on loan was $42,154,294.12. | ||
¥ | Traded on the Canada, Toronto Stock Exchange. | ||
* | 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 December 31, 2019 amounted to $3,390,688 or 0.48% of the net assets of the Fund. | ||
= | Traded on the France, Euronext Paris Exchange. | ||
µ | Traded on the Switzerland, Swiss Exchange. | ||
§ | Fair valued security. Fair values are determined pursuant to procedures approved by the Fund's Board of Trustees. See Note 1 |
Key to abbreviations:
ADR — American Depository Receipt
The accompanying notes are an integral part of these financial statements.
35
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited)
SHARES | VALUE† | ||||||
COMMON STOCKS — 96.9% | |||||||
Brazil — 7.1% | |||||||
Aliansce Sonae Shopping Centers sa * | — | $ | 5 | ||||
Alliar Medicos A Frente SA | 4,900 | 22,120 | |||||
Banco Bradesco SA | 16,432 | 139,170 | |||||
Banco Bradesco SA, ADR | 120,549 | 1,078,914 | |||||
Banco BTG Pactual SA | 7,330 | 138,721 | |||||
Banco do Brasil SA | 68,244 | 896,077 | |||||
Banco Pan SA * | 569 | 1,498 | |||||
Banco Santander Brasil SA | 29,897 | 368,036 | |||||
Banco Santander Brasil SA, ADR @ | 2,200 | 26,686 | |||||
Camil Alimentos SA | 17,192 | 38,506 | |||||
Cia Siderurgica Nacional SA | 8,513 | 29,860 | |||||
Cia Siderurgica Nacional SA, ADR @ | 50,677 | 174,836 | |||||
Cogna Educacao | 137,145 | 389,680 | |||||
Construtora Tenda SA | 8,231 | 61,773 | |||||
Cosan SA Industria e Comercio | 8,196 | 141,744 | |||||
Direcional Engenharia SA | 12,000 | 44,746 | |||||
Duratex SA | 30,856 | 128,250 | |||||
Embraer SA, ADR | 18,374 | 358,109 | |||||
Enauta Participacoes SA | 13,118 | 52,176 | |||||
Ez Tec Empreendimentos e | |||||||
Participacoes SA | 11,543 | 148,931 | |||||
Gerdau SA, ADR @ | 102,151 | 500,540 | |||||
International Meal Co., Alimentacao SA | 24,900 | 51,995 | |||||
Iochpe Maxion SA | 16,997 | 98,787 | |||||
JBS SA | 79,507 | 509,926 | |||||
JHSF Participacoes SA | 20,831 | 36,922 | |||||
MRV Engenharia e Participacoes SA | 42,264 | 226,412 | |||||
Petroleo Brasileiro SA | 451,622 | 3,592,588 | |||||
Petroleo Brasileiro SA, ADR | 8,100 | 129,114 | |||||
Restoque Comercio e Confeccoes de | |||||||
Roupas SA | 1,622 | 6,855 | |||||
Sao Martinho SA | 24,581 | 144,943 | |||||
SLC Agricola SA | 15,358 | 94,682 | |||||
Sul America SA | 30,818 | 459,049 | |||||
Tupy SA | 9,747 | 61,302 | |||||
Usinas Siderurgicas de Minas Gerais SA | 9,100 | 22,328 | |||||
Vale SA | 423,489 | 5,611,148 | |||||
Valid Solucoes e Servicos de Seguranca em | |||||||
Meios de Pagamento e Identificacao SA | 14,643 | 61,809 | |||||
15,848,238 | |||||||
Chile — 1.1% | |||||||
Besalco SA | 22,668 | 12,299 | |||||
CAP SA | 9,560 | 72,429 | |||||
Cencosud SA | 141,787 | 186,674 | |||||
Cia Sud Americana de Vapores SA * | 231,075 | 8,417 | |||||
Empresas CMPC SA | 98,730 | 241,590 | |||||
Empresas COPEC SA | 28,915 | 259,560 | |||||
Empresas La Polar SA * | 307,156 | 5,188 | |||||
Enel Americas SA | 3,013,130 | 669,184 | |||||
Enel Chile SA, ADR | 16,218 | 77,036 | |||||
Enersis Americas SA, ADR | 14,495 | 159,155 | |||||
ENTEL Chile SA * | 16,734 | 119,015 | |||||
Grupo Security SA | 151,161 | 39,381 | |||||
Inversiones Aguas Metropolitanas SA | 40,036 | 43,606 | |||||
Itau CorpBanca | 12,354,030 | 71,632 | |||||
Latam Airlines Group SA, ADR | 17,808 | 180,929 | |||||
Masisa SA * | 174,355 | 7,457 | |||||
PAZ Corp. SA | 9,073 | 8,253 | |||||
Ripley Corp. SA | 104,950 | 47,065 | |||||
Salfacorp SA | 43,600 | 25,338 | |||||
Sigdo Koppers SA | 27,803 | 36,605 | |||||
SMU SA | 147,411 | 28,592 | |||||
Sociedad Matriz SAAM SA | 550,961 | 43,413 | |||||
Socovesa SA | 38,881 | 13,185 | |||||
SONDA SA | 26,216 | 22,591 | |||||
Vina Concha y Toro SA | 10,997 | 20,986 | |||||
2,399,580 | |||||||
China — 17.0% | |||||||
361 Degrees International Ltd. | 71,000 | 12,938 | |||||
Agile Group Holdings Ltd. | 131,091 | 197,167 | |||||
Agricultural Bank of China Ltd., H Shares | 1,551,000 | 682,716 | |||||
Air China Ltd., Class H | 154,000 | 156,326 | |||||
Ajisen China Holdings Ltd. | 37,000 | 13,153 | |||||
Aluminum Corp. of China Ltd., H Shares * | 290,000 | 99,367 | |||||
Angang Steel Co., Ltd., H Shares @ | 142,999 | 59,458 | |||||
Anton Oilfield Services Group | 226,000 | 25,813 | |||||
Apex International Co., Ltd. | 15,000 | 23,018 | |||||
Asia Cement China Holdings Corp. | 40,000 | 59,751 | |||||
AviChina Industry & Technology Co., Ltd. | |||||||
H Shares | 37,000 | 16,666 | |||||
BAIC Motor Corp., Ltd., H Shares ± | 123,500 | 70,052 | |||||
Baidu, Inc. ADR * | 1,184 | 149,658 | |||||
Bank of China Ltd., H Shares | 3,637,902 | 1,554,639 | |||||
Bank of Chongqing Co., Ltd., H Shares | 46,500 | 27,868 | |||||
Bank of Communications Co., Ltd., | |||||||
H Shares | 427,400 | 303,864 | |||||
BBMG Corp., H Shares | 143,000 | 43,860 | |||||
Beijing Capital International Airport Co., | |||||||
Ltd., H Shares | 128,000 | 124,020 | |||||
Beijing Capital Land Ltd., H Shares @ | 100,000 | 28,105 | |||||
Beijing Enterprises Clean Energy Group Ltd. * | 260,000 | 2,069 | |||||
Beijing Enterprises Holdings Ltd. | 29,500 | 135,342 | |||||
Beijing North Star Co., Ltd., Class H | 100,000 | 32,725 | |||||
Brilliance China Automotive Holdings Ltd. | 150,000 | 155,538 | |||||
BYD Electronic International Co., Ltd. | 42,000 | 80,741 | |||||
C C Land Holdings Ltd. | 106,500 | 24,465 | |||||
CAR, Inc. * | 44,000 | 30,040 | |||||
Central China Real Estate Ltd. | 56,000 | 32,627 | |||||
CGN Meiya Power Holdings Co., Ltd. *± | 152,000 | 21,652 | |||||
Chaowei Power Holdings Ltd. | 71,000 | 26,059 | |||||
China Agri-Industries Holdings Ltd. | 203,700 | 107,963 | |||||
China Aircraft Leasing Group Holdings Ltd. | 16,000 | 17,022 | |||||
China Aoyuan Group Ltd. | 62,000 | 101,048 | |||||
China BlueChemical Ltd., H Shares | 192,000 | 47,308 | |||||
China Cinda Asset Management Co., Ltd., | |||||||
Class H | 505,000 | 114,709 | |||||
China Citic Bank Corp., Ltd., H Shares | 448,000 | 268,491 | |||||
China Coal Energy Co., Ltd., H Shares | 120,000 | 47,585 | |||||
China Communication Services Corp., Ltd., | |||||||
H Shares | 155,600 | 113,421 | |||||
China Communications Construction Co., | |||||||
Ltd., H Shares | 218,000 | 177,650 | |||||
China Construction Bank Corp., H Shares | 5,998,810 | 5,181,011 | |||||
China Development Bank Financial Leasing | |||||||
Co., Ltd., H Shares ± | 128,000 | 24,640 | |||||
China Dongxiang Group Co., Ltd | 218,000 | 24,060 | |||||
China Eastern Airlines Corp., Ltd., | |||||||
H Shares * | 104,000 | 57,657 | |||||
China Energy Engineering Corp., Ltd., | |||||||
H Shares | 152,000 | 18,141 | |||||
China Everbright Bank Co., Ltd., H Shares | 160,000 | 74,330 | |||||
China Everbright Greentech Ltd. ± | 32,000 | 17,330 | |||||
China Everbright Ltd. | 40,000 | 74,740 | |||||
China Evergrande Group *@ | 19,000 | 52,667 | |||||
China Galaxy Securities Co., Ltd., H Shares | 176,000 | 103,672 |
The accompanying notes are an integral part of these financial statements.
36
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
China (Continued) | |||||||
China Harmony New Energy Auto Holding Ltd. @ | 62,000 | $ | 31,190 | ||||
China High Speed Transmission Equipment | |||||||
Group Co., Ltd. @ | 23,000 | 16,323 | |||||
China Hongqiao Group Ltd. | 162,500 | 98,013 | |||||
China Huarong Asset Management Co., Ltd. | |||||||
Class H ± | 395,000 | 62,350 | |||||
China Huiyuan Juice Group Ltd. *@§ | 84,500 | — | |||||
China International Capital Corp., Ltd., H | |||||||
Shares @± | 35,600 | 68,621 | |||||
China International Marine Containers | |||||||
Group Co., Ltd., Class H | 49,640 | 46,313 | |||||
China Jinmao Holdings Group Ltd. | 266,000 | 207,207 | |||||
China Lesso Group Holdings Ltd. | 73,000 | 93,589 | |||||
China Lumena New Materials Corp. *@§~ | 224,000 | — | |||||
China Machinery Engineering Corp., | |||||||
Class H | 57,000 | 22,969 | |||||
China Merchants Bank Co., Ltd., H Shares | 8,500 | 43,687 | |||||
China Merchants Land Ltd. * | 118,000 | 18,475 | |||||
China Merchants Port Holdings Co., Ltd. | 74,421 | 125,877 | |||||
China Minsheng Banking Corp., Ltd., | |||||||
H Shares | 424,880 | 321,156 | |||||
China Mobile Ltd. | 490,500 | 4,123,012 | |||||
China National Building Material Co., Ltd., | |||||||
H Shares | 382,850 | 427,447 | |||||
China Oil & Gas Group Ltd. * | 200,000 | 7,957 | |||||
China Oilfield Services Ltd., H Shares | 102,000 | 159,958 | |||||
China Oriental Group Co., Ltd. | 122,000 | 50,570 | |||||
China Overseas Grand Oceans Group Ltd. | 131,500 | 90,960 | |||||
China Overseas Land & Investment Ltd. | 320,000 | 1,246,359 | |||||
China Petroleum & Chemical Corp., | |||||||
H Shares | 1,746,400 | 1,051,117 | |||||
China Railway Construction Corp., Ltd., | |||||||
H Shares | 159,500 | 174,600 | |||||
China Railway Group Ltd., H Shares | 248,000 | 153,084 | |||||
China Reinsurance Group Corp., H Shares | 323,000 | 53,058 | |||||
China Resources Cement Holdings Ltd. | 150,000 | 190,958 | |||||
China Resources Land Ltd. | 246,000 | 1,224,901 | |||||
China Resources Medical Holdings Co., Ltd. | 28,000 | 16,242 | |||||
China Resources Pharmaceutical Group Ltd. ± | 58,000 | 53,815 | |||||
China Sanjiang Fine Chemicals Co., Ltd. | 44,000 | 9,317 | |||||
China SCE Group Holdings Ltd. | 151,000 | 87,977 | |||||
China Shanshui Cement Group Ltd. * | 53,000 | 20,745 | |||||
China Shenhua Energy Co., Ltd. | 280,500 | 586,032 | |||||
China Shineway Pharmaceutical Group Ltd. | 36,000 | 34,095 | |||||
China South City Holdings Ltd. | 308,000 | 39,131 | |||||
China Southern Airlines Co., Ltd., H Shares | 130,000 | 87,420 | |||||
China State Construction International | |||||||
Holdings Ltd. | 134,000 | 121,751 | |||||
China Taiping Insurance Holdings Co., Ltd. | 115,200 | 285,623 | |||||
China Traditional Chinese Medicine | |||||||
Holdings Co., Ltd. | 156,000 | 75,274 | |||||
China Travel International Investment Hong | |||||||
Kong Ltd. | 180,000 | 31,878 | |||||
China Unicom Hong Kong Ltd. | 54,000 | 50,866 | |||||
China Unicom Hong Kong Ltd., ADR @ | 56,880 | 532,397 | |||||
China Yurun Food Group Ltd. * | 23,000 | 2,391 | |||||
China ZhengTong Auto Services Holdings Ltd. | 74,500 | 26,579 | |||||
China Zhongwang Holdings Ltd. | 154,000 | 61,463 | |||||
Chongqing Rural Commercial Bank Co., | |||||||
Ltd., H Shares | 226,000 | 115,432 | |||||
CIFI Holdings Group Co., Ltd. | 170,071 | 143,830 | |||||
CIMC Enric Holdings Ltd. | 20,000 | 11,935 | |||||
CITIC Ltd. | 423,000 | 565,643 | |||||
Citic Resources Holdings Ltd. | 150,000 | 9,240 | |||||
CITIC Securities Co., Ltd., Class H | 23,000 | 52,480 | |||||
CNOOC Ltd. | 1,432,000 | 2,381,674 | |||||
Cogobuy Group *± | 40,000 | 6,776 | |||||
Concord New Energy Group Ltd. | 420,000 | 20,482 | |||||
Coolpad Group Ltd. *@ | 240,200 | 8,785 | |||||
COSCO SHIPPING Development Co., Ltd., | |||||||
H Shares | 324,200 | 38,277 | |||||
COSCO SHIPPING Energy Transportation | |||||||
Co., Ltd., H Shares | 92,000 | 43,448 | |||||
COSCO SHIPPING Ports Ltd. | 106,383 | 87,102 | |||||
CPMC Holdings Ltd. @ | 25,000 | 10,908 | |||||
CSR Corp., Ltd. - Class H | 48,000 | 34,988 | |||||
CT Environmental Group Ltd. *@§ | 98,000 | 1,604 | |||||
Dah Chong Hong Holdings Ltd. | 85,228 | 40,469 | |||||
Dongfang Electric Corp. Ltd. H Shares | 29,800 | 17,974 | |||||
Dongfeng Motor Group Co., Ltd., H Shares | 142,000 | 133,575 | |||||
Dongyue Group Ltd. | 56,000 | 31,046 | |||||
Everbright Securities Co., Ltd., Class H ± | 16,000 | 13,100 | |||||
Fantasia Holdings Group Co., Ltd. * | 142,500 | 26,517 | |||||
Far East Horizon Ltd. | 97,000 | 90,872 | |||||
Fosun International Ltd. | 128,000 | 186,605 | |||||
Fufeng Group Ltd. * | 123,000 | 54,142 | |||||
GCL New Energy Holdings Ltd. * | 392,000 | 7,948 | |||||
GCL-Poly Energy Holdings Ltd. * | 899,000 | 34,034 | |||||
Gemdale Properties & Investment Corp., Ltd. | 226,000 | 29,873 | |||||
General Interface Solution Holding Ltd. | 30,000 | 113,087 | |||||
GF Securities Co., Ltd., Class H | 53,200 | 64,791 | |||||
GOME Retail Holdings Ltd. *@ | 570,000 | 52,667 | |||||
Grand Baoxin Auto Group Ltd. * | 23,000 | 4,398 | |||||
Great Wall Motor Co., Ltd., H Shares @ | 168,500 | 124,554 | |||||
Greenland Hong Kong Holdings Ltd. | 112,000 | 48,581 | |||||
Greentown China Holdings Ltd. | 48,000 | 58,950 | |||||
Guangshen Railway Co., Ltd., ADR @ | 2,674 | 44,388 | |||||
Guangzhou Automobile Group Co., Ltd., H | |||||||
Shares @ | 126,000 | 156,847 | |||||
Guangzhou R&F Properties Co., Ltd., H | |||||||
Shares @ | 96,000 | 177,159 | |||||
Guotai Junan Securities Co., Ltd. ± | 23,000 | 40,733 | |||||
Haitong Securities Co., Ltd., Class H | 122,400 | 144,669 | |||||
Harbin Bank Co., Ltd., H Shares *@± | 57,000 | 11,265 | |||||
Harbin Electric Co., Ltd., H Shares * | 54,000 | 15,592 | |||||
HC Group, Inc. * | 70,500 | 20,990 | |||||
Hengdeli Holdings Ltd. | 184,000 | 7,792 | |||||
Hi Sun Technology China Ltd. * | 72,000 | 12,012 | |||||
Hopson Development Holdings Ltd. | 58,000 | 58,802 | |||||
Hua Han Health Industry Holdings Ltd. *§ | 640,000 | — | |||||
Hua Hong Semiconductor Ltd. ± | 31,000 | 70,495 | |||||
Huaneng Renewables Corp., Ltd., H Shares | 480,000 | 186,646 | |||||
Huatai Securities Co., Ltd., Class H ± | 59,000 | 104,336 | |||||
Industrial & Commercial Bank of China | |||||||
Ltd., H Shares | 3,289,000 | 2,532,500 | |||||
Jiangxi Copper Co., Ltd., H Shares | 59,000 | 81,167 | |||||
JinkoSolar Holding Co., Ltd. ADR *@ | 2,344 | 52,717 | |||||
Joy City Property Ltd. | 226,000 | 24,943 |
The accompanying notes are an integral part of these financial statements.
37
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
China (Continued) | |||||||
JOYY, Inc. * | 2,659 | $ | 140,369 | ||||
Ju Teng International Holdings Ltd. | 56,000 | 14,301 | |||||
K Wah International Holdings Ltd. | 55,000 | 30,703 | |||||
Kaisa Group Holdings Ltd. * | 140,000 | 66,835 | |||||
Kasen International Holdings Ltd. * | 35,000 | 16,394 | |||||
Kingboard Chemical Holdings Ltd. | 62,500 | 198,112 | |||||
Kingboard Laminates Holdings Ltd. | 86,000 | 106,613 | |||||
Kunlun Energy Co., Ltd. | 318,000 | 280,769 | |||||
KWG Property Holding Ltd. * | 112,500 | 157,656 | |||||
Lee & Man Paper Manufacturing Ltd. | 74,000 | 56,030 | |||||
Legend Holdings Corp., H Shares ± | 23,300 | 52,866 | |||||
Longfor Properties Co., Ltd. ± | 40,500 | 189,707 | |||||
Lonking Holdings Ltd. | 99,000 | 29,729 | |||||
Maoye International Holdings Ltd. | 82,000 | 5,683 | |||||
Metallurgical Corp., of China Ltd., H Shares | 139,000 | 31,217 | |||||
Mingfa Group International Co., Ltd. *§ | 91,000 | — | |||||
MMG Ltd. * | 56,000 | 16,817 | |||||
Nexteer Automotive Group Ltd. | 58,000 | 52,549 | |||||
Nine Dragons Paper Holdings Ltd. | 130,000 | 135,133 | |||||
Orient Securities Co., Ltd., Class H ± | 16,800 | 10,543 | |||||
Panda Green Energy Group Ltd. *@ | 310,000 | 7,638 | |||||
PAX Global Technology Ltd. @ | 52,000 | 24,357 | |||||
People's Insurance Co., Group of China Ltd. | |||||||
(The), H Shares | 187,000 | 77,754 | |||||
PetroChina Co., Ltd., H Shares | 1,710,000 | 858,039 | |||||
PICC Property & Casualty Co., Ltd., | |||||||
H Shares | 280,000 | 337,410 | |||||
Poly Property Group Co., Ltd. | 186,000 | 77,099 | |||||
Postal Savings Bank of China Co., Ltd., | |||||||
Class H ± | 305,000 | 207,448 | |||||
Pou Sheng International Holdings Ltd. | 41,000 | 12,944 | |||||
Powerlong Real Estate Holdings Ltd. | 143,000 | 95,428 | |||||
Qingling Motors Co., Ltd., Class H | 84,000 | 20,482 | |||||
Red Star Macalline Group Corp., Ltd., | |||||||
H Shares ± | 18,456 | 15,490 | |||||
Ronshine China Holdings Ltd. * | 24,000 | 33,202 | |||||
Seaspan Corp. @ | 6,910 | 98,191 | |||||
Semiconductor Manufacturing International | |||||||
Corp. *@ | 157,800 | 241,794 | |||||
Shandong Chenming Paper Holdings Ltd., | |||||||
H Shares | 35,250 | 16,466 | |||||
Shanghai Electric Group Co., Ltd., H Shares | 104,000 | 34,167 | |||||
Shanghai Industrial Holdings Ltd. | 45,000 | 86,624 | |||||
Shanghai Industrial Urban Development | |||||||
Group Ltd. | 265,000 | 33,328 | |||||
Shanghai Jin Jiang International Hotels | |||||||
Group Co., Ltd., H Shares | 148,000 | 30,389 | |||||
Shanghai Pharmaceuticals Holding Co., | |||||||
Ltd., Class H | 40,900 | 79,571 | |||||
Shenzhen International Holdings Ltd. | 44,500 | 97,768 | |||||
Shenzhen Investment Ltd. | 291,060 | 116,539 | |||||
Shimao Property Holdings Ltd. | 106,000 | 410,816 | |||||
Shougang Concord International Enterprises | |||||||
Co., Ltd. | 672,000 | 33,202 | |||||
Shougang Fushan Resources Group Ltd. | 176,000 | 37,945 | |||||
Shui On Land Ltd. | 180,000 | 39,501 | |||||
Shunfeng International Clean Energy Ltd. * | 220,000 | 3,303 | |||||
Sihuan Pharmaceutical Holdings Group Ltd. | 328,000 | 39,146 | |||||
SINA Corp. * | 4,723 | 188,589 | |||||
Sino-Ocean Land Holdings Ltd. | 246,212 | 98,898 | |||||
Sinofert Holdings Ltd. * | 244,000 | 25,363 | |||||
Sinopec Engineering Group Co., Ltd., H | |||||||
Shares | 93,000 | 55,616 | |||||
Sinopec Kantons Holdings Ltd. | 90,000 | 37,884 | |||||
Sinopec Shanghai Petrochemical Co., | |||||||
Ltd., Class H | 142,000 | 42,824 | |||||
Sinotrans Ltd., H Shares | 145,000 | 49,311 | |||||
Sinotruk Hong Kong Ltd. | 60,000 | 127,972 | |||||
Skyworth Digital Holdings Ltd. *@ | 158,477 | 45,760 | |||||
SOHO China Ltd. | 94,000 | 35,466 | |||||
TCL Electronics Holdings Ltd. | 38,667 | 18,162 | |||||
Texhong Textile Group Ltd. | 18,000 | 20,258 | |||||
Tianjin Port Development Holdings Ltd. | 180,000 | 18,249 | |||||
Tianneng Power International Ltd. @ | 54,000 | 41,094 | |||||
Tomson Group Ltd. | 24,000 | 5,975 | |||||
Tongda Group Holdings Ltd. | 220,000 | 27,386 | |||||
Trip.com Group Ltd. ADR * | 15,676 | 525,773 | |||||
Truly International Holdings Ltd. * | 120,000 | 17,710 | |||||
Universal Medical Financial & Technical | |||||||
Advisory Services Co., Ltd. ± | 75,500 | 57,165 | |||||
Wasion Group Holdings Ltd. | 48,000 | 23,469 | |||||
West China Cement Ltd. | 198,000 | 32,524 | |||||
Xiamen International Port Co., Ltd., Class H | 94,000 | 13,993 | |||||
Xingda International Holdings Ltd. | 79,862 | 22,240 | |||||
Yanzhou Coal Mining Co., Ltd., H Shares | 130,000 | 116,782 | |||||
YuanShengTai Dairy Farm Ltd. * | 226,000 | 8,556 | |||||
Yuexiu Property Co., Ltd. | 675,033 | 155,931 | |||||
Yuzhou Properties Co., Ltd. | 108,819 | 59,910 | |||||
Zhong An Group Ltd. * | 89,000 | 2,707 | |||||
Zoomlion Heavy Industry Science & | |||||||
Technology Co., Ltd., H Shares | 57,000 | 47,766 | |||||
38,136,129 | |||||||
Colombia — 0.3% | |||||||
Banco de Bogota SA | 1,958 | 50,713 | |||||
Cementos Argos SA | 31,937 | 70,923 | |||||
Constructora Conconcreto SA * | 52,618 | 7,203 | |||||
Corp. Financiera Colombiana SA * | 7,729 | 72,418 | |||||
Grupo Argos SA | 33,287 | 180,246 | |||||
Grupo de Inversiones Suramericana SA | 22,033 | 227,888 | |||||
Grupo Nutresa SA | 7,954 | 61,459 | |||||
670,850 | |||||||
Czech Republic — 0.2% | |||||||
CEZ, AS | 20,203 | 454,054 | |||||
Greece — 0.4% | |||||||
Alpha Bank AE * | 103,232 | 222,674 | |||||
Bank of Greece | 859 | 14,299 | |||||
Ellaktor SA * | 12,186 | 23,265 | |||||
Eurobank Ergasias SA * | 125,060 | 129,057 | |||||
Hellenic Petroleum SA | 6,638 | 65,300 | |||||
Marfin Investment Group Holdings SA * | 45,244 | 4,593 | |||||
Mytilineos Holdings SA | 11,793 | 129,372 | |||||
National Bank of Greece SA * | 66,811 | 226,324 | |||||
Piraeus Bank SA * | 30,732 | 103,072 | |||||
917,956 | |||||||
Hong Kong — 0.1% | |||||||
21Vianet Group, Inc.,ADR * | 3,788 | 27,463 | |||||
China Mobile Ltd. ADR @ | 2,500 | 105,675 | |||||
CP Pokphand Co., Ltd. | 144,000 | 11,827 | |||||
Digital China Holdings Ltd. | 26,000 | 13,513 | |||||
Guorui Properties Ltd. | 63,000 | 13,179 | |||||
Honghua Group Ltd. * | 125,000 | 8,502 | |||||
Jiayuan International Group Ltd. | 48,000 | 18,788 | |||||
Tiangong International Co., Ltd. | 42,000 | 17,517 | |||||
216,464 | |||||||
Hungary — 0.3% | |||||||
MOL Hungarian Oil & Gas PLC | 55,772 | 555,723 |
The accompanying notes are an integral part of these financial statements.
38
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Hungary (Continued) | |||||||
Richter Gedeon Nyrt | 9,290 | $ | 201,979 | ||||
757,702 | |||||||
India — 13.2% | |||||||
ACC Ltd. | 4,759 | 96,476 | |||||
Adani Enterprises Ltd. | 22,884 | 66,589 | |||||
Adani Gas Ltd. | 31,999 | 73,028 | |||||
Adani Transmissions Ltd. * | 27,809 | 128,977 | |||||
Aditya Birla Capital Ltd. * | 44,000 | 63,215 | |||||
Allahabad Bank Ltd. * | 20,823 | 5,528 | |||||
Ambuja Cements Ltd. | 61,485 | 169,092 | |||||
Andhra Bank * | 22,882 | 5,402 | |||||
Anveshan Heavy Engineering Ltd. * | 498 | 3,417 | |||||
Apollo Tyres Ltd. | 47,356 | 108,541 | |||||
Arvind Fashions Ltd. * | 2,690 | 14,881 | |||||
Arvind Ltd. | 13,452 | 7,557 | |||||
Ashok Leyland Ltd. | 76,389 | 87,168 | |||||
Aurobindo Pharma Ltd. | 25,561 | 163,762 | |||||
Axis Bank Ltd. | 134,335 | 1,416,219 | |||||
Axis Bank Ltd. GDR | 1,352 | 71,791 | |||||
Bajaj Holdings & Investment Ltd. | 4,097 | 196,131 | |||||
Balrampur Chini Mills Ltd. | 15,439 | 39,691 | |||||
Bank of Baroda * | 66,538 | 94,757 | |||||
Bharat Electronics Ltd. | 74,073 | 103,775 | |||||
Bharat Heavy Electricals Ltd. | 96,730 | 58,815 | |||||
Bharti Airtel Ltd. | 295,587 | 1,888,360 | |||||
Birla Corp., Ltd. | 3,237 | 27,688 | |||||
Brigade Enterprises Ltd. | 9,561 | 29,335 | |||||
Cadila Healthcare Ltd. | 21,220 | 75,467 | |||||
Canara Bank * | 16,899 | 52,382 | |||||
Ceat Ltd. | 3,536 | 48,989 | |||||
CG Power and Industrial Solutions Ltd. * | 49,779 | 7,602 | |||||
Chambal Fertilizers and Chemicals Ltd. | 14,403 | 30,772 | |||||
Cipla Ltd. | 40,427 | 270,672 | |||||
City Union Bank Ltd. | 18,860 | 62,027 | |||||
Cochin Shipyard Ltd. ± | 3,997 | 22,511 | |||||
Container Corp. Of India Ltd. | 7,508 | 60,256 | |||||
Corporation Bank * | 735 | 259 | |||||
Cox & Kings Financial Service Ltd. * | 3,984 | 25 | |||||
Cox & Kings Ltd. * | 11,953 | 251 | |||||
Cyient Ltd. | 7,451 | 42,642 | |||||
Dalmia Bharat Ltd. * | 939 | 10,656 | |||||
DCB Bank Ltd. | 19,962 | 48,102 | |||||
DCM Shriram Ltd. | 4,319 | 24,022 | |||||
Dilip Buildcon Ltd. ± | 2,860 | 16,127 | |||||
Dishman Carbogen Amcis Ltd. | 5,292 | 6,243 | |||||
DLF Ltd. | 49,579 | 159,966 | |||||
Dr Reddy 's Laboratories Ltd., ADR | 10,396 | 421,870 | |||||
eClerx Services Ltd. | 1,042 | 8,266 | |||||
Edelweiss Financial Services Ltd. | 37,825 | 57,921 | |||||
EID Parry India Ltd. | 7,288 | 20,523 | |||||
Escorts Ltd. | 8,038 | 70,945 | |||||
Exide Industries Ltd. | 21,360 | 55,780 | |||||
Federal Bank Ltd. | 191,290 | 235,434 | |||||
Finolex Cables Ltd. | 3,726 | 19,330 | |||||
Finolex Industries Ltd. | 1,266 | 9,764 | |||||
Firstsource Solutions Ltd. | 20,730 | 11,907 | |||||
Fortis Healthcare Ltd. * | 29,585 | 54,919 | |||||
GAIL India Ltd. | 230,723 | 391,444 | |||||
GAIL India Ltd., GDR | 552 | 5,432 | |||||
Gateway Distriparks Ltd. | 5,474 | 9,425 | |||||
General Insurance Corp. of India ± | 7,543 | 23,883 | |||||
Glenmark Pharmaceuticals Ltd. | 12,966 | 63,033 | |||||
Godfrey Phillips India Ltd. | 794 | 14,141 | |||||
Granules India Ltd. | 17,305 | 29,905 | |||||
Grasim Industries Ltd. | 31,951 | 333,484 | |||||
Great Eastern Shipping Co., Ltd. (The) | 8,582 | 36,070 | |||||
Gujarat Alkalies & Chemicals Ltd. | 2,551 | 14,903 | |||||
Gujarat Narmada Valley Fertilizers & | |||||||
Chemicals Ltd. | 4,596 | 10,534 | |||||
Gujarat Pipavav Port Ltd. | 19,498 | 24,312 | |||||
Gujarat State Petronet Ltd. | 17,561 | 53,917 | |||||
Himachal Futuristic Communications Ltd. | 69,784 | 17,158 | |||||
Hindalco Industries Ltd. | 170,691 | 516,056 | |||||
ICICI Bank Ltd. | 15,316 | 115,581 | |||||
ICICI Bank Ltd., ADR | 82,445 | 1,244,095 | |||||
Idea Cellular Ltd. * | 856,414 | 74,389 | |||||
IDFC Bank Ltd. * | 120,566 | 76,601 | |||||
IDFC Ltd. | 78,818 | 43,452 | |||||
IFCI Ltd. * | 68,818 | 6,363 | |||||
IIFL Holdings Ltd. | 25,376 | 49,790 | |||||
IIFL Securities Ltd. * | 25,376 | 14,629 | |||||
IIFL Wealth Management Ltd. | 3,625 | 57,642 | |||||
India Cements Ltd. (The) | 31,361 | 31,305 | |||||
Indiabulls Housing Finance Ltd. | 31,451 | 137,717 | |||||
Indiabulls Real Estate Ltd. * | 29,702 | 27,194 | |||||
Indiabulls Ventures Ltd. | 9,410 | 28,258 | |||||
Indian Bank * | 10,338 | 14,657 | |||||
Indian Hotels Co., Ltd. (The) | 9,238 | 18,682 | |||||
Inox Fluorochemicals Ltd. * | 4,451 | 38,490 | |||||
J Kumar Infraprojects Ltd. | 2,087 | 4,164 | |||||
Jagran Prakashan Ltd. | 8,773 | 7,670 | |||||
Jain Irrigation Systems Ltd. | 44,473 | 5,047 | |||||
Jammu & Kashmir Bank Ltd. (The) * | 24,690 | 10,360 | |||||
Jindal Saw Ltd. | 14,261 | 14,585 | |||||
Jindal Steel & Power Ltd. * | 46,366 | 108,903 | |||||
JK Cement Ltd. | 1,001 | 16,339 | |||||
JM Financial Ltd. | 26,872 | 35,483 | |||||
JSW Energy Ltd. | 64,641 | 62,578 | |||||
JSW Steel Ltd. | 146,710 | 554,956 | |||||
Jubilant Life Sciences Ltd. | 9,690 | 72,901 | |||||
Kalpataru Power Transmission Ltd. | 5,415 | 31,104 | |||||
Karnataka Bank Ltd. (The) | 25,825 | 26,050 | |||||
Karur Vysya Bank Ltd. (The) | 50,658 | 42,760 | |||||
Kaveri Seed Co., Ltd. | 2,125 | 15,064 | |||||
KEC International Ltd. | 2,756 | 11,661 | |||||
KPIT Engineering Ltd. * | 21,169 | 27,582 | |||||
KPIT Technologies Ltd. * | 21,169 | 21,027 | |||||
KPR Mill Ltd. | 1,232 | 11,323 | |||||
KRBL Ltd. | 2,340 | 9,360 | |||||
L&T Finance Holdings Ltd. | 64,219 | 106,435 | |||||
Larsen & Toubro Ltd. | 24,741 | 452,337 | |||||
Larsen & Toubro Ltd. GDR | 17,284 | 317,680 | |||||
Laurus Labs Ltd. ± | 2,957 | 14,914 | |||||
LIC Housing Finance Ltd. | 40,180 | 244,222 | |||||
Lupin Ltd. | 31,166 | 334,024 | |||||
Magma Fincorp Ltd. | 22,463 | 16,915 | |||||
Maharashtra Scooters Ltd. | 198 | 12,386 | |||||
Mahindra & Mahindra Financial Services Ltd. | 38,086 | 171,680 | |||||
Mahindra & Mahindra Ltd. | 97,230 | 723,659 | |||||
Mahindra & Mahindra Ltd., GDR | 11,770 | 88,981 |
The accompanying notes are an integral part of these financial statements.
39
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
India (Continued) | |||||||
Mahindra CIE Automotive Ltd. * | 6,907 | $ | 15,875 | ||||
Manappuram Finance Ltd. | 52,506 | 130,239 | |||||
Max India Ltd. * | 8,945 | 10,195 | |||||
Motilal Oswal Financial Services Ltd. | 2,516 | 26,648 | |||||
Mphasis Ltd. | 11,356 | 146,385 | |||||
MRF Ltd. | 145 | 134,481 | |||||
Muthoot Finance Ltd. | 15,546 | 165,755 | |||||
Natco Pharma Ltd. | 2,947 | 24,772 | |||||
National Aluminium Co., Ltd. | 66,123 | 40,390 | |||||
Nava Bharat Ventures Ltd. | 7,718 | 8,023 | |||||
NCC Ltd. | 58,777 | 46,114 | |||||
Oberoi Realty Ltd. | 8,568 | 63,703 | |||||
Oriental Bank of Commerce * | 14,300 | 10,478 | |||||
PC Jeweller Ltd. * | 7,610 | 2,607 | |||||
Persistent Systems Ltd. | 5,293 | 49,706 | |||||
Petronet LNG Ltd. | 18,380 | 69,023 | |||||
Piramal Enterprises Ltd. | 8,714 | 185,943 | |||||
PNB Housing Finance Ltd. ± | 4,224 | 25,624 | |||||
PNC Infratech Ltd. | 4,201 | 11,241 | |||||
Power Finance Corp. Ltd. * | 93,216 | 153,645 | |||||
Prakash Industries Ltd. | 3,119 | 2,224 | |||||
Prestige Estates Projects Ltd. | 14,610 | 69,142 | |||||
PTC India Ltd. | 28,037 | 21,957 | |||||
Punjab National Bank * | 189,708 | 171,294 | |||||
Quess Corp., Ltd. *± | 2,433 | 16,438 | |||||
Rain Industries Ltd. | 7,350 | 10,143 | |||||
Rajesh Exports Ltd. | 7,411 | 69,357 | |||||
Rashtriya Chemicals & Fertilizers Ltd. | 7,262 | 4,731 | |||||
Raymond Ltd. | 3,276 | 30,780 | |||||
RBL Bank Ltd. ± | 23,980 | 115,855 | |||||
Redington India Ltd. | 28,950 | 47,859 | |||||
Reliance Industries Ltd. | 354,872 | 7,537,124 | |||||
Reliance Industries Ltd., GDR ± | 28,624 | 1,217,951 | |||||
Reliance Power Ltd. * | 91,910 | 4,507 | |||||
Repco Home Finance Ltd. | 3,632 | 16,143 | |||||
Rural Electrification Corp. Ltd. | 117,454 | 235,309 | |||||
Sadbhav Engineering Ltd. | 4,946 | 7,532 | |||||
Shilpa Medicare Ltd. | 1,821 | 7,171 | |||||
Shipping Corp. of India Ltd. * | 14,166 | 12,305 | |||||
Shriram City Union Finance Ltd. | 2,635 | 51,496 | |||||
Shriram Transport Finance Co., Ltd. | 21,478 | 351,848 | |||||
Sobha Ltd. | 6,105 | 34,302 | |||||
Somany Home Innovation Ltd. * | 2,665 | 5,414 | |||||
South Indian Bank Ltd. (The) | 112,022 | 15,930 | |||||
SRF Ltd. | 2,051 | 98,561 | |||||
State Bank of India * | 97,841 | 457,554 | |||||
State Bank of India Ltd., GDR * | 2,800 | 131,040 | |||||
Steel Authority of India Ltd. | 89,762 | 54,012 | |||||
Sterlite Technologies Ltd. | 6,042 | 10,005 | |||||
Strides Shasun Ltd. | 5,470 | 27,665 | |||||
Sun Pharmaceutical Industries Ltd. | 82,251 | 498,151 | |||||
Sunteck Realty Ltd. | 5,951 | 34,850 | |||||
Syndicate Bank * | 19,381 | 7,589 | |||||
Tata Chemicals Ltd. | 10,372 | 97,060 | |||||
Tata Global Beverages Ltd. | 40,148 | 180,693 | |||||
Tata Motors Ltd. * | 190,099 | 491,772 | |||||
Tata Motors Ltd. * | 9,839 | 127,218 | |||||
Tata Steel Ltd. | 55,068 | 363,182 | |||||
Thomas Cook India Ltd. | 3,507 | 3,144 | |||||
TI Financial Holdings Ltd. * | 2,985 | 20,826 | |||||
Time Technoplast Ltd. | 13,782 | 10,851 | |||||
Tube Investments of India Ltd. | 2,032 | 13,707 | |||||
TV18 Broadcast Ltd. * | 55,772 | 16,526 | |||||
Uflex Ltd. | 3,166 | 8,893 | |||||
Union Bank of India * | 28,863 | 22,180 | |||||
VA Tech Wabag Ltd. * | 3,303 | 8,390 | |||||
Vardhman Textiles Ltd. | 2,832 | 39,319 | |||||
Vedanta Ltd. | 207,664 | 442,948 | |||||
Vedanta Ltd., ADR | 14,869 | 128,319 | |||||
Welspun Corp., Ltd. | 11,246 | 22,680 | |||||
Welspun India Ltd. | 31,519 | 21,152 | |||||
Wipro Ltd. | 138,808 | 478,587 | |||||
Wockhardt Ltd. * | 4,111 | 13,494 | |||||
Yes Bank Ltd. | 193,770 | 127,591 | |||||
Zee Entertainment Enterprises Ltd. | 51,165 | 209,310 | |||||
Zensar Technologies Ltd. | 5,610 | 13,754 | |||||
29,479,199 | |||||||
Indonesia — 2.6% | |||||||
Adaro Energy Tbk PT | 2,296,700 | 257,257 | |||||
Adhi Karya Persero Tbk PT | 265,600 | 22,480 | |||||
AKR Corporindo Tbk PT | 184,700 | 52,553 | |||||
Alam Sutera Realty Tbk PT * | 1,503,200 | 25,771 | |||||
Aneka Tambang Tbk PT | 812,316 | 49,151 | |||||
Astra Agro Lestari Tbk PT | 61,744 | 64,824 | |||||
Astra International Tbk PT | 1,609,400 | 802,816 | |||||
Astra Otoparts Tbk PT | 19,600 | 1,751 | |||||
Bank Bukopin Tbk PT * | 428,300 | 6,911 | |||||
Bank Danamon Indonesia Tbk PT | 242,673 | 69,048 | |||||
Bank Mandiri Tbk PT | 1,948,700 | 1,077,347 | |||||
Bank Maybank Indonesia Tbk PT | 568,800 | 8,440 | |||||
Bank Negara Indonesia Persero Tbk PT | 931,466 | 526,707 | |||||
Bank Pan Indonesia Tbk PT * | 763,800 | 73,450 | |||||
Bank Pembangunan Daerah Jawa Barat Dan | |||||||
Banten Tbk PT | 445,200 | 38,002 | |||||
Bank Pembangunan Daerah Jawa Timur | |||||||
Tbk PT | 69,000 | 3,405 | |||||
Bank Tabungan Negara Tbk PT | 405,590 | 61,938 | |||||
Barito Pacific Tbk PT | 704,500 | 76,628 | |||||
BFI Finance Indonesia Tbk PT | 564,800 | 22,783 | |||||
BISI International Tbk PT | 94,000 | 7,110 | |||||
Bukit Asam Tbk PT | 339,600 | 65,070 | |||||
Bumi Serpong Damai Tbk PT * | 850,400 | 76,878 | |||||
Ciputra Development Tbk PT | 1,431,877 | 107,268 | |||||
Delta Dunia Makmur Tbk PT * | 589,400 | 11,888 | |||||
Eagle High Plantations Tbk PT * | 1,380,100 | 15,608 | |||||
Erajaya Swasembada Tbk PT | 208,500 | 26,959 | |||||
Gajah Tunggal Tbk PT * | 177,100 | 7,463 | |||||
Garuda Indonesia Persero Tbk PT * | 400,470 | 14,366 | |||||
Global Mediacom Tbk PT * | 1,084,300 | 27,181 | |||||
Hanson International Tbk PT * | 5,335,700 | 19,217 | |||||
Indah Kiat Pulp & Paper Corp., Tbk PT | 365,500 | 202,726 | |||||
Indika Energy Tbk PT | 305,700 | 26,315 | |||||
Indo Tambangraya Megah Tbk PT | 52,800 | 43,643 | |||||
Indofood Sukses Makmur Tbk PT | 617,800 | 352,679 | |||||
Japfa Comfeed Indonesia Tbk PT | 567,600 | 62,760 | |||||
Krakatau Steel Persero Tbk PT * | 255,200 | 5,588 | |||||
Lippo Cikarang Tbk PT * | 40 | 3 | |||||
Lippo Karawaci Tbk PT * | 5,497,772 | 95,837 | |||||
Medco Energi Internasional Tbk PT * | 1,095,266 | 68,245 | |||||
Media Nusantara Citra Tbk PT | 629,000 | 73,853 | |||||
Modernland Realty Tbk PT * | 1,398,700 | 21,561 | |||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 98,000 | 72,534 | |||||
Pakuwon Jati Tbk PT | 295,800 | 12,145 | |||||
Panin Financial Tbk PT * | 1,598,900 | 34,782 | |||||
Pembangunan Perumahan Persero Tbk PT | 442,900 | 50,567 | |||||
PP Properti Tbk PT | 1,727,300 | 8,461 | |||||
Ramayana Lestari Sentosa Tbk PT | 70,400 | 5,401 |
The accompanying notes are an integral part of these financial statements.
40
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Indonesia (Continued) | |||||||
Salim Ivomas Pratama Tbk PT * | 482,300 | $ | 15,008 | ||||
Semen Indonesia Persero Tbk PT | 269,900 | 233,301 | |||||
Sentul City Tbk PT * | 1,477,400 | 9,046 | |||||
Sri Rejeki Isman Tbk PT | 996,900 | 18,671 | |||||
Surya Semesta Internusa Tbk PT | 393,100 | 18,547 | |||||
Tiga Pilar Sejahtera Food Tbk PT *§ | 168,600 | — | |||||
Timah Tbk PT | 396,682 | 23,574 | |||||
Tunas Baru Lampung Tbk PT | 317,700 | 22,770 | |||||
United Tractors Tbk PT | 249,500 | 386,853 | |||||
Vale Indonesia Tbk PT * | 218,900 | 57,396 | |||||
Waskita Beton Precast Tbk PT | 1,138,000 | 24,920 | |||||
Waskita Karya Persero Tbk PT | 606,100 | 64,834 | |||||
Wijaya Karya Persero Tbk PT | 459,200 | 65,824 | |||||
XL Axiata Tbk PT * | 526,000 | 119,352 | |||||
5,817,466 | |||||||
Korea — 15.9% | |||||||
AK Holdings, Inc. | 449 | 13,434 | |||||
Asia Cement Co., Ltd. | 309 | 20,307 | |||||
Asia Paper Manufacturing Co. Ltd. | 567 | 14,709 | |||||
BGF Co., Ltd. | 4,970 | 24,067 | |||||
BNK Financial Group, Inc. | 37,989 | 251,628 | |||||
Capro Corp. | 3,814 | 10,257 | |||||
Chongkundang Holdings Corp. | 228 | 19,913 | |||||
CJ CheilJedang Corp. | 1,213 | 264,847 | |||||
CJ Corp. | 2,399 | 200,392 | |||||
CJ Hellovision Co., Ltd. | 4,225 | 22,103 | |||||
Dae Han Flour Mills Co., Ltd. | 157 | 20,025 | |||||
Daelim Industrial Co., Ltd. | 4,243 | 332,043 | |||||
Daesang Corp. | 3,420 | 68,610 | |||||
Daewoo Engineering & Construction Co., Ltd. * | 30,049 | 123,163 | |||||
Daewoo Shipbuilding & Marine | |||||||
Engineering Co., Ltd. * | 5,100 | 122,820 | |||||
Daishin Securities Co., Ltd. | 5,898 | 60,946 | |||||
Daou Technology, Inc. | 3,137 | 51,540 | |||||
DGB Financial Group, Inc. | 21,295 | 131,108 | |||||
Dongbu Insurance Co., Ltd. | 7,581 | 342,848 | |||||
Dongkuk Steel Mill Co., Ltd. * | 7,956 | 40,934 | |||||
Dongwon Development Co., Ltd. | 7,412 | 26,182 | |||||
Dongwon Industries Co., Ltd. | 221 | 40,418 | |||||
Doosan Bobcat, Inc. * | 6,843 | 203,257 | |||||
Doosan Corp. | 930 | 56,534 | |||||
Doosan Fuel Cell Co. Ltd. * | 3,111 | 23,566 | |||||
Doosan Heavy Industries & Construction | |||||||
Co., Ltd. * | 21,002 | 103,879 | |||||
Doosan Infracore Co., Ltd. * | 21,468 | 103,029 | |||||
Doosan Solus Co. Ltd. * | 1,715 | 30,179 | |||||
DTR Automotive Corp. | 652 | 16,547 | |||||
E-Mart Co., Ltd. | 2,694 | 297,017 | |||||
Easy Bio, Inc. | 5,230 | 22,544 | |||||
Eugene Corp. | 10,995 | 47,823 | |||||
Eugene Investment & Securities Co., Ltd. | 8,694 | 17,216 | |||||
GS Engineering & Construction Corp. | 8,640 | 231,979 | |||||
GS Holdings Corp. | 9,519 | 424,731 | |||||
GS Home Shopping, Inc. | 400 | 51,399 | |||||
Halla Holdings Corp. | 1,447 | 57,432 | |||||
Hana Financial Group, Inc. | 48,804 | 1,557,238 | |||||
Handsome Co., Ltd. | 1,970 | 53,745 | |||||
Hanil Cement Co., Ltd. | 233 | 18,818 | |||||
Hanil Holdings Co Ltd. | 191 | 7,251 | |||||
Hanjin Transportation Co., Ltd. | 1,833 | 47,551 | |||||
Hankook Tire Co., Ltd. | 12,471 | 361,799 | |||||
Hansol Holdings Co., Ltd. * | 7,109 | 24,128 | |||||
Hansol Paper Co., Ltd. | 2,232 | 27,889 | |||||
Hansol Technics Co., Ltd. * | 1,664 | 12,864 | |||||
Hanwha Chem Corp. * | 14,628 | 238,435 | |||||
Hanwha Corp. | 5,835 | 126,140 | |||||
Hanwha General Insurance Co., Ltd. | 8,055 | 19,677 | |||||
Hanwha Investment & Securities Co., Ltd. * | 18,065 | 32,258 | |||||
Hanwha Life Insurance Co., Ltd. | 58,215 | 116,284 | |||||
Hanwha Techwin Co., Ltd. * | 4,682 | 141,903 | |||||
Harim Holdings Co., Ltd. | 3,907 | 28,953 | |||||
HDC Hyundai Development Co.- | |||||||
Engineering & Construction | 1,703 | 37,772 | |||||
Heungkuk Fire & Marine Insurance Co., Ltd. * | 7,083 | 18,772 | |||||
Humax Co., Ltd. * | 1,390 | 6,250 | |||||
Hy-Lok Corp. | 918 | 15,241 | |||||
Hyosung Advanced Materials Corp. * | 147 | 14,110 | |||||
Hyosung Chemical Corp. | 104 | 12,995 | |||||
Hyosung Corp. | 1,324 | 90,560 | |||||
Hyosung Heavy Industries Corp. * | 306 | 7,052 | |||||
Hyosung TNC Co., Ltd. | 142 | 18,971 | |||||
Hyundai Construction Equipment Co., Ltd. | 1,558 | 40,282 | |||||
Hyundai Department Store Co., Ltd. | 2,271 | 163,189 | |||||
Hyundai Development Co. | 4,642 | 44,355 | |||||
Hyundai Electric & Energy System Co., Ltd. * | 1,980 | 19,775 | |||||
Hyundai Engineering & Construction Co., Ltd. | 8,487 | 310,433 | |||||
Hyundai Greenfood Co., Ltd. | 5,396 | 55,292 | |||||
Hyundai Heavy Industries Co., Ltd. * | 3,600 | 393,791 | |||||
Hyundai Home Shopping Network Corp. | 716 | 49,840 | |||||
Hyundai Hy Communications & Networks | |||||||
Co., Ltd. | 3,997 | 11,786 | |||||
Hyundai Livart Furniture Co. Ltd. | 1,625 | 18,759 | |||||
Hyundai Marine & Fire Insurance Co., Ltd. | 10,174 | 237,096 | |||||
Hyundai Mipo Dockyard Co., Ltd. | 2,135 | 85,016 | |||||
Hyundai Mobis Co., Ltd. | 6,886 | 1,524,334 | |||||
Hyundai Motor Co. | 12,940 | 1,348,325 | |||||
Hyundai Motor Securities Co., Ltd. | 1,658 | 14,409 | |||||
Hyundai Robotics Co., Ltd. | 1,054 | 308,057 | |||||
Hyundai Steel Co. | 12,692 | 345,163 | |||||
Hyundai Wia Corp. | 1,952 | 84,734 | |||||
Industrial Bank of Korea * | 42,024 | 428,798 | |||||
Interpark Holdings Corp. | 7,348 | 13,788 | |||||
INTOPS Co., Ltd. | 1,491 | 16,632 | |||||
IS Dongseo Co., Ltd. | 1,670 | 47,582 | |||||
JB Financial Group Co., Ltd. | 23,079 | 109,563 | |||||
KB Financial Group, Inc. * | 6,566 | 270,543 | |||||
KB Financial Group, Inc., ADR * | 56,600 | 2,341,542 | |||||
KCC Corp. § | 562 | 113,474 | |||||
Kia Motors Corp. | 34,999 | 1,340,703 | |||||
KISWIRE Ltd. | 933 | 16,579 | |||||
KIWOOM Securities Co., Ltd. | 2,047 | 140,721 | |||||
Kolmar Korea Holdings Co. Ltd. | 1,820 | 35,489 | |||||
Kolon Corp. | 985 | 14,948 | |||||
Kolon Industries, Inc. | 2,613 | 112,410 | |||||
Korea Asset In Trust Co., Ltd. | 5,452 | 15,888 | |||||
Korea Electric Terminal Co., Ltd. | 682 | 25,211 | |||||
Korea Investment Holdings Co., Ltd. | 6,241 | 390,720 |
The accompanying notes are an integral part of these financial statements.
41
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Korea (Continued) | |||||||
Korea Line Corp. * | 2,642 | $ | 52,545 | ||||
Korea Petrochemical Ind Co., Ltd. | 506 | 51,412 | |||||
Korea Real Estate Investment & Trust Co., Ltd. | 23,805 | 43,228 | |||||
Korean Air Lines Co., Ltd. | 7,810 | 192,473 | |||||
Korean Reinsurance Co. | 11,454 | 90,230 | |||||
KT Skylife Co., Ltd. | 3,507 | 26,444 | |||||
Kukdo Chemical Co., Ltd. | 393 | 15,989 | |||||
Kumho Petrochemical Co. Ltd. | 2,140 | 143,413 | |||||
Kwang Dong Pharmaceutical Co., Ltd. | 5,019 | 28,861 | |||||
Kyobo Securities Co., Ltd. | 2,156 | 17,189 | |||||
LF Corp. | 3,054 | 48,856 | |||||
LG Corp. | 10,130 | 646,456 | |||||
LG Display Co., Ltd. * | 12,166 | 170,952 | |||||
LG Display Co., Ltd., ADR *@ | 62,695 | 435,103 | |||||
LG Electronics, Inc. * | 18,039 | 1,124,659 | |||||
LG Hausys Ltd. | 907 | 42,901 | |||||
LG International Corp. | 4,279 | 55,687 | |||||
LG Uplus Corp. | 15,900 | 195,235 | |||||
Lotte Chemical Corp. | 2,945 | 570,435 | |||||
Lotte Chilsung Beverage Co., Ltd. | 470 | 56,898 | |||||
Lotte Confectionery Co., Ltd. | 72 | 9,308 | |||||
Lotte Corp. | 2,825 | 95,148 | |||||
LOTTE Fine Chemicals Co., Ltd. | 2,950 | 115,174 | |||||
Lotte Food Co., Ltd. | 34 | 12,142 | |||||
LOTTE Himart Co., Ltd. | 1,461 | 39,037 | |||||
Lotte Shopping Co., Ltd. | 1,539 | 180,323 | |||||
LS Corp. | 2,558 | 105,731 | |||||
Lumens Co., Ltd. * | 5,701 | 15,184 | |||||
Meritz Financial Group, Inc. | 6,335 | 64,640 | |||||
Meritz Fire & Marine Insurance Co., Ltd. | 6,331 | 97,720 | |||||
Meritz Securities Co., Ltd. | 51,373 | 168,363 | |||||
Mirae Asset Daewoo Co., Ltd. | 41,677 | 272,092 | |||||
Mirae Asset Life Insurance Co., Ltd. | 13,679 | 48,911 | |||||
Moorim P&P Co., Ltd. | 2,365 | 8,640 | |||||
Muhak Co., Ltd. | 2,076 | 15,241 | |||||
Namyang Dairy Products Co., Ltd. | 41 | 15,582 | |||||
Nexen Corp. | 2,630 | 13,759 | |||||
Nexen Tire Corp. | 5,151 | 40,666 | |||||
NH Investment & Securities Co., Ltd. | 20,301 | 222,943 | |||||
NHN Entertainment Corp. * | 1,188 | 68,622 | |||||
Nong Shim Co., Ltd. | 339 | 70,500 | |||||
Nong Shim Holdings Co., Ltd. | 185 | 12,558 | |||||
NS Shopping Co., Ltd. | 1,784 | 14,578 | |||||
OCI Co., Ltd. | 2,344 | 126,883 | |||||
Orange Life Insurance Ltd. ± | 4,577 | 111,412 | |||||
Orion Holdings Corp. | 2,572 | 39,588 | |||||
Pan Ocean Co., Ltd. * | 32,472 | 127,619 | |||||
Poongsan Corp. | 2,993 | 61,597 | |||||
POSCO | 984 | 201,233 | |||||
Posco Daewoo Corp. | 7,508 | 121,081 | |||||
POSCO, ADR | 51,783 | 2,621,255 | |||||
S&T Dynamics Co., Ltd. | 2,008 | 11,477 | |||||
S&T Motiv Co., Ltd. | 1,086 | 40,146 | |||||
Sajo Industries Co., Ltd. | 327 | 10,547 | |||||
Samsung C&T Corp. | 5,494 | 515,456 | |||||
Samsung Card Co., Ltd. | 3,768 | 125,768 | |||||
Samsung Fire & Marine Insurance Co., Ltd. | 4,298 | 904,979 | |||||
Samsung Heavy Industries Co., Ltd. * | 37,996 | 238,861 | |||||
Samsung Life Insurance Co., Ltd. | 10,315 | 664,506 | |||||
Samsung Securities Co., Ltd. | 7,725 | 257,845 | |||||
Samyang Corp. | 427 | 18,683 | |||||
Samyang Holdings Corp. | 578 | 33,487 | |||||
SeAH Besteel Corp. | 1,570 | 20,703 | |||||
SeAH Steel Corp. | 210 | 11,059 | |||||
SeAH Steel Holdings Corp. | 235 | 9,632 | |||||
Sebang Co., Ltd. | 1,306 | 12,987 | |||||
Sebang Global Battery Co., Ltd. | 944 | 30,448 | |||||
Seohan Co., Ltd. | 5,607 | 5,770 | |||||
Shinhan Financial Group Co., Ltd. * | 21,114 | 791,467 | |||||
Shinhan Financial Group Co., Ltd., | |||||||
ADR *@ | 45,208 | 1,721,069 | |||||
Shinsegae Co., Ltd. | 1,093 | 273,144 | |||||
Shinyoung Securities Co., Ltd. | 511 | 24,038 | |||||
Sindoh Co., Ltd. | 964 | 30,759 | |||||
SK Chemicals Co., Ltd. | 1,366 | 75,597 | |||||
SK Discovery Co Ltd. | 1,596 | 36,089 | |||||
SK Gas Co., Ltd. | 364 | 26,628 | |||||
SK Holdings Co., Ltd. | 3,700 | 838,255 | |||||
SK Innovation Co., Ltd. | 6,554 | 850,102 | |||||
SK Networks Co., Ltd. | 21,566 | 110,772 | |||||
SK Securities Co., Ltd. | 36,346 | 19,077 | |||||
SKC Co., Ltd. | 1,827 | 80,572 | |||||
SL Corp. | 2,487 | 39,032 | |||||
Songwon Industrial Co. Ltd. | 1,925 | 25,884 | |||||
Ssangyong Motor Co. * | 7,906 | 14,186 | |||||
Sung Kwang Bend Co., Ltd. | 2,941 | 26,321 | |||||
Sungwoo Hitech Co., Ltd. | 7,756 | 25,150 | |||||
Sunjin Co., Ltd. | 941 | 7,641 | |||||
Taekwang Industrial Co., Ltd. | 61 | 55,912 | |||||
Taewoong Co., Ltd. * | 2,152 | 16,543 | |||||
Taeyoung Engineering & Construction Co., Ltd. | 6,376 | 65,885 | |||||
Tongyang Life Insurance Co., Ltd. | 6,487 | 22,438 | |||||
Tongyang, Inc. | 18,180 | 22,559 | |||||
Unid Co., Ltd. | 1,035 | 41,840 | |||||
Wonik Holdings Co., Ltd. * | 5,077 | 23,970 | |||||
Woori Financial Group, Inc. | 57,755 | 579,323 | |||||
Woori Financial Spon ADR *@ | 6,036 | 182,649 | |||||
Young Poong Corp. | 46 | 25,656 | |||||
Youngone Corp. * | 3,259 | 96,520 | |||||
Youngone Holdings Co., Ltd. | 787 | 32,802 | |||||
Yuanta Securities Korea Co., Ltd. * | 15,682 | 38,851 | |||||
35,674,890 | |||||||
Malaysia — 2.6% | |||||||
Aeon Co. M Bhd | 64,400 | 22,356 | |||||
Affin Holdings Bhd | 44,670 | 20,749 | |||||
AirAsia Bhd | 239,300 | 99,452 | |||||
Alliance Financial Group Berhad | 167,400 | 107,630 | |||||
AMMB Holdings Berhad | 285,887 | 273,272 | |||||
Batu Kawan Berhad | 18,800 | 80,155 | |||||
Berjaya Corp. Berhad * | 455,775 | 27,856 | |||||
Berjaya Land Berhad * | 215,200 | 9,996 | |||||
Boustead Holdings Berhad | 62,239 | 14,455 | |||||
Boustead Plantations Bhd | 55,720 | 10,421 | |||||
Bumi Armada Bhd * | 442,100 | 57,282 | |||||
Cahya Mata Sarawak Bhd | 68,100 | 37,792 | |||||
CIMB Group Holdings Bhd | 813,505 | 1,024,215 | |||||
Coastal Contracts Bhd * | 36,500 | 11,422 | |||||
DRB-Hicom Berhad | 119,100 | 69,297 | |||||
Eastern & Oriental Bhd | 83,232 | 12,717 | |||||
Eco World Development Group Bhd * | 176,300 | 32,109 | |||||
Ekovest Bhd | 165,800 | 31,818 | |||||
Felda Global Ventures Holdings Bhd * | 258,800 | 96,168 | |||||
Gamuda Berhad | 173,100 | 165,039 | |||||
Genting Bhd | 217,700 | 321,986 | |||||
Genting Malaysia Bhd | 237,300 | 190,861 |
The accompanying notes are an integral part of these financial statements.
42
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Malaysia (Continued) | |||||||
HAP Seng Consolidated Berhad | 24,400 | $ | 59,531 | ||||
Hengyuan Refining Co. Bhd * | 9,900 | 10,213 | |||||
Hong Leong Bank Bhd | 14,300 | 60,479 | |||||
Hong Leong Financial Group Berhad | 29,521 | 121,967 | |||||
IJM Corp. Berhad | 308,160 | 163,478 | |||||
IOI Properties Group Bhd | 168,150 | 50,973 | |||||
Jaya Tiasa Holdings Bhd | 54,200 | 13,780 | |||||
Keck Seng Malaysia Bhd | 13,300 | 15,282 | |||||
KNM Group Bhd * | 258,360 | 23,685 | |||||
Lotte Chemical Titan Holding Bhd ± | 36,200 | 21,328 | |||||
Mah Sing Group Bhd | 205,885 | 35,484 | |||||
Malayan Banking Bhd | 275,919 | 582,799 | |||||
Malaysia Building Society Bhd | 187,868 | 38,120 | |||||
Malaysian Pacific Industries Bhd | 5,200 | 14,543 | |||||
Malaysian Resources Corp. Bhd | 336,800 | 60,106 | |||||
Matrix Concepts Holdings Bhd | 42,800 | 19,985 | |||||
Media Prima Bhd * | 120,700 | 8,262 | |||||
MISC Berhad | 118,520 | 241,937 | |||||
MKH Bhd | 36,950 | 15,718 | |||||
MMC Corp. Berhad | 61,400 | 14,785 | |||||
Muhibbah Engineering M Bhd | 47,400 | 28,506 | |||||
Multi-Purpose Holdings Bhd | 86,100 | 54,095 | |||||
Oriental Holdings Berhad | 36,560 | 58,543 | |||||
OSK Holdings Berhad | 74,455 | 18,930 | |||||
Pos Malaysia Berhad | 53,800 | 19,466 | |||||
PPB Group Berhad | 37,500 | 172,717 | |||||
RHB Capital Berhad | 177,571 | 250,913 | |||||
Sapura Energy Bhd | 662,200 | 43,710 | |||||
Sarawak Oil Palms Bhd | 20,500 | 20,548 | |||||
Sime Darby Bhd | 293,600 | 159,343 | |||||
Sime Darby Property Bhd | 308,000 | 68,896 | |||||
SP Setia Bhd Group | 143,480 | 56,122 | |||||
Sunway Bhd | 205,597 | 90,472 | |||||
Ta Ann Holdings Bhd | 33,360 | 28,544 | |||||
TA Enterprise Bhd | 140,200 | 20,393 | |||||
Time dotCom Bhd | 9,380 | 21,143 | |||||
UEM Sunrise Bhd * | 225,600 | 38,882 | |||||
United Malacca Bhd | 14,600 | 19,095 | |||||
UOA Development Bhd | 121,000 | 60,049 | |||||
VS Industry Bhd | 134,600 | 44,093 | |||||
Wah Seong Corp. Bhd * | 3,573 | 1,048 | |||||
WCT Holdings Bhd * | 113,654 | 24,173 | |||||
YTL Corp. Berhad | 587,645 | 140,788 | |||||
5,729,972 | |||||||
Mexico — 3.2% | |||||||
ALEATICA SAB de CV | 17,691 | 26,292 | |||||
Alfa SAB de CV, Class A | 432,223 | 357,986 | |||||
Alpek SA de CV | 61,784 | 68,458 | |||||
Arca Continental SAB de CV | 34,213 | 180,967 | |||||
Banco del Bajio SA ± | 69,070 | 116,167 | |||||
Cemex SAB de CV | 1,339,508 | 501,585 | |||||
Coca-Cola Femsa SAB de CV | 24,353 | 147,863 | |||||
Consorcio ARA SAB de CV | 72,788 | 16,015 | |||||
Corp. Actinver SAB de CV | 15,700 | 9,549 | |||||
Credito Real SAB de CV SOFOM ER | 28,241 | 35,310 | |||||
El Puerto de Liverpool SAB de CV, | |||||||
Series C | 16,147 | 80,105 | |||||
Genomma Lab Internacional SAB de CV, | |||||||
Series B * | 69,897 | 69,315 | |||||
Gentera SAB de CV | 125,754 | 128,963 | |||||
Grupo Aeromexico SAB de CV * | 36,839 | 30,492 | |||||
Grupo Carso SAB de CV, Series A | 36,003 | 133,082 | |||||
Grupo Cementos de Chihuahua SAB de CV | 9,847 | 52,575 | |||||
Grupo Comercial Chedraui SA de CV | 54,670 | 78,300 | |||||
Grupo Elektra SAB de CV | 2,237 | 164,774 | |||||
Grupo Financiero Banorte SAB de CV | 286,505 | 1,599,549 | |||||
Grupo Financiero Inbursa SA | 217,619 | 267,024 | |||||
Grupo Hotelero Santa Fe SAB de CV * | 22,600 | 7,650 | |||||
Grupo Mexico SAB de CV, Series B | 466,960 | 1,283,754 | |||||
Grupo Rotoplas SAB de CV * | 25,345 | 21,582 | |||||
Grupo Sanborns SAB de CV | 49,041 | 63,546 | |||||
Grupo Simec SAB de CV, Series B * | 4,376 | 14,926 | |||||
Grupo Televisa SAB | 219,964 | 515,721 | |||||
Hoteles City Express SAB de CV * | 17,476 | 12,016 | |||||
Industrias Bachoco SAB de CV, ADR @ | 1,239 | 64,428 | |||||
Industrias Bachoco SAB de CV, Series B | 5,634 | 24,163 | |||||
Industrias CH SAB de CV, Series B * | 23,916 | 117,787 | |||||
Industrias Penoles SAB de CV | 13,511 | 141,502 | |||||
La Comer SAB de CV * | 37,216 | 46,000 | |||||
Minera Frisco SAB de CV, Class A1 * | 59,337 | 9,540 | |||||
Minera Frisco SAB de CV, Class A2 *§ | 34,967 | 7,037 | |||||
Nemak SAB de CV ± | 78,001 | 32,714 | |||||
Orbia Advance Corp. SAB de CV | 150,008 | 319,890 | |||||
Organizacion Soriana SAB de CV, Class B | 92,061 | 124,063 | |||||
Promotora y Operadora de Infraestructura | |||||||
SAB de CV | 12,534 | 128,287 | |||||
Promotora y Operadora de Infraestructura | |||||||
SAB de CV | 1,600 | 11,847 | |||||
Unifin Financiera SAB de CV SOFOM ENR | 6,817 | 11,177 | |||||
Vitro SAB de CV, Series A | 11,941 | 26,613 | |||||
7,048,614 | |||||||
Netherlands — 0.0% | |||||||
VEON Ltd. | 14,442 | 36,538 | |||||
Philippines — 1.4% | |||||||
Alliance Global Group, Inc. | 400,400 | 92,184 | |||||
Altus San Nicolas Corp. *§ | 6,799 | 522 | |||||
Ayala Corp. | 17,120 | 265,530 | |||||
Bank of the Philippine Islands | 96,829 | 168,057 | |||||
BDO Unibank, Inc. | 140,857 | 439,439 | |||||
Belle Corp. | 176,000 | 6,916 | |||||
Cebu Air, Inc. | 23,560 | 41,635 | |||||
CEMEX Holdings Philippines, Inc. *± | 125,000 | 4,961 | |||||
China Banking Corp. | 80,076 | 39,607 | |||||
Cosco Capital, Inc. | 257,000 | 34,710 | |||||
DMCI Holdings, Inc. | 385,900 | 50,366 | |||||
East West Banking Corp. * | 72,150 | 17,181 | |||||
Emperador, Inc. * | 147,300 | 20,970 | |||||
Filinvest Land, Inc. | 1,435,000 | 42,502 | |||||
First Philippine Holdings Corp. | 33,750 | 45,948 | |||||
GT Capital Holdings, Inc. | 7,712 | 128,977 | |||||
JG Summit Holdings, Inc. | 273,950 | 437,065 | |||||
LT Group, Inc. | 220,200 | 52,088 | |||||
Megaworld Corp. | 1,004,700 | 79,551 | |||||
Metropolitan Bank & Trust | 159,857 | 209,271 | |||||
Nickel Asia Corp. | 253,000 | 16,935 | |||||
Petron Corp. | 421,800 | 32,148 | |||||
Philippine National Bank * | 43,096 | 29,358 | |||||
Pilipinas Shell Petroleum Corp. | 50,340 | 32,602 |
The accompanying notes are an integral part of these financial statements.
43
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Philippines (Continued) | |||||||
Premium Leisure Corp. | 846,000 | $ | 9,522 | ||||
Puregold Price Club, Inc. | 33,600 | 26,372 | |||||
Rizal Commercial Banking Corp. | 47,790 | 22,553 | |||||
Robinsons Land Corp. | 353,155 | 192,110 | |||||
Robinsons Retail Holdings, Inc. | 43,490 | 68,698 | |||||
San Miguel Corp. | 67,120 | 217,350 | |||||
Security Bank Corp. | 23,180 | 89,251 | |||||
Top Frontier Investment Holdings, Inc. * | 8,630 | 36,466 | |||||
Union Bank of the Philippines | 24,340 | 27,731 | |||||
Vista Land & Lifescapes, Inc. | 694,200 | 105,956 | |||||
3,084,532 | |||||||
Poland — 1.1% | |||||||
Alior Bank SA * | 7,579 | 57,293 | |||||
Amica SA | 306 | 11,050 | |||||
Bank Handlowy w Warszawie SA | 2,647 | 36,141 | |||||
Bank Millennium SA * | 38,727 | 59,715 | |||||
Ciech SA * | 1,973 | 20,646 | |||||
Cyfrowy Polsat SA | 17,071 | 125,719 | |||||
Echo Investment SA | 12,278 | 15,113 | |||||
Enea SA * | 32,379 | 67,550 | |||||
Grupa Azoty SA * | 6,701 | 51,716 | |||||
Grupa Lotos SA | 10,029 | 220,940 | |||||
Jastrzebska Spolka Weglowa SA | 2,892 | 16,297 | |||||
Kernel Holding SA | 6,315 | 75,319 | |||||
KGHM Polska Miedz SA * | 14,110 | 355,474 | |||||
LC Corp. SA | 26,490 | 17,735 | |||||
Lubelski Wegiel Bogdanka SA | 963 | 8,846 | |||||
mBank SA * | 910 | 93,401 | |||||
Netia SA * | 17,231 | 20,075 | |||||
PGE SA * | 69,060 | 144,895 | |||||
PKP Cargo SA | 3,933 | 21,252 | |||||
Polski Koncern Naftowy Orlen SA | 33,586 | 759,733 | |||||
Powszechna Kasa Oszczednosci Bank | |||||||
Polski SA | 22,227 | 201,888 | |||||
Tauron Polska Energia SA * | 90,633 | 39,178 | |||||
2,419,976 | |||||||
Russia — 2.4% | |||||||
Gazprom PAO, ADR | 228,645 | 1,881,291 | |||||
Lukoil PJSC, ADR | 28,118 | 2,788,743 | |||||
Rosneft Oil Co. PJSC, GDR | 76,001 | 547,815 | |||||
RusHydro PJSC, ADR | 61,905 | 52,186 | |||||
TMK PJSC GDR | 5,188 | 19,274 | |||||
VTB Bank PJSC | 92,145 | 134,808 | |||||
5,424,117 | |||||||
Singapore — 0.0% | |||||||
Grindrod Shipping Holdings Ltd. * | 905 | 6,268 | |||||
South Africa — 6.5% | |||||||
Absa Group Ltd. | 82,997 | 884,725 | |||||
Advtech Ltd. | 40,887 | 31,528 | |||||
Aeci Ltd. | 20,337 | 155,366 | |||||
African Oxygen Ltd. | 8,358 | 12,836 | |||||
African Phoenix Investments Ltd. * | 72,611 | 4,044 | |||||
African Rainbow Minerals Ltd. | 15,142 | 176,934 | |||||
Alexander Forbes Group Holdings Ltd. | 100,385 | 39,778 | |||||
Allied Electronics Corp., Ltd., Class A | 12,228 | 20,168 | |||||
Anglo American Platinum Ltd. | 294 | 27,442 | |||||
AngloGold Ashanti Ltd. | 3,375 | 76,266 | |||||
AngloGold Ashanti Ltd., ADR | 46,550 | 1,039,927 | |||||
ArcelorMittal South Africa Ltd. * | 23,974 | 2,037 | |||||
Aspen Pharmacare Holdings Ltd. * | 23,728 | 201,974 | |||||
Assore Ltd. | 3,341 | 64,883 | |||||
Astral Foods Ltd. | 5,245 | 81,319 | |||||
Barloworld Ltd. | 39,661 | 319,219 | |||||
Blue Label Telecoms Ltd. * | 17,959 | 3,308 | |||||
Caxton & CTP Publishers & Printers Ltd. | 18,814 | 10,424 | |||||
DataTec Ltd. | 37,153 | 88,068 | |||||
Discovery Ltd. | 28,218 | 243,034 | |||||
EOH Holdings Ltd. *@ | 6,411 | 5,735 | |||||
Exxaro Resources Ltd. | 22,767 | 213,170 | |||||
FirstRand Ltd. | 9,635 | 43,201 | |||||
Gold Fields Ltd., ADR | 163,422 | 1,078,585 | |||||
Grindrod Ltd. | 63,691 | 22,873 | |||||
Harmony Gold Mining Co., Ltd., ADR * | 7,390 | 26,826 | |||||
Hudaco Industries Ltd. | 4,134 | 31,476 | |||||
Impala Platinum Holdings Ltd. * | 59,730 | 612,056 | |||||
Imperial Holdings Ltd. | 25,987 | 108,542 | |||||
Investec Ltd. | 24,611 | 145,775 | |||||
Invicta Holdings Ltd. * | 2,098 | 2,653 | |||||
KAP Industrial Holdings Ltd. | 227,015 | 68,075 | |||||
Kumba Iron Ore Ltd. @ | 663 | 19,742 | |||||
Lewis Group Ltd. | 3,337 | 8,172 | |||||
Liberty Holdings Ltd. | 21,825 | 172,422 | |||||
Life Healthcare Group Holdings Ltd. | 128,351 | 225,893 | |||||
Long4Life Ltd. * | 66,407 | 19,108 | |||||
Merafe Resources Ltd. | 200,153 | 12,290 | |||||
Metair Investments Ltd. | 23,331 | 38,480 | |||||
Momentum Metropolitan Holdings | 152,272 | 237,443 | |||||
Motus Holdings Ltd. | 16,843 | 98,249 | |||||
Mpact Ltd. | 27,799 | 29,573 | |||||
MTN Group Ltd. @ | 246,937 | 1,454,365 | |||||
Murray & Roberts Holdings Ltd. | 70,150 | 53,391 | |||||
Nampak Ltd. * | 66,852 | 32,600 | |||||
Nedbank Group Ltd. | 43,706 | 668,727 | |||||
Oceana Group Ltd. | 7,336 | 32,238 | |||||
Old Mutual Ltd. @ | 343,437 | 482,077 | |||||
Omnia Holdings Ltd. @ | 27,935 | 67,314 | |||||
Peregrine Holdings Ltd. | 23,191 | 31,328 | |||||
Pioneer Foods Group Ltd. | 7,900 | 61,960 | |||||
PPC Ltd. * | 147,503 | 26,329 | |||||
Raubex Group Ltd. | 16,897 | 28,942 | |||||
Reunert Ltd. | 23,002 | 119,231 | |||||
Rhodes Food Group Pty Ltd. | 12,062 | 12,841 | |||||
Royal Bafokeng Platinum Ltd. * | 7,872 | 27,889 | |||||
Sanlam Ltd. | 15,040 | 84,940 | |||||
Sappi Ltd. | 89,490 | 279,025 | |||||
Sasol Ltd. | 25,120 | 544,297 | |||||
Sasol Ltd., ADR @ | 30,724 | 663,946 | |||||
Sibanye-Stillwater *@ | 220,792 | 565,774 | |||||
Standard Bank Group Ltd. | 165,433 | 1,988,125 | |||||
Steinhoff International Holdings NV *@ | 277,126 | 16,620 | |||||
Super Group Ltd. * | 66,941 | 135,928 | |||||
Telkom SA SOC Ltd. | 52,920 | 131,563 | |||||
Tongaat Hulett Ltd. *§ | 15,539 | 10,992 | |||||
Truworths International Ltd. | 31,969 | 112,300 | |||||
Tsogo Sun Gaming Ltd. | 69,401 | 60,848 | |||||
Wilson Bayly Holmes-Ovcon Ltd. | 6,827 | 67,319 | |||||
14,464,528 | |||||||
Spain — 0.2% | |||||||
Banco Santander Sa * | 77,719 | 324,317 | |||||
CEMEX Latam Holdings SA * | 13,000 | 17,421 | |||||
341,738 | |||||||
Taiwan — 17.0% | |||||||
Ability Enterprise Co., Ltd. | 25,195 | 13,994 | |||||
Acer, Inc. | 267,884 | 159,513 | |||||
Alpha Networks, Inc. * | 53,200 | 41,794 |
The accompanying notes are an integral part of these financial statements.
44
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Taiwan (Continued) | |||||||
Ambassador Hotel (The) | 20,000 | $ | 19,782 | ||||
AmTRAN Technology Co., Ltd. * | 99,360 | 35,300 | |||||
Ardentec Corp. | 39,092 | 40,230 | |||||
Asia Cement Corp. | 317,269 | 507,491 | |||||
Asia Pacific Telecom Co., Ltd. * | 192,000 | 48,229 | |||||
Asia Polymer Corp. | 29,508 | 15,553 | |||||
Asia Vital Components Co., Ltd. | 53,000 | 73,638 | |||||
Asustek Computer, Inc. | 75,000 | 579,194 | |||||
AU Optronics Corp. | 868,000 | 291,003 | |||||
AU Optronics Corp., ADR @ | 9,199 | 30,081 | |||||
Capital Securities Corp. | 256,437 | 96,238 | |||||
Career Technology MFG. Co., Ltd. | 20,000 | 23,852 | |||||
Casetek Holdings Ltd. | 23,751 | 37,516 | |||||
Catcher Technology Co., Ltd. | 98,000 | 742,102 | |||||
Cathay Financial Holding Co., Ltd. | 735,166 | 1,043,510 | |||||
Cathay Real Estate Development Co., Ltd. | 70,000 | 48,921 | |||||
Chang Hwa Commercial Bank Ltd. | 633,578 | 479,775 | |||||
Cheng Loong Corp. | 114,000 | 73,396 | |||||
Cheng Uei Precision Industry Co., Ltd. | 62,543 | 95,556 | |||||
Chia Hsin Cement Corp. | 22,000 | 16,403 | |||||
Chilisin Electronics Corp. | 19,380 | 82,751 | |||||
Chin-Poon Industrial Co., Ltd. | 55,000 | 58,620 | |||||
China Airlines Ltd. | 422,111 | 127,575 | |||||
China Bills Finance Corp. | 110,000 | 55,042 | |||||
China Chemical & Pharmaceutical Co., Ltd. | 19,000 | 12,201 | |||||
China Development Financial Holding Corp. | 1,339,468 | 434,767 | |||||
China General Plastics Corp. | 26,000 | 18,040 | |||||
China Life Insurance Co., Ltd. * | 283,585 | 242,178 | |||||
China Manmade Fibers Corp. | 173,595 | 48,065 | |||||
China Metal Products | 31,000 | 32,420 | |||||
China Motor Corp. | 22,478 | 29,319 | |||||
China Petrochemical Development Corp. | 347,550 | 113,620 | |||||
China Steel Corp. | 1,869,800 | 1,490,750 | |||||
China Synthetic Rubber Corp. | 96,604 | 101,190 | |||||
Chipbond Technology Corp. | 82,000 | 183,821 | |||||
ChipMOS TECHNOLOGIES, Inc. | 28,897 | 33,016 | |||||
Chun Yuan Steel | 30,000 | 10,158 | |||||
Chung Hung Steel Corp. | 105,000 | 37,304 | |||||
Chung-Hsin Electric & Machinery | |||||||
Manufacturing Corp. | 55,000 | 44,584 | |||||
Clevo Co. | 71,000 | 87,160 | |||||
CMC Magnetics Corp. * | 193,595 | 61,804 | |||||
Compal Electronics, Inc. | 671,000 | 421,935 | |||||
Compeq Manufacturing Co., Ltd. | 127,000 | 191,070 | |||||
Continental Holdings Corp. | 42,000 | 18,634 | |||||
Coretronic Corp. | 64,800 | 83,764 | |||||
CTBC Financial Holding Co., Ltd. | 2,616,280 | 1,954,988 | |||||
CyberTAN Technology, Inc. | 37,000 | 22,587 | |||||
Darfon Electronics Corp. | 17,000 | 24,981 | |||||
Darwin Precisions Corp. | 55,000 | 27,796 | |||||
Depo Auto Parts Ind Co., Ltd. | 12,000 | 23,578 | |||||
Dynapack International Technology Corp. | 23,000 | 46,726 | |||||
E Ink Holdings, Inc. | 61,000 | 63,590 | |||||
E.Sun Financial Holding Co., Ltd. | 1,185,937 | 1,103,768 | |||||
Elite Semiconductor Memory Technology, Inc. | 45,000 | 58,395 | |||||
Elitegroup Computer Systems Co., Ltd. * | 35,877 | 16,396 | |||||
Entie Commercial Bank Co., Ltd. | 68,000 | 36,068 | |||||
Epistar Corp. * | 146,828 | 158,451 | |||||
Eva Airways Corp. | 381,478 | 174,978 | |||||
Everest Textile Co., Ltd. * | 45,444 | 13,856 | |||||
Evergreen International Storage & Transport Corp. | 54,000 | 25,850 | |||||
Evergreen Marine Corp., Taiwan Ltd. * | 287,459 | 118,908 | |||||
Everlight Chemical Industrial Corp. | 56,000 | 29,142 | |||||
Everlight Electronics Co., Ltd. | 51,000 | 59,120 | |||||
Far Eastern Department Stores Ltd. | 134,220 | 116,637 | |||||
Far Eastern International Bank | 290,961 | 115,988 | |||||
Far Eastern New Century Corp. | 519,338 | 517,138 | |||||
Farglory Land Development Co., Ltd. | 51,721 | 69,532 | |||||
First Financial Holding Co., Ltd. | 1,184,577 | 936,534 | |||||
First Steamship Co., Ltd. | 36,000 | 13,330 | |||||
FocalTech Systems Co., Ltd. * | 26,000 | 20,642 | |||||
Formosa Advanced Technologies Co., Ltd. | 20,000 | 24,886 | |||||
Formosa Chemicals & Fibre Corp. | 176,000 | 513,727 | |||||
Formosa Taffeta Co., Ltd. | 90,000 | 102,679 | |||||
Formosan Rubber Group, Inc. | 20,080 | 12,627 | |||||
Formosan Union Chemical | 48,179 | 20,653 | |||||
Foxconn Technology Co., Ltd. | 96,127 | 212,283 | |||||
Fubon Financial Holding Co., Ltd. | 913,211 | 1,413,517 | |||||
Fulltech Fiber Glass Corp. | 31,310 | 13,526 | |||||
Gemtek Technology Corp. * | 47,000 | 40,451 | |||||
Getac Technology Corp. | 9,000 | 14,021 | |||||
Giantplus Technology Co., Ltd. * | 37,000 | 17,465 | |||||
Gigastorage Corp. * | 46,760 | 19,888 | |||||
Gloria Material Technology Corp. | 50,392 | 31,351 | |||||
Gold Circuit Electronics Ltd. * | 45,000 | 24,994 | |||||
Goldsun Building Materials Co., Ltd. | 193,953 | 93,169 | |||||
Grand Pacific Petrochemical * | 148,000 | 91,830 | |||||
Great Wall Enterprise Co., Ltd. | 56,155 | 81,768 | |||||
Hannstar Board Corp. | 36,718 | 53,772 | |||||
HannStar Display Corp. | 109,770 | 29,624 | |||||
HannsTouch Solution, Inc. * | 32,279 | 14,644 | |||||
Hey Song Corp. | 31,750 | 34,475 | |||||
Highwealth Construction Corp. | 9,000 | 13,901 | |||||
Hiroca Holdings Ltd. | 8,000 | 17,960 | |||||
Ho Tung Chemical Corp. | 108,688 | 25,851 | |||||
Hon Hai Precision Industry Co., Ltd. | 1,126,068 | 3,410,847 | |||||
Hon Hai Precision Industry Co., Ltd. GDR | 9,786 | 59,988 | |||||
Hong Pu Real Estate Development Co., Ltd. | 20,000 | 16,279 | |||||
HTC Corp. | 69,000 | 88,503 | |||||
Hua Nan Financial Holdings Co., Ltd. | 926,209 | 679,741 | |||||
Hung Sheng Construction Co., Ltd. * | 63,360 | 54,637 | |||||
IEI Integration Corp. | 8,000 | 14,117 | |||||
Innolux Corp. | 1,212,757 | 337,001 | |||||
Inventec Co., Ltd. | 261,282 | 199,162 | |||||
Jih Sun Financial Holdings Co., Ltd. | 247,258 | 80,421 | |||||
KEE TAI Properties Co., Ltd. | 60,000 | 25,820 | |||||
Kindom Construction Corp. | 42,000 | 44,694 | |||||
King Yuan Electronics Co., Ltd. | 185,100 | 231,861 | |||||
King's Town Bank Co., Ltd. | 121,000 | 135,220 | |||||
Kinpo Electronics | 230,000 | 98,592 | |||||
Kinsus Interconnect Technology Corp. | 44,000 | 76,032 | |||||
L&K Engineering Co., Ltd. | 16,000 | 16,786 | |||||
Lealea Enterprise Co., Ltd. | 109,406 | 34,927 | |||||
Lextar Electronics Corp. | 40,000 | 24,219 | |||||
Li Peng Enterprise Co., Ltd. | 91,245 | 21,276 | |||||
Lien Hwa Industrial Corp. | 41,505 | 51,160 | |||||
Lingsen Precision Industries Ltd. * | 41,000 | 14,224 | |||||
Lite-On Semiconductor Corp. | 21,000 | 27,706 | |||||
Lite-On Technology Corp. | 319,874 | 526,596 |
The accompanying notes are an integral part of these financial statements.
45
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Taiwan (Continued) | |||||||
Long Chen Paper Co., Ltd. | 86,249 | $ | 43,301 | ||||
Macronix International | 119,171 | 147,885 | |||||
MediaTek, Inc. | 15,000 | 221,920 | |||||
Mega Financial Holding Co., Ltd. | 1,249,850 | 1,275,825 | |||||
Mercuries & Associates Holdings Ltd. * | 38,495 | 27,802 | |||||
Mercuries Life Insurance Co., Ltd. * | 137,105 | 53,055 | |||||
MIN AIK Technology Co., Ltd. * | 25,600 | 11,529 | |||||
Mitac Holdings Corp. | 24,676 | 23,872 | |||||
Motech Industries, Inc. * | 36,775 | 9,998 | |||||
Nan Ya Printed Circuit Board Corp. * | 24,200 | 37,095 | |||||
Nanya Technology Corp. | 160,000 | 445,141 | |||||
Neo Solar Power Corp. * | 8,214 | 2,099 | |||||
O-Bank Co., Ltd. * | 84,000 | 21,885 | |||||
OptoTech Corp. | 49,063 | 42,145 | |||||
Orient Semiconductor Electronics Ltd. * | 42,485 | 21,046 | |||||
Oriental Union Chemical Corp. | 16,000 | 11,209 | |||||
Pan Jit International, Inc. | 21,600 | 19,959 | |||||
Pan-International Industrial Corp. | 34,380 | 26,722 | |||||
Pegatron Corp. | 288,249 | 657,712 | |||||
POU Chen Corp. | 269,133 | 351,937 | |||||
Powertech Technology, Inc. | 23,000 | 76,572 | |||||
President Securities Corp. | 109,122 | 52,601 | |||||
Prince Housing & Development Corp. | 148,970 | 55,907 | |||||
Qisda Corp. | 267,400 | 190,000 | |||||
Radium Life Tech Co., Ltd. | 101,477 | 39,437 | |||||
Rich Development Co., Ltd. | 84,978 | 29,907 | |||||
Ritek Corp. * | 87,399 | 20,759 | |||||
Ruentex Development Co., Ltd. * | 50,949 | 76,822 | |||||
Ruentex Industries Ltd. * | 41,400 | 101,508 | |||||
Sampo Corp. | 10,600 | 7,125 | |||||
San Fang Chemical Industry Co., Ltd. | 13,000 | 10,256 | |||||
Sanyang Industry Co., Ltd. | 76,573 | 54,409 | |||||
Sesoda Corp. | 23,100 | 19,573 | |||||
Shihlin Electric & Engineering Corp. | 35,000 | 52,832 | |||||
Shin Kong Financial Holding Co., Ltd. * | 1,117,191 | 385,727 | |||||
Shin Zu Shing Co., Ltd. | 16,000 | 68,853 | |||||
Shining Building Business Co., Ltd. * | 72,267 | 26,398 | |||||
Shinkong Insurance Co., Ltd. | 30,000 | 38,630 | |||||
Shinkong Synthetic Fibers Corp. | 186,151 | 74,828 | |||||
Sigurd Microelectronics Corp. | 54,694 | 67,690 | |||||
Sincere Navigation Corp. | 27,810 | 15,632 | |||||
Sinon Corp. | 64,000 | 40,564 | |||||
SinoPac Financial Holdings Co., Ltd. | 1,166,094 | 505,695 | |||||
Sirtec International Co., Ltd. | 12,000 | 12,389 | |||||
Supreme Electronics Co., Ltd. | 39,000 | 39,225 | |||||
Synnex Technology International Corp. | 138,300 | 173,008 | |||||
Ta Ya Electric Wire & Cable | 47,840 | 18,193 | |||||
Taichung Commercial Bank Co., Ltd. | 364,744 | 146,010 | |||||
Taiflex Scientific Co., Ltd. | 25,740 | 41,216 | |||||
Tainan Spinning Co., Ltd. | 142,427 | 49,888 | |||||
Taishin Financial Holding Co., Ltd. | 1,055,874 | 510,731 | |||||
Taiwan Business Bank | 553,823 | 232,784 | |||||
Taiwan Cement Corp. | 734,095 | 1,070,152 | |||||
Taiwan Cooperative Financial Holding Co., Ltd. | 836,973 | 579,350 | |||||
Taiwan Fertilizer Co., Ltd. | 78,000 | 128,929 | |||||
Taiwan FU Hsing Industrial Co., Ltd. | 21,000 | 30,754 | |||||
Taiwan Glass Industrial Corp. | 169,321 | 64,391 | |||||
Taiwan Hon Chuan Enterprise Co., Ltd. | 36,925 | 76,370 | |||||
Taiwan PCB Techvest Co., Ltd. | 28,000 | 34,140 | |||||
Taiwan Shin Kong Security Co., Ltd. | 10,000 | 12,443 | |||||
Taiwan Surface Mounting Technology Co., Ltd. | 21,518 | 83,985 | |||||
Tatung Co., Ltd. * | 147,000 | 102,979 | |||||
Teco Electric & Machinery Co., Ltd. | 201,000 | 175,675 | |||||
Test Rite International Co., Ltd. | 36,000 | 25,460 | |||||
Thye Ming Industrial Co., Ltd. | 10,000 | 10,825 | |||||
Ton Yi Industrial Corp. | 120,000 | 46,636 | |||||
Tong Yang Industry Co., Ltd. | 41,921 | 65,237 | |||||
TPK Holding Co., Ltd. * | 46,000 | 87,160 | |||||
Tripod Technology Corp. | 25,000 | 104,664 | |||||
TSRC Corp. | 26,000 | 20,903 | |||||
Tung Ho Steel Enterprise Corp. | 119,000 | 91,303 | |||||
TXC Corp. | 56,000 | 88,361 | |||||
TYC Brother Industrial Co., Ltd. | 21,000 | 20,351 | |||||
U-Ming Marine Transport Corp. | 47,000 | 52,680 | |||||
Unimicron Technology Corp. | 197,000 | 276,012 | |||||
Union Bank of Taiwan * | 162,661 | 59,959 | |||||
Unitech Printed Circuit Board Corp. | 67,320 | 75,569 | |||||
United Microelectronics Corp. | 2,220,513 | 1,218,515 | |||||
Universal Cement Corp. | 46,836 | 30,623 | |||||
Unizyx Holding Corp. * | 35,000 | 23,585 | |||||
UPC Technology Corp. | 144,916 | 53,660 | |||||
USI Corp. | 132,130 | 61,047 | |||||
Wah Lee Industrial Corp. | 25,000 | 47,119 | |||||
Walsin Lihwa Corp. | 275,000 | 141,275 | |||||
Wan Hai Lines Ltd. | 100,650 | 62,115 | |||||
Waterland Financial Holdings Co., Ltd. | 280,723 | 105,352 | |||||
Weikeng Industrial Co., Ltd. | 32,945 | 19,562 | |||||
Winbond Electronics Corp. | 447,893 | 292,101 | |||||
Wisdom Marine Lines Co., Ltd. * | 58,280 | 57,450 | |||||
Wistron Corp. | 457,431 | 432,604 | |||||
WPG Holdings Ltd. | 225,400 | 293,997 | |||||
WT Microelectronics Co., Ltd. | 71,265 | 100,085 | |||||
Yang Ming Marine Transport Corp. * | 145,100 | 34,899 | |||||
YC Co., Ltd. | 21,396 | 8,993 | |||||
YC INOX Co., Ltd. | 50,000 | 43,367 | |||||
Yea Shin International Development Co., Ltd. | 29,995 | 18,861 | |||||
YFY, Inc. | 150,385 | 67,474 | |||||
Yieh Phui Enterprise Co., Ltd. | 116,525 | 35,956 | |||||
Youngtek Electronics Corp. | 12,000 | 21,056 | |||||
Yuanta Financial Holding Co., Ltd. | 1,469,815 | 990,435 | |||||
Yulon Motor Co., Ltd. | 123,272 | 80,394 | |||||
Zhen Ding Technology Holding Ltd. | 62,000 | 295,760 | |||||
Zinwell Corp. | 24,000 | 16,333 | |||||
38,094,921 | |||||||
Thailand — 3.4% | |||||||
Amarin Printing & Publishing PCL | 3,600 | 500 | |||||
Ananda Development PCL | 180,700 | 15,806 | |||||
AP Thailand PCL | 324,700 | 80,758 | |||||
Asia Aviation PCL * | 299,900 | 22,427 | |||||
Asia Plus Group Holdings PCL | 122,900 | 7,139 | |||||
Bangchak Corp. PCL | 112,900 | 105,536 | |||||
Bangkok Bank PCL, NVDR | 29,900 | 159,713 | |||||
Bangkok Insurance PCL | 2,100 | 20,682 | |||||
Bangkok Land PCL | 1,039,700 | 46,165 | |||||
Bangkok Life Assurance PCL | 57,200 | 39,529 | |||||
Banpu PCL | 487,750 | 193,773 | |||||
Cal-Comp Electronics Thailand PCL | 482,400 | 29,955 | |||||
Charoen Pokphand Foods PCL | 450,800 | 413,871 | |||||
Esso Thailand PCL | 105,200 | 30,380 | |||||
GFPT PCL | 88,200 | 36,218 | |||||
Hana Microelectronics PCL | 63,900 | 73,598 | |||||
Indorama Ventures PCL | 173,100 | 202,262 | |||||
IRPC PCL | 1,150,700 | 141,370 | |||||
Italian-Thai Development PCL | 563,700 | 28,040 |
The accompanying notes are an integral part of these financial statements.
46
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Thailand (Continued) | |||||||
Kasikornbank PCL, NVDR | 172,800 | $ | 871,103 | ||||
KGI Securities Thailand PCL | 140,700 | 20,950 | |||||
Khon Kaen Sugar Industry PCL | 135,600 | 10,140 | |||||
Kiatnakin Bank PCL | 32,300 | 71,170 | |||||
Krung Thai Bank PCL | 329,575 | 180,446 | |||||
Lanna Resources PCL | 2,500 | 643 | |||||
LH Financial Group PCL | 653,200 | 29,657 | |||||
LPN Development PCL | 151,700 | 22,182 | |||||
Polyplex Thailand PCL | 40,600 | 19,654 | |||||
Power Solution Technologies PCL | 1,122,000 | 28,093 | |||||
Precious Shipping PCL * | 87,600 | 22,226 | |||||
Property Perfect PCL | 865,900 | 23,415 | |||||
Pruksa Holding PCL | 88,800 | 43,876 | |||||
PTT Exploration & Production PCL | 178,800 | 743,166 | |||||
PTT Global Chemical PCL | 247,928 | 471,791 | |||||
PTT PCL | 1,217,800 | 1,788,865 | |||||
Quality Houses PCL | 807,100 | 68,979 | |||||
Sansiri PCL | 1,106,700 | 40,272 | |||||
SC Asset Corp. PCL | 188,600 | 14,230 | |||||
Sena Development PCL | 109,300 | 9,852 | |||||
Siam Commercial Bank PCL | 102,300 | 416,662 | |||||
Singha Estate PCL | 433,700 | 37,645 | |||||
Somboon Advance Technology PCL | 55,800 | 29,061 | |||||
Sri Trang Agro-Industry PCL | 101,000 | 33,719 | |||||
Star Petroleum Refining PCL | 180,700 | 64,549 | |||||
STP & I PCL | 167,100 | 37,656 | |||||
Supalai PCL | 169,900 | 101,530 | |||||
Super Energy Corp. PCL | 1,958,200 | 36,610 | |||||
Thai Airways International PCL * | 92,500 | 21,153 | |||||
Thai Oil PCL | 110,800 | 258,008 | |||||
Thai Stanley Electric PCL | 3,100 | 18,629 | |||||
Thaicom PCL * | 48,300 | 6,224 | |||||
Thanachart Capital PCL | 43,500 | 77,695 | |||||
Thitikorn PCL | 10,500 | 3,505 | |||||
Thoresen Thai Agencies PCL | 166,348 | 24,658 | |||||
TMB Bank PCL | 1,521,854 | 85,355 | |||||
TPI Polene PCL | 676,600 | 31,623 | |||||
True Corp. PCL | 1,350,600 | 207,412 | |||||
Unique Engineering & Construction PCL | 54,500 | 13,100 | |||||
Vinythai PCL | 42,500 | 35,826 | |||||
7,669,052 | |||||||
Turkey — 0.9% | |||||||
Akbank TAS * | 345,029 | 470,362 | |||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 6,445 | 25,004 | |||||
Bera Holding AS * | 35,303 | 22,847 | |||||
Enka Insaat ve Sanayi AS | 90,281 | 97,429 | |||||
Eregli Demir ve Celik Fabrikalari TAS | 20,847 | 31,679 | |||||
Kardemir Karabuk Demir Celik Sanayi ve | |||||||
Ticaret AS, Class D | 69,898 | 31,254 | |||||
Sekerbank TAS * | 54,778 | 12,062 | |||||
Trakya Cam Sanayi AS | 76,578 | 45,054 | |||||
Turk Hava Yollari * | 81,666 | 198,502 | |||||
Turkiye Garanti Bankasi AS * | 298,030 | 558,086 | |||||
Turkiye Halk Bankasi AS * | 66,222 | 65,788 | |||||
Turkiye Is Bankasi * | 173,695 | 187,155 | |||||
Turkiye Sinai Kalkinma Bankasi AS * | 190,047 | 38,655 | |||||
Turkiye Vakiflar Bankasi TAO * | 113,664 | 105,276 | |||||
Yapi ve Kredi Bankasi AS * | 194,984 | 81,284 | |||||
1,970,437 | |||||||
United States — 0.0% | |||||||
Textainer Group Holdings Ltd. * | 4,015 | 39,880 | |||||
TOTAL COMMON STOCKS | |||||||
(Identified Cost $208,493,352) | 216,703,101 | ||||||
PREFERRED STOCKS — 2.5% | |||||||
Brazil — 2.4% | |||||||
Banco ABC Brasil SA, 5.170% | 10,815 | 54,281 | |||||
Banco do Estado do Rio Grande do Sul SA, | |||||||
PF B, 5.820% | 24,408 | 131,363 | |||||
Cia Brasileira de Distribuicao, 0.970% | 3,300 | 71,903 | |||||
Cia Ferro Ligas da Bahia - FERBASA, | |||||||
6.910% | 4,895 | 24,349 | |||||
Gerdau SA, 1.360% | 11,700 | 58,170 | |||||
Marcopolo SA, 1.350% | 79,783 | 89,249 | |||||
Petroleo Brasileiro SA, 3.090% | 502,064 | 3,766,697 | |||||
Petroleo Brasileiro SA, ADR, 3.140% | 84,297 | 1,257,711 | |||||
5,453,723 | |||||||
Colombia — 0.1% | |||||||
Avianca Holdings SA,2.840% | 41,262 | 22,782 | |||||
Grupo Argos SA, 2.620% | 12,517 | 51,405 | |||||
Grupo de Inversiones Suramericana SA, | |||||||
1.910% | 8,046 | 71,716 | |||||
145,903 | |||||||
Korea — 0.0% | |||||||
CJ Corp. * | 252 | 15,777 | |||||
TOTAL PREFERRED STOCKS | |||||||
(Identified Cost $4,108,882) | 5,615,403 | ||||||
RIGHTS AND WARRANTS — 0.0% | |||||||
China — 0.0% | |||||||
Beijing Capital Land Ltd. * | 50,000 | 1,765 | |||||
Hong Kong — 0.0% | |||||||
Legend Holdings CP Rights *§ | 1,461 | — | |||||
India — 0.0% | |||||||
Piramal Enterprises Ltd. Rights *§ | 1,154 | 3,614 | |||||
Thailand — 0.0% | |||||||
Property Perfect C Thb1 Rights *§ | 108,237 | — | |||||
TOTAL RIGHTS AND WARRANTS | |||||||
(Identified Cost $0) | 5,379 | ||||||
SHORT-TERM INVESTMENTS — 1.8% | |||||||
Investment Company — 0.2% | |||||||
State Street Institutional U.S. Government | |||||||
Money Market Fund 1.535% | 350,320 | 350,320 | |||||
Collateral For Securities On Loan — 1.6% | |||||||
State Street Navigator Securities Lending | |||||||
Government Money Market Portfolio, 1.560% | 3,698,037 | 3,698,037 | |||||
TOTAL SHORT-TERM INVESTMENTS | |||||||
(Identified Cost $4,048,357) | 4,048,357 | ||||||
Total Investments — 101.2% | |||||||
(Identified Cost $216,650,591) | 226,372,240 | ||||||
Liabilities, Less Cash and Other Assets — (1.2%) | (2,715,883 | ) | |||||
Net Assets — 100.0% | $ | 223,656,357 |
† | See Note 1 | |
* | Non-income producing security | |
@ | A portion or all of the security/securities were held on loan. As of December 31, 2019, the market value of the securities on loan was $4,230,137. |
The accompanying notes are an integral part of these financial statements.
47
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2019 (Unaudited) (Continued)
± | 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 December 31, 2019 amounted to $2,838,269 or 1.27% of the net assets of the Fund. | |
§ | Fair valued security. Fair values are determined pursuant to procedures approved by the Fund's Board of Trustees. See Note 1 | |
~ | Bankrupt/delisted security |
Key to abbreviations:
ADR — American Depository Receipt
GDR — Global Depository Receipt
NVDR — Non-Voting Depository Receipt
The accompanying notes are an integral part of these financial statements.
48
THE JAPANESE SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
June 30, 2019
(Unaudited)
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
COMMON STOCKS — (96.8%) | ||||||||||
COMMUNICATION SERVICES — (2.7%) | ||||||||||
Other Securities | $ | 94,494,763 | 2.7% | |||||||
CONSUMER DISCRETIONARY — (17.7%) | ||||||||||
Autobacs Seven Co., Ltd. | 555,300 | 9,174,859 | 0.3% | |||||||
# | DCM Holdings Co., Ltd. | 813,400 | 8,002,678 | 0.2% | ||||||
Fujitsu General, Ltd. | 512,500 | 8,160,988 | 0.2% | |||||||
Tomy Co., Ltd. | 685,193 | 7,989,172 | 0.2% | |||||||
Other Securities | 592,204,162 | 17.2% | ||||||||
TOTAL CONSUMER DISCRETIONARY | 625,531,859 | 18.1% | ||||||||
CONSUMER STAPLES — (7.0%) | ||||||||||
cocokara fine, Inc. | 149,160 | 7,774,571 | 0.2% | |||||||
# | Milbon Co., Ltd. | 168,752 | 8,189,551 | 0.2% | ||||||
Morinaga Milk Industry Co., Ltd. | 250,300 | 9,911,058 | 0.3% | |||||||
Other Securities | 223,465,223 | 6.5% | ||||||||
TOTAL CONSUMER STAPLES | 249,340,403 | 7.2% | ||||||||
ENERGY — (0.9%) | ||||||||||
Other Securities | 31,977,818 | 0.9% | ||||||||
FINANCIALS — (8.1%) | ||||||||||
Fuyo General Lease Co., Ltd. | 150,600 | 8,592,572 | 0.3% | |||||||
Hokuhoku Financial Group, Inc. | 923,400 | 9,621,583 | 0.3% | |||||||
Jafco Co., Ltd. | 241,100 | 8,857,653 | 0.3% | |||||||
# | Shiga Bank, Ltd. (The) | 338,200 | 7,868,880 | 0.2% | ||||||
Other Securities | 250,111,691 | 7.2% | ||||||||
TOTAL FINANCIALS | 285,052,379 | 8.3% | ||||||||
HEALTH CARE — (4.8%) | ||||||||||
Miraca Holdings, Inc. | 472,500 | 10,766,337 | 0.3% | |||||||
Other Securities | 158,225,723 | 4.6% | ||||||||
TOTAL HEALTH CARE | 168,992,060 | 4.9% | ||||||||
INDUSTRIALS — (29.5%) | ||||||||||
# | DMG Mori Co., Ltd. | 574,200 | 9,250,065 | 0.3% | ||||||
Duskin Co., Ltd. | 346,300 | 9,124,142 | 0.3% | |||||||
Glory, Ltd. | 315,755 | 8,356,386 | 0.3% | |||||||
Hazama Ando Corp. | 1,528,900 | 10,234,324 | 0.3% | |||||||
Inaba Denki Sangyo Co., Ltd. | 201,800 | 8,483,148 | 0.3% | |||||||
Iwatani Corp. | 293,300 | 10,191,005 | 0.3% | |||||||
# * | Kawasaki Kisen Kaisha, Ltd. | 684,200 | 8,384,202 | 0.3% | ||||||
Kumagai Gumi Co., Ltd. | 299,100 | 8,867,431 | 0.3% | |||||||
Meitec Corp. | 216,400 | 11,135,512 | 0.3% | |||||||
# | Mirait Holdings Corp. | 586,235 | 8,699,893 | 0.3% | ||||||
Nichias Corp. | 480,100 | 8,653,309 | 0.3% | |||||||
Nikkon Holdings Co., Ltd. | 385,300 | 8,859,116 | 0.3% | |||||||
Nomura Co., Ltd. | 637,600 | 7,980,482 | 0.2% | |||||||
NTN Corp. | 2,991,500 | 8,917,048 | 0.3% | |||||||
Outsourcing, Inc. | 724,600 | 8,840,209 | 0.3% | |||||||
Penta-Ocean Construction Co., Ltd. | 1,583,500 | 7,781,904 | 0.2% | |||||||
Shinmaywa Industries, Ltd. | 707,200 | 9,010,584 | 0.3% | |||||||
SMS Co., Ltd. | 455,300 | 10,701,728 | 0.3% |
49
The Japanese Small Company Series
continued
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
INDUSTRIALS — (Continued) | ||||||||||
Tadano, Ltd. | 825,100 | $ | 8,642,112 | 0.3% | ||||||
Ushio, Inc. | 799,700 | 10,333,148 | 0.3% | |||||||
Other Securities | 859,679,847 | 24.4% | ||||||||
TOTAL INDUSTRIALS | 1,042,125,595 | 30.2% | ||||||||
INFORMATION TECHNOLOGY — (13.5%) | ||||||||||
Amano Corp. | 297,600 | 8,236,105 | 0.2% | |||||||
Digital Arts, Inc. | 88,000 | 7,784,776 | 0.2% | |||||||
Infomart Corp. | 593,100 | 9,295,779 | 0.3% | |||||||
Iriso Electronics Co., Ltd. | 154,500 | 7,803,265 | 0.2% | |||||||
NSD Co., Ltd. | 293,480 | 8,496,894 | 0.3% | |||||||
Oki Electric Industry Co., Ltd. | 694,400 | 8,673,892 | 0.3% | |||||||
Systena Corp. | 564,200 | 9,264,227 | 0.3% | |||||||
Tokyo Seimitsu Co., Ltd. | 315,100 | 8,110,715 | 0.2% | |||||||
Topcon Corp. | 862,100 | 10,829,862 | 0.3% | |||||||
# | Ulvac, Inc. | 361,900 | 11,531,230 | 0.3% | ||||||
Other Securities | 388,159,461 | 11.2% | ||||||||
TOTAL INFORMATION TECHNOLOGY | 478,186,206 | 13.8% | ||||||||
MATERIALS — (9.8%) | ||||||||||
ADEKA Corp. | 665,700 | 9,862,089 | 0.3% | |||||||
Kureha Corp. | 141,650 | 9,689,636 | 0.3% | |||||||
Mitsui Mining & Smelting Co., Ltd. | 484,900 | 11,655,829 | 0.3% | |||||||
Nippon Light Metal Holdings Co., Ltd. | 4,755,800 | 10,309,901 | 0.3% | |||||||
Sumitomo Osaka Cement Co., Ltd. | 234,999 | 9,356,358 | 0.3% | |||||||
Toagosei Co., Ltd. | 871,100 | 9,177,347 | 0.3% | |||||||
Tokuyama Corp. | 398,898 | 10,819,997 | 0.3% | |||||||
Toyobo Co., Ltd. | 715,200 | 8,565,127 | 0.3% | |||||||
Other Securities | 267,837,034 | 7.7% | ||||||||
TOTAL MATERIALS | 347,273,318 | 10.1% | ||||||||
REAL ESTATE — (1.7%) | ||||||||||
Other Securities | 61,380,183 | 1.8% | ||||||||
UTILITIES — (1.1%) | ||||||||||
Other Securities | 39,715,080 | 1.1% | ||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $3,220,406,325) | 3,424,069,664 | 99.1% | ||||||||
Value† | ||||||||||
SECURITIES LENDING COLLATERAL — (3.2%) | ||||||||||
@ § | The DFA Short Term Investment Fund | 9,776,192 | 113,130,099 | 3.3% | ||||||
TOTAL INVESTMENTS—(100.0%) | ||||||||||
(Cost $3,333,550,529) | $ | 3,537,199,763 | 102.4% |
» | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. |
50
The Japanese Small Company Series
continued
‡ | Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. “Other Securities” are those securities that are not among the top 50 holdings in unaffiliated issuers of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities. | |
# | Total or Partial Securities on Loan. | |
* | Non-Income Producing Securities. | |
† | See Note B to Financial Statements. | |
@ | Security purchased with cash proceeds from Securities on Loan. | |
§ | Affiliated Fund. |
Summary of the Series' investments as of June 30, 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 | |||||||||
Common Stocks | ||||||||||||
Communication Services | — | $ | 94,494,763 | — | $ | 94,494,763 | ||||||
Consumer Discretionary | $ | 2,764,165 | 622,767,694 | — | 625,531,859 | |||||||
Consumer Staples | — | 249,340,403 | — | 249,340,403 | ||||||||
Energy | — | 31,977,818 | — | 31,977,818 | ||||||||
Financials | — | 285,052,379 | — | 285,052,379 | ||||||||
Health Care | — | 168,992,060 | — | 168,992,060 | ||||||||
Industrials | — | 1,042,125,595 | — | 1,042,125,595 | ||||||||
Information Technology | — | 478,186,206 | — | 478,186,206 | ||||||||
Materials | — | 347,273,318 | — | 347,273,318 | ||||||||
Real Estate | — | 61,380,183 | — | 61,380,183 | ||||||||
Utilities | — | 39,715,080 | — | 39,715,080 | ||||||||
Securities Lending Collateral | — | 113,130,099 | — | 113,130,099 | ||||||||
TOTAL | $ | 2,764,165 | $ | 3,534,435,598 | — | $ | 3,537,199,763 |
51
THE ASIA PACIFIC SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
June 30, 2019
(Unaudited)
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
COMMON STOCKS — (95.3%) | ||||||||||
AUSTRALIA — (52.7%) | ||||||||||
ALS, Ltd. | 2,222,296 | $ | 11,480,476 | 0.7% | ||||||
Altium, Ltd. | 661,169 | 15,960,114 | 1.0% | |||||||
Ansell, Ltd. | 896,729 | 16,931,997 | 1.0% | |||||||
Appen, Ltd. | 715,559 | 14,135,388 | 0.9% | |||||||
Bank of Queensland, Ltd. | 1,134,493 | 7,596,803 | 0.5% | |||||||
Breville Group, Ltd. | 834,341 | 9,595,255 | 0.6% | |||||||
carsales.com, Ltd. | 1,744,892 | 16,607,699 | 1.0% | |||||||
Cleanaway Waste Management, Ltd. | 10,062,156 | 16,491,481 | 1.0% | |||||||
# | Corporate Travel Management, Ltd. | 548,400 | 8,679,071 | 0.5% | ||||||
# | Credit Corp. Group, Ltd. | 553,754 | 10,326,304 | 0.6% | ||||||
# | CSR, Ltd. | 3,957,955 | 10,887,386 | 0.7% | ||||||
DuluxGroup, Ltd. | 2,924,888 | 19,143,764 | 1.2% | |||||||
GrainCorp, Ltd., Class A | 1,833,496 | 10,278,440 | 0.6% | |||||||
Iluka Resources, Ltd. | 1,013,797 | 7,697,378 | 0.5% | |||||||
Independence Group NL | 3,606,613 | 12,000,253 | 0.7% | |||||||
# | InvoCare, Ltd. | 984,745 | 11,057,912 | 0.7% | ||||||
# | IOOF Holdings, Ltd. | 2,296,344 | 8,352,134 | 0.5% | ||||||
IRESS, Ltd. | 1,095,248 | 10,729,869 | 0.7% | |||||||
# | JB Hi-Fi, Ltd. | 861,985 | 15,656,359 | 1.0% | ||||||
# * | Lynas Corp., Ltd. | 4,538,007 | 8,206,803 | 0.5% | ||||||
# | Metcash, Ltd. | 7,553,452 | 13,661,651 | 0.8% | ||||||
Mineral Resources, Ltd. | 1,210,928 | 12,787,202 | 0.8% | |||||||
Monadelphous Group, Ltd. | 726,646 | 9,596,995 | 0.6% | |||||||
nib holdings, Ltd. | 3,390,280 | 18,281,897 | 1.1% | |||||||
Nine Entertainment Co. Holdings, Ltd. | 11,957,501 | 15,796,477 | 1.0% | |||||||
Orora, Ltd. | 6,055,609 | 13,793,707 | 0.8% | |||||||
OZ Minerals, Ltd. | 2,477,965 | 17,540,437 | 1.1% | |||||||
Pendal Group, Ltd. | 1,938,181 | 9,747,947 | 0.6% | |||||||
# | Perpetual, Ltd. | 353,370 | 10,498,830 | 0.6% | ||||||
Premier Investments, Ltd. | 829,371 | 8,843,570 | 0.5% | |||||||
Regis Resources, Ltd. | 3,442,546 | 12,783,089 | 0.8% | |||||||
* | Saracen Mineral Holdings, Ltd. | 5,547,363 | 14,361,092 | 0.9% | ||||||
# | Sims Metal Management, Ltd. | 1,382,214 | 10,571,822 | 0.6% | ||||||
Spark Infrastructure Group | 9,579,326 | 16,349,550 | 1.0% | |||||||
# | St Barbara, Ltd. | 5,006,626 | 10,340,011 | 0.6% | ||||||
Steadfast Group, Ltd. | 5,738,685 | 14,156,539 | 0.9% | |||||||
Technology One, Ltd. | 1,891,632 | 10,489,559 | 0.6% | |||||||
* | Vocus Group, Ltd. | 4,033,290 | 9,267,792 | 0.6% | ||||||
Webjet, Ltd. | 923,449 | 8,821,450 | 0.5% | |||||||
Other Securities | 425,759,149 | 25.7% | ||||||||
TOTAL AUSTRALIA | 905,263,652 | 55.0% | ||||||||
BERMUDA — (0.0%) | ||||||||||
Other Security | 49,218 | 0.0% | ||||||||
CANADA — (0.0%) | ||||||||||
Other Security | 334,675 | 0.0% | ||||||||
CHINA — (0.1%) | ||||||||||
Other Securities | 2,015,733 | 0.1% | ||||||||
HONG KONG — (25.7%) | ||||||||||
Cafe de Coral Holdings, Ltd. | 3,276,000 | 9,746,523 | 0.6% | |||||||
Dah Sing Financial Holdings, Ltd. | 1,713,344 | 8,005,811 | 0.5% |
52
The Asia Pacific Small Company Series
continued
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
HONG KONG — (Continued) | ||||||||||
HKBN, Ltd. | 6,108,000 | $ | 11,013,469 | 0.7% | ||||||
IGG, Inc. | 12,055,000 | 13,482,398 | 0.8% | |||||||
# | Luk Fook Holdings International, Ltd. | 3,912,000 | 12,252,749 | 0.8% | ||||||
VTech Holdings, Ltd. | 1,333,700 | 11,953,818 | 0.7% | |||||||
Other Securities | 375,527,401 | 22.8% | ||||||||
TOTAL HONG KONG | 441,982,169 | 26.9% | ||||||||
NEW ZEALAND — (6.4%) | ||||||||||
Chorus, Ltd. | 2,989,099 | 11,453,959 | 0.7% | |||||||
Infratil, Ltd. | 4,778,499 | 14,934,157 | 0.9% | |||||||
Mainfreight, Ltd. | 432,266 | 11,829,579 | 0.7% | |||||||
SKYCITY Entertainment Group, Ltd. | 4,786,590 | 12,194,483 | 0.7% | |||||||
Other Securities | 59,671,784 | 3.7% | ||||||||
TOTAL NEW ZEALAND | 110,083,962 | 6.7% | ||||||||
SINGAPORE — (10.4%) | ||||||||||
# | Singapore Post, Ltd. | 11,873,200 | 8,340,348 | 0.5% | ||||||
Other Securities | 169,214,302 | 10.3% | ||||||||
TOTAL SINGAPORE | 177,554,650 | 10.8% | ||||||||
TOTAL COMMON STOCKS | 1,637,284,059 | 99.5% | ||||||||
RIGHTS/WARRANTS — (0.0%) | ||||||||||
Other Securities | 5,230 | 0.0% | ||||||||
TOTAL INVESTMENT SECURITIES | ||||||||||
(Cost $1,675,191,000) | 1,637,289,289 | |||||||||
Value† | ||||||||||
SECURITIES LENDING COLLATERAL — (4.7%) | ||||||||||
@§ | The DFA Short Term Investment Fund | 6,918,270 | 80,058,224 | 4.9% | ||||||
TOTAL INVESTMENTS—(100.0%) | ||||||||||
(Cost $1,763,062,307) | $1,717,347,513 | 104.4% |
» | Securities that have generally been fair value factored. See Note B to Financial Statements. | |
‡ | Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. “Other Securities” are those securities that are not among the top 50 holdings in unaffiliated issuers of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities. | |
# | Total or Partial Securities on Loan. | |
* | Non-Income Producing Securities. | |
@ | Security purchased with cash proceeds from Securities on Loan. | |
§ | Affiliated Fund. |
53
The Asia Pacific Small Company Series
continued
Summary of the Series' investments as of June 30, 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 | |||||||||
Common Stocks | ||||||||||||
Australia | — | $ | 905,263,652 | — | $ | 905,263,652 | ||||||
Bermuda | $ | 49,218 | — | — | 49,218 | |||||||
Canada | 334,675 | — | — | 334,675 | ||||||||
China | — | 2,015,733 | — | 2,015,733 | ||||||||
Hong Kong | 506,770 | 441,475,399 | — | 441,982,169 | ||||||||
New Zealand | — | 110,083,962 | — | 110,083,962 | ||||||||
Singapore | 14,514 | 177,540,136 | — | 177,554,650 | ||||||||
Rights/Warrants | ||||||||||||
Singapore | — | 5,230 | — | 5,230 | ||||||||
Securities Lending Collateral | — | 80,058,224 | — | 80,058,224 | ||||||||
TOTAL | $ | 905,177 | $ | 1,716,442,336 | — | $ | 1,717,347,513 |
54
THE UNITED KINGDOM SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
June 30, 2019
(Unaudited)
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
COMMON STOCKS — (98.2%) | ||||||||||
COMMUNICATION SERVICES — (5.9%) | ||||||||||
Auto Trader Group P.L.C. | 4,756,015 | $ | 33,124,540 | 1.4% | ||||||
Inmarsat P.L.C. | 2,400,987 | 16,630,511 | 0.7% | |||||||
Other Securities | 87,418,197 | 3.9% | ||||||||
TOTAL COMMUNICATION SERVICES | 137,173,248 | 6.0% | ||||||||
CONSUMER DISCRETIONARY — (21.6%) | ||||||||||
B&M European Value Retail SA | 5,636,407 | 23,873,478 | 1.0% | |||||||
Bellway P.L.C. | 860,052 | 30,419,094 | 1.3% | |||||||
Bovis Homes Group P.L.C. | 1,262,993 | 16,604,292 | 0.7% | |||||||
Greene King P.L.C. | 2,728,082 | 21,397,663 | 0.9% | |||||||
Greggs P.L.C. | 734,900 | 21,419,776 | 0.9% | |||||||
GVC Holdings P.L.C. | 1,923,973 | 15,948,611 | 0.7% | |||||||
Inchcape P.L.C. | 2,863,449 | 22,439,863 | 1.0% | |||||||
JD Sports Fashion P.L.C. | 2,029,276 | 15,117,800 | 0.7% | |||||||
Merlin Entertainments P.L.C. | 4,495,638 | 25,697,746 | 1.1% | |||||||
Moneysupermarket.com Group P.L.C. | 3,912,801 | 20,497,403 | 0.9% | |||||||
SSP Group P.L.C. | 2,923,878 | 25,483,187 | 1.1% | |||||||
WH Smith P.L.C. | 718,011 | 17,985,204 | 0.8% | |||||||
Other Securities | 241,236,642 | 10.7% | ||||||||
TOTAL CONSUMER DISCRETIONARY | 498,120,759 | 21.8% | ||||||||
CONSUMER STAPLES — (5.1%) | ||||||||||
Britvic P.L.C. | 1,760,993 | 19,868,435 | 0.9% | |||||||
Fevertree Drinks P.L.C. | 595,409 | 17,526,221 | 0.8% | |||||||
Tate & Lyle P.L.C. | 3,470,820 | 32,537,208 | 1.4% | |||||||
Other Securities | 48,229,015 | 2.1% | ||||||||
TOTAL CONSUMER STAPLES | 118,160,879 | 5.2% | ||||||||
ENERGY — (4.0%) | ||||||||||
John Wood Group P.L.C. | 3,091,313 | 17,799,688 | 0.8% | |||||||
Tullow Oil P.L.C. | 9,672,607 | 25,875,645 | 1.1% | |||||||
Other Securities | 49,401,511 | 2.2% | ||||||||
TOTAL ENERGY | 93,076,844 | 4.1% | ||||||||
FINANCIALS — (13.7%) | ||||||||||
Beazley P.L.C. | 2,965,469 | 20,786,246 | 0.9% | |||||||
Close Brothers Group P.L.C. | 1,033,400 | 18,547,218 | 0.8% | |||||||
CYBG P.L.C. | 6,289,843 | 15,359,146 | 0.7% | |||||||
Hiscox, Ltd. | 763,128 | 16,395,920 | 0.7% | |||||||
IG Group Holdings P.L.C. | 2,463,141 | 18,260,610 | 0.8% | |||||||
Intermediate Capital Group P.L.C. | 1,866,605 | 32,741,361 | 1.4% | |||||||
Man Group PLC | 10,998,653 | 21,746,362 | 1.0% | |||||||
Phoenix Group Holdings P.L.C. | 1,932,604 | 17,428,839 | 0.8% | |||||||
Quilter P.L.C. | 9,325,244 | 16,611,064 | 0.7% | |||||||
Other Securities | 137,579,663 | 6.0% | ||||||||
TOTAL FINANCIALS | 315,456,429 | 13.8% | ||||||||
HEALTH CARE — (3.5%) | ||||||||||
* | BTG P.L.C. | 2,027,017 | 21,510,825 | 0.9% | ||||||
Other Securities | 59,757,938 | 2.7% | ||||||||
TOTAL HEALTH CARE | 81,268,763 | 3.6% |
55
The United Kingdom Small Company Series
continued
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
INDUSTRIALS — (26.6%) | ||||||||||
Aggreko P.L.C. | 1,617,035 | $ | 16,234,160 | 0.7% | ||||||
# | Babcock International Group P.L.C. | 2,995,017 | 17,434,559 | 0.8% | ||||||
BBA Aviation P.L.C. | 7,186,917 | 25,766,418 | 1.1% | |||||||
* | Cobham P.L.C. | 16,450,293 | 22,264,917 | 1.0% | ||||||
G4S P.L.C. | 9,613,280 | 25,433,214 | 1.1% | |||||||
Grafton Group P.L.C. | 1,602,051 | 16,382,008 | 0.7% | |||||||
Hays P.L.C. | 9,878,691 | 19,736,569 | 0.9% | |||||||
HomeServe P.L.C. | 1,833,638 | 27,631,132 | 1.2% | |||||||
Howden Joinery Group P.L.C. | 4,476,142 | 28,807,280 | 1.3% | |||||||
IMI P.L.C. | 1,817,981 | 23,985,559 | 1.1% | |||||||
IWG P.L.C. | 4,181,508 | 18,069,156 | 0.8% | |||||||
Meggitt P.L.C. | 3,095,744 | 20,625,102 | 0.9% | |||||||
Pagegroup P.L.C. | 2,346,683 | 15,274,672 | 0.7% | |||||||
Rotork P.L.C. | 5,721,728 | 23,002,468 | 1.0% | |||||||
Travis Perkins P.L.C. | 1,668,861 | 26,991,502 | 1.2% | |||||||
Other Securities | 287,690,928 | 12.5% | ||||||||
TOTAL INDUSTRIALS | 615,329,644 | 27.0% | ||||||||
INFORMATION TECHNOLOGY — (6.2%) | ||||||||||
Electrocomponents P.L.C. | 3,231,445 | 25,960,585 | 1.1% | |||||||
Spectris P.L.C. | 793,339 | 28,978,317 | 1.3% | |||||||
Other Securities | 87,305,065 | 3.8% | ||||||||
TOTAL INFORMATION TECHNOLOGY | 142,243,967 | 6.2% | ||||||||
MATERIALS — (6.7%) | ||||||||||
RPC Group P.L.C. | 2,589,442 | 26,059,983 | 1.1% | |||||||
Victrex P.L.C. | 625,988 | 17,201,634 | 0.8% | |||||||
Other Securities | 110,856,127 | 4.9% | ||||||||
TOTAL MATERIALS | 154,117,744 | 6.8% | ||||||||
REAL ESTATE — (3.0%) | ||||||||||
St. Modwen Properties P.L.C. | 2,832,022 | 15,752,950 | 0.7% | |||||||
Other Securities | 52,964,633 | 2.3% | ||||||||
TOTAL REAL ESTATE | 68,717,583 | 3.0% | ||||||||
UTILITIES — (1.9%) | ||||||||||
Pennon Group P.L.C. | 2,915,542 | 27,498,799 | 1.2% | |||||||
Other Securities | 16,806,465 | 0.7% | ||||||||
TOTAL UTILITIES | 44,305,264 | 1.9% | ||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $2,221,611,864) | 2,267,971,124 | 99.4% | ||||||||
Value† | ||||||||||
SECURITIES LENDING COLLATERAL — (1.8%) | ||||||||||
@§ | The DFA Short Term Investment Fund | 3,648,398 | 42,219,267 | 1.9% | ||||||
TOTAL INVESTMENTS—(100.0%) | ||||||||||
(Cost $2,275,761,282) | $ | 2,310,190,391 | 101.3% |
P.L.C. | Public Limited Company | |
SA | Special Assessment | |
» | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. |
56
The United Kingdom Small Company Series
continued
‡ | Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. “Other Securities” are those securities that are not among the top 50 holdings in unaffiliated issuers of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities. | |
* | Non-Income Producing Securities. | |
# | Total or Partial Securities on Loan. | |
† | See Note B to Financial Statements. | |
@ | Security purchased with cash proceeds from Securities on Loan. | |
§ | Affiliated Fund. |
Summary of the Series' investments as of June 30, 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 | ||||||||
Common Stocks | |||||||||||
Communication Services | — | $ | 137,173,248 | — | $ | 137,173,248 | |||||
Consumer Discretionary | — | 498,120,759 | — | 498,120,759 | |||||||
Consumer Staples | — | 118,160,879 | — | 118,160,879 | |||||||
Energy | — | 93,076,844 | — | 93,076,844 | |||||||
Financials | — | 315,456,429 | — | 315,456,429 | |||||||
Health Care | — | 81,268,763 | — | 81,268,763 | |||||||
Industrials | — | 615,329,644 | — | 615,329,644 | |||||||
Information Technology | — | 142,243,967 | — | 142,243,967 | |||||||
Materials | — | 154,117,744 | — | 154,117,744 | |||||||
Real Estate | — | 68,717,583 | — | 68,717,583 | |||||||
Utilities | — | 44,305,264 | — | 44,305,264 | |||||||
Securities Lending Collateral | — | 42,219,267 | — | 42,219,267 | |||||||
TOTAL | — | $ | 2,310,190,391 | — | $ | 2,310,190,391 |
57
THE CONTINENTAL SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
June 30, 2019
(Unaudited)
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
COMMON STOCKS — (89.7%) | ||||||||||
AUSTRIA — (3.0%) | ||||||||||
Other Securities | $ | 182,855,959 | 3.3% | |||||||
BELGIUM — (4.0%) | ||||||||||
Ackermans & van Haaren NV | 174,099 | 26,143,444 | 0.5% | |||||||
* | Argenx SE | 195,734 | 27,660,314 | 0.5% | ||||||
* | Galapagos NV | 220,186 | 28,437,771 | 0.5% | ||||||
Other Securities | 165,282,981 | 2.9% | ||||||||
TOTAL BELGIUM | 247,524,510 | 4.4% | ||||||||
DENMARK — (4.4%) | ||||||||||
Royal Unibrew A.S. | 364,385 | 26,638,609 | 0.5% | |||||||
SimCorp A.S. | 282,936 | 27,388,773 | 0.5% | |||||||
Topdanmark A.S. | 475,380 | 26,828,864 | 0.5% | |||||||
Other Securities | 193,196,564 | 3.4% | ||||||||
TOTAL DENMARK | 274,052,810 | 4.9% | ||||||||
FINLAND — (5.6%) | ||||||||||
# | Huhtamaki Oyj | 768,251 | 31,595,732 | 0.6% | ||||||
Kesko Oyj, Class B | 423,211 | 23,525,712 | 0.4% | |||||||
Metso Oyj | 667,333 | 26,263,685 | 0.5% | |||||||
Nokian Renkaat Oyj | 883,124 | 27,580,280 | 0.5% | |||||||
# | Orion Oyj, Class B | 748,676 | 27,454,603 | 0.5% | ||||||
# | Valmet Oyj | 956,184 | 23,854,227 | 0.4% | ||||||
Other Securities | 182,812,822 | 3.2% | ||||||||
TOTAL FINLAND | 343,087,061 | 6.1% | ||||||||
FRANCE — (10.9%) | ||||||||||
# | Alten SA | 191,025 | 22,902,336 | 0.4% | ||||||
# | Altran Technologies SA | 1,693,540 | 26,876,093 | 0.5% | ||||||
Edenred | 495,274 | 25,241,394 | 0.5% | |||||||
Euronext NV | 373,020 | 28,222,360 | 0.5% | |||||||
Eutelsat Communications SA | 1,279,751 | 23,900,748 | 0.4% | |||||||
# | Ingenico Group SA | 424,498 | 37,568,631 | 0.7% | ||||||
Lagardere SCA | 778,374 | 20,278,880 | 0.4% | |||||||
# | Rexel SA | 2,320,855 | 29,457,124 | 0.5% | ||||||
# | Rubis SCA | 610,442 | 34,370,613 | 0.6% | ||||||
Other Securities | 424,596,687 | 7.5% | ||||||||
TOTAL FRANCE | 673,414,866 | 12.0% | ||||||||
GERMANY — (15.6%) | ||||||||||
Bechtle AG | 225,300 | 25,928,824 | 0.5% | |||||||
CTS Eventim AG & Co. KGaA | 442,453 | 20,572,556 | 0.4% | |||||||
* | Dialog Semiconductor P.L.C. | 621,432 | 25,006,024 | 0.5% | ||||||
GEA Group AG | 729,248 | 20,696,495 | 0.4% | |||||||
Hugo Boss AG | 488,688 | 32,569,011 | 0.6% | |||||||
# | K+S AG | 1,567,865 | 29,170,811 | 0.5% | ||||||
Lanxess AG | 620,363 | 36,843,046 | 0.7% | |||||||
Nemetschek SE | 378,735 | 22,816,083 | 0.4% | |||||||
Rheinmetall AG | 339,164 | 41,568,274 | 0.7% | |||||||
TAG Immobilien AG | 1,024,715 | 23,669,028 | 0.4% | |||||||
TLG Immobilien AG | 722,981 | 21,164,824 | 0.4% |
58
The Continental Small Company Series
continued
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
GERMANY — (Continued) | ||||||||||
Other Securities | $ | 658,815,633 | 11.6% | |||||||
TOTAL GERMANY | 958,820,609 | 17.1% | ||||||||
IRELAND — (0.5%) | ||||||||||
Other Securities | 31,758,110 | 0.6% | ||||||||
ISRAEL — (2.8%) | ||||||||||
Other Securities | 175,496,247 | 3.1% | ||||||||
ITALY — (9.4%) | ||||||||||
# * | Banco BPM SpA | 12,626,497 | 25,716,371 | 0.5% | ||||||
# | Hera SpA | 6,455,969 | 24,694,215 | 0.5% | ||||||
Italgas SpA | 3,818,401 | 25,663,204 | 0.5% | |||||||
* | Saipem SpA | 5,057,693 | 25,239,730 | 0.5% | ||||||
# | Unione di Banche Italiane SpA | 7,724,232 | 21,089,051 | 0.4% | ||||||
Other Securities | 458,881,117 | 8.0% | ||||||||
TOTAL ITALY | 581,283,688 | 10.4% | ||||||||
NETHERLANDS — (6.1%) | ||||||||||
Aalberts NV | 728,381 | 28,590,585 | 0.5% | |||||||
ASM International NV | 330,867 | 21,474,103 | 0.4% | |||||||
IMCD NV | 357,303 | 32,775,767 | 0.6% | |||||||
SBM Offshore NV | 1,376,758 | 26,577,630 | 0.5% | |||||||
Signify NV | 712,323 | 21,017,218 | 0.4% | |||||||
* | Takeaway.com NV | 233,901 | 21,883,399 | 0.4% | ||||||
Other Securities | 223,790,219 | 3.9% | ||||||||
TOTAL NETHERLANDS | 376,108,921 | 6.7% | ||||||||
NORWAY — (2.3%) | ||||||||||
Other Securities | 141,910,624 | 2.5% | ||||||||
PORTUGAL — (1.1%) | ||||||||||
Other Securities | 68,403,206 | 1.2% | ||||||||
SPAIN — (5.3%) | ||||||||||
Acciona SA | 190,411 | 20,435,365 | 0.4% | |||||||
# | Cellnex Telecom SA | 981,389 | 36,304,983 | 0.7% | ||||||
Other Securities | 267,839,467 | 4.7% | ||||||||
TOTAL SPAIN | 324,579,815 | 5.8% | ||||||||
SWEDEN — (7.5%) | ||||||||||
Other Securities | 459,618,467 | 8.2% | ||||||||
SWITZERLAND — (11.2%) | ||||||||||
Cembra Money Bank AG | 214,769 | 20,725,558 | 0.4% | |||||||
Georg Fischer AG | 30,788 | 29,451,897 | 0.5% | |||||||
Helvetia Holding AG | 209,024 | 26,238,704 | 0.5% | |||||||
PSP Swiss Property AG | 325,433 | 38,033,386 | 0.7% | |||||||
# | VAT Group AG | 199,273 | 24,580,028 | 0.4% | ||||||
Other Securities | 551,905,445 | 9.9% | ||||||||
TOTAL SWITZERLAND | 690,935,018 | 12.4% | ||||||||
UNITED KINGDOM — (0.0%) | ||||||||||
Other Security | 2,457,138 | 0.1% | ||||||||
TOTAL COMMON STOCKS | 5,532,307,049 | 98.8% |
59
The Continental Small Company Series
continued
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
PREFERRED STOCKS — (0.6%) | ||||||||||
GERMANY — (0.6%) | ||||||||||
Other Securities | $ | 33,277,556 | 0.6% | |||||||
RIGHTS/WARRANTS — (0.0%) | ||||||||||
Other Securities | 186,055 | 0.0% | ||||||||
TOTAL INVESTMENT SECURITIES | ||||||||||
(Cost $4,959,980,092) | 5,565,770,660 | |||||||||
Value† | ||||||||||
SECURITIES LENDING COLLATERAL — (9.7%) | ||||||||||
@§ | The DFA Short Term Investment Fund | 51,886,363 | 600,428,997 | 10.7% | ||||||
TOTAL INVESTMENTS—(100.0%) | ||||||||||
(Cost $5,569,829,880) | $6,166,199,657 | 110.1% |
P.L.C. | Public Limited Company | |
SA | Special Assessment | |
» | Securities that have generally been fair value factored. See Note B to Financial Statements. | |
‡ | Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. “Other Securities” are those securities that are not among the top 50 holdings in unaffiliated issuers of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities. | |
* | Non-Income Producing Securities. | |
# | Total or Partial Securities on Loan. | |
@ | Security purchased with cash proceeds from Securities on Loan. | |
§ | Affiliated Fund. |
Summary of the Series' investments as of June 30, 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 | |||||||||
Common Stocks | ||||||||||||
Austria | — | $ | 182,855,959 | — | $ | 182,855,959 | ||||||
Belgium | $ | 6,077,379 | 241,447,131 | — | 247,524,510 | |||||||
Denmark | — | 274,052,810 | — | 274,052,810 | ||||||||
Finland | — | 343,087,061 | — | 343,087,061 | ||||||||
France | — | 673,414,866 | — | 673,414,866 | ||||||||
Germany | — | 958,820,609 | — | 958,820,609 | ||||||||
Ireland | — | 31,758,110 | — | 31,758,110 | ||||||||
Israel | 791,346 | 174,704,901 | — | 175,496,247 | ||||||||
Italy | — | 581,283,688 | — | 581,283,688 | ||||||||
Netherlands | 1,414,636 | 374,694,285 | — | 376,108,921 | ||||||||
Norway | — | 141,910,624 | — | 141,910,624 | ||||||||
Portugal | — | 68,403,206 | — | 68,403,206 | ||||||||
Spain | — | 324,579,815 | — | 324,579,815 | ||||||||
Sweden | 672,770 | 458,945,697 | — | 459,618,467 | ||||||||
Switzerland | 15,874,874 | 675,060,144 | — | 690,935,018 |
60
The Continental Small Company Series
continued
Investments in Securities (Market Value) | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
United Kingdom | — | $ 2,457,138 | — | $ 2,457,138 | ||||||||
Preferred Stocks | ||||||||||||
Germany | — | 33,277,556 | — | 33,277,556 | ||||||||
Rights/Warrants | ||||||||||||
Spain | — | 186,055 | — | 186,055 | ||||||||
Securities Lending Collateral | — | 600,428,997 | — | 600,428,997 | ||||||||
TOTAL | $ | 24,831,005 | $ | 6,141,368,652 | — | $ | 6,166,199,657 |
61
THE CANADIAN SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
June 30, 2019
(Unaudited)
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
COMMON STOCKS — (84.7%) | ||||||||||
COMMUNICATION SERVICES — (1.9%) | ||||||||||
Other Securities | $ | 25,256,752 | 2.2% | |||||||
CONSUMER DISCRETIONARY — (5.1%) | ||||||||||
* | Great Canadian Gaming Corp. | 418,284 | 14,181,826 | 1.2% | ||||||
Linamar Corp. | 322,683 | 12,044,401 | 1.1% | |||||||
Other Securities | 42,517,001 | 3.7% | ||||||||
TOTAL CONSUMER DISCRETIONARY | 68,743,228 | 6.0% | ||||||||
CONSUMER STAPLES — (4.1%) | ||||||||||
Cott Corp. | 96,682 | 1,290,705 | 0.1% | |||||||
Cott Corp. | 909,370 | 12,138,359 | 1.1% | |||||||
# | North West Co., Inc. (The) | 349,536 | 7,978,031 | 0.7% | ||||||
# | Premium Brands Holdings Corp. | 182,119 | 12,448,147 | 1.1% | ||||||
Other Securities | 21,394,588 | 1.9% | ||||||||
TOTAL CONSUMER STAPLES | 55,249,830 | 4.9% | ||||||||
ENERGY — (14.0%) | ||||||||||
Enerflex, Ltd. | 661,336 | 8,610,423 | 0.8% | |||||||
# | Enerplus Corp. | 1,624,918 | 12,222,093 | 1.1% | ||||||
# | Gibson Energy, Inc. | 852,446 | 15,199,583 | 1.3% | ||||||
* | Parex Resources, Inc. | 1,044,698 | 16,760,800 | 1.5% | ||||||
Whitecap Resources, Inc. | 2,833,976 | 9,197,356 | 0.8% | |||||||
Other Securities | 125,900,688 | 11.0% | ||||||||
TOTAL ENERGY | 187,890,943 | 16.5% | ||||||||
FINANCIALS — (8.5%) | ||||||||||
# | Canadian Western Bank | 643,831 | 14,685,374 | 1.3% | ||||||
ECN Capital Corp. | 2,446,608 | 7,884,148 | 0.7% | |||||||
Element Fleet Management Corp. | 2,883,697 | 21,051,616 | 1.8% | |||||||
# | Genworth MI Canada, Inc. | 297,480 | 9,413,593 | 0.8% | ||||||
* | Home Capital Group, Inc. | 541,770 | 8,021,779 | 0.7% | ||||||
# | Laurentian Bank of Canada | 326,390 | 11,210,738 | 1.0% | ||||||
Other Securities | 41,846,053 | 3.7% | ||||||||
TOTAL FINANCIALS | 114,113,301 | 10.0% | ||||||||
HEALTH CARE — (1.6%) | ||||||||||
Other Securities | 20,768,846 | 1.8% | ||||||||
INDUSTRIALS — (9.7%) | ||||||||||
* | ATS Automation Tooling Systems, Inc. | 552,999 | 8,994,600 | 0.8% | ||||||
Morneau Shepell, Inc. | 345,111 | 7,792,701 | 0.7% | |||||||
# | NFI Group, Inc. | 330,420 | 9,310,449 | 0.8% | ||||||
Stantec, Inc. | 602,233 | 14,453,960 | 1.3% | |||||||
TFI International, Inc. | 556,989 | 16,855,770 | 1.5% | |||||||
Other Securities | 72,806,056 | 6.3% | ||||||||
TOTAL INDUSTRIALS | 130,213,536 | 11.4% | ||||||||
INFORMATION TECHNOLOGY — (3.3%) | ||||||||||
* | Descartes Systems Group, Inc. (The) | 356,870 | 13,203,277 | 1.2% | ||||||
* | Kinaxis, Inc. | 141,074 | 8,798,071 | 0.8% |
62
The Canadian Small Company Series
continued
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
INFORMATION TECHNOLOGY — (Continued) | ||||||||||
Other Securities | $ | 21,770,023 | 1.8% | |||||||
TOTAL INFORMATION TECHNOLOGY | 43,771,371 | 3.8% | ||||||||
MATERIALS — (26.1%) | ||||||||||
Alamos Gold, Inc., Class A | 2,957,288 | 17,840,152 | 1.6% | |||||||
* | B2Gold Corp. | 6,155,419 | 18,707,623 | 1.6% | ||||||
* | Centerra Gold, Inc. | 1,682,253 | 11,844,049 | 1.0% | ||||||
* | Detour Gold Corp. | 1,259,316 | 15,886,297 | 1.4% | ||||||
#* | Endeavour Mining Corp. | 502,056 | 8,185,169 | 0.7% | ||||||
#* | First Majestic Silver Corp. | 1,147,531 | 9,060,726 | 0.8% | ||||||
Hudbay Minerals, Inc. | 1,922,188 | 10,406,867 | 0.9% | |||||||
#* | IAMGOLD Corp. | 3,346,046 | 11,319,143 | 1.0% | ||||||
#* | Ivanhoe Mines, Ltd., Class A | 3,744,528 | 11,895,106 | 1.0% | ||||||
# | Labrador Iron Ore Royalty Corp. | 387,856 | 10,372,049 | 0.9% | ||||||
OceanaGold Corp. | 4,416,629 | 12,074,019 | 1.1% | |||||||
Osisko Gold Royalties, Ltd. | 956,253 | 9,967,439 | 0.9% | |||||||
Pan American Silver Corp. | 1,525,893 | 19,726,904 | 1.7% | |||||||
* | Pretium Resources, Inc. | 293,903 | 2,941,969 | 0.3% | ||||||
* | Pretium Resources, Inc. | 794,788 | 7,944,542 | 0.7% | ||||||
* | SEMAFO, Inc. | 2,376,290 | 9,363,259 | 0.8% | ||||||
* | SSR Mining, Inc. | 859,605 | 11,762,912 | 1.0% | ||||||
# | Stella-Jones, Inc. | 307,602 | 11,100,966 | 1.0% | ||||||
Yamana Gold, Inc. | 6,883,874 | 17,452,149 | 1.5% | |||||||
Other Securities | 122,289,425 | 10.8% | ||||||||
TOTAL MATERIALS | 350,140,765 | 30.7% | ||||||||
REAL ESTATE — (4.0%) | ||||||||||
Colliers International Group, Inc. | 224,919 | 16,081,223 | 1.4% | |||||||
FirstService Corp. | 1,234 | 118,365 | 0.0% | |||||||
FirstService Corp. | 154,969 | 14,910,537 | 1.3% | |||||||
Tricon Capital Group, Inc. | 1,029,132 | 7,858,669 | 0.7% | |||||||
Other Securities | 15,048,103 | 1.3% | ||||||||
TOTAL REAL ESTATE | 54,016,897 | 4.7% | ||||||||
UTILITIES — (6.4%) | ||||||||||
Capital Power Corp. | 724,420 | 16,678,449 | 1.5% | |||||||
# | Innergex Renewable Energy, Inc. | 740,781 | 7,885,523 | 0.7% | ||||||
# | Northland Power, Inc. | 513,208 | 9,993,359 | 0.9% | ||||||
# | Superior Plus Corp. | 1,170,310 | 11,939,477 | 1.1% | ||||||
TransAlta Corp. | 2,047,057 | 13,318,259 | 1.2% | |||||||
# | TransAlta Renewables, Inc. | 779,039 | 8,239,235 | 0.7% | ||||||
Other Securities | 17,058,946 | 1.4% | ||||||||
TOTAL UTILITIES | 85,113,248 | 7.5% | ||||||||
TOTAL COMMON STOCKS | 1,135,278,717 | 99.5% | ||||||||
RIGHTS/WARRANTS — (0.0%) | ||||||||||
Other Securities | 361,922 | 0.1% | ||||||||
TOTAL RIGHTS/WARRANTS | 361,922 | 0.1% | ||||||||
TOTAL INVESTMENT SECURITIES | ||||||||||
(Cost $1,343,988,257) | 1,135,640,639 |
63
The Canadian Small Company Series
continued
Percentage of | ||||||||||
Shares | Value† | Net Assets‡ | ||||||||
SECURITIES LENDING COLLATERAL — (15.3%) | ||||||||||
@§ | The DFA Short Term Investment Fund | 17,686,290 | $ | 204,665,747 | 17.9% | |||||
TOTAL INVESTMENTS—(100.0%) | ||||||||||
(Cost $1,555,410,464) | $ | 1,340,306,386 | 117.5% |
» | Securities that have generally been fair value factored. See Note B to Financial Statements. | |
‡ | Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. “Other Securities” are those securities that are not among the top 50 holdings in unaffiliated issuers of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities. | |
* | Non-Income Producing Securities. | |
# | Total or Partial Securities on Loan. | |
† | See Note B to Financial Statements. | |
@ | Security purchased with cash proceeds from Securities on Loan. | |
§ | Affiliated Fund. |
Summary of the Series' investments as of June 30, 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 | |||||||||
Common Stocks | ||||||||||||
Communication Services | $ | 25,256,752 | — | — | $ | 25,256,752 | ||||||
Consumer Discretionary | 68,736,312 | $ | 6,916 | — | 68,743,228 | |||||||
Consumer Staples | 55,249,830 | — | — | 55,249,830 | ||||||||
Energy | 187,316,200 | 574,743 | — | 187,890,943 | ||||||||
Financials | 114,113,301 | — | — | 114,113,301 | ||||||||
Health Care | 20,768,846 | — | — | 20,768,846 | ||||||||
Industrials | 130,213,536 | — | — | 130,213,536 | ||||||||
Information Technology | 43,771,371 | — | — | 43,771,371 | ||||||||
Materials | 350,140,030 | 735 | — | 350,140,765 | ||||||||
Real Estate | 54,016,897 | — | — | 54,016,897 | ||||||||
Utilities | 85,113,248 | — | — | 85,113,248 | ||||||||
Rights/Warrants | ||||||||||||
Energy | — | 228 | — | 228 | ||||||||
Materials | — | 361,694 | — | 361,694 | ||||||||
Securities Lending Collateral | — | 204,665,747 | — | 204,665,747 | ||||||||
TOTAL | $ | 1,134,696,323 | $ | 205,610,063 | — | $ | 1,340,306,386 |
64
THE JAPANESE SMALL COMPANY SERIES
SCHEDULE OF INVESTMENTS
October 31, 2019
Shares | Value» | |||||||
COMMON STOCKS — (97.6%) | ||||||||
COMMUNICATION SERVICES — (2.6%) | ||||||||
Adways, Inc. | 18,400 | $ | 51,478 | |||||
# | Aeria, Inc. | 15,800 | 147,999 | |||||
# | Akatsuki, Inc. | 30,200 | 1,683,013 | |||||
# * | ALBERT, Inc. | 2,000 | 165,176 | |||||
# * | AlphaPolis Co., Ltd. | 13,800 | 265,923 | |||||
AOI TYO Holdings, Inc. | 166,231 | 989,051 | ||||||
Asahi Broadcasting Group Holdings Corp. | 72,200 | 495,229 | ||||||
Asahi Net, Inc. | 102,300 | 633,335 | ||||||
Ateam, Inc. | 94,800 | 925,761 | ||||||
* | Atrae, Inc. | 41,000 | 1,207,803 | |||||
Avex, Inc. | 286,800 | 3,489,171 | ||||||
# * | Bengo4.com, Inc. | 36,300 | 1,680,716 | |||||
* | Broadmedia Corp. | 39,100 | 29,004 | |||||
Broccoli Co., Ltd. | 5,300 | 62,905 | ||||||
# * | CareerIndex, Inc. | 25,100 | 106,936 | |||||
# | Ceres, Inc. | 24,900 | 288,958 | |||||
* | COOKPAD, Inc. | 228,500 | 687,837 | |||||
# | Dip Corp. | 253,900 | 6,891,938 | |||||
* | Drecom Co., Ltd. | 4,700 | 32,343 | |||||
# * | eBook Initiative Japan Co., Ltd. | 11,700 | 184,543 | |||||
# | Extreme Co., Ltd. | 17,300 | 319,290 | |||||
F@N Communications, Inc. | 371,200 | 1,792,304 | ||||||
Faith, Inc. | 60,910 | 438,637 | ||||||
# | Freebit Co., Ltd. | 69,000 | 553,406 | |||||
Full Speed, Inc. | 41,900 | 189,222 | ||||||
Gakken Holdings Co., Ltd. | 38,900 | 2,133,280 | ||||||
Gree, Inc. | 982,000 | 4,662,546 | ||||||
Gurunavi, Inc. | 219,500 | 1,929,036 | ||||||
Imagica Group, Inc. | 118,100 | 616,410 | ||||||
Intage Holdings, Inc. | 263,400 | 2,346,443 | ||||||
Internet Initiative Japan, Inc. | 194,900 | 4,621,457 | ||||||
ITmedia, Inc. | 20,400 | 135,655 | ||||||
# * | Itokuro, Inc. | 55,700 | 915,962 | |||||
# * | Kadokawa Dwango | 449,516 | 6,425,410 | |||||
# | Kamakura Shinsho, Ltd. | 61,100 | 840,122 | |||||
# * | KLab, Inc. | 141,900 | 1,262,790 | |||||
* | LIFULL Co., Ltd. | 462,800 | 2,812,749 | |||||
Macromill, Inc. | 261,900 | 2,332,595 | ||||||
MarkLines Co., Ltd. | 70,900 | 1,387,825 | ||||||
Marvelous, Inc. | 255,000 | 1,799,782 | ||||||
# | Members Co., Ltd. | 45,500 | 808,082 | |||||
Mixi, Inc. | 219,400 | 4,239,671 | ||||||
* | Mobile Factory, Inc. | 24,600 | 321,758 | |||||
MTI, Ltd. | 192,600 | 1,249,225 | ||||||
# * | Mynet, Inc. | 17,800 | 91,614 | |||||
Okinawa Cellular Telephone Co. | 86,400 | 2,952,726 | ||||||
# * | PR Times, Inc. | 600 | 14,413 | |||||
Proto Corp. | 183,600 | 1,986,800 | ||||||
# * | Shobunsha Publications, Inc. | 252,700 | 950,959 | |||||
SKY Perfect JSAT Holdings, Inc. | 1,132,900 | 4,678,874 | ||||||
# | SoldOut, Inc. | 6,300 | 81,945 | |||||
# * | Synchro Food Co., Ltd. | 47,900 | 219,171 | |||||
Toei Animation Co., Ltd. | 54,100 | 2,523,831 | ||||||
Toei Co., Ltd. | 26,000 | 3,600,326 | ||||||
Tohokushinsha Film Corp. | 90,500 | 541,349 | ||||||
# | Tow Co., Ltd. | 138,400 | 986,930 |
65
The Japanese Small Company Series
continued
Shares | Value» | |||||||
COMMUNICATION SERVICES — (Continued) | ||||||||
TV Asahi Holdings Corp. | 3,500 | $ | 54,666 | |||||
Tv Tokyo Holdings Corp. | 103,500 | 2,154,492 | ||||||
# | Usen-Next Holdings Co., Ltd. | 97,100 | 923,654 | |||||
ValueCommerce Co., Ltd. | 113,500 | 1,746,226 | ||||||
# * | V-Cube, Inc. | 112,200 | 467,793 | |||||
* | Vector, Inc. | 206,200 | 1,938,765 | |||||
* | Vision, Inc. | 128,400 | 1,883,010 | |||||
Wowow, Inc. | 45,800 | 1,101,619 | ||||||
# * | Zappallas, Inc. | 55,900 | 211,039 | |||||
# | Zenrin Co., Ltd. | 287,150 | 5,200,440 | |||||
ZIGExN Co., Ltd. | 445,600 | 2,389,351 | ||||||
TOTAL COMMUNICATION SERVICES | 100,852,769 | |||||||
CONSUMER DISCRETIONARY — (18.0%) | ||||||||
Adastria Co., Ltd. | 156,440 | 3,847,633 | ||||||
# | Adventure, Inc. | 8,800 | 225,075 | |||||
Aeon Fantasy Co., Ltd. | 65,032 | 1,770,789 | ||||||
* | AGORA Hospitality Group Co., Ltd. | 341,200 | 107,140 | |||||
Ahresty Corp. | 158,000 | 802,379 | ||||||
Aigan Co., Ltd. | 86,100 | 204,565 | ||||||
Ainavo Holdings Co., Ltd. | 5,600 | 49,124 | ||||||
Aisan Industry Co., Ltd. | 273,500 | 2,261,239 | ||||||
# * | Akebono Brake Industry Co., Ltd. | 396,600 | 756,980 | |||||
# | Alleanza Holdings Co., Ltd. | 99,000 | 747,685 | |||||
Alpen Co., Ltd. | 133,200 | 2,117,495 | ||||||
Alpha Corp. | 52,600 | 633,778 | ||||||
Amiyaki Tei Co., Ltd. | 32,000 | 1,015,856 | ||||||
AOKI Holdings, Inc. | 287,400 | 2,923,979 | ||||||
Aoyama Trading Co., Ltd. | 343,700 | 6,047,259 | ||||||
Arata Corp. | 102,100 | 3,827,662 | ||||||
Arcland Sakamoto Co., Ltd. | 228,600 | 2,696,614 | ||||||
Arcland Service Holdings Co., Ltd. | 110,400 | 1,961,823 | ||||||
Asahi Co., Ltd. | 114,000 | 1,264,340 | ||||||
Asante, Inc. | 49,700 | 959,945 | ||||||
Ashimori Industry Co., Ltd. | 30,899 | 426,010 | ||||||
ASKUL Corp. | 47,300 | 1,299,292 | ||||||
# | Asti Corp. | 20,800 | 347,250 | |||||
# | Atom Corp. | 738,900 | 6,818,472 | |||||
Atsugi Co., Ltd. | 127,300 | 965,474 | ||||||
* | Aucfan Co., Ltd. | 3,100 | 22,423 | |||||
Aucnet, Inc. | 22,400 | 307,650 | ||||||
Autobacs Seven Co., Ltd. | 555,300 | 9,166,960 | ||||||
Baroque Japan, Ltd. | 96,500 | 833,222 | ||||||
* | Beaglee, Inc. | 35,400 | 325,218 | |||||
Beauty Garage, Inc. | 18,600 | 285,738 | ||||||
Belluna Co., Ltd. | 383,700 | 2,508,445 | ||||||
Bic Camera, Inc. | 181,000 | 1,976,172 | ||||||
# | Bookoff Group Holdings, Ltd. | 68,800 | 741,583 | |||||
# | BRONCO BILLY Co., Ltd. | 86,800 | 2,170,521 | |||||
# | Can Do Co., Ltd. | 71,000 | 1,049,436 | |||||
Central Automotive Products, Ltd. | 85,400 | 1,671,348 | ||||||
Central Sports Co., Ltd. | 52,100 | 1,573,979 | ||||||
# | Chikaranomoto Holdings Co., Ltd. | 35,400 | 275,443 | |||||
CHIMNEY Co., Ltd. | 37,900 | 847,118 | ||||||
Chiyoda Co., Ltd. | 124,200 | 1,840,500 | ||||||
Chofu Seisakusho Co., Ltd. | 143,500 | 3,321,919 | ||||||
Choushimaru Co., Ltd. | 6,300 | 79,021 | ||||||
Chuo Spring Co., Ltd. | 20,000 | 540,835 | ||||||
Cleanup Corp. | 149,800 | 802,113 |
66
The Japanese Small Company Series
continued
Shares | Value» | |||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||
Coco's Japan Co., Ltd. | 57,700 | $ | 721,143 | |||||
Colowide Co., Ltd. | 338,700 | 6,567,581 | ||||||
Corona Corp. | 105,500 | 1,130,807 | ||||||
Create Restaurants Holdings, Inc. | 346,200 | 5,944,994 | ||||||
Cross Plus, Inc. | 9,800 | 57,379 | ||||||
Daido Metal Co., Ltd. | 312,200 | 1,980,451 | ||||||
# | Daidoh, Ltd. | 101,300 | 266,226 | |||||
Daikoku Denki Co., Ltd. | 62,000 | 878,182 | ||||||
Daikyonishikawa Corp. | 274,100 | 2,105,795 | ||||||
Dainichi Co., Ltd. | 68,900 | 439,653 | ||||||
# | DCM Holdings Co., Ltd. | 824,900 | 8,165,844 | |||||
DD Holdings Co., Ltd. | 60,400 | 894,478 | ||||||
Descente, Ltd. | 182,100 | 2,334,129 | ||||||
Doshisha Co., Ltd. | 176,500 | 2,797,044 | ||||||
Doutor Nichires Holdings Co., Ltd. | 213,186 | 4,268,925 | ||||||
# | Dynic Corp. | 42,200 | 304,363 | |||||
Eagle Industry Co., Ltd. | 202,100 | 2,029,614 | ||||||
# | EAT&Co, Ltd. | 33,000 | 542,664 | |||||
# | EDION Corp. | 552,600 | 5,491,813 | |||||
# * | Enigmo, Inc. | 183,400 | 1,615,546 | |||||
ES-Con Japan, Ltd. | 200,400 | 1,630,044 | ||||||
ESCRIT, Inc. | 47,100 | 363,522 | ||||||
Eslead Corp. | 59,800 | 1,121,334 | ||||||
ESTELLE Holdings Co., Ltd. | 12,600 | 75,854 | ||||||
Exedy Corp. | 225,100 | 5,302,153 | ||||||
FCC Co., Ltd. | 286,300 | 5,923,643 | ||||||
Felissimo Corp. | 21,200 | 205,294 | ||||||
Fields Corp. | 119,200 | 597,344 | ||||||
Fine Sinter Co., Ltd. | 10,300 | 193,376 | ||||||
# | First Juken Co., Ltd. | 51,200 | 633,448 | |||||
# | First-corp, Inc. | 45,300 | 293,858 | |||||
# | FJ Next Co., Ltd. | 116,100 | 1,206,326 | |||||
Foster Electric Co., Ltd. | 151,200 | 2,703,198 | ||||||
France Bed Holdings Co., Ltd. | 153,900 | 1,440,566 | ||||||
F-Tech, Inc. | 104,800 | 743,089 | ||||||
Fuji Co., Ltd. | 148,400 | 2,670,113 | ||||||
# | Fuji Corp. | 40,200 | 820,133 | |||||
Fuji Corp., Ltd. | 200,800 | 1,328,651 | ||||||
# | Fuji Kyuko Co., Ltd. | 48,200 | 1,925,714 | |||||
Fujibo Holdings, Inc. | 77,700 | 2,440,905 | ||||||
Fujikura Composites, Inc. | 145,600 | 598,333 | ||||||
# | Fujio Food System Co., Ltd. | 58,100 | 1,662,844 | |||||
Fujishoji Co., Ltd. | 55,100 | 483,653 | ||||||
Fujita Kanko, Inc. | 59,200 | 1,581,038 | ||||||
# | Fujitsu General, Ltd. | 512,500 | 9,251,020 | |||||
FuKoKu Co., Ltd. | 67,200 | 450,806 | ||||||
* | Funai Electric Co., Ltd. | 139,000 | 766,220 | |||||
# | Furukawa Battery Co., Ltd. (The) | 101,100 | 625,320 | |||||
Furyu Corp. | 100,400 | 905,769 | ||||||
Futaba Industrial Co., Ltd. | 448,000 | 3,167,482 | ||||||
# | Gakkyusha Co., Ltd. | 50,900 | 601,563 | |||||
# | Genki Sushi Co., Ltd. | 38,000 | 975,169 | |||||
Geo Holdings Corp. | 245,000 | 3,053,197 | ||||||
# | Gfoot Co., Ltd. | 98,100 | 562,016 | |||||
GLOBERIDE, Inc. | 63,399 | 1,617,876 | ||||||
# | Gokurakuyu Holdings Co., Ltd. | 82,500 | 405,086 | |||||
# | Golf Digest Online, Inc. | 72,900 | 473,092 | |||||
Greens Co., Ltd. | 32,000 | 397,159 | ||||||
GSI Creos Corp. | 31,592 | 326,311 |
67
The Japanese Small Company Series
continued
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CONSUMER DISCRETIONARY — (Continued) | ||||||||
G-Tekt Corp. | 147,400 | $ | 2,541,220 | |||||
Gunze, Ltd. | 122,200 | 5,317,109 | ||||||
H2O Retailing Corp. | 289,200 | 3,279,970 | ||||||
# | Hagihara Industries, Inc. | 99,300 | 1,492,009 | |||||
# | Hakuyosha Co., Ltd. | 13,600 | 368,559 | |||||
# | Hamee Corp. | 36,100 | 415,297 | |||||
# | Handsman Co., Ltd. | 40,600 | 466,501 | |||||
Happinet Corp. | 123,800 | 1,561,943 | ||||||
# | Harada Industry Co., Ltd. | 65,600 | 556,726 | |||||
Hard Off Corp. Co., Ltd. | 69,200 | 503,342 | ||||||
Haruyama Holdings, Inc. | 59,700 | 456,826 | ||||||
Heian Ceremony Service Co., Ltd. | 8,300 | 66,728 | ||||||
Hiday Hidaka Corp. | 182,765 | 3,573,782 | ||||||
# | HI-LEX Corp. | 122,100 | 1,908,980 | |||||
Himaraya Co., Ltd. | 35,900 | 282,682 | ||||||
Hinokiya Group Co., Ltd. | 49,000 | 940,608 | ||||||
Hiramatsu, Inc. | 170,200 | 500,143 | ||||||
# | HIS Co., Ltd. | 118,700 | 3,080,357 | |||||
H-One Co., Ltd. | 144,500 | 976,075 | ||||||
Honeys Holdings Co., Ltd. | 183,340 | 2,308,166 | ||||||
Hoosiers Holdings | 368,500 | 2,297,582 | ||||||
# * | Hotland Co., Ltd. | 66,900 | 745,520 | |||||
# | House Do Co., Ltd. | 28,700 | 486,258 | |||||
# | HUB Co., Ltd. | 36,400 | 353,830 | |||||
# | I K K, Inc. | 67,800 | 442,399 | |||||
IBJ, Inc. | 69,100 | 627,937 | ||||||
Ichibanya Co., Ltd. | 119,558 | 5,589,826 | ||||||
Ichikoh Industries, Ltd. | 162,000 | 1,288,491 | ||||||
IDOM, Inc. | 449,900 | 1,902,366 | ||||||
IJTT Co., Ltd. | 170,180 | 844,493 | ||||||
Imasen Electric Industrial | 128,100 | 1,108,652 | ||||||
# * | Istyle, Inc. | 307,900 | 2,114,091 | |||||
Izuhakone Railway Co., Ltd. | 300 | 0 | ||||||
Janome Sewing Machine Co., Ltd. | 104,900 | 400,822 | ||||||
# | Japan Best Rescue System Co., Ltd. | 114,400 | 1,171,538 | |||||
Japan Wool Textile Co., Ltd. (The) | 378,600 | 3,721,827 | ||||||
# | JFLA Holdings, Inc. | 106,300 | 395,432 | |||||
JINS Holdings, Inc. | 110,400 | 6,897,574 | ||||||
# | Joban Kosan Co., Ltd. | 46,199 | 748,786 | |||||
Joshin Denki Co., Ltd. | 133,200 | 2,670,839 | ||||||
Joyful Honda Co., Ltd. | 9,000 | 114,370 | ||||||
JP-Holdings, Inc. | 356,800 | 946,216 | ||||||
JVCKenwood Corp. | 747,400 | 2,178,456 | ||||||
Kappa Create Co., Ltd. | 74,600 | 963,161 | ||||||
Kasai Kogyo Co., Ltd. | 204,200 | 1,652,708 | ||||||
Kawai Musical Instruments Manufacturing Co., Ltd. | 38,500 | 1,086,785 | ||||||
Keihin Corp. | 340,100 | 8,085,072 | ||||||
Keiyo Co., Ltd. | 286,400 | 1,397,941 | ||||||
KFC Holdings Japan, Ltd. | 69,400 | 1,485,898 | ||||||
King Co., Ltd. | 54,100 | 288,206 | ||||||
Kintetsu Department Store Co., Ltd. | 61,900 | 1,973,277 | ||||||
Ki-Star Real Estate Co., Ltd. | 50,600 | 908,419 | ||||||
* | KNT-CT Holdings Co., Ltd. | 78,700 | 1,107,244 | |||||
Kohnan Shoji Co., Ltd. | 171,100 | 3,973,354 | ||||||
Kojima Co., Ltd. | 251,600 | 991,180 | ||||||
Komatsu Matere Co., Ltd. | 231,000 | 1,792,804 | ||||||
KOMEDA Holdings Co., Ltd. | 388,500 | 7,551,040 | ||||||
Komehyo Co., Ltd. | 53,500 | 542,250 | ||||||
Komeri Co., Ltd. | 245,500 | 5,261,138 |
68
The Japanese Small Company Series
continued
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CONSUMER DISCRETIONARY — (Continued) | ||||||||
# | Konaka Co., Ltd. | 173,606 | $ | 675,697 | ||||
Koshidaka Holdings Co., Ltd. | 265,600 | 3,856,776 | ||||||
Kourakuen Holdings Corp. | 82,400 | 1,536,612 | ||||||
KU Holdings Co., Ltd. | 127,700 | 1,033,348 | ||||||
Kura Sushi, Inc. | 83,700 | 3,521,230 | ||||||
Kurabo Industries, Ltd. | 126,500 | 2,896,400 | ||||||
Kushikatsu Tanaka Holdings Co. | 17,800 | 391,082 | ||||||
* | KYB Corp. | 181,600 | 5,799,552 | |||||
Kyoritsu Maintenance Co., Ltd. | 96,262 | 4,258,234 | ||||||
# | Kyoto Kimono Yuzen Co., Ltd. | 29,100 | 94,511 | |||||
* | Laox Co., Ltd. | 153,800 | 386,316 | |||||
LEC, Inc. | 184,500 | 1,857,229 | ||||||
# * | LIKE Kids, Inc. | 43,600 | 366,027 | |||||
* | Litalico, Inc. | 42,200 | 886,842 | |||||
LIXIL VIVA Corp. | 176,800 | 3,056,909 | ||||||
Look Holdings, Inc. | 36,700 | 382,440 | ||||||
Mamiya-Op Co., Ltd. | 32,700 | 301,928 | ||||||
Mars Group Holdings Corp. | 96,500 | 1,785,213 | ||||||
Maruzen CHI Holdings Co., Ltd. | 122,900 | 428,121 | ||||||
# | Matsuya Co., Ltd. | 165,400 | 1,279,490 | |||||
Matsuyafoods Holdings Co., Ltd. | 73,300 | 2,755,571 | ||||||
Media Do Holdings Co., Ltd. | 37,400 | 1,167,939 | ||||||
# | Meiko Network Japan Co., Ltd. | 170,600 | 1,515,549 | |||||
Meiwa Estate Co., Ltd. | 92,300 | 492,205 | ||||||
Mikuni Corp. | 174,900 | 582,643 | ||||||
Misawa Homes Co., Ltd. | 138,000 | 1,480,050 | ||||||
Mitsuba Corp. | 219,790 | 1,386,984 | ||||||
Mizuno Corp. | 147,900 | 3,868,392 | ||||||
Monogatari Corp. (The) | 41,200 | 3,558,213 | ||||||
Morito Co., Ltd. | 115,800 | 859,562 | ||||||
MRK Holdings, Inc. | 15,300 | 25,035 | ||||||
# | MrMax Holdings, Ltd. | 179,000 | 793,928 | |||||
Murakami Corp. | 30,200 | 706,243 | ||||||
Musashi Seimitsu Industry Co., Ltd. | 380,200 | 5,281,530 | ||||||
Nafco Co., Ltd. | 50,300 | 602,890 | ||||||
Nagase Brothers, Inc. | 200 | 9,821 | ||||||
Nagawa Co., Ltd. | 50,100 | 3,050,667 | ||||||
Nakayamafuku Co., Ltd. | 74,400 | 386,779 | ||||||
New Art Holdings Co., Ltd. | 5,634 | 41,752 | ||||||
Nextage Co., Ltd. | 217,100 | 2,154,131 | ||||||
NHK Spring Co., Ltd. | 398,400 | 3,254,610 | ||||||
Nichirin Co., Ltd. | 69,660 | 1,106,227 | ||||||
# | Nihon House Holdings Co., Ltd. | 357,500 | 1,673,035 | |||||
Nihon Plast Co., Ltd. | 122,500 | 843,223 | ||||||
Nihon Tokushu Toryo Co., Ltd. | 87,400 | 955,964 | ||||||
Nikki Co., Ltd. | 2,100 | 44,397 | ||||||
Nippon Felt Co., Ltd. | 84,000 | 387,144 | ||||||
# | Nippon Piston Ring Co., Ltd. | 46,000 | 583,294 | |||||
Nippon Seiki Co., Ltd. | 357,100 | 5,521,266 | ||||||
Nishikawa Rubber Co., Ltd. | 31,700 | 510,879 | ||||||
Nishimatsuya Chain Co., Ltd. | 389,800 | 3,468,851 | ||||||
Nissan Shatai Co., Ltd. | 530,700 | 4,890,639 | ||||||
Nissan Tokyo Sales Holdings Co., Ltd. | 178,000 | 495,917 | ||||||
Nissin Kogyo Co., Ltd. | 316,900 | 6,489,785 | ||||||
Nittan Valve Co., Ltd. | 93,500 | 241,188 | ||||||
Nojima Corp. | 228,900 | 4,060,516 | ||||||
Ohashi Technica, Inc. | 73,600 | 1,018,534 | ||||||
Ohsho Food Service Corp. | 108,000 | 6,526,014 | ||||||
# * | Oisix ra daichi, Inc. | 63,300 | 816,413 |
69
The Japanese Small Company Series
continued
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CONSUMER DISCRETIONARY — (Continued) | ||||||||
Onward Holdings Co., Ltd. | 838,200 | $ | 4,845,765 | |||||
Ootoya Holdings Co., Ltd. | 40,200 | 850,516 | ||||||
* | Open Door, Inc. | 69,400 | 1,327,571 | |||||
Ozu Corp. | 24,400 | 419,524 | ||||||
Pacific Industrial Co., Ltd. | 372,500 | 5,082,855 | ||||||
PAL GROUP Holdings Co., Ltd. | 83,600 | 2,643,063 | ||||||
# | PAPYLESS Co., Ltd. | 34,600 | 658,568 | |||||
Parco Co., Ltd. | 187,800 | 2,263,158 | ||||||
Paris Miki Holdings, Inc. | 180,100 | 476,422 | ||||||
PC Depot Corp. | 223,881 | 994,699 | ||||||
People Co., Ltd. | 19,600 | 241,928 | ||||||
Pepper Food Service Co., Ltd. | 70,600 | 1,071,712 | ||||||
# | PIA Corp. | 35,500 | 1,523,397 | |||||
Piolax, Inc. | 225,200 | 4,404,250 | ||||||
Plenus Co., Ltd. | 151,700 | 2,634,237 | ||||||
Press Kogyo Co., Ltd. | 636,000 | 2,697,579 | ||||||
Pressance Corp. | 281,800 | 4,604,989 | ||||||
Raccoon Holdings, Inc. | 90,200 | 570,408 | ||||||
Regal Corp. | 1,500 | 36,469 | ||||||
Renaissance, Inc. | 93,100 | 1,442,204 | ||||||
# * | Renown, Inc. | 345,000 | 362,728 | |||||
Resol Holdings Co., Ltd. | 10,399 | 386,984 | ||||||
Resorttrust, Inc. | 415,300 | 6,627,412 | ||||||
Rhythm Watch Co., Ltd. | 53,800 | 504,241 | ||||||
Riberesute Corp. | 60,400 | 488,103 | ||||||
Ride On Express Holdings Co., Ltd. | 54,600 | 686,994 | ||||||
# | Right On Co., Ltd. | 143,325 | 754,028 | |||||
Riken Corp. | 69,100 | 2,563,821 | ||||||
# | Ringer Hut Co., Ltd. | 178,600 | 4,005,722 | |||||
Riso Kyoiku Co., Ltd. | 723,600 | 2,778,028 | ||||||
Round One Corp. | 525,500 | 6,776,104 | ||||||
# | Royal Holdings Co., Ltd. | 227,100 | 5,735,265 | |||||
* | Royal Hotel, Ltd. (The) | 2,100 | 32,478 | |||||
Sac's Bar Holdings, Inc. | 138,350 | 1,140,595 | ||||||
Saizeriya Co., Ltd. | 233,900 | 5,310,498 | ||||||
Sakai Ovex Co., Ltd. | 32,199 | 555,127 | ||||||
San Holdings, Inc. | 62,200 | 647,911 | ||||||
* | Sanden Holdings Corp. | 97,400 | 634,289 | |||||
Sanei Architecture Planning Co., Ltd. | 80,900 | 1,156,268 | ||||||
Sangetsu Corp. | 349,650 | 6,610,765 | ||||||
Sankyo Seiko Co., Ltd. | 252,500 | 1,316,452 | ||||||
# | Sanoh Industrial Co., Ltd. | 193,000 | 2,414,346 | |||||
Sanyei Corp. | 4,300 | 128,334 | ||||||
# | Sanyo Electric Railway Co., Ltd. | 127,298 | 2,553,089 | |||||
Sanyo Housing Nagoya Co., Ltd. | 79,600 | 701,281 | ||||||
Sanyo Shokai, Ltd. | 102,099 | 1,357,117 | ||||||
Scroll Corp. | 206,200 | 646,018 | ||||||
# | Seiko Holdings Corp. | 217,781 | 5,347,835 | |||||
Seiren Co., Ltd. | 380,600 | 4,692,112 | ||||||
# * | Senshukai Co., Ltd. | 230,700 | 649,802 | |||||
Seria Co., Ltd. | 65,300 | 1,641,371 | ||||||
SFP Holdings Co., Ltd. | 67,100 | 1,376,325 | ||||||
# * | Shidax Corp. | 143,400 | 352,224 | |||||
Shikibo, Ltd. | 65,500 | 567,222 | ||||||
Shimachu Co., Ltd. | 290,000 | 7,866,625 | ||||||
Shimojima Co., Ltd. | 46,100 | 514,231 | ||||||
Shoei Co., Ltd. | 92,700 | 4,035,207 | ||||||
Showa Corp. | 399,000 | 8,336,955 | ||||||
Snow Peak, Inc. | 62,700 | 620,885 |
70
The Japanese Small Company Series
continued
Shares | Value» | |||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||
SNT Corp. | 237,700 | $ | 949,494 | |||||
Soft99 Corp. | 83,400 | 772,469 | ||||||
# | Sotoh Co., Ltd. | 47,400 | 435,458 | |||||
Space Value Holdings Co., Ltd. | 239,300 | 1,146,171 | ||||||
SPK Corp. | 22,700 | 593,490 | ||||||
SRS Holdings Co., Ltd. | 127,600 | 1,233,043 | ||||||
St Marc Holdings Co., Ltd. | 125,700 | 2,804,011 | ||||||
Starts Corp., Inc. | 267,400 | 6,896,285 | ||||||
Step Co., Ltd. | 64,000 | 840,251 | ||||||
Studio Alice Co., Ltd. | 65,900 | 1,179,969 | ||||||
# * | Studio Atao Co., Ltd. | 1,000 | 5,737 | |||||
# | Suminoe Textile Co., Ltd. | 39,900 | 1,101,185 | |||||
Sumitomo Riko Co., Ltd. | 293,300 | 2,552,077 | ||||||
Suncall Corp. | 132,600 | 595,464 | ||||||
Sushiro Global Holdings, Ltd. | 55,600 | 3,822,662 | ||||||
# | Syuppin Co., Ltd. | 124,400 | 1,076,163 | |||||
T RAD Co., Ltd. | 49,000 | 956,920 | ||||||
Tachikawa Corp. | 75,300 | 987,512 | ||||||
Tachi-S Co., Ltd. | 226,340 | 3,006,142 | ||||||
Taiho Kogyo Co., Ltd. | 120,900 | 967,028 | ||||||
Takashimaya Co., Ltd. | 198,300 | 2,301,870 | ||||||
# | Take And Give Needs Co., Ltd. | 65,910 | 765,235 | |||||
# | Takihyo Co., Ltd. | 36,800 | 646,507 | |||||
# | Tama Home Co., Ltd. | 135,200 | 2,361,187 | |||||
Tamron Co., Ltd. | 137,300 | 2,998,224 | ||||||
# | Tbk Co., Ltd. | 163,200 | 682,932 | |||||
# | Tear Corp. | 60,900 | 337,705 | |||||
# | Temairazu, Inc. | 9,100 | 387,498 | |||||
Tenpos Holdings Co., Ltd. | 33,300 | 673,894 | ||||||
T-Gaia Corp. | 160,300 | 3,855,128 | ||||||
Tigers Polymer Corp. | 87,800 | 510,659 | ||||||
# * | TKP Corp. | 9,900 | 434,449 | |||||
Toa Corp. | 187,600 | 2,155,691 | ||||||
Toabo Corp. | 52,099 | 267,001 | ||||||
Tokai Rika Co., Ltd. | 300,400 | 5,797,803 | ||||||
Token Corp. | 51,850 | 3,325,179 | ||||||
* | Tokyo Base Co., Ltd. | 109,300 | 740,898 | |||||
Tokyo Dome Corp. | 691,400 | 6,097,931 | ||||||
Tokyo Individualized Educational Institute, Inc. | 98,900 | 721,399 | ||||||
# | Tokyo Radiator Manufacturing Co., Ltd. | 24,300 | 215,865 | |||||
Tokyotokeiba Co., Ltd. | 92,300 | 2,914,557 | ||||||
# | Tokyu Recreation Co., Ltd. | 20,700 | 965,284 | |||||
Tomy Co., Ltd. | 685,193 | 7,430,421 | ||||||
Topre Corp. | 263,500 | 4,572,427 | ||||||
Toridoll Holdings Corp. | 178,500 | 4,076,589 | ||||||
# | Torikizoku Co., Ltd. | 42,500 | 785,198 | |||||
Tosho Co., Ltd. | 124,000 | 2,532,402 | ||||||
# | Toyo Tire Corp. | 264,600 | 3,690,709 | |||||
TPR Co., Ltd. | 171,400 | 3,068,412 | ||||||
Treasure Factory Co., Ltd. | 6,500 | 70,975 | ||||||
TS Tech Co., Ltd. | 68,700 | 2,200,286 | ||||||
TSI Holdings Co., Ltd. | 513,195 | 2,680,402 | ||||||
Tsukada Global Holdings, Inc. | 112,500 | 631,973 | ||||||
Tsukamoto Corp. Co., Ltd. | 19,000 | 193,565 | ||||||
Tsutsumi Jewelry Co., Ltd. | 57,100 | 1,037,641 | ||||||
# * | Umenohana Co., Ltd. | 22,200 | 520,050 | |||||
Unipres Corp. | 314,000 | 5,135,685 | ||||||
United Arrows, Ltd. | 177,600 | 5,429,082 | ||||||
# * | Unitika, Ltd. | 484,900 | 1,507,146 |
71
The Japanese Small Company Series
continued
Shares | Value» | |||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||
# * | VIA Holdings, Inc. | 155,400 | $ | 963,927 | ||||
# | Village Vanguard Co., Ltd. | 38,600 | 395,753 | |||||
# * | Visionary Holdings Co., Ltd. | 50,110 | 173,730 | |||||
VT Holdings Co., Ltd. | 611,700 | 2,733,557 | ||||||
Wacoal Holdings Corp. | 286,500 | 7,532,489 | ||||||
Waseda Academy Co., Ltd. | 27,000 | 220,735 | ||||||
WATAMI Co., Ltd. | 177,900 | 2,320,340 | ||||||
Watts Co., Ltd. | 59,800 | 339,217 | ||||||
# | Weds Co., Ltd. | 14,500 | 79,810 | |||||
Xebio Holdings Co., Ltd. | 202,000 | 2,263,699 | ||||||
Yachiyo Industry Co., Ltd. | 54,900 | 331,012 | ||||||
Yagi & Co., Ltd. | 18,600 | 275,287 | ||||||
Yamato International, Inc. | 119,800 | 430,868 | ||||||
# | Yasunaga Corp. | 54,500 | 688,881 | |||||
Yellow Hat, Ltd. | 261,800 | 4,262,219 | ||||||
# | Yomiuri Land Co., Ltd. | 31,800 | 1,362,501 | |||||
# | Yondoshi Holdings, Inc. | 132,420 | 3,224,333 | |||||
Yorozu Corp. | 150,500 | 1,923,370 | ||||||
Yoshinoya Holdings Co., Ltd. | 163,200 | 3,794,939 | ||||||
Yossix Co., Ltd. | 22,600 | 627,229 | ||||||
# | Yume No Machi Souzou Iinkai Co., Ltd. | 123,400 | 1,134,774 | |||||
Yutaka Giken Co., Ltd. | 8,700 | 150,133 | ||||||
Zojirushi Corp. | 209,300 | 3,211,798 | ||||||
TOTAL CONSUMER DISCRETIONARY | 684,329,291 | |||||||
CONSUMER STAPLES — (7.1%) | ||||||||
Aeon Hokkaido Corp. | 256,300 | 1,879,381 | ||||||
AFC-HD AMS Life Science Co., Ltd. | 53,100 | 320,941 | ||||||
Ain Holdings, Inc. | 27,000 | 1,544,916 | ||||||
Albis Co., Ltd. | 38,700 | 804,718 | ||||||
Arcs Co., Ltd. | 332,000 | 6,662,205 | ||||||
Artnature, Inc. | 130,100 | 864,206 | ||||||
Axial Retailing, Inc. | 121,300 | 4,689,410 | ||||||
Belc Co., Ltd. | 82,600 | 3,972,775 | ||||||
# | Bourbon Corp. | 50,700 | 790,256 | |||||
Bull-Dog Sauce Co., Ltd. | 3,000 | 30,848 | ||||||
Cawachi, Ltd. | 64,800 | 1,321,915 | ||||||
# | C'BON COSMETICS Co., Ltd. | 10,800 | 253,183 | |||||
Chubu Shiryo Co., Ltd. | 175,100 | 2,043,550 | ||||||
Chuo Gyorui Co., Ltd. | 9,800 | 244,903 | ||||||
cocokara fine, Inc. | 149,160 | 8,224,476 | ||||||
# | Como Co., Ltd. | 2,600 | 57,071 | |||||
# | Cota Co., Ltd. | 84,221 | 1,041,120 | |||||
Create SD Holdings Co., Ltd. | 191,800 | 4,752,089 | ||||||
Daikokutenbussan Co., Ltd. | 46,500 | 1,450,770 | ||||||
Delica Foods Holdings Co., Ltd. | 64,200 | 410,046 | ||||||
DyDo Group Holdings, Inc. | 73,000 | 3,043,200 | ||||||
Earth Corp. | 15,300 | 807,564 | ||||||
Ebara Foods Industry, Inc. | 27,900 | 559,134 | ||||||
Eco's Co., Ltd. | 54,000 | 821,500 | ||||||
Ensuiko Sugar Refining Co., Ltd. | 86,200 | 169,333 | ||||||
Feed One Co., Ltd. | 975,940 | 1,528,138 | ||||||
* | First Baking Co., Ltd. | 12,000 | 107,600 | |||||
Fujicco Co., Ltd. | 152,300 | 2,773,749 | ||||||
Fujiya Co., Ltd. | 77,000 | 1,493,528 | ||||||
G-7 Holdings, Inc. | 44,800 | 1,571,728 | ||||||
# | Genky DrugStores Co., Ltd. | 56,700 | 1,268,982 | |||||
# | HABA Laboratories, Inc. | 16,100 | 1,162,927 | |||||
# | Hagoromo Foods Corp. | 19,500 | 468,778 |
72
The Japanese Small Company Series
continued
Shares | Value» | |||||||
CONSUMER STAPLES — (Continued) | ||||||||
Halows Co., Ltd. | 59,300 | $ | 1,453,756 | |||||
Hayashikane Sangyo Co., Ltd. | 29,400 | 197,858 | ||||||
Heiwado Co., Ltd. | 235,500 | 4,362,913 | ||||||
Hokkaido Coca-Cola Bottling Co., Ltd. | 18,699 | 666,148 | ||||||
Hokuto Corp. | 189,700 | 3,413,253 | ||||||
# | Ichimasa Kamaboko Co., Ltd. | 41,800 | 417,358 | |||||
# | Imuraya Group Co., Ltd. | 60,500 | 1,148,023 | |||||
Inageya Co., Ltd. | 121,100 | 1,623,689 | ||||||
Itochu-Shokuhin Co., Ltd. | 36,700 | 1,771,499 | ||||||
Itoham Yonekyu Holdings, Inc. | 156,300 | 1,007,436 | ||||||
Iwatsuka Confectionery Co., Ltd. | 6,900 | 246,834 | ||||||
Japan Meat Co., Ltd. | 77,800 | 1,591,380 | ||||||
J-Oil Mills, Inc. | 75,900 | 3,191,487 | ||||||
Kadoya Sesame Mills, Inc. | 15,600 | 570,262 | ||||||
Kakiyasu Honten Co., Ltd. | 65,000 | 1,291,716 | ||||||
Kameda Seika Co., Ltd. | 93,700 | 4,214,724 | ||||||
# | Kaneko Seeds Co., Ltd. | 43,900 | 617,006 | |||||
# | Kanemi Co., Ltd. | 5,400 | 150,245 | |||||
Kansai Super Market, Ltd. | 89,900 | 870,889 | ||||||
Kato Sangyo Co., Ltd. | 188,500 | 5,983,543 | ||||||
Kenko Mayonnaise Co., Ltd. | 93,700 | 2,211,759 | ||||||
Key Coffee, Inc. | 109,400 | 2,357,804 | ||||||
Kirindo Holdings Co., Ltd. | 50,800 | 1,016,905 | ||||||
# | Kitanotatsujin Corp. | 378,400 | 2,153,939 | |||||
Kotobuki Spirits Co., Ltd. | 108,000 | 7,431,833 | ||||||
Kyokuyo Co., Ltd. | 70,399 | 1,884,864 | ||||||
# | Lacto Japan Co., Ltd. | 33,800 | 1,099,534 | |||||
Life Corp. | 152,800 | 3,507,174 | ||||||
Mandom Corp. | 5,900 | 163,500 | ||||||
Marudai Food Co., Ltd. | 157,300 | 3,388,449 | ||||||
Maruha Nichiro Corp. | 175,507 | 4,558,319 | ||||||
Maxvalu Nishinihon Co., Ltd. | 2,100 | 33,015 | ||||||
Maxvalu Tokai Co., Ltd. | 49,300 | 1,008,155 | ||||||
Medical System Network Co., Ltd. | 169,200 | 843,921 | ||||||
Megmilk Snow Brand Co., Ltd. | 227,500 | 5,471,698 | ||||||
# | Meito Sangyo Co., Ltd. | 67,200 | 809,155 | |||||
Milbon Co., Ltd. | 170,552 | 9,341,344 | ||||||
Ministop Co., Ltd. | 118,900 | 1,599,475 | ||||||
Mitsubishi Shokuhin Co., Ltd. | 119,600 | 3,032,687 | ||||||
Mitsui Sugar Co., Ltd. | 126,370 | 2,747,800 | ||||||
Miyoshi Oil & Fat Co., Ltd. | 50,600 | 583,257 | ||||||
Morinaga Milk Industry Co., Ltd. | 250,300 | 9,731,214 | ||||||
Morozoff, Ltd. | 20,800 | 992,088 | ||||||
Nagatanien Holdings Co., Ltd. | 83,000 | 1,649,397 | ||||||
Nakamuraya Co., Ltd. | 28,200 | 1,242,270 | ||||||
Natori Co., Ltd. | 68,500 | 1,073,121 | ||||||
# | Nichimo Co., Ltd. | 17,000 | 297,354 | |||||
Nihon Chouzai Co., Ltd. | 52,760 | 1,921,109 | ||||||
Niitaka Co., Ltd. | 2,860 | 46,179 | ||||||
Nippon Beet Sugar Manufacturing Co., Ltd. | 71,600 | 1,403,643 | ||||||
Nippon Flour Mills Co., Ltd. | 425,300 | 6,830,068 | ||||||
Nippon Suisan Kaisha, Ltd. | 908,100 | 5,200,732 | ||||||
Nishimoto Co., Ltd. | 8,700 | 280,506 | ||||||
Nisshin Oillio Group, Ltd. (The) | 201,900 | 7,069,874 | ||||||
Nissin Sugar Co., Ltd. | 117,300 | 2,167,418 | ||||||
Nitto Fuji Flour Milling Co., Ltd. | 8,100 | 474,335 | ||||||
Noevir Holdings Co., Ltd. | 28,000 | 1,511,395 | ||||||
Oenon Holdings, Inc. | 444,900 | 1,639,620 | ||||||
# | OIE Sangyo Co., Ltd. | 22,000 | 266,134 |
73
The Japanese Small Company Series
continued
Shares | Value» | |||||||
CONSUMER STAPLES — (Continued) | ||||||||
Okuwa Co., Ltd. | 180,900 | $ | 2,274,771 | |||||
# | Olympic Group Corp. | 62,300 | 352,536 | |||||
OUG Holdings, Inc. | 19,800 | 521,780 | ||||||
Pickles Corp. | 30,100 | 735,361 | ||||||
# | Plant Co., Ltd. | 29,100 | 193,716 | |||||
Prima Meat Packers, Ltd. | 228,000 | 5,634,267 | ||||||
Qol Holdings Co., Ltd. | 165,300 | 2,314,319 | ||||||
Retail Partners Co., Ltd. | 111,200 | 916,262 | ||||||
Riken Vitamin Co., Ltd. | 80,200 | 2,860,068 | ||||||
# | Rock Field Co., Ltd. | 151,400 | 2,061,052 | |||||
Rokko Butter Co., Ltd. | 98,200 | 1,647,618 | ||||||
S Foods, Inc. | 136,562 | 3,679,314 | ||||||
# | S&B Foods, Inc. | 42,798 | 1,616,674 | |||||
# | Sagami Rubber Industries Co., Ltd. | 63,300 | 859,923 | |||||
San-A Co., Ltd. | 145,400 | 6,884,997 | ||||||
Sapporo Holdings, Ltd. | 324,600 | 8,163,072 | ||||||
Sato Foods Co., Ltd. | 800 | 27,391 | ||||||
Satudora Holdings Co., Ltd. | 1,300 | 21,343 | ||||||
Shinobu Foods Products Co., Ltd. | 1,600 | 10,055 | ||||||
# | Shoei Foods Corp. | 83,600 | 2,455,523 | |||||
# | Showa Sangyo Co., Ltd. | 145,400 | 4,222,789 | |||||
Sogo Medical Holdings Co., Ltd. | 131,900 | 2,284,072 | ||||||
ST Corp. | 9,300 | 141,372 | ||||||
Starzen Co., Ltd. | 54,400 | 2,293,034 | ||||||
# | Toho Co., Ltd. | 55,000 | 887,197 | |||||
# | Tohto Suisan Co., Ltd. | 18,099 | 441,825 | |||||
# | Torigoe Co., Ltd. (The) | 106,700 | 920,161 | |||||
Toyo Sugar Refining Co., Ltd. | 15,700 | 161,333 | ||||||
Transaction Co., Ltd. | 92,400 | 814,575 | ||||||
# | United Super Markets Holdings, Inc. | 449,500 | 4,043,134 | |||||
Valor Holdings Co., Ltd. | 283,500 | 4,837,160 | ||||||
Warabeya Nichiyo Holdings Co., Ltd. | 102,960 | 1,812,573 | ||||||
# | Watahan & Co., Ltd. | 48,700 | 929,136 | |||||
# | Yaizu Suisankagaku Industry Co., Ltd. | 62,100 | 592,492 | |||||
YAKUODO Holdings Co., Ltd. | 81,300 | 1,960,082 | ||||||
Yamami Co. | 1,200 | 22,465 | ||||||
# | YA-MAN, Ltd. | 201,100 | 1,300,839 | |||||
Yamatane Corp. | 67,600 | 883,859 | ||||||
Yamaya Corp. | 28,500 | 554,374 | ||||||
Yamazawa Co., Ltd. | 11,000 | 168,368 | ||||||
Yaoko Co., Ltd. | 12,800 | 597,008 | ||||||
Yokohama Reito Co., Ltd. | 359,400 | 3,565,182 | ||||||
# | Yomeishu Seizo Co., Ltd. | 52,300 | 951,297 | |||||
# | Yuasa Funashoku Co., Ltd. | 14,300 | 485,007 | |||||
Yutaka Foods Corp. | 3,900 | 59,744 | ||||||
TOTAL CONSUMER STAPLES | 269,125,123 | |||||||
ENERGY — (1.3%) | ||||||||
BP Castrol K.K. | 53,500 | 740,663 | ||||||
Cosmo Energy Holdings Co., Ltd. | 328,600 | 7,026,906 | ||||||
# | Fuji Kosan Co., Ltd. | 33,100 | 212,819 | |||||
Fuji Oil Co., Ltd. | 506,100 | 1,199,122 | ||||||
Itochu Enex Co., Ltd. | 377,700 | 3,156,050 | ||||||
Iwatani Corp. | 294,300 | 10,205,404 | ||||||
Japan Oil Transportation Co., Ltd. | 16,600 | 432,367 | ||||||
Japan Petroleum Exploration Co., Ltd. | 288,200 | 7,368,589 | ||||||
Mitsuuroko Group Holdings Co., Ltd. | 212,900 | 2,292,940 | ||||||
Modec, Inc. | 128,800 | 3,533,019 | ||||||
Nippon Coke & Engineering Co., Ltd. | 762,100 | 610,796 |
74
The Japanese Small Company Series
continued
Shares | Value» | |||||||
ENERGY — (Continued) | ||||||||
Raiznext Corp. | 361,500 | $ | 3,672,652 | |||||
Sala Corp. | 356,800 | 2,140,459 | ||||||
San-Ai Oil Co., Ltd. | 403,700 | 4,226,434 | ||||||
Sinanen Holdings Co., Ltd. | 58,500 | 1,066,756 | ||||||
Toa Oil Co., Ltd. | 51,700 | 1,186,089 | ||||||
Toyo Kanetsu K.K. | 63,200 | 1,186,492 | ||||||
TOTAL ENERGY | 50,257,557 | |||||||
FINANCIALS — (8.1%) | ||||||||
77 Bank, Ltd. (The) | 471,152 | 7,422,610 | ||||||
# | Advance Create Co., Ltd. | 41,800 | 746,180 | |||||
Aichi Bank, Ltd. (The) | 72,200 | 2,536,035 | ||||||
#* | Aiful Corp. | 2,585,800 | 6,020,665 | |||||
Aizawa Securities Co., Ltd. | 273,600 | 1,879,615 | ||||||
Akatsuki Corp. | 112,400 | 350,101 | ||||||
Akita Bank, Ltd. (The) | 116,540 | 2,377,870 | ||||||
Anicom Holdings, Inc. | 49,900 | 1,834,429 | ||||||
Aomori Bank, Ltd. (The) | 142,900 | 3,821,941 | ||||||
# | Asax Co., Ltd. | 9,300 | 54,148 | |||||
Awa Bank, Ltd. (The) | 259,300 | 6,175,118 | ||||||
Bank of Iwate, Ltd. (The) | 119,900 | 3,125,151 | ||||||
# | Bank of Kochi, Ltd. (The) | 54,300 | 416,107 | |||||
Bank of Nagoya, Ltd. (The) | 96,830 | 2,859,013 | ||||||
Bank of Okinawa, Ltd. (The) | 166,360 | 5,680,717 | ||||||
Bank of Saga, Ltd. (The) | 113,500 | 1,686,983 | ||||||
Bank of the Ryukyus, Ltd. | 237,880 | 2,587,647 | ||||||
# | Bank of Toyama, Ltd. (The) | 14,500 | 356,451 | |||||
Chiba Kogyo Bank, Ltd. (The) | 408,600 | 1,194,130 | ||||||
Chugoku Bank, Ltd. (The) | 391,400 | 3,824,711 | ||||||
# | Chukyo Bank, Ltd. (The) | 81,500 | 1,652,648 | |||||
Daishi Hokuetsu Financial Group, Inc. | 293,700 | 7,442,957 | ||||||
Daito Bank, Ltd. (The) | 67,600 | 372,678 | ||||||
DSB Co., Ltd. | 61,300 | 334,416 | ||||||
eGuarantee, Inc. | 222,100 | 3,113,445 | ||||||
Ehime Bank, Ltd. (The) | 245,200 | 2,591,825 | ||||||
Entrust, Inc. | 21,000 | 144,208 | ||||||
FIDEA Holdings Co., Ltd. | 1,258,300 | 1,518,704 | ||||||
# | Financial Products Group Co., Ltd. | 281,200 | 2,849,968 | |||||
# | First Bank of Toyama, Ltd. (The) | 294,300 | 908,791 | |||||
# | First Brothers Co., Ltd. | 43,700 | 491,487 | |||||
Fukui Bank, Ltd. (The) | 173,300 | 2,463,176 | ||||||
# | Fukushima Bank, Ltd. (The) | 204,100 | 422,824 | |||||
Fuyo General Lease Co., Ltd. | 150,600 | 9,815,904 | ||||||
GCA Corp. | 145,500 | 1,163,509 | ||||||
# | GMO Financial Holdings, Inc. | 274,500 | 1,512,582 | |||||
Gunma Bank, Ltd. (The) | 1,728,540 | 5,816,785 | ||||||
# | Hachijuni Bank, Ltd. (The) | 118,100 | 508,025 | |||||
# | Hirose Tusyo, Inc. | 20,800 | 341,083 | |||||
Hiroshima Bank, Ltd. (The) | 1,270,500 | 6,476,180 | ||||||
Hokkoku Bank, Ltd. (The) | 175,200 | 4,923,918 | ||||||
Hokuhoku Financial Group, Inc. | 923,400 | 9,032,551 | ||||||
Hyakugo Bank, Ltd. (The) | 1,680,509 | 5,409,243 | ||||||
Hyakujushi Bank, Ltd. (The) | 168,100 | 3,493,424 | ||||||
Ichiyoshi Securities Co., Ltd. | 303,300 | 1,957,842 | ||||||
IwaiCosmo Holdings, Inc. | 148,600 | 1,609,173 | ||||||
Iyo Bank, Ltd. (The) | 526,200 | 2,780,308 | ||||||
# | J Trust Co., Ltd. | 505,700 | 1,817,060 | |||||
Jaccs Co., Ltd. | 181,100 | 4,087,602 | ||||||
Jafco Co., Ltd. | 241,100 | 9,056,167 |
75
The Japanese Small Company Series
continued
Shares | Value» | |||||||
FINANCIALS — (Continued) | ||||||||
#* | Japan Asia Investment Co., Ltd. | 127,300 | $ | 357,821 | ||||
Japan Investment Adviser Co., Ltd. | 75,600 | 1,416,479 | ||||||
Japan Securities Finance Co., Ltd. | 828,500 | 3,986,290 | ||||||
Jimoto Holdings, Inc. | 1,028,500 | 985,039 | ||||||
Juroku Bank, Ltd. (The) | 234,500 | 5,366,387 | ||||||
Keiyo Bank, Ltd. (The) | 786,200 | 4,930,565 | ||||||
Kita-Nippon Bank, Ltd. (The) | 53,706 | 947,142 | ||||||
Kiyo Bank, Ltd. (The) | 479,690 | 7,401,223 | ||||||
# | Kosei Securities Co., Ltd. (The) | 33,999 | 198,354 | |||||
Kyokuto Securities Co., Ltd. | 190,900 | 1,425,409 | ||||||
Kyushu Financial Group, Inc. | 967,827 | 3,906,515 | ||||||
Kyushu Leasing Service Co., Ltd. | 34,000 | 191,282 | ||||||
* | M&A Capital Partners Co., Ltd. | 38,400 | 2,559,629 | |||||
# | Marusan Securities Co., Ltd. | 404,100 | 1,948,689 | |||||
# | Mercuria Investment Co., Ltd. | 82,500 | 589,152 | |||||
# | Michinoku Bank, Ltd. (The) | 325,398 | 5,188,461 | |||||
# | Mito Securities Co., Ltd. | 424,800 | 932,642 | |||||
Miyazaki Bank, Ltd. (The) | 125,900 | 3,221,914 | ||||||
Mizuho Leasing Co., Ltd. | 217,200 | 6,117,499 | ||||||
# | Monex Group, Inc. | 1,353,000 | 3,305,173 | |||||
Money Partners Group Co., Ltd. | 149,100 | 355,465 | ||||||
Morningstar Japan KK | 3,300 | 11,702 | ||||||
Musashino Bank, Ltd. (The) | 243,000 | 4,236,521 | ||||||
# | Nagano Bank, Ltd. (The) | 58,399 | 881,506 | |||||
Nanto Bank, Ltd. (The) | 213,500 | 5,413,830 | ||||||
NEC Capital Solutions, Ltd. | 72,000 | 1,525,740 | ||||||
NFC Holdings, Inc. | 4,200 | 88,202 | ||||||
Nishi-Nippon Financial Holdings, Inc. | 878,000 | 6,506,174 | ||||||
North Pacific Bank, Ltd. | 2,218,700 | 4,770,709 | ||||||
# | OAK Capital Corp. | 354,100 | 436,900 | |||||
Ogaki Kyoritsu Bank, Ltd. (The) | 287,300 | 6,929,668 | ||||||
Oita Bank, Ltd. (The) | 94,099 | 2,600,887 | ||||||
Okasan Securities Group, Inc. | 1,326,600 | 4,684,482 | ||||||
Orient Corp. | 512,000 | 747,993 | ||||||
Ricoh Leasing Co., Ltd. | 110,300 | 3,716,945 | ||||||
San ju San Financial Group, Inc. | 126,510 | 1,960,374 | ||||||
San-In Godo Bank, Ltd. (The) | 1,033,700 | 6,063,318 | ||||||
Sawada Holdings Co., Ltd. | 150,600 | 1,283,350 | ||||||
Senshu Ikeda Holdings, Inc. | 1,953,300 | 3,503,190 | ||||||
# | Shiga Bank, Ltd. (The) | 338,200 | 8,150,281 | |||||
Shikoku Bank, Ltd. (The) | 408,400 | 3,892,682 | ||||||
Shimane Bank, Ltd. (The) | 29,800 | 191,712 | ||||||
Shimizu Bank, Ltd. (The) | 54,600 | 985,577 | ||||||
Sparx Group Co., Ltd. | 720,300 | 1,771,848 | ||||||
Strike Co., Ltd. | 46,000 | 1,648,215 | ||||||
Taiko Bank, Ltd. (The) | 41,800 | 672,832 | ||||||
Tochigi Bank, Ltd. (The) | 813,600 | 1,708,373 | ||||||
Toho Bank, Ltd. (The) | 1,414,800 | 3,463,253 | ||||||
Tohoku Bank, Ltd. (The) | 70,400 | 651,258 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 1,635,800 | 4,265,423 | ||||||
Tokyo Kiraboshi Financial Group, Inc. | 234,538 | 3,303,284 | ||||||
# | Tomato Bank, Ltd. | 54,500 | 537,622 | |||||
TOMONY Holdings, Inc. | 974,950 | 3,394,593 | ||||||
# | Tottori Bank, Ltd. (The) | 67,800 | 889,871 | |||||
Towa Bank, Ltd. (The) | 184,000 | 1,562,328 | ||||||
# | Toyo Securities Co., Ltd. | 526,700 | 838,715 | |||||
* | Traders Holdings Co., Ltd. | 68,600 | 42,781 | |||||
Tsukuba Bank, Ltd. | 402,600 | 802,062 | ||||||
Yamagata Bank, Ltd. (The) | 203,500 | 2,871,502 |
76
The Japanese Small Company Series
continued
Shares | Value» | |||||||
FINANCIALS — (Continued) | ||||||||
Yamaguchi Financial Group, Inc. | 493,000 | $ | 3,459,035 | |||||
Yamanashi Chuo Bank, Ltd. (The) | 248,700 | 2,481,897 | ||||||
TOTAL FINANCIALS | 307,335,870 | |||||||
HEALTH CARE — (4.5%) | ||||||||
Advantage Risk Management Co., Ltd. | 38,800 | 366,887 | ||||||
As One Corp. | 42,468 | 3,551,101 | ||||||
ASKA Pharmaceutical Co., Ltd. | 181,500 | 2,135,681 | ||||||
Biofermin Pharmaceutical Co., Ltd. | 28,700 | 598,056 | ||||||
BML, Inc. | 202,200 | 5,931,323 | ||||||
Carenet, Inc. | 25,600 | 157,613 | ||||||
Charm Care Corp. KK | 38,200 | 774,856 | ||||||
CMIC Holdings Co., Ltd. | 86,100 | 1,442,418 | ||||||
Create Medic Co., Ltd. | 44,100 | 430,289 | ||||||
Daiken Medical Co., Ltd. | 118,800 | 583,802 | ||||||
Daito Pharmaceutical Co., Ltd. | 87,580 | 2,637,271 | ||||||
# | Dvx, Inc. | 47,300 | 418,272 | |||||
Eiken Chemical Co., Ltd. | 239,400 | 3,863,260 | ||||||
# | Elan Corp. | 109,700 | 1,739,438 | |||||
# | EM Systems Co., Ltd. | 139,300 | 2,636,635 | |||||
EPS Holdings, Inc. | 256,900 | 3,132,582 | ||||||
FALCO HOLDINGS Co., Ltd. | 67,300 | 1,051,142 | ||||||
FINDEX, Inc. | 119,200 | 1,115,678 | ||||||
Fuji Pharma Co., Ltd. | 120,400 | 1,589,300 | ||||||
Fukuda Denshi Co., Ltd. | 56,900 | 3,673,677 | ||||||
Fuso Pharmaceutical Industries, Ltd. | 48,000 | 976,140 | ||||||
Hogy Medical Co., Ltd. | 155,200 | 5,179,040 | ||||||
# | I'rom Group Co., Ltd. | 31,800 | 453,954 | |||||
Iwaki & Co., Ltd. | 196,300 | 828,507 | ||||||
* | Japan Animal Referral Medical Center Co., Ltd. | 13,900 | 313,531 | |||||
# | Japan Lifeline Co., Ltd. | 467,700 | 7,209,610 | |||||
Japan Medical Dynamic Marketing, Inc. | 116,700 | 2,023,130 | ||||||
JCR Pharmaceuticals Co., Ltd. | 20,300 | 1,564,293 | ||||||
Jeol, Ltd. | 266,300 | 7,057,704 | ||||||
JMS Co., Ltd. | 96,557 | 601,321 | ||||||
Kanamic Network Co., Ltd. | 123,600 | 704,569 | ||||||
Kawasumi Laboratories, Inc. | 94,480 | 762,754 | ||||||
Kissei Pharmaceutical Co., Ltd. | 209,800 | 5,404,953 | ||||||
KYORIN Holdings, Inc. | 274,000 | 4,799,381 | ||||||
# | Linical Co., Ltd. | 86,800 | 801,019 | |||||
* | Medical Data Vision Co., Ltd. | 152,500 | 1,591,802 | |||||
# | Medius Holdings Co., Ltd. | 75,300 | 558,735 | |||||
#* | MedPeer, Inc. | 40,000 | 460,257 | |||||
Menicon Co., Ltd. | 197,600 | 6,991,893 | ||||||
Miraca Holdings, Inc. | 472,500 | 11,152,044 | ||||||
# | Mizuho Medy Co., Ltd. | 26,200 | 688,452 | |||||
Mochida Pharmaceutical Co., Ltd. | 52,398 | 2,091,092 | ||||||
N Field Co., Ltd. | 64,600 | 378,882 | ||||||
Nakanishi, Inc. | 199,300 | 3,322,772 | ||||||
NichiiGakkan Co., Ltd. | 289,200 | 4,903,231 | ||||||
Nichi-iko Pharmaceutical Co., Ltd. | 366,450 | 4,293,694 | ||||||
Nikkiso Co., Ltd. | 425,700 | 4,599,160 | ||||||
Nippon Chemiphar Co., Ltd. | 17,100 | 499,456 | ||||||
Nipro Corp. | 340,300 | 3,990,211 | ||||||
Nissui Pharmaceutical Co., Ltd. | 94,200 | 1,164,569 | ||||||
Paramount Bed Holdings Co., Ltd. | 149,800 | 5,727,901 | ||||||
Rion Co., Ltd. | 65,300 | 1,556,835 | ||||||
# | Seed Co., Ltd. | 94,700 | 752,822 | |||||
Seikagaku Corp. | 257,300 | 2,929,763 |
77
The Japanese Small Company Series
continued
Shares | Value» | |||||||
HEALTH CARE — (Continued) | ||||||||
Shin Nippon Biomedical Laboratories, Ltd. | 143,000 | $ | 857,434 | |||||
Ship Healthcare Holdings, Inc. | 48,400 | 2,062,891 | ||||||
Shofu, Inc. | 69,200 | 1,090,393 | ||||||
Software Service, Inc. | 24,900 | 2,684,435 | ||||||
Solasto Corp. | 350,700 | 3,991,560 | ||||||
St-Care Holding Corp. | 95,300 | 461,776 | ||||||
Techno Medica Co., Ltd. | 22,200 | 461,284 | ||||||
Toho Holdings Co., Ltd. | 170,200 | 4,316,683 | ||||||
Tokai Corp. | 160,800 | 3,742,327 | ||||||
Torii Pharmaceutical Co., Ltd. | 141,900 | 3,786,626 | ||||||
Towa Pharmaceutical Co., Ltd. | 216,000 | 5,538,836 | ||||||
Tsukui Corp. | 422,300 | 1,740,179 | ||||||
Uchiyama Holdings Co., Ltd. | 26,400 | 127,765 | ||||||
# | UNIMAT Retirement Community Co., Ltd. | 27,300 | 396,261 | |||||
Value HR Co., Ltd. | 23,200 | 702,261 | ||||||
Vital KSK Holdings, Inc. | 329,400 | 3,363,331 | ||||||
#* | Wakamoto Pharmaceutical Co., Ltd. | 112,300 | 288,368 | |||||
WIN-Partners Co., Ltd. | 126,800 | 1,658,341 | ||||||
TOTAL HEALTH CARE | 171,433,509 | |||||||
INDUSTRIALS — (29.7%) | ||||||||
A&A Material Corp. | 26,000 | 270,483 | ||||||
Abist Co., Ltd. | 22,400 | 550,049 | ||||||
Advan Co., Ltd. | 176,800 | 1,993,541 | ||||||
Advanex, Inc. | 22,099 | 341,942 | ||||||
Aeon Delight Co., Ltd. | 98,700 | 3,437,262 | ||||||
Aica Kogyo Co., Ltd. | 28,500 | 905,091 | ||||||
Aichi Corp. | 266,400 | 1,702,033 | ||||||
Aida Engineering, Ltd. | 353,300 | 3,007,299 | ||||||
Airtech Japan, Ltd. | 22,000 | 136,160 | ||||||
AIT Corp. | 43,400 | 370,393 | ||||||
Ajis Co., Ltd. | 31,200 | 867,124 | ||||||
# | Alconix Corp. | 169,400 | 2,140,523 | |||||
# | Alinco, Inc. | 100,400 | 1,131,834 | |||||
Alps Logistics Co., Ltd. | 111,600 | 774,765 | ||||||
Altech Co., Ltd. | 10,900 | 24,082 | ||||||
Altech Corp. | 139,670 | 2,091,031 | ||||||
Anest Iwata Corp. | 248,900 | 2,366,195 | ||||||
#* | Arrk Corp. | 606,500 | 529,892 | |||||
Asahi Diamond Industrial Co., Ltd. | 374,300 | 2,328,592 | ||||||
Asahi Kogyosha Co., Ltd. | 30,100 | 911,374 | ||||||
Asanuma Corp. | 52,300 | 1,967,583 | ||||||
# | Asukanet Co., Ltd. | 66,800 | 860,549 | |||||
Bando Chemical Industries, Ltd. | 261,100 | 2,216,188 | ||||||
BayCurrent Consulting, Inc. | 102,900 | 5,187,779 | ||||||
Bell System24 Holdings, Inc. | 269,500 | 4,401,916 | ||||||
# | Br Holdings Corp. | 194,000 | 891,793 | |||||
Bunka Shutter Co., Ltd. | 430,700 | 3,738,484 | ||||||
Canare Electric Co., Ltd. | 23,500 | 412,568 | ||||||
Career Design Center Co., Ltd. | 33,900 | 446,771 | ||||||
Central Glass Co., Ltd. | 238,300 | 5,743,865 | ||||||
Central Security Patrols Co., Ltd. | 57,500 | 3,370,507 | ||||||
# | Chilled & Frozen Logistics Holdings Co., Ltd., Class H | 109,900 | 1,441,517 | |||||
Chiyoda Integre Co., Ltd. | 78,300 | 1,755,068 | ||||||
Chodai Co., Ltd. | 3,900 | 47,456 | ||||||
Chori Co., Ltd. | 82,100 | 1,438,066 | ||||||
Chudenko Corp. | 236,200 | 5,445,172 | ||||||
Chugai Ro Co., Ltd. | 44,900 | 695,494 | ||||||
# | Chuo Warehouse Co., Ltd. | 21,000 | 241,915 |
78
The Japanese Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (Continued) | ||||||||
# | CKD Corp. | 398,200 | $ | 5,590,335 | ||||
CMC Corp. | 14,600 | 270,788 | ||||||
Comany, Inc. | 4,700 | 58,749 | ||||||
# | Cosel Co., Ltd. | 177,800 | 1,951,190 | |||||
Creek & River Co., Ltd. | 73,400 | 775,154 | ||||||
CTI Engineering Co., Ltd. | 83,400 | 1,404,032 | ||||||
CTS Co., Ltd. | 197,400 | 1,431,464 | ||||||
Dai-Dan Co., Ltd. | 114,900 | 2,661,693 | ||||||
Daido Kogyo Co., Ltd. | 50,400 | 408,708 | ||||||
Daihatsu Diesel Manufacturing Co., Ltd. | 126,300 | 718,025 | ||||||
Daihen Corp. | 160,000 | 5,014,405 | ||||||
Daiho Corp. | 132,300 | 3,737,828 | ||||||
Dai-Ichi Cutter Kogyo K.K. | 26,300 | 453,170 | ||||||
Daiichi Jitsugyo Co., Ltd. | 66,200 | 2,136,870 | ||||||
Daiichi Kensetsu Corp. | 31,000 | 492,283 | ||||||
# | Daiki Axis Co., Ltd. | 51,700 | 454,134 | |||||
* | Daikokuya Holdings Co., Ltd. | 138,700 | 39,894 | |||||
Daiohs Corp. | 21,100 | 259,386 | ||||||
Daiseki Co., Ltd. | 305,263 | 8,867,639 | ||||||
Daiseki Eco. Solution Co., Ltd. | 48,859 | 404,019 | ||||||
Daisue Construction Co., Ltd. | 59,100 | 534,153 | ||||||
Daiwa Industries, Ltd. | 241,900 | 2,713,683 | ||||||
Denyo Co., Ltd. | 124,600 | 2,185,990 | ||||||
# | DMG Mori Co., Ltd. | 701,300 | 11,354,168 | |||||
DMW Corp. | 4,800 | 95,133 | ||||||
Duskin Co., Ltd. | 346,300 | 9,201,820 | ||||||
Ebara Jitsugyo Co., Ltd. | 44,400 | 885,265 | ||||||
Eidai Co., Ltd. | 214,300 | 697,336 | ||||||
Endo Lighting Corp. | 29,600 | 186,526 | ||||||
# | en-japan, Inc. | 85,400 | 3,614,620 | |||||
# | Enshu, Ltd. | 36,099 | 399,059 | |||||
EPCO Co., Ltd. | 28,000 | 360,456 | ||||||
ERI Holdings Co., Ltd. | 1,500 | 11,107 | ||||||
# | Escrow Agent Japan, Inc. | 178,800 | 378,670 | |||||
F&M Co., Ltd. | 41,700 | 502,137 | ||||||
* | FDK Corp. | 47,198 | 344,861 | |||||
# | Freund Corp. | 83,900 | 582,736 | |||||
Fudo Tetra Corp. | 126,080 | 1,766,262 | ||||||
# | Fuji Corp. | 484,400 | 8,043,583 | |||||
Fuji Die Co., Ltd. | 61,100 | 374,205 | ||||||
Fuji Furukawa Engineering & Construction Co., Ltd. | 1,200 | 21,860 | ||||||
Fujikura, Ltd. | 1,953,600 | 9,064,834 | ||||||
# | Fujimak Corp. | 12,600 | 93,762 | |||||
Fujisash Co., Ltd. | 677,400 | 535,594 | ||||||
Fujitec Co., Ltd. | 527,900 | 7,679,545 | ||||||
Fukuda Corp. | 75,000 | 3,238,430 | ||||||
Fukushima Industries Corp. | 97,600 | 3,062,060 | ||||||
Fukuvi Chemical Industry Co., Ltd. | 10,600 | 55,308 | ||||||
Fukuyama Transporting Co., Ltd. | 60,757 | 2,179,326 | ||||||
FULLCAST Holdings Co., Ltd. | 145,500 | 3,029,869 | ||||||
Funai Soken Holdings, Inc. | 308,470 | 7,432,239 | ||||||
Furukawa Co., Ltd. | 239,700 | 3,433,750 | ||||||
Furukawa Electric Co., Ltd. | 197,900 | 5,531,567 | ||||||
Furusato Industries, Ltd. | 66,800 | 1,016,769 | ||||||
Futaba Corp. | 268,000 | 3,447,100 | ||||||
G Three Holdings Corp. | 2,520 | 5,569 | ||||||
Gecoss Corp. | 100,700 | 878,629 | ||||||
Giken, Ltd. | 93,600 | 3,477,743 | ||||||
Glory, Ltd. | 299,055 | 8,804,941 |
79
The Japanese Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (Continued) | ||||||||
# | Grace Technology, Inc. | 54,300 | $ | 1,534,704 | ||||
GS Yuasa Corp. | 357,299 | 6,513,656 | ||||||
Hamakyorex Co., Ltd. | 132,900 | 4,534,630 | ||||||
Hanwa Co., Ltd. | 285,000 | 8,303,047 | ||||||
# | Hashimoto Sogyo Holdings Co., Ltd. | 4,070 | 64,315 | |||||
Hazama Ando Corp. | 1,528,900 | 11,846,070 | ||||||
# | Helios Techno Holdings Co., Ltd. | 154,600 | 880,288 | |||||
Hibiya Engineering, Ltd. | 144,700 | 2,612,285 | ||||||
# | Hirakawa Hewtech Corp. | 81,000 | 886,771 | |||||
Hirano Tecseed Co., Ltd. | 70,400 | 1,018,411 | ||||||
Hirata Corp. | 35,900 | 2,518,573 | ||||||
Hisaka Works, Ltd. | 163,300 | 1,409,536 | ||||||
Hitachi Zosen Corp. | 1,274,979 | 4,308,266 | ||||||
Hito Communications Holdings, Inc. | 50,900 | 780,790 | ||||||
Hoden Seimitsu Kako Kenkyusho Co., Ltd. | 30,300 | 240,532 | ||||||
Hokuetsu Industries Co., Ltd. | 162,700 | 1,913,826 | ||||||
# | Hokuriku Electrical Construction Co., Ltd. | 81,500 | 741,645 | |||||
Hosokawa Micron Corp. | 55,000 | 1,999,807 | ||||||
Howa Machinery, Ltd. | 62,700 | 430,576 | ||||||
HyAS&Co, Inc. | 30,100 | 92,906 | ||||||
# | Ichikawa Co., Ltd. | 1,000 | 14,708 | |||||
Ichiken Co., Ltd. | 35,400 | 562,335 | ||||||
Ichinen Holdings Co., Ltd. | 157,800 | 1,913,835 | ||||||
# | Idec Corp. | 230,200 | 4,675,964 | |||||
Ihara Science Corp. | 52,200 | 708,648 | ||||||
Iino Kaiun Kaisha, Ltd. | 650,500 | 2,184,356 | ||||||
Inaba Denki Sangyo Co., Ltd. | 201,800 | 9,270,433 | ||||||
Inaba Seisakusho Co., Ltd. | 68,100 | 921,360 | ||||||
Inabata & Co., Ltd. | 337,600 | 4,419,831 | ||||||
Insource Co., Ltd. | 56,375 | 1,506,442 | ||||||
# | Inui Global Logistics Co., Ltd. | 146,080 | 1,579,318 | |||||
# | IR Japan Holdings, Ltd. | 61,000 | 2,011,050 | |||||
Iseki & Co., Ltd. | 147,800 | 2,247,881 | ||||||
# | Ishii Iron Works Co., Ltd. | 11,000 | 260,419 | |||||
Isolite Insulating Products Co., Ltd. | 48,000 | 240,377 | ||||||
Itoki Corp. | 252,700 | 1,157,228 | ||||||
Iwaki Co., Ltd. | 41,000 | 394,107 | ||||||
Iwasaki Electric Co., Ltd. | 35,800 | 466,321 | ||||||
JAC Recruitment Co., Ltd. | 109,400 | 2,063,243 | ||||||
Jalux, Inc. | 46,000 | 1,069,442 | ||||||
Jamco Corp. | 73,100 | 993,713 | ||||||
# | Japan Asia Group, Ltd. | 189,000 | 637,978 | |||||
Japan Elevator Service Holdings Co., Ltd. | 143,400 | 3,878,584 | ||||||
Japan Foundation Engineering Co., Ltd. | 134,500 | 493,946 | ||||||
Japan Pulp & Paper Co., Ltd. | 84,400 | 3,248,614 | ||||||
Japan Steel Works, Ltd. (The) | 421,200 | 8,875,711 | ||||||
Japan Transcity Corp. | 271,200 | 1,392,272 | ||||||
JK Holdings Co., Ltd. | 111,140 | 588,995 | ||||||
#* | JMC Corp. | 6,800 | 101,818 | |||||
Juki Corp. | 239,600 | 2,161,189 | ||||||
Kamei Corp. | 172,600 | 1,970,553 | ||||||
Kanaden Corp. | 135,500 | 1,660,303 | ||||||
Kanagawa Chuo Kotsu Co., Ltd. | 42,800 | 1,542,159 | ||||||
# | Kanamoto Co., Ltd. | 247,000 | 6,603,322 | |||||
Kandenko Co., Ltd. | 341,300 | 3,227,115 | ||||||
Kanematsu Corp. | 644,825 | 7,855,795 | ||||||
Katakura Industries Co., Ltd. | 184,700 | 2,380,493 | ||||||
Kato Works Co., Ltd. | 61,100 | 1,155,690 | ||||||
KAWADA TECHNOLOGIES, Inc. | 47,300 | 3,117,690 |
80
The Japanese Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (Continued) | ||||||||
Kawagishi Bridge Works Co., Ltd. | 11,700 | $ | 258,816 | |||||
Kawanishi Warehouse Co., Ltd. | 1,700 | 17,737 | ||||||
Kawasaki Kinkai Kisen Kaisha, Ltd. | 9,599 | 257,230 | ||||||
* | Kawasaki Kisen Kaisha, Ltd. | 632,300 | 9,408,578 | |||||
# | Kawata Manufacturing Co., Ltd. | 28,600 | 291,924 | |||||
Keihin Co., Ltd. | 24,900 | 298,225 | ||||||
KFC, Ltd. | 8,700 | 157,020 | ||||||
Kimura Chemical Plants Co., Ltd. | 110,800 | 460,621 | ||||||
Kimura Unity Co., Ltd. | 23,500 | 240,362 | ||||||
King Jim Co., Ltd. | 105,700 | 857,709 | ||||||
#* | Kinki Sharyo Co., Ltd. (The) | 26,999 | 395,681 | |||||
Kintetsu World Express, Inc. | 293,300 | 4,743,336 | ||||||
Kitagawa Corp. | 57,700 | 1,113,389 | ||||||
Kitano Construction Corp. | 26,972 | 706,463 | ||||||
Kito Corp. | 160,700 | 2,445,397 | ||||||
Kitz Corp. | 623,900 | 4,251,842 | ||||||
Kobayashi Metals, Ltd. | 7,900 | 22,991 | ||||||
#* | Kobe Electric Railway Co., Ltd. | 37,299 | 1,357,918 | |||||
# | Kobelco Eco-Solutions Co., Ltd. | 21,399 | 336,991 | |||||
Koike Sanso Kogyo Co., Ltd. | 14,500 | 286,738 | ||||||
Kokusai Co., Ltd. | 51,600 | 341,077 | ||||||
Kokuyo Co., Ltd. | 274,725 | 4,031,425 | ||||||
KOMAIHALTEC, Inc. | 24,900 | 400,288 | ||||||
Komatsu Wall Industry Co., Ltd. | 53,500 | 1,116,887 | ||||||
Komori Corp. | 396,800 | 4,225,209 | ||||||
Kondotec, Inc. | 129,900 | 1,172,762 | ||||||
Konoike Transport Co., Ltd. | 202,500 | 3,086,553 | ||||||
* | Kosaido Co., Ltd. | 212,900 | 1,425,371 | |||||
Kozo Keikaku Engineering, Inc. | 20,700 | 500,192 | ||||||
# | KRS Corp. | 47,400 | 841,573 | |||||
Kumagai Gumi Co., Ltd. | 303,400 | 9,353,855 | ||||||
Kyodo Printing Co., Ltd. | 52,500 | 1,330,295 | ||||||
# | Kyokuto Boeki Kaisha, Ltd. | 45,000 | 823,293 | |||||
Kyokuto Kaihatsu Kogyo Co., Ltd. | 237,800 | 3,186,981 | ||||||
Kyoritsu Printing Co., Ltd. | 199,200 | 297,383 | ||||||
# | Like Co., Ltd. | 63,200 | 1,032,305 | |||||
# | Link And Motivation, Inc. | 210,200 | 1,126,522 | |||||
Lonseal Corp. | 13,900 | 213,804 | ||||||
Maeda Corp. | 930,800 | 8,638,586 | ||||||
# | Maeda Kosen Co., Ltd. | 139,500 | 2,330,404 | |||||
Maeda Road Construction Co., Ltd. | 245,700 | 5,285,824 | ||||||
Maezawa Industries, Inc. | 25,300 | 90,195 | ||||||
Maezawa Kasei Industries Co., Ltd. | 95,100 | 1,041,646 | ||||||
Maezawa Kyuso Industries Co., Ltd. | 74,400 | 1,473,228 | ||||||
Makino Milling Machine Co., Ltd. | 177,900 | 8,845,037 | ||||||
Marufuji Sheet Piling Co., Ltd. | 11,800 | 242,361 | ||||||
Maruka Corp. | 43,700 | 955,722 | ||||||
Marumae Co., Ltd. | 28,300 | 279,981 | ||||||
# | Maruwa Unyu Kikan Co., Ltd. | 149,400 | 3,284,328 | |||||
Maruyama Manufacturing Co., Inc. | 27,900 | 326,422 | ||||||
Maruzen Co., Ltd. | 67,300 | 1,193,727 | ||||||
Maruzen Showa Unyu Co., Ltd. | 80,000 | 2,248,442 | ||||||
# | Matching Service Japan Co., Ltd. | 52,000 | 640,940 | |||||
Matsuda Sangyo Co., Ltd. | 100,082 | 1,504,025 | ||||||
# | Matsui Construction Co., Ltd. | 146,300 | 1,142,777 | |||||
Max Co., Ltd. | 206,800 | 3,793,986 | ||||||
Meidensha Corp. | 277,110 | 5,316,525 | ||||||
Meiji Electric Industries Co., Ltd. | 54,800 | 755,237 | ||||||
Meiji Shipping Co., Ltd. | 111,000 | 355,858 |
81
The Japanese Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (Continued) | ||||||||
Meisei Industrial Co., Ltd. | 297,400 | $ | 2,363,355 | |||||
Meitec Corp. | 216,400 | 11,280,995 | ||||||
# | Meiwa Corp. | 170,200 | 910,383 | |||||
# | Mesco, Inc. | 29,800 | 253,516 | |||||
METAWATER Co., Ltd. | 82,500 | 3,232,958 | ||||||
Mie Kotsu Group Holdings, Inc. | 391,400 | 2,169,864 | ||||||
Mirait Holdings Corp. | 586,235 | 9,413,178 | ||||||
Mitani Corp. | 73,800 | 3,707,725 | ||||||
Mitani Sangyo Co., Ltd. | 145,000 | 445,826 | ||||||
Mitsubishi Kakoki Kaisha, Ltd. | 44,100 | 792,066 | ||||||
Mitsubishi Logisnext Co., Ltd. | 219,200 | 2,358,518 | ||||||
Mitsubishi Pencil Co., Ltd. | 83,600 | 1,320,052 | ||||||
Mitsuboshi Belting, Ltd. | 167,300 | 3,147,913 | ||||||
* | Mitsui E&S Holdings Co., Ltd. | 653,400 | 6,613,504 | |||||
Mitsui Matsushima Holdings Co., Ltd. | 65,700 | 783,413 | ||||||
Mitsui-Soko Holdings Co., Ltd. | 173,600 | 2,814,865 | ||||||
Mitsumura Printing Co., Ltd. | 9,300 | 158,088 | ||||||
Miyaji Engineering Group, Inc. | 41,517 | 791,745 | ||||||
Mori-Gumi Co., Ltd. | 69,500 | 203,035 | ||||||
Morita Holdings Corp. | 224,500 | 3,761,518 | ||||||
# | Musashi Co., Ltd. | 5,000 | 94,198 | |||||
# | NAC Co., Ltd. | 76,500 | 733,205 | |||||
Nachi-Fujikoshi Corp. | 113,200 | 5,417,029 | ||||||
Nadex Co., Ltd. | 40,600 | 341,869 | ||||||
Nagase & Co., Ltd. | 278,900 | 4,217,258 | ||||||
Naigai Trans Line, Ltd. | 44,400 | 625,643 | ||||||
Nakabayashi Co., Ltd. | 113,400 | 567,716 | ||||||
Nakakita Seisakusho Co., Ltd. | 3,700 | 94,893 | ||||||
# | Nakamoto Packs Co., Ltd. | 38,500 | 534,213 | |||||
Nakanishi Manufacturing Co., Ltd. | 5,700 | 53,412 | ||||||
Nakano Corp. | 110,600 | 506,819 | ||||||
Nakano Refrigerators Co., Ltd. | 200 | 12,952 | ||||||
Namura Shipbuilding Co., Ltd. | 420,428 | 1,173,790 | ||||||
Narasaki Sangyo Co., Ltd. | 25,400 | 449,075 | ||||||
# | Nexyz Group Corp. | 58,000 | 1,170,674 | |||||
#* | Nice Holdings, Inc. | 50,900 | 427,572 | |||||
Nichias Corp. | 480,100 | 10,128,253 | ||||||
# | Nichiban Co., Ltd. | 85,900 | 1,461,422 | |||||
Nichiden Corp. | 101,100 | 1,906,631 | ||||||
Nichiha Corp. | 213,280 | 6,132,709 | ||||||
Nichireki Co., Ltd. | 193,700 | 2,299,116 | ||||||
# | Nihon Dengi Co., Ltd. | 30,200 | 804,968 | |||||
Nihon Flush Co., Ltd. | 65,800 | 1,487,262 | ||||||
Nikkato Corp. | 53,000 | 397,526 | ||||||
Nikko Co., Ltd. | 180,500 | 1,107,266 | ||||||
Nikkon Holdings Co., Ltd. | 385,300 | 9,365,788 | ||||||
Nippi, Inc. | 11,900 | 430,444 | ||||||
# | Nippon Air Conditioning Services Co., Ltd. | 205,900 | 1,380,347 | |||||
Nippon Aqua Co., Ltd. | 9,900 | 61,281 | ||||||
# | Nippon Carbon Co., Ltd. | 74,000 | 2,839,191 | |||||
Nippon Concept Corp. | 43,000 | 579,579 | ||||||
Nippon Densetsu Kogyo Co., Ltd. | 274,900 | 5,950,676 | ||||||
Nippon Dry-Chemical Co., Ltd. | 4,300 | 52,222 | ||||||
# | Nippon Filcon Co., Ltd. | 15,700 | 76,657 | |||||
Nippon Hume Corp. | 167,400 | 1,263,432 | ||||||
Nippon Kanzai Co., Ltd. | 77,200 | 1,358,966 | ||||||
Nippon Koei Co., Ltd. | 85,900 | 2,657,448 | ||||||
Nippon Parking Development Co., Ltd., Class C | 1,557,400 | 2,365,939 | ||||||
Nippon Rietec Co., Ltd. | 9,300 | 108,130 |
82
The Japanese Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (Continued) | ||||||||
Nippon Road Co., Ltd. (The) | 51,100 | $ | 3,122,298 | |||||
Nippon Seisen Co., Ltd. | 24,300 | 619,468 | ||||||
#* | Nippon Sharyo, Ltd. | 54,899 | 1,397,473 | |||||
Nippon Sheet Glass Co., Ltd. | 772,500 | 4,839,961 | ||||||
Nippon Steel Trading Corp. | 117,460 | 4,917,786 | ||||||
Nippon Thompson Co., Ltd. | 402,900 | 1,799,208 | ||||||
Nippon Tungsten Co., Ltd. | 6,699 | 126,630 | ||||||
Nishimatsu Construction Co., Ltd. | 398,600 | 8,299,205 | ||||||
Nishi-Nippon Railroad Co., Ltd. | 185,600 | 4,306,364 | ||||||
Nishio Rent All Co., Ltd. | 138,000 | 3,707,391 | ||||||
# | Nissei ASB Machine Co., Ltd. | 63,900 | 2,291,193 | |||||
# | Nissei Corp. | 38,900 | 444,698 | |||||
Nissei Plastic Industrial Co., Ltd. | 169,000 | 1,744,647 | ||||||
Nisshinbo Holdings, Inc. | 990,480 | 8,246,510 | ||||||
Nissin Corp. | 109,100 | 1,726,852 | ||||||
Nissin Electric Co., Ltd. | 384,200 | 4,497,741 | ||||||
Nitta Corp. | 160,700 | 4,687,062 | ||||||
Nitto Boseki Co., Ltd. | 140,800 | 4,292,337 | ||||||
Nitto Kogyo Corp. | 195,500 | 4,107,493 | ||||||
Nitto Kohki Co., Ltd. | 80,100 | 1,727,745 | ||||||
Nitto Seiko Co., Ltd. | 201,200 | 1,131,260 | ||||||
Nittoc Construction Co., Ltd. | 170,600 | 1,124,706 | ||||||
NJS Co., Ltd. | 42,800 | 662,324 | ||||||
# | nms Holdings Co. | 44,200 | 165,129 | |||||
Noda Corp. | 145,800 | 1,057,792 | ||||||
Nomura Co., Ltd. | 637,600 | 7,869,152 | ||||||
Noritake Co., Ltd. | 74,500 | 3,422,649 | ||||||
Noritsu Koki Co., Ltd. | 154,700 | 2,232,278 | ||||||
Noritz Corp. | 221,400 | 2,736,926 | ||||||
# | NS Tool Co., Ltd. | 61,700 | 1,202,961 | |||||
NS United Kaiun Kaisha, Ltd. | 67,800 | 1,535,317 | ||||||
NTN Corp. | 3,034,100 | 9,407,385 | ||||||
Obara Group, Inc. | 90,600 | 3,377,563 | ||||||
Ochi Holdings Co., Ltd. | 8,900 | 117,788 | ||||||
# | Odawara Engineering Co., Ltd. | 6,500 | 157,912 | |||||
Odelic Co., Ltd. | 27,800 | 1,022,155 | ||||||
# | Ohba Co., Ltd. | 89,000 | 632,064 | |||||
Ohmoto Gumi Co., Ltd. | 4,100 | 184,109 | ||||||
Oiles Corp. | 177,470 | 2,698,720 | ||||||
Okabe Co., Ltd. | 291,100 | 2,464,657 | ||||||
Okada Aiyon Corp. | 42,800 | 531,754 | ||||||
# | Okamoto Machine Tool Works, Ltd. | 21,699 | 558,709 | |||||
Okamura Corp. | 475,200 | 4,765,544 | ||||||
# | OKK Corp. | 28,700 | 197,118 | |||||
OKUMA Corp. | 105,400 | 6,297,670 | ||||||
Okumura Corp. | 247,480 | 7,010,010 | ||||||
Onoken Co., Ltd. | 128,700 | 1,687,656 | ||||||
Organo Corp. | 53,300 | 2,914,263 | ||||||
Oriental Consultants Holdings Co., Ltd. | 6,100 | 114,177 | ||||||
Origin Co., Ltd. | 27,600 | 383,760 | ||||||
OSG Corp. | 243,700 | 5,212,619 | ||||||
OSJB Holdings Corp. | 1,041,700 | 2,536,145 | ||||||
Outsourcing, Inc. | 822,100 | 8,849,066 | ||||||
Oyo Corp. | 167,200 | 1,915,552 | ||||||
Paraca, Inc. | 37,900 | 702,605 | ||||||
Parker Corp. | 34,000 | 152,690 | ||||||
* | Pasco Corp. | 7,800 | 82,138 | |||||
# | Pasona Group, Inc. | 134,900 | 1,925,662 | |||||
Pegasus Sewing Machine Manufacturing Co., Ltd. | 150,600 | 753,105 |
83
The Japanese Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (Continued) | ||||||||
Penta-Ocean Construction Co., Ltd. | 1,716,400 | $ | 10,529,135 | |||||
#* | Phil Co., Inc. | 10,900 | 373,847 | |||||
Pilot Corp. | 32,800 | 1,330,290 | ||||||
Prestige International, Inc. | 800,200 | 6,623,049 | ||||||
Pronexus, Inc. | 124,000 | 1,455,001 | ||||||
PS Mitsubishi Construction Co., Ltd. | 244,400 | 1,748,516 | ||||||
Punch Industry Co., Ltd. | 107,900 | 536,982 | ||||||
Quick Co., Ltd. | 77,900 | 1,102,665 | ||||||
Raito Kogyo Co., Ltd. | 315,200 | 5,009,443 | ||||||
# | Rasa Corp. | 63,200 | 504,850 | |||||
Relia, Inc. | 252,900 | 3,301,928 | ||||||
Rheon Automatic Machinery Co., Ltd. | 152,100 | 2,312,551 | ||||||
Rix Corp. | 17,300 | 253,079 | ||||||
# * | Rozetta Corp. | 22,800 | 766,871 | |||||
Ryobi, Ltd. | 181,040 | 3,369,548 | ||||||
S LINE Co., Ltd. | 23,800 | 213,757 | ||||||
Sakai Heavy Industries, Ltd. | 24,500 | 707,247 | ||||||
Sakai Moving Service Co., Ltd. | 86,600 | 5,170,369 | ||||||
# * | Sanix, Inc. | 146,200 | 518,437 | |||||
Sanki Engineering Co., Ltd. | 337,700 | 4,113,079 | ||||||
Sanko Gosei, Ltd. | 139,300 | 548,598 | ||||||
Sanko Metal Industrial Co., Ltd. | 17,700 | 429,435 | ||||||
Sankyo Tateyama, Inc. | 212,200 | 2,311,809 | ||||||
Sanoyas Holdings Corp. | 159,500 | 290,564 | ||||||
# | Sansei Technologies, Inc. | 88,000 | 753,144 | |||||
# | Sansha Electric Manufacturing Co., Ltd. | 66,700 | 473,575 | |||||
Sanyo Denki Co., Ltd. | 44,100 | 2,058,853 | ||||||
Sanyo Engineering & Construction, Inc. | 78,500 | 532,127 | ||||||
Sanyo Industries, Ltd. | 9,900 | 183,351 | ||||||
Sanyo Trading Co., Ltd. | 80,000 | 1,592,695 | ||||||
# | Sata Construction Co., Ltd. | 91,299 | 367,419 | |||||
Sato Holdings Corp. | 214,300 | 6,308,228 | ||||||
# | Sato Shoji Corp. | 93,000 | 782,231 | |||||
Sawafuji Electric Co., Ltd. | 1,900 | 32,738 | ||||||
SBS Holdings, Inc. | 152,500 | 2,506,369 | ||||||
# | SEC Carbon, Ltd. | 10,900 | 837,331 | |||||
# | Secom Joshinetsu Co., Ltd. | 33,600 | 1,098,916 | |||||
# | Seibu Electric & Machinery Co., Ltd. | 10,300 | 95,544 | |||||
Seika Corp. | 67,000 | 850,455 | ||||||
Seikitokyu Kogyo Co., Ltd. | 211,530 | 1,516,656 | ||||||
Sekisui Jushi Corp. | 223,200 | 4,570,486 | ||||||
Senko Group Holdings Co., Ltd. | 900,100 | 7,240,023 | ||||||
# | Senshu Electric Co., Ltd. | 54,700 | 1,433,645 | |||||
Shibusawa Warehouse Co., Ltd. (The) | 62,200 | 1,208,535 | ||||||
Shibuya Corp. | 100,800 | 2,749,705 | ||||||
Shima Seiki Manufacturing, Ltd. | 212,300 | 5,076,025 | ||||||
Shin Nippon Air Technologies Co., Ltd. | 116,680 | 2,318,211 | ||||||
# | Shin-Keisei Electric Railway Co., Ltd. | 42,999 | 873,517 | |||||
Shinki Bus Co., Ltd. | 1,900 | 66,935 | ||||||
Shinmaywa Industries, Ltd. | 707,200 | 8,712,038 | ||||||
Shinnihon Corp. | 208,700 | 1,639,382 | ||||||
Shinsho Corp. | 36,300 | 859,505 | ||||||
Shinwa Co., Ltd. | 70,100 | 1,588,909 | ||||||
#* | Shoko Co., Ltd. | 44,400 | 265,830 | |||||
# | Showa Aircraft Industry Co., Ltd. | 48,937 | 633,573 | |||||
# | SIGMAXYZ, Inc. | 138,400 | 1,883,704 | |||||
Sinfonia Technology Co., Ltd. | 173,200 | 2,127,391 | ||||||
Sinko Industries, Ltd. | 151,700 | 2,569,159 | ||||||
Sintokogio, Ltd. | 328,700 | 3,170,798 |
84
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INDUSTRIALS — (Continued) | ||||||||
SMS Co., Ltd. | 398,300 | $ | 9,765,014 | |||||
# | Soda Nikka Co., Ltd. | 126,500 | 786,823 | |||||
Sodick Co., Ltd. | 214,900 | 1,858,640 | ||||||
Space Co., Ltd. | 100,062 | 1,159,287 | ||||||
# | S-Pool, Inc. | 301,000 | 1,809,735 | |||||
Star Micronics Co., Ltd. | 276,300 | 4,238,809 | ||||||
Subaru Enterprise Co., Ltd. | 8,500 | 569,218 | ||||||
# | Sugimoto & Co., Ltd. | 70,500 | 1,322,545 | |||||
Sumiseki Holdings, Inc. | 476,200 | 608,890 | ||||||
Sumitomo Densetsu Co., Ltd. | 129,500 | 2,704,293 | ||||||
Sumitomo Mitsui Construction Co., Ltd. | 1,421,640 | 8,068,021 | ||||||
* | Sumitomo Precision Products Co., Ltd. | 21,584 | 705,978 | |||||
Sumitomo Warehouse Co., Ltd. (The) | 473,900 | 6,422,546 | ||||||
Suzumo Machinery Co., Ltd. | 2,200 | 28,777 | ||||||
SWCC Showa Holdings Co., Ltd. | 98,700 | 856,782 | ||||||
# | Tacmina Corp. | 14,700 | 223,746 | |||||
# | Tadano, Ltd. | 825,100 | 7,478,907 | |||||
Taihei Dengyo Kaisha, Ltd. | 122,900 | 2,899,713 | ||||||
Taiheiyo Kouhatsu, Inc. | 44,200 | 340,404 | ||||||
Taikisha, Ltd. | 184,900 | 5,981,182 | ||||||
Taisei Oncho Co., Ltd. | 14,200 | 253,129 | ||||||
Takadakiko Co., Ltd. | 7,500 | 180,101 | ||||||
# | Takagi Seiko Corp. | 2,300 | 67,073 | |||||
Takamatsu Construction Group Co., Ltd. | 107,800 | 2,594,020 | ||||||
# | Takamatsu Machinery Co., Ltd. | 41,800 | 334,411 | |||||
Takamiya Co., Ltd. | 128,600 | 837,279 | ||||||
Takano Co., Ltd. | 61,800 | 462,388 | ||||||
Takaoka Toko Co., Ltd. | 59,620 | 676,464 | ||||||
Takara Printing Co., Ltd. | 22,155 | 357,257 | ||||||
Takara Standard Co., Ltd. | 267,900 | 4,698,491 | ||||||
Takasago Thermal Engineering Co., Ltd. | 350,100 | 6,333,768 | ||||||
Takashima & Co., Ltd. | 26,600 | 428,458 | ||||||
Takeei Corp. | 162,900 | 1,891,561 | ||||||
Takeuchi Manufacturing Co., Ltd. | 294,700 | 4,605,075 | ||||||
# | Takigami Steel Construction Co., Ltd. (The) | 5,300 | 241,899 | |||||
Takisawa Machine Tool Co., Ltd. | 45,100 | 560,936 | ||||||
Takuma Co., Ltd. | 303,000 | 3,605,673 | ||||||
Tanabe Consulting Co., Ltd. | 1,200 | 13,798 | ||||||
# | Tanabe Engineering Corp. | 39,500 | 282,670 | |||||
Tanseisha Co., Ltd. | 317,149 | 3,334,056 | ||||||
Tatsuta Electric Wire and Cable Co., Ltd. | 317,600 | 1,741,642 | ||||||
TECHNO ASSOCIE Co., Ltd. | 56,800 | 504,596 | ||||||
Techno Ryowa, Ltd. | 71,390 | 525,267 | ||||||
Techno Smart Corp. | 49,500 | 500,952 | ||||||
TechnoPro Holdings, Inc. | 7,200 | 442,842 | ||||||
Teikoku Electric Manufacturing Co., Ltd. | 134,500 | 1,569,488 | ||||||
Teikoku Sen-I Co., Ltd. | 118,600 | 2,182,270 | ||||||
Tekken Corp. | 99,000 | 2,654,245 | ||||||
Tenox Corp. | 22,500 | 176,058 | ||||||
Teraoka Seisakusho Co., Ltd. | 76,000 | 351,245 | ||||||
Terasaki Electric Co., Ltd. | 24,400 | 209,802 | ||||||
Toa Corp. | 117,000 | 1,574,043 | ||||||
TOA ROAD Corp. | 27,300 | 903,544 | ||||||
Toba, Inc. | 9,800 | 269,496 | ||||||
Tobishima Corp. | 151,070 | 2,025,890 | ||||||
Tocalo Co., Ltd. | 474,700 | 4,679,912 | ||||||
Toda Corp. | 543,200 | 3,393,122 | ||||||
Toenec Corp. | 58,600 | 1,911,646 | ||||||
# | Togami Electric Manufacturing Co., Ltd. | 17,800 | 291,447 |
85
The Japanese Small Company Series
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INDUSTRIALS — (Continued) | ||||||||
TOKAI Holdings Corp. | 743,300 | $ | 7,289,876 | |||||
Tokai Lease Co., Ltd. | 19,300 | 294,120 | ||||||
Tokyo Energy & Systems, Inc. | 184,200 | 1,717,636 | ||||||
# | Tokyo Keiki, Inc. | 69,022 | 607,494 | |||||
Tokyo Sangyo Co., Ltd. | 146,700 | 764,707 | ||||||
Tokyu Construction Co., Ltd. | 661,700 | 5,240,922 | ||||||
Toli Corp. | 289,200 | 780,509 | ||||||
Tomoe Corp. | 162,200 | 630,275 | ||||||
# | Tomoe Engineering Co., Ltd. | 59,500 | 1,295,034 | |||||
Tonami Holdings Co., Ltd. | 40,900 | 1,887,464 | ||||||
Toppan Forms Co., Ltd. | 366,900 | 3,667,473 | ||||||
Torishima Pump Manufacturing Co., Ltd. | 143,800 | 1,369,319 | ||||||
Toshiba Machine Co., Ltd. | 157,000 | 3,513,239 | ||||||
Toshiba Plant Systems & Services Corp. | 188,250 | 3,678,177 | ||||||
Totech Corp. | 57,000 | 1,240,580 | ||||||
Totetsu Kogyo Co., Ltd. | 193,200 | 6,023,184 | ||||||
Totoku Electric Co., Ltd. | 17,700 | 357,617 | ||||||
Toyo Construction Co., Ltd. | 602,300 | 2,830,085 | ||||||
Toyo Denki Seizo K.K. | 41,250 | 596,427 | ||||||
#* | Toyo Engineering Corp. | 221,078 | 1,408,169 | |||||
# | Toyo Logistics Co., Ltd. | 85,100 | 255,048 | |||||
Toyo Machinery & Metal Co., Ltd. | 109,300 | 588,832 | ||||||
Toyo Tanso Co., Ltd. | 88,000 | 2,079,221 | ||||||
# | Toyo Wharf & Warehouse Co., Ltd. | 41,300 | 542,227 | |||||
Trancom Co., Ltd. | 56,800 | 3,748,531 | ||||||
# | Trinity Industrial Corp. | 36,000 | 255,395 | |||||
# | Trusco Nakayama Corp. | 154,100 | 3,725,971 | |||||
Trust Tech, Inc. | 158,000 | 2,002,613 | ||||||
Tsubaki Nakashima Co., Ltd. | 336,200 | 5,722,858 | ||||||
Tsubakimoto Chain Co. | 208,840 | 7,135,204 | ||||||
# | Tsubakimoto Kogyo Co., Ltd. | 28,800 | 1,182,155 | |||||
Tsudakoma Corp. | 31,998 | 369,276 | ||||||
# | Tsugami Corp. | 336,300 | 3,107,018 | |||||
Tsukishima Kikai Co., Ltd. | 210,100 | 3,236,258 | ||||||
Tsurumi Manufacturing Co., Ltd. | 141,900 | 2,797,313 | ||||||
Uchida Yoko Co., Ltd. | 69,900 | 2,746,805 | ||||||
# | Ueki Corp. | 34,800 | 846,317 | |||||
Union Tool Co. | 52,300 | 1,666,762 | ||||||
Ushio, Inc. | 973,200 | 14,544,315 | ||||||
# | UT Group Co., Ltd. | 204,000 | 5,067,274 | |||||
Utoc Corp. | 102,200 | 527,634 | ||||||
Waida Manufacturing Co., Ltd. | 4,300 | 57,275 | ||||||
Wakachiku Construction Co., Ltd. | 99,200 | 1,507,474 | ||||||
Wakita & Co., Ltd. | 294,800 | 2,979,839 | ||||||
WDB Holdings Co., Ltd. | 65,900 | 1,675,036 | ||||||
Weathernews, Inc. | 40,600 | 1,282,088 | ||||||
Will Group, Inc. | 105,800 | 969,354 | ||||||
# | World Holdings Co., Ltd. | 46,600 | 780,555 | |||||
Yahagi Construction Co., Ltd. | 200,200 | 1,420,533 | ||||||
YAMABIKO Corp. | 259,528 | 2,946,196 | ||||||
# | YAMADA Consulting Group Co., Ltd. | 78,800 | 1,420,619 | |||||
# | Yamashina Corp. | 224,200 | 144,887 | |||||
# | Yamato Corp. | 124,100 | 840,536 | |||||
# | Yamaura Corp. | 47,100 | 380,323 | |||||
Yamazen Corp. | 465,300 | 4,296,031 | ||||||
Yasuda Logistics Corp. | 122,200 | 1,094,852 | ||||||
Yokogawa Bridge Holdings Corp. | 239,000 | 4,375,369 | ||||||
Yondenko Corp. | 27,360 | 700,257 | ||||||
Yuasa Trading Co., Ltd. | 128,600 | 3,989,533 |
86
The Japanese Small Company Series
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INDUSTRIALS — (Continued) | ||||||||
Yuken Kogyo Co., Ltd. | 24,000 | $ | 381,523 | |||||
# | Yumeshin Holdings Co., Ltd. | 362,700 | 3,232,078 | |||||
Yurtec Corp. | 277,500 | 1,715,872 | ||||||
Zaoh Co., Ltd. | 23,400 | 320,058 | ||||||
# | Zenitaka Corp. (The) | 19,600 | 771,578 | |||||
Zuiko Corp. | 29,000 | 896,218 | ||||||
TOTAL INDUSTRIALS | 1,132,240,688 | |||||||
INFORMATION TECHNOLOGY — (12.9%) | ||||||||
A&D Co., Ltd. | 141,000 | 1,089,616 | ||||||
Access Co., Ltd. | 208,000 | 1,955,383 | ||||||
Ad-sol Nissin Corp. | 43,000 | 954,940 | ||||||
# | Adtec Plasma Technology Co., Ltd. | 30,700 | 311,549 | |||||
AGS Corp. | 11,600 | 86,085 | ||||||
Ai Holdings Corp. | 304,600 | 5,520,455 | ||||||
Aichi Tokei Denki Co., Ltd. | 18,900 | 716,163 | ||||||
Aiphone Co., Ltd. | 74,900 | 1,292,968 | ||||||
Alpha Systems, Inc. | 60,520 | 1,565,668 | ||||||
Amano Corp. | 199,700 | 5,904,468 | ||||||
AOI Electronics Co., Ltd. | 31,400 | 688,112 | ||||||
Argo Graphics, Inc. | 122,200 | 3,377,558 | ||||||
# | Arisawa Manufacturing Co., Ltd. | 223,500 | 2,229,931 | |||||
ArtSpark Holdings, Inc. | 48,100 | 282,685 | ||||||
Asahi Intelligence Service Co., Ltd. | 1,300 | 14,053 | ||||||
Aval Data Corp. | 26,000 | 441,506 | ||||||
Avant Corp. | 57,900 | 1,267,303 | ||||||
* | Axell Corp. | 44,900 | 263,260 | |||||
Azia Co., Ltd. | 14,300 | 166,820 | ||||||
#* | BrainPad, Inc. | 7,200 | 378,098 | |||||
Broadleaf Co., Ltd. | 722,700 | 4,060,352 | ||||||
Business Brain Showa-Ota, Inc. | 13,300 | 339,477 | ||||||
CAC Holdings Corp. | 96,400 | 1,230,190 | ||||||
Canon Electronics, Inc. | 147,700 | 2,765,200 | ||||||
Capital Asset Planning, Inc. | 13,200 | 157,088 | ||||||
CDS Co., Ltd. | 18,800 | 245,079 | ||||||
Chino Corp. | 47,400 | 630,160 | ||||||
Citizen Watch Co., Ltd. | 1,362,700 | 7,244,868 | ||||||
CMK Corp. | 395,200 | 2,394,210 | ||||||
Computer Engineering & Consulting, Ltd. | 177,000 | 3,213,872 | ||||||
Computer Institute of Japan, Ltd. | 105,000 | 896,693 | ||||||
Comture Corp. | 165,000 | 3,136,304 | ||||||
CONEXIO Corp. | 128,600 | 1,778,413 | ||||||
# | Core Corp. | 45,800 | 603,467 | |||||
Cresco, Ltd. | 41,500 | 1,320,018 | ||||||
* | CRI Middleware Co., Ltd. | 8,500 | 141,135 | |||||
# | Cube System, Inc. | 60,600 | 441,972 | |||||
Cyber Com Co., Ltd. | 15,800 | 277,389 | ||||||
Cybernet Systems Co., Ltd. | 55,000 | 359,456 | ||||||
Cybozu, Inc. | 147,700 | 1,513,763 | ||||||
# | Dai-ichi Seiko Co., Ltd. | 82,700 | 2,051,241 | |||||
# | Daiko Denshi Tsushin, Ltd. | 37,200 | 286,151 | |||||
Daishinku Corp. | 64,099 | 640,341 | ||||||
Daitron Co., Ltd. | 54,400 | 736,247 | ||||||
Daiwabo Holdings Co., Ltd. | 140,700 | 6,148,041 | ||||||
* | DDS, Inc. | 6,800 | 20,944 | |||||
Denki Kogyo Co., Ltd. | 76,700 | 2,357,386 | ||||||
Densan System Co., Ltd. | 52,000 | 1,419,894 | ||||||
Dexerials Corp. | 469,900 | 4,147,994 | ||||||
Digital Arts, Inc. | 88,000 | 5,167,155 |
87
The Japanese Small Company Series
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INFORMATION TECHNOLOGY — (Continued) | ||||||||
Digital Garage, Inc. | 80,700 | $ | 2,641,691 | |||||
# | Digital Hearts Holdings Co., Ltd. | 109,300 | 904,388 | |||||
# | Digital Information Technologies Corp. | 54,900 | 836,268 | |||||
# | DKK-Toa Corp. | 28,300 | 219,327 | |||||
Double Standard, Inc. | 14,000 | 679,754 | ||||||
DTS Corp. | 332,400 | 7,039,701 | ||||||
Ebase Co., Ltd. | 29,800 | 324,944 | ||||||
#* | E-Guardian, Inc. | 74,000 | 1,174,517 | |||||
Eizo Corp. | 132,900 | 4,942,734 | ||||||
Elecom Co., Ltd. | 141,200 | 5,482,959 | ||||||
Elematec Corp. | 122,942 | 1,182,628 | ||||||
# | Enomoto Co., Ltd. | 30,200 | 326,740 | |||||
Enplas Corp. | 65,800 | 2,111,263 | ||||||
ESPEC Corp. | 166,000 | 2,997,298 | ||||||
Excel Co., Ltd. | 56,000 | 647,766 | ||||||
Fenwal Controls of Japan, Ltd. | 21,600 | 276,743 | ||||||
Ferrotec Holdings Corp. | 264,900 | 2,627,281 | ||||||
#* | FFRI, Inc. | 20,500 | 534,358 | |||||
# | Fixstars Corp. | 115,700 | 1,733,766 | |||||
Focus Systems Corp. | 22,500 | 184,661 | ||||||
# | Forval Corp. | 53,900 | 500,421 | |||||
# | Fronteo, Inc. | 118,100 | 346,282 | |||||
FTGroup Co., Ltd. | 67,000 | 882,632 | ||||||
Fuji Soft, Inc. | 42,500 | 1,851,340 | ||||||
Fujitsu Frontech, Ltd. | 88,800 | 786,134 | ||||||
Fukui Computer Holdings, Inc. | 53,500 | 1,430,103 | ||||||
Furuno Electric Co., Ltd. | 197,800 | 2,044,496 | ||||||
# | Furuya Metal Co., Ltd. | 7,600 | 343,079 | |||||
Future Corp. | 150,800 | 2,461,476 | ||||||
Future Innovation Group, Inc. | 11,900 | 35,481 | ||||||
# | Geomatec Co., Ltd. | 29,900 | 200,983 | |||||
GL Sciences, Inc. | 46,700 | 639,260 | ||||||
# | Glosel Co., Ltd. | 118,700 | 484,479 | |||||
# | GMO Cloud K.K. | 19,300 | 480,920 | |||||
GMO internet, Inc. | 202,300 | 3,399,616 | ||||||
GMO Pepabo, Inc. | 7,300 | 158,334 | ||||||
#* | Gunosy, Inc. | 44,800 | 734,903 | |||||
Hagiwara Electric Holdings Co., Ltd. | 51,100 | 1,368,459 | ||||||
Hakuto Co., Ltd. | 100,600 | 1,201,992 | ||||||
Hibino Corp. | 26,900 | 590,694 | ||||||
Hioki EE Corp. | 70,900 | 2,482,660 | ||||||
Hochiki Corp. | 123,600 | 1,726,277 | ||||||
# | Hokuriku Electric Industry Co., Ltd. | 48,200 | 516,797 | |||||
Honda Tsushin Kogyo Co., Ltd. | 113,800 | 551,811 | ||||||
Hosiden Corp. | 423,800 | 4,452,073 | ||||||
Ibiden Co., Ltd. | 6,978 | 161,127 | ||||||
Icom, Inc. | 79,000 | 1,788,023 | ||||||
ID Holdings Corp. | 52,100 | 649,110 | ||||||
Ikegami Tsushinki Co., Ltd. | 40,799 | 429,502 | ||||||
Ines Corp. | 166,100 | 1,868,757 | ||||||
I-Net Corp. | 80,390 | 1,034,459 | ||||||
Infocom Corp. | 188,000 | 3,922,121 | ||||||
Infomart Corp. | 456,500 | 6,872,905 | ||||||
Information Services International-Dentsu, Ltd. | 90,700 | 3,149,309 | ||||||
Innotech Corp. | 116,200 | 1,015,323 | ||||||
# | Intelligent Wave, Inc. | 36,600 | 256,146 | |||||
# | Inter Action Corp. | 27,600 | 562,444 | |||||
I-O Data Device, Inc. | 57,800 | 489,804 | ||||||
Iriso Electronics Co., Ltd. | 157,000 | 7,762,458 |
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INFORMATION TECHNOLOGY — (Continued) | ||||||||
# | ISB Corp. | 15,300 | $ | 230,093 | ||||
Itfor, Inc. | 164,700 | 1,347,447 | ||||||
Iwatsu Electric Co., Ltd. | 68,500 | 511,161 | ||||||
Japan Aviation Electronics Industry, Ltd. | 382,900 | 7,132,970 | ||||||
Japan Cash Machine Co., Ltd. | 154,800 | 1,384,088 | ||||||
#* | Japan Display, Inc. | 3,483,900 | 2,035,533 | |||||
# | Japan Electronic Materials Corp. | 51,800 | 342,444 | |||||
Japan Material Co., Ltd. | 486,600 | 6,811,134 | ||||||
Jastec Co., Ltd. | 85,300 | 905,791 | ||||||
JBCC Holdings, Inc. | 117,800 | 1,962,448 | ||||||
JFE Systems, Inc. | 2,100 | 59,602 | ||||||
* | JIG-SAW, Inc. | 26,700 | 1,101,266 | |||||
Justsystems Corp. | 44,500 | 1,829,679 | ||||||
Kaga Electronics Co., Ltd. | 133,600 | 2,589,667 | ||||||
Kanematsu Electronics, Ltd. | 89,400 | 2,784,330 | ||||||
KEL Corp. | 27,900 | 215,656 | ||||||
Koa Corp. | 172,100 | 2,162,689 | ||||||
KSK Co., Ltd. | 3,000 | 50,676 | ||||||
# | Kyoden Co., Ltd. | 116,100 | 332,363 | |||||
Kyosan Electric Manufacturing Co., Ltd. | 319,900 | 1,500,929 | ||||||
Kyowa Electronic Instruments Co., Ltd. | 146,000 | 585,391 | ||||||
# | LAC Co., Ltd. | 100,100 | 1,200,563 | |||||
Lecip Holdings Corp. | 6,800 | 41,815 | ||||||
Macnica Fuji Electronics Holdings, Inc. | 389,750 | 6,606,563 | ||||||
Mamezou Holdings Co., Ltd. | 129,000 | 2,114,713 | ||||||
Marubun Corp. | 112,200 | 638,417 | ||||||
Maruwa Co., Ltd. | 70,000 | 4,561,451 | ||||||
Maxell Holdings, Ltd. | 396,400 | 5,471,030 | ||||||
MCJ Co., Ltd. | 543,600 | 3,587,532 | ||||||
Megachips Corp. | 112,800 | 2,135,201 | ||||||
# | Meiko Electronics Co., Ltd. | 179,500 | 2,943,901 | |||||
Melco Holdings, Inc. | 14,300 | 384,520 | ||||||
#* | Metaps, Inc. | 12,800 | 112,713 | |||||
# | Micronics Japan Co., Ltd. | 223,800 | 2,093,755 | |||||
Mimaki Engineering Co., Ltd. | 136,300 | 683,431 | ||||||
Mimasu Semiconductor Industry Co., Ltd. | 122,681 | 2,396,304 | ||||||
Miraial Co., Ltd. | 48,800 | 664,247 | ||||||
Miroku Jyoho Service Co., Ltd. | 140,300 | 3,698,013 | ||||||
# | Mitachi Co., Ltd. | 17,900 | 123,307 | |||||
Mitsubishi Research Institute, Inc. | 56,200 | 1,989,971 | ||||||
Mitsui High-Tec, Inc. | 137,200 | 2,359,225 | ||||||
Mutoh Holdings Co., Ltd. | 14,600 | 242,828 | ||||||
Nagano Keiki Co., Ltd. | 96,400 | 662,741 | ||||||
Nakayo, Inc. | 77,100 | 1,197,699 | ||||||
NEC Networks & System Integration Corp. | 176,700 | 5,577,360 | ||||||
# | Neos Corp. | 8,600 | 62,427 | |||||
# | NF Corp. | 23,700 | 532,325 | |||||
Nichicon Corp. | 397,800 | 3,914,584 | ||||||
#* | Nihon Dempa Kogyo Co., Ltd. | 121,600 | 513,073 | |||||
Nihon Denkei Co., Ltd. | 31,800 | 379,427 | ||||||
# | Nippon Chemi-Con Corp. | 83,600 | 1,381,850 | |||||
# | Nippon Computer Dynamics Co., Ltd. | 38,600 | 287,783 | |||||
Nippon Electric Glass Co., Ltd. | 17,436 | 392,773 | ||||||
# | Nippon Information Development Co., Ltd. | 12,600 | 150,678 | |||||
# | Nippon Kodoshi Corp. | 56,200 | 735,197 | |||||
Nippon Signal Co., Ltd. | 372,300 | 4,290,231 | ||||||
Nippon Systemware Co., Ltd. | 56,800 | 1,375,290 | ||||||
Nissha Co., Ltd. | 253,600 | 2,641,164 | ||||||
Nohmi Bosai, Ltd. | 167,400 | 3,484,897 |
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The Japanese Small Company Series
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INFORMATION TECHNOLOGY — (Continued) | ||||||||
NSD Co., Ltd. | 293,480 | $ | 9,046,407 | |||||
NuFlare Technology, Inc. | 35,800 | 2,667,202 | ||||||
# | Ohara, Inc. | 35,900 | 493,595 | |||||
# | Ohizumi Manufacturing Co., Ltd. | 27,100 | 188,138 | |||||
#* | Okaya Electric Industries Co., Ltd. | 77,800 | 283,910 | |||||
Oki Electric Industry Co., Ltd. | 699,800 | 9,391,632 | ||||||
# | ONO Sokki Co., Ltd. | 37,400 | 179,252 | |||||
Optex Group Co., Ltd. | 271,520 | 4,160,003 | ||||||
# | Oro Co., Ltd. | 15,800 | 412,515 | |||||
Osaki Electric Co., Ltd. | 324,800 | 2,248,864 | ||||||
Oval Corp. | 35,600 | 81,386 | ||||||
Paltek Corp. | 38,500 | 189,011 | ||||||
# | PCA Corp. | 2,300 | 81,082 | |||||
PCI Holdings, Inc. | 15,400 | 305,102 | ||||||
Poletowin Pitcrew Holdings, Inc. | 226,000 | 2,188,086 | ||||||
# | Pro-Ship, Inc. | 41,700 | 496,841 | |||||
Rakus Co., Ltd. | 260,600 | 3,910,137 | ||||||
# | RECOMM Co., Ltd. | 404,200 | 496,980 | |||||
* | Remixpoint, Inc. | 22,000 | 40,432 | |||||
Restar Holdings Corp. | 161,100 | 2,737,617 | ||||||
Riken Keiki Co., Ltd. | 113,500 | 2,228,961 | ||||||
Riso Kagaku Corp. | 177,600 | 2,918,009 | ||||||
Roland DG Corp. | 105,700 | 2,077,087 | ||||||
Rorze Corp. | 77,400 | 2,628,366 | ||||||
# | RS Technologies Co., Ltd. | 27,300 | 1,113,947 | |||||
Ryoden Corp. | 110,600 | 1,674,192 | ||||||
Ryosan Co., Ltd. | 187,200 | 4,860,198 | ||||||
Ryoyo Electro Corp. | 168,200 | 2,985,092 | ||||||
# | Saison Information Systems Co., Ltd. | 24,800 | 477,564 | |||||
Sakura Internet, Inc. | 155,700 | 916,045 | ||||||
Samco, Inc. | 14,700 | 144,289 | ||||||
Sanken Electric Co., Ltd. | 193,200 | 4,535,115 | ||||||
Sanshin Electronics Co., Ltd. | 150,100 | 2,141,710 | ||||||
# | Satori Electric Co., Ltd. | 90,380 | 769,293 | |||||
Saxa Holdings, Inc. | 32,600 | 558,346 | ||||||
# | SB Technology Corp. | 74,000 | 1,419,368 | |||||
Scala, Inc. | 120,700 | 1,001,889 | ||||||
Seikoh Giken Co., Ltd. | 19,900 | 638,832 | ||||||
SEMITEC Corp. | 5,500 | 165,200 | ||||||
# | Shibaura Electronics Co., Ltd. | 58,000 | 1,721,498 | |||||
Shibaura Mechatronics Corp. | 31,800 | 1,057,796 | ||||||
#* | SHIFT, Inc. | 41,800 | 2,384,317 | |||||
Shindengen Electric Manufacturing Co., Ltd. | 54,800 | 1,862,401 | ||||||
Shinko Electric Industries Co., Ltd. | 566,300 | 5,526,749 | ||||||
Shinko Shoji Co., Ltd. | 314,200 | 2,693,475 | ||||||
Shizuki Electric Co., Inc. | 127,100 | 697,986 | ||||||
# | Showa Shinku Co., Ltd. | 25,400 | 341,648 | |||||
Sigma Koki Co., Ltd. | 31,600 | 386,568 | ||||||
# | Siix Corp. | 242,700 | 3,679,741 | |||||
# | SK-Electronics Co., Ltd. | 64,100 | 1,300,835 | |||||
SMK Corp. | 37,099 | 1,070,268 | ||||||
Softbrain Co., Ltd. | 111,300 | 572,930 | ||||||
Softcreate Holdings Corp. | 58,200 | 1,015,916 | ||||||
Soliton Systems K.K. | 51,700 | 465,567 | ||||||
# | Soshin Electric Co., Ltd. | 58,400 | 251,342 | |||||
Sourcenext Corp. | 364,000 | 1,628,304 | ||||||
SRA Holdings | 75,600 | 1,833,039 | ||||||
# | Sumida Corp. | 206,049 | 2,302,483 | |||||
Sun-Wa Technos Corp. | 82,000 | 801,520 |
90
The Japanese Small Company Series
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Shares | Value» | |||||||
INFORMATION TECHNOLOGY — (Continued) | ||||||||
Suzuki Co., Ltd. | 77,300 | $ | 560,868 | |||||
# | System Information Co., Ltd. | 54,800 | 495,026 | |||||
System Research Co., Ltd. | 27,200 | 493,451 | ||||||
Systemsoft Corp. | 255,800 | 277,530 | ||||||
Systena Corp. | 564,200 | 8,107,168 | ||||||
Tachibana Eletech Co., Ltd. | 129,360 | 2,165,082 | ||||||
# | Takachiho Koheki Co., Ltd. | 38,500 | 404,929 | |||||
# | TAKEBISHI Corp. | 53,100 | 703,093 | |||||
Tamura Corp. | 651,300 | 3,730,084 | ||||||
# | Tazmo Co., Ltd. | 39,500 | 469,658 | |||||
# | TDC Soft, Inc. | 111,300 | 918,035 | |||||
TechMatrix Corp. | 116,800 | 2,614,636 | ||||||
Techno Horizon Holdings Co., Ltd. | 56,700 | 234,497 | ||||||
Tecnos Japan, Inc. | 112,200 | 560,010 | ||||||
Teikoku Tsushin Kogyo Co., Ltd. | 53,800 | 600,291 | ||||||
* | Terilogy Co., Ltd. | 8,800 | 60,160 | |||||
TESEC Corp. | 19,400 | 205,899 | ||||||
TKC Corp. | 119,000 | 5,012,990 | ||||||
Tokyo Electron Device, Ltd. | 45,600 | 872,329 | ||||||
Tokyo Seimitsu Co., Ltd. | 315,100 | 10,120,723 | ||||||
# | Tomen Devices Corp. | 15,300 | 374,444 | |||||
Topcon Corp. | 862,100 | 11,887,112 | ||||||
# | Torex Semiconductor, Ltd. | 45,500 | 608,765 | |||||
Toshiba TEC Corp. | 211,100 | 7,613,433 | ||||||
Toukei Computer Co., Ltd. | 23,210 | 709,161 | ||||||
Towa Corp. | 171,400 | 1,685,585 | ||||||
Toyo Corp. | 165,500 | 1,705,064 | ||||||
Tri Chemical Laboratories, Inc. | 39,400 | 2,572,516 | ||||||
# | Tsuzuki Denki Co., Ltd. | 42,800 | 477,972 | |||||
Ubicom Holdings, Inc. | 12,500 | 163,553 | ||||||
Ulvac, Inc. | 237,200 | 10,377,361 | ||||||
# | UMC Electronics Co., Ltd. | 52,700 | 232,367 | |||||
Uniden Holdings Corp. | 44,000 | 798,349 | ||||||
UNIRITA, Inc. | 8,100 | 130,839 | ||||||
UNITED, Inc. | 24,200 | 265,886 | ||||||
# | V Technology Co., Ltd. | 77,200 | 4,592,945 | |||||
# | VINX Corp. | 11,500 | 122,002 | |||||
Wacom Co., Ltd. | 1,124,700 | 4,186,178 | ||||||
YAC Holdings Co., Ltd. | 87,500 | 677,425 | ||||||
#* | Yamaha Motor Robotics Holdings Co., Ltd. | 88,400 | 491,495 | |||||
# | Yamaichi Electronics Co., Ltd. | 153,400 | 2,073,550 | |||||
# | Yashima Denki Co., Ltd. | 131,200 | 1,077,891 | |||||
Yokowo Co., Ltd. | 105,200 | 3,031,021 | ||||||
Zuken, Inc. | 113,200 | 2,398,203 | ||||||
TOTAL INFORMATION TECHNOLOGY | 489,542,108 | |||||||
MATERIALS — (10.1%) | ||||||||
Achilles Corp. | 109,000 | 1,770,869 | ||||||
ADEKA Corp. | 665,700 | 9,526,870 | ||||||
Aichi Steel Corp. | 81,700 | 2,658,976 | ||||||
Arakawa Chemical Industries, Ltd. | 132,600 | 1,942,621 | ||||||
# | Araya Industrial Co., Ltd. | 26,500 | 393,009 | |||||
Asahi Holdings, Inc. | 299,850 | 6,980,615 | ||||||
Asahi Printing Co., Ltd. | 25,700 | 249,585 | ||||||
Asahi Yukizai Corp. | 98,600 | 1,391,132 | ||||||
Asahipen Corp. | 2,100 | 32,989 | ||||||
Asia Pile Holdings Corp. | 220,000 | 1,189,375 | ||||||
C Uyemura & Co., Ltd. | 35,900 | 2,222,157 | ||||||
Carlit Holdings Co., Ltd. | 139,400 | 808,018 |
91
The Japanese Small Company Series
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Shares | Value» | |||||||
MATERIALS — (Continued) | ||||||||
Chuetsu Pulp & Paper Co., Ltd. | 49,900 | $ | 765,762 | |||||
* | Chugai Mining Co., Ltd. | 652,700 | 127,283 | |||||
Chugoku Marine Paints, Ltd. | 478,100 | 4,622,448 | ||||||
CI Takiron Corp. | 324,200 | 1,952,725 | ||||||
# | CK-San-Etsu Co., Ltd. | 21,200 | 575,751 | |||||
Dai Nippon Toryo Co., Ltd. | 145,500 | 1,473,984 | ||||||
Daido Steel Co., Ltd. | 80,900 | 3,530,315 | ||||||
Daiichi Kigenso Kagaku-Kogyo Co., Ltd. | 130,800 | 1,022,769 | ||||||
Daiken Corp. | 93,900 | 1,691,066 | ||||||
Daiki Aluminium Industry Co., Ltd. | 202,100 | 1,350,056 | ||||||
Dainichiseika Color & Chemicals Manufacturing Co., Ltd. | 93,400 | 2,810,752 | ||||||
Daio Paper Corp. | 290,600 | 3,873,614 | ||||||
DKS Co., Ltd. | 68,800 | 2,233,227 | ||||||
Dowa Holdings Co., Ltd. | 92,500 | 3,193,486 | ||||||
Dynapac Co., Ltd. | 8,500 | 114,534 | ||||||
Fuji Seal International, Inc. | 106,400 | 2,642,944 | ||||||
Fujikura Kasei Co., Ltd. | 184,200 | 959,033 | ||||||
Fujimi, Inc. | 1,100 | 28,673 | ||||||
Fujimori Kogyo Co., Ltd. | 120,900 | 4,274,555 | ||||||
Fuso Chemical Co., Ltd. | 142,200 | 3,670,167 | ||||||
Geostr Corp. | 111,400 | 428,320 | ||||||
Godo Steel, Ltd. | 67,700 | 1,463,099 | ||||||
Gun-Ei Chemical Industry Co., Ltd. | 31,600 | 737,936 | ||||||
Hakudo Co., Ltd. | 48,200 | 612,562 | ||||||
Harima Chemicals Group, Inc. | 106,100 | 1,182,968 | ||||||
Hodogaya Chemical Co., Ltd. | 44,900 | 1,691,081 | ||||||
Hokkan Holdings, Ltd. | 56,100 | 904,582 | ||||||
Hokko Chemical Industry Co., Ltd. | 139,100 | 769,423 | ||||||
Hokuetsu Corp. | 1,042,799 | 5,310,764 | ||||||
Honshu Chemical Industry Co., Ltd. | 28,200 | 322,058 | ||||||
Ise Chemicals Corp. | 14,800 | 443,335 | ||||||
# | Ishihara Chemical Co., Ltd. | 35,500 | 574,513 | |||||
Ishihara Sangyo Kaisha, Ltd. | 222,050 | 2,292,423 | ||||||
Ishizuka Glass Co., Ltd. | 16,100 | 320,229 | ||||||
JCU Corp. | 181,800 | 4,454,876 | ||||||
JSP Corp. | 102,700 | 1,903,607 | ||||||
Kaneka Corp. | 20,900 | 695,731 | ||||||
Kanto Denka Kogyo Co., Ltd. | 335,900 | 2,969,865 | ||||||
Katakura & Co-op Agri Corp. | 21,500 | 241,950 | ||||||
KeePer Technical Laboratory Co., Ltd. | 51,000 | 723,133 | ||||||
KH Neochem Co., Ltd. | 234,500 | 5,710,529 | ||||||
Kimoto Co., Ltd. | 247,400 | 387,476 | ||||||
Koatsu Gas Kogyo Co., Ltd. | 225,193 | 1,782,310 | ||||||
Kobe Steel, Ltd. | 1,250,100 | 6,721,190 | ||||||
Kohsoku Corp. | 72,200 | 862,573 | ||||||
Konishi Co., Ltd. | 260,700 | 3,679,929 | ||||||
Konoshima Chemical Co., Ltd. | 39,000 | 315,800 | ||||||
Krosaki Harima Corp. | 41,200 | 2,207,560 | ||||||
Kumiai Chemical Industry Co., Ltd. | 564,787 | 5,222,990 | ||||||
# | Kunimine Industries Co., Ltd. | 40,400 | 382,597 | |||||
Kureha Corp. | 141,650 | 9,053,385 | ||||||
Kurimoto, Ltd. | 67,900 | 1,103,587 | ||||||
Kuriyama Holdings Corp. | 92,800 | 709,363 | ||||||
Kyoei Steel, Ltd. | 161,600 | 2,942,838 | ||||||
Kyowa Leather Cloth Co., Ltd. | 91,900 | 671,659 | ||||||
Lintec Corp. | 210,600 | 4,423,190 | ||||||
MEC Co., Ltd. | 131,000 | 2,195,875 | ||||||
Mitani Sekisan Co., Ltd. | 73,600 | 2,441,523 | ||||||
Mitsubishi Paper Mills, Ltd. | 405,600 | 1,846,849 |
92
The Japanese Small Company Series
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Shares | Value» | |||||||
MATERIALS — (Continued) | ||||||||
Mitsubishi Steel Manufacturing Co., Ltd. | 53,500 | $ | 569,961 | |||||
Mitsui Mining & Smelting Co., Ltd. | 484,900 | 13,551,811 | ||||||
Molitec Steel Co., Ltd. | 83,100 | 356,195 | ||||||
MORESCO Corp. | 47,800 | 591,730 | ||||||
Mory Industries, Inc. | 39,300 | 837,046 | ||||||
Nakayama Steel Works, Ltd. | 220,200 | 941,717 | ||||||
Neturen Co., Ltd. | 261,200 | 2,299,949 | ||||||
#* | New Japan Chemical Co., Ltd. | 200,600 | 373,994 | |||||
Nicca Chemical Co., Ltd. | 49,300 | 405,647 | ||||||
# | Nichia Steel Works, Ltd. | 138,600 | 427,764 | |||||
# | Nihon Kagaku Sangyo Co., Ltd. | 90,200 | 908,237 | |||||
Nihon Nohyaku Co., Ltd. | 243,500 | 1,279,407 | ||||||
Nihon Parkerizing Co., Ltd. | 505,500 | 5,926,974 | ||||||
Nihon Yamamura Glass Co., Ltd. | 110,400 | 1,319,912 | ||||||
Nippon Carbide Industries Co., Inc. | 49,300 | 664,805 | ||||||
# | Nippon Chemical Industrial Co., Ltd. | 42,600 | 1,253,522 | |||||
Nippon Concrete Industries Co., Ltd. | 306,600 | 882,148 | ||||||
# | Nippon Denko Co., Ltd. | 1,018,114 | 1,764,621 | |||||
Nippon Fine Chemical Co., Ltd. | 81,500 | 950,320 | ||||||
Nippon Kayaku Co., Ltd. | 70,700 | 859,237 | ||||||
Nippon Kinzoku Co., Ltd. | 27,000 | 217,120 | ||||||
Nippon Koshuha Steel Co., Ltd. | 26,799 | 112,135 | ||||||
Nippon Light Metal Holdings Co., Ltd. | 4,755,800 | 9,250,215 | ||||||
Nippon Paper Industries Co., Ltd. | 177,600 | 3,061,398 | ||||||
Nippon Pillar Packing Co., Ltd. | 157,500 | 2,121,710 | ||||||
Nippon Soda Co., Ltd. | 193,300 | 5,148,638 | ||||||
# | Nippon Yakin Kogyo Co., Ltd. | 124,049 | 2,723,049 | |||||
Nitta Gelatin, Inc. | 100,500 | 657,577 | ||||||
Nittetsu Mining Co., Ltd. | 43,700 | 1,833,055 | ||||||
Nozawa Corp. | 52,500 | 330,430 | ||||||
Oat Agrio Co., Ltd. | 18,000 | 292,493 | ||||||
Okamoto Industries, Inc. | 82,600 | 3,189,981 | ||||||
Okura Industrial Co., Ltd. | 61,800 | 1,137,303 | ||||||
Osaka Organic Chemical Industry, Ltd. | 100,800 | 1,123,855 | ||||||
Osaka Soda Co., Ltd. | 108,599 | 3,074,272 | ||||||
Osaka Steel Co., Ltd. | 94,200 | 1,289,081 | ||||||
OSAKA Titanium Technologies Co., Ltd. | 155,500 | 2,434,380 | ||||||
# | Pacific Metals Co., Ltd. | 126,799 | 3,031,819 | |||||
Pack Corp. (The) | 96,200 | 3,389,865 | ||||||
# | Rasa Industries, Ltd. | 49,700 | 679,462 | |||||
Rengo Co., Ltd. | 124,600 | 903,479 | ||||||
Riken Technos Corp. | 255,000 | 1,207,255 | ||||||
Sakai Chemical Industry Co., Ltd. | 112,100 | 2,796,922 | ||||||
Sakata INX Corp. | 311,800 | 3,524,301 | ||||||
Sanyo Chemical Industries, Ltd. | 96,300 | 4,594,597 | ||||||
# | Sanyo Special Steel Co., Ltd. | 147,060 | 1,862,482 | |||||
Seiko PMC Corp. | 78,600 | 612,343 | ||||||
Sekisui Plastics Co., Ltd. | 179,100 | 1,320,235 | ||||||
Shikoku Chemicals Corp. | 260,000 | 3,051,923 | ||||||
Shinagawa Refractories Co., Ltd. | 44,300 | 1,191,603 | ||||||
Shin-Etsu Polymer Co., Ltd. | 336,500 | 2,883,365 | ||||||
SK Kaken Co., Ltd. | 1,600 | 692,522 | ||||||
Soken Chemical & Engineering Co., Ltd. | 48,900 | 556,618 | ||||||
Stella Chemifa Corp. | 82,400 | 2,397,448 | ||||||
Sumitomo Bakelite Co., Ltd. | 90,600 | 3,756,761 | ||||||
Sumitomo Osaka Cement Co., Ltd. | 238,699 | 10,419,680 | ||||||
Sumitomo Seika Chemicals Co., Ltd. | 70,900 | 2,256,854 | ||||||
# | T Hasegawa Co., Ltd. | 204,200 | 3,805,622 | |||||
# | T&K Toka Co., Ltd. | 146,900 | 1,407,801 |
93
The Japanese Small Company Series
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Shares | Value» | |||||||
MATERIALS — (Continued) | ||||||||
Taisei Lamick Co., Ltd. | 43,900 | $ | 1,194,962 | |||||
Taiyo Holdings Co., Ltd. | 140,400 | 5,088,162 | ||||||
Takasago International Corp. | 104,000 | 2,610,011 | ||||||
Takemoto Yohki Co., Ltd. | 46,900 | 446,952 | ||||||
# | Taoka Chemical Co., Ltd. | 1,600 | 124,025 | |||||
# | Tayca Corp. | 139,300 | 2,747,938 | |||||
Tenma Corp. | 129,800 | 2,372,540 | ||||||
# | Titan Kogyo, Ltd. | 5,100 | 118,190 | |||||
Toagosei Co., Ltd. | 871,100 | 9,655,071 | ||||||
# | Toda Kogyo Corp. | 24,800 | 514,137 | |||||
Toho Acetylene Co., Ltd. | 12,700 | 161,990 | ||||||
Toho Chemical Industry Co., Ltd. | 47,000 | 219,685 | ||||||
# | Toho Titanium Co., Ltd. | 242,500 | 1,996,896 | |||||
Toho Zinc Co., Ltd. | 122,699 | 2,489,874 | ||||||
Tohoku Steel Co., Ltd. | 16,300 | 215,635 | ||||||
Tokushu Tokai Paper Co., Ltd. | 71,058 | 2,671,741 | ||||||
Tokuyama Corp. | 414,298 | 11,067,550 | ||||||
Tokyo Ohka Kogyo Co., Ltd. | 242,500 | 9,603,821 | ||||||
Tokyo Printing Ink Manufacturing Co., Ltd. | 10,200 | 227,328 | ||||||
Tokyo Rope Manufacturing Co., Ltd. | 101,700 | 1,077,588 | ||||||
Tokyo Steel Manufacturing Co., Ltd. | 842,500 | 6,782,726 | ||||||
Tokyo Tekko Co., Ltd. | 74,900 | 1,095,674 | ||||||
Tomoegawa Co., Ltd. | 33,600 | 299,577 | ||||||
Tomoku Co., Ltd. | 81,500 | 1,306,002 | ||||||
Topy Industries, Ltd. | 114,200 | 2,334,533 | ||||||
# | Toyo Gosei Co., Ltd. | 32,800 | 930,685 | |||||
Toyo Ink SC Holdings Co., Ltd. | 277,600 | 6,765,692 | ||||||
Toyobo Co., Ltd. | 715,200 | 9,667,381 | ||||||
# | TYK Corp. | 183,700 | 541,011 | |||||
UACJ Corp. | 211,841 | 3,880,515 | ||||||
Ube Industries, Ltd. | 67,500 | 1,445,253 | ||||||
Ultrafabrics Holdings Co., Ltd. | 2,400 | 27,256 | ||||||
Valqua, Ltd. | 126,199 | 2,811,789 | ||||||
# | Vertex Corp. | 45,998 | 725,724 | |||||
Wavelock Holdings Co., Ltd. | 30,900 | 251,862 | ||||||
Wood One Co., Ltd. | 48,500 | 514,115 | ||||||
Yamato Kogyo Co., Ltd. | 171,600 | 4,451,591 | ||||||
Yodogawa Steel Works, Ltd. | 154,200 | 2,911,600 | ||||||
Yoshicon Co., Ltd. | 3,100 | 33,521 | ||||||
# | Yotai Refractories Co., Ltd. | 118,000 | 794,272 | |||||
Yushiro Chemical Industry Co., Ltd. | 73,800 | 972,545 | ||||||
TOTAL MATERIALS | 384,435,104 | |||||||
REAL ESTATE — (2.1%) | ||||||||
# | AD Works Co., Ltd. | 1,948,800 | 538,670 | |||||
Airport Facilities Co., Ltd. | 148,670 | 764,053 | ||||||
Anabuki Kosan, Inc. | 6,000 | 157,994 | ||||||
# | Aoyama Zaisan Networks Co., Ltd. | 52,600 | 791,762 | |||||
# | Apaman Co., Ltd. | 77,800 | 651,895 | |||||
Arealink Co., Ltd. | 29,600 | 319,627 | ||||||
B-Lot Co., Ltd. | 16,500 | 316,657 | ||||||
Cosmos Initia Co., Ltd. | 99,600 | 699,949 | ||||||
CRE, Inc. | 22,400 | 214,043 | ||||||
Daibiru Corp. | 358,100 | 3,976,013 | ||||||
# | Dear Life Co., Ltd. | 145,300 | 693,705 | |||||
Goldcrest Co., Ltd. | 139,170 | 2,874,822 | ||||||
# | Good Com Asset Co., Ltd. | 10,300 | 166,681 | |||||
Grandy House Corp. | 121,300 | 552,643 | ||||||
Heiwa Real Estate Co., Ltd. | 236,600 | 5,706,539 |
94
The Japanese Small Company Series
continued
Shares | Value» | |||||||
REAL ESTATE — (Continued) | ||||||||
Ichigo, Inc. | 970,800 | $ | 3,866,594 | |||||
Intellex Co., Ltd. | 30,000 | 208,748 | ||||||
* | Japan Asset Marketing Co., Ltd. | 1,648,500 | 1,249,392 | |||||
Japan Corporate Housing Service, Inc. | 10,500 | 101,132 | ||||||
Japan Property Management Center Co., Ltd. | 83,400 | 1,132,740 | ||||||
JSB Co., Ltd. | 2,300 | 112,791 | ||||||
Kabuki-Za Co., Ltd. | 6,500 | 348,542 | ||||||
Keihanshin Building Co., Ltd. | 291,800 | 3,649,336 | ||||||
Kenedix, Inc. | 1,600,900 | 8,713,937 | ||||||
Land Business Co., Ltd. | 14,800 | 103,372 | ||||||
* | LAND Co., Ltd. | 1,819,600 | 169,211 | |||||
#* | Leopalace21 Corp. | 2,072,900 | 5,655,851 | |||||
Mugen Estate Co., Ltd. | 83,200 | 517,192 | ||||||
# | Nippon Commercial Development Co., Ltd. | 85,500 | 1,220,060 | |||||
Nisshin Fudosan Co. | 237,700 | 1,107,871 | ||||||
#* | Prospect Co., Ltd. | 3,669,000 | 815,335 | |||||
Raysum Co., Ltd. | 105,400 | 1,112,713 | ||||||
SAMTY Co., Ltd. | 122,900 | 2,315,606 | ||||||
Sankyo Frontier Co., Ltd. | 23,100 | 762,725 | ||||||
Sansei Landic Co., Ltd. | 40,600 | 361,208 | ||||||
Shinoken Group Co., Ltd. | 142,500 | 1,466,695 | ||||||
Star Mica Holdings Co., Ltd. | 95,400 | 1,725,932 | ||||||
Sun Frontier Fudousan Co., Ltd. | 249,400 | 3,034,445 | ||||||
Takara Leben Co., Ltd. | 667,100 | 2,839,997 | ||||||
* | Tateru, Inc. | 112,500 | 224,264 | |||||
TOC Co., Ltd. | 401,550 | 2,916,438 | ||||||
Tokyo Rakutenchi Co., Ltd. | 21,100 | 1,137,360 | ||||||
# | Tokyo Theatres Co., Inc. | 55,299 | 713,750 | |||||
Tosei Corp. | 313,200 | 3,950,633 | ||||||
# | Unizo Holdings Co., Ltd. | 211,100 | 9,736,461 | |||||
Urbanet Corp. Co., Ltd. | 120,100 | 454,052 | ||||||
TOTAL REAL ESTATE | 80,149,436 | |||||||
UTILITIES — (1.2%) | ||||||||
EF-ON, Inc. | 104,520 | 703,412 | ||||||
eRex Co., Ltd. | 249,500 | 3,394,948 | ||||||
Hiroshima Gas Co., Ltd. | 337,400 | 1,129,426 | ||||||
Hokkaido Electric Power Co., Inc. | 1,332,300 | 6,992,697 | ||||||
Hokkaido Gas Co., Ltd. | 103,200 | 1,550,051 | ||||||
* | Hokuriku Electric Power Co. | 766,600 | 5,463,753 | |||||
Hokuriku Gas Co., Ltd. | 10,100 | 278,170 | ||||||
K&O Energy Group, Inc. | 110,200 | 1,659,072 | ||||||
Nippon Gas Co., Ltd. | 191,200 | 5,412,010 | ||||||
# | Okinawa Electric Power Co., Inc. (The) | 358,321 | 5,937,280 | |||||
#* | RENOVA, Inc. | 186,500 | 1,655,471 | |||||
Saibu Gas Co., Ltd. | 247,900 | 5,721,162 | ||||||
Shizuoka Gas Co., Ltd. | 403,600 | 3,489,260 | ||||||
# | Toell Co., Ltd. | 61,200 | 436,536 | |||||
# | West Holdings Corp. | 107,700 | 1,590,693 | |||||
TOTAL UTILITIES | 45,413,941 | |||||||
TOTAL COMMON STOCKS | ||||||||
Cost ($3,300,844,445) | 3,715,115,396 |
95
The Japanese Small Company Series
continued
Shares | Value† | |||||||
SECURITIES LENDING COLLATERAL — (2.4%) | ||||||||
@ § | DFA Short Term Investment Fund | 7,882,015 | $ | 91,202,795 | ||||
TOTAL INVESTMENTS — (100.0%) | ||||||||
(Cost $3,392,036,762) | $ | 3,806,318,191 |
ST | Special Tax |
» | Securities that have generally been fair value factored. See Note B to Financial Statements. |
# | Total or Partial Securities on Loan. |
* | Non-Income Producing Securities. |
† | See Note B to Financial Statements. |
@ | Security purchased with cash proceeds from Securities on Loan. |
§ | Affiliated Fund. |
Summary of the Series' investments as of October 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 | |||||||||
Common Stocks | ||||||||||||
Communication Services | — | $ | 100,852,769 | — | $ | 100,852,769 | ||||||
Consumer Discretionary | $ | 2,914,557 | 681,414,734 | — | 684,329,291 | |||||||
Consumer Staples | — | 269,125,123 | — | 269,125,123 | ||||||||
Energy | — | 50,257,557 | — | 50,257,557 | ||||||||
Financials | — | 307,335,870 | — | 307,335,870 | ||||||||
Health Care | — | 171,433,509 | — | 171,433,509 | ||||||||
Industrials | — | 1,132,240,688 | — | 1,132,240,688 | ||||||||
Information Technology | — | 489,542,108 | — | 489,542,108 | ||||||||
Materials | — | 384,435,104 | — | 384,435,104 | ||||||||
Real Estate | — | 80,149,436 | — | 80,149,436 | ||||||||
Utilities | — | 45,413,941 | — | 45,413,941 | ||||||||
Securities Lending Collateral | — | 91,202,795 | — | 91,202,795 | ||||||||
TOTAL | $ | 2,914,557 | $ | 3,803,403,634 | — | $ | 3,806,318,191 |
See accompanying Notes to Financial Statements.
96
THE ASIA PACIFIC SMALL COMPANY SERIES
SCHEDULE OF INVESTMENTS
October 31, 2019
Shares | Value» | |||||||
COMMON STOCKS — (97.1%) | ||||||||
AUSTRALIA — (52.9%) | ||||||||
* | 3P Learning, Ltd. | 93,233 | $ | 60,268 | ||||
* | 88 Energy, Ltd. | 604,262 | 5,372 | |||||
# | A2B Australia, Ltd. | 241,263 | 264,177 | |||||
Accent Group, Ltd. | 2,023,672 | 2,105,639 | ||||||
# | Adairs, Ltd. | 569,354 | 694,828 | |||||
Adelaide Brighton, Ltd. | 2,667,604 | 5,665,821 | ||||||
#* | Advance NanoTek, Ltd. | 4,230 | 15,165 | |||||
# | Ainsworth Game Technology, Ltd. | 400,919 | 220,703 | |||||
#* | Alkane Resources, Ltd. | 1,540,048 | 758,441 | |||||
# | Alliance Aviation Services, Ltd. | 101,515 | 175,820 | |||||
ALS, Ltd. | 1,937,440 | 10,775,238 | ||||||
Altium, Ltd. | 596,319 | 13,200,823 | ||||||
#* | Altura Mining, Ltd. | 1,015,510 | 39,823 | |||||
AMA Group, Ltd. | 2,254,833 | 2,135,770 | ||||||
#* | Amaysim Australia, Ltd. | 1,875,508 | 502,708 | |||||
Ansell, Ltd. | 897,943 | 17,075,979 | ||||||
AP Eagers, Ltd. | 750,941 | 6,344,299 | ||||||
APN Property Group, Ltd. | 26,661 | 9,922 | ||||||
Appen, Ltd. | 556,409 | 8,359,545 | ||||||
* | Arafura Resources, Ltd. | 502,091 | 32,184 | |||||
# | ARB Corp., Ltd. | 590,623 | 7,370,788 | |||||
#* | Ardent Leisure Group, Ltd. | 4,016,599 | 3,324,842 | |||||
# | ARQ Group, Ltd. | 982,475 | 287,347 | |||||
* | Asaleo Care, Ltd. | 864,100 | 569,636 | |||||
AUB Group, Ltd. | 452,803 | 3,856,190 | ||||||
Aurelia Metals, Ltd. | 3,199,548 | 1,035,088 | ||||||
Austal, Ltd. | 2,140,525 | 6,162,797 | ||||||
#* | Australian Agricultural Co., Ltd. | 3,411,177 | 2,316,300 | |||||
Australian Finance Group, Ltd. | 767,736 | 1,426,897 | ||||||
Australian Pharmaceutical Industries, Ltd. | 3,189,340 | 2,914,132 | ||||||
# | Australian Vintage, Ltd. | 4,317,004 | 1,520,612 | |||||
Auswide Bank, Ltd. | 106,144 | 403,658 | ||||||
Aveo Group | 3,145,497 | 4,642,681 | ||||||
AVJennings, Ltd. | 7,058,528 | 2,905,109 | ||||||
* | AVZ Minerals, Ltd. | 1,295,314 | 40,159 | |||||
* | Axsesstoday, Ltd. | 20,251 | 4,254 | |||||
Baby Bunting Group, Ltd. | 318,497 | 866,743 | ||||||
# | Bank of Queensland, Ltd. | 1,198,529 | 7,480,087 | |||||
# | Bapcor, Ltd. | 1,866,075 | 9,198,821 | |||||
* | Base Resources, Ltd. | 393,323 | 64,844 | |||||
Beach Energy, Ltd. | 332,595 | 523,165 | ||||||
# | Bega Cheese, Ltd. | 1,470,334 | 3,625,712 | |||||
# | Bell Financial Group, Ltd. | 122,493 | 84,324 | |||||
#* | Bellamy's Australia, Ltd. | 670,621 | 5,913,230 | |||||
#* | Berkeley Energia, Ltd. | 27,600 | 5,781 | |||||
# | Bingo Industries, Ltd. | 979,741 | 1,620,459 | |||||
# | Blackmores, Ltd. | 97,395 | 5,798,996 | |||||
Bravura Solutions, Ltd. | 1,415,005 | 3,980,789 | ||||||
Breville Group, Ltd. | 834,341 | 8,836,168 | ||||||
Brickworks, Ltd. | 491,321 | 6,132,742 | ||||||
#* | Bubs Australia, Ltd. | 114,559 | 89,013 | |||||
#* | Buru Energy, Ltd. | 678,801 | 103,241 | |||||
# | BWX, Ltd. | 386,111 | 1,043,009 | |||||
#* | Byron Energy, Ltd. | 41,456 | 9,258 | |||||
* | Cann Group, Ltd. | 71,385 | 49,606 | |||||
# | Capitol Health, Ltd. | 3,495,372 | 577,185 | |||||
#* | Cardno, Ltd. | 1,127,842 | 403,957 |
97
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
AUSTRALIA — (Continued) | ||||||||
#* | Carnarvon Petroleum, Ltd. | 3,381,086 | $ | 883,175 | ||||
carsales.com, Ltd. | 1,661,566 | 17,806,162 | ||||||
#* | Cash Converters International, Ltd. | 3,582,331 | 592,633 | |||||
* | Catapult Group International, Ltd. | 384,667 | 373,111 | |||||
CDS Technologies, Ltd. | 13,276 | 0 | ||||||
Cedar Woods Properties, Ltd. | 426,933 | 2,086,594 | ||||||
Centuria Capital Group | 146,499 | 221,140 | ||||||
* | Champion Iron, Ltd. | 41,342 | 60,743 | |||||
# | Citadel Group, Ltd. (The) | 83,353 | 204,072 | |||||
City Chic Collective, Ltd. | 153,239 | 293,761 | ||||||
# | Class, Ltd. | 386,717 | 522,844 | |||||
# | Clean Seas Seafood, Ltd. | 87,730 | 48,956 | |||||
#* | Clean TeQ Holdings, Ltd. | 86,928 | 14,344 | |||||
Cleanaway Waste Management, Ltd. | 10,062,156 | 12,788,931 | ||||||
# | Clinuvel Pharmaceuticals, Ltd. | 69,877 | 1,472,651 | |||||
# | Clover Corp., Ltd. | 365,203 | 777,826 | |||||
Codan, Ltd. | 659,052 | 2,811,509 | ||||||
# | Collection House, Ltd. | 2,180,326 | 1,831,179 | |||||
Collins Foods, Ltd. | 820,761 | 5,788,340 | ||||||
#* | Cooper Energy, Ltd. | 13,527,811 | 5,170,718 | |||||
# | Corporate Travel Management, Ltd. | 548,400 | 6,662,051 | |||||
# | Costa Group Holdings, Ltd. | 2,112,283 | 4,154,214 | |||||
Costa Group Holdings, Ltd. | 197,790 | 388,588 | ||||||
# | Credit Corp. Group, Ltd. | 553,754 | 11,961,519 | |||||
* | CSG, Ltd. | 1,608,459 | 340,624 | |||||
CSR, Ltd. | 3,957,955 | 11,313,522 | ||||||
* | CuDeco, Ltd. | 387,893 | 11,792 | |||||
#* | Dacian Gold, Ltd. | 275,576 | 278,651 | |||||
# | Data#3, Ltd. | 926,712 | 2,196,947 | |||||
Decmil Group, Ltd. | 920,710 | 543,433 | ||||||
Dicker Data, Ltd. | 204,202 | 986,654 | ||||||
# | Domain Holdings Australia, Ltd. | 1,952,507 | 4,260,393 | |||||
# | Domino's Pizza Enterprises, Ltd. | 205,372 | 7,225,345 | |||||
Downer EDI, Ltd. | 710,927 | 3,954,213 | ||||||
DWS, Ltd. | 514,109 | 378,020 | ||||||
# | Eclipx Group, Ltd. | 2,757,791 | 2,982,995 | |||||
Elders, Ltd. | 1,177,990 | 4,795,125 | ||||||
#* | Electro Optic Systems Holdings, Ltd. | 456,109 | 2,206,208 | |||||
#* | Emeco Holdings, Ltd. | 848,810 | 1,044,814 | |||||
* | EML Payments, Ltd. | 436,776 | 1,202,488 | |||||
#* | Energy World Corp., Ltd. | 87,518 | 5,588 | |||||
Enero Group, Ltd. | 10,609 | 15,688 | ||||||
# | EQT Holdings, Ltd. | 93,813 | 1,987,115 | |||||
ERM Power, Ltd. | 1,112,209 | 1,844,673 | ||||||
Estia Health, Ltd. | 1,631,369 | 3,159,787 | ||||||
Euroz, Ltd. | 106,429 | 76,429 | ||||||
EVENT Hospitality and Entertainment, Ltd. | 546,035 | 4,937,481 | ||||||
#* | FAR, Ltd. | 8,256,005 | 295,815 | |||||
#* | FBR, Ltd. | 490,881 | 20,361 | |||||
# | Finbar Group, Ltd. | 203,868 | 120,177 | |||||
* | Fleetwood Corp., Ltd. | 347,465 | 535,650 | |||||
FlexiGroup, Ltd. | 2,103,926 | 2,826,576 | ||||||
# | Freedom Foods Group, Ltd. | 165,035 | 609,284 | |||||
# | G8 Education, Ltd. | 3,059,923 | 5,431,360 | |||||
#* | Galaxy Resources, Ltd. | 2,700,784 | 1,736,225 | |||||
GBST Holdings, Ltd. | 178,479 | 473,683 | ||||||
# | Genworth Mortgage Insurance Australia, Ltd. | 1,921,522 | 5,166,797 | |||||
#* | GetSwift, Ltd. | 28,980 | 12,503 | |||||
* | Gold Road Resources, Ltd. | 3,764,891 | 2,954,170 |
98
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
AUSTRALIA — (Continued) | ||||||||
GR Engineering Services, Ltd. | 55,230 | $ | 29,806 | |||||
GrainCorp, Ltd., Class A | 1,833,496 | 9,136,956 | ||||||
# | Grange Resources, Ltd. | 449,866 | 65,067 | |||||
* | Greenland Minerals, Ltd. | 871,479 | 59,998 | |||||
GTN, Ltd. | 15,394 | 7,958 | ||||||
GUD Holdings, Ltd. | 951,434 | 7,095,253 | ||||||
# | GWA Group, Ltd. | 1,988,370 | 3,988,315 | |||||
Hansen Technologies, Ltd. | 1,384,222 | 3,239,112 | ||||||
Healius, Ltd. | 3,824,203 | 8,129,283 | ||||||
# | Helloworld Travel, Ltd. | 37,164 | 115,302 | |||||
* | Highfield Resources, Ltd. | 160,730 | 73,365 | |||||
* | Horizon Oil, Ltd. | 714,889 | 68,682 | |||||
# | HT&E, Ltd. | 1,774,958 | 2,014,769 | |||||
# | HUB24, Ltd. | 107,667 | 913,970 | |||||
* | IDM International, Ltd. | 958 | 0 | |||||
IDP Education, Ltd. | 441,679 | 5,413,689 | ||||||
Iluka Resources, Ltd. | 907,706 | 5,875,441 | ||||||
#* | Image Resources NL | 243,336 | 45,161 | |||||
Imdex, Ltd. | 2,201,682 | 2,410,839 | ||||||
#* | IMF Bentham, Ltd. | 2,465,699 | 5,784,966 | |||||
* | Immutep, Ltd. | 1,409,121 | 27,095 | |||||
#* | ImpediMed, Ltd. | 417,437 | 40,178 | |||||
Independence Group NL | 3,324,011 | 14,557,711 | ||||||
# | Infigen Energy | 5,839,242 | 2,568,146 | |||||
Infomedia, Ltd. | 2,889,035 | 4,557,762 | ||||||
# | Inghams Group, Ltd. | 1,907,337 | 4,083,445 | |||||
* | Intega Group, Ltd. | 1,127,842 | 439,275 | |||||
# | Integral Diagnostics, Ltd. | 131,177 | 326,973 | |||||
# | Integrated Research, Ltd. | 584,940 | 1,192,372 | |||||
# | InvoCare, Ltd. | 1,006,913 | 9,100,772 | |||||
* | ioneer, Ltd. | 290,821 | 50,825 | |||||
# | IOOF Holdings, Ltd. | 2,296,344 | 11,677,647 | |||||
IPH, Ltd. | 1,150,892 | 6,402,045 | ||||||
IRESS, Ltd. | 1,095,248 | 9,618,441 | ||||||
#* | iSelect, Ltd. | 96,851 | 37,111 | |||||
* | iSentia Group, Ltd. | 1,014,066 | 275,711 | |||||
IVE Group, Ltd. | 566,720 | 785,011 | ||||||
# | Japara Healthcare, Ltd. | 1,727,720 | 1,331,938 | |||||
# | JB Hi-Fi, Ltd. | 861,985 | 22,028,595 | |||||
Johns Lyng Group, Ltd. | 27,303 | 34,765 | ||||||
# | Jumbo Interactive, Ltd. | 208,843 | 3,192,770 | |||||
Jupiter Mines, Ltd. | 3,282,574 | 755,683 | ||||||
# | K&S Corp., Ltd. | 197,087 | 224,067 | |||||
#* | Karoon Energy, Ltd. | 1,898,553 | 1,265,276 | |||||
Karoon Energy, Ltd. | 2,343,626 | 1,567,111 | ||||||
* | Kingsgate Consolidated, Ltd. | 1,797,365 | 520,412 | |||||
# | Kogan.com, Ltd. | 229,522 | 1,070,315 | |||||
Lednium Technology Pty, Ltd. | 195,019 | 0 | ||||||
# | Lifestyle Communities, Ltd. | 96,718 | 566,570 | |||||
Link Administration Holdings, Ltd. | 271,150 | 1,045,608 | ||||||
# | Lovisa Holdings, Ltd. | 104,858 | 972,499 | |||||
* | Lynas Corp., Ltd. | 5,145,389 | 8,809,881 | |||||
MACA, Ltd. | 993,931 | 651,921 | ||||||
Macmahon Holdings, Ltd. | 4,762,508 | 705,537 | ||||||
MaxiTRANS Industries, Ltd. | 823,085 | 121,377 | ||||||
#* | Mayne Pharma Group, Ltd. | 9,984,203 | 3,535,831 | |||||
McMillan Shakespeare, Ltd. | 490,350 | 5,424,237 | ||||||
McPherson's, Ltd. | 483,762 | 769,348 | ||||||
* | Medusa Mining, Ltd. | 397,124 | 206,995 |
99
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
AUSTRALIA — (Continued) | ||||||||
#* | Mesoblast, Ltd. | 630,272 | $ | 773,755 | ||||
#* | Metals X, Ltd. | 4,002,773 | 467,394 | |||||
# | Metcash, Ltd. | 7,553,452 | 14,683,218 | |||||
# | Michael Hill International, Ltd. | 1,490,263 | 668,328 | |||||
Michael Hill International, Ltd. | 94,305 | 43,849 | ||||||
Midway, Ltd. | 3,757 | 4,842 | ||||||
* | Millennium Minerals, Ltd. | 1,328,072 | 53,183 | |||||
* | Mincor Resources NL | 91,808 | 39,214 | |||||
# | Mineral Resources, Ltd. | 1,210,928 | 11,910,590 | |||||
#* | MMA Offshore, Ltd. | 4,729,196 | 627,645 | |||||
# | MNF Group, Ltd. | 194,514 | 710,633 | |||||
Moelis Australia, Ltd. | 39,458 | 116,225 | ||||||
Monadelphous Group, Ltd. | 726,646 | 7,690,934 | ||||||
# | Monash IVF Group, Ltd. | 968,439 | 683,803 | |||||
Money3 Corp., Ltd. | 836,419 | 1,236,263 | ||||||
* | Morning Star Gold NL | 332,749 | 0 | |||||
# | Mortgage Choice, Ltd. | 793,228 | 778,300 | |||||
Motorcycle Holdings, Ltd. | 19,615 | 31,424 | ||||||
# | Mount Gibson Iron, Ltd. | 4,535,796 | 2,367,548 | |||||
* | Myanmar Metals, Ltd. | 640,930 | 21,187 | |||||
#* | Myer Holdings, Ltd. | 3,518,631 | 1,318,602 | |||||
# | MyState, Ltd. | 488,761 | 1,596,472 | |||||
Navigator Global Investments, Ltd. | 997,653 | 1,688,474 | ||||||
# | Neometals, Ltd. | 626,513 | 86,307 | |||||
# | Netwealth Group, Ltd. | 234,158 | 1,420,313 | |||||
* | Neuren Pharmaceuticals, Ltd. | 8,077 | 12,771 | |||||
# | New Hope Corp., Ltd. | 1,735,687 | 2,541,797 | |||||
#* | NEXTDC, Ltd. | 1,959,517 | 8,659,622 | |||||
nib holdings, Ltd. | 3,390,280 | 16,388,762 | ||||||
# | Nick Scali, Ltd. | 386,496 | 1,635,718 | |||||
# | Nine Entertainment Co. Holdings, Ltd. | 11,957,501 | 15,172,093 | |||||
Noni B, Ltd. | 5,993 | 10,289 | ||||||
NRW Holdings, Ltd. | 2,635,318 | 4,098,137 | ||||||
#* | Nufarm, Ltd. | 2,065,056 | 8,427,098 | |||||
OFX Group, Ltd. | 1,851,367 | 1,783,819 | ||||||
OM Holdings, Ltd. | 342,290 | 115,420 | ||||||
* | OneMarket, Ltd. | 79,255 | 53,325 | |||||
#* | Onevue Holdings, Ltd. | 857,257 | 224,322 | |||||
# | oOh!media, Ltd. | 1,283,632 | 2,439,571 | |||||
#* | Orocobre, Ltd. | 23,186 | 41,759 | |||||
Orora, Ltd. | 7,303,221 | 15,566,511 | ||||||
* | Otto Energy, Ltd. | 922,182 | 27,323 | |||||
Ovato, Ltd. | 2,029,910 | 73,481 | ||||||
# | Over the Wire Holdings, Ltd. | 14,661 | 47,591 | |||||
OZ Minerals, Ltd. | 2,477,965 | 17,289,828 | ||||||
# | Pacific Current Group, Ltd. | 229,399 | 1,111,661 | |||||
Pacific Energy, Ltd. | 33,400 | 24,632 | ||||||
Pacific Smiles Group, Ltd. | 256,946 | 301,621 | ||||||
#* | Pact Group Holdings, Ltd. | 1,868,221 | 3,118,963 | |||||
#* | Paladin Energy, Ltd. | 663,067 | 37,826 | |||||
* | Panoramic Resources, Ltd. | 3,829,216 | 854,503 | |||||
#* | Pantoro, Ltd. | 632,837 | 71,537 | |||||
# | Paragon Care, Ltd. | 557,992 | 167,597 | |||||
Peet, Ltd. | 899,317 | 744,715 | ||||||
Pendal Group, Ltd. | 1,938,181 | 9,569,992 | ||||||
People Infrastructure, Ltd. | 27,721 | 64,905 | ||||||
Perenti Global, Ltd. | 4,308,699 | 6,787,490 | ||||||
# | Perpetual, Ltd. | 356,633 | 8,841,267 | |||||
* | Perseus Mining, Ltd. | 7,021,209 | 4,160,418 |
100
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
AUSTRALIA — (Continued) | ||||||||
# | Pioneer Credit, Ltd. | 166,590 | $ | 282,503 | ||||
# | Platinum Asset Management, Ltd. | 2,439,424 | 6,966,410 | |||||
* | Pluton Resources, Ltd. | 20,710 | 0 | |||||
* | Poseidon Nickel, Ltd. | 643,832 | 22,953 | |||||
#* | Praemium, Ltd. | 1,152,591 | 502,849 | |||||
Premier Investments, Ltd. | 829,371 | 10,991,808 | ||||||
* | Prime Media Group, Ltd. | 62,765 | 8,854 | |||||
Pro Medicus, Ltd. | 293,000 | 5,376,821 | ||||||
Propel Funeral Partners, Ltd. | 4,902 | 10,668 | ||||||
PWR Holdings, Ltd. | 162,512 | 532,110 | ||||||
QMS Media, Ltd. | 504,219 | 425,350 | ||||||
Qube Holdings, Ltd. | 712,870 | 1,598,327 | ||||||
* | Quickstep Holdings, Ltd. | 134,452 | 13,920 | |||||
* | Quintis, Ltd. | 2,130,129 | 0 | |||||
Ramelius Resources, Ltd. | 3,772,255 | 3,248,921 | ||||||
# | Reckon, Ltd. | 446,073 | 233,686 | |||||
* | Red 5, Ltd. | 682,020 | 129,896 | |||||
#* | Red River Resources, Ltd. | 614,980 | 63,522 | |||||
* | Redbubble, Ltd. | 49,962 | 66,254 | |||||
# | Regis Healthcare, Ltd. | 1,371,158 | 3,047,668 | |||||
Regis Resources, Ltd. | 3,442,546 | 11,666,993 | ||||||
Reject Shop, Ltd. (The) | 107,368 | 181,412 | ||||||
# | Reliance Worldwide Corp., Ltd. | 1,710,013 | 4,975,912 | |||||
#* | Resolute Mining, Ltd. | 7,171,665 | 6,007,744 | |||||
# | Rhipe, Ltd. | 234,103 | 460,040 | |||||
Ridley Corp., Ltd. | 1,847,357 | 1,385,769 | ||||||
* | RPMGlobal Holdings, Ltd. | 167,362 | 96,777 | |||||
# | RXP Services, Ltd. | 364,327 | 127,889 | |||||
Salmat, Ltd. | 645,788 | 228,975 | ||||||
Sandfire Resources NL | 1,293,091 | 5,164,492 | ||||||
* | Saracen Mineral Holdings, Ltd. | 5,717,531 | 14,793,622 | |||||
# | SeaLink Travel Group, Ltd. | 266,244 | 940,715 | |||||
Select Harvests, Ltd. | 651,572 | 3,235,739 | ||||||
* | Senex Energy, Ltd. | 12,495,492 | 3,092,239 | |||||
# | Servcorp, Ltd. | 353,503 | 1,074,270 | |||||
Service Stream, Ltd. | 2,572,185 | 4,571,569 | ||||||
Seven Group Holdings, Ltd. | 16,287 | 210,514 | ||||||
* | Seven West Media, Ltd. | 5,378,078 | 1,476,908 | |||||
SG Fleet Group, Ltd. | 393,656 | 655,671 | ||||||
#* | Sheffield Resources, Ltd. | 142,244 | 36,885 | |||||
Sigma Healthcare, Ltd. | 4,757,142 | 1,906,035 | ||||||
#* | Silver Lake Resources, Ltd. | 6,105,612 | 4,887,673 | |||||
Sims Metal Management, Ltd. | 1,382,214 | 8,895,865 | ||||||
SmartGroup Corp., Ltd. | 639,298 | 5,031,379 | ||||||
Southern Cross Media Group, Ltd. | 3,928,938 | 2,219,136 | ||||||
Spark Infrastructure Group | 9,526,664 | 13,285,174 | ||||||
# | SpeedCast International, Ltd. | 1,977,399 | 1,356,667 | |||||
SRG Global, Ltd. | 330,321 | 90,852 | ||||||
St Barbara, Ltd. | 5,006,626 | 9,658,812 | ||||||
Stanmore Coal, Ltd. | 45,430 | 31,933 | ||||||
Star Entertainment Grp, Ltd. (The) | 459,571 | 1,490,153 | ||||||
Steadfast Group, Ltd. | 5,956,128 | 14,750,048 | ||||||
#* | Strike Energy, Ltd. | 2,846,114 | 470,872 | |||||
* | Sundance Energy Australia, Ltd. | 2,937,895 | 262,584 | |||||
Sunland Group, Ltd. | 1,211,896 | 1,342,794 | ||||||
# | Super Retail Group, Ltd. | 1,087,081 | 7,141,605 | |||||
#* | Superloop, Ltd. | 640,720 | 483,134 | |||||
Superloop, Ltd. | 48,702 | 27,530 | ||||||
#* | Syrah Resources, Ltd. | 2,327,569 | 641,964 |
101
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
AUSTRALIA — (Continued) | ||||||||
Tassal Group, Ltd. | 1,672,259 | $ | 4,774,746 | |||||
Technology One, Ltd. | 1,891,632 | 9,609,521 | ||||||
* | Thorn Group, Ltd. | 744,756 | 138,531 | |||||
* | Tiger Resources, Ltd. | 9,447,997 | 3,543 | |||||
Tribune Resources, Ltd. | 3,093 | 18,130 | ||||||
* | Troy Resources, Ltd. | 372,547 | 28,250 | |||||
Village Roadshow, Ltd. | 968,676 | 2,137,670 | ||||||
* | Virgin Australia Holdings, Ltd. | 11,131,924 | 1,150,209 | |||||
Virtus Health, Ltd. | 579,205 | 1,640,032 | ||||||
Vita Group, Ltd. | 435,517 | 364,920 | ||||||
* | Vocus Group, Ltd. | 4,120,793 | 9,447,578 | |||||
# | Wagners Holding Co., Ltd. | 89,947 | 118,613 | |||||
# | Webjet, Ltd. | 925,822 | 7,216,707 | |||||
# | Webster, Ltd. | 78,767 | 105,362 | |||||
#* | West African Resources, Ltd. | 110,509 | 35,077 | |||||
# | Western Areas, Ltd. | 2,166,063 | 4,774,299 | |||||
#* | Westgold Resources, Ltd. | 2,155,175 | 3,503,474 | |||||
# | Whitehaven Coal, Ltd. | 2,234,388 | 5,081,863 | |||||
WPP AUNZ, Ltd. | 1,744,557 | 642,385 | ||||||
TOTAL AUSTRALIA | 889,641,622 | |||||||
CHINA — (0.1%) | ||||||||
APT Satellite Holdings, Ltd. | 838,500 | 320,848 | ||||||
China Flavors & Fragrances Co., Ltd. | 1,101,028 | 242,894 | ||||||
* | China Medical & HealthCare Group, Ltd. | 10,166,800 | 212,575 | |||||
KWG Group Holdings, Ltd. | 100,000 | 100,698 | ||||||
TOTAL CHINA | 877,015 | |||||||
HONG KONG — (24.2%) | ||||||||
Aeon Credit Service Asia Co., Ltd. | 910,000 | 736,593 | ||||||
Aeon Stores Hong Kong Co., Ltd. | 248,000 | 103,888 | ||||||
# | Agritrade Resources, Ltd. | 25,785,000 | 2,205,750 | |||||
Allied Group, Ltd. | 661,200 | 3,381,447 | ||||||
Allied Properties HK, Ltd. | 12,947,857 | 2,541,468 | ||||||
# | APAC Resources, Ltd. | 3,766,513 | 427,569 | |||||
* | Applied Development Holdings, Ltd. | 14,125,000 | 358,120 | |||||
* | Arts Optical International Hldgs, Ltd. | 730,000 | 134,781 | |||||
Asia Financial Holdings, Ltd. | 2,404,908 | 1,281,089 | ||||||
Asia Standard Hotel Group, Ltd. | 23,931,654 | 869,464 | ||||||
Asia Standard International Group, Ltd. | 13,222,917 | 2,156,161 | ||||||
# | Asiasec Properties, Ltd. | 1,674,000 | 340,946 | |||||
ASM Pacific Technology, Ltd. | 285,400 | 3,984,992 | ||||||
Associated International Hotels, Ltd. | 952,000 | 2,430,767 | ||||||
* | Auto Italia Holdings | 1,900,000 | 15,501 | |||||
* | Automated Systems Holdings, Ltd. | 404,400 | 49,516 | |||||
Bel Global Resources Holdings, Ltd. | 2,576,000 | 0 | ||||||
* | Best Food Holding Co., Ltd. | 996,000 | 140,516 | |||||
BOCOM International Holdings Co., Ltd. | 438,000 | 70,880 | ||||||
# | BOE Varitronix, Ltd. | 3,728,293 | 1,042,661 | |||||
* | Bonjour Holdings, Ltd. | 5,383,000 | 66,138 | |||||
# | Bright Smart Securities & Commodities Group, Ltd. | 6,758,000 | 1,117,468 | |||||
* | Brightoil Petroleum Holdings, Ltd. | 9,034,000 | 1,729,337 | |||||
* | Brockman Mining, Ltd. | 19,714,814 | 308,794 | |||||
Build King Holdings, Ltd. | 440,000 | 50,492 | ||||||
* | Burwill Holdings, Ltd. | 37,300,960 | 337,977 | |||||
Cafe de Coral Holdings, Ltd. | 3,476,000 | 9,484,602 | ||||||
# | Camsing International Holding, Ltd. | 3,238,000 | 479,339 | |||||
Century City International Holdings, Ltd. | 7,111,460 | 516,444 |
102
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
HONG KONG — (Continued) | ||||||||
CGN Mining Co., Ltd. | 5,195,000 | $ | 195,172 | |||||
Chen Hsong Holdings | 1,296,000 | 443,071 | ||||||
Cheuk Nang Holdings, Ltd. | 693,120 | 337,245 | ||||||
Chevalier International Holdings, Ltd. | 820,989 | 1,163,033 | ||||||
* | China Baoli Technologies Holdings, Ltd. | 1,147,500 | 14,498 | |||||
* | China Best Group Holding, Ltd. | 4,250,000 | 107,104 | |||||
China Cloud Copper Co., Ltd. | 665,200 | 11,483 | ||||||
* | China Display Optoelectronics Technology Holdings, Ltd. | 6,752,000 | 480,446 | |||||
* | China Energy Development Holdings, Ltd. | 61,178,000 | 1,479,540 | |||||
#* | China Ludao Technology Co., Ltd. | 580,000 | 68,826 | |||||
China Motor Bus Co., Ltd. | 65,400 | 850,922 | ||||||
China New Higher Education Group, Ltd. | 619,000 | 251,137 | ||||||
#* | China Shandong Hi-Speed Financial Group, Ltd. | 12,624,000 | 375,214 | |||||
* | China Solar Energy Holdings, Ltd. | 1,669,500 | 7,191 | |||||
# | China Star Entertainment, Ltd. | 11,710,000 | 1,251,917 | |||||
#* | China Strategic Holdings, Ltd. | 80,821,250 | 370,773 | |||||
* | China Tonghai International Financial, Ltd. | 1,300,000 | 74,491 | |||||
Chinese Estates Holdings, Ltd. | 3,333,500 | 2,422,108 | ||||||
* | Chinlink International Holdings, Ltd. | 944,800 | 107,089 | |||||
Chinney Investments, Ltd. | 1,180,000 | 354,210 | ||||||
Chong Hing Bank, Ltd. | 219,000 | 376,784 | ||||||
Chow Sang Sang Holdings International, Ltd. | 2,579,000 | 3,009,546 | ||||||
Chuang's China Investments, Ltd. | 8,811,407 | 533,173 | ||||||
Chuang's Consortium International, Ltd. | 7,519,043 | 1,466,146 | ||||||
CITIC Telecom International Holdings, Ltd. | 14,540,125 | 5,519,152 | ||||||
# | CK Life Sciences Intl Holdings, Inc. | 23,922,000 | 1,081,479 | |||||
CNQC International Holdings, Ltd. | 4,920,000 | 741,023 | ||||||
CNT Group, Ltd. | 8,303,264 | 412,659 | ||||||
* | Common Splendor International Health Industry Group, Ltd. | 6,328,000 | 451,844 | |||||
Convenience Retail Asia, Ltd. | 250,000 | 120,226 | ||||||
#* | Convoy Global Holdings, Ltd. | 38,622,000 | 154,272 | |||||
#* | Cosmopolitan International Holdings, Ltd. | 5,084,000 | 700,841 | |||||
# | Cowell e Holdings, Inc. | 5,499,000 | 859,311 | |||||
Crocodile Garments | 2,196,000 | 151,519 | ||||||
Cross-Harbour Holdings, Ltd. (The) | 1,589,645 | 2,369,845 | ||||||
CSI Properties, Ltd. | 47,776,383 | 1,704,657 | ||||||
* | CST Group, Ltd. | 144,064,000 | 458,761 | |||||
* | CW Group Holdings, Ltd. | 1,361,500 | 7,523 | |||||
Dah Sing Banking Group, Ltd. | 4,102,716 | 5,303,970 | ||||||
Dah Sing Financial Holdings, Ltd. | 1,766,144 | 6,571,947 | ||||||
Dickson Concepts International, Ltd. | 1,581,000 | 770,249 | ||||||
* | Digital Domain Holdings, Ltd. | 3,450,000 | 38,637 | |||||
#* | Dingyi Group Investment, Ltd. | 6,285,000 | 183,533 | |||||
# | Dynamic Holdings, Ltd. | 70,000 | 99,760 | |||||
Eagle Nice International Holdings, Ltd. | 2,252,000 | 889,766 | ||||||
EcoGreen International Group, Ltd. | 1,994,640 | 361,086 | ||||||
* | eForce Holdings, Ltd. | 8,784,000 | 148,001 | |||||
Emperor Capital Group, Ltd. | 32,721,000 | 924,884 | ||||||
Emperor Entertainment Hotel, Ltd. | 5,165,000 | 1,053,312 | ||||||
# | Emperor International Holdings, Ltd. | 10,372,753 | 2,312,438 | |||||
Emperor Watch & Jewellery, Ltd. | 35,970,000 | 778,767 | ||||||
* | Energy International Investments Holdings, Ltd. | 1,960,000 | 45,787 | |||||
* | ENM Holdings, Ltd. | 16,812,000 | 1,670,146 | |||||
#* | EPI Holdings, Ltd. | 1,005,000 | 13,179 | |||||
#* | Esprit Holdings, Ltd. | 18,240,650 | 3,487,248 | |||||
* | Eternity Investment, Ltd. | 820,000 | 16,370 | |||||
Ezcom Holdings, Ltd. | 72,576 | 0 | ||||||
Fairwood Holdings, Ltd. | 953,600 | 2,511,120 | ||||||
Far East Consortium International, Ltd. | 10,979,130 | 4,644,234 |
103
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
HONG KONG — (Continued) | ||||||||
* | Far East Holdings International, Ltd. | 1,911,000 | $ | 47,167 | ||||
#* | FIH Mobile, Ltd. | 35,087,000 | 4,996,571 | |||||
First Pacific Co., Ltd. | 16,084,000 | 6,153,142 | ||||||
* | First Shanghai Investments, Ltd. | 7,496,000 | 357,482 | |||||
Fountain SET Holdings, Ltd. | 6,836,000 | 1,098,689 | ||||||
Four Seas Mercantile Holdings, Ltd. | 610,000 | 238,664 | ||||||
* | Freeman Fintech Corp, Ltd. | 17,658,000 | 339,529 | |||||
Genting Hong Kong, Ltd. | 483,000 | 52,893 | ||||||
Get Nice Financial Group, Ltd. | 2,438,600 | 242,238 | ||||||
Get Nice Holdings, Ltd. | 57,756,000 | 1,730,111 | ||||||
Giordano International, Ltd. | 13,514,000 | 4,289,898 | ||||||
# | Global Brands Group Holding, Ltd. | 7,256,599 | 499,514 | |||||
Glorious Sun Enterprises, Ltd. | 4,616,000 | 488,520 | ||||||
* | Glory Sun Land Group, Ltd. | 3,081,000 | 334,210 | |||||
Gold Peak Industries Holdings, Ltd. | 3,029,642 | 301,531 | ||||||
Golden Resources Development International, Ltd. | 3,926,500 | 295,050 | ||||||
#* | Gold-Finance Holdings, Ltd. | 9,580,000 | 66,019 | |||||
* | Good Resources Holdings, Ltd. | 9,720,000 | 154,428 | |||||
* | Goodbaby International Holdings, Ltd. | 7,261,000 | 1,056,999 | |||||
* | GR Properties, Ltd. | 2,890,000 | 483,429 | |||||
Great Eagle Holdings, Ltd. | 909,349 | 3,072,732 | ||||||
#* | Great Harvest Maeta Group Holdings, Ltd. | 1,687,500 | 320,748 | |||||
* | Greater Bay Area Investments Group Holdings, Ltd. | 18,640,000 | 23,788 | |||||
* | Greentech Technology International, Ltd. | 6,240,000 | 43,737 | |||||
* | G-Resources Group, Ltd. | 245,577,600 | 1,533,334 | |||||
Guangnan Holdings, Ltd. | 2,363,600 | 247,427 | ||||||
# | Guotai Junan International Holdings, Ltd. | 36,748,797 | 6,170,376 | |||||
# | Haitong International Securities Group, Ltd. | 23,025,400 | 6,676,192 | |||||
Hang Lung Group, Ltd. | 1,292,000 | 3,235,987 | ||||||
Hanison Construction Holdings, Ltd. | 2,693,649 | 384,938 | ||||||
* | Hao Tian Development Group, Ltd. | 19,412,400 | 517,442 | |||||
# | Harbour Centre Development, Ltd. | 935,500 | 1,513,052 | |||||
HKBN, Ltd. | 5,339,000 | 9,528,487 | ||||||
* | HKBridge Financial Holdings, Ltd. | 103,000 | 5,188 | |||||
# | HKR International, Ltd. | 7,133,369 | 2,964,110 | |||||
Hon Kwok Land Investment Co., Ltd. | 388,800 | 162,643 | ||||||
* | Hong Kong Education International Investments, Ltd. | 92,000 | 9,366 | |||||
# | Hong Kong Ferry Holdings Co., Ltd. | 939,300 | 854,386 | |||||
#* | Hong Kong Finance Investment Holding Group, Ltd. | 8,974,000 | 961,612 | |||||
Hong Kong Shanghai Alliance Holdings, Ltd. | 398,002 | 25,251 | ||||||
#* | Hong Kong Television Network, Ltd. | 1,650,751 | 619,990 | |||||
Hongkong & Shanghai Hotels, Ltd. (The) | 3,679,845 | 4,143,630 | ||||||
Hongkong Chinese, Ltd. | 5,038,000 | 577,896 | ||||||
Honma Golf, Ltd. | 1,126,500 | 1,012,651 | ||||||
Hop Hing Group Holdings, Ltd. | 13,596,000 | 183,806 | ||||||
#* | Hsin Chong Group Holdings, Ltd. | 10,243,403 | 457,531 | |||||
Hung Hing Printing Group, Ltd. | 3,040,000 | 391,246 | ||||||
Hutchison Telecommunications Hong Kong Holdings, Ltd. | 14,724,000 | 2,663,477 | ||||||
Hysan Development Co., Ltd. | 401,000 | 1,580,439 | ||||||
#* | I-CABLE Communications, Ltd. | 4,080,000 | 36,385 | |||||
IGG, Inc. | 12,055,000 | 7,877,782 | ||||||
* | Imagi International Holdings, Ltd. | 2,388,984 | 390,094 | |||||
International Housewares Retail Co., Ltd. | 2,091,000 | 487,743 | ||||||
* | IPE Group, Ltd. | 3,345,000 | 330,340 | |||||
* | IRC, Ltd. | 36,632,266 | 544,214 | |||||
IT, Ltd. | 5,248,532 | 1,404,070 | ||||||
# | ITC Properties Group, Ltd. | 6,476,100 | 1,213,261 | |||||
# | Jacobson Pharma Corp., Ltd. | 3,092,000 | 464,823 | |||||
Johnson Electric Holdings, Ltd. | 2,830,992 | 5,169,653 |
104
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
HONG KONG — (Continued) | ||||||||
Kader Holdings Co., Ltd. | 788,000 | $ | 88,214 | |||||
Kam Hing International Holdings, Ltd. | 1,830,000 | 118,730 | ||||||
Karrie International Holdings, Ltd. | 2,352,000 | 332,428 | ||||||
Keck Seng Investments | 912,600 | 514,735 | ||||||
Kerry Logistics Network, Ltd. | 3,723,500 | 5,941,005 | ||||||
Kingmaker Footwear Holdings, Ltd. | 2,436,955 | 332,134 | ||||||
Kowloon Development Co., Ltd. | 3,062,000 | 3,857,716 | ||||||
* | Kwan On Holdings, Ltd. | 2,340,000 | 131,411 | |||||
Kwoon Chung Bus Holdings, Ltd. | 44,000 | 17,786 | ||||||
# | Lai Sun Development Co., Ltd. | 2,049,008 | 2,452,763 | |||||
Lai Sun Garment International, Ltd. | 677,602 | 726,685 | ||||||
Lam Soon Hong Kong, Ltd. | 317,310 | 566,827 | ||||||
* | Landing International Development, Ltd. | 5,622,400 | 637,176 | |||||
Landsea Green Group Co., Ltd. | 3,016,000 | 326,876 | ||||||
Langham Hospitality Investments and Langham Hospitality Investments, | ||||||||
Ltd. | 1,993,500 | 564,365 | ||||||
#* | Lerthai Group, Ltd. | 40,000 | 17,596 | |||||
#* | Leyou Technologies Holdings, Ltd. | 1,930,000 | 638,672 | |||||
Li & Fung, Ltd. | 23,678,000 | 2,589,443 | ||||||
Lifestyle International Holdings, Ltd. | 3,764,500 | 3,962,580 | ||||||
Lippo China Resources, Ltd. | 21,162,000 | 474,771 | ||||||
Lippo, Ltd. | 1,161,700 | 386,792 | ||||||
Liu Chong Hing Investment, Ltd. | 1,451,200 | 1,989,961 | ||||||
L'Occitane International SA | 2,326,250 | 5,237,064 | ||||||
# | Luk Fook Holdings International, Ltd. | 3,963,000 | 10,526,170 | |||||
Luks Group Vietnam Holdings Co., Ltd. | 514,913 | 112,717 | ||||||
Lung Kee Bermuda Holdings | 1,577,875 | 522,959 | ||||||
* | Macau Legend Development, Ltd. | 20,001,000 | 2,192,678 | |||||
Magnificent Hotel Investment, Ltd. | 13,170,000 | 285,616 | ||||||
* | Magnus Concordia Group, Ltd. | 8,740,000 | 131,489 | |||||
# | Man Wah Holdings, Ltd. | 17,293,600 | 11,778,606 | |||||
# | Mason Group Holdings, Ltd. | 107,693,399 | 1,084,431 | |||||
Master Glory Group, Ltd. | 972,981 | 32,284 | ||||||
Matrix Holdings, Ltd. | 1,067,414 | 459,888 | ||||||
* | Maxnerva Technology Services, Ltd. | 982,000 | 62,703 | |||||
Melbourne Enterprises, Ltd. | 39,500 | 1,033,348 | ||||||
Melco International Development, Ltd. | 1,416,000 | 3,752,889 | ||||||
* | Midland Holdings, Ltd. | 3,801,897 | 590,393 | |||||
Ming Fai International Holdings, Ltd. | 2,148,000 | 227,337 | ||||||
Miramar Hotel & Investment | 1,138,000 | 2,229,907 | ||||||
Modern Dental Group, Ltd. | 2,733,000 | 602,383 | ||||||
# | Mongolian Mining Corp. | 2,342,650 | 217,585 | |||||
Nameson Holdings, Ltd. | 7,900,000 | 612,955 | ||||||
Nanyang Holdings, Ltd. | 133,500 | 889,639 | ||||||
National Electronics Hldgs | 2,668,600 | 400,403 | ||||||
* | National United Resources Holdings, Ltd. | 18,280,000 | 62,053 | |||||
* | Neo-Neon Holdings, Ltd. | 2,625,500 | 180,744 | |||||
New Century Group Hong Kong, Ltd. | 13,351,464 | 212,703 | ||||||
#* | NewOcean Energy Holdings, Ltd. | 10,548,000 | 1,708,273 | |||||
* | Nimble Holdings Co., Ltd. | 912,000 | 83,585 | |||||
NOVA Group Holdings, Ltd. | 660,000 | 159,073 | ||||||
# | OP Financial, Ltd. | 8,336,000 | 1,690,249 | |||||
* | Orange Sky Golden Harvest Entertainment Holdings, Ltd. | 309,706 | 12,018 | |||||
Oriental Watch Holdings | 3,702,800 | 849,788 | ||||||
# | Oshidori International Holdings, Ltd. | 18,446,400 | 2,230,852 | |||||
Pacific Andes International Holdings, Ltd. | 19,435,067 | 67,959 | ||||||
# | Pacific Basin Shipping, Ltd. | 34,024,000 | 7,877,822 | |||||
Pacific Textiles Holdings, Ltd. | 8,706,000 | 6,332,679 | ||||||
Pak Fah Yeow International, Ltd. | 5,000 | 1,721 |
105
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
HONG KONG — (Continued) | ||||||||
Paliburg Holdings, Ltd. | 3,180,830 | $ | 1,053,973 | |||||
# | Paradise Entertainment, Ltd. | 3,688,000 | 413,552 | |||||
PC Partner Group, Ltd. | 2,406,000 | 761,457 | ||||||
# | PCCW, Ltd. | 4,531,000 | 2,691,028 | |||||
# | Peace Mark Holdings, Ltd. | 2,479,870 | 0 | |||||
* | Pegasus International Holdings, Ltd. | 100,000 | 8,991 | |||||
Perfect Shape Medical, Ltd. | 3,948,000 | 1,428,464 | ||||||
# | Pico Far East Holdings, Ltd. | 5,924,000 | 2,020,515 | |||||
Playmates Holdings, Ltd. | 7,082,000 | 938,520 | ||||||
* | Playmates Toys, Ltd. | 6,288,000 | 390,758 | |||||
Plover Bay Technologies, Ltd. | 2,192,000 | 309,314 | ||||||
# | Pokfulam Development Co., Ltd. | 234,000 | 437,182 | |||||
Polytec Asset Holdings, Ltd. | 13,613,026 | 1,683,391 | ||||||
* | PT International Development Co., Ltd. | 7,427,150 | 397,941 | |||||
Public Financial Holdings, Ltd. | 3,124,000 | 1,211,088 | ||||||
* | PYI Corp., Ltd. | 30,759,973 | 313,894 | |||||
PYXIS Group, Ltd. | 1,936,000 | 0 | ||||||
Rare Earth Magnesium Technology Group Holdings, Ltd. | 11,610,000 | 473,290 | ||||||
* | Realord Group Holdings, Ltd. | 602,000 | 374,900 | |||||
Regal Hotels International Holdings, Ltd. | 3,075,800 | 1,742,223 | ||||||
* | Regent Pacific Group, Ltd. | 9,510,000 | 164,312 | |||||
# | Regina Miracle International Holdings, Ltd. | 2,346,000 | 1,539,254 | |||||
# | Sa Sa International Holdings, Ltd. | 15,292,747 | 3,660,810 | |||||
Safety Godown Co., Ltd. | 400,000 | 648,026 | ||||||
Samsonite International SA | 3,352,200 | 6,825,621 | ||||||
SAS Dragon Holdings, Ltd. | 2,182,000 | 687,056 | ||||||
# | SEA Holdings, Ltd. | 1,683,523 | 1,724,165 | |||||
# | Shangri-La Asia, Ltd. | 1,024,000 | 1,051,046 | |||||
Shenwan Hongyuan HK, Ltd. | 4,506,250 | 664,860 | ||||||
Shun Ho Property Investments, Ltd. | 1,254,757 | 385,570 | ||||||
Shun Tak Holdings, Ltd. | 13,453,419 | 5,515,784 | ||||||
* | Silver Base Group Holdings, Ltd. | 962,515 | 21,195 | |||||
* | Sincere Watch Hong Kong, Ltd. | 4,450,000 | 83,468 | |||||
Sing Pao Media Enterprises | 250,511 | 0 | ||||||
Sing Tao News Corp., Ltd. | 1,974,000 | 307,776 | ||||||
Singamas Container Holdings, Ltd. | 13,214,000 | 1,483,423 | ||||||
SIS International Holdings | 34,000 | 14,704 | ||||||
SITC International Holdings Co., Ltd. | 5,541,000 | 6,101,185 | ||||||
# | Sitoy Group Holdings, Ltd. | 2,487,000 | 401,796 | |||||
SmarTone Telecommunications Holdings, Ltd. | 4,244,481 | 3,683,854 | ||||||
* | SOCAM Development, Ltd. | 1,448,170 | 456,869 | |||||
* | Solomon Systech International, Ltd. | 11,998,000 | 244,782 | |||||
Soundwill Holdings, Ltd. | 672,000 | 826,434 | ||||||
* | South China Holdings Co., Ltd. | 17,774,503 | 390,824 | |||||
Stella International Holdings, Ltd. | 2,499,500 | 4,187,312 | ||||||
* | Success Universe Group, Ltd. | 6,716,000 | 205,835 | |||||
#* | Summit Ascent Holdings, Ltd. | 8,202,000 | 1,274,186 | |||||
Sun Hing Vision Group Holdings, Ltd. | 358,000 | 105,042 | ||||||
Sun Hung Kai & Co., Ltd. | 5,413,429 | 2,339,951 | ||||||
SUNeVision Holdings, Ltd. | 2,065,000 | 1,529,717 | ||||||
* | Synergy Group Holdings International, Ltd. | 652,000 | 32,513 | |||||
TAI Cheung Holdings, Ltd. | 2,273,000 | 1,825,583 | ||||||
Tai Sang Land Development, Ltd. | 798,910 | 466,697 | ||||||
# | Tai United Holdings, Ltd. | 670,000 | 16,749 | |||||
* | Talent Property Group, Ltd. | 12,090,000 | 50,172 | |||||
# | Tan Chong International, Ltd. | 1,176,000 | 316,569 | |||||
# | Tao Heung Holdings, Ltd. | 1,784,000 | 291,032 | |||||
# | Television Broadcasts, Ltd. | 2,967,600 | 4,894,988 | |||||
* | Termbray Industries International Holdings, Ltd. | 1,422,900 | 70,854 |
106
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
HONG KONG — (Continued) | ||||||||
Tern Properties Co., Ltd. | 7,200 | $ | 3,790 | |||||
Texwinca Holdings, Ltd. | 7,392,000 | 1,677,166 | ||||||
* | Theme International Holdings, Ltd. | 5,990,000 | 90,200 | |||||
Tian Teck Land, Ltd. | 1,024,000 | 954,154 | ||||||
TK Group Holdings, Ltd. | 1,426,000 | 671,219 | ||||||
#* | TOM Group, Ltd. | 1,146,000 | 181,913 | |||||
# | Town Health International Medical Group, Ltd. | 5,606,115 | 492,219 | |||||
Tradelink Electronic Commerce, Ltd. | 6,090,000 | 893,475 | ||||||
Transport International Holdings, Ltd. | 1,510,264 | 3,987,230 | ||||||
#* | Trinity, Ltd. | 8,046,000 | 245,927 | |||||
Tsui Wah Holdings, Ltd. | 4,630,000 | 280,201 | ||||||
Union Medical Healthcare, Ltd. | 1,884,097 | 1,392,525 | ||||||
# | United Laboratories International Holdings, Ltd. (The) | 7,578,000 | 4,350,737 | |||||
* | Universal Technologies Holdings, Ltd. | 1,730,000 | 40,083 | |||||
* | Up Energy Development Group, Ltd. | 3,929,000 | 12,134 | |||||
* | Value Convergence Holdings, Ltd. | 8,372,000 | 501,528 | |||||
# | Value Partners Group, Ltd. | 5,534,000 | 2,913,217 | |||||
Vanke Property Overseas, Ltd. | 49,000 | 27,165 | ||||||
Vantage International Holdings, Ltd. | 3,160,000 | 247,805 | ||||||
Vedan International Holdings, Ltd. | 3,576,000 | 356,412 | ||||||
Victory City International Holdings, Ltd. | 5,630,349 | 258,110 | ||||||
Vitasoy International Holdings, Ltd. | 205,000 | 833,593 | ||||||
# | VPower Group International Holdings, Ltd. | 1,330,000 | 408,893 | |||||
VSTECS Holdings, Ltd. | 7,319,600 | 3,730,135 | ||||||
VTech Holdings, Ltd. | 1,359,100 | 11,916,338 | ||||||
Wai Kee Holdings, Ltd. | 7,126,738 | 4,340,714 | ||||||
Wang On Group, Ltd. | 40,100,000 | 429,241 | ||||||
#* | We Solutions, Ltd. | 8,436,000 | 510,325 | |||||
Win Hanverky Holdings, Ltd. | 3,310,000 | 232,130 | ||||||
Winfull Group Holdings, Ltd. | 6,520,000 | 63,991 | ||||||
Wing On Co. International, Ltd. | 759,000 | 2,196,380 | ||||||
Wing Tai Properties, Ltd. | 2,165,331 | 1,352,165 | ||||||
Wonderful Sky Financial Group Holdings, Ltd. | 1,386,000 | 128,956 | ||||||
Xinyi Glass Holdings, Ltd. | 4,854,000 | 5,457,541 | ||||||
YGM Trading, Ltd. | 447,000 | 314,815 | ||||||
# | YT Realty Group, Ltd. | 3,450,008 | 981,890 | |||||
YTO Express Holdings, Ltd. | 144,000 | 30,273 | ||||||
Yue Yuen Industrial Holdings, Ltd. | 521,500 | 1,469,685 | ||||||
#* | Yunfeng Financial Group, Ltd. | 280,000 | 124,114 | |||||
Zhaobangji Properties Holdings, Ltd. | 480,000 | 102,910 | ||||||
TOTAL HONG KONG | 406,160,699 | |||||||
NEW ZEALAND — (6.3%) | ||||||||
Abano Healthcare Group, Ltd. | 68,156 | 203,666 | ||||||
Air New Zealand, Ltd. | 98,269 | 177,902 | ||||||
Arvida Group, Ltd. | 665,672 | 644,109 | ||||||
Briscoe Group, Ltd. | 5,431 | 12,704 | ||||||
* | CBL Corp., Ltd. | 47,180 | 17,980 | |||||
Chorus, Ltd. | 3,243,921 | 11,029,769 | ||||||
Colonial Motor Co., Ltd. (The) | 144,588 | 833,774 | ||||||
Comvita, Ltd. | 31,904 | 61,430 | ||||||
EBOS Group, Ltd. | 299,341 | 4,727,915 | ||||||
Freightways, Ltd. | 1,010,276 | 4,984,280 | ||||||
Genesis Energy, Ltd. | 2,048,768 | 4,303,966 | ||||||
# | Gentrack Group, Ltd. | 71,302 | 233,098 | |||||
Hallenstein Glasson Holdings, Ltd. | 321,607 | 1,274,638 | ||||||
Heartland Group Holdings, Ltd. | 1,845,548 | 1,938,173 | ||||||
Infratil, Ltd. | 4,611,834 | 14,572,102 | ||||||
Investore Property, Ltd. | 345,645 | 427,615 |
107
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
NEW ZEALAND — (Continued) | ||||||||
Kathmandu Holdings, Ltd. | 1,082,838 | $ | 2,177,789 | |||||
Mainfreight, Ltd. | 402,884 | 10,378,721 | ||||||
Metlifecare, Ltd. | 996,780 | 3,079,410 | ||||||
* | Metro Performance Glass, Ltd. | 76,447 | 16,195 | |||||
# | Millennium & Copthorne Hotels New Zealand, Ltd. | 395,725 | 654,483 | |||||
NEW Zealand King Salmon Investments, Ltd. | 51,906 | 76,012 | ||||||
New Zealand Refining Co., Ltd. (The) | 937,527 | 1,231,207 | ||||||
NZME, Ltd. | 16,366 | 4,083 | ||||||
# | NZME, Ltd. | 945,851 | 241,521 | |||||
NZX, Ltd. | 1,342,292 | 1,109,858 | ||||||
Oceania Healthcare, Ltd. | 617,287 | 407,599 | ||||||
* | Pacific Edge, Ltd. | 442,720 | 55,602 | |||||
PGG Wrightson, Ltd. | 113,002 | 178,108 | ||||||
Port of Tauranga, Ltd. | 451,094 | 1,933,365 | ||||||
* | Pushpay Holdings, Ltd. | 811,987 | 1,635,258 | |||||
* | Restaurant Brands New Zealand, Ltd. | 166,935 | 1,275,144 | |||||
Richina Pacific Ltd. | 274,180 | 0 | ||||||
Sanford, Ltd. | 399,789 | 1,819,764 | ||||||
Scales Corp., Ltd. | 418,225 | 1,400,871 | ||||||
Scott Technology, Ltd. | 46,619 | 70,849 | ||||||
* | Serko, Ltd. | 42,804 | 128,921 | |||||
# | Skellerup Holdings, Ltd. | 820,132 | 1,208,507 | |||||
SKY Network Television, Ltd. | 704,517 | 407,152 | ||||||
SKYCITY Entertainment Group, Ltd. | 4,793,322 | 12,008,879 | ||||||
# | Steel & Tube Holdings, Ltd. | 550,416 | 317,468 | |||||
Summerset Group Holdings, Ltd. | 1,346,152 | 5,673,213 | ||||||
* | Synlait Milk, Ltd. | 363,392 | 2,188,934 | |||||
Tourism Holdings, Ltd. | 685,560 | 1,559,301 | ||||||
* | TOWER, Ltd. | 2,581,956 | 1,126,097 | |||||
# | Trustpower, Ltd. | 252,846 | 1,368,539 | |||||
Turners Automotive Group, Ltd. | 39,994 | 64,858 | ||||||
Vector, Ltd. | 554,550 | 1,264,531 | ||||||
Vista Group International, Ltd. | 318,371 | 795,597 | ||||||
Warehouse Group, Ltd. (The) | 353,864 | 603,677 | ||||||
Z Energy, Ltd. | 1,334,648 | 4,583,136 | ||||||
TOTAL NEW ZEALAND | 106,487,770 | |||||||
SINGAPORE — (13.6%) | ||||||||
* | Abterra, Ltd. | 230,320 | 1,236 | |||||
Accordia Golf Trust | 5,200,000 | 2,196,552 | ||||||
AEM Holdings, Ltd. | 2,846,000 | 3,126,617 | ||||||
Amara Holdings, Ltd. | 974,800 | 322,695 | ||||||
# | Ascendas India Trust | 5,382,600 | 6,444,263 | |||||
Avarga, Ltd. | 3,076,900 | 384,046 | ||||||
Baker Technology, Ltd. | 247,280 | 66,236 | ||||||
# | Banyan Tree Holdings, Ltd. | 1,214,100 | 396,919 | |||||
# | Best World International, Ltd. | 2,911,550 | 2,163,679 | |||||
# | Bonvests Holdings, Ltd. | 950,000 | 817,578 | |||||
# | Boustead Singapore, Ltd. | 2,320,982 | 1,328,962 | |||||
# | BreadTalk Group, Ltd. | 2,193,600 | 861,763 | |||||
# | Bukit Sembawang Estates, Ltd. | 1,226,003 | 4,376,345 | |||||
# | Bund Center Investment, Ltd. | 659,825 | 271,166 | |||||
# | Centurion Corp., Ltd. | 1,405,100 | 443,741 | |||||
# | China Aviation Oil Singapore Corp., Ltd. | 2,825,899 | 2,530,686 | |||||
# | China Sunsine Chemical Holdings, Ltd. | 2,052,100 | 1,716,567 | |||||
# | Chip Eng Seng Corp., Ltd. | 4,170,900 | 1,886,346 | |||||
Chuan Hup Holdings, Ltd. | 3,937,600 | 765,769 | ||||||
# | CITIC Envirotech, Ltd. | 4,140,800 | 1,048,892 | |||||
Civmec, Ltd. | 162,700 | 42,968 |
108
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
SINGAPORE — (Continued) | ||||||||
ComfortDelGro Corp., Ltd. | 436,800 | $ | 737,616 | |||||
#* | COSCO Shipping International Singapore Co., Ltd. | 8,909,700 | 1,894,977 | |||||
#* | Creative Technology, Ltd. | 444,950 | 1,014,937 | |||||
# | CSE Global, Ltd. | 4,237,900 | 1,635,422 | |||||
Del Monte Pacific, Ltd. | 2,449,764 | 235,643 | ||||||
Delfi, Ltd. | 788,500 | 574,662 | ||||||
DMX Technologies Group, Ltd. | 2,096,000 | 0 | ||||||
Duty Free International, Ltd. | 720,700 | 83,331 | ||||||
* | Dyna-Mac Holdings, Ltd. | 1,833,000 | 124,851 | |||||
Elec & Eltek International Co., Ltd. | 184,100 | 276,262 | ||||||
#* | Ezion Holdings, Ltd. | 37,245,878 | 440,780 | |||||
#* | Ezra Holdings, Ltd. | 12,568,855 | 95,445 | |||||
Far East Orchard, Ltd. | 1,236,903 | 1,062,830 | ||||||
# | First Resources, Ltd. | 5,677,400 | 6,375,193 | |||||
First Sponsor Group, Ltd. | 484,728 | 463,018 | ||||||
# | Food Empire Holdings, Ltd. | 1,484,200 | 588,812 | |||||
# | Fragrance Group, Ltd. | 6,077,000 | 562,361 | |||||
Fraser and Neave, Ltd. | 102,300 | 128,573 | ||||||
Frasers Property, Ltd. | 158,200 | 213,995 | ||||||
# | Frencken Group, Ltd. | 2,536,200 | 1,282,835 | |||||
# | Fu Yu Corp., Ltd. | 3,717,300 | 613,947 | |||||
* | Gallant Venture, Ltd. | 5,118,600 | 436,348 | |||||
# | Geo Energy Resources, Ltd. | 3,932,300 | 418,877 | |||||
# | GK Goh Holdings, Ltd. | 1,484,065 | 888,891 | |||||
# | GL, Ltd. | 3,624,400 | 2,105,709 | |||||
# | Golden Agri-Resources, Ltd. | 32,687,400 | 4,906,414 | |||||
# | Golden Energy & Resources, Ltd. | 603,700 | 73,157 | |||||
GP Industries, Ltd. | 2,540,709 | 1,086,853 | ||||||
GuocoLand, Ltd. | 1,888,314 | 2,786,869 | ||||||
#* | Halcyon Agri Corp., Ltd. | 1,760,948 | 588,318 | |||||
# | Hanwell Holdings, Ltd. | 1,888,219 | 318,172 | |||||
Haw Par Corp., Ltd. | 351,700 | 3,463,104 | ||||||
# | Health Management International, Ltd. | 1,950,830 | 1,039,091 | |||||
# | Hiap Hoe, Ltd. | 498,000 | 279,949 | |||||
# | Hi-P International, Ltd. | 1,561,200 | 1,644,501 | |||||
Ho Bee Land, Ltd. | 1,667,800 | 2,866,700 | ||||||
Hong Fok Corp., Ltd. | 3,595,394 | 2,151,887 | ||||||
* | Hong Leong Asia, Ltd. | 2,010,000 | 921,948 | |||||
# | Hong Leong Finance, Ltd. | 974,800 | 1,883,250 | |||||
Hotel Grand Central, Ltd. | 1,660,083 | 1,609,328 | ||||||
# | Hour Glass, Ltd. (The) | 1,879,432 | 1,112,770 | |||||
Hutchison Port Holdings Trust | 24,100,500 | 3,733,192 | ||||||
Hwa Hong Corp., Ltd. | 2,123,500 | 492,054 | ||||||
#* | Hyflux, Ltd. | 3,707,700 | 74,154 | |||||
# | iFAST Corp., Ltd. | 976,200 | 724,312 | |||||
Indofood Agri Resources, Ltd. | 3,647,200 | 858,637 | ||||||
# | Japfa, Ltd. | 4,289,300 | 1,544,255 | |||||
# | Jurong Technologies Industrial Corp., Ltd. | 2,227,680 | 0 | |||||
# | k1 Ventures, Ltd. | 1,005,220 | 0 | |||||
Keppel Infrastructure Trust | 18,539,046 | 7,295,591 | ||||||
Koh Brothers Group, Ltd. | 1,342,100 | 197,097 | ||||||
# | KSH Holdings, Ltd. | 1,278,300 | 435,754 | |||||
# | Lian Beng Group, Ltd. | 2,906,700 | 1,079,826 | |||||
# | Low Keng Huat Singapore, Ltd. | 912,900 | 278,893 | |||||
Lum Chang Holdings, Ltd. | 1,102,130 | 287,439 | ||||||
# | Mandarin Oriental International, Ltd. | 1,574,400 | 2,593,548 | |||||
Metro Holdings, Ltd. | 3,069,792 | 2,096,850 | ||||||
Mewah International, Inc. | 89,000 | 15,518 | ||||||
#* | Midas Holdings, Ltd. | 9,643,353 | 255,181 |
109
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
SINGAPORE — (Continued) | ||||||||
* | mm2 Asia, Ltd. | 3,521,000 | $ | 581,653 | ||||
Nera Telecommunications, Ltd. | 1,143,400 | 227,069 | ||||||
NetLink NBN Trust | 7,199,400 | 4,918,501 | ||||||
New Toyo International Holdings, Ltd. | 491,800 | 52,901 | ||||||
NSL, Ltd. | 409,900 | 292,270 | ||||||
# | OUE, Ltd. | 2,345,500 | 2,498,314 | |||||
# | Oxley Holdings, Ltd. | 7,303,479 | 1,822,308 | |||||
#* | Pacc Offshore Services Holdings, Ltd. | 1,132,900 | 105,758 | |||||
# | Pan-United Corp., Ltd. | 2,435,750 | 581,535 | |||||
# | Penguin International, Ltd. | 911,632 | 445,765 | |||||
Perennial Real Estate Holdings, Ltd. | 167,100 | 66,904 | ||||||
# | Q&M Dental Group Singapore, Ltd. | 2,356,900 | 901,100 | |||||
QAF, Ltd. | 1,669,280 | 912,989 | ||||||
#* | Raffles Education Corp., Ltd. | 5,429,723 | 318,791 | |||||
# | Raffles Medical Group, Ltd. | 7,919,795 | 5,879,900 | |||||
# | Riverstone Holdings, Ltd. | 1,431,300 | 1,024,747 | |||||
# | Roxy-Pacific Holdings, Ltd. | 505,740 | 141,321 | |||||
SATS, Ltd. | 38,600 | 143,147 | ||||||
# | SBS Transit, Ltd. | 898,200 | 2,672,907 | |||||
# | Sembcorp Industries, Ltd. | 6,073,600 | 10,196,907 | |||||
#* | Sembcorp Marine, Ltd. | 1,925,500 | 1,934,862 | |||||
Sheng Siong Group, Ltd. | 5,894,100 | 5,066,309 | ||||||
* | SHS Holdings, Ltd. | 2,175,300 | 273,618 | |||||
SIA Engineering Co., Ltd. | 1,937,600 | 3,799,025 | ||||||
# | SIIC Environment Holdings, Ltd. | 5,707,420 | 946,216 | |||||
# | Sinarmas Land, Ltd. | 7,016,600 | 1,158,867 | |||||
# | Sing Holdings, Ltd. | 1,668,000 | 471,661 | |||||
# | Sing Investments & Finance, Ltd. | 350,675 | 365,466 | |||||
# | Singapore Post, Ltd. | 12,563,600 | 8,858,074 | |||||
# | Singapore Press Holdings, Ltd. | 6,521,000 | 10,612,235 | |||||
Singapore Reinsurance Corp., Ltd. | 1,514,530 | 317,030 | ||||||
Singapore Shipping Corp., Ltd. | 1,640,700 | 349,294 | ||||||
Stamford Land Corp., Ltd. | 3,297,700 | 1,187,422 | ||||||
# | StarHub, Ltd. | 6,928,600 | 6,620,639 | |||||
Straco Corp., Ltd. | 130,000 | 70,217 | ||||||
# | Sunningdale Tech, Ltd. | 1,257,860 | 1,108,900 | |||||
* | SunVic Chemical Holdings, Ltd. | 526,945 | 3,215 | |||||
#* | Swiber Holdings, Ltd. | 2,895,250 | 43,414 | |||||
# | Thomson Medical Group, Ltd. | 4,294,500 | 182,813 | |||||
# | Tuan Sing Holdings, Ltd. | 5,235,056 | 1,287,325 | |||||
# | UMS Holdings, Ltd. | 3,740,975 | 2,204,806 | |||||
United Engineers, Ltd. | 3,318,328 | 6,465,963 | ||||||
United Industrial Corp., Ltd. | 87,769 | 186,988 | ||||||
# | United Overseas Insurance, Ltd. | 181,850 | 945,120 | |||||
UOB-Kay Hian Holdings, Ltd. | 2,244,810 | 2,011,894 | ||||||
# | Valuetronics Holdings, Ltd. | 3,726,750 | 1,844,821 | |||||
Venture Corp., Ltd. | 1,125,100 | 13,050,734 | ||||||
Vibrant Group, Ltd. | 358,003 | 33,604 | ||||||
Vicom, Ltd. | 139,900 | 778,123 | ||||||
Wee Hur Holdings, Ltd. | 2,769,000 | 426,912 | ||||||
# | Wing Tai Holdings, Ltd. | 4,154,567 | 6,196,002 | |||||
Yangzijiang Shipbuilding Holdings Ltd. | 18,491,700 | 12,945,807 | ||||||
Yeo Hiap Seng, Ltd. | 223,731 | 146,222 | ||||||
#* | Yongnam Holdings, Ltd. | 2,817,300 | 313,052 | |||||
Zhongmin Baihui Retail Group, Ltd. | 26,900 | 11,864 | ||||||
TOTAL SINGAPORE | 228,146,254 | |||||||
TOTAL COMMON STOCKS | 1,631,313,360 |
110
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
RIGHTS/WARRANTS — (0.0%) | ||||||||
AUSTRALIA — (0.0%) | ||||||||
* | Altura Mining, Ltd. Rights 11/15/19 | 156,232 | $ | 0 | ||||
* | Clean Seas Seafood Ltd. Rights 11/11/19 | 14,621 | 0 | |||||
* | Karoon Energy, Ltd. Rights 11/19/19 | 1,079,536 | 0 | |||||
* | Wagners Holdings Co., Ltd. Rights 11/15/19 | 14,391 | 2,976 | |||||
TOTAL AUSTRALIA | 2,976 | |||||||
SINGAPORE — (0.0%) | ||||||||
#* | Ezion Holdings, Ltd. Warrants 04/16/23 | 5,659,201 | 0 | |||||
* | First Sponsor Group, Ltd. Warrants 05/30/24 | 48,473 | 0 | |||||
TOTAL SINGAPORE | 0 | |||||||
TOTAL RIGHTS/WARRANTS | 2,976 | |||||||
TOTAL INVESTMENT SECURITIES | ||||||||
(Cost $1,736,491,472) | 1,631,316,336 | |||||||
Value† | ||||||||
SECURITIES LENDING COLLATERAL — (2.9%) | ||||||||
@§ | DFA Short Term Investment Fund | 4,221,581 | 48,847,919 | |||||
TOTAL INVESTMENTS — (100.0%) | ||||||||
(Cost $1,785,334,426) | $ | 1,680,164,255 |
SA | Special Assessment | |
» | Securities that have generally been fair value factored. See Note B to Financial Statements. | |
* | Non-Income Producing Securities. | |
# | Total or Partial Securities on Loan. | |
† | See Note B to Financial Statements. | |
@ | Security purchased with cash proceeds from Securities on Loan. | |
§ | Affiliated Fund. |
Summary of the Series' investments as of October 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 | |||||||||
Common Stocks | ||||||||||||
Australia | $ | 439,275 | $ | 889,202,347 | — | $ | 889,641,622 | |||||
China | — | 877,015 | — | 877,015 | ||||||||
Hong Kong | 460,908 | 405,699,791 | — | 406,160,699 | ||||||||
New Zealand | — | 106,487,770 | — | 106,487,770 | ||||||||
Singapore | 11,864 | 228,134,390 | — | 228,146,254 | ||||||||
Rights/Warrants | ||||||||||||
Australia | — | 2,976 | — | 2,976 | ||||||||
Securities Lending Collateral | — | 48,847,919 | — | 48,847,919 | ||||||||
TOTAL | $ | 912,047 | $ | 1,679,252,208 | — | $ | 1,680,164,255 |
See accompanying Notes to Financial Statements.
111
THE UNITED KINGDOM SMALL COMPANY SERIES
SCHEDULE OF INVESTMENTS
October 31, 2019
Shares | Value» | |||||||
COMMON STOCKS — (99.2%) | ||||||||
COMMUNICATION SERVICES — (4.7%) | ||||||||
4imprint Group P.L.C. | 141,409 | $ | 5,441,622 | |||||
Ascential P.L.C. | 552,285 | 2,502,419 | ||||||
Auto Trader Group P.L.C. | 841,345 | 6,130,283 | ||||||
Bloomsbury Publishing P.L.C. | 211,097 | 682,658 | ||||||
Centaur Media P.L.C. | 537,905 | 225,667 | ||||||
Cineworld Group P.L.C. | 2,546,139 | 7,336,874 | ||||||
Daily Mail & General Trust P.L.C., Class A | 1,014,493 | 11,552,361 | ||||||
Entertainment One, Ltd. | 2,630,507 | 18,997,490 | ||||||
Euromoney Institutional Investor P.L.C. | 676,549 | 12,366,205 | ||||||
* | Frontier Developments PLC | 7,940 | 112,366 | |||||
Future P.L.C. | 58,536 | 1,148,623 | ||||||
Gamma Communications P.L.C. | 33,412 | 515,640 | ||||||
Huntsworth P.L.C. | 1,144,773 | 1,332,279 | ||||||
Hyve Group P.L.C. | 4,389,055 | 4,431,753 | ||||||
Inmarsat P.L.C. | 2,400,987 | 17,128,455 | ||||||
Kin & Carta P.L.C. | 850,242 | 1,047,604 | ||||||
Reach P.L.C. | 1,696,354 | 2,165,922 | ||||||
Rightmove P.L.C. | 808,813 | 6,278,156 | ||||||
STV Group P.L.C. | 4,868 | 24,861 | ||||||
TalkTalk Telecom Group P.L.C. | 3,989,703 | 5,786,266 | ||||||
TOTAL COMMUNICATION SERVICES | 105,207,504 | |||||||
CONSUMER DISCRETIONARY — (21.6%) | ||||||||
888 Holdings P.L.C. | 1,710,669 | 3,979,919 | ||||||
AA P.L.C. | 3,904,659 | 2,226,533 | ||||||
#* | ASOS P.L.C. | 209,420 | 9,626,825 | |||||
B&M European Value Retail SA | 5,453,680 | 26,163,411 | ||||||
BCA Marketplace P.L.C. | 2,529,197 | 7,732,609 | ||||||
Bellway P.L.C. | 785,920 | 32,167,252 | ||||||
* | Boohoo Group P.L.C. | 4,528,022 | 15,478,500 | |||||
Bovis Homes Group P.L.C. | 1,284,142 | 19,457,559 | ||||||
Card Factory P.L.C. | 1,393,096 | 3,056,715 | ||||||
* | Carpetright P.L.C. | 406,341 | 24,622 | |||||
Coats Group PLC | 800,742 | 739,092 | ||||||
* | Connect Group P.L.C. | 426,960 | 168,774 | |||||
Countryside Properties P.L.C. | 2,643,763 | 12,100,338 | ||||||
Crest Nicholson Holdings P.L.C. | 1,622,001 | 8,173,228 | ||||||
# | Debenhams P.L.C. | 6,862,458 | 0 | |||||
DFS Furniture P.L.C. | 1,137,917 | 3,446,537 | ||||||
Dignity P.L.C. | 197,940 | 1,416,536 | ||||||
Dixons Carphone P.L.C. | 3,819,612 | 6,495,496 | ||||||
Domino's Pizza Group P.L.C. | 3,791,459 | 14,049,819 | ||||||
Dunelm Group P.L.C. | 757,667 | 7,758,690 | ||||||
* | EI Group P.L.C. | 3,907,228 | 14,269,820 | |||||
Findel P.L.C. | 246,067 | 614,767 | ||||||
Fuller Smith & Turner P.L.C., Class A | 141,619 | 1,911,177 | ||||||
Games Workshop Group P.L.C. | 225,279 | 13,044,531 | ||||||
* | Gamesys Group P.L.C. | 410,917 | 4,306,065 | |||||
GoCo Group P.L.C. | 1,997,435 | 2,505,852 | ||||||
Greggs P.L.C. | 734,900 | 16,903,572 | ||||||
GVC Holdings P.L.C. | 957,913 | 11,051,197 | ||||||
Gym Group P.L.C. (The) | 753,396 | 2,550,606 | ||||||
Halfords Group P.L.C. | 872,874 | 1,791,546 | ||||||
Headlam Group P.L.C. | 480,270 | 2,997,489 | ||||||
Henry Boot P.L.C. | 504,773 | 1,639,421 |
112
The United Kingdom Small Company Series
continued
Shares | Value» | |||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||
Hollywood Bowl Group P.L.C. | 190,749 | $ | 588,107 | |||||
Hostelworld Group P.L.C. | 238,318 | 360,580 | ||||||
Inchcape P.L.C. | 2,923,312 | 24,440,490 | ||||||
J D Wetherspoon P.L.C. | 522,819 | 9,903,123 | ||||||
JD Sports Fashion P.L.C. | 1,736,308 | 17,271,954 | ||||||
Joules Group P.L.C. | 3,586 | 12,880 | ||||||
Lookers P.L.C. | 1,263,921 | 812,713 | ||||||
Marks & Spencer Group P.L.C. | 428,406 | 1,009,235 | ||||||
Marston's P.L.C. | 4,827,070 | 7,713,531 | ||||||
McCarthy & Stone P.L.C. | 2,544,695 | 4,819,768 | ||||||
Merlin Entertainments P.L.C. | 4,495,638 | 26,485,860 | ||||||
* | Mitchells & Butlers P.L.C. | 1,648,281 | 9,093,319 | |||||
MJ Gleeson P.L.C. | 214,478 | 2,225,173 | ||||||
Moneysupermarket.com Group P.L.C. | 3,912,801 | 17,410,624 | ||||||
* | Mothercare P.L.C. | 495,275 | 71,885 | |||||
# | Motorpoint group P.L.C. | 48,046 | 152,753 | |||||
N Brown Group P.L.C. | 1,162,453 | 1,879,717 | ||||||
On the Beach Group P.L.C. | 791,071 | 4,600,694 | ||||||
Pendragon P.L.C. | 5,047,329 | 942,625 | ||||||
Pets at Home Group P.L.C. | 3,004,957 | 8,003,463 | ||||||
Photo-Me International P.L.C. | 1,603,784 | 1,906,015 | ||||||
Playtech P.L.C. | 1,925,961 | 9,802,864 | ||||||
PPHE Hotel Group, Ltd. | 2,822 | 67,403 | ||||||
Rank Group P.L.C. | 893,694 | 2,823,225 | ||||||
Redrow P.L.C. | 1,792,774 | 13,976,154 | ||||||
Restaurant Group P.L.C. (The) | 2,722,780 | 4,794,565 | ||||||
Revolution Bars Group P.L.C. | 17,764 | 15,098 | ||||||
* | Sportech P.L.C. | 408,363 | 171,946 | |||||
* | Sports Direct International P.L.C. | 1,524,618 | 6,100,635 | |||||
SSP Group P.L.C. | 3,025,801 | 24,951,150 | ||||||
Superdry P.L.C. | 204,054 | 1,083,527 | ||||||
Ted Baker P.L.C. | 144,728 | 762,322 | ||||||
# | Thomas Cook Group P.L.C. | 6,366,734 | 0 | |||||
Topps Tiles P.L.C. | 777,729 | 759,008 | ||||||
Vertu Motors P.L.C. | 477,512 | 255,360 | ||||||
Vitec Group P.L.C. (The) | 204,113 | 3,318,979 | ||||||
WH Smith P.L.C. | 741,725 | 21,018,611 | ||||||
William Hill P.L.C. | 3,784,314 | 9,688,513 | ||||||
TOTAL CONSUMER DISCRETIONARY | 487,142,367 | |||||||
CONSUMER STAPLES — (5.2%) | ||||||||
A.G. Barr P.L.C. | 736,792 | 5,297,734 | ||||||
Anglo-Eastern Plantations P.L.C. | 109,840 | 654,938 | ||||||
Britvic P.L.C. | 1,845,637 | 23,586,871 | ||||||
Carr's Group P.L.C. | 349,511 | 634,409 | ||||||
Cranswick P.L.C. | 374,923 | 15,072,368 | ||||||
Devro P.L.C. | 1,068,398 | 2,219,230 | ||||||
Fevertree Drinks P.L.C. | 631,057 | 15,205,992 | ||||||
Greencore Group P.L.C. | 3,639,673 | 10,942,715 | ||||||
Hilton Food Group P.L.C. | 250,502 | 3,307,563 | ||||||
McBride P.L.C. | 566,412 | 521,691 | ||||||
McColl's Retail Group P.L.C. | 60,390 | 35,708 | ||||||
# | Naked Wines P.L.C. | 221,368 | 737,571 | |||||
Nichols P.L.C. | 2,884 | 56,066 | ||||||
* | Premier Foods P.L.C. | 2,584,290 | 1,082,290 | |||||
PZ Cussons P.L.C. | 1,779,842 | 4,645,406 | ||||||
* | REA Holdings P.L.C. | 50,639 | 111,928 | |||||
Stock Spirits Group P.L.C. | 1,122,290 | 2,975,886 |
113
The United Kingdom Small Company Series
continued
Shares | Value» | |||||||
CONSUMER STAPLES — (Continued) | ||||||||
Tate & Lyle P.L.C. | 3,470,820 | $ | 30,273,503 | |||||
TOTAL CONSUMER STAPLES | 117,361,869 | |||||||
ENERGY — (3.8%) | ||||||||
# | Afren P.L.C. | 5,446,344 | 0 | |||||
* | Amerisur Resources P.L.C. | 1,006,443 | 249,511 | |||||
Anglo Pacific Group P.L.C. | 1,004,327 | 2,486,950 | ||||||
* | Cairn Energy P.L.C. | 3,258,371 | 7,528,599 | |||||
Diversified Gas & Oil P.L.C. | 56,189 | 77,899 | ||||||
* | EnQuest P.L.C. | 11,306,645 | 2,606,589 | |||||
# | Genel Energy P.L.C. | 641,959 | 1,587,706 | |||||
Gulf Keystone Petroleum, Ltd. | 1,460,605 | 3,885,830 | ||||||
* | Gulf Marine Services P.L.C. | 125,859 | 13,479 | |||||
Hunting P.L.C. | 1,246,189 | 6,368,385 | ||||||
#* | Hurricane Energy P.L.C. | 2,379,211 | 1,308,801 | |||||
John Wood Group P.L.C. | 3,647,826 | 16,016,209 | ||||||
* | Lamprell P.L.C. | 1,198,927 | 686,345 | |||||
#* | Pantheon Resources P.L.C. | 379,233 | 79,786 | |||||
Petrofac, Ltd. | 1,771,577 | 8,841,700 | ||||||
Pharos Energy P.L.C. | 1,412,115 | 1,068,075 | ||||||
* | Premier Oil P.L.C. | 5,901,446 | 6,341,231 | |||||
* | Rockhopper Exploration P.L.C. | 351,659 | 79,867 | |||||
* | Savannah Petroleum P.L.C. | 28,000 | 8,572 | |||||
* | Serica Energy P.L.C. | 3,327 | 5,779 | |||||
Tullow Oil P.L.C. | 9,865,717 | 26,364,357 | ||||||
TOTAL ENERGY | 85,605,670 | |||||||
FINANCIALS — (13.6%) | ||||||||
# | Arrow Global Group P.L.C. | 1,085,860 | 3,342,094 | |||||
Ashmore Group P.L.C. | 2,047,403 | 12,349,257 | ||||||
Bank of Georgia Group P.L.C. | 227,416 | 3,838,363 | ||||||
Beazley P.L.C. | 2,966,841 | 22,548,944 | ||||||
Brewin Dolphin Holdings P.L.C. | 2,061,688 | 8,887,682 | ||||||
Burford Capital, Ltd. | 563,216 | 6,412,307 | ||||||
Charles Stanley Group P.L.C. | 122,025 | 422,536 | ||||||
Charles Taylor P.L.C. | 235,351 | 974,725 | ||||||
Chesnara P.L.C. | 790,923 | 2,659,358 | ||||||
City of London Investment Group P.L.C. | 5,500 | 30,339 | ||||||
Close Brothers Group P.L.C. | 1,042,864 | 18,699,833 | ||||||
CMC Markets P.L.C. | 707,163 | 1,190,873 | ||||||
* | Georgia Capital P.L.C. | 72,415 | 913,620 | |||||
Hansard Global P.L.C. | 16,468 | 8,445 | ||||||
Hastings Group Holdings P.L.C. | 2,138,646 | 5,036,899 | ||||||
Hiscox, Ltd. | 588,685 | 11,368,042 | ||||||
IG Group Holdings P.L.C. | 2,610,897 | 21,480,945 | ||||||
Intermediate Capital Group P.L.C. | 1,866,605 | 35,924,136 | ||||||
International Personal Finance P.L.C. | 850,221 | 1,463,786 | ||||||
* | IP Group P.L.C. | 3,314,400 | 2,406,348 | |||||
Jupiter Fund Management P.L.C. | 2,909,220 | 12,916,407 | ||||||
* | Just Group P.L.C. | 4,666,764 | 3,680,604 | |||||
Lancashire Holdings, Ltd. | 1,487,212 | 13,733,247 | ||||||
Liontrust Asset Management P.L.C. | 20,793 | 219,771 | ||||||
Man Group P.L.C. | 11,167,689 | 20,785,020 | ||||||
#* | Metro Bank P.L.C. | 97,643 | 256,839 | |||||
Non-Standard Finance P.L.C. | 215,168 | 99,888 | ||||||
Numis Corp. P.L.C. | 237,318 | 708,654 | ||||||
OneSavings Bank P.L.C. | 1,447,032 | 6,750,047 | ||||||
Paragon Banking Group P.L.C. | 2,055,529 | 13,399,315 |
114
The United Kingdom Small Company Series
continued
Shares | Value» | |||||||
FINANCIALS — (Continued) | ||||||||
Phoenix Group Holdings P.L.C. | 1,305,330 | $ | 11,923,058 | |||||
Plus500, Ltd. | 153,058 | 1,586,839 | ||||||
Polar Capital Holdings P.L.C. | 28,174 | 183,767 | ||||||
Provident Financial P.L.C. | 1,032,098 | 5,893,288 | ||||||
Quilter P.L.C. | 9,786,100 | 17,363,535 | ||||||
Rathbone Brothers P.L.C. | 321,541 | 8,652,527 | ||||||
River & Mercantile Group P.L.C. | 10,512 | 33,526 | ||||||
# | S&U P.L.C. | 22,618 | 620,223 | |||||
Saga P.L.C. | 4,271,090 | 2,596,999 | ||||||
Sanne Group P.L.C. | 25,819 | 176,513 | ||||||
TP ICAP P.L.C. | 3,608,881 | 16,046,822 | ||||||
Virgin Money UK P.L.C. | 5,626,789 | 10,012,114 | ||||||
Waterloo Investment Holdings, Ltd. | 4,000 | 120 | ||||||
TOTAL FINANCIALS | 307,597,655 | |||||||
HEALTH CARE — (3.1%) | ||||||||
Advanced Medical Solutions Group PLC | 109,204 | 345,606 | ||||||
# | Alizyme P.L.C. | 660,805 | 0 | |||||
Alliance Pharma P.L.C. | 1,346,980 | 1,287,906 | ||||||
CareTech Holdings P.L.C. | 244,788 | 1,259,219 | ||||||
#* | Circassia Pharmaceuticals P.L.C. | 516,889 | 113,655 | |||||
* | Clinigen Healthcare, Ltd. | 17,229 | 185,431 | |||||
Consort Medical P.L.C. | 293,388 | 2,772,795 | ||||||
ConvaTec Group P.L.C. | 7,978,950 | 20,384,000 | ||||||
CVS Group P.L.C. | 305,454 | 3,824,584 | ||||||
EMIS Group P.L.C. | 253,844 | 3,537,999 | ||||||
Genus P.L.C. | 108,791 | 4,087,414 | ||||||
Hikma Pharmaceuticals P.L.C. | 78,748 | 2,050,817 | ||||||
* | Horizon Discovery Group P.L.C. | 16,856 | 35,848 | |||||
* | Indivior P.L.C. | 3,065,440 | 1,552,892 | |||||
Integrated Diagnostics Holdings P.L.C. | 330,094 | 1,560,801 | ||||||
# | Mediclinic International P.L.C. | 2,261,693 | 10,725,355 | |||||
* | Oxford Biomedica PLC | 62,738 | 452,612 | |||||
Spire Healthcare Group P.L.C. | 1,257,374 | 1,903,132 | ||||||
UDG Healthcare P.L.C. | 1,023,880 | 10,263,640 | ||||||
Vectura Group P.L.C. | 3,857,232 | 4,407,548 | ||||||
TOTAL HEALTH CARE | 70,751,254 | |||||||
INDUSTRIALS — (28.7%) | ||||||||
Aggreko P.L.C. | 1,647,699 | 16,892,274 | ||||||
Air Partner P.L.C. | 253,425 | 303,017 | ||||||
Avon Rubber P.L.C. | 202,741 | 4,661,684 | ||||||
Babcock International Group P.L.C. | 3,197,831 | 22,967,450 | ||||||
Balfour Beatty P.L.C. | 4,259,420 | 12,412,045 | ||||||
BBA Aviation P.L.C. | 7,301,568 | 28,725,347 | ||||||
Biffa P.L.C. | 959,336 | 3,164,127 | ||||||
Bodycote P.L.C. | 1,398,538 | 12,967,139 | ||||||
Braemar Shipping Services P.L.C. | 144,282 | 373,155 | ||||||
* | Capita P.L.C. | 5,102,462 | 10,321,391 | |||||
Chemring Group P.L.C. | 1,773,455 | 4,613,399 | ||||||
Clarkson P.L.C. | 189,183 | 6,929,771 | ||||||
Clipper Logistics P.L.C. | 194,719 | 555,093 | ||||||
Cobham P.L.C. | 16,545,169 | 33,842,830 | ||||||
Costain Group P.L.C. | 430,652 | 929,448 | ||||||
Dart Group P.L.C. | 382,912 | 6,271,798 | ||||||
De La Rue P.L.C. | 453,560 | 924,040 | ||||||
#* | Dialight P.L.C. | 108,089 | 441,703 | |||||
Diploma P.L.C. | 793,073 | 16,418,068 |
115
The United Kingdom Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (Continued) | ||||||||
easyJet P.L.C. | 9,661 | $ | 154,982 | |||||
* | Firstgroup P.L.C. | 8,339,333 | 13,948,910 | |||||
G4S P.L.C. | 9,906,519 | 26,568,687 | ||||||
Galliford Try P.L.C. | 549,039 | 5,211,079 | ||||||
Go-Ahead Group P.L.C. (The) | 340,040 | 9,000,235 | ||||||
Goodwin P.L.C. | 383 | 16,248 | ||||||
Grafton Group P.L.C. | 1,638,906 | 16,595,963 | ||||||
Hays P.L.C. | 10,246,441 | 20,852,201 | ||||||
HomeServe P.L.C. | 1,762,201 | 26,469,025 | ||||||
Howden Joinery Group P.L.C. | 4,476,142 | 33,500,704 | ||||||
IMI P.L.C. | 1,911,037 | 24,851,430 | ||||||
# | Interserve P.L.C. | 629,566 | 0 | |||||
James Fisher & Sons P.L.C. | 313,486 | 7,882,240 | ||||||
James Halstead P.L.C. | 1,873 | 12,300 | ||||||
John Laing Group P.L.C. | 2,320,645 | 10,988,873 | ||||||
John Menzies P.L.C. | 480,761 | 2,533,322 | ||||||
Johnson Service Group P.L.C. | 80,228 | 184,977 | ||||||
Keller Group P.L.C. | 492,044 | 3,305,957 | ||||||
# | Kier Group P.L.C. | 929,137 | 1,366,586 | |||||
Luceco P.L.C. | 155,902 | 199,691 | ||||||
Mears Group P.L.C. | 763,170 | 2,516,445 | ||||||
Meggitt P.L.C. | 2,528,732 | 20,460,802 | ||||||
Mitie Group P.L.C. | 2,403,558 | 4,923,083 | ||||||
Morgan Advanced Materials P.L.C. | 1,912,614 | 5,836,551 | ||||||
Morgan Sindall Group P.L.C. | 227,463 | 3,774,746 | ||||||
National Express Group P.L.C. | 3,061,395 | 17,712,519 | ||||||
Norcros P.L.C. | 116,690 | 356,255 | ||||||
Northgate P.L.C. | 1,892,764 | 8,448,349 | ||||||
Pagegroup P.L.C. | 2,346,683 | 13,520,983 | ||||||
PayPoint P.L.C. | 425,574 | 5,044,902 | ||||||
Polypipe Group P.L.C. | 1,512,324 | 8,869,312 | ||||||
Porvair P.L.C. | 15,572 | 120,688 | ||||||
QinetiQ Group P.L.C. | 3,964,771 | 16,162,957 | ||||||
Redde P.L.C. | 289,119 | 419,701 | ||||||
Renew Holdings P.L.C. | 5,295 | 26,288 | ||||||
Renewi P.L.C. | 4,633,868 | 1,775,312 | ||||||
#* | Renold P.L.C. | 193,435 | 57,660 | |||||
Ricardo P.L.C. | 308,171 | 2,546,739 | ||||||
Robert Walters P.L.C. | 399,595 | 2,743,878 | ||||||
Rotork P.L.C. | 5,871,491 | 22,929,186 | ||||||
Royal Mail P.L.C. | 4,209,687 | 11,519,595 | ||||||
RPS Group P.L.C. | 916,505 | 1,672,705 | ||||||
Senior P.L.C. | 3,244,009 | 7,762,990 | ||||||
* | Serco Group P.L.C. | 758,599 | 1,533,476 | |||||
Severfield P.L.C. | 1,090,941 | 1,090,780 | ||||||
SIG P.L.C. | 4,563,465 | 6,653,116 | ||||||
Speedy Hire P.L.C. | 3,047,280 | 2,127,201 | ||||||
* | Staffline Group P.L.C. | 3,354 | 4,324 | |||||
Stagecoach Group P.L.C. | 3,009,333 | 5,345,995 | ||||||
SThree P.L.C. | 720,673 | 2,660,664 | ||||||
# | Stobart Group, Ltd. | 1,767,874 | 2,730,622 | |||||
T Clarke P.L.C. | 147,457 | 191,363 | ||||||
Travis Perkins P.L.C. | 1,726,015 | 32,059,239 | ||||||
Trifast P.L.C. | 524,611 | 1,096,019 | ||||||
Tyman P.L.C. | 873,306 | 2,400,693 | ||||||
Ultra Electronics Holdings P.L.C. | 646,972 | 16,341,114 | ||||||
Vesuvius P.L.C. | 1,658,142 | 8,579,889 | ||||||
* | Volex P.L.C. | 307,047 | 385,744 | |||||
Volution Group P.L.C. | 347,623 | 898,810 |
116
The United Kingdom Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (Continued) | ||||||||
Vp P.L.C. | 159,998 | $ | 1,777,629 | |||||
Weir Group P.L.C (The) | 373,145 | 6,517,733 | ||||||
Wilmington P.L.C. | 334,384 | 957,336 | ||||||
Wincanton P.L.C. | 617,226 | 1,999,745 | ||||||
* | Wizz Air Holdings P.L.C. | 38,273 | 1,895,299 | |||||
XP Power, Ltd. | 100,079 | 3,416,605 | ||||||
TOTAL INDUSTRIALS | 647,222,231 | |||||||
INFORMATION TECHNOLOGY — (6.5%) | ||||||||
AVEVA Group P.L.C. | 114,311 | 6,193,908 | ||||||
Computacenter P.L.C. | 537,590 | 9,513,363 | ||||||
DiscoverIE Group P.L.C. | 463,871 | 2,715,529 | ||||||
Electrocomponents P.L.C. | 3,231,445 | 28,511,406 | ||||||
Equiniti Group P.L.C. | 2,352,303 | 6,571,583 | ||||||
FDM Group Holdings P.L.C. | 334,364 | 3,124,905 | ||||||
FIRST DERIVATIVES PLC | 3,972 | 117,416 | ||||||
# | iomart Group P.L.C. | 145,653 | 694,980 | |||||
#* | IQE P.L.C. | 333,707 | 322,621 | |||||
Kainos Group P.L.C. | 322,838 | 2,129,750 | ||||||
Micro Focus International P.L.C. | 277,989 | 3,815,456 | ||||||
NCC Group P.L.C. | 1,614,476 | 3,922,331 | ||||||
Oxford Instruments P.L.C. | 356,949 | 6,000,380 | ||||||
Renishaw P.L.C. | 239,862 | 11,791,054 | ||||||
RM P.L.C. | 336,909 | 1,266,467 | ||||||
SDL P.L.C. | 477,370 | 3,267,021 | ||||||
# | Smart Metering Systems P.L.C. | 424,453 | 2,606,681 | |||||
Softcat P.L.C. | 787,090 | 9,592,589 | ||||||
Sophos Group P.L.C. | 594,314 | 4,371,545 | ||||||
Spectris P.L.C. | 827,935 | 25,667,336 | ||||||
Spirent Communications P.L.C. | 4,124,361 | 10,615,467 | ||||||
# | Strix Group P.L.C. | 181,909 | 410,118 | |||||
#* | Telit Communications P.L.C. | 82,391 | 174,655 | |||||
TT Electronics P.L.C. | 993,507 | 2,985,797 | ||||||
* | Xaar P.L.C. | 165,171 | 101,541 | |||||
TOTAL INFORMATION TECHNOLOGY | 146,483,899 | |||||||
MATERIALS — (5.5%) | ||||||||
Barrick Gold Corp. | 130,600 | 2,200,325 | ||||||
* | Carclo P.L.C. | 113,594 | 15,744 | |||||
Castings P.L.C. | 163,566 | 798,969 | ||||||
Centamin P.L.C. | 9,300,643 | 14,068,645 | ||||||
Central Asia Metals P.L.C. | 420,679 | 1,143,831 | ||||||
Elementis P.L.C. | 3,143,309 | 6,048,958 | ||||||
Essentra P.L.C. | 1,464,917 | 7,227,160 | ||||||
Ferrexpo P.L.C. | 2,362,974 | 3,872,064 | ||||||
Forterra P.L.C. | 1,263,307 | 4,371,251 | ||||||
* | Gem Diamonds, Ltd. | 679,902 | 550,495 | |||||
Highland Gold Mining, Ltd. | 1,736,567 | 4,591,801 | ||||||
Hill & Smith Holdings P.L.C. | 538,705 | 9,136,816 | ||||||
Hochschild Mining P.L.C. | 1,579,067 | 4,105,590 | ||||||
Ibstock P.L.C. | 2,816,402 | 8,800,778 | ||||||
KAZ Minerals P.L.C. | 1,775,954 | 10,853,407 | ||||||
# | Low & Bonar P.L.C. | 2,377,348 | 438,773 | |||||
Marshalls P.L.C. | 1,492,403 | 13,723,316 | ||||||
# * | Petra Diamonds, Ltd. | 5,639,982 | 621,690 | |||||
* | Petropavlovsk P.L.C. | 838,033 | 109,262 | |||||
Rhi Magnesita NV | 84,590 | 3,812,363 | ||||||
# | Scapa Group P.L.C. | 215,838 | 623,982 |
117
The United Kingdom Small Company Series
continued
Shares | Value» | |||||||
MATERIALS — (Continued) | ||||||||
#* | Sirius Minerals P.L.C. | 1,683,489 | $ | 62,713 | ||||
Synthomer P.L.C. | 2,412,584 | 8,710,275 | ||||||
Victrex P.L.C. | 629,414 | 17,880,697 | ||||||
Zotefoams P.L.C. | 93,671 | 365,315 | ||||||
TOTAL MATERIALS | 124,134,220 | |||||||
REAL ESTATE — (4.4%) | ||||||||
Capital & Counties Properties P.L.C. | 4,962,871 | 16,403,005 | ||||||
CLS Holdings P.L.C. | 636,982 | 2,089,174 | ||||||
* | Countrywide P.L.C. | 1,699,141 | 96,918 | |||||
Daejan Holdings P.L.C. | 49,680 | 3,128,122 | ||||||
* | Foxtons Group P.L.C. | 1,145,927 | 971,275 | |||||
Grainger P.L.C. | 4,384,967 | 14,581,496 | ||||||
Harworth Group P.L.C. | 30,680 | 49,248 | ||||||
Helical P.L.C. | 705,604 | 3,577,883 | ||||||
IWG P.L.C. | 4,354,218 | 21,689,498 | ||||||
LSL Property Services P.L.C. | 404,839 | 1,258,428 | ||||||
* | Purplebricks Group P.L.C. | 65,365 | 95,624 | |||||
* | Raven Property Group, Ltd. | 952,767 | 501,955 | |||||
Savills P.L.C. | 1,042,497 | 12,384,802 | ||||||
St. Modwen Properties P.L.C. | 2,832,022 | 16,530,842 | ||||||
U & I Group P.L.C. | 480,429 | 862,396 | ||||||
Urban & Civic P.L.C. | 543,320 | 2,322,401 | ||||||
# | Watkin Jones P.L.C. | 435,040 | 1,324,065 | |||||
TOTAL REAL ESTATE | 97,867,132 | |||||||
UNKNOWN G1 — (0.0%) | ||||||||
Industrial and Commercial Holding Group, Ltd. | 5,000 | 0 | ||||||
UTILITIES — (2.1%) | ||||||||
Drax Group P.L.C. | 1,698,929 | 6,531,360 | ||||||
Pennon Group P.L.C. | 2,929,675 | 34,062,254 | ||||||
Telecom Plus P.L.C. | 412,883 | 6,441,298 | ||||||
TOTAL UTILITIES | 47,034,912 | |||||||
TOTAL COMMON STOCKS | 2,236,408,713 | |||||||
PREFERRED STOCKS — (0.0%) | ||||||||
CONSUMER STAPLES — (0.0%) | ||||||||
Mcbride P.L.C. | 10,195,416 | 13,207 | ||||||
TOTAL INVESTMENT SECURITIES | ||||||||
(Cost $2,084,250,199) | 2,236,421,920 | |||||||
Value† | ||||||||
SECURITIES LENDING COLLATERAL — (0.8%) | ||||||||
@§ | DFA Short Term Investment Fund | 1,625,922 | 18,813,540 | |||||
TOTAL INVESTMENTS — (100.0%) | ||||||||
(Cost $2,103,060,882) | $ | 2,255,235,460 |
P.L.C. | Public Limited Company | |
SA | Special Assessment | |
» | Securities that have generally been fair value factored. See Note B to Financial Statements. | |
* | Non-Income Producing Securities. | |
# | Total or Partial Securities on Loan. | |
† | See Note B to Financial Statements. | |
@ | Security purchased with cash proceeds from Securities on Loan. | |
§ | Affiliated Fund. |
118
The United Kingdom Small Company Series
continued
Summary of the Series' investments as of October 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 | ||||||||
Common Stocks | |||||||||||
Communication Services | — | $ | 105,207,504 | — | $ | 105,207,504 | |||||
Consumer Discretionary | — | 487,142,367 | — | 487,142,367 | |||||||
Consumer Staples | — | 117,361,869 | — | 117,361,869 | |||||||
Energy | — | 85,605,670 | — | 85,605,670 | |||||||
Financials | — | 307,597,655 | — | 307,597,655 | |||||||
Health Care | — | 70,751,254 | — | 70,751,254 | |||||||
Industrials | — | 647,222,231 | — | 647,222,231 | |||||||
Information Technology | — | 146,483,899 | — | 146,483,899 | |||||||
Materials | — | 124,134,220 | — | 124,134,220 | |||||||
Real Estate | — | 97,867,132 | — | 97,867,132 | |||||||
Utilities | — | 47,034,912 | — | 47,034,912 | |||||||
Preferred Stocks | |||||||||||
Consumer Staples | — | 13,207 | — | 13,207 | |||||||
Securities Lending Collateral | — | 18,813,540 | — | 18,813,540 | |||||||
TOTAL | — | $ | 2,255,235,460 | — | $ | 2,255,235,460 |
See accompanying Notes to Financial Statements.
119
THE CONTINENTAL SMALL COMPANY SERIES
SCHEDULE OF INVESTMENTS
October 31, 2019
Shares | Value» | |||||||
COMMON STOCKS — (91.0%) | ||||||||
AUSTRIA — (3.1%) | ||||||||
Agrana Beteiligungs AG | 83,446 | $ | 1,610,308 | |||||
# | ANDRITZ AG | 510,397 | 22,950,629 | |||||
# | Atrium European Real Estate, Ltd. | 968,162 | 3,865,125 | |||||
# | Austria Technologie & Systemtechnik AG | 182,880 | 3,403,168 | |||||
CA Immobilien Anlagen AG | 496,800 | 19,143,151 | ||||||
DO & CO AG | 52,537 | 4,887,866 | ||||||
EVN AG | 230,431 | 4,217,719 | ||||||
# | FACC AG | 174,996 | 2,285,207 | |||||
Flughafen Wien AG | 31,155 | 1,277,711 | ||||||
IMMOFINANZ AG | 669,588 | 19,251,080 | ||||||
Josef Manner & Co. AG | 870 | 92,399 | ||||||
Kapsch TrafficCom AG | 36,036 | 1,136,097 | ||||||
# | Lenzing AG | 92,686 | 9,762,867 | |||||
Mayr Melnhof Karton AG | 56,819 | 6,980,925 | ||||||
# | Oberbank AG | 37,094 | 3,963,679 | |||||
# | Oesterreichische Post AG | 242,864 | 8,950,677 | |||||
Palfinger AG | 98,045 | 2,800,751 | ||||||
# | POLYTEC Holding AG | 105,679 | 962,062 | |||||
# | Porr AG | 75,463 | 1,787,148 | |||||
# | Rosenbauer International AG | 20,385 | 864,701 | |||||
S IMMO AG | 363,879 | 9,215,815 | ||||||
Schoeller-Bleckmann Oilfield Equipment AG | 76,257 | 4,358,632 | ||||||
* | Semperit AG Holding | 69,672 | 948,296 | |||||
Strabag SE | 111,162 | 3,691,521 | ||||||
Telekom Austria AG | 1,098,493 | 8,511,571 | ||||||
UBM Development AG | 19,698 | 980,643 | ||||||
UNIQA Insurance Group AG | 958,393 | 9,216,628 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 268,962 | 7,295,975 | ||||||
# | Voestalpine AG | 326,923 | 8,203,368 | |||||
Wienerberger AG | 617,965 | 16,737,941 | ||||||
* | Zumtobel Group AG | 182,287 | 1,448,781 | |||||
TOTAL AUSTRIA | 190,802,441 | |||||||
BELGIUM — (4.4%) | ||||||||
Ackermans & van Haaren NV | 174,099 | 26,688,658 | ||||||
* | AGFA-Gevaert NV | 1,452,124 | 6,626,158 | |||||
* | Argenx SE | 160,335 | 19,523,844 | |||||
* | Argenx SE | 12,041 | 1,461,110 | |||||
Atenor | 18,030 | 1,505,159 | ||||||
Banque Nationale de Belgique | 87 | 217,389 | ||||||
Barco NV | 74,142 | 16,146,974 | ||||||
Bekaert SA | 253,902 | 7,085,825 | ||||||
#* | Biocartis NV | 231,370 | 1,660,927 | |||||
# | bpost SA | 600,057 | 6,857,604 | |||||
#* | Celyad SA | 42,190 | 376,938 | |||||
Cie d'Entreprises CFE | 48,396 | 4,665,181 | ||||||
Co.Br.Ha Societe Commerciale de Brasserie SA | 111 | 472,770 | ||||||
Deceuninck NV | 435,935 | 908,088 | ||||||
D'ieteren SA | 202,237 | 12,772,980 | ||||||
Econocom Group SA | 727,792 | 1,897,798 | ||||||
# | Elia System Operator SA | 221,440 | 19,099,771 | |||||
# | Euronav NV | 1,282,924 | 14,468,197 | |||||
EVS Broadcast Equipment SA | 67,811 | 1,665,792 | ||||||
#* | Exmar NV | 148,882 | 930,263 | |||||
Fagron | 282,720 | 5,368,276 | ||||||
* | Galapagos NV | 41,834 | 7,689,147 | |||||
* | Galapagos NV | 220,186 | 40,539,939 |
120
The Continental Small Company Series
continued
Shares | Value» | |||||||
BELGIUM — (Continued) | ||||||||
Gimv NV | 94,395 | $ | 5,668,549 | |||||
Immobel SA | 19,445 | 1,474,538 | ||||||
#* | Ion Beam Applications | 126,538 | 2,021,604 | |||||
Jensen-Group NV | 20,645 | 787,190 | ||||||
Kinepolis Group NV | 98,670 | 6,563,711 | ||||||
# | Lotus Bakeries NV | 1,729 | 4,877,602 | |||||
#* | MDxHealth | 239,516 | 268,629 | |||||
# | Melexis NV | 111,148 | 7,799,237 | |||||
#* | Nyrstar NV | 84,985 | 18,392 | |||||
# | Ontex Group NV | 504,176 | 9,146,052 | |||||
Orange Belgium SA | 176,101 | 3,877,526 | ||||||
#* | Oxurion NV | 128,049 | 371,489 | |||||
# | Picanol | 28,690 | 2,229,604 | |||||
Recticel SA | 270,323 | 2,365,499 | ||||||
# | Resilux | 5,788 | 867,903 | |||||
Roularta Media Group NV | 19,318 | 270,271 | ||||||
# | Sioen Industries NV | 53,303 | 1,320,223 | |||||
# | Sipef NV | 36,491 | 1,851,371 | |||||
* | Telenet Group Holding NV | 145,031 | 7,125,516 | |||||
TER Beke SA | 3,565 | 424,142 | ||||||
* | Tessenderlo Group SA | 214,654 | 7,101,601 | |||||
Van de Velde NV | 38,465 | 1,038,524 | ||||||
* | Viohalco SA | 583,796 | 2,372,735 | |||||
TOTAL BELGIUM | 268,470,696 | |||||||
DENMARK — (4.4%) | ||||||||
* | Agat Ejendomme A.S. | 307,965 | 164,463 | |||||
* | ALK-Abello A.S. | 43,768 | 9,401,319 | |||||
Alm Brand A.S. | 563,835 | 4,592,796 | ||||||
# | Ambu A.S., Class B | 730,304 | 11,480,122 | |||||
#* | Bang & Olufsen A.S. | 256,627 | 1,492,719 | |||||
BankNordik P/F | 10,800 | 175,809 | ||||||
#* | Bavarian Nordic A.S. | 185,816 | 4,375,411 | |||||
Brodrene Hartmann A.S. | 16,148 | 643,614 | ||||||
Columbus A.S. | 430,058 | 572,933 | ||||||
D/S Norden A.S. | 217,180 | 3,176,843 | ||||||
DFDS A.S. | 306,367 | 12,067,855 | ||||||
Djurslands Bank A.S. | 8,970 | 326,728 | ||||||
* | Drilling Co. of 1972 A.S. | 31,531 | 1,779,874 | |||||
FLSmidth & Co. A.S. | 296,273 | 10,619,430 | ||||||
Fluegger Group A.S. | 4,198 | 184,248 | ||||||
GronlandsBANKEN A.S. | 1,125 | 90,742 | ||||||
* | H+H International A.S., Class B | 112,329 | 1,746,755 | |||||
* | Harboes Bryggeri A.S., Class B | 17,239 | 169,870 | |||||
ISS A.S. | 557,079 | 14,585,007 | ||||||
# | Jeudan A.S. | 7,748 | 1,295,744 | |||||
* | Jyske Bank A.S. | 500,030 | 16,633,568 | |||||
Lan & Spar Bank | 4,981 | 332,391 | ||||||
Matas A.S. | 188,168 | 1,442,333 | ||||||
* | Nilfisk Holding A.S. | 198,988 | 3,363,674 | |||||
* | NKT A.S. | 206,194 | 3,617,485 | |||||
# | NNIT A.S. | 71,616 | 1,024,570 | |||||
Pandora A.S. | 384,667 | 18,927,936 | ||||||
Parken Sport & Entertainment A.S. | 37,197 | 561,446 | ||||||
Per Aarsleff Holding A.S. | 140,513 | 4,385,289 | ||||||
Ringkjoebing Landbobank A.S. | 197,894 | 13,664,755 | ||||||
# | Roblon A.S., Class B | 973 | 23,399 | |||||
Rockwool International A.S., Class A | 993 | 186,898 | ||||||
Rockwool International A.S., Class B | 42,036 | 8,261,678 |
121
The Continental Small Company Series
continued
Shares | Value» | |||||||
DENMARK — (Continued) | ||||||||
Royal Unibrew A.S. | 364,385 | $ | 29,893,850 | |||||
RTX A.S. | 57,507 | 1,335,283 | ||||||
Scandinavian Tobacco Group A.S., Class A | 311,373 | 3,679,440 | ||||||
Schouw & Co., A.S. | 90,380 | 6,485,465 | ||||||
SimCorp A.S. | 294,845 | 26,382,068 | ||||||
Solar A.S., Class B | 37,386 | 1,569,527 | ||||||
Spar Nord Bank A.S. | 596,914 | 5,831,011 | ||||||
Sydbank A.S. | 505,787 | 9,921,698 | ||||||
Tivoli A.S. | 9,878 | 1,011,299 | ||||||
Topdanmark A.S. | 475,380 | 21,291,486 | ||||||
* | TORM P.L.C. | 152,978 | 1,460,054 | |||||
United International Enterprises | 10,336 | 1,958,604 | ||||||
#* | Veloxis Pharmaceuticals A.S. | 120,013 | 73,257 | |||||
#* | Vestjysk Bank A.S. | 1,891,040 | 1,046,819 | |||||
#* | Zealand Pharma A.S. | 185,786 | 5,544,231 | |||||
TOTAL DENMARK | 268,851,796 | |||||||
FINLAND — (5.7%) | ||||||||
#* | Afarak Group Oyj | 170,187 | 108,303 | |||||
# | Ahlstrom-Munksjo Oyj | 178,910 | 2,683,037 | |||||
Aktia Bank Oyj | 303,076 | 2,951,943 | ||||||
Alandsbanken Abp, Class B | 21,354 | 387,049 | ||||||
Alma Media Oyj | 129,772 | 1,025,904 | ||||||
Apetit Oyj | 19,668 | 170,606 | ||||||
Asiakastieto Group Oyj | 1,406 | 45,630 | ||||||
Aspo Oyj | 99,050 | 906,038 | ||||||
Atria Oyj | 85,658 | 812,014 | ||||||
#* | BasWare Oyj | 56,551 | 1,269,819 | |||||
# | Bittium Oyj | 204,447 | 1,382,508 | |||||
Cargotec Oyj, Class B | 290,554 | 10,193,412 | ||||||
# | Caverion Oyj | 696,383 | 5,206,303 | |||||
# | Citycon Oyj | 528,288 | 5,536,188 | |||||
Cramo Oyj | 277,432 | 2,943,442 | ||||||
Digia Oyj | 69,731 | 297,996 | ||||||
Finnair Oyj | 506,870 | 3,310,173 | ||||||
# | Fiskars Oyj Abp | 217,953 | 2,922,079 | |||||
* | F-Secure Oyj | 673,598 | 2,153,102 | |||||
Glaston Oyj ABP | 9,217 | 11,318 | ||||||
#* | HKScan Oyj, Class A | 257,744 | 512,043 | |||||
Huhtamaki Oyj | 768,251 | 35,574,237 | ||||||
Ilkka-Yhtyma Oyj | 61,503 | 259,580 | ||||||
Kemira Oyj | 763,866 | 12,408,772 | ||||||
Kesko Oyj, Class A | 51,573 | 3,177,621 | ||||||
Kesko Oyj, Class B | 421,805 | 28,104,043 | ||||||
Konecranes Oyj | 482,920 | 14,913,719 | ||||||
Lassila & Tikanoja Oyj | 212,849 | 3,434,642 | ||||||
# | Lehto Group Oyj | 129,587 | 293,884 | |||||
# | Metsa Board Oyj | 1,431,405 | 9,485,516 | |||||
# | Metso Oyj | 667,333 | 25,263,083 | |||||
Nokian Renkaat Oyj | 883,124 | 25,238,923 | ||||||
Olvi Oyj, Class A | 95,680 | 4,064,382 | ||||||
Oriola Oyj, Class A | 6,054 | 13,847 | ||||||
Oriola Oyj, Class B | 914,957 | 2,104,673 | ||||||
Orion Oyj, Class A | 143,951 | 6,332,272 | ||||||
# | Orion Oyj, Class B | 748,676 | 33,214,713 | |||||
# | Outokumpu Oyj | 2,921,503 | 8,301,162 | |||||
* | Outotec Oyj | 1,362,821 | 8,783,637 | |||||
Pihlajalinna Oyj | 77,064 | 916,459 | ||||||
# | Ponsse Oyj | 75,627 | 2,359,102 |
122
The Continental Small Company Series
continued
Shares | Value» | |||||||
FINLAND — (Continued) | ||||||||
#* | QT Group Oyj | 55,899 | $ | 954,056 | ||||
Raisio Oyj, Class V | 829,230 | 2,893,177 | ||||||
Rapala VMC Oyj | 113,078 | 349,449 | ||||||
# | Raute Oyj, Class A | 2,644 | 69,369 | |||||
Revenio Group Oyj | 132,191 | 3,901,818 | ||||||
Sanoma Oyj | 749,458 | 7,841,440 | ||||||
* | SRV Group Oyj | 66,041 | 96,482 | |||||
* | Stockmann Oyj Abp, Class A | 49,045 | 135,737 | |||||
#* | Stockmann Oyj Abp, Class B | 189,838 | 457,031 | |||||
Teleste Oyj | 52,966 | 344,002 | ||||||
Tieto Oyj | 389,139 | 11,075,978 | ||||||
# | Tikkurila Oyj | 250,691 | 4,001,383 | |||||
Tokmanni Group Corp. | 344,720 | 4,413,746 | ||||||
Uponor Oyj | 368,773 | 4,823,950 | ||||||
Vaisala Oyj, Class A | 118,863 | 3,562,501 | ||||||
Valmet Oyj | 956,184 | 21,399,886 | ||||||
Viking Line Abp | 7,869 | 159,699 | ||||||
# | YIT Oyj | 1,430,763 | 8,593,464 | |||||
TOTAL FINLAND | 344,146,342 | |||||||
FRANCE — (10.6%) | ||||||||
ABC arbitrage | 95,172 | 711,081 | ||||||
Actia Group | 51,304 | 228,984 | ||||||
#* | Adocia | 3,561 | 35,939 | |||||
* | Air France-KLM | 1,450,296 | 17,288,207 | |||||
# | Akka Technologies | 80,089 | 5,169,317 | |||||
AKWEL | 58,127 | 1,154,299 | ||||||
Albioma SA | 188,895 | 4,902,895 | ||||||
Altamir | 136,094 | 2,527,806 | ||||||
Alten SA | 177,766 | 19,554,610 | ||||||
Altran Technologies SA | 1,693,540 | 26,925,558 | ||||||
#* | Amplitude Surgical SAS | 19,526 | 34,030 | |||||
Assystem SA | 62,252 | 2,312,032 | ||||||
Aubay | 41,397 | 1,441,887 | ||||||
Axway Software SA | 38,973 | 465,404 | ||||||
# | Bastide le Confort Medical | 19,001 | 814,307 | |||||
# | Beneteau SA | 241,400 | 2,254,547 | |||||
Bigben Interactive | 93,677 | 1,426,547 | ||||||
# | Boiron SA | 40,254 | 1,429,673 | |||||
Bonduelle SCA | 93,600 | 2,432,685 | ||||||
* | Bourbon Corp. | 28,851 | 118,252 | |||||
Burelle SA | 1,054 | 955,151 | ||||||
# | Casino Guichard Perrachon SA | 271,603 | 14,662,377 | |||||
# | Catering International Services | 14,124 | 196,169 | |||||
* | Cegedim SA | 31,774 | 983,288 | |||||
* | CGG SA | 4,389,424 | 10,232,490 | |||||
# | Chargeurs SA | 135,124 | 2,295,457 | |||||
Cie des Alpes | 67,699 | 2,027,084 | ||||||
Cie Plastic Omnium SA | 379,804 | 10,374,909 | ||||||
* | Coface SA | 676,344 | 7,394,275 | |||||
Derichebourg SA | 644,921 | 2,325,003 | ||||||
# | Devoteam SA | 37,273 | 3,166,402 | |||||
# | Electricite de Strasbourg SA | 21,353 | 2,584,780 | |||||
# | Elior Group SA | 858,106 | 11,113,019 | |||||
Elis SA | 1,112,804 | 21,275,159 | ||||||
Eramet | 65,268 | 3,270,334 | ||||||
#* | Erytech Pharma SA | 3,609 | 15,939 | |||||
* | Esso SA Francaise | 17,215 | 420,784 | |||||
# | Etablissements Maurel et Prom SA | 250,401 | 736,314 |
123
The Continental Small Company Series
continued
Shares | Value» | |||||||
FRANCE — (Continued) | ||||||||
Euronext NV | 373,020 | $ | 30,092,307 | |||||
# | Europcar Mobility Group | 662,189 | 2,431,900 | |||||
Eutelsat Communications SA | 1,279,751 | 24,276,769 | ||||||
Exel Industries, Class A | 10,459 | 456,237 | ||||||
Faurecia SE | 113,499 | 5,296,787 | ||||||
Fleury Michon SA | 6,124 | 205,003 | ||||||
* | Fnac Darty S.A. | 127,014 | 7,352,193 | |||||
Gaumont SA | 11,360 | 1,597,607 | ||||||
Gaztransport Et Technigaz SA | 126,899 | 11,578,065 | ||||||
# | GEA | 2,433 | 303,910 | |||||
Gevelot SA | 3,466 | 750,347 | ||||||
GL Events | 64,765 | 1,699,016 | ||||||
Groupe Crit | 23,123 | 1,721,862 | ||||||
Groupe Gorge | 23,816 | 399,227 | ||||||
# | Groupe Open | 30,206 | 375,194 | |||||
Groupe SFPI | 29,940 | 56,436 | ||||||
Guerbet | 38,731 | 2,170,370 | ||||||
# | Haulotte Group SA | 75,426 | 412,401 | |||||
# | HERIGE SADCS | 4,147 | 134,482 | |||||
HEXAOM | 15,908 | 598,218 | ||||||
* | ID Logistics Group | 14,585 | 2,788,390 | |||||
# | Iliad SA | 48,891 | 5,066,838 | |||||
# | Imerys SA | 208,694 | 8,061,570 | |||||
Ingenico Group SA | 424,498 | 45,392,020 | ||||||
#* | Innate Pharma SA | 15,558 | 94,006 | |||||
IPSOS | 245,937 | 7,411,293 | ||||||
Jacquet Metal Service SA | 84,944 | 1,445,642 | ||||||
# | JCDecaux SA | 25,268 | 690,713 | |||||
Kaufman & Broad SA | 124,014 | 4,731,053 | ||||||
Korian SA | 380,676 | 16,143,306 | ||||||
Lagardere SCA | 778,374 | 17,393,202 | ||||||
* | Lanson-BCC | 8,795 | 241,123 | |||||
* | Latecoere SACA | 458,502 | 1,965,551 | |||||
Laurent-Perrier | 13,775 | 1,366,401 | ||||||
Le Belier | 10,566 | 303,876 | ||||||
Lectra | 165,142 | 3,866,571 | ||||||
Linedata Services | 14,505 | 417,450 | ||||||
LISI | 114,054 | 4,009,002 | ||||||
LNA Sante SA | 37,021 | 1,954,312 | ||||||
Maisons du Monde SA | 283,561 | 3,924,048 | ||||||
Manitou BF SA | 66,476 | 1,358,383 | ||||||
Manutan International | 15,102 | 1,046,786 | ||||||
Mersen SA | 125,596 | 4,088,987 | ||||||
#* | METabolic EXplorer SA | 156,395 | 225,755 | |||||
Metropole Television SA | 285,999 | 5,031,421 | ||||||
* | Mr Bricolage SA | 29,965 | 84,211 | |||||
Nexans SA | 221,611 | 9,017,821 | ||||||
Nexity SA | 298,976 | 15,474,466 | ||||||
#* | Nicox | 145,865 | 728,886 | |||||
NRJ Group | 81,965 | 561,309 | ||||||
Oeneo SA | 137,066 | 1,556,943 | ||||||
* | OL Groupe SA | 10,735 | 37,248 | |||||
* | Onxeo SA | 246,319 | 145,721 | |||||
#* | Onxeo SA | 48,958 | 28,888 | |||||
#* | Pierre & Vacances SA | 29,600 | 489,890 | |||||
# | Plastivaloire | 52,074 | 352,297 | |||||
PSB Industries SA | 8,805 | 199,428 | ||||||
Quadient | 287,438 | 6,155,847 | ||||||
# | Rallye SA | 156,235 | 1,455,301 |
124
The Continental Small Company Series
continued
Shares | Value» | |||||||
FRANCE — (Continued) | ||||||||
#* | Recylex SA | 102,008 | $ | 408,117 | ||||
Rexel SA | 2,320,855 | 28,772,809 | ||||||
# | Robertet SA | 2,749 | 2,483,757 | |||||
Rothschild & Co. | 99,703 | 2,804,066 | ||||||
Rubis SCA | 608,177 | 35,266,736 | ||||||
# | Samse SA | 8,068 | 1,566,467 | |||||
Savencia SA | 33,888 | 2,250,242 | ||||||
Seche Environnement SA | 16,034 | 608,095 | ||||||
Societe BIC SA | 180,119 | 12,509,884 | ||||||
#* | Societe des Bains de Mer et du Cercle des Etrangers a Monaco | 59,027 | 3,571,434 | |||||
Societe Marseillaise du Tunnel Prado-Carenage SA | 5,211 | 102,676 | ||||||
Societe pour l'Informatique Industrielle | 41,811 | 1,110,068 | ||||||
* | SOITEC | 128,068 | 14,126,076 | |||||
#* | Solocal Group | 4,233,535 | 3,313,486 | |||||
# | Somfy SA | 102,507 | 9,490,559 | |||||
Sopra Steria Group | 104,887 | 14,397,958 | ||||||
SPIE SA | 852,935 | 18,001,576 | ||||||
#* | SRP Groupe SA | 55,158 | 67,223 | |||||
Stef SA | 27,648 | 2,686,113 | ||||||
Sword Group | 37,883 | 1,293,317 | ||||||
# | Synergie SA | 69,728 | 1,979,953 | |||||
# | Tarkett SA | 221,856 | 3,612,781 | |||||
#* | Technicolor SA | 2,040,996 | 1,707,681 | |||||
# | Television Francaise 1 | 615,411 | 5,164,390 | |||||
# | TFF Group | 12,398 | 492,094 | |||||
# | Thermador Groupe | 37,127 | 2,296,613 | |||||
Total Gabon | 3,171 | 460,042 | ||||||
Trigano SA | 55,119 | 4,971,071 | ||||||
# | Union Financiere de France BQE SA | 18,317 | 421,415 | |||||
#* | Vallourec SA | 2,261,226 | 5,492,516 | |||||
* | Valneva SE | 61,086 | 171,022 | |||||
Vetoquinol SA | 19,343 | 1,260,531 | ||||||
Vicat SA | 121,901 | 5,169,149 | ||||||
VIEL & Cie SA | 162,802 | 869,718 | ||||||
Vilmorin & Cie SA | 35,320 | 1,931,603 | ||||||
* | Virbac SA | 21,012 | 5,124,082 | |||||
Vranken-Pommery Monopole SA | 22,338 | 540,802 | ||||||
XPO Logistics Europe SADIR | 33 | 10,965 | ||||||
TOTAL FRANCE | 648,978,367 | |||||||
GERMANY — (15.4%) | ||||||||
# | 1&1 Drillisch AG | 88,600 | 2,372,957 | |||||
7C Solarparken AG | 12,773 | 49,305 | ||||||
Aareal Bank AG | 455,580 | 15,294,593 | ||||||
* | Adler Modemaerkte AG | 47,849 | 181,770 | |||||
#* | ADLER Real Estate AG | 245,889 | 2,834,438 | |||||
ADO Properties SA | 220,260 | 8,983,862 | ||||||
#* | ADVA Optical Networking SE | 364,431 | 2,571,526 | |||||
#* | AIXTRON SE | 549,541 | 5,024,054 | |||||
All for One Group AG | 4,222 | 212,897 | ||||||
# | Allgeier SE | 46,014 | 1,214,247 | |||||
# | Amadeus Fire AG | 41,125 | 5,180,553 | |||||
Atoss Software AG | 2,385 | 358,663 | ||||||
# | Aurubis AG | 300,477 | 14,773,413 | |||||
* | Axel Springer SE | 11,260 | 788,096 | |||||
# | Basler AG | 31,956 | 1,644,692 | |||||
Bauer AG | 82,351 | 1,311,160 | ||||||
BayWa AG | 106,449 | 3,114,073 | ||||||
BayWa AG | 124 | 4,149 |
125
The Continental Small Company Series
continued
Shares | Value» | |||||||
GERMANY — (Continued) | ||||||||
# | Bechtle AG | 225,300 | $ | 24,398,771 | ||||
Bertrandt AG | 42,139 | 2,104,702 | ||||||
bet-at-home.com AG | 21,796 | 1,160,466 | ||||||
# | Bijou Brigitte AG | 22,217 | 1,130,360 | |||||
# | Bilfinger SE | 240,674 | 8,033,813 | |||||
Borussia Dortmund GmbH & Co. KGaA | 602,892 | 5,701,968 | ||||||
CANCOM SE | 243,244 | 13,009,141 | ||||||
* | CECONOMY AG | 1,156,067 | 5,817,573 | |||||
CENIT AG | 53,174 | 721,280 | ||||||
CENTROTEC Sustainable AG | 14,855 | 261,012 | ||||||
Cewe Stiftung & Co. KGAA | 43,060 | 4,141,440 | ||||||
comdirect bank AG | 217,781 | 3,283,529 | ||||||
CompuGroup Medical SE | 182,337 | 11,681,898 | ||||||
# | Corestate Capital Holding SA | 77,099 | 2,875,137 | |||||
CropEnergies AG | 155,852 | 1,215,592 | ||||||
CTS Eventim AG & Co. KGaA | 442,453 | 26,797,580 | ||||||
# | Data Modul AG Produktion Und Vertrieb Von Elektronischen Systemen | 11,455 | 623,111 | |||||
* | DEAG Deutsche Entertainment AG | 28,157 | 132,767 | |||||
Deutsche Beteiligungs AG | 96,185 | 3,905,466 | ||||||
# | Deutsche EuroShop AG | 394,656 | 11,811,918 | |||||
Deutsche Pfandbriefbank AG | 1,033,260 | 14,120,856 | ||||||
Deutz AG | 1,027,597 | 5,717,207 | ||||||
* | Dialog Semiconductor P.L.C. | 621,432 | 27,952,191 | |||||
DIC Asset AG | 435,337 | 6,072,411 | ||||||
DMG Mori AG | 15,692 | 743,433 | ||||||
# | Dr Hoenle AG | 35,751 | 1,856,285 | |||||
Draegerwerk AG & Co. KGaA | 18,322 | 767,484 | ||||||
# | Duerr AG | 410,542 | 12,112,451 | |||||
Eckert & Ziegler Strahlen- und Medizintechnik AG | 32,518 | 5,699,560 | ||||||
# | EDAG Engineering Group AG | 52,516 | 650,807 | |||||
# | Elmos Semiconductor AG | 92,807 | 2,601,178 | |||||
#* | ElringKlinger AG | 204,148 | 1,509,168 | |||||
Energiekontor AG | 2,066 | 45,122 | ||||||
#* | Evotec SE | 543,848 | 12,457,202 | |||||
# | Ferratum Oyj | 64,645 | 590,558 | |||||
Fielmann AG | 153,639 | 11,848,901 | ||||||
First Sensor AG | 44,242 | 1,718,991 | ||||||
FORTEC Elektronik AG | 372 | 8,291 | ||||||
# | Francotyp-Postalia Holding AG, Class A | 55,619 | 221,762 | |||||
Freenet AG | 981,903 | 21,805,853 | ||||||
FRIWO AG | 513 | 11,473 | ||||||
# | Fuchs Petrolub SE | 91,370 | 3,680,216 | |||||
# | GEA Group AG | 890,332 | 27,192,379 | |||||
Gerresheimer AG | 262,222 | 21,146,921 | ||||||
Gesco AG | 56,186 | 1,185,895 | ||||||
# | GFT Technologies SE | 123,639 | 1,087,605 | |||||
Grand City Properties SA | 806,380 | 18,878,443 | ||||||
# | GRENKE AG | 24,428 | 2,310,102 | |||||
* | H&R GmbH & Co. KGaA | 70,149 | 428,285 | |||||
Hamburger Hafen und Logistik AG | 182,979 | 4,740,431 | ||||||
# | Hapag-Lloyd AG | 60,729 | 4,411,661 | |||||
Hawesko Holding AG | 52 | 1,938 | ||||||
#* | Heidelberger Druckmaschinen AG | 1,982,859 | 2,573,212 | |||||
Hella GmbH & Co KGaA | 244,384 | 11,887,773 | ||||||
Highlight Communications AG | 98,406 | 453,332 | ||||||
HolidayCheck Group AG | 222,207 | 606,656 | ||||||
Hornbach Baumarkt AG | 42,848 | 909,840 | ||||||
Hornbach Holding AG & Co. KGaA | 31,349 | 1,894,362 | ||||||
Hugo Boss AG | 488,688 | 20,604,306 |
126
The Continental Small Company Series
continued
Shares | Value» | |||||||
GERMANY — (Continued) | ||||||||
* | Hypoport AG | 310 | $ | 96,075 | ||||
Indus Holding AG | 133,474 | 5,086,815 | ||||||
# | Isra Vision AG | 115,594 | 5,467,458 | |||||
IVU Traffic Technologies AG | 50,314 | 615,381 | ||||||
Jenoptik AG | 391,123 | 11,630,075 | ||||||
# | K+S AG | 1,567,865 | 22,263,660 | |||||
Kampa AG | 7,101 | 0 | ||||||
KION Group AG | 43,790 | 2,913,687 | ||||||
# | Kloeckner & Co. SE | 575,851 | 3,319,481 | |||||
# | Koenig & Bauer AG | 95,477 | 3,155,197 | |||||
# | Krones AG | 114,135 | 7,456,690 | |||||
KSB SE & Co. KGaA | 3,466 | 1,104,015 | ||||||
KWS Saat SE & Co., KGaA | 80,955 | 5,442,014 | ||||||
Lanxess AG | 628,306 | 40,826,813 | ||||||
# | Leifheit AG | 60,321 | 1,436,330 | |||||
#* | Leoni AG | 245,460 | 2,907,640 | |||||
* | LPKF Laser & Electronics AG | 79,814 | 1,237,770 | |||||
#* | Manz AG | 30,876 | 660,494 | |||||
# | MasterFlex SE | 21,291 | 126,929 | |||||
# | Mediclin AG | 88,966 | 549,549 | |||||
#* | Medigene AG | 104,479 | 666,053 | |||||
METRO AG | 359,027 | 5,862,692 | ||||||
MLP SE | 415,171 | 2,120,554 | ||||||
Nemetschek SE | 364,417 | 18,593,427 | ||||||
New Work SE | 20,306 | 6,396,806 | ||||||
# | Nexus AG | 87,089 | 3,083,176 | |||||
#* | Nordex SE | 508,398 | 6,637,531 | |||||
Norma Group SE | 237,761 | 8,728,230 | ||||||
# | OHB SE | 38,414 | 1,522,862 | |||||
# | OSRAM Licht AG | 602,174 | 26,956,108 | |||||
# | Paragon GmbH & Co. KGaA | 14,660 | 190,253 | |||||
Patrizia AG | 358,404 | 7,363,953 | ||||||
# | Pfeiffer Vacuum Technology AG | 53,444 | 8,370,209 | |||||
PNE AG | 493,007 | 2,187,517 | ||||||
Progress-Werk Oberkirch AG | 8,558 | 232,770 | ||||||
ProSiebenSat.1 Media SE | 1,109,960 | 16,390,463 | ||||||
# | PSI Software AG | 50,278 | 1,068,623 | |||||
* | QIAGEN NV | 60,013 | 1,805,134 | |||||
# | QSC AG | 724,521 | 1,000,218 | |||||
* | R Stahl AG | 14,952 | 444,143 | |||||
Rheinmetall AG | 339,164 | 40,905,414 | ||||||
RHOEN-KLINIKUM AG | 233,180 | 4,802,869 | ||||||
RIB Software SE | 292,708 | 7,605,880 | ||||||
* | Rocket Internet SE | 497,217 | 13,203,777 | |||||
# | S&T AG | 316,569 | 6,751,178 | |||||
SAF-Holland SA | 362,112 | 2,556,621 | ||||||
Salzgitter AG | 310,376 | 5,628,062 | ||||||
#* | Schaltbau Holding AG | 32,728 | 1,110,466 | |||||
Schloss Wachenheim AG | 8,017 | 150,971 | ||||||
Scout24 AG | 271,406 | 16,823,467 | ||||||
# | Secunet Security Networks AG | 6,248 | 809,762 | |||||
#* | Senvion SA | 31,747 | 2,408 | |||||
#* | SGL Carbon SE | 293,218 | 1,362,821 | |||||
#* | Shop Apotheke Europe NV | 24,816 | 1,082,414 | |||||
# | Siltronic AG | 153,046 | 14,576,002 | |||||
# | Sixt Leasing SE | 64,806 | 808,415 | |||||
Sixt SE | 96,696 | 9,456,028 | ||||||
#* | SLM Solutions Group AG | 9,386 | 168,459 | |||||
* | SMA Solar Technology AG | 87,177 | 2,725,791 |
127
The Continental Small Company Series
continued
Shares | Value» | |||||||
GERMANY — (Continued) | ||||||||
#* | SMT Scharf AG | 22,763 | $ | 234,750 | ||||
Softing AG | 26,963 | 233,256 | ||||||
Software AG | 395,714 | 12,588,055 | ||||||
Stabilus SA | 170,155 | 9,552,787 | ||||||
STRATEC SE | 24,452 | 1,847,259 | ||||||
# | Stroeer SE & Co. KGaA | 216,062 | 17,407,761 | |||||
Suedzucker AG | 584,233 | 8,407,585 | ||||||
#* | SUESS MicroTec SE | 137,494 | 1,519,426 | |||||
Surteco Group SE | 46,502 | 1,020,272 | ||||||
Syzygy AG | 2,030 | 17,598 | ||||||
TAG Immobilien AG | 1,024,715 | 24,902,336 | ||||||
Takkt AG | 203,963 | 2,425,869 | ||||||
# | Technotrans SE | 47,270 | 895,167 | |||||
#* | Tele Columbus AG | 296,432 | 697,726 | |||||
TLG Immobilien AG | 722,981 | 21,202,568 | ||||||
Traffic Systems SE | 35,766 | 878,384 | ||||||
VERBIO Vereinigte BioEnergie AG | 151,277 | 1,524,392 | ||||||
Vossloh AG | 68,437 | 2,802,451 | ||||||
# | Wacker Chemie AG | 89,853 | 7,039,208 | |||||
# | Wacker Neuson SE | 220,998 | 3,773,117 | |||||
Washtec AG | 76,707 | 3,854,709 | ||||||
Wuestenrot & Wuerttembergische AG | 115,343 | 2,360,264 | ||||||
Zeal Network SE | 53,863 | 1,207,475 | ||||||
TOTAL GERMANY | 940,066,528 | |||||||
GREECE — (0.0%) | ||||||||
Alfa Alfa Energy SA | 3,810 | 0 | ||||||
* | Babis Vovos International Construction SA | 21,073 | 0 | |||||
Elektroniki Athinon SA | 7,497 | 0 | ||||||
* | Neorion Holdings SA | 14,991 | 0 | |||||
TOTAL GREECE | 0 | |||||||
IRELAND — (0.5%) | ||||||||
Bank of Ireland Group P.L.C. | 1,322,638 | 6,375,162 | ||||||
C&C Group P.L.C. | 1,526,948 | 7,517,676 | ||||||
Cairn Homes P.L.C. | 1,141,494 | 1,477,228 | ||||||
* | Datalex P.L.C. | 107,125 | 82,080 | |||||
FBD Holdings P.L.C. | 125,459 | 1,244,835 | ||||||
FBD Holdings P.L.C. | 9,798 | 96,878 | ||||||
Flutter Entertainment P.L.C. | 1,546 | 159,775 | ||||||
Glanbia P.L.C. | 285,853 | 3,188,041 | ||||||
Glanbia P.L.C. | 700,613 | 7,828,606 | ||||||
Irish Continental Group P.L.C. | 575,727 | 2,753,227 | ||||||
Irish Continental Group P.L.C. | 234,200 | 1,153,174 | ||||||
* | Permanent TSB Group Holdings P.L.C. | 165,531 | 218,557 | |||||
TOTAL IRELAND | 32,095,239 | |||||||
ISRAEL — (3.0%) | ||||||||
Adgar Investment and Development, Ltd. | 19,117 | 46,443 | ||||||
* | ADO Group, Ltd. | 99,315 | 2,802,711 | |||||
Afcon Holdings, Ltd. | 1,840 | 95,661 | ||||||
* | AFI Properties, Ltd. | 98,160 | 3,501,079 | |||||
Africa Israel Residences, Ltd. | 2,237 | 61,291 | ||||||
#* | Airport City, Ltd. | 435,460 | 8,222,769 | |||||
* | Albaad Massuot Yitzhak, Ltd. | 2,660 | 18,221 | |||||
* | Allot, Ltd. | 189,732 | 1,473,302 | |||||
Alony Hetz Properties & Investments, Ltd. | 339,929 | 4,907,374 | ||||||
Alrov Properties and Lodgings, Ltd. | 49,177 | 2,134,880 |
128
The Continental Small Company Series
continued
Shares | Value» | |||||||
ISRAEL — (Continued) | ||||||||
Amot Investments, Ltd. | 453,393 | $ | 3,191,558 | |||||
# | Arad, Ltd. | 16,809 | 252,807 | |||||
#* | Arko Holdings, Ltd. | 1,440,389 | 599,934 | |||||
Ashtrom Group, Ltd. | 91,547 | 1,029,996 | ||||||
Ashtrom Properties, Ltd. | 202,423 | 1,345,350 | ||||||
AudioCodes, Ltd. | 178,789 | 3,772,400 | ||||||
#* | Avgol Industries 1953, Ltd. | 468,925 | 425,566 | |||||
* | Azorim-Investment Development & Construction Co., Ltd. | 434,861 | 806,484 | |||||
Bayside Land Corp. | 6,361 | 4,268,832 | ||||||
# | Bet Shemesh Engines Holdings 1997, Ltd. | 18,991 | 777,862 | |||||
Big Shopping Centers, Ltd. | 32,218 | 2,915,045 | ||||||
Blue Square Real Estate, Ltd. | 36,269 | 1,849,459 | ||||||
* | Bonus Biogroup, Ltd. | 613,036 | 81,136 | |||||
* | Brack Capital Properties NV | 17,815 | 2,029,986 | |||||
# | Brainsway, Ltd. | 54,222 | 233,474 | |||||
Camtek, Ltd. | 116,162 | 1,250,841 | ||||||
Carasso Motors, Ltd. | 94,524 | 438,610 | ||||||
* | Cellcom Israel, Ltd. | 379,471 | 969,158 | |||||
#* | Ceragon Networks, Ltd. | 266,244 | 793,407 | |||||
* | Clal Biotechnology Industries, Ltd. | 182,384 | 83,967 | |||||
* | Clal Insurance Enterprises Holdings, Ltd. | 223,643 | 3,449,807 | |||||
Cohen Development & Industrial Buildings, Ltd. | 3,184 | 69,155 | ||||||
#* | Compugen, Ltd. | 197,189 | 959,121 | |||||
# | Danel Adir Yeoshua, Ltd. | 22,019 | 1,609,277 | |||||
Delek Automotive Systems, Ltd. | 222,032 | 863,187 | ||||||
Delta-Galil Industries, Ltd. | 71,758 | 1,818,777 | ||||||
Dor Alon Energy in Israel 1988, Ltd. | 10,182 | 207,503 | ||||||
* | El Al Israel Airlines | 1,110,380 | 428,238 | |||||
Electra Consumer Products 1970, Ltd. | 46,445 | 783,669 | ||||||
* | Electra Real Estate, Ltd. | 16,980 | 119,160 | |||||
Electra, Ltd. | 12,544 | 4,440,188 | ||||||
* | Energix-Renewable Energies, Ltd. | 885,288 | 2,295,955 | |||||
#* | Enlight Renewable Energy, Ltd. | 2,163,770 | 2,564,365 | |||||
* | Equital, Ltd. | 110,847 | 3,212,883 | |||||
* | Evogene, Ltd. | 79,189 | 122,818 | |||||
* | First International Bank Of Israel, Ltd. | 36,746 | 1,008,799 | |||||
FMS Enterprises Migun, Ltd. | 19,186 | 710,454 | ||||||
#* | Foresight Autonomous Holdings, Ltd. | 172,589 | 48,597 | |||||
Formula Systems 1985, Ltd. | 62,881 | 4,189,417 | ||||||
Fox Wizel, Ltd. | 57,530 | 2,226,216 | ||||||
Gilat Satellite Networks, Ltd. | 225,761 | 1,831,523 | ||||||
# | Hadera Paper, Ltd. | 24,531 | 1,179,750 | |||||
#* | Hamlet Israel-Canada, Ltd. | 32,722 | 638,226 | |||||
Harel Insurance Investments & Financial Services, Ltd. | 757,790 | 6,060,335 | ||||||
Hilan, Ltd. | 98,707 | 4,365,248 | ||||||
# | IDI Insurance Co., Ltd. | 44,710 | 1,597,702 | |||||
IES Holdings, Ltd. | 1 | 73 | ||||||
* | Industrial Buildings Corp., Ltd. | 1,009,017 | 2,239,180 | |||||
# | Inrom Construction Industries, Ltd. | 359,992 | 1,353,766 | |||||
#* | Intercure, Ltd. | 52,127 | 69,933 | |||||
Israel Canada T.R, Ltd. | 76,478 | 143,107 | ||||||
Israel Land Development - Urban Renewal, Ltd. | 31,316 | 325,958 | ||||||
# | Isras Investment Co., Ltd. | 5,159 | 1,131,603 | |||||
Issta Lines, Ltd. | 11,573 | 227,413 | ||||||
#* | Kamada, Ltd. | 204,692 | 1,070,569 | |||||
Kenon Holdings, Ltd. | 110,996 | 2,430,689 | ||||||
Kerur Holdings, Ltd. | 31,380 | 863,747 | ||||||
# | Klil Industries, Ltd. | 5,696 | 478,197 | |||||
Magic Software Enterprises, Ltd. | 133,292 | 1,262,039 |
129
The Continental Small Company Series
continued
Shares | Value» | |||||||
ISRAEL — (Continued) | ||||||||
Matrix IT, Ltd. | 238,821 | $ | 4,389,394 | |||||
# | Maytronics, Ltd. | 283,393 | 2,486,154 | |||||
Mediterranean Towers, Ltd. | 326,956 | 935,426 | ||||||
# | Mega Or Holdings, Ltd. | 81,523 | 1,937,851 | |||||
#* | Mehadrin, Ltd. | 3,072 | 118,750 | |||||
Meitav Dash Investments, Ltd. | 100,871 | 409,589 | ||||||
Melisron, Ltd. | 48,502 | 2,940,899 | ||||||
Menora Mivtachim Holdings, Ltd. | 183,483 | 2,942,839 | ||||||
Migdal Insurance & Financial Holding, Ltd. | 2,546,207 | 2,642,936 | ||||||
Minrav Holdings, Ltd. | 263 | 38,521 | ||||||
Mivtach Shamir Holdings, Ltd. | 24,053 | 470,448 | ||||||
Municipal Bank, Ltd. | 1,031 | 221,514 | ||||||
Naphtha Israel Petroleum Corp., Ltd. | 244,337 | 1,369,236 | ||||||
* | Nawi Brothers, Ltd. | 107,829 | 685,806 | |||||
Neto ME Holdings, Ltd. | 8,982 | 765,584 | ||||||
* | Nova Measuring Instruments, Ltd. | 182,733 | 6,134,559 | |||||
# | NR Spuntech Industries, Ltd. | 76,176 | 131,990 | |||||
Oil Refineries, Ltd. | 9,073,048 | 4,658,322 | ||||||
One Software Technologies, Ltd. | 1,451 | 102,078 | ||||||
# | OPC Energy, Ltd. | 37,641 | 303,902 | |||||
* | Partner Communications Co., Ltd. | 816,972 | 3,682,638 | |||||
# | Paz Oil Co., Ltd. | 56,718 | 8,696,982 | |||||
* | Perion Network, Ltd. | 12,378 | 66,219 | |||||
Phoenix Holdings, Ltd. (The) | 571,475 | 3,485,891 | ||||||
Plasson Industries, Ltd. | 20,585 | 960,072 | ||||||
Pluristem Therapeutics, Inc. | 17,233 | 5,730 | ||||||
* | Pluristem Therapeutics, Inc. | 1,813 | 6,027 | |||||
# | Rami Levy Chain Stores Hashikma Marketing 2006, Ltd. | 50,072 | 2,798,997 | |||||
#* | Redhill Biopharma, Ltd. | 613,939 | 413,917 | |||||
# | Scope Metals Group, Ltd. | 47,147 | 1,145,799 | |||||
Shapir Engineering and Industry, Ltd. | 593,025 | 2,939,666 | ||||||
# | Shikun & Binui, Ltd. | 1,337,236 | 5,306,626 | |||||
# | Shufersal, Ltd. | 702,742 | 4,751,970 | |||||
Summit Real Estate Holdings, Ltd. | 202,039 | 2,582,629 | ||||||
* | Suny Cellular Communication, Ltd. | 473,129 | 236,348 | |||||
Tadiran Holdings, Ltd. | 14,981 | 524,892 | ||||||
* | Tower Semiconductor, Ltd. | 131,252 | 2,900,959 | |||||
* | Union Bank of Israel | 199,952 | 970,705 | |||||
YH Dimri Construction & Development, Ltd. | 3,893 | 105,977 | ||||||
TOTAL ISRAEL | 184,044,089 | |||||||
ITALY — (9.7%) | ||||||||
#* | A.S. Roma SpA | 856,401 | 479,988 | |||||
A2A SpA | 10,193,924 | 20,464,068 | ||||||
ACEA SpA | 407,737 | 8,114,741 | ||||||
#* | Aeffe SpA | 310,503 | 530,473 | |||||
Amplifon SpA | 702,969 | 17,678,490 | ||||||
Anima Holding SpA | 1,876,634 | 8,146,595 | ||||||
# | Aquafil SpA | 83,289 | 650,583 | |||||
* | Arnoldo Mondadori Editore SpA | 1,200,844 | 2,680,322 | |||||
Ascopiave SpA | 574,531 | 2,389,402 | ||||||
Autogrill SpA | 976,190 | 9,651,368 | ||||||
Autostrade Meridionali SpA | 3,917 | 131,607 | ||||||
Avio SpA | 90,389 | 1,234,549 | ||||||
Azimut Holding SpA | 925,979 | 19,041,483 | ||||||
B&C Speakers SpA | 18,289 | 255,083 | ||||||
#* | Banca Carige SpA | 148,414,098 | 99,316 | |||||
Banca Farmafactoring SpA | 752,190 | 4,558,254 | ||||||
# | Banca Finnat Euramerica SpA | 616,149 | 185,517 |
130
The Continental Small Company Series
continued
Shares | Value» | |||||||
ITALY — (Continued) | ||||||||
Banca Generali SpA | 431,373 | $ | 14,082,798 | |||||
Banca IFIS SpA | 166,228 | 2,820,111 | ||||||
#* | Banca Monte dei Paschi di Siena SpA | 213,039 | 343,323 | |||||
Banca Popolare di Sondrio SCPA | 3,145,191 | 6,290,087 | ||||||
# | Banca Profilo SpA | 1,814,636 | 321,918 | |||||
Banca Sistema SpA | 338,669 | 608,916 | ||||||
#* | Banco BPM SpA | 12,626,497 | 28,742,468 | |||||
# | Banco di Desio e della Brianza SpA | 238,796 | 541,001 | |||||
BasicNet SpA | 169,891 | 912,718 | ||||||
BE | 564,587 | 682,782 | ||||||
Biesse SpA | 88,272 | 1,105,608 | ||||||
BPER Banca | 3,576,937 | 16,002,455 | ||||||
# | Brunello Cucinelli SpA | 251,092 | 7,870,161 | |||||
Buzzi Unicem SpA | 632,779 | 15,268,082 | ||||||
Cairo Communication SpA | 546,490 | 1,405,716 | ||||||
# | Carraro SpA | 162,374 | 337,819 | |||||
Cembre SpA | 10,902 | 259,579 | ||||||
Cementir Holding NV | 361,631 | 2,432,465 | ||||||
Cerved Group SpA | 1,380,566 | 13,436,335 | ||||||
CIR-Compagnie Industriali Riunite SpA | 2,650,178 | 2,730,163 | ||||||
Credito Emiliano SpA | 583,283 | 3,373,520 | ||||||
#* | Credito Valtellinese SpA | 49,592,616 | 3,378,097 | |||||
#* | d'Amico International Shipping SA | 2,577,810 | 378,475 | |||||
# | Danieli & C Officine Meccaniche SpA | 101,008 | 1,745,341 | |||||
Datalogic SpA | 126,734 | 1,961,994 | ||||||
De' Longhi SpA | 416,772 | 7,676,856 | ||||||
DeA Capital SpA | 778,374 | 1,186,983 | ||||||
DiaSorin SpA | 83,904 | 9,460,254 | ||||||
doValue SpA | 82,498 | 975,729 | ||||||
El.En. SpA | 34,312 | 973,350 | ||||||
#* | Elica SpA | 150,740 | 403,531 | |||||
Emak SpA | 388,913 | 368,174 | ||||||
Enav SpA | 1,348,216 | 7,851,352 | ||||||
ERG SpA | 420,457 | 8,899,684 | ||||||
Esprinet SpA | 235,490 | 978,279 | ||||||
#* | Eurotech SpA | 276,627 | 2,711,974 | |||||
* | Expert System SpA | 45,395 | 149,330 | |||||
#* | Exprivia SpA | 109,673 | 99,236 | |||||
Falck Renewables SpA | 988,254 | 4,404,833 | ||||||
Fiera Milano SpA | 182,588 | 892,803 | ||||||
# | Fila SpA | 141,852 | 2,437,002 | |||||
#* | Fincantieri SpA | 3,883,790 | 4,098,325 | |||||
# | FinecoBank Banca Fineco SpA | 135,509 | 1,527,638 | |||||
FNM SpA | 1,333,873 | 875,725 | ||||||
# | Freni Brembo SpA | 1,149,779 | 12,232,960 | |||||
* | GEDI Gruppo Editoriale SpA | 927,122 | 291,275 | |||||
# | Gefran SpA | 37,987 | 292,159 | |||||
Geox SpA | 604,392 | 842,528 | ||||||
# | Gima TT SpA | 59,692 | 462,224 | |||||
Gruppo MutuiOnline SpA | 169,566 | 3,366,870 | ||||||
* | Guala Closures SpA | 27,660 | 200,551 | |||||
Hera SpA | 6,455,969 | 27,655,462 | ||||||
# | Illimity Bank SpA | 61,470 | 598,067 | |||||
# | IMA Industria Macchine Automatiche SpA | 129,592 | 8,823,710 | |||||
* | IMMSI SpA | 1,338,219 | 845,235 | |||||
* | Intek Group SpA | 1,988,916 | 643,136 | |||||
Interpump Group SpA | 569,177 | 15,603,014 | ||||||
Iren SpA | 5,087,546 | 15,794,083 | ||||||
Italgas SpA | 3,818,401 | 24,581,718 |
131
The Continental Small Company Series
continued
Shares | Value» | |||||||
ITALY — (Continued) | ||||||||
Italmobiliare SpA | 66,013 | $ | 1,765,923 | |||||
IVS Group SA | 56,191 | 609,599 | ||||||
#* | Juventus Football Club SpA | 3,178,690 | 4,984,416 | |||||
La Doria SpA | 80,464 | 793,099 | ||||||
# | Maire Tecnimont SpA | 1,175,046 | 3,078,963 | |||||
MARR SpA | 234,377 | 4,925,576 | ||||||
Massimo Zanetti Beverage Group SpA | 65,668 | 420,258 | ||||||
#* | Mediaset SpA | 3,820,606 | 11,426,519 | |||||
# | Openjobmetis SpA agenzia per il lavoro | 63,025 | 523,660 | |||||
#* | OVS SpA | 1,309,356 | 2,612,760 | |||||
Piaggio & C SpA | 1,557,750 | 4,902,338 | ||||||
# | Pirelli & C SpA | 880,923 | 5,092,516 | |||||
# | Prima Industrie SpA | 32,468 | 479,275 | |||||
# | Prysmian SpA | 442,254 | 10,230,350 | |||||
RAI Way SpA | 549,510 | 3,389,036 | ||||||
# | Reno de Medici SpA | 1,282,618 | 1,066,974 | |||||
Reply SpA | 150,466 | 9,805,317 | ||||||
Retelit SpA | 812,002 | 1,518,385 | ||||||
Richard-Ginori 1735 SpA | 8,489 | 0 | ||||||
# | Rizzoli Corriere Della Sera Mediagroup SpA | 1,132,439 | 1,163,220 | |||||
Sabaf SpA | 49,948 | 668,309 | ||||||
SAES Getters SpA | 26,758 | 754,936 | ||||||
* | Safilo Group SpA | 233,748 | 249,300 | |||||
#* | Saipem SpA | 5,057,693 | 22,957,059 | |||||
#* | Salini Impregilo SpA | 1,282,257 | 2,610,663 | |||||
Salvatore Ferragamo SpA | 377,547 | 7,061,246 | ||||||
Saras SpA | 4,486,402 | 8,615,746 | ||||||
Servizi Italia SpA | 62,874 | 191,509 | ||||||
Sesa SpA | 55,676 | 2,478,093 | ||||||
Societa Cattolica di Assicurazioni SC | 1,232,188 | 10,748,637 | ||||||
Societa Iniziative Autostradali e Servizi SpA | 338,188 | 5,848,235 | ||||||
#* | Sogefi SpA | 332,859 | 520,917 | |||||
# | SOL SpA | 171,736 | 2,010,767 | |||||
Tamburi Investment Partners SpA | 805,238 | 5,760,180 | ||||||
# | Technogym SpA | 667,996 | 7,369,809 | |||||
* | Tinexta S.p.A. | 139,927 | 2,058,677 | |||||
# | Tod's SpA | 73,658 | 3,490,792 | |||||
#* | TREVI - Finanziaria Industriale SpA | 114,680 | 32,089 | |||||
# | TXT e-solutions SpA | 40,719 | 383,684 | |||||
Unieuro SpA | 67,560 | 978,536 | ||||||
# | Unione di Banche Italiane SpA | 7,724,232 | 23,530,091 | |||||
Unipol Gruppo SpA | 3,250,383 | 18,140,593 | ||||||
UnipolSai Assicurazioni SpA | 348,889 | 973,734 | ||||||
Zignago Vetro SpA | 200,088 | 2,278,074 | ||||||
TOTAL ITALY | 590,027,681 | |||||||
NETHERLANDS — (6.4%) | ||||||||
Aalberts NV | 728,381 | 29,352,137 | ||||||
Accell Group NV | 157,310 | 3,907,613 | ||||||
* | AFC Ajax NV | 13,955 | 298,086 | |||||
#* | Altice Europe NV | 4,683,910 | 26,800,426 | |||||
* | Altice Europe NV, Class B | 159,363 | 915,885 | |||||
# | AMG Advanced Metallurgical Group NV | 184,488 | 4,539,063 | |||||
Amsterdam Commodities NV | 119,553 | 2,575,420 | ||||||
APERAM SA | 390,560 | 10,006,930 | ||||||
Arcadis NV | 538,893 | 10,653,936 | ||||||
ASM International NV | 331,781 | 33,450,744 | ||||||
ASR Nederland NV | 688,282 | 25,231,450 | ||||||
Atag Group NV | 4,630 | 0 |
132
The Continental Small Company Series
continued
Shares | Value» | |||||||
NETHERLANDS — (Continued) | ||||||||
* | Basic-Fit NV | 181,080 | $ | 5,538,327 | ||||
BE Semiconductor Industries NV | 589,568 | 21,856,942 | ||||||
#* | Beter Bed Holding NV | 22,883 | 56,621 | |||||
# | Boskalis Westminster | 653,419 | 14,382,444 | |||||
# | Brunel International NV | 158,072 | 1,463,819 | |||||
Corbion NV | 418,361 | 12,086,154 | ||||||
Flow Traders | 226,049 | 5,323,538 | ||||||
ForFarmers NV | 217,117 | 1,317,265 | ||||||
#* | Fugro NV | 597,586 | 5,416,950 | |||||
GrandVision NV | 173,216 | 5,295,229 | ||||||
#* | Heijmans NV | 163,686 | 1,325,494 | |||||
Hunter Douglas NV | 24,041 | 1,540,031 | ||||||
IMCD NV | 357,303 | 27,899,685 | ||||||
# | Intertrust NV | 464,189 | 8,836,472 | |||||
# | Kendrion NV | 107,439 | 2,282,547 | |||||
# | Koninklijke BAM Groep NV | 1,955,582 | 4,964,917 | |||||
# | Koninklijke Vopak NV | 232,211 | 12,756,663 | |||||
* | Lucas Bols NV | 20,321 | 322,818 | |||||
Nederland Apparatenfabriek | 33,193 | 1,782,175 | ||||||
* | OCI NV | 327,478 | 7,363,135 | |||||
Ordina NV | 673,792 | 1,376,659 | ||||||
# | PostNL NV | 3,398,256 | 7,807,912 | |||||
SBM Offshore NV | 1,376,758 | 23,742,884 | ||||||
# | SIF Holding NV | 35,317 | 509,142 | |||||
Signify NV | 712,323 | 20,871,103 | ||||||
# | Sligro Food Group NV | 166,919 | 4,248,554 | |||||
# | SNS NV | 705,718 | 0 | |||||
* | Takeaway.com NV | 233,901 | 19,078,929 | |||||
TKH Group NV | 272,075 | 13,947,250 | ||||||
TomTom NV | 545,686 | 6,179,638 | ||||||
Van Lanschot Kempen NV | 77,449 | 1,785,662 | ||||||
TOTAL NETHERLANDS | 389,090,649 | |||||||
NORWAY — (2.3%) | ||||||||
ABG Sundal Collier Holding ASA | 2,436,095 | 900,420 | ||||||
AF Gruppen ASA | 68,590 | 1,319,986 | ||||||
* | Akastor ASA | 1,077,318 | 1,221,652 | |||||
* | Aker Solutions ASA | 1,116,886 | 2,578,737 | |||||
American Shipping Co. ASA | 208,951 | 815,465 | ||||||
#* | Archer, Ltd. | 745,010 | 281,942 | |||||
Arendals Fossekompani A.S. | 90 | 22,106 | ||||||
Atea ASA | 530,643 | 6,704,897 | ||||||
Austevoll Seafood ASA | 310,041 | 3,130,818 | ||||||
* | Avance Gas Holding, Ltd. | 414,113 | 1,891,682 | |||||
#* | Axactor SE | 856,868 | 1,660,378 | |||||
# | B2Holding ASA | 1,157,660 | 1,025,184 | |||||
Bonheur ASA | 142,873 | 2,822,452 | ||||||
Borregaard ASA | 743,872 | 7,167,161 | ||||||
BW LPG, Ltd. | 735,889 | 5,153,714 | ||||||
* | BW Offshore, Ltd. | 837,993 | 6,400,237 | |||||
Data Respons ASA | 24,347 | 96,627 | ||||||
# | DNO ASA | 4,227,991 | 5,137,951 | |||||
#* | DOF ASA | 264,493 | 39,836 | |||||
Europris ASA | 1,202,990 | 3,264,762 | ||||||
#* | FLEX LNG, Ltd. | 160,293 | 1,486,399 | |||||
* | Frontline, Ltd. | 584,049 | 6,144,047 | |||||
#* | Funcom NV | 448,602 | 655,039 | |||||
Grieg Seafood ASA | 375,532 | 4,605,388 | ||||||
#* | Hexagon Composites ASA | 655,884 | 2,216,733 |
133
The Continental Small Company Series
continued
Shares | Value» | |||||||
NORWAY — (Continued) | ||||||||
Hoegh LNG Holdings, Ltd. | 261,647 | $ | 1,011,151 | |||||
#* | IDEX ASA | 506,708 | 31,837 | |||||
Itera ASA | 10,713 | 10,714 | ||||||
* | Kongsberg Automotive ASA | 2,171,519 | 1,131,222 | |||||
Kongsberg Gruppen ASA | 79,924 | 1,180,749 | ||||||
# | Kvaerner ASA | 1,605,790 | 2,038,016 | |||||
Magnora ASA | 138,602 | 98,009 | ||||||
#* | NEL ASA | 8,250,620 | 7,153,622 | |||||
#* | Nordic Nanovector ASA | 328,770 | 739,549 | |||||
#* | Nordic Semiconductor ASA | 1,023,022 | 5,826,881 | |||||
# | Norway Royal Salmon ASA | 93,756 | 2,215,677 | |||||
#* | Norwegian Air Shuttle ASA | 490,935 | 2,386,790 | |||||
* | Norwegian Finans Holding ASA | 654,515 | 6,321,395 | |||||
# | Norwegian Property ASA | 43,744 | 62,809 | |||||
# | Ocean Yield ASA | 349,992 | 1,957,071 | |||||
* | Odfjell Drilling, Ltd. | 654,039 | 1,897,101 | |||||
* | Odfjell SE, Class A | 137,586 | 432,710 | |||||
Olav Thon Eiendomsselskap ASA | 116,521 | 1,851,736 | ||||||
* | Otello Corp. ASA | 587,281 | 986,305 | |||||
#* | Panoro Energy ASA | 336,949 | 915,790 | |||||
* | PGS ASA | 2,204,670 | 3,731,355 | |||||
#* | PhotoCure ASA | 106,211 | 678,697 | |||||
* | Prosafe SE | 319,687 | 250,522 | |||||
#* | Protector Forsikring ASA | 442,424 | 2,232,151 | |||||
* | Q-Free ASA | 179,836 | 130,201 | |||||
#* | REC Silicon ASA | 1,551,847 | 520,176 | |||||
Sbanken ASA | 479,365 | 3,405,773 | ||||||
# | Scatec Solar ASA | 570,555 | 6,347,297 | |||||
Selvaag Bolig ASA | 298,532 | 1,646,939 | ||||||
# | Solon Eiendom ASA | 56,855 | 207,573 | |||||
Stolt-Nielsen, Ltd. | 189,009 | 2,327,666 | ||||||
TGS NOPEC Geophysical Co. ASA | 69,467 | 1,804,153 | ||||||
Treasure ASA | 314,079 | 465,491 | ||||||
Veidekke ASA | 713,127 | 7,733,003 | ||||||
# | Wallenius Wilhelmsen ASA | 227,598 | 496,473 | |||||
Wilh Wilhelmsen Holding ASA, Class A | 68,304 | 1,061,381 | ||||||
#* | XXL ASA | 355,913 | 729,558 | |||||
TOTAL NORWAY | 138,761,156 | |||||||
PORTUGAL — (1.0%) | ||||||||
Altri SGPS SA | 569,324 | 3,475,233 | ||||||
Banco Comercial Portugues SA, Class R | 64,683,272 | 14,668,477 | ||||||
Banco Espirito Santo SA | 4,777,921 | 0 | ||||||
# | CTT-Correios de Portugal SA | 1,106,710 | 3,538,222 | |||||
# | Ibersol SGPS SA | 36,721 | 307,333 | |||||
# | Mota-Engil SGPS SA | 798,468 | 1,768,736 | |||||
Navigator Co. SA (The) | 2,044,995 | 7,379,804 | ||||||
NOS SGPS SA | 2,046,029 | 12,164,149 | ||||||
Novabase SGPS SA | 72,649 | 203,968 | ||||||
REN - Redes Energeticas Nacionais SGPS SA | 3,152,817 | 9,358,221 | ||||||
Semapa-Sociedade de Investimento e Gestao | 174,523 | 2,403,557 | ||||||
Sonae Capital SGPS SA | 789,547 | 622,239 | ||||||
Sonae SGPS SA | 6,828,206 | 6,889,237 | ||||||
TOTAL PORTUGAL | 62,779,176 | |||||||
SPAIN — (6.0%) | ||||||||
Acciona SA | 190,411 | 19,836,689 | ||||||
Acerinox SA | 1,257,724 | 11,791,597 |
134
The Continental Small Company Series
continued
Shares | Value» | |||||||
SPAIN — (Continued) | ||||||||
#* | Adveo Group International SA | 84,445 | $ | 8,561 | ||||
Alantra Partners SA | 69,717 | 1,185,124 | ||||||
# | Almirall SA | 478,628 | 8,989,625 | |||||
#* | Amper SA | 6,171,198 | 1,798,238 | |||||
Applus Services SA | 915,222 | 11,059,916 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA | 609,294 | 2,549,947 | ||||||
Azkoyen SA | 67,253 | 514,568 | ||||||
Banco de Sabadell SA | 9,595,372 | 10,547,514 | ||||||
Bankia SA | 1,000,773 | 1,909,294 | ||||||
Bankinter SA | 1,851,705 | 12,824,712 | ||||||
Bolsas y Mercados Espanoles SHMSF SA | 501,422 | 13,909,053 | ||||||
#* | Caja de Ahorros del Mediterraneo | 116,412 | 0 | |||||
Cellnex Telecom S.A. | 198,576 | 8,562,098 | ||||||
# | Cellnex Telecom SA | 684,045 | 29,515,742 | |||||
Cia de Distribucion Integral Logista Holdings SA | 363,381 | 7,619,010 | ||||||
CIE Automotive SA | 504,560 | 12,567,242 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 129,944 | 5,835,368 | ||||||
#* | Deoleo SA | 1,879,523 | 100,284 | |||||
#* | Distribuidora Internacional de Alimentacion SA | 18,821 | 3,675 | |||||
Ebro Foods SA | 533,238 | 11,706,106 | ||||||
#* | eDreams ODIGEO SA | 410,996 | 1,888,312 | |||||
Elecnor SA | 200,108 | 2,310,610 | ||||||
Enagas SA | 945,913 | 23,406,228 | ||||||
# | Ence Energia y Celulosa SA | 1,139,858 | 4,501,137 | |||||
Ercros SA | 793,840 | 2,023,618 | ||||||
Euskaltel SA | 530,684 | 4,942,113 | ||||||
Faes Farma SA | 2,028,081 | 11,654,515 | ||||||
* | Fluidra SA | 357,448 | 4,460,692 | |||||
Fomento de Construcciones y Contratas SA | 330,043 | 3,993,663 | ||||||
* | Global Dominion Access SA | 710,368 | 2,982,214 | |||||
Grupo Catalana Occidente SA | 248,935 | 8,721,249 | ||||||
#* | Grupo Empresarial San Jose SA | 153,495 | 1,188,138 | |||||
#* | Grupo Ezentis SA | 1,683,706 | 957,605 | |||||
Iberpapel Gestion SA | 47,911 | 1,318,636 | ||||||
#* | Indra Sistemas SA | 859,495 | 8,302,813 | |||||
Laboratorios Farmaceuticos Rovi SA | 72,954 | 1,780,179 | ||||||
Liberbank SA | 13,599,029 | 4,356,582 | ||||||
* | Masmovil Ibercom SA | 397,063 | 9,193,442 | |||||
Mediaset Espana Comunicacion SA | 1,072,499 | 6,562,470 | ||||||
Melia Hotels International SA | 793,796 | 6,472,756 | ||||||
# | Miquel y Costas & Miquel SA | 145,855 | 2,451,232 | |||||
#* | Obrascon Huarte Lain SA | 926,681 | 1,068,383 | |||||
#* | Pharma Mar SA | 1,334,762 | 2,842,868 | |||||
Prim SA | 39,523 | 473,609 | ||||||
* | Promotora de Informaciones SA, Class A | 2,378,213 | 3,533,053 | |||||
Prosegur Cia de Seguridad SA | 1,802,082 | 6,993,269 | ||||||
#* | Quabit Inmobiliaria SA | 822,731 | 720,202 | |||||
* | Realia Business SA | 1,782,137 | 1,758,419 | |||||
Renta 4 Banco SA | 442 | 3,251 | ||||||
Sacyr S.A. | 3,190,457 | 9,077,387 | ||||||
#* | Solaria Energia y Medio Ambiente SA | 395,783 | 3,064,788 | |||||
* | Talgo SA | 644,045 | 4,025,575 | |||||
* | Tecnicas Reunidas SA | 202,691 | 5,102,110 | |||||
Tubacex SA | 799,622 | 2,373,166 | ||||||
# | Unicaja Banco SA | 1,933,461 | 1,750,914 | |||||
# | Vidrala SA | 110,672 | 9,620,602 | |||||
# | Viscofan SA | 281,337 | 15,257,811 | |||||
Vocento SA | 352,577 | 477,808 |
135
The Continental Small Company Series
continued
Shares | Value» | |||||||
SPAIN — (Continued) | ||||||||
Zardoya Otis SA | 1,139,409 | $ | 8,639,070 | |||||
TOTAL SPAIN | 363,084,852 | |||||||
SWEDEN — (7.2%) | ||||||||
* | AcadeMedia AB | 363,816 | 1,842,150 | |||||
* | Adapteo Oyj | 277,432 | 3,037,326 | |||||
AddLife AB, Class B | 85,418 | 1,914,007 | ||||||
AddNode Group AB | 84,058 | 1,499,940 | ||||||
AddTech AB, Class B | 383,287 | 10,666,255 | ||||||
AF POYRY AB | 691,852 | 14,728,185 | ||||||
Alimak Group AB | 255,129 | 3,364,057 | ||||||
* | Arise AB | 36,861 | 103,086 | |||||
Arjo AB, Class B | 699,340 | 2,884,306 | ||||||
Atrium Ljungberg AB, Class B | 248,215 | 4,942,652 | ||||||
# | Attendo AB | 668,745 | 3,414,681 | |||||
# | Avanza Bank Holding AB | 813,250 | 6,938,367 | |||||
BE Group AB | 27,710 | 107,920 | ||||||
Beijer Alma AB | 284,395 | 3,657,334 | ||||||
# | Beijer Electronics Group AB | 91,696 | 476,495 | |||||
Beijer Ref AB | 449,196 | 12,127,056 | ||||||
Bergman & Beving AB | 193,579 | 1,693,601 | ||||||
Besqab AB | 21,962 | 328,120 | ||||||
# | Betsson AB | 985,787 | 4,855,584 | |||||
Bilia AB, Class A | 664,671 | 6,670,201 | ||||||
# | BillerudKorsnas AB | 446,332 | 5,368,068 | |||||
BioGaia AB, Class B | 122,939 | 4,684,206 | ||||||
Biotage AB | 460,673 | 4,758,816 | ||||||
Bjorn Borg AB | 99,769 | 225,640 | ||||||
Bonava AB, Class B | 461,683 | 4,452,743 | ||||||
Bravida Holding AB | 947,317 | 8,729,138 | ||||||
Bufab AB | 216,910 | 2,365,824 | ||||||
# | Bulten AB | 119,933 | 736,251 | |||||
Bure Equity AB | 451,708 | 6,981,992 | ||||||
#* | Byggmax Group AB | 388,681 | 1,090,912 | |||||
Catena AB | 151,646 | 5,554,738 | ||||||
* | Cavotec SA | 79,682 | 116,509 | |||||
Clas Ohlson AB, Class B | 148,783 | 1,431,598 | ||||||
Cloetta AB, Class B | 1,704,263 | 5,786,880 | ||||||
* | Collector AB | 144,838 | 705,176 | |||||
Concentric AB | 372,059 | 4,974,435 | ||||||
Coor Service Management Holding AB | 263,417 | 2,251,611 | ||||||
Corem Property Group AB, Class B | 163,626 | 364,705 | ||||||
Dios Fastigheter AB | 859,999 | 7,164,452 | ||||||
Dometic Group AB | 1,028,220 | 9,546,229 | ||||||
* | Doro AB | 155,569 | 676,870 | |||||
Duni AB | 218,979 | 2,937,005 | ||||||
# | Dustin Group AB | 452,450 | 3,607,132 | |||||
Eastnine AB | 126,421 | 1,548,212 | ||||||
Elanders AB, Class B | 54,920 | 472,852 | ||||||
#* | Eltel AB | 201,453 | 435,217 | |||||
* | Enea AB | 93,905 | 1,586,028 | |||||
eWork Group AB | 32,666 | 233,463 | ||||||
# | Fagerhult AB | 295,890 | 1,755,609 | |||||
Fenix Outdoor International AG | 19,372 | 1,810,749 | ||||||
#* | Fingerprint Cards AB, Class B | 634,700 | 1,180,694 | |||||
Granges AB | 548,678 | 5,341,005 | ||||||
Gunnebo AB | 242,183 | 607,132 | ||||||
Haldex AB | 263,231 | 1,325,304 | ||||||
# | Heba Fastighets AB, Class B | 133,938 | 1,097,356 |
136
The Continental Small Company Series
continued
Shares | Value» | |||||||
SWEDEN — (Continued) | ||||||||
* | Hembla AB | 152,541 | $ | 3,401,932 | ||||
Hemfosa Fastigheter AB | 1,375,665 | 14,176,231 | ||||||
# | Hexpol AB | 158,720 | 1,416,127 | |||||
HIQ International AB | 166,331 | 824,299 | ||||||
# | HMS Networks AB | 130,365 | 1,675,643 | |||||
* | Hoist Finance AB | 445,011 | 2,442,242 | |||||
Humana AB | 76,769 | 460,967 | ||||||
Inwido AB | 431,589 | 2,875,814 | ||||||
JM AB | 535,651 | 13,721,617 | ||||||
Kindred Group P.L.C. | 1,200,537 | 8,710,344 | ||||||
Klovern AB, Class B | 4,192,728 | 7,323,505 | ||||||
KNOW IT AB | 205,187 | 4,038,980 | ||||||
Kungsleden AB | 1,454,460 | 13,217,068 | ||||||
Lagercrantz Group AB, Class B | 467,176 | 6,010,766 | ||||||
Lindab International AB | 605,276 | 6,770,228 | ||||||
Loomis AB, Class B | 352,992 | 13,667,646 | ||||||
#* | Medivir AB, Class B | 169,635 | 409,848 | |||||
#* | Mekonomen AB | 282,646 | 2,407,601 | |||||
* | Modern Times Group MTG AB, Class B | 219,094 | 2,031,810 | |||||
Momentum Group AB, Class B | 180,501 | 1,940,566 | ||||||
# | Mycronic AB | 476,989 | 7,939,567 | |||||
Nederman Holding AB | 29,566 | 364,898 | ||||||
#* | Net Insight AB, Class B | 1,129,868 | 206,445 | |||||
NetEnt AB | 1,474,929 | 4,172,286 | ||||||
New Wave Group AB, Class B | 440,390 | 2,562,286 | ||||||
Nobia AB | 871,514 | 5,564,615 | ||||||
Nobina AB | 738,622 | 4,678,794 | ||||||
Nolato AB, Class B | 176,156 | 9,869,979 | ||||||
Nordic Entertainment Group AB, Class B | 46,218 | 1,313,765 | ||||||
Nordic Waterproofing Holding A.S. | 57,361 | 559,345 | ||||||
# | NP3 Fastigheter AB | 149,604 | 1,544,442 | |||||
* | Nyfosa AB | 1,248,769 | 8,345,212 | |||||
OEM International AB, Class B | 46,319 | 979,140 | ||||||
Opus Group AB | 1,440,504 | 779,417 | ||||||
Peab AB | 1,002,857 | 8,456,543 | ||||||
Platzer Fastigheter Holding AB, Class B | 249,458 | 2,498,179 | ||||||
Pricer AB, Class B | 884,404 | 1,322,078 | ||||||
Proact IT Group AB | 62,004 | 980,288 | ||||||
#* | Qliro Group AB | 857,613 | 765,480 | |||||
Ratos AB, Class B | 1,479,999 | 3,819,540 | ||||||
* | RaySearch Laboratories AB | 165,675 | 2,659,482 | |||||
# | Recipharm AB, Class B | 339,783 | 4,838,790 | |||||
Resurs Holding AB | 612,798 | 3,608,847 | ||||||
Rottneros AB | 704,234 | 789,220 | ||||||
Sagax AB, Class B | 312,484 | 3,599,277 | ||||||
* | SAS AB | 2,103,222 | 3,288,520 | |||||
Scandi Standard AB | 401,353 | 2,953,855 | ||||||
Scandic Hotels Group AB | 368,627 | 3,546,924 | ||||||
Sectra AB, Class B | 111,485 | 3,712,115 | ||||||
Semcon AB | 115,027 | 709,895 | ||||||
#* | Sensys Gatso Group AB | 2,274,070 | 333,259 | |||||
SkiStar AB | 330,885 | 3,970,796 | ||||||
Sweco AB, Class B | 180,253 | 6,342,130 | ||||||
Systemair AB | 84,050 | 1,209,354 | ||||||
Thule Group AB | 724,255 | 14,748,679 | ||||||
Troax Group AB | 213,368 | 2,378,900 | ||||||
VBG Group AB, Class B | 26,108 | 382,769 | ||||||
# | Vitrolife AB | 311,726 | 4,863,718 |
137
The Continental Small Company Series
continued
Shares | Value» | |||||||
SWEDEN — (Continued) | ||||||||
Wihlborgs Fastigheter AB | 1,075,165 | $ | 16,267,550 | |||||
TOTAL SWEDEN | 441,605,487 | |||||||
SWITZERLAND — (11.3%) | ||||||||
Allreal Holding AG | 106,251 | 20,702,912 | ||||||
ALSO Holding AG | 42,929 | 6,390,563 | ||||||
* | ams AG | 367,779 | 16,525,284 | |||||
APG SGA SA | 8,652 | 2,555,037 | ||||||
Arbonia AG | 328,378 | 4,123,715 | ||||||
* | Aryzta AG | 6,132,124 | 4,843,943 | |||||
Ascom Holding AG | 237,470 | 2,354,731 | ||||||
# | Autoneum Holding AG | 20,419 | 2,290,637 | |||||
Bachem Holding AG, Class B | 3,642 | 555,974 | ||||||
Banque Cantonale de Geneve | 9,270 | 1,856,531 | ||||||
Banque Cantonale du Jura SA | 4,071 | 228,984 | ||||||
Banque Cantonale Vaudoise | 5,327 | 4,177,018 | ||||||
Belimo Holding AG | 3,005 | 18,848,900 | ||||||
# | Bell Food Group AG | 13,284 | 3,649,214 | |||||
Bellevue Group AG | 55,759 | 1,270,814 | ||||||
# | Berner Kantonalbank AG | 28,587 | 6,303,655 | |||||
BFW Liegenschaften AG | 2,894 | 128,147 | ||||||
BKW AG | 148,207 | 10,939,002 | ||||||
# | Bobst Group SA | 64,387 | 3,381,864 | |||||
Bossard Holding AG, Class A | 42,891 | 6,811,689 | ||||||
Bucher Industries AG | 54,491 | 16,866,167 | ||||||
Burckhardt Compression Holding AG | 1,741 | 414,901 | ||||||
# | Burkhalter Holding AG | 29,107 | 2,303,965 | |||||
# | Calida Holding AG | 30,552 | 1,006,498 | |||||
# | Carlo Gavazzi Holding AG | 2,860 | 768,403 | |||||
Cembra Money Bank AG | 214,769 | 22,775,270 | ||||||
Cham Group AG | 1,932 | 839,358 | ||||||
Cicor Technologies, Ltd. | 14,897 | 700,776 | ||||||
Cie Financiere Tradition SA | 10,452 | 1,091,228 | ||||||
Clariant AG | 40,276 | 826,163 | ||||||
Coltene Holding AG | 25,919 | 2,122,114 | ||||||
Conzzeta AG | 9,352 | 8,153,408 | ||||||
Daetwyler Holding AG | 49,826 | 8,587,031 | ||||||
DKSH Holding AG | 183,816 | 8,740,633 | ||||||
dormakaba Holding AG | 24,489 | 15,686,970 | ||||||
* | Dottikon Es Holding AG | 143 | 66,955 | |||||
Dufry AG | 176,578 | 15,357,987 | ||||||
# | EFG International AG | 638,081 | 4,032,120 | |||||
Emmi AG | 15,428 | 13,066,011 | ||||||
# | Energiedienst Holding AG | 78,061 | 2,492,561 | |||||
#* | Evolva Holding SA | 3,349,123 | 546,825 | |||||
# | Feintool International Holding AG | 14,850 | 892,942 | |||||
Flughafen Zurich AG | 98,913 | 17,823,343 | ||||||
Forbo Holding AG | 8,638 | 13,764,569 | ||||||
* | GAM Holding AG | 1,349,428 | 4,504,667 | |||||
# | Georg Fischer AG | 31,450 | 30,036,368 | |||||
Gurit Holding AG | 3,022 | 4,316,430 | ||||||
Helvetia Holding AG | 216,663 | 30,434,052 | ||||||
Hiag Immobilien Holding AG | 19,582 | 2,095,764 | ||||||
#* | HOCHDORF Holding AG | 7,010 | 584,983 | |||||
Huber & Suhner AG | 93,238 | 6,211,777 | ||||||
Hypothekarbank Lenzburg AG | 6 | 27,250 | ||||||
# | Implenia AG | 117,251 | 4,468,451 | |||||
Inficon Holding AG | 14,476 | 10,385,223 | ||||||
# | Interroll Holding AG | 4,844 | 10,022,899 |
138
The Continental Small Company Series
continued
Shares | Value» | |||||||
SWITZERLAND — (Continued) | ||||||||
Intershop Holding AG | 10,271 | $ | 5,649,451 | |||||
Investis Holding SA | 1,787 | 139,355 | ||||||
Jungfraubahn Holding AG | 14,200 | 2,215,489 | ||||||
Kardex AG | 48,000 | 6,975,321 | ||||||
# | Komax Holding AG | 30,538 | 6,498,408 | |||||
# | Kudelski SA | 235,411 | 1,368,376 | |||||
* | Lastminute.com NV | 22,924 | 950,665 | |||||
LEM Holding SA | 3,811 | 4,508,756 | ||||||
Liechtensteinische Landesbank AG | 60,743 | 4,010,961 | ||||||
Logitech International SA | 5,414 | 222,229 | ||||||
Luzerner Kantonalbank AG | 19,418 | 8,116,914 | ||||||
* | MCH Group AG | 3,800 | 105,943 | |||||
#* | Meier Tobler Group AG | 22,913 | 322,939 | |||||
Metall Zug AG | 1,041 | 2,089,692 | ||||||
#* | Meyer Burger Technology AG | 814,920 | 344,165 | |||||
Mikron Holding AG | 8,692 | 59,751 | ||||||
Mobilezone Holding AG | 264,374 | 2,874,166 | ||||||
Mobimo Holding AG | 52,630 | 14,842,517 | ||||||
#* | Newron Pharmaceuticals SpA | 27,456 | 186,732 | |||||
OC Oerlikon Corp. AG | 1,632,781 | 16,755,847 | ||||||
* | Orascom Development Holding AG | 94,819 | 1,424,158 | |||||
# | Orell Fuessli Holding AG | 5,028 | 492,148 | |||||
Orior AG | 36,650 | 3,221,880 | ||||||
# | Phoenix Mecano AG | 4,259 | 1,896,097 | |||||
Plazza AG, Class A | 7,210 | 1,893,490 | ||||||
PSP Swiss Property AG | 325,433 | 43,075,928 | ||||||
Rieter Holding AG | 20,590 | 2,806,650 | ||||||
Romande Energie Holding SA | 2,625 | 3,138,815 | ||||||
# | Schaffner Holding AG | 3,363 | 718,531 | |||||
#* | Schmolz + Bickenbach AG | 3,372,134 | 893,378 | |||||
Schweiter Technologies AG | 6,791 | 6,979,407 | ||||||
SFS Group AG | 122,248 | 10,829,779 | ||||||
Siegfried Holding AG | 29,216 | 11,909,334 | ||||||
St Galler Kantonalbank AG | 15,840 | 6,934,432 | ||||||
Sulzer AG | 134,486 | 13,600,880 | ||||||
# | Sunrise Communications Group AG | 266,460 | 20,732,022 | |||||
Swiss Prime Site AG | 10,169 | 1,048,137 | ||||||
Swissquote Group Holding SA | 71,935 | 3,138,213 | ||||||
Tamedia AG | 16,516 | 1,550,542 | ||||||
Thurgauer Kantonalbank | 3,152 | 338,712 | ||||||
Tornos Holding AG | 26,632 | 180,825 | ||||||
# | u-blox Holding AG | 48,136 | 3,901,782 | |||||
Valiant Holding AG | 106,613 | 10,828,693 | ||||||
Valora Holding AG | 27,786 | 7,957,837 | ||||||
VAT Group AG | 199,273 | 29,299,419 | ||||||
Vaudoise Assurances Holding SA | 6,538 | 3,621,212 | ||||||
Vetropack Holding AG | 1,292 | 3,507,642 | ||||||
#* | Von Roll Holding AG | 378,198 | 346,353 | |||||
Vontobel Holding AG | 193,304 | 11,270,312 | ||||||
VP Bank AG | 23,160 | 3,613,106 | ||||||
VZ Holding AG | 17,627 | 4,924,350 | ||||||
# | Walliser Kantonalbank | 18,991 | 2,175,472 | |||||
Warteck Invest AG | 22 | 45,490 | ||||||
# | Ypsomed Holding AG | 21,974 | 3,260,085 | |||||
Zehnder Group AG | 77,067 | 3,368,831 | ||||||
Zug Estates Holding AG, Class B | 1,149 | 2,341,966 | ||||||
Zuger Kantonalbank AG | 691 | 4,216,388 | ||||||
TOTAL SWITZERLAND | 689,672,649 |
139
The Continental Small Company Series
continued
Shares | Value» | |||||||
UNITED KINGDOM — (0.0%) | ||||||||
Rhi Magnesita NV | 25,850 | $ | 1,167,097 | |||||
TOTAL COMMON STOCKS | 5,553,644,245 | |||||||
PREFERRED STOCKS — (0.6%) | ||||||||
GERMANY — (0.6%) | ||||||||
Biotest AG | 100,615 | 2,445,386 | ||||||
Draegerwerk AG & Co. KGaA | 58,871 | 3,450,450 | ||||||
# | Fuchs Petrolub SE | 197,006 | 8,393,280 | |||||
Jungheinrich AG | 369,052 | 9,362,907 | ||||||
# | Sixt SE | 117,444 | 7,945,985 | |||||
STO SE & Co. KGaA | 13,302 | 1,455,278 | ||||||
Villeroy & Boch AG | 50,436 | 790,351 | ||||||
TOTAL GERMANY | 33,843,637 | |||||||
RIGHTS/WARRANTS — (0.0%) | ||||||||
AUSTRIA — (0.0%) | ||||||||
* | Intercell AG Rights 05/16/13 | 254,689 | 0 | |||||
ITALY — (0.0%) | ||||||||
* | Mediaset SpA Rights 11/06/19 | 3,820,606 | 379,240 | |||||
NORWAY — (0.0%) | ||||||||
* | XXL ASA Rights 10/25/19 | 39,151 | 16,603 | |||||
SPAIN — (0.0%) | ||||||||
* | Distribuidora Internacional de Alimentacion SA Rights 11/13/19 | 188,210 | 3,778 | |||||
#* | Vidrala S.A. Rights 11/11/19 | 110,672 | 473,365 | |||||
TOTAL SPAIN | 477,143 | |||||||
SWEDEN — (0.0%) | ||||||||
* | Anoto Group AB Warrants 04/30/21 | 24,130 | 875 | |||||
TOTAL RIGHTS/WARRANTS | 873,861 | |||||||
TOTAL INVESTMENT SECURITIES | ||||||||
(Cost $4,988,017,993) | 5,588,361,743 | |||||||
Value† | ||||||||
SECURITIES LENDING COLLATERAL — (8.4%) | ||||||||
@§ | DFA Short Term Investment Fund | 44,497,991 | 514,886,250 | |||||
TOTAL INVESTMENTS — (100.0%) | ||||||||
(Cost $5,502,845,113) | $ | 6,103,247,993 |
P.L.C. | Public Limited Company | |
SA | Special Assessment | |
» | Securities that have generally been fair value factored. See Note B to Financial Statements. | |
# | Total or Partial Securities on Loan. | |
* | Non-Income Producing Securities. | |
† | See Note B to Financial Statements. | |
@ | Security purchased with cash proceeds from Securities on Loan. | |
§ | Affiliated Fund. |
140
The Continental Small Company Series
continued
Summary of the Series' investments as of October 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 | ||||||||||
Common Stocks | |||||||||||||
Austria | — | $ | 190,802,441 | — | $ | 190,802,441 | |||||||
Belgium | $ | 9,150,257 | 259,320,439 | — | 268,470,696 | ||||||||
Denmark | — | 268,851,796 | — | 268,851,796 | |||||||||
Finland | — | 344,146,342 | — | 344,146,342 | |||||||||
France | — | 648,978,367 | — | 648,978,367 | |||||||||
Germany | 1,207,475 | 938,859,053 | — | 940,066,528 | |||||||||
Ireland | — | 32,095,239 | — | 32,095,239 | |||||||||
Israel | 799,434 | 183,244,655 | — | 184,044,089 | |||||||||
Italy | 2,432,465 | 587,595,216 | — | 590,027,681 | |||||||||
Netherlands | — | 389,090,649 | — | 389,090,649 | |||||||||
Norway | — | 138,761,156 | — | 138,761,156 | |||||||||
Portugal | — | 62,779,176 | — | 62,779,176 | |||||||||
Spain | — | 363,084,852 | — | 363,084,852 | |||||||||
Sweden | — | 441,605,487 | — | 441,605,487 | |||||||||
Switzerland | — | 689,672,649 | — | 689,672,649 | |||||||||
United Kingdom | — | 1,167,097 | — | 1,167,097 | |||||||||
Preferred Stocks | |||||||||||||
Germany | — | 33,843,637 | — | 33,843,637 | |||||||||
Rights/Warrants | |||||||||||||
Italy | — | 379,240 | — | 379,240 | |||||||||
Norway | — | 16,603 | — | 16,603 | |||||||||
Spain | — | 477,143 | — | 477,143 | |||||||||
Sweden | — | 875 | — | 875 | |||||||||
Securities Lending Collateral | — | 514,886,250 | — | 514,886,250 | |||||||||
TOTAL | $ | 13,589,631 | $ | 6,089,658,362 | — | $ | 6,103,247,993 |
See accompanying Notes to Financial Statements.
141
THE CANADIAN SMALL COMPANY SERIES
SCHEDULE OF INVESTMENTS
October 31, 2019
Shares | Value» | |||||||
COMMON STOCKS — (86.3%) | ||||||||
COMMUNICATION SERVICES — (2.0%) | ||||||||
#* | Aimia, Inc. | 1,049,417 | $ | 2,908,186 | ||||
# | Cineplex, Inc. | 401,438 | 6,842,520 | |||||
Cogeco Communications, Inc. | 95,472 | 8,252,591 | ||||||
Cogeco, Inc. | 37,500 | 2,902,115 | ||||||
# | Corus Entertainment, Inc., Class B | 939,428 | 3,609,070 | |||||
#* | DHX Media, Ltd. | 782,135 | 1,128,279 | |||||
* | Glacier Media, Inc. | 171,625 | 88,608 | |||||
Mediagrif Interactive Technologies, Inc. | 30,070 | 158,443 | ||||||
* | TeraGo, Inc. | 2,400 | 16,545 | |||||
#* | Yellow Pages, Ltd. | 105,820 | 696,575 | |||||
TOTAL COMMUNICATION SERVICES | 26,602,932 | |||||||
CONSUMER DISCRETIONARY — (4.8%) | ||||||||
* | Aritzia, Inc. | 479,053 | 6,826,987 | |||||
# | AutoCanada, Inc. | 178,738 | 1,125,000 | |||||
# | BMTC Group, Inc. | 20,581 | 187,981 | |||||
BRP, Inc. | 75,242 | 3,375,636 | ||||||
Dorel Industries, Inc., Class B | 212,497 | 805,072 | ||||||
Gamehost, Inc. | 76,973 | 474,543 | ||||||
* | Great Canadian Gaming Corp. | 418,284 | 13,230,363 | |||||
* | Indigo Books & Music, Inc. | 12,232 | 37,520 | |||||
* | Intertain Group, Ltd. (The) | 70,628 | 696,574 | |||||
Leon's Furniture, Ltd. | 164,175 | 1,963,219 | ||||||
Linamar Corp. | 322,683 | 10,522,538 | ||||||
Martinrea International, Inc. | 647,360 | 5,278,754 | ||||||
# | MTY Food Group, Inc. | 135,304 | 5,405,606 | |||||
Park Lawn Corp. | 59,100 | 1,323,704 | ||||||
Pizza Pizza Royalty Corp. | 161,012 | 1,146,680 | ||||||
#* | Points International, Ltd. | 47,459 | 517,433 | |||||
Pollard Banknote, Ltd. | 25,700 | 400,008 | ||||||
* | Real Matters, Inc. | 56,000 | 470,245 | |||||
# | Recipe Unlimited Corp. | 106,377 | 1,910,925 | |||||
Reitmans Canada, Ltd., Class A | 269,312 | 400,768 | ||||||
#* | Roots Corp. | 5,800 | 8,587 | |||||
# | Sleep Country Canada Holdings, Inc. | 245,348 | 4,088,823 | |||||
#* | Spin Master Corp. | 21,700 | 613,881 | |||||
Uni-Select, Inc. | 305,382 | 2,469,302 | ||||||
Zenith Capital Corp. | 111,820 | 6,877 | ||||||
TOTAL CONSUMER DISCRETIONARY | 63,287,026 | |||||||
CONSUMER STAPLES — (4.0%) | ||||||||
# | Alcanna, Inc. | 215,711 | 740,273 | |||||
Andrew Peller, Ltd., Class A | 172,200 | 1,708,795 | ||||||
# | Clearwater Seafoods, Inc. | 104,195 | 415,324 | |||||
Corby Spirit and Wine, Ltd. | 83,467 | 1,013,949 | ||||||
Cott Corp. | 96,682 | 1,242,364 | ||||||
Cott Corp. | 909,370 | 11,682,135 | ||||||
# | High Liner Foods, Inc. | 120,134 | 848,262 | |||||
# | Jamieson Wellness, Inc. | 187,895 | 3,389,557 | |||||
KP Tissue, Inc. | 33,800 | 220,184 | ||||||
Lassonde Industries, Inc., Class A | 17,200 | 2,282,320 | ||||||
Maple Leaf Foods, Inc. | 345,805 | 6,030,780 | ||||||
* | Mav Beauty Brands, Inc. | 7,000 | 31,463 | |||||
# | North West Co., Inc. (The) | 350,436 | 7,497,750 | |||||
# | Premium Brands Holdings Corp. | 186,219 | 12,284,997 |
142
The Canadian Small Company Series
continued
Shares | Value» | |||||||
CONSUMER STAPLES — (Continued) | ||||||||
# | Rogers Sugar, Inc. | 669,336 | $ | 2,759,467 | ||||
#* | SunOpta, Inc. | 286,840 | 544,454 | |||||
TOTAL CONSUMER STAPLES | 52,692,074 | |||||||
ENERGY — (12.8%) | ||||||||
#* | Advantage Oil & Gas, Ltd. | 1,242,942 | 1,793,022 | |||||
#* | Africa Oil Corp. | 1,333,299 | 1,174,267 | |||||
# | AKITA Drilling, Ltd., Class A | 71,362 | 62,308 | |||||
# | ARC Resources, Ltd. | 1,704,614 | 7,221,734 | |||||
#* | Athabasca Oil Corp. | 3,664,410 | 1,126,783 | |||||
#* | Baytex Energy Corp. | 3,287,875 | 3,669,559 | |||||
Birchcliff Energy, Ltd. | 1,785,429 | 2,724,708 | ||||||
# | Bonavista Energy Corp. | 1,749,900 | 651,014 | |||||
# | Bonterra Energy Corp. | 179,118 | 440,621 | |||||
#* | Calfrac Well Services, Ltd. | 797,615 | 678,254 | |||||
* | Canacol Energy, Ltd. | 921,342 | 3,392,686 | |||||
# | Cardinal Energy, Ltd. | 763,603 | 1,113,140 | |||||
# | CES Energy Solutions Corp. | 1,549,897 | 2,071,079 | |||||
Computer Modelling Group, Ltd. | 480,583 | 2,557,806 | ||||||
Crescent Point Energy Corp. | 2,146,838 | 7,840,172 | ||||||
* | Crew Energy, Inc. | 1,141,376 | 415,960 | |||||
#* | Delphi Energy Corp. | 348,069 | 15,856 | |||||
#* | Denison Mines Corp. | 3,394,735 | 1,572,233 | |||||
Enerflex, Ltd. | 661,336 | 5,181,829 | ||||||
#* | Energy Fuels, Inc. | 347,960 | 694,810 | |||||
# | Enerplus Corp. | 1,624,918 | 9,807,986 | |||||
Ensign Energy Services, Inc. | 996,560 | 2,027,774 | ||||||
* | Epsilon Energy, Ltd. | 150,301 | 502,007 | |||||
#* | Essential Energy Services Trust | 1,034,741 | 223,902 | |||||
#* | Fission Uranium Corp. | 1,962,000 | 431,995 | |||||
# | Freehold Royalties, Ltd. | 712,794 | 3,501,463 | |||||
Frontera Energy Corp. | 211,980 | 1,699,574 | ||||||
* | GASFRAC Energy Services, Inc. | 91,560 | 0 | |||||
* | Gear Energy, Ltd. | 901,000 | 266,791 | |||||
Gibson Energy, Inc. | 855,146 | 14,907,108 | ||||||
#* | Gran Tierra Energy, Inc. | 2,888,144 | 3,069,928 | |||||
# | High Arctic Energy Services, Inc. | 136,900 | 234,905 | |||||
* | International Petroleum Corp. | 68,816 | 233,550 | |||||
#* | Kelt Exploration, Ltd. | 974,740 | 2,131,388 | |||||
Kinder Morgan Canada, Ltd. | 38,600 | 410,295 | ||||||
* | Lightstream Resources, Ltd. | 687,816 | 0 | |||||
* | MEG Energy Corp. | 1,549,736 | 5,953,735 | |||||
North American Construction Group, Ltd. | 214,334 | 2,480,032 | ||||||
* | NuVista Energy, Ltd. | 1,091,726 | 1,566,595 | |||||
#* | Obsidian Energy, Ltd. | 538,649 | 323,083 | |||||
#* | Painted Pony Energy, Ltd. | 782,649 | 362,475 | |||||
#* | Paramount Resources, Ltd., Class A | 409,113 | 1,596,570 | |||||
* | Parex Resources, Inc. | 1,044,698 | 14,158,271 | |||||
Pason Systems, Inc. | 486,401 | 5,221,859 | ||||||
#* | Pengrowth Energy Corp. | 3,196,369 | 485,365 | |||||
# | Peyto Exploration & Development Corp. | 1,155,732 | 2,307,779 | |||||
* | PHX Energy Services Corp. | 285,274 | 521,988 | |||||
Pinnacle Renewable Energy, Inc. | 16,100 | 88,378 | ||||||
# | PrairieSky Royalty, Ltd. | 461,804 | 4,508,997 | |||||
* | Precision Drilling Corp. | 2,116,935 | 2,250,178 | |||||
* | Pulse Seismic, Inc. | 308,039 | 563,643 | |||||
#* | Questerre Energy Corp., Class A | 797,460 | 115,039 | |||||
# | Secure Energy Services, Inc. | 1,108,215 | 3,567,559 | |||||
#* | Seven Generations Energy, Ltd., Class A | 872,018 | 4,886,108 |
143
The Canadian Small Company Series
continued
Shares | Value» | |||||||
ENERGY — (Continued) | ||||||||
ShawCor, Ltd. | 495,943 | $ | 4,992,942 | |||||
#* | STEP Energy Services, Ltd. | 24,196 | 20,759 | |||||
* | Storm Resources, Ltd. | 5,600 | 5,102 | |||||
* | Strad, Inc. | 17,174 | 21,254 | |||||
# | Surge Energy, Inc. | 2,014,064 | 1,467,999 | |||||
* | Tamarack Valley Energy, Ltd. | 1,457,940 | 1,881,784 | |||||
#* | Tervita Corp. | 70,398 | 374,143 | |||||
# | Tidewater Midstream and Infrastructure, Ltd. | 1,159,300 | 827,380 | |||||
TORC Oil & Gas, Ltd. | 1,100,490 | 2,807,415 | ||||||
Total Energy Services, Inc. | 287,079 | 1,224,953 | ||||||
Tourmaline Oil Corp. | 781,000 | 6,700,554 | ||||||
TransGlobe Energy Corp. | 498,445 | 571,446 | ||||||
#* | Trican Well Service, Ltd. | 2,310,767 | 1,508,815 | |||||
# | Vermilion Energy, Inc. | 354,211 | 4,679,426 | |||||
# | Whitecap Resources, Inc. | 2,833,976 | 7,896,661 | |||||
* | Yangarra Resources, Ltd. | 479,471 | 371,316 | |||||
TOTAL ENERGY | 170,156,110 | |||||||
FINANCIALS — (9.2%) | ||||||||
AGF Management, Ltd., Class B | 514,335 | 2,268,838 | ||||||
# | Alaris Royalty Corp. | 353,745 | 5,258,771 | |||||
Canaccord Genuity Group, Inc. | 404,697 | 1,646,933 | ||||||
# | Canadian Western Bank | 643,831 | 16,302,304 | |||||
# | Chesswood Group, Ltd. | 77,342 | 643,000 | |||||
Clairvest Group, Inc. | 1,900 | 73,383 | ||||||
Echelon Financial Holdings, Inc. | 15,650 | 70,105 | ||||||
ECN Capital Corp. | 2,446,608 | 8,080,438 | ||||||
E-L Financial Corp., Ltd. | 6,978 | 3,899,383 | ||||||
Element Fleet Management Corp. | 2,450,611 | 20,838,845 | ||||||
# | Equitable Group, Inc. | 77,602 | 6,676,683 | |||||
Fiera Capital Corp. | 331,137 | 2,639,844 | ||||||
Firm Capital Mortgage Investment Corp. | 165,218 | 1,783,767 | ||||||
First National Financial Corp. | 94,437 | 3,075,243 | ||||||
# | Genworth MI Canada, Inc. | 281,680 | 11,377,554 | |||||
GMP Capital, Inc. | 403,287 | 695,059 | ||||||
# | goeasy, Ltd. | 62,639 | 2,863,959 | |||||
GoldMoney, Inc. | 125,000 | 196,454 | ||||||
Guardian Capital Group, Ltd., Class A | 87,214 | 1,725,607 | ||||||
#* | Home Capital Group, Inc. | 541,770 | 11,151,306 | |||||
Kingsway Financial Services, Inc. | 13,070 | 29,277 | ||||||
# | Laurentian Bank of Canada | 326,390 | 11,225,774 | |||||
# | Sprott, Inc. | 1,412,088 | 3,259,241 | |||||
# | Timbercreek Financial Corp. | 521,704 | 3,826,331 | |||||
TMX Group, Ltd. | 13,634 | 1,191,254 | ||||||
* | Trisura Group, Ltd. | 30,611 | 733,260 | |||||
TOTAL FINANCIALS | 121,532,613 | |||||||
HEALTH CARE — (1.5%) | ||||||||
#* | CRH Medical Corp. | 507,691 | 1,526,427 | |||||
# | Extendicare, Inc. | 722,930 | 4,890,522 | |||||
* | Knight Therapeutics, Inc. | 906,725 | 5,769,004 | |||||
# | Medical Facilities Corp. | 256,216 | 1,521,228 | |||||
# | Sienna Senior Living, Inc. | 462,615 | 6,670,001 | |||||
TOTAL HEALTH CARE | 20,377,182 | |||||||
INDUSTRIALS — (9.9%) | ||||||||
Aecon Group, Inc. | 501,802 | 6,934,019 | ||||||
# | AG Growth International, Inc. | 118,358 | 3,847,915 |
144
The Canadian Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (Continued) | ||||||||
Algoma Central Corp. | 43,100 | $ | 430,313 | |||||
* | ATS Automation Tooling Systems, Inc. | 552,999 | 7,507,116 | |||||
# | Badger Daylighting, Ltd. | 197,681 | 5,856,437 | |||||
# | Bird Construction, Inc. | 291,744 | 1,362,255 | |||||
* | Black Diamond Group, Ltd. | 330,892 | 429,599 | |||||
* | Bombardier, Inc., Class A | 8,161 | 10,595 | |||||
* | Bombardier, Inc., Class B | 1,104,300 | 1,391,799 | |||||
Calian Group, Ltd. | 34,555 | 929,267 | ||||||
# | CanWel Building Materials Group, Ltd. | 465,422 | 1,600,760 | |||||
# | Cargojet, Inc. | 16,249 | 1,213,956 | |||||
Cervus Equipment Corp. | 45,297 | 283,730 | ||||||
#* | DIRTT Environmental Solutions | 224,868 | 1,020,963 | |||||
# | Exchange Income Corp. | 69,084 | 2,046,137 | |||||
Exco Technologies, Ltd. | 192,548 | 1,116,898 | ||||||
Finning International, Inc. | 333,631 | 5,681,682 | ||||||
* | GDI Integrated Facility Services, Inc. | 1,500 | 33,278 | |||||
* | Heroux-Devtek, Inc. | 223,854 | 2,848,526 | |||||
# | Horizon North Logistics, Inc. | 1,094,944 | 806,389 | |||||
* | IBI Group, Inc. | 105,300 | 396,544 | |||||
# | K-Bro Linen, Inc. | 71,953 | 1,977,601 | |||||
Magellan Aerospace Corp. | 109,476 | 1,334,891 | ||||||
Morneau Shepell, Inc. | 346,211 | 8,335,245 | ||||||
# | Mullen Group, Ltd. | 745,070 | 4,638,656 | |||||
# | NFI Group, Inc. | 330,420 | 7,267,685 | |||||
Richelieu Hardware, Ltd. | 323,200 | 6,635,280 | ||||||
Rocky Mountain Dealerships, Inc. | 120,855 | 594,594 | ||||||
Russel Metals, Inc. | 426,796 | 7,005,793 | ||||||
# | Savaria Corp. | 146,100 | 1,503,041 | |||||
# | SNC-Lavalin Group, Inc. | 88,900 | 1,607,098 | |||||
# | Stantec, Inc. | 625,036 | 13,334,987 | |||||
# | Stuart Olson, Inc. | 168,559 | 341,700 | |||||
TFI International, Inc. | 556,989 | 17,748,712 | ||||||
Transcontinental, Inc., Class A | 528,784 | 6,038,199 | ||||||
Wajax Corp. | 153,366 | 1,781,565 | ||||||
# | Westshore Terminals Investment Corp. | 317,149 | 5,499,721 | |||||
TOTAL INDUSTRIALS | 131,392,946 | |||||||
INFORMATION TECHNOLOGY — (3.5%) | ||||||||
Absolute Software Corp. | 288,588 | 1,700,283 | ||||||
* | BlackBerry, Ltd. | 57,900 | 304,205 | |||||
#* | BlackBerry, Ltd. | 227,628 | 1,197,323 | |||||
* | Celestica, Inc. | 36,408 | 262,866 | |||||
* | Celestica, Inc. | 789,256 | 5,716,728 | |||||
* | Descartes Systems Group, Inc. (The) | 333,561 | 12,979,273 | |||||
Enghouse Systems, Ltd. | 251,614 | 7,330,065 | ||||||
Evertz Technologies, Ltd. | 186,653 | 2,536,701 | ||||||
#* | EXFO, Inc. | 60,487 | 246,614 | |||||
* | Kinaxis, Inc. | 145,074 | 9,264,425 | |||||
* | Photon Control, Inc. | 325,194 | 259,247 | |||||
Pivot Technology Solutions, Inc. | 27,500 | 29,440 | ||||||
# | Quarterhill, Inc. | 951,176 | 1,198,810 | |||||
#* | Sierra Wireless, Inc. | 291,224 | 3,212,728 | |||||
Vecima Networks, Inc. | 6,059 | 43,242 | ||||||
TOTAL INFORMATION TECHNOLOGY | 46,281,950 | |||||||
MATERIALS — (28.6%) | ||||||||
#* | 5N Plus, Inc. | 548,929 | 916,896 | |||||
Acadian Timber Corp. | 69,938 | 868,185 |
145
The Canadian Small Company Series
continued
Shares | Value» | |||||||
MATERIALS — (Continued) | ||||||||
AirBoss of America Corp. | 98,662 | $ | 590,279 | |||||
* | Alacer Gold Corp. | 2,184,997 | 10,816,324 | |||||
Alamos Gold, Inc., Class A | 2,957,288 | 16,098,817 | ||||||
#* | Alio Gold, Inc. | 204,318 | 124,102 | |||||
Altius Minerals Corp. | 257,186 | 2,056,160 | ||||||
#* | Americas Gold & Silver Corp. | 162,412 | 508,039 | |||||
#* | Amerigo Resources, Ltd. | 479,200 | 269,234 | |||||
* | Argonaut Gold, Inc. | 1,141,697 | 1,863,677 | |||||
#* | Asanko Gold, Inc. | 949,993 | 851,106 | |||||
* | B2Gold Corp. | 5,382,692 | 18,921,770 | |||||
Caledonia Mining Corp. P.L.C. | 540 | 4,551 | ||||||
* | Canfor Corp. | 344,233 | 4,160,800 | |||||
Canfor Pulp Products, Inc. | 220,215 | 1,447,925 | ||||||
#* | Capstone Mining Corp. | 3,001,355 | 1,139,380 | |||||
Cascades, Inc. | 563,270 | 5,332,911 | ||||||
* | Centerra Gold, Inc. | 1,682,253 | 14,343,409 | |||||
#* | China Gold International Resources Corp., Ltd. | 1,668,100 | 1,329,819 | |||||
#* | Continental Gold, Inc. | 939,248 | 2,995,096 | |||||
#* | Copper Mountain Mining Corp. | 972,155 | 494,529 | |||||
* | Detour Gold Corp. | 1,259,316 | 20,910,516 | |||||
* | Dundee Precious Metals, Inc. | 1,388,522 | 4,838,901 | |||||
#* | Eldorado Gold Corp. | 1,158,414 | 9,753,860 | |||||
#* | Endeavour Mining Corp. | 502,056 | 9,091,206 | |||||
#* | Endeavour Silver Corp. | 746,544 | 1,853,465 | |||||
* | ERO Copper Corp. | 36,600 | 457,396 | |||||
* | Excellon Resources, Inc. | 14,400 | 11,261 | |||||
#* | First Majestic Silver Corp. | 977,531 | 10,449,958 | |||||
#* | First Mining Gold Corp. | 749,400 | 128,020 | |||||
#* | Fortuna Silver Mines, Inc. | 1,152,121 | 3,673,911 | |||||
* | Gold Standard Ventures Corp. | 10,700 | 8,124 | |||||
#* | Golden Star Resources, Ltd. | 463,313 | 1,561,848 | |||||
#* | Great Panther Mining, Ltd. | 47,150 | 25,775 | |||||
#* | Guyana Goldfields, Inc. | 979,918 | 394,318 | |||||
* | Hanfeng Evergreen, Inc. | 45,837 | 0 | |||||
Hudbay Minerals, Inc. | 1,922,188 | 6,975,976 | ||||||
* | IAMGOLD Corp. | 3,346,046 | 12,575,300 | |||||
#* | Imperial Metals Corp. | 346,592 | 478,929 | |||||
* | Interfor Corp. | 483,839 | 5,767,423 | |||||
* | International Tower Hill Mines, Ltd. | 13,001 | 7,206 | |||||
Intertape Polymer Group, Inc. | 416,437 | 5,362,365 | ||||||
#* | IPL Plastics, Inc. | 7,900 | 53,142 | |||||
* | Ivanhoe Mines, Ltd., Class A | 3,744,528 | 9,296,642 | |||||
Labrador Iron Ore Royalty Corp. | 400,256 | 6,779,828 | ||||||
#* | Largo Resources, Ltd. | 522,593 | 523,744 | |||||
#* | Leagold Mining Corp. | 135,426 | 267,335 | |||||
# | Lucara Diamond Corp. | 2,181,549 | 1,788,834 | |||||
* | Lundin Gold, Inc. | 151,909 | 911,154 | |||||
* | Major Drilling Group International, Inc. | 605,112 | 2,563,606 | |||||
* | Mandalay Resources Corp. | 464 | 282 | |||||
#* | Marathon Gold Corp. | 147,500 | 182,541 | |||||
Methanex Corp. | 71,087 | 2,693,761 | ||||||
# | Mountain Province Diamonds, Inc. | 102,431 | 98,768 | |||||
* | New Gold, Inc. | 4,348,961 | 4,523,633 | |||||
Norbord, Inc. | 250,961 | 7,244,355 | ||||||
* | Northern Dynasty Minerals, Ltd. | 76,877 | 44,944 | |||||
OceanaGold Corp. | 4,416,629 | 10,596,422 | ||||||
* | Orbite Technologies, Inc. | 73,500 | 73 | |||||
* | Orla Mining, Ltd. | 9,900 | 12,553 | |||||
Osisko Gold Royalties, Ltd. | 963,845 | 9,484,046 |
146
The Canadian Small Company Series
continued
Shares | Value» | |||||||
MATERIALS — (Continued) | ||||||||
#* | Osisko Mining, Inc. | 486,477 | $ | 1,030,499 | ||||
Pan American Silver Corp. | 1,378,389 | 23,410,948 | ||||||
#* | PolyMet Mining Corp. | 642,081 | 194,998 | |||||
#* | Premier Gold Mines, Ltd. | 1,039,349 | 1,783,410 | |||||
#* | Pretium Resources, Inc. | 293,903 | 2,974,298 | |||||
* | Pretium Resources, Inc. | 794,788 | 8,007,620 | |||||
* | Roxgold, Inc. | 1,208,860 | 890,285 | |||||
* | Sabina Gold & Silver Corp. | 1,690,021 | 2,283,986 | |||||
#* | Sandstorm Gold, Ltd. | 1,264,677 | 9,025,863 | |||||
#* | Seabridge Gold, Inc. | 68,095 | 877,361 | |||||
* | SEMAFO, Inc. | 2,376,290 | 7,667,780 | |||||
* | SSR Mining, Inc. | 859,605 | 12,713,617 | |||||
Stelco Holdings, Inc. | 24,600 | 191,443 | ||||||
Stella-Jones, Inc. | 332,002 | 9,205,613 | ||||||
* | Stornoway Diamond Corp. | 208,109 | 416 | |||||
Supremex, Inc. | 91 | 168 | ||||||
#* | Tanzanian Gold Corp. | 207,891 | 167,310 | |||||
#* | Taseko Mines, Ltd. | 1,417,826 | 559,767 | |||||
* | Teranga Gold Corp. | 655,298 | 2,651,839 | |||||
#* | TMAC Resources, Inc. | 93,713 | 289,585 | |||||
* | Torex Gold Resources, Inc. | 632,604 | 9,255,394 | |||||
#* | Trevali Mining Corp. | 3,825,789 | 595,465 | |||||
#* | Turquoise Hill Resources, Ltd. | 1,827,680 | 749,334 | |||||
#* | Wesdome Gold Mines Ltd. | 948,829 | 5,799,160 | |||||
West Fraser Timber Co., Ltd. | 168,300 | 7,781,846 | ||||||
# | Western Forest Products, Inc. | 3,049,303 | 3,009,714 | |||||
Winpak, Ltd. | 205,835 | 7,288,850 | ||||||
Yamana Gold, Inc. | 6,883,874 | 25,139,651 | ||||||
TOTAL MATERIALS | 380,070,650 | |||||||
REAL ESTATE — (4.1%) | ||||||||
Altus Group, Ltd. | 218,853 | 6,064,941 | ||||||
Bridgemarq Real Estate Services | 43,669 | 492,358 | ||||||
Colliers International Group, Inc. | 224,919 | 15,070,307 | ||||||
DREAM Unlimited Corp., Class A | 455,185 | 3,487,067 | ||||||
FirstService Corp. | 1,234 | 107,741 | ||||||
FirstService Corp. | 153,669 | 13,412,640 | ||||||
* | Genesis Land Development Corp. | 76,842 | 141,771 | |||||
Information Services Corp. | 14,174 | 174,014 | ||||||
# | Invesque, Inc. | 203,166 | 1,468,890 | |||||
* | Mainstreet Equity Corp. | 30,149 | 1,478,036 | |||||
Melcor Developments, Ltd. | 54,040 | 512,869 | ||||||
Morguard Corp. | 22,568 | 3,426,923 | ||||||
# | Tricon Capital Group, Inc. | 1,029,132 | 8,329,320 | |||||
TOTAL REAL ESTATE | 54,166,877 | |||||||
UTILITIES — (5.9%) | ||||||||
# | Boralex, Inc., Class A | 485,312 | 8,032,649 | |||||
Capital Power Corp. | 724,420 | 17,363,859 | ||||||
Innergex Renewable Energy, Inc. | 740,781 | 9,246,404 | ||||||
# | Just Energy Group, Inc. | 654,141 | 1,514,790 | |||||
* | Maxim Power Corp. | 92,234 | 112,045 | |||||
Northland Power, Inc. | 513,208 | 10,247,795 | ||||||
Polaris Infrastructure, Inc. | 98,922 | 991,398 | ||||||
# | Superior Plus Corp. | 1,170,310 | 10,564,867 | |||||
TransAlta Corp. | 2,047,057 | 12,091,795 |
147
The Canadian Small Company Series
continued
Shares | Value» | |||||||
UTILITIES — (Continued) | ||||||||
# | TransAlta Renewables, Inc. | 779,039 | $ | 8,387,194 | ||||
TOTAL UTILITIES | 78,552,796 | |||||||
TOTAL COMMON STOCKS | 1,145,113,156 | |||||||
RIGHTS/WARRANTS — (0.0%) | ||||||||
COMMUNICATION SERVICES — (0.0%) | ||||||||
#* | DHX Media, Ltd. Rights 11/15/19 | 782,135 | 50,475 | |||||
ENERGY — (0.0%) | ||||||||
#* | Tervita Corp. Warrants 07/19/20 | 9,964 | 76 | |||||
MATERIALS — (0.0%) | ||||||||
* | Pan American Silver Corp. Rights 02/22/29 | 1,876,416 | 475,176 | |||||
TOTAL RIGHTS/WARRANTS | 525,727 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $1,363,796,012) | 1,145,638,883 | |||||||
Value† | ||||||||
SECURITIES LENDING COLLATERAL — (13.7%) | ||||||||
@ § | DFA Short Term Investment Fund | 15,667,770 | 181,291,764 | |||||
TOTAL INVESTMENTS — (100.0%) (Cost $1,545,068,154) | $ | 1,326,930,647 |
P.L.C. | Public Limited Company |
» | Securities that have generally been fair value factored. See Note B to Financial Statements. |
# | Total or Partial Securities on Loan. |
* | Non-Income Producing Securities. |
† | See Note B to Financial Statements. |
@ | Security purchased with cash proceeds from Securities on Loan. |
§ | Affiliated Fund. |
Summary of the Series' investments as of October 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 | |||||||||
Common Stocks | ||||||||||||
Communication Services | $ | 26,602,932 | — | — | $ | 26,602,932 | ||||||
Consumer Discretionary | 63,280,149 | $ | 6,877 | — | 63,287,026 | |||||||
Consumer Staples | 52,692,074 | — | — | 52,692,074 | ||||||||
Energy | 169,654,103 | 502,007 | — | 170,156,110 | ||||||||
Financials | 121,532,613 | — | — | 121,532,613 | ||||||||
Health Care | 20,377,182 | — | — | 20,377,182 | ||||||||
Industrials | 131,392,946 | — | — | 131,392,946 | ||||||||
Information Technology | 46,281,950 | — | — | 46,281,950 | ||||||||
Materials | 380,070,161 | 489 | — | 380,070,650 | ||||||||
Real Estate | 54,166,877 | — | — | 54,166,877 | ||||||||
Utilities | 78,552,796 | — | — | 78,552,796 | ||||||||
Rights/Warrants | ||||||||||||
Communication Services | — | 50,475 | — | 50,475 | ||||||||
Energy | — | 76 | — | 76 | ||||||||
Materials | — | $ | 475,176 | — | $ | 475,176 | ||||||
Securities Lending Collateral | — | 181,291,764 | — | 181,291,764 | ||||||||
TOTAL | $ | 1,144,603,783 | $ | 182,326,864 | — | $ | 1,326,930,647 |
See accompanying Notes to Financial Statements.
148
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End ManagementInvestment Companies.
Not applicable to the registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company andAffiliated Purchasers.
Not applicable to the registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.
Item 11. Controls and Procedures.
(a) Within 90 days of the filing date of this Form N-CSR, Alexander B. Potts, the registrant’s President and Chief Executive Officer, and Michael Clinton, the registrant’s Treasurer and Chief Financial and Accounting Officer, reviewed the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) and evaluated their effectiveness. Based on their review, Messrs. Potts and Clinton determined that the disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the registrant is accumulated and communicated to the registrant’s management to allow timely decisions regarding required disclosure.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to the registrant.
Item 13. Exhibits.
(a)(1) Not applicable.
(a)(2) The certifications required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are filed herewith.
(a)(3) Not applicable.
(a)(4) Not applicable.
(b) The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act are filed herewith.
The certifications provided pursuant to Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act are not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates them by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SA FUNDS – INVESTMENT TRUST
By: | /s/ Alexander B. Potts |
Alexander B. Potts | |
President and Chief Executive Officer |
Date: March 5, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Alexander B. Potts |
Alexander B. Potts | |
President and Chief Executive Officer |
Date: March 5, 2020
By: | /s/ Michael Clinton |
Michael Clinton | |
Treasurer and Chief Financial and Accounting Officer |
Date: March 5, 2020