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Sa Funds Investment Trust SECURITIES AND EXCHANGE COMMISSION FORM N-CSR Certified annual shareholder report of registered management investment companies filed on Form N-CSR Filing Date: 2006-09-06 | Period of Report: 2006-06-30 SEC Accession No. 0001104659-06-059688 (HTML Version on secdatabase.com) FILER SA FUNDS INVESTMENT TRUST Mailing Address Business Address 3055 OLIN AVENUE SUITE 3055 OLIN AVENUE SUITE CIK:1075065| IRS No.: 770216379 | State of Incorp.:DE | Fiscal Year End: 0630 2000 2000 Type: N-CSR | Act: 40 | File No.: 811-09195 | Film No.: 061077457 SAN JOSE CA 95128 SAN JOSE CA 95128 408-260-3100 Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 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) 3055 Olin Avenue, Suite 2000, San Jose, California 95128 (Address of principal executive offices) (Zip code) Steven McGinnis, Esq. Chief Legal Officer SA Funds Investment Trust 3055 Olin Avenue, Suite 2000 San Jose, California 95128 (Name and address of agent for service) Copy to: R. Darrell Mounts, Esq. Kirkpatrick & Lockhart Nicholson Graham LLP 1601 K Street, N.W. Washington, DC 20006 Thomas Reyes, Esq. State Street Bank and Trust Company 2 Avenue de Lafayette, 6th Floor Boston, Massachusetts 02111 Registrants telephone number, including area code: 408-260-3100 Date of fiscal year end: June 30 Date of reporting period: June 30, 2006 Item 1. Reports to Shareholders. Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Annual Report STRUCTURED ASSETS FOR AN UNSTRUCTURED WORLD June 30, 2006 TABLE OF CONTENTS Page Management Discussion and Analysis 1 Understanding Your Fund's Expenses 8 Portfolios of Investments SA Fixed Income Fund 11 SA U.S. Market Fund 14 SA U.S. HBtM Fund 33 SA U.S. Small Company Fund 37 SA International HBtM Fund 61 SA International Small Company Fund 68 Statements of Assets and Liabilities 70 Statements of Operations 72 Statements of Changes in Net Assets 74 Financial Highlights 78 Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Notes to Financial Statements 84 Report of Independent Registered Public Accounting Firm 91 Proxy Voting Policies and Procedures 92 Quarterly Portfolio Schedule 92 Trustees and Officers' Information 92 Board Deliberations Regarding Approval of Investment Advisory and Sub-Advisory 95 Agreements Tax Information Notice 101 Financial Statements of DFA Investment Dimensions Group Inc. & The DFA 102 Investment Trust Company Any information in this shareholder report regarding market or economic trends or the factors influencing the Trust's performance are statements of the opinion of Trust management as of the date of this report. These statements should not be relied upon for any other purposes. Past performance is no guarantee of future results, and there is no guarantee that Fund objectives will be achieved. SA Fixed Income Fund The Fund invests in fixed income securities issued by companies and government agencies in the U.S. and developed foreign countries. The fund intends to declare dividends on income quarterly and realized capital gains annually. After withstanding rising short-term interest rates in fiscal 2005, the bond market was influenced by rising short- and long-term interest rates and inflationary pressures in fiscal 2006. The Federal Reserve Board increased the Federal Funds rate eight times during fiscal 2006 in an attempt to control inflationary pressures and keep the economy growing at a steady pace. Recent testimony suggests that the Federal Reserve may be close to pausing after two years of interest rate increases. There is an inverse relationship between interest rates and the price of bonds. As interest rates increase, the prices for bonds are expected to decrease, and vice versa. In fiscal 2006, shorter-term securities were influenced primarily by interest rate increases and the expectation of interest rate increases, while longer-term securities were pushed higher by fears of inflation. The Fund finished in negative territory for fiscal 2006, though it performed slightly better than its benchmark, the Lehman Aggregate Bond Index. Similar to the trend in fiscal 2005, the average maturity of the Fund decreased from 4.01 years to 2.90 years at the end of fiscal 2006. The Fund continued to increase its international exposure during fiscal 2006, beginning the year with 74% invested in international securities and ending the year with approximately 89%, helping to minimize the impact of U.S. interest rate changes. Comparison of Change in Value of a $10,000 Investment in SA Fixed Income Fund vs. the Lehman Brothers Aggregate Bond Index Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document The Lehman Brothers Aggregate Bond Index is a market capitalization weighted broad index of U.S. investment-grade fixed-income securities with maturities of over one year. PERFORMANCE INFORMATION One Five Since Year Years Inception SA Fixed Income Fund (0.38 )% 3.77 % 4.14 %(a) Lehman Aggregate Bond Index (0.81 )% 4.98 % 5.92 %(b) (a) From Commencement of operations (July 29, 1999) (b) Performance for the benchmarks is not available from July 29, 1999 (commencement of operations). For that reason, performance is shown from July 31, 1999. "Total Return" is calculated including reinvestment of all income dividends and distributions. Results represent past performance and do not indicate future results. The value of an investment in a Fund and the return on investment both will fluctuate, so that redemption proceeds may be higher or lower than an investor's original cost. The returns shown do not reflect the deduction of taxes that an Investor would pay on Fund distributions or the redemption of Fund shares. 1 SA U.S. Market Fund The Fund invests in a sampling of common stocks that are traded on a principal U.S. exchange or on the over-the-counter market in the U.S. The Fund contains a collection of U.S. companies, including companies that are large and small and that have characteristics of value and growth companies. Despite eight increases in the Federal Funds rate, the threat of inflation and higher volatility in the second quarter of 2006, returns for U.S. stocks were positive in fiscal 2006. The Fund captured the continuation of the U.S. stock market recovery, and this performance helped push the Fund's five-year return into positive territory. Comparison of Change in Value of a $10,000 Investment in SA U.S. Market Fund vs. the Wilshire 5000 Total Market Index The Wilshire 5000 Total Market Index is a market capitalization weighted broad index of all U.S.-headquartered equity securities. PERFORMANCE INFORMATION One Five Since Year Years Inception SA U.S. Market Fund 7.95 % 2.80 % 2.49 %(a) Wilshire 5000 Index 10.03 % 4.07 % 2.64 %(b) Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document (a) From Commencement of operations (August 5, 1999) (b) Performance for the benchmarks is not available from August 5, 1999 (commencement of operations). For that reason, performance is shown from July 31, 1999. "Total Return" is calculated including reinvestment of all income dividends and distributions. Results represent past performance and do not indicate future results. The value of an investment in a Fund and the return on investment both will fluctuate, so that redemption proceeds may be higher or lower than an investor's original cost. The returns shown do not reflect the deduction of taxes that an Investor would pay on Fund distributions or the redemption of Fund shares. 2 SA U.S. HBtM Fund The Fund invests in common stocks of large U.S. companies that are traded on a principal U.S. exchange or on the over-the-counter market in the U.S. and that the Fund's investment sub-advisor believes are "value" stocks. The Fund also seeks to minimize the impact of federal taxes on returns by deferring net capital gains and minimizing dividend income. Despite inflationary pressures and uncertainty about Federal Reserve actions regarding interest rates, value companies performed well in fiscal 2006. Additionally, the value premium was evident during this period, as value company stocks outperformed growth company stocks. We believe the Fund's outperformance relative to the Russell 1000 Value Index was due in part to greater exposure to stocks with more defined value characteristics, as measured by the book-to-market ratio. Comparison of Change in Value of a $10,000 Investment in U.S. HBtM Fund vs. the Russell 1000 Value Index The Russell 1000 Value Index is comprised of companies with the lowest price-to-book ratios within the Russell 1000 Index. The Russell 1000 Index is a market capitalization weighted broad index of 1000 large capitalization U.S. companies. PERFORMANCE INFORMATION One Five Since Year Years Inception SA U.S. HBtM Fund 14.52 % 4.96 % 5.26 %(a) Russell 1000 Value Index 12.06 % 6.88 % 5.46 %(b) (a) From Commencement of operations (August 5, 1999) (b) Performance for the benchmarks is not available from August 5, 1999 (commencement of operations). For that reason, performance is shown from July 31, 1999. Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document "Total Return" is calculated including reinvestment of all income dividends and distributions. Results represent past performance and do not indicate future results. The value of an investment in a Fund and the return on investment both will fluctuate, so that redemption proceeds may be higher or lower than an investor's original cost.
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