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ANNUAL REPORT June 30, 2021

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ANNUAL REPORT June 30, 2021 JOB TITLE SA FUNDS AR REVISION 8 SERIAL <12345678> TIME Friday, August 27, 2021 JOB NUMBER 393837-1 TYPE PAGE NO. I ANNUAL REPORT June 30, 2021 PORTFOLIOS OF INVESTMENTS 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 Beginning on January 1, 2022, as permitted by regulations adopted by the Securities and Exchange Commission, we intend to no longer mail paper copies of each Fund’s shareholder reports, unless you specifically request paper copies of the reports from the SA Funds - Investment Trust (the “Trust”) or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Trust’s website (http://www.sa-funds.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to continue to receive paper copies of all future reports free of charge. If you invest through a financial intermediary, you may contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Trust, you may inform the Trust that you wish to continue receiving paper copies of your shareholder reports by contacting us at (844) 366-0905. Your election to receive reports in paper will apply to all funds held with the Trust or through your financial intermediary. JOB TITLE SA FUNDS AR REVISION 8 SERIAL <12345678> TIME Friday, August 27, 2021 JOB NUMBER 393837-1 TYPE PAGE NO. II TABLE OF CONTENTS Page Management Discussion of Fund Performance ����������������������������������������������������������������������������������������������������� 1 Portfolios of Investments SA U.S. Fixed Income Fund . 21 SA Global Fixed Income Fund ����������������������������������������������������������������������������������������������������������������������������������� 23 SA U.S. Core Market Fund . 28 SA U.S. Value Fund ��������������������������������������������������������������������������������������������������������������������������������������������������� 40 SA U.S. Small Company Fund ����������������������������������������������������������������������������������������������������������������������������������� 45 SA International Value Fund . 63 SA International Small Company Fund ��������������������������������������������������������������������������������������������������������������������� 69 SA Emerging Markets Value Fund ����������������������������������������������������������������������������������������������������������������������������� 70 SA Real Estate Securities Fund ��������������������������������������������������������������������������������������������������������������������������������� 90 SA Worldwide Moderate Growth Fund ��������������������������������������������������������������������������������������������������������������������� 92 Statements of Assets and Liabilities . 94 Statements of Operations ����������������������������������������������������������������������������������������������������������������������������������������� 100 Statements of Changes in Net Assets ��������������������������������������������������������������������������������������������������������������������� 104 Financial Highlights . 118 Notes to Financial Statements . 137 Report of Independent Registered Public Accounting Firm ��������������������������������������������������������������������������������� 156 Proxy Voting Policies and Procedures. 157 Schedules of Portfolio Holdings. 157 Additional Information ����������������������������������������������������������������������������������������������������������������������������������������������� 158 Trustees and Officers’ Information . 158 Board Approval of Investment Advisory Agreements and Sub-Advisory Agreement ��������������������������������������� 161 Annual Report of Liquidity Risk Management Program Administrator ��������������������������������������������������������������� 166 Tax Information Notice ����������������������������������������������������������������������������������������������������������������������������������������������� 169 Understanding Your Fund’s Expenses ��������������������������������������������������������������������������������������������������������������������� 170 Selected Financial Statements of DFA Investment Dimensions Group Inc. & The DFA Investment Trust Company . 172 Report of Independent Registered Public Accounting Firm ��������������������������������������������������������������������������������� 191 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. JOB TITLE SA FUNDS AR REVISION 8 SERIAL <12345678> TIME Friday, August 27, 2021 JOB NUMBER 393837-1 TYPE PAGE NO. 1 SA U.S. Fixed Income Fund MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited) The SA U.S. Fixed Income Fund’s goal is to achieve a generally stable return consistent with preservation of capital. Buckingham Strategic Partners, LLC (the “Adviser”) serves as the Fund’s investment adviser and Dimensional Fund Advisors LP (the “Sub-Adviser”) serves as the Fund’s investment sub-adviser. The Fund pursues its goal by investing primarily in obligations issued or guaranteed by the U.S. government or its agencies or instrumentalities, dollar-denominated obligations of foreign issuers issued in the United States, bank obligations, including those of U.S. banks and savings and loan associations and dollar denominated obligations of U.S. subsidiaries and branches of foreign banks, corporate debt obligations, commercial paper, obligations of supranational organizations and repurchase agreements. Generally, the Fund acquires obligations that mature within three years from the date of settlement. For the fiscal year ended June 30, 2021, the Fund’s Investor Class and Select Class had a net return of −0.48% and −0.18%, respectively, compared to a return of 0.54% for the Fund’s benchmark index, the ICE BofA 1-3 Year U.S. Corporate & Government Index. The benchmark index is unmanaged and does not involve fees and expenses like the Fund. The Fund’s Investor Class and Select Class underperformed the benchmark during the fiscal year by 1.02% and 0.72%, respectively, after deducting the share classes’ net operating expenses for the year. The Fund underperformed the benchmark index for the fiscal year primarily due to the Fund’s maturity allocation choices. During the fiscal year, the Fund maintained a significant fraction of its assets in money market securities with maturities of less than one year. The benchmark index, however, holds only securities with maturities ranging from one year to three years. The returns over the fiscal year for the 1-3 year securities found in the benchmark index were higher, on average, than were the securities of less than one year in maturity that were held in the Fund, resulting in the Fund’s underperformance relative to its benchmark. 1 JOB TITLE SA FUNDS AR REVISION 8 SERIAL <12345678> TIME Friday, August 27, 2021 JOB NUMBER 393837-1 TYPE PAGE NO. 2 SA U.S. Fixed Income Fund MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued) Comparison of Change in Value of a $10,000 Investment in the SA U.S. Fixed Income Fund - Investor Class vs. the ICE BofA 1-3 Year U.S. Corporate & Government Index from June 30, 2011 through June 30, 2021 $14,000 $12,000 $11,636 $10,460 $10,000 $8,000 JUN JUN JUN JUN JUN JUN JUN JUN JUN JUN JUN 30 30 30 30 30 30 30 30 30 30 30 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 SA U.S. FIXED INCOME FUND - INVESTOR CLASS ICE BOFA 1-3 YEAR U.S. CORPORATE & GOVERNMENT INDEX The ICE BofA 1-3 Year U.S. Corporate & Government Index is a subset of the ICE BofA Corporate & Government Index and includes U.S. dollar denominated investment grade debt securities publicly issued in the U.S. domestic market, with a remaining term to final maturity of less than 3 years but greater than one year. The index is unmanaged and reflects reinvested dividends and/or other distributions, but does not reflect sales charges, commissions, expenses or taxes. You cannot invest directly in an index. PERFORMANCE INFORMATION – Average Annual Total Returns as of June 30, 2021 Since One Five Ten Inception Year Years Years SA U.S. Fixed Income Fund – Investor Class ....... 1.07%(a) -0.48% 0.75% 0.45% SA U.S. Fixed Income Fund – Select Class ........ 1.14%(b) -0.18% N/A N/A (a) From commencement of class operations on April 2, 2007. (b) From commencement of class operations on July 3, 2017. All returns include the reinvestment of income dividends and other distributions. Results represent past performance and do not indicate future
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