SA Global Fixed Income Fund

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1 SA Global Fixed Income Fund The Fund s goal is to maximize total return available from a universe of higher-quality fixed income investments maturing in five years or less from the date of settlement while targeting the duration of the Citigroup World Government Bond 1-5 Currency Hedged U.S. Dollar Index, the Fund s benchmark index. The Fund pursues its goal by investing primarily in: obligations issued or guaranteed by the U.S. and foreign governments, their agencies and instrumentalities; obligations of supranational organizations, such as the World Bank and the European Investment Bank; obligations of other U.S. and foreign issuers including: corporate debt obligations; commercial paper; bank obligations; and repurchase agreements. The Fund primarily invests in fixed income securities that mature within five years from the date of settlement. Ticker... SAFLX CUSIP T742 Net Assets...$ Mil Number of Holdings Average Portfolio Maturity (in years) Average Portfolio Duration (in years) Day SEC Yield % Gross Expenses % Net Expenses* % ratio to 0.53% and net expense ratio** to 0.51%. SA Global Fixed Income Fund (Investor Class) -0.24% 1.27% 0.69% 1.77% Citigroup World Government Bond 1-5 Currency Hedged U.S. Dollar Index 0.06% 1.21% 1.24% 2.14% 1. GE CAPITAL INTL FUNDING 2.84% 2. AGENCE FRANCAISE DEVELOP 2.75% 3. WESTPAC BANKING CORP 2.35% 4. MERCK + CO INC 2.14% 5. PFIZER INC 2.14% 6. CPPIB CAPITAL INC 2.13% 7. NORDEA BANK AB 2.09% 8. BRITISH COLUMBIA PROV OF 2.03% 9. BK NEDERLANDSE GEMEENTEN 1.97% 10. SWEDISH GOVERNMENT 1.97% 2.83% % 2.95% % 1.73% 1.47% 0.27% 0.93% -0.48% % 2017 The past performance information shown is for Investor Class shares. Although Investor Class shares would have similar annual returns to Select Class shares because the classes are invested in the same portfolio of securities, the returns for Select Class shares will vary from Investor Class shares because of the lower expenses paid by Select Class shares. information for Select Class shares will be included after Select Class shares have been in operation for one complete calendar year. Investing involves risk, principal loss is possible. Bonds are subject to risks, including interest rate risk which can decrease the value of a bond as interest rates rise. Investing in foreign securities may involve certain additional risks, including exchange rate fluctuations, less liquidity, greater volatility and less regulation. The Citigroup World Government Bond 1-5 Currency Hedged U.S. Dollar Index is a comprehensive measure of the total return performance of the government bond markets of approximately 22 countries with maturities ranging from one to five years. It is hedged to the U.S. Dollar. This index is unmanaged and reflects reinvested dividends and/or distributions, but does not reflect sales charges, commissions, expenses or taxes. An individual cannot invest in an index. s fees and expenses and extraordinary expenses) will not exceed 0.55%. This expense limitation will remain in effect until October 28, 2021 and may be amended or terminated before such time only with the SA Funds are sponsored by LWI Financial Inc. and distributed by Loring Ward Securities Inc., member FINRA/SIPC. B Sources: State Street Bank and Trust, Citigroup (12/17)

2 SA U.S. Fixed Income Fund The Fund s goal is to achieve a generally stable return consistent with preservation of capital. The Fund pursues its goal by investing primarily in: obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities; dollardenominated 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, such as certificates of deposit (including marketable variable rate certificates of deposit) and bankers acceptances; corporate debt obligations; commercial paper; obligations of supranational organizations, such as the World Bank and the European Investment Bank; and repurchase agreements. Generally, the Fund acquires obligations that mature within two years from the date of settlement. Ticker...SAULX CUSIP T759 Net Assets Mil Number of Holdings Average Portfolio Maturity (in years) Average Portfolio Duration (in years) Day SEC Yield % Gross Expenses % Net Expenses** % ratio to 0.43% and net expense ratio to 0.43%. 1. FEDERAL HOME LOAN BANK 9.73% 2. FEDERAL HOME LOAN BANK 5.66% 3. FEDERAL HOME LOAN BANK 4.13% 4. US TREASURY N/B 3.74% 5. US TREASURY N/B 3.25% 6. FEDERAL HOME LOAN BANK 3.21% 7. US TREASURY N/B 3.13% 8. FEDERAL HOME LOAN BANK 2.96% 9. WAL MART STORES INC 2.57% 10. FREDDIE MAC 2.20% 3.83% % % % 0.31% % % % % % 2017 SA U.S. Fixed Income Fund (Investor Class) -0.18% 0.38% 0.13% 0.84% Bank of America Merrill Lynch 1-3 U.S. Government/ Corporate Index -0.18% 0.92% 0.87% 1.87% Select Class shares. information for Select Class shares will be included after Select Class shares have been in operation for one complete calendar year. will fluctuate so that an investor s shares, when redeemed may be worth more or less than their original costs. The performance illustrated reflects fee waivers and/or expense reimbursements. In the absence of these waivers and/or reimbursements, the performance would have been lower. Bonds are subject to risks, including interest rate risk which can decrease the value of a bond as interest rates rise. Investing in foreign securities may involve certain additional risks, including exchange rate fluctuations, less liquidity, greater volatility and less regulation. The Bank of America Merrill Lynch 1-3 U.S. Government/Corporate Index is a subset of the Bank of America Merrill Lynch U.S. Government/Corporate Index and tracks the performance of investment-grade U.S. government and corporate fixed income securities with a remaining term to final maturity of less than 3 years. This index is unmanaged and reflects reinvested dividends and/or distributions, but does not reflect sales charges, commissions, expenses or taxes. An individual cannot invest in an index. fees and expenses and extraordinary expenses) will not exceed 0.45%. This expense limitation will remain in effect until October 28, 2021 and may be amended or terminated before such time only with the recent month end, please contact your financial advisor, call (844) or visit sa-funds.com. Please read the prospectus carefully before investing. SA Funds are sponsored by LWI Financial Inc. and distributed by Loring Ward Securities Inc., member FINRA/SIPC. B Sources: State Street Bank and Trust, Bank of America Merrill Lynch, Pierce, Fenner & Smith Incorporated (12/17)

3 SA U.S. Core Market Fund The Fund s goal is to achieve long-term capital appreciation. The Fund pursues its goal by generally selecting from all common stocks that are traded on a principal U.S. exchange or on the over-the-counter market in the United States. Dimensional Fund Advisors LP (the Sub-Adviser ) has narrowed the target universe of stocks to securities of companies whose market capitalizations generally are either in the highest 96% of total market capitalization or companies whose market capitalizations are larger than the 1,500th largest U.S. company, whichever results in the higher market capitalization threshold. Under the Sub-Adviser s market capitalization guidelines described above, the target universe was defined by the market capitalization of the 96% of total market capitalization, which was approximately $1,626 million or above. This dollar amount will change due to market conditions. The Fund may also invest less than 5% of its total assets in the U.S. Micro Cap Portfolio, a portfolio of DFA Investment Dimensions Group Inc. ( DFA ), a separate registered investment company. The Sub-Adviser is also the advisor of the U.S. Micro Cap Portfolio. Ticker...SAALX CUSIP T734 Net Assets...$ Mil Number of Holdings... 2,681 Average Price/Share... $54.08 Weighted Average Market Cap ($mil)... $177,765 Median Market Cap ($mil)... $1,570 Weighted Average Book-to-Market Median Book-to-Market Price/Earnings (excludes negatives) Dividend Yield % Gross Expenses % Net Expenses* % ratio to 0.70% and net expense ratio** to 0.68%. 1. DFA US MICRO CAP PORTFOLIO 4.16% 2. APPLE INC 4.15% 3. MICROSOFT CORP 3.20% 4. AMAZON.COM INC 2.90% 5. FACEBOOK INC A 1.63% 6. JOHNSON + JOHNSON 1.50% 7. HOME DEPOT INC 1.34% 8. VERIZON COMMUNICATIONS INC 1.30% 9. AT+T INC 1.08% 10. PEPSICO INC 1.03% 33.38% 25.57% 22.20% 16.04% 15.19% 11.19% 11.46% 0.42% -0.32% % SA U.S. Core Market Fund (Investor Class) 7.14% 23.12% 15.20% 8.18% Russell 3000 Index 6.34% 22.10% 15.76% 8.69% Select Class shares. information for Select Class shares will be included after Select Class shares have been in operation for one complete calendar year. Investing involves risk, principal loss is possible. Small company stocks may be subject to a higher degree of market risk than the securities of more established companies because they tend to be more volatile and less liquid. The Russell 3000 Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. This index is unmanaged and reflects reinvested dividends and/or distributions, but does not reflect sales charges, commissions, expenses or taxes. An individual cannot invest in an index. s fees and expenses and extraordinary expenses) will not exceed 0.70%. This expense limitation will remain in effect until October 28, 2021 and may be amended or terminated before such time only with the SA Funds are sponsored by LWI Financial Inc. and distributed by Loring Ward Securities Inc., member FINRA/SIPC. B Sources: State Street Bank and Trust, Dow Jones Corporation (12/17)

4 SA U.S. Value Fund The Fund s goal is to achieve long-term capital appreciation. The Fund pursues its goal by generally investing in a target universe consisting of common stocks of large cap U.S. companies traded on a principal U.S. exchange or on the overthe-counter market in the United States that are believed to be value stocks at the time of purchase. Dimensional Fund Advisors LP (the Sub-Adviser ) considers value stocks primarily to be those companies with high book values (values that are derived from a company s balance sheet) in relation to their market values (values that are derived by multiplying the market price per share of a company s stock by the number of outstanding shares of that stock). In measuring value, the Sub-Adviser may also consider such factors as price-to-cash flow or price-to-earnings ratios, economic conditions and developments in the company s industry. The criteria used for assessing value are subject to change from time to time. Ticker... SAVLX CUSIP T726 Net Assets...$ Mil Number of Holdings Average Price/Share... $93.60 Weighted Average Market Cap ($mil)... $114,787 Median Market Cap ($mil)... $13,721 Weighted Average Book-to-Market Median Book-to-Market Price/Earnings (excludes negatives) Dividend Yield % Gross Expenses % Net Expenses* % ratio to 0.77% and net expense ratio** to 0.75%. 1. JPMORGAN CHASE + CO 4.14% 2. EXXON MOBIL CORP 3.94% 3. INTEL CORP 3.88% 4. AT+T INC 3.79% 5. WELLS FARGO + CO 3.30% 6. CISCO SYSTEMS INC 2.51% 7. CHEVRON CORP 2.39% 8. COMCAST CORP CLASS A 2.09% 9. BANK OF AMERICA CORP 1.97% 10. PFIZER INC 1.84% % 29.39% 19.40% % 39.54% 21.13% 8.38% -3.51% 18.19% 18.40% SA U.S. Value Fund (Investor Class) 7.24% 19.17% 15.50% 7.82% Russell 1000 Value Index 5.33% 14.18% 14.14% 7.15% Select Class shares. information for Select Class shares will be included after Select Class shares have been in operation for one complete calendar year. will fluctuate so that an investor s shares, when redeemed may be worth more or less than their original costs. The performance illustrated reflects fee waivers and/or expense reimbursements. In the absence of these waivers and/or reimbursements, the performance would have been lower. Investing involves risk, principal loss is possible. The risks associated with investing in stocks and overweighting small company and value stocks potentially include increased volatility (up and down movement in the value of your assets) and loss of principal. The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. This index is unmanaged and reflects reinvested dividends and/or distributions, but does not reflect sales charges, commissions, expenses or taxes. An individual cannot invest in an index. s fees and expenses and extraordinary expenses) will not exceed 0.80%. This expense limitation will remain in effect until October 28, 2021 and may be amended or terminated before such time only with the SA Funds are sponsored by LWI Financial Inc. and distributed by Loring Ward Securities Inc., member FINRA/SIPC. B Sources: State Street Bank and Trust, Frank Russell Company (12/17)

5 SA U.S. Small Company Fund The Fund s goal is to achieve long-term capital appreciation. The Fund pursues its goal by generally investing in a target universe consisting of common stocks of small cap companies traded on a principal U.S. exchange or on the over-the-counter market in the United States. Dimensional Fund Advisors LP (the Sub-Adviser ) considers small cap companies to be companies whose market capitalizations generally are either in the bottom 10% of total market capitalization or companies whose market capitalizations are smaller than the 1,000th largest U.S. company, whichever results in the higher market capitalization threshold. Under the Sub-Adviser s market capitalization guidelines described above, the market capitalization of a small cap company was defined by the market capitalization of a company in the bottom 10% of total market capitalization, which was approximately $4,202 million or below. This dollar amount will change due to market conditions. Ticker...SASLX CUSIP T718 Net Assets...$ Mil Number of Holdings... 1,637 Average Price/Share... $35.13 Weighted Average Market Cap ($mil)... $2,237 Median Market Cap ($mil)... $897 Weighted Average Book-to-Market Median Book-to-Market Price/Earnings (excludes negatives) Dividend Yield % Gross Expenses % Net Expenses* % Effective January 1st 2018, the Fund has lowered its gross expense ratio to 0.95% and net expense ratio** to 0.92%. 1. AMERICAN EAGLE OUTFITTERS 0.53% 2. ARMSTRONG WORLD INDUSTRIES 0.47% 3. ALLEGIANT TRAVEL CO 0.39% 4. ALLSCRIPTS HEALTHCARE SOLUTI 0.36% 5. STERLING BANCORP/DE 0.36% 6. KNIGHT SWIFT TRANSPORTATION 0.35% 7. ANIXTER INTERNATIONAL INC 0.33% 8. AEROJET ROCKETDYNE HOLDINGS 0.32% 9. ADVANCED ENERGY INDUSTRIES 0.31% 10. AVISTA CORP 0.30% % 33.36% 29.56% 17.59% -3.52% 41.46% 3.58% -4.58% SA U.S. Small Company Fund (Investor Class) 3.65% 12.67% 14.06% 9.22% Russell 2000 Index 3.34% 16.56% 14.50% 8.89% 22.56% 11.30% Select Class shares. information for Select Class shares will be included after Select Class shares have been in operation for one complete calendar year. listed reflects fee waivers and/or expense reimbursements. In the absence of these waivers and/or reimbursements, the performance would have been lower. Investing involves risk, principal loss is possible. Small company stocks may be subject to a higher degree of market risk than the securities of more established companies because they tend to be more volatile and less liquid. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. This index is unmanaged and reflects reinvested dividends and/or distributions, but does not reflect sales charges, commissions, expenses or taxes. An individual cannot invest in an index. s fees and expenses and extraordinary expenses) will not exceed 0.95%. This expense limitation will remain in effect until October 28, 2021 and may be amended or terminated before such time only with the SA Funds are sponsored by LWI Financial Inc. and distributed by Loring Ward Securities Inc., member FINRA/SIPC. B Sources: State Street Bank and Trust, Frank Russell Company (12/17)

6 SA International Value Fund The Fund s goal is to achieve long-term capital appreciation. The Fund pursues its goal by generally investing in a target universe consisting of common stocks of large cap and mid cap non-u.s. companies that Dimensional Fund Advisors LP (the Sub-Adviser ) believes are value stocks at the time of purchase. The Sub-Adviser considers value stocks primarily to be those of companies with high book values (values that are derived from a company s balance sheet) in relation to their market values (values that are derived by multiplying the market price per share of a company s stock by the number of outstanding shares of that stock). The Fund invests in companies in countries with developed markets designated by the Investment Committee of the Sub-Adviser from time to time. The Fund is authorized to invest in the stocks of large cap and mid-cap companies in Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. Ticker... SATLX CUSIP T692 Net Assets...$ Mil Number of Holdings Average Price/Share... $44.88 Weighted Average Market Cap ($mil)... $66,317 Median Market Cap ($mil)... $10,127 Weighted Average Book-to-Market Median Book-to-Market Price/Earnings (excludes negatives) Dividend Yield % Gross Expenses % Net Expenses* % ratio to 0.91% and net expense ratio** to 0.88%. 1. VODAFONE GROUP PLC 2.63% 2. TOTAL SA 2.54% 3. ROYAL DUTCH SHELL SPON ADR A 2.47% 4. BP PLC SPONS ADR 2.39% 5. HSBC HOLDINGS PLC SPONS ADR 2.34% 6. ROYAL DUTCH SHELL SPON ADR B 2.15% 7. DAIMLER AG REGISTERED SHARES 2.00% 8. TOYOTA MOTOR CORP 1.92% 9. BANCO SANTANDER SA 1.58% 10. BNP PARIBAS 1.40% 39.60% 10.02% % % 22.42% 14.17% % -6.98% 7.30% SA International Value Fund (Investor Class) 5.52% 26.43% 7.52% 0.71% MSCI World Ex. U.S. Value Index (net div.) 3.42% 22.67% 6.92% 1.46% 25.00% Select Class shares. information for Select Class shares will be included after Select Class shares have been in operation for one complete calendar year. Investing involves risk, principal loss is possible. Investing in foreign securities may involve certain additional risks, including exchange rate fluctuations, less liquidity, greater volatility and less regulation. Stocks of medium-size companies are usually more sensitive to adverse business developments and economic, political, regulatory and market factors than stocks of larger companies, and the prices of stocks of medium-size companies may be more volatile. The MSCI World Ex. U.S. Value Index (net div.) is composed of companies within the MSCI World Ex. U.S. Index having characteristics such as low market-to-book ratios. The MSCI World Ex. U.S. Index is an index of securities listed on the stock exchanges of 23 developed market countries other than the United States. This index is unmanaged and reflects reinvested dividends and/or distributions, but does not reflect sales charges, commissions, expenses or taxes. An individual cannot invest in an index. s fees and expenses and extraordinary expenses) will not exceed 0.95%. This expense limitation will remain in effect until October 28, 2021 and may be amended or terminated before such time only with the recent month end, please contact your financial advisor, call (844) or visit sa-funds.com. Please read the prospectus carefully before investing. SA Funds are sponsored by LWI Financial Inc. and distributed by Loring Ward Securities Inc., member FINRA/SIPC. B Sources: State Street Bank and Trust, MSCI (12/17).

7 SA International Small Company Fund The Fund s goal is to achieve long-term capital appreciation. Instead of buying securities directly, the Fund invests substantially all of its assets in another mutual fund, the International Small Company Portfolio of DFA Investment Dimensions Group Inc. (the DFA Portfolio ), which has the same investment objectives as the Fund. The DFA Portfolio invests its assets in the following series of The DFA Investment Trust Company, each of which is a mutual fund (the Underlying Funds ): The Japanese Small Company Series (the Japanese Series ), The United Kingdom Small Company Series (the United Kingdom Series ), The Continental Small Company Series (the Continental Series ), The Asia Pacific Small Company Series (the Asia Pacific Series ) and The Canadian Small Company Series (the Canadian Series ). Dimensional periodically determines the allocations of the DFA Portfolio s investments among the Underlying Funds and may change the allocations from time to time. The Underlying Funds invest in countries that Dimensional views as developed market countries, such as the United Kingdom, France, Germany, Japan and Canada, and will not invest in emerging market countries. Ticker...SACLX CUSIP T684 Net Assets...$ Mil Number of Holdings*... 4,551 Average Price/Share... $35.28 Weighted Average Market Cap ($mil)...$2,598 Median Market Cap ($mil)... $507 Weighted Average Book-to-Market Median Book-to-Market Price/Earnings (excludes negatives) Dividend Yield % Gross Expenses % Net Expenses** % *Represents the number of securities held in the DFA International Small Company Portfolio. ratio to 1.09% and net expense ratio*** to 1.04%. Holding 11/30/17 1. DFA INTERNATIONAL SMALL COMPANY I 100% % 40.33% 22.65% % 17.56% 26.04% -7.36% 4.77% 4.79% SA International Small Company Fund (Investor Class) 4.38% 32.56% 11.19% 4.81% MSCI World Ex. U.S. Small Cap Index (net div.) 5.82% 35.08% 12.05% 5.48% 29.00% Select Class shares. information for Select Class shares will be included after Select Class shares have been in operation for one complete calendar year. Investing involves risk, principal loss is possible. Investing in foreign securities may involve certain additional risks, including exchange rate fluctuations, less liquidity, greater volatility and less regulation. Small company stocks may be subject to a higher degree of market risk than the securities of more established companies because they tend to be more volatile and less liquid. Duplication of expenses is a risk when a fund invests in other investment companies. The cost of investing in the Fund, therefore, may be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. The MSCI World Ex. U.S. Small Cap Index is a market capitalization weighted index designed to measure equity performance in 23 global developed markets, excluding the U.S., and is composed of stocks, which are categorized as small capitalization stocks. This index is unmanaged and reflects reinvested dividends and/or distributions, but does not reflect sales charges, commissions, expenses or taxes. An individual cannot invest in an index. * s * fees and expenses and extraordinary expenses) will not exceed 0.55%. This expense limitation will remain in effect until October 28, 2021 and may be amended or terminated before such time only with the SA Funds are sponsored by LWI Financial Inc. and distributed by Loring Ward Securities Inc., member FINRA/SIPC. B Sources: State Street Bank and Trust, MSCI (12/17)

8 SA Emerging Markets Value Fund The Fund s goal is to achieve long-term capital appreciation. The Fund pursues its goal by purchasing a broad and diverse group of securities of companies in emerging markets with small, medium, and large market capitalizations relative to their respective markets and that it considers to be value stocks. The Fund seeks to achieve its goal by investing in companies in countries with emerging markets designated by the Investment Committee of Dimensional Fund Advisors LP (the Sub- Adviser ) from time to time ( Approved Markets ). As of the current prospectus, the Fund is authorized to invest in the following Approved Markets: Brazil, Chile, China, Colombia, Czech Republic, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand, and Turkey. The Investment Committee of the Sub- Adviser may authorize other countries for investment in the future, in addition to the Approved Markets listed above. The Sub-Adviser will determine when and whether to invest in Approved Markets depending on a number of factors, such as asset growth in the Fund and characteristics of each country s market. Ticker...SAELX CUSIP T676 Net Assets...$ Mil Number of Holdings...1,256 Average Price/Share... $17.77 Weighted Average Market Cap ($mil)... $35,607 Median Market Cap ($mil)... $1,452 Weighted Average Book-to-Market Median Book-to-Market Price/Earnings (excludes negatives) Dividend Yield % Gross Expenses % Net Expenses** % ratio to 1.52% and net expense ratio* to 1.15%. SA Emerging Markets Value Fund (Investor Class) 7.97% 32.19% 1.95% 0.99% MSCI Emerging Markets Value Index (net div.) 6.84% 29.36% 1.95% 5.48% 1. VALE SA 3.01% 2. CHINA CONSTRUCTION BANK H 2.47% 3. RELIANCE INDUSTRIES LTD 2.22% 4. IND + COMM BK OF CHINA H 2.12% 5. POSCO SPON ADR 1.74% 6. HYUNDAI MOTOR CO 1.49% 7. STANDARD BANK GROUP LTD 1.42% 8. MTN GROUP LTD 1.18% 9. BANK OF CHINA LTD H 1.07% 10. PTT PCL/FOREIGN 0.98% % % -7.02% % Select Class shares. information for Select Class shares will be included after Select Class shares have been in operation for one complete calendar year. Investing involves risk, principal loss is possible. Investing in foreign and emerging market securities may involve certain additional risks, including exchange rate fluctuations, less liquidity, greater volatility and less regulation. Small company stocks may be subject to a higher degree of market risk than the securities of more established companies because they tend to be more volatile and less liquid. The Morgan Stanley Capital International (MSCI) Emerging Markets Value Index is a market capitalization weighted equity index comprised of companies within the MSCI Emerging Markets Index having value characteristics, such as low market-to-book ratios. This index is unmanaged and reflects reinvested dividends and/or distributions, but does not reflect sales charges, commissions, expenses or taxes. An individual cannot invest in an index. *The Adviser has contractually agreed to waive its management fees and/or to reimburse expenses with the effect that: (1) the Select Class shares total annual operating expenses (excluding fees and expenses and extraordinary expenses) will not exceed 1.15%. This expense limitation will remain in effect until October 28, 2021 and may be amended or terminated before such time only with the * s SA Funds are sponsored by LWI Financial Inc. and distributed by Loring Ward Securities Inc., member FINRA/SIPC. B Sources: State Street Bank and Trust, MSCI (12/17) 92.34% 22.29% % 15.55% % 17.13%

9 SA Real Estate Securities Fund The Fund s goal is to achieve long-term capital appreciation. The Fund pursues its goal by concentrating investments in readily marketable equity securities of companies the principal activities of which include development, ownership, construction, management, or sale of residential, commercial, or industrial real estate. Investments will include, principally, equity securities of companies in the following sectors of the real estate industry: certain real estate investment trusts ( REITs ), companies engaged in residential construction and firms, except partnerships, the principal business of which is to develop commercial property. The Fund will make equity investments only in securities traded in the U.S. securities markets, primarily on the NYSE, NYSE Alternext or such other U.S. national securities exchanges and in the over-the-counter market, as may be deemed appropriate by Dimensional Fund Advisors LP (the Sub-Adviser ) using a market capitalization weighted approach. Ticker...SARLX CUSIP T668 Net Assets...$ Mil Number of Holdings Average Price/Share... $47.47 Weighted Average Market Cap ($mil)... $18,542 Median Market Cap ($mil)... $3,345 Weighted Average Book-to-Market Median Book-to-Market Price/Earnings (excludes negatives) Dividend Yield % Gross Expenses % Net Expenses** % ratio to 0.90% and net expense ratio*** to 0.75%. SA Real Estate Securities Fund (Investor Class) 1.88% 5.13% 8.59% 6.72% Dow Jones U.S. Select REIT Index 1.98% 4.55% 9.26% 7.15% 1. SIMON PROPERTY GROUP INC 5.48% 2. AMERICAN TOWER CORP 3.93% 3. EQUINIX INC 3.66% 4. PROLOGIS INC 3.56% 5. PUBLIC STORAGE 3.42% 6. AVALONBAY COMMUNITIES INC 2.62% 7. WELLTOWER INC 2.50% 8. DIGITAL REALTY TRUST INC 2.49% 9. EQUITY RESIDENTIAL 2.48% 10. CROWN CASTLE INTL CORP 2.44% 27.93% % % 29.34% 16.63% 7.89% 2.40% 7.51% 4.53% 0.87% Select Class shares. information for Select Class shares will be included after Select Class shares have been in operation for one complete calendar year. Investing involves risk, principal loss is possible. REIT investments are subject to changes in economic conditions, credit risk and interest rate fluctuations. The Dow Jones U.S. Select REIT Index is a float-adjusted market capitalization index designed to measure the performance of publicly traded real estate companies that have a minimum market capitalization of at least $200 million, at least 75% of total revenues derived from ownership and operation of real estate assets, and liquidity of company stock commensurate with that of other institutionally held real estate securities. This index is unmanaged and reflects reinvested dividends and/or distributions, but does not reflect sales charges, commissions, expenses or taxes. An individual cannot invest in an index. * s ***The Adviser has contractually agreed to waive its management fees and/or to reimburse expenses with the effect that: (1) the 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 (2) the Select Class shares total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) will not exceed 0.75%. This expense limitation will remain in effect until October 28, 2021 and may be amended or terminated before such time only with the SA Funds are sponsored by LWI Financial Inc. and distributed by Loring Ward Securities Inc., member FINRA/SIPC. B Sources: State Street Bank and Trust, Dow Jones Company (12/17)

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