INVESTMENT MANAGER SUMMARY MANAGEMENT ASSETS...Ingrid M. Werner, PhD Ohio State University Academics...
Transcript of INVESTMENT MANAGER SUMMARY MANAGEMENT ASSETS...Ingrid M. Werner, PhD Ohio State University Academics...
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Item No. 13: Annual Presentation by Dimensional Fund Advisors – Active Global Real Estate Securities Manager (August 21, 2019, Special Retirement Board Meeting)
INVESTMENT MANAGER SUMMARY
MANAGEMENT
Firm Name Dimensional Fund Advisors (DFA) Manager Tenure with Fund 6.5 Years Investment Strategy/Vehicle Global Real Estate Securities Contract Expiration 2/28/2022
ASSETS Total Firm AUM $ 586.0 Billion Total Firm Assets in Strategy $ 13.5 Billion
Total Assets Managed for the Plan RP - $ 28.0 Million HP - $ 7.0 Million
As of 06/30/2019
PERFORMANCE As of 06/30/2019 1-Year 3-Year 5-Year ITD¹ DFA Global Real Estate (gross) 12.18% 5.39% 7.10% 7.40% DFA Global Real Estate (net) 11.92% 5.14% 6.84% 7.10% FTSE EPRA/NAREIT Developed Index 8.64% 5.45% 5.79% 6.25% Difference (net) 3.28% -0.31% 1.05% 0.85%
¹ Inception to date 03/31/2013
FEES
Current Fee 0.24% Net Expense Ratio
WATCH STATUS N/A
PREVIOUSLY DISCLOSED LITIGATION N/A
Los Angeles Water and Power Employees’ Retirement Plan
August 21, 2019
Allen Pu, PhD, CFA, Deputy Head of Portfolio Management, North America
Chermaine Fullinck, Regional Director
This information is provided for registered investment advisors and institutional investors and is not intended for public use.
Dimensional Fund Advisors LP is an investment advisor registered with the Securities and Exchange Commission.
Consider the investment objectives, risks, and charges and expenses of the Dimensional funds carefully before investing. For this and other information about the
Dimensional funds, please read the prospectus carefully before investing. Prospectuses are available by calling Dimensional Fund Advisors collect at (512) 306-7400
or at us.dimensional.com/prospectus.
Dimensional funds are distributed by DFA Securities LLC.
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Agenda • Section A: Dimensional Overview
• Section B: Investment Process and Discipline
• Section C: Market Overview
• Section D: Performance Review
• Section E: Portfolio Review and Characteristics
• Section F: Fee Schedule
• Appendix
Section A: Dimensional Overview
Dimensional at a Glance
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As of June 30, 2019
Assets in US dollars.“Dimensional” refers to the Dimensional separate but affiliated entities generally, rather than to one particular entity. These entities are Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., DFA Australia Limited, Dimensional Fund Advisors Canada ULC, Dimensional Fund Advisors Pte. Ltd., Dimensional Japan Ltd., and Dimensional Hong Kong Limited. Dimensional Hong Kong Limited is licensed by the Securities and Futures Commission to conduct Type 1 (dealing in securities) regulated activities only and does not provide asset management services.
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38 $586B 1,400+ OneYears Since Founding
Global Assets Under Management
Employees Globally in 13 Offices
Investment Philosophy
Dimensional Global Investment Solutions
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$586 billion in global AUM as of June 30, 2019
$13.5 billion in Global Real Estate Strategy AUM as of June 30, 2019
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“Dimensional” refers to the Dimensional separate but affiliated entities generally, rather than to one particular entity. These entities are Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., DFA Australia Limited, Dimensional Fund Advisors Canada ULC, Dimensional Fund Advisors Pte. Ltd., Dimensional Japan Ltd., and Dimensional Hong Kong Limited. Dimensional Hong Kong Limited is licensed by the Securities and Futures Commission to conduct Type 1 (dealing in securities) regulated activities only and does not provide asset management services. All assets in US dollars. Numbers may not total 100% due to rounding.
(in billions)
US Equity $207.2 Developed ex US Equity $105.3 Global Equity $42.6
All Cap Core $72.9 All Cap Core $39.9 All Cap/Large Cap $33.7
All Cap Value $7.1 All Cap Value $2.8 Value $5.8
Growth $2.8 Growth $0.6 Small/SMID Cap $3.1
Large Cap $22.6 Large Cap $9.0
Large Cap Value $32.1 Large Cap Value $18.5 Fixed Income $116.5
SMID Cap Value $18.6 Small Cap $19.5 US $57.3
Small Cap $26.4 Small Cap Value $15.0 US Tax-Exempt $8.0
Small Cap Value $16.6 Non-US and Global $44.6
Micro Cap $8.1 Emerging Markets Equity $77.7 Inflation-Protected $6.6
All Cap Core $33.6
Value $28.2 Other $36.7
Large Cap $8.9 Real Estate $21.9
Small Cap $7.0 Commodities $1.6
Global Allocation $12.2
Target Date $0.9
US Equity35.4%
Developed ex US Equity18.0%
Emerging Markets Equity13.3%
Global Equity7.3%
Fixed Income19.9%
Other6.3%
Leading Financial Economists and Researchers
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As of March 31, 2019.1. “Dimensional Directors" refers to the Board of Directors of the general partner of Dimensional Fund Advisors LP.2. Provide consulting services to Dimensional Fund Advisors LP.3. “Dimensional’s US Mutual Fund Board” refers to The DFA Investment Trust Company, DFA Investment Dimensions Group Inc., Dimensional Investment Group Inc. and Dimensional Emerging Markets Value Fund Inc. "Dimensional” refers to the Dimensional separate but affiliated entities generally, rather than to one particular entity. These entities are Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., DFA Australia Limited, Dimensional Fund Advisors Canada ULC, Dimensional Fund Advisors Pte. Ltd., Dimensional Japan Ltd., and Dimensional Hong Kong Limited. Dimensional Hong Kong Limited is licensed by the Securities and Futures Commission to conduct Type 1 (dealing in securities) regulated activities only and does not provide asset management services.
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Academics Who Serve as Dimensional Directors1
Eugene Fama2, PhD, Nobel laureate University of Chicago
Kenneth French2, PhD Dartmouth College
Academics Who Serve as Independent Directors on Dimensional’s
US Mutual Fund Board3
George Constantinides, PhD University of Chicago
Douglas Diamond, PhD University of Chicago
Darrell Duffie, PhD Stanford University
Roger Ibbotson, PhD Yale University
Edward Lazear, PhD Stanford University
Myron Scholes, PhD, Nobel laureate Stanford University
Abbie Smith, PhD University of Chicago
Ingrid M. Werner, PhD Ohio State University
Academics Providing Ongoing Consulting Services to Dimensional
Robert Merton, PhD, Nobel laureate Massachusetts Institute of Technology
Robert Novy-Marx, PhD University of Rochester
Sunil Wahal, PhD Arizona State University
Leaders of Dimensional’s
Internal Research Staff
Gerard O’Reilly, PhD
Co-Chief Executive Officer, Chief Investment Officer,
and Dimensional Director
Marlena Lee, PhD
Co–Head of Research
Savina Rizova, PhD
Co–Head of Research
Stanley Black, PhD
Vice President
Wes Crill, PhD
Vice President
Wei Dai, PhD
Vice President
James Davis, PhD
Vice President
Dave Twardowski, PhD
Vice President
Experienced Teams Help Ensure Consistency
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High degree of practitioners’ knowledge and experience across market cycles
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Investment Committee1 Portfolio Management Trading
Average 21 Years of Industry ExperienceAverage 18 Years of Firm Experience
Average 14 Years of Industry ExperienceAverage 9 Years of Firm Experience
Average 15 Years of Industry ExperienceAverage 11 Years of Firm Experience
David Booth, Founder and Executive Chairman
David Butler, Co-Chief Executive Officer and Dimensional Director
Gerard O’Reilly, Co-Chief Executive Officer, Chief Investment Officer, and Dimensional Director
Stephen A. Clark, President of Dimensional International
Robert Deere, Senior Investment Director
Jed Fogdall, Investment Committee Chairmanand Head of Global Portfolio Management
Joseph Kolerich, Senior Portfolio Manager
Mary Phillips, Deputy Head of Portfolio Management, North America
David Plecha, Global Head of Fixed Income
Allen Pu, Deputy Head of Portfolio Management, North America
Savina Rizova, Co-Head of Research
Joel Schneider, Deputy Head of Portfolio Management, North America
Karen Umland, Senior Portfolio Manager
Ryan Wiley, Head of Global Equity Trading
AustinJed Fogdall, Head of Global Portfolio Management
Joel Schneider, Deputy Head of Portfolio Management, North America
Senior Portfolio Managers: William Collins-Dean, Joe Hohn, Arun Keswani, Joseph Kolerich, Lukas Smart
Portfolio Managers: Ashish Bhagwanjee, Gavin Crabb, Damian Dormer, Alan Hutchison, Marc Corona Leblond, Brendan McAndrews, John Morrison, Pamela Noble, Andres Torres, Ethan Wren, Matthew Zenz
Charlotte Mary Phillips, Deputy Head of Portfolio Management, North America
Marcus Axthelm, Senior Portfolio Manager
Portfolio Managers:Horacio Carias, Travis Meldau
Santa Monica Robert Deere, Senior Investment Director
David Plecha, Global Head of Fixed Income
Allen Pu, Deputy Head of Portfolio Management, North America
Senior Portfolio Managers: Joseph Chi, Grady Smith, Karen Umland
Portfolio Managers: Patrick Brown, Alexander Fridman, John Hertzer, David Shao, Brian Walsh
LondonNathan Lacaze, Co-CEO, Dimensional Fund Advisors Ltd. and Head of EMEA Portfolio Management
Senior Portfolio Managers: Paul Foley, Joel Kim
Portfolio Managers: Kipp Cummins, Krati Gupta,Althea Trevor, Adam Ward, Jim Whittington
SydneyBhanu Singh, Head of Asia Pacific Portfolio Management and Director
Robert Ness, Senior Portfolio Manager
Portfolio Managers: Murray Cockerell, Stephen Garth, Slava Platkov, Gillian Wilson, Craig Wright
Tokyo
Kotaro Hama, Senior Portfolio Manager
SingaporePortfolio Managers: Juno Chen, Emily Cornell
AustinSenior Traders: Christian Gunther, David LaRusso,Christopher Rink, Scott Van Pelt
Traders: Joel Mitter, Robert Richardson, Elizabeth Van Pelt
CharlotteSenior Traders: Christine Ivanick, Polly Weiss
Santa MonicaRyan Wiley, Head of Global Equity Trading
Le Tran, Senior Trader
Traders: Claudette Higdon, Erhan Oktay
LondonSenior Traders: Mark Butterworth, William Letheren
Traders: Odin Costa, James Simpson, Archit Soni
SydneyJason Lapping, Head of International Equity Trading
Senior Traders: David Vrolyk, Sam Willis
Jian Du, Trader
SingaporeTraders: Jonathan Smith, Hayato Yonemori
As of June 30, 2019.1. Dimensional Fund Advisors LP Investment Committee.Locations with offices operated by Dimensional. "Dimensional" refers to the Dimensional entities generally, rather than to one particular entity. These entities are Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., DFA Australia Limited, Dimensional Fund Advisors Canada ULC, Dimensional Fund Advisors Pte. Ltd., Dimensional Japan Ltd., and Dimensional Hong Kong Limited. Dimensional Hong Kong Limited is licensed by the Securities and Futures Commission to conduct Type 1 (dealing in securities) regulated activities only and does not provide asset management services.
SALES AND CLIENT SERVICE
Mark GochnourHead of Global Client Services
Craig HorvathGlobal Head of Consultant Relations
David R. JonesHead of Financial Advisor Services, EMEA
Kevin KandasamyHead of Institutional, Australia
Nathan KriegerHead of Financial Advisor Services, Australia
Bryce SkaffCo-Head of Global Client Group
Bradley G. SteimanDirector and Head of Canadian Financial Advisor Services
Joel TeasdelHead of Financial Advisor Services, Asia ex Japan
Erik van Houwelingen Head of European Sales, Dimensional Fund Advisors Ltd. (DFAL)
Carlo VenesCo-Head of Global Client Group
Dimensional Fund Advisors and Affiliates
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Global Organizational Leadership
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INVESTMENT PROFESSIONALS
RESEARCH Gerard K. O’Reilly1
Co-Chief Executive Officer, Chief Investment Officer,and Dimensional Director
Peter DillardChief Data Officer and Head of Investment Analytics and Data
Marlena LeeCo-Head of Research
Savina Rizova1
Co-Head of Research
PORTFOLIO MANAGEMENT AND TRADING Robert T. Deere1
Senior Investment Director
Jed S. Fogdall1
Head of Global Portfolio Management
Nathan LacazeCo-Chief Executive Officer, Dimensional Fund Advisors Ltd., and Head of EMEA Portfolio Management
Jason LappingHead of International Equity Trading
David A. Plecha1
Global Head of Fixed Income
Bhanu SinghHead of Asia Pacific Portfolio Management and Director
Ryan Wiley1
Head of Global Equity Trading
CORPORATE
COMPLIANCE AND RISK MANAGEMENTChristopher S. CrossanGlobal Chief Compliance Officer
FINANCIAL/ACCOUNTING SERVICES Gregory K. HinkleChief Financial Officer and Treasurer
HUMAN RESOURCES Aaron MarcusHead of Global Human Resources
INVESTMENT OPERATIONSRichard A. EusticeHead of Global Investment Operations
LEGAL Catherine L. NewellGeneral Counsel and Secretary
MARKETINGKaren DolanHead of Marketing
RISK MANAGEMENT Jeffrey VernorHead of Risk Management
TECHNOLOGYMichael Holmes
Chief Technology Officer
EXECUTIVE
David G. Booth,1 Founder and Executive Chairman
David P. Butler,1 Co-Chief Executive Officer and Dimensional Director
Gerard K. O’Reilly,1 Co-Chief Executive Officer, Chief Investment Officer, and Dimensional Director
Stephen A. Clark1
President of Dimensional International
DIMENSIONAL DIRECTORS
David G. Booth,1 Executive Chairman
David P. Butler1
Eugene F. Fama, Nobel laureate and Consultant
Kenneth R. French, Consultant
John A. McQuown
Gerard K. O’Reilly1
AFFIL IATES
DIMENSIONAL FUND ADVISORS LTD. (LONDON)Nathan LacazeCo-Chief Executive Officer and Head of EMEA Portfolio Management
John S. RomizaCo-Chief Executive Officer
DFA AUSTRALIA LIMITED (SYDNEY) J. Glenn CraneChairman and Chief Executive Officer
DIMENSIONAL JAPAN LTD. (TOKYO) John R. AlkireChief Executive Officer
DIMENSIONAL FUND ADVISORS PTE. LTD. (SINGAPORE) Peng ChenDirector, Chief Executive Officer, Asia ex Japan
DIMENSIONAL FUND ADVISORS CANADA ULC (VANCOUVER)Bradley G. SteimanDirector and Head of Canadian Financial Advisor Services
1. Member of the Investment Committee of Dimensional Fund Advisors LP.As of June 30, 2019. All listed individuals are employees of Dimensional Investment LLC, a subsidiary of Dimensional Fund Advisors LP."Dimensional Directors" refers to the Board of Directors of the general partner of Dimensional Fund Advisors LP.
Partial List of Clients
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As of July 10, 2019.Clients in bold have been clients with Dimensional for 10 or more years. Some entities listed do not engage Dimensional directly, but invest in a commingled vehicle advised by Dimensional. This list is solely a partial list of clients of the Dimensional group of companies and is generally representative of Dimensional’s institutional client base. Clients have given consent to be included and were not chosen based on performance-based criteria. This list should not be construed as an expression of any client's experience with Dimensional, or a suggestion that one client's experience is in any way indicative of another client's future experience with Dimensional. Inclusion of a client’s name on the list should not be taken as an indication that the client approves or disapproves of Dimensional or the advisory services provided to either the client and/or the commingled vehicle in which the client may be invested.
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Corporate Nonprofit Organizations Public Taft-HartleyAnthem, Inc. Baptist Foundation of Alabama City and County of Kalamazoo Bakery & Confectionery Union and
AT&T Inc. Gonzaga University City of Baton Rouge Industry International Pension Fund
Boeing Corporation Misericordia Home Endowment County of Los Angeles Deferred Local Union #226
Kellogg Company National Telecommunications Compensation National Electrical Benefit Fund
Merck Cooperative Association Florida State Board of Administration National Retirement Fund
Microsoft Corporation Public Policy Institute of California Illinois Municipal Retirement Fund Union Electrical Industry Master Trust
PepsiCo, Inc. Surdna Foundation Los Angeles Department of
PPG Industries, Inc. Toledo Community Foundation Water & Power System
TimkenSteel Corporation University of Miami Los Angeles Fire and Police Pensions
Tribune Media Company Western Michigan University Maryland State Retirement Agency
Verizon Communications, Inc. Foundation Mississippi Public Employees
Retirement System
Municipal Fire & Police
Retirement System of Iowa
Nebraska Investment Council
Nova Scotia Health Employees'
Pension Plan
Teachers' Retirement Allowances Fund
Utah State Retirement Systems
Section B: Investment Process and Discipline
REIT Investment Strategy
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Providing broad, cost-effective access to real estate
Dimensional’s REIT strategies are built on specific principles:
• Broad coverage within the real estate asset class.
• By type and size of REIT—such as multi-family, retail, office building, industrial, storage,
lodging, recreational, and mixed-use properties.
• By capitalization—includes small cap REITs.
Disciplined, process-driven approach
• Exclusion rules designed to capture the distinct characteristics of the asset class.
• Patient trading emphasizes price over time of execution.
Low costs
• Low management fees and reduced trading costs.
Note: Exclusion rules seek to exclude from purchase securities Dimensional determines to fall within these exclusions
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A Low-Cost Real Estate Solution
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As of December 31, 2018
1. Net expense ratio data is based on annual reports data as of 10/31/2018 from Morningstar. For the Dimensional portfolio, under certain circumstances, the Advisor has contractually agreed to waive certain fees and/or assume certain expenses of the Portfolio. Unless otherwise stated in the prospectus, the Advisor may amend or discontinue the waivers at any time, one year from the date of the prospectus. The net expense ratio reflects the total annual fund operating expenses of the Portfolio after taking into account any such fee waiver and/or expense reimbursement arrangements. Please read the Portfolio’s prospectus for details and more information. 2. Turnover Ratio Date is as of 10/31/2018. Turnover ratio data is from Morningstar and may not match Dimensional’s turnover ratios due to methodology differences.3. Holdings are subject to change and are as of 12/31/2018. Holdings data is from Morningstar in order to maintain methodology consistencies for comparison with peer group.Morningstar Averages are calculated by Morningstar’s Performance Reporting as of 2/20/2019. Morningstar Averages are based on the Morningstar Categories of the Dimensional funds. Morningstar Categories are not determined by Dimensional. Load waived portfolios are excluded and limits to distinct portfolios only as determined by oldest share class.The Morningstar Category is US Fund Real Estate.
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Compared to 67 real estate funds in Morningstar,
Dimensional’s Real Estate Securities Portfolio has:
0.18
0.99
Lower cost.Better diversification.
3.0
68.4
Lower turnover.
Dimensional Portfolio Morningstar Average3
163
79
Total Holdings Net Expense Ratio1 (%) Turnover Rate2 (%)
Global REIT Underlying Property Holdings
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The Global Real Estate Securities Portfolio provides exposure to over 229,000 properties around the globe
Portfolio holdings data used in the analysis are as of September 30, 2018.Holdings and properties subject to change. Properties are defined as buildings or parcels of land held for development owned and/or managed by companies whose securities are held by DFA Global Real Estate Securities Portfolio. Where data on individual buildings were not available, data on properties (consisting of multiple buildings) were used instead. Property data are the latest data available from the companies' financial statements and websites as of September 30, 2018.Stated exposure to over 229,000 properties does not include billboard REITs or cell tower REITs. Billboard REITs held by DFA Global Real Estate Securities Portfolio provide exposure to approximately 117,000 additional properties as of 9/30/18. Cell tower REITs held by DFA Global Real Estate Securities Portfolio provide exposure to approximately 183,000 additional properties as of 9/30/18. 1. The only countries in this range are the United States (approximately 197,000 properties) and the United Kingdom (approximately 5,000 properties).2. DFA Global Real Estate Securities Portfolio has exposure to approximately 183,000 cell towers in the following countries: United States, India, France, Germany, Ghana, Nigeria, South Africa, Uganda, Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico, Paraguay, Peru, Japan, Canada, Guatemala, Panama, Nicaragua, El Salvador, Ecuador.
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Number of Properties
>4,9991
1,000–4,999
100–999
1–99
Only cell tower exposure²
No properties
Trading Costs Matter
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Dimensional’s flexible approach helps reduce the total costs of trading
For illustrative purposes only.
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Total Trading Costs = x +
Total traded value divided by assets under management
Minimizing portfolio turnover reduces the impact of trading costs on performance
Turnover
Brokerage commissions, custody, exchange fees/taxes
Economies of scale and efficient market access help control explicit costs
Explicit Costs
Bid-ask spread, market impact
Flexible trading helps control implicit costs
Implicit Costs
Section C: Market Overview
Global Equity Returns (%)One-Year as of June 30, 2019
Performance is shown in USD net dividends and is based on MSCI World ex USA IMI Index, MSCI Emerging Markets IMI Index, and Russell 3000 Index (total return). Russell data © Russell Investment Group 1995–2019, all rights reserved. MSCI data © MSCI 2019, all rights reserved. Indices are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results. The S&P data are provided by Standard & Poor's Index Services Group.
-20%
-15%
-10%
-5%
0%
5%
10%
15%
Jun-18 Sep-18 Dec-18 Mar-19 Jun-19
Retu
rns
(%)
Russell 3000 Index: 8.98%
S&P Global REIT Index: 8.81%
MSCI Emerging Markets IMI: 0.47%
MSCI World ex USA IMI: 0.16%
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Section D: Performance Review
Performance
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Net of fees performance reported net of all advisory fees and includes reinvestment of dividends and other earnings. Performance data shown represents past performance and is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain the most current month-end performance data, visit us.dimensional.com.1. Returns for periods shorter than one year are not annualized. 2. Provided at specific request of Los Angeles Water and Power Employees’ Retirement Plan. Gross of fees performance includes the reinvestment of dividends and other earnings, but does not reflect the deduction of advisory expenses.3. FTSE EPRA/NAREIT Developed Index is the benchmark selected by Los Angeles Water and Power Employees’ RetirementThe prospectus benchmark for the DFA Global Real Estate Securities Portfolio is the S&P Global REIT Index. S&P data © 2019 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. FTSE data is provided by FTSE NAREIT. Indices are not available for direct investment. See “Appendix: Standardized Performance Data and Disclosures” to learn how to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses of Dimensional’s funds.
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Calendar Year
Returns (%)
GLOBAL REAL ESTATE
SECURITIES PORTFOLIO
(net of fees)
FTSE EPRA/NAREIT
Developed Index
(gross dividends)
S&P Global
REIT Index
(net dividends)
2009 32.67 38.26 31.72
2010 23.79 20.40 22.09
2011 1.81 -5.82 0.61
2012 23.17 28.65 22.38
2013 1.77 4.39 1.73
2014 22.74 15.89 21.54
2015 0.69 0.05 -0.44
2016 6.56 4.99 5.77
2017 9.20 11.42 7.41
2018 -4.15 -4.74 -5.90
Account Value
(11423) WATER & POWER
EMPLOYEES RETIREMENT PLAN$27,976,737
(11424) WATER & POWER
EMPLOYEES RETIREMENT PLAN
RETIREE HEALTH BENEFITS FUND
$7,005,616
Total $34,982,353
Annualized Returns1 (%)
2nd
Quarter
2019
Year to
Date 1 Year 3 Years 5 Years 10 Years
Since 4/13
Account
1st Full
Month
Since 7/08
Portfolio
1st Full
Month
GLOBAL REAL ESTATE SECURITIES PORTFOLIO (gross of fees)2 1.88 17.44 12.18 5.39 7.10 13.79 7.40 7.42
GLOBAL REAL ESTATE SECURITIES PORTFOLIO (net of fees) 1.82 17.30 11.92 5.14 6.84 13.44 7.11 7.07
FTSE EPRA/NAREIT Developed Index (gross dividends)3 0.20 15.09 8.64 5.45 5.79 11.45 6.25 5.99
S&P Global REIT Index (net dividends) 1.29 15.54 8.81 3.40 5.29 12.19 5.68 5.67
As of June 30, 2019
Global Real Estate Securities Portfolio
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Performance as of June 30, 2019
PERIODIC RETURNS (%)
Performance for the portfolio is reported net of all advisory fees and includes reinvestment of dividends and other earnings.Performance data shown represents past performance and is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain the most current month-end performance data, visit us.dimensional.com.1. Returns for periods shorter than one year are not annualized. Portfolio inception returns are from the first full month. The prospectus benchmark for the DFA Global Real Estate Securities Portfolio is the S&P Global REIT Index. S&P data © 2019 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. FTSE data is provided by FTSE NAREIT. Indices are not available for direct investment. See “Appendix: Standardized Performance Data and Disclosures” to learn how to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses of Dimensional’s funds.
1.82
17.30
11.92
5.14
7.11
0.20
15.09
8.64
5.456.25
2nd Quarter 2019 Year to Date 1 Year 3 Years Since 4/13 Account1st Full Month
DFA Global Real Estate Securities Portfolio (net of fees) FTSE EPRA/NAREIT Developed Index (gross dividends)
Market Value Summary
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Account Inception Date: March 28, 2013
Account Value
at Inception
(11423) WATER & POWER EMPLOYEES RETIREMENT PLAN $8,000,000
Purchases $10,290,000
Withdrawals $0
Dividends $4,581,936
Change in Market Value $5,104,801
Account Value as of June 30, 2019 $27,976,737
Account Value
at Inception
(11424) WATER & POWER EMPLOYEES RETIREMENT PLAN RETIREE HEALTH BENEFITS FUND $2,000,000
Purchases $2,580,000
Withdrawals $0
Dividends $1,147,286
Change in Market Value $1,278,330
Account Value as of June 30, 2019 $7,005,616
Top 10 Contributors and Detractors
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Global Real Estate Securities Portfolio, 1 Year as of June 30, 2019
Holdings are subject to change.
Contributors
Security
Global Real Estate
Securities Portfolio
Contribution
American Tower Corp 1.87%
Crown Castle International Corp 0.74%
Prologis Inc 0.67%
Link REIT 0.59%
Welltower Inc 0.57%
Goodman Group 0.48%
SBA Communications Corp 0.44%
Equinix Inc 0.44%
Equity Residential 0.37%
Realty Income Corp 0.36%
Detractors
Security
Global Real Estate
Securities Portfolio
Contribution
Unibail-Rodamco-Westfield SE -0.48%
Hammerson PLC -0.21%
Scentre Group -0.15%
The Macerich Co -0.15%
Senior Housing Properties Trust -0.13%
British Land Co PLC -0.13%
Intu Properties PLC -0.11%
Uniti Group Inc -0.10%
Host Hotels & Resorts Inc -0.09%
SL Green Realty Corp -0.09%
Attribution Analysis by Sector (GIC REIT Industry)
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Global Real Estate Securities Portfolio vs. FTSE EPRA/NAREIT Developed Index (Total Return)
Attribution constructed using holdings-based information that utilizes an internally developed system. Additional information available upon request.
Performance for the portfolio is reported net of all advisory fees and includes reinvestment of dividends and other earnings.Performance data shown represents past performance and is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain the most current month-end performance data, visit us.dimensional.com.Holdings are subject to change. The prospectus benchmark for the Global Real Estate Securities Portfolio is the S&P Global REIT Index. FTSE data is provided by FTSE NAREIT. Indices are not available for direct investment. See “Appendix: Standardized Performance Data & Disclosures” to learn how to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses of Dimensional’s funds. REITs are classified according to GICS Industry code. GICS was developed by and is the exclusive property of MSCI and S&P Dow Jones Indices LLC, a division of S&P Global.
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1 Year as of June 30, 2019
Sector
Portfolio
Average
Weights
Benchmark
Average
Weights
Portfolio
Return
Benchmark
Return
Portfolio
Allocation
Portfolio
Composition Interaction Total
Diversified REITs 12% 10% 11.51% 12.16% 0.09% -0.08% 0.02% 0.03%
Health Care REITs 7% 7% 22.18% 22.05% -0.01% 0.01% 0.02% 0.02%
Hotel and Resort REITs 5% 4% -6.75% -7.46% -0.08% 0.02% -0.00% -0.06%
Industrial REITs 9% 8% 23.69% 23.89% 0.09% -0.02% 0.03% 0.10%
Office REITs 14% 12% 7.38% 5.97% -0.04% 0.17% 0.01% 0.14%
Residential REITs 11% 11% 21.78% 21.54% -0.01% 0.03% 0.02% 0.04%
Retail REITs 22% 20% -0.84% -0.42% -0.18% -0.10% -0.01% -0.29%
Specialized REITs 20% 7% 21.84% 8.87% 0.06% 2.38% 0.01% 2.46%
Other Industry 0% 20% -14.04% 4.61% 0.88% -0.00% 0.02% 0.90%
Cash 0% — 2.37% — -0.02% 0.00% — -0.02%
Estimated Total 100% 100% 12.26% 8.93% 0.79% 2.41% 0.12% 3.32%
Expenses and Fees -0.27% — -0.27%
Other -0.07% -0.29% 0.22%
Total 11.92% 8.64% 3.27%
Attribution Analysis by Country
23
Global Real Estate Securities Portfolio vs. FTSE EPRA/NAREIT Developed Index (Total Return)
Attribution constructed using holdings-based information that utilizes an internally developed system. Additional information available upon request.
Performance for the portfolio is reported net of all advisory fees and includes reinvestment of dividends and other earnings.Performance data shown represents past performance and is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain the most current month-end performance data, visit us.dimensional.com.Holdings are subject to change. FTSE data is provided by FTSE NAREIT. Indices are not available for direct investment. See “Appendix: Standardized Performance Data & Disclosures” to learn how to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses of Dimensional’s funds.
#17625-1011
Country
Australia 6% 5% 16.93% 16.92% 0.11% -0.00% 0.01% 0.13% Austria — 0% — 12.78% -0.01% — 0.00% -0.01%Belgium 1% 1% 16.17% 18.03% 0.00% -0.02% 0.00% -0.01%Canada 2% 3% 14.07% 13.60% -0.04% 0.01% 0.00% -0.03%China 0% — 6.89% — -0.01% 0.01% — -0.00%Finland — 0% — 33.48% -0.03% — 0.00% -0.03%France 2% 2% -4.86% -6.05% -0.05% 0.02% 0.00% -0.02%Germany 0% 5% 8.59% -3.38% 0.55% 0.03% -0.01% 0.58% Greece 0% — 56.90% — -0.00% 0.00% — 0.00% Hong Kong 2% 8% 35.97% 13.30% -0.22% 0.39% 0.02% 0.19% Ireland 0% 0% 12.96% 12.69% -0.00% 0.00% 0.00% -0.00%Israel — 0% — 38.05% -0.04% — 0.00% -0.04%Italy 0% 0% -9.18% 0.67% 0.00% -0.01% -0.00% -0.01%Japan 8% 11% 17.98% 10.19% -0.00% 0.57% 0.02% 0.59% Malaysia 0% — 6.88% — -0.02% 0.01% — -0.01%Mexico 1% — 4.07% — -0.06% 0.03% — -0.03%Netherlands 2% 2% -28.91% -28.61% -0.16% -0.00% -0.01% -0.17%New Zealand 0% 0% 30.68% 23.72% 0.03% 0.02% 0.00% 0.05% Norway — 0% — 16.88% -0.01% — 0.00% -0.01%Singapore 3% 2% 26.10% 20.67% 0.08% 0.12% 0.01% 0.21% South Africa 1% — -6.92% — -0.11% -0.08% — -0.20%Spain 1% 1% -1.17% -0.98% 0.01% -0.00% 0.00% 0.01% Sweden — 2% — 26.32% -0.23% — 0.00% -0.23%Switzerland — 1% — 11.30% -0.02% — 0.00% -0.02%Taiwan 0% — 12.17% — -0.01% 0.01% — 0.00% Turkey 0% — -43.90% — -0.00% -0.05% — -0.05%UK 4% 5% -10.42% -9.35% 0.06% -0.05% -0.00% 0.01% US 65% 53% 14.32% 10.88% 0.26% 2.10% 0.06% 2.43% Cash 0% — 2.37% — -0.02% 0.00% — -0.02%Estimated Total 100% 100% 12.26% 8.93% 0.09% 3.11% 0.12% 3.32% Expenses and Fees -0.27% — -0.27%Other -0.07% -0.29% 0.22% Total 11.92% 8.64% 3.27%
Interaction Total
Portfolio
Average
Weights
Benchmark
Average
Weights
Portfolio
Return
Benchmark
Return
Portfolio
Allocation
Portfolio
Composition
1 Year as of June 30, 2019
Section E: Portfolio Review and Characteristics
Top 10 Holdings
25
Global Real Estate Securities Portfolio, 1 Year as of June 30, 2019
Holdings are subject to change.
Country Percent of Portfolio
American Tower Corp United States 4.8
Simon Property Group Inc United States 3.6
Crown Castle International Corp United States 3.1
Prologis Inc United States 2.7
Equinix Inc United States 2.2
Public Storage United States 2.2
Link REIT Netherlands 1.7
Welltower Inc United States 1.7
AvalonBay Communities Inc United States 1.7
Equity Residential United States 1.7
Characteristics
26
As of June 30, 2019
1. Operating income before depreciation and amortization minus interest expense scaled by book.Holdings are subject to change. S&P data © 2019 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. FTSE data is provided by FTSE NAREIT.
#17595-1011
GLOBAL REAL ESTATE
SECURITIES PORTFOLIO
FTSE EPRA/NAREIT
Developed Index
S&P Global
REIT Index
MARKET CHARACTERISTICS
Size of Universe $1,575,110 $1,571,721 $1,385,330
Number of Holdings 444 334 402
SIZE CHARACTERISTICS
Wtd. Average Market Cap (millions) $20,111 $15,390 $14,012
Median Market Cap (millions) $1,607 $3,082 $1,813
VALUATION CHARACTERISTICS
Aggregate Price-to-Book 1.78 1.47 1.68
Wtd. Average Dividend-to-Price 4.01% 3.87% 4.29%
PROFITABILITY CHARACTERISTICS
Wtd. Average Profitability1 0.17 0.14 0.14
Sector Allocations
27Numbers may not total 100% due to rounding. Sectors defined by MSCI. S&P data © 2019 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. FTSE data is provided by FTSE NAREIT.
#17600-1011
As of June 30, 2019
GLOBAL REAL ESTATE
SECURITIES PORTFOLIO
FTSE EPRA/NAREIT
Developed Index
S&P Global
REIT Index
PORTFOLIO WEIGHTS (%)
Diversified 12.5 9.8 14.0
Health Care 7.3 7.7 9.1
Hotel & Resort 4.0 3.5 4.5
Industrial 10.1 9.9 11.9
Office 13.4 12.2 14.8
Residential 11.7 12.2 14.1
Retail 19.5 17.8 21.1
Specialized 21.5 7.7 10.5
Other Real Estate 0.0 18.8 —
Other 0.0 0.2 —
Country Allocations
28
As of June 30, 2019
Holdings are subject to change. Numbers may not total 100% due to rounding. S&P data © 2019 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. FTSE data is provided by FTSE NAREIT.
#64494-0518
GLOBAL REAL ESTATE
SECURITIES PORTFOLIO
FTSE EPRA/NAREIT
Developed Index
S&P Global
REIT Index
US 64.6 54.1 63.7
Japan 8.8 11.2 9.3
Australia 6.5 4.9 6.3
UK 4.2 4.4 4.4
Singapore 3.4 2.7 3.4
Hong Kong 2.4 7.7 2.3
Canada 2.0 3.0 1.8
Netherlands 1.9 1.5 0.2
France 1.8 1.5 3.4
South Africa 1.1 — 1.3
Belgium 1.0 0.9 0.8
Mexico 0.6 — 0.6
Spain 0.6 0.6 0.6
New Zealand 0.4 0.1 0.4
Germany 0.3 4.1 0.2
Malaysia 0.2 — 0.2
Ireland 0.1 0.2 0.2
China 0.1 — —
Taiwan 0.1 — —
Turkey 0.0 — 0.0
Italy 0.0 0.0 0.0
Austria — 0.2 —
Finland — 0.1 —
Israel — 0.2 0.1
Korea — — 0.0
Norway — 0.1 —
Saudi Arabia — — 0.0
Sweden — 1.7 —
Switzerland — 1.0 —
Thailand — — 0.3
PORTFOLIO WEIGHTS (%)
Characteristics
29
As of June 30, 2019
1. Turnover is for the fiscal year ending October 31, 2018* Characteristics are compared against FTSE EPRA/NAREIT Developed IndexHoldings are subject to change.
GLOBAL REAL ESTATE
SECURITIES PORTFOLIO *
CHARACTERISTICS
Turnover1 3.00%
Tracking Error (3 YR Annualized) (%) 1.84
Standard Deviation (3 YR) (%) 11.26
R2 (3 YR) 0.97
Beta (3 YR) 1.00
Alpha (3 YR) (%) -0.30
Sharpe Ratio (3 YR) 0.34
Information Ratio (3 YR) -0.17
Jensen's Alpha (3 YR) (%) -0.29
Treynor Ratio (3 YR) (%) 0.04
Section F: Fee Schedule
Fees
31
1. Fee and expense information as of the prospectus date 02/28/19.Certain Portfolios have entered into fee waiver and/or expense assumption arrangements with the Advisor. In these cases, the Advisor has contractually agreed, under certain circumstances, to waive certain fees and/or assume certain expenses of the Portfolio. Unless otherwise stated in the prospectus, the Advisor may amend or discontinue these arrangements at any time, one year from the date of the prospectus. The net expense ratio reflects the total annual fund operating expenses of the Portfolio after taking into account any such fee waiver and/or expense assumption arrangements. Please read the Portfolio's prospectus for details and more information.
#17868-1011
Net ExpenseRatio1 (%)
Total (Gross) Expense
Ratio1 (%)Management
Fee1 (%)
Global Real Estate Securities Portfolio 0.24 0.35 0.20
Appendix
Standardized Performance Data and Disclosures
33
#66222-1218
Performance data shown represents past performance. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance data for Dimensional portfolios current to the most recent month-end, access our website at us.dimensional.com.
Consider the investment objectives, risks, and charges and expenses of the Dimensional funds carefully before investing. For this and other information about the Dimensional funds, please read the prospectus carefully before investing. Prospectuses are available by calling Dimensional Fund Advisors collect at (512) 306-7400 or at us.dimensional.com/prospectus. Dimensional funds are distributed by DFA Securities LLC.
Dimensional Fund Advisors LP is an investment advisor registered with the Securities and Exchange Commission.
Risks include loss of principal and fluctuating value. Investment value will fluctuate, and shares, when redeemed, may be worth more or less than original cost.
Small and micro cap securities are subject to greater volatility than those in other asset categories.
International and emerging markets investing involves special risks, such as currency fluctuation and political instability. Investing in emerging markets may accentuate these risks.
Sector-specific investments focus on a specific segment of the market, which can increase investment risks.
Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks, including changes in credit quality, liquidity, prepayments, call risk, and other factors. Municipal securities are subject to the risks of adverse economic and regulatory changes in their issuing states.
Real estate investment risks include changes in real estate values and property taxes, interest rates, cash flow of underlying real estate assets, supply and demand, and the management skill and creditworthiness of the issuer.
Sustainability funds use environmental and social screens that may limit investment opportunities for the fund.
Commodities include increased risks, such as political, economic, and currency instability, and may not be suitable for all investors. The portfolio may be more volatile than a diversified fund because the portfolio invests in a smaller number of issuers and commodity sectors.
The fund prospectuses contain more information about investment risks.
Standardized Performance Data and Disclosures
34
1. Performance information as of 06/30/19.2. Fee and expense information as of the prospectus dated 02/28/19.Certain portfolios have entered into fee waiver and/or expense assumption arrangements with the advisor. In these cases, the advisor has contractually agreed, under certain circumstances, to waive certain fees and/or assume certain expenses of the portfolio. Unless otherwise stated in the prospectus, the advisor may amend or discontinue these arrangements at any time, one year from the date of the prospectus. The net expense ratio reflects the total annual fund operating expenses of the portfolio after taking into account any such fee waiver and/or expense assumption arrangements. Please read the portfolio's prospectus for details and more information.
#58386-0317
AVERAGE ANNUAL TOTAL RETURNS1 (%) FEES AND EXPENSES2 (%)
Symbol 1 Year 5 Years 10 YearsSince
InceptionInception
Date
Net Expense
Ratio
Total (Gross) Expense
RatioManagement
Fee
Management Fee after Fee
Waiver
US Equity Portfolios
Enhanced US Large Company Portfolio DFELX 11.33 10.63 14.92 8.82 7/2/1996 0.15 0.23 0.20 0.20
US Core Equity 1 Portfolio DFEOX 5.88 9.09 14.59 8.68 9/15/2005 0.19 0.19 0.17 0.17
US Core Equity 2 Portfolio DFQTX 4.15 7.95 14.20 8.23 9/15/2005 0.22 0.22 0.20 0.20
US High Relative Profitability Portfolio DURPX 10.14 — — 14.51 5/16/2017 0.25 0.27 0.20 0.20
US Large Cap Equity Portfolio DUSQX 8.90 9.71 — 12.28 6/25/2013 0.17 0.17 0.15 0.15
US Large Cap Growth Portfolio DUSLX 12.26 11.74 — 14.77 12/20/2012 0.19 0.19 0.17 0.17
US Large Cap Value Portfolio DFLVX 2.96 7.15 14.36 9.96 2/19/1993 0.27 0.37 0.35 0.25
US Large Company Portfolio DFUSX 10.33 10.65 14.63 6.29 9/23/1999 0.08 0.08 0.06 0.06
US Micro Cap Portfolio DFSCX -7.48 6.33 13.91 11.59 12/23/1981 0.52 0.52 0.50 0.50
US Small Cap Growth Portfolio DSCGX -0.53 7.38 — 11.90 12/20/2012 0.38 0.38 0.35 0.35
US Small Cap Portfolio DFSTX -5.53 6.09 13.99 10.16 3/19/1992 0.37 0.37 0.35 0.35
US Small Cap Value Portfolio DFSVX -10.84 3.32 12.92 10.95 3/2/1993 0.52 0.52 0.50 0.50
US Targeted Value Portfolio DFFVX -8.07 4.03 13.07 10.61 2/23/2000 0.37 0.37 0.35 0.35
US Vector Equity Portfolio DFVEX -1.62 5.93 13.49 7.50 12/30/2005 0.32 0.32 0.30 0.30
Standardized Performance Data and Disclosures
35
1. Performance information as of 06/30/19.2. Fee and expense information as of the prospectus dated 02/28/19.Certain portfolios have entered into fee waiver and/or expense assumption arrangements with the advisor. In these cases, the advisor has contractually agreed, under certain circumstances, to waive certain fees and/or assume certain expenses of the portfolio. Unless otherwise stated in the prospectus, the advisor may amend or discontinue these arrangements at any time, one year from the date of the prospectus. The net expense ratio reflects the total annual fund operating expenses of the portfolio after taking into account any such fee waiver and/or expense assumption arrangements. Please read the portfolio's prospectus for details and more information.
#65480-0718
AVERAGE ANNUAL TOTAL RETURNS1 (%) FEES AND EXPENSES2 (%)
Symbol 1 Year 5 Years 10 YearsSince
InceptionInception
Date
Net Expense
Ratio
Total (Gross) Expense
RatioManagement
Fee
Management Fee after Fee
Waiver
Non-US Equity Portfolios
Asia Pacific Small Company Portfolio DFRSX -4.39 1.98 7.70 7.69 1/5/1993 0.54 0.64 0.60 0.50
Continental Small Company Portfolio DFCSX -4.06 4.64 10.12 9.33 4/15/1988 0.54 0.64 0.60 0.50
Emerging Markets Core Equity Portfolio DFCEX 1.30 2.27 6.29 7.43 4/5/2005 0.52 0.52 0.47 0.47
Emerging Markets Portfolio DFEMX 1.94 2.30 6.12 6.74 4/25/1994 0.47 0.57 0.52 0.42
Emerging Markets Small Cap Portfolio DEMSX -1.31 2.90 8.07 10.72 3/5/1998 0.70 0.90 0.85 0.65
Emerging Markets Targeted Value Portfolio DEMGX — — — 8.59 11/14/2018 0.85 0.86 0.70 0.70
Emerging Markets Value Portfolio DFEVX 1.95 1.99 5.26 9.73 4/1/1998 0.54 0.64 0.60 0.50
International Core Equity Portfolio DFIEX -4.04 2.14 7.43 4.80 9/15/2005 0.30 0.30 0.27 0.27
International High Relative Profitability Portfolio DIHRX 1.49 — — 4.43 5/16/2017 0.35 0.35 0.25 0.25
International Large Cap Growth Portfolio DILRX 2.87 3.15 — 6.55 12/20/2012 0.30 0.30 0.25 0.25
International Small Cap Growth Portfolio DISMX -5.30 5.17 — 8.86 12/20/2012 0.55 0.57 0.50 0.50
International Small Cap Value Portfolio DISVX -11.54 1.05 8.17 6.94 12/29/1994 0.68 0.68 0.65 0.65
International Small Company Portfolio DFISX -7.34 2.98 9.05 6.71 9/30/1996 0.53 0.53 0.40 0.40
International Value Portfolio DFIVX -4.83 0.57 5.89 5.95 2/15/1994 0.43 0.63 0.60 0.40
International Vector Equity Portfolio DFVQX -6.58 1.82 7.49 4.61 8/14/2008 0.48 0.48 0.45 0.45
Japanese Small Company Portfolio DFJSX -12.39 5.94 7.67 5.27 1/31/1986 0.53 0.63 0.60 0.50
Large Cap International Portfolio DFALX 0.32 2.05 6.79 5.59 7/17/1991 0.23 0.23 0.20 0.20
UK Small Company Portfolio DFUKX -8.26 0.75 11.10 8.85 3/4/1986 0.58 0.68 0.60 0.50
World ex US Core Equity Portfolio DFWIX -3.02 2.03 — 4.38 4/9/2013 0.39 0.37 0.32 0.32
World ex US Targeted Value Portfolio DWUSX -7.81 1.70 — 6.39 11/1/2012 0.66 0.66 0.58 0.58
World ex US Value Portfolio DFWVX -3.79 0.97 — 4.41 8/23/2010 0.52 0.74 0.47 0.47
Standardized Performance Data and Disclosures
36
1. Performance information as of 06/30/19. Assumed highest marginal tax rate in effect for capital gains and ordinary income. Income from funds managed for tax efficiency may be subject to an alternative minimum tax and/or any applicable state and local taxes.2. Fee and expense information as of the prospectus dated 02/28/19. Certain portfolios have entered into fee waiver and/or expense assumption arrangements with the advisor. In these cases, the advisor has contractually agreed, under certain circumstances, to waive certain fees and/or assume certain expenses of the portfolio. Unless otherwise stated in the prospectus, the advisor may amend or discontinue these arrangements at any time, one year from the date of the prospectus. The net expense ratio reflects the total annual fund operating expenses of the portfolio after taking into account any such fee waiver and/or expense assumption arrangements. Please read the portfolio's prospectus for details and more information.
#28230-0912
AVERAGE ANNUAL TOTAL RETURNS1 (%) FEES AND EXPENSES2 (%)
Symbol 1 Year 5 Years 10 YearsSince
InceptionInception
Date
Net Expense
Ratio
Total (Gross) Expense
RatioManagement
Fee
Management Fee after Fee
Waiver
Tax Managed Portfolios
TA US Core Equity 2 Portfolio DFTCX 4.50 8.13 14.28 7.55 10/4/2007 0.24 0.24 0.22 0.22
After Taxes on Distributions 3.78 7.55 13.79 7.12
After Taxes on Distributions & Sale of Fund Shares 2.89 6.29 11.96 6.09
TA World ex US Core Equity Portfolio DFTWX -3.19 2.12 7.02 3.04 3/6/2008 0.36 0.36 0.32 0.32
After Taxes on Distributions -4.03 1.59 6.56 2.61
After Taxes on Distributions & Sale of Fund Shares -1.64 1.65 5.76 2.46
Tax-Managed International Value Portfolio DTMIX -4.75 0.44 5.68 5.37 4/16/1999 0.53 0.53 0.50 0.50
After Taxes on Distributions -5.80 -0.19 5.15 4.81
After Taxes on Distributions & Sale of Fund Shares -2.58 0.39 4.71 4.61
Tax-Managed US Equity Portfolio DTMEX 8.80 10.13 14.51 8.40 9/25/2001 0.22 0.22 0.20 0.20
After Taxes on Distributions 8.14 9.63 14.07 8.06
After Taxes on Distributions & Sale of Fund Shares 5.40 7.92 12.17 7.07
Tax-Managed US Marketwide Value Portfolio DTMMX 5.05 7.46 14.58 7.60 12/14/1998 0.37 0.57 0.55 0.35
After Taxes on Distributions 3.58 6.54 13.94 7.14
After Taxes on Distributions & Sale of Fund Shares 3.61 5.73 12.24 6.38
Tax-Managed US Small Cap Portfolio DFTSX -5.20 6.29 13.51 9.14 12/15/1998 0.47 0.47 0.45 0.45
After Taxes on Distributions -6.17 5.34 12.92 8.75
After Taxes on Distributions & Sale of Fund Shares -2.62 4.79 11.30 7.88
Tax-Managed US Targeted Value Portfolio DTMVX -7.61 4.67 13.67 9.55 12/11/1998 0.44 0.44 0.42 0.42
After Taxes on Distributions -8.81 3.49 12.83 8.88
After Taxes on Distributions & Sale of Fund Shares -3.93 3.51 11.42 8.21
Standardized Performance Data and Disclosures
37
1. Performance information as of 06/30/19.2. Fee and expense information as of the prospectus dated 02/28/19.Certain portfolios have entered into fee waiver and/or expense assumption arrangements with the advisor. In these cases, the advisor has contractually agreed, under certain circumstances, to waive certain fees and/or assume certain expenses of the portfolio. Unless otherwise stated in the prospectus, the advisor may amend or discontinue these arrangements at any time, one year from the date of the prospectus. The net expense ratio reflects the total annual fund operating expenses of the portfolio after taking into account any such fee waiver and/or expense assumption arrangements. Please read the portfolio's prospectus for details and more information.
AVERAGE ANNUAL TOTAL RETURNS1 (%) FEES AND EXPENSES2 (%)
Symbol 1 Year 5 Years 10 YearsSince
InceptionInception
Date
Net Expense
Ratio
Total (Gross) Expense
RatioManagement
Fee
Fixed Income Portfolios
California Intermediate-Term Municipal Bond Portfolio DCIBX 4.01 2.09 — 2.37 11/29/2011 0.23 0.23 0.20
California Municipal Real Return Portfolio DCARX 2.18 — — 1.63 11/1/2017 0.30 0.32 0.20
California Short-Term Municipal Bond Portfolio DFCMX 1.51 0.91 1.28 1.64 4/2/2007 0.22 0.22 0.20
Diversified Fixed Income Portfolio DFXIX 5.94 — — 1.53 8/10/2016 0.15 0.26 0.12
Five-Year Global Fixed Income Portfolio DFGBX 4.66 2.18 2.96 5.14 11/6/1990 0.27 0.27 0.25
Global Core Plus Fixed Income Portfolio DGCFX 9.46 — — 5.81 1/11/2018 0.30 0.31 0.25
Inflation-Protected Securities Portfolio DIPSX 5.81 1.89 3.90 4.19 9/18/2006 0.12 0.12 0.10
Intermediate Government Fixed Income Portfolio DFIGX 8.48 2.74 3.48 6.02 10/19/1990 0.13 0.13 0.10
Intermediate-Term Extended Quality Portfolio DFTEX 11.05 3.96 — 4.35 7/20/2010 0.22 0.22 0.20
Intermediate-Term Municipal Bond Portfolio DFTIX 4.72 2.14 — 1.86 3/1/2012 0.22 0.22 0.20
Investment Grade Portfolio DFAPX 9.33 3.24 — 3.75 3/7/2011 0.22 0.22 0.20
LTIP Portfolio DRXIX 4.92 2.49 — 1.67 3/7/2012 0.15 0.14 0.10
MN Municipal Bond Portfolio DMNBX 3.41 — — 1.17 7/25/2017 0.32 0.38 0.25
Municipal Bond Portfolio DFMPX 4.13 — — 1.94 3/10/2015 0.23 0.24 0.20
Municipal Real Return Portfolio DMREX 3.15 — — 1.35 11/4/2014 0.23 0.24 0.20
NY Municipal Bond Portfolio DNYMX 2.38 — — 1.79 6/16/2015 0.25 0.25 0.20
One-Year Fixed Income Portfolio DFIHX 2.65 1.07 0.92 4.52 7/25/1983 0.17 0.17 0.15
Selectively Hedged Global Fixed Income Portfolio DFSHX 4.87 0.68 1.92 1.33 1/9/2008 0.17 0.17 0.15
Short-Duration Real Return Portfolio DFAIX 3.34 1.16 — 1.42 11/5/2013 0.23 0.23 0.20
Short-Term Extended Quality Portfolio DFEQX 4.72 1.99 2.76 3.01 3/4/2009 0.22 0.22 0.20
Short-Term Government Portfolio DFFGX 3.15 1.12 1.69 4.81 6/1/1987 0.19 0.19 0.17
Short-Term Municipal Bond Portfolio DFSMX 1.72 0.93 1.19 1.70 8/20/2002 0.22 0.22 0.20
Targeted Credit Portfolio DTCPX 5.87 — — 2.54 5/20/2015 0.20 0.23 0.19
Two-Year Fixed Income Portfolio DFCFX 2.99 1.12 1.03 2.90 6/6/1996 0.21 0.21 0.15
Two-Year Global Fixed Income Portfolio DFGFX 3.21 1.20 1.10 3.05 2/9/1996 0.17 0.17 0.15
Two-Year Government Portfolio DFYGX 2.40 0.80 0.84 2.87 6/6/1996 0.20 0.20 0.15
World ex US Government Fixed Income Portfolio DWFIX 9.55 5.35 — 4.99 12/6/2011 0.20 0.21 0.18
Commodities Portfolio
Commodity Strategy Portfolio DCMSX -7.00 -8.34 — -5.74 11/9/2010 0.32 0.32 0.30
Standardized Performance Data and Disclosures
38
1. Performance information as of 06/30/19.2. Fee and expense information as of the prospectus dated 02/28/19.Certain portfolios have entered into fee waiver and/or expense assumption arrangements with the advisor. In these cases, the advisor has contractually agreed, under certain circumstances, to waive certain fees and/or assume certain expenses of the portfolio. Unless otherwise stated in the prospectus, the advisor may amend or discontinue these arrangements at any time, one year from the date of the prospectus. The net expense ratio reflects the total annual fund operating expenses of the portfolio after taking into account any such fee waiver and/or expense assumption arrangements. Please read the portfolio's prospectus for details and more information.
AVERAGE ANNUAL TOTAL RETURNS1 (%) FEES AND EXPENSES2 (%)
Symbol 1 Year 5 Years 10 YearsSince
InceptionInception
Date
Net Expense
Ratio
Total (Gross) Expense
RatioManagement
Fee
Global Portfolios
Global Allocation 25/75 Portfolio DGTSX 4.26 3.03 4.89 4.36 12/24/2003 0.26 0.42 0.20
Global Allocation 60/40 Portfolio DGSIX 4.14 4.66 8.41 6.32 12/24/2003 0.28 0.49 0.25
Global Equity Portfolio DGEIX 2.56 6.21 11.72 8.04 12/24/2003 0.30 0.57 0.30
Global Small Company Portfolio DGLIX -5.60 — — 5.31 1/18/2017 0.49 0.90 0.45
Selectively Hedged Global Equity Portfolio DSHGX 2.17 5.92 — 9.99 11/14/2011 0.34 0.60 0.30
World Core Equity Portfolio DREIX 1.72 5.61 — 9.40 3/7/2012 0.32 0.59 0.30
Real Estate Portfolios
Global Real Estate Securities Portfolio DFGEX 11.92 6.84 13.44 6.01 6/4/2008 0.24 0.35 0.20
International Real Estate Securities Portfolio DFITX 7.58 3.55 10.05 1.44 3/1/2007 0.28 0.28 0.25
Real Estate Securities Portfolio DFREX 14.29 8.68 15.87 10.08 1/5/1993 0.18 0.19 0.17
Social and Sustainability Portfolios
Emerging Markets Social Core Equity Portfolio DFESX 1.96 2.62 6.32 5.56 8/31/2006 0.53 0.53 0.47
Emerging Markets Sustainability Core 1 Portfolio DESIX 1.25 — — -6.92 3/27/2018 0.65 0.73 0.50
Global Sustainability Fixed Income Portfolio DGSFX — — — 8.76 11/6/2018 0.28 0.33 0.24
International Social Core Equity Portfolio DSCLX -4.45 1.90 — 6.28 11/1/2012 0.33 0.33 0.29
International Sustainability Core 1 Portfolio DFSPX -0.73 2.39 7.23 2.86 3/12/2008 0.37 0.34 0.30
Social Fixed Income Portfolio DSFIX 9.42 — — 2.58 4/5/2016 0.27 0.25 0.20
US Social Core Equity 2 Portfolio DFUEX 3.99 7.70 13.96 6.91 10/1/2007 0.28 0.28 0.25
US Sustainability Core 1 Portfolio DFSIX 7.56 9.51 14.74 9.87 3/12/2008 0.25 0.25 0.23
Presenters’ Biographies
39
Allen Pu, PhD, CFA
Deputy Head of Portfolio Management, North America
Allen Pu is Deputy Head of Portfolio Management, North America, and a member of the Investment Committee at Dimensional. Together with
Mary Phillips and Joel Schneider, Allen oversees the Portfolio Management team in North America responsible for delivering Dimensional’s US and
non-US equity strategies. Allen is involved in the design and implementation of new products and strategies, and frequently speaks with both
prospects and clients on topics ranging from Dimensional’s investment philosophy and process to custom solutions that the firm can provide to
help clients achieve their goals.
Allen joined Dimensional as a Portfolio Manager in 2006 from the California Institute of Technology, where he received nine US patents from
separate stints as a staff researcher and product manager for a gaming startup company based on technologies developed at the university. Earlier
in his career, he spent four years making private equity investments as a vice president for Mellon Ventures, an affiliate of Mellon Financial.
Allen earned an MBA in finance and entrepreneurial studies from the Anderson School of Management at the University of California, Los Angeles.
He also holds an MS and a PhD in electrical engineering from California Institute of Technology and a BS in electrical engineering from the Cooper
Union for the Advancement of Science and Art. In addition, Allen is a CFA® charterholder.
Chermaine Fullinck
Regional Director
Chermaine Fullinck, a Regional Director in Dimensional’s Global Client Group, is responsible for developing and strengthening client relationships
with institutional investors. Prior to joining Dimensional, Chermaine served as an associate relationship manager with Fischer, Francis, Trees &
Watts, assisting with client coverage for US clients. Before that, he was part of an investment team at Libra Group charged with launching an
alternative asset management business for Libra's family office. In addition, he spent time at CRT Capital Group LLC as a senior analyst and
Investment Committee member for CRT's fund of hedge funds business.
Chermaine earned his bachelor's degree in economics from the University of Alaska-Fairbanks in 1999.
Portfolio Holdings
40
Global Real Estate Securities Portfolio, as of May 31, 2019
Holdings are subject to change. Numbers may not total 100% due to rounding. Sectors defined by MSCI. Benchmark data source: FTSE NAREIT. The prospectus benchmark for the DFA Global Real Estate Securities Portfolio is the S&P Global REIT Index.
Country Percent of Portfolio Benchmark Weight Sector
American Tower Corp United States 5.63% 0.00% Specialized REITs
Crown Castle International Corp United States 3.26% 0.00% Specialized REITs
Simon Property Group Inc United States 3.06% 3.24% Retail REITs
Prologis Inc United States 2.82% 2.99% Industrial REITs
Equinix Inc United States 2.47% 0.00% Specialized REITs
Public Storage United States 2.27% 2.29% Specialized REITs
Welltower Inc United States 1.91% 1.96% Health Care REITs
Link REIT Hong Kong 1.91% 1.64% Retail REITs
Equity Residential United States 1.72% 1.78% Residential REITs
AvalonBay Communities Inc United States 1.71% 1.82% Residential REITs
SBA Communications Corp United States 1.49% 0.00% Specialized REITs
Digital Realty Trust Inc United States 1.48% 1.57% Specialized REITs
Ventas Inc United States 1.39% 1.48% Health Care REITs
Realty Income Corp United States 1.31% 1.34% Retail REITs
Boston Properties Inc United States 1.23% 1.31% Office REITs
Unibail-Rodamco-Westfield Netherlands 1.20% 1.32% Retail REITs
Goodman Group Australia 1.18% 1.07% Industrial REITs
Essex Property Trust Inc United States 1.17% 1.24% Residential REITs
Scentre Group Australia 1.07% 0.88% Retail REITs
Alexandria Real Estate Equities Inc United States 1.00% 1.06% Office REITs
HCP Inc United States 0.92% 0.98% Health Care REITs
Extra Space Storage Inc United States 0.83% 0.85% Specialized REITs
Host Hotels & Resorts Inc United States 0.82% 0.86% Hotel & Resort REITs
Mid-America Apartment Communities Inc United States 0.80% 0.84% Residential REITs
UDR Inc United States 0.76% 0.79% Residential REITs
Segro PLC United Kingdom 0.76% 0.62% Industrial REITs
Dexus Australia 0.75% 0.63% Office REITs
WP Carey Inc United States 0.71% 0.86% Diversified REITs
Vornado Realty Trust United States 0.70% 0.74% Office REITs
Nippon Building Fund Inc Japan 0.69% 0.56% Office REITs
Sun Communities Inc United States 0.67% 0.69% Residential REITs
Portfolio Holdings
41
Global Real Estate Securities Portfolio, as of May 31, 2019
Holdings are subject to change. Numbers may not total 100% due to rounding. Sectors defined by MSCI. Benchmark data source: FTSE NAREIT. The prospectus benchmark for the DFA Global Real Estate Securities Portfolio is the S&P Global REIT Index.
Country Percent of Portfolio Benchmark Weight Sector
Duke Realty Corp United States 0.66% 0.70% Industrial REITs
Equity LifeStyle Properties Inc United States 0.64% 0.67% Residential REITs
Mirvac Group Australia 0.62% 0.50% Diversified REITs
Regency Centers Corp United States 0.62% 0.65% Retail REITs
Land Securities Group PLC United Kingdom 0.62% 0.48% Diversified REITs
Camden Property Trust United States 0.60% 0.59% Residential REITs
Federal Realty Investment Trust United States 0.60% 0.62% Retail REITs
Japan Real Estate Investment Corp Japan 0.59% 0.50% Office REITs
GPT Group/The Australia 0.56% 0.47% Diversified REITs
Stockland Australia 0.55% 0.48% Diversified REITs
VEREIT Inc United States 0.53% 0.56% Diversified REITs
Klepierre SA France 0.52% 0.43% Retail REITs
National Retail Properties Inc United States 0.52% 0.55% Retail REITs
Iron Mountain Inc United States 0.51% 0.00% Specialized REITs
Gecina SA France 0.50% 0.49% Diversified REITs
Invitation Homes Inc United States 0.50% 0.57% Residential REITs
Gaming and Leisure Properties Inc United States 0.50% 0.52% Specialized REITs
British Land Co PLC/The United Kingdom 0.48% 0.42% Retail REITs
SL Green Realty Corp United States 0.47% 0.45% Office REITs
Apartment Investment & Management Co United States 0.46% 0.49% Residential REITs
Nomura Real Estate Master Fund Inc Japan 0.46% 0.41% Diversified REITs
Kilroy Realty Corp United States 0.46% 0.47% Office REITs
Kimco Realty Corp United States 0.45% 0.46% Retail REITs
Omega Healthcare Investors Inc United States 0.45% 0.47% Health Care REITs
Vicinity Centres Australia 0.44% 0.37% Retail REITs
Liberty Property Trust United States 0.43% 0.45% Diversified REITs
Unibail-Rodamco-Westfield Netherlands 0.43% 1.32% Retail REITs
STORE Capital Corp United States 0.43% 0.42% Diversified REITs
Ascendas Real Estate Investment Trust Singapore 0.42% 0.35% Industrial REITs
Lamar Advertising Co United States 0.41% 0.00% Specialized REITs
Medical Properties Trust Inc United States 0.41% 0.42% Health Care REITs
Portfolio Holdings
42
Global Real Estate Securities Portfolio, as of May 31, 2019
Holdings are subject to change. Numbers may not total 100% due to rounding. Sectors defined by MSCI. Benchmark data source: FTSE NAREIT. The prospectus benchmark for the DFA Global Real Estate Securities Portfolio is the S&P Global REIT Index.
Country Percent of Portfolio Benchmark Weight Sector
Douglas Emmett Inc United States 0.40% 0.42% Office REITs
American Homes 4 Rent United States 0.40% 0.41% Residential REITs
Covivio France 0.40% 0.30% Office REITs
Japan Retail Fund Investment Corp Japan 0.40% 0.34% Retail REITs
American Campus Communities Inc United States 0.39% 0.41% Residential REITs
CubeSmart United States 0.39% 0.40% Specialized REITs
Growthpoint Properties Ltd South Africa 0.39% 0.00% Diversified REITs
CyrusOne Inc United States 0.38% 0.40% Specialized REITs
Merlin Properties Socimi SA Spain 0.37% 0.29% Diversified REITs
Healthcare Trust of America Inc United States 0.37% 0.38% Health Care REITs
United Urban Investment Corp Japan 0.36% 0.31% Diversified REITs
Derwent London PLC United Kingdom 0.36% 0.26% Office REITs
EPR Properties United States 0.36% 0.37% Specialized REITs
Orix JREIT Inc Japan 0.35% 0.31% Office REITs
CapitaLand Mall Trust Singapore 0.34% 0.27% Retail REITs
Park Hotels & Resorts Inc United States 0.33% 0.36% Hotel & Resort REITs
Daiwa House REIT Investment Corp Japan 0.32% 0.29% Diversified REITs
Hudson Pacific Properties Inc United States 0.32% 0.33% Office REITs
Fibra Uno Administracion SA de CV Mexico 0.32% 0.00% Diversified REITs
Brixmor Property Group Inc United States 0.32% 0.34% Retail REITs
GLP J-Reit Japan 0.29% 0.24% Industrial REITs
CapitaLand Commercial Trust Singapore 0.29% 0.22% Office REITs
Nippon Prologis REIT Inc Japan 0.29% 0.27% Industrial REITs
Redefine Properties Ltd South Africa 0.28% 0.00% Diversified REITs
Life Storage Inc United States 0.28% 0.29% Specialized REITs
Highwoods Properties Inc United States 0.28% 0.29% Office REITs
JBG SMITH Properties United States 0.27% 0.29% Office REITs
Japan Hotel REIT Investment Corp Japan 0.27% 0.24% Hotel & Resort REITs
Japan Prime Realty Investment Corp Japan 0.27% 0.24% Office REITs
First Industrial Realty Trust Inc United States 0.27% 0.28% Industrial REITs
CoreSite Realty Corp United States 0.27% 0.00% Specialized REITs
Portfolio Holdings
43
Global Real Estate Securities Portfolio, as of May 31, 2019
Holdings are subject to change. Numbers may not total 100% due to rounding. Sectors defined by MSCI. Benchmark data source: FTSE NAREIT. The prospectus benchmark for the DFA Global Real Estate Securities Portfolio is the S&P Global REIT Index.
Country Percent of Portfolio Benchmark Weight Sector
Advance Residence Investment Corp Japan 0.27% 0.24% Residential REITs
Charter Hall Group Australia 0.26% 0.00% Diversified REITs
Pebblebrook Hotel Trust United States 0.26% 0.23% Hotel & Resort REITs
Macerich Co/The United States 0.25% 0.32% Retail REITs
Hospitality Properties Trust United States 0.25% 0.26% Hotel & Resort REITs
EastGroup Properties Inc United States 0.25% 0.25% Industrial REITs
Cofinimmo SA Belgium 0.25% 0.18% Diversified REITs
Healthcare Realty Trust Inc United States 0.24% 0.26% Health Care REITs
Equity Commonwealth United States 0.24% 0.25% Office REITs
Spirit Realty Capital Inc United States 0.24% 0.24% Retail REITs
Warehouses De Pauw CVA Belgium 0.24% 0.18% Industrial REITs
Great Portland Estates PLC United Kingdom 0.24% 0.16% Office REITs
Cousins Properties Inc United States 0.23% 0.25% Office REITs
Suntec Real Estate Investment Trust Singapore 0.23% 0.17% Diversified REITs
Invincible Investment Corp Japan 0.23% 0.16% Hotel & Resort REITs
Brookfield Property REIT Inc United States 0.23% 0.15% Retail REITs
Kenedix Office Investment Corp Japan 0.22% 0.17% Diversified REITs
ICADE France 0.22% 0.18% Diversified REITs
Ryman Hospitality Properties Inc United States 0.22% 0.23% Hotel & Resort REITs
RioCan Real Estate Investment Trust Canada 0.22% 0.38% Retail REITs
Hammerson PLC United Kingdom 0.22% 0.17% Retail REITs
Activia Properties Inc Japan 0.21% 0.19% Diversified REITs
Rexford Industrial Realty Inc United States 0.21% 0.22% Industrial REITs
Sabra Health Care REIT Inc United States 0.21% 0.22% Health Care REITs
Weingarten Realty Investors United States 0.21% 0.22% Retail REITs
Canadian Apartment Properties REIT Canada 0.21% 0.34% Residential REITs
PS Business Parks Inc United States 0.21% 0.21% Diversified REITs
H&R Real Estate Investment Trust Canada 0.20% 0.31% Diversified REITs
Apple Hospitality REIT Inc United States 0.20% 0.22% Hotel & Resort REITs
National Health Investors Inc United States 0.20% 0.21% Health Care REITs
Physicians Realty Trust United States 0.20% 0.22% Health Care REITs
Portfolio Holdings
44
Global Real Estate Securities Portfolio, as of May 31, 2019
Holdings are subject to change. Numbers may not total 100% due to rounding. Sectors defined by MSCI. Benchmark data source: FTSE NAREIT. The prospectus benchmark for the DFA Global Real Estate Securities Portfolio is the S&P Global REIT Index.
Country Percent of Portfolio Benchmark Weight Sector
Mapletree Commercial Trust Singapore 0.20% 0.17% Retail REITs
Sekisui House Reit Inc Japan 0.20% 0.17% Diversified REITs
Outfront Media Inc United States 0.20% 0.00% Specialized REITs
alstria office REIT-AG Germany 0.20% 0.16% Office REITs
Shaftesbury PLC United Kingdom 0.20% 0.15% Retail REITs
STAG Industrial Inc United States 0.19% 0.18% Industrial REITs
Mapletree Logistics Trust Singapore 0.19% 0.17% Industrial REITs
Nippon Accommodations Fund Inc Japan 0.19% 0.15% Residential REITs
Mapletree Industrial Trust Singapore 0.19% 0.13% Industrial REITs
Sunstone Hotel Investors Inc United States 0.19% 0.20% Hotel & Resort REITs
Corporate Office Properties Trust United States 0.18% 0.19% Office REITs
Paramount Group Inc United States 0.18% 0.19% Office REITs
Piedmont Office Realty Trust Inc United States 0.18% 0.17% Office REITs
RLJ Lodging Trust United States 0.18% 0.19% Hotel & Resort REITs
UNITE Group PLC/The United Kingdom 0.18% 0.20% Residential REITs
Mori Hills REIT Investment Corp Japan 0.17% 0.14% Office REITs
Aedifica SA Belgium 0.17% 0.15% Health Care REITs
Big Yellow Group PLC United Kingdom 0.17% 0.13% Specialized REITs
Daiwa Office Investment Corp Japan 0.17% 0.12% Office REITs
Taubman Centers Inc United States 0.17% 0.17% Retail REITs
Brandywine Realty Trust United States 0.17% 0.17% Office REITs
Terreno Realty Corp United States 0.17% 0.18% Industrial REITs
LondonMetric Property PLC United Kingdom 0.17% 0.11% Diversified REITs
Japan Logistics Fund Inc Japan 0.16% 0.12% Industrial REITs
Retail Properties of America Inc United States 0.16% 0.17% Retail REITs
QTS Realty Trust Inc United States 0.16% 0.15% Specialized REITs
Safestore Holdings PLC United Kingdom 0.16% 0.11% Specialized REITs
Columbia Property Trust Inc United States 0.16% 0.16% Office REITs
Agree Realty Corp United States 0.15% 0.14% Retail REITs
Frontier Real Estate Investment Corp Japan 0.15% 0.12% Retail REITs
MGM Growth Properties LLC United States 0.15% 0.00% Hotel & Resort REITs
Portfolio Holdings
45
Global Real Estate Securities Portfolio, as of May 31, 2019
Holdings are subject to change. Numbers may not total 100% due to rounding. Sectors defined by MSCI. Benchmark data source: FTSE NAREIT. The prospectus benchmark for the DFA Global Real Estate Securities Portfolio is the S&P Global REIT Index.
Country Percent of Portfolio Benchmark Weight Sector
Fortune Real Estate Investment Trust Hong Kong 0.15% 0.11% Retail REITs
Japan Excellent Inc Japan 0.15% 0.12% Office REITs
Premier Investment Corp Japan 0.15% 0.11% Diversified REITs
Acadia Realty Trust United States 0.15% 0.14% Retail REITs
Xenia Hotels & Resorts Inc United States 0.15% 0.15% Hotel & Resort REITs
Allied Properties Real Estate Investment Trust Canada 0.14% 0.24% Office REITs
Keppel REIT Singapore 0.14% 0.11% Office REITs
Industrial & Infrastructure Fund Investment Corp Japan 0.14% 0.12% Industrial REITs
Inmobiliaria Colonial Socimi SA Spain 0.14% 0.23% Office REITs
Empire State Realty Trust Inc United States 0.14% 0.14% Diversified REITs
Washington Real Estate Investment Trust United States 0.14% 0.14% Diversified REITs
Shopping Centres Australasia Property Group Australia 0.14% 0.11% Retail REITs
AEON REIT Investment Corp Japan 0.13% 0.12% Retail REITs
CareTrust REIT Inc United States 0.13% 0.13% Health Care REITs
Champion REIT Hong Kong 0.13% 0.10% Office REITs
Dream Global Real Estate Investment Trust Canada 0.13% 0.12% Diversified REITs
DiamondRock Hospitality Co United States 0.13% 0.13% Hotel & Resort REITs
NIPPON REIT Investment Corp Japan 0.13% 0.11% Diversified REITs
SITE Centers Corp United States 0.13% 0.13% Retail REITs
MCUBS MidCity Investment Corp Japan 0.13% 0.10% Office REITs
Mori Trust Sogo Reit Inc Japan 0.13% 0.10% Office REITs
Tokyu REIT Inc Japan 0.13% 0.09% Diversified REITs
Urban Edge Properties United States 0.13% 0.12% Retail REITs
Mack-Cali Realty Corp United States 0.13% 0.13% Office REITs
Comforia Residential REIT Inc Japan 0.12% 0.10% Residential REITs
Lexington Realty Trust United States 0.12% 0.13% Diversified REITs
Retail Opportunity Investments Corp United States 0.12% 0.12% Retail REITs
Mapletree North Asia Commercial Trust Singapore 0.12% 0.00% Diversified REITs
Four Corners Property Trust Inc United States 0.12% 0.13% Specialized REITs
Kenedix Residential Next Investment Corp Japan 0.12% 0.09% Residential REITs
SmartCentres Real Estate Investment Trust Canada 0.12% 0.20% Retail REITs
Portfolio Holdings
46
Global Real Estate Securities Portfolio, as of May 31, 2019
Holdings are subject to change. Numbers may not total 100% due to rounding. Sectors defined by MSCI. Benchmark data source: FTSE NAREIT. The prospectus benchmark for the DFA Global Real Estate Securities Portfolio is the S&P Global REIT Index.
Country Percent of Portfolio Benchmark Weight Sector
Tritax Big Box REIT PLC United Kingdom 0.12% 0.20% Industrial REITs
Workspace Group PLC United Kingdom 0.12% 0.10% Office REITs
Senior Housing Properties Trust United States 0.11% 0.12% Health Care REITs
Befimmo SA Belgium 0.11% 0.07% Office REITs
Japan Rental Housing Investments Inc Japan 0.11% 0.08% Residential REITs
Invesco Office J-Reit Inc Japan 0.11% 0.09% Office REITs
Kiwi Property Group Ltd New Zealand 0.11% 0.10% Retail REITs
LTC Properties Inc United States 0.11% 0.11% Health Care REITs
Chesapeake Lodging Trust United States 0.11% 0.11% Hotel & Resort REITs
Choice Properties Real Estate Investment Trust Canada 0.11% 0.15% Retail REITs
Ascott Residence Trust Singapore 0.10% 0.00% Residential REITs
National Storage Affiliates Trust United States 0.10% 0.11% Specialized REITs
Cromwell Property Group Australia 0.10% 0.09% Office REITs
Hyprop Investments Ltd South Africa 0.10% 0.00% Retail REITs
Tanger Factory Outlet Centers Inc United States 0.10% 0.10% Retail REITs
American Assets Trust Inc United States 0.10% 0.11% Diversified REITs
Kenedix Retail REIT Corp Japan 0.10% 0.08% Retail REITs
BWP Trust Australia 0.10% 0.08% Retail REITs
Eurocommercial Properties NV Netherlands 0.10% 0.08% Retail REITs
Ichigo Office REIT Investment Japan 0.10% 0.00% Office REITs
Resilient REIT Ltd South Africa 0.10% 0.00% Retail REITs
Uniti Group Inc United States 0.10% 0.00% Specialized REITs
Global One Real Estate Investment Corp Japan 0.09% 0.00% Office REITs
Frasers Centrepoint Trust Singapore 0.09% 0.00% Retail REITs
Fukuoka REIT Corp Japan 0.09% 0.08% Retail REITs
PLA Administradora Industrial S de RL de CV Mexico 0.09% 0.00% Industrial REITs
Charter Hall Retail REIT Australia 0.09% 0.07% Retail REITs
Intu Properties PLC United Kingdom 0.09% 0.07% Retail REITs
Killam Apartment Real Estate Investment Trust Canada 0.09% 0.08% Residential REITs
Macquarie Mexico Real Estate Management SA de CVMexico 0.09% 0.00% Industrial REITs
CDL Hospitality Trusts Singapore 0.09% 0.06% Hotel & Resort REITs
Portfolio Holdings
47
Global Real Estate Securities Portfolio, as of May 31, 2019
Holdings are subject to change. Numbers may not total 100% due to rounding. Sectors defined by MSCI. Benchmark data source: FTSE NAREIT. The prospectus benchmark for the DFA Global Real Estate Securities Portfolio is the S&P Global REIT Index.
Country Percent of Portfolio Benchmark Weight Sector
Primary Health Properties PLC United Kingdom 0.09% 0.12% Health Care REITs
Heiwa Real Estate REIT Inc Japan 0.09% 0.00% Diversified REITs
Goodman Property Trust New Zealand 0.09% 0.00% Diversified REITs
Granite Real Estate Investment Trust Canada 0.08% 0.13% Industrial REITs
Global Net Lease Inc United States 0.08% 0.09% Diversified REITs
Hulic Reit Inc Japan 0.08% 0.12% Diversified REITs
Hoshino Resorts REIT Inc Japan 0.08% 0.00% Hotel & Resort REITs
Kite Realty Group Trust United States 0.08% 0.08% Retail REITs
Wereldhave NV Netherlands 0.08% 0.06% Retail REITs
Parkway Life Real Estate Investment Trust Singapore 0.08% 0.00% Health Care REITs
Tier REIT Inc United States 0.08% 0.09% Office REITs
Hamborner REIT AG Germany 0.08% 0.05% Diversified REITs
Keppel DC REIT Singapore 0.08% 0.00% Specialized REITs
Summit Hotel Properties Inc United States 0.07% 0.08% Hotel & Resort REITs
Frasers Commercial Trust Singapore 0.07% 0.00% Office REITs
National Storage REIT Australia 0.07% 0.00% Specialized REITs
Starhill Global REIT Singapore 0.07% 0.00% Retail REITs
Yuexiu Real Estate Investment Trust China 0.07% 0.00% Diversified REITs
Vukile Property Fund Ltd South Africa 0.07% 0.00% Diversified REITs
Monmouth Real Estate Investment Corp United States 0.07% 0.08% Industrial REITs
Office Properties Income Trust United States 0.07% 0.07% Office REITs
CapitaLand Retail China Trust Singapore 0.07% 0.00% Retail REITs
Abacus Property Group Australia 0.07% 0.00% Diversified REITs
Cominar Real Estate Investment Trust Canada 0.07% 0.11% Diversified REITs
Getty Realty Corp United States 0.07% 0.07% Retail REITs
Hankyu Hanshin REIT Inc Japan 0.06% 0.00% Diversified REITs
Mercialys SA France 0.06% 0.05% Retail REITs
Easterly Government Properties Inc United States 0.06% 0.07% Office REITs
Universal Health Realty Income Trust United States 0.06% 0.07% Health Care REITs
RPT Realty United States 0.06% 0.06% Retail REITs
Assura PLC United Kingdom 0.06% 0.12% Health Care REITs
Portfolio Holdings
48
Global Real Estate Securities Portfolio, as of May 31, 2019
Holdings are subject to change. Numbers may not total 100% due to rounding. Sectors defined by MSCI. Benchmark data source: FTSE NAREIT. The prospectus benchmark for the DFA Global Real Estate Securities Portfolio is the S&P Global REIT Index.
Country Percent of Portfolio Benchmark Weight Sector
Green REIT plc Ireland 0.06% 0.09% Office REITs
Sunlight Real Estate Investment Trust Hong Kong 0.06% 0.00% Diversified REITs
LaSalle Logiport REIT Japan 0.06% 0.00% Industrial REITs
NSI NV Netherlands 0.06% 0.05% Office REITs
Industrial Logistics Properties Trust United States 0.06% 0.00% Industrial REITs
Precinct Properties New Zealand Ltd New Zealand 0.06% 0.00% Office REITs
Alexander's Inc United States 0.06% 0.05% Retail REITs
Growthpoint Properties Australia Ltd Australia 0.06% 0.00% Diversified REITs
Independence Realty Trust Inc United States 0.06% 0.06% Residential REITs
Cache Logistics Trust Singapore 0.06% 0.00% Industrial REITs
Chatham Lodging Trust United States 0.05% 0.06% Hotel & Resort REITs
Seritage Growth Properties United States 0.05% 0.09% Retail REITs
Boardwalk Real Estate Investment Trust Canada 0.05% 0.07% Residential REITs
Charter Hall Education Trust Australia 0.05% 0.00% Specialized REITs
ESR-REIT Singapore 0.05% 0.00% Industrial REITs
Artis Real Estate Investment Trust Canada 0.05% 0.08% Diversified REITs
Emira Property Fund Ltd South Africa 0.05% 0.00% Diversified REITs
NorthStar Realty Europe Corp United States 0.05% 0.00% Office REITs
Dream Office Real Estate Investment Trust Canada 0.05% 0.06% Office REITs
Vastned Retail NV Netherlands 0.05% 0.04% Retail REITs
Northview Apartment Real Estate Investment Trust Canada 0.05% 0.06% Residential REITs
Retail Estates NV Belgium 0.05% 0.05% Retail REITs
Argosy Property Ltd New Zealand 0.05% 0.00% Diversified REITs
Washington Prime Group Inc United States 0.05% 0.05% Retail REITs
Franklin Street Properties Corp United States 0.05% 0.05% Office REITs
Summit Industrial Income REIT Canada 0.05% 0.00% Industrial REITs
IGB Real Estate Investment Trust Malaysia 0.04% 0.00% Retail REITs
NorthWest Healthcare Properties Real Estate Investment TrustCanada 0.04% 0.05% Health Care REITs
Prosperity REIT Hong Kong 0.04% 0.00% Office REITs
Sunway Real Estate Investment Trust Malaysia 0.04% 0.00% Retail REITs
Hibernia REIT plc Ireland 0.04% 0.07% Office REITs
Portfolio Holdings
49
Global Real Estate Securities Portfolio, as of May 31, 2019
Holdings are subject to change. Numbers may not total 100% due to rounding. Sectors defined by MSCI. Benchmark data source: FTSE NAREIT. The prospectus benchmark for the DFA Global Real Estate Securities Portfolio is the S&P Global REIT Index.
Country Percent of Portfolio Benchmark Weight Sector
InterRent Real Estate Investment Trust Canada 0.04% 0.07% Residential REITs
Investors Real Estate Trust United States 0.04% 0.04% Residential REITs
Frasers Logistics & Industrial Trust Singapore 0.04% 0.08% Industrial REITs
Hersha Hospitality Trust United States 0.04% 0.04% Hotel & Resort REITs
Crombie Real Estate Investment Trust Canada 0.04% 0.06% Retail REITs
Hansteen Holdings PLC United Kingdom 0.04% 0.03% Industrial REITs
Urstadt Biddle Properties Inc United States 0.04% 0.04% Retail REITs
One REIT Inc Japan 0.04% 0.00% Office REITs
Starts Proceed Investment Corp Japan 0.04% 0.00% Residential REITs
Dream Industrial Real Estate Investment Trust Canada 0.04% 0.00% Industrial REITs
AIMS APAC REIT Singapore 0.04% 0.00% Industrial REITs
Intervest Offices & Warehouses NV Belgium 0.04% 0.04% Office REITs
Gladstone Commercial Corp United States 0.04% 0.00% Diversified REITs
SA Corporate Real Estate Ltd South Africa 0.04% 0.00% Diversified REITs
NexPoint Residential Trust Inc United States 0.04% 0.00% Residential REITs
Immobiliare Grande Distribuzione SIIQ SpA Italy 0.04% 0.02% Retail REITs
KLCCP Stapled Group Malaysia 0.04% 0.00% Diversified REITs
Saul Centers Inc United States 0.03% 0.04% Retail REITs
Ingenia Communities Group Australia 0.03% 0.00% Residential REITs
Prologis Property Mexico SA de CV Mexico 0.03% 0.00% Industrial REITs
New Senior Investment Group Inc United States 0.03% 0.00% Health Care REITs
Charter Hall Long Wale REIT Australia 0.03% 0.00% Diversified REITs
First Real Estate Investment Trust Singapore 0.03% 0.00% Health Care REITs
Cathay No 1 REIT Taiwan 0.03% 0.00% Diversified REITs
CorePoint Lodging Inc United States 0.03% 0.00% Hotel & Resort REITs
Vital Healthcare Property Trust New Zealand 0.03% 0.00% Health Care REITs
Retail Value Inc United States 0.03% 0.03% Retail REITs
Whitestone REIT United States 0.03% 0.00% Retail REITs
Mitsui Fudosan Logistics Park Inc Japan 0.03% 0.00% Industrial REITs
Lar Espana Real Estate Socimi SA Spain 0.03% 0.03% Diversified REITs
Pennsylvania Real Estate Investment Trust United States 0.03% 0.03% Retail REITs
Portfolio Holdings
50
Global Real Estate Securities Portfolio, as of May 31, 2019
Holdings are subject to change. Numbers may not total 100% due to rounding. Sectors defined by MSCI. Benchmark data source: FTSE NAREIT. The prospectus benchmark for the DFA Global Real Estate Securities Portfolio is the S&P Global REIT Index.
Country Percent of Portfolio Benchmark Weight Sector
Ashford Hospitality Trust Inc United States 0.03% 0.02% Hotel & Resort REITs
UMH Properties Inc United States 0.03% 0.00% Residential REITs
ALE Property Group Australia 0.03% 0.00% Specialized REITs
Star Asia Investment Corp Japan 0.03% 0.00% Diversified REITs
Irish Residential Properties REIT PLC Ireland 0.03% 0.04% Residential REITs
NewRiver REIT PLC United Kingdom 0.02% 0.05% Retail REITs
Ascendas Hospitality Trust Singapore 0.02% 0.00% Hotel & Resort REITs
Altarea SCA France 0.02% 0.00% Retail REITs
Asesor de Activos Prisma SAPI de CV Mexico 0.02% 0.00% Hotel & Resort REITs
City Office REIT Inc United States 0.02% 0.00% Office REITs
OUE Hospitality Trust Singapore 0.02% 0.00% Hotel & Resort REITs
RDI REIT PLC United Kingdom 0.02% 0.02% Diversified REITs
Far East Hospitality Trust Singapore 0.02% 0.00% Hotel & Resort REITs
Morguard Real Estate Investment Trust Canada 0.02% 0.00% Diversified REITs
One Liberty Properties Inc United States 0.02% 0.00% Diversified REITs
Lippo Malls Indonesia Retail Trust Singapore 0.02% 0.00% Retail REITs
Morguard North American Residential Real Estate Investment TrustCanada 0.02% 0.00% Residential REITs
Capitaland Malaysia Mall Trust Malaysia 0.02% 0.00% Retail REITs
Centuria Industrial REIT Australia 0.02% 0.00% Industrial REITs
Emlak Konut Gayrimenkul Yatirim Ortakligi AS Turkey 0.02% 0.00% Residential REITs
Montea C.V.A Belgium 0.02% 0.07% Industrial REITs
Spirit MTA REIT United States 0.02% 0.00% Retail REITs
SPH REIT Singapore 0.02% 0.00% Retail REITs
WPT Industrial Real Estate Investment Trust Canada 0.02% 0.00% Industrial REITs
Sabana Shari'ah Compliant Industrial Real Estate Investment TrustSingapore 0.02% 0.00% Industrial REITs
Braemar Hotels & Resorts Inc United States 0.02% 0.00% Hotel & Resort REITs
Community Healthcare Trust Inc United States 0.02% 0.00% Health Care REITs
Leasinvest Real Estate SCA Belgium 0.02% 0.02% Diversified REITs
Regal Real Estate Investment Trust Hong Kong 0.02% 0.00% Hotel & Resort REITs
CT Real Estate Investment Trust Canada 0.02% 0.00% Retail REITs
Property for Industry Ltd New Zealand 0.02% 0.00% Industrial REITs
Portfolio Holdings
51
Global Real Estate Securities Portfolio, as of May 31, 2019
Holdings are subject to change. Numbers may not total 100% due to rounding. Sectors defined by MSCI. Benchmark data source: FTSE NAREIT. The prospectus benchmark for the DFA Global Real Estate Securities Portfolio is the S&P Global REIT Index.
Country Percent of Portfolio Benchmark Weight Sector
Concentradora Fibra Danhos SA de CV Mexico 0.02% 0.00% Diversified REITs
Bluerock Residential Growth REIT Inc United States 0.02% 0.00% Residential REITs
Axis Real Estate Investment Trust Malaysia 0.02% 0.00% Diversified REITs
Mucklow A & J Group PLC United Kingdom 0.02% 0.00% Industrial REITs
Shin Kong No.1 REIT Taiwan 0.02% 0.00% Diversified REITs
Slate Office REIT Canada 0.02% 0.00% Office REITs
GDI Property Group Australia 0.02% 0.00% Office REITs
Cedar Realty Trust Inc United States 0.02% 0.00% Retail REITs
Wereldhave Belgium Comm VA Belgium 0.02% 0.01% Retail REITs
Stride Property Group New Zealand 0.02% 0.00% Diversified REITs
Spring Real Estate Investment Trust China 0.02% 0.00% Office REITs
Manulife US Real Estate Investment Trust Singapore 0.01% 0.00% Office REITs
Front Yard Residential Corp United States 0.01% 0.00% Residential REITs
Slate Retail REIT Canada 0.01% 0.00% Retail REITs
Investec Property Fund Ltd South Africa 0.01% 0.00% Diversified REITs
Cathay No 2 REIT Taiwan 0.01% 0.00% Office REITs
Arena REIT Australia 0.01% 0.00% Health Care REITs
True North Commercial Real Estate Investment Trust Canada 0.01% 0.00% Office REITs
YTL Hospitality REIT Malaysia 0.01% 0.00% Hotel & Resort REITs
Soilbuild Business Space REIT Singapore 0.01% 0.00% Diversified REITs
Centuria Metropolitan REIT Australia 0.01% 0.00% Office REITs
Mirai Corp Japan 0.01% 0.00% Office REITs
Hotel Property Investments Australia 0.01% 0.00% Specialized REITs
Concentradora Fibra Hotelera Mexicana SA de CV Mexico 0.01% 0.00% Hotel & Resort REITs
BTB Real Estate Investment Trust Canada 0.01% 0.00% Diversified REITs
Fubon No 2 REIT Taiwan 0.01% 0.00% Office REITs
Regional REIT Ltd United Kingdom 0.01% 0.03% Office REITs
Arrowhead Properties Ltd South Africa 0.01% 0.00% Diversified REITs
Frasers Hospitality Trust Singapore 0.01% 0.00% Hotel & Resort REITs
Standard Life Investment Property Income Trust Ltd United Kingdom 0.01% 0.03% Diversified REITs
Ooedo Onsen Reit Investment Corp Japan 0.01% 0.00% Hotel & Resort REITs
Portfolio Holdings
52
Global Real Estate Securities Portfolio, as of May 31, 2019
Holdings are subject to change. Numbers may not total 100% due to rounding. Sectors defined by MSCI. Benchmark data source: FTSE NAREIT. The prospectus benchmark for the DFA Global Real Estate Securities Portfolio is the S&P Global REIT Index.
Country Percent of Portfolio Benchmark Weight Sector
CBL & Associates Properties Inc United States 0.01% 0.00% Retail REITs
Empiric Student Property PLC United Kingdom 0.01% 0.04% Residential REITs
Eurobank Ergasias SA Greece 0.01% 0.00% Diversified Banks
Global Medical REIT Inc United States 0.01% 0.00% Health Care REITs
Pavilion Real Estate Investment Trust Malaysia 0.01% 0.00% Retail REITs
Marimo Regional Revitalization REIT Inc Japan 0.01% 0.00% Diversified REITs
Societe de la Tour Eiffel France 0.01% 0.00% Office REITs
Health Care & Medical Investment Corp Japan 0.01% 0.00% Health Care REITs
McKay Securities PLC United Kingdom 0.01% 0.00% Office REITs
Torunlar Gayrimenkul Yatirim Ortakligi AS Turkey 0.01% 0.00% Diversified REITs
Tosei Reit Investment Corp Japan 0.01% 0.00% Diversified REITs
Care Property Invest Belgium 0.01% 0.00% Residential REITs
Schroder Real Estate Investment Trust Ltd United Kingdom 0.01% 0.02% Diversified REITs
Is Gayrimenkul Yatirim Ortakligi AS Turkey 0.01% 0.00% Diversified REITs
Carmila SA France 0.01% 0.03% Real Estate Operating Companies