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Item No. 7: Annual Presentation by Dimensional Fund Advisors – Active Global Real Estate Securities Manager (August 12, 2020, Regular Retirement Board Meeting)
INVESTMENT MANAGER SUMMARY
MANAGEMENT
Firm Name Dimensional Fund Advisors (DFA)
Manager Tenure with Fund 7.5 Years
Investment Strategy/Vehicle Global Real Estate Securities
Contract Expiration 2/28/2022
ASSETS
Total Firm AUM $ 514.2 Billion
Total Firm Assets in Strategy $ 11.5 Billion
Total Assets Managed for the Plan RP - $ 24.9 Million HP - $ 6.2 Million
As of 06/30/2020
PERFORMANCE
As of 06/30/2020 1-Year 3-Year 5-Year ITD¹
DFA Global Real Estate (gross) -10.76% 2.00% 4.30% 4.69%
DFA Global Real Estate (net) -10.98% 1.75% 4.05% 4.41%
FTSE EPRA/NAREIT Developed Index -15.46% -0.67% 2.22% 2.95%
Difference (net) 4.48% 2.42% 1.83% 1.46% 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 12, 2020
Chermaine Fullinck, Regional Director
Patrick Brown, CFA, Portfolio Manager
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.
This information is not meant to constitute investment advice, a recommendation of any securities product or investment strategy(including account type), or an
offer of any services or products for sale, nor is it intended to provide a sufficient bases on which to make an investment decisions. Investors should consult with a
financial professional regarding their individual circumstances before making investment decisions.
#17625-1011
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
4
As of June 30, 2020
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., Dimensional Ireland Limited, 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.
#67118-0219
39 $514B 1,400+ OneYears Since Founding
Global Assets Under Management
Employees Globally in 13 Offices
Investment Philosophy
Dimensional Global Investment Solutions
5
$514 billion in global AUM as of June 30, 2020
$11.5 billion in Global Real Estate Strategy AUM as of June 30, 2020
“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., Dimensional Ireland Limited, 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.
#17624-1011
(in billions)
US Equity $181.5 Developed ex US Equity $89.1 Global Equity $38.3
All Cap Core $68.6 All Cap Core $36.8 All Cap/Large Cap $31.6
All Cap Value $5.6 All Cap Value $1.3 Value $4.5
Growth $3.2 Growth $0.8 Small/SMID Cap $2.2
Large Cap $24.1 Large Cap $8.5
Large Cap Value $25.1 Large Cap Value $13.8 Fixed Income $109.9
SMID Cap Value $14.9 Small Cap $16.6 US $51.2
Small Cap $20.7 Small Cap Value $11.4 US Tax-Exempt $7.9
Small Cap Value $12.6 Non-US and Global $43.8
Micro Cap $6.6 Emerging Markets Equity $61.6 Inflation-Protected $7.0
All Cap Core $27.9
Value $20.9 Other $33.9
Large Cap $7.7 Real Estate $19.4
Small Cap $5.1 Commodities $1.1
Global Allocation $12.5
Target Date $0.9
US Equity35.3%
Developed ex US Equity17.3%
Emerging Markets Equity12.0%
Global Equity7.5%
Fixed Income21.4%
Other6.6%
Leading Financial Economists and Researchers
6
As of March 31, 2020.1. “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., Dimensional Ireland Limited, 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.
MP1660-0520
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
Marco Di Maggio, PhD Harvard University
Robert Merton, PhD, Nobel laureate Massachusetts Institute of Technology
Robert Novy-Marx, PhD University of Rochester
Leaders of Dimensional’s
Internal Research Staff
Gerard O’Reilly, PhD
Co-Chief Executive Officer, Chief Investment Officer,
and Dimensional Director
Marlena Lee, PhD
Global Head of Investment Solutions
Savina Rizova, PhD
Global Head of Research
Stanley Black, PhD
Vice President
Wes Crill, PhD
Vice President
Wei Dai, PhD
Vice President
Philipp Meyer-Brauns, PhD
Vice President
Namiko Saito, PhD
Vice President
Samuel Wang, PhD
Vice President
Experienced Teams Help Ensure Consistency
7
High degree of practitioners’ knowledge and experience across market cycles
As of June 30, 2020.1. 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., Dimensional Ireland Limited, 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.
PUG4774-0720
Investment Committee1 Portfolio Management Trading
Average 22 Years of Industry ExperienceAverage 19 Years of Firm Experience
Average 13 Years of Industry ExperienceAverage 9 Years of Firm Experience
Average 16 Years of Industry ExperienceAverage 12 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 Global Head of Portfolio Management
Joseph Kolerich, Head of Fixed Income, Americas
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, Head of Research
Joel Schneider, Deputy Head of Portfolio Management, North America
Karen Umland, Senior Investment Director
Ryan Wiley, Global Head of Equity Trading
AustinJed Fogdall, Global Head of Portfolio Management
Joseph Kolerich, Head of Fixed Income, Americas
Joel Schneider, Deputy Head of Portfolio Management, North America
Senior Portfolio Managers: Ashish Bhagwanjee, Joe Hohn, Alan Hutchison, Arun Keswani, Lukas Smart, Ethan Wren
Portfolio Managers: Gavin Crabb, Damian Dormer, Lacey Huebel, Jake Jolly, Marc Corona Leblond, Matt Lovell, Brendan McAndrews, Leslie Olsovsky, Patrick Southern, Andres Torres
Charlotte Mary Phillips, Deputy Head of Portfolio Management, North America
Senior Portfolio Managers:William Collins-Dean, Travis Meldau
Portfolio Managers:
Casey Baum, Rita Chen, Mark Schilder
Santa Monica Robert Deere, Senior Investment Director
David Plecha, Global Head of Fixed Income
Allen Pu, Deputy Head of Portfolio Management, North America
Joseph Chi, Head of Responsible Investment andSenior Portfolio Manager
Portfolio Managers: Patrick Brown, Alexander Fridman, Ryan Haselton, John Hertzer, David Shao, Brian Walsh
LondonNathan Lacaze, Co-CEO, Dimensional Fund Advisors Ltd. and Head of EMEA Portfolio Management
Joel Kim, Head of Fixed Income, International
Paul Foley, Senior Portfolio Manager
Portfolio Managers: Kipp Cummins, Krati Gupta, Rob Harvey, Thomas Meinke, Adam Ward, Jim Whittington
SydneyBhanu Singh, Head of Asia Pacific Portfolio Management and Director
Robert Ness, Senior Portfolio Manager
Portfolio Managers: Murray Cockerell, Slava Platkov, Gillian Wilson, Craig Wright, Timo Zauner
Tokyo
Kotaro Hama, Senior Portfolio Manager
SingaporePortfolio Managers: Juno Chen, Emily Cornell
AustinDavid LaRusso, Head of Fixed Income Trading
Senior Traders: Christian Gunther, Robert Richardson, Christopher Rink, Scott Van Pelt
Elizabeth Van Pelt, Trader
CharlotteSenior Traders: Christine Ivanick, Polly Weiss
Santa MonicaRyan Wiley, Global Head of Equity Trading
Senior Traders: Claudette Higdon, Le Tran
Erhan Oktay, Trader
LondonSenior Traders: Mark Butterworth, William Letheren
Traders: Odin Costa, Jian Du, James Simpson, Archit Soni
SydneyJason Lapping, Head of International Equity Trading
Senior Traders: David Vrolyk, Sam Willis
SingaporeTraders: Jonathan Smith, Hayato Yonemori
Dimensional Fund Advisors and Affiliates
8
Global Organizational Leadership
1. Member of the Investment Committee of Dimensional Fund Advisors LP.As of June 30, 2020. 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.
SALES AND CLIENT SERVICE
Mark GochnourHead of Global Client Services Group
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
MP1679-0620
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 FUND ADVISORS CANADA ULC (VANCOUVER)
Bradley G. SteimanDirector and Head of Canadian Financial Advisor Services
DIMENSIONAL FUND ADVISORS PTE. LTD. (SINGAPORE)
Joel KimChief Executive Officer
DIMENSIONAL JAPAN LTD. (TOKYO)
John R. AlkireChief Executive Officer
DIMENSIONAL HONG KONG LIMITED (HONG KONG)
INVESTMENT PROFESSIONALS
RESEARCHGerard K. O’Reilly1
Co-Chief Executive Officer, Chief Investment Officer,and Dimensional Director
Peter DillardChief Data Officer and Head of Investment Analytics and Data
Savina Rizova1
Global Head of Research
INVESTMENT SOLUTIONSMarlena LeeGlobal Head of Investment Solutions
PORTFOLIO MANAGEMENT AND TRADING Robert T. Deere1
Senior Investment Director
Jed S. Fogdall1
Global Head of 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
Global Head of Equity Trading
CORPORATE
COMPLIANCE AND RISK MANAGEMENTChristopher S. CrossanGlobal Chief Compliance Officer
FINANCIAL/ACCOUNTING SERVICESOPERATIONSLisa DallmerChief Operating Officer
HUMAN RESOURCESAaron MarcusGlobal Head of Human Resources
INVESTMENT OPERATIONSRichard A. EusticeGlobal Head of Investment Operations
LEGALCatherine L. NewellGeneral Counsel and Secretary
MARKETINGKaren DolanGlobal Head of Marketing
RISK MANAGEMENT Jeffrey VernorHead of Risk Management
TECHNOLOGYMichael HolmesChief Technology Officer
Partial List of Clients
9
As of March 31, 2020.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.
#66075-1018
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
11
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
#17869-1011
Global Real Estate Securities Portfolio
12
Using an integrated approach to add value across all aspects of the investment process
• Broad coverage within real estate
asset class:
– Type and size of REIT—such as
multi-family, retail, office building,
industrial, lodging, recreational,
store, and mixed-use properties
– Capitalization—includes small
cap REITs
• Disciplined, process-driven
approach
• Low management fees and reduced
trading costs
Number of names shown are as of June 30, 2020. Holdings are subject to change. Number of countries shown include approved markets for investment as of the most recent published prospectus, February 28, 2020. Additional countries may be designated as approved markets for future investment.
Global REIT Underlying Property Holdings
13
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.
#67197-1118_C1585536
Number of Properties
>4,9991
1,000–4,999
100–999
1–99
Only cell tower exposure²
No properties
Trading Costs Matter
14
Dimensional’s flexible approach helps reduce the total costs of trading
For illustrative purposes only.
67315-0219
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, 2020
Past performance is not a guarantee of future results. Indices are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio. 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). Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. MSCI data © MSCI 2020, all rights reserved. S&P data © 2020 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved.
MSCI World ex USA IMI; -5.11%
MSCI Emerging Markets IMI; -3.97%
Russell 3000 Index; 6.53%
S&P Global REIT Index; -15.91%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
6/2019 9/2019 12/2019 3/2020 6/2020
Retu
rns
(%)
16
Real Estate Investment Trusts (REITs)
17
As of June 30, 2020
PERIODIC RETURNS1 (%)
1. Returns for periods greater than one year are annualized. Past performance is not a guarantee of future results. Indices are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Dow Jones US Select REIT Index used as proxy for the US market, and S&P Global ex US REIT Index used as proxy for the World ex US market. For subindustry returns and weights, market weights are calculated as an average of the month-beginning weights during the quarter and returns are gross of dividend withholding taxes. Index level Global ex-US REITs are net div, while US REITs are total return. Total value of REIT stocks represented by Dow Jones US Select REIT Index and the S&P Global ex US REIT Index as of quarter end. Characteristics are derived by Dimensional. REIT Subindustries are classified according to GICS Industry Codes. GICS was developed by and is the exclusive property of MSCI and S&P Dow Jones Indices LLC, a division of S&P Global. Dow Jones and S&P data © 2020 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved.
#65677-0718
REIT SUBINDUSTRY RETURNS AND MARKET WEIGHTS (%)
TOTAL VALUE OF REITs
63%US $683 billion 116 REITs
37%Global ex US$410 billion 259 REITs (23 other countries)
REIT
Subindustries
2nd Quarter
2020 Returns
Market
Weight
2nd Quarter
2020 Returns
Market
Weight
Residential 8.94 26.77 12.72 6.42
Industrial 14.37 17.91 22.70 19.83
Specialized 0.66 17.52 15.11 2.19
Office 1.22 12.85 0.09 19.08
Retail 25.12 9.62 11.06 22.83
Health Care 19.02 9.53 5.01 2.71
Hotel and Resort 6.21 4.50 28.26 1.81
Diversified -3.95 1.30 9.70 25.07
US REITs Global ex US REITs
Asset Class
2nd
Quarter
2020
Year to
Date
1
Year
3
Years
5
Years
10
Years
US REITs 9.11 -22.01 -17.71 -1.99 2.45 8.27
Global ex US REITs 10.75 -25.25 -19.44 -2.37 -0.11 5.73
Section D: Performance Review
Performance
19
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 © 2020 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.
#64494-0518
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)
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
2019 26.40 23.06 23.12
Account Value
(11423) WATER & POWER
EMPLOYEES RETIREMENT PLAN$24,904,924
(11424) WATER & POWER
EMPLOYEES RETIREMENT PLAN
RETIREE HEALTH BENEFITS FUND$6,236,408
Total $31,141,332
Annualized Returns1 (%)
2nd
Quarter
2020
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 12.67 -17.29 -10.76 2.00 4.30 9.02 4.69 5.78
GLOBAL REAL ESTATE SECURITIES PORTFOLIO (net of fees) 12.60 -17.39 -10.98 1.75 4.05 8.71 4.41 5.44
FTSE EPRA/NAREIT Developed Index (gross dividends)3 10.33 -20.93 -15.46 -0.67 2.22 7.17 2.95 4.01
S&P Global REIT Index (net dividends) 11.17 -21.09 -15.91 -1.62 1.62 6.97 2.40 3.68
As of June 30, 2020
Global Real Estate Securities Portfolio
20
Performance as of June 30, 2020
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 © 2020 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.
12.60
-17.39
-10.98
1.75
4.41
10.33
-20.93
-15.46
-0.67
2.95
2nd Quarter 2020 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
21
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 $6,536,611
Change in Market Value $78,313
Account Value as of June 30, 2020 $24,904,924
Account Value
at Inception
(11424) WATER & POWER EMPLOYEES RETIREMENT PLAN RETIREE HEALTH BENEFITS FUND $2,000,000
Purchases $2,580,000
Withdrawals $0
Dividends $1,636,753
Change in Market Value $19,655
Account Value as of June 30, 2020 $6,236,408
Top 10 Contributors and Detractors
22
Global Real Estate Securities Portfolio, 1 Year as of May 31, 2020
This information is provided for Los Angeles Water and Power Employees' Retirement Plan, an institutional investor, at its specific request and is not intended for public use. The holdings identified do not represent all of the securities purchased, sold or recommended. Information on (1) the calculation methodology, and (2) a list including the analysis above for each portfolio holding during the period is available upon request. Please contact your Dimensional representative for additional information.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. 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. Indices are not available for direct investment.% Contributor/Detractor shows how the security contributed or detracted from the strategies return over the period.
Contributors
Security
Global Real Estate
Securities Portfolio
Contribution
AMERICAN TOWER CORP 1.59%
CROWN CASTLE INTL CORP 1.27%
EQUINIX INC 1.18%
PROLOGIS INC 0.91%
SBA COMMUNICATIONS CORP 0.71%
DIGITAL REALTY TRUST INC 0.39%
GOODMAN GROUP 0.25%
SEGRO PLC 0.18%
CYRUSONE INC 0.14%
DUKE REALTY CORP 0.13%
Detractors
Security
Global Real Estate
Securities Portfolio
Contribution
SIMON PROPERTY GROUP INC -1.72%
UNIBAIL-RODAMCO-WESTFIELD -0.66%
LINK REIT -0.65%
WELLTOWER INC -0.59%
VENTAS INC -0.50%
BOSTON PROPERTIES INC -0.37%
SCENTRE GROUP -0.31%
AVALONBAY COMMUNITIES INC -0.30%
EQUITY RESIDENTIAL -0.27%
VORNADO REALTY TRUST -0.25%
Attribution Analysis by Sector (GIC REIT Industry)
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. 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.
#17625-1011
1 Year as of June 30, 2020
Sector
Portfolio
Average
Weights
Benchmark
Average
Weights
Portfolio
Return
Benchmark
Return
Portfolio
Allocation
Portfolio
Composition Interaction Total
Diversified REITs 12% 10% -23.05% -22.30% -0.12% -0.14% -0.02% -0.28%
Health Care REITs 7% 8% -19.74% -19.93% 0.01% 0.02% -0.00% 0.03%
Hotel and Resort REITs 3% 3% -44.01% -48.29% -0.23% 0.20% -0.02% -0.05%
Industrial REITs 11% 11% 14.08% 14.52% 0.22% -0.00% 0.06% 0.28%
Office REITs 13% 13% -17.48% -17.31% 0.02% -0.02% -0.03% -0.03%
Residential REITs 12% 13% -8.41% -8.82% -0.04% 0.04% -0.01% -0.00%
Retail REITs 17% 16% -35.90% -35.90% -0.23% -0.03% -0.04% -0.30%
Specialized REITs 23% 8% 18.10% -1.30% 1.90% 3.99% 0.00% 5.89%
Other Industry 0% 19% 30.48% -9.96% -0.97% 0.00% 0.01% -0.95%
Cash 0% — 1.54% — 0.04% 0.00% — 0.04%
Estimated Total 100% 100% -10.94% -15.56% 0.60% 4.05% -0.03% 4.62%
Expenses and Fees -0.22% — -0.22%
Other 0.18% 0.11% 0.07%
Total -10.98% -15.46% 4.48%
Attribution Analysis by Country
24
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% 4% -21.36% -30.89% -0.23% 0.63% -0.00% 0.40% Austria — 0% — -9.47% -0.01% — -0.00% -0.01%Belgium 1% 1% 6.53% 5.49% 0.02% 0.01% 0.00% 0.03% Canada 2% 3% -18.97% -21.11% 0.04% 0.05% -0.00% 0.09% China 0% — -26.17% — 0.01% -0.02% — -0.01%Finland — 0% — 17.03% -0.05% — 0.00% -0.05%France 2% 1% -24.15% -23.95% -0.01% -0.01% -0.00% -0.02%Germany 0% 5% -7.00% 10.85% -1.14% -0.05% 0.03% -1.16%Hong Kong 2% 6% -31.08% -24.69% 0.73% -0.16% -0.00% 0.58% Ireland 0% 0% -17.94% -17.93% 0.01% -0.00% 0.00% 0.01% Israel — 0% — -32.48% 0.04% — -0.00% 0.04% Italy 0% 0% -39.37% -40.40% -0.01% 0.00% -0.00% -0.00%Japan 9% 12% -11.64% -14.08% -0.06% 0.29% -0.03% 0.20% Malaysia 0% — -6.56% — 0.03% -0.01% — 0.02% Mexico 1% — -25.45% — 0.12% -0.15% — -0.03%Netherlands 2% 1% -54.24% -54.85% -0.12% 0.02% -0.01% -0.11%New Zealand 0% 0% -14.27% -43.06% -0.10% 0.14% -0.00% 0.04% Norway — 0% — -14.15% -0.00% — -0.00% -0.00%Singapore 3% 3% -8.79% -7.59% 0.02% -0.04% 0.01% -0.01%South Africa 1% — -57.06% — 0.12% -0.60% — -0.48%Spain 1% 1% -32.90% -30.47% -0.01% -0.02% -0.00% -0.03%Sweden — 2% — -1.37% -0.33% — -0.00% -0.33%Switzerland — 1% — 7.56% -0.28% — -0.00% -0.28%Taiwan 0% — 18.52% — 0.01% 0.01% — 0.03% Turkey 0% — 56.12% — 0.02% 0.02% — 0.04% UK 4% 5% -12.42% -11.99% -0.01% -0.01% -0.00% -0.02%US 65% 55% -6.63% -15.63% 0.05% 5.62% -0.01% 5.66% Cash 0% — 1.54% — 0.04% 0.00% — 0.04% Estimated Total 100% 100% -10.94% -15.56% -1.10% 5.76% -0.03% 4.62% Expenses and Fees -0.22% — -0.22%Other 0.18% 0.11% 0.07% Total -10.98% -15.46% 4.48%
Interaction Total
Portfolio
Average
Weights
Benchmark
Average
Weights
Portfolio
Return
Benchmark
Return
Portfolio
Allocation
Portfolio
Composition
1 Year as of June 30, 2020
Section E: Portfolio Review and Characteristics
Top 10 Holdings
26
Global Real Estate Securities Portfolio, as of June 30, 2020
Holdings are subject to change.
#17867-1011
Security Country Percent of Portfolio
American Tower Corp United States 7.17
Crown Castle International Corp United States 4.42
Prologis Inc United States 4.41
Equinix Inc United States 3.71
SBA Communications Corp United States 2.16
Digital Realty Trust Inc United States 2.00
Public Storage United States 1.94
Goodman Group Australia 1.59
Link REIT Hong Kong 1.51
Equity Residential United States 1.40
Characteristics
27
As of June 30, 2020
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 $1,413,289 $1,338,300 $1,220,281
Number of Holdings 446 339 411
SIZE CHARACTERISTICS
Wtd. Average Market Cap (millions) $24,734 $14,446 $16,081
Median Market Cap (millions) $1,325 $2,367 $1,446
VALUATION CHARACTERISTICS
Aggregate Price-to-Book 1.46 1.18 1.40
Wtd. Average Dividend-to-Price 3.94% 3.97% 4.15%
PROFITABILITY CHARACTERISTICS
Wtd. Average Profitability1 0.20 0.13 0.14
Sector Allocations
28Numbers 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, 2020
GLOBAL REAL ESTATE
SECURITIES PORTFOLIO
FTSE EPRA/NAREIT
Developed Index
S&P Global
REIT Index
PORTFOLIO WEIGHTS (%)
Diversified 10.8 8.4 11.2
Health Care 6.8 7.6 8.5
Hotel & Resort 2.6 2.1 2.6
Industrial 14.5 13.6 17.0
Office 12.5 12.0 13.3
Residential 12.0 13.4 14.6
Retail 14.2 13.5 15.5
Specialized 26.8 9.7 17.3
Other Real Estate — 19.7 —
Other 0.0 0.3 —
Country Allocations
29
As of June 30, 2020
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
United States 64.9 54.2 66.4
Japan 9.8 11.5 9.5
Australia 6.5 3.2 5.7
United Kingdom 4.6 4.7 4.7
Singapore 3.8 3.4 3.8
Hong Kong 1.8 6.4 1.7
Canada 1.8 2.9 1.8
France 1.6 1.3 2.0
Belgium 1.3 1.1 1.1
Netherlands 0.9 0.7 0.2
South Africa 0.5 — 0.6
Spain 0.5 0.4 0.5
Mexico 0.5 — 0.5
New Zealand 0.5 0.3 0.4
Germany 0.3 5.7 0.3
Malaysia 0.2 — 0.3
Ireland 0.1 0.1 0.1
Turkey 0.1 — 0.1
China 0.1 — 0.0
Italy 0.0 0.0 0.0
Austria — 0.2 —
Finland — 0.3 —
Israel — 0.2 0.1
Korea — — 0.1
Norway — 0.2 —
Saudi Arabia — — 0.1
Sweden — 2.0 —
Switzerland — 1.3 —
Thailand — — 0.4
PORTFOLIO WEIGHTS (%)
Characteristics
30
As of June 30, 2020
1. The following statement on turnover is from the Prospectus dated 2/28/2020: During the most recent fiscal year, the DFA Global Real Estate Securities Portfolio’s portfolio turnover rate was 0% of the average value of its direct investments portfolio* Characteristics are compared against FTSE EPRA/NAREIT Developed IndexHoldings are subject to change.
GLOBAL REAL ESTATE
SECURITIES PORTFOLIO *
CHARACTERISTICS
Turnover1 0%
Tracking Error (3 YR Annualized) (%) 2.33
Standard Deviation (3 YR) (%) 17.38
R2 (3 YR) 0.98
Beta (3 YR) 0.96
Alpha (3 YR) (%) 3.35
Sharpe Ratio (3 YR) 0.00
Information Ratio (3 YR) 1.44
Jensen's Alpha (3 YR) (%) 3.24
Treynor Ratio (3 YR) (%) 0.03
Section F: Fee Schedule
Fees
32
1. Fee and expense information as of the prospectus date 02/28/20.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 0.34 0.20
Appendix
Standardized Performance Data and Disclosures
34
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, visit 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
35
1. Performance information as of 06/30/20.2. Fee and expense information as of the prospectus dated 02/28/20.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 7.17 10.60 14.01 8.75 7/2/1996 0.15 0.17 0.12 0.12
US Core Equity 1 Portfolio DFEOX 1.75 8.21 12.88 8.19 9/15/2005 0.17 0.17 0.14 0.14
US Core Equity 2 Portfolio DFQTX 0.25 6.96 12.21 7.67 9/15/2005 0.20 0.20 0.17 0.17
US High Relative Profitability Portfolio DURPX 10.44 — — 13.19 5/16/2017 0.25 0.25 0.20 0.20
US Large Cap Equity Portfolio DUSQX 5.60 9.60 — 11.30 6/25/2013 0.16 0.16 0.12 0.12
US Large Cap Growth Portfolio DUSLX 12.06 12.59 — 14.40 12/20/2012 0.18 0.18 0.15 0.15
US Large Cap Value Portfolio DFLVX -12.44 3.56 10.70 9.05 2/19/1993 0.26 0.36 0.33 0.23
US Large Company Portfolio DFUSX 7.46 10.68 13.92 6.35 9/23/1999 0.08 0.08 0.06 0.06
US Micro Cap Portfolio DFSCX -14.92 1.81 9.74 10.81 12/23/1981 0.51 0.51 0.48 0.48
US Small Cap Growth Portfolio DSCGX -5.71 4.23 — 9.38 12/20/2012 0.37 0.37 0.33 0.33
US Small Cap Portfolio DFSTX -11.71 2.33 10.09 9.30 3/19/1992 0.35 0.35 0.33 0.33
US Small Cap Value Portfolio DFSVX -20.34 -1.56 7.70 9.61 3/2/1993 0.51 0.51 0.48 0.48
US Targeted Value Portfolio DFFVX -19.38 -0.63 8.04 8.91 2/23/2000 0.36 0.36 0.33 0.33
US Vector Equity Portfolio DFVEX -10.63 2.91 9.91 6.14 12/30/2005 0.31 0.31 0.28 0.28
Standardized Performance Data and Disclosures
36
1. Performance information as of 06/30/20.2. Fee and expense information as of the prospectus dated 02/28/20.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 -10.03 1.74 4.05 6.99 1/5/1993 0.54 0.64 0.57 0.47
Continental Small Company Portfolio DFCSX -6.44 4.68 8.33 8.80 4/15/1988 0.53 0.63 0.57 0.47
Emerging Markets Core Equity Portfolio DFCEX -8.29 1.68 2.88 6.32 4/5/2005 0.48 0.48 0.42 0.42
Emerging Markets Portfolio DFEMX -7.26 2.14 3.11 6.17 4/25/1994 0.43 0.53 0.47 0.37
Emerging Markets Small Cap Portfolio DEMSX -9.26 1.27 3.75 9.74 3/5/1998 0.67 0.87 0.80 0.60
Emerging Markets Targeted Value Portfolio DEMGX -15.60 — — -5.22 11/14/2018 0.85 0.90 0.65 0.65
Emerging Markets Value Portfolio DFEVX -17.27 0.08 0.81 8.34 4/1/1998 0.51 0.61 0.55 0.45
International Core Equity Portfolio DFIEX -7.31 1.70 5.70 3.93 9/15/2005 0.28 0.28 0.24 0.24
International High Relative Profitability Portfolio DIHRX 0.31 — — 3.09 5/16/2017 0.35 0.35 0.25 0.25
International Large Cap Growth Portfolio DILRX 1.75 4.57 — 5.90 12/20/2012 0.30 0.31 0.23 0.23
International Small Cap Growth Portfolio DISMX -2.05 4.73 — 7.34 12/20/2012 0.55 0.59 0.48 0.48
International Small Cap Value Portfolio DISVX -11.98 -0.84 5.78 6.12 12/29/1994 0.64 0.64 0.60 0.60
International Small Company Portfolio DFISX -6.62 2.44 6.92 6.11 9/30/1996 0.52 0.52 0.38 0.38
International Value Portfolio DFIVX -17.49 -2.10 3.09 4.95 2/15/1994 0.39 0.59 0.55 0.35
International Vector Equity Portfolio DFVQX -9.65 0.96 5.38 3.33 8/14/2008 0.47 0.47 0.42 0.42
Japanese Small Company Portfolio DFJSX -1.34 4.53 7.35 5.07 1/31/1986 0.52 0.62 0.57 0.47
Large Cap International Portfolio DFALX -5.22 2.03 5.61 5.19 7/17/1991 0.22 0.22 0.18 0.18
UK Small Company Portfolio DFUKX -15.21 -3.46 7.41 8.06 3/4/1986 0.59 0.80 0.57 0.36
World ex US Core Equity Portfolio DFWIX -7.73 1.46 — 2.62 4/9/2013 0.35 0.35 0.29 0.29
World ex US Targeted Value Portfolio DWUSX -13.24 -0.18 — 3.59 11/1/2012 0.64 0.64 0.53 0.53
World ex US Value Portfolio DFWVX -16.82 -1.44 — 2.03 8/23/2010 0.50 0.71 0.43 0.43
Standardized Performance Data and Disclosures
37
1. Performance information as of 06/30/20. 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 02/28/20. 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 0.14 7.04 12.29 6.95 10/4/2007 0.23 0.23 0.20 0.20
After Taxes on Distributions -0.80 6.44 11.74 6.49
After Taxes on Distributions & Sale of Fund Shares 0.52 5.45 10.19 5.61
TA World ex US Core Equity Portfolio DFTWX -7.88 1.49 4.85 2.11 3/6/2008 0.36 0.36 0.30 0.30
After Taxes on Distributions -8.52 0.98 4.38 1.69
After Taxes on Distributions & Sale of Fund Shares -4.39 1.23 3.98 1.76
Tax-Managed International Value Portfolio DTMIX -16.68 -1.94 3.06 4.21 4/16/1999 0.50 0.50 0.45 0.45
After Taxes on Distributions -17.35 -2.51 2.53 3.67
After Taxes on Distributions & Sale of Fund Shares -9.58 -1.26 2.66 3.72
Tax-Managed US Equity Portfolio DTMEX 6.70 10.02 13.70 8.31 9/25/2001 0.21 0.21 0.18 0.18
After Taxes on Distributions 6.11 9.52 13.25 7.97
After Taxes on Distributions & Sale of Fund Shares 4.09 7.84 11.44 7.01
Tax-Managed US Marketwide Value Portfolio DTMMX -10.80 3.85 11.06 6.67 12/14/1998 0.36 0.56 0.53 0.33
After Taxes on Distributions -11.71 2.85 10.36 6.19
After Taxes on Distributions & Sale of Fund Shares -5.96 2.95 9.15 5.58
Tax-Managed US Small Cap Portfolio DFTSX -11.98 2.40 10.08 8.06 12/15/1998 0.43 0.43 0.40 0.40
After Taxes on Distributions -12.63 1.47 9.44 7.65
After Taxes on Distributions & Sale of Fund Shares -6.69 1.84 8.31 6.94
Tax-Managed US Targeted Value Portfolio DTMVX -19.33 -0.51 8.59 8.00 12/11/1998 0.43 0.43 0.40 0.40
After Taxes on Distributions -20.09 -1.58 7.72 7.33
After Taxes on Distributions & Sale of Fund Shares -10.94 -0.29 7.09 6.91
Standardized Performance Data and Disclosures
38
1. Performance information as of 06/30/20.2. Fee and expense information as of the prospectus dated 02/28/20.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 3.12 2.32 — 2.46 11/29/2011 0.23 0.23 0.18
California Municipal Real Return Portfolio DCARX 0.09 — — 1.05 11/1/2017 0.30 0.30 0.20
California Short-Term Municipal Bond Portfolio DFCMX 1.24 1.06 1.07 1.61 4/2/2007 0.22 0.22 0.18
Diversified Fixed Income Portfolio DFXIX 6.88 — — 2.88 8/10/2016 0.15 0.26 0.12
Five-Year Global Fixed Income Portfolio DFGBX 2.02 2.21 2.51 5.03 11/6/1990 0.26 0.26 0.22
Global Core Plus Fixed Income Portfolio DGCFX 5.79 — — 5.80 1/11/2018 0.29 0.29 0.24
Inflation-Protected Securities Portfolio DIPSX 7.96 3.84 3.64 4.46 9/18/2006 0.11 0.11 0.09
Intermediate Government Fixed Income Portfolio DFIGX 11.06 4.36 3.76 6.18 10/19/1990 0.12 0.12 0.09
Intermediate-Term Extended Quality Portfolio DFTEX 9.68 5.51 — 4.87 7/20/2010 0.22 0.22 0.19
Intermediate-Term Municipal Bond Portfolio DFTIX 4.00 2.60 — 2.12 3/1/2012 0.21 0.21 0.18
Investment Grade Portfolio DFAPX 9.89 4.73 — 4.40 3/7/2011 0.22 0.22 0.19
LTIP Portfolio DRXIX 25.82 8.79 — 4.31 3/7/2012 0.15 0.15 0.10
Minnesota Municipal Bond Portfolio DMNBX 2.62 — — 1.66 7/25/2017 0.32 0.38 0.25
Municipal Bond Portfolio DFMPX 3.57 2.40 — 2.25 3/10/2015 0.23 0.23 0.18
Municipal Real Return Portfolio DMREX 1.33 1.93 — 1.34 11/4/2014 0.24 0.24 0.20
New York Municipal Bond Portfolio DNYMX 1.79 1.80 — 1.79 6/16/2015 0.25 0.29 0.20
One-Year Fixed Income Portfolio DFIHX 1.63 1.32 0.95 4.44 7/25/1983 0.17 0.17 0.14
Oregon Municipal Bond Portfolio DOGMX — — — 2.68 9/10/2019 0.32 0.35 0.25
Selectively Hedged Global Fixed Income Portfolio DFSHX 2.31 2.35 1.77 1.40 1/9/2008 0.17 0.17 0.14
Short-Duration Real Return Portfolio DFAIX 1.40 2.04 — 1.42 11/5/2013 0.22 0.22 0.18
Short-Term Extended Quality Portfolio DFEQX 2.42 2.25 2.25 2.96 3/4/2009 0.22 0.22 0.19
Short-Term Government Portfolio DFFGX 1.33 1.11 1.33 4.70 6/1/1987 0.19 0.19 0.16
Short-Term Municipal Bond Portfolio DFSMX 1.34 1.10 1.02 1.68 8/20/2002 0.22 0.22 0.18
Targeted Credit Portfolio DTCPX 2.20 2.65 — 2.47 5/20/2015 0.20 0.23 0.18
Two-Year Fixed Income Portfolio DFCFX 1.64 1.35 0.99 2.85 6/6/1996 0.21 0.24 0.14
Two-Year Global Fixed Income Portfolio DFGFX 1.82 1.45 1.10 3.00 2/9/1996 0.17 0.17 0.14
Two-Year Government Portfolio DFYGX 1.37 0.97 0.77 2.81 6/6/1996 0.20 0.25 0.14
World ex US Government Fixed Income Portfolio DWFIX 5.07 5.37 — 5.00 12/6/2011 0.20 0.21 0.17
Commodities Portfolio
Commodity Strategy Portfolio DCMSX -15.81 -6.69 — -6.84 11/9/2010 0.31 0.31 0.28
Standardized Performance Data and Disclosures
39
1. Performance information as of 06/30/20.2. Fee and expense information as of the prospectus dated 02/28/20.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 3.21 3.51 4.33 4.29 12/24/2003 0.24 0.40 0.18
Global Allocation 60/40 Portfolio DGSIX 1.74 4.93 7.27 6.03 12/24/2003 0.25 0.44 0.20
Global Equity Portfolio DGEIX -1.92 5.52 9.79 7.41 12/24/2003 0.28 0.48 0.23
Global Small Company Portfolio DGLIX -9.78 — — 0.69 1/18/2017 0.47 0.90 0.43
Selectively Hedged Global Equity Portfolio DSHGX -2.57 4.88 — 8.45 11/14/2011 0.35 0.59 0.28
World Core Equity Portfolio DREIX -2.41 5.08 — 7.91 3/7/2012 0.32 0.55 0.27
Real Estate Portfolios
Global Real Estate Securities Portfolio DFGEX -10.98 4.05 8.71 4.49 6/4/2008 0.24 0.34 0.20
International Real Estate Securities Portfolio DFITX -18.52 -0.10 6.13 -0.21 3/1/2007 0.27 0.27 0.24
Real Estate Securities Portfolio DFREX -6.36 6.35 10.22 9.43 1/5/1993 0.18 0.20 0.17
Social and Sustainability Portfolios
Emerging Markets Social Core Equity Portfolio DFESX -8.70 2.11 2.84 4.46 8/31/2006 0.53 0.53 0.45
Emerging Markets Sustainability Core 1 Portfolio DESIX -6.34 — — -6.66 3/27/2018 0.64 0.64 0.45
Global Social Core Equity Portfolio DGBEX — — — -8.23 11/19/2019 0.36 0.39 0.00
Global Sustainability Fixed Income Portfolio DGSFX 6.73 — — 9.46 11/6/2018 0.28 0.32 0.23
International Social Core Equity Portfolio DSCLX -8.60 1.42 — 4.21 11/1/2012 0.33 0.33 0.27
International Sustainability Core 1 Portfolio DFSPX -3.19 2.78 6.08 2.35 3/12/2008 0.33 0.33 0.27
Social Fixed Income Portfolio DSFIX 9.81 — — 4.25 4/5/2016 0.27 0.27 0.20
US Social Core Equity 2 Portfolio DFUEX -0.52 6.99 11.87 6.30 10/1/2007 0.27 0.27 0.23
US Sustainability Core 1 Portfolio DFSIX 5.80 9.50 13.43 9.53 3/12/2008 0.23 0.23 0.20
Presenters’ Biographies
40
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.
Patrick Brown, CFA
Portfolio Manager
Patrick Brown manages international and global equity portfolios out of Dimensional's Santa Monica office. Prior to Dimensional, Pat worked in
investment consulting and served as an Army officer. He has a BA in classics from Notre Dame and an MBA in analytical finance from the Kellogg
School of Management at Northwestern University. Patrick is a CFA® charterholder and has his Series 7 and 63 licenses.
Portfolio Holdings
41
Global Real Estate Securities Portfolio, as of May 31, 2020
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 7.33% 0.00% Specialized REITs
Crown Castle International Corp United States 4.64% 0.00% Specialized REITs
Prologis Inc United States 4.41% 0.00% Industrial REITs
Equinix Inc United States 3.76% 0.00% Specialized REITs
SBA Communications Corp United States 2.33% 0.00% Specialized REITs
Public Storage United States 2.09% 2.33% Specialized REITs
Digital Realty Trust Inc United States 2.06% 0.00% Specialized REITs
Goodman Group Australia 1.61% 0.00% Industrial REITs
Equity Residential United States 1.47% 1.72% Residential REITs
AvalonBay Communities Inc United States 1.43% 0.00% Residential REITs
Link REIT Hong Kong 1.40% 0.00% Retail REITs
Welltower Inc United States 1.35% 0.00% Health Care REITs
Realty Income Corp United States 1.19% 0.00% Retail REITs
Simon Property Group Inc United States 1.17% 0.00% Retail REITs
Alexandria Real Estate Equities Inc United States 1.17% 0.00% Office REITs
Segro PLC United Kingdom 1.06% 0.00% Industrial REITs
Essex Property Trust Inc United States 1.05% 0.00% Residential REITs
Mid-America Apartment Communities Inc United States 0.88% 0.00% Residential REITs
Invitation Homes Inc United States 0.88% 0.00% Residential REITs
Boston Properties Inc United States 0.87% 0.00% Office REITs
Ventas Inc United States 0.85% 1.01% Health Care REITs
Duke Realty Corp United States 0.85% 0.98% Industrial REITs
Extra Space Storage Inc United States 0.84% 0.00% Specialized REITs
Sun Communities Inc United States 0.83% 0.00% Residential REITs
Healthpeak Properties Inc United States 0.82% 0.97% Health Care REITs
Nippon Building Fund Inc Japan 0.79% 0.62% Office REITs
UDR Inc United States 0.72% 0.00% Residential REITs
Equity LifeStyle Properties Inc United States 0.72% 0.00% Residential REITs
Scentre Group Australia 0.71% 0.61% Retail REITs
WP Carey Inc United States 0.69% 0.00% Diversified REITs
Japan Real Estate Investment Corp Japan 0.68% 0.00% Office REITs
Portfolio Holdings
42
Global Real Estate Securities Portfolio, as of May 31, 2020
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
Dexus Australia 0.61% 0.00% Office REITs
Medical Properties Trust Inc United States 0.60% 0.00% Health Care REITs
Camden Property Trust United States 0.59% 0.00% Residential REITs
Host Hotels & Resorts Inc United States 0.58% 0.00% Hotel & Resort REITs
Mirvac Group Australia 0.57% 0.48% Diversified REITs
Gecina SA France 0.56% 0.00% Diversified REITs
CyrusOne Inc United States 0.56% 0.00% Specialized REITs
Ascendas Real Estate Investment Trust Singapore 0.55% 0.51% Industrial REITs
Nippon Prologis REIT Inc Japan 0.54% 0.00% Industrial REITs
Stockland Australia 0.53% 0.44% Diversified REITs
Unibail-Rodamco-Westfield Netherlands 0.53% 0.00% Retail REITs
Land Securities Group PLC United Kingdom 0.50% 0.00% Diversified REITs
Iron Mountain Inc United States 0.49% 0.00% Specialized REITs
GPT Group/The Australia 0.49% 0.00% Diversified REITs
Regency Centers Corp United States 0.48% 0.00% Retail REITs
Nomura Real Estate Master Fund Inc Japan 0.47% 0.00% Diversified REITs
Gaming and Leisure Properties Inc United States 0.47% 0.00% Specialized REITs
Omega Healthcare Investors Inc United States 0.46% 0.00% Health Care REITs
Daiwa House REIT Investment Corp Japan 0.45% 0.00% Diversified REITs
American Homes 4 Rent United States 0.45% 0.50% Residential REITs
GLP J-Reit Japan 0.43% 0.38% Industrial REITs
British Land Co PLC/The United Kingdom 0.42% 0.00% Retail REITs
Vornado Realty Trust United States 0.42% 0.00% Office REITs
Kilroy Realty Corp United States 0.41% 0.00% Office REITs
Federal Realty Investment Trust United States 0.40% 0.00% Retail REITs
VEREIT Inc United States 0.39% 0.00% Diversified REITs
Lamar Advertising Co United States 0.38% 0.00% Specialized REITs
Advance Residence Investment Corp Japan 0.38% 0.00% Residential REITs
Healthcare Trust of America Inc United States 0.38% 0.44% Health Care REITs
CubeSmart United States 0.37% 0.42% Specialized REITs
Apartment Investment and Management Co United States 0.37% 0.00% Residential REITs
Portfolio Holdings
43
Global Real Estate Securities Portfolio, as of May 31, 2020
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
Derwent London PLC United Kingdom 0.37% 0.00% Office REITs
National Retail Properties Inc United States 0.36% 0.00% Retail REITs
Orix JREIT Inc Japan 0.35% 0.30% Office REITs
Klepierre SA France 0.34% 0.00% Retail REITs
Warehouses De Pauw CVA Belgium 0.33% 0.00% Industrial REITs
Mapletree Logistics Trust Singapore 0.33% 0.29% Industrial REITs
Douglas Emmett Inc United States 0.33% 0.00% Office REITs
Japan Retail Fund Investment Corp Japan 0.32% 0.00% Retail REITs
Cofinimmo SA Belgium 0.32% 0.00% Diversified REITs
First Industrial Realty Trust Inc United States 0.32% 0.00% Industrial REITs
Vicinity Centres Australia 0.32% 0.00% Retail REITs
CoreSite Realty Corp United States 0.31% 0.00% Specialized REITs
Kimco Realty Corp United States 0.31% 0.00% Retail REITs
CapitaLand Mall Trust Singapore 0.31% 0.27% Retail REITs
Life Storage Inc United States 0.31% 0.00% Specialized REITs
Rexford Industrial Realty Inc United States 0.31% 0.00% Industrial REITs
Cousins Properties Inc United States 0.30% 0.00% Office REITs
EastGroup Properties Inc United States 0.30% 0.00% Industrial REITs
CapitaLand Commercial Trust Singapore 0.30% 0.26% Office REITs
American Campus Communities Inc United States 0.29% 0.00% Residential REITs
United Urban Investment Corp Japan 0.29% 0.00% Diversified REITs
STORE Capital Corp United States 0.29% 0.00% Diversified REITs
Charter Hall Group Australia 0.28% 0.00% Diversified REITs
Merlin Properties Socimi SA Spain 0.28% 0.22% Diversified REITs
Healthcare Realty Trust Inc United States 0.28% 0.00% Health Care REITs
QTS Realty Trust Inc United States 0.27% 0.00% Specialized REITs
Equity Commonwealth United States 0.27% 0.31% Office REITs
Covivio France 0.27% 0.21% Office REITs
Tritax Big Box REIT PLC United Kingdom 0.27% 0.00% Industrial REITs
Highwoods Properties Inc United States 0.26% 0.00% Office REITs
Industrial & Infrastructure Fund Investment Corp Japan 0.26% 0.00% Industrial REITs
Portfolio Holdings
44
Global Real Estate Securities Portfolio, as of May 31, 2020
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
Canadian Apartment Properties REIT Canada 0.26% 0.00% Residential REITs
Mapletree Commercial Trust Singapore 0.26% 0.24% Retail REITs
Mapletree Industrial Trust Singapore 0.25% 0.23% Industrial REITs
UNITE Group PLC/The United Kingdom 0.25% 0.00% Residential REITs
JBG SMITH Properties United States 0.25% 0.28% Office REITs
Hudson Pacific Properties Inc United States 0.25% 0.00% Office REITs
Aedifica SA Belgium 0.25% 0.00% Health Care REITs
Nippon Accommodations Fund Inc Japan 0.25% 0.00% Residential REITs
SL Green Realty Corp United States 0.25% 0.00% Office REITs
LondonMetric Property PLC United Kingdom 0.23% 0.00% Diversified REITs
Sekisui House Reit Inc Japan 0.23% 0.00% Diversified REITs
Physicians Realty Trust United States 0.23% 0.25% Health Care REITs
STAG Industrial Inc United States 0.23% 0.00% Industrial REITs
Terreno Realty Corp United States 0.23% 0.00% Industrial REITs
Fibra Uno Administracion SA de CV Mexico 0.23% 0.00% Diversified REITs
Japan Prime Realty Investment Corp Japan 0.23% 0.00% Office REITs
Kenedix Office Investment Corp Japan 0.23% 0.00% Diversified REITs
Activia Properties Inc Japan 0.22% 0.00% Diversified REITs
Brixmor Property Group Inc United States 0.22% 0.00% Retail REITs
alstria office REIT-AG Germany 0.22% 0.00% Office REITs
MGM Growth Properties LLC United States 0.22% 0.00% Hotel & Resort REITs
Japan Logistics Fund Inc Japan 0.21% 0.00% Industrial REITs
Mori Hills REIT Investment Corp Japan 0.21% 0.00% Office REITs
Inmobiliaria Colonial Socimi SA Spain 0.21% 0.00% Office REITs
Growthpoint Properties Ltd South Africa 0.21% 0.00% Diversified REITs
ICADE France 0.21% 0.18% Diversified REITs
Great Portland Estates PLC United Kingdom 0.21% 0.00% Office REITs
Big Yellow Group PLC United Kingdom 0.20% 0.00% Specialized REITs
Safestore Holdings PLC United Kingdom 0.20% 0.00% Specialized REITs
Keppel DC REIT Singapore 0.20% 0.17% Specialized REITs
Spirit Realty Capital Inc United States 0.19% 0.00% Retail REITs
Portfolio Holdings
45
Global Real Estate Securities Portfolio, as of May 31, 2020
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
Unibail-Rodamco-Westfield Netherlands 0.19% 0.00% Retail REITs
Corporate Office Properties Trust United States 0.19% 0.00% Office REITs
Agree Realty Corp United States 0.19% 0.00% Retail REITs
Frasers Logistics & Commercial Trust Singapore 0.18% 0.00% Industrial REITs
PS Business Parks Inc United States 0.18% 0.00% Diversified REITs
Sabra Health Care REIT Inc United States 0.18% 0.00% Health Care REITs
Suntec Real Estate Investment Trust Singapore 0.18% 0.00% Diversified REITs
Comforia Residential REIT Inc Japan 0.17% 0.00% Residential REITs
Japan Hotel REIT Investment Corp Japan 0.17% 0.00% Hotel & Resort REITs
National Storage REIT Australia 0.17% 0.00% Specialized REITs
Daiwa Office Investment Corp Japan 0.17% 0.00% Office REITs
Primary Health Properties PLC United Kingdom 0.17% 0.00% Health Care REITs
Shaftesbury PLC United Kingdom 0.17% 0.00% Retail REITs
Daiwa Securities Living Investments Corp Japan 0.17% 0.00% Residential REITs
EPR Properties United States 0.16% 0.19% Specialized REITs
National Health Investors Inc United States 0.16% 0.00% Health Care REITs
Shopping Centres Australasia Property Group Australia 0.16% 0.11% Retail REITs
Allied Properties Real Estate Investment Trust Canada 0.16% 0.00% Office REITs
Park Hotels & Resorts Inc United States 0.16% 0.00% Hotel & Resort REITs
Piedmont Office Realty Trust Inc United States 0.16% 0.00% Office REITs
Taubman Centers Inc United States 0.15% 0.00% Retail REITs
Premier Investment Corp Japan 0.15% 0.00% Diversified REITs
Kenedix Residential Next Investment Corp Japan 0.15% 0.00% Residential REITs
Frontier Real Estate Investment Corp Japan 0.15% 0.00% Retail REITs
AEON REIT Investment Corp Japan 0.15% 0.00% Retail REITs
Apple Hospitality REIT Inc United States 0.15% 0.00% Hotel & Resort REITs
Lexington Realty Trust United States 0.15% 0.18% Industrial REITs
Weingarten Realty Investors United States 0.15% 0.17% Retail REITs
RioCan Real Estate Investment Trust Canada 0.14% 0.00% Retail REITs
Japan Excellent Inc Japan 0.14% 0.00% Office REITs
NIPPON REIT Investment Corp Japan 0.14% 0.00% Diversified REITs
Portfolio Holdings
46
Global Real Estate Securities Portfolio, as of May 31, 2020
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
Invincible Investment Corp Japan 0.14% 0.00% Hotel & Resort REITs
Sunstone Hotel Investors Inc United States 0.14% 0.00% Hotel & Resort REITs
Goodman Property Trust New Zealand 0.14% 0.12% Diversified REITs
Outfront Media Inc United States 0.13% 0.00% Specialized REITs
Assura PLC United Kingdom 0.13% 0.00% Health Care REITs
Washington Real Estate Investment Trust United States 0.13% 0.00% Diversified REITs
Keppel REIT Singapore 0.13% 0.12% Office REITs
Pebblebrook Hotel Trust United States 0.13% 0.14% Hotel & Resort REITs
Easterly Government Properties Inc United States 0.13% 0.00% Office REITs
Choice Properties Real Estate Investment Trust Canada 0.13% 0.00% Retail REITs
CareTrust REIT Inc United States 0.13% 0.00% Health Care REITs
Invesco Office J-Reit Inc Japan 0.13% 0.00% Office REITs
MCUBS MidCity Investment Corp Japan 0.13% 0.00% Office REITs
Ingenia Communities Group Australia 0.13% 0.00% Residential REITs
Brookfield Property REIT Inc United States 0.12% 0.00% Retail REITs
Ryman Hospitality Properties Inc United States 0.12% 0.00% Hotel & Resort REITs
LaSalle Logiport REIT Japan 0.12% 0.16% Industrial REITs
Tokyu REIT Inc Japan 0.12% 0.00% Diversified REITs
BWP Trust Australia 0.12% 0.10% Retail REITs
Workspace Group PLC United Kingdom 0.12% 0.00% Office REITs
RLJ Lodging Trust United States 0.12% 0.13% Hotel & Resort REITs
Mitsui Fudosan Logistics Park Inc Japan 0.12% 0.00% Industrial REITs
National Storage Affiliates Trust United States 0.12% 0.14% Specialized REITs
Mori Trust Sogo Reit Inc Japan 0.12% 0.00% Office REITs
Granite Real Estate Investment Trust Canada 0.12% 0.00% Industrial REITs
Fortune Real Estate Investment Trust Hong Kong 0.12% 0.09% Retail REITs
Befimmo SA Belgium 0.12% 0.00% Office REITs
Parkway Life Real Estate Investment Trust Singapore 0.12% 0.00% Health Care REITs
Brandywine Realty Trust United States 0.11% 0.00% Office REITs
Ascott Residence Trust Singapore 0.11% 0.00% Hotel & Resort REITs
Charter Hall Long Wale REIT Australia 0.11% 0.10% Diversified REITs
Portfolio Holdings
47
Global Real Estate Securities Portfolio, as of May 31, 2020
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
Macquarie Mexico Real Estate Management SA de CVMexico 0.11% 0.00% Industrial REITs
Columbia Property Trust Inc United States 0.11% 0.11% Office REITs
H&R Real Estate Investment Trust Canada 0.11% 0.00% Diversified REITs
Four Corners Property Trust Inc United States 0.11% 0.00% Specialized REITs
Mapletree North Asia Commercial Trust Singapore 0.11% 0.00% Diversified REITs
LTC Properties Inc United States 0.11% 0.00% Health Care REITs
Frasers Centrepoint Trust Singapore 0.11% 0.09% Retail REITs
Charter Hall Retail REIT Australia 0.11% 0.06% Retail REITs
Paramount Group Inc United States 0.10% 0.00% Office REITs
Hulic Reit Inc Japan 0.10% 0.00% Diversified REITs
Mack-Cali Realty Corp United States 0.10% 0.00% Office REITs
PLA Administradora Industrial S de RL de CV Mexico 0.10% 0.00% Industrial REITs
Cromwell Property Group Australia 0.10% 0.10% Office REITs
American Assets Trust Inc United States 0.10% 0.00% Diversified REITs
Kiwi Property Group Ltd New Zealand 0.10% 0.00% Retail REITs
CapitaLand Retail China Trust Singapore 0.09% 0.00% Retail REITs
Kenedix Retail REIT Corp Japan 0.09% 0.00% Retail REITs
Global One Real Estate Investment Corp Japan 0.09% 0.00% Office REITs
SmartCentres Real Estate Investment Trust Canada 0.09% 0.14% Retail REITs
Office Properties Income Trust United States 0.09% 0.09% Office REITs
Uniti Group Inc United States 0.09% 0.00% Specialized REITs
DiamondRock Hospitality Co United States 0.09% 0.00% Hotel & Resort REITs
Global Net Lease Inc United States 0.09% 0.00% Diversified REITs
Urban Edge Properties United States 0.09% 0.09% Retail REITs
Hoshino Resorts REIT Inc Japan 0.09% 0.00% Hotel & Resort REITs
Ichigo Office REIT Investment Corp Japan 0.09% 0.00% Office REITs
Universal Health Realty Income Trust United States 0.09% 0.00% Health Care REITs
Hamborner REIT AG Germany 0.09% 0.05% Retail REITs
Heiwa Real Estate REIT Inc Japan 0.09% 0.00% Diversified REITs
Champion REIT Hong Kong 0.08% 0.07% Office REITs
Monmouth Real Estate Investment Corp United States 0.08% 0.00% Industrial REITs
Portfolio Holdings
48
Global Real Estate Securities Portfolio, as of May 31, 2020
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
Retail Opportunity Investments Corp United States 0.08% 0.00% Retail REITs
Industrial Logistics Properties Trust United States 0.08% 0.09% Industrial REITs
Retail Properties of America Inc United States 0.08% 0.00% Retail REITs
Fukuoka REIT Corp Japan 0.08% 0.00% Retail REITs
Service Properties Trust United States 0.08% 0.09% Hotel & Resort REITs
Acadia Realty Trust United States 0.08% 0.00% Retail REITs
Precinct Properties New Zealand Ltd New Zealand 0.08% 0.00% Office REITs
Hammerson PLC United Kingdom 0.07% 0.00% Retail REITs
Xenia Hotels & Resorts Inc United States 0.07% 0.00% Hotel & Resort REITs
Empire State Realty Trust Inc United States 0.07% 0.00% Diversified REITs
NSI NV Netherlands 0.07% 0.05% Office REITs
Hankyu Hanshin REIT Inc Japan 0.07% 0.00% Diversified REITs
Hibernia REIT plc Ireland 0.07% 0.06% Office REITs
Abacus Property Group Australia 0.07% 0.00% Diversified REITs
Getty Realty Corp United States 0.07% 0.00% Retail REITs
CDL Hospitality Trusts Singapore 0.07% 0.04% Hotel & Resort REITs
Independence Realty Trust Inc United States 0.06% 0.00% Residential REITs
Resilient REIT Ltd South Africa 0.06% 0.00% Retail REITs
Diversified Healthcare Trust United States 0.06% 0.07% Health Care REITs
Investors Real Estate Trust United States 0.06% 0.06% Residential REITs
Killam Apartment Real Estate Investment Trust Canada 0.06% 0.00% Residential REITs
Kite Realty Group Trust United States 0.06% 0.06% Retail REITs
Prologis Property Mexico SA de CV Mexico 0.06% 0.00% Industrial REITs
Manulife US Real Estate Investment Trust Singapore 0.06% 0.00% Office REITs
Starhill Global REIT Singapore 0.06% 0.00% Retail REITs
Eurocommercial Properties NV Netherlands 0.06% 0.00% Retail REITs
Redefine Properties Ltd South Africa 0.06% 0.00% Diversified REITs
Charter Hall Social Infrastructure REIT Australia 0.06% 0.00% Specialized REITs
Yuexiu Real Estate Investment Trust China 0.06% 0.00% Diversified REITs
Starts Proceed Investment Corp Japan 0.06% 0.00% Residential REITs
InterRent Real Estate Investment Trust Canada 0.06% 0.09% Residential REITs
Portfolio Holdings
49
Global Real Estate Securities Portfolio, as of May 31, 2020
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
SITE Centers Corp United States 0.06% 0.00% Retail REITs
One REIT Inc Japan 0.06% 0.00% Office REITs
Retail Estates NV Belgium 0.06% 0.00% Retail REITs
Centuria Industrial REIT Australia 0.06% 0.00% Industrial REITs
Waypoint REIT Australia 0.06% 0.00% Retail REITs
NorthWest Healthcare Properties Real Estate Investment TrustCanada 0.05% 0.00% Health Care REITs
Montea C.V.A Belgium 0.05% 0.00% Industrial REITs
Argosy Property Ltd New Zealand 0.05% 0.00% Diversified REITs
IGB Real Estate Investment Trust Malaysia 0.05% 0.00% Retail REITs
ESR-REIT Singapore 0.05% 0.00% Industrial REITs
Growthpoint Properties Australia Ltd Australia 0.05% 0.00% Diversified REITs
Intervest Offices & Warehouses NV Belgium 0.05% 0.00% Office REITs
Irish Residential Properties REIT PLC Ireland 0.05% 0.00% Residential REITs
Essential Properties Realty Trust Inc United States 0.05% 0.00% Diversified REITs
Dream Industrial Real Estate Investment Trust Canada 0.05% 0.00% Industrial REITs
Mercialys SA France 0.05% 0.00% Retail REITs
Sunlight Real Estate Investment Trust Hong Kong 0.05% 0.00% Diversified REITs
Summit Hotel Properties Inc United States 0.05% 0.00% Hotel & Resort REITs
AIMS APAC REIT Singapore 0.05% 0.00% Industrial REITs
ARA LOGOS Logistics Trust Singapore 0.05% 0.00% Industrial REITs
Summit Industrial Income REIT Canada 0.05% 0.06% Industrial REITs
Cathay No 1 REIT Taiwan 0.05% 0.00% Diversified REITs
Sunway Real Estate Investment Trust Malaysia 0.05% 0.00% Retail REITs
Dream Office Real Estate Investment Trust Canada 0.05% 0.00% Office REITs
First Capital Real Estate Investment Trust Canada 0.04% 0.10% Retail REITs
Cominar Real Estate Investment Trust Canada 0.04% 0.00% Diversified REITs
Alexander's Inc United States 0.04% 0.00% Retail REITs
Tanger Factory Outlet Centers Inc United States 0.04% 0.00% Retail REITs
Boardwalk Real Estate Investment Trust Canada 0.04% 0.06% Residential REITs
Vital Healthcare Property Trust New Zealand 0.04% 0.00% Health Care REITs
NexPoint Residential Trust Inc United States 0.04% 0.00% Residential REITs
Portfolio Holdings
50
Global Real Estate Securities Portfolio, as of May 31, 2020
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
Gladstone Commercial Corp United States 0.04% 0.00% Diversified REITs
KLCCP Stapled Group Malaysia 0.04% 0.00% Diversified REITs
First Real Estate Investment Trust Singapore 0.04% 0.00% Health Care REITs
Franklin Street Properties Corp United States 0.04% 0.00% Office REITs
Mirai Corp Japan 0.04% 0.00% Office REITs
Community Healthcare Trust Inc United States 0.04% 0.00% Health Care REITs
Crombie Real Estate Investment Trust Canada 0.04% 0.07% Retail REITs
Lar Espana Real Estate Socimi SA Spain 0.04% 0.02% Diversified REITs
Centuria Office REIT Australia 0.04% 0.00% Office REITs
Prosperity REIT Hong Kong 0.04% 0.00% Office REITs
Star Asia Investment Corp Japan 0.04% 0.00% Diversified REITs
CT Real Estate Investment Trust Canada 0.04% 0.00% Retail REITs
Vastned Retail NV Netherlands 0.03% 0.00% Retail REITs
RPT Realty United States 0.03% 0.03% Retail REITs
WPT Industrial Real Estate Investment Trust Canada 0.03% 0.00% Industrial REITs
Altarea SCA France 0.03% 0.00% Retail REITs
Artis Real Estate Investment Trust Canada 0.03% 0.05% Diversified REITs
Macerich Co/The United States 0.03% 0.00% Retail REITs
Mitsubishi Estate Logistics REIT Investment Corp Japan 0.03% 0.00% Industrial REITs
Wereldhave NV Netherlands 0.03% 0.00% Retail REITs
UMH Properties Inc United States 0.03% 0.00% Residential REITs
ALE Property Group Australia 0.03% 0.00% Specialized REITs
Health Care & Medical Investment Corp Japan 0.03% 0.00% Health Care REITs
Axis Real Estate Investment Trust Malaysia 0.03% 0.00% Diversified REITs
Emlak Konut Gayrimenkul Yatirim Ortakligi AS Turkey 0.03% 0.00% Residential REITs
Immobiliare Grande Distribuzione SIIQ SpA Italy 0.03% 0.00% Retail REITs
CRE Logistics REIT Inc Japan 0.03% 0.00% Industrial REITs
City Office REIT Inc United States 0.03% 0.00% Office REITs
Property for Industry Ltd New Zealand 0.03% 0.00% Industrial REITs
OUE Commercial Real Estate Investment Trust Singapore 0.03% 0.00% Diversified REITs
Far East Hospitality Trust Singapore 0.03% 0.00% Hotel & Resort REITs
Portfolio Holdings
51
Global Real Estate Securities Portfolio, as of May 31, 2020
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
Tosei Reit Investment Corp Japan 0.03% 0.00% Diversified REITs
SPH REIT Singapore 0.03% 0.00% Retail REITs
Urstadt Biddle Properties Inc United States 0.03% 0.00% Retail REITs
Hyprop Investments Ltd South Africa 0.03% 0.00% Retail REITs
GDI Property Group Australia 0.03% 0.00% Office REITs
Saul Centers Inc United States 0.02% 0.00% Retail REITs
Northview Apartment Real Estate Investment Trust Canada 0.02% 0.00% Residential REITs
Morguard North American Residential Real Estate Investment TrustCanada 0.02% 0.00% Residential REITs
Samty Residential Investment Corp Japan 0.02% 0.00% Diversified REITs
Vukile Property Fund Ltd South Africa 0.02% 0.00% Retail REITs
Takara Leben Real Estate Investment Corp Japan 0.02% 0.00% Diversified REITs
Arena REIT Australia 0.02% 0.00% Health Care REITs
Chatham Lodging Trust United States 0.02% 0.02% Hotel & Resort REITs
Shin Kong No.1 REIT Taiwan 0.02% 0.00% Diversified REITs
GCP Student Living PLC United Kingdom 0.02% 0.00% Residential REITs
Mori Trust Hotel Reit Inc Japan 0.02% 0.00% Hotel & Resort REITs
Care Property Invest NV Belgium 0.02% 0.00% Residential REITs
Emira Property Fund Ltd South Africa 0.02% 0.00% Diversified REITs
RDI REIT PLC United Kingdom 0.02% 0.00% Diversified REITs
Leasinvest Real Estate SCA Belgium 0.02% 0.00% Diversified REITs
Concentradora Fibra Danhos SA de CV Mexico 0.02% 0.00% Diversified REITs
Keppel Pacific Oak US REIT Singapore 0.02% 0.00% Office REITs
Cathay No 2 REIT Taiwan 0.02% 0.00% Office REITs
Sabana Shari'ah Compliant Industrial Real Estate Investment TrustSingapore 0.02% 0.00% Industrial REITs
Seritage Growth Properties United States 0.02% 0.02% Retail REITs
Capitaland Malaysia Mall Trust Malaysia 0.02% 0.00% Retail REITs
True North Commercial Real Estate Investment Trust Canada 0.02% 0.00% Office REITs
Global Medical REIT Inc United States 0.02% 0.00% Health Care REITs
Empiric Student Property PLC United Kingdom 0.02% 0.00% Residential REITs
Hotel Property Investments Australia 0.02% 0.00% Specialized REITs
New Senior Investment Group Inc United States 0.02% 0.00% Health Care REITs
Portfolio Holdings
52
Global Real Estate Securities Portfolio, as of May 31, 2020
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
Lippo Malls Indonesia Retail Trust Singapore 0.02% 0.00% Retail REITs
Whitestone REIT United States 0.02% 0.00% Retail REITs
ARGAN SA France 0.02% 0.00% Specialized REITs
Regional REIT Ltd United Kingdom 0.02% 0.00% Office REITs
Front Yard Residential Corp United States 0.02% 0.00% Residential REITs
Ooedo Onsen Reit Investment Corp Japan 0.02% 0.00% Hotel & Resort REITs
Carmila SA France 0.02% 0.04% Retail REITs
NewRiver REIT PLC United Kingdom 0.02% 0.00% Retail REITs
Stride Property Group New Zealand 0.02% 0.00% Diversified REITs
Asesor de Activos Prisma SAPI de CV Mexico 0.02% 0.00% Hotel & Resort REITs
Slate Retail REIT Canada 0.02% 0.00% Retail REITs
One Liberty Properties Inc United States 0.01% 0.00% Diversified REITs
Fubon No 2 REIT Taiwan 0.01% 0.00% Office REITs
Marimo Regional Revitalization REIT Inc Japan 0.01% 0.00% Diversified REITs
Equites Property Fund Ltd South Africa 0.01% 0.00% Industrial REITs
Soilbuild Business Space REIT Singapore 0.01% 0.00% Industrial REITs
Hersha Hospitality Trust United States 0.01% 0.00% Hotel & Resort REITs
Spring Real Estate Investment Trust China 0.01% 0.00% Office REITs
Aventus Group Australia 0.01% 0.00% Retail REITs
Wereldhave Belgium Comm VA Belgium 0.01% 0.00% Retail REITs
Retail Value Inc United States 0.01% 0.00% Retail REITs
SA Corporate Real Estate Ltd South Africa 0.01% 0.00% Diversified REITs
Standard Life Investment Property Income Trust Ltd United Kingdom 0.01% 0.00% Diversified REITs
Slate Office REIT Canada 0.01% 0.00% Office REITs
Investec Property Fund Ltd South Africa 0.01% 0.00% Diversified REITs
Ichigo Hotel REIT Investment Corp Japan 0.01% 0.00% Hotel & Resort REITs
Morguard Real Estate Investment Trust Canada 0.01% 0.00% Diversified REITs
XYMAX REIT Investment Corp Japan 0.01% 0.00% Diversified REITs
APN Industria REIT Australia 0.01% 0.00% Industrial REITs
CorePoint Lodging Inc United States 0.01% 0.00% Hotel & Resort REITs
Is Gayrimenkul Yatirim Ortakligi AS Turkey 0.01% 0.00% Diversified REITs
Portfolio Holdings
53
Global Real Estate Securities Portfolio, as of May 31, 2020
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
Automotive Properties Real Estate Investment Trust Canada 0.01% 0.00% Specialized REITs
Regal Real Estate Investment Trust Hong Kong 0.01% 0.00% Hotel & Resort REITs
Bluerock Residential Growth REIT Inc United States 0.01% 0.00% Residential REITs
Alarko Gayrimenkul Yatirim Ortakligi AS Turkey 0.01% 0.00% Diversified REITs
Frasers Hospitality Trust Singapore 0.01% 0.00% Hotel & Resort REITs
YTL Hospitality REIT Malaysia 0.01% 0.00% Hotel & Resort REITs
Capital & Counties Properties PLC United Kingdom 0.01% 0.00% Retail REITs
BTB Real Estate Investment Trust Canada 0.01% 0.00% Diversified REITs
AKIS Gayrimenkul Yatirimi AS Turkey 0.01% 0.00% Diversified REITs
Societe de la Tour Eiffel France 0.01% 0.00% Office REITs
Custodian Reit PLC United Kingdom 0.01% 0.00% Diversified REITs
Torunlar Gayrimenkul Yatirim Ortakligi AS Turkey 0.01% 0.00% Diversified REITs
Pavilion Real Estate Investment Trust Malaysia 0.01% 0.00% Retail REITs
Schroder Real Estate Investment Trust Ltd United Kingdom 0.01% 0.00% Diversified REITs
McKay Securities PLC United Kingdom 0.01% 0.00% Office REITs
American Finance Trust Inc United States 0.01% 0.00% Retail REITs
Plaza Retail REIT Canada 0.01% 0.00% Retail REITs
Ozak Gayrimenkul Yatirim Ortakligi Turkey 0.01% 0.00% Diversified REITs
Panora Gayrimenkul Yatirim Ortakligi Turkey 0.01% 0.00% Retail REITs
Braemar Hotels & Resorts Inc United States 0.01% 0.00% Hotel & Resort REITs
EC World Real Estate Investment Trust Singapore 0.01% 0.00% Industrial REITs
Intu Properties PLC United Kingdom 0.01% 0.00% Retail REITs
RREEF China Commercial Trust China 0.01% 0.00% Diversified REITs
Washington Prime Group Inc United States 0.01% 0.00% Retail REITs
Ascencio Belgium 0.01% 0.02% Retail REITs
Aspen Group Ltd/Australia Australia 0.01% 0.00% Diversified REITs
Inovalis Real Estate Investment Trust Canada 0.01% 0.00% Office REITs
Secure Income REIT Plc United Kingdom 0.01% 0.00% Diversified REITs
Fubon No 1 REIT Taiwan 0.01% 0.00% Office REITs
Concentradora Fibra Hotelera Mexicana SA de CV Mexico 0.01% 0.00% Hotel & Resort REITs
Cegereal SA France 0.01% 0.00% Office REITs
Portfolio Holdings
54
Global Real Estate Securities Portfolio, as of May 31, 2020
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
Attacq Ltd South Africa 0.00% 0.00% Diversified REITs
PRO Real Estate Investment Trust Canada 0.00% 0.00% Diversified REITs
Halk Gayrimenkul Yatirim Ortakligi AS Turkey 0.00% 0.00% Residential REITs
BSR Real Estate Investment Trust Canada 0.00% 0.00% Residential REITs
Investec Australia Property Fund Australia 0.00% 0.00% Diversified REITs
Target Healthcare REIT PLC United Kingdom 0.00% 0.00% Health Care REITs
Capital & Regional PLC United Kingdom 0.00% 0.00% Retail REITs
Ashford Hospitality Trust Inc United States 0.00% 0.00% Hotel & Resort REITs
Pennsylvania Real Estate Investment Trust United States 0.00% 0.00% Retail REITs
Cedar Realty Trust Inc United States 0.00% 0.00% Retail REITs
APN Convenience Retail REIT Australia 0.00% 0.00% Retail REITs
Carindale Property Trust Australia 0.00% 0.00% Retail REITs
Vakif Gayrimenkul Yatirim Ortakligi AS Turkey 0.00% 0.00% Office REITs
COIMA RES SpA Italy 0.00% 0.00% Office REITs
Plymouth Industrial REIT Inc United States 0.00% 0.00% Industrial REITs
MRCB-QUILL REIT Malaysia 0.00% 0.00% Office REITs
Australian Unity Office Fund Australia 0.00% 0.00% Office REITs
Arrowhead Properties Ltd South Africa 0.00% 0.00% Diversified REITs
Fibra Shop Portafolios Inmobiliarios SAPI de CV Mexico 0.00% 0.00% Retail REITs
IREIT Global Singapore 0.00% 0.00% Office REITs
Preferred Apartment Communities Inc United States 0.00% 0.00% Residential REITs
Sinpas Gayrimenkul Yatirim Ortakligi AS Turkey 0.00% 0.00% Residential REITs
BRT Apartments Corp United States 0.00% 0.00% Residential REITs
Urstadt Biddle Properties Inc United States 0.00% 0.00% Retail REITs
Spirit MTA REIT Liq Trust Unit United States 0.00% 0.00%
AmFIRST Real Estate Investment Trust Malaysia 0.00% 0.00% Office REITs
Clipper Realty Inc United States 0.00% 0.00% Residential REITs
CBL & Associates Properties Inc United States 0.00% 0.00% Retail REITs
Home Invest Belgium SA Belgium 0.00% 0.00% Residential REITs
Octodec Investments Ltd South Africa 0.00% 0.00% Diversified REITs
Acanthe Developpement SA France 0.00% 0.00% Office REITs
Portfolio Holdings
55
Global Real Estate Securities Portfolio, as of May 31, 2020
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
Ediston Property Investment Co PLC United Kingdom 0.00% 0.00% Diversified REITs
Yeni Gimat Gayrimenkul Ortakligi AS Turkey 0.00% 0.00% Retail REITs
Tower Real Estate Investment Trust Malaysia 0.00% 0.00% Office REITs
Garda Property Group Australia 0.00% 0.00% Office REITs
Sotherly Hotels Inc United States 0.00% 0.00% Hotel & Resort REITs
360 Capital Group Ltd Australia 0.00% 0.00% Office REITs
Condor Hospitality Trust Inc United States 0.00% 0.00% Hotel & Resort REITs
AmanahRaya Real Estate Investment Trust Malaysia 0.00% 0.00% Diversified REITs
Global Self Storage Inc United States 0.00% 0.00% Specialized REITs
Tower Property Fund Ltd South Africa 0.00% 0.00% Diversified REITs
Town Centre Securities PLC United Kingdom 0.00% 0.00% Diversified REITs
Asset Plus Ltd New Zealand 0.00% 0.00% Diversified REITs
CIM Commercial Trust Corp United States 0.00% 0.00% Office REITs
Bgp Holdings (Private) Germany 0.00% 0.00%