investment manager summary management assets · 8/12/2020 · investment manager summary...

7

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



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


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


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


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.


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


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


36


65480-0718



InceptionInception

Date

Net Expense

Ratio


RatioManagement

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


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



InceptionInception

Date

Net Expense

Ratio


RatioManagement

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 & 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



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



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


38




InceptionInception

Date

Net Expense

Ratio


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


39




InceptionInception

Date

Net Expense

Ratio


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




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




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




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




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




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




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




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




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




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




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




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




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




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




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%

investment manager summary management assets · 8/12/2020 · investment manager summary...

Documents