Global Real Estate Investment Trust Manager

Transcription

Item No. 4: Annual Presentation by Dimensional Fund Advisors — Global Real Estate
Investment Trust Manager (August 13, 2014, Regular Retirement Board Meeting)
INVESTMENT MANAGER SUMMARY
MANAGEMENT
Firm Name
Manager Tenure with Fund
Investment StrategyNehicle
Contract Expiration
Dimensional Fund Advisors (DFA)
1.5 Years
Global REIT
2/29/2016
ASSETS'
Total Firm AUM
Total Firm Assets in Strategy
$378 Billion
$9.7 Billion
Total Assets Managed for WPERP
RP - $16.6 Million
HP - $ 4.2 Million
I As of 6/30/2014
PERFORMANCE*
as of 6/30/2014
QTD
YTD
1-year
Inception2
DFA Global Real Estate (gross)
8.08%
16.36%
15.41%
8.58%
DFA Global Real Estate (est. net)
7.99%
16.18%
15.04%
8.23%
FTSE/EPRA NAREIT Dev. Index
7.88%
12.21%
14.38%
8.10%
Difference (net of fees)
0.11%
3.97%
0.66%
a 13%
*Source: DFA
2 Inception date of 4/1/2013
FEES
Current Fee
0.32% Net Expense Ratio
WATCH STATUS
N/A
PREVIOUSLY DISCLOSED LITIGATION
N/A
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Los Angeles Water and Power Employees’
Retirement Plan
August 13, 2014
Ted Simpson, Vice President
Grady Smith, Senior Portfolio Manager and Vice President
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 www.dimensional.com.
Dimensional funds are distributed by DFA Securities LLC.
# 17625-1011
Agenda
1. Section A: Dimensional Overview
2. Section B: Investment Process and
Discipline
3. Section C: Market Overview
4. Section D: Performance Review
5. Section E: Portfolio Review and
Characteristics
6. Section F: Fee Schedule
7. Appendix
Section A: Dimensional Overview
Dimensional Fund Advisors
Putting financial science to work for clients
We use information in market prices throughout our investment process
to seek to build solutions with higher expected returns.
We add value by identifying relevant dimensions of expected returns
and continually balancing the tradeoffs among competing premiums,
diversification, and costs.
We work with clients to understand their long-term needs and
to add to their success.
3
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Global Investment Team,
One Dynamic Process
Investment Personnel
Founded in 1981
Client Service
Amsterdam
London
Vancouver
Santa Monica
Berlin
Toronto
Tokyo
Austin
Singapore
$378B in global AUM
Sydney
Melbourne
764 employees globally
Dimensional Fund Advisors LP founded in 1981. Global AUM and number of employees as of June 30, 2014.
Locations with offices operated by Dimensional. “Dimensional” refers to the Dimensional separate but affiliated entities gene rally, rather than to one particular entity. These entities are Dimensional Fund Advisors LP, Dimensional Fund
Advisors Ltd., DFA Australia Limited, Dimensional Fund Advisors Canada ULC, Dimensional Fund Advisors Pte. Ltd., and Dimensio nal Japan Ltd.
4
Leading Financial Economists and Researchers
Academics on Dimensional Fund Advisors LP’s Board of Directors
Eugene Fama, PhD, Nobel laureate
University of Chicago
Kenneth French, PhD
Dartmouth College
Academics on Dimensional’s US Mutual Funds Board of Directors 1
Leaders of Dimensional’s
Internal Research Staff
Eduardo Repetto, PhD, Director,
Co-Chief Executive Officer,
and Co-Chief Investment Officer
George Constantinides, PhD
Gerard O’Reilly, PhD, Co-Chief Investment
Officer and Head of Research
John Gould, PhD
James Davis, PhD, Vice President
Edward Lazear, PhD
Stanford University
Marlena Lee, PhD, Vice President
Roger Ibbotson, PhD
Yale University
Savina Rizova, PhD, Vice President
Myron Scholes, PhD, Nobel laureate
Stanford University
Stanley Black, PhD, Vice President
Abbie Smith, PhD
Wes Crill, PhD
Tu Nguyen, CFA, PhD
Academics Providing Ongoing Consulting Services to Dimensional
Massi De Santis, PhD
Robert Merton, PhD, Nobel laureate Massachusetts Institute of Technology
Vito Sciaraffia, PhD
Robert Novy-Marx, PhD
University of Rochester
Dave Twardowski, PhD
Sunil Wahal, PhD
Arizona State University
Yusun Samuel Wang, PhD
As of April 14, 2014
1. Dimensional US Mutual Funds” refer to The DFA Investment Trust Company, DFA Investment Dimensions Group Inc., Dimensional Investment Grou p Inc. and Dimensional Emerging Markets Value Fund Inc.
# 22675-03 12
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Experienced Teams Ensure Consistency
High degree of practitioner’s knowledge and experience across market cycles
Investment Committee1
Portfolio Management
Trading
Average 20 Years Experience
David Booth, Chairman and Co-Chief Executive Officer
Austin
Jed Fogdall, Co-Head of Portfolio Management
Joseph Kolerich, Senior Portfolio Manager
Stephen Clark, Head of Global Institutional Services
and Senior Portfolio Manager
Austin
Carl Snyder, Senior Trader
David LaRusso, Senior Trader
Christian Gunther, Senior Trader
Eduardo Repetto, Director, Co-Chief Executive Officer,
and Co-Chief Investment Officer
Joseph Chi, Investment Committee Chairman
and Co-Head of Portfolio Management
Stephen Clark, Head of Global Institutional Services
Robert Deere, Investment Director and
Senior Portfolio Manager
Jed Fogdall, Co-Head of Portfolio Management
Henry Gray, Head of Global Equity Trading
Joseph Kolerich, Senior Portfolio Manager
Gerard O’Reilly, Co-Chief Investment Officer
and Head of Research
David Plecha, Global Head of Fixed Income
Karen Umland, Head of Investment Strategies Group
Portfolio Managers: Marcus Axthelm, Alan Hutchison,
Arun Keswani, Travis Meldau, Pamela Noble, Mary Phillips,
Joel Schneider, Bhanu Singh, Lukas Smart
Santa Monica
Joseph Chi, Co-Head of Portfolio Management
Robert Deere, Investment Director and
David Plecha, Global Head of Fixed Income
Grady Smith, Senior Portfolio Manager
Karen Umland, Senior Portfolio Manager
Portfolio Managers: David Kershner, John Law, Daniel Ong,
Allen Pu, Ted Randall, Brian Walsh
London
Arthur Barlow, Managing Director and Senior Portfolio Manager
Akbar Ali, Senior Portfolio Manager
Portfolio Managers: Paul Foley, Alexander Fridman,
Didier Haenecour, Nathan Lacaze, Adam Ward
Traders:
Kipp Cummins, Erhan Oktay, Chris Rink,
Scott Van Pelt
Santa Monica
Henry Gray, Head of Global Equity Trading
Ryan Wiley, Senior Trader
Traders:
Claudette Higdon, Le Tran
London
John Romiza, Head of International Equity Trading
Mark Butterworth, Senior Trader
Traders:
William Letheren, Frances Ritter, James Simpson
Sydney
Jason Lapping, Head of Asia Pacific Trading
Sam Willis, Senior Trader
Sydney
Graham Lennon, Head of International Portfolio
Management and Senior Portfolio Manager
Traders:
Richard Mar, David Vrolyk
Portfolio Managers: Murray Cockerell, Stephen Garth,
Damien Koch, Robert Ness, Slava Platkov, Gillian Wilson,
Craig Wright
Singapore
Trader:
Jonathan Smith
Singapore
Portfolio Managers: Jason Ha, Stephen Quance
Tokyo
Tokyo
Trader:
Hayato Yonemori
As of July 15, 2014
Portfolio Manager: Kotaro Hama
1. Dimensional Fund Advisors LP Investment Committee
Locations with offices operated by Dimensional. "Dimensional" refers to the Dimensionalseparate but affiliated entities generally, rather than to one particular entity. These entities are Dimensional Fund Advisors LP, Dimensional Fund
Advisors Ltd., DFA Australia Limited, Dimensional Fund Advisors Canada ULC, Dimensional Fund Advisors Pte. Ltd., and Dimensional Japan Ltd.
6
Dimensional Global Investment Solutions
$378 billion in global AUM as of June 30, 2014
(in billions)
US
$114.9
Developed ex US
$80.0
Fixed Income
All Cap Core
$33.1
All Cap Core
$18.5
All Cap Value
$5.0
All Cap Value
$6.5
US Tax-Exempt
Growth
$0.5
Growth
$0.2
Non-US & Global
Large Cap
$6.1
Large Cap
$6.7
Inflation-Protected
Large Cap Value
$19.6
Large Cap Value
$18.4
SMID Cap Value
$11.6
Small Cap
$15.0
Small Cap
$15.6
Small Cap Value
$14.7
Small Cap Value
$16.8
Micro Cap
$6.6
Global Equity
All Cap/Large Cap
Emerging Markets
$65.4
All Cap Core
$20.2
Value
$32.7
Large Cap
$7.5
Small Cap
$5.0
Small/SMID Cap
$2.5
$15.4
Real Estate
$9.7
Commodities
$1.1
Global Balanced
$4.6
$45.0
US
Equities
30.4%
$13.2
$7.9
Other
US Taxable
$23.5
Value
$78.8
REITs &
Commodities
2.9%
Global
Balanced
1.2% Global
$3.3
$27.5
$2.9
Developed
ex US
Equities
21.2%
Fixed
Income
20.8%
Emerging
Markets
17.3%
Equity
6.2%
“ 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 L td., DFA Australia Limited, Dimensional
Fund Advisors Canada ULC, Dimensional Fund Advisors Pte. Ltd., and Dimensional Japan Ltd.
All assets in US dollars. Numbers may not total 100% due to rounding.
7
Board of Directors—Dimensional Fund Advisors LP
Board of Directors—Dimensional US Mutual Funds
David G. Booth,1 Chairman
Eugene F. Fama, Nobel laureate, Director and Consultant
Kenneth R. French, Director and Consultant
John A. McQuown, Director
Eduardo A. Repetto,1 Director
David G. Booth,1 Chairman
George M. Constantinides, Leo Melamed Professor of Finance, University of Chicago
John P. Gould, Steven G. Rothmeier Distinguished Service Professor of Economics, University of Chicago
Roger G. Ibbotson, Professor in the Practice of Finance, Yale University
Edward P. Lazear, Jack S. Parker Professor of Human Resources Management and Economics, Stanford University
Eduardo A. Repetto,1 Director
Myron S. Scholes, Nobel laureate, Frank E. Buck Professor Emeritus of Finance and Law, Stanford University
Abbie J. Smith, Boris and Irene Stern Professor of Accounting, University of Chicago
DI MENSI ONAL FUND ADVI SORS LP AND AFFI LI ATES
David G. Booth,1 Chairm an and Co-Chief Executive Officer
Eduardo A. Repetto,1 Director, Co-Chief Executive Officer, and Co-Chief Investm ent Officer
Institutional Services
Research
Operations
Dim ensional Fund Advisors Ltd. (London)
Stephen A. Clark,1 Head of Global Institutional Services
and Vice President
Craig Horvath, Global Head of Consultant Relations and
Vice President
Darryl D. Avery, Vice President
Lana Bergstein, Vice President
Aaron Borders, Vice President
Doug M. Byrkit, Vice President
James G. Charles, Vice President
Matt Cobb, Vice President
Gretchen A. Flicker, Vice President
Thomas Goodrum, Fixed Income Portfolio Strategist
and Vice President
John T. Gray, Vice President
Kevin B. Hight, Vice President
Glenn E. Kemp, Vice President
John Lessley, Vice President
Kevin Martino, Vice President
Kyle Ozaki, Vice President
Matt Pawlak, Vice President
L. Jacobo Rodríguez, Vice President
Walid A. Shinnawi, Vice President
Ted Simpson, Vice President
Lawrence Spieth, Vice President
Chip Tatlow, Vice President
Joseph L. Young, Vice President
Gerard K. O’Reilly,1 Co-Chief Investment Officer,
Head of Research, and Vice President
James L. Davis, Vice President
Peter Dillard, Head of Investment Data Management and
Vice President
Stan Black, Vice President
Marlena I. Lee, Vice President
Savina B. Rizova, Vice President
Patrick M. Keating, Chief Operating Officer and Vice President
Frank Lao, Vice President
Bruce Simmons, Vice President
George H. Crane, Vice President
David M. Salisbury, Chairman
Arthur H.F. Barlow, Managing Director and Senior Portfolio Manager
David R. Jones, Head of Financial Advisor Services, EMEA, and
Vice President
Rune Sanbeck, Head of Institutional, EMEA and Vice President
John S. Romiza, Head of International Equity Trading and
Vice President
Akbar Ali, Senior Portfolio Manager and Vice President
Nathan Lacaze, Portfolio Manager and Vice President
Paul Foley, Portfolio Manager
Alexander Fridman, Portfolio Manager
Adam Ward, Portfolio Manager
Anthony Rossdale, Head of Finance and Vice President
Kristen Smith, Vice President
Jonathan Ward, Head of Compliance and Vice President
John Boyd, Lead European Counsel
Andries Diener, Operations Manager and Vice President
Financial Advisor Services
David P. Butler, Head of Global
Financial Advisor Services and Vice President
Scott A. Bosworth, Vice President
Jeffrey D. Cornell, Vice President
Robert “Bo” Cornell, Vice President
Mark R. Gochnour, Vice President
Joel H. Hefner, Vice President
Stephen W. Kurad, Vice President
Apollo D. Lupescu, Vice President
Bryce D. Skaff, Vice President
John H. Totten, Vice President
Weston J. Wellington,2 Vice President
DC Services
Timothy R. Kohn, Head of DC Services and Vice President
Austin Rosenthal, Vice President
Dim ensional SmartNest (US) LLC
Michael Lane, Chief Executive Officer
Kimberly A. Ginsburg, Vice President
Dim ensional Retirement Plan Services
Robyn Alacorta, Vice President
Tracy Mitchell, Regional Director
Holly Nance, Client Manager
Portfolio Managem ent and Trading
Financial/Accounting Services
David R. Martin, Chief Financial Officer, Vice President,
and Treasurer
Julie C. Henderson, Controller and Vice President
Christine W. Ho, Vice President
Joseph H. Chi,1 Co-Head of Portfolio Management
and Vice President
Jed S. Fogdall,1 Co-Head of Portfolio Management
and Vice President
Robert T. Deere,1,2 Investment Director and
Grady M. Smith,2 Senior Portfolio Manager and
Vice President
Andrew D. Smith, Project Manager and Vice President
Technology
Global Equity Trading
Henry F. Gray,1 Head of Global Equity Trading
and Vice President
Christian Gunther, Senior Trader and Vice President
Carl G Snyder, Senior Trader and Vice President
Ryan Wiley, Senior Trader and Vice President
Sam Willis, Senior Trader and Vice President
Aaron Marcus, Head of Global Human Resources
and Vice President
Juliet Lee, Vice President
Robert W. Dintzner, Vice President and Organizational Culture
Oliver Rowe, Vice President
US Equity Portfolio Management
David M. Kershner, Portfolio Manager and Vice President
Lukas Smart, Portfolio Manager and Vice President
Bhanu Singh, Portfolio Manager and Vice President
Brian J. Walsh, Portfolio Manager and Vice President
Christopher S. Crossan, Global Chief Compliance
Officer and Vice President
Selwyn Notelovitz, Deputy Chief Compliance Officer and
Vice President
International Equity Portfolio Management
Graham Lennon, Director, Head of International Equity
Portfolio Management, and Vice President
Karen E. Umland,1,2 Head of Investment Strategies Group
Marcus Axthelm, Portfolio Manager and Vice President
Daniel C. Ong, Portfolio Manager and Vice President
Allen Pu, Portfolio Manager and Vice President
Ted Randall, Portfolio Manager and Vice President
Catherine L. Newell, General Counsel, Vice President,
and Secretary
Valerie A. Brown, Deputy General Counsel, Vice President,
and Assistant Secretary
Carolyn O, Deputy General Counsel, Funds, and Vice President
Pil Sun Choi, Counsel and Vice President
Robert Hawkins, Counsel and Vice President
Jeff J. Jeon, Counsel and Vice President
David Kavanaugh, Counsel and Vice President
Kenneth Manell, Counsel and Vice President
Fixed Income Portfolio Management
David A. Plecha,1 Global Head of Fixed Income
and Vice President
Joseph F. Kolerich,1 Senior Portfolio Manager
and Vice President
Alan Hutchison, Portfolio Manager
Travis Meldau, Portfolio Manager
Pamela B. Noble, Portfolio Manager and Vice President
Business Development
April Aandal, Vice President, Global Business Development
Paul Wise, Chief Technology Officer and Vice President
Peter Bergan, Vice President
J Freeman, Vice President
Garret Jones, Vice President
Julie Saft, Vice President
Robert Trotter, Vice President
Hum an Resources
Com pliance
Legal
Marketing
Karen Dolan, Head of Marketing, Senior Manager of Research
and Marketing, and Vice President
Kim Kiser, Creative Director and Vice President
Philip McInnis, Vice President
Corporate Services
.
Stephen W. Jones, Vice President
Dim ensional Fund Advisors Canada ULC (Vancouver)
Bradley G. Steiman, Director, Head of Canadian Financial
DFA Australia Lim ited (Sydney)
J. Glenn Crane, Chairman and Chief Executive Officer
Graham Lennon, Director, Head of International Portfolio Management,
and Vice President
Jason D.S. Lapping, Head of Asia Pacific Trading and Vice President
Nigel A.D. Stewart, Director
Stephen J. Garth, Portfolio Manager and Vice President
Robert Ness, Portfolio Manager and Vice President
Murray Cockerell, Portfolio Manager and Vice President
Damien Koch, Portfolio Manager
Gillian Wilson, Portfolio Manager
Craig Wright, Portfolio Manager
Stephen Palmer, Head of Finance and Vice President
Elizabeth Mullins, Human Resources Director and Vice President
John Surridge, Commercial Manager and Vice President
Mark Yetman, Head of Institutional Services (Australia) and
Vice President
Kevin Kandasamy, Vice President
Nathan Krieger, Vice President
Rodney Mair, Head of Compliance and Vice President
Jim Parker, Vice President
Paul W. Raaff, Vice President
Joel Teasdel, Vice President
Dim ensional Japan Ltd.
John R. Alkire, Chief Executive Officer
Kotaro Hama, Portfolio Manager
Kazuyo Kawabata, Head of Client Services
Hayato Yonemori, Trader
Dim ensional Fund Advisors Pte. Ltd.
(Singapore)
Peng Chen, Director, Chief Executive Officer ,Asia ex-Japan
Richard A. Eustice, Chief Operating Officer, Head of Global
Investment Operations, and Vice President
Jason Ha, Portfolio Manager
Stephen A. Quance, Portfolio Manager and Vice President
Carlo Venes, Head of Institutional, Asia ex Japan and Vice President
Jonathan Smith, Trader
Advisor Services, and Vice President
As of July 16, 2014
Robert T. Young, Vice President
1. Investment Committee Member.
2. Investment Strategies Group Member
3. The "Dimensional US Mutual Funds" refer to The DFA Investment Trust Company, DFA Investment Dimensions Group Inc., Dimensional Investment Group Inc. and Dimensional Emerging Markets Value Fund Inc.
# 178 68-1011
8
Partial List of Clients
Corporate
Nonprofit Organizations
Public
Taft-Hartley
AT&T Inc.
Boeing Corporation
Citigroup
Exchange Bank
Iberdrola USA
Kellogg Company
Lubrizol Corporation
Merck
MLC
PepsiCo, Inc.
PPG Industries, Inc.
Sandia Corporation
Sprint Corporation
The Timken Company
Tribune Company
Verizon Communications, Inc.
WellPoint, Inc.
Yum! Brands, Inc.
Baptist Foundation of Alabama
California Institute of Technology
California Wellness Foundation
Carnegie Mellon University
Chicago Community Foundation
Gonzaga University
Idaho Community Foundation
J. Paul Getty Trust
Kansas Health Foundation
Lucile Packard Foundation for
Children’s Health
Misericordia Home Endowment
New Haven Community Foundation
Nova Scotia Association of Health
Organization
Public Policy Institute of California
Saint John’s Hospital and Health Center
San Francisco Foundation
Simon Fraser University
Toledo Community Foundation
United Way of Palm Beach County
University of Miami
University of Pittsburgh Medical Center
Wallace Foundation
Western Michigan University Foundation
Winnipeg Foundation
Arizona State Retirement System
California Public Employees’
Retirement System
City and County of Kalamazoo
City and County of San Francisco
City of Baton Rouge
City of San Diego
City of Seattle
Florida State Board of Administration
Illinois Municipal Retirement Fund
Indiana Public Employees’
Retirement Fund
Marin County Employees’
Retirement Association
Maryland State Retirement Agency
Mississippi Public Employees
Retirement System
Montana Board of Investments
Nebraska Investment Council
Oregon Office of the State Treasurer
South Dakota Investment Council
St. Paul Teachers’ Retirement Fund
Association
Utah State Retirement Systems
Bakery & Confectionary Union and
Industry International Pension Fund
IBEW Pacific Coast Pension Fund
Indiana State Council of Plasterers and
Cement Masons Pension Fund
Laborers' District Council & Contractors'
Pension Fund of Ohio
Local Union #226
National Electrical Benefit Fund
Southern Nevada Culinary & Bartenders
Pension Fund
Union Electrical Industry Master Trust
UNITE General Fund & ILGWU Funds
As of June 11, 2014.
Clients in bold have been clients with Dimensional for 10 or more years. This list is solely a partial list of clients of the Dimensional gro up of companies and is generally representative of Dimensional’s institutional client base. Clients have
given consent to be included and were not chosen based on performance-based criteria. This list should not be construed as an expression of any client's experience with Dimensional, or a suggestion that one client's experience is in any
way indicative of another client's future experience with Dimensional. Inclusion of a client’s name on the list should not be taken as an indication that the client approves or disapproves of Dimensional or the advisory services provided to
either the client and/or the commingled vehicle in which the client may be invested.
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9
Section B: Investment Process and
Discipline
REIT Investment Strategy
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.
Dimensional has been managing REIT Strategies since January 1993.
As of June 30, 2014, Dimensional managed over $9.7 billion in REITS globally.
Note: Exclusion rules seek to exclude from purchase securities Dimensional determines to fall within these exclusions
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11
Global REIT Exclusion Rules
Refining the universe
REITs only1
Pricing Exclusions
• No mortgage or prison
REITs
• Extreme financial distress
or bankruptcy
• No property companies
• Suspended or delisted
• No real estate operating
companies (REOCS)
• Merger or target of
acquisition
1. References to REITs (a U.S. term) are intended to encompass REITs and similar REIT-like structures found around the world.
Note: These rules seek to exclude from purchase securities Dimensional determines to fall within these categories.
# 17600-1011
Trading Exclusions
• Exchange history
• Insufficient liquidity
• Short trading history
• Insufficient float
12
Trading Costs Matter
Our approach helps minimize the total costs of trading
Trading Costs
=
Explicit Costs
Commissions,
custody fees,
exchange fees
Low turnover by
design keeps overall
trading costs down.
We deal with explicit costs
by keeping commissions
as low as possible without
sacrificing overall execution.
+
Implicit Costs
Bid/ask spread,
market impact
Implicit costs can be
hidden—and potentially
large. We apply a trading
philosophy that emphasizes
patience and flexibility.
13
# 17600-1011
Section C: Market Overview
Investment Climate – Global Equity
As of June 30, 2014
GI C SECTOR COMPOUND RETURNS
• The energy sector recorded the
strongest performance in the second
quarter of 2014.
• REITs and utilities continued to
outperform the overall benchmark for
the second quarter in a row.
• Financials and industrials
underperformed in global markets.
GIC sector returns are shown in USD net dividends and are based on MSCI All County World Index. MSCI data © MSCI 2014, all ri ghts reserved. Indices are not available for direct investment. Their performance does not reflect the
expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results.
15
Investment Climate—Global Currency
As of June 30, 2014
CURRENCY MOV EMENT (RELATI V E TO USD)
• On average, currencies over the
second quarter positively contributed
to non-US developed and emerging
market US dollar returns.
• The Russian ruble and Canadian dollar
appreciated relative to the US dollar.
• The Korean won and British pound
touched upon five-year highs relative
to the US dollar and were among the
top currencies.
Currency rates are based on the MSCI All Country World Index. MSCI data © MSCI 2014, all rights reserved.
16
Section D: Performance Review
Performance
As of June 30, 2014
1 Year
Since 4/13
Account
Inception
Since 7/08
Portfolio
Inception
8.08
15.41
8.58
7.69
16.18
7.99
15.04
8.23
7.27
FTSE EPRA/NAREIT Developed Index (gross dividends) 2
12.21
7.88
14.38
8.10
6.16
S&P Global REIT Index (net dividends)
15.51
7.93
14.17
7.26
5.99
Year to
Date
2nd Quarter
2014
DFA Global Real Estate Securities Portfolio (gross of fees)
16.36
DFA Global Real Estate Securities Portfolio (net of fees)
Annualized Returns1 (%)
Calendar Year
Returns (%)
2013
DFA Global Real Estate DFA Global Real Estate FTSE EPRA/NAREIT
Securities Portfolio
Securities Portfolio (net Developed Index
(gross of fees)
of fees)
(gross dividends)
2.09
1.77
4.39
S&P Global REIT
Index
(net dividends)
1.73
Performance data shown represents past performance and is no guarantee of future results. Current performance may be higher o r 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 www.dimensional.com.
1.
Returns for periods shorter than one year are not annualized. Portfolio inception returns are from the first full month.
2.
FTSE EPRA/NAREIT Developed Index is the benchmark selected by Los Angeles Water and Power Employees’ Retirement
The S&P data are provided by Standard & Poor's Index Services Group. 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.
# 17595-1011
18
Global Real Estate Securities Portfolio
Performance as of June 30, 2014
PERIODIC RETURNS (%)
 DFA Global Real Estate Securities Portfolio
(net of fees)
 FTSE EPRA/NAREIT Developed
Index (gross dividends)
16.18
15.04
14.38
12.21
7.99
YTD
8.23
7.88
2nd Quarter
1 Year
8.10
Since Account Inception 4/13
investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be wor th more or less than their original cost. To obtain
1. Returns for periods shorter than one year are not annualized. Portfolio inception returns are from the first full month.
# 17595-1011
19
Market Value Summary
Account Inception Date: March 28, 2013
Account Value
at Inception
(11423) Water & Power Employees Retirement Plan
$8,000,000
Purchases
$6,860,000
Withdrawals
Dividends
Change in Market Value
Account Value as of June 30, 2014
$0
$384,443
$1,363,568
$16,608,011
Account Value
at Inception
(11424) Water & Power Employees Retirement Plan Retiree Health Benefits Fund
$2,000,000
Purchases
$1,720,000
Withdrawals
$0
Dividends
$96,197
Change in Market Value
$341,474
Account Value as of June 30, 2014
$4,157,671
20
Attribution Analysis by Size
Global Real Estate Securities Portfolio vs.
FTSE EPRA/NAREIT Developed Index (gross dividends)
1 Year as of June 30, 2014
Portfolio
Average
Weights
Benchmark
Average
Weights
Portfolio
Return
Benchmark
Return
Portfolio
Allocation
Portfolio
Composition
Interaction
Total
2%
2%
10.46%
10.46%
0.03%
—
0.00%
0.03%
10BB-50BB
37%
42%
14.21%
9.69%
0.20%
1.59%
0.02%
1.81%
3BB-10BB
36%
36%
16.26%
16.11%
(0.01%)
0.12%
(0.01%)
0.10%
1BB-3BB
18%
18%
17.95%
19.54%
0.04%
(0.23%)
(0.03%)
(0.22%)
500MM-1BB
4%
2%
14.46%
21.78%
0.11%
(0.27%)
(0.01%)
(0.16%)
250MM-500MM
1%
0%
16.22%
36.30%
0.10%
(0.19%)
(0.00%)
(0.09%)
0-250MM
0%
0%
17.49%
19.69%
0.01%
(0.01%)
(0.00%)
0.00%
Cash
1%
—
0.04%
—
(0.11%)
0.00%
—
(0.11%)
100%
100%
15.70%
14.34%
0.37%
1.01%
(0.02%)
1.36%
Expenses and Fees
(0.37%)
—
(0.37%)
Other
(0.29%)
0.04%
(0.33%)
Total
15.04%
14.38%
0.66%
MCap Range
50BB+
Estimated Total
Holdings are subject to change. FTSE data is provided by FTSE NAREIT. See “ Appendix: Standardized Performance Data & Disclosures” to learn how to obtain complete information on performance, investmen t objectives, risks, advisory
fees, and expenses of Dimensional’s funds.
21
Attribution Analysis by Sector (GIC REIT Industry)
Portfolio
Average
Weights
Benchmark
Average
Weights
Portfolio
Return
Benchmark
Return
Portfolio
Allocation
Portfolio
Composition
Interaction
Total
Diversified
16%
13%
22.63%
21.99%
0.21%
0.11%
(0.02%)
0.30%
Health Care
3%
2%
7.60%
7.47%
(0.01%)
0.01%
0.00%
0.00%
Hotel and Resort
2%
1%
13.28%
13.49%
0.07%
(0.01%)
0.00%
0.06%
Industrial
7%
5%
16.30%
17.94%
0.04%
(0.09%)
(0.01%)
(0.05%)
Mortgage
—
—
—
—
—
—
—
—
Office
15%
11%
15.89%
16.23%
0.07%
(0.05%)
(0.01%)
0.01%
Residential
12%
9%
12.12%
11.73%
(0.05%)
0.05%
(0.00%)
(0.01%)
Retail
31%
23%
16.03%
16.79%
0.18%
(0.21%)
(0.00%)
(0.03%)
Specialized
14%
10%
7.26%
8.05%
(0.13%)
(0.09%)
(0.02%)
(0.24%)
Other Industry
0%
25%
51.59%
8.43%
1.30%
0.09%
0.03%
1.42%
Cash
1%
—
0.04%
—
(0.11%)
0.00%
—
(0.11%)
100%
100%
15.70%
14.34%
1.57%
(0.19%)
(0.02%)
1.36%
Expenses and Fees
(0.37%)
—
(0.37%)
Other
(0.29%)
0.04%
(0.33%)
Total
15.04%
14.38%
0.66%
Sector
Estimated Total
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
Holdings are subject to change. FTSE data is provided by FTSE NAREIT. See “ Appendix: Standardized Performance Data & Disclosures” to learn how to obtain completeinformation on performance, investment objectives, risks, advisory
22
Attribution Analysis by Region
Portfolio
Average
Weights
Benchmark
Average
Weights
Portfolio
Return
Benchmark
Return
Portfolio
Allocation
Portfolio
Composition
Interaction
Total
62%
52%
13.14%
13.19%
(0.14%)
(0.00%)
(0.05%)
(0.19%)
Australia-New Zealand
9%
7%
14.75%
14.70%
(0.02%)
0.00%
0.01%
(0.01%)
Cont. Europe
7%
7%
33.17%
29.76%
(0.10%)
0.22%
(0.00%)
0.12%
UK-Ireland
6%
6%
40.13%
38.27%
0.11%
0.11%
(0.03%)
0.19%
Japan
7%
14%
15.17%
9.23%
0.25%
0.39%
0.01%
0.65%
Singapore-Hong Kong
5%
13%
12.60%
4.47%
0.68%
0.41%
0.03%
1.12%
Scandinavia
—
1%
—
33.23%
(0.18%)
—
(0.00%)
(0.19%)
Middle East
0%
0%
29.07%
13.24%
(0.00%)
0.01%
(0.00%)
0.01%
Emerging - Latin America
1%
—
10.24%
—
(0.08%)
0.08%
—
0.00%
Emerging - Asia
1%
—
(6.84%)
—
(0.09%)
(0.04%)
—
(0.13%)
Emerging - Europe
0%
0%
1.87%
30.69%
0.05%
(0.05%)
(0.00%)
(0.00%)
Emerging - Africa
1%
—
0.42%
—
(0.14%)
0.04%
—
(0.10%)
Cash
1%
—
0.04%
—
(0.11%)
0.00%
—
(0.11%)
100%
100%
15.70%
14.34%
0.22%
1.16%
(0.02%)
1.36%
Expenses and Fees
(0.37%)
—
(0.37%)
Other
(0.29%)
0.04%
(0.33%)
Total
15.04%
14.38%
0.66%
Region
US/Canada
Estimated Total
Holdings are subject to change. FTSE data is provided by FTSE NAREIT. See “ Appendix: Standardized Performance Data & Disclosures” to learn how to obtain complete information on performance, investment objectives, risks, advisory
23
Attribution Analysis by Country
Country
Australia
Austria
Belgium
Canada
China
Finland
France
Germany
Greece
Hong Kong
Israel
Italy
Japan
Malaysia
Mexico
Netherlands
New Zealand
Norway
Singapore
South Africa
Spain
Sweden
Switzerland
Taiwan
Turkey
UK
US
Cash
Estimated Total
Expenses and Fees
Other
Total
Portfolio
Average
Weights
Benchmark
Average
Weights
9%
—
1%
3%
0%
—
2%
0%
0%
2%
0%
0%
7%
0%
1%
4%
0%
—
3%
1%
—
—
—
0%
0%
6%
60%
1%
100%
7%
0%
0%
4%
—
0%
1%
1%
0%
9%
0%
0%
14%
—
—
3%
0%
0%
4%
—
0%
1%
1%
—
—
6%
48%
—
100%
Portfolio
Return
Benchmark
Return
Portfolio
Allocation
Portfolio
Composition
Interaction
Total
14.47%
—
22.64%
8.99%
(4.18%)
—
37.75%
24.45%
57.00%
12.78%
29.07%
60.28%
15.17%
(5.00%)
10.24%
32.61%
24.50%
—
12.30%
0.42%
—
—
—
(12.27%)
1.42%
40.13%
13.33%
0.04%
15.70%
(0.37%)
(0.29%)
15.04%
14.52%
50.79%
22.66%
10.78%
—
21.84%
38.02%
28.97%
57.00%
2.35%
13.24%
60.43%
9.23%
—
—
32.26%
31.05%
(2.43%)
8.97%
—
23.83%
38.90%
13.91%
—
—
38.27%
13.40%
—
14.34%
—
0.04%
14.38%
(0.03%)
(0.04%)
0.01%
0.05%
(0.01%)
(0.01%)
0.10%
(0.15%)
(0.00%)
0.75%
(0.00%)
0.02%
0.25%
(0.04%)
(0.08%)
0.16%
0.03%
0.01%
0.05%
(0.14%)
0.02%
(0.18%)
0.01%
(0.03%)
(0.06%)
0.11%
(0.13%)
(0.11%)
0.54%
(0.00%)
—
0.00%
(0.04%)
(0.01%)
—
(0.01%)
(0.01%)
—
0.19%
0.01%
(0.00%)
0.39%
(0.00%)
0.08%
0.01%
(0.01%)
—
0.10%
0.04%
—
—
—
(0.03%)
0.06%
0.11%
(0.02%)
0.00%
0.84%
0.01%
(0.00%)
(0.00%)
0.00%
—
(0.00%)
0.00%
(0.00%)
(0.00%)
0.03%
(0.00%)
(0.00%)
0.01%
—
—
0.00%
0.00%
0.00%
0.01%
—
(0.00%)
(0.00%)
(0.00%)
—
—
(0.03%)
(0.05%)
—
(0.02%)
(0.02%)
(0.04%)
0.01%
0.01%
(0.02%)
(0.01%)
0.09%
(0.16%)
(0.00%)
0.97%
0.01%
0.01%
0.65%
(0.04%)
0.00%
0.18%
0.01%
0.01%
0.15%
(0.10%)
0.02%
(0.18%)
0.01%
(0.07%)
(0.00%)
0.19%
(0.20%)
(0.11%)
1.36%
(0.37%)
(0.33%)
0.66%
Holdings are subject to change. FTSE data is provided by FTSE NAREIT. See “ Appendix: Standardized Performance Data & Disclosures” to learn how to obtain complete information on performance, investmen t objectives, risks, advisory
24
Top 10 Contributors
Global Real Estate Securities Portfolio, 1 Year as of June 30, 2014
Global Real Estate
Contribution
Holdings are subject to change.
# 17867-1011
Unibail-Rodamco SE
0.92%
Simon Property Group Inc
0.91%
Vornado Realty Trust
0.61%
Host Hotels & Resorts Inc
0.60%
Land Securities Group PLC
0.58%
British Land Co PLC
0.57%
Public Storage
0.45%
Boston Properties Inc
0.35%
Hammerson PLC
0.30%
Prologis Inc
0.29%
25
Top 10 Detractors
Global Real Estate Securities Portfolio, 1 Year as of June 30, 2014
Global Real Estate
Contribution
# 17867-1011
HCP Inc
-0.09%
Ventas Inc
-0.07%
Health Care REIT Inc
-0.04%
CBL & Associates Properties Inc
-0.02%
Mack-Cali Realty Corp
-0.02%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS
-0.01%
Cathay No 1 REIT
-0.01%
American Realty Capital Properties Inc
-0.01%
Campus Crest Communities Inc
-0.01%
American Campus Communities Inc
-0.01%
26
Section E: Portfolio Review and
Characteristics
Top 10 Holdings
Global Real Estate Securities Portfolio, as of June 30, 2014
Country
Simon Property Group Inc
United States
5.6
Unibail-Rodamco SE
Netherlands
3.0
Public Storage
United States
2.7
Equity Residential
United States
2.4
Prologis Inc
United States
2.2
HCP Inc
United States
2.1
Health Care REIT Inc
United States
2.1
Ventas Inc
United States
2.1
Boston Properties Inc
United States
2.0
Vornado Realty Trust
United States
2.0
# 17867-1011
Percent of Portfolio
28
Characteristics
As of June 30, 2014
GLOBAL REAL ESTATE
SECURITIES PORTFOLIO
FTSE EPRA/NAREIT
Developed Index
370
306
$12,407
$13,411
$1,371
$2,439
1.71
1.54
4.07%
3.62%
0.11
0.11
MARKET CHARACTERISTICS
Number of Holdings
SIZE CHARACTERISTICS
Wtd. Average Market Cap (millions)
Median Market Cap (millions)
VALUATION CHARACTERISTICS
Aggregate Price-to-Book
Wtd. Average Dividend-to-Price
PROFITABILITY CHARACTERISTICS
Wtd. Average Profitability-to-Book 1
1. Operating income before depreciation and amortization minus interest expense scaled by book.
Holdings are subject to change. The S&P data are provided by Standard & Poor’s Index Services Group.
# 17595-1011
29
Sector Allocations
As of June 30, 2014
GLOBAL REAL ESTATE
FTSE EPRA/NAREIT
Developed Index
Retail
31.1
23.5
Diversified
17.4
14.9
Office
14.5
11.2
Residential
12.0
9.1
Health Care
8.7
7.1
Industrial
6.3
5.2
Hotel & Resort
5.1
3.9
Specialized
4.8
3.4
Other Non-REIT
0.2
21.6
PORTFOLIO WEIGHTS (%)
Numbers may not total 100% due to rounding. The S&P data are provided by Standard & Poor’s Index Services Group.
# 17600-1011
30
Country Allocations
As of June 30, 2014
GLOBAL REAL ESTATE
FTSE EPRA/NAREIT
Developed Index
PORTFOLIO WEIGHTS (%)
US
Australia
Japan
UK
Netherlands
Singapore
Canada
France
Hong Kong
South Africa
Mexico
Belgium
Turkey
New Zealand
Malaysia
Taiwan
Germany
Italy
Israel
China
Greece
Austria
Spain
Switzerland
Finland
Norway
Sweden
REGIONAL SNAPSHOT
61.1
8.1
6.9
6.4
4.0
3.2
2.4
1.9
1.7
1.3
0.7
0.6
0.5
0.3
0.3
0.2
0.2
0.1
0.1
0.1
0.0
—
—
—
—
—
—
Holdings are subject to change. Numbers may not total 100% due to rounding. MSCI data copyright MSCI 2014, all rights reserve d.
# 17624-1011
49.8
6.6
13.1
6.2
3.2
3.6
3.7
1.4
7.3
—
—
0.5
—
0.1
—
—
1.7
0.1
0.1
—
0.0
0.3
0.1
0.9
0.2
0.1
1.1
Global
Real Estate
Securities
Portfolio
FTSE
EPRA/NAREIT
Developed
Index
North America
Asia Pacific
Europe
South Africa
Middle East
31
Section F: Fee Schedule
Fees
Global Real Estate Securities Portfolio2
Net Expense
Ratio1
Total (Gross)
Expense Ratio1
Management
Fee
0.32
0.55
0.27
1. Actual fees as of October 31, 2013.
2. The net expense ratio applies to the indicated funds and takes into account a contractual management fee waiver and expense reimbursement agreement that currently is scheduled to remain in place through 2/28/2015. Please refer to
the prospectus for more complete information on advisory fees, expense reimbursements, and other expenses.
# 17868-1011
33
Appendix
Standardized Performance Data & Disclosures
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 current to the most recent month end, access our website at
www.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
www.dimensional.com. 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
# 28 230-0912
As of June 30, 2014
Average Annual Total Returns (%)
US Equity Portfolios
US Core Equity 1 Portfolio 2
US Core Equity 2 Portfolio 2
US Vector Equity Portfolio2
US Micro Cap Portfolio
US Small Cap Portfolio
US Small Cap Value Portfolio
Net
Expense
Ratio1 (%)
Total (Gross)
Expense
Ratio1 (%)
Management
Fee
Inception
Date
Symbol
1 Year
5 Years
10 Years
Since
Inception
DFEOX
DFQTX
DFVEX
DFSCX
DFSTX
DFSVX
26.24
26.35
27.10
25.31
25.10
26.42
20.37
20.81
21.60
22.02
22.49
23.40
—
—
—
8.75
9.73
9.32
8.45
8.39
8.44
12.43
11.09
12.81
0.19
0.22
0.32
0.52
0.37
0.52
0.19
0.22
0.32
0.52
0.37
0.52
0.17
0.20
0.30
0.50
0.35
0.50
9/15/2005
9/15/2005
12/30/2005
12/23/1981
3/19/1992
3/2/1993
US Small Cap Growth Portfolio2
US Targeted Value Portfolio2
US Large Cap Value Portfolio
US Large Cap Growth Portfolio2
US Large Company Portfolio2,3
Enhanced US Large Company Portfolio
DSCGX
DFFVX
DFLVX
DUSLX
DFUSX
DFELX
24.52
28.45
27.64
25.17
24.44
24.77
—
22.89
22.06
—
18.75
19.37
—
9.86
9.03
—
7.79
7.81
28.09
13.00
10.63
25.28
4.85
8.32
0.40
0.37
0.27
0.20
0.08
0.24
0.50
0.37
0.27
0.29
0.09
0.24
0.35
0.35
0.25
0.17
0.06
0.20
12/20/2012
2/23/2000
2/19/1993
12/20/2012
9/23/1999
7/2/1996
Non-US Equity Portfolios
International Core Equity Portfolio2
International Vector Equity Portfolio2
International Small Company Portfolio2
International Small Cap Value Portfolio
International Small Cap Growth Portfolio2
International Value Portfolio
International Large Cap Growth Portfolio 2
Large Cap International Portfolio
Emerging Markets Core Equity Portfolio2
Emerging Markets Small Cap Portfolio
Emerging Markets Value Portfolio
Emerging Markets Portfolio
World ex US Value Portfolio2
World ex US Targeted Value Portfolio 2
World ex US Core Equity Portfolio 2
DFIEX
DFVQX
DFISX
DISVX
DISMX
DFIVX
DILRX
DFALX
DFCEX
DEMSX
DFEVX
DFEMX
DFWVX
DWUSX
DFWIX
27.32
29.05
31.19
35.75
27.30
27.21
24.09
24.02
15.53
15.89
15.50
15.12
25.24
29.00
24.51
13.00
13.47
15.49
15.78
—
11.50
—
11.74
10.47
13.49
8.64
10.08
—
—
—
—
—
9.64
10.35
—
7.63
—
7.10
—
14.38
13.51
12.25
—
—
—
6.34
7.05
7.79
8.50
21.84
7.32
18.49
6.38
10.32
13.23
12.22
7.87
9.07
21.87
14.55
0.39
0.51
0.54
0.69
0.55
0.43
0.30
0.29
0.63
0.75
0.57
0.57
0.60
0.79
0.47
0.39
0.51
0.54
0.69
1.00
0.43
0.65
0.29
0.63
0.75
0.57
0.57
0.76
1.27
0.97
0.35
0.45
0.40
0.65
0.50
0.40
0.25
0.25
0.55
0.65
0.50
0.50
0.47
0.58
0.40
9/15/2005
8/14/2008
9/30/1996
12/29/1994
12/20/2012
2/15/1994
12/20/2012
7/17/1991
4/5/2005
3/5/1998
4/1/1998
4/25/1994
8/23/2010
11/1/2012
4/9/2013
Global Portfolios
2
Global Allocation 25/75 Portfolio
2
Global Allocation 60/40 Portfolio
2
Global Equity Portfolio
Selectively Hedged Global Equity Portfolio2
DGTSX
DGSIX
DGEIX
DSHGX
7.66
16.66
25.50
23.86
6.77
12.30
17.52
—
5.09
7.09
8.59
—
5.00
7.11
8.92
18.15
0.27
0.29
0.31
0.40
0.44
0.52
0.61
0.72
0.20
0.25
0.30
0.30
12/24/2003
12/24/2003
12/24/2003
11/14/2011
3. Effective August 1, 2013, the administrative fee payable by the Portfolio to the Advisor decreased from 0.05% to 0.035% of the Portfolio’s average daily net assets on an annualized basis. As a result, the Total Operating Expense Ratio
has been adjusted to reflect the estimated management fee to be paid by the portfolio through 10/31/2014. The Advisor has contractually agreed to reduce the fee waiver expense limit from 0.10% to 0.08% of the Portfolio’s average daily
net assets on an annualized basis.
# 28 230-0912
36
As of June 30, 2014
Tax Managed Portfolios3
Tax-Managed US Small Cap Portfolio
After Taxes on Distributions
After Taxes on Distributions and Sale of Fund Shares
Tax-Managed US Targeted Value Portfolio
Tax-Managed US Equity Portfolio2
Tax-Managed US Marketwide Value Portfolio
Tax-Managed International Value Portfolio
TA US Core Equity 2 Portfolio 2,3
TA World ex US Core Equity Portfolio2,3
Symbol
1 Year
5 Years
10 Years
Since
Inception
DFTSX
25.01
—
—
28.20
—
—
25.05
—
—
27.05
—
—
26.83
—
—
26.21
—
—
23.97
—
—
21.22
—
—
23.43
—
—
19.06
—
—
22.17
—
—
11.20
—
—
20.77
—
—
12.16
—
—
8.55
—
—
8.94
—
—
7.97
—
—
9.23
—
—
7.76
—
—
—
—
—
—
—
—
10.07
—
—
11.16
—
—
7.73
—
—
7.65
—
—
7.04
—
—
7.12
—
—
3.77
—
—
DTMVX
DTMEX
DTMMX
DTMIX
DFTCX
DFTWX
Net
Expense
Ratio1 (%)
Total (Gross)
Expense
Ratio1 (%)
Management
Fee
Inception
Date
0.52
0.52
0.50
12/15/1998
0.44
0.44
0.42
12/11/1998
0.22
0.22
0.20
9/25/2001
0.37
0.37
0.35
12/14/1998
0.53
0.53
0.50
4/16/1999
0.24
0.24
0.22
10/4/2007
0.46
0.46
0.40
3/6/2008
Real Estate Portfolios
Real Estate Securities Portfolio 2
International Real Estate Securities Portfolio2
Global Real Estate Securities Portfolio2
DFREX
DFITX
DFGEX
13.07
18.62
15.04
23.54
16.96
20.46
9.42
—
—
10.41
0.02
5.34
0.18
0.39
0.32
0.19
0.39
0.55
0.17
0.35
0.27
1/5/1993
3/1/2007
6/4/2008
Social and Sustainability Portfolios
US Sustainability Core 1 Portfolio2
International Sustainability Core 1 Portfolio2
US Social Core Equity 2 Portfolio2
International Social Core Equity Portfolio 2
Emerging Markets Social Core Equity Portfolio2
DFSIX
DFSPX
DFUEX
DSCLX
DFESX
26.32
25.09
25.73
26.99
15.42
20.21
12.30
20.58
—
10.15
—
—
—
—
—
10.15
3.23
6.32
20.65
7.48
0.33
0.52
0.30
0.60
0.66
0.33
0.50
0.30
0.68
0.66
0.29
0.42
0.25
0.37
0.55
3/12/2008
3/12/2008
10/1/2007
11/1/2012
8/31/2006
3. Assumed highest marginal tax rate in effect for capital gains and ordin ary income. Income from funds managed for tax efficiency may be subject to an alternative minimum tax and/or any applicable state and local taxes.
# 28 230-0912
37
10 Years
Since
Inception
Net
Expense
Ratio1 (%)
Total (Gross)
Expense
Ratio1 (%)
Management
Fee
Inception
Date
0.76
1.01
2.25
3.75
4.23
5.94
1.45
—
1.66
—
3.18
—
3.52
—
—
2.22
2.29
3.27
3.85
5.04
—
2.12
—
—
—
—
—
—
—
—
5.08
3.55
5.50
5.77
6.72
5.70
2.02
1.27
2.16
2.93
1.83
4.31
3.97
4.84
4.53
0.17
0.18
0.19
0.28
0.12
0.12
0.22
0.23
0.23
0.23
0.18
0.20
0.22
0.22
0.22
0.17
0.18
0.19
0.28
0.12
0.12
0.23
0.27
0.24
0.26
0.18
0.23
0.23
0.23
0.41
0.15
0.15
0.17
0.25
0.10
0.10
0.20
0.20
0.20
0.20
0.15
0.18
0.20
0.20
0.20
7/25/1983
2/9/1996
6/1/1987
11/6/1990
10/19/1990
9/18/2006
8/20/2002
3/1/2012
4/2/2007
11/29/2011
1/9/2008
12/6/2011
3/4/2009
7/20/2010
3/7/2011
—
—
-2.06
0.34
0.34
0.30
11/9/2010
As of June 30, 2014
Symbol
1 Year
5 Years
Fixed Income Portfolios
One-Year Fixed Income Portfolio
Two-Year Global Fixed Income Portfolio
2
Short-Term Government Portfolio
Five-Year Global Fixed Income Portfolio
Intermediate Government Fixed Income Portfolio
2
Inflation-Protected Securities Portfolio
2
Short-Term Municipal Bond Portfolio
2
Intermediate-Term Municipal Bond Portfolio
2
California Short-Term Municipal Bond Portfolio
2
California Intermediate-Term Municipal Bond Portfolio
2
Selectively Hedged Global Fixed Income Portfolio
2
World ex US Government Fixed Income Portfolio
2
Short-Term Extended Quality Portfolio
2
Intermediate-Term Extended Quality Portfolio
2
Investment Grade Portfolio
DFIHX
DFGFX
DFFGX
DFGBX
DFIGX
DIPSX
DFSMX
DFTIX
DFCMX
DCIBX
DFSHX
DWFIX
DFEQX
DFTEX
DFAPX
0.40
0.61
1.39
2.82
3.00
4.69
0.97
4.80
1.35
5.51
5.26
5.88
2.42
6.75
4.87
Commodities Portfolio
Commodity Strategy Portfolio 2
DCMSX
11.66
2. The net expense ratio applies to the indicated funds and takes into account a contractual management fee waiver and expens e reimbursement agreement that currently is scheduled to remain in place through 2/28/2015. Please refer to
# 28 230-0912
38
Presenters’ Biographies
Ted Simpson, CFA
Vice President
Ted Simpson, a vice president on the Institutional Services team, is responsible for developing and maintaining relationships with
public pension funds, foundations, endowments, Taft-Hartley plan sponsors, and corporate pension and defined contribution plans.
Since joining Dimensional in 2002, Ted has held a number of positions within the firm. He began as a marketing consultant before
taking a leadership role in the firm's defined contribution market initiative. Later, Ted got involved with Dimensional's consultant
relations effort and eventually helped manage the group. Most recently, he has shifted his attention to working directly with clients.
Prior to joining Dimensional, Ted worked for Salomon Brothers, Legal & General, Mattel, Lion Nathan, and a fee-only RIA. He earned
an MBA in marketing, strategy, and organizational behavior from the Kellogg School of Management at Northwestern University, and
a BA in politics and economics from Princeton University. Ted is a CFA Charterholder and holds FINRA licenses 7 and 63.
Grady Smith, CFA
Senior Portfolio Manager and Vice President
Grady M. Smith is a senior portfolio manager and vice president at Dimensional, and a member of our Investment Strategies Group
and the Investment Policy Committee. He has general oversight responsibilities for a broad array of global equity and fixed income
strategies. His role also includes communicating with clients and others on how Dimensional's portfolios are designed, implemented,
and operated, and the principles and academic research on which the firm is founded. Grady's experience at Dimensional includes
portfolio responsibilities and managing US and global equity mutual funds and separate accounts, as well as tax-managed equity
portfolios.
Prior to joining Dimensional in 2001, Grady spent more than twenty years as a management consultant, most recently with Mercer. As
a principal in their Los Angeles office, he was a lead consultant for some of the firm's largest accounts. Before Mercer, Grady held a
similar role with KPMG, where he also served as a national consulting skills instructor, training new consulting staff from throughout
the US.
Grady earned a BA in economics from Stanford University in 1978 and an MBA from the UCLA Anderson School of Management in
2001 (Harold M. Williams Fellow), and is a CFA Charterholder.
39
Client Service Team
Stephen Clark
Kimsey Bailey
Head of Institutional, North America,
and Vice President
Senior Associate
16 Years Investment Experience
12th Year with Firm
Education: MBA, University of Chicago Booth
School of Business; BS, Bradley University
7th Year with Firm
Education: BA, University of Florida
[email protected]
[email protected]
Joseph Young, CFA
Vice President
12th Year with Firm
Education: BS, University of Idaho
Dimensional Headquarters
6300 Bee Cave Road
Building One
Austin, TX 78746
(512) 306-7400
[email protected]
40
Investment Staff
David G. Booth
Eugene F. Fama, PhD, Nobel laureate
Jed S. Fogdall
Chairman and Co-Chief Executive Officer
Investment Committee Member
Director and Consultant
Co-Head of Portfolio Management
Investment Committee Member and
Vice President
33rd Year with Firm
Previous Employment: A.G. Becker,
John O’Brien Associates, Wells Fargo & Co.
School of Business;
MS, BA, University of Kansas
33rd Year with Firm
Robert R. McCormick Distinguished Service
Professor of Finance, University of Chicago Booth
School of Business
9th Year with Firm
Education: PhD, University of Chicago;
BA, Tufts University
Education: MBA, University of California,
Los Angeles; BS, Purdue University
Previous Employment: Boeing Company
Kenneth R. French, PhD
Arthur H.F. Barlow
Eduardo A. Repetto, PhD
Director and Consultant
Director, Co-Chief Executive Officer, and
Co-Chief Investment Officer
23rd Year with Firm
Managing Director and Senior Portfolio Manager
Equity Focus
Dimensional Fund Advisors Ltd.
Roth Family Distinguished Professor of Finance,
Dartmouth College
24th Year with Firm
Previous Employment: California Institute of
Technology
Education: PhD, University of Rochester;
MS, MBA, University of Rochester;
BS, Lehigh University
Education: MBA, BA, University of California,
Los Angeles
Education: PhD, California Institute of
Technology; MSc, Brown University;
diploma de honor, Universidad de Buenos Aires
Joseph H. Chi, CFA
14th Year with Firm
Co-Head of Portfolio Management
Investment Committee Chairman and
Vice President
8th Year with Firm
Previous Employment: Hewitt Associates
Education: MBA, University of California, Los
Angeles; JD, University of Southern California; BS,
University of California, Los Angeles
As of July 15, 2014
# 17625-1011
41
Investment Staff
Robert T. Deere
Graham Lennon
John S. Romiza
Investment Director and
Head of International Portfolio Management
Director, Senior Portfolio Manager, and Vice
President
DFA Australia Limited
Head of International Trading and
Vice President
22nd Year with Firm
Previous Employment: First Interstate Bank
19th Year with Firm
6th Year with Firm
Angeles; BS, BA, University of California,
San Diego
Previous Employment: Metquip Pty. Ltd.
Previous Employment: Franklin Templeton,
SunTrust Bank, Fidelity, State Street Bank
Education: MBA, Macquarie University, Sydney;
BE Hons, University of Technology, Sydney
Education: BA, Bentley College
Henry F. Gray
David A. Plecha, CFA
Head of Global Equity Trading and
Vice President
18th Year with Firm
Global Head of Fixed Income and
Vice President
Fixed Income and Tax-Managed
Separate Accounts Focus
Previous Employment: Metropolitan Life
Insurance Company; Bear Stearns & Co.
25th Year with Firm
Education: MA, Oxford University
School of Business; AB, Princeton University
Previous Employment: Leland O’Brien
Rubinstein Associates, Hughes Investment
Management Co.
Karen E. Umland, CFA
David M. Salisbury
Los Angeles; BS, University of Michigan
Chairman
12th Year with Firm
Previous Employment: Schroders plc
Head of Investment Strategies Group and
Non-US Equity Focus
21st Year with Firm
Previous Employment: Yale University
Investment Office
Los Angeles; BA, Yale University
As of July 15, 2014
# 17625-1011
42
Investment Staff
Akbar Ali
Paul Foley, CFA
Christian Gunther
Non-US Equity Focus
Portfolio Manager
Non-US Equity Focus
Senior Trader and Vice President
Non-US Equity Focus
10th Year with Firm
12th Year with Firm
Education: BA, University of Portsmouth
Previous Employment: Plog Research
12th Year with Firm
Previous Employment: Goldman, Sachs & Co.;
JP Morgan Chase
Angeles; MS, University of Michigan
Marcus R. Axthelm
Portfolio Manager and Vice President
Non-US Equity Focus
6th Year with Firm
Previous Employment: Commerzbank, Booz
Allen Hamilton
Education: MBA, University of Chicago;
BA, Berufsakademie Mosbach
As of July 15, 2014
# 17625-1011
Education: BA, Loyola Marymount University
Stephen J. Garth, PhD
DFA Australia Limited
Fixed Income Focus
David M. Kershner
13th Year with Firm
10th Year with Firm
Previous Employment: Australian National
University
Previous Employment: Boeing Satellite Systems
Education: PhD, Australian National University;
BSc Hons, Monash University; BA, La Trobe
University; Graduate diploma in business
administration, University of Canberra; Master
of Applied Finance, University of Southern
Queensland
US Equity Focus
Angeles; MS, BS, Pennsylvania State University
43
Investment Staff
Damien Koch
Nathan Lacaze, CFA
Travis Meldau
Portfolio Manager
Fixed Income Focus
Non-US Equity Focus
Portfolio Manager
Fixed Income Focus
2nd Year with Firm
9th Year with Firm
2nd Year with Firm
Previous Employment: Suncorp Investment
Management
Education: BE and BComm, University of Sydney
Previous Employment: Wells Capital
Management
Education: BEc, James Cook University
John Law, CFA
Joseph F. Kolerich
Portfolio Manager
Non-US Equity Focus
Education: MBA, Wake Forest University;
BSBA, Appalachian State University
Fixed Income Focus
13th Year with Firm
Previous Employment: Lincoln Capital
Management
School of Business; BS, Northern Illinois
University
As of July 15, 2014
# 17625-1011
6th Year with Firm
Previous Employment: Credit Suisse First
Boston
School of Business; MPhil, Cambridge University;
AB, Princeton University
Rob Ness
Non-US Equity Focus
10th Year with Firm
Previous Employment: The Cooperative
Research Center for Advanced Composite
Structures
Education: Master of Commerce
(actuarial studies), University of New South
Wales; Bachelor of Engineering, Sydney
University
44
Investment Staff
Pamela Noble, CFA
Allen Pu, PhD, CFA
Ted Randall
Fixed Income Focus
Non-US Equity Focus
Non-US Equity Focus
6th Year with Firm
8th Year with Firm
13th Year with Firm
Previous Employment: USAA Investment
Management Company
Previous Employment: California Institute of
Technology, Mellon Ventures
Angeles; BS, University of Southern California
Education: MBA, Neeley School of Business
at Texas Christian University; BS, Louisiana
Tech University
Education: PhD, MS, California Institute of
Technology; MBA, University of California, Los
Angeles; BS, The Cooper Union
Bhanu Singh
Daniel C. Ong, CFA
Stephen A. Quance
Non-US Equity Focus
Non-US Equity Equity Focus
9th Year with Firm
7th Year with Firm
Previous Employment: Metropolitan West
Asset Management
Previous Employment: UBS Wealth
Management, Williams Companies,
Schlumberger
School of Business; BA, University of California,
Irvine
As of July 15, 2014
# 17625-1011
Portfolio Manager and
Non-US Equity Focus
8th Year with Firm
Education: MBA, University of Chicago;
BA, University of California, Los Angeles
Education: MBA, University of Texas, Austin;
BS, Rice University
45
Performance
As of June 30, 2014
Year to 2nd Quarter
Date
2014
Annualized Returns1 (%)
1 Year
2 Year
3 Years
5 Years
Since 4/13
Account
Inception
Since 7/08
Portfolio
Inception
DFA Global Real Estate Securities Portfolio (gross of fees)
16.36
8.08
15.41
13.09
10.76
20.90
8.58
7.69
DFA Global Real Estate Securities Portfolio (net of fees)
16.18
7.99
15.04
12.73
10.39
20.46
8.23
7.27
FTSE EPRA/NAREIT Developed Index (gross dividends) 2
12.21
7.88
14.38
14.33
10.19
17.41
8.10
6.16
S&P Global REIT Index (net dividends)
15.51
7.93
14.17
12.27
9.76
19.55
7.26
5.99
DFA Global Real Estate
(gross of fees)
DFA Global Real
Estate Securities
Portfolio (net of fees)
FTSE EPRA/NAREIT
Developed Index
(gross dividends)
S&P Global REIT
Index
(net dividends)
2009
33.28
32.67
38.26
31.72
2010
24.30
23.79
20.40
22.09
2011
2.23
1.81
-5.82
0.61
2012
23.58
23.17
28.65
22.38
2013
2.09
1.77
4.39
1.73
Calendar Year
Returns (%)
1.
Returns for periods shorter than one year are not annualized. Portfolio inception returns are from the first full month.
2.
FTSE EPRA/NAREIT Developed Index is the benchmark selected by Los Angeles Water and Power Employees’ Retirement
# 17595-1011
46
Characteristics (continued)
As of June 30, 2014
GLOBAL REAL ESTATE
CHARACTERISTICS
Turnover 1
Tracking Error (3 YR Annualized)
Standard Deviation (3 YR)
14.80
0.94
Beta (3 YR)
0.94
Alpha (3 YR)
1.11
Sharpe Ratio (3 YR)
0.72
Information Ratio (3 YR)
0.15
Jensen's Alpha (3 YR)
1.11
11.36
Turnover is for the fiscal year endin g October 31, 2013
Holdings are subject to change. Source: eVestment.
# 17595-1011
3.86
R2 (3 YR)
Treynor Ratio (3 YR)
1.
3.00%
47
Attribution Analysis by Size
Global Real Estate Securities Portfolio vs. S&P Global REIT Index (net dividends)
Portfolio
Average
Weights
Benchmark
Average
Weights
Portfolio
Return
Benchmark
Return
Portfolio
Allocation
Portfolio
Composition
Interaction
Total
2%
2%
10.46%
10.46%
0.00%
—
0.00%
0.00%
10BB–50BB
37%
34%
14.21%
13.74%
(0.04%)
0.15%
0.00%
0.12%
3BB–10BB
36%
37%
16.26%
16.54%
0.00%
(0.09%)
0.00%
(0.08%)
1BB–3BB
18%
21%
17.95%
17.74%
(0.05%)
0.03%
0.00%
(0.02%)
500MM–1BB
4%
5%
14.46%
13.19%
0.03%
0.04%
0.00%
0.08%
250MM–500MM
1%
1%
16.22%
14.65%
0.02%
0.02%
0.00%
0.04%
0–250MM
0%
0%
17.49%
11.70%
0.00%
0.01%
0.00%
0.01%
Cash
1%
—
0.04%
—
(0.12%)
0.00%
—
(0.12%)
100%
100%
15.70%
15.66%
(0.14%)
0.17%
0.01%
0.04%
Expenses and Fees
(0.37%)
—
(0.37%)
Other
(0.29%)
(1.50%)
1.21%
Total
15.04%
14.17%
0.87%
MCap Range
50BB+
Estimated Total
Holdings are subject to change. The S&P data are provided by Standard & Poor's Index Services Group. 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.
48
Attribution Analysis by Sector (GIC REIT Industry)
Portfolio
Average
Weights
Benchmark
Average
Weights
Portfolio
Return
Benchmark
Return
Portfolio
Allocation
Portfolio
Composition
Interaction
Total
Diversified REIT
16%
19%
22.63%
20.43%
(0.08%)
0.30%
0.00%
0.22%
Health Care REIT
3%
3%
7.60%
7.69%
(0.00%)
(0.01%)
0.00%
(0.01%)
Hotel and Resort REIT
2%
2%
13.28%
13.36%
(0.02%)
(0.01%)
0.00%
(0.02%)
Industrial REIT
7%
7%
16.30%
17.46%
(0.00%)
(0.06%)
0.00%
(0.06%)
Mortgage REIT
—
0%
—
1.47%
0.00%
—
(0.00%)
0.00%
Office REIT
15%
14%
15.89%
15.97%
(0.01%)
(0.01%)
0.00%
(0.02%)
Residential REIT
12%
11%
12.12%
10.75%
(0.03%)
0.15%
0.00%
0.12%
Retail REIT
31%
30%
16.03%
16.33%
0.02%
(0.08%)
0.00%
(0.06%)
Specialized REIT
14%
14%
7.26%
8.44%
0.02%
(0.11%)
0.00%
(0.08%)
Other Industry
0%
0%
51.59%
0.24%
(0.04%)
0.10%
0.00%
0.06%
Cash
1%
—
0.04%
—
(0.12%)
0.00%
—
(0.12%)
100%
100%
15.70%
15.66%
(0.25%)
0.27%
0.01%
0.04%
Expenses and Fees
(0.37%)
—
(0.37%)
Other
(0.29%)
(1.50%)
1.21%
Total
15.04%
14.17%
0.87%
Sector
Estimated Total
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
49
Attribution Analysis by Region
Portfolio
Average
Weights
Benchmark
Average
Weights
Portfolio
Return
Benchmark
Return
Portfolio
Allocation
Portfolio
Composition
Interaction
Total
62%
63%
13.14%
13.05%
(0.02%)
0.07%
0.00%
0.05%
Australia/New Zealand
9%
9%
14.75%
15.20%
(0.02%)
(0.04%)
0.00%
(0.05%)
Continental Europe
7%
7%
33.17%
33.68%
0.03%
(0.03%)
0.00%
0.00%
UK/Ireland
6%
6%
40.13%
38.86%
0.08%
0.06%
(0.00%)
0.14%
Japan
7%
7%
15.17%
16.82%
(0.06%)
(0.11%)
0.00%
(0.16%)
Singapore/Hong Kong
5%
5%
12.60%
11.24%
(0.00%)
0.07%
0.00%
0.07%
Middle East
0%
0%
29.07%
29.75%
0.01%
0.00%
(0.00%)
0.01%
Emerging—Latin America
1%
1%
10.24%
8.56%
(0.03%)
0.01%
(0.00%)
(0.03%)
Emerging—Asia
1%
1%
(6.84%)
(6.57%)
0.01%
(0.00%)
0.00%
0.00%
Emerging—Europe
0%
0%
1.87%
(9.08%)
0.04%
0.02%
0.00%
0.06%
Emerging—Africa
1%
1%
0.42%
0.00%
0.05%
0.00%
0.00%
0.05%
Cash
1%
—
0.04%
—
(0.12%)
0.00%
—
(0.12%)
100%
100%
15.70%
15.66%
(0.02%)
0.05%
0.01%
0.04%
Expenses and Fees
(0.37%)
—
(0.37%)
Other
(0.29%)
(1.50%)
1.21%
Total
15.04%
14.17%
0.87%
Region
US/Canada
Estimated Total
50
Attribution Analysis by Country
Country
Australia
Belgium
Canada
China
France
Germany
Greece
Hong Kong
Ireland
Israel
Italy
Japan
Malaysia
Mexico
Netherlands
New Zealand
Singapore
South Africa
Taiwan
Thailand
Turkey
UK
US
Cash
Estimated Total
Expenses and Fees
Other
Total
Portfolio
Average
Weights
Benchmark
Average
Weights
9%
1%
3%
0%
2%
0%
0%
2%
—
0%
0%
7%
0%
1%
4%
0%
3%
1%
0%
—
0%
6%
60%
1%
100%
9%
1%
2%
—
5%
0%
0%
2%
0%
0%
0%
7%
0%
1%
1%
0%
3%
1%
0%
0%
0%
6%
60%
—
100%
Portfolio
Return
Benchmark
Return
Portfolio
Allocation
Portfolio
Composition
Interaction
Total
14.47%
22.64%
8.99%
(4.18%)
37.75%
24.45%
57.00%
12.78%
—
29.07%
60.28%
15.17%
(5.00%)
10.24%
32.61%
24.50%
12.30%
0.42%
(12.27%)
—
1.42%
40.13%
13.33%
0.04%
15.70%
(0.37%)
(0.29%)
15.04%
14.93%
21.37%
8.87%
—
34.04%
23.27%
44.68%
10.90%
(13.92%)
29.75%
60.88%
16.82%
(5.30%)
8.56%
37.76%
23.58%
11.41%
0.00%
(9.75%)
(5.64%)
(8.94%)
39.26%
13.25%
—
15.66%
—
(1.50%)
14.17%
(0.02%)
0.00%
(0.00%)
(0.01%)
(0.48%)
0.00%
(0.00%)
0.00%
0.02%
0.01%
0.01%
(0.06%)
0.02%
(0.03%)
0.55%
(0.00%)
0.00%
0.05%
(0.03%)
0.04%
0.05%
0.08%
(0.01%)
(0.12%)
0.08%
(0.04%)
0.01%
0.00%
(0.01%)
0.04%
0.00%
0.00%
0.03%
—
0.00%
(0.00%)
(0.11%)
(0.00%)
0.01%
(0.14%)
0.00%
0.03%
0.00%
(0.01%)
—
0.01%
0.04%
0.06%
0.00%
(0.05%)
0.00%
0.00%
0.00%
—
0.00%
(0.00%)
(0.00%)
0.00%
0.00%
(0.00%)
(0.00%)
0.00%
0.00%
(0.00%)
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
(0.00%)
0.00%
—
0.01%
(0.05%)
0.01%
0.00%
(0.02%)
(0.43%)
0.00%
(0.00%)
0.04%
0.02%
0.01%
0.01%
(0.16%)
0.02%
(0.03%)
0.42%
(0.00%)
0.03%
0.05%
(0.03%)
0.04%
0.06%
0.12%
0.05%
(0.12%)
0.04%
(0.37%)
1.21%
0.87%
51
Portfolio Holdings
Global Real Estate Securities Portfolio, as of April 30, 2014
Country
SIMON PROPERTY GROUP INC
UNIBAIL-RODAMCO SE
PUBLIC STORAGE
WESTFIELD GROUP
EQUITY RESIDENTIAL
PROLOGIS INC
HCP INC
VENTAS INC
HEALTH CARE REIT INC
BOSTON PROPERTIES INC
VORNADO REALTY TRUST
AVALONBAY COMMUNITIES INC
HOST HOTELS & RESORTS INC
LAND SECURITIES GROUP PLC
LINK REIT
BRITISH LAND CO PLC
GENERAL GROWTH PROPERTIES
ESSEX PROPERTY TRUST INC
SL GREEN REALTY CORP
REALTY INCOME CORP
KIMCO REALTY CORP
MACERICH CO/THE
WESTFIELD RETAIL TRUST
STOCKLAND
GOODMAN GROUP
FEDERAL REALTY INVS TRUST
NIPPON BUILDING FUND INC
DIGITAL REALTY TRUST INC
HAMMERSON PLC
JAPAN REAL ESTATE INVESTMENT
UDR INC
# 17867-1011
United States
Netherlands
United States
Australia
United States
United States
United States
United States
United States
United States
United States
United States
United States
United Kingdom
Hong Kong
United Kingdom
United States
United States
United States
United States
United States
United States
Australia
Australia
Australia
United States
Japan
United States
United Kingdom
Japan
United States
6.01%
2.96%
2.92%
2.37%
2.33%
2.33%
2.25%
2.22%
2.10%
2.05%
1.98%
1.93%
1.89%
1.61%
1.42%
1.29%
1.26%
1.19%
1.14%
1.09%
1.07%
1.05%
1.02%
0.95%
0.92%
0.90%
0.90%
0.78%
0.78%
0.75%
0.74%
52
Portfolio Holdings
Country
GPT GROUP
CAMDEN PROPERTY TRUST
DUKE REALTY CORP
EXTRA SPACE STORAGE INC
DEXUS PROPERTY GROUP
LIBERTY PROPERTY TRUST
ALEXANDRIA REAL ESTATE EQUIT
DDR CORP
MID-AMERICA APARTMENT COMM
KILROY REALTY CORP
REGENCY CENTERS CORP
JAPAN RETAIL FUND INVESTMENT
TAUBMAN CENTERS INC
KLEPIERRE
APARTMENT INVT & MGMT CO -A
HOSPITALITY PROPERTIES TRUST
SENIOR HOUSING PROP TRUST
SEGRO PLC
OMEGA HEALTHCARE INVESTORS
FIBRA UNO ADMINISTRACION SA
DERWENT LONDON PLC
NATIONAL RETAIL PROPERTIES
INTU PROPERTIES PLC
CAPITAMALL TRUST
RIOCAN REAL ESTATE INVST TR
AMERICAN CAMPUS COMMUNITIES
BIOMED REALTY TRUST INC
ASCENDAS REAL ESTATE INV TRT
CFS RETAIL PROPERTY TRUST GR
DOUGLAS EMMETT INC
UNITED URBAN INVESTMENT CORP
# 17867-1011
Australia
United States
United States
United States
Australia
United States
United States
United States
United States
United States
United States
Japan
United States
France
United States
United States
United States
United Kingdom
United States
Mexico
United Kingdom
United States
United Kingdom
Singapore
Canada
United States
United States
Singapore
Australia
United States
Japan
0.71%
0.68%
0.66%
0.66%
0.65%
0.63%
0.61%
0.60%
0.59%
0.56%
0.55%
0.55%
0.53%
0.52%
0.52%
0.52%
0.51%
0.50%
0.50%
0.49%
0.49%
0.48%
0.48%
0.48%
0.47%
0.46%
0.46%
0.46%
0.46%
0.43%
0.43%
53
Portfolio Holdings
Country
GREAT PORTLAND ESTATES PLC
HIGHWOODS PROPERTIES INC
ICADE
WEINGARTEN REALTY INVESTORS
HOME PROPERTIES INC
LASALLE HOTEL PROPERTIES
TANGER FACTORY OUTLET CENTER
EQUITY LIFESTYLE PROPERTIES
FEDERATION CENTRES
CORIO NV
EMLAK KONUT GAYRIMENKUL YATI
SUNTEC REIT
GECINA SA
CBL & ASSOCIATES PROPERTIES
FONCIERE DES REGIONS
H&R REAL ESTATE INV-REIT UTS
AMERICAN REALTY CAPITAL PROP
ADVANCE RESIDENCE INVESTMENT
SHAFTESBURY PLC
JAPAN PRIME REALTY INVESTMEN
PIEDMONT OFFICE REALTY TRU-A
EPR PROPERTIES
CAPITACOMMERCIAL TRUST
GROWTHPOINT PROPERTIES LTD
POST PROPERTIES INC
SUNSTONE HOTEL INVESTORS INC
DCT INDUSTRIAL TRUST INC
FRONTIER REAL ESTATE INVEST
CUBESMART
DIAMONDROCK HOSPITALITY CO
HEALTHCARE REALTY TRUST INC
# 17867-1011
United Kingdom
United States
France
United States
United States
United States
United States
United States
Australia
Netherlands
Turkey
Singapore
France
United States
France
Canada
United States
Japan
United Kingdom
Japan
United States
United States
Singapore
South Africa
United States
United States
United States
Japan
United States
United States
United States
0.42%
0.42%
0.42%
0.41%
0.40%
0.39%
0.39%
0.38%
0.38%
0.38%
0.37%
0.36%
0.36%
0.34%
0.34%
0.34%
0.34%
0.33%
0.33%
0.33%
0.32%
0.32%
0.32%
0.31%
0.31%
0.30%
0.29%
0.28%
0.28%
0.28%
0.28%
54
Portfolio Holdings
Country
SOVRAN SELF STORAGE INC
ORIX JREIT INC
CORPORATE OFFICE PROPERTIES
GAMING AND LEISURE PROPERTIE
BRANDYWINE REALTY TRUST
MEDICAL PROPERTIES TRUST INC
LEXINGTON REALTY TRUST
COFINIMMO
COMMONWEALTH REIT
INVESTA OFFICE FUND
RLJ LODGING TRUST
EASTGROUP PROPERTIES INC
FIRST INDUSTRIAL REALTY TR
WERELDHAVE NV
COUSINS PROPERTIES INC
RYMAN HOSPITALITY PROPERTIES
EUROCOMMERCIAL PROPERTIE-CV
STRATEGIC HOTELS & RESORTS I
JAPAN LOGISTICS FUND INC
MACK-CALI REALTY CORP
MORI TRUST SOGO REIT INC
PS BUSINESS PARKS INC/CA
WASHINGTON REIT
NIPPON ACCOMMODATIONS FUND
KENEDIX OFFICE INVESTMENT CO
DUPONT FABROS TECHNOLOGY
ALEXANDER'S INC
CAPITAL PROPERTY FUND
NOMURA REAL ESTATE OFFICE FU
CALLOWAY REAL ESTATE INVESTM
CAN REAL ESTATE INVEST TRUST
# 17867-1011
United States
Japan
United States
United States
United States
United States
United States
Belgium
United States
Australia
United States
United States
United States
Netherlands
United States
United States
Netherlands
United States
Japan
United States
Japan
United States
United States
Japan
Japan
United States
United States
South Africa
Japan
Canada
Canada
0.28%
0.27%
0.27%
0.27%
0.26%
0.26%
0.25%
0.25%
0.24%
0.23%
0.22%
0.22%
0.22%
0.22%
0.22%
0.21%
0.20%
0.20%
0.20%
0.20%
0.19%
0.19%
0.19%
0.19%
0.19%
0.18%
0.18%
0.18%
0.18%
0.18%
0.17%
55
Portfolio Holdings
Country
ACADIA REALTY TRUST
SUN COMMUNITIES INC
MORI HILLS REIT INVESTMENT C
REDEFINE PROPERTIES LTD
GLIMCHER REALTY TRUST
EQUITY ONE INC
DUNDEE REAL ESTATE INVESTM-A
RETAIL PROPERTIES OF AME - A
KEPPEL REIT
DAIWA HOUSE RESIDENTIAL INV
JAPAN EXCELLENT INC
MAPLETREE LOGISTICS TRUST
GOVERNMENT PROPERTIES INCOME
BOARDWALK REAL ESTATE INVEST
MAPLETREE COMMERCIAL TRUST
MAPLETREE INDUSTRIAL TRUST
WP CAREY INC
BEFIMMO
LONDONMETRIC PROPERTY PLC
CHAMPION REIT
BWP TRUST
EDUCATION REALTY TRUST INC
CHARTER HALL RETAIL REIT
SABRA HEALTH CARE REIT INC
INDUSTRIAL & INFRASTRUCTURE
LTC PROPERTIES INC
PENN REAL ESTATE INVEST TST
DAIWA OFFICE INVESTMENT CORP
NATL HEALTH INVESTORS INC
ALLIED PROPERTIES REAL ESTAT
TOKYU REIT INC
# 17867-1011
United States
United States
Japan
South Africa
United States
United States
Canada
United States
Singapore
Japan
Japan
Singapore
United States
Canada
Singapore
Singapore
United States
Belgium
United Kingdom
Hong Kong
Australia
United States
Australia
United States
Japan
United States
United States
Japan
United States
Canada
Japan
0.17%
0.17%
0.17%
0.17%
0.17%
0.17%
0.17%
0.17%
0.16%
0.16%
0.16%
0.16%
0.16%
0.16%
0.16%
0.15%
0.15%
0.15%
0.14%
0.14%
0.14%
0.14%
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
56
Portfolio Holdings
Country
CAN APARTMENT PROP REAL ESTA
JAPAN HOTEL REIT INVESTMENT
SHOPPING CENTRES AUSTRALASIA
BIG YELLOW GROUP PLC
VASTNED RETAIL NV
HERSHA HOSPITALITY TRUST
CROMWELL PROPERTY GROUP
WORKSPACE GROUP PLC
FELCOR LODGING TRUST INC
HANSTEEN HOLDINGS PLC
COMINAR REAL ESTATE INV-TR U
CDL HOSPITALITY TRUSTS
CHARTER HALL GROUP
RAMCO-GERSHENSON PROPERTIES
ARTIS REAL ESTATE INVESTMENT
GRANITE REAL ESTATE INVESTME
INLAND REAL ESTATE CORP
FUKUOKA REIT CORP
BENI STABILI SPA
STARHILL GLOBAL REIT
FRANKLIN STREET PROPERTIES C
ALSTRIA OFFICE REIT-AG
PEBBLEBROOK HOTEL TRUST
MERCIALYS
PARKWAY PROPERTIES INC
ASSOCIATED ESTATES REALTY CP
PREMIER INVESTMENT CORP
CHARTWELL RETIREMENT RESIDEN
WAREHOUSES DE PAUW SCA
RESILIENT PROPERTY INCOME
ASCOTT RESIDENCE TRUST
# 17867-1011
Canada
Japan
Australia
United Kingdom
Netherlands
United States
Australia
United Kingdom
United States
United Kingdom
Canada
Singapore
Australia
United States
Canada
Canada
United States
Japan
Italy
Singapore
United States
Germany
United States
France
United States
United States
Japan
Canada
Belgium
South Africa
Singapore
0.13%
0.13%
0.13%
0.12%
0.12%
0.12%
0.12%
0.12%
0.12%
0.12%
0.12%
0.11%
0.11%
0.11%
0.11%
0.11%
0.11%
0.11%
0.11%
0.11%
0.11%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
57
Portfolio Holdings
Country
RETAIL OPPORTUNITY INVESTMEN
NOMURA REAL ESTATE RESIDENTI
KIWI INCOME PROPERTY TRUST
FRASERS CENTREPOINT TRUST
ASHFORD HOSPITALITY TRUST
CAMBRIDGE INDUSTRIAL TRUST
CATHAY NO 1 REIT
FOUNTAINHEAD PROPERTY TRUST
SEKISUI HOUSE SI INVESTMENT
FIRST POTOMAC REALTY TRUST
CACHE LOGISTICS TRUST
TOP REIT INC
CAPITARETAIL CHINA TRUST
PARKWAYLIFE REAL ESTATE
EMIRA PROPERTY FUND
HYPROP INVESTMENTS LTD-UTS
ABACUS PROPERTY GROUP
JAPAN RENTAL HOUSING INVESTM
GOODMAN PROPERTY TRUST
SAFESTORE HOLDINGS PLC
KLCC PROPERTY HOLDINGS BHD
SAUL CENTERS INC
KITE REALTY GROUP TRUST
YUEXIU REAL ESTATE INVESTMEN
SA CORPORATE REAL ESTATE FUN
FORTUNE REIT
GLOBAL ONE REIT
HEIWA REAL ESTATE REIT INC
AIMS AMP CAPITAL INDUSTRIAL
AEDIFICA
SUNWAY REAL ESTATE INVESTMEN
# 17867-1011
United States
Japan
New Zealand
Singapore
United States
Singapore
Taiwan
South Africa
Japan
United States
Singapore
Japan
Singapore
Singapore
South Africa
South Africa
Australia
Japan
New Zealand
United Kingdom
Malaysia
United States
United States
China
South Africa
Hong Kong
Japan
Japan
Singapore
Belgium
Malaysia
0.09%
0.09%
0.09%
0.09%
0.09%
0.09%
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
0.07%
0.07%
0.07%
0.07%
0.07%
0.07%
0.07%
0.07%
0.07%
0.07%
0.06%
0.06%
0.06%
0.06%
58
Portfolio Holdings
Country
FRASERS COMMERCIAL TRUST
HANKYU REIT INC
ACUCAP PROPERTIES LTD
CHESAPEAKE LODGING TRUST
CAMPUS CREST COMMUNITIES INC
CAPITAMALLS MALAYSIA TRUST
HAMBORNER REIT AG
INVESTORS REAL ESTATE TRUST
ALONY HETZ PROPERTIES & INV
SPIRIT REALTY CAPITAL INC
UNIVERSAL HEALTH RLTY INCOME
FIRST REAL ESTATE INVT TRUST
LIPPO MALLS INDONESIA RETAIL
HUDSON PACIFIC PROPERTIES IN
ARGOSY PROPERTY LTD
CROMBIE REAL ESTATE INVESTME
STE DE LA TOUR EIFFEL
NORTHERN PROPERTY REAL ESTAT
MORGUARD REAL ESTATE-TR UTS
PRIMARY HEALTH PROPERTIES
SUNLIGHT REAL ESTATE INVEST
KENEDIX RESIDENTIAL INVESTME
MID REIT INC
WINTHROP REALTY TRUST
EXCEL TRUST INC
ALE PROPERTY GROUP
MACQUARIE MEXICO REAL ESTATE
URSTADT BIDDLE - CLASS A
PROSPERITY REIT
ICHIGO REAL ESTATE INVESTMEN
NIEUWE STEEN INVESTMENTS NV
# 17867-1011
Singapore
Japan
South Africa
United States
United States
Malaysia
Germany
United States
Israel
United States
United States
Singapore
Singapore
United States
New Zealand
Canada
France
Canada
Canada
United Kingdom
Hong Kong
Japan
Japan
United States
United States
Australia
Mexico
United States
Hong Kong
Japan
Netherlands
0.06%
0.06%
0.06%
0.06%
0.06%
0.06%
0.06%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
59
Portfolio Holdings
Country
SYCOM PROPERTY FUND
SUMMIT HOTEL PROPERTIES INC
CEDAR REALTY TRUST INC
PURE INDUSTRIAL REAL ESTATE
AXIS REAL ESTATE INVESTMENT
AMERICAN ASSETS TRUST INC
GETTY REALTY CORP
AGREE REALTY CORP
VUKILE PROPERTY FUND LTD
TORUNLAR GAYRIMENKUL YATIRIM
MUCKLOW ( A & J ) GROUP PLC
IMMOBILIARE GRANDE DISTRIBUZ
SABANA SHARIAH COMP IND REIT
MONMOUTH REIT-CLASS A
ROUSE PROPERTIES INC
SHIN KONG NO 1 REIT
REGAL REAL ESTATE INVESTMENT
REIT 1 LTD
IS GAYRIMENKUL YATIRIM ORTAK
ASCENDAS INDIA TRUST
INNVEST REAL ESTATE INVESTME
CATHAY NO 2 REIT
CHALLENGER DIVERSIFIED PROPE
ONE LIBERTY PROPERTIES INC
INGENIA COMMUNITIES GROUP
IGB REAL ESTATE INVESTMENT T
ASHFORD HOSPITALITY PRIME IN
VITAL HEALTHCARE PROPERTY TR
GALLOP NO 1 REIT
FUBON NO 2 REIT
LEASINVEST REAL ESTATE SCA
# 17867-1011
South Africa
United States
United States
Canada
Malaysia
United States
United States
United States
South Africa
Turkey
United Kingdom
Italy
Singapore
United States
United States
Taiwan
Hong Kong
Israel
Turkey
Singapore
Canada
Taiwan
Australia
United States
Australia
Malaysia
United States
New Zealand
Taiwan
Taiwan
Belgium
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.02%
0.02%
0.02%
0.02%
60
Portfolio Holdings
Country
INTERVEST OFFICES&WAREHOUSES
BROOKFIELD CANADA OFFICE PRO
WERELDHAVE BELGIUM
DOGUS GAYRIMENKUL YATIRIM OR
HEALTHCARE TRUST OF AME-CL A
RETAIL ESTATES
NORTHWEST HEALTHCARE PROPERT
ANF IMMOBILIER
AUSTRALIAN EDUCATION TRUST
PRECINCT PROPERTIES NEW ZEAL
ASTRO JAPAN PROPERTY GROUP
SAIZEN REIT
EUROBANK PROPERTIES REAL EST
MCKAY SECURITIES PLC-ORD
INVINCIBLE INVESTMENT CORP
VAKIF GAYRIMENKUL YATIRIM
PROPERTY FOR INDUSTRY LTD
URSTADT BIDDLE PROPERTIES
RETROCOM REAL ESTATE INVESTM
AKMERKEZ GAYRIMENKUL YATIRIM
ASPEN GROUP
AFFINE
REBOSIS PROPERTY FUND LTD
UMH PROPERTIES INC
DNZ PROPERTY FUND LTD
RREEF CHINA COMMERCIAL TRUST
YTL HOSPITALITY REIT
REDEFINE INTERNATIONAL PLC
SAF GAYRIMENKUL YATIRIM ORTA
GROWTHPOINT PROPERTIES AUSTR
STARTS PROCEED INVESTMENT CO
# 17867-1011
Belgium
Canada
Belgium
Turkey
United States
Belgium
Canada
France
Australia
New Zealand
Australia
Singapore
Greece
United Kingdom
Japan
Turkey
New Zealand
United States
Canada
Turkey
Australia
France
South Africa
United States
New Zealand
China
Malaysia
United Kingdom
Turkey
Australia
Japan
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
61
Portfolio Holdings
Country
INTERRENT REAL ESTATE INVEST
CHATHAM LODGING TRUST
GLADSTONE COMMERCIAL CORP
FAR EAST HOSPITALITY TRUST
WHITESTONE REIT
CARINDALE PROPERTY TRUST
CEGEREAL
AMFIRST REAL ESTATE INVESTM
ALARKO GAYRIMENKUL YATIRIM
FUBON NO 1 REIT
CONCENTRADORA FIBRA HOTELERA
SINPAS GAYRIMENKUL YATIRIM O
PRIME OFFICE AG
PARTNERS REAL ESTATE INVESTM
VIVIDEND INCOME FUND LTD
SOTHERLY HOTELS INC
SELECT INCOME REIT
COMFORIA RESIDENTIAL REIT IN
SELLA CAPITAL REAL ESTATE LT
ASSURA GROUP LTD
QUILL CAPITA TRUST
STAG INDUSTRIAL INC
DAIWA HOUSE REIT INVESTMENT
AKFEN GAYRIMENKUL YATIRIM OR
TOWER REAL ESTATE INVESTMENT
INVESTEC PROPERTY FUND LTD
AMANAHRAYA REIT
DUNDEE INTERNATIONAL REAL ES
ARGAN
TF ADMINISTRADORA INDUSTRIAL
NUROL GAYRIMENKUL YO AS
# 17867-1011
Canada
United States
United States
Singapore
United States
Australia
France
Malaysia
Turkey
Taiwan
Mexico
Turkey
Germany
Canada
South Africa
United States
United States
Japan
Israel
United Kingdom
Malaysia
United States
Japan
Turkey
Malaysia
South Africa
Malaysia
Canada
France
Mexico
Turkey
0.0099%
0.0096%
0.0094%
0.0091%
0.0086%
0.0082%
0.0080%
0.0078%
0.0077%
0.0076%
0.0076%
0.0075%
0.0072%
0.0066%
0.0061%
0.0061%
0.0058%
0.0056%
0.0053%
0.0040%
0.0039%
0.0039%
0.0037%
0.0033%
0.0030%
0.0027%
0.0027%
0.0026%
0.0026%
0.0026%
0.0025%
62
Portfolio Holdings
Country
ACANTHE DEVELOPPEMENT SA
GALILEO JAPAN TRUST
OZAK GAYRIMENKUL YATIRIM ORT
MORGUARD NORTH AMERICAN RESI
ASCENDAS HOSPITALITY TRUST
PLAZA RETAIL REIT
TOWN CENTRE SECURITIES PLC
HEKTAR REAL ESTATE INVESTMEN
TERREIS
ASESOR DE ACTIVOS PRISMA SAP
RESILIENT PROPERTY INCOM-RTS
MONTEA
HMG COURTLAND PROPERTIES
ROBERTS REALTY INVESTORS INC
HUNTINGDON CAPITAL CORP
ALTAREA
NPT LTD
SUPERTEL HOSPITALITY INC
GENERATION HEALTHCARE REIT
BTB REAL ESTATE INVESTMENT T
PRIME RETIREMENT & AGED CARE
# 17867-1011
France
Australia
Turkey
Canada
Singapore
Canada
United Kingdom
Malaysia
France
Mexico
South Africa
Belgium
United States
United States
Canada
France
New Zealand
United States
Australia
Canada
Australia
0.0020%
0.0018%
0.0017%
0.0015%
0.0013%
0.0010%
0.0010%
0.0009%
0.0007%
0.0006%
0.0005%
0.0005%
0.0005%
0.0005%
0.0004%
0.0004%
0.0004%
0.0003%
0.0002%
0.0002%
0.0000%
63

Global Real Estate Investment Trust Manager

Transcription

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