================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-7440
-----------------
DIMENSIONAL EMERGING MARKETS VALUE FUND
(Exact name of registrant as specified in charter)
-----------------
6300 Bee Cave Road, Building One, Austin, TX 78746
(Address of principal executive offices) (Zip code)
-----------------
Catherine L. Newell, Esquire, Vice President and Secretary
Dimensional Emerging Markets Value Fund,
6300 Bee Cave Road, Building One, Austin, TX 78746
(Name and address of agent for service)
-----------------
Registrant's telephone number, including area code: 512-306-7400
Date of fiscal year end: October 31
Date of reporting period: October 31, 2015
================================================================================
ITEM 1.REPORTS TO STOCKHOLDERS.
[LOGO]
ANNUAL REPORT
year ended: October 31, 2015
DFA INVESTMENT DIMENSIONS GROUP INC.
DIMENSIONAL INVESTMENT GROUP INC.
THE DFA INVESTMENT TRUST COMPANY
DIMENSIONAL EMERGING MARKETS VALUE FUND
[LOGO]
Dimensional Fund Advisors
6300 Bee Cave Road, Building One
Austin, TX 78746
November 2015
Dear Fellow Shareholder,
Dimensional is built around a set of ideas that are bigger than our firm. Our
point of view about market efficiency, our commitment to research, and our
focus on implementation form the basis of our approach. We are fortunate to
have found clients who are drawn to these ideas and the consistency we have
shown to these principles over time.
Combining insights gained from research with effective implementation has been
central to Dimensional's approach since our founding and will continue to be
our focus.
Sincerely,
/s/ David G. Booth
David G. Booth
Chairman and Co-Chief Executive Officer
ANNUAL REPORT
Table of Contents
Page
----
Letter to Shareholders
Definitions of Abbreviations and Footnotes........................... 1
DFA Investment Dimensions Group Inc.
Performance Charts................................................ 2
Management's Discussion and Analysis.............................. 19
Disclosure of Fund Expenses....................................... 31
Disclosure of Portfolio Holdings.................................. 36
Schedules of Investments/Summary Schedules of Portfolio Holdings
Enhanced U.S. Large Company Portfolio......................... 39
U.S. Large Cap Equity Portfolio............................... 41
U.S. Large Cap Value Portfolio................................ 44
U.S. Targeted Value Portfolio................................. 45
U.S. Small Cap Value Portfolio................................ 48
U.S. Core Equity 1 Portfolio.................................. 51
U.S. Core Equity 2 Portfolio.................................. 54
U.S. Vector Equity Portfolio.................................. 57
U.S. Small Cap Portfolio...................................... 60
U.S. Micro Cap Portfolio...................................... 63
DFA Real Estate Securities Portfolio.......................... 66
Large Cap International Portfolio............................. 68
International Core Equity Portfolio........................... 72
International Small Company Portfolio......................... 76
Japanese Small Company Portfolio.............................. 77
Asia Pacific Small Company Portfolio.......................... 77
United Kingdom Small Company Portfolio........................ 78
Continental Small Company Portfolio........................... 78
DFA International Real Estate Securities Portfolio............ 79
DFA Global Real Estate Securities Portfolio................... 82
DFA International Small Cap Value Portfolio................... 84
International Vector Equity Portfolio......................... 88
World ex U.S. Value Portfolio................................. 92
World ex U.S. Targeted Value Portfolio........................ 93
World ex U.S. Core Equity Portfolio........................... 98
World Core Equity Portfolio................................... 104
Selectively Hedged Global Equity Portfolio.................... 105
Emerging Markets Portfolio.................................... 106
Emerging Markets Small Cap Portfolio.......................... 106
Emerging Markets Value Portfolio.............................. 106
Emerging Markets Core Equity Portfolio........................ 107
Statements of Assets and Liabilities.............................. 111
Statements of Operations.......................................... 118
Statements of Changes in Net Assets............................... 125
Financial Highlights.............................................. 135
Notes to Financial Statements..................................... 154
Report of Independent Registered Public Accounting Firm........... 184
Results of the Shareholder Meeting................................ 185
i
TABLE OF CONTENTS
CONTINUED
Page
----
DFA Investment Dimensions Group Inc. - DFA Commodity Strategy Portfolio
Performance Charts................................................... 208
Management's Discussion and Analysis................................. 209
Consolidated Disclosure of Fund Expenses............................. 210
Consolidated Disclosure of Portfolio Holdings........................ 211
Consolidated Schedule of Investments................................. 212
Consolidated Statement of Assets and Liabilities..................... 217
Consolidated Statement of Operations................................. 218
Consolidated Statements of Changes in Net Assets..................... 219
Consolidated Financial Highlights.................................... 220
Consolidated Notes to Financial Statements........................... 221
Report of Independent Registered Public Accounting Firm.............. 233
Results of the Shareholder Meeting................................... 234
Dimensional Investment Group Inc.
Performance Charts................................................... 235
Management's Discussion and Analysis................................. 237
Disclosure of Fund Expenses.......................................... 240
Disclosure of Portfolio Holdings..................................... 242
Schedule of Investments/Summary Schedule of Portfolio Holdings
DFA International Value Portfolio................................ 243
U.S. Large Company Portfolio..................................... 244
Statements of Assets and Liabilities................................. 247
Statements of Operations............................................. 248
Statements of Changes in Net Assets.................................. 249
Financial Highlights................................................. 250
Notes to Financial Statements........................................ 252
Report of Independent Registered Public Accounting Firm.............. 262
Results of the Shareholder Meeting................................... 263
The DFA Investment Trust Company
Performance Charts................................................... 266
Management's Discussion and Analysis................................. 271
Disclosure of Fund Expenses.......................................... 276
Disclosure of Portfolio Holdings..................................... 278
Summary Schedules of Portfolio Holdings
The U.S. Large Cap Value Series.................................. 280
The DFA International Value Series............................... 283
The Japanese Small Company Series................................ 287
The Asia Pacific Small Company Series............................ 290
The United Kingdom Small Company Series.......................... 292
The Continental Small Company Series............................. 295
The Canadian Small Company Series................................ 299
The Emerging Markets Series...................................... 302
The Emerging Markets Small Cap Series............................ 306
Statements of Assets and Liabilities................................. 310
Statements of Operations............................................. 312
Statements of Changes in Net Assets.................................. 314
Financial Highlights................................................. 317
Notes to Financial Statements........................................ 322
Report of Independent Registered Public Accounting Firm.............. 333
Results of the Shareholder Meeting................................... 334
ii
TABLE OF CONTENTS
CONTINUED
Page
----
Dimensional Emerging Markets Value Fund
Performance Charts...................................... 340
Management's Discussion and Analysis.................... 341
Disclosure of Fund Expenses............................. 342
Disclosure of Portfolio Holdings........................ 343
Summary Schedule of Portfolio Holdings.................. 344
Statement of Assets and Liabilities..................... 348
Statement of Operations................................. 349
Statements of Changes in Net Assets..................... 350
Financial Highlights.................................... 351
Notes to Financial Statements........................... 352
Report of Independent Registered Public Accounting Firm. 358
Results of the Shareholder Meeting...................... 359
Fund Management............................................ 360
Voting Proxies on Fund Portfolio Securities................ 373
Notice to Shareholders..................................... 374
This report is submitted for the information of the Funds' shareholders. It is
not authorized for distribution to prospective investors unless preceded or
accompanied by an effective prospectus.
iii
DFA INVESTMENT DIMENSIONS GROUP INC.
DIMENSIONAL INVESTMENT GROUP INC.
THE DFA INVESTMENT TRUST COMPANY
DIMENSIONAL EMERGING MARKETS VALUE FUND
DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES
Schedules of Investments/Summary Schedules of Portfolio Holdings
----------------------------------------------------------------
Investment Abbreviations
ADR American Depositary Receipt
P.L.C. Public Limited Company
USD United States Dollars
Investment Footnotes
+ See Note B to Financial Statements.
++ Securities that have generally been fair value factored. See Note B to Financial Statements.
** Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category
headings have been calculated as a percentage of total investments. "Other Securities" are those
securities that are not among the top 50 holdings in unaffiliated issues of the Fund or do not represent
more than 1.0% of the net assets of the Fund. Some of the individual securities within this category
may include Total or Partial Securities on Loan and/or Non-Income Producing Securities.
* Non-Income Producing Securities.
# Total or Partial Securities on Loan.
^ Denominated in USD, unless otherwise noted.
@ Security purchased with cash proceeds from Securities on Loan.
^^ Security pledged as collateral for the Open Futures Contracts.
++ Security pledged as collateral for Swap Agreements.
(S) Affiliated Fund.
Financial Highlights
--------------------
(A) Computed using average shares outstanding.
(B) Represents the combined ratios for the respective portfolio and its respective pro-rata share of its
Master Fund(s).
(C) Because of commencement of operations and related preliminary transaction costs, these ratios
are not necessarily indicative of future ratios.
(D) Non-Annualized
(E) Annualized
All Statements, Schedules and Notes to Financial Statements
-----------------------------------------------------------
-- Amounts designated as -- are either zero or rounded to zero.
REIT Real Estate Investment Trust
SEC Securities and Exchange Commission
(a) Commencement of Operations.
1
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
ENHANCED U.S. LARGE COMPANY PORTFOLIO VS.
S&P 500(R) INDEX
October 31, 2005-October 31, 2015
[CHART]
Enhanced U.S. Large Company
Portfolio S&P 500/R/ Index
--------------------------------- ------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,381 10,378
12/1/2005 10,381 10,382
1/1/2006 10,660 10,657
2/1/2006 10,660 10,686
3/1/2006 10,794 10,819
4/1/2006 10,923 10,964
5/1/2006 10,600 10,648
6/1/2006 10,611 10,663
7/1/2006 10,675 10,729
8/1/2006 10,923 10,984
9/1/2006 11,203 11,267
10/1/2006 11,558 11,634
11/1/2006 11,784 11,855
12/1/2006 11,941 12,022
1/1/2007 12,111 12,204
2/1/2007 11,873 11,965
3/1/2007 12,009 12,099
4/1/2007 12,529 12,635
5/1/2007 12,958 13,076
6/1/2007 12,732 12,858
7/1/2007 12,348 12,460
8/1/2007 12,517 12,646
9/1/2007 12,983 13,119
10/1/2007 13,191 13,328
11/1/2007 12,636 12,771
12/1/2007 12,546 12,682
1/1/2008 11,760 11,921
2/1/2008 11,379 11,534
3/1/2008 11,328 11,484
4/1/2008 11,861 12,043
5/1/2008 12,026 12,200
6/1/2008 11,005 11,172
7/1/2008 10,915 11,078
8/1/2008 11,082 11,238
9/1/2008 10,061 10,236
10/1/2008 8,346 8,517
11/1/2008 7,778 7,906
12/1/2008 7,869 7,990
1/1/2009 7,210 7,317
2/1/2009 6,422 6,538
3/1/2009 7,006 7,110
4/1/2009 7,697 7,791
5/1/2009 8,157 8,227
6/1/2009 8,186 8,243
7/1/2009 8,834 8,866
8/1/2009 9,179 9,186
9/1/2009 9,540 9,529
10/1/2009 9,366 9,352
11/1/2009 9,959 9,913
12/1/2009 10,130 10,105
1/1/2010 9,782 9,741
2/1/2010 10,101 10,043
3/1/2010 10,696 10,649
4/1/2010 10,870 10,817
5/1/2010 10,014 9,953
6/1/2010 9,499 9,432
7/1/2010 10,169 10,093
8/1/2010 9,718 9,638
9/1/2010 10,587 10,498
10/1/2010 10,996 10,897
11/1/2010 10,981 10,898
12/1/2010 11,716 11,627
1/1/2011 12,009 11,902
2/1/2011 12,404 12,310
3/1/2011 12,404 12,315
4/1/2011 12,798 12,680
5/1/2011 12,681 12,536
6/1/2011 12,462 12,327
7/1/2011 12,228 12,077
8/1/2011 11,555 11,421
9/1/2011 10,736 10,618
10/1/2011 11,921 11,778
11/1/2011 11,848 11,752
12/1/2011 11,980 11,872
1/1/2012 12,542 12,404
2/1/2012 13,089 12,941
3/1/2012 13,533 13,367
4/1/2012 13,459 13,283
5/1/2012 12,645 12,484
6/1/2012 13,176 12,999
7/1/2012 13,399 13,179
8/1/2012 13,710 13,476
9/1/2012 14,062 13,825
10/1/2012 13,809 13,569
11/1/2012 13,899 13,648
12/1/2012 14,012 13,772
1/1/2013 14,730 14,486
2/1/2013 14,939 14,682
3/1/2013 15,492 15,233
4/1/2013 15,792 15,526
5/1/2013 16,150 15,890
6/1/2013 15,903 15,676
7/1/2013 16,742 16,474
8/1/2013 16,248 15,997
9/1/2013 16,757 16,498
10/1/2013 17,537 17,257
11/1/2013 18,076 17,783
12/1/2013 18,511 18,233
1/1/2014 17,896 17,603
2/1/2014 18,706 18,408
3/1/2014 18,851 18,563
4/1/2014 19,001 18,700
5/1/2014 19,467 19,139
6/1/2014 19,841 19,534
7/1/2014 19,555 19,265
8/1/2014 20,353 20,035
9/1/2014 20,052 19,754
10/1/2014 20,549 20,237
11/1/2014 21,136 20,781
12/1/2014 21,019 20,729
1/1/2015 20,450 20,107
2/1/2015 21,587 21,262
3/1/2015 21,277 20,926
4/1/2015 21,467 21,127
5/1/2015 21,760 21,398
6/1/2015 21,300 20,984
7/1/2015 21,766 21,424
8/1/2015 20,403 20,131 Past performance is not predictive of
9/1/2015 19,920 19,633 future performance.
10/1/2015 21,628 21,289 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Ten would pay on fund distributions or the
Total Return Year Years Years redemption of fund shares.
----------------------------------------------------------- The S&P data are provided by Standard
5.25% 14.49% 8.02% & Poor's Index Services Group.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
U.S. LARGE CAP EQUITY PORTFOLIO VS.
RUSSELL 1000(R) INDEX
June 25, 2013-October 31, 2015
[CHART]
U.S. Large Cap
Equity Portfolio Russell 1000/R/ Index
----------------- ---------------------
6/1/2013 $10,000 $10,000
6/1/2013 10,020 10,130
7/1/2013 10,550 10,672
8/1/2013 10,270 10,378
9/1/2013 10,630 10,740
10/1/2013 11,101 11,213
11/1/2013 11,452 11,527
12/1/2013 11,757 11,838
1/1/2014 11,333 11,460
2/1/2014 11,878 12,004
3/1/2014 11,985 12,080
4/1/2014 12,046 12,137
5/1/2014 12,319 12,416
6/1/2014 12,623 12,699
7/1/2014 12,410 12,493
8/1/2014 12,928 13,010
9/1/2014 12,654 12,781
10/1/2014 12,899 13,094
11/1/2014 13,205 13,437
12/1/2014 13,175 13,405
1/1/2015 12,775 13,037
2/1/2015 13,555 13,790
3/1/2015 13,391 13,619
4/1/2015 13,463 13,715
5/1/2015 13,659 13,895
6/1/2015 13,399 13,634
7/1/2015 13,564 13,897 Past performance is not predictive of
8/1/2015 12,768 13,061 future performance.
9/1/2015 12,374 12,703 The returns shown do not reflect the
10/1/2015 13,350 13,731 deduction of taxes that a shareholder
would pay on fund distributions or the
Average Annual One Since redemption of fund shares.
Total Return Year Inception Russell data copyright (C) Russell
--------------------------------------------------- Investment Group 1995-2015, all rights
3.49% 13.08% reserved.
--------------------------------------------------------------------------------
2
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
U.S. LARGE CAP VALUE PORTFOLIO VS.
RUSSELL 1000(R) VALUE INDEX
October 31, 2005-October 31, 2015
[CHART]
U.S. Large Cap Value Portfolio Russell 1000/R/ Value Index
------------------------------- ---------------------------
10/31/2005 $10,000 $10,000
11/30/2005 10,398 10,327
12/31/2005 10,411 10,389
1/31/2006 10,904 10,792
2/28/2006 10,866 10,858
3/31/2006 11,057 11,005
4/30/2006 11,369 11,285
5/31/2006 11,158 11,000
6/30/2006 11,255 11,070
7/31/2006 11,091 11,339
8/31/2006 11,269 11,529
9/30/2006 11,581 11,759
10/31/2006 12,039 12,144
11/30/2006 12,266 12,421
12/31/2006 12,513 12,700
1/31/2007 12,875 12,862
2/28/2007 12,681 12,662
3/31/2007 12,764 12,857
4/30/2007 13,306 13,332
5/31/2007 13,852 13,813
6/30/2007 13,627 13,491
7/31/2007 12,780 12,867
8/31/2007 12,536 13,011
9/30/2007 12,860 13,458
10/31/2007 12,930 13,459
11/30/2007 12,206 12,801
12/31/2007 12,167 12,678
1/31/2008 11,700 12,170
2/29/2008 11,338 11,660
3/31/2008 11,232 11,573
4/30/2008 11,937 12,137
5/31/2008 12,221 12,117
6/30/2008 10,882 10,957
7/31/2008 10,760 10,918
8/31/2008 10,971 11,104
9/30/2008 9,985 10,288
10/31/2008 7,735 8,507
11/30/2008 6,976 7,897
12/31/2008 7,203 8,006
1/31/2009 6,349 7,086
2/28/2009 5,457 6,139
3/31/2009 5,994 6,664
4/30/2009 6,964 7,378
5/31/2009 7,498 7,834
6/30/2009 7,407 7,777
7/31/2009 8,105 8,413
8/31/2009 8,656 8,853
9/30/2009 9,033 9,195
10/31/2009 8,645 8,914
11/30/2009 9,131 9,416
12/31/2009 9,377 9,583
1/31/2010 9,157 9,313
2/28/2010 9,553 9,607
3/31/2010 10,298 10,233
4/30/2010 10,623 10,498
5/31/2010 9,714 9,635
6/30/2010 8,980 9,092
7/31/2010 9,682 9,708
8/31/2010 9,090 9,292
9/30/2010 9,981 10,013
10/31/2010 10,349 10,314
11/30/2010 10,271 10,259
12/31/2010 11,269 11,069
1/31/2011 11,633 11,319
2/28/2011 12,260 11,737
3/31/2011 12,316 11,783
4/30/2011 12,625 12,097
5/31/2011 12,445 11,969
6/30/2011 12,219 11,724
7/31/2011 11,661 11,335
8/31/2011 10,675 10,628
9/30/2011 9,596 9,824
10/31/2011 10,921 10,949
11/30/2011 10,830 10,893
12/31/2011 10,916 11,112
1/31/2012 11,457 11,532
2/29/2012 12,119 11,992
3/31/2012 12,341 12,348
4/30/2012 12,083 12,222
5/31/2012 11,225 11,505
6/30/2012 11,828 12,076
7/31/2012 11,943 12,201
8/31/2012 12,414 12,466
9/30/2012 12,867 12,862
10/31/2012 12,902 12,799
11/30/2012 12,931 12,793
12/31/2012 13,323 13,058
1/31/2013 14,248 13,906
2/28/2013 14,428 14,106
3/31/2013 15,121 14,665
4/30/2013 15,273 14,886
5/31/2013 15,903 15,269
6/30/2013 15,720 15,134
7/31/2013 16,663 15,951
8/31/2013 16,165 15,346
9/30/2013 16,643 15,730
10/31/2013 17,484 16,419
11/30/2013 18,214 16,877
12/31/2013 18,695 17,305
1/31/2014 17,956 16,690
2/28/2014 18,559 17,412
3/31/2014 18,994 17,828
4/30/2014 19,118 17,997
5/31/2014 19,533 18,261
6/30/2014 20,066 18,738
7/31/2014 19,917 18,418
8/31/2014 20,548 19,095
9/30/2014 20,036 18,701
10/31/2014 20,192 19,122
11/30/2014 20,425 19,513
12/31/2014 20,576 19,633
1/31/2015 19,553 18,848
2/28/2015 20,933 19,760
3/31/2015 20,532 19,491
4/30/2015 20,951 19,673
5/31/2015 21,176 19,910
6/30/2015 20,833 19,512 Past performance is not predictive of
7/31/2015 20,779 19,598 future performance.
8/31/2015 19,515 18,430 The returns shown do not reflect the
9/30/2015 18,884 17,874 deduction of taxes that a shareholder
10/31/2015 20,425 19,223 would pay on fund distributions or the
Average Annual One Five Ten redemption of fund shares.
Total Return Year Years Years Russell data copyright (C) Russell
-------------------------------------------------------------- Investment Group 1995-2015, all rights
1.16% 14.57% 7.40% reserved.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
U.S. TARGETED VALUE PORTFOLIO -- CLASS R1 VS.
RUSSELL 2000(R) VALUE INDEX
January 31, 2008-October 31, 2015
[CHART]
U.S. Targeted
Value Portfolio - Class R1 Russell 2000/R/ Value Index
-------------------------- ---------------------------
1/31/2008 $10,000 $10,000
2/29/2008 9,750 9,603
3/31/2008 9,821 9,747
4/30/2008 10,152 10,056
5/31/2008 10,613 10,400
6/30/2008 9,538 9,402
7/31/2008 9,790 9,884
8/31/2008 10,233 10,353
9/30/2008 9,575 9,868
10/31/2008 7,504 7,897
11/30/2008 6,525 6,982
12/31/2008 6,946 7,412
1/31/2009 5,999 6,353
2/28/2009 5,204 5,471
3/31/2009 5,777 5,956
4/30/2009 6,902 6,901
5/31/2009 7,137 7,051
6/30/2009 7,107 7,028
7/31/2009 7,959 7,841
8/31/2009 8,379 8,212
9/30/2009 8,844 8,624
10/31/2009 8,207 8,051
11/30/2009 8,484 8,308
12/31/2009 9,150 8,937
1/31/2010 8,943 8,675
2/28/2010 9,449 9,077
3/31/2010 10,229 9,832
4/30/2010 10,973 10,520
5/31/2010 9,981 9,631
6/30/2010 9,031 8,790
7/31/2010 9,735 9,418
8/31/2010 8,948 8,710
9/30/2010 10,044 9,645
10/31/2010 10,417 10,019
11/30/2010 10,840 10,273
12/31/2010 11,805 11,127
1/31/2011 11,883 11,133
2/28/2011 12,550 11,698
3/31/2011 12,792 11,861
4/30/2011 12,998 12,053
5/31/2011 12,678 11,837
6/30/2011 12,397 11,546
7/31/2011 11,964 11,165
8/31/2011 10,763 10,178
9/30/2011 9,425 9,067
10/31/2011 10,905 10,373
11/30/2011 10,941 10,353
12/31/2011 11,049 10,515
1/31/2012 11,719 11,214
2/29/2012 12,144 11,380
3/31/2012 12,369 11,733
4/30/2012 12,168 11,564
5/31/2012 11,260 10,857
6/30/2012 11,715 11,380
7/31/2012 11,657 11,264
8/31/2012 12,192 11,612
9/30/2012 12,577 12,025
10/31/2012 12,505 11,874
11/30/2012 12,715 11,911
12/31/2012 13,155 12,413
1/31/2013 14,059 13,152
2/28/2013 14,291 13,303
3/31/2013 14,987 13,856
4/30/2013 14,840 13,843
5/31/2013 15,567 14,257
6/30/2013 15,460 14,199
7/31/2013 16,545 15,111
8/31/2013 15,941 14,443
9/30/2013 16,826 15,277
10/31/2013 17,555 15,773
11/30/2013 18,331 16,389
12/31/2013 18,804 16,698
1/31/2014 17,913 16,052
2/28/2014 18,845 16,787
3/31/2014 19,217 16,994
4/30/2014 18,862 16,557
5/31/2014 19,044 16,662
6/30/2014 19,852 17,399
7/31/2014 18,859 16,347
8/31/2014 19,819 17,058
9/30/2014 18,629 15,907
10/31/2014 19,217 17,018
11/30/2014 19,110 16,939
12/31/2014 19,348 17,402
1/31/2015 18,502 16,678
2/28/2015 19,828 17,452
3/31/2015 20,100 17,747
4/30/2015 19,891 17,367
5/31/2015 20,179 17,511
6/30/2015 20,105 17,534 Past performance is not predictive of
7/31/2015 19,580 17,051 future performance.
8/31/2015 18,783 16,213 The returns shown do not reflect the
9/30/2015 17,863 15,652 deduction of taxes that a shareholder
10/31/2015 18,962 16,528 would pay on fund distributions or the
Average Annual One Five Since redemption of fund shares.
Total Return Year Years Inception Russell data copyright (C) Russell
-------------------------------------------------------------- Investment Group 1995-2015, all rights
-1.33% 12.73% 8.61% reserved.
--------------------------------------------------------------------------------
3
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
U.S. TARGETED VALUE PORTFOLIO -- CLASS R2 VS.
RUSSELL 2000(R) VALUE INDEX
June 30, 2008-October 31, 2015
[CHART]
U.S. Targeted Value
Portfolio - Class R2 Russell 2000/R/ Value Index
------------------------ ---------------------------
6/1/2008 $10,000 $10,000
7/1/2008 10,260 10,513
8/1/2008 10,720 11,012
9/1/2008 10,038 10,496
10/1/2008 7,860 8,399
11/1/2008 6,836 7,427
12/1/2008 7,274 7,883
1/1/2009 6,272 6,757
2/1/2009 5,443 5,819
3/1/2009 6,038 6,335
4/1/2009 7,216 7,341
5/1/2009 7,459 7,499
6/1/2009 7,436 7,476
7/1/2009 8,321 8,340
8/1/2009 8,768 8,735
9/1/2009 9,248 9,173
10/1/2009 8,585 8,564
11/1/2009 8,871 8,836
12/1/2009 9,568 9,506
1/1/2010 9,343 9,227
2/1/2010 9,865 9,655
3/1/2010 10,685 10,458
4/1/2010 11,453 11,190
5/1/2010 10,419 10,244
6/1/2010 9,434 9,350
7/1/2010 10,161 10,017
8/1/2010 9,341 9,264
9/1/2010 10,484 10,259
10/1/2010 10,874 10,656
11/1/2010 11,306 10,927
12/1/2010 12,308 11,835
1/1/2011 12,396 11,841
2/1/2011 13,085 12,443
3/1/2011 13,336 12,615
4/1/2011 13,544 12,820
5/1/2011 13,211 12,591
6/1/2011 12,926 12,281
7/1/2011 12,466 11,875
8/1/2011 11,214 10,826
9/1/2011 9,820 9,644
10/1/2011 11,364 11,034
11/1/2011 11,401 11,011
12/1/2011 11,510 11,184
1/1/2012 12,209 11,927
2/1/2012 12,644 12,105
3/1/2012 12,877 12,480
4/1/2012 12,667 12,299
5/1/2012 11,721 11,548
6/1/2012 12,189 12,105
7/1/2012 12,129 11,981
8/1/2012 12,686 12,351
9/1/2012 13,082 12,791
10/1/2012 13,007 12,630
11/1/2012 13,225 12,669
12/1/2012 13,677 13,203
1/1/2013 14,611 13,989
2/1/2013 14,861 14,149
3/1/2013 15,577 14,738
4/1/2013 15,424 14,724
5/1/2013 16,181 15,164
6/1/2013 16,064 15,102
7/1/2013 17,185 16,073
8/1/2013 16,548 15,362
9/1/2013 17,472 16,249
10/1/2013 18,223 16,777
11/1/2013 19,022 17,432
12/1/2013 19,515 17,760
1/1/2014 18,587 17,073
2/1/2014 19,549 17,855
3/1/2014 19,932 18,076
4/1/2014 19,563 17,611
5/1/2014 19,752 17,723
6/1/2014 20,586 18,507
7/1/2014 19,553 17,387
8/1/2014 20,551 18,143
9/1/2014 19,315 16,919
10/1/2014 19,918 18,101
11/1/2014 19,798 18,017
12/1/2014 20,051 18,509
1/1/2015 19,171 17,739
2/1/2015 20,540 18,563
3/1/2015 20,817 18,876
4/1/2015 20,600 18,473
5/1/2015 20,890 18,626
6/1/2015 20,816 18,650
7/1/2015 20,271 18,136 Past performance is not predictive of
8/1/2015 19,443 17,245 future performance.
9/1/2015 18,490 16,648 The returns shown do not reflect the
10/1/2015 19,621 17,580 deduction of taxes that a shareholder
would pay on fund distributions or the
Average Annual One Five Since redemption of fund shares.
Total Return Year Years Inception Russell data copyright (C) Russell
---------------------------------------------------------------- Investment Group 1995-2015, all rights
-1.49% 12.53% 9.62% reserved.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
U.S. TARGETED VALUE PORTFOLIO -- INSTITUTIONAL CLASS VS.
RUSSELL 2000(R) VALUE INDEX
October 31, 2005-October 31, 2015
[CHART]
U.S. Targeted Value
Portfolio - Institutional Class Russell 2000/R/ Value Index
--------------------------------- ---------------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,465 10,406
12/1/2005 10,509 10,326
1/1/2006 11,353 11,180
2/1/2006 11,233 11,179
3/1/2006 11,698 11,720
4/1/2006 11,851 11,752
5/1/2006 11,439 11,265
6/1/2006 11,504 11,403
7/1/2006 11,150 11,245
8/1/2006 11,404 11,581
9/1/2006 11,520 11,694
10/1/2006 12,089 12,290
11/1/2006 12,503 12,640
12/1/2006 12,579 12,750
1/1/2007 12,842 12,941
2/1/2007 12,776 12,782
3/1/2007 12,874 12,937
4/1/2007 13,137 13,071
5/1/2007 13,706 13,550
6/1/2007 13,525 13,234
7/1/2007 12,545 12,108
8/1/2007 12,508 12,350
9/1/2007 12,546 12,406
10/1/2007 12,575 12,541
11/1/2007 11,679 11,602
12/1/2007 11,549 11,504
1/1/2008 10,997 11,032
2/1/2008 10,717 10,593
3/1/2008 10,808 10,753
4/1/2008 11,165 11,093
5/1/2008 11,680 11,472
6/1/2008 10,499 10,372
7/1/2008 10,772 10,903
8/1/2008 11,258 11,421
9/1/2008 10,546 10,886
10/1/2008 8,260 8,711
11/1/2008 7,185 7,702
12/1/2008 7,648 8,176
1/1/2009 6,597 7,008
2/1/2009 5,730 6,035
3/1/2009 6,355 6,571
4/1/2009 7,594 7,613
5/1/2009 7,855 7,778
6/1/2009 7,828 7,753
7/1/2009 8,761 8,650
8/1/2009 9,232 9,059
9/1/2009 9,745 9,514
10/1/2009 9,042 8,882
11/1/2009 9,343 9,165
12/1/2009 10,085 9,859
1/1/2010 9,853 9,570
2/1/2010 10,403 10,013
3/1/2010 11,269 10,846
4/1/2010 12,083 11,605
5/1/2010 10,998 10,625
6/1/2010 9,953 9,697
7/1/2010 10,729 10,389
8/1/2010 9,859 9,608
9/1/2010 11,072 10,640
10/1/2010 11,484 11,052
11/1/2010 11,943 11,333
12/1/2010 13,011 12,274
1/1/2011 13,097 12,281
2/1/2011 13,841 12,905
3/1/2011 14,107 13,084
4/1/2011 14,326 13,297
5/1/2011 13,974 13,058
6/1/2011 13,673 12,737
7/1/2011 13,195 12,316
8/1/2011 11,871 11,228
9/1/2011 10,397 10,002
10/1/2011 12,031 11,443
11/1/2011 12,070 11,421
12/1/2011 12,193 11,599
1/1/2012 12,932 12,370
2/1/2012 13,401 12,554
3/1/2012 13,653 12,944
4/1/2012 13,430 12,756
5/1/2012 12,428 11,977
6/1/2012 12,934 12,554
7/1/2012 12,870 12,426
8/1/2012 13,461 12,809
9/1/2012 13,889 13,266
10/1/2012 13,809 13,099
11/1/2012 14,041 13,139
12/1/2012 14,532 13,693
1/1/2013 15,523 14,509
2/1/2013 15,788 14,675
3/1/2013 16,557 15,286
4/1/2013 16,395 15,271
5/1/2013 17,206 15,727
6/1/2013 17,083 15,663
7/1/2013 18,282 16,670
8/1/2013 17,606 15,933
9/1/2013 18,590 16,853
10/1/2013 19,388 17,400
11/1/2013 20,254 18,079
12/1/2013 20,785 18,420
1/1/2014 19,799 17,708
2/1/2014 20,821 18,518
3/1/2014 21,236 18,747
4/1/2014 20,852 18,265
5/1/2014 21,053 18,381
6/1/2014 21,943 19,194
7/1/2014 20,854 18,033
8/1/2014 21,916 18,817
9/1/2014 20,604 17,548
10/1/2014 21,246 18,774
11/1/2014 21,136 18,686
12/1/2014 21,396 19,197
1/1/2015 20,469 18,398
2/1/2015 21,937 19,252
3/1/2015 22,233 19,577
4/1/2015 22,011 19,159
5/1/2015 22,330 19,318
6/1/2015 22,244 19,343
7/1/2015 21,672 18,809 Past performance is not predictive of
8/1/2015 20,788 17,886 future performance.
9/1/2015 19,775 17,267 The returns shown do not reflect the
10/1/2015 20,992 18,233 deduction of taxes that a shareholder
would pay on fund distributions or the
Average Annual One Five Ten redemption of fund shares.
Total Return Year Years Years Russell data copyright (C) Russell
---------------------------------------------------------------- Investment Group 1995-2015, all rights
-1.20% 12.82% 7.70% reserved.
--------------------------------------------------------------------------------
4
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
U.S. SMALL CAP VALUE PORTFOLIO VS.
RUSSELL 2000(R) VALUE INDEX
October 31, 2005-October 31, 2015
[CHART]
U.S. Small Cap Value Portfolio Russell 2000/R/ Value Index
-------------------------------- -----------------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,421 10,406
12/1/2005 10,456 10,326
1/1/2006 11,378 11,180
2/1/2006 11,339 11,179
3/1/2006 12,030 11,720
4/1/2006 12,148 11,752
5/1/2006 11,615 11,265
6/1/2006 11,621 11,403
7/1/2006 11,186 11,245
8/1/2006 11,403 11,581
9/1/2006 11,539 11,694
10/1/2006 12,166 12,290
11/1/2006 12,535 12,640
12/1/2006 12,709 12,750
1/1/2007 12,988 12,941
2/1/2007 12,958 12,782
3/1/2007 13,099 12,937
4/1/2007 13,336 13,071
5/1/2007 13,822 13,550
6/1/2007 13,609 13,234
7/1/2007 12,568 12,108
8/1/2007 12,473 12,350
9/1/2007 12,439 12,406
10/1/2007 12,578 12,541
11/1/2007 11,481 11,602
12/1/2007 11,343 11,504
1/1/2008 10,896 11,032
2/1/2008 10,587 10,593
3/1/2008 10,676 10,753
4/1/2008 10,853 11,093
5/1/2008 11,302 11,472
6/1/2008 10,160 10,372
7/1/2008 10,370 10,903
8/1/2008 10,801 11,421
9/1/2008 10,056 10,886
10/1/2008 7,830 8,711
11/1/2008 6,813 7,702
12/1/2008 7,170 8,176
1/1/2009 6,147 7,008
2/1/2009 5,366 6,035
3/1/2009 5,924 6,571
4/1/2009 7,088 7,613
5/1/2009 7,316 7,778
6/1/2009 7,342 7,753
7/1/2009 8,329 8,650
8/1/2009 8,757 9,059
9/1/2009 9,311 9,514
10/1/2009 8,611 8,882
11/1/2009 8,878 9,165
12/1/2009 9,581 9,859
1/1/2010 9,279 9,570
2/1/2010 9,850 10,013
3/1/2010 10,723 10,846
4/1/2010 11,592 11,605
5/1/2010 10,444 10,625
6/1/2010 9,385 9,697
7/1/2010 10,200 10,389
8/1/2010 9,346 9,608
9/1/2010 10,554 10,640
10/1/2010 10,994 11,052
11/1/2010 11,488 11,333
12/1/2010 12,542 12,274
1/1/2011 12,581 12,281
2/1/2011 13,371 12,905
3/1/2011 13,646 13,084
4/1/2011 13,818 13,297
5/1/2011 13,386 13,058
6/1/2011 13,144 12,737
7/1/2011 12,766 12,316
8/1/2011 11,415 11,228
9/1/2011 9,980 10,002
10/1/2011 11,559 11,443
11/1/2011 11,480 11,421
12/1/2011 11,596 11,599
1/1/2012 12,457 12,370
2/1/2012 12,853 12,554
3/1/2012 13,148 12,944
4/1/2012 12,938 12,756
5/1/2012 12,016 11,977
6/1/2012 12,543 12,554
7/1/2012 12,513 12,426
8/1/2012 13,040 12,809
9/1/2012 13,472 13,266
10/1/2012 13,362 13,099
11/1/2012 13,608 13,139
12/1/2012 14,115 13,693
1/1/2013 15,041 14,509
2/1/2013 15,305 14,675
3/1/2013 16,056 15,286
4/1/2013 15,878 15,271
5/1/2013 16,734 15,727
6/1/2013 16,617 15,663
7/1/2013 17,836 16,670
8/1/2013 17,092 15,933
9/1/2013 17,988 16,853
10/1/2013 18,620 17,400
11/1/2013 19,565 18,079
12/1/2013 20,097 18,420
1/1/2014 19,064 17,708
2/1/2014 20,103 18,518
3/1/2014 20,341 18,747
4/1/2014 19,950 18,265
5/1/2014 20,114 18,381
6/1/2014 21,007 19,194
7/1/2014 19,796 18,033
8/1/2014 20,950 18,817
9/1/2014 19,488 17,548
10/1/2014 20,387 18,774
11/1/2014 20,330 18,686
12/1/2014 20,797 19,197
1/1/2015 19,768 18,398
2/1/2015 20,933 19,252
3/1/2015 21,305 19,577
4/1/2015 21,020 19,159
5/1/2015 21,305 19,318
6/1/2015 21,316 19,343
7/1/2015 20,534 18,809 Past performance is not predictive of
8/1/2015 19,705 17,886 future performance.
9/1/2015 18,817 17,267 The returns shown do not reflect the
10/1/2015 19,811 18,233 deduction of taxes that a shareholder
would pay on fund distributions or the
Average Annual One Five Ten redemption of fund shares.
Total Return Year Years Years Russell data copyright (C) Russell
--------------------------------------------------------------- Investment Group 1995-2015, all rights
-2.83% 12.50% 7.08% reserved.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
U.S. CORE EQUITY 1 PORTFOLIO VS.
RUSSELL 3000(R) INDEX
October 31, 2005-October 31, 2015
[CHART]
U.S. Core Equity 1 Portfolio Russell 3000/R/ Index
------------------------------ -----------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,407 10,389
12/1/2005 10,411 10,398
1/1/2006 10,831 10,746
2/1/2006 10,851 10,765
3/1/2006 11,092 10,951
4/1/2006 11,226 11,070
5/1/2006 10,836 10,715
6/1/2006 10,839 10,734
7/1/2006 10,726 10,724
8/1/2006 10,983 10,987
9/1/2006 11,211 11,233
10/1/2006 11,623 11,637
11/1/2006 11,900 11,890
12/1/2006 12,045 12,032
1/1/2007 12,274 12,261
2/1/2007 12,139 12,060
3/1/2007 12,260 12,186
4/1/2007 12,718 12,673
5/1/2007 13,208 13,134
6/1/2007 12,994 12,888
7/1/2007 12,450 12,449
8/1/2007 12,576 12,628
9/1/2007 12,936 13,088
10/1/2007 13,136 13,328
11/1/2007 12,457 12,728
12/1/2007 12,381 12,651
1/1/2008 11,675 11,884
2/1/2008 11,327 11,515
3/1/2008 11,246 11,447
4/1/2008 11,807 12,019
5/1/2008 12,113 12,266
6/1/2008 11,076 11,253
7/1/2008 11,076 11,164
8/1/2008 11,320 11,337
9/1/2008 10,271 10,271
10/1/2008 8,364 8,449
11/1/2008 7,657 7,782
12/1/2008 7,859 7,931
1/1/2009 7,149 7,266
2/1/2009 6,384 6,505
3/1/2009 6,971 7,074
4/1/2009 7,815 7,819
5/1/2009 8,183 8,236
6/1/2009 8,220 8,264
7/1/2009 8,916 8,907
8/1/2009 9,242 9,226
9/1/2009 9,680 9,612
10/1/2009 9,338 9,365
11/1/2009 9,808 9,897
12/1/2009 10,204 10,179
1/1/2010 9,875 9,812
2/1/2010 10,259 10,145
3/1/2010 10,941 10,784
4/1/2010 11,282 11,017
5/1/2010 10,391 10,147
6/1/2010 9,721 9,563
7/1/2010 10,417 10,227
8/1/2010 9,854 9,746
9/1/2010 10,859 10,666
10/1/2010 11,280 11,083
11/1/2010 11,424 11,147
12/1/2010 12,256 11,902
1/1/2011 12,501 12,162
2/1/2011 13,002 12,605
3/1/2011 13,140 12,662
4/1/2011 13,497 13,039
5/1/2011 13,307 12,890
6/1/2011 13,061 12,659
7/1/2011 12,691 12,369
8/1/2011 11,806 11,627
9/1/2011 10,773 10,724
10/1/2011 12,123 11,959
11/1/2011 12,100 11,926
12/1/2011 12,178 12,024
1/1/2012 12,834 12,631
2/1/2012 13,389 13,166
3/1/2012 13,744 13,572
4/1/2012 13,608 13,483
5/1/2012 12,712 12,649
6/1/2012 13,182 13,145
7/1/2012 13,273 13,275
8/1/2012 13,660 13,606
9/1/2012 14,049 13,963
10/1/2012 13,855 13,723
11/1/2012 14,004 13,829
12/1/2012 14,238 13,998
1/1/2013 15,102 14,766
2/1/2013 15,287 14,962
3/1/2013 15,913 15,548
4/1/2013 16,086 15,803
5/1/2013 16,618 16,176
6/1/2013 16,450 15,966
7/1/2013 17,402 16,841
8/1/2013 16,915 16,371
9/1/2013 17,611 16,979
10/1/2013 18,333 17,701
11/1/2013 18,927 18,214
12/1/2013 19,449 18,695
1/1/2014 18,778 18,104
2/1/2014 19,684 18,963
3/1/2014 19,842 19,064
4/1/2014 19,795 19,087
5/1/2014 20,184 19,503
6/1/2014 20,767 19,993
7/1/2014 20,235 19,598
8/1/2014 21,099 20,420
9/1/2014 20,521 19,995
10/1/2014 21,032 20,545
11/1/2014 21,471 21,043
12/1/2014 21,495 21,043
1/1/2015 20,823 20,457
2/1/2015 22,119 21,641
3/1/2015 21,975 21,421
4/1/2015 22,035 21,518
5/1/2015 22,324 21,816
6/1/2015 21,999 21,451
7/1/2015 22,144 21,810 Past performance is not predictive of
8/1/2015 20,900 20,493 future performance.
9/1/2015 20,213 19,896 The returns shown do not reflect the
10/1/2015 21,718 21,467 deduction of taxes that a shareholder
would pay on fund distributions or the
Average Annual One Five Ten redemption of fund shares.
Total Return Year Years Years Russell data copyright (C) Russell
-------------------------------------------------------- Investment Group 1995-2015, all rights
3.26% 14.00% 8.06% reserved.
--------------------------------------------------------------------------------
5
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
U.S. CORE EQUITY 2 PORTFOLIO VS.
RUSSELL 3000(R) INDEX
October 31, 2005-October 31, 2015
[CHART]
U.S. Core Equity 2 Portfolio Russell 3000/R/ Index
------------------------------- -------------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,417 10,389
12/1/2005 10,424 10,398
1/1/2006 10,925 10,746
2/1/2006 10,945 10,765
3/1/2006 11,206 10,951
4/1/2006 11,370 11,070
5/1/2006 10,961 10,715
6/1/2006 10,952 10,734
7/1/2006 10,829 10,724
8/1/2006 11,075 10,987
9/1/2006 11,302 11,233
10/1/2006 11,734 11,637
11/1/2006 12,031 11,890
12/1/2006 12,196 12,032
1/1/2007 12,424 12,261
2/1/2007 12,299 12,060
3/1/2007 12,429 12,186
4/1/2007 12,855 12,673
5/1/2007 13,375 13,134
6/1/2007 13,160 12,888
7/1/2007 12,545 12,449
8/1/2007 12,659 12,628
9/1/2007 12,977 13,088
10/1/2007 13,113 13,328
11/1/2007 12,365 12,728
12/1/2007 12,257 12,651
1/1/2008 11,626 11,884
2/1/2008 11,258 11,515
3/1/2008 11,144 11,447
4/1/2008 11,704 12,019
5/1/2008 12,031 12,266
6/1/2008 10,943 11,253
7/1/2008 10,975 11,164
8/1/2008 11,219 11,337
9/1/2008 10,206 10,271
10/1/2008 8,264 8,449
11/1/2008 7,516 7,782
12/1/2008 7,739 7,931
1/1/2009 6,933 7,266
2/1/2009 6,127 6,505
3/1/2009 6,729 7,074
4/1/2009 7,669 7,819
5/1/2009 8,036 8,236
6/1/2009 8,026 8,264
7/1/2009 8,752 8,907
8/1/2009 9,110 9,226
9/1/2009 9,564 9,612
10/1/2009 9,146 9,365
11/1/2009 9,560 9,897
12/1/2009 9,995 10,179
1/1/2010 9,689 9,812
2/1/2010 10,093 10,145
3/1/2010 10,815 10,784
4/1/2010 11,209 11,017
5/1/2010 10,321 10,147
6/1/2010 9,595 9,563
7/1/2010 10,299 10,227
8/1/2010 9,683 9,746
9/1/2010 10,706 10,666
10/1/2010 11,104 11,083
11/1/2010 11,280 11,147
12/1/2010 12,175 11,902
1/1/2011 12,408 12,162
2/1/2011 12,963 12,605
3/1/2011 13,120 12,662
4/1/2011 13,420 13,039
5/1/2011 13,209 12,890
6/1/2011 12,949 12,659
7/1/2011 12,514 12,369
8/1/2011 11,566 11,627
9/1/2011 10,468 10,724
10/1/2011 11,879 11,959
11/1/2011 11,834 11,926
12/1/2011 11,920 12,024
1/1/2012 12,585 12,631
2/1/2012 13,125 13,166
3/1/2012 13,442 13,572
4/1/2012 13,306 13,483
5/1/2012 12,393 12,649
6/1/2012 12,882 13,145
7/1/2012 12,950 13,275
8/1/2012 13,358 13,606
9/1/2012 13,764 13,963
10/1/2012 13,639 13,723
11/1/2012 13,764 13,829
12/1/2012 14,075 13,998
1/1/2013 14,965 14,766
2/1/2013 15,150 14,962
3/1/2013 15,786 15,548
4/1/2013 15,902 15,803
5/1/2013 16,504 16,176
6/1/2013 16,346 15,966
7/1/2013 17,335 16,841
8/1/2013 16,800 16,371
9/1/2013 17,518 16,979
10/1/2013 18,229 17,701
11/1/2013 18,848 18,214
12/1/2013 19,390 18,695
1/1/2014 18,667 18,104
2/1/2014 19,544 18,963
3/1/2014 19,771 19,064
4/1/2014 19,676 19,087
5/1/2014 20,020 19,503
6/1/2014 20,654 19,993
7/1/2014 20,082 19,598
8/1/2014 20,916 20,420
9/1/2014 20,251 19,995
10/1/2014 20,742 20,545
11/1/2014 21,113 21,043
12/1/2014 21,197 21,043
1/1/2015 20,433 20,457
2/1/2015 21,754 21,641
3/1/2015 21,650 21,421
4/1/2015 21,699 21,518
5/1/2015 21,978 21,816
6/1/2015 21,685 21,451 Past performance is not predictive of
7/1/2015 21,648 21,810 future performance.
8/1/2015 20,441 20,493 The returns shown do not reflect the
9/1/2015 19,707 19,896 deduction of taxes that a shareholder
10/1/2015 21,140 21,467 would pay on fund distributions or the
Average Annual One Five Ten redemption of fund shares.
Total Return Year Years Years Russell data copyright (C) Russell
----------------------------------------------------------- Investment Group 1995-2015, all rights
1.92% 13.74% 7.77% reserved.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
U.S. VECTOR EQUITY PORTFOLIO VS.
RUSSELL 3000(R) INDEX
December 30, 2005-October 31, 2015
[CHART]
U.S. Vector Equity Portfolio Russell 3000/R/ Index
------------------------------- -------------------------
12/1/2005 $10,000 $10,000
12/1/2005 10,000 10,000
1/1/2006 10,810 10,334
2/1/2006 10,800 10,352
3/1/2006 11,196 10,531
4/1/2006 11,316 10,646
5/1/2006 10,865 10,305
6/1/2006 10,845 10,323
7/1/2006 10,624 10,313
8/1/2006 10,865 10,566
9/1/2006 11,050 10,802
10/1/2006 11,533 11,191
11/1/2006 11,865 11,435
12/1/2006 12,001 11,572
1/1/2007 12,237 11,792
2/1/2007 12,155 11,598
3/1/2007 12,268 11,719
4/1/2007 12,628 12,187
5/1/2007 13,152 12,631
6/1/2007 12,951 12,395
7/1/2007 12,220 11,972
8/1/2007 12,281 12,144
9/1/2007 12,496 12,587
10/1/2007 12,579 12,818
11/1/2007 11,762 12,241
12/1/2007 11,632 12,166
1/1/2008 11,081 11,429
2/1/2008 10,707 11,074
3/1/2008 10,663 11,008
4/1/2008 11,142 11,559
5/1/2008 11,517 11,796
6/1/2008 10,417 10,822
7/1/2008 10,500 10,736
8/1/2008 10,803 10,903
9/1/2008 9,892 9,878
10/1/2008 7,847 8,126
11/1/2008 6,987 7,484
12/1/2008 7,307 7,627
1/1/2009 6,417 6,987
2/1/2009 5,612 6,255
3/1/2009 6,178 6,803
4/1/2009 7,178 7,519
5/1/2009 7,486 7,921
6/1/2009 7,490 7,947
7/1/2009 8,258 8,566
8/1/2009 8,642 8,872
9/1/2009 9,093 9,244
10/1/2009 8,590 9,006
11/1/2009 8,911 9,518
12/1/2009 9,442 9,789
1/1/2010 9,173 9,436
2/1/2010 9,625 9,756
3/1/2010 10,347 10,371
4/1/2010 10,874 10,595
5/1/2010 10,003 9,758
6/1/2010 9,227 9,197
7/1/2010 9,906 9,835
8/1/2010 9,227 9,372
9/1/2010 10,243 10,257
10/1/2010 10,621 10,658
11/1/2010 10,881 10,720
12/1/2010 11,813 11,446
1/1/2011 11,976 11,696
2/1/2011 12,585 12,122
3/1/2011 12,794 12,177
4/1/2011 13,055 12,539
5/1/2011 12,805 12,396
6/1/2011 12,530 12,174
7/1/2011 12,072 11,895
8/1/2011 11,014 11,181
9/1/2011 9,822 10,314
10/1/2011 11,244 11,501
11/1/2011 11,189 11,470
12/1/2011 11,274 11,564
1/1/2012 11,967 12,147
2/1/2012 12,462 12,661
3/1/2012 12,762 13,052
4/1/2012 12,575 12,966
5/1/2012 11,661 12,165
6/1/2012 12,122 12,641
7/1/2012 12,099 12,766
8/1/2012 12,542 13,085
9/1/2012 12,947 13,429
10/1/2012 12,880 13,197
11/1/2012 13,035 13,299
12/1/2012 13,413 13,462
1/1/2013 14,342 14,201
2/1/2013 14,499 14,389
3/1/2013 15,148 14,953
4/1/2013 15,136 15,198
5/1/2013 15,798 15,556
6/1/2013 15,667 15,354
7/1/2013 16,679 16,196
8/1/2013 16,139 15,744
9/1/2013 16,932 16,329
10/1/2013 17,620 17,023
11/1/2013 18,296 17,517
12/1/2013 18,806 17,979
1/1/2014 18,037 17,411
2/1/2014 18,875 18,237
3/1/2014 19,126 18,334
4/1/2014 18,908 18,356
5/1/2014 19,184 18,756
6/1/2014 19,912 19,227
7/1/2014 19,186 18,847
8/1/2014 20,039 19,638
9/1/2014 19,174 19,229
10/1/2014 19,718 19,758
11/1/2014 19,845 20,237
12/1/2014 20,031 20,236
1/1/2015 19,154 19,673
2/1/2015 20,452 20,812
3/1/2015 20,494 20,601
4/1/2015 20,445 20,694
5/1/2015 20,686 20,980
6/1/2015 20,563 20,629
7/1/2015 20,297 20,974 Past performance is not predictive of
8/1/2015 19,269 19,708 future performance.
9/1/2015 18,469 19,134 The returns shown do not reflect the
10/1/2015 19,683 20,645 deduction of taxes that a shareholder
would pay on fund distributions or the
Average Annual One Five Since redemption of fund shares.
Total Return Year Years Inception Russell data copyright (C) Russell
------------------------------------------------------------ Investment Group 1995-2015, all rights
-0.18% 13.13% 7.13% reserved.
--------------------------------------------------------------------------------
6
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
U.S. SMALL CAP PORTFOLIO VS.
RUSSELL 2000(R) INDEX
October 31, 2005-October 31, 2015
[CHART]
U.S. Small Cap Portfolio Russell 2000/R/ Index
----------------------------- -----------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,485 10,485
12/1/2005 10,459 10,438
1/1/2006 11,409 11,373
2/1/2006 11,388 11,342
3/1/2006 11,910 11,892
4/1/2006 11,937 11,891
5/1/2006 11,287 11,223
6/1/2006 11,220 11,295
7/1/2006 10,790 10,927
8/1/2006 11,091 11,251
9/1/2006 11,183 11,345
10/1/2006 11,813 11,998
11/1/2006 12,110 12,313
12/1/2006 12,196 12,355
1/1/2007 12,379 12,561
2/1/2007 12,316 12,462
3/1/2007 12,445 12,595
4/1/2007 12,673 12,821
5/1/2007 13,153 13,346
6/1/2007 13,009 13,151
7/1/2007 12,225 12,252
8/1/2007 12,397 12,529
9/1/2007 12,553 12,744
10/1/2007 12,800 13,110
11/1/2007 11,847 12,169
12/1/2007 11,823 12,161
1/1/2008 11,005 11,332
2/1/2008 10,651 10,912
3/1/2008 10,689 10,958
4/1/2008 11,026 11,416
5/1/2008 11,552 11,941
6/1/2008 10,518 11,021
7/1/2008 10,849 11,429
8/1/2008 11,242 11,842
9/1/2008 10,343 10,899
10/1/2008 8,214 8,632
11/1/2008 7,211 7,611
12/1/2008 7,566 8,052
1/1/2009 6,728 7,157
2/1/2009 5,916 6,287
3/1/2009 6,525 6,848
4/1/2009 7,737 7,907
5/1/2009 8,010 8,145
6/1/2009 8,218 8,265
7/1/2009 9,072 9,061
8/1/2009 9,396 9,321
9/1/2009 9,981 9,858
10/1/2009 9,289 9,189
11/1/2009 9,526 9,477
12/1/2009 10,315 10,240
1/1/2010 10,002 9,863
2/1/2010 10,490 10,308
3/1/2010 11,350 11,146
4/1/2010 12,120 11,777
5/1/2010 11,174 10,884
6/1/2010 10,281 10,040
7/1/2010 11,021 10,730
8/1/2010 10,181 9,936
9/1/2010 11,510 11,174
10/1/2010 11,981 11,631
11/1/2010 12,484 12,035
12/1/2010 13,482 12,990
1/1/2011 13,495 12,957
2/1/2011 14,252 13,667
3/1/2011 14,660 14,021
4/1/2011 15,007 14,392
5/1/2011 14,704 14,122
6/1/2011 14,469 13,796
7/1/2011 13,963 13,298
8/1/2011 12,711 12,141
9/1/2011 11,299 10,780
10/1/2011 13,030 12,411
11/1/2011 12,986 12,366
12/1/2011 13,057 12,448
1/1/2012 13,936 13,327
2/1/2012 14,336 13,646
3/1/2012 14,711 13,996
4/1/2012 14,507 13,780
5/1/2012 13,565 12,868
6/1/2012 14,138 13,510
7/1/2012 14,023 13,323
8/1/2012 14,515 13,767
9/1/2012 14,989 14,219
10/1/2012 14,803 13,911
11/1/2012 14,976 13,985
12/1/2012 15,459 14,483
1/1/2013 16,427 15,389
2/1/2013 16,591 15,559
3/1/2013 17,392 16,278
4/1/2013 17,249 16,218
5/1/2013 18,136 16,866
6/1/2013 18,116 16,780
7/1/2013 19,421 17,954
8/1/2013 18,765 17,384
9/1/2013 19,929 18,493
10/1/2013 20,580 18,958
11/1/2013 21,546 19,718
12/1/2013 21,984 20,106
1/1/2014 21,083 19,549
2/1/2014 22,048 20,470
3/1/2014 22,166 20,331
4/1/2014 21,513 19,542
5/1/2014 21,634 19,699
6/1/2014 22,662 20,747
7/1/2014 21,303 19,491
8/1/2014 22,313 20,457
9/1/2014 21,110 19,220
10/1/2014 22,364 20,487
11/1/2014 22,442 20,505
12/1/2014 22,960 21,090
1/1/2015 22,009 20,411
2/1/2015 23,461 21,623
3/1/2015 23,876 22,000
4/1/2015 23,322 21,439
5/1/2015 23,729 21,928
6/1/2015 23,968 22,092
7/1/2015 23,664 21,836 Past performance is not predictive of
8/1/2015 22,480 20,463 future performance.
9/1/2015 21,619 19,459 The returns shown do not reflect the
10/1/2015 22,888 20,556 deduction of taxes that a shareholder
would pay on fund distributions or the
Average Annual One Five Ten redemption of fund shares.
Total Return Year Years Years Russell data copyright (C) Russell
----------------------------------------------------------- Investment Group 1995-2015, all rights
2.34% 13.82% 8.63% reserved.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
U.S. MICRO CAP PORTFOLIO VS.
RUSSELL 2000(R) INDEX
October 31, 2005-October 31, 2015
[CHART]
U.S. Micro Cap Portfolio Russell 2000/R/ Index
-------------------------- ---------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,453 10,485
12/1/2005 10,472 10,438
1/1/2006 11,429 11,373
2/1/2006 11,458 11,342
3/1/2006 11,979 11,892
4/1/2006 11,929 11,891
5/1/2006 11,227 11,223
6/1/2006 11,127 11,295
7/1/2006 10,744 10,927
8/1/2006 11,042 11,251
9/1/2006 11,104 11,345
10/1/2006 11,708 11,998
11/1/2006 11,971 12,313
12/1/2006 12,164 12,355
1/1/2007 12,304 12,561
2/1/2007 12,242 12,462
3/1/2007 12,367 12,595
4/1/2007 12,553 12,821
5/1/2007 12,948 13,346
6/1/2007 12,905 13,151
7/1/2007 12,066 12,252
8/1/2007 12,206 12,529
9/1/2007 12,386 12,744
10/1/2007 12,596 13,110
11/1/2007 11,536 12,169
12/1/2007 11,530 12,161
1/1/2008 10,648 11,332
2/1/2008 10,314 10,912
3/1/2008 10,346 10,958
4/1/2008 10,560 11,416
5/1/2008 10,980 11,941
6/1/2008 9,986 11,021
7/1/2008 10,433 11,429
8/1/2008 10,786 11,842
9/1/2008 9,991 10,899
10/1/2008 7,922 8,632
11/1/2008 6,905 7,611
12/1/2008 7,296 8,052
1/1/2009 6,427 7,157
2/1/2009 5,584 6,287
3/1/2009 6,119 6,848
4/1/2009 7,182 7,907
5/1/2009 7,429 8,145
6/1/2009 7,634 8,265
7/1/2009 8,383 9,061
8/1/2009 8,612 9,321
9/1/2009 9,108 9,858
10/1/2009 8,446 9,189
11/1/2009 8,596 9,477
12/1/2009 9,343 10,240
1/1/2010 9,069 9,863
2/1/2010 9,467 10,308
3/1/2010 10,232 11,146
4/1/2010 10,976 11,777
5/1/2010 10,161 10,884
6/1/2010 9,426 10,040
7/1/2010 10,099 10,730
8/1/2010 9,293 9,936
9/1/2010 10,423 11,174
10/1/2010 10,876 11,631
11/1/2010 11,337 12,035
12/1/2010 12,266 12,990
1/1/2011 12,132 12,957
2/1/2011 12,845 13,667
3/1/2011 13,262 14,021
4/1/2011 13,485 14,392
5/1/2011 13,227 14,122
6/1/2011 12,941 13,796
7/1/2011 12,593 13,298
8/1/2011 11,469 12,141
9/1/2011 10,255 10,780
10/1/2011 11,838 12,411
11/1/2011 11,766 12,366
12/1/2011 11,867 12,448
1/1/2012 12,693 13,327
2/1/2012 12,935 13,646
3/1/2012 13,321 13,996
4/1/2012 13,133 13,780
5/1/2012 12,217 12,868
6/1/2012 12,843 13,510
7/1/2012 12,726 13,323
8/1/2012 13,122 13,767
9/1/2012 13,672 14,219
10/1/2012 13,393 13,911
11/1/2012 13,519 13,985
12/1/2012 14,032 14,483
1/1/2013 14,830 15,389
2/1/2013 14,993 15,559
3/1/2013 15,724 16,278
4/1/2013 15,599 16,218
5/1/2013 16,406 16,866
6/1/2013 16,481 16,780
7/1/2013 17,703 17,954
8/1/2013 17,087 17,384
9/1/2013 18,292 18,493
10/1/2013 18,929 18,958
11/1/2013 19,979 19,718
12/1/2013 20,356 20,106
1/1/2014 19,455 19,549
2/1/2014 20,275 20,470
3/1/2014 20,472 20,331
4/1/2014 19,773 19,542
5/1/2014 19,794 19,699
6/1/2014 20,653 20,747
7/1/2014 19,445 19,491
8/1/2014 20,328 20,457
9/1/2014 19,170 19,220
10/1/2014 20,420 20,487
11/1/2014 20,268 20,505
12/1/2014 20,951 21,090
1/1/2015 19,923 20,411
2/1/2015 21,124 21,623
3/1/2015 21,606 22,000
4/1/2015 21,184 21,439
5/1/2015 21,476 21,928
6/1/2015 21,826 22,092
7/1/2015 21,294 21,836 Past performance is not predictive of
8/1/2015 20,350 20,463 future performance.
9/1/2015 19,473 19,459 The returns shown do not reflect the
10/1/2015 20,646 20,556 deduction of taxes that a shareholder
would pay on fund distributions or the
Average Annual One Five Ten redemption of fund shares.
Total Return Year Years Years Russell data copyright (C) Russell
----------------------------------------------------------- Investment Group 1995-2015, all rights
1.11% 13.68% 7.52% reserved.
--------------------------------------------------------------------------------
7
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
DFA REAL ESTATE SECURITIES PORTFOLIO VS.
S&P 500(R) INDEX, DOW JONES U.S. SELECT REIT INDEX
October 31, 2005-October 31, 2015
[CHART]
DFA Real Estate Dow Jones U.S. Select
Securities Portfolio S&P 500/R/ Index REIT Index
---------------------- ------------------ ---------------------
10/1/2005 $10,000 $10,000 $10,000
11/1/2005 10,450 10,378 10,464
12/1/2005 10,452 10,382 10,475
1/1/2006 11,255 10,657 11,296
2/1/2006 11,468 10,686 11,538
3/1/2006 12,062 10,819 12,128
4/1/2006 11,606 10,964 11,669
5/1/2006 11,259 10,648 11,346
6/1/2006 11,881 10,663 11,992
7/1/2006 12,289 10,729 12,418
8/1/2006 12,722 10,984 12,835
9/1/2006 12,976 11,267 13,085
10/1/2006 13,790 11,634 13,910
11/1/2006 14,446 11,855 14,573
12/1/2006 14,138 12,022 14,243
1/1/2007 15,362 12,204 15,512
2/1/2007 15,004 11,965 15,164
3/1/2007 14,632 12,099 14,776
4/1/2007 14,618 12,635 14,770
5/1/2007 14,618 13,076 14,780
6/1/2007 13,247 12,858 13,392
7/1/2007 12,204 12,460 12,341
8/1/2007 12,943 12,646 13,071
9/1/2007 13,449 13,119 13,582
10/1/2007 13,601 13,328 13,738
11/1/2007 12,213 12,771 12,402
12/1/2007 11,498 12,682 11,743
1/1/2008 11,503 11,921 11,687
2/1/2008 11,066 11,534 11,246
3/1/2008 11,762 11,484 11,994
4/1/2008 12,455 12,043 12,733
5/1/2008 12,480 12,200 12,762
6/1/2008 11,110 11,172 11,348
7/1/2008 11,432 11,078 11,675
8/1/2008 11,714 11,238 11,940
9/1/2008 11,690 10,236 11,890
10/1/2008 8,004 8,517 8,040
11/1/2008 6,152 7,906 6,066
12/1/2008 7,202 7,990 7,140
1/1/2009 5,924 7,317 5,849
2/1/2009 4,681 6,538 4,571
3/1/2009 4,847 7,110 4,718
4/1/2009 6,365 7,791 6,266
5/1/2009 6,530 8,227 6,426
6/1/2009 6,328 8,243 6,202
7/1/2009 6,992 8,866 6,848
8/1/2009 7,937 9,186 7,850
9/1/2009 8,469 9,529 8,400
10/1/2009 8,083 9,352 8,019
11/1/2009 8,638 9,913 8,571
12/1/2009 9,231 10,105 9,17
1/1/2010 8,749 9,741 8,647
2/1/2010 9,231 10,043 9,13
3/1/2010 10,169 10,649 10,071
4/1/2010 10,885 10,817 10,783
5/1/2010 10,304 9,953 10,202
6/1/2010 9,770 9,432 9,655
7/1/2010 10,734 10,093 10,610
8/1/2010 10,599 9,638 10,468
9/1/2010 11,058 10,498 10,932
10/1/2010 11,576 10,897 11,437
11/1/2010 11,347 10,898 11,215
12/1/2010 11,877 11,627 11,746
1/1/2011 12,296 11,902 12,163
2/1/2011 12,852 12,310 12,719
3/1/2011 12,660 12,315 12,532
4/1/2011 13,392 12,680 13,275
5/1/2011 13,574 12,536 13,482
6/1/2011 13,128 12,327 13,030
7/1/2011 13,343 12,077 13,267
8/1/2011 12,625 11,421 12,540
9/1/2011 11,238 10,618 11,136
10/1/2011 12,859 11,778 12,772
11/1/2011 12,372 11,752 12,269
12/1/2011 12,940 11,872 12,846
1/1/2012 13,759 12,404 13,672
2/1/2012 13,613 12,941 13,520
3/1/2012 14,314 13,367 14,228
4/1/2012 14,723 13,283 14,656
5/1/2012 14,050 12,484 13,987
6/1/2012 14,842 12,999 14,761
7/1/2012 15,135 13,179 15,042
8/1/2012 15,113 13,476 15,001
9/1/2012 14,831 13,825 14,706
10/1/2012 14,717 13,569 14,571
11/1/2012 14,666 13,648 14,499
12/1/2012 15,203 13,772 15,046
1/1/2013 15,740 14,486 15,556
2/1/2013 15,913 14,682 15,686
3/1/2013 16,351 15,233 16,104
4/1/2013 17,456 15,526 17,212
5/1/2013 16,415 15,890 16,181
6/1/2013 16,108 15,676 15,896
7/1/2013 16,248 16,474 16,019
8/1/2013 15,104 15,997 14,920
9/1/2013 15,575 16,498 15,396
10/1/2013 16,230 17,257 16,023
11/1/2013 15,365 17,783 15,144
12/1/2013 15,414 18,233 15,229
1/1/2014 16,068 17,603 15,847
2/1/2014 16,882 18,408 16,658
3/1/2014 16,992 18,563 16,804
4/1/2014 17,607 18,700 17,423
5/1/2014 18,025 19,139 17,852
6/1/2014 18,213 19,534 18,006
7/1/2014 18,225 19,265 18,043
8/1/2014 18,742 20,035 18,546
9/1/2014 17,616 19,754 17,466
10/1/2014 19,443 20,237 19,339
11/1/2014 19,847 20,781 19,747
12/1/2014 20,210 20,729 20,102
1/1/2015 21,603 20,107 21,446
2/1/2015 20,803 21,262 20,678
3/1/2015 21,171 20,926 21,049
4/1/2015 19,926 21,127 19,829
5/1/2015 19,877 21,398 19,822
6/1/2015 19,006 20,984 18,945 Past performance is not predictive of
7/1/2015 20,097 21,424 20,069 future performance.
8/1/2015 18,875 20,131 18,893 The returns shown do not reflect the
9/1/2015 19,473 19,633 19,530 deduction of taxes that a shareholder
10/1/2015 20,589 21,289 20,668 would pay on fund distributions or the
redemption of fund shares.
Average Annual One Five Ten The S&P data are provided by Standard
Total Return Year Years Years & Poor's Index Services Group.
--------------------------------------------------------------- Dow Jones data provided by S&P Dow
5.89% 12.21% 7.49% Jones Indices LLC
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LARGE CAP INTERNATIONAL PORTFOLIO VS.
MSCI WORLD EX USA INDEX (NET DIVIDENDS)
October 31, 2005-October 31, 2015
[CHART]
Large Cap International MSCI World ex USA
Portfolio Index (net dividends)
------------------------- ---------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,155 10,265
12/1/2005 10,685 10,741
1/1/2006 11,309 11,420
2/1/2006 11,234 11,382
3/1/2006 11,648 11,743
4/1/2006 12,213 12,304
5/1/2006 11,772 11,837
6/1/2006 11,726 11,822
7/1/2006 11,851 11,932
8/1/2006 12,162 12,271
9/1/2006 12,157 12,262
10/1/2006 12,624 12,746
11/1/2006 12,998 13,126
12/1/2006 13,341 13,502
1/1/2007 13,512 13,584
2/1/2007 13,551 13,693
3/1/2007 13,926 14,044
4/1/2007 14,418 14,683
5/1/2007 14,865 15,009
6/1/2007 14,837 15,024
7/1/2007 14,557 14,816
8/1/2007 14,457 14,602
9/1/2007 15,250 15,432
10/1/2007 15,931 16,102
11/1/2007 15,362 15,473
12/1/2007 15,004 15,182
1/1/2008 13,867 13,813
2/1/2008 13,856 14,063
3/1/2008 13,807 13,863
4/1/2008 14,538 14,633
5/1/2008 14,842 14,855
6/1/2008 13,660 13,700
7/1/2008 13,163 13,212
8/1/2008 12,601 12,702
9/1/2008 11,069 10,868
10/1/2008 8,735 8,607
11/1/2008 8,210 8,140
12/1/2008 8,786 8,569
1/1/2009 7,799 7,770
2/1/2009 7,014 6,983
3/1/2009 7,554 7,443
4/1/2009 8,413 8,403
5/1/2009 9,588 9,466
6/1/2009 9,455 9,368
7/1/2009 10,363 10,248
8/1/2009 10,769 10,739
9/1/2009 11,228 11,182
10/1/2009 10,936 11,002
11/1/2009 11,343 11,275
12/1/2009 11,478 11,454
1/1/2010 10,884 10,917
2/1/2010 10,957 10,906
3/1/2010 11,648 11,608
4/1/2010 11,421 11,435
5/1/2010 10,176 10,173
6/1/2010 10,010 10,026
7/1/2010 11,044 10,953
8/1/2010 10,664 10,626
9/1/2010 11,713 11,645
10/1/2010 12,138 12,060
11/1/2010 11,607 11,549
12/1/2010 12,539 12,479
1/1/2011 12,823 12,748
2/1/2011 13,326 13,220
3/1/2011 13,021 12,956
4/1/2011 13,766 13,661
5/1/2011 13,375 13,256
6/1/2011 13,185 13,067
7/1/2011 12,916 12,852
8/1/2011 11,833 11,765
9/1/2011 10,530 10,584
10/1/2011 11,549 11,613
11/1/2011 11,259 11,076
12/1/2011 11,000 10,956
1/1/2012 11,664 11,547
2/1/2012 12,230 12,182
3/1/2012 12,209 12,092
4/1/2012 11,974 11,887
5/1/2012 10,648 10,531
6/1/2012 11,354 11,221
7/1/2012 11,387 11,361
8/1/2012 11,772 11,685
9/1/2012 12,123 12,040
10/1/2012 12,229 12,125
11/1/2012 12,476 12,380
12/1/2012 12,952 12,754
1/1/2013 13,477 13,381
2/1/2013 13,296 13,248
3/1/2013 13,477 13,353
4/1/2013 14,057 13,961
5/1/2013 13,686 13,648
6/1/2013 13,284 13,137
7/1/2013 14,017 13,836
8/1/2013 13,811 13,658
9/1/2013 14,787 14,623
10/1/2013 15,268 15,113
11/1/2013 15,350 15,206
12/1/2013 15,632 15,435
1/1/2014 14,934 14,812
2/1/2014 15,812 15,620
3/1/2014 15,768 15,550
4/1/2014 16,026 15,796
5/1/2014 16,249 16,040
6/1/2014 16,474 16,268
7/1/2014 16,093 15,978
8/1/2014 16,163 15,991
9/1/2014 15,475 15,334
10/1/2014 15,340 15,090
11/1/2014 15,382 15,276
12/1/2014 14,814 14,768
1/1/2015 14,814 14,715
2/1/2015 15,715 15,595
3/1/2015 15,439 15,334
4/1/2015 16,134 15,998
5/1/2015 16,077 15,859
6/1/2015 15,624 15,408
7/1/2015 15,747 15,652
8/1/2015 14,636 14,512 Past performance is not predictive of
9/1/2015 13,952 13,780 future performance.
10/1/2015 14,864 14,816 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Ten would pay on fund distributions or the
Total Return Year Years Years redemption of fund shares.
-------------------------------------------------------- MSCI data copyright MSCI 2015, all
-3.10% 4.14% 4.04% rights reserved.
--------------------------------------------------------------------------------
8
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
INTERNATIONAL CORE EQUITY PORTFOLIO VS.
MSCI WORLD EX USA INDEX (NET DIVIDENDS)
October 31, 2005-October 31, 2015
[CHART]
International Core Equity MSCI World ex USA
Portfolio Index (net dividends)
------------------------- ----------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,213 10,265
12/1/2005 10,787 10,741
1/1/2006 11,490 11,420
2/1/2006 11,500 11,382
3/1/2006 11,949 11,743
4/1/2006 12,519 12,304
5/1/2006 12,010 11,837
6/1/2006 11,869 11,822
7/1/2006 11,930 11,932
8/1/2006 12,280 12,271
9/1/2006 12,346 12,262
10/1/2006 12,831 12,746
11/1/2006 13,283 13,126
12/1/2006 13,694 13,502
1/1/2007 13,944 13,584
2/1/2007 14,017 13,693
3/1/2007 14,461 14,044
4/1/2007 15,002 14,683
5/1/2007 15,419 15,009
6/1/2007 15,326 15,024
7/1/2007 15,063 14,816
8/1/2007 14,778 14,602
9/1/2007 15,409 15,432
10/1/2007 16,139 16,102
11/1/2007 15,254 15,473
12/1/2007 14,857 15,182
1/1/2008 13,737 13,813
2/1/2008 13,759 14,063
3/1/2008 13,822 13,863
4/1/2008 14,394 14,633
5/1/2008 14,631 14,855
6/1/2008 13,272 13,700
7/1/2008 12,745 13,212
8/1/2008 12,263 12,702
9/1/2008 10,698 10,868
10/1/2008 8,274 8,607
11/1/2008 7,775 8,140
12/1/2008 8,318 8,569
1/1/2009 7,416 7,770
2/1/2009 6,637 6,983
3/1/2009 7,196 7,443
4/1/2009 8,280 8,403
5/1/2009 9,532 9,466
6/1/2009 9,451 9,368
7/1/2009 0,391 10,248
8/1/2009 10,968 10,739
9/1/2009 11,501 11,182
10/1/2009 11,153 11,002
11/1/2009 11,450 11,275
12/1/2009 11,587 11,454
1/1/2010 11,095 10,917
2/1/2010 11,107 10,906
3/1/2010 11,936 11,608
4/1/2010 11,878 11,435
5/1/2010 10,482 10,173
6/1/2010 10,308 10,026
7/1/2010 11,398 10,953
8/1/2010 10,934 10,626
9/1/2010 12,103 11,645
10/1/2010 12,545 12,060
11/1/2010 12,044 11,549
12/1/2010 13,198 12,479
1/1/2011 13,538 12,748
2/1/2011 13,995 13,220
3/1/2011 13,750 12,956
4/1/2011 14,490 13,661
5/1/2011 14,044 13,256
6/1/2011 13,795 13,067
7/1/2011 13,486 12,852
8/1/2011 12,294 11,765
9/1/2011 10,861 10,584
10/1/2011 11,856 11,613
11/1/2011 11,496 11,076
12/1/2011 11,203 10,956
1/1/2012 12,026 11,547
2/1/2012 12,643 12,182
3/1/2012 12,642 12,092
4/1/2012 12,363 11,887
5/1/2012 10,885 10,531
6/1/2012 11,551 11,221
7/1/2012 11,539 11,361
8/1/2012 11,946 11,685
9/1/2012 12,370 12,040
10/1/2012 12,507 12,125
11/1/2012 12,717 12,380
12/1/2012 13,303 12,754
1/1/2013 13,877 13,381
2/1/2013 13,727 13,248
3/1/2013 13,893 13,353
4/1/2013 14,430 13,961
5/1/2013 14,106 13,648
6/1/2013 13,675 13,137
7/1/2013 14,524 13,836
8/1/2013 14,372 13,658
9/1/2013 15,472 14,623
10/1/2013 16,007 15,113
11/1/2013 16,083 15,206
12/1/2013 16,420 15,435
1/1/2014 15,869 14,812
2/1/2014 16,804 15,620
3/1/2014 16,769 15,550
4/1/2014 16,962 15,796
5/1/2014 17,143 16,040
6/1/2014 17,411 16,268
7/1/2014 16,941 15,978
8/1/2014 17,006 15,991
9/1/2014 16,154 15,334
10/1/2014 15,919 15,090
11/1/2014 15,879 15,276
12/1/2014 15,437 14,768
1/1/2015 15,385 14,715
2/1/2015 16,374 15,595
3/1/2015 16,075 15,334
4/1/2015 16,867 15,998
5/1/2015 16,893 15,859
6/1/2015 16,492 15,408
7/1/2015 16,506 15,652
8/1/2015 15,488 14,512 Past performance is not predictive of
9/1/2015 14,816 13,780 future performance.
10/1/2015 15,744 14,816 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Ten would pay on fund distributions or the
Total Return Year Years Years redemption of fund shares.
----------------------------------------------------------- MSCI data copyright MSCI 2015, all
-1.10% 4.65% 4.64% rights reserved.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
INTERNATIONAL SMALL COMPANY PORTFOLIO VS.
MSCI WORLD EX USA SMALL CAP INDEX (NET DIVIDENDS)
October 31, 2005-October 31, 2015
[CHART]
International Small Company MSCI World ex USA Small
Portfolio Cap Index (net dividends)
--------------------------- --------------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,195 10,333
12/1/2005 10,873 11,137
1/1/2006 11,625 11,931
2/1/2006 11,552 11,781
3/1/2006 12,084 12,335
4/1/2006 12,656 12,909
5/1/2006 12,017 12,195
6/1/2006 11,786 11,898
7/1/2006 11,659 11,608
8/1/2006 11,968 11,947
9/1/2006 12,056 11,915
10/1/2006 12,535 12,388
11/1/2006 13,101 12,921
12/1/2006 13,578 13,303
1/1/2007 13,958 13,575
2/1/2007 14,155 13,813
3/1/2007 14,685 14,271
4/1/2007 15,170 14,821
5/1/2007 15,480 15,040
6/1/2007 15,455 15,007
7/1/2007 15,462 14,915
8/1/2007 14,865 14,128
9/1/2007 15,192 14,448
10/1/2007 16,013 15,423
11/1/2007 14,842 14,155
12/1/2007 14,347 13,740
1/1/2008 13,256 12,408
2/1/2008 13,591 12,998
3/1/2008 13,609 12,854
4/1/2008 13,900 13,167
5/1/2008 14,267 13,433
6/1/2008 13,210 12,396
7/1/2008 12,575 11,771
8/1/2008 12,079 11,335
9/1/2008 10,248 9,341
10/1/2008 7,848 7,035
11/1/2008 7,442 6,695
12/1/2008 8,053 7,141
1/1/2009 7,417 6,726
2/1/2009 6,741 6,112
3/1/2009 7,187 6,504
4/1/2009 8,139 7,507
5/1/2009 9,352 8,618
6/1/2009 9,450 8,721
7/1/2009 10,158 9,422
8/1/2009 10,803 10,149
9/1/2009 11,378 10,719
10/1/2009 11,170 10,554
11/1/2009 11,322 10,636
12/1/2009 11,432 10,770
1/1/2010 11,255 10,628
2/1/2010 11,239 10,568
3/1/2010 12,042 11,353
4/1/2010 12,227 11,577
5/1/2010 10,780 10,186
6/1/2010 10,755 10,091
7/1/2010 11,737 10,956
8/1/2010 11,388 10,672
9/1/2010 12,641 11,882
10/1/2010 13,137 12,372
11/1/2010 12,771 12,048
12/1/2010 14,165 13,410
1/1/2011 14,339 13,480
2/1/2011 14,776 13,864
3/1/2011 14,753 13,851
4/1/2011 15,454 14,538
5/1/2011 15,025 14,135
6/1/2011 14,720 13,829
7/1/2011 14,578 13,754
8/1/2011 13,435 12,667
9/1/2011 11,847 11,213
10/1/2011 12,753 12,123
11/1/2011 12,351 11,514
12/1/2011 11,991 11,290
1/1/2012 13,014 12,223
2/1/2012 13,672 12,915
3/1/2012 13,725 12,829
4/1/2012 13,560 12,763
5/1/2012 11,982 11,263
6/1/2012 12,451 11,651
7/1/2012 12,416 11,741
8/1/2012 12,846 12,079
9/1/2012 13,382 12,651
10/1/2012 13,471 12,713
11/1/2012 13,585 12,778
12/1/2012 14,252 13,263
1/1/2013 14,879 13,902
2/1/2013 14,870 13,951
3/1/2013 15,140 14,223
4/1/2013 15,543 14,636
5/1/2013 15,203 14,292
6/1/2013 14,800 13,727
7/1/2013 15,779 14,585
8/1/2013 15,725 14,560
9/1/2013 17,020 15,782
10/1/2013 17,600 16,248
11/1/2013 17,682 16,269
12/1/2013 18,164 16,652
1/1/2014 17,842 16,365
2/1/2014 18,958 17,292
3/1/2014 18,930 17,227
4/1/2014 18,939 17,174
5/1/2014 19,062 17,389
6/1/2014 19,415 17,784
7/1/2014 18,797 17,323
8/1/2014 18,920 17,366
9/1/2014 17,770 16,314
10/1/2014 17,408 15,900
11/1/2014 17,236 15,885
12/1/2014 17,019 15,762
1/1/2015 16,879 15,623
2/1/2015 17,962 16,622
3/1/2015 17,681 16,398
4/1/2015 18,673 17,232
5/1/2015 18,894 17,336
6/1/2015 18,607 17,080
7/1/2015 18,486 17,054
8/1/2015 17,711 16,295 Past performance is not predictive of
9/1/2015 17,122 15,709 future performance.
10/1/2015 17,981 16,641 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Ten would pay on fund distributions or the
Total Return Year Years Years redemption of fund shares.
-------------------------------------------------------------- MSCI data copyright MSCI 2015, all
3.30% 6.48% 6.04% rights reserved.
--------------------------------------------------------------------------------
9
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
JAPANESE SMALL COMPANY PORTFOLIO VS.
MSCI JAPAN SMALL CAP INDEX (NET DIVIDENDS)
October 31, 2005-October 31, 2015
[CHART]
Japanese Small Company MSCI Japan Small Cap
Portfolio Index (net dividends)
------------------------------- ---------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,193 10,427
12/1/2005 11,350 11,838
1/1/2006 11,829 12,215
2/1/2006 11,116 11,419
3/1/2006 11,606 11,932
4/1/2006 11,829 11,991
5/1/2006 10,990 11,029
6/1/2006 10,569 10,684
7/1/2006 10,064 9,977
8/1/2006 10,225 10,243
9/1/2006 10,043 10,019
10/1/2006 9,963 9,954
11/1/2006 9,894 9,870
12/1/2006 9,980 9,928
1/1/2007 10,182 10,121
2/1/2007 10,592 10,520
3/1/2007 10,506 10,423
4/1/2007 10,361 10,245
5/1/2007 10,147 10,001
6/1/2007 10,311 10,066
7/1/2007 10,363 10,064
8/1/2007 9,927 9,451
9/1/2007 9,913 9,393
10/1/2007 9,977 9,733
11/1/2007 9,744 9,324
12/1/2007 9,128 8,766
1/1/2008 8,876 8,335
2/1/2008 8,800 8,427
3/1/2008 8,973 8,430
4/1/2008 9,038 8,534
5/1/2008 9,366 8,797
6/1/2008 8,921 8,257
7/1/2008 8,673 7,987
8/1/2008 8,193 7,634
9/1/2008 7,655 6,889
10/1/2008 7,097 6,161
11/1/2008 7,281 6,413
12/1/2008 8,022 6,912
1/1/2009 7,471 6,550
2/1/2009 6,496 5,689
3/1/2009 6,797 5,890
4/1/2009 7,066 6,191
5/1/2009 7,935 6,949
6/1/2009 8,460 7,391
7/1/2009 8,636 7,576
8/1/2009 9,089 8,000
9/1/2009 8,991 7,969
10/1/2009 8,665 7,677
11/1/2009 8,314 7,403
12/1/2009 8,279 7,265
1/1/2010 8,389 7,421
2/1/2010 8,548 7,562
3/1/2010 8,982 7,906
4/1/2010 9,244 8,120
5/1/2010 8,470 7,557
6/1/2010 8,600 7,590
7/1/2010 8,748 7,682
8/1/2010 8,508 7,520
9/1/2010 8,884 7,827
10/1/2010 8,693 7,763
11/1/2010 8,908 7,914
12/1/2010 9,728 8,713
1/1/2011 9,945 8,816
2/1/2011 10,403 9,171
3/1/2011 9,753 8,605
4/1/2011 9,703 8,613
5/1/2011 9,542 8,485
6/1/2011 10,017 8,801
7/1/2011 10,380 9,167
8/1/2011 10,098 8,792
9/1/2011 10,043 8,800
10/1/2011 9,525 8,475
11/1/2011 9,681 8,246
12/1/2011 9,630 8,374
1/1/2012 10,235 8,718
2/1/2012 10,247 8,813
3/1/2012 10,537 9,048
4/1/2012 10,317 8,917
5/1/2012 9,453 8,176
6/1/2012 9,954 8,525
7/1/2012 9,617 8,392
8/1/2012 9,617 8,344
9/1/2012 9,754 8,575
10/1/2012 9,544 8,389
11/1/2012 9,678 8,447
12/1/2012 10,031 8,710
1/1/2013 10,345 9,036
2/1/2013 10,596 9,342
3/1/2013 11,405 10,097
4/1/2013 12,009 10,761
5/1/2013 11,026 9,908
6/1/2013 11,122 9,881
7/1/2013 11,386 10,042
8/1/2013 11,129 9,906
9/1/2013 12,381 11,035
10/1/2013 12,413 10,989
11/1/2013 12,317 10,917
12/1/2013 12,404 11,004
1/1/2014 12,272 10,973
2/1/2014 12,219 10,729
3/1/2014 12,279 10,756
4/1/2014 12,093 10,557
5/1/2014 12,404 10,903
6/1/2014 13,277 11,675
7/1/2014 13,191 11,737
8/1/2014 13,317 11,653
9/1/2014 12,900 11,264
10/1/2014 12,662 10,963
11/1/2014 12,186 10,839
12/1/2014 12,288 10,952
1/1/2015 12,584 11,320
2/1/2015 13,102 11,728
3/1/2015 13,263 11,954
4/1/2015 13,586 12,178
5/1/2015 13,720 12,322
6/1/2015 14,002 12,502
7/1/2015 13,915 12,453
8/1/2015 13,485 12,027 Past performance is not predictive of
9/1/2015 13,075 11,595 future performance.
10/1/2015 13,754 12,369 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Ten would pay on fund distributions or the
Total Return Year Years Years redemption of fund shares.
------------------------------------------------------------ MSCI data copyright MSCI 2015, all
8.62% 9.61% 3.24% rights reserved.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ASIA PACIFIC SMALL COMPANY PORTFOLIO VS.
MSCI PACIFIC EX JAPAN SMALL CAP INDEX (NET DIVIDENDS)
October 31, 2005-October 31, 2015
[CHART]
Asia Pacific Small Company MSCI Pacific ex Japan Small Cap
Portfolio Index (net dividends)
------------------------------- --------------------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,248 10,379
12/1/2005 10,401 10,583
1/1/2006 11,101 11,189
2/1/2006 11,259 11,301
3/1/2006 11,828 11,779
4/1/2006 12,501 12,539
5/1/2006 11,794 11,899
6/1/2006 11,712 11,754
7/1/2006 11,933 11,875
8/1/2006 12,224 12,262
9/1/2006 12,347 12,465
10/1/2006 13,356 13,334
11/1/2006 14,093 14,144
12/1/2006 14,490 14,672
1/1/2007 14,866 15,045
2/1/2007 15,256 15,332
3/1/2007 16,051 16,123
4/1/2007 17,171 17,241
5/1/2007 18,632 17,918
6/1/2007 19,392 18,384
7/1/2007 19,693 18,379
8/1/2007 18,213 17,196
9/1/2007 20,345 18,722
10/1/2007 22,120 20,002
11/1/2007 20,654 18,395
12/1/2007 20,294 18,142
1/1/2008 18,249 15,711
2/1/2008 18,802 16,644
3/1/2008 17,889 15,594
4/1/2008 19,132 16,637
5/1/2008 19,967 16,817
6/1/2008 17,993 14,935
7/1/2008 16,929 14,249
8/1/2008 15,740 13,091
9/1/2008 13,035 10,536
10/1/2008 8,695 6,814
11/1/2008 7,861 6,071
12/1/2008 8,718 6,776
1/1/2009 7,640 6,030
2/1/2009 7,219 5,655
3/1/2009 8,338 6,466
4/1/2009 9,580 7,623
5/1/2009 12,055 9,451
6/1/2009 12,142 9,717
7/1/2009 13,891 11,121
8/1/2009 14,526 11,692
9/1/2009 15,653 12,671
10/1/2009 15,994 12,975
11/1/2009 16,740 13,348
12/1/2009 17,178 13,882
1/1/2010 16,243 12,994
2/1/2010 16,525 13,157
3/1/2010 17,884 14,241
4/1/2010 18,120 14,639
5/1/2010 15,609 12,429
6/1/2010 15,413 12,358
7/1/2010 17,119 13,615
8/1/2010 17,096 13,585
9/1/2010 19,689 15,625
10/1/2010 20,530 16,318
11/1/2010 20,249 16,100
12/1/2010 22,230 17,725
1/1/2011 21,749 17,210
2/1/2011 21,882 17,304
3/1/2011 22,341 17,835
4/1/2011 23,279 18,557
5/1/2011 22,590 18,132
6/1/2011 21,822 17,487
7/1/2011 22,175 17,745
8/1/2011 20,622 16,511
9/1/2011 16,773 13,509
10/1/2011 19,382 15,722
11/1/2011 18,860 14,650
12/1/2011 17,756 14,180
1/1/2012 19,587 15,653
2/1/2012 21,067 16,870
3/1/2012 20,752 16,342
4/1/2012 20,664 16,430
5/1/2012 18,083 14,297
6/1/2012 18,458 14,497
7/1/2012 18,725 14,974
8/1/2012 19,347 15,213
9/1/2012 20,299 16,023
10/1/2012 20,755 16,353
11/1/2012 21,041 16,514
12/1/2012 22,021 16,929
1/1/2013 23,121 17,826
2/1/2013 23,213 18,038
3/1/2013 23,315 18,083
4/1/2013 22,917 17,940
5/1/2013 21,209 16,619
6/1/2013 19,712 15,198
7/1/2013 20,673 15,806
8/1/2013 20,830 15,942
9/1/2013 22,289 17,169
10/1/2013 22,927 17,470
11/1/2013 22,114 16,732
12/1/2013 22,384 16,811
1/1/2014 21,324 16,033
2/1/2014 22,548 16,895
3/1/2014 22,876 17,207
4/1/2014 22,924 17,320
5/1/2014 22,943 17,461
6/1/2014 23,107 17,556
7/1/2014 23,589 17,938
8/1/2014 23,955 18,076
9/1/2014 21,739 16,415
10/1/2014 22,047 16,609
11/1/2014 21,170 16,082
12/1/2014 20,548 15,679
1/1/2015 20,061 15,370
2/1/2015 21,036 16,116
3/1/2015 20,731 15,826
4/1/2015 22,397 16,734
5/1/2015 22,641 16,652
6/1/2015 21,036 15,454
7/1/2015 20,010 14,756
8/1/2015 18,293 13,380 Past performance is not predictive of
9/1/2015 18,029 13,104 future performance.
10/1/2015 19,360 14,172 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Ten would pay on fund distributions or the
Total Return Year Years Years redemption of fund shares.
---------------------------------------------------------------- MSCI data copyright MSCI 2015, all
-12.19% -1.17% 6.83% rights reserved.
--------------------------------------------------------------------------------
10
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
UNITED KINGDOM SMALL COMPANY PORTFOLIO VS.
MSCI UK SMALL CAP INDEX (NET DIVIDENDS)
October 31, 2005-October 31, 2015
[CHART]
United Kingdom Small Company MSCI UK Small Cap
Portfolio Index (net dividends)
------------------------------- ----------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,427 10,499
12/1/2005 10,883 10,953
1/1/2006 11,731 11,845
2/1/2006 11,889 12,030
3/1/2006 12,083 12,274
4/1/2006 12,687 12,923
5/1/2006 12,425 12,637
6/1/2006 12,411 12,529
7/1/2006 12,497 12,432
8/1/2006 13,018 12,879
9/1/2006 13,394 13,257
10/1/2006 14,146 14,016
11/1/2006 15,030 14,924
12/1/2006 15,846 15,625
1/1/2007 15,947 15,588
2/1/2007 15,943 15,637
3/1/2007 16,682 16,284
4/1/2007 17,253 17,092
5/1/2007 17,480 17,202
6/1/2007 16,835 16,701
7/1/2007 16,738 16,607
8/1/2007 16,635 15,998
9/1/2007 16,056 15,092
10/1/2007 17,334 16,750
11/1/2007 15,322 14,812
12/1/2007 14,510 14,068
1/1/2008 13,530 12,936
2/1/2008 13,721 13,375
3/1/2008 13,664 13,206
4/1/2008 13,891 13,452
5/1/2008 13,927 13,516
6/1/2008 12,815 12,592
7/1/2008 12,360 12,089
8/1/2008 12,151 11,773
9/1/2008 10,272 9,608
10/1/2008 7,513 6,942
11/1/2008 6,976 6,298
12/1/2008 6,816 6,139
1/1/2009 6,652 6,105
2/1/2009 6,375 5,902
3/1/2009 6,648 6,245
4/1/2009 8,039 7,679
5/1/2009 8,859 8,490
6/1/2009 8,898 8,550
7/1/2009 9,668 9,337
8/1/2009 10,417 10,237
9/1/2009 10,719 10,474
10/1/2009 10,730 10,489
11/1/2009 10,692 10,380
12/1/2009 10,912 10,636
1/1/2010 10,802 10,587
2/1/2010 10,431 10,112
3/1/2010 11,301 11,004
4/1/2010 11,711 11,443
5/1/2010 10,382 10,068
6/1/2010 10,578 10,111
7/1/2010 12,002 11,327
8/1/2010 11,555 11,020
9/1/2010 12,785 12,234
10/1/2010 13,451 12,755
11/1/2010 12,785 12,224
12/1/2010 14,085 13,503
1/1/2011 14,286 13,634
2/1/2011 14,712 13,993
3/1/2011 14,432 13,752
4/1/2011 15,706 15,012
5/1/2011 15,605 14,822
6/1/2011 15,106 14,323
7/1/2011 14,999 14,283
8/1/2011 13,498 12,826
9/1/2011 12,132 11,474
10/1/2011 13,413 12,727
11/1/2011 13,001 12,233
12/1/2011 12,592 11,825
1/1/2012 13,700 13,025
2/1/2012 14,818 14,235
3/1/2012 15,131 14,281
4/1/2012 15,388 14,524
5/1/2012 13,649 12,725
6/1/2012 14,313 13,331
7/1/2012 14,550 13,573
8/1/2012 15,341 14,292
9/1/2012 16,125 15,055
10/1/2012 16,475 15,366
11/1/2012 16,576 15,372
12/1/2012 17,481 16,079
1/1/2013 17,787 16,502
2/1/2013 17,943 16,595
3/1/2013 18,473 17,042
4/1/2013 18,935 17,468
5/1/2013 19,103 17,704
6/1/2013 18,682 17,066
7/1/2013 20,255 18,487
8/1/2013 20,394 18,740
9/1/2013 21,765 20,147
10/1/2013 22,540 20,856
11/1/2013 23,046 21,347
12/1/2013 24,310 22,378
1/1/2014 23,729 21,902
2/1/2014 25,848 24,027
3/1/2014 25,048 23,160
4/1/2014 24,629 22,606
5/1/2014 24,598 22,649
6/1/2014 24,569 22,596
7/1/2014 23,797 21,957
8/1/2014 24,149 22,188
9/1/2014 22,769 20,886
10/1/2014 22,705 20,753
11/1/2014 22,529 20,760
12/1/2014 22,885 21,101
1/1/2015 22,360 20,526
2/1/2015 24,454 22,554
3/1/2015 23,175 21,516
4/1/2015 24,634 22,896
5/1/2015 25,864 23,946
6/1/2015 25,787 23,976
7/1/2015 25,835 24,147
8/1/2015 24,737 23,197 Past performance is not predictive of
9/1/2015 23,986 22,342 future performance.
10/1/2015 24,847 23,331 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Ten would pay on fund distributions or the
Total Return Year Years Years redemption of fund shares.
---------------------------------------------------------- MSCI data copyright MSCI 2015, all
9.43% 13.06% 9.53% rights reserved.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONTINENTAL SMALL COMPANY PORTFOLIO VS.
MSCI EUROPE EX UK SMALL CAP INDEX (NET DIVIDENDS)
October 31, 2005-October 31, 2015
[CHART]
Continental Small Company MSCI Europe ex UK
Portfolio Small Cap Index (net dividends)
------------------------- --------------------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,032 10,128
12/1/2005 10,545 10,714
1/1/2006 11,557 11,910
2/1/2006 11,882 12,246
3/1/2006 12,646 13,037
4/1/2006 13,516 13,961
5/1/2006 12,858 13,244
6/1/2006 12,620 12,942
7/1/2006 12,584 12,800
8/1/2006 12,912 13,101
9/1/2006 13,080 13,239
10/1/2006 13,733 13,946
11/1/2006 14,679 14,922
12/1/2006 15,378 15,626
1/1/2007 16,087 16,127
2/1/2007 16,101 16,196
3/1/2007 17,039 17,057
4/1/2007 17,933 18,089
5/1/2007 18,273 18,405
6/1/2007 18,068 18,229
7/1/2007 17,964 18,095
8/1/2007 17,316 17,276
9/1/2007 17,697 17,620
10/1/2007 18,550 18,675
11/1/2007 17,173 17,338
12/1/2007 16,830 16,987
1/1/2008 15,225 14,942
2/1/2008 15,875 15,845
3/1/2008 16,375 16,168
4/1/2008 16,563 16,444
5/1/2008 16,876 16,700
6/1/2008 15,448 15,157
7/1/2008 14,628 14,296
8/1/2008 14,222 13,906
9/1/2008 11,742 11,027
10/1/2008 8,606 7,924
11/1/2008 7,933 7,267
12/1/2008 8,759 7,939
1/1/2009 7,764 7,226
2/1/2009 7,089 6,590
3/1/2009 7,599 7,099
4/1/2009 8,836 8,577
5/1/2009 10,121 9,857
6/1/2009 9,990 9,731
7/1/2009 10,783 10,604
8/1/2009 11,681 11,693
9/1/2009 12,678 12,813
10/1/2009 12,317 12,464
11/1/2009 12,686 12,720
12/1/2009 12,642 12,777
1/1/2010 12,428 12,607
2/1/2010 12,165 12,248
3/1/2010 13,062 13,242
4/1/2010 12,939 13,158
5/1/2010 11,095 11,122
6/1/2010 11,017 10,956
7/1/2010 12,336 12,269
8/1/2010 11,769 11,686
9/1/2010 13,394 13,489
10/1/2010 14,146 14,354
11/1/2010 13,043 13,267
12/1/2010 14,737 15,124
1/1/2011 15,149 15,466
2/1/2011 15,401 15,728
3/1/2011 15,922 16,259
4/1/2011 16,989 17,395
5/1/2011 16,409 16,731
6/1/2011 15,876 16,191
7/1/2011 14,972 15,209
8/1/2011 13,438 13,620
9/1/2011 11,402 11,574
10/1/2011 12,577 12,842
11/1/2011 11,736 11,838
12/1/2011 11,278 11,436
1/1/2012 12,345 12,570
2/1/2012 13,128 13,535
3/1/2012 13,154 13,425
4/1/2012 12,844 13,201
5/1/2012 11,087 11,391
6/1/2012 11,563 11,952
7/1/2012 11,449 11,910
8/1/2012 11,960 12,429
9/1/2012 12,589 13,098
10/1/2012 12,809 13,324
11/1/2012 12,968 13,528
12/1/2012 13,751 14,258
1/1/2013 14,789 15,419
2/1/2013 14,638 15,371
3/1/2013 14,310 14,976
4/1/2013 14,887 15,558
5/1/2013 15,162 15,911
6/1/2013 14,655 15,203
7/1/2013 15,927 16,586
8/1/2013 15,945 16,555
9/1/2013 17,331 17,970
10/1/2013 18,316 19,052
11/1/2013 18,642 19,391
12/1/2013 19,160 19,894
1/1/2014 19,042 19,730
2/1/2014 20,709 21,454
3/1/2014 20,808 21,472
4/1/2014 20,999 21,562
5/1/2014 21,080 21,804
6/1/2014 20,893 21,591
7/1/2014 19,661 20,318
8/1/2014 19,422 20,154
9/1/2014 18,378 19,044
10/1/2014 17,825 18,422
11/1/2014 18,249 18,962
12/1/2014 17,669 18,509
1/1/2015 17,780 18,552
2/1/2015 18,999 19,921
3/1/2015 18,907 19,719
4/1/2015 19,914 20,774
5/1/2015 19,932 20,637
6/1/2015 19,503 20,148
7/1/2015 20,046 20,896
8/1/2015 19,287 20,088 Past performance is not predictive of
9/1/2015 18,601 19,409 future performance.
10/1/2015 19,494 20,519 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Ten would pay on fund distributions or the
Total Return Year Years Years redemption of fund shares.
-------------------------------------------------------------- MSCI data copyright MSCI 2015, all
9.37% 6.62% 6.90% rights reserved.
--------------------------------------------------------------------------------
11
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
DFA INTERNATIONAL REAL ESTATE SECURITIES PORTFOLIO VS.
S&P GLOBAL EX U.S. REIT INDEX (NET DIVIDENDS)
March 1, 2007-October 31, 2015
[CHART]
DFA International
Real Estate Securities S&P Global ex U.S.
Portfolio REIT Index (net dividends)
------------------------------- --------------------------
3/1/2007 $10,000 10,000
3/1/2007 10,480 10,343
4/1/2007 10,570 10,492
5/1/2007 10,780 10,647
6/1/2007 10,061 9,995
7/1/2007 9,459 9,513
8/1/2007 9,679 9,662
9/1/2007 10,130 10,149
10/1/2007 10,211 10,249
11/1/2007 9,462 9,433
12/1/2007 8,995 9,061
1/1/2008 8,627 8,529
2/1/2008 8,585 8,635
3/1/2008 8,606 8,552
4/1/2008 8,659 8,703
5/1/2008 8,332 8,348
6/1/2008 7,450 7,505
7/1/2008 7,215 7,301
8/1/2008 6,970 7,088
9/1/2008 6,457 6,368
10/1/2008 4,461 4,537
11/1/2008 4,152 4,234
12/1/2008 4,325 4,363
1/1/2009 3,873 3,947
2/1/2009 3,356 3,433
3/1/2009 3,587 3,636
4/1/2009 3,950 4,053
5/1/2009 4,479 4,503
6/1/2009 4,578 4,610
7/1/2009 4,985 5,022
8/1/2009 5,535 5,634
9/1/2009 5,887 6,017
10/1/2009 5,766 5,922
11/1/2009 5,832 5,926
12/1/2009 5,925 6,027
1/1/2010 5,704 5,831
2/1/2010 5,728 5,809
3/1/2010 5,925 6,011
4/1/2010 5,974 6,082
5/1/2010 5,347 5,414
6/1/2010 5,360 5,435
7/1/2010 5,987 6,026
8/1/2010 5,999 6,044
9/1/2010 6,577 6,624
10/1/2010 6,859 6,894
11/1/2010 6,429 6,471
12/1/2010 6,997 7,046
1/1/2011 7,025 7,045
2/1/2011 7,318 7,329
3/1/2011 7,332 7,348
4/1/2011 7,792 7,804
5/1/2011 7,750 7,761
6/1/2011 7,694 7,685
7/1/2011 7,569 7,575
8/1/2011 7,262 7,261
9/1/2011 6,328 6,367
10/1/2011 6,830 6,889
11/1/2011 6,691 6,606
12/1/2011 6,455 6,440
1/1/2012 6,897 6,857
2/1/2012 7,133 7,133
3/1/2012 7,221 7,159
4/1/2012 7,369 7,331
5/1/2012 6,941 6,853
6/1/2012 7,398 7,322
7/1/2012 7,737 7,719
8/1/2012 7,855 7,792
9/1/2012 8,032 8,000
10/1/2012 8,356 8,295
11/1/2012 8,415 8,352
12/1/2012 8,611 8,495
1/1/2013 8,745 8,714
2/1/2013 8,811 8,792
3/1/2013 9,161 9,125
4/1/2013 9,644 9,604
5/1/2013 8,761 8,738
6/1/2013 8,445 8,368
7/1/2013 8,478 8,386
8/1/2013 8,162 8,091
9/1/2013 8,861 8,784
10/1/2013 9,128 9,045
11/1/2013 8,845 8,764
12/1/2013 8,807 8,696
1/1/2014 8,649 8,539
2/1/2014 9,158 9,013
3/1/2014 9,140 8,980
4/1/2014 9,526 9,339
5/1/2014 9,807 9,618
6/1/2014 10,018 9,863
7/1/2014 10,000 9,879
8/1/2014 10,175 10,042
9/1/2014 9,509 9,368
10/1/2014 9,877 9,661
11/1/2014 9,912 9,755
12/1/2014 9,785 9,647
1/1/2015 10,158 9,968
2/1/2015 10,326 10,149
3/1/2015 10,046 9,857
4/1/2015 10,270 10,074
5/1/2015 9,990 9,793
6/1/2015 9,766 9,546
7/1/2015 9,841 9,650
8/1/2015 9,299 9,107 Past performance is not predictive of
9/1/2015 9,374 9,136 future performance.
10/1/2015 9,841 9,665 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Since would pay on fund distributions or the
Total Return Year Years Inception redemption of fund shares.
--------------------------------------------------------------- The S&P data are provided by Standard
-0.37% 7.49% -0.18% & Poor's Index Services Group.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
DFA GLOBAL REAL ESTATE SECURITIES PORTFOLIO VS.
S&P GLOBAL REIT INDEX (NET DIVIDENDS)
June 4, 2008-October 31, 2015
[CHART]
DFA Global Real S&P Global
Estate Securities Portfolio REIT Index (net dividends)
--------------------------- --------------------------
6/1/2008 $10,000 $10,000
6/1/2008 9,000 8,970
7/1/2008 9,020 8,995
8/1/2008 9,000 8,979
9/1/2008 8,710 8,552
10/1/2008 6,040 5,939
11/1/2008 5,040 4,955
12/1/2008 5,632 5,465
1/1/2009 4,817 4,698
2/1/2009 3,982 3,887
3/1/2009 4,186 4,070
4/1/2009 5,051 4,921
5/1/2009 5,438 5,235
6/1/2009 5,408 5,208
7/1/2009 5,937 5,716
8/1/2009 6,670 6,460
9/1/2009 7,108 6,889
10/1/2009 6,874 6,673
11/1/2009 7,159 6,897
12/1/2009 7,471 7,199
1/1/2010 7,133 6,884
2/1/2010 7,362 7,066
3/1/2010 7,875 7,557
4/1/2010 8,202 7,887
5/1/2010 7,591 7,270
6/1/2010 7,373 7,054
7/1/2010 8,158 7,772
8/1/2010 8,115 7,722
9/1/2010 8,649 8,231
10/1/2010 9,031 8,595
11/1/2010 8,682 8,264
12/1/2010 9,249 8,789
1/1/2011 9,448 8,947
2/1/2011 9,856 9,334
3/1/2011 9,786 9,258
4/1/2011 10,370 9,804
5/1/2011 10,428 9,853
6/1/2011 10,195 9,617
7/1/2011 10,218 9,647
8/1/2011 9,728 9,153
9/1/2011 8,583 8,093
10/1/2011 9,588 9,052
11/1/2011 9,296 8,693
12/1/2011 9,417 8,843
1/1/2012 10,020 9,412
2/1/2012 10,092 9,489
3/1/2012 10,454 9,791
4/1/2012 10,719 10,055
5/1/2012 10,176 9,518
6/1/2012 10,791 10,090
7/1/2012 11,105 10,413
8/1/2012 11,153 10,448
9/1/2012 11,117 10,424
10/1/2012 11,249 10,520
11/1/2012 11,249 10,526
12/1/2012 11,599 10,822
1/1/2013 11,921 11,170
2/1/2013 12,037 11,290
3/1/2013 12,423 11,651
4/1/2013 13,182 12,361
5/1/2013 12,230 11,472
6/1/2013 11,921 11,139
7/1/2013 11,998 11,213
8/1/2013 11,316 10,573
9/1/2013 11,908 11,121
10/1/2013 12,346 11,548
11/1/2013 11,805 11,041
12/1/2013 11,804 11,010
1/1/2014 12,005 11,195
2/1/2014 12,659 11,773
3/1/2014 12,699 11,783
4/1/2014 13,180 12,205
5/1/2014 13,527 12,519
6/1/2014 13,714 12,718
7/1/2014 13,714 12,724
8/1/2014 14,048 13,028
9/1/2014 13,166 12,200
10/1/2014 14,195 13,084
11/1/2014 14,395 13,289
12/1/2014 14,489 13,381
1/1/2015 15,321 14,107
2/1/2015 15,057 13,878
3/1/2015 15,071 13,866
4/1/2015 14,628 13,456
5/1/2015 14,447 13,286
6/1/2015 13,934 12,771
7/1/2015 14,461 13,264
8/1/2015 13,615 12,462 Past performance is not predictive of
9/1/2015 13,934 12,702 future performance.
10/1/2015 14,683 13,423 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Since would pay on fund distributions or the
Total Return Year Years Inception redemption of fund shares.
--------------------------------------------------------------- The S&P data are provided by Standard
3.44% 10.21% 5.32% & Poor's Index Services Group.
--------------------------------------------------------------------------------
12
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO VS.
MSCI WORLD EX USA SMALL CAP INDEX (NET DIVIDENDS)
October 31, 2005-October 31, 2015
[CHART]
DFA International Small Cap Value MSCI World ex USA
Portfolio Small Cap Index (net dividends)
--------------------------------- -------------------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,186 10,333
12/1/2005 10,842 11,137
1/1/2006 11,636 11,931
2/1/2006 11,661 11,781
3/1/2006 12,217 12,335
4/1/2006 12,724 12,909
5/1/2006 12,113 12,195
6/1/2006 11,887 11,898
7/1/2006 11,844 11,608
8/1/2006 12,146 11,947
9/1/2006 12,261 11,915
10/1/2006 12,799 12,388
11/1/2006 13,417 12,921
12/1/2006 13,920 13,303
1/1/2007 14,291 13,575
2/1/2007 14,550 13,813
3/1/2007 15,182 14,271
4/1/2007 15,632 14,821
5/1/2007 15,931 15,040
6/1/2007 15,863 15,007
7/1/2007 15,823 14,915
8/1/2007 15,174 14,128
9/1/2007 15,490 14,448
10/1/2007 16,100 15,423
11/1/2007 14,792 14,155
12/1/2007 14,330 13,740
1/1/2008 13,385 12,408
2/1/2008 13,678 12,998
3/1/2008 13,805 12,854
4/1/2008 14,040 13,167
5/1/2008 14,348 13,433
6/1/2008 13,095 12,396
7/1/2008 12,513 11,771
8/1/2008 12,110 11,335
9/1/2008 10,367 9,341
10/1/2008 8,111 7,035
11/1/2008 7,661 6,695
12/1/2008 8,358 7,141
1/1/2009 7,653 6,726
2/1/2009 6,812 6,112
3/1/2009 7,256 6,504
4/1/2009 8,433 7,507
5/1/2009 9,594 8,618
6/1/2009 9,562 8,721
7/1/2009 10,453 9,422
8/1/2009 11,358 10,149
9/1/2009 11,893 10,719
10/1/2009 11,470 10,554
11/1/2009 11,524 10,636
12/1/2009 11,660 10,770
1/1/2010 11,436 10,628
2/1/2010 11,327 10,568
3/1/2010 12,247 11,353
4/1/2010 12,401 11,577
5/1/2010 10,732 10,186
6/1/2010 10,517 10,091
7/1/2010 11,539 10,956
8/1/2010 11,001 10,672
9/1/2010 12,236 11,882
10/1/2010 12,619 12,372
11/1/2010 12,259 12,048
12/1/2010 13,770 13,410
1/1/2011 14,058 13,480
2/1/2011 14,467 13,864
3/1/2011 14,539 13,851
4/1/2011 15,163 14,538
5/1/2011 14,643 14,135
6/1/2011 14,323 13,829
7/1/2011 14,048 13,754
8/1/2011 12,712 12,667
9/1/2011 11,212 11,213
10/1/2011 12,065 12,123
11/1/2011 11,675 11,514
12/1/2011 11,365 11,290
1/1/2012 12,503 12,223
2/1/2012 13,248 12,915
3/1/2012 13,265 12,829
4/1/2012 12,897 12,763
5/1/2012 11,256 11,263
6/1/2012 11,811 11,651
7/1/2012 11,778 11,741
8/1/2012 12,210 12,079
9/1/2012 12,781 12,651
10/1/2012 12,900 12,713
11/1/2012 13,079 12,778
12/1/2012 13,895 13,263
1/1/2013 14,608 13,902
2/1/2013 14,695 13,951
3/1/2013 14,994 14,223
4/1/2013 15,420 14,636
5/1/2013 15,116 14,292
6/1/2013 14,655 13,727
7/1/2013 15,748 14,585
8/1/2013 15,554 14,560
9/1/2013 17,061 15,782
10/1/2013 17,775 16,248
11/1/2013 17,802 16,269
12/1/2013 18,395 16,652
1/1/2014 18,142 16,365
2/1/2014 19,389 17,292
3/1/2014 19,515 17,227
4/1/2014 19,434 17,174
5/1/2014 19,588 17,389
6/1/2014 19,895 17,784
7/1/2014 19,197 17,323
8/1/2014 19,324 17,366
9/1/2014 18,199 16,314
10/1/2014 17,798 15,900
11/1/2014 17,671 15,885
12/1/2014 17,477 15,762
1/1/2015 17,364 15,623
2/1/2015 18,661 16,622
3/1/2015 18,295 16,398
4/1/2015 19,216 17,232
5/1/2015 19,516 17,336
6/1/2015 19,244 17,080
7/1/2015 19,008 17,054
8/1/2015 18,197 16,295 Past performance is not predictive of
9/1/2015 17,470 15,709 future performance.
10/1/2015 18,388 16,641 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Ten would pay on fund distributions or the
Total Return Year Years Years redemption of fund shares.
-------------------------------------------------------------- MSCI data copyright MSCI 2015, all
3.31% 7.82% 6.28% rights reserved.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
INTERNATIONAL VECTOR EQUITY PORTFOLIO VS.
MSCI WORLD EX USA INDEX (NET DIVIDENDS)
August 14, 2008-October 31, 2015
[CHART]
International Vector MSCI World ex USA
Equity Portfolio Index (net dividends)
-------------------- ---------------------
8/1/2008 $10,000 $10,000
8/1/2008 10,050 10,052
9/1/2008 8,750 8,601
10/1/2008 6,740 6,812
11/1/2008 6,340 6,442
12/1/2008 6,798 6,782
1/1/2009 6,065 6,149
2/1/2009 5,392 5,527
3/1/2009 5,903 5,891
4/1/2009 6,919 6,650
5/1/2009 7,985 7,491
6/1/2009 7,932 7,414
7/1/2009 8,715 8,110
8/1/2009 9,274 8,499
9/1/2009 9,740 8,849
10/1/2009 9,404 8,707
11/1/2009 9,608 8,923
12/1/2009 9,715 9,065
1/1/2010 9,377 8,640
2/1/2010 9,357 8,631
3/1/2010 10,099 9,187
4/1/2010 10,120 9,050
5/1/2010 8,870 8,051
6/1/2010 8,736 7,935
7/1/2010 9,659 8,668
8/1/2010 9,254 8,409
9/1/2010 10,289 9,216
10/1/2010 10,684 9,544
11/1/2010 10,300 9,140
12/1/2010 11,397 9,876
1/1/2011 11,660 10,089
2/1/2011 12,050 10,463
3/1/2011 11,881 10,253
4/1/2011 12,482 10,812
5/1/2011 12,071 10,491
6/1/2011 11,823 10,342
7/1/2011 11,545 10,171
8/1/2011 10,519 9,311
9/1/2011 9,260 8,376
10/1/2011 10,045 9,191
11/1/2011 9,733 8,766
12/1/2011 9,464 8,670
1/1/2012 10,238 9,138
2/1/2012 10,780 9,641
3/1/2012 10,780 9,570
4/1/2012 10,514 9,407
5/1/2012 9,219 8,335
6/1/2012 9,745 8,881
7/1/2012 9,700 8,991
8/1/2012 10,038 9,248
9/1/2012 10,435 9,529
10/1/2012 10,537 9,595
11/1/2012 10,706 9,797
12/1/2012 11,253 10,093
1/1/2013 11,755 10,590
2/1/2013 11,652 10,484
3/1/2013 11,784 10,567
4/1/2013 12,218 11,049
5/1/2013 11,944 10,801
6/1/2013 11,564 10,397
7/1/2013 12,305 10,950
8/1/2013 12,213 10,809
9/1/2013 13,183 11,573
10/1/2013 13,648 11,961
11/1/2013 13,682 12,034
12/1/2013 13,989 12,215
1/1/2014 13,612 11,722
2/1/2014 14,448 12,362
3/1/2014 14,414 12,306
4/1/2014 14,555 12,501
5/1/2014 14,685 12,694
6/1/2014 14,923 12,874
7/1/2014 14,493 12,645
8/1/2014 14,553 12,655
9/1/2014 13,757 12,135
10/1/2014 13,505 11,942
11/1/2014 13,445 12,089
12/1/2014 13,112 11,687
1/1/2015 13,015 11,646
2/1/2015 13,893 12,342
3/1/2015 13,649 12,135
4/1/2015 14,356 12,661
5/1/2015 14,393 12,551
6/1/2015 14,064 12,194
7/1/2015 13,990 12,387
8/1/2015 13,186 11,485
9/1/2015 12,594 10,905
10/1/2015 13,351 11,726
Average Annual One Five Since
Total Return Year Years Inception
-----------------------------------------------------------------------------------------------
-1.14% 4.56% 4.09%
Past performance is not predictive of
future performance.
The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual would pay on fund distributions or the
Total Return redemption of fund shares.
------------------------------MSCI data copyright MSCI 2015, all
rights reserved.
--------------------------------------------------------------------------------
13
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
WORLD EX U.S. VALUE PORTFOLIO VS.
MSCI ALL COUNTRY WORLD EX USA INDEX (NET DIVIDENDS)
August 23, 2010-October 31, 2015
[CHART]
World Ex U.S. MSCI All Country World
Value Portfolio ex USA Index (net dividends)
------------------ -----------------------------
8/1/2010 $10,000 $10,000
8/1/2010 9,890 9,920
9/1/2010 10,980 10,906
10/1/2010 11,350 11,278
11/1/2010 10,850 10,843
12/1/2010 11,859 11,692
1/1/2011 12,122 11,807
2/1/2011 12,385 12,118
3/1/2011 12,311 12,090
4/1/2011 12,899 12,681
5/1/2011 12,433 12,315
6/1/2011 12,238 12,136
7/1/2011 11,920 11,971
8/1/2011 10,670 10,945
9/1/2011 9,314 9,727
10/1/2011 10,261 10,752
11/1/2011 9,880 10,203
12/1/2011 9,590 10,089
1/1/2012 10,422 10,774
2/1/2012 10,984 11,379
3/1/2012 10,811 11,222
4/1/2012 10,436 11,045
5/1/2012 9,177 9,791
6/1/2012 9,755 10,369
7/1/2012 9,703 10,515
8/1/2012 10,041 10,735
9/1/2012 10,475 11,136
10/1/2012 10,538 11,179
11/1/2012 10,687 11,392
12/1/2012 11,281 11,787
1/1/2013 11,720 12,266
2/1/2013 11,442 12,137
3/1/2013 11,460 12,161
4/1/2013 11,899 12,608
5/1/2013 11,696 12,316
6/1/2013 11,154 11,782
7/1/2013 11,796 12,298
8/1/2013 11,666 12,128
9/1/2013 12,556 12,971
10/1/2013 13,026 13,447
11/1/2013 12,993 13,470
12/1/2013 13,201 13,589
1/1/2014 12,652 12,972
2/1/2014 13,289 13,623
3/1/2014 13,361 13,658
4/1/2014 13,527 13,839
5/1/2014 13,760 14,108
6/1/2014 13,969 14,345
7/1/2014 13,778 14,203
8/1/2014 13,857 14,281
9/1/2014 13,101 13,590
10/1/2014 12,921 13,455
11/1/2014 12,864 13,552
12/1/2014 12,384 13,064
1/1/2015 12,293 13,044
2/1/2015 13,080 13,742
3/1/2015 12,783 13,520
4/1/2015 13,604 14,203
5/1/2015 13,490 13,981
6/1/2015 13,108 13,591
7/1/2015 12,774 13,553
8/1/2015 11,805 12,517 Past performance is not predictive of
9/1/2015 11,128 11,937 future performance.
10/1/2015 11,916 12,825 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Since would pay on fund distributions or the
Total Return Year Years Inception redemption of fund shares.
------------------------------------------------- MSCI data copyright MSCI 2015, all
-7.77% 0.98% 3.44% rights reserved.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
WORLD EX U.S. TARGETED VALUE PORTFOLIO VS.
MSCI ALL COUNTRY WORLD EX USA SMALL CAP INDEX (NET DIVIDENDS)
November 1, 2012-October 31, 2015
[CHART]
World Ex U.S. Targeted MSCI All Country World ex USA
Value Portfolio Small Cap Index (net dividends)
----------------------- ----------------------------------
11/1/2012 $10,000 $10,000
11/1/2012 10,120 10,013
12/1/2012 10,735 10,417
1/1/2013 11,157 10,868
2/1/2013 11,147 10,925
3/1/2013 11,278 11,098
4/1/2013 11,549 11,398
5/1/2013 11,298 11,175
6/1/2013 10,766 10,607
7/1/2013 11,376 11,134
8/1/2013 11,193 11,038
9/1/2013 12,191 11,920
10/1/2013 12,690 12,289
11/1/2013 12,629 12,257
12/1/2013 12,872 12,472
1/1/2014 12,497 12,231
2/1/2014 13,185 12,888
3/1/2014 13,404 12,904
4/1/2014 13,404 12,883
5/1/2014 13,633 13,090
6/1/2014 13,888 13,374
7/1/2014 13,616 13,121
8/1/2014 13,773 13,215
9/1/2014 12,908 12,464
10/1/2014 12,698 12,170
11/1/2014 12,571 12,119
12/1/2014 12,294 11,969
1/1/2015 12,219 11,925
2/1/2015 12,977 12,575
3/1/2015 12,710 12,439
4/1/2015 13,511 13,182
5/1/2015 13,489 13,256
6/1/2015 13,224 12,964
7/1/2015 12,816 12,717
8/1/2015 12,088 12,007 Past performance is not predictive of
9/1/2015 11,599 11,665 future performance.
10/1/2015 12,332 12,356 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Since would pay on fund distributions or the
Total Return Year Inception redemption of fund shares.
--------------------------------------------------------- MSCI data copyright MSCI 2015, all
-2.88% 7.24% rights reserved.
--------------------------------------------------------------------------------
14
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
WORLD EX U.S. CORE EQUITY PORTFOLIO VS.
MSCI ALL COUNTRY WORLD EX USA INDEX (NET DIVIDENDS)
April 9, 2013-October 31, 2015
[CHART]
World Ex U.S. Core MSCI All Country World
Equity Portfolio ex USA Index (net dividends)
------------------ ----------------------------
4/1/2013 $10,000 $10,000
4/1/2013 10,160 10,415
5/1/2013 9,890 10,174
6/1/2013 9,485 9,733
7/1/2013 9,971 10,159
8/1/2013 9,830 10,019
9/1/2013 10,575 10,715
10/1/2013 10,962 11,108
11/1/2013 10,952 11,127
12/1/2013 11,104 11,225
1/1/2014 10,653 10,715
2/1/2014 11,227 11,254
3/1/2014 11,309 11,282
4/1/2014 11,422 11,431
5/1/2014 11,597 11,654
6/1/2014 11,810 11,850
7/1/2014 11,592 11,732
8/1/2014 11,706 11,797
9/1/2014 11,072 11,226
10/1/2014 10,957 11,115
11/1/2014 10,916 11,195
12/1/2014 10,565 10,791
1/1/2015 10,565 10,775
2/1/2015 11,162 11,351
3/1/2015 10,968 11,168
4/1/2015 11,608 11,732
5/1/2015 11,534 11,549
6/1/2015 11,209 11,227
7/1/2015 10,976 11,196
8/1/2015 10,234 10,340 Past performance is not predictive of
9/1/2015 9,847 9,860 future performance.
10/1/2015 10,465 10,595 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Since would pay on fund distributions or the
Total Return Year Inception redemption of fund shares.
--------------------------------------------------------- MSCI data copyright MSCI 2015, all
-4.50% 1.79% rights reserved.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
WORLD CORE EQUITY PORTFOLIO VS.
MSCI ALL COUNTRY WORLD INDEX (NET DIVIDENDS)
March 7, 2012-October 31, 2015
[CHART]
MSCI All Country World
World Core Equity Portfolio Index (net dividends)
------------------------------- -------------------------
3/1/2012 $10,000 $10,000
3/1/2012 10,170 10,307
4/1/2012 10,050 10,189
5/1/2012 9,400 9,276
6/1/2012 9,822 9,734
7/1/2012 9,913 9,867
8/1/2012 10,175 10,082
9/1/2012 10,465 10,399
10/1/2012 10,354 10,330
11/1/2012 10,425 10,462
12/1/2012 10,644 10,699
1/1/2013 11,175 11,192
2/1/2013 11,266 11,190
3/1/2013 11,598 11,395
4/1/2013 11,843 11,720
5/1/2013 11,986 11,688
6/1/2013 11,754 11,346
7/1/2013 12,382 11,890
8/1/2013 12,053 11,642
9/1/2013 12,609 12,243
10/1/2013 13,125 12,735
11/1/2013 13,477 12,916
12/1/2013 13,786 13,138
1/1/2014 13,260 12,613
2/1/2014 13,902 13,222
3/1/2014 14,000 13,281
4/1/2014 14,074 13,407
5/1/2014 14,359 13,693
6/1/2014 14,684 13,950
7/1/2014 14,355 13,781
8/1/2014 14,726 14,086
9/1/2014 14,116 13,629
10/1/2014 14,222 13,725
11/1/2014 14,340 13,954
12/1/2014 14,128 13,685
1/1/2015 13,902 13,471
2/1/2015 14,731 14,221
3/1/2015 14,555 14,001
4/1/2015 14,944 14,407
5/1/2015 14,987 14,388
6/1/2015 14,696 14,049
7/1/2015 14,642 14,171
8/1/2015 13,729 13,200 Past performance is not predictive of
9/1/2015 13,239 12,722 future performance.
10/1/2015 14,135 13,720 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Since would pay on fund distributions or the
Total Return Year Inception redemption of fund shares.
-------------------------------------------------------- MSCI data copyright MSCI 2015, all
-0.61% 9.94% rights reserved.
--------------------------------------------------------------------------------
15
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
SELECTIVELY HEDGED GLOBAL EQUITY PORTFOLIO VS.
MSCI ALL COUNTRY WORLD INDEX (NET DIVIDENDS)
November 14, 2011-October 31, 2015
[CHART]
Selectively Hedged Global MSCI All Country World
Equity Portfolio Index (net dividends)
------------------------- -----------------------
11/1/2011 $10,000 $10,000
11/1/2011 9,920 9,873
12/1/2011 9,828 9,853
1/1/2012 10,533 10,426
2/1/2012 11,077 10,951
3/1/2012 11,141 11,024
4/1/2012 10,939 10,898
5/1/2012 9,962 9,921
6/1/2012 10,442 10,410
7/1/2012 10,463 10,553
8/1/2012 10,748 10,782
9/1/2012 11,122 11,122
10/1/2012 11,112 11,048
11/1/2012 11,265 11,189
12/1/2012 11,718 11,443
1/1/2013 12,225 11,970
2/1/2013 12,287 11,968
3/1/2013 12,576 12,187
4/1/2013 12,814 12,535
5/1/2013 12,897 12,501
6/1/2013 12,514 12,135
7/1/2013 13,114 12,716
8/1/2013 12,845 12,451
9/1/2013 13,569 13,094
10/1/2013 14,096 13,621
11/1/2013 14,324 13,813
12/1/2013 14,611 14,052
1/1/2014 14,001 13,490
2/1/2014 14,675 14,141
3/1/2014 14,847 14,204
4/1/2014 14,879 14,339
5/1/2014 15,136 14,644
6/1/2014 15,500 14,920
7/1/2014 15,200 14,739
8/1/2014 15,628 15,065
9/1/2014 15,061 14,576
10/1/2014 15,200 14,679
11/1/2014 15,360 14,924
12/1/2014 15,182 14,636
1/1/2015 14,958 14,408
2/1/2015 15,878 15,210
3/1/2015 15,766 14,974
4/1/2015 16,136 15,409
5/1/2015 16,226 15,388
6/1/2015 15,867 15,026
7/1/2015 15,754 15,157
8/1/2015 14,700 14,118 Past performance is not predictive of
9/1/2015 14,172 13,606 future performance.
10/1/2015 15,148 14,674 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Since would pay on fund distributions or the
Total Return Year Inception redemption of fund shares.
---------------------------------------------------------- MSCI data copyright MSCI 2015, all
-0.34% 11.05% rights reserved.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EMERGING MARKETS PORTFOLIO VS.
MSCI EMERGING MARKETS INDEX (NET DIVIDENDS)
October 31, 2005-October 31, 2015
[CHART]
MSCI Emerging Markets
Emerging Markets Portfolio Index (net dividends)
-------------------------- ---------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,722 10,827
12/1/2005 11,340 11,467
1/1/2006 12,419 12,748
2/1/2006 12,381 12,733
3/1/2006 12,549 12,845
4/1/2006 13,297 13,760
5/1/2006 11,758 12,318
6/1/2006 11,740 12,288
7/1/2006 11,955 12,461
8/1/2006 12,328 12,779
9/1/2006 12,494 12,885
10/1/2006 13,237 13,497
11/1/2006 14,080 14,500
12/1/2006 14,647 15,153
1/1/2007 14,860 14,993
2/1/2007 14,625 14,904
3/1/2007 15,291 15,496
4/1/2007 16,261 16,231
5/1/2007 17,348 17,019
6/1/2007 17,631 17,816
7/1/2007 18,048 18,756
8/1/2007 17,732 18,358
9/1/2007 19,295 20,385
10/1/2007 21,401 22,659
11/1/2007 20,004 21,052
12/1/2007 19,923 21,126
1/1/2008 18,182 18,490
2/1/2008 18,758 19,855
3/1/2008 18,172 18,804
4/1/2008 19,464 20,330
5/1/2008 19,577 20,707
6/1/2008 17,562 18,641
7/1/2008 17,328 17,938
8/1/2008 16,296 16,506
9/1/2008 14,023 13,617
10/1/2008 10,328 9,890
11/1/2008 9,389 9,146
12/1/2008 10,121 9,859
1/1/2009 9,347 9,222
2/1/2009 8,734 8,702
3/1/2009 9,997 9,953
4/1/2009 11,473 11,609
5/1/2009 13,428 13,593
6/1/2009 13,310 13,409
7/1/2009 14,828 14,917
8/1/2009 14,878 14,864
9/1/2009 16,181 16,213
10/1/2009 15,842 16,233
11/1/2009 16,784 16,930
12/1/2009 17,384 17,599
1/1/2010 16,432 16,618
2/1/2010 16,630 16,676
3/1/2010 18,017 18,022
4/1/2010 18,120 18,241
5/1/2010 16,429 16,636
6/1/2010 16,455 16,514
7/1/2010 17,899 17,889
8/1/2010 17,480 17,542
9/1/2010 19,462 19,491
10/1/2010 20,046 20,057
11/1/2010 19,592 19,528
12/1/2010 21,177 20,921
1/1/2011 20,625 20,354
2/1/2011 20,473 20,164
3/1/2011 21,605 21,349
4/1/2011 22,358 22,012
5/1/2011 21,737 21,434
6/1/2011 21,472 21,104
7/1/2011 21,298 21,011
8/1/2011 19,568 19,133
9/1/2011 16,606 16,344
10/1/2011 18,679 18,508
11/1/2011 18,021 17,275
12/1/2011 17,489 17,067
1/1/2012 19,366 19,003
2/1/2012 20,410 20,141
3/1/2012 19,873 19,468
4/1/2012 19,513 19,236
5/1/2012 17,408 17,079
6/1/2012 18,260 17,738
7/1/2012 18,408 18,084
8/1/2012 18,519 18,024
9/1/2012 19,553 19,111
10/1/2012 19,441 18,995
11/1/2012 19,695 19,236
12/1/2012 20,840 20,177
1/1/2013 20,946 20,455
2/1/2013 20,696 20,198
3/1/2013 20,396 19,850
4/1/2013 20,616 20,000
5/1/2013 19,942 19,487
6/1/2013 18,687 18,246
7/1/2013 18,954 18,437
8/1/2013 18,503 18,120
9/1/2013 19,822 19,298
10/1/2013 20,721 20,236
11/1/2013 20,406 19,940
12/1/2013 20,190 19,652
1/1/2014 18,782 18,376
2/1/2014 19,459 18,984
3/1/2014 20,135 19,567
4/1/2014 20,252 19,633
5/1/2014 20,936 20,318
6/1/2014 21,512 20,858
7/1/2014 21,762 21,261
8/1/2014 22,434 21,740
9/1/2014 20,777 20,129
10/1/2014 20,997 20,366
11/1/2014 20,785 20,151
12/1/2014 19,844 19,222
1/1/2015 19,971 19,337
2/1/2015 20,573 19,936
3/1/2015 20,137 19,652
4/1/2015 21,477 21,164
5/1/2015 20,613 20,316
6/1/2015 20,110 19,789
7/1/2015 18,814 18,417
8/1/2015 17,256 16,751 Past performance is not predictive of
9/1/2015 16,787 16,247 future performance.
10/1/2015 17,798 17,406 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Ten would pay on fund distributions or the
Total Return Year Years Years redemption of fund shares.
--------------------------------------------------------- MSCI data copyright MSCI 2015, all
-15.24% -2.35% 5.93% rights reserved.
--------------------------------------------------------------------------------
16
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
EMERGING MARKETS SMALL CAP PORTFOLIO VS.
MSCI EMERGING MARKETS INDEX (NET DIVIDENDS)
October 31, 2005-October 31, 2015
[CHART]
Emerging Markets Small Cap MSCI Emerging Markets
Portfolio Index (net dividends)
------------------------------- ---------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,713 10,827
12/1/2005 11,415 11,467
1/1/2006 12,517 12,748
2/1/2006 12,649 12,733
3/1/2006 12,880 12,845
4/1/2006 13,926 13,760
5/1/2006 12,460 12,318
6/1/2006 11,910 12,288
7/1/2006 12,184 12,461
8/1/2006 12,607 12,779
9/1/2006 12,956 12,885
10/1/2006 13,933 13,497
11/1/2006 14,993 14,500
12/1/2006 15,674 15,153
1/1/2007 15,968 14,993
2/1/2007 16,111 14,904
3/1/2007 16,825 15,496
4/1/2007 18,111 16,231
5/1/2007 19,548 17,019
6/1/2007 20,132 17,816
7/1/2007 21,110 18,756
8/1/2007 20,230 18,358
9/1/2007 21,621 20,385
10/1/2007 23,241 22,659
11/1/2007 21,377 21,052
12/1/2007 21,633 21,126
1/1/2008 19,024 18,490
2/1/2008 19,575 19,855
3/1/2008 18,647 18,804
4/1/2008 19,788 20,330
5/1/2008 19,662 20,707
6/1/2008 17,397 18,641
7/1/2008 17,124 17,938
8/1/2008 16,089 16,506
9/1/2008 13,183 13,617
10/1/2008 9,183 9,890
11/1/2008 8,621 9,146
12/1/2008 9,835 9,859
1/1/2009 9,079 9,222
2/1/2009 8,521 8,702
3/1/2009 9,694 9,953
4/1/2009 11,656 11,609
5/1/2009 14,326 13,593
6/1/2009 14,256 13,409
7/1/2009 16,064 14,917
8/1/2009 16,255 14,864
9/1/2009 17,610 16,213
10/1/2009 17,590 16,233
11/1/2009 18,618 16,930
12/1/2009 19,645 17,599
1/1/2010 18,775 16,618
2/1/2010 19,098 16,676
3/1/2010 20,729 18,022
4/1/2010 21,063 18,241
5/1/2010 18,938 16,636
6/1/2010 19,439 16,514
7/1/2010 21,223 17,889
8/1/2010 21,325 17,542
9/1/2010 23,907 19,491
10/1/2010 24,860 20,057
11/1/2010 24,184 19,528
12/1/2010 25,574 20,921
1/1/2011 24,490 20,354
2/1/2011 23,767 20,164
3/1/2011 25,085 21,349
4/1/2011 26,403 22,012
5/1/2011 25,798 21,434
6/1/2011 25,589 21,104
7/1/2011 25,877 21,011
8/1/2011 23,417 19,133
9/1/2011 19,252 16,344
10/1/2011 21,373 18,508
11/1/2011 20,329 17,275
12/1/2011 19,789 17,067
1/1/2012 22,020 19,003
2/1/2012 23,818 20,141
3/1/2012 23,196 19,468
4/1/2012 22,641 19,236
5/1/2012 20,566 17,079
6/1/2012 21,354 17,738
7/1/2012 21,086 18,084
8/1/2012 21,633 18,024
9/1/2012 22,897 19,111
10/1/2012 22,808 18,995
11/1/2012 23,200 19,236
12/1/2012 24,626 20,177
1/1/2013 25,080 20,455
2/1/2013 25,336 20,198
3/1/2013 25,217 19,850
4/1/2013 25,729 20,000
5/1/2013 25,357 19,487
6/1/2013 23,163 18,246
7/1/2013 23,268 18,437
8/1/2013 22,296 18,120
9/1/2013 23,924 19,298
10/1/2013 24,843 20,236
11/1/2013 24,489 19,940
12/1/2013 24,286 19,652
1/1/2014 23,247 18,376
2/1/2014 24,274 18,984
3/1/2014 25,107 19,567
4/1/2014 25,313 19,633
5/1/2014 26,170 20,318
6/1/2014 26,843 20,858
7/1/2014 26,904 21,261
8/1/2014 27,727 21,740
9/1/2014 26,347 20,129
10/1/2014 26,115 20,366
11/1/2014 25,810 20,151
12/1/2014 25,015 19,222
1/1/2015 25,417 19,337
2/1/2015 26,071 19,936
3/1/2015 25,870 19,652
4/1/2015 27,706 21,164
5/1/2015 27,316 20,316
6/1/2015 26,379 19,789
7/1/2015 24,768 18,417
8/1/2015 22,339 16,751 Past performance is not predictive of
9/1/2015 22,303 16,247 future performance.
10/1/2015 23,536 17,406 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Ten would pay on fund distributions or the
Total Return Year Years Years redemption of fund shares.
------------------------------------------------------------ MSCI data copyright MSCI 2015, all
-9.88% -1.09% 8.94% rights reserved.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EMERGING MARKETS VALUE PORTFOLIO -- CLASS R2 VS.
MSCI EMERGING MARKETS INDEX (NET DIVIDENDS)
January 29, 2008-October 31, 2015
[CHART]
Emerging Markets Value MSCI Emerging Markets Index
Portfolio Class R2 (net div.)
---------------------- ---------------------------
01/2008 $10,000 $10,000
01/2008 10,050 9,871
02/2008 10,450 10,599
03/2008 10,097 10,038
04/2008 10,872 10,853
05/2008 10,962 11,054
06/2008 9,677 9,952
07/2008 9,489 9,576
08/2008 8,674 8,811
09/2008 7,174 7,269
10/2008 4,949 5,280
11/2008 4,569 4,882
12/2008 5,120 5,263
01/2009 4,675 4,923
02/2009 4,262 4,646
03/2009 5,002 5,313
04/2009 5,996 6,197
05/2009 7,342 7,256
06/2009 7,241 7,159
07/2009 8,197 7,964
08/2009 8,265 7,935
09/2009 9,035 8,655
10/2009 8,823 8,666
11/2009 9,388 9,038
12/2009 9,847 9,395
01/2010 9,297 8,871
02/2010 9,347 8,902
03/2010 10,147 9,621
04/2010 10,246 9,738
05/2010 9,147 8,881
06/2010 9,199 8,816
07/2010 10,085 9,550
08/2010 9,864 9,365
09/2010 11,031 10,405
10/2010 11,444 10,707
11/2010 11,031 10,425
12/2010 11,960 11,169
01/2011 11,583 10,866
02/2011 11,391 10,764
03/2011 12,043 11,397
04/2011 12,466 11,751
05/2011 11,990 11,443
06/2011 11,738 11,267
07/2011 11,639 11,217
08/2011 10,454 10,214
09/2011 8,577 8,725
10/2011 9,701 9,881
11/2011 9,206 9,222
12/2011 8,875 9,111
01/2012 10,102 10,144
02/2012 10,714 10,752
03/2012 10,253 10,393
04/2012 9,918 10,269
05/2012 8,817 9,117
06/2012 9,214 9,469
07/2012 9,155 9,654
08/2012 9,279 9,622
09/2012 9,873 10,202
10/2012 9,849 10,269
12/2012 10,564 10,771
01/2013 10,734 10,920
02/2013 10,550 10,783
03/2013 10,459 10,597
04/2013 10,547 10,677
05/2013 10,243 10,403
06/2013 9,377 9,741
07/2013 9,559 9,842
08/2013 9,356 9,673
09/2013 10,045 10,302
10/2013 10,497 10,803
11/2013 10,242 10,645
12/2013 10,137 10,491
01/2014 9,424 9,810
02/2014 9,634 10,135
03/2014 10,060 10,446
04/2014 10,122 10,481
05/2014 10,533 10,847
06/2014 10,806 11,135
07/2014 11,008 11,350
08/2014 11,250 11,606
09/2014 10,328 10,746
10/2014 10,313 10,872
11/2014 10,139 10,757
12/2014 9,665 10,262
01/2015 9,586 10,323
02/2015 9,924 10,643
03/2015 9,643 10,491
04/2015 10,597 11,298
05/2015 10,123 10,846
06/2015 9,800 10,564
07/2015 9,012 9,832
08/2015 8,193 8,943 Past performance is not predictive of
09/2015 7,917 8,674 future performance.
10/2015 8,406 9,292 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five From would pay on fund distributions or the
Total Return Year Years 01/29/2008 redemption of fund shares.
-------------------------------------------------------------- MSCI data copyright MSCI 2015, all
-18.49% -5.98% -2.21% rights reserved.
--------------------------------------------------------------------------------
17
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
EMERGING MARKETS VALUE PORTFOLIO -- INSTITUTIONAL CLASS VS.
MSCI EMERGING MARKETS INDEX (NET DIVIDENDS)
October 31, 2005-October 31, 2015
[CHART]
Emerging Markets
Value Portfolio - MSCI Emerging Markets
Institutional Class Index (net dividends)
----------------------- ---------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,738 10,827
12/1/2005 11,411 11,467
1/1/2006 12,502 12,748
2/1/2006 12,550 12,733
3/1/2006 12,974 12,845
4/1/2006 14,105 13,760
5/1/2006 12,576 12,318
6/1/2006 12,461 12,288
7/1/2006 12,756 12,461
8/1/2006 12,987 12,779
9/1/2006 13,251 12,885
10/1/2006 14,170 13,497
11/1/2006 15,206 14,500
12/1/2006 15,739 15,153
1/1/2007 15,982 14,993
2/1/2007 16,070 14,904
3/1/2007 16,907 15,496
4/1/2007 18,254 16,231
5/1/2007 19,641 17,019
6/1/2007 20,198 17,816
7/1/2007 21,155 18,756
8/1/2007 20,473 18,358
9/1/2007 22,318 20,385
10/1/2007 24,766 22,659
11/1/2007 22,959 21,052
12/1/2007 22,923 21,126
1/1/2008 20,640 18,490
2/1/2008 21,464 19,855
3/1/2008 20,742 18,804
4/1/2008 22,342 20,330
5/1/2008 22,533 20,707
6/1/2008 19,911 18,641
7/1/2008 19,521 17,938
8/1/2008 17,848 16,506
9/1/2008 14,769 13,617
10/1/2008 10,183 9,890
11/1/2008 9,410 9,146
12/1/2008 10,558 9,859
1/1/2009 9,605 9,222
2/1/2009 8,789 8,702
3/1/2009 10,309 9,953
4/1/2009 12,336 11,609
5/1/2009 15,112 13,593
6/1/2009 14,926 13,409
7/1/2009 16,927 14,917
8/1/2009 17,052 14,864
9/1/2009 18,626 16,213
10/1/2009 18,185 16,233
11/1/2009 19,343 16,930
12/1/2009 20,301 17,599
1/1/2010 19,145 16,618
2/1/2010 19,294 16,676
3/1/2010 20,992 18,022
4/1/2010 21,128 18,241
5/1/2010 18,913 16,636
6/1/2010 19,031 16,514
7/1/2010 20,792 17,889
8/1/2010 20,415 17,542
9/1/2010 22,866 19,491
10/1/2010 23,648 20,057
11/1/2010 22,879 19,528
12/1/2010 24,779 20,921
1/1/2011 24,005 20,354
2/1/2011 23,600 20,164
3/1/2011 24,957 21,349
4/1/2011 25,848 22,012
5/1/2011 24,861 21,434
6/1/2011 24,352 21,104
7/1/2011 24,146 21,011
8/1/2011 21,695 19,133
9/1/2011 17,800 16,344
10/1/2011 20,138 18,508
11/1/2011 19,118 17,275
12/1/2011 18,431 17,067
1/1/2012 20,987 19,003
2/1/2012 22,265 20,141
3/1/2012 21,307 19,468
4/1/2012 20,611 19,236
5/1/2012 18,332 17,079
6/1/2012 19,161 17,738
7/1/2012 19,039 18,084
8/1/2012 19,303 18,024
9/1/2012 20,545 19,111
10/1/2012 20,279 18,995
11/1/2012 20,502 19,236
12/1/2012 22,000 20,177
1/1/2013 22,354 20,455
2/1/2013 21,978 20,198
3/1/2013 21,790 19,850
4/1/2013 21,982 20,000
5/1/2013 21,355 19,487
6/1/2013 19,557 18,246
7/1/2013 19,936 18,437
8/1/2013 19,512 18,120
9/1/2013 20,953 19,298
10/1/2013 21,903 20,236
11/1/2013 21,372 19,940
12/1/2013 21,163 19,652
1/1/2014 19,684 18,376
2/1/2014 20,121 18,984
3/1/2014 21,018 19,567
4/1/2014 21,156 19,633
5/1/2014 22,014 20,318
6/1/2014 22,588 20,858
7/1/2014 23,011 21,261
8/1/2014 23,525 21,740
9/1/2014 21,596 20,129
10/1/2014 21,572 20,366
11/1/2014 21,216 20,151
12/1/2014 20,229 19,222
1/1/2015 20,064 19,337
2/1/2015 20,779 19,936
3/1/2015 20,190 19,652
4/1/2015 22,201 21,164
5/1/2015 21,211 20,316
6/1/2015 20,536 19,789
7/1/2015 18,886 18,417
8/1/2015 17,173 16,751 Past performance is not predictive of
9/1/2015 16,600 16,247 future performance.
10/1/2015 17,632 17,406 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Ten would pay on fund distributions or the
Total Return Year Years Years redemption of fund shares.
---------------------------------------------------------- MSCI data copyright MSCI 2015, all
-18.27% -5.70% 5.84% rights reserved.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EMERGING MARKETS CORE EQUITY PORTFOLIO VS.
MSCI EMERGING MARKETS INDEX (NET DIVIDENDS)
October 31, 2005-October 31, 2015
[CHART]
Emerging Markets Core Equity MSCI Emerging Markets
Portfolio Index (net dividends)
------------------------------- ---------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,656 10,827
12/1/2005 11,282 11,467
1/1/2006 12,292 12,748
2/1/2006 12,311 12,733
3/1/2006 12,557 12,845
4/1/2006 13,419 13,760
5/1/2006 11,918 12,318
6/1/2006 11,723 12,288
7/1/2006 11,946 12,461
8/1/2006 12,235 12,779
9/1/2006 12,478 12,885
10/1/2006 13,294 13,497
11/1/2006 14,214 14,500
12/1/2006 14,774 15,153
1/1/2007 14,983 14,993
2/1/2007 14,869 14,904
3/1/2007 15,513 15,496
4/1/2007 16,556 16,231
5/1/2007 17,759 17,019
6/1/2007 18,179 17,816
7/1/2007 18,798 18,756
8/1/2007 18,313 18,358
9/1/2007 19,886 20,385
10/1/2007 21,953 22,659
11/1/2007 20,354 21,052
12/1/2007 20,312 21,126
1/1/2008 18,324 18,490
2/1/2008 18,922 19,855
3/1/2008 18,234 18,804
4/1/2008 19,617 20,330
5/1/2008 19,704 20,707
6/1/2008 17,507 18,641
7/1/2008 17,322 17,938
8/1/2008 16,172 16,506
9/1/2008 13,637 13,617
10/1/2008 9,783 9,890
11/1/2008 9,130 9,146
12/1/2008 10,022 9,859
1/1/2009 9,128 9,222
2/1/2009 8,513 8,702
3/1/2009 9,856 9,953
4/1/2009 11,656 11,609
5/1/2009 13,953 13,593
6/1/2009 13,818 13,409
7/1/2009 15,490 14,917
8/1/2009 15,550 14,864
9/1/2009 16,892 16,213
10/1/2009 16,580 16,233
11/1/2009 17,595 16,930
12/1/2009 18,399 17,599
1/1/2010 17,389 16,618
2/1/2010 17,581 16,676
3/1/2010 19,097 18,022
4/1/2010 19,279 18,241
5/1/2010 17,411 16,636
6/1/2010 17,558 16,514
7/1/2010 19,144 17,889
8/1/2010 18,890 17,542
9/1/2010 21,147 19,491
10/1/2010 21,770 20,057
11/1/2010 21,188 19,528
12/1/2010 22,744 20,921
1/1/2011 22,026 20,354
2/1/2011 21,646 20,164
3/1/2011 22,877 21,349
4/1/2011 23,781 22,012
5/1/2011 23,124 21,434
6/1/2011 22,802 21,104
7/1/2011 22,751 21,011
8/1/2011 20,697 19,133
9/1/2011 17,273 16,344
10/1/2011 19,466 18,508
11/1/2011 18,634 17,275
12/1/2011 18,048 17,067
1/1/2012 20,174 19,003
2/1/2012 21,440 20,141
3/1/2012 20,770 19,468
4/1/2012 20,310 19,236
5/1/2012 18,174 17,079
6/1/2012 18,989 17,738
7/1/2012 18,999 18,084
8/1/2012 19,200 18,024
9/1/2012 20,294 19,111
10/1/2012 20,156 18,995
11/1/2012 20,464 19,236
12/1/2012 21,746 20,177
1/1/2013 21,938 20,455
2/1/2013 21,788 20,198
3/1/2013 21,557 19,850
4/1/2013 21,802 20,000
5/1/2013 21,205 19,487
6/1/2013 19,681 18,246
7/1/2013 19,950 18,437
8/1/2013 19,434 18,120
9/1/2013 20,821 19,298
10/1/2013 21,719 20,236
11/1/2013 21,362 19,940
12/1/2013 21,172 19,652
1/1/2014 19,834 18,376
2/1/2014 20,552 18,984
3/1/2014 21,303 19,567
4/1/2014 21,455 19,633
5/1/2014 22,162 20,318
6/1/2014 22,738 20,858
7/1/2014 22,946 21,261
8/1/2014 23,656 21,740
9/1/2014 22,009 20,129
10/1/2014 22,130 20,366
11/1/2014 21,899 20,151
12/1/2014 20,979 19,222
1/1/2015 21,145 19,337
2/1/2015 21,755 19,936
3/1/2015 21,389 19,652
4/1/2015 22,864 21,164
5/1/2015 22,054 20,316
6/1/2015 21,466 19,789
7/1/2015 20,031 18,417
8/1/2015 18,283 16,751 Past performance is not predictive of
9/1/2015 17,898 16,247 future performance.
10/1/2015 18,922 17,406 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Ten would pay on fund distributions or the
Total Return Year Years Years redemption of fund shares.
------------------------------------------------------------ MSCI data copyright MSCI 2015, all
-14.49% -2.76% 6.59% rights reserved.
--------------------------------------------------------------------------------
18
DFA INVESTMENT DIMENSIONS GROUP INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Unaudited)
U.S. Equity Market Review 12 Months Ended October 31, 2015
U.S. equities had positive returns during the period. The broad U.S. equity
market, as measured by the Russell 3000(R) Index, gained approximately 4.5%.
Large-cap stocks outperformed small-cap stocks as measured by the Russell
indices.
Total Return for 12 Months Ended October 31, 2015
-------------------------------------------------
Russell 3000(R) Index........................ 4.49%
Russell Microcap(R) Index (micro-cap stocks). 0.82%
Russell 2000(R) Index (small-cap stocks)..... 0.34%
Russell 1000(R) Index (large-cap stocks)..... 4.86%
Dow Jones U.S. Select REIT Index/SM/......... 6.87%
Growth stocks outperformed value stocks as measured by the Russell indices.
Total Return for 12 Months Ended October 31, 2015
-------------------------------------------------
Russell 2000(R) Value Index (small-cap value stocks)... -2.88%
Russell 2000(R) Growth Index (small-cap growth stocks). 3.52%
Russell 1000(R) Value Index (large-cap value stocks)... 0.53%
Russell 1000(R) Growth Index (large-cap growth stocks). 9.18%
----------
Source: Russell data copyright (C) Russell Investment Group 1995-2015, all
rights reserved.
Dimensional Fund Advisors LP ("Dimensional" or the "Advisor") believes that
among the most important factors explaining differences in the behavior of
diversified equity portfolios are the market capitalization and value/growth
characteristics of the portfolios' holdings. Value characteristics are a
function of stock price relative to one or more fundamental characteristics
such as book value, earnings, or dividends.
For many Dimensional U.S. equity portfolios, differences in returns over the
period were primarily attributable to differences in value/growth and size
characteristics as well as the exclusion of REIT securities from most
Dimensional portfolios and the exclusion of securities of highly regulated
utilities from most value strategies. For many portfolios, the construction
approach used by Dimensional generally resulted in portfolios with greater
weight in value, small-cap, and/or micro-cap companies relative to widely used
benchmarks.
Master-Feeder Structure
Certain portfolios described below, called "Feeder Funds," do not buy
individual securities directly; instead, these portfolios invest in
corresponding funds called "Master Funds." Master Funds, in turn, purchase
stocks and/or other securities.
Enhanced U.S. Large Company Portfolio
The Enhanced U.S. Large Company Portfolio seeks to outperform the total
return of the S&P 500(R) Index. This strategy uses S&P 500(R) Index futures
contracts, swaps, and/or ETFs in conjunction with investment grade, short-term
fixed income instruments. As of October 31, 2015, 100% of the equity exposure
consisted of S&P 500(R) Index futures contracts. The behavior of S&P 500(R)
Index futures contracts is determined principally by the performance of the S&P
500(R) Index.
For the 12 months ended October 31, 2015, the total return was 5.25% for the
Portfolio versus 5.20% for the S&P 500(R) Index. Relative to the Index, the
Portfolio's outperformance was primarily due to the performance of the fixed
income component of the Portfolio. The net return of the fixed income component
was greater than the average interest rate priced into the S&P 500(R) futures
contracts that the Portfolio purchased throughout the year.
19
U.S. Large Cap Equity Portfolio
The U.S. Large Cap Equity Portfolio is designed to capture the returns of
U.S. large-cap stocks. Value is measured primarily by book-to-market ratio. The
investment strategy is process driven, emphasizing broad diversification. As of
October 31, 2015, the Portfolio held approximately 930 securities. In general,
cash exposure was low throughout the year with an average cash balance of less
than 1% of the Portfolio's assets.
For the 12 months ended October 31, 2015, total returns were 3.49% for the
Portfolio and 4.86% for the Russell 1000(R) Index. As a result of the
Portfolio's diversified investment approach, performance was determined
principally by broad trends in the U.S. equity market, rather than the behavior
of a limited number of stocks. The Portfolio had a greater allocation than the
Index to stocks closer to the market cap break and value stocks, which
contributed to the Portfolio's relative underperformance as these stocks
underperformed.
U.S. Large Cap Value Portfolio
The U.S. Large Cap Value Portfolio is designed to capture the returns of
U.S. large-cap value stocks by purchasing shares of The U.S. Large Cap Value
Series, a Master Fund that invests in such stocks. Value is measured primarily
by book-to-market ratio. The investment strategy is process driven, emphasizing
broad diversification. As of October 31, 2015, the Master Fund held
approximately 300 securities. In general, cash exposure was low throughout the
year with an average cash balance of less than 1% of the Master Fund's assets.
For the 12 months ended October 31, 2015, total returns were 1.16% for the
Portfolio and 0.53% for the Russell 1000(R) Value Index. As a result of the
Master Fund's diversified investment approach, performance was determined
principally by broad trends in the U.S. equity market rather than the behavior
of a limited number of stocks. The Master Fund had a smaller allocation than
the Index to the largest market cap stocks and a greater allocation to the
remainder of the eligible large-cap universe, which benefited relative
performance as the largest market cap value stocks underperformed.
U.S. Targeted Value Portfolio
The U.S. Targeted Value Portfolio seeks to capture the returns of U.S.
small- and mid-cap value stocks. Value is measured primarily by book-to-market
ratio. The investment strategy is process driven, emphasizing broad
diversification. As of October 31, 2015, the Portfolio held approximately 1,500
securities. In general, cash exposure was low throughout the year with an
average cash balance of less than 1% of the Portfolio's assets.
For the 12 months ended October 31, 2015, total returns were -1.33% for the
Portfolio's Class R1 shares, -1.49% for the Portfolio's Class R2 shares, -1.20%
for the Portfolio's Institutional Class shares, and -2.88% for the Russell
2000(R) Value Index. As a result of the Portfolio's diversified investment
approach, performance was determined principally by broad trends in the U.S.
equity market, rather than the behavior of a limited number of stocks. The
Portfolio had a greater allocation than the Index to mid-cap stocks and a lower
allocation to small-cap stocks. Mid-cap stocks outperformed small-caps during
the period, which benefited the Portfolio's relative performance. The
Portfolio's exclusion of real estate investment trusts (REITs) contributed to
relative outperformance as REITs underperformed most other sectors during the
period.
U.S. Small Cap Value Portfolio
The U.S. Small Cap Value Portfolio is designed to capture the returns of
U.S. small-cap value stocks. Value is measured primarily by book-to-market
ratio. The investment strategy is process driven, emphasizing broad
diversification. As of October 31, 2015, the Portfolio held approximately 1,150
securities. In general, cash exposure was low throughout the year with an
average cash balance of less than 1% of the Portfolio's assets.
For the 12 months ended October 31, 2015, total returns were -2.83% for the
Portfolio and -2.88% for the Russell 2000(R) Value Index. As a result of the
Portfolio's diversified investment approach, performance was determined
principally by broad trends in the U.S. equity market, rather than the behavior
of a limited number of stocks. The Portfolio performed in line with the Index.
The Portfolio had a greater allocation than the Index to stocks closer to the
market cap break, which outperformed during the period and benefited the
Portfolio's relative performance. The Portfolio consistently emphasizes deep
value stocks. During the period, deep value stocks underperformed and the
Portfolio's greater allocation to deep value stocks detracted from the
Portfolio's relative performance.
20
U.S. Core Equity 1 Portfolio
The U.S. Core Equity 1 Portfolio invests in a broadly diversified group of
securities within the U.S. market with increased exposure to smaller company
stocks and value stocks relative to the market. Value is measured primarily by
book-to-market ratio. The investment strategy is process driven, emphasizing
broad diversification. As of October 31, 2015, the Portfolio held approximately
2,800 securities. In general, cash exposure was low throughout the year with an
average cash balance of less than 1% of the Portfolio's assets.
For the 12 months ended October 31, 2015, total returns were 3.26% for the
Portfolio and 4.49% for the Russell 3000(R) Index. As a result of the
Portfolio's diversified investment approach, performance was determined
principally by broad trends in the U.S. equity market, rather than the behavior
of a limited number of stocks. The Portfolio had a greater allocation than the
Index to small-cap stocks and value stocks, which contributed to the
Portfolio's relative underperformance as small-cap stocks underperformed
large-cap stocks and value stocks underperformed growth stocks during the
period.
U.S. Core Equity 2 Portfolio
The U.S. Core Equity 2 Portfolio invests in a broadly diversified group of
securities within the U.S. market with increased exposure to smaller company
stocks and value stocks relative to the U.S. Core Equity 1 Portfolio and the
market. Value is measured primarily by book-to-market ratio. The investment
strategy is process driven, emphasizing broad diversification. As of
October 31, 2015, the Portfolio held approximately 2,800 securities. In
general, cash exposure was low throughout the year with an average cash balance
of less than 1% of the Portfolio's assets.
For the 12 months ended October 31, 2015, total returns were 1.92% for the
Portfolio and 4.49% for the Russell 3000(R) Index. As a result of the
Portfolio's diversified investment approach, performance was determined
principally by broad trends in the U.S. equity market, rather than the behavior
of a limited number of stocks. The Portfolio had a greater allocation than the
Index to small-cap stocks and value stocks, which contributed to the
Portfolio's relative underperformance as small-cap stocks underperformed
large-cap stocks and value stocks underperformed growth stocks during the
period.
U.S. Vector Equity Portfolio
The U.S. Vector Equity Portfolio invests in a broadly diversified group of
U.S. stocks with increased exposure to smaller company stocks and value stocks
relative to the market. Value is measured primarily by book-to-market ratio.
The investment strategy is process driven, emphasizing broad diversification.
As of October 31, 2015, the Portfolio held approximately 2,700 securities. In
general, cash exposure was low throughout the year with an average cash balance
of less than 1% of the Portfolio's assets.
For the 12 months ended October 31, 2015, total returns were -0.18% for the
Portfolio and 4.49% for the Russell 3000(R) Index. As a result of the
Portfolio's diversified investment approach, performance was determined
principally by broad trends in the U.S. equity market, rather than the behavior
of a limited number of stocks. The Portfolio had a greater allocation than the
Index to small-cap stocks and value stocks, which contributed to the
Portfolio's relative underperformance as small-cap stocks underperformed
large-cap stocks and value stocks underperformed growth stocks during the
period.
U.S. Small Cap Portfolio
The U.S. Small Cap Portfolio is designed to capture the returns of U.S.
small-cap stocks. The investment strategy is process driven, emphasizing broad
diversification. As of October 31, 2015, the Portfolio held approximately 2,000
securities. In general, cash exposure was low throughout the year with an
average cash balance of less than 1% of the Portfolio's assets.
For the 12 months ended October 31, 2015, total returns were 2.34% for the
Portfolio and 0.34% for the Russell 2000(R) Index. As a result of the
Portfolio's diversified investment approach, performance was determined
principally by broad trends in the U.S. equity market, rather than the behavior
of a limited number of stocks. The Portfolio had a smaller allocation than the
Index to micro-cap stocks. Micro-cap stocks underperformed, which contributed
to the Portfolio's relative outperformance. The Portfolio's exclusion of real
estate investment trusts (REITs) contributed to relative outperformance as
REITs underperformed most other sectors during the period.
21
U.S. Micro Cap Portfolio
The U.S. Micro Cap Portfolio is designed to capture the returns of the
smallest U.S. company stocks and generally has a smaller market capitalization
profile than the U.S. Small Cap Portfolio. The investment strategy is process
driven, emphasizing broad diversification. As of October 31, 2015, the
Portfolio held approximately 1,600 securities. In general, cash exposure was
low throughout the year with an average cash balance of less than 1% of the
Portfolio's assets.
For the 12 months ended October 31, 2015, total returns were 1.11% for the
Portfolio and 0.34% for the Russell 2000(R) Index. As a result of the
Portfolio's diversified investment approach, performance was determined
principally by broad trends in the U.S. equity market, rather than the behavior
of a limited number of stocks. The Portfolio had a substantially larger
allocation than the Index to micro-cap stocks. While micro-caps generally
underperformed the rest of the small-cap universe, the Portfolio's micro-cap
holdings in total outperformed those in the Index and benefited relative
performance. The Portfolio's exclusion of real estate investment trusts (REITs)
contributed to the Portfolio's relative outperformance as REITs underperformed
most other sectors during the period. The Portfolio excluded certain stocks
with low profitability. These stocks generally underperformed during the
period, which benefited the Portfolio's relative performance.
DFA Real Estate Securities Portfolio
The DFA Real Estate Securities Portfolio is designed to capture the returns
of a broadly diversified portfolio of U.S. real estate securities. As of
October 31, 2015, the Portfolio held approximately 150 securities. In general,
cash exposure was low throughout the year with an average cash balance of less
than 1% of portfolio assets.
For the 12 months ended October 31, 2015, total returns were 5.89% for the
Portfolio, 6.87% for the Dow Jones U.S. Select REIT Index/SM/, and 5.20% for
the S&P 500(R) Index. As a result of the Portfolio's diversified investment
approach, performance was determined principally by broad trends in the U.S.
real estate securities market rather than the behavior of a limited number of
securities. The Portfolio held net lease REITs not eligible in the Dow Jones
U.S. Select REIT Index/SM/. These securities generally underperformed the
overall Index and were a primary driver of the Portfolio's relative
underperformance.
International Equity Market Review 12 Months Ended October 31, 2015
Performance of non-U.S. developed markets was varied for the period.
Small-cap stocks and growth stocks had positive returns while large-cap stocks
and value stocks had negative returns. As measured by the MSCI World ex USA
indices, small-cap stocks outperformed large-cap stocks, and growth stocks
outperformed value stocks.
12 Months Ended October 31, 2015
--------------------------------
Return in U.S. Dollars
- ----------------------
MSCI World ex USA Index........... -1.81%
MSCI World ex USA Small Cap Index. 4.66%
MSCI World ex USA Value Index..... -5.92%
MSCI World ex USA Growth Index.... 2.33%
During the period, the U.S. dollar (USD) appreciated against most developed
markets currencies, decreasing USD-denominated returns in developed markets.
22
12 Months Ended October 31, 2015
--------------------------------
Ten Largest Foreign Developed Markets by Market Cap Local Return Return in U.S. Dollars
--------------------------------------------------- ------------ ----------------------
United Kingdom.................... 0.01% -3.45%
Japan............................. 17.41% 9.07%
Canada............................ -5.27% -18.37%
France............................ 18.69% 4.64%
Switzerland....................... 3.70% 1.25%
Germany........................... 16.20% 2.45%
Australia......................... -2.25% -20.66%
Spain............................. 0.50% -11.40%
Hong Kong......................... -1.73% -1.67%
Sweden............................ 9.47% -4.59%
----------
Source: Returns are of MSCI standard indices net of foreign withholding taxes
on dividends. Copyright MSCI 2015, all rights reserved.
Emerging markets had weaker performance over the period than non-U.S.
developed markets. As measured by the MSCI emerging markets indices, small-cap
stocks outperformed large-cap stocks, and growth stocks outperformed value
stocks.
12 Months Ended October 31, 2015
--------------------------------
Return in U.S. Dollars
- ----------------------
MSCI Emerging Markets Index........... -14.53%
MSCI Emerging Markets Small Cap Index. -8.61%
MSCI Emerging Markets Value Index..... -17.62%
MSCI Emerging Markets Growth Index.... -11.50%
During the period, the U.S. dollar (USD) appreciated against most emerging
markets currencies, decreasing USD-denominated returns in emerging markets.
12 Months Ended October 31, 2015
--------------------------------
Ten Largest Emerging Markets by Market Cap Local Return Return in U.S. Dollars
------------------------------------------ ------------ ----------------------
China........................ -0.76% -0.70%
Korea........................ -0.03% -6.28%
Taiwan....................... -2.50% -8.65%
India........................ -2.15% -8.06%
South Africa................. 7.82% -13.73%
Brazil....................... -15.36% -45.97%
Mexico....................... 0.26% -18.22%
Russia....................... 8.87% -20.92%
Malaysia..................... -8.60% -30.02%
Indonesia.................... -12.35% -22.61%
----------
Source: Returns are of MSCI standard indices net of foreign withholding taxes
on dividends. Copyright MSCI 2015, all rights reserved.
Global Real Estate Market Review 12 Months Ended October 31, 2015
Publicly traded global real estate investment trusts (REITs) produced
positive overall returns during the period. REITs generally outperformed
non-U.S. equity markets but underperformed U.S. equities. The U.S. REIT market,
the world's largest, had positive performance and outperformed non-U.S. REITs
overall. Among larger REIT markets, the UK delivered the highest returns while
Canada had the weakest performance during the period. As measured by the S&P
Global REIT Index, specialized REITs had the biggest gains while hotel and
resort REITs had the weakest returns.
23
12 Months Ended October 31, 2015
--------------------------------
Return in U.S. Dollars
- ----------------------
S&P Global ex U.S. REIT Index (net dividends). 0.04%
S&P Global REIT Index (net dividends)......... 2.59%
----------
Source: Standard and Poor's. Copyright S&P, 2015. All rights reserved.
Master-Feeder Structure
Certain portfolios described below, called "Feeder Funds," do not buy
individual securities directly; instead, these portfolios invest in
corresponding funds called "Master Funds." Master Funds, in turn, purchase
stocks and/or other securities.
Large Cap International Portfolio
The Large Cap International Portfolio seeks to capture the returns of a
broadly diversified portfolio of international large-cap stocks. The investment
strategy is process driven, emphasizing broad diversification. As of
October 31, 2015, the Portfolio held approximately 1,300 securities in 22
eligible developed markets. In general, cash exposure was low throughout the
year with an average cash balance of less than 1% of the Portfolio's assets.
For the 12 months ended October 31, 2015, total returns were -3.10% for the
Portfolio and -1.81% for the MSCI World ex USA Index (net dividends). As a
result of the Portfolio's diversified investment approach, performance was
determined principally by broad trends in the international equity markets
rather than by the behavior of a limited number of stocks. For the period, the
Portfolio's relative underperformance was primarily attributable to differences
in the valuation timing and methodology between the Portfolio and the Index.
The Portfolio prices foreign exchange rates at the closing of the U.S. markets
while the Index uses rates at 4 p.m. London time. The Portfolio also may use
fair value pricing to price certain portfolio securities at the closing of the
U.S. markets while the Index uses local market closing prices.
International Core Equity Portfolio
The International Core Equity Portfolio invests in a broadly diversified
group of international stocks, with increased exposure to smaller company
stocks and those with value characteristics as measured by book-to-market
ratio. The investment strategy is process driven, emphasizing broad
diversification. As of October 31, 2015, the Portfolio held approximately 4,900
securities in 22 eligible developed markets. In general, cash exposure was low
throughout the year with an average cash balance of less than 1% of the
Portfolio's assets.
For the 12 months ended October 31, 2015, total returns were -1.10% for the
Portfolio and -1.81% for the MSCI World ex USA Index (net dividends). As a
result of the Portfolio's diversified investment approach, performance was
determined principally by broad trends in the international equity markets
rather than by the behavior of a limited number of stocks. The Portfolio
invests in stocks across all size categories while the Index primarily holds
large-cap and mid-cap stocks. International small-cap stocks generally
outperformed international large-cap and mid-cap stocks during the period, and
the Portfolio's exposure to small-cap stocks benefited performance relative to
the Index. In particular, the Portfolio's emphasis on small-cap stocks resulted
in a lower allocation to large-cap financial stocks, which underperformed for
the period and the relative underweight contributed to the Portfolio's
performance. The Portfolio's greater exposure than the Index to value stocks
detracted from the Portfolio's relative performance as value stocks generally
underperformed during the period.
International Small Company Portfolio
The International Small Company Portfolio is designed to capture the returns
of international small-cap stocks by purchasing shares of five Master Funds
that invest individually in Canada, the United Kingdom, Continental Europe
(including Israel and excluding the U.K.), Japan, and the Asia Pacific region
ex Japan. The investment strategy is process driven, emphasizing broad
diversification. As of October 31, 2015, the Master Funds collectively held
approximately 4,100 securities in 22 eligible developed markets. In general,
cash exposure was low throughout the year with an average cash balance of less
than 1% of the Portfolio's assets.
For the 12 months ended October 31, 2015, total returns were 3.30% for the
Portfolio and 4.66% for the MSCI World ex USA Small Cap Index (net dividends).
As a result of each Master Fund's diversified investment approach,
24
the Portfolio's performance was determined principally by broad trends in
international equity markets rather than the behavior of a limited number of
stocks. The Master Funds' greater allocation than the Index to micro-cap
securities detracted from relative performance as micro-caps generally
underperformed other small-cap securities. The Portfolio's underperformance was
partially offset by the Master Funds' exclusion of real estate investment
trusts (REITs) and small low profitability securities, both of which
underperformed during the period. Differences in the valuation timing and
methodology between the Master Funds and the Index detracted from the
Portfolio's relative performance. The Master Funds price foreign exchange rates
at the closing of the U.S. markets while the Index uses rates at 4 p.m. London
time. The Master Funds also may use fair value pricing to price certain
portfolio securities at the closing of the U.S. markets while the Index uses
local market closing prices.
Japanese Small Company Portfolio
The Japanese Small Company Portfolio is designed to capture the returns of
Japanese small company stocks by purchasing shares of The Japanese Small
Company Series, a Master Fund that invests in such securities. The investment
strategy is process driven, emphasizing broad diversification. As of
October 31, 2015, the Master Fund held approximately 1,440 securities. In
general, cash exposure was low throughout the year with an average cash balance
of less than 1% of the Master Fund's assets.
For the 12 months ended October 31, 2015, total returns were 8.62% for the
Portfolio and 12.83% for the MSCI Japan Small Cap Index (net dividends). As a
result of the Master Fund's diversified investment approach, performance was
determined principally by broad trends in the Japanese equity market, rather
than the behavior of a limited number of stocks. The Master Fund had a greater
allocation than the Index to micro-cap securities, and micro-cap securities
underperformed relative to other small-caps, which detracted from the
Portfolio's relative performance. The Portfolio's underperformance was
partially offset by the Master Fund's exclusion of real estate investment
trusts (REITs), which underperformed the overall Index. The Portfolio's
relative performance also benefited from the Master Fund's exclusion of small-
and micro-cap securities with both high relative prices and low profitability
as these securities underperformed. Differences in the valuation timing and
methodology between the Master Fund and the Index detracted from the
Portfolio's relative performance. The Master Fund prices foreign exchange rates
at the closing of the U.S. markets while the Index uses rates at 4 p.m. London
time. The Master Fund also may use fair value pricing to price certain
portfolio securities at the closing of the U.S. markets while the Index uses
local market closing prices.
Asia Pacific Small Company Portfolio
The Asia Pacific Small Company Portfolio is designed to capture the returns
of small-cap stocks in Australia, Hong Kong, New Zealand, and Singapore, by
purchasing shares of The Asia Pacific Small Company Series, a Master Fund that
invests in such securities. The investment strategy is process driven,
emphasizing broad diversification. As of October 31, 2015, the Master Fund held
approximately 830 securities across the eligible countries. Country allocations
generally reflect the approximate weights of individual securities within a
universe of these countries' stocks constructed by the Advisor. In general,
cash exposure was low throughout the year with an average cash balance of less
than 1% of the Master Fund's assets.
For the 12 months ended October 31, 2015, total returns were -12.19% for the
Portfolio and -14.67% for the MSCI Pacific ex Japan Small Cap Index (net
dividends). As a result of the Master Fund's diversified investment approach,
performance was determined principally by broad trends in Asia Pacific equity
markets rather than the behavior of a limited number of stocks. The Master
Fund's exclusion of small low profitability securities benefited the
Portfolio's relative performance as these securities underperformed. The Master
Fund's holdings in Hong Kong, particularly in micro-caps, outperformed those in
the Index and benefited the Portfolio's relative performance.
United Kingdom Small Company Portfolio
The United Kingdom Small Company Portfolio is designed to capture the
returns of U.K. small company stocks by purchasing shares of The United Kingdom
Small Company Series, a Master Fund that invests in such securities. The
investment strategy is process driven, emphasizing broad diversification. As of
October 31, 2015, the Master Fund held approximately 320 securities. In
general, cash exposure was low throughout the year with an average cash balance
of less than 1% of the Master Fund's assets.
25
For the 12 months ended October 31, 2015, total returns were 9.43% for the
Portfolio and 12.42% for the MSCI UK Small Cap Index (net dividends). As a
result of the Master Fund's diversified investment approach, performance was
determined principally by broad trends in the U.K. equity market, rather than
the behavior of a limited number of stocks. The Master Fund's exclusion of real
estate investment trusts (REITs) detracted from relative performance as REITs
in the United Kingdom generally outperformed other sectors during the period.
Due to differences in methodology, the Master Fund may hold names that are
larger in size than those included in the Index, resulting in differences in
sector weights. During the period, these differences in sector weights
contributed to the Portfolio's relative underperformance. For instance, the
Master Fund had a lower allocation to financials, which outperformed and
detracted from the Portfolio's relative performance, and a higher allocation to
industrials, which underperformed and detracted from the Portfolio's relative
performance. The Portfolio's underperformance was partially offset by the
Master Fund's exclusion of small- and micro-cap securities with high relative
prices and low profitability, as these securities underperformed during the
period. Differences in the valuation timing and methodology between the Master
Fund and the Index detracted from the Portfolio's relative performance. The
Master Fund prices foreign exchange rates at the closing of the U.S. markets
while the Index uses rates at 4 p.m. London time. The Master Fund also may use
fair value pricing to price certain portfolio securities at the closing of the
U.S. markets while the Index uses local market closing prices.
Continental Small Company Portfolio
The Continental Small Company Portfolio is designed to capture the returns
of small-cap stocks in the developed markets of Europe (excluding the U.K.) and
Israel, by purchasing shares of The Continental Small Company Series, a Master
Fund that invests in such securities. The investment strategy is process
driven, emphasizing broad diversification. As of October 31, 2015, the Master
Fund held approximately 1,160 securities in 15 eligible developed continental
European countries and Israel. Country allocations generally reflect the
approximate weights of individual securities within a universe of continental
European and Israeli small company stocks constructed by the Advisor. In
general, cash exposure was low throughout the year with an average cash balance
of less than 1% of the Master Fund's assets.
For the 12 months ended October 31, 2015, total returns were 9.37% for the
Portfolio and 11.38% for the MSCI Europe ex UK Small Cap Index (net dividends).
As a result of the Master Fund's diversified investment approach, performance
was determined principally by broad trends in the continental European
(excluding the U.K.) and Israeli equity markets, rather than the behavior of a
limited number of stocks. Due to differences in methodology, the Master Fund
may hold names that are larger in size than those included in the Index,
resulting in differences in individual holdings. Within the financial sector,
these holding differences detracted from the Portfolio's relative performance
as the Master Fund's financial holdings underperformed the Index's financial
holdings. Differences in the valuation timing and methodology between the
Master Fund and the Index detracted from the Portfolio's relative performance.
The Master Fund prices foreign exchange rates at the closing of the U.S.
markets while the Index uses rates at 4 p.m. London time. The Master Fund also
may use fair value pricing to price certain portfolio securities at the closing
of the U.S. markets while the Index uses local market closing prices.
DFA International Real Estate Securities Portfolio
The DFA International Real Estate Securities Portfolio is designed to
capture the returns of a broadly diversified portfolio of real estate
securities in international markets. As of October 31, 2015, the Portfolio held
approximately 240 securities in 21 approved developed and emerging market
countries. In general, cash exposure was low throughout the year with an
average cash balance of less than 1% of portfolio assets.
For the 12 months ended October 31, 2015, total returns were -0.37% for the
Portfolio and 0.04% for the S&P Global ex US REIT Index (net dividends). As a
result of the Portfolio's diversified approach, performance was determined
principally by broad trends in international real estate securities markets
rather than the behavior of a limited number of stocks. Differences in the
valuation timing and methodology between the Portfolio and the Index generally
detracted from the Portfolio's relative performance. The Portfolio prices
foreign exchange rates at the closing of the U.S. markets while the Index uses
rates at 4 p.m. London time. The Portfolio also may use fair value pricing to
price certain portfolio securities at the closing of the U.S. markets while the
Index uses local market closing prices. For the period, both the currency and
fair value adjustments negatively impacted the Portfolio's relative
performance, compared to the Index.
26
DFA Global Real Estate Securities Portfolio
The DFA Global Real Estate Securities Portfolio, a fund of funds, is
designed to capture the returns of a broadly diversified portfolio of real
estate securities in U.S. and international markets. As of October 31, 2015,
the Portfolio invested in the DFA International Real Estate Securities
Portfolio, the DFA Real Estate Securities Portfolio, and individual securities.
As of October 31, 2015, the Portfolio held approximately 380 securities in 22
approved developed and emerging markets countries. In general, cash exposure
was low throughout the year with an average cash balance of less than 1% of the
Portfolio's assets.
For the 12 months ended October 31, 2015, total returns were 3.44% for the
Portfolio and 2.59% for the S&P Global REIT Index (net dividends). As a result
of the Portfolio's diversified approach, performance was principally determined
by broad trends in global real estate securities markets rather than the
behavior of a limited number of stocks. Withholding tax rate differences
between the Portfolio and the Index were a primary driver of the Portfolio's
relative outperformance. The Portfolio excludes certain securities from
eligibility that the Index holds. These securities generally underperformed,
and the Portfolio's exclusion of these securities had a beneficial impact on
the Portfolio's relative performance.
DFA International Small Cap Value Portfolio
The DFA International Small Cap Value Portfolio is designed to capture the
returns of international small-cap value stocks. Value is measured primarily by
book-to-market ratio. The investment strategy is process driven, emphasizing
broad diversification. As of October 31, 2015, the Portfolio held approximately
2,200 securities in 22 eligible developed markets. In general, cash exposure
was low throughout the year with an average cash balance of less than 1% of the
Portfolio's assets.
For the 12 months ended October 31, 2015, total returns were 3.31% for the
Portfolio and 4.66% for the MSCI World ex USA Small Cap Index (net dividends).
As a result of the Portfolio's diversified investment approach, performance was
determined principally by broad trends in international equity markets rather
than the behavior of a limited number of stocks. The Portfolio's focus on value
stocks detracted from the Portfolio's relative performance as value
underperformed growth-oriented stocks during the period. Differences in the
valuation timing and methodology between the Portfolio and the Index also
detracted from the Portfolio's relative performance. The Portfolio prices
foreign exchange rates at the closing of the U.S. markets while the Index uses
rates at 4 p.m. London time. The Portfolio also may use fair value pricing to
price certain portfolio securities at the closing of the U.S. markets while the
Index uses local market closing prices.
International Vector Equity Portfolio
The International Vector Equity Portfolio is designed to capture the returns
of a broadly diversified basket of international stocks with increased exposure
to smaller company stocks and those with value characteristics as measured by
book-to-market ratio. The investment strategy is process driven, emphasizing
broad diversification. As of October 31, 2015, the Portfolio held approximately
4,500 securities in 22 eligible developed markets. In general, cash exposure
was low throughout the year with an average cash balance of less than 1% of the
Portfolio's assets.
For the 12 months ended October 31, 2015, total returns were -1.14% for the
Portfolio and -1.81% for the MSCI World ex USA Index (net dividends). As a
result of the Portfolio's diversified investment approach, performance was
determined principally by broad trends in the international equity markets
rather than by the behavior of a limited number of stocks. The Portfolio
invests in stocks across all size categories, other than growth-oriented
mega-cap securities, while the Index primarily holds large-cap and mid-cap
stocks. International small-cap stocks generally outperformed international
large-cap and mid-cap stocks during the period, and the Portfolio's exposure to
small-cap stocks benefited performance relative to the Index. In particular,
the Portfolio's emphasis on small-cap stocks resulted in a lower allocation to
large-cap financial stocks, which underperformed for the period and the
relative underweight contributed to the Portfolio's relative performance. The
Portfolio's greater exposure than the Index to value stocks detracted from
relative performance as value stocks generally underperformed during the period.
World ex U.S. Value Portfolio
The World ex U.S. Value Portfolio is designed to capture the returns of
value stocks across all market capitalizations in international developed and
emerging markets. The Portfolio may pursue its objective by holding
27
direct securities, by purchasing shares of funds managed by Dimensional (The
DFA International Value Series, The DFA International Small Cap Value
Portfolio, and The Dimensional Emerging Markets Value Fund (the "Underlying
Funds")), or by a combination of securities and Underlying Funds. Value is
measured primarily by using the book-to-market ratio. The investment strategy
is process driven, emphasizing broad diversification. As of October 31, 2015,
the Underlying Funds collectively held approximately 4,900 securities. In
general, cash exposure was low throughout the year with an average cash balance
of less than 1% of the Portfolio's assets.
For the 12 months ended October 31, 2015, total returns were -7.77% for the
Portfolio and -4.68% for the MSCI All Country World ex USA Index (net
dividends). As a result of the Underlying Funds' diversified investment
approach, performance was determined principally by broad trends in the
international and emerging equity markets rather than the behavior of a limited
number of stocks. The Underlying Funds had greater exposure than the Index to
value stocks. Value stocks generally underperformed during the period, which
detracted from the Portfolio's relative performance. The Underlying Funds
invest in stocks across all size categories while the Index primarily holds
large-cap and mid-cap stocks. Small-cap stocks generally outperformed large-
and mid-caps during the period, and the Portfolio's greater exposure to
small-caps benefited the Portfolio's relative performance. Differences in the
valuation timing and methodology between the Portfolio and the Index generally
detracted from the Portfolio's relative performance. The Portfolio prices
foreign exchange rates at the closing of the U.S. markets while the Index uses
rates at 4 p.m. London time. The Portfolio also may use fair value pricing to
price certain portfolio securities at the closing of the U.S. markets while the
Index uses local market closing prices.
World ex U.S. Targeted Value Portfolio
The World ex U.S. Targeted Value Portfolio is designed to capture the
returns of small- and mid-cap value stocks in international developed and
emerging markets. Prior to September 8, 2015, the Portfolio purchased shares of
the DFA International Small Cap Value Portfolio, the International Vector
Equity Portfolio, the Dimensional Emerging Markets Value Fund, and the Emerging
Markets Small Cap Series (the "Underlying Funds"). After that date, the
Portfolio began purchasing securities directly, and on September 23, 2015, the
Portfolio redeemed its last holdings of the Underlying Funds, investing solely
in securities. Value is measured primarily by using the book-to-market ratio.
The investment strategy is process driven, emphasizing broad diversification.
As of October 31, 2015, the Portfolio held approximately 2,800 securities. In
general, cash exposure was low throughout the period with an average cash
balance of less than 1% of the Portfolio's assets.
For the 12 months ended October 31, 2015, total returns were -2.88% for the
Portfolio and 1.53% for the MSCI All Country World ex USA Small Cap Index (net
dividends). As a result of the Portfolio's diversified investment approach,
performance was determined principally by broad trends in the international
equity markets rather than by the behavior of a limited number of stocks. The
Portfolio focuses on value stocks and has minimal exposure to growth stocks,
while the Index is neutral with regard to value or growth. Growth stocks
outperformed during the period, which detracted from the Portfolio's relative
performance. In addition, two of the Underlying Funds -- the International
Vector Equity Portfolio and the Emerging Markets Value Fund -- can invest in
mid-cap and large-cap securities while the Index primarily holds small-caps.
This difference in allocations detracted from the Portfolio's relative
performance as larger securities generally underperformed.
World ex U.S. Core Equity Portfolio
The World ex U.S. Core Equity Portfolio is designed to capture the returns
of a broadly diversified basket of international stocks in developed and
emerging markets with increased exposure to smaller company stocks and those
with value characteristics as measured by book-to-market ratio. The investment
strategy is process driven, emphasizing broad diversification. As of
October 31, 2015, the Portfolio held approximately 5,800 securities in
43 eligible developed and emerging markets. In general, cash exposure was low
throughout the period with an average cash balance of less than 1% of the
Portfolio's assets.
For the 12 months ended October 31, 2015, total returns were -4.50% for the
Portfolio and -4.68% for the MSCI All Country World ex USA Index (net
dividends). As a result of the Portfolio's diversified investment approach,
performance was determined principally by broad trends in the international
equity markets rather than by the behavior of a limited number of stocks. The
Portfolio invests in stocks across all size categories while the Index
primarily holds large-cap and mid-cap stocks. Non-U.S. small-cap stocks
generally outperformed non-U.S.
28
large-cap and mid-cap stocks during the period, and the Portfolio's exposure to
small-cap stocks benefited the Portfolio's performance relative to the Index.
In particular, the Portfolio's emphasis on small-cap stocks resulted in a lower
allocation to large-cap financial stocks, which underperformed for the period
and contributed to the Portfolio's relative performance. The Portfolio's
greater exposure than the Index to value stocks detracted from the Portfolio's
relative performance as value stocks generally underperformed during the period.
World Core Equity Portfolio
The World Core Equity Portfolio seeks long-term capital appreciation
generally by investing in a combination of mutual funds managed by Dimensional
Fund Advisors LP ("Dimensional" or the "Advisor"). As of October 31, 2015, the
Portfolio's investments included the U.S. Core Equity 1 Portfolio,
International Core Equity Portfolio, and Emerging Markets Core Equity Portfolio
(collectively, the "Underlying Funds"). The investment strategy is process
driven, emphasizing broad diversification. As of October 31, 2015, the
Underlying Funds collectively held approximately 11,800 equity securities in 44
countries.
For the 12 months ended October 31, 2015, total returns were -0.61% for the
Portfolio and -0.03% for the MSCI All Country World Index (net dividends). As a
result of the Underlying Funds' diversified investment approach, performance
was determined principally by broad trends in global equity markets rather than
the behavior of a limited group of stocks. The Underlying Funds' greater
exposure than the Index to value stocks detracted from the Portfolio's relative
performance as value stocks generally underperformed during the period. The
Underlying Funds' greater exposure to small-cap stocks in the U.S. also
detracted from the Portfolio's relative performance as U.S. small-caps
underperformed U.S. large-cap stocks for the period.
Selectively Hedged Global Equity Portfolio
The Selectively Hedged Global Equity Portfolio seeks long-term capital
appreciation by investing in a combination of mutual funds managed by
Dimensional. As of October 31, 2015, the mutual funds in which the Portfolio
invested include the U.S. Core Equity 2 Portfolio, International Core Equity
Portfolio, and Emerging Markets Core Equity Portfolio (the "Underlying Funds").
The Portfolio hedges foreign currency exposure on a selective basis to capture
positive forward currency premiums. The investment strategy is process driven,
emphasizing broad diversification. As of October 31, 2015, the Underlying Funds
collectively held approximately 11,800 equity securities in 44 countries.
For the 12 months ended October 31, 2015, total returns were -0.34% for the
Portfolio and -0.03% for the MSCI All Country World Index (net dividends). As a
result of the Underlying Funds' diversified investment approach, performance
was determined principally by broad trends in global equity markets rather than
the behavior of a limited group of stocks in a particular industry or country.
The Underlying Funds invest in stocks across all eligible countries but had a
lower allocation than the Index to the U.S. and a higher allocation to emerging
markets. For the period, U.S. securities significantly outperformed emerging
market securities, and the Underlying Funds' country allocation detracted from
the Portfolio's relative performance. The Underlying Funds' greater exposure
than the Index to value stocks detracted from the Portfolio's relative
performance as value stocks generally underperformed during the period. To a
lesser extent, the Portfolio's strategy of selectively hedging foreign currency
exposure contributed to relative returns, particularly hedging euro and
Japanese yen exposure, as both of these currencies depreciated against the U.S.
dollar.
Emerging Markets Portfolio
The Emerging Markets Portfolio is designed to capture the returns of
large-cap stocks in selected emerging markets countries by purchasing shares of
The Emerging Markets Series, a Master Fund managed by Dimensional that invests
in such securities. The investment strategy is process driven, emphasizing
broad diversification. As of October 31, 2015, the Master Fund held
approximately 1,100 securities across 21 eligible emerging markets. In general,
cash exposure was low throughout the year with an average cash balance of less
than 1% of the Master Fund's assets.
For the 12 months ended October 31, 2015, total returns were -15.24% for the
Portfolio and -14.53% for the MSCI Emerging Markets Index (net dividends). As a
result of the Master Fund's diversified approach, performance was generally
determined by broad trends in emerging markets rather than the behavior of a
limited number of stocks. The Portfolio's relative underperformance was driven
primarily by country allocation differences between
29
the Master Fund and the Index. The Master Fund's lower allocation to China,
which outperformed most other emerging markets during the period, detracted
from the Portfolio's relative performance. This was partially offset by the
Master Fund's greater allocation to Taiwan, which also generally outperformed.
Emerging Markets Small Cap Portfolio
The Emerging Markets Small Cap Portfolio is designed to capture the returns
of small-cap stocks in selected emerging markets by purchasing shares of the
Emerging Markets Small Cap Series, a Master Fund managed by Dimensional that
invests in such securities. The Master Fund's investment strategy is process
driven emphasizing broad diversification. As of October 31, 2015, the Master
Fund held approximately 3,300 securities across 17 eligible emerging markets.
In general, cash exposure was low throughout the year with an average cash
balance of less than 1% of the Master Fund's assets.
For the 12 months ended October 31, 2015, total returns were -9.88% for the
Portfolio and -14.53% for the MSCI Emerging Markets Index (net dividends). As a
result of the Master Fund's diversified approach, performance was principally
determined by broad trends in emerging markets rather than the behavior of a
limited number of stocks. The Master Fund focuses on small-cap stocks while the
Index primarily holds large-cap and mid-cap stocks. Emerging markets small-cap
stocks outperformed emerging markets large-caps and mid-caps over the period,
and the Master Fund's greater exposure to small-caps benefited the Portfolio's
relative performance.
Emerging Markets Value Portfolio
The Emerging Markets Value Portfolio is designed to capture the returns of
value stocks of large- and small-cap companies in selected emerging markets by
purchasing shares of the Dimensional Emerging Markets Value Fund, a Master Fund
managed by Dimensional that invests in such securities. Value is measured
primarily by book-to-market ratio. The investment strategy is process driven,
emphasizing broad diversification. As of October 31, 2015, the Master Fund held
approximately 2,300 securities across 19 eligible emerging markets. In general,
cash exposure was low throughout the year with an average cash balance of less
than 1% of the Master Fund's assets.
For the 12 months ended October 31, 2015, total returns were -18.49% for the
Portfolio's Class R2 shares, -18.27% for the Portfolio's Institutional Class
shares, and -14.53% for the MSCI Emerging Markets Index (net dividends). As a
result of the Master Fund's diversified investment approach, performance was
generally determined by broad trends in emerging markets rather than the
behavior of a limited number of stocks. The Master Fund invests primarily in
value stocks while the Index is neutral with regard to value or growth stocks.
Emerging markets value stocks generally underperformed during the period, which
was the primary driver of the Portfolio's relative underperformance.
Emerging Markets Core Equity Portfolio
The Emerging Markets Core Equity Portfolio is designed to capture the
returns of a broad universe of stocks in selected emerging markets with
increased exposure to smaller company stocks and those stocks with value
characteristics, as measured by book-to-market ratio. The investment strategy
is process driven, emphasizing broad diversification. As of October 31, 2015,
the Portfolio held approximately 4,100 securities across 21 eligible emerging
markets. In general, cash exposure was low throughout the year with an average
cash balance of less than 1% of the Portfolio's assets.
For the 12 months ended October 31, 2015, total returns were -14.49% for the
Portfolio and -14.53% for the MSCI Emerging Markets Index (net dividends). As a
result of the Portfolio's diversified approach, performance was generally
determined by broad trends in emerging markets rather than the behavior of a
limited number of stocks. The Portfolio invests in stocks across all size
categories while the Index primarily holds large- and mid-cap stocks. Emerging
markets small-cap stocks generally outperformed emerging markets large- and
mid-cap stocks during the period, and the Portfolio's exposure to small-cap
stocks benefited the Portfolio's performance relative to the Index. The
Portfolio's greater exposure than the Index to value stocks detracted from the
Portfolio's relative performance as value stocks generally underperformed
during the period. The Portfolio's smaller allocation than the Index to China,
among the best performing emerging markets during the period, also detracted
from the Portfolio's relative performance.
30
DFA INVESTMENT DIMENSIONS GROUP INC.
DISCLOSURE OF FUND EXPENSES
(Unaudited)
The following Expense Tables are shown so that you can understand the impact
of fees on your investment. All mutual funds have operating expenses. As a
shareholder of the fund, you incur ongoing costs, which include costs for
portfolio management, administrative services, and shareholder reports, among
others. Operating expenses, legal and audit services, which are deducted from a
fund's gross income, directly reduce the investment return of the fund. A
fund's expenses are expressed as a percentage of its average net assets. This
figure is known as the expense ratio. The following examples are intended to
help you understand the ongoing costs, in dollars, of investing in the fund and
to compare these costs with those of other mutual funds. The examples are based
on an investment of $1,000 made at the beginning of the period shown and held
for the entire period.
The Expense Tables below illustrate your fund's costs in two ways.
Actual Fund Return
This section helps you to estimate the actual expenses after fee waivers
that you paid over the period. The "Ending Account Value" shown is derived
from the fund's actual return and "Expenses Paid During Period" reflect
the dollar amount that would have been paid by an investor who started
with $1,000 in the fund. You may use the information here, together with
the amount you invested, to estimate the expenses that you paid over the
period.
To do so, simply divide your account value by $1,000 (for example, a
$7,500 account value divided by $1,000 = 7.5), then multiply the result by
the number given for your fund under the heading "Expenses Paid During
Period."
Hypothetical Example for Comparison Purposes
This section is intended to help you compare your fund's costs with those
of other mutual funds. The hypothetical "Ending Account Value" and
"Expenses Paid During Period" are derived from the fund's actual expense
ratio and an assumed 5% annual return before expenses. In this case,
because the return used is not the fund's actual return, the results do
not apply to your investment. The example is useful in making comparisons
because the SEC requires all mutual funds to calculate expenses based on a
5% annual return. You can assess your fund's costs by comparing this
hypothetical example with the hypothetical examples that appear in
shareholder reports of other funds.
Please note that the expenses shown in the tables are meant to highlight and
help you compare ongoing costs only and do not reflect any transactional costs,
if applicable. The "Annualized Expense Ratio" represents the actual expenses
for the six-month period indicated.
Six Months Ended October 31, 2015
EXPENSE TABLES
Beginning Ending Expenses
Account Account Annualized Paid
Value Value Expense During
05/01/15 10/31/15 Ratio* Period*
--------- --------- ---------- --------
Enhanced U.S. Large Company Portfolio
-------------------------------------
Actual Fund Return
Institutional Class Shares........... $1,000.00 $1,007.50 0.24% $1.21
Hypothetical 5% Annual Return
Institutional Class Shares........... $1,000.00 $1,024.00 0.24% $1.22
U.S. Large Cap Equity Portfolio
-------------------------------
Actual Fund Return
Institutional Class Shares........... $1,000.00 $ 991.60 0.19% $0.95
Hypothetical 5% Annual Return
Institutional Class Shares........... $1,000.00 $1,024.25 0.19% $0.97
31
DISCLOSURE OF FUND EXPENSES
CONTINUED
Beginning Ending Expenses
Account Account Annualized Paid
Value Value Expense During
05/01/15 10/31/15 Ratio* Period*
--------- --------- ---------- --------
U.S. Large Cap Value Portfolio**
--------------------------------
Actual Fund Return
Institutional Class Shares...... $1,000.00 $ 974.90 0.28% $1.39
Hypothetical 5% Annual Return
Institutional Class Shares...... $1,000.00 $1,023.79 0.28% $1.43
U.S. Targeted Value Portfolio
-----------------------------
Actual Fund Return
Class R1 Shares................. $1,000.00 $ 953.30 0.48% $2.36
Class R2 Shares................. $1,000.00 $ 952.50 0.63% $3.10
Institutional Class Shares...... $1,000.00 $ 953.70 0.38% $1.87
Hypothetical 5% Annual Return
Class R1 Shares................. $1,000.00 $1,022.79 0.48% $2.45
Class R2 Shares................. $1,000.00 $1,022.03 0.63% $3.21
Institutional Class Shares...... $1,000.00 $1,023.29 0.38% $1.94
U.S. Small Cap Value Portfolio
------------------------------
Actual Fund Return
Institutional Class Shares...... $1,000.00 $ 942.50 0.53% $2.59
Hypothetical 5% Annual Return
Institutional Class Shares...... $1,000.00 $1,022.53 0.53% $2.70
U.S. Core Equity 1 Portfolio
----------------------------
Actual Fund Return
Institutional Class Shares...... $1,000.00 $ 985.60 0.20% $1.00
Hypothetical 5% Annual Return
Institutional Class Shares...... $1,000.00 $1,024.20 0.20% $1.02
U.S. Core Equity 2 Portfolio
----------------------------
Actual Fund Return
Institutional Class Shares...... $1,000.00 $ 974.30 0.23% $1.14
Hypothetical 5% Annual Return
Institutional Class Shares...... $1,000.00 $1,024.05 0.23% $1.17
U.S. Vector Equity Portfolio
----------------------------
Actual Fund Return
Institutional Class Shares...... $1,000.00 $ 962.70 0.33% $1.63
Hypothetical 5% Annual Return
Institutional Class Shares...... $1,000.00 $1,023.54 0.33% $1.68
U.S. Small Cap Portfolio
------------------------
Actual Fund Return
Institutional Class Shares...... $1,000.00 $ 981.40 0.38% $1.90
Hypothetical 5% Annual Return
Institutional Class Shares...... $1,000.00 $1,023.29 0.38% $1.94
32
DISCLOSURE OF FUND EXPENSES
CONTINUED
Beginning Ending Expenses
Account Account Annualized Paid
Value Value Expense During
05/01/15 10/31/15 Ratio* Period*
--------- --------- ---------- --------
U.S. Micro Cap Portfolio
------------------------
Actual Fund Return
Institutional Class Shares.............. $1,000.00 $ 974.60 0.53% $2.64
Hypothetical 5% Annual Return
Institutional Class Shares.............. $1,000.00 $1,022.53 0.53% $2.70
DFA Real Estate Securities Portfolio
------------------------------------
Actual Fund Return
Institutional Class Shares.............. $1,000.00 $1,033.30 0.18% $0.92
Hypothetical 5% Annual Return
Institutional Class Shares.............. $1,000.00 $1,024.30 0.18% $0.92
Large Cap International Portfolio
---------------------------------
Actual Fund Return
Institutional Class Shares.............. $1,000.00 $ 921.30 0.29% $1.40
Hypothetical 5% Annual Return
Institutional Class Shares.............. $1,000.00 $1,023.74 0.29% $1.48
International Core Equity Portfolio
-----------------------------------
Actual Fund Return
Institutional Class Shares.............. $1,000.00 $ 933.40 0.39% $1.90
Hypothetical 5% Annual Return
Institutional Class Shares.............. $1,000.00 $1,023.24 0.39% $1.99
International Small Company Portfolio***
----------------------------------------
Actual Fund Return
Institutional Class Shares.............. $1,000.00 $ 963.00 0.54% $2.67
Hypothetical 5% Annual Return
Institutional Class Shares.............. $1,000.00 $1,022.48 0.54% $2.75
Japanese Small Company Portfolio**
----------------------------------
Actual Fund Return
Institutional Class Shares.............. $1,000.00 $1,012.40 0.54% $2.74
Hypothetical 5% Annual Return
Institutional Class Shares.............. $1,000.00 $1,022.48 0.54% $2.75
Asia Pacific Small Company Portfolio**
--------------------------------------
Actual Fund Return
Institutional Class Shares.............. $1,000.00 $ 864.40 0.55% $2.58
Hypothetical 5% Annual Return
Institutional Class Shares.............. $1,000.00 $1,022.43 0.55% $2.80
United Kingdom Small Company Portfolio**
----------------------------------------
Actual Fund Return
Institutional Class Shares.............. $1,000.00 $1,008.70 0.58% $2.94
Hypothetical 5% Annual Return
Institutional Class Shares.............. $1,000.00 $1,022.28 0.58% $2.96
33
DISCLOSURE OF FUND EXPENSES
CONTINUED
Beginning Ending Expenses
Account Account Annualized Paid
Value Value Expense During
05/01/15 10/31/15 Ratio* Period*
--------- --------- ---------- --------
Continental Small Company Portfolio**
-------------------------------------
Actual Fund Return
Institutional Class Shares........................ $1,000.00 $ 978.90 0.55% $2.74
Hypothetical 5% Annual Return
Institutional Class Shares........................ $1,000.00 $1,022.43 0.55% $2.80
DFA International Real Estate Securities Portfolio
--------------------------------------------------
Actual Fund Return
Institutional Class Shares........................ $1,000.00 $ 958.20 0.29% $1.43
Hypothetical 5% Annual Return
Institutional Class Shares........................ $1,000.00 $1,023.74 0.29% $1.48
DFA Global Real Estate Securities Portfolio***
----------------------------------------------
Actual Fund Return
Institutional Class Shares........................ $1,000.00 $1,003.80 0.24% $1.21
Hypothetical 5% Annual Return
Institutional Class Shares........................ $1,000.00 $1,024.00 0.24% $1.22
DFA International Small Cap Value Portfolio
-------------------------------------------
Actual Fund Return
Institutional Class Shares........................ $1,000.00 $ 956.90 0.69% $3.40
Hypothetical 5% Annual Return
Institutional Class Shares........................ $1,000.00 $1,021.73 0.69% $3.52
International Vector Equity Portfolio
-------------------------------------
Actual Fund Return
Institutional Class Shares........................ $1,000.00 $ 930.00 0.51% $2.48
Hypothetical 5% Annual Return
Institutional Class Shares........................ $1,000.00 $1,022.63 0.51% $2.60
World ex U.S. Value Portfolio***
--------------------------------
Actual Fund Return
Institutional Class Shares........................ $1,000.00 $ 875.90 0.52% $2.46
Hypothetical 5% Annual Return
Institutional Class Shares........................ $1,000.00 $1,022.58 0.52% $2.65
World ex U.S. Targeted Value Portfolio
--------------------------------------
Actual Fund Return
Institutional Class Shares........................ $1,000.00 $ 912.80 0.66% $3.18
Hypothetical 5% Annual Return
Institutional Class Shares........................ $1,000.00 $1,021.88 0.66% $3.36
World ex U.S. Core Equity Portfolio
-----------------------------------
Actual Fund Return
Institutional Class Shares........................ $1,000.00 $ 901.50 0.47% $2.25
Hypothetical 5% Annual Return
Institutional Class Shares........................ $1,000.00 $1,022.84 0.47% $2.40
34
DISCLOSURE OF FUND EXPENSES
CONTINUED
Beginning Ending Expenses
Account Account Annualized Paid
Value Value Expense During
05/01/15 10/31/15 Ratio* Period*
--------- --------- ---------- --------
World Core Equity Portfolio***
------------------------------
Actual Fund Return
Institutional Class Shares................... $1,000.00 $ 945.90 0.35% $1.72
Hypothetical 5% Annual Return
Institutional Class Shares................... $1,000.00 $1,023.44 0.35% $1.79
Selectively Hedged Global Equity Portfolio***
---------------------------------------------
Actual Fund Return
Institutional Class Shares................... $1,000.00 $ 938.80 0.40% $1.95
Hypothetical 5% Annual Return
Institutional Class Shares................... $1,000.00 $1,023.19 0.40% $2.04
Emerging Markets Portfolio**
----------------------------
Actual Fund Return
Institutional Class Shares................... $1,000.00 $ 828.70 0.58% $2.67
Hypothetical 5% Annual Return
Institutional Class Shares................... $1,000.00 $1,022.28 0.58% $2.96
Emerging Markets Small Cap Portfolio**
--------------------------------------
Actual Fund Return
Institutional Class Shares................... $1,000.00 $ 849.50 0.73% $3.40
Hypothetical 5% Annual Return
Institutional Class Shares................... $1,000.00 $1,021.53 0.73% $3.72
Emerging Markets Value Portfolio**
----------------------------------
Actual Fund Return
Class R2 Shares.............................. $1,000.00 $ 793.30 0.81% $3.66
Institutional Class Shares................... $1,000.00 $ 794.20 0.56% $2.53
Hypothetical 5% Annual Return
Class R2 Shares.............................. $1,000.00 $1,021.12 0.81% $4.13
Institutional Class Shares................... $1,000.00 $1,022.38 0.56% $2.85
Emerging Markets Core Equity Portfolio
--------------------------------------
Actual Fund Return
Institutional Class Shares................... $1,000.00 $ 827.60 0.63% $2.90
Hypothetical 5% Annual Return
Institutional Class Shares................... $1,000.00 $1,022.03 0.63% $3.21
----------
* Expenses are equal to the fund's annualized expense ratio for the six-month
period, multiplied by the average account value over the period, multiplied
by the number of days in the most recent six-month period (184), then divided
by the number of days in the year (365) to reflect the six-month period.
**The Portfolio is a Feeder Fund. The expenses shown reflect the direct
expenses of the Feeder Fund and the indirect payment of the Feeder Fund's
portion of the expenses of its Master Fund (Affiliated Investment Company).
***The Portfolio is a Fund of Funds. The expenses shown reflect the direct
expenses of the Fund of Funds and the indirect payment of the Fund of Funds'
portion of the expenses of its Underlying Funds (Affiliated Investment
Companies).
35
DFA INVESTMENT DIMENSIONS GROUP INC.
DISCLOSURE OF PORTFOLIO HOLDINGS
(Unaudited)
The SEC requires that all funds file a complete Schedule of Investments with
the SEC for their first and third fiscal quarters on Form N-Q. For DFA
Investment Dimensions Group Inc., this would be for the fiscal quarters ending
January 31 and July 31. The Form N-Q filing must be made within 60 days of the
end of the quarter. DFA Investment Dimensions Group Inc. filed its most recent
Form N-Q with the SEC on September 29, 2015. They are available upon request,
without charge, by calling collect: (512) 306-7400 or by mailing a request to
Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, Texas
78746, or by visiting the SEC's website at http://www.sec.gov, or they may be
reviewed and copied at the SEC's Public Reference Room in Washington, D.C.
(call 1-800-732-0330 for information on the operation of the Public Reference
Room).
SEC regulations permit a fund to include in its reports to shareholders a
"Summary Schedule of Portfolio Holdings" in lieu of a full Schedule of
Investments. The Summary Schedule of Portfolio Holdings reports the fund's 50
largest holdings in unaffiliated issuers and any investments that exceed one
percent of the fund's net assets at the end of the reporting period. The
amendments also require that the Summary Schedule of Portfolio Holdings
identify each category of investments that are held.
A fund is required to file a complete Schedule of Investments with the SEC
on Form N-CSR within ten days after mailing the annual and semi-annual reports
to shareholders. It will be available upon request, without charge, by calling
collect: (512) 306-7400 or by mailing a request to Dimensional Fund Advisors
LP, 6300 Bee Cave Road, Building One, Austin, Texas 78746, or by visiting the
SEC's website at http://www.sec.gov, or they may be reviewed and copied at the
SEC's Public Reference Room in Washington, D.C. (call 1-800-732-0330 for
information on the operation of the Public Reference Room).
PORTFOLIO HOLDINGS
The SEC requires that all funds present their categories of portfolio
holdings in a table, chart or graph format in their annual and semi-annual
shareholder reports, whether or not a Schedule of Investments is utilized. The
following table, which presents portfolio holdings as a percent of total
investments before short-term investments and collateral for loaned securities,
is provided in compliance with such requirement. The categories shown below
represent broad industry sectors. Each industry sector consists of one or more
specific industry classifications.
The categories of industry classification for the Affiliated Investment
Companies are represented in their Disclosures of Portfolio Holdings, which are
included elsewhere within the report. Refer to the Schedule of
Investments/Summary Schedule of Portfolio Holdings for each of the underlying
Affiliated Investment Company's holdings which reflect the investments by
category or country.
FEEDER FUNDS
Affiliated Investment Companies
-------------------------------
U.S. Large Cap Value Portfolio......... 100.0%
Japanese Small Company Portfolio....... 100.0%
Asia Pacific Small Company Portfolio... 100.0%
United Kingdom Small Company Portfolio. 100.0%
Continental Small Company Portfolio.... 100.0%
Emerging Markets Portfolio............. 100.0%
Emerging Markets Small Cap Portfolio... 100.0%
Emerging Markets Value Portfolio....... 100.0%
36
DISCLOSURE OF PORTFOLIO HOLDINGS
CONTINUED
FUND OF FUNDS
International Small Company Portfolio...... 100.0%
World ex U.S. Value Portfolio.............. 100.0%
World Core Equity Portfolio................ 100.0%
Selectively Hedged Global Equity Portfolio. 100.0%
ENHANCED DOMESTIC EQUITY PORTFOLIO
Enhanced U.S. Large Company Portfolio
Corporate.................................... 23.3%
Foreign Corporate............................ 13.6%
Foreign Government........................... 7.9%
Government................................... 50.2%
Supranational................................ 5.0%
-----
100.0%
DOMESTIC AND INTERNATIONAL EQUITY PORTFOLIOS
U.S. Large Cap Equity Portfolio
Consumer Discretionary....................... 15.4%
Consumer Staples............................. 8.5%
Energy....................................... 7.2%
Financials................................... 13.8%
Health Care.................................. 13.4%
Industrials.................................. 12.6%
Information Technology....................... 19.9%
Materials.................................... 4.0%
Other........................................ --
Real Estate Investment Trusts................ --
Telecommunication Services................... 2.7%
Utilities.................................... 2.5%
-----
100.0%
U.S. Targeted Value Portfolio
Consumer Discretionary....................... 13.5%
Consumer Staples............................. 3.2%
Energy....................................... 8.1%
Financials................................... 28.3%
Health Care.................................. 5.7%
Industrials.................................. 19.6%
Information Technology....................... 12.9%
Materials.................................... 6.4%
Other........................................ --
Telecommunication Services................... 1.2%
Utilities.................................... 1.1%
-----
100.0%
U.S. Small Cap Value Portfolio
Consumer Discretionary....................... 15.7%
Consumer Staples............................. 3.9%
Energy....................................... 8.2%
Financials................................... 27.0%
Health Care.................................. 6.2%
Industrials.................................. 18.2%
Information Technology....................... 14.4%
Materials.................................... 5.5%
Other........................................ --
Telecommunication Services................... 0.8%
Utilities.................................... 0.1%
-----
100.0%
U.S. Core Equity 1 Portfolio
Consumer Discretionary....................... 16.0%
Consumer Staples............................. 8.0%
Energy....................................... 6.9%
Financials................................... 15.0%
Health Care.................................. 11.8%
Industrials.................................. 13.4%
Information Technology....................... 19.1%
Materials.................................... 4.4%
Other........................................ --
Real Estate Investment Trusts................ 0.1%
Telecommunication Services................... 2.2%
Utilities.................................... 3.1%
-----
100.0%
U.S. Core Equity 2 Portfolio
Consumer Discretionary....................... 15.3%
Consumer Staples............................. 6.6%
Energy....................................... 8.8%
Financials................................... 17.2%
Health Care.................................. 10.8%
Industrials.................................. 14.4%
Information Technology....................... 17.4%
Materials.................................... 4.7%
Other........................................ --
Real Estate Investment Trusts................ 0.1%
Telecommunication Services................... 2.5%
Utilities.................................... 2.2%
-----
100.0%
U.S. Vector Equity Portfolio
Consumer Discretionary....................... 14.7%
Consumer Staples............................. 4.4%
Energy....................................... 9.0%
Financials................................... 25.0%
Health Care.................................. 8.3%
Industrials.................................. 15.4%
Information Technology....................... 14.2%
Materials.................................... 5.3%
Other........................................ --
Real Estate Investment Trusts................ 0.1%
Telecommunication Services................... 2.3%
Utilities.................................... 1.3%
-----
100.0%
37
DISCLOSURE OF PORTFOLIO HOLDINGS
CONTINUED
U.S. Small Cap Portfolio
Consumer Discretionary....................... 17.9%
Consumer Staples............................. 4.4%
Energy....................................... 3.1%
Financials................................... 20.2%
Health Care.................................. 9.7%
Industrials.................................. 17.0%
Information Technology....................... 17.6%
Materials.................................... 4.7%
Other........................................ --
Real Estate Investment Trusts................ --
Telecommunication Services................... 1.0%
Utilities.................................... 4.4%
-----
100.0%
U.S. Micro Cap Portfolio
Consumer Discretionary....................... 17.7%
Consumer Staples............................. 4.3%
Energy....................................... 2.0%
Financials................................... 19.6%
Health Care.................................. 11.4%
Industrials.................................. 20.1%
Information Technology....................... 16.0%
Materials.................................... 5.1%
Other........................................ --
Telecommunication Services................... 1.8%
Utilities.................................... 2.0%
-----
100.0%
DFA Real Estate Securities Portfolio
Real Estate Investment Trusts................ 100.0%
-----
100.0%
Large Cap International Portfolio
Consumer Discretionary....................... 14.2%
Consumer Staples............................. 11.1%
Energy....................................... 6.4%
Financials................................... 23.0%
Health Care.................................. 10.5%
Industrials.................................. 13.2%
Information Technology....................... 4.5%
Materials.................................... 8.5%
Other........................................ --
Telecommunication Services................... 4.9%
Utilities.................................... 3.7%
-----
100.0%
International Core Equity Portfolio
Consumer Discretionary....................... 16.8%
Consumer Staples............................. 8.1%
Energy....................................... 7.0%
Financials................................... 20.7%
Health Care.................................. 6.5%
Industrials.................................. 17.2%
Information Technology....................... 6.1%
Materials.................................... 11.1%
Other........................................ --
Telecommunication Services................... 3.3%
Utilities.................................... 3.2%
-----
100.0%
DFA International Real Estate Securities Portfolio
Consumer Staples............................. --
Financials................................... --
Real Estate Investment Trusts................ 100.0%
-----
100.0%
DFA Global Real Estate Securities Portfolio
Affiliated Investment Companies.............. 74.9%
Common Stocks................................ 25.1%
-----
100.0%
DFA International Small Cap Value Portfolio
Consumer Discretionary....................... 19.1%
Consumer Staples............................. 4.5%
Energy....................................... 4.8%
Financials................................... 21.7%
Health Care.................................. 1.6%
Industrials.................................. 25.4%
Information Technology....................... 5.0%
Materials.................................... 17.0%
Other........................................ --
Telecommunication Services................... 0.2%
Utilities.................................... 0.7%
-----
100.0%
International Vector Equity Portfolio
Consumer Discretionary....................... 16.9%
Consumer Staples............................. 7.2%
Energy....................................... 6.7%
Financials................................... 21.9%
Health Care.................................. 4.9%
Industrials.................................. 19.1%
Information Technology....................... 6.7%
Materials.................................... 12.3%
Other........................................ --
Real Estate Investment Trusts................ --
Telecommunication Services................... 2.2%
Utilities.................................... 2.1%
-----
100.0%
World ex U.S. Targeted Value Portfolio
Consumer Discretionary....................... 15.9%
Consumer Staples............................. 5.1%
Energy....................................... 5.5%
Financials................................... 24.0%
Health Care.................................. 1.8%
Industrials.................................. 21.1%
Information Technology....................... 6.6%
Materials.................................... 18.0%
Other........................................ --
Telecommunication Services................... 0.9%
Utilities.................................... 1.1%
-----
100.0%
World ex U.S. Core Equity Portfolio
Consumer Discretionary....................... 16.0%
Consumer Staples............................. 8.0%
Energy....................................... 6.3%
Financials................................... 22.1%
Health Care.................................. 5.5%
Industrials.................................. 16.4%
Information Technology....................... 8.3%
Materials.................................... 10.9%
Other........................................ --
Real Estate Investment Trusts................ --
Telecommunication Services................... 3.4%
Utilities.................................... 3.1%
-----
100.0%
Emerging Markets Core Equity Portfolio
Consumer Discretionary....................... 11.8%
Consumer Staples............................. 9.0%
Energy....................................... 5.6%
Financials................................... 23.6%
Health Care.................................. 4.0%
Industrials.................................. 10.7%
Information Technology....................... 17.1%
Materials.................................... 9.2%
Other........................................ --
Real Estate Investment Trusts................ --
Telecommunication Services................... 5.2%
Utilities.................................... 3.8%
-----
100.0%
38
ENHANCED U.S. LARGE COMPANY PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Face
Amount^ Value+
------- ------
(000)
BONDS -- (39.7%)
CANADA -- (5.4%)
Ontario, Province of Canada
1.000%, 07/22/16............................. $4,000 $ 4,011,076
Quebec, Province of Canada
5.125%, 11/14/16............................. 1,000 1,044,622
Royal Bank of Canada
1.450%, 09/09/16............................. 1,000 1,007,051
1.250%, 06/16/17............................. 2,000 2,001,738
Thomson Reuters Corp.
1.300%, 02/23/17............................. 1,023 1,021,452
Toronto-Dominion Bank (The)
2.375%, 10/19/16............................. 3,900 3,960,333
Other Securities................................. 586,759
-----------
TOTAL CANADA..................................... 13,633,031
-----------
FRANCE -- (1.3%)
BNP Paribas SA
1.375%, 03/17/17............................. 1,800 1,803,676
Other Securities................................. 1,491,423
-----------
TOTAL FRANCE..................................... 3,295,099
-----------
GERMANY -- (2.0%)
FMS Wertmanagement AoeR
1.125%, 09/05/17............................. 5,000 5,018,370
-----------
IRELAND -- (0.4%)
GE Capital International Funding Co.
0.964%, 04/15/16............................. 1,052 1,051,793
-----------
JAPAN -- (0.6%)
Sumitomo Mitsui Banking Corp.
2.650%, 01/12/17............................. 1,000 1,013,196
Other Securities................................. 543,212
-----------
TOTAL JAPAN...................................... 1,556,408
-----------
NETHERLANDS -- (2.3%)
Bank Nederlandse Gemeenten NV
1.125%, 09/12/16............................. 5,000 5,020,500
Other Securities................................. 852,202
-----------
TOTAL NETHERLANDS................................ 5,872,702
-----------
NORWAY -- (2.0%)
Kommunalbanken A.S.
0.875%, 10/03/16............................. 5,000 5,009,215
-----------
SPAIN -- (0.2%)
Other Securities................................. 602,954
-----------
SUPRANATIONAL ORGANIZATION OBLIGATIONS -- (3.9%)
European Bank for Reconstruction & Development
1.375%, 10/20/16............................. 4,000 4,039,616
Face
Amount^ Value+
------- ------
(000)
SUPRANATIONAL ORGANIZATION OBLIGATIONS -- (Continued)
European Investment Bank
1.250%, 10/14/16............................. $5,000 $ 5,029,075
Other Securities................................. 1,003,084
-----------
TOTAL SUPRANATIONAL ORGANIZATION OBLIGATIONS..... 10,071,775
-----------
SWITZERLAND -- (0.8%)
Credit Suisse New York
1.375%, 05/26/17............................. 1,400 1,399,221
Other Securities................................. 697,726
-----------
TOTAL SWITZERLAND................................ 2,096,947
-----------
UNITED KINGDOM -- (2.2%)
Barclays Bank P.L.C.
5.000%, 09/22/16............................. 1,000 1,034,871
Diageo Capital P.L.C.
1.500%, 05/11/17............................. 1,500 1,504,178
GlaxoSmithKline Capital P.L.C.
1.500%, 05/08/17............................. 1,500 1,511,428
Other Securities................................. 1,515,110
-----------
TOTAL UNITED KINGDOM............................. 5,565,587
-----------
UNITED STATES -- (18.6%)
Actavis, Inc.
1.875%, 10/01/17............................. 1,200 1,197,996
Amgen, Inc.
2.500%, 11/15/16............................. 1,535 1,558,637
Anadarko Petroleum Corp.
5.950%, 09/15/16............................. 1,000 1,036,869
Anthem, Inc.
2.375%, 02/15/17............................. 1,500 1,518,451
Bank of America Corp.
3.625%, 03/17/16............................. 1,000 1,010,948
Baxter International, Inc.
1.850%, 01/15/17............................. 1,000 1,007,972
Becton Dickinson and Co.
1.450%, 05/15/17............................. 1,310 1,309,783
Capital One Financial Corp.
5.250%, 02/21/17............................. 1,492 1,561,184
DIRECTV Holdings, LLC / DIRECTV Financing Co.,
Inc.
2.400%, 03/15/17............................. 1,500 1,519,785
eBay, Inc.
1.350%, 07/15/17............................. 1,068 1,061,548
EOG Resources, Inc.
2.500%, 02/01/16............................. 1,000 1,003,411
Ford Motor Credit Co. LLC
3.984%, 06/15/16............................. 1,000 1,015,486
Goldman Sachs Group, Inc. (The)
6.250%, 09/01/17............................. 1,000 1,086,558
39
ENHANCED U.S. LARGE COMPANY PORTFOLIO
CONTINUED
Face
Amount^ Value+
------- ------
(000)
UNITED STATES -- (Continued)
JPMorgan Chase & Co.
2.000%, 08/15/17............................. $1,000 $1,008,887
Mattel, Inc.
2.500%, 11/01/16............................. 1,000 1,010,855
MetLife, Inc.
6.750%, 06/01/16............................. 1,000 1,034,992
Molson Coors Brewing Co.
2.000%, 05/01/17............................. 1,715 1,720,713
Morgan Stanley
5.450%, 01/09/17............................. 1,000 1,047,606
National Rural Utilities Cooperative Finance
Corp.
0.950%, 04/24/17............................. 1,800 1,799,244
ONEOK Partners L.P.
6.150%, 10/01/16............................. 1,000 1,030,588
Reinsurance Group of America, Inc.
5.625%, 03/15/17............................. 1,100 1,155,331
Ryder System, Inc.
5.850%, 11/01/16............................. 1,141 1,192,068
Scripps Networks Interactive, Inc.
2.700%, 12/15/16............................. 1,000 1,010,960
Stryker Corp.
2.000%, 09/30/16............................. 1,453 1,469,631
Toyota Motor Credit Corp.
1.750%, 05/22/17............................. 5,000 5,053,960
UnitedHealth Group, Inc.
6.000%, 06/15/17............................. 1,500 1,613,701
Face
Amount^ Value+
------- ------
(000)
UNITED STATES -- (Continued)
Wells Fargo & Co.
3.676%, 06/15/16............................. $ 1,500 $ 1,527,963
Other Securities................................... 9,694,069
------------
TOTAL UNITED STATES................................ 47,259,196
------------
TOTAL BONDS........................................ 101,033,077
------------
U.S. TREASURY OBLIGATIONS -- (40.1%)
U.S. Treasury Notes
2.375%, 07/31/17............................. 1,000 1,029,206
# 0.875%, 08/15/17............................. 50,000 50,153,000
^^ 1.875%, 08/31/17............................. 13,500 13,784,594
0.625%, 09/30/17............................. 25,000 24,949,700
0.875%, 10/15/17............................. 12,000 12,029,532
------------
TOTAL U.S. TREASURY OBLIGATIONS.................... 101,946,032
------------
TOTAL INVESTMENT SECURITIES........................ 202,979,109
------------
Shares
------ -
SECURITIES LENDING COLLATERAL -- (20.2%)
(S)@ DFA Short Term Investment Fund............... 4,439,530 51,365,360
------------
TOTAL INVESTMENTS -- (100.0%)
(Cost $254,450,056).............................. $254,344,469
============
Summary of the Portfolio's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
------------------------------------------
Level 1 Level 2 Level 3 Total
-------- ------------ ------- ------------
Bonds
Canada................................. -- $ 13,633,031 -- $ 13,633,031
France................................. -- 3,295,099 -- 3,295,099
Germany................................ -- 5,018,370 -- 5,018,370
Ireland................................ -- 1,051,793 -- 1,051,793
Japan.................................. -- 1,556,408 -- 1,556,408
Netherlands............................ -- 5,872,702 -- 5,872,702
Norway................................. -- 5,009,215 -- 5,009,215
Spain.................................. -- 602,954 -- 602,954
Supranational Organization Obligations. -- 10,071,775 -- 10,071,775
Switzerland............................ -- 2,096,947 -- 2,096,947
United Kingdom......................... -- 5,565,587 -- 5,565,587
United States.......................... -- 47,259,196 -- 47,259,196
U.S. Treasury Obligations................ -- 101,946,032 -- 101,946,032
Securities Lending Collateral............ -- 51,365,360 -- 51,365,360
Futures Contracts**...................... $795,204 -- -- 795,204
-------- ------------ -- ------------
TOTAL.................................... $795,204 $254,344,469 -- $255,139,673
======== ============ == ============
**Not reflected in the Schedule of Investments, valued at the unrealized
appreciation/(depreciation) on the investment. (Note H)
See accompanying Notes to Financial Statements.
40
U.S. LARGE CAP EQUITY PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
COMMON STOCKS -- (95.0%)
Consumer Discretionary -- (14.6%)
* Amazon.com, Inc................... 12,707 $ 7,953,311 1.1%
Comcast Corp. Class A............. 91,505 5,730,043 0.8%
Home Depot, Inc. (The)............ 44,256 5,471,812 0.8%
McDonald's Corp................... 32,279 3,623,318 0.5%
Starbucks Corp.................... 50,273 3,145,582 0.5%
Walt Disney Co. (The)............. 50,925 5,792,209 0.8%
Other Securities.................. 75,360,107 10.8%
------------ -----
Total Consumer Discretionary.......... 107,076,382 15.3%
------------ -----
Consumer Staples -- (8.1%)
Altria Group, Inc................. 63,751 3,855,023 0.6%
Coca-Cola Co. (The)............... 106,910 4,527,639 0.6%
CVS Health Corp................... 40,694 4,019,753 0.6%
PepsiCo, Inc...................... 47,912 4,896,127 0.7%
Philip Morris International, Inc.. 39,911 3,528,132 0.5%
Procter & Gamble Co. (The)........ 74,745 5,709,023 0.8%
Wal-Mart Stores, Inc.............. 68,237 3,905,886 0.6%
Other Securities.................. 28,969,561 4.1%
------------ -----
Total Consumer Staples................ 59,411,144 8.5%
------------ -----
Energy -- (6.8%)
Chevron Corp...................... 47,995 4,361,786 0.6%
Exxon Mobil Corp.................. 128,717 10,650,045 1.5%
Schlumberger, Ltd................. 48,966 3,827,183 0.6%
Other Securities.................. 30,920,762 4.4%
------------ -----
Total Energy.......................... 49,759,776 7.1%
------------ -----
Financials -- (13.1%)
Bank of America Corp.............. 270,195 4,533,872 0.7%
* Berkshire Hathaway, Inc. Class B.. 49,224 6,695,448 1.0%
Citigroup, Inc.................... 70,186 3,731,790 0.5%
JPMorgan Chase & Co............... 95,052 6,107,091 0.9%
Wells Fargo & Co.................. 160,766 8,703,871 1.2%
Other Securities.................. 66,592,259 9.5%
------------ -----
Total Financials...................... 96,364,331 13.8%
------------ -----
Health Care -- (12.7%)
AbbVie, Inc....................... 56,560 3,368,148 0.5%
* Allergan P.L.C.................... 9,312 2,872,473 0.4%
Amgen, Inc........................ 23,819 3,767,689 0.5%
* Celgene Corp...................... 22,627 2,776,559 0.4%
Gilead Sciences, Inc.............. 50,553 5,466,296 0.8%
Johnson & Johnson................. 90,207 9,113,613 1.3%
Merck & Co., Inc.................. 88,773 4,852,332 0.7%
Pfizer, Inc....................... 200,860 6,793,085 1.0%
UnitedHealth Group, Inc........... 35,225 4,148,801 0.6%
Other Securities.................. 49,778,963 7.1%
------------ -----
Total Health Care..................... 92,937,959 13.3%
------------ -----
Industrials -- (12.0%)
3M Co............................. 21,546 3,387,247 0.5%
Boeing Co. (The).................. 21,608 3,199,497 0.5%
General Electric Co............... 256,969 7,431,543 1.1%
41
U.S. LARGE CAP EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
Industrials -- (Continued)
Honeywell International, Inc....................... 26,682 $ 2,755,717 0.4%
Union Pacific Corp................................. 31,610 2,824,353 0.4%
United Technologies Corp........................... 31,471 3,097,061 0.4%
Other Securities................................... 65,365,399 9.3%
------------ ------
Total Industrials........................................ 88,060,817 12.6%
------------ ------
Information Technology -- (18.9%)
* Alphabet, Inc. Class A............................. 7,158 5,278,238 0.8%
* Alphabet, Inc. Class C............................. 7,574 5,383,675 0.8%
Apple, Inc......................................... 197,174 23,562,293 3.4%
Cisco Systems, Inc................................. 152,962 4,412,954 0.6%
* Facebook, Inc. Class A............................. 36,657 3,737,914 0.5%
Intel Corp......................................... 193,793 6,561,831 0.9%
International Business Machines Corp............... 31,142 4,362,371 0.6%
MasterCard, Inc. Class A........................... 34,142 3,379,717 0.5%
Microsoft Corp..................................... 235,212 12,381,560 1.8%
Oracle Corp........................................ 109,648 4,258,728 0.6%
QUALCOMM, Inc...................................... 48,551 2,884,900 0.4%
# Visa, Inc. Class A................................. 50,398 3,909,877 0.6%
Other Securities................................... 58,390,602 8.3%
------------ ------
Total Information Technology............................. 138,504,660 19.8%
------------ ------
Materials -- (3.8%)
Other Securities................................... 27,799,583 4.0%
------------ ------
Real Estate Investment Trusts -- (0.0%)
Other Securities................................... 291,933 0.0%
------------ ------
Telecommunication Services -- (2.6%)
AT&T, Inc.......................................... 237,879 7,971,325 1.1%
Verizon Communications, Inc........................ 174,039 8,158,948 1.2%
Other Securities................................... 2,757,499 0.4%
------------ ------
Total Telecommunication Services......................... 18,887,772 2.7%
------------ ------
Utilities -- (2.4%)
Other Securities................................... 17,396,237 2.5%
------------ ------
TOTAL COMMON STOCKS...................................... 696,490,594 99.6%
------------ ------
RIGHTS/WARRANTS -- (0.0%)
Other Securities................................... 7,344 0.0%
------------ ------
TOTAL INVESTMENT SECURITIES.............................. 696,497,938
------------
TEMPORARY CASH INVESTMENTS -- (0.1%)
State Street Institutional Liquid Reserves, 0.140%. 802,829 802,829 0.1%
------------ ------
SECURITIES LENDING COLLATERAL -- (4.9%)
(S)@ DFA Short Term Investment Fund..................... 3,120,214 36,100,879 5.2%
------------ ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $702,110,643).................................. $733,401,646 104.9%
============ ======
42
U.S. LARGE CAP EQUITY PORTFOLIO
CONTINUED
Summary of the Portfolio's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
---------------------------------------------
Level 1 Level 2 Level 3 Total
------------ ----------- ------- ------------
Common Stocks
Consumer Discretionary........ $107,076,382 -- -- $107,076,382
Consumer Staples.............. 59,411,144 -- -- 59,411,144
Energy........................ 49,759,776 -- -- 49,759,776
Financials.................... 96,364,331 -- -- 96,364,331
Health Care................... 92,937,959 -- -- 92,937,959
Industrials................... 88,060,817 -- -- 88,060,817
Information Technology........ 138,504,660 -- -- 138,504,660
Materials..................... 27,799,583 -- -- 27,799,583
Real Estate Investment Trusts. 291,933 -- -- 291,933
Telecommunication Services.... 18,887,772 -- -- 18,887,772
Utilities..................... 17,396,237 -- -- 17,396,237
Rights/Warrants................. -- $ 7,344 -- 7,344
Temporary Cash Investments...... 802,829 -- -- 802,829
Securities Lending Collateral... -- 36,100,879 -- 36,100,879
------------ ----------- -- ------------
TOTAL........................... $697,293,423 $36,108,223 -- $733,401,646
============ =========== == ============
See accompanying Notes to Financial Statements.
43
U.S. LARGE CAP VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2015
Value+
---------------
AFFILIATED INVESTMENT COMPANY -- (100.0%)
Investment in The U.S. Large Cap Value Series of
The DFA Investment Trust Company..................... $15,873,345,924
---------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY
(Cost $11,374,011,829)............................ $15,873,345,924
===============
Summary of the Portfolio's Master Fund's investments as of October 31, 2015,
based on their valuation inputs, is located within this report (See Master
Fund's Security Valuation Note).
See accompanying Notes to Financial Statements.
44
U.S. TARGETED VALUE PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
COMMON STOCKS -- (84.4%)
Consumer Discretionary -- (11.4%)
# GameStop Corp. Class A............. 639,789 $ 29,475,079 0.4%
Goodyear Tire & Rubber Co. (The)... 927,252 30,450,956 0.4%
Lear Corp.......................... 222,589 27,836,980 0.4%
Penske Automotive Group, Inc....... 543,525 26,545,761 0.4%
PulteGroup, Inc.................... 1,438,737 26,372,049 0.4%
Other Securities................... 821,439,162 11.4%
-------------- -----
Total Consumer Discretionary........... 962,119,987 13.4%
-------------- -----
Consumer Staples -- (2.7%)
Ingredion, Inc..................... 366,464 34,836,068 0.5%
Pinnacle Foods, Inc................ 701,837 30,936,975 0.4%
Other Securities................... 163,112,144 2.3%
-------------- -----
Total Consumer Staples................. 228,885,187 3.2%
-------------- -----
Energy -- (6.8%)
# Helmerich & Payne, Inc............. 630,865 35,498,774 0.5%
* Newfield Exploration Co............ 951,554 38,242,955 0.5%
Other Securities................... 499,517,266 7.0%
-------------- -----
Total Energy........................... 573,258,995 8.0%
-------------- -----
Financials -- (23.9%)
* Alleghany Corp..................... 61,024 30,284,380 0.4%
American Financial Group, Inc...... 537,365 38,792,379 0.6%
* Arch Capital Group, Ltd............ 346,297 25,934,182 0.4%
Assurant, Inc...................... 516,790 42,133,889 0.6%
Assured Guaranty, Ltd.............. 947,120 25,988,973 0.4%
Axis Capital Holdings, Ltd......... 606,646 32,758,884 0.5%
Endurance Specialty Holdings, Ltd.. 403,852 25,495,177 0.4%
# Investors Bancorp, Inc............. 2,118,700 26,504,937 0.4%
Legg Mason, Inc.................... 787,895 35,258,301 0.5%
# New York Community Bancorp, Inc.... 1,823,148 30,118,405 0.4%
Old Republic International Corp.... 1,584,645 28,586,996 0.4%
# PacWest Bancorp.................... 625,912 28,191,076 0.4%
PartnerRe, Ltd..................... 321,083 44,630,537 0.6%
# People's United Financial, Inc..... 1,913,584 30,521,665 0.4%
Reinsurance Group of America, Inc.. 405,482 36,590,696 0.5%
RenaissanceRe Holdings, Ltd........ 285,827 31,335,214 0.4%
# WR Berkley Corp.................... 609,332 34,019,006 0.5%
# Zions Bancorporation............... 1,252,188 36,025,449 0.5%
Other Securities................... 1,432,025,626 19.8%
-------------- -----
Total Financials....................... 2,015,195,772 28.1%
-------------- -----
Health Care -- (4.8%)
Other Securities................... 403,093,740 5.6%
-------------- -----
Industrials -- (16.5%)
# ADT Corp. (The).................... 1,020,657 33,722,507 0.5%
#* AECOM.............................. 889,709 26,219,724 0.4%
# AGCO Corp.......................... 530,772 25,684,057 0.4%
Alaska Air Group, Inc.............. 329,109 25,094,561 0.4%
AMERCO............................. 80,841 32,846,507 0.5%
#* Avis Budget Group, Inc............. 665,365 33,228,328 0.5%
# Chicago Bridge & Iron Co. NV....... 629,690 28,254,190 0.4%
45
U.S. TARGETED VALUE PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
Industrials -- (Continued)
* Jacobs Engineering Group, Inc...................... 759,998 $ 30,506,320 0.4%
* JetBlue Airways Corp............................... 1,634,709 40,606,172 0.6%
Owens Corning...................................... 721,732 32,860,458 0.5%
# Trinity Industries, Inc............................ 1,101,344 29,813,382 0.4%
Waste Connections, Inc............................. 622,785 33,929,327 0.5%
Other Securities................................... 1,022,602,929 14.0%
-------------- ------
Total Industrials........................................ 1,395,368,462 19.5%
-------------- ------
Information Technology -- (10.9%)
#* ARRIS Group, Inc................................... 886,133 25,042,119 0.4%
* Arrow Electronics, Inc............................. 563,822 31,004,572 0.4%
Avnet, Inc......................................... 768,644 34,919,497 0.5%
#* First Solar, Inc................................... 693,745 39,592,027 0.6%
Ingram Micro, Inc. Class A......................... 936,279 27,882,389 0.4%
Other Securities................................... 761,898,741 10.6%
-------------- ------
Total Information Technology............................. 920,339,345 12.9%
-------------- ------
Materials -- (5.4%)
Airgas, Inc........................................ 355,996 34,232,575 0.5%
Bemis Co., Inc..................................... 564,312 25,834,203 0.4%
Reliance Steel & Aluminum Co....................... 451,082 27,046,877 0.4%
Steel Dynamics, Inc................................ 1,485,950 27,445,496 0.4%
Other Securities................................... 339,817,122 4.7%
-------------- ------
Total Materials.......................................... 454,376,273 6.4%
-------------- ------
Other -- (0.0%)
Other Securities................................... -- 0.0%
-------------- ------
Telecommunication Services -- (1.0%)
# Frontier Communications Corp....................... 5,021,391 25,809,950 0.4%
Other Securities................................... 62,715,207 0.8%
-------------- ------
Total Telecommunication Services......................... 88,525,157 1.2%
-------------- ------
Utilities -- (1.0%)
UGI Corp........................................... 1,021,803 37,469,516 0.5%
Other Securities................................... 42,758,323 0.6%
-------------- ------
Total Utilities.......................................... 80,227,839 1.1%
-------------- ------
TOTAL COMMON STOCKS...................................... 7,121,390,757 99.4%
-------------- ------
RIGHTS/WARRANTS -- (0.0%)
Other Securities................................... 612,821 0.0%
-------------- ------
TOTAL INVESTMENT SECURITIES.............................. 7,122,003,578
--------------
TEMPORARY CASH INVESTMENTS -- (0.5%)
State Street Institutional Liquid Reserves, 0.140%. 40,737,703 40,737,703 0.6%
-------------- ------
SECURITIES LENDING COLLATERAL -- (15.1%)
(S)@ DFA Short Term Investment Fund..................... 110,192,574 1,274,928,076 17.8%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $7,514,657,975)................................ $8,437,669,357 117.8%
============== ======
46
U.S. TARGETED VALUE PORTFOLIO
CONTINUED
Summary of the Portfolio's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
----------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------- -------------- ------- --------------
Common Stocks
Consumer Discretionary...... $ 962,119,987 -- -- $ 962,119,987
Consumer Staples............ 228,885,187 -- -- 228,885,187
Energy...................... 573,258,995 -- -- 573,258,995
Financials.................. 2,015,159,148 $ 36,624 -- 2,015,195,772
Health Care................. 403,055,885 37,855 -- 403,093,740
Industrials................. 1,395,368,181 281 -- 1,395,368,462
Information Technology...... 920,339,345 -- -- 920,339,345
Materials................... 454,376,273 -- -- 454,376,273
Other....................... -- -- -- --
Telecommunication Services.. 88,525,157 -- -- 88,525,157
Utilities................... 80,227,839 -- -- 80,227,839
Rights/Warrants............... -- 612,821 -- 612,821
Temporary Cash Investments.... 40,737,703 -- -- 40,737,703
Securities Lending Collateral. -- 1,274,928,076 -- 1,274,928,076
-------------- -------------- -- --------------
TOTAL......................... $7,162,053,700 $1,275,615,657 -- $8,437,669,357
============== ============== == ==============
See accompanying Notes to Financial Statements.
47
U.S. SMALL CAP VALUE PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
COMMON STOCKS -- (86.4%)
Consumer Discretionary -- (13.6%)
#* Ascena Retail Group, Inc.................... 4,280,777 $ 57,019,950 0.5%
#* CalAtlantic Group, Inc...................... 1,421,260 54,135,793 0.5%
# Group 1 Automotive, Inc..................... 849,486 73,862,808 0.6%
#* Helen of Troy, Ltd.......................... 837,062 83,044,921 0.7%
# Scholastic Corp............................. 1,404,546 57,403,795 0.5%
* Skechers U.S.A., Inc. Class A............... 1,976,565 61,668,828 0.5%
# Wendy's Co. (The)........................... 7,117,556 65,196,813 0.6%
Other Securities............................ 1,348,328,227 11.5%
-------------- ------
Total Consumer Discretionary.................... 1,800,661,135 15.4%
-------------- ------
Consumer Staples -- (3.4%)
# Fresh Del Monte Produce, Inc................ 1,819,097 83,005,396 0.7%
#* Post Holdings, Inc.......................... 1,122,617 72,150,594 0.6%
* Seaboard Corp............................... 18,550 62,476,400 0.5%
Other Securities............................ 234,179,162 2.1%
-------------- ------
Total Consumer Staples.......................... 451,811,552 3.9%
-------------- ------
Energy -- (7.1%)
Delek US Holdings, Inc...................... 2,325,893 63,264,289 0.5%
Exterran Holdings, Inc...................... 2,471,443 53,729,171 0.5%
# PBF Energy, Inc. Class A.................... 1,699,824 57,794,016 0.5%
#* PDC Energy, Inc............................. 1,473,735 88,925,170 0.8%
Rowan Cos. P.L.C. Class A................... 3,090,873 60,828,381 0.5%
Other Securities............................ 620,258,968 5.3%
-------------- ------
Total Energy.................................... 944,799,995 8.1%
-------------- ------
Financials -- (23.3%)
# American Equity Investment Life Holding Co.. 2,474,561 63,546,727 0.6%
Argo Group International Holdings, Ltd...... 1,118,731 69,943,062 0.6%
Aspen Insurance Holdings, Ltd............... 1,626,064 79,042,971 0.7%
# CNO Financial Group, Inc.................... 7,395,813 142,073,568 1.2%
Endurance Specialty Holdings, Ltd........... 2,323,417 146,677,315 1.3%
# First American Financial Corp............... 1,900,916 72,481,927 0.6%
Fulton Financial Corp....................... 4,402,963 59,087,763 0.5%
# Hanover Insurance Group, Inc. (The)......... 1,233,815 103,948,914 0.9%
# Kemper Corp................................. 1,728,535 61,743,270 0.5%
# MB Financial, Inc........................... 1,742,751 56,186,292 0.5%
# Selective Insurance Group, Inc.............. 1,864,419 68,032,649 0.6%
StanCorp Financial Group, Inc............... 882,554 101,246,595 0.9%
Symetra Financial Corp...................... 1,946,825 61,772,757 0.5%
# Umpqua Holdings Corp........................ 3,311,477 55,301,666 0.5%
# Washington Federal, Inc..................... 2,892,699 72,143,913 0.6%
Webster Financial Corp...................... 2,630,438 97,589,250 0.8%
# Wintrust Financial Corp..................... 1,522,319 76,861,886 0.7%
Other Securities............................ 1,711,701,886 14.5%
-------------- ------
Total Financials................................ 3,099,382,411 26.5%
-------------- ------
Health Care -- (5.4%)
#* Amsurg Corp................................. 949,461 66,547,722 0.6%
* LifePoint Hospitals, Inc.................... 1,734,382 119,464,232 1.0%
* Prestige Brands Holdings, Inc............... 1,189,677 58,306,070 0.5%
Other Securities............................ 466,521,087 4.0%
-------------- ------
Total Health Care............................... 710,839,111 6.1%
-------------- ------
48
U.S. SMALL CAP VALUE PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
Industrials -- (15.7%)
AMERCO............................................. 338,858 $ 137,681,394 1.2%
* Esterline Technologies Corp........................ 1,070,646 82,493,274 0.7%
# GATX Corp.......................................... 1,760,198 82,201,247 0.7%
#* JetBlue Airways Corp............................... 3,256,949 80,902,613 0.7%
Other Securities................................... 1,699,786,531 14.5%
--------------- ------
Total Industrials........................................ 2,083,065,059 17.8%
--------------- ------
Information Technology -- (12.4%)
* CACI International, Inc. Class A................... 858,360 83,295,254 0.7%
# Convergys Corp..................................... 3,901,476 100,150,889 0.9%
#* Fairchild Semiconductor International, Inc......... 4,389,401 73,215,209 0.6%
# MKS Instruments, Inc............................... 1,702,868 60,009,068 0.5%
#* Sanmina Corp....................................... 2,983,940 61,678,040 0.5%
# SYNNEX Corp........................................ 1,422,467 125,802,981 1.1%
* Tech Data Corp..................................... 1,282,420 93,347,352 0.8%
# Vishay Intertechnology, Inc........................ 5,014,564 53,154,378 0.5%
Other Securities................................... 996,922,603 8.5%
--------------- ------
Total Information Technology............................. 1,647,575,774 14.1%
--------------- ------
Materials -- (4.7%)
# Commercial Metals Co............................... 4,284,225 61,564,313 0.5%
Domtar Corp........................................ 1,320,496 54,457,255 0.5%
#* Louisiana-Pacific Corp............................. 3,892,193 68,736,128 0.6%
Other Securities................................... 442,029,237 3.8%
--------------- ------
Total Materials.......................................... 626,786,933 5.4%
--------------- ------
Other -- (0.0%)
Other Securities................................... -- 0.0%
--------------- ------
Telecommunication Services -- (0.7%)
Other Securities................................... 88,983,200 0.8%
--------------- ------
Utilities -- (0.1%)
Other Securities................................... 9,819,295 0.1%
--------------- ------
TOTAL COMMON STOCKS...................................... 11,463,724,465 98.2%
--------------- ------
PREFERRED STOCKS -- (0.0%)
Other -- (0.0%)
Other Securities................................... -- 0.0%
--------------- ------
RIGHTS/WARRANTS -- (0.0%)
Other Securities................................... 1,849,429 0.0%
--------------- ------
TOTAL INVESTMENT SECURITIES.............................. 11,465,573,894
---------------
TEMPORARY CASH INVESTMENTS -- (1.1%)
State Street Institutional Liquid Reserves, 0.140%. 148,686,557 148,686,557 1.3%
--------------- ------
SECURITIES LENDING COLLATERAL -- (12.5%)
(S)@ DFA Short Term Investment Fund..................... 143,725,502 1,662,904,060 14.2%
--------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $11,025,029,544)............................... $13,277,164,511 113.7%
=============== ======
49
U.S. SMALL CAP VALUE PORTFOLIO
CONTINUED
Summary of the Portfolio's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------- -------------- ------- ---------------
Common Stocks
Consumer Discretionary...... $ 1,800,661,135 -- -- $ 1,800,661,135
Consumer Staples............ 451,811,552 -- -- 451,811,552
Energy...................... 944,799,995 -- -- 944,799,995
Financials.................. 3,099,328,547 $ 53,864 -- 3,099,382,411
Health Care................. 710,839,111 -- -- 710,839,111
Industrials................. 2,083,065,059 -- -- 2,083,065,059
Information Technology...... 1,647,575,774 -- -- 1,647,575,774
Materials................... 626,786,933 -- -- 626,786,933
Other....................... -- -- -- --
Telecommunication Services.. 88,983,200 -- -- 88,983,200
Utilities................... 9,819,295 -- -- 9,819,295
Preferred Stocks
Other....................... -- -- -- --
Rights/Warrants............... -- 1,849,429 -- 1,849,429
Temporary Cash Investments.... 148,686,557 -- -- 148,686,557
Securities Lending Collateral. -- 1,662,904,060 -- 1,662,904,060
--------------- -------------- -- ---------------
TOTAL......................... $11,612,357,158 $1,664,807,353 -- $13,277,164,511
=============== ============== == ===============
See accompanying Notes to Financial Statements.
50
U.S. CORE EQUITY 1 PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
COMMON STOCKS -- (89.8%)
Consumer Discretionary -- (14.4%)
* Amazon.com, Inc................... 185,319 $ 115,991,162 0.9%
Comcast Corp. Class A............. 1,402,855 87,846,780 0.7%
Home Depot, Inc. (The)............ 717,518 88,713,926 0.7%
McDonald's Corp................... 526,276 59,074,481 0.5%
NIKE, Inc. Class B................ 311,743 40,847,685 0.3%
Starbucks Corp.................... 829,291 51,888,738 0.4%
Walt Disney Co. (The)............. 591,378 67,263,334 0.5%
Other Securities.................. 1,604,211,415 11.9%
-------------- ------
Total Consumer Discretionary.......... 2,115,837,521 15.9%
-------------- ------
Consumer Staples -- (7.2%)
Altria Group, Inc................. 1,049,321 63,452,441 0.5%
Coca-Cola Co. (The)............... 1,870,428 79,212,626 0.6%
CVS Health Corp................... 545,264 53,861,178 0.4%
PepsiCo, Inc...................... 797,948 81,542,306 0.6%
Philip Morris International, Inc.. 582,594 51,501,310 0.4%
Procter & Gamble Co. (The)........ 1,064,717 81,323,084 0.6%
Wal-Mart Stores, Inc.............. 806,258 46,150,208 0.4%
Other Securities.................. 596,028,283 4.4%
-------------- ------
Total Consumer Staples................ 1,053,071,436 7.9%
-------------- ------
Energy -- (6.2%)
Chevron Corp...................... 884,205 80,356,550 0.6%
Exxon Mobil Corp.................. 2,226,473 184,218,376 1.4%
Schlumberger, Ltd................. 665,751 52,035,098 0.4%
Other Securities.................. 600,168,919 4.5%
-------------- ------
Total Energy.......................... 916,778,943 6.9%
-------------- ------
Financials -- (13.4%)
Bank of America Corp.............. 4,566,691 76,629,075 0.6%
* Berkshire Hathaway, Inc. Class B.. 727,714 98,983,658 0.8%
Citigroup, Inc.................... 1,319,290 70,146,649 0.5%
JPMorgan Chase & Co............... 1,744,344 112,074,102 0.9%
Wells Fargo & Co.................. 2,269,132 122,850,807 0.9%
Other Securities.................. 1,496,349,281 11.2%
-------------- ------
Total Financials...................... 1,977,033,572 14.9%
-------------- ------
Health Care -- (10.6%)
AbbVie, Inc....................... 914,606 54,464,787 0.4%
* Allergan P.L.C.................... 169,634 52,327,000 0.4%
Amgen, Inc........................ 282,180 44,635,232 0.3%
* Celgene Corp...................... 357,154 43,826,367 0.3%
Gilead Sciences, Inc.............. 785,450 84,930,708 0.7%
Johnson & Johnson................. 1,140,308 115,205,317 0.9%
Merck & Co., Inc.................. 1,168,919 63,893,113 0.5%
Pfizer, Inc....................... 2,477,159 83,777,517 0.6%
UnitedHealth Group, Inc........... 443,486 52,233,781 0.4%
Other Securities.................. 962,924,785 7.2%
-------------- ------
Total Health Care..................... 1,558,218,607 11.7%
-------------- ------
51
U.S. CORE EQUITY 1 PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
Industrials -- (12.1%)
3M Co................................. 353,746 $ 55,612,409 0.4%
Boeing Co. (The)...................... 357,858 52,988,034 0.4%
General Electric Co................... 3,491,085 100,962,178 0.8%
Union Pacific Corp.................... 439,218 39,244,128 0.3%
# United Parcel Service, Inc. Class B... 384,869 39,649,204 0.3%
United Technologies Corp.............. 383,146 37,705,398 0.3%
Other Securities...................... 1,449,457,139 10.9%
--------------- ------
Total Industrials......................... 1,775,618,490 13.4%
--------------- ------
Information Technology -- (17.2%)
* Alphabet, Inc. Class A................ 80,837 59,608,395 0.5%
* Alphabet, Inc. Class C................ 87,094 61,907,286 0.5%
Apple, Inc............................ 3,282,933 392,310,493 3.0%
Cisco Systems, Inc.................... 2,001,733 57,749,997 0.4%
* Facebook, Inc. Class A................ 652,044 66,488,927 0.5%
Intel Corp............................ 3,068,329 103,893,620 0.8%
International Business Machines Corp.. 512,237 71,754,159 0.6%
MasterCard, Inc. Class A.............. 549,236 54,368,872 0.4%
Microsoft Corp........................ 3,634,247 191,306,762 1.5%
Oracle Corp........................... 1,433,762 55,687,316 0.4%
# Visa, Inc. Class A.................... 737,983 57,252,721 0.4%
Other Securities...................... 1,358,453,023 10.1%
--------------- ------
Total Information Technology.............. 2,530,781,571 19.1%
--------------- ------
Materials -- (4.0%)
Other Securities...................... 586,061,926 4.4%
--------------- ------
Other -- (0.0%)
Other Securities...................... -- 0.0%
--------------- ------
Real Estate Investment Trusts -- (0.0%)
Other Securities...................... 7,260,308 0.1%
--------------- ------
Telecommunication Services -- (2.0%)
AT&T, Inc............................. 3,409,800 114,262,398 0.9%
Verizon Communications, Inc........... 2,337,506 109,582,281 0.8%
Other Securities...................... 69,010,521 0.5%
--------------- ------
Total Telecommunication Services.......... 292,855,200 2.2%
--------------- ------
Utilities -- (2.7%)
Other Securities...................... 403,531,549 3.0%
--------------- ------
TOTAL COMMON STOCKS....................... 13,217,049,123 99.5%
--------------- ------
PREFERRED STOCKS -- (0.0%)
Other -- (0.0%)
Other Securities...................... -- 0.0%
--------------- ------
RIGHTS/WARRANTS -- (0.0%)
Other Securities...................... 387,936 0.0%
--------------- ------
BONDS -- (0.0%)
Financials -- (0.0%)
Other Securities...................... 539 0.0%
--------------- ------
TOTAL INVESTMENT SECURITIES............... 13,217,437,598
---------------
52
U.S. CORE EQUITY 1 PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
TEMPORARY CASH INVESTMENTS -- (0.3%)
State Street Institutional Liquid Reserves, 0.140%. 45,709,717 $ 45,709,717 0.3%
--------------- ------
SECURITIES LENDING COLLATERAL -- (9.9%)
(S)@ DFA Short Term Investment Fund..................... 125,445,707 1,451,406,834 11.0%
--------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $11,437,799,229)............................... $14,714,554,149 110.8%
=============== ======
Summary of the Portfolio's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------- -------------- ------- ---------------
Common Stocks
Consumer Discretionary........ $ 2,115,837,521 -- -- $ 2,115,837,521
Consumer Staples.............. 1,053,071,436 -- -- 1,053,071,436
Energy........................ 916,778,943 -- -- 916,778,943
Financials.................... 1,976,993,501 $ 40,071 -- 1,977,033,572
Health Care................... 1,558,216,752 1,855 -- 1,558,218,607
Industrials................... 1,775,616,574 1,916 -- 1,775,618,490
Information Technology........ 2,530,781,571 -- -- 2,530,781,571
Materials..................... 586,061,926 -- -- 586,061,926
Other......................... -- -- -- --
Real Estate Investment Trusts. 7,260,308 -- -- 7,260,308
Telecommunication Services.... 292,855,200 -- -- 292,855,200
Utilities..................... 403,531,549 -- -- 403,531,549
Preferred Stocks
Other......................... -- -- -- --
Rights/Warrants................. -- 387,936 -- 387,936
Bonds
Financials.................... -- 539 -- 539
Temporary Cash Investments...... 45,709,717 -- -- 45,709,717
Securities Lending Collateral... -- 1,451,406,834 -- 1,451,406,834
--------------- -------------- -- ---------------
TOTAL........................... $13,262,714,998 $1,451,839,151 -- $14,714,554,149
=============== ============== == ===============
See accompanying Notes to Financial Statements.
53
U.S. CORE EQUITY 2 PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
COMMON STOCKS -- (89.5%)
Consumer Discretionary -- (13.7%)
* Amazon.com, Inc.................... 71,698 $ 44,875,778 0.3%
Comcast Corp. Class A.............. 2,107,315 131,960,065 0.9%
Ford Motor Co...................... 3,584,736 53,089,940 0.4%
Time Warner Cable, Inc............. 205,377 38,898,404 0.3%
Time Warner, Inc................... 853,224 64,281,896 0.4%
Walt Disney Co. (The).............. 788,924 89,732,216 0.6%
Other Securities................... 1,890,382,412 12.3%
-------------- ------
Total Consumer Discretionary........... 2,313,220,711 15.2%
-------------- ------
Consumer Staples -- (6.0%)
Coca-Cola Co. (The)................ 1,031,040 43,664,544 0.3%
CVS Health Corp.................... 785,024 77,544,671 0.5%
PepsiCo, Inc....................... 441,915 45,159,294 0.3%
Procter & Gamble Co. (The)......... 1,622,423 123,920,669 0.8%
Wal-Mart Stores, Inc............... 979,771 56,082,092 0.4%
Walgreens Boots Alliance, Inc...... 469,206 39,732,364 0.3%
Other Securities................... 623,157,057 4.0%
-------------- ------
Total Consumer Staples................. 1,009,260,691 6.6%
-------------- ------
Energy -- (7.9%)
Chevron Corp....................... 1,126,532 102,379,228 0.7%
ConocoPhillips..................... 950,468 50,707,468 0.3%
EOG Resources, Inc................. 548,973 47,129,332 0.3%
Exxon Mobil Corp................... 3,402,966 281,561,407 1.9%
Schlumberger, Ltd.................. 1,027,329 80,296,035 0.5%
Other Securities................... 770,247,405 5.1%
-------------- ------
Total Energy........................... 1,332,320,875 8.8%
-------------- ------
Financials -- (15.4%)
American International Group, Inc.. 609,355 38,425,926 0.3%
Bank of America Corp............... 4,315,189 72,408,871 0.5%
* Berkshire Hathaway, Inc. Class B... 374,001 50,871,616 0.3%
Citigroup, Inc..................... 1,299,154 69,076,018 0.5%
Goldman Sachs Group, Inc. (The).... 231,219 43,353,562 0.3%
JPMorgan Chase & Co................ 2,373,509 152,497,953 1.0%
U.S. Bancorp....................... 1,034,111 43,618,802 0.3%
Wells Fargo & Co................... 3,038,209 164,488,635 1.1%
Other Securities................... 1,966,782,635 12.8%
-------------- ------
Total Financials....................... 2,601,524,018 17.1%
-------------- ------
Health Care -- (9.7%)
* Allergan P.L.C..................... 178,521 55,068,373 0.4%
Amgen, Inc......................... 233,507 36,936,137 0.3%
Johnson & Johnson.................. 1,171,060 118,312,192 0.8%
Medtronic P.L.C.................... 543,561 40,180,029 0.3%
Merck & Co., Inc................... 1,166,009 63,734,052 0.4%
Pfizer, Inc........................ 3,836,794 129,760,373 0.9%
UnitedHealth Group, Inc............ 576,403 67,888,745 0.5%
Other Securities................... 1,123,043,021 7.2%
-------------- ------
Total Health Care...................... 1,634,922,922 10.8%
-------------- ------
54
U.S. CORE EQUITY 2 PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
Industrials -- (12.8%)
# Caterpillar, Inc................ 543,284 $ 39,654,299 0.3%
FedEx Corp...................... 251,048 39,176,040 0.3%
General Electric Co............. 5,455,103 157,761,579 1.1%
Union Pacific Corp.............. 689,803 61,633,898 0.4%
United Technologies Corp........ 390,096 38,389,347 0.3%
Other Securities................ 1,839,299,647 11.9%
--------------- ------
Total Industrials....................... 2,175,914,810 14.3%
--------------- ------
Information Technology -- (15.6%)
* Alphabet, Inc. Class A.......... 81,193 59,870,906 0.4%
* Alphabet, Inc. Class C.......... 86,171 61,251,209 0.4%
Apple, Inc...................... 2,232,888 266,830,116 1.8%
Cisco Systems, Inc.............. 3,101,253 89,471,149 0.6%
HP, Inc......................... 1,807,285 48,724,404 0.3%
Intel Corp...................... 4,523,596 153,168,961 1.0%
Microsoft Corp.................. 3,539,615 186,325,334 1.2%
Oracle Corp..................... 1,315,382 51,089,437 0.3%
QUALCOMM, Inc................... 821,925 48,838,783 0.3%
# Visa, Inc. Class A.............. 547,188 42,450,845 0.3%
Other Securities................ 1,632,006,204 10.8%
--------------- ------
Total Information Technology............ 2,640,027,348 17.4%
--------------- ------
Materials -- (4.2%)
Dow Chemical Co. (The).......... 878,752 45,405,116 0.3%
Other Securities................ 674,820,964 4.4%
--------------- ------
Total Materials......................... 720,226,080 4.7%
--------------- ------
Other -- (0.0%)
Other Securities................ -- 0.0%
--------------- ------
Real Estate Investment Trusts -- (0.1%)
Other Securities................ 10,341,182 0.1%
--------------- ------
Telecommunication Services -- (2.2%)
AT&T, Inc....................... 5,088,201 170,505,615 1.1%
Verizon Communications, Inc..... 2,326,885 109,084,369 0.7%
Other Securities................ 101,301,014 0.7%
--------------- ------
Total Telecommunication Services........ 380,890,998 2.5%
--------------- ------
Utilities -- (1.9%)
Other Securities................ 331,906,323 2.2%
--------------- ------
TOTAL COMMON STOCKS..................... 15,150,555,958 99.7%
--------------- ------
PREFERRED STOCKS -- (0.0%)
Other -- (0.0%)
Other Securities................ -- 0.0%
--------------- ------
RIGHTS/WARRANTS -- (0.0%)
Other Securities................ 568,149 0.0%
--------------- ------
BONDS -- (0.0%)
Financials -- (0.0%)
Other Securities................ 1,258 0.0%
--------------- ------
TOTAL INVESTMENT SECURITIES............. 15,151,125,365
---------------
55
U.S. CORE EQUITY 2 PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
TEMPORARY CASH INVESTMENTS -- (0.3%)
State Street Institutional Liquid Reserves, 0.140%. 45,061,143 $ 45,061,143 0.3%
--------------- ------
SECURITIES LENDING COLLATERAL -- (10.2%)
(S)@ DFA Short Term Investment Fund..................... 149,053,678 1,724,551,050 11.3%
--------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $12,870,772,552)............................... $16,920,737,558 111.3%
=============== ======
Summary of the Portfolio's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------- -------------- ------- ---------------
Common Stocks
Consumer Discretionary........ $ 2,313,220,711 -- -- $ 2,313,220,711
Consumer Staples.............. 1,009,260,691 -- -- 1,009,260,691
Energy........................ 1,332,320,875 -- -- 1,332,320,875
Financials.................... 2,601,396,806 $ 127,212 -- 2,601,524,018
Health Care................... 1,634,905,790 17,132 -- 1,634,922,922
Industrials................... 2,175,914,348 462 -- 2,175,914,810
Information Technology........ 2,640,027,348 -- -- 2,640,027,348
Materials..................... 720,226,080 -- -- 720,226,080
Other......................... -- -- -- --
Real Estate Investment Trusts. 10,341,182 -- -- 10,341,182
Telecommunication Services.... 380,890,998 -- -- 380,890,998
Utilities..................... 331,906,323 -- -- 331,906,323
Preferred Stocks
Other......................... -- -- -- --
Rights/Warrants................. -- 568,149 -- 568,149
Bonds
Financials.................... -- 1,258 -- 1,258
Temporary Cash Investments...... 45,061,143 -- -- 45,061,143
Securities Lending Collateral... -- 1,724,551,050 -- 1,724,551,050
--------------- -------------- -- ---------------
TOTAL........................... $15,195,472,295 $1,725,265,263 -- $16,920,737,558
=============== ============== == ===============
See accompanying Notes to Financial Statements.
56
U.S. VECTOR EQUITY PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
COMMON STOCKS -- (85.6%)
Consumer Discretionary -- (12.6%)
Comcast Corp. Class A.............. 404,565 $ 25,333,860 0.7%
General Motors Co.................. 301,169 10,513,810 0.3%
Time Warner, Inc................... 94,912 7,150,670 0.2%
Walt Disney Co. (The).............. 118,253 13,450,096 0.4%
Other Securities................... 478,413,402 13.0%
------------ ------
Total Consumer Discretionary........... 534,861,838 14.6%
------------ ------
Consumer Staples -- (3.8%)
CVS Health Corp.................... 82,604 8,159,623 0.2%
Procter & Gamble Co. (The)......... 117,650 8,986,107 0.3%
Other Securities................... 144,049,353 3.9%
------------ ------
Total Consumer Staples................. 161,195,083 4.4%
------------ ------
Energy -- (7.7%)
Chevron Corp....................... 304,598 27,681,866 0.8%
ConocoPhillips..................... 216,945 11,574,016 0.3%
Exxon Mobil Corp................... 620,257 51,320,064 1.4%
Schlumberger, Ltd.................. 96,425 7,536,578 0.2%
Valero Energy Corp................. 121,946 8,038,680 0.2%
Other Securities................... 219,015,611 6.0%
------------ ------
Total Energy........................... 325,166,815 8.9%
------------ ------
Financials -- (21.4%)
American Financial Group, Inc...... 113,571 8,198,690 0.2%
American International Group, Inc.. 128,798 8,122,002 0.2%
Assurant, Inc...................... 86,200 7,027,886 0.2%
Bank of America Corp............... 1,204,998 20,219,866 0.6%
Citigroup, Inc..................... 374,753 19,925,617 0.6%
Fifth Third Bancorp................ 447,989 8,534,190 0.2%
Goldman Sachs Group, Inc. (The).... 52,050 9,759,375 0.3%
JPMorgan Chase & Co................ 464,013 29,812,835 0.8%
# M&T Bank Corp...................... 57,265 6,863,210 0.2%
* Markel Corp........................ 7,917 6,871,956 0.2%
PartnerRe, Ltd..................... 50,223 6,980,997 0.2%
Principal Financial Group, Inc..... 157,281 7,889,215 0.2%
RenaissanceRe Holdings, Ltd........ 64,238 7,042,412 0.2%
StanCorp Financial Group, Inc...... 68,384 7,845,012 0.2%
Travelers Cos., Inc. (The)......... 66,684 7,527,957 0.2%
Wells Fargo & Co................... 625,091 33,842,427 0.9%
Other Securities................... 711,139,101 19.5%
------------ ------
Total Financials....................... 907,602,748 24.9%
------------ ------
Health Care -- (7.1%)
* Allergan P.L.C..................... 38,459 11,863,448 0.3%
Anthem, Inc........................ 51,031 7,100,964 0.2%
Johnson & Johnson.................. 90,854 9,178,980 0.3%
Merck & Co., Inc................... 149,737 8,184,624 0.2%
Pfizer, Inc........................ 459,005 15,523,549 0.4%
UnitedHealth Group, Inc............ 73,435 8,649,174 0.3%
Other Securities................... 242,053,193 6.6%
------------ ------
Total Health Care...................... 302,553,932 8.3%
------------ ------
57
U.S. VECTOR EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
Industrials -- (13.2%)
# ADT Corp. (The).................................... 221,287 $ 7,311,322 0.2%
AMERCO............................................. 19,095 7,758,489 0.2%
# Chicago Bridge & Iron Co. NV....................... 178,027 7,988,071 0.2%
General Electric Co................................ 721,688 20,871,217 0.6%
* JetBlue Airways Corp............................... 413,533 10,272,160 0.3%
Southwest Airlines Co.............................. 156,279 7,234,155 0.2%
Union Pacific Corp................................. 83,333 7,445,804 0.2%
Other Securities................................... 489,572,096 13.4%
-------------- ------
Total Industrials........................................ 558,453,314 15.3%
-------------- ------
Information Technology -- (12.2%)
# Activision Blizzard, Inc........................... 213,323 7,415,107 0.2%
Apple, Inc......................................... 308,343 36,846,988 1.0%
Cisco Systems, Inc................................. 334,255 9,643,257 0.3%
HP, Inc............................................ 268,806 7,247,010 0.2%
Intel Corp......................................... 534,019 18,081,883 0.5%
Microsoft Corp..................................... 278,222 14,645,606 0.4%
# Visa, Inc. Class A................................. 116,012 9,000,211 0.3%
Other Securities................................... 413,911,357 11.3%
-------------- ------
Total Information Technology............................. 516,791,419 14.2%
-------------- ------
Materials -- (4.5%)
Other Securities................................... 192,524,787 5.3%
-------------- ------
Other -- (0.0%)
Other Securities................................... -- 0.0%
-------------- ------
Real Estate Investment Trusts -- (0.0%)
Other Securities................................... 1,534,174 0.0%
-------------- ------
Telecommunication Services -- (2.0%)
AT&T, Inc.......................................... 1,013,858 33,974,382 0.9%
Verizon Communications, Inc........................ 259,639 12,171,876 0.3%
Other Securities................................... 36,213,795 1.1%
-------------- ------
Total Telecommunication Services......................... 82,360,053 2.3%
-------------- ------
Utilities -- (1.1%)
UGI Corp........................................... 221,969 8,139,603 0.2%
Other Securities................................... 37,586,237 1.0%
-------------- ------
Total Utilities.......................................... 45,725,840 1.2%
-------------- ------
TOTAL COMMON STOCKS...................................... 3,628,770,003 99.4%
-------------- ------
RIGHTS/WARRANTS -- (0.0%)
Other Securities................................... 210,655 0.0%
-------------- ------
BONDS -- (0.0%)
Financials -- (0.0%)
Other Securities................................... 277 0.0%
-------------- ------
TOTAL INVESTMENT SECURITIES.............................. 3,628,980,935
--------------
TEMPORARY CASH INVESTMENTS -- (0.7%)
State Street Institutional Liquid Reserves, 0.140%. 29,018,998 29,018,998 0.8%
-------------- ------
SECURITIES LENDING COLLATERAL -- (13.7%)
(S)@ DFA Short Term Investment Fund..................... 50,303,831 582,015,322 15.9%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $3,308,133,308)................................ $4,240,015,255 116.1%
============== ======
58
U.S. VECTOR EQUITY PORTFOLIO
CONTINUED
Summary of the Portfolio's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
--------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------- ------------ ------- --------------
Common Stocks
Consumer Discretionary........ $ 534,861,838 -- -- $ 534,861,838
Consumer Staples.............. 161,195,083 -- -- 161,195,083
Energy........................ 325,166,815 -- -- 325,166,815
Financials.................... 907,500,833 $ 101,915 -- 907,602,748
Health Care................... 302,528,793 25,139 -- 302,553,932
Industrials................... 558,452,686 628 -- 558,453,314
Information Technology........ 516,791,419 -- -- 516,791,419
Materials..................... 192,524,787 -- -- 192,524,787
Other......................... -- -- -- --
Real Estate Investment Trusts. 1,534,174 -- -- 1,534,174
Telecommunication Services.... 82,360,053 -- -- 82,360,053
Utilities..................... 45,725,840 -- -- 45,725,840
Rights/Warrants................. -- 210,655 -- 210,655
Bonds
Financials.................... -- 277 -- 277
Temporary Cash Investments...... 29,018,998 -- -- 29,018,998
Securities Lending Collateral... -- 582,015,322 -- 582,015,322
-------------- ------------ -- --------------
TOTAL........................... $3,657,661,319 $582,353,936 -- $4,240,015,255
============== ============ == ==============
See accompanying Notes to Financial Statements.
59
U.S. SMALL CAP PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shaes Value+ of Net Assets**
----- ------ ---------------
COMMON STOCKS -- (82.4%)
Consumer Discretionary -- (14.8%)
# American Eagle Outfitters, Inc...... 1,631,159 $ 24,924,110 0.2%
#* Buffalo Wild Wings, Inc............. 161,348 24,891,156 0.2%
* Helen of Troy, Ltd.................. 248,906 24,693,964 0.2%
Jack in the Box, Inc................ 335,227 24,984,468 0.2%
# Lithia Motors, Inc. Class A......... 209,723 24,619,383 0.2%
* Office Depot, Inc................... 3,790,696 28,885,104 0.3%
# Papa John's International, Inc...... 358,678 25,168,435 0.2%
Pool Corp........................... 361,310 29,461,217 0.3%
Thor Industries, Inc................ 469,312 25,380,393 0.2%
Vail Resorts, Inc................... 229,928 26,250,880 0.3%
Other Securities.................... 1,630,268,440 15.5%
-------------- -----
Total Consumer Discretionary............ 1,889,527,550 17.8%
-------------- -----
Consumer Staples -- (3.6%)
Lancaster Colony Corp............... 234,026 26,613,437 0.3%
#* Post Holdings, Inc.................. 424,561 27,286,535 0.3%
Other Securities.................... 406,135,987 3.7%
-------------- -----
Total Consumer Staples.................. 460,035,959 4.3%
-------------- -----
Energy -- (2.6%)
# PBF Energy, Inc. Class A............ 755,325 25,681,050 0.3%
Other Securities.................... 306,272,899 2.8%
-------------- -----
Total Energy............................ 331,953,949 3.1%
-------------- -----
Financials -- (16.7%)
Aspen Insurance Holdings, Ltd....... 528,040 25,668,024 0.3%
# Bank of Hawaii Corp................. 377,255 24,702,657 0.2%
# Bank of the Ozarks, Inc............. 615,807 30,802,666 0.3%
# Endurance Specialty Holdings, Ltd... 469,806 29,658,853 0.3%
Hanover Insurance Group, Inc. (The). 334,899 28,215,241 0.3%
MarketAxess Holdings, Inc........... 284,264 28,798,786 0.3%
# PrivateBancorp, Inc................. 651,243 27,241,495 0.3%
StanCorp Financial Group, Inc....... 309,704 35,529,243 0.3%
Symetra Financial Corp.............. 825,630 26,197,240 0.3%
* Western Alliance Bancorp............ 736,332 26,323,869 0.3%
Other Securities.................... 1,850,853,544 17.2%
-------------- -----
Total Financials........................ 2,133,991,618 20.1%
-------------- -----
Health Care -- (7.9%)
#* Amsurg Corp......................... 360,280 25,252,025 0.2%
* Health Net, Inc..................... 483,608 31,076,650 0.3%
Hill-Rom Holdings, Inc.............. 487,678 25,695,754 0.3%
Other Securities.................... 935,807,066 8.8%
-------------- -----
Total Health Care....................... 1,017,831,495 9.6%
-------------- -----
Industrials -- (14.0%)
# Allegiant Travel Co................. 139,363 27,517,224 0.3%
AMERCO.............................. 72,702 29,539,550 0.3%
# Deluxe Corp......................... 429,771 25,592,863 0.2%
EMCOR Group, Inc.................... 526,833 25,435,497 0.2%
#* JetBlue Airways Corp................ 1,866,678 46,368,282 0.4%
Other Securities.................... 1,635,079,708 15.5%
-------------- -----
Total Industrials....................... 1,789,533,124 16.9%
-------------- -----
60
U.S. SMALL CAP PORTFOLIO
CONTINUED
Percentage
Shaes Value+ of Net Assets**
----- ------ ---------------
Information Technology -- (14.5%)
Blackbaud, Inc..................... 401,118 $ 25,146,087 0.2%
#* Ciena Corp......................... 1,043,608 25,192,697 0.2%
* CoreLogic, Inc..................... 662,683 25,831,383 0.3%
* EPAM Systems, Inc.................. 389,403 30,120,322 0.3%
* Euronet Worldwide, Inc............. 422,803 33,925,713 0.3%
* Integrated Device Technology, Inc.. 1,219,213 31,089,931 0.3%
# j2 Global, Inc..................... 362,759 28,131,960 0.3%
#* Manhattan Associates, Inc.......... 537,725 39,173,266 0.4%
Mentor Graphics Corp............... 985,050 26,793,360 0.3%
* Microsemi Corp..................... 765,049 27,549,414 0.3%
#* Synaptics, Inc..................... 308,564 26,255,711 0.3%
# SYNNEX Corp........................ 312,895 27,672,434 0.3%
#* ViaSat, Inc........................ 392,956 25,919,378 0.3%
Other Securities................... 1,487,656,195 13.7%
--------------- -----
Total Information Technology........... 1,860,457,851 17.5%
--------------- -----
Materials -- (3.9%)
Sensient Technologies Corp......... 393,827 25,705,088 0.3%
Other Securities................... 470,569,979 4.4%
--------------- -----
Total Materials........................ 496,275,067 4.7%
--------------- -----
Other -- (0.0%)
Other Securities................... -- 0.0%
--------------- -----
Real Estate Investment Trusts -- (0.0%)
Other Securities................... 9,746 0.0%
--------------- -----
Telecommunication Services -- (0.8%)
Other Securities................... 103,855,249 1.0%
--------------- -----
Utilities -- (3.6%)
# IDACORP, Inc....................... 394,859 26,396,324 0.3%
# Piedmont Natural Gas Co., Inc...... 632,969 36,275,453 0.3%
Portland General Electric Co....... 690,542 25,605,297 0.2%
Southwest Gas Corp................. 410,205 25,211,199 0.2%
# WGL Holdings, Inc.................. 427,325 26,592,435 0.3%
Other Securities................... 327,628,598 3.1%
--------------- -----
Total Utilities........................ 467,709,306 4.4%
--------------- -----
TOTAL COMMON STOCKS.................... 10,551,180,914 99.4%
--------------- -----
PREFERRED STOCKS -- (0.0%)
Other -- (0.0%)
Other Securities................... -- 0.0%
--------------- -----
RIGHTS/WARRANTS -- (0.0%)
Other Securities................... 687,901 0.0%
--------------- -----
BONDS -- (0.0%)
Financials -- (0.0%)
Other Securities................... 2,337 0.0%
--------------- -----
TOTAL INVESTMENT SECURITIES............ 10,551,871,152
---------------
61
U.S. SMALL CAP PORTFOLIO
CONTINUED
Percentage
Shaes Value+ of Net Assets**
----- ------ ---------------
TEMPORARY CASH INVESTMENTS -- (0.2%)
State Street Institutional Liquid Reserves, 0.140%. 20,271,070 $ 20,271,070 0.2%
--------------- ------
SECURITIES LENDING COLLATERAL -- (17.4%)
(S)@ DFA Short Term Investment Fund..................... 193,218,545 2,235,538,562 21.0%
--------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $10,730,571,068)............................... $12,807,680,784 120.6%
=============== ======
Summary of the Portfolio's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------- -------------- ------- ---------------
Common Stocks
Consumer Discretionary........ $ 1,889,527,550 -- -- $ 1,889,527,550
Consumer Staples.............. 460,035,959 -- -- 460,035,959
Energy........................ 331,944,092 $ 9,857 -- 331,953,949
Financials.................... 2,133,900,638 90,980 -- 2,133,991,618
Health Care................... 1,017,778,568 52,927 -- 1,017,831,495
Industrials................... 1,789,527,547 5,577 -- 1,789,533,124
Information Technology........ 1,860,457,851 -- -- 1,860,457,851
Materials..................... 496,275,067 -- -- 496,275,067
Other......................... -- -- -- --
Real Estate Investment Trusts. 9,746 -- -- 9,746
Telecommunication Services.... 103,855,249 -- -- 103,855,249
Utilities..................... 467,709,306 -- -- 467,709,306
Preferred Stocks
Other......................... -- -- -- --
Rights/Warrants................. -- 687,901 -- 687,901
Bonds
Financials.................... -- 2,337 -- 2,337
Temporary Cash Investments...... 20,271,070 -- -- 20,271,070
Securities Lending Collateral... -- 2,235,538,562 -- 2,235,538,562
--------------- -------------- -- ---------------
TOTAL........................... $10,571,292,643 $2,236,388,141 -- $12,807,680,784
=============== ============== == ===============
See accompanying Notes to Financial Statements.
62
U.S. MICRO CAP PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
COMMON STOCKS -- (84.8%)
Consumer Discretionary -- (15.0%)
#* American Axle & Manufacturing Holdings, Inc.. 735,911 $ 16,307,788 0.3%
# Caleres, Inc................................. 500,753 15,303,012 0.3%
# Core-Mark Holding Co., Inc................... 213,399 17,347,205 0.4%
Drew Industries, Inc......................... 259,337 15,516,133 0.3%
# EW Scripps Co. (The) Class A................. 630,173 13,901,616 0.3%
* G-III Apparel Group, Ltd..................... 386,892 21,313,880 0.4%
* Gentherm, Inc................................ 376,060 18,487,110 0.4%
#* Helen of Troy, Ltd........................... 188,726 18,723,506 0.4%
# La-Z-Boy, Inc................................ 595,224 16,993,645 0.3%
Nexstar Broadcasting Group, Inc. Class A..... 300,962 16,020,207 0.3%
Oxford Industries, Inc....................... 189,367 13,789,705 0.3%
# Papa John's International, Inc............... 370,057 25,966,900 0.5%
#* Popeyes Louisiana Kitchen, Inc............... 276,415 15,600,863 0.3%
# Sonic Corp................................... 646,038 18,437,925 0.4%
Other Securities............................. 639,822,307 12.7%
------------ -----
Total Consumer Discretionary..................... 883,531,802 17.6%
------------ -----
Consumer Staples -- (3.6%)
# Coca-Cola Bottling Co. Consolidated.......... 73,233 15,467,542 0.3%
#* National Beverage Corp....................... 396,141 14,910,747 0.3%
#* USANA Health Sciences, Inc................... 135,744 17,456,678 0.4%
# WD-40 Co..................................... 165,539 15,822,218 0.3%
Other Securities............................. 148,521,130 2.9%
------------ -----
Total Consumer Staples........................... 212,178,315 4.2%
------------ -----
Energy -- (1.7%)
Other Securities............................. 101,159,867 2.0%
------------ -----
Financials -- (16.6%)
# BBCN Bancorp, Inc............................ 831,107 13,954,287 0.3%
#* BofI Holding, Inc............................ 172,404 13,794,044 0.3%
FBL Financial Group, Inc. Class A............ 268,740 16,903,746 0.3%
Horace Mann Educators Corp................... 422,698 14,473,180 0.3%
# Interactive Brokers Group, Inc. Class A...... 538,284 22,145,004 0.5%
# Pinnacle Financial Partners, Inc............. 325,102 17,106,867 0.3%
* Western Alliance Bancorp..................... 426,632 15,252,094 0.3%
Other Securities............................. 862,836,683 17.2%
------------ -----
Total Financials................................. 976,465,905 19.5%
------------ -----
Health Care -- (9.7%)
* AMN Healthcare Services, Inc................. 545,897 15,487,098 0.3%
#* Cambrex Corp................................. 360,586 16,576,138 0.3%
Cantel Medical Corp.......................... 278,932 16,535,089 0.3%
#* Greatbatch, Inc.............................. 287,188 15,350,199 0.3%
* ICU Medical, Inc............................. 178,732 19,655,158 0.4%
#* MedAssets, Inc............................... 686,345 16,252,650 0.3%
* Natus Medical, Inc........................... 377,983 17,209,566 0.3%
Other Securities............................. 451,325,520 9.2%
------------ -----
Total Health Care................................ 568,391,418 11.4%
------------ -----
63
U.S. MICRO CAP PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
Industrials -- (17.0%)
* American Woodmark Corp............... 186,252 $ 13,540,520 0.3%
# Apogee Enterprises, Inc.............. 334,904 16,587,795 0.3%
# AZZ, Inc............................. 282,948 15,655,513 0.3%
#* Dycom Industries, Inc................ 314,892 23,960,132 0.5%
# Exponent, Inc........................ 287,976 14,804,846 0.3%
# Forward Air Corp..................... 305,205 13,844,099 0.3%
G&K Services, Inc. Class A........... 214,304 14,105,489 0.3%
#* Hawaiian Holdings, Inc............... 590,692 20,497,012 0.4%
Korn/Ferry International............. 447,861 16,288,705 0.3%
Mueller Water Products, Inc. Class A. 1,743,221 15,340,345 0.3%
Other Securities..................... 836,534,713 16.7%
-------------- -----
Total Industrials........................ 1,001,159,169 20.0%
-------------- -----
Information Technology -- (13.6%)
* ExlService Holdings, Inc............. 316,589 14,012,229 0.3%
#* Infinera Corp........................ 751,918 14,857,900 0.3%
#* Manhattan Associates, Inc............ 224,890 16,383,237 0.3%
Methode Electronics, Inc............. 456,176 15,204,346 0.3%
* OSI Systems, Inc..................... 200,121 17,246,428 0.4%
* Virtusa Corp......................... 311,174 17,870,723 0.4%
Other Securities..................... 701,501,504 13.9%
-------------- -----
Total Information Technology............. 797,076,367 15.9%
-------------- -----
Materials -- (4.3%)
* Headwaters, Inc...................... 815,396 16,756,388 0.3%
Other Securities..................... 238,360,733 4.8%
-------------- -----
Total Materials.......................... 255,117,121 5.1%
-------------- -----
Other -- (0.0%)
Other Securities..................... -- 0.0%
-------------- -----
Telecommunication Services -- (1.6%)
Other Securities..................... 90,875,926 1.8%
-------------- -----
Utilities -- (1.7%)
American States Water Co............. 401,996 16,381,337 0.3%
Other Securities..................... 81,892,895 1.7%
-------------- -----
Total Utilities.......................... 98,274,232 2.0%
-------------- -----
TOTAL COMMON STOCKS...................... 4,984,230,122 99.5%
-------------- -----
PREFERRED STOCKS -- (0.0%)
Other -- (0.0%)
Other Securities..................... -- 0.0%
-------------- -----
RIGHTS/WARRANTS -- (0.0%)
Other Securities..................... 354,717 0.0%
-------------- -----
BONDS -- (0.0%)
Financials -- (0.0%)
Other Securities..................... 9,926 0.0%
-------------- -----
TOTAL INVESTMENT SECURITIES.............. 4,984,594,765
--------------
64
U.S. MICRO CAP PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
TEMPORARY CASH INVESTMENTS -- (0.5%)
State Street Institutional Liquid Reserves, 0.140%. 30,728,188 $ 30,728,188 0.6%
-------------- ------
SECURITIES LENDING COLLATERAL -- (14.7%)
(S)@ DFA Short Term Investment Fund..................... 74,300,070 859,651,815 17.2%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $4,495,466,417)................................ $5,874,974,768 117.3%
============== ======
Summary of the Portfolio's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
--------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------- ------------ ------- --------------
Common Stocks
Consumer Discretionary...... $ 883,531,802 -- -- $ 883,531,802
Consumer Staples............ 212,178,315 -- -- 212,178,315
Energy...................... 101,123,493 $ 36,374 -- 101,159,867
Financials.................. 976,123,793 342,112 -- 976,465,905
Health Care................. 568,314,944 76,474 -- 568,391,418
Industrials................. 1,001,157,281 1,888 -- 1,001,159,169
Information Technology...... 797,076,367 -- -- 797,076,367
Materials................... 255,117,121 -- -- 255,117,121
Other....................... -- -- -- --
Telecommunication Services.. 90,875,926 -- -- 90,875,926
Utilities................... 98,274,232 -- -- 98,274,232
Preferred Stocks
Other....................... -- -- -- --
Rights/Warrants............... -- 354,717 -- 354,717
Bonds
Financials.................. -- 9,926 -- 9,926
Temporary Cash Investments.... 30,728,188 -- -- 30,728,188
Securities Lending Collateral. -- 859,651,815 -- 859,651,815
-------------- ------------ -- --------------
TOTAL......................... $5,014,501,462 $860,473,306 -- $5,874,974,768
============== ============ == ==============
See accompanying Notes to Financial Statements.
65
DFA REAL ESTATE SECURITIES PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
COMMON STOCKS -- (96.1%)
Real Estate Investment Trusts -- (96.1%)
Alexandria Real Estate Equities, Inc.......... 702,724 $ 63,062,452 1.0%
American Campus Communities, Inc.............. 1,079,435 43,792,678 0.7%
Apartment Investment & Management Co. Class A. 1,485,089 58,200,638 0.9%
AvalonBay Communities, Inc.................... 1,277,589 223,360,885 3.4%
BioMed Realty Trust, Inc...................... 1,963,750 45,971,388 0.7%
Boston Properties, Inc........................ 1,490,533 187,583,578 2.9%
Camden Property Trust......................... 824,477 60,838,158 0.9%
CubeSmart..................................... 1,608,251 44,741,543 0.7%
# DDR Corp...................................... 2,945,706 49,487,861 0.8%
# Digital Realty Trust, Inc..................... 1,379,259 102,009,996 1.6%
Douglas Emmett, Inc........................... 1,353,312 41,343,682 0.6%
Duke Realty Corp.............................. 3,318,928 68,701,810 1.0%
* Equity Commonwealth........................... 1,169,690 33,581,800 0.5%
Equity Lifestyle Properties, Inc.............. 770,003 46,569,781 0.7%
Equity Residential............................ 3,454,662 267,114,466 4.1%
Essex Property Trust, Inc..................... 623,825 137,515,983 2.1%
Extra Space Storage, Inc...................... 1,108,352 87,825,812 1.3%
# Federal Realty Investment Trust............... 655,906 94,115,952 1.4%
General Growth Properties, Inc................ 5,462,416 158,136,943 2.4%
HCP, Inc...................................... 4,453,629 165,674,999 2.5%
# Highwoods Properties, Inc..................... 899,605 39,087,837 0.6%
# Hospitality Properties Trust.................. 1,443,795 38,751,458 0.6%
# Host Hotels & Resorts, Inc.................... 7,483,191 129,683,700 2.0%
# Iron Mountain, Inc............................ 1,518,022 46,512,194 0.7%
Kilroy Realty Corp............................ 874,924 57,604,996 0.9%
Kimco Realty Corp............................. 3,927,935 105,150,820 1.6%
Liberty Property Trust........................ 1,445,173 49,164,785 0.7%
Macerich Co. (The)............................ 1,535,271 130,098,865 2.0%
Mid-America Apartment Communities, Inc........ 715,201 60,927,973 0.9%
National Retail Properties, Inc............... 1,278,673 48,589,574 0.7%
Omega Healthcare Investors, Inc............... 1,579,449 54,522,579 0.8%
Prologis, Inc................................. 4,972,521 212,475,822 3.2%
Public Storage................................ 1,418,576 325,506,449 5.0%
# Realty Income Corp............................ 2,230,339 110,312,567 1.7%
Regency Centers Corp.......................... 897,051 60,963,586 0.9%
Retail Properties of America, Inc. Class A.... 2,250,927 33,696,377 0.5%
Senior Housing Properties Trust............... 2,252,597 34,216,948 0.5%
Simon Property Group, Inc..................... 2,960,258 596,373,577 9.1%
# SL Green Realty Corp.......................... 946,080 112,224,010 1.7%
Sovran Self Storage, Inc...................... 345,062 34,461,342 0.5%
# Spirit Realty Capital, Inc.................... 4,189,447 42,648,570 0.7%
* Strategic Hotels & Resorts, Inc............... 2,482,764 35,006,972 0.5%
Taubman Centers, Inc.......................... 609,676 46,932,858 0.7%
UDR, Inc...................................... 2,486,085 85,670,489 1.3%
Ventas, Inc................................... 3,155,009 169,487,084 2.6%
VEREIT, Inc................................... 8,432,583 69,653,136 1.1%
Vornado Realty Trust.......................... 1,650,859 165,993,872 2.5%
Weingarten Realty Investors................... 1,153,006 41,231,495 0.6%
Welltower, Inc................................ 3,338,919 216,595,676 3.3%
# WP Carey, Inc................................. 865,190 54,827,090 0.8%
Other Securities.............................. 1,351,663,935 20.9%
-------------- -----
TOTAL COMMON STOCKS............................... 6,539,667,041 99.8%
-------------- -----
TOTAL INVESTMENT SECURITIES....................... 6,539,667,041
--------------
66
DFA REAL ESTATE SECURITIES PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
TEMPORARY CASH INVESTMENTS -- (0.2%)
State Street Institutional Liquid Reserves, 0.140%. 10,867,957 $ 10,867,957 0.2%
-------------- ------
SECURITIES LENDING COLLATERAL -- (3.7%)
(S)@ DFA Short Term Investment Fund..................... 21,782,988 252,029,166 3.8%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $4,831,166,636)................................ $6,802,564,164 103.8%
============== ======
Summary of the Portfolio's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
--------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------- ------------ ------- --------------
Common Stocks
Real Estate Investment Trusts. $6,539,667,041 -- -- $6,539,667,041
Temporary Cash Investments...... 10,867,957 -- -- 10,867,957
Securities Lending Collateral... -- $252,029,166 -- 252,029,166
-------------- ------------ -- --------------
TOTAL........................... $6,550,534,998 $252,029,166 -- $6,802,564,164
============== ============ == ==============
See accompanying Notes to Financial Statements.
67
LARGE CAP INTERNATIONAL PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (94.2%)
AUSTRALIA -- (5.2%)
# Australia & New Zealand Banking Group, Ltd.. 611,101 $ 11,818,871 0.4%
BHP Billiton, Ltd........................... 722,701 11,852,828 0.4%
Commonwealth Bank of Australia.............. 366,747 19,913,615 0.6%
National Australia Bank, Ltd................ 538,394 11,497,212 0.4%
Westpac Banking Corp........................ 473,127 10,538,433 0.3%
Other Securities............................ 108,223,951 3.4%
------------ ----
TOTAL AUSTRALIA................................. 173,844,910 5.5%
------------ ----
AUSTRIA -- (0.2%)
Other Securities............................ 5,735,452 0.2%
------------ ----
BELGIUM -- (1.2%)
Anheuser-Busch InBev NV..................... 147,197 17,564,223 0.6%
Other Securities............................ 23,564,979 0.7%
------------ ----
TOTAL BELGIUM................................... 41,129,202 1.3%
------------ ----
CANADA -- (7.6%)
# Royal Bank of Canada........................ 246,120 14,073,411 0.5%
# Toronto-Dominion Bank (The)................. 270,619 11,109,535 0.4%
Other Securities............................ 226,289,790 7.1%
------------ ----
TOTAL CANADA.................................... 251,472,736 8.0%
------------ ----
DENMARK -- (1.6%)
# Novo Nordisk A.S. Class B................... 361,605 19,202,481 0.6%
Other Securities............................ 33,115,311 1.0%
------------ ----
TOTAL DENMARK................................... 52,317,792 1.6%
------------ ----
FINLAND -- (0.9%)
Other Securities............................ 28,709,294 0.9%
------------ ----
FRANCE -- (8.5%)
Air Liquide SA.............................. 79,185 10,243,917 0.3%
AXA SA...................................... 365,422 9,752,424 0.3%
BNP Paribas SA.............................. 204,500 12,392,127 0.4%
LVMH Moet Hennessy Louis Vuitton SE......... 64,642 12,034,367 0.4%
Sanofi...................................... 204,621 20,641,311 0.7%
Total SA.................................... 403,770 19,525,840 0.6%
Other Securities............................ 197,124,102 6.2%
------------ ----
TOTAL FRANCE.................................... 281,714,088 8.9%
------------ ----
GERMANY -- (7.3%)
Allianz SE.................................. 63,808 11,170,721 0.4%
BASF SE..................................... 198,273 16,243,283 0.5%
Bayer AG.................................... 162,181 21,624,470 0.7%
Daimler AG.................................. 234,363 20,322,489 0.6%
Deutsche Telekom AG......................... 656,623 12,299,590 0.4%
SAP SE...................................... 160,777 12,674,864 0.4%
Siemens AG.................................. 145,357 14,600,258 0.5%
Other Securities............................ 133,630,975 4.2%
------------ ----
TOTAL GERMANY................................... 242,566,650 7.7%
------------ ----
68
LARGE CAP INTERNATIONAL PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
HONG KONG -- (2.6%)
AIA Group, Ltd..................................... 2,334,000 $ 13,670,005 0.4%
Other Securities................................... 71,785,448 2.3%
------------ -----
TOTAL HONG KONG........................................ 85,455,453 2.7%
------------ -----
IRELAND -- (0.5%)
Other Securities................................... 15,313,449 0.5%
------------ -----
ISRAEL -- (0.6%)
Teva Pharmaceutical Industries, Ltd. Sponsored ADR. 173,152 10,248,867 0.3%
Other Securities................................... 8,560,595 0.3%
------------ -----
TOTAL ISRAEL........................................... 18,809,462 0.6%
------------ -----
ITALY -- (1.9%)
Other Securities................................... 64,306,107 2.0%
------------ -----
JAPAN -- (20.7%)
Honda Motor Co., Ltd............................... 305,692 10,112,425 0.3%
KDDI Corp.......................................... 411,400 9,955,186 0.3%
# Mizuho Financial Group, Inc........................ 5,216,805 10,745,806 0.4%
SoftBank Group Corp................................ 226,760 12,704,888 0.4%
Sumitomo Mitsui Financial Group, Inc............... 261,540 10,433,784 0.3%
Toyota Motor Corp.................................. 435,700 26,692,912 0.9%
Toyota Motor Corp. Sponsored ADR................... 96,721 11,859,929 0.4%
Other Securities................................... 594,078,588 18.8%
------------ -----
TOTAL JAPAN............................................ 686,583,518 21.8%
------------ -----
NETHERLANDS -- (2.5%)
# Unilever NV........................................ 256,547 11,655,083 0.4%
Other Securities................................... 72,457,240 2.3%
------------ -----
TOTAL NETHERLANDS...................................... 84,112,323 2.7%
------------ -----
NEW ZEALAND -- (0.1%)
Other Securities................................... 3,415,156 0.1%
------------ -----
NORWAY -- (0.6%)
Other Securities................................... 21,296,797 0.7%
------------ -----
PORTUGAL -- (0.1%)
Other Securities................................... 4,117,921 0.1%
------------ -----
SINGAPORE -- (1.2%)
Other Securities................................... 38,963,881 1.2%
------------ -----
SPAIN -- (2.8%)
Banco Santander SA................................. 2,088,055 11,664,288 0.4%
Other Securities................................... 81,778,952 2.6%
------------ -----
TOTAL SPAIN............................................ 93,443,240 3.0%
------------ -----
SWEDEN -- (2.7%)
Other Securities................................... 87,840,465 2.8%
------------ -----
SWITZERLAND -- (8.2%)
Nestle SA.......................................... 692,983 52,925,838 1.7%
Novartis AG........................................ 388,810 35,221,774 1.1%
Roche Holding AG................................... 166,430 45,185,556 1.4%
Other Securities................................... 139,641,131 4.5%
------------ -----
TOTAL SWITZERLAND...................................... 272,974,299 8.7%
------------ -----
69
LARGE CAP INTERNATIONAL PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
UNITED KINGDOM -- (17.2%)
AstraZeneca P.L.C.............................. 153,478 $ 9,781,536 0.3%
BG Group P.L.C................................. 671,968 10,616,097 0.3%
BP P.L.C. Sponsored ADR........................ 608,368 21,718,738 0.7%
British American Tobacco P.L.C................. 322,533 19,161,541 0.6%
BT Group P.L.C................................. 1,590,578 11,359,130 0.4%
Diageo P.L.C. Sponsored ADR.................... 96,177 11,068,049 0.4%
GlaxoSmithKline P.L.C.......................... 566,003 12,206,254 0.4%
GlaxoSmithKline P.L.C. Sponsored ADR........... 246,846 10,629,189 0.3%
HSBC Holdings P.L.C............................ 1,758,504 13,739,131 0.4%
HSBC Holdings P.L.C. Sponsored ADR............. 419,137 16,375,682 0.5%
Reckitt Benckiser Group P.L.C.................. 136,968 13,366,769 0.4%
Royal Dutch Shell P.L.C. Sponsored ADR Class A. 258,423 13,556,871 0.4%
Royal Dutch Shell P.L.C. Sponsored ADR Class B. 232,555 12,253,323 0.4%
SABMiller P.L.C................................ 167,523 10,289,828 0.3%
Other Securities............................... 384,039,776 12.3%
-------------- ------
TOTAL UNITED KINGDOM................................. 570,161,914 18.1%
-------------- ------
TOTAL COMMON STOCKS.................................. 3,124,284,109 99.1%
-------------- ------
PREFERRED STOCKS -- (0.3%)
GERMANY -- (0.3%)
Other Securities............................... 9,211,820 0.3%
-------------- ------
TOTAL PREFERRED STOCKS............................... 9,211,820 0.3%
-------------- ------
RIGHTS/WARRANTS -- (0.0%)
AUSTRALIA -- (0.0%)
Other Securities............................... -- 0.0%
-------------- ------
IRELAND -- (0.0%)
Other Securities............................... 10,844 0.0%
-------------- ------
ITALY -- (0.0%)
Other Securities............................... -- 0.0%
-------------- ------
SPAIN -- (0.0%)
Other Securities............................... 114,807 0.0%
-------------- ------
UNITED KINGDOM -- (0.0%)
Other Securities............................... 70,761 0.0%
-------------- ------
TOTAL RIGHTS/WARRANTS................................ 196,412 0.0%
-------------- ------
TOTAL INVESTMENT SECURITIES.......................... 3,133,692,341
--------------
Value+
- ------ -
SECURITIES LENDING COLLATERAL -- (5.5%)
(S)@ DFA Short Term Investment Fund................. 15,716,941 181,845,002 5.8%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $2,919,070,825)............................ $3,315,537,343 105.2%
============== ======
70
LARGE CAP INTERNATIONAL PORTFOLIO
CONTINUED
Summary of the Portfolio's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
--------------------------------------------------
Level 1 Level 2 Level 3 Total
------------ -------------- ------- --------------
Common Stocks
Australia................... $ 5,840,555 $ 168,004,355 -- $ 173,844,910
Austria..................... -- 5,735,452 -- 5,735,452
Belgium..................... 4,184,898 36,944,304 -- 41,129,202
Canada...................... 251,472,736 -- -- 251,472,736
Denmark..................... 4,931,966 47,385,826 -- 52,317,792
Finland..................... 1,492,600 27,216,694 -- 28,709,294
France...................... 10,953,608 270,760,480 -- 281,714,088
Germany..................... 19,069,495 223,497,155 -- 242,566,650
Hong Kong................... 639,367 84,816,086 -- 85,455,453
Ireland..................... 3,515,186 11,798,263 -- 15,313,449
Israel...................... 10,999,658 7,809,804 -- 18,809,462
Italy....................... 4,503,311 59,802,796 -- 64,306,107
Japan....................... 39,897,882 646,685,636 -- 686,583,518
Netherlands................. 14,133,017 69,979,306 -- 84,112,323
New Zealand................. -- 3,415,156 -- 3,415,156
Norway...................... 1,160,340 20,136,457 -- 21,296,797
Portugal.................... -- 4,117,921 -- 4,117,921
Singapore................... -- 38,963,881 -- 38,963,881
Spain....................... 15,004,762 78,438,478 -- 93,443,240
Sweden...................... 150,438 87,690,027 -- 87,840,465
Switzerland................. 18,421,967 254,552,332 -- 272,974,299
United Kingdom.............. 165,997,039 404,164,875 -- 570,161,914
Preferred Stocks
Germany..................... -- 9,211,820 -- 9,211,820
Rights/Warrants
Australia................... -- -- -- --
Ireland..................... -- 10,844 -- 10,844
Italy....................... -- -- -- --
Spain....................... -- 114,807 -- 114,807
United Kingdom.............. -- 70,761 -- 70,761
Securities Lending Collateral. -- 181,845,002 -- 181,845,002
------------ -------------- -- --------------
TOTAL......................... $572,368,825 $2,743,168,518 -- $3,315,537,343
============ ============== == ==============
See accompanying Notes to Financial Statements.
71
INTERNATIONAL CORE EQUITY PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (93.2%)
AUSTRALIA -- (5.4%)
Australia & New Zealand Banking Group, Ltd.. 1,685,445 $ 32,596,996 0.2%
BHP Billiton, Ltd........................... 2,349,520 38,533,858 0.3%
Commonwealth Bank of Australia.............. 536,081 29,108,105 0.2%
Macquarie Group, Ltd........................ 577,968 34,995,291 0.3%
National Australia Bank, Ltd................ 1,649,904 35,233,113 0.3%
Other Securities............................ 660,141,369 4.5%
-------------- ----
TOTAL AUSTRALIA................................. 830,608,732 5.8%
-------------- ----
AUSTRIA -- (0.4%)
Other Securities............................ 68,025,652 0.5%
-------------- ----
BELGIUM -- (1.5%)
Anheuser-Busch InBev NV..................... 357,262 42,630,145 0.3%
Other Securities............................ 188,456,674 1.3%
-------------- ----
TOTAL BELGIUM................................... 231,086,819 1.6%
-------------- ----
CANADA -- (7.3%)
Suncor Energy, Inc.......................... 943,581 28,052,663 0.2%
Other Securities............................ 1,090,435,774 7.6%
-------------- ----
TOTAL CANADA.................................... 1,118,488,437 7.8%
-------------- ----
CHINA -- (0.0%)
Other Securities............................ 635,645 0.0%
-------------- ----
DENMARK -- (1.6%)
Other Securities............................ 243,277,894 1.7%
-------------- ----
FINLAND -- (1.5%)
Other Securities............................ 235,440,698 1.6%
-------------- ----
FRANCE -- (7.0%)
BNP Paribas SA.............................. 474,135 28,731,249 0.2%
# Cie de Saint-Gobain......................... 768,958 32,189,386 0.2%
Cie Generale des Etablissements Michelin.... 313,351 31,170,837 0.2%
Engie SA.................................... 2,052,295 35,916,794 0.3%
Orange SA................................... 2,005,464 35,359,726 0.3%
# Total SA.................................... 1,824,836 88,246,912 0.6%
Other Securities............................ 820,846,121 5.6%
-------------- ----
TOTAL FRANCE.................................... 1,072,461,025 7.4%
-------------- ----
GERMANY -- (6.6%)
BASF SE..................................... 622,420 50,991,028 0.4%
Bayerische Motoren Werke AG................. 402,269 41,203,752 0.3%
Daimler AG.................................. 1,005,680 87,206,262 0.6%
Deutsche Telekom AG......................... 2,503,149 46,887,949 0.3%
Fresenius SE & Co. KGaA..................... 594,150 43,659,568 0.3%
Other Securities............................ 739,509,796 5.1%
-------------- ----
TOTAL GERMANY................................... 1,009,458,355 7.0%
-------------- ----
GREECE -- (0.0%)
Other Securities............................ -- 0.0%
-------------- ----
72
INTERNATIONAL CORE EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
HONG KONG -- (2.8%)
AIA Group, Ltd..................................... 6,136,600 $ 35,941,455 0.3%
Other Securities................................... 388,648,325 2.6%
-------------- -----
TOTAL HONG KONG........................................ 424,589,780 2.9%
-------------- -----
IRELAND -- (0.5%)
Other Securities................................... 74,960,816 0.5%
-------------- -----
ISRAEL -- (0.6%)
Teva Pharmaceutical Industries, Ltd. Sponsored ADR. 570,084 33,743,272 0.3%
Other Securities................................... 63,085,871 0.4%
-------------- -----
TOTAL ISRAEL........................................... 96,829,143 0.7%
-------------- -----
ITALY -- (2.7%)
Eni SpA............................................ 2,230,601 36,426,265 0.3%
Other Securities................................... 380,198,807 2.6%
-------------- -----
TOTAL ITALY............................................ 416,625,072 2.9%
-------------- -----
JAPAN -- (21.6%)
Hitachi, Ltd....................................... 5,115,000 29,507,358 0.2%
Honda Motor Co., Ltd............................... 1,287,400 42,587,753 0.3%
Mitsubishi UFJ Financial Group, Inc................ 6,649,300 43,004,547 0.3%
Mizuho Financial Group, Inc........................ 17,400,060 35,841,415 0.3%
Sumitomo Mitsui Financial Group, Inc............... 817,470 32,611,856 0.2%
Toyota Motor Corp.................................. 1,311,386 80,341,315 0.6%
# Toyota Motor Corp. Sponsored ADR................... 384,641 47,164,679 0.3%
Other Securities................................... 2,996,308,755 20.7%
-------------- -----
TOTAL JAPAN............................................ 3,307,367,678 22.9%
-------------- -----
NETHERLANDS -- (2.3%)
Other Securities................................... 359,836,312 2.5%
-------------- -----
NEW ZEALAND -- (0.3%)
Other Securities................................... 52,450,386 0.4%
-------------- -----
NORWAY -- (0.8%)
Other Securities................................... 118,381,757 0.8%
-------------- -----
PORTUGAL -- (0.3%)
Other Securities................................... 42,454,639 0.3%
-------------- -----
SINGAPORE -- (1.2%)
Other Securities................................... 175,763,373 1.2%
-------------- -----
SPAIN -- (2.4%)
Banco Santander SA................................. 5,626,083 31,428,412 0.2%
Iberdrola SA....................................... 5,929,169 42,281,727 0.3%
Other Securities................................... 293,318,322 2.0%
-------------- -----
TOTAL SPAIN............................................ 367,028,461 2.5%
-------------- -----
SWEDEN -- (2.8%)
Other Securities................................... 430,348,993 3.0%
-------------- -----
SWITZERLAND -- (6.6%)
Cie Financiere Richemont SA........................ 372,650 31,953,828 0.2%
Nestle SA.......................................... 2,173,391 165,990,423 1.2%
73
INTERNATIONAL CORE EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
SWITZERLAND -- (Continued)
Novartis AG.................................... 325,241 $ 29,463,144 0.2%
Novartis AG Sponsored ADR...................... 794,013 71,802,596 0.5%
Roche Holding AG............................... 153,905 41,785,032 0.3%
Swiss Re AG.................................... 354,451 32,903,956 0.2%
Syngenta AG.................................... 92,858 31,197,526 0.2%
Other Securities............................... 613,885,635 4.3%
--------------- -----
TOTAL SWITZERLAND.................................. 1,018,982,140 7.1%
--------------- -----
UNITED KINGDOM -- (17.0%)
AstraZeneca P.L.C. Sponsored ADR............... 981,542 31,301,374 0.2%
Aviva P.L.C.................................... 5,592,653 41,797,078 0.3%
Barclays P.L.C. Sponsored ADR.................. 2,016,535 28,695,293 0.2%
BG Group P.L.C................................. 2,591,251 40,937,921 0.3%
BP P.L.C....................................... 4,977,533 29,581,406 0.2%
BP P.L.C. Sponsored ADR........................ 2,093,501 74,737,984 0.5%
HSBC Holdings P.L.C. Sponsored ADR............. 1,784,953 69,738,114 0.5%
Lloyds Banking Group P.L.C..................... 53,420,611 60,632,937 0.4%
# Rio Tinto P.L.C. Sponsored ADR................. 929,561 33,938,272 0.2%
Royal Dutch Shell P.L.C. Sponsored ADR Class A. 618,956 32,470,432 0.2%
# Royal Dutch Shell P.L.C. Sponsored ADR Class B. 1,354,884 71,388,838 0.5%
SSE P.L.C...................................... 1,401,245 32,599,385 0.2%
Vodafone Group P.L.C. Sponsored ADR............ 1,196,973 39,464,191 0.3%
Other Securities............................... 2,021,830,527 14.1%
--------------- -----
TOTAL UNITED KINGDOM............................... 2,609,113,752 18.1%
--------------- -----
UNITED STATES -- (0.0%)
Other Securities............................... 96,783 0.0%
--------------- -----
TOTAL COMMON STOCKS................................ 14,304,312,342 99.2%
--------------- -----
PREFERRED STOCKS -- (0.3%)
GERMANY -- (0.3%)
Other Securities............................... 40,348,991 0.3%
--------------- -----
TOTAL PREFERRED STOCKS............................. 40,348,991 0.3%
--------------- -----
RIGHTS/WARRANTS -- (0.0%)
AUSTRALIA -- (0.0%)
Other Securities............................... 307 0.0%
--------------- -----
AUSTRIA -- (0.0%)
Other Securities............................... -- 0.0%
--------------- -----
FRANCE -- (0.0%)
Other Securities............................... 123,810 0.0%
--------------- -----
HONG KONG -- (0.0%)
Other Securities............................... 10,409 0.0%
--------------- -----
ITALY -- (0.0%)
Other Securities............................... -- 0.0%
--------------- -----
SPAIN -- (0.0%)
Other Securities............................... 342,559 0.0%
--------------- -----
UNITED KINGDOM -- (0.0%)
Other Securities............................... 224,611 0.0%
--------------- -----
TOTAL RIGHTS/WARRANTS.............................. 701,696 0.0%
--------------- -----
TOTAL INVESTMENT SECURITIES........................ 14,345,363,029
---------------
74
INTERNATIONAL CORE EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
SECURITIES LENDING COLLATERAL -- (6.5%)
(S)@ DFA Short Term Investment Fund.. 86,417,697 $ 999,852,749 6.9%
--------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $14,862,667,262)............. $15,345,215,778 106.4%
=============== ======
Summary of the Portfolio's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------- --------------- ------- ---------------
Common Stocks
Australia................... $ 41,871,962 $ 788,736,770 -- $ 830,608,732
Austria..................... 50,610 67,975,042 -- 68,025,652
Belgium..................... 19,699,392 211,387,427 -- 231,086,819
Canada...................... 1,118,470,974 17,463 -- 1,118,488,437
China....................... -- 635,645 -- 635,645
Denmark..................... 10,602,550 232,675,344 -- 243,277,894
Finland..................... 3,027,453 232,413,245 -- 235,440,698
France...................... 82,787,209 989,673,816 -- 1,072,461,025
Germany..................... 71,091,163 938,367,192 -- 1,009,458,355
Greece...................... -- -- -- --
Hong Kong................... 1,180,919 423,408,861 -- 424,589,780
Ireland..................... 15,282,910 59,677,906 -- 74,960,816
Israel...................... 38,382,839 58,446,304 -- 96,829,143
Italy....................... 13,888,616 402,736,456 -- 416,625,072
Japan....................... 119,609,938 3,187,757,740 -- 3,307,367,678
Netherlands................. 48,099,898 311,736,414 -- 359,836,312
New Zealand................. 99,993 52,350,393 -- 52,450,386
Norway...................... 12,877,085 105,504,672 -- 118,381,757
Portugal.................... 266,690 42,187,949 -- 42,454,639
Singapore................... -- 175,763,373 -- 175,763,373
Spain....................... 27,676,373 339,352,088 -- 367,028,461
Sweden...................... 5,851,125 424,497,868 -- 430,348,993
Switzerland................. 111,708,629 907,273,511 -- 1,018,982,140
United Kingdom.............. 595,818,201 2,013,295,551 -- 2,609,113,752
United States............... 10,710 86,073 -- 96,783
Preferred Stocks
Germany..................... -- 40,348,991 -- 40,348,991
Rights/Warrants
Australia................... -- 307 -- 307
Austria..................... -- -- -- --
France...................... -- 123,810 -- 123,810
Hong Kong................... -- 10,409 -- 10,409
Italy....................... -- -- -- --
Spain....................... -- 342,559 -- 342,559
United Kingdom.............. -- 224,611 -- 224,611
Securities Lending Collateral. -- 999,852,749 -- 999,852,749
-------------- --------------- -- ---------------
TOTAL......................... $2,338,355,239 $13,006,860,539 -- $15,345,215,778
============== =============== == ===============
See accompanying Notes to Financial Statements.
75
INTERNATIONAL SMALL COMPANY PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2015
Value+
--------------
AFFILIATED INVESTMENT COMPANIES -- (100.0%)
Investment in The Continental Small Company Series of
The DFA Investment Trust Company....................... $3,357,365,041
Investment in The Japanese Small Company Series of
The DFA Investment Trust Company....................... 2,167,401,455
Investment in The United Kingdom Small Company Series of
The DFA Investment Trust Company....................... 2,026,549,001
Investment in The Asia Pacific Small Company Series of
The DFA Investment Trust Company....................... 1,027,935,040
Investment in The Canadian Small Company Series of
The DFA Investment Trust Company....................... 604,238,668
--------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES
(Cost $8,450,924,665)............................... 9,183,489,205
--------------
TOTAL INVESTMENTS -- (100.0%)
(Cost $8,450,932,574)............................... $9,183,489,205
==============
Summary of the Portfolio's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
---------------------------------------------
Level 1 Level 2 Level 3 Total
-------------- ------- ------- --------------
Affiliated Investment Companies. $9,183,489,205 -- -- $9,183,489,205
-------------- -- -- --------------
TOTAL........................... $9,183,489,205 -- -- $9,183,489,205
============== == == ==============
See accompanying Notes to Financial Statements.
76
SCHEDULE OF INVESTMENTS
October 31, 2015
JAPANESE SMALL COMPANY PORTFOLIO
Value+
------------
AFFILIATED INVESTMENT COMPANY -- (100.0%)
Investment in The Japanese Small Company Series of
The DFA Investment Trust Company..................... $464,286,736
------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY
(Cost $427,037,349)............................... $464,286,736
============
Summary of the Portfolio's Master Fund's investments as of October 31, 2015,
based on their valuation inputs, is located within this report (See Master
Fund's Security Valuation Note).
ASIA PACIFIC SMALL COMPANY PORTFOLIO
Value+
------------
AFFILIATED INVESTMENT COMPANY -- (100.0%)
Investment in The Asia Pacific Small Company Series of
The DFA Investment Trust Company..................... $200,339,424
------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY
(Cost $239,208,666)............................... $200,339,424
============
Summary of the Portfolio's Master Fund's investments as of October 31, 2015,
based on their valuation inputs, is located within this report (See Master
Fund's Security Valuation Note).
See accompanying Notes to Financial Statements.
77
SCHEDULE OF INVESTMENTS
October 31, 2015
UNITED KINGDOM SMALL COMPANY PORTFOLIO
Value+
-----------
AFFILIATED INVESTMENT COMPANY -- (100.0%)
Investment in The United Kingdom Small Company Series of
The DFA Investment Trust Company....................... $35,644,875
-----------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY
(Cost $24,850,927).................................. $35,644,875
===========
Summary of the Portfolio's Master Fund's investments as of October 31, 2015,
based on their valuation inputs, is located within this report (See Master
Fund's Security Valuation Note).
CONTINENTAL SMALL COMPANY PORTFOLIO
Value+
------------
AFFILIATED INVESTMENT COMPANY -- (100.0%)
Investment in The Continental Small Company Series of
The DFA Investment Trust Company..................... $278,063,634
------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY
(Cost $246,159,253)............................... $278,063,634
============
Summary of the Portfolio's Master Fund's investments as of October 31, 2015,
based on their valuation inputs, is located within this report (See Master
Fund's Security Valuation Note).
See accompanying Notes to Financial Statements.
78
DFA INTERNATIONAL REAL ESTATE SECURITIES PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (96.1%)
AUSTRALIA -- (18.7%)
Dexus Property Group. 9,591,650 $ 52,652,093 1.5%
Federation Centres... 32,434,882 67,002,726 1.9%
Goodman Group........ 16,772,872 71,961,816 2.0%
GPT Group (The)...... 17,263,139 58,467,249 1.6%
Investa Office Fund.. 5,781,474 16,547,038 0.5%
Scentre Group........ 47,816,546 140,252,133 4.0%
Stockland............ 23,263,706 66,768,008 1.9%
Westfield Corp....... 19,194,781 139,260,427 3.9%
Other Securities..... 71,518,574 2.0%
------------ -----
TOTAL AUSTRALIA.......... 684,430,064 19.3%
------------ -----
BELGIUM -- (1.6%)
Cofinimmo SA......... 191,047 21,289,962 0.6%
Other Securities..... 35,573,154 1.0%
------------ -----
TOTAL BELGIUM............ 56,863,116 1.6%
------------ -----
CANADA -- (4.8%)
# H&R REIT............. 1,346,632 21,606,259 0.6%
RioCan REIT.......... 1,548,553 30,198,915 0.9%
Other Securities..... 124,592,156 3.5%
------------ -----
TOTAL CANADA............. 176,397,330 5.0%
------------ -----
CHINA -- (0.2%)
Other Securities..... 7,969,831 0.2%
------------ -----
FRANCE -- (5.2%)
Fonciere Des Regions. 296,127 27,873,092 0.8%
Gecina SA............ 281,887 35,953,141 1.0%
ICADE................ 357,041 26,384,459 0.8%
Klepierre............ 1,728,238 81,848,906 2.3%
Other Securities..... 16,644,338 0.4%
------------ -----
TOTAL FRANCE............. 188,703,936 5.3%
------------ -----
GERMANY -- (0.5%)
Other Securities..... 19,465,764 0.6%
------------ -----
GREECE -- (0.0%)
Other Securities..... 880,939 0.0%
------------ -----
HONG KONG -- (4.6%)
Link REIT............ 22,086,805 131,961,584 3.7%
Other Securities..... 35,928,588 1.1%
------------ -----
TOTAL HONG KONG.......... 167,890,172 4.8%
------------ -----
ISRAEL -- (0.3%)
Other Securities..... 10,825,228 0.3%
------------ -----
ITALY -- (0.4%)
Other Securities..... 13,972,268 0.4%
------------ -----
79
DFA INTERNATIONAL REAL ESTATE SECURITIES PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
JAPAN -- (17.4%)
# Advance Residence Investment Corp..... 12,407 $ 26,473,472 0.7%
Frontier Real Estate Investment Corp.. 4,757 19,246,080 0.5%
# Japan Hotel REIT Investment Corp...... 34,306 23,827,453 0.7%
Japan Prime Realty Investment Corp.... 7,813 25,432,715 0.7%
Japan Real Estate Investment Corp..... 12,514 57,845,721 1.6%
# Japan Retail Fund Investment Corp..... 23,229 44,989,226 1.3%
# Kenedix Office Investment Corp........ 4,403 20,183,737 0.6%
# Mori Hills REIT Investment Corp....... 14,868 18,395,740 0.5%
Mori Trust Sogo Reit, Inc............. 11,422 20,207,445 0.6%
Nippon Building Fund, Inc............. 13,498 64,105,715 1.8%
#* Nomura Real Estate Master Fund, Inc... 28,230 35,770,009 1.0%
# Orix JREIT, Inc....................... 20,963 28,219,769 0.8%
United Urban Investment Corp.......... 24,442 33,910,856 1.0%
Other Securities...................... 219,413,078 6.2%
------------ -----
TOTAL JAPAN............................... 638,021,016 18.0%
------------ -----
MALAYSIA -- (0.6%)
Other Securities...................... 20,361,739 0.6%
------------ -----
MEXICO -- (1.7%)
# Fibra Uno Administracion SA de C.V.... 18,142,484 39,782,584 1.1%
Other Securities...................... 21,719,885 0.6%
------------ -----
TOTAL MEXICO.............................. 61,502,469 1.7%
------------ -----
NETHERLANDS -- (8.4%)
Eurocommercial Properties NV.......... 371,033 17,695,389 0.5%
Unibail-Rodamco SE.................... 900,650 250,678,672 7.1%
Wereldhave NV......................... 376,668 23,481,221 0.7%
Other Securities...................... 14,007,761 0.4%
------------ -----
TOTAL NETHERLANDS......................... 305,863,043 8.7%
------------ -----
NEW ZEALAND -- (0.7%)
Other Securities...................... 26,080,825 0.7%
------------ -----
SINGAPORE -- (6.8%)
Ascendas REIT......................... 20,465,000 34,842,228 1.0%
CapitaLand Commercial Trust, Ltd...... 22,773,500 22,853,709 0.6%
CapitaLand Mall Trust................. 24,117,400 34,003,434 1.0%
Suntec REIT........................... 23,403,500 27,489,515 0.8%
Other Securities...................... 129,116,179 3.6%
------------ -----
TOTAL SINGAPORE........................... 248,305,065 7.0%
------------ -----
SOUTH AFRICA -- (4.3%)
* Capital Property Fund................. 15,448,502 17,979,709 0.5%
Growthpoint Properties, Ltd........... 24,304,567 44,525,663 1.3%
Redefine Properties, Ltd.............. 40,693,736 33,953,422 1.0%
Resilient Property Income Fund, Ltd... 2,495,718 21,989,579 0.6%
Other Securities...................... 38,054,207 1.0%
------------ -----
TOTAL SOUTH AFRICA........................ 156,502,580 4.4%
------------ -----
SPAIN -- (0.4%)
Other Securities...................... 14,185,545 0.4%
------------ -----
TAIWAN -- (0.3%)
Other Securities...................... 11,753,689 0.3%
------------ -----
80
DFA INTERNATIONAL REAL ESTATE SECURITIES PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
TURKEY -- (0.7%)
# Emlak Konut Gayrimenkul Yatirim Ortakligi A.S.. 18,805,536 $ 18,217,426 0.5%
Other Securities............................... 8,620,901 0.3%
-------------- ------
TOTAL TURKEY......................................... 26,838,327 0.8%
-------------- ------
UNITED KINGDOM -- (18.5%)
British Land Co. P.L.C. (The).................. 9,558,464 128,032,643 3.6%
Derwent London P.L.C........................... 960,736 57,377,992 1.6%
Great Portland Estates P.L.C................... 3,250,972 44,523,041 1.3%
Hammerson P.L.C................................ 7,832,305 76,738,627 2.2%
Intu Properties P.L.C.......................... 9,121,214 48,555,292 1.4%
Land Securities Group P.L.C.................... 7,653,993 157,685,268 4.5%
Segro P.L.C.................................... 7,091,371 49,122,850 1.4%
Shaftesbury P.L.C.............................. 2,612,908 37,821,366 1.1%
Other Securities............................... 78,572,701 2.1%
-------------- ------
TOTAL UNITED KINGDOM................................. 678,429,780 19.2%
-------------- ------
TOTAL COMMON STOCKS.................................. 3,515,242,726 99.3%
-------------- ------
TOTAL INVESTMENT SECURITIES.......................... 3,515,242,726
--------------
Value+
- ------ -
SECURITIES LENDING COLLATERAL -- (3.9%)
(S)@ DFA Short Term Investment Fund................. 12,228,630 141,485,249 4.0%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $3,406,217,033)............................ $3,656,727,975 103.3%
============== ======
Summary of the Portfolio's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
--------------------------------------------------
Level 1 Level 2 Level 3 Total
------------ -------------- ------- --------------
Common Stocks
Australia................... -- $ 684,430,064 -- $ 684,430,064
Belgium..................... -- 56,863,116 -- 56,863,116
Canada...................... $176,397,330 -- -- 176,397,330
China....................... -- 7,969,831 -- 7,969,831
France...................... -- 188,703,936 -- 188,703,936
Germany..................... -- 19,465,764 -- 19,465,764
Greece...................... -- 880,939 -- 880,939
Hong Kong................... -- 167,890,172 -- 167,890,172
Israel...................... -- 10,825,228 -- 10,825,228
Italy....................... -- 13,972,268 -- 13,972,268
Japan....................... 35,770,009 602,251,007 -- 638,021,016
Malaysia.................... -- 20,361,739 -- 20,361,739
Mexico...................... 61,502,469 -- -- 61,502,469
Netherlands................. -- 305,863,043 -- 305,863,043
New Zealand................. -- 26,080,825 -- 26,080,825
Singapore................... -- 248,305,065 -- 248,305,065
South Africa................ -- 156,502,580 -- 156,502,580
Spain....................... -- 14,185,545 -- 14,185,545
Taiwan...................... -- 11,753,689 -- 11,753,689
Turkey...................... -- 26,838,327 -- 26,838,327
United Kingdom.............. -- 678,429,780 -- 678,429,780
Securities Lending Collateral. -- 141,485,249 -- 141,485,249
------------ -------------- -- --------------
TOTAL......................... $273,669,808 $3,383,058,167 -- $3,656,727,975
============ ============== == ==============
See accompanying Notes to Financial Statements.
81
DFA GLOBAL REAL ESTATE SECURITIES PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (22.9%)
UNITED STATES -- (22.9%)
# Alexandria Real Estate Equities, Inc.......... 99,455 $ 8,925,092 0.2%
# American Campus Communities, Inc.............. 170,027 6,897,995 0.2%
Apartment Investment & Management Co. Class A. 240,800 9,436,952 0.2%
# AvalonBay Communities, Inc.................... 189,392 33,111,403 0.8%
BioMed Realty Trust, Inc...................... 306,517 7,175,563 0.2%
Boston Properties, Inc........................ 220,241 27,717,330 0.7%
Brixmor Property Group, Inc................... 278,180 7,126,972 0.2%
# Camden Property Trust......................... 132,665 9,789,350 0.2%
# CubeSmart..................................... 241,263 6,711,937 0.2%
DDR Corp...................................... 450,731 7,572,281 0.2%
# Digital Realty Trust, Inc..................... 185,167 13,694,951 0.3%
# Douglas Emmett, Inc........................... 195,128 5,961,160 0.2%
Duke Realty Corp.............................. 503,070 10,413,549 0.3%
* Equity Commonwealth........................... 208,072 5,973,747 0.2%
Equity Lifestyle Properties, Inc.............. 115,151 6,964,332 0.2%
# Equity Residential............................ 417,247 32,261,538 0.8%
Essex Property Trust, Inc..................... 99,244 21,877,347 0.5%
# Extra Space Storage, Inc...................... 169,591 13,438,391 0.3%
# Federal Realty Investment Trust............... 101,070 14,502,534 0.4%
# General Growth Properties, Inc................ 686,012 19,860,047 0.5%
# HCP, Inc...................................... 617,823 22,983,016 0.6%
# Healthcare Trust of America, Inc. Class A..... 299,242 7,873,057 0.2%
# Highwoods Properties, Inc..................... 139,811 6,074,788 0.2%
# Hospitality Properties Trust.................. 215,474 5,783,322 0.1%
# Host Hotels & Resorts, Inc.................... 1,061,025 18,387,563 0.5%
# Iron Mountain, Inc............................ 386,073 11,829,277 0.3%
# Kilroy Realty Corp............................ 131,837 8,680,148 0.2%
# Kimco Realty Corp............................. 623,764 16,698,162 0.4%
Liberty Property Trust........................ 218,466 7,432,213 0.2%
Macerich Co. (The)............................ 162,586 13,777,538 0.3%
# Mid-America Apartment Communities, Inc........ 107,464 9,154,858 0.2%
# National Retail Properties, Inc............... 204,740 7,780,120 0.2%
# Omega Healthcare Investors, Inc............... 269,690 9,309,699 0.2%
# Prologis, Inc................................. 789,189 33,722,046 0.8%
# Public Storage................................ 200,631 46,036,789 1.1%
# Realty Income Corp............................ 345,474 17,087,144 0.4%
# Regency Centers Corp.......................... 147,208 10,004,256 0.2%
Senior Housing Properties Trust............... 381,437 5,794,028 0.1%
# Simon Property Group, Inc..................... 441,239 88,892,009 2.2%
# SL Green Realty Corp.......................... 147,142 17,453,984 0.4%
# Spirit Realty Capital, Inc.................... 898,408 9,145,793 0.2%
Taubman Centers, Inc.......................... 90,238 6,946,521 0.2%
# UDR, Inc...................................... 394,176 13,583,305 0.3%
Ventas, Inc................................... 538,600 28,933,592 0.7%
# VEREIT, Inc................................... 1,353,075 11,176,400 0.3%
# Vornado Realty Trust.......................... 238,810 24,012,346 0.6%
# Welltower, Inc................................ 571,650 37,082,936 0.9%
# WP Carey, Inc................................. 173,796 11,013,453 0.3%
Other Securities.............................. 235,953,482 5.8%
-------------- -----
TOTAL COMMON STOCKS............................... 1,012,014,316 24.9%
-------------- -----
82
DFA GLOBAL REAL ESTATE SECURITIES PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
AFFILIATED INVESTMENT COMPANIES -- (68.5%)
UNITED STATES -- (68.5%)
DFA International Real Estate Securities Portfolio of DFA
Investment Dimensions Group Inc.......................... 274,826,890 $1,448,337,710 35.7%
DFA Real Estate Securities Portfolio of DFA Investment
Dimensions Group Inc..................................... 47,657,957 1,574,618,885 38.8%
-------------- ------
TOTAL UNITED STATES............................................. 3,022,956,595 74.5%
-------------- ------
TOTAL INVESTMENTS IN AFFILIATED
INVESTMENT COMPANIES........................................... 3,022,956,595 74.5%
-------------- ------
Value+
- ------
SECURITIES LENDING COLLATERAL -- (8.6%)
(S)@ DFA Short Term Investment Fund............................ 32,837,673 379,931,875 9.3%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $3,779,531,672)....................................... $4,414,902,786 108.7%
============== ======
Summary of the Portfolio's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
--------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------- ------------ ------- --------------
Common Stocks
United States................. $1,012,014,316 -- -- $1,012,014,316
Affiliated Investment Companies
United States................. 3,022,956,595 -- -- 3,022,956,595
Securities Lending Collateral... -- $379,931,875 -- 379,931,875
-------------- ------------ -- --------------
TOTAL........................... $4,034,970,911 $379,931,875 -- $4,414,902,786
============== ============ == ==============
See accompanying Notes to Financial Statements.
83
DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (92.8%)
AUSTRALIA -- (5.0%)
BlueScope Steel, Ltd.. 13,025,782 $ 41,051,693 0.3%
Other Securities...... 627,344,050 5.0%
------------ ----
TOTAL AUSTRALIA........... 668,395,743 5.3%
------------ ----
AUSTRIA -- (0.8%)
Wienerberger AG....... 2,807,052 51,753,981 0.3%
Other Securities...... 55,433,215 0.5%
------------ ----
TOTAL AUSTRIA............. 107,187,196 0.8%
------------ ----
BELGIUM -- (1.1%)
Other Securities...... 148,454,988 1.2%
------------ ----
CANADA -- (5.7%)
Other Securities...... 767,719,743 6.1%
------------ ----
CHINA -- (0.0%)
Other Securities...... 634,106 0.0%
------------ ----
DENMARK -- (1.4%)
Sydbank A.S........... 1,239,732 40,779,507 0.3%
Other Securities...... 147,966,990 1.2%
------------ ----
TOTAL DENMARK............. 188,746,497 1.5%
------------ ----
FINLAND -- (2.3%)
Huhtamaki Oyj......... 1,538,532 54,278,369 0.4%
Other Securities...... 250,205,550 2.0%
------------ ----
TOTAL FINLAND............. 304,483,919 2.4%
------------ ----
FRANCE -- (4.0%)
Arkema SA............. 628,877 45,957,483 0.4%
Teleperformance....... 491,475 38,571,417 0.3%
Other Securities...... 448,775,766 3.5%
------------ ----
TOTAL FRANCE.............. 533,304,666 4.2%
------------ ----
GERMANY -- (6.1%)
Aareal Bank AG........ 1,483,246 56,508,883 0.5%
Aurubis AG............ 1,319,350 88,132,452 0.7%
# DMG Mori AG........... 1,341,611 53,268,794 0.4%
Lanxess AG............ 755,957 40,566,731 0.3%
Rheinmetall AG........ 1,225,920 77,106,494 0.6%
Other Securities...... 500,068,108 4.0%
------------ ----
TOTAL GERMANY............. 815,651,462 6.5%
------------ ----
GREECE -- (0.0%)
Other Securities...... 1,889 0.0%
------------ ----
HONG KONG -- (2.7%)
Other Securities...... 360,409,589 2.9%
------------ ----
84
DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
IRELAND -- (0.4%)
Smurfit Kappa Group P.L.C............. 1,674,406 $ 47,651,944 0.4%
Other Securities...................... 11,759,595 0.1%
-------------- -----
TOTAL IRELAND............................. 59,411,539 0.5%
-------------- -----
ISRAEL -- (0.6%)
Other Securities...................... 83,495,203 0.7%
-------------- -----
ITALY -- (4.3%)
Banca Popolare dell'Emilia Romagna SC. 13,198,406 106,512,216 0.9%
Banca Popolare di Milano Scarl........ 127,915,973 120,025,491 1.0%
* Banco Popolare SC..................... 3,508,577 52,429,338 0.4%
# Italcementi SpA....................... 3,958,034 43,956,701 0.4%
Unipol Gruppo Finanziario SpA......... 9,228,828 42,987,738 0.4%
Other Securities...................... 215,879,663 1.5%
-------------- -----
TOTAL ITALY............................... 581,791,147 4.6%
-------------- -----
JAPAN -- (25.4%)
Aoyama Trading Co., Ltd............... 1,132,799 41,271,657 0.3%
Fujikura, Ltd......................... 9,030,000 46,413,448 0.4%
* Kyushu Financial Group, Inc........... 6,208,495 47,745,781 0.4%
San-In Godo Bank, Ltd. (The).......... 4,415,900 40,808,997 0.3%
Other Securities...................... 3,228,362,692 25.7%
-------------- -----
TOTAL JAPAN............................... 3,404,602,575 27.1%
-------------- -----
NETHERLANDS -- (2.4%)
#* APERAM SA............................. 1,981,745 61,018,610 0.5%
* Koninklijke BAM Groep NV.............. 7,345,877 40,457,697 0.3%
#* SBM Offshore NV....................... 3,259,246 44,528,724 0.4%
Other Securities...................... 171,465,260 1.3%
-------------- -----
TOTAL NETHERLANDS......................... 317,470,291 2.5%
-------------- -----
NEW ZEALAND -- (0.5%)
Other Securities...................... 61,016,560 0.5%
-------------- -----
NORWAY -- (0.6%)
Other Securities...................... 75,482,739 0.6%
-------------- -----
PORTUGAL -- (0.3%)
Other Securities...................... 36,394,764 0.3%
-------------- -----
SINGAPORE -- (1.3%)
Other Securities...................... 178,379,139 1.4%
-------------- -----
SPAIN -- (2.6%)
Acciona SA............................ 539,610 45,267,657 0.4%
Bankinter SA.......................... 6,868,337 49,672,900 0.4%
Gamesa Corp. Tecnologica SA........... 5,251,272 82,882,676 0.7%
Other Securities...................... 165,199,868 1.2%
-------------- -----
TOTAL SPAIN............................... 343,023,101 2.7%
-------------- -----
SWEDEN -- (3.1%)
BillerudKorsnas AB.................... 3,045,617 55,117,537 0.4%
Holmen AB Class B..................... 1,321,774 39,844,648 0.3%
Trelleborg AB Class B................. 3,502,052 59,003,141 0.5%
Other Securities...................... 259,384,939 2.1%
-------------- -----
TOTAL SWEDEN.............................. 413,350,265 3.3%
-------------- -----
85
DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
SWITZERLAND -- (3.8%)
Baloise Holding AG.......... 332,556 $ 39,872,396 0.3%
Helvetia Holding AG......... 165,730 86,680,411 0.7%
Other Securities............ 376,655,932 3.0%
--------------- -----
TOTAL SWITZERLAND............... 503,208,739 4.0%
--------------- -----
UNITED KINGDOM -- (18.4%)
# Alent P.L.C................. 5,124,302 39,195,769 0.3%
Amlin P.L.C................. 11,787,486 119,607,720 1.0%
Barratt Developments P.L.C.. 10,580,896 99,676,961 0.8%
Beazley P.L.C............... 13,060,807 73,005,996 0.6%
Bellway P.L.C............... 3,413,413 136,341,269 1.1%
Bodycote P.L.C.............. 5,005,641 39,543,967 0.3%
Bovis Homes Group P.L.C..... 3,903,677 61,574,477 0.5%
Dixons Carphone P.L.C....... 8,314,597 59,025,993 0.5%
DS Smith P.L.C.............. 11,987,755 71,426,767 0.6%
Greene King P.L.C........... 6,823,885 84,418,489 0.7%
Hiscox, Ltd................. 7,389,714 109,890,800 0.9%
Inchcape P.L.C.............. 8,303,813 102,124,033 0.8%
Man Group P.L.C............. 18,990,024 48,741,131 0.4%
Persimmon P.L.C............. 3,592,202 110,163,844 0.9%
Redrow P.L.C................ 5,753,467 41,061,654 0.3%
Taylor Wimpey P.L.C......... 35,797,793 109,052,818 0.9%
Travis Perkins P.L.C........ 2,912,406 85,840,797 0.7%
TUI AG...................... 3,333,122 61,908,909 0.5%
Other Securities............ 1,009,140,076 7.8%
--------------- -----
TOTAL UNITED KINGDOM............ 2,461,741,470 19.6%
--------------- -----
UNITED STATES -- (0.0%)
Other Securities............ 653,582 0.0%
--------------- -----
TOTAL COMMON STOCKS............. 12,415,010,912 98.7%
--------------- -----
PREFERRED STOCKS -- (0.0%)
GERMANY -- (0.0%)
Other Securities............ 4,442,606 0.1%
--------------- -----
TOTAL PREFERRED STOCKS.......... 4,442,606 0.1%
--------------- -----
RIGHTS/WARRANTS -- (0.0%)
AUSTRALIA -- (0.0%)
Other Securities............ -- 0.0%
--------------- -----
AUSTRIA -- (0.0%)
Other Securities............ -- 0.0%
--------------- -----
FRANCE -- (0.0%)
Other Securities............ -- 0.0%
--------------- -----
HONG KONG -- (0.0%)
Other Securities............ 8,633 0.0%
--------------- -----
SPAIN -- (0.0%)
Other Securities............ 224,458 0.0%
--------------- -----
UNITED KINGDOM -- (0.0%)
Other Securities............ 58,603 0.0%
--------------- -----
TOTAL RIGHTS/WARRANTS........... 291,694 0.0%
--------------- -----
TOTAL INVESTMENT SECURITIES..... 12,419,745,212
---------------
86
DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
SECURITIES LENDING COLLATERAL -- (7.2%)
(S)@ DFA Short Term Investment Fund.. 82,988,069 $ 960,171,959 7.6%
--------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $12,064,182,430)............. $13,379,917,171 106.4%
=============== ======
Summary of the Portfolio's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
----------------------------------------------------
Level 1 Level 2 Level 3 Total
------------ --------------- ------- ---------------
Common Stocks
Australia................... $ 4,311,392 $ 664,084,351 -- $ 668,395,743
Austria..................... -- 107,187,196 -- 107,187,196
Belgium..................... -- 148,454,988 -- 148,454,988
Canada...................... 767,371,559 348,184 -- 767,719,743
China....................... -- 634,106 -- 634,106
Denmark..................... -- 188,746,497 -- 188,746,497
Finland..................... -- 304,483,919 -- 304,483,919
France...................... 141,355 533,163,311 -- 533,304,666
Germany..................... -- 815,651,462 -- 815,651,462
Greece...................... -- 1,889 -- 1,889
Hong Kong................... 295,495 360,114,094 -- 360,409,589
Ireland..................... -- 59,411,539 -- 59,411,539
Israel...................... -- 83,495,203 -- 83,495,203
Italy....................... -- 581,791,147 -- 581,791,147
Japan....................... 47,747,966 3,356,854,609 -- 3,404,602,575
Netherlands................. -- 317,470,291 -- 317,470,291
New Zealand................. -- 61,016,560 -- 61,016,560
Norway...................... -- 75,482,739 -- 75,482,739
Portugal.................... -- 36,394,764 -- 36,394,764
Singapore................... -- 178,379,139 -- 178,379,139
Spain....................... -- 343,023,101 -- 343,023,101
Sweden...................... -- 413,350,265 -- 413,350,265
Switzerland................. -- 503,208,739 -- 503,208,739
United Kingdom.............. -- 2,461,741,470 -- 2,461,741,470
United States............... -- 653,582 -- 653,582
Preferred Stocks
Germany..................... -- 4,442,606 -- 4,442,606
Rights/Warrants
Australia................... -- -- -- --
Austria..................... -- -- -- --
France...................... -- -- -- --
Hong Kong................... -- 8,633 -- 8,633
Spain....................... -- 224,458 -- 224,458
United Kingdom.............. -- 58,603 -- 58,603
Securities Lending Collateral. -- 960,171,959 -- 960,171,959
------------ --------------- -- ---------------
TOTAL......................... $819,867,767 $12,560,049,404 -- $13,379,917,171
============ =============== == ===============
See accompanying Notes to Financial Statements.
87
INTERNATIONAL VECTOR EQUITY PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (92.9%)
AUSTRALIA -- (5.7%)
Australia & New Zealand Banking Group, Ltd.. 172,803 $ 3,342,060 0.2%
BHP Billiton, Ltd........................... 314,531 5,158,540 0.3%
Macquarie Group, Ltd........................ 83,903 5,080,233 0.3%
Woodside Petroleum, Ltd..................... 193,661 4,061,643 0.3%
Other Securities............................ 78,283,032 4.9%
------------ ----
TOTAL AUSTRALIA................................. 95,925,508 6.0%
------------ ----
AUSTRIA -- (0.6%)
Other Securities............................ 9,475,851 0.6%
------------ ----
BELGIUM -- (1.8%)
Ageas....................................... 73,839 3,256,132 0.2%
Delhaize Group.............................. 43,074 3,996,785 0.3%
Other Securities............................ 23,014,909 1.4%
------------ ----
TOTAL BELGIUM................................... 30,267,826 1.9%
------------ ----
CANADA -- (7.1%)
Suncor Energy, Inc.......................... 86,334 2,566,710 0.2%
Other Securities............................ 118,766,855 7.4%
------------ ----
TOTAL CANADA.................................... 121,333,565 7.6%
------------ ----
CHINA -- (0.0%)
Other Securities............................ 220,263 0.0%
------------ ----
DENMARK -- (1.5%)
Other Securities............................ 25,804,571 1.6%
------------ ----
FINLAND -- (1.9%)
UPM-Kymmene Oyj............................. 218,028 4,081,696 0.3%
Other Securities............................ 28,602,435 1.8%
------------ ----
TOTAL FINLAND................................... 32,684,131 2.1%
------------ ----
FRANCE -- (6.0%)
BNP Paribas SA.............................. 65,497 3,968,934 0.3%
# Cie de Saint-Gobain......................... 101,892 4,265,306 0.3%
Renault SA.................................. 28,549 2,690,004 0.2%
Sanofi...................................... 28,010 2,825,532 0.2%
SCOR SE..................................... 71,411 2,655,251 0.2%
# Total SA.................................... 168,814 8,163,646 0.5%
Other Securities............................ 78,142,415 4.7%
------------ ----
TOTAL FRANCE.................................... 102,711,088 6.4%
------------ ----
GERMANY -- (6.0%)
Allianz SE.................................. 25,753 4,508,519 0.3%
BASF SE..................................... 31,647 2,592,643 0.2%
Bayerische Motoren Werke AG................. 31,088 3,184,293 0.2%
Daimler AG.................................. 89,896 7,795,217 0.5%
Other Securities............................ 83,286,067 5.2%
------------ ----
TOTAL GERMANY................................... 101,366,739 6.4%
------------ ----
88
INTERNATIONAL VECTOR EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
HONG KONG -- (2.9%)
Other Securities...................... $ 48,886,498 3.1%
------------ -----
IRELAND -- (0.5%)
Other Securities...................... 8,652,296 0.5%
------------ -----
ISRAEL -- (0.7%)
Other Securities...................... 12,335,097 0.8%
------------ -----
ITALY -- (2.9%)
Eni SpA............................... 211,731 3,457,620 0.2%
Other Securities...................... 46,303,097 2.9%
------------ -----
TOTAL ITALY............................... 49,760,717 3.1%
------------ -----
JAPAN -- (22.4%)
Aeon Co., Ltd......................... 238,219 3,529,512 0.2%
Honda Motor Co., Ltd.................. 108,123 3,576,756 0.2%
Mitsubishi Chemical Holdings Corp..... 462,400 2,881,471 0.2%
Mitsubishi UFJ Financial Group, Inc... 817,300 5,285,912 0.4%
Mizuho Financial Group, Inc........... 1,617,060 3,330,892 0.2%
Sumitomo Mitsui Financial Group, Inc.. 88,341 3,524,244 0.2%
Toyota Motor Corp..................... 42,780 2,620,892 0.2%
Other Securities...................... 356,800,240 22.3%
------------ -----
TOTAL JAPAN............................... 381,549,919 23.9%
------------ -----
NETHERLANDS -- (2.3%)
ING Groep NV.......................... 176,818 2,582,787 0.2%
Other Securities...................... 37,165,846 2.3%
------------ -----
TOTAL NETHERLANDS......................... 39,748,633 2.5%
------------ -----
NEW ZEALAND -- (0.5%)
Other Securities...................... 7,664,165 0.5%
------------ -----
NORWAY -- (0.8%)
Other Securities...................... 13,677,480 0.9%
------------ -----
PORTUGAL -- (0.3%)
Other Securities...................... 4,995,980 0.3%
------------ -----
SINGAPORE -- (1.3%)
Other Securities...................... 21,475,741 1.3%
------------ -----
SPAIN -- (2.3%)
Banco Santander SA.................... 748,089 4,178,973 0.3%
Iberdrola SA.......................... 577,821 4,120,522 0.3%
Other Securities...................... 31,431,391 1.9%
------------ -----
TOTAL SPAIN............................... 39,730,886 2.5%
------------ -----
SWEDEN -- (2.9%)
Boliden AB............................ 138,544 2,652,614 0.2%
Svenska Cellulosa AB SCA Class B...... 129,598 3,817,175 0.3%
Other Securities...................... 43,170,542 2.6%
------------ -----
TOTAL SWEDEN.............................. 49,640,331 3.1%
------------ -----
SWITZERLAND -- (6.2%)
Clariant AG........................... 161,329 2,966,573 0.2%
Lonza Group AG........................ 20,074 2,946,456 0.2%
89
INTERNATIONAL VECTOR EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
SWITZERLAND -- (Continued)
Nestle SA...................................... 99,124 $ 7,570,490 0.5%
Novartis AG.................................... 52,784 4,781,631 0.3%
Swiss Life Holding AG.......................... 12,759 3,040,340 0.2%
Swiss Re AG.................................... 45,227 4,198,457 0.3%
Zurich Insurance Group AG...................... 11,738 3,097,657 0.2%
Other Securities............................... 77,253,653 4.7%
-------------- -----
TOTAL SWITZERLAND.................................. 105,855,257 6.6%
-------------- -----
UNITED KINGDOM -- (16.3%)
Aviva P.L.C.................................... 375,059 2,803,027 0.2%
Barclays P.L.C. Sponsored ADR.................. 202,899 2,887,253 0.2%
Barratt Developments P.L.C..................... 426,314 4,016,076 0.3%
Berkeley Group Holdings P.L.C.................. 51,343 2,620,472 0.2%
BP P.L.C. Sponsored ADR........................ 198,770 7,096,089 0.4%
HSBC Holdings P.L.C. Sponsored ADR............. 201,400 7,868,698 0.5%
Lloyds Banking Group P.L.C..................... 3,538,676 4,016,433 0.3%
Royal Dutch Shell P.L.C. Sponsored ADR Class A. 98,472 5,165,841 0.3%
Royal Dutch Shell P.L.C. Sponsored ADR Class B. 83,860 4,418,583 0.3%
Vodafone Group P.L.C........................... 789,204 2,597,217 0.2%
Vodafone Group P.L.C. Sponsored ADR............ 90,424 2,981,285 0.2%
WM Morrison Supermarkets P.L.C................. 1,339,028 3,472,088 0.2%
Other Securities............................... 226,813,878 14.1%
-------------- -----
TOTAL UNITED KINGDOM............................... 276,756,940 17.4%
-------------- -----
UNITED STATES -- (0.0%)
Other Securities............................... 38,765 0.0%
-------------- -----
TOTAL COMMON STOCKS................................ 1,580,558,247 99.1%
-------------- -----
PREFERRED STOCKS -- (0.3%)
GERMANY -- (0.3%)
Other Securities............................... 5,279,835 0.3%
-------------- -----
TOTAL PREFERRED STOCKS............................. 5,279,835 0.3%
-------------- -----
RIGHTS/WARRANTS -- (0.0%)
AUSTRALIA -- (0.0%)
Other Securities............................... 35 0.0%
-------------- -----
AUSTRIA -- (0.0%)
Other Securities............................... -- 0.0%
-------------- -----
FRANCE -- (0.0%)
Other Securities............................... 23,853 0.0%
-------------- -----
HONG KONG -- (0.0%)
Other Securities............................... 3,721 0.0%
-------------- -----
ITALY -- (0.0%)
Other Securities............................... -- 0.0%
-------------- -----
SPAIN -- (0.0%)
Other Securities............................... 46,714 0.0%
-------------- -----
90
INTERNATIONAL VECTOR EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
UNITED KINGDOM -- (0.0%)
Other Securities................ $ 29,595 0.0%
-------------- ------
TOTAL RIGHTS/WARRANTS.................. 103,918 0.0%
-------------- ------
TOTAL INVESTMENT SECURITIES............ 1,585,942,000
--------------
Value+
- ------
SECURITIES LENDING COLLATERAL -- (6.8%)
(S)@ DFA Short Term Investment Fund.. 10,010,882 115,825,910 7.3%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $1,625,407,720).............. $1,701,767,910 106.7%
============== ======
Summary of the Portfolio's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
--------------------------------------------------
Level 1 Level 2 Level 3 Total
------------ -------------- ------- --------------
Common Stocks
Australia................... $ 1,941,523 $ 93,983,985 -- $ 95,925,508
Austria..................... -- 9,475,851 -- 9,475,851
Belgium..................... 1,124,555 29,143,271 -- 30,267,826
Canada...................... 121,328,898 4,667 -- 121,333,565
China....................... -- 220,263 -- 220,263
Denmark..................... -- 25,804,571 -- 25,804,571
Finland..................... -- 32,684,131 -- 32,684,131
France...................... 1,358,284 101,352,804 -- 102,711,088
Germany..................... 3,684,971 97,681,768 -- 101,366,739
Hong Kong................... 257,072 48,629,426 -- 48,886,498
Ireland..................... 2,177,158 6,475,138 -- 8,652,296
Israel...................... 3,017,008 9,318,089 -- 12,335,097
Italy....................... 779,481 48,981,236 -- 49,760,717
Japan....................... 5,992,002 375,557,917 -- 381,549,919
Netherlands................. 3,774,238 35,974,395 -- 39,748,633
New Zealand................. 4,405 7,659,760 -- 7,664,165
Norway...................... 936,203 12,741,277 -- 13,677,480
Portugal.................... -- 4,995,980 -- 4,995,980
Singapore................... 139 21,475,602 -- 21,475,741
Spain....................... 840,935 38,889,951 -- 39,730,886
Sweden...................... -- 49,640,331 -- 49,640,331
Switzerland................. 5,442,473 100,412,784 -- 105,855,257
United Kingdom.............. 38,805,781 237,951,159 -- 276,756,940
United States............... 14,168 24,597 -- 38,765
Preferred Stocks
Germany..................... -- 5,279,835 -- 5,279,835
Rights/Warrants
Australia................... -- 35 -- 35
Austria..................... -- -- -- --
France...................... -- 23,853 -- 23,853
Hong Kong................... -- 3,721 -- 3,721
Italy....................... -- -- -- --
Spain....................... -- 46,714 -- 46,714
United Kingdom.............. -- 29,595 -- 29,595
Securities Lending Collateral. -- 115,825,910 -- 115,825,910
------------ -------------- -- --------------
TOTAL......................... $191,479,294 $1,510,288,616 -- $1,701,767,910
============ ============== == ==============
See accompanying Notes to Financial Statements.
91
WORLD EX U.S. VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2015
Shares Value+
------- ------------
AFFILIATED INVESTMENT COMPANIES -- (100.0%)
Investment in The DFA International Value Series of
The DFA Investment Trust Company........................... $105,020,038
Investment in Dimensional Emerging Markets Value Fund........ 33,806,441
Investment in DFA International Small Cap Value Portfolio of
DFA Investment Dimensions Group Inc........................ 855,826 16,637,261
------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES
(Cost $162,773,485)..................................... 155,463,740
============
Summary of the Portfolio's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
-----------------------------------------
Level 1 Level 2 Level 3 Total
------------ ------- ------- ------------
Affiliated Investment Companies. $155,463,740 -- -- $155,463,740
------------ -- -- ------------
TOTAL........................... $155,463,740 -- -- $155,463,740
============ == == ============
See accompanying Notes to Financial Statements.
92
WORLD EX U.S. TARGETED VALUE PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (94.0%)
AUSTRALIA -- (4.1%)
Origin Energy, Ltd................. 144,639 $ 562,039 0.3%
Other Securities................... 9,258,507 4.0%
----------- ----
TOTAL AUSTRALIA........................ 9,820,546 4.3%
----------- ----
AUSTRIA -- (0.7%)
Other Securities................... 1,647,912 0.7%
----------- ----
BELGIUM -- (1.2%)
Ageas.............................. 26,755 1,179,838 0.5%
Solvay SA.......................... 5,327 601,797 0.2%
Other Securities................... 1,218,416 0.6%
----------- ----
TOTAL BELGIUM.......................... 3,000,051 1.3%
----------- ----
BRAZIL -- (1.1%)
BM&FBovespa SA..................... 257,800 762,260 0.3%
Other Securities................... 1,884,851 0.9%
----------- ----
TOTAL BRAZIL........................... 2,647,111 1.2%
----------- ----
CANADA -- (5.4%)
SNC-Lavalin Group, Inc............. 18,657 597,977 0.3%
Other Securities................... 12,297,639 5.4%
----------- ----
TOTAL CANADA........................... 12,895,616 5.7%
----------- ----
CHILE -- (0.2%)
Other Securities................... 407,021 0.2%
----------- ----
CHINA -- (5.9%)
Evergrande Real Estate Group, Ltd.. 748,000 567,222 0.3%
Other Securities................... 13,700,061 6.0%
----------- ----
TOTAL CHINA............................ 14,267,283 6.3%
----------- ----
COLOMBIA -- (0.0%)
Other Securities................... 22,933 0.0%
----------- ----
DENMARK -- (1.4%)
ISS A.S............................ 16,131 567,428 0.3%
Other Securities................... 2,826,636 1.2%
----------- ----
TOTAL DENMARK.......................... 3,394,064 1.5%
----------- ----
FINLAND -- (1.8%)
Stora Enso Oyj Class R............. 61,456 570,078 0.3%
UPM-Kymmene Oyj.................... 59,550 1,114,834 0.5%
Other Securities................... 2,654,943 1.1%
----------- ----
TOTAL FINLAND.......................... 4,339,855 1.9%
----------- ----
FRANCE -- (3.8%)
Arkema SA.......................... 8,266 604,068 0.3%
SCOR SE............................ 23,193 862,377 0.4%
Technip SA......................... 10,457 544,912 0.3%
Other Securities................... 7,016,211 3.0%
----------- ----
TOTAL FRANCE........................... 9,027,568 4.0%
----------- ----
93
WORLD EX U.S. TARGETED VALUE PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
GERMANY -- (4.6%)
Aurubis AG............................ 9,473 $ 632,795 0.3%
Lanxess AG............................ 11,884 637,728 0.3%
Metro AG.............................. 18,544 570,519 0.3%
Osram Licht AG........................ 10,289 604,625 0.3%
ThyssenKrupp AG....................... 34,152 688,160 0.3%
Other Securities...................... 7,843,877 3.3%
----------- -----
TOTAL GERMANY............................. 10,977,704 4.8%
----------- -----
HONG KONG -- (2.3%)
Other Securities...................... 5,577,645 2.4%
----------- -----
INDIA -- (2.1%)
Other Securities...................... 4,970,637 2.2%
----------- -----
INDONESIA -- (0.4%)
Other Securities...................... 895,220 0.4%
----------- -----
IRELAND -- (0.5%)
Smurfit Kappa Group P.L.C............. 34,342 977,339 0.4%
Other Securities...................... 197,995 0.1%
----------- -----
TOTAL IRELAND............................. 1,175,334 0.5%
----------- -----
ISRAEL -- (0.4%)
Other Securities...................... 997,459 0.4%
----------- -----
ITALY -- (2.9%)
Banca Popolare dell'Emilia Romagna SC. 99,170 800,310 0.4%
Banca Popolare di Milano Scarl........ 961,134 901,847 0.4%
* Banco Popolare SC..................... 46,802 699,371 0.3%
Enel Green Power SpA.................. 264,337 558,852 0.3%
Unione di Banche Italiane SpA......... 148,196 1,108,764 0.5%
Other Securities...................... 2,927,809 1.2%
----------- -----
TOTAL ITALY............................... 6,996,953 3.1%
----------- -----
JAPAN -- (17.0%)
Other Securities...................... 40,767,795 17.9%
----------- -----
MALAYSIA -- (0.7%)
Other Securities...................... 1,676,715 0.7%
----------- -----
MEXICO -- (0.8%)
Other Securities...................... 1,826,099 0.8%
----------- -----
NETHERLANDS -- (1.7%)
Koninklijke DSM NV.................... 15,013 800,306 0.4%
Other Securities...................... 3,293,305 1.4%
----------- -----
TOTAL NETHERLANDS......................... 4,093,611 1.8%
----------- -----
NEW ZEALAND -- (0.6%)
Other Securities...................... 1,336,990 0.6%
----------- -----
NORWAY -- (0.7%)
Other Securities...................... 1,705,734 0.7%
----------- -----
PHILIPPINES -- (0.2%)
Other Securities...................... 372,771 0.2%
----------- -----
94
WORLD EX U.S. TARGETED VALUE PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
POLAND -- (0.2%)
Other Securities................... $ 467,954 0.2%
----------- ----
PORTUGAL -- (0.2%)
Other Securities................... 605,004 0.3%
----------- ----
SINGAPORE -- (1.0%)
Other Securities................... 2,288,074 1.0%
----------- ----
SOUTH AFRICA -- (1.5%)
Other Securities................... 3,650,126 1.6%
----------- ----
SOUTH KOREA -- (4.5%)
Other Securities................... 10,912,546 4.8%
----------- ----
SPAIN -- (2.0%)
Banco de Sabadell SA............... 372,625 718,906 0.3%
# Banco Popular Espanol SA........... 161,626 614,517 0.3%
Gamesa Corp. Tecnologica SA........ 45,657 720,621 0.3%
Other Securities................... 2,842,780 1.2%
----------- ----
TOTAL SPAIN............................ 4,896,824 2.1%
----------- ----
SWEDEN -- (2.2%)
Other Securities................... 5,364,418 2.4%
----------- ----
SWITZERLAND -- (3.6%)
Baloise Holding AG................. 5,002 599,724 0.3%
Clariant AG........................ 34,996 643,518 0.3%
* Dufry AG........................... 4,813 562,280 0.3%
Helvetia Holding AG................ 1,207 631,287 0.3%
Swiss Life Holding AG.............. 4,475 1,066,347 0.5%
Other Securities................... 5,177,345 2.1%
----------- ----
TOTAL SWITZERLAND...................... 8,680,501 3.8%
----------- ----
TAIWAN -- (3.8%)
Other Securities................... 9,005,436 3.9%
----------- ----
THAILAND -- (0.5%)
Other Securities................... 1,293,886 0.6%
----------- ----
TURKEY -- (0.3%)
Other Securities................... 614,279 0.3%
----------- ----
UNITED KINGDOM -- (13.7%)
Amlin P.L.C........................ 88,569 898,710 0.4%
Barratt Developments P.L.C......... 93,654 882,264 0.4%
Bellway P.L.C...................... 25,648 1,024,453 0.5%
Berkeley Group Holdings P.L.C...... 15,152 773,336 0.3%
Direct Line Insurance Group P.L.C.. 169,911 1,030,656 0.5%
DS Smith P.L.C..................... 98,324 585,845 0.3%
Greene King P.L.C.................. 51,273 634,300 0.3%
Hiscox, Ltd........................ 55,044 818,547 0.4%
Inchcape P.L.C..................... 64,830 797,309 0.4%
Investec P.L.C..................... 68,667 572,010 0.3%
J Sainsbury P.L.C.................. 157,214 644,174 0.3%
Johnson Matthey P.L.C.............. 16,115 640,961 0.3%
Persimmon P.L.C.................... 32,762 1,004,729 0.4%
95
WORLD EX U.S. TARGETED VALUE PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
UNITED KINGDOM -- (Continued)
Royal Mail P.L.C................ 92,970 $ 636,944 0.3%
Smiths Group P.L.C.............. 38,362 567,527 0.3%
Taylor Wimpey P.L.C............. 341,937 1,041,662 0.5%
Travis Perkins P.L.C............ 30,859 909,544 0.4%
TUI AG.......................... 29,840 554,896 0.3%
Other Securities................ 18,842,677 7.8%
------------ ------
TOTAL UNITED KINGDOM................... 32,860,544 14.4%
------------ ------
TOTAL COMMON STOCKS.................... 225,480,219 99.0%
------------ ------
PREFERRED STOCKS -- (0.4%)
BRAZIL -- (0.2%)
Other Securities................ 544,248 0.2%
------------ ------
COLOMBIA -- (0.0%)
Other Securities................ 44,589 0.0%
------------ ------
GERMANY -- (0.2%)
Other Securities................ 332,936 0.2%
------------ ------
TOTAL PREFERRED STOCKS................. 921,773 0.4%
------------ ------
RIGHTS/WARRANTS -- (0.0%)
AUSTRALIA -- (0.0%)
Other Securities................ -- 0.0%
------------ ------
SOUTH KOREA -- (0.0%)
Other Securities................ 7,658 0.0%
------------ ------
SPAIN -- (0.0%)
Other Securities................ 1,661 0.0%
------------ ------
TAIWAN -- (0.0%)
Other Securities................ -- 0.0%
------------ ------
UNITED KINGDOM -- (0.0%)
Other Securities................ 1,932 0.0%
------------ ------
TOTAL RIGHTS/WARRANTS.................. 11,251 0.0%
------------ ------
TOTAL INVESTMENT SECURITIES............ 226,413,243
------------
Value+
------
SECURITIES LENDING COLLATERAL -- (5.6%)
(S)@ DFA Short Term Investment Fund.. 1,158,326 13,401,830 5.9%
------------ ------
TOTAL INVESTMENTS -- (100.0%)..........
(Cost $231,165,559)................ $239,815,073 105.3%
============ ======
96
WORLD EX U.S. TARGETED VALUE PORTFOLIO
CONTINUED
Summary of the Portfolio's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
---------------------------------------------
Level 1 Level 2 Level 3 Total
----------- ------------ ------- ------------
Common Stocks
Australia................... $ 32,395 $ 9,788,151 -- $ 9,820,546
Austria..................... -- 1,647,912 -- 1,647,912
Belgium..................... -- 3,000,051 -- 3,000,051
Brazil...................... -- 2,647,111 -- 2,647,111
Canada...................... 12,895,616 -- -- 12,895,616
Chile....................... 39,606 367,415 -- 407,021
China....................... -- 14,267,283 -- 14,267,283
Colombia.................... 22,933 -- -- 22,933
Denmark..................... -- 3,394,064 -- 3,394,064
Finland..................... -- 4,339,855 -- 4,339,855
France...................... -- 9,027,568 -- 9,027,568
Germany..................... -- 10,977,704 -- 10,977,704
Hong Kong................... -- 5,577,645 -- 5,577,645
India....................... -- 4,970,637 -- 4,970,637
Indonesia................... -- 895,220 -- 895,220
Ireland..................... -- 1,175,334 -- 1,175,334
Israel...................... -- 997,459 -- 997,459
Italy....................... -- 6,996,953 -- 6,996,953
Japan....................... 170,727 40,597,068 -- 40,767,795
Malaysia.................... -- 1,676,715 -- 1,676,715
Mexico...................... 1,826,099 -- -- 1,826,099
Netherlands................. -- 4,093,611 -- 4,093,611
New Zealand................. -- 1,336,990 -- 1,336,990
Norway...................... 53,979 1,651,755 -- 1,705,734
Philippines................. -- 372,771 -- 372,771
Poland...................... -- 467,954 -- 467,954
Portugal.................... -- 605,004 -- 605,004
Singapore................... -- 2,288,074 -- 2,288,074
South Africa................ 364,089 3,286,037 -- 3,650,126
South Korea................. 10,549 10,901,997 -- 10,912,546
Spain....................... -- 4,896,824 -- 4,896,824
Sweden...................... -- 5,364,418 -- 5,364,418
Switzerland................. -- 8,680,501 -- 8,680,501
Taiwan...................... -- 9,005,436 -- 9,005,436
Thailand.................... 1,293,886 -- -- 1,293,886
Turkey...................... -- 614,279 -- 614,279
United Kingdom.............. -- 32,860,544 -- 32,860,544
Preferred Stocks
Brazil...................... -- 544,248 -- 544,248
Colombia.................... 44,589 -- -- 44,589
Germany..................... -- 332,936 -- 332,936
Rights/Warrants
Australia................... -- -- -- --
South Korea................. -- 7,658 -- 7,658
Spain....................... -- 1,661 -- 1,661
Taiwan...................... -- -- -- --
United Kingdom.............. -- 1,932 -- 1,932
Securities Lending Collateral. -- 13,401,830 -- 13,401,830
----------- ------------ -- ------------
TOTAL......................... $16,754,468 $223,060,605 -- $239,815,073
=========== ============ == ============
See accompanying Notes to Financial Statements.
97
WORLD EX U.S. CORE EQUITY PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (93.8%)
AUSTRALIA -- (4.1%)
Australia & New Zealand Banking Group, Ltd.......... 125,491 $ 2,427,032 0.2%
BHP Billiton, Ltd................................... 207,411 3,401,693 0.3%
Commonwealth Bank of Australia...................... 34,977 1,899,180 0.2%
National Australia Bank, Ltd........................ 101,115 2,159,275 0.2%
Westpac Banking Corp................................ 85,643 1,907,613 0.2%
Other Securities.................................... 38,105,986 3.2%
----------- ----
TOTAL AUSTRALIA......................................... 49,900,779 4.3%
----------- ----
AUSTRIA -- (0.4%)
Other Securities.................................... 4,995,738 0.4%
----------- ----
BELGIUM -- (1.1%)
Anheuser-Busch InBev NV............................. 27,409 3,270,568 0.3%
Other Securities.................................... 10,388,467 0.9%
----------- ----
TOTAL BELGIUM........................................... 13,659,035 1.2%
----------- ----
BRAZIL -- (1.0%)
Other Securities.................................... 11,923,283 1.0%
----------- ----
CANADA -- (5.7%)
Royal Bank of Canada................................ 64,900 3,688,267 0.3%
Other Securities.................................... 65,917,595 5.6%
----------- ----
TOTAL CANADA............................................ 69,605,862 5.9%
----------- ----
CHILE -- (0.2%)
Other Securities.................................... 2,786,833 0.2%
----------- ----
CHINA -- (5.2%)
China Construction Bank Corp. Class H............... 3,704,000 2,684,496 0.3%
China Mobile, Ltd. Sponsored ADR.................... 39,357 2,373,621 0.2%
Industrial & Commercial Bank of China, Ltd. Class H. 4,742,000 3,007,875 0.3%
Other Securities.................................... 55,878,294 4.7%
----------- ----
TOTAL CHINA............................................. 63,944,286 5.5%
----------- ----
COLOMBIA -- (0.1%)
Other Securities.................................... 934,673 0.1%
----------- ----
CZECH REPUBLIC -- (0.0%)
Other Securities.................................... 283,137 0.0%
----------- ----
DENMARK -- (1.2%)
Other Securities.................................... 15,210,927 1.3%
----------- ----
EGYPT -- (0.0%)
Other Securities.................................... 113,666 0.0%
----------- ----
FINLAND -- (1.1%)
Other Securities.................................... 13,996,507 1.2%
----------- ----
FRANCE -- (5.5%)
BNP Paribas SA...................................... 31,017 1,879,543 0.2%
Carrefour SA........................................ 64,891 2,114,536 0.2%
98
WORLD EX U.S. CORE EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
FRANCE -- (Continued)
Cie de Saint-Gobain................................ 48,615 $ 2,035,075 0.2%
Cie Generale des Etablissements Michelin........... 22,408 2,229,053 0.2%
Orange SA.......................................... 123,640 2,179,983 0.2%
Sanofi............................................. 30,105 3,036,867 0.3%
Total SA........................................... 134,040 6,482,016 0.6%
Other Securities................................... 47,966,935 3.9%
----------- ----
TOTAL FRANCE........................................... 67,924,008 5.8%
----------- ----
GERMANY -- (5.1%)
Allianz SE......................................... 11,905 2,084,181 0.2%
BASF SE............................................ 46,706 3,826,334 0.3%
Bayerische Motoren Werke AG........................ 23,610 2,418,333 0.2%
Daimler AG......................................... 63,158 5,476,666 0.5%
Deutsche Telekom AG................................ 180,747 3,385,678 0.3%
Siemens AG......................................... 19,969 2,005,769 0.2%
Other Securities................................... 42,995,503 3.6%
----------- ----
TOTAL GERMANY.......................................... 62,192,464 5.3%
----------- ----
GREECE -- (0.0%)
Other Securities................................... 460,028 0.0%
----------- ----
HONG KONG -- (2.2%)
AIA Group, Ltd..................................... 557,400 3,264,636 0.3%
Other Securities................................... 23,300,731 2.0%
----------- ----
TOTAL HONG KONG........................................ 26,565,367 2.3%
----------- ----
HUNGARY -- (0.0%)
Other Securities................................... 583,542 0.1%
----------- ----
INDIA -- (1.9%)
Other Securities................................... 23,970,887 2.0%
----------- ----
INDONESIA -- (0.5%)
Other Securities................................... 5,779,036 0.5%
----------- ----
IRELAND -- (0.4%)
Other Securities................................... 5,042,903 0.4%
----------- ----
ISRAEL -- (0.5%)
Teva Pharmaceutical Industries, Ltd. Sponsored ADR. 38,696 2,290,416 0.2%
Other Securities................................... 4,000,105 0.3%
----------- ----
TOTAL ISRAEL........................................... 6,290,521 0.5%
----------- ----
ITALY -- (2.2%)
Assicurazioni Generali SpA......................... 107,535 2,037,418 0.2%
Eni SpA............................................ 166,877 2,725,143 0.3%
Other Securities................................... 22,007,369 1.8%
----------- ----
TOTAL ITALY............................................ 26,769,930 2.3%
----------- ----
JAPAN -- (17.1%)
Hitachi, Ltd....................................... 389,000 2,244,059 0.2%
Honda Motor Co., Ltd............................... 104,700 3,463,522 0.3%
Mitsubishi UFJ Financial Group, Inc................ 330,300 2,136,225 0.2%
Mizuho Financial Group, Inc........................ 1,147,800 2,364,289 0.2%
Nissan Motor Co., Ltd.............................. 198,000 2,052,511 0.2%
99
WORLD EX U.S. CORE EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
JAPAN -- (Continued)
Toyota Motor Corp............. 119,100 $ 7,296,594 0.6%
Other Securities.............. 191,581,719 16.3%
------------ -----
TOTAL JAPAN....................... 211,138,919 18.0%
------------ -----
MALAYSIA -- (0.6%)
Other Securities.............. 7,139,565 0.6%
------------ -----
MEXICO -- (0.9%)
Other Securities.............. 10,599,647 0.9%
------------ -----
NETHERLANDS -- (1.9%)
Other Securities.............. 23,066,643 2.0%
------------ -----
NEW ZEALAND -- (0.3%)
Other Securities.............. 4,138,843 0.4%
------------ -----
NORWAY -- (0.6%)
Other Securities.............. 6,918,599 0.6%
------------ -----
PERU -- (0.0%)
Other Securities.............. 151,732 0.0%
------------ -----
PHILIPPINES -- (0.3%)
Other Securities.............. 3,773,328 0.3%
------------ -----
POLAND -- (0.3%)
Other Securities.............. 3,566,533 0.3%
------------ -----
PORTUGAL -- (0.3%)
Other Securities.............. 3,080,756 0.3%
------------ -----
RUSSIA -- (0.2%)
Other Securities.............. 2,528,624 0.2%
------------ -----
SINGAPORE -- (0.9%)
Other Securities.............. 11,499,215 1.0%
------------ -----
SOUTH AFRICA -- (1.6%)
Other Securities.............. 19,794,178 1.7%
------------ -----
SOUTH KOREA -- (3.9%)
Samsung Electronics Co., Ltd.. 6,080 7,292,508 0.6%
Other Securities.............. 41,265,882 3.6%
------------ -----
TOTAL SOUTH KOREA................. 48,558,390 4.2%
------------ -----
SPAIN -- (2.1%)
Banco Santander SA............ 584,900 3,267,370 0.3%
Iberdrola SA.................. 329,606 2,350,466 0.2%
Other Securities.............. 20,023,143 1.7%
------------ -----
TOTAL SPAIN....................... 25,640,979 2.2%
------------ -----
SWEDEN -- (2.2%)
Other Securities.............. 26,560,090 2.3%
------------ -----
SWITZERLAND -- (5.3%)
ABB, Ltd...................... 100,719 1,900,134 0.2%
Nestle SA..................... 147,224 11,244,076 1.0%
100
WORLD EX U.S. CORE EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
SWITZERLAND -- (Continued)
Novartis AG............................................ 46,381 $ 4,201,592 0.4%
Roche Holding AG....................................... 10,869 2,950,921 0.3%
Syngenta AG............................................ 8,330 2,798,632 0.3%
Zurich Insurance Group AG.............................. 7,742 2,043,113 0.2%
Other Securities....................................... 40,551,910 3.2%
-------------- -----
TOTAL SWITZERLAND.......................................... 65,690,378 5.6%
-------------- -----
TAIWAN -- (3.2%)
Hon Hai Precision Industry Co., Ltd.................... 709,800 1,886,690 0.2%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored
ADR................................................... 103,887 2,281,358 0.2%
Other Securities....................................... 35,328,890 3.0%
-------------- -----
TOTAL TAIWAN............................................... 39,496,938 3.4%
-------------- -----
THAILAND -- (0.5%)
Other Securities....................................... 5,957,938 0.5%
-------------- -----
TURKEY -- (0.3%)
Other Securities....................................... 3,808,313 0.3%
-------------- -----
UNITED KINGDOM -- (12.9%)
Barclays P.L.C. Sponsored ADR.......................... 133,292 1,896,745 0.2%
BP P.L.C. Sponsored ADR................................ 187,448 6,691,894 0.6%
HSBC Holdings P.L.C. Sponsored ADR..................... 107,775 4,210,769 0.4%
Royal Dutch Shell P.L.C. Sponsored ADR (B03MM73)....... 37,236 1,961,965 0.2%
Royal Dutch Shell P.L.C. Sponsored ADR (780259206)..... 60,350 3,165,961 0.3%
SSE P.L.C.............................................. 92,601 2,154,324 0.2%
Other Securities....................................... 139,334,086 11.7%
-------------- -----
TOTAL UNITED KINGDOM....................................... 159,415,744 13.6%
-------------- -----
UNITED STATES -- (0.0%)
Other Securities....................................... 2 0.0%
-------------- -----
TOTAL COMMON STOCKS........................................ 1,155,458,766 98.7%
-------------- -----
PREFERRED STOCKS -- (0.6%)
BRAZIL -- (0.3%)
Other Securities....................................... 4,451,388 0.4%
-------------- -----
CHILE -- (0.0%)
Other Securities....................................... 122,188 0.0%
-------------- -----
COLOMBIA -- (0.0%)
Other Securities....................................... 137,722 0.0%
-------------- -----
GERMANY -- (0.3%)
Other Securities....................................... 3,289,110 0.3%
-------------- -----
TOTAL PREFERRED STOCKS..................................... 8,000,408 0.7%
-------------- -----
RIGHTS/WARRANTS -- (0.0%)
AUSTRALIA -- (0.0%)
Other Securities....................................... -- 0.0%
-------------- -----
CHINA -- (0.0%)
Other Securities....................................... 768 0.0%
-------------- -----
101
WORLD EX U.S. CORE EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
FRANCE -- (0.0%)
Other Securities................ $ 8,406 0.0%
-------------- ------
HONG KONG -- (0.0%)
Other Securities................ 293 0.0%
-------------- ------
ITALY -- (0.0%)
Other Securities................ -- 0.0%
-------------- ------
MALAYSIA -- (0.0%)
Other Securities................ 515 0.0%
-------------- ------
SOUTH KOREA -- (0.0%)
Other Securities................ 8,997 0.0%
-------------- ------
SPAIN -- (0.0%)
Other Securities................ 33,686 0.0%
-------------- ------
TAIWAN -- (0.0%)
Other Securities................ -- 0.0%
-------------- ------
THAILAND -- (0.0%)
Other Securities................ 217 0.0%
-------------- ------
UNITED KINGDOM -- (0.0%)
Other Securities................ 30,781 0.0%
-------------- ------
TOTAL RIGHTS/WARRANTS.................. 83,663 0.0%
-------------- ------
BONDS -- (0.0%)
INDIA -- (0.0%)
Other Securities................ 496 0.0%
-------------- ------
TOTAL INVESTMENT SECURITIES............ 1,163,543,333
--------------
Value+
- ------
SECURITIES LENDING COLLATERAL -- (5.6%)
(S)@ DFA Short Term Investment Fund.. 5,918,311 68,474,860 5.8%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $1,288,470,807).............. $1,232,018,193 105.2%
============== ======
Summary of the Portfolio's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
-------------------------------------------
Level 1 Level 2 Level 3 Total
----------- ----------- ------- -----------
Common Stocks
Australia...... $ 1,176,985 $48,723,794 -- $49,900,779
Austria........ -- 4,995,738 -- 4,995,738
Belgium........ 516,695 13,142,340 -- 13,659,035
Brazil......... 1,359,292 10,563,991 -- 11,923,283
Canada......... 69,605,862 -- -- 69,605,862
Chile.......... 662,332 2,124,501 -- 2,786,833
China.......... 4,669,005 59,275,281 -- 63,944,286
Colombia....... 934,673 -- -- 934,673
Czech Republic. -- 283,137 -- 283,137
Denmark........ 284,194 14,926,733 -- 15,210,927
102
WORLD EX U.S. CORE EQUITY PORTFOLIO
CONTINUED
Investments in Securities (Market Value)
--------------------------------------------------
Level 1 Level 2 Level 3 Total
------------ -------------- ------- --------------
Egypt....................... $ -- $ 113,666 -- $ 113,666
Finland..................... 72,155 13,924,352 -- 13,996,507
France...................... 1,996,872 65,927,136 -- 67,924,008
Germany..................... 2,808,596 59,383,868 -- 62,192,464
Greece...................... -- 460,028 -- 460,028
Hong Kong................... 57,707 26,507,660 -- 26,565,367
Hungary..................... -- 583,542 -- 583,542
India....................... 970,816 23,000,071 -- 23,970,887
Indonesia................... 119,280 5,659,756 -- 5,779,036
Ireland..................... 1,245,023 3,797,880 -- 5,042,903
Israel...................... 2,561,524 3,728,997 -- 6,290,521
Italy....................... 363,923 26,406,007 -- 26,769,930
Japan....................... 3,406,441 207,732,478 -- 211,138,919
Malaysia.................... -- 7,139,565 -- 7,139,565
Mexico...................... 10,599,647 -- -- 10,599,647
Netherlands................. 2,651,326 20,415,317 -- 23,066,643
New Zealand................. -- 4,138,843 -- 4,138,843
Norway...................... 344,925 6,573,674 -- 6,918,599
Peru........................ 151,732 -- -- 151,732
Philippines................. 42,678 3,730,650 -- 3,773,328
Poland...................... -- 3,566,533 -- 3,566,533
Portugal.................... -- 3,080,756 -- 3,080,756
Russia...................... 95,634 2,432,990 -- 2,528,624
Singapore................... -- 11,499,215 -- 11,499,215
South Africa................ 2,284,807 17,509,371 -- 19,794,178
South Korea................. 881,888 47,676,502 -- 48,558,390
Spain....................... 836,615 24,804,364 -- 25,640,979
Sweden...................... 97,660 26,462,430 -- 26,560,090
Switzerland................. 3,314,332 62,376,046 -- 65,690,378
Taiwan...................... 2,467,954 37,028,984 -- 39,496,938
Thailand.................... 5,957,938 -- -- 5,957,938
Turkey...................... 23,784 3,784,529 -- 3,808,313
United Kingdom.............. 35,215,634 124,200,110 -- 159,415,744
United States............... 2 -- -- 2
Preferred Stocks
Brazil...................... 907,313 3,544,075 -- 4,451,388
Chile....................... -- 122,188 -- 122,188
Colombia.................... 137,722 -- -- 137,722
Germany..................... -- 3,289,110 -- 3,289,110
Rights/Warrants
Australia................... -- -- -- --
China....................... -- 768 -- 768
France...................... -- 8,406 -- 8,406
Hong Kong................... -- 293 -- 293
Italy....................... -- -- -- --
Malaysia.................... -- 515 -- 515
South Korea................. -- 8,997 -- 8,997
Spain....................... -- 33,686 -- 33,686
Taiwan...................... -- -- -- --
Thailand.................... -- 217 -- 217
United Kingdom.............. -- 30,781 -- 30,781
Bonds
India....................... -- 496 -- 496
Securities Lending Collateral. -- 68,474,860 -- 68,474,860
------------ -------------- -- --------------
TOTAL......................... $158,822,966 $1,073,195,227 -- $1,232,018,193
============ ============== == ==============
See accompanying Notes to Financial Statements.
103
WORLD CORE EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2015
Shares Value+
--------- ------------
AFFILIATED INVESTMENT COMPANIES -- (97.3%)
Investment in U.S. Core Equity 1 Portfolio of
DFA Investment Dimensions Group Inc.................... 5,890,621 $105,442,112
Investment in International Core Equity Portfolio of
DFA Investment Dimensions Group Inc.................... 6,554,372 76,620,611
Investment in Emerging Markets Core Equity Portfolio of
DFA Investment Dimensions Group Inc.................... 1,208,807 20,320,041
------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES
(Cost $208,990,189)................................. 202,382,764
------------
TEMPORARY CASH INVESTMENTS -- (2.7%)
State Street Institutional Liquid Reserves, 0.140%
(Cost $5,697,578)...................................... 5,697,578 5,697,578
------------
TOTAL INVESTMENTS -- (100.0%)
(Cost $214,687,767)................................. $208,080,342
============
Summary of the Fund's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
-----------------------------------------
Level 1 Level 2 Level 3 Total
------------ ------- ------- ------------
Affiliated Investment Companies. $202,382,764 -- -- $202,382,764
Temporary Cash Investments...... 5,697,578 -- -- 5,697,578
------------ -- -- ------------
TOTAL........................... $208,080,342 -- -- $208,080,342
============ == == ============
See accompanying Notes to Financial Statements.
104
SELECTIVELY HEDGED GLOBAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2015
Shares Value+
--------- ------------
AFFILIATED INVESTMENT COMPANIES -- (100.0%)
Investment in U.S. Core Equity 2 Portfolio of
DFA Investment Dimensions Group Inc.................... 6,427,297 $110,935,143
Investment in International Core Equity Portfolio of
DFA Investment Dimensions Group Inc.................... 7,442,857 87,006,993
Investment in Emerging Markets Core Equity Portfolio of
DFA Investment Dimensions Group Inc.................... 2,184,234 36,716,980
------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES
(Cost $227,605,421)................................. 234,659,116
------------
TOTAL INVESTMENTS -- (100.0%)
(Cost $227,605,421)................................. $234,659,116
============
Summary of the Portfolio's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
------------------------------------------
Level 1 Level 2 Level 3 Total
------------ -------- ------- ------------
Affiliated Investment Companies. $234,659,116 -- -- $234,659,116
Futures Contracts**............. 752,227 -- -- 752,227
Forward Currency Contracts**.... -- $108,097 -- 108,097
------------ -------- -- ------------
TOTAL........................... $235,411,343 $108,097 -- $235,519,440
============ ======== == ============
**Not reflected in the Schedule of Investments, valued at the unrealized
appreciation/(depreciation) on the investment. (Note H)
See accompanying Notes to Financial Statements.
105
SCHEDULE OF INVESTMENTS
October 31, 2015
EMERGING MARKETS PORTFOLIO
Value+
--------------
AFFILIATED INVESTMENT COMPANY -- (100.0%)
Investment in The Emerging Markets Series of The DFA
Investment Trust Company.................................. $4,321,201,335
--------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost
$3,846,697,740)........................................ $4,321,201,335
==============
Summary of the Portfolio's Master Fund's investments as of October 31, 2015,
based on their valuation inputs, is located within this report (See Master
Fund's Security Valuation Note).
EMERGING MARKETS SMALL CAP PORTFOLIO
Value+
--------------
AFFILIATED INVESTMENT COMPANY -- (100.0%)
Investment in The Emerging Markets Small Cap Series of
The DFA Investment Trust Company..................... $4,851,811,937
--------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY
(Cost $5,059,736,163)............................. $4,851,811,937
==============
Summary of the Portfolio's Master Fund's investments as of October 31, 2015,
based on their valuation inputs, is located within this report (See Master
Fund's Security Valuation Note).
EMERGING MARKETS VALUE PORTFOLIO
Value+
---------------
AFFILIATED INVESTMENT COMPANY -- (100.0%)
Investment in Dimensional Emerging Markets Value Fund.. $14,953,939,027
---------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY
(Cost $18,008,368,827)............................ $14,953,939,027
===============
Summary of the Portfolio's Master Fund's investments as of October 31, 2015,
based on their valuation inputs, is located within this report (See Master
Fund's Security Valuation Note).
See accompanying Notes to Financial Statements.
106
EMERGING MARKETS CORE EQUITY PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (90.8%)
BRAZIL -- (5.1%)
AMBEV SA ADR........................................ 11,551,499 $ 56,255,800 0.4%
BM&FBovespa SA...................................... 12,822,223 37,912,586 0.3%
Ultrapar Participacoes SA........................... 2,067,950 35,904,018 0.3%
Other Securities.................................... 677,447,688 4.4%
-------------- -----
TOTAL BRAZIL............................................ 807,520,092 5.4%
-------------- -----
CHILE -- (1.4%)
Other Securities.................................... 228,449,810 1.5%
-------------- -----
CHINA -- (13.6%)
Bank of China, Ltd. Class H......................... 140,558,702 66,282,044 0.5%
China Construction Bank Corp. Class H............... 176,997,302 128,279,837 0.9%
China Mobile, Ltd................................... 3,162,000 37,891,591 0.3%
China Mobile, Ltd. Sponsored ADR.................... 1,846,091 111,337,748 0.8%
CNOOC, Ltd.......................................... 31,188,000 35,146,131 0.3%
Industrial & Commercial Bank of China, Ltd. Class H. 198,793,725 126,095,871 0.9%
Ping An Insurance Group Co. of China, Ltd. Class H.. 9,055,000 50,886,185 0.4%
Tencent Holdings, Ltd............................... 9,155,700 172,108,303 1.2%
Other Securities.................................... 1,446,186,089 9.3%
-------------- -----
TOTAL CHINA............................................. 2,174,213,799 14.6%
-------------- -----
COLOMBIA -- (0.4%)
Other Securities.................................... 57,594,705 0.4%
-------------- -----
CZECH REPUBLIC -- (0.2%)
Other Securities.................................... 32,210,536 0.2%
-------------- -----
EGYPT -- (0.1%)
Other Securities.................................... 12,754,087 0.1%
-------------- -----
GREECE -- (0.3%)
Other Securities.................................... 55,442,748 0.4%
-------------- -----
HUNGARY -- (0.3%)
Other Securities.................................... 39,959,995 0.3%
-------------- -----
INDIA -- (11.8%)
Axis Bank, Ltd...................................... 4,640,161 33,635,620 0.2%
HDFC Bank, Ltd...................................... 2,994,559 50,098,318 0.4%
Infosys, Ltd........................................ 2,076,360 35,933,363 0.3%
# Infosys, Ltd. Sponsored ADR......................... 3,708,004 67,337,353 0.5%
ITC, Ltd............................................ 8,357,996 42,673,743 0.3%
Reliance Industries, Ltd............................ 3,562,145 51,525,147 0.4%
Sun Pharmaceutical Industries, Ltd.................. 2,764,476 37,521,895 0.3%
Tata Consultancy Services, Ltd...................... 1,530,394 58,458,783 0.4%
Other Securities.................................... 1,504,703,616 9.9%
-------------- -----
TOTAL INDIA............................................. 1,881,887,838 12.7%
-------------- -----
INDONESIA -- (2.7%)
Bank Rakyat Indonesia Persero Tbk PT................ 49,075,100 37,559,907 0.3%
Other Securities.................................... 392,382,097 2.6%
-------------- -----
TOTAL INDONESIA......................................... 429,942,004 2.9%
-------------- -----
107
EMERGING MARKETS CORE EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
MALAYSIA -- (3.9%)
# Public Bank Bhd..................................... 8,524,711 $ 35,839,605 0.3%
Other Securities.................................... 584,110,972 3.9%
-------------- -----
TOTAL MALAYSIA.......................................... 619,950,577 4.2%
-------------- -----
MEXICO -- (5.0%)
Alfa S.A.B. de C.V. Class A......................... 18,261,494 37,854,530 0.3%
America Movil S.A.B. de C.V. Series L ADR........... 3,134,148 55,819,175 0.4%
* Cemex S.A.B. de C.V. Sponsored ADR.................. 6,630,428 41,838,001 0.3%
Fomento Economico Mexicano S.A.B. de C.V. Sponsored
ADR................................................ 627,285 62,157,671 0.4%
Grupo Financiero Banorte S.A.B. de C.V.............. 8,941,097 47,867,222 0.3%
Grupo Mexico S.A.B. de C.V. Series B................ 17,375,898 42,351,503 0.3%
Grupo Televisa S.A.B. Sponsored ADR................. 1,756,608 51,187,557 0.4%
Wal-Mart de Mexico S.A.B. de C.V.................... 16,371,536 43,362,597 0.3%
Other Securities.................................... 413,322,354 2.6%
-------------- -----
TOTAL MEXICO............................................ 795,760,610 5.3%
-------------- -----
PERU -- (0.1%)
Other Securities.................................... 17,650,963 0.1%
-------------- -----
PHILIPPINES -- (1.6%)
Other Securities.................................... 261,764,087 1.8%
-------------- -----
POLAND -- (1.7%)
Other Securities.................................... 270,657,622 1.8%
-------------- -----
RUSSIA -- (1.3%)
Gazprom PAO Sponsored ADR........................... 9,142,364 38,528,957 0.3%
Other Securities.................................... 166,424,098 1.1%
-------------- -----
TOTAL RUSSIA............................................ 204,953,055 1.4%
-------------- -----
SOUTH AFRICA -- (7.9%)
* AngloGold Ashanti, Ltd. Sponsored ADR............... 4,151,296 35,036,938 0.2%
Bidvest Group, Ltd. (The)........................... 1,810,062 46,237,232 0.3%
FirstRand, Ltd...................................... 13,403,743 49,115,838 0.3%
MTN Group, Ltd...................................... 9,901,001 112,719,038 0.8%
Naspers, Ltd. Class N............................... 495,769 72,379,490 0.5%
Sanlam, Ltd......................................... 8,202,959 37,058,722 0.3%
Sasol, Ltd.......................................... 1,199,596 38,437,056 0.3%
# Sasol, Ltd. Sponsored ADR........................... 1,125,382 36,192,285 0.3%
Standard Bank Group, Ltd............................ 5,266,378 54,718,329 0.4%
# Steinhoff International Holdings, Ltd............... 8,674,816 53,032,943 0.4%
Other Securities.................................... 719,184,696 4.6%
-------------- -----
TOTAL SOUTH AFRICA...................................... 1,254,112,567 8.4%
-------------- -----
SOUTH KOREA -- (14.4%)
# Hyundai Motor Co.................................... 364,834 49,834,350 0.4%
Samsung Electronics Co., Ltd........................ 369,532 443,226,108 3.0%
# Samsung Fire & Marine Insurance Co., Ltd............ 119,485 33,509,951 0.2%
SK Hynix, Inc....................................... 1,464,740 39,199,701 0.3%
Other Securities.................................... 1,733,191,527 11.6%
-------------- -----
TOTAL SOUTH KOREA....................................... 2,298,961,637 15.5%
-------------- -----
108
EMERGING MARKETS CORE EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
TAIWAN -- (13.9%)
Hon Hai Precision Industry Co., Ltd.................... 50,079,095 $ 133,113,168 0.9%
Taiwan Semiconductor Manufacturing Co., Ltd............ 41,147,652 173,382,448 1.2%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored
ADR................................................... 4,310,596 94,660,688 0.7%
Other Securities....................................... 1,808,124,459 12.1%
--------------- -----
TOTAL TAIWAN............................................... 2,209,280,763 14.9%
--------------- -----
THAILAND -- (3.0%)
PTT PCL................................................ 4,968,880 38,418,275 0.3%
Other Securities....................................... 440,973,706 2.9%
--------------- -----
TOTAL THAILAND............................................. 479,391,981 3.2%
--------------- -----
TURKEY -- (2.1%)
Other Securities....................................... 338,179,107 2.3%
--------------- -----
TOTAL COMMON STOCKS........................................ 14,470,638,583 97.4%
--------------- -----
PREFERRED STOCKS -- (2.0%)
BRAZIL -- (1.9%)
Itau Unibanco Holding SA............................... 9,694,322 66,580,726 0.5%
Itau Unibanco Holding SA ADR........................... 7,267,963 49,785,546 0.3%
Other Securities....................................... 195,486,933 1.3%
--------------- -----
TOTAL BRAZIL............................................... 311,853,205 2.1%
--------------- -----
CHILE -- (0.0%)
Other Securities....................................... 2,999,365 0.0%
--------------- -----
COLOMBIA -- (0.1%)
Other Securities....................................... 12,115,153 0.1%
--------------- -----
TOTAL PREFERRED STOCKS..................................... 326,967,723 2.2%
--------------- -----
RIGHTS/WARRANTS -- (0.0%)
HONG KONG -- (0.0%)
Other Securities....................................... 12,422 0.0%
--------------- -----
MALAYSIA -- (0.0%)
Other Securities....................................... 175,959 0.0%
--------------- -----
POLAND -- (0.0%)
Other Securities....................................... -- 0.0%
--------------- -----
SOUTH KOREA -- (0.0%)
Other Securities....................................... 450,531 0.0%
--------------- -----
TAIWAN -- (0.0%)
Other Securities....................................... -- 0.0%
--------------- -----
THAILAND -- (0.0%)
Other Securities....................................... 68,373 0.0%
--------------- -----
TOTAL RIGHTS/WARRANTS...................................... 707,285 0.0%
--------------- -----
109
EMERGING MARKETS CORE EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
BONDS -- (0.0%)
INDIA -- (0.0%)
Other Securities................ $ 109,543 0.0%
--------------- ------
TOTAL INVESTMENT SECURITIES............ 14,798,423,134
---------------
Value+
- ------ -
SECURITIES LENDING COLLATERAL -- (7.2%)
(S)@ DFA Short Term Investment Fund.. 98,907,352 1,144,358,063 7.7%
--------------- ------
TOTAL INVESTMENTS -- (100.0%)..........
(Cost $17,113,195,507)............. $15,942,781,197 107.3%
=============== ======
Summary of the Portfolio's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------- --------------- ------- ---------------
Common Stocks
Brazil...................... $ 185,698,474 $ 621,821,618 -- $ 807,520,092
Chile....................... 71,624,366 156,825,444 -- 228,449,810
China....................... 224,398,662 1,949,815,137 -- 2,174,213,799
Colombia.................... 57,594,705 -- -- 57,594,705
Czech Republic.............. -- 32,210,536 -- 32,210,536
Egypt....................... -- 12,754,087 -- 12,754,087
Greece...................... 616,094 54,826,654 -- 55,442,748
Hungary..................... 249,821 39,710,174 -- 39,959,995
India....................... 128,076,768 1,753,811,070 -- 1,881,887,838
Indonesia................... 18,524,862 411,417,142 -- 429,942,004
Malaysia.................... -- 619,950,577 -- 619,950,577
Mexico...................... 795,760,393 217 -- 795,760,610
Peru........................ 17,650,963 -- -- 17,650,963
Philippines................. 7,501,228 254,262,859 -- 261,764,087
Poland...................... -- 270,657,622 -- 270,657,622
Russia...................... 5,860,618 199,092,437 -- 204,953,055
South Africa................ 121,053,657 1,133,058,910 -- 1,254,112,567
South Korea................. 72,220,097 2,226,741,540 -- 2,298,961,637
Taiwan...................... 117,206,656 2,092,074,107 -- 2,209,280,763
Thailand.................... 478,931,452 460,529 -- 479,391,981
Turkey...................... 2,889,033 335,290,074 -- 338,179,107
Preferred Stocks
Brazil...................... 102,755,590 209,097,615 -- 311,853,205
Chile....................... -- 2,999,365 -- 2,999,365
Colombia.................... 12,115,153 -- -- 12,115,153
Rights/Warrants
Hong Kong................... -- 12,422 -- 12,422
Malaysia.................... -- 175,959 -- 175,959
Poland...................... -- -- -- --
South Korea................. -- 450,531 -- 450,531
Taiwan...................... -- -- -- --
Thailand.................... -- 68,373 -- 68,373
Bonds
India....................... -- 109,543 -- 109,543
Securities Lending Collateral. -- 1,144,358,063 -- 1,144,358,063
-------------- --------------- -- ---------------
TOTAL......................... $2,420,728,592 $13,522,052,605 -- $15,942,781,197
============== =============== == ===============
See accompanying Notes to Financial Statements.
110
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2015
(Amounts in thousands, except share and per share amounts)
Enhanced U.S.
Large U.S. Large Cap
Company Equity U.S. Large Cap U.S. Targeted
Portfolio Portfolio* Value Portfolio Value Portfolio*
- ------------- -------------- --------------- ----------------
ASSETS:
Investments in Affiliated Investment Company at Value........... -- -- $ 15,873,346 --
Investments at Value (including $50,351, $39,844, $0 and
$1,517,302 of securities on loan, respectively)................ $ 202,979 $ 696,498 -- $ 7,122,004
Temporary Cash Investments at Value & Cost...................... -- 803 -- 40,738
Collateral from Securities on Loan Invested in Affiliate at
Value & Cost................................................... 51,365 36,101 -- 1,274,928
Cash............................................................ 5,790 -- -- 77
Receivables:
Investment Securities/Affiliated Investment Company Sold...... -- 1,129 -- 19,632
Dividends and Tax Reclaims.................................... 717 741 -- 2,752
Securities Lending Income..................................... 11 15 -- 589
Fund Shares Sold.............................................. 137 1,524 17,123 5,977
Prepaid Expenses and Other Assets............................... 13 16 105 62
------------ ------------ -------------- ------------
Total Assets................................................ 261,012 736,827 15,890,574 8,466,759
------------ ------------ -------------- ------------
LIABILITIES:
Payables:
Due to Custodian.............................................. -- 20 -- --
Upon Return of Securities Loaned.............................. 51,365 36,101 -- 1,274,928
Investment Securities/Affiliated Investment Company
Purchased.................................................... 5,030 649 -- 20,094
Fund Shares Redeemed.......................................... 11 785 80,104 5,692
Due to Advisor................................................ 34 70 1,976 2,099
Futures Margin Variation...................................... 911 -- -- --
Accrued Expenses and Other Liabilities.......................... 20 58 559 479
------------ ------------ -------------- ------------
Total Liabilities........................................... 57,371 37,683 82,639 1,303,292
------------ ------------ -------------- ------------
NET ASSETS...................................................... $ 203,641 $ 699,144 $ 15,807,935 $ 7,163,467
============ ============ ============== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE:.....................................................
Class R1 Shares -- based on net assets of $0; $0; $0 and
$40,159 and shares outstanding of 0; 0; 0 and 1,861,151,
respectively................................................... N/A N/A N/A $ 21.58
============ ============ ============== ============
NUMBER OF SHARES AUTHORIZED..................................... N/A N/A N/A 100,000,000
============ ============ ============== ============
Class R2 Shares -- based on net assets of $0; $0; $0 and
$135,412 and shares outstanding of 0; 0; 0 and 6,295,289,
respectively................................................... N/A N/A N/A $ 21.51
============ ============ ============== ============
NUMBER OF SHARES AUTHORIZED..................................... N/A N/A N/A 100,000,000
============ ============ ============== ============
Institutional Class Shares -- based on net assets of $203,641;
$699,144; $15,807,935 and $6,987,896 and shares
outstanding of 16,234,364; 54,382,736; 475,150,278 and
324,185,677, respectively...................................... $ 12.54 $ 12.86 $ 33.27 $ 21.56
============ ============ ============== ============
NUMBER OF SHARES AUTHORIZED..................................... 300,000,000 100,000,000 2,000,000,000 700,000,000
============ ============ ============== ============
Investments in Affiliated Investment Company at Cost............ $ -- $ -- $ 11,374,012 $ --
------------ ------------ -------------- ------------
Investments at Cost............................................. $ 203,085 $ 665,207 $ -- $ 6,198,992
============ ============ ============== ============
NET ASSETS CONSIST OF:
Paid-In Capital................................................. $ 190,374 $ 668,084 $ 10,635,005 $ 5,936,565
Undistributed Net Investment Income (Distributions in Excess of
Net Investment Income)......................................... 48 1,341 29,922 8,044
Accumulated Net Realized Gain (Loss)............................ 12,534 (1,572) 643,674 295,846
Net Unrealized Appreciation (Depreciation)...................... 685 31,291 4,499,334 923,012
------------ ------------ -------------- ------------
NET ASSETS...................................................... $ 203,641 $ 699,144 $ 15,807,935 $ 7,163,467
============ ============ ============== ============
----------
* See Note K in the Notes to Financial Statements for additional securities
lending collateral.
See accompanying Notes to Financial Statements.
111
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2015
(Amounts in thousands, except share and per share amounts)
U.S. Core U.S. Core U.S. Vector
U.S. Small Cap Equity 1 Equity 2 Equity
Value Portfolio* Portfolio* Portfolio* Portfolio*
---------------- -------------- -------------- --------------
ASSETS:
Investments at Value (including $1,941,525,
$1,792,626, $2,233,153 and $685,194 of securities
on loan, respectively).............................. $ 11,465,574 $ 13,217,437 $ 15,151,126 $ 3,628,981
Temporary Cash Investments at Value & Cost........... 148,687 45,710 45,061 29,019
Collateral from Securities on Loan Invested in
Affiliate at Value & Cost........................... 1,662,904 1,451,407 1,724,551 582,015
Cash................................................. 48 -- -- --
Receivables:
Investment Securities Sold......................... 96,000 5,567 9,899 6,767
Dividends.......................................... 2,849 12,254 14,275 2,817
Securities Lending Income.......................... 811 584 808 278
Fund Shares Sold................................... 16,622 18,738 13,781 2,096
Prepaid Expenses and Other Assets.................... 94 141 179 48
-------------- -------------- -------------- --------------
Total Assets.................................... 13,393,589 14,751,838 16,959,680 4,252,021
-------------- -------------- -------------- --------------
LIABILITIES:
Payables:
Due to Custodian................................... -- 222 195 1
Upon Return of Securities Loaned................... 1,662,904 1,451,407 1,724,551 582,015
Investment Securities Purchased.................... 38,532 12,325 25,188 14,487
Fund Shares Redeemed............................... 6,265 9,620 5,902 2,877
Due to Advisor..................................... 4,928 1,857 2,512 913
Accrued Expenses and Other Liabilities............... 698 633 768 199
-------------- -------------- -------------- --------------
Total Liabilities............................... 1,713,327 1,476,064 1,759,116 600,492
-------------- -------------- -------------- --------------
NET ASSETS........................................... $ 11,680,262 $ 13,275,774 $ 15,200,564 $ 3,651,529
============== ============== ============== ==============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE:
Institutional Class Shares -- based on net assets of
$11,680,262; $13,275,774; $15,200,564 and
$3,651,529 and shares outstanding of
353,042,332; 741,605,495; 880,670,994 and
225,076,291, respectively........................... $ 33.08 $ 17.90 $ 17.26 $ 16.22
============== ============== ============== ==============
NUMBER OF SHARES AUTHORIZED.......................... 1,700,000,000 1,500,000,000 2,300,000,000 1,000,000,000
============== ============== ============== ==============
Investments at Cost.................................. $ 9,213,439 $ 9,940,683 $ 11,101,161 $ 2,697,099
============== ============== ============== ==============
NET ASSETS CONSIST OF:
Paid-In Capital...................................... $ 8,939,098 $ 9,817,893 $ 10,832,003 $ 2,596,160
Undistributed Net Investment Income (Distributions
in Excess of Net Investment Income)................. 6,188 21,625 25,434 4,454
Accumulated Net Realized Gain (Loss)................. 482,841 159,502 293,162 119,033
Net Unrealized Appreciation (Depreciation)........... 2,252,135 3,276,754 4,049,965 931,882
-------------- -------------- -------------- --------------
NET ASSETS........................................... $ 11,680,262 $ 13,275,774 $ 15,200,564 $ 3,651,529
============== ============== ============== ==============
----------
* See Note K in the Notes to Financial Statements for additional securities
lending collateral.
See accompanying Notes to Financial Statements.
112
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2015
(Amounts in thousands, except share and per share amounts)
DFA Real
Estate Large Cap
U.S. Small Cap U.S. Micro Cap Securities International
Portfolio* Portfolio* Portfolio* Portfolio*
-------------- -------------- ------------ -------------
ASSETS:
Investments at Value (including $2,328,280, $898,051,
$354,060 and $179,932 of securities on loan,
respectively).............................................. $ 10,551,871 $ 4,984,595 $ 6,539,667 $ 3,133,692
Temporary Cash Investments at Value & Cost.................. 20,271 30,728 10,968 --
Collateral from Securities on Loan Invested in Affiliate at
Value & Cost............................................... 2,235,539 859,652 252,029 181,845
Foreign Currencies at Value................................. -- -- -- 1,300
Cash........................................................ 66 100 -- 8,959
Receivables:
Investment Securities Sold................................ 30,441 10,470 25 --
Dividends and Tax Reclaims................................ 2,922 1,883 6,050 7,967
Securities Lending Income................................. 973 479 26 167
Fund Shares Sold.......................................... 18,016 1,423 3,480 1,375
Prepaid Expenses and Other Assets........................... 44 38 63 26
-------------- -------------- ------------ ------------
Total Assets........................................... 12,860,143 5,889,368 6,812,208 3,335,331
-------------- -------------- ------------ ------------
LIABILITIES:
Payables:
Upon Return of Securities Loaned.......................... 2,235,539 859,652 252,029 181,845
Investment Securities Purchased........................... 859 19,317 3,094 71
Fund Shares Redeemed...................................... 3,551 906 2,843 2,182
Due to Advisor............................................ 3,097 2,096 740 660
Accrued Expenses and Other Liabilities...................... 555 306 310 239
-------------- -------------- ------------ ------------
Total Liabilities...................................... 2,243,601 882,277 259,016 184,997
-------------- -------------- ------------ ------------
NET ASSETS.................................................. $ 10,616,542 $ 5,007,091 $ 6,553,192 $ 3,150,334
============== ============== ============ ============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE:
Institutional Class Shares -- based on net assets of
$10,616,542; $5,007,091; $6,553,192 and $3,150,334
and shares outstanding of 344,285,171; 263,465,630;
198,346,245 and 154,744,046, respectively.................. $ 30.84 $ 19.00 $ 33.04 $ 20.36
============== ============== ============ ============
NUMBER OF SHARES AUTHORIZED................................. 1,000,000,000 1,500,000,000 700,000,000 500,000,000
============== ============== ============ ============
Investments at Cost......................................... $ 8,474,761 $ 3,605,086 $ 4,568,269 $ 2,737,226
============== ============== ============ ============
Foreign Currencies at Cost.................................. $ -- $ -- $ -- $ 1,298
============== ============== ============ ============
NET ASSETS CONSIST OF:
Paid-In Capital............................................. $ 8,043,015 $ 3,361,968 $ 4,685,103 $ 3,035,771
Undistributed Net Investment Income (Distributions in
Excess of Net Investment Income)........................... 7,767 2,845 (120) 8,542
Accumulated Net Realized Gain (Loss)........................ 488,650 262,769 (103,189) (290,399)
Net Unrealized Foreign Exchange Gain (Loss)................. -- -- -- (48)
Net Unrealized Appreciation (Depreciation).................. 2,077,110 1,379,509 1,971,398 396,468
-------------- -------------- ------------ ------------
NET ASSETS.................................................. $ 10,616,542 $ 5,007,091 $ 6,553,192 $ 3,150,334
============== ============== ============ ============
----------
* See Note K in the Notes to Financial Statements for additional securities
lending collateral.
See accompanying Notes to Financial Statements.
113
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2015
(Amounts in thousands, except share and per share amounts)
International Asia Pacific
International Small Japanese Small Small
Core Equity Company Company Company
Portfolio* Portfolio Portfolio Portfolio
-------------- -------------- -------------- ------------
ASSETS:
Investments in Affiliated Investment Companies at
Value...................................................... -- $ 9,183,489 $ 464,287 $ 200,339
Investments at Value (including $961,874, $0, $0 and $0
of securities on loan, respectively)....................... $ 14,345,363 -- -- --
Collateral from Securities on Loan Invested in Affiliate at
Value & Cost............................................... 999,853 -- -- --
Foreign Currencies at Value................................. 4,912 -- -- --
Cash........................................................ 73,586 133 -- --
Receivables:
Investment Securities Sold.................................. 1,271 -- -- --
Dividends and Tax Reclaims................................ 34,913 -- -- --
Securities Lending Income................................. 1,400 -- -- --
Fund Shares Sold.......................................... 15,192 146,021 5 --
Unrealized Gain on Foreign Currency Contracts............... 257 -- -- --
Prepaid Expenses and Other Assets........................... 208 43 7 8
-------------- -------------- ------------ ------------
Total Assets........................................... 15,476,955 9,329,686 464,299 200,347
-------------- -------------- ------------ ------------
LIABILITIES:
Payables:
Upon Return of Securities Loaned.......................... 999,853 -- -- --
Investment Securities Purchased........................... 43,023 -- -- --
Fund Shares Redeemed...................................... 8,242 2,713 134 --
Due to Advisor............................................ 4,223 3,100 157 67
Accrued Expenses and Other Liabilities...................... 1,046 381 11 10
-------------- -------------- ------------ ------------
Total Liabilities...................................... 1,056,387 6,194 302 77
-------------- -------------- ------------ ------------
NET ASSETS.................................................. $ 14,420,568 $ 9,323,492 $ 463,997 $ 200,270
============== ============== ============ ============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE:
Institutional Class Shares -- based on net assets of
$14,420,568; $9,323,492; $463,997 and $200,270 and
shares outstanding of 1,233,415,586; 524,490,688;
22,680,456 and 10,509,822, respectively.................... $ 11.69 $ 17.78 $ 20.46 $ 19.06
============== ============== ============ ============
NUMBER OF SHARES AUTHORIZED................................. 2,000,000,000 1,500,000,000 100,000,000 100,000,000
============== ============== ============ ============
Investments in Affiliated Investment Companies at
Cost....................................................... $ -- $ 8,450,933 $ 427,037 $ 239,209
============== ============== ============ ============
Investments at Cost......................................... $ 13,862,815 $ -- $ -- $ --
============== ============== ============ ============
Foreign Currencies at Cost.................................. $ 4,908 $ -- $ -- $ --
============== ============== ============ ============
NET ASSETS CONSIST OF:
Paid-In Capital............................................. $ 14,222,598 $ 8,357,634 $ 479,514 $ 273,164
Undistributed Net Investment Income (Distributions in
Excess of Net Investment Income)........................... 17,301 34,648 1,497 83
Accumulated Net Realized Gain (Loss)........................ (301,605) 198,899 (54,208) (34,103)
Net Unrealized Foreign Exchange Gain (Loss)................. (278) (245) (56) (4)
Net Unrealized Appreciation (Depreciation).................. 482,552 732,556 37,250 (38,870)
-------------- -------------- ------------ ------------
NET ASSETS.................................................. $ 14,420,568 $ 9,323,492 $ 463,997 $ 200,270
============== ============== ============ ============
----------
* See Note K in the Notes to Financial Statements for additional securities
lending collateral.
See accompanying Notes to Financial Statements.
114
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2015
(Amounts in thousands, except share and per share amounts)
DFA
United Continental International DFA Global DFA
Kingdom Small Small Real Estate Real Estate International
Company Company Securities Securities Small Cap
Portfolio Portfolio Portfolio* Portfolio Value Portfolio*
------------- ------------ -------------- -------------- ----------------
ASSETS:
Investments in Affiliated Investment Companies
at Value...................................... $ 35,645 $ 278,064 -- $ 3,022,957 --
Investments at Value (including $0, $0,
$110,637, $369,586 and $888,702 of
securities on loan, respectively)............. -- -- $ 3,515,243 1,012,014 $ 12,419,745
Collateral from Securities on Loan Invested in
Affiliate at Value & Cost..................... -- -- 141,485 379,932 960,172
Foreign Currencies at Value.................... -- -- 6,698 -- 44,849
Cash........................................... -- -- 7,462 23,428 27,629
Receivables:
Investment Securities/Affiliated Investment
Company Sold................................ -- -- 51 -- 56,989
Dividends and Tax Reclaims................... -- -- 12,297 1,005 35,981
Securities Lending Income.................... -- -- 95 33 1,930
Fund Shares Sold............................. -- 64 1,367 2,204 5,850
Unrealized Gain on Foreign Currency
Contracts..................................... -- -- 3 -- --
Prepaid Expenses and Other Assets.............. 6 7 17 52 97
------------ ------------ -------------- -------------- --------------
Total Assets.............................. 35,651 278,135 3,684,718 4,441,625 13,553,242
------------ ------------ -------------- -------------- --------------
LIABILITIES:
Payables:
Upon Return of Securities Loaned............. -- -- 141,485 379,932 960,172
Investment Securities/Affiliated Investment
Company Purchased........................... -- -- 936 -- 4,345
Fund Shares Redeemed......................... -- 2 1,215 1,611 3,202
Due to Advisor............................... 11 94 738 17 6,897
Unrealized Loss on Foreign Currency
Contracts..................................... -- -- -- -- 1
Accrued Expenses and Other Liabilities......... 3 15 252 149 1,050
------------ ------------ -------------- -------------- --------------
Total Liabilities......................... 14 111 144,626 381,709 975,667
------------ ------------ -------------- -------------- --------------
NET ASSETS..................................... $ 35,637 $ 278,024 $ 3,540,092 $ 4,059,916 $ 12,577,575
============ ============ ============== ============== ==============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE:
Institutional Class Shares -- based on net
assets of $35,637; $278,024; $3,540,092;
$4,059,916 and $12,577,575 and shares
outstanding of 1,003,742; 13,403,697;
671,223,306; 383,278,639 and 647,142,906,
respectively.................................. $ 35.50 $ 20.74 $ 5.27 $ 10.59 $ 19.44
============ ============ ============== ============== ==============
NUMBER OF SHARES AUTHORIZED.................... 100,000,000 100,000,000 1,200,000,000 1,500,000,000 2,300,000,000
============ ============ ============== ============== ==============
Investments in Affiliated Investment Companies
at Cost....................................... $ 24,851 $ 246,159 $ -- $ 2,430,621 $ --
============ ============ ============== ============== ==============
Investments at Cost............................ $ -- $ 1 $ 3,264,732 $ 968,979 $ 11,104,010
============ ============ ============== ============== ==============
Foreign Currencies at Cost..................... $ -- $ -- $ 6,834 $ -- $ 44,879
============ ============ ============== ============== ==============
NET ASSETS CONSIST OF:
Paid-In Capital................................ $ 23,177 $ 262,917 $ 3,767,966 $ 3,412,033 $ 11,051,621
Undistributed Net Investment Income
(Distributions in Excess of Net Investment
Income)....................................... 207 248 (221,598) 50,527 44,763
Accumulated Net Realized Gain (Loss)........... 1,455 (17,161) (256,654) (38,015) 165,223
Net Unrealized Foreign Exchange Gain
(Loss)........................................ 4 116 3 -- 263
Net Unrealized Appreciation (Depreciation)..... 10,794 31,904 250,375 635,371 1,315,705
------------ ------------ -------------- -------------- --------------
NET ASSETS..................................... $ 35,637 $ 278,024 $ 3,540,092 $ 4,059,916 $ 12,577,575
============ ============ ============== ============== ==============
----------
* See Note K in the Notes to Financial Statements for additional securities
lending collateral.
See accompanying Notes to Financial Statements.
115
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2015
(Amounts in thousands, except share and per share amounts)
International World ex U.S. World ex U.S. World Core
Vector Equity World ex U.S. Targeted Value Core Equity Equity
Portfolio* Value Portfolio Portfolio* Portfolio* Portfolio
------------- --------------- -------------- ------------- ------------
ASSETS:
Investments in Affiliated Investment Companies at
Value............................................... -- $ 155,464 -- -- $ 202,383
Investments at Value (including $110,906, $0,
$12,962, $68,252 and $0 of securities on loan,
respectively)....................................... $ 1,585,942 -- $ 226,413 $ 1,163,543 --
Temporary Cash Investments at Value & Cost........... -- -- -- -- 5,698
Collateral from Securities on Loan Invested in
Affiliate at Value & Cost........................... 115,826 -- 13,402 68,475 --
Foreign Currencies at Value.......................... 820 -- 280 883 --
Cash................................................. 4,540 -- 385 3,659 --
Receivables:
Investment Securities Sold......................... 120 -- -- -- --
Dividends and Tax Reclaims......................... 4,034 -- 402 2,266 --
Securities Lending Income.......................... 171 -- 21 108 --
Fund Shares Sold................................... 959 356 563 1,530 195
Prepaid Expenses and Other Assets.................... 37 14 35 26 13
------------ ------------ ------------ ------------ ------------
Total Assets..................................... 1,712,449 155,834 241,501 1,240,490 208,289
------------ ------------ ------------ ------------ ------------
LIABILITIES:
Payables:
Upon Return of Securities Loaned................... 115,826 -- 13,402 68,475 --
Investment Securities Purchased.................... 33 -- 245 24 5,600
Fund Shares Redeemed............................... 928 465 -- 668 20
Due to Advisor..................................... 603 48 113 306 2
Line of Credit..................................... -- 12 -- -- --
Accrued Expenses and Other Liabilities............... 145 8 10 189 12
------------ ------------ ------------ ------------ ------------
Total Liabilities................................ 117,535 533 13,770 69,662 5,634
------------ ------------ ------------ ------------ ------------
NET ASSETS........................................... $ 1,594,914 $ 155,301 $ 227,731 $ 1,170,828 $ 202,655
============ ============ ============ ============ ============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE:
Institutional Class Shares -- based on net assets of
$1,594,914; $155,301; $227,731; $1,170,828 and
$202,655 and shares outstanding of
148,261,851; 15,114,137; 19,907,786;
119,073,991 and 15,658,706, respectively............ $ 10.76 $ 10.28 $ 11.44 $ 9.83 $ 12.94
============ ============ ============ ============ ============
NUMBER OF SHARES AUTHORIZED.......................... 500,000,000 100,000,000 100,000,000 500,000,000 100,000,000
============ ============ ============ ============ ============
Investments in Affiliated Investment Companies at
Cost................................................ $ -- $ 162,773 $ -- $ -- $ 208,990
============ ============ ============ ============ ============
Investments at Cost.................................. $ 1,509,582 $ -- $ 217,764 $ 1,219,996 $ --
============ ============ ============ ============ ============
Foreign Currencies at Cost........................... $ 820 $ -- $ 280 $ 884 $ --
============ ============ ============ ============ ============
NET ASSETS CONSIST OF:
Paid-In Capital...................................... $ 1,509,728 $ 162,750 $ 231,768 $ 1,233,283 $ 209,879
Undistributed Net Investment Income (Distributions
in Excess of Net Investment Income)................. 3,889 517 10 3,451 121
Accumulated Net Realized Gain (Loss)................. 4,956 (645) (12,694) (9,440) (738)
Net Unrealized Foreign Exchange Gain (Loss).......... (19) (37) (2) (13) --
Net Unrealized Appreciation (Depreciation)........... 76,360 (7,284) 8,649 (56,453) (6,607)
------------ ------------ ------------ ------------ ------------
NET ASSETS........................................... $ 1,594,914 $ 155,301 $ 227,731 $ 1,170,828 $ 202,655
============ ============ ============ ============ ============
----------
* See Note K in the Notes to Financial Statements for additional securities
lending collateral.
See accompanying Notes to Financial Statements.
116
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2015
(Amounts in thousands, except share and per share amounts)
Selectively
Hedged Global Emerging Emerging Emerging
Equity Markets Markets Small Markets Value
Portfolio Portfolio Cap Portfolio Portfolio
------------- ------------ ------------- --------------
ASSETS:
Investments in Affiliated Investment Companies at Value..... $ 234,659 $ 4,321,201 $ 4,851,812 $ 14,953,939
Investments at Value (including $0, $0, $0, $0 and
$1,710,554 of securities on loan, respectively)............ -- -- -- --
Collateral from Securities on Loan Invested in Affiliate at
Value & Cost............................................... -- -- -- --
Segregated Cash for Futures Contracts....................... 432 -- -- --
Foreign Currencies at Value................................. -- -- -- --
Cash........................................................ 9,883 -- -- --
Receivables:
Investment Securities/Affiliated Investment Companies
Sold..................................................... -- -- -- --
Dividends and Tax Reclaims................................ -- -- -- --
Securities Lending Income................................. -- -- -- --
Fund Shares Sold.......................................... 62 5,058 2,096 11,141
Unrealized Gain on Forward Currency Contracts............... 146 -- -- --
Unrealized Gain on Foreign Currency Contracts............... -- -- -- --
Prepaid Expenses and Other Assets........................... 19 50 38 98
------------ ------------ ------------ --------------
Total Assets............................................ 245,201 4,326,309 4,853,946 14,965,178
------------ ------------ ------------ --------------
LIABILITIES:
Payables:
Upon Return of Securities Loaned.......................... -- -- -- --
Investment Securities/Affiliated Investment Companies
Purchased................................................ -- -- -- --
Fund Shares Redeemed...................................... -- 3,041 6,724 50,484
Due to Advisor............................................ -- 1,486 1,859 5,126
Futures Margin Variation.................................. 44 -- -- --
Unrealized Loss on Forward Currency Contracts............... 38 -- -- --
Unrealized Loss on Foreign Currency Contracts............... -- -- -- --
Accrued Expenses and Other Liabilities...................... 13 252 189 604
------------ ------------ ------------ --------------
Total Liabilities....................................... 95 4,779 8,772 56,214
------------ ------------ ------------ --------------
NET ASSETS.................................................. $ 245,106 $ 4,321,530 $ 4,845,174 $ 14,908,964
============ ============ ============ ==============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE:
Class R2 Shares -- based on net assets of $0; $0; $0;
$74,076 and $0 and shares outstanding of 0; 0; 0;
3,340,021 and 0, respectively.............................. $ N/A $ N/A $ N/A $ 22.18
============ ============ ============ ==============
NUMBER OF SHARES AUTHORIZED................................. N/A N/A N/A 100,000,000
============ ============ ============ ==============
Institutional Class Shares -- based on net assets of
$245,106; $4,321,530; $4,845,174; $14,834,888 and
$14,856,878 and shares outstanding of 18,155,183;
194,931,499; 261,697,554; 667,776,525 and 883,777,245,
respectively............................................... $ 13.50 $ 22.17 $ 18.51 $ 22.22
============ ============ ============ ==============
NUMBER OF SHARES AUTHORIZED................................. 100,000,000 500,000,000 500,000,000 1,500,000,000
============ ============ ============ ==============
Investments in Affiliated Investment Companies at Cost...... $ 227,605 $ 3,846,698 $ 5,059,736 $ 18,008,369
============ ============ ============ ==============
Investments at Cost......................................... $ -- $ -- $ -- $ --
============ ============ ============ ==============
Foreign Currencies at Cost.................................. $ -- $ -- $ -- $ --
============ ============ ============ ==============
NET ASSETS CONSIST OF:
Paid-In Capital............................................. $ 232,888 $ 3,963,869 $ 5,011,759 $ 18,892,127
Undistributed Net Investment Income (Distributions in
Excess of Net Investment Income)........................... 5,058 5,762 14,144 24,502
Accumulated Net Realized Gain (Loss)........................ (754) (122,460) 25,202 (964,819)
Net Unrealized Foreign Exchange Gain (Loss)................. 108 (144) (465) 166
Net Unrealized Appreciation (Depreciation).................. 7,806 474,503 (205,466) (3,043,012)
------------ ------------ ------------ --------------
NET ASSETS.................................................. $ 245,106 $ 4,321,530 $ 4,845,174 $ 14,908,964
============ ============ ============ ==============
Emerging
Markets Core
Equity
Portfolio*
--------------
ASSETS:
Investments in Affiliated Investment Companies at Value..... --
Investments at Value (including $0, $0, $0, $0 and
$1,710,554 of securities on loan, respectively)............ $ 14,798,423
Collateral from Securities on Loan Invested in Affiliate at
Value & Cost............................................... 1,144,358
Segregated Cash for Futures Contracts....................... --
Foreign Currencies at Value................................. 42,940
Cash........................................................ 14,601
Receivables:
Investment Securities/Affiliated Investment Companies
Sold..................................................... 2,320
Dividends and Tax Reclaims................................ 8,138
Securities Lending Income................................. 4,005
Fund Shares Sold.......................................... 30,295
Unrealized Gain on Forward Currency Contracts............... --
Unrealized Gain on Foreign Currency Contracts............... 5
Prepaid Expenses and Other Assets........................... 187
--------------
Total Assets............................................ 16,045,272
--------------
LIABILITIES:
Payables:
Upon Return of Securities Loaned.......................... 1,144,358
Investment Securities/Affiliated Investment Companies
Purchased................................................ 21,673
Fund Shares Redeemed...................................... 13,390
Due to Advisor............................................ 6,930
Futures Margin Variation.................................. --
Unrealized Loss on Forward Currency Contracts............... --
Unrealized Loss on Foreign Currency Contracts............... 2
Accrued Expenses and Other Liabilities...................... 2,041
--------------
Total Liabilities....................................... 1,188,394
--------------
NET ASSETS.................................................. $ 14,856,878
==============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE:
Class R2 Shares -- based on net assets of $0; $0; $0;
$74,076 and $0 and shares outstanding of 0; 0; 0;
3,340,021 and 0, respectively.............................. $ N/A
==============
NUMBER OF SHARES AUTHORIZED................................. N/A
==============
Institutional Class Shares -- based on net assets of
$245,106; $4,321,530; $4,845,174; $14,834,888 and
$14,856,878 and shares outstanding of 18,155,183;
194,931,499; 261,697,554; 667,776,525 and 883,777,245,
respectively............................................... $ 16.81
==============
NUMBER OF SHARES AUTHORIZED................................. 1,500,000,000
==============
Investments in Affiliated Investment Companies at Cost...... $ --
==============
Investments at Cost......................................... $ 15,968,837
==============
Foreign Currencies at Cost.................................. $ 42,790
==============
NET ASSETS CONSIST OF:
Paid-In Capital............................................. $ 16,502,749
Undistributed Net Investment Income (Distributions in
Excess of Net Investment Income)........................... 17,752
Accumulated Net Realized Gain (Loss)........................ (492,799)
Net Unrealized Foreign Exchange Gain (Loss)................. (560)
Net Unrealized Appreciation (Depreciation).................. (1,170,264)
--------------
NET ASSETS.................................................. $ 14,856,878
==============
----------
* See Note K in the Notes to Financial Statements for additional securities
lending collateral.
See accompanying Notes to Financial Statements.
117
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2015
(Amounts in thousands)
Enhanced
U.S. Large U.S. Large U.S. Large U.S. Targeted
Company Cap Equity Cap Value Value
Portfolio Portfolio Portfolio* Portfolio
---------- ---------- ---------- -------------
Investment Income
Net Investment Income Allocated from Affiliated Investment Company:
Dividends (Net of Foreign Taxes Withheld of $0, $0, $18 and $0,
respectively)....................................................... -- -- $ 356,189 --
Income from Securities Lending....................................... -- -- 3,849 --
Expenses Allocated from Affiliated Investment Company................ -- -- (17,157) --
------- ------- --------- ---------
Total Net Investment Income Received from Affiliated Investment
Company........................................................... -- -- 342,881 --
------- ------- --------- ---------
Fund Investment Income
Dividends (Net of Foreign Taxes Withheld of $0, $2, $0 and $24,
respectively)....................................................... $ 91 $10,124 -- $ 98,852
Interest............................................................. 1,522 -- -- --
Income from Securities Lending....................................... 19 125 -- 6,829
------- ------- --------- ---------
Total Investment Income............................................ 1,632 10,249 -- 105,681
------- ------- --------- ---------
Fund Expenses
Investment Advisory Services Fees.................................... 424 784 10,815 22,368
Administrative Services Fees......................................... -- -- 16,886 --
Accounting & Transfer Agent Fees..................................... 17 35 93 368
S&P 500(R) Fees...................................................... 8 -- -- --
Custodian Fees....................................................... 7 28 -- 111
Shareholder Servicing Fees --
Class R1 Shares..................................................... -- -- -- 33
Class R2 Shares..................................................... -- -- -- 274
Filing Fees.......................................................... 20 67 289 293
Shareholders' Reports................................................ 8 15 463 250
Directors'/Trustees' Fees & Expenses................................. 1 2 76 28
Professional Fees.................................................... 6 10 46 120
Other................................................................ 14 28 835 373
------- ------- --------- ---------
Total Expenses..................................................... 505 969 29,503 24,218
------- ------- --------- ---------
Fees (Waived), (Expenses Reimbursed), and/or Previously Waived Fees
Recovered by Advisor (Note C)....................................... -- 25 (4,326) --
Fees Paid Indirectly (Note C)........................................ (3) -- -- --
------- ------- --------- ---------
Net Expenses......................................................... 502 994 25,177 24,218
------- ------- --------- ---------
Net Investment Income (Loss)......................................... 1,130 9,255 317,704 81,463
------- ------- --------- ---------
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold.......................................... 4,580 (1,560) 681,400 315,026
Futures............................................................. 15,372 (12) (35) (296)
Foreign Currency Transactions....................................... 629 -- -- --
In-Kind Redemptions................................................. -- 10,024 -- --
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency.......................... (4,383) (4,105) (815,432) (527,329)
Futures............................................................. (6,267) -- 4 --
Translation of Foreign Currency Denominated Amounts................. (191) -- -- --
------- ------- --------- ---------
Net Realized and Unrealized Gain (Loss).............................. 9,740 4,347 (134,063) (212,599)
------- ------- --------- ---------
Net Increase (Decrease) in Net Assets Resulting from Operations........ $10,870 $13,602 $ 183,641 $(131,136)
======= ======= ========= =========
----------
* Investment Income and Realized and Unrealized Gain (Loss) were allocated from
the Portfolio's Master Fund (Affiliated Investment Company).
See accompanying Notes to Financial Statements.
118
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2015
(Amounts in thousands)
U.S. Small U.S. Core U.S. Core U.S. Vector
Cap Value Equity 1 Equity 2 Equity
Portfolio Portfolio Portfolio Portfolio
----------- --------- --------- -----------
Investment Income
Dividends (Net of Foreign Taxes Withheld of $68, $56, $58 and $13,
respectively)...................................................... $ 192,300 $226,889 $ 261,847 $ 63,066
Income from Securities Lending...................................... 10,045 6,137 8,512 3,215
----------- -------- --------- ---------
Total Investment Income.......................................... 202,345 233,026 270,359 66,281
----------- -------- --------- ---------
Expenses
Investment Advisory Services Fees................................... 59,499 20,824 28,377 10,933
Accounting & Transfer Agent Fees.................................... 674 693 802 211
Custodian Fees...................................................... 182 170 189 65
Filing Fees......................................................... 255 408 456 107
Shareholders' Reports............................................... 348 248 306 130
Directors'/Trustees' Fees & Expenses................................ 57 56 66 17
Professional Fees................................................... 234 232 270 72
Other............................................................... 737 740 856 237
----------- -------- --------- ---------
Total Expenses................................................... 61,986 23,371 31,322 11,772
----------- -------- --------- ---------
Net Investment Income (Loss)........................................ 140,359 209,655 239,037 54,509
----------- -------- --------- ---------
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold........................................ 522,294 164,919 305,920 127,309
Futures........................................................... (2,510) -- 1,793 (811)
In-Kind Redemptions............................................... 12,630 48,790 -- --
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities............................................. (1,025,518) (56,468) (307,072) (193,154)
----------- -------- --------- ---------
Net Realized and Unrealized Gain (Loss)............................. (493,104) 157,241 641 (66,656)
----------- -------- --------- ---------
Net Increase (Decrease) in Net Assets Resulting from Operations....... $ (352,745) $366,896 $ 239,678 $ (12,147)
=========== ======== ========= =========
See accompanying Notes to Financial Statements.
119
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2015
(Amounts in thousands)
DFA Real
Estate Large Cap
U.S. Small U.S. Micro Securities International
Cap Portfolio Cap Portfolio Portfolio Portfolio
------------- ------------- ---------- -------------
Investment Income
Dividends (Net of Foreign Taxes Withheld of $28, $20, $0 and
$7,836, respectively)........................................ $ 138,012 $ 62,002 $ 199,351 $ 92,447
Income from Securities Lending................................ 12,245 6,440 546 3,064
--------- --------- --------- ---------
Total Investment Income.................................... 150,257 68,442 199,897 95,511
--------- --------- --------- ---------
Expenses
Investment Advisory Services Fees............................. 35,759 25,481 11,597 7,966
Accounting & Transfer Agent Fees.............................. 579 292 389 192
Custodian Fees................................................ 174 97 75 322
Filing Fees................................................... 246 96 103 86
Shareholders' Reports......................................... 315 159 259 155
Directors'/Trustees' Fees & Expenses.......................... 47 25 34 16
Professional Fees............................................. 194 99 137 117
Other......................................................... 617 325 443 249
--------- --------- --------- ---------
Total Expenses............................................. 37,931 26,574 13,037 9,103
--------- --------- --------- ---------
Fees (Waived), (Expenses Reimbursed), and/or Previously
Waived Fees Recovered by Advisor (Note C).................... -- -- (755) --
Fees Paid Indirectly (Note C)................................. -- -- -- (10)
--------- --------- --------- ---------
Net Expenses............................................... 37,931 26,574 12,282 9,093
--------- --------- --------- ---------
Net Investment Income (Loss).................................. 112,326 41,868 187,615 86,418
--------- --------- --------- ---------
Realized and Unrealized Gain (Loss).............................
Net Realized Gain (Loss) on:
Investment Securities Sold.................................. 532,485 283,555 119,527 (50,887)
Futures..................................................... -- (2,258) -- 769
Foreign Currency Transactions............................... -- -- -- (528)
In-Kind Redemptions......................................... 28,254 12,861 258,319 33,199
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency.................. (457,527) (281,159) (219,248) (155,643)
Translation of Foreign Currency Denominated Amounts......... -- -- -- 142
--------- --------- --------- ---------
Net Realized and Unrealized Gain (Loss)....................... 103,212 12,999 158,598 (172,948)
--------- --------- --------- ---------
Net Increase (Decrease) in Net Assets Resulting from
Operations..................................................... $ 215,538 $ 54,867 $ 346,213 $ (86,530)
========= ========= ========= =========
See accompanying Notes to Financial Statements.
120
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2015
(Amounts in thousands)
International Japanese Asia Pacific
International Small Small Small
Core Equity Company Company Company
Portfolio Portfolio* Portfolio* Portfolio*
------------- ------------- ---------- ------------
Investment Income
Net Investment Income Allocated from Affiliated Investment
Companies:
Dividends (Net of Foreign Taxes Withheld of $0, $17,982, $855 and
$206, respectively)................................................. -- $ 236,159 $ 7,736 $ 10,001
Income from Securities Lending....................................... -- 20,345 856 760
Expenses Allocated from Affiliated Investment Companies.............. -- (11,146) (600) (335)
--------- --------- ------- --------
Total Net Investment Income Received from Affiliated
Investment Companies............................................. -- 245,358 7,992 10,426
--------- --------- ------- --------
Fund Investment Income
Dividends (Net of Foreign Taxes Withheld of $31,890, $0, $0 and $0,
respectively)....................................................... $ 387,187 17 -- --
Income from Securities Lending....................................... 18,773 -- -- --
--------- --------- ------- --------
Total Investment Income........................................... 405,960 17 -- --
--------- --------- ------- --------
Fund Expenses
Investment Advisory Services Fees.................................... 47,090 10,284 647 282
Administrative Services Fees......................................... -- 25,866 1,386 794
Accounting & Transfer Agent Fees..................................... 770 54 4 3
Custodian Fees....................................................... 1,570 2 -- --
Filing Fees.......................................................... 531 158 19 19
Shareholders' Reports................................................ 408 311 8 8
Directors'/Trustees' Fees & Expenses................................. 61 43 2 2
Professional Fees.................................................... 340 42 1 1
Other................................................................ 932 491 30 18
--------- --------- ------- --------
Total Expenses.................................................... 51,702 37,251 2,097 1,127
--------- --------- ------- --------
Fees (Waived), (Expenses Reimbursed), and/or Previously Waived
Fees Recovered by Advisor (Note C).................................. -- -- (129) (56)
Fees Paid Indirectly (Note C)........................................ (72) -- -- --
--------- --------- ------- --------
Net Expenses......................................................... 51,630 37,251 1,968 1,071
--------- --------- ------- --------
Net Investment Income (Loss)......................................... 354,330 208,124 6,024 9,355
--------- --------- ------- --------
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold......................................... 4,776 376,613 12,888 (2,042)
Futures............................................................ -- (4,583) -- --
Foreign Currency Transactions...................................... (2,904) (2,876) (355) (202)
In-Kind Redemptions................................................ 163,544 -- -- --
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency......................... (679,030) (293,604) 20,984 (43,082)
Futures............................................................ -- (22) -- --
Translation of Foreign Currency Denominated Amounts................ 330 344 68 (3)
--------- --------- ------- --------
Net Realized and Unrealized Gain (Loss).............................. (513,284) 75,872 33,585 (45,329)
--------- --------- ------- --------
Net Increase (Decrease) in Net Assets Resulting from
Operations............................................................ $(158,954) $ 283,996 $39,609 $(35,974)
========= ========= ======= ========
----------
* Investment Income and Realized and Unrealized Gain (Loss) were allocated from
the Portfolio's Master Fund (Affiliated Investment Company).
See accompanying Notes to Financial Statements.
121
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2015
(Amounts in thousands)
United DFA DFA
Kingdom Continental International DFA Global International
Small Small Real Estate Real Estate Small Cap
Company Company Securities Securities Value
Portfolio* Portfolio* Portfolio Portfolio Portfolio
---------- ----------- ------------- ----------- -------------
Investment Income
Net Investment Income Allocated from Affiliated Investment
Company:
Dividends (Net of Foreign Taxes Withheld of $0, $791, $0, $0
and $0, respectively)........................................ $1,243 $ 5,436 -- -- --
Income from Securities Lending................................ 21 728 -- -- --
Expenses Allocated from Affiliated Investment Company......... (40) (298) -- -- --
------ ------- --------- -------- ---------
Total Net Investment Income Received from Affiliated
Investment Company......................................... 1,224 5,866 -- -- --
------ ------- --------- -------- ---------
Fund Investment Income
Dividends (Net of Foreign Taxes Withheld of $0, $0, $15,269,
$0 and $21,633, respectively)................................ -- -- $ 127,870 $ 10,901 $ 305,219
Income Distributions Received from Affiliated Investment
Companies.................................................... -- -- -- 145,117 --
Income from Securities Lending................................ -- -- 2,505 64 18,981
------ ------- --------- -------- ---------
Total Fund Investment Income................................ -- -- 130,375 156,082 324,200
------ ------- --------- -------- ---------
Fund Expenses
Investment Advisory Services Fees............................. 51 390 9,270 8,217 80,364
Administrative Services Fees.................................. 100 620 -- -- --
Accounting & Transfer Agent Fees.............................. 3 2 200 24 708
Custodian Fees................................................ -- -- 376 8 1,867
Filing Fees................................................... 15 30 131 176 245
Shareholders' Reports......................................... 3 8 126 200 413
Directors'/Trustees' Fees & Expenses.......................... -- 1 15 17 58
Professional Fees............................................. 2 1 85 23 303
Other......................................................... 3 12 208 187 886
------ ------- --------- -------- ---------
Total Expenses.............................................. 177 1,064 10,411 8,852 84,844
------ ------- --------- -------- ---------
Fees (Waived), (Expenses Reimbursed), and/or
Previously Waived Fees Recovered by Advisor
(Note C)..................................................... (11) (78) -- (7,007) --
Fees Paid Indirectly (Note C)................................. -- -- (16) -- (32)
------ ------- --------- -------- ---------
Net Expenses.................................................. 166 986 10,395 1,845 84,812
------ ------- --------- -------- ---------
Net Investment Income (Loss).................................. 1,058 4,880 119,980 154,237 239,388
------ ------- --------- -------- ---------
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold................................... 2,661 7,314 (17,379) 188 203,049
Affiliated Investment Companies Shares Sold.................. -- -- -- (1,351) --
Futures...................................................... -- (267) -- -- (5,555)
Foreign Currency Transactions................................ 3 (64) (1,791) -- (4,926)
In-Kind Redemptions.......................................... -- -- -- -- 193,547
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency................... (569) 7,186 (116,739) 43,036 (244,703)
Affiliated Investment Companies Shares....................... -- -- -- (78,977) --
Futures...................................................... -- 3 -- -- --
Translation of Foreign Currency Denominated Amounts.......... 1 (4) 284 -- 1,015
------ ------- --------- -------- ---------
Net Realized and Unrealized Gain (Loss)....................... 2,096 14,168 (135,625) (37,104) 142,427
------ ------- --------- -------- ---------
Net Increase (Decrease) in Net Assets Resulting from
Operations..................................................... $3,154 $19,048 $ (15,645) $117,133 $ 381,815
====== ======= ========= ======== =========
----------
* Investment Income and a portion of Realized and Unrealized Gain (Loss) were
allocated from the Portfolio's Master Fund (Affiliated Investment Company).
See accompanying Notes to Financial Statements.
122
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2015
(Amounts in thousands)
World ex U.S.
International World ex U.S. Targeted World ex U.S. World Core
Vector Equity Value Value Core Equity Equity
Portfolio Portfolio* Portfolio* Portfolio Portfolio*
------------- ------------- ------------- ------------- ----------
Investment Income
Net Investment Income Allocated from Affiliated
Investment Companies:
Dividends (Net of Foreign Taxes Withheld of $0, $354,
$205, $0 and $0, respectively)........................ -- $ 3,750 $ 1,435 $ 603 --
Income Distributions Received from Affiliated
Investment Companies.................................. -- 205 2,306 -- $ 2,837
Income from Securities Lending......................... -- 138 139 -- --
Expenses Allocated from Affiliated Investment
Companies............................................. -- (239) (89) -- --
-------- -------- -------- -------- -------
Total Net Investment Income Received from
Affiliated Investment Companies..................... -- 3,854 3,791 603 2,837
-------- -------- -------- -------- -------
Fund Investment Income
Dividends (Net of Foreign Taxes Withheld of $3,513,
$0, $41, $2,034 and $0, respectively)................. $ 43,258 -- 559 21,944 1
Income from Securities Lending......................... 2,288 -- 26 902 --
-------- -------- -------- -------- -------
Total Investment Income.............................. 45,546 -- 585 23,449 1
-------- -------- -------- -------- -------
Fund Expenses
Investment Advisory Services Fees...................... 6,833 609 1,181 3,142 430
Accounting & Transfer Agent Fees....................... 101 2 5 46 4
Custodian Fees......................................... 291 -- 3 473 1
Filing Fees............................................ 90 24 42 123 32
Shareholders' Reports.................................. 85 4 7 46 3
Directors'/Trustees' Fees & Expenses................... 7 1 1 2 --
Professional Fees...................................... 34 4 5 18 1
Other.................................................. 126 7 13 35 8
-------- -------- -------- -------- -------
Total Expenses....................................... 7,567 651 1,257 3,885 479
-------- -------- -------- -------- -------
Fees (Waived), (Expenses Reimbursed), and/or
Previously Waived Fees Recovered by Advisor
(Note C).............................................. -- (281) (839) (418) (429)
Fees Paid Indirectly (Note C).......................... (8) -- (2) (11) --
-------- -------- -------- -------- -------
Net Expenses........................................... 7,559 370 416 3,456 50
-------- -------- -------- -------- -------
Net Investment Income (Loss)........................... 37,987 3,484 3,960 19,993 2,788
-------- -------- -------- -------- -------
Realized and Unrealized Gain (Loss)
Capital Gain Distributions Received from Affiliated
Investment Companies.................................. -- 169 1,932 -- 171
Net Realized Gain (Loss) on:
Investment Securities Sold............................ 5,992 -- (356) 534 --
Affiliated Investment Companies Shares Sold........... -- 1,061 (13,958) (9,894) (905)
Futures............................................... -- -- (347) 171 --
Foreign Currency Transactions......................... (490) (65) (169) (238) --
In-Kind Redemptions................................... 10,623 -- -- -- --
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency............ (79,483) -- 8,649 (56,453) --
Affiliated Investment Companies Shares................ -- (16,458) (6,911) 2,100 (4,000)
Translation of Foreign Currency Denominated
Amounts.............................................. 54 7 (2) (13) --
-------- -------- -------- -------- -------
Net Realized and Unrealized Gain (Loss)................ (63,304) (15,286) (11,162) (63,793) (4,734)
-------- -------- -------- -------- -------
Net Increase (Decrease) in Net Assets Resulting
from Operations......................................... $(25,317) $(11,802) $ (7,202) $(43,800) $(1,946)
======== ======== ======== ======== =======
----------
* Investment Income and a portion of Realized and Unrealized Gain (Loss) were
allocated from the Portfolio's Master Fund (Affiliated Investment Company).
See accompanying Notes to Financial Statements.
123
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2015
(Amounts in thousands)
Selectively Emerging Emerging Emerging
Hedged Emerging Markets Markets Markets Core
Global Equity Markets Small Cap Value Equity
Portfolio Portfolio* Portfolio* Portfolio* Portfolio
------------- ---------- ---------- ----------- ------------
Investment Income
Net Investment Income Allocated from Affiliated Investment
Companies:
Dividends (Net of Foreign Taxes Withheld of $0, $14,265,
$14,169, $64,712 and $0, respectively)......................... -- $ 100,258 $ 113,812 $ 427,851 --
Income from Securities Lending.................................. -- 5,746 32,202 31,014 --
Expenses Allocated from Affiliated Investment Companies......... -- (6,573) (13,417) (26,115) --
------- --------- --------- ----------- -----------
Total Net Investment Income Received from Affiliated
Investment Companies......................................... -- 99,431 132,597 432,750 --
------- --------- --------- ----------- -----------
Fund Investment Income
Dividends (Net of Foreign Taxes Withheld of $0, $0, $0, $0
and $52,606, respectively)..................................... $ 8 -- -- -- $ 376,751
Income Distributions Received from Affiliated Investment
Companies...................................................... 3,868 -- -- -- --
Income from Securities Lending.................................. -- -- -- -- 44,994
------- --------- --------- ----------- -----------
Total Fund Investment Income.................................. 3,876 -- -- -- 421,745
------- --------- --------- ----------- -----------
Fund Expenses
Investment Advisory Services Fees............................... 583 6,014 8,840 21,198 86,533
Administrative Services Fees.................................... -- 11,841 16,666 51,318 --
Accounting & Transfer Agent Fees................................ 4 27 33 105 899
Custodian Fees.................................................. 1 -- -- -- 6,783
Shareholder Servicing Fees -- Class R2 Shares................... -- -- -- 237 --
Filing Fees..................................................... 31 169 156 145 410
Shareholders' Reports........................................... 7 193 135 365 552
Directors'/Trustees' Fees & Expenses............................ 1 20 24 89 77
Professional Fees............................................... 3 14 17 57 549
Other........................................................... 9 220 302 959 1,176
------- --------- --------- ----------- -----------
Total Expenses................................................ 639 18,498 26,173 74,473 96,979
------- --------- --------- ----------- -----------
Fees (Waived), (Expenses Reimbursed), and/or Previously
Waived Fees Recovered by Advisor (Note C)...................... (508) (1,203) (2,720) (4,240) --
Fees Paid Indirectly (Note C)................................... -- -- -- -- (94)
------- --------- --------- ----------- -----------
Net Expenses.................................................... 131 17,295 23,453 70,233 96,885
------- --------- --------- ----------- -----------
Net Investment Income (Loss).................................... 3,745 82,136 109,144 362,517 324,860
------- --------- --------- ----------- -----------
Realized and Unrealized Gain (Loss)
Capital Gain Distributions Received from Affiliated Investment
Companies...................................................... 469 -- -- -- --
Net Realized Gain (Loss) on:
Investment Securities Sold**................................... -- (98,317) 46,152 (409,296) (327,586)
Affiliated Investment Companies Shares Sold.................... (251) -- -- -- --
Futures........................................................ (402) 2,417 -- -- --
Foreign Currency Transactions.................................. 3,159 (2,155) (4,493) (7,810) (8,472)
In-Kind Redemptions............................................ -- -- -- -- 29,647
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency..................... -- (669,787) (681,504) (3,279,764) (2,517,402)
Affiliated Investment Companies Shares......................... (9,320) -- -- -- --
Futures........................................................ 701 4 -- -- --
Translation of Foreign Currency Denominated Amounts............ (530) (93) (237) 107 (300)
------- --------- --------- ----------- -----------
Net Realized and Unrealized Gain (Loss)......................... (6,174) (767,931) (640,082) (3,696,763) (2,824,113)
------- --------- --------- ----------- -----------
Net Increase (Decrease) in Net Assets Resulting from
Operations....................................................... $(2,429) $(685,795) $(530,938) $(3,334,246) $(2,499,253)
======= ========= ========= =========== ===========
----------
* Investment Income and Realized and Unrealized Gain (Loss) were allocated from
the Portfolio's Master Fund (Affiliated Investment Company).
**Net of foreign capital gain taxes withheld of $0, $0, $0, $0 and $0,
respectively.
See accompanying Notes to Financial Statements.
124
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
Enhanced U.S. Large U.S. Large Cap Equity U.S. Large Cap Value
Company Portfolio Portfolio Portfolio
------------------ ------------------- ------------------------
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2015 2014 2015 2014
-------- -------- --------- -------- ----------- -----------
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)................. $ 1,130 $ 1,136 $ 9,255 $ 3,451 $ 317,704 $ 238,575
Net Realized Gain (Loss) on:
Investment Securities Sold................. 4,580 643 (1,560) 563 681,400 600,495
Futures.................................... 15,372 31,175 (12) -- (35) --
Foreign Currency Transactions.............. 629 (151) -- -- -- --
In-Kind Redemptions........................ -- -- 10,024 -- -- --
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign
Currency.................................. (4,379) 332 (4,105) 24,836 (815,432) 1,088,709
Futures.................................... (6,271) (852) -- -- 4 --
Translation of Foreign Currency
Denominated Amounts....................... (191) 408 -- -- -- --
-------- -------- --------- -------- ----------- -----------
Net Increase (Decrease) in Net Assets
Resulting from Operations................ 10,870 32,691 13,602 28,850 183,641 1,927,779
-------- -------- --------- -------- ----------- -----------
Distributions From:
Net Investment Income:
Institutional Class Shares................. (799) (903) (8,112) (3,170) (302,945) (230,364)
Net Short-Term Gains:
Institutional Class Shares................. (10,591) -- (285) (40) -- --
Net Long-Term Gains:
Institutional Class Shares................. (16,610) -- (266) -- (86,223) --
-------- -------- --------- -------- ----------- -----------
Total Distributions....................... (28,000) (903) (8,663) (3,210) (389,168) (230,364)
-------- -------- --------- -------- ----------- -----------
Capital Share Transactions (1):
Shares Issued................................ 39,673 36,703 595,263 134,371 3,716,590 3,477,302
Shares Issued in Lieu of Cash Distributions.. 24,405 757 8,492 3,180 359,045 209,934
Shares Redeemed.............................. (60,026) (65,369) (184,505) (23,643) (3,209,154) (2,200,742)
-------- -------- --------- -------- ----------- -----------
Net Increase (Decrease) from Capital
Share Transactions....................... 4,052 (27,909) 419,250 113,908 866,481 1,486,494
-------- -------- --------- -------- ----------- -----------
Total Increase (Decrease) in Net
Assets................................... (13,078) 3,879 424,189 139,548 660,954 3,183,909
Net Assets
Beginning of Period.......................... 216,719 212,840 274,955 135,407 15,146,981 11,963,072
-------- -------- --------- -------- ----------- -----------
End of Period................................ $203,641 $216,719 $ 699,144 $274,955 $15,807,935 $15,146,981
======== ======== ========= ======== =========== ===========
(1) Shares Issued and Redeemed:
Shares Issued................................ 3,122 2,890 46,215 11,205 110,785 108,157
Shares Issued in Lieu of Cash Distributions.. 2,085 60 675 265 10,996 6,479
Shares Redeemed.............................. (4,848) (5,263) (14,242) (1,962) (95,477) (68,360)
-------- -------- --------- -------- ----------- -----------
Net Increase (Decrease) from Shares
Issued and Redeemed...................... 359 (2,313) 32,648 9,508 26,304 46,276
======== ======== ========= ======== =========== ===========
Undistributed Net Investment Income
(Distributions in Excess of Net Investment
Income)....................................... $ 48 $ 149 $ 1,341 $ 502 $ 29,922 $ 32,662
----------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
125
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
U.S. Targeted Value U.S. Small Cap Value
Portfolio Portfolio U.S. Core Equity 1 Portfolio
----------------------- ------------------------ ---------------------------
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2015 2014 2015 2014
----------- ---------- ----------- ----------- ----------- -----------
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)............ $ 81,463 $ 44,264 $ 140,359 $ 70,490 $ 209,655 $ 146,885
Net Realized Gain (Loss) on:
Investment Securities Sold............. 315,026 262,739 522,294 462,894 164,919 51,551
Futures................................ (296) -- (2,510) (12,757) -- --
In-Kind Redemptions.................... -- -- 12,630 -- 48,790 --
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities.................. (527,329) 116,751 (1,025,518) 404,462 (56,468) 1,034,068
----------- ---------- ----------- ----------- ----------- -----------
Net Increase (Decrease) in Net
Assets Resulting from
Operations.......................... (131,136) 423,754 (352,745) 925,089 366,896 1,232,504
----------- ---------- ----------- ----------- ----------- -----------
Distributions From:
Net Investment Income:
Class R1 Shares........................ (374) (80) -- -- -- --
Class R2 Shares........................ (1,058) (330) -- -- -- --
Institutional Class Shares............. (74,793) (37,254) (130,190) (63,952) (200,298) (135,714)
Net Short-Term Gains:
Class R1 Shares........................ (49) (32) -- -- -- --
Class R2 Shares........................ (144) (84) -- -- -- --
Institutional Class Shares............. (9,156) (13,954) -- (2,510) -- --
Net Long-Term Gains:
Class R1 Shares........................ (1,235) (544) -- -- -- --
Class R2 Shares........................ (3,653) (1,417) -- -- -- --
Institutional Class Shares............. (233,022) (235,328) (427,115) (443,795) (49,469) (34,892)
----------- ---------- ----------- ----------- ----------- -----------
Total Distributions.................. (323,484) (289,023) (557,305) (510,257) (249,767) (170,606)
----------- ---------- ----------- ----------- ----------- -----------
Capital Share Transactions (1):
Shares Issued........................... 2,861,668 1,893,177 2,562,626 2,936,905 4,137,187 3,297,271
Shares Issued in Lieu of Cash
Distributions.......................... 306,474 271,172 501,839 463,121 236,854 161,062
Shares Redeemed......................... (1,140,962) (921,922) (1,986,459) (1,829,533) (1,996,226) (1,305,580)
----------- ---------- ----------- ----------- ----------- -----------
Net Increase (Decrease) from
Capital Share Transactions.......... 2,027,180 1,242,427 1,078,006 1,570,493 2,377,815 2,152,753
----------- ---------- ----------- ----------- ----------- -----------
Total Increase (Decrease) in Net
Assets.............................. 1,572,560 1,377,158 167,956 1,985,325 2,494,944 3,214,651
Net Assets
Beginning of Year....................... 5,590,907 4,213,749 11,512,306 9,526,981 10,780,830 7,566,179
----------- ---------- ----------- ----------- ----------- -----------
End of Year............................. $ 7,163,467 $5,590,907 $11,680,262 $11,512,306 $13,275,774 $10,780,830
=========== ========== =========== =========== =========== ===========
(1) Shares Issued and Redeemed:
Shares Issued........................... 127,780 83,026 73,971 83,520 230,659 195,985
Shares Issued in Lieu of Cash
Distributions.......................... 14,559 12,467 15,227 13,724 13,516 9,673
Shares Redeemed......................... (51,364) (40,542) (57,511) (52,171) (111,260) (77,540)
----------- ---------- ----------- ----------- ----------- -----------
Net Increase (Decrease) from
Shares Issued and
Redeemed............................ 90,975 54,951 31,688 45,073 132,915 128,118
=========== ========== =========== =========== =========== ===========
Undistributed Net Investment Income
(Distributions in Excess of Net
Investment Income)....................... $ 8,044 $ 6,119 $ 6,188 $ 3,960 $ 21,625 $ 19,703
See accompanying Notes to Financial Statements.
126
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
U.S. Core Equity 2 Portfolio U.S. Vector Equity Portfolio U.S. Small Cap Portfolio
--------------------------- --------------------------- ------------------------
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2015 2014 2015 2014
----------- ----------- ---------- ---------- ----------- -----------
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)........ $ 239,037 $ 177,308 $ 54,509 $ 40,510 $ 112,326 $ 72,117
Net Realized Gain (Loss) on:
Investment Securities Sold........ 305,920 91,185 127,309 115,011 532,485 281,378
Futures........................... 1,793 -- (811) -- -- --
In-Kind Redemptions............... -- -- -- -- 28,254 --
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities............. (307,072) 1,187,562 (193,154) 197,283 (457,527) 332,001
----------- ----------- ---------- ---------- ----------- -----------
Net Increase (Decrease) in
Net Assets Resulting from
Operations...................... 239,678 1,456,055 (12,147) 352,804 215,538 685,496
----------- ----------- ---------- ---------- ----------- -----------
Distributions From:
Net Investment Income:
Institutional Class Shares........ (228,075) (165,687) (51,799) (37,709) (105,110) (65,689)
Net Short-Term Gains:
Institutional Class Shares........ -- (4,518) -- (1,492) -- (19,821)
Net Long-Term Gains:
Institutional Class Shares........ (89,857) (98,745) (109,045) (38,966) (268,312) (218,795)
----------- ----------- ---------- ---------- ----------- -----------
Total Distributions.............. (317,932) (268,950) (160,844) (78,167) (373,422) (304,305)
----------- ----------- ---------- ---------- ----------- -----------
Capital Share Transactions (1):
Shares Issued....................... 4,082,819 2,965,961 848,464 798,485 2,815,856 2,450,541
Shares Issued in Lieu of Cash
Distributions...................... 313,194 265,683 159,804 77,784 351,264 285,840
Shares Redeemed..................... (2,036,371) (1,489,137) (685,067) (543,429) (1,640,410) (1,316,683)
----------- ----------- ---------- ---------- ----------- -----------
Net Increase (Decrease) from
Capital Share
Transactions.................... 2,359,642 1,742,507 323,201 332,840 1,526,710 1,419,698
----------- ----------- ---------- ---------- ----------- -----------
Total Increase (Decrease) in
Net Assets...................... 2,281,388 2,929,612 150,210 607,477 1,368,826 1,800,889
Net Assets
Beginning of Year................... 12,919,176 9,989,564 3,501,319 2,893,842 9,247,716 7,446,827
----------- ----------- ---------- ---------- ----------- -----------
End of Year......................... $15,200,564 $12,919,176 $3,651,529 $3,501,319 $10,616,542 $ 9,247,716
=========== =========== ========== ========== =========== ===========
(1) Shares Issued and Redeemed:
Shares Issued....................... 234,298 178,876 51,015 48,426 90,041 80,252
Shares Issued in Lieu of Cash
Distributions...................... 18,413 16,353 10,033 4,849 11,800 9,623
Shares Redeemed..................... (116,908) (89,926) (41,495) (33,059) (52,277) (43,155)
----------- ----------- ---------- ---------- ----------- -----------
Net Increase (Decrease) from
Shares Issued and
Redeemed........................ 135,803 105,303 19,553 20,216 49,563 46,720
=========== =========== ========== ========== =========== ===========
Undistributed Net Investment
Income (Distributions in Excess
of Net Investment Income)............ $ 25,434 $ 22,013 $ 4,454 $ 4,499 $ 7,767 $ 5,881
See accompanying Notes to Financial Statements.
127
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
DFA Real Estate Securities Large Cap International
U.S. Micro Cap Portfolio Portfolio Portfolio
---------------------- ------------------------- ----------------------
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2015 2014 2015 2014
---------- ---------- ----------- ---------- ---------- ----------
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)............ $ 41,868 $ 33,465 $ 187,615 $ 135,078 $ 86,418 $ 100,146
Net Realized Gain (Loss) on:
Investment Securities Sold............ 283,555 293,787 119,527 51,264 (50,887) (5,883)
Futures............................... (2,258) (692) -- (553) 769 --
Foreign Currency Transactions......... -- -- -- -- (528) (1,034)
In-Kind Redemptions................... 12,861 -- 258,319 -- 33,199 --
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign
Currency............................. (281,159) 40,078 (219,248) 857,969 (155,643) (85,773)
Translation of Foreign Currency
Denominated Amounts.................. -- -- -- -- 142 (232)
---------- ---------- ----------- ---------- ---------- ----------
Net Increase (Decrease) in Net
Assets Resulting from
Operations.......................... 54,867 366,638 346,213 1,043,758 (86,530) 7,224
---------- ---------- ----------- ---------- ---------- ----------
Distributions From:
Net Investment Income:
Institutional Class Shares............ (39,933) (30,943) (220,092) (156,934) (85,101) (98,177)
Net Short-Term Gains:
Institutional Class Shares............ -- (12,783) -- -- -- --
Net Long-Term Gains:
Institutional Class Shares............ (278,652) (200,738) -- -- -- --
---------- ---------- ----------- ---------- ---------- ----------
Total Distributions.................. (318,585) (244,464) (220,092) (156,934) (85,101) (98,177)
---------- ---------- ----------- ---------- ---------- ----------
Capital Share Transactions (1):
Shares Issued........................... 657,708 732,739 1,268,079 1,531,390 1,019,845 711,014
Shares Issued in Lieu of Cash
Distributions.......................... 296,069 228,631 216,090 154,320 76,483 89,712
Shares Redeemed......................... (711,995) (750,348) (1,664,857) (642,193) (902,210) (337,040)
---------- ---------- ----------- ---------- ---------- ----------
Net Increase (Decrease) from
Capital Share Transactions.......... 241,782 211,022 (180,688) 1,043,517 194,118 463,686
---------- ---------- ----------- ---------- ---------- ----------
Total Increase (Decrease) in Net
Assets.............................. (21,936) 333,196 (54,567) 1,930,341 22,487 372,733
Net Assets
Beginning of Year....................... 5,029,027 4,695,831 6,607,759 4,677,418 3,127,847 2,755,114
---------- ---------- ----------- ---------- ---------- ----------
End of Year............................. $5,007,091 $5,029,027 $ 6,553,192 $6,607,759 $3,150,334 $3,127,847
========== ========== =========== ========== ========== ==========
(1) Shares Issued and Redeemed:
Shares Issued........................... 33,975 37,333 38,538 53,449 48,288 31,887
Shares Issued in Lieu of Cash
Distributions.......................... 16,153 11,975 6,758 5,604 3,639 3,956
Shares Redeemed......................... (36,869) (38,226) (51,930) (22,496) (42,081) (15,048)
---------- ---------- ----------- ---------- ---------- ----------
Net Increase (Decrease) from
Shares Issued and
Redeemed............................ 13,259 11,082 (6,634) 36,557 9,846 20,795
========== ========== =========== ========== ========== ==========
Undistributed Net Investment Income
(Distributions in Excess of Net
Investment Income)....................... $ 2,845 $ 2,541 $ (120) $ 23,541 $ 8,542 $ 7,583
See accompanying Notes to Financial Statements.
128
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
International Core Equity International Small Japanese Small Company
Portfolio Company Portfolio Portfolio
------------------------ ------------------------ ---------------------
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2015 2014 2015 2014
----------- ----------- ----------- ----------- --------- --------
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss).......... $ 354,330 $ 335,306 $ 208,124 $ 194,864 $ 6,024 $ 5,501
Net Realized Gain (Loss) on:
Investment Securities Sold.......... 4,776 (183,788) 376,613 303,846 12,888 9,738
Futures............................. -- -- (4,583) (945) -- --
Foreign Currency Transactions....... (2,904) (1,661) (2,876) (909) (355) (118)
In-Kind Redemptions................. 163,544 -- -- -- -- --
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and
Foreign Currency................... (679,030) (293,395) (293,604) (612,635) 20,984 (8,349)
Futures............................. -- -- (22) -- -- --
Translation of Foreign Currency
Denominated Amounts................ 330 (699) 344 (606) 68 (112)
----------- ----------- ----------- ----------- --------- --------
Net Increase (Decrease) in Net
Assets Resulting from
Operations........................ (158,954) (144,237) 283,996 (116,385) 39,609 6,660
----------- ----------- ----------- ----------- --------- --------
Distributions From:
Net Investment Income:
Institutional Class Shares.......... (367,607) (320,068) (208,535) (190,299) (7,758) (11,539)
Net Short-Term Gains:
Institutional Class Shares.......... -- -- (27,069) (27,834) -- --
Net Long-Term Gains:
Institutional Class Shares.......... -- -- (250,320) (211,626) -- --
----------- ----------- ----------- ----------- --------- --------
Total Distributions................ (367,607) (320,068) (485,924) (429,759) (7,758) (11,539)
----------- ----------- ----------- ----------- --------- --------
Capital Share Transactions (1):
Shares Issued......................... 5,383,645 4,323,558 1,961,417 1,513,008 20,159 176,108
Shares Issued in Lieu of Cash
Distributions........................ 349,000 309,979 472,853 418,230 7,251 10,648
Shares Redeemed....................... (3,080,058) (1,383,156) (1,753,367) (1,061,294) (103,454) (87,819)
----------- ----------- ----------- ----------- --------- --------
Net Increase (Decrease) from
Capital Share
Transactions...................... 2,652,587 3,250,381 680,903 869,944 (76,044) 98,937
----------- ----------- ----------- ----------- --------- --------
Total Increase (Decrease) in
Net Assets........................ 2,126,026 2,786,076 478,975 323,800 (44,193) 94,058
Net Assets
Beginning of Year..................... 12,294,542 9,508,466 8,844,517 8,520,717 508,190 414,132
----------- ----------- ----------- ----------- --------- --------
End of Year........................... $14,420,568 $12,294,542 $ 9,323,492 $ 8,844,517 $ 463,997 $508,190
=========== =========== =========== =========== ========= ========
(1) Shares Issued and Redeemed:
Shares Issued......................... 449,331 340,141 110,551 78,077 1,017 9,215
Shares Issued in Lieu of Cash
Distributions........................ 29,177 23,911 28,178 22,420 406 579
Shares Redeemed....................... (256,979) (108,799) (99,058) (54,917) (5,278) (4,681)
----------- ----------- ----------- ----------- --------- --------
Net Increase (Decrease) from
Shares Issued and
Redeemed.......................... 221,528 255,253 39,671 45,580 (3,855) 5,113
=========== =========== =========== =========== ========= ========
Undistributed Net Investment
Income (Distributions in Excess
of Net Investment Income).............. $ 17,301 $ 40,713 $ 34,648 $ 36,226 $ 1,497 $ 2,523
See accompanying Notes to Financial Statements.
129
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
Asia Pacific Small Company United Kingdom Small Continental Small Company
Portfolio Company Portfolio Portfolio
------------------------- ------------------- ------------------------
Year
Year Year Year Ended Year Year
Ended Ended Ended Oct. Ended Ended
Oct. 31, Oct. 31, Oct. 31, 31, Oct. 31, Oct. 31,
2015 2014 2015 2014 2015 2014
--------- -------- -------- ------- -------- --------
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss).................... $ 9,355 $ 13,132 $ 1,058 $ 952 $ 4,880 $ 3,584
Net Realized Gain (Loss) on:
Investment Securities Sold*.................... (2,042) 227 2,661 2,353 7,314 5,664
Futures........................................ -- -- -- -- (267) (53)
Foreign Currency Transactions.................. (202) -- 3 (4) (64) (20)
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign
Currency...................................... (43,082) (25,748) (569) (2,920) 7,186 (13,937)
Futures........................................ -- -- -- -- 3 --
Translation of Foreign Currency Denominated
Amounts....................................... (3) (4) 1 (1) (4) (9)
--------- -------- ------- ------- -------- --------
Net Increase (Decrease) in Net Assets
Resulting from Operations.................... (35,974) (12,393) 3,154 380 19,048 (4,771)
--------- -------- ------- ------- -------- --------
Distributions From:
Net Investment Income:
Institutional Class Shares..................... (16,487) (12,860) (1,011) (919) (4,771) (3,660)
Net Short-Term Gains:
Institutional Class Shares..................... -- -- (57) -- -- --
Net Long-Term Gains:
Institutional Class Shares..................... -- -- (2,151) (406) -- --
--------- -------- ------- ------- -------- --------
Total Distributions........................... (16,487) (12,860) (3,219) (1,325) (4,771) (3,660)
--------- -------- ------- ------- -------- --------
Capital Share Transactions (1):
Shares Issued................................... 13,081 80,887 4,028 5,784 112,313 23,560
Shares Issued in Lieu of Cash Distributions..... 15,524 12,189 2,521 1,013 4,167 3,003
Shares Redeemed................................. (139,991) (34,872) (5,897) (7,898) (21,694) (19,977)
--------- -------- ------- ------- -------- --------
Net Increase (Decrease) from Capital Share
Transactions................................. (111,386) 58,204 652 (1,101) 94,786 6,586
--------- -------- ------- ------- -------- --------
Total Increase (Decrease) in Net Assets....... (163,847) 32,951 587 (2,046) 109,063 (1,845)
Net Assets
Beginning of Year............................... 364,117 331,166 35,050 37,096 168,961 170,806
--------- -------- ------- ------- -------- --------
End of Year..................................... $ 200,270 $364,117 $35,637 $35,050 $278,024 $168,961
========= ======== ======= ======= ======== ========
(1) Shares Issued and Redeemed:
Shares Issued................................... 643 3,484 117 151 5,532 1,098
Shares Issued in Lieu of Cash Distributions..... 792 549 78 27 199 133
Shares Redeemed................................. (6,841) (1,459) (167) (206) (1,061) (926)
--------- -------- ------- ------- -------- --------
Net Increase (Decrease) from Shares
Issued and Redeemed.......................... (5,406) 2,574 28 (28) 4,670 305
========= ======== ======= ======= ======== ========
Undistributed Net Investment Income
(Distributions in Excess of Net Investment
Income).......................................... $ 83 $ 7,045 $ 207 $ 106 $ 248 $ 119
----------
* Net of foreign capital gain taxes withheld of $0, $0, $0, $0, $0 and $1,
respectively.
See accompanying Notes to Financial Statements.
130
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
DFA International Real DFA Global Real Estate DFA International Small
Estate Securities Portfolio Securities Portfolio Cap Value Portfolio
-------------------------- ---------------------- ------------------------
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2015 2014 2015 2014
---------- ---------- ---------- ---------- ----------- -----------
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)............ $ 119,980 $ 105,809 $ 154,237 $ 82,794 $ 239,388 $ 213,214
Net Realized Gain (Loss) on:
Investment Securities Sold............ (17,379) 3,629 (188) (2,790) 203,049 220,979
Affiliated Investment Companies
Shares Sold.......................... (1,351)
Futures............................... -- -- -- -- (5,555) --
Foreign Currency Transactions......... (1,791) (581) -- -- (4,926) (2,193)
In-Kind Redemptions................... -- -- -- -- 193,547 --
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign
Currency............................. (116,739) 99,706 (43,036) 305,008 (244,703) (457,867)
Affiliated Investment Companies
Shares............................... (78,977)
Translation of Foreign Currency
Denominated Amounts.................. 284 (267) -- -- 1,015 (878)
---------- ---------- ---------- ---------- ----------- -----------
Net Increase (Decrease) in Net
Assets Resulting from
Operations.......................... (15,645) 208,296 117,133 385,012 381,815 (26,745)
---------- ---------- ---------- ---------- ----------- -----------
Distributions From:
Net Investment Income:
Institutional Class Shares............ (182,724) (106,263) (124,281) (72,036) (224,376) (201,006)
Net Short-Term Gains:
Institutional Class Shares............ -- -- -- -- -- (38,805)
Net Long-Term Gains:
Institutional Class Shares............ -- -- -- -- (207,080) (127,501)
---------- ---------- ---------- ---------- ----------- -----------
Total Distributions.................. (182,724) (106,263) (124,281) (72,036) (431,456) (367,312)
---------- ---------- ---------- ---------- ----------- -----------
Capital Share Transactions (1):
Shares Issued........................... 886,775 1,020,832 1,347,820 1,203,232 2,629,814 2,122,914
Shares Issued in Lieu of Cash
Distributions.......................... 181,249 105,300 121,908 70,668 392,052 335,987
Shares Redeemed......................... (417,939) (298,766) (708,136) (364,111) (2,079,421) (1,528,972)
---------- ---------- ---------- ---------- ----------- -----------
Net Increase (Decrease) from
Capital Share Transactions.......... 650,085 827,366 761,592 909,789 942,445 929,929
---------- ---------- ---------- ---------- ----------- -----------
Total Increase (Decrease) in Net
Assets.............................. 451,716 929,399 754,444 1,222,765 892,804 535,872
Net Assets
Beginning of Year....................... 3,088,376 2,158,977 3,305,472 2,082,707 11,684,771 11,148,899
---------- ---------- ---------- ---------- ----------- -----------
End of Year............................. $3,540,092 $3,088,376 $4,059,916 $3,305,472 $12,577,575 $11,684,771
========== ========== ========== ========== =========== ===========
(1) Shares Issued and Redeemed:
Shares Issued........................... 166,717 190,067 127,842 123,414 135,446 102,419
Shares Issued in Lieu of Cash
Distributions.......................... 34,991 21,490 11,884 8,208 21,362 16,875
Shares Redeemed......................... (79,211) (56,784) (67,340) (37,911) 107,415 (74,184)
---------- ---------- ---------- ---------- ----------- -----------
Net Increase (Decrease) from
Shares Issued and
Redeemed............................ 122,497 154,773 72,386 93,711 49,393 45,110
========== ========== ========== ========== =========== ===========
Undistributed Net Investment
Income (Distributions in Excess of
Net Investment Income)................... $ (221,598) $ (153,170) $ 50,527 $ 21,784 $ 44,763 $ 20,577
See accompanying Notes to Financial Statements.
131
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
International Vector Equity World ex U.S. Value World ex U.S. Targeted
Portfolio Portfolio Value Portfolio
-------------------------- ------------------ ---------------------
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2015 2014 2015 2014
---------- ---------- -------- -------- --------- --------
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)...................... $ 37,987 $ 32,958 $ 3,484 $ 4,175 $ 3,960 $ 2,577
Capital Gain Distributions Received from
Affiliated Investment Companies.................. -- -- 169 157 1,932 983
Net Realized Gain (Loss) on:
Investment Securities Sold*..................... 5,992 14,492 -- 1,007 (356) (2,175)
Affiliated Investment Companies Shares
Sold........................................... 1,061 (13,958)
Futures......................................... -- -- -- 1 (347) 1
Foreign Currency Transactions................... (490) (376) (65) (40) (169) (9)
In-Kind Redemptions............................. 10,623 -- -- -- -- --
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign Currency...... (79,483) (66,559) -- (6,120) 8,649 (4,735)
Affiliated Investment Companies Shares.......... (16,458) (6,911)
Futures......................................... -- -- -- 1 -- --
Translation of Foreign Currency Denominated
Amounts........................................ 54 (93) 7 (12) (2) --
---------- ---------- -------- -------- --------- --------
Net Increase (Decrease) in Net Assets
Resulting from Operations..................... (25,317) (19,578) (11,802) (831) (7,202) (3,358)
---------- ---------- -------- -------- --------- --------
Distributions From:
Net Investment Income:
Institutional Class Shares...................... (36,861) (31,342) (3,283) (4,113) (3,896) (2,482)
Net Short-Term Gains:
Institutional Class Shares...................... (1,236) (571) -- -- -- (48)
Net Long-Term Gains:
Institutional Class Shares...................... (10,949) (7,322) -- -- (408) (1,147)
---------- ---------- -------- -------- --------- --------
Total Distributions............................ (49,046) (39,235) (3,283) (4,113) (4,304) (3,677)
---------- ---------- -------- -------- --------- --------
Capital Share Transactions (1):
Shares Issued..................................... 757,055 399,996 65,656 10,506 204,717 99,296
Shares Issued in Lieu of Cash Distributions....... 48,618 38,822 3,281 4,102 4,301 3,678
Shares Redeemed................................... (441,949) (165,226) (12,502) (13,300) (120,877) (40,853)
---------- ---------- -------- -------- --------- --------
Net Increase (Decrease) from Capital Share
Transactions.................................. 363,724 273,592 56,435 1,308 88,141 62,121
---------- ---------- -------- -------- --------- --------
Total Increase (Decrease) in Net Assets........ 289,361 214,779 41,350 (3,636) 76,635 55,086
Net Assets
Beginning of Period............................... 1,305,553 1,090,774 113,951 117,587 151,096 96,010
---------- ---------- -------- -------- --------- --------
End of Period..................................... $1,594,914 $1,305,553 $155,301 $113,951 $ 227,731 $151,096
========== ========== ======== ======== ========= ========
(1) Shares Issued and Redeemed:
Shares Issued..................................... 68,272 33,823 6,010 889 17,665 7,921
Shares Issued in Lieu of Cash Distributions....... 4,463 3,246 303 340 377 299
Shares Redeemed................................... (40,404) (13,983) (1,167) (1,114) (10,646) (3,412)
---------- ---------- -------- -------- --------- --------
Net Increase (Decrease) from Shares Issued
and Redeemed.................................. 32,331 23,086 5,146 115 7,396 4,808
========== ========== ======== ======== ========= ========
Undistributed Net Investment Income
(Distributions in Excess of Net Investment
Income)............................................ $ 3,889 $ 4,680 $ 517 $ 343 $ 10 $ 218
----------
See page 1 for the Definitions of Abbreviations and Footnotes.
* Net of foreign capital gain taxes withheld of $0, $0, $0, $0, $0 and $3,
respectively.
See accompanying Notes to Financial Statements.
132
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
World ex U.S. Core Equity Selectively Hedged Global
Portfolio World Core Equity Portfolio Equity Portfolio
------------------------ -------------------------- ------------------------
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2015 2014 2015 2014
---------- -------- -------- -------- -------- --------
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)...... $ 19,993 $ 6,084 $ 2,788 $ 341 $ 3,745 $ 2,127
Capital Gain Distributions
Received from Affiliated
Investment Companies............. -- -- 171 3 469 342
Net Realized Gain (Loss) on:
Investment Securities Sold*...... 534 (107) -- 247 -- 1,409
Affiliated Investment
Companies Shares Sold........... (9,894) (905) (251)
Futures.......................... 171 -- -- -- (402) 572
Foreign Currency
Transactions.................... (238) -- -- -- 3,159 1,469
Change in Unrealized
Appreciation (Depreciation) of:
Investment Securities and
Foreign Currency................ (56,453) (13,820) -- (2,851) -- 1,003
Affiliated Investment
Companies Shares................ 2,100 (4,000) (9,320)
Futures.......................... -- -- -- -- 701 (82)
Translation of Foreign
Currency Denominated
Amounts......................... (13) -- -- -- (530) 610
---------- -------- -------- ------- -------- --------
Net Increase (Decrease) in
Net Assets Resulting from
Operations..................... (43,800) (7,843) (1,946) (2,260) (2,429) 7,450
---------- -------- -------- ------- -------- --------
Distributions From:
Net Investment Income:
Institutional Class Shares....... (15,824) (6,099) (2,667) (348) (4,603) (1,858)
Net Short-Term Gains:
Institutional Class Shares....... -- (64) (12) (10) (365) (281)
Net Long-Term Gains:
Institutional Class Shares....... -- -- (232) (14) (1,915) (539)
---------- -------- -------- ------- -------- --------
Total Distributions............. (15,824) (6,163) (2,911) (372) (6,883) (2,678)
---------- -------- -------- ------- -------- --------
Capital Share Transactions (1):
Shares Issued..................... 946,814 312,847 143,661 79,069 130,229 71,131
Shares Issued in Lieu of Cash
Distributions.................... 15,654 6,153 2,860 372 6,883 2,678
Shares Redeemed................... (138,664) (28,066) (14,716) (2,830) (29,970) (22,653)
---------- -------- -------- ------- -------- --------
Net Increase (Decrease)
from Capital Share
Transactions................... 823,804 290,934 131,805 76,611 107,142 51,156
---------- -------- -------- ------- -------- --------
Total Increase (Decrease) in
Net Assets..................... 764,180 276,928 126,948 73,979 97,830 55,928
Net Assets
Beginning of Period............... 406,648 129,720 75,707 1,728 147,276 91,348
---------- -------- -------- ------- -------- --------
End of Period..................... $1,170,828 $406,648 $202,655 $75,707 $245,106 $147,276
========== ======== ======== ======= ======== ========
(1) Shares Issued and Redeemed:
Shares Issued..................... 92,639 28,743 10,926 5,733 9,466 5,123
Shares Issued in Lieu of Cash
Distributions.................... 1,533 556 220 27 532 205
Shares Redeemed................... (13,850) (2,595) (1,167) (216) (2,213) (1,662)
---------- -------- -------- ------- -------- --------
Net Increase (Decrease)
from Shares Issued and
Redeemed....................... 80,322 26,704 9,979 5,544 7,785 3,666
========== ======== ======== ======= ======== ========
Undistributed Net Investment
Income (Distributions in Excess
of Net Investment Income).......... $ 3,451 $ (2) $ 121 $ -- $ 5,058 $ 3,031
Emerging Markets Portfolio
-------------------------
Year Year
Ended Ended
Oct. 31, Oct. 31,
2015 2014
----------- ----------
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)...... $ 82,136 $ 81,253
Capital Gain Distributions
Received from Affiliated
Investment Companies............. -- --
Net Realized Gain (Loss) on:
Investment Securities Sold*...... (98,317) (24,604)
Affiliated Investment
Companies Shares Sold...........
Futures.......................... 2,417 --
Foreign Currency
Transactions.................... (2,155) (658)
Change in Unrealized
Appreciation (Depreciation) of:
Investment Securities and
Foreign Currency................ (669,787) 12,634
Affiliated Investment
Companies Shares................
Futures.......................... 4 --
Translation of Foreign
Currency Denominated
Amounts......................... (93) (12)
----------- ----------
Net Increase (Decrease) in
Net Assets Resulting from
Operations..................... (685,795) 68,613
----------- ----------
Distributions From:
Net Investment Income:
Institutional Class Shares....... (73,891) (77,881)
Net Short-Term Gains:
Institutional Class Shares....... -- --
Net Long-Term Gains:
Institutional Class Shares....... -- (21,358)
----------- ----------
Total Distributions............. (73,891) (99,239)
----------- ----------
Capital Share Transactions (1):
Shares Issued..................... 2,348,904 1,057,534
Shares Issued in Lieu of Cash
Distributions.................... 68,708 92,820
Shares Redeemed................... (1,410,094) (701,770)
----------- ----------
Net Increase (Decrease)
from Capital Share
Transactions................... 1,007,518 448,584
----------- ----------
Total Increase (Decrease) in
Net Assets..................... 247,832 417,958
Net Assets
Beginning of Period............... 4,073,698 3,655,740
----------- ----------
End of Period..................... $ 4,321,530 $4,073,698
=========== ==========
(1) Shares Issued and Redeemed:
Shares Issued..................... 98,569 40,611
Shares Issued in Lieu of Cash
Distributions.................... 3,055 3,453
Shares Redeemed................... (59,625) (26,688)
----------- ----------
Net Increase (Decrease)
from Shares Issued and
Redeemed....................... 41,999 17,376
=========== ==========
Undistributed Net Investment
Income (Distributions in Excess
of Net Investment Income).......... $ 5,762 $ 6,653
----------
See page 1 for the Definitions of Abbreviations and Footnotes.
* Net of foreign capital gain taxes withheld of $0, $0, $0, $0, $0, $0, $0 and
$0, respectively.
See accompanying Notes to Financial Statements.
133
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
Emerging Markets Small Emerging Markets Value Emerging Markets Core
Cap Portfolio Portfolio Equity Portfolio
---------------------- ------------------------ ------------------------
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2015 2014 2015 2014
---------- ---------- ----------- ----------- ----------- -----------
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)...................... $ 109,144 $ 89,085 $ 362,517 $ 447,291 $ 324,860 $ 302,880
Net Realized Gain (Loss) on:
Investment Securities Sold*...................... 46,152 98,856 (409,296) (519,942) (327,586) (111,516)
Futures.......................................... -- -- -- 499 -- --
Foreign Currency Transactions.................... (4,493) (968) (7,810) (4,493) (8,472) (2,722)
In-Kind Redemptions.............................. -- -- -- -- 29,647 --
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign
Currency........................................ (681,504) 21,383 (3,279,764) (179,006) (2,517,402) 123,834
Futures.......................................... -- (4) -- -- -- --
Translation of Foreign Currency Denominated
Amounts......................................... (237) (137) 107 (29) (300) (212)
---------- ---------- ----------- ----------- ----------- -----------
Net Increase (Decrease) in Net Assets
Resulting from Operations..................... (530,938) 208,215 (3,334,246) (255,680) (2,499,253) 312,264
---------- ---------- ----------- ----------- ----------- -----------
Distributions From:
Net Investment Income:
Class R2 Shares.................................. -- -- (1,822) (1,989) -- --
Institutional Class Shares....................... (99,603) (83,100) (349,391) (405,752) (304,141) (287,956)
Net Short-Term Gains:
Class R2 Shares.................................. -- -- -- (62) -- --
Institutional Class Shares....................... (3,364) -- -- (11,122) -- --
Net Long-Term Gains:
Class R2 Shares.................................. -- -- -- (1,472) -- --
Institutional Class Shares....................... (88,636) (63,095) -- (262,348) -- --
---------- ---------- ----------- ----------- ----------- -----------
Total Distributions............................ (191,603) (146,195) (351,213) (682,745) (304,141) (287,956)
---------- ---------- ----------- ----------- ----------- -----------
Capital Share Transactions (1):
Shares Issued..................................... 1,309,981 1,042,130 3,635,785 3,257,115 6,175,578 4,643,693
Shares Issued in Lieu of Cash Distributions....... 180,085 135,989 332,144 647,473 282,610 266,070
Shares Redeemed................................... (782,954) (421,399) (4,119,848) (3,488,728) (4,525,463) (2,227,486)
---------- ---------- ----------- ----------- ----------- -----------
Net Increase (Decrease) from Capital Share
Transactions.................................. 707,112 756,720 (151,919) 415,860 1,932,725 2,682,277
---------- ---------- ----------- ----------- ----------- -----------
Total Increase (Decrease) in Net Assets........ (15,429) 818,740 (3,837,378) (522,565) (870,669) 2,706,585
Net Assets
Beginning of Year................................. 4,860,603 4,041,863 18,746,342 19,268,907 15,727,547 13,020,962
---------- ---------- ----------- ----------- ----------- -----------
End of Year....................................... $4,845,174 $4,860,603 $14,908,964 $18,746,342 $14,856,878 $15,727,547
========== ========== =========== =========== =========== ===========
(1) Shares Issued and Redeemed:
Shares Issued..................................... 65,569 49,106 147,429 116,998 339,318 235,819
Shares Issued in Lieu of Cash Distributions....... 9,583 6,569 14,339 23,036 16,465 12,932
Shares Redeemed................................... (40,423) (20,277) (164,669) (124,198) (255,411) (113,406)
---------- ---------- ----------- ----------- ----------- -----------
Net Increase (Decrease) from Shares
Issued and Redeemed........................... 34,729 35,398 (2,901) 15,836 100,372 135,345
========== ========== =========== =========== =========== ===========
Undistributed Net Investment Income
(Distributions in Excess of Net Investment
Income)............................................ $ 14,068 $ 7,565 $ 24,502 $ 37,443 $ 17,752 $ 28,530
----------
* Net of foreign capital gain taxes withheld of $0, $1,357, $0, $0, $0 and
$960, respectively.
See accompanying Notes to Financial Statements.
134
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
Enhanced U.S. Large Company Portfolio U.S. Large Cap Equity Portfolio
------------------------------------------------ -----------------------------
Period
Year Year Year Year Year Year Year June 25,
Ended Ended Ended Ended Ended Ended Ended 2013(a) to
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2015 2014 2013
-----------------------------------------------------------------------------------------------------------------
Net Asset Value,
Beginning of Period...... $ 13.65 $ 11.70 $ 9.29 $ 8.15 $ 7.53 $ 12.65 $ 11.07 $ 10.00
-------- -------- -------- -------- -------- -------- -------- --------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.07 0.07 0.07 0.07 0.07 0.23 0.21 0.06
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ 0.53 1.94 2.42 1.20 0.56 0.21 1.57 1.04
-------- -------- -------- -------- -------- -------- -------- --------
Total from Investment
Operations............ 0.60 2.01 2.49 1.27 0.63 0.44 1.78 1.10
-----------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.05) (0.06) (0.08) (0.13) (0.01) (0.21) (0.20) (0.03)
Net Realized Gains....... (1.66) -- -- -- -- (0.02) -- --
-------- -------- -------- -------- -------- -------- -------- --------
Total Distributions.... (1.71) (0.06) (0.08) (0.13) (0.01) (0.23) (0.20) (0.03)
-----------------------------------------------------------------------------------------------------------------
Net Asset Value, End of
Period................... $ 12.54 $ 13.65 $ 11.70 $ 9.29 $ 8.15 $ 12.86 $ 12.65 $ 11.07
======================== ======== ======== ======== ======== ======== ======== ======== ==========
Total Return.............. 5.25% 17.18% 26.99% 15.84% 8.41% 3.49% 16.19% 11.01%(D)
-----------------------------------------------------------------------------------------------------------------
Net Assets, End of
Period (thousands)....... $203,641 $216,719 $212,840 $190,011 $171,128 $699,144 $274,955 $135,407
Ratio of Expenses to
Average Net Assets....... 0.24% 0.23% 0.24% 0.25% 0.26% 0.19% 0.19% 0.19%(C)(E)
Ratio of Expenses to
Average Net Assets
(Excluding Fees
(Waived), (Expenses
Reimbursed), and/or
Previously Waived Fees
Recovered by Advisor
and Fees Paid
Indirectly).............. 0.24% 0.23% 0.24% 0.25% 0.26% 0.19% 0.20% 0.25%(C)(E)
Ratio of Net Investment
Income to Average Net
Assets................... 0.53% 0.55% 0.63% 0.80% 0.86% 1.77% 1.75% 1.58%(C)(E)
Portfolio Turnover Rate... 223% 202% 139% 76% 140% 12% 1% 0%(D)
-----------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
135
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
U.S. Large Cap Value Portfolio
-------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
-----------------------------------------------------------------------------------------
Net Asset Value,
Beginning of Period...... $ 33.75 $ 29.72 $ 22.34 $ 19.29 $ 18.58
----------- ----------- ----------- ---------- ----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.69 0.56 0.47 0.41 0.33
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ (0.32) 4.02 7.38 3.04 0.70
----------- ----------- ----------- ---------- ----------
Total from Investment
Operations............ 0.37 4.58 7.85 3.45 1.03
-----------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.66) (0.55) (0.47) (0.40) (0.32)
Net Realized Gains....... (0.19) -- -- -- --
----------- ----------- ----------- ---------- ----------
Total Distributions.... (0.85) (0.55) (0.47) (0.40) (0.32)
-----------------------------------------------------------------------------------------
Net Asset Value, End of
Period................... $ 33.27 $ 33.75 $ 29.72 $ 22.34 $ 19.29
========================= =========== =========== =========== ========== ==========
Total Return.............. 1.16% 15.49% 35.52% 18.14% 5.53%
-----------------------------------------------------------------------------------------
Net Assets, End of
Period (thousands)....... $15,807,935 $15,146,981 $11,963,072 $8,334,585 $7,340,344
Ratio of Expenses to
Average Net Assets(B).... 0.27% 0.27% 0.27% 0.27% 0.28%
Ratio of Expenses to
Average Net Assets
(Excluding Fees
(Waived), (Expenses
Reimbursed), and/or
Previously Waived Fees
Recovered by Advisor)(B). 0.30% 0.27% 0.27% 0.27% 0.28%
Ratio of Net Investment
Income to Average Net
Assets................... 2.04% 1.75% 1.82% 1.99% 1.63%
-----------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
136
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
U.S. Targeted Value Portfolio-Class R1 Shares U.S. Targeted Value Portfolio-Class R2 Shares
-------------------------------------------- ---------------------------------------------
Year Year Year Year Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2015 2014 2013 2012 2011
-----------------------------------------------------------------------------------------------------------------------
Net Asset Value,
Beginning of Year........ $ 23.19 $ 22.63 $17.28 $ 15.32 $ 14.75 $ 23.12 $ 22.57 $ 17.26 $ 15.31 $ 14.76
------- ------- ------ ------- ------- -------- ------- ------- ------- -------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.26 0.18 0.27 0.15 0.10 0.23 0.15 0.19 0.13 0.07
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ (0.61) 1.86 6.28 2.06 0.60 (0.61) 1.84 6.31 2.05 0.60
------- ------- ------ ------- ------- -------- ------- ------- ------- -------
Total from Investment
Operations............ (0.35) 2.04 6.55 2.21 0.70 (0.38) 1.99 6.50 2.18 0.67
-----------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.25) (0.16) (0.22) (0.13) (0.10) (0.22) (0.12) (0.21) (0.11) (0.09)
Net Realized Gains....... (1.01) (1.32) (0.98) (0.12) (0.03) (1.01) (1.32) (0.98) (0.12) (0.03)
------- ------- ------ ------- ------- -------- ------- ------- ------- -------
Total Distributions.... (1.26) (1.48) (1.20) (0.25) (0.13) (1.23) (1.44) (1.19) (0.23) (0.12)
-----------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of
Year..................... $ 21.58 $ 23.19 $22.63 $ 17.28 $ 15.32 $ 21.51 $ 23.12 $ 22.57 $ 17.26 $ 15.31
======================== ======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Total Return.............. (1.33)% 9.47% 40.39% 14.67% 4.69% (1.49)% 9.30% 40.10% 14.46% 4.50%
-----------------------------------------------------------------------------------------------------------------------
Net Assets, End of Year
(thousands).............. $40,159 $16,971 $9,470 $49,423 $45,132 $135,412 $82,977 $23,305 $12,754 $10,918
Ratio of Expenses to
Average Net Assets....... 0.47% 0.47% 0.47% 0.48% 0.48% 0.63% 0.62% 0.62% 0.63% 0.63%
Ratio of Net Investment
Income to Average Net
Assets................... 1.15% 0.79% 1.42% 0.93% 0.61% 1.02% 0.64% 0.95% 0.78% 0.42%
Portfolio Turnover Rate... 15% 10% 16% 20% 23% 15% 10% 16% 20% 23%
-----------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
137
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
U.S. Targeted Value Portfolio-Institutional Class Shares
----------------------------------------------------------- -------------
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2015
------------------------------------------------------------------------------------------------------
Net Asset Value,
Beginning of Year........ $ 23.16 $ 22.60 $ 17.28 $ 15.32 $ 14.76 $ 35.82
---------- ---------- ---------- ---------- ---------- -----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.29 0.21 0.24 0.17 0.12 0.41
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ (0.61) 1.85 6.31 2.06 0.59 (1.44)
---------- ---------- ---------- ---------- ---------- -----------
Total from Investment
Operations............ (0.32) 2.06 6.55 2.23 0.71 (1.03)
------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.27) (0.18) (0.25) (0.15) (0.12) (0.38)
Net Realized Gains....... (1.01) (1.32) (0.98) (0.12) (0.03) (1.33)
---------- ---------- ---------- ---------- ---------- -----------
Total Distributions.... (1.28) (1.50) (1.23) (0.27) (0.15) (1.71)
------------------------------------------------------------------------------------------------------
Net Asset Value, End of
Year..................... $ 21.56 $ 23.16 $ 22.60 $ 17.28 $ 15.32 $ 33.08
======================== ========== ========== ========== ========== ========== ===========
Total Return.............. (1.20)% 9.58% 40.40% 14.78% 4.76% (2.83)%
------------------------------------------------------------------------------------------------------
Net Assets, End of Year
(thousands).............. $6,987,896 $5,490,959 $4,180,974 $2,989,632 $2,487,929 $11,680,262
Ratio of Expenses to
Average Net Assets....... 0.37% 0.37% 0.37% 0.38% 0.38% 0.52%
Ratio of Net Investment
Income to Average Net
Assets................... 1.28% 0.90% 1.25% 1.03% 0.71% 1.18%
Portfolio Turnover Rate... 15% 10% 16% 20% 23% 17%
------------------------------------------------------------------------------------------------------
U.S. Small Cap Value Portfolio
------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2014 2013 2012 2011
---------------------------------------------------------------------------
Net Asset Value,
Beginning of Year........ $ 34.48 $ 26.57 $ 23.50 $ 22.49
----------- ---------- ---------- ----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.23 0.39 0.20 0.16
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ 2.93 9.41 3.38 1.00
----------- ---------- ---------- ----------
Total from Investment
Operations............ 3.16 9.80 3.58 1.16
---------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.22) (0.37) (0.18) (0.15)
Net Realized Gains....... (1.60) (1.52) (0.33) --
----------- ---------- ---------- ----------
Total Distributions.... (1.82) (1.89) (0.51) (0.15)
---------------------------------------------------------------------------
Net Asset Value, End of
Year..................... $ 35.82 $ 34.48 $ 26.57 $ 23.50
======================== =========== ========== ========== ==========
Total Return.............. 9.49% 39.35% 15.60% 5.13%
---------------------------------------------------------------------------
Net Assets, End of Year
(thousands).............. $11,512,306 $9,526,981 $7,088,470 $6,540,863
Ratio of Expenses to
Average Net Assets....... 0.52% 0.52% 0.52% 0.52%
Ratio of Net Investment
Income to Average Net
Assets................... 0.66% 1.28% 0.78% 0.62%
Portfolio Turnover Rate... 9% 14% 15% 14%
---------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
138
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
U.S. Core Equity 1 Portfolio
------------------------------------------------------------ ------------
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2015
------------------------------------------------------------------------------------------------------
Net Asset Value,
Beginning of Year........ $ 17.71 $ 15.74 $ 12.11 $ 10.78 $ 10.18 $ 17.34
----------- ----------- ---------- ---------- ---------- -----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.31 0.27 0.25 0.21 0.17 0.30
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ 0.26 2.02 3.62 1.32 0.59 0.02
----------- ----------- ---------- ---------- ---------- -----------
Total from Investment
Operations............ 0.57 2.29 3.87 1.53 0.76 0.32
------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.30) (0.25) (0.24) (0.20) (0.16) (0.28)
Net Realized Gains....... (0.08) (0.07) -- -- -- (0.12)
----------- ----------- ---------- ---------- ---------- -----------
Total Distributions.... (0.38) (0.32) (0.24) (0.20) (0.16) (0.40)
------------------------------------------------------------------------------------------------------
Net Asset Value, End of
Year..................... $ 17.90 $ 17.71 $ 15.74 $ 12.11 $ 10.78 $ 17.26
======================== =========== =========== ========== ========== ========== ===========
Total Return.............. 3.26% 14.72% 32.32% 14.29% 7.47% 1.92%
------------------------------------------------------------------------------------------------------
Net Assets, End of Year
(thousands).............. $13,275,774 $10,780,830 $7,566,179 $4,876,973 $3,731,411 $15,200,564
Ratio of Expenses to
Average Net Assets....... 0.19% 0.19% 0.19% 0.19% 0.20% 0.22%
Ratio of Net Investment
Income to Average Net
Assets................... 1.71% 1.61% 1.79% 1.79% 1.49% 1.68%
Portfolio Turnover Rate... 4% 5% 1% 3% 5% 5%
------------------------------------------------------------------------------------------------------
U.S. Core Equity 2 Portfolio
------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2014 2013 2012 2011
---------------------------------------------------------------------------
Net Asset Value,
Beginning of Year........ $ 15.62 $ 11.99 $ 10.61 $ 10.06
----------- ---------- ---------- ----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.26 0.24 0.20 0.16
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ 1.86 3.73 1.36 0.54
----------- ---------- ---------- ----------
Total from Investment
Operations............ 2.12 3.97 1.56 0.70
---------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.24) (0.24) (0.18) (0.15)
Net Realized Gains....... (0.16) (0.10) -- --
----------- ---------- ---------- ----------
Total Distributions.... (0.40) (0.34) (0.18) (0.15)
---------------------------------------------------------------------------
Net Asset Value, End of
Year..................... $ 17.34 $ 15.62 $ 11.99 $ 10.61
======================== =========== ========== ========== ==========
Total Return.............. 13.78% 33.66% 14.81% 6.98%
---------------------------------------------------------------------------
Net Assets, End of Year
(thousands).............. $12,919,176 $9,989,564 $6,923,984 $5,819,906
Ratio of Expenses to
Average Net Assets....... 0.22% 0.22% 0.22% 0.22%
Ratio of Net Investment
Income to Average Net
Assets................... 1.55% 1.74% 1.74% 1.42%
Portfolio Turnover Rate... 6% 3% 5% 9%
---------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
139
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
U.S. Vector Equity Portfolio
-----------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
---------------------------------------------------------------------------------------
Net Asset Value,
Beginning of Year........ $ 17.04 $ 15.62 $ 11.61 $ 10.28 $ 9.82
---------- ---------- ---------- ---------- ----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.25 0.21 0.20 0.16 0.12
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ (0.30) 1.62 4.03 1.32 0.46
---------- ---------- ---------- ---------- ----------
Total from Investment
Operations............ (0.05) 1.83 4.23 1.48 0.58
---------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.24) (0.19) (0.20) (0.15) (0.12)
Net Realized Gains....... (0.53) (0.22) (0.02) -- --
---------- ---------- ---------- ---------- ----------
Total Distributions.... (0.77) (0.41) (0.22) (0.15) (0.12)
---------------------------------------------------------------------------------------
Net Asset Value, End of
Year..................... $ 16.22 $ 17.04 $ 15.62 $ 11.61 $ 10.28
======================== ========== ========== ========== ========== ==========
Total Return.............. (0.18)% 11.91% 36.80% 14.55% 5.86%
---------------------------------------------------------------------------------------
Net Assets, End of Year
(thousands).............. $3,651,529 $3,501,319 $2,893,842 $2,009,177 $1,851,895
Ratio of Expenses to
Average Net Assets....... 0.32% 0.32% 0.32% 0.32% 0.33%
Ratio of Expenses to
Average Net Assets
(Excluding Fees
(Waived), (Expenses
Reimbursed), and/or
Previously Waived Fees
Recovered by Advisor).... 0.32% 0.32% 0.32% 0.32% 0.33%
Ratio of Net Investment
Income to Average Net
Assets................... 1.50% 1.26% 1.50% 1.45% 1.11%
Portfolio Turnover Rate... 10% 10% 3% 9% 10%
---------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
140
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
U.S. Small Cap Portfolio
----------------------------------------------------------- -----------
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2015
----------------------------------------------------------------------------------------------------
Net Asset Value,
Beginning of Year........ $ 31.38 $ 30.03 $ 23.11 $ 20.55 $ 19.06 $ 20.10
----------- ---------- ---------- ---------- ---------- ----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.35 0.26 0.35 0.25 0.18 0.16
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ 0.33 2.27 8.13 2.53 1.49 0.02
----------- ---------- ---------- ---------- ---------- ----------
Total from Investment
Operations............ 0.68 2.53 8.48 2.78 1.67 0.18
----------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.33) (0.24) (0.36) (0.22) (0.18) (0.16)
Net Realized Gains....... (0.89) (0.94) (1.20) -- -- (1.12)
----------- ---------- ---------- ---------- ---------- ----------
Total Distributions.... (1.22) (1.18) (1.56) (0.22) (0.18) (1.28)
----------------------------------------------------------------------------------------------------
Net Asset Value, End of
Year..................... $ 30.84 $ 31.38 $ 30.03 $ 23.11 $ 20.55 $ 19.00
======================== =========== ========== ========== ========== ========== ==========
Total Return.............. 2.34% 8.67% 39.03% 13.61% 8.76% 1.11%
----------------------------------------------------------------------------------------------------
Net Assets, End of Year
(thousands).............. $10,616,542 $9,247,716 $7,446,827 $4,563,345 $3,770,323 $5,007,091
Ratio of Expenses to
Average Net Assets....... 0.37% 0.37% 0.37% 0.37% 0.37% 0.52%
Ratio of Net Investment
Income to Average Net
Assets................... 1.10% 0.86% 1.33% 1.14% 0.84% 0.82%
Portfolio Turnover Rate... 11% 9% 10% 16% 23% 14%
----------------------------------------------------------------------------------------------------
U.S. Micro Cap Portfolio
-----------------------------------------------
Year Year Year Year
Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2014 2013 2012 2011
--------------------------------------------------------------------------
Net Asset Value,
Beginning of Year........ $ 19.64 $ 14.84 $ 13.24 $ 12.25
---------- ---------- ---------- ----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.14 0.19 0.14 0.09
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ 1.35 5.57 1.59 0.99
---------- ---------- ---------- ----------
Total from Investment
Operations............ 1.49 5.76 1.73 1.08
--------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.13) (0.20) (0.13) (0.09)
Net Realized Gains....... (0.90) (0.76) -- --
---------- ---------- ---------- ----------
Total Distributions.... (1.03) (0.96) (0.13) (0.09)
--------------------------------------------------------------------------
Net Asset Value, End of
Year..................... $ 20.10 $ 19.64 $ 14.84 $ 13.24
======================== ========== ========== ========== ==========
Total Return.............. 7.88% 41.34% 13.13% 8.85%
--------------------------------------------------------------------------
Net Assets, End of Year
(thousands).............. $5,029,027 $4,695,831 $3,437,958 $3,257,719
Ratio of Expenses to
Average Net Assets....... 0.52% 0.52% 0.52% 0.52%
Ratio of Net Investment
Income to Average Net
Assets................... 0.69% 1.16% 0.99% 0.69%
Portfolio Turnover Rate... 12% 11% 15% 14%
--------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
141
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
DFA Real Estate Securities Portfolio
---------------------------------------------------------- ------------
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2015
----------------------------------------------------------------------------------------------------
Net Asset Value,
Beginning of Year........ $ 32.24 $ 27.77 $ 25.83 $ 23.25 $ 21.24 $ 21.59
---------- ---------- ---------- ---------- ---------- ----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.90 0.72 0.67 0.57 0.40 0.58
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ 0.95 4.62 1.95 2.74 1.93 (1.24)
---------- ---------- ---------- ---------- ---------- ----------
Total from Investment
Operations............ 1.85 5.34 2.62 3.31 2.33 (0.66)
----------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (1.05) (0.87) (0.68) (0.73) (0.32) (0.57)
---------- ---------- ---------- ---------- ---------- ----------
Total Distributions.... (1.05) (0.87) (0.68) (0.73) (0.32) (0.57)
----------------------------------------------------------------------------------------------------
Net Asset Value, End of
Year..................... $ 33.04 $ 32.24 $ 27.77 $ 25.83 $ 23.25 $ 20.36
======================== ========== ========== ========== ========== ========== ==========
Total Return.............. 5.89% 19.80% 10.28% 14.45% 11.09% (3.10)%
----------------------------------------------------------------------------------------------------
Net Assets, End of Year
(thousands).............. $6,553,192 $6,607,759 $4,677,418 $3,716,389 $3,098,647 $3,150,334
Ratio of Expenses to
Average Net Assets....... 0.18% 0.18% 0.18% 0.22% 0.32% 0.29%
Ratio of Expenses to
Average Net Assets
(Excluding Fees
(Waived), (Expenses
Reimbursed), and/or
Previously Waived Fees
Recovered by Advisor
and Fees Paid
Indirectly).............. 0.19% 0.19% 0.19% 0.23% 0.32% 0.29%
Ratio of Net Investment
Income to Average Net
Assets................... 2.75% 2.48% 2.42% 2.29% 1.76% 2.71%
Portfolio Turnover Rate... 4% 0% 1% 0% 3% 10%
----------------------------------------------------------------------------------------------------
Large Cap International Portfolio
-----------------------------------------------
Year Year Year Year
Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2014 2013 2012 2011
---------------------------------------------------------------------------
Net Asset Value,
Beginning of Year........ $ 22.20 $ 18.33 $ 17.91 $ 19.42
---------- ---------- ---------- ----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.75 0.58 0.60 0.63
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ (0.62) 3.90 0.40 (1.53)
---------- ---------- ---------- ----------
Total from Investment
Operations............ 0.13 4.48 1.00 (0.90)
---------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.74) (0.61) (0.58) (0.61)
---------- ---------- ---------- ----------
Total Distributions.... (0.74) (0.61) (0.58) (0.61)
---------------------------------------------------------------------------
Net Asset Value, End of
Year..................... $ 21.59 $ 22.20 $ 18.33 $ 17.91
======================== ========== ========== ========== ==========
Total Return.............. 0.47% 24.85% 5.89% (4.86)%
---------------------------------------------------------------------------
Net Assets, End of Year
(thousands).............. $3,127,847 $2,755,114 $2,055,759 $1,704,149
Ratio of Expenses to
Average Net Assets....... 0.28% 0.29% 0.30% 0.30%
Ratio of Expenses to
Average Net Assets
(Excluding Fees
(Waived), (Expenses
Reimbursed), and/or
Previously Waived Fees
Recovered by Advisor
and Fees Paid
Indirectly).............. 0.28% 0.29% 0.30% 0.30%
Ratio of Net Investment
Income to Average Net
Assets................... 3.35% 2.90% 3.38% 3.19%
Portfolio Turnover Rate... 4% 5% 4% 3%
---------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
142
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
International Core Equity Portfolio
--------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
-------------------------------------------------------------------------------------------
Net Asset Value,
Beginning of Year........ $ 12.15 $ 12.57 $ 10.10 $ 9.89 $ 10.78
----------- ----------- ---------- ---------- ----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.32 0.38 0.31 0.31 0.33
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ (0.45) (0.43) 2.47 0.20 (0.89)
----------- ----------- ---------- ---------- ----------
Total from Investment
Operations............ (0.13) (0.05) 2.78 0.51 (0.56)
-------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.33) (0.37) (0.31) (0.30) (0.33)
----------- ----------- ---------- ---------- ----------
Total Distributions.... (0.33) (0.37) (0.31) (0.30) (0.33)
-------------------------------------------------------------------------------------------
Net Asset Value, End of
Year..................... $ 11.69 $ 12.15 $ 12.57 $ 10.10 $ 9.89
======================== =========== =========== ========== ========== ==========
Total Return.............. (1.10)% (0.55)% 27.98% 5.49% (5.49)%
-------------------------------------------------------------------------------------------
Net Assets, End of Year
(thousands).............. $14,420,568 $12,294,542 $9,508,466 $6,482,738 $5,395,884
Ratio of Expenses to
Average Net Assets....... 0.38% 0.38% 0.39% 0.40% 0.40%
Ratio of Expenses to
Average Net Assets
(Excluding Fees
(Waived), (Expenses
Reimbursed), and/or
Previously Waived Fees
Recovered by Advisor
and Fees Paid
Indirectly).............. 0.38% 0.38% 0.39% 0.40% 0.40%
Ratio of Net Investment
Income to Average Net
Assets................... 2.63% 3.01% 2.80% 3.18% 2.96%
Portfolio Turnover Rate... 4% 7% 3% 5% 3%
-------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
143
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
International Small Company Portfolio
-----------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
-----------------------------------------------------------------------------------------
Net Asset Value,
Beginning of Year........ $ 18.24 $ 19.40 $ 15.28 $ 15.21 $ 16.14
---------- ---------- ---------- ---------- ----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.41 0.42 0.42 0.38 0.40
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ 0.12 (0.62) 4.16 0.39 (0.83)
---------- ---------- ---------- ---------- ----------
Total from Investment
Operations............ 0.53 (0.20) 4.58 0.77 (0.43)
-----------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.42) (0.42) (0.37) (0.42) (0.50)
Net Realized Gains....... (0.57) (0.54) (0.09) (0.28) --
---------- ---------- ---------- ---------- ----------
Total Distributions.... (0.99) (0.96) (0.46) (0.70) (0.50)
-----------------------------------------------------------------------------------------
Net Asset Value, End of
Year..................... $ 17.78 $ 18.24 $ 19.40 $ 15.28 $ 15.21
======================== ========== ========== ========== ========== ==========
Total Return.............. 3.30% (1.09)% 30.66% 5.63% (2.92)%
-----------------------------------------------------------------------------------------
Net Assets, End of Year
(thousands).............. $9,323,492 $8,844,517 $8,520,717 $6,423,160 $5,834,015
Ratio of Expenses to
Average Net Assets (B)... 0.54% 0.53% 0.54% 0.56% 0.55%
Ratio of Expenses to
Average Net Assets
(Excluding Fees
(Waived), (Expenses
Reimbursed), and/or
Previously Waived Fees
Recovered by
Advisor) (B)............. 0.54% 0.53% 0.54% 0.56% 0.55%
Ratio of Net Investment
Income to Average Net
Assets................... 2.30% 2.15% 2.47% 2.58% 2.37%
-----------------------------------------------------------------------------------------
Japanese Small Company Portfolio
------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
----------------------------------------------------------------------------
Net Asset Value,
Beginning of Year........ $ 19.15 $ 19.33 $ 14.99 $ 15.24 $ 14.13
-------- -------- -------- -------- --------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.25 0.24 0.26 0.29 0.27
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ 1.36 0.13 4.21 (0.26) 1.08
-------- -------- -------- -------- --------
Total from Investment
Operations............ 1.61 0.37 4.47 0.03 1.35
----------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.30) (0.55) (0.13) (0.28) (0.24)
Net Realized Gains....... -- -- -- -- --
-------- -------- -------- -------- --------
Total Distributions.... (0.30) (0.55) (0.13) (0.28) (0.24)
----------------------------------------------------------------------------
Net Asset Value, End of
Year..................... $ 20.46 $ 19.15 $ 19.33 $ 14.99 $ 15.24
======================== ======== ======== ======== ======== ========
Total Return.............. 8.62% 2.00% 30.06% 0.20% 9.57%
----------------------------------------------------------------------------
Net Assets, End of Year
(thousands).............. $463,997 $508,190 $414,132 $293,968 $163,120
Ratio of Expenses to
Average Net Assets (B)... 0.54% 0.55% 0.56% 0.57% 0.56%
Ratio of Expenses to
Average Net Assets
(Excluding Fees
(Waived), (Expenses
Reimbursed), and/or
Previously Waived Fees
Recovered by
Advisor) (B)............. 0.57% 0.55% 0.56% 0.57% 0.56%
Ratio of Net Investment
Income to Average Net
Assets................... 1.27% 1.25% 1.51% 1.88% 1.74%
----------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
144
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
Asia Pacific Small Company Portfolio United Kingdom Small Company Portfolio
-------------------------------------------------- -------------------------------------------
Year Year Year Year Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2015 2014 2013 2012 2011
-----------------------------------------------------------------------------------------------------------------------------
Net Asset Value,
Beginning of Year........ $ 22.88 $ 24.82 $ 23.22 $ 23.04 $ 25.64 $ 35.92 $ 36.96 $ 27.81 $ 23.44 $ 24.24
-------- -------- -------- -------- -------- ------- ------- ------- ------- -------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.75 0.83 1.01 0.87 0.85 1.06 0.95 0.88 0.69 0.82
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ (3.51) (1.81) 1.37 0.58 (2.16) 1.95 (0.65) 9.17 4.47 (0.85)
-------- -------- -------- -------- -------- ------- ------- ------- ------- -------
Total from Investment
Operations............ (2.76) (0.98) 2.38 1.45 (1.31) 3.01 0.30 10.05 5.16 (0.03)
-----------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (1.06) (0.96) (0.78) (1.27) (1.29) (1.05) (0.93) (0.90) (0.79) (0.77)
Net Realized Gains....... -- -- -- -- -- (2.38) (0.41) -- -- --
-------- -------- -------- -------- -------- ------- ------- ------- ------- -------
Total Distributions.... (1.06) (0.96) (0.78) (1.27) (1.29) (3.43) (1.34) (0.90) (0.79) (0.77)
-----------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of
Year..................... $ 19.06 $ 22.88 $ 24.82 $ 23.22 $ 23.04 $ 35.50 $ 35.92 $ 36.96 $ 27.81 $ 23.44
======================== ======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Total Return.............. (12.19)% (3.84)% 10.46% 7.09% (5.59)% 9.43% 0.73% 36.81% 22.82% (0.28)%
-----------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Year
(thousands).............. $200,270 $364,117 $331,166 $238,191 $139,262 $35,637 $35,050 $37,096 $31,316 $33,869
Ratio of Expenses to
Average Net Assets (B)... 0.55% 0.55% 0.57% 0.59% 0.60% 0.58% 0.58% 0.59% 0.60% 0.60%
Ratio of Expenses to
Average Net Assets
(Excluding Fees
(Waived), (Expenses
Reimbursed), and/or
Previously Waived Fees
Recovered by
Advisor) (B)............. 0.57% 0.55% 0.57% 0.59% 0.60% 0.62% 0.62% 0.63% 0.63% 0.62%
Ratio of Net Investment
Income to Average Net
Assets................... 3.67% 3.53% 4.26% 3.91% 3.34% 2.99% 2.50% 2.79% 2.83% 3.26%
-----------------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
145
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
Continental Small Company Portfolio
------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
--------------------------------------------------------------------------------------------
Net Asset Value,
Beginning of Year........ $ 19.34 $ 20.26 $ 14.51 $ 14.66 $ 16.93
-------- -------- -------- -------- --------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.43 0.42 0.37 0.39 0.39
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ 1.38 (0.90) 5.78 (0.17) (2.20)
-------- -------- -------- -------- --------
Total from Investment
Operations............ 1.81 (0.48) 6.15 0.22 (1.81)
--------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.41) (0.44) (0.40) (0.37) (0.46)
-------- -------- -------- -------- --------
Total Distributions.... (0.41) (0.44) (0.40) (0.37) (0.46)
--------------------------------------------------------------------------------------------
Net Asset Value, End of
Year..................... $ 20.74 $ 19.34 $ 20.26 $ 14.51 $ 14.66
======================== ======== ======== ======== ======== ========
Total Return.............. 9.37% (2.68)% 42.99% 1.85% (11.09)%
--------------------------------------------------------------------------------------------
Net Assets, End of Year
(thousands).............. $278,024 $168,961 $170,806 $106,316 $117,452
Ratio of Expenses to
Average Net Assets....... 0.55%(B) 0.56%(B) 0.58%(B) 0.59%(B) 0.58%(B)
Ratio of Expenses to
Average Net Assets
(Excluding Fees
(Waived), (Expenses
Reimbursed), and/or
Previously Waived Fees
Recovered by Advisor
and Fees Paid
Indirectly).............. 0.58%(B) 0.56%(B) 0.58%(B) 0.59%(B) 0.58%(B)
Ratio of Net Investment
Income to Average Net
Assets................... 2.09% 1.97% 2.16% 2.78% 2.25%
Portfolio Turnover Rate... N/A N/A N/A N/A N/A
--------------------------------------------------------------------------------------------
DFA International Real Estate Securities Portfolio
-----------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
----------------------------------------------------------------------------------------
Net Asset Value,
Beginning of Year........ $ 5.63 $ 5.48 $ 5.67 $ 4.90 $ 5.58
---------- ---------- ---------- ---------- ----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.19 0.22 0.22 0.27 0.30
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ (0.22) 0.19 0.25 0.75 (0.33)
---------- ---------- ---------- ---------- ----------
Total from Investment
Operations............ (0.03) 0.41 0.47 1.02 (0.03)
----------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.33) (0.26) (0.66) (0.25) (0.65)
---------- ---------- ---------- ---------- ----------
Total Distributions.... (0.33) (0.26) (0.66) (0.25) (0.65)
----------------------------------------------------------------------------------------
Net Asset Value, End of
Year..................... $ 5.27 $ 5.63 $ 5.48 $ 5.67 $ 4.90
======================== ========== ========== ========== ========== ==========
Total Return.............. (0.37)% 8.21% 9.24% 22.34% (0.43)%
----------------------------------------------------------------------------------------
Net Assets, End of Year
(thousands).............. $3,540,092 $3,088,376 $2,158,977 $1,531,708 $1,060,156
Ratio of Expenses to
Average Net Assets....... 0.32% 0.38% 0.39% 0.41% 0.42%
Ratio of Expenses to
Average Net Assets
(Excluding Fees
(Waived), (Expenses
Reimbursed), and/or
Previously Waived Fees
Recovered by Advisor
and Fees Paid
Indirectly).............. 0.32% 0.38% 0.39% 0.41% 0.42%
Ratio of Net Investment
Income to Average Net
Assets................... 3.64% 4.14% 4.07% 5.45% 5.73%
Portfolio Turnover Rate... 2% 1% 5% 3% 7%
----------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
146
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
DFA Global Real Estate Securities Portfolio
--------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
----------------------------------------------------------------------------------------------------
Net Asset Value,
Beginning of Year........ $ 10.63 $ 9.59 $ 9.33 $ 8.21 $ 8.28
---------- ---------- ---------- ---------- --------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.44 0.31 0.49 0.29 0.41
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ (0.09) 1.05 0.37 1.07 0.06
---------- ---------- ---------- ---------- --------
Total from Investment
Operations............ 0.35 1.36 0.86 1.36 0.47
----------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.39) (0.32) (0.60) (0.24) (0.54)
Net Realized Gains....... -- -- -- -- --
---------- ---------- ---------- ---------- --------
Total Distributions.... (0.39) (0.32) (0.60) (0.24) (0.54)
----------------------------------------------------------------------------------------------------
Net Asset Value, End of
Year..................... $ 10.59 $ 10.63 $ 9.59 $ 9.33 $ 8.21
======================== ========== ========== ========== ========== ========
Total Return.............. 3.44% 14.98% 9.74% 17.33% 6.17%
----------------------------------------------------------------------------------------------------
Net Assets, End of Year
(thousands).............. $4,059,916 $3,305,472 $2,082,707 $1,315,547 $869,348
Ratio of Expenses to
Average Net Assets....... 0.27%(B) 0.32%(B) 0.32%(B) 0.34%(B) 0.41%(B)
Ratio of Expenses to
Average Net Assets
(Excluding Fees
(Waived), (Expenses
Reimbursed), and/or
Previously Waived Fees
Recovered by Advisor
and Fees Paid
Indirectly).............. 0.45%(B) 0.55%(B) 0.55%(B) 0.60%(B) 0.73%(B)
Ratio of Net Investment
Income to Average Net
Assets................... 4.16% 3.21% 5.18% 3.38% 5.01%
Portfolio Turnover Rate... 1% N/A N/A N/A N/A
----------------------------------------------------------------------------------------------------
DFA International Small Cap Value Portfolio
-------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
------------------------------------------------------------------------------------------
Net Asset Value,
Beginning of Year........ $ 19.55 $ 20.17 $ 15.16 $ 14.85 $ 16.16
----------- ----------- ----------- ---------- ----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.38 0.37 0.37 0.34 0.34
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ 0.22 (0.34) 5.21 0.61 (0.98)
----------- ----------- ----------- ---------- ----------
Total from Investment
Operations............ 0.60 0.03 5.58 0.95 (0.64)
------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.37) (0.35) (0.36) (0.36) (0.38)
Net Realized Gains....... (0.34) (0.30) (0.21) (0.28) (0.29)
----------- ----------- ----------- ---------- ----------
Total Distributions.... (0.71) (0.65) (0.57) (0.64) (0.67)
------------------------------------------------------------------------------------------
Net Asset Value, End of
Year..................... $ 19.44 $ 19.55 $ 20.17 $ 15.16 $ 14.85
======================== =========== =========== =========== ========== ==========
Total Return.............. 3.31% 0.13% 37.79% 6.92% (4.39)%
------------------------------------------------------------------------------------------
Net Assets, End of Year
(thousands).............. $12,577,575 $11,684,771 $11,148,899 $8,266,610 $7,459,144
Ratio of Expenses to
Average Net Assets....... 0.69% 0.68% 0.69% 0.71% 0.70%
Ratio of Expenses to
Average Net Assets
(Excluding Fees
(Waived), (Expenses
Reimbursed), and/or
Previously Waived Fees
Recovered by Advisor
and Fees Paid
Indirectly).............. 0.69% 0.68% 0.69% 0.71% 0.70%
Ratio of Net Investment
Income to Average Net
Assets................... 1.94% 1.78% 2.16% 2.30% 2.05%
Portfolio Turnover Rate... 18% 8% 9% 18% 16%
------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
147
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
International Vector Equity Portfolio
-------------------------------------------------------- ------------
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2015
---------------------------------------------------------------------------------------------------
Net Asset Value,
Beginning of Period...... $ 11.26 $ 11.75 $ 9.33 $ 9.34 $ 10.28 $ 11.43
---------- ---------- ---------- -------- -------- --------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.28 0.32 0.26 0.27 0.29 0.30
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ (0.41) (0.43) 2.44 0.14 (0.87) (1.18)
---------- ---------- ---------- -------- -------- --------
Total from Investment
Operations............ (0.13) (0.11) 2.70 0.41 (0.58) (0.88)
---------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.27) (0.30) (0.25) (0.27) (0.29) (0.27)
Net Realized Gains....... (0.10) (0.08) (0.03) (0.15) (0.07) --
---------- ---------- ---------- -------- -------- --------
Total Distributions.... (0.37) (0.38) (0.28) (0.42) (0.36) (0.27)
---------------------------------------------------------------------------------------------------
Net Asset Value, End of
Period................... $ 10.76 $ 11.26 $ 11.75 $ 9.33 $ 9.34 $ 10.28
======================== ========== ========== ========== ======== ======== ========
Total Return.............. (1.14)% (1.05)% 29.52% 4.90% (5.99)% (7.77)%
---------------------------------------------------------------------------------------------------
Net Assets, End of
Period (thousands)....... $1,594,914 $1,305,553 $1,090,774 $561,399 $410,580 $155,301
Ratio of Expenses to
Average Net Assets....... 0.50% 0.49% 0.51% 0.54% 0.54% 0.53%(B)
Ratio of Expenses to
Average Net Assets
(Excluding Fees
(Waived), (Expenses
Reimbursed), and/or
Previously Waived Fees
Recovered by Advisor
and Fees Paid
Indirectly).............. 0.50% 0.49% 0.51% 0.54% 0.54% 0.75%(B)
Ratio of Net Investment
Income to Average Net
Assets................... 2.50% 2.64% 2.51% 2.94% 2.73% 2.69%
Portfolio Turnover Rate... 8% 8% 2% 5% 10% N/A
---------------------------------------------------------------------------------------------------
World ex U.S. Value Portfolio
----------------------------------------------
Year Year Year Year
Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2014 2013 2012 2011
----------------------------------------------------------------------------
Net Asset Value,
Beginning of Period...... $ 11.93 $ 9.94 $ 9.96 $ 11.35
-------- -------- ------- -------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.42 0.29 0.29 0.30
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ (0.50) 2.02 (0.05) (1.35)
-------- -------- ------- -------
Total from Investment
Operations............ (0.08) 2.31 0.24 (1.05)
----------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.42) (0.32) (0.26) (0.26)
Net Realized Gains....... -- -- -- (0.08)
-------- -------- ------- -------
Total Distributions.... (0.42) (0.32) (0.26) (0.34)
----------------------------------------------------------------------------
Net Asset Value, End of
Period................... $ 11.43 $ 11.93 $ 9.94 $ 9.96
======================== ======== ======== ======== ========
Total Return.............. (0.81)% 23.61% 2.70% (9.59)%
----------------------------------------------------------------------------
Net Assets, End of
Period (thousands)....... $113,951 $117,587 $57,197 $47,165
Ratio of Expenses to
Average Net Assets....... 0.57%(B) 0.60%(B) 0.60%(B) 0.60%(B)
Ratio of Expenses to
Average Net Assets
(Excluding Fees
(Waived), (Expenses
Reimbursed), and/or
Previously Waived Fees
Recovered by Advisor
and Fees Paid
Indirectly).............. 0.76%(B) 0.76%(B) 0.84%(B) 0.91%(B)
Ratio of Net Investment
Income to Average Net
Assets................... 3.54% 2.61% 2.97% 2.64%
Portfolio Turnover Rate... N/A N/A N/A N/A
----------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
148
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
World ex U.S. Targeted Value Portfolio World ex U.S. Core Equity Portfolio
----------------------------- ---------------------------------
Period Period
Year Year Nov. 1, Year Year April 9,
Ended Ended 2012(a) to Ended Ended 2013(a) to
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2015 2014 2013
----------------------------------------------------------------------------------------------------------
Net Asset Value,
Beginning of Period...... $ 12.08 $ 12.46 $ 10.00 $ 10.49 $ 10.77 $ 10.00
-------- -------- ------- ---------- -------- --------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.23 0.23 0.20 0.26 0.28 0.18
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ (0.58) (0.22) 2.46 (0.72) (0.27) 0.77
-------- -------- ------- ---------- -------- --------
Total from Investment
Operations............ (0.35) 0.01 2.66 (0.46) 0.01 0.95
----------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.26) (0.24) (0.20) (0.20) (0.28) (0.18)
Net Realized Gains....... (0.03) (0.15) -- -- (0.01) --
-------- -------- ------- ---------- -------- --------
Total Distributions.... (0.29) (0.39) (0.20) (0.20) (0.29) (0.18)
----------------------------------------------------------------------------------------------------------
Net Asset Value, End of
Period................... $ 11.44 $ 12.08 $ 12.46 $ 9.83 $ 10.49 $ 10.77
======================== ======== ======== ========== ========== ======== ==========
Total Return.............. (2.88)% 0.06% 26.90%(D) (4.50)% (0.04)% 9.62%(D)
----------------------------------------------------------------------------------------------------------
Net Assets, End of
Period (thousands)....... $227,731 $151,096 $96,010 $1,170,828 $406,648 $129,720
Ratio of Expenses to
Average Net Assets (B)... 0.65% 0.69% 0.79%(C)(E) 0.47% 0.47% 0.47%(C)(E)
Ratio of Expenses to
Average Net Assets
(Excluding Fees
(Waived), (Expenses
Reimbursed), and/or
Previously Waived Fees
Recovered by
Advisor) (B)............. 1.06% 1.17% 1.27%(C)(E) 0.52% 0.88% 0.97%(C)(E)
Ratio of Net Investment
Income to Average Net
Assets................... 1.95% 1.84% 1.78%(C)(E) 2.54% 2.59% 3.12%(C)(E)
Portfolio Turnover Rate... 1% N/A N/A 1% N/A N/A
----------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
149
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
World Core Equity Portfolio Selectively Hedged Global Equity Portfolio
--------------------------------------- ----------------------------------------
Period Period
Year Year Year March 7, Year Year Year Nov. 14,
Ended Ended Ended 2012(a) to Ended Ended Ended 2011(a) to
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2015 2014 2013 2012
-------------------------------------------------------------------------------------------------------------------------
Net Asset Value,
Beginning of Period...... $ 13.33 $ 12.71 $ 10.24 $10.00 $ 14.20 $ 13.63 $ 10.87 $ 10.00
--------- -------- ------- ------ -------- --------- -------- -------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.26 0.17 0.23 0.16 0.27 0.27 0.24 0.22
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ (0.35) 0.87 2.47 0.19 (0.34) 0.76 2.65 0.87
--------- -------- ------- ------ -------- --------- -------- -------
Total from Investment
Operations............ (0.09) 1.04 2.70 0.35 (0.07) 1.03 2.89 1.09
-------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.26) (0.24) (0.23) (0.11) (0.42) (0.32) (0.10) (0.22)
Net Realized Gains....... (0.04) (0.18) -- (0.00) (0.21) (0.14) (0.03) --
--------- -------- ------- ------ -------- --------- -------- -------
Total Distributions.... (0.30) (0.42) (0.23) (0.11) (0.63) (0.46) (0.13) (0.22)
-------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of
Period................... $ 12.94 $ 13.33 $ 12.71 $10.24 $ 13.50 $ 14.20 $ 13.63 $ 10.87
======================== ========= ======== ======== ========== ======== ========= ======== ==========
Total Return.............. (0.61)% 8.36% 26.77% 3.54%(D) (0.34)% 7.83% 26.86% 11.11%(D)
-------------------------------------------------------------------------------------------------------------------------
Net Assets, End of
Period (thousands)....... $ 202,655 $ 75,707 $ 1,728 $ 191 $245,106 $ 147,276 $ 91,348 $34,950
Ratio of Expenses to
Average Net Assets (B)... 0.35% 0.35% 0.40% 0.40%(C)(E) 0.40% 0.40% 0.40% 0.40%(C)(E)
Ratio of Expenses to
Average Net Assets
(Excluding Fees
(Waived), (Expenses
Reimbursed), and/or
Previously Waived Fees
Recovered by
Advisor) (B)............. 0.65% 0.97% 5.71% 52.27%(C)(E) 0.66% 0.69% 0.72% 1.00%(C)(E)
Ratio of Net Investment
Income to Average Net
Assets................... 1.95% 1.27% 2.01% 2.40%(C)(E) 1.93% 1.94% 1.93% 2.13%(C)(E)
-------------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
150
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
Emerging Markets Portfolio
----------------------------------------------------------- ------------
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2015
------------------------------------------------------------------------------------------------------
Net Asset Value,
Beginning of Year........ $ 26.64 $ 26.97 $ 26.06 $ 26.68 $ 30.90 $ 21.42
---------- ---------- ---------- ---------- ---------- ----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.49 0.56 0.52 0.55 0.61 0.43
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ (4.54) (0.20) 1.17 0.37 (2.53) (2.53)
---------- ---------- ---------- ---------- ---------- ----------
Total from Investment
Operations............ (4.05) 0.36 1.69 0.92 (1.92) (2.10)
------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.42) (0.53) (0.50) (0.50) (0.53) (0.41)
Net Realized Gains....... -- (0.16) (0.28) (1.04) (1.77) (0.40)
---------- ---------- ---------- ---------- ---------- ----------
Total Distributions.... (0.42) (0.69) (0.78) (1.54) (2.30) (0.81)
------------------------------------------------------------------------------------------------------
Net Asset Value, End of
Year..................... $ 22.17 $ 26.64 $ 26.97 $ 26.06 $ 26.68 $ 18.51
======================== ========== ========== ========== ========== ========== ==========
Total Return.............. (15.24)% 1.33% 6.58% 4.08% (6.82)% (9.88)%
------------------------------------------------------------------------------------------------------
Net Assets, End of Year
(thousands).............. $4,321,530 $4,073,698 $3,655,740 $2,797,177 $2,313,035 $4,845,174
Ratio of Expenses to
Average Net Assets (B)... 0.57% 0.56% 0.57% 0.61% 0.61% 0.73%
Ratio of Expenses to
Average Net
Assets (Excluding Fees
(Waived),
(Expenses Reimbursed),
and/or Previously
Waived Fees Recovered
by Advisor)(B)........... 0.60% 0.56% 0.57% 0.61% 0.61% 0.78%
Ratio of Net Investment
Income to Average Net
Assets................... 1.97% 2.11% 1.97% 2.14% 2.07% 2.16%
------------------------------------------------------------------------------------------------------
Emerging Markets Small Cap Portfolio
-----------------------------------------------
Year Year Year Year
Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2014 2013 2012 2011
---------------------------------------------------------------------------
Net Asset Value,
Beginning of Year........ $ 21.10 $ 20.33 $ 19.85 $ 24.26
---------- ---------- ---------- ----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.43 0.40 0.40 0.42
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ 0.62 1.37 0.83 (3.67)
---------- ---------- ---------- ----------
Total from Investment
Operations............ 1.05 1.77 1.23 (3.25)
---------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.40) (0.39) (0.35) (0.40)
Net Realized Gains....... (0.33) (0.61) (0.40) (0.76)
---------- ---------- ---------- ----------
Total Distributions.... (0.73) (1.00) (0.75) (1.16)
---------------------------------------------------------------------------
Net Asset Value, End of
Year..................... $ 21.42 $ 21.10 $ 20.33 $ 19.85
======================== ========== ========== ========== ==========
Total Return.............. 5.12% 8.92% 6.71% (14.03)%
---------------------------------------------------------------------------
Net Assets, End of Year
(thousands).............. $4,860,603 $4,041,863 $2,907,673 $1,832,745
Ratio of Expenses to
Average Net Assets (B)... 0.72% 0.75% 0.82% 0.79%
Ratio of Expenses to
Average Net
Assets (Excluding Fees
(Waived),
(Expenses Reimbursed),
and/or Previously
Waived Fees Recovered
by Advisor)(B)........... 0.72% 0.75% 0.82% 0.79%
Ratio of Net Investment
Income to Average Net
Assets................... 2.02% 1.91% 2.01% 1.86%
---------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
151
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
Emerging Markets Value Portfolio-Class R2 Shares
----------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
----------------------------------------------------------------------------
Net Asset Value,
Beginning of Year........ $ 27.79 $ 29.27 $ 28.21 $ 29.02 $ 36.35
------- ------- -------- ------- -------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.49 0.59 0.47 0.50 0.20
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ (5.61) (1.10) 1.68 (0.45) (5.45)
------- ------- -------- ------- -------
Total from Investment
Operations............ (5.12) (0.51) 2.15 0.05 (5.25)
----------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.49) (0.55) (0.50) (0.47) (0.45)
Net Realized Gains....... -- (0.42) (0.59) (0.39) (1.63)
------- ------- -------- ------- -------
Total Distributions.... (0.49) (0.97) (1.09) (0.86) (2.08)
----------------------------------------------------------------------------
Net Asset Value, End of
Year..................... $ 22.18 $ 27.79 $ 29.27 $ 28.21 $ 29.02
======================== ======== ======== ======== ======== ========
Total Return.............. (18.49)% (1.75)% 7.75% 0.43% (15.24)%
----------------------------------------------------------------------------
Net Assets, End of Year
(thousands).............. $74,076 $99,066 $106,070 $99,111 $78,157
Ratio of Expenses to
Average Net Assets (B)... 0.81% 0.80% 0.82% 0.86% 0.86%
Ratio of Expenses to
Average Net
Assets (Fees (Waived),
(Expenses
Reimbursed), and/or
Previously Waived Fees
Recovered by Advisor
and Fees Paid
Indirectly)(B)........... 0.84% 0.80% 0.82% 0.86% 0.86%
Ratio of Net Investment
Income to Average Net
Assets................... 1.93% 2.09% 1.65% 1.78% 1.56%
----------------------------------------------------------------------------
Emerging Markets Value Portfolio-Institutional Class Shares
-----------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
----------------------------------------------------------------------------------------------
Net Asset Value,
Beginning of Year........ $ 27.81 $ 29.28 $ 28.22 $ 29.02 $ 36.27
----------- ----------- ----------- ----------- -----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.54 0.66 0.55 0.57 0.64
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ (5.60) (1.10) 1.67 (0.44) (5.72)
----------- ----------- ----------- ----------- -----------
Total from Investment
Operations............ (5.06) (0.44) 2.22 0.13 (5.08)
----------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.... (0.53) (0.61) (0.57) (0.54) (0.54)
Net Realized Gains....... -- (0.42) (0.59) (0.39) (1.63)
----------- ----------- ----------- ----------- -----------
Total Distributions.... (0.53) (1.03) (1.16) (0.93) (2.17)
----------------------------------------------------------------------------------------------
Net Asset Value, End of
Year..................... $ 22.22 $ 27.81 $ 29.28 $ 28.22 $ 29.02
======================== =========== =========== =========== =========== ===========
Total Return.............. (18.27)% (1.51)% 8.01% 0.70% (14.84)%
----------------------------------------------------------------------------------------------
Net Assets, End of Year
(thousands).............. $14,834,888 $18,647,276 $19,162,837 $16,589,619 $13,730,213
Ratio of Expenses to
Average Net Assets (B)... 0.56% 0.55% 0.57% 0.61% 0.61%
Ratio of Expenses to
Average Net
Assets (Fees (Waived),
(Expenses
Reimbursed), and/or
Previously Waived Fees
Recovered by Advisor
and Fees Paid
Indirectly)(B)........... 0.59% 0.55% 0.57% 0.61% 0.61%
Ratio of Net Investment
Income to Average Net
Assets................... 2.12% 2.35% 1.91% 2.03% 1.88%
----------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
152
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
Emerging Markets Core Equity Portfolio
--------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
------------------------------------------------------------------------------------------
Net Asset Value,
Beginning of Year....... $ 20.08 $ 20.09 $ 19.00 $ 18.73 $ 21.31
----------- ----------- ----------- ---------- ----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............ 0.39 0.42 0.39 0.41 0.43
Net Gains (Losses) on
Securities (Realized
and Unrealized)....... (3.29) (0.03) 1.07 0.23 (2.65)
----------- ----------- ----------- ---------- ----------
Total from Investment
Operations............ (2.90) 0.39 1.46 0.64 (2.22)
------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income... (0.37) (0.40) (0.37) (0.37) (0.36)
----------- ----------- ----------- ---------- ----------
Total Distributions..... (0.37) (0.40) (0.37) (0.37) (0.36)
------------------------------------------------------------------------------------------
Net Asset Value, End of
Year.................... $ 16.81 $ 20.08 $ 20.09 $ 19.00 $ 18.73
======================== =========== =========== =========== ========== ==========
Total Return............. (14.49)% 1.89% 7.75% 3.55% (10.59)%
------------------------------------------------------------------------------------------
Net Assets, End of Year
(thousands)............. $14,856,878 $15,727,547 $13,020,962 $8,594,707 $5,367,473
Ratio of Expenses to
Average Net Assets...... 0.62% 0.61% 0.63% 0.68% 0.67%
Ratio of Expenses to
Average Net Assets
(Excluding Fees
(Waived), (Expenses
Reimbursed), and/or
Previously Waived Fees
Recovered by Advisor
and Fees Paid
Indirectly)............. 0.62% 0.61% 0.63% 0.68% 0.68%
Ratio of Net Investment
Income to Average Net
Assets.................. 2.06% 2.10% 1.97% 2.18% 2.04%
Portfolio Turnover Rate.. 5% 2% 1% 1% 1%
------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
153
DFA INVESTMENT DIMENSIONS GROUP INC.
NOTES TO FINANCIAL STATEMENTS
A. Organization:
DFA Investment Dimensions Group Inc. (the "Fund") is an open-end management
investment company registered under the Investment Company Act of 1940, whose
shares are generally offered to institutional investors, retirement plans and
clients of registered investment advisors. The Fund consists of eighty-one
operational portfolios, of which thirty-one (the "Portfolios") are included in
this section of the report. The remaining operational portfolios are presented
in separate reports.
Of the Portfolios, seven invest all of their assets in a corresponding
series of The DFA Investment Trust Company ("DFAITC") and one invests in the
Dimensional Emerging Markets Value Fund ("DEM"). International Small Company
Portfolio invests in five portfolios within DFAITC. DFA Global Real Estate
Securities Portfolio invests in two portfolios within the Fund and World ex
U.S. Value Portfolio invests in three portfolios within the Fund, DFAITC, and
DEM. World Core Equity Portfolio invests in three portfolios within the Fund.
Selectively Hedged Global Equity Portfolio invests in three portfolios within
the Fund.
Percentage
Ownership
Feeder Funds Master Funds at 10/31/15
------------ ------------ -----------
U.S. Large Cap Value Portfolio The U.S. Large Cap Value Series 83%
Japanese Small Company Portfolio The Japanese Small Company Series 18%
Asia Pacific Small Company Portfolio The Asia Pacific Small Company Series 16%
United Kingdom Small Company Portfolio The United Kingdom Small Company Series 2%
Continental Small Company Portfolio The Continental Small Company Series 8%
Emerging Markets Portfolio The Emerging Markets Series 98%
Emerging Markets Small Cap Portfolio The Emerging Markets Small Cap Series 99%
Emerging Markets Value Portfolio Dimensional Emerging Markets Value Fund 99%
Fund of Funds
------------- -
International Small Company Portfolio The Continental Small Company Series 92%
The Japanese Small Company Series 82%
The United Kingdom Small Company Series 98%
The Asia Pacific Small Company Series 84%
The Canadian Small Company Series 97%
DFA Global Real Estate Securities Portfolio** DFA Real Estate Securities Portfolio 24%
DFA International Real Estate Securities 41%
Portfolio
World ex U.S. Value Portfolio Dimensional Emerging Markets Value Fund --*
DFA International Small Cap Value Portfolio --*
The DFA International Value Series 1%
World Core Equity Portfolio U.S. Core Equity 1 Portfolio 1%
International Core Equity Portfolio 1%
Emerging Markets Core Equity Portfolio --*
Selectively Hedged Global Equity Portfolio U.S. Core Equity 2 Portfolio 1%
International Core Equity Portfolio 1%
Emerging Markets Core Equity Portfolio --*
* Amounts designated as -- are less than 1%.
**DFA Global Real Estate Securities Portfolio invests in two Underlying Funds
as indicated and securities listed on the Summary Schedule of Investments.
154
Each feeder fund (collectively, "Feeder Funds") and fund of funds invests
primarily in a corresponding master fund(s) ("Master Fund") as indicated. The
DFA Global Real Estate Securities Portfolio may pursue its investment objective
by investing its assets in its Master Funds and/or directly in securities of
companies in the real estate industry. International Small Company Portfolio,
World ex U.S. Value Portfolio, World Core Equity Portfolio, and Selectively
Hedged Global Equity Portfolio also invest in short-term temporary cash
investments. In addition, DFA Global Real Estate Securities Portfolio, World ex
U.S. Targeted Value Portfolio and Selectively Hedged Global Equity Portfolio
engage in futures and forward currency contracts.
The financial statements of the Feeder Funds' Master Funds are included
elsewhere in this report and should be read in conjunction with the financial
statements of the Feeder Funds.
B. Significant Accounting Policies:
The following significant accounting policies are in conformity with
accounting principles generally accepted in the United States of America. Such
policies are consistently followed by the Fund in preparation of its financial
statements. The preparation of financial statements in accordance with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the fair
value of investments, the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increases and decreases in net assets
from operations during the reporting period. Actual results could differ from
those estimates and those differences could be material.
1. Security Valuation: The Portfolios utilize a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into
three broad levels described below:
. Level 1 - inputs are quoted prices in active markets for identical
securities (including equity securities, open-end investment companies,
futures contracts)
. Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit risk,
etc.)
. Level 3 - significant unobservable inputs (including the Portfolios' own
assumptions in determining the fair value of investments)
Securities held by Enhanced U.S. Large Company Portfolio, U.S. Large Cap
Equity Portfolio, U.S. Targeted Value Portfolio, U.S. Small Cap Value
Portfolio, U.S. Core Equity 1 Portfolio, U.S. Core Equity 2 Portfolio, U.S.
Vector Equity Portfolio, U.S. Small Cap Portfolio, U.S. Micro Cap Portfolio and
DFA Real Estate Securities Portfolio (the "Domestic Equity Portfolios") and
Large Cap International Portfolio, International Core Equity Portfolio, DFA
International Real Estate Securities Portfolio, DFA Global Real Estate
Securities Portfolio, DFA International Small Cap Value Portfolio,
International Vector Equity Portfolio, World ex U.S. Targeted Value Portfolio,
World ex U.S. Core Equity Portfolio and Emerging Markets Core Equity Portfolio
(the "International Equity Portfolios"), including over-the-counter securities,
are valued at the last quoted sale price at the close of the exchanges on which
they are principally traded (official closing price). International equity
securities are subject to a fair value factor, as described later in this note.
Securities held by the Domestic Equity Portfolios and the International Equity
Portfolios that are listed on Nasdaq are valued at the Nasdaq Official Closing
Price ("NOCP"). If there is no last reported sale price or NOCP for the day,
the Domestic Equity Portfolios and the International Equity Portfolios value
the securities at the mean of the most recent quoted bid and asked prices.
Price information on listed securities is taken from the exchange where the
security is primarily traded. Generally, securities issued by open-end
investment companies are valued using their respective net asset values or
public offering prices, as appropriate, for purchase orders placed at the close
of the New York Stock Exchange (NYSE). These securities are generally
categorized as Level 1 in the hierarchy.
Securities for which no market quotations are readily available (including
restricted securities), or for which market quotations have become unreliable,
are valued in good faith at fair value in accordance with procedures adopted by
the Board of Directors/Trustees. Fair value pricing may also be used if events
that have a significant effect on the value of an investment (as determined in
the discretion of Dimensional Fund Advisors LP) occur before the net asset
value is calculated. When fair value pricing is used, the prices of securities
used by the
155
Domestic Equity Portfolios and the International Equity Portfolios may differ
from the quoted or published prices for the same securities on their primary
markets or exchanges. These securities are generally categorized as Level 2 in
the hierarchy.
The International Equity Portfolios will also apply a fair value price in
the circumstances described below. Generally, trading in foreign securities
markets is completed each day at various times prior to the close of the NYSE.
For example, trading in the Japanese securities markets is completed each day
at the close of the Tokyo Stock Exchange (normally, 2:00 a.m. ET), which is
fourteen hours before the close of the NYSE (normally, 4:00 p.m. ET) and the
time that the net asset values of the International Equity Portfolios are
computed. Due to the time differences between the closings of the relevant
foreign securities exchanges and the time the International Equity Portfolios
price their shares at the close of the NYSE, the International Equity
Portfolios will fair value their foreign investments when it is determined that
the market quotations for the foreign investments are either unreliable or not
readily available. The fair value prices will attempt to reflect the impact of
the U.S. financial markets' perceptions and trading activities on the
International Equity Portfolios' foreign investments since the last closing
prices of the foreign investments were calculated on their primary foreign
securities markets or exchanges. For these purposes, the Board of
Directors/Trustees of the Fund have determined that movements in relevant
indices or other appropriate market indicators, after the close of the Tokyo
Stock Exchange or the London Stock Exchange, demonstrate that market quotations
may be unreliable. Fair valuation of portfolio securities may occur on a daily
basis. The fair value pricing by the International Equity Portfolios utilizes
data furnished by an independent pricing service (and that data draws upon,
among other information, the market values of foreign investments). When an
International Equity Portfolio uses fair value pricing, the values assigned to
the International Equity Portfolio's foreign investments may not be the quoted
or published prices of the investments on their primary markets or exchanges.
These securities are generally categorized as Level 2 in the hierarchy.
Debt securities held by Enhanced U.S. Large Company Portfolio (the "Fixed
Income Portfolio") and International Equity Portfolios are valued on the basis
of evaluated prices provided by one or more pricing services or other
reasonably reliable sources including broker/dealers that typically handle the
purchase and sale of such securities. Securities which are traded
over-the-counter and on a stock exchange generally will be valued according to
the broadest and most representative market, and it is expected that for bonds
and other fixed income securities, this ordinarily will be the over-the-counter
market. Securities for which quotations are not readily available (including
restricted securities), or for which market quotations have become unreliable,
are valued in good faith at fair value in accordance with procedures adopted by
the Board of Directors/Trustees. These valuations are generally categorized as
Level 2 in the hierarchy.
Listed derivatives, such as futures, that are actively traded are valued
based on quoted prices from the exchange and are categorized as Level 1 in the
hierarchy. Over-the-counter derivative contracts, which include forward
currency contracts, do not require material subjectivity as pricing inputs are
observed from quoted markets and are categorized as Level 2 in the hierarchy.
Shares held by the DFA Global Real Estate Securities Portfolio, World ex
U.S. Value Portfolio (except shares of The DFA International Value Series and
DEM), World ex U.S. Targeted Value Portfolio (except shares of The Emerging
Markets Small Cap Series and DEM), World Core Equity Portfolio (except shares
of The Emerging Markets Series), and Selectively Hedged Global Equity Portfolio
of the Master Funds, which are treated as regulated investment companies, and
the shares held by the Portfolios in other investment companies, are valued at
their respective daily net asset values as reported by their administrator. The
Feeder Funds, International Small Company Portfolio, World ex U.S. Value
Portfolio, World ex U.S. Targeted Value Portfolio and World Core Equity
Portfolio's investments in Series of DFAITC or DEM reflect their proportionate
interest in the net assets of such corresponding Master Fund. These valuations
are classified as Level 1 in the hierarchy.
Transfers between investment levels may occur as the markets fluctuate
and/or the availability of data used in an investment's valuation changes. The
Portfolios recognize transfers between the levels as of the end of the period.
As of October 31, 2015, DFA International Real Estate Securities Portfolio had
significant transfers of securities with a total value of $38,474 (in
thousands) that transferred from Level 1 to Level 2 because the fair market
values of certain securities were adjusted due to developments which occurred
between the time of the close of the foreign markets on which they trade and
the close of business on the NYSE, which resulted in their Level 2
classification.
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2. Foreign Currency Translation: Securities and other assets and
liabilities of the Fixed Income Portfolio, the International Equity Portfolios
and Selectively Hedged Global Equity Portfolio whose values are initially
expressed in foreign currencies are translated to U.S. dollars using the mean
between the most recent bid and asked prices for the U.S. dollar as quoted by
generally recognized reliable sources. Dividend and interest income and certain
expenses are translated to U.S. dollars at the rate of exchange on their
respective accrual dates. Receivables and payables denominated in foreign
currencies are marked-to-market daily based on daily exchange rates and
exchange gains or losses are realized upon ultimate receipt or disbursement.
The Fixed Income Portfolio and Selectively Hedged Global Equity Portfolio also
enter into forward currency contracts solely for the purpose of hedging against
fluctuations in currency exchange rates. These contracts are marked-to-market
daily based on daily forward exchange rates.
The International Equity Portfolios do not isolate the effect of
fluctuations in foreign exchange rates from the effect of fluctuations in the
market prices of securities whether realized or unrealized. However, the Fixed
Income Portfolio and Selectively Hedged Global Equity Portfolio do isolate the
effect of fluctuations in foreign currency rates when determining the realized
gain or loss upon the sale or maturity of foreign currency denominated debt
obligations pursuant to U.S. Federal income tax regulations; such amounts are
categorized as foreign exchange gain or loss for income tax reporting purposes.
Realized gains or losses on foreign currency transactions represent net
foreign exchange gains or losses from the disposition of foreign currencies,
currency gains or losses realized between the trade and settlement dates on
securities transactions, and the difference between amounts of interest,
dividends and any foreign withholding taxes recorded on the books of the
International Equity Portfolios, Fixed Income Portfolio and Selectively Hedged
Global Equity Portfolio and the U.S. dollar equivalent amounts actually
received or paid.
3. Deferred Compensation Plan: Each eligible Director/Trustee of the Fund
may elect participation in The Fee Deferral Plan for Independent Directors and
Trustees (the "Plan"). Under the Plan, effective January 1, 2002, such
Directors/Trustees may defer payment of all or a portion of their total fees
earned as a Director/Trustee. These deferred amounts may be treated as though
such amounts had been invested in shares of the following funds: U.S. Large Cap
Value Portfolio; U.S. Core Equity 1 Portfolio; U.S. Core Equity 2 Portfolio;
U.S. Vector Equity Portfolio; U.S. Micro Cap Portfolio; DFA International Value
Portfolio; International Core Equity Portfolio; Emerging Markets Portfolio;
Emerging Markets Core Equity Portfolio; and/or DFA Two-Year Global Fixed Income
Portfolio. Contributions made under the Plan and the change in unrealized
appreciation (depreciation) and income are included in Directors'/Trustees'
Fees & Expenses.
Each Director/Trustee has the option to receive their distribution of
proceeds in one of the following methods: lump sum; annual installments over a
period of agreed upon years; or quarterly installments over a period of agreed
upon years. Each Director/Trustee shall have the right in a notice of election
(the "Notice") to defer the receipt of the Director's/Trustee's deferred
compensation until a date specified by such Director/Trustee in the Notice,
which date may not be sooner than the earlier of: (i) the first business day of
January following the year in which such Director/Trustee ceases to be a member
of the Board; and (ii) five years following the effective date of the
Director's/Trustee's first deferral election. If a Director/Trustee who elects
to defer fees fails to designate in the Notice a time or date as of which
payment of the Director's/Trustee's deferred fee account shall commence,
payment of such amount shall commence as of the first business day of January
following the year in which the Director/Trustee ceases to be a member of the
Board (unless the Director/Trustee files an amended Notice selecting a
different distribution date). As of October 31, 2015, none of the
Directors/Trustees have requested or received a distribution of proceeds of a
deferred fee account.
4. Other: Security transactions are accounted for as of the trade date.
Costs used in determining realized gains and losses on the sale of investment
securities/affiliated investment companies and foreign currency are on the
basis of identified cost. Dividend income and distributions to shareholders are
recorded on the ex-dividend date. Distributions received on securities and from
the investment in affiliated investment companies that represent a return of
capital or capital gains are recorded as a reduction of cost of investments or
as a realized gain, respectively. The Portfolios estimate the character of
distributions received that may be considered return of capital distributions.
Interest income is recorded on an accrual basis. Discount and premium on debt
securities purchased are amortized over the lives of the respective securities,
utilizing the effective interest method. Expenses directly
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attributable to a Portfolio are directly charged. Common expenses of the Fund
or Portfolios are allocated using methods approved by the Board, generally
based on average net assets.
Class R1 Shares, Class R2 Shares and Institutional Class Shares have equal
rights to assets and earnings of a Portfolio. Income, gains and losses, and
common expenses of a Portfolio are allocated to each class of shares based on
its relative net assets. Each class will bear its own class-specific expenses,
if any.
U.S. Large Cap Value Portfolio, International Small Company Portfolio,
Japanese Small Company Portfolio, Asia Pacific Small Company Portfolio, United
Kingdom Small Company Portfolio, Continental Small Company Portfolio, Emerging
Markets Portfolio, Emerging Markets Small Cap Portfolio, Emerging Markets Value
Portfolio and World ex U.S. Value Portfolio each recognize their pro-rata share
of net investment income and realized and unrealized gains/losses on a daily
basis from their respective Master Fund within DFAITC or DEM, which are treated
as partnerships for federal income tax purposes.
The Portfolios may be subject to taxes imposed by countries in which they
invest, with respect to their investments in issuers existing or operating in
such countries. Such taxes are generally based on income earned or repatriated
and capital gains realized on the sale of such investments. The Portfolios
accrue such taxes when the related income or capital gains are earned or
throughout the holding period. Some countries require governmental approval for
the repatriation of investment income, capital or the proceeds of sales earned
by foreign investors. In addition, if there is a deterioration in a country's
balance of payments or for other reasons, a country may impose temporary
restrictions on foreign capital remittances abroad.
Emerging Markets Portfolio, Emerging Markets Small Cap Portfolio, Emerging
Markets Value Portfolio and Emerging Markets Core Equity Portfolio are subject
to a 15% tax on short-term capital gains for investments in India. Such taxes
are due upon sale of individual securities. The capital gains taxes are
recognized when the capital gains are earned.
C. Investment Advisor and Administrator:
The Advisor, Dimensional Fund Advisors LP, provides investment advisory
services to all Portfolios. Prior to July 21, 2015, the Advisor received no
compensation for the investment advisory services it provided to the Feeder
Funds and the International Small Company Portfolio. On May 8, 2015 and
June 10, 2015 at a Special Joint Meeting of Shareholders, shareholders of the
Portfolios approved new investment management agreements, which became
effective July 21, 2015, that provide a uniform agreement that increases
transparency and better describes all of the services that the Advisor provides
to each Portfolio. For each non-Feeder Fund, the rate charged under the new
investment management agreement for investment management services is equal to
the rate charged under each non-Feeder Fund's previous investment advisory
agreement, investment management agreement or investment advisory and
administration agreements (i.e., with respect to the International Small
Company Portfolio), with the Advisor. For the Feeder Funds, the new investment
management agreement replaced each Feeder Fund's investment advisory agreement
(that provided for no investment advisory fee at the Feeder Fund level) and
administration agreement and charges a rate equal to the combination of the
rate charged under the Feeder Fund's previous administration agreement with the
Advisor and the rate of the advisory fee charged by the Advisor to the Master
Fund in which the Feeder Fund invests. In order to prevent a Feeder Fund from
being subject to a higher level of investment management fees, the Advisor will
permanently waive a Feeder Fund's investment management fee in the
circumstances described in the notes below.
For the year ended October 31, 2015, the Portfolios' investment advisory
services/management fees were accrued daily and paid monthly to the Advisor
based on the following effective annual rates of average daily net assets:
Enhanced U.S. Large Company Portfolio. 0.20%
U.S. Large Cap Equity Portfolio....... 0.15%
U.S. Targeted Value Portfolio......... 0.35%
U.S. Small Cap Value Portfolio........ 0.50%
U.S. Core Equity 1 Portfolio.......... 0.17%
U.S. Core Equity 2 Portfolio.......... 0.20%
158
U.S. Vector Equity Portfolio........................ 0.30%
U.S. Small Cap Portfolio............................ 0.35%
U.S. Micro Cap Portfolio............................ 0.50%
DFA Real Estate Securities Portfolio................ 0.17%
Large Cap International Portfolio................... 0.25%
International Core Equity Portfolio................. 0.35%
DFA International Real Estate Securities Portfolio*. 0.28%
DFA Global Real Estate Securities Portfolio*........ 0.22%
DFA International Small Cap Value Portfolio......... 0.65%
International Vector Equity Portfolio............... 0.45%
World ex U.S. Value Portfolio....................... 0.47%
World ex U.S. Targeted Value Portfolio.............. 0.58%
World ex U.S. Core Equity Portfolio................. 0.40%
World Core Equity Portfolio......................... 0.30%
Selectively Hedged Global Equity Portfolio.......... 0.30%
Emerging Markets Core Equity Portfolio.............. 0.55%
* The investment advisory services/management fees have been adjusted to
reflect the actual fee paid by the Portfolios for the year ended October 31,
2015. The investment advisory services fee payable by the DFA International
Real Estate Securities Portfolio was decreased from 0.35% to 0.25% effective
February 28, 2015. The investment advisory services fee payable by the DFA
Global Real Estate Securities Portfolio was decreased from 0.27% to 0.20%
effective February 28, 2015.
Prior to July 21, 2015, the Feeder Funds and International Small Company
Portfolio paid fees to the Advisor pursuant to an administration agreement for
administrative services, including supervision of services provided by others,
providing information to shareholders and the Board, and other administrative
services, that were accrued daily and paid monthly based on the following
effective annual rates of average daily net assets:
U.S. Large Cap Value Portfolio......... 0.15%
International Small Company Portfolio.. 0.40%
Japanese Small Company Portfolio....... 0.40%
Asia Pacific Small Company Portfolio... 0.40%
United Kingdom Small Company Portfolio. 0.40%
Continental Small Company Portfolio.... 0.40%
Emerging Markets Portfolio............. 0.40%
Emerging Markets Small Cap Portfolio... 0.45%
Emerging Markets Value Portfolio....... 0.40%
Effective July 21, 2015, the Feeder Funds' and International Small Company
Portfolio's investment advisory services/management fees pursuant to the new
investment management agreements were accrued daily and paid monthly to the
Advisor based on the following effective annual rates of average daily net
assets:
U.S. Large Cap Value Portfolio......... 0.25%
International Small Company Portfolio.. 0.40%
Japanese Small Company Portfolio....... 0.50%
Asia Pacific Small Company Portfolio... 0.50%
United Kingdom Small Company Portfolio. 0.50%
Continental Small Company Portfolio.... 0.50%
Emerging Markets Portfolio............. 0.50%
Emerging Markets Small Cap Portfolio... 0.65%
Emerging Markets Value Portfolio....... 0.50%
Pursuant to an Amended and Restated Fee Waiver and/or Expense Assumption
Agreement (the "Fee Waiver Agreement"), the Advisor has contractually agreed to
waive certain fees, including administration/advisory fees, and in certain
instances, assume certain expenses of the Portfolios, as described in the notes
below. The Fee
159
Waiver Agreement for the non-Feeder Funds below, and a portion of the Fee
Waiver Agreement for certain Feeder Funds below, will remain in effect through
February 28, 2016, and may only be terminated by the Fund's Board of Directors
prior to that date. The Fee Waiver Agreement for such Portfolios shall continue
in effect from year to year thereafter unless terminated by the Fund or the
Advisor. The Fee Waiver Agreement with respect to the total management fees
paid by the Feeder Funds, as described in the notes below, will remain in
effect permanently, unless terminated by a Feeder Fund. For the year ended
October 31, 2015, the Portfolios had expense limits based on a percentage of
average net assets on an annualized basis, and the Advisor recovered previously
waived fees and/or expenses assumed as listed below (amounts in thousands).
Previously waived fees subject to future recovery by the Advisor are also
reflected below (amounts in thousands). The Fund, on behalf of the Portfolios,
is not obligated to reimburse the Advisor for fees previously waived or
expenses previously assumed by the Advisor more than 36 months before the date
of recovery.
Previously
Recovery Waived Fees/
Expense of Previously Expenses Assumed
Limitation Waived Fees/ Subject to Future
Institutional Class Shares Amount Expenses Assumed Recovery
-------------------------- ---------- ---------------- -----------------
U.S. Large Cap Equity Portfolio (1)............. 0.19% $49 $ 28
U.S. Large Cap Value Portfolio (2).............. 0.25% -- --
U.S. Targeted Value Portfolio (3)............... 0.50% -- --
U.S. Core Equity 1 Portfolio (1)................ 0.23% -- --
U.S. Core Equity 2 Portfolio (1)................ 0.26% -- --
U.S. Vector Equity Portfolio (1)................ 0.36% -- --
DFA Real Estate Securities Portfolio (1)........ 0.18% 7 1,679
International Core Equity Portfolio (1)......... 0.49% -- --
International Small Company Portfolio (4)....... 0.45% -- --
Japanese Small Company Portfolio (5)............ 0.47% -- --
Asia Pacific Small Company Portfolio (5)........ 0.47% -- --
United Kingdom Small Company Portfolio (5)...... 0.47% 4 28
Continental Small Company Portfolio (5)......... 0.47% -- --
DFA International Real Estate Securities
Portfolio (6)................................. 0.29% -- --
DFA Global Real Estate Securities Portfolio (7). 0.24% 61 16,668
International Vector Equity Portfolio (1)....... 0.60% -- --
World ex U.S. Value Portfolio (8)............... 0.60% -- 720
World ex U.S. Targeted Value Portfolio (9)...... 0.80% -- 1,777
World ex U.S. Core Equity Portfolio (10)........ 0.47% 38 1,541
World Core Equity Portfolio (11)................ 0.35% 1 555
Selectively Hedged Global Equity Portfolio (12). 0.40% 77 1,102
Emerging Markets Portfolio (2).................. 0.50% -- --
Emerging Markets Small Cap Portfolio (2)........ 0.65% -- --
Emerging Markets Value Portfolio (2)............ 0.50% -- --
Emerging Markets Core Equity Portfolio (1)...... 0.85% -- --
Class R1 Shares
---------------
U.S. Targeted Value Portfolio (13).............. 0.62% -- --
Class R2 Shares
---------------
U.S. Targeted Value Portfolio (13).............. 0.77% -- --
Emerging Markets Value Portfolio (14)........... 0.96% -- --
(1) The Advisor has contractually agreed to waive all or a portion of its
management fee and assume each Portfolio's ordinary operating expenses
(excluding the expenses a Portfolio incurs indirectly through investment in
other investment companies) ("Portfolio Expenses") to the extent necessary to
limit the Portfolio Expenses of each Portfolio to the rates listed above as a
percentage of average net assets on an annualized basis (the "Expense
Limitation Amount"). At any time that the Portfolio Expenses of a Portfolio are
less than the Expense Limitation
160
Amount listed above for such Portfolio, the Advisor retains the right to
recover any fees previously waived and/or expenses previously assumed to the
extent that such recovery is within 36 months and will not cause the
Portfolio's annualized Portfolio Expenses to exceed the Expense Limitation
Amount, as listed above.
(2) Effective July 21, 2015, the Advisor has contractually agreed to
permanently waive all or a portion of the management fee of each Portfolio to
the extent necessary to limit the total management fees paid to the Advisor by
a Portfolio, including the proportionate share of the management fees a
Portfolio pays indirectly through its investment in other funds managed by the
Advisor, to the rate listed above as a percentage of the average net assets of
a class of a Portfolio on an annualized basis
(3) The Advisor has contractually agreed to waive its management fee and to
assume the Portfolio's expenses (excluding the expenses the Portfolio incurs
indirectly through investment in other investment companies) ("Portfolio
Expenses") to the extent necessary to limit the Portfolio Expenses of a class
of shares of the Portfolio to the rate listed above for such class of shares as
a percentage of average net assets on an annualized basis (the "Expense
Limitation Amount"). At any time that the Portfolio Expenses of a class of
shares of the Portfolio are less than the Expense Limitation Amount listed
above for such class of shares, the Advisor retains the right to recover any
fees previously waived and/or expenses previously assumed to the extent that
such recovery is within 36 months and will not cause the Portfolio's annualized
Portfolio Expenses for such class of shares to exceed the Expense Limitation
Amount, as listed above.
(4) Effective July 21, 2015, the Advisor has contractually agreed to waive
all or a portion of its management fee and to assume the other direct expenses
of a class of the Portfolio (excluding expenses incurred through its investment
in other investment companies) ("Portfolio Expenses") to the extent necessary
to limit the Portfolio Expenses of a class of the Portfolio to the rate listed
above as a percentage of the average net assets of a class of the Portfolio on
an annualized basis (the "Expense Limitation Amount"). At any time that the
Portfolio Expenses of a class of the Portfolio are less than Expense Limitation
Amount for such class of shares of the Portfolio, the Advisor retains the right
to recover any fees previously waived and/or expenses previously assumed to the
extent that such recovery will not cause the annualized Portfolio Expenses for
such class of shares of the Portfolio to exceed the applicable Expense
Limitation Amount, as listed above. The Portfolio is not obligated to reimburse
the Advisor for fees previously waived or expenses previously assumed by the
Advisor more than 36 months before the date of such reimbursement. Prior to
July 21, 2015, the Advisor had contractually agreed to waive its administration
fee and to assume other Portfolio Expenses to the extent necessary to limit the
Portfolio Expenses of the Portfolio, on an annualized basis, to the expense
Limitation Amount listed above. At any time that the Portfolio Expenses of the
Portfolio were less than the Expense Limitation Amount listed above, the
Advisor retains the right to seek reimbursement for any fees previously waived
and/or expenses previously assumed to the extent that the amount of such
reimbursement is within 36 months and did not cause the annualized Portfolio
Expenses of the Portfolio to exceed the applicable Expense Limitation Amount
then in effect.
(5) Effective July 21, 2015, the Advisor has contractually agreed to
permanently waive all or a portion of the management fee of each Portfolio to
the extent necessary to limit the total management fees paid to the Advisor by
each Portfolio, including the proportionate share of the management fees a
Portfolio pays indirectly through its investment in other funds managed by the
Advisor, to 0.50% of the average net assets of a class of a Portfolio on an
annualized basis (the "Permanent Fee Waiver"). In addition to the Permanent Fee
Waiver, the Advisor has contractually agreed to further waive all or a portion
of its management fee and to assume the other direct expenses of a class of
each Portfolio (excluding expenses incurred through its investment in other
investment companies managed by the Advisor) ("Portfolio Expenses") to the
extent necessary to limit the Portfolio Expenses of each class of a Portfolio
to the rates listed above as a percentage of the average net assets of a class
of a Portfolio on an annualized basis (the "Expense Limitation Amount"). At any
time that the Portfolio Expenses of a class of a Portfolio are less than the
applicable Expense Limitation Amount for such class of shares of the Portfolio,
the Advisor retains the right to recover any fees previously waived and/or
expenses previously assumed to the extent that such recovery will not cause the
annualized Portfolio Expenses for such class of shares of the Portfolio to
exceed the applicable Expense Limitation Amount, as listed above. Except, a
Portfolio is not obligated to reimburse the Advisor for fees waived in
connection with the Permanent Fee Waiver. Also, a Portfolio is not obligated to
reimburse the Advisor for fees previously waived or expenses previously assumed
by the Advisor more than 36 months before the date of such reimbursement. Prior
to July 21, 2015, the Advisor had contractually
161
agreed to waive its administration fee and to assume each Portfolio's other
direct expenses to the extent necessary to limit the direct expenses of each
Portfolio to the Expense Limitation Amount listed above. The Fee Waiver
Agreement did not include the indirect expenses each Portfolio bore as a
shareholder of its Master Fund. At any time that the direct expenses of a
Portfolio were less than the Expense Limitation Amount listed above, the
Advisor retained the right to recover any fees previously waived and/or
expenses previously assumed to the extent that such recovery was within 36
months and did not cause the Portfolio's direct expenses to exceed the Expense
Limitation Amount then in effect.
(6) Effective February 28, 2015, the Advisor has contractually agreed to
waive all or a portion of its management fee and to assume the Portfolio's
ordinary operating expenses (excluding the expenses the Portfolio incurs
indirectly through investment in other investment companies) ("Portfolio
Expenses") to the extent necessary to limit the Portfolio Expenses of the
Portfolio to the rate listed above as a percentage of the Portfolio's average
net assets on an annualized basis (the "Expense Limitation Amount"). At any
time that the Portfolio Expenses of the Portfolio are less than the Expense
Limitation Amount listed above, the Advisor retains the right to recover any
fees previously waived and/or expenses previously assumed to the extent that
such recovery is within 36 months and will not cause the Portfolio's annualized
Portfolio Expenses to exceed the Expense Limitation Amount, as listed above.
Prior to February 28, 2015, the Advisor had contractually agreed to waive
all or a portion of its advisory fee and to assume the Portfolio Expenses of
the Portfolio to the extent necessary to limit the Portfolio Expenses to 0.65%
of the Portfolio's average net assets on an annualized basis.
(7) Effective February 28, 2015, the Advisor has contractually agreed to
waive all or a portion of its management fee and to assume the expenses of the
Portfolio (including the expenses that the Portfolio bears as a shareholder of
its Master Funds but excluding the expenses that the Portfolio incurs
indirectly through its investment in unaffiliated investment companies)
("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses
of the Portfolio to the rate listed above as a percentage of the Portfolio's
average net assets on an annualized basis (the "Expense Limitation Amount"). At
any time that the Portfolio Expenses of the Portfolio are less than the Expense
Limitation Amount listed above, the Advisor retains the right to recover any
fees previously waived and/or expenses previously assumed to the extent that
such recovery is within 36 months and will not cause the Portfolio's annualized
Portfolio Expenses to exceed the Expense Limitation Amount, as listed above.
From February 28, 2012 to February 27, 2015, the Advisor had contractually
agreed to waive all or a portion of its advisory fee and to assume the
Portfolio Expenses of the Portfolio to the extent necessary to limit the
Portfolio Expenses to 0.32% of the Portfolio's average net assets on an
annualized basis.
(8) The Advisor has contractually agreed to waive up to the full amount of
the Portfolio's management fee of 0.47% to the extent necessary to offset the
proportionate share of the management fees paid by the Portfolio through its
investment in its Master Funds. In addition, under the Fee Waiver Agreement,
the Advisor also has agreed to waive all or a portion of the management fee
that remains payable by the Portfolio (i.e., the management fee remaining after
the proportionate share of the Master Funds' management services fees have been
offset (the "Remaining Management Fee")) to the extent necessary to reduce the
Portfolio's ordinary operating expenses (including expenses incurred through
its investment in other investment companies) ("Portfolio Expenses") to the
rate listed above as a percentage of average net assets on an annualized basis
(the "Expense Limitation Amount"). The maximum amount that may be waived to
limit Portfolio Expenses is the amount of the Remaining Management Fee.
Further, at any time that the Portfolio Expenses of the Portfolio are less than
the Portfolio's Expense Limitation Amount listed above, the Advisor retains the
right to seek reimbursement for any fees previously waived and/or expenses
previously assumed to the extent that such reimbursement is within 36 months
and will not cause the Portfolio's annualized Portfolio Expenses to exceed the
Portfolio's Expense Limitation Amount, as listed above.
(9) The Advisor has contractually agreed to waive up to the full amount of
the Portfolio's management fee of 0.58% to the extent necessary to offset the
proportionate share of the management fees paid by the Portfolio through its
investment in its Master Funds. In addition, under the Fee Waiver Agreement,
the Advisor has also agreed to waive all or a portion of the management fee and
to assume the ordinary operating expenses of a class of the Portfolio
(including expenses incurred through its investment in other investment
companies) ("Portfolio Expenses") to the extent necessary to limit the
Portfolio Expenses of a class of the Portfolio to the rate listed above
162
as a percentage of the average net assets of a class of the Portfolio on an
annualized basis (the "Expense Limitation Amount"). At any time that the
Portfolio Expenses of a class of the Portfolio are less than the Expense
Limitation Amount for such class of the Portfolio, the Advisor retains the
right to seek reimbursement for any fees previously waived and/or expenses
previously assumed to the extent that such reimbursement is within 36 months
and will not cause the annualized Portfolio Expenses for such class of shares
of the Portfolio to exceed the Expense Limitation Amount, as listed above.
(10) The Advisor has contractually agreed to waive all or a portion of its
management fee and to assume the expenses of a class of the Portfolio
(including the expenses that the Portfolio bears as a shareholder of its Master
Funds but excluding the expenses that the Portfolio incurs indirectly through
its investment in unaffiliated investment companies) ("Portfolio Expenses") to
the extent necessary to limit the Portfolio Expenses of a class of the
Portfolio to the rate listed above as a percentage of average net assets of a
class of the Portfolio on an annualized basis (the "Expense Limitation
Amount"). At any time that the Portfolio Expenses of a class of the Portfolio
are less than the Expense Limitation Amount for such class of the Portfolio,
the Advisor retains the right to seek reimbursement for any fees previously
waived and/or expenses previously assumed to the extent that such reimbursement
is within 36 months and will not cause the annualized Portfolio Expenses for
such class of shares of the Portfolio to exceed the Expense Limitation Amount,
as listed above.
(11) Effective June 27, 2014, the Advisor has contractually agreed to waive
up to the full amount of the Portfolio's management fee of 0.30% to the extent
necessary to offset the proportionate share of the management fees paid by the
Portfolio through its investment in its Master Funds (including the Portfolio's
proportionate share of any management fees that a Master Fund paid through its
investment in an affiliated cash management fund). In addition, under the Fee
Waiver Agreement, the Advisor has also agreed to assume the expenses of a class
of the Portfolio to the extent necessary to reduce the ordinary operating
expenses (including expenses incurred through its investment in other
investment companies) ("Portfolio Expenses") of a class of the Portfolio so
that such Portfolio Expenses do not exceed the rate listed above as a
percentage of the average net assets of a class of the Portfolio on an
annualized basis (the "Expense Limitation Amount"). At any time that the
Portfolio Expenses of a class of the Portfolio are less than the Expense
Limitation Amount for such class of shares of the Portfolio, the Advisor
retains the right to recover any fees previously waived and/or expenses
previously assumed to the extent that such recovery is within 36 months and
will not cause the annualized Portfolio Expenses for such class of shares of
the Portfolio to exceed the applicable Expense Limitation Amount.
Prior to June 27, 2014, the Advisor contractually agreed to waive up to the
full amount of the Portfolio's management fee of 0.30% to the extent necessary
to offset the proportionate share of the management fees paid by the Portfolio
through its investment in its Master Funds (including the Portfolio's
proportionate share of any management fees that a Master Fund paid through its
investment in an affiliated cash management fund). In addition, under the Fee
Waiver Agreement, the Advisor also agreed to assume the expenses of a class of
the Portfolio to the extent necessary to reduce the ordinary operating expenses
(including expenses incurred through its investment in other investment
companies) ("Portfolio Expenses") of such class of the Portfolio so that the
Portfolio Expenses did not exceed 0.40% of the average net assets of such class
of the Portfolio on an annualized basis.
(12) The Advisor has contractually agreed to waive up to the full amount of
the Portfolio's management fee of 0.30% to the extent necessary to offset the
proportionate share of the management fees paid by the Portfolio through its
investment in its Master Funds. In addition, under the Fee Waiver Agreement,
the Advisor has also agreed to waive all or a portion of the management fee and
to assume the expenses of a class of the Portfolio to the extent necessary to
reduce the ordinary operating expenses (including expenses incurred through its
investment in other investment companies) ("Portfolio Expenses") of the
Portfolio to the rate listed above as a percentage of average net assets of a
class of the Portfolio on an annualized basis (the "Expense Limitation
Amount"). At any time that the Portfolio Expenses of a class of the Portfolio
are less than the Expense Limitation Amount for such class of the Portfolio
listed above, the Advisor retains the right to seek reimbursement for any fees
previously waived and/or expenses previously assumed to the extent that such
reimbursement is within 36 months and will not cause the annualized Portfolio
Expenses for such class of shares of the Portfolio to exceed the Expense
Limitation Amount, as listed above.
163
(13) The Advisor has contractually agreed to reduce all or a portion of its
management fee and to assume the direct and indirect expenses of the Class R1
shares and Class R2 shares of the Portfolio (excluding the expenses the
Portfolio incurs indirectly through investment in other investment companies)
("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses
of the Class R1 shares and Class R2 shares of the Portfolio to the rate listed
above for such class of shares as a percentage of average net assets (the
"Expense Limitation Amount"). At any time that the Portfolio Expenses of the
Class R1 shares or Class R2 shares of the Portfolio are less than the Expense
Limitation Amount listed above for such class of shares, the Advisor retains
the right to recover any fees previously waived and/or expenses previously
assumed to the extent that such recovery is within 36 months and will not cause
the Portfolio's annualized Portfolio Expenses for such class of shares to
exceed the Expense Limitation Amount, as listed above.
(14) Effective July 21, 2015, the Advisor has contractually agreed to
permanently waive all or a portion of the management fee of the Portfolio to
the extent necessary to limit the total management fees paid to the Advisor by
the Portfolio, including the proportionate share of the management fees the
Portfolio pays indirectly through its investment in other funds managed by the
Advisor, to 0.50% of the average net assets of a class of the Portfolio on an
annualized basis (the "Permanent Fee Waiver"). In addition to the Permanent Fee
Waiver, the Advisor has contractually agreed to (including for the period prior
to July 21, 2015) assume the direct expenses of the Class R2 shares of the
Portfolio (excluding management fees and custodian fees) to the extent
necessary to limit the annualized expenses of the Class R2 shares of the
Portfolio (excluding the expenses the Portfolio incurs indirectly through
investment in other investment companies) to the rate listed above as a
percentage of the average net assets of the Class R2 shares of the Portfolio
(the "Annualized Expense Ratio"). At any time that the annualized expenses of
the Class R2 shares of the Portfolio are less than the Annualized Expense Ratio
listed above, the Advisor retains the right to recover any fees previously
waived and/or expenses previously assumed to the extent that the amount of such
recovery does not cause the annualized expense ratio of the Class R2 shares of
the Portfolio to exceed the Annualized Expense Ratio, as listed above. Except,
the Portfolio is not obligated to reimburse the Advisor for fees waived in
connection with the Permanent Fee Waiver. Also, the Portfolio is not obligated
to reimburse the Advisor for fees previously waived or expenses previously
assumed by the Advisor more than 36 months before the date of such
reimbursement.
Earned Income Credit:
In addition, the Portfolios have entered into arrangements with their
custodian whereby net interest earned on uninvested cash balances was used to
reduce a portion of the Portfolios' custody expenses. Custody expense in the
accompanying financial statements is presented before reduction for credits.
The impact of such credits is generally less than one basis point of each
Portfolio's net assets. The impact of such credits is generally less than one
basis point of each Portfolio's net assets. During the year ended October 31,
2015, expenses reduced were as follows (amounts in thousands):
Fees Paid
Indirectly
----------
Enhanced U.S. Large Company Portfolio.............. $ 3
Large Cap International Portfolio.................. 10
International Core Equity Portfolio................ 72
DFA International Real Estate Securities Portfolio. 16
DFA International Small Cap Value Portfolio........ 32
International Vector Equity Portfolio.............. 8
World ex U.S. Value Portfolio...................... --
World ex U.S. Targeted Value Portfolio............. 2
World ex U.S. Core Equity Portfolio................ 11
Emerging Markets Core Equity Portfolio............. 94
Fees Paid to Officers and Directors/Trustees:
Certain Officers and Directors/Trustees of the Advisor are also Officers and
Directors/Trustees of the Fund; however, such Officers and Directors/Trustees
(with the exception of the Chief Compliance Officer ("CCO"))
164
receive no compensation from the Fund. For the year ended October 31, 2015, the
total related amounts paid by the Fund to the CCO were $275 (in thousands). The
total related amounts paid by each of the Portfolios are included in Other
Expenses on the Statement of Operations.
D. Deferred Compensation:
At October 31, 2015, the total liability for deferred compensation to
Directors/Trustees is included in Accrued Expenses and Other Liabilities on the
Statement of Assets and Liabilities as follows (amounts in thousands):
Enhanced U.S. Large Company Portfolio.............. $ 8
U.S. Large Cap Equity Portfolio.................... 2
U.S. Large Cap Value Portfolio..................... 330
U.S. Targeted Value Portfolio...................... 98
U.S. Small Cap Value Portfolio..................... 300
U.S. Core Equity 1 Portfolio....................... 153
U.S. Core Equity 2 Portfolio....................... 234
U.S. Vector Equity Portfolio....................... 71
U.S. Small Cap Portfolio........................... 164
U.S. Micro Cap Portfolio........................... 148
DFA Real Estate Securities Portfolio............... 121
Large Cap International Portfolio.................. 76
International Core Equity Portfolio................ 219
International Small Company Portfolio.............. 227
Japanese Small Company Portfolio................... 9
Asia Pacific Small Company Portfolio............... 7
United Kingdom Small Company Portfolio............. 1
Continental Small Company Portfolio................ 5
DFA International Real Estate Securities Portfolio. 46
DFA Global Real Estate Securities Portfolio........ 35
DFA International Small Cap Value Portfolio........ 333
International Vector Equity Portfolio.............. 19
World ex U.S. Value Portfolio...................... 1
World ex U.S. Targeted Value Portfolio............. 1
World ex U.S. Core Equity Portfolio................ 2
World Core Equity Portfolio........................ --
Selectively Hedged Global Equity Portfolio......... 1
Emerging Markets Portfolio......................... 102
Emerging Markets Small Cap Portfolio............... 80
Emerging Markets Value Portfolio................... 444
Emerging Markets Core Equity Portfolio............. 223
E. Purchases and Sales of Securities:
For the year ended October 31, 2015, the Portfolios made the following
purchases and sales of investment securities, other than short-term securities
(amounts in thousands):
U.S. Government Other Investment
Securities Securities
------------------ ---------------------
Purchases Sales Purchases Sales
--------- -------- ---------- ----------
Enhanced U.S. Large Company Portfolio. $398,312 $382,868 $ 66,293 $ 88,992
U.S. Large Cap Equity Portfolio....... -- -- 533,457 59,766
U.S. Targeted Value Portfolio......... -- -- 2,907,716 933,338
U.S. Small Cap Value Portfolio........ -- -- 2,865,506 1,961,319
U.S. Core Equity 1 Portfolio.......... -- -- 3,071,299 483,948
165
U.S. Government Other Investment
Securities Securities
--------------- ---------------------
Purchases Sales Purchases Sales
--------- ----- ---------- ----------
U.S. Core Equity 2 Portfolio....................... -- -- $3,291,603 $ 753,660
U.S. Vector Equity Portfolio....................... -- -- 661,294 368,476
U.S. Small Cap Portfolio........................... -- -- 2,694,919 1,099,360
U.S. Micro Cap Portfolio........................... -- -- 765,172 725,356
DFA Real Estate Securities Portfolio............... -- -- 624,614 285,608
Large Cap International Portfolio.................. -- -- 501,159 304,319
International Core Equity Portfolio................ -- -- 3,165,876 506,182
DFA International Real Estate Securities Portfolio. -- -- 648,879 63,653
DFA Global Real Estate Securities Portfolio........ -- -- 972,852 4,106
DFA International Small Cap Value Portfolio........ -- -- 3,357,177 2,230,599
International Vector Equity Portfolio.............. -- -- 480,413 123,391
World ex U.S. Targeted Value Portfolio............. -- -- 130,463 478
World ex U.S. Core Equity Portfolio................ -- -- 1,226,595 7,252
Emerging Markets Core Equity Portfolio............. -- -- 2,795,211 731,558
For the year ended October 31, 2015, the Fund of Funds made the following
purchases and sales of Affiliated Investment Companies (amounts in thousands):
DFA Global Real Estate Securities Portfolio
------------------------------------------------------------------
Balance at Balance at Dividend Distributions of
Affiliated Investment Companies 10/31/2014 10/31/2015 Purchases Sales Income Realized Gains
------------------------------- ---------- ---------- --------- -------- -------- ----------------
DFA Real Estate Securities
Portfolio..................... $2,044,932 $1,574,619 $189,582 $657,800 $ 69,748 --
DFA International Real Estate
Securities Portfolio.......... 1,255,234 1,448,338 278,337 7,000 75,369 --
---------- ---------- -------- -------- -------- ------
Total........................... $3,300,166 $3,022,957 $467,918 $664,800 $145,117 --
========== ========== ======== ======== ======== ======
World ex U.S. Value Portfolio
------------------------------------------------------------------
Balance at Balance at Dividend Distributions of
Affiliated Investment Companies 10/31/2014 10/31/2015 Purchases Sales Income Realized Gains
------------------------------- ---------- ---------- --------- -------- -------- ----------------
DFA International Small Cap
Value Portfolio............... $ 9,588 $ 16,637 $ 8,964 $ 1,809 $ 205 $ 169
World ex U.S. Targeted Value Portfolio
------------------------------------------------------------------
Balance at Balance at Dividend Distributions of
Affiliated Investment Companies 10/31/2014 10/31/2015 Purchases Sales Income Realized Gains
------------------------------- ---------- ---------- --------- -------- -------- ----------------
DFA International Small Cap
Value Portfolio............... $ 93,592 -- $ 60,225 $149,563 $ 1,871 $1,797
International Vector Equity
Portfolio..................... 13,571 -- 9,476 21,182 435 135
---------- ---------- -------- -------- -------- ------
Total........................... $ 107,163 -- $ 69,701 $170,745 $ 2,306 $1,932
========== ========== ======== ======== ======== ======
World ex U.S. Core Equity Portfolio
------------------------------------------------------------------
Balance at Balance at Dividend Distributions of
Affiliated Investment Companies 10/31/2014 10/31/2015 Purchases Sales Income Realized Gains
------------------------------- ---------- ---------- --------- -------- -------- ----------------
International Core Equity
Portfolio..................... $ 312,519 -- $ 4,047 $313,486 $ 7 --
Emerging Markets Core Equity
Portfolio..................... 93,258 -- 44,501 133,044 596 --
---------- ---------- -------- -------- -------- ------
Total........................... $ 405,777 -- $ 48,548 $446,530 $ 603 --
========== ========== ======== ======== ======== ======
166
World Core Equity Portfolio
-----------------------------------------------------------------
Balance at Balance at Dividend Distributions of
Affiliated Investment Companies 10/31/2014 10/31/2015 Purchases Sales Income Realized Gains
------------------------------- ---------- ---------- --------- ------- -------- ----------------
U.S. Core Equity 1 Portfolio... $ 38,342 $105,442 $ 71,217 $ 4,192 $1,107 $171
International Core Equity
Portfolio.................... 29,208 76,621 54,462 4,963 1,422 --
Emerging Markets Core Equity
Portfolio.................... 8,097 20,320 16,277 1,159 308 --
-------- -------- -------- ------- ------ ----
Total.......................... $ 75,647 $202,383 $141,956 $10,314 $2,837 $171
======== ======== ======== ======= ====== ====
Selectively Hedged Global Equity Portfolio
-----------------------------------------------------------------
Balance at Balance at Dividend Distributions of
Affiliated Investment Companies 10/31/2014 10/31/2015 Purchases Sales Income Realized Gains
------------------------------- ---------- ---------- --------- ------- -------- ----------------
U.S. Core Equity 2 Portfolio... $ 64,220 $110,935 $ 48,134 $ 667 $1,350 $469
International Core Equity
Portfolio.................... 53,147 87,007 37,779 978 1,883 --
Emerging Markets Core Equity
Portfolio.................... 23,899 36,717 19,717 1,022 635 --
-------- -------- -------- ------- ------ ----
Total.......................... $141,266 $234,659 $105,630 $ 2,667 $3,868 $469
======== ======== ======== ======= ====== ====
F. Federal Income Taxes:
Each Portfolio has qualified and intends to continue to qualify as a
regulated investment company under Subchapter M of the Internal Revenue Code
for federal income tax purposes and to distribute substantially all of its
taxable income and net capital gains to its shareholders. Accordingly, no
provision has been made for federal income taxes.
Distributions from net investment income and net realized capital gains are
determined in accordance with U.S. federal income tax regulations, which may
differ from those amounts determined under accounting principles generally
accepted in the United States of America. These book/tax differences are either
temporary or permanent in nature. To the extent these differences are
permanent, they are charged or credited to paid-in capital, undistributed net
investment income or accumulated net realized gains or losses, as appropriate,
in the period that the differences arise. Accordingly, the following permanent
differences as of October 31, 2015, primarily attributable to realized gains on
securities considered to be "passive foreign investment companies",
non-deductible expenses, realized foreign capital gains tax, tax-equalization,
non-deductible 90 day stock issuance cost, net foreign currency gains/losses,
distributions received from real estate investment trusts and distribution
redesignations, were reclassified to the following accounts. These
reclassifications had no effect on net assets or net asset value per share
(amounts in thousands):
Increase Increase
(Decrease) (Decrease)
Increase Undistributed Accumulated
(Decrease) Net Investment Net Realized
Paid-In Capital Income Gains (Losses)
--------------- -------------- --------------
Enhanced U.S. Large Company Portfolio. $ 1,416 $ (432) $ (984)
U.S. Large Cap Equity Portfolio....... 10,328 (304) (10,024)
U.S. Large Cap Value Portfolio........ 55,033 (17,499) (37,534)
U.S. Targeted Value Portfolio......... 21,409 (3,313) (18,096)
U.S. Small Cap Value Portfolio........ 48,875 (7,941) (40,934)
U.S. Core Equity 1 Portfolio.......... 61,142 (7,435) (53,707)
U.S. Core Equity 2 Portfolio.......... 19,179 (7,540) (11,639)
U.S. Vector Equity Portfolio.......... 9,735 (2,755) (6,980)
U.S. Small Cap Portfolio.............. 58,820 (5,332) (53,488)
U.S. Micro Cap Portfolio.............. 26,542 (1,631) (24,911)
DFA Real Estate Securities Portfolio.. 243,857 8,816 (252,673)
167
Increase Increase
(Decrease) (Decrease)
Increase Undistributed Accumulated
(Decrease) Net Investment Net Realized
Paid-In Capital Income Gains (Losses)
--------------- -------------- --------------
Large Cap International Portfolio.................. $ 32,450 $ (358) $ (32,092)
International Core Equity Portfolio................ 170,340 (10,135) (160,205)
International Small Company Portfolio.............. 162,737 (1,167) (161,570)
Japanese Small Company Portfolio................... 4,111 708 (4,819)
Asia Pacific Small Company Portfolio............... 4,515 171 (4,686)
United Kingdom Small Company Portfolio............. 979 53 (1,032)
Continental Small Company Portfolio................ 2,955 19 (2,974)
DFA International Real Estate Securities Portfolio. 4,578 (5,684) 1,106
DFA Global Real Estate Securities Portfolio........ 1,213 (1,213) --
DFA International Small Cap Value Portfolio........ 207,054 9,174 (216,228)
International Vector Equity Portfolio.............. 12,256 (1,917) (10,339)
World ex U.S. Value Portfolio...................... -- (27) 27
World ex U.S. Targeted Value Portfolio............. (1,873) (271) 2,145
World ex U.S. Core Equity Portfolio................ 479 (716) 237
World Core Equity Portfolio........................ -- -- --
Selectively Hedged Global Equity Portfolio......... 306 2,885 (3,191)
Emerging Markets Portfolio......................... 7,227 (9,135) 1,908
Emerging Markets Small Cap Portfolio............... 8,089 (2,961) (5,128)
Emerging Markets Value Portfolio................... 26,840 (24,245) (2,595)
Emerging Markets Core Equity Portfolio............. 53,522 (31,497) (22,025)
The tax character of dividends and distributions declared and paid during
the years ended October 31, 2014 and October 31, 2015 were as follows (amounts
in thousands):
Net Investment
Income and
Short-Term Long-Term
Capital Gains Capital Gains Total
-------------- ------------- --------
Enhanced U.S. Large Company Portfolio
2014.................................. $ 903 -- $ 903
2015.................................. 11,391 $ 16,610 28,001
U.S. Large Cap Equity Portfolio
2014.................................. 3,209 -- 3,209
2015.................................. 8,398 266 8,664
U.S. Large Cap Value Portfolio
2014.................................. 230,364 -- 230,364
2015.................................. 302,945 86,223 389,168
U.S. Targeted Value Portfolio
2014.................................. 51,735 237,290 289,025
2015.................................. 85,573 237,911 323,484
U.S. Small Cap Value Portfolio
2014.................................. 66,463 443,795 510,258
2015.................................. 130,190 427,115 557,305
U.S. Core Equity 1 Portfolio
2014.................................. 135,714 34,892 170,606
2015.................................. 200,298 49,469 249,767
U.S. Core Equity 2 Portfolio
2014.................................. 170,204 98,745 268,949
2015.................................. 228,075 89,857 317,932
168
Net Investment
Income and
Short-Term Long-Term
Capital Gains Capital Gains Total
-------------- ------------- --------
U.S. Vector Equity Portfolio
2014............................................... $ 39,201 $ 38,966 $ 78,167
2015............................................... 51,799 109,045 160,844
U.S. Small Cap Portfolio
2014............................................... 85,510 218,795 304,305
2015............................................... 105,110 268,312 373,422
U.S. Micro Cap Portfolio
2014............................................... 43,726 200,738 244,464
2015............................................... 39,933 278,651 318,584
DFA Real Estate Securities Portfolio
2014............................................... 156,934 -- 156,934
2015............................................... 220,092 -- 220,092
Large Cap International Portfolio
2014............................................... 98,177 -- 98,177
2015............................................... 85,101 -- 85,101
International Core Equity Portfolio
2014............................................... 320,068 -- 320,068
2015............................................... 367,607 -- 367,607
International Small Company Portfolio
2014............................................... 218,133 211,626 429,759
2015............................................... 235,604 250,320 485,924
Japanese Small Company Portfolio
2014............................................... 11,539 -- 11,539
2015............................................... 7,758 -- 7,758
Asia Pacific Small Company Portfolio
2014............................................... 12,860 -- 12,860
2015............................................... 16,487 -- 16,487
United Kingdom Small Company Portfolio
2014............................................... 919 406 1,325
2015............................................... 1,068 2,151 3,219
Continental Small Company Portfolio
2014............................................... 3,660 -- 3,660
2015............................................... 4,771 -- 4,771
DFA International Real Estate Securities Portfolio
2014............................................... 106,263 -- 106,263
2015............................................... 182,724 -- 182,724
DFA Global Real Estate Securities Portfolio
2014............................................... 72,036 -- 72,036
2015............................................... 124,281 -- 124,281
DFA International Small Cap Value Portfolio
2014............................................... 239,810 127,501 367,311
2015............................................... 224,376 207,080 431,456
International Vector Equity Portfolio
2014............................................... 31,913 7,322 39,235
2015............................................... 38,097 10,950 49,047
World ex U.S. Value Portfolio
2014............................................... 4,113 -- 4,113
2015............................................... 3,283 -- 3,283
169
Net Investment
Income and
Short-Term Long-Term
Capital Gains Capital Gains Total
-------------- ------------- --------
World ex U.S. Targeted Value Portfolio
2014....................................... $ 2,537 $ 1,141 $ 3,678
2015....................................... 3,902 402 4,304
World ex U.S. Core Equity Portfolio
2014....................................... 6,163 -- 6,163
2015....................................... 15,824 -- 15,824
World Core Equity Portfolio
2014....................................... 358 14 372
2015....................................... 2,679 232 2,911
Selectively Hedged Global Equity Portfolio
2014....................................... 2,139 539 2,678
2015....................................... 4,968 1,915 6,883
Emerging Markets Portfolio
2014....................................... 78,253 20,987 99,240
2015....................................... 73,891 -- 73,891
Emerging Markets Small Cap Portfolio
2014....................................... 83,100 63,095 146,195
2015....................................... 102,968 88,636 191,604
Emerging Markets Value Portfolio
2014....................................... 418,693 264,053 682,746
2015....................................... 351,213 -- 351,213
Emerging Markets Core Equity Portfolio
2014....................................... 287,956 -- 287,956
2015....................................... 304,141 -- 304,141
At October 31, 2015, the following net investment income and short-term
capital gains and long-term capital gains distributions designated for federal
income tax purposes are due to the utilization of accumulated earnings and
profits distributed to shareholders upon redemption of shares (amounts in
thousands):
Net Investment
Income and Long-Term
Short-Term Capital
Capital Gains Gains Total
-------------- --------- -------
Enhanced U.S. Large Company Portfolio.............. $ 412 $ 1,004 $ 1,416
U.S. Large Cap Equity Portfolio.................... 304 -- 304
U.S. Large Cap Value Portfolio..................... 17,499 37,534 55,033
U.S. Targeted Value Portfolio...................... 4,987 16,422 21,409
U.S. Small Cap Value Portfolio..................... 7,990 28,335 36,325
U.S. Core Equity 1 Portfolio....................... 6,903 5,449 12,352
U.S. Core Equity 2 Portfolio....................... 8,413 10,793 19,206
U.S. Vector Equity Portfolio....................... 2,934 6,801 9,735
U.S. Small Cap Portfolio........................... 5,559 25,529 31,088
U.S. Micro Cap Portfolio........................... 1,827 11,982 13,809
DFA Real Estate Securities Portfolio............... -- -- --
International Core Equity Portfolio................ 8,245 -- 8,245
International Small Company Portfolio.............. 11,013 11,430 22,443
United Kingdom Small Company Portfolio............. 39 62 101
DFA International Real Estate Securities Portfolio. 440 -- 440
DFA Global Real Estate Securities Portfolio........ 1,213 -- 1,213
DFA International Small Cap Value Portfolio........ 12,637 9,492 22,129
170
Net Investment
Income and
Short-Term
Long-Term Capital
Capital Gains Gains Total
-------------- ------- -------
DFA International Real Estate Securities Portfolio. $ 440 -- $ 440
International Vector Equity Portfolio.............. 1,612 $ 255 1,867
World ex U.S. Targeted Value Portfolio............. 147 -- 147
World ex U.S. Core Equity Portfolio................ 479 -- 479
Selectively Hedged Global Equity Portfolio......... 278 28 306
Emerging Markets Portfolio......................... 7,227 -- 7,227
Emerging Markets Small Cap Portfolio............... 6,063 2,037 8,100
Emerging Markets Value Portfolio................... 26,840 -- 26,840
Emerging Markets Core Equity Portfolio............. 23,989 -- 23,989
At October 31, 2015, the components of distributable earnings (accumulated
losses) were as follows (amounts in thousands):
Undistributed Total Net
Net Investment Distributable
Income and Undistributed Unrealized Earnings
Short-Term Long-Term Capital Loss Appreciation (Accumulated
Capital Gains Capital Gains Carryforwards (Depreciation) Losses)
-------------- ------------- ------------- -------------- -------------
Enhanced U.S. Large Company
Portfolio.............................. $ 3,584 $ 9,802 -- $ (111) $ 13,275
U.S. Large Cap Equity Portfolio.......... 1,343 -- $ (1,351) 31,070 31,062
U.S. Large Cap Value Portfolio........... 30,479 643,969 -- 4,499,039 5,173,487
U.S. Targeted Value Portfolio............ 18,067 286,524 -- 922,409 1,227,000
U.S. Small Cap Value Portfolio........... 26,815 487,346 -- 2,227,303 2,741,464
U.S. Core Equity 1 Portfolio............. 22,875 160,144 -- 3,275,015 3,458,034
U.S. Core Equity 2 Portfolio............. 25,668 296,053 -- 4,046,832 4,368,553
U.S. Vector Equity Portfolio............. 4,523 119,585 -- 931,331 1,055,439
U.S. Small Cap Portfolio................. 12,969 503,175 -- 2,057,529 2,573,673
U.S. Micro Cap Portfolio................. 6,379 267,817 -- 1,371,067 1,645,263
DFA Real Estate Securities Portfolio..... -- -- (19,021) 1,926,171 1,907,150
Large Cap International Portfolio........ 11,830 -- (268,884) 371,692 114,638
International Core Equity Portfolio...... 28,345 -- (296,651) 466,496 198,190
International Small Company
Portfolio.............................. 94,660 205,951 -- 665,626 966,237
Japanese Small Company Portfolio......... 6,330 -- (51,612) 29,782 (15,500)
Asia Pacific Small Company Portfolio..... 7,078 -- (33,794) (46,165) (72,881)
United Kingdom Small Company
Portfolio.............................. 441 1,632 -- 10,389 12,462
Continental Small Company Portfolio...... 446 -- (17,012) 31,682 15,116
DFA International Real Estate Securities
Portfolio.............................. 36,675 -- (215,456) (49,047) (227,828)
DFA Global Real Estate Securities
Portfolio.............................. 50,562 -- (1,213) 598,569 647,918
DFA International Small Cap Value
Portfolio.............................. 145,020 182,535 -- 1,198,732 1,526,287
International Vector Equity Portfolio.... 5,489 5,715 -- 74,001 85,205
World ex U.S. Value Portfolio............ 758 -- (345) (7,850) (7,437)
World ex U.S. Targeted Value
Portfolio.............................. 154 -- (12,694) 8,504 (4,036)
World ex U.S. Core Equity Portfolio...... 3,618 -- (9,432) (56,640) (62,454)
World Core Equity Portfolio.............. 122 132 -- (7,477) (7,223)
171
Undistributed Total Net
Net Investment Distributable
Income and Undistributed Unrealized Earnings
Short-Term Long-Term Capital Loss Appreciation (Accumulated
Capital Gains Capital Gains Carryforwards (Depreciation) Losses)
-------------- ------------- ------------- -------------- -------------
Selectively Hedged Global Equity
Portfolio...................... $ 5,273 $ 620 -- $ 6,326 $ 12,219
Emerging Markets Portfolio....... 22,683 -- $(120,360) 455,503 357,826
Emerging Markets Small Cap
Portfolio...................... 49,581 36,695 -- (252,718) (166,442)
Emerging Markets Value Portfolio. 177,986 -- (948,015) (3,212,233) (3,982,262)
Emerging Markets Core Equity
Portfolio...................... 69,033 -- (489,868) (1,224,806) (1,645,641)
For federal income tax purposes, the Fund measures its capital loss
carryforwards annually at October 31, its fiscal year end. Capital loss
carryforwards may be carried forward and applied against future capital gains.
Under the Regulated Investment Company Modernization Act of 2010, capital
losses incurred by these Portfolios after October 31, 2011 will not be subject
to expiration and will retain their character as either short-term or long-term
capital losses. In addition, such losses must be utilized prior to the losses
incurred in the years preceding enactment. As of October 31, 2015, the
Portfolios had the following capital loss carryforwards available to offset
future realized capital gains through the indicated expiration dates (amounts
in thousands):
Expires on October 31,
--------------------------------------------------------
2016 2017 2018 2019 2020 Unlimited Total
------- -------- ------- ------- ---- --------- --------
Enhanced U.S. Large Company Portfolio.............. -- -- -- -- -- -- --
U.S. Large Cap Equity Portfolio.................... -- -- -- -- -- $ 1,351 $ 1,351
U.S. Large Cap Value Portfolio..................... -- -- -- -- -- -- --
U.S. Targeted Value Portfolio...................... -- -- -- -- -- -- --
U.S. Small Cap Value Portfolio..................... -- -- -- -- -- -- --
U.S. Core Equity 1 Portfolio....................... -- -- -- -- -- -- --
U.S. Core Equity 2 Portfolio....................... -- -- -- -- -- -- --
U.S. Vector Equity Portfolio....................... -- -- -- -- -- -- --
U.S. Small Cap Portfolio........................... -- -- -- -- -- -- --
U.S. Micro Cap Portfolio........................... -- -- -- -- -- -- --
DFA Real Estate Securities Portfolio............... -- -- -- $19,021 -- -- 19,021
Large Cap International Portfolio.................. $19,004 $135,393 $14,311 12,549 -- 87,627 268,884
International Core Equity Portfolio................ -- 53,176 -- -- -- 243,475 296,651
International Small Company Portfolio.............. -- -- -- -- -- -- --
Japanese Small Company Portfolio................... 19,909 13,952 12,208 5,543 -- -- 51,612
Asia Pacific Small Company Portfolio............... 16,317 8,261 -- -- -- 9,216 33,794
United Kingdom Small Company Portfolio............. -- -- -- -- -- -- --
Continental Small Company Portfolio................ 4,536 7,224 5,252 -- -- -- 17,012
DFA International Real Estate Securities Portfolio. 13,446 34,576 38,689 69,466 -- 59,280 215,457
DFA Global Real Estate Securities Portfolio........ -- -- 774 -- -- 439 1,213
DFA International Small Cap Value Portfolio........ -- -- -- -- -- -- --
International Vector Equity Portfolio.............. -- -- -- -- -- -- --
World ex U.S. Value Portfolio...................... -- -- -- 345 -- -- 345
World ex U.S. Targeted Value Portfolio............. -- -- -- -- -- 12,694 12,694
World ex U.S. Core Equity Portfolio................ -- -- -- -- -- 9,432 9,432
World Core Equity Portfolio........................ -- -- -- -- -- -- --
Selectively Hedged Global Equity Portfolio......... -- -- -- -- -- -- --
Emerging Markets Portfolio......................... -- -- -- -- -- 120,360 120,360
Emerging Markets Small Cap Portfolio............... -- -- -- -- -- -- --
Emerging Markets Value Portfolio................... -- -- -- -- -- 948,015 948,015
Emerging Markets Core Equity Portfolio............. 7,080 26,444 -- -- -- 456,344 489,868
172
During the year ended October 31, 2015, the Portfolios utilized the
following capital loss carryforwards to offset realized capital gains for
federal income tax purposes (amounts in thousands):
DFA Real Estate Securities Portfolio............... $119,162
Japanese Small Company Portfolio................... 7,558
Continental Small Company Portfolio................ 4,010
DFA International Real Estate Securities Portfolio. 46
World ex U.S. Value Portfolio...................... 1,284
At October 31, 2015, the total cost and aggregate gross unrealized
appreciation (depreciation) of securities for federal income tax purposes were
different from amounts reported for financial reporting purposes, as follows
(amounts in thousands):
Net
Unrealized
Federal Unrealized Unrealized Appreciation
Tax Cost Appreciation Depreciation (Depreciation)
----------- ------------ ------------ --------------
Enhanced U.S. Large Company Portfolio.............. $ 254,451 $ 99 $ (205) $ (106)
U.S. Large Cap Equity Portfolio.................... 702,331 62,658 (31,588) 31,070
U.S. Large Cap Value Portfolio..................... 11,374,302 4,499,044 -- 4,499,044
U.S. Targeted Value Portfolio...................... 7,515,260 1,615,681 (693,272) 922,409
U.S. Small Cap Value Portfolio..................... 11,049,862 3,443,849 (1,216,546) 2,227,303
U.S. Core Equity 1 Portfolio....................... 11,439,540 3,779,487 (504,472) 3,275,015
U.S. Core Equity 2 Portfolio....................... 12,873,905 4,739,713 (692,881) 4,046,832
U.S. Vector Equity Portfolio....................... 3,308,684 1,196,493 (265,162) 931,331
U.S. Small Cap Portfolio........................... 10,750,151 2,874,601 (817,072) 2,057,529
U.S. Micro Cap Portfolio........................... 4,503,908 1,849,153 (478,086) 1,371,067
DFA Real Estate Securities Portfolio............... 4,915,331 2,012,053 (124,820) 1,887,233
Large Cap International Portfolio.................. 2,943,799 681,190 (309,452) 371,738
International Core Equity Portfolio................ 14,878,358 2,409,610 (1,942,753) 466,857
International Small Company Portfolio.............. 8,517,618 665,871 -- 665,871
Japanese Small Company Portfolio................... 434,450 29,837 -- 29,837
Asia Pacific Small Company Portfolio............... 246,500 -- (46,161) (46,161)
United Kingdom Small Company Portfolio............. 25,260 10,385 -- 10,385
Continental Small Company Portfolio................ 246,497 31,566 -- 31,566
DFA International Real Estate Securities Portfolio. 3,705,640 124,793 (173,705) (48,912)
DFA Global Real Estate Securities Portfolio........ 3,816,334 615,309 (16,740) 598,569
DFA International Small Cap Value Portfolio........ 12,181,419 3,009,624 (1,811,126) 1,198,498
International Vector Equity Portfolio.............. 1,627,747 283,325 (209,304) 74,021
World ex U.S. Value Portfolio...................... 163,302 -- (7,838) (7,838)
World ex U.S. Targeted Value Portfolio............. 231,309 12,875 (4,369) 8,506
World ex U.S. Core Equity Portfolio................ 1,288,644 61,184 (117,810) (56,626)
World Core Equity Portfolio........................ 215,558 633 (8,110) (7,477)
Selectively Hedged Global Equity Portfolio......... 228,343 11,344 (5,028) 6,316
Emerging Markets Portfolio......................... 3,865,581 455,620 -- 455,620
Emerging Markets Small Cap Portfolio............... 5,106,524 -- (254,711) (254,711)
Emerging Markets Value Portfolio................... 18,177,759 -- (3,223,820) (3,223,820)
Emerging Markets Core Equity Portfolio............. 17,167,174 2,426,299 (3,650,692) (1,224,393)
The difference between book basis and tax-basis unrealized appreciation
(depreciation) is primarily attributable to the tax deferral of losses on wash
sales and investments in passive foreign investment companies.
Accounting for Uncertainty in Income Taxes sets forth a minimum threshold
for financial statement recognition of the benefit of a tax position taken or
expected to be taken in a tax return. Management has analyzed each Portfolio's
tax positions and has concluded that no additional provision for income tax is
required in any Portfolio's financial statements. No Portfolio is aware of any
tax positions for which it is more likely than not that the total amounts of
unrecognized tax benefits will significantly change in the next twelve months.
Each Portfolio's federal tax returns for the prior three fiscal years remain
subject to examination by the Internal Revenue Service.
173
G. Capital Share Transactions:
The capital share transactions by class were as follows (amounts in
thousands):
Year Ended Year Ended
Oct. 31, 2015 Oct. 31,2014
--------------------- ---------------------
Amount Shares Amount Shares
----------- -------- ----------- --------
U.S. Targeted Value Portfolio
Class R1 Shares
Shares Issued........................................ $ 32,126 1,408 $ 9,171 406
Shares Issued in Lieu of Cash Distributions.......... 1,658 78 657 30
Shares Redeemed...................................... (7,954) (357) (2,817) (123)
----------- -------- ----------- --------
Net Increase (Decrease) -- Class R1 Shares............ $ 25,830 1,129 $ 7,011 313
=========== ======== =========== ========
Class R2 Shares
Shares Issued........................................ $ 91,125 4,038 $ 77,620 3,429
Shares Issued in Lieu of Cash Distributions.......... 4,855 231 1,832 84
Shares Redeemed...................................... (35,030) (1,563) (21,767) (957)
----------- -------- ----------- --------
Net Increase (Decrease) -- Class R2 Shares............ $ 60,950 2,706 $ 57,685 2,556
=========== ======== =========== ========
Institutional Class Shares
Shares Issued........................................ $ 2,738,417 122,334 $ 1,806,386 79,191
Shares Issued in Lieu of Cash Distributions.......... 299,961 14,250 268,683 12,353
Shares Redeemed...................................... (1,098,528) (49,444) (897,338) (39,462)
----------- -------- ----------- --------
Net Increase (Decrease) -- Institutional Class Shares. $ 1,939,850 87,140 $ 1,177,731 52,082
=========== ======== =========== ========
Emerging Markets Value Portfolio
Class R2 Shares
Shares Issued........................................ $ 30,224 1,180 $ 38,565 1,378
Shares Issued in Lieu of Cash Distributions.......... 1,822 79 3,524 126
Shares Redeemed...................................... (36,071) (1,484) (43,702) (1,563)
----------- -------- ----------- --------
Net Increase (Decrease) -- Class R2 Shares............ $ (4,025) (225) $ (1,613) (59)
=========== ======== =========== ========
Institutional Class Shares
Shares Issued........................................ $ 3,605,561 146,249 $ 3,218,550 115,620
Shares Issued in Lieu of Cash Distributions.......... 330,322 14,260 643,949 22,910
Shares Redeemed...................................... (4,083,777) (163,185) (3,445,026) (122,635)
----------- -------- ----------- --------
Net Increase (Decrease) -- Institutional Class Shares. $ (147,894) (2,676) $ 417,473 15,895
=========== ======== =========== ========
The Board of Directors of the Fund authorized the conversion of the Class R2
Shares of Emerging Markets Value Portfolio to the Class R2A Shares. The Class
R2 Shares of Emerging Markets Value Portfolio ceased to be offered and
available for purchase upon the close of business on December 3, 2010.
Following the conversion, shareholders and investors purchased and redeemed
Class R2A Shares of the Portfolio. The value of a shareholder's investment in
the Portfolio was not impacted by the conversion, however, a shareholder
received fewer Class R2A Shares than the number of Class R2 Shares held at the
time of the conversion because the Class R2A Shares had a higher net asset
value per share. Effective February 28, 2011, Class R2A Shares were renamed to
Class R2 Shares.
The per share data in the financial highlights prior to the year ended
October 31, 2011 have been retroactively restated to reflect the conversion.
H. Financial Instruments:
In accordance with the Portfolios' investment objectives and policies, the
Portfolios may invest, either directly or indirectly through their investment
in a corresponding Master Fund, in certain financial instruments that have
174
off-balance sheet risk in excess of the amounts recognized in the financial
statements and concentrations of credit and market risk. These instruments and
their significant corresponding risks are described below:
1. Foreign Market Risks: Investments in foreign markets may involve
certain considerations and risks not typically associated with investments in
the United States of America, including the possibility of future political and
economic developments and the level of foreign governmental supervision and
regulation of foreign securities markets. These markets are generally smaller,
less liquid and more volatile than the major securities markets in the United
States of America. Consequently, acquisition and disposition of international
securities held by the Portfolios may be inhibited.
Derivative Financial Instruments:
Summarized below are the specific types of derivative instruments used by
the Portfolios.
2. Forward Currency Contracts: Enhanced U.S. Large Company Portfolio,
International Equity Portfolios and Selectively Hedged Global Equity Portfolio
may enter into forward currency contracts to hedge against adverse changes in
the relationship of the U.S. dollar to foreign currencies (foreign exchange
rate risk). The Enhanced U.S. Large Company Portfolio may also enter into
forward currency contracts to transfer balances from one currency to another
currency. The Selectively Hedged Global Equity Portfolio may hedge some or all
of the currency exposure of its foreign securities by entering into forward
currency contracts. The decision to hedge a Portfolio's currency exposure with
respect to a foreign market will be based primarily on the Portfolio's existing
exposure to a given foreign currency. Each contract is valued daily and the
change in value is recorded by the Portfolio as an unrealized gain or loss,
which is presented in the Statements of Operations as the change in unrealized
appreciation or depreciation from translation of foreign currency denominated
amounts. When the contract is closed or offset with the same counterparty, the
Portfolio records a realized gain or loss equal to the change in the value of
the contract when it was opened and the value at the time it was closed or
offset. This is presented in the Statements of Operations as a net realized
gain or loss on foreign currency transactions. At October 31, 2015, Selectively
Hedged Global Equity Portfolio had entered into the following contracts and the
net unrealized foreign exchange gain (loss) is reflected in the accompanying
financial statements (amounts in thousands):
Selectively Hedged Global Equity Portfolio*
Unrealized
Foreign
Settlement Currency Contract Value at Exchange
Date Amount** Currency Counterparty Amount October 31, 2015 Gain (Loss)
---------- ---------- ------------- --------------------------- -------- ---------------- -----------
11/27/15 (9,018) Denmark Krone JP Morgan $ (1,341) $ (1,331) $ 10
12/02/15 (19,485) Euro State Street Bank and Trust (21,479) (21,435) 44
12/02/15 (2,186,275) Japanese Yen State Street Bank and Trust (18,084) (18,122) (38)
11/23/15 (19,022) Swedish Krona Citibank, N.A. (2,294) (2,227) 67
11/25/15 (5,386) Swiss Franc JP Morgan (5,477) (5,452) 25
-------- -------- ----
$(48,675) $(48,567) $108
======== ======== ====
* During the year ended October 31, 2015, Selectively Hedged Global Equity
Portfolio's average contract amount of forward currency contracts was $47,372
(in thousands).
**Positive Currency Amount represents a purchase contract and a Currency Amount
in parentheses represents a sale contract.
Risks may arise upon entering into these contracts from the potential
inability of counterparties to meet the terms of their contracts and from
unanticipated movements in the value of foreign currency relative to the U.S.
dollar.
3. Futures Contracts: Certain Portfolios may enter into futures contracts
and options on futures contracts to adjust market exposure based on actual or
expected cash inflows to or outflows from the Portfolios. Additionally,
Enhanced U.S. Large Company Portfolio may also use stock index futures to hedge
against changes in equity securities' prices and to gain exposure to the S&P
500 Index(R) in the normal course of pursuing its investment objective. The
Selectively Hedged Global Equity Portfolio may also use futures contracts to
hedge some or all of the currency exposure of its foreign securities. Upon
entering into a futures contract, the Portfolios deposit cash or
175
pledge U.S. Government securities to a broker, equal to the minimum "initial
margin" requirements of the exchange on which the contract is traded.
Subsequent payments are received from or paid to the broker each day, based on
the daily fluctuation in the market value of the contract. These receipts or
payments are known as "variation margin" and are recorded daily by the
Portfolios as unrealized gains or losses until the contracts are closed. When
the contracts are closed, the Portfolios record a realized gain or loss, which
is presented in the Statements of Operations as a net realized gain or loss on
futures, equal to the difference between the value of the contract at the time
it was opened and the value at the time it was closed.
Risks may arise upon entering into futures contracts from potential
imperfect price correlations between the futures contracts and the underlying
securities, from the possibility of an illiquid secondary market for these
instruments and from the possibility that the Portfolios could lose more than
the initial margin requirements. The Portfolios entering into stock index
futures are subject to equity price risk from those futures contracts.
Counterparty credit risk related to exchange-traded futures is minimal because
the exchange's clearinghouse, as counterparty to all exchange-traded futures,
guarantees the futures against default.
At October 31, 2015, the following Portfolios had outstanding futures
contracts (dollar amounts in thousands):
Expiration Number of Contract Unrealized Cash
Description Date Contracts* Value Gain (Loss) Collateral
------------------- ---------- ---------- -------- ----------- ----------
Enhanced U.S. Large
Company Portfolio....... S&P 500 Index(R) 12/17/15 392 $203,223 $ 795 --
Selectively Hedged Global
Equity Portfolio........ S&P 500 Emini Index(R) 12/18/15 94 9,746 752 $432
-------- ------ ----
$212,969 $1,547 $432
======== ====== ====
Securities have been segregated as collateral for open futures contracts.
* During the year ended October 31, 2015, Enhanced U.S. Large Company
Portfolio's and Selectively Hedged Global Equity Portfolio's average notional
contract amount of outstanding futures contracts were $206,190 and $7,322 (in
thousands), respectively.
The following is a summary of the location of derivatives on the Portfolios'
Statements of Assets and Liabilities as of October 31, 2015:
Location on the Statements of Assets and
Liabilities
---------------------------------------------------
Derivative Type Asset Derivatives Liability Derivatives
--------------- ------------------------ ------------------------
Foreign exchange Unrealized Gain on Unrealized Loss on
contracts Forward Currency Forward Currency
Contracts Contracts
Equity contracts Receivables: Futures
Margin Variation
The following is a summary of the Portfolios' derivative instrument holdings
categorized by primary risk exposure as of October 31, 2015 (amounts in
thousands):
Asset Derivatives Value
-----------------------------------
Total Value Foreign
at Exchange Equity
October 31, 2015 Contracts Contracts
- ---------------- --------- ---------
Enhanced U.S. Large Company Portfolio...... $795 -- $795*
Selectively Hedged Global Equity Portfolio. 898 $146 752*
Liability Derivatives Value
-----------------------------------
Total Value Foreign
at Exchange Equity
October 31, 2015 Contracts Contracts
- ---------------- --------- ---------
Selectively Hedged Global Equity Portfolio. $(38) $(38) --
* Includes cumulative appreciation (depreciation) of futures contracts. Only
current day's margin variation is reported within the Statements of Assets
and Liabilities.
176
The following is a summary of the location on the Portfolios' Statements of
Operations of realized and change in unrealized gains and losses from the
Portfolios' derivative instrument holdings through the year ended October 31,
2015 (amounts in thousands):
Derivative Type Location of Gain (Loss) on Derivatives Recognized in Income
--------------- -----------------------------------------------------------
Foreign exchange contracts Net Realized Gain (Loss) on: Foreign Currency Transactions
Change in Unrealized Appreciation (Depreciation) of:
Translation of Foreign Currency Denominated Amounts
Equity contracts Net Realized Gain (Loss) on: Futures
Change in Unrealized Appreciation (Depreciation) of:
Futures
The following is a summary of the realized and change in unrealized gains
and losses from the Portfolios' derivative instrument holdings categorized by
primary risk exposure through the year ended October 31, 2015 (amounts in
thousands):
Realized Gain (Loss) on
Derivatives Recognized in Income
-------------------------------
Foreign
Exchange Equity
Total Contracts Contracts
------- --------- ---------
Enhanced U.S. Large Company Portfolio........ $15,988 $ 616 $15,372
U.S. Large Cap Equity Portfolio*............. (12) -- (12)
U.S. Targeted Value Portfolio*............... (296) -- (296)
U.S. Small Cap Value Portfolio*.............. (2,510) -- (2,510)
U.S. Core Equity 2 Portfolio*................ 1,793 -- 1,793
U.S. Vector Equity Portfolio*................ (811) -- (811)
U.S. Micro Cap Portfolio**................... (2,258) -- (2,258)
Large Cap International Portfolio*........... 769 -- 769
DFA International Small Cap Value Portfolio*. (5,555) -- (5,555)
World ex U.S. Targeted Value Portfolio*...... (347) -- (347)
World ex U.S. Core Equity Portfolio*......... 172 1 171
Selectively Hedged Global Equity Portfolio... 2,757 3,159 (402)
Change in Unrealized
Appreciation (Depreciation) on
Derivatives Recognized in Income
-------------------------------
Foreign
Exchange Equity
Total Contracts Contracts
------- --------- ---------
Enhanced U.S. Large Company Portfolio........ $(6,472) $ (205) $(6,267)
Selectively Hedged Global Equity Portfolio... 171 (530) 701
* As of October 31, 2015, there were no futures contracts outstanding. During
the year ended October 31, 2015, the Portfolios had limited activity in
futures contracts.
**During the year ended October 31, 2015, U.S. Micro Cap Portfolio's average
notional contract amount of outstanding futures contracts was $6,352 (in
thousands).
177
Offsetting of Derivative Assets and Derivative Liabilities
The following tables present the Portfolios' gross and net amount of assets
and liabilities available for offset under netting arrangements as well as any
related collateral received or pledged by the Portfolios as of October 31, 2015
(Amounts in thousands):
Gross Amounts Not Gross Amounts Not
Offset in the Statements Offset in the Statements
of Assets and Liabilities of Assets and Liabilities
-------------------------- --------------------------
Gross Amounts Cash Gross Amounts Cash
of Recognized Financial Collateral Net of Recognized Financial Collateral Net
Description Assets (a) Instruments (b) Received Amount (c) Liabilities (a) Instruments (d) Pledged Amount (e)
----------- ------------- --------------- ---------- ---------- --------------- --------------- ---------- ----------
Assets Liabilities
--------------------------------------------------- -----------------------------------------------------
Selectively Hedged Global Equity Portfolio
Forward Currency
Contracts....... $146 $(38) -- $108 $38 $(38) -- --
(a)No amounts have been netted against the gross amounts recognized in the
Statements of Assets and Liabilities.
(b)Represents the amount of assets that could be offset by liabilities with the
same counterparty under master netting or similar agreements that management
elects not to offset on the Statements of Assets and Liabilities.
(c)Represents the net amount due from counterparties in the event of default.
(d)Represents the amount of liabilities that could be offset by assets with the
same counterparty under master netting or similar agreements that management
elects not to offset on the Statements of Assets and Liabilities.
(e)Represents the net amount due to counterparties in the event of default.
NoteJ contains information regarding securities lending amounts that are
subject to netting arrangements.
I. Line of Credit and Interfund Lending Program:
The Fund, together with other Dimensional-advised portfolios, has entered
into a $500 million uncommitted, unsecured discretionary line of credit
effective April 1, 2015 with its domestic custodian bank. A line of credit with
similar terms was in effect through March 31, 2015. Each portfolio is permitted
to borrow, subject to its investment limitations, up to a maximum of $500
million, as long as total borrowings under the line of credit do not exceed
$500 million in the aggregate. Borrowings under the line of credit are charged
interest at rates agreed upon by the parties at the time of borrowing. Each
portfolio is individually, and not jointly, liable for its particular advances
under the line of credit. There is no commitment fee on the unused portion of
the line of credit. The agreement for the discretionary line of credit may be
terminated by either party at any time. The agreement for the line of credit
expires on March 30, 2016.
The Fund, together with other Dimensional-advised portfolios, has also
entered into an additional $500 million unsecured line of credit with its
international custodian bank effective January 9, 2015. A line of credit with
similar terms was in effect through January 8, 2015. Each portfolio is
permitted to borrow, subject to its investment limitations, up to a maximum of
$500 million, as long as total borrowings under the line of credit do not
exceed $500 million in the aggregate. Each portfolio is individually, and not
jointly, liable for its particular advances under the line of credit.
Borrowings under the line of credit are charged interest at rates agreed upon
by the parties at the time of borrowing. There is no commitment fee on the
unused portion of the line of credit. The line of credit agreement expires on
January 8, 2016.
For the year ended October 31, 2015, borrowings by the Portfolios under the
lines of credit were as follows (amounts in thousands, except percentages and
days):
Weighted Weighted Number of Interest Maximum Amount
Average Average Loan Days Expense Borrowed During
Interest Rate Balance Outstanding* Incurred The Period
------------- ------------ ------------ -------- ---------------
U.S. Large Cap Equity Portfolio. 0.87% $ 1,775 25 $ 1 $11,995
U.S. Targeted Value Portfolio... 0.88% 6,572 6 1 9,772
U.S. Small Cap Value Portfolio.. 0.84% 16,106 4 1 19,998
U.S. Core Equity 1 Portfolio.... 0.88% 54,145 5 7 85,542
U.S. Core Equity 2 Portfolio.... 0.88% 474 1 -- 474
U.S. Vector Equity Portfolio.... 0.88% 4,276 32 3 9,743
178
Weighted Weighted Number of Interest Maximum Amount
Average Average Loan Days Expense Borrowed During
Interest Rate Balance Outstanding* Incurred The Period
------------- ------------ ------------ -------- ---------------
U.S. Small Cap Portfolio................. 0.87% $11,063 7 $ 2 $ 29,254
U.S. Micro Cap Portfolio................. 0.88% 3,340 27 2 16,624
DFA Real Estate Securities Portfolio..... 0.88% 21,674 50 27 126,767
Large Cap International Portfolio........ 0.88% 8,544 13 3 30,988
International Small Company Portfolio.... 0.88% 7,600 14 3 23,012
DFA International Real Estate Securities
Portfolio.............................. 0.87% 9,037 7 2 37,185
DFA Global Real Estate Securities
Portfolio.............................. 0.87% 6,020 1 -- 6,020
DFA International Small Cap Value
Portfolio.............................. 0.88% 5,943 14 2 29,110
International Vector Equity Portfolio.... 0.88% 9,096 26 6 33,723
World ex U.S. Value Portfolio............ 0.87% 137 55 -- 575
World ex U.S. Targeted Value Portfolio... 0.88% 1,328 47 2 8,741
World ex U.S. Core Equity Portfolio...... 0.87% 1,527 3 -- 1,614
World Core Equity Portfolio.............. 0.88% 158 22 -- 883
Selectively Hedged Global Equity
Portfolio.............................. 0.89% 2,230 4 -- 3,193
Emerging Markets Core Equity Portfolio... 0.76% 38,623 27 26 231,513
* Number of Days Outstanding represents the total of single or consecutive days
during the year ended October 31, 2015, that each Portfolio's available line
of credit was utilized.
At October 31, 2015, World ex U.S. Value Portfolio had loans outstanding in
the amount of $12 (in thousands).
Pursuant to an exemptive order issued by the SEC (the "Order"), the
Portfolios may participate in an interfund lending program among certain
portfolios managed by the Advisor (portfolios that operate as feeder funds do
not participate in the program). The program allows the participating
portfolios to borrow money from and loan money to each other for temporary or
emergency purposes, subject to the conditions in the Order. A loan can only be
made through the program if the interfund loan rate on that day is more
favorable to both the borrowing and lending portfolios as compared to rates
available through short-term bank loans or investments in overnight repurchase
agreements and money market funds, respectively, as detailed in the Order.
Further, a portfolio may participate in the program only if and to the extent
that such participation is consistent with its investment objectives and
limitations. Interfund loans have a maximum duration of seven days and may be
called on one business day's notice.
For the year ended October 31, 2015, activity by the Portfolios under the
interfund lending program was as follows (amounts in thousands, except
percentages and days):
Weighted Weighted Number of Interest Maximum Amount
Borrower or Average Average Loan Days Expense/ Borrowed/Loaned
Lender Interest Rate Balance Outstanding* Income During The Period
----------- ------------- ------------ ------------ -------- -----------------
Emerging Markets Core Equity
Portfolio.................. Borrower 0.49% $304,214 4 $17 $311,958
* Number of Days Outstanding represents the total of single or consecutive days
during the year ended October 31, 2015, that the Portfolio utilized an
interfund loan.
The Portfolios had no outstanding interfund loans as of October 31, 2015.
J. Affiliated Trades:
Cross trades for the year ended October 31, 2015, if any, were executed by
the Portfolios pursuant to procedures adopted by the Board of Directors of the
Fund to ensure compliance with Rule 17a-7 under the Investment Company Act of
1940 (the "1940 Act"). Cross trading is the buying or selling of portfolio
securities between series of investment companies, or between a series of an
investment company and another entity, that are or could be considered
affiliates by virtue of having a common investment adviser (or affiliated
investment advisers), common directors/trustees and/or common officers. At its
regularly scheduled meetings, the Board reviews such transactions for
compliance with the requirements and restrictions set forth by Rule 17a-7 under
the 1940 Act.
179
For the year ended October 31, 2015, cross trades by the Portfolios under
Rule 17a-7 were as follows (amounts in thousands):
Portfolio Purchases Sales
--------- --------- --------
DFA Real Estate Securities Portfolio........ $ 766 $ 93,185
International Core Equity Portfolio......... 104,379 12
Emerging Markets Core Equity Portfolio...... 2,044 213
DFA Global Real Estate Securities Portfolio. 95,016 --
World ex U.S. Targeted Value Portfolio...... 4,220 --
U.S. Core Equity 1 Portfolio................ 173,893 50,678
U.S. Core Equity 2 Portfolio................ 149,485 37,250
International Vector Equity Portfolio....... 9,300 11,532
Large Cap International Portfolio........... 11,026 13,287
DFA International Small Cap Value Portfolio. 69,151 169,181
U.S. Targeted Value Portfolio............... 125,939 134,815
U.S. Vector Equity Portfolio................ 37,056 43,979
U.S. Small Cap Portfolio.................... 102,692 60,286
U.S. Small Cap Value Portfolio.............. 31,225 290,146
U.S. Micro Cap Portfolio.................... 30,321 72,112
World ex U.S. Core Equity Portfolio......... 11,256 44
U.S. Large Cap Equity Portfolio............. 16,226 10,925
K. Securities Lending:
As of October 31, 2015, some of the Portfolios had securities on loan to
brokers/dealers, for which each such Portfolio received cash collateral. In
addition, the following Portfolios received non-cash collateral consisting of
short and/or long term U.S. government securities (amounts in thousands):
Market
Value
--------
U.S. Large Cap Equity Portfolio.................... $ 4,556
U.S. Targeted Value Portfolio...................... 263,396
U.S. Small Cap Value Portfolio..................... 315,108
U.S. Core Equity 1 Portfolio....................... 368,724
U.S. Core Equity 2 Portfolio....................... 531,265
U.S. Vector Equity Portfolio....................... 117,461
U.S. Small Cap Portfolio........................... 156,455
U.S. Micro Cap Portfolio........................... 64,402
DFA Real Estate Securities Portfolio............... 99,650
Large Cap International Portfolio.................. 8,107
International Core Equity Portfolio................ 21,777
DFA International Real Estate Securities Portfolio. 2,384
DFA International Small Cap Value Portfolio........ 8,028
International Vector Equity Portfolio.............. 3,036
World ex U.S. Targeted Value Portfolio............. 868
World ex U.S. Core Equity Portfolio................ 6,157
Emerging Markets Core Equity Portfolio............. 708,338
Each Portfolio invests the cash collateral, as described below, and records
a liability for the return of the collateral, during the period the securities
are on loan. Loans of securities are expected at all times to be secured by
collateral equal to at least (i) 100% of the current market value of the loaned
securities with respect to securities of the U.S. government or its agencies,
(ii) 102% of the current market value of the loaned securities with respect to
U.S. securities, and (iii) 105% of the current market value of the loaned
securities with respect to foreign securities. However, daily market
fluctuations could cause the Portfolio's collateral to be lower or higher than
the expected thresholds. If this were to occur, the collateral would be
adjusted the next business day to ensure adequate
180
collateralization. In the event of default or bankruptcy by the other party to
the agreement, realization and/or retention of the collateral may be subject to
legal proceedings. If the borrower fails to return loaned securities, and cash
collateral being maintained by the borrower is insufficient to cover the value
of loaned securities and provided such collateral insufficiency is not the
result of investment losses, the lending agent has agreed to pay the amount of
the shortfall to the Portfolio or, at the option of the lending agent, to
replace the securities. In the event of the bankruptcy of the borrower, a
Portfolio could experience delay in recovering the loaned securities or only
recover cash or a security of equivalent value.
Subject to their stated investment policies, each Portfolio will generally
invest the cash collateral received for the loaned securities in The DFA Short
Term Investment Fund (the "Money Market Series"), an affiliated registered
money market fund advised by the Advisor for which the Advisor receives a
management fee of 0.05% of the average daily net assets of the Money Market
Series. Each Portfolio also may invest the cash collateral received for the
loaned securities in securities of the U.S. government or its agencies,
repurchase agreements collateralized by securities of the U.S. government or
its agencies, and affiliated and unaffiliated registered and unregistered money
market funds. For purposes of this paragraph, agencies include both agency
debentures and agency mortgage-backed securities. In addition, each Portfolio
will be able to terminate the loan at any time and will receive reasonable
interest on the loan, as well as amounts equal to any dividends, interest or
other distributions on the loaned securities. However, dividend income received
from loaned securities may not be eligible to be taxed at qualified dividend
income rates.
L. Shareholder Servicing Fees:
The Class R1 Shares pay a shareholder servicing fee in an amount up to 0.10%
and Class R2 Shares pay a shareholder servicing fee in an amount up to 0.25% of
their annual average net assets to compensate service agents that provide
shareholder servicing, record keeping, account maintenance and other services
to investors in U.S. Targeted Value Portfolio Class R1 and Class R2 Shares and
Emerging Markets Value Portfolio Class R2 Shares.
M. Indemnitees; Contractual Obligations:
Under the Fund's organizational documents, its officers and directors are
indemnified against certain liabilities arising out of the performance of their
duties to the Fund.
In the normal course of business, the Fund enters into contracts that
contain a variety of representations and warranties which provide general
indemnification. The Fund's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the Fund
and/or its affiliates that have not yet occurred. However, based on experience,
the Fund expects the risk of loss to be remote.
N. In-Kind Redemptions:
In accordance with guidelines described in the Portfolios' prospectus, the
Portfolios may distribute portfolio securities rather than cash as payment for
a redemption of fund shares (in-kind redemption). For financial reporting
purposes, a Portfolio recognizes a gain on in-kind redemptions to the extent
the value of the distributed securities on the date of redemption exceed the
cost of those securities and a loss on in-kind redemptions to the extent the
cost of the distributed securities on the date of redemption exceeds the value
of those securities. Gains and losses realized on in-kind redemptions generally
are not recognized for tax purposes and are reclassified from undistributed
realized gain (loss) to paid-in capital.
During the year ended October 31, 2015, the Portfolios' realized net gains
on in-kind redemptions as follows:
U.S. Large Cap Equity Portfolio...... $ 10,024
U.S. Small Cap Value Portfolio....... 12,630
U.S. Core Equity 1 Portfolio......... 48,790
U.S. Small Cap Portfolio............. 28,254
U.S. Micro Cap Portfolio............. 12,861
DFA Real Estate Securities Portfolio. 258,319
Large Cap International Portfolio.... 33,199
181
International Core Equity Portfolio......... $163,544
DFA International Small Cap Value Portfolio. 193,547
International Vector Equity Portfolio....... 10,623
Emerging Markets Core Equity Portfolio...... 29,647
O. Other:
At October 31, 2015, the following number of shareholders held the following
approximate percentages of the stated Portfolios' outstanding shares. One or
more of the shareholders may be omnibus accounts, which typically hold shares
for the benefit of several other underlying investors.
Approximate
Percentage
Number of of Outstanding
Shareholders Shares
------------ --------------
Enhanced U.S. Large Company Portfolio -- Institutional Class
Shares............................................................ 4 75%
U.S. Large Cap Equity Portfolio -- Institutional Class Shares....... 3 95%
U.S. Large Cap Value Portfolio -- Institutional Class Shares........ 3 72%
U.S. Targeted Value Portfolio -- Class R1 Shares.................... 4 85%
U.S. Targeted Value Portfolio -- Class R2 Shares.................... 6 81%
U.S. Targeted Value Portfolio -- Institutional Class Shares......... 3 59%
U.S. Small Cap Value Portfolio -- Institutional Class Shares........ 3 58%
U.S. Core Equity 1 Portfolio -- Institutional Class Shares.......... 5 77%
U.S. Core Equity 2 Portfolio -- Institutional Class Shares.......... 6 84%
U.S. Vector Equity Portfolio -- Institutional Class Shares.......... 5 93%
U.S. Small Cap Portfolio -- Institutional Class Shares.............. 3 50%
U.S. Micro Cap Portfolio -- Institutional Class Shares.............. 5 77%
DFA Real Estate Securities Portfolio -- Institutional Class Shares.. 4 82%
Large Cap International Portfolio -- Institutional Class Shares..... 3 67%
International Core Equity Portfolio................................. 4 72%
Japanese Small Company Portfolio -- Institutional Class Shares...... 4 86%
Asia Pacific Small Company Portfolio -- Institutional Class
Shares............................................................ 3 86%
United Kingdom Small Company Portfolio -- Institutional Class
Shares............................................................ 4 91%
Continental Small Company Portfolio -- Institutional Class
Shares............................................................ 5 96%
DFA International Real Estate Securities Portfolio -- Institutional
Class Shares...................................................... 4 92%
DFA Global Real Estate Securities Portfolio -- Institutional Class
Shares............................................................ 3 77%
DFA International Small Cap Value Portfolio -- Institutional Class
Shares............................................................ 3 61%
International Vector Equity Portfolio -- Institutional Class
Shares............................................................ 4 91%
World ex U.S. Value Portfolio -- Institutional Class Shares......... 7 93%
World ex U.S. Targeted Value Portfolio -- Institutional Class
Shares............................................................ 3 98%
World ex U.S. Core Equity Portfolio -- Institutional Class Shares... 4 86%
Selectively Hedged Global Equity Portfolio -- Institutional Class
Shares............................................................ 3 88%
Emerging Markets Portfolio -- Institutional Class Shares............ 4 69%
182
Approximate
Percentage
Number of of Outstanding
Shareholders Shares
------------ --------------
Emerging Markets Small Cap Portfolio -- Institutional Class
Shares....................................................... 4 56%
Emerging Markets Value Portfolio -- Class R2 Shares............ 2 82%
Emerging Markets Value Portfolio -- Institutional Class Shares. 2 32%
Emerging Markets Core Equity Portfolio -- Institutional Class
Shares....................................................... 3 61%
The Portfolios are subject to claims and suits that arise from time to time
in the ordinary course of business (for example, in The Tribune Company
Bankruptcy, described below, certain creditors have filed actions against all
shareholders of The Tribune Company who tendered shares when the Tribune
Company went private in 2007 in a leveraged buyout transaction, seeking the
return of proceeds received by the shareholders). Although management currently
believes that resolving claims against us, individually or in aggregate, will
not have a material adverse impact on our financial position, our results of
operations, or our cash flows, these matters are subject to inherent
uncertainties and management's view of these matters may change in the future.
The U.S. Large Cap Value Series has been named as a defendant in a
multi-district litigation pending in the United States District Court for the
Southern District of New York (the "Court"), captioned In re Tribune Company
Fraudulent Conveyance Litigation, No. 11-MD-2296-RJS (the "Tribune MDL"). The
Tribune MDL arises from the 2007 leveraged buyout of The Tribune Company
("Tribune") (the "LBO") and Tribune's subsequent bankruptcy and reorganization.
In connection with the LBO, thousands of Tribune shareholders, including the
U.S. Large Cap Value Series, sold Tribune shares back to Tribune for $34 per
share. The Tribune MDL includes a series of lawsuits brought by individual
creditors of Tribune (the "Individual Creditor Actions") and a lawsuit brought
by a court-appointed trustee on behalf of the committee of unsecured creditors
of Tribune (the "Committee Action," and with the Individual Creditor Actions,
collectively referred to as the "Lawsuits"). The Lawsuits seek to unwind the
LBO stock repurchases as fraudulent transfers and recover the stock repurchase
proceeds paid to the Tribune shareholders who participated in the LBO. On
September 23, 2013, the Court entered an order dismissing the Individual
Creditor Actions in their entirety on the grounds that the individual creditor
plaintiffs lack standing to pursue their claims. The Court's dismissal order is
on appeal to the Second Circuit. Oral argument on the appeal was held on
November 5, 2014, and the parties await the Second Circuit's ruling. The
Committee Action remains pending, and a motion to dismiss on behalf of all
shareholder defendants in the Committee Action was filed on May 23, 2014. The
motion to dismiss is fully-briefed, and the parties await the scheduling of
oral argument on the motion. The Committee Action is stayed pending the
disposition of the motion to dismiss.
Litigation counsel to The U.S. Large Cap Value Series in the Lawsuits has
advised management that it does not believe that it is possible, at this early
stage in the proceedings, to predict with any reasonable certainty the probable
outcome of the Lawsuits or quantify the ultimate exposure to The U.S. Large Cap
Value Series arising from the Lawsuits. Until The U.S. Large Cap Value Series
can do so, no reduction of the net asset value of The U.S. Large Cap Value
Series will be made relating to the Lawsuits. However, even if the plaintiffs
in the Lawsuits were to obtain the full recovery the plaintiffs seek, the
amount would be less than 1% of The U.S. Large Cap Value Series' net asset
value at this time.
The U.S. Large Cap Value Series also cannot quantify the cost of the
Lawsuits that could potentially be deducted from its net asset value.
Therefore, at this time, those investors buying or redeeming shares of The U.S.
Large Cap Value Series will pay or receive, as the case may be, a price based
on the net asset value of The U.S. Large Cap Value Series, with no adjustment
relating to the Lawsuits. The attorneys' fees and costs relating to the
Lawsuits will be taken as expenses by The U.S. Large Cap Value Series as
incurred and in a manner similar to any other expense incurred by The U.S.
Large Cap Value Series.
P. Subsequent Event Evaluations:
Management has evaluated the impact of all subsequent events on the
Portfolios and has determined that there are no subsequent events requiring
recognition or disclosure in the financial statements.
183
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors of DFA Investment Dimensions Group Inc. and
Shareholders of the Portfolios, as defined:
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of investments/summary schedules of portfolio holdings,
and the related statements of operations and of changes in net assets and the
financial highlights present fairly, in all material respects, the financial
position of Enhanced U.S. Large Company Portfolio, U.S. Large Cap Equity
Portfolio, U.S. Large Cap Value Portfolio, U.S. Targeted Value Portfolio, U.S.
Small Cap Value Portfolio, U.S. Core Equity 1 Portfolio, U.S. Core Equity 2
Portfolio, U.S. Vector Equity Portfolio, U.S. Small Cap Portfolio, U.S. Micro
Cap Portfolio, DFA Real Estate Securities Portfolio, Large Cap International
Portfolio, International Core Equity Portfolio, International Small Company
Portfolio, Japanese Small Company Portfolio, Asia Pacific Small Company
Portfolio, United Kingdom Small Company Portfolio, Continental Small Company
Portfolio, DFA International Real Estate Securities Portfolio, DFA Global Real
Estate Securities Portfolio, DFA International Small Cap Value Portfolio,
International Vector Equity Portfolio, World ex U.S. Value Portfolio, World ex
U.S. Targeted Value Portfolio, World ex U.S. Core Equity Portfolio, World Core
Equity Portfolio, Selectively Hedged Global Equity Portfolio, Emerging Markets
Portfolio, Emerging Markets Small Cap Portfolio, Emerging Markets Value
Portfolio and Emerging Markets Core Equity Portfolio (constituting portfolios
within DFA Investment Dimensions Group Inc., hereafter referred to as the
"Portfolios") at October 31, 2015, the results of each of their operations for
the year then ended, the changes in each of their net assets for each of the
two years in the period then ended and the financial highlights for each of the
periods indicated, in conformity with accounting principles generally accepted
in the United States of America. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Portfolios' management. Our responsibility is to express
an opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at October 31, 2015 by correspondence with the
custodians, brokers and the transfer agents of the investee funds, provide a
reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 18, 2015
184
RESULTS OF THE SHAREHOLDER MEETING
(Unaudited)
On May 8, 2015 and June 10, 2015, DFA Investment Dimensions Group Inc.
("DFAIDG") held a Special Joint Meeting of Shareholders for the purpose of
voting on several proposals affecting DFAIDG and the Portfolios, including,
among other items, the election of Directors, the approval of an updated
investment management agreement, and the amendment of certain fundamental
investment limitations. The shareholders of the Portfolios approved each of the
applicable proposals for DFAIDG and the Portfolios presented at the Meeting.
Listed below are the voting results from the Meeting. Please note that not all
Proposals presented at the Meeting were voted on by each Portfolio.
Additionally, the Proposal numbers reflected below correlate to the Proposal
numbers presented for vote at the Meeting.
DFAIDG
Proposal 1: Election of Directors/Trustees*
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
------------- ------- ------ ----------- -------- ----------
(a) David G. Booth........... 9,813,303,615 98.22% 63.03% 178,323,699 1.78% 1.15%
(b) George M. Constantinides. 9,825,715,266 98.34% 63.11% 165,912,043 1.66% 1.07%
(c) John P. Gould............ 9,821,346,669 98.30% 63.09% 170,280,645 1.70% 1.09%
(d) Roger G. Ibbotson........ 9,825,084,982 98.33% 63.11% 166,542,033 1.67% 1.07%
(e) Edward P. Lazear......... 9,824,635,836 98.33% 63.11% 166,991,519 1.67% 1.07%
(f) Eduardo A. Repetto....... 9,836,468,256 98.45% 63.18% 155,159,090 1.55% 1.00%
(g) Myron S. Scholes......... 9,816,729,833 98.25% 63.06% 174,897,480 1.75% 1.12%
(h) Abbie J. Smith........... 9,806,645,531 98.15% 62.99% 184,978,779 1.85% 1.19%
* Results are for all Portfolios within DFAIDG
Asia Pacific Small Company Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
---------- ------- ------ -------- -------- ----------
(a) David G. Booth........... 11,639,893 99.82% 92.04% 21,538 0.18% 0.17%
(b) George M. Constantinides. 11,644,232 99.85% 92.08% 17,198 0.15% 0.14%
(c) John P. Gould............ 11,641,603 99.83% 92.06% 19,828 0.17% 0.16%
(d) Roger G. Ibbotson........ 11,640,265 99.82% 92.05% 21,166 0.18% 0.17%
(e) Edward P. Lazear......... 11,634,513 99.77% 92.00% 26,917 0.23% 0.21%
(f) Eduardo A. Repetto....... 11,629,958 99.73% 91.96% 31,471 0.27% 0.25%
(g) Myron S. Scholes......... 11,644,232 99.85% 92.08% 17,198 0.15% 0.14%
(h) Abbie J. Smith........... 11,619,829 99.64% 91.88% 41,601 0.36% 0.33%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
10,344,349 88.71% 81.80% 18,073 0.15% 0.14% 28,024 0.24% 0.22% 1,270,985 10.90%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
10,358,228 88.82% 81.91% 3,954 0.03% 0.03% 28,264 0.24% 0.22% 1,270,984 10.90%
185
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
10,344,214 88.70% 81.80% 10,804 0.09% 0.09% 35,427 0.30% 0.28% 1,270,985 10.90%
Proposal 7: Election of Trustees of Master Fund
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
---------- ------- ------ -------- -------- ----------
(a) David G. Booth........... 11,605,130 99.52% 91.77% 56,301 0.48% 0.45%
(b) George M. Constantinides. 11,609,469 99.55% 91.80% 51,961 0.45% 0.41%
(c) John P. Gould............ 11,609,469 99.55% 91.80% 51,961 0.45% 0.41%
(d) Roger G. Ibbotson........ 11,609,469 99.55% 91.80% 51,961 0.45% 0.41%
(e) Edward P. Lazear......... 11,575,016 99.26% 91.53% 86,414 0.74% 0.68%
(f) Eduardo A. Repetto....... 11,575,016 99.26% 91.53% 86,414 0.74% 0.68%
(g) Myron S. Scholes......... 11,580,590 99.31% 91.57% 80,839 0.69% 0.64%
(h) Abbie J. Smith........... 11,581,929 99.32% 91.58% 79,501 0.68% 0.63%
Proposal 8: Approval of a "Manager of Managers" Structure for Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
10,338,848 88.66% 81.75% 23,574 0.20% 0.19% 28,024 0.24% 0.22% 1,270,984 10.90%
Proposal 9: Approval of an Updated Investment Management Agreement Between
Dimensional Fund Advisors LP and Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
10,346,245 88.72% 81.81% 15,759 0.14% 0.12% 28,441 0.24% 0.22% 1,270,985 10.90%
Proposal 10: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities of Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
10,336,271 88.64% 81.73% 18,747 0.16% 0.15% 35,427 0.30% 0.28% 1,270,985 10.90%
Continental Small Company Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
--------- ------- ------ -------- -------- ----------
(a) David G. Booth........... 8,441,688 99.64% 78.17% 30,293 0.36% 0.28%
(b) George M. Constantinides. 8,422,910 99.42% 78.00% 49,071 0.58% 0.45%
(c) John P. Gould............ 8,437,206 99.59% 78.13% 34,775 0.41% 0.32%
(d) Roger G. Ibbotson........ 8,437,206 99.59% 78.13% 34,775 0.41% 0.32%
(e) Edward P. Lazear......... 8,429,351 99.50% 78.06% 42,630 0.50% 0.39%
(f) Eduardo A. Repetto....... 8,413,116 99.31% 77.91% 58,865 0.69% 0.55%
(g) Myron S. Scholes......... 8,437,206 99.59% 78.13% 34,775 0.41% 0.32%
(h) Abbie J. Smith........... 8,444,227 99.67% 78.20% 27,754 0.33% 0.26%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
6,371,613 75.21% 59.00% 20,656 0.24% 0.19% 16,634 0.20% 0.15% 2,063,078 24.35%
186
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
6,387,842 75.40% 59.15% 4,425 0.05% 0.04% 16,634 0.20% 0.15% 2,063,080 24.35%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
6,366,860 75.15% 58.96% 11,307 0.13% 0.10% 30,732 0.36% 0.28% 2,063,082 24.35%
Proposal 7: Election of Trustees of Master Fund
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
--------- ------- ------ -------- -------- ----------
(a) David G. Booth........... 8,437,994 99.60% 78.14% 33,987 0.40% 0.31%
(b) George M. Constantinides. 8,419,216 99.38% 77.96% 52,765 0.62% 0.49%
(c) John P. Gould............ 8,437,994 99.60% 78.14% 33,987 0.40% 0.31%
(d) Roger G. Ibbotson........ 8,437,994 99.60% 78.14% 33,987 0.40% 0.31%
(e) Edward P. Lazear......... 8,425,658 99.45% 78.02% 46,323 0.55% 0.43%
(f) Eduardo A. Repetto....... 8,409,422 99.26% 77.87% 62,559 0.74% 0.58%
(g) Myron S. Scholes......... 8,437,994 99.60% 78.14% 33,987 0.40% 0.31%
(h) Abbie J. Smith........... 8,440,533 99.63% 78.16% 31,449 0.37% 0.29%
Proposal 8: Approval of a "Manager of Managers" Structure for Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
6,369,238 75.18% 58.98% 22,696 0.27% 0.21% 16,970 0.20% 0.16% 2,063,077 24.35%
Proposal 9: Approval of an Updated Investment Management Agreement Between
Dimensional Fund Advisors LP and Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
6,382,228 75.33% 59.10% 9,706 0.11% 0.09% 16,970 0.20% 0.16% 2,063,078 24.35%
Proposal 10: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities of Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
6,365,260 75.13% 58.94% 12,794 0.15% 0.12% 30,846 0.36% 0.29% 2,063,081 24.35%
DFA Global Real Estate Securities Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
----------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 196,334,605 98.51% 56.80% 2,972,544 1.49% 0.86%
(b) George M. Constantinides. 196,344,233 98.51% 56.81% 2,962,916 1.49% 0.86%
(c) John P. Gould............ 196,145,844 98.41% 56.75% 3,161,305 1.59% 0.91%
(d) Roger G. Ibbotson........ 196,217,006 98.45% 56.77% 3,089,843 1.55% 0.89%
(e) Edward P. Lazear......... 196,317,237 98.50% 56.80% 2,989,922 1.50% 0.87%
(f) Eduardo A. Repetto....... 196,341,045 98.51% 56.80% 2,966,104 1.49% 0.86%
(g) Myron S. Scholes......... 196,199,379 98.44% 56.76% 3,107,770 1.56% 0.90%
(h) Abbie J. Smith........... 196,341,527 98.51% 56.81% 2,962,622 1.49% 0.86%
187
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
157,279,926 78.91% 45.50% 1,641,318 0.82% 0.47% 2,488,787 1.25% 0.72% 37,897,118 19.01%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
157,824,666 79.19% 45.66% 1,109,781 0.56% 0.32% 2,475,590 1.24% 0.72% 37,897,118 19.01%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
157,349,082 78.95% 45.52% 1,514,657 0.76% 0.44% 2,546,296 1.28% 0.74% 37,897,118 19.01%
DFA International Real Estate Securities Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
----------- ------- ------ ---------- -------- ----------
(a) David G. Booth........... 561,678,588 95.77% 93.60% 24,793,023 4.23% 4.13%
(b) George M. Constantinides. 561,981,532 95.82% 93.65% 24,490,079 4.18% 4.08%
(c) John P. Gould............ 560,888,867 95.64% 93.47% 25,582,744 4.36% 4.26%
(d) Roger G. Ibbotson........ 561,794,150 95.79% 93.62% 24,677,461 4.21% 4.11%
(e) Edward P. Lazear......... 561,973,443 95.82% 93.65% 24,498,168 4.18% 4.08%
(f) Eduardo A. Repetto....... 561,922,004 95.81% 93.64% 24,549,607 4.19% 4.09%
(g) Myron S. Scholes......... 560,031,549 95.49% 93.33% 26,440,062 4.51% 4.41%
(h) Abbie J. Smith........... 560,547,754 95.58% 93.41% 25,923,857 4.42% 4.32%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ---------- ------- --------- --------- ------- --------- ----------- --------
395,312,237 67.41% 65.88% 13,375,891 2.28% 2.23% 1,329,601 0.23% 0.22% 176,453,881 30.09%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- ------- ------- --------- ----------- --------
407,779,823 69.53% 67.96% 1,958,803 0.33% 0.33% 916,453 0.16% 0.15% 176,453,881 30.09%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ----------- --------
401,838,344 68.52% 66.97% 7,626,240 1.30% 1.27% 1,024,231 0.17% 0.17% 176,453,881 30.09%
188
DFA International Small Cap Value Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
----------- ------- ------ ---------- -------- ----------
(a) David G. Booth........... 427,156,861 98.85% 67.25% 4,980,197 1.15% 0.78%
(b) George M. Constantinides. 422,926,419 97.87% 66.58% 9,210,639 2.13% 1.45%
(c) John P. Gould............ 422,857,346 97.85% 66.57% 9,279,712 2.15% 1.46%
(d) Roger G. Ibbotson........ 422,925,804 97.87% 66.58% 9,211,254 2.13% 1.45%
(e) Edward P. Lazear......... 426,983,290 98.81% 67.22% 5,153,768 1.19% 0.81%
(f) Eduardo A. Repetto....... 427,862,025 99.01% 67.36% 4,275,032 0.99% 0.67%
(g) Myron S. Scholes......... 422,222,885 97.71% 66.47% 9,914,173 2.29% 1.56%
(h) Abbie J. Smith........... 422,043,801 97.66% 66.44% 10,093,257 2.34% 1.59%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
356,776,802 82.56% 56.17% 1,961,095 0.45% 0.31% 2,775,227 0.64% 0.44% 70,623,934 16.34%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
351,259,092 81.28% 55.30% 7,515,999 1.74% 1.18% 2,738,029 0.63% 0.43% 70,623,934 16.34%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- ---------- ------- --------- ---------- --------
341,377,618 79.00% 53.74% 7,915,885 1.83% 1.25% 12,219,623 2.83% 1.92% 70,623,934 16.34%
DFA Real Estate Securities Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
----------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 191,920,682 98.83% 91.83% 2,264,670 1.17% 1.08%
(b) George M. Constantinides. 191,902,366 98.82% 91.83% 2,282,986 1.18% 1.09%
(c) John P. Gould............ 191,763,038 98.75% 91.76% 2,422,314 1.25% 1.16%
(d) Roger G. Ibbotson........ 191,825,358 98.78% 91.79% 2,359,995 1.22% 1.13%
(e) Edward P. Lazear......... 191,902,512 98.82% 91.83% 2,282,840 1.18% 1.09%
(f) Eduardo A. Repetto....... 191,928,738 98.84% 91.84% 2,256,615 1.16% 1.08%
(g) Myron S. Scholes......... 191,780,253 98.76% 91.77% 2,405,100 1.24% 1.15%
(h) Abbie J. Smith........... 191,898,940 98.82% 91.82% 2,286,412 1.18% 1.09%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- --------- ------- --------- ---------- --------
119,145,720 61.36% 57.01% 630,060 0.32% 0.30% 1,088,788 0.56% 0.52% 73,320,785 37.76%
189
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
118,519,077 61.03% 56.71% 1,149,844 0.59% 0.55% 1,195,649 0.62% 0.57% 73,320,785 37.76%
Emerging Markets Core Equity Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
----------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 512,759,977 98.37% 62.55% 8,516,861 1.63% 1.04%
(b) George M. Constantinides. 515,089,575 98.81% 62.83% 6,187,264 1.19% 0.75%
(c) John P. Gould............ 514,911,112 98.78% 62.81% 6,365,726 1.22% 0.78%
(d) Roger G. Ibbotson........ 515,017,546 98.80% 62.82% 6,259,293 1.20% 0.76%
(e) Edward P. Lazear......... 513,759,991 98.56% 62.67% 7,516,848 1.44% 0.92%
(f) Eduardo A. Repetto....... 517,616,872 99.30% 63.14% 3,659,966 0.70% 0.45%
(g) Myron S. Scholes......... 514,411,933 98.68% 62.75% 6,864,906 1.32% 0.84%
(h) Abbie J. Smith........... 513,816,585 98.57% 62.67% 7,460,253 1.43% 0.91%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ----------- --------
404,285,402 77.56% 49.31% 1,302,733 0.25% 0.16% 2,940,754 0.56% 0.36% 112,747,949 21.63%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- --------- ------- --------- ----------- --------
405,404,387 77.77% 49.45% 994,390 0.19% 0.12% 2,130,114 0.41% 0.26% 112,747,949 21.63%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ---------- ------- --------- --------- ------- --------- ----------- --------
393,922,183 75.57% 48.05% 12,329,911 2.37% 1.50% 2,276,799 0.44% 0.28% 112,747,949 21.63%
Emerging Markets Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
---------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 88,388,981 98.90% 54.16% 983,573 1.10% 0.60%
(b) George M. Constantinides. 88,435,609 98.95% 54.19% 936,946 1.05% 0.57%
(c) John P. Gould............ 88,423,087 98.94% 54.18% 949,468 1.06% 0.58%
(d) Roger G. Ibbotson........ 88,436,075 98.95% 54.19% 936,481 1.05% 0.57%
(e) Edward P. Lazear......... 88,449,188 98.97% 54.20% 923,366 1.03% 0.57%
(f) Eduardo A. Repetto....... 88,432,309 98.95% 54.19% 940,246 1.05% 0.58%
(g) Myron S. Scholes......... 88,352,635 98.86% 54.14% 1,019,918 1.14% 0.62%
(h) Abbie J. Smith........... 85,852,822 96.06% 52.61% 3,519,734 3.94% 2.16%
190
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- --------- ------- --------- ---------- --------
72,549,600 81.18% 44.46% 405,536 0.45% 0.25% 1,437,349 1.61% 0.88% 14,980,069 16.76%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- --------- ------- --------- ---------- --------
72,674,175 81.32% 44.53% 315,478 0.35% 0.19% 1,402,835 1.57% 0.86% 14,980,069 16.76%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- --------- ------- --------- ---------- --------
72,427,115 81.04% 44.38% 534,224 0.60% 0.33% 1,431,148 1.60% 0.88% 14,980,069 16.76%
Proposal 7: Election of Trustees of Master Fund
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
---------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 88,238,439 98.73% 54.07% 1,134,113 1.27% 0.69%
(b) George M. Constantinides. 88,284,738 98.78% 54.10% 1,087,815 1.22% 0.67%
(c) John P. Gould............ 88,270,500 98.77% 54.09% 1,102,055 1.23% 0.68%
(d) Roger G. Ibbotson........ 88,293,265 98.79% 54.10% 1,079,289 1.21% 0.66%
(e) Edward P. Lazear......... 88,291,531 98.79% 54.10% 1,081,023 1.21% 0.66%
(f) Eduardo A. Repetto....... 88,298,866 98.80% 54.11% 1,073,687 1.20% 0.66%
(g) Myron S. Scholes......... 88,202,636 98.69% 54.05% 1,169,918 1.31% 0.72%
(h) Abbie J. Smith........... 85,692,772 95.88% 52.51% 3,679,783 4.12% 2.25%
Proposal 8: Approval of a "Manager of Managers" Structure for Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- --------- ------- --------- ---------- --------
72,564,182 81.19% 44.47% 373,437 0.42% 0.23% 1,454,869 1.63% 0.89% 14,980,069 16.76%
Proposal 9: Approval of an Updated Investment Management Agreement Between
Dimensional Fund Advisors LP and Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- --------- ------- --------- ---------- --------
72,628,505 81.26% 44.50% 318,602 0.36% 0.20% 1,445,382 1.62% 0.89% 14,980,069 16.76%
Proposal 10: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities of Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- --------- ------- --------- ---------- --------
72,419,117 81.03% 44.38% 519,772 0.58% 0.32% 1,453,597 1.63% 0.89% 14,980,069 16.76%
191
Emerging Markets Small Cap Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
----------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 185,147,712 99.40% 74.17% 1,118,464 0.60% 0.45%
(b) George M. Constantinides. 185,307,384 99.49% 74.23% 958,793 0.51% 0.38%
(c) John P. Gould............ 185,288,443 99.48% 74.22% 977,732 0.52% 0.39%
(d) Roger G. Ibbotson........ 185,326,659 99.50% 74.24% 939,515 0.50% 0.38%
(e) Edward P. Lazear......... 185,323,042 99.49% 74.24% 943,134 0.51% 0.38%
(f) Eduardo A. Repetto....... 185,279,382 99.47% 74.22% 986,795 0.53% 0.40%
(g) Myron S. Scholes......... 184,885,129 99.26% 74.06% 1,381,046 0.74% 0.55%
(h) Abbie J. Smith........... 185,053,038 99.35% 74.13% 1,213,137 0.65% 0.49%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ---------- ------- --------- ------- ------- --------- ---------- --------
153,980,346 82.67% 61.68% 10,395,426 5.58% 4.16% 574,863 0.31% 0.23% 21,315,541 11.44%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ---------- ------- --------- ------- ------- --------- ---------- --------
154,314,155 82.85% 61.82% 10,093,030 5.42% 4.04% 543,451 0.29% 0.22% 21,315,541 11.44%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ---------- ------- --------- ------- ------- --------- ---------- --------
150,442,770 80.77% 60.26% 13,919,093 7.47% 5.58% 588,769 0.32% 0.24% 21,315,541 11.44%
Proposal 7: Election of Trustees of Master Fund
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
----------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 185,009,624 99.33% 74.11% 1,256,550 0.67% 0.50%
(b) George M. Constantinides. 185,207,198 99.43% 74.19% 1,058,976 0.57% 0.42%
(c) John P. Gould............ 185,200,140 99.43% 74.19% 1,066,035 0.57% 0.43%
(d) Roger G. Ibbotson........ 185,214,554 99.44% 74.19% 1,051,620 0.56% 0.42%
(e) Edward P. Lazear......... 185,223,508 99.44% 74.20% 1,042,666 0.56% 0.42%
(f) Eduardo A. Repetto....... 185,206,809 99.43% 74.19% 1,059,366 0.57% 0.42%
(g) Myron S. Scholes......... 184,799,998 99.21% 74.03% 1,466,174 0.79% 0.59%
(h) Abbie J. Smith........... 184,974,100 99.31% 74.10% 1,292,075 0.69% 0.52%
Proposal 8: Approval of a "Manager of Managers" Structure for Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ---------- ------- --------- ------- ------- --------- ---------- --------
153,968,431 82.66% 61.68% 10,349,752 5.56% 4.15% 632,449 0.34% 0.25% 21,315,541 11.44%
Proposal 9: Approval of an Updated Investment Management Agreement Between
Dimensional Fund Advisors LP and Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ---------- ------- --------- ------- ------- --------- ---------- --------
154,225,646 82.80% 61.78% 10,094,160 5.42% 4.04% 630,831 0.34% 0.25% 21,315,541 11.44%
192
Proposal 10: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities of Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ---------- ------- --------- ------- ------- --------- ---------- --------
151,263,245 81.21% 60.59% 13,043,292 7.00% 5.22% 644,095 0.35% 0.26% 21,315,541 11.44%
Emerging Markets Value Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
----------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 357,516,538 99.11% 52.58% 3,211,557 0.89% 0.47%
(b) George M. Constantinides. 357,795,563 99.19% 52.62% 2,932,528 0.81% 0.43%
(c) John P. Gould............ 358,234,609 99.31% 52.69% 2,493,486 0.69% 0.37%
(d) Roger G. Ibbotson........ 358,786,097 99.46% 52.77% 1,941,997 0.54% 0.29%
(e) Edward P. Lazear......... 358,269,076 99.32% 52.69% 2,459,017 0.68% 0.36%
(f) Eduardo A. Repetto....... 358,852,650 99.48% 52.78% 1,875,441 0.52% 0.28%
(g) Myron S. Scholes......... 358,316,099 99.33% 52.70% 2,411,996 0.67% 0.35%
(h) Abbie J. Smith........... 356,199,378 98.74% 52.39% 4,528,715 1.26% 0.67%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- --------- ------- --------- ---------- --------
276,840,818 76.75% 40.72% 757,656 0.21% 0.11% 2,870,762 0.80% 0.42% 80,258,859 22.25%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
268,755,985 74.50% 39.53% 9,796,983 2.72% 1.44% 1,916,267 0.53% 0.28% 80,258,859 22.25%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ---------- ------- --------- --------- ------- --------- ---------- --------
252,757,486 70.07% 37.17% 25,473,479 7.06% 3.75% 2,238,267 0.62% 0.33% 80,258,859 22.25%
Proposal 7: Election of Trustees of Master Fund
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
----------- ------- ------ ---------- -------- ----------
(a) David G. Booth........... 347,379,757 96.30% 51.09% 13,348,337 3.70% 1.96%
(b) George M. Constantinides. 347,650,162 96.37% 51.13% 13,077,932 3.63% 1.92%
(c) John P. Gould............ 348,112,510 96.50% 51.20% 12,615,585 3.50% 1.86%
(d) Roger G. Ibbotson........ 348,642,595 96.65% 51.28% 12,085,500 3.35% 1.78%
(e) Edward P. Lazear......... 348,120,240 96.50% 51.20% 12,607,855 3.50% 1.85%
(f) Eduardo A. Repetto....... 348,652,651 96.65% 51.28% 12,075,444 3.35% 1.78%
(g) Myron S. Scholes......... 348,193,112 96.53% 51.21% 12,534,980 3.47% 1.84%
(h) Abbie J. Smith........... 346,479,809 96.05% 50.96% 14,248,284 3.95% 2.10%
Proposal 8: Approval of a "Manager of Managers" Structure for Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ---------- ------- --------- ---------- --------
267,220,253 74.08% 39.30% 534,811 0.15% 0.08% 12,714,171 3.52% 1.87% 80,258,859 22.25%
193
Proposal 9: Approval of an Updated Investment Management Agreement Between
Dimensional Fund Advisors LP and Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- ---------- ------- --------- ---------- --------
259,098,849 71.83% 38.11% 9,809,935 2.72% 1.44% 11,560,452 3.20% 1.70% 80,258,859 22.25%
Proposal 10: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities of Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ---------- ------- --------- ---------- ------- --------- ---------- --------
243,144,637 67.40% 35.76% 25,471,297 7.06% 3.75% 11,853,301 3.29% 1.74% 80,258,859 22.25%
Enhanced U.S. Large Company Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
---------- ------- ------ -------- -------- ----------
(a) David G. Booth........... 11,180,581 99.03% 62.45% 109,506 0.97% 0.61%
(b) George M. Constantinides. 11,176,901 99.00% 62.42% 113,186 1.00% 0.63%
(c) John P. Gould............ 11,162,115 98.87% 62.34% 127,972 1.13% 0.71%
(d) Roger G. Ibbotson........ 11,180,581 99.03% 62.45% 109,506 0.97% 0.61%
(e) Edward P. Lazear......... 11,180,581 99.03% 62.45% 109,506 0.97% 0.61%
(f) Eduardo A. Repetto....... 11,181,193 99.04% 62.45% 108,894 0.96% 0.61%
(g) Myron S. Scholes......... 11,176,901 99.00% 62.42% 113,186 1.00% 0.63%
(h) Abbie J. Smith........... 11,169,715 98.93% 62.38% 120,372 1.07% 0.67%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
9,623,226 85.24% 53.75% 33,611 0.30% 0.19% 86,371 0.77% 0.48% 1,546,879 13.70%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
9,585,717 84.90% 53.54% 52,238 0.46% 0.29% 105,254 0.93% 0.59% 1,546,879 13.70%
International Core Equity Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
----------- ------- ------ ---------- -------- ----------
(a) David G. Booth........... 672,856,326 98.09% 62.06% 13,123,890 1.91% 1.21%
(b) George M. Constantinides. 675,768,218 98.51% 62.33% 10,211,998 1.49% 0.94%
(c) John P. Gould............ 675,497,502 98.47% 62.30% 10,482,714 1.53% 0.97%
(d) Roger G. Ibbotson........ 675,527,701 98.48% 62.30% 10,452,515 1.52% 0.96%
(e) Edward P. Lazear......... 675,789,759 98.51% 62.33% 10,190,457 1.49% 0.94%
(f) Eduardo A. Repetto....... 675,843,876 98.52% 62.33% 10,136,340 1.48% 0.93%
(g) Myron S. Scholes......... 675,515,698 98.47% 62.30% 10,464,518 1.53% 0.97%
(h) Abbie J. Smith........... 675,648,212 98.49% 62.31% 10,332,004 1.51% 0.95%
194
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ----------- --------
544,698,329 79.40% 50.24% 5,115,788 0.75% 0.47% 8,657,170 1.26% 0.80% 127,508,929 18.59%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ----------- --------
546,088,004 79.61% 50.37% 3,747,948 0.55% 0.35% 8,635,335 1.26% 0.80% 127,508,929 18.59%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ----------- --------
542,811,703 79.13% 50.06% 6,562,991 0.96% 0.61% 9,096,594 1.33% 0.84% 127,508,929 18.59%
International Small Company Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
----------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 304,745,989 99.09% 61.29% 2,783,648 0.91% 0.56%
(b) George M. Constantinides. 305,217,121 99.25% 61.39% 2,312,515 0.75% 0.47%
(c) John P. Gould............ 305,033,768 99.19% 61.35% 2,495,868 0.81% 0.50%
(d) Roger G. Ibbotson........ 305,219,666 99.25% 61.39% 2,309,970 0.75% 0.46%
(e) Edward P. Lazear......... 304,381,872 98.98% 61.22% 3,147,765 1.02% 0.63%
(f) Eduardo A. Repetto....... 305,225,040 99.25% 61.39% 2,304,596 0.75% 0.46%
(g) Myron S. Scholes......... 305,045,984 99.19% 61.35% 2,483,652 0.81% 0.50%
(h) Abbie J. Smith........... 304,176,100 98.91% 61.18% 3,353,536 1.09% 0.67%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
264,084,888 85.87% 53.12% 1,214,060 0.39% 0.24% 2,018,223 0.66% 0.41% 40,212,465 13.08%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- --------- ------- --------- ---------- --------
264,517,293 86.01% 53.20% 855,488 0.28% 0.17% 1,944,388 0.63% 0.39% 40,212,465 13.08%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- ---------- ------- --------- ---------- --------
252,039,805 81.96% 50.69% 2,199,911 0.72% 0.44% 13,077,456 4.25% 2.63% 40,212,465 13.08%
195
International Vector Equity Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
---------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 76,129,403 97.27% 59.52% 2,136,729 2.73% 1.67%
(b) George M. Constantinides. 77,246,959 98.70% 60.39% 1,019,172 1.30% 0.80%
(c) John P. Gould............ 77,230,969 98.68% 60.38% 1,035,163 1.32% 0.81%
(d) Roger G. Ibbotson........ 77,258,097 98.71% 60.40% 1,008,035 1.29% 0.79%
(e) Edward P. Lazear......... 77,242,828 98.69% 60.39% 1,023,304 1.31% 0.80%
(f) Eduardo A. Repetto....... 77,251,917 98.70% 60.39% 1,014,215 1.30% 0.79%
(g) Myron S. Scholes......... 77,241,592 98.69% 60.39% 1,024,540 1.31% 0.80%
(h) Abbie J. Smith........... 77,241,431 98.69% 60.39% 1,024,700 1.31% 0.80%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- --------- ------- --------- ---------- --------
60,942,721 77.87% 47.64% 497,071 0.64% 0.39% 1,058,692 1.35% 0.83% 15,767,648 20.15%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- --------- ------- --------- ---------- --------
61,199,712 78.19% 47.84% 292,739 0.37% 0.23% 1,006,027 1.29% 0.79% 15,767,648 20.15%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- --------- ------- --------- ---------- --------
60,533,080 77.34% 47.32% 399,172 0.51% 0.31% 1,566,230 2.00% 1.22% 15,767,648 20.15%
Japanese Small Company Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
---------- ------- ------ -------- -------- ----------
(a) David G. Booth........... 17,118,176 97.35% 69.73% 465,304 2.65% 1.90%
(b) George M. Constantinides. 17,578,048 99.97% 71.61% 5,433 0.03% 0.02%
(c) John P. Gould............ 17,578,048 99.97% 71.61% 5,433 0.03% 0.02%
(d) Roger G. Ibbotson........ 17,578,048 99.97% 71.61% 5,433 0.03% 0.02%
(e) Edward P. Lazear......... 17,569,097 99.92% 71.57% 14,381 0.08% 0.06%
(f) Eduardo A. Repetto....... 17,569,097 99.92% 71.57% 14,381 0.08% 0.06%
(g) Myron S. Scholes......... 17,578,048 99.97% 71.61% 5,433 0.03% 0.02%
(h) Abbie J. Smith........... 17,578,048 99.97% 71.61% 5,433 0.03% 0.02%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
16,950,745 96.40% 69.05% 13,789 0.08% 0.06% 4,488 0.03% 0.02% 614,458 3.49%
196
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
16,961,266 96.46% 69.09% 4,026 0.02% 0.02% 3,733 0.02% 0.02% 614,458 3.49%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
16,950,676 96.40% 69.05% 7,307 0.04% 0.03% 11,037 0.06% 0.04% 614,458 3.49%
Proposal 7: Election of Trustees of Master Fund
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
---------- ------- ------ -------- -------- ----------
(a) David G. Booth........... 17,118,176 97.35% 69.73% 465,304 2.65% 1.90%
(b) George M. Constantinides. 17,578,048 99.97% 71.61% 5,433 0.03% 0.02%
(c) John P. Gould............ 17,578,048 99.97% 71.61% 5,433 0.03% 0.02%
(d) Roger G. Ibbotson........ 17,578,048 99.97% 71.61% 5,433 0.03% 0.02%
(e) Edward P. Lazear......... 17,569,097 99.92% 71.57% 14,381 0.08% 0.06%
(f) Eduardo A. Repetto....... 17,569,097 99.92% 71.57% 14,381 0.08% 0.06%
(g) Myron S. Scholes......... 17,578,048 99.97% 71.61% 5,433 0.03% 0.02%
(h) Abbie J. Smith........... 17,578,048 99.97% 71.61% 5,433 0.03% 0.02%
Proposal 8: Approval of a "Manager of Managers" Structure for Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
16,950,745 96.40% 69.05% 13,789 0.08% 0.06% 4,488 0.03% 0.02% 614,458 3.49%
Proposal 9: Approval of an Updated Investment Management Agreement Between
Dimensional Fund Advisors LP and Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
16,961,266 96.46% 69.09% 4,026 0.02% 0.02% 3,733 0.02% 0.02% 614,458 3.49%
Proposal 10: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities of Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
16,950,676 96.40% 69.05% 7,307 0.04% 0.03% 11,037 0.06% 0.04% 614,458 3.49%
Large Cap International Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
- ---------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 80,552,555 99.02% 52.96% 795,293 0.98% 0.52%
(b) George M. Constantinides. 80,544,448 99.01% 52.96% 803,400 0.99% 0.53%
(c) John P. Gould............ 80,530,857 99.00% 52.95% 816,990 1.00% 0.54%
(d) Roger G. Ibbotson........ 80,567,292 99.04% 52.97% 780,555 0.96% 0.51%
(e) Edward P. Lazear......... 80,559,995 99.03% 52.97% 787,852 0.97% 0.52%
(f) Eduardo A. Repetto....... 80,573,093 99.05% 52.98% 774,754 0.95% 0.51%
(g) Myron S. Scholes......... 80,508,645 98.97% 52.93% 839,202 1.03% 0.55%
(h) Abbie J. Smith........... 80,018,260 98.37% 52.61% 1,329,587 1.63% 0.87%
197
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ---------- ------- --------- --------- --------
65,339,524 80.32% 42.96% 699,791 0.86% 0.46% 11,158,077 13.72% 7.34% 4,150,456 5.10%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
76,004,612 93.43% 49.97% 450,751 0.55% 0.30% 742,028 0.91% 0.49% 4,150,456 5.10%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
75,546,871 92.87% 49.67% 833,703 1.02% 0.55% 816,816 1.00% 0.54% 4,150,456 5.10%
Selectively Hedged Global Equity Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
- ---------- ------- ------ -------- -------- ----------
(a) David G. Booth........... 12,529,536 99.46% 98.62% 67,965 0.54% 0.53%
(b) George M. Constantinides. 12,518,883 99.38% 98.54% 78,618 0.62% 0.62%
(c) John P. Gould............ 12,477,966 99.05% 98.21% 119,535 0.95% 0.94%
(d) Roger G. Ibbotson........ 12,502,373 99.24% 98.41% 95,128 0.76% 0.75%
(e) Edward P. Lazear......... 12,508,227 99.29% 98.45% 89,274 0.71% 0.70%
(f) Eduardo A. Repetto....... 12,534,885 99.50% 98.66% 62,616 0.50% 0.49%
(g) Myron S. Scholes......... 12,534,214 99.50% 98.66% 63,287 0.50% 0.50%
(h) Abbie J. Smith........... 12,534,885 99.50% 98.66% 62,616 0.50% 0.49%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
7,148,402 56.74% 56.27% 77,840 0.62% 0.61% 6,087 0.05% 0.05% 5,365,172 42.59%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
7,161,329 56.85% 56.37% 64,492 0.51% 0.51% 6,507 0.05% 0.05% 5,365,172 42.59%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
7,081,180 56.21% 55.74% 138,063 1.10% 1.09% 13,086 0.10% 0.10% 5,365,172 42.59%
198
U.S. Core Equity 1 Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
- ----------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 434,285,920 98.68% 65.45% 5,830,894 1.32% 0.88%
(b) George M. Constantinides. 434,423,658 98.71% 65.47% 5,693,157 1.29% 0.86%
(c) John P. Gould............ 434,186,528 98.65% 65.44% 5,930,286 1.35% 0.89%
(d) Roger G. Ibbotson........ 434,310,696 98.68% 65.45% 5,806,119 1.32% 0.88%
(e) Edward P. Lazear......... 434,411,627 98.70% 65.47% 5,705,188 1.30% 0.86%
(f) Eduardo A. Repetto....... 434,421,142 98.71% 65.47% 5,695,672 1.29% 0.86%
(g) Myron S. Scholes......... 434,320,913 98.68% 65.46% 5,795,902 1.32% 0.87%
(h) Abbie J. Smith........... 434,333,997 98.69% 65.46% 5,782,817 1.31% 0.87%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
343,654,597 78.08% 51.79% 2,088,172 0.47% 0.31% 4,389,310 1.00% 0.66% 89,984,736 20.45%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
342,639,859 77.85% 51.64% 2,903,674 0.66% 0.44% 4,588,541 1.04% 0.69% 89,984,736 20.45%
U.S. Core Equity 2 Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
- ----------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 498,383,326 98.39% 63.74% 8,157,825 1.61% 1.04%
(b) George M. Constantinides. 498,667,272 98.45% 63.78% 7,873,879 1.55% 1.01%
(c) John P. Gould............ 498,427,452 98.40% 63.74% 8,113,699 1.60% 1.04%
(d) Roger G. Ibbotson........ 498,324,654 98.38% 63.73% 8,216,497 1.62% 1.05%
(e) Edward P. Lazear......... 498,722,118 98.46% 63.78% 7,819,033 1.54% 1.00%
(f) Eduardo A. Repetto....... 498,683,770 98.45% 63.78% 7,857,381 1.55% 1.00%
(g) Myron S. Scholes......... 498,461,661 98.40% 63.75% 8,079,491 1.60% 1.03%
(h) Abbie J. Smith........... 498,439,348 98.40% 63.75% 8,101,803 1.60% 1.04%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
410,681,752 81.08% 52.52% 3,273,472 0.65% 0.42% 7,896,659 1.56% 1.01% 84,689,269 16.72%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
408,263,526 80.60% 52.21% 5,055,730 1.00% 0.65% 8,532,625 1.68% 1.09% 84,689,269 16.72%
199
U.S. Large Cap Equity Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
- ---------- ------- ------ -------- -------- ----------
(a) David G. Booth........... 27,875,576 97.86% 68.31% 609,371 2.14% 1.49%
(b) George M. Constantinides. 27,873,892 97.85% 68.31% 611,055 2.15% 1.50%
(c) John P. Gould............ 27,864,502 97.82% 68.28% 620,445 2.18% 1.52%
(d) Roger G. Ibbotson........ 27,856,762 97.79% 68.26% 628,185 2.21% 1.54%
(e) Edward P. Lazear......... 27,858,695 97.80% 68.27% 626,252 2.20% 1.53%
(f) Eduardo A. Repetto....... 27,857,357 97.80% 68.27% 627,590 2.20% 1.54%
(g) Myron S. Scholes......... 27,857,965 97.80% 68.27% 626,982 2.20% 1.54%
(h) Abbie J. Smith........... 27,832,973 97.71% 68.21% 651,974 2.29% 1.60%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
20,216,448 70.97% 49.54% 267,282 0.94% 0.65% 233,475 0.82% 0.57% 7,767,742 27.27%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
20,154,331 70.75% 49.39% 288,542 1.01% 0.71% 274,332 0.96% 0.67% 7,767,742 27.27%
U.S. Large Cap Value Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
- ----------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 231,588,649 96.26% 49.72% 9,002,650 3.74% 1.93%
(b) George M. Constantinides. 231,663,700 96.29% 49.74% 8,927,600 3.71% 1.92%
(c) John P. Gould............ 231,658,481 96.29% 49.74% 8,932,820 3.71% 1.92%
(d) Roger G. Ibbotson........ 231,646,129 96.28% 49.73% 8,945,172 3.72% 1.92%
(e) Edward P. Lazear......... 231,302,147 96.14% 49.66% 9,289,152 3.86% 1.99%
(f) Eduardo A. Repetto....... 231,728,793 96.32% 49.75% 8,862,508 3.68% 1.90%
(g) Myron S. Scholes......... 231,671,603 96.29% 49.74% 8,919,698 3.71% 1.92%
(h) Abbie J. Smith........... 230,852,486 95.95% 49.56% 9,738,814 4.05% 2.09%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- ---------- ------- --------- ---------- --------
188,848,520 78.49% 40.54% 1,256,726 0.52% 0.27% 11,248,894 4.68% 2.42% 39,237,159 16.31%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
190,051,397 78.99% 40.80% 2,578,696 1.07% 0.55% 8,724,045 3.63% 1.87% 39,237,159 16.31%
200
Proposal 7: Election of Trustees of Master Fund
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
- ----------- ------- ------ ---------- -------- ----------
(a) David G. Booth........... 230,999,779 96.01% 49.59% 9,591,521 3.99% 2.06%
(b) George M. Constantinides. 231,121,330 96.06% 49.62% 9,469,970 3.94% 2.03%
(c) John P. Gould............ 231,123,442 96.06% 49.62% 9,467,856 3.94% 2.03%
(d) Roger G. Ibbotson........ 231,111,281 96.06% 49.62% 9,480,020 3.94% 2.04%
(e) Edward P. Lazear......... 231,164,676 96.08% 49.63% 9,426,623 3.92% 2.02%
(f) Eduardo A. Repetto....... 231,172,012 96.08% 49.63% 9,419,286 3.92% 2.02%
(g) Myron S. Scholes......... 231,037,213 96.03% 49.60% 9,554,083 3.97% 2.05%
(h) Abbie J. Smith........... 230,304,151 95.72% 49.45% 10,289,440 4.28% 2.21%
Proposal 9: Approval of an Updated Investment Management Agreement Between
Dimensional Fund Advisors LP and Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
191,481,360 79.59% 41.11% 1,260,262 0.52% 0.27% 8,612,516 3.58% 1.85% 39,237,159 16.31%
Proposal 10: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities of Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- ---------- ------- --------- ---------- --------
187,130,671 77.78% 40.18% 2,459,641 1.02% 0.53% 11,763,829 4.89% 2.53% 39,237,159 16.31%
U.S. Micro Cap Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
- ----------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 164,271,139 98.46% 62.21% 2,575,435 1.54% 0.98%
(b) George M. Constantinides. 164,975,158 98.88% 62.47% 1,871,416 1.12% 0.71%
(c) John P. Gould............ 165,003,555 98.90% 62.48% 1,843,019 1.10% 0.70%
(d) Roger G. Ibbotson........ 164,878,237 98.82% 62.44% 1,968,337 1.18% 0.75%
(e) Edward P. Lazear......... 164,512,831 98.60% 62.30% 2,333,743 1.40% 0.88%
(f) Eduardo A. Repetto....... 165,061,558 98.93% 62.51% 1,785,016 1.07% 0.68%
(g) Myron S. Scholes......... 164,334,734 98.49% 62.23% 2,511,839 1.51% 0.95%
(h) Abbie J. Smith........... 162,817,945 97.59% 61.66% 4,028,629 2.41% 1.53%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- --------- ------- --------- --------- --------
154,745,467 92.75% 58.60% 652,520 0.39% 0.25% 1,518,424 0.91% 0.58% 9,930,163 5.95%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ---------- ------- --------- --------- ------- --------- --------- --------
138,828,378 83.21% 52.57% 16,378,930 9.82% 6.20% 1,709,098 1.02% 0.65% 9,930,163 5.95%
201
U.S. Small Cap Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
- ----------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 174,580,799 98.68% 54.07% 2,339,271 1.32% 0.72%
(b) George M. Constantinides. 174,859,505 98.84% 54.16% 2,060,564 1.16% 0.64%
(c) John P. Gould............ 174,768,633 98.78% 54.13% 2,151,437 1.22% 0.67%
(d) Roger G. Ibbotson........ 174,864,847 98.84% 54.16% 2,055,222 1.16% 0.64%
(e) Edward P. Lazear......... 174,728,379 98.76% 54.12% 2,191,730 1.24% 0.68%
(f) Eduardo A. Repetto....... 174,864,349 98.84% 54.16% 2,055,761 1.16% 0.64%
(g) Myron S. Scholes......... 174,805,168 98.80% 54.14% 2,114,902 1.20% 0.66%
(h) Abbie J. Smith........... 173,268,805 97.94% 53.67% 3,651,264 2.06% 1.13%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- --------- ------- --------- ---------- --------
133,640,799 75.54% 41.39% 596,340 0.34% 0.18% 1,247,401 0.71% 0.39% 41,435,530 23.42%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
125,213,629 70.77% 38.78% 8,824,180 4.99% 2.73% 1,446,725 0.82% 0.45% 41,435,530 23.42%
U.S. Small Cap Value Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
----------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 181,429,457 98.32% 53.41% 3,103,192 1.68% 0.91%
(b) George M. Constantinides. 181,508,828 98.36% 53.43% 3,023,821 1.64% 0.89%
(c) John P. Gould............ 181,518,665 98.37% 53.44% 3,013,983 1.63% 0.89%
(d) Roger G. Ibbotson........ 181,553,109 98.39% 53.45% 2,979,540 1.61% 0.88%
(e) Edward P. Lazear......... 181,131,546 98.16% 53.32% 3,401,103 1.84% 1.00%
(f) Eduardo A. Repetto....... 181,531,573 98.37% 53.44% 3,001,075 1.63% 0.88%
(g) Myron S. Scholes......... 181,130,106 98.16% 53.32% 3,402,543 1.84% 1.00%
(h) Abbie J. Smith........... 180,574,521 97.86% 53.16% 3,958,128 2.14% 1.17%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- --------- ------- --------- ---------- --------
131,525,544 71.27% 38.72% 756,489 0.41% 0.22% 2,175,042 1.18% 0.64% 50,075,574 27.14%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
130,415,931 70.67% 38.39% 1,507,334 0.82% 0.44% 2,533,810 1.37% 0.75% 50,075,574 27.14%
202
U.S. Targeted Value Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
----------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 140,843,340 98.95% 52.08% 1,499,845 1.05% 0.55%
(b) George M. Constantinides. 140,908,340 98.99% 52.10% 1,434,845 1.01% 0.53%
(c) John P. Gould............ 140,871,483 98.97% 52.09% 1,471,702 1.03% 0.54%
(d) Roger G. Ibbotson........ 140,939,213 99.01% 52.12% 1,403,972 0.99% 0.52%
(e) Edward P. Lazear......... 140,927,444 99.01% 52.11% 1,415,741 0.99% 0.52%
(f) Eduardo A. Repetto....... 141,044,929 99.09% 52.15% 1,298,256 0.91% 0.48%
(g) Myron S. Scholes......... 138,910,654 97.59% 51.37% 3,432,531 2.41% 1.27%
(h) Abbie J. Smith........... 141,062,863 99.10% 52.16% 1,280,323 0.90% 0.47%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- --------- ------- --------- ---------- --------
113,050,056 79.42% 41.80% 411,624 0.29% 0.15% 1,031,579 0.72% 0.38% 27,849,926 19.57%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- --------- ------- --------- ---------- --------
112,711,306 79.18% 41.68% 656,703 0.46% 0.24% 1,125,248 0.79% 0.42% 27,849,926 19.57%
U.S. Vector Equity Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
----------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 134,896,173 98.40% 62.59% 2,199,013 1.60% 1.02%
(b) George M. Constantinides. 135,040,705 98.50% 62.66% 2,054,481 1.50% 0.95%
(c) John P. Gould............ 134,970,749 98.45% 62.62% 2,124,437 1.55% 0.99%
(d) Roger G. Ibbotson........ 135,008,396 98.48% 62.64% 2,086,790 1.52% 0.97%
(e) Edward P. Lazear......... 135,049,352 98.51% 62.66% 2,045,834 1.49% 0.95%
(f) Eduardo A. Repetto....... 135,033,195 98.50% 62.65% 2,061,991 1.50% 0.96%
(g) Myron S. Scholes......... 135,008,614 98.48% 62.64% 2,086,572 1.52% 0.97%
(h) Abbie J. Smith........... 135,030,860 98.49% 62.65% 2,064,326 1.51% 0.96%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- --------- ------- --------- ---------- --------
100,815,253 73.54% 46.78% 984,954 0.72% 0.46% 1,528,546 1.11% 0.71% 33,766,434 24.63%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
100,164,642 73.06% 46.48% 1,253,230 0.91% 0.58% 1,910,877 1.39% 0.89% 33,766,434 24.63%
203
United Kingdom Small Company Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
--------- ------- ------ -------- -------- ----------
(a) David G. Booth........... 1,000,418 99.53% 98.75% 4,689 0.47% 0.46%
(b) George M. Constantinides. 1,000,418 99.53% 98.75% 4,689 0.47% 0.46%
(c) John P. Gould............ 1,000,418 99.53% 98.75% 4,689 0.47% 0.46%
(d) Roger G. Ibbotson........ 1,000,418 99.53% 98.75% 4,689 0.47% 0.46%
(e) Edward P. Lazear......... 996,866 99.18% 98.40% 8,240 0.82% 0.81%
(f) Eduardo A. Repetto....... 998,833 99.38% 98.59% 6,273 0.62% 0.62%
(g) Myron S. Scholes......... 1,000,418 99.53% 98.75% 4,689 0.47% 0.46%
(h) Abbie J. Smith........... 1,000,418 99.53% 98.75% 4,689 0.47% 0.46%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
664,471 66.11% 65.59% 7,608 0.76% 0.75% 607 0.06% 0.06% 332,421 33.07%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
671,082 66.77% 66.24% 1,054 0.10% 0.10% 551 0.05% 0.05% 332,421 33.07%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
666,817 66.34% 65.82% 1,247 0.12% 0.12% 4,622 0.46% 0.46% 332,421 33.07%
Proposal 7: Election of Trustees of Master Fund
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
--------- ------- ------ -------- -------- ----------
(a) David G. Booth........... 1,002,322 99.72% 98.94% 2,785 0.28% 0.27%
(b) George M. Constantinides. 1,002,322 99.72% 98.94% 2,785 0.28% 0.27%
(c) John P. Gould............ 1,002,322 99.72% 98.94% 2,785 0.28% 0.27%
(d) Roger G. Ibbotson........ 1,002,322 99.72% 98.94% 2,785 0.28% 0.27%
(e) Edward P. Lazear......... 998,769 99.37% 98.59% 6,337 0.63% 0.63%
(f) Eduardo A. Repetto....... 1,000,054 99.50% 98.72% 5,052 0.50% 0.50%
(g) Myron S. Scholes......... 1,002,322 99.72% 98.94% 2,785 0.28% 0.27%
(h) Abbie J. Smith........... 1,002,322 99.72% 98.94% 2,785 0.28% 0.27%
Proposal 8: Approval of a "Manager of Managers" Structure for Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
667,365 66.40% 65.88% 4,714 0.47% 0.47% 607 0.06% 0.06% 332,421 33.07%
Proposal 9: Approval of an Updated Investment Management Agreement Between
Dimensional Fund Advisors LP and Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
671,239 66.78% 66.26% 841 0.08% 0.08% 607 0.06% 0.06% 332,421 33.07%
204
Proposal 10: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities of Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
666,761 66.34% 65.82% 1,247 0.12% 0.12% 4,678 0.47% 0.46% 332,421 33.07%
World Core Equity Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
--------- ------- ------ -------- -------- ----------
(a) David G. Booth........... 9,667,566 100.00% 98.68% 0 0.00% 0.00%
(b) George M. Constantinides. 9,667,566 100.00% 98.68% 0 0.00% 0.00%
(c) John P. Gould............ 9,667,566 100.00% 98.68% 0 0.00% 0.00%
(d) Roger G. Ibbotson........ 9,667,566 100.00% 98.68% 0 0.00% 0.00%
(e) Edward P. Lazear......... 9,667,566 100.00% 98.68% 0 0.00% 0.00%
(f) Eduardo A. Repetto....... 9,667,566 100.00% 98.68% 0 0.00% 0.00%
(g) Myron S. Scholes......... 9,667,566 100.00% 98.68% 0 0.00% 0.00%
(h) Abbie J. Smith........... 9,667,566 100.00% 98.68% 0 0.00% 0.00%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
9,212,626 95.29% 94.04% 0 0.00% 0.00% 0 0.00% 0.00% 454,940 4.71%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
9,212,626 95.29% 94.04% 0 0.00% 0.00% 0 0.00% 0.00% 454,940 4.71%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
9,212,626 95.29% 94.04% 0 0.00% 0.00% 0 0.00% 0.00% 454,940 4.71%
World ex U.S. Core Equity Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
---------- ------- ------ -------- -------- ----------
(a) David G. Booth........... 56,997,599 99.46% 96.06% 307,436 0.54% 0.52%
(b) George M. Constantinides. 56,995,122 99.46% 96.06% 309,913 0.54% 0.52%
(c) John P. Gould............ 56,995,553 99.46% 96.06% 309,482 0.54% 0.52%
(d) Roger G. Ibbotson........ 57,004,740 99.48% 96.08% 300,295 0.52% 0.51%
(e) Edward P. Lazear......... 56,999,080 99.47% 96.07% 305,955 0.53% 0.52%
(f) Eduardo A. Repetto....... 56,999,309 99.47% 96.07% 305,726 0.53% 0.52%
(g) Myron S. Scholes......... 56,989,462 99.45% 96.05% 315,573 0.55% 0.53%
(h) Abbie J. Smith........... 56,979,314 99.43% 96.03% 325,721 0.57% 0.55%
205
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- ---------- --------
36,832,446 64.27% 62.08% 196,814 0.34% 0.33% 409,951 0.72% 0.69% 19,865,824 34.67%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- ---------- --------
36,932,575 64.45% 62.25% 98,485 0.17% 0.17% 408,152 0.71% 0.69% 19,865,824 34.67%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- ---------- --------
36,814,236 64.24% 62.05% 128,613 0.22% 0.22% 496,365 0.87% 0.84% 19,865,824 34.67%
World ex U.S. Targeted Value Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
--------- ------- ------ -------- -------- ----------
(a) David G. Booth........... 9,421,727 97.30% 57.53% 261,379 2.70% 1.60%
(b) George M. Constantinides. 9,420,262 97.29% 57.52% 262,844 2.71% 1.60%
(c) John P. Gould............ 9,420,262 97.29% 57.52% 262,844 2.71% 1.60%
(d) Roger G. Ibbotson........ 9,421,727 97.30% 57.53% 261,379 2.70% 1.60%
(e) Edward P. Lazear......... 9,420,262 97.29% 57.52% 262,844 2.71% 1.60%
(f) Eduardo A. Repetto....... 9,420,262 97.29% 57.52% 262,844 2.71% 1.60%
(g) Myron S. Scholes......... 9,421,727 97.30% 57.53% 261,379 2.70% 1.60%
(h) Abbie J. Smith........... 9,421,727 97.30% 57.53% 261,379 2.70% 1.60%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
6,767,677 69.89% 41.33% 134,642 1.39% 0.82% 119,151 1.23% 0.73% 2,661,636 27.49%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
6,838,990 70.63% 41.76% 103,910 1.07% 0.63% 78,572 0.81% 0.48% 2,661,636 27.49%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
6,741,608 69.62% 41.17% 146,443 1.51% 0.89% 133,419 1.38% 0.81% 2,661,636 27.49%
206
World ex U.S. Value Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
--------- ------- ------ -------- -------- ----------
(a) David G. Booth........... 9,324,786 99.49% 89.76% 47,352 0.51% 0.46%
(b) George M. Constantinides. 9,325,671 99.50% 89.77% 46,467 0.50% 0.45%
(c) John P. Gould............ 9,325,671 99.50% 89.77% 46,467 0.50% 0.45%
(d) Roger G. Ibbotson........ 9,324,786 99.49% 89.76% 47,352 0.51% 0.46%
(e) Edward P. Lazear......... 9,324,533 99.49% 89.76% 47,605 0.51% 0.46%
(f) Eduardo A. Repetto....... 9,324,533 99.49% 89.76% 47,605 0.51% 0.46%
(g) Myron S. Scholes......... 9,323,189 99.48% 89.75% 48,949 0.52% 0.47%
(h) Abbie J. Smith........... 9,325,671 99.50% 89.77% 46,467 0.50% 0.45%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
6,927,565 73.92% 66.69% 10,437 0.11% 0.10% 15,987 0.17% 0.15% 2,418,149 25.80%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
6,930,042 73.94% 66.71% 7,961 0.08% 0.08% 15,987 0.17% 0.15% 2,418,149 25.80%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- --------- --------
6,904,489 73.67% 66.46% 32,375 0.35% 0.31% 17,125 0.18% 0.16% 2,418,149 25.80%
207
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
DFA COMMODITY STRATEGY PORTFOLIO VS.
BLOOMBERG COMMODITY INDEX TOTAL RETURN
November 9, 2010-October 31, 2015
[CHART]
DFA Commodity Strategy Bloomberg Commodity Index
Portfolio Total Return
---------------------- -----------------------------
11/1/2010 $10,000 $10,000
11/1/2010 9,480 9,414
12/1/2010 10,464 10,420
1/1/2011 10,584 10,525
2/1/2011 10,804 10,664
3/1/2011 11,010 10,884
4/1/2011 11,440 11,261
5/1/2011 10,889 10,691
6/1/2011 10,337 10,152
7/1/2011 10,678 10,452
8/1/2011 10,788 10,557
9/1/2011 9,187 9,001
10/1/2011 9,798 9,597
11/1/2011 9,538 9,384
12/1/2011 9,199 9,032
1/1/2012 9,480 9,256
2/1/2012 9,752 9,506
3/1/2012 9,360 9,112
4/1/2012 9,299 9,074
5/1/2012 8,494 8,245
6/1/2012 8,889 8,698
7/1/2012 9,494 9,261
8/1/2012 9,676 9,381
9/1/2012 9,840 9,541
10/1/2012 9,497 9,171
11/1/2012 9,547 9,176
12/1/2012 9,321 8,937
1/1/2013 9,544 9,151
2/1/2013 9,169 8,777
3/1/2013 9,229 8,836
4/1/2013 8,996 8,590
5/1/2013 8,763 8,397
6/1/2013 8,304 8,001
7/1/2013 8,436 8,110
8/1/2013 8,730 8,386
9/1/2013 8,529 8,172
10/1/2013 8,438 8,051
11/1/2013 8,397 7,987
12/1/2013 8,473 8,086
1/1/2014 8,565 8,110
2/1/2014 9,156 8,616
3/1/2014 9,200 8,651
4/1/2014 9,435 8,862
5/1/2014 9,200 8,607
6/1/2014 9,271 8,658
7/1/2014 8,822 8,227
8/1/2014 8,750 8,141
9/1/2014 8,208 7,634
10/1/2014 8,178 7,573
11/1/2014 7,789 7,265
12/1/2014 7,234 6,711
1/1/2015 7,028 6,486
2/1/2015 7,203 6,654
3/1/2015 6,853 6,312
4/1/2015 7,234 6,674
5/1/2015 7,028 6,494
6/1/2015 7,141 6,606
7/1/2015 6,378 5,904
8/1/2015 6,306 5,850 Past performance is not predictive of
9/1/2015 6,120 5,650 future performance.
10/1/2015 6,120 5,625 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Since would pay on fund distributions or the
Total Return Year Inception redemption of fund shares.
------------------------------------------------------- Bloomberg data provided by Bloomberg
-25.16% -9.40% Finance L.P.
--------------------------------------------------------------------------------
208
DFA INVESTMENT DIMENSIONS GROUP INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Unaudited)
Commodity Market Review 12 Months Ended October 31, 2015
During the fiscal year ended October 31, 2015, the Bloomberg Commodity Index
Total Return fell 25.72%. The energy sector experienced a decline of 46.7%.
Industrial metals fell 28.4% and agriculture was down 15.1%. Livestock declined
18.7%. Precious metals was the best performing sector of the group with a drop
of 3.5%. Of the 22 components in the Index, no single component posted a
positive return during the period.
DFA Commodity Strategy Portfolio
The DFA Commodity Strategy Portfolio seeks total return consisting of
capital appreciation and current income. The Portfolio generally invests in
commodity-linked derivative instruments and fixed income investments. The
Portfolio, through its wholly owned subsidiary Dimensional Cayman Commodity
Fund I LTD, gains exposure to commodities markets by investing in derivative
instruments, swap agreements, and other commodity-linked instruments. The
Portfolio pursues commodity exposure based on sector weights of the Bloomberg
Commodity Index Total Return. In pursuing the fixed income portion of the
Portfolio's investment strategy, Dimensional Fund Advisors LP ("Dimensional" or
the "Advisor") identifies a broadly-diversified universe of eligible U.S. and
foreign fixed income securities with defined maturity ranges and credit quality
characteristics and then seeks to purchase a broad and diverse portfolio of
securities meeting these credit quality standards. In making these purchase
decisions, if the anticipated term premium is greater for longer-term
securities in the eligible maturity range, Dimensional will generally focus
investment in that longer-term area; otherwise, the Portfolio will generally
focus investment in the short-term range of the eligible maturity range.
For the 12 months ended October 31, 2015, the total return was -25.16% for
the Portfolio versus -25.72% for the Bloomberg Commodity Index Total Return.
The Portfolio's relative outperformance was attributable to the combination of
differences in the management of futures contracts and the Portfolio's
investment in fixed income securities.
The Portfolio gained exposure to commodities primarily through the use of
commodity swap contracts. To a lesser extent, the Portfolio gained exposure to
commodities through the use of commodity futures. The Portfolio's commodity
swaps provided exposure to the 22 commodities found in the Bloomberg Commodity
Index, whose returns for the period ranged from -1.3% (cotton) to -51.1%
(natural gas). In addition, the Portfolio also invests in fixed income
securities. The Portfolio's fixed income duration decreased slightly from 1.85
to 1.84 years during the period. The Portfolio benefited from exposure to
longer-term bonds relative to its shorter-term obligations on its commodity
swap and futures contracts.
209
DFA INVESTMENT DIMENSIONS GROUP INC.
DFA COMMODITY STRATEGY PORTFOLIO
CONSOLIDATED DISCLOSURE OF FUND EXPENSES
(Unaudited)
The following Expense Table is shown so that you can understand the impact
of fees on your investment. All mutual funds have operating expenses. As a
shareholder of the fund, you incur ongoing costs, which include costs for
portfolio management, administrative services, and shareholder reports, among
others. Operating expenses, legal and audit services, which are deducted from a
fund's gross income, directly reduce the investment return of the fund. A
fund's expenses are expressed as a percentage of its average net assets. This
figure is known as the expense ratio. The following examples are intended to
help you understand the ongoing costs, in dollars, of investing in the fund and
to compare these costs with those of other mutual funds. The examples are based
on an investment of $1,000 made at the beginning of the period shown and held
for the entire period.
The Expense Table below illustrates your fund's costs in two ways.
Actual Fund Return
This section helps you to estimate the actual expenses after fee waivers
that you paid over the period. The "Ending Account Value" shown is derived
from the fund's actual return and "Expenses Paid During Period" reflect
the dollar amount that would have been paid by an investor who started
with $1,000 in the fund. You may use the information here, together with
the amount you invested, to estimate the expenses that you paid over the
period.
To do so, simply divide your account value by $1,000 (for example, a
$7,500 account value divided by $1,000 = 7.5), then multiply the result by
the number given for your fund under the heading "Expenses Paid During
Period."
Hypothetical Example for Comparison Purposes
This section is intended to help you compare your fund's costs with those
of other mutual funds. The hypothetical "Ending Account Value" and
"Expenses Paid During Period" are derived from the fund's actual expense
ratio and an assumed 5% annual return before expenses. In this case,
because the return used is not the fund's actual return, the results do
not apply to your investment. The example is useful in making comparisons
because the SEC requires all mutual funds to calculate expenses based on a
5% annual return. You can assess your fund's costs by comparing this
hypothetical example with the hypothetical examples that appear in
shareholder reports of other funds.
Please note that the expenses shown in the tables are meant to highlight and
help you compare ongoing costs only and do not reflect any transactional costs,
if applicable. The "Annualized Expense Ratio" represents the actual expenses
for the six-month period indicated.
Six Months Ended October 31, 2015
EXPENSE TABLES
Beginning Ending Expenses
Account Account Annualized Paid
Value Value Expense During
05/01/15 10/31/15 Ratio* Period*
--------- --------- ---------- --------
DFA Commodity Strategy Portfolio
--------------------------------
Actual Fund Return............... $1,000.00 $ 845.90 0.34% $1.58
Hypothetical 5% Annual Return.... $1,000.00 $1,023.49 0.34% $1.73
----------
* DFA Commodity Strategy Portfolio wholly owns Dimensional Cayman Commodity
Fund I, LTD. The expenses shown reflect the combined expenses of Dimensional
Cayman Commodity Fund I, LTD. and DFA Commodity Strategy Portfolio. Expenses
are equal to the fund's annualized expense ratio for the six-month period,
multiplied by the average account value over the period, multiplied by the
number of days in the most recent six-month period (184), then divided by the
number of days in the year (365) to reflect the six-month period.
210
DFA INVESTMENT DIMENSIONS GROUP INC.
DFA COMMODITY STRATEGY PORTFOLIO
CONSOLIDATED DISCLOSURE OF PORTFOLIO HOLDINGS
(Unaudited)
The SEC requires that all funds file a complete Schedule of Investments with
the SEC for their first and third fiscal quarters on Form N-Q. For DFA
Investment Dimensions Group Inc., this would be for the fiscal quarters ending
January 31 and July 31. The Form N-Q filing must be made within 60 days of the
end of the quarter. DFA Investment Dimensions Group Inc. filed its most recent
Form N-Q with the SEC on September 29, 2015. They are available upon request,
without charge, by calling collect: (512) 306-7400 or by mailing a request to
Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, Texas
78746, or by visiting the SEC's website at http://www.sec.gov, or they may be
reviewed and copied at the SEC's Public Reference Room in Washington, D.C.
(call 1-800-732-0330 for information on the operation of the Public Reference
Room).
PORTFOLIO HOLDINGS
The SEC requires that all funds present their categories of portfolio
holdings in a table, chart or graph format in their annual and semi-annual
shareholder reports, whether or not a Schedule of Investments is utilized. The
following table, which presents portfolio holdings as a percent of total
investments before short-term investments and collateral for loaned securities,
is provided in compliance with such requirement. The categories shown below
represent broad industry sectors. Each industry sector consists of one or more
specific industry classifications.
DFA Commodity Strategy Portfolio
Corporate.................................... 36.0%
Foreign Corporate............................ 13.5%
Foreign Government........................... 22.7%
Government................................... 19.8%
Supranational................................ 8.0%
-----
100.0%
211
DFA COMMODITY STRATEGY PORTFOLIO
CONSOLIDATED SCHEDULE OF INVESTMENTS
October 31, 2015
Face
Amount^ Value+
------- ------
(000)
BONDS -- (71.7%)
AUSTRALIA -- (3.9%)
Australia & New Zealand Banking Group, Ltd.
1.250%, 01/10/17.............................. $ 4,500 $ 4,514,711
1.250%, 06/13/17.............................. 10,000 10,001,150
BHP Billiton Finance USA, Ltd.
1.625%, 02/24/17.............................. 5,000 5,019,565
Commonwealth Bank of Australia
1.125%, 03/13/17.............................. 3,737 3,741,200
1.900%, 09/18/17.............................. 7,000 7,069,405
National Australia Bank, Ltd.
1.300%, 07/25/16.............................. 5,000 5,024,940
Westpac Banking Corp.
1.200%, 05/19/17.............................. 7,500 7,503,645
2.000%, 08/14/17.............................. 3,000 3,031,521
-----------
TOTAL AUSTRALIA.................................... 45,906,137
-----------
CANADA -- (4.4%)
Canadian National Railway Co.
1.450%, 12/15/16.............................. 1,775 1,787,814
Canadian Natural Resources, Ltd.
5.700%, 05/15/17.............................. 3,000 3,157,101
Ontario, Province of Canada
1.100%, 10/25/17.............................. 10,000 9,987,910
1.200%, 02/14/18.............................. 15,000 14,981,790
Royal Bank of Canada
1.500%, 01/16/18.............................. 6,180 6,177,571
Thomson Reuters Corp.
1.650%, 09/29/17.............................. 5,092 5,090,997
Toronto-Dominion Bank (The)
1.400%, 04/30/18.............................. 10,000 9,978,600
-----------
TOTAL CANADA....................................... 51,161,783
-----------
FINLAND -- (1.3%)
Municipality Finance P.L.C.
2.375%, 05/16/16.............................. 15,000 15,149,670
-----------
FRANCE -- (1.6%)
BNP Paribas SA
2.375%, 09/14/17.............................. 6,140 6,237,755
Orange SA
2.750%, 09/14/16.............................. 4,000 4,061,004
Societe Generale SA
2.750%, 10/12/17.............................. 7,000 7,139,902
Total Capital International SA
1.550%, 06/28/17.............................. 1,040 1,048,300
-----------
TOTAL FRANCE....................................... 18,486,961
-----------
GERMANY -- (1.3%)
Deutsche Bank AG
6.000%, 09/01/17.............................. 4,300 4,620,655
Face
Amount^ Value+
------- ------
(000)
GERMANY -- (Continued)
Landeskreditbank Baden- Wuerttemberg Foerderbank
2.250%, 07/15/16.............................. $10,000 $10,118,700
-----------
TOTAL GERMANY...................................... 14,739,355
-----------
ITALY -- (0.1%)
Intesa Sanpaolo SpA
3.875%, 01/16/18.............................. 1,500 1,548,308
-----------
JAPAN -- (3.1%)
Japan Bank for International Cooperation
1.125%, 07/19/17.............................. 15,000 15,012,510
Japan Finance Organization for Municipalities
1.500%, 09/12/17.............................. 13,000 13,035,204
Mizuho Bank, Ltd.
1.550%, 10/17/17.............................. 7,700 7,670,524
Nomura Holdings, Inc.
2.000%, 09/13/16.............................. 1,000 1,005,949
-----------
TOTAL JAPAN........................................ 36,724,187
-----------
NETHERLANDS -- (3.1%)
Aegon NV
4.625%, 12/01/15.............................. 2,149 2,156,923
Bank Nederlandse Gemeenten NV
1.375%, 09/27/17.............................. 10,000 10,071,260
Cooperatieve Centrale Raiffeisen- Boerenleenbank
BA
1.700%, 03/19/18.............................. 2,800 2,814,473
Deutsche Telekom International Finance BV
5.750%, 03/23/16.............................. 760 773,977
Enel Finance International NV
6.250%, 09/15/17.............................. 4,300 4,646,408
Heineken NV
1.400%, 10/01/17.............................. 2,500 2,501,120
Koninklijke Philips NV
5.750%, 03/11/18.............................. 6,725 7,288,508
Shell International Finance BV
1.125%, 08/21/17.............................. 6,000 6,010,644
-----------
TOTAL NETHERLANDS.................................. 36,263,313
-----------
SPAIN -- (0.6%)
Telefonica Emisiones SAU
6.221%, 07/03/17.............................. 2,000 2,149,464
3.192%, 04/27/18.............................. 4,800 4,923,192
-----------
TOTAL SPAIN........................................ 7,072,656
-----------
212
DFA COMMODITY STRATEGY PORTFOLIO
CONTINUED
Face
Amount^ Value+
------- ------
(000)
SUPRANATIONAL ORGANIZATION OBLIGATIONS -- (0.4%)
European Bank for Reconstruction & Development
0.750%, 09/01/17............................. $5,000 $ 4,990,285
-----------
SWEDEN -- (1.3%)
Kommuninvest I Sverige AB
1.625%, 02/13/17............................. 4,500 4,548,258
Svensk Exportkredit AB
2.125%, 07/13/16............................. 5,000 5,054,695
Svenska Handelsbanken AB
3.125%, 07/12/16............................. 1,141 1,160,687
1.625%, 03/21/18............................. 5,000 5,003,250
-----------
TOTAL SWEDEN..................................... 15,766,890
-----------
SWITZERLAND -- (1.3%)
Credit Suisse New York
1.375%, 05/26/17............................. 4,000 3,997,776
1.700%, 04/27/18............................. 2,000 1,993,618
UBS AG
5.875%, 12/20/17............................. 6,104 6,617,572
1.800%, 03/26/18............................. 2,000 2,003,412
-----------
TOTAL SWITZERLAND................................ 14,612,378
-----------
UNITED KINGDOM -- (2.7%)
Barclays Bank P.L.C.
5.000%, 09/22/16............................. 700 724,410
BP Capital Markets P.L.C.
2.248%, 11/01/16............................. 5,000 5,063,630
British Telecommunications P.L.C.
1.250%, 02/14/17............................. 1,200 1,199,609
Diageo Capital P.L.C.
5.500%, 09/30/16............................. 2,000 2,082,460
1.500%, 05/11/17............................. 6,500 6,518,102
GlaxoSmithKline Capital P.L.C.
1.500%, 05/08/17............................. 5,000 5,038,095
Lloyds Bank P.L.C.
1.750%, 03/16/18............................. 3,015 3,022,206
Rio Tinto Finance USA P.L.C.
1.625%, 08/21/17............................. 1,525 1,519,417
Vodafone Group P.L.C.
1.625%, 03/20/17............................. 4,951 4,951,010
1.625%, 03/20/17............................. 1,000 999,876
1.250%, 09/26/17............................. 750 745,525
-----------
TOTAL UNITED KINGDOM............................. 31,864,340
-----------
UNITED STATES -- (46.6%)
AbbVie, Inc.
1.200%, 11/06/15............................. 3,000 3,000,120
ACE INA Holdings, Inc.
2.600%, 11/23/15............................. 2,345 2,347,490
Actavis, Inc.
1.875%, 10/01/17............................. 7,500 7,487,475
Face
Amount^ Value+
------- ------
(000)
UNITED STATES -- (Continued)
Air Products & Chemicals, Inc.
2.000%, 08/02/16............................. $ 3,000 $ 3,025,848
American Express Co.
7.000%, 03/19/18............................. 6,799 7,632,714
American Honda Finance Corp.
1.550%, 12/11/17............................. 7,605 7,633,055
Ameriprise Financial, Inc.
5.650%, 11/15/15............................. 813 814,106
Amgen, Inc.
2.125%, 05/15/17............................. 2,500 2,532,820
Anadarko Petroleum Corp.
5.950%, 09/15/16............................. 5,000 5,184,345
Anheuser-Busch Cos., LLC
5.600%, 03/01/17............................. 5,000 5,268,755
Anheuser-Busch InBev Worldwide, Inc.
1.375%, 07/15/17............................. 1,000 996,552
Anthem, Inc.
5.875%, 06/15/17............................. 3,100 3,308,373
Apple, Inc.
1.050%, 05/05/17............................. 10,000 10,034,220
1.000%, 05/03/18............................. 5,000 4,985,830
Assurant, Inc.
2.500%, 03/15/18............................. 203 204,826
AT&T, Inc.
1.400%, 12/01/17............................. 3,400 3,400,010
AutoZone, Inc.
6.950%, 06/15/16............................. 2,500 2,589,490
Bank of America Corp.
3.750%, 07/12/16............................. 1,200 1,223,188
3.875%, 03/22/17............................. 3,600 3,720,132
2.000%, 01/11/18............................. 1,000 1,004,372
Baxter International, Inc.
1.850%, 06/15/18............................. 2,800 2,801,988
BB&T Corp.
1.450%, 01/12/18............................. 1,250 1,246,955
Becton Dickinson and Co.
1.750%, 11/08/16............................. 1,500 1,510,736
1.450%, 05/15/17............................. 2,000 1,999,668
1.800%, 12/15/17............................. 6,340 6,374,990
Berkshire Hathaway, Inc.
1.550%, 02/09/18............................. 2,500 2,520,775
Branch Banking & Trust Co.
1.000%, 04/03/17............................. 2,600 2,594,868
Cardinal Health, Inc.
1.900%, 06/15/17............................. 5,000 5,034,835
1.700%, 03/15/18............................. 5,239 5,245,591
CenterPoint Energy Resources Corp.
6.150%, 05/01/16............................. 1,883 1,930,887
Chevron Corp.
1.104%, 12/05/17............................. 3,500 3,502,415
1.718%, 06/24/18............................. 1,425 1,440,166
Citigroup, Inc.
1.350%, 03/10/17............................. 2,000 1,998,776
6.000%, 08/15/17............................. 6,860 7,381,641
213
DFA COMMODITY STRATEGY PORTFOLIO
CONTINUED
Face
Amount^ Value+
------- ------
(000)
UNITED STATES -- (Continued)
Comcast Corp.
4.950%, 06/15/16............................. $ 1,700 $ 1,744,936
ConAgra Foods, Inc.
5.819%, 06/15/17............................. 7,147 7,608,174
1.900%, 01/25/18............................. 2,594 2,580,166
ConocoPhillips Co.
1.050%, 12/15/17............................. 3,000 2,984,493
1.500%, 05/15/18............................. 6,500 6,494,956
Coventry Health Care, Inc.
5.950%, 03/15/17............................. 1,159 1,229,403
5.950%, 03/15/17............................. 3,150 3,341,759
CSX Corp.
6.250%, 03/15/18............................. 5,731 6,335,901
CVS Health Corp.
5.750%, 06/01/17............................. 3,000 3,207,606
Daimler Finance North America LLC
1.650%, 03/02/18............................. 10,860 10,797,012
Danaher Corp.
1.650%, 09/15/18............................. 2,000 2,007,594
DIRECTV Holdings, LLC / DIRECTV Financing Co.,
Inc.
2.400%, 03/15/17............................. 5,044 5,110,530
Duke Energy Corp.
1.625%, 08/15/17............................. 1,019 1,022,631
Eastman Chemical Co.
2.400%, 06/01/17............................. 3,000 3,033,738
eBay, Inc.
1.350%, 07/15/17............................. 8,000 7,951,672
EMC Corp.
1.875%, 06/01/18............................. 9,465 9,048,483
EOG Resources, Inc.
2.500%, 02/01/16............................. 6,000 6,020,466
Express Scripts Holding Co.
3.125%, 05/15/16............................. 1,975 1,998,202
Exxon Mobil Corp.
1.305%, 03/06/18............................. 25,430 25,552,420
Fifth Third Bank
0.900%, 02/26/16............................. 2,000 1,999,232
1.450%, 02/28/18............................. 8,000 7,936,552
Ford Motor Credit Co. LLC
1.500%, 01/17/17............................. 4,500 4,488,039
5.000%, 05/15/18............................. 1,500 1,593,069
General Mills, Inc.
5.700%, 02/15/17............................. 8,250 8,719,961
Gilead Sciences, Inc.
1.850%, 09/04/18............................. 8,531 8,617,223
GlaxoSmithKline Capital, Inc.
5.650%, 05/15/18............................. 1,028 1,136,290
Goldman Sachs Group, Inc. (The)
6.250%, 09/01/17............................. 3,000 3,259,674
5.950%, 01/18/18............................. 3,000 3,271,011
Harris Corp.
1.999%, 04/27/18............................. 8,500 8,430,750
Hershey Co. (The)
1.600%, 08/21/18............................. 2,300 2,306,155
Face
Amount^ Value+
------- ------
(000)
UNITED STATES -- (Continued)
Hess Corp.
1.300%, 06/15/17............................. $5,625 $5,575,933
HSBC USA, Inc.
1.625%, 01/16/18............................. 7,675 7,647,646
Intel Corp.
1.350%, 12/15/17............................. 6,000 6,027,234
John Deere Capital Corp.
1.200%, 10/10/17............................. 398 397,563
Johnson Controls, Inc.
5.500%, 01/15/16............................. 1,282 1,292,916
2.600%, 12/01/16............................. 3,475 3,525,540
JPMorgan Chase & Co.
2.000%, 08/15/17............................. 9,750 9,836,648
Kellogg Co.
1.875%, 11/17/16............................. 1,000 1,007,961
1.750%, 05/17/17............................. 3,000 3,017,490
KeyBank NA
1.100%, 11/25/16............................. 6,000 6,008,094
Kinder Morgan Energy Partners L.P.
6.000%, 02/01/17............................. 830 864,004
Kraft Foods Group, Inc.
2.250%, 06/05/17............................. 4,177 4,230,758
Laboratory Corp. of America Holdings
2.200%, 08/23/17............................. 6,000 6,060,858
Marathon Oil Corp.
0.900%, 11/01/15............................. 1,140 1,140,000
Marsh & McLennan Cos., Inc.
2.300%, 04/01/17............................. 680 689,054
Mattel, Inc.
1.700%, 03/15/18............................. 7,000 6,925,968
McDonald's Corp.
5.800%, 10/15/17............................. 900 974,416
5.350%, 03/01/18............................. 2,000 2,170,406
McKesson Corp.
1.400%, 03/15/18............................. 6,000 5,946,054
Morgan Stanley
3.800%, 04/29/16............................. 2,400 2,436,420
4.750%, 03/22/17............................. 2,430 2,539,297
Mylan, Inc.
1.350%, 11/29/16............................. 7,038 6,980,211
Nucor Corp.
5.750%, 12/01/17............................. 3,019 3,240,320
NYSE Euronext
2.000%, 10/05/17............................. 6,730 6,807,557
Occidental Petroleum Corp.
1.750%, 02/15/17............................. 1,722 1,735,702
Omnicom Group, Inc.
5.900%, 04/15/16............................. 750 766,081
ONEOK Partners L.P.
2.000%, 10/01/17............................. 3,220 3,170,995
Oracle Corp.
1.200%, 10/15/17............................. 5,000 5,019,515
5.750%, 04/15/18............................. 1,500 1,655,130
214
DFA COMMODITY STRATEGY PORTFOLIO
CONTINUED
Face
Amount^ Value+
------- ------
(000)
UNITED STATES -- (Continued)
PACCAR Financial Corp.
1.750%, 08/14/18............................. $ 1,900 $ 1,907,788
Panhandle Eastern Pipe Line Co. L.P.
# 6.200%, 11/01/17............................. 3,550 3,820,805
Pfizer, Inc.
1.500%, 06/15/18............................. 1,000 1,001,178
Philip Morris International, Inc.
2.500%, 05/16/16............................. 1,222 1,234,703
5.650%, 05/16/18............................. 6,500 7,168,226
Phillips 66
2.950%, 05/01/17............................. 5,000 5,113,630
Pioneer Natural Resources Co.
6.650%, 03/15/17............................. 3,450 3,638,991
PNC Bank NA
1.500%, 02/23/18............................. 8,560 8,553,657
PPG Industries, Inc.
1.900%, 01/15/16............................. 2,050 2,055,217
Provident Cos., Inc.
7.000%, 07/15/18............................. 3,298 3,693,991
Prudential Financial, Inc.
6.000%, 12/01/17............................. 2,700 2,941,801
QUALCOMM, Inc.
1.400%, 05/18/18............................. 9,000 8,959,491
Reynolds American, Inc.
3.500%, 08/04/16............................. 4,000 4,062,964
6.750%, 06/15/17............................. 4,500 4,849,695
Santander Bank NA
2.000%, 01/12/18............................. 4,500 4,481,672
Scripps Networks Interactive, Inc.
2.700%, 12/15/16............................. 5,000 5,054,800
Southern Co. (The)
1.300%, 08/15/17............................. 3,000 2,985,519
SunTrust Banks, Inc.
3.600%, 04/15/16............................. 4,000 4,041,324
Symantec Corp.
2.750%, 06/15/17............................. 7,278 7,301,734
Thermo Fisher Scientific, Inc.
2.250%, 08/15/16............................. 1,969 1,984,496
Time Warner Cable, Inc.
5.850%, 05/01/17............................. 2,047 2,158,881
Total System Services, Inc.
2.375%, 06/01/18............................. 6,500 6,496,016
UnitedHealth Group, Inc.
1.400%, 12/15/17............................. 10,500 10,521,084
US Bancorp
1.650%, 05/15/17............................. 3,250 3,278,434
US Bank NA
1.100%, 01/30/17............................. 6,000 6,014,466
Verizon Communications, Inc.
0.700%, 11/02/15............................. 2,370 2,370,000
3.650%, 09/14/18............................. 5,000 5,273,610
Viacom, Inc.
3.500%, 04/01/17............................. 1,000 1,023,726
Face
Amount^ Value+
------- ------
(000)
UNITED STATES -- (Continued)
Walt Disney Co. (The)
1.125%, 02/15/17............................. $ 2,000 $ 2,010,200
1.500%, 09/17/18............................. 5,000 5,020,865
Wells Fargo & Co.
2.625%, 12/15/16............................. 6,000 6,112,938
1.500%, 01/16/18............................. 2,700 2,709,777
Western Union Co. (The)
5.930%, 10/01/16............................. 2,348 2,443,395
Whirlpool Corp.
1.350%, 03/01/17............................. 2,000 1,999,712
Whirpool Corp.
1.650%, 11/01/17............................. 8,000 8,010,984
Zoetis, Inc.
1.875%, 02/01/18............................. 6,564 6,534,580
--------------
TOTAL UNITED STATES................................ 546,326,231
--------------
TOTAL BONDS........................................ 840,612,494
--------------
AGENCY OBLIGATIONS -- (1.7%)
Federal Home Loan Bank
2.250%, 09/08/17 10,000 10,265,200
Federal Home Loan Mortgage Corporation
1.000%, 07/28/17............................. 10,000 10,031,070
--------------
TOTAL AGENCY OBLIGATIONS........................... 20,296,270
--------------
U.S. TREASURY OBLIGATIONS -- (26.4%)
U.S. Treasury Notes
^^++ 0.500%, 07/31/17............................. 159,000 158,536,197
1.375%, 06/30/18............................. 149,000 150,590,873
--------------
TOTAL U.S. TREASURY OBLIGATIONS.................... 309,127,070
--------------
TOTAL INVESTMENT SECURITIES........................ 1,170,035,834
--------------
Shares
------
SECURITIES LENDING COLLATERAL -- (0.2%)
(S)@ DFA Short Term Investment Fund............... 202,658 2,344,750
--------------
TOTAL INVESTMENTS -- (100.0%)
(Cost $1,172,601,409)............................ $1,172,380,584
==============
215
DFA COMMODITY STRATEGY PORTFOLIO
CONTINUED
Summary of the Portfolio's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
---------------------------------------------------
Level 1 Level 2 Level 3 Total
----------- -------------- ------- --------------
Bonds
Australia.............................. -- $ 45,906,137 -- $ 45,906,137
Canada................................. -- 51,161,783 -- 51,161,783
Finland................................ -- 15,149,670 -- 15,149,670
France................................. -- 18,486,961 -- 18,486,961
Germany................................ -- 14,739,355 -- 14,739,355
Italy.................................. -- 1,548,308 -- 1,548,308
Japan.................................. -- 36,724,187 -- 36,724,187
Netherlands............................ -- 36,263,313 -- 36,263,313
Spain.................................. -- 7,072,656 -- 7,072,656
Supranational Organization Obligations. -- 4,990,285 -- 4,990,285
Sweden................................. -- 15,766,890 -- 15,766,890
Switzerland............................ -- 14,612,378 -- 14,612,378
United Kingdom......................... -- 31,864,340 -- 31,864,340
United States.......................... -- 546,326,231 -- 546,326,231
Agency Obligations....................... -- 20,296,270 -- 20,296,270
U.S. Treasury Obligations................ -- 309,127,070 -- 309,127,070
Securities Lending Collateral............ -- 2,344,750 -- 2,344,750
Swap Agreements**........................ -- (1,364,377) -- (1,364,377)
Futures Contracts**...................... $(1,133,454) -- -- (1,133,454)
----------- -------------- -- --------------
TOTAL.................................... $(1,133,454) $1,171,016,207 -- $1,169,882,753
=========== ============== == ==============
**Not reflected in the Schedule of Investments, valued at the unrealized
appreciation/(depreciation) on the investment. (Note H)
See accompanying Notes to Financial Statements.
216
DFA INVESTMENT DIMENSIONS GROUP INC.
DFA COMMODITY STRATEGY PORTFOLIO
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 2015
(Amounts in thousands, except share and per share amounts)
ASSETS:
Investments at Value (including $2,297 of securities on loan).......................... $ 1,170,036
Collateral from Securities on Loan Invested in Affiliate at Value & Cost............... 2,345
Segregated Cash for Swaps Contracts.................................................... 3,162
Cash................................................................................... 26,570
Receivables:
Investment Securities Sold........................................................... 3,583
Interest............................................................................. 6,242
Fund Shares Sold..................................................................... 1,835
Futures Margin Variation............................................................. 339
Unrealized Gain on Swap Contracts...................................................... 4,423
Prepaid Expenses and Other Assets...................................................... 50
------------
Total Assets...................................................................... 1,218,585
------------
LIABILITIES:
Payables:
Upon Return of Securities Loaned..................................................... 2,345
Fund Shares Redeemed................................................................. 2,994
Due to Advisor....................................................................... 311
Unrealized Loss on Swap Contracts...................................................... 5,787
Accrued Expenses and Other Liabilities................................................. 77
------------
Total Liabilities................................................................. 11,514
------------
NET ASSETS............................................................................. $ 1,207,071
============
SHARES OUTSTANDING, $0.01 PAR VALUE (1)................................................ 203,423,046
============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE............................... $ 5.93
============
Investments at Cost.................................................................... $ 1,170,257
============
NET ASSETS CONSIST OF:
Paid-In Capital........................................................................ $ 1,209,741
Undistributed Net Investment Income (Distributions in Excess of Net Investment Income). (102)
Accumulated Net Realized Gain (Loss)................................................... 155
Net Unrealized Appreciation (Depreciation)............................................. (2,723)
------------
NET ASSETS............................................................................. $ 1,207,071
============
(1) NUMBER OF SHARES AUTHORIZED........................................................ 800,000,000
============
See accompanying Notes to Financial Statements.
217
DFA INVESTMENT DIMENSIONS GROUP INC.
DFA COMMODITY STRATEGY PORTFOLIO
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2015
(Amounts in thousands)
Investment Income
Interest.......................................................................................... $ 13,266
Income from Securities Lending.................................................................... 16
---------
Total Investment Income........................................................................ 13,282
---------
Expenses
Investment Advisory Services Fees................................................................. 4,385
Accounting & Transfer Agent Fees.................................................................. 73
Custodian Fees.................................................................................... 50
Filing Fees....................................................................................... 131
Shareholders' Reports............................................................................. 82
Directors'/Trustees' Fees & Expenses.............................................................. 6
Professional Fees................................................................................. 26
Other............................................................................................. 72
---------
Total Expenses................................................................................. 4,825
---------
Fees (Waived), (Expenses Reimbursed), and/or Previously Waived Fees Recovered by Advisor (Note D). (793)
Fees Paid Indirectly (Note C)..................................................................... (17)
---------
Net Expenses...................................................................................... 4,015
---------
Net Investment Income (Loss)...................................................................... 9,267
---------
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold...................................................................... (8,732)
Futures......................................................................................... (17,337)
Swap Contracts.................................................................................. (339,100)
Foreign Currency Transactions................................................................... 5,799
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency...................................................... 4,896
Futures......................................................................................... 84
Swap Contracts.................................................................................. 11,136
Translation of Foreign Currency Denominated Amounts............................................. (1,816)
---------
Net Realized and Unrealized Gain (Loss)........................................................... (345,070)
---------
Net Increase (Decrease) in Net Assets Resulting from Operations..................................... $(335,803)
=========
See accompanying Notes to Financial Statements.
218
DFA INVESTMENT DIMENSIONS GROUP INC.
DFA COMMODITY STRATEGY PORTFOLIO
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
Year Year
Ended Ended
Oct. 31, Oct. 31,
2015 2014
---------- ----------
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)................................................. $ 9,267 $ 6,522
Net Realized Gain (Loss) on:
Investment Securities Sold................................................. (8,732) 2,967
Futures.................................................................... (17,337) (2,034)
Swap Contracts............................................................. (339,100) (49,078)
Foreign Currency Transactions.............................................. 5,799 2,905
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency................................. 4,896 (7,904)
Futures.................................................................... 84 (649)
Swap Contracts............................................................. 11,136 (6,914)
Translation of Foreign Currency Denominated Amounts........................ (1,816) 2,590
---------- ----------
Net Increase (Decrease) in Net Assets Resulting from Operations........... (335,803) (51,595)
---------- ----------
Distributions From:
Net Investment Income:
Institutional Class Shares................................................. (9,071) (4,154)
Net Short-Term Gains:
Institutional Class Shares................................................. (14) (379)
Net Long-Term Gains:
Institutional Class Shares................................................. (889) (474)
---------- ----------
Total Distributions....................................................... (9,974) (5,007)
---------- ----------
Capital Share Transactions (1):
Shares Issued................................................................ 1,078,341 761,756
Shares Issued in Lieu of Cash Distributions.................................. 9,738 4,915
Shares Redeemed.............................................................. (729,422) (302,192)
---------- ----------
Net Increase (Decrease) from Capital Share Transactions................... 358,657 464,479
---------- ----------
Total Increase (Decrease) in Net Assets................................... 12,880 407,877
Net Assets
Beginning of Year............................................................ 1,194,191 786,314
---------- ----------
End of Year.................................................................. $1,207,071 $1,194,191
========== ==========
(1) Shares Issued and Redeemed:
Shares Issued................................................................ 159,948 90,096
Shares Issued in Lieu of Cash Distributions.................................. 1,339 566
Shares Redeemed.............................................................. (107,182) (36,041)
---------- ----------
Net Increase (Decrease) from Shares Issued and Redeemed................... 54,105 54,621
========== ==========
Undistributed Net Investment Income (Distributions in Excess of Net Investment
Income)....................................................................... $ (102) $ 5,939
See accompanying Notes to Financial Statements.
219
DFA INVESTMENT DIMENSIONS GROUP INC.
DFA COMMODITY STRATEGY PORTFOLIO
CONSOLIDATED FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
Year Year Year Year
Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012
-----------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period........................................ $ 8.00 $ 8.30 $ 9.40 $ 9.77
---------- ---------- -------- --------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A).......................................... 0.05 0.06 0.06 0.07
Net Gains (Losses) on Securities (Realized and Unrealized)................ (2.05) (0.31) (1.10) (0.37)
---------- ---------- -------- --------
Total from Investment Operations......................................... (2.00) (0.25) (1.04) (0.30)
-----------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income..................................................... (0.06) (0.04) (0.04) (0.06)
Net Realized Gains........................................................ (0.01) (0.01) (0.02) (0.01)
---------- ---------- -------- --------
Total Distributions...................................................... (0.07) (0.05) (0.06) (0.07)
-----------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period.............................................. $ 5.93 $ 8.00 $ 8.30 $ 9.40
============================================================================ ========== ========== ======== ========
Total Return................................................................ (25.16)% (3.08)% (11.15)% (3.08)%
-----------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)....................................... $1,207,071 $1,194,191 $786,314 $458,079
Ratio of Expenses to Average Net Assets..................................... 0.34% 0.33% 0.34% 0.35%
Ratio of Expenses to Average Net Assets (Excluding Fees (Waived), (Expenses
Reimbursed), and/or Previously Waived Fees Recovered by Advisor and Fees
Paid Indirectly)........................................................... 0.40% 0.39% 0.40% 0.41%
Ratio of Net Investment Income to Average Net Assets........................ 0.77% 0.65% 0.66% 0.79%
Portfolio Turnover Rate..................................................... 124% 104% 64% 69%
-----------------------------------------------------------------------------------------------------------------------------
Period
Nov. 9, 2010(a)
to Oct. 31,
2011
-----------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period........................................ $ 10.00
--------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A).......................................... 0.07
Net Gains (Losses) on Securities (Realized and Unrealized)................ (0.27)
--------
Total from Investment Operations......................................... (0.20)
-----------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income..................................................... (0.03)
Net Realized Gains........................................................ --
--------
Total Distributions...................................................... (0.03)
-----------------------------------------------------------------------------------------------
Net Asset Value, End of Period.............................................. $ 9.77
============================================================================ ===============
Total Return................................................................ (2.02)%(D)
-----------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)....................................... $230,781
Ratio of Expenses to Average Net Assets..................................... 0.47%(C)(E)
Ratio of Expenses to Average Net Assets (Excluding Fees (Waived), (Expenses
Reimbursed), and/or Previously Waived Fees Recovered by Advisor and Fees
Paid Indirectly)........................................................... 0.53%(C)(E)
Ratio of Net Investment Income to Average Net Assets........................ 0.64%(C)(E)
Portfolio Turnover Rate..................................................... 50%(D)
-----------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
220
DFA INVESTMENT DIMENSIONS GROUP INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
A. Organization:
DFA Investment Dimensions Group Inc. (the "Fund") is an open-end management
investment company registered under the Investment Company Act of 1940, as
amended (the "1940 Act"), whose shares are generally offered, without a sales
charge, to institutional investors, retirement plans and clients of registered
investment advisors. The Fund consists of eighty-one operational portfolios,
one of which, DFA Commodity Strategy Portfolio (the "Portfolio"), is included
in this section of the report. The remaining operational portfolios are
presented in separate reports.
The Portfolio wholly owns and controls Dimensional Cayman Commodity Fund I,
LTD. (the "Subsidiary"), a company organized under the laws of the Cayman
Islands. The Subsidiary is not registered as an investment company under the
1940 Act.
B. Significant Accounting Policies:
The following significant accounting policies are in conformity with
accounting principles generally accepted in the United States of America. Such
policies are consistently followed by the Fund in preparation of its financial
statements. The preparation of financial statements in accordance with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the fair
value of investments, the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increases and decreases in net assets
from operations during the reporting period. Actual results could differ from
those estimates and those differences could be material.
1. Security Valuation: The Portfolio utilizes a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into
three broad levels described below:
. Level 1 - inputs are quoted prices in active markets for identical
securities (including equity securities, open-end investment companies,
futures contracts)
. Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit risk,
etc.)
. Level 3 - significant unobservable inputs (including the Portfolio's own
assumptions in determining the fair value of investments)
Debt securities held by the Portfolio are valued on the basis of evaluated
prices provided by one or more pricing services or other reasonably reliable
sources including broker/dealers that typically handle the purchase and sale of
such securities. Securities which are traded over-the-counter and on a stock
exchange generally will be valued according to the broadest and most
representative market, and it is expected that for bonds and other fixed income
securities, this ordinarily will be the over-the-counter market. Securities for
which quotations are not readily available (including restricted securities),
or for which market quotations have become unreliable, are valued in good faith
at fair value in accordance with procedures adopted by the Board of
Directors/Trustees. Fair value pricing may also be used if events that have a
significant effect on the value of an investment (as determined in the
discretion of Dimensional Fund Advisors LP) occur before the net asset value is
calculated. When fair value pricing is used, the prices of securities used by
the Portfolio may differ from the quoted or published prices for the same
securities on their primary markets or exchanges. These securities are
generally categorized as Level 2 in the hierarchy.
Futures contracts held by the Portfolio are valued using the settlement
price established each day on the exchange on which they are traded. These
valuations are generally categorized as Level 1 in the hierarchy. Swap
agreements will be valued at the price provided by an independent third-party
pricing service or source. If a price is
221
not available from an independent third-party pricing service or source, the
swap agreement will be valued in good faith at fair value in accordance with
procedures adopted by the Board. These securities are generally categorized as
Level 2 in the hierarchy.
Over-the-counter derivative contracts, which include forward currency
contracts, do not require material subjectivity as pricing inputs are observed
from quoted markets and are categorized as Level 2 in the hierarchy.
A summary of the inputs used to value the Portfolio's investments by each
major security type, industry and/or country is disclosed previously in this
note. A valuation hierarchy table has been included at the end of the
consolidated Schedule of Investments. The inputs or methodology used for
valuing securities are not necessarily an indication of the risk associated
with investing in those securities.
For the year ended October 31, 2015, there were no significant transfers
between Level 1 and Level 2 and no significant Level 3 investments held by the
Portfolio.
2. Deferred Compensation Plan: Each eligible Director/Trustee of the Fund
may elect participation in The Fee Deferral Plan for Independent Directors and
Trustees (the "Plan"). Under the Plan, effective January 1, 2002, such
Directors/Trustees may defer payment of all or a portion of their total fees
earned as a Director/Trustee. These deferred amounts may be treated as though
such amounts had been invested in shares of the following funds: U.S. Large Cap
Value Portfolio; U.S. Core Equity 1 Portfolio; U.S. Core Equity 2 Portfolio;
U.S. Vector Equity Portfolio; U.S. Micro Cap Portfolio; DFA International Value
Portfolio; International Core Equity Portfolio; Emerging Markets Portfolio;
Emerging Markets Core Equity Portfolio; and/or DFA Two-Year Global Fixed Income
Portfolio. Contributions made under the Plan and the change in unrealized
appreciation (depreciation) and income are included in Directors'/Trustees'
Fees & Expenses.
Each Director/Trustee has the option to receive their distribution of
proceeds in one of the following methods: lump sum; annual installments over a
period of agreed upon years; or quarterly installments over a period of agreed
upon years. Each Director/Trustee shall have the right in a notice of election
(the "Notice") to defer the receipt of the Director's/Trustee's deferred
compensation until a date specified by such Director/Trustee in the Notice,
which date may not be sooner than the earlier of: (i) the first business day of
January following the year in which such Director/Trustee ceases to be a member
of the Board; and (ii) five years following the effective date of the
Director's/Trustee's first deferral election. If a Director/Trustee who elects
to defer fees fails to designate in the Notice a time or date as of which
payment of the Director's/Trustee's deferred fee account shall commence,
payment of such amount shall commence as of the first business day of January
following the year in which the Director/Trustee ceases to be a member of the
Board (unless the Director/Trustee files an amended Notice selecting a
different distribution date). As of October 31, 2015, none of the
Directors/Trustees have requested or received a distribution of proceeds of a
deferred fee account.
3. Other: Security transactions are accounted for as of the trade date.
Costs used in determining realized gains and losses on the sale of investment
securities and foreign currency are on the basis of identified cost. Dividend
income and distributions to shareholders are recorded on the ex-dividend date.
Distributions received on securities that represent a return of capital or
capital gains are recorded as a reduction of cost of investments or as a
realized gain, respectively. The Portfolio estimates the character of
distributions received that may be considered return of capital distributions.
Interest income is recorded on an accrual basis. Discount and premium on debt
securities purchased are amortized over the lives of the respective securities,
utilizing the effective interest method. Expenses directly attributable to the
Portfolio are directly charged. Common expenses of the Fund or its Portfolios
are allocated using methods approved by the Board, generally based on average
net assets.
C. Basis for Consolidation:
The Subsidiary commenced operations on November 9, 2010. The Portfolio
commenced reporting on a consolidated basis as of such commencement date in
accordance with the accounting principles relating to reporting of a
wholly-owned subsidiary. The Portfolio will seek to gain exposure to
commodities, commodities-related instruments, derivatives and other investments
by directly investing in those instruments or through investments in the
Subsidiary. The Subsidiary participates in the same investment goal as the
Portfolio. The Subsidiary pursues its investment goal by investing in
commodities, commodities-related instruments, derivatives
222
and other investments. The Subsidiary (unlike the Portfolio) may invest without
limitation in these instruments. However, the Subsidiary is otherwise subject
to the same fundamental, non-fundamental and certain other investment
restrictions as the Portfolio. The portion of the Portfolio's or Subsidiary's
assets exposed to any particular commodity, derivative or other investment will
vary based on market conditions, but from time to time some exposure could be
substantial.
To the extent of the Portfolio's investment through the Subsidiary, it will
be subject to the risks associated with the commodities, derivatives and other
instruments in which the Subsidiary invests. By investing in the Subsidiary,
the Portfolio is indirectly exposed to the risks associated with the
Subsidiary's investments. The derivatives and other investments held by the
Subsidiary are generally similar to those that are permitted to be held by the
Portfolio and are subject to the same risks that apply to similar investments
if held directly by the Portfolio.
The Subsidiary is classified as a controlled foreign corporation under
Subchapter N of the Internal Revenue Code. Therefore, the Portfolio is required
to increase its taxable income by its share of the Subsidiary's income. Net
investment losses of the Subsidiary cannot be deducted by the Portfolio in the
current period nor carried forward to offset taxable income in future periods.
As of October 31, 2015, the Portfolio held a $271,362,060 investment in the
Subsidiary, representing 22.27% of the Portfolio's total assets. The
accompanying consolidated financial statements include all assets, liabilities,
revenues and expenses of the Portfolio and its wholly-owned Subsidiary.
Intercompany balances and transactions have been eliminated in consolidation.
D. Investment Advisor:
The Advisor, Dimensional Fund Advisors LP, provides investment advisory
services to the Portfolio. On May 8, 2015 and June 10, 2015 at a Special Joint
Meeting of Shareholders, shareholders of the Portfolio approved a new
investment management agreement, which became effective July 21, 2015, that
provides a uniform agreement that increases transparency and better describes
all of the services that the Advisor provides to the Portfolio. The rate
charged under the new investment management agreement for investment management
services is equal to the rate charged under the Portfolio's previous investment
advisory agreement with the Advisor. For the year ended October 31, 2015, the
investment advisory services/management fees were accrued daily and paid
monthly to the Advisor based on an effective annual rate of 0.30% of the
Portfolio's average daily net assets.
Pursuant to an Amended and Restated Fee Waiver and/or Expense Assumption
Agreement (the "Fee Waiver Agreement"), the Advisor has contractually agreed to
waive all or a portion of the management fee and to assume the expenses of the
Portfolio (including the expenses that the Portfolio bears as a shareholder of
other funds managed by the Advisor but excluding the expenses that the
Portfolio incurs indirectly through its investment in unaffiliated investment
companies) ("Portfolio Expenses") to the extent necessary to limit the
Portfolio Expenses to no more than 0.55% of the Portfolio's average net assets
on an annualized basis (the "Expense Limitation Amount"). At any time that the
Portfolio Expenses of the Portfolio are less than the Expense Limitation
Amount, the Advisor retains the right to seek reimbursement for any fees
previously waived and/or expenses previously assumed to the extent that the
amount of such reimbursement is within 36 months and will not cause the
annualized Portfolio Expenses of the Portfolio to exceed the Expense Limitation
Amount. The Portfolio is not obligated to reimburse the Advisor for fees
previously waived or expenses previously assumed by the Advisor more than 36
months before the date of such reimbursement. The Fee Waiver Agreement for the
Portfolio will remain in effect through February 28, 2016, and may only be
terminated by the Fund's Board of Directors prior to that date. The Fee Waiver
Agreement will continue in effect from year to year thereafter unless
terminated by the Fund or the Advisor. At October 31, 2015, there were no
previously waived fees subject to future recovery by the Advisor.
The Subsidiary has entered into a separate contract with the Advisor whereby
the Advisor or its affiliates provide investment advisory and other services to
the Subsidiary. For the investment advisory services it provides, the Advisor
is entitled to a fee from the Subsidiary equal to 0.30% of the Subsidiary's
average net assets on an annualized basis; however, pursuant to a contractual
agreement, the Advisor has agreed to waive the management fee of the Subsidiary.
223
For the year ended October 31, 2015, approximately $793 (in thousands) of
the Subsidiary's management fees were waived pursuant to the Subsidiary fee
waiver agreement.
Earned Income Credit:
In addition, the Portfolio has entered into an arrangement with its
custodian whereby net interest earned on uninvested cash balances was used to
reduce a portion of the Portfolio's custody expenses. Custody expense in the
accompanying financial statements is presented before reduction for credits.
The impact of such credits is generally less than one basis point of each
Portfolio's net assets. During the year ended October 31, 2015, expenses
reduced were as follows (amounts in thousands):
Fees Paid
Indirectly
----------
DFA Commodity Strategy Portfolio. $17
Fees Paid to Officers and Directors/Trustees:
Certain Officers and Directors/Trustees of the Advisor are also Officers and
Directors/Trustees of the Fund; however, such Officers and Directors/Trustees
(with the exception of the Chief Compliance Officer ("CCO")) receive no
compensation from the Fund. For the year ended October 31, 2015, the total
related amounts paid by the Fund to the CCO were $275 (in thousands). The total
related amounts paid by the Portfolio are included in Other Expenses on the
Statement of Operations.
E. Deferred Compensation:
At October 31, 2015, the total liability for deferred compensation to
Directors/Trustees is included in Accrued Expenses and Other Liabilities on the
Statement of Assets and Liabilities as follows (amount in thousands):
DFA Commodity Strategy Portfolio. $10
F. Purchases and Sales of Securities:
For the year ended October 31, 2015, the Portfolio made the following
purchases and sales of investment securities, other than short-term securities
(amounts in thousands):
U.S. Government Securities Other Investment Securities
-------------------------- ---------------------------
Purchases Sales Purchases Sales
---------- ---------- --------- --------
DFA Commodity Strategy Portfolio. $1,165,246 $1,076,910 $564,792 $355,143
G. Federal Income Taxes:
The Portfolio has qualified and intends to continue to qualify as a
regulated investment company under Subchapter M of the Internal Revenue Code
for federal income tax purposes and to distribute substantially all of its
taxable income and net capital gains to shareholders. Accordingly, no provision
has been made for federal income taxes.
Distributions from net investment income and net realized capital gains are
determined in accordance with U.S. federal income tax regulations, which may
differ from those amounts determined under accounting principles generally
accepted in the United States of America. These book/tax differences are either
temporary or permanent in nature. To the extent these differences are
permanent, they are charged or credited to paid-in capital, undistributed net
investment income or accumulated net realized gains or losses, as appropriate,
in the period that the differences arise. Accordingly, the following permanent
differences as of October 31, 2015, primarily attributable to adjustments
between financial and tax reporting related to the Subsidiary, the utilization
of accumulated earnings and profits distributed to shareholders on redemptions
of shares as part of the dividends paid deduction for tax purposes, reversal of
book income/loss from controlled foreign corporation and net foreign
224
currency gains/losses, were reclassified to the following accounts. These
reclassifications had no effect on net assets or net asset value per share
(amounts in thousands):
Increase Increase
(Decrease) (Decrease)
Increase Undistributed Accumulated
(Decrease) Net Investment Net Realized
Paid-In Capital Income Gains (Losses)
--------------- -------------- --------------
DFA Commodity Strategy Portfolio. $(353,288) $(6,237) $359,525
The tax character of dividends and distributions declared and paid during
the years ended October 31, 2014 and October 31, 2015 were as follows (amounts
in thousands):
Net Investment
Income and
Short-Term Long-Term Tax Exempt
Capital Gains Capital Gains Income Total
-------------- ------------- ---------- ------
DFA Commodity Strategy Portfolio
2014............................. $4,533 $ 474 -- $5,007
2015............................. 8,966 1,009 -- 9,975
At October 31, 2015, the following net investment income and short-term
capital gains and long-term capital gains distributions designated for federal
income tax purposes are due to the utilization of accumulated earnings and
profits distributed to shareholders upon redemption of shares (amounts in
thousands):
Net Investment
Income
and Short-Term Long-Term
Capital Gains Capital Gains Total
-------------- ------------- -----
DFA Commodity Strategy Portfolio. $-- $16 $16
At October 31, 2015, the components of distributable earnings (accumulated
losses) were as follows (amounts in thousands):
Undistributed Total Net
Net Investment Distributable
Income and Undistributed Unrealized Earnings
Short-Term Long-Term Capital Loss Appreciation (Accumulated
Capital Gains Capital Gains Carryforwards (Depreciation) Losses)
-------------- ------------- ------------- -------------- -------------
DFA Commodity Strategy Portfolio. $-- $154 -- $(2,723) $(2,569)
For federal income tax purposes, the Fund measures its capital loss
carryforwards annually at October 31, its fiscal year end. Capital loss
carryforwards may be carried forward and applied against future capital gains.
Under the Regulated Investment Company Modernization Act of 2010, capital
losses incurred by the Portfolio after October 31, 2011 will not be subject to
expiration and will retain their character as either short-term or long-term
capital losses. In addition, such losses must be utilized prior to the losses
incurred in the years preceding enactment. As of October 31, 2015, the
Portfolio did not have any capital loss carryforwards.
At October 31, 2015, the total cost and aggregate gross unrealized
appreciation (depreciation) of securities for federal income tax purposes were
different from amounts reported for financial reporting purposes, as follows
(amounts in thousands):
Net Unrealized
Federal Tax Unrealized Unrealized Appreciation
Cost Appreciation Depreciation (Depreciation)
----------- ------------ ------------ --------------
DFA Commodity Strategy Portfolio. $1,172,601 $1,225 $(1,446) $(221)
225
Accounting for Uncertainty in Income Taxes sets forth a minimum threshold
for financial statement recognition of the benefit of a tax position taken or
expected to be taken in a tax return. Management has analyzed the Portfolio's
tax positions and has concluded that no additional provision for income tax is
required in the Portfolio's financial statements. The Portfolio is not aware of
any tax positions for which it is more likely than not that the total amounts
of unrecognized tax benefits will significantly change in the next twelve
months. The Portfolio's federal tax returns for the prior three fiscal years
remain subject to examination by the Internal Revenue Service.
H. Financial Instruments:
In accordance with the Portfolio's investment objective and policies, the
Portfolio may invest in certain financial instruments that have off-balance
sheet risk in excess of the amounts recognized in the financial statements and
concentrations of credit and market risk. These instruments and their
significant corresponding risks are described below:
1. Foreign Market Risks: Investments in foreign markets may involve
certain considerations and risks not typically associated with investments in
the United States of America, including the possibility of future political and
economic developments and the level of foreign governmental supervision and
regulation of foreign securities markets. These markets are generally smaller,
less liquid and more volatile than the major securities markets in the United
States of America. Consequently, acquisition and disposition of international
securities held by the Portfolio may be inhibited.
Derivative Financial Instruments:
Summarized below are the specific types of derivative instruments used by
the Portfolio. The Portfolio may gain exposure to commodity markets by
investing up to 25% of the Portfolio's total assets in the Subsidiary. The
Subsidiary may invest without limitation in commodity-linked notes, swap
agreements and other commodity-linked derivative instruments, including futures
contracts on individual commodities or a subset of commodities and options on
commodities. The accompanying consolidated schedule of investments includes
investments of the Portfolio and its wholly-owned Subsidiary.
2. Forward Currency Contracts: The Portfolio may enter into forward
currency contracts to hedge against adverse changes in the relationship of the
U.S. dollar to foreign currencies (foreign exchange rate risk). The decision to
hedge the Portfolio's currency exposure with respect to a foreign market will
be based primarily on the Portfolio's existing exposure to a given foreign
currency. Each contract is valued daily and the change in value is recorded by
the Portfolio as an unrealized gain or loss, which is presented in the
Statement of Operations as the change in unrealized appreciation or
depreciation from translation of foreign currency denominated amounts. When the
contract is closed or offset with the same counterparty, the Portfolio records
a realized gain or loss equal to the change in the value of the contract when
it was opened and the value at the time it was closed or offset. This is
presented in the Statement of Operations as a net realized gain or loss on
foreign currency transactions.
3. Commodity-Linked Derivatives: The Portfolio and the Subsidiary invest
in commodity-linked derivative instruments, such as swap agreements, commodity
options, futures, options on futures, and structured notes. The prices of
commodity-linked derivative instruments may move in different directions than
investments in traditional equity securities, fixed income securities and
commodity spot prices.
4. Swap Agreements: The Portfolio may enter into swap agreements with
respect to commodities, interest rates and indexes of commodities or
securities, specific securities and commodities, and mortgage, credit and
event-linked swaps, and to the extent the Portfolio may invest in foreign
currency-denominated securities, may enter into swap agreements with respect to
foreign currencies.
The Portfolio may enter into swap transactions for any legal purpose
consistent with its investment objective and policies, such as for the purpose
of attempting to obtain or preserve a particular return or spread at a lower
cost than obtaining a return or spread through purchases and/or sales of
instruments in other markets, to seek to increase total return (speculation),
to protect against currency fluctuations, as a duration management technique,
to protect against any increase in the price of securities the Portfolio
anticipates purchasing at a later date, or to gain exposure to certain markets
in the most economical way possible.
226
A swap agreement may be negotiated bilaterally and traded over-the-counter
between the two parties (for an uncleared swap), while other swaps must be
transacted through a futures commission merchant ("FCM") and cleared through a
clearinghouse that serves as a central counterparty (for a cleared swap), and
may be traded on swap execution facilities (exchanges). Swap agreements are
contracts entered into primarily by institutional investors for periods ranging
from a few weeks to more than one year. In a standard "swap" transaction, two
parties agree to exchange the returns (or differentials in rates of return)
earned or realized on particular predetermined investments or instruments,
which may be adjusted for an interest factor. In an uncleared swap, the swap
counterparty is typically a brokerage firm, bank or other financial
institution. In a cleared swap, the Portfolio's ultimate counterparty is a
central clearinghouse rather than a brokerage firm, bank or other financial
institution.
An investment in a commodity swap agreement may involve the exchange of
floating-rate interest payments for the total return on a commodity index. In a
total return commodity swap, the Portfolio will receive the price appreciation
of a commodity index, a portion of the index, or a single commodity in exchange
for paying an agreed-upon fee. The Portfolio may also enter into credit default
swap agreements. The "buyer" in a credit default contract is obligated to pay
the "seller" a periodic stream of payments over the term of the contract
provided that no event of default on an underlying reference obligation has
occurred. If an event of default occurs, the seller must pay the buyer the full
notional value, or "par value," of the reference obligation in exchange for the
reference obligation. The Portfolio may be either the buyer or seller in a
credit default swap transaction. Credit default swap transactions involve
greater risks than if the Portfolio had invested in the reference obligation
directly.
Most swap agreements entered into by the Portfolio will calculate the
obligations of the parties to the agreement on a "net" basis, which means that
the two payment streams are netted out, with the Portfolio receiving or paying,
as the case may be, only the net amount of the two payments. The Portfolio's
current obligations under a swap agreement will be accrued daily (offset
against any amounts owed to the Portfolio) and any accrued but unpaid net
amounts owed to a swap counterparty will be covered by the segregation of
assets determined to be liquid to avoid any potential leveraging of the
Portfolio's portfolio.
Uncleared swaps are typically executed bilaterally with a swap dealer rather
than traded on exchanges. Parties to uncleared swaps face greater counterparty
credit risk than those engaging in cleared swaps since performance of uncleared
swap obligations is the responsibility only of the swap counterparty rather
than a clearinghouse, as is the case with cleared swaps. As a result, the
Portfolio bears the risk of loss of the amount expected to be received under a
swap agreement in the event of the default, insolvency or bankruptcy of a swap
agreement counterparty beyond any collateral received. In such an event, the
Portfolio will have contractual remedies pursuant to the swap agreements, but
bankruptcy and insolvency laws could affect the Portfolio's rights as a
creditor. The Portfolio will enter into swap agreements only with
counterparties that meet certain standards of creditworthiness as determined by
the Advisor's Investment Committee. To the extent that the Portfolio cannot
dispose of a swap in the ordinary course of business within seven days at
approximately the value at which the Portfolio has valued the swap, the
Portfolio will treat the swap as illiquid and subject to its overall limit on
illiquid investments of 15% of the Portfolio's net assets.
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and
implementing rules adopted by the Commodity Futures Trading Commission ("CFTC")
currently require the clearing and exchange-trading of the most common types of
credit default index swaps and interest rate swaps, and it is expected that
additional categories of swaps will in the future be designated as subject to
mandatory clearing and trade execution requirements. Central clearing is
intended to reduce counterparty credit risk and increase liquidity, but central
clearing does not eliminate these risks completely. There is also a risk of
loss by the Portfolio of the initial and variation margin deposits in the event
of bankruptcy of the FCM with which the Portfolio has an open position, or the
central counterparty in a swap contract. The assets of the Portfolio may not be
fully protected in the event of the bankruptcy of the FCM or central
counterparty because the Portfolio might be limited to recovering only a pro
rata share of all available funds and margin segregated on behalf of an FCM's
customers.
Futures Activities:
The Portfolio may enter into commodity, foreign currency, interest rate and
commodity or securities index futures contracts and purchase and write (sell)
related options traded on exchanges designated by the CFTC or, consistent with
CFTC regulations, on foreign exchanges.
227
5. Futures Contracts: A commodity futures contract provides for the future
sale by one party and the future purchase by the other party of a specified
amount of a commodity, such as an energy, agricultural or metal commodity, at a
specified price, date, time and place. A foreign currency futures contract
provides for the future sale by one party and the future purchase by the other
party of a certain amount of a specified non-U.S. currency at a specified
price, date, time and place. An interest rate futures contract provides for the
future sale by one party and the purchase by the other party of a certain
amount of a specific interest rate sensitive financial instrument (debt
security) at a specified price, date, time and place. Securities and
commodities indexes are typically capitalization or production weighted,
respectively. A securities index or commodities index futures contract is an
agreement to be settled by delivery of an amount of cash equal to a specified
multiplier times the difference between the value of the index at the close of
the last trading day on the contract and the price at which the agreement is
made. The clearing house of the exchange on which a futures contract is entered
into becomes the counterparty to each purchaser and seller of the futures
contract.
Payments, known as "variation margin," to and from the broker, will be made
daily as the currency, financial instrument or index underlying the futures
contract fluctuates, making the long and short positions in the futures
contract more or less valuable, a process known as "marking-to-market." As a
result of the small margin deposit that is required, a small change in the
market price of a futures contract can produce major losses.
At any time prior to the expiration of a futures contract, the Portfolio may
elect to close the position by taking an opposite position, which will operate
to terminate the Portfolio's existing position in the contract. Positions in
futures contracts and options on futures contracts (described below) may be
closed out only on the exchange on which they were entered into (or through a
linked exchange). However, there is no assurance that an active market will
exist at any particular time. Once the daily fluctuation limit has been reached
in a particular contract, most futures exchanges restrict trades at a price
beyond that limit or trading may be suspended for specified periods during the
day. Such restrictions prevent prompt liquidation of futures positions at an
advantageous price, potentially subjecting the Portfolio to substantial losses.
In such event, and in the event of adverse price movements, the Portfolio would
be required to make daily cash payments of variation margin. Losses incurred in
futures transactions and the costs of these transactions will affect the
Portfolio's performance.
The price volatility of commodity futures contracts has been historically
greater than that for traditional securities, such as stocks and bonds, and
there are a variety of factors associated with commodity futures contracts
which may subject the Portfolio's investments in the contracts to greater
volatility than investments in traditional securities.
6. Options on Futures Contracts: The Portfolio may purchase and write put
and call options on foreign currency, interest rate and stock and commodity
index futures contracts and may enter into closing transactions with respect to
such options to terminate existing positions. There is no guarantee that such
closing transactions can be effected; the ability to establish and close out
positions on such options will be subject to the existence of a liquid market.
An option on a currency, interest rate or commodity or securities index
futures contract, as contrasted with the direct investment in such a contract,
gives the purchaser the right, in return for the premium paid, to assume a
position in a futures contract at a specified exercise price at any time prior
to the expiration date of the option. The writer of the option is required upon
exercise to assume an offsetting futures position (a short position if the
option is a call and a long position if the option is a put). Upon exercise of
an option, the delivery of the futures position by the writer of the option to
the holder of the option will be accompanied by delivery of the accumulated
balance in the writer's futures margin account, which represents the amount by
which the market price of the futures contract exceeds, in the case of a call,
or is less than, in the case of a put, the exercise price of the option on the
futures contract. The potential loss related to the purchase of an option on a
futures contract is limited to the premium paid for the option (plus
transaction costs). The value of the option changes daily, and that change is
reflected in the net asset value of the Portfolio.
The Portfolio may enter into options and futures transactions for several
purposes, including generating current income to offset expenses or increase
return, and as hedges to reduce investment risk, generally by making an
investment expected to move in the opposite direction of a portfolio position.
A hedge is designed to offset a loss in
228
a portfolio position with a gain in the hedged position; at the same time,
however, a properly correlated hedge will result in a gain in the portfolio
position being offset by a loss in the hedged position.
At October 31, 2015, the Subsidiary had the following outstanding
commodity-linked futures contracts (dollar amounts in thousands):
Expiration Number of Contract Unrealized
Description Date Contracts* Amount Gain (Loss)
----------- ---------- ---------- -------- -----------
Brent Crude Oil Futures.... 12/16/15 91 $ 4,578 $ (67)
CBT Wheat Futures.......... 12/14/15 76 1,984 79
Coffee 'C' Futures......... 12/18/15 22 998 (43)
Copper Futures............. 12/29/15 72 4,172 (25)
Corn Futures............... 12/14/15 242 4,625 26
Cotton No.2 Futures........ 12/08/15 33 1,045 8
Gasoline RBOB Futures...... 12/31/15 42 2,419 60
Gold 100 oz Futures........ 12/29/15 65 7,419 1
KCB Wheat Futures.......... 12/14/15 25 617 --
LME Nickel Futures......... 11/16/15 43 2,591 (145)
LME Nickel Futures......... 01/18/16 15 905 (2)
LME Nickel Futures......... 11/16/15 (43) (2,591) 43
LME Prime Aluminum Futures. 11/16/15 185 6,719 (666)
LME Prime Aluminum Futures. 01/18/16 68 2,516 (161)
LME Prime Aluminum Futures. 11/16/15 (185) (6,719) 523
LME Zinc Futures........... 11/16/15 81 3,431 (326)
LME Zinc Futures........... 01/18/16 30 1,281 12
LME Zinc Futures........... 11/16/15 (81) (3,431) 77
Lean Hogs Futures.......... 12/14/15 40 947 (95)
Live Cattle Futures........ 12/31/15 33 1,871 24
NY Harbor ULSD Futures..... 12/31/15 35 2,269 (42)
Natural Gas Futures........ 12/29/15 202 5,030 (774)
Silver Futures............. 12/29/15 34 2,646 79
Soybean Futures............ 01/14/16 71 3,144 (17)
Soybean Meal Futures....... 01/14/16 51 1,546 (12)
Soybean Oil Futures........ 01/14/16 93 1,591 9
Sugar #11 Futures.......... 02/29/16 160 2,602 311
WTI Crude Futures.......... 12/21/15 12 570 (10)
------- -------
$54,775 $(1,133)
======= =======
The Subsidiary's securities have been segregated as collateral for open
futures contracts.
* During the year ended October 31, 2015 the Subsidiary's average notional
contract amount of outstanding futures contracts was $83,356 (in thousands).
229
At October 31, 2015, the Subsidiary had the following outstanding commodity
total return swaps, which are typically on custom commodity indices that
include exposure to various precious metal, energy and agricultural commodities
(dollar amounts in thousands):
Unrealized
Commodity Expiration Notional Appreciation
Counterparty Exposure Date Currency Amount* (Depreciation)
------------ --------- ---------- -------- ----------- --------------
Bank of America Corp............ Index** 12/31/15 USD $ (225,674) $ (507)
Citibank, N.A................... Index** 12/31/15 USD (250,207) (644)
Credit Suisse................... Index** 11/25/15 USD (218,487) (537)
Deutsche Bank AG, London Branch. Index** 11/25/15 USD (253,450) (624)
Deutsche Bank AG, London Branch. Oil 12/28/15 USD 64,693 4,122
Deutsche Bank AG, London Branch. Oil 12/28/15 USD 6,188 301
Deutsche Bank AG, London Branch. Index** 05/26/16 USD (6,462) (216)
Deutsche Bank AG, London Branch. Oil 05/27/16 USD (67,041) (2,769)
UBS AG.......................... Index** 01/29/16 USD (200,146) (490)
----------- -------
$(1,150,586) $(1,364)
=========== =======
* During the year ended October 31, 2015 the Subsidiary's average notional
value of outstanding swap contracts was ($1,177,391) (in thousands).
**Swap is exposed to the 22 commodities in the Bloomberg Commodity Index Total
Return.
The following is a summary of the location of derivatives on the Portfolio's
Statement of Assets and Liabilities as of October 31, 2015:
Location on the Statement of Assets and Liabilities
---------------------------------------------------
Derivative Type Liability Derivatives
--------------- ------------------------ ------------------------
Commodity Futures Payables: Futures Margin
Contracts Variation
Commodity Swap Contracts Unrealized Loss on Swap
Contracts
The following is a summary of the Portfolio's derivative instrument holdings
categorized by primary risk exposure as of October 31, 2015 (amounts in
thousands):
Asset Derivatives Value
------------------------------------
Total Value Commodity Commodity
at Futures Swap
October 31, 2015 Contracts Contracts
- ---------------- --------- ---------
Dimensional Cayman Commodity Fund I, LTD. $ 5,675 $ 1,252* $ 4,423
Liability Derivatives Value
------------------------------------
Total Value Commodity Commodity
at Futures Swap
October 31, 2015 Contracts Contracts
- ---------------- --------- ---------
Dimensional Cayman Commodity Fund I, LTD. $(8,172) $(2,385)* $(5,787)
* Includes cumulative appreciation (depreciation) of futures contracts. Only
current day's margin variation is reported within the Statement of Assets and
Liabilities.
230
The following is a summary of the location on the Portfolio's Statement of
Operations of realized and change in unrealized gains and losses from the
Portfolio's derivative instrument holdings for the year ended October 31, 2015:
Derivative Type Location of Gain (Loss) on Derivatives Recognized in Income
--------------- -----------------------------------------------------------
Commodity Futures Contracts Net Realized Gain (Loss) on: Futures
Change in Unrealized Appreciation (Depreciation) of:
Futures
Foreign Exchange Contracts Net Realized Gain (Loss) on: Foreign Currency Transactions
Change in Unrealized Appreciation (Depreciation) of:
Translation of Foreign Currency Denominated Amounts
Commodity Swap Contracts Net Realized Gain (Loss) on: Swap Contracts
Change in Unrealized Appreciation (Depreciation) of:
Swap Contracts
The following is a summary of the realized and change in unrealized gains
and losses from the Portfolio's derivative instrument holdings categorized by
primary risk exposure through the year ended October 31, 2015 (amounts in
thousands):
Realized Gain (Loss) on
Derivatives Recognized in Income
----------------------------------------
Foreign Commodity Commodity
Exchange Futures Swap
Total Contracts Contracts Contracts
--------- --------- --------- ---------
Dimensional Cayman Commodity Fund I, LTD. $(350,666) $ 5,771 $(17,337) $(339,100)
Change in Unrealized
Appreciation (Depreciation) on
Derivatives Recognized in Income
----------------------------------------
Foreign Commodity Commodity
Exchange Futures Swap
Total Contracts Contracts Contracts
--------- --------- --------- ---------
Dimensional Cayman Commodity Fund I, LTD. $ 9,308 $(1,912) $ 84 $ 11,136
Offsetting of Derivative Assets and Derivative Liabilities
The following tables present the Portfolio's gross and net amount of assets
and liabilities available for offset under netting arrangements as well as any
related collateral received or pledged by the Portfolio as of October 31, 2015
(Amounts in thousands):
Gross Amounts Not Gross Amounts Not
Offset in the Consolidated Offset in the Consolidated
Statements of Assets Statements of Assets
and Liabilities and Liabilities
-------------------------- ------------------------
Gross Amounts Cash Gross Amounts Cash
of Recognized Financial Collateral Net of Recognized Financial Collateral Net
Description Assets (a) Instruments (b) Received Amount (c) Liabilities (a) Instruments (d) Pledged Amount (e)
----------- ------------- --------------- ---------- ---------- --------------- --------------- ---------- ----------
Assets Liabilities
------------------------------------------------------------------- ---------------------------------------
DFA Commodity Strategy Portfolio
Swap Contracts. $4,423 $(3,609) $-- $814 $5,787 $(3,609) $(2,178)(f) $--
(a)No amounts have been netted against the gross amounts recognized in the
Statements of Assets and Liabilities.
(b)Represents the amount of assets that could be offset by liabilities with the
same counterparty under master netting or similar agreements that management
elects not to offset on the Consolidated Statements of Assets and
Liabilities.
(c)Represents the net amount due from counterparties in the event of default.
(d)Represents the amount of liabilities that could be offset by assets with the
same counterparty under master netting or similar agreements that management
elects not to offset on the Consolidated Statements of Assets and
Liabilities.
(e)Represents the net amount due to counterparties in the event of default.
(f)The actual collateral pledged is greater than the amount shown here due to
overcollateralization.
231
I. Line of Credit and Interfund Lending Program:
The Fund, together with other Dimensional-advised portfolios, has entered
into a $500 million uncommitted, unsecured discretionary line of credit
effective April 1, 2015 with its domestic custodian bank. A line of credit with
similar terms was in effect through March 31, 2015. Each portfolio is permitted
to borrow, subject to its investment limitations, up to a maximum of $500
million, as long as total borrowings under the line of credit do not exceed
$500 million in the aggregate. Borrowings under the line of credit are charged
interest at rates agreed upon by the parties at the time of borrowing. Each
portfolio is individually, and not jointly, liable for its particular advances
under the line of credit. There is no commitment fee on the unused portion of
the line of credit. The agreement for the discretionary line of credit may be
terminated by either party at any time. The agreement for the line of credit
expires on March 30, 2016.
The Fund, together with other Dimensional-advised portfolios, has also
entered into an additional $500 million unsecured line of credit with its
international custodian bank effective January 9, 2015. A line of credit with
similar terms was in effect through January 8, 2015. Each portfolio is
permitted to borrow, subject to its investment limitations, up to a maximum of
$500 million, as long as total borrowings under the line of credit do not
exceed $500 million in the aggregate. Each portfolio is individually, and not
jointly, liable for its particular advances under the line of credit.
Borrowings under the line of credit are charged interest at rates agreed upon
by the parties at the time of borrowing. There is no commitment fee on the
unused portion of the line of credit. The line of credit agreement expires on
January 8, 2016.
There were no borrowings by the Portfolio under the lines of credit during
the year ended October 31, 2015.
Pursuant to an exemptive order issued by the SEC (the "Order"), the
Portfolio may participate in an interfund lending program among certain
portfolios managed by the Advisor (portfolios that operate as feeder funds do
not participate in the program). The program allows the participating
portfolios to borrow money from and loan money to each other for temporary or
emergency purposes, subject to the conditions in the Order. A loan can only be
made through the program if the interfund loan rate on that day is more
favorable to both the borrowing and lending portfolios as compared to rates
available through short-term bank loans or investments in overnight repurchase
agreements and money market funds, respectively, as detailed in the Order.
Further, a portfolio may participate in the program only if and to the extent
that such participation is consistent with its investment objectives and
limitations. Interfund loans have a maximum duration of seven days and may be
called on one business day's notice. The Portfolio did not utilize the
interfund lending program during the year ended October 31, 2015.
J. Indemnitees; Contractual Obligations:
Under the Fund's organizational documents, its officers and directors are
indemnified against certain liabilities arising out of the performance of their
duties to the Fund.
In the normal course of business, the Fund enters into contracts that
contain a variety of representations and warranties which provide general
indemnification. The Fund's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the Fund
and/or its affiliates that have not yet occurred. However, based on experience,
the Fund expects the risk of loss to be remote.
K. Other:
At October 31, 2015, three shareholders held 83% of outstanding shares of
the Portfolio. One or more of the shareholders may be omnibus accounts, which
typically hold shares for the benefit of several other underlying investors.
L. Subsequent Event Evaluations:
Management has evaluated the impact of all subsequent events on the
Portfolio and has determined that there are no subsequent events requiring
recognition or disclosure in the financial statements.
232
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors of DFA Investment Dimensions Group Inc. and
Shareholders of DFA Commodity Strategy Portfolio:
In our opinion, the accompanying consolidated statement of assets and
liabilities, including the consolidated schedule of investments, and the
related consolidated statements of operations and of changes in net assets and
the financial highlights present fairly, in all material respects, the
financial position of DFA Commodity Strategy Portfolio and its subsidiary (one
of the portfolios constituting DFA Investment Dimensions Group Inc., hereafter
referred to as the "Portfolio") at October 31, 2015, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended and the financial highlights for each of
the periods indicated, in conformity with accounting principles generally
accepted in the United States of America. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Portfolio's management. Our responsibility is to express
an opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at October 31, 2015 by correspondence with the
custodian, brokers and the transfer agent of the investee fund, provide a
reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 18, 2015
233
RESULTS OF THE SHAREHOLDER MEETING
(Unaudited)
On May 8, 2015 and June 10, 2015, DFA Investment Dimensions Group Inc.
("DFAIDG") held a Special Joint Meeting of Shareholders for the purpose of
voting on several proposals affecting DFAIDG and the Portfolio, including,
among other items, the election of Directors, the approval of an updated
investment management agreement, and the amendment of certain fundamental
investment limitations. The shareholders of the Portfolio approved each of the
applicable proposals for DFAIDG and the Portfolio presented at the Meeting.
Listed below are the voting results from the Meeting. Please note that not all
Proposals presented at the Meeting were voted on by the Portfolio.
Additionally, the Proposal numbers reflected below correlate to the Proposal
numbers presented for vote at the Meeting.
DFAIDG
Proposal 1: Election of Directors/Trustees*
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
------------- ------- ------ ----------- -------- ----------
(a) David G. Booth........... 9,813,303,615 98.22% 63.03% 178,323,699 1.78% 1.15%
(b) George M. Constantinides. 9,825,715,266 98.34% 63.11% 165,912,043 1.66% 1.07%
(c) John P. Gould............ 9,821,346,669 98.30% 63.09% 170,280,645 1.70% 1.09%
(d) Roger G. Ibbotson........ 9,825,084,982 98.33% 63.11% 166,542,033 1.67% 1.07%
(e) Edward P. Lazear......... 9,824,635,836 98.33% 63.11% 166,991,519 1.67% 1.07%
(f) Eduardo A. Repetto....... 9,836,468,256 98.45% 63.18% 155,159,090 1.55% 1.00%
(g) Myron S. Scholes......... 9,816,729,833 98.25% 63.06% 174,897,480 1.75% 1.12%
(h) Abbie J. Smith........... 9,806,645,531 98.15% 62.99% 184,978,779 1.85% 1.19%
* Results are for all Portfolios within DFAIDG
DFA Commodity Strategy Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
----------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 100,488,767 99.04% 57.87% 969,881 0.96% 0.56%
(b) George M. Constantinides. 100,459,998 99.02% 57.86% 998,650 0.98% 0.58%
(c) John P. Gould............ 100,462,116 99.02% 57.86% 996,532 0.98% 0.57%
(d) Roger G. Ibbotson........ 100,454,316 99.01% 57.85% 1,004,332 0.99% 0.58%
(e) Edward P. Lazear......... 100,487,404 99.04% 57.87% 971,244 0.96% 0.56%
(f) Eduardo A. Repetto....... 100,479,753 99.04% 57.87% 978,895 0.96% 0.56%
(g) Myron S. Scholes......... 100,491,501 99.05% 57.88% 967,147 0.95% 0.56%
(h) Abbie J. Smith........... 100,473,688 99.03% 57.87% 984,960 0.97% 0.57%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- ---------- --------
76,444,079 75.35% 44.03% 748,789 0.74% 0.43% 875,040 0.86% 0.50% 23,390,740 23.05%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- ---------- --------
76,650,721 75.55% 44.14% 585,567 0.58% 0.34% 831,622 0.82% 0.48% 23,390,740 23.05%
234
DIMENSIONAL INVESTMENT GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
DFA INTERNATIONAL VALUE PORTFOLIO -- CLASS R2 VS.
MSCI WORLD EX USA INDEX (NET DIVIDENDS)
April 30, 2008-October 31, 2015
[CHART]
DFA International Value MSCI World ex USA Index
Portfolio - Class R2 (net dividends)
----------------------- ------------------------
4/1/2008 $10,000 $10,000
5/1/2008 10,000 10,152
6/1/2008 9,006 9,362
7/1/2008 8,752 9,029
8/1/2008 8,381 8,680
9/1/2008 7,404 7,427
10/1/2008 5,537 5,882
11/1/2008 5,194 5,563
12/1/2008 5,594 5,856
1/1/2009 4,819 5,310
2/1/2009 4,220 4,772
3/1/2009 4,686 5,087
4/1/2009 5,539 5,743
5/1/2009 6,361 6,469
6/1/2009 6,268 6,402
7/1/2009 7,007 7,003
8/1/2009 7,404 7,339
9/1/2009 7,789 7,641
10/1/2009 7,467 7,519
11/1/2009 7,685 7,705
12/1/2009 7,769 7,828
1/1/2010 7,316 7,461
2/1/2010 7,340 7,453
3/1/2010 7,920 7,933
4/1/2010 7,781 7,815
5/1/2010 6,874 6,952
6/1/2010 6,751 6,852
7/1/2010 7,584 7,485
8/1/2010 7,209 7,261
9/1/2010 7,990 7,958
10/1/2010 8,259 8,241
11/1/2010 7,836 7,892
12/1/2010 8,567 8,528
1/1/2011 8,931 8,712
2/1/2011 9,224 9,035
3/1/2011 8,966 8,854
4/1/2011 9,443 9,336
5/1/2011 9,097 9,059
6/1/2011 8,968 8,930
7/1/2011 8,679 8,783
8/1/2011 7,744 8,040
9/1/2011 6,896 7,233
10/1/2011 7,555 7,936
11/1/2011 7,306 7,569
12/1/2011 7,106 7,487
1/1/2012 7,579 7,891
2/1/2012 7,974 8,325
3/1/2012 7,907 8,263
4/1/2012 7,622 8,123
5/1/2012 6,676 7,197
6/1/2012 7,146 7,669
7/1/2012 7,112 7,764
8/1/2012 7,407 7,986
9/1/2012 7,665 8,228
10/1/2012 7,759 8,286
11/1/2012 7,877 8,460
12/1/2012 8,263 8,716
1/1/2013 8,646 9,144
2/1/2013 8,382 9,053
3/1/2013 8,408 9,125
4/1/2013 8,817 9,541
5/1/2013 8,707 9,327
6/1/2013 8,400 8,978
7/1/2013 8,968 9,455
8/1/2013 8,902 9,333
9/1/2013 9,570 9,993
10/1/2013 9,901 10,328
11/1/2013 9,931 10,391
12/1/2013 10,149 10,548
1/1/2014 9,775 10,122
2/1/2014 10,328 10,675
3/1/2014 10,249 10,627
4/1/2014 10,420 10,794
5/1/2014 10,529 10,961
6/1/2014 10,661 11,117
7/1/2014 10,419 10,919
8/1/2014 10,419 10,928
9/1/2014 9,956 10,479
10/1/2014 9,782 10,312
11/1/2014 9,787 10,439
12/1/2014 9,412 10,092
1/1/2015 9,348 10,056
2/1/2015 10,014 10,657
3/1/2015 9,801 10,479
4/1/2015 10,334 10,933
5/1/2015 10,334 10,838
6/1/2015 10,032 10,530
7/1/2015 9,934 10,697
8/1/2015 9,191 9,917 Past performance is not predictive of
9/1/2015 8,557 9,417 future performance.
10/1/2015 9,216 10,125 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Since would pay on fund distributions or the
Total Return Year Years Inception redemption of fund shares.
------------------------------------------------------------ MSCI data copyright MSCI 2015, all
-5.78% 2.22% -1.08% rights reserved.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
DFA INTERNATIONAL VALUE PORTFOLIO -- INSTITUTIONAL CLASS VS.
MSCI WORLD EX USA INDEX (NET DIVIDENDS)
October 31, 2005-October 31, 2015
[CHART]
DFA International Value MSCI World ex USA Index
Portfolio-Institutional Class (net div.)
----------------------------- -----------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,179 10,265
12/1/2005 10,673 10,741
1/1/2006 11,401 11,420
2/1/2006 11,507 11,382
3/1/2006 11,992 11,743
4/1/2006 12,595 12,304
5/1/2006 12,086 11,837
6/1/2006 12,004 11,822
7/1/2006 12,190 11,932
8/1/2006 12,603 12,271
9/1/2006 12,780 12,262
10/1/2006 13,344 12,746
11/1/2006 13,781 13,126
12/1/2006 14,318 13,502
1/1/2007 14,584 13,584
2/1/2007 14,572 13,693
3/1/2007 15,039 14,044
4/1/2007 15,794 14,683
5/1/2007 16,333 15,009
6/1/2007 16,214 15,024
7/1/2007 15,761 14,816
8/1/2007 15,578 14,602
9/1/2007 16,389 15,432
10/1/2007 17,180 16,102
11/1/2007 16,136 15,473
12/1/2007 15,784 15,182
1/1/2008 14,506 13,813
2/1/2008 14,318 14,063
3/1/2008 14,490 13,863
4/1/2008 15,133 14,633
5/1/2008 15,140 14,855
6/1/2008 13,637 13,700
7/1/2008 13,251 13,212
8/1/2008 12,692 12,702
9/1/2008 11,210 10,868
10/1/2008 8,398 8,607
11/1/2008 7,882 8,140
12/1/2008 8,471 8,569
1/1/2009 7,304 7,770
2/1/2009 6,407 6,983
3/1/2009 7,103 7,443
4/1/2009 8,408 8,403
5/1/2009 9,658 9,466
6/1/2009 9,513 9,368
7/1/2009 10,639 10,248
8/1/2009 11,243 10,739
9/1/2009 11,821 11,182
10/1/2009 11,346 11,002
11/1/2009 11,677 11,275
12/1/2009 11,813 11,454
1/1/2010 11,127 10,917
2/1/2010 11,162 10,906
3/1/2010 12,052 11,608
4/1/2010 11,844 11,435
5/1/2010 10,450 10,173
6/1/2010 10,268 10,026
7/1/2010 11,549 10,953
8/1/2010 10,979 10,626
9/1/2010 12,155 11,645
10/1/2010 12,586 12,060
11/1/2010 11,943 11,549
12/1/2010 13,062 12,479
1/1/2011 13,616 12,748
2/1/2011 14,064 13,220
3/1/2011 13,676 12,956
4/1/2011 14,403 13,661
5/1/2011 13,883 13,256
6/1/2011 13,689 13,067
7/1/2011 13,247 12,852
8/1/2011 11,827 11,765
9/1/2011 10,533 10,584
10/1/2011 11,532 11,613
11/1/2011 11,160 11,076
12/1/2011 10,861 10,956
1/1/2012 11,591 11,547
2/1/2012 12,188 12,182
3/1/2012 12,093 12,092
4/1/2012 11,657 11,887
5/1/2012 10,218 10,531
6/1/2012 10,937 11,221
7/1/2012 10,892 11,361
8/1/2012 11,336 11,685
9/1/2012 11,739 12,040
10/1/2012 11,890 12,125
11/1/2012 12,072 12,380
12/1/2012 12,666 12,754
1/1/2013 13,253 13,381
2/1/2013 12,856 13,248
3/1/2013 12,894 13,353
4/1/2013 13,529 13,961
5/1/2013 13,360 13,648
6/1/2013 12,889 13,137
7/1/2013 13,769 13,836
8/1/2013 13,668 13,658
9/1/2013 14,699 14,623
10/1/2013 15,207 15,113
11/1/2013 15,262 15,206
12/1/2013 15,593 15,435
1/1/2014 15,019 14,812
2/1/2014 15,876 15,620
3/1/2014 15,762 15,550
4/1/2014 16,025 15,796
5/1/2014 16,201 16,040
6/1/2014 16,396 16,268
7/1/2014 16,031 15,978
8/1/2014 16,031 15,991
9/1/2014 15,329 15,334
10/1/2014 15,060 15,090
11/1/2014 15,068 15,276
12/1/2014 14,503 14,768
1/1/2015 14,405 14,715
2/1/2015 15,432 15,595
3/1/2015 15,103 15,334
4/1/2015 15,933 15,998
5/1/2015 15,941 15,859
6/1/2015 15,477 15,408
7/1/2015 15,327 15,652
8/1/2015 14,181 14,512 Past performance is not predictive of
9/1/2015 13,211 13,780 future performance.
10/1/2015 14,220 14,816 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Ten would pay on fund distributions or the
Total Return Year Years Years redemption of fund shares.
------------------------------------------------------------- MSCI data copyright MSCI 2015, all
-5.58% 2.47% 3.58% rights reserved.
--------------------------------------------------------------------------------
235
DIMENSIONAL INVESTMENT GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
U.S. LARGE COMPANY PORTFOLIO VS.
S&P 500 INDEX
October 31, 2005-October 31, 2015
[CHART]
U.S. Large Company
Portfolio S&P 500 Index
------------------ -------------
10/1/2005 $10,000 $10,000
11/1/2005 10,381 10,378
12/1/2005 10,383 10,382
1/1/2006 10,660 10,657
2/1/2006 10,681 10,686
3/1/2006 10,815 10,819
4/1/2006 10,965 10,964
5/1/2006 10,645 10,648
6/1/2006 10,666 10,663
7/1/2006 10,730 10,729
8/1/2006 10,987 10,984
9/1/2006 11,264 11,267
10/1/2006 11,630 11,634
11/1/2006 11,846 11,855
12/1/2006 12,016 12,022
1/1/2007 12,200 12,204
2/1/2007 11,962 11,965
3/1/2007 12,088 12,099
4/1/2007 12,631 12,635
5/1/2007 13,066 13,076
6/1/2007 12,855 12,858
7/1/2007 12,451 12,460
8/1/2007 12,637 12,646
9/1/2007 13,110 13,119
10/1/2007 13,319 13,328
11/1/2007 12,759 12,771
12/1/2007 12,679 12,682
1/1/2008 11,917 11,921
2/1/2008 11,530 11,534
3/1/2008 11,487 11,484
4/1/2008 12,041 12,043
5/1/2008 12,196 12,200
6/1/2008 11,173 11,172
7/1/2008 11,084 11,078
8/1/2008 11,240 11,238
9/1/2008 10,250 10,236
10/1/2008 8,536 8,517
11/1/2008 7,931 7,906
12/1/2008 8,018 7,990
1/1/2009 7,350 7,317
2/1/2009 6,569 6,538
3/1/2009 7,145 7,110
4/1/2009 7,829 7,791
5/1/2009 8,273 8,227
6/1/2009 8,283 8,243
7/1/2009 8,913 8,866
8/1/2009 9,234 9,186
9/1/2009 9,580 9,529
10/1/2009 9,396 9,352
11/1/2009 9,960 9,913
12/1/2009 10,153 10,105
1/1/2010 9,793 9,741
2/1/2010 10,095 10,043
3/1/2010 10,706 10,649
4/1/2010 10,869 10,817
5/1/2010 9,997 9,953
6/1/2010 9,474 9,432
7/1/2010 10,139 10,093
8/1/2010 9,684 9,638
9/1/2010 10,545 10,498
10/1/2010 10,944 10,897
11/1/2010 10,944 10,898
12/1/2010 11,675 11,627
1/1/2011 11,958 11,902
2/1/2011 12,359 12,310
3/1/2011 12,373 12,315
4/1/2011 12,728 12,680
5/1/2011 12,586 12,536
6/1/2011 12,373 12,327
7/1/2011 12,123 12,077
8/1/2011 11,470 11,421
9/1/2011 10,658 10,618
10/1/2011 11,829 11,778
11/1/2011 11,793 11,752
12/1/2011 11,921 11,872
1/1/2012 12,450 12,404
2/1/2012 12,980 12,941
3/1/2012 13,415 13,367
4/1/2012 13,330 13,283
5/1/2012 12,521 12,484
6/1/2012 13,039 12,999
7/1/2012 13,221 13,179
8/1/2012 13,512 13,476
9/1/2012 13,861 13,825
10/1/2012 13,605 13,569
11/1/2012 13,691 13,648
12/1/2012 13,806 13,772
1/1/2013 14,520 14,486
2/1/2013 14,717 14,682
3/1/2013 15,270 15,233
4/1/2013 15,566 15,526
5/1/2013 15,924 15,890
6/1/2013 15,717 15,676
7/1/2013 16,510 16,474
8/1/2013 16,027 15,997
9/1/2013 16,531 16,498
10/1/2013 17,292 17,257
11/1/2013 17,816 17,783
12/1/2013 18,270 18,233
1/1/2014 17,630 17,603
2/1/2014 18,446 18,408
3/1/2014 18,596 18,563
4/1/2014 18,734 18,700
5/1/2014 19,162 19,139
6/1/2014 19,557 19,534
7/1/2014 19,291 19,265
8/1/2014 20,063 20,035
9/1/2014 19,778 19,754
10/1/2014 20,261 20,237
11/1/2014 20,807 20,781
12/1/2014 20,742 20,729
1/1/2015 20,116 20,107
2/1/2015 21,279 21,262
3/1/2015 20,941 20,926
4/1/2015 21,133 21,127
5/1/2015 21,403 21,398
6/1/2015 20,995 20,984
7/1/2015 21,433 21,424
8/1/2015 20,144 20,131 Past performance is not predictive of
9/1/2015 19,645 19,633 future performance.
10/1/2015 21,292 21,289 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Ten would pay on fund distributions or the
Total Return Year Years Years redemption of fund shares.
------------------------------------------- The S&P data are provided by Standard
5.09% 14.24% 7.85% & Poor's Index Services Group.
--------------------------------------------------------------------------------
236
DIMENSIONAL INVESTMENT GROUP INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Unaudited)
International Equity Market Review 12 Months Ended October 31, 2015
Performance of non-U.S. developed markets was varied for the period.
Small-cap stocks and growth stocks had positive returns while large-cap stocks
and value stocks had negative returns. As measured by the MSCI World ex USA
indices, small-cap stocks outperformed large-cap stocks, and growth stocks
outperformed value stocks.
12 Months Ended October 31, 2015
--------------------------------
Return in U.S. Dollars
- ----------------------
MSCI World ex USA Index........... -1.81%
MSCI World ex USA Small Cap Index. 4.66%
MSCI World ex USA Value Index..... -5.92%
MSCI World ex USA Growth Index.... 2.33%
During the period, the U.S. dollar (USD) appreciated against most developed
markets currencies, decreasing USD-denominated returns in developed markets.
12 Months Ended October 31, 2015
--------------------------------
Ten Largest Foreign Developed Markets by Market Cap Local Return Return in U.S. Dollars
--------------------------------------------------- ------------ ----------------------
United Kingdom.................... 0.01% -3.45%
Japan............................. 17.41% 9.07%
Canada............................ -5.27% -18.37%
France............................ 18.69% 4.64%
Switzerland....................... 3.70% 1.25%
Germany........................... 16.20% 2.45%
Australia......................... -2.25% -20.66%
Spain............................. 0.50% -11.40%
Hong Kong......................... -1.73% -1.67%
Sweden............................ 9.47% -4.59%
----------
Source: Returns are of MSCI standard indices net of foreign withholding taxes
on dividends. Copyright MSCI 2015, all rights reserved.
Emerging markets had weaker performance over the period than non-U.S.
developed markets. As measured by the MSCI emerging markets indices, small-cap
stocks outperformed large-cap stocks, and growth stocks outperformed value
stocks.
12 Months Ended October 31, 2015
--------------------------------
Return in U.S. Dollars
- ----------------------
MSCI Emerging Markets Index........... -14.53%
MSCI Emerging Markets Small Cap Index. -8.61%
MSCI Emerging Markets Value Index..... -17.62%
MSCI Emerging Markets Growth Index.... -11.50%
During the period, the U.S. dollar (USD) appreciated against most emerging
markets currencies, decreasing USD-denominated returns in emerging markets.
237
12 Months Ended October 31, 2015
--------------------------------
Ten Largest Emerging Markets by Market Cap Local Return Return in U.S. Dollars
------------------------------------------ ------------ ----------------------
China........................ -0.76% -0.70%
Korea........................ -0.03% -6.28%
Taiwan....................... -2.50% -8.65%
India........................ -2.15% -8.06%
South Africa................. 7.82% -13.73%
Brazil....................... -15.36% -45.97%
Mexico....................... 0.26% -18.22%
Russia....................... 8.87% -20.92%
Malaysia..................... -8.60% -30.02%
Indonesia.................... -12.35% -22.61%
----------
Source: Returns are of MSCI standard indices net of foreign withholding taxes
on dividends. Copyright MSCI 2015, all rights reserved.
Master-Feeder Structure
Certain portfolios described below, called "Feeder Funds," do not buy
individual securities directly; instead, these portfolios invest in
corresponding funds called "Master Funds." Master Funds, in turn, purchase
stocks and/or other securities.
International Equity Portfolio Performance Overview
DFA International Value Portfolio
The DFA International Value Portfolio is designed to capture the returns of
international large-cap value stocks by purchasing shares of The DFA
International Value Series, a Master Fund that invests in such stocks. Value is
measured primarily by book-to-market ratio. The investment strategy is process
driven, emphasizing broad diversification. As of October 31, 2015, the Master
Fund held approximately 520 securities in 22 eligible developed countries. In
general, cash exposure was low throughout the year with an average cash balance
of less than 1% of the Master Fund's assets.
For the 12 months ending October 31, 2015, total returns were -5.78% for the
Portfolio's Class R2 shares, -5.58% for the Portfolio's Institutional Class
shares, and -1.81% for the MSCI World ex USA Index (net dividends). As a result
of the Master Fund's diversified investment approach, performance was
determined principally by broad trends in international equity markets rather
than the behavior of a limited number of stocks. The Master Fund had
significantly greater exposure than the Index to value stocks. Value stocks
generally underperformed during the period, which detracted from the
Portfolio's relative performance. Differences in the valuation timing and
methodology between the Master Fund and the Index generally detracted from the
Portfolio's relative performance. The Master Fund prices foreign exchange rates
at the closing of the U.S. markets while the Index uses rates at 4 p.m. London
time. The Master Fund also may use fair value pricing to price certain
portfolio securities at the closing of the U.S. markets while the Index uses
local market closing prices.
U.S. Equity Market Review 12 Months Ended October 31, 2015
U.S. equities had positive returns during the period. The broad U.S. equity
market, as measured by the Russell 3000(R) Index, gained approximately 4.5%.
Large-cap stocks outperformed small-cap stocks as measured by the Russell
indices.
Total Return for 12 Months Ended October 31, 2015
-------------------------------------------------
Russell 3000(R) Index........................ 4.49%
Russell Microcap(R) Index (micro-cap stocks). 0.82%
Russell 2000(R) Index (small-cap stocks)..... 0.34%
Russell 1000(R) Index (large-cap stocks)..... 4.86%
Dow Jones U.S. Select REIT Index/SM/......... 6.87%
238
Growth stocks outperformed value stocks as measured by the Russell indices.
Total Return for 12 Months Ended October 31, 2015
-------------------------------------------------
Russell 2000(R) Value Index (small cap value stocks)... -2.88%
Russell 2000(R) Growth Index (small cap growth stocks). 3.52%
Russell 1000(R) Value Index (large cap value stocks)... 0.53%
Russell 1000(R) Growth Index (large cap growth stocks). 9.18%
----------
Source: Russell data copyright (C) Russell Investment Group 1995-2015, all
rights reserved.
Dimensional Fund Advisors LP ("Dimensional" or the "Advisor") believes that
among the most important factors explaining differences in the behavior of
diversified equity portfolios are the market capitalization and value/growth
characteristics of the portfolios' holdings. Value characteristics are a
function of stock price relative to one or more fundamental characteristics
such as book value, earnings, or dividends.
For many Dimensional U.S. equity portfolios, differences in returns over the
period were primarily attributable to differences in value/growth and size
characteristics as well as the exclusion of REIT securities from most
Dimensional portfolios and the exclusion of securities of highly regulated
utilities from most value strategies. For many portfolios, the construction
approach used by Dimensional generally resulted in portfolios with greater
weight in value, small-cap, and/or micro-cap companies relative to widely used
benchmarks.
U.S. Large Company Portfolio
The U.S. Large Company Portfolio seeks to approximate the returns of the S&P
500(R) Index by investing in S&P 500(R) Index securities in approximately the
same proportions as they are represented in the Index. In addition to
individual stocks, the Portfolio uses futures to gain market exposure for
uninvested cash. In general, cash exposure was low throughout the year with an
average cash balance of less than 1% of the Portfolio's assets.
For the 12 months ended October 31, 2015, the total return was 5.09% for the
Portfolio and 5.20% for the S&P 500(R) Index. The Portfolio's return is net of
fees and expenses. The impact of fees and expenses was primarily responsible
for the performance difference.
239
DIMENSIONAL INVESTMENT GROUP INC.
DISCLOSURE OF FUND EXPENSES
(Unaudited)
The following Expense Tables are shown so that you can understand the impact
of fees on your investment. All mutual funds have operating expenses. As a
shareholder of the fund, you incur ongoing costs, which include costs for
portfolio management, administrative services, and shareholder reports, among
others. Operating expenses, legal and audit services, which are deducted from a
fund's gross income, directly reduce the investment return of the fund. A
fund's expenses are expressed as a percentage of its average net assets. This
figure is known as the expense ratio. The following examples are intended to
help you understand the ongoing costs, in dollars, of investing in the fund and
to compare these costs with those of other mutual funds. The examples are based
on an investment of $1,000 made at the beginning of the period shown and held
for the entire period.
The Expense Tables below illustrate your fund's costs in two ways.
Actual Fund Return
This section helps you to estimate the actual expenses after fee waivers
that you paid over the period. The "Ending Account Value" shown is derived
from the fund's actual return and "Expenses Paid During Period" reflect
the dollar amount that would have been paid by an investor who started
with $1,000 in the fund. You may use the information here, together with
the amount you invested, to estimate the expenses that you paid over the
period.
To do so, simply divide your account value by $1,000 (for example, a
$7,500 account value divided by $1,000 = 7.5), then multiply the result by
the number given for your fund under the heading "Expenses Paid During
Period."
Hypothetical Example for Comparison Purposes
This section is intended to help you compare your fund's costs with those
of other mutual funds. The hypothetical "Ending Account Value" and
"Expenses Paid During Period" are derived from the fund's actual expense
ratio and an assumed 5% annual return before expenses. In this case,
because the return used is not the fund's actual return, the results do
not apply to your investment. The example is useful in making comparisons
because the SEC requires all mutual funds to calculate expenses based on a
5% annual return. You can assess your fund's costs by comparing this
hypothetical example with the hypothetical examples that appear in
shareholder reports of other funds.
Please note that the expenses shown in the tables are meant to highlight and
help you compare ongoing costs only and do not reflect any transactional costs,
if applicable. The "Annualized Expense Ratio" represents the actual expenses
for the six-month period indicated.
Six Months Ended October 31, 2015
EXPENSE TABLES
Beginning Ending Expenses
Account Account Annualized Paid
Value Value Expense During
05/01/15 10/31/15 Ratio* Period*
--------- --------- ---------- --------
DFA International Value Portfolio**
-----------------------------------
Actual Fund Return
Class R2 Shares.................... $1,000.00 $ 891.80 0.69% $3.29
Institutional Class Shares......... $1,000.00 $ 892.50 0.44% $2.10
Hypothetical 5% Annual Return
Class R2 Shares.................... $1,000.00 $1,021.73 0.69% $3.52
Institutional Class Shares......... $1,000.00 $1,022.99 0.44% $2.24
240
DISCLOSURE OF FUND EXPENSES
CONTINUED
Beginning Ending Expenses
Account Account Annualized Paid
Value Value Expense During
05/01/15 10/31/15 Ratio* Period*
--------- --------- ---------- --------
U.S. Large Company Portfolio
----------------------------
Actual Fund Return............ $1,000.00 $1,007.50 0.08% $0.40
Hypothetical 5% Annual Return. $1,000.00 $1,024.80 0.08% $0.41
----------
* Expenses are equal to the fund's annualized expense ratio for the six-month
period, multiplied by the average account value over the period, multiplied
by the number of days in the most recent six-month period (184), then divided
by the number of days in the year (365) to reflect the six-month period.
**The Portfolio is a Feeder Fund. The expenses shown reflect the direct
expenses of the Feeder Fund and the indirect payment of the Feeder Fund's
portion of the expenses of its Master Fund (Affiliated Investment Company).
241
DIMENSIONAL INVESTMENT GROUP INC.
DISCLOSURE OF PORTFOLIO HOLDINGS
(Unaudited)
The SEC requires that all funds file a complete Schedule of Investments with
the SEC for their first and third fiscal quarters on Form N-Q. For Dimensional
Investment Group Inc., this would be for the fiscal quarters ending January 31
and July 31. The Form N-Q filing must be made within 60 days of the end of the
quarter. Dimensional Investment Group Inc. filed its most recent Form N-Q with
the SEC on September 29, 2015. They are available upon request, without charge,
by calling collect: (512) 306-7400 or by mailing a request to Dimensional Fund
Advisors LP, 6300 Bee Cave Road, Building One, Austin, Texas 78746, or by
visiting the SEC's website at http://www.sec.gov, or they may be reviewed and
copied at the SEC's Public Reference Room in Washington, D.C.
(call 1-800-732-0330 for information on the operation of the Public Reference
Room).
SEC regulations permit a fund to include in its reports to shareholders a
"Summary Schedule of Portfolio Holdings" in lieu of a full Schedule of
Investments. The Summary Schedule of Portfolio Holdings reports the fund's 50
largest holdings in unaffiliated issuers and any investments that exceed one
percent of the fund's net assets at the end of the reporting period. The
amendments also require that the Summary Schedule of Portfolio Holdings
identify each category of investments that are held.
A fund is required to file a complete Schedule of Investments with the SEC
on Form N-CSR within ten days after mailing the annual and semi-annual reports
to shareholders. It will be available upon request, without charge, by calling
collect: (512) 306-7400 or by mailing a request to Dimensional Fund Advisors
LP, 6300 Bee Cave Road, Building One, Austin, Texas 78746, or by visiting the
SEC's website at http://www.sec.gov, or they may be reviewed and copied at the
SEC's Public Reference Room in Washington, D.C. (call 1-800-732-0330 for
information on the operation of the Public Reference Room).
PORTFOLIO HOLDINGS
The SEC requires that all funds present their categories of portfolio
holdings in a table, chart or graph format in their annual and semi-annual
shareholder reports, whether or not a Schedule of Investments is utilized. The
following table, which presents portfolio holdings as a percent of total
investments before short-term investments and collateral for loaned securities,
is provided in compliance with such requirement.
The categories of industry classification for the Affiliated Investment
Company are represented in its Disclosure of Portfolio Holdings, which is
included elsewhere within the report. Refer to the Summary Schedule of
Portfolio Holdings for the underlying Affiliated Investment Company's holdings
which reflect the investments by category.
FEEDER FUND
Affiliated Investment Company
-----------------------------
DFA International Value Portfolio. 100.0%
DOMESTIC EQUITY PORTFOLIO
U.S. Large Company Portfolio
Consumer Discretionary....................... 13.2%
Consumer Staples............................. 9.7%
Energy....................................... 7.1%
Financials................................... 13.6%
Health Care.................................. 14.6%
Industrials.................................. 10.2%
Information Technology....................... 20.8%
Materials.................................... 2.9%
Real Estate Investment Trusts................ 2.6%
Telecommunication Services................... 2.4%
Utilities.................................... 2.9%
-----
100.0%
242
DFA INTERNATIONAL VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2015
Value+
--------------
AFFILIATED INVESTMENT COMPANY -- (100.0%)
Investment in The DFA International Value Series of
The DFA Investment Trust Company..................... $6,804,066,681
--------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY
(Cost $6,822,176,914)............................. $6,804,066,681
==============
Summary of the Portfolio's Master Fund's investments as of October 31, 2015,
based on their valuation inputs, is located within this report (See Master
Fund's Security Valuation Note).
See accompanying Notes to Financial Statements.
243
U.S. LARGE COMPANY PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
COMMON STOCKS -- (94.3%)
Consumer Discretionary -- (12.4%)
* Amazon.com, Inc................... 121,224 $ 75,874,102 1.3%
Comcast Corp. Class A............. 668,443 41,857,901 0.7%
Home Depot, Inc. (The)............ 405,880 50,183,003 0.9%
McDonald's Corp................... 297,688 33,415,478 0.6%
NIKE, Inc. Class B................ 214,269 28,075,667 0.5%
Starbucks Corp.................... 469,127 29,353,276 0.5%
Walt Disney Co. (The)............. 490,819 55,825,753 1.0%
Other Securities.................. 447,404,205 7.6%
------------ -----
Total Consumer Discretionary.......... 761,989,385 13.1%
------------ -----
Consumer Staples -- (9.1%)
Altria Group, Inc................. 619,738 37,475,557 0.6%
Coca-Cola Co. (The)............... 1,237,457 52,406,304 0.9%
CVS Health Corp................... 352,268 34,797,033 0.6%
PepsiCo, Inc...................... 464,320 47,448,861 0.8%
Philip Morris International, Inc.. 489,668 43,286,651 0.7%
Procter & Gamble Co. (The)........ 857,388 65,487,295 1.1%
Wal-Mart Stores, Inc.............. 498,797 28,551,140 0.5%
Other Securities.................. 252,221,401 4.5%
------------ -----
Total Consumer Staples................ 561,674,242 9.7%
------------ -----
Energy -- (6.7%)
Chevron Corp...................... 594,780 54,053,606 0.9%
Exxon Mobil Corp.................. 1,317,882 109,041,557 1.9%
Schlumberger, Ltd................. 399,984 31,262,749 0.5%
Other Securities.................. 217,633,823 3.8%
------------ -----
Total Energy.......................... 411,991,735 7.1%
------------ -----
Financials -- (12.8%)
Bank of America Corp.............. 3,308,905 55,523,426 1.0%
* Berkshire Hathaway, Inc. Class B.. 592,145 80,543,563 1.4%
Citigroup, Inc.................... 951,354 50,583,492 0.9%
JPMorgan Chase & Co............... 1,168,888 75,101,054 1.3%
Wells Fargo & Co.................. 1,476,526 79,939,118 1.4%
Other Securities.................. 444,909,043 7.5%
------------ -----
Total Financials...................... 786,599,696 13.5%
------------ -----
Health Care -- (13.7%)
AbbVie, Inc....................... 523,201 31,156,620 0.5%
* Allergan P.L.C.................... 124,421 38,380,146 0.7%
Amgen, Inc........................ 239,668 37,910,684 0.7%
Bristol-Myers Squibb Co........... 527,066 34,760,003 0.6%
* Celgene Corp...................... 249,874 30,662,038 0.5%
Gilead Sciences, Inc.............. 463,882 50,159,561 0.9%
Johnson & Johnson................. 875,261 88,427,619 1.5%
Medtronic P.L.C................... 446,998 33,042,092 0.6%
Merck & Co., Inc.................. 890,284 48,662,923 0.8%
Pfizer, Inc....................... 1,949,380 65,928,032 1.1%
UnitedHealth Group, Inc........... 301,403 35,499,245 0.6%
Other Securities.................. 350,259,076 6.0%
------------ -----
Total Health Care..................... 844,848,039 14.5%
------------ -----
244
U.S. LARGE COMPANY PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
Industrials -- (9.6%)
3M Co.............................................. 197,470 $ 31,044,259 0.5%
# Boeing Co. (The)................................... 201,889 29,893,704 0.5%
General Electric Co................................ 3,191,286 92,291,991 1.6%
Other Securities................................... 436,997,169 7.6%
-------------- ------
Total Industrials........................................ 590,227,123 10.2%
-------------- ------
Information Technology -- (19.7%)
* Alphabet, Inc. Class A............................. 91,627 67,564,834 1.1%
* Alphabet, Inc. Class C............................. 93,490 66,453,627 1.1%
Apple, Inc......................................... 1,802,520 215,401,140 3.7%
Cisco Systems, Inc................................. 1,607,551 46,377,846 0.8%
* Facebook, Inc. Class A............................. 714,259 72,832,990 1.2%
Intel Corp......................................... 1,502,648 50,879,661 0.9%
International Business Machines Corp............... 284,842 39,900,667 0.7%
MasterCard, Inc. Class A........................... 315,447 31,226,099 0.5%
Microsoft Corp..................................... 2,528,007 133,074,289 2.3%
Oracle Corp........................................ 1,027,913 39,924,141 0.7%
QUALCOMM, Inc...................................... 496,627 29,509,576 0.5%
# Visa, Inc. Class A................................. 616,796 47,851,034 0.8%
Other Securities................................... 366,789,748 6.5%
-------------- ------
Total Information Technology............................. 1,207,785,652 20.8%
-------------- ------
Materials -- (2.8%)
Other Securities................................... 170,817,708 3.0%
-------------- ------
Real Estate Investment Trusts -- (2.5%)
Other Securities................................... 151,353,159 2.6%
-------------- ------
Telecommunication Services -- (2.2%)
AT&T, Inc.......................................... 1,944,212 65,150,544 1.1%
Verizon Communications, Inc........................ 1,285,086 60,244,832 1.1%
Other Securities................................... 11,559,523 0.2%
-------------- ------
Total Telecommunication Services......................... 136,954,899 2.4%
-------------- ------
Utilities -- (2.8%)
Other Securities................................... 170,028,291 2.9%
-------------- ------
TOTAL COMMON STOCKS...................................... 5,794,269,929 99.8%
-------------- ------
TOTAL INVESTMENT SECURITIES.............................. 5,794,269,929
--------------
TEMPORARY CASH INVESTMENTS -- (0.1%)
State Street Institutional Liquid Reserves, 0.140%. 6,681,027 6,681,027 0.1%
-------------- ------
SECURITIES LENDING COLLATERAL -- (5.6%)
(S)@ DFA Short Term Investment Fund..................... 29,734,142 344,024,017 5.9%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $3,253,320,307)................................ $6,144,974,973 105.8%
============== ======
245
U.S. LARGE COMPANY PORTFOLIO
CONTINUED
Summary of the Portfolio's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
--------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------- ------------ ------- --------------
Common Stocks
Consumer Discretionary........ $ 761,989,385 -- -- $ 761,989,385
Consumer Staples.............. 561,674,242 -- -- 561,674,242
Energy........................ 411,991,735 -- -- 411,991,735
Financials.................... 786,599,696 -- -- 786,599,696
Health Care................... 844,848,039 -- -- 844,848,039
Industrials................... 590,227,123 -- -- 590,227,123
Information Technology........ 1,207,785,652 -- -- 1,207,785,652
Materials..................... 170,817,708 -- -- 170,817,708
Real Estate Investment Trusts. 151,353,159 -- -- 151,353,159
Telecommunication Services.... 136,954,899 -- -- 136,954,899
Utilities..................... 170,028,291 -- -- 170,028,291
Temporary Cash Investments...... 6,681,027 -- -- 6,681,027
Securities Lending Collateral... -- $344,024,017 -- 344,024,017
Futures Contracts**............. 258,734 -- -- 258,734
-------------- ------------ -- --------------
TOTAL........................... $5,801,209,690 $344,024,017 -- $6,145,233,707
============== ============ == ==============
**Not reflected in the Summary Schedule of Portfolio Holdings, valued at the
unrealized appreciation/(depreciation) on the investment. (Note H)
See accompanying Notes to Financial Statements.
246
DIMENSIONAL INVESTMENT GROUP INC.
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2015
(Amounts in thousands, except share and per share amounts)
DFA U.S. Large
International Company
Value Portfolio Portfolio*
--------------- ------------
ASSETS:
Investments in Affiliated Investment Company at Value................................ $ 6,804,067 --
Investments at Value (including $0 and $528,878 of securities on loan, respectively). -- $ 5,794,270
Temporary Cash Investments at Value & Cost........................................... -- 6,681
Collateral from Securities on Loan Invested in Affiliate at Value & Cost............. -- 344,024
Segregated Cash for Futures Contracts................................................ -- 745
Cash................................................................................. -- 3,433
Receivables:
Dividends, Interest and Tax Reclaims............................................... -- 6,763
Securities Lending Income.......................................................... -- 66
Fund Shares Sold................................................................... 7,118 2,201
Prepaid Expenses and Other Assets.................................................. 76 69
-------------- ------------
Total Assets.................................................................... 6,811,261 6,158,252
-------------- ------------
LIABILITIES:
Payables:
Upon Return of Securities Loaned................................................... -- 344,024
Fund Shares Redeemed............................................................... 3,885 2,810
Due to Advisor..................................................................... 1,149 21
Futures Margin Variation........................................................... -- 76
Accrued Expenses and Other Liabilities............................................... 342 578
-------------- ------------
Total Liabilities............................................................... 5,376 347,509
-------------- ------------
NET ASSETS........................................................................... $ 6,805,885 $ 5,810,743
============== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE:
Class R2 Shares -- based on net assets of $10,404 and $0 and shares outstanding of
614,669 and 0, respectively......................................................... $ 16.93 N/A
============== ============
NUMBER OF SHARES AUTHORIZED.......................................................... 100,000,000 N/A
============== ============
Institutional Class Shares -- based on net assets of $6,795,481 and $5,810,743 and
shares outstanding of 401,523,749 and 353,808,210, respectively..................... $ 16.92 $ 16.42
============== ============
NUMBER OF SHARES AUTHORIZED.......................................................... 1,500,000,000 900,000,000
============== ============
Investments in Affiliated Investment Companies at Cost............................... $ 6,822,177 $ --
-------------- ------------
Investments at Cost.................................................................. $ -- $ 2,902,615
============== ============
NET ASSETS CONSIST OF:
Paid-In Capital...................................................................... $ 7,101,251 $ 3,032,515
Undistributed Net Investment Income (Distributions in Excess of Net Investment
Income)............................................................................. 27,926 10,643
Accumulated Net Realized Gain (Loss)................................................. (304,989) (124,327)
Net Unrealized Foreign Exchange Gain (Loss).......................................... (193) --
Net Unrealized Appreciation (Depreciation)........................................... (18,110) 2,891,912
-------------- ------------
NET ASSETS........................................................................... $ 6,805,885 $ 5,810,743
============== ============
----------
* See Note J in the Notes to Financial Statements for additional securities
lending collateral.
See accompanying Notes to Financial Statements.
247
DIMENSIONAL INVESTMENT GROUP INC.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2015
(Amounts in thousands)
DFA
International U.S. Large
Value Company
Portfolio* Portfolio
------------- ----------
Investment Income
Net Investment Income Allocated from Affiliated Investment Companies:
Dividends (Net of Foreign Taxes Withheld of $19,467 and $0, respectively)................. $ 241,687 --
Income from Securities Lending............................................................ 6,887 --
Expenses Allocated from Affiliated Investment Company..................................... (15,416) --
--------- --------
Total Net Investment Income Received from Affiliated Investment Companies.............. 233,158 --
--------- --------
Fund Investment Income
Dividends (Net of Foreign Taxes Withheld of $0 and $9, respectively)...................... -- $120,383
Income from Securities Lending............................................................ -- 600
--------- --------
Total Investment Income................................................................ -- 120,983
--------- --------
Expenses
Investment Advisory Services Fees......................................................... 7,652 3,413
Administrative Services Fees.............................................................. 10,266 --
Accounting & Transfer Agent Fees.......................................................... 44 324
S&P 500(R) Fees........................................................................... -- 103
Custodian Fees............................................................................ -- 91
Shareholder Servicing Fees -- Class R2 Shares............................................. 27 --
Filing Fees............................................................................... 167 75
Shareholders' Reports..................................................................... 284 141
Directors'/Trustees' Fees & Expenses...................................................... 34 28
Professional Fees......................................................................... 22 477
Other..................................................................................... 394 377
--------- --------
Total Expenses......................................................................... 18,890 5,029
--------- --------
Fees (Waived), (Expenses Reimbursed), and/or Previously Waived Fees Recovered by Advisor
(Note C)................................................................................. (3,826) (478)
--------- --------
Net Expenses.............................................................................. 15,064 4,551
--------- --------
Net Investment Income (Loss).............................................................. 218,094 116,432
--------- --------
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold**............................................................ 185,379 174,452
Futures................................................................................. -- 2,961
Foreign Currency Transactions........................................................... (4,394) --
In-Kind Redemptions..................................................................... -- 70,875
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency.............................................. (768,572) (67,093)
Futures................................................................................. -- (2,353)
Translation of Foreign Currency Denominated Amounts..................................... 490 --
--------- --------
Net Realized and Unrealized Gain (Loss)................................................... (587,097) 178,842
--------- --------
Net Increase (Decrease) in Net Assets Resulting from Operations............................. $(369,003) $295,274
========= ========
----------
* Investment Income and Realized and Unrealized Gain (Loss) were allocated from
the Portfolio's Master Fund (Affiliated Investment Company).
**Net of foreign capital gain taxes withheld of $0 and $0, respectively.
See accompanying Notes to Financial Statements.
248
DIMENSIONAL INVESTMENT GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
DFA International Value U.S. Large Company
Portfolio Portfolio
------------------------ ----------------------
Year Year Year Year
Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2015 2014
----------- ----------- ---------- ----------
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss).................................. $ 218,094 $ 299,034 $ 116,432 $ 103,372
Net Realized Gain (Loss) on:
Investment Securities Sold*................................. 185,379 130,787 174,452 90,274
Futures..................................................... -- -- 2,961 12,101
Foreign Currency Transactions............................... (4,394) (1,306) -- --
In-Kind Redemptions......................................... -- -- 70,875 --
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency.................. (768,572) (506,381) (67,093) 634,795
Futures..................................................... -- (25) (2,353) 345
Translation of Foreign Currency Denominated Amounts......... 490 (1,031) -- --
----------- ----------- ---------- ----------
Net Increase (Decrease) in Net Assets Resulting from
Operations................................................ (369,003) (78,922) 295,274 840,887
----------- ----------- ---------- ----------
Distributions From:
Net Investment Income:
Class R2 Shares............................................. (293) (347) -- --
Institutional Class Shares.................................. (210,745) (295,058) (110,940) (102,736)
----------- ----------- ---------- ----------
Total Distributions........................................ (211,038) (295,405) (110,940) (102,736)
----------- ----------- ---------- ----------
Capital Share Transactions (1):
Shares Issued................................................. 1,877,719 1,652,421 1,080,396 787,937
Shares Issued in Lieu of Cash Distributions................... 204,539 286,790 95,812 89,598
Shares Redeemed............................................... (1,698,746) (1,090,342) 1,218,173 (864,648)
----------- ----------- ---------- ----------
Net Increase (Decrease) from Capital Share Transactions.... 383,512 848,869 (41,965) 12,887
----------- ----------- ---------- ----------
Total Increase (Decrease) in Net Assets.................... (196,529) 474,542 142,368 751,038
Net Assets
Beginning of Year............................................. 7,002,414 6,527,872 5,668,374 4,917,336
----------- ----------- ---------- ----------
End of Year................................................... $ 6,805,885 $ 7,002,414 $5,810,743 $5,668,374
=========== =========== ========== ==========
(1) Shares Issued and Redeemed:
Shares Issued................................................. 105,639 84,840 66,846 52,855
Shares Issued in Lieu of Cash Distributions................... 11,317 14,488 6,038 6,016
Shares Redeemed............................................... (93,840) (55,963) (74,737) (57,748)
----------- ----------- ---------- ----------
Net Increase (Decrease) from Shares Issued and
Redeemed.................................................. 23,116 43,365 (1,853) 1,123
=========== =========== ========== ==========
Undistributed Net Investment Income (Distributions in Excess
of Net Investment Income)...................................... $ 27,926 $ 22,455 $ 10,643 $ 10,292
----------
* Net of foreign capital gain taxes withheld of $0, $0, $0 and $0, respectively.
See accompanying Notes to Financial Statements.
249
DIMENSIONAL INVESTMENT GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
DFA International Value Portfolio-Class R2 Shares
--------------------------------------------
Year
Year Year Ended Year Year
Ended Ended Oct. Ended Ended
Oct. 31, Oct. 31, 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
----------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Year................................. $ 18.48 $ 19.46 $15.72 $15.83 $ 17.82
------- ------- ------ ------ -------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)................................. 0.51 0.74 0.49 0.51 0.53
Net Gains (Losses) on Securities (Realized and Unrealized)....... (1.55) (0.93) 3.77 (0.13) (2.00)
------- ------- ------ ------ -------
Total from Investment Operations................................ (1.04) (0.19) 4.26 0.38 (1.47)
----------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income............................................ (0.51) (0.79) (0.52) (0.49) (0.52)
------- ------- ------ ------ -------
Total Distributions............................................. (0.51) (0.79) (0.52) (0.49) (0.52)
----------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Year....................................... $ 16.93 $ 18.48 $19.46 $15.72 $ 15.83
=================================================================== ======== ======== ====== ======== ========
Total Return....................................................... (5.78)% (1.21)% 27.61% 2.70% (8.53)%
----------------------------------------------------------------------------------------------------------------------
Net Assets, End of Year (thousands)................................ $10,404 $11,200 $5,517 $6,407 $ 6,102
Ratio of Expenses to Average Net Assets (B)........................ 0.68% 0.68% 0.69% 0.71% 0.71%
Ratio of Expenses to Average Net Assets (Excluding Fees (Waived),
(Expenses Reimbursed), and/or Previously Waived Fees Recovered by
Advisor).......................................................... 0.73% 0.68% 0.69% 0.71% 0.71%
Ratio of Net Investment Income to Average Net Assets............... 2.81% 3.79% 2.84% 3.33% 2.97%
----------------------------------------------------------------------------------------------------------------------
DFA International Value Portfolio-Institutional Class Shares
------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
----------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Year................................. $ 18.47 $ 19.45 $ 15.72 $ 15.83 $ 17.81
---------- ---------- ---------- ---------- ----------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)................................. 0.56 0.84 0.52 0.54 0.58
Net Gains (Losses) on Securities (Realized and Unrealized)....... (1.56) (0.98) 3.78 (0.12) (1.99)
---------- ---------- ---------- ---------- ----------
Total from Investment Operations................................ (1.00) (0.14) 4.30 0.42 (1.41)
----------------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income............................................ (0.55) (0.84) (0.57) (0.53) (0.57)
---------- ---------- ---------- ---------- ----------
Total Distributions............................................. (0.55) (0.84) (0.57) (0.53) (0.57)
----------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Year....................................... $ 16.92 $ 18.47 $ 19.45 $ 15.72 $ 15.83
=================================================================== ========== ========== ========== ========== ==========
Total Return....................................................... (5.58)% (0.97)% 27.90% 2.98% (8.26)%
----------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Year (thousands)................................ $6,795,481 $6,991,214 $6,522,355 $5,480,888 $5,287,323
Ratio of Expenses to Average Net Assets (B)........................ 0.43% 0.43% 0.43% 0.45% 0.45%
Ratio of Expenses to Average Net Assets (Excluding Fees (Waived),
(Expenses Reimbursed), and/or Previously Waived Fees Recovered by
Advisor).......................................................... 0.49% 0.43% 0.43% 0.45% 0.45%
Ratio of Net Investment Income to Average Net Assets............... 3.10% 4.29% 3.00% 3.54% 3.26%
----------------------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
250
DIMENSIONAL INVESTMENT GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
U.S. Large Company Portfolio
----------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Year.......................... $ 15.94 $ 13.87 $ 11.15 $ 9.90 $ 9.34
---------- ---------- ---------- ---------- ----------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)........................... 0.33 0.29 0.27 0.22 0.19
Net Gains (Losses) on Securities (Realized and Unrealized). 0.47 2.07 2.71 1.25 0.56
---------- ---------- ---------- ---------- ----------
Total from Investment Operations......................... 0.80 2.36 2.98 1.47 0.75
------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income...................................... (0.32) (0.29) (0.26) (0.22) (0.19)
---------- ---------- ---------- ---------- ----------
Total Distributions...................................... (0.32) (0.29) (0.26) (0.22) (0.19)
------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Year................................ $ 16.42 $ 15.94 $ 13.87 $ 11.15 $ 9.90
=========================================================== ========== ========== ========== ========== ==========
Total Return................................................ 5.09% 17.17% 27.10% 15.02% 8.09%
------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Year (thousands)......................... $5,810,743 $5,668,374 $4,917,336 $4,037,336 $3,762,013
Ratio of Expenses to Average Net Assets..................... 0.08% 0.08% 0.09% 0.10% 0.10%
Ratio of Expenses to Average Net Assets
(Excluding Fees (Waived), (Expenses Reimbursed), and/or
Previously Waived Fees Recovered by Advisor)............... 0.09% 0.08% 0.10% 0.10% 0.10%
Ratio of Net Investment Income to Average Net Assets........ 2.05% 1.95% 2.13% 2.10% 1.95%
Portfolio Turnover Rate..................................... 2% 3% 3% 4% 4%
------------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
251
DIMENSIONAL INVESTMENT GROUP INC.
NOTES TO FINANCIAL STATEMENTS
A. Organization:
Dimensional Investment Group, Inc. (the "Fund") is an open-end management
investment company registered under the Investment Company Act of 1940, whose
shares are generally offered to institutional investors, retirement plans and
clients of registered investment advisors. The Fund consists of fifteen
portfolios, two of which, DFA International Value Portfolio and U.S. Large
Company Portfolio (the "Portfolios"), are presented in this section of the
report. The remaining operational portfolios are presented in separate reports.
DFA International Value Portfolio (the "Feeder Fund") primarily invests its
assets in The DFA International Value Series (the "Series"), a corresponding
series of The DFA Investment Trust Company. At October 31, 2015, the Feeder
Fund owned 74% of the Series. The financial statements of the Series are
included elsewhere in this report and should be read in conjunction with the
financial statements of the Feeder Fund.
B. Significant Accounting Policies:
The following significant accounting policies are in conformity with
accounting principles generally accepted in the United States of America. Such
policies are consistently followed by the Fund in preparation of its financial
statements. The preparation of financial statements in accordance with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the fair
value of investments, the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increases and decreases in net assets
from operations during the reporting period. Actual results could differ from
those estimates and those differences could be material.
1. Security Valuation: The Portfolios utilize a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into
three broad levels described below:
. Level 1 - inputs are quoted prices in active markets for identical
securities (including equity securities, open-end investment companies,
futures contracts)
. Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit risk,
etc.)
. Level 3 - significant unobservable inputs (including the Portfolios' own
assumptions in determining the fair value of investments)
The Feeder Fund's investment reflects its proportionate interest in the net
assets of the Series. This valuation is classified as Level 1 in the hierarchy.
Securities held by U.S. Large Company Portfolio, including over-the-counter
securities, are valued at the last quoted sale price at the close of the
exchanges on which they are principally traded (official closing price).
Securities held by the Portfolio that are listed on Nasdaq are valued at the
Nasdaq Official Closing Price ("NOCP"). If there is no last reported sale price
or NOCP for the day, the Portfolio values the securities at the mean of the
most recent quoted bid and asked prices. Price information on listed securities
is taken from the exchange where the security is primarily traded. Generally,
securities issued by open-end investment companies are valued using their
respective net asset values or public offering prices, as appropriate, for
purchase orders placed at the close of the New York Stock Exchange (NYSE).
These securities are generally categorized as Level 1 in the hierarchy.
Securities for which no market quotations are readily available (including
restricted securities), or for which market quotations have become unreliable,
are valued in good faith at fair value in accordance with procedures adopted by
the Board of Directors/Trustees. Fair value pricing may also be used if events
that have a significant effect on the value of an investment (as determined in
the discretion of Dimensional Fund Advisors LP) occur before the net asset
value is calculated. When fair value pricing is used, the prices of securities
used by the
252
Portfolio may differ from the quoted or published prices for the same
securities on their primary markets or exchanges. These securities are
generally categorized as Level 2 in the hierarchy.
Futures contracts held by U.S. Large Company Portfolio are valued using the
settlement price established each day on the exchange on which they are traded.
These valuations are generally categorized as Level 1 in the hierarchy.
A summary of the inputs used to value the Portfolios' investments by each
major security type, industry and/or country is disclosed previously in this
note. A valuation hierarchy table has been included at the end of the U.S.
Large Company Portfolio Summary Schedule of Portfolio Holdings. The inputs or
methodology used for valuing securities are not necessarily an indication of
the risk associated with investing in those securities.
For the year ended October 31, 2015, there were no significant transfers
between Level 1 and Level 2 and no significant Level 3 investments held by the
Portfolios.
2. Deferred Compensation Plan: Each eligible Director/Trustee of the Fund
may elect participation in The Fee Deferral Plan for Independent Directors and
Trustees (the "Plan"). Under the Plan, effective January 1, 2002, such
Directors/Trustees may defer payment of all or a portion of their total fees
earned as a Director/Trustee. These deferred amounts may be treated as though
such amounts had been invested in shares of the following funds: U.S. Large Cap
Value Portfolio; U.S. Core Equity 1 Portfolio; U.S. Core Equity 2 Portfolio;
U.S. Vector Equity Portfolio; U.S. Micro Cap Portfolio; DFA International Value
Portfolio; International Core Equity Portfolio; Emerging Markets Portfolio;
Emerging Markets Core Equity Portfolio; and/or DFA Two-Year Global Fixed Income
Portfolio. Contributions made under the Plan and the change in unrealized
appreciation (depreciation) and income are included in Directors'/Trustees'
Fees & Expenses.
Each Director/Trustee has the option to receive their distribution of
proceeds in one of the following methods: lump sum; annual installments over a
period of agreed upon years; or quarterly installments over a period of agreed
upon years. Each Director/Trustee shall have the right in a notice of election
(the "Notice") to defer the receipt of the Director's/Trustee's deferred
compensation until a date specified by such Director/Trustee in the Notice,
which date may not be sooner than the earlier of: (i) the first business day of
January following the year in which such Director/Trustee ceases to be a member
of the Board; and (ii) five years following the effective date of the
Director's/Trustee's first deferral election. If a Director/Trustee who elects
to defer fees fails to designate in the Notice a time or date as of which
payment of the Director's/Trustee's deferred fee account shall commence,
payment of such amount shall commence as of the first business day of January
following the year in which the Director/Trustee ceases to be a member of the
Board (unless the Director/Trustee files an amended Notice selecting a
different distribution date). As of October 31, 2015, none of the
Directors/Trustees have requested or received a distribution of proceeds of a
deferred fee account.
3. Other: The Feeder Fund recognizes its pro-rata share, on a daily basis,
of net investment income and realized and unrealized gains and losses of
investment securities from the Series, which is treated as a partnership for
federal income tax purposes. Dividend income and distributions to shareholders
are recorded on the ex-dividend date. Distributions received on securities that
represent a return of capital or capital gains are recorded as a reduction of
cost of investments or as a realized gain, respectively. The Portfolios
estimate the character of distributions received that may be considered return
of capital distributions. Expenses directly attributable to a Portfolio are
directly charged. Common expenses of the Fund or Portfolios are allocated using
methods approved by the Board of Directors/Trustees, generally based on average
net assets.
Class R2 Shares and Institutional Class Shares have equal rights to assets
and earnings of the Feeder Fund. Income, gains and losses, and common expenses
of the Feeder Fund are allocated to each class of shares based on its relative
net assets. Each class will bear its own class-specific expenses, if any.
C. Investment Advisor:
The Advisor, Dimensional Fund Advisors LP, provides investment advisory
services to the Portfolio. Prior to July 21, 2015, the Advisor received no
additional compensation for the investment advisory services it provided to the
Feeder Funds and the International Small Company Portfolio. On May 8, 2015 and
June 10, 2015 at a Special
253
Joint Meeting of Shareholders, shareholders of the Portfolios approved new
investment management agreements, which became effective July 21, 2015, that
provide a uniform agreement that increases transparency and better describes
all of the services that the Advisor provides to each Portfolio. For the U.S.
Large Company Portfolio, the rate charged under the new investment management
agreement for investment management services is equal to the rate charged under
the Portfolio's previous investment management agreement with the Advisor. For
the Feeder Fund, the new investment management agreement replaced the Feeder
Fund's investment advisory agreement (that provided for no investment advisory
fee at the Feeder Fund level) and administration agreement and charges a rate
equal to the combination of the rate charged under the Feeder Fund's previous
administration agreement with the Advisor and the rate of the advisory fee
charged by the Advisor to the Master Fund in which the Feeder Fund invests. In
order to prevent the Feeder Fund from being subject to a higher level of
investment management fees, the Advisor will permanently waive the Feeder
Fund's investment management fee in the circumstances described in the notes
below. For the year ended October 31, 2015, the U.S. Large Company Portfolio's
investment advisory services/management fees were accrued daily and paid
monthly to the Advisor based on an effective annual rate of 0.06% of the
Portfolio's average daily net assets.
Prior to July 21, 2015, the Feeder Fund paid fees to the Advisor pursuant to
an administration agreement for administrative services, including supervision
of services provided by others, providing information to shareholders and the
Board, and other administrative services, that were accrued daily and paid
monthly based on an effective annual rate of 0.20% of the Feeder Fund's average
daily net assets. Effective July 21, 2015, the Feeder Fund's investment
advisory services/management fees pursuant to the new investment management
agreement were accrued daily and paid monthly to the Advisor based on an
effective annual rate of 0.40% of the Feeder Fund's average daily net assets.
Pursuant to an Amended and Restated Fee Waiver and/or Expense Assumption
Agreement (the "Fee Waiver Agreement"), the Advisor has contractually agreed to
waive certain fees, including administration/advisory fees, and in certain
instances, assume certain expenses of the Portfolios, as described in the notes
below. The Fee Waiver Agreement for the U.S. Large Company Portfolio, and a
portion of the Fee Waiver Agreement for the Feeder Fund, will remain in effect
through February 28, 2016, and may only be terminated by the Fund's Board of
Directors prior to that date and shall continue in effect from year to year
thereafter unless terminated by the Fund or the Advisor. The Fee Waiver
Agreement with respect to the total management fees paid by the Feeder Fund, as
described in the notes below, will remain in effect permanently, unless
terminated by the Feeder Fund. For the year ended October 31, 2015, the
Portfolios had expense limits based on a percentage of average net assets on an
annualized basis, and the Advisor recovered previously waived fees and/or
expenses assumed as listed below (amounts in thousands). The Portfolios are not
obligated to reimburse the Advisor for fees previously waived or expenses
previously assumed by the Advisor more than 36 months before the date of
recovery.
Previously
Recovery Waived Fees/
of Previously Expenses
Waived Fees/ Assumed
Expense Expenses Subject to Future
Institutional Class Shares Limitation Amount Assumed Recovery
-------------------------- ----------------- ------------- -----------------
U.S. Large Company Portfolio (1)...... 0.08% $57 $875
DFA International Value Portfolio (2). 0.40% -- --
Class R2 Shares
---------------
DFA International Value Portfolio (2). 0.79% -- --
(1) Effective August 1, 2013, the Advisor has contractually agreed to waive
all or a portion of its management fee to the extent necessary to reduce the
ordinary operating expenses (excluding expenses incurred through investment in
other investment companies) ("Portfolio Expenses") of the Portfolio so that the
Portfolio Expenses, on an annualized basis, do not exceed the rate listed above
as a percentage of the Portfolio's average net assets (the "Expense Limitation
Amount"). At any time that the annualized Portfolio Expenses of the Portfolio
are less than the Expense Limitation Amount listed above for the Portfolio, the
Advisor retains the right to recover any fees previously waived and/or expenses
previously assumed to the extent that the amount of such recovery is within
36 months and will not cause the annualized Portfolio Expenses of the Portfolio
to exceed the Expense Limitation Amount, as listed above.
254
Prior to August 1, 2013, the Advisor contractually agreed to waive all or a
portion of its administration fee to the extent necessary to reduce the
Portfolio Expenses of the Portfolio so that such Portfolio Expenses did not
exceed 0.10% of the Portfolio's average net assets on an annualized basis (the
"Previous Expense Limitation Amount"). At any time that the Portfolio Expenses
of the Portfolio were less than the Previous Expense Limitation Amount, the
Advisor retained the right to recover any fees previously waived and/or
expenses previously assumed to the extent that such recovery is within 36
months and did not cause the Portfolio's annualized Portfolio Expenses to
exceed the Previous Expense Limitation Amount.
(2) Effective July 21, 2015, the Advisor has contractually agreed to
permanently waive all or a portion of the management fee of the Portfolio to
the extent necessary to limit the total management fees paid to the Advisor by
the Portfolio, including the proportionate share of the management fees the
Portfolio pays indirectly through its investment in other funds managed by the
Advisor, to 0.40% of the average net assets of a class of the Portfolio on an
annualized basis (the "Permanent Fee Waiver"). In addition to the Permanent Fee
Waiver, the Advisor has contractually agreed (including for the time period
prior to July 21, 2015) to assume the direct expenses of the Class R2 shares of
the Portfolio (excluding management fees and custodian fees) to the extent
necessary to limit the annualized expenses of the Class R2 shares of the
Portfolio (excluding the expenses the Portfolio incurs indirectly through
investment in other investment companies) to the rate listed above as a
percentage of the average net assets of the Class R2 shares of the Portfolio
(the "Annualized Expense Ratio"). At any time that the annualized expenses of
the Class R2 shares of the Portfolio are less than the Annualized Expense Ratio
listed above, the Advisor retains the right to recover any fees previously
waived and/or expenses previously assumed to the extent that the amount of such
recovery does not cause the annualized expense ratio of the Class R2 shares of
the Portfolio to exceed the Annualized Expense Ratio, as listed above. Except,
the Portfolio is not obligated to reimburse the Advisor for fees waived in
connection with the Permanent Fee Waiver. Also, the Portfolio is not obligated
to reimburse the Advisor for fees previously waived or expenses previously
assumed by the Advisor more than 36 months before the date of such
reimbursement.
Fees Paid to Officers and Directors/Trustees:
Certain Officers and Directors/Trustees of the Advisor are also Officers and
Directors/Trustees of the Fund; however, such Officers and Directors/Trustees
(with the exception of the Chief Compliance Officer ("CCO")) receive no
compensation from the Fund. For the year ended October 31, 2015, the total
related amounts paid by the Fund to the CCO were $30 (in thousands). The total
related amounts paid by each Portfolio are included in Other Expenses on the
Statement of Operations.
D. Deferred Compensation:
At October 31, 2015, the total liability for deferred compensation to
Directors/Trustees is included in Accrued Expenses and Other Liabilities on the
Statement of Assets and Liabilities as follows (amounts in thousands):
DFA International Value Portfolio. $214
U.S. Large Company Portfolio...... 266
E. Purchases and Sales of Securities:
For the year ended October 31, 2015, U.S. Large Company Portfolio made the
following purchases and sales of investment securities, other than short-term
securities and U.S. government securities (amounts in thousands):
Purchases Sales
- --------- -------
U.S. Large Company Portfolio. $440,238 $87,873
There were no purchases or sales of long-term U.S. government securities.
255
F. Federal Income Taxes:
Each Portfolio has qualified and intends to continue to qualify as a
regulated investment company under Subchapter M of the Internal Revenue Code
for federal income tax purposes and to distribute substantially all of its
taxable income and net capital gains to its shareholders. Accordingly, no
provision has been made for federal income taxes.
Distributions from net investment income and net realized capital gains are
determined in accordance with U.S. federal income tax regulations, which may
differ from those amounts determined under accounting principles generally
accepted in the United States of America. These book/tax differences are either
temporary or permanent in nature. To the extent these differences are
permanent, they are charged or credited to paid-in capital, undistributed net
investment income, accumulated net realized gains or losses, or unrealized
appreciation, as appropriate, in the period that the differences arise.
Accordingly, the following permanent differences as of October 31, 2015,
primarily attributable to net foreign currency gains/losses, foreign capital
gains tax reclass and realized gains on securities considered to be "passive
foreign investment companies", were reclassified to the following accounts.
These reclassifications had no effect on net assets or net asset value per
share (amounts in thousands):
Increase Increase
(Decrease) (Decrease)
Increase Undistributed Accumulated
(Decrease) Net Investment Net Realized
Paid-In Capital Income Gains (Losses)
--------------- -------------- --------------
DFA International Value Portfolio. $ 4 $(1,585) $ 1,581
U.S. Large Company Portfolio...... 80,800 (5,141) (75,659)
The tax character of dividends and distributions declared and paid during
the years ended October 31, 2014 and October 31, 2015 were as follows (amounts
in thousands):
Net Investment
Income and
Short-Term Long-Term
Capital Gains Capital Gains Total
-------------- ------------- --------
DFA International Value Portfolio
2014.............................. $295,405 -- $295,405
2015.............................. 211,038 -- 211,038
U.S. Large Company Portfolio
2014.............................. 102,736 -- 102,736
2015.............................. 110,940 -- 110,940
At October 31, 2015, the following net investment income and short-term
capital gains and long-term capital gains distributions designated for federal
income tax purposes are due to the utilization of accumulated earnings and
profits distributed to shareholders upon redemption of shares (amounts in
thousands):
Net Investment
Income
and Short-Term Long-Term
Capital Gains Capital Gains Total
-------------- ------------- -------
U.S. Large Company Portfolio. $5,141 $7,248 $12,389
At October 31, 2015, the components of distributable earnings (accumulated
losses) were as follows (amounts in thousands):
Undistributed Total Net
Net Investment Distributable
Income and Undistributed Unrealized Earnings
Short-Term Long-Term Capital Loss Appreciation (Accumulated
Capital Gains Capital Gains Carryforwards (Depreciation) Losses)
-------------- ------------- ------------- -------------- -------------
DFA International Value Portfolio. $34,362 -- $(303,109) $ (26,271) $ (295,018)
U.S. Large Company Portfolio...... 10,909 $47,851 -- 2,719,734 2,778,494
256
For federal income tax purposes, the Fund measures its capital loss
carryforwards annually at October 31, its fiscal year end. Capital loss
carryforwards may be carried forward and applied against future capital gains.
Under the Regulated Investment Company Modernization Act of 2010, capital
losses incurred by these Portfolios after October 31, 2011 will not be subject
to expiration and will retain their character as either short-term or long-term
capital losses. In addition, such losses must be utilized prior to the losses
incurred in the years preceding enactment. As of October 31, 2015, the
Portfolios had the following capital loss carryforwards available to offset
future realized capital gains through the indicated expiration dates (amounts
in thousands):
Expires on October 31,
----------------------
2016 Total
-------- --------
DFA International Value Portfolio. $303,109 $303,109
U.S. Large Company Portfolio...... -- --
During the year ended October 31, 2015, the Portfolios utilized the
following capital loss carryforwards to offset realized capital gains for
federal income tax purposes (amounts in thousands):
DFA International Value Portfolio. $182,318
U.S. Large Company Portfolio...... 109,001
At October 31, 2015, the total cost and aggregate gross unrealized
appreciation (depreciation) of securities for federal income tax purposes were
different from amounts reported for financial reporting purposes, as follows
(amounts in thousands):
Net Unrealized
Federal Tax Unrealized Unrealized Appreciation
Cost Appreciation Depreciation (Depreciation)
----------- ------------ ------------ --------------
DFA International Value Portfolio. $6,830,145 -- $(26,079) $ (26,079)
U.S. Large Company Portfolio...... 3,425,240 $2,812,502 (92,767) 2,719,735
The difference between book basis and tax-basis unrealized appreciation
(depreciation) is primarily attributable to the tax deferral of losses on wash
sales and investments in passive foreign investment companies.
Accounting for Uncertainty in Income Taxes sets forth a minimum threshold
for financial statement recognition of the benefit of a tax position taken or
expected to be taken in a tax return. Management has analyzed the Portfolios'
tax positions and has concluded that no additional provision for income tax is
required in the Portfolios' financial statements. The Portfolios are not aware
of any tax positions for which it is more likely than not that the total
amounts of unrecognized tax benefits will significantly change in the next
twelve months. The Portfolios' federal tax returns for the prior three fiscal
years remain subject to examination by the Internal Revenue Service.
257
G. Capital Share Transactions:
The capital share transactions by class were as follows (amounts in
thousands):
Year Year
Ended Ended
Oct. 31, Oct. 31,
2015 2014
-------------------- --------------------
Amount Shares Amount Shares
----------- ------- ----------- -------
DFA International Value Portfolio
Class R2 Shares
Shares Issued........................................ $ 3,876 214 $ 11,741 598
Shares Issued in Lieu of Cash Distributions.......... 293 16 347 17
Shares Redeemed...................................... (4,082) (221) (5,810) (293)
----------- ------- ----------- -------
Net Increase (Decrease) -- Class R2 Shares............ $ 87 9 $ 6,278 322
=========== ======= =========== =======
Institutional Class Shares
Shares Issued........................................ $ 1,873,843 105,425 $ 1,640,680 84,242
Shares Issued in Lieu of Cash Distributions.......... 204,246 11,301 286,443 14,471
Shares Redeemed...................................... (1,694,664) (93,619) (1,084,532) (55,670)
----------- ------- ----------- -------
Net Increase (Decrease) -- Institutional Class Shares. $ 383,425 23,107 $ 842,591 43,043
=========== ======= =========== =======
H. Financial Instruments:
In accordance with the Portfolios' investment objectives and policies, the
Portfolios may invest in certain financial instruments that have off-balance
sheet risk in excess of the amounts recognized in the financial statements and
concentrations of credit and market risk. These instruments and their
significant corresponding risks are described below:
Derivative Financial Instruments:
Summarized below are the specific types of derivative instruments used by the
Portfolios.
1. Futures Contracts: The Portfolios may enter into futures contracts and
options on futures contracts to adjust market exposure based on actual or
expected cash inflows to or outflows from the Portfolios. Upon entering into a
futures contract, the Portfolios deposit cash or pledge U.S. Government
securities to a broker, equal to the minimum "initial margin" requirements of
the exchange on which the contract is traded. Subsequent payments are received
from or paid to the broker each day, based on the daily fluctuation in the
market value of the contract. These receipts or payments are known as
"variation margin" and are recorded daily by the Portfolios as unrealized gains
or losses until the contracts are closed. When the contracts are closed, the
Portfolios record a realized gain or loss, which is presented in the Statements
of Operations as a net realized gain or loss on futures, equal to the
difference between the value of the contract at the time it was opened and the
value at the time it was closed.
Risks may arise upon entering into futures contracts from potential
imperfect price correlations between the futures contracts and the underlying
securities, from the possibility of an illiquid secondary market for these
instruments and from the possibility that the Portfolios could lose more than
the initial margin requirements. Entering into stock index futures subjects the
Portfolios to equity price risk from those futures contracts. Counterparty
credit risk related to exchange-traded futures is minimal because the
exchange's clearinghouse, as counterparty to all exchange-traded futures,
guarantees the futures against default.
258
At October 31, 2015, the U.S. Large Company Portfolio had outstanding
futures contracts (dollar amounts in thousands):
Expiration Number of Contract Unrealized Cash
Description Date Contracts* Value Gain (Loss) Collateral
----------------------- ---------- ---------- -------- ----------- ----------
U.S. Large Company
Portfolio........ S&P 500 Emini Index(R) 12/18/15 151 $15,656 $259 $745
* During the year ended October 31, 2015, U.S. Large Company Portfolio's
average notional contract amount of outstanding futures contracts was $13,890
(in thousands).
The following is a summary of the location of derivatives on the U.S. Large
Company Portfolio's Statement of Assets and Liabilities as of October 31, 2015:
Location on the Statements of Assets and
Liabilities
---------------------------------------------------
Derivative Type Asset Derivatives Liability Derivatives
--------------- ------------------------ ------------------------
Equity contracts Payables: Futures Margin
Variation
The following is a summary of the U.S. Large Company Portfolio's derivative
instrument holdings categorized by primary risk exposure as of October 31, 2015
(amounts in thousands):
Liability Derivatives Value
--------------------------
Total Value
at Equity
October 31, 2015 Contracts
---------------- ---------
U.S. Large Company Portfolio. $259 $259
* Includes cumulative appreciation (depreciation) of futures contracts. Only
current day's margin variation is reported within the Statements of Assets
and Liabilities.
The following is a summary of the location of realized and change in
unrealized gains and losses on the U.S. Large Company Portfolio's Statement of
Operations for the Portfolio's derivative instrument holdings for the year
ended October 31, 2015:
Derivative Type Location of Gain (Loss) on Derivatives Recognized in Income
--------------- -----------------------------------------------------------
Equity contracts Net Realized Gain (Loss) on: Futures
Change in Unrealized Appreciation (Depreciation) of:
Futures
The following is a summary of the realized and change in unrealized gains
and losses from the U.S. Large Company Portfolio's direct investment in
derivative instrument holdings categorized by primary risk exposure through the
year ended October 31, 2015 (amounts in thousands):
Realized Gain (Loss) on
Derivatives Recognized in Income
-------------------------------
Equity
Total Contracts
------- ---------
U.S. Large Company Portfolio. $ 2,961 $ 2,961
Change in Unrealized
Appreciation (Depreciation) on
Derivatives Recognized in Income
-------------------------------
Equity
Total Contracts
------- ---------
U.S. Large Company Portfolio. $(2,352) $(2,352)
I. Line of Credit and Interfund Lending Program:
The Fund, together with other Dimensional-advised portfolios, has entered
into a $500 million uncommitted, unsecured discretionary line of credit
effective April 1, 2015 with its domestic custodian bank. A line of credit with
259
similar terms was in effect through March 31, 2015. Each portfolio is permitted
to borrow, subject to its investment limitations, up to a maximum of $500
million, as long as total borrowings under the line of credit do not exceed
$500 million in the aggregate. Borrowings under the line of credit are charged
interest at rates agreed upon by the parties at the time of borrowing. Each
portfolio is individually, and not jointly, liable for its particular advances
under the line of credit. There is no commitment fee on the unused portion of
the line of credit. The agreement for the discretionary line of credit may be
terminated by either party at any time. The agreement for the line of credit
expires on March 30, 2016.
The Fund, together with other Dimensional-advised portfolios, has also
entered into an additional $500 million unsecured line of credit with its
international custodian bank effective January 9, 2015. A line of credit with
similar terms was in effect through January 8, 2015. Each portfolio is
permitted to borrow, subject to its investment limitations, up to a maximum of
$500 million, as long as total borrowings under the line of credit do not
exceed $500 million in the aggregate. Each portfolio is individually, and not
jointly, liable for its particular advances under the line of credit.
Borrowings under the line of credit are charged interest at rates agreed upon
by the parties at the time of borrowing. There is no commitment fee on the
unused portion of the line of credit. The line of credit agreement expires on
January 8, 2016.
Weighted Weighted Number of Interest Maximum Amount
Average Average Loan Days Expense Borrowed During
Interest Rate Balance Outstanding* Incurred The Period
------------- ------------ ------------ -------- ---------------
U.S. Large Company Portfolio. 0.88% $15,575 27 $10 $73,868
* Number of Days Outstanding represents the total of single or consecutive days
during the year ended October 31, 2015, that the Portfolio's available line
of credit was utilized.
There were no outstanding borrowings by the Portfolios under the lines of
credit as of October 31, 2015.
Pursuant to an exemptive order issued by the SEC (the "Order"), the
Portfolios may participate in an interfund lending program among certain
portfolios managed by the Advisor (portfolios that operate as feeder funds do
not participate in the program). The program allows the participating
portfolios to borrow money from and loan money to each other for temporary or
emergency purposes, subject to the conditions in the Order. A loan can only be
made through the program if the interfund loan rate on that day is more
favorable to both the borrowing and lending portfolios as compared to rates
available through short-term bank loans or investments in overnight repurchase
agreements and money market funds, respectively, as detailed in the Order.
Further, a portfolio may participate in the program only if and to the extent
that such participation is consistent with its investment objectives and
limitations. Interfund loans have a maximum duration of seven days and may be
called on one business day's notice. The Portfolios did not utilize the
interfund lending program during the year ended October 31, 2015.
J. Securities Lending:
As of October 31, 2015, U.S. Large Company Portfolio had securities on loan
to brokers/dealers, for which the Portfolio received cash collateral. In
addition, U.S. Large Company Portfolio received non-cash collateral consisting
of short and/or long term U.S. government securities and U.S. Agency Backed
Securities with a market value of $184,929 (amount in thousands). The Portfolio
invests the cash collateral, as described below, and records a liability for
the return of the collateral, during the period the securities are on loan.
Loans of securities are expected at all times to be secured by collateral equal
to at least (i) 100% of the current market value of the loaned securities with
respect to securities of the U.S. government or its agencies, (ii) 102% of the
current market value of the loaned securities with respect to U.S. securities,
and (iii) 105% of the current market value of the loaned securities with
respect to foreign securities. However, daily market fluctuations could cause
the Portfolio's collateral to be lower or higher than the expected thresholds.
If this were to occur, the collateral would be adjusted the next business day
to ensure adequate collateralization. In the event of default or bankruptcy by
the other party to the agreement, realization and/or retention of the
collateral may be subject to legal proceedings. If the borrower fails to return
loaned securities, and cash collateral being maintained by the borrower is
insufficient to cover the value of loaned securities and provided such
collateral insufficiency is not the result of investment losses, the lending
agent has agreed to pay the amount of the shortfall to the Portfolio or, at the
option of the lending agent, to replace the securities. In the event of the
bankruptcy of the borrower, a Portfolio could experience delay in recovering
the loaned securities or only recover cash or a security of equivalent value.
260
Subject to its stated investment policies, the Portfolio will generally
invest the cash collateral received for the loaned securities in The DFA Short
Term Investment Fund (the "Money Market Series"), an affiliated registered
money market fund advised by the Advisor for which the Advisor receives a
management fee of 0.05% of the average daily net assets of the Money Market
Series. The Portfolio also may invest the cash collateral received for the
loaned securities in securities of the U.S. government or its agencies,
repurchase agreements collateralized by securities of the U.S. government or
its agencies, and affiliated and unaffiliated registered and unregistered money
market funds. For purposes of this paragraph, agencies include both agency
debentures and agency mortgage-backed securities. In addition, the Portfolio
will be able to terminate the loan at any time and will receive reasonable
interest on the loan, as well as amounts equal to any dividends, interest or
other distributions on the loaned securities. However, dividend income received
from loaned securities may not be eligible to be taxed at qualified dividend
income rates.
K. Shareholder Servicing Fees:
The Class R2 Shares pay a shareholder servicing fee in an amount up to 0.25%
of their annual average net assets to compensate service agents that provide
shareholder servicing, record keeping, account maintenance and other services
to investors in the DFA International Value Portfolio's Class R2 Shares.
L. Indemnitees; Contractual Obligations:
Under the Fund's organizational documents, its officers and directors are
indemnified against certain liabilities arising out of the performance of their
duties to the Fund.
In the normal course of business, the Fund enters into contracts that
contain a variety of representations and warranties which provide general
indemnification. The Fund's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the Fund
and/or its affiliates that have not yet occurred. However, based on experience,
the Fund expects the risk of loss to be remote.
M. In-Kind Redemptions:
In accordance with guidelines described in the Portfolios' prospectus, the
Portfolios may distribute portfolio securities rather than cash as payment for
a redemption of fund shares (in-kind redemption). For financial reporting
purposes, a Portfolio recognizes a gain on in-kind redemptions to the extent
the value of the distributed securities on the date of redemption exceed the
cost of those securities and a loss on in-kind redemptions to the extent the
cost of the distributed securities on the date of redemption exceeds the value
of those securities. Gains and losses realized on in-kind redemptions are not
recognized for tax purposes and are reclassified from undistributed realized
gain (loss) to paid-in capital.
During the year ended October 31, 2015, U.S. Large Company Portfolio
realized net gains on in-kind redemptions in the amount of $70,875 (amount in
thousands).
N. Other:
At October 31, 2015, the following number of shareholders held the following
approximate percentages of the Portfolios' outstanding shares. One or more of
the shareholders may be omnibus accounts, which typically hold shares for the
benefit of several other underlying investors.
Approximate
Percentage of
Number of Outstanding
Shareholders Shares
- ------------ -------------
DFA International Value Portfolio -- Class R2 Shares............ 3 93%
DFA International Value Portfolio -- Institutional Class Shares. 3 73%
U.S. Large Company Portfolio.................................... 4 80%
O. Subsequent Event Evaluations:
Management has evaluated the impact of all subsequent events on the Portfolios
and has determined that there are no other subsequent events requiring
recognition or disclosure in the financial statements.
261
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors of Dimensional Investment Group Inc. and
Shareholders of the Portfolios, as defined:
In our opinion, the accompanying statements of assets and liabilities,
including the schedule of investments/summary schedule of portfolio holdings,
and the related statements of operations and of changes in net assets and the
financial highlights present fairly, in all material respects, the financial
position of DFA International Value Portfolio and U.S. Large Company Portfolio
(constituting portfolios within Dimensional Investment Group Inc., hereafter
referred to as the "Portfolios") at October 31, 2015, the results of each of
their operations for the year then ended, the changes in each of their net
assets for each of the two years in the period then ended and the financial
highlights for each of the five years in the period then ended, in conformity
with accounting principles generally accepted in the United States of America.
These financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Portfolios' management.
Our responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these financial statements in
accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe that
our audits, which included confirmation of securities at October 31, 2015 by
correspondence with the custodian, broker and the transfer agents of the
investee funds, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 18, 2015
262
RESULTS OF THE SHAREHOLDER MEETING
(Unaudited)
On May 8, 2015 and June 10, 2015, Dimensional Investment Group Inc. ("DIG")
held a Special Joint Meeting of Shareholders for the purpose of voting on
several proposals affecting DIG and the Portfolios, including, among other
items, the election of Directors, the approval of an updated investment
management agreement, and the amendment of certain fundamental investment
limitations. The shareholders of the Portfolios approved each of the applicable
proposals for DIG and the Portfolios presented at the Meeting. Listed below are
the voting results from the Meeting. Please note that not all Proposals
presented at the Meeting were voted on by each Portfolio. Additionally, the
Proposal numbers reflected below correlate to the Proposal numbers presented
for vote at the Meeting.
DIG
Proposal 1: Election of Directors/Trustees*
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
----------- ------- ------ ---------- -------- ----------
(a) David G. Booth........... 939,783,101 98.41% 59.42% 15,145,259 1.59% 0.96%
(b) George M. Constantinides. 939,783,293 98.41% 59.42% 15,145,070 1.59% 0.96%
(c) John P. Gould............ 939,232,722 98.36% 59.38% 15,695,640 1.64% 0.99%
(d) Roger G. Ibbotson........ 939,903,967 98.43% 59.43% 15,024,396 1.57% 0.95%
(e) Edward P. Lazear......... 939,691,278 98.40% 59.41% 15,237,082 1.60% 0.96%
(f) Eduardo A. Repetto....... 939,908,854 98.43% 59.43% 15,019,506 1.57% 0.95%
(g) Myron S. Scholes......... 939,391,166 98.37% 59.39% 15,537,193 1.63% 0.98%
(h) Abbie J. Smith........... 938,479,338 98.28% 59.34% 16,449,025 1.72% 1.04%
* Results are for all Portfolios within DIG
DFA International Value Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
----------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 206,343,416 98.06% 52.40% 4,081,532 1.94% 1.04%
(b) George M. Constantinides. 206,448,720 98.11% 52.42% 3,976,229 1.89% 1.01%
(c) John P. Gould............ 206,392,175 98.08% 52.41% 4,032,772 1.92% 1.02%
(d) Roger G. Ibbotson........ 206,417,557 98.10% 52.41% 4,007,393 1.90% 1.02%
(e) Edward P. Lazear......... 206,363,295 98.07% 52.40% 4,061,653 1.93% 1.03%
(f) Eduardo A. Repetto....... 206,462,732 98.12% 52.43% 3,962,216 1.88% 1.01%
(g) Myron S. Scholes......... 205,949,550 97.87% 52.30% 4,475,396 2.13% 1.14%
(h) Abbie J. Smith........... 204,928,341 97.39% 52.04% 5,496,608 2.61% 1.40%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
169,148,727 80.38% 42.95% 4,127,770 1.96% 1.05% 3,156,848 1.50% 0.80% 33,991,603 16.15%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
171,790,492 81.64% 43.62% 1,161,453 0.55% 0.29% 3,481,404 1.65% 0.88% 33,991,603 16.15%
263
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
171,594,952 81.55% 43.57% 1,367,552 0.65% 0.35% 3,470,841 1.65% 0.88% 33,991,603 16.15%
Proposal 7: Election of Trustees of Master Fund
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
----------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 206,098,750 97.94% 52.33% 4,326,198 2.06% 1.10%
(b) George M. Constantinides. 206,246,418 98.01% 52.37% 4,178,527 1.99% 1.06%
(c) John P. Gould............ 206,198,706 97.99% 52.36% 4,226,243 2.01% 1.07%
(d) Roger G. Ibbotson........ 206,218,762 98.00% 52.36% 4,206,187 2.00% 1.07%
(e) Edward P. Lazear......... 206,096,489 97.94% 52.33% 4,328,459 2.06% 1.10%
(f) Eduardo A. Repetto....... 206,268,623 98.02% 52.38% 4,156,325 1.98% 1.06%
(g) Myron S. Scholes......... 205,687,646 97.75% 52.23% 4,737,302 2.25% 1.20%
(h) Abbie J. Smith........... 204,724,182 97.29% 51.98% 5,700,767 2.71% 1.45%
Proposal 8: Approval of a "Manager of Managers" Structure for Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
169,242,255 80.43% 42.97% 1,492,817 0.71% 0.38% 5,698,274 2.71% 1.45% 33,991,603 16.15%
Proposal 9: Approval of an Updated Investment Management Agreement Between
Dimensional Fund Advisors LP and Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
171,599,143 81.55% 43.57% 1,288,705 0.61% 0.33% 3,545,498 1.68% 0.90% 33,991,603 16.15%
Proposal 10: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities of Master Fund
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
171,527,786 81.51% 43.55% 1,446,514 0.69% 0.37% 3,459,044 1.64% 0.88% 33,991,603 16.15%
U.S. Large Company Portfolio
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
----------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 212,041,354 98.41% 60.38% 3,433,906 1.59% 0.98%
(b) George M. Constantinides. 212,055,228 98.41% 60.38% 3,420,032 1.59% 0.97%
(c) John P. Gould............ 211,890,480 98.34% 60.33% 3,584,780 1.66% 1.02%
(d) Roger G. Ibbotson........ 212,100,718 98.43% 60.39% 3,374,543 1.57% 0.96%
(e) Edward P. Lazear......... 212,072,126 98.42% 60.38% 3,403,134 1.58% 0.97%
(f) Eduardo A. Repetto....... 212,084,138 98.43% 60.39% 3,391,122 1.57% 0.97%
(g) Myron S. Scholes......... 212,026,364 98.40% 60.37% 3,448,896 1.60% 0.98%
(h) Abbie J. Smith........... 211,957,852 98.37% 60.35% 3,517,408 1.63% 1.00%
264
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
158,935,073 73.76% 45.25% 1,394,185 0.65% 0.40% 2,647,363 1.23% 0.75% 52,498,639 24.36%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- ---------- --------
157,250,246 72.98% 44.77% 2,868,976 1.33% 0.82% 2,857,398 1.33% 0.81% 52,498,639 24.36%
265
THE DFA INVESTMENT TRUST COMPANY
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
THE U.S. LARGE CAP VALUE SERIES VS.
RUSSELL 1000 VALUE INDEX
October 31, 2005-October 31, 2015
[CHART]
The U.S. Large Cap Russell 1000 Value
Value Series Index
-------------------- ------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,399 10,327
12/1/2005 10,413 10,389
1/1/2006 10,910 10,792
2/1/2006 10,873 10,858
3/1/2006 11,067 11,005
4/1/2006 11,377 11,285
5/1/2006 11,170 11,000
6/1/2006 11,266 11,070
7/1/2006 11,104 11,339
8/1/2006 11,286 11,529
9/1/2006 11,599 11,759
10/1/2006 12,059 12,144
11/1/2006 12,288 12,421
12/1/2006 12,534 12,700
1/1/2007 12,900 12,862
2/1/2007 12,706 12,662
3/1/2007 12,795 12,857
4/1/2007 13,339 13,332
5/1/2007 13,889 13,813
6/1/2007 13,665 13,491
7/1/2007 12,819 12,867
8/1/2007 12,573 13,011
9/1/2007 12,901 13,458
10/1/2007 12,974 13,459
11/1/2007 12,249 12,801
12/1/2007 12,208 12,678
1/1/2008 11,742 12,170
2/1/2008 11,382 11,660
3/1/2008 11,276 11,573
4/1/2008 11,986 12,137
5/1/2008 12,274 12,117
6/1/2008 10,929 10,957
7/1/2008 10,810 10,918
8/1/2008 11,019 11,104
9/1/2008 10,029 10,288
10/1/2008 7,775 8,507
11/1/2008 7,012 7,897
12/1/2008 7,240 8,006
1/1/2009 6,381 7,086
2/1/2009 5,486 6,139
3/1/2009 6,029 6,664
4/1/2009 7,004 7,378
5/1/2009 7,540 7,834
6/1/2009 7,448 7,777
7/1/2009 8,157 8,413
8/1/2009 8,711 8,853
9/1/2009 9,092 9,195
10/1/2009 8,700 8,914
11/1/2009 9,190 9,416
12/1/2009 9,444 9,583
1/1/2010 9,225 9,313
2/1/2010 9,623 9,607
3/1/2010 10,373 10,233
4/1/2010 10,702 10,498
5/1/2010 9,784 9,635
6/1/2010 9,046 9,092
7/1/2010 9,755 9,708
8/1/2010 9,167 9,292
9/1/2010 10,061 10,013
10/1/2010 10,436 10,314
11/1/2010 10,355 10,259
12/1/2010 11,365 11,069
1/1/2011 11,728 11,319
2/1/2011 12,363 11,737
3/1/2011 12,421 11,783
4/1/2011 12,738 12,097
5/1/2011 12,553 11,969
6/1/2011 12,334 11,724
7/1/2011 11,769 11,335
8/1/2011 10,777 10,628
9/1/2011 9,686 9,824
10/1/2011 11,030 10,949
11/1/2011 10,938 10,893
12/1/2011 11,025 11,112
1/1/2012 11,573 11,532
2/1/2012 12,242 11,992
3/1/2012 12,467 12,348
4/1/2012 12,213 12,222
5/1/2012 11,348 11,505
6/1/2012 11,959 12,076
7/1/2012 12,075 12,201
8/1/2012 12,553 12,466
9/1/2012 13,015 12,862
10/1/2012 13,050 12,799
11/1/2012 13,078 12,793
12/1/2012 13,476 13,058
1/1/2013 14,417 13,906
2/1/2013 14,601 14,106
3/1/2013 15,299 14,665
4/1/2013 15,461 14,886
5/1/2013 16,096 15,269
6/1/2013 15,917 15,134
7/1/2013 16,869 15,951
8/1/2013 16,372 15,346
9/1/2013 16,851 15,730
10/1/2013 17,705 16,419
11/1/2013 18,449 16,877
12/1/2013 18,940 17,305
1/1/2014 18,190 16,690
2/1/2014 18,807 17,412
3/1/2014 19,251 17,828
4/1/2014 19,378 17,997
5/1/2014 19,805 18,261
6/1/2014 20,342 18,738
7/1/2014 20,197 18,418
8/1/2014 20,838 19,095
9/1/2014 20,324 18,701
10/1/2014 20,480 19,122
11/1/2014 20,722 19,513
12/1/2014 20,878 19,633
1/1/2015 19,845 18,848
2/1/2015 21,247 19,760
3/1/2015 20,843 19,491
4/1/2015 21,265 19,673
5/1/2015 21,501 19,910
6/1/2015 21,155 19,512
7/1/2015 21,103 19,598 Past performance is not predictive of
8/1/2015 19,822 18,430 future performance.
9/1/2015 19,188 17,874 The returns shown do not reflect the
10/1/2015 20,751 19,223 deduction of taxes that a shareholder
would pay on fund distributions or the
Average Annual One Five Ten redemption of fund shares.
Total Return Year Years Years Russell data copyright (C) Russell
--------------------------------------------------- Investment Group 1995-2015, all rights
1.32% 14.74% 7.57% reserved.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE DFA INTERNATIONAL VALUE SERIES VS.
MSCI WORLD EX USA INDEX (NET DIVIDENDS)
October 31, 2005-October 31, 2015
[CHART]
The DFA International MSCI World ex
Value Series USA Index (net dividends)
--------------------- -------------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,178 10,265
12/1/2005 10,677 10,741
1/1/2006 11,406 11,420
2/1/2006 11,515 11,382
3/1/2006 12,001 11,743
4/1/2006 12,609 12,304
5/1/2006 12,098 11,837
6/1/2006 12,022 11,822
7/1/2006 12,207 11,932
8/1/2006 12,627 12,271
9/1/2006 12,802 12,262
10/1/2006 13,370 12,746
11/1/2006 13,815 13,126
12/1/2006 14,354 13,502
1/1/2007 14,624 13,584
2/1/2007 14,611 13,693
3/1/2007 15,084 14,044
4/1/2007 15,845 14,683
5/1/2007 16,387 15,009
6/1/2007 16,267 15,024
7/1/2007 15,815 14,816
8/1/2007 15,638 14,602
9/1/2007 16,454 15,432
10/1/2007 17,252 16,102
11/1/2007 16,207 15,473
12/1/2007 15,858 15,182
1/1/2008 14,573 13,813
2/1/2008 14,388 14,063
3/1/2008 14,560 13,863
4/1/2008 15,211 14,633
5/1/2008 15,218 14,855
6/1/2008 13,713 13,700
7/1/2008 13,325 13,212
8/1/2008 12,768 12,702
9/1/2008 11,277 10,868
10/1/2008 8,449 8,607
11/1/2008 7,931 8,140
12/1/2008 8,530 8,569
1/1/2009 7,353 7,770
2/1/2009 6,450 6,983
3/1/2009 7,153 7,443
4/1/2009 8,471 8,403
5/1/2009 9,730 9,466
6/1/2009 9,582 9,368
7/1/2009 10,722 10,248
8/1/2009 11,337 10,739
9/1/2009 11,914 11,182
10/1/2009 11,440 11,002
11/1/2009 11,781 11,275
12/1/2009 11,914 11,454
1/1/2010 11,226 10,917
2/1/2010 11,270 10,906
3/1/2010 12,159 11,608
4/1/2010 11,951 11,435
5/1/2010 10,552 10,173
6/1/2010 10,367 10,026
7/1/2010 11,663 10,953
8/1/2010 11,092 10,626
9/1/2010 12,285 11,645
10/1/2010 12,714 12,060
11/1/2010 12,077 11,549
12/1/2010 13,203 12,479
1/1/2011 13,765 12,748
2/1/2011 14,225 13,220
3/1/2011 13,832 12,956
4/1/2011 14,573 13,661
5/1/2011 14,047 13,256
6/1/2011 13,854 13,067
7/1/2011 13,410 12,852
8/1/2011 11,974 11,765
9/1/2011 10,663 10,584
10/1/2011 11,692 11,613
11/1/2011 11,307 11,076
12/1/2011 11,004 10,956
1/1/2012 11,744 11,547
2/1/2012 12,359 12,182
3/1/2012 12,255 12,092
4/1/2012 11,818 11,887
5/1/2012 10,359 10,531
6/1/2012 11,092 11,221
7/1/2012 11,048 11,361
8/1/2012 11,507 11,685
9/1/2012 11,914 12,040
10/1/2012 12,062 12,125
11/1/2012 12,255 12,380
12/1/2012 12,855 12,754
1/1/2013 13,462 13,381
2/1/2013 13,055 13,248
3/1/2013 13,099 13,353
4/1/2013 13,743 13,961
5/1/2013 13,580 13,648
6/1/2013 13,099 13,137
7/1/2013 13,995 13,836
8/1/2013 13,899 13,658
9/1/2013 14,943 14,623
10/1/2013 15,461 15,113
11/1/2013 15,520 15,206
12/1/2013 15,861 15,435
1/1/2014 15,283 14,812
2/1/2014 16,157 15,620
3/1/2014 16,039 15,550
4/1/2014 16,313 15,796
5/1/2014 16,498 16,040
6/1/2014 16,698 16,268
7/1/2014 16,328 15,978
8/1/2014 16,335 15,991
9/1/2014 15,617 15,334
10/1/2014 15,350 15,090
11/1/2014 15,358 15,276
12/1/2014 14,787 14,768
1/1/2015 14,691 14,715
2/1/2015 15,743 15,595
3/1/2015 15,409 15,334
4/1/2015 16,253 15,998
5/1/2015 16,261 15,859
6/1/2015 15,794 15,408
7/1/2015 15,639 15,652
8/1/2015 14,476 14,512 Past performance is not predictive of
9/1/2015 13,492 13,780 future performance.
10/1/2015 14,528 14,816 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Ten would pay on fund distributions or the
Total Return Year Years Years redemption of fund shares.
------------------------------------------------------------ MSCI data copyright MSCI 2015, all
-5.35% 2.70% 3.81% rights reserved.
--------------------------------------------------------------------------------
266
THE DFA INVESTMENT TRUST COMPANY
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
THE JAPANESE SMALL COMPANY SERIES VS.
MSCI JAPAN SMALL CAP INDEX (NET DIVIDENDS)
October 31, 2005-October 31, 2015
[CHART]
The Japanese Small Company MSCI Japan Small Cap Index
Series (net dividends)
---------------------- --------------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,200 10,427
12/1/2005 11,350 11,838
1/1/2006 11,835 12,215
2/1/2006 11,129 11,419
3/1/2006 11,624 11,932
4/1/2006 11,857 11,991
5/1/2006 11,023 11,029
6/1/2006 10,601 10,684
7/1/2006 10,095 9,977
8/1/2006 10,264 10,243
9/1/2006 10,105 10,019
10/1/2006 10,032 9,954
11/1/2006 9,968 9,870
12/1/2006 10,053 9,928
1/1/2007 10,264 10,121
2/1/2007 10,675 10,520
3/1/2007 10,601 10,423
4/1/2007 10,454 10,245
5/1/2007 10,243 10,001
6/1/2007 10,411 10,066
7/1/2007 10,475 10,064
8/1/2007 10,032 9,451
9/1/2007 10,021 9,393
10/1/2007 10,084 9,733
11/1/2007 9,852 9,324
12/1/2007 9,241 8,766
1/1/2008 8,977 8,335
2/1/2008 8,914 8,427
3/1/2008 9,093 8,430
4/1/2008 9,156 8,534
5/1/2008 9,494 8,797
6/1/2008 9,051 8,257
7/1/2008 8,797 7,987
8/1/2008 8,312 7,634
9/1/2008 7,774 6,889
10/1/2008 7,205 6,161
11/1/2008 7,395 6,413
12/1/2008 8,154 6,912
1/1/2009 7,595 6,550
2/1/2009 6,614 5,689
3/1/2009 6,909 5,890
4/1/2009 7,194 6,191
5/1/2009 8,080 6,949
6/1/2009 8,618 7,391
7/1/2009 8,797 7,576
8/1/2009 9,262 8,000
9/1/2009 9,167 7,969
10/1/2009 8,840 7,677
11/1/2009 8,481 7,403
12/1/2009 8,449 7,265
1/1/2010 8,565 7,421
2/1/2010 8,734 7,562
3/1/2010 9,177 7,906
4/1/2010 9,451 8,120
5/1/2010 8,660 7,557
6/1/2010 8,797 7,590
7/1/2010 8,956 7,682
8/1/2010 8,713 7,520
9/1/2010 9,093 7,827
10/1/2010 8,903 7,763
11/1/2010 9,124 7,914
12/1/2010 9,968 8,713
1/1/2011 10,200 8,816
2/1/2011 10,675 9,171
3/1/2011 10,011 8,605
4/1/2011 9,958 8,613
5/1/2011 9,789 8,485
6/1/2011 10,285 8,801
7/1/2011 10,665 9,167
8/1/2011 10,380 8,792
9/1/2011 10,327 8,800
10/1/2011 9,800 8,475
11/1/2011 9,958 8,246
12/1/2011 9,905 8,374
1/1/2012 10,538 8,718
2/1/2012 10,549 8,813
3/1/2012 10,854 9,048
4/1/2012 10,633 8,917
5/1/2012 9,747 8,176
6/1/2012 10,264 8,525
7/1/2012 9,916 8,392
8/1/2012 9,926 8,344
9/1/2012 10,063 8,575
10/1/2012 9,852 8,389
11/1/2012 10,000 8,447
12/1/2012 10,369 8,710
1/1/2013 10,696 9,036
2/1/2013 10,960 9,342
3/1/2013 11,804 10,097
4/1/2013 12,426 10,761
5/1/2013 11,414 9,908
6/1/2013 11,519 9,881
7/1/2013 11,793 10,042
8/1/2013 11,530 9,906
9/1/2013 12,838 11,035
10/1/2013 12,869 10,989
11/1/2013 12,774 10,917
12/1/2013 12,869 11,004
1/1/2014 12,743 10,973
2/1/2014 12,690 10,729
3/1/2014 12,753 10,756
4/1/2014 12,563 10,557
5/1/2014 12,890 10,903
6/1/2014 13,808 11,675
7/1/2014 13,724 11,737
8/1/2014 13,850 11,653
9/1/2014 13,428 11,264
10/1/2014 13,186 10,963
11/1/2014 12,690 10,839
12/1/2014 12,806 10,952
1/1/2015 13,122 11,320
2/1/2015 13,660 11,728
3/1/2015 13,840 11,954
4/1/2015 14,177 12,178
5/1/2015 14,325 12,322
6/1/2015 14,620 12,502
7/1/2015 14,536 12,453
8/1/2015 14,093 12,027 Past performance is not predictive of
9/1/2015 13,660 11,595 future performance.
10/1/2015 14,378 12,369 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Ten would pay on fund distributions or the
Total Return Year Years Years redemption of fund shares.
----------------------------------------------------------- MSCI data copyright MSCI 2015, all
9.04% 10.06% 3.70% rights reserved.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE ASIA PACIFIC SMALL COMPANY SERIES VS.
MSCI PACIFIC EX JAPAN SMALL CAP INDEX (NET DIVIDENDS)
October 31, 2005-October 31, 2015
[CHART]
The Asia Pacific MSCI Pacific ex Japan
Small Company Series Small Cap Index (net dividends)
-------------------- -------------------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,247 10,379
12/1/2005 10,408 10,583
1/1/2006 11,113 11,189
2/1/2006 11,274 11,301
3/1/2006 11,849 11,779
4/1/2006 12,529 12,539
5/1/2006 11,818 11,899
6/1/2006 11,744 11,754
7/1/2006 11,973 11,875
8/1/2006 12,270 12,262
9/1/2006 12,400 12,465
10/1/2006 13,420 13,334
11/1/2006 14,168 14,144
12/1/2006 14,576 14,672
1/1/2007 14,954 15,045
2/1/2007 15,356 15,332
3/1/2007 16,160 16,123
4/1/2007 17,291 17,241
5/1/2007 18,776 17,918
6/1/2007 19,549 18,384
7/1/2007 19,858 18,379
8/1/2007 18,380 17,196
9/1/2007 20,532 18,722
10/1/2007 22,331 20,002
11/1/2007 20,860 18,395
12/1/2007 20,507 18,142
1/1/2008 18,448 15,711
2/1/2008 19,017 16,644
3/1/2008 18,095 15,594
4/1/2008 19,363 16,637
5/1/2008 20,210 16,817
6/1/2008 18,225 14,935
7/1/2008 17,155 14,249
8/1/2008 15,955 13,091
9/1/2008 13,216 10,536
10/1/2008 8,825 6,814
11/1/2008 7,978 6,071
12/1/2008 8,850 6,776
1/1/2009 7,761 6,030
2/1/2009 7,335 5,655
3/1/2009 8,472 6,466
4/1/2009 9,740 7,623
5/1/2009 12,257 9,451
6/1/2009 12,356 9,717
7/1/2009 14,143 11,121
8/1/2009 14,787 11,692
9/1/2009 15,943 12,671
10/1/2009 16,302 12,975
11/1/2009 17,062 13,348
12/1/2009 17,514 13,882
1/1/2010 16,568 12,994
2/1/2010 16,865 13,157
3/1/2010 18,256 14,241
4/1/2010 18,510 14,639
5/1/2010 15,949 12,429
6/1/2010 15,758 12,358
7/1/2010 17,508 13,615
8/1/2010 17,489 13,585
9/1/2010 20,142 15,625
10/1/2010 21,014 16,318
11/1/2010 20,736 16,100
12/1/2010 22,771 17,725
1/1/2011 22,288 17,210
2/1/2011 22,430 17,304
3/1/2011 22,907 17,835
4/1/2011 23,884 18,557
5/1/2011 23,179 18,132
6/1/2011 22,400 17,487
7/1/2011 22,771 17,745
8/1/2011 21,187 16,511
9/1/2011 17,236 13,509
10/1/2011 19,932 15,722
11/1/2011 19,400 14,650
12/1/2011 18,268 14,180
1/1/2012 20,161 15,653
2/1/2012 21,682 16,870
3/1/2012 21,373 16,342
4/1/2012 21,286 16,430
5/1/2012 18,633 14,297
6/1/2012 19,029 14,497
7/1/2012 19,314 14,974
8/1/2012 19,963 15,213
9/1/2012 20,952 16,023
10/1/2012 21,422 16,353
11/1/2012 21,732 16,514
12/1/2012 22,752 16,929
1/1/2013 23,896 17,826
2/1/2013 24,001 18,038
3/1/2013 24,106 18,083
4/1/2013 23,711 17,940
5/1/2013 21,954 16,619
6/1/2013 20,402 15,198
7/1/2013 21,410 15,806
8/1/2013 21,583 15,942
9/1/2013 23,098 17,169
10/1/2013 23,760 17,470
11/1/2013 22,938 16,732
12/1/2013 23,222 16,811
1/1/2014 22,127 16,033
2/1/2014 23,408 16,895
3/1/2014 23,754 17,207
4/1/2014 23,816 17,320
5/1/2014 23,840 17,461
6/1/2014 24,026 17,556
7/1/2014 24,533 17,938
8/1/2014 24,917 18,076
9/1/2014 22,622 16,415
10/1/2014 22,950 16,609
11/1/2014 22,047 16,082
12/1/2014 21,410 15,679
1/1/2015 20,903 15,370
2/1/2015 21,923 16,116
3/1/2015 21,620 15,826
4/1/2015 23,370 16,734
5/1/2015 23,630 16,652
6/1/2015 21,967 15,454
7/1/2015 20,897 14,756
8/1/2015 19,116 13,380 Past performance is not predictive of
9/1/2015 18,844 13,104 future performance.
10/1/2015 20,235 14,172 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Ten would pay on fund distributions or the
Total Return Year Years Years redemption of fund shares.
----------------------------------------------------------- MSCI data copyright MSCI 2015, all
-11.83% -0.75% 7.30% rights reserved.
--------------------------------------------------------------------------------
267
THE DFA INVESTMENT TRUST COMPANY
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
THE UNITED KINGDOM SMALL COMPANY SERIES VS.
MSCI UK SMALL CAP INDEX (NET DIVIDENDS)
October 31, 2005-October 31, 2015
[CHART]
The United Kingdom MSCI UK Small Cap
Small Company Series Index (net dividends)
-------------------- ---------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,434 10,499
12/1/2005 10,893 10,953
1/1/2006 11,746 11,845
2/1/2006 11,907 12,030
3/1/2006 12,104 12,274
4/1/2006 12,715 12,923
5/1/2006 12,458 12,637
6/1/2006 12,454 12,529
7/1/2006 12,542 12,432
8/1/2006 13,069 12,879
9/1/2006 13,451 13,257
10/1/2006 14,216 14,016
11/1/2006 15,109 14,924
12/1/2006 15,933 15,625
1/1/2007 16,046 15,588
2/1/2007 16,042 15,637
3/1/2007 16,798 16,284
4/1/2007 17,377 17,092
5/1/2007 17,611 17,202
6/1/2007 16,967 16,701
7/1/2007 16,879 16,607
8/1/2007 16,782 15,998
9/1/2007 16,203 15,092
10/1/2007 17,498 16,750
11/1/2007 15,475 14,812
12/1/2007 14,658 14,068
1/1/2008 13,673 12,936
2/1/2008 13,874 13,375
3/1/2008 13,821 13,206
4/1/2008 14,055 13,452
5/1/2008 14,095 13,516
6/1/2008 12,973 12,592
7/1/2008 12,518 12,089
8/1/2008 12,317 11,773
9/1/2008 10,414 9,608
10/1/2008 7,619 6,942
11/1/2008 7,080 6,298
12/1/2008 6,923 6,139
1/1/2009 6,754 6,105
2/1/2009 6,476 5,902
3/1/2009 6,758 6,245
4/1/2009 8,174 7,679
5/1/2009 9,010 8,490
6/1/2009 9,055 8,550
7/1/2009 9,839 9,337
8/1/2009 10,607 10,237
9/1/2009 10,917 10,474
10/1/2009 10,933 10,489
11/1/2009 10,901 10,380
12/1/2009 11,130 10,636
1/1/2010 11,022 10,587
2/1/2010 10,644 10,112
3/1/2010 11,537 11,004
4/1/2010 11,963 11,443
5/1/2010 10,611 10,068
6/1/2010 10,813 10,111
7/1/2010 12,273 11,327
8/1/2010 11,822 11,020
9/1/2010 13,085 12,234
10/1/2010 13,769 12,755
11/1/2010 13,093 12,224
12/1/2010 14,433 13,503
1/1/2011 14,642 13,634
2/1/2011 15,084 13,993
3/1/2011 14,807 13,752
4/1/2011 16,118 15,012
5/1/2011 16,022 14,822
6/1/2011 15,511 14,323
7/1/2011 15,410 14,283
8/1/2011 13,874 12,826
9/1/2011 12,474 11,474
10/1/2011 13,797 12,727
11/1/2011 13,379 12,233
12/1/2011 12,965 11,825
1/1/2012 14,111 13,025
2/1/2012 15,261 14,235
3/1/2012 15,595 14,281
4/1/2012 15,865 14,524
5/1/2012 14,079 12,725
6/1/2012 14,771 13,331
7/1/2012 15,020 13,573
8/1/2012 15,845 14,292
9/1/2012 16,661 15,055
10/1/2012 17,027 15,366
11/1/2012 17,136 15,372
12/1/2012 18,081 16,079
1/1/2013 18,403 16,502
2/1/2013 18,572 16,595
3/1/2013 19,127 17,042
4/1/2013 19,614 17,468
5/1/2013 19,799 17,704
6/1/2013 19,364 17,066
7/1/2013 21,006 18,487
8/1/2013 21,158 18,740
9/1/2013 22,591 20,147
10/1/2013 23,399 20,856
11/1/2013 23,934 21,347
12/1/2013 25,257 22,378
1/1/2014 24,662 21,902
2/1/2014 26,879 24,027
3/1/2014 26,054 23,160
4/1/2014 25,628 22,606
5/1/2014 25,607 22,649
6/1/2014 25,587 22,596
7/1/2014 24,795 21,957
8/1/2014 25,173 22,188
9/1/2014 23,737 20,886
10/1/2014 23,685 20,753
11/1/2014 23,504 20,760
12/1/2014 23,886 21,101
1/1/2015 23,351 20,526
2/1/2015 25,547 22,554
3/1/2015 24,224 21,516
4/1/2015 25,752 22,896
5/1/2015 27,051 23,946
6/1/2015 26,983 23,976
7/1/2015 27,039 24,147
8/1/2015 25,905 23,197 Past performance is not predictive of
9/1/2015 25,125 22,342 future performance.
10/1/2015 26,042 23,331 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Ten would pay on fund distributions or the
Total Return Year Years Years redemption of fund shares.
----------------------------------------------------- MSCI data copyright MSCI 2015, all
9.95% 13.59% 10.04% rights reserved.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE CONTINENTAL SMALL COMPANY SERIES VS.
MSCI EUROPE EX UK SMALL CAP INDEX (NET DIVIDENDS)
October 31, 2005-October 31, 2015
[CHART]
The Continental Small MSCI Europe ex UK Small
Company Series Cap Index (net dividends)
--------------------- -------------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,037 10,128
12/1/2005 10,557 10,714
1/1/2006 11,570 11,910
2/1/2006 11,905 12,246
3/1/2006 12,675 13,037
4/1/2006 13,549 13,961
5/1/2006 12,899 13,244
6/1/2006 12,659 12,942
7/1/2006 12,632 12,800
8/1/2006 12,967 13,101
9/1/2006 13,143 13,239
10/1/2006 13,804 13,946
11/1/2006 14,765 14,922
12/1/2006 15,469 15,626
1/1/2007 16,187 16,127
2/1/2007 16,214 16,196
3/1/2007 17,162 17,057
4/1/2007 18,067 18,089
5/1/2007 18,418 18,405
6/1/2007 18,218 18,229
7/1/2007 18,119 18,095
8/1/2007 17,476 17,276
9/1/2007 17,867 17,620
10/1/2007 18,729 18,675
11/1/2007 17,347 17,338
12/1/2007 17,014 16,987
1/1/2008 15,396 14,942
2/1/2008 16,057 15,845
3/1/2008 16,568 16,168
4/1/2008 16,768 16,444
5/1/2008 17,091 16,700
6/1/2008 15,651 15,157
7/1/2008 14,823 14,296
8/1/2008 14,420 13,906
9/1/2008 11,911 11,027
0/1/2008 8,732 7,924
1/1/2008 8,052 7,267
2/1/2008 8,892 7,939
1/1/2009 7,882 7,226
2/1/2009 7,202 6,590
3/1/2009 7,725 7,099
4/1/2009 8,990 8,577
5/1/2009 10,292 9,857
6/1/2009 10,166 9,731
7/1/2009 10,976 10,604
8/1/2009 11,896 11,693
9/1/2009 12,915 12,813
0/1/2009 12,555 12,464
11/1/2009 12,936 12,720
12/1/2009 12,896 12,777
1/1/2010 12,684 12,607
2/1/2010 12,416 12,248
3/1/2010 13,339 13,242
4/1/2010 13,213 13,158
5/1/2010 11,336 11,122
6/1/2010 11,265 10,956
7/1/2010 12,613 12,269
8/1/2010 12,038 11,686
9/1/2010 13,693 13,489
0/1/2010 14,484 14,354
11/1/2010 13,361 13,267
12/1/2010 15,094 15,124
1/1/2011 15,525 15,466
2/1/2011 15,793 15,728
3/1/2011 16,325 16,259
4/1/2011 17,430 17,395
5/1/2011 16,842 16,731
6/1/2011 16,300 16,191
7/1/2011 15,380 15,209
8/1/2011 13,801 13,620
9/1/2011 11,724 11,574
10/1/2011 12,927 12,842
11/1/2011 12,074 11,838
12/1/2011 11,600 11,436
1/1/2012 12,705 12,570
2/1/2012 13,521 13,535
3/1/2012 13,546 13,425
4/1/2012 13,232 13,201
5/1/2012 11,425 11,391
6/1/2012 11,927 11,952
7/1/2012 11,807 11,910
8/1/2012 12,345 12,429
9/1/2012 12,998 13,098
10/1/2012 13,223 13,324
11/1/2012 13,401 13,528
12/1/2012 14,211 14,258
1/1/2013 15,288 15,419
2/1/2013 15,137 15,371
3/1/2013 14,798 14,976
4/1/2013 15,408 15,558
5/1/2013 15,694 15,911
6/1/2013 15,177 15,203
7/1/2013 16,500 16,586
8/1/2013 16,522 16,555
9/1/2013 17,969 17,970
10/1/2013 18,997 19,052
11/1/2013 19,341 19,391
12/1/2013 19,886 19,894
1/1/2014 19,763 19,730
2/1/2014 21,502 21,454
3/1/2014 21,613 21,472
4/1/2014 21,825 21,562
5/1/2014 21,914 21,804
6/1/2014 21,724 21,591
7/1/2014 20,456 20,318
8/1/2014 20,212 20,154
9/1/2014 19,135 19,044
10/1/2014 18,569 18,422
11/1/2014 19,015 18,962
12/1/2014 18,412 18,509
1/1/2015 18,538 18,552
2/1/2015 19,818 19,921
3/1/2015 19,723 19,719
4/1/2015 20,779 20,774
5/1/2015 20,803 20,637
6/1/2015 20,369 20,148
7/1/2015 20,942 20,896
8/1/2015 20,160 20,088
9/1/2015 19,449 19,409 Past performance is not predictive of
10/1/2015 20,391 20,519 future performance.
The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Ten would pay on fund distributions or the
Total Return Year Years Years redemption of fund shares.
---------------------------------------------------------- MSCI data copyright MSCI 2015, all
9.81% 7.08% 7.38% rights reserved.
--------------------------------------------------------------------------------
268
THE DFA INVESTMENT TRUST COMPANY
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
THE CANADIAN SMALL COMPANY SERIES VS.
MSCI CANADA SMALL CAP INDEX (NET DIVIDENDS)
April 2, 2007-October 31, 2015
[CHART]
The MSCI Canada Small Cap
Canadian Small Company Series Index (net dividends)
-------------------------------- ------------------------
4/1/2007 $10,000 $10,000
4/1/2007 10,710 10,487
5/1/2007 11,420 11,331
6/1/2007 11,370 11,306
7/1/2007 11,300 11,024
8/1/2007 10,560 10,340
9/1/2007 11,730 11,600
10/1/2007 13,000 12,852
11/1/2007 11,020 10,809
12/1/2007 11,430 11,109
1/1/2008 10,350 10,107
2/1/2008 11,160 11,071
3/1/2008 10,290 10,199
4/1/2008 10,540 10,555
5/1/2008 11,140 11,104
6/1/2008 10,620 10,725
7/1/2008 9,710 9,775
8/1/2008 9,310 9,530
9/1/2008 7,190 7,506
10/1/2008 4,800 5,011
11/1/2008 4,180 4,560
12/1/2008 4,500 4,785
1/1/2009 4,530 4,833
2/1/2009 4,120 4,454
3/1/2009 4,380 4,708
4/1/2009 5,300 5,466
5/1/2009 6,340 6,622
6/1/2009 5,950 6,220
7/1/2009 6,700 6,996
8/1/2009 6,920 7,260
9/1/2009 7,910 8,157
10/1/2009 7,760 8,211
11/1/2009 8,420 8,900
12/1/2009 8,960 9,423
1/1/2010 8,540 9,031
2/1/2010 9,050 9,632
3/1/2010 9,770 10,454
4/1/2010 10,120 10,890
5/1/2010 9,150 9,929
6/1/2010 8,730 9,464
7/1/2010 9,440 10,234
8/1/2010 9,330 10,202
9/1/2010 10,430 11,319
10/1/2010 11,110 12,004
11/1/2010 11,650 12,509
12/1/2010 12,840 13,660
1/1/2011 12,780 13,500
2/1/2011 13,660 14,392
3/1/2011 13,680 14,396
4/1/2011 13,940 14,833
5/1/2011 13,360 14,236
6/1/2011 12,620 13,510
7/1/2011 12,810 13,868
8/1/2011 11,840 13,043
9/1/2011 9,600 10,655
10/1/2011 11,140 12,174
11/1/2011 10,750 11,857
12/1/2011 10,580 11,613
1/1/2012 11,490 12,564
2/1/2012 11,930 13,014
3/1/2012 11,400 12,326
4/1/2012 11,140 12,227
5/1/2012 9,840 10,801
6/1/2012 9,860 10,768
7/1/2012 10,130 11,140
8/1/2012 10,560 11,603
9/1/2012 11,010 12,189
10/1/2012 10,860 11,971
11/1/2012 10,680 11,703
12/1/2012 10,930 11,894
1/1/2013 11,250 12,137
2/1/2013 10,700 11,549
3/1/2013 11,010 11,822
4/1/2013 10,650 11,555
5/1/2013 10,480 11,271
6/1/2013 10,050 10,576
7/1/2013 10,790 11,389
8/1/2013 10,690 11,262
9/1/2013 11,170 11,696
10/1/2013 11,480 11,959
11/1/2013 11,330 11,668
12/1/2013 11,610 11,958
1/1/2014 11,250 11,555
2/1/2014 11,970 12,358
3/1/2014 12,140 12,468
4/1/2014 12,670 12,944
5/1/2014 12,690 12,956
6/1/2014 13,650 14,057
7/1/2014 13,010 13,443
8/1/2014 13,460 13,905
9/1/2014 11,920 12,434
10/1/2014 11,040 11,601
11/1/2014 10,730 11,276
12/1/2014 10,480 10,983
1/1/2015 9,420 9,940
2/1/2015 10,000 10,500
3/1/2015 9,550 10,048
4/1/2015 10,600 11,033
5/1/2015 10,230 10,663
6/1/2015 9,810 10,298
7/1/2015 8,610 9,288
8/1/2015 8,370 8,813 Past performance is not predictive of
9/1/2015 7,770 8,286 future performance.
10/1/2015 8,280 8,732 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Since would pay on fund distributions or the
Total Return Year Years Inception redemption of fund shares.
------------------------------------------------------------- MSCI data copyright MSCI 2015, all
-25.00% -5.71% -2.18% rights reserved.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE EMERGING MARKETS SERIES VS.
MSCI EMERGING MARKETS INDEX (NET DIVIDENDS)
October 31, 2005-October 31, 2015
[CHART]
The MSCI Emerging Markets Index
Emerging Markets Series (net dividends)
----------------------- ---------------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,723 10,827
12/1/2005 11,345 11,467
1/1/2006 12,432 12,748
2/1/2006 12,397 12,733
3/1/2006 12,565 12,845
4/1/2006 13,320 13,760
5/1/2006 11,784 12,318
6/1/2006 11,771 12,288
7/1/2006 11,988 12,461
8/1/2006 12,366 12,779
9/1/2006 12,539 12,885
10/1/2006 13,289 13,497
11/1/2006 14,141 14,500
12/1/2006 14,714 15,153
1/1/2007 14,931 14,993
2/1/2007 14,705 14,904
3/1/2007 15,375 15,496
4/1/2007 16,360 16,231
5/1/2007 17,457 17,019
6/1/2007 17,745 17,816
7/1/2007 18,176 18,756
8/1/2007 17,865 18,358
9/1/2007 19,441 20,385
10/1/2007 21,576 22,659
11/1/2007 20,169 21,052
12/1/2007 20,098 21,126
1/1/2008 18,349 18,490
2/1/2008 18,935 19,855
3/1/2008 18,349 18,804
4/1/2008 19,663 20,330
5/1/2008 19,778 20,707
6/1/2008 17,750 18,641
7/1/2008 17,519 17,938
8/1/2008 16,480 16,506
9/1/2008 14,190 13,617
10/1/2008 10,453 9,890
11/1/2008 9,507 9,146
12/1/2008 10,253 9,859
1/1/2009 9,467 9,222
2/1/2009 8,855 8,702
3/1/2009 10,133 9,953
4/1/2009 11,638 11,609
5/1/2009 13,622 13,593
6/1/2009 13,506 13,409
7/1/2009 15,055 14,917
8/1/2009 15,109 14,864
9/1/2009 16,445 16,213
10/1/2009 16,103 16,233
11/1/2009 17,066 16,930
12/1/2009 17,683 17,599
1/1/2010 16,720 16,618
2/1/2010 16,924 16,676
3/1/2010 18,344 18,022
4/1/2010 18,455 18,241
5/1/2010 16,742 16,636
6/1/2010 16,769 16,514
7/1/2010 18,247 17,889
8/1/2010 17,825 17,542
9/1/2010 19,854 19,491
10/1/2010 20,457 20,057
11/1/2010 20,000 19,528
12/1/2010 21,629 20,921
1/1/2011 21,070 20,354
2/1/2011 20,923 20,164
3/1/2011 22,091 21,349
4/1/2011 22,863 22,012
5/1/2011 22,233 21,434
6/1/2011 21,971 21,104
7/1/2011 21,802 21,011
8/1/2011 20,040 19,133
9/1/2011 17,008 16,344
10/1/2011 19,139 18,508
11/1/2011 18,478 17,275
12/1/2011 17,941 17,067
1/1/2012 19,862 19,003
2/1/2012 20,941 20,141
3/1/2012 20,399 19,468
4/1/2012 20,036 19,236
5/1/2012 17,878 17,079
6/1/2012 18,766 17,738
7/1/2012 18,917 18,084
8/1/2012 19,046 18,024
9/1/2012 20,111 19,111
10/1/2012 20,009 18,995
11/1/2012 20,271 19,236
12/1/2012 21,460 20,177
1/1/2013 21,571 20,455
2/1/2013 21,323 20,198
3/1/2013 21,021 19,850
4/1/2013 21,261 20,000
5/1/2013 20,573 19,487
6/1/2013 19,281 18,246
7/1/2013 19,565 18,437
8/1/2013 19,108 18,120
9/1/2013 20,470 19,298
10/1/2013 21,407 20,236
11/1/2013 21,087 19,940
12/1/2013 20,874 19,652
1/1/2014 19,427 18,376
2/1/2014 20,133 18,984
3/1/2014 20,843 19,567
4/1/2014 20,968 19,633
5/1/2014 21,682 20,318
6/1/2014 22,286 20,858
7/1/2014 22,552 21,261
8/1/2014 23,258 21,740
9/1/2014 21,549 20,129
10/1/2014 21,780 20,366
11/1/2014 21,571 20,151
12/1/2014 20,599 19,222
1/1/2015 20,737 19,337
2/1/2015 21,372 19,936
3/1/2015 20,928 19,652
4/1/2015 22,330 21,164
5/1/2015 21,434 20,316
6/1/2015 20,919 19,789
7/1/2015 19,578 18,417
8/1/2015 17,963 16,751 Past performance is not predictive of
9/1/2015 17,483 16,247 future performance.
10/1/2015 18,544 17,406 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Ten would pay on fund distributions or the
Total Return Year Years Years redemption of fund shares.
------------------------------------------------------------ MSCI data copyright MSCI 2015, all
-14.86% -1.94% 6.37% rights reserved.
--------------------------------------------------------------------------------
269
THE DFA INVESTMENT TRUST COMPANY
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
THE EMERGING MARKETS SMALL CAP SERIES VS.
MSCI EMERGING MARKETS INDEX (NET DIVIDENDS)
October 31, 2005-October 31, 2015
CHART
The Emerging Markets MSCI Emerging Markets
Small Cap Series Index (net dividends)
-------------------- ---------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,714 10,827
12/1/2005 11,419 11,467
1/1/2006 12,529 12,748
2/1/2006 12,669 12,733
3/1/2006 12,898 12,845
4/1/2006 13,957 13,760
5/1/2006 12,492 12,318
6/1/2006 11,946 12,288
7/1/2006 12,221 12,461
8/1/2006 12,650 12,779
9/1/2006 13,010 12,885
10/1/2006 13,994 13,497
11/1/2006 15,058 14,500
12/1/2006 15,754 15,153
1/1/2007 16,066 14,993
2/1/2007 16,202 14,904
3/1/2007 16,934 15,496
4/1/2007 18,231 16,231
5/1/2007 19,687 17,019
6/1/2007 20,280 17,816
7/1/2007 21,274 18,756
8/1/2007 20,397 18,358
9/1/2007 21,801 20,385
10/1/2007 23,453 22,659
11/1/2007 21,582 21,052
12/1/2007 21,834 21,126
1/1/2008 19,216 18,490
2/1/2008 19,771 19,855
3/1/2008 18,852 18,804
4/1/2008 20,000 20,330
5/1/2008 19,888 20,707
6/1/2008 17,597 18,641
7/1/2008 17,331 17,938
8/1/2008 16,286 16,506
9/1/2008 13,355 13,617
10/1/2008 9,309 9,890
11/1/2008 8,745 9,146
12/1/2008 9,986 9,859
1/1/2009 9,225 9,222
2/1/2009 8,661 8,702
3/1/2009 9,855 9,953
4/1/2009 11,853 11,609
5/1/2009 14,545 13,593
6/1/2009 14,475 13,409
7/1/2009 16,328 14,917
8/1/2009 16,524 14,864
9/1/2009 17,905 16,213
10/1/2009 17,891 16,233
11/1/2009 18,955 16,930
12/1/2009 20,000 17,599
1/1/2010 19,123 16,618
2/1/2010 19,454 16,676
3/1/2010 21,120 18,022
4/1/2010 21,470 18,241
5/1/2010 19,319 16,636
6/1/2010 19,837 16,514
7/1/2010 21,666 17,889
8/1/2010 21,773 17,542
9/1/2010 24,424 19,491
10/1/2010 25,399 20,057
11/1/2010 24,722 19,528
12/1/2010 26,146 20,921
1/1/2011 25,049 20,354
2/1/2011 24,321 20,164
3/1/2011 25,679 21,349
4/1/2011 27,037 22,012
5/1/2011 26,435 21,434
6/1/2011 26,430 21,104
7/1/2011 26,734 21,011
8/1/2011 24,204 19,133
9/1/2011 19,907 16,344
10/1/2011 22,114 18,508
11/1/2011 21,045 17,275
12/1/2011 20,485 17,067
1/1/2012 22,804 19,003
2/1/2012 24,676 20,141
3/1/2012 24,050 19,468
4/1/2012 23,476 19,236
5/1/2012 21,339 17,079
6/1/2012 22,156 17,738
7/1/2012 21,895 18,084
8/1/2012 22,469 18,024
9/1/2012 23,784 19,111
10/1/2012 23,705 18,995
11/1/2012 24,125 19,236
12/1/2012 25,618 20,177
1/1/2013 26,099 20,455
2/1/2013 26,374 20,198
3/1/2013 26,262 19,850
4/1/2013 26,799 20,000
5/1/2013 26,430 19,487
6/1/2013 24,144 18,246
7/1/2013 24,265 18,437
8/1/2013 23,262 18,120
9/1/2013 24,970 19,298
10/1/2013 25,936 20,236
11/1/2013 25,576 19,940
12/1/2013 25,376 19,652
1/1/2014 24,298 18,376
2/1/2014 25,390 18,984
3/1/2014 26,267 19,567
4/1/2014 26,486 19,633
5/1/2014 27,396 20,318
6/1/2014 28,115 20,858
7/1/2014 28,185 21,261
8/1/2014 29,062 21,740
9/1/2014 27,629 20,129
10/1/2014 27,387 20,366
11/1/2014 27,088 20,151
12/1/2014 26,262 19,222
1/1/2015 26,692 19,337
2/1/2015 27,382 19,936
3/1/2015 27,182 19,652
4/1/2015 29,123 21,164
5/1/2015 28,731 20,316
6/1/2015 27,755 19,789
7/1/2015 26,062 18,417
8/1/2015 23,518 16,751 Past performance is not predictive of
9/1/2015 23,486 16,247 future performance.
10/1/2015 24,806 17,406 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Ten would pay on fund distributions or the
Total Return Year Years Years redemption of fund shares.
---------------------------------------------------- MSCI data copyright MSCI 2015, all
-9.42% -0.47% 9.51% rights reserved.
--------------------------------------------------------------------------------
270
THE DFA INVESTMENT TRUST COMPANY
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Unaudited)
U.S. Equity Market Review 12 Months Ended October 31, 2015
U.S. equities had positive returns during the period. The broad U.S. equity
market, as measured by the Russell 3000(R) Index, gained approximately 4.5%.
Large-cap stocks outperformed small-cap stocks as measured by the Russell
indices.
Total Return for 12 Months Ended October 31, 2015
-------------------------------------------------
Russell 3000(R) Index ....................... 4.49%
Russell Microcap(R) Index (micro-cap stocks). 0.82%
Russell 2000(R) Index (small-cap stocks) .... 0.34%
Russell 1000(R) Index (large-cap stocks) .... 4.86%
Dow Jones U.S. Select REIT Index/SM/......... 6.87%
Growth stocks outperformed value stocks as measured by the Russell indices.
Total Return for 12 Months Ended October 31, 2015
-------------------------------------------------
Russell 2000(R) Value Index (small-cap value stocks)... -2.88%
Russell 2000(R) Growth Index (small-cap growth stocks). 3.52%
Russell 1000(R) Value Index (large-cap value stocks)... 0.53%
Russell 1000(R) Growth Index (large-cap growth stocks). 9.18%
----------
Source: Russell data copyright (C) Russell Investment Group 1995-2015, all
rights reserved.
Dimensional Fund Advisors LP ("Dimensional" or the "Advisor") believes that
among the most important factors explaining differences in the behavior of
diversified equity portfolios are the market capitalization and value/growth
characteristics of the portfolios' holdings. Value characteristics are a
function of stock price relative to one or more fundamental characteristics
such as book value, earnings, or dividends.
For many Dimensional U.S. equity portfolios, differences in returns over the
period were primarily attributable to differences in value/growth and size
characteristics as well as the exclusion of REIT securities from most
Dimensional portfolios and the exclusion of securities of highly regulated
utilities from most value strategies. For many portfolios, the construction
approach used by Dimensional generally resulted in portfolios with greater
weight in value, small-cap, and/or micro-cap companies relative to widely used
benchmarks.
Domestic Equity Series' Performance Overview
The U.S. Large Cap Value Series
The U.S. Large Cap Value Series is designed to capture the returns of U.S.
large-cap value stocks. Value is measured primarily by book-to-market ratio.
The investment strategy is process driven, emphasizing broad diversification.
As of October 31, 2015, the Series held approximately 300 securities. In
general, cash exposure was low throughout the year with an average cash balance
of less than 1% of the Series' assets.
For the 12 months ended October 31, 2015, total returns were 1.32% for the
Series and 0.53% for the Russell 1000(R) Value Index. As a result of the
Series' diversified investment approach, performance was determined principally
by broad trends in the U.S. equity market rather than the behavior of a limited
number of stocks. The Series had a smaller allocation than the Index to the
largest market cap stocks and a greater allocation to the remainder of the
eligible large-cap universe, which benefited the Portfolio's relative
performance as the largest market cap value stocks underperformed.
271
International Equity Market Review 12 Months Ended October 31, 2015
Performance of non-U.S. developed markets was varied for the period.
Small-cap stocks and growth stocks had positive returns while large-cap stocks
and value stocks had negative returns. As measured by the MSCI World ex USA
indices, small-cap stocks outperformed large-cap stocks, and growth stocks
outperformed value stocks.
12 Months Ended October 31, 2015
--------------------------------
Return in U.S. Dollars
----------------------
MSCI World ex USA Index........... -1.81%
MSCI World ex USA Small Cap Index. 4.66%
MSCI World ex USA Value Index..... -5.92%
MSCI World ex USA Growth Index.... 2.33%
During the period, the U.S. dollar (USD) appreciated against most developed
markets currencies, decreasing USD-denominated returns in developed markets.
12 Months Ended October 31, 2015
--------------------------------
Ten Largest Foreign Developed Markets by Market Cap Local Return Return in U.S. Dollars
--------------------------------------------------- ------------ ----------------------
United Kingdom.................... 0.01% -3.45%
Japan............................. 17.41% 9.07%
Canada............................ -5.27% -18.37%
France............................ 18.69% 4.64%
Switzerland....................... 3.70% 1.25%
Germany........................... 16.20% 2.45%
Australia......................... -2.25% -20.66%
Spain............................. 0.50% -11.40%
Hong Kong......................... -1.73% -1.67%
Sweden............................ 9.47% -4.59%
----------
Source: Returns are of MSCI standard indices net of foreign withholding taxes
on dividends. Copyright MSCI 2015, all rights reserved.
Emerging markets had weaker performance over the period than non-U.S.
developed markets. As measured by the MSCI emerging markets indices, small-cap
stocks outperformed large-cap stocks, and growth stocks outperformed value
stocks.
12 Months Ended October 31, 2015
--------------------------------
Return in U.S. Dollars
----------------------
MSCI Emerging Markets Index........... -14.53%
MSCI Emerging Markets Small Cap Index. -8.61%
MSCI Emerging Markets Value Index..... -17.62%
MSCI Emerging Markets Growth Index.... -11.50%
272
During the period, the U.S. dollar (USD) appreciated against most emerging
markets currencies, decreasing USD-denominated returns in emerging markets.
12 Months Ended October 31, 2015
--------------------------------
Ten Largest Emerging Markets by Market Cap Local Return Return in U.S. Dollars
------------------------------------------ ------------ ----------------------
China........................ -0.76% -0.70%
Korea........................ -0.03% -6.28%
Taiwan....................... -2.50% -8.65%
India........................ -2.15% -8.06%
South Africa................. 7.82% -13.73%
Brazil....................... -15.36% -45.97%
Mexico....................... 0.26% -18.22%
Russia....................... 8.87% -20.92%
Malaysia..................... -8.60% -30.02%
Indonesia.................... -12.35% -22.61%
----------
Source: Returns are of MSCI standard indices net of foreign withholding taxes
on dividends. Copyright MSCI 2015, all rights reserved.
International Equity Series' Performance Overview
The DFA International Value Series
The DFA International Value Series is designed to capture the returns of
international large company value stocks. Value is measured primarily by
book-to-market ratio. The investment strategy is process driven, emphasizing
broad diversification. As of October 31, 2015, the Series held approximately
520 securities in 22 eligible developed countries. In general, cash exposure
was low throughout the year with an average cash balance of less than 1% of the
Series' assets.
For the 12 months ended October 31, 2015, total returns were -5.35% for the
Series and -1.81% for the MSCI World ex USA Index (net dividends). As a result
of the Series' diversified investment approach, performance was determined
principally by broad trends in international equity markets rather than the
behavior of a limited number of stocks. The Series had significantly greater
exposure than the Index to value stocks. Value stocks generally underperformed
during the period, which detracted from the Series' relative performance.
Differences in the valuation timing and methodology between the Series and the
Index generally detracted from the Series' relative performance. The Series
prices foreign exchange rates at the closing of the U.S. markets while the
Index uses rates at 4 p.m. London time. The Series also may use fair value
pricing to price certain portfolio securities at the closing of the U.S.
markets while the Index uses local market closing prices.
The Japanese Small Company Series
The Japanese Small Company Series is designed to capture the returns of
Japanese small company stocks. The investment strategy is process driven,
emphasizing broad diversification. As of October 31, 2015, the Series held
approximately 1,440 securities. In general, cash exposure was low throughout
the year with an average cash balance of less than 1% of the Series' assets.
For the 12 months ended October 31, 2015, total returns were 9.04% for the
Series and 12.83% for the MSCI Japan Small Cap Index (net dividends). As a
result of the Series' diversified investment approach, performance was
determined principally by broad trends in the Japanese equity market, rather
than the behavior of a limited number of stocks. The Series had a greater
allocation than the Index to micro-cap securities, and micro-cap securities
underperformed relative to other small-caps, which detracted from the Series'
relative performance. The Series' underperformance was partially offset by the
exclusion of real estate investment trusts (REITs), which underperformed the
overall Index. The Series' relative performance also benefited from the
exclusion of small- and micro-cap securities with both high relative prices and
low profitability as these securities underperformed. Differences in the
valuation timing and methodology between the Series and the Index detracted
from the Series'
273
relative performance. The Series prices foreign exchange rates at the closing
of the U.S. markets while the Index uses rates at 4 p.m. London time. The
Series also may use fair value pricing to price certain portfolio securities at
the closing of the U.S. markets while the Index uses local market closing
prices.
The Asia Pacific Small Company Series
The Asia Pacific Small Company Series is designed to capture the returns of
small-cap stocks in Australia, Hong Kong, New Zealand, and Singapore. The
investment strategy is process driven, emphasizing broad diversification. As of
October 31, 2015, the Series held approximately 830 securities across the
eligible countries. Country allocations generally reflect the approximate
weights of individual securities within a universe of these countries' stocks
constructed by the Advisor. In general, cash exposure was low throughout the
year with an average cash balance of less than 1% of the Series' assets.
For the 12 months ended October 31, 2015, total returns were -11.83% for the
Series and -14.67% for the MSCI Pacific ex Japan Small Cap Index (net
dividends). As a result of the Series' diversified investment approach,
performance was determined principally by broad trends in Asia Pacific equity
markets rather than the behavior of a limited number of stocks. The Series'
exclusion of small low profitability securities benefited relative performance
as these securities underperformed. The Series' holdings in Hong Kong,
particularly in micro-caps, outperformed those in the Index and benefited the
Series' relative performance.
The United Kingdom Small Company Series
The United Kingdom Small Company Series is designed to capture the returns
of U.K. small-cap stocks. The investment strategy is process driven,
emphasizing broad diversification. As of October 31, 2015, the Series held
approximately 320 securities. In general, cash exposure was low throughout the
year, with an average cash balance of less than 1% of the Series' assets.
For the 12 months ended October 31, 2015, total returns were 9.95% for the
Series and 12.42% for the MSCI UK Small Cap Index (net dividends). As a result
of the Series diversified investment approach, performance was determined
principally by broad trends in the U.K. equity market, rather than the behavior
of a limited number of stocks. The Series' exclusion of real estate investment
trusts (REITs) detracted from the Series' relative performance as REITs in the
United Kingdom generally outperformed other sectors during the period. Due to
differences in methodology, the Series may hold names that are larger in size
than those included in the Index, resulting in differences in sector weights.
During the period, these differences in sector weights contributed to the
Series' relative underperformance. For instance, the Series had a lower
allocation to financials, which outperformed and detracted from the Series'
relative performance, and a higher allocation to industrials, which
underperformed and detracted from the Series' relative performance. The Series'
underperformance was partially offset by the exclusion of small- and micro-cap
securities with high relative prices and low profitability, as these securities
underperformed during the period. Differences in the valuation timing and
methodology between the Series and the Index detracted from the Series'
relative performance. The Series prices foreign exchange rates at the closing
of the U.S. markets while the Index uses rates at 4 p.m. London time. The
Series also may use fair value pricing to price certain portfolio securities at
the closing of the U.S. markets while the Index uses local market closing
prices.
The Continental Small Company Series
The Continental Small Company Series is designed to capture the returns of
small-cap stocks in the developed markets of Europe (excluding the U.K.) and
Israel, by purchasing shares in such securities. The investment strategy is
process driven, emphasizing broad diversification. As of October 31, 2015, the
Series held approximately 1,160 securities in 15 eligible developed continental
European countries and Israel. Country allocations generally reflect the
approximate weights of individual securities within a universe of continental
European and Israeli small-cap stocks constructed by the Advisor. In general,
cash exposure was low throughout the year with an average cash balance of less
than 1% of the Series' assets.
For the 12 months ended October 31, 2015, total returns were 9.81% for the
Series and 11.38% for the MSCI Europe ex UK Small Cap Index (net dividends). As
a result of the Series' diversified investment approach, performance was
determined principally by broad trends in the continental European (excluding
the U.K.) and Israeli equity markets, rather than the behavior of a limited
number of stocks. Due to differences in methodology,
274
the Series may hold names that are larger in size than those included in the
Index, resulting in differences in individual holdings. Within the financial
sector, these holding differences detracted from the Series' relative
performance as the Series' financial holdings underperformed the Index's
financial holdings. Differences in the valuation timing and methodology between
the Series and the Index detracted from the Series' relative performance. The
Series prices foreign exchange rates at the closing of the U.S. markets while
the Index uses rates at 4 p.m. London time. The Series also may use fair value
pricing to price certain portfolio securities at the closing of the U.S.
markets while the Index uses local market closing prices.
The Canadian Small Company Series
The Canadian Small Company Series is designed to capture the returns of
Canadian small-cap stocks. The investment strategy is process driven,
emphasizing broad diversification. As of October 31, 2015, the Series held
approximately 320 securities. In general, cash exposure was low throughout the
year with an average cash balance of less than 1% of the Series' assets.
For the 12 months ended October 31, 2015, total returns were -25.00% for the
Series and -24.73% for the MSCI Canada Small Cap Index (net dividends). As a
result of the Series' diversified investment approach, performance was
determined principally by broad trends in the Canadian equity market. The
Series had a greater allocation to micro-cap securities than the Index, which
detracted from the Series relative performance as micro-caps underperformed
other small-cap securities. The Series held a higher weighting in energy
companies, which underperformed, detracting from the Series' relative
performance. The Series' exclusion of real estate investment trusts (REITs)
also detracted from the Series' relative performance as REITs outperformed the
Index total return. The Series' underperformance was partially offset by the
exclusion of small low profitability growth securities, which underperformed
during the period.
The Emerging Markets Series
The Emerging Markets Series is designed to capture the returns of large-cap
stocks in selected emerging markets countries. The investment strategy is
process driven, emphasizing broad diversification. As of October 31, 2015, the
Series held approximately 1,100 securities across 21 eligible emerging markets.
In general, cash exposure was low throughout the year with an average cash
balance of less than 1% of the Series' assets.
For the 12 months ended October 31, 2015, total returns were -14.86% for the
Series and -14.53% for the MSCI Emerging Markets Index (net dividends). As a
result of the Series' diversified approach, performance was generally
determined by broad trends in emerging markets rather than the behavior of a
limited number of stocks. The Series' relative underperformance was driven
primarily by country allocation differences between the Series and the Index.
The Series' lower allocation to China, which outperformed most other emerging
markets during the period, detracted from the Series' relative performance.
This was partially offset by the Series' greater allocation to Taiwan, which
also generally outperformed.
The Emerging Markets Small Cap Series
The Emerging Markets Small Cap Series is designed to capture the returns of
small-cap stocks in selected emerging markets. The investment strategy is
process driven, emphasizing broad diversification. As of October 31, 2015, the
Series held approximately 3,300 securities across 17 eligible emerging markets.
In general, cash exposure was low throughout the year with an average cash
balance of less than 1% of the Series' assets.
For the 12 months ended October 31, 2015, total returns were -9.42% for the
Series and -14.53% for the MSCI Emerging Markets Index (net dividends). As a
result of the Series' diversified approach, performance was principally
determined by broad trends in emerging markets rather than the behavior of a
limited number of stocks. The Series focuses on small-cap stocks while the
Index primarily holds large-cap and mid-cap stocks. Emerging markets small-cap
stocks outperformed emerging markets large-caps and mid-caps over the period,
and the Series' greater exposure to small-caps benefited the Series' relative
performance.
275
THE DFA INVESTMENT TRUST COMPANY
DISCLOSURE OF FUND EXPENSES
(Unaudited)
The following Expense Tables are shown so that you can understand the impact
of fees on your investment. All mutual funds have operating expenses. As a
shareholder of the fund, you incur ongoing costs, which include costs for
portfolio management, administrative services, and shareholder reports, among
others. Operating expenses, legal and audit services, which are deducted from a
fund's gross income, directly reduce the investment return of the fund. A
fund's expenses are expressed as a percentage of its average net assets. This
figure is known as the expense ratio. The following examples are intended to
help you understand the ongoing costs, in dollars, of investing in the fund and
to compare these costs with those of other mutual funds. The examples are based
on an investment of $1,000 made at the beginning of the period shown and held
for the entire period.
The Expense Tables below illustrate your fund's costs in two ways.
Actual Fund Return
This section helps you to estimate the actual expenses after fee waivers
that you paid over the period. The "Ending Account Value" shown is derived
from the fund's actual return and "Expenses Paid During Period" reflect
the dollar amount that would have been paid by an investor who started
with $1,000 in the fund. You may use the information here, together with
the amount you invested, to estimate the expenses that you paid over the
period.
To do so, simply divide your account value by $1,000 (for example, a
$7,500 account value divided by $1,000 = 7.5), then multiply the result by
the number given for your fund under the heading "Expenses Paid During
Period."
Hypothetical Example for Comparison Purposes
This section is intended to help you compare your fund's costs with those
of other mutual funds. The hypothetical "Ending Account Value" and
"Expenses Paid During Period" are derived from the fund's actual expense
ratio and an assumed 5% annual return before expenses. In this case,
because the return used is not the fund's actual return, the results do
not apply to your investment. The example is useful in making comparisons
because the SEC requires all mutual funds to calculate expenses based on a
5% annual return. You can assess your fund's costs by comparing this
hypothetical example with the hypothetical examples that appear in
shareholder reports of other funds.
Please note that the expenses shown in the tables are meant to highlight and
help you compare ongoing costs only and do not reflect any transactional costs,
if applicable. The "Annualized Expense Ratio" represents the actual expenses
for the six-month period indicated.
Six Months Ended October 31, 2015
EXPENSE TABLES
Beginning Ending Expenses
Account Account Annualized Paid
Value Value Expense During
05/01/15 10/31/15 Ratio* Period*
--------- --------- ---------- --------
The U.S. Large Cap Value Series
-------------------------------
Actual Fund Return................. $1,000.00 $ 975.90 0.11% $0.55
Hypothetical 5% Annual Return...... $1,000.00 $1,024.65 0.11% $0.56
The DFA International Value Series
----------------------------------
Actual Fund Return................. $1,000.00 $ 893.80 0.22% $1.05
Hypothetical 5% Annual Return...... $1,000.00 $1,024.10 0.22% $1.12
276
DISCLOSURE OF FUND EXPENSES
CONTINUED
Beginning Ending Expenses
Account Account Annualized Paid
Value Value Expense During
05/01/15 10/31/15 Ratio* Period*
--------- --------- ---------- --------
The Japanese Small Company Series
---------------------------------
Actual Fund Return...................... $1,000.00 $1,014.10 0.12% $0.61
Hypothetical 5% Annual Return........... $1,000.00 $1,024.60 0.12% $0.61
The Asia Pacific Small Company Series
-------------------------------------
Actual Fund Return...................... $1,000.00 $ 865.80 0.13% $0.61
Hypothetical 5% Annual Return........... $1,000.00 $1,024.55 0.13% $0.66
The United Kingdom Small Company Series
---------------------------------------
Actual Fund Return...................... $1,000.00 $1,011.20 0.11% $0.56
Hypothetical 5% Annual Return........... $1,000.00 $1,024.65 0.11% $0.56
The Continental Small Company Series
------------------------------------
Actual Fund Return...................... $1,000.00 $ 981.30 0.13% $0.65
Hypothetical 5% Annual Return........... $1,000.00 $1,024.55 0.13% $0.66
The Canadian Small Company Series
---------------------------------
Actual Fund Return...................... $1,000.00 $ 781.10 0.12% $0.54
Hypothetical 5% Annual Return........... $1,000.00 $1,024.60 0.12% $0.61
The Emerging Markets Series
---------------------------
Actual Fund Return...................... $1,000.00 $ 830.50 0.16% $0.74
Hypothetical 5% Annual Return........... $1,000.00 $1,024.40 0.16% $0.82
The Emerging Markets Small Cap Series
-------------------------------------
Actual Fund Return...................... $1,000.00 $ 851.80 0.26% $1.21
Hypothetical 5% Annual Return........... $1,000.00 $1,023.89 0.26% $1.33
----------
* Expenses are equal to the fund's annualized expense ratio for the six-month
period, multiplied by the average account value over the period, multiplied
by the number of days in the most recent six-month period (184), then divided
by the number of days in the year (365) to reflect the six-month period.
277
THE DFA INVESTMENT TRUST COMPANY
DISCLOSURE OF PORTFOLIO HOLDINGS
(Unaudited)
The SEC requires that all funds file a complete Schedule of Investments with
the SEC for their first and third fiscal quarters on Form N-Q. For The DFA
Investment Trust Company, this would be for the fiscal quarters ending
January 31 and July 31. The Form N-Q filing must be made within 60 days of the
end of the quarter. The DFA Investment Trust Company filed its most recent Form
N-Q with the SEC on September 29, 2015. They are available upon request,
without charge, by calling collect: (512) 306-7400 or by mailing a request to
Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, Texas
78746, or by visiting the SEC's website at http://www.sec.gov, or they may be
reviewed and copied at the SEC's Public Reference Room in Washington, D.C.
(call 1-800-732-0330 for information on the operation of the Public Reference
Room).
SEC regulations permit a fund to include in its reports to shareholders a
"Summary Schedule of Portfolio Holdings" in lieu of a full Schedule of
Investments. The Summary Schedule of Portfolio Holdings reports the fund's 50
largest holdings in unaffiliated issuers and any investments that exceed one
percent of the fund's net assets at the end of the reporting period. The
amendments also require that the Summary Schedule of Portfolio Holdings
identify each category of investments that are held.
A fund is required to file a complete Schedule of Investments with the SEC
on Form N-CSR within ten days after mailing the annual and semi-annual reports
to shareholders. It will be available upon request, without charge, by calling
collect: (512) 306-7400 or by mailing a request to Dimensional Fund Advisors
LP, 6300 Bee Cave Road, Building One, Austin, Texas 78746, or by visiting the
SEC's website at http://www.sec.gov, or they may be reviewed and copied at the
SEC's Public Reference Room in Washington, D.C. (call 1-800-732-0330 for
information on the operation of the Public Reference Room).
PORTFOLIO HOLDINGS
The SEC requires that all funds present their categories of portfolio
holdings in a table, chart or graph format in their annual and semi-annual
shareholder reports, whether or not a Schedule of Investments is utilized. The
following table, which presents portfolio holdings as a percent of total
investments before short-term investments and collateral for loaned securities,
is provided in compliance with such requirement. The categories shown below
represent broad industry sectors. Each industry sector consists of one or more
specific industry classifications.
DOMESTIC AND INTERNATIONAL EQUITY PORTFOLIOS
The U.S. Large Cap Value Series
Consumer Discretionary....................... 14.0%
Consumer Staples............................. 5.2%
Energy....................................... 16.1%
Financials................................... 21.5%
Health Care.................................. 11.8%
Industrials.................................. 12.3%
Information Technology....................... 10.8%
Materials.................................... 3.3%
Other........................................ --
Telecommunication Services................... 4.7%
Utilities.................................... 0.3%
-----
100.0%
The DFA International Value Series
Consumer Discretionary....................... 12.4%
Consumer Staples............................. 3.7%
Energy....................................... 14.4%
Financials................................... 34.7%
Health Care.................................. 0.9%
Industrials.................................. 10.4%
Information Technology....................... 3.3%
Materials.................................... 11.8%
Other........................................ --
Telecommunication Services................... 5.9%
Utilities.................................... 2.5%
-----
100.0%
The Japanese Small Company Series
Consumer Discretionary....................... 20.3%
Consumer Staples............................. 9.2%
Energy....................................... 1.0%
Financials................................... 12.1%
Health Care.................................. 4.9%
Industrials.................................. 28.7%
Information Technology....................... 11.4%
Materials.................................... 11.7%
Telecommunication Services................... 0.1%
Utilities.................................... 0.6%
-----
100.0%
278
DISCLOSURE OF PORTFOLIO HOLDINGS
CONTINUED
The Asia Pacific Small Company Series
Consumer Discretionary....................... 28.7%
Consumer Staples............................. 5.5%
Energy....................................... 2.8%
Financials................................... 16.1%
Health Care.................................. 7.6%
Industrials.................................. 16.6%
Information Technology....................... 5.3%
Materials.................................... 11.1%
Other........................................ --
Telecommunication Services................... 3.3%
Utilities.................................... 3.0%
-----
100.0%
The United Kingdom Small Company Series
Consumer Discretionary....................... 28.0%
Consumer Staples............................. 5.4%
Energy....................................... 4.1%
Financials................................... 15.6%
Health Care.................................. 2.9%
Industrials.................................. 24.0%
Information Technology....................... 8.5%
Materials.................................... 7.6%
Other........................................ --
Telecommunication Services................... 2.1%
Utilities.................................... 1.8%
-----
100.0%
The Continental Small Company Series
Consumer Discretionary....................... 14.0%
Consumer Staples............................. 6.1%
Energy....................................... 3.0%
Financials................................... 17.6%
Health Care.................................. 9.8%
Industrials.................................. 27.0%
Information Technology....................... 8.8%
Materials.................................... 9.4%
Other........................................ --
Telecommunication Services................... 2.0%
Utilities.................................... 2.3%
-----
100.0%
The Canadian Small Company Series
Consumer Discretionary....................... 12.2%
Consumer Staples............................. 4.6%
Energy....................................... 20.6%
Financials................................... 9.2%
Health Care.................................. 1.6%
Industrials.................................. 14.9%
Information Technology....................... 5.5%
Materials.................................... 23.3%
Telecommunication Services................... 0.6%
Utilities.................................... 7.5%
-----
100.0%
The Emerging Markets Series
Consumer Discretionary....................... 10.0%
Consumer Staples............................. 9.5%
Energy....................................... 6.6%
Financials................................... 26.3%
Health Care.................................. 3.2%
Industrials.................................. 8.1%
Information Technology....................... 18.6%
Materials.................................... 7.6%
Other........................................ --
Telecommunication Services................... 6.7%
Utilities.................................... 3.4%
-----
100.0%
The Emerging Markets Small Cap Series
Consumer Discretionary....................... 16.3%
Consumer Staples............................. 9.7%
Energy....................................... 1.9%
Financials................................... 15.8%
Health Care.................................. 6.4%
Industrials.................................. 16.5%
Information Technology....................... 14.8%
Materials.................................... 12.9%
Other........................................ --
Real Estate Investment Trusts................ --
Telecommunication Services................... 1.1%
Utilities.................................... 4.6%
-----
100.0%
279
THE U.S. LARGE CAP VALUE SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
COMMON STOCKS -- (95.4%)
Consumer Discretionary -- (13.3%)
Comcast Corp. Class A......................... 9,482,510 $ 593,794,776 3.1%
# Comcast Corp. Special Class A................. 2,635,567 165,276,407 0.9%
Ford Motor Co................................. 14,411,800 213,438,758 1.1%
General Motors Co............................. 5,492,031 191,726,802 1.0%
Time Warner Cable, Inc........................ 1,876,119 355,336,939 1.9%
Time Warner, Inc.............................. 4,297,753 323,792,711 1.7%
Other Securities.............................. 819,458,486 4.2%
-------------- -----
Total Consumer Discretionary...................... 2,662,824,879 13.9%
-------------- -----
Consumer Staples -- (5.0%)
Archer-Daniels-Midland Co..................... 2,748,548 125,498,702 0.7%
CVS Health Corp............................... 3,364,257 332,321,306 1.7%
Mondelez International, Inc. Class A.......... 3,818,531 176,263,391 0.9%
Other Securities.............................. 364,331,183 1.9%
-------------- -----
Total Consumer Staples............................ 998,414,582 5.2%
-------------- -----
Energy -- (15.3%)
Anadarko Petroleum Corp....................... 2,015,789 134,815,968 0.7%
Chevron Corp.................................. 6,389,725 580,698,208 3.0%
ConocoPhillips................................ 6,174,431 329,405,894 1.7%
Exxon Mobil Corp.............................. 7,571,926 626,501,157 3.3%
Marathon Petroleum Corp....................... 2,604,266 134,900,979 0.7%
Occidental Petroleum Corp..................... 2,051,160 152,893,466 0.8%
Phillips 66................................... 2,055,820 183,070,771 1.0%
Valero Energy Corp............................ 2,806,975 185,035,792 1.0%
Other Securities.............................. 737,288,899 3.9%
-------------- -----
Total Energy...................................... 3,064,611,134 16.1%
-------------- -----
Financials -- (20.5%)
American International Group, Inc............. 3,536,873 223,035,211 1.2%
Bank of America Corp.......................... 15,546,531 260,870,790 1.4%
Bank of New York Mellon Corp. (The)........... 2,959,920 123,280,668 0.7%
Capital One Financial Corp.................... 2,074,942 163,712,924 0.9%
Citigroup, Inc................................ 4,980,715 264,824,617 1.4%
Goldman Sachs Group, Inc. (The)............... 1,523,888 285,729,000 1.5%
Hartford Financial Services Group, Inc. (The). 2,644,794 122,348,170 0.6%
JPMorgan Chase & Co........................... 10,421,544 669,584,202 3.5%
MetLife, Inc.................................. 2,189,692 110,316,683 0.6%
Morgan Stanley................................ 3,524,427 116,200,358 0.6%
PNC Financial Services Group, Inc. (The)...... 1,273,146 114,914,158 0.6%
Travelers Cos., Inc. (The).................... 1,130,153 127,582,972 0.7%
Wells Fargo & Co.............................. 2,083,146 112,781,524 0.6%
Other Securities.............................. 1,406,483,007 7.2%
-------------- -----
Total Financials.................................. 4,101,664,284 21.5%
-------------- -----
Health Care -- (11.3%)
Aetna, Inc.................................... 2,009,110 230,605,646 1.2%
* Allergan P.L.C................................ 496,938 153,290,465 0.8%
# Anthem, Inc................................... 1,532,858 213,297,191 1.1%
#* Express Scripts Holding Co.................... 2,842,416 245,527,894 1.3%
Humana, Inc................................... 707,042 126,298,912 0.7%
Pfizer, Inc................................... 21,021,501 710,947,164 3.7%
280
THE U.S. LARGE CAP VALUE SERIES
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
Health Care -- (Continued)
Thermo Fisher Scientific, Inc...................... 1,268,522 $ 165,897,307 0.9%
Other Securities................................... 411,377,957 2.1%
--------------- ------
Total Health Care........................................ 2,257,242,536 11.8%
--------------- ------
Industrials -- (11.8%)
CSX Corp........................................... 5,382,618 145,276,860 0.8%
FedEx Corp......................................... 843,839 131,681,076 0.7%
General Electric Co................................ 19,532,516 564,880,363 3.0%
Norfolk Southern Corp.............................. 1,598,000 127,887,940 0.7%
Southwest Airlines Co.............................. 3,733,160 172,807,976 0.9%
Stanley Black & Decker, Inc........................ 1,095,910 116,144,542 0.6%
Union Pacific Corp................................. 1,819,501 162,572,414 0.9%
Other Securities................................... 931,311,189 4.7%
--------------- ------
Total Industrials........................................ 2,352,562,360 12.3%
--------------- ------
Information Technology -- (10.3%)
Cisco Systems, Inc................................. 13,742,784 396,479,319 2.1%
EMC Corp........................................... 6,310,731 165,467,367 0.9%
Fidelity National Information Services, Inc........ 1,504,505 109,708,505 0.6%
Hewlett-Packard Co................................. 9,619,949 259,353,825 1.4%
Intel Corp......................................... 11,297,597 382,536,635 2.0%
Other Securities................................... 753,326,604 3.8%
--------------- ------
Total Information Technology............................. 2,066,872,255 10.8%
--------------- ------
Materials -- (3.2%)
Other Securities................................... 631,231,680 3.3%
--------------- ------
Telecommunication Services -- (4.4%)
AT&T, Inc.......................................... 21,699,651 727,155,305 3.8%
Other Securities................................... 163,622,086 0.9%
--------------- ------
Total Telecommunication Services......................... 890,777,391 4.7%
--------------- ------
Utilities -- (0.3%)
Other Securities................................... 56,891,951 0.3%
--------------- ------
TOTAL COMMON STOCKS...................................... 19,083,093,052 99.9%
--------------- ------
RIGHTS/WARRANTS -- (0.0%)
Other Securities................................... 208,567 0.0%
--------------- ------
TOTAL INVESTMENT SECURITIES.............................. 19,083,301,619
---------------
TEMPORARY CASH INVESTMENTS -- (0.0%)
State Street Institutional Liquid Reserves, 0.140%. 9,754,555 9,754,555 0.1%
--------------- ------
SECURITIES LENDING COLLATERAL -- (4.6%)
(S)@ DFA Short Term Investment Fund..................... 79,199,929 916,343,183 4.8%
--------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $14,362,076,197)............................... $20,009,399,357 104.8%
=============== ======
281
THE U.S. LARGE CAP VALUE SERIES
CONTINUED
Summary of the Series' investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
----------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------- ------------ ------- ---------------
Common Stocks
Consumer Discretionary...... $ 2,662,824,879 -- -- $ 2,662,824,879
Consumer Staples............ 998,414,582 -- -- 998,414,582
Energy...................... 3,064,611,134 -- -- 3,064,611,134
Financials.................. 4,101,664,284 -- -- 4,101,664,284
Health Care................. 2,257,242,536 -- -- 2,257,242,536
Industrials................. 2,352,562,360 -- -- 2,352,562,360
Information Technology...... 2,066,872,255 -- -- 2,066,872,255
Materials................... 631,231,680 -- -- 631,231,680
Telecommunication Services.. 890,777,391 -- -- 890,777,391
Utilities................... 56,891,951 -- -- 56,891,951
Rights/Warrants............... -- $ 208,567 -- 208,567
Temporary Cash Investments.... 9,754,555 -- -- 9,754,555
Securities Lending Collateral. -- 916,343,183 -- 916,343,183
--------------- ------------ -- ---------------
TOTAL......................... $19,092,847,607 $916,551,750 -- $20,009,399,357
=============== ============ == ===============
See accompanying Notes to Financial Statements.
282
THE DFA INTERNATIONAL VALUE SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (94.9%)
AUSTRALIA -- (5.6%)
BHP Billiton, Ltd................ 5,172,675 $ 84,835,680 0.9%
BHP Billiton, Ltd. Sponsored ADR. 1,465,288 48,193,322 0.5%
Macquarie Group, Ltd............. 982,233 59,473,059 0.6%
Other Securities................. 344,551,404 3.8%
------------ ----
TOTAL AUSTRALIA...................... 537,053,465 5.8%
------------ ----
AUSTRIA -- (0.1%)
Other Securities................. 10,400,098 0.1%
------------ ----
BELGIUM -- (1.3%)
Other Securities................. 124,483,972 1.3%
------------ ----
CANADA -- (7.4%)
Bank of Montreal................. 1,105,966 64,245,565 0.7%
Manulife Financial Corp.......... 3,287,435 54,505,652 0.6%
Suncor Energy, Inc............... 3,750,370 111,599,034 1.2%
Other Securities................. 479,872,309 5.2%
------------ ----
TOTAL CANADA......................... 710,222,560 7.7%
------------ ----
DENMARK -- (1.6%)
Other Securities................. 153,265,271 1.7%
------------ ----
FINLAND -- (0.6%)
Other Securities................. 60,810,526 0.7%
------------ ----
FRANCE -- (9.3%)
AXA SA........................... 4,004,754 106,879,326 1.2%
BNP Paribas SA................... 1,005,680 60,941,389 0.7%
# Cie de Saint-Gobain.............. 1,789,605 74,914,737 0.8%
Engie SA......................... 3,247,971 56,842,074 0.6%
Orange SA........................ 4,969,645 87,623,255 0.9%
Renault SA....................... 759,515 71,564,612 0.8%
Societe Generale SA.............. 1,935,625 89,896,621 1.0%
# Total SA......................... 3,202,849 154,885,992 1.7%
Other Securities................. 191,929,736 2.0%
------------ ----
TOTAL FRANCE......................... 895,477,742 9.7%
------------ ----
GERMANY -- (7.3%)
Allianz SE....................... 730,758 127,932,134 1.4%
Allianz SE Sponsored ADR......... 2,811,910 49,349,021 0.5%
Bayerische Motoren Werke AG...... 836,920 85,724,339 0.9%
Daimler AG....................... 2,214,556 192,032,407 2.1%
Other Securities................. 250,012,427 2.7%
------------ ----
TOTAL GERMANY........................ 705,050,328 7.6%
------------ ----
HONG KONG -- (2.2%)
Other Securities................. 213,300,423 2.3%
------------ ----
IRELAND -- (0.3%)
Other Securities................. 25,921,424 0.3%
------------ ----
ISRAEL -- (0.4%)
Other Securities................. 35,459,088 0.4%
------------ ----
283
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
ITALY -- (1.8%)
UniCredit SpA........................... 10,827,146 $ 69,911,588 0.7%
Other Securities........................ 104,201,022 1.2%
-------------- -----
TOTAL ITALY................................. 174,112,610 1.9%
-------------- -----
JAPAN -- (21.4%)
Hitachi, Ltd............................ 7,531,000 43,444,754 0.5%
Honda Motor Co., Ltd.................... 3,334,800 110,316,638 1.2%
ITOCHU Corp............................. 3,608,800 45,156,836 0.5%
Mitsubishi UFJ Financial Group, Inc..... 21,459,506 138,789,997 1.5%
Mizuho Financial Group, Inc............. 51,633,200 106,356,355 1.2%
Nissan Motor Co., Ltd................... 5,844,900 60,589,514 0.7%
# Sumitomo Mitsui Financial Group, Inc.... 2,728,500 108,849,809 1.2%
Other Securities........................ 1,441,016,272 15.5%
-------------- -----
TOTAL JAPAN................................. 2,054,520,175 22.3%
-------------- -----
NETHERLANDS -- (2.8%)
ING Groep NV............................ 6,261,830 91,466,780 1.0%
Koninklijke Philips NV.................. 1,816,357 48,966,694 0.5%
Other Securities........................ 128,818,636 1.4%
-------------- -----
TOTAL NETHERLANDS........................... 269,252,110 2.9%
-------------- -----
NEW ZEALAND -- (0.1%)
Other Securities........................ 6,670,339 0.1%
-------------- -----
NORWAY -- (0.6%)
Other Securities........................ 61,668,622 0.7%
-------------- -----
PORTUGAL -- (0.0%)
Other Securities........................ 4,300,068 0.0%
-------------- -----
SINGAPORE -- (1.0%)
Other Securities........................ 91,074,356 1.0%
-------------- -----
SPAIN -- (2.9%)
Banco Santander SA...................... 19,371,024 108,210,378 1.2%
Iberdrola SA............................ 14,302,198 101,990,959 1.1%
Other Securities........................ 70,374,756 0.7%
-------------- -----
TOTAL SPAIN................................. 280,576,093 3.0%
-------------- -----
SWEDEN -- (3.0%)
Svenska Cellulosa AB SCA Class B........ 2,234,256 65,807,693 0.7%
Telefonaktiebolaget LM Ericsson Class B. 4,879,427 47,489,038 0.5%
Other Securities........................ 174,423,981 1.9%
-------------- -----
TOTAL SWEDEN................................ 287,720,712 3.1%
-------------- -----
SWITZERLAND -- (8.5%)
ABB, Ltd................................ 4,761,575 89,830,421 1.0%
Adecco SA............................... 640,328 47,598,969 0.5%
Cie Financiere Richemont SA............. 928,099 79,582,225 0.9%
LafargeHolcim, Ltd...................... 932,270 52,500,549 0.6%
Swiss Re AG............................. 1,037,390 96,301,702 1.0%
UBS Group AG............................ 2,463,478 49,201,633 0.5%
Zurich Insurance Group AG............... 343,651 90,689,469 1.0%
Other Securities........................ 316,311,917 3.4%
-------------- -----
TOTAL SWITZERLAND........................... 822,016,885 8.9%
-------------- -----
284
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
UNITED KINGDOM -- (16.7%)
Barclays P.L.C. Sponsored ADR.................. 5,103,338 $ 72,620,500 0.8%
BP P.L.C. Sponsored ADR........................ 8,753,160 312,487,811 3.4%
HSBC Holdings P.L.C............................ 20,428,278 159,605,431 1.7%
# HSBC Holdings P.L.C. Sponsored ADR............. 2,554,625 99,809,198 1.1%
Royal Dutch Shell P.L.C. Class A............... 1,867,596 48,757,978 0.5%
Royal Dutch Shell P.L.C. Sponsored ADR Class A. 1,338,497 70,217,553 0.8%
# Royal Dutch Shell P.L.C. Sponsored ADR Class B. 3,323,210 175,099,935 1.9%
Standard Chartered P.L.C....................... 4,035,713 44,798,973 0.5%
Vodafone Group P.L.C........................... 58,351,986 192,032,427 2.1%
Vodafone Group P.L.C. Sponsored ADR............ 4,011,201 132,249,306 1.4%
Other Securities............................... 295,091,397 3.2%
-------------- ------
TOTAL UNITED KINGDOM................................. 1,602,770,509 17.4%
-------------- ------
TOTAL COMMON STOCKS.................................. 9,126,127,376 98.9%
-------------- ------
PREFERRED STOCKS -- (0.6%)
GERMANY -- (0.6%)
Volkswagen AG.................................. 396,506 47,594,617 0.5%
Other Securities............................... 13,660,500 0.2%
-------------- ------
TOTAL GERMANY........................................ 61,255,117 0.7%
-------------- ------
TOTAL PREFERRED STOCKS............................... 61,255,117 0.7%
-------------- ------
RIGHTS/WARRANTS -- (0.0%)
AUSTRALIA -- (0.0%)
Other Securities............................... -- 0.0%
-------------- ------
SPAIN -- (0.0%)
Other Securities............................... 1,065,068 0.0%
-------------- ------
TOTAL RIGHTS/WARRANTS................................ 1,065,068 0.0%
-------------- ------
TOTAL INVESTMENT SECURITIES.......................... 9,188,447,561
--------------
Value+
------
SECURITIES LENDING COLLATERAL -- (4.5%)
(S)@ DFA Short Term Investment Fund................. 37,531,967 434,244,856 4.7%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $9,600,064,667)............................ $9,622,692,417 104.3%
============== ======
285
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Summary of the Series' investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
----------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------- -------------- ------- --------------
Common Stocks
Australia................... $ 57,726,184 $ 479,327,281 -- $ 537,053,465
Austria..................... -- 10,400,098 -- 10,400,098
Belgium..................... 4,913,352 119,570,620 -- 124,483,972
Canada...................... 710,222,560 -- -- 710,222,560
Denmark..................... -- 153,265,271 -- 153,265,271
Finland..................... 2,150,379 58,660,147 -- 60,810,526
France...................... 4,266,340 891,211,402 -- 895,477,742
Germany..................... 72,150,156 632,900,172 -- 705,050,328
Hong Kong................... -- 213,300,423 -- 213,300,423
Ireland..................... 5,888,310 20,033,114 -- 25,921,424
Israel...................... 788,648 34,670,440 -- 35,459,088
Italy....................... 25,889,612 148,222,998 -- 174,112,610
Japan....................... 63,194,952 1,991,325,223 -- 2,054,520,175
Netherlands................. 28,977,472 240,274,638 -- 269,252,110
New Zealand................. -- 6,670,339 -- 6,670,339
Norway...................... 15,266,905 46,401,717 -- 61,668,622
Portugal.................... -- 4,300,068 -- 4,300,068
Singapore................... -- 91,074,356 -- 91,074,356
Spain....................... 4,304,148 276,271,945 -- 280,576,093
Sweden...................... 8,128,809 279,591,903 -- 287,720,712
Switzerland................. 41,604,334 780,412,551 -- 822,016,885
United Kingdom.............. 891,654,132 711,116,377 -- 1,602,770,509
Preferred Stocks
Germany..................... -- 61,255,117 -- 61,255,117
Rights/Warrants
Australia................... -- -- -- --
Spain....................... -- 1,065,068 -- 1,065,068
Securities Lending Collateral. -- 434,244,856 -- 434,244,856
-------------- -------------- -- --------------
TOTAL......................... $1,937,126,293 $7,685,566,124 -- $9,622,692,417
============== ============== == ==============
See accompanying Notes to Financial Statements.
286
THE JAPANESE SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (90.4%)
Consumer Discretionary -- (18.4%)
Aoyama Trading Co., Ltd..................... 307,000 $ 11,185,037 0.4%
Calsonic Kansei Corp........................ 1,015,000 8,089,220 0.3%
Nifco, Inc.................................. 287,200 11,071,328 0.4%
Wacoal Holdings Corp........................ 675,000 8,470,224 0.3%
Other Securities............................ 492,737,107 18.8%
------------ -----
Total Consumer Discretionary.................... 531,552,916 20.2%
------------ -----
Consumer Staples -- (8.4%)
Nichirei Corp............................... 1,501,000 9,763,287 0.4%
Sapporo Holdings, Ltd....................... 1,981,000 8,164,430 0.3%
Takara Holdings, Inc........................ 980,300 7,041,270 0.3%
# UNY Group Holdings Co., Ltd................. 1,468,300 8,117,716 0.3%
Other Securities............................ 209,088,023 7.9%
------------ -----
Total Consumer Staples.......................... 242,174,726 9.2%
------------ -----
Energy -- (0.9%)
Other Securities............................ 25,382,203 0.9%
------------ -----
Financials -- (11.0%)
Daishi Bank, Ltd. (The)..................... 2,003,000 9,051,406 0.3%
Hyakugo Bank, Ltd. (The).................... 1,491,609 7,630,038 0.3%
Juroku Bank, Ltd. (The)..................... 2,002,000 8,930,735 0.3%
Keiyo Bank, Ltd. (The)...................... 1,418,000 7,124,460 0.3%
#* Kyushu Financial Group, Inc................. 2,191,820 16,855,962 0.6%
* Leopalace21 Corp............................ 1,960,700 10,446,456 0.4%
Musashino Bank, Ltd. (The).................. 198,700 7,559,611 0.3%
North Pacific Bank, Ltd..................... 2,025,300 7,763,381 0.3%
Ogaki Kyoritsu Bank, Ltd. (The)............. 1,955,000 7,617,921 0.3%
San-In Godo Bank, Ltd. (The)................ 957,000 8,843,998 0.3%
# Shiga Bank, Ltd. (The)...................... 1,328,000 7,097,991 0.3%
Other Securities............................ 218,221,945 8.3%
------------ -----
Total Financials................................ 317,143,904 12.0%
------------ -----
Health Care -- (4.4%)
Asahi Intecc Co., Ltd....................... 246,000 9,502,389 0.4%
Nichi-iko Pharmaceutical Co., Ltd........... 264,250 7,334,079 0.3%
Nipro Corp.................................. 702,100 7,870,821 0.3%
Rohto Pharmaceutical Co., Ltd............... 499,200 8,236,034 0.3%
# Toho Holdings Co., Ltd...................... 321,000 7,116,998 0.3%
# Tsumura & Co................................ 348,700 8,402,296 0.3%
Other Securities............................ 79,819,292 3.0%
------------ -----
Total Health Care............................... 128,281,909 4.9%
------------ -----
Industrials -- (25.9%)
Daifuku Co., Ltd............................ 579,400 8,575,019 0.3%
Fujikura, Ltd............................... 1,984,000 10,197,595 0.4%
Furukawa Electric Co., Ltd.................. 4,806,000 8,795,085 0.3%
Japan Steel Works, Ltd. (The)............... 1,992,000 7,413,614 0.3%
Maeda Road Construction Co., Ltd............ 387,000 7,034,679 0.3%
Mitsui Engineering & Shipbuilding Co., Ltd.. 5,109,000 7,865,398 0.3%
Nihon M&A Center, Inc....................... 198,100 8,171,293 0.3%
Nishi-Nippon Railroad Co., Ltd.............. 1,852,000 9,576,171 0.4%
Nishimatsu Construction Co., Ltd............ 1,803,000 7,157,647 0.3%
287
THE JAPANESE SMALL COMPANY SERIES
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
Industrials -- (Continued)
Nisshinbo Holdings, Inc............ 903,000 $ 12,263,296 0.5%
# OSG Corp........................... 444,300 8,357,354 0.3%
Penta-Ocean Construction Co., Ltd.. 1,684,400 7,649,195 0.3%
Pilot Corp......................... 188,800 7,993,821 0.3%
Sankyu, Inc........................ 1,540,000 8,675,182 0.3%
Sanwa Holdings Corp................ 1,232,600 9,970,181 0.4%
Other Securities................... 620,295,391 23.5%
-------------- ------
Total Industrials........................ 749,990,921 28.5%
-------------- ------
Information Technology -- (10.3%)
# Horiba, Ltd........................ 212,650 8,367,458 0.3%
IT Holdings Corp................... 505,101 12,486,557 0.5%
Oki Electric Industry Co., Ltd..... 4,751,000 8,018,926 0.3%
# Taiyo Yuden Co., Ltd............... 642,700 9,049,909 0.4%
Other Securities................... 261,448,961 9.9%
-------------- ------
Total Information Technology............. 299,371,811 11.4%
-------------- ------
Materials -- (10.6%)
ADEKA Corp......................... 523,000 7,685,910 0.3%
Denka Co., Ltd..................... 1,753,000 8,134,823 0.3%
Lintec Corp........................ 303,800 7,116,523 0.3%
Sumitomo Osaka Cement Co., Ltd..... 2,652,000 10,219,547 0.4%
Toyobo Co., Ltd.................... 5,776,000 8,466,741 0.3%
Ube Industries, Ltd................ 5,257,000 11,038,445 0.4%
Other Securities................... 252,728,193 9.6%
-------------- ------
Total Materials.......................... 305,390,182 11.6%
-------------- ------
Telecommunication Services -- (0.0%)
Other Securities................... 1,411,756 0.1%
-------------- ------
Utilities -- (0.5%)
Other Securities................... 15,060,469 0.6%
-------------- ------
TOTAL COMMON STOCKS...................... 2,615,760,797 99.4%
-------------- ------
Value+
------
SECURITIES LENDING COLLATERAL -- (9.6%)
(S)@ DFA Short Term Investment Fund..... 23,923,381 276,793,521 10.5%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $2,682,924,757)................ $2,892,554,318 109.9%
============== ======
288
THE JAPANESE SMALL COMPANY SERIES
CONTINUED
Summary of the Series' investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
-------------------------------------------------
Level 1 Level 2 Level 3 Total
----------- -------------- ------- --------------
Common Stocks
Consumer Discretionary...... -- $ 531,552,916 -- $ 531,552,916
Consumer Staples............ -- 242,174,726 -- 242,174,726
Energy...................... -- 25,382,203 -- 25,382,203
Financials.................. $16,855,962 300,287,942 -- 317,143,904
Health Care................. -- 128,281,909 -- 128,281,909
Industrials................. 160,255 749,830,666 -- 749,990,921
Information Technology...... -- 299,371,811 -- 299,371,811
Materials................... -- 305,390,182 -- 305,390,182
Telecommunication Services.. -- 1,411,756 -- 1,411,756
Utilities................... -- 15,060,469 -- 15,060,469
Securities Lending Collateral. -- 276,793,521 -- 276,793,521
----------- -------------- -- --------------
TOTAL......................... $17,016,217 $2,875,538,101 -- $2,892,554,318
=========== ============== == ==============
See accompanying Notes to Financial Statements.
289
THE ASIA PACIFIC SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (81.3%)
AUSTRALIA -- (40.8%)
Adelaide Brighton, Ltd................ 3,668,074 $ 10,895,362 0.9%
Ansell, Ltd........................... 528,919 7,526,506 0.6%
Aristocrat Leisure, Ltd............... 2,730,539 18,024,062 1.5%
# Blackmores, Ltd....................... 81,784 9,736,025 0.8%
BlueScope Steel, Ltd.................. 2,315,186 7,296,478 0.6%
# carsales.com, Ltd..................... 1,702,940 11,841,536 1.0%
CSR, Ltd.............................. 3,350,138 6,558,528 0.5%
Domino's Pizza Enterprises, Ltd....... 286,872 9,487,341 0.8%
Downer EDI, Ltd....................... 2,910,872 7,314,747 0.6%
DuluxGroup, Ltd....................... 3,101,823 12,968,193 1.1%
Echo Entertainment Group, Ltd......... 4,207,608 15,207,176 1.2%
Fairfax Media, Ltd.................... 14,257,034 9,535,328 0.8%
GrainCorp, Ltd. Class A............... 1,251,687 8,024,096 0.7%
# InvoCare, Ltd......................... 901,024 7,092,641 0.6%
# IOOF Holdings, Ltd.................... 1,900,338 12,575,892 1.0%
# IRESS, Ltd............................ 1,073,207 7,147,613 0.6%
# JB Hi-Fi, Ltd......................... 836,109 10,638,353 0.9%
# M2 Group, Ltd......................... 1,294,182 9,057,218 0.7%
Magellan Financial Group, Ltd......... 466,192 7,424,460 0.6%
# nib holdings, Ltd..................... 2,713,689 6,957,146 0.6%
# Northern Star Resources, Ltd.......... 4,806,957 9,379,703 0.8%
Nufarm, Ltd........................... 1,141,199 6,760,389 0.6%
OZ Minerals, Ltd...................... 2,198,276 6,746,035 0.6%
# Perpetual, Ltd........................ 356,426 11,333,090 0.9%
# Primary Health Care, Ltd.............. 3,292,878 8,651,241 0.7%
Qantas Airways, Ltd................... 3,453,909 9,728,779 0.8%
# Sims Metal Management, Ltd............ 1,382,214 9,617,546 0.8%
Sirtex Medical, Ltd................... 412,322 11,111,408 0.9%
# Spark Infrastructure Group............ 10,385,907 15,315,541 1.3%
# Super Retail Group, Ltd............... 1,280,749 8,747,020 0.7%
Tabcorp Holdings, Ltd................. 3,586,818 11,987,416 1.0%
# Vocus Communications, Ltd............. 1,634,058 7,551,430 0.6%
Other Securities...................... 303,631,752 24.4%
------------ -----
TOTAL AUSTRALIA........................... 615,870,051 50.2%
------------ -----
CHINA -- (0.1%)
Other Securities...................... 1,340,267 0.1%
------------ -----
HONG KONG -- (23.1%)
# Cafe de Coral Holdings, Ltd........... 1,938,000 6,555,133 0.5%
# Dah Sing Banking Group, Ltd........... 3,457,116 6,551,159 0.5%
Dah Sing Financial Holdings, Ltd...... 1,184,544 6,646,674 0.6%
# Esprit Holdings, Ltd.................. 13,802,950 15,382,852 1.3%
Hopewell Holdings, Ltd................ 2,920,000 10,536,375 0.9%
#* Kingston Financial Group, Ltd......... 19,023,000 7,513,039 0.6%
# Luk Fook Holdings International, Ltd.. 2,862,000 7,364,606 0.6%
Man Wah Holdings, Ltd................. 5,694,800 6,505,575 0.5%
Pacific Textiles Holdings, Ltd........ 4,820,000 6,868,128 0.6%
Vitasoy International Holdings, Ltd... 4,703,000 7,807,201 0.6%
Xinyi Glass Holdings, Ltd............. 16,280,000 8,455,001 0.7%
Other Securities...................... 257,861,931 20.9%
------------ -----
TOTAL HONG KONG........................... 348,047,674 28.3%
------------ -----
290
THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
NEW ZEALAND -- (8.5%)
Air New Zealand, Ltd................... 3,693,701 $ 7,265,664 0.6%
# Fisher & Paykel Healthcare Corp., Ltd.. 4,200,605 22,103,908 1.8%
Infratil, Ltd.......................... 3,201,309 6,723,662 0.6%
# Ryman Healthcare, Ltd.................. 2,338,582 12,477,577 1.0%
# SKY Network Television, Ltd............ 2,080,268 6,386,562 0.5%
SKYCITY Entertainment Group, Ltd....... 4,473,046 12,134,063 1.0%
Other Securities....................... 60,983,395 4.9%
-------------- ------
TOTAL NEW ZEALAND............................ 128,074,831 10.4%
-------------- ------
SINGAPORE -- (8.8%)
Venture Corp., Ltd..................... 1,654,300 9,749,130 0.8%
Other Securities....................... 123,013,455 10.0%
-------------- ------
TOTAL SINGAPORE.............................. 132,762,585 10.8%
-------------- ------
TOTAL COMMON STOCKS.......................... 1,226,095,408 99.8%
-------------- ------
RIGHTS/WARRANTS -- (0.0%)
AUSTRALIA -- (0.0%)
Other Securities....................... 2,373 0.0%
-------------- ------
HONG KONG -- (0.0%)
Other Securities....................... 23,333 0.0%
-------------- ------
TOTAL RIGHTS/WARRANTS........................ 25,706 0.0%
-------------- ------
TOTAL INVESTMENT SECURITIES.................. 1,226,121,114
--------------
Value+
------
SECURITIES LENDING COLLATERAL -- (18.7%)
(S)@ DFA Short Term Investment Fund......... 24,403,671 282,350,469 23.0%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $1,727,795,864).................... $1,508,471,583 122.8%
============== ======
Summary of the Series' investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
-------------------------------------------------
Level 1 Level 2 Level 3 Total
----------- -------------- ------- --------------
Common Stocks
Australia................... $ 9,728,779 $ 606,141,272 -- $ 615,870,051
China....................... -- 1,340,267 -- 1,340,267
Hong Kong................... 315,879 347,731,795 -- 348,047,674
New Zealand................. -- 128,074,831 -- 128,074,831
Singapore................... 581,005 132,181,580 -- 132,762,585
Rights/Warrants
Australia................... -- 2,373 -- 2,373
Hong Kong................... -- 23,333 -- 23,333
Securities Lending Collateral. -- 282,350,469 -- 282,350,469
----------- -------------- -- --------------
TOTAL......................... $10,625,663 $1,497,845,920 -- $1,508,471,583
=========== ============== == ==============
See accompanying Notes to Financial Statements.
291
THE UNITED KINGDOM SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (97.1%)
Consumer Discretionary -- (27.2%)
Bellway P.L.C..................... 634,613 $ 25,348,219 1.2%
Berkeley Group Holdings P.L.C..... 664,403 33,910,166 1.6%
Betfair Group P.L.C............... 337,205 16,751,925 0.8%
Daily Mail & General Trust P.L.C.. 1,406,012 16,198,309 0.8%
Domino's Pizza Group P.L.C........ 845,611 14,211,052 0.7%
Greene King P.L.C................. 1,786,209 22,097,245 1.1%
Howden Joinery Group P.L.C........ 3,331,582 23,761,899 1.1%
Inchcape P.L.C.................... 2,234,351 27,479,055 1.3%
Informa P.L.C..................... 3,309,192 28,940,061 1.4%
Rightmove P.L.C................... 477,301 28,190,029 1.4%
Taylor Wimpey P.L.C............... 8,920,064 27,173,690 1.3%
* Thomas Cook Group P.L.C........... 7,258,705 13,727,552 0.7%
UBM P.L.C......................... 2,265,761 17,849,269 0.9%
WH Smith P.L.C.................... 680,498 17,851,799 0.9%
William Hill P.L.C................ 4,450,569 21,715,526 1.0%
Other Securities.................. 244,476,363 11.6%
------------ -----
Total Consumer Discretionary.......... 579,682,159 27.8%
------------ -----
Consumer Staples -- (5.2%)
Booker Group P.L.C................ 7,899,680 22,625,829 1.1%
Britvic P.L.C..................... 1,223,553 13,153,355 0.6%
Tate & Lyle P.L.C................. 2,291,490 21,033,777 1.0%
Other Securities.................. 54,614,683 2.7%
------------ -----
Total Consumer Staples................ 111,427,644 5.4%
------------ -----
Energy -- (3.9%)
Amec Foster Wheeler P.L.C......... 1,933,881 21,160,938 1.0%
John Wood Group P.L.C............. 1,939,124 17,801,885 0.9%
Petrofac, Ltd..................... 1,323,447 17,172,041 0.8%
Other Securities.................. 28,333,340 1.4%
------------ -----
Total Energy.......................... 84,468,204 4.1%
------------ -----
Financials -- (15.2%)
Amlin P.L.C....................... 2,732,771 27,729,450 1.3%
Beazley P.L.C..................... 2,583,691 14,442,058 0.7%
Close Brothers Group P.L.C........ 775,985 17,484,739 0.8%
Henderson Group P.L.C............. 5,673,481 25,007,836 1.2%
Hiscox, Ltd....................... 1,480,745 22,019,824 1.1%
ICAP P.L.C........................ 2,825,338 19,125,468 0.9%
IG Group Holdings P.L.C........... 1,862,861 21,652,988 1.0%
Jupiter Fund Management P.L.C..... 1,950,736 13,530,577 0.7%
Man Group P.L.C................... 9,267,447 23,786,481 1.1%
Phoenix Group Holdings............ 1,072,614 14,104,792 0.7%
Other Securities.................. 125,090,160 6.0%
------------ -----
Total Financials...................... 323,974,373 15.5%
------------ -----
Health Care -- (2.8%)
Other Securities.................. 59,295,843 2.9%
------------ -----
Industrials -- (23.3%)
* Balfour Beatty P.L.C.............. 3,705,993 14,204,180 0.7%
BBA Aviation P.L.C................ 5,822,256 17,104,109 0.8%
292
THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
Industrials -- (Continued)
Berendsen P.L.C........................ 870,366 $ 13,722,600 0.7%
Cobham P.L.C........................... 5,746,923 24,536,962 1.2%
DCC P.L.C.............................. 392,281 31,446,253 1.5%
Hays P.L.C............................. 7,141,914 15,472,894 0.7%
Melrose Industries P.L.C............... 5,163,700 21,125,329 1.0%
Regus P.L.C............................ 3,349,423 17,246,433 0.8%
Rentokil Initial P.L.C................. 9,277,900 22,069,212 1.1%
Spirax-Sarco Engineering P.L.C......... 372,620 17,467,332 0.8%
Other Securities....................... 302,515,450 14.5%
-------------- ------
Total Industrials............................ 496,910,754 23.8%
-------------- ------
Information Technology -- (8.3%)
Halma P.L.C............................ 1,951,180 22,935,335 1.1%
Playtech P.L.C......................... 1,066,825 14,055,843 0.7%
Spectris P.L.C......................... 607,600 15,583,280 0.8%
Telecity Group P.L.C................... 1,011,062 18,287,574 0.9%
Other Securities....................... 106,426,042 5.0%
-------------- ------
Total Information Technology................. 177,288,074 8.5%
-------------- ------
Materials -- (7.4%)
Croda International P.L.C.............. 447,752 19,972,880 1.0%
DS Smith P.L.C......................... 4,938,232 29,423,520 1.4%
Essentra P.L.C......................... 1,311,927 16,996,260 0.8%
Other Securities....................... 91,750,794 4.4%
-------------- ------
Total Materials.............................. 158,143,454 7.6%
-------------- ------
Telecommunication Services -- (2.1%)
Cable & Wireless Communications P.L.C.. 17,713,479 20,055,908 0.9%
Other Securities....................... 24,630,015 1.2%
-------------- ------
Total Telecommunication Services............. 44,685,923 2.1%
-------------- ------
Utilities -- (1.7%)
Pennon Group P.L.C..................... 1,974,654 24,639,490 1.2%
Other Securities....................... 12,190,545 0.6%
-------------- ------
Total Utilities.............................. 36,830,035 1.8%
-------------- ------
TOTAL COMMON STOCKS.......................... 2,072,706,463 99.5%
-------------- ------
PREFERRED STOCKS -- (0.0%)
Other Securities....................... 25,210 0.0%
-------------- ------
RIGHTS/WARRANTS -- (0.0%)
Other Securities....................... 125,696 0.0%
-------------- ------
TOTAL INVESTMENT SECURITIES.................. 2,072,857,369
--------------
Value+
------
SECURITIES LENDING COLLATERAL -- (2.9%)
(S)@ DFA Short Term Investment Fund......... 5,271,316 60,989,129 2.9%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $1,629,459,086).................... $2,133,846,498 102.4%
============== ======
293
THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED
Summary of the Series' investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
---------------------------------------------
Level 1 Level 2 Level 3 Total
------- -------------- ------- --------------
Common Stocks
Consumer Discretionary...... -- $ 579,682,159 -- $ 579,682,159
Consumer Staples............ -- 111,427,644 -- 111,427,644
Energy...................... -- 84,468,204 -- 84,468,204
Financials.................. -- 323,974,373 -- 323,974,373
Health Care................. -- 59,295,843 -- 59,295,843
Industrials................. -- 496,910,754 -- 496,910,754
Information Technology...... -- 177,288,074 -- 177,288,074
Materials................... -- 158,143,454 -- 158,143,454
Telecommunication Services.. -- 44,685,923 -- 44,685,923
Utilities................... -- 36,830,035 -- 36,830,035
Preferred Stocks.............. -- 25,210 -- 25,210
Rights/Warrants............... -- 125,696 -- 125,696
Securities Lending Collateral. -- 60,989,129 -- 60,989,129
-- -------------- -- --------------
TOTAL......................... -- $2,133,846,498 -- $2,133,846,498
== ============== == ==============
See accompanying Notes to Financial Statements.
294
THE CONTINENTAL SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (91.6%)
AUSTRIA -- (2.5%)
Other Securities.......... $100,876,537 2.8%
------------ -----
BELGIUM -- (4.1%)
Ackermans & van Haaren NV. 134,383 20,449,775 0.6%
Umicore SA................ 434,045 18,428,703 0.5%
Other Securities.......... 121,939,006 3.3%
------------ -----
TOTAL BELGIUM................. 160,817,484 4.4%
------------ -----
DENMARK -- (4.6%)
* Genmab A.S................ 217,338 21,447,065 0.6%
GN Store Nord A.S......... 826,732 15,079,315 0.4%
Other Securities.......... 143,585,420 3.9%
------------ -----
TOTAL DENMARK................. 180,111,800 4.9%
------------ -----
FINLAND -- (6.5%)
Amer Sports Oyj........... 641,324 17,999,126 0.5%
Elisa Oyj................. 734,075 27,657,200 0.8%
Huhtamaki Oyj............. 467,536 16,494,354 0.5%
Nokian Renkaat Oyj........ 623,433 23,519,989 0.6%
Orion Oyj Class B......... 420,544 15,020,765 0.4%
Other Securities.......... 156,297,508 4.2%
------------ -----
TOTAL FINLAND................. 256,988,942 7.0%
------------ -----
FRANCE -- (11.6%)
Arkema SA................. 203,698 14,885,975 0.4%
Eiffage SA................ 229,296 14,285,485 0.4%
Eurofins Scientific SE.... 47,119 17,044,767 0.5%
Lagardere SCA............. 619,304 18,018,902 0.5%
Rexel SA.................. 1,044,821 14,259,517 0.4%
Rubis SCA................. 195,671 15,682,855 0.4%
Teleperformance........... 348,982 27,388,433 0.8%
* UBISOFT Entertainment..... 521,852 15,635,374 0.4%
Other Securities.......... 319,929,212 8.7%
------------ -----
TOTAL FRANCE.................. 457,130,520 12.5%
------------ -----
GERMANY -- (15.2%)
Aareal Bank AG............ 409,233 15,591,008 0.4%
Freenet AG................ 652,809 22,021,682 0.6%
Gerresheimer AG........... 201,267 15,693,760 0.4%
Lanxess AG................ 467,967 25,112,396 0.7%
LEG Immobilien AG......... 289,571 23,086,112 0.6%
MTU Aero Engines AG....... 247,538 22,899,395 0.6%
Osram Licht AG............ 342,154 20,106,408 0.6%
Rheinmetall AG............ 223,411 14,051,846 0.4%
Other Securities.......... 443,685,211 12.2%
------------ -----
TOTAL GERMANY................. 602,247,818 16.5%
------------ -----
GREECE -- (0.0%)
Other Securities.......... 742 0.0%
------------ -----
295
THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
IRELAND -- (1.9%)
Glanbia P.L.C.................................. 700,613 $ 13,558,923 0.4%
Kingspan Group P.L.C........................... 580,389 14,039,062 0.4%
Paddy Power P.L.C.............................. 157,699 18,373,777 0.5%
Smurfit Kappa Group P.L.C...................... 546,377 15,549,351 0.4%
Other Securities............................... 14,138,142 0.4%
------------ -----
TOTAL IRELAND...................................... 75,659,255 2.1%
------------ -----
ISRAEL -- (2.0%)
Other Securities............................... 78,082,129 2.1%
------------ -----
ITALY -- (9.5%)
Azimut Holding SpA............................. 573,550 13,795,599 0.4%
Banca Popolare dell'Emilia Romagna SC.......... 2,548,728 20,568,444 0.6%
Banca Popolare di Milano Scarl................. 22,383,595 21,002,866 0.6%
Mediaset SpA................................... 3,022,390 15,340,452 0.4%
Prysmian SpA................................... 991,595 21,413,784 0.6%
Other Securities............................... 285,690,284 7.7%
------------ -----
TOTAL ITALY........................................ 377,811,429 10.3%
------------ -----
NETHERLANDS -- (4.8%)
Aalberts Industries NV......................... 558,677 18,112,490 0.5%
TNT Express NV................................. 2,218,089 18,638,648 0.5%
Other Securities............................... 151,518,075 4.2%
------------ -----
TOTAL NETHERLANDS.................................. 188,269,213 5.2%
------------ -----
NORWAY -- (2.0%)
Other Securities............................... 77,623,382 2.1%
------------ -----
PORTUGAL -- (1.5%)
#* Banco Comercial Portugues SA Class R........... 315,057,219 18,059,890 0.5%
Other Securities............................... 42,154,226 1.2%
------------ -----
TOTAL PORTUGAL..................................... 60,214,116 1.7%
------------ -----
SPAIN -- (5.5%)
# Bolsas y Mercados Espanoles SHMSF SA........... 410,153 14,715,419 0.4%
Distribuidora Internacional de Alimentacion SA. 2,594,077 16,481,708 0.5%
Gamesa Corp. Tecnologica SA.................... 1,266,922 19,996,276 0.6%
Other Securities............................... 166,329,841 4.5%
------------ -----
TOTAL SPAIN........................................ 217,523,244 6.0%
------------ -----
SWEDEN -- (7.9%)
Intrum Justitia AB............................. 385,511 13,831,068 0.4%
Other Securities............................... 299,508,152 8.2%
------------ -----
TOTAL SWEDEN....................................... 313,339,220 8.6%
------------ -----
SWITZERLAND -- (12.0%)
Clariant AG.................................... 762,046 14,012,763 0.4%
Flughafen Zuerich AG........................... 22,078 16,710,360 0.5%
# Galenica AG.................................... 10,976 16,078,707 0.4%
GAM Holding AG................................. 925,197 16,924,123 0.5%
Georg Fischer AG............................... 22,511 13,830,804 0.4%
Helvetia Holding AG............................ 35,945 18,800,020 0.5%
PSP Swiss Property AG.......................... 172,407 14,997,704 0.4%
Straumann Holding AG........................... 55,594 15,730,952 0.4%
296
THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
SWITZERLAND -- (Continued)
Temenos Group AG................ 318,043 $ 14,857,171 0.4%
Other Securities................ 333,945,678 9.1%
-------------- ------
TOTAL SWITZERLAND...................... 475,888,282 13.0%
-------------- ------
UNITED KINGDOM -- (0.0%)
Other Securities................ 543,382 0.0%
-------------- ------
UNITED STATES -- (0.0%)
Other Securities................ 683,752 0.0%
-------------- ------
TOTAL COMMON STOCKS.................... 3,623,811,247 99.2%
-------------- ------
PREFERRED STOCKS -- (0.6%)
GERMANY -- (0.6%)
Other Securities................ 22,467,308 0.6%
-------------- ------
TOTAL PREFERRED STOCKS................. 22,467,308 0.6%
-------------- ------
RIGHTS/WARRANTS -- (0.0%)
AUSTRIA -- (0.0%)
Other Securities................ -- 0.0%
-------------- ------
FRANCE -- (0.0%)
Other Securities................ 365,262 0.0%
-------------- ------
ITALY -- (0.0%)
Other Securities................ -- 0.0%
-------------- ------
SPAIN -- (0.0%)
Other Securities................ 54,381 0.0%
-------------- ------
TOTAL RIGHTS/WARRANTS.................. 419,643 0.0%
-------------- ------
TOTAL INVESTMENT SECURITIES............ 3,646,698,198
--------------
Value+
------
SECURITIES LENDING COLLATERAL -- (7.8%)
(S)@ DFA Short Term Investment Fund.. 26,763,766 309,656,768 8.5%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $3,379,161,142).............. $3,956,354,966 108.3%
============== ======
297
THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED
Summary of the Series' investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
-------------------------------------------------
Level 1 Level 2 Level 3 Total
---------- -------------- ------- --------------
Common Stocks
Austria..................... -- $ 100,876,537 -- $ 100,876,537
Belgium..................... -- 160,817,484 -- 160,817,484
Denmark..................... -- 180,111,800 -- 180,111,800
Finland..................... -- 256,988,942 -- 256,988,942
France...................... $ 13,584 457,116,936 -- 457,130,520
Germany..................... -- 602,247,818 -- 602,247,818
Greece...................... -- 742 -- 742
Ireland..................... -- 75,659,255 -- 75,659,255
Israel...................... -- 78,082,129 -- 78,082,129
Italy....................... -- 377,811,429 -- 377,811,429
Netherlands................. -- 188,269,213 -- 188,269,213
Norway...................... -- 77,623,382 -- 77,623,382
Portugal.................... -- 60,214,116 -- 60,214,116
Spain....................... -- 217,523,244 -- 217,523,244
Sweden...................... -- 313,339,220 -- 313,339,220
Switzerland................. -- 475,888,282 -- 475,888,282
United Kingdom.............. 543,382 -- -- 543,382
United States............... 683,736 16 -- 683,752
Preferred Stocks
Germany..................... -- 22,467,308 -- 22,467,308
Rights/Warrants
Austria..................... -- -- -- --
France...................... -- 365,262 -- 365,262
Italy....................... -- -- -- --
Spain....................... -- 54,381 -- 54,381
Securities Lending Collateral. -- 309,656,768 -- 309,656,768
Futures Contracts**........... (18,791) -- -- (18,791)
---------- -------------- -- --------------
TOTAL......................... $1,221,911 $3,955,114,264 -- $3,956,336,175
========== ============== == ==============
**Not reflected in the Schedule of Investments, valued at the unrealized
appreciation/(depreciation) on the investment. (Note H)
See accompanying Notes to Financial Statements.
298
THE CANADIAN SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (76.9%)
Consumer Discretionary -- (9.4%)
Cineplex, Inc........................ 294,735 $ 11,357,981 1.8%
# Corus Entertainment, Inc. Class B.... 468,941 4,472,082 0.7%
Dorel Industries, Inc. Class B....... 169,797 4,317,643 0.7%
# EnerCare, Inc........................ 438,600 5,121,919 0.8%
* IMAX Corp............................ 259,917 9,978,214 1.6%
RONA, Inc............................ 676,245 7,059,303 1.1%
Uni-Select, Inc...................... 105,935 5,249,761 0.8%
Other Securities..................... 28,364,533 4.7%
------------ -----
Total Consumer Discretionary............. 75,921,436 12.2%
------------ -----
Consumer Staples -- (3.6%)
Cott Corp............................ 509,721 5,320,963 0.9%
Maple Leaf Foods, Inc................ 317,864 5,053,833 0.8%
North West Co., Inc. (The)........... 242,310 5,373,960 0.9%
Other Securities..................... 12,998,040 2.0%
------------ -----
Total Consumer Staples................... 28,746,796 4.6%
------------ -----
Energy -- (15.8%)
* Advantage Oil & Gas, Ltd............. 1,100,531 6,118,737 1.0%
# Enbridge Income Fund Holdings, Inc... 251,755 6,187,982 1.0%
# Enerflex, Ltd........................ 436,563 4,213,387 0.7%
Ensign Energy Services, Inc.......... 758,725 4,769,593 0.8%
# Mullen Group, Ltd.................... 536,825 7,168,067 1.2%
* Parex Resources, Inc................. 586,904 4,407,615 0.7%
# Parkland Fuel Corp................... 414,677 7,214,669 1.2%
Pason Systems, Inc................... 356,252 5,241,885 0.8%
Precision Drilling Corp.............. 1,736,481 6,905,553 1.1%
# Secure Energy Services, Inc.......... 631,339 4,195,729 0.7%
ShawCor, Ltd......................... 233,800 4,961,724 0.8%
Other Securities..................... 66,659,087 10.6%
------------ -----
Total Energy............................. 128,044,028 20.6%
------------ -----
Financials -- (7.1%)
# Canadian Western Bank................ 436,532 8,389,453 1.3%
Colliers International Group, Inc.... 161,848 8,024,324 1.3%
FirstService Corp.................... 150,648 5,299,639 0.9%
Laurentian Bank of Canada............ 191,320 7,750,245 1.2%
Other Securities..................... 27,591,111 4.5%
------------ -----
Total Financials......................... 57,054,772 9.2%
------------ -----
Health Care -- (1.2%)
Other Securities..................... 10,141,928 1.6%
------------ -----
Industrials -- (11.4%)
Aecon Group, Inc..................... 408,101 4,715,820 0.8%
* ATS Automation Tooling Systems, Inc.. 522,530 5,502,629 0.9%
# Russel Metals, Inc................... 350,655 5,470,604 0.9%
Stantec, Inc......................... 453,829 11,390,844 1.8%
Toromont Industries, Ltd............. 376,225 9,791,172 1.6%
Transcontinental, Inc. Class A....... 359,276 5,536,411 0.9%
TransForce, Inc...................... 432,009 8,451,201 1.4%
# Westshore Terminals Investment Corp.. 318,149 5,306,538 0.8%
299
THE CANADIAN SMALL COMPANY SERIES
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
Industrials -- (Continued)
Other Securities.................... $ 36,289,095 5.7%
------------ ------
Total Industrials......................... 92,454,314 14.8%
------------ ------
Information Technology -- (4.2%)
* Descartes Systems Group, Inc. (The). 255,838 4,476,578 0.7%
Enghouse Systems, Ltd............... 97,257 4,435,175 0.7%
Other Securities.................... 24,978,842 4.0%
------------ ------
Total Information Technology.............. 33,890,595 5.4%
------------ ------
Materials -- (17.9%)
Alamos Gold, Inc. Class A........... 1,545,462 5,944,994 1.0%
#* B2Gold Corp......................... 5,268,073 5,680,623 0.9%
Centerra Gold, Inc.................. 999,634 5,626,573 0.9%
Dominion Diamond Corp............... 487,201 5,152,944 0.8%
HudBay Minerals, Inc................ 1,398,004 7,259,443 1.2%
#* IAMGOLD Corp........................ 2,443,241 4,409,643 0.7%
* New Gold, Inc....................... 2,304,655 5,710,525 0.9%
# Pan American Silver Corp............ 990,673 7,515,659 1.2%
Stella-Jones, Inc................... 187,800 6,911,086 1.1%
Other Securities.................... 90,283,382 14.5%
------------ ------
Total Materials........................... 144,494,872 23.2%
------------ ------
Telecommunication Services -- (0.5%)
Other Securities.................... 3,980,520 0.6%
------------ ------
Utilities -- (5.8%)
Algonquin Power & Utilities Corp.... 1,054,815 8,139,403 1.3%
Capital Power Corp.................. 523,509 7,522,740 1.2%
# Innergex Renewable Energy, Inc...... 512,927 4,150,174 0.7%
# Just Energy Group, Inc.............. 727,176 5,344,265 0.9%
# Northland Power, Inc................ 536,896 6,939,081 1.1%
# Superior Plus Corp.................. 689,743 5,633,569 0.9%
Other Securities.................... 8,948,810 1.4%
------------ ------
Total Utilities........................... 46,678,042 7.5%
------------ ------
TOTAL COMMON STOCKS....................... 621,407,303 99.7%
------------ ------
Value+
------
SECURITIES LENDING COLLATERAL -- (23.1%)
(S)@ DFA Short Term Investment Fund...... 16,142,002 186,762,963 30.0%
------------ ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $1,175,564,629)................. $808,170,266 129.7%
============ ======
300
THE CANADIAN SMALL COMPANY SERIES
CONTINUED
Summary of the Series' investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
----------------------------------------------
Level 1 Level 2 Level 3 Total
------------ ------------ ------- ------------
Common Stocks
Consumer Discretionary...... $ 75,921,436 -- -- $ 75,921,436
Consumer Staples............ 28,746,796 -- -- 28,746,796
Energy...................... 128,044,019 $ 9 -- 128,044,028
Financials.................. 57,054,772 -- -- 57,054,772
Health Care................. 10,135,001 6,927 -- 10,141,928
Industrials................. 92,454,314 -- -- 92,454,314
Information Technology...... 33,890,595 -- -- 33,890,595
Materials................... 144,490,019 4,853 -- 144,494,872
Telecommunication Services.. 3,980,520 -- -- 3,980,520
Utilities................... 46,678,042 -- -- 46,678,042
Securities Lending Collateral. -- 186,762,963 -- 186,762,963
------------ ------------ -- ------------
TOTAL......................... $621,395,514 $186,774,752 -- $808,170,266
============ ============ == ============
See accompanying Notes to Financial Statements.
301
THE EMERGING MARKETS SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (93.0%)
BRAZIL -- (4.4%)
AMBEV SA ADR........................................ 5,984,451 $ 29,144,276 0.7%
Other Securities.................................... 171,710,417 3.9%
------------ ------
TOTAL BRAZIL............................................ 200,854,693 4.6%
------------ ------
CHILE -- (1.4%)
Other Securities.................................... 66,291,852 1.5%
------------ ------
CHINA -- (14.4%)
Bank of China, Ltd. Class H......................... 61,469,181 28,986,487 0.7%
China Construction Bank Corp. Class H............... 67,009,590 48,565,595 1.1%
# China Life Insurance Co., Ltd. ADR.................. 859,836 15,528,638 0.4%
# China Mobile, Ltd. Sponsored ADR.................... 914,028 55,125,029 1.3%
# CNOOC, Ltd. Sponsored ADR........................... 127,716 14,518,755 0.3%
Industrial & Commercial Bank of China, Ltd. Class H. 71,229,185 45,181,034 1.0%
Ping An Insurance Group Co. of China, Ltd. Class H.. 4,622,500 25,976,962 0.6%
Tencent Holdings, Ltd............................... 4,351,400 81,797,358 1.9%
Other Securities.................................... 351,334,782 7.8%
------------ ------
TOTAL CHINA............................................. 667,014,640 15.1%
------------ ------
COLOMBIA -- (0.5%)
Other Securities.................................... 22,932,415 0.5%
------------ ------
CZECH REPUBLIC -- (0.2%)
Other Securities.................................... 8,061,923 0.2%
------------ ------
EGYPT -- (0.1%)
Other Securities.................................... 5,936,662 0.1%
------------ ------
GREECE -- (0.3%)
Other Securities.................................... 15,529,848 0.4%
------------ ------
HUNGARY -- (0.3%)
Other Securities.................................... 12,756,313 0.3%
------------ ------
INDIA -- (11.6%)
Axis Bank, Ltd...................................... 1,931,821 14,003,393 0.3%
HDFC Bank, Ltd...................................... 1,530,953 25,612,509 0.6%
Hindustan Unilever, Ltd............................. 1,148,145 14,073,935 0.3%
Infosys, Ltd........................................ 1,851,162 32,036,099 0.7%
Infosys, Ltd. Sponsored ADR......................... 847,888 15,397,646 0.4%
ITC, Ltd............................................ 3,140,460 16,034,368 0.4%
Reliance Industries, Ltd............................ 1,666,009 24,098,221 0.6%
Sun Pharmaceutical Industries, Ltd.................. 1,065,601 14,463,279 0.3%
Tata Consultancy Services, Ltd...................... 716,717 27,377,531 0.6%
Other Securities.................................... 353,705,076 8.0%
------------ ------
TOTAL INDIA............................................. 536,802,057 12.2%
------------ ------
INDONESIA -- (2.8%)
Bank Central Asia Tbk PT............................ 15,447,700 14,511,990 0.3%
Other Securities.................................... 115,662,446 2.7%
------------ ------
TOTAL INDONESIA......................................... 130,174,436 3.0%
------------ ------
302
THE EMERGING MARKETS SERIES
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
MALAYSIA -- (3.9%)
# Public Bank Bhd........................... 3,537,614 $ 14,872,843 0.3%
Other Securities.......................... 167,210,332 3.8%
------------ ------
TOTAL MALAYSIA................................ 182,083,175 4.1%
------------ ------
MEXICO -- (5.7%)
Alfa S.A.B. de C.V. Class A............... 7,756,508 16,078,584 0.4%
America Movil S.A.B. de C.V. Series L..... 46,329,297 41,230,713 0.9%
Fomento Economico Mexicano S.A.B. de C.V.. 1,793,669 17,701,267 0.4%
Grupo Financiero Banorte S.A.B. de C.V.... 5,018,245 26,865,769 0.6%
Grupo Mexico S.A.B. de C.V. Series B...... 6,016,393 14,664,179 0.3%
Grupo Televisa S.A.B. Series CPO.......... 3,235,650 18,832,737 0.4%
Wal-Mart de Mexico S.A.B. de C.V.......... 7,054,235 18,684,255 0.4%
Other Securities.......................... 108,728,773 2.6%
------------ ------
TOTAL MEXICO.................................. 262,786,277 6.0%
------------ ------
PERU -- (0.2%)
Other Securities.......................... 9,743,908 0.2%
------------ ------
PHILIPPINES -- (1.9%)
Other Securities.......................... 85,662,053 1.9%
------------ ------
POLAND -- (1.7%)
Other Securities.......................... 79,130,660 1.8%
------------ ------
RUSSIA -- (1.7%)
Gazprom PAO Sponsored ADR................. 5,214,789 21,976,852 0.5%
Other Securities.......................... 58,429,365 1.3%
------------ ------
TOTAL RUSSIA.................................. 80,406,217 1.8%
------------ ------
SOUTH AFRICA -- (7.9%)
Bidvest Group, Ltd. (The)................. 648,157 16,556,883 0.4%
# FirstRand, Ltd............................ 4,702,056 17,229,920 0.4%
# MTN Group, Ltd............................ 2,516,919 28,654,142 0.7%
Naspers, Ltd. Class N..................... 355,437 51,891,806 1.2%
Sasol, Ltd. Sponsored ADR................. 736,675 23,691,468 0.5%
Standard Bank Group, Ltd.................. 1,835,594 19,072,052 0.4%
# Steinhoff International Holdings, Ltd..... 3,065,957 18,743,536 0.4%
Other Securities.......................... 191,056,135 4.3%
------------ ------
TOTAL SOUTH AFRICA............................ 366,895,942 8.3%
------------ ------
SOUTH KOREA -- (15.2%)
Hyundai Motor Co.......................... 175,874 24,023,437 0.6%
Kia Motors Corp........................... 293,465 14,324,640 0.3%
# NAVER Corp................................ 33,801 17,748,056 0.4%
Samsung Electronics Co., Ltd.............. 97,289 116,690,919 2.7%
Samsung Electronics Co., Ltd. GDR......... 52,509 31,372,488 0.7%
SK Holdings Co., Ltd...................... 64,669 15,116,455 0.4%
SK Hynix, Inc............................. 705,494 18,880,589 0.4%
Other Securities.......................... 464,372,185 10.5%
------------ ------
TOTAL SOUTH KOREA............................. 702,528,769 16.0%
------------ ------
TAIWAN -- (14.3%)
# Advanced Semiconductor Engineering, Inc... 13,107,929 15,132,511 0.4%
Fubon Financial Holding Co., Ltd.......... 8,611,233 13,918,518 0.3%
Hon Hai Precision Industry Co., Ltd....... 15,085,867 40,099,117 0.9%
303
THE EMERGING MARKETS SERIES
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
TAIWAN -- (Continued)
Taiwan Semiconductor Manufacturing Co., Ltd............ 25,188,808 $ 106,137,215 2.4%
# Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored
ADR................................................... 1,672,158 36,720,590 0.8%
# United Microelectronics Corp........................... 39,806,000 14,517,893 0.3%
Other Securities....................................... 436,017,779 9.9%
-------------- ------
TOTAL TAIWAN................................................. 662,543,623 15.0%
-------------- ------
THAILAND -- (2.7%)
Other Securities....................................... 122,614,666 2.8%
-------------- ------
TURKEY -- (1.8%)
Other Securities....................................... 83,447,887 1.9%
-------------- ------
TOTAL COMMON STOCKS.......................................... 4,304,198,016 97.7%
-------------- ------
PREFERRED STOCKS -- (2.0%)
BRAZIL -- (1.9%)
Banco Bradesco SA...................................... 3,343,289 18,213,688 0.4%
Itau Unibanco Holding SA............................... 4,198,270 28,833,771 0.7%
Other Securities....................................... 38,228,983 0.9%
-------------- ------
TOTAL BRAZIL................................................. 85,276,442 2.0%
-------------- ------
CHILE -- (0.0%)
Other Securities....................................... 416,755 0.0%
-------------- ------
COLOMBIA -- (0.1%)
Other Securities....................................... 4,405,111 0.1%
-------------- ------
TOTAL PREFERRED STOCKS....................................... 90,098,308 2.1%
-------------- ------
RIGHTS/WARRANTS -- (0.0%)
SOUTH KOREA -- (0.0%)
Other Securities....................................... 86,734 0.0%
-------------- ------
THAILAND -- (0.0%)
Other Securities....................................... 94,316 0.0%
-------------- ------
TOTAL RIGHTS/WARRANTS........................................ 181,050 0.0%
-------------- ------
BONDS -- (0.0%)
INDIA -- (0.0%)
Other Securities....................................... 38,152 0.0%
-------------- ------
TOTAL INVESTMENT SECURITIES.................................. 4,394,515,526
--------------
Value+
------
SECURITIES LENDING COLLATERAL -- (5.0%)
(S)@ DFA Short Term Investment Fund......................... 20,193,192 233,635,232 5.3%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $4,090,568,631).................................... $4,628,150,758 105.1%
============== ======
304
THE EMERGING MARKETS SERIES
CONTINUED
Summary of the Series' investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
--------------------------------------------------
Level 1 Level 2 Level 3 Total
------------ -------------- ------- --------------
Common Stocks
Brazil...................... $ 72,351,895 $ 128,502,798 -- $ 200,854,693
Chile....................... 29,417,791 36,874,061 -- 66,291,852
China....................... 119,678,667 547,335,973 -- 667,014,640
Colombia.................... 22,932,415 -- -- 22,932,415
Czech Republic.............. -- 8,061,923 -- 8,061,923
Egypt....................... -- 5,936,662 -- 5,936,662
Greece...................... -- 15,529,848 -- 15,529,848
Hungary..................... -- 12,756,313 -- 12,756,313
India....................... 36,809,493 499,992,564 -- 536,802,057
Indonesia................... 3,914,328 126,260,108 -- 130,174,436
Malaysia.................... -- 182,083,175 -- 182,083,175
Mexico...................... 262,786,277 -- -- 262,786,277
Peru........................ 9,743,908 -- -- 9,743,908
Philippines................. 2,373,039 83,289,014 -- 85,662,053
Poland...................... -- 79,130,660 -- 79,130,660
Russia...................... 2,164,213 78,242,004 -- 80,406,217
South Africa................ 47,016,645 319,879,297 -- 366,895,942
South Korea................. 21,125,090 681,403,679 -- 702,528,769
Taiwan...................... 45,371,102 617,172,521 -- 662,543,623
Thailand.................... 122,614,666 -- -- 122,614,666
Turkey...................... 731,735 82,716,152 -- 83,447,887
Preferred Stocks
Brazil...................... 8,075,458 77,200,984 -- 85,276,442
Chile....................... -- 416,755 -- 416,755
Colombia.................... 4,405,111 -- -- 4,405,111
Rights/Warrants
South Korea................. -- 86,734 -- 86,734
Thailand.................... -- 94,316 -- 94,316
Bonds
India....................... -- 38,152 -- 38,152
Securities Lending Collateral. -- 233,635,232 -- 233,635,232
------------ -------------- -- --------------
TOTAL......................... $811,511,833 $3,816,638,925 -- $4,628,150,758
============ ============== == ==============
See accompanying Notes to Financial Statements.
305
THE EMERGING MARKETS SMALL CAP SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (85.5%)
BRAZIL -- (5.3%)
BR Malls Participacoes SA............................... 4,365,623 $ 12,667,039 0.3%
CETIP SA - Mercados Organizados......................... 945,300 8,362,006 0.2%
Equatorial Energia SA................................... 2,116,094 18,862,875 0.4%
Estacio Participacoes SA................................ 3,262,816 13,083,483 0.3%
Multiplan Empreendimentos Imobiliarios SA............... 1,004,900 10,956,466 0.2%
Sul America SA.......................................... 2,719,051 13,340,635 0.3%
Totvs SA................................................ 1,252,487 11,096,760 0.2%
Valid Solucoes e Servicos de Seguranca em Meios de
Pagamento e Identificacao S.A.......................... 812,887 9,228,230 0.2%
Other Securities........................................ 202,114,858 4.0%
------------ -----
TOTAL BRAZIL................................................ 299,712,352 6.1%
------------ -----
CHILE -- (1.2%)
Parque Arauco SA........................................ 7,176,122 12,017,573 0.3%
Vina Concha y Toro SA................................... 5,059,858 8,607,306 0.2%
Other Securities........................................ 48,148,087 0.9%
------------ -----
TOTAL CHILE................................................. 68,772,966 1.4%
------------ -----
CHINA -- (12.8%)
Beijing Capital International Airport Co., Ltd. Class H. 9,730,000 10,401,993 0.2%
# GCL-Poly Energy Holdings, Ltd........................... 57,432,000 11,936,202 0.3%
# Geely Automobile Holdings, Ltd.......................... 28,845,000 15,308,334 0.3%
GOME Electrical Appliances Holding, Ltd................. 57,831,000 10,567,435 0.2%
Semiconductor Manufacturing International Corp.......... 118,116,000 10,942,227 0.2%
Shenzhen International Holdings, Ltd.................... 6,618,751 10,085,178 0.2%
Other Securities........................................ 650,002,466 13.3%
------------ -----
TOTAL CHINA................................................. 719,243,835 14.7%
------------ -----
COLOMBIA -- (0.1%)
Other Securities........................................ 8,013,135 0.2%
------------ -----
GREECE -- (0.4%)
Other Securities........................................ 24,025,225 0.5%
------------ -----
HONG KONG -- (0.0%)
Other Securities........................................ 153,052 0.0%
------------ -----
HUNGARY -- (0.0%)
Other Securities........................................ 66,875 0.0%
------------ -----
INDIA -- (12.7%)
Arvind, Ltd............................................. 1,986,900 8,423,181 0.2%
Ashok Leyland, Ltd...................................... 8,562,959 12,246,273 0.3%
Crompton Greaves, Ltd................................... 3,403,119 9,041,818 0.2%
MindTree, Ltd........................................... 369,188 8,860,991 0.2%
Torrent Pharmaceuticals, Ltd............................ 365,996 8,561,908 0.2%
TVS Motor Co., Ltd...................................... 2,128,314 8,649,681 0.2%
Other Securities........................................ 660,475,554 13.3%
------------ -----
TOTAL INDIA................................................. 716,259,406 14.6%
------------ -----
306
THE EMERGING MARKETS SMALL CAP SERIES
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
INDONESIA -- (2.4%)
Other Securities........................................ $136,140,527 2.8%
------------ -----
ISRAEL -- (0.0%)
Other Securities........................................ 3 0.0%
------------ -----
MALAYSIA -- (4.1%)
Top Glove Corp. Bhd..................................... 4,640,460 10,249,436 0.2%
Other Securities........................................ 220,670,754 4.5%
------------ -----
TOTAL MALAYSIA.............................................. 230,920,190 4.7%
------------ -----
MEXICO -- (4.0%)
# Alsea S.A.B. de C.V..................................... 6,247,966 20,475,027 0.4%
# Banregio Grupo Financiero S.A.B. de C.V................. 2,160,290 11,564,061 0.2%
Bolsa Mexicana de Valores S.A.B. de C.V................. 5,064,811 8,462,918 0.2%
Gentera S.A.B. de C.V................................... 5,740,334 10,543,882 0.2%
Gruma S.A.B. de C.V. Class B............................ 630,764 9,680,386 0.2%
Grupo Aeroportuario del Centro Norte S.A.B. de C.V...... 2,295,436 11,789,996 0.3%
Grupo Aeroportuario del Pacifico S.A.B. de C.V. Class B. 2,116,469 19,089,198 0.4%
Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR...... 77,098 11,930,144 0.3%
# Grupo Aeroportuario del Sureste S.A.B. de C.V. Class B.. 560,664 8,688,734 0.2%
Promotora y Operadora de Infraestructura S.A.B. de C.V.. 860,979 10,824,656 0.2%
Other Securities........................................ 104,284,983 2.0%
------------ -----
TOTAL MEXICO................................................ 227,333,985 4.6%
------------ -----
PHILIPPINES -- (1.6%)
Other Securities........................................ 87,592,060 1.8%
------------ -----
POLAND -- (1.9%)
Asseco Poland SA........................................ 656,782 9,694,556 0.2%
Other Securities........................................ 97,515,775 2.0%
------------ -----
TOTAL POLAND................................................ 107,210,331 2.2%
------------ -----
SOUTH AFRICA -- (7.4%)
AVI, Ltd................................................ 3,423,460 21,778,850 0.4%
Barloworld, Ltd......................................... 2,216,736 12,507,021 0.3%
Clicks Group, Ltd....................................... 2,757,159 20,110,337 0.4%
Coronation Fund Managers, Ltd........................... 1,712,568 9,025,549 0.2%
DataTec, Ltd............................................ 2,057,155 8,796,353 0.2%
EOH Holdings, Ltd....................................... 1,117,136 12,335,864 0.3%
Foschini Group, Ltd. (The).............................. 1,326,741 13,535,578 0.3%
JSE, Ltd................................................ 892,197 8,594,827 0.2%
Pick n Pay Stores, Ltd.................................. 2,349,050 11,357,965 0.2%
# Pioneer Foods Group, Ltd................................ 585,511 8,388,455 0.2%
PSG Group, Ltd.......................................... 779,309 15,027,211 0.3%
Sappi, Ltd.............................................. 5,914,259 23,337,101 0.5%
Sibanye Gold, Ltd....................................... 5,404,425 9,026,607 0.2%
Spar Group, Ltd. (The).................................. 1,734,010 24,890,644 0.5%
Telkom SA SOC, Ltd...................................... 2,115,604 11,109,437 0.2%
Other Securities........................................ 205,833,838 4.1%
------------ -----
TOTAL SOUTH AFRICA.......................................... 415,655,637 8.5%
------------ -----
SOUTH KOREA -- (13.0%)
# Hanmi Pharm Co., Ltd.................................... 21,759 9,813,411 0.2%
Other Securities........................................ 725,260,622 14.8%
------------ -----
TOTAL SOUTH KOREA........................................... 735,074,033 15.0%
------------ -----
307
THE EMERGING MARKETS SMALL CAP SERIES
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
TAIWAN -- (13.3%)
Other Securities................ $ 751,411,922 15.3%
-------------- ------
THAILAND -- (3.3%)
Other Securities................ 186,002,621 3.8%
-------------- ------
TURKEY -- (2.0%)
Other Securities................ 110,141,265 2.3%
-------------- ------
TOTAL COMMON STOCKS..................... 4,823,729,420 98.5%
-------------- ------
PREFERRED STOCKS -- (1.0%)
BRAZIL -- (1.0%)
Other Securities................ 57,198,535 1.2%
-------------- ------
CHILE -- (0.0%)
Other Securities................ 1,718,458 0.0%
-------------- ------
COLOMBIA -- (0.0%)
Other Securities................ 1,364,188 0.0%
-------------- ------
TOTAL PREFERRED STOCKS.................. 60,281,181 1.2%
-------------- ------
RIGHTS/WARRANTS -- (0.0%)
CHINA -- (0.0%)
Other Securities................ 11,029 0.0%
-------------- ------
HONG KONG -- (0.0%)
Other Securities................ 14,800 0.0%
-------------- ------
MALAYSIA -- (0.0%)
Other Securities................ 270,015 0.0%
-------------- ------
POLAND -- (0.0%)
Other Securities................ -- 0.0%
-------------- ------
SOUTH AFRICA -- (0.0%)
Other Securities................ 6,990 0.0%
-------------- ------
SOUTH KOREA -- (0.0%)
Other Securities................ 196,769 0.0%
-------------- ------
TAIWAN -- (0.0%)
Other Securities................ -- 0.0%
-------------- ------
THAILAND -- (0.0%)
Other Securities................ 80,818 0.0%
-------------- ------
TOTAL RIGHTS/WARRANTS................... 580,421 0.0%
-------------- ------
TOTAL INVESTMENT SECURITIES............. 4,884,591,022
--------------
Value+
- ------ -
SECURITIES LENDING COLLATERAL -- (13.5%)
(S)@ DFA Short Term Investment Fund.. 65,613,226 759,145,027 15.5%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $5,854,413,829)............... $5,643,736,049 115.2%
============== ======
308
THE EMERGING MARKETS SMALL CAP SERIES
CONTINUED
Summary of the Series' investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
--------------------------------------------------
Level 1 Level 2 Level 3 Total
------------ -------------- ------- --------------
Common Stocks
Brazil...................... $ 6,309,056 $ 293,403,296 -- $ 299,712,352
Chile....................... 1,181,529 67,591,437 -- 68,772,966
China....................... 4,149,964 715,093,871 -- 719,243,835
Colombia.................... 8,013,135 -- -- 8,013,135
Greece...................... -- 24,025,225 -- 24,025,225
Hong Kong................... 85,103 67,949 -- 153,052
Hungary..................... -- 66,875 -- 66,875
India....................... 3,268,799 712,990,607 -- 716,259,406
Indonesia................... 1,885,745 134,254,782 -- 136,140,527
Israel...................... -- 3 -- 3
Malaysia.................... -- 230,920,190 -- 230,920,190
Mexico...................... 227,333,727 258 -- 227,333,985
Philippines................. -- 87,592,060 -- 87,592,060
Poland...................... -- 107,210,331 -- 107,210,331
South Africa................ 9,407,926 406,247,711 -- 415,655,637
South Korea................. 1,253,893 733,820,140 -- 735,074,033
Taiwan...................... 5,748 751,406,174 -- 751,411,922
Thailand.................... 185,128,553 874,068 -- 186,002,621
Turkey...................... -- 110,141,265 -- 110,141,265
Preferred Stocks
Brazil...................... 80,153 57,118,382 -- 57,198,535
Chile....................... -- 1,718,458 -- 1,718,458
Colombia.................... 1,364,188 -- -- 1,364,188
Rights/Warrants
China....................... -- 11,029 -- 11,029
Hong Kong................... -- 14,800 -- 14,800
Malaysia.................... -- 270,015 -- 270,015
Poland...................... -- -- -- --
South Africa................ -- 6,990 -- 6,990
South Korea................. -- 196,769 -- 196,769
Taiwan...................... -- -- -- --
Thailand.................... -- 80,818 -- 80,818
Securities Lending Collateral. -- 759,145,027 -- 759,145,027
------------ -------------- -- --------------
TOTAL......................... $449,467,519 $5,194,268,530 -- $5,643,736,049
============ ============== == ==============
See accompanying Notes to Financial Statements.
309
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2015
(Amounts in thousands)
The Japanese The Asia
The U.S. Large The DFA Small Pacific Small
Cap Value International Company Company
Series* Value Series* Series* Series*
-------------- ------------- ------------ -------------
ASSETS:
Investments at Value (including $1,499,202, $418,689,
$257,168 and $277,326 of securities on loan,
respectively).............................................. $19,083,301 $9,188,447 $2,615,760 $1,226,122
Temporary Cash Investments at Value & Cost.................. 9,755 -- -- --
Collateral from Securities on Loan Invested in Affiliate at
Value & Cost............................................... 916,343 434,245 276,794 282,350
Foreign Currencies at Value................................. -- 12,800 74 1,272
Cash........................................................ 9,912 2,677 1,047 2,067
Receivables:
Investment Securities Sold................................ -- 10,770 2,158 211
Dividends, Interest and Tax Reclaims...................... 27,939 27,006 14,430 1,517
Securities Lending Income................................. 539 392 396 316
Unrealized Gain on Foreign Currency Contracts............... -- 7 -- 3
----------- ---------- ---------- ----------
Total Assets........................................... 20,038,034 9,676,344 2,910,659 1,513,858
----------- ---------- ---------- ----------
LIABILITIES:
Payables:
Upon Return of Securities Loaned.......................... 916,343 434,245 276,794 282,350
Investment Securities Purchased........................... 25,249 12,024 1,759 3,026
Due to Advisor............................................ 1,585 1,559 221 103
Unrealized Loss on Foreign Currency Contracts............... -- 1 2 --
Accrued Expenses and Other Liabilities...................... 800 610 195 105
----------- ---------- ---------- ----------
Total Liabilities...................................... 943,977 448,439 278,971 285,584
----------- ---------- ---------- ----------
NET ASSETS.................................................. $19,094,057 $9,227,905 $2,631,688 $1,228,274
=========== ========== ========== ==========
Investments at Cost......................................... $13,435,978 $9,165,820 $2,406,131 $1,445,445
=========== ========== ========== ==========
Foreign Currencies at Cost.................................. $ -- $ 12,765 $ 74 $ 1,275
=========== ========== ========== ==========
----------
* See Note J in the Notes to Financial Statements for additional securities
lending collateral.
See accompanying Notes to Financial Statements.
310
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2015
(Amounts in thousands)
The
The United Continental The Canadian
Kingdom Small Small Small The Emerging
Company Company Company The Emerging Markets Small
Series Series Series* Markets Series* Cap Series*
------------- ----------- ------------ --------------- -------------
ASSETS:
Investments at Value (including $47,716,
$291,731, $179,848, $377,198 and
$1,018,169 of securities on loan,
respectively).............................. $2,072,857 $3,646,698 $621,407 $4,394,516 $4,884,591
Collateral from Securities on Loan Invested
in Affiliate at Value & Cost............... 60,989 309,657 186,763 233,635 759,145
Foreign Currencies at Value................. 4,555 7,024 276 2,861 3,827
Cash........................................ 184 4,436 1,019 -- 900
Receivables:
Investment Securities Sold................ 2,554 10,288 -- 32,225 4,730
Dividends, Interest and Tax Reclaims...... 5,617 2,413 635 2,332 3,353
Securities Lending Income................. 146 896 211 779 2,929
Unrealized Gain on Foreign Currency
Contracts.................................. -- 22 2 2 --
---------- ---------- -------- ---------- ----------
Total Assets........................... 2,146,902 3,981,434 810,313 4,666,350 5,659,475
---------- ---------- -------- ---------- ----------
LIABILITIES:
Payables:
Due to Custodian.......................... -- -- -- 58 --
Upon Return of Securities Loaned.......... 60,989 309,657 186,763 233,635 759,145
Investment Securities Purchased........... 1,520 17,467 322 1,215 550
Due to Advisor............................ 177 308 54 379 834
Line of Credit............................ -- -- -- 26,899 --
Futures Margin Variation.................. -- 19 -- -- --
Unrealized Loss on Foreign Currency
Contracts.................................. -- 1 -- 30 1
Accrued Expenses and Other Liabilities...... 103 239 42 579 638
---------- ---------- -------- ---------- ----------
Total Liabilities...................... 62,789 327,691 187,181 262,795 761,168
---------- ---------- -------- ---------- ----------
NET ASSETS.................................. $2,084,113 $3,653,743 $623,132 $4,403,555 $4,898,307
========== ========== ======== ========== ==========
Investments at Cost......................... $1,568,470 $3,069,504 $988,802 $3,856,933 $5,095,269
========== ========== ======== ========== ==========
Foreign Currencies at Cost.................. $ 4,536 $ 7,038 $ 276 $ 2,854 $ 3,846
========== ========== ======== ========== ==========
----------
* See Note J in the Notes to Financial Statements for additional securities
lending collateral.
See accompanying Notes to Financial Statements.
311
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2015
(Amounts in thousands)
The Japanese The Asia
The U.S. The DFA Small Pacific Small
Large Cap International Company Company
Value Series Value Series Series Series
------------ ------------- ------------ -------------
Investment Income
Dividends (Net of Foreign Taxes Withheld of $23, $26,207,
$4,631 and $1,080, respectively).......................... $ 429,780 $ 325,317 $ 41,882 $ 52,670
Income from Securities Lending............................. 4,643 9,274 4,601 3,945
----------- ----------- -------- ---------
Total Investment Income................................. 434,423 334,591 46,483 56,615
----------- ----------- -------- ---------
Expenses
Investment Advisory Services Fees.......................... 18,802 18,962 2,561 1,317
Accounting & Transfer Agent Fees........................... 947 488 133 77
Custodian Fees............................................. 199 857 422 267
Shareholders' Reports...................................... 47 24 6 4
Directors'/Trustees' Fees & Expenses....................... 92 46 12 7
Professional Fees.......................................... 350 252 48 26
Other...................................................... 262 155 41 28
----------- ----------- -------- ---------
Total Expenses.......................................... 20,699 20,784 3,223 1,726
----------- ----------- -------- ---------
Fees Paid Indirectly (Note C).............................. -- (19) (4) (2)
----------- ----------- -------- ---------
Net Expenses............................................... 20,699 20,765 3,219 1,724
----------- ----------- -------- ---------
Net Investment Income (Loss)............................... 413,724 313,826 43,264 54,891
----------- ----------- -------- ---------
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold............................... 858,150 244,684 69,828 (15,143)
Futures.................................................. (43) -- -- --
Foreign Currency Transactions............................ -- (5,879) (1,869) (913)
In-Kind Redemptions...................................... -- -- 27,130 18,027
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency............... (1,018,426) (1,034,230) 85,013 (224,570)
Translation of Foreign Currency Denominated Amounts...... -- 654 382 (13)
----------- ----------- -------- ---------
Net Realized and Unrealized Gain (Loss).................... (160,319) (794,771) 180,484 (222,612)
----------- ----------- -------- ---------
Net Increase (Decrease) in Net Assets Resulting from
Operations.................................................. $ 253,405 $ (480,945) $223,748 $(167,721)
=========== =========== ======== =========
See accompanying Notes to Financial Statements.
312
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2015
(Amounts in thousands)
The United The
Kingdom Continental The Canadian The Emerging
Small Small Small The Emerging Markets
Company Company Company Markets Small Cap
Series Series Series Series Series
---------- ----------- ------------ ------------ ------------
Investment Income
Dividends (Net of Foreign Taxes Withheld of $0,
$11,182, $3,094, $14,586 and $14,338,
respectively)................................... $ 72,683 $ 76,800 $ 18,127 $ 102,539 $ 115,180
Income from Securities Lending................... 1,244 10,424 2,627 5,876 32,586
-------- -------- --------- --------- ---------
Total Investment Income....................... 73,927 87,224 20,754 108,415 147,766
-------- -------- --------- --------- ---------
Expenses
Investment Advisory Services Fees................ 2,081 3,391 730 4,259 10,250
Accounting & Transfer Agent Fees................. 110 181 38 226 269
Custodian Fees................................... 91 549 55 1,963 2,748
Shareholders' Reports............................ 6 10 2 10 11
Directors'/Trustees' Fees & Expenses............. 10 15 4 20 25
Professional Fees................................ 38 136 14 172 207
Other............................................ 36 65 11 105 82
-------- -------- --------- --------- ---------
Total Expenses................................ 2,372 4,347 854 6,755 13,592
-------- -------- --------- --------- ---------
Fees Paid Indirectly (Note C).................... -- (10) (2) (31) (15)
-------- -------- --------- --------- ---------
Net Expenses..................................... 2,372 4,337 852 6,724 13,577
-------- -------- --------- --------- ---------
Net Investment Income (Loss)..................... 71,555 82,887 19,902 101,691 134,189
-------- -------- --------- --------- ---------
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold..................... 82,685 115,635 (9,138) (99,010) 49,962
Futures........................................ -- (4,875) -- 2,478 --
Foreign Currency Transactions.................. 144 (1,002) 149 (2,204) (4,548)
In-Kind Redemptions............................ 42,293 58,734 8,042 -- --
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign
Currency...................................... (104) 55,052 (228,267) (686,412) (693,734)
Futures........................................ -- (19) -- -- --
Translation of Foreign Currency Denominated
Amounts....................................... 86 (57) 11 (95) (241)
-------- -------- --------- --------- ---------
Net Realized and Unrealized Gain (Loss).......... 125,104 223,468 (229,203) (785,243) (648,561)
-------- -------- --------- --------- ---------
Net Increase (Decrease) in Net Assets Resulting
from Operations................................... $196,659 $306,355 $(209,301) $(683,552) $(514,372)
======== ======== ========= ========= =========
See accompanying Notes to Financial Statements.
313
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
The U.S. Large Cap Value The DFA International The Japanese Small
Series Value Series Company Series
------------------------ ----------------------- ----------------------
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2015 2014 2015 2014
----------- ----------- ----------- ---------- ---------- ----------
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)........... $ 413,724 $ 318,905 $ 313,826 $ 419,781 $ 43,264 $ 40,128
Net Realized Gain (Loss) on:
Investment Securities Sold*.......... 858,150 755,725 244,684 173,096 69,828 97,004
Futures.............................. (43) -- -- -- -- --
Foreign Currency Transactions........ -- -- (5,879) (1,763) (1,869) (567)
In-Kind Redemptions.................. -- -- -- -- 27,130 --
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign
Currency............................ (1,018,426) 1,319,300 (1,034,230) (672,491) 85,013 (82,784)
Translation of Foreign Currency
Denominated Amounts................. -- -- 654 (1,379) 382 (535)
----------- ----------- ----------- ---------- ---------- ----------
Net Increase (Decrease) in Net
Assets Resulting from
Operations......................... 253,405 2,393,930 (480,945) (82,756) 223,748 53,246
----------- ----------- ----------- ---------- ---------- ----------
Transactions in Interest:
Contributions.......................... 1,769,181 1,721,914 1,070,207 1,022,273 102,092 296,221
Withdrawals............................ (1,305,211) (578,150) (705,023) (387,981) (199,561) (125,682)
----------- ----------- ----------- ---------- ---------- ----------
Net Increase (Decrease) from
Transactions in Interest........... 463,970 1,143,764 365,184 634,292 (97,469) 170,539
----------- ----------- ----------- ---------- ---------- ----------
Total Increase (Decrease) in
Net Assets......................... 717,375 3,537,694 (115,761) 551,536 126,279 223,785
Net Assets
Beginning of Year...................... 18,376,682 14,838,988 9,343,666 8,792,130 2,505,409 2,281,624
----------- ----------- ----------- ---------- ---------- ----------
End of Year............................ $19,094,057 $18,376,682 $ 9,227,905 $9,343,666 $2,631,688 $2,505,409
=========== =========== =========== ========== ========== ==========
----------
* Net of foreign capital gain taxes withheld of $0, $0, $0, $0, $0 and $0,
respectively.
See accompanying Notes to Financial Statements.
314
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
The Asia Pacific Small The United Kingdom Small The Continental Small
Company Series Company Series Company Series
---------------------- ---------------------- ----------------------
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2015 2014 2015 2014
---------- ---------- ---------- ---------- ---------- ----------
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)............ $ 54,891 $ 55,094 $ 71,555 $ 62,544 $ 82,887 $ 81,827
Net Realized Gain (Loss) on:
Investment Securities Sold*........... (15,143) 882 82,685 111,297 115,635 116,406
Futures............................... -- -- -- -- (4,875) (1,000)
Foreign Currency Transactions......... (913) (18) 144 (238) (1,002) (321)
In-Kind Redemptions................... 18,027 -- 42,293 -- 58,734 --
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign
Currency............................. (224,570) (101,865) (104) (148,584) 55,052 (269,561)
Futures............................... -- -- -- -- (19) --
Translation of Foreign Currency
Denominated Amounts.................. (13) (11) 86 (41) (57) (151)
---------- ---------- ---------- ---------- ---------- ----------
Net Increase (Decrease) in Net
Assets Resulting from
Operations.......................... (167,721) (45,918) 196,659 24,978 306,355 (72,800)
---------- ---------- ---------- ---------- ---------- ----------
Transactions in Interest:
Contributions........................... 119,899 315,024 12,907 17,172 454,912 106,051
Withdrawals............................. (177,690) (80,818) (121,351) (34,539) (259,801) (98,740)
---------- ---------- ---------- ---------- ---------- ----------
Net Increase (Decrease) from
Transactions in Interest............ (57,791) 234,206 (108,444) (17,367) 195,111 7,311
---------- ---------- ---------- ---------- ---------- ----------
Total Increase (Decrease) in Net
Assets.............................. (225,512) 188,288 88,215 7,611 501,466 (65,489)
Net Assets
Beginning of Year....................... 1,453,786 1,265,498 1,995,898 1,988,287 3,152,277 3,217,766
---------- ---------- ---------- ---------- ---------- ----------
End of Year............................. $1,228,274 $1,453,786 $2,084,113 $1,995,898 $3,653,743 $3,152,277
========== ========== ========== ========== ========== ==========
----------
* Net of foreign capital gain taxes withheld of $0, $0, $0, $0, $0 and $0,
respectively.
See accompanying Notes to Financial Statements.
315
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
The Canadian Small The Emerging Markets The Emerging Markets
Company Series Series Small Cap Series
------------------- ---------------------- ----------------------
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2015 2014 2015 2014
--------- -------- ---------- ---------- ---------- ----------
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)............ $ 19,902 $ 20,745 $ 101,691 $ 99,780 $ 134,189 $ 110,728
Net Realized Gain (Loss) on:
Investment Securities Sold*........... (9,138) (2,865) (99,010) (24,811) 49,962 101,054
Futures............................... -- -- 2,478 -- -- --
Foreign Currency Transactions......... 149 86 (2,204) (653) (4,548) (980)
In-Kind Redemptions................... 8,042 -- -- -- -- --
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign
Currency............................. (228,267) (64,673) (686,412) 12,344 (693,734) 20,955
Translation of Foreign Currency
Denominated Amounts.................. 11 5 (95) (12) (241) (139)
--------- -------- ---------- ---------- ---------- ----------
Net Increase (Decrease) in Net
Assets Resulting from
Operations.......................... (209,301) (46,702) (683,552) 86,648 (514,372) 231,618
--------- -------- ---------- ---------- ---------- ----------
Transactions in Interest:
Contributions........................... 20,480 159,436 1,463,845 527,157 792,529 773,201
Withdrawals............................. (37,476) (4,509) (562,189) (194,514) (301,288) (174,904)
--------- -------- ---------- ---------- ---------- ----------
Net Increase (Decrease) from
Transactions in Interest............ (16,996) 154,927 901,656 332,643 491,241 598,297
--------- -------- ---------- ---------- ---------- ----------
Total Increase (Decrease) in Net
Assets.............................. (226,297) 108,225 218,104 419,291 (23,131) 829,915
Net Assets
Beginning of Year....................... 849,429 741,204 4,185,451 3,766,160 4,921,438 4,091,523
--------- -------- ---------- ---------- ---------- ----------
End of Year............................. $ 623,132 $849,429 $4,403,555 $4,185,451 $4,898,307 $4,921,438
========= ======== ========== ========== ========== ==========
----------
* Net of foreign capital gain taxes withheld of $0, $0, $0, $0, $0 and $1,375,
respectively.
See accompanying Notes to Financial Statements.
316
THE DFA INVESTMENT TRUST COMPANY
FINANCIAL HIGHLIGHTS
The U.S. Large Cap Value Series
--------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
---------------------------------------------------------------------------------------------------------------------
Total Return......................................... 1.32% 15.67% 35.68% 18.31% 5.69%
---------------------------------------------------------------------------------------------------------------------
Net Assets, End of Year (thousands).................. $19,094,057 $18,376,682 $14,838,988 $10,589,152 $9,335,107
Ratio of Expenses to Average Net Assets.............. 0.11% 0.11% 0.11% 0.12% 0.12%
Ratio of Net Investment Income to Average Net Assets. 2.20% 1.90% 1.98% 2.15% 1.79%
Portfolio Turnover Rate.............................. 16% 15% 15% 10% 14%
---------------------------------------------------------------------------------------------------------------------
The DFA International Value Series
------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
----------------------------------------------------------------------------------------------------------------------------
Total Return................................................. (5.35)% (0.72)% 28.18% 3.17% (8.04)%
----------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Year (thousands).......................... $9,227,905 $9,343,666 $8,792,130 $7,238,249 $6,955,907
Ratio of Expenses to Average Net Assets...................... 0.22% 0.22% 0.22% 0.24% 0.23%
Ratio of Expenses to Average Net Assets (Excluding Fees Paid
Indirectly)................................................. 0.22% 0.22% 0.22% 0.24% 0.23%
Ratio of Net Investment Income to Average Net Assets......... 3.31% 4.50% 3.20% 3.75% 3.47%
Portfolio Turnover Rate...................................... 21% 17% 15% 14% 9%
----------------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
317
THE DFA INVESTMENT TRUST COMPANY
FINANCIAL HIGHLIGHTS
The Japanese Small Company Series
----------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
-------------------------------------------------------------------------------------------------------------------------
Total Return................................................. 9.04% 2.46% 30.62% 0.54% 10.07%
-------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Year (thousands).......................... $2,631,688 $2,505,409 $2,281,624 $1,686,731 $1,502,815
Ratio of Expenses to Average Net Assets...................... 0.13% 0.13% 0.14% 0.15% 0.14%
Ratio of Expenses to Average Net Assets (Excluding Fees Paid
Indirectly)................................................. 0.13% 0.13% 0.14% 0.15% 0.14%
Ratio of Net Investment Income to Average Net Assets......... 1.69% 1.71% 1.87% 2.17% 2.07%
Portfolio Turnover Rate...................................... 6% 9% 16% 7% 5%
-------------------------------------------------------------------------------------------------------------------------
The Asia Pacific Small Company Series
----------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
--------------------------------------------------------------------------------------------------------------------------
Total Return................................................. (11.83)% (3.46)% 10.97% 7.48% (5.15)%
--------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Year (thousands).......................... $1,228,274 $1,453,786 $1,265,498 $1,003,860 $906,734
Ratio of Expenses to Average Net Assets...................... 0.13% 0.13% 0.15% 0.16% 0.16%
Ratio of Expenses to Average Net Assets (Excluding Fees Paid
Indirectly)................................................. 0.13% 0.13% 0.15% 0.16% 0.16%
Ratio of Net Investment Income to Average Net Assets......... 4.17% 3.96% 4.64% 4.26% 3.78%
Portfolio Turnover Rate...................................... 7% 7% 9% 18% 17%
--------------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
318
THE DFA INVESTMENT TRUST COMPANY
FINANCIAL HIGHLIGHTS
The United Kingdom Small Company Series
----------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
-------------------------------------------------------------------------------------------------------------------------
Total Return................................................. 9.95% 1.22% 37.42% 23.41% 0.20%
-------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Year (thousands).......................... $2,084,113 $1,995,898 $1,988,287 $1,464,838 $1,133,845
Ratio of Expenses to Average Net Assets...................... 0.11% 0.11% 0.12% 0.13% 0.13%
Ratio of Expenses to Average Net Assets (Excluding Fees Paid
Indirectly)................................................. 0.11% 0.11% 0.12% 0.13% 0.13%
Ratio of Net Investment Income to Average Net Assets......... 3.44% 2.98% 3.29% 3.37% 3.76%
Portfolio Turnover Rate...................................... 10% 8% 17% 6% 7%
-------------------------------------------------------------------------------------------------------------------------
The Continental Small Company Series
-----------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
---------------------------------------------------------------------------------------------------------------------------
Total Return................................................. 9.81% (2.25)% 43.67% 2.29% (10.75)%
---------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Year (thousands).......................... $3,653,743 $3,152,277 $3,217,766 $2,245,179 $2,001,763
Ratio of Expenses to Average Net Assets...................... 0.13% 0.13% 0.14% 0.16% 0.15%
Ratio of Expenses to Average Net Assets (Excluding Fees Paid
Indirectly)................................................. 0.13% 0.13% 0.14% 0.16% 0.15%
Ratio of Net Investment Income to Average Net Assets......... 2.44% 2.40% 2.67% 3.15% 2.72%
Portfolio Turnover Rate...................................... 14% 13% 13% 9% 10%
---------------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
319
THE DFA INVESTMENT TRUST COMPANY
FINANCIAL HIGHLIGHTS
The Canadian Small Company Series
---------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
------------------------------------------------------------------------------------------------------------------
Total Return................................................. (25.00)% (3.83)% 5.71% (2.51)% 0.27%
------------------------------------------------------------------------------------------------------------------
Net Assets, End of Year (thousands).......................... $623,132 $849,429 $741,204 $689,086 $736,262
Ratio of Expenses to Average Net Assets...................... 0.12% 0.12% 0.13% 0.15% 0.14%
Ratio of Expenses to Average Net Assets (Excluding Fees Paid
Indirectly)................................................. 0.12% 0.12% 0.13% 0.15% 0.14%
Ratio of Net Investment Income to Average Net Assets......... 2.73% 2.42% 2.99% 2.29% 1.72%
Portfolio Turnover Rate...................................... 18% 5% 14% 22% 24%
------------------------------------------------------------------------------------------------------------------
The Emerging Markets Series
-----------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
---------------------------------------------------------------------------------------------------------------------------
Total Return................................................. (14.86)% 1.74% 6.99% 4.55% (6.44)%
---------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Year (thousands).......................... $4,403,555 $4,185,451 $3,766,160 $2,913,307 $2,439,981
Ratio of Expenses to Average Net Assets...................... 0.16% 0.15% 0.16% 0.20% 0.20%
Ratio of Expenses to Average Net Assets (Excluding Fees Paid
Indirectly)................................................. 0.16% 0.15% 0.16% 0.20% 0.20%
Ratio of Net Investment Income to Average Net Assets......... 2.39% 2.51% 2.38% 2.55% 2.48%
Portfolio Turnover Rate...................................... 9% 5% 4% 5% 16%
---------------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
320
THE DFA INVESTMENT TRUST COMPANY
FINANCIAL HIGHLIGHTS
The Emerging Markets Small Cap Series
-----------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
---------------------------------------------------------------------------------------------------------------------------
Total Return................................................. (9.42)% 5.60% 9.41% 7.19% (12.94)%
---------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Year (thousands).......................... $4,898,307 $4,921,438 $4,091,523 $2,953,350 $1,874,926
Ratio of Expenses to Average Net Assets...................... 0.26% 0.26% 0.29% 0.36% 0.33%
Ratio of Expenses to Average Net Assets (Excluding Fees Paid
Indirectly)................................................. 0.27% 0.26% 0.29% 0.36% 0.33%
Ratio of Net Investment Income to Average Net Assets......... 2.62% 2.48% 2.37% 2.48% 2.32%
Portfolio Turnover Rate...................................... 18% 9% 11% 13% 18%
---------------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
321
THE DFA INVESTMENT TRUST COMPANY
NOTES TO FINANCIAL STATEMENTS
A. Organization:
The DFA Investment Trust Company (the "Trust") is an open-end management
investment company registered under the Investment Company Act of 1940. The
Trust consists of eleven portfolios, nine of which are included in this section
of the report (collectively, the "Series"). The remaining operational
portfolios are presented in separate reports.
Domestic Equity Portfolio International Equity Portfolios
------------------------- -------------------------------
The U.S. Large Cap Value Series The DFA International Value Series
The Japanese Small Company Series
The Asia Pacific Small Company Series
The United Kingdom Small Company Series
The Continental Small Company Series
The Canadian Small Company Series
The Emerging Markets Series
The Emerging Markets Small Cap Series
B. Significant Accounting Policies:
The following significant accounting policies are in conformity with
accounting principles generally accepted in the United States of America. Such
policies are consistently followed by the Trust in preparation of its financial
statements. The preparation of financial statements in accordance with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the fair
value of investments, the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increases and decreases in net assets
from operations during the reporting period. Actual results could differ from
those estimates and those differences could be material.
1. Security Valuation: The Series utilize a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into
three broad levels described below:
. Level 1 - inputs are quoted prices in active markets for identical
securities (including equity securities, open-end investment companies,
futures contracts)
. Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit risk,
etc.)
. Level 3 - significant unobservable inputs (including the Series' own
assumptions in determining the fair value of investments)
Securities held by the Domestic Equity Portfolio and the International
Equity Portfolios, including over-the-counter securities, are valued at the
last quoted sale price at the close of the exchanges on which they are
principally traded (official closing price). International equity securities
are subject to a fair value factor, as described later in this note. Securities
held by the Domestic Equity Portfolio and the International Equity Portfolios
that are listed on Nasdaq are valued at the Nasdaq Official Closing Price
("NOCP"). If there is no last reported sale price or NOCP for the day, the
Domestic Equity Portfolio and the International Equity Portfolios value the
securities at the mean of the most recent quoted bid and asked prices. Price
information on listed securities is taken from the exchange where the security
is primarily traded. Generally, securities issued by open-end investment
companies are valued using their respective net asset values or public offering
prices, as appropriate, for purchase orders placed at the close of the New York
Stock Exchange (NYSE). These securities are generally categorized as Level 1 in
the hierarchy.
322
Securities for which no market quotations are readily available (including
restricted securities), or for which market quotations have become unreliable,
are valued in good faith at fair value in accordance with procedures adopted by
the Board of Directors/Trustees. Fair value pricing may also be used if events
that have a significant effect on the value of an investment (as determined in
the discretion of Dimensional Fund Advisors LP) occur before the net asset
value is calculated. When fair value pricing is used, the prices of securities
used by the Domestic Equity Portfolio and the International Equity Portfolios
may differ from the quoted or published prices for the same securities on their
primary markets or exchanges. These securities are generally categorized as
Level 2 in the hierarchy.
The International Equity Portfolios will also apply a fair value price in
the circumstances described below. Generally, trading in foreign securities
markets is completed each day at various times prior to the close of the NYSE.
For example, trading in the Japanese securities markets is completed each day
at the close of the Tokyo Stock Exchange (normally, 2:00 a.m. ET), which is
fourteen hours before the close of the NYSE (normally, 4:00 p.m. ET) and the
time that the net asset values of the International Equity Portfolios are
computed. Due to the time differences between the closings of the relevant
foreign securities exchanges and the time the International Equity Portfolios
price their shares at the close of the NYSE, the International Equity
Portfolios will fair value their foreign investments when it is determined that
the market quotations for the foreign investments are either unreliable or not
readily available. The fair value prices will attempt to reflect the impact of
the U.S. financial markets' perceptions and trading activities on the
International Equity Portfolios' foreign investments since the last closing
prices of the foreign investments were calculated on their primary foreign
securities markets or exchanges. For these purposes, the Board of
Directors/Trustees of the International Equity Portfolios have determined that
movements in relevant indices or other appropriate market indicators, after the
close of the Tokyo Stock Exchange or the London Stock Exchange, demonstrate
that market quotations may be unreliable. Fair valuation of portfolio
securities may occur on a daily basis. The fair value pricing by the
International Equity Portfolios utilizes data furnished by an independent
pricing service (and that data draws upon, among other information, the market
values of foreign investments). When an International Equity Portfolio uses
fair value pricing, the values assigned to the International Equity Portfolio's
foreign investments may not be the quoted or published prices of the
investments on their primary markets or exchanges. These securities are
generally categorized as Level 2 in the hierarchy.
Futures contracts held by the Series are valued using the settlement price
established each day on the exchange on which they are traded. These valuations
are generally categorized as Level 1 in the hierarchy.
A summary of the inputs used to value the Series' investments by each major
security type, industry and/or country is disclosed previously in this note.
Valuation hierarchy tables have been included at the end of the Summary
Schedules of Portfolio Holdings. The inputs or methodology used for valuing
securities are not necessarily an indication of the risk associated with
investing in those securities.
Transfers between investment levels may occur as the markets fluctuate
and/or the availability of data used in an investment's valuation changes. The
Series recognize transfers between the levels as of the end of the period. As
of October 31, 2015, The Asia Pacific Small Company Series had significant
transfers of securities with a total value of $17,780 (in thousands), that
transferred from Level 1 to Level 2 because the fair market values of certain
securities were adjusted due to developments which occurred between the time of
the close of the foreign markets on which they trade and the close of business
on the NYSE, which resulted in their Level 2 classification.
2. Foreign Currency Translation: Securities and other assets and
liabilities of the International Equity Portfolios, whose values are initially
expressed in foreign currencies are translated to U.S. dollars using the mean
between the most recent bid and asked prices for the U.S. dollar as quoted by
generally recognized reliable sources. Dividend and interest income and certain
expenses are translated to U.S. dollars at the rate of exchange on their
respective accrual dates. Receivables and payables denominated in foreign
currencies are marked-to-market daily based on daily exchange rates and
exchange gains or losses are realized upon ultimate receipt or disbursement.
The International Equity Portfolios do not isolate the effect of
fluctuations in foreign currency rates when determining the realized gain or
loss upon the sale or maturity of foreign currency denominated debt obligations
pursuant to U.S. Federal income tax regulations; such amounts are categorized
as foreign exchange gain or loss for income tax reporting purposes.
323
Realized gains or losses on foreign currency transactions represent net
foreign exchange gains or losses from the disposition of foreign currencies,
currency gains or losses realized between the trade and settlement dates on
securities transactions, and the difference between amounts of interest,
dividends and any foreign withholding taxes recorded on the books of the
International Equity Portfolios and the U.S. dollar equivalent amounts actually
received or paid.
3. Deferred Compensation Plan: Each eligible Director/Trustee of the Trust
may elect participation in The Fee Deferral Plan for Independent Directors and
Trustees (the "Plan"). Under the Plan, effective January 1, 2002, such
Directors/Trustees may defer payment of all or a portion of their total fees
earned as a Director/Trustee. These deferred amounts may be treated as though
such amounts had been invested in shares of the following funds: U.S. Large Cap
Value Portfolio; U.S. Core Equity 1 Portfolio; U.S. Core Equity 2 Portfolio;
U.S. Vector Equity Portfolio; U.S. Micro Cap Portfolio; DFA International Value
Portfolio; International Core Equity Portfolio; Emerging Markets Portfolio;
Emerging Markets Core Equity Portfolio; and/or DFA Two-Year Global Fixed Income
Portfolio. Contributions made under the Plan and the change in unrealized
appreciation (depreciation) and income are included in Directors'/Trustees'
Fees & Expenses.
Each Director/Trustee has the option to receive their distribution of
proceeds in one of the following methods: lump sum; annual installments over a
period of agreed upon years; or quarterly installments over a period of agreed
upon years. Each Director/Trustee shall have the right in a notice of election
(the "Notice") to defer the receipt of the Director's/Trustee's deferred
compensation until a date specified by such Director/Trustee in the Notice,
which date may not be sooner than the earlier of: (i) the first business day of
January following the year in which such Director/Trustee ceases to be a member
of the Board; and (ii) five years following the effective date of the
Director's/Trustee's first deferral election. If a Director/Trustee who elects
to defer fees fails to designate in the Notice a time or date as of which
payment of the Director's/Trustee's deferred fee account shall commence,
payment of such amount shall commence as of the first business day of January
following the year in which the Director/Trustee ceases to be a member of the
Board (unless the Director/Trustee files an amended Notice selecting a
different distribution date). As of October 31, 2015, none of the
Directors/Trustees have requested or received a distribution of proceeds of a
deferred fee account.
4. Other: Security transactions are accounted for as of the trade date.
Costs used in determining realized gains and losses on the sale of investment
securities and foreign currency are on the basis of identified cost. Dividend
income and distributions to shareholders are recorded on the ex-dividend date.
Distributions received on securities that represent a return of capital or
capital gains are recorded as a reduction of cost of investments or as a
realized gain, respectively. The Series estimate the character of distributions
received that may be considered return of capital distributions. Interest
income is recorded on an accrual basis. Discount and premium on securities
purchased are amortized over the lives of the respective securities, utilizing
the effective interest method. Expenses directly attributable to a Series are
directly charged. Common expenses of the Trust or Series are allocated using
methods approved by the Board of Directors/Trustees, generally based on average
net assets.
The International Equity Portfolios may be subject to taxes imposed by
countries in which they invest, with respect to their investments in issuers
existing or operating in such countries. Such taxes are generally based on
income earned or repatriated and capital gains realized on the sale of such
investments. The Series accrue such taxes when the related income or capital
gains are earned or throughout the holding period. Some countries require
governmental approval for the repatriation of investment income, capital or the
proceeds of sales earned by foreign investors. In addition, if there is a
deterioration in a country's balance of payments or for other reasons, a
country may impose temporary restrictions on foreign capital remittances abroad.
The Emerging Markets Series and The Emerging Markets Small Cap Series are
subject to a 15% tax on short-term capital gains for investments in India. Such
taxes are due upon sale of individual securities. The capital gains taxes are
recognized when the capital gains are earned.
C. Investment Advisor:
The Advisor, Dimensional Fund Advisors LP, provides investment advisory
services to the Series. On May 8, 2015 and June 10, 2015 at a Special Joint
Meeting of Shareholders, shareholders of the Series approved new investment
management agreements, which became effective July 21, 2015, that provide a
uniform agreement that
324
increases transparency and better describes all of the services that the
Advisor provides to each Series. The rate charged to each Series under the new
investment management agreement for investment management services is equal to
the rate charged under each Series' previous investment advisory agreement with
the Advisor. For the year ended October 31, 2015, the Series' investment
advisory services/management fees were accrued daily and paid monthly to the
Advisor based on the following effective annual rates of average daily net
assets:
The U.S. Large Cap Value Series......... 0.10%
The DFA International Value Series...... 0.20%
The Japanese Small Company Series....... 0.10%
The Asia Pacific Small Company Series... 0.10%
The United Kingdom Small Company Series. 0.10%
The Continental Small Company Series.... 0.10%
The Canadian Small Company Series....... 0.10%
The Emerging Markets Series............. 0.10%
The Emerging Markets Small Cap Series... 0.20%
Earned Income Credit:
In addition, the Series have entered into arrangements with their custodian
whereby net interest earned on uninvested cash balances was used to reduce a
portion of each Series' custody expenses. Custody expense in the accompanying
financial statements is presented before reduction for credits. The impact of
such credits is generally less than one basis point of each Series' net assets.
During the year ended October 31, 2015, expenses reduced were as follows
(amounts in thousands):
Fees Paid
Indirectly
- ----------
The DFA International Value Series...... $19
The Japanese Small Company Series....... 4
The Asia Pacific Small Company Series... 2
The United Kingdom Small Company Series. --
The Continental Small Company Series.... 10
The Canadian Small Company Series....... 2
The Emerging Markets Series............. 31
The Emerging Markets Small Cap Series... 15
Fees Paid to Officers and Directors/Trustees:
Certain Officers and Directors/Trustees of the Advisor are also Officers and
Directors/Trustees of the Trust; however, such Officers and Directors/Trustees
(with the exception of the Chief Compliance Officer ("CCO")) receive no
compensation from the Trust. For the year ended October 31, 2015, the total
related amounts paid by the Trust to the CCO were $84 (in thousands). The total
related amounts paid by each of the Series are included in Other Expenses on
the Statement of Operations.
D. Deferred Compensation:
At October 31, 2015, the total liability for deferred compensation to
Directors/Trustees is included in Accrued Expenses and Other Liabilities on the
Statement of Assets and Liabilities as follows (amounts in thousands):
The U.S. Large Cap Value Series......... $417
The DFA International Value Series...... 293
The Japanese Small Company Series....... 66
The Asia Pacific Small Company Series... 35
The United Kingdom Small Company Series. 45
The Continental Small Company Series.... 82
The Canadian Small Company Series....... 21
The Emerging Markets Series............. 108
The Emerging Markets Small Cap Series... 82
325
E. Purchases and Sales of Securities:
For the year ended October 31, 2015, the Series made the following purchases
and sales of investment securities, other than short-term securities and U.S.
government securities (amounts in thousands):
Purchases Sales
- ---------- ----------
The U.S. Large Cap Value Series......... $4,001,677 $2,985,119
The DFA International Value Series...... 2,665,270 1,984,575
The Japanese Small Company Series....... 198,581 159,333
The Asia Pacific Small Company Series... 102,735 88,864
The United Kingdom Small Company Series. 276,034 206,995
The Continental Small Company Series.... 867,842 463,002
The Canadian Small Company Series....... 164,506 133,407
The Emerging Markets Series............. 1,395,127 380,617
The Emerging Markets Small Cap Series... 1,539,086 903,678
There were no purchases or sales of long-term U.S. government securities.
F. Federal Income Taxes:
No provision for federal income taxes is required since the Series are
treated as partnerships for federal income tax purposes. Any net investment
income and realized and unrealized gains and losses have been deemed to have
been "passed down" to their respective partners.
At October 31, 2015, the total cost and aggregate gross unrealized
appreciation (depreciation) of securities for federal income tax purposes were
different from amounts reported for financial reporting purposes, as follows
(amounts in thousands):
Net
Unrealized
Federal Unrealized Unrealized Appreciation
Tax Cost Appreciation Depreciation (Depreciation)
- ----------- ------------ ------------ --------------
The U.S. Large Cap Value Series......... $14,362,443 $6,266,359 $(163,399) $6,102,960
The DFA International Value Series...... 9,610,599 1,293,660 (600,495) 693,165
The Japanese Small Company Series....... 2,709,273 491,340 (286,920) 204,420
The Asia Pacific Small Company Series... 1,756,672 212,258 (316,853) (104,595)
The United Kingdom Small Company Series. 1,644,221 677,996 (141,289) 536,707
The Continental Small Company Series.... 3,384,646 1,044,611 (434,069) 610,542
The Canadian Small Company Series....... 1,178,046 63,334 (279,097) (215,763)
The Emerging Markets Series............. 4,110,214 1,080,042 (266,689) 813,353
The Emerging Markets Small Cap Series... 5,902,664 891,995 (680,957) 211,038
The difference between book basis and tax-basis unrealized appreciation
(depreciation) is primarily attributable to the tax deferral of losses on wash
sales and investments in passive foreign investment companies.
Accounting for Uncertainty in Income Taxes sets forth a minimum threshold
for financial statement recognition of the benefit of a tax position taken or
expected to be taken in a tax return. Management has analyzed each Series' tax
positions and has concluded that no additional provision for income tax is
required in any Series' financial statements. No Series is aware of any tax
positions for which it is more likely than not that the total amounts of
unrecognized tax benefits will significantly change in the next twelve months.
Each Series' federal tax returns for the prior three fiscal years remain
subject to examination by the Internal Revenue Service.
326
G. Financial Instruments:
In accordance with the Series' investment objectives and policies, the
Series may invest in certain financial instruments that have off-balance sheet
risk in excess of the amounts recognized in the financial statements and
concentrations of credit and market risk. These instruments and their
significant corresponding risks are described below:
1. Foreign Market Risks: Investments in foreign markets may involve
certain considerations and risks not typically associated with investments in
the United States of America, including the possibility of future political and
economic developments and the level of foreign governmental supervision and
regulation of foreign securities markets. These markets are generally smaller,
less liquid and more volatile than the major securities markets in the United
States of America. Consequently, acquisition and disposition of international
securities held by the Series may be inhibited.
Derivative Financial Instruments:
Summarized below are the specific types of derivative instruments used by
the Series.
2. Futures Contracts: The Series may enter into futures contracts and
options on futures contracts to adjust market exposure based on actual or
expected cash inflows to or outflows from the Series. Upon entering into a
futures contract, the Series deposit cash or pledge U.S. Government securities
to a broker, equal to the minimum "initial margin" requirements of the exchange
on which the contract is traded. Subsequent payments are received from or paid
to the broker each day, based on the daily fluctuation in the market value of
the contract. These receipts or payments are known as "variation margin" and
are recorded daily by the Series as unrealized gains or losses until the
contracts are closed. When the contracts are closed, the Series record a
realized gain or loss, which is presented in the Statements of Operations as a
net realized gain or loss on futures, equal to the difference between the value
of the contract at the time it was opened and the value at the time it was
closed.
Risks may arise upon entering into futures contracts from potential
imperfect price correlations between the futures contracts and the underlying
securities or indices, from the possibility of an illiquid secondary market for
these instruments and from the possibility that the Series could lose more than
the initial margin requirements. The Series entering into stock index futures
are subject to equity price risk from those futures contracts. Counterparty
credit risk related to exchange-traded futures is minimal because the
exchange's clearinghouse, as counterparty to all exchange-traded futures,
guarantees the futures against default.
At October 31, 2015, the following Series had outstanding futures contracts
(dollar amounts in thousands):
Expiration Number of Contract Unrealized
Description Date Contracts* Value Gain (Loss)
----------------------- ---------- ---------- -------- -----------
The Continental Small Company
Series...................... S&P 500 Emini Index(R) 12/18/15 1,165 $120,793 $(19)
* During the year ended October 31, 2015, The Continental Small Company Series'
average notional contract amount of outstanding futures contracts was $10,068
(amount in thousands).
The following is a summary of the location of derivatives on the Series'
Statements of Assets and Liabilities as of October 31, 2015:
Location on the Statements of
Assets and Liabilities
----------------------------------
Derivative Type Liability Derivatives
--------------- ----------------------------------
Equity contracts Payables: Futures Margin Variation
327
The following is a summary of the Series' derivative instrument holdings
categorized by primary risk exposure as of October 31, 2015 (amounts in
thousands):
Liability Derivatives Value
- ------------------------
Total Value
at Equity
October 31, 2015 Contracts
- ---------------- ---------
The Continental Small Company Series. $(19) $(19)*
* Includes cumulative appreciation (depreciation) of futures contracts. Only
current day's margin variation is reported within the Statement of Assets and
Liabilities.
The following is a summary of the location and value of derivative
instrument holdings on the Series' Statements of Operations categorized by
primary risk exposure for the year ended October 31, 2015 (amounts in
thousands):
Derivative Type Location of Gain (Loss) on Derivatives Recognized in Income
--------------- -----------------------------------------------------------
Foreign exchange contracts Net Realized Gain (Loss) on: Foreign Currency Transactions
Equity contracts Net Realized Gain (Loss) on: Futures
Change in Unrealized Appreciation (Depreciation) of:
Futures
The following is a summary of the realized and change in unrealized gains
and losses from the Series' derivative instrument holdings categorized by
primary risk exposure through the year ended October 31, 2015 (amounts in
thousands):
Realized Gain (Loss) on
Derivatives Recognized in Income
-------------------------------
Foreign
Exchange Equity
Total Contracts Contracts
------- --------- ---------
The U.S. Large Cap Value Series*...... $ (43) -- $ (43)
The DFA International Value Series.... 14 $14 --
The Continental Small Company Series.. (4,875) -- (4,875)
The Emerging Markets Series**......... 2,474 (4) 2,478
The Emerging Markets Small Cap Series. 1 1 --
Change in Unrealized
Appreciation (Depreciation) on
Derivatives Recognized in Income
-------------------------------
Foreign
Exchange Equity
Total Contracts Contracts
------- --------- ---------
The Continental Small Company Series.. $ (19) -- $ (19)
* During the year ended October 31, 2015, the U.S. Large Cap Value Series'
average notional contract amount of outstanding futures contracts was $7,052
(in thousands).
**As of October 31, 2015, there were no futures contracts outstanding. During
the year ended October 31, 2015, the Series had limited activity in futures
contracts.
H. Line of Credit and Interfund Lending Program:
The Trust, together with other Dimensional-advised portfolios, has entered
into a $500 million uncommitted, unsecured discretionary line of credit
effective April 1, 2015 with its domestic custodian bank. A line of credit with
similar terms was in effect through March 31, 2015. Each portfolio is permitted
to borrow, subject to its investment limitations, up to a maximum of $500
million, as long as total borrowings under the line of credit do not exceed
$500 million in the aggregate. Borrowings under the line of credit are charged
interest at rates agreed upon by the parties at the time of borrowing. Each
portfolio is individually, and not jointly, liable for its particular advances
under
328
the line of credit. There is no commitment fee on the unused portion of the
line of credit. The agreement for the discretionary line of credit may be
terminated by either party at any time. The agreement for the line of credit
expires on March 30, 2016.
The Trust, together with other Dimensional-advised portfolios, has also
entered into an additional $500 million unsecured line of credit with its
international custodian bank effective January 9, 2015. A line of credit with
similar terms was in effect through January 8, 2015. Each portfolio is
permitted to borrow, subject to its investment limitations, up to a maximum of
$500 million, as long as total borrowings under the line of credit do not
exceed $500 million in the aggregate. Each portfolio is individually, and not
jointly, liable for its particular advances under the line of credit.
Borrowings under the line of credit are charged interest at rates agreed upon
by the parties at the time of borrowing. There is no commitment fee on the
unused portion of the line of credit. The line of credit agreement expires on
January 8, 2016.
For the year ended October 31, 2015, borrowings by the Series under the
lines of credit were as follows (amounts in thousands, except percentages and
days):
Weighted Weighted Number of Interest Maximum Amount
Average Average Days Expense Borrowed During
Interest Rate Loan Balance Outstanding* Incurred the Period
------------- ------------ ------------ -------- ---------------
The U.S. Large Cap Value Series......... 0.96% $31,642 68 $60 $162,215
The DFA International Value Series...... 0.87% 7,575 44 8 54,121
The Japanese Small Company Series....... 0.87% 5,552 10 1 17,597
The Asia Pacific Small Company Series... 0.86% 2,621 26 2 10,948
The United Kingdom Small Company Series. 0.85% 4,186 11 1 23,419
The Continental Small Company Series.... 0.86% 247 7 -- 630
The Emerging Markets Series............. 0.92% 16,820 30 12 73,594
The Emerging Markets Small Cap Series... 0.87% 7,134 28 5 21,081
* Number of Days Outstanding represents the total of single or consecutive days
during the year ended October 31, 2015, that each Series' available line of
credit was utilized.
As of October 31, 2015, The Emerging Markets Series had a loan outstanding
in the amount of $26,898 (in thousands).
Pursuant to an exemptive order issued by the SEC (the "Order"), the Series
may participate in an interfund lending program among certain portfolios
managed by the Advisor (portfolios that operate as feeder funds do not
participate in the program). The program allows the participating portfolios to
borrow money from and loan money to each other for temporary or emergency
purposes, subject to the conditions in the Order. A loan can only be made
through the program if the interfund loan rate on that day is more favorable to
both the borrowing and lending portfolios as compared to rates available
through short-term bank loans or investments in overnight repurchase agreements
and money market funds, respectively, as detailed in the Order. Further, a
portfolio may participate in the program only if and to the extent that such
participation is consistent with its investment objectives and limitations.
Interfund loans have a maximum duration of seven days and may be called on one
business day's notice.
The Series did not utilize the interfund lending program during the year
ended October 31, 2015.
I. Affiliated Trades:
Cross trades for the year ended October 31, 2015, if any, were executed by
the Portfolios pursuant to procedures adopted by the Board of Directors of the
Fund to ensure compliance with Rule 17a-7 under the Investment Company Act of
1940 (the "1940 Act"). Cross trading is the buying or selling of portfolio
securities between series of investment companies, or between a series of an
investment company and another entity, that are or could be considered
affiliates by virtue of having a common investment adviser (or affiliated
investment advisers), common directors/trustees and/or common officers. At its
regularly scheduled meetings, the Board reviews such transactions for
compliance with the requirements and restrictions set forth by Rule 17a-7 under
the 1940 Act.
329
For the year ended October 31, 2015, cross trades by the Portfolios under
Rule 17a-7 were as follows (amounts in thousands):
Portfolio Purchases Sales
--------- --------- --------
The U.S. Large Cap Value Series....... $202,520 $158,986
The Canadian Small Company Series..... 11,242 211
The Continental Small Company Series.. 39,639 27,329
The Emerging Markets Series........... 92 2,682
The Asia Pacific Small Company Series. 10,200 48
The Japanese Small Company Series..... 4,576 365
The Emerging Markets Small Cap Series. 112 2,660
The DFA International Value Series.... 13,246 27,621
J. Securities Lending:
As of October 31, 2015, each Series had securities on loan to
brokers/dealers, for which each such Series received cash collateral. In
addition, the following Series received non-cash collateral consisting of short
and/or long term U.S. government securities (amounts in thousands):
Market
Value
--------
The U.S. Large Cap Value Series....... $583,516
The DFA International Value Series.... 3,425
The Japanese Small Company Series..... 8,228
The Asia Pacific Small Company Series. 17,196
The Canadian Small Company Series..... 3,527
The Emerging Markets Series........... 168,133
The Emerging Markets Small Cap Series. 341,796
Each Series invests the cash collateral, as described below, and records a
liability for the return of the collateral, during the period the securities
are on loan. Loans of securities are expected at all times to be secured by
collateral equal to at least (i) 100% of the current market value of the loaned
securities with respect to securities of the U.S. government or its agencies,
(ii) 102% of the current market value of the loaned securities with respect to
U.S. securities, and (iii) 105% of the current market value of the loaned
securities with respect to foreign securities. However, daily market
fluctuations could cause the Series' collateral to be lower or higher than the
expected thresholds. If this were to occur, the collateral would be adjusted
the next business day to ensure adequate collateralization. In the event of
default or bankruptcy by the other party to the agreement, realization and/or
retention of the collateral may be subject to legal proceedings. If the
borrower fails to return loaned securities, and cash collateral being
maintained by the borrower is insufficient to cover the value of loaned
securities and provided such collateral insufficiency is not the result of
investment losses, the lending agent has agreed to pay the amount of the
shortfall to the Series or, at the option of the lending agent, to replace the
securities. In the event of the bankruptcy of the borrower, a Series could
experience delay in recovering the loaned securities or only recover cash or a
security of equivalent value.
Subject to their stated investment policies, each Series will generally
invest the cash collateral received for the loaned securities in The DFA Short
Term Investment Fund (the "Money Market Series"), an affiliated registered
money market fund advised by the Advisor for which the Advisor receives a
management fee of 0.05% of the average daily net assets of the Money Market
Series. Such Series also may invest the cash collateral received for the loaned
securities in securities of the U.S. government or its agencies, repurchase
agreements collateralized by securities of the U.S. government or its agencies,
and affiliated and unaffiliated registered and unregistered money market funds.
For purposes of this paragraph, agencies include both agency debentures and
agency mortgage-backed securities. In addition, each Series will be able to
terminate the loan at any time and will receive reasonable interest on the
loan, as well as amounts equal to any dividends, interest or other
distributions on the loaned securities. However, dividend income received from
loaned securities may not be eligible to be taxed at qualified dividend income
rates.
330
K. Indemnitees; Contractual Obligations:
Under the Trust's organizational documents, its officers and directors are
indemnified against certain liabilities arising out of the performance of their
duties to the Trust.
In the normal course of business, the Trust enters into contracts that
contain a variety of representations and warranties which provide general
indemnification. The Trust's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the Trust
and/or its affiliates that have not yet occurred. However, based on experience,
the Trust expects the risk of loss to be remote.
L. In-Kind Redemptions:
In accordance with guidelines described in the Series' registration
statement, the Series may distribute portfolio securities rather than cash as
payment for a redemption of fund shares (in-kind redemption). For financial
reporting purposes, a Series recognizes a gain on in-kind redemptions to the
extent the value of the distributed securities on the date of redemption exceed
the cost of those securities and a loss on in-kind redemptions to the extent
the cost of the distributed securities on the date of redemption exceeds the
value of those securities. Gains and losses realized on in-kind redemptions
generally are not recognized for tax purposes.
During the year ended October 31, 2015, the Series realized net gains
(losses) on in-kind redemptions as follows:
The Japanese Small Company Series....... $27,130
The Asia Pacific Small Company Series... 18,027
The United Kingdom Small Company Series. 42,293
The Continental Small Company Series.... 58,734
The Canadian Small Company Series....... 8,042
M. Other:
The Series are subject to claims and suits that arise from time to time in
the ordinary course of business (for example, in The Tribune Company
Bankruptcy, described below, certain creditors have filed actions against all
shareholders of The Tribune Company who tendered shares when the Tribune
Company went private in 2007 in a leveraged buyout transaction, seeking the
return of proceeds received by the shareholders). Although management currently
believes that resolving claims against us, individually or in aggregate, will
not have a material adverse impact on our financial position, our results of
operations, or our cash flows, these matters are subject to inherent
uncertainties and management's view of these matters may change in the future.
The U.S. Large Cap Value Series has been named as a defendant in a
multi-district litigation pending in the United States District Court for the
Southern District of New York (the "Court"), captioned In re Tribune Company
Fraudulent Conveyance Litigation, No. 11-MD-2296-RJS (the "Tribune MDL"). The
Tribune MDL arises from the 2007 leveraged buyout of The Tribune Company
("Tribune") (the "LBO") and Tribune's subsequent bankruptcy and reorganization.
In connection with the LBO, thousands of Tribune shareholders, including the
U.S. Large Cap Value Series, sold Tribune shares back to Tribune for $34 per
share. The Tribune MDL includes a series of lawsuits brought by individual
creditors of Tribune (the "Individual Creditor Actions") and a lawsuit brought
by a court-appointed trustee on behalf of the committee of unsecured creditors
of Tribune (the "Committee Action," and with the Individual Creditor Actions,
collectively referred to as the "Lawsuits"). The Lawsuits seek to unwind the
LBO stock repurchases as fraudulent transfers and recover the stock repurchase
proceeds paid to the Tribune shareholders who participated in the LBO. On
September 23, 2013, the Court entered an order dismissing the Individual
Creditor Actions in their entirety on the grounds that the individual creditor
plaintiffs lack standing to pursue their claims. The Court's dismissal order is
on appeal to the Second Circuit. Oral argument on the appeal was held on
November 5, 2014, and the parties await the Second Circuit's ruling. The
Committee Action remains pending, and a motion to dismiss on behalf of all
shareholder defendants in the Committee Action was filed on May 23, 2014. The
motion to dismiss is fully-briefed, and the parties await the scheduling of
oral argument on the motion. The Committee Action is stayed pending the
disposition of the motion to dismiss.
331
Litigation counsel to The U.S. Large Cap Value Series in the Lawsuits has
advised management that it does not believe that it is possible, at this early
stage in the proceedings, to predict with any reasonable certainty the probable
outcome of the Lawsuits or quantify the ultimate exposure to The U.S. Large Cap
Value Series arising from the Lawsuits. Until The U.S. Large Cap Value Series
can do so, no reduction of the net asset value of The U.S. Large Cap Value
Series will be made relating to the Lawsuits. However, even if the plaintiffs
in the Lawsuits were to obtain the full recovery they seek, the amount would be
less than 1% of The U.S. Large Cap Value Series' net asset value at this time.
The U.S. Large Cap Value Series also cannot quantify the cost of the
Lawsuits that could potentially be deducted from its net asset value.
Therefore, at this time, those buying or redeeming shares of The U.S. Large Cap
Value Series will pay or receive, as the case may be, a price based on net
asset value of The U.S. Large Cap Value Series, with no adjustment relating to
the Lawsuits. The attorneys' fees and costs relating to the Lawsuits will be
taken as expenses by The U.S. Large Cap Value Series as incurred and in a
manner similar to any other expense incurred by The U.S. Large Cap Value Series.
N. Subsequent Event Evaluations:
Management has evaluated the impact of all subsequent events on the Series
and has determined that there are no subsequent events requiring recognition or
disclosure in the financial statements.
332
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of The DFA Investment Trust Company and
Shareholders of the Series, as defined:
In our opinion, the accompanying statements of assets and liabilities,
including the summary schedules of portfolio holdings, and the related
statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
The U.S. Large Cap Value Series, The DFA International Value Series, The
Japanese Small Company Series, The Asia Pacific Small Company Series, The
United Kingdom Small Company Series, The Continental Small Company Series, The
Canadian Small Company Series, The Emerging Markets Series and The Emerging
Markets Small Cap Series (constituting portfolios within The DFA Investment
Trust Company, hereafter referred to as the "Series") at October 31, 2015, the
results of each of their operations for the year then ended, the changes in
each of their net assets for each of the two years in the period then ended and
the financial highlights for each of the five years in the period then ended,
in conformity with accounting principles generally accepted in the United
States of America. These financial statements and financial highlights
(hereafter referred to as "financial statements") are the responsibility of the
Series' management. Our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
financial statements in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included confirmation
of securities at October 31, 2015 by correspondence with the custodians,
brokers and the transfer agent of the investee fund, provide a reasonable basis
for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 18, 2015
333
RESULTS OF THE SHAREHOLDER MEETING
(Unaudited)
On May 8, 2015 and June 10, 2015, The DFA Investment Trust Company ("DFAITC")
held a Special Joint Meeting of Shareholders for the purpose of voting on
several proposals affecting DFAITC and the Series, including, among other
items, the election of Trustees, the approval of an updated investment
management agreement, and the amendment of certain fundamental investment
limitations. The shareholders of the Series approved each of the applicable
proposals for DFAITC and the Series presented at the Meeting. Listed below are
the voting results from the Meeting. Please note that not all Proposals
presented at the Meeting were voted on by each Series. Additionally, the
Proposal numbers reflected below correlate to the Proposal numbers presented
for vote at the Meeting.
DFAITC
Proposal 1: Election of Directors/Trustees*
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
------------- ------- ------ ---------- -------- ----------
(a) David G. Booth........... 3,799,690,199 99.00% 99.00% 38,401,017 1.00% 1.00%
(b) George M. Constantinides. 3,805,482,510 99.15% 99.15% 32,608,707 0.85% 0.85%
(c) John P. Gould............ 3,805,511,230 99.15% 99.15% 32,579,986 0.85% 0.85%
(d) Roger G. Ibbotson........ 3,805,697,022 99.16% 99.16% 32,394,194 0.84% 0.84%
(e) Edward P. Lazear......... 3,803,361,554 99.10% 99.10% 34,729,663 0.90% 0.90%
(f) Eduardo A. Repetto....... 3,805,386,852 99.15% 99.15% 32,704,365 0.85% 0.85%
(g) Myron S. Scholes......... 3,804,518,074 99.13% 99.13% 33,573,142 0.87% 0.87%
(h) Abbie J. Smith........... 3,799,720,532 99.00% 99.00% 38,370,685 1.00% 1.00%
* Results are for all Series within DFAITC
The Asia Pacific Small Company Series
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
---------- ------- ------ -------- -------- ----------
(a) David G. Booth........... 37,825,591 99.09% 99.09% 345,511 0.91% 0.91%
(b) George M. Constantinides. 37,884,069 99.25% 99.25% 287,033 0.75% 0.75%
(c) John P. Gould............ 37,861,311 99.19% 99.19% 309,791 0.81% 0.81%
(d) Roger G. Ibbotson........ 37,884,385 99.25% 99.25% 286,717 0.75% 0.75%
(e) Edward P. Lazear......... 37,780,396 98.98% 98.98% 390,706 1.02% 1.02%
(f) Eduardo A. Repetto....... 37,885,052 99.25% 99.25% 286,050 0.75% 0.75%
(g) Myron S. Scholes......... 37,862,827 99.19% 99.19% 308,275 0.81% 0.81%
(h) Abbie J. Smith........... 37,754,855 98.91% 98.91% 416,247 1.09% 1.09%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
37,709,554 98.79% 98.79% 173,360 0.45% 0.45% 288,189 0.75% 0.75% 0 0.00%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
37,771,298 98.95% 98.95% 122,158 0.32% 0.32% 277,646 0.73% 0.73% 0 0.00%
334
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- --------- ------- --------- -------- --------
35,989,596 94.28% 94.28% 314,133 0.82% 0.82% 1,867,373 4.89% 4.89% 0 0.00%
The Canadian Small Company Series
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
---------- ------- ------ -------- -------- ----------
(a) David G. Booth........... 74,114,863 99.09% 99.09% 676,990 0.91% 0.91%
(b) George M. Constantinides. 74,229,444 99.25% 99.25% 562,409 0.75% 0.75%
(c) John P. Gould............ 74,184,852 99.19% 99.19% 607,001 0.81% 0.81%
(d) Roger G. Ibbotson........ 74,230,063 99.25% 99.25% 561,790 0.75% 0.75%
(e) Edward P. Lazear......... 74,026,309 98.98% 98.98% 765,544 1.02% 1.02%
(f) Eduardo A. Repetto....... 74,231,370 99.25% 99.25% 560,483 0.75% 0.75%
(g) Myron S. Scholes......... 74,187,823 99.19% 99.19% 604,030 0.81% 0.81%
(h) Abbie J. Smith........... 73,976,265 98.91% 98.91% 815,588 1.09% 1.09%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
74,008,482 98.95% 98.95% 239,355 0.32% 0.32% 544,016 0.73% 0.73% 0 0.00%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- --------- ------- --------- -------- --------
70,517,448 94.28% 94.28% 615,506 0.82% 0.82% 3,658,897 4.89% 4.89% 0 0.00%
The Continental Small Company Series
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
---------- ------- ------ -------- -------- ----------
(a) David G. Booth........... 49,825,575 99.60% 99.60% 200,693 0.40% 0.40%
(b) George M. Constantinides. 49,714,697 99.38% 99.38% 311,571 0.62% 0.62%
(c) John P. Gould............ 49,825,575 99.60% 99.60% 200,693 0.40% 0.40%
(d) Roger G. Ibbotson........ 49,825,575 99.60% 99.60% 200,693 0.40% 0.40%
(e) Edward P. Lazear......... 49,752,736 99.45% 99.45% 273,532 0.55% 0.55%
(f) Eduardo A. Repetto....... 49,656,864 99.26% 99.26% 369,404 0.74% 0.74%
(g) Myron S. Scholes......... 49,825,575 99.60% 99.60% 200,693 0.40% 0.40%
(h) Abbie J. Smith........... 49,840,567 99.63% 99.63% 185,701 0.37% 0.37%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
49,716,647 99.38% 99.38% 177,160 0.35% 0.35% 132,461 0.26% 0.26% 0 0.00%
335
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
49,818,048 99.58% 99.58% 75,760 0.15% 0.15% 132,461 0.26% 0.26% 0 0.00%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
49,685,627 99.32% 99.32% 99,864 0.20% 0.20% 240,777 0.48% 0.48% 0 0.00%
The DFA International Value Series
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
----------- ------- ------ ---------- -------- ----------
(a) David G. Booth........... 453,108,126 98.04% 98.04% 9,076,149 1.96% 1.96%
(b) George M. Constantinides. 453,092,853 98.03% 98.03% 9,091,422 1.97% 1.97%
(c) John P. Gould............ 453,054,483 98.02% 98.02% 9,129,792 1.98% 1.98%
(d) Roger G. Ibbotson........ 453,258,273 98.07% 98.07% 8,926,002 1.93% 1.93%
(e) Edward P. Lazear......... 452,856,321 97.98% 97.98% 9,327,954 2.02% 2.02%
(f) Eduardo A. Repetto....... 453,239,258 98.06% 98.06% 8,945,017 1.94% 1.94%
(g) Myron S. Scholes......... 452,508,790 97.91% 97.91% 9,675,485 2.09% 2.09%
(h) Abbie J. Smith........... 451,301,977 97.65% 97.65% 10,882,298 2.35% 2.35%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- ---------- ------- --------- -------- --------
446,738,866 96.66% 96.66% 3,751,643 0.81% 0.81% 11,693,766 2.53% 2.53% 0 0.00%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- -------- --------
451,111,642 97.60% 97.60% 3,045,299 0.66% 0.66% 8,027,334 1.74% 1.74% 0 0.00%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- --------- ------- --------- -------- --------
450,666,784 97.51% 97.51% 3,477,535 0.75% 0.75% 8,039,955 1.74% 1.74% 0 0.00%
336
The Emerging Markets Series
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
---------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 87,739,395 98.78% 98.78% 1,079,518 1.22% 1.22%
(b) George M. Constantinides. 87,783,464 98.83% 98.83% 1,035,449 1.17% 1.17%
(c) John P. Gould............ 87,769,909 98.82% 98.82% 1,049,004 1.18% 1.18%
(d) Roger G. Ibbotson........ 87,791,579 98.84% 98.84% 1,027,334 1.16% 1.16%
(e) Edward P. Lazear......... 87,789,929 98.84% 98.84% 1,028,984 1.16% 1.16%
(f) Eduardo A. Repetto....... 87,796,912 98.85% 98.85% 1,022,001 1.15% 1.15%
(g) Myron S. Scholes......... 87,705,313 98.75% 98.75% 1,113,600 1.25% 1.25%
(h) Abbie J. Smith........... 85,316,269 96.06% 96.06% 3,502,644 3.94% 3.94%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- --------- ------- --------- -------- --------
86,745,802 97.67% 97.67% 423,439 0.48% 0.48% 1,649,672 1.86% 1.86% 0 0.00%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- --------- ------- --------- -------- --------
86,818,736 97.75% 97.75% 361,262 0.41% 0.41% 1,638,915 1.85% 1.85% 0 0.00%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- --------- ------- --------- -------- --------
86,581,315 97.48% 97.48% 589,368 0.66% 0.66% 1,648,230 1.86% 1.86% 0 0.00%
The Emerging Markets Small Cap Series
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
---------- ------- ------ -------- -------- ----------
(a) David G. Booth........... 86,064,678 99.33% 99.33% 584,535 0.67% 0.67%
(b) George M. Constantinides. 86,156,588 99.43% 99.43% 492,625 0.57% 0.57%
(c) John P. Gould............ 86,153,304 99.43% 99.43% 495,909 0.57% 0.57%
(d) Roger G. Ibbotson........ 86,160,010 99.44% 99.44% 489,203 0.56% 0.56%
(e) Edward P. Lazear......... 86,164,175 99.44% 99.44% 485,038 0.56% 0.56%
(f) Eduardo A. Repetto....... 86,156,406 99.43% 99.43% 492,807 0.57% 0.57%
(g) Myron S. Scholes......... 85,967,163 99.21% 99.21% 682,050 0.79% 0.79%
(h) Abbie J. Smith........... 86,048,153 99.31% 99.31% 601,060 0.69% 0.69%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- ------- ------- --------- -------- --------
80,880,220 93.34% 93.34% 5,436,765 6.27% 6.27% 332,228 0.38% 0.38% 0 0.00%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- ------- ------- --------- -------- --------
81,015,334 93.50% 93.50% 5,302,501 6.12% 6.12% 331,378 0.38% 0.38% 0 0.00%
337
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- ------- ------- --------- -------- --------
79,459,175 91.70% 91.70% 6,851,692 7.91% 7.91% 338,346 0.39% 0.39% 0 0.00%
The Japanese Small Company Series
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
----------- ------- ------ --------- -------- ----------
(a) David G. Booth........... 193,237,882 97.35% 97.35% 5,252,567 2.65% 2.65%
(b) George M. Constantinides. 198,429,120 99.97% 99.97% 61,329 0.03% 0.03%
(c) John P. Gould............ 198,429,120 99.97% 99.97% 61,329 0.03% 0.03%
(d) Roger G. Ibbotson........ 198,429,120 99.97% 99.97% 61,329 0.03% 0.03%
(e) Edward P. Lazear......... 198,328,109 99.92% 99.92% 162,340 0.08% 0.08%
(f) Eduardo A. Repetto....... 198,328,109 99.92% 99.92% 162,340 0.08% 0.08%
(g) Myron S. Scholes......... 198,429,120 99.97% 99.97% 61,329 0.03% 0.03%
(h) Abbie J. Smith........... 198,429,120 99.97% 99.97% 61,329 0.03% 0.03%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
198,276,661 99.89% 99.89% 161,294 0.08% 0.08% 52,494 0.03% 0.03% 0 0.00%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
198,399,694 99.95% 99.95% 47,095 0.02% 0.02% 43,660 0.02% 0.02% 0 0.00%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
198,275,868 99.89% 99.89% 85,473 0.04% 0.04% 129,108 0.07% 0.07% 0 0.00%
The U.S. Large Cap Value Series
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
----------- ------- ------ ---------- -------- ----------
(a) David G. Booth........... 503,434,059 96.62% 96.62% 17,618,695 3.38% 3.38%
(b) George M. Constantinides. 503,597,746 96.65% 96.65% 17,455,008 3.35% 3.35%
(c) John P. Gould............ 503,629,830 96.66% 96.66% 17,422,924 3.34% 3.34%
(d) Roger G. Ibbotson........ 503,593,033 96.65% 96.65% 17,459,721 3.35% 3.35%
(e) Edward P. Lazear......... 503,745,656 96.68% 96.68% 17,307,098 3.32% 3.32%
(f) Eduardo A. Repetto....... 503,700,147 96.67% 96.67% 17,352,607 3.33% 3.33%
(g) Myron S. Scholes......... 503,511,500 96.63% 96.63% 17,541,254 3.37% 3.37%
(h) Abbie J. Smith........... 502,444,591 96.43% 96.43% 18,608,163 3.57% 3.57%
338
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- ---------- ------- --------- -------- --------
499,168,394 95.80% 95.80% 3,282,049 0.63% 0.63% 18,602,311 3.57% 3.57% 0 0.00%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ --------- ------- --------- ---------- ------- --------- -------- --------
490,697,537 94.17% 94.17% 5,690,048 1.09% 1.09% 24,665,169 4.73% 4.73% 0 0.00%
The United Kingdom Small Company Series
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
---------- ------- ------ -------- -------- ----------
(a) David G. Booth........... 32,561,746 99.72% 99.72% 90,487 0.28% 0.28%
(b) George M. Constantinides. 32,561,746 99.72% 99.72% 90,487 0.28% 0.28%
(c) John P. Gould............ 32,561,746 99.72% 99.72% 90,487 0.28% 0.28%
(d) Roger G. Ibbotson........ 32,561,746 99.72% 99.72% 90,487 0.28% 0.28%
(e) Edward P. Lazear......... 32,446,368 99.37% 99.37% 205,865 0.63% 0.63%
(f) Eduardo A. Repetto....... 32,488,097 99.50% 99.50% 164,136 0.50% 0.50%
(g) Myron S. Scholes......... 32,561,746 99.72% 99.72% 90,487 0.28% 0.28%
(h) Abbie J. Smith........... 32,561,746 99.72% 99.72% 90,487 0.28% 0.28%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
32,393,955 99.21% 99.21% 228,811 0.70% 0.70% 29,468 0.09% 0.09% 0 0.00%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
32,581,959 99.78% 99.78% 40,807 0.12% 0.12% 29,467 0.09% 0.09% 0 0.00%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ------- ------- --------- -------- --------
32,364,627 99.12% 99.12% 60,545 0.19% 0.19% 227,061 0.70% 0.70% 0 0.00%
339
DIMENSIONAL EMERGING MARKETS VALUE FUND
PERFORMANCE CHARTS
(Unaudited)
--------------------------------------------------------------------------------
DIMENSIONAL EMERGING MARKETS VALUE FUND VS.
MSCI EMERGING MARKETS INDEX (NET DIVIDENDS)
October 31, 2005-October 31, 2015
[CHART]
Dimensional Emerging MSCI Emerging Markets
Markets Value Fund Index (net dividends)
-------------------- --------------------
10/1/2005 $10,000 $10,000
11/1/2005 10,742 10,827
12/1/2005 11,420 11,467
1/1/2006 12,517 12,748
2/1/2006 12,568 12,733
3/1/2006 12,998 12,845
4/1/2006 14,133 13,760
5/1/2006 12,609 12,318
6/1/2006 12,497 12,288
7/1/2006 12,798 12,461
8/1/2006 13,031 12,779
9/1/2006 13,301 12,885
10/1/2006 14,229 13,497
11/1/2006 15,273 14,500
12/1/2006 15,814 15,153
1/1/2007 16,063 14,993
2/1/2007 16,159 14,904
3/1/2007 17,006 15,496
4/1/2007 18,367 16,231
5/1/2007 19,769 17,019
6/1/2007 20,337 17,816
7/1/2007 21,307 18,756
8/1/2007 20,627 18,358
9/1/2007 22,489 20,385
10/1/2007 24,965 22,659
11/1/2007 23,153 21,052
12/1/2007 23,124 21,126
1/1/2008 20,831 18,490
2/1/2008 21,669 19,855
3/1/2008 20,945 18,804
4/1/2008 22,567 20,330
5/1/2008 22,769 20,707
6/1/2008 20,128 18,641
7/1/2008 19,739 17,938
8/1/2008 18,057 16,506
9/1/2008 14,944 13,617
10/1/2008 10,308 9,890
11/1/2008 9,530 9,146
12/1/2008 10,706 9,859
1/1/2009 9,744 9,222
2/1/2009 8,916 8,702
3/1/2009 10,463 9,953
4/1/2009 12,522 11,609
5/1/2009 15,347 13,593
6/1/2009 15,161 13,409
7/1/2009 17,201 14,917
8/1/2009 17,337 14,864
9/1/2009 18,942 16,213
10/1/2009 18,497 16,233
11/1/2009 19,684 16,930
12/1/2009 20,667 17,599
1/1/2010 19,497 16,618
2/1/2010 19,655 16,676
3/1/2010 21,388 18,022
4/1/2010 21,534 18,241
5/1/2010 19,287 16,636
6/1/2010 19,408 16,514
7/1/2010 21,214 17,889
8/1/2010 20,833 17,542
9/1/2010 23,343 19,491
10/1/2010 24,149 20,057
11/1/2010 23,376 19,528
12/1/2010 25,327 20,921
1/1/2011 24,538 20,354
2/1/2011 24,141 20,164
3/1/2011 25,534 21,349
4/1/2011 26,453 22,012
5/1/2011 25,453 21,434
6/1/2011 24,934 21,104
7/1/2011 24,736 21,011
8/1/2011 22,234 19,133
9/1/2011 18,250 16,344
10/1/2011 20,655 18,508
11/1/2011 19,615 17,275
12/1/2011 18,918 17,067
1/1/2012 21,550 19,003
2/1/2012 22,866 20,141
3/1/2012 21,890 19,468
4/1/2012 21,186 19,236
5/1/2012 18,846 17,079
6/1/2012 19,704 17,738
7/1/2012 19,586 18,084
8/1/2012 19,866 18,024
9/1/2012 21,149 19,111
10/1/2012 20,882 18,995
11/1/2012 21,121 19,236
12/1/2012 22,667 20,177
1/1/2013 23,040 20,455
2/1/2013 22,663 20,198
3/1/2013 22,477 19,850
4/1/2013 22,679 20,000
5/1/2013 22,040 19,487
6/1/2013 20,190 18,246
7/1/2013 20,590 18,437
8/1/2013 20,161 18,120
9/1/2013 21,655 19,298
10/1/2013 22,643 20,236
11/1/2013 22,109 19,940
12/1/2013 21,894 19,652
1/1/2014 20,372 18,376
2/1/2014 20,829 18,984
3/1/2014 21,765 19,567
4/1/2014 21,914 19,633
5/1/2014 22,813 20,318
6/1/2014 23,416 20,858
7/1/2014 23,866 21,261
8/1/2014 24,404 21,740
9/1/2014 22,416 20,129
10/1/2014 22,396 20,366
11/1/2014 22,032 20,151
12/1/2014 21,016 19,222
1/1/2015 20,850 19,337
2/1/2015 21,599 19,936
3/1/2015 20,999 19,652
4/1/2015 23,088 21,164
5/1/2015 22,068 20,316
6/1/2015 21,376 19,789
7/1/2015 19,671 18,417
8/1/2015 17,890 16,751 Past performance is not predictive of
9/1/2015 17,299 16,247 future performance.
10/1/2015 18,376 17,406 The returns shown do not reflect the
deduction of taxes that a shareholder
Average Annual One Five Ten would pay on fund distributions or the
Total Return Year Years Years redemption of fund shares.
------------------------------------------------------ MSCI data copyright MSCI 2015, all
-17.95% -5.32% 6.27% rights reserved.
--------------------------------------------------------------------------------
340
DIMENSIONAL EMERGING MARKETS VALUE FUND
MANAGEMENT DISCUSSION AND ANALYSIS
(Unaudited)
International Equity Market Review 12 Months Ended October 31, 2015
Emerging markets had weaker performance over the period than non-U.S.
developed markets. As measured by the MSCI emerging markets indices, small-cap
stocks outperformed large-cap stocks, and growth stocks outperformed value
stocks.
12 Months Ended October 31, 2015
--------------------------------
Return in U.S. Dollars
- ----------------------
MSCI Emerging Markets Index........... -14.53%
MSCI Emerging Markets Small Cap Index. -8.61%
MSCI Emerging Markets Value Index..... -17.62%
MSCI Emerging Markets Growth Index.... -11.50%
During the period, the U.S. dollar (USD) appreciated against most emerging
markets currencies, decreasing USD-denominated returns in emerging markets.
12 Months Ended October 31, 2015
--------------------------------
Ten Largest Emerging Markets by Market Cap Local Return Return in U.S. Dollars
------------------------------------------ ------------ ----------------------
China........................ -0.76% -0.70%
Korea........................ -0.03% -6.28%
Taiwan....................... -2.50% -8.65%
India........................ -2.15% -8.06%
South Africa................. 7.82% -13.73%
Brazil....................... -15.36% -45.97%
Mexico....................... 0.26% -18.22%
Russia....................... 8.87% -20.92%
Malaysia..................... -8.60% -30.02%
Indonesia.................... -12.35% -22.61%
----------
Source: Returns are of MSCI standard indices net of foreign withholding taxes
on dividends. Copyright MSCI 2015, all rights reserved.
Dimensional Emerging Markets Value Fund
The Dimensional Emerging Markets Value Fund is designed to capture the
returns of value stocks of large and small companies in selected emerging
markets. Value is measured primarily by book-to-market ratio. The investment
strategy is process driven, emphasizing broad diversification. As of October
31, 2015, the Fund held approximately 2,300 securities across 19 eligible
emerging markets. In general, cash exposure was low throughout the year with an
average cash balance of less than 1% of the Fund's assets.
For the 12 months ended October 31, 2015, total returns were -17.95% for the
Fund and -14.53% for the MSCI Emerging Markets Index (net dividends). As a
result of the Fund's diversified investment approach, performance was generally
determined by broad trends in emerging markets rather than the behavior of a
limited number of stocks. The Fund invests primarily in value stocks while the
Index is neutral with regard to value or growth stocks. Emerging markets value
stocks generally underperformed during the period, which was the primary driver
of the Fund's relative underperformance.
341
DIMENSIONAL EMERGING MARKETS VALUE FUND
DISCLOSURE OF FUND EXPENSES
(Unaudited)
The following Expense Tables are shown so that you can understand the impact
of fees on your investment. All mutual funds have operating expenses. As a
shareholder of the fund, you incur ongoing costs, which include costs for
portfolio management, administrative services, and shareholder reports, among
others. Operating expenses, legal and audit services, which are deducted from a
fund's gross income, directly reduce the investment return of the fund. A
fund's expenses are expressed as a percentage of its average net assets. This
figure is known as the expense ratio. The following examples are intended to
help you understand the ongoing costs, in dollars, of investing in the fund and
to compare these costs with those of other mutual funds. The examples are based
on an investment of $1,000 made at the beginning of the period shown and held
for the entire period.
The Expense Tables below illustrate your fund's costs in two ways.
Actual Fund Return
This section helps you to estimate the actual expenses after fee waivers
that you paid over the period. The "Ending Account Value" shown is derived
from the fund's actual return and "Expenses Paid During Period" reflect
the dollar amount that would have been paid by an investor who started
with $1,000 in the fund. You may use the information here, together with
the amount you invested, to estimate the expenses that you paid over the
period.
To do so, simply divide your account value by $1,000 (for example, a
$7,500 account value divided by $1,000 = 7.5), then multiply the result by
the number given for your fund under the heading "Expenses Paid During
Period."
Hypothetical Example for Comparison Purposes
This section is intended to help you compare your fund's costs with those
of other mutual funds. The hypothetical "Ending Account Value" and
"Expenses Paid During Period" are derived from the fund's actual expense
ratio and an assumed 5% annual return before expenses. In this case,
because the return used is not the fund's actual return, the results do
not apply to your investment. The example is useful in making comparisons
because the SEC requires all mutual funds to calculate expenses based on a
5% annual return. You can assess your fund's costs by comparing this
hypothetical example with the hypothetical examples that appear in
shareholder reports of other funds.
Please note that the expenses shown in the tables are meant to highlight and
help you compare ongoing costs only and do not reflect any transactional costs,
if applicable. The "Annualized Expense Ratio" represents the actual expenses
for the six-month period indicated.
Six Months Ended October 31, 2015
EXPENSE TABLES
Beginning Ending Expenses
Account Account Annualized Paid
Value Value Expense During
05/01/15 10/31/15 Ratio* Period*
--------- --------- ---------- --------
Dimensional Emerging Markets Value Fund
---------------------------------------
Actual Fund Return...................... $1,000.00 $ 795.90 0.15% $0.68
Hypothetical 5% Annual Return........... $1,000.00 $1,024.45 0.15% $0.77
----------
* Expenses are equal to the fund's annualized expense ratio for the six-month
period, multiplied by the average account value over the period, multiplied
by the number of days in the most recent six-month period (184), then divided
by the number of days in the year (365) to reflect the six-month period.
342
DIMENSIONAL EMERGING MARKETS VALUE FUND
DISCLOSURE OF PORTFOLIO HOLDINGS
(Unaudited)
The SEC requires that all funds file a complete Schedule of Investments with
the SEC for their first and third fiscal quarters on Form N-Q. For the
Dimensional Emerging Markets Value Fund, this would be for the fiscal quarters
ending January 31 and July 31. The Form N-Q filing must be made within 60 days
of the end of the quarter. Dimensional Emerging Markets Value Fund filed its
most recent Form N-Q with the SEC on September 29, 2015. They are available
upon request, without charge, by calling collect: (512) 306-7400 or by mailing
a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One,
Austin, Texas 78746, or by visiting the SEC's website at http://www.sec.gov, or
they may be reviewed and copied at the SEC's Public Reference Room in
Washington, D.C. (call 1-800-732-0330 for information on the operation of the
Public Reference Room).
SEC regulations permit a fund to include in its reports to shareholders a
"Summary Schedule of Portfolio Holdings" in lieu of a full Schedule of
Investments. The Summary Schedule of Portfolio Holdings reports the fund's 50
largest holdings in unaffiliated issuers and any investments that exceed one
percent of the fund's net assets at the end of the reporting period. The
amendments also require that the Summary Schedule of Portfolio Holdings
identify each category of investments that are held.
A fund is required to file a complete Schedule of Investments with the SEC
on Form N-CSR within ten days after mailing the annual and semi-annual reports
to shareholders. It will be available upon request, without charge, by calling
collect: (512) 306-7400 or by mailing a request to Dimensional Fund Advisors
LP, 6300 Bee Cave Road, Building One, Austin, Texas 78746, or by visiting the
SEC's website at http://www.sec.gov, or they may be reviewed and copied at the
SEC's Public Reference Room in Washington, D.C. (call 1-800-732-0330 for
information on the operation of the Public Reference Room).
PORTFOLIO HOLDINGS
The SEC requires that all funds present their categories of portfolio
holdings in a table, chart or graph format in their annual and semi-annual
shareholder reports, whether or not a Schedule of Investments is utilized. The
following table, which presents portfolio holdings as a percent of total
investments before short-term investments and collateral for loaned securities,
is provided in compliance with such requirement.
The categories shown below represent broad industry sectors. Each industry
sector consists of one or more specific industry classifications.
Dimensional Emerging Markets Value Fund
Consumer Discretionary....................... 8.8%
Consumer Staples............................. 5.4%
Energy....................................... 11.9%
Financials................................... 33.9%
Health Care.................................. 0.5%
Industrials.................................. 11.9%
Information Technology....................... 8.1%
Materials.................................... 15.6%
Other........................................ --
Real Estate Investment Trusts................ --
Telecommunication Services................... 1.7%
Utilities.................................... 2.2%
-----
100.0%
343
DIMENSIONAL EMERGING MARKETS VALUE FUND
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2015
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (90.4%)
BRAZIL -- (4.3%)
BM&FBovespa SA...................................... 27,909,603 $ 82,522,759 0.6%
#* Petroleo Brasileiro SA Sponsored ADR................ 21,223,195 103,569,192 0.7%
Vale SA Sponsored ADR............................... 19,427,065 84,702,003 0.6%
Other Securities.................................... 426,443,780 2.7%
-------------- -----
TOTAL BRAZIL............................................ 697,237,734 4.6%
-------------- -----
CHILE -- (1.5%)
Enersis SA Sponsored ADR............................ 5,571,144 73,817,658 0.5%
Other Securities.................................... 164,305,871 1.1%
-------------- -----
TOTAL CHILE............................................. 238,123,529 1.6%
-------------- -----
CHINA -- (14.0%)
Agricultural Bank of China, Ltd. Class H............ 199,469,000 81,821,460 0.6%
Bank of China, Ltd. Class H......................... 579,431,817 273,237,620 1.8%
China Construction Bank Corp. Class H............... 567,119,101 411,022,909 2.7%
China Petroleum & Chemical Corp. ADR................ 1,111,578 80,122,528 0.5%
# China Unicom Hong Kong, Ltd. ADR.................... 7,257,121 89,117,446 0.6%
Industrial & Commercial Bank of China, Ltd. Class H. 315,696,996 200,248,210 1.3%
Other Securities.................................... 1,129,151,994 7.5%
-------------- -----
TOTAL CHINA............................................. 2,264,722,167 15.0%
-------------- -----
COLOMBIA -- (0.2%)
Other Securities.................................... 27,307,607 0.2%
-------------- -----
CZECH REPUBLIC -- (0.2%)
Other Securities.................................... 39,873,421 0.3%
-------------- -----
GREECE -- (0.1%)
Other Securities.................................... 11,242,260 0.1%
-------------- -----
HUNGARY -- (0.5%)
OTP Bank P.L.C...................................... 3,475,169 67,250,529 0.4%
Other Securities.................................... 10,499,068 0.1%
-------------- -----
TOTAL HUNGARY........................................... 77,749,597 0.5%
-------------- -----
INDIA -- (10.5%)
ICICI Bank, Ltd. Sponsored ADR...................... 16,722,630 144,149,070 1.0%
Reliance Industries, Ltd............................ 20,856,155 301,676,785 2.0%
State Bank of India................................. 19,322,648 69,888,011 0.5%
* Tata Motors, Ltd.................................... 10,219,832 60,331,831 0.4%
Other Securities.................................... 1,121,959,003 7.4%
-------------- -----
TOTAL INDIA............................................. 1,698,004,700 11.3%
-------------- -----
INDONESIA -- (2.4%)
Other Securities.................................... 390,190,631 2.6%
-------------- -----
ISRAEL -- (0.0%)
Other Securities.................................... 3 0.0%
-------------- -----
MALAYSIA -- (3.5%)
Other Securities.................................... 566,388,312 3.7%
-------------- -----
344
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
MEXICO -- (6.2%)
Alfa S.A.B. de C.V. Class A......................... 36,207,006 $ 75,054,056 0.5%
#* Cemex S.A.B. de C.V. Sponsored ADR.................. 13,933,905 87,922,941 0.6%
Fomento Economico Mexicano S.A.B. de C.V. Sponsored
ADR................................................ 2,168,951 214,921,354 1.4%
Grupo Financiero Banorte S.A.B. de C.V.............. 21,258,812 113,811,570 0.8%
Grupo Mexico S.A.B. de C.V. Series B................ 27,784,953 67,722,227 0.5%
Other Securities.................................... 439,975,580 2.8%
-------------- -----
TOTAL MEXICO............................................ 999,407,728 6.6%
-------------- -----
PHILIPPINES -- (1.2%)
Other Securities.................................... 199,749,737 1.3%
-------------- -----
POLAND -- (1.9%)
KGHM Polska Miedz SA................................ 2,445,575 56,776,719 0.4%
PGE Polska Grupa Energetyczna SA.................... 14,763,329 54,952,558 0.4%
# Polski Koncern Naftowy Orlen SA..................... 4,821,675 78,224,224 0.5%
Other Securities.................................... 122,739,035 0.8%
-------------- -----
TOTAL POLAND............................................ 312,692,536 2.1%
-------------- -----
RUSSIA -- (2.1%)
Gazprom PAO Sponsored ADR........................... 65,148,616 274,557,897 1.8%
Other Securities.................................... 59,528,568 0.4%
-------------- -----
TOTAL RUSSIA............................................ 334,086,465 2.2%
-------------- -----
SOUTH AFRICA -- (7.8%)
Barclays Africa Group, Ltd.......................... 5,869,836 75,226,902 0.5%
Nedbank Group, Ltd.................................. 3,612,203 60,045,689 0.4%
Sanlam, Ltd......................................... 16,663,544 75,281,328 0.5%
Sasol, Ltd.......................................... 2,355,745 75,481,998 0.5%
Standard Bank Group, Ltd............................ 17,509,455 181,925,436 1.2%
# Steinhoff International Holdings, Ltd............... 27,223,846 166,431,274 1.1%
Other Securities.................................... 633,912,893 4.2%
-------------- -----
TOTAL SOUTH AFRICA...................................... 1,268,305,520 8.4%
-------------- -----
SOUTH KOREA -- (14.6%)
# Hana Financial Group, Inc........................... 3,334,337 81,087,678 0.6%
# Hyundai Motor Co.................................... 1,078,089 147,261,123 1.0%
KB Financial Group, Inc............................. 1,730,536 54,825,731 0.4%
KB Financial Group, Inc. ADR........................ 3,077,876 97,045,430 0.7%
# LG Corp............................................. 1,044,400 60,430,868 0.4%
# LG Electronics, Inc................................. 1,776,548 76,270,868 0.5%
# POSCO............................................... 632,815 101,763,525 0.7%
# POSCO ADR........................................... 1,579,642 63,233,069 0.4%
Shinhan Financial Group Co., Ltd.................... 3,885,795 148,302,300 1.0%
# Shinhan Financial Group Co., Ltd. ADR............... 1,556,685 59,698,869 0.4%
SK Holdings Co., Ltd................................ 292,740 68,428,148 0.5%
* SK Innovation Co., Ltd.............................. 640,023 66,363,000 0.5%
Other Securities.................................... 1,340,729,543 8.6%
-------------- -----
TOTAL SOUTH KOREA....................................... 2,365,440,152 15.7%
-------------- -----
TAIWAN -- (14.6%)
# First Financial Holding Co., Ltd.................... 146,481,416 70,941,315 0.5%
# Fubon Financial Holding Co., Ltd.................... 91,243,471 147,478,747 1.0%
# Mega Financial Holding Co., Ltd..................... 121,989,915 88,888,270 0.6%
# Pegatron Corp....................................... 27,193,998 66,452,937 0.5%
345
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
TAIWAN -- (Continued)
# United Microelectronics Corp......... 217,495,681 $ 79,324,196 0.5%
Other Securities..................... 1,904,549,200 12.5%
--------------- ------
TOTAL TAIWAN............................... 2,357,634,665 15.6%
--------------- ------
THAILAND -- (3.0%)
PTT PCL.............................. 19,096,000 147,646,025 1.0%
Other Securities..................... 340,353,667 2.2%
--------------- ------
TOTAL THAILAND............................. 487,999,692 3.2%
--------------- ------
TURKEY -- (1.8%)
Other Securities..................... 282,663,633 1.9%
--------------- ------
TOTAL COMMON STOCKS........................ 14,618,820,089 96.9%
--------------- ------
PREFERRED STOCKS -- (2.3%)
BRAZIL -- (2.2%)
#* Petroleo Brasileiro SA Sponsored ADR. 22,171,529 88,464,401 0.6%
Vale SA.............................. 26,922,000 97,935,556 0.7%
Other Securities..................... 178,526,745 1.1%
--------------- ------
TOTAL BRAZIL............................... 364,926,702 2.4%
--------------- ------
CHILE -- (0.0%)
Other Securities..................... 58,113 0.0%
--------------- ------
COLOMBIA -- (0.1%)
Other Securities..................... 12,507,410 0.1%
--------------- ------
TOTAL PREFERRED STOCKS..................... 377,492,225 2.5%
--------------- ------
RIGHTS/WARRANTS -- (0.0%)
HONG KONG -- (0.0%)
Other Securities..................... 32,066 0.0%
--------------- ------
MALAYSIA -- (0.0%)
Other Securities..................... 247,122 0.0%
--------------- ------
POLAND -- (0.0%)
Other Securities..................... -- 0.0%
--------------- ------
SOUTH KOREA -- (0.0%)
Other Securities..................... 880,170 0.0%
--------------- ------
TAIWAN -- (0.0%)
Other Securities..................... -- 0.0%
TOTAL RIGHTS/WARRANTS...................... 1,159,358 0.0%
--------------- ------
TOTAL INVESTMENT SECURITIES................ 14,997,471,672
---------------
SECURITIES LENDING COLLATERAL -- (7.3%)
(S)@ DFA Short Term Investment Fund....... 101,513,583 1,174,512,160 7.8%
--------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $19,193,170,809)................. $16,171,983,832 107.2%
=============== ======
346
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Summary of the Fund's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------- --------------- ------- ---------------
Common Stocks
Brazil...................... $ 269,349,848 $ 427,887,886 -- $ 697,237,734
Chile....................... 80,710,975 157,412,554 -- 238,123,529
China....................... 198,523,609 2,066,198,558 -- 2,264,722,167
Colombia.................... 27,307,607 -- -- 27,307,607
Czech Republic.............. -- 39,873,421 -- 39,873,421
Greece...................... -- 11,242,260 -- 11,242,260
Hungary..................... -- 77,749,597 -- 77,749,597
India....................... 159,698,710 1,538,305,990 -- 1,698,004,700
Indonesia................... 5,925,352 384,265,279 -- 390,190,631
Israel...................... -- 3 -- 3
Malaysia.................... -- 566,388,312 -- 566,388,312
Mexico...................... 999,406,808 920 -- 999,407,728
Philippines................. -- 199,749,737 -- 199,749,737
Poland...................... -- 312,692,536 -- 312,692,536
Russia...................... 431,452 333,655,013 -- 334,086,465
South Africa................ 148,029,244 1,120,276,276 -- 1,268,305,520
South Korea................. 258,167,871 2,107,272,281 -- 2,365,440,152
Taiwan...................... 26,998,912 2,330,635,753 -- 2,357,634,665
Thailand.................... 484,976,089 3,023,603 -- 487,999,692
Turkey...................... -- 282,663,633 -- 282,663,633
Preferred Stocks
Brazil...................... 141,080,149 223,846,553 -- 364,926,702
Chile....................... -- 58,113 -- 58,113
Colombia.................... 12,507,410 -- -- 12,507,410
Rights/Warrants
Hong Kong................... -- 32,066 -- 32,066
Malaysia.................... -- 247,122 -- 247,122
Poland...................... -- -- -- --
South Korea................. -- 880,170 -- 880,170
Taiwan...................... -- -- -- --
Securities Lending Collateral. -- 1,174,512,160 -- 1,174,512,160
-------------- --------------- -- ---------------
TOTAL......................... $2,813,114,036 $13,358,869,796 -- $16,171,983,832
============== =============== == ===============
See accompanying Notes to Financial Statements.
347
DIMENSIONAL EMERGING MARKETS VALUE FUND
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 2015
(Amounts in thousands)
ASSETS:
Investments at Value (including $1,522,191 of securities on loan)*....... $14,997,472
Collateral from Securities on Loan Invested in Affiliate at Value & Cost. 1,174,512
Foreign Currencies at Value.............................................. 31,573
Cash..................................................................... 33,844
Receivables:
Investment Securities Sold............................................. 45,382
Dividends, Interest and Tax Reclaims................................... 2,696
Securities Lending Income.............................................. 2,964
Unrealized Gain on Foreign Currency Contracts............................ 2
-----------
Total Assets........................................................ 16,288,445
-----------
LIABILITIES:
Payables:
Upon Return of Securities Loaned....................................... 1,174,512
Investment Securities Purchased........................................ 22,801
Due to Advisor......................................................... 1,293
Unrealized Loss on Foreign Currency Contracts............................ 14
Accrued Expenses and Other Liabilities................................... 1,767
-----------
Total Liabilities................................................... 1,200,387
-----------
NET ASSETS............................................................... $15,088,058
===========
Investments at Cost...................................................... $18,018,659
===========
Foreign Currencies at Cost............................................... $ 31,578
===========
----------
* See Note I in the Notes to Financial Statements for additional securities
lending collateral.
See accompanying Notes to Financial Statements.
348
DIMENSIONAL EMERGING MARKETS VALUE FUND
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2015
(Amounts in thousands)
Investment Income
Dividends (Net of Foreign Taxes Withheld of $65,430).......... $ 432,618
Income from Securities Lending................................ 31,345
-----------
Total Investment Income.................................... 463,963
-----------
Expenses
Investment Advisory Services Fees............................. 17,254
Accounting & Transfer Agent Fees.............................. 909
Custodian Fees................................................ 7,106
Shareholders' Reports......................................... 45
Directors'/Trustees' Fees & Expenses.......................... 90
Professional Fees............................................. 533
Other......................................................... 500
-----------
Total Expenses............................................. 26,437
-----------
Fees Paid Indirectly (Note C)................................. (45)
-----------
Net Expenses.................................................. 26,392
-----------
Net Investment Income (Loss).................................. 437,571
-----------
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:..................................
Investment Securities Sold.................................. (413,376)
Foreign Currency Transactions............................... (7,896)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency.................. (3,319,869)
Translation of Foreign Currency Denominated Amounts......... 108
-----------
Net Realized and Unrealized Gain (Loss)....................... (3,741,033)
-----------
Net Increase (Decrease) in Net Assets Resulting from Operations. $(3,303,462)
===========
See accompanying Notes to Financial Statements.
349
DIMENSIONAL EMERGING MARKETS VALUE FUND
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
Year Year
Ended Ended
Oct. 31, Oct. 31,
2015 2014
----------- -----------
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss).......................................... $ 437,571 $ 529,667
Net Realized Gain (Loss) on:
Investment Securities Sold.......................................... (413,376) (524,001)
Futures............................................................. -- 504
Foreign Currency Transactions....................................... (7,896) (4,551)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency.......................... (3,319,869) (181,244)
Translation of Foreign Currency Denominated Amounts................. 108 (31)
----------- -----------
Net Increase (Decrease) in Net Assets Resulting from Operations.... (3,303,462) (179,656)
----------- -----------
Transactions in Interest:
Contributions......................................................... 1,713,486 1,596,852
Withdrawals........................................................... (2,249,483) (1,916,965)
----------- -----------
Net Increase (Decrease) from Transactions in Interest.............. (535,997) (320,113)
----------- -----------
Total Increase (Decrease) in Net Assets............................ (3,839,459) (499,769)
Net Assets
Beginning of Year..................................................... 18,927,517 19,427,286
----------- -----------
End of Year........................................................... $15,088,058 $18,927,517
=========== ===========
See accompanying Notes to Financial Statements.
350
DIMENSIONAL EMERGING MARKETS VALUE FUND+
FINANCIAL HIGHLIGHTS
Dimensional Emerging Markets Value Fund
-----------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
----------------------------------------------------------------------------------------------------------------------------
Total Return............................................ (17.95)% (1.09)% 8.43% 1.10% (14.47)%
----------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Year (thousands)..................... $15,088,058 $18,927,517 $19,427,286 $16,884,322 $14,003,579
Ratio of Expenses to Average Net Assets................. 0.15% 0.15% 0.16% 0.20% 0.20%
Ratio of Expenses to Average Net Assets (Excluding Fees
Paid Indirectly)....................................... 0.15% 0.15% 0.16% 0.20% 0.20%
Ratio of Net Investment Income to Average Net Assets.... 2.54% 2.76% 2.32% 2.43% 2.29%
Portfolio Turnover Rate................................. 14% 12% 6% 8% 5%
----------------------------------------------------------------------------------------------------------------------------
+ See Note A in the Notes to Financial Statements.
See accompanying Notes to Financial Statements.
351
DIMENSIONAL EMERGING MARKETS VALUE FUND
NOTES TO FINANCIAL STATEMENTS
A. Organization:
Dimensional Emerging Markets Value Fund Inc. ("DEM I") was organized as a
closed-end management investment company registered under the Investment
Company Act of 1940, as amended. Effective November 21, 1997, DEM I was
reorganized as an open-end management investment company. On October 27, 2009,
the Board of Directors and shareholders of DEM I approved an Agreement and Plan
of Reorganization that provided for the reorganization of DEM I from a Maryland
corporation to a Delaware statutory trust. Effective October 30, 2009, DEM I
transferred all of its assets and liabilities to Dimensional Emerging Markets
Value Fund ("DEM II" or the "Fund"), a Delaware statutory trust, in a tax-free
exchange under Internal Revenue Code (the "IRC") (S)368(a)(1)(F).
Effective November 1, 2009, the Fund, a master fund in a master-feeder
structure, elected with the consent of its holder(s) to change its U.S. federal
income tax classification from that of an association taxable as a corporation
to a partnership pursuant to Treasury Regulation (S)301.7701-3. The Fund
maintains its books and records and present its financial statements in
accordance with generally accepted accounting principles for investment
partnerships.
B. Significant Accounting Policies:
The following significant accounting policies are in conformity with
accounting principles generally accepted in the United States of America. Such
policies are consistently followed by the Fund in preparation of its financial
statements. The preparation of financial statements in accordance with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the fair
value of investments, the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increases and decreases in net assets
from operations during the reporting period. Actual results could differ from
those estimates and those differences could be material.
1. Security Valuation: The Fund utilizes a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into
three broad levels described below:
. Level 1 - inputs are quoted prices in active markets for identical
securities (including equity securities, open-end investment companies,
futures contracts)
. Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit risk,
etc.)
. Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)
Securities held by the Fund, including over-the-counter securities, are
valued at the last quoted sale price at the close of the exchanges on which
they are principally traded (official closing price). International equity
securities are subject to a fair value factor, as described later in this note.
Securities held by the Fund that are listed on Nasdaq are valued at the Nasdaq
Official Closing Price ("NOCP"). If there is no last reported sale price or
NOCP for the day, the Fund values the securities at the mean of the most recent
quoted bid and asked prices. Price information on listed securities is taken
from the exchange where the security is primarily traded. Generally, securities
issued by open-end investment companies are valued using their respective net
asset values or public offering prices, as appropriate, for purchase orders
placed at the close of the New York Stock Exchange (NYSE). These securities are
generally categorized as Level 1 in the hierarchy.
Securities for which no market quotations are readily available (including
restricted securities), or for which market quotations have become unreliable,
are valued in good faith at fair value in accordance with procedures adopted by
the Board of Directors/Trustees. Fair value pricing may also be used if events
that have a significant effect on the value of an investment (as determined in
the discretion of Dimensional Fund Advisors LP) occur
352
before the net asset value is calculated. When fair value pricing is used, the
prices of securities used by the Fund may differ from the quoted or published
prices for the same securities on their primary markets or exchanges. These
securities are generally categorized as Level 2 in the hierarchy.
The Fund will also apply a fair value price in the circumstances described
below. Generally, trading in foreign securities markets is completed each day
at various times prior to the close of the NYSE. For example, trading in the
Japanese securities markets is completed each day at the close of the Tokyo
Stock Exchange (normally, 2:00 a.m. ET), which is fourteen hours before the
close of the NYSE (normally, 4:00 p.m. ET) and the time that the net asset
value of the Fund is computed. Due to the time differences between the closings
of the relevant foreign securities exchanges and the time the Fund prices its
shares at the close of the NYSE, the Fund will fair value its foreign
investments when it is determined that the market quotations for the foreign
investments are either unreliable or not readily available. The fair value
prices will attempt to reflect the impact of the U.S. financial markets'
perceptions and trading activities on the Fund's foreign investments since the
last closing prices of the foreign investments were calculated on their primary
foreign securities markets or exchanges. For these purposes, the Board of
Directors/Trustees of the Fund have determined that movements in relevant
indices or other appropriate market indicators, after the close of the Tokyo
Stock Exchange or the London Stock Exchange, demonstrate that market quotations
may be unreliable. Fair valuation of portfolio securities may occur on a daily
basis. The fair value pricing by the Fund utilizes data furnished by an
independent pricing service (and that data draws upon, among other information,
the market values of foreign investments). When the Fund uses fair value
pricing, the values assigned to the foreign investments may not be the quoted
or published prices of the investments on their primary markets or exchanges.
These securities are generally categorized as Level 2 in the hierarchy.
A summary of the inputs used to value the Fund's investments by each major
security type, industry and/or country is disclosed previously in this note. A
valuation hierarchy table has been included at the end of the Summary Schedule
of Portfolio Holdings. The inputs or methodology used for valuing securities
are not necessarily an indication of the risk associated with investing in
those securities.
Transfers between investment levels may occur as the markets fluctuate
and/or the availability of data used in an investment's valuation changes. The
Fund recognizes transfers between the levels as of the end of the period. As of
October 31, 2015, the Fund had significant transfers of securities with a total
value of $9,729 (in thousands) that transferred from Level 2 to Level 1 because
fair value procedures were no longer applied. At October 31, 2015, the fair
market value of certain securities were adjusted due to developments which
occurred between the time of the close of the foreign markets on which they
trade and the close of business on the NYSE which resulted in their Level 2
classification.
2. Foreign Currency Translation: Securities and other assets and
liabilities of the Fund whose values are initially expressed in foreign
currencies are translated to U.S. dollars using the mean between the most
recent bid and asked prices for the U.S. dollar as quoted by generally
recognized reliable sources. Dividend and interest income and certain expenses
are translated to U.S. dollars at the rate of exchange on their respective
accrual dates. Receivables and payables denominated in foreign currencies are
marked-to-market daily based on daily exchange rates and exchange gains or
losses are realized upon ultimate receipt or disbursement.
The Fund does not isolate the effect of fluctuations in foreign exchange
rates from the effect of fluctuations in the market prices of securities
whether realized or unrealized.
Realized gains or losses on foreign currency transactions represent net
foreign exchange gains or losses from the disposition of foreign currencies,
currency gains or losses realized between the trade and settlement dates on
securities transactions, and the difference between amounts of interest,
dividends and any foreign withholding taxes recorded on the books of the Fund
and the U.S. dollar equivalent amounts actually received or paid.
3. Deferred Compensation Plan: Each eligible Director/Trustee of the Fund
may elect participation in The Fee Deferral Plan for Independent Directors and
Trustees (the "Plan"). Under the Plan, effective January 1, 2002, such
Directors/Trustees may defer payment of all or a portion of their total fees
earned as a Director/Trustee. These deferred amounts may be treated as though
such amounts had been invested in shares of the following funds: U.S. Large Cap
Value Portfolio; U.S. Core Equity 1 Portfolio; U.S. Core Equity 2 Portfolio;
U.S. Vector Equity
353
Portfolio; U.S. Micro Cap Portfolio; DFA International Value Portfolio;
International Core Equity Portfolio; Emerging Markets Portfolio; Emerging
Markets Core Equity Portfolio; and/or DFA Two-Year Global Fixed Income
Portfolio. Contributions made under the Plan and the change in unrealized
appreciation (depreciation) and income are included in Directors'/Trustees'
Fees & Expenses. At October 31, 2015, the total liability for deferred
compensation to Directors is included in Accrued Expenses and Other Liabilities
on the Statement of Assets and Liabilities in the amount of $461 (in thousands).
Each Director/Trustee has the option to receive their distribution of
proceeds in one of the following methods: lump sum; annual installments over a
period of agreed upon years; or quarterly installments over a period of agreed
upon years. Each Director/Trustee shall have the right in a notice of election
(the "Notice") to defer the receipt of the Director's/Trustee's deferred
compensation until a date specified by such Director/Trustee in the Notice,
which date may not be sooner than the earlier of: (i) the first business day of
January following the year in which such Director/Trustee ceases to be a member
of the Board; and (ii) five years following the effective date of the
Director's/Trustee's first deferral election. If a Director/Trustee who elects
to defer fees fails to designate in the Notice a time or date as of which
payment of the Director's/Trustee's deferred fee account shall commence,
payment of such amount shall commence as of the first business day of January
following the year in which the Director/Trustee ceases to be a member of the
Board (unless the Director/Trustee files an amended Notice selecting a
different distribution date). As of October 31, 2015, none of the
Directors/Trustees have requested or received a distribution of proceeds of a
deferred fee account.
4. Other: Security transactions are accounted for as of the trade date.
Costs used in determining realized gains and losses on the sale of investment
securities and foreign currency are on the basis of identified cost. Dividend
income and distributions to shareholders are recorded on the ex-dividend date.
Distributions received on securities that represent a return of capital or
capital gains are recorded as a reduction of cost of investments or as a
realized gain, respectively. The Fund estimates the character of distributions
received that may be considered return of capital distributions. Interest
income is recorded on an accrual basis. Expenses directly attributable to the
Fund are directly charged.
The Fund may be subject to taxes imposed by countries in which it invests,
with respect to its investments in issuers existing or operating in such
countries. Such taxes are generally based on income earned or repatriated and
capital gains realized on the sale of such investments. The Fund accrues such
taxes when the related income or capital gains are earned or throughout the
holding period. Some countries require governmental approval for the
repatriation of investment income, capital or the proceeds of sales earned by
foreign investors. In addition, if there is a deterioration in a country's
balance of payments or for other reasons, a country may impose temporary
restrictions on foreign capital remittances abroad.
The Fund's investments in Chile are subject to governmental taxes on
investment income. Such taxes are due when currencies are repatriated from the
country. The Fund accrues for taxes on income as the income is earned.
The Fund is subject to a 15% tax on short-term capital gains for investments
in India. Such taxes are due upon sale of individual securities. The capital
gains taxes are recognized when the capital gains are earned.
C. Investment Advisor:
The Advisor, Dimensional Fund Advisors LP, provides investment advisory
services to the Fund. On May 8, 2015 and June 10, 2015 at a Special Joint
Meeting of Shareholders, shareholders of the Fund approved a new investment
management agreement, which became effective July 21, 2015, that provides a
uniform agreement that increases transparency and better describes all of the
services that the Advisor provides to the Fund. The rate charged under the new
investment management agreement for investment management services is equal to
the rate charged under the Fund's previous investment advisory agreement with
the Advisor. For the year ended October 31, 2015, the Fund's investment
advisory services/management fees were accrued daily and paid monthly to the
Advisor based on an effective annual rate of 0.10% of average daily net assets.
354
Earned Income Credit:
In addition, the Fund has entered into an arrangement with its custodian
whereby net interest earned on uninvested cash balances was used to reduce a
portion of the Fund's custody expense. Custody expense in the accompanying
financial statements is presented before reduction for credits. The impact of
such credits is generally less than one basis point of the Fund's net assets.
During the year ended October 31, 2015, expenses reduced were $45 (amount in
thousands).
Fees Paid to Officers and Directors/Trustees:
Certain Officers and Directors/Trustees of the Advisor are also Officers and
Directors/Trustees of the Fund; however, such Officers and Directors/Trustees
(with the exception of the Chief Compliance Officer ("CCO")) receive no
compensation from the Fund. For the year ended October 31, 2015, the total
related amounts paid by the Fund to the CCO were $20 (in thousands). The total
related amounts paid by the Fund are included in Other Expenses on the
Statement of Operations.
D. Purchases and Sales of Securities:
For the year ended October 31, 2015, the Fund made the following purchases
and sales of investment securities, other than short-term securities and U.S.
government securities (amounts in thousands):
Purchases Sales
---------- ----------
Dimensional Emerging Markets Value Fund. $2,411,626 $2,482,924
There were no purchases or sales of long-term U.S. government securities.
E. Federal Income Taxes:
No provision for federal income taxes is required since the Fund is treated
as a partnership for federal income tax purposes. Any net investment income and
realized and unrealized gains and losses have been deemed to have been "passed
down" to their respective partners.
At October 31, 2015, the total cost and aggregate gross unrealized
appreciation (depreciation) of securities for federal income tax purposes were
different from amounts reported for financial reporting purposes, as follows
(amounts in thousands):
Net
Unrealized
Federal Unrealized Unrealized Appreciation
Tax Cost Appreciation Depreciation (Depreciation)
----------- ------------ ------------ --------------
Dimensional Emerging Markets Value Fund. $19,364,038 $2,194,596 $(3,225,544) $(1,030,948)
The difference between book basis and tax-basis unrealized appreciation
(depreciation) is primarily attributable to the tax deferral of losses on wash
sales and investments in passive foreign investment companies.
Accounting for Uncertainty in Income Taxes sets forth a minimum threshold
for financial statement recognition of the benefit of a tax position taken or
expected to be taken in a tax return. Management has analyzed the Fund's tax
positions and has concluded that no additional provision for income tax is
required in the Fund's financial statements. The Fund is not aware of any tax
positions for which it is more likely than not that the total amounts of
unrecognized tax benefits will significantly change in the next twelve months.
The Fund's federal tax returns for the prior three fiscal years remain subject
to examination by the Internal Revenue Service.
355
F. Financial Instruments:
In accordance with the Fund's investment objective and policies, the Fund
may invest in certain financial instruments that have off-balance sheet risk in
excess of the amounts recognized in the financial statements and concentrations
of credit and market risk. These instruments and their significant
corresponding risks are described below:
1. Foreign Market Risks: Investments in foreign markets may involve
certain considerations and risks not typically associated with investments in
the United States of America, including the possibility of future political and
economic developments and the level of foreign governmental supervision and
regulation of foreign securities markets. These markets are generally smaller,
less liquid and more volatile than the major securities markets in the United
States of America. Consequently, acquisition and disposition of securities held
by the Fund may be inhibited.
G. Line of Credit and Interfund Lending Program:
The Fund, together with other Dimensional-advised portfolios, has entered
into a $500 million uncommitted, unsecured discretionary line of credit
effective April 1, 2015 with its domestic custodian bank. A line of credit with
similar terms was in effect through March 31, 2015. Each portfolio is permitted
to borrow, subject to its investment limitations, up to a maximum of $500
million, as long as total borrowings under the line of credit do not exceed
$500 million in the aggregate. Borrowings under the line of credit are charged
interest at rates agreed upon by the parties at the time of borrowing. Each
portfolio is individually, and not jointly, liable for its particular advances
under the line of credit. There is no commitment fee on the unused portion of
the line of credit. The agreement for the discretionary line of credit may be
terminated by either party at any time. The agreement for the line of credit
expires on March 30, 2016.
The Fund, together with other Dimensional-advised portfolios, has also
entered into an additional $500 million unsecured line of credit with its
international custodian bank effective January 9, 2015. A line of credit with
similar terms was in effect through January 8, 2015. Each portfolio is
permitted to borrow, subject to its investment limitations, up to a maximum of
$500 million, as long as total borrowings under the line of credit do not
exceed $500 million in the aggregate. Each portfolio is individually, and not
jointly, liable for its particular advances under the line of credit.
Borrowings under the line of credit are charged interest at rates agreed upon
by the parties at the time of borrowing. There is no commitment fee on the
unused portion of the line of credit. The line of credit agreement expires on
January 8, 2016.
For the year ended October 31, 2015, borrowings by the Fund under the lines
of credit were as follows (amounts in thousands, except percentages and days):
Weighted Weighted Number of Interest Maximum Amount
Average Average Days Expense Borrowed During
Interest Rate Loan Balance Outstanding* Incurred the Period
------------- ------------ ------------ -------- ---------------
Dimensional Emerging Markets Value Fund. 0.88% $20,486 88 $44 $75,363
* Number of Days Outstanding represents the total of single or consecutive days
during the year ended October 31, 2015, that the Fund's available line of
credit was utilized.
There were no outstanding borrowings by the Fund under the lines of credit
as of October 31, 2015.
Pursuant to an exemptive order issued by the SEC (the "Order"), the Fund may
participate in an interfund lending program among certain portfolios managed by
the Advisor (portfolios that operate as feeder funds do not participate in the
program). The program allows the participating portfolios to borrow money from
and loan money to each other for temporary or emergency purposes, subject to
the conditions in the Order. A loan can only be made through the program if the
interfund loan rate on that day is more favorable to both the borrowing and
lending portfolios as compared to rates available through short-term bank loans
or investments in overnight repurchase agreements and money market funds,
respectively, as detailed in the Order. Further, a portfolio may participate in
the program only if and to the extent that such participation is consistent
with its investment objectives and limitations. Interfund loans have a maximum
duration of seven days and may be called on one business day's notice. The Fund
did not utilize the interfund lending program during the year ended October 31,
2015.
356
H. Affiliated Trades:
Cross trades for the year ended October 31, 2015, if any, were executed by
the Portfolios pursuant to procedures adopted by the Board of Directors of the
Fund to ensure compliance with Rule 17a-7 under the Investment Company Act of
1940 (the "1940 Act"). Cross trading is the buying or selling of portfolio
securities between series of investment companies, or between a series of an
investment company and another entity, that are or could be considered
affiliates by virtue of having a common investment adviser (or affiliated
investment advisers), common directors/trustees and/or common officers. At its
regularly scheduled meetings, the Board reviews such transactions for
compliance with the requirements and restrictions set forth by Rule 17a-7 under
the 1940 Act.
For the year ended October 31, 2015, cross trades by the Portfolios under
Rule 17a-7 were as follows (amounts in thousands):
Portfolio Purchases Sales
--------- --------- -----
Dimensional Emerging Markets Value Fund. $2,761 $175
I. Securities Lending:
As of October 31, 2015, the Fund had securities on loan to brokers/dealers,
for which the Fund received cash collateral. In addition, the Fund received
non-cash collateral consisting of short and/or long term U.S. Government
securities with a market value of $487,943 (amounts in thousands). The Fund
invests the cash collateral, as described below, and records a liability for
the return of the collateral, during the period the securities are on loan.
Loans of securities are expected at all times to be secured by collateral equal
to at least (i) 100% of the current market value of the loaned securities with
respect to securities of the U.S. government or its agencies, (ii) 102% of the
current market value of the loaned securities with respect to U.S. securities,
and (iii) 105% of the current market value of the loaned securities with
respect to foreign securities. However, daily market fluctuations could cause
the Fund's collateral to be lower or higher than the expected thresholds. If
this were to occur, the collateral would be adjusted the next business day to
ensure adequate collateralization. In the event of default or bankruptcy by the
other party to the agreement, realization and/or retention of the collateral
may be subject to legal proceedings. If the borrower fails to return loaned
securities, and cash collateral being maintained by the borrower is
insufficient to cover the value of loaned securities and provided such
collateral insufficiency is not the result of investment losses, the lending
agent has agreed to pay the amount of the shortfall to the Fund or, at the
option of the lending agent, to replace the securities. In the event of the
bankruptcy of the borrower, the Fund could experience delay in recovering the
loaned securities or only recover cash or a security of equivalent value.
Subject to its stated investment policy, the Fund will generally invest the
cash collateral received for the loaned securities in The DFA Short Term
Investment Fund (the "Money Market Series"), an affiliated registered money
market fund advised by the Advisor for which the Advisor receives a management
fee of 0.05% of the average daily net assets of the Money Market Series. The
Fund also may invest the cash collateral received for the loaned securities in
securities of the U.S. government or its agencies, repurchase agreements
collateralized by securities of the U.S. government or its agencies, and
affiliated and unaffiliated registered and unregistered money market funds. For
purposes of this paragraph, agencies include both agency debentures and agency
mortgage-backed securities. In addition, the Fund will be able to terminate the
loan at any time and will receive reasonable interest on the loan, as well as
amounts equal to any dividends, interest or other distributions on the loaned
securities. However, dividend income received from loaned securities may not be
eligible to be taxed at qualified dividend income rates.
J. Indemnitees; Contractual Obligations:
Under the Fund's organizational documents, its officers and directors are
indemnified against certain liabilities arising out of the performance of their
duties to the Fund.
In the normal course of business, the Fund enters into contracts that
contain a variety of representations and warranties which provide general
indemnification. The Fund's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the Fund
and/or its affiliates that have not yet occurred. However, based on experience,
the Fund expects the risk of loss to be remote.
K. Subsequent Event Evaluations:
Management has evaluated the impact of all subsequent events on the Fund and
has determined that there are no subsequent events requiring recognition or
disclosure in the financial statements.
357
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of Dimensional Emerging Markets
Value Fund:
In our opinion, the accompanying statement of assets and liabilities, including
the summary schedule of portfolio holdings, and the related statements of
operations and of changes in net assets and the financial highlights present
fairly, in all material respects, the financial position of Dimensional
Emerging Markets Value Fund (the "Fund") at October 31, 2015, the results of
its operations for the year then ended, the changes in its net assets for each
of the two years in the period then ended and the financial highlights for each
of the five years in the period then ended, in conformity with accounting
principles generally accepted in the United States of America. These financial
statements and financial highlights (hereafter referred to as "financial
statements") are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with the standards of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe that
our audits, which included confirmation of securities at October 31, 2015 by
correspondence with the custodian, brokers and the transfer agent of the
investee fund, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 18, 2015
358
RESULTS OF THE SHAREHOLDER MEETING
(Unaudited)
On May 8, 2015 and June 10, 2015, Dimensional Emerging Markets Value Fund
("DEM") held a Special Joint Meeting of Shareholders for the purpose of voting
on several proposals affecting DEM, including, among other items, the election
of Trustees, the approval of an updated investment management agreement, and
the amendment of certain fundamental investment limitations. The shareholders
of DEM approved each of the applicable proposals for DEM presented at the
Meeting. Listed below are the voting results from the Meeting. Please note that
not all Proposals presented at the Meeting were voted on by DEM. Additionally,
the Proposal numbers reflected below correlate to the Proposal numbers
presented for vote at the Meeting.
DEM
Proposal 1: Election of Directors/Trustees
% Voted % FOR % Voted % WITHHOLD
FOR FOR of O/S WITHHOLD WITHHOLD of O/S
----------- ------- ------ ---------- -------- ----------
(a) David G. Booth........... 323,015,541 96.30% 96.30% 12,412,123 3.70% 3.70%
(b) George M. Constantinides. 323,266,980 96.37% 96.37% 12,160,684 3.63% 3.63%
(c) John P. Gould............ 323,696,899 96.50% 96.50% 11,730,765 3.50% 3.50%
(d) Roger G. Ibbotson........ 324,189,806 96.65% 96.65% 11,237,858 3.35% 3.35%
(e) Edward P. Lazear......... 323,704,087 96.50% 96.50% 11,723,577 3.50% 3.50%
(f) Eduardo A. Repetto....... 324,199,157 96.65% 96.65% 11,228,507 3.35% 3.35%
(g) Myron S. Scholes......... 323,771,851 96.53% 96.53% 11,655,813 3.47% 3.47%
(h) Abbie J. Smith........... 322,178,714 96.05% 96.05% 13,248,950 3.95% 3.95%
Proposal 2: Approval of a "Manager of Managers" Structure
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ------- ------- --------- ---------- ------- --------- -------- --------
319,582,522 95.28% 95.28% 639,608 0.19% 0.19% 15,205,534 4.53% 4.53% 0 0.00%
Proposal 4: Approval of an Updated Investment Management Agreement with
Dimensional Fund Advisors LP
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ---------- ------- --------- ---------- ------- --------- -------- --------
309,869,713 92.38% 92.38% 11,732,208 3.50% 3.50% 13,825,743 4.12% 4.12% 0 0.00%
Proposal 5: Approval of an Amendment to the Fundamental Investment Limitation
Regarding Investment in Commodities
% Voted % FOR % Voted % AGAINST % Voted % ABSTAIN Broker % Broker
FOR FOR of O/S AGAINST AGAINST of O/S ABSTAIN ABSTAIN of O/S Non-Vote Non-Vote
--- ------- ------ ---------- ------- --------- ---------- ------- --------- -------- --------
290,789,247. 86.69% 86.69% 30,462,441 9.08% 9.08% 14,175,976 4.23% 4.23% 0 0.00%
359
FUND MANAGEMENT
(Unaudited)
Trustees/Directors
Each Board of Trustees/Directors (each, the "Board" and collectively, the
"Boards") of The DFA Investment Trust Company ("DFAITC"), DFA Investment
Dimensions Group Inc. ("DFAIDG"), Dimensional Investment Group Inc. ("DIG"),
and Dimensional Emerging Markets Value Fund ("DEM") (each, the "Fund" and
collectively, the "Funds") is responsible for establishing the Funds' policies
and for overseeing the management of the Funds. The Trustees/ Directors of the
Funds, including all of the disinterested Trustees/Directors, have adopted
written procedures to monitor potential conflicts of interest that might
develop between portfolios of the Funds (the "Feeder Portfolios") that invest
in certain series of DFAITC or DEM (the "Master Funds").
Each Board has three standing committees, an Audit Committee, a Nominating
Committee, and an Investment Strategy Committee (the "Strategy Committee"). The
Audit Committee is composed of George M. Constantinides, Roger G. Ibbotson, and
Abbie J. Smith. Each member of the Audit Committee is a disinterested
Trustee/Director. The Audit Committee oversees the Fund's accounting and
financial reporting policies and practices, the Fund's internal controls, the
Fund's financial statements and the independent audits thereof and performs
other oversight functions as requested by the Board. The Audit Committee
recommends the appointment of each Fund's independent registered certified
public accounting firm and also acts as a liaison between the Fund's
independent registered certified public accounting firm and the full Board.
There were two Audit Committee meetings held during the fiscal year ended
October 31, 2015.
Each Board's Nominating Committee is composed of George M. Constantinides, John
P. Gould, Roger G. Ibbotson, Myron S. Scholes, Edward P. Lazear and Abbie J.
Smith. Each member of the Nominating Committee is a disinterested
Trustee/Director. The Nominating Committee for each Board makes recommendations
for nominations of disinterested and interested members on the Board to the
full Board. The Nominating Committee evaluates a candidate's qualification for
Board membership and the independence of such candidate from the Advisor and
other principal service providers. The Nominating Committee did not meet during
the fiscal year ended October 31, 2015.
Each Board's Strategy Committee consists of both interested and disinterested
Trustees/Directors. The Strategy Committee is composed of John P. Gould, Edward
P. Lazear, Myron S. Scholes and Eduardo A. Repetto. The Strategy Committee
assists the Board in carrying out its fiduciary duties with respect to the
oversight of the Fund and its performance. At the request of the Board or the
Advisor, the Strategy Committee may (i) review the design of possible new
series of the Fund, (ii) review performance of existing portfolios of the Fund
and discuss and recommend possible enhancements to the portfolios' investment
strategies, (iii) review proposals by the Advisor to modify or enhance the
investment strategies or policies of each portfolio, and (iv) consider issues
relating to investment services for each portfolio of the Fund. The Strategy
Committee was formed on December 17, 2010, and there were three Strategy
Committee meetings held during the fiscal year ended October 31, 2015.
Certain biographical information for each disinterested Trustee/Director and
each interested Trustee/Director of the Funds is set forth in the tables below,
including a description of each Trustee/Director's experience as a Trustee/
Director of the Funds and as a director or trustee of other funds, as well as
other recent professional experience.
The statements of additional information (together, "SAI") of the Funds include
additional information about each Trustee/Director. You may obtain copies of
the SAI and prospectus of each Fund advised by Dimensional Fund Advisors LP by
calling collect (512) 306-7400 or by mailing a request to Dimensional Fund
Advisors LP, 6300 Bee Cave Road, Building One, Austin, Texas 78746.
Prospectuses are also available at www.dimensional.com.
360
Name, Position Portfolios within the
with the Fund, Term of Office/1/ and DFA Fund Complex/2/ Principal Occupation(s) During Past 5 Years and
Address and Year of Birth Length of Service Overseen Other Directorships of Public Companies Held
------------------------------------------------------------------------------------------------------------------------------
Disinterested Trustees/Directors
------------------------------------------------------------------------------------------------------------------------------
George M. Constantinides DFAIDG-Since 1983 122 portfolios in 4 Leo Melamed Professor of Finance, University of
Director of DFAIDG and DIG-Since 1993 investment companies Chicago Booth School of Business.
DIG. Trustee of DFAITC DFAITC-Since 1992
and DEM. The University DEM-Since 1993
of Chicago
Booth School of Business
5807 S. Woodlawn
Avenue Chicago, IL
60637
1947
------------------------------------------------------------------------------------------------------------------------------
John P. Gould DFAIDG-Since 1986 122 portfolios in 4 Steven G. Rothmeier Professor and Distinguished
Director of DFAIDG and DIG-Since 1993 investment companies Service Professor of Economics, University of
DIG. Trustee of DFAITC DFAITC-Since 1992 Chicago Booth School of Business (since 1965).
and DEM DEM-Since 1993 Member and Chair, Competitive Markets Advisory
The University of Chicago Council, Chicago Mercantile Exchange (futures
Booth School of Business trading exchange) (since 2004). Trustee, Harbor
5807 S. Woodlawn Fund (registered investment company) (29
Avenue Portfolios) (since 1994). Formerly, Member of the
Chicago, IL 60637 Board of Milwaukee Insurance Company
1939 (1997-2010).
------------------------------------------------------------------------------------------------------------------------------
Roger G. Ibbotson DFAIDG-Since 1981 122 portfolios in 4 Professor in Practice of Finance, Yale School of
Director of DFAIDG and DIG-Since 1993 investment companies Management (since 1984). Chairman, CIO and
DIG. Trustee of DFAITC DFAITC-Since 1992 Partner, Zebra Capital Management, LLC (hedge
and DEM. DEM-Since 1993 fund and asset manager) (since 2001). Consultant to
Yale School of Morningstar Inc. (since 2006). Formerly, Director,
Management BIRR Portfolio Analysis, Inc. (software products)
P.O. Box 208200 (1990-2010).
New Haven, CT 06520-
8200
1943
------------------------------------------------------------------------------------------------------------------------------
Edward P. Lazear DFAIDG-Since 2010 122 portfolios in 4 Morris Arnold Cox Senior Fellow, Hoover Institution
Director of DFAIDG and DIG-Since 2010 investment companies (since 2002). Jack Steele Parker Professor of
DIG. Trustee of DFAITC DFAITC-Since 2010 Human Resources Management and Economics,
and DEM. DEM-Since 2010 Graduate School of Business, Stanford University
Stanford University (since 1995). Cornerstone Research (expert
Graduate School of testimony and economic and financial analysis)
Business (since 2009). Formerly, Chairman of the President
518 Memorial Way George W. Bush's Council of Economic Advisers
Stanford, CA 94305-5015 (2006-2009). Formerly, Council of Economic
1948 Advisors, State of California (2005-2006). Formerly,
Commissioner, White House Panel on Tax Reform
(2005)
------------------------------------------------------------------------------------------------------------------------------
Myron S. Scholes DFAIDG-Since 1981 122 portfolios in 4 Chief Investment Strategist, Janus Capital Group
Director of DFAIDG and DIG-Since 1993 investment companies Inc. (since 2014). Frank E. Buck Professor of
DIG. Trustee of DFAITC DFAITC-Since 1992 Finance Emeritus, Graduate School of Business,
and DEM. DEM-Since 1993 Stanford University (since 1981). Chairman, Ruapay
c/o Dimensional Fund Inc. (since 2013). Formerly, Chairman, Platinum
Advisors, LP Grove Asset Management, L.P. (hedge fund)
6300 Bee Cave Road (formerly, Oak Hill Platinum Partners) (1999-2009).
Building 1 Formerly, Director, American Century Fund Complex
Austin, TX 78746 (registered investment companies) (43 Portfolios)
1941 (1980-2014).
------------------------------------------------------------------------------------------------------------------------------
Abbie J. Smith DFAIDG-Since 2000 122 portfolios in 4 Boris and Irene Stern Distinguished Service
Director of DFAIDG and DIG-Since 2000 investment companies Professor of Accounting, University of Chicago Booth
DIG. DFAITC-Since 2000 School of Business (since 1980). Director, HNI
Trustee of DFAITC and DEM-Since 2000 Corporation (formerly known as HON Industries Inc.)
DEM. (office furniture) (since 2000). Director, Ryder
The University of Chicago System Inc. (transportation, logistics and supply-
Booth School of Business chain management) (since 2003). Trustee, UBS
5807 S. Woodlawn Funds (4 investment companies within the fund
Avenue complex) (33 portfolios) (since 2009). Formerly,
Chicago, IL 60637 Co-Director Investment Research, Fundamental
1953 Investment Advisors (hedge fund) (2008-2011).
361
Name, Position Portfolios within the
with the Fund, Term of Office1 and DFA Fund Complex/2/ Principal Occupation(s) During Past 5 Years and
Address and Year of Birth Length of Service Overseen Other Directorships of Public Companies Held
------------------------------------------------------------------------------------------------------------------------------
Interested Trustees/Directors*
------------------------------------------------------------------------------------------------------------------------------
David G. Booth DFAIDG-Since 1981 122 portfolios in 4 Chairman, Director/Trustee, President, Co-Chief
Chairman, Director/ DIG-Since 1992 investment companies Executive Officer and formerly, Chief Executive
Trustee, President and DFAITC-Since 1992 Officer (until 1/1/2010) of the following companies:
Co-Chief Executive DEM-Since 1993 Dimensional Holdings Inc., Dimensional Fund
Officer Advisors LP, DFA Securities LLC, DEM, DFAIDG,
6300 Bee Cave Road, DIG and DFAITC (collectively, the "DFA Entities").
Building One Austin, Director of Dimensional Fund Advisors Ltd. and
TX 78746 formerly, Chief Investment Officer. Director of DFA
1946 Australia Limited and formerly, President and Chief
Investment Officer. Director of Dimensional Advisors
Ltd., Dimensional Funds plc and Dimensional Funds
II plc. Formerly, President, Dimensional SmartNest
(US) LLC (2009-2014). Formerly, Limited Partner,
Oak Hill Partners (2001- 2010). Limited Partner, VSC
Investors, LLC (since 2007). Trustee, University of
Chicago. Trustee, University of Kansas Endowment
Association. Formerly, Director, SA Funds
(registered investment company). Chairman, Director
and Co- Chief Executive Officer of Dimensional Fund
Advisors Canada ULC. Director and President
(since 2012) of Dimensional Japan Ltd. Chairman,
Director, President and Co-Chief Executive Officer of
Dimensional Cayman Commodity Fund I Ltd.
(since 2010).
------------------------------------------------------------------------------------------------------------------------------
Eduardo A. Repetto DFAIDG-Since 2009 122 portfolios in 4 Co-Chief Executive Officer (beginning January
Director/Trustee, Co-Chief DIG-Since 2009 investment companies 2010), Co-Chief Investment Officer (since June
Executive Officer and Co- DFAITC-Since 2009 2014), Director/Trustee, and formerly, Chief
Chief Investment Officer DEM-Since 2009 Investment Officer (March 2007-June 2014) of the
6300 Bee Cave Road, DFA Entities. Director, Co-Chief Executive Officer
Building One and Chief Investment Officer (since 2010) of
Austin, TX 78746 Dimensional Cayman Commodity Fund I Ltd.
1967 Director, Co-Chief Executive Officer, President and
Co-Chief Investment Officer of Dimensional Fund
Advisors Canada ULC and formerly, Chief
Investment Officer (until April 2014). Co-Chief
Investment Officer, Vice President, and Director of
DFA Australia Limited and formerly, Chief
Investment Officer (until April 2014). Director of
Dimensional Fund Advisors Ltd., Dimensional Funds
plc, Dimensional Funds II plc and Dimensional
Advisors Ltd. Formerly, Vice President of the DFA
Entities and Dimensional Fund Advisors Canada
ULC. Director and Chief Investment Officer (since
December 2012) of Dimensional Japan Ltd.
/1 /Each Trustee/Director holds office for an indefinite term until his or her
successor is elected and qualified.
/2/ Each Trustee/Director is a director or trustee of each of the four
registered investment companies within the DFA Fund Complex, which includes
DFAIDG, DIG; DFAITC and DEM. Each disinterested Trustee/Director also
serves on the Independent Review Committee of the Dimensional Funds, mutual
funds registered in the provinces of Canada and managed by an affiliate of
Dimensional Fund Advisors LP (the "Advisor"), Dimensional Fund Advisors
Canada ULC.
* Interested Trustees/Directors are described as such because they are deemed
to be "interested persons," as that term is defined under the Investment
Company Act of 1940, as amended, due to their positions with the Advisor.
362
Officers
Below is the name, year of birth, information regarding positions with the
Funds and the principal occupation for each officer of the Funds. The address
of each officer is 6300 Bee Cave Road, Building One, Austin, TX 78746. Each of
the officers listed below holds the same office (except as otherwise noted) in
the DFA Entities.
Term of Office/1/
Name and Year of and Length of
Birth Position Service Principal Occupation During Past 5 Years
-----------------------------------------------------------------------------------------------------------------
April A. Aandal Vice President Since 2008 Vice President of all the DFA Entities.
1963
-----------------------------------------------------------------------------------------------------------------
Robyn G. Alcorta Vice President Since 2012 Vice President of all the DFA Entities. Formerly,
1974 Vice President, Business Development at Capson
Physicians Insurance Company (2010-2012); Vice
President at Charles Schwab (2007-2010).
-----------------------------------------------------------------------------------------------------------------
Darryl D. Avery Vice President Since 2005 Vice President of all the DFA Entities.
1966
-----------------------------------------------------------------------------------------------------------------
Arthur H. Barlow Vice President Since 1993 Vice President of all the DFA Entities. Director
1955 and Managing Director of Dimensional Fund
Advisors Ltd (since September 2013).
-----------------------------------------------------------------------------------------------------------------
Peter Bergan Vice President Since 2014 Vice President of all the DFA Entities. Formerly,
1974 Senior Infrastructure Manager for Dimensional
Fund Advisors LP (January 2011-January 2014);
Partner at Stonehouse Consulting (2010).
-----------------------------------------------------------------------------------------------------------------
Lana Bergstein Vice President Since 2014 Vice President of all the DFA Entities. Formerly,
1974 Client Service Manager for Dimensional Fund
Advisors LP (February 2008-January 2014).
-----------------------------------------------------------------------------------------------------------------
Stanley W. Black Vice President Since 2014 Vice President of all the DFA Entities. Formerly,
1970 Senior Research Associate (January 2012-
January 2014) and Research Associate (2006-
2011) for Dimensional Fund Advisors LP.
-----------------------------------------------------------------------------------------------------------------
Aaron T. Borders Vice President Since 2014 Vice President of all the DFA Entities. Formerly,
1973 Regional Director for Dimensional Fund Advisors
LP (April 2008-January 2014).
-----------------------------------------------------------------------------------------------------------------
Scott A. Bosworth Vice President Since 2007 Vice President of all the DFA Entities.
1968
-----------------------------------------------------------------------------------------------------------------
Valerie A. Brown Vice President and Since 2001 Vice President and Assistant Secretary of all the
1967 Assistant Secretary DFA Entities, DFA Australia Limited, Dimensional
Fund Advisors Ltd., Dimensional Cayman
Commodity Fund I Ltd., Dimensional Fund
Advisors Pte. and Dimensional Hong Kong
Limited. Director, Vice President and Assistant
Secretary of Dimensional Fund Advisors Canada
ULC.
-----------------------------------------------------------------------------------------------------------------
David P. Butler Vice President Since 2007 Vice President of all the DFA Entities. Head of
1964 Global Financial Services for Dimensional Fund
Advisors LP (since 2008).
-----------------------------------------------------------------------------------------------------------------
Douglas M. Byrkit Vice President Since 2012 Vice President of all the DFA Entities. Formerly,
1970 Regional Director for Dimensional Fund Advisors
LP (December 2010-January 2012); Regional
Director at Russell Investments (April 2006-
December 2010).
-----------------------------------------------------------------------------------------------------------------
Hunt M. Cairns Vice President Since 2014 Vice President of all the DFA Entities. Formerly,
1973 Regional Director (January 2010-January 2014)
and Senior Associate (July 2008-December 2009)
for Dimensional Fund Advisors LP.
-----------------------------------------------------------------------------------------------------------------
Dennis M. Chamberlain Vice President Since 2015 Vice President of all the DFA Entities. Formerly,
1972 Regional Director (January 2012-January 2015)
for Dimensional Fund Advisors LP; Principal for
Chamberlain Financial Group (October 2010-
December 2011); Wealth Management
Consultant for Saybrus Partners (May 2008-
October 2010).
-----------------------------------------------------------------------------------------------------------------
363
Term of Office/1/
Name and Year of and Length of
Birth Position Service Principal Occupation During Past 5 Years
------------------------------------------------------------------------------------------------------------------
Ryan J. Chaplinski Vice President Since 2015 Vice President of all the DFA Entities. Formerly,
1971 Regional Director (June 2011-January 2015) for
Dimensional Fund Advisors LP; Sales Executive
for Vanguard (2004-June 2011).
------------------------------------------------------------------------------------------------------------------
James G. Charles Vice President Since 2011 Vice President of all the DFA Entities. Formerly,
1956 Regional Director for Dimensional Fund Advisors
LP (2008-2010).
------------------------------------------------------------------------------------------------------------------
Joseph H. Chi Vice President Since 2009 Vice President of all the DFA Entities. Co-Head of
1966 Portfolio Management (since March 2012) and
Senior Portfolio Manager (since January 2012) for
Dimensional Fund Advisors LP. Formerly,
Portfolio Manager for Dimensional Fund Advisors
LP (October 2005 to January 2012).
------------------------------------------------------------------------------------------------------------------
Pil Sun Choi Vice President Since 2014 Vice President of all the DFA Entities. Formerly,
1972 Counsel for Dimensional Fund Advisors LP
(April 2012-January 2014); Vice President and
Counsel for AllianceBernstein L.P. (2006-2012).
------------------------------------------------------------------------------------------------------------------
Stephen A. Clark Vice President Since 2004 Vice President of all the DFA Entities, DFA
1972 Australia Limited and Dimensional Fund Advisors
Canada ULC. Head of Global Institutional
Services for Dimensional Fund Advisors LP (since
January 2014). Formerly, Head of Institutional,
North America (March 2012 to December 2013)
and Head of Portfolio Management (January 2006
to March 2012) for Dimensional Fund Advisors
LP.
------------------------------------------------------------------------------------------------------------------
Matt B. Cobb Vice President Since 2013 Vice President of all the DFA Entities. Formerly,
1971 Regional Director for Dimensional Fund Advisors
LP (September 2011-March 2013); Vice President
at MullinTBG (2005-2011).
------------------------------------------------------------------------------------------------------------------
Rose C. Cooke Vice President Since 2014 Vice President of all the DFA Entities. Formerly,
1971 Regional Director for Dimensional Fund Advisors
LP (August 2010-March 2014); Vice President,
Sales and Business Development at AdvisorsIG
(PPMG) (2009-2010); Vice President at Credit
Suisse (2007-2009).
------------------------------------------------------------------------------------------------------------------
Ryan Cooper Vice President Since 2013 Vice President of all the DFA Entities. Formerly,
1979 Regional Director for Dimensional Fund Advisors
LP (2003-March 2014).
------------------------------------------------------------------------------------------------------------------
Jeffrey D. Cornell Vice President Since 2012 Vice President of all the DFA Entities. Formerly,
1976 Regional Director for Dimensional Fund Advisors
LP (August 2002-January 2012).
------------------------------------------------------------------------------------------------------------------
Robert P. Cornell Vice President Since 2007 Vice President of all the DFA Entities.
1949
------------------------------------------------------------------------------------------------------------------
George H. Crane Vice President Since 2010 Vice President of all the DFA Entities. Formerly,
1955 Senior Vice President and Managing Director at
State Street Bank & Trust Company (2007-2008).
------------------------------------------------------------------------------------------------------------------
Christopher S. Crossan Vice President and Since 2004 Vice President and Global Chief Compliance
1965 Global Chief Officer of all the DFA Entities, DFA Australia
Compliance Officer Limited and Dimensional Fund Advisors Ltd. Vice
President, Chief Compliance Officer and Chief
Privacy Officer of Dimensional Fund Advisors
Canada ULC. Formerly, Vice President and
Global Chief Compliance Officer for Dimensional
SmartNest (US) LLC (October 2010-2014).
------------------------------------------------------------------------------------------------------------------
John Dashtara Vice President Since 2015 Vice President of all the DFA Entities. Formerly,
1980 Regional Director (July 2013-January 2015) for
Dimensional Fund Advisors LP; Relationship
Manager for Blackrock, Inc. (July 2011-July
2013);Vice President for Towers Watson
(formerly, WellsCanning) (June 2009-July 2011).
------------------------------------------------------------------------------------------------------------------
364
Term of Office/1/
Name and Year of and Length of
Birth Position Service Principal Occupation During Past 5 Years
------------------------------------------------------------------------------------------------------------------
James L. Davis Vice President Since 1999 Vice President of all the DFA Entities.
1956
------------------------------------------------------------------------------------------------------------------
Robert T. Deere Vice President Since 1994 Vice President of all the DFA Entities, DFA
1957 Australia Limited and Dimensional Fund Advisors
Canada ULC.
------------------------------------------------------------------------------------------------------------------
Johnathon K. DeKinder Vice President Since 2014 Vice President of all the DFA Entities. Formerly,
1979 Regional Director (January 2012-January 2014)
and Senior Associate (August 2010-December
2011) for Dimensional Fund Advisors LP; MBA
and MPA at the University of Texas at Austin
(August 2007-May 2010).
------------------------------------------------------------------------------------------------------------------
Mark J. Dennis Vice President Since 2015 Vice President of all DFA Entities. Formerly,
1976 Regional Director (May 2011-January 2015) for
Dimensional Fund Advisors LP; Vice President,
Portfolio Specialist (January 2007-May 2011) for
Morgan Stanley Investment Management.
------------------------------------------------------------------------------------------------------------------
Massimiliano DeSantis Vice President Since 2015 Vice President of all DFA Entities. Formerly,
1971 Senior Associate, Research (November 2012-
January 2015) for Dimensional Fund Advisors LP;
Senior Consultant, NERA Economic Consulting,
New York (May 2010-November 2012).
------------------------------------------------------------------------------------------------------------------
Peter F. Dillard Vice President Since 2010 Vice President of all the DFA Entities. Formerly,
1972 Research Associate (August 2008-March 2010)
and Research Assistant (April 2006-August 2008)
for Dimensional Fund Advisors LP.
------------------------------------------------------------------------------------------------------------------
Robert W. Dintzner Vice President Since 2001 Vice President of all the DFA Entities.
1970
------------------------------------------------------------------------------------------------------------------
Karen M. Dolan Vice President Since 2014 Vice President of all the DFA Entities. Head of
1979 Marketing for Dimensional Fund Advisors LP
(since February 2013). Formerly, Senior Manager
of Research and Marketing for Dimensional Fund
Advisors LP (June 2012-January 2013); Director
of Mutual Fund Analysis at Morningstar (January
2008-May 2012).
------------------------------------------------------------------------------------------------------------------
L. Todd Erskine Vice President Since 2015 Vice President of all DFA Entities. Formerly,
1959 Regional Director (May 2008-January 2015) for
Dimensional Fund Advisors LP.
------------------------------------------------------------------------------------------------------------------
Richard A. Eustice Vice President and Since 1998 Vice President and Assistant Secretary of all the
1965 Assistant Secretary DFA Entities and DFA Australia Limited. Chief
Operating Officer for Dimensional Fund Advisors
Pte. Ltd. (since April 2013). Formerly, Chief
Operating Officer for Dimensional Fund Advisors
Ltd. (July 2008-March 2013).
------------------------------------------------------------------------------------------------------------------
Gretchen A. Flicker Vice President Since 2004 Vice President of all the DFA Entities.
1971
------------------------------------------------------------------------------------------------------------------
Jed S. Fogdall Vice President Since 2008 Vice President of all the DFA Entities. Co-Head of
1974 Portfolio Management (since March 2012) and
Senior Portfolio Manager (since January 2012) of
Dimensional Fund Advisors LP. Formerly,
Portfolio Manager of Dimensional Fund Advisors
LP (September 2004-January 2012).
------------------------------------------------------------------------------------------------------------------
Edward A. Foley Vice President Since 2014 Vice President of all the DFA Entities. Formerly,
1976 Regional Director for Dimensional Fund Advisors
LP (August 2011-January 2014); Senior Vice
President of First Trust Advisors L.P. (2007-
July 2011).
------------------------------------------------------------------------------------------------------------------
Deborah J.G. Foster Vice President Since 2015 Vice President of all the DFA Entities. Formerly,
1959 Senior Associate (May 2011-January 2015) and
Marketing Officer (April 2002-April 2011) for
Dimensional Fund Advisors LP.
------------------------------------------------------------------------------------------------------------------
365
Term of Office/1/
Name and Year of and Length of
Birth Position Service Principal Occupation During Past 5 Years
---------------------------------------------------------------------------------------------------------------
Jeremy P. Freeman Vice President Since 2009 Vice President of all the DFA Entities.
1970
---------------------------------------------------------------------------------------------------------------
Kimberly A. Ginsburg Vice President Since 2015 Vice President of all the DFA Entities. Formerly,
1970 Vice President for Dimensional SmartNest (US)
LLC (January 2012-November 2014); Senior Vice
President for Morningstar (July 2004-July 2011).
---------------------------------------------------------------------------------------------------------------
Mark R. Gochnour Vice President Since 2007 Vice President of all the DFA Entities.
1967
---------------------------------------------------------------------------------------------------------------
Tom M. Goodrum Vice President Since 2012 Vice President of all the DFA Entities. Formerly,
1968 Managing Director at BlackRock (2004-January
2012).
---------------------------------------------------------------------------------------------------------------
Henry F. Gray Vice President Since 2000 Vice President of all the DFA Entities.
1967
---------------------------------------------------------------------------------------------------------------
John T. Gray Vice President Since 2007 Vice President of all the DFA Entities.
1974
---------------------------------------------------------------------------------------------------------------
Christian Gunther Vice President Since 2011 Vice President of all the DFA Entities. Senior
1975 Trader for Dimensional Fund Advisors LP (since
2012). Formerly, Senior Trader (2009-2012).
---------------------------------------------------------------------------------------------------------------
Robert W. Hawkins Vice President Since 2014 Vice President of all the DFA Entities. Formerly,
1974 Counsel for Dimensional Fund Advisors LP
(January 2011-January 2014); Vice President and
Senior Counsel for State Street Global Advisors
(November 2008-January 2011).
---------------------------------------------------------------------------------------------------------------
Joel H. Hefner Vice President Since 2007 Vice President of all the DFA Entities.
1967
---------------------------------------------------------------------------------------------------------------
Kevin B. Hight Vice President Since 2005 Vice President of all the DFA Entities.
1967
---------------------------------------------------------------------------------------------------------------
Gregory K. Hinkle Vice President and Since 2015 Vice President and Controller of all the DFA
1958 Controller Entities. Formerly, Vice President of T. Rowe
Price Group, Inc. and Director of Investment
Treasury and Treasurer of the T. Rowe Price
Funds (March 2008-July 2015).
---------------------------------------------------------------------------------------------------------------
Christine W. Ho Vice President Since 2004 Vice President of all the DFA Entities.
1967
---------------------------------------------------------------------------------------------------------------
Michael C. Horvath Vice President Since 2011 Vice President of all the DFA Entities. Formerly,
1960 Managing Director, Co-Head Global Consultant
Relations at BlackRock (2004-2011).
---------------------------------------------------------------------------------------------------------------
Mark A. Hunter Vice President Since 2015 Vice President of all the DFA Entities. Formerly,
1971 Senior Compliance Officer (November 2010-
January 2015) for Dimensional Fund Advisors LP;
Senior Compliance Manager for Janus Capital
Group, Inc. (March 2004-November 2010).
---------------------------------------------------------------------------------------------------------------
Jeff J. Jeon Vice President Since 2004 Vice President of all the DFA Entities and
1973 Dimensional Cayman Commodity Fund I Ltd.
---------------------------------------------------------------------------------------------------------------
Garret D. Jones Vice President Since 2014 Vice President of all the DFA Entities. Formerly,
1971 Manager of Sales and Marketing Systems
(January 2011-January 2014) and Project
Manager (2007-2010) for Dimensional Fund
Advisors LP.
---------------------------------------------------------------------------------------------------------------
Stephen W. Jones Vice President Since 2012 Vice President of all the DFA Entities. Formerly,
1968 Facilities Manager for Dimensional Fund Advisors
LP (October 2008-January 2012).
---------------------------------------------------------------------------------------------------------------
Scott P. Kaup Vice President Since 2015 Vice President of all the DFA Entities. Formerly,
1975 Senior Manager, Investment Operations (January
2014-January 2015) and Investment Operations
Manager (May 2008-January 2014) for
Dimensional Fund Advisors LP.
---------------------------------------------------------------------------------------------------------------
366
Term of Office/1/
Name and Year of and Length of
Birth Position Service Principal Occupation During Past 5 Years
-----------------------------------------------------------------------------------------------------------
David M. Kavanaugh Vice President Since 2014 Vice President of all the DFA Entities. Head of
1978 Operations for Financial Advisor Services for
Dimensional Fund Advisors LP (since July 2014).
Formerly, Counsel of Dimensional Fund Advisors
LP (August 2011-January 2014); Associate at
Andrews Kurth LLP (2006-2011).
-----------------------------------------------------------------------------------------------------------
Patrick M. Keating Vice President Since 2003 Vice President of DFAIDG, DIG, DFAITC, DEM,
1954 Dimensional Holdings Inc., Dimensional Fund
Advisors LP. Formerly, Vice President of DFA
Securities LLC, Dimensional Cayman Commodity
Fund I Ltd. and Dimensional Advisors Ltd (until
February 2015); Chief Operating Officer of
Dimensional Holdings Inc., DFA Securities LLC,
Dimensional Fund Advisors LP, Dimensional
Cayman Commodity Fund I Ltd., Dimensional
Advisors Ltd. and Dimensional Fund Advisors Pte.
Ltd. (until February 2015); Director, Vice
President, and Chief Privacy Officer of
Dimensional Fund Advisors Canada ULC (until
February 2015); Director of DFA Australia Limited,
Dimensional Fund Advisors Ltd. and Dimensional
Advisors Ltd. (until February 2015); Director and
Vice President of Dimensional Hong Kong Limited
and Dimensional Fund Advisors Pte. Ltd. (until
February 2015); and Director, Vice President and
Chief Operating Officer of Dimensional Japan Ltd.
(until May 2015).
-----------------------------------------------------------------------------------------------------------
Andrew K. Keiper Vice President Since 2013 Vice President of all the DFA Entities. Formerly,
1977 Regional Director for Dimensional Fund Advisors
LP (October 2004-January 2013).
-----------------------------------------------------------------------------------------------------------
Glenn E. Kemp Vice President Since 2012 Vice President of all the DFA Entities. Formerly,
1948 Regional Director for Dimensional Fund Advisors
LP (April 2006-January 2012).
-----------------------------------------------------------------------------------------------------------
David M. Kershner Vice President Since 2010 Vice President of all the DFA Entities. Portfolio
1971 Manager for Dimensional Fund Advisors LP
(since June 2004).
-----------------------------------------------------------------------------------------------------------
Kimberly L. Kiser Vice President Since 2014 Vice President of all the DFA Entities. Formerly,
1972 Creative Director for Dimensional Fund Advisors
LP (September 2012-January 2014); Vice
President and Global Creative Director at Morgan
Stanley (2007-2012); Visiting Assistant Professor,
Graduate Communications Design at Pratt
Institute (2004-2012).
-----------------------------------------------------------------------------------------------------------
Timothy R. Kohn Vice President Since 2011 Vice President of all the DFA Entities. Head of
1971 Defined Contribution Sales for Dimensional Fund
Advisors LP (since August 2010).
-----------------------------------------------------------------------------------------------------------
Joseph F. Kolerich Vice President Since 2004 Vice President of all the DFA Entities. Senior
1971 Portfolio Manager of Dimensional Fund Advisors
LP (since January 2012). Formerly, Portfolio
Manager for Dimensional (April 2001-January
2012).
-----------------------------------------------------------------------------------------------------------
Mark D. Krasniewski Vice President Since 2013 Vice President of all the DFA Entities. Formerly,
1981 Senior Associate, Investment Analytics and Data
(January 2012-December 2012) and Systems
Developer (June 2007-December 2011) for
Dimensional Fund Advisors LP.
-----------------------------------------------------------------------------------------------------------
Kahne L. Krause Vice President Since 2014 Vice President of all the DFA Entities. Formerly,
1966 Regional Director (May 2010-January 2014) for
Dimensional Fund Advisors LP.
-----------------------------------------------------------------------------------------------------------
Stephen W. Kurad Vice President Since 2011 Vice President of all the DFA Entities. Formerly,
1968 Regional Director for Dimensional Fund Advisors
LP (2007-2010).
-----------------------------------------------------------------------------------------------------------
367
Term of Office/1/
Name and Year of and Length of
Birth Position Service Principal Occupation During Past 5 Years
----------------------------------------------------------------------------------------------------------------
Michael F. Lane Vice President Since 2004 Vice President of all the DFA Entities. Formerly,
1967 Chief Executive Officer for Dimensional
SmartNest (US) LLC (July 2012-November 2014).
----------------------------------------------------------------------------------------------------------------
Francis R. Lao Vice President Since 2011 Vice President of all the DFA Entities. Formerly,
1969 Vice President-Global Operations at Janus
Capital Group (2005-2011).
----------------------------------------------------------------------------------------------------------------
David F. LaRusso Vice President Since 2013 Vice President of all the DFA Entities. Formerly,
1978 Senior Trader (January 2010-December 2012)
and Trader (2000-2009) for Dimensional Fund
Advisors LP.
----------------------------------------------------------------------------------------------------------------
Juliet H. Lee Vice President Since 2005 Vice President of all the DFA Entities.
1971
----------------------------------------------------------------------------------------------------------------
Marlena I. Lee Vice President Since 2011 Vice President of all the DFA Entities. Formerly,
1980 Research Associate for Dimensional Fund
Advisors LP (July 2008-2010).
----------------------------------------------------------------------------------------------------------------
Paul A. Lehman Vice President Since 2015 Vice President of all the DFA Entities. Formerly,
1971 Regional Director (July 2013-January 2015) for
Dimensional Fund Advisors LP; Chief Investment
Officer (April 2005-April 2013) for First Citizens
Bancorporation.
----------------------------------------------------------------------------------------------------------------
John B. Lessley Vice President Since 2013 Vice President of all the DFA Entities. Formerly,
1960 Regional Director for Dimensional Fund Advisors
LP (January 2008-January 2013).
----------------------------------------------------------------------------------------------------------------
Joy L. Lopez Vice President Since 2015 Vice President of all the DFA Entities. Formerly,
1971 Senior Tax Manager (February 2013-January
2015) for Dimensional Fund Advisors LP; Vice
President and Tax Manager, North America
(August 2006-April 2012) for Pacific Investment
Management Company.
----------------------------------------------------------------------------------------------------------------
Apollo D. Lupescu Vice President Since 2009 Vice President of all the DFA Entities.
1969
----------------------------------------------------------------------------------------------------------------
Timothy P. Luyet Vice President Since 2015 Vice President of all the DFA Entities. Formerly,
1972 Senior Manager, Marketing Operations (January
2014-January 2015), Manager, Client Systems
(October 2011-January 2014) and RFP Manager
(April 2010-October 2011) for Dimensional Fund
Advisors LP.
----------------------------------------------------------------------------------------------------------------
Peter Magnusson Vice President Since 2014 Vice President of all the DFA Entities. Formerly,
1969 Regional Director for Dimensional Fund Advisors
LP (January 2011-January 2014); Vice President
at Columbia Management (2004-2010).
----------------------------------------------------------------------------------------------------------------
Kenneth M. Manell Vice President Since 2010 Vice President of all the DFA Entities and
1972 Dimensional Cayman Commodity Fund I Ltd.
Formerly, Counsel for Dimensional Fund Advisors
LP (September 2006-January 2010).
----------------------------------------------------------------------------------------------------------------
Aaron M. Marcus Vice President Since 2008 Vice President of all DFA Entities and Head of
1970 Global Human Resources for Dimensional Fund
Advisors LP.
----------------------------------------------------------------------------------------------------------------
David R. Martin Vice President, Chief Since 2007 Vice President, Chief Financial Officer and
1956 Financial Officer and Treasurer of all the DFA Entities and Dimensional
Treasurer Cayman Commodity Fund I Ltd. Director, Vice
President, Chief Financial Officer and Treasurer
of Dimensional Fund Advisors Ltd., DFA Australia
Limited, Dimensional Advisors Pte. Ltd.,
Dimensional Hong Kong Limited, and
Dimensional Fund Advisors Canada ULC.
Director of Dimensional Funds plc and
Dimensional Funds II plc. Statutory Auditor of
Dimensional Japan Ltd. Formerly, Chief Financial
Officer, Treasurer and Vice President of
Dimensional SmartNest (US) LLC (October 2010-
November 2014).
----------------------------------------------------------------------------------------------------------------
368
Term of Office/1/
Name and Year of and Length of
Birth Position Service Principal Occupation During Past 5 Years
--------------------------------------------------------------------------------------------------------------------
Duane R. Mattson Vice President Since 2015 Vice President of all the DFA Entities. Formerly,
1965 Senior Compliance Officer (May 2012-January
2015) for Dimensional Fund Advisors LP; Chief
Compliance Officer (April 2010-April 2012) for Al
Frank Asset Management.
--------------------------------------------------------------------------------------------------------------------
Bryan R. McClune Vice President Since 2014 Vice President of all the DFA Entities. Formerly,
1975 Regional Director of Dimensional Fund Advisors
LP (January 2009-January 2014).
--------------------------------------------------------------------------------------------------------------------
Philip P. McInnis Vice President Since 2014 Vice President of all the DFA Entities. Formerly,
1984 Regional Director (January 2009-January 2014)
and Senior Associate (2011) for Dimensional
Fund Advisors LP; Investment Consultant (March
2010-December 2010) and Investment Analyst
(December 2007-March 2010) at Towers Watson.
--------------------------------------------------------------------------------------------------------------------
Travis A. Meldau Vice President Since 2015 Vice President of all the DFA Entities. Portfolio
1981 Manager (since September 2011) for Dimensional
Fund Advisors LP. Formerly, Portfolio Manager
for Wells Capital Management (October 2004-
September 2011).
--------------------------------------------------------------------------------------------------------------------
Jonathan G. Nelson Vice President Since 2013 Vice President of all the DFA Entities. Formerly,
1971 Manager, Investment Systems (2011-January
2013) and Project Manager (2007-2010) for
Dimensional Fund Advisors LP.
--------------------------------------------------------------------------------------------------------------------
Catherine L. Newell Vice President and Vice President since Vice President and Secretary of all the DFA
1964 Secretary 1997 and Secretary Entities. Director, Vice President and Secretary of
since 2000 DFA Australia Limited and Dimensional Fund
Advisors Ltd. (since February 2002, April 1997,
and May 2002, respectively). Vice President and
Secretary of Dimensional Fund Advisors Canada
ULC (since June 2003), Dimensional Cayman
Commodity Fund I Ltd., Dimensional Japan Ltd
(since February 2012), Dimensional Advisors Ltd
(since March 2012), Dimensional Fund Advisors
Pte. Ltd. (since June 2012). Director of
Dimensional Funds plc and Dimensional Funds II
plc (since 2002 and 2006, respectively). Director
of Dimensional Japan Ltd., Dimensional Advisors
Ltd., Dimensional Fund Advisors Pte. Ltd. and
Dimensional Hong Kong Limited (since August
2012 and July 2012). Formerly, Vice President
and Secretary of Dimensional SmartNest (US)
LLC (October 2010-November 2014).
--------------------------------------------------------------------------------------------------------------------
John R. Nicholson Vice President Since 2015 Vice President of all the DFA Entities. Formerly,
1977 Regional Director (June 2011-January 2015) for
Dimensional Fund Advisors LP; Sales Executive
for Vanguard (July 2008-May 2011).
--------------------------------------------------------------------------------------------------------------------
Pamela B. Noble Vice President Since 2011 Vice President of all the DFA Entities. Formerly,
1964 Portfolio Manager for Dimensional Fund Advisors
LP (2008--2010).
--------------------------------------------------------------------------------------------------------------------
Selwyn Notelovitz Vice President and Since 2013 Vice President of all the DFA Entities. Deputy
1961 Deputy Chief Chief Compliance Officer of Dimensional Fund
Compliance Officer Advisors LP (since December 2012). Formerly,
Chief Compliance Officer of Wellington
Management Company, LLP (2004-2011).
--------------------------------------------------------------------------------------------------------------------
Carolyn L. O Vice President Since 2010 Vice President of all the DFA Entities and
1974 Dimensional Cayman Commodity Fund I Ltd.
Deputy General Counsel, Funds (since 2011).
Formerly, Counsel for Dimensional Fund Advisors
LP (2007-2010).
--------------------------------------------------------------------------------------------------------------------
Gerard K. O'Reilly Vice President and Vice President since Vice President and Co-Chief Investment Officer of
1976 Co-Chief Investment 2007 and Co-Chief all the DFA Entities and Dimensional Fund
Officer Investment Officer Advisors Canada ULC. Director of Dimensional
since 2014 Funds plc and Dimensional Fund II plc.
--------------------------------------------------------------------------------------------------------------------
369
Term of Office/1/
Name and Year of and Length of
Birth Position Service Principal Occupation During Past 5 Years
-----------------------------------------------------------------------------------------------------------
Daniel C. Ong Vice President Since 2009 Vice President of all the DFA Entities. Portfolio
1973 Manager for Dimensional Fund Advisors LP
(since July 2005).
-----------------------------------------------------------------------------------------------------------
Kyle K. Ozaki Vice President Since 2010 Vice President of all the DFA Entities. Formerly,
1978 Senior Compliance Officer (January 2008-January
2010) and Compliance Officer (February 2006-
December 2007) for Dimensional Fund Advisors
LP.
-----------------------------------------------------------------------------------------------------------
Matthew A. Pawlak Vice President Since 2013 Vice President of all the DFA Entities. Formerly,
1977 Regional Director for Dimensional Fund Advisors
LP (2012-January 2013); Senior Consultant (June
2011-December 2011) and Senior Investment
Analyst and Consultant (July 2008-June 2011) at
Hewitt EnnisKnupp.
-----------------------------------------------------------------------------------------------------------
Jeffrey L. Pierce Vice President Since 2015 Vice President of all the DFA Entities. Senior
1984 Manager, Advisor Benchmarking (since January
2015) for Dimensional Fund Advisors LP.
Formerly, Manager, Advisor Benchmarking (April
2012-December 2014) for Dimensional Fund
Advisors LP; Senior Manager, Research and
Consulting (October 2010-April 2012) for Crain
Communications Inc.; Senior Manager, Revenue
Planning and Strategy (April 2007-October 2010)
for T-Mobile.
-----------------------------------------------------------------------------------------------------------
Olivian T. Pitis Vice President Since 2015 Vice President of all the DFA Entities. Formerly,
1974 Regional Director (May 2011-January 2015) for
Dimensional Fund Advisors LP; Investment
Counselor/Regional Director for Halbert Hargrove
(2008-May 2011).
-----------------------------------------------------------------------------------------------------------
Brian P. Pitre Vice President Since 2015 Vice President of all the DFA Entities. Counsel for
1976 Dimensional Fund Advisors LP (since February
2015). Formerly, Chief Financial Officer and
General Counsel for Relentless (March 2014-
January 2015); Vice President of all the DFA
Entities (January 2013-March 2014); Counsel for
Dimensional Fund Advisors LP (January 2009-
March 2014).
-----------------------------------------------------------------------------------------------------------
David A. Plecha Vice President Since 1993 Vice President of all the DFA Entities, DFA
1961 Australia Limited, Dimensional Fund Advisors Ltd.
and Dimensional Fund Advisors Canada ULC.
-----------------------------------------------------------------------------------------------------------
Allen Pu Vice President Since 2011 Vice President of all the DFA Entities. Senior
1970 Portfolio Manager for Dimensional Fund Advisors
LP (since January 2015). Formerly, Portfolio
Manager for Dimensional Fund Advisors LP
(2006-January 2015).
-----------------------------------------------------------------------------------------------------------
David J. Rapozo Vice President Since 2014 Vice President of all the DFA Entities. Formerly,
1967 Regional Director for Dimensional Fund Advisors
LP (January 2011-January 2014); Vice President
at BlackRock (2009-2010).
-----------------------------------------------------------------------------------------------------------
Mark A. Regier Vice President Since 2013 Vice President of all the DFA Entities. Formerly,
1969 Planning and Analysis Manager for Dimensional
Fund Advisors LP (July 2007-January 2014).
-----------------------------------------------------------------------------------------------------------
Cory T. Riedberger Vice President Since 2015 Vice President of all the DFA Entities. Formerly,
1979 Regional Director (March 2011-January 2015) for
Dimensional Fund Advisors LP; Regional Vice
President (2003-March 2011) for Invesco
PowerShares.
-----------------------------------------------------------------------------------------------------------
Savina B. Rizova Vice President Since 2012 Vice President of all the DFA Entities. Formerly,
1981 Research Associate (June 2011-January 2012)
for Dimensional Fund Advisors LP.
-----------------------------------------------------------------------------------------------------------
370
Term of Office/1/
Name and Year of and Length of
Birth Position Service Principal Occupation During Past 5 Years
----------------------------------------------------------------------------------------------------------
Michael F. Rocque Vice President Since 2015 Vice President of all the DFA Entities. Formerly,
1968 Senior Fund Accounting Manager (July 2013-
January 2015) for Dimensional Fund Advisors LP;
Senior Financial Consultant and Chief Accounting
Officer (July 2002-July 2013) for MFS Investment
Management.
----------------------------------------------------------------------------------------------------------
L. Jacobo Rodriguez Vice President Since 2005 Vice President of all the DFA Entities.
1971
----------------------------------------------------------------------------------------------------------
Austin S. Rosenthal Vice President Since 2015 Vice President of all the DFA Entities. Formerly,
1978 Vice President for Dimensional SmartNest (US)
LLC (September 2010-November 2014).
----------------------------------------------------------------------------------------------------------
Oliver J. Rowe Vice President Since 2014 Vice President of all the DFA Entities. Formerly,
1960 Senior Manager, Human Resources for
Dimensional Fund Advisors LP (January 2012-
January 2014); Director of Human Resources at
Spansion, Inc. (March 2009-December 2011).
----------------------------------------------------------------------------------------------------------
Joseph S. Ruzicka Vice President Since 2015 Vice President of all the DFA Entities. Formerly,
1987 Manager Investment Analytics and Data (January
2014-January 2015), Senior Associate,
Investment Analytics and Data (January 2013-
January 2014), Associate, Investment Analytics
and Data (January 2012-January 2013), and
Investment Data Analyst (April 2010-January
2012) for Dimensional Fund Advisors LP.
----------------------------------------------------------------------------------------------------------
Julie A. Saft Vice President Since 2010 Vice President of all the DFA Entities. Formerly,
1959 Client Systems Manager for Dimensional Fund
Advisors LP (July 2008-January 2010); Senior
Manager at Vanguard (November 1997-July
2008).
----------------------------------------------------------------------------------------------------------
Joel P. Schneider Vice President Since 2015 Vice President of all the DFA Entities. Portfolio
1980 Manager (since 2013) for Dimensional Fund
Advisors LP. Formerly, Investment Associate
(April 2011-January 2013) for Dimensional Fund
Advisors LP; Associate Consultant for ZS
Associates (April 2008-November 2010).
----------------------------------------------------------------------------------------------------------
Ashish Shrestha Vice President Since 2015 Vice President of all the DFA Entities. Formerly,
1978 Regional Director (September 2009-January
2015) and Senior Associate (September 2008-
September 2009) for Dimensional Fund Advisors
LP.
----------------------------------------------------------------------------------------------------------
Bruce A. Simmons Vice President Since 2009 Vice President of all the DFA Entities. Formerly,
1965 Investment Operations Manager for Dimensional
Fund Advisors LP (May 2007-January 2009).
----------------------------------------------------------------------------------------------------------
Ted R. Simpson Vice President Since 2007 Vice President of all the DFA Entities.
1968
----------------------------------------------------------------------------------------------------------
Bhanu P. Singh Vice President Since 2014 Vice President of all the DFA Entities. Senior
1981 Portfolio Manager for Dimensional Fund Advisors
LP (since January 2015). Formerly, Portfolio
Manager (January 2012-January 2015) and
Investment Associate for Dimensional Fund
Advisors LP (August 2010-December 2011).
----------------------------------------------------------------------------------------------------------
Bryce D. Skaff Vice President Since 2007 Vice President of all the DFA Entities.
1975
----------------------------------------------------------------------------------------------------------
Lukas J. Smart Vice President Since 2014 Vice President of all the DFA Entities. Portfolio
1977 Manager of Dimensional Fund Advisors LP (since
January 2010).
----------------------------------------------------------------------------------------------------------
Andrew D. Smith Vice President Since 2011 Vice President of all the DFA Entities. Formerly,
1968 Project Manager for Dimensional Fund Advisors
LP (2007-2010).
----------------------------------------------------------------------------------------------------------
Grady M. Smith Vice President Since 2004 Vice President of all the DFA Entities and
1956 Dimensional Fund Advisors Canada ULC.
----------------------------------------------------------------------------------------------------------
371
Term of Office/1/
Name and Year of and Length of
Birth Position Service Principal Occupation During Past 5 Years
-----------------------------------------------------------------------------------------------------------
Lawrence R. Spieth Vice President Since 2004 Vice President of all the DFA Entities.
1947
-----------------------------------------------------------------------------------------------------------
Richard H. Tatlow V Vice President Since 2013 Vice President of all the DFA Entities. Formerly,
1971 Regional Director for Dimensional Fund Advisors
LP (April 2010-January 2013).
-----------------------------------------------------------------------------------------------------------
Blake T. Tatsuta Vice President Since 2013 Vice President of all the DFA Entities. Formerly,
1973 Manager, Investment Analytics and Data (2012-
January 2013) and Research Assistant (2002-
2011) for Dimensional Fund Advisors LP.
-----------------------------------------------------------------------------------------------------------
Erik T. Totten Vice President Since 2013 Vice President of all the DFA Entities. Formerly,
1980 Regional Director (2010-January 2013) and
Senior Associate (2007-2009) for Dimensional
Fund Advisors LP.
-----------------------------------------------------------------------------------------------------------
John H. Totten Vice President Since 2012 Vice President of all the DFA Entities. Formerly,
1978 Regional Director for Dimensional Fund Advisors
LP (January 2008--January 2012).
-----------------------------------------------------------------------------------------------------------
Robert C. Trotter Vice President Since 2009 Vice President of all the DFA Entities.
1958
-----------------------------------------------------------------------------------------------------------
Dave C. Twardowski Vice President Since 2015 Vice President of all the DFA Entities. Formerly,
1982 Research Associate (June 2011-January 2015)
for Dimensional Fund Advisors LP; Research
Assistant at Dartmouth College (2009-2011).
-----------------------------------------------------------------------------------------------------------
Karen E. Umland Vice President Since 1997 Vice President of all the DFA Entities, DFA
1966 Australia Limited, Dimensional Fund Advisors
Ltd., and Dimensional Fund Advisors Canada
ULC.
-----------------------------------------------------------------------------------------------------------
Benjamin C. Walker Vice President Since 2014 Vice President of all the DFA Entities. Formerly,
1979 Regional Director for Dimensional Fund Advisors
LP (September 2008-January 2014).
-----------------------------------------------------------------------------------------------------------
Brian J. Walsh Vice President Since 2009 Vice President of all the DFA Entities. Portfolio
1970 Manager for Dimensional Fund Advisors LP
(since 2004).
-----------------------------------------------------------------------------------------------------------
Jessica Walton Vice President Since 2015 Vice President of all the DFA Entities. Formerly,
1974 Regional Director (January 2012-January 2015)
for Dimensional Fund Advisors LP; Director of
Marketing and Investor Relations for Treaty Oak
Capital Management (July 2011-October 2011);
Vice President for Rockspring Capital (October
2010-July 2011); Program Director for RevEurope
Payments (November 2008-October 2010).
-----------------------------------------------------------------------------------------------------------
Weston J. Wellington Vice President Since 1997 Vice President of all the DFA Entities.
1951
-----------------------------------------------------------------------------------------------------------
Ryan J. Wiley Vice President Since 2007 Vice President of all the DFA Entities.
1976
-----------------------------------------------------------------------------------------------------------
Stacey E. Winning Vice President Since 2015 Vice President of all the DFA Entities. Head of
1981 Global Recruiting and Development (since June
2014) for Dimensional Fund Advisors LP.
Formerly, Senior Manager, Recruiting (December
2012-June 2014) for Dimensional Fund Advisors
LP; Co-Head of Global Recruiting (May 2009-
November 2012) for Two Sigma Investments.
-----------------------------------------------------------------------------------------------------------
Paul E. Wise Vice President Since 2005 Vice President of all the DFA Entities.
1955
-----------------------------------------------------------------------------------------------------------
Joseph L. Young Vice President Since 2011 Vice President of all the DFA Entities. Formerly,
1978 Regional Director for Dimensional Fund Advisors
LP (2005-2010).
-----------------------------------------------------------------------------------------------------------
/1/ Each officer holds office for an indefinite term at the pleasure of the
Board of Directors and until his or her successor is elected and qualified.
372
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
A description of the policies and procedures that the Fund uses in voting
proxies relating to securities held in the portfolio is available (1) without
charge, upon request, by calling collect: (512) 306-7400; (2) from the
Advisor's website at http://us.dimensional.com; and (3) on the SEC's website at
http://www.sec.gov. Information regarding how the Advisor votes these proxies
is available from the EDGAR database on the SEC's website at http://www.sec.gov
and from the Advisor's website at http://us.dimensional.com and reflects the
twelve-month period beginning July 1st and ending June 30th.
373
NOTICE TO SHAREHOLDERS
(Unaudited)
For shareholders that do not have an October 31, 2015 tax year end, this notice
is for informational purposes only. For shareholders with and October 31, 2015
tax year end, please consult your tax advisor as to the pertinence of this
notice. For the fiscal year November 1, 2014 to October 31, 2015, each
Portfolio is designating the following items with regard to distributions paid
during the fiscal year. All designations are based on financial information
available as of the date of this annual report and, accordingly are subject to
change. For each item, it is the intention of the Portfolio to designate the
maximum amount permitted under the Internal Revenue Code and the regulations
thereunder.
Qualifying
For
Net Corporate
Investment Short-Term Long-Term Return Dividends
Income Capital Gain Capital Gain of Tax-Exempt Total Received
DFA Investment Dimensions Group Inc. Distributions Distributions Distributions Capital Interest Distributions Deduction(1)
------------------------------------ ------------- ------------- ------------- ------- ---------- ------------- ------------
Enhanced U.S. Large Company
Portfolio............................ 3% 37% 60% -- -- 100% --
US Large Cap Equity Portfolio......... 94% 3% -- -- -- 100% 100%
U.S. Large Cap Value Portfolio........ 72% -- 28% -- -- 100% 100%
U.S. Targeted Value Portfolio......... 23% 3% 74% -- -- 100% 100%
U.S. Small Cap Value Portfolio........ 23% -- 77% -- -- 100% 100%
U.S. Core Equity 1 Portfolio.......... 79% -- 21% -- -- 100% 100%
U.S. Core Equity 2 Portfolio.......... 70% -- 30% -- -- 100% 100%
U.S. Vector Equity Portfolio.......... 32% -- 68% -- -- 100% 100%
U.S. Small Cap Portfolio.............. 27% -- 73% -- -- 100% 100%
U.S. Micro Cap Portfolio.............. 13% -- 87% -- -- 100% 100%
DFA Real Estate Securities
Portfolio............................ 100% -- -- -- -- 100% 100%
Large Cap International Portfolio..... 100% -- -- -- -- 100% 100%
International Core Equity Portfolio... 100% -- -- -- -- 100% 100%
International Small Company
Portfolio............................ 43% 5% 51% -- -- 100% 100%
Japanese Small Company Portfolio...... 100% -- -- -- -- 100% 100%
Asia Pacific Small Company
Portfolio............................ 100% -- -- -- -- 100% 100%
United Kingdom Small Company
Portfolio............................ 32% 1% 67% -- -- 100% 100%
Continental Small Company
Portfolio............................ 100% -- -- -- -- 100% 100%
DFA International Real Estate
Securities Portfolio................. 100% -- -- -- -- 100% 100%
DFA Global Real Estate Securities
Portfolio............................ 100% -- -- -- -- 100% 100%
DFA International Small Cap Value
Portfolio............................ 52% -- 48% -- -- 100% 100%
International Vector Equity Portfolio. 76% 2% 22% -- -- 100% 100%
World ex U.S. Value Portfolio......... 100% -- -- -- -- 100% 100%
World ex U.S. Targeted Value
Portfolio**.......................... 91% -- 9% -- -- 100% 100%
World ex U.S. Core Equity
Portfolio**.......................... 100% -- -- -- -- 100% 100%
Qualifying
Short-
Qualifying U.S. Foreign Foreign Qualifying Term
Dividend Government Tax Source Interest Capital
DFA Investment Dimensions Group Inc. Income(2) Interest(3) Credit(4) Income(5) Income(6) Gain(7)
------------------------------------ ---------- ----------- --------- --------- ---------- ----------
Enhanced U.S. Large Company
Portfolio............................ -- 5% -- -- 100% 100%
US Large Cap Equity Portfolio......... 100% -- -- -- 100% 100%
U.S. Large Cap Value Portfolio........ 100% -- -- -- 100% 100%
U.S. Targeted Value Portfolio......... 100% -- -- -- 100% 100%
U.S. Small Cap Value Portfolio........ 100% -- -- -- 100% 100%
U.S. Core Equity 1 Portfolio.......... 100% -- -- -- 100% 100%
U.S. Core Equity 2 Portfolio.......... 100% -- -- -- 100% 100%
U.S. Vector Equity Portfolio.......... 100% -- -- -- 100% 100%
U.S. Small Cap Portfolio.............. 100% -- -- -- 100% 100%
U.S. Micro Cap Portfolio.............. 100% -- -- -- 100% 100%
DFA Real Estate Securities
Portfolio............................ 100% -- -- -- 100% 100%
Large Cap International Portfolio..... 100% -- 4% 100% 100% 100%
International Core Equity Portfolio... 100% -- 4% 100% 100% 100%
International Small Company
Portfolio............................ 100% -- 5% 100% 100% 100%
Japanese Small Company Portfolio...... 100% -- 12% 100% 100% 100%
Asia Pacific Small Company
Portfolio............................ 100% -- 2% 100% 100% 100%
United Kingdom Small Company
Portfolio............................ 100% -- -- 100% 100% 100%
Continental Small Company
Portfolio............................ 100% -- 8% 100% 100% 100%
DFA International Real Estate
Securities Portfolio................. 100% -- 10% 100% 100% 100%
DFA Global Real Estate Securities
Portfolio............................ 100% -- 2% 3% 100% 100%
DFA International Small Cap Value
Portfolio............................ 100% -- 5% 100% 100% 100%
International Vector Equity Portfolio. 100% -- 5% 100% 100% 100%
World ex U.S. Value Portfolio......... 100% -- 5% 100% 100% 100%
World ex U.S. Targeted Value
Portfolio**.......................... 100% -- 3% 59% 100% 100%
World ex U.S. Core Equity
Portfolio**.......................... 100% -- -- 0% 100% 100%
374
Qualifying
For
Net Corporate
Investment Short-Term Long-Term Return Dividends
Income Capital Gain Capital Gain of Tax-Exempt Total Received
DFA Investment Dimensions Group Inc. Distributions Distributions Distributions Capital Interest Distributions Deduction(1)
------------------------------------ ------------- ------------- ------------- ------- ---------- ------------- ------------
World Core Equity Portfolio (formerly
Dimensional Retirement Equity
Fund II)............................. 92% -- 8% -- -- 100% 100%
Selectively Hedged Global Equity
Portfolio............................ 68% 5% 27% -- -- 100% 100%
Emerging Markets Portfolio............ 100% -- -- -- -- 100% 100%
Emerging Markets Small Cap
Portfolio............................ 53% 2% 45% -- -- 100% 100%
Emerging Markets Value Portfolio...... 100% -- -- -- -- 100% 100%
Emerging Markets Core Equity
Portfolio............................ 100% -- -- -- -- 100% 100%
DFA Commodity Strategy Portfolio...... 91% -- 9% -- -- 100% 100%
Dimensional Investment Group
Inc. --
DFA International Value Portfolio..... 100% -- -- -- -- 100% 100%
U.S. Large Company Portfolio.......... 94% -- 6% -- -- 100% 100%
Qualifying
Short-
Qualifying U.S. Foreign Foreign Qualifying Term
Dividend Government Tax Source Interest Capital
DFA Investment Dimensions Group Inc. Income(2) Interest(3) Credit(4) Income(5) Income(6) Gain(7)
------------------------------------ ---------- ----------- --------- --------- ---------- ----------
World Core Equity Portfolio (formerly
Dimensional Retirement Equity
Fund II)............................. 100% -- 3% 62% 100% 100%
Selectively Hedged Global Equity
Portfolio............................ 100% -- 2% 39% 100% 100%
Emerging Markets Portfolio............ 100% -- 7% 100% 100% 100%
Emerging Markets Small Cap
Portfolio............................ 100% -- 4% 100% 100% 100%
Emerging Markets Value Portfolio...... 100% -- 7% 100% 100% 100%
Emerging Markets Core Equity
Portfolio............................ 100% -- 6% 100% 100% 100%
DFA Commodity Strategy Portfolio...... 100% 15% -- -- 100% 100%
Dimensional Investment Group
Inc.
DFA International Value Portfolio..... 100% -- 4% 100% 100% 100%
U.S. Large Company Portfolio.......... 100% -- -- -- 100% 100%
----------
(1)Qualifying dividends represent dividends which qualify for the corporate
dividends received deduction and is reflected as a percentage of ordinary
income distributions (the total of short-term capital gain and net
investment income distributions).
(2)The percentage in this column represents the amount of "Qualifying Dividend
Income" as created by the Jobs and Growth Tax Relief Reconciliation Act of
2003 and is reflected as a percentage of ordinary income distributions (the
total of short-term capital gain and net investment income distributions).
Please note that these percentages are designated only, refer to your 1099
for actual qualified dividend income.
(3)"U.S. Government Interest" represents the amount of interest that was
derived from direct U.S. Government obligations and distributed during the
fiscal year. This amount is reflected as a percentage of total ordinary
income distributions (the total of short-term capital gain and net
investment income distributions). Generally, interest from direct U.S.
Government obligations is exempt from state income tax.
(4)"Foreign Tax Credit" represents dividends which qualify for the foreign tax
credit pass through and is reflected as a percentage of investment company
taxable income.
(5)"Foreign Source Income" represents the portion of dividends derived from
foreign sources, and is reflected as a percentage of investment company
taxable income.
(6)The percentage in this column represents the amount of "Qualifying Interest
Income" as created by The American Jobs Creation Act of 2004. The
information is reflected as a percentage ordinary income distributions (the
total of short-term capital gain and net investment income distributions).
(7)The percentage in this column represents the amount of "Qualifying
Short-Term Capital Gain" as created by The American Jobs Creation Act of
2004. The information is reflected as a percentage of ordinary income
distributions (the total of short-term capital gain and net investment
income distributions).
375
DFA103115-001A
[LOGO] 00157599
ITEM 2.CODE OF ETHICS.
The Registrant has adopted, as of the end of the period covered by this Form
N-CSR (the "Report"), a code of ethics that applies to the Registrant's
principal executive officer and principal financial officer (the "Code of
Business Ethics"). The Registrant has not made any substantive amendments to
the Code of Business Ethics during the period covered by this Report. The
Registrant also has not granted any waiver from any provisions of the Code of
Business Ethics during the period covered by this Report. A copy of the Code of
Business Ethics is filed as an exhibit to this Report.
ITEM 3.AUDIT COMMITTEE FINANCIAL EXPERT.
The Registrant's Board of Trustees has determined that Abbie J. Smith possesses
the technical attributes to qualify as an "audit committee financial expert"
serving on the Registrant's Audit Committee and has designated Ms. Smith as the
"audit committee financial expert." Ms. Smith earned a Ph.D. in Accounting, and
has taught Accounting at the graduate level since 1980. Ms. Smith's education
and career have provided her with an understanding of generally accepted
accounting principles and financial statements; the ability to assess the
general application of such principles in connection with the accounting for
estimates, accruals and reserves; and experience preparing, analyzing and
evaluating financial statements that present a breadth and level of complexity
of issues that can reasonably be expected to be raised by the Registrant's
financial statements. In addition, Ms. Smith has served on the boards of
directors and audit committees of entities other than the Registrant. Ms. Smith
is independent under the standards set forth in Item 3 of Form N-CSR.
ITEM 4.PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a)Audit Fees
Fiscal Year Ended October 31, 2015: $20,393
Fiscal Year Ended October 31, 2014: $19,430
(b)Audit-Related Fees
Fees for Registrant Fiscal Year Ended October 31, 2015: $1,566
Fiscal Year Ended October 31, 2014: $1,580
For fiscal years ended October 31, 2015 and October 31, 2014, Audit-Related
Fees included fees for services related to limited procedures performed in
connection with the production of the Registrant's semi-annual financial
statements.
Audit-Related Fees required to be approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X
Fiscal Year Ended October 31, 2015: $172,000
Fiscal Year Ended October 31, 2014: $165,000
For the fiscal years ended October 31, 2015 and October 31, 2014,
Audit-Related Fees required to be approved pursuant to paragraph (c)(7)(ii)
of Rule 2-01 of Regulation S-X included fees for services rendered in
connection with the issuance of a Type II SSAE 16 over controls at the
Registrant's investment adviser.
(c)Tax Fees
Fees for Registrant Fiscal Year Ended October 31, 2015: $5,628
Fiscal Year Ended October 31, 2014: $8,447
Tax Fees included, for the fiscal years ended October 31, 2015 and
October 31, 2014, fees for tax services in connection with the Registrant's
excise tax calculations, limited review of the Registrant's applicable tax
returns and capital gains tax services in India.
There were no Tax Fees required to be approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal years indicated
above.
(d)All Other Fees
Fees for Registrant Fiscal Year Ended October 31, 2015: $0
Fiscal Year Ended October 31, 2014: $0
There were no "All Other Fees" required to be approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal years indicated
above.
(e)(1) Audit Committee's Pre-Approval Policies and Procedures
Pre-Approval Policies and Procedures
as adopted by the
Audit Committees
of
DFA Investment Dimensions Group Inc.
Dimensional Emerging Markets Value Fund
Dimensional Investment Group Inc.
The DFA Investment Trust Company
(together, the "Funds")
The Sarbanes-Oxley Act of 2002 (the "Act") and the rules (the "Rules")
adopted by the U.S. Securities and Exchange Commission (the "SEC") require
that the Funds' Audit Committees (together, the "Committee") pre-approve all
audit services and non-audit services provided to the Funds by their
independent registered public accounting firm (the "Auditor"). The Act and
the Rules also require that the Committee pre-approve all non-audit services
provided by the Auditor to Dimensional Fund Advisors LP ("Dimensional"), the
Funds' investment advisor, and to affiliates of Dimensional that provide
ongoing services to the Funds (with Dimensional, together the "Service
Affiliates") if the services directly impact the Funds' operations and
financial reporting.
The following policies and procedures govern the ways in which the Committee
will pre-approve audit and various types of non-audit services that the
Auditor provides to the Funds and to Service Affiliates. These policies and
procedures do not apply in the case of audit services that the Auditor
provides to Service Affiliates, nor do they apply to services that an audit
firm other than the Auditor provides to such entities.
These policies and procedures comply with the requirements for pre-approval,
but also provide mechanisms by which management of the Funds may request and
secure pre-approval of audit and non-audit services in an orderly manner
with minimal disruption to normal business operations. Pre-approval of
non-audit services may be achieved through a combination of the procedures
described in Sections C and D below.
A. General
1. The Committee must pre-approve all audit services and non-audit
services that the Auditor provides to the Funds.
2. The Committee must pre-approve any engagement of the Auditor to
provide non-audit services to any Service Affiliate during the period
of the Auditor's engagement to provide audit services to the Funds,
if the non-audit services to the Service Affiliate directly impact
the Funds' operations and financial reporting.
B. Pre-Approval of Audit Services to the Funds
1. The Committee shall approve the engagement of an independent
registered public accounting firm to certify the Funds' financial
statements for each fiscal year (the "Engagement"). The approval of
the Engagement shall not be delegated to a Designated Member (as that
term is defined in Section D below). In approving the Engagement, the
Committee shall obtain, review and consider sufficient information
concerning the proposed Auditor to enable the Committee to make a
reasonable evaluation of the Auditor's qualifications and
independence. The Committee also shall consider the Auditor's
proposed fees for the Engagement, in light of the scope and nature of
the audit services that the Funds will receive.
2. The Committee shall report to the Boards of Directors/Trustees of the
Funds (together, the "Board") regarding its approval of the
Engagement and of the proposed fees for the Engagement, and the basis
for such approval.
3. Unless otherwise in accordance with applicable law, the Engagement,
in any event, shall require that the Auditor be selected by the vote,
cast in person, of a majority of the members of the Board who are not
"interested persons" of the Funds (as that term is defined in
Section 2(a)(19) of the Investment Company Act of 1940) (the
"Independent Directors").
C. Pre-Approval of Non-Audit Services to the Funds and to Service
Affiliates--by Types of Services
1. The Committee may pre-approve types of non-audit services (including
tax services) to the Funds and their Service Affiliates pursuant to
this Section C.
2. Annually, at such time as the Committee considers the Engagement of
the Auditor, management of the Funds, in consultation with the
Auditor, shall provide to the Committee, for its consideration and
action, the following: (a) a list of those types of non-audit
services, if any, that the Funds may request from the Auditor during
the fiscal year; and (b) a list of those types of non-audit services
directly impacting the Funds' operations and financial reporting that
Service Affiliates may request from the Auditor during the fiscal
year.
3. The lists submitted to the Committee shall describe the types of
non-audit services in reasonable detail (which may include a range of
tax services) and shall include an estimated budget (or budgeted
range) of fees, where possible, and such other information as the
Committee may request. If management and the Auditor desire the
Committee to preapprove the furnishing of a range of tax services,
the Auditor shall provide an estimated range of fees for such tax
services for the consideration and approval by the Committee.
4. The Committee's pre-approval of the types of non-audit services
submitted pursuant to this Section C shall constitute authorization
for management of the Funds to utilize the Auditor for the types of
non-audit services so pre-approved, if needed or desired during the
fiscal year.
5. A list of the types of non-audit services pre-approved by the
Committee pursuant to this Section C will be distributed to
management of the Service Affiliates and the appropriate partners of
the Auditor. Periodically, the Auditor will discuss with the
Committee those non-audit services that have been or are being
provided pursuant to this Section C.
D. Pre-Approval of Non-Audit Services to the Funds and to Service
Affiliates--Project-by-Project Basis
1. The Committee also may pre-approve non-audit services on a
project-by-project basis pursuant to this Section D.
2. Management of the Funds, in consultation with the Auditor, may submit
either to the Committee or to the Designated Member, as provided in
this Section D, for their consideration and action, a pre-approval
request identifying one or more non-audit service projects. The
request so submitted shall describe the project(s) in reasonable
detail and shall include an estimated budget (or budgeted range) of
fees and such other information as the Committee or the Designated
Member, as appropriate, shall request.
3. The Committee, from time to time, shall designate one or more of its
members who are Independent Directors (each a "Designated Member") to
consider, on the Committee's behalf, any non-audit services, whether
to the Funds or to any Service Affiliate, that have not been
pre-approved by the Committee. The Designated Member also shall
review, on the Committee's behalf, any proposed material change in
the nature or extent of any non-audit services previously approved.
The Funds' management, in consultation with the Auditor, shall
explain why such non-audit services or material change in non-audit
services are necessary and appropriate and the anticipated costs
thereof.
4. The Designated Member will review the requested non-audit services or
proposed material change in such services and will either:
(a)pre-approve, pre-approve subject to conditions, or disapprove any
such requested services, or any proposed material change in
services, whether to the Funds or to a Service Affiliate; or
(b)refer such matter to the full Committee for its consideration and
action.
In considering any requested non-audit services or proposed material
change in such services, the Designated Member's authority shall be
limited to approving non-audit services or proposed material changes
that do not exceed $10,000 in value.
5. The Designated Member's pre-approval (or pre-approval subject to
conditions) of the requested non-audit services or proposed material
change in services pursuant to this Section D shall constitute
authorization for the management of the Funds or the Service
Affiliate, as the case may be, to utilize the Auditor for the
non-audit services so pre-approved. Any action by the Designated
Member in approving a requested non-audit service shall be presented
for ratification by the Committee not later than at its next
scheduled meeting. If the Designated Member does not approve the
Auditor providing the requested non-audit service, the matter may be
presented to the full Committee for its consideration and action.
E. Amendment; Annual Review
1. The Committee may amend these procedures from time to time.
2. These procedures shall be reviewed annually by the Committee.
F. Recordkeeping
1. The Funds shall maintain a written record of all decisions made by
the Committee or by a Designated Member pursuant to these procedures,
together with appropriate supporting materials.
2. In connection with the approval of any non-audit service pursuant to
the de minimis exception provided in the Rules, a record shall be
made indicating that each of the conditions for this exception, as
set forth in the Rules, has been satisfied.
3. A copy of these Procedures (and of any amendments to these
Procedures) shall be maintained and preserved permanently in an
easily accessible place. The written records referred to in
paragraphs 1 and 2 of this Section F shall be maintained and
preserved for six years from the end of the fiscal year in which the
actions recorded were taken, for at least the first two years in an
easily accessible location.
(e)(2)The fees disclosed in Items 4(b), 4(c) or 4(d) were approved by the
Registrant's Audit Committee but not pursuant to paragraph
(c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f)The percentage of hours expended on the principal accountant's
engagement to audit the Registrant's financial statements for the fiscal
year ended October 31, 2015 that were attributed to work performed by
persons other than the principal accountant's full time, permanent
employees was not greater than 50%.
(g)Aggregate Non-Audit Fees
Fiscal Year Ended October 31, 2015: $1,485,185
Fiscal Year Ended October 31, 2014: $2,218,385
(h)The Registrant's Audit Committee has considered whether the provision of
non-audit services that were rendered to the Registrant's investment
adviser, and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to
the Registrant, that were not pre-approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining
the principal accountant's independence.
ITEM 5.AUDIT COMMITTEE OF LISTED REGISTRANTS.
This item is not applicable to the Registrant because it is not a listed issuer.
ITEM 6.INVESTMENTS.
(a)The Registrant's schedule of investments is provided below.
DIMENSIONAL EMERGING MARKETS VALUE FUND
SCHEDULE OF INVESTMENTS
OCTOBER 31, 2015
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ----------- ---------------
COMMON STOCKS -- (90.4%)
BRAZIL -- (4.3%)
Aliansce Shopping Centers SA................................ 275,800 $ 747,175 0.0%
* B2W Cia Digital............................................. 66,400 250,790 0.0%
Banco Alfa de Investimento SA............................... 62,900 136,960 0.0%
Banco Bradesco SA........................................... 62,900 382,519 0.0%
Banco do Brasil SA.......................................... 11,415,973 47,309,597 0.3%
Banco Santander Brasil SA................................... 44,400 159,243 0.0%
BM&FBovespa SA.............................................. 27,909,603 82,522,759 0.6%
Brasil Brokers Participacoes SA............................. 1,311,600 510,080 0.0%
BrasilAgro - Co. Brasileira de Propriedades Agricolas....... 14,300 39,664 0.0%
# Braskem SA Sponsored ADR.................................... 519,811 5,795,893 0.1%
Cia Siderurgica Nacional SA................................. 5,922,362 6,660,738 0.1%
Contax Participacoes SA..................................... 47,200 18,352 0.0%
Cosan SA Industria e Comercio............................... 1,651,151 10,574,120 0.1%
CR2 Empreendimentos Imobiliarios SA......................... 63,100 39,493 0.0%
Cyrela Brazil Realty SA Empreendimentos e Participacoes..... 3,631,878 8,435,264 0.1%
Direcional Engenharia SA.................................... 1,668,761 1,531,615 0.0%
Duratex SA.................................................. 2,815,360 4,670,597 0.0%
Embraer SA.................................................. 513,596 3,764,535 0.0%
Embraer SA ADR.............................................. 160,017 4,699,699 0.0%
Eternit SA.................................................. 267,002 155,056 0.0%
Even Construtora e Incorporadora SA......................... 6,517,239 6,757,967 0.1%
Ez Tec Empreendimentos e Participacoes SA................... 921,463 3,033,221 0.0%
Fibria Celulose SA.......................................... 2,166,905 29,570,733 0.2%
# Fibria Celulose SA Sponsored ADR............................ 3,529,117 47,713,662 0.3%
#* Gafisa SA ADR............................................... 2,278,791 2,939,640 0.0%
* General Shopping Brasil SA.................................. 10,930 7,061 0.0%
Gerdau SA................................................... 1,988,763 2,113,575 0.0%
# Gerdau SA Sponsored ADR..................................... 14,337,956 19,929,759 0.1%
Guararapes Confeccoes SA.................................... 47,100 592,267 0.0%
Helbor Empreendimentos SA................................... 1,207,289 638,733 0.0%
* Hypermarcas SA.............................................. 3,359,966 15,239,712 0.1%
Industrias Romi SA.......................................... 29,132 13,365 0.0%
* International Meal Co. Alimentacao SA....................... 244,400 294,747 0.0%
Iochpe Maxion SA............................................ 1,023,312 4,243,787 0.0%
JBS SA...................................................... 14,818,377 54,705,353 0.4%
JHSF Participacoes SA....................................... 1,117,774 507,023 0.0%
Kepler Weber SA............................................. 12,200 72,240 0.0%
Klabin SA................................................... 2,345,749 13,333,707 0.1%
Kroton Educacional SA....................................... 7,621,545 19,473,879 0.1%
* Log-in Logistica Intermodal SA.............................. 811,900 157,833 0.0%
LPS Brasil Consultoria de Imoveis SA........................ 97,200 52,910 0.0%
* Magnesita Refratarios SA.................................... 3,289,766 2,219,393 0.0%
Mahle-Metal Leve SA......................................... 48,900 296,848 0.0%
Makira Empreendimentos SA................................... 13,522,500 346,826 0.0%
* Marfrig Global Foods SA..................................... 5,157,244 8,518,734 0.1%
Marisa Lojas SA............................................. 6,200 10,458 0.0%
* Mills Estruturas e Servicos de Engenharia SA................ 440,046 510,995 0.0%
MRV Engenharia e Participacoes SA........................... 7,237,624 13,920,380 0.1%
* Paranapanema SA............................................. 3,945,543 2,854,538 0.0%
* PDG Realty SA Empreendimentos e Participacoes............... 310,130 163,675 0.0%
* Petroleo Brasileiro SA...................................... 8,577,364 20,836,319 0.1%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ------------ ---------------
BRAZIL -- (Continued)
#* Petroleo Brasileiro SA Sponsored ADR........................ 21,223,195 $103,569,192 0.7%
Porto Seguro SA............................................. 629,104 5,272,575 0.0%
* Profarma Distribuidora de Produtos Farmaceuticos SA......... 62,025 96,111 0.0%
QGEP Participacoes SA....................................... 1,295,566 2,001,785 0.0%
Rodobens Negocios Imobiliarios SA........................... 280,316 348,558 0.0%
* Rumo Logistica Operadora Multimodal SA...................... 430,469 819,162 0.0%
Santos Brasil Participacoes SA.............................. 146,000 541,007 0.0%
Sao Carlos Empreendimentos e Participacoes SA............... 39,000 232,574 0.0%
Sao Martinho SA............................................. 473,351 5,450,224 0.0%
SLC Agricola SA............................................. 1,141,191 5,092,922 0.0%
* Springs Global Participacoes SA............................. 236,300 183,858 0.0%
Sul America SA.............................................. 1,603,935 7,869,479 0.1%
Technos SA.................................................. 39,400 39,846 0.0%
Tecnisa SA.................................................. 2,289,757 1,733,690 0.0%
* Tereos Internacional SA..................................... 595,672 80,256 0.0%
TPI - Triunfo Participacoes e Investimentos SA.............. 445,500 344,290 0.0%
Trisul SA................................................... 48,261 30,675 0.0%
Usinas Siderurgicas de Minas Gerais SA...................... 524,300 1,074,519 0.0%
Vale SA..................................................... 6,282,401 27,780,898 0.2%
Vale SA Sponsored ADR....................................... 19,427,065 84,702,003 0.6%
* Vanguarda Agro SA........................................... 98,533 374,107 0.0%
Via Varejo SA............................................... 167,924 126,514 0.0%
------------ ---
TOTAL BRAZIL.................................................... 697,237,734 4.6%
------------ ---
CHILE -- (1.5%)
Bupa Chile SA............................................... 168,414 131,168 0.0%
CAP SA...................................................... 355,752 941,019 0.0%
Cementos BIO BIO SA......................................... 665,307 476,230 0.0%
Cencosud SA................................................. 7,931,018 17,389,880 0.1%
Cencosud SA ADR............................................. 56,591 372,369 0.0%
* Cia Sud Americana de Vapores SA............................. 94,126,279 2,283,165 0.0%
Cintac SA................................................... 155,202 23,015 0.0%
Corpbanca SA................................................ 933,647,228 8,562,859 0.1%
Cristalerias de Chile SA.................................... 264,624 1,773,523 0.0%
Embotelladora Andina SA Class A ADR......................... 15,478 276,592 0.0%
Empresa Nacional de Telecomunicaciones SA................... 2,318 21,464 0.0%
Empresas CMPC SA............................................ 20,178,327 49,724,728 0.3%
Empresas COPEC SA........................................... 2,275,155 21,223,799 0.2%
Empresas Hites SA........................................... 1,794,180 592,292 0.0%
Enersis SA.................................................. 78,343,920 20,729,277 0.1%
Enersis SA Sponsored ADR.................................... 5,571,144 73,817,658 0.5%
Gasco SA.................................................... 161,080 1,091,135 0.0%
Grupo Security SA........................................... 1,143,589 323,054 0.0%
Inversiones Aguas Metropolitanas SA......................... 5,939,333 8,457,410 0.1%
* Latam Airlines Group SA..................................... 1,711,683 9,159,511 0.1%
#* Latam Airlines Group SA Sponsored ADR....................... 1,133,277 6,244,356 0.1%
Masisa SA................................................... 43,593,930 1,161,845 0.0%
PAZ Corp. SA................................................ 2,201,345 951,836 0.0%
Ripley Corp. SA............................................. 12,743,402 4,219,023 0.0%
Salfacorp SA................................................ 2,599,267 1,424,097 0.0%
Sigdo Koppers SA............................................ 76,067 91,449 0.0%
Sociedad Matriz SAAM SA..................................... 52,439,424 3,418,661 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ------------ ---------------
CHILE -- (Continued)
Sociedad Quimica y Minera de Chile SA Class A............... 2,374 $ 66,725 0.0%
Socovesa SA................................................. 5,773,726 1,000,602 0.0%
* Tech Pack SA................................................ 626,034 205,368 0.0%
Vina Concha y Toro SA....................................... 1,128,687 1,920,005 0.0%
Vina San Pedro Tarapaca SA.................................. 6,292,604 49,414 0.0%
------------ ---
TOTAL CHILE..................................................... 238,123,529 1.6%
------------ ---
CHINA -- (14.0%)
361 Degrees International, Ltd.............................. 9,028,000 3,203,616 0.0%
# Agile Property Holdings, Ltd................................ 21,094,999 11,456,204 0.1%
Agricultural Bank of China, Ltd. Class H.................... 199,469,000 81,821,460 0.6%
Air China, Ltd. Class H..................................... 5,788,000 5,582,531 0.1%
* Aluminum Corp. of China, Ltd. ADR........................... 132,794 1,066,336 0.0%
#* Aluminum Corp. of China, Ltd. Class H....................... 3,580,000 1,153,058 0.0%
AMVIG Holdings, Ltd......................................... 5,353,100 2,480,386 0.0%
# Angang Steel Co., Ltd. Class H.............................. 7,956,640 3,306,274 0.0%
Anhui Tianda Oil Pipe Co., Ltd. Class H..................... 1,032,412 187,392 0.0%
#* Anton Oilfield Services Group............................... 342,000 45,696 0.0%
#* Anxin-China Holdings, Ltd................................... 6,152,000 114,649 0.0%
Asia Cement China Holdings Corp............................. 7,273,000 2,278,222 0.0%
#* Asian Citrus Holdings, Ltd.................................. 4,633,000 607,773 0.0%
# AVIC International Holdings, Ltd. Class H................... 3,180,000 1,805,051 0.0%
Bank of China, Ltd. Class H................................. 579,431,817 273,237,620 1.8%
Bank of Chongqing Co., Ltd. Class H......................... 186,000 139,908 0.0%
Bank of Communications Co., Ltd. Class H.................... 53,626,574 39,485,981 0.3%
# Baoye Group Co., Ltd. Class H............................... 2,825,120 1,945,662 0.0%
# BBMG Corp. Class H.......................................... 5,844,500 4,103,178 0.0%
Beijing Capital International Airport Co., Ltd. Class H..... 10,209,599 10,914,715 0.1%
Beijing Capital Land, Ltd. Class H.......................... 14,667,060 7,057,199 0.1%
Beijing Enterprises Holdings, Ltd........................... 2,013,500 12,658,986 0.1%
# Beijing North Star Co., Ltd. Class H........................ 5,734,000 1,865,952 0.0%
# Bosideng International Holdings, Ltd........................ 5,578,000 538,303 0.0%
* BYD Electronic International Co., Ltd....................... 5,098,636 3,332,093 0.0%
C C Land Holdings, Ltd...................................... 18,071,286 4,622,457 0.0%
Carrianna Group Holdings Co., Ltd........................... 3,880,391 404,467 0.0%
Central China Real Estate, Ltd.............................. 8,101,350 1,626,792 0.0%
Changshouhua Food Co., Ltd.................................. 70,000 42,204 0.0%
#* Chaoda Modern Agriculture Holdings, Ltd..................... 10,257,412 466,920 0.0%
* Chigo Holding, Ltd.......................................... 37,176,000 622,086 0.0%
# China Aerospace International Holdings, Ltd................. 26,144,000 3,790,283 0.0%
#* China Agri-Industries Holdings, Ltd......................... 15,915,500 5,842,855 0.1%
China Aoyuan Property Group, Ltd............................ 14,029,000 3,119,490 0.0%
* China Automation Group, Ltd................................. 4,235,000 461,909 0.0%
China BlueChemical, Ltd. Class H............................ 5,236,878 1,555,143 0.0%
China Child Care Corp., Ltd................................. 700,000 94,636 0.0%
China Cinda Asset Management Co., Ltd. Class H.............. 574,000 223,169 0.0%
* China CITIC Bank Corp., Ltd. Class H........................ 21,545,112 13,960,380 0.1%
# China Coal Energy Co., Ltd. Class H......................... 29,026,000 12,422,114 0.1%
China Communications Construction Co., Ltd. Class H......... 20,785,327 28,687,626 0.2%
China Communications Services Corp., Ltd. Class H........... 29,289,071 11,674,045 0.1%
China Construction Bank Corp. Class H....................... 567,119,101 411,022,909 2.7%
#* China COSCO Holdings Co., Ltd. Class H...................... 4,554,000 2,586,672 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ----------- ---------------
CHINA -- (Continued)
#* China Culiangwang Beverages Holdings, Ltd................... 9,684,600 $ 160,559 0.0%
* China Dredging Environment Protection Holdings, Ltd......... 974,000 136,420 0.0%
China Everbright, Ltd....................................... 6,043,869 14,224,517 0.1%
#* China Fiber Optic Network System Group, Ltd................. 1,598,000 190,834 0.0%
China Financial Services Holdings, Ltd...................... 1,046,000 73,793 0.0%
China Galaxy Securities Co., Ltd. Class H................... 773,500 669,505 0.0%
* China Glass Holdings, Ltd................................... 8,554,000 1,175,229 0.0%
* China High Precision Automation Group, Ltd.................. 429,000 12,661 0.0%
* China High Speed Transmission Equipment Group Co., Ltd...... 9,646,000 8,596,618 0.1%
# China Hongqiao Group, Ltd................................... 4,601,500 2,389,990 0.0%
* China Household Holdings, Ltd............................... 8,420,000 276,510 0.0%
* China Huiyuan Juice Group, Ltd.............................. 356,483 160,377 0.0%
* China ITS Holdings Co., Ltd................................. 5,486,147 676,296 0.0%
# China Jinmao Holdings Group, Ltd............................ 46,488,580 12,804,135 0.1%
#* China Lumena New Materials Corp............................. 52,602,000 -- 0.0%
China Merchants Holdings International Co., Ltd............. 4,838,049 16,036,055 0.1%
# China Merchants Land, Ltd................................... 9,260,000 1,962,479 0.0%
* China Metal Recycling Holdings, Ltd......................... 3,259,800 743,597 0.0%
China Minsheng Banking Corp., Ltd. Class H.................. 13,173,500 13,272,693 0.1%
China National Building Material Co., Ltd. Class H.......... 35,850,000 22,182,383 0.2%
# China National Materials Co., Ltd. Class H.................. 14,153,000 3,395,581 0.0%
#* China New Town Development Co., Ltd......................... 11,778,022 475,756 0.0%
#* China Oil & Gas Group, Ltd.................................. 4,300,000 298,748 0.0%
* China Oriental Group Co., Ltd............................... 26,000 730 0.0%
# China Overseas Grand Oceans Group, Ltd...................... 2,692,000 854,073 0.0%
China Petroleum & Chemical Corp. ADR........................ 1,111,578 80,122,528 0.5%
China Petroleum & Chemical Corp. Class H.................... 45,299,575 32,653,930 0.2%
#* China Precious Metal Resources Holdings Co., Ltd............ 25,868,000 1,128,989 0.0%
* China Properties Group, Ltd................................. 5,572,000 1,147,658 0.0%
China Railway Construction Corp., Ltd. Class H.............. 9,666,014 14,448,612 0.1%
China Railway Group, Ltd. Class H........................... 5,411,000 5,097,073 0.1%
#* China Rare Earth Holdings, Ltd.............................. 14,010,600 1,274,184 0.0%
China Resources Beer Holdings Company, Ltd.................. 958,652 1,807,632 0.0%
#* China Sanjiang Fine Chemicals Co., Ltd...................... 587,000 123,737 0.0%
China SCE Property Holdings, Ltd............................ 6,192,000 1,356,704 0.0%
#* China Shanshui Cement Group, Ltd............................ 19,122,000 10,214,058 0.1%
China Shenhua Energy Co., Ltd. Class H...................... 6,445,000 10,843,878 0.1%
#* China Shipping Container Lines Co., Ltd. Class H............ 8,533,700 3,497,110 0.0%
# China South City Holdings, Ltd.............................. 6,598,000 1,573,517 0.0%
# China Southern Airlines Co., Ltd. Class H................... 6,818,000 5,785,562 0.1%
China Starch Holdings, Ltd.................................. 18,995,000 398,408 0.0%
* China Taifeng Beddings Holdings, Ltd........................ 640,000 33,443 0.0%
* China Tianyi Holdings, Ltd.................................. 3,332,000 385,871 0.0%
China Travel International Investment Hong Kong, Ltd........ 25,107,631 11,348,244 0.1%
China Unicom Hong Kong, Ltd................................. 1,616,000 1,965,284 0.0%
# China Unicom Hong Kong, Ltd. ADR............................ 7,257,121 89,117,446 0.6%
* China Vanadium Titano - Magnetite Mining Co., Ltd........... 13,229,000 526,579 0.0%
#* China Yurun Food Group, Ltd................................. 6,794,000 1,446,831 0.0%
# China ZhengTong Auto Services Holdings, Ltd................. 9,007,500 4,031,057 0.0%
# China Zhongwang Holdings, Ltd............................... 19,117,354 8,468,715 0.1%
Chongqing Machinery & Electric Co., Ltd. Class H............ 13,042,000 1,856,127 0.0%
Chongqing Rural Commercial Bank Co., Ltd. Class H........... 15,440,000 9,617,393 0.1%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ----------- ---------------
CHINA -- (Continued)
* Chu Kong Petroleum & Natural Gas Steel Pipe Holdings, Ltd.... 1,188,000 $ 201,361 0.0%
CIFI Holdings Group Co., Ltd................................. 3,766,000 803,673 0.0%
* CITIC Dameng Holdings, Ltd................................... 796,000 66,377 0.0%
#* CITIC Resources Holdings, Ltd................................ 22,396,000 3,336,838 0.0%
CITIC, Ltd................................................... 19,467,483 36,346,740 0.3%
#* Citychamp Watch & Jewellery Group, Ltd....................... 17,123,108 2,653,912 0.0%
Clear Media, Ltd............................................. 391,000 393,022 0.0%
CNOOC, Ltd................................................... 48,474,000 54,625,931 0.4%
CNOOC, Ltd. Sponsored ADR.................................... 105,176 11,956,408 0.1%
# Comba Telecom Systems Holdings, Ltd.......................... 2,964,499 608,881 0.0%
#* Comtec Solar Systems Group, Ltd.............................. 8,120,000 740,366 0.0%
# Cosco International Holdings, Ltd............................ 5,648,000 3,250,081 0.0%
# COSCO Pacific, Ltd........................................... 18,915,006 24,470,462 0.2%
Country Garden Holdings Co., Ltd............................. 13,865,800 5,266,707 0.1%
# CPMC Holdings, Ltd........................................... 217,000 121,377 0.0%
* DaChan Food Asia, Ltd........................................ 3,195,000 358,162 0.0%
# Dah Chong Hong Holdings, Ltd................................. 2,843,000 1,287,842 0.0%
# Dalian Port PDA Co., Ltd. Class H............................ 2,842,000 1,024,915 0.0%
#* Daphne International Holdings, Ltd........................... 1,690,000 299,918 0.0%
Digital China Holdings, Ltd.................................. 2,965,000 3,017,391 0.0%
Dongfeng Motor Group Co., Ltd. Class H....................... 10,714,000 15,378,884 0.1%
Dongyue Group, Ltd........................................... 2,552,000 695,274 0.0%
#* Dynasty Fine Wines Group, Ltd................................ 9,228,600 321,488 0.0%
Embry Holdings, Ltd.......................................... 544,000 296,118 0.0%
# Evergrande Real Estate Group, Ltd............................ 59,849,000 45,384,562 0.3%
* Evergreen International Holdings, Ltd........................ 1,628,000 188,673 0.0%
Fantasia Holdings Group Co., Ltd............................. 20,879,515 2,465,141 0.0%
# Fosun International, Ltd..................................... 7,781,719 14,150,431 0.1%
# Fufeng Group, Ltd............................................ 2,386,000 1,263,084 0.0%
# Future Land Development Holdings, Ltd........................ 1,616,000 249,174 0.0%
* Global Bio-Chem Technology Group Co., Ltd.................... 13,820,360 539,922 0.0%
* Global Sweeteners Holdings, Ltd.............................. 474,350 20,110 0.0%
* Glorious Property Holdings, Ltd.............................. 29,025,000 3,738,988 0.0%
# Golden Meditech Holdings, Ltd................................ 13,576,667 1,989,378 0.0%
# Goldlion Holdings, Ltd....................................... 1,904,000 804,607 0.0%
GOME Electrical Appliances Holding, Ltd...................... 77,549,000 14,170,497 0.1%
#* Greenland Hong Kong Holdings, Ltd............................ 2,445,575 1,032,620 0.0%
#* Greentown China Holdings, Ltd................................ 8,929,091 7,775,643 0.1%
# Guangshen Railway Co., Ltd. Sponsored ADR.................... 389,676 10,069,228 0.1%
Guangzhou Automobile Group Co., Ltd. Class H................. 3,113,572 2,714,479 0.0%
# Guangzhou R&F Properties Co., Ltd. Class H................... 13,205,514 13,088,916 0.1%
#* Guodian Technology & Environment Group Corp., Ltd. Class H... 4,448,000 429,338 0.0%
#* Hanergy Thin Film Power Group, Ltd........................... 14,642,000 1,983,601 0.0%
# Harbin Electric Co., Ltd. Class H............................ 6,603,474 3,911,131 0.0%
Hengdeli Holdings, Ltd....................................... 6,492,000 974,577 0.0%
#* Hidili Industry International Development, Ltd............... 5,917,000 303,071 0.0%
# Hilong Holding, Ltd.......................................... 1,537,000 324,770 0.0%
#* HKC Holdings, Ltd............................................ 19,260,878 446,462 0.0%
HNA Infrastructure Co., Ltd. Class H......................... 1,782,000 2,040,542 0.0%
#* Honghua Group, Ltd........................................... 2,517,000 203,913 0.0%
Hopefluent Group Holdings, Ltd............................... 950,000 234,191 0.0%
#* Hopson Development Holdings, Ltd............................. 10,416,000 8,800,398 0.1%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ------------ ---------------
CHINA -- (Continued)
# Hua Han Bio-Pharmaceutical Holdings, Ltd. Class H........... 9,440,000 $ 1,368,783 0.0%
Hydoo International Holding, Ltd............................ 380,000 58,654 0.0%
Industrial & Commercial Bank of China, Ltd. Class H......... 315,696,996 200,248,210 1.3%
Inspur International, Ltd................................... 345,343 65,682 0.0%
Jiangxi Copper Co., Ltd. Class H............................ 6,974,000 9,184,250 0.1%
Ju Teng International Holdings, Ltd......................... 12,060,249 6,580,056 0.1%
* Kai Yuan Holdings, Ltd...................................... 46,420,000 477,466 0.0%
#* Kaisa Group Holdings, Ltd................................... 22,755,632 1,717,550 0.0%
* Kasen International Holdings, Ltd........................... 1,885,000 307,604 0.0%
# Kingboard Chemical Holdings, Ltd............................ 8,827,845 12,449,592 0.1%
# Kingboard Laminates Holdings, Ltd........................... 10,499,000 4,359,311 0.0%
Kunlun Energy Co., Ltd...................................... 5,854,000 4,771,516 0.0%
KWG Property Holding, Ltd................................... 15,142,000 10,879,617 0.1%
#* Labixiaoxin Snacks Group, Ltd............................... 2,491,000 224,264 0.0%
Lai Fung Holdings, Ltd...................................... 51,485,839 875,789 0.0%
Le Saunda Holdings, Ltd..................................... 120,000 31,991 0.0%
Lee & Man Paper Manufacturing, Ltd.......................... 3,505,000 2,177,577 0.0%
Leoch International Technology, Ltd......................... 190,000 14,612 0.0%
* Lingbao Gold Co., Ltd. Class H.............................. 1,372,000 220,249 0.0%
Longfor Properties Co., Ltd................................. 879,000 1,179,988 0.0%
Lonking Holdings, Ltd....................................... 23,009,000 3,690,328 0.0%
#* Loudong General Nice Resources China Holdings, Ltd.......... 6,346,800 540,519 0.0%
#* Maanshan Iron & Steel Co., Ltd. Class H..................... 792,000 169,553 0.0%
Maoye International Holdings, Ltd........................... 15,237,000 1,932,747 0.0%
# Metallurgical Corp. of China, Ltd. Class H.................. 11,172,659 4,122,752 0.0%
* MIE Holdings Corp........................................... 5,566,000 736,954 0.0%
MIN XIN Holdings, Ltd....................................... 838,418 722,215 0.0%
* Mingfa Group International Co., Ltd......................... 742,000 177,574 0.0%
Minmetals Land, Ltd......................................... 16,155,205 1,660,178 0.0%
Minth Group, Ltd............................................ 636,000 1,317,770 0.0%
#* MMG, Ltd.................................................... 12,700,000 2,806,586 0.0%
MOBI Development Co., Ltd................................... 473,000 77,690 0.0%
Nature Home Holding Co., Ltd................................ 154,000 19,641 0.0%
New World China Land, Ltd................................... 23,712,600 15,730,957 0.1%
New World Department Store China, Ltd....................... 1,903,000 316,982 0.0%
Nine Dragons Paper Holdings, Ltd............................ 18,451,000 12,174,694 0.1%
* O-Net Communications Group, Ltd............................. 2,505,000 733,988 0.0%
Overseas Chinese Town Asia Holdings, Ltd.................... 442,000 199,087 0.0%
Parkson Retail Group, Ltd................................... 9,080,000 1,338,011 0.0%
Peak Sport Products Co., Ltd................................ 6,245,000 1,876,798 0.0%
# Poly Property Group Co., Ltd................................ 24,257,488 7,852,968 0.1%
#* Pou Sheng International Holdings, Ltd....................... 12,459,529 1,985,532 0.0%
# Powerlong Real Estate Holdings, Ltd......................... 12,443,000 2,447,736 0.0%
#* Prosperity International Holdings HK, Ltd................... 17,080,000 504,101 0.0%
Qingling Motors Co., Ltd. Class H........................... 9,494,000 3,058,761 0.0%
* Qunxing Paper Holdings Co., Ltd............................. 5,020,071 244,831 0.0%
* Real Gold Mining, Ltd....................................... 3,137,500 106,464 0.0%
# Real Nutriceutical Group, Ltd............................... 11,046,000 1,425,180 0.0%
#* Renhe Commercial Holdings Co., Ltd.......................... 44,367,000 2,311,702 0.0%
# REXLot Holdings, Ltd........................................ 37,241,621 1,585,649 0.0%
Samson Holding, Ltd......................................... 7,661,452 967,005 0.0%
#* Sany Heavy Equipment International Holdings Co., Ltd........ 5,064,000 1,229,932 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ----------- ---------------
CHINA -- (Continued)
* Scud Group, Ltd................................................... 3,368,000 $ 169,473 0.0%
* Semiconductor Manufacturing International Corp.................... 126,142,000 11,685,753 0.1%
* Semiconductor Manufacturing International Corp. ADR............... 1,303,026 6,059,071 0.1%
# Shandong Chenming Paper Holdings, Ltd. Class H.................... 3,826,818 2,136,076 0.0%
Shanghai Industrial Holdings, Ltd................................. 6,899,918 18,067,157 0.1%
# Shanghai Industrial Urban Development Group, Ltd.................. 7,342,000 1,424,679 0.0%
# Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H... 4,440,000 1,376,576 0.0%
Shanghai Prime Machinery Co., Ltd. Class H........................ 6,960,000 1,213,829 0.0%
Shenzhen International Holdings, Ltd.............................. 6,735,117 10,262,488 0.1%
Shenzhen Investment, Ltd.......................................... 31,764,440 12,850,451 0.1%
Shimao Property Holdings, Ltd..................................... 19,357,535 33,752,907 0.2%
* Shougang Concord International Enterprises Co., Ltd............... 39,728,208 1,656,589 0.0%
# Shougang Fushan Resources Group, Ltd.............................. 37,100,594 4,910,302 0.1%
# Shui On Land, Ltd................................................. 38,373,303 10,558,312 0.1%
* Shunfeng International Clean Energy, Ltd.......................... 1,866,000 596,183 0.0%
* Sijia Group Co.................................................... 1,152,649 38,220 0.0%
Silver Grant International Industries, Ltd........................ 10,796,804 1,458,492 0.0%
* SIM Technology Group, Ltd......................................... 8,253,000 434,066 0.0%
Sino-Ocean Land Holdings, Ltd..................................... 35,997,602 20,783,843 0.2%
# Sinofert Holdings, Ltd............................................ 1,346,000 236,429 0.0%
#* Sinolink Worldwide Holdings, Ltd.................................. 11,022,508 1,204,095 0.0%
Sinopec Engineering Group Co., Ltd. Class H....................... 160,500 138,172 0.0%
# Sinotrans Shipping, Ltd........................................... 9,549,916 2,012,132 0.0%
# Sinotruk Hong Kong, Ltd........................................... 8,886,335 3,698,819 0.0%
Skyworth Digital Holdings, Ltd.................................... 19,757,467 14,622,068 0.1%
# SMI Holdings Group, Ltd........................................... 7,624,000 674,911 0.0%
SOHO China, Ltd................................................... 23,810,888 12,275,710 0.1%
Springland International Holdings, Ltd............................ 315,000 78,478 0.0%
#* SPT Energy Group, Inc............................................. 2,484,000 242,242 0.0%
* SRE Group, Ltd.................................................... 21,752,285 1,080,514 0.0%
Sunac China Holdings, Ltd......................................... 383,000 235,380 0.0%
TCC International Holdings, Ltd................................... 22,780,583 4,513,774 0.0%
Tian An China Investment Co., Ltd................................. 6,305,000 3,778,803 0.0%
# Tiangong International Co., Ltd................................... 19,085,944 1,766,013 0.0%
Tianjin Port Development Holdings, Ltd............................ 20,369,657 3,377,351 0.0%
* Tianneng Power International, Ltd................................. 6,304,280 4,563,669 0.0%
Tomson Group, Ltd................................................. 1,498,282 328,368 0.0%
Tonly Electronics Holdings, Ltd................................... 204,330 126,327 0.0%
Top Spring International Holdings, Ltd............................ 108,000 44,940 0.0%
TPV Technology, Ltd............................................... 7,700,496 1,127,453 0.0%
Travelsky Technology, Ltd. Class H................................ 4,957,500 7,287,993 0.1%
# Trigiant Group, Ltd............................................... 602,000 126,894 0.0%
* Trony Solar Holdings Co., Ltd..................................... 8,775,000 133,596 0.0%
# Truly International Holdings, Ltd................................. 3,458,000 823,883 0.0%
# V1 Group, Ltd..................................................... 3,042,000 230,462 0.0%
Wasion Group Holdings, Ltd........................................ 271,291 300,966 0.0%
# Weiqiao Textile Co. Class H....................................... 6,340,000 2,861,103 0.0%
Welling Holding, Ltd.............................................. 548,000 91,566 0.0%
West China Cement, Ltd............................................ 22,020,000 3,757,540 0.0%
#* Wumart Stores, Inc. Class H....................................... 184,000 131,272 0.0%
# Xiamen International Port Co., Ltd. Class H....................... 8,780,000 2,242,795 0.0%
* Xinchen China Power Holdings, Ltd................................. 274,000 65,585 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- -------------- ---------------
CHINA -- (Continued)
Xingda International Holdings, Ltd.................................... 12,282,000 $ 2,696,828 0.0%
Xinhua Winshare Publishing and Media Co., Ltd. Class H................ 4,566,000 3,839,526 0.0%
* Xinjiang Xinxin Mining Industry Co., Ltd. Class H..................... 2,806,000 313,524 0.0%
Xiwang Special Steel Co., Ltd......................................... 5,905,000 1,100,689 0.0%
XTEP International Holdings, Ltd...................................... 431,500 223,416 0.0%
* Yanchang Petroleum International, Ltd................................. 22,180,000 702,780 0.0%
# Yanzhou Coal Mining Co., Ltd. Class H................................. 10,706,000 5,140,474 0.1%
# Yanzhou Coal Mining Co., Ltd. Sponsored ADR........................... 27,681 132,592 0.0%
# Yingde Gases Group Co., Ltd........................................... 1,628,000 723,441 0.0%
Yip's Chemical Holdings, Ltd.......................................... 752,000 308,528 0.0%
Youyuan International Holdings, Ltd................................... 777,251 257,537 0.0%
Yuanda China Holdings, Ltd............................................ 1,702,000 79,888 0.0%
Yuexiu Property Co., Ltd.............................................. 91,492,786 15,763,258 0.1%
# Yuzhou Properties Co., Ltd............................................ 9,816,960 2,340,686 0.0%
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H............... 424,600 195,213 0.0%
* Zhong An Real Estate, Ltd............................................. 7,219,800 789,480 0.0%
# Zhongsheng Group Holdings, Ltd........................................ 1,835,500 760,510 0.0%
Zhuhai Holdings Investment Group, Ltd................................. 440,000 63,343 0.0%
# Zoomlion Heavy Industry Science and Technology Co., Ltd. Class H...... 7,744,600 2,944,952 0.0%
-------------- ----
TOTAL CHINA............................................................... 2,264,722,167 15.0%
-------------- ----
COLOMBIA -- (0.2%)
Almacenes Exito SA.................................................... 95,609 431,016 0.0%
Cementos Argos SA..................................................... 526,344 1,744,184 0.0%
Constructora Conconcreto SA........................................... 86,988 35,582 0.0%
Ecopetrol SA.......................................................... 1,789,081 833,710 0.0%
Ecopetrol SA Sponsored ADR............................................ 371,085 3,458,512 0.0%
* Fabricato SA.......................................................... 2,440,238 12,130 0.0%
Grupo Argos SA........................................................ 580,556 3,567,103 0.1%
Grupo de Inversiones Suramericana SA.................................. 1,080,364 13,716,185 0.1%
Grupo Nutresa SA...................................................... 460,483 3,468,326 0.0%
Mineros SA............................................................ 65,037 40,859 0.0%
-------------- ----
TOTAL COLOMBIA............................................................ 27,307,607 0.2%
-------------- ----
CZECH REPUBLIC -- (0.2%)
CEZ A.S............................................................... 1,368,781 27,348,969 0.2%
Pegas Nonwovens SA.................................................... 130,782 4,086,034 0.0%
* Unipetrol A.S......................................................... 1,403,228 8,438,418 0.1%
-------------- ----
TOTAL CZECH REPUBLIC...................................................... 39,873,421 0.3%
-------------- ----
GREECE -- (0.1%)
* Alpha Bank AE......................................................... 6,054,491 771,921 0.0%
Bank of Greece........................................................ 26,513 280,994 0.0%
* Ellaktor SA........................................................... 1,053,403 2,070,507 0.0%
* Elval Holdings SA..................................................... 8,595 15,017 0.0%
* GEK Terna Holding Real Estate Construction SA......................... 826,303 1,708,550 0.0%
Hellenic Petroleum SA................................................. 426,008 2,493,960 0.0%
* Intracom Holdings SA.................................................. 1,511,057 558,504 0.0%
* Intralot SA-Integrated Lottery Systems & Services..................... 76,173 126,782 0.0%
* Marfin Investment Group Holdings SA................................... 74,389 7,065 0.0%
Mytilineos Holdings SA................................................ 523,731 2,802,791 0.1%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ----------- ---------------
GREECE -- (Continued)
* Piraeus Bank SA............................................. 3,363,961 $ 347,301 0.0%
Terna Energy SA............................................. 18,509 58,868 0.0%
----------- ---
TOTAL GREECE.................................................... 11,242,260 0.1%
----------- ---
HUNGARY -- (0.5%)
* FHB Mortgage Bank P.L.C..................................... 3,954 9,790 0.0%
MOL Hungarian Oil & Gas P.L.C............................... 232,437 10,489,278 0.1%
OTP Bank P.L.C.............................................. 3,475,169 67,250,529 0.4%
----------- ---
TOTAL HUNGARY................................................... 77,749,597 0.5%
----------- ---
INDIA -- (10.5%)
Aarti Industries............................................ 103,807 807,223 0.0%
Aban Offshore, Ltd.......................................... 387,730 1,321,778 0.0%
* ABG Shipyard, Ltd........................................... 91,428 175,887 0.0%
ACC, Ltd.................................................... 214,618 4,513,310 0.0%
Adani Enterprises, Ltd...................................... 3,495,161 4,906,425 0.1%
Adani Ports & Special Economic Zone, Ltd.................... 4,936,216 22,245,751 0.2%
* Adani Power, Ltd............................................ 11,229,682 5,368,575 0.1%
* Adani Transmissions, Ltd.................................... 3,440,779 1,900,233 0.0%
Aditya Birla Nuvo, Ltd...................................... 901,750 28,355,133 0.2%
Aegis Logistics, Ltd........................................ 23,770 36,990 0.0%
Alembic, Ltd................................................ 397,146 259,029 0.0%
Allahabad Bank.............................................. 1,939,760 2,220,030 0.0%
Allcargo Logistics, Ltd..................................... 109,652 528,567 0.0%
* Alok Industries, Ltd........................................ 12,063,941 1,249,464 0.0%
Ambuja Cements, Ltd......................................... 874,573 2,761,913 0.0%
Amtek Auto, Ltd............................................. 1,769,340 1,084,923 0.0%
Anant Raj, Ltd.............................................. 657,518 378,261 0.0%
Andhra Bank................................................. 2,523,816 2,518,706 0.0%
Apar Industries, Ltd........................................ 128,209 839,965 0.0%
Apollo Tyres, Ltd........................................... 5,868,121 15,357,992 0.1%
* Arvind Infrastructure, Ltd.................................. 383,891 358,365 0.0%
Arvind, Ltd................................................. 4,647,565 19,702,694 0.1%
Ashoka Buildcon, Ltd........................................ 66,914 166,502 0.0%
Atul, Ltd................................................... 17,491 452,243 0.0%
Axis Bank, Ltd.............................................. 2,936,136 21,283,476 0.2%
Bajaj Finance, Ltd.......................................... 60,850 4,834,459 0.0%
Bajaj Finserv, Ltd.......................................... 216,439 6,469,453 0.1%
Bajaj Holdings & Investment, Ltd............................ 407,262 10,366,312 0.1%
Balkrishna Industries, Ltd.................................. 76,519 761,415 0.0%
Ballarpur Industries, Ltd................................... 4,472,818 1,234,010 0.0%
Balmer Lawrie & Co., Ltd.................................... 217,512 1,928,011 0.0%
* Balrampur Chini Mills, Ltd.................................. 2,457,252 2,291,322 0.0%
Bank of Baroda.............................................. 5,853,216 14,246,939 0.1%
Bank of India............................................... 1,412,972 2,830,292 0.0%
Bank Of Maharashtra......................................... 1,106,283 568,582 0.0%
BGR Energy Systems, Ltd..................................... 169,812 282,780 0.0%
Bharat Electronics, Ltd..................................... 31,773 602,810 0.0%
Bharat Heavy Electricals, Ltd............................... 12,401,887 37,481,347 0.3%
Bharti Airtel, Ltd.......................................... 7,011,310 37,046,289 0.3%
Bhushan Steel, Ltd.......................................... 286,833 192,936 0.0%
Biocon, Ltd................................................. 703,771 4,874,308 0.1%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ----------- ---------------
INDIA -- (Continued)
Birla Corp., Ltd............................................ 161,021 $ 1,057,474 0.0%
Bombay Dyeing & Manufacturing Co., Ltd...................... 1,567,477 1,570,076 0.0%
Brigade Enterprises, Ltd.................................... 149,916 350,965 0.0%
Cairn India, Ltd............................................ 8,437,853 19,731,324 0.1%
Canara Bank................................................. 1,435,901 6,034,267 0.1%
Castex Technologies, Ltd.................................... 1,070,904 385,489 0.0%
Ceat, Ltd................................................... 594,603 9,779,958 0.1%
Central Bank Of India....................................... 905,223 1,141,670 0.0%
Century Textiles & Industries, Ltd.......................... 688,776 5,815,573 0.1%
Chambal Fertilizers & Chemicals, Ltd........................ 2,871,117 2,519,757 0.0%
Chennai Super Kings Cricket, Ltd............................ 5,080,767 174,944 0.0%
City Union Bank, Ltd........................................ 1,347,720 1,852,923 0.0%
Container Corp. Of India, Ltd............................... 22,873 463,505 0.0%
Coromandel International, Ltd............................... 145,073 413,562 0.0%
Corp. Bank.................................................. 1,779,348 1,183,896 0.0%
Cox & Kings, Ltd............................................ 1,065,799 4,376,142 0.0%
* Cranes Software International, Ltd.......................... 114,443 3,628 0.0%
Crompton Greaves, Ltd....................................... 1,220,350 3,242,374 0.0%
Cyient, Ltd................................................. 39,171 321,044 0.0%
Dalmia Bharat, Ltd.......................................... 167,168 1,807,470 0.0%
* DB Realty, Ltd.............................................. 1,101,045 1,042,730 0.0%
* DCB Bank, Ltd............................................... 2,738,522 3,610,757 0.0%
DCM Shriram, Ltd............................................ 389,045 773,811 0.0%
Deepak Fertilisers & Petrochemicals Corp., Ltd.............. 620,793 1,381,125 0.0%
* DEN Networks, Ltd........................................... 391,341 679,596 0.0%
Dena Bank................................................... 664,433 425,707 0.0%
Dewan Housing Finance Corp., Ltd............................ 801,722 2,745,067 0.0%
Dishman Pharmaceuticals & Chemicals, Ltd.................... 894,541 4,970,610 0.1%
DLF, Ltd.................................................... 6,895,324 12,216,794 0.1%
Edelweiss Financial Services, Ltd........................... 2,230,462 2,029,061 0.0%
Eicher Motors, Ltd.......................................... 3,085 835,067 0.0%
EID Parry India, Ltd........................................ 1,098,468 2,929,455 0.0%
EIH, Ltd.................................................... 993,645 1,745,915 0.0%
Electrosteel Castings, Ltd.................................. 894,946 258,049 0.0%
Engineers India, Ltd........................................ 281,379 838,370 0.0%
* Eros International Media, Ltd............................... 427,986 1,805,375 0.0%
Escorts, Ltd................................................ 845,361 2,269,131 0.0%
* Ess Dee Aluminium, Ltd...................................... 14,309 74,138 0.0%
* Essar Oil, Ltd.............................................. 659,712 1,910,355 0.0%
Essar Ports, Ltd............................................ 751,740 1,329,732 0.0%
Essel Propack, Ltd.......................................... 895,389 2,176,247 0.0%
Eveready Industries India, Ltd.............................. 120,051 504,919 0.0%
Exide Industries, Ltd....................................... 928,664 2,134,167 0.0%
FDC, Ltd.................................................... 24,663 90,377 0.0%
Federal Bank, Ltd........................................... 16,769,574 13,831,633 0.1%
Financial Technologies India, Ltd........................... 133,756 227,615 0.0%
Finolex Cables, Ltd......................................... 688,924 2,654,823 0.0%
Finolex Industries, Ltd..................................... 482,398 2,301,823 0.0%
* Firstsource Solutions, Ltd.................................. 5,525,177 2,719,202 0.0%
* Fortis Healthcare, Ltd...................................... 832,604 1,964,747 0.0%
Future Retail, Ltd.......................................... 1,559,018 2,807,409 0.0%
Gabriel India, Ltd.......................................... 60,232 82,203 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ------------ ---------------
INDIA -- (Continued)
GAIL India, Ltd............................................. 4,631,709 $ 21,829,043 0.2%
Gateway Distriparks, Ltd.................................... 113,322 579,128 0.0%
Gati, Ltd................................................... 322,735 714,966 0.0%
Geometric, Ltd.............................................. 125,451 261,138 0.0%
GHCL, Ltd................................................... 8,472 18,666 0.0%
GIC Housing Finance, Ltd.................................... 36,169 118,425 0.0%
Global Offshore Services, Ltd............................... 46,753 280,103 0.0%
Godfrey Phillips India, Ltd................................. 4,355 62,344 0.0%
Godrej Properties, Ltd...................................... 109,656 574,880 0.0%
Graphite India, Ltd......................................... 725,730 806,409 0.0%
Grasim Industries, Ltd...................................... 15,142 859,572 0.0%
Great Eastern Shipping Co., Ltd. (The)...................... 1,089,167 6,272,260 0.1%
Greaves Cotton, Ltd......................................... 9,635 18,402 0.0%
Gujarat Alkalies & Chemicals, Ltd........................... 492,507 1,261,722 0.0%
Gujarat Fluorochemicals, Ltd................................ 372,635 3,670,766 0.0%
Gujarat Mineral Development Corp., Ltd...................... 1,364,575 1,523,181 0.0%
* Gujarat Narmada Valley Fertilizers & Chemicals, Ltd......... 729,530 682,531 0.0%
Gujarat State Fertilisers & Chemicals, Ltd.................. 2,186,080 2,417,952 0.0%
Gujarat State Petronet, Ltd................................. 2,784,319 5,524,669 0.1%
Gulf Oil Corp., Ltd......................................... 76,678 170,347 0.0%
Gulf Oil Lubricants India, Ltd.............................. 113,892 847,635 0.0%
HBL Power Systems, Ltd...................................... 74,867 43,013 0.0%
* HCL Infosystems, Ltd........................................ 462,162 384,286 0.0%
HEG, Ltd.................................................... 168,276 418,199 0.0%
* HeidelbergCement India, Ltd................................. 296,694 342,764 0.0%
* Hexa Tradex, Ltd............................................ 68,892 17,661 0.0%
Hikal, Ltd.................................................. 11,455 22,164 0.0%
* Himachal Futuristic Communications, Ltd..................... 3,153,717 761,357 0.0%
Himatsingka Seide, Ltd...................................... 410,205 1,281,706 0.0%
Hindalco Industries, Ltd.................................... 20,306,862 25,741,070 0.2%
Hinduja Global Solutions, Ltd............................... 60,085 431,786 0.0%
* Hindustan Construction Co., Ltd............................. 5,073,959 2,055,132 0.0%
* Hotel Leela Venture, Ltd.................................... 466,035 142,498 0.0%
HSIL, Ltd................................................... 343,955 1,469,463 0.0%
HT Media, Ltd............................................... 412,803 522,886 0.0%
Huhtamaki PPL, Ltd.......................................... 3,997 16,250 0.0%
ICICI Bank, Ltd............................................. 4,520,402 19,104,134 0.1%
ICICI Bank, Ltd. Sponsored ADR.............................. 16,722,630 144,149,070 1.0%
IDBI Bank, Ltd.............................................. 2,555,651 3,320,851 0.0%
Idea Cellular, Ltd.......................................... 6,512,981 13,924,398 0.1%
* IDFC Bank, Ltd.............................................. 6,072,777 6,695,900 0.1%
IDFC, Ltd................................................... 6,072,777 5,429,661 0.1%
IFCI, Ltd................................................... 6,602,323 2,675,826 0.0%
IIFL Holdings, Ltd.......................................... 2,941,339 8,641,811 0.1%
IL&FS Transportation Networks, Ltd.()....................... 76,082 104,788 0.0%
IL&FS Transportation Networks, Ltd.(B3PHKL7)................ 228,248 323,717 0.0%
* India Cements, Ltd.......................................... 5,080,767 6,058,776 0.1%
Indiabulls Housing Finance, Ltd............................. 1,795,884 19,649,294 0.1%
Indian Bank................................................. 1,270,068 2,421,271 0.0%
* Indian Hotels Co., Ltd...................................... 4,834,889 7,361,368 0.1%
* Inox Leisure, Ltd........................................... 37,580 130,140 0.0%
* Intellect Design Arena, Ltd................................. 969,923 3,663,384 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ----------- ---------------
INDIA -- (Continued)
J Kumar Infraprojects, Ltd.................................. 18,549 $ 215,824 0.0%
Jain Irrigation Systems, Ltd................................ 8,510,095 8,005,318 0.1%
* Jaiprakash Associates, Ltd.................................. 17,658,065 3,628,740 0.0%
Jammu & Kashmir Bank, Ltd. (The)............................ 3,213,422 4,120,234 0.0%
* Jaypee Infratech, Ltd....................................... 7,061,764 1,392,614 0.0%
JB Chemicals & Pharmaceuticals, Ltd......................... 547,413 2,390,559 0.0%
JBF Industries, Ltd......................................... 379,438 1,264,362 0.0%
Jindal Poly Films, Ltd...................................... 314,477 2,630,660 0.0%
Jindal Saw, Ltd............................................. 3,071,090 3,046,203 0.0%
* Jindal Steel & Power, Ltd................................... 5,575,338 6,767,084 0.1%
JK Cement, Ltd.............................................. 253,891 2,623,169 0.0%
JK Lakshmi Cement, Ltd...................................... 457,907 2,636,686 0.0%
JK Tyre & Industries, Ltd................................... 1,778,126 2,754,085 0.0%
JM Financial, Ltd........................................... 4,871,480 3,044,159 0.0%
JSW Energy, Ltd............................................. 8,856,096 12,589,266 0.1%
JSW Steel, Ltd.............................................. 2,207,826 30,679,833 0.2%
Jubilant Life Sciences, Ltd................................. 947,274 5,903,563 0.1%
Kakinada Fertilizers, Ltd................................... 2,082,494 66,989 0.0%
Kalpataru Power Transmission, Ltd........................... 832,880 3,308,910 0.0%
Karnataka Bank, Ltd. (The).................................. 2,061,119 4,050,972 0.0%
Karur Vysya Bank, Ltd. (The)................................ 364,765 2,347,085 0.0%
KCP, Ltd.................................................... 14,944 21,125 0.0%
KEC International, Ltd...................................... 1,927,939 3,938,201 0.0%
* Kesoram Industries, Ltd..................................... 805,353 997,763 0.0%
Kirloskar Brothers, Ltd..................................... 7,852 20,976 0.0%
Kirloskar Oil Engines, Ltd.................................. 293,581 1,214,722 0.0%
Kolte-Patil Developers, Ltd................................. 276,886 740,527 0.0%
Kotak Mahindra Bank, Ltd.................................... 385,119 4,037,106 0.0%
KPIT Technologies, Ltd...................................... 729,451 1,525,356 0.0%
KRBL, Ltd................................................... 651,273 2,074,839 0.0%
L&T Finance Holdings, Ltd................................... 1,956,195 1,987,105 0.0%
Lakshmi Machine Works, Ltd.................................. 3,327 182,713 0.0%
Lakshmi Vilas Bank, Ltd. (The).............................. 12,099 15,798 0.0%
Larsen & Toubro, Ltd........................................ 525,748 11,308,084 0.1%
LIC Housing Finance, Ltd.................................... 885,250 6,463,892 0.1%
Maharashtra Seamless, Ltd................................... 95,955 230,765 0.0%
Mahindra & Mahindra Financial Services, Ltd................. 522,404 1,810,495 0.0%
Mahindra & Mahindra, Ltd.................................... 850,404 15,318,803 0.1%
Mahindra Holidays & Resorts India, Ltd...................... 27,439 163,227 0.0%
Mahindra Lifespace Developers, Ltd.......................... 179,274 1,392,499 0.0%
Manappuram Finance, Ltd..................................... 341,167 124,823 0.0%
MAX India, Ltd.............................................. 30,211 243,145 0.0%
McLeod Russel India, Ltd.................................... 891,477 2,342,354 0.0%
Mercator, Ltd............................................... 40,042 14,773 0.0%
Merck, Ltd.................................................. 63,331 747,740 0.0%
Metalyst Forgings, Ltd...................................... 21,704 19,000 0.0%
MOIL, Ltd................................................... 4,675 15,203 0.0%
Motilal Oswal Financial Services, Ltd....................... 4,955 24,988 0.0%
Mphasis, Ltd................................................ 320,926 2,314,268 0.0%
MRF, Ltd.................................................... 12,337 7,494,585 0.1%
Muthoot Finance, Ltd........................................ 94,686 262,068 0.0%
National Aluminium Co., Ltd................................. 4,337,562 2,552,772 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ------------ ---------------
INDIA -- (Continued)
Nava Bharat Ventures, Ltd................................... 68,819 $ 160,205 0.0%
NCC, Ltd.................................................... 7,555,787 9,281,376 0.1%
NIIT Technologies, Ltd...................................... 635,694 5,488,961 0.1%
* NIIT, Ltd................................................... 195,137 279,491 0.0%
Nilkamal, Ltd............................................... 44,613 683,703 0.0%
* Nirvikara Paper Mills, Ltd.................................. 3,846 3,181 0.0%
Oberoi Realty, Ltd.......................................... 537,394 2,328,801 0.0%
OCL India, Ltd.............................................. 101,606 785,390 0.0%
OMAXE, Ltd.................................................. 684,458 1,411,007 0.0%
Orient Cement, Ltd.......................................... 582,488 1,442,733 0.0%
Oriental Bank of Commerce................................... 975,550 2,003,232 0.0%
* Parsvnath Developers, Ltd................................... 1,080,235 292,657 0.0%
PC Jeweller, Ltd............................................ 563,817 3,826,992 0.0%
Peninsula Land, Ltd......................................... 31,142 11,170 0.0%
Persistent Systems, Ltd..................................... 5,358 52,914 0.0%
Petronet LNG, Ltd........................................... 1,646,006 4,890,300 0.1%
* Pipavav Defence & Offshore Engineering Co., Ltd............. 22,287 19,489 0.0%
Piramal Enterprises, Ltd.................................... 729,407 10,487,017 0.1%
* Plethico Pharmaceuticals, Ltd............................... 21,145 6,870 0.0%
Polaris Consulting & Services, Ltd.......................... 1,501,683 4,397,427 0.0%
Power Finance Corp., Ltd.................................... 940,106 3,432,327 0.0%
Praj Industries, Ltd........................................ 1,329,809 1,760,384 0.0%
Prestige Estates Projects, Ltd.............................. 109,349 338,020 0.0%
* Prism Cement, Ltd........................................... 241,691 342,567 0.0%
PTC India Financial Services, Ltd........................... 3,615,077 2,617,292 0.0%
PTC India, Ltd.............................................. 4,473,081 4,432,722 0.0%
* Punj Lloyd, Ltd............................................. 1,476,964 576,464 0.0%
Puravankara Projects, Ltd................................... 460,912 444,781 0.0%
Radico Khaitan, Ltd......................................... 723,342 1,124,823 0.0%
Rain Industries, Ltd........................................ 2,031,357 1,144,407 0.0%
Rajesh Exports, Ltd......................................... 287,502 2,816,858 0.0%
Ramco Cements, Ltd. (The)................................... 446,649 2,513,869 0.0%
Ratnamani Metals & Tubes, Ltd............................... 3,941 38,713 0.0%
* RattanIndia Infrastructure, Ltd............................. 3,151,126 144,082 0.0%
Raymond, Ltd................................................ 700,761 4,481,083 0.0%
Redington India, Ltd........................................ 1,532,902 2,756,135 0.0%
* REI Agro, Ltd............................................... 3,470,846 26,841 0.0%
Reliance Capital, Ltd....................................... 1,364,720 8,762,775 0.1%
* Reliance Communications, Ltd................................ 11,555,543 13,186,444 0.1%
Reliance Industries, Ltd.................................... 20,856,155 301,676,785 2.0%
Reliance Industries, Ltd. GDR............................... 96,093 2,753,415 0.0%
* Reliance Power, Ltd......................................... 8,995,421 6,910,603 0.1%
Rolta India, Ltd............................................ 1,971,509 2,972,196 0.0%
Ruchi Soya Industries, Ltd.................................. 2,042,966 988,118 0.0%
Rural Electrification Corp., Ltd............................ 3,529,774 13,494,107 0.1%
Sanghvi Movers, Ltd......................................... 35,914 180,955 0.0%
* Shipping Corp. of India, Ltd................................ 2,871,728 3,444,077 0.0%
Shriram City Union Finance, Ltd............................. 1,795 50,345 0.0%
Shriram Transport Finance Co., Ltd.......................... 191,226 2,762,718 0.0%
Simplex Infrastructures, Ltd................................ 49,926 252,160 0.0%
Sintex Industries, Ltd...................................... 7,353,212 11,317,859 0.1%
Sobha, Ltd.................................................. 821,293 4,090,047 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- -------------- ---------------
INDIA -- (Continued)
Sonata Software, Ltd........................................ 152,745 $ 364,067 0.0%
South Indian Bank, Ltd. (The)............................... 9,732,338 3,055,094 0.0%
SREI Infrastructure Finance, Ltd............................ 1,671,795 1,145,994 0.0%
SRF, Ltd.................................................... 443,911 8,978,758 0.1%
State Bank of Bikaner & Jaipur.............................. 48,504 388,528 0.0%
State Bank of India......................................... 19,322,648 69,888,011 0.5%
Sterlite Technologies, Ltd.................................. 2,891,080 4,132,075 0.0%
Styrolution ABS India, Ltd.................................. 29,326 355,377 0.0%
Sun TV Network, Ltd......................................... 345,352 2,088,996 0.0%
Sundram Fasteners, Ltd...................................... 37,667 95,834 0.0%
Sunteck Realty, Ltd......................................... 14,643 50,149 0.0%
Syndicate Bank.............................................. 2,749,503 3,954,805 0.0%
TAKE Solutions, Ltd......................................... 153,789 413,129 0.0%
Tamil Nadu Newsprint & Papers, Ltd.......................... 222,603 697,422 0.0%
Tata Chemicals, Ltd......................................... 1,650,277 10,303,613 0.1%
Tata Global Beverages, Ltd.................................. 6,337,901 13,007,300 0.1%
* Tata Motors, Ltd............................................ 10,219,832 60,331,831 0.4%
* Tata Motors, Ltd. Sponsored ADR............................. 172,249 5,093,403 0.1%
Tata Steel, Ltd............................................. 7,652,900 28,749,840 0.2%
Tech Mahindra, Ltd.......................................... 55,659 457,611 0.0%
Techno Electric & Engineering Co., Ltd...................... 25,024 184,832 0.0%
* Teledata Marine Solutions, Ltd.............................. 267,258 -- 0.0%
Tide Water Oil Co India, Ltd................................ 293 79,077 0.0%
Time Technoplast, Ltd....................................... 1,050,729 898,511 0.0%
Transport Corp. of India, Ltd............................... 33,474 143,750 0.0%
Tree House Education and Accessories, Ltd................... 12,211 50,739 0.0%
Tube Investments of India, Ltd.............................. 564,142 3,409,333 0.0%
* TV18 Broadcast, Ltd......................................... 6,105,867 2,991,211 0.0%
UCO Bank.................................................... 4,680,494 3,638,978 0.0%
Uflex, Ltd.................................................. 400,819 1,094,245 0.0%
Unichem Laboratories, Ltd................................... 329,189 1,411,094 0.0%
Union Bank of India......................................... 1,702,873 4,049,992 0.0%
* Unitech, Ltd................................................ 37,045,083 4,291,042 0.0%
UPL, Ltd.................................................... 4,667,644 32,683,945 0.2%
* Usha Martin, Ltd............................................ 1,212,536 301,066 0.0%
VA Tech Wabag, Ltd.......................................... 2,562 24,801 0.0%
Vardhman Textiles, Ltd...................................... 271,306 3,022,744 0.0%
Vedanta, Ltd................................................ 18,097,080 27,407,720 0.2%
Vedanta, Ltd. ADR........................................... 1,688,607 10,097,872 0.1%
Videocon Industries, Ltd.................................... 769,833 1,577,177 0.0%
Vijaya Bank................................................. 2,612,664 1,463,260 0.0%
Welspun Corp., Ltd.......................................... 2,101,376 3,251,294 0.0%
* Welspun Enterprises, Ltd.................................... 940,128 758,737 0.0%
Welspun India, Ltd.......................................... 127,227 1,391,368 0.0%
Wipro, Ltd.................................................. 870,841 7,581,863 0.1%
Wockhardt, Ltd.............................................. 470,831 10,784,942 0.1%
Yes Bank, Ltd............................................... 771,915 8,891,279 0.1%
Zensar Technologies, Ltd.................................... 130,297 1,910,626 0.0%
Zuari Agro Chemicals, Ltd................................... 46,325 112,933 0.0%
-------------- ----
TOTAL INDIA..................................................... 1,698,004,700 11.3%
-------------- ----
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ----------- ---------------
INDONESIA -- (2.4%)
Adaro Energy Tbk PT......................................... 315,794,600 $13,651,243 0.1%
Adhi Karya Persero Tbk PT................................... 6,888,554 1,117,213 0.0%
* Agung Podomoro Land Tbk PT.................................. 136,713,200 2,750,400 0.0%
Alam Sutera Realty Tbk PT................................... 269,373,800 7,614,395 0.1%
* Aneka Tambang Persero Tbk PT................................ 205,720,277 5,659,190 0.1%
Asahimas Flat Glass Tbk PT.................................. 5,152,300 2,534,907 0.0%
Astra Agro Lestari Tbk PT................................... 121,300 175,724 0.0%
Astra Graphia Tbk PT........................................ 436,900 54,033 0.0%
Astra International Tbk PT.................................. 1,038,200 446,300 0.0%
* Bakrie and Brothers Tbk PT.................................. 608,630,150 2,223,306 0.0%
* Bakrie Sumatera Plantations Tbk PT.......................... 111,492,900 407,280 0.0%
* Bakrie Telecom Tbk PT....................................... 252,426,500 922,106 0.0%
* Bakrieland Development Tbk PT............................... 344,524,546 1,258,537 0.0%
Bank Bukopin Tbk............................................ 62,091,433 3,171,864 0.0%
Bank Danamon Indonesia Tbk PT............................... 35,901,754 7,217,953 0.1%
Bank Mandiri Persero Tbk PT................................. 75,077,931 47,514,566 0.3%
Bank Negara Indonesia Persero Tbk PT........................ 103,022,941 35,614,410 0.3%
* Bank Pan Indonesia Tbk PT................................... 143,727,401 9,734,738 0.1%
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT........ 32,631,700 1,800,598 0.0%
Bank Permata Tbk PT......................................... 220,272 17,685 0.0%
Bank Tabungan Negara Persero Tbk PT......................... 70,996,627 6,126,194 0.1%
* Barito Pacific Tbk PT....................................... 13,388,400 128,525 0.0%
Bekasi Fajar Industrial Estate Tbk PT....................... 3,589,900 99,596 0.0%
Benakat Integra Tbk PT...................................... 142,047,100 744,521 0.0%
* Berlian Laju Tanker Tbk PT.................................. 128,161,466 -- 0.0%
BISI International Tbk PT................................... 15,197,800 1,327,784 0.0%
* Budi Starch & Sweetener Tbk PT.............................. 9,186,900 46,907 0.0%
* Bumi Resources Tbk PT....................................... 86,715,500 316,528 0.0%
Bumi Serpong Damai Tbk PT................................... 75,641,600 8,900,133 0.1%
* Central Proteina Prima Tbk PT............................... 32,309,300 117,915 0.0%
Charoen Pokphand Indonesia Tbk PT........................... 28,481,730 5,177,994 0.1%
Ciputra Development Tbk PT.................................. 140,859,316 11,115,186 0.1%
Ciputra Property Tbk PT..................................... 45,377,089 1,537,567 0.0%
Ciputra Surya Tbk PT........................................ 17,499,148 2,888,687 0.0%
* Clipan Finance Indonesia Tbk PT............................. 2,995,500 59,127 0.0%
* Darma Henwa Tbk PT.......................................... 191,433,942 699,302 0.0%
* Davomas Abadi Tbk PT........................................ 54,906,800 -- 0.0%
* Delta Dunia Makmur Tbk PT................................... 27,426,400 131,532 0.0%
Eagle High Plantations Tbk PT............................... 34,381,800 589,034 0.0%
Elnusa Tbk PT............................................... 88,282,400 2,212,143 0.0%
* Energi Mega Persada Tbk PT.................................. 565,293,878 2,060,827 0.0%
Erajaya Swasembada Tbk PT................................... 28,440,800 1,324,249 0.0%
* Ever Shine Textile Tbk PT................................... 19,342,215 282,626 0.0%
* Exploitasi Energi Indonesia Tbk PT.......................... 744,100 2,720 0.0%
* Express Transindo Utama Tbk PT.............................. 8,132,300 135,499 0.0%
Gajah Tunggal Tbk PT........................................ 36,605,200 1,573,327 0.0%
* Garuda Indonesia Persero Tbk PT............................. 34,928,481 814,660 0.0%
Global Mediacom Tbk PT...................................... 99,583,300 6,307,075 0.1%
* Great River International Tbk PT............................ 1,788,000 -- 0.0%
Gudang Garam Tbk PT......................................... 1,582,200 4,952,536 0.0%
* Harum Energy Tbk PT......................................... 17,264,100 1,064,923 0.0%
Hexindo Adiperkasa Tbk PT................................... 1,362,044 172,413 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ----------- ---------------
INDONESIA -- (Continued)
Holcim Indonesia Tbk PT..................................... 26,030,300 $ 1,989,918 0.0%
Indah Kiat Pulp & Paper Corp. Tbk PT........................ 39,421,700 2,373,703 0.0%
* Indika Energy Tbk PT........................................ 24,046,900 319,051 0.0%
Indo Tambangraya Megah Tbk PT............................... 2,610,300 1,609,155 0.0%
* Indo-Rama Synthetics Tbk PT................................. 41,500 2,425 0.0%
Indofood Sukses Makmur Tbk PT............................... 77,171,200 31,023,540 0.2%
Intiland Development Tbk PT................................. 120,778,100 4,442,229 0.0%
* Japfa Comfeed Indonesia Tbk PT.............................. 33,002,450 1,058,029 0.0%
Jaya Real Property Tbk PT................................... 121,512,300 7,221,483 0.1%
Kawasan Industri Jababeka Tbk PT............................ 340,192,075 5,025,860 0.0%
* Lippo Cikarang Tbk PT....................................... 971,000 565,735 0.0%
Lippo Karawaci Tbk PT....................................... 323,700,849 28,093,847 0.2%
Malindo Feedmill Tbk PT..................................... 226,700 18,437 0.0%
Matahari Putra Prima Tbk PT................................. 11,313,500 1,851,425 0.0%
Mayora Indah Tbk PT......................................... 3,381,300 6,743,728 0.1%
Medco Energi Internasional Tbk PT........................... 28,190,400 2,208,780 0.0%
Metrodata Electronics Tbk PT................................ 1,496,674 73,166 0.0%
Mitra Pinasthika Mustika Tbk PT............................. 1,984,700 76,517 0.0%
MNC Investama Tbk PT........................................ 319,745,100 4,874,609 0.0%
Modernland Realty Tbk PT.................................... 84,004,600 3,001,568 0.0%
Multipolar Tbk PT........................................... 63,216,500 1,509,027 0.0%
* Nusantara Infrastructure Tbk PT............................. 178,751,900 1,551,474 0.0%
Pabrik Kertas Tjiwi Kimia Tbk PT............................ 929,000 33,015 0.0%
Pan Brothers Tbk PT......................................... 43,368,650 1,678,302 0.0%
* Panin Financial Tbk PT...................................... 172,344,300 2,750,943 0.0%
* Paninvest Tbk PT............................................ 30,871,000 1,339,475 0.0%
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT....... 74,027,384 8,346,661 0.1%
Petrosea Tbk PT............................................. 370,200 8,580 0.0%
Ramayana Lestari Sentosa Tbk PT............................. 55,749,100 2,562,060 0.0%
Salim Ivomas Pratama Tbk PT................................. 42,613,900 1,439,681 0.0%
Sampoerna Agro PT........................................... 11,862,941 1,009,522 0.0%
Samudera Indonesia Tbk PT................................... 6,100 2,365 0.0%
Selamat Sempurna Tbk PT..................................... 11,249,500 4,031,779 0.0%
Semen Baturaja Persero Tbk PT............................... 18,499,500 399,097 0.0%
Semen Indonesia Persero Tbk PT.............................. 474,700 337,603 0.0%
Sentul City Tbk PT.......................................... 80,474,100 433,325 0.0%
* Sigmagold Inti Perkasa Tbk PT............................... 28,878,900 938,784 0.0%
Sinar Mas Agro Resources & Technology Tbk PT................ 7,806,900 2,677,066 0.0%
Sinar Mas Multiartha Tbk PT................................. 2,000 745 0.0%
Sri Rejeki Isman Tbk PT..................................... 145,810,100 4,026,746 0.0%
* Surya Dumai Industri Tbk.................................... 5,145,000 -- 0.0%
Surya Semesta Internusa Tbk PT.............................. 62,216,200 2,917,703 0.0%
Surya Toto Indonesia Tbk PT................................. 553,600 279,193 0.0%
* Suryainti Permata Tbk PT.................................... 17,378,000 -- 0.0%
Tambang Batubara Bukit Asam Persero Tbk PT.................. 93,700 49,775 0.0%
Tiga Pilar Sejahtera Food Tbk............................... 29,558,422 3,415,719 0.0%
Timah Persero Tbk PT........................................ 69,185,360 3,143,321 0.0%
Trias Sentosa Tbk PT........................................ 336,500 5,737 0.0%
* Trimegah Securities Tbk PT.................................. 7,903,000 31,182 0.0%
* Truba Alam Manunggal Engineering PT......................... 129,244,500 132,195 0.0%
Tunas Baru Lampung Tbk PT................................... 20,427,800 714,544 0.0%
Tunas Ridean Tbk PT......................................... 42,848,500 1,707,973 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ------------ ---------------
INDONESIA -- (Continued)
* Ultrajaya Milk Industry & Trading Co. Tbk PT................ 8,688,600 $ 2,536,059 0.0%
Unggul Indah Cahaya Tbk PT.................................. 319,635 37,534 0.0%
United Tractors Tbk PT...................................... 18,922,100 24,895,564 0.2%
Vale Indonesia Tbk PT....................................... 45,033,400 7,323,184 0.1%
* Visi Media Asia Tbk PT...................................... 15,238,600 321,950 0.0%
* Wintermar Offshore Marine Tbk PT............................ 1,096,198 15,641 0.0%
* XL Axiata Tbk PT............................................ 962,700 217,924 0.0%
------------ ---
TOTAL INDONESIA................................................. 390,190,631 2.6%
------------ ---
ISRAEL -- (0.0%)
* Knafaim Holdings, Ltd....................................... 1 3 0.0%
* Liberty Properties, Ltd..................................... 2,467 -- 0.0%
------------ ---
TOTAL ISRAEL.................................................... 3 0.0%
------------ ---
MALAYSIA -- (3.5%)
* Adventa Bhd................................................. 62,000 13,989 0.0%
# Affin Holdings Bhd.......................................... 12,176,650 6,769,531 0.1%
Ahmad Zaki Resources Bhd.................................... 164,200 24,474 0.0%
# AirAsia BHD................................................. 28,932,300 9,935,874 0.1%
* Alam Maritim Resources Bhd.................................. 9,792,500 1,114,068 0.0%
# Alliance Financial Group Bhd................................ 15,598,900 12,982,885 0.1%
Allianz Malaysia Bhd........................................ 28,800 71,614 0.0%
# AMMB Holdings Bhd........................................... 23,747,862 26,323,084 0.2%
Ann Joo Resources Bhd....................................... 2,973,600 518,125 0.0%
APM Automotive Holdings Bhd................................. 745,300 711,129 0.0%
Batu Kawan Bhd.............................................. 2,084,450 8,489,131 0.1%
Benalec Holdings Bhd........................................ 9,553,500 1,285,544 0.0%
Berjaya Assets Bhd.......................................... 355,600 66,259 0.0%
# Berjaya Corp. Bhd........................................... 50,123,380 4,831,212 0.1%
Berjaya Land Bhd............................................ 13,220,000 2,148,742 0.0%
# BIMB Holdings Bhd........................................... 3,233,707 3,086,737 0.0%
Bina Darulaman Bhd.......................................... 162,600 26,439 0.0%
BLD Plantation Bhd.......................................... 6,600 13,050 0.0%
# Boustead Holdings Bhd....................................... 7,060,098 6,625,986 0.1%
Boustead Plantations Bhd.................................... 1,491,900 520,777 0.0%
#* Bumi Armada Bhd............................................. 14,277,900 3,217,789 0.0%
# Cahya Mata Sarawak Bhd...................................... 4,072,200 5,020,686 0.1%
Can-One Bhd................................................. 401,400 314,902 0.0%
# CB Industrial Product Holding Bhd........................... 1,722,100 794,612 0.0%
Chin Teck Plantations Bhd................................... 309,100 603,701 0.0%
# CIMB Group Holdings Bhd..................................... 4,060,300 4,349,848 0.0%
# Coastal Contracts Bhd....................................... 3,151,100 1,494,329 0.0%
Crescendo Corp. Bhd......................................... 259,800 117,222 0.0%
CSC Steel Holdings Bhd...................................... 1,921,456 438,849 0.0%
* Datuk Keramik Holdings Bhd.................................. 127,000 -- 0.0%
* Daya Materials Bhd.......................................... 14,638,800 356,834 0.0%
DRB-Hicom Bhd............................................... 19,767,100 6,160,806 0.1%
# Eastern & Oriental Bhd...................................... 14,398,302 5,323,440 0.1%
* ECM Libra Financial Group Bhd............................... 2,217,050 711,584 0.0%
* Evergreen Fibreboard Bhd.................................... 2,336,326 1,200,342 0.0%
FAR East Holdings Bhd....................................... 403,800 707,021 0.0%
# Felda Global Ventures Holdings Bhd.......................... 1,491,700 616,558 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ----------- ---------------
MALAYSIA -- (Continued)
* Fountain View Development Bhd............................... 2,573,200 $ -- 0.0%
# Genting Bhd................................................. 13,504,300 23,278,421 0.2%
# Genting Malaysia Bhd........................................ 35,450,100 35,451,379 0.3%
* Global Oriental Bhd......................................... 1,283,100 175,720 0.0%
Glomac Bhd.................................................. 7,308,200 1,548,678 0.0%
Goldis Bhd.................................................. 3,223,995 1,711,868 0.0%
GuocoLand Malaysia Bhd...................................... 2,804,100 886,675 0.0%
# HAP Seng Consolidated Bhd................................... 11,142,100 15,674,559 0.1%
Hap Seng Plantations Holdings Bhd........................... 3,801,700 2,121,605 0.0%
Hiap Teck Venture Bhd....................................... 1,476,900 101,222 0.0%
# Hong Leong Financial Group Bhd.............................. 2,527,251 8,307,212 0.1%
Hong Leong Industries Bhd................................... 1,184,200 1,725,661 0.0%
Hua Yang Bhd................................................ 1,663,233 719,229 0.0%
# Hume Industries Bhd......................................... 896,084 725,449 0.0%
Hwang Capital Malaysia Bhd.................................. 57,100 28,037 0.0%
I Bhd....................................................... 84,900 10,652 0.0%
# IJM Corp. Bhd............................................... 61,263,018 47,307,428 0.3%
# IJM Plantations Bhd......................................... 201,100 163,840 0.0%
# Insas Bhd................................................... 6,052,400 1,122,960 0.0%
IOI Properties Group Bhd.................................... 44,500 20,877 0.0%
#* Iris Corp. Bhd.............................................. 22,872,800 1,324,977 0.0%
* Iskandar Waterfront City Bhd................................ 1,432,000 262,515 0.0%
* JAKS Resources Bhd.......................................... 7,797,500 2,195,670 0.0%
# Jaya Tiasa Holdings BHD..................................... 6,023,133 1,708,036 0.0%
# JCY International Bhd....................................... 11,109,300 2,010,403 0.0%
K&N Kenanga Holdings Bhd.................................... 2,020,487 276,986 0.0%
* Karambunai Corp. Bhd........................................ 5,630,100 71,216 0.0%
Keck Seng Malaysia Bhd...................................... 2,515,500 2,948,934 0.0%
* Kian JOO CAN Factory Bhd.................................... 4,777,380 3,546,374 0.0%
* KIG Glass Industrial Bhd.................................... 260,000 -- 0.0%
Kim Loong Resources Bhd..................................... 522,800 343,992 0.0%
Kimlun Corp. Bhd............................................ 815,300 249,846 0.0%
KLCCP Stapled Group......................................... 2,478,700 4,046,728 0.0%
#* KNM Group Bhd............................................... 33,131,690 4,071,751 0.0%
* Kretam Holdings Bhd......................................... 4,212,000 435,620 0.0%
# KSL Holdings BHD............................................ 8,917,740 3,256,571 0.0%
* KUB Malaysia Bhd............................................ 2,879,500 220,312 0.0%
Kulim Malaysia BHD.......................................... 8,946,900 6,923,980 0.1%
Kumpulan Fima Bhd........................................... 2,356,300 975,509 0.0%
Kumpulan Perangsang Selangor Bhd............................ 4,077,000 1,210,012 0.0%
Kwantas Corp. Bhd........................................... 288,400 112,313 0.0%
Land & General BHD.......................................... 15,263,600 1,487,878 0.0%
* Landmarks Bhd............................................... 2,119,208 530,893 0.0%
LBS Bina Group Bhd.......................................... 3,482,400 1,157,948 0.0%
* Lion Industries Corp. Bhd................................... 3,864,481 282,433 0.0%
Magnum Bhd.................................................. 5,285,900 3,307,204 0.0%
Mah Sing Group Bhd.......................................... 12,771,262 3,918,810 0.0%
# Malayan Banking Bhd......................................... 222,470 426,492 0.0%
Malayan Flour Mills Bhd..................................... 3,117,950 978,798 0.0%
# Malaysia Airports Holdings Bhd.............................. 4,338,654 5,340,991 0.1%
Malaysia Building Society Bhd............................... 230,100 86,641 0.0%
#* Malaysia Marine and Heavy Engineering Holdings Bhd.......... 2,865,600 732,296 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ----------- ---------------
MALAYSIA -- (Continued)
# Malaysian Bulk Carriers Bhd................................. 4,604,925 $ 964,094 0.0%
Malaysian Pacific Industries Bhd............................ 1,394,375 2,253,032 0.0%
# Malaysian Resources Corp. Bhd............................... 17,410,300 5,126,474 0.1%
Malton Bhd.................................................. 4,462,500 809,030 0.0%
# MBM Resources BHD........................................... 2,727,403 1,771,611 0.0%
# Media Prima Bhd............................................. 5,620,300 1,819,929 0.0%
Mega First Corp. Bhd........................................ 1,381,900 810,218 0.0%
# MISC Bhd.................................................... 16,458,804 34,534,122 0.2%
MK Land Holdings Bhd........................................ 8,806,900 808,699 0.0%
MKH Bhd..................................................... 3,021,870 1,636,606 0.0%
MMC Corp. Bhd............................................... 16,013,580 8,313,743 0.1%
MNRB Holdings Bhd........................................... 1,702,600 1,357,771 0.0%
Muda Holdings Bhd........................................... 34,400 11,126 0.0%
#* Mudajaya Group Bhd.......................................... 4,318,700 1,244,148 0.0%
Muhibbah Engineering M Bhd.................................. 3,866,300 1,985,415 0.0%
* Mulpha International Bhd.................................... 23,959,000 1,699,500 0.0%
# Naim Holdings Bhd........................................... 2,895,200 1,507,665 0.0%
NCB Holdings Bhd............................................ 1,338,500 1,332,690 0.0%
Negri Sembilan Oil Palms Bhd................................ 166,800 165,567 0.0%
Oriental Holdings Bhd....................................... 3,638,979 5,940,192 0.1%
OSK Holdings Bhd............................................ 7,175,471 2,802,474 0.0%
Pacific & Orient Bhd........................................ 334,330 105,698 0.0%
Panasonic Manufacturing Malaysia Bhd........................ 382,080 1,939,823 0.0%
Pantech Group Holdings Bhd.................................. 3,600,751 531,169 0.0%
* Paracorp Bhd................................................ 252,000 -- 0.0%
Paramount Corp. Bhd......................................... 1,660,525 636,421 0.0%
#* Parkson Holdings Bhd........................................ 7,928,676 1,971,703 0.0%
* Perisai Petroleum Teknologi Bhd............................. 394,200 29,570 0.0%
Pie Industrial Bhd.......................................... 388,320 676,207 0.0%
# Pos Malaysia Bhd............................................ 559,617 504,808 0.0%
# PPB Group Bhd............................................... 8,245,766 29,604,630 0.2%
Press Metal Bhd............................................. 6,455,362 3,490,773 0.0%
* Prime Utilities Bhd......................................... 39,000 -- 0.0%
Protasco Bhd................................................ 3,481,200 1,364,452 0.0%
RCE Capital Bhd............................................. 3,918,000 250,134 0.0%
# RHB Capital Bhd............................................. 11,296,846 16,020,308 0.1%
* Rimbunan Sawit Bhd.......................................... 6,486,500 784,252 0.0%
# Salcon Bhd.................................................. 794,800 116,175 0.0%
# Sapurakencana Petroleum Bhd................................. 13,566,100 6,649,637 0.1%
# Sarawak Oil Palms Bhd....................................... 455,720 513,283 0.0%
Sarawak Plantation Bhd...................................... 83,900 36,908 0.0%
* Scomi Energy Services Bhd................................... 352,300 23,647 0.0%
* Scomi Group Bhd............................................. 27,277,800 1,202,636 0.0%
* Seal, Inc. Bhd.............................................. 104,600 12,415 0.0%
Selangor Dredging Bhd....................................... 1,352,800 307,808 0.0%
Selangor Properties Bhd..................................... 75,300 92,790 0.0%
Shangri-La Hotels Malaysia Bhd.............................. 734,700 1,041,943 0.0%
* Shell Refining Co. Federation of Malaya Bhd................. 170,900 225,675 0.0%
SHL Consolidated Bhd........................................ 571,700 414,628 0.0%
# SP Setia Bhd Group.......................................... 4,770,526 3,662,538 0.0%
# Star Media Group Bhd........................................ 1,760,700 983,305 0.0%
# Sunway Bhd.................................................. 14,164,326 10,208,720 0.1%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ------------ ---------------
MALAYSIA -- (Continued)
* Sunway Construction Group Bhd.................................... 1,381,822 $ 418,002 0.0%
# Supermax Corp. Bhd............................................... 7,574,500 3,962,208 0.0%
Suria Capital Holdings Bhd....................................... 824,400 454,550 0.0%
Symphony Life Bhd................................................ 1,678,855 294,600 0.0%
# Ta Ann Holdings Bhd.............................................. 1,903,322 1,711,972 0.0%
TA Enterprise Bhd................................................ 21,149,500 3,073,373 0.0%
TA Global Bhd.................................................... 15,532,980 1,027,849 0.0%
TAHPS Group Bhd.................................................. 27,000 42,754 0.0%
* Talam Transform Bhd.............................................. 3,183,850 40,380 0.0%
# Taliworks Corp. Bhd.............................................. 130,800 112,017 0.0%
TAN Chong Motor Holdings Bhd..................................... 4,711,900 2,734,207 0.0%
* Tanjung Offshore Bhd............................................. 2,910,500 265,633 0.0%
TDM Bhd.......................................................... 13,081,600 2,078,108 0.0%
# TH Plantations Bhd............................................... 900,500 274,377 0.0%
# Time dotCom Bhd.................................................. 5,454,480 8,854,863 0.1%
Tiong NAM Logistics Holdings..................................... 595,500 195,463 0.0%
#* Tropicana Corp. Bhd.............................................. 7,857,233 1,760,926 0.0%
# UEM Edgenta Bhd.................................................. 2,856,400 2,211,649 0.0%
# UEM Sunrise Bhd.................................................. 15,034,745 4,368,125 0.0%
UMW Holdings Bhd................................................. 75,700 144,351 0.0%
# UMW Oil & Gas Corp. Bhd.......................................... 662,200 186,240 0.0%
# Unisem M Bhd..................................................... 9,894,800 5,474,416 0.1%
United Malacca Bhd............................................... 960,500 1,354,825 0.0%
United Plantations Bhd........................................... 393,300 2,423,668 0.0%
United U-Li Corp. Bhd............................................ 303,100 311,549 0.0%
# UOA Development Bhd.............................................. 6,296,500 3,089,697 0.0%
VS Industry Bhd.................................................. 7,136,065 2,575,138 0.0%
Wah Seong Corp. Bhd.............................................. 5,944,183 1,641,088 0.0%
# WCT Holdings Bhd................................................. 15,161,220 4,830,970 0.0%
Wing Tai Malaysia Bhd............................................ 2,929,350 859,041 0.0%
WTK Holdings Bhd................................................. 6,174,050 1,608,040 0.0%
#* YNH Property Bhd................................................. 5,624,637 2,445,620 0.0%
# YTL Corp. Bhd.................................................... 91,679,350 32,195,543 0.2%
* YTL Land & Development Bhd....................................... 3,544,900 560,134 0.0%
------------ ---
TOTAL MALAYSIA....................................................... 566,388,312 3.7%
------------ ---
MEXICO -- (6.2%)
Alfa S.A.B. de C.V. Class A...................................... 36,207,006 75,054,056 0.5%
Alpek S.A.B. de C.V.............................................. 3,441,992 4,969,882 0.0%
Arca Continental S.A.B. de C.V................................... 2,461,537 15,723,448 0.1%
#* Axtel S.A.B. de C.V.............................................. 12,013,941 5,185,884 0.0%
* Bio Pappel S.A.B. de C.V......................................... 451,188 533,194 0.0%
#* Cemex S.A.B. de C.V. Sponsored ADR............................... 13,933,905 87,922,941 0.6%
#* Cia Minera Autlan S.A.B. de C.V. Series B........................ 1,008,863 565,576 0.0%
Coca-Cola Femsa S.A.B. de C.V. Series L.......................... 1,100,131 8,439,901 0.1%
Coca-Cola Femsa S.A.B. de C.V. Sponsored ADR..................... 114,206 8,757,316 0.1%
* Consorcio ARA S.A.B. de C.V. Series *............................ 9,994,442 3,733,288 0.0%
Controladora Comercial Mexicana S.A.B. de C.V.................... 6,297,582 18,422,499 0.1%
#* Corp. Actinver S.A.B. de C.V..................................... 105,133 95,472 0.0%
#* Corp. GEO S.A.B. de C.V. Series B................................ 9,461,653 237 0.0%
* Corp. Interamericana de Entretenimiento S.A.B. de C.V. Class B... 1,560,786 1,169,801 0.0%
Credito Real S.A.B. de C.V. SOFOM ER............................. 36,023 85,054 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ------------ ---------------
MEXICO -- (Continued)
#* Desarrolladora Homex S.A.B. de C.V............................. 301,147 $ 144,942 0.0%
* Dine S.A.B. de C.V............................................. 1,027,267 621,915 0.0%
El Puerto de Liverpool S.A.B. de C.V. Series 1................. 8,486 125,355 0.0%
* Empaques Ponderosa S.A. de C.V................................. 90,000 -- 0.0%
#* Empresas ICA S.A.B. de C.V..................................... 1,784,486 707,623 0.0%
#* Empresas ICA S.A.B. de C.V. Sponsored ADR...................... 781,346 1,203,273 0.0%
Fomento Economico Mexicano S.A.B. de C.V....................... 104,881 1,035,044 0.0%
Fomento Economico Mexicano S.A.B. de C.V. Sponsored ADR........ 2,168,951 214,921,354 1.4%
#* Genomma Lab Internacional S.A.B. de C.V. Class B............... 86,900 63,763 0.0%
Gruma S.A.B. de C.V. Class B................................... 1,988,745 30,521,429 0.2%
#* Grupo Aeromexico S.A.B. de C.V................................. 1,678,848 2,947,523 0.0%
Grupo Aeroportuario del Centro Norte S.A.B. de C.V............. 728,438 3,741,460 0.0%
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR........ 27,297 1,122,726 0.0%
Grupo Aeroportuario del Pacifico S.A.B. de C.V. ADR............ 523,094 47,638,170 0.3%
Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR............. 230,315 35,638,943 0.3%
Grupo Aeroportuario del Sureste S.A.B. de C.V. Class B......... 915,443 14,186,823 0.1%
Grupo Carso S.A.B. de C.V. Series A1........................... 9,151,581 40,954,901 0.3%
Grupo Cementos de Chihuahua S.A.B. de C.V...................... 2,786,917 7,929,936 0.1%
# Grupo Comercial Chedraui S.A. de C.V........................... 2,228,152 6,145,770 0.1%
# Grupo Elektra S.A.B. de C.V.................................... 144,803 2,884,173 0.0%
* Grupo Famsa S.A.B. de C.V. Class A............................. 2,828,859 2,226,396 0.0%
Grupo Financiero Banorte S.A.B. de C.V......................... 21,258,812 113,811,570 0.8%
Grupo Financiero Inbursa S.A.B. de C.V......................... 15,929,899 31,921,906 0.2%
# Grupo Financiero Interacciones SA de C.V....................... 593,956 3,843,968 0.0%
# Grupo Financiero Santander Mexico S.A.B. de C.V. Class B....... 2,550,559 4,686,427 0.0%
Grupo Financiero Santander Mexico S.A.B. de C.V. Class B ADR... 1,632,369 14,936,176 0.1%
* Grupo Gigante S.A.B. de C.V. Series *.......................... 471,076 1,090,720 0.0%
Grupo Herdez S.A.B. de C.V. Series *........................... 501,271 1,393,246 0.0%
Grupo Industrial Maseca S.A.B. de C.V. Class B................. 2,749,400 3,828,367 0.0%
Grupo Industrial Saltillo S.A.B. de C.V........................ 1,338,007 2,622,908 0.0%
# Grupo KUO S.A.B. de C.V. Series B.............................. 2,034,528 3,771,522 0.0%
Grupo Mexico S.A.B. de C.V. Series B........................... 27,784,953 67,722,227 0.5%
#* Grupo Pochteca S.A.B. de C.V................................... 67,810 50,905 0.0%
* Grupo Posadas S.A.B. de C.V.................................... 355,600 759,949 0.0%
* Grupo Qumma SA de C.V. Series B................................ 5,301 -- 0.0%
# Grupo Sanborns S.A.B. de C.V................................... 1,081,203 1,898,248 0.0%
#* Grupo Simec S.A.B. de C.V. Series B............................ 1,200,075 3,289,748 0.0%
#* Grupo Sports World S.A.B. de C.V............................... 265,448 324,462 0.0%
Industrias Bachoco S.A.B. de C.V. ADR.......................... 39,083 2,138,622 0.0%
Industrias Bachoco S.A.B. de C.V. Series B..................... 1,658,920 7,550,497 0.1%
#* Industrias CH S.A.B. de C.V. Series B.......................... 2,569,185 9,324,646 0.1%
# Industrias Penoles S.A.B. de C.V............................... 164,784 2,182,881 0.0%
Medica Sur S.A.B. de C.V. Series B............................. 1,000 3,027 0.0%
Megacable Holdings S.A.B. de C.V............................... 171,766 654,607 0.0%
Mexichem S.A.B. de C.V......................................... 6,194,328 16,114,148 0.1%
#* Minera Frisco S.A.B. de C.V.................................... 7,179,830 3,803,383 0.0%
* OHL Mexico S.A.B. de C.V....................................... 9,459,840 12,502,168 0.1%
# Organizacion Cultiba S.A.B. de C.V............................. 125,584 167,569 0.0%
#* Organizacion Soriana S.A.B. de C.V. Class B.................... 14,788,064 35,524,730 0.3%
#* Qualitas Controladora S.A.B. de C.V............................ 1,652,078 2,059,371 0.0%
Rassini S.A.B. de C.V.......................................... 10,800 42,303 0.0%
* Savia SA Class A............................................... 3,457,285 -- 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ------------ ---------------
MEXICO -- (Continued)
# TV Azteca S.A.B. de C.V..................................... 9,227,816 $ 1,480,446 0.0%
#* Urbi Desarrollos Urbanos S.A.B. de C.V...................... 9,102,158 683 0.0%
Vitro S.A.B. de C.V. Series A............................... 1,544,127 4,486,230 0.0%
------------ ---
TOTAL MEXICO.................................................... 999,407,728 6.6%
------------ ---
PHILIPPINES -- (1.2%)
A Soriano Corp.............................................. 17,792,400 2,475,735 0.0%
ACR Mining Corp............................................. 105,455 30,238 0.0%
Alliance Global Group, Inc.................................. 25,980,306 10,083,893 0.1%
Alsons Consolidated Resources, Inc.......................... 21,091,000 710,731 0.0%
* Atlas Consolidated Mining & Development Corp................ 5,351,500 644,140 0.0%
BDO Unibank, Inc............................................ 10,788,115 23,384,788 0.2%
Cebu Air, Inc............................................... 1,751,400 3,335,968 0.0%
Cebu Holdings, Inc.......................................... 2,280,150 247,211 0.0%
Century Properties Group, Inc............................... 28,957,400 376,851 0.0%
China Banking Corp.......................................... 431,825 368,627 0.0%
Cosco Capital, Inc.......................................... 5,830,900 925,746 0.0%
EEI Corp.................................................... 1,150,300 184,568 0.0%
* Empire East Land Holdings, Inc.............................. 24,178,000 464,785 0.0%
* Export & Industry Bank, Inc. Class A........................ 14,950 -- 0.0%
Filinvest Development Corp.................................. 142,800 11,893 0.0%
Filinvest Land, Inc......................................... 202,093,031 7,504,510 0.1%
First Philippine Holdings Corp.............................. 4,628,330 6,979,215 0.1%
* Fwbc Holdings, Inc.......................................... 5,471,786 -- 0.0%
Integrated Micro-Electronics, Inc........................... 248,900 31,534 0.0%
JG Summit Holdings, Inc..................................... 8,059,270 12,254,843 0.1%
Lopez Holdings Corp......................................... 34,691,900 5,025,242 0.0%
LT Group, Inc............................................... 10,610,600 2,828,667 0.0%
Megaworld Corp.............................................. 180,919,000 18,088,032 0.1%
Metropolitan Bank & Trust Co................................ 8,551,960 15,512,798 0.1%
* Mondragon International Philippines, Inc.................... 2,464,000 -- 0.0%
Pepsi-Cola Products Philippines, Inc........................ 709,000 63,586 0.0%
Petron Corp................................................. 10,859,700 1,875,294 0.0%
* Philippine National Bank.................................... 4,909,303 5,550,826 0.0%
* Philippine National Construction Corp....................... 398,900 7,830 0.0%
Philippine Savings Bank..................................... 1,232,313 2,735,513 0.0%
* Philippine Townships, Inc................................... 226,200 -- 0.0%
* Philtown Properties, Inc.................................... 6,701 -- 0.0%
Phinma Corp................................................. 1,322,798 325,762 0.0%
Phoenix Petroleum Philippines, Inc.......................... 507,600 39,838 0.0%
RFM Corp.................................................... 955,000 83,785 0.0%
Rizal Commercial Banking Corp............................... 4,672,648 3,094,106 0.0%
Robinsons Land Corp......................................... 30,204,350 19,724,848 0.1%
San Miguel Corp............................................. 6,547,556 6,706,599 0.1%
San Miguel Pure Foods Co., Inc.............................. 63,140 185,555 0.0%
Security Bank Corp.......................................... 1,514,674 4,585,314 0.0%
* Top Frontier Investment Holdings, Inc....................... 628,532 1,414,772 0.0%
Trans-Asia Oil & Energy Development Corp.................... 26,631,000 1,246,793 0.0%
Travellers International Hotel Group, Inc................... 885,200 86,838 0.0%
Union Bank of the Philippines............................... 4,413,349 5,380,271 0.0%
Universal Robina Corp....................................... 6,202,655 26,551,372 0.2%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ------------ ---------------
PHILIPPINES -- (Continued)
Vista Land & Lifescapes, Inc................................ 72,605,268 $ 8,620,820 0.1%
------------ ---
TOTAL PHILIPPINES............................................... 199,749,737 1.3%
------------ ---
POLAND -- (1.9%)
* Agora SA.................................................... 573,427 1,716,804 0.0%
Asseco Poland SA............................................ 1,339,607 19,773,525 0.1%
#* Bank Millennium SA.......................................... 4,321,453 6,843,609 0.1%
* Ciech SA.................................................... 527,468 10,201,996 0.1%
* ComArch SA.................................................. 2,787 85,391 0.0%
Dom Development SA.......................................... 17,406 235,004 0.0%
Enea SA..................................................... 2,429,446 8,057,024 0.1%
Firma Oponiarska Debica SA.................................. 101,524 2,309,383 0.0%
#* Getin Holding SA............................................ 2,977,249 1,232,077 0.0%
#* Getin Noble Bank SA......................................... 3,232,348 668,886 0.0%
* Grupa Azoty SA.............................................. 171,090 4,069,860 0.0%
Grupa Kety SA............................................... 110,368 7,934,705 0.1%
* Grupa Lotos SA.............................................. 1,735,019 12,778,748 0.1%
* Hawe SA..................................................... 379,750 86,340 0.0%
* Impexmetal SA............................................... 5,353,386 3,722,753 0.0%
#* Jastrzebska Spolka Weglowa SA............................... 252,276 862,953 0.0%
Kernel Holding SA........................................... 396,351 5,348,405 0.0%
KGHM Polska Miedz SA........................................ 2,445,575 56,776,719 0.4%
Kopex SA.................................................... 514,027 795,377 0.0%
* LC Corp. SA................................................. 1,199,107 613,067 0.0%
Lentex SA................................................... 15,056 36,445 0.0%
# Lubelski Wegiel Bogdanka SA................................. 10,882 115,997 0.0%
Netia SA.................................................... 4,449,611 6,362,704 0.0%
Orbis SA.................................................... 536,574 8,188,511 0.1%
Pelion SA................................................... 10,134 159,848 0.0%
PGE Polska Grupa Energetyczna SA............................ 14,763,329 54,952,558 0.4%
* Polski Koncern Miesny Duda SA............................... 56,943 90,107 0.0%
# Polski Koncern Naftowy Orlen SA............................. 4,821,675 78,224,224 0.5%
* Powszechna Kasa Oszczednosci Bank Polski SA................. 79,916 591,861 0.0%
* Sygnity SA.................................................. 194,766 519,785 0.0%
Synthos SA.................................................. 2,933,413 2,798,128 0.0%
Tauron Polska Energia SA.................................... 18,743,009 14,695,007 0.1%
#* Trakcja SA.................................................. 703,232 1,844,735 0.0%
------------ ---
TOTAL POLAND.................................................... 312,692,536 2.1%
------------ ---
RUSSIA -- (2.1%)
* AFI Development P.L.C. GDR.................................. 31,827 5,402 0.0%
Gazprom PAO Sponsored ADR................................... 65,148,616 274,557,897 1.8%
LUKOIL PJSC................................................. 1,154,896 41,952,321 0.2%
Magnitogorsk Iron & Steel Works OJSC GDR.................... 1,780,110 8,760,991 0.1%
* Mechel Sponsored ADR........................................ 427,180 431,452 0.0%
RusHydro PJSC ADR........................................... 8,655,901 8,378,402 0.1%
------------ ---
TOTAL RUSSIA.................................................... 334,086,465 2.2%
------------ ---
SOUTH AFRICA -- (7.8%)
Adcorp Holdings, Ltd........................................ 790,191 1,433,947 0.0%
Aeci, Ltd................................................... 1,178,342 8,089,359 0.1%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ----------- ---------------
SOUTH AFRICA -- (Continued)
* African Bank Investments, Ltd............................... 9,264,952 $ 38,897 0.0%
African Oxygen, Ltd......................................... 45,466 49,799 0.0%
# African Rainbow Minerals, Ltd............................... 2,023,634 7,716,650 0.1%
Allied Electronics Corp., Ltd............................... 515,636 255,781 0.0%
* Anglo American Platinum, Ltd................................ 496,723 8,688,012 0.1%
* AngloGold Ashanti, Ltd...................................... 1,780,604 15,024,580 0.1%
* AngloGold Ashanti, Ltd. Sponsored ADR....................... 5,678,422 47,925,882 0.3%
#* ArcelorMittal South Africa, Ltd............................. 2,390,579 1,421,485 0.0%
#* Aveng, Ltd.................................................. 8,076,763 1,979,415 0.0%
Barclays Africa Group, Ltd.................................. 5,869,836 75,226,902 0.5%
Barloworld, Ltd............................................. 4,511,931 25,456,715 0.2%
Bidvest Group, Ltd. (The)................................... 7,099 181,341 0.0%
Blue Label Telecoms, Ltd.................................... 4,872,620 4,089,446 0.0%
#* Brait SE.................................................... 1,733,347 19,847,468 0.1%
Caxton and CTP Publishers and Printers, Ltd................. 3,124,128 4,060,895 0.0%
Clover Industries, Ltd...................................... 1,179,027 1,615,921 0.0%
* Consolidated Infrastructure Group, Ltd...................... 301,009 759,344 0.0%
* Corpgro, Ltd................................................ 579,166 -- 0.0%
DataTec, Ltd................................................ 3,405,764 14,562,978 0.1%
Distell Group, Ltd.......................................... 155,945 2,004,794 0.0%
Distribution and Warehousing Network, Ltd................... 250,120 79,374 0.0%
# DRDGOLD, Ltd................................................ 6,389,615 1,035,317 0.0%
DRDGOLD, Ltd. Sponsored ADR................................. 6,429 9,901 0.0%
* Eqstra Holdings, Ltd........................................ 3,316,866 621,666 0.0%
* Evraz Highveld Steel and Vanadium, Ltd...................... 120,337 10,761 0.0%
# Exxaro Resources, Ltd....................................... 1,696,492 7,021,264 0.1%
Gold Fields, Ltd............................................ 2,728,058 7,114,745 0.1%
Gold Fields, Ltd. Sponsored ADR............................. 12,391,918 31,351,553 0.2%
Grindrod, Ltd............................................... 8,073,302 8,714,941 0.1%
Group Five, Ltd............................................. 1,599,349 2,540,508 0.0%
#* Harmony Gold Mining Co., Ltd................................ 1,648,314 1,154,933 0.0%
#* Harmony Gold Mining Co., Ltd. Sponsored ADR................. 401,946 271,836 0.0%
Holdsport, Ltd.............................................. 15,928 72,410 0.0%
Hudaco Industries, Ltd...................................... 121,375 952,365 0.0%
# Hulamin, Ltd................................................ 1,774,040 854,969 0.0%
Iliad Africa, Ltd........................................... 206,803 149,292 0.0%
Illovo Sugar, Ltd........................................... 1,087,049 1,370,806 0.0%
* Impala Platinum Holdings, Ltd............................... 7,208,593 19,659,014 0.1%
Imperial Holdings, Ltd...................................... 1,063,857 13,847,882 0.1%
Investec, Ltd............................................... 4,366,901 36,127,730 0.2%
* JCI, Ltd.................................................... 10,677,339 -- 0.0%
KAP Industrial Holdings, Ltd................................ 669,290 355,351 0.0%
# Kumba Iron Ore, Ltd......................................... 139,578 602,552 0.0%
# Lewis Group, Ltd............................................ 2,044,304 8,818,082 0.1%
Liberty Holdings, Ltd....................................... 1,882,307 18,404,862 0.1%
Mediclinic International, Ltd............................... 173,897 1,526,365 0.0%
Merafe Resources, Ltd....................................... 21,926,669 1,140,250 0.0%
Metair Investments, Ltd..................................... 1,174,004 2,599,548 0.0%
MMI Holdings, Ltd........................................... 18,781,970 34,082,613 0.2%
Mondi, Ltd.................................................. 1,809,963 42,055,162 0.3%
Mpact, Ltd.................................................. 2,424,407 8,461,038 0.1%
MTN Group, Ltd.............................................. 1,594,114 18,148,367 0.1%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- -------------- ---------------
SOUTH AFRICA -- (Continued)
# Murray & Roberts Holdings, Ltd.............................. 6,010,269 $ 4,548,026 0.0%
Mustek, Ltd................................................. 48,438 28,985 0.0%
Nedbank Group, Ltd.......................................... 3,612,203 60,045,689 0.4%
#* Northam Platinum, Ltd....................................... 2,839,914 6,210,242 0.0%
Omnia Holdings, Ltd......................................... 478,281 5,305,521 0.0%
Peregrine Holdings, Ltd..................................... 1,700,309 3,781,638 0.0%
Petmin, Ltd................................................. 1,417,358 136,803 0.0%
* Pinnacle Holdings, Ltd...................................... 581,382 502,998 0.0%
PSG Group, Ltd.............................................. 499,930 9,640,019 0.1%
Raubex Group, Ltd........................................... 1,780,333 2,120,642 0.0%
RCL Foods, Ltd.............................................. 90,842 107,717 0.0%
Reunert, Ltd................................................ 391,588 1,904,049 0.0%
* Royal Bafokeng Platinum, Ltd................................ 478,372 965,557 0.0%
Sanlam, Ltd................................................. 16,663,544 75,281,328 0.5%
* Sappi, Ltd.................................................. 9,689,574 38,234,134 0.3%
* Sappi, Ltd. Sponsored ADR................................... 695,410 2,677,329 0.0%
Sasol, Ltd.................................................. 2,355,745 75,481,998 0.5%
Sasol, Ltd. Sponsored ADR................................... 1,336,339 42,976,662 0.3%
Sibanye Gold, Ltd........................................... 2,162,848 3,612,443 0.0%
# Sibanye Gold, Ltd. Sponsored ADR............................ 3,494,040 22,816,081 0.2%
Standard Bank Group, Ltd.................................... 17,509,455 181,925,436 1.2%
* Stefanutti Stocks Holdings, Ltd............................. 526,548 201,427 0.0%
# Steinhoff International Holdings, Ltd....................... 27,223,846 166,431,274 1.1%
* Super Group, Ltd............................................ 4,180,693 9,820,299 0.1%
Telkom SA SOC, Ltd.......................................... 5,140,958 26,996,144 0.2%
Tiso Blackstar Group SE..................................... 85,425 61,689 0.0%
Tongaat Hulett, Ltd......................................... 973,716 8,312,172 0.1%
Trencor, Ltd................................................ 1,453,287 5,521,262 0.0%
Wilson Bayly Holmes-Ovcon, Ltd.............................. 325,529 3,041,191 0.0%
Zeder Investments, Ltd...................................... 55,552 31,697 0.0%
-------------- ---
TOTAL SOUTH AFRICA.............................................. 1,268,305,520 8.4%
-------------- ---
SOUTH KOREA -- (14.6%)
Aekyung Petrochemical Co., Ltd.............................. 2,680 145,061 0.0%
#* Agabang&Company............................................. 19,244 220,354 0.0%
#* ALUKO Co., Ltd.............................................. 245,213 1,378,093 0.0%
#* Amotech Co., Ltd............................................ 28,966 541,452 0.0%
# Asia Cement Co., Ltd........................................ 6,783 639,494 0.0%
# ASIA Holdings Co., Ltd...................................... 28,607 2,928,977 0.0%
# Asia Paper Manufacturing Co., Ltd........................... 63,782 1,089,895 0.0%
AtlasBX Co., Ltd............................................ 10,957 347,605 0.0%
#* AUK Corp.................................................... 487,877 1,040,227 0.0%
* BH Co., Ltd................................................. 10,493 54,534 0.0%
BNK Financial Group, Inc.................................... 2,237,320 27,393,301 0.2%
Bookook Securities Co., Ltd................................. 28,655 431,238 0.0%
BYC Co., Ltd................................................ 752 262,682 0.0%
* CammSys Corp................................................ 13,509 24,565 0.0%
#* Capro Corp.................................................. 79,730 196,347 0.0%
#* Celltrion Pharm, Inc........................................ 10,662 129,954 0.0%
* Chemtronics Co., Ltd........................................ 2,389 14,387 0.0%
#* China Great Star International, Ltd......................... 582,136 1,246,378 0.0%
#* China Ocean Resources Co., Ltd.............................. 1,088,323 4,265,463 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
--------- ----------- ---------------
SOUTH KOREA -- (Continued)
# Chosun Refractories Co., Ltd................................ 9,716 $ 802,933 0.0%
# CJ Corp..................................................... 38,915 8,170,734 0.1%
#* CJ Korea Express Co., Ltd................................... 35,696 6,092,957 0.1%
# CKD Bio Corp................................................ 17,576 303,275 0.0%
#* Cosmochemical Co., Ltd...................................... 115,498 558,795 0.0%
# Dae Dong Industrial Co., Ltd................................ 141,098 1,212,517 0.0%
# Dae Han Flour Mills Co., Ltd................................ 14,630 2,491,528 0.0%
# Dae Won Kang Up Co., Ltd.................................... 245,096 1,064,215 0.0%
#* Dae Young Packaging Co., Ltd................................ 1,121,470 1,112,143 0.0%
#* Dae-Il Corp................................................. 128,871 984,738 0.0%
#* Daechang Co., Ltd........................................... 526,706 436,726 0.0%
Daeduck Electronics Co...................................... 115,484 742,908 0.0%
# Daeduck GDS Co., Ltd........................................ 291,353 2,475,939 0.0%
Daegu Department Store...................................... 71,060 884,003 0.0%
# Daehan Steel Co., Ltd....................................... 181,186 1,530,451 0.0%
Daekyo Co., Ltd............................................. 356,920 2,861,739 0.0%
# Daelim Industrial Co., Ltd.................................. 323,708 21,133,533 0.2%
# Daesang Holdings Co., Ltd................................... 54,347 1,015,414 0.0%
# Daesung Holdings Co., Ltd................................... 42,463 442,664 0.0%
Daewon San Up Co., Ltd...................................... 1,435 8,357 0.0%
#* Daewoo Engineering & Construction Co., Ltd.................. 1,012,402 5,752,750 0.1%
# Daewoo International Corp................................... 11,433 199,095 0.0%
# Daewoo Securities Co., Ltd.................................. 1,140,470 11,004,075 0.1%
# Daewoo Shipbuilding & Marine Engineering Co., Ltd........... 1,194,943 7,222,861 0.1%
Daewoong Co., Ltd........................................... 2,604 145,061 0.0%
* Dahaam E-Tec Co., Ltd....................................... 3,535 10,465 0.0%
# Daishin Securities Co., Ltd................................. 604,449 5,535,122 0.1%
# Daou Data Corp.............................................. 138,807 2,379,158 0.0%
# Daou Technology, Inc........................................ 396,164 8,585,623 0.1%
#* Dasan Networks, Inc......................................... 193,542 1,049,652 0.0%
DGB Financial Group, Inc.................................... 1,624,766 15,071,204 0.1%
Display Tech Co., Ltd....................................... 14,272 61,385 0.0%
DK UIL Co., Ltd............................................. 8,787 83,683 0.0%
# Dong Ah Tire & Rubber Co., Ltd.............................. 89,616 1,963,361 0.0%
Dong-Ah Geological Engineering Co., Ltd..................... 45,500 317,110 0.0%
# Dong-Il Corp................................................ 18,590 1,114,304 0.0%
# Dongbang Transport Logistics Co., Ltd....................... 244,640 653,644 0.0%
#* Dongbu HiTek Co., Ltd....................................... 300,944 3,197,622 0.0%
# Dongbu Securities Co., Ltd.................................. 412,339 1,462,132 0.0%
#* Dongbu Steel Co., Ltd....................................... 81,663 398,481 0.0%
# Dongil Industries Co., Ltd.................................. 18,446 928,952 0.0%
#* Dongkook Industrial Co., Ltd................................ 298,412 659,688 0.0%
Dongkuk Industries Co., Ltd................................. 55,506 177,217 0.0%
#* Dongkuk Steel Mill Co., Ltd................................. 967,685 5,784,432 0.1%
# Dongkuk Structures & Construction Co., Ltd.................. 172,302 558,208 0.0%
# Dongwha Pharm Co., Ltd...................................... 284,616 1,722,599 0.0%
Dongwon F&B Co., Ltd........................................ 4,429 1,460,219 0.0%
* Dongwoo Co., Ltd............................................ 14,971 54,387 0.0%
# Dongyang E&P, Inc........................................... 31,262 351,435 0.0%
# Doosan Corp................................................. 130,122 12,580,354 0.1%
#* Doosan Engine Co., Ltd...................................... 112,890 379,404 0.0%
# Doosan Engineering & Construction Co., Ltd.................. 34,199 200,091 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
--------- ----------- ---------------
SOUTH KOREA -- (Continued)
# Doosan Heavy Industries & Construction Co., Ltd............. 567,699 $10,216,713 0.1%
#* Doosan Infracore Co., Ltd................................... 1,493,659 8,161,368 0.1%
# DRB Holding Co., Ltd........................................ 114,870 1,472,397 0.0%
# DY Corp..................................................... 268,363 1,628,076 0.0%
# e-LITECOM Co., Ltd.......................................... 59,930 1,048,999 0.0%
# E-MART, Inc................................................. 98,867 18,391,896 0.1%
# Eagon Industries Co., Ltd................................... 18,903 280,381 0.0%
# Eugene Corp................................................. 552,081 2,705,983 0.0%
#* Eugene Investment & Securities Co., Ltd..................... 1,164,534 2,845,633 0.0%
#* Eusu Holdings Co., Ltd...................................... 65,810 507,155 0.0%
# EVERDIGM Corp............................................... 19,016 179,030 0.0%
#* Flexcom, Inc................................................ 29,124 73,482 0.0%
# Fursys, Inc................................................. 28,479 865,605 0.0%
# Gaon Cable Co., Ltd......................................... 25,249 463,517 0.0%
Global & Yuasa Battery Co., Ltd............................. 53,014 1,898,630 0.0%
# Global Display Co., Ltd..................................... 32,534 116,369 0.0%
#* GNCO Co., Ltd............................................... 357,625 453,794 0.0%
# GOLFZONYUWONHOLDINGS Co., Ltd............................... 6,151 43,497 0.0%
Green Cross Holdings Corp................................... 9,405 337,247 0.0%
#* GS Engineering & Construction Corp.......................... 574,868 11,685,230 0.1%
# GS Global Corp.............................................. 60,141 326,752 0.0%
# GS Holdings Corp............................................ 617,643 27,129,948 0.2%
# Gwangju Shinsegae Co., Ltd.................................. 5,985 1,566,655 0.0%
#* Halla Corp.................................................. 75,864 256,283 0.0%
# Halla Holdings Corp......................................... 29,152 1,448,907 0.0%
Han Kuk Carbon Co., Ltd..................................... 6,148 31,981 0.0%
# Hana Financial Group, Inc................................... 3,334,337 81,087,678 0.6%
# Handok, Inc................................................. 10,861 236,539 0.0%
# Handsome Co., Ltd........................................... 141,182 4,802,535 0.0%
# Hanil Cement Co., Ltd....................................... 51,738 5,322,529 0.1%
#* Hanjin Heavy Industries & Construction Co., Ltd............. 571,915 2,224,634 0.0%
# Hanjin Heavy Industries & Construction Holdings Co., Ltd.... 206,286 1,192,790 0.0%
# Hanjin Kal Corp............................................. 138,504 2,635,511 0.0%
#* Hanjin Shipping Co., Ltd.................................... 161,920 711,038 0.0%
# Hanjin Transportation Co., Ltd.............................. 136,400 5,299,647 0.1%
Hankook Tire Co., Ltd....................................... 35,230 1,346,803 0.0%
Hankuk Glass Industries, Inc................................ 17,640 392,298 0.0%
# Hankuk Paper Manufacturing Co., Ltd......................... 33,223 1,022,079 0.0%
#* Hansol Holdings Co., Ltd.................................... 401,896 2,522,561 0.0%
#* Hansol HomeDeco Co., Ltd.................................... 321,490 432,618 0.0%
#* Hansol Paper Co., Ltd....................................... 168,582 3,037,759 0.0%
# Hanwha Chemical Corp........................................ 1,076,195 20,852,388 0.2%
Hanwha Corp................................................. 747,702 24,518,199 0.2%
# Hanwha Galleria Timeworld Co., Ltd.......................... 10,902 1,002,317 0.0%
* Hanwha General Insurance Co., Ltd........................... 69,154 456,616 0.0%
# Hanwha Investment & Securities Co., Ltd..................... 638,857 2,502,432 0.0%
Hanwha Life Insurance Co., Ltd.............................. 2,232,784 16,608,265 0.1%
#* Hanwha Techwin Co., Ltd..................................... 137,851 4,484,536 0.0%
# Hanyang Eng Co., Ltd........................................ 35,004 287,655 0.0%
# Hanyang Securities Co., Ltd................................. 92,428 688,481 0.0%
# Heung-A Shipping Co., Ltd................................... 751,463 1,271,711 0.0%
# Hitejinro Holdings Co., Ltd................................. 116,051 1,384,940 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
--------- ------------ ---------------
SOUTH KOREA -- (Continued)
# HMC Investment Securities Co., Ltd.......................... 254,497 $ 2,288,410 0.0%
# HS R&A Co., Ltd............................................. 34,764 1,248,150 0.0%
# Humax Co., Ltd.............................................. 186,876 2,836,804 0.0%
Husteel Co., Ltd............................................ 47,312 741,032 0.0%
# Huvis Corp.................................................. 31,945 237,407 0.0%
# Hwa Shin Co., Ltd........................................... 80,837 415,840 0.0%
# Hwacheon Machine Tool Co., Ltd.............................. 14,227 775,311 0.0%
HwaSung Industrial Co., Ltd................................. 19,273 289,276 0.0%
Hyosung Corp................................................ 236,798 24,178,651 0.2%
# Hyundai BNG Steel Co., Ltd.................................. 131,949 1,192,358 0.0%
# Hyundai Department Store Co., Ltd........................... 55,422 6,083,730 0.1%
# Hyundai Development Co-Engineering & Construction........... 466,327 18,728,436 0.1%
Hyundai Engineering & Construction Co., Ltd................. 317,960 9,587,169 0.1%
#* Hyundai Heavy Industries Co., Ltd........................... 411,885 34,208,428 0.2%
Hyundai Hy Communications & Networks Co., Ltd............... 262,383 753,025 0.0%
# Hyundai Marine & Fire Insurance Co., Ltd.................... 45,206 1,346,125 0.0%
#* Hyundai Mipo Dockyard Co., Ltd.............................. 77,140 4,832,650 0.0%
Hyundai Mobis Co., Ltd...................................... 18,223 3,831,024 0.0%
# Hyundai Motor Co............................................ 1,078,089 147,261,123 1.0%
#* Hyundai Rotem Co., Ltd...................................... 6,913 98,370 0.0%
Hyundai Securities Co., Ltd................................. 1,415,714 8,537,992 0.1%
# Hyundai Steel Co............................................ 1,080,925 49,214,390 0.3%
#* Hyunjin Materials Co., Ltd.................................. 57,175 77,583 0.0%
# Il Dong Pharmaceutical Co., Ltd............................. 97,917 2,212,929 0.0%
# Iljin Electric Co., Ltd..................................... 267,372 1,335,431 0.0%
# Ilshin Spinning Co., Ltd.................................... 16,333 2,263,987 0.0%
# Ilsung Pharmaceuticals Co., Ltd............................. 9,407 861,881 0.0%
# Industrial Bank of Korea.................................... 2,385,570 29,201,268 0.2%
* InnoWireless, Inc........................................... 1,805 16,845 0.0%
#* Interflex Co., Ltd.......................................... 65,517 720,642 0.0%
# Intergis Co., Ltd........................................... 49,180 154,707 0.0%
INTOPS Co., Ltd............................................. 74,806 1,111,541 0.0%
Inzi Controls Co., Ltd...................................... 89,540 401,334 0.0%
# INZI Display Co., Ltd....................................... 244,705 350,857 0.0%
IS Dongseo Co., Ltd......................................... 53,412 1,996,684 0.0%
# ISU Chemical Co., Ltd....................................... 88,385 795,720 0.0%
# IsuPetasys Co., Ltd......................................... 71,858 317,008 0.0%
# Jahwa Electronics Co., Ltd.................................. 37,751 371,438 0.0%
# JB Financial Group Co., Ltd................................. 879,546 4,572,737 0.0%
# Jeil Pharmaceutical Co...................................... 39,179 835,974 0.0%
# JW Pharmaceutical Corp...................................... 83,603 2,544,515 0.0%
# KB Capital Co., Ltd......................................... 93,191 2,075,501 0.0%
KB Financial Group, Inc..................................... 1,730,536 54,825,731 0.4%
KB Financial Group, Inc. ADR................................ 3,077,876 97,045,430 0.7%
KB Insurance Co., Ltd....................................... 167,974 3,903,843 0.0%
# KC Tech Co., Ltd............................................ 198,629 1,669,643 0.0%
# KCC Corp.................................................... 49,514 17,665,306 0.1%
#* KEC Corp.................................................... 44,448 44,315 0.0%
# Keyang Electric Machinery Co., Ltd.......................... 343,223 1,456,273 0.0%
# KG Chemical Corp............................................ 57,540 809,334 0.0%
# Kia Motors Corp............................................. 991,391 48,391,867 0.3%
# KISCO Corp.................................................. 54,263 2,297,933 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
--------- ----------- ---------------
SOUTH KOREA -- (Continued)
# KISCO Holdings Co., Ltd..................................... 11,405 $ 594,728 0.0%
# Kishin Corp................................................. 107,298 708,917 0.0%
# KISWIRE, Ltd................................................ 90,481 3,269,996 0.0%
# Kolon Corp.................................................. 65,774 3,678,138 0.0%
* Kolon Global Corp........................................... 10,244 152,202 0.0%
# Kolon Industries, Inc....................................... 228,890 12,435,256 0.1%
# Kook Soon Dang Brewery Co., Ltd............................. 125,249 732,733 0.0%
Korea Airport Service Co., Ltd.............................. 238 6,309 0.0%
# Korea Alcohol Industrial Co., Ltd........................... 28,767 188,248 0.0%
# Korea Cast Iron Pipe Industries Co., Ltd.................... 7,358 83,204 0.0%
# Korea Circuit Co., Ltd...................................... 158,138 1,525,460 0.0%
Korea Electric Terminal Co., Ltd............................ 66,909 5,782,864 0.1%
# Korea Export Packaging Industrial Co., Ltd.................. 5,290 97,197 0.0%
# Korea Flange Co., Ltd....................................... 66,724 812,374 0.0%
Korea Investment Holdings Co., Ltd.......................... 432,462 23,025,001 0.2%
# Korea Petrochemical Ind Co., Ltd............................ 30,445 4,708,232 0.0%
* Korean Air Lines Co., Ltd................................... 62,461 1,687,323 0.0%
Korean Reinsurance Co....................................... 672,677 8,019,752 0.1%
Kortek Corp................................................. 809 9,522 0.0%
KPX Chemical Co., Ltd....................................... 12,852 640,926 0.0%
#* KTB Investment & Securities Co., Ltd........................ 639,952 1,418,568 0.0%
Kukdo Chemical Co., Ltd..................................... 48,530 2,605,111 0.0%
#* Kumho Electric Co., Ltd..................................... 44,161 677,806 0.0%
#* Kumho Tire Co., Inc......................................... 46,348 279,981 0.0%
# Kunsul Chemical Industrial Co., Ltd......................... 34,025 1,326,955 0.0%
#* Kwangju Bank................................................ 132,697 945,882 0.0%
#* Kyeryong Construction Industrial Co., Ltd................... 38,242 320,620 0.0%
# Kyobo Securities Co., Ltd................................... 211,717 1,815,338 0.0%
# Kyung-In Synthetic Corp..................................... 27,261 94,920 0.0%
# Kyungbang, Ltd.............................................. 11,050 1,862,885 0.0%
#* LB Semicon, Inc............................................. 66,800 85,914 0.0%
LF Corp..................................................... 91,282 2,529,439 0.0%
# LG Corp..................................................... 1,044,400 60,430,868 0.4%
LG Display Co., Ltd......................................... 1,523,739 28,946,631 0.2%
# LG Display Co., Ltd. ADR.................................... 3,996,524 37,966,978 0.3%
# LG Electronics, Inc......................................... 1,776,548 76,270,868 0.5%
# LG International Corp....................................... 240,831 7,355,088 0.1%
LG Uplus Corp............................................... 2,008,456 19,249,465 0.1%
# LMS Co., Ltd................................................ 14,112 127,130 0.0%
# Lotte Chemical Corp......................................... 133,545 28,037,580 0.2%
Lotte Chilsung Beverage Co., Ltd............................ 6,928 13,566,729 0.1%
# Lotte Confectionery Co., Ltd................................ 7,692 13,418,340 0.1%
# LOTTE Himart Co., Ltd....................................... 12,087 616,478 0.0%
#* Lotte Non-Life Insurance Co., Ltd........................... 175,018 433,388 0.0%
# Lotte Shopping Co., Ltd..................................... 159,952 32,406,288 0.2%
# LS Corp..................................................... 81,252 2,743,949 0.0%
# Lumens Co., Ltd............................................. 32,726 117,269 0.0%
# Mando Corp.................................................. 5,405 703,143 0.0%
MegaStudy Co., Ltd.......................................... 3,332 131,038 0.0%
* MegaStudyEdu Co., Ltd....................................... 2,475 138,834 0.0%
#* Melfas, Inc................................................. 127,678 552,968 0.0%
Meritz Finance Group, Inc................................... 68,885 884,555 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
--------- ------------ ---------------
SOUTH KOREA -- (Continued)
# Meritz Securities Co., Ltd.................................. 1,516,895 $ 6,747,173 0.1%
Mi Chang Oil Industrial Co., Ltd............................ 4,691 316,345 0.0%
# Mirae Asset Securities Co., Ltd............................. 315,644 7,042,180 0.1%
# MK Electron Co., Ltd........................................ 124,718 767,992 0.0%
#* MNTech Co., Ltd............................................. 38,064 212,562 0.0%
# Moorim P&P Co., Ltd......................................... 389,600 1,835,144 0.0%
#* Moorim Paper Co., Ltd....................................... 210,130 651,044 0.0%
# Motonic Corp................................................ 75,294 832,338 0.0%
# Namyang Dairy Products Co., Ltd............................. 2,878 2,122,176 0.0%
#* NEOWIZ HOLDINGS Corp........................................ 69,796 1,104,097 0.0%
#* NEPES Corp.................................................. 18,806 109,806 0.0%
Nexen Corp.................................................. 17,164 1,272,807 0.0%
# NH Investment & Securities Co., Ltd......................... 944,601 8,299,463 0.1%
# NK Co., Ltd................................................. 217,496 1,102,784 0.0%
# Nong Shim Holdings Co., Ltd................................. 25,418 3,337,621 0.0%
# NongShim Co., Ltd........................................... 24,238 7,832,921 0.1%
NOROO Paint & Coatings Co., Ltd............................. 11,400 108,656 0.0%
# NPC......................................................... 134,561 859,618 0.0%
# OCI Co., Ltd................................................ 99,817 7,157,849 0.1%
* OPTRON-TEC, Inc............................................. 7,768 36,635 0.0%
#* Osung LST Co., Ltd.......................................... 36,975 19,763 0.0%
* Paik Kwang Industrial Co., Ltd.............................. 175,261 395,546 0.0%
* Pan Ocean Co., Ltd.......................................... 38,276 134,668 0.0%
Pang Rim Co., Ltd........................................... 3,201 78,123 0.0%
#* PaperCorea, Inc............................................. 261,826 230,093 0.0%
# Poongsan Corp............................................... 394,157 8,869,777 0.1%
# Poongsan Holdings Corp...................................... 55,898 1,967,615 0.0%
# POSCO....................................................... 632,815 101,763,525 0.7%
# POSCO ADR................................................... 1,579,642 63,233,069 0.4%
* POSCO Coated & Color Steel Co., Ltd......................... 3,820 54,734 0.0%
* Power Logics Co., Ltd....................................... 16,022 53,883 0.0%
# Pyeong Hwa Automotive Co., Ltd.............................. 44,836 572,432 0.0%
RFTech Co., Ltd............................................. 739 5,183 0.0%
* S&C Engine Group, Ltd....................................... 79,220 120,516 0.0%
# S&T Dynamics Co., Ltd....................................... 362,141 4,399,824 0.0%
S&T Holdings Co., Ltd....................................... 90,519 2,104,317 0.0%
# S&T Motiv Co., Ltd.......................................... 93,377 5,954,501 0.1%
# S-Energy Co., Ltd........................................... 31,635 209,686 0.0%
#* S-MAC Co., Ltd.............................................. 111,701 360,887 0.0%
# S-Oil Corp.................................................. 36,698 2,194,796 0.0%
#* Sajo Industries Co., Ltd.................................... 19,502 1,168,285 0.0%
Sam Young Electronics Co., Ltd.............................. 159,570 1,744,302 0.0%
Samho Development Co., Ltd.................................. 4,638 13,849 0.0%
# SAMHWA Paints Industrial Co., Ltd........................... 2,030 23,771 0.0%
# Samick Musical Instruments Co., Ltd......................... 584,890 2,073,165 0.0%
#* Samsung C&T Corp............................................ 356,894 48,164,980 0.3%
Samsung Card Co., Ltd....................................... 5,497 185,753 0.0%
# Samsung Electro-Mechanics Co., Ltd.......................... 116,849 6,650,105 0.1%
Samsung Electronics Co., Ltd................................ 17,506 20,997,145 0.2%
Samsung Fine Chemicals Co., Ltd............................. 1,478 48,570 0.0%
# Samsung Heavy Industries Co., Ltd........................... 601,105 6,973,938 0.1%
Samsung Life Insurance Co., Ltd............................. 141,474 13,507,681 0.1%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
--------- ------------ ---------------
SOUTH KOREA -- (Continued)
# Samsung SDI Co., Ltd........................................ 398,894 $ 37,130,246 0.3%
Samsung Securities Co., Ltd................................. 66,627 2,802,854 0.0%
Samyang Genex Co., Ltd...................................... 10,965 2,185,800 0.0%
# Samyang Holdings Corp....................................... 58,549 8,198,277 0.1%
Samyang Tongsang Co., Ltd................................... 1,536 68,294 0.0%
#* Samyoung Chemical Co., Ltd.................................. 258,455 405,184 0.0%
# SAVEZONE I&C CORP........................................... 42,314 223,391 0.0%
SBS Media Holdings Co., Ltd................................. 178,352 608,058 0.0%
Seah Besteel Corp........................................... 210,316 5,288,886 0.0%
SeAH Holdings Corp.......................................... 13,089 2,007,204 0.0%
# SeAH Steel Corp............................................. 45,069 2,522,394 0.0%
# Sebang Co., Ltd............................................. 138,126 2,170,484 0.0%
# Sejong Industrial Co., Ltd.................................. 149,537 1,444,503 0.0%
Sempio Foods Co............................................. 3,110 109,707 0.0%
#* Seohee Construction Co., Ltd................................ 1,510,807 1,441,401 0.0%
Sewon Precision Industry Co., Ltd........................... 2,175 46,402 0.0%
#* SG Corp..................................................... 1,834,728 2,051,565 0.0%
# Shin Poong Pharmaceutical Co., Ltd.......................... 137,435 500,347 0.0%
Shinhan Financial Group Co., Ltd............................ 3,885,795 148,302,300 1.0%
# Shinhan Financial Group Co., Ltd. ADR....................... 1,556,685 59,698,869 0.4%
Shinsegae Co., Ltd.......................................... 78,903 16,054,681 0.1%
Shinsegae Information & Communication Co., Ltd.............. 5,674 596,996 0.0%
#* Shinsung Solar Energy Co., Ltd.............................. 765,627 975,307 0.0%
#* Shinsung Tongsang Co., Ltd.................................. 998,817 1,671,204 0.0%
#* Shinwha Intertek Corp....................................... 34,265 72,075 0.0%
#* Shinwon Corp................................................ 82,700 136,912 0.0%
Shinyoung Securities Co., Ltd............................... 35,820 1,734,524 0.0%
#* Signetics Corp.............................................. 519,083 711,345 0.0%
# Silla Co., Ltd.............................................. 64,953 986,919 0.0%
* SIMMTECH Co., Ltd........................................... 5,499 38,443 0.0%
#* SIMMTECH HOLDINGS Co., Ltd.................................. 4,687 12,702 0.0%
# SIMPAC, Inc................................................. 11,538 65,113 0.0%
# Sindoh Co., Ltd............................................. 42,099 2,249,700 0.0%
SJM Co., Ltd................................................ 11,075 64,361 0.0%
# SK Chemicals Co., Ltd....................................... 177,382 10,475,898 0.1%
# SK Gas, Ltd................................................. 55,589 4,142,935 0.0%
SK Holdings Co., Ltd........................................ 292,740 68,428,148 0.5%
* SK Innovation Co., Ltd...................................... 640,023 66,363,000 0.5%
# SK Networks Co., Ltd........................................ 1,531,162 9,498,006 0.1%
#* SK Securities Co., Ltd...................................... 2,856,758 2,919,460 0.0%
# SKC Co., Ltd................................................ 144,773 4,859,058 0.0%
# SL Corp..................................................... 181,381 2,697,407 0.0%
# Songwon Industrial Co., Ltd................................. 210,236 2,020,828 0.0%
* Ssangyong Cement Industrial Co., Ltd........................ 264,815 4,185,660 0.0%
#* STS Semiconductor & Telecommunications...................... 188,965 451,323 0.0%
#* STX Engine Co., Ltd......................................... 36,709 302,978 0.0%
# Sun Kwang Co., Ltd.......................................... 18,633 388,619 0.0%
# Sung Kwang Bend Co., Ltd.................................... 90,554 743,849 0.0%
#* Sungchang Enterprise Holdings, Ltd.......................... 20,048 515,732 0.0%
#* Sungshin Cement Co., Ltd.................................... 237,806 2,362,299 0.0%
# Sungwoo Hitech Co., Ltd..................................... 365,075 2,823,379 0.0%
#* Synopex, Inc................................................ 130,699 186,063 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- -------------- ---------------
SOUTH KOREA -- (Continued)
# Tae Kyung Industrial Co., Ltd............................... 120,772 $ 648,622 0.0%
Taekwang Industrial Co., Ltd................................ 4,983 4,850,043 0.0%
#* Taewoong Co., Ltd........................................... 65,986 864,584 0.0%
#* Taeyoung Engineering & Construction Co., Ltd................ 566,881 2,920,357 0.0%
# Tailim Packaging Industrial Co., Ltd........................ 413,135 1,155,100 0.0%
#* TK Chemical Corp............................................ 516,810 1,186,726 0.0%
* TK Corp..................................................... 6,078 60,091 0.0%
* Tong Kook Corp.............................................. 607 -- 0.0%
# Tong Yang Moolsan Co., Ltd.................................. 72,180 630,124 0.0%
Tongyang Life Insurance Co, Ltd............................. 424,989 5,196,977 0.0%
#* Top Engineering Co., Ltd.................................... 53,356 234,660 0.0%
# TS Corp..................................................... 76,643 1,511,759 0.0%
# Ubiquoss, Inc............................................... 23,782 300,519 0.0%
Uju Electronics Co., Ltd.................................... 40,526 506,407 0.0%
# Unid Co., Ltd............................................... 66,294 2,967,541 0.0%
# WillBes & Co. (The)......................................... 688,308 1,399,849 0.0%
Wiscom Co., Ltd............................................. 32,980 152,074 0.0%
* Woongjin Co., Ltd........................................... 1,813 4,779 0.0%
#* Woongjin Energy Co., Ltd.................................... 564,742 765,375 0.0%
#* Woongjin Thinkbig Co., Ltd.................................. 186,883 1,338,620 0.0%
# Wooree ETI Co., Ltd......................................... 74,334 189,074 0.0%
Woori Bank.................................................. 2,467,139 21,401,333 0.2%
Woori Bank Sponsored ADR.................................... 7,135 185,082 0.0%
# WooSung Feed Co., Ltd....................................... 271,316 784,843 0.0%
YESCO Co., Ltd.............................................. 30,899 1,013,436 0.0%
# Yoosung Enterprise Co., Ltd................................. 164,543 602,721 0.0%
# Youlchon Chemical Co., Ltd.................................. 157,826 1,708,024 0.0%
# Young Poong Corp............................................ 4,505 4,946,742 0.0%
* Young Poong Mining & Construction Corp...................... 18,030 -- 0.0%
Young Poong Precision Corp.................................. 126,084 1,027,860 0.0%
Youngone Holdings Co., Ltd.................................. 468 29,491 0.0%
#* Yuanta Securities Korea Co., Ltd............................ 298,286 1,037,078 0.0%
YuHwa Securities Co., Ltd................................... 28,274 363,771 0.0%
* Zinus, Inc.................................................. 1,866 58,924 0.0%
-------------- ----
TOTAL SOUTH KOREA............................................... 2,365,440,152 15.7%
-------------- ----
TAIWAN -- (14.6%)
* Ability Enterprise Co., Ltd................................. 4,038,000 2,233,536 0.0%
# Accton Technology Corp...................................... 8,875,156 5,556,021 0.1%
#* Acer, Inc................................................... 40,462,109 17,155,241 0.1%
# ACES Electronic Co., Ltd.................................... 1,261,000 1,011,558 0.0%
# ACHEM TECHNOLOGY Corp....................................... 3,395,318 1,400,642 0.0%
Acter Co., Ltd.............................................. 4,000 11,594 0.0%
* Action Electronics Co., Ltd................................. 1,996,084 285,240 0.0%
#* Advanced Connectek, Inc..................................... 1,938,000 465,470 0.0%
Advanced International Multitech Co., Ltd................... 256,000 164,769 0.0%
Advanced Wireless Semiconductor Co.......................... 145,000 346,989 0.0%
#* AGV Products Corp........................................... 7,525,701 1,580,589 0.0%
* AimCore Technology Co., Ltd................................. 841,797 480,229 0.0%
Alcor Micro Corp............................................ 542,000 359,976 0.0%
# Allis Electric Co., Ltd..................................... 1,250,000 319,705 0.0%
Alpha Networks, Inc......................................... 5,246,313 3,026,757 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ----------- ---------------
TAIWAN -- (Continued)
# Altek Corp.................................................. 4,111,365 $ 3,418,797 0.0%
# Ambassador Hotel (The)...................................... 1,179,000 1,015,593 0.0%
# AMPOC Far-East Co., Ltd..................................... 1,749,000 1,112,626 0.0%
# AmTRAN Technology Co., Ltd.................................. 12,666,956 6,409,985 0.1%
Apacer Technology, Inc...................................... 114,000 65,799 0.0%
# APCB, Inc................................................... 2,454,000 1,028,765 0.0%
Apex International Co., Ltd................................. 44,000 56,891 0.0%
Apex Science & Engineering.................................. 211,536 61,698 0.0%
# Arcadyan Technology Corp.................................... 1,655,675 1,644,954 0.0%
Ardentec Corp............................................... 5,057,155 3,837,223 0.0%
* Arima Communications Corp................................... 86,000 23,839 0.0%
# Asia Cement Corp............................................ 25,303,589 26,280,673 0.2%
#* Asia Optical Co., Inc....................................... 4,430,290 4,220,607 0.0%
# Asia Plastic Recycling Holding, Ltd......................... 584,731 414,039 0.0%
# Asia Polymer Corp........................................... 4,994,301 2,892,829 0.0%
# Asia Vital Components Co., Ltd.............................. 5,122,984 4,123,783 0.0%
Asustek Computer, Inc....................................... 874,000 7,821,768 0.1%
# AU Optronics Corp........................................... 57,378,812 16,878,346 0.1%
AU Optronics Corp. Sponsored ADR............................ 9,342,184 26,998,912 0.2%
# Audix Corp.................................................. 1,472,332 1,591,619 0.0%
# Avermedia Technologies...................................... 2,557,000 808,412 0.0%
#* Avision, Inc................................................ 1,540,555 347,455 0.0%
# AVY Precision Technology, Inc............................... 383,680 646,820 0.0%
Bank of Kaohsiung Co., Ltd.................................. 6,104,230 1,670,005 0.0%
# BES Engineering Corp........................................ 24,449,443 5,757,590 0.1%
#* Biostar Microtech International Corp........................ 2,636,055 573,484 0.0%
# Bright Led Electronics Corp................................. 1,832,000 581,615 0.0%
# C Sun Manufacturing, Ltd.................................... 2,566,837 1,189,936 0.0%
#* Cameo Communications, Inc................................... 2,551,197 348,332 0.0%
# Capital Securities Corp..................................... 27,358,447 8,123,640 0.1%
# Career Technology MFG. Co., Ltd............................. 2,208,000 1,799,903 0.0%
#* Carnival Industrial Corp.................................... 5,119,000 924,797 0.0%
# Cathay Chemical Works....................................... 959,000 460,038 0.0%
Cathay Financial Holding Co., Ltd........................... 475,000 676,588 0.0%
# Cathay Real Estate Development Co., Ltd..................... 14,342,421 6,190,501 0.1%
# Celxpert Energy Corp........................................ 262,000 154,528 0.0%
# Central Reinsurance Co., Ltd................................ 2,476,016 1,177,347 0.0%
# ChainQui Construction Development Co., Ltd.................. 1,382,173 955,507 0.0%
#* Champion Building Materials Co., Ltd........................ 6,381,828 1,374,417 0.0%
# Chang Hwa Commercial Bank, Ltd.............................. 84,974,847 44,106,766 0.3%
# Chang Wah Electromaterials, Inc............................. 52,000 132,312 0.0%
# Channel Well Technology Co., Ltd............................ 2,069,000 1,125,161 0.0%
# Charoen Pokphand Enterprise................................. 3,487,825 2,360,262 0.0%
# Chen Full International Co., Ltd............................ 827,000 1,315,934 0.0%
# Cheng Loong Corp............................................ 13,917,659 4,924,503 0.1%
# Cheng Uei Precision Industry Co., Ltd....................... 6,647,635 9,711,462 0.1%
# Chia Chang Co., Ltd......................................... 1,615,000 1,201,824 0.0%
# Chia Hsin Cement Corp....................................... 7,374,191 2,449,961 0.0%
# Chien Kuo Construction Co., Ltd............................. 4,979,247 1,510,717 0.0%
# Chilisin Electronics Corp................................... 749,452 1,070,370 0.0%
Chimei Materials Technology Corp............................ 260,000 181,956 0.0%
Chin-Poon Industrial Co., Ltd............................... 6,084,815 8,179,885 0.1%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ----------- ---------------
TAIWAN -- (Continued)
* China Airlines, Ltd......................................... 46,539,353 $16,660,339 0.1%
China Bills Finance Corp.................................... 118,000 40,916 0.0%
# China Chemical & Pharmaceutical Co., Ltd.................... 4,286,264 2,451,537 0.0%
# China Development Financial Holding Corp.................... 165,353,734 44,428,330 0.3%
#* China Electric Manufacturing Corp........................... 4,016,200 1,017,985 0.0%
# China General Plastics Corp................................. 6,435,030 2,834,102 0.0%
# China Glaze Co., Ltd........................................ 2,312,363 746,889 0.0%
China Life Insurance Co., Ltd............................... 20,428,153 16,855,599 0.1%
#* China Man-Made Fiber Corp................................... 12,628,813 3,644,988 0.0%
China Metal Products........................................ 4,081,969 3,653,048 0.0%
# China Motor Corp............................................ 6,975,749 4,931,016 0.1%
#* China Petrochemical Development Corp........................ 29,822,397 7,587,211 0.1%
# China Steel Corp............................................ 16,139,320 9,755,395 0.1%
China Steel Structure Co., Ltd.............................. 1,435,219 844,166 0.0%
China Synthetic Rubber Corp................................. 8,696,794 6,415,530 0.1%
* China United Trust & Investment Corp........................ 493,999 -- 0.0%
* China Wire & Cable Co., Ltd................................. 2,885,000 1,048,073 0.0%
Chinatrust Financial Holding Co., Ltd....................... 58,669,883 32,142,658 0.2%
# Chinese Maritime Transport, Ltd............................. 1,551,000 1,084,973 0.0%
# Chipbond Technology Corp.................................... 1,373,000 1,953,987 0.0%
# ChipMOS TECHNOLOGIES, Inc................................... 354,229 352,749 0.0%
Chong Hong Construction Co., Ltd............................ 37,000 52,405 0.0%
# Chun YU Works & Co., Ltd.................................... 3,273,000 1,410,225 0.0%
Chun Yuan Steel............................................. 6,454,287 1,914,989 0.0%
Chung Hsin Electric & Machinery Manufacturing Corp.......... 5,843,250 3,125,455 0.0%
* Chung Hung Steel Corp....................................... 13,559,046 2,044,043 0.0%
Chung Hwa Pulp Corp......................................... 5,954,353 1,823,542 0.0%
* Chung Shing Textile Co., Ltd................................ 600 -- 0.0%
* Chunghwa Picture Tubes, Ltd................................. 55,899,412 1,479,907 0.0%
Clevo Co.................................................... 230,000 247,875 0.0%
* CMC Magnetics Corp.......................................... 42,378,621 5,084,055 0.1%
#* CoAsia Microelectronics Corp................................ 369,350 276,678 0.0%
# Collins Co., Ltd............................................ 2,036,224 780,005 0.0%
# Compal Electronics, Inc..................................... 71,381,332 44,394,213 0.3%
# Compeq Manufacturing Co., Ltd............................... 19,557,000 12,818,120 0.1%
* Compex International Co., Ltd............................... 46,400 -- 0.0%
#* Concord Securities Co., Ltd................................. 1,603,000 323,075 0.0%
#* Continental Holdings Corp................................... 7,782,540 2,553,217 0.0%
Coretronic Corp............................................. 8,152,250 7,510,298 0.1%
# Coxon Precise Industrial Co., Ltd........................... 2,085,000 3,721,310 0.0%
# Creative Sensor, Inc........................................ 359,000 254,237 0.0%
# CSBC Corp. Taiwan........................................... 6,296,654 2,665,156 0.0%
CyberTAN Technology, Inc.................................... 186,000 97,221 0.0%
#* D-Link Corp................................................. 11,525,552 3,661,042 0.0%
# DA CIN Construction Co., Ltd................................ 2,422,579 1,097,129 0.0%
Da-Li Development Co., Ltd.................................. 31,000 20,284 0.0%
# Darfon Electronics Corp..................................... 5,779,950 3,013,800 0.0%
# Darwin Precisions Corp...................................... 6,127,635 2,414,065 0.0%
#* Delpha Construction Co., Ltd................................ 2,563,016 1,361,284 0.0%
* Der Pao Construction Co., Ltd............................... 1,139,000 -- 0.0%
# DFI, Inc.................................................... 404,280 499,210 0.0%
#* Dynamic Electronics Co., Ltd................................ 4,578,324 1,329,485 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ------------ ---------------
TAIWAN -- (Continued)
Dynapack International Technology Corp...................... 56,000 $ 91,612 0.0%
#* E Ink Holdings, Inc......................................... 7,434,000 3,630,898 0.0%
#* E-Ton Solar Tech Co., Ltd................................... 3,612,443 1,337,682 0.0%
# E.Sun Financial Holding Co., Ltd............................ 85,688,782 51,501,496 0.4%
# Edimax Technology Co., Ltd.................................. 3,295,902 1,119,474 0.0%
# Edison Opto Corp............................................ 1,362,000 807,802 0.0%
# Edom Technology Co., Ltd.................................... 344,588 225,450 0.0%
# Elite Material Co., Ltd..................................... 3,161,905 6,460,319 0.1%
Elite Semiconductor Memory Technology, Inc.................. 178,000 159,401 0.0%
# Elitegroup Computer Systems Co., Ltd........................ 6,094,395 4,224,287 0.0%
* Emerging Display Technologies Corp.......................... 45,000 12,067 0.0%
# ENG Electric Co., Ltd....................................... 1,256,100 629,071 0.0%
# EnTie Commercial Bank Co., Ltd.............................. 2,271,232 1,062,041 0.0%
* Episil Holdings, Inc........................................ 1,981,500 568,813 0.0%
# Epistar Corp................................................ 16,199,869 14,590,216 0.1%
Eson Precision Ind. Co., Ltd................................ 16,000 15,029 0.0%
# Eternal Materials Co., Ltd.................................. 1,634,900 1,547,885 0.0%
Etron Technology, Inc....................................... 643,000 264,155 0.0%
* Eva Airways Corp............................................ 6,216,999 3,648,803 0.0%
* Ever Fortune Industrial Co., Ltd............................ 409,000 -- 0.0%
# Everest Textile Co., Ltd.................................... 3,611,002 1,817,979 0.0%
Evergreen International Storage & Transport Corp............ 9,703,000 4,023,057 0.0%
Evergreen Marine Corp. Taiwan, Ltd.......................... 24,433,607 10,876,287 0.1%
Everlight Chemical Industrial Corp.......................... 99,000 63,504 0.0%
Everlight Electronics Co., Ltd.............................. 266,000 403,532 0.0%
Excelsior Medical Co., Ltd.................................. 1,486,726 2,242,806 0.0%
# Far Eastern Department Stores, Ltd.......................... 7,458,445 4,512,755 0.1%
# Far Eastern International Bank.............................. 28,538,465 8,866,258 0.1%
Far Eastern New Century Corp................................ 4,758,528 4,324,905 0.0%
* Farglory F T Z Investment Holding Co., Ltd.................. 1,314,000 637,896 0.0%
Farglory Land Development Co., Ltd.......................... 1,662,264 1,913,346 0.0%
# Federal Corp................................................ 7,655,628 3,478,518 0.0%
Feng Hsin Steel Co., Ltd.................................... 227,000 261,842 0.0%
First Copper Technology Co., Ltd............................ 3,465,750 783,659 0.0%
# First Financial Holding Co., Ltd............................ 146,481,416 70,941,315 0.5%
# First Hotel................................................. 1,487,491 896,733 0.0%
First Insurance Co, Ltd. (The).............................. 4,017,064 1,619,095 0.0%
# First Steamship Co., Ltd.................................... 5,615,173 2,009,724 0.0%
# Formosa Advanced Technologies Co., Ltd...................... 2,137,000 1,340,631 0.0%
# Formosa Oilseed Processing Co., Ltd......................... 834,977 597,706 0.0%
Formosa Taffeta Co., Ltd.................................... 9,874,511 9,767,329 0.1%
# Formosan Rubber Group, Inc.................................. 8,160,000 4,618,854 0.1%
# Formosan Union Chemical..................................... 2,896,034 1,371,380 0.0%
Fortune Electric Co., Ltd................................... 436,000 210,024 0.0%
# Founding Construction & Development Co., Ltd................ 3,441,922 1,806,173 0.0%
# Foxconn Technology Co., Ltd................................. 3,379,359 8,851,522 0.1%
# Foxlink Image Technology Co., Ltd........................... 1,582,000 866,435 0.0%
# Froch Enterprise Co., Ltd................................... 2,669,734 820,157 0.0%
FSP Technology, Inc......................................... 2,036,292 1,267,691 0.0%
# Fubon Financial Holding Co., Ltd............................ 91,243,471 147,478,747 1.0%
# Fulgent Sun International Holding Co., Ltd.................. 41,000 67,994 0.0%
# Fullerton Technology Co., Ltd............................... 1,663,200 1,238,877 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ----------- ---------------
TAIWAN -- (Continued)
# Fulltech Fiber Glass Corp................................... 4,943,690 $ 1,580,064 0.0%
# Fwusow Industry Co., Ltd.................................... 2,826,980 1,283,423 0.0%
# G Shank Enterprise Co., Ltd................................. 2,168,902 1,491,308 0.0%
#* G Tech Optoelectronics Corp................................. 399,000 184,237 0.0%
# Gallant Precision Machining Co., Ltd........................ 658,000 264,028 0.0%
# Gemtek Technology Corp...................................... 6,241,962 3,199,191 0.0%
#* Genesis Photonics, Inc...................................... 4,120,810 1,151,079 0.0%
#* Genius Electronic Optical Co., Ltd.......................... 930,000 1,914,253 0.0%
Getac Technology Corp....................................... 7,157,065 4,879,786 0.1%
#* Giantplus Technology Co., Ltd............................... 2,198,100 946,593 0.0%
# Giga Solution Tech Co., Ltd................................. 1,216,000 766,722 0.0%
# Gigabyte Technology Co., Ltd................................ 9,125,287 9,525,869 0.1%
#* Gigastorage Corp............................................ 4,087,600 3,188,501 0.0%
#* Gintech Energy Corp......................................... 7,324,453 5,380,975 0.1%
#* Global Brands Manufacture, Ltd.............................. 5,005,951 1,119,893 0.0%
# Global Lighting Technologies, Inc........................... 1,090,000 2,193,214 0.0%
Global Mixed Mode Technology, Inc........................... 34,000 62,571 0.0%
Globalwafers Co., Ltd....................................... 240,752 515,002 0.0%
Globe Union Industrial Corp................................. 2,999,625 1,415,484 0.0%
Gloria Material Technology Corp............................. 6,503,150 3,448,369 0.0%
#* Gold Circuit Electronics, Ltd............................... 8,572,965 2,982,709 0.0%
# Goldsun Buillding Materials Co., Ltd........................ 23,683,261 6,914,643 0.1%
# Good Will Instrument Co., Ltd............................... 526,425 265,758 0.0%
# Grand Pacific Petrochemical................................. 16,264,000 7,964,195 0.1%
Great China Metal Industry.................................. 884,000 784,543 0.0%
# Great Wall Enterprise Co., Ltd.............................. 7,920,597 4,796,059 0.1%
Greatek Electronics, Inc.................................... 73,000 72,086 0.0%
#* Green Energy Technology, Inc................................ 4,640,880 2,331,994 0.0%
#* GTM Holdings Corp........................................... 2,132,000 795,686 0.0%
# Hannstar Board Corp......................................... 5,230,635 1,717,709 0.0%
#* HannStar Display Corp....................................... 53,594,435 7,014,894 0.1%
* HannsTouch Solution, Inc.................................... 829,481 128,772 0.0%
# Harvatek Corp............................................... 3,443,553 1,384,763 0.0%
* Helix Technology, Inc....................................... 29,585 -- 0.0%
# Hey Song Corp............................................... 2,933,500 2,879,911 0.0%
Hiroca Holdings, Ltd........................................ 68,000 266,290 0.0%
HiTi Digital, Inc........................................... 127,000 58,581 0.0%
# Hitron Technology, Inc...................................... 3,735,525 1,571,989 0.0%
#* Ho Tung Chemical Corp....................................... 13,156,004 3,041,299 0.0%
# Hocheng Corp................................................ 4,577,300 1,169,031 0.0%
Hold-Key Electric Wire & Cable Co., Ltd..................... 118,124 25,189 0.0%
Holy Stone Enterprise Co., Ltd.............................. 3,208,650 3,254,407 0.0%
Hon Hai Precision Industry Co., Ltd......................... 1,877,400 4,990,239 0.1%
# Hong TAI Electric Industrial................................ 3,503,000 889,941 0.0%
# Horizon Securities Co., Ltd................................. 5,996,000 1,190,626 0.0%
# Hsin Kuang Steel Co., Ltd................................... 4,071,124 1,733,261 0.0%
Hsing TA Cement Co.......................................... 1,864,782 592,768 0.0%
# HTC Corp.................................................... 2,203,000 5,305,586 0.1%
#* HUA ENG Wire & Cable........................................ 7,222,035 1,592,634 0.0%
Hua Nan Financial Holdings Co., Ltd......................... 55,935,542 26,880,457 0.2%
Huaku Development Co., Ltd.................................. 164,000 310,453 0.0%
* Hualon Corp................................................. 257,040 -- 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ----------- ---------------
TAIWAN -- (Continued)
Huang Hsiang Construction Corp.............................. 129,000 $ 105,290 0.0%
# Hung Ching Development & Construction Co., Ltd.............. 1,987,468 1,051,501 0.0%
# Hung Poo Real Estate Development Corp....................... 3,643,655 2,435,397 0.0%
Hung Sheng Construction, Ltd................................ 6,276,892 3,031,263 0.0%
Huxen Corp.................................................. 429,281 606,250 0.0%
#* Hwacom Systems, Inc......................................... 333,000 109,166 0.0%
# I-Chiun Precision Industry Co., Ltd......................... 3,240,000 1,123,491 0.0%
# Ichia Technologies, Inc..................................... 1,134,260 650,059 0.0%
Ideal Bike Corp............................................. 80,271 43,909 0.0%
Infortrend Technology, Inc.................................. 1,042,000 447,645 0.0%
# Innolux Corp................................................ 144,507,544 48,478,870 0.3%
* Inotera Memories, Inc....................................... 5,069,000 3,890,372 0.0%
# Inpaq Technology Co., Ltd................................... 293,000 231,654 0.0%
Inventec Corp............................................... 30,157,277 17,284,111 0.1%
# ITE Technology, Inc......................................... 1,988,479 1,695,852 0.0%
# ITEQ Corp................................................... 236,000 162,626 0.0%
#* J Touch Corp................................................ 445,100 114,450 0.0%
Jentech Precision Industrial Co., Ltd....................... 42,000 58,803 0.0%
# Jess-Link Products Co., Ltd................................. 1,258,000 1,327,028 0.0%
Jih Sun Financial Holdings Co., Ltd......................... 6,283,251 1,419,018 0.0%
#* K Laser Technology, Inc..................................... 2,211,601 986,292 0.0%
# Kang Na Hsiung Enterprise Co., Ltd.......................... 1,687,078 671,385 0.0%
# Kaulin Manufacturing Co., Ltd............................... 2,570,656 1,389,091 0.0%
KEE TAI Properties Co., Ltd................................. 1,609,000 846,355 0.0%
# Kenmec Mechanical Engineering Co., Ltd...................... 1,676,000 649,135 0.0%
Kindom Construction Corp.................................... 4,686,000 2,634,180 0.0%
King Yuan Electronics Co., Ltd.............................. 20,284,805 12,945,456 0.1%
# King's Town Bank Co., Ltd................................... 11,492,012 9,144,992 0.1%
King's Town Construction Co., Ltd........................... 146,380 83,514 0.0%
#* Kinko Optical Co., Ltd...................................... 1,505,000 795,582 0.0%
#* Kinpo Electronics........................................... 19,162,375 6,221,126 0.1%
# Kinsus Interconnect Technology Corp......................... 150,000 307,434 0.0%
KS Terminals, Inc........................................... 783,880 952,760 0.0%
#* Kung Sing Engineering Corp.................................. 3,301,000 1,165,119 0.0%
Kuo Toong International Co., Ltd............................ 8,000 8,990 0.0%
Kuoyang Construction Co., Ltd............................... 7,617,840 2,644,056 0.0%
Kwong Fong Industries Corp.................................. 3,063,720 1,651,550 0.0%
#* KYE Systems Corp............................................ 4,187,376 1,305,812 0.0%
# L&K Engineering Co., Ltd.................................... 1,994,000 1,147,054 0.0%
# LAN FA Textile.............................................. 3,218,713 1,225,031 0.0%
#* LCY Chemical Corp........................................... 514,000 456,181 0.0%
# Leader Electronics, Inc..................................... 2,094,056 617,812 0.0%
# Lealea Enterprise Co., Ltd.................................. 12,483,941 3,625,147 0.0%
# Ledtech Electronics Corp.................................... 660,000 236,148 0.0%
# LEE CHI Enterprises Co., Ltd................................ 3,466,900 1,320,938 0.0%
Lelon Electronics Corp...................................... 286,620 207,678 0.0%
# Leofoo Development Co., Ltd................................. 4,944,774 1,632,322 0.0%
* LES Enphants Co., Ltd....................................... 877,000 495,853 0.0%
# Lextar Electronics Corp..................................... 5,370,000 3,008,255 0.0%
#* Li Peng Enterprise Co., Ltd................................. 9,948,381 2,801,597 0.0%
# Lien Hwa Industrial Corp.................................... 8,526,949 5,244,365 0.1%
# Lingsen Precision Industries, Ltd........................... 6,618,480 2,001,928 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ----------- ---------------
TAIWAN -- (Continued)
Lite-On Semiconductor Corp.................................. 3,546,729 $ 2,493,711 0.0%
Lite-On Technology Corp..................................... 31,606,306 32,763,446 0.2%
# Long Chen Paper Co., Ltd.................................... 8,969,098 3,253,904 0.0%
# Longwell Co................................................. 1,537,000 1,140,687 0.0%
# Lotes Co., Ltd.............................................. 755,000 2,484,365 0.0%
# Lucky Cement Corp........................................... 3,294,000 1,038,157 0.0%
#* Macronix International...................................... 64,363,913 9,424,928 0.1%
# Marketech International Corp................................ 1,948,000 1,352,812 0.0%
# Masterlink Securities Corp.................................. 17,238,376 4,951,196 0.1%
# Mayer Steel Pipe Corp....................................... 2,501,456 1,039,312 0.0%
Maywufa Co., Ltd............................................ 252,070 107,665 0.0%
# Mega Financial Holding Co., Ltd............................. 121,989,915 88,888,270 0.6%
* Megamedia Corp.............................................. 782 -- 0.0%
# Meiloon Industrial Co....................................... 1,319,084 506,657 0.0%
Mercuries & Associates Holding, Ltd......................... 1,762,937 1,156,230 0.0%
# Mercuries Life Insurance Co., Ltd........................... 2,628,326 1,606,185 0.0%
# Merry Electronics Co., Ltd.................................. 48,000 91,928 0.0%
# Micro-Star International Co., Ltd........................... 13,596,985 13,804,295 0.1%
#* Microelectronics Technology, Inc............................ 689,826 192,732 0.0%
# Mirle Automation Corp....................................... 593,827 523,126 0.0%
# Mitac Holdings Corp......................................... 8,592,725 6,702,106 0.1%
* Mosel Vitelic, Inc.......................................... 3,677,506 260,985 0.0%
#* Motech Industries, Inc...................................... 2,452,000 3,200,237 0.0%
# MPI Corp.................................................... 91,000 188,562 0.0%
Nan Ren Lake Leisure Amusement Co., Ltd..................... 1,652,000 469,532 0.0%
# Nan Ya Printed Circuit Board Corp........................... 3,252,000 3,284,825 0.0%
# Nantex Industry Co., Ltd.................................... 2,346,033 1,977,614 0.0%
# Neo Solar Power Corp........................................ 2,998,774 2,034,646 0.0%
New Asia Construction & Development Corp.................... 1,810,304 367,753 0.0%
New Era Electronics Co., Ltd................................ 203,000 138,568 0.0%
#* Newmax Technology Co., Ltd.................................. 207,000 112,643 0.0%
Nien Hsing Textile Co., Ltd................................. 4,504,721 2,919,236 0.0%
# Nishoku Technology, Inc..................................... 268,000 346,502 0.0%
* O-TA Precision Industry Co., Ltd............................ 24,000 15,198 0.0%
* Ocean Plastics Co., Ltd..................................... 161,000 142,103 0.0%
* Optimax Technology Corp..................................... 1,085,597 242,640 0.0%
# OptoTech Corp............................................... 9,658,000 3,097,854 0.0%
# Pacific Construction Co..................................... 2,529,452 1,275,094 0.0%
# Pan Jit International, Inc.................................. 6,112,837 2,417,892 0.0%
# Pan-International Industrial Corp........................... 4,899,444 2,020,097 0.0%
# Paragon Technologies Co., Ltd............................... 1,037,191 1,157,028 0.0%
# Pegatron Corp............................................... 27,193,998 66,452,937 0.5%
# Phihong Technology Co., Ltd................................. 3,860,320 1,135,861 0.0%
# Pixart Imaging, Inc......................................... 48,000 107,254 0.0%
Plotech Co., Ltd............................................ 494,282 132,184 0.0%
# Portwell, Inc............................................... 884,000 1,135,803 0.0%
* Potrans Electrical Corp..................................... 1,139,000 -- 0.0%
Pou Chen Corp............................................... 24,214,550 34,152,848 0.2%
Powertech Industrial Co., Ltd............................... 193,000 98,982 0.0%
Powertech Technology, Inc................................... 11,052,000 24,380,281 0.2%
President Securities Corp................................... 12,645,992 5,630,829 0.1%
* Prime Electronics Satellitics, Inc.......................... 524,000 133,664 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ----------- ---------------
TAIWAN -- (Continued)
Prince Housing & Development Corp........................... 4,627,018 $ 1,435,565 0.0%
* Prodisc Technology, Inc..................................... 6,185,157 -- 0.0%
Promise Technology, Inc..................................... 107,000 59,634 0.0%
# Qisda Corp.................................................. 27,863,171 9,437,117 0.1%
Qualipoly Chemical Corp..................................... 138,000 142,060 0.0%
# Quanta Storage, Inc......................................... 2,382,000 1,489,181 0.0%
#* Quintain Steel Co., Ltd..................................... 5,893,629 1,026,721 0.0%
# Radium Life Tech Co., Ltd................................... 9,469,124 3,648,987 0.0%
# Ralec Electronic Corp....................................... 558,087 862,712 0.0%
# Realtek Semiconductor Corp.................................. 46,000 96,064 0.0%
Rechi Precision Co., Ltd.................................... 78,000 55,258 0.0%
# Rich Development Co., Ltd................................... 6,916,054 2,222,375 0.0%
#* Ritek Corp.................................................. 44,250,622 4,009,172 0.0%
# Rotam Global Agrosciences, Ltd.............................. 195,693 196,678 0.0%
# Ruentex Development Co., Ltd................................ 1,390,446 1,688,903 0.0%
Ruentex Industries, Ltd..................................... 1,309,000 2,411,966 0.0%
* Sainfoin Technology Corp.................................... 835,498 -- 0.0%
# Sampo Corp.................................................. 9,730,925 3,922,885 0.0%
* Sanyang Motor Co., Ltd...................................... 1,751,624 1,167,056 0.0%
SDI Corp.................................................... 420,000 352,414 0.0%
# Sesoda Corp................................................. 1,234,806 1,291,186 0.0%
Shan-Loong Transportation Co., Ltd.......................... 66,000 46,508 0.0%
# Sheng Yu Steel Co., Ltd..................................... 1,935,000 1,058,979 0.0%
# ShenMao Technology, Inc..................................... 1,267,000 928,628 0.0%
# Shih Her Technologies, Inc.................................. 411,000 447,246 0.0%
Shih Wei Navigation Co., Ltd................................ 2,952,288 1,182,884 0.0%
# Shihlin Electric & Engineering Corp......................... 4,487,000 5,511,568 0.1%
# Shin Kong Financial Holding Co., Ltd........................ 137,120,430 32,810,940 0.2%
# Shin Zu Shing Co., Ltd...................................... 1,109,000 3,578,343 0.0%
* Shining Building Business Co., Ltd.......................... 86,900 31,156 0.0%
# Shinkong Insurance Co., Ltd................................. 3,610,412 2,493,300 0.0%
# Shinkong Synthetic Fibers Corp.............................. 25,477,754 6,958,904 0.1%
#* Shuttle, Inc................................................ 4,582,015 1,056,397 0.0%
Sigurd Microelectronics Corp................................ 6,653,047 4,475,429 0.0%
#* Silicon Integrated Systems Corp............................. 5,609,165 1,075,297 0.0%
# Silitech Technology Corp.................................... 1,072,803 622,439 0.0%
Sincere Navigation Corp..................................... 4,946,740 2,747,877 0.0%
* Singatron Enterprise Co., Ltd............................... 63,000 15,636 0.0%
Sinher Technology, Inc...................................... 16,000 20,962 0.0%
Sinkang Industries Co., Ltd................................. 357,557 99,038 0.0%
# Sino-American Silicon Products, Inc......................... 7,775,000 9,652,869 0.1%
Sinon Corp.................................................. 6,295,877 2,731,661 0.0%
# SinoPac Financial Holdings Co., Ltd......................... 137,255,810 45,298,962 0.3%
Sirtec International Co., Ltd............................... 55,000 67,836 0.0%
# Siward Crystal Technology Co., Ltd.......................... 2,560,875 1,542,236 0.0%
Soft-World International Corp............................... 39,000 77,163 0.0%
Solar Applied Materials Technology Co....................... 1,885,000 1,205,783 0.0%
# Solartech Energy Corp....................................... 4,093,165 2,283,604 0.0%
Solomon Technology Corp..................................... 1,254,590 552,059 0.0%
* Solytech Enterprise Corp.................................... 3,043,000 431,285 0.0%
# Southeast Cement Co., Ltd................................... 3,325,700 1,544,969 0.0%
# Spirox Corp................................................. 631,661 350,696 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ----------- ---------------
TAIWAN -- (Continued)
# Stark Technology, Inc....................................... 2,266,200 $ 1,783,801 0.0%
# Sunonwealth Electric Machine Industry Co., Ltd.............. 1,202,421 641,674 0.0%
# Sunplus Technology Co., Ltd................................. 8,214,620 3,258,340 0.0%
# Sunrex Technology Corp...................................... 2,202,000 987,746 0.0%
# Supreme Electronics Co., Ltd................................ 4,231,260 1,805,085 0.0%
# Sweeten Construction Co., Ltd............................... 1,335,143 645,636 0.0%
Syncmold Enterprise Corp.................................... 68,000 106,503 0.0%
# Synnex Technology International Corp........................ 324,000 341,462 0.0%
Sysage Technology Co., Ltd.................................. 96,950 85,381 0.0%
# Systex Corp................................................. 711,801 1,371,870 0.0%
# T-Mac Techvest PCB Co., Ltd................................. 1,603,000 611,010 0.0%
# TA Chen Stainless Pipe...................................... 8,932,730 4,326,000 0.0%
#* Ta Chong Bank, Ltd.......................................... 33,208,779 14,079,713 0.1%
# Ta Chong Securities Co., Ltd................................ 212,000 64,330 0.0%
#* Ta Ya Electric Wire & Cable................................. 6,888,329 1,025,374 0.0%
# TA-I Technology Co., Ltd.................................... 2,110,084 952,993 0.0%
# Tah Hsin Industrial Corp.................................... 1,477,900 1,074,534 0.0%
TAI Roun Products Co., Ltd.................................. 63,000 19,400 0.0%
# Taichung Commercial Bank Co., Ltd........................... 32,922,246 10,033,587 0.1%
# Taiflex Scientific Co., Ltd................................. 132,000 160,038 0.0%
# Tainan Enterprises Co., Ltd................................. 1,803,183 1,455,921 0.0%
# Tainan Spinning Co., Ltd.................................... 18,027,485 8,557,772 0.1%
Taishin Financial Holding Co., Ltd.......................... 134,235,491 52,568,567 0.4%
#* Taisun Enterprise Co., Ltd.................................. 1,776,410 565,325 0.0%
#* Taita Chemical Co., Ltd..................................... 2,217,864 620,918 0.0%
#* Taiwan Business Bank........................................ 58,511,129 15,024,191 0.1%
Taiwan Cement Corp.......................................... 46,493,440 51,705,562 0.4%
Taiwan Chinsan Electronic Industrial Co., Ltd............... 31,000 35,976 0.0%
# Taiwan Cogeneration Corp.................................... 2,831,333 1,990,340 0.0%
Taiwan Cooperative Financial Holding Co., Ltd............... 105,084,724 47,011,950 0.3%
# Taiwan Fertilizer Co., Ltd.................................. 3,928,000 5,010,873 0.1%
Taiwan Fire & Marine Insurance Co., Ltd..................... 1,235,000 839,882 0.0%
* Taiwan Flourescent Lamp Co., Ltd............................ 756,000 -- 0.0%
# Taiwan FU Hsing Industrial Co., Ltd......................... 1,628,000 2,701,212 0.0%
* Taiwan Glass Industry Corp.................................. 9,406,710 3,719,503 0.0%
# Taiwan Hon Chuan Enterprise Co., Ltd........................ 245,932 389,954 0.0%
# Taiwan Hopax Chemicals Manufacturing Co., Ltd............... 1,540,000 924,841 0.0%
* Taiwan Kolin Co., Ltd....................................... 5,797,000 -- 0.0%
# Taiwan Land Development Corp................................ 11,957,258 3,947,744 0.0%
Taiwan Line Tek Electronic.................................. 76,640 37,596 0.0%
Taiwan Mask Corp............................................ 3,154,250 760,754 0.0%
Taiwan Navigation Co., Ltd.................................. 1,428,000 597,226 0.0%
# Taiwan PCB Techvest Co., Ltd................................ 3,799,946 4,220,321 0.0%
#* Taiwan Prosperity Chemical Corp............................. 939,000 472,990 0.0%
#* Taiwan Pulp & Paper Corp.................................... 7,065,660 2,336,499 0.0%
# Taiwan Sakura Corp.......................................... 2,933,472 1,624,254 0.0%
Taiwan Semiconductor Co., Ltd............................... 2,518,000 2,193,346 0.0%
* Taiwan Styrene Monomer...................................... 4,517,647 1,964,630 0.0%
# Taiwan Surface Mounting Technology Corp..................... 2,895,991 2,697,525 0.0%
# Taiwan TEA Corp............................................. 10,793,092 4,728,765 0.1%
# Taiwan Union Technology Corp................................ 3,701,000 3,156,790 0.0%
# Taiyen Biotech Co., Ltd..................................... 2,363,217 1,765,266 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ----------- ---------------
TAIWAN -- (Continued)
#* Tatung Co., Ltd............................................. 36,990,342 $ 6,738,544 0.1%
Te Chang Construction Co., Ltd.............................. 90,300 68,366 0.0%
Teco Electric and Machinery Co., Ltd........................ 30,879,725 26,913,893 0.2%
* Tekcore Co., Ltd............................................ 214,000 30,476 0.0%
Test-Rite International Co., Ltd............................ 673,266 421,625 0.0%
# Tex-Ray Industrial Co., Ltd................................. 444,000 179,808 0.0%
# Thinking Electronic Industrial Co., Ltd..................... 1,326,000 1,805,814 0.0%
Ton Yi Industrial Corp...................................... 2,357,600 1,150,540 0.0%
Tong Hsing Electronic Industries, Ltd....................... 124,000 313,564 0.0%
Tong Yang Industry Co., Ltd................................. 5,888,228 6,435,875 0.1%
# Tong-Tai Machine & Tool Co., Ltd............................ 3,501,447 2,596,203 0.0%
Topco Scientific Co., Ltd................................... 741,176 1,175,730 0.0%
# Topoint Technology Co., Ltd................................. 2,422,288 1,969,653 0.0%
# TPK Holding Co., Ltd........................................ 2,445,000 6,064,166 0.1%
Transasia Airways Corp...................................... 949,380 224,835 0.0%
Tripod Technology Corp...................................... 1,953,000 3,006,028 0.0%
Tsann Kuen Enterprise Co., Ltd.............................. 58,000 39,047 0.0%
TSRC Corp................................................... 146,000 99,946 0.0%
Tung Ho Steel Enterprise Corp............................... 12,887,274 6,996,490 0.1%
# Tung Ho Textile Co., Ltd.................................... 2,454,000 527,231 0.0%
TURVO International Co., Ltd................................ 25,000 51,645 0.0%
# TXC Corp.................................................... 337,000 392,753 0.0%
# TYC Brother Industrial Co., Ltd............................. 2,728,723 1,976,083 0.0%
#* Tycoons Group Enterprise.................................... 7,958,938 997,936 0.0%
Tyntek Corp................................................. 2,209,097 1,043,802 0.0%
U-Ming Marine Transport Corp................................ 73,000 86,411 0.0%
* U-Tech Media Corp........................................... 1,946,799 470,038 0.0%
# Unimicron Technology Corp................................... 23,447,363 10,264,630 0.1%
# Union Bank Of Taiwan........................................ 13,025,837 3,849,231 0.0%
# Unitech Computer Co., Ltd................................... 1,682,739 827,817 0.0%
# Unitech Printed Circuit Board Corp.......................... 9,786,281 3,482,795 0.0%
United Integrated Services Co., Ltd......................... 1,638,000 1,924,543 0.0%
# United Microelectronics Corp................................ 217,495,681 79,324,196 0.5%
Unity Opto Technology Co., Ltd.............................. 182,000 127,923 0.0%
# Universal Cement Corp....................................... 6,260,974 4,417,998 0.0%
# Unizyx Holding Corp......................................... 6,285,000 2,420,305 0.0%
# UPC Technology Corp......................................... 12,529,746 3,823,027 0.0%
# USI Corp.................................................... 6,948,691 2,893,030 0.0%
# Ve Wong Corp................................................ 1,616,806 1,070,082 0.0%
Viking Tech Corp............................................ 86,000 61,833 0.0%
#* Wafer Works Corp............................................ 5,572,418 1,897,125 0.0%
Wah Hong Industrial Corp.................................... 395,516 251,225 0.0%
# Wah Lee Industrial Corp..................................... 2,011,000 2,813,195 0.0%
* Walsin Lihwa Corp........................................... 50,267,412 12,109,692 0.1%
# Walsin Technology Corp...................................... 7,840,289 4,342,605 0.0%
# Walton Advanced Engineering, Inc............................ 5,213,853 1,535,408 0.0%
Wan Hai Lines, Ltd.......................................... 5,267,000 3,479,521 0.0%
# Waterland Financial Holdings Co., Ltd....................... 31,935,946 7,873,203 0.1%
* Ways Technical Corp., Ltd................................... 70,000 32,515 0.0%
* Wei Mon Industry Co., Ltd................................... 3,885,691 107,725 0.0%
# Weikeng Industrial Co., Ltd................................. 1,910,550 1,148,836 0.0%
# Well Shin Technology Co., Ltd............................... 1,074,080 1,570,969 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- -------------- ---------------
TAIWAN -- (Continued)
#* Wha Yu Industrial Co., Ltd.................................. 333,000 $ 140,523 0.0%
Win Semiconductors Corp..................................... 5,322,923 7,222,290 0.1%
#* Winbond Electronics Corp.................................... 52,385,885 12,622,046 0.1%
Winstek Semiconductor Co., Ltd.............................. 31,000 25,217 0.0%
Wintek Corp................................................. 20,783,484 219,656 0.0%
# Wisdom Marine Lines Co., Ltd................................ 1,691,326 1,917,170 0.0%
# Wistron Corp................................................ 39,520,494 19,879,141 0.2%
WPG Holdings, Ltd........................................... 1,309,092 1,366,000 0.0%
# WT Microelectronics Co., Ltd................................ 6,095,954 6,823,206 0.1%
# WUS Printed Circuit Co., Ltd................................ 4,967,928 4,042,021 0.0%
# Yageo Corp.................................................. 8,045,574 12,672,257 0.1%
* Yang Ming Marine Transport Corp............................. 19,102,676 5,793,409 0.1%
# YC Co., Ltd................................................. 6,072,104 2,240,318 0.0%
# YC INOX Co., Ltd............................................ 4,779,667 2,882,322 0.0%
Yea Shin International Development Co., Ltd................. 286,830 133,171 0.0%
# YFY, Inc.................................................... 19,386,847 6,673,561 0.1%
# Yi Jinn Industrial Co., Ltd................................. 2,872,936 1,208,840 0.0%
# Yieh Phui Enterprise Co., Ltd............................... 17,825,384 4,245,515 0.0%
#* Young Fast Optoelectronics Co., Ltd......................... 2,077,000 766,224 0.0%
Young Optics, Inc........................................... 48,000 59,628 0.0%
# Youngtek Electronics Corp................................... 801,047 1,171,131 0.0%
# Yuanta Financial Holding Co., Ltd........................... 135,094,603 53,081,157 0.4%
# Yulon Motor Co., Ltd........................................ 13,257,572 14,033,819 0.1%
Yung Chi Paint & Varnish Manufacturing Co., Ltd............. 243,687 500,385 0.0%
# Zenitron Corp............................................... 3,194,000 1,562,519 0.0%
# Zig Sheng Industrial Co., Ltd............................... 7,064,352 2,052,295 0.0%
Zinwell Corp................................................ 1,714,000 2,102,466 0.0%
ZongTai Real Estate Development Co., Ltd.................... 174,800 72,459 0.0%
-------------- ----
TOTAL TAIWAN.................................................... 2,357,634,665 15.6%
-------------- ----
THAILAND -- (3.0%)
AAPICO Hitech PCL(B013L48).................................. 681,760 243,434 0.0%
AAPICO Hitech PCL(B013KZ2).................................. 63,300 22,602 0.0%
* AJ Plast PCL................................................ 2,031,400 382,663 0.0%
Amata Corp. PCL............................................. 1,356,990 522,690 0.0%
AP Thailand PCL............................................. 31,739,730 5,354,281 0.1%
Asia Plus Group Holdings PCL................................ 8,328,700 866,414 0.0%
Bangchak Petroleum PCL (The)................................ 9,410,900 9,525,336 0.1%
Bangkok Bank PCL(6077019)................................... 616,800 2,904,730 0.0%
Bangkok Bank PCL(6368360)................................... 3,985,300 18,768,194 0.1%
Bangkok Expressway PCL...................................... 6,336,300 6,413,349 0.1%
Bangkok Insurance PCL....................................... 212,828 2,130,225 0.0%
Bangkok Land PCL............................................ 114,749,900 5,065,224 0.0%
Banpu PCL................................................... 21,519,500 13,129,209 0.1%
Cal-Comp Electronics Thailand PCL........................... 32,938,714 2,944,967 0.0%
Charoen Pokphand Foods PCL.................................. 26,958,100 15,689,398 0.1%
Charoong Thai Wire & Cable PCL.............................. 1,255,800 335,421 0.0%
Delta Electronics Thailand PCL.............................. 2,162,700 5,138,066 0.1%
Eastern Water Resources Development and Management PCL...... 4,778,300 1,518,094 0.0%
* Esso Thailand PCL........................................... 20,984,400 3,303,933 0.0%
* G J Steel PCL............................................... 45,483,925 281,337 0.0%
* G Steel PCL................................................. 4,934,700 41,623 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ------------ ---------------
THAILAND -- (Continued)
GFPT PCL.................................................... 930,500 $ 274,696 0.0%
Hana Microelectronics PCL................................... 5,180,100 5,024,628 0.0%
ICC International PCL....................................... 2,670,100 2,899,631 0.0%
Indorama Ventures PCL....................................... 7,479,000 4,857,381 0.0%
IRPC PCL.................................................... 150,977,300 17,318,827 0.1%
Kang Yong Electric PCL...................................... 8,200 68,012 0.0%
KGI Securities Thailand PCL................................. 21,624,600 2,054,998 0.0%
Khon Kaen Sugar Industry PCL................................ 1,926,520 222,077 0.0%
Kiatnakin Bank PCL.......................................... 5,739,600 5,405,963 0.1%
Krung Thai Bank PCL......................................... 64,233,500 30,881,925 0.2%
Laguna Resorts & Hotels PCL................................. 1,022,500 740,265 0.0%
Lanna Resources PCL......................................... 846,100 259,295 0.0%
LH Financial Group PCL...................................... 3,042,946 139,453 0.0%
MBK PCL..................................................... 266,100 104,742 0.0%
MCOT PCL.................................................... 1,046,600 300,143 0.0%
MK Real Estate Development PCL.............................. 2,961,100 386,294 0.0%
Nation Multimedia Group PCL................................. 3,462,900 146,042 0.0%
Polyplex Thailand PCL....................................... 2,762,900 668,052 0.0%
* Precious Shipping PCL....................................... 12,697,650 2,427,610 0.0%
Property Perfect PCL........................................ 35,210,800 910,774 0.0%
PTT Exploration & Production PCL............................ 12,919,200 26,515,825 0.2%
PTT Global Chemical PCL..................................... 34,323,041 53,799,382 0.4%
PTT PCL..................................................... 19,096,000 147,646,025 1.0%
Quality Houses PCL.......................................... 12,676,997 912,437 0.0%
Regional Container Lines PCL................................ 5,818,900 1,104,311 0.0%
Rojana Industrial Park PCL.................................. 876,973 157,802 0.0%
Saha Pathana Inter-Holding PCL.............................. 2,801,300 1,937,499 0.0%
Saha Pathanapibul PCL....................................... 1,594,833 1,804,795 0.0%
Saha-Union PCL.............................................. 2,875,400 3,072,052 0.0%
* Sahaviriya Steel Industries PCL............................. 101,521,540 142,717 0.0%
Sansiri PCL................................................. 99,358,566 4,776,921 0.0%
SC Asset Corp PCL........................................... 34,158,553 2,765,914 0.0%
Siam Future Development PCL................................. 6,855,846 1,137,260 0.0%
Siamgas & Petrochemicals PCL................................ 5,910,300 1,877,736 0.0%
Somboon Advance Technology PCL.............................. 3,436,300 1,671,413 0.0%
Sri Ayudhya Capital PCL..................................... 85,100 86,733 0.0%
Sri Trang Agro-Industry PCL................................. 8,919,300 2,833,713 0.0%
Srithai Superware PCL....................................... 21,358,000 1,405,151 0.0%
* Tata Steel Thailand PCL..................................... 48,610,300 806,356 0.0%
* Thai Airways International PCL.............................. 18,032,611 5,120,668 0.1%
Thai Carbon Black PCL....................................... 441,000 306,254 0.0%
Thai Oil PCL................................................ 12,832,400 19,572,860 0.1%
Thai Rayon PCL.............................................. 58,700 50,337 0.0%
Thai Stanley Electric PCL(B01GKM8).......................... 43,100 214,485 0.0%
Thai Stanley Electric PCL(B01GKK6).......................... 174,600 868,889 0.0%
Thai Wacoal PCL............................................. 85,000 123,972 0.0%
Thanachart Capital PCL...................................... 10,586,900 9,971,495 0.1%
Thitikorn PCL............................................... 962,200 257,001 0.0%
Thoresen Thai Agencies PCL.................................. 16,220,378 4,697,263 0.0%
Ticon Industrial Connection PCL............................. 653,000 220,314 0.0%
Tisco Financial Group PCL................................... 2,090,100 2,218,353 0.0%
TMB Bank PCL................................................ 7,794,200 582,908 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ------------ ---------------
THAILAND -- (Continued)
Total Access Communication PCL.............................................. 2,754,780 $ 5,266,747 0.1%
TPI Polene PCL.............................................................. 123,762,440 8,768,717 0.1%
Vanachai Group PCL.......................................................... 8,487,020 3,865,600 0.0%
Vinythai PCL................................................................ 6,688,917 1,767,789 0.0%
------------ ---
TOTAL THAILAND.................................................................. 487,999,692 3.2%
------------ ---
TURKEY -- (1.8%)
Adana Cimento Sanayii TAS Class A........................................... 1,072,051 2,415,884 0.0%
Akbank TAS.................................................................. 13,893,081 35,604,306 0.3%
#* Akenerji Elektrik Uretim A.S................................................ 3,402,504 1,084,061 0.0%
# Akfen Holding A.S........................................................... 839,567 2,358,068 0.0%
Aksa Akrilik Kimya Sanayii AS............................................... 1,599,987 5,868,417 0.1%
Aksigorta A.S............................................................... 877,125 558,600 0.0%
# Alarko Holding A.S.......................................................... 1,421,235 1,590,813 0.0%
Albaraka Turk Katilim Bankasi A.S........................................... 3,428,318 1,633,363 0.0%
Anadolu Anonim Tuerk Sigorta Sirketi........................................ 4,326,842 2,285,576 0.0%
#* Anadolu Cam Sanayii A.S..................................................... 2,862,472 2,128,395 0.0%
# Anadolu Efes Biracilik Ve Malt Sanayii A.S.................................. 214,863 1,693,581 0.0%
# Aygaz A.S................................................................... 1,020,159 3,829,653 0.0%
Baticim Bati Anadolu Cimento Sanayii A.S.................................... 462,335 1,028,402 0.0%
* Bolu Cimento Sanayii A.S.................................................... 729,595 1,381,690 0.0%
# Borusan Mannesmann Boru Sanayi ve Ticaret A.S............................... 875,453 1,878,452 0.0%
* Boyner Perakende Ve Tekstil Yatirimlari AS.................................. 40,468 833,639 0.0%
Cimsa Cimento Sanayi VE Ticaret A.S......................................... 35,085 191,083 0.0%
* Deva Holding A.S............................................................ 393,139 503,393 0.0%
#* Dogan Sirketler Grubu Holding A.S........................................... 16,834,393 3,574,626 0.0%
# Eczacibasi Yatirim Holding Ortakligi A.S.................................... 231,982 775,703 0.0%
EGE Seramik Sanayi ve Ticaret A.S........................................... 765,625 1,029,610 0.0%
# EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A.S... 1,771,651 1,474,125 0.0%
Enka Insaat ve Sanayi A.S................................................... 262,673 464,976 0.0%
# Eregli Demir ve Celik Fabrikalari TAS....................................... 22,656,432 32,109,193 0.2%
Gentas Genel Metal Sanayi ve Ticaret A.S.................................... 33,892 13,127 0.0%
#* Global Yatirim Holding A.S.................................................. 2,667,336 1,624,213 0.0%
# Goltas Goller Bolgesi Cimento Sanayi ve Ticaret A.S......................... 15,881 344,034 0.0%
# GSD Holding AS.............................................................. 4,585,286 1,883,968 0.0%
#* Hurriyet Gazetecilik ve Matbaacilik AS...................................... 2,665,913 584,363 0.0%
#* Ihlas Holding A.S........................................................... 12,700,332 1,090,650 0.0%
* Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS......................... 1,771,050 1,061,888 0.0%
Is Finansal Kiralama A.S.................................................... 3,024,241 787,548 0.0%
Is Yatirim Menkul Degerler A.S. Class A..................................... 515,160 174,837 0.0%
#* Izmir Demir Celik Sanayi A.S................................................ 412,878 260,123 0.0%
# Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. Class A................. 1,652,031 916,499 0.0%
#* Karsan Otomotiv Sanayii Ve Ticaret A.S...................................... 1,409,780 666,757 0.0%
KOC Holding A.S............................................................. 3,579,962 16,168,451 0.1%
* Koza Anadolu Metal Madencilik Isletmeleri A.S............................... 1,412,866 745,974 0.0%
#* Metro Ticari ve Mali Yatirimlar Holding A.S................................. 4,462,291 1,023,870 0.0%
#* Park Elektrik Uretim Madencilik Sanayi ve Ticaret A.S....................... 743,857 894,241 0.0%
Pinar Entegre Et ve Un Sanayi A.S........................................... 326,161 1,246,570 0.0%
Pinar SUT Mamulleri Sanayii A.S............................................. 79,239 517,241 0.0%
* Raks Elektronik Sanayi ve Ticaret A.S....................................... 5,859 -- 0.0%
* Sabah Yayincilik............................................................ 31,938 -- 0.0%
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A.S.......................... 1,681,250 1,412,021 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- --------------- ---------------
TURKEY -- (Continued)
#* Sekerbank TAS............................................... 8,231,849 $ 4,367,448 0.1%
Selcuk Ecza Deposu Ticaret ve Sanayi A.S.................... 2,708,380 2,235,885 0.0%
Soda Sanayii A.S............................................ 1,916,642 3,169,407 0.0%
# Tekfen Holding A.S.......................................... 1,878,054 2,681,653 0.0%
# Trakya Cam Sanayi A.S....................................... 6,575,184 4,340,846 0.1%
* Turcas Petrol A.S........................................... -- -- 0.0%
* Turk Hava Yollari AO........................................ 12,505,708 36,873,831 0.3%
Turkiye Halk Bankasi A.S.................................... 2,862,590 10,723,814 0.1%
Turkiye Is Bankasi Class C.................................. 19,147,931 32,634,723 0.2%
# Turkiye Sinai Kalkinma Bankasi A.S.......................... 8,784,535 4,633,814 0.1%
Turkiye Sise ve Cam Fabrikalari A.S......................... 13,902,080 15,910,681 0.1%
# Turkiye Vakiflar Bankasi Tao Class D........................ 9,463,634 13,471,233 0.1%
#* Vestel Elektronik Sanayi ve Ticaret A.S..................... 1,496,410 2,530,736 0.0%
# Yapi ve Kredi Bankasi A.S................................... 8,878,932 10,785,436 0.1%
#* Zorlu Enerji Elektrik Uretim A.S............................ 1,130,962 592,142 0.0%
--------------- ----
TOTAL TURKEY.................................................... 282,663,633 1.9%
--------------- ----
TOTAL COMMON STOCKS............................................. 14,618,820,089 96.9%
--------------- ----
PREFERRED STOCKS -- (2.3%)
BRAZIL -- (2.2%)
Alpargatas SA............................................... 900 1,925 0.0%
* Banco ABC Brasil SA(BYT8JC7)................................ 44,036 94,488 0.0%
Banco ABC Brasil SA(B23DMP8)................................ 1,124,040 2,478,950 0.0%
Banco Bradesco SA........................................... 929,497 5,063,746 0.1%
Banco Daycoval SA........................................... 645,148 1,471,520 0.0%
Banco do Estado do Rio Grande do Sul SA Class B............. 957,068 1,487,070 0.0%
* Banco Industrial e Comercial SA............................. 1,675,900 3,585,115 0.0%
Banco Pan SA................................................ 1,817,592 707,322 0.0%
Banco Pine SA............................................... 436,030 452,704 0.0%
Banco Sofisa SA............................................. 545,100 296,712 0.0%
Braskem SA Class A.......................................... 1,492,097 8,422,726 0.1%
Cia Brasileira de Distribuicao.............................. 132,900 1,748,776 0.0%
Cia Ferro Ligas da Bahia - Ferbasa.......................... 906,134 1,735,335 0.0%
Eucatex SA Industria e Comercio............................. 353,288 260,061 0.0%
Gerdau SA................................................... 2,488,499 3,500,074 0.0%
Makira Empreendimentos SA................................... 76,627,500 2,185,639 0.0%
Marcopolo SA................................................ 4,028,971 2,035,503 0.0%
Parana Banco SA............................................. 94,100 224,276 0.0%
* Petroleo Brasileiro SA...................................... 24,151,569 48,244,321 0.3%
#* Petroleo Brasileiro SA Sponsored ADR........................ 22,171,529 88,464,401 0.6%
Randon SA Implementos e Participacoes....................... 2,827,700 2,073,726 0.0%
Suzano Papel e Celulose SA Class A.......................... 8,164,671 35,016,252 0.2%
Unipar Carbocloro SA Class B................................ 925,874 936,818 0.0%
Usinas Siderurgicas de Minas Gerais SA Class A.............. 5,529,226 3,982,426 0.0%
Vale SA..................................................... 26,922,000 97,935,556 0.7%
Vale SA Sponsored ADR....................................... 14,589,239 52,521,260 0.4%
--------------- ----
TOTAL BRAZIL.................................................... 364,926,702 2.4%
--------------- ----
CHILE -- (0.0%)
Coca-Cola Embonor SA Class B................................ 33,558 58,113 0.0%
--------------- ----
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- --------------- ---------------
COLOMBIA -- (0.1%)
Avianca Holdings SA......................................... 310,253 $ 158,500 0.0%
Grupo Argos SA.............................................. 92,149 546,469 0.0%
Grupo de Inversiones Suramericana SA........................ 940,365 11,802,441 0.1%
TOTAL COLOMBIA 12,507,410 0.1%
--------------- -----
TOTAL PREFERRED STOCKS........................................... 377,492,225 2.5%
--------------- -----
RIGHTS/WARRANTS -- (0.0%)
HONG KONG -- (0.0%)
* Real Nutriceutical Group, Ltd. Rights 11/05/15.............. 2,485,350 32,066 0.0%
--------------- -----
MALAYSIA -- (0.0%)
* CB Industrial Product Holdings Bhd Warrants 11/06/19........ 142,735 11,130 0.0%
* Eastern & Oriental Bhd Warrants 07/21/19.................... 571,537 28,604 0.0%
* LBS Bina Group Bhd Warrants 10/04/20........................ 870,600 53,703 0.0%
* O.S.K. Holdings Bhd Warrants 07/22/20....................... 1,793,868 139,885 0.0%
* WCT Holdings Bhd Warrants 08/27/20.......................... 423,454 13,800 0.0%
--------------- -----
TOTAL MALAYSIA................................................... 247,122 0.0%
--------------- -----
POLAND -- (0.0%)
* Hawe SA Rights 09/30/15..................................... 952,876 -- 0.0%
--------------- -----
SOUTH KOREA -- (0.0%)
* Mirae Asset Securities Co., Ltd. Rights 11/05/15............ 274,984 651,249 0.0%
#* SK Chemicals Co., Ltd. Rights 12/04/15...................... 25,176 211,999 0.0%
* Sungchang Enterprise Holdings, Ltd. Rights 12/14/15......... 3,355 16,922 0.0%
--------------- -----
TOTAL SOUTH KOREA................................................ 880,170 0.0%
--------------- -----
TAIWAN -- (0.0%)
* Taichung Commercial Bank Rights 11/23/15.................... 1,218,263 -- 0.0%
--------------- -----
TOTAL RIGHTS/WARRANTS............................................ 1,159,358 0.0%
--------------- -----
TOTAL INVESTMENT SECURITIES...................................... 14,997,471,672
---------------
VALUE+
---------------
SECURITIES LENDING COLLATERAL -- (7.3%)
(S)@ DFA Short Term Investment Fund.............................. 101,513,583 1,174,512,160 7.8%
--------------- -----
TOTAL INVESTMENTS -- (100.0%) (Cost $19,193,170,809)............. $16,171,983,832 107.2%
=============== =====
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Summary of the Fund's investments as of October 31, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
INVESTMENTS IN SECURITIES (MARKET VALUE)
-----------------------------------------------------------
LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-------------- --------------- ------------ ---------------
Common Stocks
Brazil....................... $ 269,349,848 $ 427,887,886 -- $ 697,237,734
Chile........................ 80,710,975 157,412,554 -- 238,123,529
China........................ 198,523,609 2,066,198,558 -- 2,264,722,167
Colombia..................... 27,307,607 -- -- 27,307,607
Czech Republic............... -- 39,873,421 -- 39,873,421
Greece....................... -- 11,242,260 -- 11,242,260
Hungary...................... -- 77,749,597 -- 77,749,597
India........................ 159,698,710 1,538,305,990 -- 1,698,004,700
Indonesia.................... 5,925,352 384,265,279 -- 390,190,631
Israel....................... -- 3 -- 3
Malaysia..................... -- 566,388,312 -- 566,388,312
Mexico....................... 999,406,808 920 -- 999,407,728
Philippines.................. -- 199,749,737 -- 199,749,737
Poland....................... -- 312,692,536 -- 312,692,536
Russia....................... 431,452 333,655,013 -- 334,086,465
South Africa................. 148,029,244 1,120,276,276 -- 1,268,305,520
South Korea.................. 258,167,871 2,107,272,281 -- 2,365,440,152
Taiwan....................... 26,998,912 2,330,635,753 -- 2,357,634,665
Thailand..................... 484,976,089 3,023,603 -- 487,999,692
Turkey....................... -- 282,663,633 -- 282,663,633
Preferred Stocks
Brazil....................... 141,080,149 223,846,553 -- 364,926,702
Chile........................ -- 58,113 -- 58,113
Colombia..................... 12,507,410 -- -- 12,507,410
Rights/Warrants
Hong Kong.................... -- 32,066 -- 32,066
Malaysia..................... -- 247,122 -- 247,122
Poland....................... -- -- -- --
South Korea.................. -- 880,170 -- 880,170
Taiwan....................... -- -- -- --
Securities Lending Collateral... -- 1,174,512,160 -- 1,174,512,160
-------------- --------------- ------------ ---------------
TOTAL........................... $2,813,114,036 $13,358,869,796 -- $16,171,983,832
============== =============== ============ ===============
(b)Not applicable.
ITEM 7.DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
This item is not applicable to the Registrant, which is an open-end management
investment company.
ITEM 8.PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
This item is not applicable to the Registrant, which is an open-end management
investment company.
ITEM 9.PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
This item is not applicable to the Registrant, which is an open-end management
investment company.
ITEM 10.SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
ITEM 11.CONTROLS AND PROCEDURES.
(a)Based on their evaluation of the Registrant's disclosure controls and
procedures as of a date within 90 days of the filing date of this Form
N-CSR (the "Report"), the Registrant's Principal Executive Officer and
Principal Financial Officer believe that the disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act
of 1940, as amended) are effectively designed to ensure that information
required to be disclosed by the Registrant in the Report is recorded,
processed, summarized and reported by the filing date, including
ensuring that information required to be disclosed in the Report is
accumulated and communicated to the Registrant's officers that are
making certifications in the Report, as appropriate, to allow timely
decisions regarding required disclosure. The Registrant's management,
including the Principal Executive Officer and the Principal Financial
Officer, recognizes that any set of controls and procedures, no matter
how well designed and operated, can provide only reasonable assurance of
achieving the desired control objectives.
(b)There were no changes in the Registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940, as amended) that occurred during the second fiscal
quarter of the period covered by this Report that have materially
affected, or are reasonably likely to materially affect, the
Registrant's internal control over financial reporting.
ITEM 12.EXHIBITS.
(a)(1)Code of Ethics is filed herewith.
(a)(2)Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
are filed herewith.
(a)(3)This item is not applicable.
(b)Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the Registrant has duly caused this Report to
be signed on its behalf by the undersigned, thereunto duly authorized.
Dimensional Emerging Markets Value Fund
By: /s/ David G. Booth
--------------------------
David G. Booth
Chairman, Trustee,
President and
Co-Chief Executive Officer
Date: January 7, 2016
-------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this Report has been signed below by the
following persons on behalf of the Registrant and in the capacities and on the
dates indicated.
By: /s/ David G. Booth
--------------------------
David G. Booth
Principal Executive
Officer
Dimensional Emerging
Markets Value Fund
Date: January 7, 2016
-------------------------
By: /s/ David R. Martin
--------------------------
David R. Martin
Principal Financial
Officer
Dimensional Emerging
Markets Value Fund
Date: January 7, 2016
-------------------------