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, President and General Counsel
Dimensional Emerging Markets Value Fund,
6300 Bee Cave Road, Building One, Austin, TX 78746
(Name and address of agent for service)
Registrants telephone number, including area code: 512-306-7400
Date of fiscal year end: October 31
Date of reporting period: October 31, 2020
ITEM 1. | REPORTS TO STOCKHOLDERS. |
Annual Report
Year Ended: October 31, 2020
DFA INVESTMENT DIMENSIONS GROUP INC. / DIMENSIONAL INVESTMENT GROUP INC. / THE DFA INVESTMENT TRUST COMPANY / DIMENSIONAL EMERGING MARKETS VALUE FUND
DFA Investment Dimensions Group Inc.
Large Cap International Portfolio | DFA International Real Estate Securities Portfolio | World Core Equity Portfolio | ||
International Core Equity Portfolio | DFA Global Real Estate Securities Portfolio |
Selectively Hedged Global Equity Portfolio | ||
Global Small Company Portfolio | DFA International Small Cap Value Portfolio |
Emerging Markets Portfolio | ||
International Small Company Portfolio | International Vector Equity Portfolio | Emerging Markets Small Cap Portfolio | ||
Japanese Small Company Portfolio | International High Relative Profitability Portfolio | Emerging Markets Value Portfolio | ||
Asia Pacific Small Company Portfolio | World ex U.S. Value Portfolio | Emerging Markets Core Equity Portfolio | ||
United Kingdom Small Company Portfolio |
World ex U.S. Core Equity Portfolio | Emerging Markets Targeted Value Portfolio | ||
Continental Small Company Portfolio |
Dimensional Investment Group Inc.
DFA International Value Portfolio
The DFA Investment Trust Company
The DFA International Value Series | The Continental Small Company Series | |
The Japanese Small Company Series | The Canadian Small Company Series | |
The Asia Pacific Small Company Series | The Emerging Markets Series | |
The United Kingdom Small Company Series | The Emerging Markets Small Cap Series |
Dimensional Emerging Markets Value Fund
See the inside front cover for important information about access to your funds annual and semi-annual shareholder reports.
Important information about access to shareholder reports
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Portfolios annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Portfolio or from your financial intermediary. Instead, the reports will be made available on a Portfolios website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications electronically from a Portfolio anytime by contacting the Portfolios transfer agent at (888) 576-1167 or by contacting your financial intermediary.
You may elect to receive all future shareholder reports in paper free of charge. You can inform a Portfolio that you wish to continue receiving paper copies of your shareholder reports by contacting your financial intermediary or, if you invest directly with the Portfolio, by calling (888) 576-1167, to let the Portfolio know of your request. Your election to receive reports in paper will apply to all DFA Funds held directly or to all funds held through your financial intermediary.
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December 2020
Dear Fellow Shareholder,
As we come to the end of a year that saw an array of challenges, we want to thank you for the honor of serving you. We recognize that your financial assets play a vital role in your future, and we have tremendous gratitude for the faith you place in us by entrusting those assets with Dimensional.
Since the day our firm was founded nearly 40 years ago, we have focused on bringing the great ideas in finance to life for investors. We believe that a sensible, financial science-based approach offers people the best chance at a successful investment experience. With that as a guiding principle, we continue to innovate in the strategies we offer and how they are executed. We look forward to further work on these effortsif theres a better way to do something, we want to pursue it.
We also place great value on helping our clients understand what they can expect from us. We strive to be transparent about what we can deliver, and to then excel in our execution.
Thats how we help clients achieve their financial goals. And at Dimensional, we believe that when investors win, we all win. On behalf of over 1,400 employees, we send our deepest appreciation for letting us serve as the investment manager of your assets.
Sincerely, | ||||
David P. Butler | Gerard OReilly | |||
CO-CHIEF EXECUTIVE OFFICER | CO-CHIEF EXECUTIVE OFFICER and | |||
CHIEF INVESTMENT OFFICER |
[THIS PAGE INTENTIONALLY LEFT BLANK]
Table of Contents
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Letter to Shareholders |
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1 | ||||
DFA Investment Dimensions Group Inc. |
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3 | ||||
15 | ||||
28 | ||||
32 | ||||
Schedules of Investments/Summary Schedules of Portfolio Holdings |
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34 | ||||
38 | ||||
43 | ||||
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45 | ||||
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Dimensional Investment Group Inc. |
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157 | ||||
160 | ||||
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Schedule of Investments |
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164 | ||||
165 | ||||
166 | ||||
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175 | ||||
The DFA Investment Trust Company |
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176 | ||||
180 |
i
TABLE OF CONTENTS
CONTINUED
Page | ||||
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187 | ||||
Summary Schedules of Portfolio Holdings |
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201 | ||||
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242 | ||||
Dimensional Emerging Markets Value Fund |
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249 | ||||
Summary Schedule of Portfolio Holdings |
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278 |
This report is submitted for the information of the Portfolios shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
ii
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 | |
SA |
Special Assessment | |
REIT |
Real Estate Investment Trust | |
GDR |
Global Depositary Receipt | |
AUD |
Australian Dollars | |
CAD |
Canadian Dollars | |
CHF |
Swiss Franc | |
DKK |
Danish Krone | |
EUR |
Euro | |
GBP |
British Pounds | |
ILS |
Israeli New Shekel | |
JPY |
Japanese Yen | |
NOK |
Norwegian Krone | |
SEK |
Swedish Krona | |
Investment Footnotes | ||
» |
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 issuers 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. | |
# |
Total or Partial Securities on Loan. | |
* |
Non-Income Producing Securities. | |
|
See Note B to Financial Statements. | |
@ |
Security purchased with cash collateral received from Securities on Loan. | |
§ |
Affiliated Fund. | |
W |
Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Funds Liquidity Guidelines. The liquidity determination is unaudited. |
1
DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES
CONTINUED
Financial Highlights
** |
The Net Investment Income (Loss) per share and the ratio of Net Investment Income to Average Net Assets includes the current year effect of an estimation related to a one time distribution from a real estate investment trust. Net Investment Income (Loss) per share, Net Gain (Loss) per share and the ratio of Net Investment Income to Average Net Assets would have been $0.39, $2.11 and 3.39%, respectively had the current year effect of this estimation not been considered. | |
(A) |
Computed using average shares outstanding. | |
(B) |
Non-Annualized | |
(C) |
Represents the combined ratios for the respective Portfolio and its respective pro-rata share of its Master Fund(s) and/or Underlying Fund(s). | |
(D) |
Annualized | |
(E) |
Because of commencement of operations and related preliminary transaction costs, these ratios are not necessarily indicative of future ratios. | |
(F) |
Represents the combined ratios for the respective Portfolio and its respective pro-rata share of its Master Fund(s). |
All Statements, Schedules and Notes to Financial Statements
|
Amounts designated as are either zero or rounded to zero. | |
SEC |
Securities and Exchange Commission | |
u |
Commencement of Operations. |
2
DFA INVESTMENT DIMENSIONS GROUP INC.
(Unaudited)
Large Cap International Portfolio vs.
MSCI World ex USA Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
International Core Equity Portfolio vs.
MSCI World ex USA Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
3
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
Global Small Company Portfolio vs.
MSCI All Country World Small Cap Index (net dividends)
January 18, 2017-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
International Small Company Portfolio vs.
MSCI World ex USA Small Cap Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
4
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
Japanese Small Company Portfolio vs.
MSCI Japan Small Cap Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
Asia Pacific Small Company Portfolio vs.
MSCI Pacific ex Japan Small Cap Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
5
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
United Kingdom Small Company Portfolio vs.
MSCI United Kingdom Small Cap Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
Continental Small Company Portfolio vs.
MSCI Europe ex UK Small Cap Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
6
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)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
Copyright 2020 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. |
DFA Global Real Estate Securities Portfolio vs.
S&P Global REIT Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
Copyright 2020 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. |
7
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, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
International Vector Equity Portfolio vs.
MSCI World ex USA Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
8
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
International High Relative Profitability Portfolio vs.
MSCI World ex USA Index (net dividends)
May 16, 2017-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
World Ex U.S. Value Portfolio vs.
MSCI All Country World ex USA Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
9
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, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
World Core Equity Portfolio vs.
MSCI All Country World Index (net dividends)
March 7, 2012-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
10
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, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
Emerging Markets Portfolio vs.
MSCI Emerging Markets Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
11
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
Emerging Markets Small Cap Portfolio vs.
MSCI Emerging Markets Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
Emerging Markets Value Portfolio Institutional Class vs.
MSCI Emerging Markets Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
12
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
Emerging Markets Value Portfolio Class R2 vs.
MSCI Emerging Markets Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
Emerging Markets Core Equity Portfolio vs.
MSCI Emerging Markets Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
13
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
(Unaudited)
Emerging Markets Targeted Value Portfolio vs.
MSCI Emerging Markets Index (net dividends)
November 14, 2018-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
14
MANAGEMENTS DISCUSSION AND ANALYSIS
International Equity Market Review | 12 Months Ended October 31, 2020 |
Performance of non-U.S. developed markets was mostly negative for the period. As measured by the MSCI World ex USA indices, small-cap stocks outperformed large-cap stocks, and mid-cap stocks, a subset of the large-cap universe, outperformed large-cap stocks but underperformed small-cap stocks. Value stocks underperformed growth stocks as measured by the MSCI World ex USA indices.
12 Months Ended October 31, 2020
Return in U.S. Dollars | ||||
MSCI World ex USA Index |
-6.79 | % | ||
MSCI World ex USA Mid Cap Index |
-3.83 | % | ||
MSCI World ex USA Small Cap Index |
-0.65 | % | ||
MSCI World ex USA Value Index |
-18.72 | % | ||
MSCI World ex USA Growth Index |
5.65 | % |
For the 12 Months Ended October 31, 2020, the U.S. dollar depreciated against most non-U.S. developed markets currencies. Overall, currency movements had a positive impact on the U.S. dollar-denominated returns of developed markets.
12 Months Ended October 31, 2020
Ten Largest Foreign Developed Markets by Market Cap |
Local Return | Return in U.S. Dollars | ||||||
Japan |
-2.97 | % | 0.33 | % | ||||
United Kingdom |
-22.19 | % | -22.25 | % | ||||
France |
-17.43 | % | -13.79 | % | ||||
Switzerland |
-4.37 | % | 2.95 | % | ||||
Canada |
-4.70 | % | -6.05 | % | ||||
Germany |
-10.77 | % | -6.84 | % | ||||
Australia |
-11.01 | % | -9.29 | % | ||||
Netherlands |
4.14 | % | 8.62 | % | ||||
Hong Kong |
-8.06 | % | -7.15 | % | ||||
Sweden |
0.79 | % | 9.10 | % |
Source: Returns are of MSCI standard indices net of foreign withholding taxes on dividends. Copyright MSCI 2020, all rights reserved.
Emerging markets had mostly positive performance for the period, outperforming non-U.S. developed markets but underperforming the U.S. As measured by the MSCI Emerging Markets indices, small-cap stocks underperformed large-cap stocks, and mid-cap stocks, a subset of the large-cap universe, underperformed large-cap stocks and small-cap stocks. Value stocks underperformed growth stocks as measured by the MSCI Emerging Markets indices.
15
12 Months Ended October 31, 2020
Return in U.S. Dollars | ||||
MSCI Emerging Markets Index |
8.25 | % | ||
MSCI Emerging Markets Mid Cap Index |
-3.22 | % | ||
MSCI Emerging Markets Small Cap Index |
2.39 | % | ||
MSCI Emerging Markets Value Index |
-8.47 | % | ||
MSCI Emerging Markets Growth Index |
25.97 | % |
For the 12 Months Ended October 31, 2020, the U.S. dollar depreciated against some emerging markets currencies and appreciated against others. Overall, currency movements had a negative impact on the U.S. dollar denominated returns of emerging markets.
12 Months Ended October 31, 2020
Ten Largest Emerging Markets by Market Cap |
Local Return | Return in U.S. | ||||||
Dollars |
||||||||
China |
33.57 | % | 35.19 | % | ||||
Taiwan |
18.86 | % | 26.49 | % | ||||
Korea |
11.33 | % | 14.15 | % | ||||
India |
1.83 | % | -2.54 | % | ||||
Brazil |
-11.13 | % | -38.13 | % | ||||
South Africa |
-6.49 | % | -13.31 | % | ||||
Saudi Arabia |
-0.90 | % | -0.90 | % | ||||
Russia |
-14.17 | % | -29.27 | % | ||||
Thailand |
-28.54 | % | -30.77 | % | ||||
Malaysia |
-6.02 | % | -5.49 | % |
Source: Returns are of MSCI standard indices net of foreign withholding taxes on dividends. Copyright MSCI 2020, all rights reserved.
For Portfolios investing in non-U.S. equities traded outside of the U.S. market time zone, differences in the valuation timing and methodology between a Portfolio and its benchmark index may impact relative performance over the referenced period. The Portfolios price foreign exchange rates at the closing of the U.S. market, while their benchmark indices use rates at 4 p.m. London time. The Portfolios also may use fair value pricing to price certain portfolio securities at the closing of the U.S. market, while benchmark indices may use local market closing prices. For the one-year period ended October 31, 2020, these differences generally contributed positively to the Portfolios relative performance.
16
Large Cap International Portfolio
The Large Cap International Portfolio invests in developed ex U.S. large company stocks. The investment strategy is process driven, emphasizing broad diversification. with increased exposure to stocks with smaller total market capitalizations, lower relative price (value) stocks, and higher-profitability stocks within the large-cap segment of developed ex U.S. markets. As of October 31, 2020, the Portfolio held approximately 1,330 securities in 22 eligible developed markets. Average cash exposure throughout the year was less than 1% of the Portfolios assets.
For the 12 months ended October 31, 2020, total returns were -6.05% for the Portfolio and -6.79% for the MSCI World ex USA Index (net dividends), the Portfolios benchmark. The Portfolios greater emphasis on higher-profitability stocks contributed positively to performance relative to the benchmark, as these stocks generally outperformed lower-profitability stocks. Additionally, the Portfolios exclusion of real estate investment trusts (REITs) had a positive impact on relative performance, as REITs generally underperformed in developed ex U.S. markets.
International Core Equity Portfolio
The International Core Equity Portfolio invests in a broadly diversified group of stocks in developed ex U.S. markets, with increased exposure to stocks with smaller market capitalization, lower relative price (value), and higher profitability. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2020, the Portfolio held approximately 5,040 securities in 22 eligible developed markets. Average cash exposure throughout the year was less than 1% of the Portfolios assets.
For the 12 months ended October 31, 2020, total returns were -6.32% for the Portfolio and -6.79% for the MSCI World ex USA Index (net dividends), the Portfolios benchmark. With small-cap stocks outperforming large-cap stocks in developed ex U.S. markets for the period, the Portfolios inclusion of and emphasis on small-caps had a positive impact on performance relative to the benchmark, which is composed primarily of large- and mid-cap stocks. The Portfolios greater emphasis on higher-profitability stocks contributed positively to relative performance, as higher-profitability stocks generally outperformed lower-profitability stocks. Additionally, the Portfolios exclusion of real estate investment trusts (REITs) had a positive impact on relative performance, as REITs generally underperformed in developed ex U.S. markets.
Global Small Company Portfolio
The Global Small Company Portfolio is designed to capture the returns of global small company stocks by purchasing shares of seven funds (which shall be collectively referred to below as the Underlying Funds) managed by Dimensional that individually invest in Canada, the United States, the United Kingdom, Europe (including Israel and excluding the U.K.), Japan, the Asia Pacific region (ex Japan), and emerging markets. The Underlying Funds generally exclude stocks with the lowest profitability and highest relative price. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2020, the Underlying Funds collectively held approximately 10,730 securities in 44 eligible developed and emerging markets.
For the 12 months ended October 31, 2020, total returns were -3.75% for the Portfolio and 0.27% for the MSCI All Country World Small Cap Index (net dividends), the Portfolios benchmark. The Underlying Funds greater emphasis on stocks with smaller market capitalizations had a negative impact on performance relative to the benchmark, as these stocks underperformed. The Underlying Funds
17
exclusion of stocks with the lowest profitability and highest relative price also detracted from relative performance, as those stocks outperformed. Conversely, the Underlying Funds exclusion of real estate investment trusts (REITs) contributed positively to relative performance, as REITs generally underperformed globally.
International Small Company Portfolio
The International Small Company Portfolio invests in developed ex U.S. small company stocks by purchasing shares of five Master Funds managed by Dimensional that invest individually in Canada, the United Kingdom, Europe (including Israel and excluding the U.K.), Japan, and the Asia Pacific region (ex Japan). The Portfolio generally excluded stocks with the lowest profitability and highest relative price. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2020, the Master Funds collectively held approximately 4,200 securities in 22 eligible developed markets. Average cash exposure throughout the year was less than 1% of the Portfolios assets.
For the 12 months ended October 31, 2020, total returns were -3.64% for the Portfolio and -0.65% for the MSCI World ex USA Small Cap Index (net dividends), the Portfolios benchmark. The Master Funds greater emphasis on stocks with smaller market capitalizations had a negative impact on performance relative to the benchmark, as these stocks underperformed. The Master Funds exclusion of stocks with the lowest profitability and highest relative price detracted from performance relative to the benchmark, as those stocks outperformed. Conversely, the Master Funds exclusion of real estate investment trusts (REITs) contributed positively to relative performance, as REITs generally underperformed in developed ex U.S. markets.
Japanese Small Company Portfolio
The Japanese Small Company Portfolio invests in Japanese small company stocks by purchasing shares of the Japanese Small Company Series, a Master Fund managed by Dimensional that invests in such securities. The Master Fund generally excluded stocks with the lowest profitability and highest relative price. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2020, the Master Fund held approximately 1,710 securities. Average cash exposure throughout the year was less than 1% of the Master Funds assets.
For the 12 months ended October 31, 2020, total returns were -2.32% for the Portfolio and -1.46% for the MSCI Japan Small Cap Index (net dividends), the Portfolios benchmark. The Master Funds greater emphasis on stocks with smaller market capitalizations had a negative impact on performance relative to the benchmark, as these stocks underperformed. The Master Funds exclusion of stocks with the lowest profitability and highest relative price had a negative impact on performance relative to the benchmark, as those stocks outperformed. Conversely, the Master Funds exclusion of real estate investment trusts (REITs) contributed positively to relative performance, as REITs generally underperformed in Japan.
Asia Pacific Small Company Portfolio
The Asia Pacific Small Company Portfolio invests in small company stocks in Australia, Hong Kong, New Zealand, and Singapore by purchasing shares of the Asia Pacific Small Company Series, a Master Fund managed by Dimensional that invests in such securities. The Master Funds greater emphasis on stocks with smaller market capitalizations had a negative impact on performance relative to the benchmark, as these stocks underperformed. The Master Fund generally excluded stocks with the lowest profitability and highest relative price. The investment strategy is process driven,
18
emphasizing broad diversification. As of October 31, 2020, the Master Fund held approximately 750 securities in 4 eligible countries. Average cash exposure throughout the year was less than 1% of the Master Funds assets.
For the 12 months ended October 31, 2020, total returns were -0.23% for the Portfolio and 3.00% for the MSCI Pacific ex Japan Small Cap Index (net dividends), the Portfolios benchmark. The Master Funds exclusion of stocks with the lowest profitability and highest relative price had a negative impact on performance relative to the benchmark, as those securities outperformed. Conversely, the Master Funds exclusion of real estate investment trusts (REITs) contributed positively to relative performance, as REITs generally underperformed in Asia Pacific (ex Japan) markets.
United Kingdom Small Company Portfolio
The United Kingdom Small Company Portfolio invests in small company stocks in the U.K. by purchasing shares of The United Kingdom Small Company Series, a Master Fund managed by Dimensional that invests in such securities. The Master Fund generally excluded stocks with the lowest profitability and highest relative price. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2020, the Master Fund held approximately 330 securities. Average cash exposure throughout the year was less than 1% of the Master Funds assets.
For the 12 months ended October 31, 2020, total returns were -15.27% for the Portfolio and -14.04% for the MSCI United Kingdom Small Cap Index (net dividends), the Portfolios benchmark. The Master Funds greater emphasis on stocks with smaller market capitalizations had a negative impact on performance relative to the benchmark, as these stocks underperformed. The Master Funds exclusion of stocks with the lowest profitability and highest relative price detracted from performance relative to the benchmark, as those securities outperformed for the period. Conversely, the Master Funds exclusion of real estate investment trusts (REITs) contributed positively to relative performance, as REITs generally underperformed in the U.K.
Continental Small Company Portfolio
The Continental Small Company Portfolio invests in small company 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 managed by Dimensional that invests in such securities. The Master Fund generally excluded stocks with the lowest profitability and highest relative price. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2020, the Master Fund held approximately 1,090 securities in 15 eligible countries. Average cash exposure throughout the year was less than 1% of the Portfolios assets.
For the 12 months ended October 31, 2020, total returns were -2.63% for the Portfolio and 3.14% for the MSCI Europe ex U.K. Small Cap Index (net dividends), the Portfolios benchmark. The Master Fund and its benchmark use different methodologies to determine which small-cap stocks are eligible for purchase or to hold. This methodology variance led to country by-country differences between the maximum market capitalization of small-cap stocks bought and held by the Master Fund relative to the benchmark, which in turn led to differences in holdings between the Master Fund and the benchmark. These holdings differences detracted from the Master Funds performance relative to the benchmark. The Master Funds greater emphasis on stocks with smaller market capitalizations had a negative impact on performance relative to the benchmark, as these stocks underperformed. The Master Funds exclusion of stocks with the lowest profitability and highest relative price also detracted
19
from relative performance, as those securities outperformed for the year. Conversely, the Master Funds exclusion of real estate investment trusts (REITs) contributed positively to relative performance, as REITs generally underperformed in eligible markets.
Global Real Estate Market Review | 12 Months Ended October 31, 2020 |
Publicly traded global real estate investment trusts (REITs) had negative returns for the period. REITs underperformed U.S., developed non-U.S., and emerging markets equities. The U.S. REIT market, the worlds largest, had negative performance for the period and underperformed non-U.S. REITs. Among non-U.S. REIT markets, Saudi Arabia, New Zealand, and Turkey were among the strongest performers, while Taiwan, South Africa, and France lagged. At the REIT industry level, industrial and specialized REITs generally outperformed, while hotel and resort REITs and retail REITs generally underperformed.
12 Months Ended October 31, 2020
Return in U.S. Dollars | ||||
Dow Jones U.S. Select REIT IndexSM |
-25.14 | % | ||
S&P Global ex U.S. REIT Index |
-24.67 | % | ||
S&P Global REIT Index |
-22.87 | % |
Source: Returns are of Standard and Poors (S&P) indices net of foreign withholding taxes on dividends. Copyright S&P, 2020. All rights reserved. Dow Jones and S&P have different REIT eligibility criteria which can result in performance differences across different indices representing the same region.
For Portfolios investing in non-U.S. REITs and REIT-like securities traded outside of the U.S. market time zone, differences in the valuation timing and methodology between a Portfolio and its benchmark index may impact relative performance over the referenced period. The Portfolios price foreign exchange rates at the closing of the U.S. market, while their benchmark indices use rates at 4 p.m. London time. The Portfolios also may use fair value pricing to price certain portfolio securities at the closing of the U.S. market, while benchmark indices may use local market closing prices. For the one-year period ended October 31, 2020, these differences did not have material overall impact on the Portfolios relative performance.
DFA International Real Estate Securities Portfolio
The DFA International Real Estate Securities Portfolio invests in a broadly diversified portfolio of real estate securities in developed ex U.S. and emerging markets. As of October 31, 2020, the Portfolio held approximately 290 securities in 21 eligible developed ex U.S. and emerging markets. Average cash exposure throughout the year was less than 1% of the Portfolios assets.
For the 12 months ended October 31, 2020, total returns were -23.98% for the Portfolio and -24.67% for the S&P Global ex US REIT Index (net dividends), the Portfolios benchmark. Withholding tax rate differences between the Portfolio and the benchmark had a positive impact on performance relative to the benchmark as the Portfolios actual tax rate was lower than the assumed tax rates of the benchmark. Additionally, Thailand is not an eligible market for the Portfolio but the benchmark holds Thai securities, which had a positive impact on relative performance as those securities underperformed.
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DFA Global Real Estate Securities Portfolio
The DFA Global Real Estate Securities Portfolio invests in a broadly diversified group of real estate securities in domestic and international markets, including emerging markets. As of the date of this report, the Portfolios investments included the DFA International Real Estate Securities Portfolio, the DFA Real Estate Securities Portfolio, and individual securities. As of October 31, 2020, the Portfolio held, either directly or through the underlying portfolios, approximately 450 securities in 22 eligible developed and emerging markets. Average cash exposure throughout the year was less than 1% of the Portfolios assets.
For the 12 months ended October 31, 2020, total returns were -19.28% for the Portfolio and -22.87% for the S&P Global REIT Index (net dividends), the Portfolios benchmark. The Portfolios broader inclusion of specialized REITs had a positive impact on performance relative to the benchmark as did withholding tax rate differences between the Portfolio and the benchmark.
International Equity Market Review | 12 Months Ended October 31, 2020 |
Performance of non-U.S. developed markets was mostly negative for the period. As measured by the MSCI World ex USA indices, small-cap stocks outperformed large-cap stocks, and mid-cap stocks, a subset of the large-cap universe, outperformed large-cap stocks but underperformed small-cap stocks. Value stocks underperformed growth stocks as measured by the MSCI World ex USA indices.
12 Months Ended October 31, 2020
Return in U.S. Dollars | ||||
MSCI World ex USA Index |
-6.79 | % | ||
MSCI World ex USA Mid Cap Index |
-3.83 | % | ||
MSCI World ex USA Small Cap Index |
-0.65 | % | ||
MSCI World ex USA Value Index |
-18.72 | % | ||
MSCI World ex USA Growth Index |
5.65 | % |
For the 12 Months Ended October 31, 2020, the U.S. dollar depreciated against most non-U.S. developed markets currencies. Overall, currency movements had a positive impact on the U.S. dollar-denominated returns of developed markets.
12 Months Ended October 31, 2020
Ten Largest Foreign Developed Markets by Market Cap |
Local Return | Return in U.S. Dollars | ||||||
Japan |
-2.97 | % | 0.33 | % | ||||
United Kingdom |
-22.19 | % | -22.25 | % | ||||
France |
-17.43 | % | -13.79 | % | ||||
Switzerland |
-4.37 | % | 2.95 | % | ||||
Canada |
-4.70 | % | -6.05 | % | ||||
Germany |
-10.77 | % | -6.84 | % |
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Australia |
-11.01 | % | -9.29 | % | ||||
Netherlands |
4.14 | % | 8.62 | % | ||||
Hong Kong |
-8.06 | % | -7.15 | % | ||||
Sweden |
0.79 | % | 9.10 | % |
Source: Returns are of MSCI standard indices net of foreign withholding taxes on dividends. Copyright MSCI 2020, all rights reserved.
Emerging markets had mostly positive performance for the period, outperforming non-U.S. developed markets but underperforming the U.S. As measured by the MSCI Emerging Markets indices, small-cap stocks underperformed large-cap stocks, and mid-cap stocks, a subset of the large-cap universe, underperformed large-cap stocks and small-cap stocks. Value stocks underperformed growth stocks as measured by the MSCI Emerging Markets indices.
12 Months Ended October 31, 2020
Return in U.S. Dollars | ||||
MSCI Emerging Markets Index |
8.25 | % | ||
MSCI Emerging Markets Mid Cap Index |
-3.22 | % | ||
MSCI Emerging Markets Small Cap Index |
2.39 | % | ||
MSCI Emerging Markets Value Index |
-8.47 | % | ||
MSCI Emerging Markets Growth Index |
25.97 | % |
For the 12 Months Ended October 31, 2020, the U.S. dollar depreciated against some emerging markets currencies and appreciated against others. Overall, currency movements had a negative impact on the U.S. dollar denominated returns of emerging markets.
12 Months Ended October 31, 2020
Ten Largest Emerging Markets by Market Cap |
Local Return | Return in U.S. | ||||||
Dollars |
||||||||
China |
33.57 | % | 35.19 | % | ||||
Taiwan |
18.86 | % | 26.49 | % | ||||
Korea |
11.33 | % | 14.15 | % | ||||
India |
1.83 | % | -2.54 | % | ||||
Brazil |
-11.13 | % | -38.13 | % | ||||
South Africa |
-6.49 | % | -13.31 | % | ||||
Saudi Arabia |
-0.90 | % | -0.90 | % | ||||
Russia |
-14.17 | % | -29.27 | % | ||||
Thailand |
-28.54 | % | -30.77 | % | ||||
Malaysia |
-6.02 | % | -5.49 | % |
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Source: Returns are of MSCI standard indices net of foreign withholding taxes on dividends. Copyright MSCI 2020, all rights reserved.
For Portfolios investing in non-U.S. equities traded outside of the U.S. market time zone, differences in the valuation timing and methodology between a Portfolio and its benchmark index may impact relative performance over the referenced period. The Portfolios price foreign exchange rates at the closing of the U.S. market, while their benchmark indices use rates at 4 p.m. London time. The Portfolios also may use fair value pricing to price certain portfolio securities at the closing of the U.S. market, while benchmark indices may use local market closing prices. For the one-year period ended October 31, 2020, these differences generally contributed positively to the Portfolios relative performance.
DFA International Small Cap Value Portfolio
The DFA International Small Cap Value Portfolio invests in small-cap value stocks in developed ex U.S. markets, with an emphasis on those with higher profitability. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2020, the Portfolio held approximately 1,990 securities in 22 eligible developed markets. Average cash exposure throughout the year was less than 1% of the Portfolios assets.
For the 12 months ended October 31, 2020, total returns were -13.03% for the Portfolio and -0.65% for the MSCI World ex USA Small Cap Index (net dividends), the Portfolios benchmark. With low relative price (value) stocks underperforming high relative price (growth) stocks, the Portfolios focus on value stocks detracted from performance relative to the style-neutral benchmark. Conversely, the Portfolios exclusion of real estate investment trusts (REITs) had a positive impact on relative performance, as REITs generally underperformed in developed ex U.S. markets.
International Vector Equity Portfolio
The International Vector Equity Portfolio invests in a broadly diversified group of stocks in developed ex U.S. markets, with increased exposure to stocks with smaller market capitalization, lower relative price (value), and higher profitability. The Portfolios increased exposure to small capitalization and value stocks may be achieved by decreasing the allocation to or excluding the largest high relative price (growth) stocks in developed ex U.S. markets. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2020, the Portfolio held approximately 4,700 securities in 22 eligible developed markets. Average cash exposure throughout the year was less than 1% of the Portfolios assets.
For the 12 months ended October 31, 2020, total returns were -8.41% for the Portfolio and -6.79% for the MSCI World ex USA Index (net dividends), the Portfolios benchmark. The Portfolios greater emphasis on low relative price (value) stocks detracted from performance relative to the benchmark, as value stocks underperformed high relative price (growth) stocks.
International High Relative Profitability Portfolio
The International High Relative Profitability Portfolio invests in developed ex U.S. large-cap stocks with higher profitability. The investment strategy is process driven, emphasizing broad diversification, with increased exposure to stocks with smaller total market capitalizations, lower
23
relative price (value), and higher profitability within the large cap high relative profitability segment of developed ex U.S. markets. As of October 31, 2020, the Portfolio held approximately 530 securities in 22 eligible developed markets. Average cash exposure throughout the year was less than 1% of the Portfolios assets.
For the 12 months ended October 31, 2020, total returns were 0.80% for the Portfolio and -6.79% for the MSCI World ex USA Index (net dividends), the Portfolios benchmark. The Portfolios focus on stocks with higher profitability contributed positively to performance relative to the benchmark, as higher-profitability stocks generally outperformed lower profitability stocks for the period. The Portfolios exclusion of real estate investment trusts (REITs) also had a positive impact on relative performance, as REITs generally underperformed in developed ex U.S. markets.
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 developed ex U.S. and emerging markets. The Portfolio may pursue its objective by holding 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. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2020, the Portfolio, directly and through the Underlying Funds, held approximately 5,320 securities in 44 eligible developed ex U.S. and emerging markets.
For the 12 months ended October 31, 2020, total returns were -15.76% for the Portfolio and -2.61% for the MSCI All Country World ex USA Index (net dividends), the Portfolios benchmark. The Underlying Funds focus on low relative price (value) stocks had a negative impact on performance relative to the style-neutral benchmark, as value stocks underperformed high relative price (growth) stocks globally.
World ex U.S. Core Equity Portfolio
The World ex U.S. Core Equity Portfolio invests in a broadly diversified group of stocks in developed ex U.S. and emerging markets with increased exposure to stocks with smaller market capitalization, lower relative price (value), and higher profitability. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2020, the Portfolio held approximately 9,820 securities in 46 eligible developed ex U.S. and emerging markets. Average cash exposure throughout the year was less than 1% of the Portfolios assets.
For the 12 months ended October 31, 2020, total returns were -4.42% for the Portfolio and -2.61% for the MSCI All Country World ex USA Index (net dividends), the Portfolios benchmark. The Portfolios greater emphasis on low relative price (value) stocks detracted from performance relative to the benchmark, as value stocks underperformed high relative price (growth) stocks in developed ex U.S. and emerging markets. Conversely, the Portfolios exclusion of real estate investment trusts (REITs) contributed positively to performance, as REITs generally underperformed in developed ex U.S. and emerging markets.
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. As of the date of this report, the Portfolios
24
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, 2020, the Underlying Funds collectively held more than 13,230 equity securities in 47 eligible developed and emerging markets.
For the 12 months ended October 31, 2020, total returns were 1.25% for the Portfolio and 4.89% for the MSCI All Country World Index (net dividends), the Portfolios benchmark. With low relative price (value) stocks underperforming high relative price (growth) stocks globally, the Underlying Funds greater emphasis on value stocks had a negative impact on performance relative to the benchmark. With small-caps underperforming large-caps globally for the period, the Underlying Funds inclusion of and emphasis on small-cap stocks also detracted from performance relative to the benchmark, which is composed primarily of large- and mid-cap stocks. Conversely, the Underlying Funds exclusion of real estate investment trusts (REITs) contributed positively to performance, as REITs generally underperformed.
Selectively Hedged Global Equity Portfolio
The Selectively Hedged Global Equity Portfolio seeks long-term capital appreciation by investing in a combination of other mutual funds managed by Dimensional. As of the date of this report, the Portfolio invests in 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, 2020, the Underlying Funds collectively held approximately 13,270 securities in 47 eligible developed and emerging markets.
For the 12 months ended October 31, 2020, total returns were 0.47% for the Portfolio and 4.89% for the MSCI All Country World Index (net dividends), the Portfolios benchmark. With low relative price (value) stocks generally underperforming high relative price (growth) stocks globally, the Underlying Funds greater emphasis on value stocks had a negative impact on performance relative to the benchmark. With small-caps underperforming large-caps globally for the period, the Underlying Funds inclusion of and emphasis on small-cap stocks also detracted from performance relative to the benchmark (which is composed primarily of large- and mid-cap stocks). The Portfolios strategy of selectively hedging foreign currency exposure detracted from performance relative to the benchmark (which does not hedge currency exposure), as the U.S. dollar generally weakened against the currencies to which the Portfolio had hedged its exposure.
Emerging Markets Portfolio
The Emerging Markets Portfolio invests in large-cap stocks in emerging markets 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 with increased exposure to stocks with smaller market capitalizations, lower relative price (value), and higher-profitability within the large-cap segment of emerging markets. As of October 31, 2020, the Master Fund held approximately 1,610 securities in 24 eligible emerging markets. Average cash exposure throughout the year was less than 1% of the Master Funds assets.
For the 12 months ended October 31, 2020, total returns were 2.36% for the Portfolio and 8.25% for the MSCI Emerging Markets Index (net dividends), the Portfolios benchmark. The Master Funds greater emphasis on low relative price (value) stocks had a negative impact on performance
25
relative to the benchmark, as value stocks underperformed high relative price (growth) stocks in emerging markets for the period. The Master Funds greater allocation to stocks with smaller market capitalizations within the large cap universe also detracted from relative performance, as these stocks underperformed their larger counterparts for the period.
Emerging Markets Small Cap Portfolio
The Emerging Markets Small Cap Portfolio invests in small company stocks in 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 generally excludes stocks with the lowest profitability and highest relative price. The Master Funds investment strategy is process driven, emphasizing broad diversification. As of October 31, 2020, the Master Fund held approximately 4,550 securities in 21 eligible emerging markets. Average cash exposure throughout the year was less than 1% of the Master Funds assets.
For the 12 months ended October 31, 2020, total returns were 0.81% for the Portfolio and 8.25% for the MSCI Emerging Markets Index (net dividends), the Portfolios benchmark. With small-cap stocks underperforming large-cap stocks in emerging markets, the Master Funds inclusion of stocks with smaller market capitalizations detracted from performance relative to the benchmark, which is composed primarily of large- and mid-cap stocks.
Emerging Markets Value Portfolio
The Emerging Markets Value Portfolio invests in value stocks of large and small companies in emerging markets by purchasing shares of the Dimensional Emerging Markets Value Fund, a Master Fund managed by Dimensional that invests in such securities. The investment strategy is process driven, emphasizing broad diversification with increased exposure to stocks with smaller market capitalizations, lower relative price (value), and higher profitability within the value segment of emerging markets. As of October 31, 2020, the Master Fund held approximately 2,870 securities in 22 eligible emerging markets. Average cash exposure throughout the year was less than 1% of the Master Funds assets.
For the 12 months ended October 31, 2020, total returns were -9.98% for the Portfolios Class R2 shares, -9.75% for the Portfolios Institutional Class shares, and 8.25% for the MSCI Emerging Markets Index (net dividends), the Portfolios benchmark. The Master Funds focus on low relative price (value) stocks had a negative impact on performance relative to the style-neutral benchmark, as value stocks underperformed high relative price (growth) stocks in emerging markets for the period. With small-cap stocks underperforming large-cap stocks, the Master Funds inclusion of small-caps also detracted from performance relative to the benchmark, which is composed primarily of large- and mid-cap stocks.
Emerging Markets Core Equity Portfolio
The Emerging Markets Core Equity Portfolio invests in a broadly diversified group of stocks in emerging markets, with increased exposure to stocks with smaller market capitalization, lower relative price (value), and higher profitability. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2020, the Portfolio held approximately 5,600 securities in 24 eligible emerging markets. Average cash exposure throughout the year was less than 1% of the Portfolios assets.
26
For the 12 months ended October 31, 2020, total returns were 1.13% for the Portfolio and 8.25% for the MSCI Emerging Markets Index (net dividends), the Portfolios benchmark. With low relative price (value) stocks underperforming high relative price (growth) stocks, the Portfolios greater emphasis value stocks detracted from performance relative to the benchmark. With small-cap stocks underperforming large-cap stocks in emerging markets for the period, the Portfolios inclusion of and emphasis on small-caps also had a negative impact on relative performance, which is composed primarily of large- and mid-cap stocks.
Emerging Markets Targeted Value Portfolio
The Emerging Markets Targeted Value Portfolio invests in value stocks of small- and mid-cap companies in emerging markets. The investment strategy is process driven, emphasizing broad diversification with increased exposure to smaller total market capitalizations, lower relative price (value) stocks, and higher-profitability stocks within the small- and mid-cap value segment of emerging markets. As of October 31, 2020, the Portfolio held approximately 2,180 securities in 21 eligible emerging markets. Average cash exposure throughout the year was less than 1% of the Portfolios assets.
For the 12 months ended October 31, 2020, total returns were -3.89% for the Portfolio and 8.25% for the MSCI Emerging Markets Index (net dividends), the Portfolios benchmark. The Portfolios focus on low relative price (value) stocks had a negative impact on performance relative to the style-neutral benchmark, as value stocks underperformed high relative price (growth) stocks in emerging markets for the period. With small-cap and mid-cap stocks underperforming large-cap stocks, the Portfolios focus on small- and mid-cap stocks also detracted from relative performance, which is composed primarily of large- and mid-cap stocks.
27
DFA INVESTMENT DIMENSIONS GROUP INC.
(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 and legal and audit services, which are deducted from a funds gross income, directly reduce the investment return of the fund. A funds 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 funds 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 funds actual return, and Expenses Paid During Period reflects 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 funds costs with those of other mutual funds. The hypothetical Ending Account Value and Expenses Paid During Period are derived from the funds actual expense ratio and an assumed 5% annual return before expenses. In this case, because the return used is not the funds 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 funds 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, 2020
EXPENSE TABLES
Beginning Account Value 05/01/20 |
Ending Account Value 10/31/20 |
Annualized Expense Ratio (1) |
Expenses Paid During Period (1) |
|||||||||||||
Large Cap International Portfolio |
||||||||||||||||
Actual Fund Return |
$1,000.00 | $1,104.70 | 0.22 | % | $1.16 | |||||||||||
Hypothetical 5% Annual Return |
$1,000.00 | $1,024.03 | 0.22 | % | $1.12 | |||||||||||
International Core Equity Portfolio |
||||||||||||||||
Actual Fund Return |
$1,000.00 | $1,126.60 | 0.30 | % | $1.60 | |||||||||||
Hypothetical 5% Annual Return |
$1,000.00 | $1,023.63 | 0.30 | % | $1.53 |
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DISCLOSURE OF FUND EXPENSES
CONTINUED
Beginning Account Value 05/01/20 |
Ending Account Value 10/31/20 |
Annualized Expense Ratio (1) |
Expenses Paid During Period (1) |
|||||||||||||
Global Small Company Portfolio (2) |
||||||||||||||||
Actual Fund Return |
$1,000.00 | $1,168.00 | 0.47 | % | $2.56 | |||||||||||
Hypothetical 5% Annual Return |
$1,000.00 | $1,022.77 | 0.47 | % | $2.39 | |||||||||||
International Small Company Portfolio (2) |
||||||||||||||||
Actual Fund Return |
$1,000.00 | $1,151.90 | 0.53 | % | $2.87 | |||||||||||
Hypothetical 5% Annual Return |
$1,000.00 | $1,022.47 | 0.53 | % | $2.69 | |||||||||||
Japanese Small Company Portfolio (3) |
||||||||||||||||
Actual Fund Return |
$1,000.00 | $1,136.50 | 0.54 | % | $2.90 | |||||||||||
Hypothetical 5% Annual Return |
$1,000.00 | $1,022.42 | 0.54 | % | $2.75 | |||||||||||
Asia Pacific Small Company Portfolio (3) |
||||||||||||||||
Actual Fund Return |
$1,000.00 | $1,219.30 | 0.54 | % | $3.01 | |||||||||||
Hypothetical 5% Annual Return |
$1,000.00 | $1,022.42 | 0.54 | % | $2.75 | |||||||||||
United Kingdom Small Company Portfolio (3) |
||||||||||||||||
Actual Fund Return |
$1,000.00 | $1,075.60 | 0.59 | % | $3.08 | |||||||||||
Hypothetical 5% Annual Return |
$1,000.00 | $1,022.17 | 0.59 | % | $3.00 | |||||||||||
Continental Small Company Portfolio (3) |
||||||||||||||||
Actual Fund Return |
$1,000.00 | $1,157.80 | 0.54 | % | $2.93 | |||||||||||
Hypothetical 5% Annual Return |
$1,000.00 | $1,022.42 | 0.54 | % | $2.75 | |||||||||||
DFA International Real Estate Securities Portfolio |
||||||||||||||||
Actual Fund Return |
$1,000.00 | $1,056.00 | 0.26 | % | $1.34 | |||||||||||
Hypothetical 5% Annual Return |
$1,000.00 | $1,023.83 | 0.26 | % | $1.32 | |||||||||||
DFA Global Real Estate Securities Portfolio (4) |
||||||||||||||||
Actual Fund Return |
$1,000.00 | $1,025.70 | 0.24 | % | $1.22 | |||||||||||
Hypothetical 5% Annual Return |
$1,000.00 | $1,023.93 | 0.24 | % | $1.22 | |||||||||||
DFA International Small Cap Value Portfolio |
||||||||||||||||
Actual Fund Return |
$1,000.00 | $1,100.90 | 0.65 | % | $3.43 | |||||||||||
Hypothetical 5% Annual Return |
$1,000.00 | $1,021.87 | 0.65 | % | $3.30 | |||||||||||
International Vector Equity Portfolio |
||||||||||||||||
Actual Fund Return |
$1,000.00 | $1,126.60 | 0.47 | % | $2.51 | |||||||||||
Hypothetical 5% Annual Return |
$1,000.00 | $1,022.77 | 0.47 | % | $2.39 | |||||||||||
International High Relative Profitability Portfolio |
||||||||||||||||
Actual Fund Return |
$1,000.00 | $1,129.50 | 0.30 | % | $1.61 | |||||||||||
Hypothetical 5% Annual Return |
$1,000.00 | $1,023.63 | 0.30 | % | $1.53 |
29
DISCLOSURE OF FUND EXPENSES
CONTINUED
Beginning Account Value 05/01/20 |
Ending Account Value 10/31/20 |
Annualized Expense Ratio (1) |
Expenses Paid During Period (1) |
|||||||||||||
World ex U.S. Value Portfolio (2) |
||||||||||||||||
Actual Fund Return |
$ | 1,000.00 | $ | 1,088.70 | 0.40 | % | $ | 2.10 | ||||||||
Hypothetical 5% Annual Return |
$ | 1,000.00 | $ | 1,023.13 | 0.40 | % | $ | 2.03 | ||||||||
World ex U.S. Core Equity Portfolio |
||||||||||||||||
Actual Fund Return |
$ | 1,000.00 | $ | 1,143.60 | 0.35 | % | $ | 1.89 | ||||||||
Hypothetical 5% Annual Return |
$ | 1,000.00 | $ | 1,023.38 | 0.35 | % | $ | 1.78 | ||||||||
World Core Equity Portfolio (2) |
||||||||||||||||
Actual Fund Return |
$ | 1,000.00 | $ | 1,147.60 | 0.32 | % | $ | 1.73 | ||||||||
Hypothetical 5% Annual Return |
$ | 1,000.00 | $ | 1,023.53 | 0.32 | % | $ | 1.63 | ||||||||
Selectively Hedged Global Equity Portfolio (2) |
||||||||||||||||
Actual Fund Return |
$ | 1,000.00 | $ | 1,140.70 | 0.36 | % | $ | 1.94 | ||||||||
Hypothetical 5% Annual Return |
$ | 1,000.00 | $ | 1,023.33 | 0.36 | % | $ | 1.83 | ||||||||
Emerging Markets Portfolio (3) |
||||||||||||||||
Actual Fund Return |
$ | 1,000.00 | $ | 1,194.00 | 0.44 | % | $ | 2.43 | ||||||||
Hypothetical 5% Annual Return |
$ | 1,000.00 | $ | 1,022.93 | 0.44 | % | $ | 2.24 | ||||||||
Emerging Markets Small Cap Portfolio (3) |
||||||||||||||||
Actual Fund Return |
$ | 1,000.00 | $ | 1,220.00 | 0.69 | % | $ | 3.85 | ||||||||
Hypothetical 5% Annual Return |
$ | 1,000.00 | $ | 1,021.67 | 0.69 | % | $ | 3.51 | ||||||||
Emerging Markets Value Portfolio (3) |
||||||||||||||||
Actual Fund Return |
||||||||||||||||
Class R2 Shares |
$ | 1,000.00 | $ | 1,116.60 | 0.77 | % | $ | 4.10 | ||||||||
Institutional Class Shares |
$ | 1,000.00 | $ | 1,117.90 | 0.52 | % | $ | 2.77 | ||||||||
Hypothetical 5% Annual Return |
||||||||||||||||
Class R2 Shares |
$ | 1,000.00 | $ | 1,021.27 | 0.77 | % | $ | 3.91 | ||||||||
Institutional Class Shares |
$ | 1,000.00 | $ | 1,022.52 | 0.52 | % | $ | 2.64 | ||||||||
Emerging Markets Core Equity Portfolio |
||||||||||||||||
Actual Fund Return |
$ | 1,000.00 | $ | 1,196.90 | 0.49 | % | $ | 2.71 | ||||||||
Hypothetical 5% Annual Return |
$ | 1,000.00 | $ | 1,022.67 | 0.49 | % | $ | 2.49 | ||||||||
Emerging Markets Targeted Value Portfolio |
||||||||||||||||
Actual Fund Return |
$ | 1,000.00 | $ | 1,191.40 | 0.84 | % | $ | 4.63 | ||||||||
Hypothetical 5% Annual Return |
$ | 1,000.00 | $ | 1,020.91 | 0.84 | % | $ | 4.27 |
(1) | Expenses are equal to the funds 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 (366) to reflect the six-month period. |
30
DISCLOSURE OF FUND EXPENSES
CONTINUED
(2) | The Portfolio is a Fund of Funds. The expenses shown reflect the direct expenses of the Fund of Funds and the Fund of Funds portion of the expenses of its Underlying Funds (Affiliated Investment Companies). |
(3) | The Portfolio is a Feeder Fund. The expenses shown reflect the direct expenses of the Feeder Fund and the allocation of the Feeder Funds portion of the expenses of its Master Fund (Affiliated Investment Company). |
(4) | The Portfolio invests directly and indirectly through other funds. The expenses shown reflect the direct expenses of the fund and the funds portion of the expenses of its Master and/or Underlying Funds (Affiliated Investment Companies). |
31
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 as an exhibit to their reports on Form N-PORT. For DFA Investment Dimensions Group Inc., this would be for the fiscal quarters ending January 31 and July 31. Such Form N-PORT filing must be made within 60 days of the end of the quarter. DFA Investment Dimensions Group Inc. filed its most recent Form N-PORT with the SEC on September 29, 2020. They are available upon request,, without charge, by calling collect: (512) 306- 7400; by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746; or by visiting the SECs website at http://www.sec.gov.
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 funds 50 largest holdings in unaffiliated issuers and any investments that exceed one percent of the funds net assets at the end of the reporting period. The regulations 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; by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746; or by visiting the SECs website at http://www.sec.gov.
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 used. The following table, which presents portfolio holdings as a percentage of total investments before short-term investments and collateral for loaned securities, is provided in compliance with this 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 in the report. Refer to the Schedule of Investments/Summary Schedule of Portfolio Holdings for each of the underlying Affiliated Investment Companys holdings, which reflect the investments by category or country.
FEEDER FUNDS
Affiliated Investment Companies | ||||
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 | % |
FUNDS OF FUNDS
Affiliated Investment Companies | ||||
Global Small Company Portfolio |
100.0 | % | ||
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 | % |
32
DISCLOSURE OF PORTFOLIO HOLDINGS
CONTINUED
INTERNATIONAL EQUITY PORTFOLIOS
33
LARGE CAP INTERNATIONAL PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2020
Shares |
Value» |
Percentage |
||||||||||
COMMON STOCKS (95.9%) |
||||||||||||
AUSTRALIA (5.9%) |
||||||||||||
BHP Group, Ltd. |
842,811 | $ | 20,203,550 | 0.4 | % | |||||||
Commonwealth Bank of Australia |
470,347 | 22,836,066 | 0.5 | % | ||||||||
CSL, Ltd. |
137,898 | 27,918,453 | 0.6 | % | ||||||||
Other Securities |
212,542,899 | 4.5 | % | |||||||||
|
|
|
|
|||||||||
TOTAL AUSTRALIA |
283,500,968 | 6.0 | % | |||||||||
|
|
|
|
|||||||||
AUSTRIA (0.1%) |
||||||||||||
Other Securities |
4,826,219 | 0.1 | % | |||||||||
|
|
|
|
|||||||||
BELGIUM (0.9%) |
||||||||||||
Anheuser-Busch InBev SA |
265,831 | 13,750,419 | 0.3 | % | ||||||||
Other Securities |
27,813,601 | 0.6 | % | |||||||||
|
|
|
|
|||||||||
TOTAL BELGIUM |
41,564,020 | 0.9 | % | |||||||||
|
|
|
|
|||||||||
CANADA (8.9%) |
||||||||||||
Canadian National Railway Co. |
149,760 | 14,877,082 | 0.3 | % | ||||||||
# Royal Bank of Canada |
335,579 | 23,465,090 | 0.5 | % | ||||||||
Royal Bank of Canada |
216,240 | 15,134,638 | 0.3 | % | ||||||||
Other Securities |
378,134,979 | 8.1 | % | |||||||||
|
|
|
|
|||||||||
TOTAL CANADA |
431,611,789 | 9.2 | % | |||||||||
|
|
|
|
|||||||||
DENMARK (2.5%) |
||||||||||||
Novo Nordisk A.S., Class B |
541,515 | 34,530,047 | 0.7 | % | ||||||||
Other Securities |
86,377,814 | 1.9 | % | |||||||||
|
|
|
|
|||||||||
TOTAL DENMARK |
120,907,861 | 2.6 | % | |||||||||
|
|
|
|
|||||||||
FINLAND (1.3%) |
||||||||||||
Other Securities |
61,160,733 | 1.3 | % | |||||||||
|
|
|
|
|||||||||
FRANCE (9.0%) |
||||||||||||
Air Liquide SA |
137,694 | 20,136,133 | 0.4 | % | ||||||||
* Airbus SE |
183,285 | 13,410,237 | 0.3 | % | ||||||||
Kering SA |
22,325 | 13,491,357 | 0.3 | % | ||||||||
LOreal SA |
53,362 | 17,245,813 | 0.4 | % | ||||||||
LVMH Moet Hennessy Louis Vuitton SE |
92,526 | 43,371,349 | 0.9 | % | ||||||||
Sanofi |
214,267 | 19,346,883 | 0.4 | % | ||||||||
Schneider Electric SE |
136,443 | 16,578,700 | 0.4 | % | ||||||||
Total SE |
608,182 | 18,425,913 | 0.4 | % | ||||||||
Vinci SA |
172,107 | 13,593,883 | 0.3 | % | ||||||||
Other Securities |
260,675,632 | 5.5 | % | |||||||||
|
|
|
|
|||||||||
TOTAL FRANCE |
436,275,900 | 9.3 | % | |||||||||
|
|
|
|
|||||||||
GERMANY (6.7%) |
||||||||||||
* Adidas AG |
48,528 | 14,417,905 | 0.3 | % | ||||||||
Daimler AG |
270,117 | 13,961,939 | 0.3 | % | ||||||||
Deutsche Post AG |
337,563 | 14,966,861 | 0.3 | % | ||||||||
Deutsche Telekom AG |
1,271,712 | 19,328,430 | 0.4 | % | ||||||||
SAP SE |
248,559 | 26,517,412 | 0.6 | % | ||||||||
Siemens AG |
130,592 | 15,320,535 | 0.3 | % |
34
LARGE CAP INTERNATIONAL PORTFOLIO
CONTINUED
Shares |
Value» |
Percentage |
||||||||||
GERMANY (Continued) |
||||||||||||
Other Securities |
$ | 217,140,799 | 4.6 | % | ||||||||
|
|
|
|
|||||||||
TOTAL GERMANY |
321,653,881 | 6.8 | % | |||||||||
|
|
|
|
|||||||||
HONG KONG (2.6%) |
||||||||||||
AIA Group, Ltd. |
3,249,000 | 30,921,296 | 0.7 | % | ||||||||
Hong Kong Exchanges & Clearing, Ltd. |
349,451 | 16,745,240 | 0.4 | % | ||||||||
Other Securities |
75,698,724 | 1.5 | % | |||||||||
|
|
|
|
|||||||||
TOTAL HONG KONG |
123,365,260 | 2.6 | % | |||||||||
|
|
|
|
|||||||||
IRELAND (0.8%) |
||||||||||||
Other Securities |
40,195,468 | 0.9 | % | |||||||||
|
|
|
|
|||||||||
ISRAEL (0.4%) |
||||||||||||
Other Securities |
21,843,158 | 0.5 | % | |||||||||
|
|
|
|
|||||||||
ITALY (2.0%) |
||||||||||||
Enel SpA |
2,271,536 | 18,059,853 | 0.4 | % | ||||||||
Other Securities |
77,883,513 | 1.6 | % | |||||||||
|
|
|
|
|||||||||
TOTAL ITALY |
95,943,366 | 2.0 | % | |||||||||
|
|
|
|
|||||||||
JAPAN (23.9%) |
||||||||||||
Daikin Industries, Ltd. |
74,200 | 13,885,285 | 0.3 | % | ||||||||
KDDI Corp. |
742,300 | 20,082,919 | 0.4 | % | ||||||||
Keyence Corp. |
32,904 | 14,932,575 | 0.3 | % | ||||||||
Nintendo Co., Ltd. |
30,500 | 16,491,007 | 0.4 | % | ||||||||
NTT DOCOMO, Inc. |
481,328 | 17,922,340 | 0.4 | % | ||||||||
Recruit Holdings Co., Ltd. |
399,800 | 15,212,648 | 0.3 | % | ||||||||
SoftBank Group Corp. |
306,176 | 19,942,398 | 0.4 | % | ||||||||
Sony Corp. |
401,800 | 33,496,629 | 0.7 | % | ||||||||
Toyota Motor Corp. |
608,523 | 39,947,641 | 0.9 | % | ||||||||
# Toyota Motor Corp., Sponsored ADR |
65,041 | 8,539,233 | 0.2 | % | ||||||||
Other Securities |
953,957,225 | 20.3 | % | |||||||||
|
|
|
|
|||||||||
TOTAL JAPAN |
1,154,409,900 | 24.6 | % | |||||||||
|
|
|
|
|||||||||
NETHERLANDS (3.7%) |
||||||||||||
ASML Holding NV |
72,895 | 26,330,403 | 0.6 | % | ||||||||
Koninklijke Ahold Delhaize NV |
597,549 | 16,382,264 | 0.3 | % | ||||||||
# Unilever NV |
268,265 | 15,123,100 | 0.3 | % | ||||||||
Wolters Kluwer NV |
167,575 | 13,567,988 | 0.3 | % | ||||||||
Other Securities |
107,630,980 | 2.3 | % | |||||||||
|
|
|
|
|||||||||
TOTAL NETHERLANDS |
179,034,735 | 3.8 | % | |||||||||
|
|
|
|
|||||||||
NEW ZEALAND (0.4%) |
||||||||||||
Other Securities |
21,045,262 | 0.4 | % | |||||||||
|
|
|
|
|||||||||
NORWAY (0.6%) |
||||||||||||
Other Securities |
29,464,155 | 0.6 | % | |||||||||
|
|
|
|
|||||||||
PORTUGAL (0.2%) |
||||||||||||
Other Securities |
7,487,329 | 0.2 | % | |||||||||
|
|
|
|
35
LARGE CAP INTERNATIONAL PORTFOLIO
CONTINUED
Shares |
Value» |
Percentage |
||||||||||
SINGAPORE (0.7%) |
||||||||||||
Other Securities |
$ | 35,939,775 | 0.8 | % | ||||||||
|
|
|
|
|||||||||
SPAIN (2.0%) |
||||||||||||
Iberdrola SA |
2,077,556 | 24,530,901 | 0.5 | % | ||||||||
Other Securities |
70,289,852 | 1.5 | % | |||||||||
|
|
|
|
|||||||||
TOTAL SPAIN |
94,820,753 | 2.0 | % | |||||||||
|
|
|
|
|||||||||
SWEDEN (3.0%) |
||||||||||||
Other Securities |
144,946,428 | 3.1 | % | |||||||||
|
|
|
|
|||||||||
SWITZERLAND (8.2%) |
||||||||||||
Nestle SA |
915,482 | 102,971,482 | 2.2 | % | ||||||||
Novartis AG |
448,358 | 34,937,212 | 0.7 | % | ||||||||
Roche Holding AG |
8,668 | 2,792,840 | 0.1 | % | ||||||||
Roche Holding AG |
227,381 | 73,064,642 | 1.6 | % | ||||||||
Other Securities |
182,878,074 | 3.8 | % | |||||||||
|
|
|
|
|||||||||
TOTAL SWITZERLAND |
396,644,250 | 8.4 | % | |||||||||
|
|
|
|
|||||||||
UNITED KINGDOM (12.1%) |
||||||||||||
AstraZeneca P.L.C. |
141,555 | 14,212,896 | 0.3 | % | ||||||||
AstraZeneca P.L.C., Sponsored ADR |
570,883 | 28,635,491 | 0.6 | % | ||||||||
Diageo P.L.C., Sponsored ADR |
105,239 | 13,700,013 | 0.3 | % | ||||||||
Reckitt Benckiser Group P.L.C. |
172,565 | 15,200,993 | 0.3 | % | ||||||||
# Rio Tinto P.L.C., Sponsored ADR |
267,962 | 15,212,203 | 0.3 | % | ||||||||
Royal Dutch Shell P.L.C., Sponsored ADR, Class B |
837,467 | 20,224,828 | 0.4 | % | ||||||||
# Unilever P.L.C., Sponsored ADR |
274,641 | 15,607,848 | 0.3 | % | ||||||||
Other Securities |
460,143,761 | 9.9 | % | |||||||||
|
|
|
|
|||||||||
TOTAL UNITED KINGDOM |
582,938,033 | 12.4 | % | |||||||||
|
|
|
|
|||||||||
TOTAL COMMON STOCKS |
4,629,579,243 | 98.5 | % | |||||||||
|
|
|
|
|||||||||
PREFERRED STOCKS (0.5%) |
||||||||||||
GERMANY (0.5%) |
||||||||||||
Other Securities |
22,490,733 | 0.5 | % | |||||||||
|
|
|
|
|||||||||
RIGHTS/WARRANTS (0.0%) |
||||||||||||
UNITED KINGDOM (0.0%) |
||||||||||||
Other Security |
588,083 | 0.0 | % | |||||||||
|
|
|
|
|||||||||
TOTAL INVESTMENT SECURITIES |
4,652,658,059 | |||||||||||
|
|
|||||||||||
Value | ||||||||||||
|
|
|||||||||||
SECURITIES LENDING COLLATERAL (3.6%) |
||||||||||||
@§ The DFA Short Term Investment Fund |
15,069,216 | 174,365,896 | 3.7 | % | ||||||||
|
|
|
|
|||||||||
TOTAL INVESTMENTS(100.0%) |
$ | 4,827,023,955 | 102.7 | % | ||||||||
|
|
|
|
36
LARGE CAP INTERNATIONAL PORTFOLIO
CONTINUED
As of October 31, 2020, Large Cap International Portfolio had entered into the following outstanding futures contracts:
Description |
Number of Contracts |
Expiration Date |
Notional Value |
Market Value |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
Long Position Contracts: |
||||||||||||||||||||
S&P 500® Emini Index |
267 | 12/18/20 | $ | 44,330,250 | $ | 43,583,745 | $ | (746,505 | ) | |||||||||||
|
|
|
|
|
|
|||||||||||||||
Total Futures Contracts |
$ | 44,330,250 | $ | 43,583,745 | $ | (746,505 | ) | |||||||||||||
|
|
|
|
|
|
Summary of the Portfolios investments as of October 31, 2020, 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 |
$ | 5,609,966 | $ | 277,891,002 | | $ | 283,500,968 | |||||||||
Austria |
| 4,826,219 | | 4,826,219 | ||||||||||||
Belgium |
606,184 | 40,957,836 | | 41,564,020 | ||||||||||||
Canada |
427,847,340 | 3,764,449 | | 431,611,789 | ||||||||||||
Denmark |
3,864,514 | 117,043,347 | | 120,907,861 | ||||||||||||
Finland |
46,937 | 61,113,796 | | 61,160,733 | ||||||||||||
France |
4,836,531 | 431,439,369 | | 436,275,900 | ||||||||||||
Germany |
14,457,718 | 307,196,163 | | 321,653,881 | ||||||||||||
Hong Kong |
550,272 | 122,814,988 | | 123,365,260 | ||||||||||||
Ireland |
13,125,467 | 27,070,001 | | 40,195,468 | ||||||||||||
Israel |
6,403,851 | 15,439,307 | | 21,843,158 | ||||||||||||
Italy |
6,104,440 | 89,838,926 | | 95,943,366 | ||||||||||||
Japan |
21,314,917 | 1,133,094,983 | | 1,154,409,900 | ||||||||||||
Netherlands |
48,313,641 | 130,721,094 | | 179,034,735 | ||||||||||||
New Zealand |
| 21,045,262 | | 21,045,262 | ||||||||||||
Norway |
52,140 | 29,412,015 | | 29,464,155 | ||||||||||||
Portugal |
| 7,487,329 | | 7,487,329 | ||||||||||||
Singapore |
| 35,939,775 | | 35,939,775 | ||||||||||||
Spain |
2,514,115 | 92,306,638 | | 94,820,753 | ||||||||||||
Sweden |
| 144,946,428 | | 144,946,428 | ||||||||||||
Switzerland |
28,278,388 | 368,365,862 | | 396,644,250 | ||||||||||||
United Kingdom |
167,773,824 | 415,164,209 | | 582,938,033 | ||||||||||||
Preferred Stocks |
||||||||||||||||
Germany |
| 22,490,733 | | 22,490,733 | ||||||||||||
Rights/Warrants |
||||||||||||||||
United Kingdom |
| 588,083 | | 588,083 | ||||||||||||
Securities Lending Collateral |
| 174,365,896 | | 174,365,896 | ||||||||||||
Futures Contracts** |
(746,505 | ) | | | (746,505 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 750,953,740 | $ | 4,075,323,710 | | $ | 4,826,277,450 | |||||||||
|
|
|
|
|
|
|
|
** | Valued at the unrealized appreciation/(depreciation) on the investment. |
See accompanying Notes to Financial Statements.
37
INTERNATIONAL CORE EQUITY PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2020
Shares | Value» | Percentage of Net Assets |
||||||||||||
COMMON STOCKS (95.1%) |
||||||||||||||
AUSTRALIA (6.5%) |
||||||||||||||
BHP Group, Ltd. | 4,074,214 | $ | 97,665,537 | 0.4 | % | |||||||||
Commonwealth Bank of Australia | 1,042,706 | 50,624,971 | 0.2 | % | ||||||||||
CSL, Ltd. | 345,823 | 70,014,383 | 0.3 | % | ||||||||||
Fortescue Metals Group, Ltd. | 5,968,860 | 73,019,990 | 0.3 | % | ||||||||||
Rio Tinto, Ltd. | 692,143 | 45,026,569 | 0.2 | % | ||||||||||
Other Securities | 1,338,836,051 | 5.3 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL AUSTRALIA |
1,675,187,501 | 6.7 | % | |||||||||||
|
|
|
|
|||||||||||
AUSTRIA (0.4%) |
||||||||||||||
Other Securities | 113,638,061 | 0.5 | % | |||||||||||
|
|
|
|
|||||||||||
BELGIUM (1.1%) |
||||||||||||||
# |
Anheuser-BuschInBev SA |
913,054 | 47,228,786 | 0.2 | % | |||||||||
Other Securities | 241,815,922 | 1.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL BELGIUM |
289,044,708 | 1.2 | % | |||||||||||
|
|
|
|
|||||||||||
CANADA (9.1%) |
||||||||||||||
# |
Bankof Montreal |
835,441 | 49,683,676 | 0.2 | % | |||||||||
Canadian Natural Resources, Ltd. | 2,874,569 | 45,849,376 | 0.2 | % | ||||||||||
Kinross Gold Corp. | 8,338,438 | 66,341,997 | 0.3 | % | ||||||||||
# |
KirklandLake Gold, Ltd. |
1,396,348 | 63,618,056 | 0.3 | % | |||||||||
# |
NationalBank of Canada |
1,008,670 | 48,408,286 | 0.2 | % | |||||||||
Royal Bank of Canada | 858,381 | 60,021,597 | 0.3 | % | ||||||||||
Royal Bank of Canada | 1,068,243 | 74,766,328 | 0.3 | % | ||||||||||
Other Securities | 1,950,972,681 | 7.7 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL CANADA |
2,359,661,997 | 9.5 | % | |||||||||||
|
|
|
|
|||||||||||
CHINA (0.0%) |
||||||||||||||
Other Securities | 243,369 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
DENMARK (2.2%) |
||||||||||||||
Novo Nordisk A.S., Class B | 891,477 | 56,845,596 | 0.2 | % | ||||||||||
Other Securities | 510,565,789 | 2.1 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL DENMARK |
567,411,385 | 2.3 | % | |||||||||||
|
|
|
|
|||||||||||
FINLAND (1.7%) |
||||||||||||||
Other Securities | 442,698,184 | 1.8 | % | |||||||||||
|
|
|
|
|||||||||||
FRANCE (7.4%) |
||||||||||||||
Cie Generale des Etablissements Michelin SCA | 610,972 | 65,985,567 | 0.3 | % | ||||||||||
#* |
IngenicoGroup SA |
328,454 | 47,223,576 | 0.2 | % | |||||||||
LVMH Moet Hennessy Louis Vuitton SE | 248,440 | 116,455,677 | 0.5 | % | ||||||||||
Orange SA | 4,330,858 | 48,633,895 | 0.2 | % | ||||||||||
* |
PeugeotSA |
3,367,636 | 60,496,910 | 0.3 | % | |||||||||
Teleperformance | 180,912 | 54,306,679 | 0.2 | % | ||||||||||
Total SE | 2,092,369 | 63,391,894 | 0.3 | % | ||||||||||
Vinci SA | 563,434 | 44,502,872 | 0.2 | % | ||||||||||
Other Securities | 1,422,100,701 | 5.5 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL FRANCE |
1,923,097,771 | 7.7 | % | |||||||||||
|
|
|
|
38
INTERNATIONAL CORE EQUITY PORTFOLIO
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
GERMANY (6.2%) |
||||||||||||||
Allianz SE | 283,403 | $ | 49,922,740 | 0.2 | % | |||||||||
Bayerische Motoren Werke AG | 951,135 | 64,999,355 | 0.3 | % | ||||||||||
Daimler AG | 1,555,981 | 80,426,303 | 0.3 | % | ||||||||||
Deutsche Telekom AG | 5,414,362 | 82,291,521 | 0.3 | % | ||||||||||
Other Securities | 1,318,734,586 | 5.3 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL GERMANY |
1,596,374,505 | 6.4 | % | |||||||||||
|
|
|
|
|||||||||||
HONG KONG (2.6%) |
||||||||||||||
AIA Group, Ltd. | 7,285,200 | 69,334,512 | 0.3 | % | ||||||||||
Other Securities | 591,695,012 | 2.3 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL HONG KONG |
661,029,524 | 2.6 | % | |||||||||||
|
|
|
|
|||||||||||
IRELAND (0.9%) |
||||||||||||||
* |
KingspanGroup P.L.C. |
619,289 | 54,044,888 | 0.2 | % | |||||||||
Other Securities | 172,489,751 | 0.7 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL IRELAND |
226,534,639 | 0.9 | % | |||||||||||
|
|
|
|
|||||||||||
ISRAEL (0.7%) |
||||||||||||||
Other Securities | 179,073,078 | 0.7 | % | |||||||||||
|
|
|
|
|||||||||||
ITALY (2.3%) |
||||||||||||||
Other Securities | 582,554,463 | 2.3 | % | |||||||||||
|
|
|
|
|||||||||||
JAPAN (24.2%) |
||||||||||||||
KDDI Corp. | 2,158,400 | 58,395,489 | 0.3 | % | ||||||||||
NTT DOCOMO, Inc. | 1,433,300 | 53,369,200 | 0.2 | % | ||||||||||
SoftBank Group Corp. | 2,506,763 | 163,274,904 | 0.7 | % | ||||||||||
Sony Corp. | 1,141,000 | 95,121,089 | 0.4 | % | ||||||||||
Toyota Motor Corp. | 2,411,895 | 158,333,397 | 0.7 | % | ||||||||||
Other Securities | 5,723,037,846 | 22.7 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL JAPAN |
6,251,531,925 | 25.0 | % | |||||||||||
|
|
|
|
|||||||||||
NETHERLANDS (3.4%) |
||||||||||||||
ASML Holding NV | 180,590 | 65,230,914 | 0.3 | % | ||||||||||
Koninklijke Ahold Delhaize NV | 3,769,401 | 103,341,020 | 0.4 | % | ||||||||||
# |
UnileverNV |
796,683 | 44,911,995 | 0.2 | % | |||||||||
Wolters Kluwer NV | 580,125 | 46,970,784 | 0.2 | % | ||||||||||
Other Securities | 622,506,743 | 2.4 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL NETHERLANDS. |
882,961,456 | 3.5 | % | |||||||||||
|
|
|
|
|||||||||||
NEW ZEALAND (0.6%) |
||||||||||||||
Other Securities | 142,882,517 | 0.6 | % | |||||||||||
|
|
|
|
|||||||||||
NORWAY (0.8%) |
||||||||||||||
Other Securities | 198,746,127 | 0.8 | % | |||||||||||
|
|
|
|
|||||||||||
PORTUGAL (0.2%) |
||||||||||||||
Other Securities | 55,136,064 | 0.2 | % | |||||||||||
|
|
|
|
|||||||||||
SINGAPORE (0.8%) |
||||||||||||||
Other Securities | 218,169,590 | 0.9 | % | |||||||||||
|
|
|
|
39
INTERNATIONAL CORE EQUITY PORTFOLIO
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
SPAIN (1.8%) |
||||||||||||||
Iberdrola SA | 8,110,077 | $ | 95,760,355 | 0.4 | % | |||||||||
Other Securities | 368,610,393 | 1.5 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL SPAIN |
464,370,748 | 1.9 | % | |||||||||||
|
|
|
|
|||||||||||
SWEDEN (3.0%) |
||||||||||||||
* |
VolvoAB, Class B |
2,990,796 | 58,132,667 | 0.2 | % | |||||||||
Other Securities | 721,724,686 | 2.9 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL SWEDEN |
779,857,353 | 3.1 | % | |||||||||||
|
|
|
|
|||||||||||
SWITZERLAND (7.2%) |
||||||||||||||
Nestle SA | 2,748,677 | 309,165,386 | 1.2 | % | ||||||||||
Novartis AG, Sponsored ADR | 953,193 | 74,425,309 | 0.3 | % | ||||||||||
Roche Holding AG | 634,350 | 203,836,537 | 0.8 | % | ||||||||||
Sika AG | 258,120 | 63,498,747 | 0.3 | % | ||||||||||
Swisscom AG | 97,290 | 49,481,777 | 0.2 | % | ||||||||||
Other Securities | 1,165,742,631 | 4.7 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL SWITZERLAND |
1,866,150,387 | 7.5 | % | |||||||||||
|
|
|
|
|||||||||||
UNITED KINGDOM (12.0%) |
||||||||||||||
AstraZeneca P.L.C., Sponsored ADR | 1,444,584 | 72,460,333 | 0.3 | % | ||||||||||
# |
BP P.L.C., Sponsored ADR | 3,919,514 | 60,674,077 | 0.3 | % | |||||||||
# |
HSBC Holdings P.L.C., Sponsored ADR | 3,163,564 | 66,371,573 | 0.3 | % | |||||||||
# |
Rio Tinto P.L.C., Sponsored ADR | 1,793,636 | 101,824,716 | 0.4 | % | |||||||||
Royal Dutch Shell P.L.C., Sponsored ADR, Class B | 3,281,476 | 79,247,645 | 0.3 | % | ||||||||||
Other Securities | 2,726,170,961 | 10.8 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL UNITED KINGDOM |
3,106,749,305 | 12.4 | % | |||||||||||
|
|
|
|
|||||||||||
UNITED STATES (0.0%) |
||||||||||||||
Other Security | 117,462 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL COMMON STOCKS |
24,583,222,119 | 98.5 | % | |||||||||||
|
|
|
|
|||||||||||
PREFERRED STOCKS (0.6%) |
||||||||||||||
GERMANY (0.6%) |
||||||||||||||
Volkswagen AG | 486,012 | 70,794,485 | 0.3 | % | ||||||||||
Other Securities | 89,603,134 | 0.3 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL GERMANY |
160,397,619 | 0.6 | % | |||||||||||
|
|
|
|
|||||||||||
UNITED KINGDOM (0.0%) |
||||||||||||||
Other Security | 12,071 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL PREFERRED STOCKS |
160,409,690 | 0.6 | % | |||||||||||
|
|
|
|
|||||||||||
RIGHTS/WARRANTS (0.1%) |
||||||||||||||
CANADA (0.0%) |
||||||||||||||
Other Securities | 2,385,955 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
SPAIN (0.0%) |
||||||||||||||
Other Security | 290,076 | 0.0 | % | |||||||||||
|
|
|
|
40
INTERNATIONAL CORE EQUITY PORTFOLIO
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
UNITED KINGDOM (0.1%) |
||||||||||||||
Other Security | $ | 2,836,103 | 0.0 | % | ||||||||||
|
|
|
|
|||||||||||
TOTAL RIGHTS/WARRANTS |
5,512,134 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENT SECURITIES |
24,749,143,943 | |||||||||||||
|
|
|||||||||||||
Value | ||||||||||||||
SECURITIES LENDING COLLATERAL (4.2%) |
||||||||||||||
@§ |
The DFA Short Term Investment Fund | 94,632,109 | 1,094,988,135 | 4.4 | % | |||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENTS(100.0%) |
$ | 25,844,132,078 | 103.5 | % | ||||||||||
|
|
|
|
As of October 31, 2020, International Core Equity Portfolio had entered into the following outstanding futures contracts:
Description |
Number of Contracts |
Expiration Date |
Notional Value |
Market Value |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
Long Position Contracts: |
||||||||||||||||||||
S&P 500® Emini Index |
652 | 12/18/20 | $ | 108,289,939 | $ | 106,429,220 | $ | (1,860,719 | ) | |||||||||||
|
|
|
|
|
|
|||||||||||||||
Total Futures Contracts |
$ | 108,289,939 | $ | 106,429,220 | $ | (1,860,719 | ) | |||||||||||||
|
|
|
|
|
|
Summary of the Portfolios investments as of October 31, 2020, 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 |
$ | 38,590,121 | $ | 1,636,597,380 | | $ | 1,675,187,501 | |||||||||
Austria |
55,818 | 113,582,243 | | 113,638,061 | ||||||||||||
Belgium |
9,045,156 | 279,999,552 | | 289,044,708 | ||||||||||||
Canada |
2,348,574,831 | 11,087,166 | | 2,359,661,997 | ||||||||||||
China |
| 243,369 | | 243,369 | ||||||||||||
Denmark |
38,032,631 | 529,378,754 | | 567,411,385 | ||||||||||||
Finland |
| 442,698,184 | | 442,698,184 | ||||||||||||
France |
45,130,248 | 1,877,967,523 | | 1,923,097,771 | ||||||||||||
Germany |
54,985,991 | 1,541,388,514 | | 1,596,374,505 | ||||||||||||
Hong Kong |
964,267 | 660,065,257 | | 661,029,524 | ||||||||||||
Ireland |
34,909,293 | 191,625,346 | | 226,534,639 | ||||||||||||
Israel |
22,365,640 | 156,707,438 | | 179,073,078 | ||||||||||||
Italy |
15,229,693 | 567,324,770 | | 582,554,463 | ||||||||||||
Japan |
111,709,398 | 6,139,822,527 | | 6,251,531,925 | ||||||||||||
Netherlands |
129,788,011 | 753,173,445 | | 882,961,456 | ||||||||||||
New Zealand |
293,531 | 142,588,986 | | 142,882,517 | ||||||||||||
Norway |
7,664,119 | 191,082,008 | | 198,746,127 | ||||||||||||
Portugal |
357,219 | 54,778,845 | | 55,136,064 | ||||||||||||
Singapore |
6,849 | 218,162,741 | | 218,169,590 | ||||||||||||
Spain |
3,884,358 | 460,486,390 | | 464,370,748 | ||||||||||||
Sweden |
2,457,196 | 777,400,157 | | 779,857,353 | ||||||||||||
Switzerland |
142,178,837 | 1,723,971,550 | | 1,866,150,387 |
41
INTERNATIONAL CORE EQUITY PORTFOLIO
CONTINUED
Investments in Securities (Market Value) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
United Kingdom |
$ | 599,111,609 | $ | 2,507,637,696 | | $ | 3,106,749,305 | |||||||||
United States |
| 117,462 | | 117,462 | ||||||||||||
Preferred Stocks |
||||||||||||||||
Germany |
| 160,397,619 | | 160,397,619 | ||||||||||||
United Kingdom |
| 12,071 | | 12,071 | ||||||||||||
Rights/Warrants |
||||||||||||||||
Canada |
| 2,385,955 | | 2,385,955 | ||||||||||||
Spain |
| 290,076 | | 290,076 | ||||||||||||
United Kingdom |
| 2,836,103 | | 2,836,103 | ||||||||||||
Securities Lending Collateral |
| 1,094,988,135 | | 1,094,988,135 | ||||||||||||
Futures Contracts** |
(1,860,719 | ) | | | (1,860,719 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 3,603,474,097 | $ | 22,238,797,262 | | $ | 25,842,271,359 | |||||||||
|
|
|
|
|
|
|
|
** | Valued at the unrealized appreciation/(depreciation) on the investment. |
See accompanying Notes to Financial Statements.
42
GLOBAL SMALL COMPANY PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2020
Shares | Value | |||||||
AFFILIATED INVESTMENT COMPANIES (100.0%) |
||||||||
Investment in U.S. Small Cap Portfolio of DFA Investment Dimensions Group Inc |
803,093 | $ | 24,895,890 | |||||
Investment in The Emerging Markets Small Cap Series of The DFA Investment Trust Company |
5,733,151 | |||||||
Investment in The Continental Small Company Series of The DFA Investment Trust Company |
5,130,613 | |||||||
Investment in The Japanese Small Company Series of The DFA Investment Trust Company |
3,180,392 | |||||||
Investment in The United Kingdom Small Company Series of The DFA Investment Trust Company |
1,853,536 | |||||||
Investment in The Asia Pacific Small Company Series of The DFA Investment Trust Company |
1,503,122 | |||||||
Investment in The Canadian Small Company Series of The DFA Investment Trust Company |
1,417,491 | |||||||
|
|
|||||||
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES |
$ | 43,714,195 | ||||||
|
|
Summary of the Portfolios investments as of October 31, 2020, 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 |
$ | 43,714,195 | | | $ | 43,714,195 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 43,714,195 | | | $ | 43,714,195 | ||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements.
43
INTERNATIONAL SMALL COMPANY PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2020
Value | ||||
AFFILIATED INVESTMENT COMPANIES (100.0%) |
||||
Investment in The Continental Small Company Series of The DFA Investment Trust Company |
$ | 4,057,689,728 | ||
Investment in The Japanese Small Company Series of The DFA Investment Trust Company |
2,472,938,534 | |||
Investment in The United Kingdom Small Company Series of The DFA Investment Trust Company |
1,457,035,142 | |||
Investment in The Asia Pacific Small Company Series of The DFA Investment Trust Company |
1,146,647,138 | |||
Investment in The Canadian Small Company Series of The DFA Investment Trust Company |
946,466,202 | |||
|
|
|||
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES |
$ | 10,080,776,744 | ||
|
|
As of October 31, 2020, International Small Company Portfolio had entered into the following outstanding futures contracts:
Description |
Number of Contracts |
Expiration Date |
Notional Value |
Market Value |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
Long Position Contracts: |
||||||||||||||||||||
S&P 500® Emini Index |
475 | 12/18/20 | $ | 78,811,800 | $ | 77,536,625 | $ | (1,275,175 | ) | |||||||||||
|
|
|
|
|
|
|||||||||||||||
Total Futures Contracts |
$ | 78,811,800 | $ | 77,536,625 | $ | (1,275,175 | ) | |||||||||||||
|
|
|
|
|
|
Summary of the Portfolios investments as of October 31, 2020, 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 |
$ | 10,080,776,744 | | | $ | 10,080,776,744 | ||||||||||
Futures Contracts** |
(1,275,175 | ) | | | (1,275,175 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 10,079,501,569 | | | $ | 10,079,501,569 | ||||||||||
|
|
|
|
|
|
|
|
** | Valued at the unrealized appreciation/(depreciation) on the investment. |
See accompanying Notes to Financial Statements.
44
JAPANESE SMALL COMPANY PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2020
Value | ||||
AFFILIATED INVESTMENT COMPANIES (100.0%) |
||||
Investment in The Japanese Small Company Series of The DFA Investment Trust Company |
$ | 467,034,485 | ||
|
|
|||
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES |
$ | 467,034,485 | ||
|
|
Summary of the Portfolios Master Funds investments as of October 31, 2020, based on their valuation inputs, is located in this report (See Security Valuation Note).
See accompanying Notes to Financial Statements.
45
ASIA PACIFIC SMALL COMPANY PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2020
Value | ||||
AFFILIATED INVESTMENT COMPANIES (100.0%) |
||||
Investment in The Asia Pacific Small Company Series of The DFA Investment Trust Company |
$ | 378,863,871 | ||
|
|
|||
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES |
$ | 378,863,871 | ||
|
|
Summary of the Portfolios Master Funds investments as of October 31, 2020, based on their valuation inputs, is located in this report (See Security Valuation Note).
See accompanying Notes to Financial Statements.
46
UNITED KINGDOM SMALL COMPANY PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2020
Value | ||||
AFFILIATED INVESTMENT COMPANIES (100.0%) |
||||
Investment in The United Kingdom Small Company Series of The DFA Investment Trust Company |
$ | 16,892,837 | ||
|
|
|||
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES |
$ | 16,892,837 | ||
|
|
Summary of the Portfolios Master Funds investments as of October 31, 2020, based on their valuation inputs, is located in this report (See Security Valuation Note).
See accompanying Notes to Financial Statements.
47
CONTINENTAL SMALL COMPANY PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2020
Value | ||||
AFFILIATED INVESTMENT COMPANIES (100.0%) |
||||
Investment in The Continental Small Company Series of The DFA Investment Trust Company |
$ | 539,124,853 | ||
|
|
|||
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES |
$ | 539,124,853 | ||
|
|
Summary of the Portfolios Master Funds investments as of October 31, 2020, based on their valuation inputs, is located in this report (See Security Valuation Note).
See accompanying Notes to Financial Statements.
48
DFA INTERNATIONAL REAL ESTATE SECURITIES PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2020
Shares | Value» | Percentage of Net Assets |
||||||||||||
COMMON STOCKS (92.3%) |
||||||||||||||
AUSTRALIA (18.0%) |
||||||||||||||
Charter Hall Group | 5,431,397 | $ | 47,093,077 | 1.0% | ||||||||||
Dexus | 12,475,576 | 75,477,814 | 1.6% | |||||||||||
Goodman Group | 19,072,383 | 246,856,800 | 5.3% | |||||||||||
GPT Group (The) | 22,487,604 | 63,690,549 | 1.4% | |||||||||||
Mirvac Group | 44,833,141 | 66,486,256 | 1.4% | |||||||||||
Scentre Group | 58,622,741 | 86,510,715 | 1.9% | |||||||||||
Stockland | 26,589,291 | 71,899,618 | 1.6% | |||||||||||
Vicinity Centres | 46,119,137 | 39,192,370 | 0.8% | |||||||||||
Other Securities | 197,503,160 | 4.3% | ||||||||||||
|
|
|
|
|||||||||||
TOTAL AUSTRALIA |
894,710,359 | 19.3% | ||||||||||||
|
|
|
|
|||||||||||
BELGIUM (3.7%) |
||||||||||||||
Aedifica SA | 385,213 | 38,821,693 | 0.8% | |||||||||||
Cofinimmo SA | 312,909 | 42,526,465 | 0.9% | |||||||||||
Warehouses De Pauw CVA | 1,641,998 | 55,012,302 | 1.2% | |||||||||||
Other Securities | 46,259,727 | 1.0% | ||||||||||||
|
|
|
|
|||||||||||
TOTAL BELGIUM |
182,620,187 | 3.9% | ||||||||||||
|
|
|
|
|||||||||||
CANADA (4.7%) |
||||||||||||||
# |
Canadian Apartment Properties REIT | 1,000,265 | 32,155,933 | 0.7% | ||||||||||
Other Securities | 201,961,130 | 4.3% | ||||||||||||
|
|
|
|
|||||||||||
TOTAL CANADA |
234,117,063 | 5.0% | ||||||||||||
|
|
|
|
|||||||||||
CHINA (0.2%) |
||||||||||||||
Other Securities | 10,478,775 | 0.2% | ||||||||||||
|
|
|
|
|||||||||||
FRANCE (3.4%) |
||||||||||||||
Covivio | 614,468 | 36,591,953 | 0.8% | |||||||||||
# |
Gecina SA | 554,553 | 68,843,877 | 1.5% | ||||||||||
# |
Klepierre SA | 2,404,190 | 30,461,301 | 0.7% | ||||||||||
Other Securities | 33,470,881 | 0.6% | ||||||||||||
|
|
|
|
|||||||||||
TOTAL FRANCE |
169,368,012 | 3.6% | ||||||||||||
|
|
|
|
|||||||||||
GERMANY (0.7%) |
||||||||||||||
Other Securities | 34,754,830 | 0.8% | ||||||||||||
|
|
|
|
|||||||||||
HONG KONG (4.6%) |
||||||||||||||
Link REIT | 24,676,105 | 188,324,513 | 4.1% | |||||||||||
Other Securities | 38,806,166 | 0.8% | ||||||||||||
|
|
|
|
|||||||||||
TOTAL HONG KONG |
227,130,679 | 4.9% | ||||||||||||
|
|
|
|
|||||||||||
IRELAND (0.4%) |
||||||||||||||
Other Securities | 17,847,444 | 0.4% | ||||||||||||
|
|
|
|
|||||||||||
ITALY (0.1%) |
||||||||||||||
Other Securities | 3,271,953 | 0.1% | ||||||||||||
|
|
|
|
|||||||||||
JAPAN (26.1%) |
||||||||||||||
Activia Properties, Inc. | 7,953 | 28,734,326 | 0.6% | |||||||||||
Advance Residence Investment Corp. | 16,113 | 47,048,322 | 1.0% |
49
DFA INTERNATIONAL REAL ESTATE SECURITIES PORTFOLIO
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
JAPAN (Continued) |
||||||||||||||
Daiwa House REIT Investment Corp. | 23,269 | $ | 53,827,278 | 1.2% | ||||||||||
GLP J-Reit | 44,121 | 68,019,045 | 1.5% | |||||||||||
# |
Industrial & Infrastructure Fund Investment Corp. | 21,049 | 35,831,429 | 0.8% | ||||||||||
Japan Logistics Fund, Inc. | 10,199 | 28,661,990 | 0.6% | |||||||||||
Japan Real Estate Investment Corp. | 15,460 | 75,764,897 | 1.6% | |||||||||||
Japan Retail Fund Investment Corp. | 31,459 | 45,345,204 | 1.0% | |||||||||||
# |
Kenedix Office Investment Corp. | 5,187 | 30,000,322 | 0.6% | ||||||||||
Nippon Accommodations Fund, Inc. | 5,146 | 29,479,726 | 0.6% | |||||||||||
# |
Nippon Building Fund, Inc. | 14,206 | 71,751,675 | 1.5% | ||||||||||
Nippon Prologis REIT, Inc. | 24,608 | 80,995,726 | 1.7% | |||||||||||
Nomura Real Estate Master Fund, Inc. | 48,860 | 58,346,279 | 1.3% | |||||||||||
Orix JREIT, Inc. | 30,319 | 42,610,604 | 0.9% | |||||||||||
# |
Sekisui House Reit, Inc. | 50,069 | 35,012,877 | 0.8% | ||||||||||
United Urban Investment Corp. | 35,700 | 38,115,816 | 0.8% | |||||||||||
Other Securities | 524,375,951 | 11.3% | ||||||||||||
|
|
|
|
|||||||||||
TOTAL JAPAN |
1,293,921,467 | 27.8% | ||||||||||||
|
|
|
|
|||||||||||
MALAYSIA (0.5%) |
||||||||||||||
Other Securities | 27,612,423 | 0.6% | ||||||||||||
|
|
|
|
|||||||||||
MEXICO (1.5%) |
||||||||||||||
# |
Fibra Uno Administracion S.A. de C.V. | 38,682,934 | 29,415,917 | 0.6% | ||||||||||
Other Securities | 45,487,151 | 1.0% | ||||||||||||
|
|
|
|
|||||||||||
TOTAL MEXICO |
74,903,068 | 1.6% | ||||||||||||
|
|
|
|
|||||||||||
NETHERLANDS (1.9%) |
||||||||||||||
# |
Unibail-Rodamco-Westfield (BFYM460) | 1,213,572 | 49,126,483 | 1.1% | ||||||||||
Other Securities | 43,179,323 | 0.9% | ||||||||||||
|
|
|
|
|||||||||||
TOTAL NETHERLANDS |
92,305,806 | 2.0% | ||||||||||||
|
|
|
|
|||||||||||
NEW ZEALAND (1.5%) |
||||||||||||||
Other Securities | 74,989,759 | 1.6% | ||||||||||||
|
|
|
|
|||||||||||
SINGAPORE (9.6%) |
||||||||||||||
Ascendas Real Estate Investment Trust | 33,186,192 | 70,026,837 | 1.5% | |||||||||||
# |
CapitaLand Mall Trust | 50,660,711 | 64,215,358 | 1.4% | ||||||||||
Keppel DC REIT | 14,296,483 | 30,354,502 | 0.7% | |||||||||||
# |
Mapletree Commercial Trust | 23,754,206 | 29,951,116 | 0.6% | ||||||||||
Mapletree Industrial Trust | 17,439,758 | 38,867,124 | 0.8% | |||||||||||
Mapletree Logistics Trust | 28,607,456 | 40,865,530 | 0.9% | |||||||||||
Other Securities | 201,333,614 | 4.3% | ||||||||||||
|
|
|
|
|||||||||||
TOTAL SINGAPORE |
475,614,081 | 10.2% | ||||||||||||
|
|
|
|
|||||||||||
SOUTH AFRICA (1.2%) |
||||||||||||||
Other Securities | 58,603,546 | 1.3% | ||||||||||||
|
|
|
|
|||||||||||
SPAIN (1.1%) |
||||||||||||||
Merlin Properties Socimi SA | 4,381,606 | 29,492,762 | 0.6% | |||||||||||
Other Securities | 26,534,857 | 0.6% | ||||||||||||
|
|
|
|
|||||||||||
TOTAL SPAIN |
56,027,619 | 1.2% | ||||||||||||
|
|
|
|
50
DFA INTERNATIONAL REAL ESTATE SECURITIES PORTFOLIO
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
TAIWAN (0.3%) |
||||||||||||||
Other Securities |
$ | 16,159,929 | 0.4% | |||||||||||
|
|
|
|
|||||||||||
TURKEY (0.2%) |
||||||||||||||
Other Securities |
9,552,032 | 0.2% | ||||||||||||
|
|
|
|
|||||||||||
UNITED KINGDOM (12.6%) |
||||||||||||||
Big Yellow Group P.L.C. | 2,186,308 | 31,156,906 | 0.7% | |||||||||||
British Land Co. P.L.C. (The) | 11,080,454 | 50,038,355 | 1.1% | |||||||||||
Derwent London P.L.C. | 1,341,890 | 46,209,966 | 1.0% | |||||||||||
# |
Land Securities Group P.L.C. | 8,773,483 | 57,887,599 | 1.2% | ||||||||||
LondonMetric Property P.L.C. | 11,773,255 | 32,917,139 | 0.7% | |||||||||||
Safestore Holdings P.L.C. | 3,114,018 | 32,416,846 | 0.7% | |||||||||||
Segro P.L.C. | 14,094,509 | 164,690,007 | 3.5% | |||||||||||
Tritax Big Box REIT P.L.C. | 20,913,266 | 42,432,659 | 0.9% | |||||||||||
* |
UNITE Group P.L.C. (The) | 3,260,016 | 35,181,129 | 0.8% | ||||||||||
Other Securities | 131,617,397 | 2.8% | ||||||||||||
|
|
|
|
|||||||||||
TOTAL UNITED KINGDOM |
624,548,003 | 13.4% | ||||||||||||
|
|
|
|
|||||||||||
TOTAL COMMON STOCKS |
4,578,537,035 | 98.5% | ||||||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENT SECURITIES |
4,578,537,035 | |||||||||||||
|
|
|||||||||||||
Value | ||||||||||||||
SECURITIES LENDING COLLATERAL (7.7%) |
||||||||||||||
@§ |
The DFA Short Term Investment Fund | 32,784,321 | 379,347,377 | 8.2% | ||||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENTS(100.0%) |
$ | 4,957,884,412 | 106.7% | |||||||||||
|
|
|
|
As of October 31, 2020, DFA International Real Estate Securities Portfolio had entered into the following outstanding futures contracts:
Description |
Number of Contracts |
Expiration Date |
Notional Value |
Market Value |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
Long Position Contracts: |
||||||||||||||||||||
S&P 500® Emini Index |
187 | 12/18/20 | $ | 32,202,344 | $ | 30,524,945 | $ | (1,677,399 | ) | |||||||||||
|
|
|
|
|
|
|||||||||||||||
Total Futures Contracts |
$ | 32,202,344 | $ | 30,524,945 | $ | (1,677,399 | ) | |||||||||||||
|
|
|
|
|
|
Summary of the Portfolios investments as of October 31, 2020, 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 |
$ | 458,066 | $ | 894,252,293 | | $ | 894,710,359 | |||||||||
Belgium |
| 182,620,187 | | 182,620,187 | ||||||||||||
Canada |
234,117,063 | | | 234,117,063 | ||||||||||||
China |
| 10,478,775 | | 10,478,775 | ||||||||||||
France |
| 169,368,012 | | 169,368,012 |
51
DFA INTERNATIONAL REAL ESTATE SECURITIES PORTFOLIO
CONTINUED
Investments in Securities (Market Value) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Germany |
| $ | 34,754,830 | | $ | 34,754,830 | ||||||||||
Hong Kong |
| 227,130,679 | | 227,130,679 | ||||||||||||
Ireland |
| 17,847,444 | | 17,847,444 | ||||||||||||
Italy |
| 3,271,953 | | 3,271,953 | ||||||||||||
Japan |
| 1,293,921,467 | | 1,293,921,467 | ||||||||||||
Malaysia |
| 27,612,423 | | 27,612,423 | ||||||||||||
Mexico |
$ | 74,903,068 | | | 74,903,068 | |||||||||||
Netherlands |
| 92,305,806 | | 92,305,806 | ||||||||||||
New Zealand |
| 74,989,759 | | 74,989,759 | ||||||||||||
Singapore |
| 475,614,081 | | 475,614,081 | ||||||||||||
South Africa |
| 58,603,546 | | 58,603,546 | ||||||||||||
Spain |
| 56,027,619 | | 56,027,619 | ||||||||||||
Taiwan |
| 16,159,929 | | 16,159,929 | ||||||||||||
Turkey |
| 9,552,032 | | 9,552,032 | ||||||||||||
United Kingdom |
| 624,548,003 | | 624,548,003 | ||||||||||||
Securities Lending Collateral |
| 379,347,377 | | 379,347,377 | ||||||||||||
Futures Contracts** |
(1,677,399 | ) | | | (1,677,399 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 307,800,798 | $ | 4,648,406,215 | | $ | 4,956,207,013 | |||||||||
|
|
|
|
|
|
|
|
** | Valued at the unrealized appreciation/(depreciation) on the investment. |
See accompanying Notes to Financial Statements.
52
DFA GLOBAL REAL ESTATE SECURITIES PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2020
Shares | Value» | Percentage of Net Assets |
||||||||||||
COMMON STOCKS (53.6%) |
||||||||||||||
UNITED STATES (53.6%) |
||||||||||||||
Alexandria Real Estate Equities, Inc. | 502,810 | $ | 76,185,771 | 1.1 | % | |||||||||
American Campus Communities, Inc. | 557,058 | 20,867,393 | 0.3 | % | ||||||||||
American Homes 4 Rent, Class A | 1,151,985 | 32,566,627 | 0.4 | % | ||||||||||
American Tower Corp. | 1,735,168 | 398,481,331 | 5.5 | % | ||||||||||
# |
AvalonBay Communities, Inc. | 561,134 | 78,070,573 | 1.1 | % | |||||||||
Boston Properties, Inc. | 579,858 | 41,987,518 | 0.6 | % | ||||||||||
Camden Property Trust | 395,058 | 36,440,150 | 0.5 | % | ||||||||||
CoreSite Realty Corp. | 172,151 | 20,547,943 | 0.3 | % | ||||||||||
Crown Castle International Corp. | 1,634,939 | 255,377,472 | 3.5 | % | ||||||||||
CubeSmart | 784,180 | 26,607,227 | 0.4 | % | ||||||||||
CyrusOne, Inc. | 474,061 | 33,682,034 | 0.5 | % | ||||||||||
Digital Realty Trust, Inc. | 885,428 | 127,767,232 | 1.8 | % | ||||||||||
Duke Realty Corp. | 1,477,396 | 56,126,274 | 0.8 | % | ||||||||||
EastGroup Properties, Inc. | 159,200 | 21,186,336 | 0.3 | % | ||||||||||
Equinix, Inc. | 336,500 | 246,062,260 | 3.4 | % | ||||||||||
Equity LifeStyle Properties, Inc. | 692,628 | 40,996,651 | 0.6 | % | ||||||||||
Equity Residential | 1,483,968 | 69,716,817 | 1.0 | % | ||||||||||
Essex Property Trust, Inc. | 259,989 | 53,191,150 | 0.7 | % | ||||||||||
Extra Space Storage, Inc. | 519,649 | 60,253,302 | 0.8 | % | ||||||||||
First Industrial Realty Trust, Inc. | 522,323 | 20,793,679 | 0.3 | % | ||||||||||
Gaming and Leisure Properties, Inc. | 840,012 | 30,534,436 | 0.4 | % | ||||||||||
Healthcare Trust of America, Inc., Class A | 884,544 | 21,494,419 | 0.3 | % | ||||||||||
Healthpeak Properties, Inc. | 2,146,229 | 57,883,796 | 0.8 | % | ||||||||||
Host Hotels & Resorts, Inc. | 2,798,309 | 29,326,278 | 0.4 | % | ||||||||||
Invitation Homes, Inc. | 2,234,793 | 60,920,453 | 0.8 | % | ||||||||||
# |
Iron Mountain, Inc. | 1,168,783 | 30,458,485 | 0.4 | % | |||||||||
Kilroy Realty Corp. | 423,624 | 19,944,218 | 0.3 | % | ||||||||||
Lamar Advertising Co., Class A | 349,659 | 21,664,872 | 0.3 | % | ||||||||||
Life Storage, Inc. | 189,902 | 21,677,313 | 0.3 | % | ||||||||||
Medical Properties Trust, Inc. | 2,145,028 | 38,224,399 | 0.5 | % | ||||||||||
Mid-America Apartment Communities, Inc. | 455,808 | 53,160,831 | 0.7 | % | ||||||||||
# |
National Retail Properties, Inc. | 702,392 | 22,483,568 | 0.3 | % | |||||||||
Omega Healthcare Investors, Inc. | 918,650 | 26,466,311 | 0.4 | % | ||||||||||
Prologis, Inc. | 2,885,094 | 286,201,283 | 4.0 | % | ||||||||||
Public Storage | 614,993 | 140,876,447 | 1.9 | % | ||||||||||
Realty Income Corp. | 1,375,641 | 79,594,588 | 1.1 | % | ||||||||||
Regency Centers Corp. | 686,719 | 24,440,315 | 0.3 | % | ||||||||||
Rexford Industrial Realty, Inc. | 501,030 | 23,277,854 | 0.3 | % | ||||||||||
SBA Communications Corp. | 443,093 | 128,660,914 | 1.8 | % | ||||||||||
Simon Property Group, Inc. | 1,219,545 | 76,599,621 | 1.1 | % | ||||||||||
STORE Capital Corp. | 974,506 | 25,044,804 | 0.3 | % | ||||||||||
Sun Communities, Inc. | 392,316 | 53,994,451 | 0.7 | % | ||||||||||
UDR, Inc. | 1,196,845 | 37,389,438 | 0.5 | % | ||||||||||
Ventas, Inc. | 1,487,025 | 58,692,877 | 0.8 | % | ||||||||||
VEREIT, Inc. | 4,362,883 | 27,049,875 | 0.4 | % | ||||||||||
Vornado Realty Trust | 634,192 | 19,488,720 | 0.3 | % | ||||||||||
Welltower, Inc. | 1,608,880 | 86,509,478 | 1.2 | % | ||||||||||
WP Carey, Inc. | 693,357 | 43,411,082 | 0.6 | % | ||||||||||
Other Securities | 643,304,224 | 8.9 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL UNITED STATES |
3,905,683,090 | 54.0 | % | |||||||||||
|
|
|
|
53
DFA GLOBAL REAL ESTATE SECURITIES PORTFOLIO
CONTINUED
Shares | Value | Percentage of Net Assets |
||||||||||||
AFFILIATED INVESTMENT COMPANIES (45.4%) |
||||||||||||||
DFA International Real Estate Securities Portfolio of DFA Investment Dimensions Group Inc |
686,418,396 | $ | 2,587,797,354 | 35.8 | % | |||||||||
DFA Real Estate Securities Portfolio of DFA Investment Dimensions Group Inc |
21,075,018 | 720,976,350 | 10.0 | % | ||||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES |
3,308,773,704 | 45.8 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENT SECURITIES |
7,214,456,794 | |||||||||||||
|
|
|||||||||||||
SECURITIES LENDING COLLATERAL (1.0%) |
||||||||||||||
@§ |
The DFA Short Term Investment Fund |
6,235,899 | 72,155,584 | 1.0 | % | |||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENTS(100.0%) |
$ | 7,286,612,378 | 100.8 | % | ||||||||||
|
|
|
|
Summary of the Portfolios investments as of October 31, 2020, 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 |
$ | 3,905,630,308 | $ | 52,782 | | $ | 3,905,683,090 | |||||||||
Affiliated Investment Companies |
3,308,773,704 | | | 3,308,773,704 | ||||||||||||
Securities Lending Collateral |
| 72,155,584 | | 72,155,584 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 7,214,404,012 | $ | 72,208,366 | | $ | 7,286,612,378 | |||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements.
54
DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2020
Shares | Value» | Percentage of Net Assets |
||||||||||||
COMMON STOCKS (95.6%) |
||||||||||||||
AUSTRALIA (7.6%) |
||||||||||||||
Cleanaway Waste Management, Ltd. |
35,410,403 | $ | 51,048,380 | 0.5 | % | |||||||||
Downer EDI, Ltd. |
10,342,407 | 31,977,826 | 0.3 | % | ||||||||||
IGO, Ltd. |
9,546,016 | 29,836,362 | 0.3 | % | ||||||||||
Nine Entertainment Co. Holdings, Ltd. |
22,352,125 | 32,674,128 | 0.3 | % | ||||||||||
OZ Minerals, Ltd. |
6,865,911 | 71,723,927 | 0.7 | % | ||||||||||
Other Securities |
552,601,412 | 5.7 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL AUSTRALIA |
769,862,035 | 7.8 | % | |||||||||||
|
|
|
|
|||||||||||
AUSTRIA (0.8%) |
||||||||||||||
Other Securities |
82,094,265 | 0.8 | % | |||||||||||
|
|
|
|
|||||||||||
BELGIUM (1.5%) |
||||||||||||||
* |
Ackermans & van Haaren NV |
364,335 | 44,847,246 | 0.5 | % | |||||||||
Other Securities |
109,842,071 | 1.1 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL BELGIUM |
154,689,317 | 1.6 | % | |||||||||||
|
|
|
|
|||||||||||
CANADA (9.8%) |
||||||||||||||
Alamos Gold, Inc., Class A |
7,335,819 | 67,009,621 | 0.7 | % | ||||||||||
# |
Canadian Western Bank |
1,872,110 | 34,426,702 | 0.4 | % | |||||||||
Centerra Gold, Inc. |
4,954,470 | 43,286,070 | 0.4 | % | ||||||||||
# |
Genworth MI Canada, Inc. |
1,030,214 | 34,178,082 | 0.4 | % | |||||||||
* |
IAMGOLD Corp. |
9,868,177 | 36,145,541 | 0.4 | % | |||||||||
# |
Linamar Corp. |
950,360 | 31,065,209 | 0.3 | % | |||||||||
#* |
SSR Mining, Inc. |
2,011,450 | 37,230,629 | 0.4 | % | |||||||||
Tourmaline Oil Corp. |
2,345,001 | 30,379,582 | 0.3 | % | ||||||||||
# |
TransAlta Corp. |
6,330,384 | 37,536,616 | 0.4 | % | |||||||||
Yamana Gold, Inc. |
13,241,356 | 73,645,912 | 0.8 | % | ||||||||||
Other Securities |
567,695,063 | 5.5 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL CANADA |
992,599,027 | 10.0 | % | |||||||||||
|
|
|
|
|||||||||||
DENMARK (2.1%) |
||||||||||||||
* |
Jyske Bank A.S. |
1,162,241 | 34,632,590 | 0.4 | % | |||||||||
Schouw & Co., A.S. |
346,020 | 30,132,091 | 0.3 | % | ||||||||||
Other Securities |
145,937,350 | 1.4 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL DENMARK |
210,702,031 | 2.1 | % | |||||||||||
|
|
|
|
|||||||||||
FINLAND (2.6%) |
||||||||||||||
Kemira Oyj |
2,792,209 | 34,494,696 | 0.3 | % | ||||||||||
Konecranes Oyj |
1,066,526 | 33,558,057 | 0.3 | % | ||||||||||
Metsa Board Oyj |
4,187,145 | 35,131,495 | 0.4 | % | ||||||||||
# |
Nokian Renkaat Oyj |
1,439,643 | 44,237,239 | 0.4 | % | |||||||||
Other Securities |
112,551,093 | 1.2 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL FINLAND |
259,972,580 | 2.6 | % | |||||||||||
|
|
|
|
|||||||||||
FRANCE (3.6%) |
||||||||||||||
* |
Elis SA |
2,927,943 | 32,113,144 | 0.3 | % | |||||||||
* |
Rexel SA |
5,590,516 | 58,860,670 | 0.6 | % | |||||||||
Other Securities |
271,856,928 | 2.8 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL FRANCE |
362,830,742 | 3.7 | % | |||||||||||
|
|
|
|
55
DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
GERMANY (5.8%) |
||||||||||||||
Aurubis AG |
1,173,538 | $ | 75,075,288 | 0.8 | % | |||||||||
#* |
Commerzbank AG |
12,261,026 | 58,035,255 | 0.6 | % | |||||||||
Lanxess AG |
1,090,963 | 55,331,196 | 0.6 | % | ||||||||||
Other Securities |
400,594,456 | 4.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL GERMANY |
589,036,195 | 6.0 | % | |||||||||||
|
|
|
|
|||||||||||
GREECE (0.0%) |
||||||||||||||
Other Securities |
2,001 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
HONG KONG (2.8%) |
||||||||||||||
Other Securities |
285,818,677 | 2.9 | % | |||||||||||
|
|
|
|
|||||||||||
IRELAND (0.0%) |
||||||||||||||
Other Securities |
4,436,586 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
ISRAEL (0.8%) |
||||||||||||||
Other Securities |
81,988,726 | 0.8 | % | |||||||||||
|
|
|
|
|||||||||||
ITALY (3.4%) |
||||||||||||||
# |
Buzzi Unicem SpA |
1,485,793 | 32,149,274 | 0.3 | % | |||||||||
* |
Unipol Gruppo SpA |
10,098,772 | 36,835,847 | 0.4 | % | |||||||||
Other Securities |
272,163,182 | 2.8 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL ITALY |
341,148,303 | 3.5 | % | |||||||||||
|
|
|
|
|||||||||||
JAPAN (25.5%) |
||||||||||||||
Shimachu Co., Ltd. |
1,004,300 | 53,084,409 | 0.5 | % | ||||||||||
Other Securities |
2,531,480,535 | 25.6 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL JAPAN |
2,584,564,944 | 26.1 | % | |||||||||||
|
|
|
|
|||||||||||
NETHERLANDS (3.1%) |
||||||||||||||
APERAM SA |
1,236,551 | 33,184,896 | 0.3 | % | ||||||||||
ASR Nederland NV |
2,674,123 | 81,147,541 | 0.8 | % | ||||||||||
SBM Offshore NV |
4,667,578 | 75,428,907 | 0.8 | % | ||||||||||
*W |
Signify NV |
1,786,371 | 63,407,820 | 0.6 | % | |||||||||
Other Securities |
59,372,445 | 0.7 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL NETHERLANDS |
312,541,609 | 3.2 | % | |||||||||||
|
|
|
|
|||||||||||
NEW ZEALAND (0.5%) |
||||||||||||||
Other Securities |
51,892,870 | 0.5 | % | |||||||||||
|
|
|
|
|||||||||||
NORWAY (0.8%) |
||||||||||||||
Other Securities |
76,032,619 | 0.8 | % | |||||||||||
|
|
|
|
|||||||||||
PORTUGAL (0.2%) |
||||||||||||||
Other Securities |
20,345,934 | 0.2 | % | |||||||||||
|
|
|
|
|||||||||||
SINGAPORE (1.0%) |
||||||||||||||
Other Securities |
105,174,732 | 1.1 | % | |||||||||||
|
|
|
|
|||||||||||
SPAIN (2.2%) |
||||||||||||||
Ebro Foods SA |
1,792,345 | 40,130,428 | 0.4 | % |
56
DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
SPAIN (Continued) |
||||||||||||||
Other Securities |
$ | 181,501,057 | 1.8 | % | ||||||||||
|
|
|
|
|||||||||||
TOTAL SPAIN |
221,631,485 | 2.2 | % | |||||||||||
|
|
|
|
|||||||||||
SWEDEN (3.4%) |
||||||||||||||
Other Securities |
343,011,307 | 3.5 | % | |||||||||||
|
|
|
|
|||||||||||
SWITZERLAND (5.2%) |
||||||||||||||
Allreal Holding AG |
281,115 | 59,539,946 | 0.6 | % | ||||||||||
Helvetia Holding AG |
625,301 | 49,031,829 | 0.5 | % | ||||||||||
Siegfried Holding AG |
64,976 | 41,136,871 | 0.4 | % | ||||||||||
Other Securities |
374,010,161 | 3.8 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL SWITZERLAND |
523,718,807 | 5.3 | % | |||||||||||
|
|
|
|
|||||||||||
UNITED KINGDOM (12.9%) |
||||||||||||||
Aggreko P.L.C. |
5,413,669 | 30,855,816 | 0.3 | % | ||||||||||
Bellway P.L.C. |
2,773,677 | 83,918,089 | 0.9 | % | ||||||||||
Centamin P.L.C. |
31,245,884 | 50,251,152 | 0.5 | % | ||||||||||
Close Brothers Group P.L.C. |
3,168,810 | 44,186,390 | 0.5 | % | ||||||||||
* |
Grafton Group P.L.C. |
5,538,784 | 48,151,335 | 0.5 | % | |||||||||
* |
Meggitt P.L.C. |
8,865,721 | 31,415,610 | 0.3 | % | |||||||||
Pets at Home Group P.L.C. |
6,666,241 | 33,477,768 | 0.3 | % | ||||||||||
* |
Redrow P.L.C. |
7,039,369 | 37,953,578 | 0.4 | % | |||||||||
Royal Mail P.L.C. |
11,498,732 | 33,845,542 | 0.4 | % | ||||||||||
* |
Travis Perkins P.L.C. |
5,527,930 | 75,922,117 | 0.8 | % | |||||||||
Vesuvius P.L.C. |
7,161,691 | 37,044,382 | 0.4 | % | ||||||||||
* |
Vistry Group P.L.C. |
6,680,942 | 47,140,748 | 0.5 | % | |||||||||
Other Securities |
751,735,413 | 7.4 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL UNITED KINGDOM |
1,305,897,940 | 13.2 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL COMMON STOCKS |
9,679,992,732 | 97.9 | % | |||||||||||
|
|
|
|
|||||||||||
PREFERRED STOCKS (0.3%) |
||||||||||||||
GERMANY (0.3%) |
||||||||||||||
Other Securities |
26,152,984 | 0.3 | % | |||||||||||
|
|
|
|
|||||||||||
RIGHTS/WARRANTS (0.0%) |
||||||||||||||
CANADA (0.0%) |
||||||||||||||
Other Security |
1,195,196 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
GERMANY (0.0%) |
||||||||||||||
Other Security |
2,884 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
SINGAPORE (0.0%) |
||||||||||||||
Other Securities |
40,190 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL RIGHTS/WARRANTS |
1,238,270 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENT SECURITIES |
9,707,383,986 | |||||||||||||
|
|
57
DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
SECURITIES LENDING COLLATERAL (4.1%) |
||||||||||||||
@§ |
The DFA Short Term Investment Fund |
36,277,073 | $ | 419,762,013 | 4.2 | % | ||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENTS(100.0%) (Cost $11,163,569,033) |
$ | 10,127,145,999 | 102.4 | % | ||||||||||
|
|
|
|
As of October 31, 2020, DFA International Small Cap Value Portfolio had entered into the following outstanding futures contracts:
Description |
Number of Contracts |
Expiration Date |
Notional Value | Market Value | Unrealized Appreciation (Depreciation) |
|||||||||||||||
Long Position Contracts: |
||||||||||||||||||||
S&P 500® Emini Index |
716 | 12/18/20 | $ | 122,069,615 | $ | 116,876,260 | $ | (5,193,355 | ) | |||||||||||
|
|
|
|
|
|
|||||||||||||||
Total Futures Contracts |
$ | 122,069,615 | $ | 116,876,260 | $ | (5,193,355 | ) | |||||||||||||
|
|
|
|
|
|
Summary of the Portfolios investments as of October 31, 2020, 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 |
$ | 439,644 | $ | 769,422,391 | | $ | 769,862,035 | |||||||||
Austria |
| 82,094,265 | | 82,094,265 | ||||||||||||
Belgium |
575,905 | 154,113,412 | | 154,689,317 | ||||||||||||
Canada |
991,973,745 | 625,282 | | 992,599,027 | ||||||||||||
Denmark |
| 210,702,031 | | 210,702,031 | ||||||||||||
Finland |
| 259,972,580 | | 259,972,580 | ||||||||||||
France |
| 362,830,742 | | 362,830,742 | ||||||||||||
Germany |
| 589,036,195 | | 589,036,195 | ||||||||||||
Greece |
| 2,001 | | 2,001 | ||||||||||||
Hong Kong |
370,503 | 285,448,174 | | 285,818,677 | ||||||||||||
Ireland |
| 4,436,586 | | 4,436,586 | ||||||||||||
Israel |
221,762 | 81,766,964 | | 81,988,726 | ||||||||||||
Italy |
| 341,148,303 | | 341,148,303 | ||||||||||||
Japan |
| 2,584,564,944 | | 2,584,564,944 | ||||||||||||
Netherlands |
797,313 | 311,744,296 | | 312,541,609 | ||||||||||||
New Zealand |
| 51,892,870 | | 51,892,870 | ||||||||||||
Norway |
113,842 | 75,918,777 | | 76,032,619 | ||||||||||||
Portugal |
| 20,345,934 | | 20,345,934 | ||||||||||||
Singapore |
| 105,174,732 | | 105,174,732 | ||||||||||||
Spain |
| 221,631,485 | | 221,631,485 | ||||||||||||
Sweden |
4,556,994 | 338,454,313 | | 343,011,307 | ||||||||||||
Switzerland |
| 523,718,807 | | 523,718,807 | ||||||||||||
United Kingdom |
| 1,305,897,940 | | 1,305,897,940 | ||||||||||||
Preferred Stocks |
||||||||||||||||
Germany |
| 26,152,984 | | 26,152,984 | ||||||||||||
Rights/Warrants |
||||||||||||||||
Canada |
| 1,195,196 | | 1,195,196 | ||||||||||||
Germany |
| 2,884 | | 2,884 | ||||||||||||
Singapore |
| 40,190 | | 40,190 |
58
DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO
CONTINUED
Investments in Securities (Market Value) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Securities Lending Collateral |
| $ | 419,762,013 | | $ | 419,762,013 | ||||||||||
Futures Contracts** |
$ | (5,193,355 | ) | | | (5,193,355 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 993,856,353 | $ | 9,128,096,291 | | $ | 10,121,952,644 | |||||||||
|
|
|
|
|
|
|
|
** | Valued at the unrealized appreciation/(depreciation) on the investment. |
See accompanying Notes to Financial Statements.
59
INTERNATIONAL VECTOR EQUITY PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2020
Shares | Value» | Percentage of Net Assets |
||||||||||
COMMON STOCKS (95.1%) |
||||||||||||
AUSTRALIA (6.2%) |
||||||||||||
BHP Group, Ltd. |
178,389 | $ | 4,276,275 | 0.2% | ||||||||
Commonwealth Bank of Australia |
93,348 | 4,532,188 | 0.2% | |||||||||
Westpac Banking Corp. |
360,411 | 4,561,672 | 0.2% | |||||||||
Other Securities |
161,498,347 | 5.8% | ||||||||||
|
|
|
|
|||||||||
TOTAL AUSTRALIA |
174,868,482 | 6.4% | ||||||||||
|
|
|
|
|||||||||
AUSTRIA (0.5%) |
||||||||||||
Other Securities |
15,159,229 | 0.6% | ||||||||||
|
|
|
|
|||||||||
BELGIUM (1.1%) |
||||||||||||
Other Securities |
30,931,706 | 1.1% | ||||||||||
|
|
|
|
|||||||||
CANADA (9.6%) |
||||||||||||
Canadian Natural Resources, Ltd. |
515,271 | 8,218,572 | 0.3% | |||||||||
Kinross Gold Corp. |
607,485 | 4,833,251 | 0.2% | |||||||||
Magna International, Inc. |
136,215 | 6,961,949 | 0.3% | |||||||||
Nutrien, Ltd. |
126,234 | 5,135,210 | 0.2% | |||||||||
Royal Bank of Canada |
73,948 | 5,170,754 | 0.2% | |||||||||
Other Securities |
241,183,244 | 8.8% | ||||||||||
|
|
|
|
|||||||||
TOTAL CANADA |
271,502,980 | 10.0% | ||||||||||
|
|
|
|
|||||||||
DENMARK (2.5%) |
||||||||||||
GN Store Nord A.S. |
68,341 | 4,920,346 | 0.2% | |||||||||
Pandora A.S. |
115,658 | 9,175,083 | 0.3% | |||||||||
Other Securities |
55,606,024 | 2.1% | ||||||||||
|
|
|
|
|||||||||
TOTAL DENMARK |
69,701,453 | 2.6% | ||||||||||
|
|
|
|
|||||||||
FINLAND (1.7%) |
||||||||||||
Other Securities |
47,432,170 | 1.7% | ||||||||||
|
|
|
|
|||||||||
FRANCE (6.9%) |
||||||||||||
Arkema SA |
66,054 | 6,469,312 | 0.2% | |||||||||
* Atos SE |
67,753 | 4,628,604 | 0.2% | |||||||||
* Cie de Saint-Gobain |
157,949 | 6,152,668 | 0.2% | |||||||||
Cie Generale des Etablissements Michelin SCA |
86,287 | 9,319,080 | 0.4% | |||||||||
Iliad SA |
25,004 | 4,834,066 | 0.2% | |||||||||
#* Ingenico Group SA |
33,176 | 4,769,890 | 0.2% | |||||||||
Orange SA |
418,182 | 4,696,025 | 0.2% | |||||||||
* Peugeot SA |
392,822 | 7,056,736 | 0.3% | |||||||||
Total SE |
308,861 | 9,357,472 | 0.4% | |||||||||
Other Securities |
136,765,488 | 4.8% | ||||||||||
|
|
|
|
|||||||||
TOTAL FRANCE |
194,049,341 | 7.1% | ||||||||||
|
|
|
|
|||||||||
GERMANY (5.9%) |
||||||||||||
Allianz SE |
39,330 | 6,928,160 | 0.3% | |||||||||
Brenntag AG |
67,385 | 4,307,005 | 0.2% | |||||||||
* Commerzbank AG |
941,728 | 4,457,491 | 0.2% | |||||||||
Daimler AG |
115,128 | 5,950,792 | 0.2% | |||||||||
# KION Group AG |
63,587 | 4,954,755 | 0.2% |
60
INTERNATIONAL VECTOR EQUITY PORTFOLIO
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||
GERMANY (Continued) |
||||||||||||
Other Securities |
$ | 141,036,143 | 5.0% | |||||||||
|
|
|
|
|||||||||
TOTAL GERMANY |
167,634,346 | 6.1% | ||||||||||
|
|
|
|
|||||||||
HONG KONG (2.2%) |
||||||||||||
Other Securities |
63,764,591 | 2.3% | ||||||||||
|
|
|
|
|||||||||
IRELAND (1.0%) |
||||||||||||
# CRH P.L.C., Sponsored ADR |
318,075 | 11,180,336 | 0.4% | |||||||||
* Flutter Entertainment P.L.C. |
32,269 | 5,590,631 | 0.2% | |||||||||
Other Securities |
11,291,292 | 0.4% | ||||||||||
|
|
|
|
|||||||||
TOTAL IRELAND |
28,062,259 | 1.0% | ||||||||||
|
|
|
|
|||||||||
ISRAEL (0.8%) |
||||||||||||
Other Securities |
23,850,910 | 0.9% | ||||||||||
|
|
|
|
|||||||||
ITALY (2.7%) |
||||||||||||
* Intesa Sanpaolo SpA |
3,029,136 | 5,028,680 | 0.2% | |||||||||
Other Securities |
70,614,967 | 2.6% | ||||||||||
|
|
|
|
|||||||||
TOTAL ITALY |
75,643,647 | 2.8% | ||||||||||
|
|
|
|
|||||||||
JAPAN (24.2%) |
||||||||||||
Mitsubishi UFJ Financial Group, Inc. |
1,117,000 | 4,403,108 | 0.2% | |||||||||
SoftBank Group Corp. |
82,100 | 5,347,483 | 0.2% | |||||||||
Sony Corp., Sponsored ADR |
54,920 | 4,594,607 | 0.2% | |||||||||
Toyota Motor Corp. |
86,018 | 5,646,814 | 0.2% | |||||||||
Toyota Motor Corp., Sponsored ADR |
34,806 | 4,569,680 | 0.2% | |||||||||
Other Securities |
659,697,179 | 24.1% | ||||||||||
|
|
|
|
|||||||||
TOTAL JAPAN |
684,258,871 | 25.1% | ||||||||||
|
|
|
|
|||||||||
NETHERLANDS (3.3%) |
||||||||||||
ASM International NV |
34,931 | 4,989,223 | 0.2% | |||||||||
ASR Nederland NV |
149,446 | 4,535,010 | 0.2% | |||||||||
Koninklijke Ahold Delhaize NV |
437,995 | 12,007,969 | 0.4% | |||||||||
* Randstad NV |
117,015 | 5,838,642 | 0.2% | |||||||||
*W Signify NV |
139,981 | 4,968,671 | 0.2% | |||||||||
Other Securities |
62,388,129 | 2.3% | ||||||||||
|
|
|
|
|||||||||
TOTAL NETHERLANDS |
94,727,644 | 3.5% | ||||||||||
|
|
|
|
|||||||||
NEW ZEALAND (0.6%) |
||||||||||||
Other Securities |
15,777,833 | 0.6% | ||||||||||
|
|
|
|
|||||||||
NORWAY (0.8%) |
||||||||||||
Other Securities |
21,616,450 | 0.8% | ||||||||||
|
|
|
|
|||||||||
PORTUGAL (0.2%) |
||||||||||||
Other Securities |
4,791,030 | 0.2% | ||||||||||
|
|
|
|
|||||||||
SINGAPORE (0.8%) |
||||||||||||
Other Securities |
22,673,568 | 0.8% | ||||||||||
|
|
|
|
|||||||||
SPAIN (1.8%) |
||||||||||||
Other Securities |
50,925,093 | 1.9% | ||||||||||
|
|
|
|
61
INTERNATIONAL VECTOR EQUITY PORTFOLIO
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||
SWEDEN (3.2%) |
||||||||||||
Other Securities |
$ | 91,291,717 | 3.3% | |||||||||
|
|
|
|
|||||||||
SWITZERLAND (7.0%) |
||||||||||||
Adecco Group AG |
88,563 | 4,342,592 | 0.2% | |||||||||
Julius Baer Group, Ltd. |
99,709 | 4,437,572 | 0.2% | |||||||||
Nestle SA |
126,847 | 14,267,483 | 0.5% | |||||||||
Novartis AG, Sponsored ADR |
70,669 | 5,517,836 | 0.2% | |||||||||
Swisscom AG |
8,588 | 4,367,864 | 0.2% | |||||||||
Zurich Insurance Group AG |
14,535 | 4,827,736 | 0.2% | |||||||||
Other Securities |
160,095,814 | 5.8% | ||||||||||
|
|
|
|
|||||||||
TOTAL SWITZERLAND |
197,856,897 | 7.3% | ||||||||||
|
|
|
|
|||||||||
UNITED KINGDOM (12.1%) |
||||||||||||
BP P.L.C. |
2,171,504 | 5,538,819 | 0.2% | |||||||||
British American Tobacco P.L.C. |
154,373 | 4,892,909 | 0.2% | |||||||||
BT Group P.L.C. |
3,746,165 | 4,920,022 | 0.2% | |||||||||
# HSBC Holdings P.L.C., Sponsored ADR |
320,826 | 6,730,929 | 0.3% | |||||||||
* Kingfisher P.L.C |
1,314,662 | 4,889,207 | 0.2% | |||||||||
Royal Dutch Shell P.L.C., Sponsored ADR, Class B |
293,891 | 7,097,468 | 0.3% | |||||||||
Other Securities |
308,491,427 | 11.2% | ||||||||||
|
|
|
|
|||||||||
TOTAL UNITED KINGDOM |
342,560,781 | 12.6% | ||||||||||
|
|
|
|
|||||||||
TOTAL COMMON STOCKS |
2,689,080,998 | 98.7% | ||||||||||
|
|
|
|
|||||||||
PREFERRED STOCKS (0.5%) |
||||||||||||
GERMANY (0.5%) |
||||||||||||
Volkswagen AG |
37,294 | 5,432,396 | 0.2% | |||||||||
Other Securities |
9,930,309 | 0.4% | ||||||||||
|
|
|
|
|||||||||
TOTAL GERMANY |
15,362,705 | 0.6% | ||||||||||
|
|
|
|
|||||||||
UNITED KINGDOM (0.0%) |
||||||||||||
Other Security |
2,216 | 0.0% | ||||||||||
|
|
|
|
|||||||||
TOTAL PREFERRED STOCKS |
15,364,921 | 0.6% | ||||||||||
|
|
|
|
|||||||||
RIGHTS/WARRANTS (0.0%) |
||||||||||||
CANADA (0.0%) |
||||||||||||
Other Securities |
241,843 | 0.0% | ||||||||||
|
|
|
|
|||||||||
SPAIN (0.0%) |
||||||||||||
Other Security |
44,174 | 0.0% | ||||||||||
|
|
|
|
|||||||||
UNITED KINGDOM (0.0%) |
||||||||||||
Other Security |
166,096 | 0.0% | ||||||||||
|
|
|
|
|||||||||
TOTAL RIGHTS/WARRANTS |
452,113 | 0.0% | ||||||||||
|
|
|
|
|||||||||
TOTAL INVESTMENT SECURITIES |
2,704,898,032 | |||||||||||
|
|
62
INTERNATIONAL VECTOR EQUITY PORTFOLIO
CONTINUED
Shares | Value | Percentage of Net Assets |
||||||||||
SECURITIES LENDING COLLATERAL (4.4%) |
||||||||||||
@§ The DFA Short Term Investment Fund |
10,697,191 | $ | 123,777,192 | 4.6% | ||||||||
|
|
|
|
|||||||||
TOTAL INVESTMENTS(100.0%) |
$ | 2,828,675,224 | 103.9% | |||||||||
|
|
|
|
Summary of the Portfolios investments as of October 31, 2020, 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 |
$ | 483,095 | $ | 174,385,387 | | $ | 174,868,482 | |||||||||
Austria |
| 15,159,229 | | 15,159,229 | ||||||||||||
Belgium |
723,527 | 30,208,179 | | 30,931,706 | ||||||||||||
Canada |
270,200,371 | 1,302,609 | | 271,502,980 | ||||||||||||
Denmark |
| 69,701,453 | | 69,701,453 | ||||||||||||
Finland |
| 47,432,170 | | 47,432,170 | ||||||||||||
France |
194,617 | 193,854,724 | | 194,049,341 | ||||||||||||
Germany |
7,480,574 | 160,153,772 | | 167,634,346 | ||||||||||||
Hong Kong |
248,755 | 63,515,836 | | 63,764,591 | ||||||||||||
Ireland |
11,180,336 | 16,881,923 | | 28,062,259 | ||||||||||||
Israel |
1,963,112 | 21,887,798 | | 23,850,910 | ||||||||||||
Italy |
4,235,945 | 71,407,702 | | 75,643,647 | ||||||||||||
Japan |
11,522,140 | 672,736,731 | | 684,258,871 | ||||||||||||
Netherlands |
7,747,969 | 86,979,675 | | 94,727,644 | ||||||||||||
New Zealand |
12,931 | 15,764,902 | | 15,777,833 | ||||||||||||
Norway |
65,633 | 21,550,817 | | 21,616,450 | ||||||||||||
Portugal |
| 4,791,030 | | 4,791,030 | ||||||||||||
Singapore |
4,248 | 22,669,320 | | 22,673,568 | ||||||||||||
Spain |
1,664,071 | 49,261,022 | | 50,925,093 | ||||||||||||
Sweden |
327,130 | 90,964,587 | | 91,291,717 | ||||||||||||
Switzerland |
14,340,761 | 183,516,136 | | 197,856,897 | ||||||||||||
United Kingdom |
34,161,329 | 308,399,452 | | 342,560,781 | ||||||||||||
Preferred Stocks |
||||||||||||||||
Germany |
| 15,362,705 | | 15,362,705 | ||||||||||||
United Kingdom |
| 2,216 | | 2,216 | ||||||||||||
Rights/Warrants |
||||||||||||||||
Canada |
| 241,843 | | 241,843 | ||||||||||||
Spain |
| 44,174 | | 44,174 | ||||||||||||
United Kingdom |
| 166,096 | | 166,096 | ||||||||||||
Securities Lending Collateral |
| 123,777,192 | | 123,777,192 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 366,556,544 | $ | 2,462,118,680 | | $ | 2,828,675,224 | |||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements.
63
INTERNATIONAL HIGH RELATIVE PROFITABILITY PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2020
Shares | Value» | Percentage of Net Assets |
||||||||||
COMMON STOCKS (96.1%) |
||||||||||||
AUSTRALIA (5.9%) |
||||||||||||
BHP Group, Ltd. |
250,101 | $ | 5,995,328 | 0.4 | % | |||||||
# BHP Group, Ltd., Sponsored ADR |
234,341 | 11,274,146 | 0.8 | % | ||||||||
CSL, Ltd. |
77,414 | 15,673,028 | 1.1 | % | ||||||||
Woolworths Group, Ltd. |
253,239 | 6,812,205 | 0.5 | % | ||||||||
Other Securities |
49,777,922 | 3.3 | % | |||||||||
|
|
|
|
|||||||||
TOTAL AUSTRALIA |
89,532,629 | 6.1 | % | |||||||||
|
|
|
|
|||||||||
AUSTRIA (0.0%) |
||||||||||||
Other Security |
736,303 | 0.0 | % | |||||||||
|
|
|
|
|||||||||
BELGIUM (0.8%) |
||||||||||||
Other Securities |
12,301,441 | 0.8 | % | |||||||||
|
|
|
|
|||||||||
CANADA (8.2%) |
||||||||||||
Canadian National Railway Co. |
81,933 | 8,139,182 | 0.6 | % | ||||||||
Canadian Natural Resources, Ltd. |
457,803 | 7,284,713 | 0.5 | % | ||||||||
National Bank of Canada |
138,986 | 6,670,243 | 0.5 | % | ||||||||
Other Securities |
101,441,246 | 6.8 | % | |||||||||
|
|
|
|
|||||||||
TOTAL CANADA |
123,535,384 | 8.4 | % | |||||||||
|
|
|
|
|||||||||
DENMARK (2.3%) |
||||||||||||
Novo Nordisk A.S., Class B |
460,979 | 29,394,618 | 2.0 | % | ||||||||
Other Securities |
4,736,817 | 0.3 | % | |||||||||
|
|
|
|
|||||||||
TOTAL DENMARK |
34,131,435 | 2.3 | % | |||||||||
|
|
|
|
|||||||||
FINLAND (1.1%) |
||||||||||||
Other Securities |
16,948,580 | 1.1 | % | |||||||||
|
|
|
|
|||||||||
FRANCE (9.6%) |
||||||||||||
Air Liquide SA |
47,519 | 6,949,097 | 0.5 | % | ||||||||
Capgemini SE |
56,846 | 6,563,882 | 0.4 | % | ||||||||
Kering SA |
14,579 | 8,810,325 | 0.6 | % | ||||||||
Legrand SA |
92,541 | 6,849,820 | 0.5 | % | ||||||||
LVMH Moet Hennessy Louis Vuitton SE |
59,150 | 27,726,426 | 1.9 | % | ||||||||
Orange SA |
658,647 | 7,396,356 | 0.5 | % | ||||||||
Vinci SA |
108,246 | 8,549,818 | 0.6 | % | ||||||||
Other Securities |
72,370,197 | 4.8 | % | |||||||||
|
|
|
|
|||||||||
TOTAL FRANCE |
145,215,921 | 9.8 | % | |||||||||
|
|
|
|
|||||||||
GERMANY (7.4%) |
||||||||||||
* Adidas AG |
32,418 | 9,631,545 | 0.6 | % | ||||||||
Deutsche Post AG |
218,448 | 9,685,543 | 0.7 | % | ||||||||
Deutsche Telekom AG |
803,082 | 12,205,841 | 0.8 | % | ||||||||
# E.ON SE |
886,740 | 9,234,657 | 0.6 | % | ||||||||
SAP SE |
91,993 | 9,814,234 | 0.7 | % | ||||||||
Other Securities |
60,336,139 | 4.1 | % | |||||||||
|
|
|
|
|||||||||
TOTAL GERMANY |
110,907,959 | 7.5 | % | |||||||||
|
|
|
|
|||||||||
HONG KONG (2.6%) |
||||||||||||
Hong Kong Exchanges & Clearing, Ltd. |
248,737 | 11,919,156 | 0.8 | % |
64
INTERNATIONAL HIGH RELATIVE PROFITABILITY PORTFOLIO
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||
HONG KONG (Continued) |
||||||||||||
Other Securities |
$ | 26,858,445 | 1.8 | % | ||||||||
|
|
|
|
|||||||||
TOTAL HONG KONG |
38,777,601 | 2.6 | % | |||||||||
|
|
|
|
|||||||||
IRELAND (0.6%) |
||||||||||||
Other Securities |
8,441,899 | 0.6 | % | |||||||||
|
|
|
|
|||||||||
ISRAEL (0.3%) |
||||||||||||
Other Securities |
5,200,119 | 0.4 | % | |||||||||
|
|
|
|
|||||||||
ITALY (1.7%) |
||||||||||||
Other Securities |
25,297,731 | 1.7 | % | |||||||||
|
|
|
|
|||||||||
JAPAN (24.1%) |
||||||||||||
Daikin Industries, Ltd. |
49,600 | 9,281,808 | 0.6 | % | ||||||||
Fast Retailing Co., Ltd. |
10,400 | 7,254,433 | 0.5 | % | ||||||||
Hoya Corp. |
74,600 | 8,419,124 | 0.6 | % | ||||||||
Kao Corp. |
103,100 | 7,340,585 | 0.5 | % | ||||||||
KDDI Corp. |
413,300 | 11,181,827 | 0.8 | % | ||||||||
Murata Manufacturing Co., Ltd. |
102,400 | 7,181,174 | 0.5 | % | ||||||||
Nintendo Co., Ltd. |
23,900 | 12,922,461 | 0.9 | % | ||||||||
NTT DOCOMO, Inc. |
247,500 | 9,215,710 | 0.6 | % | ||||||||
Recruit Holdings Co., Ltd. |
220,700 | 8,397,778 | 0.6 | % | ||||||||
Softbank Corp. |
604,400 | 7,033,683 | 0.5 | % | ||||||||
SoftBank Group Corp. |
216,000 | 14,068,895 | 1.0 | % | ||||||||
Sony Corp. |
299,100 | 24,934,897 | 1.7 | % | ||||||||
Tokyo Electron, Ltd. |
31,900 | 8,562,305 | 0.6 | % | ||||||||
Other Securities |
227,641,781 | 15.2 | % | |||||||||
|
|
|
|
|||||||||
TOTAL JAPAN |
363,436,461 | 24.6 | % | |||||||||
|
|
|
|
|||||||||
NETHERLANDS (3.7%) |
||||||||||||
Koninklijke Ahold Delhaize NV |
293,223 | 8,038,933 | 0.5 | % | ||||||||
Unilever NV |
277,189 | 15,677,810 | 1.1 | % | ||||||||
# Unilever NV |
62,170 | 3,504,755 | 0.2 | % | ||||||||
Wolters Kluwer NV |
127,654 | 10,335,718 | 0.7 | % | ||||||||
Other Securities |
17,678,333 | 1.2 | % | |||||||||
|
|
|
|
|||||||||
TOTAL NETHERLANDS |
55,235,549 | 3.7 | % | |||||||||
|
|
|
|
|||||||||
NEW ZEALAND (0.3%) |
||||||||||||
Other Securities |
4,257,784 | 0.3 | % | |||||||||
|
|
|
|
|||||||||
NORWAY (0.6%) |
||||||||||||
Other Securities |
8,622,661 | 0.6 | % | |||||||||
|
|
|
|
|||||||||
PORTUGAL (0.1%) |
||||||||||||
Other Security |
999,578 | 0.1 | % | |||||||||
|
|
|
|
|||||||||
SINGAPORE (0.8%) |
||||||||||||
Other Securities |
12,708,741 | 0.9 | % | |||||||||
|
|
|
|
|||||||||
SPAIN (1.7%) |
||||||||||||
Other Securities |
25,466,495 | 1.7 | % | |||||||||
|
|
|
|
|||||||||
SWEDEN (2.7%) |
||||||||||||
Other Securities |
41,167,374 | 2.8 | % | |||||||||
|
|
|
|
65
INTERNATIONAL HIGH RELATIVE PROFITABILITY PORTFOLIO
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||
SWITZERLAND (9.7%) |
||||||||||||
Geberit AG |
13,431 | $ | 7,644,513 | 0.5 | % | |||||||
Nestle SA |
279,289 | 31,413,837 | 2.1 | % | ||||||||
Partners Group Holding AG |
7,244 | 6,521,815 | 0.5 | % | ||||||||
Roche Holding AG |
6,863 | 2,211,266 | 0.2 | % | ||||||||
Roche Holding AG |
181,530 | 58,331,278 | 4.0 | % | ||||||||
Sika AG |
36,778 | 9,047,563 | 0.6 | % | ||||||||
Swisscom AG |
12,782 | 6,500,936 | 0.4 | % | ||||||||
Other Securities |
23,752,413 | 1.6 | % | |||||||||
|
|
|
|
|||||||||
TOTAL SWITZERLAND |
145,423,621 | 9.9 | % | |||||||||
|
|
|
|
|||||||||
UNITED KINGDOM (11.9%) |
||||||||||||
Ashtead Group P.L.C. |
208,344 | 7,528,991 | 0.5 | % | ||||||||
AstraZeneca P.L.C. |
67,346 | 6,761,907 | 0.5 | % | ||||||||
AstraZeneca P.L.C., Sponsored ADR |
352,883 | 17,700,611 | 1.2 | % | ||||||||
Compass Group P.L.C. |
680,403 | 9,313,173 | 0.6 | % | ||||||||
Diageo P.L.C. |
80,730 | 2,609,020 | 0.2 | % | ||||||||
# Diageo P.L.C., Sponsored ADR |
104,919 | 13,658,355 | 0.9 | % | ||||||||
# Rio Tinto P.L.C., Sponsored ADR |
245,564 | 13,940,668 | 1.0 | % | ||||||||
SSE P.L.C. |
438,250 | 7,187,072 | 0.5 | % | ||||||||
Unilever P.L.C. |
48,760 | 2,778,775 | 0.2 | % | ||||||||
# Unilever P.L.C., Sponsored ADR |
217,630 | 12,367,913 | 0.8 | % | ||||||||
Other Securities |
85,655,303 | 5.8 | % | |||||||||
|
|
|
|
|||||||||
TOTAL UNITED KINGDOM |
179,501,788 | 12.2 | % | |||||||||
|
|
|
|
|||||||||
TOTAL COMMON STOCKS |
1,447,847,054 | 98.1 | % | |||||||||
|
|
|
|
|||||||||
PREFERRED STOCKS (0.7%) |
||||||||||||
GERMANY (0.7%) |
||||||||||||
Other Securities |
11,085,920 | 0.8 | % | |||||||||
|
|
|
|
|||||||||
TOTAL INVESTMENT SECURITIES |
1,458,932,974 | |||||||||||
|
|
|||||||||||
Value | ||||||||||||
SECURITIES LENDING COLLATERAL (3.2%) |
||||||||||||
@§ The DFA Short Term Investment Fund |
4,156,702 | 48,097,198 | 3.2 | % | ||||||||
|
|
|
|
|||||||||
TOTAL INVESTMENTS(100.0%) |
$ | 1,507,030,172 | 102.1 | % | ||||||||
|
|
|
|
As of October 31, 2020, International High Relative Profitability Portfolio had entered into the following outstanding futures contracts:
Description |
Number of Contracts |
Expiration Date |
Notional Value |
Market Value |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
Long Position Contracts: |
||||||||||||||||||||
S&P 500® Emini Index |
70 | 12/18/20 | $ | 11,571,298 | $ | 11,426,450 | $ | (144,848 | ) | |||||||||||
|
|
|
|
|
|
|||||||||||||||
Total Futures Contracts |
$ | 11,571,298 | $ | 11,426,450 | $ | (144,848 | ) | |||||||||||||
|
|
|
|
|
|
66
INTERNATIONAL HIGH RELATIVE PROFITABILITY PORTFOLIO
CONTINUED
Summary of the Portfolios investments as of October 31, 2020, 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 |
$ | 11,274,146 | $ | 78,258,483 | | $ | 89,532,629 | |||||||||
Austria |
| 736,303 | | 736,303 | ||||||||||||
Belgium |
| 12,301,441 | | 12,301,441 | ||||||||||||
Canada |
123,535,384 | | | 123,535,384 | ||||||||||||
Denmark |
| 34,131,435 | | 34,131,435 | ||||||||||||
Finland |
| 16,948,580 | | 16,948,580 | ||||||||||||
France |
626,498 | 144,589,423 | | 145,215,921 | ||||||||||||
Germany |
| 110,907,959 | | 110,907,959 | ||||||||||||
Hong Kong |
| 38,777,601 | | 38,777,601 | ||||||||||||
Ireland |
2,526,512 | 5,915,387 | | 8,441,899 | ||||||||||||
Israel |
2,502,718 | 2,697,401 | | 5,200,119 | ||||||||||||
Italy |
2,842,409 | 22,455,322 | | 25,297,731 | ||||||||||||
Japan |
| 363,436,461 | | 363,436,461 | ||||||||||||
Netherlands |
16,721,707 | 38,513,842 | | 55,235,549 | ||||||||||||
New Zealand |
| 4,257,784 | | 4,257,784 | ||||||||||||
Norway |
| 8,622,661 | | 8,622,661 | ||||||||||||
Portugal |
| 999,578 | | 999,578 | ||||||||||||
Singapore |
| 12,708,741 | | 12,708,741 | ||||||||||||
Spain |
| 25,466,495 | | 25,466,495 | ||||||||||||
Sweden |
| 41,167,374 | | 41,167,374 | ||||||||||||
Switzerland |
77,370 | 145,346,251 | | 145,423,621 | ||||||||||||
United Kingdom |
65,310,004 | 114,191,784 | | 179,501,788 | ||||||||||||
Preferred Stocks |
||||||||||||||||
Germany |
| 11,085,920 | | 11,085,920 | ||||||||||||
Securities Lending Collateral |
| 48,097,198 | | 48,097,198 | ||||||||||||
Futures Contracts** |
(144,848) | | | (144,848) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 225,271,900 | $ | 1,281,613,424 | | $ | 1,506,885,324 | |||||||||
|
|
|
|
|
|
|
|
** | Valued at the unrealized appreciation/(depreciation) on the investment. |
See accompanying Notes to Financial Statements.
67
SCHEDULE OF INVESTMENTS
October 31, 2020
Shares | Value | |||||||
AFFILIATED INVESTMENT COMPANIES (100.0%) |
||||||||
Investment in The DFA International Value Series of The DFA Investment Trust Company |
$ | 122,844,811 | ||||||
Investment in Dimensional Emerging Markets Value Fund |
65,121,466 | |||||||
Investment in DFA International Small Cap Value Portfolio of DFA Investment Dimensions Group Inc. |
1,207,732 | 18,901,004 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES |
$ | 206,867,281 | ||||||
|
|
Summary of the Portfolios investments as of October 31, 2020, 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 |
$ | 206,867,281 | | | $ | 206,867,281 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 206,867,281 | | | $ | 206,867,281 | ||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements.
68
WORLD EX U.S. CORE EQUITY PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2020
Shares | Value» | Percentage of Net Assets |
||||||||||
COMMON STOCKS (95.7%) |
||||||||||||
AUSTRALIA (4.2%) |
||||||||||||
BHP Group, Ltd. |
352,621 | $ | 8,452,899 | 0.3 | % | |||||||
Commonwealth Bank of Australia |
97,789 | 4,747,806 | 0.2 | % | ||||||||
CSL, Ltd. |
28,867 | 5,844,334 | 0.2 | % | ||||||||
Other Securities |
119,597,074 | 3.6 | % | |||||||||
|
|
|
|
|||||||||
TOTAL AUSTRALIA |
138,642,113 | 4.3 | % | |||||||||
|
|
|
|
|||||||||
AUSTRIA (0.3%) |
||||||||||||
Other Securities |
9,801,387 | 0.3 | % | |||||||||
|
|
|
|
|||||||||
BELGIUM (0.7%) |
||||||||||||
Other Securities |
24,066,061 | 0.8 | % | |||||||||
|
|
|
|
|||||||||
BRAZIL (1.2%) |
||||||||||||
Vale SA |
628,010 | 6,627,106 | 0.2 | % | ||||||||
Other Securities |
31,630,097 | 1.0 | % | |||||||||
|
|
|
|
|||||||||
TOTAL BRAZIL |
38,257,203 | 1.2 | % | |||||||||
|
|
|
|
|||||||||
CANADA (6.4%) |
||||||||||||
Canadian National Railway Co. |
47,248 | 4,698,814 | 0.2 | % | ||||||||
Royal Bank of Canada |
120,786 | 8,445,863 | 0.3 | % | ||||||||
Royal Bank of Canada |
97,598 | 6,830,884 | 0.2 | % | ||||||||
Other Securities |
191,649,764 | 5.9 | % | |||||||||
|
|
|
|
|||||||||
TOTAL CANADA |
211,625,325 | 6.6 | % | |||||||||
|
|
|
|
|||||||||
CHILE (0.2%) |
||||||||||||
Other Securities |
5,207,103 | 0.2 | % | |||||||||
|
|
|
|
|||||||||
CHINA (11.5%) |
||||||||||||
* Alibaba Group Holding, Ltd., Sponsored ADR |
44,024 | 13,413,673 | 0.4 | % | ||||||||
China Construction Bank Corp., Class H |
10,450,000 | 7,201,231 | 0.2 | % | ||||||||
China Mobile, Ltd. |
1,070,500 | 6,547,755 | 0.2 | % | ||||||||
CNOOC, Ltd. |
5,213,000 | 4,769,664 | 0.2 | % | ||||||||
Industrial & Commercial Bank of China, Ltd., Class H |
8,614,000 | 4,891,581 | 0.2 | % | ||||||||
Ping An Insurance Group Co. of China, Ltd., Class H |
878,500 | 9,083,403 | 0.3 | % | ||||||||
Tencent Holdings, Ltd. |
442,200 | 33,786,560 | 1.1 | % | ||||||||
Other Securities |
298,807,712 | 9.2 | % | |||||||||
|
|
|
|
|||||||||
TOTAL CHINA |
378,501,579 | 11.8 | % | |||||||||
|
|
|
|
|||||||||
COLOMBIA (0.1%) |
||||||||||||
Other Securities |
1,952,422 | 0.1 | % | |||||||||
|
|
|
|
|||||||||
CZECH REPUBLIC (0.0%) |
||||||||||||
Other Securities |
853,212 | 0.0 | % | |||||||||
|
|
|
|
|||||||||
DENMARK (1.5%) |
||||||||||||
Novo Nordisk A.S., Class B |
144,089 | 9,187,926 | 0.3 | % | ||||||||
Other Securities |
40,304,594 | 1.2 | % | |||||||||
|
|
|
|
|||||||||
TOTAL DENMARK |
49,492,520 | 1.5 | % | |||||||||
|
|
|
|
69
WORLD EX U.S. CORE EQUITY PORTFOLIO
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||
EGYPT (0.0%) |
||||||||||||
Other Securities |
$ | 241,882 | 0.0 | % | ||||||||
|
|
|
|
|||||||||
FINLAND (1.1%) |
||||||||||||
Other Securities |
36,701,588 | 1.1 | % | |||||||||
|
|
|
|
|||||||||
FRANCE (5.0%) |
||||||||||||
LVMH Moet Hennessy Louis Vuitton SE |
21,810 | 10,223,387 | 0.3 | % | ||||||||
Orange SA |
433,198 | 4,864,649 | 0.2 | % | ||||||||
* Peugeot SA |
268,680 | 4,826,623 | 0.2 | % | ||||||||
Total SE |
225,223 | 6,823,516 | 0.2 | % | ||||||||
Vinci SA |
66,251 | 5,232,840 | 0.2 | % | ||||||||
Other Securities |
133,991,725 | 4.1 | % | |||||||||
|
|
|
|
|||||||||
TOTAL FRANCE |
165,962,740 | 5.2 | % | |||||||||
|
|
|
|
|||||||||
GERMANY (4.2%) |
||||||||||||
Allianz SE |
28,309 | 4,986,760 | 0.2 | % | ||||||||
Bayerische Motoren Werke AG |
72,976 | 4,987,087 | 0.2 | % | ||||||||
Daimler AG |
102,531 | 5,299,672 | 0.2 | % | ||||||||
Deutsche Telekom AG |
336,042 | 5,107,417 | 0.2 | % | ||||||||
Other Securities |
117,456,782 | 3.5 | % | |||||||||
|
|
|
|
|||||||||
TOTAL GERMANY |
137,837,718 | 4.3 | % | |||||||||
|
|
|
|
|||||||||
GREECE (0.0%) |
||||||||||||
Other Securities |
1,427,401 | 0.0 | % | |||||||||
|
|
|
|
|||||||||
HONG KONG (1.8%) |
||||||||||||
AIA Group, Ltd. |
562,200 | 5,350,555 | 0.2 | % | ||||||||
Other Securities |
55,370,749 | 1.7 | % | |||||||||
|
|
|
|
|||||||||
TOTAL HONG KONG |
60,721,304 | 1.9 | % | |||||||||
|
|
|
|
|||||||||
HUNGARY (0.1%) |
||||||||||||
Other Securities |
2,051,402 | 0.1 | % | |||||||||
|
|
|
|
|||||||||
INDIA (3.4%) |
||||||||||||
Infosys, Ltd. |
347,300 | 4,974,878 | 0.2 | % | ||||||||
Reliance Industries, Ltd. |
297,354 | 8,283,595 | 0.3 | % | ||||||||
Other Securities |
98,935,713 | 3.0 | % | |||||||||
|
|
|
|
|||||||||
TOTAL INDIA |
112,194,186 | 3.5 | % | |||||||||
|
|
|
|
|||||||||
INDONESIA (0.5%) |
||||||||||||
Other Securities |
14,730,945 | 0.5 | % | |||||||||
|
|
|
|
|||||||||
IRELAND (0.7%) |
||||||||||||
# CRH P.L.C., Sponsored ADR |
228,603 | 8,035,395 | 0.3 | % | ||||||||
Other Securities |
15,892,371 | 0.4 | % | |||||||||
|
|
|
|
|||||||||
TOTAL IRELAND |
23,927,766 | 0.7 | % | |||||||||
|
|
|
|
|||||||||
ISRAEL (0.5%) |
||||||||||||
Other Securities |
16,875,750 | 0.5 | % | |||||||||
|
|
|
|
|||||||||
ITALY (1.5%) |
||||||||||||
Other Securities |
50,755,952 | 1.6 | % | |||||||||
|
|
|
|
70
WORLD EX U.S. CORE EQUITY PORTFOLIO
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||
JAPAN (16.1%) |
||||||||||||
NTT DOCOMO, Inc. |
181,600 | $ | 6,761,911 | 0.2 | % | |||||||
SoftBank Group Corp. |
138,244 | 9,004,353 | 0.3 | % | ||||||||
Sony Corp. |
104,000 | 8,670,108 | 0.3 | % | ||||||||
Toyota Motor Corp. |
226,064 | 14,840,365 | 0.5 | % | ||||||||
Other Securities |
491,517,983 | 15.2 | % | |||||||||
|
|
|
|
|||||||||
TOTAL JAPAN |
530,794,720 | 16.5 | % | |||||||||
|
|
|
|
|||||||||
MALAYSIA (0.6%) |
||||||||||||
Other Securities |
20,309,018 | 0.6 | % | |||||||||
|
|
|
|
|||||||||
MEXICO (0.7%) |
||||||||||||
Other Securities |
22,426,915 | 0.7 | % | |||||||||
|
|
|
|
|||||||||
NETHERLANDS (2.2%) |
||||||||||||
ASML Holding NV |
20,610 | 7,444,538 | 0.2 | % | ||||||||
Koninklijke Ahold Delhaize NV |
261,210 | 7,161,265 | 0.2 | % | ||||||||
Other Securities |
57,668,093 | 1.9 | % | |||||||||
|
|
|
|
|||||||||
TOTAL NETHERLANDS |
72,273,896 | 2.3 | % | |||||||||
|
|
|
|
|||||||||
NEW ZEALAND (0.4%) |
||||||||||||
Other Securities |
12,970,022 | 0.4 | % | |||||||||
|
|
|
|
|||||||||
NORWAY (0.5%) |
||||||||||||
Other Securities |
16,996,291 | 0.5 | % | |||||||||
|
|
|
|
|||||||||
PERU (0.0%) |
||||||||||||
Other Securities |
262,369 | 0.0 | % | |||||||||
|
|
|
|
|||||||||
PHILIPPINES (0.3%) |
||||||||||||
Other Securities |
8,364,575 | 0.3 | % | |||||||||
|
|
|
|
|||||||||
POLAND (0.2%) |
||||||||||||
Other Securities |
7,043,506 | 0.2 | % | |||||||||
|
|
|
|
|||||||||
PORTUGAL (0.1%) |
||||||||||||
Other Securities |
4,071,244 | 0.1 | % | |||||||||
|
|
|
|
|||||||||
QATAR (0.2%) |
||||||||||||
Other Securities |
5,021,658 | 0.2 | % | |||||||||
|
|
|
|
|||||||||
RUSSIA (0.2%) |
||||||||||||
Other Securities |
7,471,392 | 0.2 | % | |||||||||
|
|
|
|
|||||||||
SAUDI ARABIA (0.6%) |
||||||||||||
Other Securities |
20,349,595 | 0.6 | % | |||||||||
|
|
|
|
|||||||||
SINGAPORE (0.6%) |
||||||||||||
Other Securities |
19,873,284 | 0.6 | % | |||||||||
|
|
|
|
|||||||||
SOUTH AFRICA (1.4%) |
||||||||||||
Gold Fields, Ltd., Sponsored ADR |
439,903 | 4,808,140 | 0.2 | % | ||||||||
Other Securities |
42,406,543 | 1.3 | % | |||||||||
|
|
|
|
|||||||||
TOTAL SOUTH AFRICA |
47,214,683 | 1.5 | % | |||||||||
|
|
|
|
71
WORLD EX U.S. CORE EQUITY PORTFOLIO
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||
SOUTH KOREA (4.1%) |
|
|||||||||||
Samsung Electronics Co., Ltd. |
661,530 | $ | 33,252,208 | 1.1 | % | |||||||
SK Hynix, Inc. |
79,671 | 5,652,088 | 0.2 | % | ||||||||
Other Securities |
97,105,766 | 2.9 | % | |||||||||
|
|
|
|
|||||||||
TOTAL SOUTH KOREA |
136,010,062 | 4.2 | % | |||||||||
|
|
|
|
|||||||||
SPAIN (1.3%) |
||||||||||||
Iberdrola SA |
559,782 | 6,609,669 | 0.2 | % | ||||||||
Other Securities |
35,027,868 | 1.1 | % | |||||||||
|
|
|
|
|||||||||
TOTAL SPAIN |
41,637,537 | 1.3 | % | |||||||||
|
|
|
|
|||||||||
SWEDEN (2.2%) |
||||||||||||
* Volvo AB, Class B |
272,897 | 5,304,350 | 0.2 | % | ||||||||
Other Securities |
66,215,784 | 2.0 | % | |||||||||
|
|
|
|
|||||||||
TOTAL SWEDEN |
71,520,134 | 2.2 | % | |||||||||
|
|
|
|
|||||||||
SWITZERLAND (5.1%) |
||||||||||||
Nestle SA |
285,492 | 32,111,537 | 1.0 | % | ||||||||
Novartis AG |
100,236 | 7,810,648 | 0.3 | % | ||||||||
Roche Holding AG |
58,789 | 18,890,748 | 0.6 | % | ||||||||
Sika AG |
19,260 | 4,738,052 | 0.2 | % | ||||||||
Other Securities |
103,550,816 | 3.1 | % | |||||||||
|
|
|
|
|||||||||
TOTAL SWITZERLAND |
167,101,801 | 5.2 | % | |||||||||
|
|
|
|
|||||||||
TAIWAN (4.9%) |
||||||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. |
1,170,000 | 17,701,718 | 0.6 | % | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR |
129,369 | 10,850,178 | 0.4 | % | ||||||||
Other Securities |
133,439,713 | 4.0 | % | |||||||||
|
|
|
|
|||||||||
TOTAL TAIWAN |
161,991,609 | 5.0 | % | |||||||||
|
|
|
|
|||||||||
THAILAND (0.6%) |
||||||||||||
Other Securities |
21,113,427 | 0.7 | % | |||||||||
|
|
|
|
|||||||||
TURKEY (0.2%) |
||||||||||||
Other Securities |
5,799,476 | 0.2 | % | |||||||||
|
|
|
|
|||||||||
UNITED ARAB EMIRATES (0.1%) |
||||||||||||
Other Securities |
3,658,919 | 0.1 | % | |||||||||
|
|
|
|
|||||||||
UNITED KINGDOM (8.2%) |
||||||||||||
AstraZeneca P.L.C., Sponsored ADR |
149,455 | 7,496,663 | 0.3 | % | ||||||||
BP P.L.C., Sponsored ADR |
317,435 | 4,913,894 | 0.2 | % | ||||||||
# HSBC Holdings P.L.C., Sponsored ADR |
263,052 | 5,518,831 | 0.2 | % | ||||||||
# Rio Tinto P.L.C., Sponsored ADR |
172,914 | 9,816,328 | 0.3 | % | ||||||||
Royal Dutch Shell P.L.C., Sponsored ADR, Class B |
345,386 | 8,341,072 | 0.3 | % | ||||||||
Other Securities |
235,104,354 | 7.2 | % | |||||||||
|
|
|
|
|||||||||
TOTAL UNITED KINGDOM |
271,191,142 | 8.5 | % | |||||||||
|
|
|
|
|||||||||
UNITED STATES (0.0%) |
||||||||||||
Other Security |
21,081 | 0.0 | % | |||||||||
|
|
|
|
|||||||||
TOTAL COMMON STOCKS |
3,157,315,915 | 98.3 | % | |||||||||
|
|
|
|
72
WORLD EX U.S. CORE EQUITY PORTFOLIO
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||
PREFERRED STOCKS (0.7%) |
||||||||||||
BRAZIL (0.3%) |
||||||||||||
Other Securities |
$ | 9,053,801 | 0.3 | % | ||||||||
|
|
|
|
|||||||||
CHILE (0.0%) |
||||||||||||
Other Securities |
200,088 | 0.0 | % | |||||||||
|
|
|
|
|||||||||
COLOMBIA (0.0%) |
||||||||||||
Other Securities |
223,562 | 0.0 | % | |||||||||
|
|
|
|
|||||||||
GERMANY (0.4%) |
||||||||||||
Other Securities |
11,787,766 | 0.4 | % | |||||||||
|
|
|
|
|||||||||
SOUTH KOREA (0.0%) |
||||||||||||
Other Security |
1,160 | 0.0 | % | |||||||||
|
|
|
|
|||||||||
UNITED KINGDOM (0.0%) |
||||||||||||
Other Security |
1,240 | 0.0 | % | |||||||||
|
|
|
|
|||||||||
TOTAL PREFERRED STOCKS |
21,267,617 | 0.7 | % | |||||||||
|
|
|
|
|||||||||
RIGHTS/WARRANTS (0.0%) |
||||||||||||
BRAZIL (0.0%) |
||||||||||||
Other Security |
2,608 | 0.0 | % | |||||||||
|
|
|
|
|||||||||
CANADA (0.0%) |
||||||||||||
Other Securities |
64,111 | 0.0 | % | |||||||||
|
|
|
|
|||||||||
FRANCE (0.0%) |
||||||||||||
Other Security |
204 | 0.0 | % | |||||||||
|
|
|
|
|||||||||
GERMANY (0.0%) |
||||||||||||
Other Security |
468 | 0.0 | % | |||||||||
|
|
|
|
|||||||||
MALAYSIA (0.0%) |
||||||||||||
Other Securities |
24,292 | 0.0 | % | |||||||||
|
|
|
|
|||||||||
SOUTH KOREA (0.0%) |
||||||||||||
Other Securities |
90,036 | 0.0 | % | |||||||||
|
|
|
|
|||||||||
SPAIN (0.0%) |
||||||||||||
Other Security |
41,758 | 0.0 | % | |||||||||
|
|
|
|
|||||||||
TAIWAN (0.0%) |
||||||||||||
Other Securities |
2,547 | 0.0 | % | |||||||||
|
|
|
|
|||||||||
THAILAND (0.0%) |
||||||||||||
Other Securities |
4,523 | 0.0 | % | |||||||||
|
|
|
|
|||||||||
UNITED KINGDOM (0.0%) |
||||||||||||
Other Security |
294,275 | 0.0 | % | |||||||||
|
|
|
|
|||||||||
TOTAL RIGHTS/WARRANTS |
524,822 | 0.0 | % | |||||||||
|
|
|
|
|||||||||
TOTAL INVESTMENT SECURITIES |
3,179,108,354 | |||||||||||
|
|
73
WORLD EX U.S CORE EQUITY PORTFOLIO
CONTINUED
Shares | Value | Percentage of Net Assets |
||||||||||||
|
|
|
|
|
|
|||||||||
SECURITIES LENDING COLLATERAL (3.6%) |
||||||||||||||
@§ |
The DFA Short Term Investment Fund |
10,292,665 | $ | 119,096,422 | 3.7 | % | ||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENTS(100.0%) |
$ | 3,298,204,776 | 102.7 | % | ||||||||||
|
|
|
|
As of October 31, 2020, World ex U.S. Core Equity Portfolio had entered into the following outstanding futures contracts:
Description |
Number of Contracts |
Expiration Date |
Notional Value |
Market Value |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
Long Position Contracts: |
||||||||||||||||||||
S&P 500® Emini Index |
103 | 12/18/20 | $ | 17,411,351 | $ | 16,813,205 | $ | (598,146 | ) | |||||||||||
|
|
|
|
|
|
|||||||||||||||
Total Futures Contracts |
$ | 17,411,351 | $ | 16,813,205 | $ | (598,146 | ) | |||||||||||||
|
|
|
|
|
|
Summary of the Portfolios investments as of October 31, 2020, 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 |
$ | 1,022,772 | $ | 137,619,341 | | $ | 138,642,113 | |||||||||
Austria |
| 9,801,387 | | 9,801,387 | ||||||||||||
Belgium |
616,194 | 23,449,867 | | 24,066,061 | ||||||||||||
Brazil |
38,257,203 | | | 38,257,203 | ||||||||||||
Canada |
210,649,893 | 975,432 | | 211,625,325 | ||||||||||||
Chile |
1,004,156 | 4,202,947 | | 5,207,103 | ||||||||||||
China |
53,902,024 | 324,599,555 | | 378,501,579 | ||||||||||||
Colombia |
1,952,422 | | | 1,952,422 | ||||||||||||
Czech Republic |
| 853,212 | | 853,212 | ||||||||||||
Denmark |
| 49,492,520 | | 49,492,520 | ||||||||||||
Egypt |
112,131 | 129,751 | | 241,882 | ||||||||||||
Finland |
| 36,701,588 | | 36,701,588 | ||||||||||||
France |
732,593 | 165,230,147 | | 165,962,740 | ||||||||||||
Germany |
1,993,363 | 135,844,355 | | 137,837,718 | ||||||||||||
Greece |
1,813 | 1,425,588 | | 1,427,401 | ||||||||||||
Hong Kong |
327,079 | 60,394,225 | | 60,721,304 | ||||||||||||
Hungary |
| 2,051,402 | | 2,051,402 | ||||||||||||
India |
2,315,340 | 109,878,846 | | 112,194,186 | ||||||||||||
Indonesia |
135,238 | 14,595,707 | | 14,730,945 | ||||||||||||
Ireland |
8,035,395 | 15,892,371 | | 23,927,766 | ||||||||||||
Israel |
2,017,654 | 14,858,096 | | 16,875,750 | ||||||||||||
Italy |
115,467 | 50,640,485 | | 50,755,952 | ||||||||||||
Japan |
2,600,152 | 528,194,568 | | 530,794,720 | ||||||||||||
Malaysia |
| 20,309,018 | | 20,309,018 | ||||||||||||
Mexico |
22,426,736 | 179 | | 22,426,915 | ||||||||||||
Netherlands |
11,547,279 | 60,726,617 | | 72,273,896 | ||||||||||||
New Zealand |
| 12,970,022 | | 12,970,022 | ||||||||||||
Norway |
123,861 | 16,872,430 | | 16,996,291 | ||||||||||||
Peru |
262,369 | | | 262,369 | ||||||||||||
Philippines |
22,611 | 8,341,964 | | 8,364,575 | ||||||||||||
Poland |
| 7,043,506 | | 7,043,506 |
74
WORLD EX U.S CORE EQUITY PORTFOLIO
CONTINUED
Investments in Securities (Market Value) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Portugal |
| $ | 4,071,244 | | $ | 4,071,244 | ||||||||||
Qatar |
| 5,021,658 | | 5,021,658 | ||||||||||||
Russia |
$ | 3,790,808 | 3,680,584 | | 7,471,392 | |||||||||||
Saudi Arabia |
43,693 | 20,305,902 | | 20,349,595 | ||||||||||||
Singapore |
| 19,873,284 | | 19,873,284 | ||||||||||||
South Africa |
7,715,667 | 39,499,016 | | 47,214,683 | ||||||||||||
South Korea |
1,184,602 | 134,825,460 | | 136,010,062 | ||||||||||||
Spain |
316,443 | 41,321,094 | | 41,637,537 | ||||||||||||
Sweden |
186,836 | 71,333,298 | | 71,520,134 | ||||||||||||
Switzerland |
9,488,876 | 157,612,925 | | 167,101,801 | ||||||||||||
Taiwan |
11,017,475 | 150,974,134 | | 161,991,609 | ||||||||||||
Thailand |
21,113,427 | | | 21,113,427 | ||||||||||||
Turkey |
| 5,799,476 | | 5,799,476 | ||||||||||||
United Arab Emirates |
| 3,658,919 | | 3,658,919 | ||||||||||||
United Kingdom |
57,828,104 | 213,363,038 | | 271,191,142 | ||||||||||||
United States |
| 21,081 | | 21,081 | ||||||||||||
Preferred Stocks |
||||||||||||||||
Brazil |
9,053,801 | | | 9,053,801 | ||||||||||||
Chile |
| 200,088 | | 200,088 | ||||||||||||
Colombia |
223,562 | | | 223,562 | ||||||||||||
Germany |
| 11,787,766 | | 11,787,766 | ||||||||||||
South Korea |
| 1,160 | | 1,160 | ||||||||||||
United Kingdom |
| 1,240 | | 1,240 | ||||||||||||
Rights/Warrants |
||||||||||||||||
Brazil |
| 2,608 | | 2,608 | ||||||||||||
Canada |
| 64,111 | | 64,111 | ||||||||||||
France |
| 204 | | 204 | ||||||||||||
Germany |
| 468 | | 468 | ||||||||||||
Malaysia |
| 24,292 | | 24,292 | ||||||||||||
South Korea |
| 90,036 | | 90,036 | ||||||||||||
Spain |
| 41,758 | | 41,758 | ||||||||||||
Taiwan |
| 2,547 | | 2,547 | ||||||||||||
Thailand |
| 4,523 | | 4,523 | ||||||||||||
United Kingdom |
| 294,275 | | 294,275 | ||||||||||||
Securities Lending Collateral |
| 119,096,422 | | 119,096,422 | ||||||||||||
Futures Contracts** |
(598,146 | ) | | | (598,146 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 481,538,893 | $ | 2,816,067,737 | | $ | 3,297,606,630 | |||||||||
|
|
|
|
|
|
|
|
** | Valued at the unrealized appreciation/(depreciation) on the investment. |
See accompanying Notes to Financial Statements.
75
SCHEDULE OF INVESTMENTS
October 31, 2020
Shares | Value | |||||||
AFFILIATED INVESTMENT COMPANIES (99.9%) |
||||||||
Investment in U.S. Core Equity 1 Portfolio of |
17,279,785 | $ | 436,141,765 | |||||
Investment in International Core Equity Portfolio of |
19,096,191 | 230,681,992 | ||||||
Investment in Emerging Markets Core Equity Portfolio of |
5,023,803 | 102,184,162 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES |
$ | 769,007,919 | ||||||
|
|
|||||||
TEMPORARY CASH INVESTMENTS (0.1%) |
||||||||
State Street Institutional U.S. Government Money Market Fund, 0.026% |
671,264 | 671,264 | ||||||
|
|
|||||||
TOTAL INVESTMENTS (100.0%) |
$ | 769,679,183 | ||||||
|
|
Summary of the Portfolios investments as of October 31, 2020, 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 |
$ | 769,007,919 | | | $ | 769,007,919 | ||||||||||
Temporary Cash Investments |
671,264 | | | 671,264 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 769,679,183 | | | $ | 769,679,183 | ||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements.
76
SELECTIVELY HEDGED GLOBAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2020
Shares | Value | |||||||
AFFILIATED INVESTMENT COMPANIES (100.0%) |
||||||||
Investment in U.S. Core Equity 2 Portfolio of DFA Investment Dimensions Group Inc. |
6,484,693 | $ | 147,786,159 | |||||
Investment in International Core Equity Portfolio of DFA Investment Dimensions Group Inc. |
6,603,003 | 79,764,273 | ||||||
Investment in Emerging Markets Core Equity Portfolio of DFA Investment Dimensions Group Inc. |
2,838,422 | 57,733,511 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES |
$ | 285,283,943 | ||||||
|
|
As of October 31, 2020, Selectively Hedged Global Equity Portfolio had entered into the following forward currency contracts and the net unrealized forward currency gain (loss) is reflected in the accompanying financial statements:
Currency Purchased |
Currency Sold |
Counterparty |
Settlement Date |
Unrealized Foreign Exchange Appreciation (Depreciation) |
||||||||||||||||
GBP |
359,386 | USD |
464,855 | Barclays Capital |
11/03/20 | $ | 729 | |||||||||||||
USD |
485,430 | GBP |
372,150 | Citibank, N.A. |
11/03/20 | 3,310 | ||||||||||||||
GBP |
381,644 | USD |
489,168 | Goldman Sachs International |
11/03/20 | 5,252 | ||||||||||||||
USD |
523,152 | ILS |
1,777,000 | JP Morgan |
11/17/20 | 2,295 | ||||||||||||||
USD |
1,705,475 | DKK |
10,569,891 | Bank of America Corp. |
11/30/20 | 50,876 | ||||||||||||||
USD |
115,190 | DKK |
725,092 | Citibank, N.A. |
11/30/20 | 1,685 | ||||||||||||||
USD |
614,250 | NOK |
5,713,661 | Goldman Sachs International |
12/30/20 | 15,848 | ||||||||||||||
USD |
20,709,985 | EUR |
17,611,927 | Barclays Capital |
01/07/21 | 164,685 | ||||||||||||||
USD |
5,094,786 | AUD |
7,169,000 | Citibank, N.A. |
01/20/21 | 53,630 | ||||||||||||||
SEK |
1,607,347 | USD |
180,564 | Citibank, N.A. |
01/21/21 | 263 | ||||||||||||||
USD |
7,499,794 | SEK |
28,066,048 | JP Morgan |
01/21/21 | 99,892 | ||||||||||||||
CAD |
406,357 | USD |
304,003 | State Street Bank and Trust |
01/21/21 | 1,124 | ||||||||||||||
|
|
|||||||||||||||||||
Total Appreciation |
|
$ | 399,589 | |||||||||||||||||
USD |
9,559,808 | GBP |
7,415,912 | Citibank, N.A. |
11/03/20 | $ | (47,502 | ) | ||||||||||||
GBP |
7,047,032 | USD |
9,129,994 | State Street Bank and Trust |
11/03/20 | (567 | ) | |||||||||||||
ILS |
132,239 | USD |
39,258 | Citibank, N.A. |
11/17/20 | (498 | ) | |||||||||||||
DKK |
671,463 | USD |
106,894 | Citibank, N.A. |
11/30/20 | (1,784 | ) | |||||||||||||
NOK |
5,713,661 | USD |
618,315 | UBS AG |
12/30/20 | (19,913 | ) | |||||||||||||
USD |
8,929,588 | GBP |
6,890,000 | State Street Bank and Trust |
12/31/20 | (770 | ) | |||||||||||||
CHF |
345,383 | USD |
379,261 | Bank of America Corp. |
01/07/21 | (1,785 | ) | |||||||||||||
USD |
5,607,366 | CHF |
5,139,880 | Bank of New York Mellon Corp. |
01/07/21 | (10,106 | ) | |||||||||||||
EUR |
928,491 | USD |
1,090,523 | Societe Generale |
01/07/21 | (7,386 | ) | |||||||||||||
USD |
18,742,922 | JPY |
1,968,857,758 | Bank of America Corp. |
01/13/21 | (83,128 | ) | |||||||||||||
|
|
|||||||||||||||||||
Total (Depreciation) |
|
$ | (173,439 | ) | ||||||||||||||||
|
|
|||||||||||||||||||
Total Appreciation (Depreciation) |
|
$ | 226,150 | |||||||||||||||||
|
|
77
SELECTIVELY HEDGED GLOBAL EQUITY PORTFOLIO
CONTINUED
As of October 31, 2020, Selectively Hedged Global Equity Portfolio had entered into the following outstanding futures contracts:
Description |
Number of Contracts |
Expiration Date |
Notional Value |
Market Value |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
Long Position Contracts: |
||||||||||||||||||||
S&P 500® Emini Index |
21 | 12/18/20 | $ | 3,521,889 | $ | 3,427,935 | $ | (93,954 | ) | |||||||||||
|
|
|
|
|
|
|||||||||||||||
Total Futures Contracts |
$ | 3,521,889 | $ | 3,427,935 | $ | (93,954 | ) | |||||||||||||
|
|
|
|
|
|
Summary of the Portfolios investments as of October 31, 2020, 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 |
$ | 285,283,943 | | | $ | 285,283,943 | ||||||||||
Forward Currency Contracts** |
| $ | 226,150 | | 226,150 | |||||||||||
Futures Contracts** |
(93,954 | ) | | | (93,954 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 285,189,989 | $ | 226,150 | | $ | 285,416,139 | |||||||||
|
|
|
|
|
|
|
|
** | Valued at the unrealized appreciation/(depreciation) on the investment. |
See accompanying Notes to Financial Statements.
78
SCHEDULE OF INVESTMENTS
October 31, 2020
Value | ||||
AFFILIATED INVESTMENT COMPANIES (100.0%) |
||||
Investment in The Emerging Markets Series of |
$ | 5,657,882,166 | ||
|
|
|||
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES |
$ | 5,657,882,166 | ||
|
|
Summary of the Portfolios Master Funds investments as of October 31, 2020, based on their valuation inputs, is located in this report (See Security Valuation Note).
See accompanying Notes to Financial Statements.
79
EMERGING MARKETS SMALL CAP PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2020
Value | ||||
AFFILIATED INVESTMENT COMPANIES (100.0%) |
||||
Investment in The Emerging Markets Small Cap Series of |
$ | 4,901,220,721 | ||
|
|
|||
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES |
$ | 4,901,220,721 | ||
|
|
Summary of the Portfolios Master Funds investments as of October 31, 2020, based on their valuation inputs, is located in this report (See Security Valuation Note).
See accompanying Notes to Financial Statements.
80
EMERGING MARKETS VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2020
Value | ||||
AFFILIATED INVESTMENT COMPANIES (100.0%) |
||||
Investment in Dimensional Emerging Markets Value Fund |
$ | 12,662,141,783 | ||
|
|
|||
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES |
$ | 12,662,141,783 | ||
|
|
Summary of the Portfolios Master Funds investments as of October 31, 2020, based on their valuation inputs, is located in this report (See Security Valuation Note).
See accompanying Notes to Financial Statements.
81
EMERGING MARKETS CORE EQUITY PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2020
Shares | Value» | Percentage of Net Assets |
||||||||||||
COMMON STOCKS (97.2%) |
||||||||||||||
BRAZIL (3.8%) |
||||||||||||||
Magazine Luiza SA | 13,113,688 | $ | 56,290,162 | 0.2 | % | |||||||||
Petroleo Brasileiro SA | 19,448,656 | 64,400,084 | 0.3 | % | ||||||||||
Vale SA | 17,407,141 | 183,689,715 | 0.8 | % | ||||||||||
Other Securities | 648,589,058 | 2.5 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL BRAZIL |
952,969,019 | 3.8 | % | |||||||||||
|
|
|
|
|||||||||||
CHILE (0.7%) |
||||||||||||||
Other Securities | 167,274,845 | 0.7 | % | |||||||||||
|
|
|
|
|||||||||||
CHINA (34.5%) |
||||||||||||||
* |
Alibaba Group Holding, Ltd., Sponsored ADR | 2,528,930 | 770,539,682 | 3.1 | % | |||||||||
* |
Baidu, Inc., Sponsored ADR | 630,238 | 83,853,166 | 0.4 | % | |||||||||
# |
Bank of China, Ltd., Class H | 203,461,702 | 64,265,632 | 0.3 | % | |||||||||
BYD Co., Ltd., Class H | 3,243,300 | 65,562,658 | 0.3 | % | ||||||||||
China Construction Bank Corp., Class H | 333,485,302 | 229,809,077 | 0.9 | % | ||||||||||
China Merchants Bank Co., Ltd., Class H | 19,361,646 | 100,853,514 | 0.4 | % | ||||||||||
China Mobile, Ltd. | 14,262,500 | 87,237,144 | 0.4 | % | ||||||||||
China Mobile, Ltd., Sponsored ADR | 2,903,118 | 89,212,816 | 0.4 | % | ||||||||||
China Overseas Land & Investment, Ltd. | 22,770,033 | 57,193,544 | 0.2 | % | ||||||||||
China Petroleum & Chemical Corp., Class H | 144,228,400 | 56,317,000 | 0.2 | % | ||||||||||
China Resources Land, Ltd. | 14,146,610 | 57,854,901 | 0.3 | % | ||||||||||
China Shenhua Energy Co., Ltd., Class H | 28,497,000 | 49,375,051 | 0.2 | % | ||||||||||
CNOOC, Ltd. | 66,903,000 | 61,213,281 | 0.3 | % | ||||||||||
Geely Automobile Holdings, Ltd. | 29,475,000 | 60,566,869 | 0.3 | % | ||||||||||
Industrial & Commercial Bank of China, Ltd., Class H | 260,523,725 | 147,942,056 | 0.6 | % | ||||||||||
* |
JD.com, Inc., ADR | 933,460 | 76,095,659 | 0.3 | % | |||||||||
* |
Meituan Dianping, Class B | 1,960,500 | 73,085,789 | 0.3 | % | |||||||||
# |
NetEase, Inc., ADR | 1,143,858 | 99,275,436 | 0.4 | % | |||||||||
* |
New Oriental Education & Technology Group, Inc., Sponsored ADR | 336,236 | 53,925,530 | 0.2 | % | |||||||||
* |
NIO, Inc., ADR | 2,486,207 | 76,028,210 | 0.3 | % | |||||||||
# |
Ping An Insurance Group Co. of China, Ltd., Class H | 30,207,000 | 312,330,514 | 1.3 | % | |||||||||
Sino Biopharmaceutical, Ltd. | 48,739,495 | 49,372,810 | 0.2 | % | ||||||||||
Sunac China Holdings, Ltd. | 15,572,000 | 57,712,174 | 0.3 | % | ||||||||||
Tencent Holdings, Ltd. | 17,216,900 | 1,315,467,717 | 5.3 | % | ||||||||||
* |
Vipshop Holdings, Ltd., ADR | 3,141,441 | 67,226,837 | 0.3 | % | |||||||||
Xinyi Solar Holdings, Ltd. | 28,249,834 | 51,608,076 | 0.2 | % | ||||||||||
Yum China Holdings, Inc. | 1,301,003 | 69,252,390 | 0.3 | % | ||||||||||
Other Securities | 4,368,043,258 | 17.2 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL CHINA |
8,651,220,791 | 34.9 | % | |||||||||||
|
|
|
|
|||||||||||
COLOMBIA (0.2%) |
||||||||||||||
Other Securities | 41,789,900 | 0.2 | % | |||||||||||
|
|
|
|
|||||||||||
CZECH REPUBLIC (0.1%) |
||||||||||||||
Other Securities | 28,040,143 | 0.1 | % | |||||||||||
|
|
|
|
|||||||||||
EGYPT (0.1%) |
||||||||||||||
Other Securities | 16,427,844 | 0.1 | % | |||||||||||
|
|
|
|
|||||||||||
GREECE (0.2%) |
||||||||||||||
Other Securities | 45,306,234 | 0.2 | % | |||||||||||
|
|
|
|
82
EMERGING MARKETS CORE EQUITY PORTFOLIO
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
HONG KONG (0.2%) |
||||||||||||||
Other Securities | $ | 58,580,878 | 0.2 | % | ||||||||||
|
|
|
|
|||||||||||
HUNGARY (0.2%) |
||||||||||||||
Other Securities | 54,622,576 | 0.2 | % | |||||||||||
|
|
|
|
|||||||||||
INDIA (11.0%) |
||||||||||||||
HCL Technologies, Ltd. | 4,417,982 | 50,433,219 | 0.2 | % | ||||||||||
* |
HDFC Bank, Ltd. | 5,989,118 | 95,552,894 | 0.4 | % | |||||||||
Hindustan Unilever, Ltd. | 2,248,958 | 62,994,011 | 0.3 | % | ||||||||||
Housing Development Finance Corp., Ltd. | 2,926,564 | 75,823,884 | 0.3 | % | ||||||||||
Infosys, Ltd. | 8,238,838 | 118,016,738 | 0.5 | % | ||||||||||
Infosys, Ltd., Sponsored ADR | 7,138,068 | 101,860,230 | 0.4 | % | ||||||||||
Reliance Industries, Ltd. | 9,603,552 | 267,532,744 | 1.1 | % | ||||||||||
Tata Consultancy Services, Ltd. | 2,426,638 | 87,414,434 | 0.4 | % | ||||||||||
Other Securities | 1,893,212,711 | 7.5 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL INDIA |
2,752,840,865 | 11.1 | % | |||||||||||
|
|
|
|
|||||||||||
INDONESIA (1.8%) |
||||||||||||||
Other Securities | 456,971,964 | 1.8 | % | |||||||||||
|
|
|
|
|||||||||||
MALAYSIA (2.1%) |
||||||||||||||
Other Securities | 517,680,915 | 2.1 | % | |||||||||||
|
|
|
|
|||||||||||
MEXICO (2.2%) |
||||||||||||||
# |
Grupo Mexico S.A.B. de C.V., Class B | 18,002,447 | 51,330,080 | 0.2 | % | |||||||||
Other Securities | 500,834,854 | 2.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL MEXICO |
552,164,934 | 2.2 | % | |||||||||||
|
|
|
|
|||||||||||
PERU (0.1%) |
||||||||||||||
Other Securities | 21,130,689 | 0.1 | % | |||||||||||
|
|
|
|
|||||||||||
PHILIPPINES (0.9%) |
||||||||||||||
Other Securities | 235,788,762 | 1.0 | % | |||||||||||
|
|
|
|
|||||||||||
POLAND (0.7%) |
||||||||||||||
Other Securities | 170,267,118 | 0.7 | % | |||||||||||
|
|
|
|
|||||||||||
QATAR (0.1%) |
||||||||||||||
Other Securities | 36,282,054 | 0.1 | % | |||||||||||
|
|
|
|
|||||||||||
RUSSIA (0.8%) |
||||||||||||||
Other Securities | 206,152,309 | 0.8 | % | |||||||||||
|
|
|
|
|||||||||||
SAUDI ARABIA (1.3%) |
||||||||||||||
Other Securities | 320,899,770 | 1.3 | % | |||||||||||
|
|
|
|
|||||||||||
SOUTH AFRICA (4.2%) |
||||||||||||||
Gold Fields, Ltd., Sponsored ADR | 7,820,734 | 85,480,623 | 0.4 | % | ||||||||||
# |
MTN Group, Ltd. | 14,341,540 | 51,206,615 | 0.2 | % | |||||||||
Naspers, Ltd., Class N | 463,620 | 90,511,338 | 0.4 | % | ||||||||||
Standard Bank Group, Ltd. | 8,280,680 | 54,146,469 | 0.2 | % | ||||||||||
Other Securities | 783,662,597 | 3.1 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL SOUTH AFRICA |
1,065,007,642 | 4.3 | % | |||||||||||
|
|
|
|
83
EMERGING MARKETS CORE EQUITY PORTFOLIO
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
SOUTH KOREA (13.4%) |
||||||||||||||
|
LG Electronics, Inc. | 869,500 | $ | 64,638,147 | 0.3 | % | ||||||||
Samsung Electronics Co., Ltd. | 19,583,730 | 984,388,104 | 4.0 | % | ||||||||||
SK Hynix, Inc. | 2,287,099 | 162,253,318 | 0.7 | % | ||||||||||
Other Securities | 2,136,945,062 | 8.5 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL SOUTH KOREA |
3,348,224,631 | 13.5 | % | |||||||||||
|
|
|
|
|||||||||||
TAIWAN (16.0%) |
||||||||||||||
Hon Hai Precision Industry Co., Ltd. | 26,398,403 | 71,595,904 | 0.3 | % | ||||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 41,439,652 | 626,968,405 | 2.5 | % | ||||||||||
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR | 5,081,623 | 426,195,721 | 1.7 | % | ||||||||||
Other Securities | 2,890,791,773 | 11.7 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL TAIWAN |
4,015,551,803 | 16.2 | % | |||||||||||
|
|
|
|
|||||||||||
THAILAND (1.9%) |
||||||||||||||
Other Securities | 485,085,248 | 2.0 | % | |||||||||||
|
|
|
|
|||||||||||
TURKEY (0.6%) |
||||||||||||||
Other Securities | 139,725,670 | 0.6 | % | |||||||||||
|
|
|
|
|||||||||||
UNITED ARAB EMIRATES (0.1%) |
||||||||||||||
Other Securities | 26,871,155 | 0.1 | % | |||||||||||
|
|
|
|
|||||||||||
UNITED STATES (0.0%) |
||||||||||||||
Other Security | 172,039 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL COMMON STOCKS |
24,367,049,798 | 98.3 | % | |||||||||||
|
|
|
|
|||||||||||
PREFERRED STOCKS (1.0%) |
||||||||||||||
BRAZIL (0.9%) |
||||||||||||||
Petroleo Brasileiro SA | 28,735,931 | 94,852,436 | 0.4 | % | ||||||||||
Other Securities | 133,823,726 | 0.5 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL BRAZIL |
228,676,162 | 0.9 | % | |||||||||||
|
|
|
|
|||||||||||
CHILE (0.0%) |
||||||||||||||
Other Securities | 4,036,441 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
COLOMBIA (0.1%) |
||||||||||||||
Other Securities | 8,361,863 | 0.1 | % | |||||||||||
|
|
|
|
|||||||||||
SOUTH KOREA (0.0%) |
||||||||||||||
Other Security | 189,077 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL PREFERRED STOCKS |
241,263,543 | 1.0 | % | |||||||||||
|
|
|
|
|||||||||||
RIGHTS/WARRANTS (0.0%) |
||||||||||||||
BRAZIL (0.0%) |
||||||||||||||
Other Securities | 64,192 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
MALAYSIA (0.0%) |
||||||||||||||
Other Securities | 463,989 | 0.0 | % | |||||||||||
|
|
|
|
84
EMERGING MARKETS CORE EQUITY PORTFOLIO
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
SOUTH KOREA (0.0%) |
||||||||||||||
|
Other Securities | $ | 1,544,775 | 0.0 | % | |||||||||
|
|
|
|
|||||||||||
TAIWAN (0.0%) |
||||||||||||||
Other Securities | 56,874 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
THAILAND (0.0%) |
||||||||||||||
Other Securities | 112,853 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL RIGHTS/WARRANTS |
2,242,683 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENT SECURITIES |
24,610,556,024 | |||||||||||||
|
|
|||||||||||||
Value | ||||||||||||||
SECURITIES LENDING COLLATERAL (1.8%) |
||||||||||||||
@§ |
The DFA Short Term Investment Fund | 38,661,524 | 447,352,497 | 1.8 | % | |||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENTS(100.0%) |
$ | 25,057,908,521 | 101.1 | % | ||||||||||
|
|
|
|
As of October 31, 2020, Emerging Markets Core Equity Portfolio had entered into the following outstanding futures contracts:
Description |
Number of Contracts |
Expiration Date |
Notional Value |
Market Value |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
Long Position Contracts: |
||||||||||||||||||||
S&P 500® Emini Index. |
905 | 12/18/20 | $ | 155,623,087 | $ | 147,727,675 | $ | (7,895,412 | ) | |||||||||||
|
|
|
|
|
|
|||||||||||||||
Total Futures Contracts |
$ | 155,623,087 | $ | 147,727,675 | $ | (7,895,412 | ) | |||||||||||||
|
|
|
|
|
|
Summary of the Portfolios investments as of October 31, 2020, 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 |
$ | 952,969,019 | | | $ | 952,969,019 | ||||||||||
Chile |
46,377,839 | $ | 120,897,006 | | 167,274,845 | |||||||||||
China |
1,757,353,830 | 6,893,866,961 | | 8,651,220,791 | ||||||||||||
Colombia |
41,789,900 | | | 41,789,900 | ||||||||||||
Czech Republic |
| 28,040,143 | | 28,040,143 | ||||||||||||
Egypt |
1,630,684 | 14,797,160 | | 16,427,844 | ||||||||||||
Greece |
6,737 | 45,299,497 | | 45,306,234 | ||||||||||||
Hong Kong |
6,792,380 | 51,788,498 | | 58,580,878 | ||||||||||||
Hungary |
88,352 | 54,534,224 | | 54,622,576 | ||||||||||||
India |
174,449,847 | 2,578,391,018 | | 2,752,840,865 | ||||||||||||
Indonesia |
13,748,358 | 443,223,606 | | 456,971,964 | ||||||||||||
Malaysia |
| 517,680,915 | | 517,680,915 | ||||||||||||
Mexico |
552,145,140 | 19,794 | | 552,164,934 | ||||||||||||
Peru |
21,130,688 | 1 | | 21,130,689 | ||||||||||||
Philippines |
5,318,933 | 230,469,829 | | 235,788,762 | ||||||||||||
Poland |
| 170,267,118 | | 170,267,118 | ||||||||||||
Qatar |
| 36,282,054 | | 36,282,054 |
85
EMERGING MARKETS CORE EQUITY PORTFOLIO
CONTINUED
Investments in Securities (Market Value) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Russia |
$ | 20,862,520 | $ | 185,289,789 | | $ | 206,152,309 | |||||||||
Saudi Arabia |
474,305 | 320,425,465 | | 320,899,770 | ||||||||||||
South Africa |
170,766,397 | 894,241,245 | | 1,065,007,642 | ||||||||||||
South Korea |
63,879,327 | 3,284,345,304 | | 3,348,224,631 | ||||||||||||
Taiwan |
440,790,265 | 3,574,761,538 | | 4,015,551,803 | ||||||||||||
Thailand |
485,085,248 | | | 485,085,248 | ||||||||||||
Turkey |
624,108 | 139,101,562 | | 139,725,670 | ||||||||||||
United Arab Emirates |
| 26,871,155 | | 26,871,155 | ||||||||||||
United States |
| 172,039 | | 172,039 | ||||||||||||
Preferred Stocks |
||||||||||||||||
Brazil |
228,676,162 | | | 228,676,162 | ||||||||||||
Chile |
| 4,036,441 | | 4,036,441 | ||||||||||||
Colombia |
8,361,863 | | | 8,361,863 | ||||||||||||
South Korea |
| 189,077 | | 189,077 | ||||||||||||
Rights/Warrants |
||||||||||||||||
Brazil |
| 64,192 | | 64,192 | ||||||||||||
Malaysia |
| 463,989 | | 463,989 | ||||||||||||
South Korea |
| 1,544,775 | | 1,544,775 | ||||||||||||
Taiwan. |
| 56,874 | | 56,874 | ||||||||||||
Thailand |
| 112,853 | | 112,853 | ||||||||||||
Securities Lending Collateral |
| 447,352,497 | | 447,352,497 | ||||||||||||
Futures Contracts** |
(7,895,412 | ) | | | (7,895,412 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 4,985,426,490 | $ | 20,064,586,619 | | $ | 25,050,013,109 | |||||||||
|
|
|
|
|
|
|
|
** | Valued at the unrealized appreciation/(depreciation) on the investment. |
See accompanying Notes to Financial Statements.
86
EMERGING MARKETS TARGETED VALUE PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2020
Shares | Value» | Percentage of Net Assets |
||||||||||||
COMMON STOCKS (98.1%) |
||||||||||||||
BRAZIL (3.0%) |
||||||||||||||
Sul America SA | 82,071 | $ | 571,985 | 0.3 | % | |||||||||
Other Securities | 4,589,349 | 2.7 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL BRAZIL |
5,161,334 | 3.0 | % | |||||||||||
|
|
|
|
|||||||||||
CHILE (0.5%) |
||||||||||||||
Other Securities | 768,684 | 0.5 | % | |||||||||||
|
|
|
|
|||||||||||
CHINA (29.1%) |
||||||||||||||
China Conch Venture Holdings, Ltd. | 148,000 | 659,015 | 0.4 | % | ||||||||||
*W |
China International Capital Corp., Ltd., Class H | 328,400 | 767,335 | 0.5 | % | |||||||||
China Jinmao Holdings Group, Ltd. | 1,102,000 | 558,331 | 0.3 | % | ||||||||||
China National Building Material Co., Ltd., Class H | 998,000 | 1,148,759 | 0.7 | % | ||||||||||
China Resources Cement Holdings, Ltd. | 382,000 | 500,202 | 0.3 | % | ||||||||||
China Taiping Insurance Holdings Co., Ltd. | 397,600 | 600,434 | 0.4 | % | ||||||||||
China Unicom Hong Kong, Ltd. | 780,000 | 480,784 | 0.3 | % | ||||||||||
Fosun International, Ltd. | 652,500 | 787,915 | 0.5 | % | ||||||||||
Great Wall Motor Co., Ltd., Class H | 330,000 | 534,293 | 0.3 | % | ||||||||||
#* |
JinkoSolar Holding Co., Ltd., ADR | 9,125 | 531,987 | 0.3 | % | |||||||||
# |
JOYY, Inc., ADR | 8,665 | 791,808 | 0.5 | % | |||||||||
Kingboard Holdings, Ltd. | 158,500 | 536,847 | 0.3 | % | ||||||||||
Kunlun Energy Co., Ltd. | 730,000 | 472,604 | 0.3 | % | ||||||||||
Minth Group, Ltd. | 156,000 | 645,527 | 0.4 | % | ||||||||||
Nine Dragons Paper Holdings, Ltd. | 436,000 | 581,551 | 0.4 | % | ||||||||||
PICC Property & Casualty Co., Ltd., Class H | 844,000 | 572,834 | 0.4 | % | ||||||||||
Shimao Group Holdings, Ltd. | 149,500 | 529,576 | 0.3 | % | ||||||||||
* |
SINA Corp. | 10,908 | 467,408 | 0.3 | % | |||||||||
Sinopharm Group Co., Ltd., Class H | 350,400 | 805,024 | 0.5 | % | ||||||||||
Sinotruk Hong Kong, Ltd. | 174,000 | 445,066 | 0.3 | % | ||||||||||
* |
Trip.com Group, Ltd., ADR | 52,226 | 1,502,020 | 0.9 | % | |||||||||
Other Securities | 35,608,633 | 20.5 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL CHINA |
49,527,953 | 29.1 | % | |||||||||||
|
|
|
|
|||||||||||
COLOMBIA (0.2%) |
||||||||||||||
Other Securities | 289,843 | 0.2 | % | |||||||||||
|
|
|
|
|||||||||||
GREECE (0.2%) |
||||||||||||||
Other Securities | 323,777 | 0.2 | % | |||||||||||
|
|
|
|
|||||||||||
HONG KONG (0.2%) |
||||||||||||||
Other Securities | 384,083 | 0.2 | % | |||||||||||
|
|
|
|
|||||||||||
INDIA (11.3%) |
||||||||||||||
Aurobindo Pharma, Ltd. | 51,632 | 538,669 | 0.3 | % | ||||||||||
Cipla, Ltd. | 54,009 | 550,639 | 0.3 | % | ||||||||||
Dr Reddys Laboratories, Ltd. | 7,033 | 463,026 | 0.3 | % | ||||||||||
Grasim Industries, Ltd. | 62,073 | 652,733 | 0.4 | % | ||||||||||
Hindalco Industries, Ltd. | 206,621 | 478,009 | 0.3 | % | ||||||||||
Tata Consumer Products, Ltd. | 67,382 | 448,775 | 0.3 | % | ||||||||||
Tech Mahindra, Ltd. | 48,500 | 532,656 | 0.3 | % | ||||||||||
UPL, Ltd. | 75,705 | 462,278 | 0.3 | % |
87
EMERGING MARKETS TARGETED VALUE PORTFOLIO
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
INDIA (Continued) |
||||||||||||||
Other Securities | $ | 15,095,644 | 8.8 | % | ||||||||||
|
|
|
|
|||||||||||
TOTAL INDIA |
19,222,429 | 11.3 | % | |||||||||||
|
|
|
|
|||||||||||
INDONESIA (1.5%) |
||||||||||||||
Other Securities | 2,620,907 | 1.5 | % | |||||||||||
|
|
|
|
|||||||||||
MALAYSIA (2.1%) |
||||||||||||||
Other Securities | 3,545,043 | 2.1 | % | |||||||||||
|
|
|
|
|||||||||||
MEXICO (2.5%) |
||||||||||||||
Cemex S.A.B. de C.V. | 2,836,629 | 1,171,481 | 0.7 | % | ||||||||||
* |
Grupo Televisa S.A.B. | 404,268 | 514,591 | 0.3 | % | |||||||||
Other Securities | 2,469,707 | 1.5 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL MEXICO |
4,155,779 | 2.5 | % | |||||||||||
|
|
|
|
|||||||||||
PHILIPPINES (0.8%) |
||||||||||||||
Other Securities | 1,384,232 | 0.8 | % | |||||||||||
|
|
|
|
|||||||||||
POLAND (0.7%) |
||||||||||||||
Other Securities | 1,161,459 | 0.7 | % | |||||||||||
|
|
|
|
|||||||||||
QATAR (0.9%) |
||||||||||||||
Other Securities | 1,556,675 | 0.9 | % | |||||||||||
|
|
|
|
|||||||||||
RUSSIA (0.7%) |
||||||||||||||
Other Securities | 1,109,459 | 0.7 | % | |||||||||||
|
|
|
|
|||||||||||
SAUDI ARABIA (2.5%) |
||||||||||||||
* |
Etihad Etisalat Co. | 63,225 | 470,475 | 0.3 | % | |||||||||
Other Securities | 3,762,553 | 2.2 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL SAUDI ARABIA |
4,233,028 | 2.5 | % | |||||||||||
|
|
|
|
|||||||||||
SOUTH AFRICA (3.6%) |
||||||||||||||
Sibanye Stillwater, Ltd. | 256,549 | 756,491 | 0.5 | % | ||||||||||
Other Securities | 5,414,026 | 3.1 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL SOUTH AFRICA |
6,170,517 | 3.6 | % | |||||||||||
|
|
|
|
|||||||||||
SOUTH KOREA (16.2%) |
||||||||||||||
DB Insurance Co., Ltd. | 11,991 | 468,801 | 0.3 | % | ||||||||||
E-MART, Inc. | 5,089 | 640,695 | 0.4 | % | ||||||||||
Hankook Tire & Technology Co., Ltd. | 18,185 | 509,439 | 0.3 | % | ||||||||||
Hanwha Solutions Corp. | 17,310 | 672,868 | 0.4 | % | ||||||||||
Kumho Petrochemical Co., Ltd. | 4,146 | 490,422 | 0.3 | % | ||||||||||
* |
Samsung Heavy Industries Co., Ltd. | 107,772 | 484,432 | 0.3 | % | |||||||||
Woori Financial Group, Inc. | 71,172 | 561,946 | 0.3 | % | ||||||||||
Other Securities | 23,788,590 | 13.9 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL SOUTH KOREA |
27,617,193 | 16.2 | % | |||||||||||
|
|
|
|
|||||||||||
TAIWAN (18.3%) |
||||||||||||||
* |
AU Optronics Corp. | 1,763,000 | 712,046 | 0.4 | % | |||||||||
Compal Electronics, Inc. | 981,000 | 639,120 | 0.4 | % | ||||||||||
Innolux Corp. | 1,677,000 | 582,067 | 0.4 | % |
88
EMERGING MARKETS TARGETED VALUE PORTFOLIO
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
TAIWAN (Continued) |
||||||||||||||
Lite-On Technology Corp. | 420,000 | $ | 684,145 | 0.4 | % | |||||||||
Pou Chen Corp. | 514,000 | 454,163 | 0.3 | % | ||||||||||
Shin Kong Financial Holding Co., Ltd. | 1,821,137 | 507,267 | 0.3 | % | ||||||||||
Synnex Technology International Corp. | 296,000 | 439,913 | 0.3 | % | ||||||||||
Wistron Corp. | 629,000 | 628,837 | 0.4 | % | ||||||||||
Other Securities | 26,540,020 | 15.4 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL TAIWAN |
31,187,578 | 18.3 | % | |||||||||||
|
|
|
|
|||||||||||
THAILAND (2.4%) |
||||||||||||||
Other Securities | 4,110,112 | 2.4 | % | |||||||||||
|
|
|
|
|||||||||||
TURKEY (0.8%) |
||||||||||||||
Other Securities | 1,378,822 | 0.8 | % | |||||||||||
|
|
|
|
|||||||||||
UNITED ARAB EMIRATES (0.6%) |
||||||||||||||
Other Securities | 1,000,223 | 0.6 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL COMMON STOCKS |
166,909,130 | 98.1 | % | |||||||||||
|
|
|
|
|||||||||||
PREFERRED STOCKS (0.7%) |
||||||||||||||
BRAZIL (0.7%) |
||||||||||||||
Gerdau SA | 158,000 | 600,559 | 0.4 | % | ||||||||||
Other Securities | 512,598 | 0.3 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL BRAZIL |
1,113,157 | 0.7 | % | |||||||||||
|
|
|
|
|||||||||||
RIGHTS/WARRANTS (0.0%) |
||||||||||||||
MALAYSIA (0.0%) |
||||||||||||||
Other Security | 10,032 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
SOUTH KOREA (0.0%) |
||||||||||||||
Other Securities | 37,820 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TAIWAN (0.0%) |
||||||||||||||
Other Securities | 236 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
THAILAND (0.0%) |
||||||||||||||
Other Security | 1,380 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL RIGHTS/WARRANTS |
49,468 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENT SECURITIES |
168,071,755 | |||||||||||||
|
|
|||||||||||||
Value | ||||||||||||||
SECURITIES LENDING COLLATERAL (1.2%) |
||||||||||||||
@§ |
The DFA Short Term Investment Fund | 176,015 | 2,036,669 | 1.2 | % | |||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENTS(100.0%) |
$ | 170,108,424 | 100.0 | % | ||||||||||
|
|
|
|
89
EMERGING MARKETS TARGETED VALUE PORTFOLIO
CONTINUED
As of October 31, 2020, Emerging Markets Targeted Value Portfolio had entered into the following outstanding futures contracts:
Description |
Number of Contracts |
Expiration Date |
Notional Value |
Market Value |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
Long Position Contracts: |
||||||||||||||||||||
S&P 500® Emini Index |
8 | 12/18/20 | $ | 1,318,841 | $ | 1,305,880 | $ | (12,961 | ) | |||||||||||
|
|
|
|
|
|
|||||||||||||||
Total Futures Contracts |
$ | 1,318,841 | $ | 1,305,880 | $ | (12,961 | ) | |||||||||||||
|
|
|
|
|
|
Summary of the Portfolios investments as of October 31, 2020, 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 |
$ | 5,161,334 | | | $ | 5,161,334 | ||||||||||
Chile |
4,572 | $ | 764,112 | | 768,684 | |||||||||||
China |
4,263,802 | 45,264,151 | | 49,527,953 | ||||||||||||
Colombia |
289,843 | | | 289,843 | ||||||||||||
Greece |
| 323,777 | | 323,777 | ||||||||||||
Hong Kong |
90,440 | 293,643 | | 384,083 | ||||||||||||
India |
| 19,222,429 | | 19,222,429 | ||||||||||||
Indonesia |
| 2,620,907 | | 2,620,907 | ||||||||||||
Malaysia |
| 3,545,043 | | 3,545,043 | ||||||||||||
Mexico |
4,155,779 | | | 4,155,779 | ||||||||||||
Philippines |
| 1,384,232 | | 1,384,232 | ||||||||||||
Poland |
| 1,161,459 | | 1,161,459 | ||||||||||||
Qatar |
| 1,556,675 | | 1,556,675 | ||||||||||||
Russia |
990,167 | 119,292 | | 1,109,459 | ||||||||||||
Saudi Arabia |
| 4,233,028 | | 4,233,028 | ||||||||||||
South Africa |
444,141 | 5,726,376 | | 6,170,517 | ||||||||||||
South Korea |
234,645 | 27,382,548 | | 27,617,193 | ||||||||||||
Taiwan |
| 31,187,578 | | 31,187,578 | ||||||||||||
Thailand |
4,110,112 | | | 4,110,112 | ||||||||||||
Turkey |
| 1,378,822 | | 1,378,822 | ||||||||||||
United Arab Emirates |
| 1,000,223 | | 1,000,223 | ||||||||||||
Preferred Stocks |
||||||||||||||||
Brazil |
1,113,157 | | | 1,113,157 | ||||||||||||
Rights/Warrants |
||||||||||||||||
Malaysia |
| 10,032 | | 10,032 | ||||||||||||
South Korea |
| 37,820 | | 37,820 | ||||||||||||
Taiwan |
| 236 | | 236 | ||||||||||||
Thailand |
| 1,380 | | 1,380 | ||||||||||||
Securities Lending Collateral |
| 2,036,669 | | 2,036,669 | ||||||||||||
Futures Contracts** |
(12,961 | ) | | | (12,961 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 20,845,031 | $ | 149,250,432 | | $ | 170,095,463 | |||||||||
|
|
|
|
|
|
|
|
** | Valued at the unrealized appreciation/(depreciation) on the investment. |
See accompanying Notes to Financial Statements.
90
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2020
(Amounts in thousands, except share and per share amounts)
Large Cap International Portfolio* |
International Core Equity Portfolio* |
Global Small Company Portfolio |
International Small Company Portfolio |
|||||||||||||
ASSETS: |
||||||||||||||||
Investments in Affiliated Investment Companies at Value |
| | $ | 43,714 | $ | 10,080,777 | ||||||||||
Investment Securities at Value (including $180,359, $1,243,693, $0 and $0 of securities on loan, respectively) |
$ | 4,652,658 | $ | 24,749,144 | | | ||||||||||
Collateral from Securities on Loan Invested in Affiliate at Value (including cost of |
||||||||||||||||
$174,326, $1,094,757, $0 and $0, respectively) |
174,366 | 1,094,988 | | | ||||||||||||
Segregated Cash for Futures Contracts |
3,204 | 7,824 | | 5,700 | ||||||||||||
Foreign Currencies at Value |
18,966 | 38,325 | | | ||||||||||||
Cash |
| 47,030 | 28 | 73,447 | ||||||||||||
Receivables: |
||||||||||||||||
Investment Securities Sold |
35,585 | 52,599 | | | ||||||||||||
Dividends, Interest and Tax Reclaims |
16,574 | 81,077 | | | ||||||||||||
Securities Lending Income |
66 | 1,650 | | | ||||||||||||
Fund Shares Sold |
3,879 | 16,182 | 2 | 3,735 | ||||||||||||
Due from Advisor |
| | 2 | | ||||||||||||
Futures Margin Variation |
| 5,794 | | | ||||||||||||
Unrealized Gain on Foreign Currency Contracts |
23 | 56 | | | ||||||||||||
Prepaid Expenses and Other Assets |
65 | 330 | 12 | 109 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Assets |
4,905,386 | 26,094,999 | 43,758 | 10,163,768 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES: |
||||||||||||||||
Payables: |
||||||||||||||||
Due to Custodian |
64 | | | | ||||||||||||
Upon Return of Securities Loaned |
174,377 | 1,094,979 | | | ||||||||||||
Investment Securities Purchased |
| 119 | | | ||||||||||||
Fund Shares Redeemed |
22,776 | 25,069 | 166 | 10,268 | ||||||||||||
Due to Advisor |
765 | 5,954 | | 3,448 | ||||||||||||
Line of Credit |
4,045 | | | | ||||||||||||
Futures Margin Variation |
2,100 | | | 893 | ||||||||||||
Accrued Expenses and Other Liabilities |
771 | 3,317 | 24 | 1,027 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Liabilities |
204,898 | 1,129,438 | 190 | 15,636 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 4,700,488 | $ | 24,965,561 | $ | 43,568 | $ | 10,148,132 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: |
||||||||||||||||
Institutional Class Shares based on net assets of $4,700,488; $24,965,561; $43,568 and $10,148,132 and shares outstanding of 224,874,880, 2,066,025,729, 4,149,085 and 602,694,748, respectively |
$ | 20.90 | $ | 12.08 | $ | 10.50 | $ | 16.84 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NUMBER OF SHARES AUTHORIZED |
1,500,000,000 | 7,000,000,000 | 100,000,000 | 3,000,000,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Investments in Affiliated Investment Companies at Cost |
$ | | $ | | $ | 43,970 | N/A | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Investment Securities at Cost |
$ | 3,983,423 | $ | 23,838,375 | N/A | N/A | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Foreign Currencies at Cost |
$ | 19,269 | $ | 38,291 | $ | | $ | | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||
Paid-In Capital |
$ | 4,518,548 | $ | 25,612,369 | $ | 43,731 | $ | 10,259,277 | ||||||||
Total Distributable Earnings (Loss) |
181,940 | (646,808 | ) | (163 | ) | (111,145 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 4,700,488 | $ | 24,965,561 | $ | 43,568 | $ | 10,148,132 | ||||||||
|
|
|
|
|
|
|
|
* | See Note K in the Notes to Financial Statements for additional information about securities lending collateral. |
See accompanying Notes to Financial Statements.
91
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2020
(Amounts in thousands, except share and per share amounts)
Japanese Small Company Portfolio |
Asia Pacific Small Company Portfolio |
United Kingdom Small Company Portfolio |
Continental Small Company Portfolio |
|||||||||||||
ASSETS: |
||||||||||||||||
Investments in Affiliated Investment Companies at Value |
$ | 467,034 | $ | 378,864 | $ | 16,893 | $ | 539,125 | ||||||||
Receivables: |
||||||||||||||||
Fund Shares Sold |
| | | 1 | ||||||||||||
Due from Advisor |
| | 2 | | ||||||||||||
Prepaid Expenses and Other Assets |
10 | 10 | 8 | 10 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Assets |
467,044 | 378,874 | 16,903 | 539,136 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES: |
||||||||||||||||
Payables: |
||||||||||||||||
Fund Shares Redeemed |
139 | 19 | 8 | 1,137 | ||||||||||||
Due to Advisor |
150 | 123 | | 181 | ||||||||||||
Accrued Expenses and Other Liabilities |
59 | 50 | 28 | 74 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Liabilities |
348 | 192 | 36 | 1,392 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 466,696 | $ | 378,682 | $ | 16,867 | $ | 537,744 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: |
||||||||||||||||
Institutional Class Shares based on net assets of $466,696; $378,682; $16,867 and $537,744 and shares outstanding of 19,948,861, 18,810,861, 789,972 and 22,576,468, respectively |
$ | 23.39 | $ | 20.13 | $ | 21.35 | $ | 23.82 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NUMBER OF SHARES AUTHORIZED |
1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||
Paid-In Capital |
$ | 421,285 | $ | 412,169 | $ | 19,287 | $ | 543,778 | ||||||||
Total Distributable Earnings (Loss) |
45,411 | (33,487 | ) | (2,420 | ) | (6,034 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 466,696 | $ | 378,682 | $ | 16,867 | $ | 537,744 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements.
92
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2020
(Amounts in thousands, except share and per share amounts)
DFA International Real Estate Securities Portfolio* |
DFA Global Real Estate Securities Portfolio* |
DFA International Small Cap Value Portfolio* |
International Vector Equity Portfolio* |
|||||||||||||
ASSETS: |
||||||||||||||||
Investments in Affiliated Investment Companies at Value |
| $ | 3,308,774 | | | |||||||||||
Investment Securities at Value (including $481,790, $70,201, $478,832 and $142,360 of securities on loan, respectively) |
$ | 4,578,537 | 3,905,683 | $ | 9,707,384 | $ | 2,704,898 | |||||||||
Collateral from Securities on Loan Invested in Affiliate at Value (including cost of $379,316, $72,140, $419,690 and $123,749, respectively) |
379,347 | 72,156 | 419,762 | 123,777 | ||||||||||||
Segregated Cash for Futures Contracts |
2,244 | | 9,451 | | ||||||||||||
Foreign Currencies at Value |
34,663 | | 89,069 | 5,177 | ||||||||||||
Cash |
237 | 7,863 | 41,083 | 2,194 | ||||||||||||
Receivables: |
||||||||||||||||
Investment Securities Sold |
7,754 | 3,828 | 19,219 | 404 | ||||||||||||
Dividends, Interest and Tax Reclaims |
27,086 | 2,389 | 47,944 | 9,741 | ||||||||||||
Securities Lending Income |
628 | 176 | 1,315 | 237 | ||||||||||||
Fund Shares Sold |
1,217 | 9,548 | 3,486 | 4,615 | ||||||||||||
Unrealized Gain on Foreign Currency Contracts |
57 | | 5 | 2 | ||||||||||||
Prepaid Expenses and Other Assets |
23 | 78 | 157 | 94 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Assets |
5,031,793 | 7,310,495 | 10,338,875 | 2,851,139 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES: |
||||||||||||||||
Payables: |
||||||||||||||||
Upon Return of Securities Loaned |
379,377 | 72,198 | 419,715 | 123,757 | ||||||||||||
Investment Securities Purchased |
152 | 5,611 | 9,010 | 1,432 | ||||||||||||
Fund Shares Redeemed |
3,417 | 5,766 | 13,843 | 1,601 | ||||||||||||
Due to Advisor |
998 | 670 | 5,290 | 1,017 | ||||||||||||
Futures Margin Variation |
351 | | 1,346 | | ||||||||||||
Unrealized Loss on Foreign Currency Contracts |
| | 23 | 1 | ||||||||||||
Accrued Expenses and Other Liabilities |
650 | 425 | 1,720 | 472 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Liabilities |
384,945 | 84,670 | 450,947 | 128,280 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 4,646,848 | $ | 7,225,825 | $ | 9,887,928 | $ | 2,722,859 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: |
||||||||||||||||
Institutional Class Shares based on net assets of $4,646,848; $7,225,825; $9,887,928 and $2,722,859 and shares outstanding of 1,231,582,504, 755,186,998, 631,709,141 and 261,255,076, respectively |
$ | 3.77 | $ | 9.57 | $ | 15.65 | $ | 10.42 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NUMBER OF SHARES AUTHORIZED |
4,000,000,000 | 3,000,000,000 | 4,600,000,000 | 1,500,000,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Investments in Affiliated Investment Companies at Cost |
$ | | $ | 3,643,637 | $ | | $ | | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Investment Securities at Cost |
$ | 5,115,107 | $ | 3,882,717 | $ | 10,743,879 | $ | 2,586,114 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Foreign Currencies at Cost |
$ | 34,867 | $ | | $ | 89,522 | $ | 5,210 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||
Paid-In Capital |
$ | 6,240,332 | $ | 7,551,934 | $ | 11,377,832 | $ | 2,723,191 | ||||||||
Total Distributable Earnings (Loss) |
(1,593,484 | ) | (326,109 | ) | (1,489,904 | ) | (332 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 4,646,848 | $ | 7,225,825 | $ | 9,887,928 | $ | 2,722,859 | ||||||||
|
|
|
|
|
|
|
|
* | See Note K in the Notes to Financial Statements for additional information about securities lending collateral. |
See accompanying Notes to Financial Statements.
93
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2020
(Amounts in thousands, except share and per share amounts)
International High Relative Profitability Portfolio* |
World ex U.S. Value Portfolio |
World ex U.S. Core Equity Portfolio* |
||||||||||
ASSETS: |
||||||||||||
Investments in Affiliated Investment Companies at Value |
| $ | 206,867 | | ||||||||
Investment Securities at Value (including $56,196, $0 and $149,396 of securities on loan, respectively) |
$ | 1,458,933 | | $ | 3,179,109 | |||||||
Collateral from Securities on Loan Invested in Affiliate at Value (including cost of $48,090, $0 and $119,067, respectively) |
48,097 | | 119,096 | |||||||||
Segregated Cash for Futures Contracts |
840 | | 1,236 | |||||||||
Foreign Currencies at Value |
471 | | 24,251 | |||||||||
Cash |
10,512 | 107 | 54 | |||||||||
Receivables: |
||||||||||||
Investment Securities Sold |
2,975 | | 8,486 | |||||||||
Dividends, Interest and Tax Reclaims |
3,489 | | 8,984 | |||||||||
Securities Lending Income |
18 | | 202 | |||||||||
Fund Shares Sold |
4,899 | 17 | 1,337 | |||||||||
Futures Margin Variation |
| | 370 | |||||||||
Unrealized Gain on Foreign Currency Contracts |
5 | | 9 | |||||||||
Prepaid Expenses and Other Assets |
52 | 16 | 70 | |||||||||
|
|
|
|
|
|
|||||||
Total Assets |
1,530,291 | 207,007 | 3,343,204 | |||||||||
|
|
|
|
|
|
|||||||
LIABILITIES: |
||||||||||||
Payables: |
||||||||||||
Upon Return of Securities Loaned |
48,092 | | 119,101 | |||||||||
Investment Securities Purchased |
5,388 | | 39 | |||||||||
Fund Shares Redeemed |
591 | 3 | 12,390 | |||||||||
Due to Advisor |
319 | 56 | 828 | |||||||||
Futures Margin Variation |
402 | | | |||||||||
Unrealized Loss on Foreign Currency Contracts |
5 | | 2 | |||||||||
Accrued Expenses and Other Liabilities |
149 | 33 | 607 | |||||||||
|
|
|
|
|
|
|||||||
Total Liabilities |
54,946 | 92 | 132,967 | |||||||||
|
|
|
|
|
|
|||||||
NET ASSETS. |
$ | 1,475,345 | $ | 206,915 | $ | 3,210,237 | ||||||
|
|
|
|
|
|
|||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: |
||||||||||||
Institutional Class Shares based on net assets of $1,475,345; $206,915 and $3,210,237 and shares outstanding of 138,693,765, 23,012,639 and 307,414,469, respectively |
$ | 10.64 | $ | 8.99 | $ | 10.44 | ||||||
|
|
|
|
|
|
|||||||
NUMBER OF SHARES AUTHORIZED |
500,000,000 | 1,000,000,000 | 1,500,000,000 | |||||||||
|
|
|
|
|
|
|||||||
Investments in Affiliated Investment Companies at Cost |
$ | | $ | 233,103 | $ | | ||||||
|
|
|
|
|
|
|||||||
Investment Securities at Cost |
$ | 1,366,850 | N/A | $ | 3,168,410 | |||||||
|
|
|
|
|
|
|||||||
Foreign Currencies at Cost |
$ | 474 | $ | | $ | 24,155 | ||||||
|
|
|
|
|
|
|||||||
NET ASSETS CONSIST OF: |
||||||||||||
Paid-In Capital |
$ | 1,407,883 | $ | 252,952 | $ | 3,327,399 | ||||||
Total Distributable Earnings (Loss) |
67,462 | (46,037 | ) | (117,162 | ) | |||||||
|
|
|
|
|
|
|||||||
NET ASSETS |
$ | 1,475,345 | $ | 206,915 | $ | 3,210,237 | ||||||
|
|
|
|
|
|
* | See Note K in the Notes to Financial Statements for additional information about securities lending collateral. |
See accompanying Notes to Financial Statements.
94
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2020
(Amounts in thousands, except share and per share amounts)
World Core Equity Portfolio |
Selectively Hedged Global Equity Portfolio |
Emerging Markets Portfolio |
Emerging Markets Small Cap Portfolio |
|||||||||||||
ASSETS: |
||||||||||||||||
Investments in Affiliated Investment Companies at Value |
$ | 769,008 | $ | 285,284 | $ | 5,657,882 | $ | 4,901,221 | ||||||||
Temporary Cash Investments at Value & Cost |
671 | | | | ||||||||||||
Segregated Cash for Futures Contracts |
| 252 | | | ||||||||||||
Cash |
| 3,208 | | | ||||||||||||
Receivables: |
||||||||||||||||
Fund Shares Sold |
268 | 59 | 4,172 | 1,053 | ||||||||||||
Unrealized Gain on Forward Currency Contracts |
| 400 | | | ||||||||||||
Prepaid Expenses and Other Assets |
38 | 17 | 95 | 32 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Assets |
769,985 | 289,220 | 5,662,149 | 4,902,306 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES: |
||||||||||||||||
Payables: |
||||||||||||||||
Fund Shares Redeemed |
293 | 443 | 8,034 | 20,378 | ||||||||||||
Due to Advisor |
26 | 9 | 1,323 | 1,714 | ||||||||||||
Futures Margin Variation |
| 40 | | | ||||||||||||
Unrealized Loss on Forward Currency Contracts |
| 173 | | | ||||||||||||
Accrued Expenses and Other Liabilities |
64 | 46 | 434 | 481 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Liabilities |
383 | 711 | 9,791 | 22,573 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 769,602 | $ | 288,509 | $ | 5,652,358 | $ | 4,879,733 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: |
||||||||||||||||
Institutional Class Shares based on net assets of $769,602; $288,509; $5,652,358 and $4,879,733 and shares outstanding of 47,252,450, 17,797,160, 204,524,442 and 248,118,362, respectively |
$ | 16.29 | $ | 16.21 | $ | 27.64 | $ | 19.67 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NUMBER OF SHARES AUTHORIZED |
1,000,000,000 | 1,000,000,000 | 1,500,000,000 | 1,500,000,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Investments in Affiliated Investment Companies at Cost |
$ | 645,866 | $ | 220,791 | N/A | N/A | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||
Paid-In Capital |
$ | 669,688 | $ | 223,786 | $ | 4,033,669 | $ | 5,073,491 | ||||||||
Total Distributable Earnings (Loss) |
99,914 | 64,723 | 1,618,689 | (193,758 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 769,602 | $ | 288,509 | $ | 5,652,358 | $ | 4,879,733 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements.
95
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2020
(Amounts in thousands, except share and per share amounts)
Emerging Markets Value Portfolio |
Emerging Markets Core Equity Portfolio* |
Emerging Markets Targeted Value Portfolio* |
||||||||||
ASSETS: |
||||||||||||
Investments in Affiliated Investment Companies at Value |
$ | 12,662,142 | | | ||||||||
Investment Securities at Value (including $0, $966,030 and $3,055 of securities on loan, respectively) |
| $ | 24,610,556 | $ | 168,072 | |||||||
Collateral from Securities on Loan Invested in Affiliate at Value (including cost of $0, $447,244 and $2,037, respectively) |
| 447,352 | 2,037 | |||||||||
Segregated Cash for Futures Contracts |
| 10,860 | 96 | |||||||||
Foreign Currencies at Value |
| 102,117 | 1,091 | |||||||||
Cash |
| 33,001 | 816 | |||||||||
Receivables: |
||||||||||||
Investment Securities/Affiliated Investment Companies Sold |
| 30,723 | 262 | |||||||||
Dividends and Interest |
| 29,511 | 145 | |||||||||
Securities Lending Income |
| 2,088 | 7 | |||||||||
Fund Shares Sold |
2,383 | 14,262 | 81 | |||||||||
Prepaid Expenses and Other Assets |
80 | 182 | 23 | |||||||||
|
|
|
|
|
|
|||||||
Total Assets |
12,664,605 | 25,280,652 | 172,630 | |||||||||
|
|
|
|
|
|
|||||||
LIABILITIES: |
||||||||||||
Payables: |
||||||||||||
Upon Return of Securities Loaned |
| 447,327 | 2,037 | |||||||||
Investment Securities/Affiliated Investment Companies Purchased |
| 2,919 | 219 | |||||||||
Fund Shares Redeemed |
50,035 | 18,851 | 30 | |||||||||
Due to Advisor |
3,864 | 9,064 | 54 | |||||||||
Futures Margin Variation |
| | 14 | |||||||||
Unrealized Loss on Foreign Currency Contracts |
| 36 | | |||||||||
Deferred Taxes Payable |
| 17,448 | | |||||||||
Accrued Expenses and Other Liabilities |
1,217 | 4,307 | 113 | |||||||||
|
|
|
|
|
|
|||||||
Total Liabilities |
55,116 | 499,952 | 2,467 | |||||||||
|
|
|
|
|
|
|||||||
NET ASSETS |
$ | 12,609,489 | $ | 24,780,700 | $ | 170,163 | ||||||
|
|
|
|
|
|
|||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: |
||||||||||||
Class R2 Shares based on net assets of $12,587; $0 and $0 and shares outstanding of 529,311, 0 and 0, respectively |
$ | 23.78 | N/A | N/A | ||||||||
|
|
|
|
|
|
|||||||
NUMBER OF SHARES AUTHORIZED |
200,000,000 | N/A | N/A | |||||||||
|
|
|
|
|
|
|||||||
Institutional Class Shares based on net assets of $12,596,902; $24,780,700 and $170,163 and shares outstanding of 526,429,836, 1,218,268,057 and 17,519,628, respectively |
$ | 23.93 | $ | 20.34 | $ | 9.71 | ||||||
|
|
|
|
|
|
|||||||
NUMBER OF SHARES AUTHORIZED |
3,000,000,000 | 5,000,000,000 | 500,000,000 | |||||||||
|
|
|
|
|
|
|||||||
Investment Securities at Cost |
N/A | $ | 20,614,696 | $ | 164,921 | |||||||
|
|
|
|
|
|
|||||||
Foreign Currencies at Cost |
$ | | $ | 102,149 | $ | 1,076 | ||||||
|
|
|
|
|
|
|||||||
NET ASSETS CONSIST OF: |
||||||||||||
Paid-In Capital |
$ | 15,407,034 | $ | 23,617,832 | $ | 164,016 | ||||||
Total Distributable Earnings (Loss) |
(2,797,545 | ) | 1,162,868 | 6,147 | ||||||||
|
|
|
|
|
|
|||||||
NET ASSETS |
$ | 12,609,489 | $ | 24,780,700 | $ | 170,163 | ||||||
|
|
|
|
|
|
* | See Note K in the Notes to Financial Statements for additional information about securities lending collateral. |
See accompanying Notes to Financial Statements.
96
DFA INVESTMENT DIMENSIONS GROUP INC.
FOR THE YEAR ENDED OCTOBER 31, 2020
(Amounts in thousands)
Large Cap International Portfolio# |
International Core Equity Portfolio# |
Global Small Company Portfolio* |
International Small Company Portfolio* |
|||||||||||||
Investment Income |
||||||||||||||||
Net Investment Income Allocated from Affiliated Investment Companies |
||||||||||||||||
Dividends (Net of Foreign Taxes Withheld of $0, $0, $44 and $23,526, respectively) |
| | $ | 440 | $ | 258,942 | ||||||||||
Income from Securities Lending |
| | 45 | 20,089 | ||||||||||||
Expenses Allocated from Affiliated Investment Companies |
| | (29 | ) | (13,509 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income Distributions Received from Affiliated Investment Companies |
| | 244 | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Net Investment Income Allocated and/or Distributions Received from Affiliated Investment Companies |
| | 700 | 265,522 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fund Investment Income |
||||||||||||||||
Dividends (Net of Foreign Taxes Withheld of $12,483, $62,878, $0 and $0, respectively) |
$ | 126,806 | $ | 663,032 | | | ||||||||||
Income from Securities Lending |
2,393 | 26,012 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Fund Investment Income |
129,199 | 689,044 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fund Expenses |
||||||||||||||||
Investment Management Fees |
9,541 | 68,181 | 180 | 43,408 | ||||||||||||
Accounting & Transfer Agent Fees |
913 | 4,754 | 19 | 1,452 | ||||||||||||
Custodian Fees |
377 | 1,492 | 2 | 2 | ||||||||||||
Filing Fees |
140 | 712 | 23 | 177 | ||||||||||||
Shareholders Reports |
208 | 754 | 13 | 528 | ||||||||||||
Directors/Trustees Fees & Expenses |
42 | 215 | | 88 | ||||||||||||
Professional Fees |
117 | 706 | | 51 | ||||||||||||
Previously Waived Fees Recovered by Advisor (Note C) |
| 3,676 | | | ||||||||||||
Other |
202 | 1,085 | 2 | 76 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Fund Expenses |
11,540 | 81,575 | 239 | 45,782 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fees Waived, Expenses Reimbursed by Advisor (Note C) |
| 183 | 155 | | ||||||||||||
Fees Paid Indirectly (Note C) |
277 | 1,078 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Expenses |
11,263 | 80,314 | 84 | 45,782 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Investment Income (Loss) |
117,936 | 608,730 | 616 | 219,740 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Realized and Unrealized Gain (Loss) |
||||||||||||||||
Capital Gain Distributions Received from Investment Securities |
| | 535 | | ||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||
Investment Securities Sold** |
(380,110 | ) | (1,030,907 | ) | | | ||||||||||
Affiliated Investment Companies Shares Sold |
(71 | ) | (170 | ) | (712 | ) | | |||||||||
Transactions Allocated from Affiliated Investment Company** |
| | (193 | ) | (279,498 | ) | ||||||||||
Futures |
16,935 | 86,315 | 18 | 13,320 | ||||||||||||
Foreign Currency Transactions |
4,070 | 5,368 | | | ||||||||||||
Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||
Investment Securities and Foreign Currency |
(141,807 | ) | (1,938,314 | ) | 9 | | ||||||||||
Affiliated Investment Companies Shares |
27 | 97 | (202 | ) | | |||||||||||
Transactions Allocated from Affiliated Investment Company |
| | (79 | ) | (573,955 | ) | ||||||||||
Futures |
(1,346 | ) | (6,655 | ) | | (2,575 | ) | |||||||||
Translation of Foreign Currency-Denominated Amounts |
207 | 640 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Realized and Unrealized Gain (Loss) |
(502,095 | ) | (2,883,626 | ) | (624 | ) | (842,708 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | (384,159 | ) | $ | (2,274,896 | ) | $ | (8 | ) | $ | (622,968 | ) | ||||
|
|
|
|
|
|
|
|
** | Net of foreign capital gain taxes withheld of $0, $0, $0 and $0, respectively. |
* | Investment Income and Realized and Unrealized Gain (Loss) were allocated from the Portfolios Master Fund (Affiliated Investment Company). |
# | Portion of income is from investment in affiliated fund. |
See accompanying Notes to Financial Statements.
97
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2020
(Amounts in thousands)
Japanese Small Company Portfolio* |
Asia Pacific Small Company Portfolio* |
United Kingdom Small Company Portfolio* |
Continental Small Company Portfolio* |
|||||||||||||
Investment Income |
||||||||||||||||
Net Investment Income Allocated from Affiliated Investment Companies |
||||||||||||||||
Dividends (Net of Foreign Taxes Withheld of $1,221, $152, $5 and $1,610, respectively) |
$ | 11,002 | $ | 13,793 | $ | 487 | $ | 11,560 | ||||||||
Income from Securities Lending |
687 | 904 | 7 | 1,319 | ||||||||||||
Expenses Allocated from Affiliated Investment Companies |
(641 | ) | (413 | ) | (23 | ) | (702 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Net Investment Income Allocated and/or Distributions Received from Affiliated Investment Companies |
11,048 | 14,284 | 471 | 12,177 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fund Expenses |
||||||||||||||||
Investment Management Fees |
2,467 | 1,578 | 97 | 2,791 | ||||||||||||
Accounting & Transfer Agent Fees |
103 | 77 | 16 | 126 | ||||||||||||
Filing Fees |
28 | 29 | 18 | 53 | ||||||||||||
Shareholders Reports |
15 | 13 | 12 | 17 | ||||||||||||
Directors/Trustees Fees & Expenses |
6 | 3 | | 4 | ||||||||||||
Professional Fees |
2 | 1 | 3 | 3 | ||||||||||||
Previously Waived Fees Recovered by Advisor (Note C) |
| | 2 | | ||||||||||||
Other |
4 | 3 | 1 | 7 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Fund Expenses |
2,625 | 1,704 | 149 | 3,001 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fees Waived, Expenses Reimbursed by Advisor (Note C) |
513 | 329 | 55 | 580 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Expenses |
2,112 | 1,375 | 94 | 2,421 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Investment Income (Loss) |
8,936 | 12,909 | 377 | 9,756 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Realized and Unrealized Gain (Loss) |
||||||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||
Transactions Allocated from Affiliated Investment Company** |
(2,944 | ) | (3,570 | ) | 78 | (23,161 | ) | |||||||||
Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||
Transactions Allocated from Affiliated Investment Company |
(15,236 | ) | 1,830 | (3,815 | ) | (31,479 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Realized and Unrealized Gain (Loss) |
(18,180 | ) | (1,740 | ) | (3,737 | ) | (54,640 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | (9,244 | ) | $ | 11,169 | $ | (3,360 | ) | $ | (44,884 | ) | |||||
|
|
|
|
|
|
|
|
** | Net of foreign capital gain taxes withheld of $0, $0, $0 and $0, respectively. |
* | Investment Income and Realized and Unrealized Gain (Loss) were allocated from the Portfolios Master Fund (Affiliated Investment Company). |
See accompanying Notes to Financial Statements.
98
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2020
(Amounts in thousands)
DFA International Real Estate Securities Portfolio# |
DFA Global Real Estate Securities Portfolio# |
DFA International Small Cap Value Portfolio# |
International Vector Equity Portfolio# |
|||||||||||||
Investment Income |
||||||||||||||||
Net Investment Income Allocated from Affiliated Investment Companies |
||||||||||||||||
Income Distributions Received from Affiliated Investment Companies |
| $ | 399,313 | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Net Investment Income Allocated and/or Distributions Received from Affiliated Investment Companies |
| 399,313 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fund Investment Income |
||||||||||||||||
Dividends (Net of Foreign Taxes Withheld of $25,562, $0, $24,799 and $6,812, respectively) |
$ | 199,050 | 123,152 | $ | 286,462 | $ | 68,720 | |||||||||
Income from Securities Lending |
4,895 | 1,046 | 14,772 | 3,560 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Fund Investment Income |
203,945 | 124,198 | 301,234 | 72,280 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fund Expenses |
||||||||||||||||
Investment Management Fees |
12,837 | 15,944 | 69,790 | 11,621 | ||||||||||||
Accounting & Transfer Agent Fees |
653 | 1,037 | 1,972 | 585 | ||||||||||||
Custodian Fees |
408 | 34 | 730 | 341 | ||||||||||||
Filing Fees |
60 | 182 | 196 | 120 | ||||||||||||
Shareholders Reports |
162 | 432 | 522 | 119 | ||||||||||||
Directors/Trustees Fees & Expenses |
41 | 62 | 90 | 23 | ||||||||||||
Professional Fees |
118 | 61 | 293 | 78 | ||||||||||||
Previously Waived Fees Recovered by Advisor (Note C) |
| 104 | | | ||||||||||||
Other |
135 | 83 | 506 | 124 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Fund Expenses |
14,414 | 17,939 | 74,099 | 13,011 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fees Waived, Expenses Reimbursed by Advisor (Note C) |
| 8,120 | | | ||||||||||||
Fees Paid Indirectly (Note C) |
500 | 7 | 925 | 197 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Expenses |
13,914 | 9,812 | 73,174 | 12,814 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Investment Income (Loss) |
190,031 | 513,699 | 228,060 | 59,466 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Realized and Unrealized Gain (Loss) |
||||||||||||||||
Capital Gain Distributions Received from Investment Securities |
| 1,750 | | | ||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||
Investment Securities Sold** |
(107,519 | ) | (42,440 | ) | (411,850 | ) | (76,225 | ) | ||||||||
Affiliated Investment Companies Shares Sold |
(33 | ) | 22,534 | (2 | ) | (7 | ) | |||||||||
Futures |
21,374 | (362 | ) | 35,047 | (8,170 | ) | ||||||||||
Foreign Currency Transactions |
1,329 | | 6,447 | 296 | ||||||||||||
Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||
Investment Securities and Foreign Currency |
(1,553,230 | ) | (868,809 | ) | (1,526,362 | ) | (125,231 | ) | ||||||||
Affiliated Investment Companies Shares |
14 | (1,432,797 | ) | (8 | ) | 15 | ||||||||||
Futures |
(2,070 | ) | | (7,947 | ) | | ||||||||||
Translation of Foreign Currency-Denominated Amounts |
310 | | (289 | ) | 132 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Realized and Unrealized Gain (Loss) |
(1,639,825 | ) | (2,320,124 | ) | (1,904,964 | ) | (209,190 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | (1,449,794 | ) | $ | (1,806,425 | ) | $ | (1,676,904 | ) | $ | (149,724 | ) | ||||
|
|
|
|
|
|
|
|
** | Net of foreign capital gain taxes withheld of $0, $0, $0 and $0, respectively. |
# | Portion of income is from investment in affiliated fund. |
See accompanying Notes to Financial Statements.
99
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2020
(Amounts in thousands)
International High Relative Profitability Portfolio# |
World ex U.S. Value Portfolio* |
World ex U.S. Core Equity Portfolio# |
||||||||||
Investment Income |
||||||||||||
Net Investment Income Allocated from Affiliated Investment Companies |
||||||||||||
Dividends (Net of Foreign Taxes Withheld of $0, $793 and $0, respectively) |
| $ | 6,655 | | ||||||||
Income from Securities Lending |
| 128 | | |||||||||
Expenses Allocated from Affiliated Investment Companies |
| (418 | ) | | ||||||||
|
|
|
|
|
|
|||||||
Income Distributions Received from Affiliated Investment Companies |
| 465 | | |||||||||
|
|
|
|
|
|
|||||||
Total Net Investment Income Allocated and/or Distributions Received from Affiliated Investment Companies |
| 6,830 | | |||||||||
|
|
|
|
|
|
|||||||
Fund Investment Income |
||||||||||||
Dividends (Net of Foreign Taxes Withheld of $2,175, $0 and $9,075, respectively) |
$ | 22,430 | | $ | 86,930 | |||||||
Income from Securities Lending |
348 | | 3,106 | |||||||||
|
|
|
|
|
|
|||||||
Total Fund Investment Income |
22,778 | | 90,036 | |||||||||
|
|
|
|
|
|
|||||||
Fund Expenses |
||||||||||||
Investment Management Fees |
2,503 | 1,076 | 10,369 | |||||||||
Accounting & Transfer Agent Fees |
222 | 29 | 663 | |||||||||
Custodian Fees |
93 | | 658 | |||||||||
Filing Fees |
135 | 35 | 163 | |||||||||
Shareholders Reports |
61 | 16 | 139 | |||||||||
Directors/Trustees Fees & Expenses |
9 | 2 | 28 | |||||||||
Professional Fees |
20 | 4 | 117 | |||||||||
Previously Waived Fees Recovered by Advisor (Note C) |
25 | | | |||||||||
Other |
33 | 4 | 217 | |||||||||
|
|
|
|
|
|
|||||||
Total Fund Expenses |
3,101 | 1,166 | 12,354 | |||||||||
|
|
|
|
|
|
|||||||
Fees Waived, Expenses Reimbursed by Advisor (Note C) |
| 504 | | |||||||||
Fees Paid Indirectly (Note C) |
95 | | 144 | |||||||||
|
|
|
|
|
|
|||||||
Net Expenses |
3,006 | 662 | 12,210 | |||||||||
|
|
|
|
|
|
|||||||
Net Investment Income (Loss) |
19,772 | 6,168 | 77,826 | |||||||||
|
|
|
|
|
|
|||||||
Realized and Unrealized Gain (Loss) |
||||||||||||
Capital Gain Distributions Received from Investment Securities |
| 440 | | |||||||||
Net Realized Gain (Loss) on: |
||||||||||||
Investment Securities Sold** |
(18,047 | ) | | (110,980 | ) | |||||||
Affiliated Investment Companies Shares Sold |
(1 | ) | (1,457 | ) | (23 | ) | ||||||
Transactions Allocated from Affiliated Investment Company** |
| (14,842 | ) | | ||||||||
Futures |
3,996 | 100 | 13,484 | |||||||||
Foreign Currency Transactions |
(53 | ) | | 1,255 | ||||||||
Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||
Investment Securities and Foreign Currency |
56,853 | (42 | ) | (169,554 | ) | |||||||
Affiliated Investment Companies Shares |
5 | (3,499 | ) | 17 | ||||||||
Transactions Allocated from Affiliated Investment Company |
| (36,036 | ) | | ||||||||
Futures |
(145 | ) | | (598 | ) | |||||||
Translation of Foreign Currency-Denominated Amounts |
60 | | 101 | |||||||||
|
|
|
|
|
|
|||||||
Net Realized and Unrealized Gain (Loss) |
42,668 | (55,336 | ) | (266,298 | ) | |||||||
|
|
|
|
|
|
|||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 62,440 | $ | (49,168 | ) | $ | (188,472 | ) | ||||
|
|
|
|
|
|
** | Net of foreign capital gain taxes withheld of $0, $2 and $2, respectively. |
* | Investment Income and Realized and Unrealized Gain (Loss) were allocated from the Portfolios Master Fund (Affiliated Investment Company). |
# | Portion of income is from investment in affiliated fund. |
See accompanying Notes to Financial Statements.
100
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2020
(Amounts in thousands)
World Core Equity Portfolio |
Selectively Hedged Global Equity Portfolio |
Emerging Markets Portfolio* |
Emerging Markets Small Cap Portfolio* |
|||||||||||||
Investment Income |
||||||||||||||||
Net Investment Income Allocated from Affiliated Investment Companies |
||||||||||||||||
Dividends (Net of Foreign Taxes Withheld of $0, $0, $19,214 and $15,943, respectively) |
| $ | 37 | $ | 140,906 | $ | 135,517 | |||||||||
Interest |
| | 75 | 105 | ||||||||||||
Income from Securities Lending |
| | 3,277 | 23,638 | ||||||||||||
Expenses Allocated from Affiliated Investment Companies |
| | (7,908 | ) | (14,242 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income Distributions Received from Affiliated Investment Companies |
$ | 15,451 | 6,007 | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Net Investment Income Allocated and/or Distributions Received from Affiliated Investment Companies |
15,451 | 6,044 | 136,350 | 145,018 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fund Expenses |
||||||||||||||||
Investment Management Fees |
2,307 | 935 | 22,191 | 33,995 | ||||||||||||
Accounting & Transfer Agent Fees |
123 | 76 | 594 | 583 | ||||||||||||
Custodian Fees |
2 | 4 | | | ||||||||||||
Filing Fees |
52 | 29 | 111 | 148 | ||||||||||||
Shareholders Reports |
19 | 21 | 242 | 202 | ||||||||||||
Directors/Trustees Fees & Expenses |
6 | 2 | 48 | 43 | ||||||||||||
Professional Fees |
6 | 3 | 20 | 21 | ||||||||||||
Previously Waived Fees Recovered by Advisor (Note C) |
28 | | | | ||||||||||||
Other |
9 | 3 | 28 | 30 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Fund Expenses |
2,552 | 1,073 | 23,234 | 35,022 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fees Waived, Expenses Reimbursed by Advisor (Note C) |
2,008 | 818 | 5,732 | 10,976 | ||||||||||||
Fees Paid Indirectly (Note C) |
| 1 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Expenses |
544 | 254 | 17,502 | 24,046 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Investment Income (Loss) |
14,907 | 5,790 | 118,848 | 120,972 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Realized and Unrealized Gain (Loss) |
||||||||||||||||
Capital Gain Distributions Received from Affiliated Investment Companies |
8,146 | 4,097 | | | ||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||
Affiliated Investment Companies Shares Sold |
(19,813 | ) | (689 | ) | | | ||||||||||
Transactions Allocated from Affiliated Investment Company** |
| | 62,124 | (377,221 | ) | |||||||||||
Futures |
(122 | ) | 460 | | | |||||||||||
Forward Currency Contracts |
| (1,961 | ) | | | |||||||||||
Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||
Affiliated Investment Companies Shares |
3,079 | (13,537 | ) | | | |||||||||||
Transactions Allocated from Affiliated Investment Company |
| | 28,554 | 126,768 | ||||||||||||
Futures |
| (146 | ) | | | |||||||||||
Forward Currency Contracts |
| 710 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Realized and Unrealized Gain (Loss) |
(8,710 | ) | (11,066 | ) | 90,678 | (250,453 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 6,197 | $ | (5,276 | ) | $ | 209,526 | $ | (129,481 | ) | ||||||
|
|
|
|
|
|
|
|
** | Net of foreign capital gain taxes withheld of $0, $0, $0 and $162, respectively. |
* | Investment Income and Realized and Unrealized Gain (Loss) were allocated from the Portfolios Master Fund (Affiliated Investment Company). |
See accompanying Notes to Financial Statements.
101
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2020
(Amounts in thousands)
Emerging Markets Value Portfolio* |
Emerging Markets Core Equity Portfolio# |
Emerging Markets Targeted Value Portfolio# |
||||||||||
Investment Income |
||||||||||||
Net Investment Income Allocated from Affiliated Investment Companies |
||||||||||||
Dividends (Net of Foreign Taxes Withheld of $70,047, $0 and $0, respectively) |
$ | 486,364 | | | ||||||||
Interest |
180 | | | |||||||||
Income from Securities Lending |
10,339 | | | |||||||||
Expenses Allocated from Affiliated Investment Companies |
(21,766 | ) | | | ||||||||
|
|
|
|
|
|
|||||||
Total Net Investment Income Allocated and/or Distributions Received from Affiliated Investment Companies |
475,117 | | | |||||||||
|
|
|
|
|
|
|||||||
Fund Investment Income |
||||||||||||
Dividends (Net of Foreign Taxes Withheld of $0, $84,124 and $483, respectively) |
| $ | 656,963 | $ | 4,260 | |||||||
Income from Securities Lending |
1 | 32,055 | 66 | |||||||||
|
|
|
|
|
|
|||||||
Total Fund Investment Income |
1 | 689,018 | 4,326 | |||||||||
|
|
|
|
|
|
|||||||
Fund Expenses |
||||||||||||
Investment Management Fees |
68,528 | 112,638 | 923 | |||||||||
Accounting & Transfer Agent Fees |
1,116 | 4,061 | 41 | |||||||||
Custodian Fees |
| 6,823 | 132 | |||||||||
Shareholder Servicing Fees |
||||||||||||
Class R2 Shares |
55 | | | |||||||||
Filing Fees |
213 | 490 | 54 | |||||||||
Shareholders Reports |
386 | 886 | 38 | |||||||||
Directors/Trustees Fees & Expenses |
120 | 202 | 2 | |||||||||
Professional Fees |
71 | 682 | 14 | |||||||||
Organizational & Offering Costs |
| | 3 | |||||||||
Previously Waived Fees Recovered by Advisor (Note C) |
| | 32 | |||||||||
Other |
78 | 2,451 | 23 | |||||||||
|
|
|
|
|
|
|||||||
Total Fund Expenses |
70,567 | 128,233 | 1,262 | |||||||||
|
|
|
|
|
|
|||||||
Fees Waived, Expenses Reimbursed by Advisor (Note C) |
| | 62 | |||||||||
Class R2 Shares |
22 | | | |||||||||
Institutional Class Shares |
14,579 | | | |||||||||
Fees Paid Indirectly (Note C) |
| 1,167 | 15 | |||||||||
|
|
|
|
|
|
|||||||
Net Expenses |
55,966 | 127,066 | 1,185 | |||||||||
|
|
|
|
|
|
|||||||
Net Investment Income (Loss) |
419,152 | 561,952 | 3,141 | |||||||||
|
|
|
|
|
|
|||||||
Realized and Unrealized Gain (Loss) |
||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||
Investment Securities Sold** |
| (1,673,803 | ) | 1,473 | ||||||||
Affiliated Investment Companies Shares Sold |
| (9 | ) | | ||||||||
Transactions Allocated from Affiliated Investment Company** |
(1,030,841 | ) | | | ||||||||
Futures |
| 69,434 | (609 | ) | ||||||||
Foreign Currency Transactions |
| (17,720 | ) | 36 | ||||||||
Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||
Investment Securities and Foreign Currency |
| 760,317 | 3,387 | |||||||||
Affiliated Investment Companies Shares |
| 17 | | |||||||||
Transactions Allocated from Affiliated Investment Company |
(1,128,949 | ) | | | ||||||||
Futures |
| (12,657 | ) | (13 | ) | |||||||
Translation of Foreign Currency-Denominated Amounts |
| (579 | ) | (4 | ) | |||||||
|
|
|
|
|
|
|||||||
Net Realized and Unrealized Gain (Loss) |
(2,159,790 | ) | (875,000 | ) | 4,270 | |||||||
|
|
|
|
|
|
|||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | (1,740,638 | ) | $ | (313,048 | ) | $ | 7,411 | ||||
|
|
|
|
|
|
** | Net of foreign capital gain taxes withheld of $365, $72 and $0, respectively. |
* | Investment Income and Realized and Unrealized Gain (Loss) were allocated from the Portfolios Master Fund (Affiliated Investment Company). |
# | Portion of income is from investment in affiliated fund. |
See accompanying Notes to Financial Statements.
102
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
Large Cap International Portfolio |
International Core Equity Portfolio |
Global Small Company Portfolio*** |
||||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
|||||||||||||||||||
Increase (Decrease) in Net Assets |
||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||
Net Investment Income (Loss) |
$ | 117,936 | $ | 161,397 | $ | 608,730 | $ | 913,682 | $ | 616 | $ | 596 | ||||||||||||
Capital Gain Distributions Received from Investment Securities |
| | | | 535 | 587 | ||||||||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||||||||||
Investment Securities Sold*,** |
(380,110 | ) | (116,656 | ) | (1,030,907 | ) | (348,700 | ) | | | ||||||||||||||
Affiliated Investment Companies Shares Sold |
(71 | ) | (11 | ) | (170 | ) | (2 | ) | (712 | ) | (342 | ) | ||||||||||||
Transactions Allocated from Affiliated Investment Company*,** |
| | | | (193 | ) | (416 | ) | ||||||||||||||||
Futures |
16,935 | 815 | 86,315 | 12,437 | 18 | 7 | ||||||||||||||||||
Foreign Currency Transactions |
4,070 | (892 | ) | 5,368 | (5,912 | ) | | | ||||||||||||||||
Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||||||||||
Investment Securities and Foreign Currency |
(141,807 | ) | 461,700 | (1,938,314 | ) | 1,567,492 | 9 | (357 | ) | |||||||||||||||
Affiliated Investment Companies Shares |
27 | 25 | 97 | 111 | (202 | ) | 271 | |||||||||||||||||
Transactions Allocated from Affiliated Investment Company |
| | | | (79 | ) | 1,280 | |||||||||||||||||
Futures |
(1,346 | ) | 3,123 | (6,655 | ) | 13,424 | | | ||||||||||||||||
Translation of Foreign Currency-Denominated Amounts |
207 | 193 | 640 | 1,383 | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(384,159 | ) | 509,694 | (2,274,896 | ) | 2,153,915 | (8 | ) | 1,626 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Distributions: |
||||||||||||||||||||||||
Institutional Class Shares |
(119,035 | ) | (155,698 | ) | (616,813 | ) | (907,539 | ) | (627 | ) | (308 | ) | ||||||||||||
Capital Share Transactions (1): |
||||||||||||||||||||||||
Shares Issued |
1,926,246 | 1,454,715 | 8,116,550 | 8,662,646 | 15,132 | 16,512 | ||||||||||||||||||
Shares Issued in Lieu of Cash Distributions |
109,607 | 138,823 | 589,210 | 864,811 | 627 | 308 | ||||||||||||||||||
Shares Redeemed |
(2,188,646 | ) | (1,178,465 | ) | (11,407,917 | ) | (7,388,995 | ) | (12,842 | ) | (8,232 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Increase (Decrease) from Capital Share Transactions |
(152,793 | ) | 415,073 | (2,702,157 | ) | 2,138,462 | 2,917 | 8,588 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Increase (Decrease) in Net Assets |
(655,987 | ) | 769,069 | (5,593,866 | ) | 3,384,838 | 2,282 | 9,906 | ||||||||||||||||
Net Assets |
||||||||||||||||||||||||
Beginning of Year |
5,356,475 | 4,587,406 | 30,559,427 | 27,174,589 | 41,286 | 31,380 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
End of Year |
$ | 4,700,488 | $ | 5,356,475 | $ | 24,965,561 | $ | 30,559,427 | $ | 43,568 | $ | 41,286 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(1) Shares Issued and Redeemed: |
||||||||||||||||||||||||
Shares Issued |
94,221 | 68,558 | 716,205 | 693,417 | 1,667 | 1,564 | ||||||||||||||||||
Shares Issued in Lieu of Cash Distributions |
5,201 | 6,394 | 47,443 | 68,976 | 54 | 31 | ||||||||||||||||||
Shares Redeemed |
(109,723 | ) | (55,298 | ) | (1,014,855 | ) | (593,959 | ) | (1,300 | ) | (793 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Increase (Decrease) from Shares Issued and Redeemed |
(10,301 | ) | 19,654 | (251,207 | ) | 168,434 | 421 | 802 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
* | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2020 of $0, $0 and $0, respectively. |
** | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $0, $0 and $0, respectively. |
*** | Investment Income and Realized and Unrealized Gain (Loss) were allocated from the Portfolios Master Fund (Affiliated Investment Company). |
See accompanying Notes to Financial Statements.
103
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
International Small Company Portfolio*** |
Japanese Small Company Portfolio*** |
Asia Pacific Small Company Portfolio*** |
||||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
|||||||||||||||||||
Increase (Decrease) in Net Assets |
||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||
Net Investment Income (Loss) |
$ | 219,740 | $ | 300,037 | $ | 8,936 | $ | 11,135 | $ | 12,909 | $ | 12,680 | ||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||||||||||
Transactions Allocated from Affiliated Investment Company*,** |
(279,498 | ) | 313,315 | (2,944 | ) | 10,446 | (3,570 | ) | 5,261 | |||||||||||||||
Futures |
13,320 | (626 | ) | | | | | |||||||||||||||||
Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||||||||||
Transactions Allocated from Affiliated Investment Company |
(573,955 | ) | 135,389 | (15,236 | ) | 2,052 | 1,830 | (501 | ) | |||||||||||||||
Futures |
(2,575 | ) | 7,881 | | | | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(622,968 | ) | 755,996 | (9,244 | ) | 23,633 | 11,169 | 17,440 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Distributions: |
||||||||||||||||||||||||
Institutional Class Shares |
(529,962 | ) | (857,472 | ) | (23,243 | ) | (39,387 | ) | (14,178 | ) | (11,260 | ) | ||||||||||||
Capital Share Transactions (1): |
||||||||||||||||||||||||
Shares Issued |
2,566,857 | 2,921,274 | 67,280 | 72,402 | 71,668 | 38,624 | ||||||||||||||||||
Shares Issued in Lieu of Cash Distributions |
511,580 | 824,335 | 23,242 | 36,290 | 14,174 | 10,374 | ||||||||||||||||||
Shares Redeemed |
(4,527,485 | ) | (3,550,227 | ) | (231,407 | ) | (75,520 | ) | (44,800 | ) | (60,864 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Increase (Decrease) from Capital Share Transactions |
(1,449,048 | ) | 195,382 | (140,885 | ) | 33,172 | 41,042 | (11,866 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Increase (Decrease) in Net Assets |
(2,601,978 | ) | 93,906 | (173,372 | ) | 17,418 | 38,033 | (5,686 | ) | |||||||||||||||
Net Assets |
||||||||||||||||||||||||
Beginning of Year |
12,750,110 | 12,656,204 | 640,068 | 622,650 | 340,649 | 346,335 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
End of Year |
$ | 10,148,132 | $ | 12,750,110 | $ | 466,696 | $ | 640,068 | $ | 378,682 | $ | 340,649 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(1) Shares Issued and Redeemed: |
||||||||||||||||||||||||
Shares Issued |
166,813 | 170,065 | 3,412 | 3,098 | 4,296 | 1,859 | ||||||||||||||||||
Shares Issued in Lieu of Cash Distributions |
27,715 | 51,059 | 928 | 1,637 | 681 | 522 | ||||||||||||||||||
Shares Redeemed |
(292,110 | ) | (206,414 | ) | (10,105 | ) | (3,248 | ) | (2,301 | ) | (2,869 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Increase (Decrease) from Shares Issued and Redeemed |
(97,582 | ) | 14,710 | (5,765 | ) | 1,487 | 2,676 | (488 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
* | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2020 of $0, $0 and $0, respectively. |
** | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $0, $0 and $0, respectively. |
*** | Investment Income and Realized and Unrealized Gain (Loss) were allocated from the Portfolios Master Fund (Affiliated Investment Company). |
See accompanying Notes to Financial Statements.
104
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
United Kingdom Small Company Portfolio*** |
Continental Small Company Portfolio*** |
DFA International Real Estate Securities Portfolio |
||||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
|||||||||||||||||||
Increase (Decrease) in Net Assets |
||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||
Net Investment Income (Loss) |
$ | 377 | $ | 866 | $ | 9,756 | $ | 14,356 | $ | 190,031 | $ | 228,481 | ||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||||||||||
Investment Securities Sold*,** |
| | | | (107,519 | ) | (121,318 | ) | ||||||||||||||||
Affiliated Investment Companies Shares Sold |
| | | | (33 | ) | (4 | ) | ||||||||||||||||
Transactions Allocated from Affiliated Investment Company*,** |
78 | 1,418 | (23,161 | ) | (1,860 | ) | | | ||||||||||||||||
Futures |
| | | | 21,374 | 1,553 | ||||||||||||||||||
Foreign Currency Transactions |
| | | | 1,329 | 221 | ||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||||||||||
Investment Securities and Foreign Currency |
| | | | (1,553,230 | ) | 1,036,222 | |||||||||||||||||
Affiliated Investment Companies Shares |
| | | | 14 | 16 | ||||||||||||||||||
Transactions Allocated from Affiliated Investment Company |
(3,815 | ) | (372 | ) | (31,479 | ) | 38,034 | | | |||||||||||||||
Futures |
| | | | (2,070 | ) | 1,373 | |||||||||||||||||
Translation of Foreign Currency-Denominated Amounts |
| | | | 310 | 136 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(3,360 | ) | 1,912 | (44,884 | ) | 50,530 | (1,449,794 | ) | 1,146,680 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Distributions: |
||||||||||||||||||||||||
Institutional Class Shares |
(2,447 | ) | (1,977 | ) | (8,902 | ) | (33,215 | ) | (717,271 | ) | (302,662 | ) | ||||||||||||
Capital Share Transactions (1): |
||||||||||||||||||||||||
Shares Issued |
3,517 | 2,122 | 73,968 | 117,898 | 1,196,937 | 913,489 | ||||||||||||||||||
Shares Issued in Lieu of Cash Distributions |
2,447 | 1,763 | 8,888 | 31,461 | 707,587 | 297,390 | ||||||||||||||||||
Shares Redeemed |
(9,830 | ) | (13,631 | ) | (148,431 | ) | (155,220 | ) | (1,388,574 | ) | (1,199,441 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Increase (Decrease) from Capital Share Transactions |
(3,866 | ) | (9,746 | ) | (65,575 | ) | (5,861 | ) | 515,950 | 11,438 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Increase (Decrease) in Net Assets |
(9,673 | ) | (9,811 | ) | (119,361 | ) | 11,454 | (1,651,115 | ) | 855,456 | ||||||||||||||
Net Assets |
||||||||||||||||||||||||
Beginning of Year |
26,540 | 36,351 | 657,105 | 645,651 | 6,297,963 | 5,442,507 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
End of Year |
$ | 16,867 | $ | 26,540 | $ | 537,744 | $ | 657,105 | $ | 4,646,848 | $ | 6,297,963 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(1) Shares Issued and Redeemed: |
||||||||||||||||||||||||
Shares Issued |
153 | 82 | 2,953 | 5,188 | 304,948 | 182,042 | ||||||||||||||||||
Shares Issued in Lieu of Cash Distributions |
88 | 75 | 361 | 1,395 | 144,701 | 64,510 | ||||||||||||||||||
Shares Redeemed |
(404 | ) | (553 | ) | (7,187 | ) | (6,632 | ) | (341,397 | ) | (245,929 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Increase (Decrease) from Shares Issued and Redeemed |
(163 | ) | (396 | ) | (3,873 | ) | (49 | ) | 108,252 | 623 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
* | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2020 of $0, $0 and $0, respectively. |
** | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $0, $0 and $0, respectively. |
*** | Investment Income and Realized and Unrealized Gain (Loss) were allocated from the Portfolios Master Fund (Affiliated Investment Company). |
See accompanying Notes to Financial Statements.
105
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
DFA Global Real Estate Securities Portfolio |
DFA International Small Cap Value Portfolio |
International Vector Equity Portfolio |
||||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
|||||||||||||||||||
Increase (Decrease) in Net Assets |
||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||
Net Investment Income (Loss) |
$ | 513,699 | $ | 243,121 | $ | 228,060 | $ | 325,454 | $ | 59,466 | $ | 72,736 | ||||||||||||
Capital Gain Distributions Received from Investment Securities |
1,750 | | | | | | ||||||||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||||||||||
Investment Securities Sold*,** |
(42,440 | ) | 73,513 | (411,850 | ) | 238,307 | (76,225 | ) | (25,195 | ) | ||||||||||||||
Affiliated Investment Companies Shares Sold |
22,534 | 37,097 | (2 | ) | | (7 | ) | | ||||||||||||||||
Futures |
(362 | ) | (135 | ) | 35,047 | 1,976 | (8,170 | ) | (2,728 | ) | ||||||||||||||
Foreign Currency Transactions |
| | 6,447 | (1,093 | ) | 296 | (429 | ) | ||||||||||||||||
Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||||||||||
Investment Securities and Foreign Currency |
(868,809 | ) | 795,754 | (1,526,362 | ) | (233,259 | ) | (125,231 | ) | 93,366 | ||||||||||||||
Affiliated Investment Companies Shares |
(1,432,797 | ) | 641,678 | (8 | ) | 70 | 15 | 12 | ||||||||||||||||
Futures |
| | (7,947 | ) | 4,434 | | | |||||||||||||||||
Translation of Foreign Currency-Denominated Amounts |
| | (289 | ) | 1,343 | 132 | 106 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(1,806,425 | ) | 1,791,028 | (1,676,904 | ) | 337,232 | (149,724 | ) | 137,868 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Distributions: |
||||||||||||||||||||||||
Institutional Class Shares |
(599,021 | ) | (351,905 | ) | (430,950 | ) | (776,069 | ) | (57,640 | ) | (147,900 | ) | ||||||||||||
Capital Share Transactions (1): |
||||||||||||||||||||||||
Shares Issued |
2,435,290 | 1,973,793 | 2,667,860 | 3,086,382 | 1,704,392 | 1,111,287 | ||||||||||||||||||
Shares Issued in Lieu of Cash Distributions |
567,176 | 335,724 | 385,828 | 699,165 | 56,357 | 140,703 | ||||||||||||||||||
Shares Redeemed |
(2,640,206 | ) | (1,955,553 | ) | (4,485,990 | ) | (3,706,321 | ) | (1,408,660 | ) | (1,105,041 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Increase (Decrease) from Capital Share Transactions |
362,260 | 353,964 | (1,432,302 | ) | 79,226 | 352,089 | 146,949 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Increase (Decrease) in Net Assets |
(2,043,186 | ) | 1,793,087 | (3,540,156 | ) | (359,611 | ) | 144,725 | 136,917 | |||||||||||||||
Net Assets |
||||||||||||||||||||||||
Beginning of Year |
9,269,011 | 7,475,924 | 13,428,084 | 13,787,695 | 2,578,134 | 2,441,217 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
End of Year |
$ | 7,225,825 | $ | 9,269,011 | $ | 9,887,928 | $ | 13,428,084 | $ | 2,722,859 | $ | 2,578,134 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(1) Shares Issued and Redeemed: |
||||||||||||||||||||||||
Shares Issued |
243,141 | 173,132 | 181,563 | 174,997 | 184,973 | 101,269 | ||||||||||||||||||
Shares Issued in Lieu of Cash Distributions |
49,884 | 32,690 | 20,438 | 41,425 | 5,172 | 13,131 | ||||||||||||||||||
Shares Redeemed |
(267,327 | ) | (174,212 | ) | (292,999 | ) | (210,444 | ) | (150,794 | ) | (100,463 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Increase (Decrease) from Shares Issued and Redeemed |
25,698 | 31,610 | (90,998 | ) | 5,978 | 39,351 | 13,937 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
* | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2020 of $0, $0 and $0, respectively. |
** | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $0, $0 and $0, respectively. |
See accompanying Notes to Financial Statements.
106
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
International High Relative Profitability Portfolio |
World ex U.S. Value Portfolio*** |
|||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
|||||||||||||
Increase (Decrease) in Net Assets |
||||||||||||||||
Operations: |
||||||||||||||||
Net Investment Income (Loss) |
$ | 19,772 | $ | 11,989 | $ | 6,168 | $ | 8,768 | ||||||||
Capital Gain Distributions Received from Investment Securities |
| | 440 | 766 | ||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||
Investment Securities Sold*,** |
(18,047 | ) | (10,724 | ) | | | ||||||||||
Affiliated Investment Companies Shares Sold |
(1 | ) | | (1,457 | ) | (802 | ) | |||||||||
Transactions Allocated from Affiliated Investment Company*,** |
| | (14,842 | ) | (1,780 | ) | ||||||||||
Futures |
3,996 | 155 | 100 | (109 | ) | |||||||||||
Foreign Currency Transactions |
(53 | ) | (32 | ) | | | ||||||||||
Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||
Investment Securities and Foreign Currency |
56,853 | 58,944 | (42 | ) | 384 | |||||||||||
Affiliated Investment Companies Shares |
5 | 2 | (3,499 | ) | 95 | |||||||||||
Transactions Allocated from Affiliated Investment Company |
| | (36,036 | ) | 4,725 | |||||||||||
Futures |
(145 | ) | | | | |||||||||||
Translation of Foreign Currency-Denominated Amounts |
60 | 6 | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
62,440 | 60,340 | (49,168 | ) | 12,047 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions: |
||||||||||||||||
Institutional Class Shares |
(18,018 | ) | (11,023 | ) | (6,579 | ) | (13,716 | ) | ||||||||
Capital Share Transactions (1): |
||||||||||||||||
Shares Issued |
1,014,049 | 416,587 | 54,277 | 110,720 | ||||||||||||
Shares Issued in Lieu of Cash Distributions |
17,687 | 11,018 | 6,573 | 13,703 | ||||||||||||
Shares Redeemed |
(259,261 | ) | (85,342 | ) | (100,557 | ) | (61,053 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) from Capital Share Transactions |
772,475 | 342,263 | (39,707 | ) | 63,370 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Increase (Decrease) in Net Assets |
816,897 | 391,580 | (95,454 | ) | 61,701 | |||||||||||
Net Assets |
||||||||||||||||
Beginning of Year |
658,448 | 266,868 | 302,369 | 240,668 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of Year |
$ | 1,475,345 | $ | 658,448 | $ | 206,915 | $ | 302,369 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(1) Shares Issued and Redeemed: |
||||||||||||||||
Shares Issued |
101,501 | 41,376 | 6,299 | 10,308 | ||||||||||||
Shares Issued in Lieu of Cash Distributions |
1,705 | 1,078 | 672 | 1,293 | ||||||||||||
Shares Redeemed |
(25,836 | ) | (8,617 | ) | (11,524 | ) | (5,597 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) from Shares Issued and Redeemed |
77,370 | 33,837 | (4,553 | ) | 6,004 | |||||||||||
|
|
|
|
|
|
|
|
* | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2020 of $0 and $2, respectively. |
** | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $0 and $0, respectively. |
*** | Investment Income and Realized and Unrealized Gain (Loss) were allocated from the Portfolios Master Fund (Affiliated Investment Company). |
See accompanying Notes to Financial Statements.
107
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
World ex U.S. Core Equity Portfolio |
World Core Equity Portfolio |
Selectively Hedged Global Equity Portfolio |
||||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
|||||||||||||||||||
Increase (Decrease) in Net Assets |
||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||
Net Investment Income (Loss) |
$ | 77,826 | $ | 103,743 | $ | 14,907 | $ | 18,204 | $ | 5,790 | $ | 9,052 | ||||||||||||
Capital Gain Distributions Received from Investment Securities |
| | 8,146 | 2,509 | 4,097 | 1,971 | ||||||||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||||||||||
Investment Securities Sold*,** |
(110,980 | ) | (27,918 | ) | | | | | ||||||||||||||||
Affiliated Investment Companies Shares Sold |
(23 | ) | | (19,813 | ) | (5,618 | ) | (689 | ) | (4,770 | ) | |||||||||||||
Futures |
13,484 | (1,060 | ) | (122 | ) | (62 | ) | 460 | (1,126 | ) | ||||||||||||||
Foreign Currency Transactions |
1,255 | (4,961 | ) | | | | | |||||||||||||||||
Forward Currency Contracts |
| | | | (1,961 | ) | 4,438 | |||||||||||||||||
Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||||||||||
Investment Securities and Foreign Currency |
(169,554 | ) | 222,436 | | | | | |||||||||||||||||
Affiliated Investment Companies Shares |
17 | 10 | 3,079 | 67,131 | (13,537 | ) | 27,375 | |||||||||||||||||
Futures |
(598 | ) | | | | (146 | ) | 1,674 | ||||||||||||||||
Translation of Foreign Currency-Denominated Amounts |
101 | 116 | | | | | ||||||||||||||||||
Forward Currency Contracts |
| | | | 710 | (2,086 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations. |
(188,472 | ) | 292,366 | 6,197 | 82,164 | (5,276 | ) | 36,528 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Distributions: |
||||||||||||||||||||||||
Institutional Class Shares |
(75,535 | ) | (116,666 | ) | (16,437 | ) | (23,511 | ) | (9,635 | ) | (16,864 | ) | ||||||||||||
Capital Share Transactions (1): |
||||||||||||||||||||||||
Shares Issued |
1,273,174 | 1,271,493 | 198,881 | 192,373 | 64,436 | 78,038 | ||||||||||||||||||
Shares Issued in Lieu of Cash Distributions |
74,685 | 113,738 | 15,264 | 23,302 | 9,598 | 16,808 | ||||||||||||||||||
Shares Redeemed |
(1,592,928 | ) | (971,409 | ) | (313,856 | ) | (136,287 | ) | (146,446 | ) | (141,873 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Increase (Decrease) from Capital Share Transactions |
(245,069 | ) | 413,822 | (99,711 | ) | 79,388 | (72,412 | ) | (47,027 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Increase (Decrease) in Net Assets |
(509,076 | ) | 589,522 | (109,951 | ) | 138,041 | (87,323 | ) | (27,363 | ) | ||||||||||||||
Net Assets |
||||||||||||||||||||||||
Beginning of Year |
3,719,313 | 3,129,791 | 879,553 | 741,512 | 375,832 | 403,195 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
End of Year |
$ | 3,210,237 | $ | 3,719,313 | $ | 769,602 | $ | 879,553 | $ | 288,509 | $ | 375,832 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(1) Shares Issued and Redeemed: |
||||||||||||||||||||||||
Shares Issued |
135,315 | 119,518 | 13,724 | 12,674 | 4,300 | 5,128 | ||||||||||||||||||
Shares Issued in Lieu of Cash Distributions |
7,310 | 10,760 | 969 | 1,534 | 564 | 1,185 | ||||||||||||||||||
Shares Redeemed |
(168,321 | ) | (91,013 | ) | (20,996 | ) | (8,795 | ) | (9,787 | ) | (9,256 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Increase (Decrease) from Shares Issued and Redeemed |
(25,696 | ) | 39,265 | (6,303 | ) | 5,413 | (4,923 | ) | (2,943 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
* | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2020 of $2, $0 and $0, respectively. |
** | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $0, $0 and $0, respectively. |
See accompanying Notes to Financial Statements.
108
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
Emerging Markets Portfolio*** |
Emerging Markets Small Cap Portfolio*** |
Emerging Markets Value Portfolio*** |
||||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
|||||||||||||||||||
Increase (Decrease) in Net Assets |
||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||
Net Investment Income (Loss) |
$ | 118,848 | $ | 156,390 | $ | 120,972 | $ | 161,559 | $ | 419,152 | $ | 442,266 | ||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||||||||||
Investment Securities Sold*,** |
| (1 | ) | | | | | |||||||||||||||||
Transactions Allocated from Affiliated Investment Company*,** |
62,124 | (72,191 | ) | (377,221 | ) | 57,552 | (1,030,841 | ) | (172,477 | ) | ||||||||||||||
Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||||||||||
Transactions Allocated from Affiliated Investment Company |
28,554 | 516,007 | 126,768 | 568,138 | (1,128,949 | ) | 477,901 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
209,526 | 600,205 | (129,481 | ) | 787,249 | (1,740,638 | ) | 747,690 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Distributions: |
||||||||||||||||||||||||
Class R2 Shares |
| | | | (569 | ) | (687 | ) | ||||||||||||||||
Institutional Class Shares |
(118,156 | ) | (145,647 | ) | (170,927 | ) | (327,074 | ) | (441,483 | ) | (458,693 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Distributions |
(118,156 | ) | (145,647 | ) | (170,927 | ) | (327,074 | ) | (442,052 | ) | (459,380 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Capital Share Transactions (1): |
||||||||||||||||||||||||
Shares Issued |
1,949,203 | 1,392,119 | 767,311 | 1,086,305 | 3,023,264 | 3,101,990 | ||||||||||||||||||
Shares Issued in Lieu of Cash Distributions |
110,017 | 131,384 | 161,476 | 306,500 | 425,730 | 437,294 | ||||||||||||||||||
Shares Redeemed |
(2,466,550 | ) | (1,403,931 | ) | (2,172,505 | ) | (1,733,527 | ) | (5,847,897 | ) | (3,093,072 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Increase (Decrease) from Capital Share Transactions |
(407,330 | ) | 119,572 | (1,243,718 | ) | (340,722 | ) | (2,398,903 | ) | 446,212 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Increase (Decrease) in Net Assets |
(315,960 | ) | 574,130 | (1,544,126 | ) | 119,453 | (4,581,593 | ) | 734,522 | |||||||||||||||
Net Assets |
||||||||||||||||||||||||
Beginning of Year |
5,968,318 | 5,394,188 | 6,423,859 | 6,304,406 | 17,191,082 | 16,456,560 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
End of Year |
$ | 5,652,358 | $ | 5,968,318 | $ | 4,879,733 | $ | 6,423,859 | $ | 12,609,489 | $ | 17,191,082 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(1) Shares Issued and Redeemed: |
||||||||||||||||||||||||
Shares Issued |
81,083 | 51,928 | 43,649 | 54,991 | 131,688 | 111,222 | ||||||||||||||||||
Shares Issued in Lieu of Cash Distributions |
4,148 | 4,954 | 8,071 | 16,347 | 16,867 | 16,392 | ||||||||||||||||||
Shares Redeemed |
(97,296 | ) | (52,162 | ) | (123,692 | ) | (88,031 | ) | (250,369 | ) | (112,571 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Increase (Decrease) from Shares Issued and Redeemed |
(12,065 | ) | 4,720 | (71,972 | ) | (16,693 | ) | (101,814 | ) | 15,043 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
* | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2020 of $0, $162 and $365, respectively. |
** | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $0, $0 and $0, respectively. |
*** | Investment Income and Realized and Unrealized Gain (Loss) were allocated from the Portfolios Master Fund (Affiliated Investment Company). |
See accompanying Notes to Financial Statements.
109
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
Emerging Markets Core Equity Portfolio |
Emerging Markets Targeted Value Portfolio |
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Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2020 |
Period Nov 14, 2018 u to Oct 31, 2019 |
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Increase (Decrease) in Net Assets |
||||||||||||||||
Operations: |
||||||||||||||||
Net Investment Income (Loss) |
$ | 561,952 | $ | 723,412 | $ | 3,141 | $ | 2,379 | ||||||||
Net Realized Gain (Loss) on: |
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Investment Securities Sold*,** |
(1,673,803 | ) | (319,383 | ) | 1,473 | 1,412 | ||||||||||
Affiliated Investment Companies Shares Sold |
(9 | ) | (3 | ) | | | ||||||||||
Futures |
69,434 | 14,341 | (609 | ) | 35 | |||||||||||
Foreign Currency Transactions. |
(17,720 | ) | (779 | ) | 36 | (33 | ) | |||||||||
Change in Unrealized Appreciation (Depreciation) of: |
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Investment Securities and Foreign Currency |
760,317 | 2,502,146 | 3,387 | (221 | ) | |||||||||||
Affiliated Investment Companies Shares |
17 | 58 | | | ||||||||||||
Futures |
(12,657 | ) | 13,038 | (13 | ) | | ||||||||||
Translation of Foreign Currency-Denominated Amounts |
(579 | ) | 433 | (4 | ) | 1 | ||||||||||
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Net Increase (Decrease) in Net Assets Resulting from Operations |
(313,048 | ) | 2,933,263 | 7,411 | 3,573 | |||||||||||
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Distributions: |
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Institutional Class Shares |
(585,760 | ) | (730,829 | ) | (3,875 | ) | (64 | ) | ||||||||
Capital Share Transactions (1): |
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Shares Issued |
6,136,399 | 6,077,361 | 116,272 | 128,579 | ||||||||||||
Shares Issued in Lieu of Cash Distributions |
555,504 | 690,137 | 3,875 | 64 | ||||||||||||
Shares Redeemed |
(9,635,005 | ) | (5,720,081 | ) | (67,880 | ) | (17,792 | ) | ||||||||
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Net Increase (Decrease) from Capital Share Transactions |
(2,943,102 | ) | 1,047,417 | 52,267 | 110,851 | |||||||||||
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Total Increase (Decrease) in Net Assets |
(3,841,910 | ) | 3,249,851 | 55,803 | 114,360 | |||||||||||
Net Assets |
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Beginning of Year |
28,622,610 | 25,372,759 | 114,360 | | ||||||||||||
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End of Year |
$ | 24,780,700 | $ | 28,622,610 | $ | 170,163 | $ | 114,360 | ||||||||
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(1) Shares Issued and Redeemed: |
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Shares Issued |
329,136 | 303,000 | 14,050 | 12,691 | ||||||||||||
Shares Issued in Lieu of Cash Distributions |
28,643 | 34,717 | 366 | 6 | ||||||||||||
Shares Redeemed |
(529,560 | ) | (286,918 | ) | (7,864 | ) | (1,729 | ) | ||||||||
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Net Increase (Decrease) from Shares Issued and Redeemed |
(171,781 | ) | 50,799 | 6,552 | 10,968 | |||||||||||
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* | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2020 of $72 and $0, respectively. |
** | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $(1) and $0, respectively. |
See accompanying Notes to Financial Statements.
110
DFA INVESTMENT DIMENSIONS GROUP INC.
(for a share outstanding throughout each period)
Large Cap International Portfolio | International Core Equity Portfolio | |||||||||||||||||||||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
|||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year |
$ | 22.78 | $ | 21.29 | $ | 23.52 | $ | 19.52 | $ | 20.36 | $ | 13.19 | $ | 12.65 | $ | 14.23 | $ | 11.58 | $ | 11.69 | ||||||||||||||||||||
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Income from Investment Operations (A) |
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Net Investment Income (Loss) |
0.49 | 0.70 | 0.66 | 0.58 | 0.57 | 0.28 | 0.41 | 0.38 | 0.34 | 0.32 | ||||||||||||||||||||||||||||||
Net Gains (Losses) on Securities (Realized and Unrealized) |
(1.87 | ) | 1.47 | (2.25 | ) | 4.00 | (0.86 | ) | (1.11 | ) | 0.53 | (1.60 | ) | 2.63 | (0.15 | ) | ||||||||||||||||||||||||
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Total from Investment Operations |
(1.38 | ) | 2.17 | (1.59 | ) | 4.58 | (0.29 | ) | (0.83 | ) | 0.94 | (1.22 | ) | 2.97 | 0.17 | |||||||||||||||||||||||||
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Less Distributions: |
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Net Investment Income |
(0.50 | ) | (0.68 | ) | (0.64 | ) | (0.58 | ) | (0.55 | ) | (0.28 | ) | (0.40 | ) | (0.36 | ) | (0.32 | ) | (0.28 | ) | ||||||||||||||||||||
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Total Distributions |
(0.50 | ) | (0.68 | ) | (0.64 | ) | (0.58 | ) | (0.55 | ) | (0.28 | ) | (0.40 | ) | (0.36 | ) | (0.32 | ) | (0.28 | ) | ||||||||||||||||||||
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Net Asset Value, End of Year |
$ | 20.90 | $ | 22.78 | $ | 21.29 | $ | 23.52 | $ | 19.52 | $ | 12.08 $ | 13.19 | $ | 12.65 | $ | 14.23 | $ | 11.58 | |||||||||||||||||||||
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Total Return |
(6.05 | %) | 10.38 | % | (6.97 | %) | 23.79 | % | (1.30 | %) | (6.32 | %) | 7.67 | % | (8.79 | %) | 26.02 | % | 1.62 | % | ||||||||||||||||||||
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Net Assets, End of Year (thousands) |
$ | 4,700,488 | $ | 5,356,475 | $ | 4,587,406 | $ | 4,723,090 | $ | 3,527,775 | $ | 24,965,561 | $ | 30,559,427 | $ | 27,174,589 | $ | 25,443,968 | $ | 16,983,011 | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets |
0.22 | % | 0.23 | % | 0.23 | % | 0.25 | % | 0.28 | % | 0.30 | % | 0.29 | % | 0.30 | % | 0.30 | % | 0.38 | % | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Fees Waived, Expenses Reimbursed by Advisor and Fees Paid Indirectly) |
0.23 | % | 0.24 | % | 0.23 | % | 0.25 | % | 0.28 | % | 0.30 | % | 0.31 | % | 0.30 | % | 0.32 | % | 0.38 | % | ||||||||||||||||||||
Ratio of Net Investment Income to Average Net Assets |
2.31 | % | 3.22 | % | 2.78 | % | 2.72 | % | 2.95 | % | 2.24 | % | 3.21 | % | 2.67 | % | 2.62 | % | 2.83 | % | ||||||||||||||||||||
Portfolio Turnover Rate |
19 | % | 7 | % | 8 | % | 10 | % | 10 | % | 4 | % | 6 | % | 4 | % | 6 | % | 2 | % | ||||||||||||||||||||
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See page 1-2 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
111
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
Global Small Company Portfolio | International Small Company Portfolio | |||||||||||||||||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Period Jan 18, 2017 u to Oct 31, 2017 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 11.07 | $ | 10.73 | $ | 11.53 | $ | 10.00 | $ | 18.21 | $ | 18.46 | $ | 21.52 | $ | 17.78 | $ | 17.78 | ||||||||||||||||||
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Income from Investment Operations (A) |
||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) |
0.15 | 0.18 | 0.19 | 0.14 | 0.33 | 0.43 | 0.46 | 0.41 | 0.43 | |||||||||||||||||||||||||||
Net Gains (Losses) on Securities (Realized and Unrealized) |
(0.55 | ) | 0.27 | (0.75 | ) | 1.39 | (0.93 | ) | 0.58 | (2.41 | ) | 4.13 | 0.48 | |||||||||||||||||||||||
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Total from Investment Operations |
(0.40 | ) | 0.45 | (0.56 | ) | 1.53 | (0.60 | ) | 1.01 | (1.95 | ) | 4.54 | 0.91 | |||||||||||||||||||||||
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Less Distributions: |
||||||||||||||||||||||||||||||||||||
Net Investment Income |
(0.17 | ) | (0.11 | ) | (0.17 | ) | | (0.37 | ) | (0.44 | ) | (0.44 | ) | (0.34 | ) | (0.51 | ) | |||||||||||||||||||
Net Realized Gains |
| | (0.07 | ) | | (0.40 | ) | (0.82 | ) | (0.67 | ) | (0.46 | ) | (0.40 | ) | |||||||||||||||||||||
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Total Distributions |
(0.17 | ) | (0.11 | ) | (0.24 | ) | | (0.77 | ) | (1.26 | ) | (1.11 | ) | (0.80 | ) | (0.91 | ) | |||||||||||||||||||
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Net Asset Value, End of Period |
$ | 10.50 | $ | 11.07 | $ | 10.73 | $ | 11.53 | $ | 16.84 | $ | 18.21 | $ | 18.46 | $ | 21.52 | $ | 17.78 | ||||||||||||||||||
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Total Return |
(3.75 | %) | 4.29 | % | (5.02 | %) | 15.30 | %(B) | (3.64 | %) | 6.44 | % | (9.54 | %) | 26.54 | % | 5.43 | % | ||||||||||||||||||
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Net Assets, End of Period (thousands) |
$ | 43,568 | $ | 41,286 | $ | 31,380 | $ | 15,021 | $ | 10,148,132 | $ | 12,750,110 | $ | 12,656,204 | $ | 13,490,290 | $ | 10,387,361 | ||||||||||||||||||
Ratio of Expenses to Average Net Assets *(C) |
0.47 | % | 0.49 | % | 0.49 | % | 0.42 | %(D)(E) | 0.53 | % | 0.54 | % | 0.53 | % | 0.53 | % | 0.53 | % | ||||||||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Fees Waived, Expenses Reimbursed by Advisor) *(C) |
0.85 | % | 0.93 | % | 0.90 | % | 1.14 | %(D)(E) | 0.53 | % | 0.54 | % | 0.53 | % | 0.53 | % | 0.53 | % | ||||||||||||||||||
Ratio of Net Investment Income to Average Net Assets |
1.50 | % | 1.69 | % | 1.58 | % | 1.74 | %(D)(E) | 1.96 | % | 2.44 | % | 2.18 | % | 2.14 | % | 2.47 | % | ||||||||||||||||||
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* The Ratio of Expenses to Average Net Assets is inclusive of acquired fund fees and expenses incurred by the Portfolio indirectly as a result of Portfolios investment in Underlying Funds as follows: |
0.27 | % | 0.27 | % | 0.26 | % | 0.27 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.13 | % | ||||||||||||||||||
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See page 1-2 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
112
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
Japanese Small Company Portfolio | Asia Pacific Small Company Portfolio | |||||||||||||||||||||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
|||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year |
$ | 24.89 | $ | 25.70 | $ | 28.56 | $ | 23.01 | $ | 20.46 | $ | 21.11 | $ | 20.83 | $ | 23.71 | $ | 21.27 | $ | 19.06 | ||||||||||||||||||||
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Income from Investment Operations (A) |
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Net Investment Income (Loss) |
0.40 | 0.45 | 0.43 | 0.37 | 0.32 | 0.75 | 0.77 | 0.84 | 0.74 | 0.71 | ||||||||||||||||||||||||||||||
Net Gains (Losses) on Securities (Realized and Unrealized) |
(0.91 | ) | 0.37 | (2.59 | ) | 5.61 | 2.51 | (0.77 | ) | 0.19 | (2.76 | ) | 2.45 | 2.24 | ||||||||||||||||||||||||||
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Total from Investment Operations |
(0.51 | ) | 0.82 | (2.16 | ) | 5.98 | 2.83 | (0.02 | ) | 0.96 | (1.92 | ) | 3.19 | 2.95 | ||||||||||||||||||||||||||
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Less Distributions: |
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Net Investment Income |
(0.61 | ) | (0.28 | ) | (0.70 | ) | (0.43 | ) | (0.28 | ) | (0.96 | ) | (0.68 | ) | (0.96 | ) | (0.75 | ) | (0.74 | ) | ||||||||||||||||||||
Net Realized Gains |
(0.38 | ) | (1.35 | ) | | | | | | | | | ||||||||||||||||||||||||||||
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Total Distributions |
(0.99 | ) | (1.63 | ) | (0.70 | ) | (0.43 | ) | (0.28 | ) | (0.96 | ) | (0.68 | ) | (0.96 | ) | (0.75 | ) | (0.74 | ) | ||||||||||||||||||||
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Net Asset Value, End of Year |
$ | 23.39 | $ | 24.89 | $ | 25.70 | $ | 28.56 | $ | 23.01 | $ | 20.13 | $ | 21.11 | $ | 20.83 | $ | 23.71 | $ | 21.27 | ||||||||||||||||||||
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Total Return |
(2.32 | %) | 4.01 | % | (7.82 | %) | 26.56 | % | 14.04 | % | (0.23 | %) | 4.81 | % | (8.51 | %) | 15.70 | % | 16.18 | % | ||||||||||||||||||||
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Net Assets, End of Year (thousands) |
$ | 466,696 | $ | 640,068 | $ | 622,650 | $ | 647,978 | $ | 509,413 | $ | 378,682 | $ | 340,649 | $ | 346,335 | $ | 332,153 | $ | 251,575 | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets (F) |
0.54 | % | 0.55 | % | 0.53 | % | 0.54 | % | 0.54 | % | 0.54 | % | 0.57 | % | 0.54 | % | 0.54 | % | 0.54 | % | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Fees Waived, Expenses Reimbursed by Advisor) (F) |
0.64 | % | 0.65 | % | 0.63 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.67 | % | 0.64 | % | 0.64 | % | 0.64 | % | ||||||||||||||||||||
Ratio of Net Investment Income to Average Net Assets |
1.74 | % | 1.91 | % | 1.49 | % | 1.50 | % | 1.57 | % | 3.92 | % | 3.65 | % | 3.57 | % | 3.41 | % | 3.57 | % | ||||||||||||||||||||
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See page 1-2 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
113
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
United Kingdom Small Company Portfolio | Continental Small Company Portfolio | |||||||||||||||||||||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
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Net Asset Value, Beginning of Year |
$ | 27.85 | $ | 26.95 | $ | 32.67 | $ | 27.21 | $ | 35.50 | $ | 24.84 | $ | 24.37 | $ | 28.24 | $ | 21.48 | $ | 20.74 | ||||||||||||||||||||
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Income from Investment Operations (A) |
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Net Investment Income (Loss) |
0.43 | 0.76 | 0.85 | 0.87 | 1.18 | 0.40 | 0.55 | 0.61 | 0.45 | 0.43 | ||||||||||||||||||||||||||||||
Net Gains (Losses) on Securities (Realized and Unrealized) |
(4.00 | ) | 1.68 | (3.65 | ) | 6.67 | (6.55 | ) | (1.04 | ) | 1.23 | (3.68 | ) | 6.73 | 0.72 | |||||||||||||||||||||||||
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Total from Investment Operations |
(3.57 | ) | 2.44 | (2.80 | ) | 7.54 | (5.37 | ) | (0.64 | ) | 1.78 | (3.07 | ) | 7.18 | 1.15 | |||||||||||||||||||||||||
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Less Distributions: |
||||||||||||||||||||||||||||||||||||||||
Net Investment Income |
(0.68 | ) | (0.47 | ) | (0.79 | ) | (0.93 | ) | (1.29 | ) | (0.38 | ) | (0.51 | ) | (0.59 | ) | (0.42 | ) | (0.41 | ) | ||||||||||||||||||||
Net Realized Gains |
(2.25 | ) | (1.07 | ) | (2.13 | ) | (1.15 | ) | (1.63 | ) | | (0.80 | ) | (0.21 | ) | | | |||||||||||||||||||||||
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Total Distributions |
(2.93 | ) | (1.54 | ) | (2.92 | ) | (2.08 | ) | (2.92 | ) | (0.38 | ) | (1.31 | ) | (0.80 | ) | (0.42 | ) | (0.41 | ) | ||||||||||||||||||||
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Net Asset Value, End of Year |
$ | 21.35 | $ | 27.85 | $ | 26.95 | $ | 32.67 | $ | 27.21 | $ | 23.82 | $ | 24.84 | $ | 24.37 | $ | 28.24 | $ | 21.48 | ||||||||||||||||||||
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Total Return |
(15.27 | %) | 10.14 | % | (9.34 | %) | 29.28 | % | (16.20 | %) | (2.63 | %) | 7.94 | % | (11.14 | %) | 33.68 | % | 5.70 | % | ||||||||||||||||||||
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Net Assets, End of Year (thousands) |
$ | 16,867 | $ | 26,540 | $ | 36,351 | $ | 45,177 | $ | 32,323 | $ | 537,744 | $ | 657,105 | $ | 645,651 | $ | 592,347 | $ | 292,117 | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets (F) |
0.59 | % | 0.59 | % | 0.58 | % | 0.59 | % | 0.59 | % | 0.54 | % | 0.56 | % | 0.54 | % | 0.56 | % | 0.54 | % | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Fees Waived, Expenses Reimbursed by Advisor) (F) |
0.86 | % | 0.82 | % | 0.68 | % | 0.71 | % | 0.71 | % | 0.64 | % | 0.66 | % | 0.64 | % | 0.66 | % | 0.64 | % | ||||||||||||||||||||
Ratio of Net Investment Income to Average Net Assets |
1.89 | % | 2.92 | % | 2.75 | % | 2.93 | % | 3.87 | % | 1.68 | % | 2.30 | % | 2.16 | % | 1.78 | % | 2.08 | % | ||||||||||||||||||||
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See page 1-2 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
114
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
DFA International Real Estate Securities Portfolio | DFA Global Real Estate Securities Portfolio | |||||||||||||||||||||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
|||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year |
$ | 5.61 | $ | 4.85 | $ | 5.07 | $ | 5.23 | $ | 5.27 | $ | 12.71 | $ | 10.71 | $ | 10.90 | $ | 10.84 | $ | 10.59 | ||||||||||||||||||||
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Income from Investment Operations (A) |
||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) |
0.15 | 0.20 | 0.22 | 0.21 | 0.20 | 0.68 | 0.34 | ** | 0.48 | 0.43 | 0.27 | |||||||||||||||||||||||||||||
Net Gains (Losses) on Securities (Realized and Unrealized) |
(1.35 | ) | 0.83 | (0.22 | ) | 0.04 | (0.15 | ) | (3.00 | ) | 2.16 | ** | (0.26 | ) | 0.15 | 0.23 | ||||||||||||||||||||||||
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Total from Investment Operations |
(1.20 | ) | 1.03 | | 0.25 | 0.05 | (2.32 | ) | 2.50 | 0.22 | 0.58 | 0.50 | ||||||||||||||||||||||||||||
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Less Distributions: |
||||||||||||||||||||||||||||||||||||||||
Net Investment Income |
(0.64 | ) | (0.27 | ) | (0.22 | ) | (0.41 | ) | (0.09 | ) | (0.70 | ) | (0.50 | ) | (0.34 | ) | (0.49 | ) | (0.25 | ) | ||||||||||||||||||||
Net Realized Gains |
| | | | | (0.12 | ) | ( | ) | (0.07 | ) | (0.03 | ) | | ||||||||||||||||||||||||||
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Total Distributions |
(0.64 | ) | (0.27 | ) | (0.22 | ) | (0.41 | ) | (0.09 | ) | (0.82 | ) | (0.50 | ) | (0.41 | ) | (0.52 | ) | (0.25 | ) | ||||||||||||||||||||
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Net Asset Value, End of Year |
$ | 3.77 | $ | 5.61 | $ | 4.85 | $ | 5.07 | $ | 5.23 | $ | 9.57 | $ | 12.71 | $ | 10.71 | $ | 10.90 | $ | 10.84 | ||||||||||||||||||||
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Total Return |
(23.98 | %) | 22.54 | % | (0.24 | %) | 5.46 | % | 1.05 | % | (19.28 | %) | 24.55 | % | 1.91 | % | 5.82 | % | 4.87 | % | ||||||||||||||||||||
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Net Assets, End of Year (thousands) |
$ | 4,646,848 | $ | 6,297,963 | $ | 5,442,507 | $ | 5,497,753 | $ | 4,181,623 | $ | 7,225,825 | $ | 9,269,011 | $ | 7,475,924 | $ | 6,753,782 | $ | 4,888,955 | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets * |
0.26 | % | 0.27 | % | 0.28 | % | 0.28 | % | 0.28 | % | 0.24 | %(C) | 0.24 | %(C) | 0.24 | %(C) | 0.24 | %(C) | 0.24 | %(C) | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Fees Waived, Expenses Reimbursed by Advisor and Fees Paid Indirectly) * |
0.27 | % | 0.28 | % | 0.28 | % | 0.28 | % | 0.28 | % | 0.34 | %(C) | 0.35 | %(C) | 0.35 | %(C) | 0.37 | %(C) | 0.38 | %(C) | ||||||||||||||||||||
Ratio of Net Investment Income to Average Net Assets |
3.61 | % | 4.01 | % | 4.27 | % | 4.19 | % | 3.71 | % | 6.44 | % | 2.95 | %** | 4.42 | % | 4.03 | % | 2.45 | % | ||||||||||||||||||||
Portfolio Turnover Rate |
12 | % | 8 | % | 5 | % | 1 | % | 1 | % | 0 | % | 0 | % | 3 | % | 2 | % | 2 | % | ||||||||||||||||||||
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|||||||||||||||||||||
* The Ratio of Expenses to Average Net Assets is inclusive of acquired fund fees and expenses incurred by the Portfolio indirectly as a result of Portfolios investment in Underlying Funds as follows: |
N/A | N/A | N/A | N/A | N/A | 0.12 | % | 0.13 | % | 0.13 | % | 0.15 | % | 0.16 | % | |||||||||||||||||||||||||
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See page 1-2 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
115
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
DFA International Small Cap Value Portfolio | International Vector Equity Portfolio | |||||||||||||||||||||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
|||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year |
$ | 18.58 | $ | 19.24 | $ | 23.51 | $ | 19.31 | $ | 19.44 | $ | 11.62 | $ | 11.74 | $ | 13.33 | $ | 10.78 | $ | 10.76 | ||||||||||||||||||||
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Income from Investment Operations (A) |
||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) |
0.33 | 0.45 | 0.47 | 0.39 | 0.44 | 0.23 | 0.33 | 0.32 | 0.28 | 0.28 | ||||||||||||||||||||||||||||||
Net Gains (Losses) on Securities (Realized and Unrealized) |
(2.65 | ) | (0.01 | ) | (3.44 | ) | 4.72 | 0.29 | (1.20 | ) | 0.24 | (1.56 | ) | 2.57 | 0.05 | |||||||||||||||||||||||||
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Total from Investment Operations |
(2.32 | ) | 0.44 | (2.97 | ) | 5.11 | 0.73 | (0.97 | ) | 0.57 | (1.24 | ) | 2.85 | 0.33 | ||||||||||||||||||||||||||
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Less Distributions: |
||||||||||||||||||||||||||||||||||||||||
Net Investment Income |
(0.32 | ) | (0.48 | ) | (0.56 | ) | (0.29 | ) | (0.58 | ) | (0.23 | ) | (0.34 | ) | (0.30 | ) | (0.28 | ) | (0.27 | ) | ||||||||||||||||||||
Net Realized Gains |
(0.29 | ) | (0.62 | ) | (0.74 | ) | (0.62 | ) | (0.28 | ) | | (0.35 | ) | (0.05 | ) | (0.02 | ) | (0.04 | ) | |||||||||||||||||||||
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Total Distributions |
(0.61 | ) | (1.10 | ) | (1.30 | ) | (0.91 | ) | (0.86 | ) | (0.23 | ) | (0.69 | ) | (0.35 | ) | (0.30 | ) | (0.31 | ) | ||||||||||||||||||||
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Net Asset Value, End of Year |
$ | 15.65 | $ | 18.58 | $ | 19.24 | $ | 23.51 | $ | 19.31 | $ | 10.42 | $ | 11.62 | $ | 11.74 | $ | 13.33 | $ | 10.78 | ||||||||||||||||||||
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Total Return |
(13.03 | %) | 2.94 | % | (13.37 | %) | 27.49 | % | 4.09 | % | (8.41 | %) | 5.49 | % | (9.52 | %) | 26.83 | % | 3.21 | % | ||||||||||||||||||||
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Net Assets, End of Year (thousands) |
$ | 9,887,928 | $ | 13,428,084 | $ | 13,787,695 | $ | 16,162,471 | $ | 13,009,729 | $ | 2,722,859 | $ | 2,578,134 | $ | 2,441,217 | $ | 2,529,852 | $ | 1,856,474 | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets |
0.65 | % | 0.68 | % | 0.68 | % | 0.68 | % | 0.68 | % | 0.47 | % | 0.50 | % | 0.48 | % | 0.49 | % | 0.49 | % | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly) |
0.66 | % | 0.69 | % | 0.68 | % | 0.68 | % | 0.68 | % | 0.48 | % | 0.50 | % | 0.48 | % | 0.49 | % | 0.49 | % | ||||||||||||||||||||
Ratio of Net Investment Income to Average Net Assets |
2.02 | % | 2.48 | % | 2.10 | % | 1.85 | % | 2.38 | % | 2.20 | % | 2.94 | % | 2.40 | % | 2.36 | % | 2.73 | % | ||||||||||||||||||||
Portfolio Turnover Rate |
14 | % | 18 | % | 23 | % | 21 | % | 19 | % | 18 | % | 17 | % | 12 | % | 5 | % | 4 | % | ||||||||||||||||||||
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See page 1-2 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
116
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
International High Relative Profitability Portfolio | World Ex U.S. Value Portfolio | |||||||||||||||||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Period May 16, 2017 u to Oct 31, 2017 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 10.74 | $ | 9.71 | $ | 10.68 | $ | 10.00 | $ | 10.97 | $ | 11.16 | $ | 12.71 | $ | 10.31 | $ | 10.28 | ||||||||||||||||||
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Income from Investment Operations (A) |
||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) |
0.21 | 0.27 | 0.26 | 0.08 | 0.25 | 0.35 | 0.34 | 0.31 | 0.31 | |||||||||||||||||||||||||||
Net Gains (Losses) on Securities (Realized and Unrealized) |
(0.13 | ) | 1.00 | (1.01 | ) | 0.66 | (1.96 | ) | 0.04 | (1.48 | ) | 2.33 | 0.03 | |||||||||||||||||||||||
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Total from Investment Operations |
0.08 | 1.27 | (0.75 | ) | 0.74 | (1.71 | ) | 0.39 | (1.14 | ) | 2.64 | 0.34 | ||||||||||||||||||||||||
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Less Distributions: |
||||||||||||||||||||||||||||||||||||
Net Investment Income |
(0.18 | ) | (0.24 | ) | (0.22 | ) | (0.06 | ) | (0.27 | ) | (0.35 | ) | (0.41 | ) | (0.24 | ) | (0.31 | ) | ||||||||||||||||||
Net Realized Gains |
| | | | | (0.23 | ) | | | | ||||||||||||||||||||||||||
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Total Distributions |
(0.18 | ) | (0.24 | ) | (0.22 | ) | (0.06 | ) | (0.27 | ) | (0.58 | ) | (0.41 | ) | (0.24 | ) | (0.31 | ) | ||||||||||||||||||
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Net Asset Value, End of Period |
$ | 10.64 | $ | 10.74 | $ | 9.71 | $ | 10.68 | $ | 8.99 | $ | 10.97 | $ | 11.16 | $ | 12.71 | $ | 10.31 | ||||||||||||||||||
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Total Return |
0.80 | % | 13.19 | % | (7.20 | %) | 7.38 | %(B) | (15.76 | %) | 3.75 | % | (9.22 | %) | 25.97 | % | 3.54 | % | ||||||||||||||||||
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Net Assets, End of Period (thousands) |
$ | 1,475,345 | $ | 658,448 | $ | 266,868 | $ | 67,793 | $ | 206,915 | $ | 302,369 | $ | 240,668 | $ | 246,551 | $ | 188,154 | ||||||||||||||||||
Ratio of Expenses to Average Net Assets * |
0.30 | % | 0.33 | % | 0.35 | % | 0.31 | %(D)(E) | 0.50 | %(C) | 0.54 | %(C) | 0.52 | %(C) | 0.52 | %(C) | 0.53 | %(C) | ||||||||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Fees Waived, Expenses Reimbursed by Advisor and Fees Paid Indirectly) * |
0.31 | % | 0.34 | % | 0.35 | % | 0.65 | %(D)(E) | 0.71 | %(C) | 0.76 | %(C) | 0.74 | %(C) | 0.75 | %(C) | 0.76 | %(C) | ||||||||||||||||||
Ratio of Net Investment Income to Average Net Assets |
1.97 | % | 2.69 | % | 2.41 | % | 1.76 | %(D)(E) | 2.56 | % | 3.25 | % | 2.72 | % | 2.69 | % | 3.20 | % | ||||||||||||||||||
Portfolio Turnover Rate |
15 | % | 9 | % | 9 | % | 2 | %(B) | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||
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* The Ratio of Expenses to Average Net Assets is inclusive of acquired fund fees and expenses incurred by the Portfolio indirectly as a result of Portfolios investment in Underlying Funds as follows: |
N/A | N/A | N/A | N/A | 0.23 | % | 0.24 | % | 0.24 | % | 0.25 | % | 0.26 | % | ||||||||||||||||||||||
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See page 1-2 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
117
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
World Ex U.S. Core Equity Portfolio | ||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 11.17 | $ | 10.65 | $ | 12.15 | $ | 9.93 | $ | 9.83 | ||||||||||
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Income from Investment Operations (A) |
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Net Investment Income (Loss) |
0.24 | 0.33 | 0.31 | 0.27 | 0.26 | |||||||||||||||
Net Gains (Losses) on Securities (Realized and Unrealized) |
(0.74 | ) | 0.56 | (1.52 | ) | 2.21 | 0.08 | |||||||||||||
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Total from Investment Operations |
(0.50 | ) | 0.89 | (1.21 | ) | 2.48 | 0.34 | |||||||||||||
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Less Distributions: |
||||||||||||||||||||
Net Investment Income |
(0.23 | ) | (0.32 | ) | (0.29 | ) | (0.26 | ) | (0.24 | ) | ||||||||||
Net Realized Gains |
| (0.05 | ) | | | | ||||||||||||||
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Total Distributions |
(0.23 | ) | (0.37 | ) | (0.29 | ) | (0.26 | ) | (0.24 | ) | ||||||||||
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Net Asset Value, End of Period |
$ | 10.44 | $ | 11.17 | $ | 10.65 | $ | 12.15 | $ | 9.93 | ||||||||||
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|
|
|
|
|||||||||||
Total Return |
(4.42 | %) | 8.64 | % | (10.22 | %) | 25.33 | % | 3.58 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Assets, End of Period (thousands) |
$ | 3,210,237 | $ | 3,719,313 | $ | 3,129,791 | $ | 2,805,367 | $ | 1,656,445 | ||||||||||
Ratio of Expenses to Average Net Assets |
0.35 | % | 0.37 | % | 0.39 | % | 0.40 | % | 0.47 | % | ||||||||||
Ratio of Expenses to Average Net Assets (Excluding Fees Waived, Expenses Reimbursed by Advisor and Fees Paid Indirectly) |
0.36 | % | 0.38 | % | 0.37 | % | 0.40 | % | 0.47 | % | ||||||||||
Ratio of Net Investment Income to Average Net Assets |
2.26 | % | 3.02 | % | 2.56 | % | 2.48 | % | 2.67 | % | ||||||||||
Portfolio Turnover Rate |
13 | % | 8 | % | 4 | % | 4 | % | 1 | % | ||||||||||
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|
|
|
|
|
|
See page 1-2 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
118
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
World Core Equity Portfolio | Selectively Hedged Global Equity Portfolio | |||||||||||||||||||||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
|||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year |
$ | 16.42 | $ | 15.40 | $ | 16.06 | $ | 13.14 | $ | 12.94 | $ | 16.54 | $ | 15.71 | $ | 16.52 | $ | 13.67 | $ | 13.50 | ||||||||||||||||||||
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|
|||||||||||||||||||||
Income from Investment Operations (A) |
||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) |
0.29 | 0.35 | 0.31 | 0.29 | 0.27 | 0.28 | 0.35 | 0.31 | 0.29 | 0.26 | ||||||||||||||||||||||||||||||
Net Gains (Losses) on Securities (Realized and Unrealized) |
(0.10 | ) | 1.13 | (0.64 | ) | 2.98 | 0.20 | (0.18 | ) | 1.12 | (0.66 | ) | 2.98 | 0.30 | ||||||||||||||||||||||||||
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|||||||||||||||||||||
Total from Investment Operations |
0.19 | 1.48 | (0.33 | ) | 3.27 | 0.47 | 0.10 | 1.47 | (0.35 | ) | 3.27 | 0.56 | ||||||||||||||||||||||||||||
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|||||||||||||||||||||
Less Distributions: |
||||||||||||||||||||||||||||||||||||||||
Net Investment Income |
(0.29 | ) | (0.35 | ) | (0.30 | ) | (0.30 | ) | (0.26 | ) | (0.43 | ) | (0.44 | ) | (0.27 | ) | (0.30 | ) | (0.35 | ) | ||||||||||||||||||||
Net Realized Gains |
(0.03 | ) | (0.11 | ) | (0.03 | ) | (0.05 | ) | (0.01 | ) | | (0.20 | ) | (0.19 | ) | (0.12 | ) | (0.04 | ) | |||||||||||||||||||||
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|||||||||||||||||||||
Total Distributions |
(0.32 | ) | (0.46 | ) | (0.33 | ) | (0.35 | ) | (0.27 | ) | (0.43 | ) | (0.64 | ) | (0.46 | ) | (0.42 | ) | (0.39 | ) | ||||||||||||||||||||
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|||||||||||||||||||||
Net Asset Value, End of Year |
$ | 16.29 | $ | 16.42 | $ | 15.40 | $ | 16.06 | $ | 13.14 | $ | 16.21 | $ | 16.54 | $ | 15.71 | $ | 16.52 | $ | 13.67 | ||||||||||||||||||||
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|
|||||||||||||||||||||
Total Return |
1.25 | % | 9.94 | % | (2.16 | %) | 25.14 | % | 3.73 | % | 0.47 | % | 10.10 | % | (2.28 | %) | 24.54 | % | 4.32 | % | ||||||||||||||||||||
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|||||||||||||||||||||
Net Assets, End of Year (thousands) |
$ | 769,602 | $ | 879,553 | $ | 741,512 | $ | 546,891 | $ | 370,229 | $ | 288,509 | $ | 375,832 | $ | 403,195 | $ | 402,204 | $ | 289,904 | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets *(C) |
0.32 | % | 0.33 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.36 | % | 0.37 | % | 0.34 | % | 0.35 | % | 0.35 | % | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Fees Waived, Expenses Reimbursed by Advisor) *(C) |
0.56 | % | 0.60 | % | 0.59 | % | 0.60 | % | 0.64 | % | 0.61 | % | 0.63 | % | 0.60 | % | 0.62 | % | 0.64 | % | ||||||||||||||||||||
Ratio of Net Investment Income to Average Net Assets |
1.81 | % | 2.23 | % | 1.89 | % | 1.95 | % | 2.14 | % | 1.78 | % | 2.25 | % | 1.87 | % | 1.90 | % | 2.03 | % | ||||||||||||||||||||
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|||||||||||||||||||||
* The Ratio of Expenses to Average Net Assets is inclusive of acquired fund fees and expenses incurred by the Portfolio indirectly as a result of Portfolios investment in Underlying Funds as follows: |
0.25 | % | 0.27 | % | 0.27 | % | 0.28 | % | 0.31 | % | 0.28 | % | 0.30 | % | 0.29 | % | 0.29 | % | 0.32 | % | ||||||||||||||||||||
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|
See page 1-2 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
119
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
Emerging Markets Portfolio | Emerging Markets Small Cap Portfolio | |||||||||||||||||||||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
|||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year |
$ | 27.56 | $ | 25.46 | $ | 29.55 | $ | 24.12 | $ | 22.17 | $ | 20.07 | $ | 18.72 | $ | 23.49 | $ | 20.39 | $ | 18.51 | ||||||||||||||||||||
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|||||||||||||||||||||
Income from Investment Operations (A) |
||||||||||||||||||||||||||||||||||||||||
Net Investment Income (Loss) |
0.55 | 0.73 | 0.61 | 0.49 | 0.45 | 0.41 | 0.48 | 0.53 | 0.49 | 0.45 | ||||||||||||||||||||||||||||||
Net Gains (Losses) on Securities (Realized and Unrealized) |
0.07 | 2.05 | (4.14 | ) | 5.43 | 1.95 | (0.24 | ) | 1.87 | (4.22 | ) | 3.58 | 2.04 | |||||||||||||||||||||||||||
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|
|||||||||||||||||||||
Total from Investment Operations |
0.62 | 2.78 | (3.53 | ) | 5.92 | 2.40 | 0.17 | 2.35 | (3.69 | ) | 4.07 | 2.49 | ||||||||||||||||||||||||||||
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|||||||||||||||||||||
Less Distributions: |
||||||||||||||||||||||||||||||||||||||||
Net Investment Income |
(0.54 | ) | (0.68 | ) | (0.56 | ) | (0.49 | ) | (0.45 | ) | (0.44 | ) | (0.46 | ) | (0.53 | ) | (0.51 | ) | (0.47 | ) | ||||||||||||||||||||
Net Realized Gains |
| | | | | (0.13 | ) | (0.54 | ) | (0.55 | ) | (0.46 | ) | (0.14 | ) | |||||||||||||||||||||||||
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|||||||||||||||||||||
Total Distributions |
(0.54 | ) | (0.68 | ) | (0.56 | ) | (0.49 | ) | (0.45 | ) | (0.57 | ) | (1.00 | ) | (1.08 | ) | (0.97 | ) | (0.61 | ) | ||||||||||||||||||||
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|||||||||||||||||||||
Net Asset Value, End of Year |
$ | 27.64 | $ | 27.56 | $ | 25.46 | $ | 29.55 | $ | 24.12 | $ | 19.67 | $ | 20.07 | $ | 18.72 | $ | 23.49 | $ | 20.39 | ||||||||||||||||||||
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|
|||||||||||||||||||||
Total Return |
2.36 | % | 11.06 | % | (12.14 | %) | 24.83 | % | 11.01 | % | 0.81 | % | 12.96 | % | (16.45 | %) | 21.00 | % | 13.96 | % | ||||||||||||||||||||
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|||||||||||||||||||||
Net Assets, End of Year (thousands) |
$ | 5,652,358 | $ | 5,968,318 | $ | 5,394,188 | $ | 6,632,914 | $ | 4,915,400 | $ | 4,879,733 | $ | 6,423,859 | $ | 6,304,406 | $ | 7,249,717 | $ | 5,459,509 | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets (F) |
0.44 | % | 0.48 | % | 0.47 | % | 0.50 | % | 0.56 | % | 0.69 | % | 0.72 | % | 0.70 | % | 0.73 | % | 0.72 | % | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Fees Waived, Expenses Reimbursed by Advisor) (F) |
0.54 | % | 0.58 | % | 0.57 | % | 0.60 | % | 0.66 | % | 0.89 | % | 0.92 | % | 0.90 | % | 0.93 | % | 0.92 | % | ||||||||||||||||||||
Ratio of Net Investment Income to Average Net Assets |
2.07 | % | 2.70 | % | 2.08 | % | 1.88 | % | 2.04 | % | 2.20 | % | 2.44 | % | 2.31 | % | 2.32 | % | 2.43 | % | ||||||||||||||||||||
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|
|
See page 1-2 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
120
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
Emerging Markets Value Portfolio-Class R2 Shares | ||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
||||||||||||||||
Net Asset Value, Beginning of Year |
$ | 27.16 | $ | 26.64 | $ | 30.13 | $ | 24.71 | $ | 22.18 | ||||||||||
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|
|||||||||||
Income from Investment Operations (A) |
||||||||||||||||||||
Net Investment Income (Loss) |
0.59 | 0.63 | 0.63 | 0.31 | 0.46 | |||||||||||||||
Net Gains (Losses) on Securities (Realized and Unrealized) |
(3.27 | ) | 0.56 | (3.48 | ) | 5.60 | 2.75 | |||||||||||||
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|
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|
|
|
|||||||||||
Total from Investment Operations |
(2.68 | ) | 1.19 | (2.85 | ) | 5.91 | 3.21 | |||||||||||||
|
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|
|
|
|
|
|||||||||||
Less Distributions: |
||||||||||||||||||||
Net Investment Income |
(0.70 | ) | (0.67 | ) | (0.64 | ) | (0.49 | ) | (0.68 | ) | ||||||||||
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|
|
|||||||||||
Total Distributions |
(0.70 | ) | (0.67 | ) | (0.64 | ) | (0.49 | ) | (0.68 | ) | ||||||||||
|
|
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|
|||||||||||
Net Asset Value, End of Year |
$ | 23.78 | $ | 27.16 | $ | 26.64 | $ | 30.13 | $ | 24.71 | ||||||||||
|
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|
|||||||||||
Total Return |
(9.98 | %) | 4.57 | % | (9.66 | %) | 24.11 | % | 14.98 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Assets, End of Year (thousands) |
$ | 12,587 | $ | 29,146 | $ | 25,150 | $ | 31,198 | $ | 97,923 | ||||||||||
Ratio of Expenses to Average Net Assets (F) |
0.77 | % | 0.81 | % | 0.80 | % | 0.81 | % | 0.81 | % | ||||||||||
Ratio of Expenses to Average Net Assets (Excluding Fees Waived, Expenses Reimbursed by Advisor) (F) |
0.87 | % | 0.91 | % | 0.90 | % | 0.91 | % | 0.91 | % | ||||||||||
Ratio of Net Investment Income to Average Net Assets |
2.41 | % | 2.29 | % | 2.07 | % | 1.19 | % | 2.08 | % | ||||||||||
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|
|
See page 1-2 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
121
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
Emerging Markets Value Portfolio-Institutional Class Shares | ||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
||||||||||||||||
Net Asset Value, Beginning of Year |
$ | 27.34 | $ | 26.81 | $ | 30.32 | $ | 24.84 | $ | 22.22 | ||||||||||
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|
|
|
|
|
|
|||||||||||
Income (loss) from Investment Operations (A) |
||||||||||||||||||||
Net Investment Income (Loss) |
0.71 | 0.70 | 0.73 | 0.61 | 0.51 | |||||||||||||||
Net Gains (Losses) on Securities (Realized and Unrealized) |
(3.35 | ) | 0.57 | (3.53 | ) | 5.40 | 2.77 | |||||||||||||
|
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|
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|
|
|
|
|||||||||||
Total from Investment Operations |
(2.64 | ) | 1.27 | (2.80 | ) | 6.01 | 3.28 | |||||||||||||
|
|
|
|
|
|
|
|
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|
|||||||||||
Less Distributions: |
||||||||||||||||||||
Net Investment Income |
(0.77 | ) | (0.74 | ) | (0.71 | ) | (0.53 | ) | (0.66 | ) | ||||||||||
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|
|
|
|
|
|
|
|||||||||||
Total Distributions |
(0.77 | ) | (0.74 | ) | (0.71 | ) | (0.53 | ) | (0.66 | ) | ||||||||||
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|
|||||||||||
Net Asset Value, End of Year |
$ | 23.93 | $ | 27.34 | $ | 26.81 | $ | 30.32 | $ | 24.84 | ||||||||||
|
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|
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|
|||||||||||
Total Return |
(9.75 | %) | 4.83 | % | (9.45 | %) | 24.41 | % | 15.23 | % | ||||||||||
|
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|
|
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|
|
|
|
|||||||||||
Net Assets, End of Year (thousands) |
$ | 12,596,902 | $ | 17,161,936 | $ | 16,431,410 | $ | 19,383,230 | $ | 16,304,321 | ||||||||||
Ratio of Expenses to Average Net Assets (F) |
0.52 | % | 0.56 | % | 0.54 | % | 0.57 | % | 0.56 | % | ||||||||||
Ratio of Expenses to Average Net Assets (Excluding Fees Waived, Expenses Reimbursed by Advisor) (F) |
0.62 | % | 0.66 | % | 0.64 | % | 0.67 | % | 0.66 | % | ||||||||||
Ratio of Net Investment Income to Average Net Assets |
2.87 | % | 2.54 | % | 2.37 | % | 2.23 | % | 2.31 | % | ||||||||||
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|
|
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|
|
|
See page 1-2 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
122
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
Emerging Markets Core Equity Portfolio | Emerging Markets Targeted Value Portfolio |
|||||||||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
Year Ended Oct 31, 2020 |
Period Nov 14, 2018 u to Oct 31, 2019 |
||||||||||||||||||||||
Net Asset Value, Beginning of Year |
$ | 20.59 | $ | 18.95 | $ | 22.38 | $ | 18.40 | $ | 16.81 | $ | 10.43 | $ | 10.00 | ||||||||||||||
|
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|
|
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|
|
|
|||||||||||||||
Income from Investment Operations (A) |
||||||||||||||||||||||||||||
Net Investment Income (Loss) |
0.43 | 0.53 | 0.50 | 0.42 | 0.37 | 0.21 | 0.24 | |||||||||||||||||||||
Net Gains (Losses) on Securities (Realized and Unrealized) |
(0.22 | ) | 1.64 | (3.47 | ) | 3.95 | 1.59 | (0.59 | ) | 0.20 | ||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total from Investment Operations |
0.21 | 2.17 | (2.97 | ) | 4.37 | 1.96 | (0.38 | ) | 0.44 | |||||||||||||||||||
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|
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|
|||||||||||||||
Less Distributions: |
||||||||||||||||||||||||||||
Net Investment Income |
(0.46 | ) | (0.53 | ) | (0.46 | ) | (0.39 | ) | (0.37 | ) | (0.23 | ) | (0.01 | ) | ||||||||||||||
Net Realized Gains |
| | | | | (0.11 | ) | | ||||||||||||||||||||
|
|
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|
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|
|
|
|
|
|||||||||||||||
Total Distributions |
(0.46 | ) | (0.53 | ) | (0.46 | ) | (0.39 | ) | (0.37 | ) | (0.34 | ) | (0.01 | ) | ||||||||||||||
|
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|
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|
|
|
|
|
|||||||||||||||
Net Asset Value, End of Year. |
$ | 20.34 | $ | 20.59 | $ | 18.95 | $ | 22.38 | $ | 18.40 | $ | 9.71 | $ | 10.43 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Return |
1.13 | % | 11.61 | % | (13.48 | %) | 24.02 | % | 11.87 | % | (3.89 | %) | 4.38 | %(B) | ||||||||||||||
|
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|
|
|
|||||||||||||||
Net Assets, End of Year (thousands) |
$ | 24,780,700 | $ | 28,622,610 | $ | 25,372,759 | $ | 27,085,722 | $ | 18,712,966 | $ | 170,163 | $ | 114,360 | ||||||||||||||
Ratio of Expenses to Average Net Assets |
0.49 | % | 0.52 | % | 0.52 | % | 0.55 | % | 0.61 | % | 0.84 | % | 0.85 | %(D)(E) | ||||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Fees Waived, Expenses Reimbursed by Advisor and Fees Paid Indirectly) |
0.50 | % | 0.53 | % | 0.52 | % | 0.56 | % | 0.61 | % | 0.87 | % | 0.95 | %(D)(E) | ||||||||||||||
Ratio of Net Investment Income to Average Net Assets |
2.19 | % | 2.62 | % | 2.25 | % | 2.08 | % | 2.20 | % | 2.26 | % | 2.30 | %(D)(E) | ||||||||||||||
Portfolio Turnover Rate |
15 | % | 4 | % | 4 | % | 4 | % | 3 | % | 34 | % | 12 | %(B) | ||||||||||||||
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See page 1-2 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
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DFA INVESTMENT DIMENSIONS GROUP INC.
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 one hundred and six operational portfolios, of which twenty-two (the Portfolios) are included in this section of the report. The remaining operational portfolios are presented in separate reports. The Portfolios are investment companies, and accordingly, follow the accounting and reporting guidance under the Financial Accounting Standards Board (FASB) Accounting Standards Certification (ASC), Topic 946, Financial Services-Investment Companies.
Of the Portfolios, seven invest all of their assets in a corresponding series or fund (each such Portfolio, a Feeder Fund). Of the Feeder Funds, six invest all of their assets in a corresponding series of The DFA Investment Trust Company (DFAITC) and one invests all of its assets in the Dimensional Emerging Markets Value Fund (DEM) (each such series within DFAITC and DEM, a Master Fund, treated as partnerships for federal income tax purposes). Six of the Portfolios generally allocate their assets among other funds managed by Dimensional Fund Advisors LP (each such Portfolio, a Fund of Funds). The Fund of Funds may also invest in affiliated and unaffiliated registered and unregistered money market funds. The International Small Company Portfolio invests in five Master Funds within DFAITC. The Global Small Company Portfolio invests in six Master Funds within DFAITC and one underlying fund within the Fund (each such underlying fund within the Fund, an Underlying Fund). The DFA Global Real Estate Securities Portfolio invests in two Underlying Funds within the Fund and directly in securities. The World ex U.S. Value Portfolio invests in three Master/Underlying Funds within the Fund, DFAITC, and DEM. The World Core Equity Portfolio and Selectively Hedged Global Equity Portfolio each invest in three Underlying Funds within the Fund. As of October 31, 2020, the following Portfolios were the owner of record of the following approximate percentages of the total outstanding shares of the following Master/Underlying Funds as detailed below:
Feeder Funds |
Master/Underlying Funds |
Percentage Ownership at 10/31/20 |
||||
Japanese Small Company Portfolio |
The Japanese Small Company Series | | ||||
Asia Pacific Small Company Portfolio |
The Asia Pacific Small Company Series | 25 | % | |||
United Kingdom Small Company Portfolio |
The United Kingdom Small Company Series | | ||||
Continental Small Company Portfolio |
The Continental Small Company Series | | ||||
Emerging Markets Portfolio |
The Emerging Markets Series | 99 | % | |||
Emerging Markets Small Cap Portfolio |
The Emerging Markets Small Cap Series | 99 | % | |||
Emerging Markets Value Portfolio |
Dimensional Emerging Markets Value Fund | 98 | % |
Funds of Funds |
Underlying Funds |
Percentage Ownership at 10/31/20 |
||||
International Small Company Portfolio |
The Continental Small Company Series | 88 | % | |||
The Japanese Small Company Series | 84 | % | ||||
The United Kingdom Small Company Series | 99 | % | ||||
The Asia Pacific Small Company Series | 75 | % | ||||
The Canadian Small Company Series | 97 | % | ||||
Global Small Company Portfolio |
U.S. Small Cap Portfolio | | ||||
The Continental Small Company Series | | |||||
The Japanese Small Company Series | | |||||
The Asia Pacific Small Company Series | |
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Funds of Funds |
Underlying Funds |
Percentage Ownership at 10/31/20 |
||||
The Canadian Small Company Series | | |||||
The Emerging Markets Small Cap Series | | |||||
The United Kingdom Small Company Series | | |||||
DFA Global Real Estate Securities Portfolio* |
DFA Real Estate Securities Portfolio | 9 | % | |||
DFA International Real Estate Securities Portfolio | 56 | % | ||||
World ex U.S. Value Portfolio |
Dimensional Emerging Markets Value Fund | | ||||
DFA International Small Cap Value Portfolio | | |||||
The DFA International Value Series | | |||||
World Core Equity Portfolio |
U.S. Core Equity 1 Portfolio | 2 | % | |||
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 | | |||||
Emerging Markets Core Equity Portfolio | |
* | DFA Global Real Estate Securities Portfolio invests in two Underlying Funds as indicated and securities listed on its Summary Schedule of Investments. |
To achieve its investment objective, each Feeder Fund and Fund of Funds invests substantially all of its assets in corresponding Master and/or Underlying Funds as indicated above. The DFA Global Real Estate Securities Portfolio may pursue its investment objective by investing its assets in its Underlying Funds and/or directly in securities of companies in the real estate industry. Each Feeder Fund and Fund of Funds also invests in short-term temporary cash investments and futures. In addition, each Fund of Funds may engage in 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, the 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 use 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, and 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) |
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Securities held by 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. Core Equity Portfolio, Emerging Markets Core Equity Portfolio, International High Relative Profitability Portfolio and Emerging Markets Targeted Value Portfolio (the International Equity Portfolios), including over-the-counter securities, are valued at the last quoted sale price of the day. International equity securities are subject to a fair value factor, as described later in this note. Securities held by 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 International Equity Portfolios value the securities within the range of the most recent quoted bid and ask prices. Price information on listed securities is taken from the exchange where the security is primarily traded. Generally, securities issued by open-end management 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 of the Fund. 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 of the Portfolio is calculated. When fair value pricing is used, the prices of securities used by 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 at which 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 pricing of the International Equity Portfolios 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 calculated closing prices of the foreign investments on their primary foreign securities markets or exchanges. For these purposes, the Board of Directors of the Fund has 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 uses 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 Portfolios 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 the 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 that 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 of the Fund. 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.
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Shares held by the Portfolios in other investment companies (such as the Master/Underlying Funds) are valued at their respective daily net asset values as reported by their administrator. The Feeder Funds, International Small Company Portfolios, Global Small Company Portfolios and World ex U.S. Value Portfolios investments in series of either DFAITC or DEM reflect their proportionate interest in the net assets of such corresponding Master Fund(s). These valuations are classified 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 Summary Schedule of Portfolio Holdings/Schedule of Investments (except for the Feeder Funds). The methodology or inputs used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
2. Foreign Currency Translation: Securities and other assets and liabilities of the Portfolios whose values are initially expressed in foreign currencies are translated to U.S. dollars using the mean between the most recent bid and ask prices for the U.S. dollar as quoted by generally recognized reliable sources. To facilitate the translation, the Portfolios enter into foreign currency contracts. A foreign currency contract is a spot agreement between two parties to buy and sell currencies at current market exchange rates, for settlement generally within two business days. 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 Portfolios also enter into forward currency contracts 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 foreign exchange rate fluctuations from the effect of fluctuations in the market prices of securities, whether realized or unrealized. However, the Selectively Hedged Global Equity Portfolio does isolate the effect of foreign currency rate fluctuations 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 of 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 Selectively Hedged Global Equity Portfolio and the U.S. dollar equivalent amounts actually received or paid.
3. Deferred Compensation Plan: Each eligible Director of the Fund may elect to participate in the Fee Deferral Plan for Independent Directors and Trustees (the Plan). Under the Plan, effective January 1, 2002, such Directors may defer payment of all or a portion of their total fees earned as a Director. These deferred amounts may be treated as though such amounts had been invested in shares of the following funds: the 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.
The Directors may receive their distributions of proceeds by 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 shall have the right in a notice of election (the Notice) to defer the receipt of the Directors deferred compensation until a date specified by such Director in the Notice. The date may not be sooner than the earlier of: (i) the first business day of January following the year in which such Director ceases to be a member of the Board of Directors of the Fund; and (ii) five years following the effective date of the Directors first deferral election. If a Director who elects to defer fees fails to designate in the Notice a time or date as of which payment of the Directors deferred fee account shall commence, payment of such amount shall commence as of the first business day of January
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following the year in which the Director ceases to be a member of the Board (unless the Director files an amended Notice selecting a different distribution date). As of October 31, 2020, none of the Directors 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 accounted for 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 received distributions 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, using the effective interest method. Expenses directly attributable to a Portfolio are directly charged. Common expenses of the Fund or the Portfolios are allocated using methods approved by the Board, generally based on average net assets.
Organizational costs are expensed during the fiscal year of inception of the Portfolios. Offering costs are amortized over a twelve-month period from the inception of the Portfolios.
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.
The Feeder Funds, International Small Company Portfolio, Global Small Company Portfolio, and World ex U.S. Value Portfolio recognize their pro-rata shares of net investment income and realized and unrealized gains/losses on a daily basis from their respective Master Fund(s) 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. Additionally, if there is a deterioration in a countrys balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.
The Emerging Markets Portfolio, Emerging Markets Small Cap Portfolio, Emerging Markets Value Portfolio, World ex U.S. Core Portfolio, Emerging Markets Core Equity Portfolio and Emerging Markets Targeted Value Portfolio are subject to tax on short-term capital gains for investments in India. Such taxes are accrued on a daily basis and due upon sale of individual securities.
C. Investment Advisor:
The Advisor, Dimensional Fund Advisors LP, provides investment management services to the Portfolios. For the year ended October 31, 2020, the Portfolios investment management fees were accrued daily and paid monthly to the Advisor based on the following effective annual rates of average daily net assets:
Large Cap International Portfolio |
0.19 | %* | ||
International Core Equity Portfolio |
0.25 | %* | ||
Global Small Company Portfolio |
0.44 | %* | ||
International Small Company Portfolio |
0.39 | %* | ||
Japanese Small Company Portfolio |
0.48 | %* | ||
Asia Pacific Small Company Portfolio |
0.48 | %* | ||
United Kingdom Small Company Portfolio |
0.48 | %* | ||
Continental Small Company Portfolio |
0.48 | %* | ||
DFA International Real Estate Securities Portfolio |
0.24 | %* | ||
DFA Global Real Estate Securities Portfolio |
0.20 | % |
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DFA International Small Cap Value Portfolio |
0.62 | %* | ||
International Vector Equity Portfolio |
0.43 | %* | ||
International High Relative Profitability Portfolio |
0.25 | % | ||
World ex U.S. Value Portfolio |
0.45 | %* | ||
World ex U.S. Core Equity Portfolio |
0.30 | %* | ||
World Core Equity Portfolio |
0.28 | %* | ||
Selectively Hedged Global Equity Portfolio |
0.29 | %* | ||
Emerging Markets Portfolio |
0.39 | %* | ||
Emerging Markets Small Cap Portfolio |
0.62 | %* | ||
Emerging Markets Value Portfolio |
0.47 | %* | ||
Emerging Markets Core Equity Portfolio |
0.44 | %* | ||
Emerging Markets Targeted Value Portfolio |
0.66 | %* |
* | Effective as of February 28, 2020, the management fees payable by the following Portfolios were reduced as follows: |
Portfolio | Management Fee Prior to February 28, 2020 |
Management Fee Effective February 28, 2020 |
||||||
Large Cap International Portfolio |
0.20 | % | 0.18 | % | ||||
International Core Equity Portfolio |
0.27 | % | 0.24 | % | ||||
Global Small Company Portfolio |
0.45 | % | 0.43 | % | ||||
International Small Company Portfolio |
0.40 | % | 0.38 | % | ||||
Japanese Small Company Portfolio |
0.50 | % | 0.47 | % | ||||
Asia Pacific Small Company Portfolio |
0.50 | % | 0.47 | % | ||||
United Kingdom Small Company Portfolio |
0.50 | % | 0.47 | % | ||||
Continental Small Company Portfolio |
0.50 | % | 0.47 | % | ||||
DFA International Real Estate Securities Portfolio |
0.25 | % | 0.24 | % | ||||
DFA International Small Cap Value Portfolio |
0.65 | % | 0.60 | % | ||||
International Vector Equity Portfolio |
0.45 | % | 0.42 | % | ||||
World ex U.S. Value Portfolio |
0.47 | % | 0.43 | % | ||||
World ex U.S. Core Equity Portfolio |
0.32 | % | 0.29 | % | ||||
World Core Equity Portfolio |
0.30 | % | 0.27 | % | ||||
Selectively Hedged Global Equity Portfolio |
0.30 | % | 0.28 | % | ||||
Emerging Markets Portfolio |
0.42 | % | 0.37 | % | ||||
Emerging Markets Small Cap Portfolio |
0.65 | % | 0.60 | % | ||||
Emerging Markets Value Portfolio |
0.50 | % | 0.45 | % | ||||
Emerging Markets Core Equity Portfolio |
0.47 | % | 0.42 | % | ||||
Emerging Markets Targeted Value Portfolio |
0.70 | % | 0.65 | % |
Pursuant to Amended and Restated Fee Waiver and/or Expense Assumption Agreements (each, a Fee Waiver Agreement), the Advisor has contractually agreed to waive certain fees, and in certain instances, assume certain expenses of the Portfolios, as described in the notes below. The Fee Waiver Agreements for the non-Feeder Funds, and a portion of the Fee Waiver Agreement for certain Feeder Funds below, will remain in effect through February 28, 2021, may only be terminated by the Funds 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 Funds, as described in the notes below, will remain in effect permanently, unless terminated by a Feeder Fund. During the year ended October 31, 2020, 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 assumed expenses (amounts in thousands), as listed below. The net amount of waived fees/expenses assumed (recovered previously waived fees/expenses assumed) during the year ended October 31, 2020, and the previously waived fees/expenses assumed subject to future recovery by the Advisor as of October 31, 2020, are also reflected below (amounts in thousands). At any time that the Portfolio Expenses (defined below) of a class of a Portfolio are less than the applicable Expense Limitation Amount/Total Management Fee Limit listed below, the Advisor retains the right to recover fees previously waived and/or expenses previously assumed to the extent that the
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expense ratio following such recovery would be less than the Expense Limitation Amount/Total Management Fee Limit that was in place when such prior year fees were waived and/or expenses assumed, and less than the current Expense Limitation Amount/Total Management Fee Limit in place for the Portfolio. The Advisor, however, will not be reimbursed by a Feeder Portfolio in connection with its Permanent Fee Waiver. The Fund, on behalf of a Portfolio, is also not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six months before the date of recovery. With respect to the World ex U.S. Value Portfolio, World Core Equity Portfolio and Selectively Hedged Global Equity Portfolio, the Advisor shall also not be reimbursed for any management fees previously waived to offset a Portfolios proportionate share of the management fees paid by such Portfolio through its investment in other funds managed by the Advisor.
Institutional Class Shares |
Expense Limitation Amount |
Total Management Fee Limit |
Recovery of Previously Waived Fees/ Expenses Assumed |
Waived Fees/ Expenses Assumed |
Previously Waived Fees/ Expenses Assumed Subject to Future Recovery |
|||||||||||||||
Large Cap International Portfolio (1) |
0.24 | % | | | | | ||||||||||||||
International Core Equity Portfolio (1) |
0.30 | % | | $ | 3,676 | $ | 183 | $ | 183 | |||||||||||
Global Small Company Portfolio (2) |
0.47 | % | | | 155 | 413 | ||||||||||||||
International Small Company Portfolio (3) |
0.45 | % | | | | | ||||||||||||||
Japanese Small Company Portfolio (4) |
0.47 | % | 0.47 | % | | 513 | | |||||||||||||
Asia Pacific Small Company Portfolio (4) |
0.47 | % | 0.47 | % | | 329 | | |||||||||||||
United Kingdom Small Company Portfolio (4) |
0.47 | % | 0.47 | % | 2 | 55 | 79 | |||||||||||||
Continental Small Company Portfolio (4) |
0.47 | % | 0.47 | % | | 580 | | |||||||||||||
DFA International Real Estate Securities Portfolio (1) |
0.29 | % | | | | | ||||||||||||||
DFA Global Real Estate Securities Portfolio (5) |
0.24 | % | | 104 | 8,120 | 25,028 | ||||||||||||||
International Vector Equity Portfolio (1) |
0.60 | % | | | | | ||||||||||||||
International High Relative Profitability Portfolio (2) |
0.35 | % | | 25 | | | ||||||||||||||
World ex U.S. Value Portfolio (6) |
0.60 | % | 0.43 | % | | 504 | | |||||||||||||
World ex U.S. Core Equity Portfolio (7) |
0.39 | % | | | | | ||||||||||||||
World Core Equity Portfolio (8) |
0.32 | % | 0.27 | % | 28 | 2,008 | 497 | |||||||||||||
Selectively Hedged Global Equity Portfolio (9) |
0.40 | % | 0.28 | % | | 818 | | |||||||||||||
Emerging Markets Portfolio (10) |
0.49 | % | 0.37 | % | | 5,732 | | |||||||||||||
Emerging Markets Small Cap Portfolio (11) |
| 0.60 | % | | 10,976 | | ||||||||||||||
Emerging Markets Value Portfolio (12) |
| 0.45 | % | | 14,579 | |
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Institutional Class Shares |
Expense Limitation Amount |
Total Management Fee Limit |
Recovery of Previously Waived Fees/ Expenses Assumed |
Waived Fees/ Expenses Assumed |
Previously Waived Fees/ Expenses Assumed Subject to Future Recovery |
|||||||||||||||
Emerging Markets Core Equity |
0.54 | % | | | | | ||||||||||||||
Emerging Markets Targeted |
0.85 | % | | $ | 32 | $ | 62 | $ | 135 | |||||||||||
Class R2 Shares |
||||||||||||||||||||
Emerging Markets Value |
0.96 | % | 0.45 | % | | 22 | |
(1) | The Advisor has contractually agreed to waive all or a portion of its management fee and assume each Portfolios 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). The Fee Waiver Agreement for the Large Cap International Portfolio became effective on January 1, 2017. In addition, prior to January 1, 2017, the Advisor had contractually agreed to waive all or a portion of its management fee and assume each of the International Core Equity Portfolios and Emerging Markets Core Equity Portfolios Portfolio Expenses to the extent necessary to limit the Portfolio Expenses of each such Portfolio to 0.49% and 0.85%, respectively, as a percentage of average net assets on an annualized basis. |
(2) | The Advisor has contractually agreed to waive all or a portion of its management fee and to assume the ordinary operating expenses of a class of the Portfolio (including the expenses that the Portfolio bears as a shareholder of other funds managed by the Advisor, excluding money market 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 the average net assets of a class of the Portfolio on an annualized basis (the Expense Limitation Amount). |
(3) | 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). |
(4) | Effective February 28, 2020, 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, except for the fees paid indirectly through its investment of securities lending cash collateral in the Money Market Series, to 0.47% of the average net assets of a class of a Portfolio on an annualized basis (the Permanent Fee Waiver). From July 21, 2015 to February 27, 2020, the permanent Fee Waiver Limit was 0.50%. 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). |
(5) | 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/Underlying Funds but excluding the expenses that the Portfolio incurs indirectly through investment of its securities lending cash collateral in the Money Market Series and 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 Portfolios average net assets on an annualized basis (the Expense Limitation Amount). |
(6) | Effective February 28, 2020, the Advisor has contractually agreed to waive up to the full amount of the Portfolios management fee of 0.43% to the extent necessary to offset the proportionate share of the management fees paid by the Portfolio through its investment in its Master/Underlying _ Funds, except for the fees paid through its investment of securities lending cash collateral in the Money Market Series (the Total Management Fee Limit). Prior to February 28, 2020, the Total Management Fee Limit was 0.47%. 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/Underlying Funds management fees have been offset (the Remaining Management Fee)) to the extent necessary to reduce the Portfolios ordinary operating expenses (including expenses incurred through its investment in other investment companies but excluding the expenses that the Portfolio incurs indirectly through investment of its securities lending cash collateral in the Money Market Series) (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. |
(7) | 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/ Underlying Funds but excluding the expenses that the Portfolio incurs indirectly through its investment of its securities lending cash collateral in the Money Market Series and 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). |
(8) | Effective February 28, 2020, the Advisor has contractually agreed to waive up to the full amount of the Portfolios management fee of 0.27% to the extent necessary to offset the proportionate share of the management fees paid by the Portfolio through its investment in its Master/Underlying Funds, except for the fees paid through its investment of securities lending cash collateral in the Money Market Series (including the Portfolios proportionate share of any management fees that a Master/Underlying Fund paid through its investment in an affiliated |
131
cash management fund) (the Total Management Fee Limit). Prior to February 28, 2020, the Total Management Fee Limit was 0.30%. 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 but excluding the expenses that the Portfolio incurs indirectly through investment of its securities lending cash collateral in the Money Market Series) (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). From June 27, 2014 to February 27, 2019, the Expense Limitation Amount was 0.35% of the average net assets of such class of the Portfolio on an annualized basis. |
(9) | Effective February 28, 2020, the Advisor has contractually agreed to waive up to the full amount of the Portfolios management fee of 0.28% to the extent necessary to offset the proportionate share of the management fees paid by the Portfolio through its investment in its Master/Underlying Funds, except for the fees paid through its investment of securities lending cash collateral in the Money Market Series (the Total Management Fee Limit). Prior to February 28, 2020, the Total Management Fee Limit was 0.30%. 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 but excluding the expenses that the Portfolio incurs indirectly through investment of its securities lending cash collateral in the Money Market Series) (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). |
(10) | Effective February 28, 2020, 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, except for the fees paid indirectly through its investment of securities lending cash collateral in the Money Market Series, to 0.37% of the average net assets of a class of the Portfolio on an annualized basis (the Permanent Fee Waiver). From July 21, 2015 to February 27, 2020, the Permanent Fee Waiver Limit was 0.42%. Effective January 1, 2017, 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 the 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 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). |
(11) | Effective February 28, 2020, 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, except for the fees paid indirectly through its investment of securities lending cash collateral in The DFA Short Term Investment Fund (the Money Market Series), to the rate listed above as a percentage of the average net assets of a class of a Portfolio on an annualized basis. From July 21, 2015 to February 27, 2020, the Permanent Fee Waiver Limits for the Emerging Markets Small Cap Portfolio and Emerging Markets Value Portfolio were 0.65% and 0.50%, respectively. |
(12) | Effective February 28, 2020, 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, except for the fees paid indirectly through its investment of securities lending cash collateral in the Money Market Series, to 0.45% of the average net assets of a class of the Portfolio on an annualized basis (the Permanent Fee Waiver). From July 21, 2015 to February 27, 2020, the Permanent Fee Waiver Limit was 0.50%. 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). |
Earned Income Credit:
Additionally, 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 Portfolios net assets. During the year ended October 31, 2020, expenses reduced were as follows (amounts in thousands):
Fees Paid Indirectly |
||||
Large Cap International Portfolio |
$ | 277 | ||
International Core Equity Portfolio |
1,078 | |||
DFA International Real Estate Securities Portfolio |
500 | |||
DFA Global Real Estate Securities Portfolio |
7 | |||
DFA International Small Cap Value Portfolio |
925 | |||
International Vector Equity Portfolio |
197 | |||
International High Relative Profitability Portfolio |
95 | |||
World ex U.S. Core Equity Portfolio |
144 | |||
Selectively Hedged Global Equity Portfolio |
1 |
132
Fees Paid Indirectly |
||||
Emerging Markets Core Equity Portfolio |
$ | 1,167 | ||
Emerging Markets Targeted Value Portfolio |
15 |
Fees Paid to Officers and Directors/Trustees:
Certain Officers and Directors of the Advisor are also Officers and Directors of the Fund; however, such Officers and Directors (with the exception of the Chief Compliance Officer (CCO)) receive no compensation from the Fund. For the year ended October 31, 2020, the total related amount paid by the Fund to the CCO was $309 (in thousands). The total related amounts paid by each of the Portfolios are included in Other Expenses on the Statements of Operations.
D. Deferred Compensation:
As of October 31, 2020, the total liability for deferred compensation to Directors is included in Accrued Expenses and Other Liabilities on the Statements of Assets and Liabilities as follows (amounts in thousands):
Large Cap International Portfolio |
$ | 128 | ||
International Core Equity Portfolio |
490 | |||
Global Small Company Portfolio |
| |||
International Small Company Portfolio |
361 | |||
Japanese Small Company Portfolio |
16 | |||
Asia Pacific Small Company Portfolio |
10 | |||
United Kingdom Small Company Portfolio |
2 | |||
Continental Small Company Portfolio |
10 | |||
DFA International Real Estate Securities Portfolio |
106 | |||
DFA Global Real Estate Securities Portfolio |
113 | |||
DFA International Small Cap Value Portfolio |
487 | |||
International Vector Equity Portfolio |
49 | |||
International High Relative Profitability Portfolio |
5 | |||
World ex U.S. Value Portfolio |
4 | |||
World ex U.S. Core Equity Portfolio |
34 | |||
World Core Equity Portfolio |
7 | |||
Selectively Hedged Global Equity Portfolio |
5 | |||
Emerging Markets Portfolio |
172 | |||
Emerging Markets Small Cap Portfolio |
153 | |||
Emerging Markets Value Portfolio |
638 | |||
Emerging Markets Core Equity Portfolio |
502 | |||
Emerging Markets Targeted Value Portfolio |
1 |
E. Purchases and Sales of Securities:
For the year ended October 31, 2020, the Portfolios transactions related to investment securities, other than short-term securities, in-kind redemptions and U.S. government securities (amounts in thousands), were as follows:
Purchases | Sales | |||||||
Large Cap International Portfolio |
$ | 932,813 | $ | 1,045,067 | ||||
International Core Equity Portfolio |
$ | 1,110,068 | $ | 3,490,110 | ||||
DFA International Real Estate Securities Portfolio |
$ | 699,493 | $ | 635,176 | ||||
DFA Global Real Estate Securities Portfolio |
$ | 230,225 | $ | 19,979 |
133
Purchases | Sales | |||||||
DFA International Small Cap Value Portfolio |
$ | 1,526,349 | $ | 2,896,135 | ||||
International Vector Equity Portfolio |
$ | 852,734 | $ | 491,970 | ||||
International High Relative Profitability Portfolio |
$ | 911,403 | $ | 145,135 | ||||
World ex U.S. Core Equity Portfolio |
$ | 423,799 | $ | 663,937 | ||||
Emerging Markets Core Equity Portfolio |
$ | 3,751,823 | $ | 6,540,110 | ||||
Emerging Markets Targeted Value Portfolio |
$ | 96,597 | $ | 46,013 |
There were no purchases or sales of long-term U.S. government securities.
For the year ended October 31, 2020, transactions related to Affiliated Investment Companies, excluding in-kind redemptions, are presented below.
The amounts presented below may differ from the respective amounts presented in the corresponding Schedule of Investments/Summary Schedule of Portfolio Holdings, Statements of Assets and Liabilities or Statements of Operations due to rounding. The amounts are as follows (amounts in thousands):
Balance at October 31, 2019 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain/(Loss) on Sales |
Change in Unrealized Appreciation/ Depreciation |
Balance at October 31, 2020 |
Shares as of October 31, 2020 |
Dividend Income |
Capital Gain Distributions |
||||||||||||||||||||||||||||
Large Cap International Portfolio |
||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund |
$ | 181,249 | $ | 1,584,607 | $ | 1,591,446 | $ | (71 | ) | $ | 27 | $ | 174,366 | 15,069 | $ | 1,620 | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 181,249 | $ | 1,584,607 | $ | 1,591,446 | $ | (71 | ) | $ | 27 | $ | 174,366 | 15,069 | $ | 1,620 | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
International Core Equity Portfolio |
||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund |
$ | 1,353,511 | $ | 5,227,358 | $ | 5,485,808 | $ | (170 | ) | $ | 97 | $ | 1,094,988 | 94,632 | $ | 10,799 | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 1,353,511 | $ | 5,227,358 | $ | 5,485,808 | $ | (170 | ) | $ | 97 | $ | 1,094,988 | 94,632 | $ | 10,799 | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Global Small Company Portfolio |
||||||||||||||||||||||||||||||||||||
U.S. Small Cap Portfolio |
$ | 22,484 | $ | 7,439 | $ | 4,122 | $ | (712 | ) | $ | (193 | ) | $ | 24,896 | 803 | $ | 244 | $ | 535 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 22,484 | $ | 7,439 | $ | 4,122 | $ | (712 | ) | $ | (193 | ) | $ | 24,896 | 803 | $ | 244 | $ | 535 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
DFA International Real Estate Securities Portfolio |
||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund |
$ | 186,393 | $ | 2,567,353 | $ | 2,374,380 | $ | (33 | ) | $ | 14 | $ | 379,347 | 32,784 | $ | 1,487 | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 186,393 | $ | 2,567,353 | $ | 2,374,380 | $ | (33 | ) | $ | 14 | $ | 379,347 | 32,784 | $ | 1,487 | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
134
Balance at October 31, 2019 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain/(Loss) on Sales |
Change in Unrealized Appreciation/ Depreciation |
Balance at October 31, 2020 |
Shares as of October 31, 2020 |
Dividend Income |
Capital Gain Distributions |
||||||||||||||||||||||||||||
DFA Global Real Estate Securities Portfolio |
||||||||||||||||||||||||||||||||||||
DFA International Real Estate Securities Portfolio |
$ | 3,297,599 | $ | 729,753 | $ | 288,110 | $ | (56,133 | ) | $ | (1,095,312 | ) | $ | 2,587,797 | 686,418 | $ | 375,229 | | ||||||||||||||||||
DFA Real Estate Securities Portfolio |
1,315,269 | | 335,800 | 78,695 | (337,188 | ) | 720,976 | 21,075 | 24,084 | $ | 1,750 | |||||||||||||||||||||||||
The DFA Short Term Investment Fund |
111,152 | 1,000,753 | 1,039,724 | (28 | ) | 3 | 72,156 | 6,236 | 1,036 | | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 4,724,020 | $ | 1,730,506 | $ | 1,663,634 | $ | 22,534 | $ | (1,432,497 | ) | $ | 3,380,929 | 713,729 | $ | 400,349 | $ | 1,750 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
DFA International Small Cap Value Portfolio |
||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund |
$ | 793,359 | $ | 1,464,715 | $ | 1,838,302 | $ | (2 | ) | $ | (8 | ) | $ | 419,762 | 36,277 | $ | 5,102 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 793,359 | $ | 1,464,715 | $ | 1,838,302 | $ | (2 | ) | $ | (8 | ) | $ | 419,762 | 36,277 | $ | 5,102 | | ||||||||||||||||||
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|
|
|
|
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|
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|
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|
|
|
|
|
|
|
|||||||||||||||||||
International Vector Equity Portfolio |
||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund |
$ | 132,707 | $ | 524,907 | $ | 533,845 | $ | (7 | ) | $ | 15 | $ | 123,777 | 10,697 | $ | 1,082 | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 132,707 | $ | 524,907 | $ | 533,845 | $ | (7 | ) | $ | 15 | $ | 123,777 | 10,697 | $ | 1,082 | | |||||||||||||||||||
|
|
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|
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|
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|
|
|
|
|
|
|||||||||||||||||||
International High Relative Profitability Portfolio |
||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund |
$ | 25,970 | $ | 389,603 | $ | 367,480 | $ | (1 | ) | $ | 5 | $ | 48,097 | 4,157 | | | ||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 25,970 | $ | 389,603 | $ | 367,480 | $ | (1 | ) | $ | 5 | $ | 48,097 | 4,157 | | | ||||||||||||||||||||
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|
|
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|
|
|||||||||||||||||||
World ex U.S. Value Portfolio |
||||||||||||||||||||||||||||||||||||
DFA International Small Cap Value Portfolio |
$ | 29,086 | $ | 1,863 | $ | 7,050 | $ | (1,457 | ) | $ | (3,541 | ) | $ | 18,901 | 1,208 | $ | 465 | $ | 440 | |||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 29,086 | $ | 1,863 | $ | 7,050 | $ | (1,457 | ) | $ | (3,541 | ) | $ | 18,901 | 1,208 | $ | 465 | $ | 440 | |||||||||||||||||
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|
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|
|
|
|
|||||||||||||||||||
World ex U.S. Core Equity Portfolio |
||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund |
$ | 109,135 | $ | 551,261 | $ | 541,294 | $ | (23 | ) | $ | 17 | $ | 119,096 | 10,293 | $ | 964 | | |||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 109,135 | $ | 551,261 | $ | 541,294 | $ | (23 | ) | $ | 17 | $ | 119,096 | 10,293 | $ | 964 | | |||||||||||||||||||
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|
|
|
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|
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|
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|
|
|
|
|
|
|
|
|
135
Balance at October 31, 2019 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain/(Loss) on Sales |
Change in Unrealized Appreciation/ Depreciation |
Balance at October 31, 2020 |
Shares as of October 31, 2020 |
Dividend Income |
Capital Gain Distributions |
||||||||||||||||||||||||||||
World Core Equity Portfolio |
||||||||||||||||||||||||||||||||||||
U.S. Core Equity 1 Portfolio |
$ | 480,857 | $ | 61,045 | $ | 115,322 | $ | (2,039 | ) | $ | 11,601 | $ | 436,142 | 17,280 | $ | 7,219 | $ | 8,146 | ||||||||||||||||||
International Core Equity Portfolio |
298,575 | 27,394 | 69,724 | (13,781 | ) | (11,782 | ) | 230,682 | 19,096 | 5,952 | | |||||||||||||||||||||||||
Emerging Markets Core Equity Portfolio |
100,081 | 25,017 | 22,181 | (3,993 | ) | 3,260 | 102,184 | 5,024 | 2,275 | | ||||||||||||||||||||||||||
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 879,513 | $ | 113,456 | $ | 207,227 | $ | (19,813 | ) | $ | 3,079 | $ | 769,008 | 41,400 | $ | 15,446 | $ | 8,146 | ||||||||||||||||||
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|
|
|
|||||||||||||||||||
Selectively Hedged Global Equity Portfolio |
||||||||||||||||||||||||||||||||||||
U.S. Core Equity 2 Portfolio |
$ | 186,668 | $ | 17,659 | $ | 54,652 | $ | 3,445 | $ | (5,334 | ) | $ | 147,786 | 6,485 | $ | 2,463 | $ | 4,097 | ||||||||||||||||||
International Core Equity Portfolio |
119,342 | 8,230 | 36,871 | (2,519 | ) | (8,418 | ) | 79,764 | 6,603 | 2,210 | | |||||||||||||||||||||||||
Emerging Markets Core Equity Portfolio |
64,065 | 9,312 | 14,243 | (1,615 | ) | 215 | 57,734 | 2,838 | 1,334 | | ||||||||||||||||||||||||||
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 370,075 | $ | 35,201 | $ | 105,766 | $ | (689 | ) | $ | (13,537 | ) | $ | 285,284 | 15,926 | $ | 6,007 | $ | 4,097 | |||||||||||||||||
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|
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|
|
|
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|
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|
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|
|
|
|
|
|
|||||||||||||||||||
Emerging Markets Core Equity Portfolio |
||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund |
$ | 673,477 | $ | 2,162,419 | $ | 2,388,552 | $ | (9 | ) | $ | 17 | $ | 447,352 | 38,662 | $ | 4,888 | | |||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 673,477 | $ | 2,162,419 | $ | 2,388,552 | $ | (9 | ) | $ | 17 | $ | 447,352 | 38,662 | $ | 4,888 | | |||||||||||||||||||
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|
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|
|
|
|
|
|||||||||||||||||||
Emerging Markets Targeted Value Portfolio |
||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund |
$ | 659 | $ | 15,914 | $ | 14,536 | | | $ | 2,037 | 176 | | | |||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 659 | $ | 15,914 | $ | 14,536 | | | $ | 2,037 | 176 | | | |||||||||||||||||||||||
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|
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 that these differences are permanent, they are charged or credited to paid-in capital or distributable earnings as appropriate, in the period that the differences arise. Accordingly, the permanent differences as of October 31, 2020, can occur as a result of realized gains on securities considered to be passive foreign investment companies, non-deductible expenses, realized foreign capital gains tax, tax equalization, non-deductible
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90-day stock issuance cost, net foreign currency gains/losses, distributions received from real estate investment trusts and distribution redesignations, and were reclassified to the accounts mentioned above. These reclassifications had no effect on net assets or net asset value per share.
The tax character of dividends and distributions declared and paid during the years ended October 31, 2019, and October 31, 2020, were as follows (amounts in thousands):
Net Investment Income and Short-Term Capital Gains |
Long-Term Capital Gains |
Tax Exempt Income |
Total | |||||||||||||
Large Cap International Portfolio |
||||||||||||||||
2019 |
$ | 155,698 | | | $ | 155,698 | ||||||||||
2020 |
119,035 | | | 119,035 | ||||||||||||
International Core Equity Portfolio |
||||||||||||||||
2019 |
907,539 | | | 907,539 | ||||||||||||
2020 |
616,813 | | | 616,813 | ||||||||||||
Global Small Company Portfolio |
||||||||||||||||
2019 |
308 | | | 308 | ||||||||||||
2020 |
627 | | | 627 | ||||||||||||
International Small Company Portfolio |
||||||||||||||||
2019 |
339,853 | $ | 517,619 | | 857,472 | |||||||||||
2020 |
251,539 | 278,423 | | 529,962 | ||||||||||||
Japanese Small Company Portfolio |
||||||||||||||||
2019 |
6,623 | 32,764 | | 39,387 | ||||||||||||
2020 |
14,224 | 9,019 | | 23,243 | ||||||||||||
Asia Pacific Small Company Portfolio |
||||||||||||||||
2019 |
11,260 | | | 11,260 | ||||||||||||
2020 |
14,178 | | | 14,178 | ||||||||||||
United Kingdom Small Company Portfolio |
||||||||||||||||
2019 |
540 | 1,437 | | 1,977 | ||||||||||||
2020 |
969 | 1,478 | | 2,447 | ||||||||||||
Continental Small Company Portfolio |
||||||||||||||||
2019 |
14,187 | 19,027 | | 33,214 | ||||||||||||
2020 |
8,902 | | | 8,902 | ||||||||||||
DFA International Real Estate Securities Portfolio |
||||||||||||||||
2019 |
302,662 | | | 302,662 | ||||||||||||
2020 |
717,271 | | | 717,271 | ||||||||||||
DFA Global Real Estate Securities Portfolio |
||||||||||||||||
2019 |
311,682 | 40,223 | | 351,905 | ||||||||||||
2020 |
509,001 | 90,019 | | 599,020 | ||||||||||||
DFA International Small Cap Value Portfolio |
||||||||||||||||
2019 |
346,113 | 429,956 | | 776,069 | ||||||||||||
2020 |
224,481 | 206,468 | | 430,949 | ||||||||||||
International Vector Equity Portfolio |
||||||||||||||||
2019 |
75,474 | 72,426 | | 147,900 | ||||||||||||
2020 |
57,641 | | | 57,641 | ||||||||||||
International High Relative Profitability Portfolio |
||||||||||||||||
2019 |
11,023 | | | 11,023 | ||||||||||||
2020 |
18,018 | | | 18,018 |
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Net Investment Income and Short-Term Capital Gains |
Long-Term Capital Gains |
Tax Exempt Income |
Total | |||||||||||||
World ex U.S. Value Portfolio |
||||||||||||||||
2019 |
$ | 8,654 | $ | 5,062 | | $ | 13,716 | |||||||||
2020 |
6,579 | | | 6,579 | ||||||||||||
World ex U.S. Core Equity Portfolio |
||||||||||||||||
2019 |
100,766 | 15,900 | | 116,666 | ||||||||||||
2020 |
75,535 | | | 75,535 | ||||||||||||
World Core Equity Portfolio |
||||||||||||||||
2019 |
18,739 | 4,773 | | 23,512 | ||||||||||||
2020 |
14,888 | 1,549 | | 16,437 | ||||||||||||
Selectively Hedged Global Equity Portfolio |
||||||||||||||||
2019 |
12,345 | 4,519 | | 16,864 | ||||||||||||
2020 |
9,635 | | | 9,635 | ||||||||||||
Emerging Markets Portfolio |
||||||||||||||||
2019 |
145,647 | | | 145,647 | ||||||||||||
2020 |
118,156 | | | 118,156 | ||||||||||||
Emerging Markets Small Cap Portfolio |
||||||||||||||||
2019 |
153,182 | 173,892 | | 327,074 | ||||||||||||
2020 |
129,179 | 41,749 | | 170,928 | ||||||||||||
Emerging Markets Value Portfolio |
||||||||||||||||
2019 |
459,380 | | | 459,380 | ||||||||||||
2020 |
442,052 | | | 442,052 | ||||||||||||
Emerging Markets Core Equity Portfolio |
||||||||||||||||
2019 |
730,829 | | | 730,829 | ||||||||||||
2020 |
585,760 | | | 585,760 | ||||||||||||
Emerging Markets Targeted Value Portfolio |
||||||||||||||||
2019 |
64 | | | 64 | ||||||||||||
2020 |
3,854 | 21 | | 3,875 |
As of October 31, 2020, 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 use of accumulated earnings and profits distributed to shareholders upon redemption of shares (amounts in thousands):
Net Investment Income and Short-Term Capital Gains |
Long-Term Capital Gains |
Total | ||||||||||
Large Cap International Portfolio |
$ | (8,871 | ) | | $ | (8,871 | ) | |||||
International Core Equity Portfolio |
(53,934 | ) | | (53,934 | ) | |||||||
Global Small Company Portfolio |
(71 | ) | | (71 | ) | |||||||
International Small Company Portfolio |
(23,983 | ) | | (23,983 | ) | |||||||
Japanese Small Company Portfolio |
| | | |||||||||
Asia Pacific Small Company Portfolio |
| | | |||||||||
United Kingdom Small Company Portfolio |
(19 | ) | | (19 | ) | |||||||
Continental Small Company Portfolio |
(799 | ) | | (799 | ) | |||||||
DFA International Real Estate Securities Portfolio |
| | |
138
Net Investment Income and Short-Term Capital Gains |
Long-Term Capital Gains |
Total | ||||||||||
DFA Global Real Estate Securities Portfolio |
$ | (3,747 | ) | | $ | (3,747 | ) | |||||
DFA International Small Cap Value Portfolio |
(26,367 | ) | | (26,367 | ) | |||||||
International Vector Equity Portfolio |
(6,596 | ) | | (6,596 | ) | |||||||
International High Relative Profitability Portfolio |
(1,186 | ) | | (1,186 | ) | |||||||
World ex U.S. Value Portfolio |
| | | |||||||||
World ex U.S. Core Equity Portfolio |
(7,309 | ) | | (7,309 | ) | |||||||
World Core Equity Portfolio |
(61 | ) | | (61 | ) | |||||||
Selectively Hedged Global Equity Portfolio |
(473 | ) | $ | (465 | ) | (938 | ) | |||||
Emerging Markets Portfolio |
(11,704 | ) | | (11,704 | ) | |||||||
Emerging Markets Small Cap Portfolio |
(14,465 | ) | | (14,465 | ) | |||||||
Emerging Markets Value Portfolio |
(43,191 | ) | | (43,191 | ) | |||||||
Emerging Markets Core Equity Portfolio |
(55,165 | ) | | (55,165 | ) | |||||||
Emerging Markets Targeted Value Portfolio |
(502 | ) | | (502 | ) |
As of October 31, 2020, the components of distributable earnings (accumulated losses) were as follows (amounts in thousands):
Undistributed Net Investment Income and Short-Term Capital Gains |
Undistributed Long-Term Capital Gains |
Capital Loss Carryforwards |
Unrealized Appreciation (Depreciation) |
Total Net Distributable Earnings (Accumulated Losses) |
||||||||||||||||
Large Cap International Portfolio |
$ | 13,767 | | $ | (485,857 | ) | $ | 654,159 | $ | 182,069 | ||||||||||
International Core Equity Portfolio |
109,223 | | (1,538,697 | ) | 783,156 | (646,318 | ) | |||||||||||||
Global Small Company Portfolio |
540 | | (258 | ) | (441 | ) | (159 | ) | ||||||||||||
International Small Company Portfolio |
136,707 | | (313,125 | ) | 65,923 | (110,495 | ) | |||||||||||||
Japanese Small Company Portfolio |
9,860 | | (4,708 | ) | 40,289 | 45,441 | ||||||||||||||
Asia Pacific Small Company Portfolio |
11,401 | | (17,821 | ) | (27,049 | ) | (33,469 | ) | ||||||||||||
United Kingdom Small Company Portfolio |
197 | | (55 | ) | (2,560 | ) | (2,418 | ) | ||||||||||||
Continental Small Company Portfolio |
3,703 | | (27,023 | ) | 17,304 | (6,016 | ) | |||||||||||||
DFA International Real Estate Securities Portfolio |
| | (431,697 | ) | (1,161,693 | ) | (1,593,390 | ) | ||||||||||||
DFA Global Real Estate Securities Portfolio |
86,211 | $ | 23,742 | | (435,949 | ) | (325,996 | ) | ||||||||||||
DFA International Small Cap Value Portfolio |
164,422 | | (427,253 | ) | (1,226,585 | ) | (1,489,416 | ) | ||||||||||||
International Vector Equity Portfolio |
18,174 | | (117,363 | ) | 98,905 | (284 | ) | |||||||||||||
International High Relative Profitability Portfolio |
1,731 | | (26,305 | ) | 92,038 | 67,464 | ||||||||||||||
World ex U.S. Value Portfolio |
1,190 | | (17,769 | ) | (29,442 | ) | (46,021 | ) | ||||||||||||
World ex U.S. Core Equity Portfolio |
11,477 | | (129,730 | ) | 1,126 | (117,127 | ) | |||||||||||||
World Core Equity Portfolio |
| | (1,459 | ) | 101,380 | 99,921 | ||||||||||||||
Selectively Hedged Global Equity Portfolio |
2,378 | 3,266 | | 59,081 | 64,725 | |||||||||||||||
Emerging Markets Portfolio |
13,176 | | (149,587 | ) | 1,755,403 | 1,618,992 | ||||||||||||||
Emerging Markets Small Cap Portfolio |
76,220 | | (395,156 | ) | 125,442 | (193,494 | ) |
139
Undistributed Net Investment Income and Short-Term Capital Gains |
Undistributed Long-Term Capital Gains |
Capital Loss Carryforwards |
Unrealized Appreciation (Depreciation) |
Total Net Distributable Earnings (Accumulated Losses) |
||||||||||||||||
Emerging Markets Value Portfolio |
$ | 98,175 | | $ | (2,347,944 | ) | $ | (559,050 | ) | $ | (2,808,819 | ) | ||||||||
Emerging Markets Core Equity Portfolio |
63,708 | | (2,739,997 | ) | 3,839,613 | 1,163,324 | ||||||||||||||
Emerging Markets Targeted Value Portfolio |
4,286 | | | 1,899 | 6,185 |
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. As of October 31, 2020, the Portfolios had the following capital loss carryforwards available to offset future realized capital gains with no expiration date (amounts in thousands):
Unlimited | Total | |||||||
Large Cap International Portfolio |
$ | 485,857 | $ | 485,857 | ||||
International Core Equity Portfolio |
1,538,697 | 1,538,697 | ||||||
Global Small Company Portfolio |
258 | 258 | ||||||
International Small Company Portfolio |
313,125 | 313,125 | ||||||
Japanese Small Company Portfolio |
4,708 | 4,708 | ||||||
Asia Pacific Small Company Portfolio |
17,821 | 17,821 | ||||||
United Kingdom Small Company Portfolio |
55 | 55 | ||||||
Continental Small Company Portfolio |
27,023 | 27,023 | ||||||
DFA International Real Estate Securities Portfolio |
431,697 | 431,697 | ||||||
DFA Global Real Estate Securities Portfolio |
| | ||||||
DFA International Small Cap Value Portfolio |
427,253 | 427,253 | ||||||
International Vector Equity Portfolio |
117,363 | 117,363 | ||||||
International High Relative Profitability Portfolio |
26,305 | 26,305 | ||||||
World ex U.S. Value Portfolio |
17,769 | 17,769 | ||||||
World ex U.S. Core Equity Portfolio |
129,730 | 129,730 | ||||||
World Core Equity Portfolio |
1,459 | 1,459 | ||||||
Selectively Hedged Global Equity Portfolio |
| | ||||||
Emerging Markets Portfolio |
149,587 | 149,587 | ||||||
Emerging Markets Small Cap Portfolio |
395,156 | 395,156 | ||||||
Emerging Markets Value Portfolio |
2,347,944 | 2,347,944 | ||||||
Emerging Markets Core Equity Portfolio |
2,739,997 | 2,739,997 | ||||||
Emerging Markets Targeted Value Portfolio |
| |
During the year ended October 31, 2020, the following Portfolios used the following capital loss carryforwards to offset realized capital gains for federal income tax purposes (amounts in thousands):
Global Small Company Portfolio |
$ | 245 | ||
Emerging Markets Portfolio |
59,952 |
140
As of October 31, 2020, 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):
Federal Tax Cost |
Unrealized Appreciation |
Unrealized (Depreciation) |
Net Unrealized Appreciation (Depreciation) |
|||||||||||||
Large Cap International Portfolio |
$ | 4,172,789 | $ | 1,236,476 | $ | (582,218 | ) | $ | 654,258 | |||||||
International Core Equity Portfolio |
25,062,273 | 5,943,496 | (5,161,581 | ) | 781,915 | |||||||||||
Global Small Company Portfolio |
44,163 | | (450 | ) | (450 | ) | ||||||||||
International Small Company Portfolio |
10,014,881 | 65,923 | | 65,923 | ||||||||||||
Japanese Small Company Portfolio |
426,756 | 40,279 | | 40,279 | ||||||||||||
Asia Pacific Small Company Portfolio |
406,429 | | (27,049 | ) | (27,049 | ) | ||||||||||
United Kingdom Small Company Portfolio |
19,458 | | (2,565 | ) | (2,565 | ) | ||||||||||
Continental Small Company Portfolio |
521,797 | 17,304 | | 17,304 | ||||||||||||
DFA International Real Estate Securities Portfolio |
6,117,825 | 791,309 | (1,952,870 | ) | (1,161,561 | ) | ||||||||||
DFA Global Real Estate Securities Portfolio |
7,722,562 | 1,228,710 | (1,664,659 | ) | (435,949 | ) | ||||||||||
DFA International Small Cap Value Portfolio |
11,348,667 | 1,605,837 | (2,832,568 | ) | (1,226,731 | ) | ||||||||||
International Vector Equity Portfolio |
2,729,895 | 585,477 | (486,688 | ) | 98,789 | |||||||||||
International High Relative Profitability Portfolio |
1,415,048 | 170,650 | (78,670 | ) | 91,980 | |||||||||||
World ex U.S. Value Portfolio |
236,342 | | (29,421 | ) | (29,421 | ) | ||||||||||
World ex U.S. Core Equity Portfolio |
3,301,842 | 666,751 | (670,173 | ) | (3,422 | ) | ||||||||||
World Core Equity Portfolio |
668,300 | 101,380 | | 101,380 | ||||||||||||
Selectively Hedged Global Equity Portfolio |
226,272 | 59,062 | | 59,062 | ||||||||||||
Emerging Markets Portfolio |
3,890,070 | 1,767,776 | | 1,767,776 | ||||||||||||
Emerging Markets Small Cap Portfolio |
4,775,629 | 125,592 | | 125,592 | ||||||||||||
Emerging Markets Value Portfolio |
13,221,426 | | (559,273 | ) | (559,273 | ) | ||||||||||
Emerging Markets Core Equity Portfolio |
21,200,633 | 8,214,465 | (4,357,188 | ) | 3,857,277 | |||||||||||
Emerging Markets Targeted Value Portfolio |
168,225 | 23,036 | (21,152 | ) | 1,884 |
The difference between GAAP-basis and tax-basis unrealized gains (losses) can occur as a result of wash sales and net mark to market gains (losses) on regulated futures contracts, net mark-to-market gain/loss on foreign currency contracts, and differences in the tax treatment of passive foreign investment company investments.
ASC 740 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.
141
G. Capital Share Transactions:
The capital share transactions by class were as follows (amounts in thousands):
Year Ended October 31, 2020 |
Year Ended October 31, 2019 |
|||||||||||||||
Amount | Shares | Amount | Shares | |||||||||||||
Emerging Markets Value Portfolio |
||||||||||||||||
Class R2 Shares |
||||||||||||||||
Shares Issued |
$ | 3,669 | 151 | $ | 7,880 | 286 | ||||||||||
Shares Issued in Lieu of Cash Distributions |
570 | 22 | 687 | 26 | ||||||||||||
Shares Redeemed |
(16,724 | ) | (717 | ) | (5,088 | ) | (183 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) Class R2 Shares |
$ | (12,485 | ) | (544 | ) | $ | 3,479 | 129 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Institutional Class Shares |
||||||||||||||||
Shares Issued |
$ | 3,019,595 | 131,537 | $ | 3,094,110 | 110,936 | ||||||||||
Shares Issued in Lieu of Cash Distributions |
425,160 | 16,845 | 436,607 | 16,366 | ||||||||||||
Shares Redeemed |
(5,831,173 | ) | (249,652 | ) | (3,087,983 | ) | (112,388 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) Institutional Class Shares |
$ | (2,386,418 | ) | (101,270 | ) | $ | 442,734 | 14,914 | ||||||||
|
|
|
|
|
|
|
|
H. Financial Instruments:
In accordance with the Portfolios investment objectives and policies, the Portfolios may invest either directly or indirectly (through their investments in corresponding Master/Underlying Funds), 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 Portfolios may be inhibited.
Portfolios that have significant exposure to certain countries, such as The United Kingdom Small Company Portfolios Master Fund that concentrates investments in the United Kingdom, can be expected to be impacted by the political and economic conditions within such countries. For example, there is continuing uncertainty around the future of the euro and the European Union (EU) following the United Kingdoms (UK) exit from the EU (referred to as Brexit). Brexit may cause greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence, and increased likelihood of a recession in the UK. While it is not possible to determine the precise impact these events may have on the Portfolios, during this period and beyond, the impact on the UK, EU countries, other countries or parties that transact with the UK and EU, and the broader global economy could be significant and could adversely affect the value and liquidity of the Portfolios investments.
Derivative Financial Instruments:
Summarized below are the specific types of derivative instruments used by the Portfolios.
2. Forward Currency Contracts: The Portfolios listed below may acquire and sell forward currency contracts to hedge against adverse changes in the relationship of the U.S. dollar to foreign currencies (foreign exchange rate risk) or 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 the Selectively Hedged Global Equity Portfolios currency exposure with respect to a foreign market will be based primarily on the Portfolios existing exposure to a given foreign currency. Each contract is valued
142
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 of forward currency contracts. 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 forward currency contracts. 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: Each Portfolio listed below may purchase or sell futures contracts and options on futures contracts for equity securities and indices to adjust market exposure based on actual or expected cash inflows to or outflows from the Portfolio. The Portfolios, however, do not intend to sell futures contracts to establish short positions in individual securities. 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 pledge U.S. Government securities to a broker in an amount 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 entrance 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 Portfolio 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 exchanges clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.
Securities have been segregated as collateral for open futures contracts.
The average volume (based on the open positions at each fiscal month-end) of derivative activity for the year ended October 31, 2020 was as follows (amounts in thousands):
Forward Currency Contracts* |
Futures** | |||||||
Large Cap International Portfolio |
$ | | $ | 51,172 | ||||
International Core Equity Portfolio |
| 251,263 | ||||||
International Small Company Portfolio |
| 81,937 | ||||||
DFA International Real Estate Securities Portfolio |
| 52,089 | ||||||
DFA International Small Cap Value Portfolio |
| 114,253 | ||||||
International Vector Equity Portfolio |
| 5,577 | ||||||
International High Relative Profitability Portfolio |
| 7,296 | ||||||
World ex U.S. Core Equity Portfolio |
| 18,959 | ||||||
Selectively Hedged Global Equity Portfolio |
93,147 | 4,008 | ||||||
Emerging Markets Core Equity Portfolio |
| 199,231 | ||||||
Emerging Markets Targeted Value Portfolio |
| 2,102 |
* | Average amount of Currency Purchased/Sold in USD |
** | Average Notional Value of contracts |
143
The following is a summary of the Portfolios derivative instrument holdings categorized by primary risk exposure as of October 31, 2020 (amounts in thousands):
Asset Derivatives Value | ||||||||
Total Value at October 31, 2020 |
Forward Currency Contracts (1) |
|||||||
Selectively Hedged Global Equity Portfolio |
$ | 400 | $ | 400 |
Liability Derivatives Value | ||||||||||||
Total Value at October 31, 2020 |
Forward Currency Contracts (2) |
Equity Contracts (3) |
||||||||||
Large Cap International Portfolio |
$ | (747 | ) | | $ | (747 | ) | |||||
International Core Equity Portfolio |
(1,861 | ) | | (1,861 | ) | |||||||
International Small Company Portfolio |
(1,275 | ) | | (1,275 | ) | |||||||
DFA International Real Estate Securities Portfolio |
(1,677 | ) | | (1,677 | ) | |||||||
DFA International Small Cap Value Portfolio |
(5,193 | ) | | (5,193 | ) | |||||||
International High Relative Profitability Portfolio |
(145 | ) | | (145 | ) | |||||||
World ex U.S. Core Equity Portfolio |
(598 | ) | | (598 | ) | |||||||
Selectively Hedged Global Equity Portfolio |
(267 | ) | $ | (173 | ) | (94 | ) | |||||
Emerging Markets Core Equity Portfolio |
(7,895 | ) | | (7,895 | ) | |||||||
Emerging Markets Targeted Value Portfolio |
(13 | ) | | (13 | ) |
(1) | Presented on Statements of Assets and Liabilities as Unrealized Gain on Forward Currency Contracts. |
(2) | Presented on Statements of Assets and Liabilities as Unrealized Loss on Forward Currency Contracts. |
(3) | Presented on Statements of Assets and Liabilities as Payables: Futures Margin Variation. |
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 for the year ended October 31, 2020 (amounts in thousands):
Realized Gain (Loss) on Derivatives |
||||||||||||
Total | Forward Currency Contracts (1) |
Equity Contracts (2) |
||||||||||
Large Cap International Portfolio |
$ | 16,935 | | $ | 16,935 | |||||||
International Core Equity Portfolio |
86,315 | | 86,315 | |||||||||
Global Small Company Portfolio |
18 | | 18 | * | ||||||||
International Small Company Portfolio |
13,320 | | 13,320 | |||||||||
DFA International Real Estate Securities Portfolio |
21,374 | | 21,374 | |||||||||
DFA Global Real Estate Securities Portfolio |
(362 | ) | | (362 | )* | |||||||
DFA International Small Cap Value Portfolio |
35,047 | | 35,047 | |||||||||
International Vector Equity Portfolio |
(8,170 | ) | | (8,170 | )* | |||||||
International High Relative Profitability Portfolio |
3,996 | | 3,996 | |||||||||
World ex U.S. Value Portfolio |
100 | | 100 | * | ||||||||
World ex U.S. Core Equity Portfolio |
13,484 | | 13,484 | |||||||||
World Core Equity Portfolio |
(122 | ) | | (122 | ) |
144
Realized Gain (Loss) on Derivatives |
||||||||||||
Total | Forward Currency Contracts (1) |
Equity Contracts (2) |
||||||||||
Selectively Hedged Global Equity Portfolio |
$ | (1,501 | ) | $ | (1,961 | ) | $ | 460 | ||||
Emerging Markets Core Equity Portfolio |
69,434 | | 69,434 | |||||||||
Emerging Markets Targeted Value Portfolio |
(609 | ) | | (609 | ) | |||||||
Change in Unrealized Appreciation (Depreciation) on Derivatives |
||||||||||||
Total | Forward Currency Contracts (3) |
Equity Contracts (4) |
||||||||||
Large Cap International Portfolio |
$ | (1,346 | ) | | $ | (1,346 | ) | |||||
International Core Equity Portfolio |
(6,655 | ) | | (6,655 | ) | |||||||
International Small Company Portfolio |
(2,575 | ) | | (2,575 | ) | |||||||
DFA International Real Estate Securities Portfolio |
(2,070 | ) | | (2,070 | ) | |||||||
DFA International Small Cap Value Portfolio |
(7,947 | ) | | (7,947 | ) | |||||||
International High Relative Profitability Portfolio |
(145 | ) | | (145 | ) | |||||||
World ex U.S. Core Equity Portfolio |
(598 | ) | | (598 | ) | |||||||
Selectively Hedged Global Equity Portfolio |
564 | $ | 710 | (146 | ) | |||||||
Emerging Markets Core Equity Portfolio |
(12,657 | ) | | (12,657 | ) | |||||||
Emerging Markets Targeted Value Portfolio |
(13 | ) | | (13 | ) |
(1) | Presented on Statements of Operations as Net Realized Gain (Loss) on: Forward Currency Contracts. |
(2) | Presented on Statements of Operations as Net Realized Gain (Loss) on: Futures. |
(3) | Presented on Statements of Operations as Change in Unrealized Appreciation (Depreciation) of: Forward Currency Contracts. |
(4) | Presented on Statements of Operations as Change in Unrealized Appreciation (Depreciation) of: Futures. |
* | As of October 31, 2020, there were no futures contracts outstanding. During the year ended October 31, 2020, the Portfolio had limited activity in futures contracts. |
Offsetting of Derivative Assets and Derivative Liabilities
In order to better define its contractual rights and to secure rights that will help a Portfolio mitigate its counterparty risk, the Fund on behalf of applicable Portfolios entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund, on behalf of a Portfolio, and a counterparty that governs over-the-counter (OTC) derivatives and forward currency contracts and typically contains, among other things, provisions in the event of a default and/or termination event and may also include collateral posting items. Under an ISDA Master Agreement, a Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments payables and/or receivables with collateral held and/or posted, if any, and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For financial reporting purposes, the Portfolios do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.
145
The following table presents 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, 2020 (amounts in thousands):
Description |
Gross Amounts of Recognized Assets (a) |
Net Amounts of Assets Presented in the Statements of Assets and Liabilities |
Gross Amounts Not Offset in the Statements of Assets and Liabilities |
Net Amount (c) |
Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities |
Gross Amounts Not Offset in the Statements of Assets and Liabilities |
Net Amount (e) |
|||||||||||||||||||||||||||||||||
Financial Instruments (b) |
Cash Collateral Received |
Gross Amounts of Recognized Liabilities (a) |
Financial Instruments (d) |
Cash Collateral Pledged |
||||||||||||||||||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||||||||||||||||||||||
Selectively Hedged Global Equity Portfolio |
||||||||||||||||||||||||||||||||||||||||
JP Morgan |
$ | 102 | $ | 102 | | | $ | 102 | | | | | | |||||||||||||||||||||||||||
Bank of America Corp. |
51 | 51 | $ | (51 | ) | | | $ | 85 | $ | 85 | $ | (51 | ) | | $ | 34 | |||||||||||||||||||||||
Citibank, N.A. |
59 | 59 | (50 | ) | | 9 | 50 | 50 | (50 | ) | | | ||||||||||||||||||||||||||||
Goldman Sachs International |
21 | 21 | | | 21 | | | | | | ||||||||||||||||||||||||||||||
Bank of New York Mellon Corp. |
| | | | | 10 | 10 | | | 10 | ||||||||||||||||||||||||||||||
Barclays Capital |
165 | 165 | | | 165 | | | | | | ||||||||||||||||||||||||||||||
UBS AG |
| | | | | 20 | 20 | | | 20 | ||||||||||||||||||||||||||||||
Societe Generale |
| | | | | 7 | 7 | | | 7 | ||||||||||||||||||||||||||||||
State Street Bank and Trust |
1 | 1 | (1 | ) | | | 1 | 1 | (1 | ) | | | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total |
$ | 399 | $ | 399 | $ | (102 | ) | | $ | 297 | $ | 173 | $ | 173 | $ | (102 | ) | | $ | 71 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
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 8, 2020, with its domestic custodian bank. A line of credit with similar terms was in effect through April 8, 2020. 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 April 7, 2021.
The Fund, together with other Dimensional-advised portfolios, has also entered into an additional $700 million unsecured line of credit with its international custodian bank effective January 2, 2020. A line of credit with similar terms was in effect through January 2, 2020. 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 $700 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 1, 2021.
146
For the year ended October 31, 2020, borrowings by the following Portfolios under the lines of credit were as follows (amounts in thousands, except percentages and days):
Weighted Average Interest Rate |
Weighted Average Loan Balance |
Number of Days Outstanding* |
Interest Expense Incurred |
Maximum Amount Borrowed During the Period |
Outstanding Borrowings as of 10/31/2020 |
|||||||||||||||||
Large Cap International Portfolio |
0.97 | % | $ | 9,946 | 12 | $ | 3 | $ | 25,463 | $ | 4,045 | |||||||||||
International Core Equity Portfolio |
1.34 | % | 19,892 | 6 | 5 | 79,001 | | |||||||||||||||
Global Small Company Portfolio |
1.34 | % | 122 | 83 | | 972 | | |||||||||||||||
International Small Company Portfolio |
0.85 | % | 11,561 | 7 | 2 | 24,436 | | |||||||||||||||
DFA International Real Estate Securities Portfolio |
1.08 | % | 3,124 | 6 | 1 | 6,670 | | |||||||||||||||
DFA Global Real Estate Securities Portfolio |
0.96 | % | 4,312 | 47 | 7 | 30,384 | | |||||||||||||||
DFA International Small Cap Value Portfolio |
1.19 | % | 7,969 | 21 | 6 | 44,630 | | |||||||||||||||
International Vector Equity Portfolio |
1.20 | % | 6,265 | 69 | 10 | 43,388 | | |||||||||||||||
World ex U.S. Value Portfolio |
1.27 | % | 680 | 93 | 2 | 14,256 | | |||||||||||||||
World ex U.S. Core Equity Portfolio |
1.29 | % | 6,802 | 36 | 8 | 44,717 | | |||||||||||||||
World Core Equity Portfolio |
1.30 | % | 1,256 | 74 | 4 | 17,666 | | |||||||||||||||
Selectively Hedged Global Equity Portfolio |
0.87 | % | 1,410 | 2 | | 2,211 | | |||||||||||||||
Emerging Markets Core Equity Portfolio |
1.54 | % | 21,264 | 12 | 21 | 53,464 | | |||||||||||||||
Emerging Markets Targeted Value Portfolio |
1.75 | % | 1,846 | 21 | 2 | 8,922 | |
* | Number of Days Outstanding represents the total of single or consecutive days during the year ended October 31, 2020, that each Portfolios available line of credit was used. |
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 days notice.
147
For the year ended October 31, 2020, activity by the Portfolios under the interfund lending program was as follows (amounts in thousands, except percentages and days):
Borrower or Lender |
Weighted Average Interest Rate |
Weighted Average Loan Balance |
Number of Days Outstanding* |
Interest Expense/ Income |
Maximum Amount Borrowed/Loaned During the Period |
Outstanding Borrowings as of 10/31/2020 |
||||||||||||||||||||||
Emerging Markets Core Equity Portfolio |
Borrower | 0.47 | % | $ | 81,907 | 11 | $ | 11 | $ | 108,542 | |
* | Number of Days Outstanding represents the total of single or consecutive days during the year ended October 31, 2020 that the Portfolio utilized the interfund lending program. |
J. Affiliated Trades:
Cross trades for the year ended October 31, 2020, 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 advisor (or affiliated investment advisors), common Directors and/or common Officers. At its regularly scheduled meetings, the CCO certifies to the Board that the 17a-7 transactions entered into by the Portfolios complied with the Rule 17a-7 Procedures adopted by the Board of Directors of the Fund.
For the year ended October 31, 2020, cross trades by the Portfolios under Rule 17a-7 were as follows (amounts in thousands):
Portfolio |
Purchases | Sales | Realized Gain (Loss) | |||||||||
Large Cap International Portfolio |
$ | 70,870 | $ | 67,043 | $ | (37,989 | ) | |||||
International Core Equity Portfolio |
27,829 | 115,477 | (52,835 | ) | ||||||||
DFA Global Real Estate Securities Portfolio |
11,373 | 391 | (434 | ) | ||||||||
DFA International Small Cap Value Portfolio |
171,870 | 103,486 | (2,411 | ) | ||||||||
International Vector Equity Portfolio |
24,945 | 28,410 | (8,167 | ) | ||||||||
International High Relative Profitability Portfolio |
64,993 | 20,552 | (5,280 | ) | ||||||||
World ex U.S. Core Equity Portfolio |
8,745 | 35,441 | (8,764 | ) | ||||||||
Emerging Markets Core Equity Portfolio |
532 | 6,753 | (728 | ) | ||||||||
Emerging Markets Targeted Value Portfolio |
238 | 109 | (10 | ) |
K. Securities Lending:
As of October 31, 2020, some of the Portfolios had securities on loan to brokers/dealers, for which each such Portfolio received cash collateral. The Portfolios also received non-cash collateral consisting of short- and/or long-term U.S. Treasuries and U.S. government agency securities as follows (amounts in thousands):
Non-Cash Collateral Market Value |
||||
Large Cap International Portfolio |
$ | 30,293 | ||
International Core Equity Portfolio |
271,148 |
148
Non-Cash Collateral Market Value |
||||
DFA International Real Estate Securities Portfolio |
$ | 129,526 | ||
DFA International Small Cap Value Portfolio |
103,655 | |||
International Vector Equity Portfolio |
28,092 | |||
International High Relative Profitability Portfolio |
10,630 | |||
World ex U.S. Core Equity Portfolio |
42,544 | |||
Emerging Markets Core Equity Portfolio |
613,389 | |||
Emerging Markets Targeted Value Portfolio |
1,200 |
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 in an amount (i) equal to at least 100% of the current market value of the loaned securities with respect to securities of the U.S. government or its agencies, (ii) generally equal to 102% of the current market value of the loaned securities with respect to U.S. securities, and (iii) generally equal to 105% of the current market value of the loaned securities with respect to foreign securities. However, daily market fluctuations could cause the Portfolios 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, cash collateral being maintained by the borrower is insufficient to cover the value of loaned securities, and 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 with securities on loan will generally invest the cash collateral received for the loaned securities in 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. Income received from the Money Market Series is netted with fees for securities lending and collateral investment expenses and with other payments to and from borrowers of securities. 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 or unaffiliated money market funds that are registered or unregistered. For purposes of this paragraph, agencies include both agency debentures and agency mortgage-backed securities. Additionally, 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 for taxation at qualified dividend income rates.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of October 31, 2020 (amounts in thousands):
Remaining Contractual Maturity of the Agreements As of October 31, 2020 |
||||||||||||||||||||
Overnight and Continuous |
<30 days | Between 30 & 90 days |
>90 days | Total | ||||||||||||||||
Securities Lending Transactions Large Cap International Portfolio |
||||||||||||||||||||
Common Stocks |
$ | 174,377 | | | | $ | 174,377 |
149
Remaining Contractual Maturity of the Agreements As of October 31, 2020 |
||||||||||||||||||||
Overnight and Continuous |
<30 days | Between 30 & 90 days |
>90 days | Total | ||||||||||||||||
Securities Lending Transactions International Core Equity Portfolio |
||||||||||||||||||||
Common Stocks, Rights/Warrants |
$ | 1,094,979 | | | | $ | 1,094,979 | |||||||||||||
DFA International Real Estate Securities Portfolio |
||||||||||||||||||||
Common Stocks |
379,377 | | | | 379,377 | |||||||||||||||
DFA Global Real Estate Securities Portfolio |
||||||||||||||||||||
Common Stocks |
72,198 | | | | 72,198 | |||||||||||||||
DFA International Small Cap Value Portfolio |
||||||||||||||||||||
Common Stocks |
419,715 | | | | 419,715 | |||||||||||||||
International Vector Equity Portfolio |
||||||||||||||||||||
Common Stocks, Rights/Warrants |
123,757 | | | | 123,757 | |||||||||||||||
International High Relative Profitability Portfolio |
||||||||||||||||||||
Common Stocks |
48,092 | | | | 48,092 | |||||||||||||||
World ex U.S. Core Equity Portfolio |
||||||||||||||||||||
Common Stocks |
119,101 | | | | 119,101 | |||||||||||||||
Emerging Markets Core Equity Portfolio |
||||||||||||||||||||
Common Stocks |
447,327 | | | | 447,327 | |||||||||||||||
Emerging Markets Targeted Value Portfolio |
||||||||||||||||||||
Common Stocks |
2,037 | | | | 2,037 |
L. 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 Emerging Markets Value Portfolio Class R2 Shares.
M. Indemnitees; Contractual Obligations:
Under the Funds 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 that provide general indemnification. The Funds 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. Recently Issued Accounting Standards:
In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-08 which changes the amortization period for a callable debt security from the maturity date to the earliest call date. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Funds adoption of ASU 2017-08 disclosure requirements are reflected within these financial statements prepared as of October 31, 2020 and management has concluded that the change in accounting principle does not materially impact the financial statement amounts.
150
In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurements (ASU 2018-13). This update makes certain removals from, changes to and additions to existing disclosure requirements for fair value measurement. ASU 2018-13 does not change fair value measurements already required or permitted by existing standards. ASU 2018-13 is effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Portfolios early adoption of all of the ASU 2018-13 disclosure requirements are reflected within these financial statements prepared as of October 31, 2020.
On July 27, 2017, the head of the United Kingdoms Financial Conduct Authority announced the intention to phase out the use of London Interbank Offered Rate (LIBOR) by the end of 2021. In the interim, there remains uncertainty regarding the impact the transition to replacement rates may have on the value of LIBOR-based investments. In March 2020, the FASB issued ASU 2020-04 which provides optional guidance to ease the potential accounting burden associated with transitioning away from the LIBOR and other reference rates that are expected to be discontinued. The ASU is effective immediately upon release of the update on March 12, 2020 through December 31, 2022. At this time, management is evaluating implications of these changes on the financial statements.
O. Coronavirus (COVID-19) Pandemic:
The continued worldwide spread of novel coronavirus (COVID-19) and its impact on international business operations, supply chains, travel, commodity prices, consumer confidence and business forecasts, and the associated impact on domestic and international equity markets and fixed income yields, has caused uncertainty for the global economy and financial markets. If market expectations regarding the impact of COVID-19 worsen, or if expected returns change because investors demand higher returns to invest in these uncertain times, there may be a detrimental impact on returns in the near term.
P. Other:
As of October 31, 2020, 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.
Number of Shareholders |
Approximate Percentage of Outstanding Shares |
|||||
Large Cap International Portfolio-Institutional Class |
4 | 73 | % | |||
International Core Equity Portfolio-Institutional Class |
4 | 71 | % | |||
Global Small Company Portfolio-Institutional Class |
5 | 97 | % | |||
International Small Company Portfolio-Institutional Class |
3 | 65 | % | |||
Japanese Small Company Portfolio-Institutional Class |
3 | 91 | % | |||
Asia Pacific Small Company Portfolio-Institutional Class |
2 | 95 | % | |||
United Kingdom Small Company Portfolio-Institutional Class |
3 | 92 | % | |||
Continental Small Company Portfolio-Institutional Class |
2 | 95 | % | |||
DFA International Real Estate Securities Portfolio-Institutional Class |
4 | 90 | % | |||
DFA Global Real Estate Securities Portfolio-Institutional Class |
3 | 67 | % | |||
DFA International Small Cap Value Portfolio-Institutional Class |
4 | 72 | % | |||
International Vector Equity Portfolio-Institutional Class |
3 | 81 | % | |||
International High Relative Profitability Portfolio-Institutional Class |
3 | 87 | % | |||
World ex U.S. Value Portfolio-Institutional Class |
6 | 90 | % | |||
World ex U.S. Core Equity Portfolio-Institutional Class |
3 | 74 | % | |||
World Core Equity Portfolio-Institutional Class |
5 | 82 | % | |||
Selectively Hedged Global Equity Portfolio-Institutional Class |
3 | 94 | % | |||
Emerging Markets Portfolio-Institutional Class |
3 | 59 | % |
151
Number of Shareholders |
Approximate Percentage of Outstanding Shares |
|||||
Emerging Markets Small Cap Portfolio-Institutional Class |
5 | 63 | % | |||
Emerging Markets Value Portfolio-Class R2 |
1 | 93 | % | |||
Emerging Markets Value Portfolio-Institutional Class |
2 | 36 | % | |||
Emerging Markets Core Equity Portfolio-Institutional Class |
3 | 61 | % | |||
Emerging Markets Targeted Value Portfolio-Institutional Class |
3 | 91 | % |
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, 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 buy-out transaction, seeking the return of proceeds received by the shareholders). Although management currently believes that resolving claims against the Portfolios, individually or in aggregate, will not have a material adverse impact on the Portfolios financial position, results of operations, or cash flows, these matters are subject to inherent uncertainties and managements view of these matters may change in the future.
Q. Subsequent Event Evaluations:
On November 12, 2020, President Trump issued an Executive Order titled Addressing the Threat from Securities Investments that Finance Communist Chinese Military Companies (the Order). Beginning January 11, 2021, the Order will prohibit U.S. entities from participating in certain types of transactions involving securities of Chinese companies known to be associated with the Chinese military. Management is currently evaluating the Orders effect on the Funds.
As described in a November 2, 2020 Supplement to the Funds Prospectuses, effective February 28, 2021, the Advisor will reduce its investment management fees for certain Portfolios. Please refer to the Funds Prospectuses for additional information regarding fees and expenses of the Portfolios.
152
Report of Independent Registered Public Accounting Firm
To the Board of Directors of DFA Investment Dimensions Group Inc. and Shareholders of each of the twenty-two portfolios listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments or summary schedules of portfolio holdings, of each of the portfolios indicated in the table below (twenty-two of the portfolios constituting DFA Investment Dimensions Group Inc., hereafter collectively referred to as the Portfolios) as of October 31, 2020, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of October 31, 2020, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
Portfolio |
Statement of operations |
Statement of changes in net assets |
Financial highlights | |||
Large Cap International Portfolio (1) International Core Equity Portfolio (1) Global Small Company Portfolio (2) International Small Company Portfolio (2) Japanese Small Company Portfolio (2) Asia Pacific Small Company Portfolio (2) United Kingdom Small Company Portfolio Continental Small Company Portfolio (2) DFA International Real Estate Securities Portfolio (1) DFA Global Real Estate Securities Portfolio (1) DFA International Small Cap Value Portfolio (1) International Vector Equity Portfolio (1) International High Relative Profitability Portfolio (1) World ex U.S. Value Portfolio (2) World ex U.S. Core Equity Portfolio (1) World Core Equity Portfolio (2) Selectively Hedged Global Equity Portfolio (2) Emerging Markets Portfolio (2) Emerging Markets Small Cap Portfolio (2) Emerging Markets Value Portfolio (2) Emerging Markets Core Equity Portfolio (1) |
For the year ended October 31, 2020 | For the years ended October 31, 2020 and 2019 | For each of the periods indicated therein | |||
Emerging Markets Targeted Value Portfolio (1) | For the year ended October 31, 2020 | For the year ended October 31, 2020 and the period November 14, 2018 (commencement of operations) to October 31, 2019 |
(1) | Summary schedule of portfolio holdings |
(2) | Schedule of investments |
Basis for Opinions
These financial statements are the responsibility of the Portfolios management. Our responsibility is to express an opinion on the Portfolios financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodians, brokers and transfer agents of the investee funds; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP |
Philadelphia, Pennsylvania |
December 18, 2020 |
We have served as the auditor of one or more investment companies in Dimensional Fund Advisors L.P. investment company group since 1981.
NOTIFICATION OF SOURCE OF DISTRIBUTIONS PURSUANT TO
RULE 19A-1 UNDER THE INVESTMENT COMPANY ACT OF 1940
As noted in the table provided below, the following Portfolios paid distributions to shareholders of record, a portion of which is estimated to be in excess of a Portfolios current and accumulated undistributed net income. Please note that this information is being provided to satisfy certain notice requirements under the Investment Company Act of 1940 and is not being provided for tax reporting purposes. The amounts and sources of distributions reported in this 19(a) Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes. A final determination of the tax character of distributions paid by the Fund will not be known until the completion of the fiscal year. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The final determination of the tax character of the distributions paid in 2020 will be reported to shareholders in early 2021 on Form 1099-DIV.
Portfolio Name |
Total Distribution per Share |
Net Investment Income |
Proceeds from the sales of securities |
Return of Capital | ||||||||||||
International Small Company Portfolio |
||||||||||||||||
Payable Date: June 30, 2020 |
$ | 0.03918 | $ | 0.00000 | $ | 0.00000 | $ | 0.03918 | ||||||||
Continental Small Company Portfolio |
||||||||||||||||
Payable Date: June 30, 2020 |
$ | 0.13135 | $ | 0.11321 | $ | 0.00000 | $ | 0.01814 | ||||||||
DFA International Small Cap Value Portfolio Institutional Class |
||||||||||||||||
Payable Date: June 30, 2020 |
$ | 0.03699 | $ | 0.00758 | $ | 0.00000 | $ | 0.02941 | ||||||||
International Vector Equity Portfolio |
||||||||||||||||
Payable Date: June 30, 2020 |
$ | 0.09401 | $ | 0.09103 | $ | 0.00000 | $ | 0.00298 | ||||||||
Emerging Markets Small Cap Portfolio |
||||||||||||||||
Payable Date: June 30, 2020 |
$ | 0.05412 | $ | 0.00019 | $ | 0.00000 | $ | 0.05393 |
155
DIMENSIONAL INVESTMENT GROUP INC.
(Unaudited)
DFA International Value Portfolio Class R2 vs.
MSCI World ex USA Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
DFA International Value Portfolio Institutional Class vs.
MSCI World ex USA Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
156
MANAGEMENTS DISCUSSION AND ANALYSIS
International Equity Market Review | 12 Months Ended October 31, 2020 |
Performance of non-U.S. developed markets was mostly negative for the period. As measured by the MSCI World ex USA indices, small-cap stocks outperformed large-cap stocks, and mid-cap stocks, a subset of the large-cap universe, outperformed large-cap stocks but underperformed small-cap stocks. Value stocks underperformed growth stocks as measured by the MSCI World ex USA indices.
12 Months Ended October 31, 2020
Return in U.S. Dollars | ||||
MSCI World ex USA Index |
-6.79 | % | ||
MSCI World ex USA Mid Cap Index |
-3.83 | % | ||
MSCI World ex USA Small Cap Index |
-0.65 | % | ||
MSCI World ex USA Value Index |
-18.72 | % | ||
MSCI World ex USA Growth Index |
5.65 | % |
For the 12 Months Ended October 31, 2020, the U.S. dollar depreciated against most non-U.S. developed markets currencies. Overall, currency movements had a positive impact on the U.S. dollar-denominated returns of developed markets.
12 Months Ended October 31, 2020
Ten Largest Foreign Developed Markets by Market Cap |
Local Return | Return in U.S. Dollars | ||||||
Japan |
-2.97 | % | 0.33 | % | ||||
United Kingdom |
-22.19 | % | -22.25 | % | ||||
France |
-17.43 | % | -13.79 | % | ||||
Switzerland |
-4.37 | % | 2.95 | % | ||||
Canada |
-4.70 | % | -6.05 | % | ||||
Germany |
-10.77 | % | -6.84 | % | ||||
Australia |
-11.01 | % | -9.29 | % | ||||
Netherlands |
4.14 | % | 8.62 | % | ||||
Hong Kong |
-8.06 | % | -7.15 | % | ||||
Sweden |
0.79 | % | 9.10 | % |
Source: Returns are of MSCI standard indices net of foreign withholding taxes on dividends. Copyright MSCI 2020, all rights reserved.
Emerging markets had mostly positive performance for the period, outperforming non-U.S. developed markets but underperforming the U.S. As measured by the MSCI Emerging Markets indices, small-cap stocks underperformed large-cap stocks, and mid-cap stocks, a subset of the large-cap universe, underperformed large-cap stocks and small-cap stocks. Value stocks underperformed growth stocks as measured by the MSCI Emerging Markets indices.
157
12 Months Ended October 31, 2020
Return in U.S. Dollars | ||||
MSCI Emerging Markets Index |
8.25 | % | ||
MSCI Emerging Markets Mid Cap Index |
-3.22 | % | ||
MSCI Emerging Markets Small Cap Index |
2.39 | % | ||
MSCI Emerging Markets Value Index |
-8.47 | % | ||
MSCI Emerging Markets Growth Index |
25.97 | % |
For the 12 Months Ended October 31, 2020, the U.S. dollar depreciated against some emerging markets currencies and appreciated against others. Overall, currency movements had a negative impact on the U.S. dollar denominated returns of emerging markets.
12 Months Ended October 31, 2020
Ten Largest Emerging Markets by Market Cap |
Local Return | Return in U.S. | ||||||
Dollars |
||||||||
China |
33.57 | % | 35.19 | % | ||||
Taiwan |
18.86 | % | 26.49 | % | ||||
Korea |
11.33 | % | 14.15 | % | ||||
India |
1.83 | % | -2.54 | % | ||||
Brazil |
-11.13 | % | -38.13 | % | ||||
South Africa |
-6.49 | % | -13.31 | % | ||||
Saudi Arabia |
-0.90 | % | -0.90 | % | ||||
Russia |
-14.17 | % | -29.27 | % | ||||
Thailand |
-28.54 | % | -30.77 | % | ||||
Malaysia |
-6.02 | % | -5.49 | % |
Source: Returns are of MSCI standard indices net of foreign withholding taxes on dividends. Copyright MSCI 2020, all rights reserved.
For Portfolios investing in non-U.S. equities traded outside of the U.S. market time zone, differences in the valuation timing and methodology between a Portfolio and its benchmark index may impact relative performance over the referenced period. The Portfolios price foreign exchange rates at the closing of the U.S. market, while their benchmark indices use rates at 4 p.m. London time. The Portfolios also may use fair value pricing to price certain portfolio securities at the closing of the U.S. market, while benchmark indices may use local market closing prices. For the one-year period ended October 31, 2020, these differences generally contributed positively to the Portfolios relative performance.
158
DFA International Value Portfolio
The DFA International Value Portfolio invests in developed ex U.S. large company value stocks by purchasing shares of the DFA International Value Series, a Master Fund managed by Dimensional that invests in such securities. The investment strategy is process driven, emphasizing broad diversification, with increased exposure to stocks with smaller total market capitalizations, lower relative price (value), and higher-profitability within the large-cap value segment of developed ex U.S. markets. As of October 31, 2020, the Master Fund held approximately 540 securities in 22 eligible developed markets. Average cash exposure throughout the year was less than 1% of the Master Funds assets.
For the 12 months ended October 31, 2020, total returns were -19.08% for the Portfolios Class R2 shares, -18.87% for the Portfolios Institutional Class shares, and -6.79% for the MSCI World ex USA Index (net dividends), the Portfolios benchmark. With low relative price (value) stocks underperforming high relative price (growth) stocks for the period, the Master Funds focus on value stocks detracted from performance relative to the style-neutral benchmark.
159
DIMENSIONAL INVESTMENT GROUP INC.
(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 and legal and audit services, which are deducted from a funds gross income, directly reduce the investment return of the fund. A funds 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 funds 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 funds actual return, and Expenses Paid During Period reflects 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 funds costs with those of other mutual funds. The hypothetical Ending Account Value and Expenses Paid During Period are derived from the funds actual expense ratio and an assumed 5% annual return before expenses. In this case, because the return used is not the funds 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 funds 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 table 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.
160
DISCLOSURE OF FUND EXPENSES
CONTINUED
Six Months Ended October 31, 2020
EXPENSE TABLE
Beginning Account Value 05/01/20 |
Ending Account Value 10/31/20 |
Annualized Expense Ratio (1) |
Expenses Paid During Period (1) |
|||||||||||||
DFA International Value Portfolio (2) |
||||||||||||||||
Actual Fund Return |
||||||||||||||||
Class R2 Shares |
$ | 1,000.00 | $ | 1,071.30 | 0.65 | % | $ | 3.38 | ||||||||
Institutional Class Shares |
$ | 1,000.00 | $ | 1,072.40 | 0.40 | % | $ | 2.08 | ||||||||
Hypothetical 5% Annual Return |
||||||||||||||||
Class R2 Shares |
$ | 1,000.00 | $ | 1,021.87 | 0.65 | % | $ | 3.30 | ||||||||
Institutional Class Shares |
$ | 1,000.00 | $ | 1,023.13 | 0.40 | % | $ | 2.03 |
(1) | Expenses are equal to the funds 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 (366) to reflect the six-month period. |
(2) | The Portfolio is a Feeder Fund. The expenses shown reflect the direct expenses of the Feeder Fund and the allocation of the Feeder Funds portion of the expenses of its Master Fund (Affiliated Investment Company). |
161
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 as an exhibit to their reports on Form N-PORT. For Dimensional Investment Group Inc., this would be for the fiscal quarters ending January 31 and July 31. Such Form N-PORT filing must be made within 60 days of the end of the quarter. Dimensional Investment Group Inc. filed its most recent Form N-PORT with the SEC on September 29, 2020. They are available upon request, without charge, by calling collect: (512) 306-7400; by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746; or by visiting the SECs website at http://www.sec.gov.
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 used. The following table, which presents portfolio holdings as a percentage of total investments before short-term investments and collateral for loaned securities, is provided in compliance with this requirement.
The categories of industry classification for the Affiliated Investment Company are represented in its Disclosure of Portfolio Holdings, which is included elsewhere in the report. Refer to the Summary Schedule of Portfolio Holdings for the underlying Affiliated Investment Companys holdings, which reflect the investments by category.
FEEDER FUND
Affiliated Investment Company | ||||
DFA International Value Portfolio |
100.0 | % |
162
DFA INTERNATIONAL VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2020
Value | ||||
AFFILIATED INVESTMENT COMPANIES (100.0%) |
||||
Investment in The DFA International Value Series of The DFA Investment Trust Company |
$ | 6,563,439,183 | ||
|
|
|||
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES |
$ | 6,563,439,183 | ||
|
|
Summary of the Portfolios Master Funds investments as of October 31, 2020, based on their valuation inputs, is located in this report (See Security Valuation Note).
See accompanying Notes to Financial Statements.
163
DIMENSIONAL INVESTMENT GROUP INC.
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 2020
(Amounts in thousands, except share and per share amounts)
DFA International Value Portfolio |
||||
ASSETS: |
||||
Investments in Affiliated Investment Company at Value |
$ | 6,563,439 | ||
Receivables: |
||||
Fund Shares Sold |
7,083 | |||
Prepaid Expenses and Other Assets |
120 | |||
|
|
|||
Total Assets |
6,570,642 | |||
|
|
|||
LIABILITIES: |
||||
Payables: |
||||
Fund Shares Redeemed |
10,620 | |||
Due to Advisor |
878 | |||
Accrued Expenses and Other Liabilities |
821 | |||
|
|
|||
Total Liabilities |
12,319 | |||
|
|
|||
NET ASSETS |
$ | 6,558,323 | ||
|
|
|||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: |
||||
Class R2 Shares based on net assets of $835 and shares outstanding of 61,878 |
$ | 13.50 | ||
|
|
|||
NUMBER OF SHARES AUTHORIZED |
100,000,000 | |||
|
|
|||
Institutional Class Shares based on net assets of $6,557,488 and shares outstanding of 484,348,842 |
$ | 13.54 | ||
|
|
|||
NUMBER OF SHARES AUTHORIZED |
1,500,000,000 | |||
|
|
|||
NET ASSETS CONSIST OF: |
||||
Paid-In Capital |
$ | 8,357,374 | ||
Total Distributable Earnings (Loss) |
(1,799,051 | ) | ||
|
|
|||
NET ASSETS |
$ | 6,558,323 | ||
|
|
See accompanying Notes to Financial Statements.
164
DIMENSIONAL INVESTMENT GROUP INC.
FOR THE YEAR ENDED OCTOBER 31, 2020
(Amounts in thousands)
DFA International Value Portfolio* |
||||
Investment Income |
||||
Net Investment Income Allocated from Affiliated Investment Companies: |
||||
Dividends (Net of Foreign Taxes Withheld of $23,861) |
$ | 225,098 | ||
Income from Securities Lending |
4,110 | |||
Expenses Allocated from Affiliated Investment Companies |
(16,196 | ) | ||
|
|
|||
Total Net Investment Income Allocated and/or Distributions Received from Affiliated Investment Companies |
213,012 | |||
|
|
|||
Fund Expenses |
||||
Investment Management Fees |
28,521 | |||
Accounting & Transfer Agent Fees |
1,061 | |||
Shareholder Servicing Fees |
||||
Class R2 Shares |
3 | |||
Filing Fees |
215 | |||
Shareholders Reports |
400 | |||
Directors/Trustees Fees & Expenses |
61 | |||
Professional Fees |
87 | |||
Other |
49 | |||
|
|
|||
Total Fund Expenses |
30,397 | |||
|
|
|||
Fees Waived, Expenses Reimbursed by Advisor (Note C) |
||||
Class R2 Shares |
2 | |||
Institutional Class Shares |
15,435 | |||
|
|
|||
Net Expenses |
14,960 | |||
|
|
|||
Net Investment Income (Loss) |
198,052 | |||
|
|
|||
Realized and Unrealized Gain (Loss) |
||||
Net Realized Gain (Loss) on: |
||||
Transactions Allocated from Affiliated Investment Company** |
(316,959 | ) | ||
Change in Unrealized Appreciation (Depreciation) of: |
||||
Transactions Allocated from Affiliated Investment Company |
(1,563,162 | ) | ||
|
|
|||
Net Realized and Unrealized Gain (Loss) |
(1,880,121 | ) | ||
|
|
|||
Net Increase (Decrease) in Net Assets Resulting from Operations. |
$ | (1,682,069 | ) | |
|
|
** | Net of foreign capital gain taxes withheld of $0. |
* | Investment Income and Realized and Unrealized Gain (Loss) were allocated from the Portfolios Master Fund (Affiliated Investment Company). |
See accompanying Notes to Financial Statements.
165
DIMENSIONAL INVESTMENT GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
DFA International Value Portfolio*** |
||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
|||||||
Increase (Decrease) in Net Assets |
||||||||
Operations: |
||||||||
Net Investment Income (Loss) |
$ | 198,052 | $ | 339,362 | ||||
Net Realized Gain (Loss) on: |
||||||||
Transactions Allocated from Affiliated Investment Company*,** |
(316,959 | ) | (12,764 | ) | ||||
Change in Unrealized Appreciation (Depreciation) of: |
||||||||
Transactions Allocated from Affiliated Investment Company |
(1,563,162 | ) | (37,240 | ) | ||||
|
|
|
|
|||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(1,682,069 | ) | 289,358 | |||||
|
|
|
|
|||||
Distributions: |
||||||||
Class R2 Shares |
(29 | ) | (83 | ) | ||||
Institutional Class Shares |
(226,414 | ) | (576,705 | ) | ||||
|
|
|
|
|||||
Total Distributions |
(226,443 | ) | (576,788 | ) | ||||
|
|
|
|
|||||
Capital Share Transactions (1): |
||||||||
Shares Issued |
2,636,246 | 2,071,367 | ||||||
Shares Issued in Lieu of Cash Distributions |
222,167 | 562,384 | ||||||
Shares Redeemed |
(3,566,247 | ) | (2,595,094 | ) | ||||
|
|
|
|
|||||
Net Increase (Decrease) from Capital Share Transactions |
(707,834 | ) | 38,657 | |||||
|
|
|
|
|||||
Total Increase (Decrease) in Net Assets |
(2,616,346 | ) | (248,773 | ) | ||||
Net Assets |
||||||||
Beginning of Year |
9,174,669 | 9,423,442 | ||||||
|
|
|
|
|||||
End of Year |
$ | 6,558,323 | $ | 9,174,669 | ||||
|
|
|
|
|||||
(1) Shares Issued and Redeemed: |
||||||||
Shares Issued |
194,702 | 123,536 | ||||||
Shares Issued in Lieu of Cash Distributions |
14,542 | 34,167 | ||||||
Shares Redeemed |
(258,909 | ) | (154,773 | ) | ||||
|
|
|
|
|||||
Net Increase (Decrease) from Shares Issued and Redeemed |
(49,665 | ) | 2,930 | |||||
|
|
|
|
* | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2020 of $0. |
** | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $0. |
*** | Investment Income and Realized and Unrealized Gain (Loss) were allocated from the Portfolios Master Fund (Affiliated Investment Company). |
See accompanying Notes to Financial Statements.
166
DIMENSIONAL INVESTMENT GROUP INC.
(for a share outstanding throughout each period)
DFA International Value Portfolio-Class R2 Shares | ||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
||||||||||||||||
Net Asset Value, Beginning of Year |
$ | 17.13 | $ | 17.68 | $ | 19.89 | $ | 16.27 | $ | 16.93 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income from Investment Operations (A) |
||||||||||||||||||||
Net Investment Income (Loss) |
0.38 | 0.58 | 0.54 | 0.55 | 0.53 | |||||||||||||||
Net Gains (Losses) on Securities (Realized and Unrealized) |
(3.61 | ) | (0.10 | ) | (2.21 | ) | 3.61 | (0.65 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from Investment Operations |
(3.23 | ) | 0.48 | (1.67 | ) | 4.16 | (0.12 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less Distributions: |
||||||||||||||||||||
Net Investment Income |
(0.40 | ) | (0.51 | ) | (0.54 | ) | (0.54 | ) | (0.54 | ) | ||||||||||
Net Realized Gains |
| (0.52 | ) | | | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Distributions |
(0.40 | ) | (1.03 | ) | (0.54 | ) | (0.54 | ) | (0.54 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value, End of Year |
$ | 13.50 | $ | 17.13 | $ | 17.68 | $ | 19.89 | $ | 16.27 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return |
(19.08 | %) | 3.13 | % | (8.59 | %) | 25.99 | % | (0.43 | %) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Assets, End of Year (thousands) |
$ | 835 | $ | 1,191 | $ | 1,477 | $ | 3,508 | $ | 3,308 | ||||||||||
Ratio of Expenses to Average Net Assets (F) |
0.65 | % | 0.69 | % | 0.68 | % | 0.68 | % | 0.68 | % | ||||||||||
Ratio of Expenses to Average Net Assets (Excluding Fees Waived, Expenses Reimbursed by Advisor) (F) |
0.85 | % | 0.89 | % | 0.88 | % | 0.88 | % | 0.88 | % | ||||||||||
Ratio of Net Investment Income to Average Net Assets |
2.56 | % | 3.43 | % | 2.72 | % | 3.07 | % | 3.4 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
See page 1-2 for the Definitions of Abbreviations and Footnotes. |
See accompanying Notes to Financial Statements.
167
DIMENSIONAL INVESTMENT GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
DFA International Value Portfolio-Institutional Class Shares | ||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
||||||||||||||||
Net Asset Value, Beginning of Year |
$ | 17.18 | $ | 17.74 | $ | 19.94 | $ | 16.30 | $ | 16.92 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income (loss) from Investment Operations (A) |
||||||||||||||||||||
Net Investment Income (Loss) |
0.38 | 0.63 | 0.60 | 0.56 | 0.55 | |||||||||||||||
Net Gains (Losses) on Securities (Realized and Unrealized) |
(3.58 | ) | (0.11 | ) | (2.21 | ) | 3.66 | (0.63 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from Investment Operations |
(3.20 | ) | 0.52 | (1.61 | ) | 4.22 | (0.08 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less Distributions: |
||||||||||||||||||||
Net Investment Income |
(0.44 | ) | (0.56 | ) | (0.59 | ) | (0.58 | ) | (0.54 | ) | ||||||||||
Net Realized Gains |
| (0.52 | ) | | | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Distributions |
(0.44 | ) | (1.08 | ) | (0.59 | ) | (0.58 | ) | (0.54 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value, End of Year |
$ | 13.54 | $ | 17.18 | $ | 17.74 | $ | 19.94 | $ | 16.30 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
168 Total Return |
(18.87 | %) | 3.37 | % | (8.32 | %) | 26.36 | % | (0.20 | %) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Assets, End of Year (thousands) |
$ | 6,557,488 | $ | 9,173,478 | $ | 9,421,965 | $ | 9,837,631 | $ | 7,270,665 | ||||||||||
Ratio of Expenses to Average Net Assets (F) |
0.40 | % | 0.44 | % | 0.43 | % | 0.43 | % | 0.43 | % | ||||||||||
Ratio of Expenses to Average Net Assets (Excluding Fees Waived, Expenses Reimbursed by Advisor) (F) |
0.60 | % | 0.64 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||
Ratio of Net Investment Income to Average Net Assets |
2.57 | % | 3.70 | % | 3.01 | % | 3.12 | % | 3.51 | % | ||||||||||
|
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|
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|
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See page 1-2 for the Definitions of Abbreviations and Footnotes |
See accompanying Notes to Financial Statements.
168
DIMENSIONAL INVESTMENT GROUP INC.
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 eleven portfolios, one of which, the DFA International Value Portfolio (the Portfolio), is presented in this section of the report. The remaining operational portfolios are presented in separate reports. The Portfolio is an investment company, and accordingly, follows the accounting and reporting guidance under the Financial Accounting Standards Board (FASB) Accounting Standards Certification (ASC), Topic 946, Financial Services-Investment Companies.
The Portfolio invests substantially all of its assets in The DFA International Value Series (the Series), a corresponding series of The DFA Investment Trust Company. As of October 31, 2020, the Portfolio owned 69% 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 Portfolio.
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, the 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 uses 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, and 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 Portfolios investment reflects its proportionate interests in the net assets of the Series. The valuation is classified 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 of the Fund. 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 of the Portfolio 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.
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 Schedule of Investments. The methodology or inputs used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
169
2. Deferred Compensation Plan: Each eligible Director of the Fund may elect to participate in the Fee Deferral Plan for Independent Directors and Trustees (the Plan). Under the Plan, effective January 1, 2002, such Directors may defer payment of all or a portion of their total fees earned as a Director. These deferred amounts may be treated as though such amounts had been invested in shares of the following funds: the 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.
The Directors may receive their distributions of proceeds by 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 shall have the right in a notice of election (the Notice) to defer the receipt of the Directors deferred compensation until a date specified by such Director in the Notice. The date may not be sooner than the earlier of: (i) the first business day of January following the year in which such Director ceases to be a member of the Board of Directors of the Fund; and (ii) five years following the effective date of the Directors first deferral election. If a Director who elects to defer fees fails to designate in the Notice a time or date as of which payment of the Directors 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 ceases to be a member of the Board (unless the Director files an amended Notice selecting a different distribution date). As of October 31, 2020, none of the Directors have requested or received a distribution of proceeds of a deferred fee account.
3. Other: The Portfolio 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 Portfolio estimates the character of received distributions that may be considered return of capital distributions. Expenses directly attributable to the Portfolio are directly charged. Common expenses of the Fund or the Portfolio are allocated using methods approved by the Board of Directors, generally based on average net assets.
Class R2 Shares and Institutional Class Shares have equal rights to assets and earnings of the Portfolio. Income, gains and losses, and common expenses of the 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.
C. Investment Advisor:
The Advisor, Dimensional Fund Advisors LP, provides investment management services to the Portfolio. For the year ended October 31, 2020, the Portfolios investment management fees were accrued daily and paid monthly to the Advisor based on the following effective annual rates of average daily net assets:
DFA International Value Portfolio |
0.37 | %* |
* | Effective as of February 28, 2020, the management fee payable by the Portfolio was reduced from 0.40% to 0.35%. |
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, and in certain instances, assume certain expenses of the Portfolio, as described in the notes below. A portion of the Fee Waiver Agreement for the Portfolio will remain in effect through February 28, 2021, may only be terminated by the Funds 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 Portfolio, as described in the notes below, will remain in effect permanently, unless terminated by the Portfolio. During the year ended October 31, 2020, the Portfolio had expense limits based on a percentage of average net assets on an annualized basis, and the Advisor recovered previously waived fees and/or assumed expenses (amounts in thousands), as listed below. The net amount of waived fees/expenses assumed (recovered previously waived fees/expenses assumed) during the year ended October 31, 2020, and the previously waived fees/expenses assumed subject to future recovery by the
170
Advisor as of October 31, 2020, are also reflected below (amounts in thousands). At any time that the Annualized Expense Ratio (defined below) of the Class R2 shares of the Portfolio are less than the Expense Limitation Amount listed below, the Advisor retains the right to recover fees previously waived and/or expenses previously assumed to the extent that the expense ratio following such recovery would be less than the Expense Limitation Amount that was in place when such prior year fees were waived and/or expenses assumed, and less than the current Expense Limitation Amount for the Portfolio. The Advisor, however, will not be reimbursed by the Portfolio in connection with its Permanent Fee Waiver. The Fund, on behalf of the Portfolio, is also not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six months before the date of recovery.
Institutional Class Shares |
Expense Limitation Amount |
Total Management Fee Limit |
Recovery of Previously Waived Fees/ Expenses Assumed |
Waived Fees/ Expenses Assumed |
Previously Waived Fees/ Expenses Assumed Subject to Future Recovery |
|||||||||||||||
DFA International Value |
| 0.35 | % | | $ | 15,435 | | |||||||||||||
Class R2 Shares |
||||||||||||||||||||
DFA International |
0.79 | % | 0.35 | % | | 2 | |
(1) | 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, except for the fees paid indirectly through its investment of securities lending cash collateral in the DFA Short Term Investment Fund, to the rate listed above as a percentage of the average net assets of the Institutional Class of the Portfolio on an annualized basis. |
(2) | Effective February 28, 2020, the Advisor has contractually agreed to permanently waive all or a portion of the management fee of the DFA International Value 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, except for the fees paid indirectly through its investment of securities lending cash collateral in The DFA Short Term Investment Fund, to 0.35% of the average net assets of a class of the Portfolio on an annualized basis (the Permanent Fee Waiver). From July 21, 2015 to February 27, 2020, the Permanent Fee Waiver Limit was 0.40%. 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 Class R2 shares of the Portfolio (excluding management fees and custodian fees), to the extent necessary to limit the annualized expenses of Class R2 shares of the Portfolio (excluding the expenses the Portfolio incurs indirectly through investment in other investment companies) to the rate listed above (the Annualized Expense Ratio). |
Fees Paid to Officers and Directors/Trustees:
Certain Officers and Directors of the Advisor are also Officers and Directors of the Fund; however, such Officers and Directors (with the exception of the Chief Compliance Officer (CCO)) receive no compensation from the Fund. For the year ended October 31, 2020, the total related amounts paid by the Fund to the CCO were $30 (in thousands). The total related amounts paid by the Portfolio are included in Other Expenses on the Statement of Operations.
D. Deferred Compensation:
As of October 31, 2020, the total liability for deferred compensation to Directors is included in Accrued Expenses and Other Liabilities on the Statement of Assets and Liabilities as follows (amount in thousands):
DFA International Value Portfolio |
$ | 306 |
E. 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 its shareholders. Accordingly, no provision has been made for federal income taxes.
171
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 that these differences are permanent, they are charged or credited to paid-in capital or distributable earnings, undistributed net investment income, accumulated net realized gains or losses, or unrealized appreciation, as appropriate, in the period that the differences arise. Accordingly, the permanent differences as of October 31, 2020, can occur as a result of realized gains on securities considered to be passive foreign investment companies, net foreign currency gains/losses, and foreign capital gains tax reclass, and were reclassified to the accounts mentioned above. These reclassifications had no effect on net assets or net asset value per share.
The tax character of dividends and distributions declared and paid during the years ended October 31, 2019, and October 31, 2020, were as follows (amounts in thousands):
Net Investment Income and Short-Term Capital Gains |
Long-Term Capital Gains |
Tax Exempt Income |
Total | |||||||||||||
DFA International Value Portfolio |
||||||||||||||||
2019 |
$ | 302,955 | $ | 273,833 | | $ | 576,788 | |||||||||
2020 |
226,443 | | | 226,443 |
As of October 31, 2020, the Portfolios did not have any net investment income and short-term capital gains and long-term capital gains distributions designated for federal income tax purposes due to the use of accumulated earnings and profits distributed to shareholders upon redemption of shares.
As of October 31, 2020, the components of distributable earnings (accumulated losses) were as follows (amounts in thousands):
Undistributed Net Investment Income and Short-Term Capital Gains |
Undistributed Long-Term Capital Gains |
Capital Loss Carryforwards |
Unrealized Appreciation (Depreciation) |
Total Net Distributable Earnings (Accumulated Losses) |
||||||||||||||||
DFA International Value Portfolio |
$ | 32,903 | | $ | (349,326 | ) | $ | (1,482,114 | ) | $ | (1,798,537 | ) |
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. As of October 31, 2020, the Portfolio had the following capital loss carryforwards available to offset future realized capital gains with no expiration date (amounts in thousands):
Unlimited | Total | |||||||
DFA International Value Portfolio |
$ | 349,326 | $ | 349,326 |
As of October 31, 2020, 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):
Federal Tax Cost |
Unrealized Appreciation |
Unrealized (Depreciation) |
Net Unrealized Appreciation (Depreciation) |
|||||||||||||
DFA International Value Portfolio |
$ | 8,046,971 | | $ | (1,483,144 | ) | $ | (1,483,144 | ) |
172
The difference between GAAP-basis and tax-basis unrealized gains (losses) can occur as a result of wash sales and net mark to market gains (losses) on regulated futures contracts, net mark-to-market gain/loss on foreign currency contracts, and differences in the tax treatment of passive foreign investment company investments.
ASC 740 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 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 Portfolios federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
F. Capital Share Transactions:
The capital share transactions by class were as follows (amounts in thousands):
Year Ended October 31, 2020 |
Year Ended October 31, 2019 |
|||||||||||||||
Amount | Shares | Amount | Shares | |||||||||||||
DFA International Value Portfolio |
||||||||||||||||
Class R2 Shares |
||||||||||||||||
Shares Issued |
$ | 354 | 23 | $ | 409 | 25 | ||||||||||
Shares Issued in Lieu of Cash Distributions |
29 | 2 | 83 | 5 | ||||||||||||
Shares Redeemed |
(473 | ) | (32 | ) | (766 | ) | (44 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) Class R2 Shares |
$ | (90 | ) | (7 | ) | $ | (274 | ) | (14 | ) | ||||||
|
|
|
|
|
|
|
|
|||||||||
Institutional Class Shares |
||||||||||||||||
Shares Issued |
$ | 2,635,892 | 194,679 | $ | 2,070,958 | 123,511 | ||||||||||
Shares Issued in Lieu of Cash Distributions |
222,138 | 14,540 | 562,301 | 34,162 | ||||||||||||
Shares Redeemed |
(3,565,774 | ) | (258,877 | ) | (2,594,328 | ) | (154,729 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) Institutional Class Shares |
$ | (707,744 | ) | (49,658 | ) | $ | 38,931 | 2,944 | ||||||||
|
|
|
|
|
|
|
|
G. 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 Portfolios Class R2 Shares.
H. Indemnitees; Contractual Obligations:
Under the Funds 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 that provide general indemnification. The Funds 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.
I. Recently Issued Accounting Standards:
In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-08 which changes the amortization period for a callable debt security from the maturity date to the earliest call date. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those
173
annual periods. The Funds adoption of ASU 2017-08 disclosure requirements are reflected within these financial statements prepared as of October 31, 2020 and management has concluded that the change in accounting principle does not materially impact the financial statement amounts.
In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurements (ASU 2018-13). This update makes certain removals from, changes to and additions to existing disclosure requirements for fair value measurement. ASU 2018-13 does not change fair value measurements already required or permitted by existing standards. ASU 2018-13 is effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Portfolios early adoption of all of the ASU 2018-13 disclosure requirements are reflected within these financial statements prepared as of October 31, 2020.
On July 27, 2017, the head of the United Kingdoms Financial Conduct Authority announced the intention to phase out the use of London Interbank Offered Rate (LIBOR) by the end of 2021. In the interim, there remains uncertainty regarding the impact the transition to replacement rates may have on the value of LIBOR-based investments. In March 2020, the FASB issued ASU 2020-04 which provides optional guidance to ease the potential accounting burden associated with transitioning away from the LIBOR and other reference rates that are expected to be discontinued. The ASU is effective immediately upon release of the update on March 12, 2020 through December 31, 2022. At this time, management is evaluating implications of these changes on the financial statements.
J. Coronavirus (COVID-19) Pandemic:
The continued worldwide spread of novel coronavirus (COVID-19) and its impact on international business operations, supply chains, travel, commodity prices, consumer confidence and business forecasts, and the associated impact on domestic and international equity markets and fixed income yields, has caused uncertainty for the global economy and financial markets. If market expectations regarding the impact of COVID-19 worsen, or if expected returns change because investors demand higher returns to invest in these uncertain times, there may be a detrimental impact on returns in the near term.
K. Other:
As of October 31, 2020, 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.
Number of Shareholders |
Approximate Percentage of Outstanding Shares |
|||||||
DFA International Value Portfolio-Class R2 |
5 | 95 | % | |||||
DFA International Value Portfolio-Institutional Class |
3 | 67 | % |
The Portfolio is subject to claims and suits that arise from time to time in the ordinary course of business (for example, in The Tribune Company Bankruptcy, 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 buy-out transaction, seeking the return of proceeds received by the shareholders). Although management currently believes that resolving claims against the Portfolio, individually or in aggregate, will not have a material adverse impact on the Portfolios financial position, results of operations, or cash flows, these matters are subject to inherent uncertainties and managements view of these matters may change in the future.
L. Subsequent Event Evaluations:
As described in a November 2, 2020 Supplement to the Funds Prospectuses, effective February 28, 2021, the Advisor will reduce its investment management fees for certain Portfolios. Please refer to the Funds Prospectuses for additional information regarding fees and expenses of the Portfolios.
174
Report of Independent Registered Public Accounting Firm
To the Board of Directors of Dimensional Investment Group Inc. and Shareholders of DFA International Value Portfolio
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of DFA International Value Portfolio (one of the portfolios constituting Dimensional Investment Group Inc., hereafter referred to as the Portfolio) as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2020 (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2020, 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 ended October 31, 2020 and the financial highlights for each of the five years in the period ended October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Portfolios management. Our responsibility is to express an opinion on the Portfolios financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of the security owned as of October 31, 2020 by correspondence with the transfer agent of the investee fund. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 18, 2020
We have served as the auditor of one or more investment companies in Dimensional Fund Advisors L.P. investment company group since 1981.
THE DFA INVESTMENT TRUST COMPANY
(Unaudited)
The DFA International Value Series vs.
MSCI World ex USA Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
The Japanese Small Company Series vs.
MSCI Japan Small Cap Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
176
THE DFA INVESTMENT TRUST COMPANY
PERFORMANCE CHARTS
(Unaudited)
The Asia Pacific Small Company Series vs.
MSCI Pacific ex Japan Small Cap Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
The United Kingdom Small Company Series vs.
MSCI United Kingdom Small Cap Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
177
THE DFA INVESTMENT TRUST COMPANY
PERFORMANCE CHARTS
(Unaudited)
The Continental Small Company Series vs.
MSCI Europe ex UK Small Cap Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
The Canadian Small Company Series vs.
MSCI Canada Small Cap Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
178
THE DFA INVESTMENT TRUST COMPANY
PERFORMANCE CHARTS
(Unaudited)
The Emerging Markets Series vs.
MSCI Emerging Markets Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
The Emerging Markets Small Cap Series vs.
MSCI Emerging Markets Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
179
MANAGEMENTS DISCUSSION AND ANALYSIS
International Equity Market Review | 12 Months Ended October 31, 2020 |
Performance of non-U.S. developed markets was mostly negative for the period. As measured by the MSCI World ex USA indices, small-cap stocks outperformed large-cap stocks, and mid-cap stocks, a subset of the large-cap universe, outperformed large-cap stocks but underperformed small-cap stocks. Value stocks underperformed growth stocks as measured by the MSCI World ex USA indices.
12 Months Ended October 31, 2020
Return in U.S. Dollars | ||||
MSCI World ex USA Index |
-6.79 | % | ||
MSCI World ex USA Mid Cap Index |
-3.83 | % | ||
MSCI World ex USA Small Cap Index |
-0.65 | % | ||
MSCI World ex USA Value Index |
-18.72 | % | ||
MSCI World ex USA Growth Index |
5.65 | % |
For the 12 Months Ended October 31, 2020, the U.S. dollar depreciated against most non-U.S. developed markets currencies. Overall, currency movements had a positive impact on the U.S. dollar-denominated returns of developed markets.
12 Months Ended October 31, 2020
Ten Largest Foreign Developed Markets by Market Cap |
Local Return | Return in U.S. Dollars | ||||||
Japan |
-2.97 | % | 0.33 | % | ||||
United Kingdom |
-22.19 | % | -22.25 | % | ||||
France |
-17.43 | % | -13.79 | % | ||||
Switzerland |
-4.37 | % | 2.95 | % | ||||
Canada |
-4.70 | % | -6.05 | % | ||||
Germany |
-10.77 | % | -6.84 | % | ||||
Australia |
-11.01 | % | -9.29 | % | ||||
Netherlands |
4.14 | % | 8.62 | % | ||||
Hong Kong |
-8.06 | % | -7.15 | % | ||||
Sweden |
0.79 | % | 9.10 | % |
Source: Returns are of MSCI standard indices net of foreign withholding taxes on dividends. Copyright MSCI 2020, all rights reserved.
Emerging markets had mostly positive performance for the period, outperforming non-U.S. developed markets but underperforming the U.S. As measured by the MSCI Emerging Markets indices, small-cap stocks underperformed large-cap stocks, and mid-cap stocks, a subset of the large-cap universe, underperformed large-cap stocks and small-cap stocks. Value stocks underperformed growth stocks as measured by the MSCI Emerging Markets indices.
180
12 Months Ended October 31, 2020
Return in U.S. Dollars | ||||
MSCI Emerging Markets Index |
8.25 | % | ||
MSCI Emerging Markets Mid Cap Index |
-3.22 | % | ||
MSCI Emerging Markets Small Cap Index |
2.39 | % | ||
MSCI Emerging Markets Value Index |
-8.47 | % | ||
MSCI Emerging Markets Growth Index |
25.97 | % |
For the 12 Months Ended October 31, 2020, the U.S. dollar depreciated against some emerging markets currencies and appreciated against others. Overall, currency movements had a negative impact on the U.S. dollar denominated returns of emerging markets.
12 Months Ended October 31, 2020
Ten Largest Emerging Markets by Market Cap |
Local Return | Return in U.S. | ||||||
Dollars |
||||||||
China |
33.57 | % | 35.19 | % | ||||
Taiwan |
18.86 | % | 26.49 | % | ||||
Korea |
11.33 | % | 14.15 | % | ||||
India |
1.83 | % | -2.54 | % | ||||
Brazil |
-11.13 | % | -38.13 | % | ||||
South Africa |
-6.49 | % | -13.31 | % | ||||
Saudi Arabia |
-0.90 | % | -0.90 | % | ||||
Russia |
-14.17 | % | -29.27 | % | ||||
Thailand |
-28.54 | % | -30.77 | % | ||||
Malaysia |
-6.02 | % | -5.49 | % |
Source: Returns are of MSCI standard indices net of foreign withholding taxes on dividends. Copyright MSCI 2020, all rights reserved.
For Portfolios investing in non-U.S. equities traded outside of the U.S. market time zone, differences in the valuation timing and methodology between a Portfolio and its benchmark index may impact relative performance over the referenced period. The Portfolios price foreign exchange rates at the closing of the U.S. market, while their benchmark indices use rates at 4 p.m. London time. The Portfolios also may use fair value pricing to price certain portfolio securities at the closing of the U.S. market, while benchmark indices may use local market closing prices. For the one-year period ended October 31, 2020, these differences generally contributed positively to the Portfolios relative performance.
The DFA International Value Series
The DFA International Value Series invests in developed ex U.S. large company value stocks. The investment strategy is process driven, emphasizing broad diversification, with increased exposure to stocks with smaller total market capitalizations, lower relative price (value), and higher-profitability
181
within the large-cap value segment of developed ex U.S. markets. As of October 31, 2020, the Series held approximately 540 securities in 22 eligible developed markets. Average cash exposure throughout the year was less than 1% of the Series assets.
For the 12 months ended October 31, 2020, total returns were -18.68% for the Series and -6.79% for the MSCI World ex USA Index (net dividends), the Series benchmark. With low relative price (value) stocks underperforming high relative price (growth) stocks for the period, the Series focus on value stocks detracted from performance relative to the style-neutral benchmark.
The Japanese Small Company Series
The Japanese Small Company Series invests in Japanese small company stocks. The Series generally excluded stocks with the lowest profitability and highest relative price. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2020, the Series held approximately 1,710 securities. Average cash exposure throughout the year was less than 1% of the Series assets.
For the 12 months ended October 31, 2020, total returns were -1.93% for the Series and -1.46% for the MSCI Japan Small Cap Index (net dividends), the Series benchmark. The Series greater emphasis on stocks with smaller market capitalizations had a negative impact on performance relative to the benchmark, as these stocks underperformed. The Series exclusion of stocks with the lowest profitability and highest relative price had a negative impact on performance relative to the benchmark, as those stocks outperformed. Conversely, the Series exclusion of real estate investment trusts (REITs) contributed positively to relative performance, as REITs generally underperformed in Japan.
The Asia Pacific Small Company Series
The Asia Pacific Small Company Series invests in small company stocks in Australia, Hong Kong, New Zealand, and Singapore. The Series generally excluded stocks with the lowest profitability and highest relative price. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2020, the Series held approximately 750 securities in 4 eligible countries. Average cash exposure throughout the year was less than 1% of the Series assets.
For the 12 months ended October 31, 2020, total returns were 0.14% for the Series and 3.00% for the MSCI Pacific ex Japan Small Cap Index (net dividends), the Series benchmark. The Series greater emphasis on stocks with smaller market capitalizations had a negative impact on performance relative to the benchmark, as these stocks underperformed. The Series exclusion of stocks with the lowest profitability and highest relative price had a negative impact on performance relative to the benchmark, as those securities outperformed. Conversely, the Series exclusion of real estate investment trusts (REITs) contributed to relative performance, as REITs generally underperformed in Asia Pacific (ex Japan) markets.
The United Kingdom Small Company Series
The United Kingdom Small Company Series invests in small company stocks in the U.K. The Series generally excluded stocks with the lowest profitability and highest relative price. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2020, the Series held approximately 330 securities. Average cash exposure throughout the year was less than 1% of the Series assets.
182
For the 12 months ended October 31, 2020, total returns were -14.87% for the Series and - 14.04% for the MSCI United Kingdom Small Cap Index (net dividends), the Series benchmark. The Series greater emphasis on stocks with smaller market capitalizations had a negative impact on performance relative to the benchmark, as these stocks underperformed. The Series exclusion of stocks with the lowest profitability and highest relative price detracted from performance relative to the benchmark, as those securities outperformed for the period. Conversely, the Series exclusion of real estate investment trusts (REITs) contributed positively to relative performance, as REITs generally underperformed in the U.K.
The Continental Small Company Series
The Continental Small Company Series invests in small company stocks in the developed markets of Europe (excluding the U.K.) and Israel. The Series generally excluded stocks with the lowest profitability and highest relative price. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2020, the Series held approximately 1,090 securities in 15 eligible countries. Average cash exposure throughout the year was less than 1% of the Series assets.
For the 12 months ended October 31, 2020, total returns were -2.23% for the Series and 3.14% for the MSCI Europe ex U.K. Small Cap Index (net dividends), the Series benchmark. The Series and its benchmark use different methodologies to determine which small-cap stocks are eligible for purchase or to hold. This methodology variance led to country-by-country differences between the maximum market capitalization of small-cap stocks bought and held by the Series relative to the benchmark, which in turn led to differences in holdings between the Series and the benchmark. These holdings differences detracted from the Series performance relative to the benchmark. The Series greater emphasis on stocks with smaller market capitalizations had a negative impact on performance relative to the benchmark, as these stocks underperformed. The Series exclusion of stocks with the lowest profitability and highest relative price also detracted from relative performance, as those securities outperformed for the period. Conversely, the Series exclusion of real estate investment trusts (REITs) contributed positively to relative performance, as REITs generally underperformed in eligible markets.
The Canadian Small Company Series
The Canadian Small Company Series invests in small company stocks in Canada. The Series generally excluded stocks with the lowest profitability and highest relative price. The investment strategy is process-driven, emphasizing broad diversification. As of October 31, 2020, the Series held approximately 320 securities. Average cash exposure throughout the year was less than 1% of the Series assets.
For the 12 months ended October 31, 2020, total returns were 6.02% for the Series and 7.61% for the MSCI Canada Small Cap Index (net dividends), the Series benchmark. The Series greater emphasis on stocks with smaller market capitalizations had a negative impact on performance relative to the benchmark, as these stocks underperformed. The Series exclusion of stocks with the lowest profitability and highest relative price detracted from performance relative to the benchmark, as those securities outperformed for the period. Conversely, the Series exclusion of real estate investment trusts (REITs) contributed positively to relative performance, as REITs generally underperformed in Canada.
The Emerging Markets Series
The Emerging Markets Series invests in large-cap stocks in emerging markets. The investment strategy is process driven, emphasizing broad diversification with increased exposure to stocks with
183
smaller market capitalizations, lower relative price (value), and higher-profitability within the large-cap segment of emerging markets. As of October 31, 2020, the Series held approximately 1,610 securities in 24 eligible emerging markets. Average cash exposure throughout the year was less than 1% of the Series assets.
For the 12 months ended October 31, 2020, total returns were 2.67% for the Series and 8.25% for the MSCI Emerging Markets Index (net dividends), the Series benchmark. The Series greater emphasis on low relative price (value) stocks had a negative impact on performance relative to the benchmark, as value stocks underperformed high relative price (growth) stocks in emerging markets for the period. The Series greater allocation to stocks with smaller market capitalizations within the large cap universe also detracted from relative performance, as these stocks underperformed their larger counterparts for the period.
The Emerging Markets Small Cap Series
The Emerging Markets Small Cap Series invests in small company stocks in emerging markets. The Portfolio generally excludes stocks with the lowest profitability and highest relative price. The investment strategy is process driven, emphasizing broad diversification. As of October 31, 2020, the Series held approximately 4,550 securities in 21 eligible emerging markets. Average cash exposure throughout the year was less than 1% of the Series assets.
For the 12 months ended October 31, 2020, total returns were 1.25% for the Series and 8.25% for the MSCI Emerging Markets Index (net dividends), the Series benchmark. With small-cap stocks underperforming large-cap stocks in emerging markets, the Series inclusion of stocks with smaller market capitalizations detracted from performance relative to the benchmark, which is composed primarily of large- and mid-cap stocks.
184
THE DFA INVESTMENT TRUST COMPANY
(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 and legal and audit services, which are deducted from a funds gross income, directly reduce the investment return of the fund. A funds 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 funds 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 funds actual return, and Expenses Paid During Period reflects 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 funds costs with those of other mutual funds. The hypothetical Ending Account Value and Expenses Paid During Period are derived from the funds actual expense ratio and an assumed 5% annual return before expenses. In this case, because the return used is not the funds 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 funds 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, 2020
EXPENSE TABLES
Beginning Account Value 05/01/20 |
Ending Account Value 10/31/20 |
Annualized Expense Ratio (1) |
Expenses Paid During Period (1) |
|||||||||||||
The DFA International Value Series |
||||||||||||||||
Actual Fund Return |
$ | 1,000.00 | $ | 1,073.80 | 0.21 | % | $ | 1.09 | ||||||||
Hypothetical 5% Annual Return |
$ | 1,000.00 | $ | 1,024.08 | 0.21 | % | $ | 1.07 | ||||||||
The Japanese Small Company Series |
||||||||||||||||
Actual Fund Return |
$ | 1,000.00 | $ | 1,138.60 | 0.13 | % | $ | 0.70 | ||||||||
Hypothetical 5% Annual Return |
$ | 1,000.00 | $ | 1,024.48 | 0.13 | % | $ | 0.66 |
185
DISCLOSURE OF FUND EXPENSES
CONTINUED
Beginning Account Value 05/01/20 |
Ending Account Value 10/31/20 |
Annualized Expense Ratio (1) |
Expenses Paid During Period (1) |
|||||||||||||
The Asia Pacific Small Company Series |
||||||||||||||||
Actual Fund Return |
$ | 1,000.00 | $ | 1,221.40 | 0.13 | % | $ | 0.73 | ||||||||
Hypothetical 5% Annual Return |
$ | 1,000.00 | $ | 1,024.48 | 0.13 | % | $ | 0.66 | ||||||||
The United Kingdom Small Company Series |
||||||||||||||||
Actual Fund Return |
$ | 1,000.00 | $ | 1,077.90 | 0.12 | % | $ | 0.63 | ||||||||
Hypothetical 5% Annual Return |
$ | 1,000.00 | $ | 1,024.53 | 0.12 | % | $ | 0.61 | ||||||||
The Continental Small Company Series |
||||||||||||||||
Actual Fund Return |
$ | 1,000.00 | $ | 1,160.00 | 0.12 | % | $ | 0.65 | ||||||||
Hypothetical 5% Annual Return |
$ | 1,000.00 | $ | 1,024.53 | 0.12 | % | $ | 0.61 | ||||||||
The Canadian Small Company Series |
||||||||||||||||
Actual Fund Return |
$ | 1,000.00 | $ | 1,239.90 | 0.12 | % | $ | 0.68 | ||||||||
Hypothetical 5% Annual Return |
$ | 1,000.00 | $ | 1,024.53 | 0.12 | % | $ | 0.61 | ||||||||
The Emerging Markets Series |
||||||||||||||||
Actual Fund Return |
$ | 1,000.00 | $ | 1,195.80 | 0.13 | % | $ | 0.72 | ||||||||
Hypothetical 5% Annual Return |
$ | 1,000.00 | $ | 1,024.48 | 0.13 | % | $ | 0.66 | ||||||||
The Emerging Markets Small Cap Series |
||||||||||||||||
Actual Fund Return |
$ | 1,000.00 | $ | 1,222.50 | 0.25 | % | $ | 1.40 | ||||||||
Hypothetical 5% Annual Return |
$ | 1,000.00 | $ | 1,023.88 | 0.25 | % | $ | 1.27 |
(1) | Expenses are equal to the funds 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 (366) to reflect the six-month period. |
186
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 as an exhibit to their reports on Form N-PORT. For The DFA Investment Trust Company, this would be for the fiscal quarters ending January 31 and July 31. Such Form N-PORT filing must be made within 60 days of the end of the quarter. The DFA Investment Trust Company filed its most recent Form N-PORT with the SEC on September 29, 2020. They are available upon request, without charge, by calling collect: (512) 306-7400; by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746; or by visiting the SECs website at http://www.sec.gov.
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 funds 50 largest holdings in unaffiliated issuers and any investments that exceed one percent of the funds net assets at the end of the reporting period. The regulations 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; by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746; or by visiting the SECs website at http://www.sec.gov.
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 used. The following table, which presents portfolio holdings as a percentage of total investments before short-term investments and collateral for loaned securities, is provided in compliance with this requirement. The categories shown below represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.
INTERNATIONAL EQUITY PORTFOLIOS
187
DISCLOSURE OF PORTFOLIO HOLDINGS
CONTINUED
188
THE DFA INTERNATIONAL VALUE SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2020
Shares | Value» | Percentage of Net Assets |
||||||||||||
COMMON STOCKS (95.9%) |
||||||||||||||
AUSTRALIA (5.9%) |
||||||||||||||
Australia & New Zealand Banking Group, Ltd. |
6,888,410 | $ | 91,413,550 | 1.0 | % | |||||||||
Fortescue Metals Group, Ltd. |
3,858,031 | 47,197,184 | 0.5 | % | ||||||||||
National Australia Bank, Ltd. |
6,504,106 | 85,093,076 | 0.9 | % | ||||||||||
Westpac Banking Corp. |
7,945,749 | 100,568,235 | 1.1 | % | ||||||||||
Other Securities |
244,177,886 | 2.5 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL AUSTRALIA |
568,449,931 | 6.0 | % | |||||||||||
|
|
|
|
|||||||||||
AUSTRIA (0.0%) |
||||||||||||||
Other Security |
100,701 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
BELGIUM (0.8%) |
||||||||||||||
Other Securities |
74,612,067 | 0.8 | % | |||||||||||
|
|
|
|
|||||||||||
CANADA (7.9%) |
||||||||||||||
# |
Bank of Montreal |
351,836 | 20,949,598 | 0.2 | % | |||||||||
Bank of Montreal |
1,441,562 | 85,729,692 | 0.9 | % | ||||||||||
# |
Bank of Nova Scotia (The) |
1,681,875 | 69,898,725 | 0.7 | % | |||||||||
# |
Canadian Imperial Bank of Commerce |
811,294 | 60,516,699 | 0.6 | % | |||||||||
Canadian Natural Resources, Ltd. |
3,417,479 | 54,508,790 | 0.6 | % | ||||||||||
Magna International, Inc. |
1,443,051 | 73,754,337 | 0.8 | % | ||||||||||
Other Securities |
389,247,461 | 4.2 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL CANADA |
754,605,302 | 8.0 | % | |||||||||||
|
|
|
|
|||||||||||
DENMARK (2.9%) |
||||||||||||||
DSV Panalpina A.S. |
300,849 | 48,810,172 | 0.5 | % | ||||||||||
# |
Vestas Wind Systems A.S. |
648,241 | 111,214,830 | 1.2 | % | |||||||||
Other Securities |
117,828,228 | 1.2 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL DENMARK |
277,853,230 | 2.9 | % | |||||||||||
|
|
|
|
|||||||||||
FINLAND (1.0%) |
||||||||||||||
Other Securities |
96,376,631 | 1.0 | % | |||||||||||
|
|
|
|
|||||||||||
FRANCE (9.1%) |
||||||||||||||
* |
BNP Paribas SA |
1,948,140 | 67,940,925 | 0.7 | % | |||||||||
* |
Cie de Saint-Gobain |
2,006,077 | 78,143,737 | 0.8 | % | |||||||||
Cie Generale des Etablissements Michelin SCA |
664,554 | 71,772,475 | 0.8 | % | ||||||||||
Orange SA |
5,978,647 | 67,137,941 | 0.7 | % | ||||||||||
* |
Peugeot SA |
3,133,702 | 56,294,471 | 0.6 | % | |||||||||
Total SE |
6,874,996 | 208,289,750 | 2.2 | % | ||||||||||
Other Securities |
325,344,909 | 3.4 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL FRANCE |
874,924,208 | 9.2 | % | |||||||||||
|
|
|
|
|||||||||||
GERMANY (6.7%) |
||||||||||||||
Allianz SE |
415,799 | 73,244,904 | 0.8 | % | ||||||||||
BASF SE |
1,039,248 | 56,907,335 | 0.6 | % | ||||||||||
Bayer AG |
1,103,211 | 51,840,454 | 0.5 | % | ||||||||||
Bayerische Motoren Werke AG |
1,138,372 | 77,794,893 | 0.8 | % | ||||||||||
Daimler AG |
3,237,994 | 167,367,009 | 1.8 | % | ||||||||||
Volkswagen AG |
125,075 | 19,456,967 | 0.2 | % |
189
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
GERMANY (Continued) |
||||||||||||||
Other Securities |
$ | 197,549,481 | 2.1 | % | ||||||||||
|
|
|
|
|||||||||||
TOTAL GERMANY |
644,161,043 | 6.8 | % | |||||||||||
|
|
|
|
|||||||||||
HONG KONG (2.5%) |
||||||||||||||
Other Securities |
242,062,056 | 2.6 | % | |||||||||||
|
|
|
|
|||||||||||
IRELAND (0.5%) |
||||||||||||||
Other Securities |
51,864,566 | 0.5 | % | |||||||||||
|
|
|
|
|||||||||||
ISRAEL (0.4%) |
||||||||||||||
Other Securities |
35,298,492 | 0.4 | % | |||||||||||
|
|
|
|
|||||||||||
ITALY (1.8%) |
||||||||||||||
Other Securities |
171,182,101 | 1.8 | % | |||||||||||
|
|
|
|
|||||||||||
JAPAN (23.3%) |
||||||||||||||
Hitachi, Ltd. |
1,579,000 | 53,219,083 | 0.6 | % | ||||||||||
Honda Motor Co., Ltd. |
4,590,300 | 108,574,060 | 1.1 | % | ||||||||||
Honda Motor Co., Ltd., Sponsored ADR |
26,040 | 615,065 | 0.0 | % | ||||||||||
Mitsubishi UFJ Financial Group, Inc. |
11,934,650 | 47,045,252 | 0.5 | % | ||||||||||
Sumitomo Mitsui Financial Group, Inc. |
1,921,900 | 53,201,841 | 0.6 | % | ||||||||||
Toyota Motor Corp. |
3,715,890 | 243,936,611 | 2.6 | % | ||||||||||
# |
Toyota Motor Corp., Sponsored ADR |
208,099 | 27,321,318 | 0.3 | % | |||||||||
Other Securities |
1,702,340,630 | 17.9 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL JAPAN |
2,236,253,860 | 23.6 | % | |||||||||||
|
|
|
|
|||||||||||
NETHERLANDS (4.5%) |
||||||||||||||
Koninklijke Ahold Delhaize NV |
4,984,523 | 136,654,529 | 1.4 | % | ||||||||||
Koninklijke DSM NV |
596,336 | 95,370,511 | 1.0 | % | ||||||||||
Other Securities |
199,416,701 | 2.2 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL NETHERLANDS |
431,441,741 | 4.6 | % | |||||||||||
|
|
|
|
|||||||||||
NEW ZEALAND (0.2%) |
||||||||||||||
Other Securities |
22,507,812 | 0.2 | % | |||||||||||
|
|
|
|
|||||||||||
NORWAY (0.8%) |
||||||||||||||
Other Securities |
76,530,313 | 0.8 | % | |||||||||||
|
|
|
|
|||||||||||
PORTUGAL (0.1%) |
||||||||||||||
Other Securities |
11,536,966 | 0.1 | % | |||||||||||
|
|
|
|
|||||||||||
SINGAPORE (1.0%) |
||||||||||||||
Other Securities |
93,149,536 | 1.0 | % | |||||||||||
|
|
|
|
|||||||||||
SPAIN (1.3%) |
||||||||||||||
#* |
Banco Santander SA |
40,951,091 | 82,006,822 | 0.9 | % | |||||||||
Other Securities |
42,258,088 | 0.4 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL SPAIN |
124,264,910 | 1.3 | % | |||||||||||
|
|
|
|
|||||||||||
SWEDEN (3.1%) |
||||||||||||||
* |
Volvo AB, Class B |
2,416,322 | 46,966,507 | 0.5 | % |
190
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
SWEDEN (Continued) |
||||||||||||||
Other Securities |
$ | 247,271,384 | 2.6 | % | ||||||||||
|
|
|
|
|||||||||||
TOTAL SWEDEN |
294,237,891 | 3.1 | % | |||||||||||
|
|
|
|
|||||||||||
SWITZERLAND (10.4%) |
||||||||||||||
ABB, Ltd |
3,432,303 | 83,284,859 | 0.9 | % | ||||||||||
# |
Cie Financiere Richemont SA |
1,165,784 | 72,865,902 | 0.8 | % | |||||||||
Lonza Group AG |
145,001 | 87,857,559 | 0.9 | % | ||||||||||
Novartis AG |
1,817,557 | 141,628,729 | 1.5 | % | ||||||||||
Novartis AG, Sponsored ADR |
723,453 | 56,487,210 | 0.6 | % | ||||||||||
UBS Group AG |
6,275,625 | 73,060,635 | 0.8 | % | ||||||||||
Zurich Insurance Group AG |
444,872 | 147,762,264 | 1.6 | % | ||||||||||
Other Securities |
334,120,482 | 3.4 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL SWITZERLAND |
997,067,640 | 10.5 | % | |||||||||||
|
|
|
|
|||||||||||
UNITED KINGDOM (11.7%) |
||||||||||||||
Anglo American P.L.C. |
2,846,495 | 66,787,802 | 0.7 | % | ||||||||||
Aviva P.L.C. |
16,319,347 | 54,434,377 | 0.6 | % | ||||||||||
BP P.L.C., Sponsored ADR |
5,009,282 | 77,543,685 | 0.8 | % | ||||||||||
British American Tobacco P.L.C. |
3,024,009 | 95,847,087 | 1.0 | % | ||||||||||
# |
British American Tobacco P.L.C., Sponsored ADR |
838,885 | 26,743,654 | 0.3 | % | |||||||||
* |
Glencore P.L.C. |
26,692,936 | 53,845,933 | 0.6 | % | |||||||||
HSBC Holdings P.L.C. |
13,949,143 | 58,455,175 | 0.6 | % | ||||||||||
# |
HSBC Holdings P.L.C., Sponsored ADR |
2,590,482 | 54,348,312 | 0.6 | % | |||||||||
* |
Lloyds Banking Group P.L.C. |
181,694,609 | 66,156,212 | 0.7 | % | |||||||||
Royal Dutch Shell P.L.C., Class B. |
283,225 | 3,415,504 | 0.0 | % | ||||||||||
Royal Dutch Shell P.L.C., Sponsored ADR, Class B |
7,267,547 | 175,511,260 | 1.9 | % | ||||||||||
Vodafone Group P.L.C. |
58,351,986 | 77,839,689 | 0.8 | % | ||||||||||
# |
Vodafone Group P.L.C., Sponsored ADR |
4,011,201 | 54,191,329 | 0.6 | % | |||||||||
Other Securities |
256,528,572 | 2.6 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL UNITED KINGDOM |
1,121,648,591 | 11.8 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL COMMON STOCKS |
9,200,129,588 | 97.0 | % | |||||||||||
|
|
|
|
|||||||||||
PREFERRED STOCKS (1.3%) |
||||||||||||||
GERMANY (1.3%) |
||||||||||||||
Volkswagen AG |
701,336 | 102,159,454 | 1.1 | % | ||||||||||
Other Securities |
25,125,926 | 0.3 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL GERMANY |
127,285,380 | 1.4 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENT SECURITIES |
9,327,414,968 | |||||||||||||
|
|
|||||||||||||
Value | ||||||||||||||
SECURITIES LENDING COLLATERAL (2.8%) |
||||||||||||||
@§ |
The DFA Short Term Investment Fund |
22,816,650 | 264,011,461 | 2.8 | % | |||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENTS(100.0%) |
$ | 9,591,426,429 | 101.2 | % | ||||||||||
|
|
|
|
191
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
As of October 31, 2020, The DFA International Value Series had entered into the following outstanding futures contracts:
Description |
Number of Contracts |
Expiration Date |
Notional Value |
Market Value |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
Long Position Contracts: |
||||||||||||||||||||
S&P 500® Emini Index |
526 | 12/18/20 | $ | 88,097,893 | $ | 85,861,610 | $ | (2,236,283 | ) | |||||||||||
|
|
|
|
|
|
|||||||||||||||
Total Futures Contracts |
$ | 88,097,893 | $ | 85,861,610 | $ | (2,236,283 | ) | |||||||||||||
|
|
|
|
|
|
Summary of the Series investments as of October 31, 2020, 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 |
| $ | 568,449,931 | | $ | 568,449,931 | ||||||||||
Austria |
| 100,701 | | 100,701 | ||||||||||||
Belgium |
| 74,612,067 | | 74,612,067 | ||||||||||||
Canada |
$ | 754,605,302 | | | 754,605,302 | |||||||||||
Denmark |
| 277,853,230 | | 277,853,230 | ||||||||||||
Finland |
| 96,376,631 | | 96,376,631 | ||||||||||||
France |
| 874,924,208 | | 874,924,208 | ||||||||||||
Germany |
15,533,044 | 628,627,999 | | 644,161,043 | ||||||||||||
Hong Kong |
| 242,062,056 | | 242,062,056 | ||||||||||||
Ireland |
14,317,368 | 37,547,198 | | 51,864,566 | ||||||||||||
Israel |
6,943,405 | 28,355,087 | | 35,298,492 | ||||||||||||
Italy |
27,912,392 | 143,269,709 | | 171,182,101 | ||||||||||||
Japan |
47,057,395 | 2,189,196,465 | | 2,236,253,860 | ||||||||||||
Netherlands |
15,884,061 | 415,557,680 | | 431,441,741 | ||||||||||||
New Zealand |
| 22,507,812 | | 22,507,812 | ||||||||||||
Norway |
| 76,530,313 | | 76,530,313 | ||||||||||||
Portugal |
| 11,536,966 | | 11,536,966 | ||||||||||||
Singapore |
| 93,149,536 | | 93,149,536 | ||||||||||||
Spain |
2,776,007 | 121,488,903 | | 124,264,910 | ||||||||||||
Sweden |
| 294,237,891 | | 294,237,891 | ||||||||||||
Switzerland |
84,409,679 | 912,657,961 | | 997,067,640 | ||||||||||||
United Kingdom |
446,924,683 | 674,723,908 | | 1,121,648,591 | ||||||||||||
Preferred Stocks |
||||||||||||||||
Germany |
| 127,285,380 | | 127,285,380 | ||||||||||||
Securities Lending Collateral |
| 264,011,461 | | 264,011,461 | ||||||||||||
Futures Contracts** |
(2,236,283 | ) | | | (2,236,283 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 1,414,127,053 | $ | 8,175,063,093 | | $ | 9,589,190,146 | |||||||||
|
|
|
|
|
|
|
|
** | Valued at the unrealized appreciation/(depreciation) on the investment. |
See accompanying Notes to Financial Statements.
192
THE JAPANESE SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2020
Shares | Value» | Percentage of Net Assets |
||||||||||||
COMMON STOCKS (98.1%) |
||||||||||||||
COMMUNICATION SERVICES (2.9%) |
||||||||||||||
Other Securities |
$ | 86,241,533 | 2.9 | % | ||||||||||
|
|
|
|
|||||||||||
CONSUMER DISCRETIONARY (16.2%) |
||||||||||||||
DCM Holdings Co., Ltd. |
713,300 | 8,838,267 | 0.3 | % | ||||||||||
Shimachu Co., Ltd. |
256,900 | 13,578,995 | 0.5 | % | ||||||||||
Other Securities |
460,985,971 | 15.6 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL CONSUMER DISCRETIONARY |
483,403,233 | 16.4 | % | |||||||||||
|
|
|
|
|||||||||||
CONSUMER STAPLES (7.8%) |
||||||||||||||
cocokara fine, Inc. |
128,360 | 8,432,779 | 0.3 | % | ||||||||||
Milbon Co., Ltd. |
154,752 | 7,939,785 | 0.3 | % | ||||||||||
Nippon Suisan Kaisha, Ltd. |
1,794,300 | 6,911,990 | 0.2 | % | ||||||||||
Other Securities |
208,970,547 | 7.1 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL CONSUMER STAPLES |
232,255,101 | 7.9 | % | |||||||||||
|
|
|
|
|||||||||||
ENERGY (1.3%) |
||||||||||||||
Iwatani Corp. |
222,900 | 10,113,538 | 0.4 | % | ||||||||||
Other Securities |
27,369,276 | 0.9 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL ENERGY |
37,482,814 | 1.3 | % | |||||||||||
|
|
|
|
|||||||||||
FINANCIALS (8.6%) |
||||||||||||||
Fuyo General Lease Co., Ltd. |
116,000 | 6,660,495 | 0.2 | % | ||||||||||
Hirogin Holdings, Inc. |
1,301,600 | 7,084,132 | 0.2 | % | ||||||||||
Hokuhoku Financial Group, Inc. |
834,800 | 7,921,727 | 0.3 | % | ||||||||||
Jafco Group Co., Ltd. |
204,100 | 9,230,625 | 0.3 | % | ||||||||||
Shiga Bank, Ltd. (The) |
307,600 | 6,642,879 | 0.2 | % | ||||||||||
Yamaguchi Financial Group, Inc. |
1,109,872 | 7,219,681 | 0.3 | % | ||||||||||
Other Securities |
211,870,416 | 7.2 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL FINANCIALS |
256,629,955 | 8.7 | % | |||||||||||
|
|
|
|
|||||||||||
HEALTH CARE (4.4%) |
||||||||||||||
# |
H.U. Group Holdings, Inc. |
336,700 | 8,566,416 | 0.3 | % | |||||||||
Jeol, Ltd. |
243,000 | 7,744,954 | 0.3 | % | ||||||||||
Other Securities |
113,901,457 | 3.8 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL HEALTH CARE |
130,212,827 | 4.4 | % | |||||||||||
|
|
|
|
|||||||||||
INDUSTRIALS (29.1%) |
||||||||||||||
BayCurrent Consulting, Inc. |
61,500 | 7,957,504 | 0.3 | % | ||||||||||
# |
DMG Mori Co., Ltd. |
673,200 | 9,000,973 | 0.3 | % | |||||||||
Duskin Co., Ltd. |
289,200 | 7,382,247 | 0.3 | % | ||||||||||
# |
Fuji Corp. |
422,100 | 8,485,887 | 0.3 | % | |||||||||
Furukawa Electric Co., Ltd. |
401,200 | 10,054,193 | 0.3 | % | ||||||||||
GS Yuasa Corp. |
390,883 | 6,822,713 | 0.2 | % | ||||||||||
Hazama Ando Corp. |
1,302,400 | 8,091,329 | 0.3 | % | ||||||||||
Inaba Denki Sangyo Co., Ltd. |
353,300 | 8,505,149 | 0.3 | % | ||||||||||
# |
Japan Steel Works, Ltd. (The) |
389,300 | 8,322,588 | 0.3 | % | |||||||||
Meitec Corp. |
169,000 | 8,378,202 | 0.3 | % | ||||||||||
Mirait Holdings Corp. |
524,835 | 7,471,621 | 0.3 | % | ||||||||||
Nichias Corp. |
392,400 | 8,498,721 | 0.3 | % | ||||||||||
# |
Nikkon Holdings Co., Ltd. |
385,300 | 7,374,127 | 0.3 | % |
193
THE JAPANESE SMALL COMPANY SERIES
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
INDUSTRIALS (Continued) |
||||||||||||||
Nishimatsu Construction Co., Ltd. |
345,000 | $ | 6,701,641 | 0.2 | % | |||||||||
OKUMA Corp. |
137,100 | 6,654,537 | 0.2 | % | ||||||||||
Outsourcing, Inc. |
732,300 | 6,791,351 | 0.2 | % | ||||||||||
Penta-Ocean Construction Co., Ltd. |
1,716,400 | 10,884,002 | 0.4 | % | ||||||||||
Ushio, Inc. |
660,300 | 7,375,978 | 0.3 | % | ||||||||||
Other Securities |
722,986,204 | 24.4 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL INDUSTRIALS |
867,738,967 | 29.5 | % | |||||||||||
|
|
|
|
|||||||||||
INFORMATION TECHNOLOGY (13.5%) |
||||||||||||||
Daiwabo Holdings Co., Ltd. |
117,500 | 7,692,034 | 0.3 | % | ||||||||||
Nippon Electric Glass Co., Ltd. |
431,236 | 8,481,534 | 0.3 | % | ||||||||||
NSD Co., Ltd. |
513,760 | 9,024,017 | 0.3 | % | ||||||||||
Systena Corp. |
402,100 | 7,296,298 | 0.3 | % | ||||||||||
Tokyo Seimitsu Co., Ltd. |
257,200 | 8,678,304 | 0.3 | % | ||||||||||
Topcon Corp. |
691,700 | 6,895,912 | 0.2 | % | ||||||||||
Ulvac, Inc. |
264,700 | 9,695,804 | 0.3 | % | ||||||||||
Other Securities |
343,510,881 | 11.7 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL INFORMATION TECHNOLOGY |
401,274,784 | 13.7 | % | |||||||||||
|
|
|
|
|||||||||||
MATERIALS (10.6%) |
||||||||||||||
ADEKA Corp. |
607,100 | 7,850,888 | 0.3 | % | ||||||||||
Asahi Holdings, Inc. |
227,850 | 7,430,158 | 0.3 | % | ||||||||||
* |
Kobe Steel, Ltd. |
1,878,500 | 7,334,448 | 0.3 | % | |||||||||
Mitsui Mining & Smelting Co., Ltd. |
379,600 | 9,582,034 | 0.3 | % | ||||||||||
Sumitomo Osaka Cement Co., Ltd. |
234,099 | 7,119,777 | 0.3 | % | ||||||||||
Toagosei Co., Ltd. |
758,400 | 8,029,619 | 0.3 | % | ||||||||||
Tokuyama Corp. |
385,498 | 8,591,460 | 0.3 | % | ||||||||||
Toyobo Co., Ltd. |
531,900 | 7,091,528 | 0.2 | % | ||||||||||
Other Securities |
252,544,871 | 8.4 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL MATERIALS |
315,574,783 | 10.7 | % | |||||||||||
|
|
|
|
|||||||||||
REAL ESTATE (2.0%) |
||||||||||||||
Heiwa Real Estate Co., Ltd. |
229,900 | 6,711,838 | 0.2 | % | ||||||||||
Kenedix, Inc. |
1,442,000 | 7,472,555 | 0.3 | % | ||||||||||
Other Securities |
45,146,783 | 1.5 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL REAL ESTATE |
59,331,176 | 2.0 | % | |||||||||||
|
|
|
|
|||||||||||
UTILITIES (1.7%) |
||||||||||||||
Nippon Gas Co., Ltd. |
210,300 | 10,030,620 | 0.3 | % | ||||||||||
Other Securities |
39,127,903 | 1.4 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL UTILITIES |
49,158,523 | 1.7 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL COMMON STOCKS |
2,919,303,696 | 99.2 | % | |||||||||||
|
|
|
|
|||||||||||
Value | ||||||||||||||
SECURITIES LENDING COLLATERAL (1.9%) |
||||||||||||||
@§ |
The DFA Short Term Investment Fund |
4,999,517 | 57,849,414 | 2.0 | % | |||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENTS(100.0%) |
$ | 2,977,153,110 | 101.2 | % | ||||||||||
|
|
|
|
194
THE JAPANESE SMALL COMPANY SERIES
CONTINUED
Summary of the Series investments as of October 31, 2020, 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 |
||||||||||||||||
Communication Services |
| $ | 86,241,533 | | $ | 86,241,533 | ||||||||||
Consumer Discretionary |
| 483,403,233 | | 483,403,233 | ||||||||||||
Consumer Staples |
| 232,255,101 | | 232,255,101 | ||||||||||||
Energy |
| 37,482,814 | | 37,482,814 | ||||||||||||
Financials |
| 256,629,955 | | 256,629,955 | ||||||||||||
Health Care |
| 130,212,827 | | 130,212,827 | ||||||||||||
Industrials |
| 867,738,967 | | 867,738,967 | ||||||||||||
Information Technology |
| 401,274,784 | | 401,274,784 | ||||||||||||
Materials |
| 315,574,783 | | 315,574,783 | ||||||||||||
Real Estate |
| 59,331,176 | | 59,331,176 | ||||||||||||
Utilities |
| 49,158,523 | | 49,158,523 | ||||||||||||
Securities Lending Collateral |
| 57,849,414 | | 57,849,414 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
| $ | 2,977,153,110 | | $ | 2,977,153,110 | ||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements.
195
THE ASIA PACIFIC SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2020
Shares | Value» | Percentage of Net Assets |
||||||||||||
COMMON STOCKS (97.3%) |
||||||||||||||
AUSTRALIA (56.7%) |
||||||||||||||
ALS, Ltd. |
1,761,709 | $ | 11,657,630 | 0.8 | % | |||||||||
Ansell, Ltd. |
524,737 | 14,838,028 | 1.0 | % | ||||||||||
ARB Corp., Ltd. |
533,754 | 11,561,661 | 0.8 | % | ||||||||||
# |
Bank of Queensland, Ltd. |
2,458,045 | 11,089,381 | 0.7 | % | |||||||||
Bapcor, Ltd. |
2,252,217 | 12,138,948 | 0.8 | % | ||||||||||
Breville Group, Ltd. |
821,653 | 15,223,025 | 1.0 | % | ||||||||||
Carsales.com, Ltd. |
1,200,481 | 17,538,761 | 1.2 | % | ||||||||||
CSR, Ltd. |
3,273,096 | 10,132,649 | 0.7 | % | ||||||||||
Downer EDI, Ltd. |
2,594,034 | 8,020,528 | 0.5 | % | ||||||||||
Elders, Ltd. |
1,232,076 | 9,714,962 | 0.6 | % | ||||||||||
Healius, Ltd. |
4,144,191 | 9,821,402 | 0.7 | % | ||||||||||
IGO, Ltd. |
3,070,006 | 9,595,397 | 0.6 | % | ||||||||||
IRESS, Ltd. |
1,225,060 | 7,926,997 | 0.5 | % | ||||||||||
JB Hi-Fi, Ltd. |
237,242 | 7,927,553 | 0.5 | % | ||||||||||
#* |
Lynas Corp., Ltd. |
6,066,989 | 12,070,586 | 0.8 | % | |||||||||
Metcash, Ltd. |
7,963,936 | 16,519,341 | 1.1 | % | ||||||||||
Mineral Resources, Ltd. |
951,983 | 16,716,625 | 1.1 | % | ||||||||||
* |
NEXTDC, Ltd. |
1,796,439 | 16,085,040 | 1.1 | % | |||||||||
nib holdings, Ltd. |
3,098,293 | 9,066,675 | 0.6 | % | ||||||||||
Nine Entertainment Co. Holdings, Ltd. |
9,297,395 | 13,590,846 | 0.9 | % | ||||||||||
Orora, Ltd. |
6,339,374 | 11,488,974 | 0.8 | % | ||||||||||
OZ Minerals, Ltd. |
2,218,981 | 23,180,326 | 1.5 | % | ||||||||||
Pendal Group, Ltd. |
1,950,282 | 8,872,828 | 0.6 | % | ||||||||||
* |
Perseus Mining, Ltd. |
9,066,296 | 7,841,297 | 0.5 | % | |||||||||
Premier Investments, Ltd. |
622,552 | 9,337,094 | 0.6 | % | ||||||||||
Regis Resources, Ltd. |
3,239,807 | 9,509,237 | 0.6 | % | ||||||||||
Reliance Worldwide Corp., Ltd. |
4,342,033 | 12,534,300 | 0.8 | % | ||||||||||
* |
Saracen Mineral Holdings, Ltd. |
5,077,306 | 20,291,051 | 1.3 | % | |||||||||
* |
Silver Lake Resources, Ltd. |
6,142,732 | 9,198,884 | 0.6 | % | |||||||||
Spark Infrastructure Group |
11,558,934 | 16,130,112 | 1.1 | % | ||||||||||
St Barbara, Ltd. |
5,221,239 | 9,818,297 | 0.7 | % | ||||||||||
Star Entertainment Grp, Ltd. (The) |
3,693,648 | 8,511,988 | 0.6 | % | ||||||||||
Steadfast Group, Ltd. |
5,683,479 | 14,249,839 | 0.9 | % | ||||||||||
Super Retail Group, Ltd. |
1,139,326 | 8,966,593 | 0.6 | % | ||||||||||
Technology One, Ltd. |
1,748,272 | 11,036,395 | 0.7 | % | ||||||||||
* |
Vocus Group, Ltd. |
4,091,642 | 9,909,009 | 0.7 | % | |||||||||
Other Securities |
451,602,563 | 29.3 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL AUSTRALIA |
883,714,822 | 57.9 | % | |||||||||||
|
|
|
|
|||||||||||
HONG KONG (22.5%) |
||||||||||||||
# |
IGG, Inc. |
9,421,000 | 10,198,134 | 0.7 | % | |||||||||
Kerry Logistics Network, Ltd. |
4,063,500 | 8,486,558 | 0.6 | % | ||||||||||
Luk Fook Holdings International, Ltd. |
3,704,000 | 9,056,888 | 0.6 | % | ||||||||||
Man Wah Holdings, Ltd. |
12,205,200 | 17,034,026 | 1.1 | % | ||||||||||
SITC International Holdings Co., Ltd. |
6,142,000 | 9,487,271 | 0.6 | % | ||||||||||
# |
Vitasoy International Holdings, Ltd. |
2,143,000 | 8,668,231 | 0.6 | % | |||||||||
VTech Holdings, Ltd. |
1,438,200 | 9,542,489 | 0.6 | % | ||||||||||
Other Securities |
278,624,321 | 18.2 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL HONG KONG |
351,097,918 | 23.0 | % | |||||||||||
|
|
|
|
196
THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
NEW ZEALAND (7.1%) |
||||||||||||||
Chorus, Ltd. |
3,152,349 | $ | 17,529,495 | 1.2 | % | |||||||||
Infratil, Ltd. |
3,949,779 | 14,144,121 | 0.9 | % | ||||||||||
Mainfreight, Ltd. |
289,611 | 10,326,649 | 0.7 | % | ||||||||||
SKYCITY Entertainment Group, Ltd. |
5,101,527 | 9,439,519 | 0.6 | % | ||||||||||
Summerset Group Holdings, Ltd. |
1,378,955 | 9,475,546 | 0.6 | % | ||||||||||
Other Securities |
49,527,979 | 3.2 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL NEW ZEALAND |
110,443,309 | 7.2 | % | |||||||||||
|
|
|
|
|||||||||||
SINGAPORE (11.0%) |
||||||||||||||
ComfortDelGro Corp., Ltd. |
8,950,800 | 8,852,888 | 0.6 | % | ||||||||||
Sembcorp Industries, Ltd. |
7,106,600 | 8,225,582 | 0.5 | % | ||||||||||
Other Securities |
154,789,717 | 10.2 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL SINGAPORE |
171,868,187 | 11.3 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL COMMON STOCKS |
1,517,124,236 | 99.4 | % | |||||||||||
|
|
|
|
|||||||||||
RIGHTS/WARRANTS (0.0%) |
||||||||||||||
SINGAPORE (0.0%) |
||||||||||||||
Other Securities |
26,083 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENT SECURITIES |
1,517,150,319 | |||||||||||||
|
|
|||||||||||||
Value | ||||||||||||||
SECURITIES LENDING COLLATERAL (2.7%) |
||||||||||||||
@§ |
The DFA Short Term Investment Fund |
3,633,899 | 42,047,846 | 2.7 | % | |||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENTS(100.0%) |
$ | 1,559,198,165 | 102.1 | % | ||||||||||
|
|
|
|
Summary of the Series investments as of October 31, 2020, 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 |
$ | 4,882,708 | $ | 878,832,114 | | $ | 883,714,822 | |||||||||
Hong Kong |
740,917 | 350,357,001 | | 351,097,918 | ||||||||||||
New Zealand |
| 110,443,309 | | 110,443,309 | ||||||||||||
Singapore |
| 171,868,187 | | 171,868,187 | ||||||||||||
Rights/Warrants |
||||||||||||||||
Singapore |
| 26,083 | | 26,083 | ||||||||||||
Securities Lending Collateral |
| 42,047,846 | | 42,047,846 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 5,623,625 | $ | 1,553,574,540 | | $ | 1,559,198,165 | |||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements.
197
THE UNITED KINGDOM SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2020
Shares | Value» | Percentage of Net Assets |
||||||||||||
COMMON STOCKS (97.9%) |
||||||||||||||
COMMUNICATION SERVICES (2.4%) |
||||||||||||||
Other Securities |
$ | 36,178,617 | 2.5 | % | ||||||||||
|
|
|
|
|||||||||||
CONSUMER DISCRETIONARY (18.8%) |
||||||||||||||
Bellway P.L.C. |
514,084 | 15,553,702 | 1.1 | % | ||||||||||
Countryside Properties P.L.C. |
2,813,575 | 12,288,663 | 0.8 | % | ||||||||||
Dominos Pizza Group P.L.C. |
3,580,555 | 15,373,097 | 1.0 | % | ||||||||||
Dunelm Group P.L.C. |
685,419 | 11,587,636 | 0.8 | % | ||||||||||
Games Workshop Group P.L.C. |
205,563 | 27,635,151 | 1.9 | % | ||||||||||
* |
Inchcape P.L.C. |
2,472,981 | 15,863,472 | 1.1 | % | |||||||||
Moneysupermarket.com Group P.L.C. |
3,466,544 | 10,948,861 | 0.7 | % | ||||||||||
Pets at Home Group P.L.C. |
3,218,903 | 16,165,286 | 1.1 | % | ||||||||||
William Hill P.L.C. |
5,240,138 | 18,610,224 | 1.3 | % | ||||||||||
Other Securities |
138,358,373 | 9.3 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL CONSUMER DISCRETIONARY |
282,384,465 | 19.1 | % | |||||||||||
|
|
|
|
|||||||||||
CONSUMER STAPLES (6.4%) |
||||||||||||||
Britvic P.L.C. |
1,585,438 | 15,149,864 | 1.0 | % | ||||||||||
Cranswick P.L.C. |
379,748 | 15,829,814 | 1.1 | % | ||||||||||
Fevertree Drinks P.L.C. |
610,255 | 15,921,225 | 1.1 | % | ||||||||||
Tate & Lyle P.L.C. |
2,442,033 | 18,825,087 | 1.3 | % | ||||||||||
Other Securities |
31,238,431 | 2.1 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL CONSUMER STAPLES |
96,964,421 | 6.6 | % | |||||||||||
|
|
|
|
|||||||||||
ENERGY (1.8%) |
||||||||||||||
Other Securities |
27,319,053 | 1.9 | % | |||||||||||
|
|
|
|
|||||||||||
FINANCIALS (14.4%) |
||||||||||||||
Beazley P.L.C. |
2,964,842 | 11,302,783 | 0.8 | % | ||||||||||
Close Brothers Group P.L.C. |
1,007,674 | 14,051,166 | 1.0 | % | ||||||||||
* |
Hiscox, Ltd. |
1,268,750 | 13,560,668 | 0.9 | % | |||||||||
IG Group Holdings P.L.C. |
2,561,656 | 25,279,706 | 1.7 | % | ||||||||||
Lancashire Holdings, Ltd. |
1,430,682 | 11,806,704 | 0.8 | % | ||||||||||
Man Group P.L.C. |
10,338,145 | 14,426,511 | 1.0 | % | ||||||||||
Quilter P.L.C. |
10,292,590 | 16,341,140 | 1.1 | % | ||||||||||
Other Securities |
109,440,649 | 7.3 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL FINANCIALS |
216,209,327 | 14.6 | % | |||||||||||
|
|
|
|
|||||||||||
HEALTH CARE (3.6%) |
||||||||||||||
Other Securities |
54,517,955 | 3.7 | % | |||||||||||
|
|
|
|
|||||||||||
INDUSTRIALS (29.8%) |
||||||||||||||
Avon Rubber P.L.C. |
210,277 | 10,711,700 | 0.7 | % | ||||||||||
* |
Balfour Beatty P.L.C. |
4,677,048 | 12,925,786 | 0.9 | % | |||||||||
Bodycote P.L.C. |
1,288,277 | 10,863,830 | 0.7 | % | ||||||||||
Diploma P.L.C. |
775,767 | 22,338,566 | 1.5 | % | ||||||||||
Electrocomponents P.L.C. |
2,625,523 | 23,051,598 | 1.6 | % | ||||||||||
* |
G4S P.L.C. |
9,287,044 | 24,489,186 | 1.7 | % | |||||||||
* |
Grafton Group P.L.C. |
1,582,491 | 13,757,361 | 0.9 | % | |||||||||
* |
Hays P.L.C. |
9,080,700 | 12,539,176 | 0.9 | % | |||||||||
* |
Howden Joinery Group P.L.C. |
1,721,333 | 14,211,059 | 1.0 | % | |||||||||
IMI P.L.C. |
1,740,984 | 23,344,076 | 1.6 | % |
198
THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
INDUSTRIALS (Continued) |
||||||||||||||
QinetiQ Group P.L.C. |
3,957,841 | $ | 12,122,109 | 0.8 | % | |||||||||
Rotork P.L.C. |
5,397,898 | 19,667,000 | 1.3 | % | ||||||||||
Royal Mail P.L.C. |
5,277,907 | 15,535,071 | 1.1 | % | ||||||||||
Signature Aviation P.L.C. |
5,602,723 | 17,156,548 | 1.2 | % | ||||||||||
* |
Travis Perkins P.L.C. |
1,545,039 | 21,219,992 | 1.4 | % | |||||||||
Ultra Electronics Holdings P.L.C. |
588,864 | 14,367,628 | 1.0 | % | ||||||||||
* |
Weir Group P.L.C (The) |
852,580 | 15,839,014 | 1.1 | % | |||||||||
Other Securities |
162,848,813 | 10.9 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL INDUSTRIALS |
446,988,513 | 30.3 | % | |||||||||||
|
|
|
|
|||||||||||
INFORMATION TECHNOLOGY (7.9%) |
||||||||||||||
Computacenter P.L.C. |
542,204 | 16,015,027 | 1.1 | % | ||||||||||
* |
Renishaw P.L.C. |
149,386 | 10,838,164 | 0.7 | % | |||||||||
Softcat P.L.C. |
810,023 | 11,808,219 | 0.8 | % | ||||||||||
Spectris P.L.C. |
668,518 | 21,456,266 | 1.5 | % | ||||||||||
Spirent Communications P.L.C. |
4,124,361 | 15,483,840 | 1.0 | % | ||||||||||
Other Securities |
42,857,076 | 2.9 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL INFORMATION TECHNOLOGY |
118,458,592 | 8.0 | % | |||||||||||
|
|
|
|
|||||||||||
MATERIALS (7.1%) |
||||||||||||||
Centamin P.L.C. |
8,142,932 | 13,095,860 | 0.9 | % | ||||||||||
# |
KAZ Minerals P.L.C. |
1,557,504 | 12,707,831 | 0.9 | % | |||||||||
* |
Marshalls P.L.C. |
1,446,763 | 12,534,531 | 0.8 | % | |||||||||
Synthomer P.L.C. |
2,272,816 | 11,106,463 | 0.8 | % | ||||||||||
Victrex P.L.C. |
601,744 | 14,378,852 | 1.0 | % | ||||||||||
Other Securities |
42,534,863 | 2.8 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL MATERIALS |
106,358,400 | 7.2 | % | |||||||||||
|
|
|
|
|||||||||||
REAL ESTATE (4.2%) |
||||||||||||||
Grainger P.L.C. |
4,445,647 | 16,105,781 | 1.1 | % | ||||||||||
* |
IWG P.L.C. |
4,189,134 | 13,741,153 | 0.9 | % | |||||||||
St. Modwen Properties P.L.C. |
2,715,246 | 11,661,984 | 0.8 | % | ||||||||||
Other Securities |
21,024,004 | 1.4 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL REAL ESTATE |
62,532,922 | 4.2 | % | |||||||||||
|
|
|
|
|||||||||||
UTILITIES (1.5%) |
||||||||||||||
Other Securities |
21,934,035 | 1.5 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL COMMON STOCKS |
1,469,846,300 | 99.6 | % | |||||||||||
|
|
|
|
|||||||||||
PREFERRED STOCKS (0.0%) |
||||||||||||||
CONSUMER STAPLES (0.0%) |
||||||||||||||
Other Security |
11,081 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL PREFERRED STOCKS |
11,081 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENT SECURITIES |
1,469,857,381 | |||||||||||||
|
|
199
THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED
Shares | Value | Percentage of Net Assets |
||||||||||||
SECURITIES LENDING COLLATERAL (2.1%) |
||||||||||||||
@§ |
The DFA Short Term Investment Fund |
2,700,372 | $ | 31,246,001 | 2.1 | % | ||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENTS(100.0%) |
$ | 1,501,103,382 | 101.7 | % | ||||||||||
|
|
|
|
Summary of the Series investments as of October 31, 2020, 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 |
||||||||||||||||
Communication Services |
| $ | 36,178,617 | | $ | 36,178,617 | ||||||||||
Consumer Discretionary |
| 282,384,465 | | 282,384,465 | ||||||||||||
Consumer Staples |
| 96,964,421 | | 96,964,421 | ||||||||||||
Energy |
| 27,319,053 | | 27,319,053 | ||||||||||||
Financials |
| 216,209,327 | | 216,209,327 | ||||||||||||
Health Care |
| 54,517,955 | | 54,517,955 | ||||||||||||
Industrials |
| 446,988,513 | | 446,988,513 | ||||||||||||
Information Technology |
| 118,458,592 | | 118,458,592 | ||||||||||||
Materials |
| 106,358,400 | | 106,358,400 | ||||||||||||
Real Estate |
| 62,532,922 | | 62,532,922 | ||||||||||||
Utilities |
| 21,934,035 | | 21,934,035 | ||||||||||||
Preferred Stocks |
||||||||||||||||
Consumer Staples |
| 11,081 | | 11,081 | ||||||||||||
Securities Lending Collateral |
| 31,246,001 | | 31,246,001 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
| $ | 1,501,103,382 | | $ | 1,501,103,382 | ||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements.
200
THE CONTINENTAL SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2020
Shares | Value» | Percentage of Net Assets |
||||||||||||
COMMON STOCKS (92.5%) |
||||||||||||||
AUSTRIA (3.1%) |
||||||||||||||
voestalpine AG |
640,995 | $ | 17,824,068 | 0.4 | % | |||||||||
Other Securities |
133,545,143 | 2.9 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL AUSTRIA |
151,369,211 | 3.3 | % | |||||||||||
|
|
|
|
|||||||||||
BELGIUM (3.1%) |
||||||||||||||
* |
Ackermans & van Haaren NV |
171,330 | 21,089,598 | 0.5 | % | |||||||||
Other Securities |
131,799,418 | 2.8 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL BELGIUM |
152,889,016 | 3.3 | % | |||||||||||
|
|
|
|
|||||||||||
DENMARK (5.8%) |
||||||||||||||
Pandora A.S. |
469,106 | 37,213,911 | 0.8 | % | ||||||||||
Royal Unibrew A.S. |
345,044 | 33,644,924 | 0.7 | % | ||||||||||
SimCorp A.S. |
278,224 | 33,184,785 | 0.7 | % | ||||||||||
Topdanmark A.S. |
464,847 | 18,203,120 | 0.4 | % | ||||||||||
Other Securities |
161,749,400 | 3.6 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL DENMARK |
283,996,140 | 6.2 | % | |||||||||||
|
|
|
|
|||||||||||
FINLAND (6.5%) |
||||||||||||||
Huhtamaki Oyj |
684,659 | 33,443,893 | 0.7 | % | ||||||||||
Metso Outotec Oyj |
3,973,290 | 28,009,583 | 0.6 | % | ||||||||||
# |
Nokian Renkaat Oyj |
542,115 | 16,658,068 | 0.4 | % | |||||||||
Orion Oyj, Class B |
515,971 | 22,083,355 | 0.5 | % | ||||||||||
Valmet Oyj |
889,683 | 21,233,990 | 0.5 | % | ||||||||||
Other Securities |
197,584,214 | 4.2 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL FINLAND |
319,013,103 | 6.9 | % | |||||||||||
|
|
|
|
|||||||||||
FRANCE (10.1%) |
||||||||||||||
W |
Euronext NV |
256,149 | 26,670,617 | 0.6 | % | |||||||||
#* |
Ingenico Group SA |
410,246 | 58,983,247 | 1.3 | % | |||||||||
* |
Rexel SA |
2,168,743 | 22,833,968 | 0.5 | % | |||||||||
Rubis SCA |
510,543 | 16,786,552 | 0.4 | % | ||||||||||
* |
SOITEC |
131,953 | 18,718,831 | 0.4 | % | |||||||||
Other Securities |
352,308,189 | 7.6 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL FRANCE |
496,301,404 | 10.8 | % | |||||||||||
|
|
|
|
|||||||||||
GERMANY (14.0%) |
||||||||||||||
Aurubis AG |
296,684 | 18,979,902 | 0.4 | % | ||||||||||
#* |
CTS Eventim AG & Co. KGaA |
411,788 | 18,253,469 | 0.4 | % | |||||||||
* |
Dialog Semiconductor P.L.C. |
601,965 | 22,949,251 | 0.5 | % | |||||||||
GEA Group AG |
847,030 | 28,209,232 | 0.6 | % | ||||||||||
Gerresheimer AG |
254,880 | 25,621,653 | 0.6 | % | ||||||||||
Grand City Properties SA |
803,479 | 18,237,829 | 0.4 | % | ||||||||||
Lanxess AG |
597,294 | 30,293,412 | 0.7 | % | ||||||||||
Rheinmetall AG |
313,337 | 22,899,837 | 0.5 | % | ||||||||||
# |
TAG Immobilien AG |
954,559 | 28,130,494 | 0.6 | % | |||||||||
Other Securities |
475,069,955 | 10.3 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL GERMANY |
688,645,034 | 15.0 | % | |||||||||||
|
|
|
|
201
THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
IRELAND (0.5%) |
||||||||||||||
Other Securities |
$ | 25,606,129 | 0.6 | % | ||||||||||
|
|
|
|
|||||||||||
ISRAEL (3.2%) |
||||||||||||||
Other Securities |
157,034,907 | 3.4 | % | |||||||||||
|
|
|
|
|||||||||||
ITALY (7.9%) |
||||||||||||||
#* |
Banco BPM SpA |
9,217,317 | 16,697,140 | 0.4 | % | |||||||||
Italgas SpA |
3,402,703 | 19,663,311 | 0.4 | % | ||||||||||
Prysmian SpA |
614,980 | 16,735,081 | 0.4 | % | ||||||||||
Other Securities |
334,298,213 | 7.2 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL ITALY |
387,393,745 | 8.4 | % | |||||||||||
|
|
|
|
|||||||||||
NETHERLANDS (6.6%) |
||||||||||||||
Aalberts NV |
714,897 | 23,984,157 | 0.5 | % | ||||||||||
#* |
Altice Europe NV |
3,929,414 | 19,319,574 | 0.4 | % | |||||||||
ASR Nederland NV |
873,857 | 26,517,609 | 0.6 | % | ||||||||||
BE Semiconductor Industries NV |
529,783 | 21,346,926 | 0.5 | % | ||||||||||
Corbion NV |
416,939 | 18,936,387 | 0.4 | % | ||||||||||
IMCD NV |
357,089 | 41,329,836 | 0.9 | % | ||||||||||
SBM Offshore NV |
1,312,499 | 21,210,222 | 0.5 | % | ||||||||||
*W |
Signify NV |
780,137 | 27,691,217 | 0.6 | % | |||||||||
Other Securities |
121,329,142 | 2.6 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL NETHERLANDS |
321,665,070 | 7.0 | % | |||||||||||
|
|
|
|
|||||||||||
NORWAY (2.0%) |
||||||||||||||
Other Securities |
100,529,778 | 2.2 | % | |||||||||||
|
|
|
|
|||||||||||
PORTUGAL (0.7%) |
||||||||||||||
Other Securities |
32,924,492 | 0.7 | % | |||||||||||
|
|
|
|
|||||||||||
SPAIN (5.2%) |
||||||||||||||
Acciona SA |
173,951 | 17,575,410 | 0.4 | % | ||||||||||
Viscofan SA |
280,336 | 18,926,325 | 0.4 | % | ||||||||||
Other Securities |
216,653,904 | 4.7 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL SPAIN |
253,155,639 | 5.5 | % | |||||||||||
|
|
|
|
|||||||||||
SWEDEN (8.6%) |
||||||||||||||
Other Securities |
419,952,966 | 9.1 | % | |||||||||||
|
|
|
|
|||||||||||
SWITZERLAND (15.2%) |
||||||||||||||
Allreal Holding AG |
113,917 | 24,127,535 | 0.5 | % | ||||||||||
* |
ams AG |
1,516,165 | 32,463,632 | 0.7 | % | |||||||||
Belimo Holding AG |
3,028 | 22,518,341 | 0.5 | % | ||||||||||
Bucher Industries AG |
54,197 | 20,894,138 | 0.5 | % | ||||||||||
Cembra Money Bank AG |
187,433 | 20,824,503 | 0.5 | % | ||||||||||
* |
Flughafen Zurich AG |
126,351 | 17,051,491 | 0.4 | % | |||||||||
Georg Fischer AG |
31,470 | 31,786,184 | 0.7 | % | ||||||||||
Helvetia Holding AG |
218,900 | 17,164,641 | 0.4 | % | ||||||||||
PSP Swiss Property AG |
326,804 | 39,519,077 | 0.9 | % | ||||||||||
Siegfried Holding AG |
30,001 | 18,993,894 | 0.4 | % | ||||||||||
* |
Sunrise Communications Group AG |
271,523 | 32,543,081 | 0.7 | % | |||||||||
W |
VAT Group AG |
205,035 | 38,467,620 | 0.8 | % |
202
THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
SWITZERLAND (Continued) |
||||||||||||||
Other Securities |
$ | 427,003,922 | 9.1 | % | ||||||||||
|
|
|
|
|||||||||||
TOTAL SWITZERLAND |
743,358,059 | 16.1 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL COMMON STOCKS |
4,533,834,693 | 98.5 | % | |||||||||||
|
|
|
|
|||||||||||
PREFERRED STOCKS (0.9%) |
||||||||||||||
GERMANY (0.9%) |
||||||||||||||
Other Securities |
43,263,406 | 1.0 | % | |||||||||||
|
|
|
|
|||||||||||
RIGHTS/WARRANTS (0.0%) |
||||||||||||||
FRANCE (0.0%) |
||||||||||||||
Other Security |
4,394 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
SPAIN (0.0%) |
||||||||||||||
Other Security |
560,562 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL RIGHTS/WARRANTS |
564,956 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENT SECURITIES |
4,577,663,055 | |||||||||||||
|
|
|||||||||||||
Value | ||||||||||||||
SECURITIES LENDING COLLATERAL (6.6%) |
||||||||||||||
@§ |
The DFA Short Term Investment Fund |
28,037,153 | 324,417,899 | 7.0 | % | |||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENTS(100.0%) |
$ | 4,902,080,954 | 106.5 | % | ||||||||||
|
|
|
|
Summary of the Series investments as of October 31, 2020, 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 |
| $ | 151,369,211 | | $ | 151,369,211 | ||||||||||
Belgium |
| 152,889,016 | | 152,889,016 | ||||||||||||
Denmark |
| 283,996,140 | | 283,996,140 | ||||||||||||
Finland |
| 319,013,103 | | 319,013,103 | ||||||||||||
France |
| 496,301,404 | | 496,301,404 | ||||||||||||
Germany |
$ | 10,245,361 | 678,399,673 | | 688,645,034 | |||||||||||
Ireland |
| 25,606,129 | | 25,606,129 | ||||||||||||
Israel |
588,399 | 156,446,508 | | 157,034,907 | ||||||||||||
Italy |
| 387,393,745 | | 387,393,745 | ||||||||||||
Netherlands |
| 321,665,070 | | 321,665,070 | ||||||||||||
Norway |
82,679 | 100,447,099 | | 100,529,778 | ||||||||||||
Portugal |
| 32,924,492 | | 32,924,492 | ||||||||||||
Spain |
| 253,155,639 | | 253,155,639 | ||||||||||||
Sweden |
1,529,715 | 418,423,251 | | 419,952,966 | ||||||||||||
Switzerland |
32,543,081 | 710,814,978 | | 743,358,059 |
203
THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED
Investments in Securities (Market Value) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Preferred Stocks |
||||||||||||||||
Germany |
| $ | 43,263,406 | | $ | 43,263,406 | ||||||||||
Rights/Warrants |
||||||||||||||||
France |
| 4,394 | | 4,394 | ||||||||||||
Spain |
| 560,562 | | 560,562 | ||||||||||||
Securities Lending Collateral |
| 324,417,899 | | 324,417,899 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 44,989,235 | $ | 4,857,091,719 | | $ | 4,902,080,954 | |||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements.
204
THE CANADIAN SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2020
Shares | Value» | Percentage of Net Assets |
||||||||||||
COMMON STOCKS (86.8%) |
||||||||||||||
COMMUNICATION SERVICES (1.1%) |
||||||||||||||
Other Securities |
$ | 12,808,291 | 1.3 | % | ||||||||||
|
|
|
|
|||||||||||
CONSUMER DISCRETIONARY (5.5%) |
||||||||||||||
* |
Aritzia, Inc. |
427,638 | 6,458,062 | 0.7 | % | |||||||||
# |
BRP, Inc. |
133,511 | 7,211,177 | 0.7 | % | |||||||||
#* |
Great Canadian Gaming Corp. |
428,062 | 7,309,473 | 0.8 | % | |||||||||
Linamar Corp. |
216,634 | 7,081,296 | 0.7 | % | ||||||||||
Other Securities |
33,270,140 | 3.4 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL CONSUMER DISCRETIONARY |
61,330,148 | 6.3 | % | |||||||||||
|
|
|
|
|||||||||||
CONSUMER STAPLES (5.2%) |
||||||||||||||
# |
Jamieson Wellness, Inc. |
275,646 | 7,973,727 | 0.8 | % | |||||||||
# |
Maple Leaf Foods, Inc. |
355,793 | 6,478,675 | 0.7 | % | |||||||||
# |
North West Co., Inc. (The) |
319,480 | 7,877,293 | 0.8 | % | |||||||||
# |
Premium Brands Holdings Corp. |
182,482 | 13,017,405 | 1.3 | % | |||||||||
Primo Water Corp. |
96,682 | 1,211,426 | 0.1 | % | ||||||||||
Primo Water Corp. |
813,424 | 10,196,038 | 1.1 | % | ||||||||||
Other Securities |
11,076,713 | 1.2 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL CONSUMER STAPLES |
57,831,277 | 6.0 | % | |||||||||||
|
|
|
|
|||||||||||
ENERGY (11.4%) |
||||||||||||||
ARC Resources, Ltd. |
2,215,726 | 10,909,827 | 1.1 | % | ||||||||||
# |
Cameco Corp. |
682,775 | 6,493,190 | 0.7 | % | |||||||||
# |
Gibson Energy, Inc. |
940,791 | 13,854,477 | 1.4 | % | |||||||||
* |
Parex Resources, Inc. |
786,291 | 7,654,578 | 0.8 | % | |||||||||
Tourmaline Oil Corp. |
1,090,347 | 14,125,489 | 1.5 | % | ||||||||||
Other Securities |
73,459,246 | 7.5 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL ENERGY |
126,496,807 | 13.0 | % | |||||||||||
|
|
|
|
|||||||||||
FINANCIALS (9.1%) |
||||||||||||||
# |
Canadian Western Bank |
456,902 | 8,402,086 | 0.9 | % | |||||||||
CI Financial Corp. |
672,201 | 7,835,534 | 0.8 | % | ||||||||||
ECN Capital Corp. |
2,488,693 | 9,862,868 | 1.0 | % | ||||||||||
# |
Element Fleet Management Corp. |
1,490,738 | 14,042,454 | 1.5 | % | |||||||||
Genworth MI Canada, Inc. |
234,684 | 7,785,809 | 0.8 | % | ||||||||||
iA Financial Corp., Inc. |
234,884 | 8,183,829 | 0.8 | % | ||||||||||
# |
Laurentian Bank of Canada |
412,090 | 8,106,942 | 0.8 | % | |||||||||
Other Securities |
37,425,337 | 3.9 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL FINANCIALS |
101,644,859 | 10.5 | % | |||||||||||
|
|
|
|
|||||||||||
HEALTH CARE (0.9%) |
||||||||||||||
Other Securities |
10,336,878 | 1.1 | % | |||||||||||
|
|
|
|
|||||||||||
INDUSTRIALS (11.4%) |
||||||||||||||
# |
Finning International, Inc. |
885,513 | 13,465,806 | 1.4 | % | |||||||||
# |
Morneau Shepell, Inc. |
401,948 | 8,034,133 | 0.8 | % | |||||||||
# |
Richelieu Hardware, Ltd. |
361,973 | 9,731,947 | 1.0 | % | |||||||||
# |
Stantec, Inc. |
507,094 | 14,562,348 | 1.5 | % | |||||||||
# |
TFI International, Inc. |
481,820 | 21,452,798 | 2.2 | % |
205
THE CANADIAN SMALL COMPANY SERIES
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
INDUSTRIALS (Continued) |
||||||||||||||
Other Securities |
$ | 59,373,391 | 6.1 | % | ||||||||||
|
|
|
|
|||||||||||
TOTAL INDUSTRIALS |
126,620,423 | 13.0 | % | |||||||||||
|
|
|
|
|||||||||||
INFORMATION TECHNOLOGY (5.4%) |
||||||||||||||
#* |
BlackBerry, Ltd. |
977,994 | 4,389,705 | 0.5 | % | |||||||||
#* |
BlackBerry, Ltd. |
1,540,551 | 6,917,074 | 0.7 | % | |||||||||
Enghouse Systems, Ltd. |
263,395 | 13,069,912 | 1.3 | % | ||||||||||
#* |
Kinaxis, Inc. |
141,544 | 21,607,160 | 2.2 | % | |||||||||
Other Securities |
13,953,819 | 1.5 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL INFORMATION TECHNOLOGY |
59,937,670 | 6.2 | % | |||||||||||
|
|
|
|
|||||||||||
MATERIALS (25.8%) |
||||||||||||||
# |
Alamos Gold, Inc., Class A |
2,003,290 | 18,299,207 | 1.9 | % | |||||||||
Centerra Gold, Inc. |
1,270,606 | 11,100,996 | 1.1 | % | ||||||||||
* |
Eldorado Gold Corp. |
664,263 | 8,326,345 | 0.9 | % | |||||||||
* |
Eldorado Gold Corp. |
74,100 | 928,473 | 0.1 | % | |||||||||
#* |
Endeavour Mining Corp. |
675,295 | 16,564,312 | 1.7 | % | |||||||||
* |
IAMGOLD Corp. |
2,197,656 | 8,049,659 | 0.8 | % | |||||||||
* |
IAMGOLD Corp. |
599,837 | 2,201,402 | 0.2 | % | |||||||||
#* |
Ivanhoe Mines, Ltd., Class A |
2,965,148 | 11,662,070 | 1.2 | % | |||||||||
* |
New Gold, Inc. |
3,469,405 | 7,030,994 | 0.7 | % | |||||||||
Pan American Silver Corp. |
274,369 | 8,719,342 | 0.9 | % | ||||||||||
#* |
Pretium Resources, Inc. |
293,903 | 3,579,739 | 0.4 | % | |||||||||
#* |
Pretium Resources, Inc. |
455,178 | 5,551,785 | 0.6 | % | |||||||||
#* |
SSR Mining, Inc. |
1,130,996 | 20,933,991 | 2.2 | % | |||||||||
Stella-Jones, Inc. |
207,304 | 6,746,755 | 0.7 | % | ||||||||||
* |
Teranga Gold Corp. |
618,863 | 6,438,069 | 0.7 | % | |||||||||
# |
West Fraser Timber Co., Ltd. |
221,992 | 10,295,643 | 1.1 | % | |||||||||
Yamana Gold, Inc. |
3,304,447 | 18,378,708 | 1.9 | % | ||||||||||
Other Securities |
122,108,748 | 12.4 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL MATERIALS |
286,916,238 | 29.5 | % | |||||||||||
|
|
|
|
|||||||||||
REAL ESTATE (3.7%) |
||||||||||||||
# |
Altus Group, Ltd. |
261,893 | 10,715,145 | 1.1 | % | |||||||||
# |
Colliers International Group, Inc. |
165,544 | 11,724,635 | 1.2 | % | |||||||||
Colliers International Group, Inc. |
4,163 | 295,073 | 0.0 | % | ||||||||||
Other Securities |
18,263,649 | 1.9 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL REAL ESTATE |
40,998,502 | 4.2 | % | |||||||||||
|
|
|
|
|||||||||||
UTILITIES (7.3%) |
||||||||||||||
# |
Boralex, Inc., Class A |
549,954 | 15,995,435 | 1.6 | % | |||||||||
# |
Capital Power Corp. |
771,649 | 17,004,890 | 1.8 | % | |||||||||
# |
Innergex Renewable Energy, Inc. |
800,557 | 14,433,219 | 1.5 | % | |||||||||
# |
Superior Plus Corp. |
781,510 | 6,951,057 | 0.7 | % | |||||||||
TransAlta Corp. |
1,784,708 | 10,582,596 | 1.1 | % | ||||||||||
TransAlta Corp. |
16,789 | 99,559 | 0.0 | % | ||||||||||
# |
TransAlta Renewables, Inc. |
614,934 | 7,708,022 | 0.8 | % | |||||||||
Other Securities |
8,651,855 | 0.9 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL UTILITIES |
81,426,633 | 8.4 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL COMMON STOCKS |
966,347,726 | 99.5 | % | |||||||||||
|
|
|
|
206
THE CANADIAN SMALL COMPANY SERIES
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
RIGHTS/WARRANTS (0.1%) |
||||||||||||||
MATERIALS (0.1%) |
||||||||||||||
Other Security |
$ | 1,351,019 | 0.1 | % | ||||||||||
|
|
|
|
|||||||||||
TOTAL RIGHTS/WARRANTS |
1,351,019 | 0.1 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENT SECURITIES |
967,698,745 | |||||||||||||
|
|
|||||||||||||
Value | ||||||||||||||
SECURITIES LENDING COLLATERAL (13.1%) |
||||||||||||||
@§ |
The DFA Short Term Investment Fund |
12,646,413 | 146,331,640 | 15.1 | % | |||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENTS(100.0%) |
$ | 1,114,030,385 | 114.7 | % | ||||||||||
|
|
|
|
Summary of the Series investments as of October 31, 2020, 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 |
||||||||||||||||
Communication Services |
$ | 12,808,291 | | | $ | 12,808,291 | ||||||||||
Consumer Discretionary |
60,698,059 | $ | 632,089 | | 61,330,148 | |||||||||||
Consumer Staple |
57,831,277 | | | 57,831,277 | ||||||||||||
Energy |
126,496,807 | | | 126,496,807 | ||||||||||||
Financials |
101,644,859 | | | 101,644,859 | ||||||||||||
Health Care |
10,336,878 | | | 10,336,878 | ||||||||||||
Industrials |
126,620,423 | | | 126,620,423 | ||||||||||||
Information Technology |
59,937,670 | | | 59,937,670 | ||||||||||||
Materials |
286,883,757 | 32,481 | | 286,916,238 | ||||||||||||
Real Estate |
40,998,502 | | | 40,998,502 | ||||||||||||
Utilities |
81,426,633 | | | 81,426,633 | ||||||||||||
Rights/Warrants |
||||||||||||||||
Materials |
| 1,351,019 | | 1,351,019 | ||||||||||||
Securities Lending Collateral |
| 146,331,640 | | 146,331,640 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 965,683,156 | $ | 148,347,229 | | $ | 1,114,030,385 | |||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements.
207
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2020
Shares | Value» | Percentage of Net Assets |
||||||||||||
COMMON STOCKS (97.8%) |
||||||||||||||
BRAZIL (3.5%) |
||||||||||||||
Vale SA |
3,260,013 | $ | 34,401,443 | 0.6 | % | |||||||||
Other Securities |
167,323,796 | 2.9 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL BRAZIL |
201,725,239 | 3.5 | % | |||||||||||
|
|
|
|
|||||||||||
CHILE (0.6%) |
||||||||||||||
Other Securities |
34,802,860 | 0.6 | % | |||||||||||
|
|
|
|
|||||||||||
CHINA (37.9%) |
||||||||||||||
* |
Alibaba Group Holding Ltd. |
531,400 | 20,136,789 | 0.4 | % | |||||||||
* |
Alibaba Group Holding, Ltd., Sponsored ADR |
929,746 | 283,284,309 | 5.0 | % | |||||||||
* |
Baidu, Inc., Sponsored ADR |
256,028 | 34,064,525 | 0.6 | % | |||||||||
BYD Co., Ltd., Class H |
1,095,886 | 22,153,115 | 0.4 | % | ||||||||||
China Construction Bank Corp., Class H |
90,026,590 | 62,038,499 | 1.1 | % | ||||||||||
China Mengniu Dairy Co., Ltd. |
3,900,000 | 18,385,826 | 0.3 | % | ||||||||||
China Merchants Bank Co., Ltd., Class H |
3,814,554 | 19,869,756 | 0.4 | % | ||||||||||
China Mobile, Ltd., Sponsored ADR |
985,751 | 30,292,128 | 0.5 | % | ||||||||||
China Overseas Land & Investment, Ltd. |
8,252,500 | 20,728,548 | 0.4 | % | ||||||||||
China Pacific Insurance Group Co., Ltd., Class H |
4,718,600 | 14,766,684 | 0.3 | % | ||||||||||
China Resources Land, Ltd. |
5,456,666 | 22,315,938 | 0.4 | % | ||||||||||
CNOOC, Ltd. |
21,810,000 | 19,955,184 | 0.4 | % | ||||||||||
Country Garden Holdings Co., Ltd. |
14,905,519 | 18,421,149 | 0.3 | % | ||||||||||
CSPC Pharmaceutical Group, Ltd. |
15,713,200 | 16,686,241 | 0.3 | % | ||||||||||
Geely Automobile Holdings, Ltd. |
10,164,000 | 20,885,552 | 0.4 | % | ||||||||||
Industrial & Commercial Bank of China, Ltd., Class H |
53,639,185 | 30,459,764 | 0.5 | % | ||||||||||
* |
JD.com, Inc., ADR |
375,265 | 30,591,603 | 0.5 | % | |||||||||
Li Ning Co., Ltd. |
2,852,000 | 14,864,451 | 0.3 | % | ||||||||||
W |
Longfor Group Holdings, Ltd. |
3,028,500 | 16,593,483 | 0.3 | % | |||||||||
* |
Meituan Dianping, Class B |
1,349,300 | 50,300,768 | 0.9 | % | |||||||||
NetEase, Inc., ADR |
334,090 | 28,995,671 | 0.5 | % | ||||||||||
* |
New Oriental Education & Technology Group, Inc., Sponsored ADR |
93,806 | 15,044,606 | 0.3 | % | |||||||||
Ping An Insurance Group Co. of China, Ltd., Class H |
5,805,000 | 60,021,804 | 1.1 | % | ||||||||||
Sino Biopharmaceutical, Ltd. |
20,119,500 | 20,380,930 | 0.4 | % | ||||||||||
# |
Sunac China Holdings, Ltd. |
5,686,000 | 21,073,171 | 0.4 | % | |||||||||
Sunny Optical Technology Group Co., Ltd. |
983,200 | 16,324,179 | 0.3 | % | ||||||||||
Tencent Holdings, Ltd. |
4,259,000 | 325,411,486 | 5.7 | % | ||||||||||
* |
Vipshop Holdings, Ltd., ADR |
978,073 | 20,930,762 | 0.4 | % | |||||||||
Yum China Holdings, Inc. |
495,373 | 26,368,705 | 0.5 | % | ||||||||||
Other Securities |
884,618,737 | 14.9 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL CHINA |
2,185,964,363 | 38.2 | % | |||||||||||
|
|
|
|
|||||||||||
COLOMBIA (0.2%) |
||||||||||||||
Other Securities |
12,542,296 | 0.2 | % | |||||||||||
|
|
|
|
|||||||||||
CZECH REPUBLIC (0.1%) |
||||||||||||||
Other Securities |
4,863,295 | 0.1 | % | |||||||||||
|
|
|
|
|||||||||||
EGYPT (0.1%) |
||||||||||||||
Other Securities |
4,967,481 | 0.1 | % | |||||||||||
|
|
|
|
|||||||||||
GREECE (0.2%) |
||||||||||||||
Other Securities |
11,392,080 | 0.2 | % | |||||||||||
|
|
|
|
208
THE EMERGING MARKETS SERIES
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
HONG KONG (0.3%) |
||||||||||||||
Shenzhou International Group Holdings, Ltd. |
1,090,300 | $ | 18,970,528 | 0.3 | % | |||||||||
|
|
|
|
|||||||||||
HUNGARY (0.3%) |
||||||||||||||
Other Securities |
16,303,330 | 0.3 | % | |||||||||||
|
|
|
|
|||||||||||
INDIA (10.2%) |
||||||||||||||
* |
HDFC Bank, Ltd. |
2,413,140 | 38,500,245 | 0.7 | % | |||||||||
Hindustan Unilever, Ltd. |
707,479 | 19,816,710 | 0.4 | % | ||||||||||
Housing Development Finance Corp., Ltd. |
751,775 | 19,477,620 | 0.4 | % | ||||||||||
Infosys, Ltd. |
2,138,472 | 30,632,413 | 0.5 | % | ||||||||||
Infosys, Ltd., Sponsored ADR |
1,345,607 | 19,201,812 | 0.3 | % | ||||||||||
Reliance Industries, Ltd. |
2,124,250 | 59,176,691 | 1.0 | % | ||||||||||
Tata Consultancy Services, Ltd. |
789,149 | 28,427,406 | 0.5 | % | ||||||||||
Other Securities |
372,127,710 | 6.5 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL INDIA |
587,360,607 | 10.3 | % | |||||||||||
|
|
|
|
|||||||||||
INDONESIA (1.6%) |
||||||||||||||
Other Securities |
93,889,203 | 1.7 | % | |||||||||||
|
|
|
|
|||||||||||
MALAYSIA (2.0%) |
||||||||||||||
Other Securities |
114,863,184 | 2.0 | % | |||||||||||
|
|
|
|
|||||||||||
MEXICO (2.3%) |
||||||||||||||
# |
America Movil S.A.B. de C.V. |
30,206,745 | 18,356,313 | 0.3 | % | |||||||||
* |
Grupo Financiero Banorte S.A.B. de C.V., Class O |
3,719,595 | 16,588,817 | 0.3 | % | |||||||||
Other Securities |
97,357,142 | 1.7 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL MEXICO |
132,302,272 | 2.3 | % | |||||||||||
|
|
|
|
|||||||||||
PERU (0.1%) |
||||||||||||||
Other Securities |
7,481,034 | 0.1 | % | |||||||||||
|
|
|
|
|||||||||||
PHILIPPINES (0.9%) |
||||||||||||||
Other Securities |
52,952,150 | 0.9 | % | |||||||||||
|
|
|
|
|||||||||||
POLAND (0.6%) |
||||||||||||||
Other Securities |
34,538,730 | 0.6 | % | |||||||||||
|
|
|
|
|||||||||||
QATAR (0.2%) |
||||||||||||||
Other Securities |
12,874,411 | 0.2 | % | |||||||||||
|
|
|
|
|||||||||||
RUSSIA (1.1%) |
||||||||||||||
Other Securities |
59,468,156 | 1.0 | % | |||||||||||
|
|
|
|
|||||||||||
SAUDI ARABIA (1.7%) |
||||||||||||||
Other Securities |
99,441,875 | 1.7 | % | |||||||||||
|
|
|
|
|||||||||||
SOUTH AFRICA (4.2%) |
||||||||||||||
Gold Fields, Ltd., Sponsored ADR |
2,253,137 | 24,626,787 | 0.4 | % | ||||||||||
Naspers, Ltd., Class N |
149,803 | 29,245,654 | 0.5 | % | ||||||||||
Other Securities |
186,680,460 | 3.3 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL SOUTH AFRICA |
240,552,901 | 4.2 | % | |||||||||||
|
|
|
|
|||||||||||
SOUTH KOREA (13.5%) |
||||||||||||||
Kia Motors Corp. |
342,300 | 15,351,859 | 0.3 | % |
209
THE EMERGING MARKETS SERIES
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
SOUTH KOREA (Continued) |
||||||||||||||
LG Electronics, Inc. |
320,927 | $ | 23,857,535 | 0.4 | % | |||||||||
Samsung Electronics Co., Ltd. |
4,886,904 | 245,643,203 | 4.3 | % | ||||||||||
Samsung Electronics Co., Ltd., GDR |
15,174 | 19,143,068 | 0.3 | % | ||||||||||
SK Hynix, Inc. |
649,088 | 46,048,152 | 0.8 | % | ||||||||||
Other Securities |
426,339,230 | 7.5 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL SOUTH KOREA |
776,383,047 | 13.6 | % | |||||||||||
|
|
|
|
|||||||||||
TAIWAN (13.8%) |
||||||||||||||
E.Sun Financial Holding Co., Ltd. |
17,382,049 | 14,778,493 | 0.3 | % | ||||||||||
Hon Hai Precision Industry Co., Ltd. |
6,081,322 | 16,493,336 | 0.3 | % | ||||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. |
18,986,808 | 287,264,205 | 5.0 | % | ||||||||||
Other Securities |
475,431,205 | 8.3 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL TAIWAN |
793,967,239 | 13.9 | % | |||||||||||
|
|
|
|
|||||||||||
THAILAND (1.8%) |
||||||||||||||
Other Securities |
102,358,960 | 1.8 | % | |||||||||||
|
|
|
|
|||||||||||
TURKEY (0.4%) |
||||||||||||||
Other Securities |
23,041,102 | 0.4 | % | |||||||||||
|
|
|
|
|||||||||||
UNITED ARAB EMIRATES (0.2%) |
||||||||||||||
Other Securities |
10,706,415 | 0.2 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL COMMON STOCKS |
5,633,712,758 | 98.4 | % | |||||||||||
|
|
|
|
|||||||||||
PREFERRED STOCKS (0.7%) |
||||||||||||||
BRAZIL (0.7%) |
||||||||||||||
Other Securities |
39,615,119 | 0.7 | % | |||||||||||
|
|
|
|
|||||||||||
CHILE (0.0%) |
||||||||||||||
Other Security |
898,604 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
COLOMBIA (0.0%) |
||||||||||||||
Other Securities |
2,129,608 | 0.1 | % | |||||||||||
|
|
|
|
|||||||||||
SOUTH KOREA (0.0%) |
||||||||||||||
Other Security |
34,939 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL PREFERRED STOCKS |
42,678,270 | 0.8 | % | |||||||||||
|
|
|
|
|||||||||||
RIGHTS/WARRANTS (0.0%) |
||||||||||||||
SOUTH KOREA (0.0%) |
||||||||||||||
Other Securities |
542,505 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
THAILAND (0.0%) |
||||||||||||||
Other Security |
19,192 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL RIGHTS/WARRANTS |
561,697 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENT SECURITIES |
5,676,952,725 | |||||||||||||
|
|
210
THE EMERGING MARKETS SERIES
CONTINUED
Shares | Value | Percentage of Net Assets |
||||||||||||
SECURITIES LENDING COLLATERAL (1.5%) |
||||||||||||||
@§ |
The DFA Short Term Investment Fund |
7,504,709 | $ | 86,836,989 | 1.5 | % | ||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENTS(100.0%) |
$ | 5,763,789,714 | 100.7 | % | ||||||||||
|
|
|
|
As of October 31, 2020, The Emerging Markets Series had entered into the following outstanding futures contracts:
Description |
Number of Contracts |
Expiration Date |
Notional Value |
Market Value |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
Long Position Contracts: |
||||||||||||||||||||
E-Mini MSCI Emerging Markets Index |
650 | 12/18/20 | $ | 35,489,791 | $ | 35,811,750 | $ | 321,959 | ||||||||||||
S&P 500® Emini Index |
25 | 12/18/20 | 4,365,618 | 4,080,875 | (284,743 | ) | ||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Total Futures Contracts |
$ | 39,855,409 | $ | 39,892,625 | $ | 37,216 |
Summary of the Series investments as of October 31, 2020, 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 |
$ | 201,725,239 | | | $ | 201,725,239 | ||||||||||
Chile |
18,460,290 | $ | 16,342,570 | | 34,802,860 | |||||||||||
China |
565,124,620 | 1,620,839,743 | | 2,185,964,363 | ||||||||||||
Colombia |
12,542,296 | | | 12,542,296 | ||||||||||||
Czech Republic |
| 4,863,295 | | 4,863,295 | ||||||||||||
Egypt |
2,976 | 4,964,505 | | 4,967,481 | ||||||||||||
Greece |
16,925 | 11,375,155 | | 11,392,080 | ||||||||||||
Hong Kong |
| 18,970,528 | | 18,970,528 | ||||||||||||
Hungary |
| 16,303,330 | | 16,303,330 | ||||||||||||
India |
37,978,024 | 549,382,583 | | 587,360,607 | ||||||||||||
Indonesia |
1,480,028 | 92,409,175 | | 93,889,203 | ||||||||||||
Malaysia |
| 114,863,184 | | 114,863,184 | ||||||||||||
Mexico |
132,302,272 | | | 132,302,272 | ||||||||||||
Peru |
7,481,034 | | | 7,481,034 | ||||||||||||
Philippines |
2,416,364 | 50,535,786 | | 52,952,150 | ||||||||||||
Poland |
| 34,538,730 | | 34,538,730 | ||||||||||||
Qatar |
| 12,874,411 | | 12,874,411 | ||||||||||||
Russia |
11,010,692 | 48,457,464 | | 59,468,156 | ||||||||||||
Saudi Arabia |
| 99,441,875 | | 99,441,875 | ||||||||||||
South Africa |
44,310,917 | 196,241,984 | | 240,552,901 | ||||||||||||
South Korea |
11,623,692 | 764,759,355 | | 776,383,047 | ||||||||||||
Taiwan |
6,455,067 | 787,512,172 | | 793,967,239 | ||||||||||||
Thailand |
102,358,960 | | | 102,358,960 | ||||||||||||
Turkey |
| 23,041,102 | | 23,041,102 | ||||||||||||
United Arab Emirates |
| 10,706,415 | | 10,706,415 | ||||||||||||
Preferred Stocks |
||||||||||||||||
Brazil |
39,615,119 | | | 39,615,119 | ||||||||||||
Chile |
| 898,604 | | 898,604 | ||||||||||||
Colombia |
2,129,608 | | | 2,129,608 | ||||||||||||
South Korea |
| 34,939 | | 34,939 |
211
THE EMERGING MARKETS SERIES
CONTINUED
Investments in Securities (Market Value) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Rights/Warrants |
||||||||||||||||
South Korea |
| $ | 542,505 | | $ | 542,505 | ||||||||||
Thailand |
| 19,192 | | 19,192 | ||||||||||||
Securities Lending Collateral |
| 86,836,989 | | 86,836,989 | ||||||||||||
Futures Contracts** |
$ | 37,216 | | | 37,216 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 1,197,071,339 | $ | 4,566,755,591 | | $ | 5,763,826,930 | |||||||||
|
|
|
|
|
|
|
|
** | Valued at the unrealized appreciation/(depreciation) on the investment. |
See accompanying Notes to Financial Statements.
212
THE EMERGING MARKETS SMALL CAP SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2020
Shares | Value» | Percentage of Net Assets |
||||||||||||
COMMON STOCKS (96.8%) |
||||||||||||||
BRAZIL (4.1%) |
||||||||||||||
Cia Siderurgica Nacional SA |
2,655,451 | $ | 9,505,653 | 0.2 | % | |||||||||
Transmissora Alianca de Energia Eletrica SA |
1,819,323 | 8,925,477 | 0.2 | % | ||||||||||
* |
Via Varejo SA |
3,476,519 | 10,396,930 | 0.2 | % | |||||||||
Other Securities |
174,253,501 | 3.5 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL BRAZIL |
203,081,561 | 4.1 | % | |||||||||||
|
|
|
|
|||||||||||
CHILE (0.9%) |
||||||||||||||
Other Securities |
46,095,554 | 0.9 | % | |||||||||||
|
|
|
|
|||||||||||
CHINA (25.7%) |
||||||||||||||
* |
51job, Inc., ADR |
134,562 | 9,432,796 | 0.2 | % | |||||||||
AAC Technologies Holdings, Inc. |
1,838,000 | 9,661,225 | 0.2 | % | ||||||||||
W |
A-Living Services Co., Ltd., Class H |
2,091,000 | 8,805,784 | 0.2 | % | |||||||||
AviChina Industry & Technology Co., Ltd., Class H |
15,708,000 | 8,103,387 | 0.2 | % | ||||||||||
#* |
Baozun, Inc., Sponsored ADR |
283,293 | 10,365,691 | 0.2 | % | |||||||||
China Communications Services Corp., Ltd., Class H |
15,760,000 | 9,182,659 | 0.2 | % | ||||||||||
China Everbright, Ltd. |
6,592,000 | 8,721,824 | 0.2 | % | ||||||||||
China Lesso Group Holdings, Ltd. |
7,027,000 | 11,392,353 | 0.3 | % | ||||||||||
China Longyuan Power Group Corp., Ltd., Class H |
13,255,000 | 9,085,111 | 0.2 | % | ||||||||||
China Medical System Holdings, Ltd. |
8,971,500 | 9,434,232 | 0.2 | % | ||||||||||
China Meidong Auto Holdings, Ltd. |
2,816,000 | 11,531,433 | 0.3 | % | ||||||||||
China Taiping Insurance Holdings Co., Ltd. |
5,606,600 | 8,466,786 | 0.2 | % | ||||||||||
# |
Chinasoft International, Ltd. |
13,960,000 | 10,134,099 | 0.2 | % | |||||||||
Far East Horizon, Ltd. |
13,190,000 | 13,009,803 | 0.3 | % | ||||||||||
Greentown China Holdings, Ltd. |
5,068,148 | 8,236,836 | 0.2 | % | ||||||||||
Greentown Service Group Co., Ltd. |
7,644,000 | 8,391,637 | 0.2 | % | ||||||||||
Haitian International Holdings, Ltd. |
4,178,000 | 10,355,412 | 0.2 | % | ||||||||||
Hopson Development Holdings, Ltd. |
4,368,000 | 11,174,533 | 0.2 | % | ||||||||||
#*W |
Hua Hong Semiconductor, Ltd. |
2,940,000 | 10,831,253 | 0.2 | % | |||||||||
#* |
JinkoSolar Holding Co., Ltd., ADR |
245,329 | 14,302,681 | 0.3 | % | |||||||||
JOYY, Inc., ADR |
129,276 | 11,813,241 | 0.3 | % | ||||||||||
Kingboard Holdings, Ltd. |
4,656,921 | 15,773,212 | 0.3 | % | ||||||||||
Kingboard Laminates Holdings, Ltd. |
7,133,000 | 11,400,647 | 0.3 | % | ||||||||||
KWG Group Holdings, Ltd. |
7,630,450 | 10,118,660 | 0.2 | % | ||||||||||
Minth Group, Ltd. |
4,765,000 | 19,717,546 | 0.4 | % | ||||||||||
Nine Dragons Paper Holdings, Ltd. |
10,794,000 | 14,397,393 | 0.3 | % | ||||||||||
Shenzhen International Holdings, Ltd. |
7,166,552 | 11,159,477 | 0.2 | % | ||||||||||
* |
SINA Corp. |
269,727 | 11,557,802 | 0.3 | % | |||||||||
W |
Yadea Group Holdings, Ltd. |
6,576,000 | 9,415,748 | 0.2 | % | |||||||||
Yuexiu Property Co., Ltd. |
49,556,284 | 9,621,398 | 0.2 | % | ||||||||||
Other Securities |
953,354,290 | 19.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL CHINA |
1,278,948,949 | 26.1 | % | |||||||||||
|
|
|
|
|||||||||||
COLOMBIA (0.2%) |
||||||||||||||
Other Securities |
7,789,489 | 0.2 | % | |||||||||||
|
|
|
|
|||||||||||
GREECE (0.4%) |
||||||||||||||
Other Securities |
19,440,598 | 0.4 | % | |||||||||||
|
|
|
|
|||||||||||
HONG KONG (0.3%) |
||||||||||||||
Other Securities |
15,768,756 | 0.3 | % | |||||||||||
|
|
|
|
213
THE EMERGING MARKETS SMALL CAP SERIES
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
HUNGARY (0.1%) |
||||||||||||||
Other Securities |
$ | 4,787,201 | 0.1 | % | ||||||||||
|
|
|
|
|||||||||||
INDIA (11.9%) |
||||||||||||||
* |
Adani Green Energy, Ltd. |
797,969 | 9,216,821 | 0.2 | % | |||||||||
Apollo Hospitals Enterprise, Ltd. |
394,040 | 11,280,248 | 0.2 | % | ||||||||||
* |
Crompton Greaves Consumer Electricals, Ltd. |
2,653,591 | 10,680,053 | 0.2 | % | |||||||||
Ipca Laboratories, Ltd. |
297,184 | 9,360,780 | 0.2 | % | ||||||||||
Jubilant Foodworks, Ltd. |
334,741 | 9,840,938 | 0.2 | % | ||||||||||
Mphasis, Ltd. |
542,471 | 10,152,916 | 0.2 | % | ||||||||||
PI Industries, Ltd. |
382,902 | 11,353,576 | 0.2 | % | ||||||||||
Tata Consumer Products, Ltd. |
2,082,187 | 13,867,642 | 0.3 | % | ||||||||||
Other Securities |
505,418,376 | 10.4 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL INDIA |
591,171,350 | 12.1 | % | |||||||||||
|
|
|
|
|||||||||||
INDONESIA (1.7%) |
||||||||||||||
Other Securities |
83,714,683 | 1.7 | % | |||||||||||
|
|
|
|
|||||||||||
MALAYSIA (2.2%) |
||||||||||||||
Other Securities |
107,591,478 | 2.2 | % | |||||||||||
|
|
|
|
|||||||||||
MEXICO (2.5%) |
||||||||||||||
#* |
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. |
1,882,745 | 8,503,263 | 0.2 | % | |||||||||
Megacable Holdings S.A.B. de C.V. |
2,955,539 | 9,363,422 | 0.2 | % | ||||||||||
Other Securities |
105,017,997 | 2.1 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL MEXICO |
122,884,682 | 2.5 | % | |||||||||||
|
|
|
|
|||||||||||
PHILIPPINES (1.1%) |
||||||||||||||
Other Securities |
55,570,858 | 1.1 | % | |||||||||||
|
|
|
|
|||||||||||
POLAND (0.9%) |
||||||||||||||
Other Securities |
45,068,775 | 0.9 | % | |||||||||||
|
|
|
|
|||||||||||
QATAR (0.4%) |
||||||||||||||
Other Securities |
18,794,492 | 0.4 | % | |||||||||||
|
|
|
|
|||||||||||
RUSSIA (0.3%) |
||||||||||||||
Other Securities |
16,905,276 | 0.3 | % | |||||||||||
|
|
|
|
|||||||||||
SAUDI ARABIA (1.1%) |
||||||||||||||
Other Securities |
55,924,923 | 1.1 | % | |||||||||||
|
|
|
|
|||||||||||
SOUTH AFRICA (3.8%) |
||||||||||||||
Gold Fields, Ltd., Sponsored ADR |
1,266,996 | 13,848,266 | 0.3 | % | ||||||||||
#* |
Harmony Gold Mining Co., Ltd., Sponsored ADR |
1,937,941 | 9,515,290 | 0.2 | % | |||||||||
# |
Impala Platinum Holdings, Ltd. |
1,297,780 | 11,550,658 | 0.2 | % | |||||||||
* |
Northam Platinum, Ltd. |
1,057,434 | 10,159,750 | 0.2 | % | |||||||||
Sibanye Stillwater, Ltd. |
3,593,907 | 10,597,423 | 0.2 | % | ||||||||||
SPAR Group, Ltd. (The) |
830,715 | 8,806,484 | 0.2 | % | ||||||||||
Other Securities |
122,568,067 | 2.5 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL SOUTH AFRICA |
187,045,938 | 3.8 | % | |||||||||||
|
|
|
|
|||||||||||
SOUTH KOREA (15.1%) |
||||||||||||||
Seegene, Inc. |
65,372 | 14,970,889 | 0.3 | % |
214
THE EMERGING MARKETS SMALL CAP SERIES
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
SOUTH KOREA (Continued) |
||||||||||||||
Other Securities |
$ | 734,033,610 | 15.0 | % | ||||||||||
|
|
|
|
|||||||||||
TOTAL SOUTH KOREA |
749,004,499 | 15.3 | % | |||||||||||
|
|
|
|
|||||||||||
TAIWAN (19.7%) |
||||||||||||||
Other Securities |
980,232,112 | 20.0 | % | |||||||||||
|
|
|
|
|||||||||||
THAILAND (3.0%) |
||||||||||||||
Other Securities |
150,837,256 | 3.1 | % | |||||||||||
|
|
|
|
|||||||||||
TURKEY (1.2%) |
||||||||||||||
Other Securities |
60,971,820 | 1.2 | % | |||||||||||
|
|
|
|
|||||||||||
UNITED ARAB EMIRATES (0.2%) |
||||||||||||||
Other Securities |
9,004,400 | 0.2 | % | |||||||||||
|
|
|
|
|||||||||||
UNITED STATES (0.0%) |
||||||||||||||
Other Security |
23,524 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL COMMON STOCKS |
4,810,658,174 | 98.0 | % | |||||||||||
|
|
|
|
|||||||||||
PREFERRED STOCKS (0.7%) |
||||||||||||||
BRAZIL (0.7%) |
||||||||||||||
Other Securities |
35,939,297 | 0.8 | % | |||||||||||
|
|
|
|
|||||||||||
CHILE (0.0%) |
||||||||||||||
Other Security |
799,564 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
COLOMBIA (0.0%) |
||||||||||||||
Other Security |
19,862 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL PREFERRED STOCKS |
36,758,723 | 0.8 | % | |||||||||||
|
|
|
|
|||||||||||
RIGHTS/WARRANTS (0.0%) |
||||||||||||||
BRAZIL (0.0%) |
||||||||||||||
Other Securities |
15,562 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
MALAYSIA (0.0%) |
||||||||||||||
Other Securities |
230,564 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
SOUTH KOREA (0.0%) |
||||||||||||||
Other Security |
1,824 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TAIWAN (0.0%) |
||||||||||||||
Other Securities |
58,128 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
THAILAND (0.0%) |
||||||||||||||
Other Securities |
56,475 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL RIGHTS/WARRANTS |
362,553 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENT SECURITIES |
4,847,779,450 | |||||||||||||
|
|
215
THE EMERGING MARKETS SMALL CAP SERIES
CONTINUED
Shares | Value | Percentage of Net Assets |
||||||||||||
SECURITIES LENDING COLLATERAL (2.5%) |
||||||||||||||
@§ |
The DFA Short Term Investment Fund |
10,596,378 | $ | 122,610,691 | 2.5 | % | ||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENTS(100.0%) |
$ | 4,970,390,141 | 101.3 | % | ||||||||||
|
|
|
|
As of October 31, 2020, The Emerging Markets Small Cap Series had entered into the following outstanding futures contracts:
Description |
Number of Contracts |
Expiration Date |
Notional Value |
Market Value |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
Long Position Contracts: |
||||||||||||||||||||
E-Mini MSCI Emerging Markets Index |
282 | 12/18/20 | $ | 15,350,175 | $ | 15,536,790 | $ | 186,615 | ||||||||||||
S&P 500® Emini Index |
53 | 12/18/20 | 8,592,769 | 8,651,455 | 58,686 | |||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Total Futures Contracts |
$ | 23,942,944 | $ | 24,188,245 | $ | 245,301 | ||||||||||||||
|
|
|
|
|
|
Summary of the Series investments as of October 31, 2020, 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 |
$ | 203,081,561 | | | $ | 203,081,561 | ||||||||||
Chile |
92,526 | $ | 46,003,028 | | 46,095,554 | |||||||||||
China |
101,370,733 | 1,177,578,216 | | 1,278,948,949 | ||||||||||||
Colombia |
7,789,489 | | | 7,789,489 | ||||||||||||
Greece |
| 19,440,598 | | 19,440,598 | ||||||||||||
Hong Kong |
4,820,053 | 10,948,703 | | 15,768,756 | ||||||||||||
Hungary |
| 4,787,201 | | 4,787,201 | ||||||||||||
India |
1,522,030 | 589,649,320 | | 591,171,350 | ||||||||||||
Indonesia |
838,960 | 82,875,723 | | 83,714,683 | ||||||||||||
Malaysia |
| 107,591,478 | | 107,591,478 | ||||||||||||
Mexico |
122,868,785 | 15,897 | | 122,884,682 | ||||||||||||
Philippines |
| 55,570,858 | | 55,570,858 | ||||||||||||
Poland |
| 45,068,775 | | 45,068,775 | ||||||||||||
Qatar |
| 18,794,492 | | 18,794,492 | ||||||||||||
Russia |
16,905,276 | | | 16,905,276 | ||||||||||||
Saudi Arabia |
638,560 | 55,286,363 | | 55,924,923 | ||||||||||||
South Africa |
23,596,920 | 163,449,018 | | 187,045,938 | ||||||||||||
South Korea |
5,519,634 | 743,484,865 | | 749,004,499 | ||||||||||||
Taiwan |
69,564 | 980,162,548 | | 980,232,112 | ||||||||||||
Thailand |
150,837,256 | | | 150,837,256 | ||||||||||||
Turkey |
| 60,971,820 | | 60,971,820 | ||||||||||||
United Arab Emirates |
| 9,004,400 | | 9,004,400 | ||||||||||||
United States |
| 23,524 | | 23,524 | ||||||||||||
Preferred Stocks |
||||||||||||||||
Brazil |
35,939,297 | | | 35,939,297 | ||||||||||||
Chile |
| 799,564 | | 799,564 | ||||||||||||
Colombia |
19,862 | | | 19,862 | ||||||||||||
Rights/Warrants |
||||||||||||||||
Brazil |
| 15,562 | | 15,562 | ||||||||||||
Malaysia |
| 230,564 | | 230,564 |
216
THE EMERGING MARKETS SMALL CAP SERIES
CONTINUED
Investments in Securities (Market Value) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
South Korea |
| $ | 1,824 | | $ | 1,824 | ||||||||||
Taiwan |
| 58,128 | | 58,128 | ||||||||||||
Thailand |
| 56,475 | | 56,475 | ||||||||||||
Securities Lending Collateral |
| 122,610,691 | | 122,610,691 | ||||||||||||
Futures Contracts** |
$ | 245,301 | | | 245,301 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 676,155,807 | $ | 4,294,479,635 | | $ | 4,970,635,442 | |||||||||
|
|
|
|
|
|
|
|
** | Valued at the unrealized appreciation/(depreciation) on the investment. |
See accompanying Notes to Financial Statements.
217
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2020
(Amounts in thousands)
The DFA International Value Series* |
The Japanese Small Company Series* |
The Asia Pacific Small Company Series* |
The United Kingdom Small Company Series* |
|||||||||||||
ASSETS: |
||||||||||||||||
Investment Securities at Value (including $255,131, $123,065, $117,829 and $29,285 of securities on loan, respectively) |
$ | 9,327,415 | $ | 2,919,304 | $ | 1,517,150 | $ | 1,469,857 | ||||||||
Collateral from Securities on Loan Invested in Affiliate at Value (including cost of $263,894, $57,829, $42,042 and $31,239, respectively) |
264,011 | 57,849 | 42,048 | 31,246 | ||||||||||||
Segregated Cash for Futures Contracts |
6,312 | | | | ||||||||||||
Foreign Currencies at Value |
78,986 | 903 | 5,766 | 47 | ||||||||||||
Cash |
3,081 | 1,309 | 201 | 608 | ||||||||||||
Receivables: |
||||||||||||||||
Investment Securities Sold |
15,422 | 2,619 | 2,354 | 2,741 | ||||||||||||
Dividends, Interest and Tax Reclaims |
59,766 | 19,483 | 3,861 | 2,834 | ||||||||||||
Securities Lending Income |
100 | 261 | 281 | 28 | ||||||||||||
Unrealized Gain on Foreign Currency Contracts |
18 | 5 | 1 | 1 | ||||||||||||
Prepaid Expenses and Other Assets |
1 | | | 1 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Assets |
9,755,112 | 3,001,733 | 1,571,662 | 1,507,363 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES: |
||||||||||||||||
Payables: |
||||||||||||||||
Upon Return of Securities Loaned |
263,837 | 57,878 | 42,044 | 31,244 | ||||||||||||
Investment Securities Purchased |
5,880 | | 2,257 | | ||||||||||||
Due to Advisor |
1,689 | 259 | 134 | 131 | ||||||||||||
Futures Margin Variation |
989 | | | | ||||||||||||
Unrealized Loss on Foreign Currency Contracts |
5 | | | | ||||||||||||
Accrued Expenses and Other Liabilities |
1,162 | 443 | 213 | 206 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Liabilities |
273,562 | 58,580 | 44,648 | 31,581 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 9,481,550 | $ | 2,943,153 | $ | 1,527,014 | $ | 1,475,782 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Investment Securities at Cost |
$ | 11,119,511 | $ | 2,621,667 | $ | 1,623,607 | $ | 1,646,994 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Foreign Currencies at Cost |
$ | 79,598 | $ | 905 | $ | 5,771 | $ | 47 | ||||||||
|
|
|
|
|
|
|
|
* | See Note J in the Notes to Financial Statements for additional information about securities lending collateral. |
See accompanying Notes to Financial Statements.
218
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2020
(Amounts in thousands)
The Continental Small Company Series* |
The Canadian Small Company Series* |
The Emerging Markets Series* |
The Emerging Markets Small Cap Series* |
|||||||||||||
ASSETS: |
||||||||||||||||
Investment Securities at Value (including $311,792, $168,651, |
$ | 4,577,663 | $ | 967,699 | $ | 5,676,953 | $ | 4,847,779 | ||||||||
Collateral from Securities on Loan Invested in Affiliate at Value |
324,418 | 146,332 | 86,837 | 122,611 | ||||||||||||
Segregated Cash for Futures Contracts |
| | 3,400 | 1,981 | ||||||||||||
Foreign Currencies at Value |
| 1,204 | 21,390 | 27,927 | ||||||||||||
Cash |
1,156 | 2 | 13,853 | 729 | ||||||||||||
Receivables: |
||||||||||||||||
Investment Securities Sold |
6,885 | 1,592 | 23,006 | 28,920 | ||||||||||||
Dividends, Interest and Tax Reclaims |
16,682 | 383 | 5,438 | 4,757 | ||||||||||||
Securities Lending Income |
914 | 197 | 188 | 1,347 | ||||||||||||
Futures Margin Variation |
| | | 408 | ||||||||||||
Unrealized Gain on Foreign Currency Contracts |
13 | | 11 | 40 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Assets |
4,927,731 | 1,117,409 | 5,831,076 | 5,036,499 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES: |
||||||||||||||||
Payables: |
||||||||||||||||
Due to Custodian |
253 | | | | ||||||||||||
Upon Return of Securities Loaned |
324,448 | 146,315 | 86,841 | 122,565 | ||||||||||||
Investment Securities Purchased |
104 | | 5,592 | 5,049 | ||||||||||||
Due to Advisor |
420 | 86 | 496 | 858 | ||||||||||||
Futures Margin Variation |
| | 495 | | ||||||||||||
Unrealized Loss on Foreign Currency Contracts |
| | 3 | | ||||||||||||
Deferred Taxes Payable |
| | 12,536 | | ||||||||||||
Accrued Expenses and Other Liabilities |
561 | 125 | 788 | 1,073 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Liabilities |
325,786 | 146,526 | 106,751 | 129,545 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 4,601,945 | $ | 970,883 | $ | 5,724,325 | $ | 4,906,954 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Investment Securities at Cost |
$ | 4,362,167 | $ | 979,047 | $ | 3,825,169 | $ | 4,637,948 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Foreign Currencies at Cost |
$ | (249 | ) | $ | 1,203 | $ | 20,836 | $ | 27,823 | |||||||
|
|
|
|
|
|
|
|
* | See Note J in the Notes to Financial Statements for additional information about securities lending collateral. |
See accompanying Notes to Financial Statements.
219
THE DFA INVESTMENT TRUST COMPANY
FOR THE YEAR ENDED OCTOBER 31, 2020
(Amounts in thousands)
The DFA International Value Series# |
The Japanese Small Company Series# |
The Asia Pacific Small Company Series# |
The United Kingdom Small Company Series# |
|||||||||||||
Investment Income |
||||||||||||||||
Dividends (Net of Foreign Taxes Withheld of $33,423, $7,633, $703 and $419, respectively) |
$ | 314,389 | $ | 68,798 | $ | 60,440 | $ | 43,863 | ||||||||
Income from Securities Lending |
5,774 | 4,338 | 4,128 | 613 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investment Income |
320,163 | 73,136 | 64,568 | 44,476 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Expenses |
||||||||||||||||
Investment Management Fees |
21,518 | 3,240 | 1,488 | 1,781 | ||||||||||||
Accounting & Transfer Agent Fees |
491 | 151 | 79 | 89 | ||||||||||||
Custodian Fees |
610 | 465 | 208 | 65 | ||||||||||||
Shareholders Reports |
44 | 31 | 29 | 29 | ||||||||||||
Directors/Trustees Fees & Expenses |
87 | 29 | 12 | 13 | ||||||||||||
Professional Fees |
215 | 57 | 28 | 34 | ||||||||||||
Other |
428 | 138 | 58 | 73 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Expenses |
23,393 | 4,111 | 1,902 | 2,084 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fees Paid Indirectly (Note C) |
815 | 55 | 33 | 15 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Expenses |
22,578 | 4,056 | 1,869 | 2,069 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Investment Income (Loss) |
297,585 | 69,080 | 62,699 | 42,407 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Realized and Unrealized Gain (Loss) |
||||||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||
Investment Securities Sold** |
(566,996 | ) | (64,936 | ) | (77,003 | ) | (34,350 | ) | ||||||||
Affiliated Investment Companies Shares Sold |
72 | (9 | ) | (11 | ) | (1 | ) | |||||||||
Futures |
40,717 | | 608 | (394 | ) | |||||||||||
Foreign Currency Transactions |
3,123 | 228 | (267 | ) | (444 | ) | ||||||||||
Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||
Investment Securities and Foreign Currency |
(2,004,930 | ) | (116,647 | ) | (1,299 | ) | (329,338 | ) | ||||||||
Affiliated Investment Companies Shares |
85 | 9 | 1 | 4 | ||||||||||||
Futures |
(3,281 | ) | | | | |||||||||||
Translation of Foreign Currency-Denominated Amounts |
1,379 | 182 | 1 | (381 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Realized and Unrealized Gain (Loss) |
(2,529,831 | ) | (181,173 | ) | (77,970 | ) | (364,904 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | (2,232,246 | ) | $ | (112,093 | ) | $ | (15,271 | ) | $ | (322,497 | ) | ||||
|
|
|
|
|
|
|
|
** | Net of foreign capital gain taxes withheld of $0, $0, $0 and $0, respectively. |
# | Portion of income is from investment in affiliated fund. |
See accompanying Notes to Financial Statements.
220
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2020
(Amounts in thousands)
The Continental Small Company Series# |
The Canadian Small Company Series# |
The Emerging Markets Series# |
The Emerging Markets Small Cap Series# |
|||||||||||||
Investment Income |
||||||||||||||||
Dividends (Net of Foreign Taxes Withheld of $14,486, $3,388, $19,423 and $15,959, respectively) |
$ | 103,850 | $ | 19,653 | $ | 142,518 | $ | 135,751 | ||||||||
Income from Securities Lending |
11,592 | 2,427 | 3,313 | 23,661 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investment Income |
115,442 | 22,080 | 145,831 | 159,412 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Expenses |
||||||||||||||||
Investment Management Fees |
5,081 | 1,004 | 5,796 | 10,989 | ||||||||||||
Accounting & Transfer Agent Fees |
234 | 52 | 264 | 252 | ||||||||||||
Custodian Fees |
545 | 60 | 1,438 | 2,540 | ||||||||||||
Shareholders Reports |
35 | 28 | 37 | 37 | ||||||||||||
Directors/Trustees Fees & Expenses |
39 | 8 | 50 | 43 | ||||||||||||
Professional Fees |
111 | 17 | 311 | 195 | ||||||||||||
Other |
208 | 35 | 556 | 477 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Expenses |
6,253 | 1,204 | 8,452 | 14,533 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fees Paid Indirectly (Note C) |
87 | 6 | 456 | 276 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Expenses |
6,166 | 1,198 | 7,996 | 14,257 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Investment Income (Loss) |
109,276 | 20,882 | 137,835 | 145,155 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Realized and Unrealized Gain (Loss) |
||||||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||
Investment Securities Sold** |
92,887 | (221,703 | ) | 52,822 | (389,082 | ) | ||||||||||
Affiliated Investment Companies Shares Sold |
(26 | ) | (8 | ) | (9 | ) | (5 | ) | ||||||||
Futures |
(260 | ) | | 20,410 | 16,698 | |||||||||||
Foreign Currency Transactions |
1,299 | (151 | ) | (3,976 | ) | (4,808 | ) | |||||||||
Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||
Investment Securities and Foreign Currency |
(384,869 | ) | 206,814 | 21,823 | 127,570 | |||||||||||
Affiliated Investment Companies Shares |
(9 | ) | 3 | 3 | (2 | ) | ||||||||||
Futures |
| | (366 | ) | (512 | ) | ||||||||||
Translation of Foreign Currency-Denominated Amounts |
825 | (2 | ) | (16 | ) | (103 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Realized and Unrealized Gain (Loss) |
(290,153 | ) | (15,047 | ) | 90,691 | (250,244 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | (180,877 | ) | $ | 5,835 | $ | 228,526 | $ | (105,089 | ) | ||||||
|
|
|
|
|
|
|
|
** | Net of foreign capital gain taxes withheld of $0, $0, $163 and $163, respectively. |
# | Portion of income is from investment in affiliated fund. |
See accompanying Notes to Financial Statements.
221
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
The DFA International Value Series |
The Japanese Small Company Series |
The Asia Pacific Small Company Series |
||||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
|||||||||||||||||||
Increase (Decrease) in Net Assets |
||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||
Net Investment Income (Loss) |
$ | 297,585 | $ | 472,464 | $ | 69,080 | $ | 81,603 | $ | 62,699 | $ | 68,215 | ||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||||||||||
Investment Securities Sold*,** |
(566,996 | ) | (46,440 | ) | (64,936 | ) | 63,546 | (77,003 | ) | 28,597 | ||||||||||||||
Affiliated Investment Companies Shares Sold |
72 | 14 | (9 | ) | | (11 | ) | 3 | ||||||||||||||||
Futures |
40,717 | 3,070 | | | 608 | (97 | ) | |||||||||||||||||
Foreign Currency Transactions |
3,123 | 928 | 228 | 893 | (267 | ) | (572 | ) | ||||||||||||||||
Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||||||||||
Investment Securities and Foreign Currency |
(2,004,930 | ) | (6,446 | ) | (116,647 | ) | 2,479 | (1,299 | ) | (10,141 | ) | |||||||||||||
Affiliated Investment Companies Shares |
85 | (10 | ) | 9 | 10 | 1 | 4 | |||||||||||||||||
Futures |
(3,281 | ) | 7,836 | | | | | |||||||||||||||||
Translation of Foreign Currency-Denominated Amounts |
1,379 | 652 | 182 | 9 | 1 | 16 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(2,232,246 | ) | 432,068 | (112,093 | ) | 148,540 | (15,271 | ) | 86,025 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Transactions in Interest: |
||||||||||||||||||||||||
Contributions |
1,038,679 | 903,879 | 71,736 | 105,276 | 82,954 | 84,771 | ||||||||||||||||||
Withdrawals |
(1,745,733 | ) | (1,068,437 | ) | (764,667 | ) | (339,736 | ) | (182,512 | ) | (259,324 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Increase (Decrease) from Transactions in Interest |
(707,054 | ) | (164,558 | ) | (692,931 | ) | (234,460 | ) | (99,558 | ) | (174,553 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Increase (Decrease) in Net Assets |
(2,939,300 | ) | 267,510 | (805,024 | ) | (85,920 | ) | (114,829 | ) | (88,528 | ) | |||||||||||||
Net Assets |
||||||||||||||||||||||||
Beginning of Year |
12,420,850 | 12,153,340 | 3,748,177 | 3,834,097 | 1,641,843 | 1,730,371 | ||||||||||||||||||
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|
|
|
|
|
|
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|
|
|
|||||||||||||
End of Year |
$ | 9,481,550 | $ | 12,420,850 | $ | 2,943,153 | $ | 3,748,177 | $ | 1,527,014 | $ | 1,641,843 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
* | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2020 of $0, $0 and $0, respectively. |
** | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $0, $0 and $0, respectively. |
See accompanying Notes to Financial Statements.
222
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
The United Kingdom Small Company Series |
The Continental Small Company Series |
The Canadian Small Company Series |
||||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
|||||||||||||||||||
Increase (Decrease) in Net Assets |
||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||
Net Investment Income (Loss) |
$ | 42,407 | $ | 76,252 | $ | 109,276 | $ | 146,906 | $ | 20,882 | $ | 26,482 | ||||||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||||||||||
Investment Securities Sold*,** |
(34,350 | ) | 45,398 | 92,887 | 271,616 | (221,703 | ) | (81,417 | ) | |||||||||||||||
Affiliated Investment Companies Shares Sold |
(1 | ) | 2 | (26 | ) | 7 | (8 | ) | (6 | ) | ||||||||||||||
Futures |
(394 | ) | | (260 | ) | | | | ||||||||||||||||
Foreign Currency Transactions |
(444 | ) | (1,016 | ) | 1,299 | (101 | ) | (151 | ) | 172 | ||||||||||||||
Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||||||||||
Investment Securities and Foreign Currency |
(329,338 | ) | 105,943 | (384,869 | ) | 20,336 | 206,814 | 60,948 | ||||||||||||||||
Affiliated Investment Companies Shares |
4 | 1 | (9 | ) | 46 | 3 | 16 | |||||||||||||||||
Translation of Foreign Currency-Denominated Amounts |
(381 | ) | 552 | 825 | 63 | (2 | ) | 6 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(322,497 | ) | 227,132 | (180,877 | ) | 438,873 | 5,835 | 6,201 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Transactions in Interest: |
||||||||||||||||||||||||
Contributions |
5,810 | 92,887 | 135,156 | 223,410 | 6,817 | 99,460 | ||||||||||||||||||
Withdrawals |
(484,982 | ) | (231,393 | ) | (959,829 | ) | (477,048 | ) | (190,384 | ) | (103,857 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Increase (Decrease) from Transactions in Interest |
(479,172 | ) | (138,506 | ) | (824,673 | ) | (253,638 | ) | (183,567 | ) | (4,397 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Increase (Decrease) in Net Assets |
(801,669 | ) | 88,626 | (1,005,550 | ) | 185,235 | (177,732 | ) | 1,804 | |||||||||||||||
Net Assets |
||||||||||||||||||||||||
Beginning of Year |
2,277,451 | 2,188,825 | 5,607,495 | 5,422,260 | 1,148,615 | 1,146,811 | ||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
End of Year |
$ | 1,475,782 | $ | 2,277,451 | $ | 4,601,945 | $ | 5,607,495 | $ | 970,883 | $ | 1,148,615 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
* | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2020 of $0, $0 and $0, respectively. |
** | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $0, $0 and $0, respectively. |
See accompanying Notes to Financial Statements.
223
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
The Emerging Markets Series |
The Emerging Markets Small Cap Series |
|||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
|||||||||||||
Increase (Decrease) in Net Assets |
||||||||||||||||
Operations: |
||||||||||||||||
Net Investment Income (Loss) |
$ | 137,835 | $ | 177,871 | $ | 145,155 | $ | 192,591 | ||||||||
Net Realized Gain (Loss) on: |
||||||||||||||||
Investment Securities Sold*,** |
52,822 | (58,802 | ) | (389,082 | ) | 60,673 | ||||||||||
Affiliated Investment Companies Shares Sold |
(9 | ) | (6 | ) | (5 | ) | 3 | |||||||||
Futures |
20,410 | 1,845 | 16,698 | (614 | ) | |||||||||||
Foreign Currency Transactions |
(3,976 | ) | (438 | ) | (4,808 | ) | (2,493 | ) | ||||||||
Change in Unrealized Appreciation (Depreciation) of: |
||||||||||||||||
Investment Securities and Foreign Currency |
21,823 | 502,945 | 127,570 | 564,555 | ||||||||||||
Affiliated Investment Companies Shares |
3 | 9 | (2 | ) | 19 | |||||||||||
Futures |
(366 | ) | 3,110 | (512 | ) | 3,854 | ||||||||||
Translation of Foreign Currency-Denominated Amounts |
(16 | ) | 21 | (103 | ) | 42 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
228,526 | 626,555 | (105,089 | ) | 818,630 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Transactions in Interest: |
||||||||||||||||
Contributions |
607,207 | 437,177 | 184,927 | 324,046 | ||||||||||||
Withdrawals |
(1,145,570 | ) | (499,219 | ) | (1,603,251 | ) | (1,018,611 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) from Transactions in Interest |
(538,363 | ) | (62,042 | ) | (1,418,324 | ) | (694,565 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Increase (Decrease) in Net Assets |
(309,837 | ) | 564,513 | (1,523,413 | ) | 124,065 | ||||||||||
Net Assets |
||||||||||||||||
Beginning of Year |
6,034,162 | 5,469,649 | 6,430,367 | 6,306,302 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of Year |
$ | 5,724,325 | $ | 6,034,162 | $ | 4,906,954 | $ | 6,430,367 | ||||||||
|
|
|
|
|
|
|
|
* | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2020 of $163 and $163, respectively. |
** | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $0 and $0, respectively. |
See accompanying Notes to Financial Statements.
224
THE DFA INVESTMENT TRUST COMPANY
The DFA International Value Series | The Japanese Small Company Series | |||||||||||||||||||||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
|||||||||||||||||||||||||||||||
Total Return |
(18.68 | %) | 3.60 | % | (8.10 | %) | 26.53 | % | (0.10 | %) | (1.93 | %) | 4.47 | % | (7.46 | %) | 27.10 | % | 14.53 | % | ||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Assets, End of Year (thousands) |
$ | 9,481,550 | $ | 12,420,850 | $ | 12,153,340 | $ | 12,732,150 | $ | 9,729,540 | $ | 2,943,153 | $ | 3,748,177 | $ | 3,834,097 | $ | 3,989,049 | $ | 3,132,594 | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets |
0.21 | % | 0.21 | % | 0.22 | % | 0.22 | % | 0.22 | % | 0.13 | % | 0.12 | % | 0.12 | % | 0.13 | % | 0.13 | % | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly) |
0.22 | % | 0.22 | % | 0.22 | % | 0.22 | % | 0.22 | % | 0.13 | % | 0.12 | % | 0.12 | % | 0.13 | % | 0.13 | % | ||||||||||||||||||||
Ratio of Net Investment Income to Average Net Assets |
2.77 | % | 3.92 | % | 3.21 | % | 3.33 | % | 3.72 | % | 2.13 | % | 2.32 | % | 1.90 | % | 1.90 | % | 1.99 | % | ||||||||||||||||||||
Portfolio Turnover Rate |
12 | % | 16 | % | 20 | % | 17 | % | 17 | % | 5 | % | 12 | % | 17 | % | 13 | % | 10 | % |
See page 1-2 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
225
THE DFA INVESTMENT TRUST COMPANY
FINANCIAL HIGHLIGHTS
The Asia Pacific Small Company Series | The United Kingdom Small Company Series | |||||||||||||||||||||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
|||||||||||||||||||||||||||||||
Total Return |
0.14 | % | 5.27 | % | (8.14 | %) | 16.21 | % | 16.69 | % | (14.87 | %) | 10.67 | % | (8.90 | %) | 29.87 | % | (15.82 | %) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Assets, End of Year (thousands) |
$ | 1,527,014 | $ | 1,641,843 | $ | 1,730,371 | $ | 1,815,705 | $ | 1,555,736 | $ | 1,475,782 | $ | 2,277,451 | $ | 2,188,825 | $ | 2,329,912 | $ | 1,683,465 | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets |
0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.12 | % | 0.11 | % | 0.11 | % | 0.12 | % | 0.12 | % | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly) |
0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.12 | % | 0.12 | % | 0.11 | % | 0.12 | % | 0.12 | % | ||||||||||||||||||||
Ratio of Net Investment Income to Average Net Assets |
4.21 | % | 4.11 | % | 3.96 | % | 3.82 | % | 4.00 | % | 2.38 | % | 3.43 | % | 3.23 | % | 3.40 | % | 4.36 | % | ||||||||||||||||||||
Portfolio Turnover Rate |
18 | % | 18 | % | 18 | % | 14 | % | 10 | % | 9 | % | 18 | % | 14 | % | 9 | % | 15 | % |
See page 1-2 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
226
THE DFA INVESTMENT TRUST COMPANY
FINANCIAL HIGHLIGHTS
The Continental Small Company Series | The Canadian Small Company Series | |||||||||||||||||||||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
|||||||||||||||||||||||||||||||
Total Return |
(2.23 | %) | 8.43 | % | (10.78 | %) | 34.27 | % | 6.10 | % | 6.02 | % | 1.00 | % | (10.44 | %) | 12.10 | % | 20.77 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Assets, End of Year (thousands) |
$ | 4,601,945 | $ | 5,607,495 | $ | 5,422,260 | $ | 5,751,059 | $ | 4,147,925 | $ | 970,883 | $ | 1,148,615 | $ | 1,146,811 | $ | 1,190,222 | $ | 933,264 | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets |
0.12 | % | 0.12 | % | 0.12 | % | 0.13 | % | 0.13 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly) |
0.12 | % | 0.13 | % | 0.12 | % | 0.13 | % | 0.13 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | ||||||||||||||||||||
Ratio of Net Investment Income to Average Net Assets |
2.15 | % | 2.74 | % | 2.51 | % | 2.33 | % | 2.49 | % | 2.08 | % | 2.37 | % | 2.11 | % | 2.14 | % | 2.52 | % | ||||||||||||||||||||
Portfolio Turnover Rate |
8 | % | 17 | % | 15 | % | 13 | % | 9 | % | 18 | % | 12 | % | 14 | % | 22 | % | 8 | % |
See page 1-2 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
227
THE DFA INVESTMENT TRUST COMPANY
FINANCIAL HIGHLIGHTS
The Emerging Markets Series | The Emerging Markets Small Cap Series | |||||||||||||||||||||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
|||||||||||||||||||||||||||||||
Total Return |
2.67 | % | 11.40 | % | (11.83 | %) | 25.26 | % | 11.44 | % | 1.25 | % | 13.47 | % | (16.06 | %) | 21.55 | % | 14.45 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Assets, End of Year (thousands) |
$ | 5,724,325 | $ | 6,034,162 | $ | 5,469,649 | $ | 6,723,207 | $ | 4,997,731 | $ | 4,906,954 | $ | 6,430,367 | $ | 6,306,302 | $ | 7,253,457 | $ | 5,515,647 | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets |
0.13 | % | 0.14 | % | 0.14 | % | 0.15 | % | 0.15 | % | 0.25 | % | 0.24 | % | 0.24 | % | 0.27 | % | 0.26 | % | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly) |
0.14 | % | 0.15 | % | 0.14 | % | 0.15 | % | 0.15 | % | 0.26 | % | 0.25 | % | 0.24 | % | 0.27 | % | 0.26 | % | ||||||||||||||||||||
Ratio of Net Investment Income to Average Net Assets |
2.38 | % | 3.04 | % | 2.40 | % | 2.23 | % | 2.45 | % | 2.64 | % | 2.90 | % | 2.77 | % | 2.78 | % | 2.89 | % | ||||||||||||||||||||
Portfolio Turnover Rate |
22 | % | 9 | % | 12 | % | 8 | % | 5 | % | 18 | % | 12 | % | 12 | % | 15 | % | 18 | % |
See page 1-2 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
228
THE DFA INVESTMENT TRUST COMPANY
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, eight of which, 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 are included in this section of the report (collectively, the Series). The remaining operational portfolios are presented in separate reports. The Series are investment companies, and accordingly, follow the accounting and reporting guidance under the Financial Accounting Standards Board (FASB) Accounting Standards Certification (ASC), Topic 946, Financial Services-Investment Companies.
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, the 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 use 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, and 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 Series, including over-the-counter securities, are valued at the last quoted sale price of the day. International equity securities are subject to a fair value factor, as described later in this note. Securities held by the Series 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 Series value the securities within the range of the most recent quoted bid and ask prices. Price information on listed securities is taken from the exchange where the security is primarily traded. Generally, securities issued by open-end management 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 Trustees of the Trust. 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 of the Series is calculated. When fair value pricing is used, the prices of securities used by the Series 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 Series 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.
229
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 Series are computed. Due to the time differences between the closings of the relevant foreign securities exchanges and the time the Series price their shares at the close of the NYSE, the Series 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 Series 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 Trustees of the Series has 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 Series uses data furnished by an independent pricing service (and that data draws upon, among other information, the market values of foreign investments). When a Series uses fair value pricing, the values assigned to the Series 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.
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 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 methodology or inputs used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
2. Foreign Currency Translation: Securities and other assets and liabilities of the Series, whose values are initially expressed in foreign currencies are translated to U.S. dollars using the mean between the most recent bid and ask prices for the U.S. dollar as quoted by generally recognized reliable sources. To facilitate the translation, the Series enter into foreign currency contracts. A foreign currency contract is a spot agreement between two parties to buy and sell currencies at current market exchange rates, for settlement generally within two business days. 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 Series do not isolate the effect of foreign currency rate fluctuations 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 of securities transactions, and the difference between amounts of interest, dividends and any foreign withholding taxes recorded on the books of the Series and the U.S. dollar equivalent amounts actually received or paid.
3. Deferred Compensation Plan: Each eligible Trustee of the Trust may elect to participate in the Fee Deferral Plan for Independent Directors and Trustees (the Plan). Under the Plan, effective January 1, 2002, such Trustees may defer payment of all or a portion of their total fees earned as a Trustee. These deferred amounts may be treated as though such amounts had been invested in shares of the following funds: the 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.
The Trustees may receive their distributions of proceeds by 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 Trustee shall have the right in a notice of election (the Notice) to defer the receipt of the Trustees deferred compensation until a date specified by such Trustee in the Notice. The date may not be sooner than the earlier of: (i)
230
the first business day of January following the year in which such Trustee ceases to be a member of the Board of Trustees of the Trust; and (ii) five years following the effective date of the Trustees first deferral election. If a Trustee who elects to defer fees fails to designate in the Notice a time or date as of which payment of the Trustees 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 Trustee ceases to be a member of the Board (unless the Trustee files an amended Notice selecting a different distribution date). As of October 31, 2020, none of the 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 accounted for on the basis of identified cost. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Distributions received on securities and 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 received distributions 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, using 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 Trustees, generally based on average net assets.
The Series 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. Additionally, if there is a deterioration in a countrys 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 tax on short-term capital gains for investments in India. Such taxes are accrued on a daily basis and due upon sale of individual securities.
C. Investment Advisor:
The Advisor, Dimensional Fund Advisors LP, provides investment management services to the Series. For the year ended October 31, 2020, investment management fees were accrued daily and paid monthly to the Advisor based on the following effective annual rates of average daily net assets:
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 | % |
231
Earned Income Credit:
Additionally, the Series have entered into arrangements with their custodian whereby net interest earned on uninvested cash balances was used to reduce a portion of the 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, 2020, expenses reduced were as follows (amounts in thousands):
Fees Paid Indirectly |
||||
The DFA International Value Series |
$ | 815 | ||
The Japanese Small Company Series |
55 | |||
The Asia Pacific Small Company Series |
33 | |||
The United Kingdom Small Company Series |
15 | |||
The Continental Small Company Series |
87 | |||
The Canadian Small Company Series |
6 | |||
The Emerging Markets Series |
456 | |||
The Emerging Markets Small Cap Series |
276 |
Fees Paid to Officers and Directors/Trustees:
Certain Officers and Trustees of the Advisor are also Officers and Trustees of the Trust; however, such Officers and Trustees (with the exception of the Chief Compliance Officer (CCO)) receive no compensation from the Trust. For the year ended October 31, 2020, the total related amounts paid by the Trust to the CCO were $63 (in thousands). The total related amounts paid by each of the Series are included in Other Expenses on the Statements of Operations.
D. Deferred Compensation:
As of October 31, 2020, the total liability for deferred compensation to Trustees is included in Accrued Expenses and Other Liabilities on the Statements of Assets and Liabilities as follows (amounts in thousands):
The DFA International Value Series |
$ | 418 | ||
The Japanese Small Company Series |
108 | |||
The Asia Pacific Small Company Series |
54 | |||
The United Kingdom Small Company Series |
66 | |||
The Continental Small Company Series |
139 | |||
The Canadian Small Company Series |
32 | |||
The Emerging Markets Series |
179 | |||
The Emerging Markets Small Cap Series |
155 |
E. Purchases and Sales of Securities:
For the year ended October 31, 2020, the Series transactions related to investment securities, other than short-term securities, in-kind redemptions and U.S. Government securities (amounts in thousands), were as follows:
Purchases | Sales | |||||||
The DFA International Value Series |
$ | 1,238,662 | $ | 1,565,966 | ||||
The Japanese Small Company Series |
$ | 159,950 | $ | 767,401 | ||||
The Asia Pacific Small Company Series |
$ | 265,357 | $ | 285,151 | ||||
The United Kingdom Small Company Series |
$ | 166,368 | $ | 438,701 | ||||
The Continental Small Company Series |
$ | 391,305 | $ | 1,070,561 | ||||
The Canadian Small Company Series |
$ | 184,348 | $ | 341,667 |
232
Purchases | Sales | |||||||
The Emerging Markets Series |
$ | 1,257,893 | $ | 1,636,494 | ||||
The Emerging Markets Small Cap Series |
$ | 945,108 | $ | 2,159,526 |
There were no purchases or sales of long-term U.S. government securities.
For the year ended October 31, 2020, transactions related to Affiliated Investment Companies, excluding in-kind redemptions, are presented below.
The amounts presented below may differ from the respective amounts presented in the corresponding Summary Schedule of Portfolio Holdings, Statement of Assets and Liabilities or Statement of Operations due to rounding. The amounts are as follows (amounts in thousands):
Balance at October 31, 2019 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain/(Loss) on Sales |
Change in Unrealized Appreciation/ Depreciation |
Balance at October 31, 2020 |
Shares as of October 31, 2020 |
Dividend Income |
Capital Gain Distributions |
||||||||||||||||||||||||||||
The DFA International Value Series |
||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund |
$ | 257,592 | $ | 4,172,345 | $ | 4,166,083 | $ | 72 | $ | 85 | $ | 264,011 | 22,817 | $ | 3,330 | | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 257,592 | $ | 4,172,345 | $ | 4,166,083 | $ | 72 | $ | 85 | $ | 264,011 | 22,817 | $ | 3,330 | | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
The Japanese Small Company Series |
||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund |
$ | 91,203 | $ | 476,281 | $ | 509,635 | $ | (9 | ) | $ | 9 | $ | 57,849 | 5,000 | $ | 636 | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 91,203 | $ | 476,281 | $ | 509,635 | $ | (9 | ) | $ | 9 | $ | 57,849 | 5,000 | $ | 636 | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
The Asia Pacific Small Company Series |
||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund |
$ | 48,848 | $ | 244,129 | $ | 250,919 | $ | (11 | ) | $ | 1 | $ | 42,048 | 3,634 | $ | 581 | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 48,848 | $ | 244,129 | $ | 250,919 | $ | (11 | ) | $ | 1 | $ | 42,048 | 3,634 | $ | 581 | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
The United Kingdom Small Company Series |
||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund |
$ | 18,814 | $ | 169,994 | $ | 157,565 | $ | (1 | ) | $ | 4 | $ | 31,246 | 2,700 | $ | 230 | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 18,814 | $ | 169,994 | $ | 157,565 | $ | (1 | ) | $ | 4 | $ | 31,246 | 2,700 | $ | 230 | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
The Continental Small Company Series |
||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund |
$ | 514,886 | $ | 1,149,359 | $ | 1,339,792 | $ | (26 | ) | $ | (9 | ) | $ | 324,418 | 28,037 | $ | 3,554 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 514,886 | $ | 1,149,359 | $ | 1,339,792 | $ | (26 | ) | $ | (9 | ) | $ | 324,418 | 28,037 | $ | 3,554 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
The Canadian Small Company Series |
||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund |
$ | 181,292 | $ | 677,886 | $ | 712,841 | $ | (8 | ) | $ | 3 | $ | 146,332 | 12,646 | $ | 1,201 | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 181,292 | $ | 677,886 | $ | 712,841 | $ | (8 | ) | $ | 3 | $ | 146,332 | 12,646 | $ | 1,201 | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
233
Balance at October 31, 2019 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain/(Loss) on Sales |
Change in Unrealized Appreciation/ Depreciation |
Balance at October 31, 2020 |
Shares as of October 31, 2020 |
Dividend Income |
Capital Gain Distributions |
||||||||||||||||||||||||||||
The Emerging Markets Series |
||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund |
$ |
133,344 |
|
$ |
643,133 |
|
$ |
689,634 |
|
$ |
(9 |
) |
$ |
3 |
|
$ |
86,837 |
|
|
7,505 |
|
$ |
998 |
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 133,344 | $ | 643,133 | $ | 689,634 | $ | (9 | ) | $ | 3 | $ | 86,837 | 7,505 | $ | 998 | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
The Emerging Markets Small Cap Series |
||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund |
$ |
226,780 |
|
$ |
545,784 |
|
$ |
649,946 |
|
$ |
(5 |
) |
$ |
(2 |
) |
$ |
122,611 |
|
|
10,596 |
|
$ |
1,791 |
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 226,780 | $ | 545,784 | $ | 649,946 | $ | (5 | ) | $ | (2 | ) | $ | 122,611 | 10,596 | $ | 1,791 | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
As of October 31, 2020, 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):
Federal Tax Cost |
Unrealized Appreciation |
Unrealized (Depreciation) |
Net Unrealized Appreciation (Depreciation) |
|||||||||||||
The DFA International Value Series |
$ | 11,412,254 | $ | 988,071 | $ | (2,808,885 | ) | $ | (1,820,814 | ) | ||||||
The Japanese Small Company Series |
2,746,556 | 657,118 | (426,516 | ) | 230,602 | |||||||||||
The Asia Pacific Small Company Series |
1,697,873 | 345,260 | (483,934 | ) | (138,674 | ) | ||||||||||
The United Kingdom Small Company Series |
1,697,627 | 308,178 | (504,701 | ) | (196,523 | ) | ||||||||||
The Continental Small Company Series |
4,718,799 | 1,262,762 | (1,079,467 | ) | 183,295 | |||||||||||
The Canadian Small Company Series |
1,151,361 | 251,770 | (289,101 | ) | (37,331 | ) | ||||||||||
The Emerging Markets Series |
3,937,373 | 2,325,868 | (499,442 | ) | 1,826,426 | |||||||||||
The Emerging Markets Small Cap Series |
4,852,942 | 1,222,216 | (1,104,728 | ) | 117,488 |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is can occur as a result of wash sales and net mark to market gains (losses) on regulated futures contracts, net mark-to-market gain/loss on foreign currency contracts, and differences in the tax treatment of passive foreign investment company investments.
ASC 740 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 Series tax positions and has concluded that no additional provision for income tax is required in any Series financial statements. The Series 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 Series federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
234
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.
Series that have significant exposure to certain countries, such as The United Kingdom Small Company Series that concentrates investments in the United Kingdom, can be expected to be impacted by the political and economic conditions within such countries. For example, there is continuing uncertainty around the future of the euro and the European Union (EU) following the United Kingdoms (UK) exit from the EU (referred to as Brexit). Brexit may cause greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence, and increased likelihood of a recession in the UK. While it is not possible to determine the precise impact these events may have on the Series, during this period and beyond, the impact on the UK, EU countries, other countries or parties that transact with the UK and EU, and the broader global economy could be significant and could adversely affect the value and liquidity of the Series investments.
Derivative Financial Instruments:
Summarized below are the specific types of derivative instruments used by the Series.
2. Futures Contracts: The Series listed below may purchase or sell futures contracts and options on futures contracts for equity securities and indices to adjust market exposure based on actual or expected cash inflows to or outflows from the Series. The Series, however, do not intend to sell futures contracts to establish short positions in individual securities. Upon entering into a futures contract, a Series deposits cash or pledges U.S. Government securities to a broker in an amount 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 records 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 entrance 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 Series could lose more than the initial margin requirements. Entering into stock index futures subjects the Series to equity price risk from those futures contracts. Counterparty credit risk related to exchange-traded futures is minimal because the exchanges clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.
Securities have been segregated as collateral for open futures contracts.
The average volume (based on the open positions at each fiscal month-end) of derivative activity for the year ended October 31, 2020 was as follows (amounts in thousands):
Futures* | ||||
The DFA International Value Series |
$ | 109,918 | ||
The Asia Pacific Small Company Series |
1,427 | |||
The United Kingdom Small Company Series |
465 |
235
Futures* | ||||
The Emerging Markets Series |
$ | 54,034 | ||
The Emerging Markets Small Cap Series |
38,684 |
* | Average Notional Value of contracts |
The following is a summary of the Series derivative instrument holdings categorized by primary risk exposure as of October 31, 2020 (amounts in thousands):
Asset Derivatives Value | ||||||||
Total Value at October 31, 2020 |
Equity Contracts*,(1) |
|||||||
The Emerging Markets Series |
$ | 322 | $ | 322 | ||||
The Emerging Markets Small Cap Series |
245 | 245 | ||||||
Liability Derivatives Value | ||||||||
Total Value at October 31, 2020 |
Equity Contracts (2) |
|||||||
The DFA International Value Series |
$ | (2,236 | ) | $ | (2,236 | ) | ||
The Emerging Markets Series |
(285 | ) | (285 | ) |
(1) | Presented on Statements of Assets and Liabilities as Receivables: Futures Margin Variation. |
(2) | Presented on Statements of Assets and Liabilities as Payables: Futures Margin Variation. |
* | Includes cumulative appreciation (depreciation) of futures contracts. Only current days margin variation is reported within the Statements of Assets and Liabilities. |
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 for the year ended October 31, 2020 (amounts in thousands):
Realized Gain (Loss) on Derivatives |
||||||||
Total | Equity Contracts (1) |
|||||||
The DFA International Value Series |
$ | 40,717 | $ | 40,717 | ||||
The Asia Pacific Small Company Series |
608 | 608 | * | |||||
The United Kingdom Small Company Series |
(394 | ) | (394 | )* | ||||
The Continental Small Company Series |
(260 | ) | (260 | )* | ||||
The Emerging Markets Series |
20,410 | 20,410 | ||||||
The Emerging Markets Small Cap Series |
16,698 | 16,698 |
Change in Unrealized Appreciation (Depreciation) on Derivatives |
||||||||
Total | Equity Contracts (2) |
|||||||
The DFA International Value Series |
$ | (3,281 | ) | $ | (3,281 | ) | ||
The Emerging Markets Series |
(366 | ) | (366 | ) |
236
Change in Unrealized Appreciation (Depreciation) on Derivatives |
||||||||
Total | Equity Contracts (2) |
|||||||
The Emerging Markets Small Cap Series |
$ | (512 | ) | $ | (512 | ) |
(1) | Presented on Statements of Operations as Net Realized Gain (Loss) on: Futures. |
(2) | Presented on Statements of Operations as Change in Unrealized Appreciation (Depreciation) of: Futures. |
* | As of October 31, 2020, there were no futures contracts outstanding. During the year ended October 31, 2020, 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 8, 2020, with its domestic custodian bank. A line of credit with similar terms was in effect through April 8, 2020. 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 April 7, 2021.
The Trust, together with other Dimensional-advised portfolios, has also entered into an additional $700 million unsecured line of credit with its international custodian bank effective January 2, 2020. A line of credit with similar terms was in effect through January 2, 2020. 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 $700 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 agreement for the discretionary line of credit may be terminated by either party at any time. The line of credit agreement expires on January 1, 2021.
For the year ended October 31, 2020, borrowings by the following Series under the lines of credit were as follows (amounts in thousands, except percentages and days):
Weighted Average Interest Rate |
Weighted Average Loan Balance |
Number of Days Outstanding* |
Interest Expense Incurred |
Maximum Amount Borrowed During the Period |
Outstanding Borrowings as of 10/31/2020 |
|||||||||||||||||||
The DFA International Value Series |
1.05 | % | $ | 5,051 | 27 | $ | 4 | $ | 26,672 | | ||||||||||||||
The Japanese Small Company Series |
1.29 | % | 10,351 | 25 | 9 | 39,665 | | |||||||||||||||||
The Asia Pacific Small Company Series |
1.18 | % | 120 | 37 | | 1,588 | | |||||||||||||||||
The United Kingdom Small Company Series |
1.88 | % | 117 | 12 | | 278 | | |||||||||||||||||
The Continental Small Company Series |
1.22 | % | 5,962 | 8 | 1 | 36,080 | | |||||||||||||||||
The Canadian Small Company Series |
1.22 | % | 243 | 19 | | 2,070 | |
237
Weighted Average Interest Rate |
Weighted Average Loan Balance |
Number of Days Outstanding* |
Interest Expense Incurred |
Maximum Amount Borrowed During the Period |
Outstanding Borrowings as of 10/31/2020 |
|||||||||||||||||||
The Emerging Markets Series |
1.00 | % | $ | 6,009 | 9 | $ | 1 | $ | 23,073 | | ||||||||||||||
The Emerging Markets Small Cap Series |
1.18 | % | 9,458 | 37 | 10 | 39,369 | |
* | Number of Days Outstanding represents the total single or consecutive days during the year ended October 31, 2020, that each Series available line of credit was used. |
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 days notice.
The Series did not use the interfund lending program during the year ended October 31, 2020.
I. Affiliated Trades:
Cross trades for the year ended October 31, 2020, if any, were executed by the Series pursuant to procedures adopted by the Board of Trustees of the Trust 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 a common investment advisor (or affiliated investment advisors), common Trustees and/or common Officers. At its regularly scheduled meetings, the CCO certifies to the Board that the 17a-7 transactions entered into by the Series complied with the Rule 17a-7 Procedures adopted by the Board of Trustees of the Trust.
For the year ended October 31, 2020, cross trades by the Series under Rule 17a-7 were as follows (amounts in thousands):
Series |
Purchases | Sales | Realized Gain (Loss) | |||||||||
The DFA International Value Series |
$ | 74,530 | $ | 141,663 | $ | (89,237 | ) | |||||
The Japanese Small Company Series |
28,652 | 26,969 | 802 | |||||||||
The Asia Pacific Small Company Series |
30,308 | 33,449 | 3,587 | |||||||||
The United Kingdom Small Company Series |
14,591 | 13,013 | (11,437 | ) | ||||||||
The Continental Small Company Series |
24,868 | 51,077 | (2,895 | ) | ||||||||
The Canadian Small Company Series |
38,671 | 17,745 | (12,151 | ) | ||||||||
The Emerging Markets Series |
1,169 | 2,421 | (1,126 | ) | ||||||||
The Emerging Markets Small Cap Series |
3,427 | 3,807 | (751 | ) |
238
J. Securities Lending:
As of October 31, 2020, each Series had securities on loan to brokers/dealers, for which each such Series received cash collateral. The Series also received non-cash collateral consisting of short- and/or long-term U.S. Treasuries and U.S. government agency securities as follows (amounts in thousands):
Non-Cash Collateral Market Value |
||||
The DFA International Value Series |
$ | 9,145 | ||
The Japanese Small Company Series |
76,030 | |||
The Asia Pacific Small Company Series |
88,424 | |||
The United Kingdom Small Company Series |
105 | |||
The Continental Small Company Series |
12,013 | |||
The Canadian Small Company Series |
31,442 | |||
The Emerging Markets Series |
67,242 | |||
The Emerging Markets Small Cap Series |
321,403 |
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 in an amount (i) equal to at least 100% of the current market value of the loaned securities with respect to securities of the U.S. government or its agencies, (ii) generally equal to 102% of the current market value of the loaned securities with respect to U.S. securities, and (iii) generally equal to 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, cash collateral being maintained by the borrower is insufficient to cover the value of loaned securities, and 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, the 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. Income received from the Money Market Series is netted with fees for securities lending and collateral investment expenses and with other payments to and from borrowers of securities. The 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 or unaffiliated money market funds that are registered or unregistered. For purposes of this paragraph, agencies include both agency debentures and agency mortgage-backed securities. Additionally, 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 for taxation at qualified dividend income rates.
239
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of October 31, 2020 (amounts in thousands):
Remaining Contractual Maturity of the Agreements As of October 31, 2020 |
||||||||||||||||||||
Overnight and Continuous |
<30 days | Between 30 & 90 days |
>90 days | Total | ||||||||||||||||
Securities Lending Transactions |
||||||||||||||||||||
The DFA International Value Series |
||||||||||||||||||||
Common Stocks |
$ | 263,837 | | | | $ | 263,837 | |||||||||||||
The Japanese Small Company Series |
||||||||||||||||||||
Common Stocks |
57,878 | | | | 57,878 | |||||||||||||||
The Asia Pacific Small Company Series |
||||||||||||||||||||
Common Stocks |
42,044 | | | | 42,044 | |||||||||||||||
The United Kingdom Small Company Series |
||||||||||||||||||||
Common Stocks |
31,244 | | | | 31,244 | |||||||||||||||
The Continental Small Company Series |
||||||||||||||||||||
Common Stocks, Rights/Warrants |
324,448 | | | | 324,448 | |||||||||||||||
The Canadian Small Company Series |
||||||||||||||||||||
Common Stocks, Rights/Warrants |
146,315 | | | | 146,315 | |||||||||||||||
The Emerging Markets Series |
||||||||||||||||||||
Common Stocks |
86,841 | | | | 86,841 | |||||||||||||||
The Emerging Markets Small Cap Series |
||||||||||||||||||||
Common Stocks |
122,565 | | | | 122,565 |
K. Indemnitees; Contractual Obligations:
Under the Trusts organizational documents, its Officers and Trustees 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 that provide general indemnification. The Trusts 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. Recently Issued Accounting Standards:
In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-08 which changes the amortization period for a callable debt security from the maturity date to the earliest call date. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Trusts adoption of ASU 2017-08 disclosure requirements are reflected within these financial statements prepared as of October 31, 2020 and management has concluded that the change in accounting principle does not materially impact the financial statement amounts.
In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurements (ASU 2018-13). This update makes certain removals from, changes to and additions to existing disclosure requirements for fair value measurement. ASU 2018-13 does not change fair value measurements already required or permitted by existing standards. ASU 2018-13 is effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Series early adoption of all of the ASU 2018-13 disclosure requirements are reflected within these financial statements prepared as of October 31, 2020.
240
On July 27, 2017, the head of the United Kingdoms Financial Conduct Authority announced the intention to phase out the use of London Interbank Offered Rate (LIBOR) by the end of 2021. In the interim, there remains uncertainty regarding the impact the transition to replacement rates may have on the value of LIBOR-based investments. In March 2020, the FASB issued ASU 2020-04 which provides optional guidance to ease the potential accounting burden associated with transitioning away from the LIBOR and other reference rates that are expected to be discontinued. The ASU is effective immediately upon release of the update on March 12, 2020 through December 31, 2022. At this time, management is evaluating implications of these changes on the financial statements.
M. Coronavirus (COVID-19) Pandemic:
The continued worldwide spread of novel coronavirus (COVID-19) and its impact on international business operations, supply chains, travel, commodity prices, consumer confidence and business forecasts, and the associated impact on domestic and international equity markets and fixed income yields, has caused uncertainty for the global economy and financial markets. If market expectations regarding the impact of COVID-19 worsen, or if expected returns change because investors demand higher returns to invest in these uncertain times, there may be a detrimental impact on returns in the near term.
N. Other:
The Series and the Trust 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, 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 buy-out transaction, seeking the return of proceeds received by the shareholders). Although management currently believes that resolving claims against the Series and the Trust, individually or in aggregate, will not have a material adverse impact on the Series and the Trusts financial position, results of operations, or cash flows, these matters are subject to inherent uncertainties and managements view of these matters may change in the future.
O. Subsequent Event Evaluations:
On November 12, 2020, President Trump issued an Executive Order titled Addressing the Threat from Securities Investments that Finance Communist Chinese Military Companies (the Order). Beginning January 11, 2021, the Order will prohibit U.S. entities from participating in certain types of transactions involving securities of Chinese companies known to be associated with the Chinese military. Management is currently evaluating the Orders effect on the Funds.
241
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of The DFA Investment Trust Company and Shareholders of 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
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the summary schedules of portfolio holdings, of 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 (eight of the series constituting The DFA Investment Trust Company, hereafter collectively referred to as the Series) as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2020 (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Series as of October 31, 2020, 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 ended October 31, 2020, and each of the financial highlights for each of the five years in the period ended October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Series management. Our responsibility is to express an opinion on the Series financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian, brokers and transfer agent of the investee fund; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 18, 2020
We have served as the auditor of one or more investment companies in Dimensional Fund Advisors L.P. investment company group since 1981.
DIMENSIONAL EMERGING MARKETS VALUE FUND
(Unaudited)
Dimensional Emerging Markets Value Fund vs.
MSCI Emerging Markets Index (net dividends)
October 31, 2010-October 31, 2020
Past performance is not predictive of future performance.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
MSCI data © MSCI 2020, all rights reserved. |
243
MANAGEMENTS DISCUSSION AND ANALYSIS
International Equity Market Review | 12 Months Ended October 31, 2020 |
Performance of non-U.S. developed markets was mostly negative for the period. As measured by the MSCI World ex USA indices, small-cap stocks outperformed large-cap stocks, and mid-cap stocks, a subset of the large-cap universe, outperformed large-cap stocks but underperformed small-cap stocks. Value stocks underperformed growth stocks as measured by the MSCI World ex USA indices.
12 Months Ended October 31, 2020
Return in U.S. Dollars | ||||
MSCI World ex USA Index |
-6.79 | % | ||
MSCI World ex USA Mid Cap Index |
-3.83 | % | ||
MSCI World ex USA Small Cap Index |
-0.65 | % | ||
MSCI World ex USA Value Index |
-18.72 | % | ||
MSCI World ex USA Growth Index |
5.65 | % |
For the 12 Months Ended October 31, 2020, the U.S. dollar depreciated against most non-U.S. developed markets currencies. Overall, currency movements had a positive impact on the U.S. dollar-denominated returns of developed markets.
12 Months Ended October 31, 2020
Ten Largest Foreign Developed Markets by Market Cap |
Local Return | Return in U.S. Dollars | ||||||
Japan |
-2.97 | % | 0.33 | % | ||||
United Kingdom |
-22.19 | % | -22.25 | % | ||||
France |
-17.43 | % | -13.79 | % | ||||
Switzerland |
-4.37 | % | 2.95 | % | ||||
Canada |
-4.70 | % | -6.05 | % | ||||
Germany |
-10.77 | % | -6.84 | % | ||||
Australia |
-11.01 | % | -9.29 | % | ||||
Netherlands |
4.14 | % | 8.62 | % | ||||
Hong Kong |
-8.06 | % | -7.15 | % | ||||
Sweden |
0.79 | % | 9.10 | % |
Source: Returns are of MSCI standard indices net of foreign withholding taxes on dividends. Copyright MSCI 2020, all rights reserved.
Emerging markets had mostly positive performance for the period, outperforming non-U.S. developed markets but underperforming the U.S. As measured by the MSCI Emerging Markets indices, small-cap stocks underperformed large-cap stocks, and mid-cap stocks, a subset of the large-cap universe, underperformed large-cap stocks and small-cap stocks. Value stocks underperformed growth stocks as measured by the MSCI Emerging Markets indices.
244
12 Months Ended October 31, 2020
Return in U.S. Dollars | ||||
MSCI Emerging Markets Index |
8.25 | % | ||
MSCI Emerging Markets Mid Cap Index |
-3.22 | % | ||
MSCI Emerging Markets Small Cap Index |
2.39 | % | ||
MSCI Emerging Markets Value Index |
-8.47 | % | ||
MSCI Emerging Markets Growth Index |
25.97 | % |
For the 12 Months Ended October 31, 2020, the U.S. dollar depreciated against some emerging markets currencies and appreciated against others. Overall, currency movements had a negative impact on the U.S. dollar denominated returns of emerging markets.
12 Months Ended October 31, 2020
Ten Largest Emerging Markets by Market Cap |
Local Return | Return in U.S. | ||||||
Dollars |
||||||||
China |
33.57 | % | 35.19 | % | ||||
Taiwan |
18.86 | % | 26.49 | % | ||||
Korea |
11.33 | % | 14.15 | % | ||||
India |
1.83 | % | -2.54 | % | ||||
Brazil |
-11.13 | % | -38.13 | % | ||||
South Africa |
-6.49 | % | -13.31 | % | ||||
Saudi Arabia |
-0.90 | % | -0.90 | % | ||||
Russia |
-14.17 | % | -29.27 | % | ||||
Thailand |
-28.54 | % | -30.77 | % | ||||
Malaysia |
-6.02 | % | -5.49 | % |
Source: Returns are of MSCI standard indices net of foreign withholding taxes on dividends. Copyright MSCI 2020, all rights reserved.
For Portfolios investing in non-U.S. equities traded outside of the U.S. market time zone, differences in the valuation timing and methodology between a Portfolio and its benchmark index may impact relative performance over the referenced period. The Portfolios price foreign exchange rates at the closing of the U.S. market, while their benchmark indices use rates at 4 p.m. London time. The Portfolios also may use fair value pricing to price certain portfolio securities at the closing of the U.S. market, while benchmark indices may use local market closing prices. For the one-year period ended October 31, 2020, these differences generally contributed positively to the Portfolios relative performance.
245
Dimensional Emerging Markets Value Fund
The Dimensional Emerging Markets Value Fund invests in value stocks of large and small companies in emerging markets. The investment strategy is process driven, emphasizing broad diversification with increased exposure to stocks with smaller market capitalizations, lower relative price (value), and higher-profitability within the value segment of emerging markets. As of October 31, 2020, the Fund held approximately 2,870 securities in 22 eligible emerging markets. Average cash exposure throughout the year was less than 1% of the Funds assets.
For the 12 months ended October 31, 2020, total returns were -9.41% for the Fund and 8.25% for the MSCI Emerging Markets Index (net dividends), the Funds benchmark. The Funds focus on low relative price (value) stocks had a negative impact on performance relative to the style-neutral benchmark, as value stocks underperformed high relative price (growth) stocks in emerging markets for the period. With small-cap stocks underperforming large-cap stocks, the Funds inclusion of small-caps also detracted from performance relative to the benchmark, which is composed primarily of large- and mid-cap stocks.
246
DIMENSIONAL EMERGING MARKETS VALUE FUND
(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 and legal and audit services, which are deducted from a funds gross income, directly reduce the investment return of the fund. A funds 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 funds 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 funds actual return, and Expenses Paid During Period reflects 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 funds costs with those of other mutual funds. The hypothetical Ending Account Value and Expenses Paid During Period are derived from the funds actual expense ratio and an assumed 5% annual return before expenses. In this case, because the return used is not the funds 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 funds 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 table 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.
247
DISCLOSURE OF FUND EXPENSES
CONTINUED
Six Months Ended October 31, 2020
EXPENSE TABLE
Beginning Account Value 05/01/20 |
Ending Account Value 10/31/20 |
Annualized Expense Ratio (1) |
Expenses Paid During Period (1) |
|||||||||||||
Dimensional Emerging Markets Value Fund |
||||||||||||||||
Actual Fund Return Institutional Class Shares |
$ | 1,000.00 | $ | 1,119.80 | 0.14 | % | $ | 0.75 | ||||||||
Hypothetical 5% Annual Return Institutional Class Shares |
$ | 1,000.00 | $ | 1,024.43 | 0.14 | % | $ | 0.71 |
(1) | Expenses are equal to the funds 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 (366) to reflect the six-month period. |
248
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 as an exhibit to their reports on Form N-PORT. For the Dimensional Emerging Markets Value Fund, this would be for the fiscal quarters ending January 31 and July 31. Such Form N-PORT filing must be made within 60 days of the end of the quarter. Dimensional Emerging Markets Value Fund filed its most recent Form N-PORT with the SEC on September 29, 2020. They are available upon request, without charge, by calling collect: (512) 306-7400; by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746; by visiting the SECs website at http://www.sec.gov; or by visiting the SECs 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 funds 50 largest holdings in unaffiliated issuers and any investments that exceed one percent of the funds net assets at the end of the reporting period. The regulations 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; by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746; or by visiting the SECs website at http://www.sec.gov.
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 used. The following table, which presents portfolio holdings as a percentage of total investments before short-term investments and collateral for loaned securities, is provided in compliance with this 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 |
||||
Communication Services |
6.1 | % | ||
Consumer Discretionary |
8.3 | % | ||
Consumer Staples |
2.5 | % | ||
Energy |
11.8 | % | ||
Financials |
26.8 | % | ||
Health Care |
2.2 | % | ||
Industrials |
9.0 | % | ||
Information Technology |
10.6 | % | ||
Materials |
14.2 | % | ||
Real Estate |
7.0 | % | ||
Utilities |
1.5 | % | ||
|
|
|||
100.0 | % |
249
DIMENSIONAL EMERGING MARKETS VALUE FUND
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2020
Shares | Value» | Percentage of Net Assets |
||||||||||||
COMMON STOCKS (97.7%) |
||||||||||||||
BRAZIL (3.8%) |
||||||||||||||
Petroleo Brasileiro SA | 13,010,994 | $ | 43,083,137 | 0.3 | % | |||||||||
# |
Petroleo Brasileiro SA, Sponsored ADR | 10,919,479 | 72,177,756 | 0.6 | % | |||||||||
# |
Petroleo Brasileiro SA, Sponsored ADR | 7,354,006 | 48,757,060 | 0.4 | % | |||||||||
Vale SA | 19,189,949 | 202,502,886 | 1.6 | % | ||||||||||
Other Securities | 120,277,212 | 0.9 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL BRAZIL |
486,798,051 | 3.8 | % | |||||||||||
|
|
|
|
|||||||||||
CHILE (0.8%) |
||||||||||||||
Other Securities | 105,259,000 | 0.8 | % | |||||||||||
|
|
|
|
|||||||||||
CHINA (34.1%) |
||||||||||||||
Agricultural Bank of China, Ltd., Class H | 168,975,000 | 57,488,052 | 0.5 | % | ||||||||||
* |
Baidu, Inc., Sponsored ADR | 850,256 | 113,126,561 | 0.9 | % | |||||||||
Bank of China, Ltd., Class H | 429,401,817 | 135,631,320 | 1.1 | % | ||||||||||
China Construction Bank Corp., Class H | 536,266,101 | 369,547,974 | 2.9 | % | ||||||||||
China Merchants Bank Co., Ltd., Class H | 9,899,500 | 51,565,831 | 0.4 | % | ||||||||||
China Mobile, Ltd. | 47,016,500 | 287,578,277 | 2.3 | % | ||||||||||
# |
China Mobile, Ltd., Sponsored ADR | 1,828,857 | 56,200,776 | 0.5 | % | |||||||||
China National Building Material Co., Ltd., Class H | 39,005,250 | 44,897,440 | 0.4 | % | ||||||||||
China Overseas Land & Investment, Ltd. | 35,908,000 | 90,193,360 | 0.7 | % | ||||||||||
China Resources Land, Ltd. | 27,684,000 | 113,218,297 | 0.9 | % | ||||||||||
China Shenhua Energy Co., Ltd., Class H | 30,249,000 | 52,410,637 | 0.4 | % | ||||||||||
CNOOC, Ltd. | 135,780,000 | 124,232,684 | 1.0 | % | ||||||||||
# |
CNOOC, Ltd., Sponsored ADR | 251,574 | 23,174,997 | 0.2 | % | |||||||||
Industrial & Commercial Bank of China, Ltd., Class H | 388,008,996 | 220,336,358 | 1.7 | % | ||||||||||
PetroChina Co., Ltd., Class H | 176,780,000 | 49,646,414 | 0.4 | % | ||||||||||
* |
Trip.com Group, Ltd., ADR | 2,378,359 | 68,401,605 | 0.5 | % | |||||||||
Other Securities | 2,553,703,914 | 19.5 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL CHINA |
4,411,354,497 | 34.3 | % | |||||||||||
|
|
|
|
|||||||||||
COLOMBIA (0.1%) |
||||||||||||||
Other Securities | 13,754,828 | 0.1 | % | |||||||||||
|
|
|
|
|||||||||||
CZECH REPUBLIC (0.2%) |
||||||||||||||
Other Security | 21,954,944 | 0.2 | % | |||||||||||
|
|
|
|
|||||||||||
GREECE (0.2%) |
||||||||||||||
Other Securities | 19,330,083 | 0.2 | % | |||||||||||
|
|
|
|
|||||||||||
HONG KONG (0.1%) |
||||||||||||||
Other Securities | 11,047,184 | 0.1 | % | |||||||||||
|
|
|
|
|||||||||||
HUNGARY (0.2%) |
||||||||||||||
Other Securities | 22,221,112 | 0.2 | % | |||||||||||
|
|
|
|
|||||||||||
INDIA (11.2%) |
||||||||||||||
* |
Axis Bank, Ltd. | 8,523,857 | 56,329,366 | 0.5 | % | |||||||||
Bharti Airtel, Ltd. | 8,859,463 | 51,682,131 | 0.4 | % | ||||||||||
#* |
ICICI Bank, Ltd., Sponsored ADR | 5,868,831 | 61,916,166 | 0.5 | % | |||||||||
Reliance Industries, Ltd. | 17,062,685 | 475,326,938 | 3.7 | % | ||||||||||
Wipro, Ltd. | 9,688,471 | 44,470,377 | 0.4 | % |
250
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
INDIA (Continued) |
||||||||||||||
Other Securities | $ | 765,601,726 | 5.8 | % | ||||||||||
|
|
|
|
|||||||||||
TOTAL INDIA |
1,455,326,704 | 11.3 | % | |||||||||||
|
|
|
|
|||||||||||
INDONESIA (1.7%) |
||||||||||||||
Other Securities | 222,498,298 | 1.7 | % | |||||||||||
|
|
|
|
|||||||||||
MALAYSIA (2.0%) |
||||||||||||||
Other Securities | 263,749,256 | 2.0 | % | |||||||||||
|
|
|
|
|||||||||||
MEXICO (2.6%) |
||||||||||||||
* |
Grupo Financiero Banorte S.A.B. de C.V., Class O | 13,470,783 | 60,077,605 | 0.5 | % | |||||||||
# |
Grupo Mexico S.A.B. de C.V., Class B | 26,674,348 | 76,056,128 | 0.6 | % | |||||||||
Other Securities | 202,392,250 | 1.5 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL MEXICO |
338,525,983 | 2.6 | % | |||||||||||
|
|
|
|
|||||||||||
PHILIPPINES (1.1%) |
||||||||||||||
Other Securities | 137,610,706 | 1.1 | % | |||||||||||
|
|
|
|
|||||||||||
POLAND (0.6%) |
||||||||||||||
Other Securities | 83,612,237 | 0.6 | % | |||||||||||
|
|
|
|
|||||||||||
QATAR (0.1%) |
||||||||||||||
Other Securities | 18,397,840 | 0.1 | % | |||||||||||
|
|
|
|
|||||||||||
RUSSIA (1.2%) |
||||||||||||||
Gazprom PJSC, Sponsored ADR | 13,197,152 | 50,559,042 | 0.4 | % | ||||||||||
Lukoil PJSC, Sponsored ADR | 1,567,520 | 80,199,247 | 0.6 | % | ||||||||||
Other Securities | 22,795,935 | 0.2 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL RUSSIA |
153,554,224 | 1.2 | % | |||||||||||
|
|
|
|
|||||||||||
SAUDI ARABIA (1.4%) |
||||||||||||||
Other Securities | 181,979,535 | 1.4 | % | |||||||||||
|
|
|
|
|||||||||||
SOUTH AFRICA (3.6%) |
||||||||||||||
Gold Fields, Ltd., Sponsored ADR | 4,043,915 | 44,199,991 | 0.4 | % | ||||||||||
# |
MTN Group, Ltd. | 17,362,155 | 61,991,752 | 0.5 | % | |||||||||
# |
Standard Bank Group, Ltd. | 8,692,029 | 56,836,235 | 0.5 | % | |||||||||
Other Securities | 309,122,180 | 2.3 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL SOUTH AFRICA |
472,150,158 | 3.7 | % | |||||||||||
|
|
|
|
|||||||||||
SOUTH KOREA (13.3%) |
||||||||||||||
Hana Financial Group, Inc. | 2,258,552 | 61,009,048 | 0.5 | % | ||||||||||
Hyundai Mobis Co., Ltd. | 283,243 | 56,751,564 | 0.5 | % | ||||||||||
Hyundai Motor Co. | 625,316 | 91,531,258 | 0.7 | % | ||||||||||
# |
KB Financial Group, Inc., ADR | 2,791,178 | 99,728,790 | 0.8 | % | |||||||||
Kia Motors Corp. | 1,464,704 | 65,690,709 | 0.5 | % | ||||||||||
LG Electronics, Inc. | 1,110,054 | 82,520,798 | 0.7 | % | ||||||||||
# |
POSCO, Sponsored ADR | 1,001,387 | 46,374,232 | 0.4 | % | |||||||||
Samsung Electronics Co., Ltd. | 1,859,363 | 93,462,013 | 0.7 | % | ||||||||||
Other Securities | 1,129,694,320 | 8.6 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL SOUTH KOREA |
1,726,762,732 | 13.4 | % | |||||||||||
|
|
|
|
251
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
TAIWAN (16.8%) |
||||||||||||||
Cathay Financial Holding Co., Ltd. |
60,483,459 | $ | 81,273,650 | 0.7 | % | |||||||||
China Steel Corp. |
95,778,320 | 68,037,274 | 0.5 | % | ||||||||||
CTBC Financial Holding Co., Ltd. |
128,423,073 | 81,100,440 | 0.6 | % | ||||||||||
E.Sun Financial Holding Co., Ltd. |
77,915,310 | 66,244,829 | 0.5 | % | ||||||||||
First Financial Holding Co., Ltd. |
71,961,241 | 50,493,024 | 0.4 | % | ||||||||||
Fubon Financial Holding Co., Ltd. |
44,449,471 | 63,320,705 | 0.5 | % | ||||||||||
Hon Hai Precision Industry Co., Ltd. |
53,136,192 | 144,112,269 | 1.1 | % | ||||||||||
Taiwan Cement Corp. |
57,812,948 | 82,046,639 | 0.7 | % | ||||||||||
# |
United Microelectronics Corp. |
78,777,681 | 84,666,360 | 0.7 | % | |||||||||
Yuanta Financial Holding Co., Ltd. |
80,471,994 | 50,031,701 | 0.4 | % | ||||||||||
Other Securities |
1,403,433,958 | 10.8 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL TAIWAN |
2,174,760,849 | 16.9 | % | |||||||||||
|
|
|
|
|||||||||||
THAILAND (2.0%) |
||||||||||||||
PTT PCL |
66,812,900 | 66,453,835 | 0.5 | % | ||||||||||
Other Securities |
191,493,648 | 1.5 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL THAILAND |
257,947,483 | 2.0 | % | |||||||||||
|
|
|
|
|||||||||||
TURKEY (0.5%) |
||||||||||||||
Other Securities |
65,394,133 | 0.5 | % | |||||||||||
|
|
|
|
|||||||||||
UNITED ARAB EMIRATES (0.1%) |
||||||||||||||
Other Securities |
14,562,437 | 0.1 | % | |||||||||||
|
|
|
|
|||||||||||
UNITED STATES (0.0%) |
||||||||||||||
Other Security |
98,855 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL COMMON STOCKS |
12,658,651,129 | 98.3 | % | |||||||||||
|
|
|
|
|||||||||||
PREFERRED STOCKS (0.5%) |
||||||||||||||
BRAZIL (0.5%) |
||||||||||||||
Petroleo Brasileiro SA |
13,455,005 | 44,412,690 | 0.4 | % | ||||||||||
Other Securities |
15,282,263 | 0.1 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL BRAZIL |
59,694,953 | 0.5 | % | |||||||||||
|
|
|
|
|||||||||||
COLOMBIA (0.0%) |
||||||||||||||
Other Securities |
4,904,924 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL PREFERRED STOCKS |
64,599,877 | 0.5 | % | |||||||||||
|
|
|
|
|||||||||||
RIGHTS/WARRANTS (0.0%) |
||||||||||||||
MALAYSIA (0.0%) |
||||||||||||||
Other Securities |
405,349 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
SOUTH KOREA (0.0%) |
||||||||||||||
Other Security |
254,155 | 0.0 | % | |||||||||||
|
|
|
|
252
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | Percentage of Net Assets |
||||||||||||
TAIWAN (0.0%) |
||||||||||||||
Other Securities | $ | 2,313 | 0.0 | % | ||||||||||
|
|
|
|
|||||||||||
TOTAL RIGHTS/WARRANTS |
661,817 | 0.0 | % | |||||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENT SECURITIES |
12,723,912,823 | |||||||||||||
|
|
|||||||||||||
Value | ||||||||||||||
SECURITIES LENDING COLLATERAL (1.8%) |
||||||||||||||
@§ |
The DFA Short Term Investment Fund | 19,810,381 | 229,225,917 | 1.8 | % | |||||||||
|
|
|
|
|||||||||||
TOTAL INVESTMENTS(100.0%) |
$ | 12,953,138,740 | 100.6 | % | ||||||||||
|
|
|
|
As of October 31, 2020, Dimensional Emerging Markets Value Fund had entered into the following outstanding futures contracts:
Description |
Number of Contracts |
Expiration Date |
Notional Value |
Market Value |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
Long Position Contracts: |
||||||||||||||||||||
E-Mini MSCI Emerging Markets Index |
650 | 12/18/20 | $ | 35,377,256 | $ | 35,811,750 | $ | 434,494 | ||||||||||||
S&P 500® Emini Index |
341 | 12/18/20 | 56,486,741 | 55,663,135 | (823,606 | ) | ||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Total Futures Contracts |
$ | 91,863,997 | $ | 91,474,885 | $ | (389,112 | ) | |||||||||||||
|
|
|
|
|
|
Summary of the Funds investments as of October 31, 2020, 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 |
$ | 486,798,051 | | | $ | 486,798,051 | ||||||||||
Chile |
22,773,370 | $ | 82,485,630 | | 105,259,000 | |||||||||||
China |
441,920,900 | 3,969,433,597 | | 4,411,354,497 | ||||||||||||
Colombia |
13,754,828 | | | 13,754,828 | ||||||||||||
Czech Republic |
| 21,954,944 | | 21,954,944 | ||||||||||||
Greece |
42,454 | 19,287,629 | | 19,330,083 | ||||||||||||
Hong Kong |
6,516,246 | 4,530,938 | | 11,047,184 | ||||||||||||
Hungary |
| 22,221,112 | | 22,221,112 | ||||||||||||
India |
74,865,280 | 1,380,461,424 | | 1,455,326,704 | ||||||||||||
Indonesia |
923,002 | 221,575,296 | | 222,498,298 | ||||||||||||
Malaysia |
| 263,749,256 | | 263,749,256 | ||||||||||||
Mexico |
338,525,983 | | | 338,525,983 | ||||||||||||
Philippines |
| 137,610,706 | | 137,610,706 | ||||||||||||
Poland |
| 83,612,237 | | 83,612,237 | ||||||||||||
Qatar |
| 18,397,840 | | 18,397,840 | ||||||||||||
Russia |
16,978,168 | 136,576,056 | | 153,554,224 | ||||||||||||
Saudi Arabia |
| 181,979,535 | | 181,979,535 | ||||||||||||
South Africa |
96,169,700 | 375,980,458 | | 472,150,158 | ||||||||||||
South Korea |
210,985,568 | 1,515,777,164 | | 1,726,762,732 | ||||||||||||
Taiwan |
16,381,437 | 2,158,379,412 | | 2,174,760,849 | ||||||||||||
Thailand |
257,947,483 | | | 257,947,483 | ||||||||||||
Turkey |
| 65,394,133 | | 65,394,133 |
253
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Investments in Securities (Market Value) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
United Arab Emirates |
| $ | 14,562,437 | | $ | 14,562,437 | ||||||||||
United States |
| 98,855 | | 98,855 | ||||||||||||
Preferred Stocks |
||||||||||||||||
Brazil |
$ | 59,694,953 | | | 59,694,953 | |||||||||||
Colombia |
4,904,924 | | | 4,904,924 | ||||||||||||
Rights/Warrants |
||||||||||||||||
Malaysia |
| 405,349 | | 405,349 | ||||||||||||
South Korea |
| 254,155 | | 254,155 | ||||||||||||
Taiwan |
| 2,313 | | 2,313 | ||||||||||||
Securities Lending Collateral |
| 229,225,917 | | 229,225,917 | ||||||||||||
Futures Contracts** |
(389,112 | ) | | | (389,112 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 2,048,793,235 | $ | 10,903,956,393 | | $ | 12,952,749,628 | |||||||||
|
|
|
|
|
|
|
|
** | Valued at the unrealized appreciation/(depreciation) on the investment. |
See accompanying Notes to Financial Statements.
254
DIMENSIONAL EMERGING MARKETS VALUE FUND
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 2020
(Amounts in thousands)
Dimensional Emerging Markets Value Fund |
||||
ASSETS: |
||||
Investment Securities at Value (including $458,438 of securities on loan)* |
$ | 12,723,913 | ||
Collateral from Securities on Loan Invested in Affiliate at Value (including cost of $229,154) |
229,226 | |||
Segregated Cash for Futures Contracts |
7,192 | |||
Foreign Currencies at Value |
70,818 | |||
Cash |
13,826 | |||
Receivables: |
||||
Investment Securities Sold |
60,270 | |||
Dividends, Interest and Tax Reclaims |
7,777 | |||
Securities Lending Income |
880 | |||
Unrealized Gain on Foreign Currency Contracts |
39 | |||
|
|
|||
Total Assets |
13,113,941 | |||
|
|
|||
LIABILITIES: |
||||
Payables: |
||||
Upon Return of Securities Loaned |
229,200 | |||
Investment Securities Purchased |
5,039 | |||
Due to Advisor |
1,122 | |||
Futures Margin Variation |
1,090 | |||
Unrealized Loss on Foreign Currency Contracts |
18 | |||
Deferred Taxes Payable |
4,533 | |||
Accrued Expenses and Other Liabilities |
2,684 | |||
|
|
|||
Total Liabilities |
243,686 | |||
|
|
|||
NET ASSETS |
$ | 12,870,255 | ||
|
|
|||
Investment Securities at Cost |
$ | 13,107,440 | ||
|
|
|||
Foreign Currencies at Cost |
$ | 70,646 | ||
|
|
* | See Note I in the Notes to Financial Statements for additional information about securities lending collateral. |
See accompanying Notes to Financial Statements.
255
DIMENSIONAL EMERGING MARKETS VALUE FUND
FOR THE YEAR ENDED OCTOBER 31, 2020
(Amounts in thousands)
Dimensional Emerging Markets Value Fund# |
||||
Investment Income |
||||
Dividends (Net of Foreign Taxes Withheld of $71,099) |
$ | 493,809 | ||
Income from Securities Lending |
10,493 | |||
|
|
|||
Total Investment Income |
504,302 | |||
|
|
|||
Expenses |
||||
Investment Management Fees |
14,821 | |||
Accounting & Transfer Agent Fees |
716 | |||
Custodian Fees |
4,267 | |||
Shareholders Reports |
79 | |||
Directors/Trustees Fees & Expenses |
122 | |||
Professional Fees |
516 | |||
Other |
2,677 | |||
|
|
|||
Total Expenses |
23,198 | |||
|
|
|||
Fees Paid Indirectly (Note C) |
1,109 | |||
|
|
|||
Net Expenses |
22,089 | |||
|
|
|||
Net Investment Income (Loss) |
482,213 | |||
|
|
|||
Realized and Unrealized Gain (Loss) |
||||
Net Realized Gain (Loss) on: |
||||
Investment Securities Sold** |
(1,060,455 | ) | ||
Futures |
32,312 | |||
Foreign Currency Transactions |
(13,373 | ) | ||
Change in Unrealized Appreciation (Depreciation) of: |
| |||
Investment Securities and Foreign Currency |
(1,145,339 | ) | ||
Affiliated Investment Companies Shares |
14 | |||
Futures |
(3,697 | ) | ||
Translation of Foreign Currency-Denominated Amounts |
(40 | ) | ||
|
|
|||
Net Realized and Unrealized Gain (Loss) |
(2,190,578 | ) | ||
|
|
|||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | (1,708,365 | ) | |
|
|
** | Net of foreign capital gain taxes withheld of $370. |
# | Portion of income is from investment in affiliated fund. |
See accompanying Notes to Financial Statements.
256
DIMENSIONAL EMERGING MARKETS VALUE FUND
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
Dimensional Emerging Markets Value Fund |
||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
|||||||
Increase (Decrease) in Net Assets |
||||||||
Operations: |
||||||||
Net Investment Income (Loss) |
$ | 482,213 | $ | 520,823 | ||||
Net Realized Gain (Loss) on: |
||||||||
Investment Securities Sold*,** |
(1,060,455 | ) | (179,248 | ) | ||||
Affiliated Investment Companies Shares Sold |
| (19 | ) | |||||
Futures |
32,312 | 5,514 | ||||||
Foreign Currency Transactions |
(13,373 | ) | (3,145 | ) | ||||
Change in Unrealized Appreciation (Depreciation) of: |
||||||||
Investment Securities and Foreign Currency |
(1,145,339 | ) | 474,939 | |||||
Affiliated Investment Companies Shares |
14 | 35 | ||||||
Futures |
(3,697 | ) | 12,212 | |||||
Translation of Foreign Currency-Denominated Amounts |
(40 | ) | (50 | ) | ||||
|
|
|
|
|||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
(1,708,365 | ) | 831,061 | |||||
|
|
|
|
|||||
Transactions in Interest: |
||||||||
Contributions |
916,139 | 1,538,030 | ||||||
Withdrawals |
(3,763,616 | ) | (1,627,901 | ) | ||||
|
|
|
|
|||||
Net Increase (Decrease) from Transactions in Interest |
(2,847,477 | ) | (89,871 | ) | ||||
|
|
|
|
|||||
Total Increase (Decrease) in Net Assets |
(4,555,842 | ) | 741,190 | |||||
Net Assets |
||||||||
Beginning of Year |
17,426,097 | 16,684,907 | ||||||
|
|
|
|
|||||
End of Year |
$ | 12,870,255 | $ | 17,426,097 | ||||
|
|
|
|
* | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2020 of $370. |
** | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $1. |
See accompanying Notes to Financial Statements.
257
DIMENSIONAL EMERGING MARKETS VALUE FUND
Dimensional Emerging Markets Value Fund | ||||||||||||||||||||
Year Ended Oct 31, 2020 |
Year Ended Oct 31, 2019 |
Year Ended Oct 31, 2018 |
Year Ended Oct 31, 2017 |
Year Ended Oct 31, 2016 |
||||||||||||||||
Total Return |
(9.41 | %) | 5.24 | % | (9.06 | %) | 24.89 | % | 15.80 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Assets, End of Year (thousands) |
$ | 12,870,255 | $ | 17,426,097 | $ | 16,684,907 | $ | 19,612,211 | $ | 16,647,507 | ||||||||||
Ratio of Expenses to Average Net Assets |
0.14 | % | 0.13 | % | 0.14 | % | 0.16 | % | 0.16 | % | ||||||||||
Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly) |
0.14 | % | 0.15 | % | 0.14 | % | 0.16 | % | 0.16 | % | ||||||||||
Ratio of Net Investment Income to Average Net Assets |
3.25 | % | 2.95 | % | 2.78 | % | 2.64 | % | 2.72 | % | ||||||||||
Portfolio Turnover Rate |
20 | % | 14 | % | 13 | % | 14 | % | 12 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
See page 1-2 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
258
DIMENSIONAL EMERGING MARKETS VALUE FUND
A. Organization:
Dimensional Emerging Markets Value Fund (the Fund) is an open-end management investment company registered under the Investment Company Act of 1940. The Fund meets the definition as an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Certification (ASC) Topic 946, Financial Services-Investment Companies. The Fund consists of one 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 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, the 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 uses 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, and 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 Funds 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 of the day. 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 within the range of the most recent quoted bid and ask prices. Price information on listed securities is taken from the exchange where the security is primarily traded. Generally, securities issued by open-end management 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 Trustees of the Fund. 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 of the Fund 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 at which 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 pricing of the Funds shares (at the close of the NYSE), the Fund will fair-value its foreign
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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 Funds foreign investments since the last calculated closing prices of the foreign investments on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees of the Fund has 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 uses 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 Funds 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 Fund 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 Funds 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 methodology or inputs used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
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 ask prices for the U.S. dollar as quoted by generally recognized reliable sources. To facilitate the translation, the Fund enters into foreign currency contracts. A foreign currency contract is a spot agreement between two parties to buy and sell currencies at current market exchange rates, for settlement generally within two business days. 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 foreign exchange rate fluctuations 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 of 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 Trustee of the Fund may elect to participate in the Fee Deferral Plan for Independent Directors and Trustees (the Plan). Under the Plan, effective January 1, 2002, such Trustees may defer payment of all or a portion of their total fees earned as a Trustee. These deferred amounts may be treated as though such amounts had been invested in shares of the following funds: the 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. As of October 31, 2020, the total liability for deferred compensation to Trustees is included in Accrued Expenses and Other Liabilities on the Statement of Assets and Liabilities in the amount of $656 (in thousands).
The Trustees may receive their distributions of proceeds by 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 Trustee shall have the right in a notice of election (the Notice) to defer the receipt of the Trustees deferred compensation until a date specified by such Trustee in the Notice. The date may not be sooner than the earlier of: (i) the first business day of January following the year in which such Trustee ceases to be a member of the Board of Trustees of the Fund; and (ii) five years following the effective date of the Trustees first deferral election. If a Trustee who elects to defer fees fails to designate in the Notice a time or date as of which payment of the Trustees deferred fee account shall commence, payment of such amount shall commence as of the first business day of January
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following the year in which the Trustee ceases to be a member of the Board (unless the Trustee files an amended Notice selecting a different distribution date). As of October 31, 2020, none of the 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 accounted for 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 received distributions 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. Additionally, if there is a deterioration in a countrys balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.
The Funds 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 tax on short-term capital gains for investments in India. Such taxes are accrued on a daily basis and due upon sale of individual securities.
C. Investment Advisor:
The Advisor, Dimensional Fund Advisors LP, provides investment management services to the Fund.
For the year ended October 31, 2020, the Funds investment management fee was accrued daily and paid monthly to the Advisor based on the following effective annual rate of average daily net assets:
Dimensional Emerging Markets Value Fund |
0.10 | % |
Earned Income Credit:
Additionally, the Fund has entered into arrangements with its custodian whereby net interest earned on uninvested cash balances was used to reduce a portion of the Funds 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 Funds net assets. During the year ended October 31, 2020, expenses reduced were the following (amount in thousands):
Fees Paid Indirectly |
||||
Dimensional Emerging Markets Value Fund |
$ | 1,109 |
Fees Paid to Officers and Directors/Trustees:
Certain Officers and Trustees of the Advisor are also Officers and Trustees of the Fund; however, such Officers and Trustees (with the exception of the Chief Compliance Officer (CCO)) receive no compensation from the Fund. For the year ended October 31, 2020, the total related amounts paid by the Fund to the CCO were $12 (in thousands) and are included in Other Expenses on the Statement of Operations.
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D. Purchases and Sales of Securities:
For the year ended October 31, 2020, the Funds transactions related to investment securities, other than short-term securities, in-kind redemptions and U.S. Government securities (amounts in thousands), were as follows:
Purchases | Sales | |||||||
Dimensional Emerging Markets Value Fund |
$ | 2,830,349 | $ | 5,121,116 |
There were no purchases or sales of long-term U.S. government securities.
For the year ended October 31, 2020, transactions related to Affiliated Investment Companies, excluding in-kind redemptions, are presented below.
1. The amounts presented below may differ from the respective amounts presented in the corresponding Summary Schedule of Portfolio Holdings, Statement of Assets and Liabilities or Statement of Operations due to rounding. The amounts are as follows (amounts in thousands):
Balance at October 31, 2019 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain/(Loss) on Sales |
Change in Unrealized Appreciation/ Depreciation |
Balance at October 31, 2020 |
Shares as of October 31, 2020 |
Dividend Income |
Capital Gain Distributions |
||||||||||||||||||||||||||||
Dimensional Emerging Markets Value Fund |
||||||||||||||||||||||||||||||||||||
The DFA Short Term Investment Fund |
$ | 398,290 | $ | 1,877,609 | $ | 2,046,687 | | $ | 14 | $ | 229,226 | 19,810 | $ | 2,913 | | |||||||||||||||||||||
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Total |
$ | 398,290 | $ | 1,877,609 | $ | 2,046,687 | | $ | 14 | $ | 229,226 | 19,810 | $ | 2,913 | | |||||||||||||||||||||
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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.
As of October 31, 2020, 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):
Federal Tax Cost |
Unrealized Appreciation |
Unrealized (Depreciation) |
Net Unrealized Appreciation (Depreciation) |
|||||||||||||
Dimensional Emerging Markets Value Fund |
$ | 13,449,306 | $ | 2,557,581 | $ | (3,053,725 | ) | $ | (496,144 | ) |
The difference between GAAP-basis and tax basis unrealized gains (losses) can occur as a result of wash sales and net mark-to-market gains (losses) on regulated futures contracts, net mark--to-market gains (losses) on foreign currency contracts, and differences in tax treatment of passive foreign investment company instruments.
ASC 740 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 Funds tax positions and has concluded that no additional provision for income tax is required in the Funds 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 Funds federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
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F. Financial Instruments:
In accordance with the Funds 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.
Derivative Financial Instruments:
Summarized below are the specific types of derivative instruments used by the Fund.
2. Futures Contracts: The Fund may purchase or sell futures contracts and options on futures contracts for foreign or U.S. equity securities and indices, to adjust market exposure based on actual or expected cash inflows to or outflows from the Fund. The Fund, however, does not intend to sell futures contracts to establish short positions in individual securities. Upon entering into a futures contract, the Fund deposits cash or pledges U.S. government securities to a broker in an amount 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 Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss, which is presented in the Statement 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 entrance 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 Fund could lose more than the initial margin requirements. Entering into stock index futures subjects the Fund to equity price risk from those futures contracts. Counterparty credit risk related to exchange-traded futures is minimal because the exchanges clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.
Securities have been segregated as collateral for open futures contracts.
The average volume (based on the open positions at each fiscal month-end) of derivative activity for the year ended October 31, 2020 was as follows (amount in thousands):
Futures* | ||||
Dimensional Emerging Markets Value Fund |
$ | 119,847 |
* | Average Notional Value of contracts |
The following is a summary of the Funds derivative instrument holdings categorized by primary risk exposure as of October 31, 2020 (amounts in thousands):
Asset Derivatives Value | ||||||||
Total Value at October 31, 2020 |
Equity Contracts *,(1) |
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Dimensional Emerging Markets Value Fund |
$ | 434 | $ | 434 |
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Liability Derivatives Value | ||||||||
Total Value at October 31, 2020 |
Equity Contracts (2) |
|||||||
Dimensional Emerging Markets Value Fund. |
$ | (824 | ) | $ | (824 | ) |
(1) | Presented on Statement of Assets and Liabilities as Receivables: Futures Margin Variation. |
(2) | Presented on Statement of Assets and Liabilities as Payables: Futures Margin Variation. |
* | Includes cumulative appreciation (depreciation) of futures contracts. Only current days margin variation is reported within the Statement of Assets and Liabilities. |
The following is a summary of the realized and change in unrealized gains and losses from the Funds derivative instrument holdings categorized by primary risk exposure for the year ended October 31, 2020 (amounts in thousands):
Realized Gain (Loss) on Derivatives |
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Total | Equity Contracts (1) |
|||||||
Dimensional Emerging Markets Value Fund. |
$ | 32,312 | $ | 32,312 | ||||
Change in Unrealized Appreciation (Depreciation) on Derivatives |
||||||||
Total | Equity Contracts (2) |
|||||||
Dimensional Emerging Markets Value Fund. |
$ | (3,697 | ) | $ | (3,697 | ) |
(1) | Presented on Statement of Operations as Net Realized Gain (Loss) on: Futures. |
(2) | Presented on Statement of Operations as Change in Unrealized Appreciation (Depreciation) of: Futures. |
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 8, 2020, with its domestic custodian bank. A line of credit with similar terms was in effect through April 8, 2020. 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 April 7, 2021.
The Fund, together with other Dimensional-advised portfolios, has also entered into an additional $700 million unsecured line of credit with its international custodian bank effective January 2, 2020. A line of credit with similar terms was in effect through January 2, 2020. 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 $700 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 agreement for the discretionary line of credit may be terminated by either party at any time. The line of credit agreement expires on January 1, 2021.
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For the year ended October 31, 2020, borrowings by the Fund under the lines of credit were as follows (amounts in thousands, except percentages and days):
Weighted Average Interest Rate |
Weighted Average Loan Balance |
Number of Days Outstanding* |
Interest Expense Incurred |
Maximum Amount Borrowed During the Period |
Outstanding Borrowings as of 10/31/2020 |
|||||||||||||||||||
Dimensional Emerging Markets Value Fund |
1.06 | % | $ | 19,685 | 19 | $ | 9 | $ | 82,821 | |
* | Number of Days Outstanding represents the total of single or consecutive days during the year ended October 31, 2020, that the Funds available line of credit was used. |
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 days notice.
The Fund did not use the interfund lending program during the year ended October 31, 2020.
H. Affiliated Trades:
Cross trades for the year ended October 31, 2020, if any, were executed by the Fund pursuant to procedures adopted by the Board of Trustees 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 a common investment advisor (or affiliated investment advisors), common Trustees and/or common Officers. At its regularly scheduled meetings, the CCO certifies to the Board that the 17a-7 transactions entered into by the Fund complied with the Rule 17a-7 Procedures adopted by the Board of Trustees of the Fund.
For the year ended October 31, 2020, cross trades by the Fund under Rule 17a-7 were as follows (amounts in thousands):
Portfolio |
Purchases | Sales | Realized Gain (Loss) | |||||||||
Dimensional Emerging Markets Value Fund |
$ | 1,000 | $ | 5,517 | $ | 270 |
I. Securities Lending:
As of October 31, 2020, the Fund had securities on loan to brokers/dealers, for which the Fund received cash collateral. The Fund also received non-cash collateral consisting of short- and/or long-term U.S. Treasuries and U.S. government agency securities as follows (amount in thousands):
Non-Cash Collateral Market Value |
||||
Dimensional Emerging Markets Value Fund. |
$ | 324,063 |
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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 in an amount (i) equal to at least 100% of the current market value of the loaned securities with respect to securities of the U.S. government or its agencies, (ii) generally equal to 102% of the current market value of the loaned securities with respect to U.S. securities, and (iii) generally equal to 105% of the current market value of the loaned securities with respect to foreign securities. However, daily market fluctuations could cause the Funds 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, cash collateral being maintained by the borrower is insufficient to cover the value of loaned securities, and 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 policies, 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. Income received from the Money Market Series is netted with fees for securities lending and collateral investment expenses and with other payments to and from borrowers of securities. 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 or unaffiliated money market funds that are registered or unregistered. For purposes of this paragraph, agencies include both agency debentures and agency mortgage-backed securities. Additionally, 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 for taxation at qualified dividend income rates.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of October 31, 2020 (amounts in thousands):
Remaining Contractual Maturity of the Agreements As of October 31, 2020 |
||||||||||||||||||||
Overnight and Continuous |
<30 days | Between 30 & 90 days |
>90 days | Total | ||||||||||||||||
Securities Lending Transactions Dimensional Emerging Markets Value Fund |
||||||||||||||||||||
Common Stocks. |
$ | 229,200 | | | | $ | 229,200 |
J. Indemnitees; Contractual Obligations:
Under the Funds organizational documents, its Officers and Trustees 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 that provide general indemnification. The Funds 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. Recently Issued Accounting Standards:
In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-08 which changes the amortization period for a callable debt security from the maturity date to the earliest call date. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those
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annual periods. The Funds adoption of ASU 2017-08 disclosure requirements are reflected within these financial statements prepared as of October 31, 2020 and management has concluded that the change in accounting principle does not materially impact the financial statement amounts.
In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurements (ASU 2018-13). This update makes certain removals from, changes to and additions to existing disclosure requirements for fair value measurement. ASU 2018-13 does not change fair value measurements already required or permitted by existing standards. ASU 2018-13 is effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Funds early adoption of all of the ASU 2018-13 disclosure requirements are reflected within these financial statements prepared as of October 31, 2020.
On July 27, 2017, the head of the United Kingdoms Financial Conduct Authority announced the intention to phase out the use of London Interbank Offered Rate (LIBOR) by the end of 2021. In the interim, there remains uncertainty regarding the impact the transition to replacement rates may have on the value of LIBOR-based investments. In March 2020, the FASB issued ASU 2020-04 which provides optional guidance to ease the potential accounting burden associated with transitioning away from the LIBOR and other reference rates that are expected to be discontinued. The ASU is effective immediately upon release of the update on March 12, 2020 through December 31, 2022. At this time, management is evaluating implications of these changes on the financial statements.
L. Coronavirus (COVID-19) Pandemic:
The continued worldwide spread of novel coronavirus (COVID-19) and its impact on international business operations, supply chains, travel, commodity prices, consumer confidence and business forecasts, and the associated impact on domestic and international equity markets and fixed income yields, has caused uncertainty for the global economy and financial markets. If market expectations regarding the impact of COVID-19 worsen, or if expected returns change because investors demand higher returns to invest in these uncertain times, there may be a detrimental impact on returns in the near term.
M. Other:
The Fund is subject to claims and suits that arise from time to time in the ordinary course of business (for example, in The Tribune Company Bankruptcy, 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 buy-out transaction, seeking the return of proceeds received by the shareholders). Although management currently believes that resolving claims against the Fund, individually or in aggregate, will not have a material adverse impact on the Funds financial position, results of operations, or cash flows, these matters are subject to inherent uncertainties and managements view of these matters may change in the future.
N. Subsequent Event Evaluations:
On November 12, 2020, President Trump issued an Executive Order titled Addressing the Threat from Securities Investments that Finance Communist Chinese Military Companies (the Order). Beginning January 11, 2021, the Order will prohibit U.S. entities from participating in certain types of transactions involving securities of Chinese companies known to be associated with the Chinese military. Management is currently evaluating the Orders effect on the Funds.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of Dimensional Emerging Markets Value Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the summary schedule of portfolio holdings, of Dimensional Emerging Markets Value Fund (the Fund) as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2020 (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, 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 ended October 31, 2020 and the financial highlights for each of the five years in the period ended October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Funds management. Our responsibility is to express an opinion on the Funds financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian, brokers and transfer agent of the investee fund; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 18, 2020
We have served as the auditor of one or more investment companies in Dimensional Fund Advisors L.P. investment company group since 1981.
(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, Abbie J. Smith and Ingrid M. Werner. Each member of the Audit Committee is a disinterested Trustee/Director. The Audit Committee oversees the Funds accounting and financial reporting policies and practices, the Funds internal controls, the Funds 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 Funds independent registered certified public accounting firm and acts as a liaison between the Funds independent registered certified public accounting firm and the full Board. There were two Audit Committee meetings held during the fiscal year ended October 31, 2020.
Each Boards Nominating Committee is composed of George M. Constantinides, Roger G. Ibbotson, Myron S. Scholes, Abbie J. Smith, Douglas W. Diamond, Darrell Duffie and Ingrid M. Werner. 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 disinterested Board members and to the full Board. The Nominating Committee evaluates a candidates 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, 2020.
Each Boards Strategy Committee is composed of Gerard K. OReilly, Douglas W. Diamond, Myron S. Scholes and Darrell Duffie. 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 (i) reviews the design of possible new series of the Fund, (ii) reviews performance of existing portfolios of the Funds and discusses and recommends possible enhancements to the portfolios investment strategies, (iii) reviews proposals by the Advisor to modify or enhance the investment strategies or policies of each portfolio, and (iv) considers issues relating to investment services for each portfolio of the Fund. There were three Strategy Committee meetings held during the fiscal year ended October 31, 2020.
Certain biographical information for each disinterested Trustee/Director and interested Trustee/Director of the Funds is set forth in the tables below, including a description of each Trustee/Directors 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, TX 78746. Prospectuses are also available at http://us.dimensional.com.
269
Name, Address and Year of Birth |
Position |
Term
of |
Principal Occupation During Past 5 Years |
Portfolios within the DFA
Fund Overseen |
Other Directorships | |||||
George M. Constantinides University of Chicago Booth School of Business 5807 S. Woodlawn Avenue Chicago, IL 60637
1947 |
Director | DFAIDG - Since 1983; DIG & DEM Since 1993; DFAITC Since 1992 | Leo Melamed Professor of Finance, University of Chicago Booth School of Business (since 1978). | 132 portfolios in 5 investment companies | None | |||||
Douglas W. Diamond c/o Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One Austin, TX 78746
1953 |
Director | Since 2017 for the Funds | Merton H. Miller Distinguished Service Professor of Finance, University of Chicago Booth School of Business (since 1988). Visiting Scholar, Federal Reserve Bank of Richmond (since 1990). Formerly, Fischer Black Visiting Professor of Financial Economics, Alfred P. Sloan School of Management, Massachusetts Institute of Technology (2015 to 2016). | 132 portfolios in 5 investment companies | None | |||||
Darrell Duffie c/o Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One Austin, TX 78746
1954 |
Director | Since March 2019 for the Funds | Dean Witter Distinguished Professor of Finance, Graduate School of Business, Stanford University (since 1984). | 132 portfolios in 5 investment companies | Formerly, Director, Moodys Corporation (financial information and information technology) (2008-April 2018). | |||||
Roger G. Ibbotson Yale School of Management 165 Whitney Avenue New Haven, CT 06511
1943 |
Director | DFAIDG - Since 1981; DIG & DEM Since 1993; DFAITC Since 1992 | Professor in Practice Emeritus of Finance, Yale School of Management (since 1984). Chairman and Partner, Zebra Capital Management, LLC (hedge fund and asset manager) (since 2001). Formerly, Consultant to Morningstar, Inc. (2006 - 2016). | 132 portfolios in 5 investment companies | None | |||||
Myron S. Scholes c/o Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One Austin, TX 78746
1941 |
Director | DFAIDG - Since 1981; DIG & DEM Since 1993; DFAITC Since 1992 | Chief Investment Strategist, Janus Henderson Investors (since 2014). Frank E. Buck Professor of Finance, Emeritus, Graduate School of Business, Stanford University (since 1981). | 132 portfolios in 5 investment companies | Formerly, Adviser, Kuapay, Inc. (2013-2014). Formerly, Director, American Century Fund Complex (registered investment companies) (43 Portfolios) (1980-2014). |
270
Name, Address and Year of Birth |
Position |
Term
of |
Principal Occupation During Past 5 Years |
Portfolios within the DFA
Fund |
Other Directorships | |||||
Abbie J. Smith University of Chicago Booth School of Business 5807 S. Woodlawn Avenue Chicago, IL 60637
1953 |
Director | Since 2000 for the Funds | Boris and Irene Stern Distinguished Service Professor of Accounting, University of Chicago Booth School of Business (since 1980). | 132 portfolios in 5 investment companies | Director (since 2000) and formerly, Lead Director (2014- 2017), HNI Corporation (office furniture); Director, Ryder System Inc. (transportation, logistics and supply-chain management) (since 2003); and Trustee, UBS Funds (3 investment companies within the fund complex) (19 portfolios) (since 2009). | |||||
Ingrid M. Werner c/o Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One Austin, TX 78746
1961 |
Director | Since March 2019 for the Funds | Martin and Andrew Murrer Professor of Finance, Fisher College of Business, The Ohio State University (since 1998). Adjunct Member, the Prize Committee for the Swedish Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (annual award for significant scientific research contribution) (since January 2018). President, Western Finance Association (global association of academic researchers and practitioners in finance) (since June 2018). Director, American Finance Association (global association of academic researchers and practitioners in finance) (since January 2019). Member, Economic Advisory Committee, FINRA (since 2017). Chairman, Scientific Advisory Board, Swedish House of Finance (institute supporting academic research in finance) (since 2014). Member, Scientific Board, Danish Finance Institute (institute supporting academic research in finance) (since 2017). Member, Academic Board, Mistra Financial Systems (organization funding academic research on environment, governance and climate/sustainability in finance) (since 2016). Fellow, Center for Analytical Finance (academic research) (since 2015). Associate Editor, Journal of Finance (since 2016). | 132 portfolios in 5 investment companies | Director, Fourth Swedish AP Fund (pension fund asset management) (since 2017). |
271
Interested Director
The following interested Director is described as such because he is deemed to be an interested person, as that term is defined under the 1940 Act, due to his position with the Advisor.
Name, Address and Year of Birth |
Position |
Term
of |
Principal Occupation During Past 5 Years |
Portfolios within |
Other Directorships | |||||
David G. Booth 6300 Bee Cave Road, Building One Austin, TX 78746
1946 |
Chairman and Director | DFAIDG - Since 1981; DIG & DFAITC Since 1992; DEM Since 1993 | Chairman, Director/Trustee, and formerly, President and Co-Chief Executive Officer (each until March 2017) of DEM, DFAIDG, DIG and DFAITC. Executive Chairman, and formerly, President and Co- Chief Executive Officer (each until February 2017) of Dimensional Holdings Inc., Dimensional Fund Advisors LP, Dimensional Investment LLC and DFA Securities LLC (collectively with DEM, DFAIDG, DIG and DFAITC, the DFA Entities). Formerly, Chairman and Director (2009-2018) and Co-Chief Executive Officer (2010 June 2017) of Dimensional Fund Advisors Canada ULC. Trustee, University of Chicago (since 2002). Trustee, University of Kansas Endowment Association (since 2005). Member of Hoover Institution Board (since September 2019). Formerly, Director of Dimensional Fund Advisors Ltd. (2002 July 2017), DFA Australia Limited (1994 July 2017), Dimensional Advisors Ltd. (2012 July 2017), Dimensional Funds plc (2006 July 2017) and Dimensional Funds II plc (2006 July 2017). Formerly, Director and President of Dimensional Japan Ltd. (2012 April 2017). Formerly, President, Dimensional SmartNest (US) LLC (2009-2014); and Limited Partner, VSC Investors, LLC (2007-2015). Formerly, Chairman, Director, President and Co-Chief Executive Officer of Dimensional Cayman Commodity Fund I Ltd. (2010-September 2017). | 132 portfolios in 5 investment companies | None |
1 | Each Director holds office for an indefinite term until his or her successor is elected and qualified. |
2 | Each Director is a director or trustee of each of the five registered investment companies within the DFA Fund Complex, which include: DFAIDG; DIG; DFAITC; DEM; and Dimensional ETF Trust. Each disinterested Director also serves on the Independent Review Committee of the Dimensional Funds, mutual funds registered in the provinces of Canada and managed by the Advisors affiliate, Dimensional Fund Advisors Canada ULC. |
272
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.
Name and Year of Birth |
Position |
Term of Office1 and Length of Service |
Principal Occupation During Past 5 Years | |||
Valerie A. Brown 1967 |
Vice President and Assistant Secretary | Since 2001 | Vice President and Assistant Secretary of
all the DFA Entities (since 2001)
DFA Australia Limited (since 2002)
Dimensional Fund Advisors Ltd. (since 2002)
Dimensional Cayman Commodity Fund I Ltd. (since 2010)
Dimensional Fund Advisors Pte. Ltd. (since 2012)
Dimensional Hong Kong Limited (since 2012)
Dimensional ETF Trust (since June 2020)
Director, Vice President and Assistant Secretary (since 2003) of
Dimensional Fund Advisors Canada ULC | |||
Ryan P. Buechner 1982 |
Vice President and Assistant Secretary | Since September 2019 | Vice President and Assistant Secretary of
DFAIDG, DIG, DFAITC and DEM (since September 2019)
Dimensional ETF Trust (since June 2020)
Vice President (since January 2018) of
Dimensional Holdings Inc.
Dimensional Fund Advisors LP
Dimensional Investment LLC
DFA Securities LLC | |||
David P. Butler 1964 |
Co-Chief Executive Officer | Since 2017 | Co-Chief Executive Officer of
all the DFA entities (since 2017)
Dimensional ETF Trust (since June 2020)
Director (since 2017) of
Dimensional Holdings Inc.
Dimensional Fund Advisors Canada ULC
Dimensional Japan Ltd.
Dimensional Advisors Ltd.
Dimensional Fund Advisors Ltd.
DFA Australia Limited
Director and Co-Chief Executive Officer (since 2017) of Dimensional Cayman Commodity Fund I Ltd.
Head of Global Financial Advisor Services (since 2007) for
Dimensional Fund Advisors LP
Formerly, Vice President (2007 2017) of
all the DFA Entities | |||
Stephen A. Clark 1972 |
Executive Vice President | Since 2017 | Executive Vice President of
all the DFA entities (since 2017)
Dimensional ETF Trust (since June 2020)
Director and Vice President (since 2016) of
Dimensional Japan Ltd.
President and Director (since 2016) of
Dimensional Fund Advisors Canada ULC
Vice President (since 2008) and Director (since 2016) of
DFA Australia Limited
Director (since 2016) of
Dimensional Advisors Ltd. |
273
Name and Year of Birth |
Position |
Term of Office1 and Length of Service |
Principal Occupation During Past 5 Years | |||
Dimensional Fund Advisors Pte. Ltd.
Dimensional Hong Kong Limited
Vice President (since 2016) of
Dimensional Fund Advisors Pte. Ltd.
Formerly, Vice President (2004 2017) of
all the DFA Entities
Formerly, Vice President (2010 2016) of
Dimensional Fund Advisors Canada ULC
Formerly, Head of Institutional, North America (2012 2013) and Head of Global Institutional Services (2014-2018) for
Dimensional Fund Advisors LP | ||||||
Randy Olson 1980 |
Chief Compliance Officer | Since August 2020 | Chief Compliance Officer (since August 2020)
DFA Investment Dimensions Group Inc.
Dimensional Investment Group Inc.
The DFA Investment Trust Company
Dimensional Emerging Markets Value Fund
Chief Compliance Officer (since September 2020)
Dimensional ETF Trust
Formerly, Vice President Senior Compliance Officer
Dimensional Investment Advisors LP (January 2020 August 2020 and July 2014 March 2017)
Formerly, Vice President Head of Compliance & Operations Asia Ex-Japan
Dimensional Investment Advisors LP (April 2017 January 2020) | |||
Lisa M. Dallmer 1972 |
Vice President, Chief Financial Officer, and Treasurer | Since March 2020 | Vice President, Chief Financial Officer, and Treasurer of
the DFA Fund Complex (since March 2020)
Dimensional ETF Trust (since June 2020)
Executive Vice President (since January 2020)
Dimensional Holdings Inc.
Dimensional Fund Advisors LP
Dimensional Investments LLC
DFA Securities LLC
Chief Operating Officer (since December 2019)
Dimensional Holdings Inc.
Dimensional Fund Advisors LP
Dimensional Investments LLC
DFA Securities LLC
Formerly, Interim Chief Financial Officer and Treasurer (April 2020 - September 2020)
Dimensional Fund Advisors Canada ULC | |||
Jeff J. Jeon 1973 |
Vice President | Since 2004 | Vice President (since 2004) and Assistant Secretary (2017-2019) of
all the DFA Entities
Vice President (since June 2020)
Dimensional ETF Trust
Vice President and Assistant Secretary (since 2010) of
Dimensional Cayman Commodity Fund I Ltd. | |||
Joy Lopez 1971 |
Vice President and Assistant Treasurer | Vice President since 2015 and Assistant Treasurer since 2017 | Vice President (since 2015) of
all the DFA Entities
Assistant Treasurer (since 2017) of
the DFA Fund Complex
Vice President and Assistant Treasurer (since June 2020) |
274
Name and Year of Birth |
Position |
Term of Office1 and Length of Service |
Principal Occupation During Past 5 Years | |||
Dimensional ETF Trust
Formerly, Senior Tax Manager (2013 2015) for
Dimensional Fund Advisors LP | ||||||
Kenneth M. Manell 1972 |
Vice President | Since 2010 | Vice President of
all the DFA Entities (since 2010)
Dimensional ETF Trust (since June 2020)
Dimensional Cayman Commodity Fund I Ltd. (since 2010) | |||
Catherine L. Newell 1964 |
President and General Counsel | President since 2017 and General Counsel since 2001 | President of
the DFA Fund Complex (since 2017)
Dimensional ETF Trust (since June 2020)
General Counsel (since 2001) of
all the DFA Entities (since 2001)
Dimensional ETF Trust (since June 2020)
Executive Vice President (since 2017) and Secretary (since 2000) of
Dimensional Fund Advisors LP
Dimensional Holdings Inc.
DFA Securities LLC
Dimensional Investment LLC
Director (since 2002), Vice President (since 1997) and Secretary (since 2002) of
DFA Australia Limited
Dimensional Fund Advisors Ltd.
Vice President and Secretary of
Dimensional Fund Advisors Canada ULC (since 2003)
Dimensional Cayman Commodity Fund I Ltd. (since 2010) | |||
Dimensional Japan Ltd. (since 2012)
Dimensional Advisors Ltd (since 2012)
Dimensional Fund Advisors Pte. Ltd. (since 2012)
Director of
Dimensional Funds plc (since 2002)
Dimensional Funds II plc (since 2006)
Director of Dimensional Japan Ltd. (since 2012)
Dimensional Advisors Ltd. (since 2012)
Dimensional Fund Advisors Pte. Ltd. (since 2012)
Dimensional Hong Kong Limited (since 2012)
Dimensional Ireland Limited (since 2019)
Formerly, Vice President and Secretary (2010 2014) of
Dimensional SmartNest (US) LLC
Formerly, Vice President (1997 2017) and Secretary (2000 2017) of
the DFA Fund Complex
Formerly, Vice President of
Dimensional Fund Advisors LP (1997 2017)
Dimensional Holdings Inc. (2006 2017)
DFA Securities LLC (1997 2017)
Dimensional Investment LLC (2009 2017) | ||||||
Carolyn L. O 1974 |
Vice President and Secretary | Vice President since 2010 and Secretary since 2017 | Vice President (since 2010) and Secretary (since 2017) of
the DFA Fund Complex
Vice President and Secretary of
Dimensional ETF Trust (since June 2020)
Vice President (since 2010) and Assistant Secretary (since 2016) of
Dimensional Fund Advisors LP
Dimensional Holdings Inc.
Dimensional Investment LLC |
275
Name and Year of Birth |
Position |
Term of Office1 and Length of Service |
Principal Occupation During Past 5 Years | |||
Vice President of
DFA Securities LLC (since 2010)
Dimensional Cayman Commodity Fund I Ltd. (since 2010)
Dimensional Fund Advisors Canada ULC (since 2016) | ||||||
Gerard K. OReilly 1976 |
Co-Chief Executive Officer and Chief Investment Officer | Co-Chief Executive Officer and Chief Investment Officer since 2017 | Co-Chief Executive Officer and Chief Investment Officer of
all the DFA Entities (since 2017)
Dimensional Fund Advisors Canada ULC (since 2017)
Dimensional ETF Trust (since June 2020)
Director, Chief Investment Officer and Vice President (since 2017) of
DFA Australia Limited
Chief Investment Officer (since 2017) and Vice President (since 2016) of
Dimensional Japan Ltd.
Director, Co-Chief Executive Officer and Chief Investment Officer (since 2017) of
Dimensional Cayman Commodity Fund I Ltd.
Director of
Dimensional Funds plc (since 2014)
Dimensional Fund II plc (since 2014)
Dimensional Holdings Inc. (since 2017)
Dimensional Ireland Limited (since 2019)
Formerly, Co-Chief Investment Officer of
Dimensional Japan Ltd. (2016 2017)
DFA Australia Limited (2014 2017)
Formerly, Executive Vice President (2017) and Co-Chief Investment Officer (2014 2017) of
all the DFA Entities | |||
Formerly, Vice President (2007 2017) of
all the DFA Entities
Formerly, Vice President and Co-Chief Investment Officer (2014 2017) of
Dimensional Fund Advisors Canada ULC
Formerly, Director (2017 2018) of
Dimensional Fund Advisors Pte. Ltd. | ||||||
James J. Taylor 1983 |
Vice President and Assistant Treasurer | Since March 2020 | Vice President and Assistant Treasurer of
the DFA Fund Complex (since March 2020)
Dimensional ETF Trust (since June 2020)
Vice President (since 2016) of
Dimensional Holdings Inc.
Dimensional Fund Advisors LP
Dimensional Investment LLC
DFA Securities LLC
Formerly, Accounting Manager (2015-2016)
Dimensional Fund Advisors LP |
1 | Each officer holds office for an indefinite term at the pleasure of the Boards of Directors/Trustees and until his or her successor is elected and qualified. |
276
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 Advisors website at http://us.dimensional.com; and (3) on the SECs website at http://www.sec.gov. Information regarding how the Advisor votes these proxies is available from the EDGAR database on the SECs website at http://www.sec.gov and from the Advisors website at http://us.dimensional.com and reflects the twelve-month period beginning July 1st and ending June 30th.
277
(Unaudited)
For shareholders that do not have an October 31, 2020 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2020 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year November 01, 2019 to October 31, 2020, 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. The fund designates the maximum amount allowable as Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).
DFA Investment Dimensions Group Inc. |
Net Investment Income Distributions |
Short-Term Capital Gain Distributions |
Long-Term Capital Gain Distributions |
Return of Capital |
Tax-Exempt Interest |
Total Distributions |
Qualifying For Corporate Dividends Received Deduction (1) |
Qualifying Dividend Income (2) |
U.S. Government Interest (3) |
Foreign Tax Credit (4) |
Foreign Source Income (5) |
Qualifying Interest Income (6) |
Qualifying Short- Term Capital Gain (7) |
|||||||||||||||||||||||||||||||||||||||
Large Cap International Portfolio |
100 | % | | | | | 100 | % | | 94 | % | | 7 | % | 100 | % | | | ||||||||||||||||||||||||||||||||||
International Core Equity Portfolio |
100 | % | | | | | 100 | % | | 100 | % | | 7 | % | 100 | % | | | ||||||||||||||||||||||||||||||||||
Global Small Company Portfolio |
100 | % | | | | | 100 | % | | 48 | % | | 4 | % | 53 | % | | | ||||||||||||||||||||||||||||||||||
International Small Company Portfolio |
47 | % | | 53 | % | | | 100 | % | | 100 | % | | 7 | % | 88 | % | | | |||||||||||||||||||||||||||||||||
Japanese Small Company Portfolio |
61 | % | | 39 | % | | | 100 | % | | 90 | % | | 8 | % | 94 | % | | | |||||||||||||||||||||||||||||||||
Asia Pacific Small Company Portfolio |
100 | % | | | | | 100 | % | | 28 | % | | 1 | % | 78 | % | | | ||||||||||||||||||||||||||||||||||
United Kingdom Small Company Portfolio |
23 | % | 16 | % | 61 | % | | | 100 | % | | 100 | % | | | 97 | % | | | |||||||||||||||||||||||||||||||||
Continental Small Company Portfolio |
100 | % | | | | | 100 | % | | 100 | % | | 14 | % | 93 | % | | | ||||||||||||||||||||||||||||||||||
DFA International Real Estate Securities Portfolio |
100 | % | | | | | 100 | % | | | | 2 | % | (95 | %) | | | |||||||||||||||||||||||||||||||||||
DFA Global Real Estate Securities Portfolio |
85 | % | | 15 | % | | | 100 | % | | | | | | | | ||||||||||||||||||||||||||||||||||||
DFA International Small Cap Value Portfolio |
52 | % | | 48 | % | | | 100 | % | | 100 | % | | 9 | % | 91 | % | | | |||||||||||||||||||||||||||||||||
International Vector Equity Portfolio |
100 | % | | | | | 100 | % | | 100 | % | | 9 | % | 92 | % | | | ||||||||||||||||||||||||||||||||||
International High Relative Profitability Portfolio |
100 | % | | | | | 100 | % | | 89 | % | | 8 | % | 100 | % | | | ||||||||||||||||||||||||||||||||||
World ex U.S. Value Portfolio |
100 | % | | | | | 100 | % | | 100 | % | | 8 | % | 90 | % | | | ||||||||||||||||||||||||||||||||||
World ex U.S. Core Equity Portfolio |
100 | % | | | | | 100 | % | | 92 | % | | 8 | % | 97 | % | | | ||||||||||||||||||||||||||||||||||
World Core Equity Portfolio |
91 | % | | 9 | % | | | 100 | % | | 57 | % | | | | | | |||||||||||||||||||||||||||||||||||
Selectively Hedged Global Equity Portfolio |
100 | % | | | | | 100 | % | | 55 | % | | | | | | ||||||||||||||||||||||||||||||||||||
Emerging Markets Portfolio |
100 | % | | | | | 100 | % | | 92 | % | | 8 | % | 94 | % | | | ||||||||||||||||||||||||||||||||||
Emerging Markets Small Cap Portfolio |
76 | % | | 24 | % | | | 100 | % | | 96 | % | | 4 | % | 69 | % | | | |||||||||||||||||||||||||||||||||
Emerging Markets Value Portfolio |
100 | % | | 24 | % | | | 100 | % | | 100 | % | | 8 | % | 94 | % | | | |||||||||||||||||||||||||||||||||
Emerging Markets Core Equity Portfolio |
100 | % | | | | | 100 | % | | 80 | % | | 7 | % | 96 | % | | |
See accompanying Notes to Financial Statements.
278
DFA Investment Dimensions Group Inc. |
Net Investment Income Distributions |
Short-Term Capital Gain Distributions |
Long-Term Capital Gain Distributions |
Return of Capital |
Tax-Exempt Interest |
Total Distributions |
Qualifying For Corporate Dividends Received Deduction (1) |
Qualifying Dividend Income (2) |
U.S. Government Interest (3) |
Foreign Tax Credit (4) |
Foreign Source Income (5) |
Qualifying Interest Income (6) |
Qualifying Short- Term Capital Gain (7) |
|||||||||||||||||||||||||||||||||||||||
Emerging Markets Targeted Value Portfolio |
67 | % | 33 | % | | | | 100 | % | | 31 | % | | 5 | % | 71 | % | | | |||||||||||||||||||||||||||||||||
Dimensional Investment Group Inc. |
||||||||||||||||||||||||||||||||||||||||||||||||||||
DFA International Value Portfolio |
100 | % | | | | | 100 | % | | 100 | % | | 7 | % | 97 | % | | |
(1) | Qualifying Dividends represents dividends that 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). |
See accompanying Notes to Financial Statements.
279
DFA103120-001AI 00253043 |
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 Registrants Co-Principal Executive Officers 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 Registrants Board of Trustees has determined that Abbie J. Smith possesses the technical attributes to qualify as an audit committee financial expert serving on the Registrants 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. Smiths 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 Registrants 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, 2020: $21,254 Fiscal Year Ended October 31, 2019: $21,167 |
(b) | Audit-Related Fees |
Fees for Registrant |
Fiscal Year Ended October 31, 2020: $1,728 | |
Fiscal Year Ended October 31, 2019: $1,742 |
For fiscal years ended October 31, 2020 and October 31, 2019, Audit-Related Fees included fees for services related to limited procedures performed in connection with the production of the Registrants 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, 2020: $215,000 | ||
Fiscal Year Ended October 31, 2019: $210,000 |
For the fiscal years ended October 31, 2020 and October 31, 2019, 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 Registrants investment adviser.
(c) | Tax Fees |
Fees for Registrant |
Fiscal Year Ended October 31, 2020: $0 | |
Fiscal Year Ended October 31, 2019: $0 |
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, 2020: $0 | |
Fiscal Year Ended October 31, 2019: $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 Committees 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 Auditors 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 Auditors qualifications and independence. The Committee also shall consider the Auditors 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 Affiliatesby 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 Committees 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 AffiliatesProject-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 Committees 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 Committees 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 Members authority shall be limited to approving non-audit services or proposed material changes that do not exceed $10,000 in value.
5. | The Designated Members 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 Registrants 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 accountants engagement to audit the Registrants financial statements for the fiscal year ended October 31, 2020 that were attributed to work performed by persons other than the principal accountants full time, permanent employees was not greater than 50%. |
(g) | Aggregate Non-Audit Fees |
Fiscal Year Ended October 31, 2020: $1,295,854
Fiscal Year Ended October 31, 2019: $1,257,804
(h) | The Registrants Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrants 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 accountants 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 Registrants schedule of investments is provided below. |
DIMENSIONAL EMERGING MARKETS VALUE FUND
SCHEDULE OF INVESTMENTS
October 31, 2020
Shares | Value» | |||||||||
COMMON STOCKS (97.7%) |
||||||||||
BRAZIL (3.8%) |
||||||||||
Alliar Medicos A Frente SA |
200,100 | $ | 337,571 | |||||||
# |
Banco Bradesco SA, ADR |
993,591 | 3,477,568 | |||||||
Banco Bradesco SA |
839,815 | 2,659,388 | ||||||||
Banco do Brasil SA |
3,882,886 | 20,165,739 | ||||||||
Banco Santander Brasil SA |
1,784,006 | 9,964,777 | ||||||||
BrasilAgro - Co. Brasileira de Propriedades Agricolas |
248,284 | 945,461 | ||||||||
Camil Alimentos SA |
625,691 | 1,318,346 | ||||||||
Cia Brasileira de Distribuicao |
765,758 | 8,267,536 | ||||||||
Cogna Educacao |
10,627,610 | 7,945,773 | ||||||||
Cosan SA |
68,601 | 776,999 | ||||||||
CSU Cardsystem SA |
189,200 | 430,303 | ||||||||
Direcional Engenharia SA |
694,257 | 1,363,601 | ||||||||
Duratex SA |
855,561 | 2,858,356 | ||||||||
* |
Embraer SA, Sponsored ADR |
679,399 | 2,799,124 | |||||||
Enauta Participacoes SA |
796,973 | 1,315,336 | ||||||||
Even Construtora e Incorporadora SA |
823,256 | 1,479,234 | ||||||||
Fras-Le SA |
22,500 | 23,724 | ||||||||
* |
Gafisa SA, ADR |
164,984 | 267,274 | |||||||
Gerdau SA, Sponsored ADR |
6,102,238 | 23,249,527 | ||||||||
Gerdau SA |
823,066 | 2,596,310 | ||||||||
* |
Helbor Empreendimentos SA |
271,940 | 424,169 | |||||||
Industrias Romi SA |
248,266 | 530,891 | ||||||||
* |
International Meal Co. Alimentacao SA, Class A |
464,842 | 233,314 | |||||||
Iochpe-Maxion SA |
967,506 | 2,239,211 | ||||||||
JBS SA |
622,630 | 2,110,537 | ||||||||
JHSF Participacoes SA |
1,753,405 | 1,964,882 | ||||||||
Kepler Weber SA |
7,000 | 47,419 | ||||||||
* |
Marisa Lojas SA |
951,350 | 1,022,984 | |||||||
* |
Petro Rio SA |
87,499 | 477,604 | |||||||
# |
Petroleo Brasileiro SA, Sponsored ADR |
10,919,479 | 72,177,756 | |||||||
# |
Petroleo Brasileiro SA, Sponsored ADR |
7,354,006 | 48,757,060 | |||||||
Petroleo Brasileiro SA |
13,010,994 | 43,083,137 | ||||||||
Positivo Tecnologia SA |
33,500 | 23,645 | ||||||||
Sao Carlos Empreendimentos e Participacoes SA |
58,500 | 372,128 | ||||||||
Sao Martinho SA |
29,200 | 107,122 | ||||||||
SLC Agricola SA |
936,523 | 4,173,423 | ||||||||
Sul America SA |
750,006 | 5,227,083 | ||||||||
# * |
Suzano SA, Sponsored ADR |
541,108 | 4,685,993 | |||||||
* |
Tecnisa SA |
200,248 | 276,050 | |||||||
Trisul SA |
290,805 | 533,671 | ||||||||
* |
Tupy SA |
617,802 | 2,031,723 | |||||||
Usinas Siderurgicas de Minas Gerais SA Usiminas |
549,500 | 1,129,080 | ||||||||
Vale SA |
19,189,949 | 202,502,886 | ||||||||
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA |
333,537 | 424,336 | ||||||||
|
|
|||||||||
TOTAL BRAZIL |
486,798,051 | |||||||||
|
|
|||||||||
CHILE (0.8%) |
||||||||||
Besalco SA |
530,993 | 230,670 | ||||||||
Camanchaca SA |
1,334,309 | 92,928 | ||||||||
CAP SA |
903,279 | 7,462,829 | ||||||||
Cementos BIO BIO SA |
665,307 | 626,568 | ||||||||
Cencosud SA |
11,265,168 | 15,685,834 | ||||||||
* |
Cia Sud Americana de Vapores SA |
48,651,513 | 1,417,161 | |||||||
Cristalerias de Chile SA |
264,624 | 1,297,353 | ||||||||
Empresa Nacional de Telecomunicaciones SA |
712,006 | 4,021,677 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
CHILE (Continued) |
||||||||||
Empresas CMPC SA |
6,897,137 | $ | 14,352,035 | |||||||
Empresas COPEC SA |
1,981,546 | 15,109,213 | ||||||||
Empresas Hites SA |
1,895,532 | 255,405 | ||||||||
* |
Empresas La Polar SA |
15,891,479 | 138,287 | |||||||
# |
Enel Americas SA, ADR |
3,027,895 | 19,681,318 | |||||||
Enel Americas SA |
29,056,374 | 3,854,856 | ||||||||
Enel Chile SA, ADR |
928,544 | 3,092,052 | ||||||||
Grupo Security SA |
3,945,934 | 619,749 | ||||||||
Inversiones Aguas Metropolitanas SA |
2,482,882 | 1,675,535 | ||||||||
Itau CorpBanca Chile SA |
729,259,638 | 1,924,855 | ||||||||
* |
Latam Airlines Group SA |
1,238,786 | 1,868,467 | |||||||
* |
Masisa SA |
22,028,318 | 282,013 | |||||||
PAZ Corp. SA |
1,916,910 | 1,160,815 | ||||||||
Ripley Corp. SA |
8,147,517 | 2,003,229 | ||||||||
Salfacorp SA |
2,541,060 | 1,222,588 | ||||||||
Sigdo Koppers SA |
187,924 | 180,236 | ||||||||
SMU SA |
449,171 | 59,079 | ||||||||
Sociedad Matriz SAAM SA |
52,799,470 | 3,426,552 | ||||||||
Socovesa SA |
4,847,319 | 1,091,278 | ||||||||
SONDA SA |
53,757 | 34,132 | ||||||||
Vina Concha y Toro SA |
1,498,720 | 2,392,286 | ||||||||
|
|
|||||||||
TOTAL CHILE |
105,259,000 | |||||||||
|
|
|||||||||
CHINA (34.1%) |
||||||||||
361 Degrees International, Ltd. |
7,811,000 | 959,054 | ||||||||
* W |
3SBio, Inc. |
318,500 | 297,064 | |||||||
AAC Technologies Holdings, Inc. |
856,000 | 4,499,461 | ||||||||
W |
AAG Energy Holdings, Ltd. |
308,000 | 40,211 | |||||||
* |
Advanced Technology & Materials Co., Ltd., Class A |
226,600 | 217,754 | |||||||
AECC Aero-Engine Control Co., Ltd., Class A |
244,300 | 653,078 | ||||||||
AECC Aviation Power Co., Ltd., Class A |
596,525 | 3,260,373 | ||||||||
Aerospace CH UAV Co., Ltd. |
225,100 | 797,218 | ||||||||
Aerospace Hi-Tech Holdings Grp, Ltd., Class A |
310,223 | 455,421 | ||||||||
Agile Group Holdings, Ltd. |
13,074,999 | 17,941,012 | ||||||||
Agricultural Bank of China, Ltd., Class H |
168,975,000 | 57,488,052 | ||||||||
# |
Air China, Ltd., Class H |
20,148,000 | 13,034,099 | |||||||
Aisino Corp., Class A |
596,467 | 1,385,754 | ||||||||
Ajisen China Holdings, Ltd. |
3,251,000 | 411,886 | ||||||||
* |
Alpha Group, Class A |
286,500 | 275,463 | |||||||
* |
Aluminum Corp. of China, Ltd., Class H |
22,526,000 | 4,920,146 | |||||||
AMVIG Holdings, Ltd. |
3,169,100 | 883,989 | ||||||||
Angang Steel Co., Ltd., Class H |
15,485,632 | 4,546,915 | ||||||||
Anhui Conch Cement Co., Ltd., Class H |
4,782,000 | 29,913,748 | ||||||||
Anhui Construction Engineering Group Co., Ltd., Class A |
341,900 | 200,488 | ||||||||
* |
Anhui Guangxin Agrochemical Co., Ltd., Class A |
89,500 | 253,266 | |||||||
Anhui Hengyuan Coal Industry and Electricity Power Co., Ltd., Class A |
400,340 | 292,825 | ||||||||
Anhui Jiangnan Chemical Industry Co., Ltd., Class A |
240,100 | 233,844 | ||||||||
Anhui Truchum Advanced Materials & Technology Co., Ltd., Class A |
237,000 | 332,610 | ||||||||
Anhui Xinhua Media Co., Ltd., Class A |
359,300 | 275,623 | ||||||||
Anhui Zhongding Sealing Parts Co., Ltd., Class A |
450,000 | 743,237 | ||||||||
# * |
Anton Oilfield Services Group |
21,022,000 | 898,611 | |||||||
APT Satellite Holdings, Ltd. |
68,000 | 16,797 | ||||||||
Asia Cement China Holdings Corp. |
4,854,000 | 4,454,767 | ||||||||
W |
AsiaInfo Technologies, Ltd. |
121,600 | 167,912 | |||||||
# * |
Asian Citrus Holdings, Ltd. |
4,633,000 | 140,439 | |||||||
Avic Capital Co., Ltd., Class A |
2,732,900 | 1,788,542 | ||||||||
AVIC Electromechanical Systems Co., Ltd., Class A |
27,400 | 43,326 | ||||||||
Avic Heavy Machinery Co., Ltd., Class A |
194,489 | 418,049 | ||||||||
AviChina Industry & Technology Co., Ltd., Class H |
12,969,000 | 6,690,401 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
CHINA (Continued) |
||||||||||
* |
BAIC BluePark New Energy Technology Co., Ltd., Class A |
593,700 | $ | 590,450 | ||||||
W |
BAIC Motor Corp., Ltd., Class H |
16,660,500 | 6,161,570 | |||||||
* |
Baidu, Inc., Sponsored ADR |
850,256 | 113,126,561 | |||||||
W |
BAIOO Family Interactive, Ltd. |
972,000 | 103,265 | |||||||
Bank of Beijing Co., Ltd., Class A |
4,195,822 | 2,927,487 | ||||||||
Bank of Changsha Co., Ltd., Class A |
1,118,100 | 1,505,487 | ||||||||
Bank of Chengdu Co., Ltd., Class A |
1,252,328 | 1,937,971 | ||||||||
Bank of China, Ltd., Class H |
429,401,817 | 135,631,320 | ||||||||
Bank of Chongqing Co., Ltd., Class H |
3,051,500 | 1,710,315 | ||||||||
# |
Bank of Communications Co., Ltd., Class H |
51,954,574 | 25,560,746 | |||||||
Bank of Hangzhou Co., Ltd., Class A |
930,600 | 1,804,516 | ||||||||
Bank of Jiangsu Co., Ltd., Class A |
3,681,927 | 3,306,571 | ||||||||
Bank of Nanjing Co., Ltd., Class A |
3,191,619 | 3,649,953 | ||||||||
Bank of Ningbo Co., Ltd., Class A |
1,418,429 | 7,207,116 | ||||||||
Bank of Shanghai Co., Ltd., Class A |
3,689,247 | 4,328,070 | ||||||||
Bank of Tianjin Co., Ltd., Class A |
1,284,700 | 755,595 | ||||||||
Bank of Tianjin Co., Ltd., Class H |
29,000 | 10,486 | ||||||||
W |
Bank of Zhengzhou Co., Ltd., Class H |
402,599 | 95,169 | |||||||
Baoshan Iron & Steel Co., Ltd., Class A |
7,814,777 | 6,240,739 | ||||||||
Baosheng Science and Technology Innovation Co., Ltd., Class A |
196,050 | 130,006 | ||||||||
* |
Baoye Group Co., Ltd., Class H |
1,699,120 | 987,791 | |||||||
BBMG Corp., Class H |
20,114,000 | 3,795,790 | ||||||||
Befar Group Co., Ltd., Class A |
254,600 | 201,564 | ||||||||
Beibuwan Port Co., Ltd., Class A |
71,900 | 107,533 | ||||||||
Beijing Capital Co., Ltd., Class A |
2,583,360 | 1,125,330 | ||||||||
Beijing Capital Development Co., Ltd., Class A |
425,200 | 392,325 | ||||||||
Beijing Capital International Airport Co., Ltd., Class H |
14,170,000 | 8,657,982 | ||||||||
Beijing Capital Land, Ltd., Class H |
9,430,589 | 1,622,726 | ||||||||
* |
Beijing Enterprises Clean Energy Group, Ltd. |
4,880,000 | 25,199 | |||||||
Beijing Enterprises Holdings, Ltd. |
3,421,500 | 10,308,132 | ||||||||
# * |
Beijing Enterprises Medical & Health Group, Ltd. |
3,048,000 | 46,051 | |||||||
Beijing Enterprises Water Group, Ltd. |
17,900,000 | 6,809,135 | ||||||||
Beijing GeoEnviron Engineering & Technology, Inc., Class A |
174,800 | 371,676 | ||||||||
* |
Beijing Jetsen Technology Co., Ltd., Class A |
87,500 | 67,265 | |||||||
Beijing Konruns Pharmaceutical Co., Ltd., Class A |
23,200 | 133,206 | ||||||||
Beijing New Building Materials P.L.C., Class A |
9,100 | 47,045 | ||||||||
# |
Beijing North Star Co., Ltd., Class H |
7,206,000 | 1,444,265 | |||||||
* |
Beijing Orient Landscape & Environment Co., Ltd., Class A |
447,500 | 324,914 | |||||||
Beijing Orient National Communication Science & Technology Co., Ltd., Class A |
344,100 | 623,478 | ||||||||
Beijing Originwater Technology Co., Ltd., Class A |
775,200 | 899,975 | ||||||||
Beijing Sanju Environmental Protection and New Material Co., Ltd., Class A |
81,200 | 88,956 | ||||||||
* |
Beijing Shougang Co., Ltd., Class A |
669,900 | 367,540 | |||||||
Beijing Shuzhi Technology Co., Ltd., Class A |
407,600 | 427,341 | ||||||||
Beijing SL Pharmaceutical Co., Ltd., Class A |
427,200 | 711,735 | ||||||||
Beijing SPC Environment Protection Tech Co., Ltd., Class A |
277,635 | 222,078 | ||||||||
Beijing Thunisoft Corp., Ltd., Class A |
128,534 | 448,904 | ||||||||
W |
Beijing Urban Construction Design & Development Group Co., Ltd., Class H |
246,000 | 62,860 | |||||||
Beijing Yanjing Brewery Co., Ltd., Class A |
1,169,329 | 1,520,016 | ||||||||
Beijing Zhong Ke San Huan High-Tech Co., Ltd., Class A |
238,300 | 323,822 | ||||||||
Best Pacific International Holdings, Ltd. |
396,000 | 67,479 | ||||||||
Bestsun Energy Co., Ltd., Class A |
173,200 | 132,743 | ||||||||
W |
Bestway Global Holding, Inc. |
71,000 | 17,026 | |||||||
Better Life Commercial Chain Share Co., Ltd., Class A |
296,530 | 500,556 | ||||||||
Blue Sail Medical Co., Ltd., Class A |
446,800 | 1,590,635 | ||||||||
* |
Bluefocus Intelligent Communications Group Co., Ltd., Class A |
971,800 | 997,428 | |||||||
BOE Technology Group Co., Ltd., Class A |
9,819,857 | 6,955,562 | ||||||||
* |
Bohai Leasing Co., Ltd., Class A |
1,754,000 | 666,562 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
CHINA (Continued) |
||||||||||
# |
Bosideng International Holdings, Ltd. |
6,852,000 | $ | 3,010,022 | ||||||
* |
Boyaa Interactive International, Ltd. |
1,548,000 | 110,302 | |||||||
Brilliance China Automotive Holdings, Ltd. |
16,650,000 | 14,372,471 | ||||||||
BTG Hotels Group Co., Ltd., Class A |
392,100 | 1,015,999 | ||||||||
# |
BYD Electronic International Co., Ltd. |
5,746,500 | 24,764,782 | |||||||
C C Land Holdings, Ltd. |
17,979,429 | 4,271,101 | ||||||||
C&D International Investment Group, Ltd. |
50,000 | 81,378 | ||||||||
Cabbeen Fashion, Ltd. |
1,368,000 | 516,239 | ||||||||
Caitong Securities Co., Ltd., Class A |
518,700 | 997,901 | ||||||||
Camel Group Co., Ltd., Class A |
216,320 | 267,435 | ||||||||
* |
Capital Environment Holdings, Ltd. |
12,116,000 | 185,051 | |||||||
# * |
CAR, Inc. |
3,563,000 | 1,141,147 | |||||||
Carrianna Group Holdings Co., Ltd. |
3,478,391 | 219,808 | ||||||||
* |
CCOOP Group Co., Ltd., Class A |
1,282,900 | 568,090 | |||||||
* |
CECEP COSTIN New Materials Group, Ltd. |
132,000 | 1,916 | |||||||
CECEP Solar Energy Co., Ltd., Class A |
1,009,900 | 681,154 | ||||||||
CECEP Wind-Power Corp., Class A |
941,500 | 381,664 | ||||||||
Central China Real Estate, Ltd. |
6,516,350 | 3,506,201 | ||||||||
* |
Century Sunshine Group Holdings, Ltd. |
6,980,000 | 39,613 | |||||||
* |
CGN New Energy Holdings Co., Ltd. |
14,816,000 | 1,954,722 | |||||||
CGN Nuclear Technology Development Co., Ltd., Class A |
179,700 | 236,901 | ||||||||
Changchun Faway Automobile Components Co., Ltd., Class A |
87,620 | 154,317 | ||||||||
Changjiang Securities Co., Ltd., Class A |
1,098,790 | 1,238,150 | ||||||||
* |
Changshouhua Food Co., Ltd. |
95,000 | 49,664 | |||||||
Chanjet Information Technology Co., Ltd., Class H |
14,000 | 23,673 | ||||||||
Chaowei Power Holdings, Ltd. |
4,898,000 | 1,685,827 | ||||||||
Cheetah Mobile, Inc., ADR |
218,633 | 417,589 | ||||||||
Chengdu Fusen Noble-House Industrial Co., Ltd., Class A |
146,408 | 297,362 | ||||||||
China Aerospace International Holdings, Ltd. |
12,534,000 | 631,804 | ||||||||
China Aerospace Times Electronics Co., Ltd., Class A |
515,400 | 509,936 | ||||||||
# |
China Aircraft Leasing Group Holdings, Ltd. |
841,000 | 679,442 | |||||||
China Aoyuan Group, Ltd. |
5,650,000 | 5,313,337 | ||||||||
China Beststudy Education Group |
62,000 | 23,187 | ||||||||
China BlueChemical, Ltd., Class H |
17,626,878 | 2,507,166 | ||||||||
China CAMC Engineering Co., Ltd., Class A |
173,100 | 179,433 | ||||||||
China Cinda Asset Management Co., Ltd., Class H |
53,481,000 | 10,032,822 | ||||||||
China CITIC Bank Corp., Ltd., Class H |
52,953,112 | 21,552,296 | ||||||||
# |
China Coal Energy Co., Ltd., Class H |
13,890,000 | 3,392,935 | |||||||
China Common Rich Renewable Energy Investments, Ltd. |
14,642,000 | 1,770,639 | ||||||||
# |
China Communications Construction Co., Ltd., Class H |
29,025,327 | 15,198,268 | |||||||
China Communications Services Corp., Ltd., Class H |
18,879,071 | 11,000,005 | ||||||||
China Conch Venture Holdings, Ltd. |
1,898,000 | 8,451,418 | ||||||||
China Construction Bank Corp., Class H |
536,266,101 | 369,547,974 | ||||||||
* |
China CSSC Holdings, Ltd., Class A |
375,700 | 1,001,526 | |||||||
China CYTS Tours Holding Co., Ltd., Class A |
282,500 | 416,207 | ||||||||
# * |
China Dili Group |
4,137,899 | 951,785 | |||||||
# |
China Dongxiang Group Co., Ltd. |
19,415,000 | 2,405,867 | |||||||
China Eastern Airlines Corp., Ltd., ADR |
5,953 | 116,976 | ||||||||
# |
China Eastern Airlines Corp., Ltd., Class H |
13,416,000 | 5,345,173 | |||||||
China Education Group Holdings, Ltd. |
444,000 | 740,159 | ||||||||
China Electronics Optics Valley Union Holding Co., Ltd. |
3,112,000 | 174,905 | ||||||||
China Energy Engineering Corp., Ltd., Class H |
2,124,000 | 200,410 | ||||||||
China Everbright Bank Co., Ltd., Class H |
18,885,000 | 6,544,600 | ||||||||
# W |
China Everbright Greentech, Ltd. |
3,443,000 | 1,367,376 | |||||||
China Everbright, Ltd. |
8,999,869 | 11,907,656 | ||||||||
# |
China Evergrande Group |
13,269,000 | 26,461,265 | |||||||
China Film Co., Ltd., Class A |
305,100 | 577,427 | ||||||||
* |
China Financial Services Holdings, Ltd. |
1,884,000 | 24,006 | |||||||
China Foods, Ltd. |
1,640,000 | 561,575 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
CHINA (Continued) |
||||||||||
China Fortune Land Development Co., Ltd., Class A | 1,418,346 | $ | 2,989,091 | |||||||
China Galaxy Securities Co., Ltd., Class H | 18,660,000 | 10,241,048 | ||||||||
China Gas Holdings, Ltd. | 2,950,800 | 9,067,954 | ||||||||
China Gezhouba Group Co., Ltd., Class A | 1,666,290 | 1,733,671 | ||||||||
* |
China Glass Holdings, Ltd. | 4,496,000 | 223,550 | |||||||
* |
China Grand Automotive Services Group Co., Ltd., Class A | 217,500 | 113,848 | |||||||
China Grand Pharmaceutical and Healthcare Holdings, Ltd., Class A | 912,000 | 742,348 | ||||||||
# |
China Harmony Auto Holding, Ltd. | 7,047,500 | 2,770,566 | |||||||
* |
China High Precision Automation Group, Ltd | 429,000 | 12,658 | |||||||
China High Speed Railway Technology Co., Ltd., Class A | 489,200 | 196,882 | ||||||||
China High Speed Transmission Equipment Group Co., Ltd. | 1,889,000 | 1,401,480 | ||||||||
China Hongqiao Group, Ltd. | 10,475,000 | 7,579,091 | ||||||||
W |
China Huarong Asset Management Co., Ltd., Class H | 62,368,000 | 6,534,638 | |||||||
* |
China Huiyuan Juice Group, Ltd. | 4,269,983 | 193,106 | |||||||
#*W |
China International Capital Corp., Ltd., Class H | 6,975,600 | 16,299,101 | |||||||
# |
China International Marine Containers Group Co., Ltd., Class H | 3,417,680 | 4,644,820 | |||||||
China Isotope & Radiation Corp | 8,000 | 25,300 | ||||||||
# |
China Jinmao Holdings Group, Ltd. | 30,378,580 | 15,391,374 | |||||||
China Jushi Co., Ltd., Class A | 1,646,149 | 3,437,085 | ||||||||
China Kepei Education Group, Ltd. | 308,000 | 212,455 | ||||||||
China Lesso Group Holdings, Ltd. | 9,373,000 | 15,195,748 | ||||||||
China Lilang, Ltd. | 1,131,000 | 716,512 | ||||||||
* W |
China Literature, Ltd. | 391,400 | 3,215,519 | |||||||
* |
China Longevity Group Co., Ltd. | 1,152,649 | 38,211 | |||||||
# * |
China Lumena New Materials Corp | 1,315,048 | 0 | |||||||
China Machinery Engineering Corp., Class H | 7,481,000 | 1,440,716 | ||||||||
China Maple Leaf Educational Systems, Ltd. | 5,586,000 | 1,517,663 | ||||||||
China Medical System Holdings, Ltd. | 856,000 | 900,151 | ||||||||
China Meheco Co., Ltd., Class A | 303,800 | 683,776 | ||||||||
China Mengniu Dairy Co., Ltd. | 202,000 | 952,292 | ||||||||
China Merchants Bank Co., Ltd., Class H | 9,899,500 | 51,565,831 | ||||||||
China Merchants Land, Ltd. | 12,682,000 | 1,839,666 | ||||||||
China Merchants Port Holdings Co., Ltd. | 8,291,903 | 8,814,086 | ||||||||
* W |
China Merchants Securities Co., Ltd., Class H | 446,420 | 553,699 | |||||||
China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A | 1,361,110 | 2,865,088 | ||||||||
# * |
China Metal Recycling Holdings, Ltd. | 3,259,800 | 0 | |||||||
China Minsheng Banking Corp., Ltd., Class H | 44,873,400 | 24,558,666 | ||||||||
China Mobile, Ltd. | 47,016,500 | 287,578,277 | ||||||||
# |
China Mobile, Ltd., Sponsored ADR | 1,828,857 | 56,200,776 | |||||||
# * |
China Modern Dairy Holdings, Ltd. | 4,440,000 | 592,023 | |||||||
China Molybdenum Co., Ltd., Class H | 693,000 | 252,215 | ||||||||
China National Accord Medicines Corp., Ltd., Class A | 233,806 | 1,738,768 | ||||||||
China National Building Material Co., Ltd., Class H | 39,005,250 | 44,897,440 | ||||||||
China National Chemical Engineering Co., Ltd., Class A | 1,397,000 | 1,106,540 | ||||||||
China National Medicines Corp., Ltd., Class A | 402,700 | 2,582,734 | ||||||||
China National Nuclear Power Co., Ltd., Class A | 5,075,483 | 3,363,869 | ||||||||
# |
China New Town Development Co., Ltd. | 11,705,522 | 185,402 | |||||||
* |
China Oil & Gas Group, Ltd. | 18,900,000 | 758,357 | |||||||
China Oilfield Services, Ltd., Class H | 8,924,000 | 5,389,036 | ||||||||
China Oriental Group Co., Ltd. | 12,586,000 | 2,848,873 | ||||||||
China Overseas Grand Oceans Group, Ltd. | 14,626,500 | 8,538,188 | ||||||||
China Overseas Land & Investment, Ltd. | 35,908,000 | 90,193,360 | ||||||||
China Pacific Insurance Group Co., Ltd., Class H | 7,849,400 | 24,564,407 | ||||||||
# |
China Petroleum & Chemical Corp., ADR | 896,827 | 35,272,237 | |||||||
China Petroleum & Chemical Corp., Class H | 102,987,575 | 40,213,656 | ||||||||
China Pioneer Pharma Holdings, Ltd. | 1,142,000 | 144,668 | ||||||||
* |
China Properties Group, Ltd. | 3,380,000 | 196,373 | |||||||
China Publishing & Media Co., Ltd., Class A | 159,200 | 120,617 | ||||||||
China Railway Construction Corp., Ltd., Class H | 17,902,514 | 12,127,284 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
CHINA (Continued) |
||||||||||
China Railway Group, Ltd., Class H | 30,684,000 | $ | 14,124,242 | |||||||
# W |
China Railway Signal & Communication Corp., Ltd., Class H | 3,560,000 | 1,174,091 | |||||||
China Railway Tielong Container Logistics Co., Ltd., Class A | 251,400 | 187,692 | ||||||||
* |
China Rare Earth Holdings, Ltd. | 4,650,600 | 219,297 | |||||||
China Reinsurance Group Corp., Class H | 24,824,000 | 2,375,928 | ||||||||
China Resources Cement Holdings, Ltd. | 20,380,000 | 26,686,170 | ||||||||
China Resources Double Crane Pharmaceutical Co., Ltd., Class A | 675,381 | 1,272,208 | ||||||||
China Resources Gas Group, Ltd. | 814,000 | 3,537,002 | ||||||||
China Resources Land, Ltd. | 27,684,000 | 113,218,297 | ||||||||
China Resources Medical Holdings Co., Ltd. | 5,256,500 | 3,129,292 | ||||||||
# W |
China Resources Pharmaceutical Group, Ltd. | 7,509,500 | 3,754,213 | |||||||
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., Class A | 467,836 | 1,894,518 | ||||||||
# |
China Sanjiang Fine Chemicals Co., Ltd. | 5,510,000 | 1,516,317 | |||||||
China SCE Group Holdings, Ltd. | 21,229,000 | 9,124,171 | ||||||||
China Science Publishing & Media, Ltd., Class A | 141,600 | 226,630 | ||||||||
#*W |
China Shengmu Organic Milk, Ltd. | 729,000 | 49,000 | |||||||
China Shenhua Energy Co., Ltd., Class H | 30,249,000 | 52,410,637 | ||||||||
China Shineway Pharmaceutical Group, Ltd. | 2,735,000 | 1,721,447 | ||||||||
* |
China Silver Group, Ltd. | 9,914,000 | 940,002 | |||||||
China South City Holdings, Ltd. | 42,120,000 | 4,250,157 | ||||||||
China South Publishing & Media Group Co., Ltd., Class A | 456,000 | 715,229 | ||||||||
* |
China Southern Airlines Co., Ltd., Sponsored ADR | 2,931 | 78,609 | |||||||
# * |
China Southern Airlines Co., Ltd., Class H | 16,482,000 | 8,633,015 | |||||||
China Starch Holdings, Ltd. | 13,595,000 | 221,478 | ||||||||
China State Construction Engineering Corp., Ltd., Class A | 18,749,406 | 14,333,054 | ||||||||
China State Construction International Holdings, Ltd. | 11,584,000 | 8,036,003 | ||||||||
* |
China Sunshine Paper Holdings Co., Ltd. | 1,513,500 | 260,402 | |||||||
China Taiping Insurance Holdings Co., Ltd. | 12,586,200 | 19,007,003 | ||||||||
# * |
China Tianrui Group Cement Co., Ltd. | 45,000 | 42,735 | |||||||
* |
China Tianying, Inc., Class A | 948,700 | 621,734 | |||||||
W |
China Tower Corp., Ltd., Class H | 46,060,000 | 7,208,139 | |||||||
China Traditional Chinese Medicine Holdings Co., Ltd. | 23,106,000 | 9,233,134 | ||||||||
# * |
China Travel International Investment Hong Kong, Ltd. | 23,899,631 | 3,058,536 | |||||||
China Unicom Hong Kong, Ltd. | 1,400,000 | 862,945 | ||||||||
# |
China Unicom Hong Kong, Ltd., ADR | 5,655,954 | 35,010,355 | |||||||
China United Network Communications, Ltd., Class A | 11,996,200 | 8,560,263 | ||||||||
China Vanke Co., Ltd., Class H | 7,733,400 | 24,004,194 | ||||||||
W |
China Vast Industrial Urban Development Co., Ltd. | 1,411,000 | 564,400 | |||||||
China West Construction Group Co., Ltd., Class A | 358,900 | 489,781 | ||||||||
W |
China Xinhua Education Group, Ltd. | 188,000 | 60,540 | |||||||
China XLX Fertiliser, Ltd. | 1,738,000 | 505,386 | ||||||||
China Yongda Automobiles Services Holdings, Ltd. | 3,742,500 | 5,332,488 | ||||||||
* |
China Yurun Food Group, Ltd. | 2,690,000 | 243,598 | |||||||
# * |
China ZhengTong Auto Services Holdings, Ltd. | 13,179,000 | 1,835,965 | |||||||
China Zhenhua Group Science & Technology Co., Ltd., Class A | 168,319 | 1,052,999 | ||||||||
China Zhonghua Geotechnical Engineering Group Co., Ltd., Class A | 270,700 | 135,285 | ||||||||
# * |
China Zhongwang Holdings, Ltd. | 15,888,154 | 3,243,864 | |||||||
Chinasoft International, Ltd. | 6,242,000 | 4,531,307 | ||||||||
Chinese Universe Publishing and Media Group Co., Ltd., Class A | 536,800 | 928,917 | ||||||||
* |
Chongqing Changan Automobile Co., Ltd., Class A | 1,267,924 | 3,137,673 | |||||||
Chongqing Department Store Co., Ltd., Class A. | 151,400 | 815,472 | ||||||||
Chongqing Machinery & Electric Co., Ltd., Class H | 1,022,000 | 55,508 | ||||||||
Chongqing Rural Commercial Bank Co., Ltd., Class H | 21,660,000 | 8,648,969 | ||||||||
Chongqing Zongshen Power Machinery Co., Ltd., Class A | 478,900 | 567,629 | ||||||||
Chu Kong Shipping Enterprise Group Co., Ltd. | 526,000 | 64,570 | ||||||||
CIFI Holdings Group Co., Ltd. | 18,714,758 | 12,965,227 | ||||||||
# |
CIMC Enric Holdings, Ltd. | 5,248,000 | 2,471,166 | |||||||
Cisen Pharmaceutical Co., Ltd., Class A | 102,300 | 222,857 | ||||||||
* |
CITIC Dameng Holdings, Ltd. | 910,000 | 47,540 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
CHINA (Continued) |
||||||||||
* |
CITIC Guoan Information Industry Co., Ltd., Class A | 546,700 | $ | 210,392 | ||||||
* |
CITIC Resources Holdings, Ltd. | 15,150,000 | 598,068 | |||||||
CITIC Securities Co., Ltd., Class H | 815,000 | 1,767,083 | ||||||||
# |
CITIC, Ltd. | 35,026,483 | 25,041,769 | |||||||
* |
Citychamp Watch & Jewellery Group, Ltd. | 476,000 | 95,836 | |||||||
* |
CMST Development Co., Ltd., Class A | 304,400 | 203,099 | |||||||
CNHTC Jinan Truck Co., Ltd., Class A | 190,800 | 998,449 | ||||||||
CNNC Hua Yuan Titanium Dioxide Co., Ltd., Class A | 408,600 | 340,033 | ||||||||
CNOOC, Ltd. | 135,780,000 | 124,232,684 | ||||||||
# |
CNOOC, Ltd., Sponsored ADR | 251,574 | 23,174,997 | |||||||
COFCO Biotechnology Co., Ltd., Class A | 469,400 | 574,527 | ||||||||
* W |
Cogobuy Group | 713,000 | 152,052 | |||||||
# |
Colour Life Services Group Co., Ltd. | 2,857,548 | 1,384,250 | |||||||
# |
Comba Telecom Systems Holdings, Ltd. | 1,318,000 | 422,757 | |||||||
Concord New Energy Group, Ltd. | 41,650,000 | 2,205,105 | ||||||||
# |
Consun Pharmaceutical Group, Ltd. | 2,314,000 | 913,285 | |||||||
* |
Coolpad Group, Ltd. | 4,336,053 | 94,014 | |||||||
COSCO SHIPPING Development Co., Ltd., Class H | 9,275,000 | 1,031,552 | ||||||||
# |
COSCO SHIPPING Energy Transportation Co., Ltd., Class H | 11,542,000 | 4,552,917 | |||||||
* |
COSCO SHIPPING Holdings Co., Ltd., Class H | 2,063,500 | 1,320,402 | |||||||
COSCO SHIPPING International Hong Kong Co., Ltd. | 4,000,000 | 1,204,256 | ||||||||
COSCO SHIPPING Ports, Ltd. | 15,041,761 | 8,809,689 | ||||||||
* W |
Cosmo Lady China Holdings Co., Ltd. | 642,000 | 88,584 | |||||||
Country Garden Holdings Co., Ltd. | 34,442,799 | 42,566,510 | ||||||||
CP Pokphand Co., Ltd. | 2,626,000 | 224,034 | ||||||||
CPMC Holdings, Ltd. | 5,119,000 | 2,257,341 | ||||||||
CQ Pharmaceutical Holding Co., Ltd., Class A | 388,600 | 311,518 | ||||||||
CRCC High-Tech Equipment Corp., Ltd., Class H | 717,500 | 68,631 | ||||||||
CRRC Corp., Ltd., Class H | 17,960,000 | 6,966,342 | ||||||||
CSG Holding Co., Ltd., Class A | 567,849 | 506,629 | ||||||||
# * |
CT Environmental Group, Ltd. | 9,748,000 | 80,222 | |||||||
CTS International Logistics Corp., Ltd., Class A | 337,870 | 355,327 | ||||||||
D&O Home Collection Co., Ltd., Class A | 79,000 | 274,428 | ||||||||
DaFa Properties Group, Ltd. | 20,000 | 17,895 | ||||||||
W |
Dali Foods Group Co., Ltd. | 836,000 | 519,041 | |||||||
Dalian Huarui Heavy Industry Group Co., Ltd., Class A | 495,831 | 258,039 | ||||||||
Daqin Railway Co., Ltd., Class A | 6,459,961 | 6,187,341 | ||||||||
Dare Power Dekor Home Co., Ltd., Class A | 112,300 | 268,801 | ||||||||
Dashang Co., Ltd., Class A | 86,000 | 290,856 | ||||||||
* |
Datong Coal Industry Co., Ltd., Class A | 670,614 | 470,594 | |||||||
Dawnrays Pharmaceutical Holdings, Ltd. | 248,000 | 28,247 | ||||||||
Dazhong Transportation Group Co., Ltd., Class A | 196,950 | 103,649 | ||||||||
Dazzle Fashion Co., Ltd., Class A | 96,400 | 311,696 | ||||||||
# |
Dexin China Holdings Co., Ltd. | 101,000 | 39,886 | |||||||
DHC Software Co., Ltd., Class A | 663,300 | 906,705 | ||||||||
# * |
Differ Group Holding Co., Ltd. | 5,778,000 | 537,047 | |||||||
Digital China Group Co., Ltd., Class A | 115,400 | 442,398 | ||||||||
Digital China Holdings, Ltd. | 1,973,000 | 1,452,564 | ||||||||
Digital China Information Service Co., Ltd., Class A | 316,700 | 825,208 | ||||||||
Dong-E-E-Jiao Co Ltd, Class A | 249,813 | 1,430,055 | ||||||||
Dongfang Electric Corp., Ltd., Class H | 2,220,000 | 1,548,727 | ||||||||
Dongfang Electronics Co., Ltd., Class A. | 136,200 | 97,612 | ||||||||
Dongfeng Motor Group Co., Ltd., Class H | 16,428,000 | 11,572,301 | ||||||||
Dongxing Securities Co., Ltd., Class A | 438,500 | 801,198 | ||||||||
Dongyue Group, Ltd. | 11,746,000 | 4,481,671 | ||||||||
* |
Easysight Supply Chain Management Co., Ltd., Class A | 186,200 | 264,326 | |||||||
* |
E-Commodities Holdings, Ltd. | 5,880,000 | 168,840 | |||||||
Elion Clean Energy Co., Ltd., Class A | 621,153 | 293,614 | ||||||||
Embry Holdings, Ltd. | 45,000 | 5,823 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
CHINA (Continued) |
||||||||||
ENN Ecological Holdings Co., Ltd., Class A | 219,900 | $ | 422,267 | |||||||
Essex Bio-technology, Ltd. | 31,000 | 17,761 | ||||||||
EVA Precision Industrial Holdings, Ltd | 3,856,000 | 239,308 | ||||||||
# W |
Everbright Securities Co., Ltd., Class H | 1,371,200 | 1,115,284 | |||||||
* |
Fang Holdings, Ltd., ADR | 3,666 | 36,438 | |||||||
* |
Fangda Carbon New Material Co., Ltd., Class A | 1,551,694 | 1,457,300 | |||||||
* |
Fangda Special Steel Technology Co., Ltd., Class A | 631,970 | 577,751 | |||||||
Fantasia Holdings Group Co., Ltd. | 17,986,015 | 3,401,817 | ||||||||
# |
Far East Horizon, Ltd. | 7,898,000 | 7,790,100 | |||||||
* |
FAW Jiefang Group Co., Ltd. | 724,752 | 1,343,293 | |||||||
Fiberhome Telecommunication Technologies Co., Ltd., Class A | 288,678 | 1,018,754 | ||||||||
Financial Street Holdings Co., Ltd., Class A | 444,674 | 443,507 | ||||||||
* |
Focused Photonics Hangzhou, Inc., Class A | 26,500 | 53,634 | |||||||
Foshan Nationstar Optoelectronics Co., Ltd., Class A | 184,500 | 275,877 | ||||||||
# |
Fosun International, Ltd. | 15,011,683 | 18,127,098 | |||||||
* |
Founder Securities Co., Ltd., Class A | 1,689,907 | 2,352,774 | |||||||
Fu Shou Yuan International Group, Ltd. | 600,000 | 618,039 | ||||||||
Fuan Pharmaceutical Group Co., Ltd., Class A | 445,500 | 409,355 | ||||||||
Fufeng Group, Ltd. | 11,674,000 | 3,698,338 | ||||||||
Fujian Longking Co., Ltd., Class A | 228,200 | 344,444 | ||||||||
Fujian Sunner Development Co., Ltd., Class A | 581,694 | 1,919,081 | ||||||||
W |
Fuyao Glass Industry Group Co., Ltd., Class H | 540,400 | 2,292,782 | |||||||
Gansu Qilianshan Cement Group Co., Ltd., Class A | 220,700 | 478,004 | ||||||||
# * |
GCL-Poly Energy Holdings, Ltd. | 147,580,000 | 6,777,182 | |||||||
Geely Automobile Holdings, Ltd. | 21,395,000 | 43,963,635 | ||||||||
GEM Co., Ltd., Class A | 1,020,200 | 734,501 | ||||||||
Gemdale Corp., Class A | 1,289,977 | 2,576,887 | ||||||||
Gemdale Properties & Investment Corp., Ltd. | 30,442,000 | 4,728,007 | ||||||||
W |
Genertec Universal Medical Group Co., Ltd. | 5,727,000 | 3,988,405 | |||||||
Genimous Technology Co., Ltd., Class A | 451,500 | 396,145 | ||||||||
GF Securities Co., Ltd., Class H | 8,874,000 | 11,474,886 | ||||||||
* |
Glorious Property Holdings, Ltd. | 24,004,000 | 745,469 | |||||||
Goldcard Smart Group Co., Ltd. | 63,000 | 143,755 | ||||||||
Golden Eagle Retail Group, Ltd. | 12,000 | 10,998 | ||||||||
* |
Goldenmax International Technology, Ltd., Class A | 47,700 | 55,044 | |||||||
Goldlion Holdings, Ltd. | 1,887,000 | 392,762 | ||||||||
Goldpac Group, Ltd. | 1,240,000 | 227,577 | ||||||||
# * |
GOME Retail Holdings, Ltd. | 45,077,000 | 5,007,777 | |||||||
* |
Gosuncn Technology Group Co., Ltd., Class A | 333,100 | 241,044 | |||||||
* |
Grand Baoxin Auto Group, Ltd. | 6,390,500 | 794,705 | |||||||
Grandjoy Holdings Group Co., Ltd., Class A | 695,800 | 474,806 | ||||||||
Great Wall Motor Co., Ltd., Class H | 16,628,500 | 26,922,699 | ||||||||
Greattown Holdings, Ltd., Class A | 730,200 | 574,113 | ||||||||
Greatview Aseptic Packaging Co., Ltd. | 1,049,000 | 449,464 | ||||||||
Gree Electric Appliances, Inc., Class A | 1,066,200 | 9,347,388 | ||||||||
Greenland Holdings Corp., Ltd., Class A | 3,344,800 | 3,099,791 | ||||||||
Greenland Hong Kong Holdings, Ltd. | 8,146,575 | 2,648,375 | ||||||||
Greentown China Holdings, Ltd. | 7,869,091 | 12,788,975 | ||||||||
GRG Banking Equipment Co., Ltd., Class A | 537,900 | 930,856 | ||||||||
* |
Guangdong Dongfang Precision Science & Technology Co., Ltd., Class A | 390,300 | 272,248 | |||||||
Guangdong Ellington Electronics Technology Co., Ltd., Class A | 304,356 | 369,046 | ||||||||
* |
Guangdong HEC Technology Holding Co., Ltd., Class A | 508,800 | 433,247 | |||||||
* |
Guangdong Huatie Tongda High-speed Railway Equipment Corp., Class A | 331,700 | 283,551 | |||||||
* |
Guangdong Shirongzhaoye Co., Ltd., Class A | 56,000 | 54,469 | |||||||
Guangdong Tapai Group Co., Ltd., Class A | 353,173 | 694,229 | ||||||||
Guangdong Zhongsheng Pharmaceutical Co., Ltd., Class A | 143,100 | 265,463 | ||||||||
* |
Guanghui Energy Co., Ltd., Class A | 2,447,238 | 1,054,378 | |||||||
Guangshen Railway Co., Ltd., Sponsored ADR. | 278,446 | 2,297,179 | ||||||||
Guangshen Railway Co., Ltd., Class H | 212,000 | 35,330 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
CHINA (Continued) |
||||||||||
Guangxi Liugong Machinery Co., Ltd., Class A |
311,090 | $ | 327,572 | |||||||
Guangxi Liuzhou Pharmaceutical Co., Ltd., Class A |
115,471 | 404,718 | ||||||||
Guangxi Wuzhou Zhongheng Group Co., Ltd., Class A |
2,136,800 | 1,014,855 | ||||||||
Guangzhou Automobile Group Co., Ltd., Class H |
17,298,000 | 17,783,785 | ||||||||
Guangzhou Baiyun International Airport Co., Ltd., Class A |
716,300 | 1,345,266 | ||||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H |
300,000 | 713,261 | ||||||||
Guangzhou Haige Communications Group, Inc. Co., Class A |
449,600 | 752,712 | ||||||||
Guangzhou R&F Properties Co., Ltd., Class H |
12,141,914 | 15,440,615 | ||||||||
Guangzhou Yuexiu Financial Holdings Group Co., Ltd., Class A |
383,900 | 898,594 | ||||||||
Guangzhou Zhujiang Brewery Co., Ltd., Class A |
447,200 | 656,238 | ||||||||
Guizhou Broadcasting & TV Information Network Co., Ltd., Class A |
285,000 | 280,020 | ||||||||
Guizhou Panjiang Refined Coal Co., Ltd., Class A |
475,300 | 426,380 | ||||||||
* |
Guizhou Xinbang Pharmaceutical Co., Ltd., Class A |
926,400 | 886,973 | |||||||
Guomai Technologies, Inc., Class A |
336,300 | 406,207 | ||||||||
Guorui Properties, Ltd. |
7,620,000 | 837,482 | ||||||||
Guosen Securities Co., Ltd., Class A |
944,027 | 1,886,677 | ||||||||
* |
Guosheng Financial Holding, Inc., Class A |
257,924 | 342,077 | |||||||
W |
Guotai Junan Securities Co., Ltd., Class H |
2,155,000 | 2,809,019 | |||||||
Guoyuan Securities Co., Ltd., Class A |
593,500 | 744,192 | ||||||||
* W |
Haichang Ocean Park Holdings, Ltd. |
558,000 | 28,849 | |||||||
Haier Electronics Group Co., Ltd. |
352,000 | 1,341,904 | ||||||||
Haier Smart Home Co., Ltd., Class A |
2,528,488 | 9,408,336 | ||||||||
Hailir Pesticides and Chemicals Group Co., Ltd., Class A |
11,800 | 36,774 | ||||||||
* |
Hainan Meilan International Airport Co., Ltd., Class H |
796,000 | 3,401,940 | |||||||
Haitian International Holdings, Ltd. |
356,000 | 882,366 | ||||||||
* |
Haitong Securities Co., Ltd., Class H |
13,192,800 | 11,176,251 | |||||||
* |
Hang Zhou Great Star Industrial Co., Ltd., Class A |
275,500 | 1,073,152 | |||||||
Hangcha Group Co., Ltd., Class A |
166,900 | 473,830 | ||||||||
Hangxiao Steel Structure Co., Ltd., Class A |
469,800 | 292,578 | ||||||||
Hangzhou Oxygen Plant Group Co., Ltd., Class A |
274,300 | 1,182,127 | ||||||||
W |
Harbin Bank Co., Ltd., Class H |
1,611,000 | 193,681 | |||||||
* |
Harbin Electric Co., Ltd., Class H |
6,693,474 | 1,877,979 | |||||||
* |
Harbin Gloria Pharmaceuticals Co., Ltd., Class A |
370,900 | 165,788 | |||||||
HBIS Resources Co., Ltd., Class A |
17,300 | 32,815 | ||||||||
# * |
HC Group, Inc. |
2,026,000 | 261,433 | |||||||
Health and Happiness H&H International Holdings, Ltd. |
99,000 | 394,326 | ||||||||
Hebei Hengshui Laobaigan Liquor Co., Ltd., Class A |
353,100 | 671,406 | ||||||||
Hebei Sitong New Metal Material Co., Ltd., Class A |
19,500 | 48,327 | ||||||||
Henan Lingrui Pharmaceutical Co., Class A |
400,000 | 560,382 | ||||||||
Henan Pinggao Electric Co., Ltd., Class A |
301,900 | 300,835 | ||||||||
* |
Henan Senyuan Electric Co., Ltd., Class A |
116,300 | 86,374 | |||||||
Henan Shenhuo Coal & Power Co., Ltd., Class A |
607,600 | 463,082 | ||||||||
Henan Yuguang Gold & Lead Co., Ltd., Class A |
53,100 | 37,899 | ||||||||
Henan Zhongyuan Expressway Co., Ltd., Class A |
376,900 | 191,520 | ||||||||
Hengan International Group Co., Ltd. |
809,500 | 5,646,711 | ||||||||
* |
Hengdeli Holdings, Ltd. |
14,256,000 | 526,675 | |||||||
Hengdian Group DMEGC Magnetics Co., Ltd., Class A |
211,700 | 445,695 | ||||||||
Hengli Petrochemical Co., Ltd.,, Class A |
2,469,965 | 7,133,011 | ||||||||
Hengtong Optic-electric Co., Ltd., Class A |
563,648 | 1,235,451 | ||||||||
Hengyi Petrochemical Co., Ltd., Class A |
1,545,341 | 2,663,624 | ||||||||
* |
Hesteel Co., Ltd., Class A |
3,844,300 | 1,184,162 | |||||||
Hexing Electrical Co., Ltd., Class A |
60,900 | 131,056 | ||||||||
* |
Hi Sun Technology China, Ltd. |
9,339,000 | 1,017,555 | |||||||
* |
Hilong Holding, Ltd. |
1,935,000 | 40,058 | |||||||
Hisense Home Appliances Group Co., Ltd., Class H |
181,000 | 260,280 | ||||||||
HKC Holdings, Ltd. |
1,316,155 | 675,252 | ||||||||
Holitech Technology Co., Ltd., Class A |
1,226,800 | 813,745 | ||||||||
Hongda Xingye Co., Ltd., Class A |
498,456 | 268,513 | ||||||||
* |
Honghua Group, Ltd. |
15,729,000 | 396,734 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
CHINA (Continued) |
||||||||||
W |
Honworld Group, Ltd. |
1,002,500 | $ | 308,514 | ||||||
Hopson Development Holdings, Ltd. |
5,282,000 | 13,512,794 | ||||||||
* |
Hua Han Health Industry Holdings, Ltd. |
22,700,160 | 291,054 | |||||||
* W |
Hua Hong Semiconductor, Ltd. |
3,479,000 | 12,816,983 | |||||||
Huadong Medicine Co., Ltd., Class A |
931,918 | 3,890,490 | ||||||||
Huafon Microfibre Shanghai Technology Co., Ltd. |
182,100 | 189,988 | ||||||||
Huafu Fashion Co., Ltd., Class A |
623,698 | 638,353 | ||||||||
Huapont Life Sciences Co., Ltd., Class A |
469,100 | 365,074 | ||||||||
W |
Huatai Securities Co., Ltd., Class H |
7,150,000 | 11,580,205 | |||||||
* |
Huawen Media Group, Class A |
347,100 | 147,512 | |||||||
Huaxi Securities Co., Ltd., Class A |
67,300 | 116,912 | ||||||||
Huaxia Bank Co., Ltd., Class A |
2,457,700 | 2,225,229 | ||||||||
Huaxin Cement Co., Ltd., Class A |
691,428 | 2,506,093 | ||||||||
Huayu Automotive Systems Co., Ltd., Class A |
1,069,742 | 4,976,295 | ||||||||
Huazhong In-Vehicle Holdings Co., Ltd. |
2,410,000 | 189,943 | ||||||||
Hubei Biocause Pharmaceutical Co., Ltd., Class A |
1,148,897 | 855,694 | ||||||||
Hubei Jumpcan Pharmaceutical Co., Ltd., Class A |
299,800 | 990,698 | ||||||||
* |
Hubei Kaile Science & Technology Co., Ltd., Class A |
310,100 | 574,261 | |||||||
Hubei Xingfa Chemicals Group Co., Ltd., Class A |
202,200 | 340,177 | ||||||||
* W |
Huifu Payment, Ltd. |
44,400 | 11,225 | |||||||
Huishang Bank Corp., Ltd., Class H |
1,603,900 | 528,194 | ||||||||
Hunan Gold Corp., Ltd., Class A |
308,700 | 385,709 | ||||||||
Hunan Valin Steel Co., Ltd., Class A |
1,767,160 | 1,341,838 | ||||||||
Huolinhe Opencut Coal Industry Corp., Ltd. of Inner Mongolia, Class A |
804,437 | 1,165,065 | ||||||||
* |
Hytera Communications Corp., Ltd., Class A |
233,200 | 248,593 | |||||||
* W |
iDreamSky Technology Holdings, Ltd. |
94,400 | 48,659 | |||||||
IKD Co., Ltd., Class A |
142,800 | 289,706 | ||||||||
W |
IMAX China Holding, Inc. |
25,300 | 41,122 | |||||||
Industrial & Commercial Bank of China, Ltd., Class H |
388,008,996 | 220,336,358 | ||||||||
Industrial Bank Co., Ltd., Class A |
6,873,816 | 18,286,873 | ||||||||
Industrial Securities Co., Ltd., Class A |
1,722,840 | 1,999,772 | ||||||||
* |
Inke, Ltd. |
405,000 | 61,701 | |||||||
* |
Inner Mongolia BaoTou Steel Union Co., Ltd., Class A |
11,650,600 | 1,984,747 | |||||||
Inner Mongolia Eerduosi Resources Co., Ltd., Class A |
50,100 | 63,890 | ||||||||
Inner Mongolia First Machinery Group Co., Ltd., Class A |
320,203 | 519,585 | ||||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd., Class A |
2,364,751 | 2,494,883 | ||||||||
Inner Mongolia Yitai Coal Co., Ltd., Class H |
207,300 | 160,717 | ||||||||
* |
Inner Mongolia Yuan Xing Energy Co., Ltd., Class A |
755,550 | 235,101 | |||||||
* |
Inspur International, Ltd. |
246,000 | 58,166 | |||||||
Inspur Software Co., Ltd., Class A |
50,526 | 122,798 | ||||||||
Jiangling Motors Corp., Ltd., Class A |
135,729 | 404,826 | ||||||||
Jiangnan Group, Ltd. |
14,145,000 | 730,913 | ||||||||
Jiangsu Changshu Rural Commercial Bank Co., Ltd., Class A |
1,420,000 | 1,437,716 | ||||||||
Jiangsu Eastern Shenghong Co., Ltd., Class A |
613,600 | 564,089 | ||||||||
Jiangsu Guotai International Group Co., Ltd., Class A |
360,860 | 334,470 | ||||||||
Jiangsu Jiangyin Rural Commercial Bank Co., Ltd., Class A |
680,640 | 408,743 | ||||||||
Jiangsu Kanion Pharmaceutical Co., Ltd., Class A |
316,520 | 596,710 | ||||||||
Jiangsu Provincial Agricultural Reclamation and Development Corp. |
790,761 | 1,531,265 | ||||||||
Jiangsu Zhangjiagang Rural Commercial Bank Co., Ltd., Class A |
1,287,832 | 1,114,937 | ||||||||
Jiangsu Zhongnan Construction Group Co., Ltd., Class A |
1,522,374 | 2,057,038 | ||||||||
Jiangsu Zhongtian Technology Co., Ltd., Class A |
1,109,600 | 1,829,933 | ||||||||
Jiangxi Copper Co., Ltd., Class H |
7,602,000 | 9,078,215 | ||||||||
Jiangxi Wannianqing Cement Co., Ltd., Class A |
226,480 | 478,180 | ||||||||
Jiangzhong Pharmaceutical Co., Ltd., Class A |
237,260 | 410,027 | ||||||||
Jiayuan International Group, Ltd. |
3,811,776 | 1,628,116 | ||||||||
Jilin Aodong Pharmaceutical Group Co., Ltd., Class A |
509,256 | 1,281,014 | ||||||||
Jilin Jiutai Rural Commercial Bank Corp., Ltd., Class H |
40,791 | 13,417 | ||||||||
* |
Jilin Zixin Pharmaceutical Industrial Co., Ltd., Class A |
470,200 | 247,866 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
CHINA (Continued) |
||||||||||
Jinduicheng Molybdenum Co., Ltd., Class A |
322,700 | $ | 273,855 | |||||||
Jingrui Holdings, Ltd. |
3,082,000 | 842,279 | ||||||||
# * |
JinkoSolar Holding Co., Ltd., ADR |
431,559 | 25,159,890 | |||||||
Jinneng Science&Technology Co., Ltd., Class A |
267,900 | 495,280 | ||||||||
Jinyuan EP Co., Ltd., Class A |
137,600 | 164,184 | ||||||||
Jiuzhitang Co., Ltd., Class A |
351,200 | 436,476 | ||||||||
Jizhong Energy Resources Co., Ltd., Class A |
1,185,500 | 628,081 | ||||||||
JNBY Design, Ltd. |
90,500 | 98,564 | ||||||||
Joincare Pharmaceutical Group Industry Co., Ltd., Class A |
1,082,416 | 2,443,346 | ||||||||
* |
Jointown Pharmaceutical Group Co., Ltd., Class A |
867,498 | 2,356,723 | |||||||
Joy City Property, Ltd. |
16,412,000 | 1,009,660 | ||||||||
JOYY, Inc., ADR |
315,298 | 28,811,931 | ||||||||
JSTI Group, Class A |
206,375 | 224,327 | ||||||||
Ju Teng International Holdings, Ltd. |
6,058,249 | 1,836,396 | ||||||||
* |
Kai Yuan Holdings, Ltd. |
41,600,000 | 214,077 | |||||||
Kaisa Group Holdings, Ltd. |
21,930,632 | 10,228,472 | ||||||||
* W |
Kangda International Environmental Co., Ltd. |
4,654,000 | 403,553 | |||||||
# * |
Kasen International Holdings, Ltd. |
2,592,000 | 238,989 | |||||||
Kingboard Holdings, Ltd. |
6,497,845 | 22,008,509 | ||||||||
Kingboard Laminates Holdings, Ltd. |
8,703,500 | 13,910,771 | ||||||||
Konka Group Co., Ltd., Class A |
271,000 | 236,424 | ||||||||
KPC Pharmaceuticals, Inc., Class A |
273,800 | 379,522 | ||||||||
* |
Kuang-Chi Technologies Co., Ltd., Class A |
272,370 | 808,190 | |||||||
Kunlun Energy Co., Ltd. |
32,420,000 | 20,988,819 | ||||||||
KWG Group Holdings, Ltd. |
13,954,500 | 18,504,916 | ||||||||
* |
KWG Living Group Holdings, Ltd. |
6,977,250 | 5,472,000 | |||||||
* |
Lanzhou Minbai Shareholding Group Co., Ltd., Class A |
140,700 | 127,650 | |||||||
Lao Feng Xiang Co., Ltd., Class A |
109,238 | 750,994 | ||||||||
Lee & Man Paper Manufacturing, Ltd. |
11,123,000 | 8,429,597 | ||||||||
Lees Pharmaceutical Holdings, Ltd. |
975,500 | 548,612 | ||||||||
# W |
Legend Holdings Corp., Class H |
2,487,600 | 3,347,019 | |||||||
Lenovo Group, Ltd. |
20,204,000 | 12,685,558 | ||||||||
Leo Group Co., Ltd., Class A |
1,577,300 | 748,151 | ||||||||
Leyard Optoelectronic Co., Ltd., Class A |
966,400 | 1,032,144 | ||||||||
Liaoning Cheng Da Co., Ltd., Class A |
400,300 | 1,351,772 | ||||||||
Liaoning Wellhope Agri-Tech JSC, Ltd., Class A |
592,288 | 1,094,341 | ||||||||
* |
Lier Chemical Co., Ltd., Class A |
113,400 | 337,397 | |||||||
LingNan Eco&Culture-Tourism Co., Ltd., Class A |
394,293 | 232,671 | ||||||||
Liuzhou Iron & Steel Co., Ltd., Class A |
249,200 | 172,538 | ||||||||
Livzon Pharmaceutical Group, Inc., Class H |
119,700 | 530,507 | ||||||||
Lomon Billions Group Co., Ltd., Class A |
668,233 | 2,474,826 | ||||||||
Loncin Motor Co., Ltd., Class A |
741,300 | 421,362 | ||||||||
Long Yuan Construction Group Co., Ltd., Class A |
203,300 | 240,574 | ||||||||
W |
Longfor Group Holdings, Ltd. |
7,311,000 | 40,057,768 | |||||||
Lonking Holdings, Ltd. |
20,876,000 | 5,559,565 | ||||||||
Luenmei Quantum Co., Ltd., Class A. |
150,300 | 297,025 | ||||||||
Luxi Chemical Group Co., Ltd., Class A |
608,000 | 914,543 | ||||||||
W |
Luye Pharma Group, Ltd. |
10,525,000 | 6,107,887 | |||||||
LVGEM China Real Estate Investment Co., Ltd. |
750,000 | 240,071 | ||||||||
Maanshan Iron & Steel Co., Ltd., Class H |
5,377,775 | 1,242,853 | ||||||||
* |
Macrolink Culturaltainment Development Co., Ltd., Class A |
59,400 | 27,118 | |||||||
* W |
Maoyan Entertainment |
264,800 | 373,345 | |||||||
Maoye International Holdings, Ltd. |
7,796,000 | 316,874 | ||||||||
* |
Markor International Home Furnishings Co., Ltd., Class A |
704,000 | 532,785 | |||||||
Metallurgical Corp. of China, Ltd., Class H |
13,359,000 | 2,158,795 | ||||||||
Min Xin Holdings, Ltd. |
708,418 | 342,275 | ||||||||
Ming Yang Smart Energy Group, Ltd., Class A |
376,000 | 911,854 | ||||||||
* |
Mingfa Group International Co., Ltd. |
608,000 | 4,415 | |||||||
Minmetals Land, Ltd. |
10,991,205 | 1,252,415 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
CHINA (Continued) |
||||||||||
# W |
Minsheng Education Group Co., Ltd. |
448,000 | $ | 56,688 | ||||||
Minth Group, Ltd. |
3,230,000 | 13,365,724 | ||||||||
Misho Ecology & Landscape Co., Ltd., Class A |
173,200 | 197,335 | ||||||||
MLS Co., Ltd., Class A |
446,962 | 812,309 | ||||||||
# * |
MMG, Ltd. |
13,464,000 | 3,193,197 | |||||||
MOBI Development Co., Ltd. |
1,556,000 | 122,900 | ||||||||
Modern Land China Co., Ltd. |
2,977,200 | 385,058 | ||||||||
Momo, Inc., Sponsored ADR |
296,589 | 4,448,835 | ||||||||
* |
Myhome Real Estate Development Group Co., Ltd., Class A |
81,500 | 44,930 | |||||||
MYS Group Co., Ltd., Class A |
393,300 | 258,816 | ||||||||
Nanjing Iron & Steel Co., Ltd., Class A |
210,500 | 93,814 | ||||||||
* |
Nanjing Xinjiekou Department Store Co., Ltd., Class A |
528,500 | 813,936 | |||||||
* |
Nanyang Topsec Technologies Group, Inc., Class A |
91,464 | 288,223 | |||||||
NARI Technology Co., Ltd., Class A |
600,900 | 1,867,356 | ||||||||
* |
Nature Home Holding Co., Ltd. |
1,901,000 | 240,207 | |||||||
NetDragon Websoft Holdings, Ltd. |
709,500 | 1,526,348 | ||||||||
New China Life Insurance Co., Ltd., Class H |
2,143,800 | 8,568,457 | ||||||||
* |
New World Department Store China, Ltd. |
3,486,000 | 525,347 | |||||||
Newland Digital Technology Co., Ltd., Class A |
39,600 | 93,720 | ||||||||
Nexteer Automotive Group, Ltd. |
6,517,000 | 5,442,360 | ||||||||
Nine Dragons Paper Holdings, Ltd. |
16,927,000 | 22,577,790 | ||||||||
Ningbo Huaxiang Electronic Co., Ltd., Class A |
327,055 | 798,856 | ||||||||
Ningbo Joyson Electronic Corp., Class A |
553,641 | 1,982,522 | ||||||||
Ningbo Sanxing Medical Electric Co., Ltd., Class A |
300,400 | 316,493 | ||||||||
Ningbo Yunsheng Co., Ltd., Class A |
221,200 | 204,959 | ||||||||
Ningbo Zhoushan Port Co., Ltd., Class A |
1,959,600 | 1,067,390 | ||||||||
Ningxia Jiaze New Energy Co., Ltd., Class A |
104,000 | 47,689 | ||||||||
Norinco International Cooperation, Ltd., Class A |
92,800 | 100,677 | ||||||||
North Huajin Chemical Industries Co., Ltd., Class A |
431,619 | 321,383 | ||||||||
* |
Northeast Pharmaceutical Group Co., Ltd., Class A |
369,629 | 298,117 | |||||||
# |
NVC Lighting Holdings, Ltd. |
5,629,000 | 116,603 | |||||||
Offshore Oil Engineering Co., Ltd., Class A |
1,189,601 | 753,292 | ||||||||
ORG Technology Co., Ltd., Class A |
452,700 | 381,085 | ||||||||
* |
Orient Group, Inc., Class A |
647,440 | 341,796 | |||||||
W |
Orient Securities Co., Ltd., Class H |
2,949,200 | 1,943,151 | |||||||
Oriental Pearl Group Co., Ltd., Class A |
912,860 | 1,253,770 | ||||||||
* |
Ourpalm Co., Ltd., Class A |
373,600 | 364,016 | |||||||
Overseas Chinese Town Asia Holdings, Ltd. |
1,014,000 | 207,082 | ||||||||
* |
Pangang Group Vanadium Titanium & Resources Co., Ltd., Class A |
1,100,200 | 327,641 | |||||||
PAX Global Technology, Ltd. |
5,812,000 | 3,377,627 | ||||||||
Peoples Insurance Co. Group of China, Ltd. (The), Class H |
32,141,000 | 9,563,806 | ||||||||
# |
PetroChina Co., Ltd., ADR |
102,992 | 2,931,152 | |||||||
PetroChina Co., Ltd., Class H |
176,780,000 | 49,646,414 | ||||||||
PICC Property & Casualty Co., Ltd., Class H |
45,981,000 | 31,207,917 | ||||||||
Ping An Bank Co., Ltd., Class A |
5,706,296 | 15,143,066 | ||||||||
Pingdingshan Tianan Coal Mining Co., Ltd., Class A |
730,703 | 569,806 | ||||||||
Poly Culture Group Corp., Ltd., Class H |
402,000 | 250,968 | ||||||||
Poly Property Group Co., Ltd. |
19,929,488 | 5,755,852 | ||||||||
W |
Postal Savings Bank of China Co., Ltd., Class H |
44,883,000 | 22,026,932 | |||||||
* |
Pou Sheng International Holdings, Ltd. |
7,485,000 | 1,715,485 | |||||||
Power Construction Corp. of China, Ltd., Class A |
5,627,420 | 3,234,360 | ||||||||
Powerlong Real Estate Holdings, Ltd. |
13,341,000 | 8,982,216 | ||||||||
* |
PW Medtech Group, Ltd. |
1,439,000 | 367,774 | |||||||
# |
Q Technology Group Co., Ltd. |
405,000 | 447,589 | |||||||
Qingdao East Steel Tower Stock Co., Ltd., Class A |
188,500 | 218,412 | ||||||||
W |
Qingdao Port International Co., Ltd., Class H |
984,000 | 559,154 | |||||||
Qingdao Topscomm Communication, Inc., Class A |
131,400 | 188,922 | ||||||||
Qingling Motors Co., Ltd., Class H |
6,374,000 | 1,144,218 | ||||||||
Qinhuangdao Port Co., Ltd., Class H |
209,000 | 33,461 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
CHINA (Continued) |
||||||||||
# * |
Qudian, Inc., Sponsored ADR |
362,937 | $ | 486,336 | ||||||
* |
Qunxing Paper Holdings Co. |
5,020,071 | 0 | |||||||
Rainbow Digital Commercial Co., Ltd., Class A |
394,826 | 485,110 | ||||||||
Raisecom Technology Co., Ltd., Class A |
137,700 | 219,186 | ||||||||
Rastar Group, Class A |
400,546 | 243,160 | ||||||||
* |
Realcan Pharmaceutical Group Co., Ltd., Class A |
467,929 | 389,469 | |||||||
W |
Red Star Macalline Group Corp., Ltd., Class H |
1,834,297 | 1,105,615 | |||||||
W |
Redco Properties Group, Ltd. |
132,000 | 58,450 | |||||||
Redsun Properties Group, Ltd. |
105,000 | 38,105 | ||||||||
Renhe Pharmacy Co., Ltd., Class A |
454,600 | 437,232 | ||||||||
* |
REXLot Holdings, Ltd. |
67,831,618 | 34,124 | |||||||
RiseSun Real Estate Development Co., Ltd., Class A |
1,888,376 | 1,986,398 | ||||||||
Rongan Property Co., Ltd., Class A |
112,300 | 43,738 | ||||||||
Ronshine China Holdings, Ltd. |
2,398,000 | 1,634,850 | ||||||||
Runjian Co., Ltd., Class A |
9,800 | 39,924 | ||||||||
SAIC Motor Corp, Ltd., Class A |
1,795,973 | 6,217,522 | ||||||||
Sailun Group Co., Ltd., Class A |
1,049,300 | 775,849 | ||||||||
Sansteel Minguang Co., Ltd. Fujian, Class A |
951,380 | 936,541 | ||||||||
Sany Heavy Equipment International Holdings Co., Ltd. |
5,348,000 | 2,948,278 | ||||||||
* |
Saurer Intelligent Technology Co., Ltd., Class A |
357,100 | 272,829 | |||||||
Seazen Group, Ltd. |
604,000 | 452,823 | ||||||||
Seazen Holdings Co., Ltd. , Class A |
862,999 | 4,199,290 | ||||||||
* |
Semiconductor Manufacturing International Corp. |
8,367,198 | 24,684,333 | |||||||
SGIS Songshan Co., Ltd., Class A |
773,600 | 486,437 | ||||||||
Shaanxi Coal Industry Co., Ltd., Class A |
3,735,445 | 4,891,585 | ||||||||
Shandong Buchang Pharmaceuticals Co., Ltd., Class A |
583,107 | 2,113,543 | ||||||||
Shandong Chenming Paper Holdings, Ltd., Class H |
2,725,227 | 1,084,937 | ||||||||
Shandong Himile Mechanical Science & Technology Co., Ltd., Class A |
24,600 | 90,318 | ||||||||
Shandong Hualu Hengsheng Chemical Co., Ltd., Class A |
764,592 | 3,235,303 | ||||||||
Shandong Jincheng Pharmaceutical Group Co., Ltd., Class A |
84,700 | 292,389 | ||||||||
Shandong Linglong Tyre Co., Ltd., Class A |
445,587 | 1,995,236 | ||||||||
Shandong Minhe Animal Husbandry Co., Ltd., Class A |
232,600 | 519,769 | ||||||||
Shandong Nanshan Aluminum Co., Ltd., Class A |
2,264,850 | 796,013 | ||||||||
Shandong New Beiyang Information Technology Co., Ltd., Class A |
112,000 | 156,606 | ||||||||
Shandong Publishing & Media Co., Ltd., Class A |
187,200 | 169,820 | ||||||||
Shandong Sun Paper Industry JSC, Ltd., Class A |
1,227,281 | 2,554,482 | ||||||||
Shandong Weigao Group Medical Polymer Co., Ltd., Class H |
768,000 | 1,489,451 | ||||||||
Shandong Xinhua Pharmaceutical Co., Ltd., Class H |
646,000 | 318,175 | ||||||||
Shandong Yisheng Livestock & Poultry Breeding Co., Ltd., Class A |
247,140 | 400,597 | ||||||||
Shanghai 2345 Network Holding Group Co., Ltd., Class A |
1,979,100 | 799,895 | ||||||||
# * |
Shanghai Electric Group Co., Ltd., Class H |
11,536,000 | 3,279,011 | |||||||
Shanghai Environment Group Co., Ltd., Class A |
203,827 | 338,718 | ||||||||
* |
Shanghai Fengyuzhu Culture and Technology Co., Ltd., Class A |
21,200 | 67,588 | |||||||
Shanghai Fosun Pharmaceutical Group Co., Ltd., Class H |
1,114,000 | 4,597,473 | ||||||||
# |
Shanghai Industrial Holdings, Ltd. |
3,937,918 | 5,261,752 | |||||||
Shanghai Industrial Urban Development Group, Ltd. |
21,592,501 | 2,012,909 | ||||||||
Shanghai International Port Group Co., Ltd., Class A |
2,613,716 | 1,633,805 | ||||||||
# |
Shanghai Jin Jiang Capital Co., Ltd., Class H |
15,992,000 | 2,229,874 | |||||||
Shanghai Jinjiang International Hotels Co., Ltd., Class A |
237,150 | 1,586,197 | ||||||||
Shanghai Lingang Holdings Corp., Ltd., Class A |
32,800 | 111,137 | ||||||||
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd., Class A |
362,058 | 622,551 | ||||||||
Shanghai Maling Aquarius Co., Ltd., Class A |
351,000 | 484,444 | ||||||||
Shanghai Mechanical and Electrical Industry Co., Ltd., Class A |
159,090 | 449,189 | ||||||||
Shanghai Pharmaceuticals Holding Co., Ltd., Class H |
6,598,300 | 10,242,577 | ||||||||
Shanghai Prime Machinery Co., Ltd., Class H |
3,892,000 | 763,357 | ||||||||
Shanghai Pudong Development Bank Co., Ltd., Class A |
9,573,978 | 13,244,044 | ||||||||
Shanghai Pudong Road & Bridge Construction Co., Ltd., Class A |
162,593 | 155,059 | ||||||||
Shanghai RAAS Blood Products Co., Ltd., Class A |
2,014,386 | 2,571,967 | ||||||||
Shanghai Rongtai Health Technology Corp., Ltd., Class A |
23,900 | 114,811 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
CHINA (Continued) |
||||||||||
Shanghai Shyndec Pharmaceutical Co., Ltd., Class A |
451,300 | $ | 682,030 | |||||||
Shanghai Tongji Science & Technology Industrial Co., Ltd., Class A |
112,100 | 142,158 | ||||||||
Shanghai Tunnel Engineering Co., Ltd., Class A |
85,500 | 71,342 | ||||||||
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd., Class A |
69,800 | 169,632 | ||||||||
Shanghai Yuyuan Tourist Mart Group Co., Ltd., Class A |
1,055,262 | 1,368,290 | ||||||||
Shanghai Zijiang Enterprise Group Co., Ltd., Class A |
286,200 | 179,519 | ||||||||
Shanxi Blue Flame Holding Co., Ltd., Class A |
269,128 | 315,071 | ||||||||
Shanxi Luan Environmental Energy Development Co., Ltd., Class A |
1,040,880 | 916,271 | ||||||||
* |
Shanxi Meijin Energy Co., Ltd., Class A |
1,348,132 | 1,204,313 | |||||||
Shanxi Taigang Stainless Steel Co., Ltd., Class A |
1,594,900 | 834,984 | ||||||||
Shanxi Xishan Coal & Electricity Power Co., Ltd., Class A |
1,514,935 | 1,049,509 | ||||||||
* |
Shanying International Holding Co., Ltd., Class A |
1,210,500 | 554,187 | |||||||
* |
Shenghe Resources Holding Co., Ltd., Class A |
36,360 | 35,814 | |||||||
*W |
Shengjing Bank Co., Ltd., Class H |
481,000 | 424,971 | |||||||
Shenguan Holdings Group, Ltd. |
3,610,000 | 112,822 | ||||||||
Shenwan Hongyuan Group Co., Ltd. |
3,700,800 | 938,989 | ||||||||
Shenzhen Agricultural Products Group Co., Ltd., Class A |
1,096,504 | 1,156,529 | ||||||||
Shenzhen Airport Co., Ltd., Class A |
388,700 | 464,282 | ||||||||
Shenzhen Aisidi Co., Ltd., Class A |
142,000 | 171,911 | ||||||||
* |
Shenzhen Bauing Construction Holding Group Co., Ltd., Class A |
198,000 | 117,126 | |||||||
Shenzhen Gas Corp., Ltd., Class A |
511,200 | 562,664 | ||||||||
Shenzhen Gongjin Electronics Co., Ltd., Class A |
269,900 | 469,823 | ||||||||
Shenzhen Grandland Group Co., Ltd., Class A |
108,000 | 52,818 | ||||||||
Shenzhen International Holdings, Ltd. |
5,854,583 | 9,116,530 | ||||||||
Shenzhen Investment, Ltd. |
26,974,414 | 8,240,152 | ||||||||
Shenzhen Jinjia Group Co., Ltd., Class A |
705,783 | 947,003 | ||||||||
* |
Shenzhen MTC Co., Ltd., Class A |
1,364,600 | 1,230,171 | |||||||
* |
Shenzhen Neptunus Bioengineering Co., Ltd., Class A |
1,094,848 | 661,199 | |||||||
Shenzhen Overseas Chinese Town Co., Ltd., Class A |
3,406,961 | 3,342,733 | ||||||||
Shenzhen Tagen Group Co., Ltd., Class A |
553,400 | 566,347 | ||||||||
Shenzhen Woer Heat-Shrinkable Material Co., Ltd., Class A |
241,100 | 189,261 | ||||||||
Shenzhen Zhenye Group Co., Ltd., Class A |
32,700 | 27,993 | ||||||||
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd., Class A |
837,000 | 508,510 | ||||||||
* |
Shijiazhuang Changshan BeiMing Technology Co., Ltd., Class A |
534,300 | 545,496 | |||||||
Shimao Group Holdings, Ltd. |
11,632,035 | 41,204,305 | ||||||||
Shinva Medical Instrument Co., Ltd., Class A |
127,500 | 313,662 | ||||||||
Shougang Fushan Resources Group, Ltd. |
15,782,277 | 3,693,837 | ||||||||
* |
Shouhang High-Tech Energy Co., Ltd., Class A |
354,500 | 129,977 | |||||||
Shui On Land, Ltd. |
31,958,303 | 4,213,949 | ||||||||
* |
Siasun Robot & Automation Co., Ltd., Class A |
75,500 | 151,126 | |||||||
* |
Sichuan Hebang Biotechnology Co., Ltd., Class A |
818,900 | 164,096 | |||||||
Sichuan Kelun Pharmaceutical Co., Ltd., Class A |
439,355 | 1,538,995 | ||||||||
Sichuan Languang Development Co., Ltd., Class A |
1,225,800 | 904,958 | ||||||||
Sichuan Shuangma Cement Co., Ltd., Class A |
164,600 | 322,199 | ||||||||
Sieyuan Electric Co., Ltd., Class A |
97,100 | 310,757 | ||||||||
Sihuan Pharmaceutical Holdings Group, Ltd. |
12,926,000 | 1,490,579 | ||||||||
# * |
Silver Grant International Holdings Group, Ltd. |
6,324,804 | 776,466 | |||||||
* |
SINA Corp. |
252,489 | 10,819,154 | |||||||
Sino Biopharmaceutical, Ltd. |
3,922,000 | 3,972,962 | ||||||||
Sinochem International Corp., Class A |
575,231 | 449,861 | ||||||||
Sinofert Holdings, Ltd. |
13,934,000 | 1,242,954 | ||||||||
Sinolink Securities Co., Ltd., Class A |
612,600 | 1,372,822 | ||||||||
* |
Sinolink Worldwide Holdings, Ltd. |
9,156,508 | 575,056 | |||||||
Sinoma International Engineering Co., Class A |
341,200 | 383,966 | ||||||||
Sinoma Science & Technology Co., Ltd., Class A |
461,880 | 1,326,335 | ||||||||
Sinomach Automobile Co., Ltd., Class A |
298,486 | 267,624 | ||||||||
Sino-Ocean Group Holding, Ltd. |
26,236,602 | 5,018,239 | ||||||||
# |
Sinopec Engineering Group Co., Ltd., Class H |
10,921,500 | 4,245,227 | |||||||
Sinopec Kantons Holdings, Ltd. |
8,960,000 | 3,239,240 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
CHINA (Continued) |
||||||||||
* |
Sinopec Oilfield Service Corp., Class H |
24,000 | $ | 1,490 | ||||||
Sinopec Shanghai Petrochemical Co., Ltd., Sponsored ADR |
13,728 | 255,478 | ||||||||
# |
Sinopec Shanghai Petrochemical Co., Ltd., Class H |
18,028,000 | 3,331,772 | |||||||
Sinopharm Group Co., Ltd., Class H |
6,789,600 | 15,598,714 | ||||||||
# * |
Sinosoft Technology Group, Ltd. |
1,919,000 | 287,683 | |||||||
Sinotrans, Ltd., Class H |
21,760,000 | 6,444,168 | ||||||||
Sinotruk Hong Kong, Ltd. |
6,565,335 | 16,793,159 | ||||||||
Skyworth Digital Co., Ltd., Class A |
390,948 | 510,068 | ||||||||
* |
Skyworth Group, Ltd. |
9,122,116 | 2,389,585 | |||||||
* |
Sogou, Inc., ADR |
86,424 | 769,174 | |||||||
* |
SOHO China, Ltd. |
19,201,388 | 5,144,303 | |||||||
SooChow Securities Co., Ltd., Class A |
771,100 | 1,129,506 | ||||||||
* |
Sou Yu Te Group Co., Ltd., Class A |
1,430,300 | 483,506 | |||||||
Spring Airlines Co., Ltd., Class A |
376,541 | 2,399,706 | ||||||||
* |
SPT Energy Group, Inc. |
4,862,000 | 152,278 | |||||||
SSY Group, Ltd. |
1,948,000 | 1,066,271 | ||||||||
* |
Starrise Media Holdings, Ltd. |
270,000 | 5,052 | |||||||
# |
Sun Art Retail Group, Ltd. |
3,118,500 | 3,378,713 | |||||||
Sun King Power Electronics Group |
494,000 | 95,040 | ||||||||
Sunac China Holdings, Ltd. |
11,608,000 | 43,020,994 | ||||||||
Sunflower Pharmaceutical Group Co., Ltd., Class A |
225,100 | 522,037 | ||||||||
Sunfly Intelligent Technology Co., Ltd., Class A |
92,200 | 213,145 | ||||||||
Sungrow Power Supply Co., Ltd., Class A |
310,700 | 1,806,863 | ||||||||
Suning Universal Co., Ltd., Class A |
105,300 | 48,211 | ||||||||
Suning.com Co., Ltd., Class A |
1,436,600 | 2,084,337 | ||||||||
W |
Sunshine 100 China Holdings, Ltd. |
249,000 | 39,559 | |||||||
Sunward Intelligent Equipment Co., Ltd., Class A |
279,300 | 331,708 | ||||||||
Sunwave Communications Co., Ltd., Class A |
210,700 | 233,201 | ||||||||
* |
Suzhou Anjie Technology Co., Ltd., Class A |
112,900 | 335,871 | |||||||
* |
Suzhou Chunxing Precision Mechanical Co., Ltd., Class A |
102,400 | 73,726 | |||||||
Suzhou Gold Mantis Construction Decoration Co., Ltd., Class A |
763,175 | 1,126,885 | ||||||||
* |
Tahoe Group Co., Ltd., Class A |
803,106 | 450,999 | |||||||
Tangshan Jidong Cement Co., Ltd., Class A |
476,244 | 1,069,753 | ||||||||
TangShan Port Group Co., Ltd., Class A |
1,213,100 | 435,320 | ||||||||
Tangshan Sanyou Chemical Industries Co., Ltd., Class A |
660,100 | 688,501 | ||||||||
* |
Taung Gold International, Ltd. |
5,980,000 | 19,275 | |||||||
TBEA Co., Ltd., Class A |
879,959 | 1,081,886 | ||||||||
TCL Electronics Holdings, Ltd. |
6,562,666 | 4,457,811 | ||||||||
TCL Technology Group Corp., Class A |
3,664,735 | 3,312,661 | ||||||||
# * |
Tencent Music Entertainment Group, ADR |
514,090 | 7,649,659 | |||||||
# * |
Tenwow International Holdings, Ltd. |
2,993,000 | 146,706 | |||||||
# |
Texhong Textile Group, Ltd. |
2,055,500 | 1,581,814 | |||||||
Tian An China Investment Co., Ltd. |
4,076,000 | 2,330,510 | ||||||||
Tian Di Science & Technology Co., Ltd., Class A |
704,800 | 319,537 | ||||||||
*W |
Tian Ge Interactive Holdings, Ltd. |
1,433,000 | 105,461 | |||||||
Tiangong International Co., Ltd. |
4,350,000 | 1,460,251 | ||||||||
Tianjin Chase Sun Pharmaceutical Co., Ltd., Class A |
940,811 | 775,971 | ||||||||
Tianjin Port Development Holdings, Ltd. |
16,671,657 | 1,119,993 | ||||||||
Tianjin ZhongXin Pharmaceutical Group Corp., Ltd., Class A |
175,149 | 419,381 | ||||||||
Tianma Microelectronics Co., Ltd., Class A |
856,224 | 1,828,884 | ||||||||
# |
Tianneng Power International, Ltd. |
7,140,000 | 11,632,233 | |||||||
Tianyun International Holdings, Ltd. |
570,000 | 71,456 | ||||||||
* |
Tibet Summit Resources Co., Ltd., Class A |
190,200 | 228,065 | |||||||
Tibet Tianlu Co., Ltd., Class A |
195,400 | 215,393 | ||||||||
Time Watch Investments, Ltd. |
92,000 | 8,791 | ||||||||
Tingyi Cayman Islands Holding Corp. |
1,846,000 | 3,378,035 | ||||||||
Titan Wind Energy Suzhou Co., Ltd., Class A |
526,900 | 564,553 | ||||||||
Tomson Group, Ltd. |
3,468,526 | 699,633 | ||||||||
Tong Ren Tang Technologies Co., Ltd., Class H |
1,730,000 | 1,015,837 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
CHINA (Continued) |
||||||||||
# |
Tongda Group Holdings, Ltd. |
46,770,000 | $ | 2,541,621 | ||||||
Tongkun Group Co., Ltd., Class A |
547,222 | 1,239,575 | ||||||||
Tongling Jingda Special Magnet Wire Co., Ltd., Class A |
424,000 | 201,283 | ||||||||
Tongling Nonferrous Metals Group Co., Ltd., Class A |
2,493,900 | 809,647 | ||||||||
Tongwei Co., Ltd., Class A |
551,300 | 2,538,102 | ||||||||
Tonly Electronics Holdings, Ltd. |
15,000 | 19,503 | ||||||||
# |
Top Spring International Holdings, Ltd. |
146,000 | 24,147 | |||||||
Transfar Zhilian Co., Ltd., Class A |
771,900 | 625,810 | ||||||||
TravelSky Technology, Ltd., Class H |
881,000 | 1,857,141 | ||||||||
* |
Trigiant Group, Ltd. |
4,254,000 | 401,553 | |||||||
* |
Trip.com Group, Ltd., ADR |
2,378,359 | 68,401,605 | |||||||
* |
Trony Solar Holdings Co., Ltd. |
8,775,000 | 0 | |||||||
* |
Tunghsu Optoelectronic Technology Co., Ltd., Class A |
1,525,000 | 623,872 | |||||||
* |
Tus Environmental Science And Technology Development Co., Ltd., Class A |
323,420 | 354,676 | |||||||
Unilumin Group Co., Ltd., Class A |
170,800 | 249,448 | ||||||||
Uni-President China Holdings, Ltd. |
1,131,000 | 979,697 | ||||||||
Unisplendour Corp., Ltd., Class A |
747,683 | 2,461,435 | ||||||||
United Energy Group, Ltd. |
418,000 | 56,752 | ||||||||
* |
V1 Group, Ltd. |
6,098,000 | 176,709 | |||||||
Valiant Co., Ltd., Class A |
12,000 | 31,365 | ||||||||
Vatti Corp., Ltd., Class A |
202,250 | 270,846 | ||||||||
Vinda International Holdings, Ltd. |
321,000 | 851,853 | ||||||||
* |
Vipshop Holdings, Ltd., ADR |
734,300 | 15,714,020 | |||||||
* |
Wanda Film Holding Co., Ltd., Class A |
453,334 | 1,042,852 | |||||||
Wangfujing Group Co., Ltd., Class A |
99,000 | 595,996 | ||||||||
Wangneng Environment Co., Ltd., Class A |
81,100 | 199,368 | ||||||||
Wangsu Science & Technology Co., Ltd., Class A |
682,700 | 795,756 | ||||||||
Want Want China Holdings, Ltd. |
5,112,000 | 3,385,342 | ||||||||
Wanxiang Qianchao Co., Ltd., Class A |
995,460 | 871,710 | ||||||||
Wasion Holdings, Ltd. |
4,676,000 | 1,088,184 | ||||||||
Wasu Media Holding Co., Ltd., Class A |
341,086 | 493,109 | ||||||||
* |
Weibo Corp., Sponsored ADR |
61,210 | 2,543,276 | |||||||
Weichai Power Co., Ltd., Class H |
2,040,000 | 3,868,417 | ||||||||
Weifu High-Technology Group Co., Ltd., Class A |
168,400 | 647,265 | ||||||||
Weiqiao Textile Co., Class H |
3,592,500 | 766,153 | ||||||||
Wens Foodstuffs Group Co., Ltd., Class A |
2,190,445 | 6,214,414 | ||||||||
West China Cement, Ltd. |
28,230,000 | 4,195,606 | ||||||||
Western Securities Co., Ltd., Class A |
591,148 | 805,515 | ||||||||
Wisdom Education International Holdings Co., Ltd. |
446,000 | 145,116 | ||||||||
Wolong Electric Group Co., Ltd., Class A |
363,300 | 664,427 | ||||||||
Wuchan Zhongda Group Co., Ltd., Class A |
1,479,800 | 978,898 | ||||||||
* |
Wuhan DDMC Culture & Sports Co., Ltd., Class A |
366,500 | 350,899 | |||||||
Wuhan Department Store Group Co., Ltd., Class A |
401,600 | 782,858 | ||||||||
* |
Wuhan P&S Information Technology Co., Ltd., Class A |
438,100 | 407,020 | |||||||
Wuxi Taiji Industry Co., Ltd., Class A |
733,524 | 1,116,826 | ||||||||
XCMG Construction Machinery Co., Ltd., Class A |
3,681,900 | 2,952,996 | ||||||||
Xiamen C & D, Inc., Class A |
839,700 | 1,051,726 | ||||||||
Xiamen Comfort Science & Technology Group Co., Ltd., Class A |
118,600 | 251,347 | ||||||||
Xiamen International Airport Co., Ltd., Class A |
10,700 | 27,971 | ||||||||
Xiamen International Port Co., Ltd., Class H |
7,708,000 | 637,233 | ||||||||
Xiamen ITG Group Corp., Ltd., Class A |
525,902 | 526,497 | ||||||||
Xiamen Tungsten Co., Ltd., Class A |
299,740 | 602,896 | ||||||||
Xiamen Xiangyu Co., Ltd., Class A |
363,600 | 325,329 | ||||||||
Xiandai Investment Co., Ltd., Class A |
184,100 | 105,162 | ||||||||
Xilinmen Furniture Co., Ltd., Class A |
96,500 | 215,354 | ||||||||
Xinfengming Group Co., Ltd., Class A |
91,060 | 138,743 | ||||||||
Xingda International Holdings, Ltd. |
8,900,195 | 2,292,442 | ||||||||
Xingfa Aluminium Holdings, Ltd. |
435,000 | 433,121 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
CHINA (Continued) |
||||||||||
Xinhu Zhongbao Co., Ltd., Class A |
2,329,543 | $ | 1,117,091 | |||||||
Xinhua Winshare Publishing and Media Co., Ltd., Class H |
1,351,000 | 820,932 | ||||||||
# |
Xinjiang Goldwind Science & Technology Co., Ltd., Class H |
2,263,200 | 2,983,414 | |||||||
Xinjiang Tianshan Cement Co., Ltd., Class A |
310,600 | 691,193 | ||||||||
Xinjiang Zhongtai Chemical Co., Ltd., Class A |
88,700 | 67,690 | ||||||||
Xinxing Ductile Iron Pipes Co., Ltd., Class A |
1,389,600 | 754,621 | ||||||||
Xinyangfeng Agricultural Technology Co., Ltd., Class A |
268,700 | 485,429 | ||||||||
Xinyu Iron & Steel Co., Ltd., Class A |
944,300 | 586,681 | ||||||||
Xinyuan Real Estate Co., Ltd., ADR |
264,887 | 482,094 | ||||||||
Xtep International Holdings, Ltd. |
7,729,088 | 2,620,684 | ||||||||
Xuji Electric Co., Ltd., Class A |
233,200 | 492,103 | ||||||||
* |
Yanchang Petroleum International, Ltd. |
12,800,000 | 51,195 | |||||||
Yang Quan Coal Industry Group Co., Ltd., Class A |
755,000 | 533,172 | ||||||||
Yango Group Co., Ltd., Class A |
300,400 | 308,500 | ||||||||
Yantai Changyu Pioneer Wine Co., Ltd., Class A |
199,900 | 987,069 | ||||||||
Yantai Jereh Oilfield Services Group Co., Ltd., Class A |
296,888 | 1,190,327 | ||||||||
Yanzhou Coal Mining Co., Ltd., Class H |
18,294,000 | 13,314,341 | ||||||||
# W |
YiChang HEC ChangJiang Pharmaceutical Co., Ltd., Class H |
769,400 | 949,747 | |||||||
Yintai Gold Co., Ltd., Class A |
319,574 | 480,192 | ||||||||
Yips Chemical Holdings, Ltd. |
842,000 | 295,820 | ||||||||
* |
Yiren Digital, Ltd., Sponsored ADR |
111,530 | 366,934 | |||||||
Yotrio Group Co., Ltd., Class A |
1,017,700 | 631,248 | ||||||||
Youngor Group Co., Ltd., Class A |
719,074 | 766,214 | ||||||||
* |
Youyuan International Holdings, Ltd. |
4,485,251 | 28,234 | |||||||
* |
YuanShengTai Dairy Farm, Ltd. |
4,212,000 | 331,700 | |||||||
Yuexiu Property Co., Ltd. |
66,198,786 | 12,852,555 | ||||||||
* |
Yunnan Aluminium Co., Ltd., Class A |
838,700 | 689,959 | |||||||
Yunnan Baiyao Group Co Ltd, Class A |
263,127 | 4,054,401 | ||||||||
* |
Yunnan Copper Co., Ltd., Class A |
483,200 | 898,280 | |||||||
* |
Yunnan Tin Co., Ltd., Class A |
466,300 | 625,819 | |||||||
Yuzhou Group Holdings Co., Ltd. |
22,739,677 | 8,801,873 | ||||||||
Zhaojin Mining Industry Co., Ltd., Class H |
111,500 | 144,343 | ||||||||
* |
Zhejiang Century Huatong Group Co., Ltd., Class A |
3,149,591 | 4,018,642 | |||||||
Zhejiang Chint Electrics Co., Ltd., Class A |
1,010,503 | 4,431,108 | ||||||||
Zhejiang Communications Technology Co., Ltd. |
294,400 | 234,281 | ||||||||
# |
Zhejiang Glass Co., Ltd. |
437,000 | 0 | |||||||
Zhejiang Hailiang Co., Ltd., Class A |
171,980 | 201,869 | ||||||||
Zhejiang Hangmin Co., Ltd., Class A |
256,726 | 203,887 | ||||||||
Zhejiang Hisoar Pharmaceutical Co., Ltd., Class A |
1,033,800 | 1,200,743 | ||||||||
Zhejiang Huace Film & TV Co., Ltd., Class A |
333,832 | 365,938 | ||||||||
Zhejiang Huafeng Spandex Co., Ltd., Class A |
859,548 | 1,031,483 | ||||||||
Zhejiang Jiahua Energy Chemical Industry Co., Ltd., Class A |
395,400 | 585,311 | ||||||||
Zhejiang Jianfeng Group Co., Ltd., Class A |
17,100 | 37,509 | ||||||||
* |
Zhejiang Jingu Co., Ltd., Class A |
406,400 | 505,391 | |||||||
Zhejiang Jingxin Pharmaceutical Co., Ltd., Class A |
268,800 | 479,335 | ||||||||
Zhejiang Juhua Co., Ltd., Class A |
505,207 | 504,529 | ||||||||
Zhejiang Longsheng Group Co., Ltd., Class A |
1,662,033 | 3,306,027 | ||||||||
Zhejiang Medicine Co., Ltd., Class A |
403,200 | 861,420 | ||||||||
* |
Zhejiang Narada Power Source Co., Ltd., Class A |
149,100 | 357,834 | |||||||
Zhejiang NHU Co., Ltd., Class A |
1,126,497 | 4,891,958 | ||||||||
Zhejiang Orient Financial Holdings Group Co., Ltd., Class A |
789,500 | 819,768 | ||||||||
Zhejiang Runtu Co., Ltd., Class A |
287,230 | 384,359 | ||||||||
Zhejiang Satellite Petrochemical Co., Ltd., Class A |
315,600 | 1,047,334 | ||||||||
Zhejiang Semir Garment Co., Ltd., Class A |
538,299 | 671,671 | ||||||||
Zhejiang Wanfeng Auto Wheel Co., Ltd., Class A |
837,500 | 900,676 | ||||||||
Zhejiang Wanliyang Co., Ltd., Class A |
317,541 | 553,695 | ||||||||
Zhejiang Xinan Chemical Industrial Group Co., Ltd., Class A |
138,400 | 188,024 | ||||||||
Zhejiang Yankon Group Co., Ltd., Class A |
91,700 | 53,889 | ||||||||
Zhejiang Yasha Decoration Co., Ltd., Class A |
395,626 | 530,442 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
CHINA (Continued) |
||||||||||
* |
Zhejiang Yongtai Technology Co., Ltd., Class A |
58,400 | $ | 78,306 | ||||||
Zhengzhou Coal Mining Machinery Group Co., Ltd., Class H |
1,429,600 | 1,572,667 | ||||||||
Zhengzhou Yutong Bus Co., Ltd., Class A |
493,800 | 1,181,120 | ||||||||
Zhenro Properties Group, Ltd. |
464,000 | 267,765 | ||||||||
# |
Zhong An Group, Ltd. |
13,233,600 | 530,646 | |||||||
Zhongjin Gold Corp., Ltd., Class A |
1,419,802 | 1,983,586 | ||||||||
* |
Zhongshan Broad Ocean Motor Co., Ltd., Class A |
567,100 | 330,427 | |||||||
Zhongyuan Environment-Protection Co., Ltd., Class A |
35,800 | 38,457 | ||||||||
Zhuzhou CRRC Times Electric Co., Ltd., Class H |
770,500 | 2,372,750 | ||||||||
Zhuzhou Kibing Group Co., Ltd., Class A |
795,846 | 1,092,258 | ||||||||
Zibo Qixiang Tengda Chemical Co., Ltd., Class A |
485,000 | 597,185 | ||||||||
Zijin Mining Group Co., Ltd., Class H |
9,546,000 | 6,959,155 | ||||||||
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H |
8,941,600 | 7,894,674 | ||||||||
ZTE Corp., Class H |
1,604,800 | 3,548,296 | ||||||||
# |
ZTO Express Cayman, Inc., ADR |
59,945 | 1,737,206 | |||||||
|
|
|||||||||
TOTAL CHINA |
4,411,354,497 | |||||||||
|
|
|||||||||
COLOMBIA (0.1%) |
||||||||||
Cementos Argos SA |
94,431 | 111,135 | ||||||||
* |
Corp. Financiera Colombiana SA |
30,986 | 208,156 | |||||||
Grupo Argos SA |
1,529,091 | 4,195,731 | ||||||||
Grupo de Inversiones Suramericana SA |
1,584,308 | 8,227,832 | ||||||||
Grupo Nutresa SA |
161,925 | 892,808 | ||||||||
Mineros SA |
128,115 | 119,166 | ||||||||
|
|
|||||||||
TOTAL COLOMBIA |
13,754,828 | |||||||||
|
|
|||||||||
CZECH REPUBLIC (0.2%) |
||||||||||
CEZ A.S. |
1,160,007 | 21,954,944 | ||||||||
|
|
|||||||||
GREECE (0.2%) |
||||||||||
* |
Aegean Airlines SA |
83,136 | 257,460 | |||||||
* |
Alpha Bank AE |
6,617,602 | 3,367,541 | |||||||
Autohellas SA |
37,423 | 161,665 | ||||||||
Bank of Greece |
37,213 | 582,021 | ||||||||
* |
Cairo Mezz P.L.C. |
351,174 | 42,454 | |||||||
* |
Ellaktor SA |
984,918 | 1,547,679 | |||||||
* |
Eurobank Ergasias Services and Holdings SA, Class A |
4,214,090 | 1,409,232 | |||||||
* |
Fourlis Holdings SA |
42,414 | 163,776 | |||||||
* |
GEK Terna Holding Real Estate Construction SA |
23,558 | 159,369 | |||||||
Hellenic Petroleum SA |
146,437 | 718,251 | ||||||||
* |
Intracom Holdings SA |
437,466 | 316,915 | |||||||
* |
LAMDA Development SA |
67,966 | 401,771 | |||||||
Motor Oil Hellas Corinth Refineries SA |
8,934 | 83,531 | ||||||||
Mytilineos SA |
422,906 | 4,640,015 | ||||||||
* |
National Bank of Greece SA |
3,347,142 | 3,525,000 | |||||||
* |
Piraeus Bank SA |
1,707,993 | 1,313,860 | |||||||
Titan Cement International SA |
51,194 | 639,543 | ||||||||
|
|
|||||||||
TOTAL GREECE |
19,330,083 | |||||||||
|
|
|||||||||
HONG KONG (0.1%) |
||||||||||
Anxin-China Holdings, Ltd. |
6,152,000 | 0 | ||||||||
Atlas Corp. |
755,069 | 6,516,246 | ||||||||
* |
Beijing Energy International Holding Co., Ltd. |
4,182,000 | 119,473 | |||||||
W |
China New Higher Education Group, Ltd. |
816,000 | 425,792 | |||||||
Fiber Optic Center, Inc. |
3,598,000 | 24,366 | ||||||||
K Wah International Holdings, Ltd. |
88,829 | 42,154 | ||||||||
Karce International Holdings Open |
640,000 | 0 | ||||||||
Prinx Chengshan Cayman Holding, Ltd. |
64,000 | 69,347 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
HONG KONG (Continued) |
||||||||||
Real Gold Mining, Ltd. |
3,137,500 | $ | 106,438 | |||||||
Shoucheng Holdings, Ltd. |
10,423,683 | 3,743,368 | ||||||||
|
|
|||||||||
TOTAL HONG KONG |
11,047,184 | |||||||||
|
|
|||||||||
HUNGARY (0.2%) |
||||||||||
* |
MOL Hungarian Oil & Gas P.L.C. |
3,692,311 | 17,929,567 | |||||||
Richter Gedeon Nyrt |
210,190 | 4,291,545 | ||||||||
|
|
|||||||||
TOTAL HUNGARY |
22,221,112 | |||||||||
|
|
|||||||||
INDIA (11.2%) |
||||||||||
Aarti Drugs, Ltd. |
54,628 | 502,369 | ||||||||
ACC, Ltd. |
330,940 | 7,361,455 | ||||||||
Adani Enterprises, Ltd. |
936,724 | 4,253,761 | ||||||||
Adani Gas, Ltd. |
448,421 | 1,332,090 | ||||||||
* |
Adani Green Energy, Ltd. |
1,209,937 | 13,975,195 | |||||||
Adani Ports & Special Economic Zone, Ltd. |
66,956 | 323,110 | ||||||||
* |
Adani Power, Ltd. |
2,362,845 | 1,138,603 | |||||||
* |
Adani Transmissions, Ltd. |
592,012 | 2,310,180 | |||||||
* |
Aditya Birla Capital, Ltd. |
2,879,031 | 2,516,519 | |||||||
Advanced Enzyme Technologies, Ltd. |
26,799 | 112,923 | ||||||||
Alembic, Ltd. |
483,755 | 601,403 | ||||||||
Allcargo Logistics, Ltd. |
498,591 | 793,248 | ||||||||
Amara Raja Batteries, Ltd. |
4,029 | 41,774 | ||||||||
Ambuja Cements, Ltd. |
4,057,634 | 14,219,413 | ||||||||
* |
Amtek Auto, Ltd. |
941,223 | 6,548 | |||||||
* |
Anant Raj Global, Ltd. |
263,703 | 57,824 | |||||||
Anant Raj, Ltd. |
112,668 | 27,345 | ||||||||
Apar Industries, Ltd. |
83,158 | 322,760 | ||||||||
Apollo Tyres, Ltd. |
1,942,429 | 3,668,065 | ||||||||
* |
Arvind Fashions, Ltd. |
455,430 | 753,778 | |||||||
* |
Arvind, Ltd. |
830,228 | 377,925 | |||||||
Ashok Leyland, Ltd. |
5,216,139 | 5,548,855 | ||||||||
Aurobindo Pharma, Ltd. |
2,186,921 | 22,815,804 | ||||||||
* |
Axis Bank, Ltd. |
8,523,857 | 56,329,366 | |||||||
* |
Bajaj Hindusthan Sugar, Ltd. |
872,575 | 55,300 | |||||||
Bajaj Holdings & Investment, Ltd. |
340,266 | 10,586,936 | ||||||||
Balmer Lawrie & Co., Ltd. |
614,043 | 836,058 | ||||||||
Balrampur Chini Mills, Ltd. |
1,384,859 | 3,000,907 | ||||||||
* |
Bank of Baroda |
4,804,501 | 2,694,977 | |||||||
* |
Bank of Maharashtra |
578,945 | 86,604 | |||||||
BEML, Ltd. |
81,747 | 672,171 | ||||||||
Bharat Dyanamics, Ltd. |
2,665 | 10,415 | ||||||||
Bharat Electronics, Ltd. |
4,584,348 | 5,380,084 | ||||||||
Bharat Forge, Ltd. |
9,291 | 56,388 | ||||||||
Bharat Heavy Electricals, Ltd. |
5,700,069 | 2,160,610 | ||||||||
Bharti Airtel, Ltd. |
8,859,463 | 51,682,131 | ||||||||
Birla Corp., Ltd. |
158,657 | 1,370,856 | ||||||||
* |
Birlasoft, Ltd. |
1,151,377 | 2,813,034 | |||||||
Bodal Chemicals, Ltd. |
146,947 | 118,610 | ||||||||
Borosil Renewables, Ltd. |
12,105 | 15,116 | ||||||||
* |
Borosil, Ltd. |
12,105 | 23,417 | |||||||
Brigade Enterprises, Ltd. |
403,466 | 973,512 | ||||||||
BSE, Ltd. |
119,329 | 793,687 | ||||||||
Cadila Healthcare, Ltd. |
399,189 | 2,251,234 | ||||||||
Can Fin Homes, Ltd. |
255,634 | 1,575,992 | ||||||||
* |
Canara Bank |
1,449,186 | 1,690,216 | |||||||
* |
Capacite Infraprojects, Ltd. |
41,710 | 76,308 | |||||||
Ceat, Ltd. |
165,941 | 2,444,028 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
INDIA (Continued) |
||||||||||
Century Textiles & Industries, Ltd. |
12,794 | $ | 52,761 | |||||||
* |
CG Power and Industrial Solutions, Ltd. |
2,853,683 | 1,207,386 | |||||||
Chambal Fertilizers & Chemicals, Ltd. |
960,912 | 2,106,573 | ||||||||
Chennai Super Kings Cricket, Ltd. |
5,080,767 | 28,925 | ||||||||
* |
Cholamandalam Financial Holdings, Ltd. |
420,899 | 2,188,364 | |||||||
Cipla, Ltd. |
896,605 | 9,141,181 | ||||||||
City Union Bank, Ltd. |
1,451,921 | 2,896,502 | ||||||||
W |
Cochin Shipyard, Ltd. |
26,896 | 122,519 | |||||||
* W |
Coffee Day Enterprises, Ltd. |
161,329 | 57,363 | |||||||
Container Corp. Of India, Ltd. |
357,502 | 1,886,266 | ||||||||
Cyient, Ltd. |
124,698 | 663,918 | ||||||||
* |
Dalmia Bharat, Ltd. |
284,948 | 3,239,568 | |||||||
DB Corp., Ltd. |
138,530 | 137,978 | ||||||||
* |
DCB Bank, Ltd. |
1,226,347 | 1,285,434 | |||||||
DCM Shriram, Ltd. |
361,622 | 1,650,923 | ||||||||
Deepak Fertilisers & Petrochemicals Corp., Ltd. |
314,938 | 627,176 | ||||||||
Delta Corp., Ltd. |
51,743 | 82,842 | ||||||||
Dhampur Sugar Mills, Ltd. |
225,896 | 434,863 | ||||||||
Dhani Services, Ltd. |
23,401 | 62,108 | ||||||||
W |
Dilip Buildcon, Ltd. |
108,385 | 477,113 | |||||||
* |
Dish TV India, Ltd. |
2,132,040 | 328,045 | |||||||
Dishman Carbogen Amcis, Ltd. |
579,097 | 1,184,161 | ||||||||
DLF, Ltd. |
2,412,108 | 5,166,176 | ||||||||
Dr Reddys Laboratories, Ltd., ADR |
142,947 | 9,264,395 | ||||||||
Dr Reddys Laboratories, Ltd. |
47,319 | 3,115,302 | ||||||||
eClerx Services, Ltd. |
13,413 | 126,548 | ||||||||
* |
Edelweiss Financial Services, Ltd. |
1,424,853 | 1,075,679 | |||||||
* |
EID Parry India, Ltd. |
596,304 | 2,227,603 | |||||||
* |
EIH, Ltd. |
422,487 | 428,943 | |||||||
Engineers India, Ltd. |
174,931 | 153,083 | ||||||||
EPL, Ltd. |
187,726 | 634,721 | ||||||||
Escorts, Ltd. |
279,042 | 4,530,540 | ||||||||
Excel Industries, Ltd. |
1,169 | 13,649 | ||||||||
Exide Industries, Ltd. |
280,804 | 601,333 | ||||||||
FDC, Ltd. |
69,318 | 320,155 | ||||||||
* |
Federal Bank, Ltd. |
10,486,940 | 7,136,204 | |||||||
Finolex Cables, Ltd. |
513,719 | 1,928,360 | ||||||||
Finolex Industries, Ltd. |
148,359 | 1,042,298 | ||||||||
Firstsource Solutions, Ltd. |
1,796,446 | 1,695,101 | ||||||||
* |
Fortis Healthcare, Ltd. |
2,163,516 | 3,672,775 | |||||||
* |
Future Enterprises, Ltd. |
1,132,688 | 142,411 | |||||||
GAIL India, Ltd. |
11,699,118 | 13,384,595 | ||||||||
Gateway Distriparks, Ltd. |
325,127 | 403,278 | ||||||||
* W |
General Insurance Corp. of India |
111,280 | 177,819 | |||||||
* |
GFL, Ltd. |
199,658 | 212,933 | |||||||
GHCL, Ltd. |
257,525 | 540,682 | ||||||||
Glenmark Pharmaceuticals, Ltd. |
1,101,424 | 7,065,631 | ||||||||
Godfrey Phillips India, Ltd. |
85,898 | 1,040,805 | ||||||||
Granules India, Ltd. |
883,816 | 4,554,368 | ||||||||
Graphite India, Ltd. |
20,799 | 49,358 | ||||||||
Grasim Industries, Ltd. |
1,682,798 | 17,695,587 | ||||||||
Great Eastern Shipping Co., Ltd. (The) |
533,214 | 1,625,369 | ||||||||
* |
Greaves Cotton, Ltd. |
355,301 | 333,474 | |||||||
Gujarat Alkalies & Chemicals, Ltd. |
176,303 | 761,684 | ||||||||
Gujarat Ambuja Exports, Ltd. |
280,132 | 434,352 | ||||||||
* |
Gujarat Fluorochemicals, Ltd. |
386,472 | 2,501,219 | |||||||
Gujarat Mineral Development Corp., Ltd. |
611,679 | 354,052 | ||||||||
Gujarat Narmada Valley Fertilizers & Chemicals, Ltd. |
383,198 | 1,059,228 | ||||||||
Gujarat Pipavav Port, Ltd. |
388,699 | 463,834 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
INDIA (Continued) |
||||||||||
Gujarat State Fertilizers & Chemicals, Ltd. |
828,894 | $ | 757,042 | |||||||
Gujarat State Petronet, Ltd. |
1,388,049 | 3,628,879 | ||||||||
HEG, Ltd. |
12,117 | 110,351 | ||||||||
HeidelbergCement India, Ltd. |
345,204 | 858,925 | ||||||||
HFCL, Ltd. |
3,752,356 | 872,306 | ||||||||
Hikal, Ltd. |
308,027 | 678,102 | ||||||||
HIL, Ltd. |
18,294 | 431,889 | ||||||||
Himadri Speciality Chemical, Ltd. |
203,546 | 129,178 | ||||||||
Himatsingka Seide, Ltd. |
181,013 | 308,303 | ||||||||
Hindalco Industries, Ltd. |
12,678,607 | 29,331,426 | ||||||||
Hinduja Global Solutions, Ltd. |
61,407 | 551,431 | ||||||||
Housing Development Finance Corp., Ltd. |
277,698 | 7,194,834 | ||||||||
# * |
ICICI Bank, Ltd., Sponsored ADR |
5,868,831 | 61,916,166 | |||||||
* |
ICICI Bank, Ltd. |
921,978 | 4,860,756 | |||||||
* |
IDFC First Bank, Ltd. |
12,428,379 | 5,166,976 | |||||||
IDFC, Ltd. |
6,431,062 | 2,640,765 | ||||||||
* |
IFCI, Ltd. |
5,203,346 | 406,911 | |||||||
IIFL Finance, Ltd. |
1,847,539 | 1,847,966 | ||||||||
IIFL Securities, Ltd. |
2,626,942 | 1,386,879 | ||||||||
IIFL Wealth Management, Ltd. |
343,485 | 4,239,099 | ||||||||
India Cements, Ltd. (The) |
1,788,139 | 2,848,046 | ||||||||
India Glycols, Ltd. |
91,269 | 336,471 | ||||||||
Indiabulls Housing Finance, Ltd. |
1,955,323 | 3,710,463 | ||||||||
* |
Indiabulls Real Estate, Ltd. |
1,698,066 | 1,093,309 | |||||||
* |
Indian Bank |
724,988 | 563,431 | |||||||
Indian Hotels Co., Ltd. (The) |
1,525,929 | 1,962,263 | ||||||||
Indian Hume Pipe Co., Ltd. (The) |
2,945 | 6,312 | ||||||||
Indo Count Industries, Ltd. |
248,595 | 481,327 | ||||||||
Indoco Remedies, Ltd. |
18,557 | 64,434 | ||||||||
* |
INEOS Styrolution India, Ltd. |
24,506 | 173,617 | |||||||
Infibeam Avenues, Ltd. |
2,103,252 | 2,367,902 | ||||||||
* |
Intellect Design Arena, Ltd. |
355,025 | 1,135,646 | |||||||
W |
IRCON International, Ltd. |
11,290 | 11,551 | |||||||
ITD Cementation India, Ltd. |
187,582 | 123,696 | ||||||||
J Kumar Infraprojects, Ltd. |
167,631 | 231,969 | ||||||||
Jagran Prakashan, Ltd. |
489,592 | 242,974 | ||||||||
Jai Corp., Ltd. |
312,837 | 349,093 | ||||||||
* |
Jaiprakash Associates, Ltd. |
2,045,317 | 107,695 | |||||||
* |
Jammu & Kashmir Bank, Ltd. (The) |
768,439 | 147,245 | |||||||
JB Chemicals & Pharmaceuticals, Ltd. |
365,551 | 4,965,245 | ||||||||
Jindal Poly Films, Ltd. |
116,128 | 714,561 | ||||||||
Jindal Saw, Ltd. |
854,627 | 698,979 | ||||||||
* |
Jindal Stainless Hisar, Ltd. |
10,311 | 13,703 | |||||||
* |
Jindal Stainless, Ltd. |
258,426 | 217,749 | |||||||
* |
Jindal Steel & Power, Ltd. |
3,034,663 | 7,848,318 | |||||||
JK Cement, Ltd. |
155,248 | 3,843,393 | ||||||||
JK Lakshmi Cement, Ltd. |
228,271 | 891,392 | ||||||||
JK Paper, Ltd. |
522,303 | 619,905 | ||||||||
JK Tyre & Industries, Ltd. |
607,973 | 549,871 | ||||||||
JM Financial, Ltd. |
2,157,432 | 2,356,649 | ||||||||
JSW Energy, Ltd. |
3,023,679 | 2,451,289 | ||||||||
JSW Steel, Ltd. |
5,949,447 | 24,782,262 | ||||||||
Jubilant Life Sciences, Ltd. |
770,389 | 7,561,967 | ||||||||
Jyothy Labs, Ltd. |
26,964 | 49,359 | ||||||||
Kalpataru Power Transmission, Ltd. |
455,895 | 1,527,398 | ||||||||
Kalyani Steels, Ltd. |
76,266 | 215,463 | ||||||||
* |
Karnataka Bank, Ltd. (The) |
847,024 | 486,224 | |||||||
* |
Karur Vysya Bank, Ltd. (The) |
2,259,617 | 984,248 | |||||||
* |
Kaveri Seed Co., Ltd. |
83,828 | 571,541 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
INDIA (Continued) |
||||||||||
KEC International, Ltd. |
18,601 | $ | 81,235 | |||||||
Kiri Industries, Ltd. |
105,185 | 631,230 | ||||||||
Kirloskar Oil Engines, Ltd. |
298,653 | 412,609 | ||||||||
KNR Constructions, Ltd. |
203,640 | 687,600 | ||||||||
Kolte-Patil Developers, Ltd. |
90,777 | 207,474 | ||||||||
KPIT Technologies, Ltd. |
1,864,006 | 2,356,204 | ||||||||
KPR Mill, Ltd. |
40,882 | 410,726 | ||||||||
KRBL, Ltd. |
120,245 | 414,907 | ||||||||
L&T Finance Holdings, Ltd. |
3,671,628 | 3,195,550 | ||||||||
Lakshmi Machine Works, Ltd. |
1,294 | 69,780 | ||||||||
Larsen & Toubro, Ltd. |
2,116,577 | 26,556,015 | ||||||||
W |
Laurus Labs, Ltd. |
247,000 | 1,055,929 | |||||||
LG Balakrishnan & Bros, Ltd. |
14,177 | 47,703 | ||||||||
LIC Housing Finance, Ltd. |
2,220,271 | 8,465,254 | ||||||||
Linde India, Ltd. |
55,381 | 623,469 | ||||||||
LT Foods, Ltd. |
773,314 | 549,862 | ||||||||
Lupin, Ltd. |
1,428,720 | 17,496,318 | ||||||||
* |
Magma Fincorp, Ltd. |
302,555 | 149,958 | |||||||
Maharashtra Scooters, Ltd. |
8,085 | 304,528 | ||||||||
Maharashtra Seamless, Ltd. |
147,161 | 439,958 | ||||||||
* |
Mahindra & Mahindra Financial Services, Ltd. |
4,167,224 | 6,882,266 | |||||||
Mahindra & Mahindra, Ltd. |
4,540,976 | 36,399,157 | ||||||||
* |
Mahindra CIE Automotive, Ltd. |
216,128 | 402,109 | |||||||
* |
Mahindra Lifespace Developers, Ltd. |
125,469 | 473,517 | |||||||
Maithan Alloys, Ltd. |
1,776 | 11,597 | ||||||||
Majesco, Ltd. |
26,238 | 327,085 | ||||||||
Manappuram Finance, Ltd. |
1,288,705 | 2,706,014 | ||||||||
Marksans Pharma, Ltd. |
1,741,434 | 1,193,508 | ||||||||
Mastek, Ltd. |
81,389 | 929,359 | ||||||||
* |
Max Healthcare Institute, Ltd. |
484,677 | 695,222 | |||||||
* |
Max India, Ltd. |
97,915 | 75,576 | |||||||
Meghmani Organics, Ltd. |
865,589 | 832,062 | ||||||||
MOIL, Ltd. |
478,127 | 828,476 | ||||||||
Motherson Sumi Systems, Ltd. |
166,081 | 236,791 | ||||||||
Mphasis, Ltd. |
490,454 | 9,179,363 | ||||||||
MRF, Ltd. |
7,617 | 6,673,970 | ||||||||
Muthoot Finance, Ltd. |
319,810 | 5,297,665 | ||||||||
Natco Pharma, Ltd. |
25,545 | 308,651 | ||||||||
National Aluminium Co., Ltd. |
2,986,448 | 1,232,849 | ||||||||
Nava Bharat Ventures, Ltd. |
479,073 | 341,781 | ||||||||
Navin Fluorine International, Ltd. |
3,096 | 93,489 | ||||||||
NCC, Ltd. |
1,726,959 | 789,684 | ||||||||
NIIT, Ltd. |
590,477 | 1,116,233 | ||||||||
Nilkamal, Ltd. |
39,627 | 675,629 | ||||||||
NMDC, Ltd. |
179,947 | 199,465 | ||||||||
NOCIL, Ltd. |
479,016 | 881,750 | ||||||||
Nucleus Software Exports, Ltd. |
18,815 | 154,723 | ||||||||
* |
Oberoi Realty, Ltd. |
494,260 | 2,951,968 | |||||||
* |
Omaxe, Ltd. |
315,312 | 281,998 | |||||||
Orient Cement, Ltd. |
556,320 | 481,991 | ||||||||
W |
Parag Milk Foods, Ltd. |
137,951 | 196,856 | |||||||
* |
PC Jeweller, Ltd. |
392,820 | 81,889 | |||||||
Persistent Systems, Ltd. |
344,461 | 5,395,547 | ||||||||
Petronet LNG, Ltd. |
4,007,919 | 12,493,229 | ||||||||
Phillips Carbon Black, Ltd. |
518,512 | 981,816 | ||||||||
Piramal Enterprises, Ltd. |
466,543 | 7,922,714 | ||||||||
* W |
PNB Housing Finance, Ltd. |
186,149 | 883,841 | |||||||
PNC Infratech, Ltd. |
321,227 | 736,199 | ||||||||
Polyplex Corp., Ltd. |
101,191 | 1,057,428 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
INDIA (Continued) |
||||||||||
Power Finance Corp., Ltd. |
4,872,837 | $ | 5,744,333 | |||||||
Praj Industries, Ltd. |
92,329 | 95,786 | ||||||||
Prakash Industries, Ltd. |
187,902 | 111,592 | ||||||||
Prestige Estates Projects, Ltd. |
647,281 | 2,185,174 | ||||||||
* |
Procter & Gamble Health, Ltd. |
32,885 | 2,283,211 | |||||||
PTC India Financial Services, Ltd. |
1,766,742 | 432,522 | ||||||||
PTC India, Ltd. |
919,939 | 584,002 | ||||||||
* |
Punjab National Bank |
5,997,812 | 2,164,021 | |||||||
* W |
Quess Corp., Ltd. |
37,802 | 209,422 | |||||||
Rain Industries, Ltd. |
736,786 | 1,048,968 | ||||||||
Rajesh Exports, Ltd. |
584,798 | 3,645,845 | ||||||||
Rallis India, Ltd. |
310,215 | 1,035,273 | ||||||||
Ramco Industries, Ltd. |
118,646 | 302,807 | ||||||||
Rashtriya Chemicals & Fertilizers, Ltd. |
1,044,190 | 596,566 | ||||||||
Ratnamani Metals & Tubes, Ltd. |
3,836 | 65,635 | ||||||||
* |
Raymond, Ltd. |
213,729 | 787,888 | |||||||
W |
RBL Bank, Ltd. |
322,994 | 757,945 | |||||||
REC, Ltd. |
5,381,994 | 7,468,735 | ||||||||
Redington India, Ltd. |
2,275,102 | 3,951,841 | ||||||||
Reliance Industries, Ltd. |
17,062,685 | 475,326,938 | ||||||||
* |
Reliance Power, Ltd. |
925,450 | 44,306 | |||||||
Repco Home Finance, Ltd. |
157,611 | 407,055 | ||||||||
Sadbhav Engineering, Ltd. |
65,085 | 42,117 | ||||||||
* |
Sequent Scientific, Ltd. |
521,810 | 992,257 | |||||||
Seshasayee Paper & Boards, Ltd. |
59,795 | 103,104 | ||||||||
Sharda Cropchem, Ltd. |
28,099 | 102,682 | ||||||||
Shipping Corp. of India, Ltd. |
822,610 | 566,460 | ||||||||
Shriram City Union Finance, Ltd. |
27,860 | 300,205 | ||||||||
Shriram Transport Finance Co., Ltd. |
735,109 | 6,838,839 | ||||||||
Sobha, Ltd. |
397,498 | 1,554,603 | ||||||||
Somany Ceramics, Ltd. |
14,761 | 41,586 | ||||||||
Somany Home Innovation, Ltd. |
460,561 | 468,621 | ||||||||
* |
South Indian Bank, Ltd. (The) |
4,961,219 | 434,346 | |||||||
SRF, Ltd. |
65,370 | 3,869,900 | ||||||||
Srikalahasthi Pipes, Ltd. |
69,809 | 114,751 | ||||||||
* |
State Bank of India |
7,108,564 | 18,173,445 | |||||||
* |
Steel Authority of India, Ltd. |
4,592,630 | 2,137,242 | |||||||
Strides Pharma Science, Ltd. |
361,129 | 3,350,604 | ||||||||
Sun Pharmaceutical Industries, Ltd. |
2,939,332 | 18,473,616 | ||||||||
Sun TV Network, Ltd. |
89,286 | 510,037 | ||||||||
Sunteck Realty, Ltd. |
290,750 | 1,041,639 | ||||||||
Surya Roshni, Ltd. |
65,033 | 195,145 | ||||||||
* |
TAKE Solutions, Ltd. |
423,620 | 232,329 | |||||||
Tata Chemicals, Ltd. |
761,327 | 3,289,598 | ||||||||
Tata Consumer Products, Ltd. |
2,138,209 | 14,240,754 | ||||||||
Tata Metaliks, Ltd. |
1,879 | 13,032 | ||||||||
* |
Tata Motors, Ltd. |
13,087,848 | 23,371,071 | |||||||
Tata Steel, Ltd. |
1,930,245 | 10,673,883 | ||||||||
Tech Mahindra, Ltd. |
512,811 | 5,631,994 | ||||||||
* |
Techno Electric & Engineering Co., Ltd. |
51,972 | 133,823 | |||||||
* |
Teledata Marine Solutions, Ltd. |
267,258 | 0 | |||||||
Texmaco Rail & Engineering, Ltd. |
235,895 | 77,225 | ||||||||
Tide Water Oil Co India, Ltd. |
2,390 | 141,850 | ||||||||
Time Technoplast, Ltd. |
635,571 | 322,070 | ||||||||
Tinplate Co. of India, Ltd. (The) |
217,969 | 378,488 | ||||||||
Transport Corp. of India, Ltd. |
154,447 | 467,269 | ||||||||
Trident, Ltd. |
8,544,349 | 847,523 | ||||||||
Triveni Engineering & Industries, Ltd. |
572,383 | 553,971 | ||||||||
Tube Investments of India, Ltd. |
334,852 | 2,981,923 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
INDIA (Continued) |
||||||||||
TV Today Network, Ltd. |
29,230 | $ | 78,658 | |||||||
* |
TV18 Broadcast, Ltd. |
4,443,516 | 1,725,295 | |||||||
TVS Srichakra, Ltd. |
1,968 | 37,453 | ||||||||
* |
UCO Bank |
1,814,473 | 283,948 | |||||||
Uflex, Ltd. |
263,480 | 1,182,337 | ||||||||
Unichem Laboratories, Ltd. |
220,521 | 746,331 | ||||||||
* |
Union Bank of India |
1,643,856 | 536,780 | |||||||
* |
Usha Martin, Ltd. |
368,127 | 104,997 | |||||||
* |
VA Tech Wabag, Ltd. |
117,627 | 289,493 | |||||||
Vardhman Textiles, Ltd. |
181,028 | 1,875,382 | ||||||||
Vedanta, Ltd. |
15,425,200 | 19,994,682 | ||||||||
Vedanta, Ltd., ADR |
557,921 | 2,856,558 | ||||||||
Venkys India, Ltd. |
538 | 10,604 | ||||||||
Vindhya Telelinks, Ltd. |
23,536 | 226,892 | ||||||||
* |
Vodafone Idea, Ltd. |
11,609,989 | 1,377,037 | |||||||
Welspun Corp., Ltd. |
646,685 | 932,517 | ||||||||
Welspun Enterprises, Ltd. |
545,872 | 554,954 | ||||||||
Welspun India, Ltd. |
1,919,926 | 1,804,390 | ||||||||
West Coast Paper Mills, Ltd. |
184,344 | 392,876 | ||||||||
Wipro, Ltd. |
9,688,471 | 44,470,377 | ||||||||
* |
Wockhardt, Ltd. |
265,080 | 1,039,356 | |||||||
* |
Yes Bank, Ltd. |
19,922,354 | 3,341,684 | |||||||
Zee Entertainment Enterprises, Ltd. |
158,265 | 399,771 | ||||||||
Zensar Technologies, Ltd. |
582,623 | 1,407,128 | ||||||||
|
|
|||||||||
TOTAL INDIA |
1,455,326,704 | |||||||||
|
|
|||||||||
INDONESIA (1.7%) |
||||||||||
Adaro Energy Tbk PT |
127,800,300 | 9,687,715 | ||||||||
Adhi Karya Persero Tbk PT |
11,788,800 | 458,140 | ||||||||
* |
Adi Sarana Armada Tbk PT |
717,700 | 24,424 | |||||||
AKR Corporindo Tbk PT |
563,800 | 101,964 | ||||||||
* |
Alam Sutera Realty Tbk PT |
95,148,700 | 992,607 | |||||||
Aneka Tambang Tbk |
55,792,377 | 3,968,174 | ||||||||
* |
Asahimas Flat Glass Tbk PT |
3,497,100 | 559,392 | |||||||
Astra Agro Lestari Tbk PT |
3,535,967 | 2,584,121 | ||||||||
Astra International Tbk PT |
13,165,400 | 4,807,646 | ||||||||
* |
Astrindo Nusantara Infrastructure Tbk PT |
91,386,000 | 312,431 | |||||||
* |
Bakrie Telecom Tbk PT |
160,430,200 | 102,840 | |||||||
* |
Bank Bukopin Tbk |
43,316,406 | 719,535 | |||||||
Bank Danamon Indonesia Tbk PT |
16,773,054 | 2,780,402 | ||||||||
Bank Mandiri Persero Tbk PT |
95,602,262 | 37,240,022 | ||||||||
Bank Negara Indonesia Persero Tbk PT |
38,665,741 | 12,301,459 | ||||||||
* |
Bank Pan Indonesia Tbk PT |
79,890,901 | 4,209,422 | |||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT |
20,371,700 | 1,489,040 | ||||||||
Bank Pembangunan Daerah Jawa Timur Tbk PT |
23,587,400 | 926,935 | ||||||||
Bank Tabungan Negara Persero Tbk PT |
29,042,627 | 2,703,420 | ||||||||
* |
Barito Pacific Tbk PT |
61,185,500 | 3,707,130 | |||||||
* |
Bekasi Fajar Industrial Estate Tbk PT |
32,514,000 | 395,015 | |||||||
BISI International Tbk PT |
11,206,300 | 688,455 | ||||||||
* |
Blue Bird Tbk PT |
241,300 | 13,649 | |||||||
* |
Buana Lintas Lautan Tbk PT |
29,766,000 | 671,097 | |||||||
Bukit Asam Tbk PT |
22,735,900 | 2,978,951 | ||||||||
* |
Bumi Serpong Damai Tbk PT |
50,956,000 | 3,032,915 | |||||||
Ciputra Development Tbk PT |
87,666,178 | 4,821,244 | ||||||||
* |
City Retail Developments Tbk PT |
1,000,000 | 10,136 | |||||||
Davomas Abadi Tbk PT |
54,906,800 | 0 | ||||||||
* |
Delta Dunia Makmur Tbk PT |
40,018,200 | 647,498 | |||||||
* |
Eagle High Plantations Tbk PT |
57,990,500 | 375,789 | |||||||
Elnusa Tbk PT |
21,143,600 | 301,922 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
INDONESIA (Continued) |
||||||||||
* |
Erajaya Swasembada Tbk PT | 12,555,000 | $ | 1,478,042 | ||||||
* |
Gajah Tunggal Tbk PT | 15,524,400 | 474,627 | |||||||
* |
Garuda Indonesia Persero Tbk PT | 21,006,181 | 339,642 | |||||||
* |
Global Mediacom Tbk PT | 62,505,100 | 958,747 | |||||||
* |
Hanson International Tbk PT | 37,319,300 | 47,845 | |||||||
* |
Harum Energy Tbk PT | 3,046,400 | 450,003 | |||||||
Hexindo Adiperkasa Tbk PT. | 646,644 | 133,370 | ||||||||
Indah Kiat Pulp & Paper Corp. Tbk PT | 24,686,700 | 15,117,999 | ||||||||
Indika Energy Tbk PT | 12,567,500 | 783,859 | ||||||||
Indo Tambangraya Megah Tbk PT | 3,083,000 | 1,688,891 | ||||||||
Indofood Sukses Makmur Tbk PT | 33,455,400 | 15,848,101 | ||||||||
* |
Indo-Rama Synthetics Tbk PT | 180,100 | 26,025 | |||||||
* |
Intiland Development Tbk PT | 66,885,300 | 723,175 | |||||||
Japfa Comfeed Indonesia Tbk PT | 36,228,450 | 2,611,766 | ||||||||
Jaya Real Property Tbk PT | 79,873,700 | 2,294,582 | ||||||||
* |
Kawasan Industri Jababeka Tbk PT | 214,879,956 | 3,043,183 | |||||||
* |
KMI Wire & Cable Tbk PT | 11,265,200 | 236,941 | |||||||
* |
Lippo Cikarang Tbk PT | 14,721,310 | 796,637 | |||||||
* |
Lippo Karawaci Tbk PT | 454,218,662 | 4,120,345 | |||||||
* |
Malindo Feedmill Tbk PT | 6,552,300 | 241,240 | |||||||
* |
Medco Energi Internasional Tbk PT | 67,905,632 | 1,742,888 | |||||||
* |
Media Nusantara Citra Tbk PT | 36,628,800 | 2,043,114 | |||||||
Metrodata Electronics Tbk PT | 5,922,450 | 647,549 | ||||||||
* |
MNC Investama Tbk PT | 156,999,500 | 536,568 | |||||||
* |
Multipolar Tbk PT | 2,677,700 | 9,119 | |||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 3,315,100 | 1,359,284 | ||||||||
* |
Pan Brothers Tbk PT | 31,944,950 | 472,147 | |||||||
* |
Panin Financial Tbk PT | 100,243,000 | 1,282,218 | |||||||
* |
Paninvest Tbk PT | 14,685,500 | 688,673 | |||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 25,186,784 | 1,652,487 | ||||||||
PP Persero Tbk PT | 18,241,200 | 1,114,928 | ||||||||
Ramayana Lestari Sentosa Tbk PT | 18,175,100 | 704,061 | ||||||||
* |
Salim Ivomas Pratama Tbk PT | 24,516,000 | 542,484 | |||||||
* |
Sampoerna Agro Tbk PT | 10,139,641 | 997,960 | |||||||
Semen Indonesia Persero Tbk PT | 14,874,700 | 9,636,010 | ||||||||
* |
Sentul City Tbk PT | 150,614,700 | 514,047 | |||||||
* |
Siloam International Hospitals Tbk PT | 1,781,100 | 605,468 | |||||||
* |
Sinar Mas Agro Resources & Technology Tbk PT | 7,375,500 | 1,501,537 | |||||||
Sri Rejeki Isman Tbk PT | 96,464,500 | 1,328,048 | ||||||||
* |
Summarecon Agung Tbk PT | 5,342,900 | 235,639 | |||||||
* |
Surya Esa Perkasa Tbk PT | 13,264,400 | 124,506 | |||||||
Surya Semesta Internusa Tbk PT. | 32,048,200 | 1,057,178 | ||||||||
* |
Suryainti Permata Tbk PT | 17,378,000 | 0 | |||||||
Tempo Scan Pacific Tbk PT. | 917,400 | 78,558 | ||||||||
* |
Tiga Pilar Sejahtera Food Tbk | 41,727,122 | 610,571 | |||||||
* |
Timah Tbk PT. | 16,347,360 | 906,814 | |||||||
* |
Tiphone Mobile Indonesia Tbk PT | 6,628,800 | 41,133 | |||||||
* |
Trada Alam Minera Tbk PT. | 188,544,700 | 241,724 | |||||||
Trias Sentosa Tbk PT | 336,500 | 8,970 | ||||||||
* |
Truba Alam Manuggal Engineering PT. | 129,244,500 | 0 | |||||||
Tunas Baru Lampung Tbk PT | 20,636,100 | 1,052,362 | ||||||||
Tunas Ridean Tbk PT | 33,394,000 | 2,937,773 | ||||||||
Ultrajaya Milk Industry & Trading Co. Tbk PT. | 5,078,300 | 572,273 | ||||||||
Unggul Indah Cahaya Tbk PT | 288,335 | 80,018 | ||||||||
United Tractors Tbk PT | 14,117,300 | 20,169,264 | ||||||||
* |
Vale Indonesia Tbk PT | 12,137,600 | 3,319,765 | |||||||
Waskita Beton Precast Tbk PT. | 69,243,800 | 727,012 | ||||||||
Waskita Karya Persero Tbk PT | 27,332,800 | 1,361,030 | ||||||||
Wijaya Karya Bangunan Gedung Tbk PT | 6,598,700 | 79,324 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
INDONESIA (Continued) |
||||||||||
Wijaya Karya Beton Tbk PT | 28,023,900 | $ | 457,047 | |||||||
Wijaya Karya Persero Tbk PT | 23,964,300 | 1,938,673 | ||||||||
XL Axiata Tbk PT | 29,933,500 | 4,091,564 | ||||||||
|
|
|||||||||
TOTAL INDONESIA |
222,498,298 | |||||||||
|
|
|||||||||
MALAYSIA (2.0%) |
||||||||||
Aeon Co. M Bhd | 2,308,900 | 383,916 | ||||||||
AFFIN Bank Bhd | 9,561,821 | 3,149,774 | ||||||||
* |
AirAsia Group Bhd | 12,383,100 | 1,639,603 | |||||||
Alliance Bank Malaysia Bhd | 9,626,000 | 5,054,498 | ||||||||
Allianz Malaysia Bhd | 84,800 | 269,120 | ||||||||
AMMB Holdings Bhd | 16,072,362 | 11,029,930 | ||||||||
* |
Ann Joo Resources Bhd | 932,600 | 139,524 | |||||||
Batu Kawan Bhd | 1,768,650 | 6,436,626 | ||||||||
* |
Berjaya Assets Bhd | 604,700 | 38,542 | |||||||
* |
Berjaya Corp. Bhd | 26,219,129 | 1,197,889 | |||||||
# * |
Berjaya Land Bhd | 8,569,500 | 361,352 | |||||||
BIMB Holdings Bhd | 1,122,607 | 849,064 | ||||||||
* |
Boustead Holdings Bhd | 3,917,491 | 537,956 | |||||||
# * |
Boustead Plantations Bhd | 3,159,100 | 357,536 | |||||||
* |
Bumi Armada Bhd | 18,912,300 | 1,006,371 | |||||||
Cahya Mata Sarawak Bhd | 1,105,000 | 287,641 | ||||||||
Can-One Bhd | 47,600 | 28,180 | ||||||||
# |
CB Industrial Product Holding Bhd | 1,536,600 | 325,169 | |||||||
CIMB Group Holdings Bhd | 39,298,882 | 27,891,575 | ||||||||
CSC Steel Holdings Bhd | 821,256 | 161,279 | ||||||||
* |
Cypark Resources Bhd | 822,350 | 160,114 | |||||||
* |
Dagang NeXchange Bhd | 404,500 | 17,107 | |||||||
DRB-Hicom Bhd | 8,763,900 | 4,010,496 | ||||||||
Eastern & Oriental Bhd | 4,378,613 | 380,017 | ||||||||
* |
Eco World Development Group Bhd | 5,003,200 | 457,832 | |||||||
# |
Ekovest BHD | 12,731,400 | 1,439,813 | |||||||
FAR East Holdings BHD | 57,360 | 35,126 | ||||||||
FGV Holdings Bhd | 13,988,900 | 3,571,708 | ||||||||
# |
Gabungan AQRS Bhd | 2,292,974 | 331,065 | |||||||
Gadang Holdings Bhd | 4,117,000 | 367,093 | ||||||||
Gamuda Bhd | 10,407,933 | 8,341,609 | ||||||||
# |
Genting Bhd | 12,734,100 | 9,077,636 | |||||||
Genting Malaysia Bhd. | 17,084,200 | 8,225,555 | ||||||||
# |
George Kent Malaysia Bhd | 2,629,700 | 424,234 | |||||||
GuocoLand Malaysia Bhd | 338,980 | 36,758 | ||||||||
HAP Seng Consolidated Bhd | 2,277,482 | 4,016,450 | ||||||||
Hap Seng Plantations Holdings Bhd | 535,900 | 211,620 | ||||||||
# * |
Hengyuan Refining Co. Bhd | 1,037,900 | 658,182 | |||||||
HeveaBoard Bhd | 2,153,300 | 259,268 | ||||||||
Hiap Teck Venture Bhd | 8,346,100 | 371,987 | ||||||||
# |
Hong Leong Financial Group Bhd | 2,410,534 | 8,192,504 | |||||||
Hong Leong Industries Bhd | 129,100 | 231,757 | ||||||||
* |
IGB Bhd | 2,361,905 | 1,415,852 | |||||||
IJM Corp. Bhd | 22,664,318 | 7,307,963 | ||||||||
# |
Insas Bhd | 3,408,200 | 606,996 | |||||||
# |
IOI Properties Group Bhd | 7,421,625 | 1,537,230 | |||||||
# * |
Iskandar Waterfront City Bhd | 1,951,300 | 223,106 | |||||||
# * |
JAKS Resources Bhd | 3,841,300 | 397,867 | |||||||
* |
Jaya Tiasa Holdings Bhd | 4,413,433 | 761,772 | |||||||
Keck Seng Malaysia Bhd | 1,451,900 | 1,286,791 | ||||||||
# * |
KNM Group Bhd | 16,984,090 | 615,327 | |||||||
# * |
KSL Holdings Bhd | 3,483,451 | 385,960 | |||||||
Kumpulan Fima BHD | 783,900 | 273,425 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
MALAYSIA (Continued) |
||||||||||
Land & General Bhd | 15,219,720 | $ | 312,336 | |||||||
* |
LBS Bina Group Bhd | 6,260,734 | 549,581 | |||||||
W |
Lotte Chemical Titan Holding Bhd | 856,500 | 429,069 | |||||||
Magnum Bhd | 6,054,445 | 2,914,617 | ||||||||
# |
Mah Sing Group Bhd | 9,892,662 | 2,169,722 | |||||||
Malayan Banking Bhd | 14,744,471 | 24,824,192 | ||||||||
Malayan Flour Mills Bhd | 4,779,175 | 662,018 | ||||||||
Malaysia Airports Holdings Bhd | 476,154 | 479,354 | ||||||||
Malaysia Building Society Bhd | 15,225,678 | 1,796,344 | ||||||||
Malaysian Pacific Industries Bhd | 157,675 | 836,193 | ||||||||
Malaysian Resources Corp. Bhd | 17,504,500 | 1,579,702 | ||||||||
Matrix Concepts Holdings Bhd | 794,700 | 304,233 | ||||||||
MBM Resources BHD | 1,043,603 | 663,776 | ||||||||
Mega First Corp. Bhd | 170,600 | 285,818 | ||||||||
MISC Bhd | 7,196,504 | 11,415,730 | ||||||||
MKH Bhd | 3,186,078 | 911,782 | ||||||||
# |
MMC Corp. Bhd | 3,823,480 | 663,927 | |||||||
MNRB Holdings Bhd | 2,691,179 | 557,767 | ||||||||
* |
MPHB Capital Bhd | 178,400 | 39,143 | |||||||
Muda Holdings Bhd | 1,439,500 | 558,510 | ||||||||
* |
Muhibbah Engineering M Bhd | 2,467,000 | 433,294 | |||||||
* |
Mulpha International Bhd | 1,236,860 | 369,301 | |||||||
* |
OCK Group Bhd | 131,800 | 12,701 | |||||||
Oriental Holdings BHD | 2,893,179 | 3,533,571 | ||||||||
OSK Holdings Bhd | 9,520,606 | 1,707,658 | ||||||||
Panasonic Manufacturing Malaysia Bhd | 108,080 | 732,491 | ||||||||
Pantech Group Holdings Bhd | 2,938,794 | 247,879 | ||||||||
Paramount Corp. Bhd | 2,453,655 | 419,633 | ||||||||
Petron Malaysia Refining & Marketing Bhd | 247,800 | 181,989 | ||||||||
* |
Pos Malaysia Bhd | 1,980,500 | 448,106 | |||||||
PPB Group Bhd | 2,909,239 | 13,169,912 | ||||||||
RHB Bank Bhd | 13,176,700 | 13,410,747 | ||||||||
# * |
Sapura Energy Bhd | 39,709,700 | 961,825 | |||||||
# |
Sarawak Oil Palms Bhd | 694,467 | 587,968 | |||||||
Shangri-La Hotels Malaysia Bhd | 401,500 | 383,917 | ||||||||
Sime Darby Bhd | 21,654,600 | 12,560,465 | ||||||||
Sime Darby Property Bhd | 7,330,900 | 952,373 | ||||||||
SP Setia Bhd Group | 9,325,073 | 1,550,368 | ||||||||
* |
Sumatec Resources Bhd | 2,855,100 | 1,306 | |||||||
Sunway Bhd | 10,225,386 | 3,299,960 | ||||||||
Suria Capital Holdings Bhd | 989,280 | 197,519 | ||||||||
Ta Ann Holdings Bhd | 2,441,126 | 1,546,761 | ||||||||
TA Enterprise Bhd | 13,174,400 | 1,950,423 | ||||||||
# * |
TA Global Bhd | 10,522,780 | 670,854 | |||||||
Tan Chong Motor Holdings Bhd | 1,376,900 | 336,750 | ||||||||
TIME dotCom Bhd | 735,880 | 2,280,190 | ||||||||
* |
Tropicana Corp. Bhd | 6,299,061 | 1,235,598 | |||||||
* |
Tune Protect Group Bhd | 2,001,800 | 144,550 | |||||||
UEM Edgenta Bhd | 1,204,400 | 544,329 | ||||||||
# * |
UEM Sunrise Bhd | 14,541,345 | 1,296,672 | |||||||
United Malacca Bhd | 941,000 | 1,074,570 | ||||||||
UOA Development Bhd | 8,687,000 | 3,114,725 | ||||||||
* |
Velesto Energy Bhd | 18,780,227 | 522,398 | |||||||
* |
Vivocom International Holdings Bhd | 3,725,667 | 44,777 | |||||||
* |
Vizione Holdings Bhd | 1,658,571 | 160,204 | |||||||
VS Industry Bhd. | 5,675,400 | 3,200,278 | ||||||||
# |
Wah Seong Corp. Bhd | 1,853,880 | 174,268 | |||||||
# * |
WCT Holdings Bh | 5,725,965 | 504,125 | |||||||
Yinson Holdings Bhd | 91,900 | 101,282 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
MALAYSIA (Continued) |
||||||||||
* |
YNH Property Bhd | 3,587,550 | $ | 2,425,921 | ||||||
* |
YTL Corp. Bhd | 48,840,821 | 8,528,019 | |||||||
|
|
|||||||||
TOTAL MALAYSIA |
263,749,256 | |||||||||
|
|
|||||||||
MEXICO (2.6%) |
||||||||||
ALEATICA S.A.B. de C.V. | 21,226 | 20,024 | ||||||||
# |
Alfa S.A.B. de C.V., Class A | 26,137,924 | 17,473,340 | |||||||
# |
Alpek S.A.B. de C.V. | 3,347,382 | 2,523,378 | |||||||
# |
Arca Continental S.A.B. de C.V. | 1,610,444 | 7,022,892 | |||||||
# * W |
Banco del Bajio SA | 1,357,098 | 1,125,397 | |||||||
Becle S.A.B. de C.V. | 632,403 | 1,334,780 | ||||||||
Cemex S.A.B. de C.V. | 8,135,155 | 3,359,685 | ||||||||
Cemex S.A.B. de C.V., Sponsored ADR | 6,811,714 | 28,268,611 | ||||||||
# |
Coca-Cola Femsa S.A.B. de C.V., Sponsored ADR | 61,925 | 2,346,338 | |||||||
# |
Coca-Cola Femsa S.A.B. de C.V. | 1,044,400 | 3,974,939 | |||||||
# * |
Consorcio ARA S.A.B. de C.V. | 4,761,990 | 574,721 | |||||||
* |
Corp Interamericana de Entretenimiento S.A.B. de C.V., Class B | 1,487,738 | 350,341 | |||||||
* |
Corp. Actinver S.A.B. de C.V. | 89,268 | 36,193 | |||||||
Corpovael S.A. de C.V. | 800 | 230 | ||||||||
* |
Credito Real S.A.B. de C.V. SOFOM ER | 1,447,650 | 750,732 | |||||||
Cydsa S.A.B. de C.V. | 5,874 | 5,807 | ||||||||
Dine S.A.B. de C.V. | 1,027,267 | 615,057 | ||||||||
# |
El Puerto de Liverpool S.A.B. de C.V., Class C1 | 669,718 | 1,805,048 | |||||||
Fomento Economico Mexicano S.A.B. de C.V., Sponsored ADR | 185,791 | 9,989,982 | ||||||||
* |
Genomma Lab Internacional S.A.B. de C.V., Class B | 1,137,778 | 1,014,863 | |||||||
# * |
Gentera S.A.B. de C.V. | 1,801,797 | 424,722 | |||||||
* |
Grupo Aeromexico S.A.B. de C.V. | 698,553 | 140,294 | |||||||
# * |
Grupo Carso S.A.B. de C.V. | 4,089,843 | 7,594,886 | |||||||
# |
Grupo Cementos de Chihuahua S.A.B. de C.V. | 1,355,327 | 6,835,579 | |||||||
Grupo Comercial Chedraui S.A. de C.V. | 2,935,346 | 3,736,386 | ||||||||
Grupo Elektra S.A.B. de C.V. | 202,573 | 11,520,155 | ||||||||
* |
Grupo Financiero Banorte S.A.B. de C.V., Class O | 13,470,783 | 60,077,605 | |||||||
* |
Grupo Financiero Inbursa S.A.B. de C.V., Class O | 10,973,682 | 8,132,677 | |||||||
# * |
Grupo Gigante S.A.B. de C.V. | 471,076 | 497,471 | |||||||
# |
Grupo Herdez S.A.B. de C.V. | 465,520 | 828,923 | |||||||
* |
Grupo Industrial Saltillo S.A.B. de C.V. | 1,352,696 | 1,262,682 | |||||||
Grupo KUO S.A.B. de C.V., Class B | 1,996,451 | 4,329,573 | ||||||||
# |
Grupo Mexico S.A.B. de C.V., Class B | 26,674,348 | 76,056,128 | |||||||
* |
Grupo Pochteca S.A.B. de C.V. | 67,810 | 20,188 | |||||||
* |
Grupo Posadas S.A.B. de C.V. | 326,935 | 321,363 | |||||||
* |
Grupo Qumma S.A. de C.V., Class B | 5,301 | 0 | |||||||
# |
Grupo Rotoplas S.A.B. de C.V. | 190,853 | 166,456 | |||||||
Grupo Sanborns S.A.B. de C.V. | 1,389,018 | 1,203,272 | ||||||||
# |
Grupo Simec S.A.B. de C.V., Class B | 778,420 | 2,348,673 | |||||||
* |
Grupo Sports World S.A.B. de C.V. | 339,956 | 105,778 | |||||||
* |
Grupo Televisa S.A.B., Sponsored ADR | 680,759 | 4,329,627 | |||||||
# * |
Grupo Televisa S.A.B. | 2,296,479 | 2,923,175 | |||||||
* |
Hoteles City Express S.A.B. de C.V. | 296,191 | 75,404 | |||||||
Industrias Bachoco S.A.B. de C.V., Sponsored ADR | 15,247 | 568,866 | ||||||||
# |
Industrias Bachoco S.A.B. de C.V., Class B | 1,363,362 | 4,237,628 | |||||||
# |
Industrias CH S.A.B. de C.V., Class B | 1,901,723 | 7,620,699 | |||||||
# |
Industrias Penoles S.A.B. de C.V. | 515,975 | 8,241,394 | |||||||
# |
La Comer S.A.B. de C.V. | 4,471,876 | 8,169,398 | |||||||
* |
Medica Sur S.A.B. de C.V., Class B | 1,000 | 1,272 | |||||||
# * |
Minera Frisco S.A.B. de C.V., Class A1 | 5,704,431 | 1,075,724 | |||||||
# * |
Minera Frisco S.A.B. de C.V., Class A2 | 7,911,356 | 1,488,170 | |||||||
W |
Nemak S.A.B. de C.V. | 3,047,903 | 935,429 | |||||||
# |
Orbia Advance Corp. S.A.B. de C.V. | 8,264,250 | 14,684,467 | |||||||
# * |
Organizacion Cultiba S.A.B. de C.V. | 157,421 | 107,760 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
MEXICO (Continued) |
||||||||||
# * |
Organizacion Soriana S.A.B. de C.V., Class B | 13,927,125 | $ | 10,610,392 | ||||||
# |
Promotora y Operadora de Infraestructura S.A.B. de C.V. | 392,215 | 2,587,770 | |||||||
Qualitas Controladora S.A.B. de C.V. | 173,832 | 696,672 | ||||||||
# * |
Unifin Financiera S.A.B. de C.V. | 703,295 | 610,076 | |||||||
* |
Vitro S.A.B. de C.V., Class A | 1,150,548 | 1,366,891 | |||||||
|
|
|||||||||
TOTAL MEXICO |
338,525,983 | |||||||||
|
|
|||||||||
PHILIPPINES (1.1%) |
||||||||||
ACR Mining Corp. | 105,455 | 7,313 | ||||||||
* |
Alliance Global Group, Inc. | 28,029,206 | 4,592,795 | |||||||
Alsons Consolidated Resources, Inc. | 8,852,000 | 245,203 | ||||||||
* |
Apex Mining Co., Inc. | 2,152,000 | 83,105 | |||||||
* |
Atlas Consolidated Mining & Development Corp. | 4,868,500 | 409,949 | |||||||
Ayala Corp. | 40,180 | 633,277 | ||||||||
Bank of the Philippine Islands | 3,754,753 | 5,694,685 | ||||||||
BDO Unibank, Inc. | 12,258,278 | 22,446,914 | ||||||||
Belle Corp. | 4,041,000 | 116,818 | ||||||||
* |
Cebu Air, Inc. | 1,811,820 | 1,452,605 | |||||||
* W |
CEMEX Holdings Philippines, Inc. | 23,586,719 | 769,623 | |||||||
Century Properties Group, Inc. | 24,226,400 | 179,994 | ||||||||
China Banking Corp. | 8,550,832 | 3,860,187 | ||||||||
Cosco Capital, Inc. | 16,642,500 | 1,760,712 | ||||||||
DMCI Holdings, Inc. | 6,362,900 | 576,327 | ||||||||
* |
East West Banking Corp. | 3,969,600 | 782,175 | |||||||
EEI Corp. | 2,410,700 | 357,563 | ||||||||
Emperador, Inc. | 1,064,000 | 220,353 | ||||||||
* |
Empire East Land Holdings, Inc. | 2,279,000 | 13,654 | |||||||
* |
Export & Industry Bank, Inc., Class A | 14,950 | 0 | |||||||
Filinvest Development Corp. | 384,400 | 76,993 | ||||||||
Filinvest Land, Inc. | 98,937,031 | 1,981,261 | ||||||||
First Philippine Holdings Corp. | 3,441,870 | 4,465,312 | ||||||||
Fwbc Holdings, Inc. | 5,471,786 | 0 | ||||||||
* |
Global Ferronickel Holdings, Inc. | 13,281,116 | 361,161 | |||||||
GT Capital Holdings, Inc. | 395,527 | 3,510,167 | ||||||||
* |
Integrated Micro-Electronics, Inc. | 2,190,100 | 291,281 | |||||||
JG Summit Holdings, Inc. | 14,960,337 | 19,842,638 | ||||||||
Lopez Holdings Corp. | 17,945,500 | 952,100 | ||||||||
LT Group, Inc. | 13,889,700 | 3,310,678 | ||||||||
* |
Megaworld Corp. | 77,630,300 | 4,856,540 | |||||||
Metropolitan Bank & Trust Co.. | 10,857,492 | 9,126,269 | ||||||||
* |
Mondragon International Philippines, Inc. | 2,464,000 | 0 | |||||||
Nickel Asia Corp. | 17,474,940 | 1,357,788 | ||||||||
Petron Corp. | 21,260,900 | 1,348,126 | ||||||||
Philex Mining Corp. | 4,679,000 | 523,686 | ||||||||
* |
Philippine National Bank | 3,791,185 | 2,130,187 | |||||||
* |
Philippine National Construction Corp. | 398,900 | 7,574 | |||||||
Philippine Savings Bank | 1,984,979 | 2,183,389 | ||||||||
Philippine Townships, Inc. | 226,200 | 0 | ||||||||
Philtown Properties, Inc. | 6,701 | 0 | ||||||||
Phoenix Petroleum Philippines, Inc. | 1,280,600 | 344,475 | ||||||||
* |
Pilipinas Shell Petroleum Corp. | 184,030 | 62,692 | |||||||
Premium Leisure Corp. | 6,804,000 | 44,999 | ||||||||
RFM Corp. | 762,400 | 74,014 | ||||||||
Rizal Commercial Banking Corp. | 5,324,106 | 1,877,610 | ||||||||
Robinsons Land Corp. | 28,130,708 | 8,711,656 | ||||||||
Robinsons Retail Holdings, Inc. | 380,990 | 504,988 | ||||||||
San Miguel Corp. | 5,719,466 | 12,042,476 | ||||||||
San Miguel Food and Beverage, Inc. | 29,530 | 38,959 | ||||||||
Security Bank Corp. | 1,660,234 | 3,298,854 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
PHILIPPINES (Continued) |
||||||||||
* |
Top Frontier Investment Holdings, Inc. |
623,532 | $ | 1,621,382 | ||||||
Union Bank of the Philippines |
4,023,799 | 4,602,142 | ||||||||
Vista Land & Lifescapes, Inc. |
55,472,568 | 3,858,057 | ||||||||
|
|
|||||||||
TOTAL PHILIPPINES |
137,610,706 | |||||||||
|
|
|||||||||
POLAND (0.6%) |
||||||||||
* |
Agora SA |
295,999 | 332,354 | |||||||
# * |
Alior Bank SA |
472,300 | 1,355,293 | |||||||
Amica SA |
5,928 | 209,820 | ||||||||
# * |
Bank Millennium SA |
2,360,325 | 1,290,935 | |||||||
* |
Boryszew SA |
283,585 | 190,558 | |||||||
# * |
Ciech SA |
148,017 | 973,025 | |||||||
# |
Cyfrowy Polsat SA |
512,024 | 3,196,001 | |||||||
* |
Develia SA |
1,367,099 | 553,080 | |||||||
# * |
Enea SA |
2,018,919 | 2,308,978 | |||||||
Firma Oponiarska Debica SA |
18,458 | 328,339 | ||||||||
* |
Getin Noble Bank SA |
948,327 | 38,755 | |||||||
* |
Grupa Azoty SA |
237,054 | 1,229,904 | |||||||
Grupa Kety SA |
33,122 | 3,435,027 | ||||||||
Grupa Lotos SA |
452,764 | 3,193,191 | ||||||||
* |
Jastrzebska Spolka Weglowa SA |
175,136 | 674,561 | |||||||
Kernel Holding SA |
478,137 | 4,657,062 | ||||||||
# * |
KGHM Polska Miedz SA |
790,722 | 23,660,040 | |||||||
* |
Lubelski Wegiel Bogdanka SA |
52,381 | 196,447 | |||||||
# * |
mBank SA |
33,848 | 989,869 | |||||||
# * |
Netia SA |
913,726 | 1,036,890 | |||||||
* |
PGE Polska Grupa Energetyczna SA |
4,748,887 | 5,418,190 | |||||||
* |
PKP Cargo SA |
109,382 | 252,320 | |||||||
# |
Polski Koncern Naftowy Orlen SA |
2,354,020 | 22,688,413 | |||||||
* |
Powszechna Kasa Oszczednosci Bank Polski SA |
414,731 | 1,989,548 | |||||||
Stalexport Autostrady SA |
189,773 | 128,575 | ||||||||
# * |
Tauron Polska Energia SA |
7,474,405 | 3,285,062 | |||||||
|
|
|||||||||
TOTAL POLAND |
83,612,237 | |||||||||
|
|
|||||||||
QATAR (0.1%) |
||||||||||
Commercial Bank PSQC (The) |
1,080,113 | 1,265,865 | ||||||||
Aamal Co. |
4,101,208 | 898,318 | ||||||||
Al Khaleej Takaful Group QSC |
920,566 | 479,837 | ||||||||
Al Khalij Commercial Bank PQSC |
369,365 | 182,779 | ||||||||
Alijarah Holding Co. |
1,863,124 | 584,365 | ||||||||
Barwa Real Estate Co. |
2,142,608 | 1,962,425 | ||||||||
* |
Doha Bank QPSC |
19,376 | 12,941 | |||||||
* |
Gulf International Services QSC |
768,101 | 324,911 | |||||||
Gulf Warehousing Co. |
130,186 | 178,349 | ||||||||
Industries Qatar QSC |
798,311 | 1,970,009 | ||||||||
* |
Mazaya Qatar Real Estate Development QSC |
4,065,793 | 1,117,975 | |||||||
Medicare Group |
33,751 | 79,657 | ||||||||
Mesaieed Petrochemical Holding Co. |
2,916,099 | 1,492,107 | ||||||||
Ooredoo QPSC |
950,559 | 1,725,077 | ||||||||
Qatar Fuel QSC |
264,396 | 1,248,451 | ||||||||
Qatar Insurance Co. SAQ |
508,574 | 319,840 | ||||||||
Qatar National Cement Co. QSC |
121,423 | 128,620 | ||||||||
Qatar Navigation QSC |
23,747 | 39,056 | ||||||||
* |
Salam International Investment, Ltd. QSC |
4,845,436 | 741,211 | |||||||
United Development Co. QSC |
7,079,734 | 2,873,252 | ||||||||
Vodafone Qatar QSC |
2,175,979 | 772,795 | ||||||||
|
|
|||||||||
TOTAL QATAR |
18,397,840 | |||||||||
|
|
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
RUSSIA (1.2%) |
||||||||||
Etalon Group P.L.C., GDR |
88,415 | $ | 142,790 | |||||||
Gazprom PJSC, Sponsored ADR |
13,197,152 | 50,559,042 | ||||||||
Gazprom PJSC, Sponsored ADR |
18,140 | 69,839 | ||||||||
Lukoil PJSC, Sponsored ADR |
1,567,520 | 80,199,247 | ||||||||
Magnitogorsk Iron & Steel Works PJSC, GDR |
196,705 | 1,206,796 | ||||||||
Rosneft Oil Co. PJSC, GDR |
2,811,196 | 12,284,927 | ||||||||
RusHydro PJSC, ADR |
5,368,611 | 4,610,971 | ||||||||
VTB Bank PJSC, GDR |
5,770,267 | 4,480,612 | ||||||||
|
|
|||||||||
TOTAL RUSSIA |
153,554,224 | |||||||||
|
|
|||||||||
SAUDI ARABIA (1.4%) |
||||||||||
* |
Abdul Mohsen Al-Hokair Tourism and Development Co. |
86,920 | 296,370 | |||||||
Al Babtain Power & Telecommunication Co. |
112,333 | 766,700 | ||||||||
Al Etihad Cooperative Insurance |
89,653 | 433,001 | ||||||||
Al Jouf Agricultural Development Co. |
112,566 | 996,260 | ||||||||
* |
Al Jouf Cement Co. |
409,163 | 1,136,561 | |||||||
Al Khaleej Training and Education Co. |
124,970 | 616,649 | ||||||||
* |
Al Yamamah Steel Industries Co. |
125,926 | 721,935 | |||||||
* |
AlAbdullatif Industrial Investment Co. |
238,476 | 863,149 | |||||||
* |
Alinma Bank |
6,638,318 | 26,981,586 | |||||||
Arab National Bank |
534,657 | 2,699,754 | ||||||||
Arabian Cement Co. |
266,280 | 2,183,347 | ||||||||
Arabian Pipes Co. |
114,821 | 424,810 | ||||||||
* |
Arabian Shield Cooperative Insurance Co. |
101,841 | 487,516 | |||||||
Arriyadh Development Co. |
566,106 | 2,534,425 | ||||||||
* |
Aseer Trading Tourism & Manufacturing Co. |
477,373 | 1,532,371 | |||||||
* |
Astra Industrial Group |
193,584 | 1,131,633 | |||||||
Bank Al-Jazira |
2,883,522 | 9,985,970 | ||||||||
Banque Saudi Fransi |
529,332 | 4,182,492 | ||||||||
* |
Basic Chemical Industries, Ltd. |
52,815 | 394,718 | |||||||
* |
Bawan Co. |
141,380 | 765,314 | |||||||
* |
City Cement Co. |
544,791 | 2,906,762 | |||||||
* |
Dar Al Arkan Real Estate Development Co. |
5,186,255 | 11,021,960 | |||||||
Dur Hospitality Co. |
171,591 | 1,175,626 | ||||||||
Eastern Province Cement Co. |
204,896 | 1,894,002 | ||||||||
* |
Electrical Industries Co. |
43,282 | 218,988 | |||||||
* |
Emaar Economic City |
1,244,462 | 2,950,850 | |||||||
* |
Etihad Etisalat Co. |
1,513,732 | 11,264,095 | |||||||
* |
Fawaz Abdulaziz Al Hokair & Co. |
168,161 | 836,423 | |||||||
* |
Fitaihi Holding Group |
77,217 | 313,139 | |||||||
* |
Hail Cement Co. |
370,993 | 1,433,948 | |||||||
* |
Jazan Energy and Development Co. |
191,128 | 713,547 | |||||||
* |
LAzurde Co. for Jewelry |
80,913 | 332,597 | |||||||
* |
Methanol Chemicals Co. |
346,916 | 883,026 | |||||||
* |
Middle East Paper Co. |
132,522 | 566,465 | |||||||
* |
Mobile Telecommunications Co. Saudi Arabia |
163,639 | 536,897 | |||||||
Najran Cement Co. |
483,225 | 2,022,248 | ||||||||
* |
Nama Chemicals Co. |
14,897 | 106,240 | |||||||
* |
National Co., for Glass Manufacturing (The) |
76,533 | 481,452 | |||||||
National Gypsum |
89,974 | 558,724 | ||||||||
* |
National Industrialization Co. |
29,000 | 87,387 | |||||||
National Petrochemical Co. |
47,575 | 343,080 | ||||||||
Northern Region Cement Co. |
476,926 | 1,413,960 | ||||||||
* |
Rabigh Refining & Petrochemical Co. |
708,725 | 2,302,924 | |||||||
* |
Red Sea International Co. |
118,079 | 552,073 | |||||||
Riyad Bank |
1,045,188 | 5,010,005 | ||||||||
Sahara International Petrochemical Co. |
1,645,301 | 6,391,774 | ||||||||
Samba Financial Group |
1,450,810 | 10,658,006 | ||||||||
* |
Saudi Arabian Mining Co. |
388,487 | 3,874,699 |
Shares | Value» | |||||||||
SAUDI ARABIA (Continued) |
||||||||||
Saudi Basic Industries Corp. |
585,556 | $ | 14,044,477 | |||||||
Saudi British Bank (The) |
732,717 | 4,638,265 | ||||||||
* |
Saudi Ceramic Co. |
161,820 | 1,672,063 | |||||||
* |
Saudi Chemical Co., Holding |
280,722 | 2,319,487 | |||||||
Saudi Industrial Investment Group |
570,297 | 3,083,414 | ||||||||
Saudi Industrial Services Co. |
166,387 | 1,259,210 | ||||||||
* |
Saudi Investment Bank (The) |
68,193 | 292,599 | |||||||
* |
Saudi Kayan Petrochemical Co. |
2,833,471 | 7,166,302 | |||||||
* |
Saudi Printing & Packaging Co. |
128,220 | 729,097 | |||||||
* |
Saudi Public Transport Co. |
352,900 | 1,409,446 | |||||||
* |
Saudi Re for Cooperative Reinsurance Co. |
344,091 | 971,261 | |||||||
* |
Seera Group Holding |
1,081,648 | 4,814,338 | |||||||
* |
Tabuk Cement Co. |
289,936 | 1,119,927 | |||||||
* |
Takween Advanced Industries Co. |
196,784 | 575,265 | |||||||
Yamama Cement Co. |
669,811 | 4,466,831 | ||||||||
Yanbu Cement Co. |
376,549 | 3,318,475 | ||||||||
* |
Zamil Industrial Investment Co. |
20,849 | 113,620 | |||||||
|
|
|||||||||
TOTAL SAUDI ARABIA |
181,979,535 | |||||||||
|
|
|||||||||
SOUTH AFRICA (3.6%) |
||||||||||
Absa Group, Ltd. |
3,962,790 | 21,301,921 | ||||||||
Adcock Ingram Holdings, Ltd. |
34,991 | 87,017 | ||||||||
* |
Adcorp Holdings, Ltd. |
398,415 | 88,761 | |||||||
Advtech, Ltd. |
99,684 | 49,792 | ||||||||
# |
AECI, Ltd. |
1,468,582 | 6,883,943 | |||||||
African Oxygen, Ltd. |
164,182 | 242,966 | ||||||||
African Rainbow Minerals, Ltd. |
753,016 | 10,591,676 | ||||||||
Alexander Forbes Group Holdings, Ltd. |
6,589,159 | 1,366,684 | ||||||||
Allied Electronics Corp., Ltd., Class A |
134,145 | 220,390 | ||||||||
Alviva Holdings, Ltd. |
990,752 | 421,967 | ||||||||
Anglo American Platinum, Ltd. |
20,376 | 1,349,195 | ||||||||
AngloGold Ashanti, Ltd., Sponsored ADR |
1,374,436 | 31,804,449 | ||||||||
* |
Aspen Pharmacare Holdings, Ltd. |
1,705,704 | 11,107,585 | |||||||
Astral Foods, Ltd. |
134,124 | 951,172 | ||||||||
Barloworld, Ltd. |
2,216,456 | 7,787,414 | ||||||||
Bidvest Group, Ltd. (The) |
30,462 | 250,488 | ||||||||
* |
Blue Label Telecoms, Ltd. |
3,617,676 | 787,132 | |||||||
# * |
Brait SE. |
6,239,473 | 1,356,760 | |||||||
Caxton and CTP Publishers and Printers, Ltd. |
1,381,541 | 416,046 | ||||||||
* |
DataTec, Ltd. |
3,873,672 | 5,253,176 | |||||||
Discovery, Ltd. |
598,548 | 3,956,948 | ||||||||
Distell Group Holdings, Ltd. |
4,637 | 23,192 | ||||||||
DRDGOLD, Ltd. |
2,467,397 | 2,729,081 | ||||||||
Exxaro Resources, Ltd. |
1,478,254 | 9,972,452 | ||||||||
FirstRand, Ltd. |
264,993 | 615,135 | ||||||||
Foschini Group, Ltd. (The) |
74,521 | 396,839 | ||||||||
Gold Fields, Ltd., Sponsored ADR. |
4,043,915 | 44,199,991 | ||||||||
* |
Grindrod Shipping Holdings, Ltd. |
80,800 | 299,041 | |||||||
Grindrod, Ltd. |
4,827,524 | 1,113,312 | ||||||||
* |
Harmony Gold Mining Co., Ltd. |
1,224,659 | 6,099,044 | |||||||
Hudaco Industries, Ltd. |
171,103 | 831,588 | ||||||||
Impala Platinum Holdings, Ltd. |
4,096,499 | 36,460,154 | ||||||||
# |
Imperial Logistics, Ltd. |
1,418,813 | 3,008,763 | |||||||
Investec, Ltd. |
1,882,982 | 3,467,101 | ||||||||
* |
KAP Industrial Holdings, Ltd. |
9,255,492 | 1,317,821 | |||||||
Kumba Iron Ore, Ltd. |
135,811 | 4,032,146 | ||||||||
Lewis Group, Ltd. |
1,169,059 | 1,143,477 | ||||||||
Liberty Holdings, Ltd. |
963,030 | 3,187,116 | ||||||||
Life Healthcare Group Holdings, Ltd. |
3,293,194 | 3,292,790 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares |
Value» |
|||||||||
SOUTH AFRICA (Continued) |
||||||||||
* |
Long4Life, Ltd. |
1,383,403 | $ | 229,482 | ||||||
* |
Massmart Holdings, Ltd. |
44,183 | 89,736 | |||||||
Merafe Resources, Ltd. |
9,299,759 | 264,176 | ||||||||
* |
Metair Investments, Ltd. |
1,568,346 | 1,590,052 | |||||||
Momentum Metropolitan Holdings |
8,313,735 | 6,651,124 | ||||||||
# |
Motus Holdings, Ltd. |
258,290 | 664,961 | |||||||
Mpact, Ltd. |
2,335,649 | 1,488,374 | ||||||||
# |
MTN Group, Ltd. |
17,362,155 | 61,991,752 | |||||||
* |
Murray & Roberts Holdings, Ltd. |
6,545,395 | 3,274,409 | |||||||
* |
Nampak, Ltd. |
953,997 | 50,128 | |||||||
# |
Nedbank Group, Ltd. |
2,140,581 | 12,662,821 | |||||||
* |
Ninety One, Ltd. |
941,491 | 2,478,633 | |||||||
Oceana Group, Ltd. |
118,408 | 432,749 | ||||||||
Old Mutual, Ltd. |
20,508,346 | 11,896,542 | ||||||||
* |
Omnia Holdings, Ltd. |
1,586,384 | 3,714,381 | |||||||
* |
PPC, Ltd. |
10,395,993 | 340,485 | |||||||
Raubex Group, Ltd. |
1,970,553 | 2,421,279 | ||||||||
RCL Foods, Ltd. |
159,113 | 72,158 | ||||||||
Reunert, Ltd. |
1,319,511 | 2,721,378 | ||||||||
RFG Holdings, Ltd. |
23,326 | 18,176 | ||||||||
* |
Royal Bafokeng Platinum, Ltd. |
589,877 | 2,127,106 | |||||||
Sanlam, Ltd. |
39,807 | 116,113 | ||||||||
* |
Sappi, Ltd. |
5,016,174 | 7,157,369 | |||||||
# * |
Sasol, Ltd. |
2,530,797 | 13,216,389 | |||||||
Sibanye Stillwater, Ltd. |
5,686,689 | 16,768,450 | ||||||||
Sibanye Stillwater, Ltd., ADR |
1,698,842 | 20,165,260 | ||||||||
# |
Standard Bank Group, Ltd. |
8,692,029 | 56,836,235 | |||||||
# * |
Steinhoff International Holdings NV |
17,047,661 | 904,854 | |||||||
* |
Super Group, Ltd. |
3,883,863 | 4,355,315 | |||||||
Telkom SA SOC, Ltd. |
2,561,073 | 4,029,882 | ||||||||
* |
Tongaat Hulett, Ltd. |
1,101,558 | 407,457 | |||||||
Trencor, Ltd. |
1,135,741 | 288,064 | ||||||||
Truworths International, Ltd. |
419,107 | 808,471 | ||||||||
Tsogo Sun Gaming, Ltd. |
2,917,390 | 624,213 | ||||||||
Wilson Bayly Holmes-Ovcon, Ltd. |
542,010 | 2,827,659 | ||||||||
|
|
|||||||||
TOTAL SOUTH AFRICA |
472,150,158 | |||||||||
|
|
|||||||||
SOUTH KOREA (13.3%) |
||||||||||
# |
Aekyung Petrochemical Co., Ltd. |
98,645 | 631,399 | |||||||
# |
AJ Networks Co., Ltd. |
69,115 | 217,907 | |||||||
* |
Ajin Industrial Co., Ltd. |
303,487 | 781,379 | |||||||
Aju Capital Co., Ltd. |
6,451 | 67,560 | ||||||||
AK Holdings, Inc. |
33,833 | 513,222 | ||||||||
# |
Asia Cement Co., Ltd. |
11,083 | 544,122 | |||||||
ASIA Holdings Co., Ltd. |
7,796 | 542,599 | ||||||||
Asia Paper Manufacturing Co., Ltd. |
38,917 | 1,061,747 | ||||||||
AUK Corp. |
205,039 | 425,342 | ||||||||
# |
Aurora World Corp. |
19,282 | 148,236 | |||||||
Austem Co., Ltd. |
168,354 | 423,277 | ||||||||
Avaco Co., Ltd. |
53,567 | 431,363 | ||||||||
BGF Co., Ltd. |
246,024 | 871,792 | ||||||||
Bixolon Co., Ltd. |
27,536 | 103,522 | ||||||||
* |
Bluecom Co., Ltd. |
68,876 | 362,515 | |||||||
BNK Financial Group, Inc. |
2,024,174 | 9,888,150 | ||||||||
Bookook Securities Co., Ltd. |
24,729 | 459,175 | ||||||||
Busan City Gas Co., Ltd. |
1,660 | 72,514 | ||||||||
BYC Co., Ltd. |
752 | 160,985 | ||||||||
# * |
Byucksan Corp. |
327,923 | 529,645 | |||||||
* |
Capro Corp. |
254,341 | 685,703 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares |
Value» |
|||||||||
SOUTH KOREA (Continued) |
||||||||||
Chinyang Holdings Corp. |
83,349 | $ | 198,191 | |||||||
Chosun Refractories Co., Ltd. |
10,946 | 714,759 | ||||||||
CJ CheilJedang Corp. |
60,575 | 19,372,895 | ||||||||
CJ Corp. |
135,899 | 9,137,131 | ||||||||
Cosmax BTI, Inc. |
24,579 | 360,370 | ||||||||
CROWNHAITAI Holdings Co., Ltd. |
46,855 | 366,880 | ||||||||
Cuckoo Holdings Co., Ltd. |
391 | 31,584 | ||||||||
D.I Corp. |
176,356 | 607,322 | ||||||||
# |
Dae Dong Industrial Co., Ltd. |
147,491 | 864,470 | |||||||
Dae Han Flour Mills Co., Ltd. |
9,015 | 1,105,347 | ||||||||
Dae Hyun Co., Ltd. |
206,405 | 329,696 | ||||||||
Dae Won Kang Up Co., Ltd. |
269,186 | 960,984 | ||||||||
# * |
Dae Young Packaging Co., Ltd. |
454,168 | 430,592 | |||||||
# |
Daechang Co., Ltd. |
318,178 | 326,346 | |||||||
Daechang Forging Co., Ltd. |
5,125 | 150,007 | ||||||||
Daeduck Co., Ltd. |
146,390 | 796,361 | ||||||||
* |
Daeduck Electronics Co., Ltd. |
253,031 | 2,221,391 | |||||||
Daehan Steel Co., Ltd. |
96,113 | 558,608 | ||||||||
* |
Dae-Il Corp. |
16,736 | 20,604 | |||||||
Daekyo Co., Ltd. |
162,385 | 542,979 | ||||||||
Daelim B&Co Co., Ltd. |
7,997 | 38,674 | ||||||||
Daelim Construction Co., Ltd. |
6,643 | 139,967 | ||||||||
Daelim Industrial Co., Ltd. |
222,968 | 15,410,417 | ||||||||
Daesang Corp. |
200,898 | 4,272,491 | ||||||||
Daesang Holdings Co., Ltd. |
122,602 | 1,038,664 | ||||||||
Daewon San Up Co., Ltd. |
61,406 | 312,655 | ||||||||
* |
Daewoo Engineering & Construction Co., Ltd. |
1,719,312 | 4,574,853 | |||||||
* |
Daewoo Shipbuilding & Marine Engineering Co., Ltd. |
319,791 | 6,074,758 | |||||||
* |
Dahaam E-Tec Co., Ltd. |
3,535 | 64,332 | |||||||
Daihan Pharmaceutical Co., Ltd. |
5,749 | 148,206 | ||||||||
Daishin Securities Co., Ltd. |
220,640 | 2,626,485 | ||||||||
Daou Data Corp. |
131,065 | 1,253,455 | ||||||||
Daou Technology, Inc. |
209,521 | 3,479,234 | ||||||||
* |
Dayou Automotive Seat Technology Co., Ltd. |
54,169 | 37,691 | |||||||
DB Financial Investment Co., Ltd. |
260,773 | 888,941 | ||||||||
DB Insurance Co., Ltd. |
299,711 | 11,717,533 | ||||||||
* |
DB, Inc. |
62,943 | 37,973 | |||||||
# * |
Deutsch Motors, Inc. |
66,004 | 326,444 | |||||||
* |
Development Advance Solution Co., Ltd. |
75,624 | 340,362 | |||||||
DGB Financial Group, Inc. |
1,410,240 | 7,744,328 | ||||||||
DI Dong Il Corp. |
11,422 | 845,445 | ||||||||
Display Tech Co., Ltd. |
34,003 | 103,707 | ||||||||
Dong A Eltek Co., Ltd. |
63,370 | 437,953 | ||||||||
Dong-A Socio Holdings Co., Ltd. |
5,046 | 473,864 | ||||||||
Dong-Ah Geological Engineering Co., Ltd. |
30,571 | 390,674 | ||||||||
# * |
Dongbang Transport Logistics Co., Ltd. |
251,479 | 423,753 | |||||||
# |
Dongbu Corp. |
36,803 | 364,125 | |||||||
# |
Dongil Industries Co., Ltd. |
10,975 | 667,933 | |||||||
Dongkuk Industries Co., Ltd. |
334,222 | 991,787 | ||||||||
* |
Dongkuk Steel Mill Co., Ltd. |
499,663 | 2,680,366 | |||||||
DONGSUNG Corp. |
159,407 | 564,820 | ||||||||
Dongwon Development Co., Ltd. |
380,871 | 1,412,927 | ||||||||
Dongwon Industries Co., Ltd. |
11,808 | 2,107,617 | ||||||||
* |
Dongwoo Farm To Table Co., Ltd. |
14,971 | 41,036 | |||||||
# |
Dongyang E&P, Inc. |
46,912 | 662,868 | |||||||
Doosan Bobcat, Inc. |
314,953 | 8,048,405 | ||||||||
Doosan Co., Ltd. |
52,003 | 2,150,372 | ||||||||
# * |
Doosan Fuel Cell Co., Ltd. |
279,793 | 10,369,840 | |||||||
# * |
Doosan Infracore Co., Ltd. |
1,484,739 | 10,985,453 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
SOUTH KOREA (Continued) |
||||||||||
* |
Doosan Solus Co., Ltd. | 154,224 | $ | 4,345,379 | ||||||
DRB Holding Co., Ltd. | 32,057 | 176,578 | ||||||||
DTR Automotive Corp. | 34,739 | 677,219 | ||||||||
DY Corp. | 127,648 | 453,180 | ||||||||
DY POWER Corp. | 23,114 | 217,486 | ||||||||
e Tec E&C, Ltd. | 12,441 | 1,163,294 | ||||||||
Eagon Industrial, Ltd. | 67,775 | 483,138 | ||||||||
* |
Easy Bio, Inc. | 21,246 | 1,438,430 | |||||||
# |
Easy Holdings Co., Ltd. | 363,366 | 1,246,856 | |||||||
Elentec Co., Ltd. | 30,857 | 151,229 | ||||||||
E-MART, Inc. | 93,885 | 11,819,929 | ||||||||
Eugene Corp. | 456,860 | 1,699,396 | ||||||||
Eugene Investment & Securities Co., Ltd. | 567,213 | 1,798,351 | ||||||||
* |
Eusu Holdings Co., Ltd. | 64,565 | 303,705 | |||||||
Farmsco | 26,482 | 108,032 | ||||||||
FarmStory Co., Ltd. | 325,774 | 312,980 | ||||||||
Fursys, Inc. | 26,929 | 700,130 | ||||||||
Gaon Cable Co., Ltd. | 17,158 | 310,236 | ||||||||
Geumhwa PSC Co., Ltd. | 490 | 12,027 | ||||||||
GMB Korea Corp. | 84,945 | 534,311 | ||||||||
# |
Golfzon Newdin Holdings Co., Ltd. | 177,478 | 1,000,744 | |||||||
GS Engineering & Construction Corp. | 499,370 | 11,848,704 | ||||||||
* |
GS Global Corp. | 381,342 | 564,891 | |||||||
GS Holdings Corp. | 415,700 | 12,150,220 | ||||||||
GS Home Shopping, Inc. | 6,576 | 806,925 | ||||||||
Gwangju Shinsegae Co., Ltd. | 5,156 | 701,224 | ||||||||
Haitai Confectionery & Foods Co., Ltd. | 6,605 | 48,319 | ||||||||
* |
Halla Corp. | 190,923 | 565,305 | |||||||
Halla Holdings Corp. | 64,867 | 1,819,767 | ||||||||
Hana Financial Group, Inc. | 2,258,552 | 61,009,048 | ||||||||
Handsome Co., Ltd. | 123,137 | 3,044,480 | ||||||||
Hanil Holdings Co., Ltd. | 19,608 | 779,375 | ||||||||
Hanjin Transportation Co., Ltd. | 72,813 | 3,039,559 | ||||||||
Hankook Tire & Technology Co., Ltd. | 614,306 | 17,209,306 | ||||||||
HanmiGlobal Co., Ltd. | 3,947 | 30,102 | ||||||||
Hanshin Construction | 69,201 | 810,619 | ||||||||
* |
Hansol Holdings Co., Ltd. | 427,655 | 1,261,042 | |||||||
# * |
Hansol HomeDeco Co., Ltd. | 662,129 | 1,067,125 | |||||||
Hansol Paper Co., Ltd. | 147,143 | 1,775,464 | ||||||||
* |
Hansol Technics Co., Ltd. | 230,336 | 1,757,330 | |||||||
* |
Hanwha Aerospace Co., Ltd. | 310,893 | 6,944,138 | |||||||
Hanwha Corp. | 277,222 | 5,912,087 | ||||||||
* |
Hanwha General Insurance Co., Ltd. | 495,410 | 1,225,839 | |||||||
* |
Hanwha Investment & Securities Co., Ltd. | 941,656 | 1,442,820 | |||||||
Hanwha Life Insurance Co., Ltd. | 1,941,705 | 2,647,215 | ||||||||
Hanwha Solutions Corp. | 507,247 | 19,717,515 | ||||||||
Hanyang Eng Co., Ltd. | 93,355 | 906,660 | ||||||||
Hanyang Securities Co., Ltd. | 73,699 | 577,446 | ||||||||
# |
Harim Holdings Co., Ltd. | 271,764 | 1,561,384 | |||||||
HDC Holdings Co., Ltd. | 127,823 | 1,130,459 | ||||||||
HDC Hyundai Engineering Plastics Co., Ltd. | 112,531 | 576,313 | ||||||||
* |
Heung-A Shipping Co., Ltd. | 702,313 | 59,883 | |||||||
* |
Heungkuk Fire & Marine Insurance Co., Ltd. | 152,112 | 359,477 | |||||||
Hitejinro Holdings Co., Ltd. | 58,163 | 752,372 | ||||||||
HS R&A Co., Ltd. | 308,886 | 531,954 | ||||||||
# * |
HSD Engine Co., Ltd. | 62,717 | 254,576 | |||||||
* |
Humax Co., Ltd. | 127,093 | 520,285 | |||||||
# * |
Huneed Technologies | 54,858 | 269,326 | |||||||
Huons Global Co., Ltd. | 9,850 | 245,669 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
SOUTH KOREA (Continued) |
||||||||||
# |
Huvis Corp. | 132,039 | $ | 935,552 | ||||||
Hwa Shin Co., Ltd. | 170,220 | 400,283 | ||||||||
# |
Hwacheon Machine Tool Co., Ltd. | 9,745 | 261,857 | |||||||
# |
Hwangkum Steel & Technology Co., Ltd. | 64,314 | 367,579 | |||||||
HwaSung Industrial Co., Ltd. | 80,683 | 855,997 | ||||||||
Hy-Lok Corp. | 63,907 | 592,081 | ||||||||
Hyosung Chemical Corp. | 1,893 | 212,017 | ||||||||
Hyosung Corp. | 57,103 | 3,744,951 | ||||||||
Hyundai BNG Steel Co., Ltd. | 74,986 | 485,820 | ||||||||
* |
Hyundai Construction Equipment Co., Ltd. | 99,959 | 2,211,453 | |||||||
Hyundai Corp Holdings, Inc. | 50,963 | 476,431 | ||||||||
Hyundai Corp. | 72,538 | 887,410 | ||||||||
Hyundai Department Store Co., Ltd. | 91,177 | 4,788,683 | ||||||||
* |
Hyundai Electric & Energy System Co., Ltd. | 30,010 | 399,579 | |||||||
Hyundai Engineering & Construction Co., Ltd. | 492,485 | 13,425,685 | ||||||||
Hyundai Greenfood Co., Ltd. | 377,581 | 2,428,661 | ||||||||
Hyundai Heavy Industries Holdings Co., Ltd. | 47,215 | 8,985,099 | ||||||||
Hyundai Home Shopping Network Corp. | 53,584 | 3,350,459 | ||||||||
Hyundai Hy Communications & Networks Co., Ltd. | 370,326 | 1,024,354 | ||||||||
Hyundai Livart Furniture Co., Ltd. | 102,652 | 1,399,031 | ||||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 579,985 | 11,945,748 | ||||||||
Hyundai Mipo Dockyard Co., Ltd. | 188,985 | 4,702,940 | ||||||||
Hyundai Mobis Co., Ltd. | 283,243 | 56,751,564 | ||||||||
Hyundai Motor Co. | 625,316 | 91,531,258 | ||||||||
Hyundai Motor Securities Co., Ltd. | 128,936 | 1,225,843 | ||||||||
Hyundai Steel Co. | 430,367 | 11,064,121 | ||||||||
Hyundai Wia Corp. | 146,642 | 5,445,559 | ||||||||
IDIS Holdings Co., Ltd. | 43,273 | 499,602 | ||||||||
* |
Iljin Electric Co., Ltd. | 91,487 | 218,781 | |||||||
Iljin Holdings Co., Ltd. | 91,947 | 390,554 | ||||||||
# |
Ilshin Spinning Co., Ltd. | 11,368 | 689,667 | |||||||
# |
Ilsung Pharmaceuticals Co., Ltd. | 6,673 | 458,377 | |||||||
iMarketKorea, Inc. | 147,664 | 1,111,732 | ||||||||
Industrial Bank of Korea | 1,784,074 | 12,953,474 | ||||||||
INITECH Co., Ltd. | 31,597 | 118,260 | ||||||||
Interpark Corp. | 329,541 | 620,094 | ||||||||
INTOPS Co., Ltd. | 100,372 | 1,445,786 | ||||||||
INZI Display Co., Ltd. | 114,878 | 361,232 | ||||||||
* |
Iones Co., Ltd. | 78,648 | 532,196 | |||||||
IS Dongseo Co., Ltd. | 62,443 | 2,109,597 | ||||||||
ISU Chemical Co., Ltd. | 138,877 | 1,298,637 | ||||||||
* |
Jahwa Electronics Co., Ltd. | 98,790 | 1,212,373 | |||||||
JB Financial Group Co., Ltd. | 1,198,287 | 5,413,707 | ||||||||
Kangnam Jevisco Co., Ltd. | 21,308 | 301,746 | ||||||||
KAON Media Co., Ltd. | 60,514 | 310,841 | ||||||||
KB Financial Group, Inc.. | 407,044 | 14,559,877 | ||||||||
# |
KB Financial Group, Inc., ADR | 2,791,178 | 99,728,790 | |||||||
KC Co., Ltd | 68,796 | 1,451,179 | ||||||||
KC Green Holdings Co., Ltd. | 88,975 | 326,275 | ||||||||
KCC Corp. | 37,785 | 5,127,727 | ||||||||
KCC Engineering & Construction Co., Ltd. | 57,788 | 360,511 | ||||||||
* |
KCC Glass Corp. | 38,941 | 1,021,347 | |||||||
# * |
KEC Corp. | 666,655 | 1,189,419 | |||||||
# |
Keyang Electric Machinery Co., Ltd. | 148,636 | 379,164 | |||||||
KG Eco Technology Service Co., Ltd. | 116,841 | 422,853 | ||||||||
Kia Motors Corp. | 1,464,704 | 65,690,709 | ||||||||
KISCO Corp. | 130,771 | 536,068 | ||||||||
KISCO Holdings Co., Ltd. | 66,422 | 680,604 | ||||||||
KISWIRE, Ltd. | 58,376 | 713,854 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
SOUTH KOREA (Continued) |
||||||||||
KIWOOM Securities Co., Ltd. | 95,942 | $ | 8,776,340 | |||||||
* |
Kodaco Co., Ltd. | 129,585 | 137,396 | |||||||
Kolmar Korea Holdings Co., Ltd. | 19,172 | 402,592 | ||||||||
Kolon Corp. | 54,098 | 972,202 | ||||||||
Kolon Global Corp. | 41,349 | 643,845 | ||||||||
Kolon Industries, Inc. | 164,853 | 5,187,882 | ||||||||
Komelon Corp. | 29,152 | 215,449 | ||||||||
# |
Korea Alcohol Industrial Co., Ltd. | 117,772 | 1,324,704 | |||||||
Korea Asset In Trust Co., Ltd. | 256,587 | 836,862 | ||||||||
Korea Autoglass Corp. | 90,414 | 1,125,860 | ||||||||
# * |
Korea Circuit Co., Ltd. | 112,791 | 1,262,376 | |||||||
Korea Electric Terminal Co., Ltd. | 40,747 | 1,659,436 | ||||||||
Korea Export Packaging Industrial Co., Ltd. | 1,813 | 29,673 | ||||||||
Korea Flange Co., Ltd. | 159,881 | 273,255 | ||||||||
Korea Investment Holdings Co., Ltd.. | 260,906 | 15,936,642 | ||||||||
* |
Korea Line Corp. | 1,259,322 | 1,780,007 | |||||||
Korea Petrochemical Ind Co., Ltd. | 28,323 | 4,869,035 | ||||||||
Korea Real Estate Investment & Trust Co., Ltd. | 1,190,727 | 1,891,031 | ||||||||
# * |
Korea Shipbuilding & Offshore Engineering Co., Ltd. | 187,768 | 13,093,047 | |||||||
Korea Zinc Co., Ltd. | 4,684 | 1,584,163 | ||||||||
* |
Korean Air Lines Co., Ltd. | 701,548 | 12,456,928 | |||||||
Korean Reinsurance Co. | 685,678 | 4,497,725 | ||||||||
Kortek Corp. | 74,788 | 530,456 | ||||||||
# |
KPX Chemical Co., Ltd. | 17,577 | 745,458 | |||||||
KSS LINE, Ltd. | 132,572 | 1,089,867 | ||||||||
KT Skylife Co., Ltd. | 203,835 | 1,711,692 | ||||||||
KT&G Corp. | 23,808 | 1,699,990 | ||||||||
# |
KTB Investment & Securities Co., Ltd. | 348,773 | 787,003 | |||||||
# |
KTCS Corp. | 225,571 | 405,030 | |||||||
Ktis Corp. | 206,085 | 436,216 | ||||||||
Kukdo Chemical Co., Ltd. | 17,860 | 680,325 | ||||||||
Kukdong Oil & Chemicals Co., Ltd. | 26,930 | 78,855 | ||||||||
Kumho Industrial Co., Ltd. | 2,178 | 13,514 | ||||||||
Kumho Petrochemical Co., Ltd. | 7,784 | 920,754 | ||||||||
# * |
Kumho Tire Co., Inc. | 794,452 | 2,496,249 | |||||||
Kumkang Kind Co., Ltd. | 96,105 | 364,695 | ||||||||
# |
Kyeryong Construction Industrial Co., Ltd. | 52,424 | 954,110 | |||||||
Kyobo Securities Co., Ltd. | 169,849 | 1,000,418 | ||||||||
Kyungbang Co., Ltd. | 88,890 | 843,144 | ||||||||
# |
Leadcorp, Inc. (The) | 152,726 | 926,662 | |||||||
LF Corp. | 171,501 | 2,221,422 | ||||||||
LG Corp. | 409,960 | 24,548,013 | ||||||||
# * |
LG Display Co., Ltd., ADR | 3,857,008 | 24,183,440 | |||||||
# * |
LG Display Co., Ltd. | 164,499 | 2,054,018 | |||||||
LG Electronics, Inc.. | 1,110,054 | 82,520,798 | ||||||||
LG Hausys, Ltd. | 57,369 | 3,356,537 | ||||||||
LG HelloVision Co., Ltd. | 229,646 | 772,554 | ||||||||
LG International Corp. | 275,981 | 3,783,870 | ||||||||
LG Uplus Corp. | 1,563,860 | 15,309,513 | ||||||||
LIG Nex1 Co., Ltd. | 2,945 | 73,038 | ||||||||
LMS Co., Ltd. | 30,866 | 256,051 | ||||||||
Lotte Chemical Corp. | 76,466 | 15,814,250 | ||||||||
Lotte Chilsung Beverage Co., Ltd. | 21,352 | 1,625,808 | ||||||||
Lotte Confectionery Co., Ltd. | 538 | 46,783 | ||||||||
Lotte Corp. | 133,090 | 3,354,799 | ||||||||
LOTTE Fine Chemical Co., Ltd. | 158,067 | 6,789,343 | ||||||||
Lotte Food Co., Ltd. | 1,976 | 532,586 | ||||||||
LOTTE Himart Co., Ltd. | 87,964 | 2,389,859 | ||||||||
# * |
Lotte Non-Life Insurance Co., Ltd. | 475,815 | 697,765 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
SOUTH KOREA (Continued) |
||||||||||
# |
Lotte Shopping Co., Ltd. |
47,848 | $ | 3,543,190 | ||||||
LS Corp. |
109,499 | 5,016,091 | ||||||||
* |
Lumens Co., Ltd. |
322,961 | 473,164 | |||||||
* |
LVMC Holdings. |
274,553 | 741,045 | |||||||
Maeil Holdings Co., Ltd. |
11,288 | 79,173 | ||||||||
Mando Corp. |
39,112 | 1,243,157 | ||||||||
MegaStudy Co., Ltd. |
51,341 | 521,289 | ||||||||
Meritz Financial Group, Inc. |
264,615 | 2,203,587 | ||||||||
Meritz Fire & Marine Insurance Co., Ltd. |
62,765 | 770,071 | ||||||||
# |
Meritz Securities Co., Ltd. |
2,313,837 | 6,754,597 | |||||||
Mi Chang Oil Industrial Co., Ltd. |
5,535 | 306,566 | ||||||||
Mirae Asset Daewoo Co., Ltd. |
2,675,229 | 19,931,523 | ||||||||
Mirae Asset Life Insurance Co., Ltd. |
641,531 | 2,148,147 | ||||||||
MK Electron Co., Ltd. |
118,182 | 952,985 | ||||||||
* |
MNTech Co., Ltd. |
121,454 | 277,404 | |||||||
Moorim P&P Co., Ltd. |
188,882 | 520,766 | ||||||||
Moorim Paper Co., Ltd. |
189,122 | 392,050 | ||||||||
# |
Motonic Corp. |
83,715 | 840,204 | |||||||
* |
Muhak Co., Ltd. |
77,436 | 434,337 | |||||||
Namyang Dairy Products Co., Ltd. |
2,446 | 551,304 | ||||||||
# |
NEOWIZ HOLDINGS Corp. |
35,801 | 489,391 | |||||||
Nexen Corp. |
198,284 | 702,594 | ||||||||
Nexen Tire Corp. |
328,280 | 1,520,814 | ||||||||
NH Investment & Securities Co., Ltd. |
653,039 | 5,532,710 | ||||||||
* |
NHN Corp. |
70,470 | 4,336,720 | |||||||
Nong Shim Holdings Co., Ltd. |
16,267 | 1,039,938 | ||||||||
NongShim Co., Ltd. |
17,873 | 4,548,995 | ||||||||
NOROO Paint & Coatings Co., Ltd. |
66,016 | 407,997 | ||||||||
NPC |
116,690 | 306,671 | ||||||||
NS Shopping Co., Ltd.. |
74,291 | 804,485 | ||||||||
* |
OCI Co., Ltd |
137,848 | 7,589,694 | |||||||
Opto Device Technology Co., Ltd. |
52,020 | 231,497 | ||||||||
Orion Holdings Corp. |
214,348 | 2,350,420 | ||||||||
# |
Paik Kwang Industrial Co., Ltd. |
250,824 | 681,029 | |||||||
* |
Pan Ocean Co., Ltd. |
1,909,107 | 6,078,469 | |||||||
Pang Rim Co., Ltd. |
14,177 | 21,404 | ||||||||
Pan-Pacific Co., Ltd. |
113,324 | 155,753 | ||||||||
Paradise Co., Ltd. |
10,185 | 114,950 | ||||||||
# |
Poongsan Corp. |
157,295 | 3,421,479 | |||||||
# |
Poongsan Holdings Corp. |
35,193 | 810,265 | |||||||
# |
POSCO, Sponsored ADR |
1,001,387 | 46,374,232 | |||||||
POSCO |
172,234 | 31,795,115 | ||||||||
Posco International Corp. |
417,341 | 4,929,108 | ||||||||
Power Logics Co., Ltd. |
92,739 | 649,031 | ||||||||
# |
Pyeong Hwa Automotive Co., Ltd. |
70,883 | 475,961 | |||||||
S&T Dynamics Co., Ltd. |
163,370 | 752,164 | ||||||||
S&T Holdings Co., Ltd. |
51,515 | 630,720 | ||||||||
# |
S&T Motiv Co., Ltd. |
83,737 | 3,742,612 | |||||||
Sajo Industries Co., Ltd. |
15,884 | 398,024 | ||||||||
Sam Kwang Glass Co., Ltd. |
851 | 28,582 | ||||||||
# |
Sam Young Electronics Co., Ltd. |
91,071 | 628,675 | |||||||
Sambo Corrugated Board Co., Ltd. |
31,268 | 231,052 | ||||||||
* |
Sambo Motors Co., Ltd. |
94,490 | 535,388 | |||||||
Samho Development Co., Ltd. |
162,475 | 572,074 | ||||||||
SAMHWA Paints Industrial Co., Ltd. |
68,665 | 296,228 | ||||||||
Samick Musical Instruments Co., Ltd. |
439,019 | 526,610 | ||||||||
Samji Electronics Co., Ltd. |
13,939 | 135,198 | ||||||||
# |
Samjin LND Co., Ltd. |
82,899 | 244,058 | |||||||
* |
Samkee Corp. |
104,071 | 280,699 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
SOUTH KOREA (Continued) |
||||||||||
Sammok S-Form Co., Ltd. | 66,231 | $ | 439,179 | |||||||
SAMPYO Cement Co., Ltd. | 275,308 | 825,020 | ||||||||
Samsung C&T Corp. | 355,789 | 34,851,583 | ||||||||
Samsung Card Co., Ltd. | 180,050 | 4,672,753 | ||||||||
Samsung Electronics Co., Ltd. | 1,859,363 | 93,462,013 | ||||||||
Samsung Electronics Co., Ltd., GDR | 1,486 | 1,876,818 | ||||||||
Samsung Fire & Marine Insurance Co., Ltd. | 120,085 | 18,987,358 | ||||||||
* |
Samsung Heavy Industries Co., Ltd. | 2,279,824 | 10,247,734 | |||||||
Samsung Life Insurance Co., Ltd. | 320,040 | 17,913,320 | ||||||||
Samsung Securities Co., Ltd. | 310,841 | 8,854,405 | ||||||||
SAMT Co., Ltd. | 514,132 | 1,008,132 | ||||||||
Samyang Corp. | 29,449 | 1,255,237 | ||||||||
# |
Samyang Holdings Corp. | 29,534 | 1,619,399 | |||||||
Samyang Tongsang Co., Ltd. | 11,282 | 615,622 | ||||||||
Sangsangin Co., Ltd. | 73,576 | 379,962 | ||||||||
SAVEZONE I&C Corp. | 83,806 | 199,693 | ||||||||
* |
SBS Media Holdings Co., Ltd. | 258,064 | 375,039 | |||||||
Seah Besteel Corp. | 104,046 | 866,130 | ||||||||
SeAH Holdings Corp. | 6,180 | 383,927 | ||||||||
SeAH Steel Corp. | 12,021 | 873,483 | ||||||||
SeAH Steel Holdings Corp. | 11,870 | 471,108 | ||||||||
Sebang Co., Ltd. | 94,422 | 752,024 | ||||||||
Sebang Global Battery Co., Ltd. | 57,011 | 1,385,328 | ||||||||
Sejong Industrial Co., Ltd. | 132,978 | 1,016,479 | ||||||||
# |
Sekonix Co., Ltd. | 75,642 | 381,324 | |||||||
S-Energy Co., Ltd. | 40,484 | 273,857 | ||||||||
Seohan Co., Ltd. | 698,627 | 846,946 | ||||||||
Seohee Construction Co., Ltd. | 156,735 | 157,205 | ||||||||
SEOWONINTECH Co., Ltd. | 6,241 | 34,716 | ||||||||
Seoyon Co., Ltd. | 124,019 | 999,500 | ||||||||
Seoyon E-Hwa Co., Ltd. | 96,241 | 376,476 | ||||||||
Sewon Precision Industry Co., Ltd. | 1,457 | 1,948 | ||||||||
# |
Shindaeyang Paper Co., Ltd. | 16,499 | 745,536 | |||||||
Shinhan Financial Group Co., Ltd | 1,591,278 | 43,174,969 | ||||||||
# |
Shinhan Financial Group Co., Ltd., ADR | 1,314,624 | 35,376,531 | |||||||
# |
Shinsegae Engineering & Construction Co., Ltd. | 18,197 | 351,670 | |||||||
Shinsegae Food Co., Ltd. | 2,444 | 111,815 | ||||||||
# |
Shinsegae, Inc. | 61,754 | 11,390,394 | |||||||
* |
Shinsung Tongsang Co., Ltd. | 172,621 | 285,987 | |||||||
Shinwha Intertek Corp. | 35,678 | 81,543 | ||||||||
Shinyoung Securities Co., Ltd. | 38,991 | 1,579,241 | ||||||||
* |
Signetics Corp. | 454,177 | 279,013 | |||||||
Silla Co., Ltd. | 45,799 | 374,946 | ||||||||
# |
SIMPAC, Inc. | 167,099 | 335,135 | |||||||
Sindoh Co., Ltd. | 35,875 | 700,606 | ||||||||
SK Discovery Co., Ltd. | 90,756 | 5,067,907 | ||||||||
SK Gas, Ltd. | 397 | 36,984 | ||||||||
SK Holdings Co., Ltd. | 42,795 | 6,969,094 | ||||||||
SK Hynix, Inc. | 493,577 | 35,015,758 | ||||||||
SK Innovation Co., Ltd. | 242,855 | 27,144,733 | ||||||||
SK Networks Co., Ltd. | 2,079,015 | 8,339,276 | ||||||||
* |
SK Rent A Car Co., Ltd. | 11,382 | 83,714 | |||||||
SK Securities Co., Ltd. | 2,864,051 | 1,774,697 | ||||||||
SL Corp. | 116,004 | 1,489,234 | ||||||||
Songwon Industrial Co., Ltd. | 41,113 | 517,751 | ||||||||
# * |
Ssangyong Motor Co. | 336,500 | 1,305,050 | |||||||
# |
Sun Kwang Co., Ltd. | 35,191 | 731,736 | |||||||
Sung Kwang Bend Co., Ltd. | 145,472 | 759,862 | ||||||||
* |
Sungchang Enterprise Holdings, Ltd. | 293,641 | 435,195 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
SOUTH KOREA (Continued) |
||||||||||
Sungdo Engineering & Construction Co., Ltd. | 99,520 | $ | 347,524 | |||||||
# |
Sungshin Cement Co., Ltd. | 157,753 | 914,754 | |||||||
Sungwoo Hitech Co., Ltd. | 487,818 | 1,533,404 | ||||||||
Sunjin Co., Ltd. | 38,036 | 337,149 | ||||||||
Tae Kyung Industrial Co., Ltd. | 92,671 | 409,241 | ||||||||
Taekwang Industrial Co., Ltd. | 3,096 | 1,948,965 | ||||||||
* |
Taewoong Co., Ltd. | 94,977 | 1,085,569 | |||||||
Taeyoung Engineering & Construction Co., Ltd. | 199,296 | 1,765,722 | ||||||||
* |
Thinkware Systems Corp. | 45,754 | 376,707 | |||||||
# * |
TK Chemical Corp. | 637,170 | 947,108 | |||||||
# |
TK Corp. | 118,108 | 619,924 | |||||||
Tongyang Life Insurance Co., Ltd. | 394,577 | 1,102,057 | ||||||||
# |
Tongyang, Inc. | 315,577 | 310,200 | |||||||
Top Engineering Co., Ltd. | 121,279 | 975,784 | ||||||||
Tovis Co., Ltd. | 124,305 | 662,134 | ||||||||
# |
TS Corp. | 35,416 | 578,984 | |||||||
* |
Tway Holdings, Inc. | 41,289 | 32,562 | |||||||
* |
TY Holdings Co., Ltd. | 192,133 | 3,445,757 | |||||||
UIL Co., Ltd. | 74,875 | 251,037 | ||||||||
Unid Co., Ltd. | 45,974 | 1,764,874 | ||||||||
* |
Viatron Technologies, Inc. | 2,049 | 15,572 | |||||||
Visang Education, Inc. | 48,747 | 274,429 | ||||||||
# * |
WillBes & Co. (The) | 462,170 | 479,678 | |||||||
* |
Wonik Holdings Co., Ltd. | 296,704 | 1,104,630 | |||||||
Wonik Materials Co., Ltd. | 12,961 | 302,758 | ||||||||
Woori Financial Group, Inc. | 3,415,694 | 26,968,981 | ||||||||
# |
Woorison F&G Co., Ltd. | 83,461 | 144,816 | |||||||
# |
WooSung Feed Co., Ltd. | 161,754 | 429,297 | |||||||
Y G-1 Co., Ltd. | 141,659 | 628,686 | ||||||||
Yoosung Enterprise Co., Ltd. | 139,370 | 332,428 | ||||||||
Youlchon Chemical Co., Ltd. | 18,152 | 243,776 | ||||||||
Young Poong Corp. | 3,806 | 1,623,155 | ||||||||
Young Poong Precision Corp. | 86,763 | 581,393 | ||||||||
Youngone Corp. | 123,827 | 3,114,615 | ||||||||
Youngone Holdings Co., Ltd. | 26,091 | 822,590 | ||||||||
* |
Yuanta Securities Korea Co., Ltd. | 811,667 | 1,942,535 | |||||||
YuHwa Securities Co., Ltd. | 130,435 | 256,729 | ||||||||
Zeus Co., Ltd. | 57,364 | 901,342 | ||||||||
|
|
|||||||||
TOTAL SOUTH KOREA |
1,726,762,732 | |||||||||
|
|
|||||||||
TAIWAN (16.8%) |
||||||||||
Ability Enterprise Co., Ltd. | 1,795,330 | 811,987 | ||||||||
AcBel Polytech, Inc. | 603,000 | 551,286 | ||||||||
# |
Acer, Inc. | 14,714,109 | 12,296,938 | |||||||
# |
ACES Electronic Co., Ltd. | 982,000 | 1,111,379 | |||||||
* |
Acon Holding, Inc. | 1,602,000 | 478,092 | |||||||
Advanced International Multitech Co., Ltd. | 444,000 | 602,129 | ||||||||
# * |
Advanced Optoelectronic Technology, Inc. | 500,000 | 359,951 | |||||||
# * |
AGV Products Corp. | 3,241,211 | 839,098 | |||||||
Airmate Cayman International Co., Ltd. | 30,618 | 24,668 | ||||||||
# |
Allis Electric Co., Ltd. | 1,347,580 | 1,337,762 | |||||||
Alpha Networks, Inc. | 1,958,086 | 1,770,150 | ||||||||
Altek Corp. | 1,928,365 | 1,736,869 | ||||||||
* |
Ambassador Hotel (The) | 1,615,000 | 1,734,070 | |||||||
# |
AMPOC Far-East Co., Ltd. | 745,000 | 869,481 | |||||||
* |
AmTRAN Technology Co., Ltd. | 5,922,956 | 2,112,819 | |||||||
# |
Apacer Technology, Inc. | 578,210 | 736,846 | |||||||
# |
APCB, Inc. | 1,053,000 | 755,356 | |||||||
# |
Apex International Co., Ltd. | 1,201,263 | 3,121,570 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
TAIWAN (Continued) |
||||||||||
Apex Science & Engineering | 92,536 | $ | 35,788 | |||||||
Ardentec Corp. | 2,956,058 | 3,459,976 | ||||||||
Asia Cement Corp. | 17,297,589 | 24,898,630 | ||||||||
Asia Electronic Material Co., Ltd. | 92,000 | 50,914 | ||||||||
* |
Asia Pacific Telecom Co., Ltd. | 5,141,204 | 1,689,086 | |||||||
# * |
Asia Plastic Recycling Holding, Ltd. | 1,651,942 | 426,459 | |||||||
Asia Polymer Corp. | 3,106,971 | 2,065,720 | ||||||||
Asia Tech Image, Inc. | 62,000 | 110,035 | ||||||||
# |
Asia Vital Components Co., Ltd. | 2,304,984 | 5,433,536 | |||||||
Asustek Computer, Inc. | 3,800,000 | 32,285,216 | ||||||||
# * |
AU Optronics Corp., Sponsored ADR | 3,945,215 | 15,701,956 | |||||||
* |
AU Optronics Corp. | 952,812 | 384,825 | |||||||
# |
Audix Corp. | 568,332 | 885,742 | |||||||
AVY Precision Technology, Inc. | 1,018,364 | 837,883 | ||||||||
Bank of Kaohsiung Co., Ltd. | 3,567,897 | 1,254,254 | ||||||||
# |
BES Engineering Corp. | 10,550,443 | 2,706,388 | |||||||
# |
Bin Chuan Enterprise Co., Ltd. | 226,000 | 214,618 | |||||||
# * |
Biostar Microtech International Corp. | 1,294,055 | 678,536 | |||||||
Bright Led Electronics Corp. | 728,000 | 340,109 | ||||||||
* |
Cameo Communications, Inc. | 1,589,197 | 427,580 | |||||||
Capital Securities Corp. | 14,228,158 | 5,429,297 | ||||||||
Career Technology MFG. Co., Ltd. | 874,085 | 883,678 | ||||||||
# |
Carnival Industrial Corp. | 908,007 | 338,162 | |||||||
# |
Casetek Holdings, Ltd. | 1,671,933 | 5,056,105 | |||||||
Catcher Technology Co., Ltd. | 5,496,000 | 34,743,055 | ||||||||
# |
Cathay Chemical Works | 452,000 | 283,700 | |||||||
Cathay Financial Holding Co., Ltd. | 60,483,459 | 81,273,650 | ||||||||
Cathay Real Estate Development Co., Ltd. | 4,929,694 | 3,286,084 | ||||||||
# |
Celxpert Energy Corp. | 419,000 | 599,624 | |||||||
Central Reinsurance Co., Ltd. | 1,033,366 | 731,916 | ||||||||
* |
Chain Chon Industrial Co., Ltd. | 614,000 | 195,466 | |||||||
ChainQui Construction Development Co., Ltd. | 780,393 | 518,484 | ||||||||
* |
Champion Building Materials Co., Ltd. | 2,009,828 | 435,781 | |||||||
Chang Hwa Commercial Bank, Ltd. | 44,272,220 | 26,397,794 | ||||||||
Channel Well Technology Co., Ltd. | 457,000 | 623,837 | ||||||||
# |
CHC Healthcare Group | 801,000 | 1,041,241 | |||||||
# |
Chen Full International Co., Ltd. | 266,000 | 371,015 | |||||||
Cheng Loong Corp. | 6,338,659 | 7,531,080 | ||||||||
# * |
Cheng Mei Materials Technology Corp. | 2,484,000 | 826,980 | |||||||
Cheng Uei Precision Industry Co., Ltd. | 3,120,635 | 4,415,895 | ||||||||
Chenming Electronic Technology Corp. | 455,000 | 196,933 | ||||||||
# |
Chia Chang Co., Ltd. | 824,000 | 1,105,927 | |||||||
Chia Hsin Cement Corp. | 3,537,191 | 1,930,158 | ||||||||
Chien Kuo Construction Co., Ltd. | 1,224,797 | 501,353 | ||||||||
# |
Chilisin Electronics Corp. | 1,650,000 | 6,098,610 | |||||||
* |
China Airlines, Ltd. | 23,565,353 | 7,216,439 | |||||||
China Bills Finance Corp. | 3,514,000 | 1,781,879 | ||||||||
China Chemical & Pharmaceutical Co., Ltd. | 1,922,264 | 1,530,591 | ||||||||
China Development Financial Holding Corp. | 66,453,734 | 19,501,480 | ||||||||
China Electric Manufacturing Corp. | 1,599,432 | 606,798 | ||||||||
China General Plastics Corp. | 1,364,367 | 1,043,736 | ||||||||
# |
China Glaze Co., Ltd. | 873,799 | 347,193 | |||||||
China Life Insurance Co., Ltd. | 20,762,479 | 13,923,453 | ||||||||
* |
China Man-Made Fiber Corp. | 11,297,899 | 3,302,792 | |||||||
China Metal Products. | 2,512,969 | 2,926,000 | ||||||||
# * |
China Motor Corp. | 1,758,099 | 2,732,149 | |||||||
China Petrochemical Development Corp. | 26,152,466 | 7,828,224 | ||||||||
China Steel Corp. | 95,778,320 | 68,037,274 | ||||||||
# |
China Steel Structure Co., Ltd. | 677,219 | 700,119 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
TAIWAN (Continued) |
||||||||||
# |
China Wire & Cable Co., Ltd. | 695,600 | $ | 697,405 | ||||||
Chinese Maritime Transport, Ltd. | 665,270 | 570,501 | ||||||||
Chin-Poon Industrial Co., Ltd. | 3,021,815 | 3,206,118 | ||||||||
Chipbond Technology Corp. | 1,912,000 | 4,188,493 | ||||||||
ChipMOS Techinologies, Inc. | 4,450,085 | 4,385,653 | ||||||||
ChipMOS Technologies, Inc., ADR | 34,935 | 679,481 | ||||||||
Chun YU Works & Co., Ltd. | 1,634,000 | 920,426 | ||||||||
Chun Yuan Steel Industry Co., Ltd. | 3,397,287 | 1,278,050 | ||||||||
# |
Chung Hsin Electric & Machinery Manufacturing Corp. | 2,519,250 | 4,246,183 | |||||||
# * |
Chung Hung Steel Corp. | 6,730,000 | 2,325,256 | |||||||
# * |
Chung Hwa Pulp Corp. | 3,004,353 | 968,025 | |||||||
Chung Shing Textile Co., Ltd. | 600 | 0 | ||||||||
Chyang Sheng Dyeing & Finishing Co., Ltd. | 167,000 | 71,730 | ||||||||
Clevo Co. | 1,257,000 | 1,271,629 | ||||||||
# |
CMC Magnetics Corp. | 8,530,638 | 2,371,778 | |||||||
CoAsia Electronics Corp. | 305,792 | 126,210 | ||||||||
# |
Collins Co., Ltd. | 943,224 | 447,863 | |||||||
Compal Electronics, Inc. | 32,795,332 | 21,366,107 | ||||||||
# |
Compeq Manufacturing Co., Ltd. | 7,205,000 | 10,996,773 | |||||||
Compucase Enterprise | 14,000 | 23,693 | ||||||||
Concord Securities Co., Ltd. | 2,085,489 | 614,276 | ||||||||
# |
Continental Holdings Corp. | 3,010,540 | 2,565,726 | |||||||
# |
Contrel Technology Co., Ltd. | 1,010,000 | 469,788 | |||||||
Coretronic Corp. | 3,477,800 | 4,167,756 | ||||||||
* |
Coxon Precise Industrial Co., Ltd. | 724,000 | 302,586 | |||||||
Creative Sensor, Inc. | 529,000 | 316,574 | ||||||||
CTBC Financial Holding Co., Ltd. | 128,423,073 | 81,100,440 | ||||||||
# |
CviLux Corp. | 101,000 | 103,439 | |||||||
CyberTAN Technology, Inc. | 799,000 | 391,540 | ||||||||
# |
DA CIN Construction Co., Ltd. | 2,226,579 | 2,113,250 | |||||||
* |
Danen Technology Corp. | 242,931 | 186,143 | |||||||
Darfon Electronics Corp. | 240,000 | 332,306 | ||||||||
# * |
Darwin Precisions Corp. | 2,836,635 | 1,097,539 | |||||||
# |
Delpha Construction Co., Ltd. | 434,015 | 234,532 | |||||||
Depo Auto Parts Ind Co., Ltd. | 501,000 | 826,427 | ||||||||
Der Pao Construction Co., Ltd. | 2,158,544 | 0 | ||||||||
# |
Dimerco Express Corp. | 156,000 | 361,100 | |||||||
* |
D-Link Corp. | 4,530,552 | 2,873,251 | |||||||
# * |
Dynamic Electronics Co., Ltd. | 2,483,724 | 1,606,019 | |||||||
Dynapack International Technology Corp. | 1,116,000 | 3,115,298 | ||||||||
E.Sun Financial Holding Co., Ltd. | 77,915,310 | 66,244,829 | ||||||||
# |
Edimax Technology Co., Ltd. | 1,429,902 | 673,098 | |||||||
Edison Opto Corp. | 795,000 | 321,514 | ||||||||
# |
Edom Technology Co., Ltd. | 983,046 | 626,304 | |||||||
Elite Semiconductor Microelectronics Technology, Inc. | 1,277,000 | 1,875,370 | ||||||||
* |
Elitegroup Computer Systems Co., Ltd. | 2,739,395 | 1,625,288 | |||||||
ENG Electric Co., Ltd. | 239,997 | 4,594 | ||||||||
# |
EnTie Commercial Bank Co., Ltd. | 2,417,232 | 1,217,857 | |||||||
* |
Epistar Corp. | 2,102,869 | 2,469,866 | |||||||
Eson Precision Ind. Co., Ltd. | 794,000 | 931,966 | ||||||||
Eternal Materials Co., Ltd. | 1,775,513 | 2,090,936 | ||||||||
Eva Airways Corp. | 19,992,355 | 7,555,506 | ||||||||
* |
Everest Textile Co., Ltd. | 2,855,125 | 990,312 | |||||||
Evergreen International Storage & Transport Corp. | 4,251,000 | 2,149,689 | ||||||||
* |
Evergreen Marine Corp. Taiwan, Ltd. | 19,952,145 | 13,200,684 | |||||||
Everlight Chemical Industrial Corp. | 680,950 | 389,712 | ||||||||
Everlight Electronics Co., Ltd. | 3,503,000 | 4,651,271 | ||||||||
Excellence Opto, Inc. | 96,000 | 110,879 | ||||||||
Excelsior Medical Co., Ltd. | 838,527 | 1,648,736 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
TAIWAN (Continued) |
||||||||||
EZconn Corp. | 194,250 | $ | 194,779 | |||||||
Far Eastern Department Stores, Ltd. | 8,947,445 | 7,389,766 | ||||||||
Far Eastern International Bank | 24,066,641 | 8,713,050 | ||||||||
Far Eastern New Century Corp. | 23,634,528 | 21,337,480 | ||||||||
Farglory F T Z Investment Holding Co., Ltd. | 936,648 | 991,989 | ||||||||
Farglory Land Development Co., Ltd. | 2,206,264 | 3,397,638 | ||||||||
* |
Federal Corp. | 2,747,160 | 1,921,745 | |||||||
* |
First Copper Technology Co., Ltd. | 1,086,750 | 356,899 | |||||||
First Financial Holding Co., Ltd. | 71,961,241 | 50,493,024 | ||||||||
First Hotel | 1,238,857 | 569,991 | ||||||||
# |
First Insurance Co., Ltd. (The) | 1,954,064 | 881,620 | |||||||
# |
First Steamship Co., Ltd. | 4,562,042 | 1,401,989 | |||||||
* |
FIT Holding Co., Ltd. | 185,150 | 231,711 | |||||||
FLEXium Interconnect, Inc. | 200,000 | 816,568 | ||||||||
FocalTech Systems Co., Ltd. | 538,384 | 964,984 | ||||||||
Forest Water Environment Engineering Co., Ltd. | 20,000 | 29,866 | ||||||||
Formosa Advanced Technologies Co., Ltd. | 1,382,000 | 1,691,476 | ||||||||
Formosa Chemicals & Fibre Corp. | 659,000 | 1,587,201 | ||||||||
# * |
Formosa Laboratories, Inc. | 825,478 | 1,390,061 | |||||||
# |
Formosa Taffeta Co., Ltd. | 3,835,511 | 4,200,079 | |||||||
Formosan Rubber Group, Inc. | 1,893,957 | 1,332,091 | ||||||||
Formosan Union Chemical | 2,639,843 | 1,297,564 | ||||||||
# |
Founding Construction & Development Co., Ltd. | 1,567,418 | 869,145 | |||||||
Foxconn Technology Co., Ltd. | 4,412,142 | 7,737,939 | ||||||||
# |
Froch Enterprise Co., Ltd. | 1,418,734 | 508,801 | |||||||
# |
FSP Technology, Inc. | 1,029,292 | 1,199,533 | |||||||
Fubon Financial Holding Co., Ltd. | 44,449,471 | 63,320,705 | ||||||||
Fullerton Technology Co., Ltd. | 718,200 | 432,398 | ||||||||
# * |
Fulltech Fiber Glass Corp. | 2,870,216 | 1,007,119 | |||||||
# |
Fwusow Industry Co., Ltd. | 1,258,043 | 831,850 | |||||||
# |
G Shank Enterprise Co., Ltd. | 1,186,902 | 770,240 | |||||||
Gemtek Technology Corp. | 2,641,962 | 2,567,391 | ||||||||
General Interface Solution Holding, Ltd. | 769,000 | 3,057,915 | ||||||||
Getac Technology Corp. | 692,065 | 1,139,388 | ||||||||
# |
Giantplus Technology Co., Ltd. | 2,274,100 | 820,207 | |||||||
Gigabyte Technology Co., Ltd. | 332,287 | 836,104 | ||||||||
* |
Gigastorage Corp. | 2,151,479 | 1,945,552 | |||||||
Global Brands Manufacture, Ltd. | 2,271,951 | 1,722,988 | ||||||||
Globe Union Industrial Corp. | 1,600,625 | 858,868 | ||||||||
# |
Gloria Material Technology Corp. | 4,205,116 | 2,268,673 | |||||||
# * |
Gold Circuit Electronics, Ltd. | 4,617,965 | 7,107,462 | |||||||
Goldsun Building Materials Co., Ltd. | 7,010,171 | 6,433,383 | ||||||||
Good Will Instrument Co., Ltd. | 172,746 | 135,992 | ||||||||
# |
Grand Fortune Securities Co., Ltd. | 625,000 | 178,733 | |||||||
# |
Grand Ocean Retail Group, Ltd. | 709,000 | 511,500 | |||||||
* |
Grand Pacific Petrochemical | 6,840,000 | 5,449,535 | |||||||
Great China Metal Industry | 967,000 | 728,978 | ||||||||
Great Wall Enterprise Co., Ltd. | 4,753,169 | 7,480,758 | ||||||||
* |
Green Energy Technology, Inc. | 1,424,880 | 2,989 | |||||||
GTM Holdings Corp. | 898,900 | 743,981 | ||||||||
# |
Hannstar Board Corp. | 3,343,488 | 4,585,956 | |||||||
# * |
HannStar Display Corp. | 19,949,435 | 6,406,614 | |||||||
# |
HannsTouch Solution, Inc. | 3,723,001 | 1,297,096 | |||||||
Hanpin Electron Co., Ltd. | 286,000 | 286,530 | ||||||||
* |
Harvatek Corp. | 1,172,553 | 548,026 | |||||||
# |
Hey Song Corp. | 2,574,500 | 2,927,951 | |||||||
# |
Highwealth Construction Corp. | 1,156,100 | 1,679,177 | |||||||
# |
Hiroca Holdings, Ltd. | 501,000 | 950,436 | |||||||
Hitron Technology, Inc. | 836,098 | 592,988 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
TAIWAN (Continued) |
||||||||||
Ho Tung Chemical Corp. | 7,216,475 | $ | 2,665,672 | |||||||
# * |
Hocheng Corp. | 2,051,300 | 643,356 | |||||||
Hold-Key Electric Wire & Cable Co., Ltd. | 34,124 | 14,508 | ||||||||
Hon Hai Precision Industry Co., Ltd. | 53,136,192 | 144,112,269 | ||||||||
Hong Pu Real Estate Development Co., Ltd. | 1,437,655 | 1,195,378 | ||||||||
# |
Hong TAI Electric Industrial | 1,593,000 | 838,794 | |||||||
# |
Hong YI Fiber Industry Co. | 850,000 | 456,122 | |||||||
# |
Horizon Securities Co., Ltd. | 2,238,000 | 533,768 | |||||||
Hsin Kuang Steel Co., Ltd. | 1,051,124 | 1,156,992 | ||||||||
# |
Hsing TA Cement Co. | 1,195,614 | 787,742 | |||||||
# * |
HTC Corp. | 4,904,000 | 4,930,017 | |||||||
HUA ENG Wire & Cable Co., Ltd. | 2,199,035 | 827,549 | ||||||||
Hua Nan Financial Holdings Co., Ltd. | 50,894,692 | 30,622,705 | ||||||||
Huaku Development Co., Ltd. | 793,000 | 2,404,388 | ||||||||
Huang Hsiang Construction Corp. | 774,000 | 1,048,521 | ||||||||
# |
Hung Ching Development & Construction Co., Ltd. | 1,154,468 | 743,336 | |||||||
Hung Sheng Construction, Ltd. | 3,930,336 | 2,351,959 | ||||||||
Huxen Corp. | 241,281 | 405,365 | ||||||||
Hwacom Systems, Inc. | 270,000 | 145,289 | ||||||||
IBF Financial Holdings Co., Ltd. | 21,995,293 | 9,047,872 | ||||||||
# |
Ichia Technologies, Inc. | 1,664,260 | 1,028,568 | |||||||
# * |
I-Chiun Precision Industry Co., Ltd. | 1,317,000 | 604,161 | |||||||
IEI Integration Corp. | 30,200 | 46,435 | ||||||||
Infortrend Technology, Inc. | 1,013,000 | 427,364 | ||||||||
# |
Innolux Corp. | 38,381,544 | 13,321,794 | |||||||
# |
Inpaq Technology Co., Ltd. | 280,250 | 425,542 | |||||||
Integrated Service Technology, Inc. | 115,570 | 207,956 | ||||||||
International CSRC Investment Holdings Co. | 5,639,166 | 3,868,806 | ||||||||
Inventec Corp. | 18,977,277 | 15,020,149 | ||||||||
ITE Technology, Inc. | 1,160,479 | 2,799,824 | ||||||||
# |
Jarllytec Co., Ltd. | 482,000 | 1,127,694 | |||||||
* |
Jean Co., Ltd. | 302,000 | 106,827 | |||||||
Jess-Link Products Co., Ltd. | 815,500 | 967,852 | ||||||||
Jih Sun Financial Holdings Co., Ltd. | 11,695,430 | 4,300,404 | ||||||||
Jinli Group Holdings, Ltd. | 889,532 | 255,217 | ||||||||
# * |
K Laser Technology, Inc. | 1,038,601 | 556,489 | |||||||
Kaulin Manufacturing Co., Ltd. | 792,656 | 311,933 | ||||||||
KEE TAI Properties Co., Ltd. | 1,804,000 | 608,834 | ||||||||
Kenmec Mechanical Engineering Co., Ltd. | 645,000 | 827,097 | ||||||||
Kindom Development Co., Ltd. | 2,451,000 | 2,987,031 | ||||||||
King Chou Marine Technology Co., Ltd. | 243,100 | 264,299 | ||||||||
# |
King Yuan Electronics Co., Ltd. | 9,561,805 | 10,037,043 | |||||||
Kings Town Bank Co., Ltd. | 6,762,012 | 9,165,963 | ||||||||
# * |
Kings Town Construction Co., Ltd. | 426,380 | 565,000 | |||||||
# * |
Kinko Optical Co., Ltd. | 628,000 | 707,080 | |||||||
Kinpo Electronics | 10,134,375 | 3,734,760 | ||||||||
# |
Kinsus Interconnect Technology Corp. | 2,381,000 | 5,766,671 | |||||||
# * |
Kung Sing Engineering Corp. | 3,508,614 | 1,517,152 | |||||||
Kuo Toong International Co., Ltd. | 1,303,808 | 985,103 | ||||||||
# * |
Kwong Fong Industries Corp. | 604,649 | 247,129 | |||||||
Kwong Lung Enterprise Co., Ltd. | 153,000 | 213,769 | ||||||||
# |
KYE Systems Corp. | 1,635,909 | 604,104 | |||||||
# |
L&K Engineering Co., Ltd. | 1,157,000 | 1,049,068 | |||||||
* |
LAN FA Textile | 1,417,713 | 405,598 | |||||||
Leader Electronics, Inc. | 347,056 | 103,073 | ||||||||
# * |
Lealea Enterprise Co., Ltd. | 4,753,941 | 2,191,001 | |||||||
# |
LEE CHI Enterprises Co., Ltd. | 1,304,900 | 595,128 | |||||||
* |
Lextar Electronics Corp. | 2,384,000 | 1,507,462 | |||||||
* |
Li Peng Enterprise Co., Ltd. | 3,512,381 | 959,555 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
TAIWAN (Continued) |
||||||||||
# |
Lida Holdings, Ltd. | 316,680 | $ | 408,318 | ||||||
Lien Hwa Industrial Holdings Corp. | 1,086,650 | 1,520,210 | ||||||||
* |
Lingsen Precision Industries, Ltd. | 2,836,480 | 1,058,946 | |||||||
* |
Lite-On Semiconductor Corp. | 2,650,729 | 3,909,377 | |||||||
Lite-On Technology Corp. | 16,235,738 | 26,446,672 | ||||||||
# |
Long Bon International Co., Ltd. | 1,162,880 | 553,486 | |||||||
# |
Longchen Paper & Packaging Co., Ltd. | 5,872,807 | 3,314,621 | |||||||
# |
Lucky Cement Corp. | 1,567,000 | 611,386 | |||||||
# |
Macronix International | 14,427,605 | 16,194,258 | |||||||
# |
Materials Analysis Technology, Inc. | 37,000 | 106,436 | |||||||
Mayer Steel Pipe Corp. | 973,456 | 550,041 | ||||||||
# |
Maywufa Co., Ltd. | 182,070 | 109,891 | |||||||
Mega Financial Holding Co., Ltd. | 41,157,796 | 39,659,705 | ||||||||
Mercuries & Associates Holding, Ltd. | 3,189,465 | 2,320,307 | ||||||||
* |
Mercuries Life Insurance Co., Ltd. | 9,435,999 | 2,805,195 | |||||||
* |
MIN AIK Technology Co., Ltd. | 1,022,600 | 485,303 | |||||||
Mitac Holdings Corp. | 4,011,682 | 3,962,744 | ||||||||
MPI Corp. | 378,000 | 1,170,175 | ||||||||
# |
Nan Ren Lake Leisure Amusement Co., Ltd. | 1,045,000 | 344,484 | |||||||
# |
Nan Ya Printed Circuit Board Corp. | 929,000 | 3,758,658 | |||||||
# |
Nanya Technology Corp. | 9,248,000 | 18,740,538 | |||||||
New Era Electronics Co., Ltd. | 168,000 | 98,028 | ||||||||
* |
Nien Hsing Textile Co., Ltd. | 868,061 | 487,948 | |||||||
# |
Nishoku Technology, Inc. | 264,000 | 943,989 | |||||||
O-Bank Co., Ltd. | 1,407,604 | 315,624 | ||||||||
# * |
OptoTech Corp. | 2,537,828 | 2,000,605 | |||||||
Orient Semiconductor Electronics, Ltd. | 1,705,670 | 660,689 | ||||||||
* |
Pacific Construction Co. | 2,140,452 | 708,317 | |||||||
# |
Pan Jit International, Inc. | 1,211,100 | 1,528,940 | |||||||
Pan-International Industrial Corp. | 3,479,444 | 2,089,668 | ||||||||
Pegatron Corp. | 15,934,998 | 34,340,358 | ||||||||
# * |
Phihong Technology Co., Ltd. | 2,314,882 | 948,435 | |||||||
Plastron Precision Co., Ltd. | 38,156 | 18,185 | ||||||||
# |
Plotech Co., Ltd. | 640,000 | 584,945 | |||||||
Pou Chen Corp. | 16,265,550 | 14,372,016 | ||||||||
President Securities Corp. | 7,089,330 | 3,649,794 | ||||||||
# |
Prince Housing & Development Corp. | 7,463,018 | 2,754,328 | |||||||
Prodisc Technology, Inc. | 6,185,157 | 0 | ||||||||
Promate Electronic Co., Ltd. | 123,000 | 152,921 | ||||||||
Qisda Corp. | 13,501,171 | 8,845,083 | ||||||||
# |
Qualipoly Chemical Corp. | 290,593 | 283,130 | |||||||
* |
Quintain Steel Co., Ltd. | 1,488,473 | 430,150 | |||||||
Radiant Opto-Electronics Corp. | 845,000 | 3,329,313 | ||||||||
Radium Life Tech Co., Ltd. | 7,521,226 | 2,778,357 | ||||||||
Rich Development Co., Ltd. | 4,275,054 | 1,474,917 | ||||||||
* |
Ritek Corp. | 6,209,449 | 2,262,406 | |||||||
# * |
Rotam Global Agrosciences, Ltd. | 300,693 | 117,861 | |||||||
Ruentex Development Co., Ltd. | 4,984,980 | 6,893,404 | ||||||||
# |
Ruentex Industries, Ltd. | 2,312,600 | 5,357,028 | |||||||
Sampo Corp. | 2,480,340 | 2,005,246 | ||||||||
San Fang Chemical Industry Co., Ltd. | 23,000 | 16,666 | ||||||||
* |
San Far Property, Ltd. | 1,656,876 | 1,150,979 | |||||||
Sanyang Motor Co., Ltd. | 2,660,624 | 2,097,925 | ||||||||
Sesoda Corp. | 1,494,385 | 1,150,128 | ||||||||
Shan-Loong Transportation Co., Ltd. | 563,000 | 590,301 | ||||||||
Sharehope Medicine Co., Ltd. | 118,339 | 148,243 | ||||||||
Sheng Yu Steel Co., Ltd. | 809,000 | 518,476 | ||||||||
# |
ShenMao Technology, Inc. | 582,000 | 492,107 | |||||||
Shih Her Technologies, Inc. | 341,000 | 601,980 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
TAIWAN (Continued) |
||||||||||
* |
Shih Wei Navigation Co., Ltd. | 1,905,577 | $ | 463,099 | ||||||
Shihlin Electric & Engineering Corp. | 3,666,000 | 6,323,007 | ||||||||
# |
Shin Kong Financial Holding Co., Ltd. | 65,564,023 | 18,262,478 | |||||||
Shin Zu Shing Co., Ltd. | 1,358,842 | 6,757,023 | ||||||||
* |
Shining Building Business Co., Ltd. | 1,300,368 | 462,259 | |||||||
# |
Shinkong Insurance Co., Ltd. | 1,830,412 | 2,304,606 | |||||||
Shinkong Synthetic Fibers Corp. | 9,377,754 | 3,801,437 | ||||||||
* |
Shuttle, Inc. | 2,516,015 | 777,816 | |||||||
Sigurd Microelectronics Corp. | 3,419,231 | 4,518,415 | ||||||||
# |
Silicon Integrated Systems Corp. | 4,457,043 | 1,752,354 | |||||||
* |
Silitech Technology Corp. | 49,878 | 47,815 | |||||||
Sincere Navigation Corp. | 2,822,242 | 1,407,571 | ||||||||
Sinher Technology, Inc. | 273,000 | 434,002 | ||||||||
Sinon Corp. | 3,357,877 | 2,290,436 | ||||||||
SinoPac Financial Holdings Co., Ltd. | 68,817,595 | 25,762,444 | ||||||||
Sirtec International Co., Ltd. | 627,200 | 572,901 | ||||||||
# |
Siward Crystal Technology Co., Ltd. | 1,398,875 | 1,011,192 | |||||||
# |
Solar Applied Materials Technology Co. | 1,697,919 | 2,546,509 | |||||||
# |
Solomon Technology Corp. | 488,000 | 310,842 | |||||||
Solteam, Inc. | 39,390 | 52,342 | ||||||||
Southeast Cement Co., Ltd. | 1,588,700 | 945,168 | ||||||||
# |
Spirox Corp. | 421,563 | 488,109 | |||||||
Sunplus Technology Co., Ltd. | 3,846,620 | 1,900,107 | ||||||||
# |
Sunrex Technology Corp. | 826,108 | 1,851,300 | |||||||
# |
Sunspring Metal Corp. | 662,000 | 551,577 | |||||||
Supreme Electronics Co., Ltd. | 2,964,441 | 3,145,675 | ||||||||
Sweeten Real Estate Development Co., Ltd. | 1,308,114 | 979,304 | ||||||||
Synnex Technology International Corp. | 7,385,550 | 10,976,342 | ||||||||
# |
T3EX Global Holdings Corp. | 328,499 | 441,279 | |||||||
# |
Ta Ya Electric Wire & Cable | 4,083,262 | 2,874,068 | |||||||
Tah Hsin Industrial Corp. | 590,730 | 1,398,242 | ||||||||
TA-I Technology Co., Ltd. | 133,500 | 315,930 | ||||||||
# * |
Tai Tung Communication Co., Ltd. | 451,000 | 242,887 | |||||||
Taichung Commercial Bank Co., Ltd. | 25,499,945 | 9,678,046 | ||||||||
Taiflex Scientific Co., Ltd. | 1,607,960 | 2,820,472 | ||||||||
# |
Tainan Enterprises Co., Ltd. | 705,183 | 434,172 | |||||||
# |
Tainan Spinning Co., Ltd. | 9,013,485 | 3,880,338 | |||||||
# |
Tai-Saw Technology Co., Ltd. | 158,000 | 119,305 | |||||||
Taishin Financial Holding Co., Ltd. | 72,265,807 | 31,868,217 | ||||||||
# |
Taita Chemical Co., Ltd. | 1,517,788 | 1,726,951 | |||||||
Taiwan Business Bank | 31,318,972 | 10,302,927 | ||||||||
Taiwan Cement Corp. | 57,812,948 | 82,046,639 | ||||||||
# * |
Taiwan Chinsan Electronic Industrial Co., Ltd. | 329,600 | 414,523 | |||||||
Taiwan Cooperative Financial Holding Co., Ltd. | 48,523,182 | 32,594,597 | ||||||||
Taiwan Fertilizer Co., Ltd. | 3,897,000 | 6,982,744 | ||||||||
Taiwan Fire & Marine Insurance Co., Ltd. | 1,545,000 | 1,067,009 | ||||||||
Taiwan FU Hsing Industrial Co., Ltd. | 648,000 | 962,081 | ||||||||
* |
Taiwan Glass Industry Corp. | 8,993,982 | 3,947,842 | |||||||
Taiwan Hon Chuan Enterprise Co., Ltd. | 1,317,932 | 2,693,876 | ||||||||
# |
Taiwan Hopax Chemicals Manufacturing Co., Ltd. | 1,565,000 | 1,295,273 | |||||||
Taiwan Kolin Co., Ltd. | 5,797,000 | 0 | ||||||||
* |
Taiwan Land Development Corp. | 5,258,322 | 1,352,743 | |||||||
Taiwan Navigation Co., Ltd. | 1,533,000 | 895,982 | ||||||||
Taiwan PCB Techvest Co., Ltd. | 2,187,946 | 3,118,278 | ||||||||
Taiwan Shin Kong Security Co., Ltd. | 39,390 | 50,238 | ||||||||
Taiwan Surface Mounting Technology Corp. | 1,975,991 | 6,509,014 | ||||||||
* |
Taiwan TEA Corp. | 4,434,092 | 2,552,532 | |||||||
Taiyen Biotech Co., Ltd. | 780,217 | 892,606 | ||||||||
# * |
Tatung Co., Ltd. | 3,510,000 | 2,593,371 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
TAIWAN (Continued) |
||||||||||
Te Chang Construction Co., Ltd. | 16,260 | $ | 16,679 | |||||||
Teco Electric and Machinery Co., Ltd. | 10,890,725 | 11,390,182 | ||||||||
Tera Autotech Corp. | 24,863 | 20,445 | ||||||||
Test-Rite International Co., Ltd. | 1,269,266 | 1,116,179 | ||||||||
Thye Ming Industrial Co., Ltd. | 26,000 | 25,076 | ||||||||
* |
Ton Yi Industrial Corp. | 3,768,600 | 1,309,066 | |||||||
Tong Yang Industry Co., Ltd. | 2,384,000 | 3,145,397 | ||||||||
Tong-Tai Machine & Tool Co., Ltd. | 1,467,447 | 723,999 | ||||||||
Topco Technologies Corp. | 6,000 | 13,252 | ||||||||
# |
Topoint Technology Co., Ltd. | 1,123,459 | 851,447 | |||||||
* |
TPK Holding Co., Ltd. | 2,994,000 | 5,283,872 | |||||||
Tripod Technology Corp. | 2,604,000 | 10,355,265 | ||||||||
Tsann Kuen Enterprise Co., Ltd. | 215,000 | 136,212 | ||||||||
TSRC Corp. | 113,000 | 80,110 | ||||||||
Tung Ho Steel Enterprise Corp. | 6,345,274 | 6,709,410 | ||||||||
TXC Corp. | 1,802,000 | 4,860,108 | ||||||||
TYC Brother Industrial Co., Ltd. | 1,601,723 | 1,161,196 | ||||||||
* |
Tycoons Group Enterprise | 3,184,337 | 577,430 | |||||||
Tyntek Corp. | 2,234,097 | 1,369,313 | ||||||||
UDE Corp. | 353,000 | 350,459 | ||||||||
U-Ming Marine Transport Corp. | 2,911,000 | 2,954,262 | ||||||||
# |
Unimicron Technology Corp. | 8,748,363 | 20,903,441 | |||||||
# |
Union Bank Of Taiwan | 13,772,666 | 4,841,968 | |||||||
Unitech Computer Co., Ltd. | 798,739 | 687,682 | ||||||||
# |
Unitech Printed Circuit Board Corp. | 4,662,466 | 3,438,127 | |||||||
# |
United Microelectronics Corp. | 78,777,681 | 84,666,360 | |||||||
* |
United Renewable Energy Co., Ltd. | 7,276,072 | 3,860,598 | |||||||
* |
Unity Opto Technology Co., Ltd. | 2,993,000 | 161,665 | |||||||
Univacco Technology, Inc. | 46,000 | 37,107 | ||||||||
# |
Universal Cement Corp. | 3,096,583 | 2,161,194 | |||||||
# * |
Unizyx Holding Corp. | 1,586,000 | 1,251,800 | |||||||
UPC Technology Corp. | 6,433,598 | 2,926,651 | ||||||||
USI Corp. | 5,955,827 | 3,678,898 | ||||||||
# * |
Usun Technology Co., Ltd. | 128,100 | 224,411 | |||||||
# |
Ve Wong Corp. | 1,105,806 | 1,367,048 | |||||||
* |
Victory New Materials, Ltd. Co. | 1,115,687 | 482,251 | |||||||
Wah Hong Industrial Corp. | 531,516 | 581,604 | ||||||||
Wah Lee Industrial Corp. | 1,404,000 | 3,132,658 | ||||||||
Walsin Lihwa Corp. | 16,702,412 | 10,378,835 | ||||||||
# * |
Walton Advanced Engineering, Inc. | 2,155,853 | 808,186 | |||||||
Wan Hai Lines, Ltd. | 4,582,000 | 4,202,728 | ||||||||
Wei Mon Industry Co., Ltd. | 3,885,691 | 0 | ||||||||
Weikeng Industrial Co., Ltd. | 2,642,490 | 1,688,960 | ||||||||
# |
Well Shin Technology Co., Ltd. | 644,080 | 1,021,974 | |||||||
# * |
Wha Yu Industrial Co., Ltd. | 238,000 | 129,509 | |||||||
# |
Winbond Electronics Corp. | 23,422,572 | 13,912,478 | |||||||
Winstek Semiconductor Co., Ltd. | 247,000 | 201,707 | ||||||||
* |
Wintek Corp. | 20,783,484 | 249,299 | |||||||
# |
Wisdom Marine Lines Co., Ltd. | 3,023,364 | 2,242,889 | |||||||
Wistron Corp. | 23,046,343 | 23,040,382 | ||||||||
WPG Holdings, Ltd. | 10,420,284 | 14,153,240 | ||||||||
WT Microelectronics Co., Ltd. | 3,124,751 | 4,023,420 | ||||||||
WUS Printed Circuit Co., Ltd. | 1,276,668 | 1,301,239 | ||||||||
* |
Yang Ming Marine Transport Corp. | 9,295,759 | 3,741,833 | |||||||
YC INOX Co., Ltd. | 2,852,833 | 2,285,873 | ||||||||
YCC Parts Manufacturing Co., Ltd. | 10,000 | 14,977 | ||||||||
# * |
Yea Shin International Development Co., Ltd. | 1,229,825 | 660,423 | |||||||
# |
Yem Chio Co., Ltd. | 3,306,371 | 1,689,072 | |||||||
# |
Yeong Guan Energy Technology Group Co., Ltd. | 680,820 | 2,184,080 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
TAIWAN (Continued) |
||||||||||
YFC-Boneagle Electric Co., Ltd. | 34,000 | $ | 29,807 | |||||||
# |
YFY, Inc. | 9,836,847 | 6,682,852 | |||||||
# |
Yi Jinn Industrial Co., Ltd. | 1,524,142 | 741,249 | |||||||
* |
Yieh Phui Enterprise Co., Ltd. | 8,594,265 | 3,055,017 | |||||||
Young Fast Optoelectronics Co., Ltd. | 670,000 | 483,035 | ||||||||
# |
Youngtek Electronics Corp. | 974,047 | 1,789,927 | |||||||
Yuanta Financial Holding Co., Ltd. | 80,471,994 | 50,031,701 | ||||||||
* |
Yulon Motor Co., Ltd. | 4,684,650 | 5,840,633 | |||||||
Yung Chi Paint & Varnish Manufacturing Co., Ltd. | 208,687 | 506,467 | ||||||||
Zenitron Corp. | 1,291,000 | 953,796 | ||||||||
# |
Zero One Technology Co., Ltd. | 604,000 | 768,866 | |||||||
# |
Zhen Ding Technology Holding, Ltd. | 3,635,000 | 15,405,689 | |||||||
# * |
Zig Sheng Industrial Co., Ltd. | 2,976,352 | 836,564 | |||||||
* |
Zinwell Corp. | 701,000 | 445,962 | |||||||
# |
ZongTai Real Estate Development Co., Ltd. | 1,327,159 | 1,793,367 | |||||||
|
|
|||||||||
TOTAL TAIWAN |
2,174,760,849 | |||||||||
|
|
|||||||||
THAILAND (2.0%) |
||||||||||
* |
AAPICO Hitech PCL | 226,500 | 87,206 | |||||||
* |
AAPICO Hitech PCL | 816,861 | 314,505 | |||||||
Amata Corp. PCL | 1,549,400 | 581,631 | ||||||||
Ananda Development PCL | 5,845,600 | 266,327 | ||||||||
AP Thailand PCL | 18,858,230 | 3,781,629 | ||||||||
* |
Asia Aviation PCL | 4,545,600 | 208,557 | |||||||
* |
Asia Aviation PCL | 405,600 | 18,609 | |||||||
Asia Plus Group Holdings PCL | 6,868,900 | 365,842 | ||||||||
Bangchak Corp. PCL | 6,810,700 | 3,168,530 | ||||||||
Bangkok Airways PCL | 4,493,000 | 717,900 | ||||||||
Bangkok Bank PCL | 2,241,353 | 6,957,597 | ||||||||
Bangkok Insurance PCL | 215,128 | 1,863,626 | ||||||||
Bangkok Land PCL | 86,510,096 | 2,692,381 | ||||||||
* |
Bangkok Life Assurance PCL | 1,180,900 | 678,210 | |||||||
* |
Bangkok Ranch PCL | 3,615,300 | 196,033 | |||||||
Banpu PCL | 32,925,150 | 6,919,379 | ||||||||
* |
Better World Green PCL | 4,257,100 | 58,733 | |||||||
Cal-Comp Electronics Thailand PCL, Class F | 19,136,214 | 1,412,153 | ||||||||
Charoen Pokphand Foods PCL | 20,818,700 | 16,866,036 | ||||||||
Charoong Thai Wire & Cable PCL, Class F | 538,100 | 94,956 | ||||||||
GFPT PCL | 4,052,100 | 1,482,119 | ||||||||
Global Green Chemicals PCL, Class F | 340,900 | 79,298 | ||||||||
Hana Microelectronics PCL | 106,300 | 153,477 | ||||||||
* |
ICC International PCL | 2,325,900 | 2,052,210 | |||||||
Indorama Ventures PCL | 3,657,400 | 2,593,360 | ||||||||
IRPC PCL | 49,903,500 | 3,234,301 | ||||||||
* |
Italian-Thai Development PCL | 23,717,900 | 677,274 | |||||||
Kasikornbank PCL | 7,912,701 | 19,358,096 | ||||||||
KGI Securities Thailand PCL | 3,157,500 | 281,635 | ||||||||
Khon Kaen Sugar Industry PCL | 10,656,207 | 779,535 | ||||||||
Kiatnakin Phatra Bank PCL | 1,796,900 | 2,277,294 | ||||||||
Krung Thai Bank PCL | 14,561,500 | 4,041,292 | ||||||||
Lalin Property PCL | 204,200 | 37,345 | ||||||||
LH Financial Group PCL | 17,324,546 | 494,709 | ||||||||
LPN Development PCL | 10,329,802 | 1,259,429 | ||||||||
* |
MCOT PCL | 254,200 | 23,000 | |||||||
Millcon Steel PCL | 5,155,313 | 112,476 | ||||||||
* |
Minor International PCL | 1,029,726 | 551,742 | |||||||
* |
Nawarat Patanakarn PCL | 516,500 | 8,617 | |||||||
Origin Property PCL, Class F | 568,500 | 120,385 | ||||||||
Polyplex Thailand PCL | 2,234,725 | 1,727,982 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
THAILAND (Continued) |
||||||||||
Power Solution Technologies PCL, Class F | 1,808,740 | $ | 88,790 | |||||||
* |
Precious Shipping PCL | 6,384,050 | 995,475 | |||||||
Property Perfect PCL | 42,170,700 | 446,501 | ||||||||
Pruksa Holding PCL | 5,239,400 | 1,647,425 | ||||||||
PTT Exploration & Production PCL | 9,568,800 | 24,177,204 | ||||||||
PTT Global Chemical PCL | 8,285,741 | 10,633,822 | ||||||||
PTT PCL | 66,812,900 | 66,453,835 | ||||||||
Quality Houses PCL | 22,274,497 | 1,486,515 | ||||||||
* |
Regional Container Lines PCL | 3,147,400 | 651,343 | |||||||
Rojana Industrial Park PCL | 6,947,373 | 855,953 | ||||||||
Saha Pathana Inter-Holding PCL | 2,414,200 | 4,647,533 | ||||||||
Saha Pathanapibul PCL | 1,206,833 | 2,555,578 | ||||||||
* |
Sahakol Equipment PCL | 1,782,300 | 85,777 | |||||||
Saha-Union PCL | 1,983,200 | 2,147,525 | ||||||||
Sahaviriya Steel Industries PCL | 0 | 0 | ||||||||
Samart Telcoms PCL | 113,900 | 17,761 | ||||||||
Sansiri PCL | 47,327,466 | 880,723 | ||||||||
SC Asset Corp. PCL | 12,451,753 | 918,875 | ||||||||
Sena Development PCL | 1,331,366 | 114,480 | ||||||||
Siam City Cement PCL | 4,600 | 17,489 | ||||||||
Siam Commercial Bank PCL (The) | 5,725,000 | 11,939,520 | ||||||||
Siam Future Development PCL | 7,069,295 | 966,237 | ||||||||
Singha Estate PCL | 547,000 | 19,481 | ||||||||
Somboon Advance Technology PCL | 2,285,600 | 975,326 | ||||||||
SPCG PCL | 104,900 | 66,640 | ||||||||
* |
Srithai Superware PCL | 11,102,100 | 217,287 | |||||||
Star Petroleum Refining PCL | 12,491,500 | 2,124,166 | ||||||||
STP & I PCL | 5,380,400 | 548,959 | ||||||||
Supalai PCL | 10,524,500 | 5,301,505 | ||||||||
Super Energy Corp. PCL | 114,997,600 | 3,062,421 | ||||||||
Susco PCL | 126,100 | 10,519 | ||||||||
Syntec Construction PCL | 5,229,800 | 214,780 | ||||||||
* |
Tata Steel Thailand PCL | 31,883,000 | 378,494 | |||||||
* |
Thai Airways International PCL | 5,543,111 | 512,205 | |||||||
Thai Oil PCL | 5,015,100 | 5,511,099 | ||||||||
Thai Rayon PCL | 58,700 | 40,869 | ||||||||
Thai Stanley Electric PCL | 41,000 | 190,086 | ||||||||
Thai Stanley Electric PCL, Class F | 177,900 | 824,787 | ||||||||
* |
Thai Wacoal PCL | 81,200 | 118,214 | |||||||
Thaicom PCL | 4,310,300 | 760,621 | ||||||||
Thanachart Capital PCL | 1,469,100 | 1,296,230 | ||||||||
Thitikorn PCL | 1,486,800 | 331,540 | ||||||||
Thoresen Thai Agencies PCL | 6,833,078 | 605,095 | ||||||||
TMB Bank PCL | 121,237,409 | 3,150,792 | ||||||||
TPI Polene PCL | 44,653,540 | 1,977,120 | ||||||||
TPI Polene Power PCL | 1,187,900 | 160,076 | ||||||||
True Corp. PCL | 83,001,500 | 7,243,574 | ||||||||
Unique Engineering & Construction PCL | 413,600 | 53,877 | ||||||||
Univentures PCL | 5,389,300 | 390,786 | ||||||||
Vinythai PCL | 1,864,017 | 1,441,335 | ||||||||
Workpoint Entertainment PCL | 303,200 | 95,822 | ||||||||
|
|
|||||||||
TOTAL THAILAND |
257,947,483 | |||||||||
|
|
|||||||||
TURKEY (0.5%) |
||||||||||
# * |
Akbank T.A.S. | 16,076,385 | 9,120,317 | |||||||
* |
Albaraka Turk Katilim Bankasi A.S. | 5,399,679 | 1,048,038 | |||||||
Anadolu Anonim Turk Sigorta Sirketi | 2,740,994 | 2,177,048 | ||||||||
Anadolu Efes Biracilik Ve Malt Sanayii A.S. | 287,391 | 667,708 | ||||||||
* |
Bera Holding A.S. | 1,083,355 | 1,163,811 |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
TURKEY (Continued) |
||||||||||
* |
Borusan Mannesmann Boru Sanayi ve Ticaret A.S. | 321,463 | $ | 524,217 | ||||||
# * |
Cimsa Cimento Sanayi VE Ticaret A.S.. | 487,312 | 724,782 | |||||||
# |
Dogan Sirketler Grubu Holding A.S. | 1,950,090 | 565,870 | |||||||
Enka Insaat ve Sanayi A.S. | 4,211,765 | 3,637,517 | ||||||||
GSD Holding A.S. | 262,411 | 65,870 | ||||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S., Class A | 772,428 | 482,148 | ||||||||
Selcuk Ecza Deposu Ticaret ve Sanayi A.S |
882,814 | 962,758 | ||||||||
# * |
Turk Hava Yollari AO | 5,078,810 | 5,464,660 | |||||||
# * |
Turkiye Garanti Bankasi A.S. | 17,800,101 | 14,053,377 | |||||||
# * |
Turkiye Halk Bankasi A.S. | 3,642,964 | 2,044,670 | |||||||
# * |
Turkiye Is Bankasi A.S., Class C | 9,560,380 | 5,843,050 | |||||||
# * |
Turkiye Sinai Kalkinma Bankasi A.S. | 13,736,510 | 4,180,764 | |||||||
# |
Turkiye Sise ve Cam Fabrikalari A.S. | 7,809,565 | 5,697,811 | |||||||
# * |
Turkiye Vakiflar Bankasi TAO, Class D | 6,296,337 | 2,864,357 | |||||||
# * |
Yapi ve Kredi Bankasi A.S. | 15,989,164 | 4,105,360 | |||||||
|
|
|||||||||
TOTAL TURKEY |
65,394,133 | |||||||||
|
|
|||||||||
UNITED ARAB EMIRATES (0.1%) |
||||||||||
Abu Dhabi Commercial Bank PJSC | 2,612,682 | 4,135,995 | ||||||||
Air Arabia PJSC | 507,121 | 150,784 | ||||||||
Aldar Properties PJSC | 6,557,778 | 4,842,395 | ||||||||
Amanat Holdings PJSC | 333,704 | 69,922 | ||||||||
Dana Gas PJSC | 1,667,532 | 306,663 | ||||||||
* |
Deyaar Development PJSC | 5,265,307 | 386,306 | |||||||
Dubai Investments PJSC | 480,234 | 147,425 | ||||||||
* |
Emaar Development PJSC | 1,430,294 | 879,243 | |||||||
* |
Emaar Malls PJSC | 3,095,858 | 1,234,564 | |||||||
* |
Emaar Properties PJSC | 2,846,528 | 2,039,844 | |||||||
Emirates NBD Bank PJSC | 37,434 | 95,948 | ||||||||
* |
Eshraq Investments PJSC | 1,058,915 | 86,730 | |||||||
* |
Manazel Real Estate PJSC | 560,632 | 47,609 | |||||||
National Central Cooling Co. PJSC | 120,382 | 80,799 | ||||||||
RAK Properties PJSC | 556,314 | 58,210 | ||||||||
|
|
|||||||||
TOTAL UNITED ARAB EMIRATES |
14,562,437 | |||||||||
|
|
|||||||||
UNITED STATES (0.0%) |
||||||||||
Textainer Group Holdings, Ltd. | 7,001 | 98,855 | ||||||||
|
|
|||||||||
TOTAL COMMON STOCKS |
12,658,651,129 | |||||||||
|
|
|||||||||
PREFERRED STOCKS (0.5%) |
||||||||||
BRAZIL (0.5%) |
||||||||||
Banco ABC Brasil SA | 691,756 | 1,470,808 | ||||||||
* |
Banco ABC Brasil SA | 10,906 | 23,150 | |||||||
Banco Bradesco SA | 973,901 | 3,421,752 | ||||||||
Banco do Estado do Rio Grande do Sul SA, Class B | 1,718,645 | 3,594,270 | ||||||||
Cia Ferro Ligas da Bahia - FERBASA | 364,538 | 1,154,995 | ||||||||
* |
Eucatex SA Industria e Comercio | 262,828 | 338,959 | |||||||
Gerdau SA | 494,320 | 1,878,915 | ||||||||
Grazziotin SA | 6,400 | 32,591 | ||||||||
Marcopolo SA | 3,087,243 | 1,318,196 | ||||||||
Petroleo Brasileiro SA | 13,455,005 | 44,412,690 | ||||||||
Schulz SA | 118,480 | 245,717 | ||||||||
Unipar Carbocloro SA | 227,048 | 1,196,982 | ||||||||
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A | 318,971 | 605,928 | ||||||||
|
|
|||||||||
TOTAL BRAZIL |
59,694,953 | |||||||||
|
|
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Shares | Value» | |||||||||
COLOMBIA (0.0%) |
||||||||||
Avianca Holdings SA | 478,208 | $ | 19,584 | |||||||
Grupo Argos SA | 374,078 | 831,209 | ||||||||
Grupo de Inversiones Suramericana SA | 939,013 | 4,054,131 | ||||||||
|
|
|||||||||
TOTAL COLOMBIA |
4,904,924 | |||||||||
|
|
|||||||||
TOTAL PREFERRED STOCKS |
64,599,877 | |||||||||
|
|
|||||||||
RIGHTS/WARRANTS (0.0%) |
||||||||||
CHINA (0.0%) |
||||||||||
* |
Legend Holdings Corp. Rights 05/23/19 | 65,061 | 0 | |||||||
|
|
|||||||||
HONG KONG (0.0%) |
||||||||||
* |
Jiayuan International Group, Ltd. Rights 11/30/20 | 46,485 | 0 | |||||||
|
|
|||||||||
INDIA (0.0%) |
||||||||||
Arvind Fashions, Ltd. Rights 04/17/20 | 0 | 0 | ||||||||
|
|
|||||||||
MALAYSIA (0.0%) |
||||||||||
# * |
JAKS Resources Bhd Rights 11/12/20 | 6,146,080 | 384,592 | |||||||
* |
Vizione Holdings Bhd Warrants 8/24/23 | 663,428 | 20,757 | |||||||
|
|
|||||||||
TOTAL MALAYSIA |
405,349 | |||||||||
|
|
|||||||||
SOUTH KOREA (0.0%) |
||||||||||
* |
Doosan Fuel Cell Co., Ltd. Rights 12/8/20 | 36,505 | 254,155 | |||||||
|
|
|||||||||
TAIWAN (0.0%) |
||||||||||
* |
Supreme Electronics Co., Ltd. Rights 10/28/20 | 293,706 | 0 | |||||||
* |
Tai Tung Communication Co., Ltd. Rights 11/9/20 | 57,535 | 2,313 | |||||||
|
|
|||||||||
TOTAL TAIWAN |
2,313 | |||||||||
|
|
|||||||||
TOTAL RIGHTS/WARRANTS |
661,817 | |||||||||
|
|
|||||||||
TOTAL INVESTMENT SECURITIES |
12,723,912,823 | |||||||||
|
|
|||||||||
Value | ||||||||||
SECURITIES LENDING COLLATERAL (1.8%) |
||||||||||
@ § |
The DFA Short Term Investment Fund | 19,810,381 | 229,225,917 | |||||||
|
|
|||||||||
TOTAL INVESTMENTS (100.0%) |
$ | 12,953,138,740 | ||||||||
|
|
ADR | American Depositary Receipt |
CP | Certificate Participation |
GDR | Global Depositary Receipt |
P.L.C. | Public Limited Company |
SA | Special Assessment |
» | Securities that have generally been fair value factored. See Note B to Financial Statements. |
# | Total or Partial Securities on Loan. |
* | Non-Income Producing Securities. |
W | Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Funds Liquidity Guidelines. The liquidity determination is unaudited. |
| See Note B to Financial Statements. |
@ | Security purchased with cash collateral received from Securities on Loan. |
§ | Affiliated Fund. |
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
As of October 31, 2020, Dimensional Emerging Markets Value Fund had entered into the following outstanding futures contracts:
Description |
Number of Contracts |
Expiration Date |
Notional Value |
Market Value |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
Long Position Contracts: |
||||||||||||||||||||
E-Mini MSCI Emerging Markets Index |
650 | 12/18/20 | $ | 35,377,256 | $ | 35,811,750 | $ | 434,494 | ||||||||||||
S&P 500® Emini Index |
341 | 12/18/20 | 56,486,741 | 55,663,135 | (823,606 | ) | ||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Total Futures Contracts |
$ | 91,863,997 | $ | 91,474,885 | $ | (389,112 | ) | |||||||||||||
|
|
|
|
|
|
Summary of the Funds investments as of October 31, 2020, 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 |
$ | 486,798,051 | | | $ | 486,798,051 | ||||||||||
Chile |
22,773,370 | $ | 82,485,630 | | 105,259,000 | |||||||||||
China |
441,920,900 | 3,969,433,597 | | 4,411,354,497 | ||||||||||||
Colombia |
13,754,828 | | | 13,754,828 | ||||||||||||
Czech Republic |
| 21,954,944 | | 21,954,944 | ||||||||||||
Greece |
42,454 | 19,287,629 | | 19,330,083 | ||||||||||||
Hong Kong |
6,516,246 | 4,530,938 | | 11,047,184 | ||||||||||||
Hungary |
| 22,221,112 | | 22,221,112 | ||||||||||||
India |
74,865,280 | 1,380,461,424 | | 1,455,326,704 | ||||||||||||
Indonesia |
923,002 | 221,575,296 | | 222,498,298 | ||||||||||||
Malaysia |
| 263,749,256 | | 263,749,256 | ||||||||||||
Mexico |
338,525,983 | | | 338,525,983 | ||||||||||||
Philippines |
| 137,610,706 | | 137,610,706 | ||||||||||||
Poland |
| 83,612,237 | | 83,612,237 | ||||||||||||
Qatar |
| 18,397,840 | | 18,397,840 | ||||||||||||
Russia |
16,978,168 | 136,576,056 | | 153,554,224 | ||||||||||||
Saudi Arabia |
| 181,979,535 | | 181,979,535 | ||||||||||||
South Africa |
96,169,700 | 375,980,458 | | 472,150,158 | ||||||||||||
South Korea |
210,985,568 | 1,515,777,164 | | 1,726,762,732 | ||||||||||||
Taiwan |
16,381,437 | 2,158,379,412 | | 2,174,760,849 | ||||||||||||
Thailand |
257,947,483 | | | 257,947,483 | ||||||||||||
Turkey |
| 65,394,133 | | 65,394,133 | ||||||||||||
United Arab Emirates |
| 14,562,437 | | 14,562,437 | ||||||||||||
United States |
| 98,855 | | 98,855 | ||||||||||||
Preferred Stocks |
||||||||||||||||
Brazil |
59,694,953 | | | 59,694,953 | ||||||||||||
Colombia |
4,904,924 | | | 4,904,924 | ||||||||||||
Rights/Warrants |
||||||||||||||||
Malaysia |
| 405,349 | | 405,349 | ||||||||||||
South Korea |
| 254,155 | | 254,155 | ||||||||||||
Taiwan |
| 2,313 | | 2,313 | ||||||||||||
Securities Lending Collateral |
| 229,225,917 | | 229,225,917 | ||||||||||||
Futures Contracts** |
(389,112 | ) | | | (389,112 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 2,048,793,235 | $ | 10,903,956,393 | | $ | 12,952,749,628 | |||||||||
|
|
|
|
|
|
|
|
** | Valued at the unrealized appreciation/(depreciation) on the investment. |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of Dimensional Emerging Markets Value Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the summary schedule of portfolio holdings, of Dimensional Emerging Markets Value Fund (the Fund) as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2020 (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of October 31, 2020 (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, 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 ended October 31, 2020 and the financial highlights for each of the five years in the period ended October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Funds management. Our responsibility is to express an opinion on the Funds financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian, brokers and transfer agent of the investee fund; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
December 18, 2020
We have served as the auditor of one or more investment companies in Dimensional Fund Advisors L.P. investment company group since 1981.
PricewaterhouseCoopers LLP, Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, PA 19103-7042
T: (267) 330 3000, F: (267) 330 3300, www.pwc.com/us
(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 Registrants disclosure controls and procedures as of a date within 90 days of the filing date of this Form N-CSR (the Report), the Registrants Co-Principal Executive Officers 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 Registrants officers that are making certifications in the Report, as appropriate, to allow timely decisions regarding required disclosure. The Registrants management, including the Co-Principal Executive Officers 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 Registrants 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 period covered by this Report that have materially affected, or are reasonably likely to materially affect, the Registrants internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
This item is not applicable to the Registrant, which is an open-end management investment company.
ITEM 13. | 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 P. Butler | |
David P. Butler | ||
Co-Chief Executive Officer |
Date: January 6, 2021
By: | /s/ Gerard K. OReilly | |
Gerard K. OReilly | ||
Co-Chief Executive Officer and | ||
Chief Investment Officer |
Date: January 6, 2021
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 P. Butler | |
David P. Butler | ||
Co-Principal Executive Officer | ||
Dimensional Emerging Markets Value Fund |
Date: January 6, 2021
By: | /s/ Gerard K. OReilly | |
Gerard K. OReilly | ||
Co-Principal Executive Officer | ||
Dimensional Emerging Markets Value Fund |
Date: January 6, 2021
By: | /s/ Lisa M. Dallmer | |
Lisa M. Dallmer | ||
Principal Financial Officer | ||
Dimensional Emerging Markets Value Fund |
Date: January 6, 2021
Effective Date: September 18, 2020
CODE OF BUSINESS ETHICS FOR
PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS
DFA INVESTMENT DIMENSIONS GROUP INC.
DIMENSIONAL EMERGING MARKETS VALUE FUND
DIMENSIONAL INVESTMENT GROUP INC.
THE DFA INVESTMENT TRUST COMPANY
DIMENSIONAL ETF TRUST
I. | Covered Officers and Purposes of the Code |
The Boards of Directors/Trustees (together, the Boards) of DFA Investment Dimensions Group Inc., Dimensional Emerging Markets Value Fund, Dimensional Investment Group Inc., The DFA Investment Trust Company, and Dimensional ETF Trust (each a Fund, and together, the Funds) have adopted this Code of Business Ethics for Principal Executive and Financial Officers (the Code). The Code applies to the Funds principal executive officers and principal financial officers (together, the Covered Officers), and is adopted to promote:
| honest and ethical conduct, including the ethical handling of conflicts of interest; |
| full, fair, accurate, timely and understandable disclosure in reports and documents that a Fund files with, or submits to, the U.S. Securities and Exchange Commission (the SEC), and in other public communications made by the Funds; |
| compliance with applicable laws and governmental rules and regulations; |
| the prompt internal reporting of violations of the Code to the appropriate person(s) identified in the Code; and |
| accountability for adherence to the Code. |
II. | Covered Officers Should Adhere to a High Standard of Business Ethics |
Each Covered Officer owes a duty to the Funds to adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual, as well as apparent, conflicts of interests.
Each Covered Officer shall:
| observe all laws and governmental rules and regulations, accounting standards and Fund policies; |
| adhere to a high standard of business ethics; and |
| place the interests of the Funds before the Covered Officers own personal interests. |
All activities of Covered Officers should be guided by and adhere to these fiduciary standards.
| ||||
US_1052.13 |
III. | Covered Officers Should Handle Ethically Conflicts of Interest |
Guiding Principles. A conflict of interest occurs when a Covered Officers private interests interfere with the interests of, or his service to, the Funds. A conflict of interest can arise when a Covered Officer takes actions or has interests that may make it difficult to perform his Fund work objectively and effectively. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his positions with the Funds. In addition, the Funds must be sensitive to situations that create apparent, if not actual, conflicts of interest. Service to the Funds should not be subordinated to personal gain and advantage.
Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Funds that already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the 1940 Act), and the Investment Advisers Act of 1940, as amended (the Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of the Covered Officers status as affiliated persons of the Funds. The compliance programs and procedures of the Funds and Dimensional Fund Advisors LP, the Funds investment advisor and administrator (the Advisor), are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace those compliance programs and procedures. Covered Officers must in all cases comply with applicable statutes and regulations.
Although typically not presenting an opportunity for improper personal benefit, conflicts of interest arise from, or as a result of, the contractual relationships between the Funds and the Advisor, of which the Covered Officers are also officers or employees. As a result, it is recognized by the Boards that, subject to the Advisors fiduciary duties to the Funds, the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the Advisor, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Advisor and the Funds. The Boards recognize that the participation of the Covered Officers in such activities is inherent in the contractual relationships between the Funds and the Advisor, and is consistent with the expectation of the Boards of the performance by the Covered Officers of their duties as officers of the Funds. Such participation, if addressed in conformity with the provisions of the 1940 Act and the Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Boards that the Covered Officers may also be officers or employees of one or more other investment companies advised by the Advisor and covered by this or other Codes.
Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. In reading the following examples of conflicts of interest under the Code, the Covered Officers should keep in mind that such a list cannot be exhaustive by covering every possible scenario. It follows that the overarching principlethat the personal interest of a Covered Officer should not be placed improperly before the interest of a Fundshould be the guiding principle in all circumstances.
Each Covered Officer must:
| avoid conflicts of interest whenever possible; |
| handle any actual or apparent conflict of interest ethically; |
| not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds; |
2 |
| |||
US_1052.13 |
| not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than for the benefit of the Funds; |
| not use material, non-public knowledge of portfolio transactions made or contemplated for the Funds to profit personally, or to cause others to profit, by the market effect of such transactions; and |
| as described in more detail below, discuss any material transaction or relationship, which could reasonably be expected to give rise to a conflict of interest, with the Chief Compliance Officer of the Funds (the Designated Ethics Officer). In the event the Chief Compliance Officer of the Funds is not available, the Chairman of the Audit Committee may take action required hereunder of the Designated Ethics Officer. |
There are some conflict of interest situations that should always be discussed with the Designated Ethics Officer, if material. Examples of these situations include:
| any outside business activity that detracts from an individuals ability to devote appropriate time and attention to his responsibilities with the Funds; |
| service as a director on the board of any public or private company; |
| the receipt of any non-nominal gifts; |
| the receipt of any entertainment from any company with which the Funds have current or prospective business dealings, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety; |
| being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member; |
| any ownership interest in, or any consulting or employment relationship with, any of the Funds service providers, other than the Advisor and DFA Securities Inc. (DFAS), or any affiliated person thereof; and |
| a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officers employment, such as compensation or equity ownership. |
IV. | Disclosure |
Each Covered Officer is required to be familiar and comply with the Funds disclosure controls and procedures so that the Funds subject reports and documents filed with the SEC comply in all material respects with the applicable federal securities laws and SEC rules. In addition, each Covered Officer having direct or supervisory authority regarding these SEC filings or the Funds other public communications should, to the extent appropriate within his area of responsibility, consult with other Fund officers and employees and take other appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.
3 |
| |||
US_1052.13 |
Each Covered Officer:
| must familiarize himself with the disclosure requirements applicable to the Funds as well as the business and financial operations of the Funds; and |
| must not knowingly misrepresent, or intentionally cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the Funds directors/trustees and auditors, and to governmental regulators and self-regulatory organizations. |
V. | Compliance |
It is the Funds policy to comply with all applicable laws and governmental rules and regulations. It is the responsibility of each Covered Officer to adhere to the standards and restrictions imposed by those laws, rules and regulations, including those relating to affiliated transactions, accounting and auditing matters.
VI. | Reporting and Accountability |
Each Covered Officer must:
| upon adoption of the Code, affirm in writing to the Designated Ethics Officer that he has received, read, and understands the Code; |
| annually thereafter affirm to the Designated Ethics Officer that he has received, read and understands the Code and has complied with the requirements of the Code; |
| not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith; and |
| notify the Designated Ethics Officer promptly if the Covered Officer knows of any violation of this Code. Failure to do so is itself a violation of this Code. |
The Designated Ethics Officer is responsible for applying the provisions of the Code to specific situations in which questions arise under the Code, and the Designated Ethics Officer has the authority to interpret this Code in any particular situation. The Designated Ethics Officer is authorized (and encouraged) to consult, as appropriate, with the Audit Committee of the Funds, the members of the Boards who are not interested persons (together, the Independent Directors), and counsel to the Funds and the Independent Directors.
The Funds will comply with the following procedures in investigating and enforcing this Code:
| the Designated Ethics Officer will take all appropriate action to investigate any violations and potential violations reported to him; |
| violations and potential violations will be reported to the Audit Committee after such investigation; |
| if the Audit Committee determines that a violation of this Code has occurred, the Audit Committee will consider appropriate action, which may include the review of, and necessary modifications to, applicable policies and procedures; notification to appropriate personnel of the Advisor or the Advisors board of directors; or recommending the dismissal of the Covered Officer; |
4 |
| |||
US_1052.13 |
| appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities; |
| the Audit Committee will report to the Boards any action (whether disciplinary, preventive or otherwise) taken to address violations of this Code; |
| the Audit Committee will be responsible for granting waivers and determining sanctions, as appropriate; and |
| any changes to or waivers of this Code will, to the extent required, be disclosed on Form N-CSR as provided by SEC rules. |
VII. | Other Policies and Procedures |
The Global Code of Ethics and Standard of Conduct under Rule 17j-1 under the 1940 Act, adopted by the Funds, the Advisor and the affiliated companies of the Advisor, and the Advisors policies and procedures set forth in the Insider Trading Policy are separate requirements applying to the Covered Officers and others, and are not part of this Code.
VIII. | Amendments |
This Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of the Boards, including a majority of the Independent Directors.
IX. | Confidentiality |
All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the members of the Boards and their counsel, the Funds, and the Advisor.
X. | Internal Use |
The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.
5 |
| |||
US_1052.13 |
Exhibit A
Persons Covered by this Code of Business Ethics
Gerard OReilly (Co-Principal Executive Officer of the Funds)
David P. Butler (Co-Principal Executive Officer of the Funds)
Lisa Dallmer (Principal Financial Officer of the Funds)
A-1 |
| |||
US_1052.13 |
CERTIFICATION PURSUANT TO SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002
I, David P. Butler, certify that:
1. | I have reviewed this report on Form N-CSR of Dimensional Emerging Markets Value Fund (the Registrant); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrants other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) for the Registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals; |
c) | evaluated the effectiveness of the Registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
d) | disclosed in this report any change in the Registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting; and |
5. | The Registrants other certifying officers and I have disclosed to the Registrants auditors and the audit committee of the Registrants board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrants ability to record, process, summarize, and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrants internal control over financial reporting. |
Date: January 6, 2021
By: | /s/ David P. Butler | |
David P. Butler | ||
Co-Principal Executive Officer | ||
Dimensional Emerging Markets Value Fund |
CERTIFICATION PURSUANT TO SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002
I, Gerard K. OReilly, certify that:
1. | I have reviewed this report on Form N-CSR of Dimensional Emerging Markets Value Fund (the Registrant); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrants other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) for the Registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals; |
c) | evaluated the effectiveness of the Registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
d) | disclosed in this report any change in the Registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting; and |
5. | The Registrants other certifying officers and I have disclosed to the Registrants auditors and the audit committee of the Registrants board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrants ability to record, process, summarize, and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrants internal control over financial reporting. |
Date: January 6, 2021
By: | /s/ Gerard K. OReilly | |
Gerard K. OReilly | ||
Co-Principal Executive Officer | ||
Dimensional Emerging Markets Value Fund |
CERTIFICATION PURSUANT TO SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002
I, Lisa M. Dallmer, certify that:
1. | I have reviewed this report on Form N-CSR of Dimensional Emerging Markets Value Fund (the Registrant); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrants other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) for the Registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals; |
c) | evaluated the effectiveness of the Registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
d) | disclosed in this report any change in the Registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting; and |
5. | The Registrants other certifying officers and I have disclosed to the Registrants auditors and the audit committee of the Registrants board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrants ability to record, process, summarize, and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrants internal control over financial reporting. |
Date: January 6, 2021
By: | /s/ Lisa M. Dallmer | |
Lisa M. Dallmer | ||
Principal Financial Officer | ||
Dimensional Emerging Markets Value Fund |
CERTIFICATIONS PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002
David P. Butler and Gerard K. OReilly, Co-Principal Executive Officers, and Lisa M. Dallmer, Principal Financial Officer, of Dimensional Emerging Markets Value Fund, a Delaware statutory trust (the Registrant), each certify that:
1. | The Registrants periodic report on Form N-CSR for the period ended October 31, 2020 (the Report) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, as applicable; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
By: | /s/ David P. Butler | |
David P. Butler | ||
Co-Principal Executive Officer | ||
Dimensional Emerging Markets Value Fund |
Date: January 6, 2021
By: | /s/ Gerard K. OReilly | |
Gerard K. OReilly | ||
Co-Principal Executive Officer | ||
Dimensional Emerging Markets Value Fund |
Date: January 6, 2021
By: | /s/ Lisa M. Dallmer | |
Lisa M. Dallmer | ||
Principal Financial Officer | ||
Dimensional Emerging Markets Value Fund |
Date: January 6, 2021
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