item no. 4: annual presentation by dimensional …retirement.ladwp.com/agendaitems/20140813 - item...

Item No. 4: Annual Presentation by Dimensional Fund Advisors — Global Real Estate Investment Trust Manager (August 13, 2014, Regular Retirement Board Meeting)

INVESTMENT MANAGER SUMMARY

MANAGEMENT Firm Name Dimensional Fund Advisors (DFA) Manager Tenure with Fund

1.5 Years

Investment StrategyNehicle

Global REIT Contract Expiration

2/29/2016

ASSETS' Total Firm AUM

$378 Billion Total Firm Assets in Strategy $9.7 Billion Total Assets Managed for WPERP

RP - $16.6 Million HP - $ 4.2 Million

I As of 6/30/2014

PERFORMANCE*

as of 6/30/2014 QTD YTD 1-year Inception2

DFA Global Real Estate (gross) 8.08% 16.36% 15.41% 8.58%

DFA Global Real Estate (est. net) 7.99% 16.18% 15.04% 8.23%

FTSE/EPRA NAREIT Dev. Index 7.88% 12.21% 14.38% 8.10%

Difference (net of fees) 0.11% 3.97% 0.66% a 13% *Source: DFA 2 Inception date of 4/1/2013

FEES

Current Fee 0.32% Net Expense Ratio

WATCH STATUS

N/A

PREVIOUSLY DISCLOSED LITIGATION

N/A

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Los Angeles Water and Power Employees’

Retirement Plan August 13, 2014

Ted Simpson, Vice President

Grady Smith, Senior Portfolio Manager and Vice President

This information is provided for registered investment advisors and institutional investors, and is not intended for public use. Dimensional Fund Advisors LP is an investment advisor registered with the Securities and Exchange Commission. Consider the investment objectives, risks, and charges and expenses of the Dimensional funds carefully before investing. For this and other information about the Dimensional funds, please read the prospectus carefully before investing. Prospectuses are available by calling Dimensional Fund Advisors collect at (512) 306-7400 or at www.dimensional.com. Dimensional funds are distributed by DFA Securities LLC.

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Agenda 1. Section A: Dimensional Overview

2. Section B: Investment Process and

Discipline

3. Section C: Market Overview

4. Section D: Performance Review

5. Section E: Portfolio Review and

Characteristics

6. Section F: Fee Schedule

7. Appendix

REITs Agenda

Section A: Dimensional Overview

Dimensional Fund Advisors Putting financial science to work for clients

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We use information in market prices throughout our investment process to seek to build solutions with higher expected returns.

We add value by identifying relevant dimensions of expected returns and continually balancing the tradeoffs among competing premiums, diversification, and costs.

We work with clients to understand their long-term needs and to add to their success.

Dimensional Fund Advisors LP founded in 1981. Global AUM and number of employees as of June 30, 2014.

Locations with offices operated by Dimensional. “Dimensional” refers to the Dimensional separate but affiliated entities gene rally, rather than to one particular entity. These entities are Dimensional Fund Advisors LP, Dimensional Fund

Advisors Ltd., DFA Australia Limited, Dimensional Fund Advisors Canada ULC, Dimensional Fund Advisors Pte. Ltd., and Dimensio nal Japan Ltd.

Global Investment Team, One Dynamic Process

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Vancouver

Santa Monica Austin

London Amsterdam

Berlin

Singapore

Sydney

Tokyo

Investment Personnel

Client Service

764 employees globally

$378B in global AUM

Founded in 1981

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Toronto

Melbourne

As of April 14, 2014

1. Dimensional US Mutual Funds” refer to The DFA Investment Trust Company, DFA Investment Dimensions Group Inc., Dimensional Investment Grou p Inc. and Dimensional Emerging Markets Value Fund Inc.

Leading Financial Economists and Researchers

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Academics on Dimensional Fund Advisors LP’s Board of Directors

Eugene Fama, PhD, Nobel laureate University of Chicago

Kenneth French, PhD Dartmouth College

Academics on Dimensional’s US Mutual Funds Board of Directors1

George Constantinides, PhD University of Chicago

John Gould, PhD University of Chicago

Edward Lazear, PhD Stanford University

Roger Ibbotson, PhD Yale University

Myron Scholes, PhD, Nobel laureate Stanford University

Abbie Smith, PhD University of Chicago

Academics Providing Ongoing Consulting Services to Dimensional

Robert Merton, PhD, Nobel laureate Massachusetts Institute of Technology

Robert Novy-Marx, PhD University of Rochester

Sunil Wahal, PhD Arizona State University

Leaders of Dimensional’s

Internal Research Staff

Eduardo Repetto, PhD, Director,

Co-Chief Executive Officer,

and Co-Chief Investment Officer

Gerard O’Reilly, PhD, Co-Chief Investment

Officer and Head of Research

James Davis, PhD, Vice President

Marlena Lee, PhD, Vice President

Savina Rizova, PhD, Vice President

Stanley Black, PhD, Vice President

Wes Crill, PhD

Tu Nguyen, CFA, PhD

Massi De Santis, PhD

Vito Sciaraffia, PhD

Dave Twardowski, PhD

Yusun Samuel Wang, PhD

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Investment Committee1 Portfolio Management Trading Average 20 Years Experience Average 13 Years Experience Average 12 Years Experience

David Booth, Chairman and Co-Chief Executive Officer

Eduardo Repetto, Director, Co-Chief Executive Officer, and Co-Chief Investment Officer

Joseph Chi, Investment Committee Chairman and Co-Head of Portfolio Management

Stephen Clark, Head of Global Institutional Services and Senior Portfolio Manager

Robert Deere, Investment Director and Senior Portfolio Manager

Jed Fogdall, Co-Head of Portfolio Management

Henry Gray, Head of Global Equity Trading

Joseph Kolerich, Senior Portfolio Manager

Gerard O’Reilly, Co-Chief Investment Officer and Head of Research

David Plecha, Global Head of Fixed Income

Karen Umland, Head of Investment Strategies Group and Senior Portfolio Manager

Austin

Jed Fogdall, Co-Head of Portfolio Management

Joseph Kolerich, Senior Portfolio Manager

Stephen Clark, Head of Global Institutional Services and Senior Portfolio Manager

Portfolio Managers: Marcus Axthelm, Alan Hutchison, Arun Keswani, Travis Meldau, Pamela Noble, Mary Phillips, Joel Schneider, Bhanu Singh, Lukas Smart

Santa Monica

Joseph Chi, Co-Head of Portfolio Management

Robert Deere, Investment Director and Senior Portfolio Manager

David Plecha, Global Head of Fixed Income

Grady Smith, Senior Portfolio Manager

Karen Umland, Senior Portfolio Manager

Portfolio Managers: David Kershner, John Law, Daniel Ong, Allen Pu, Ted Randall, Brian Walsh

London

Arthur Barlow, Managing Director and Senior Portfolio Manager

Akbar Ali, Senior Portfolio Manager

Portfolio Managers: Paul Foley, Alexander Fridman, Didier Haenecour, Nathan Lacaze, Adam Ward

Sydney

Graham Lennon, Head of International Portfolio Management and Senior Portfolio Manager

Portfolio Managers: Murray Cockerell, Stephen Garth,

Damien Koch, Robert Ness, Slava Platkov, Gillian Wilson, Craig Wright

Singapore

Portfolio Managers: Jason Ha, Stephen Quance

Tokyo

Portfolio Manager: Kotaro Hama

Austin

Carl Snyder, Senior Trader

David LaRusso, Senior Trader

Christian Gunther, Senior Trader

Traders: Kipp Cummins, Erhan Oktay, Chris Rink, Scott Van Pelt

Santa Monica

Henry Gray, Head of Global Equity Trading

Ryan Wiley, Senior Trader

Traders: Claudette Higdon, Le Tran

London

John Romiza, Head of International Equity Trading Mark Butterworth, Senior Trader

Traders: William Letheren, Frances Ritter, James Simpson Sydney

Jason Lapping, Head of Asia Pacific Trading

Sam Willis, Senior Trader

Traders: Richard Mar, David Vrolyk Singapore

Trader:

Jonathan Smith

Tokyo

Trader:

Hayato Yonemori

As of July 15, 2014

1. Dimensional Fund Advisors LP Investment Committee

Locations with offices operated by Dimensional. "Dimensional" refers to the Dimensional separate but affiliated entities generally, rather than to one particular entity. These entities are Dimensional Fund Advisors LP, Dimensional Fund

Advisors Ltd., DFA Australia Limited, Dimensional Fund Advisors Canada ULC, Dimensional Fund Advisors Pte. Ltd., and Dimensional Japan Ltd.

Experienced Teams Ensure Consistency High degree of practitioner’s knowledge and experience across market cycles

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“ Dimensional” refers to the Dimensional separate but affiliated entities generally, rather than to one particular entity. These entities are Dimensional Fund Advisors LP, Dimensional Fund Advisors L td., DFA Australia Limited, Dimensional

Fund Advisors Canada ULC, Dimensional Fund Advisors Pte. Ltd., and Dimensional Japan Ltd.

All assets in US dollars. Numbers may not total 100% due to rounding.

Dimensional Global Investment Solutions $378 billion in global AUM as of June 30, 2014

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Other $15.4

Real Estate $9.7

Commodities $1.1

Global Balanced $4.6

(in billions)

US $114.9

All Cap Core $33.1

All Cap Value $5.0

Growth $0.5

Large Cap $6.1

Large Cap Value $19.6

SMID Cap Value $11.6

Small Cap $15.6

Small Cap Value $16.8

Micro Cap $6.6

Fixed Income $78.8

US Taxable $45.0

US Tax-Exempt $3.3

Non-US & Global $27.5

Inflation-Protected $2.9

Global Equity $23.5

All Cap/Large Cap $13.2

Value $7.9

Small/SMID Cap $2.5

Developed ex US $80.0

All Cap Core $18.5

All Cap Value $6.5

Growth $0.2

Large Cap $6.7

Large Cap Value $18.4

Small Cap $15.0

Small Cap Value $14.7

Emerging Markets $65.4

All Cap Core $20.2

Value $32.7

Large Cap $7.5

Small Cap $5.0

Global Balanced

1.2% Global Equity

6.2%

REITs & Commodities

2.9%

Developed ex US

Equities 21.2%

US Equities

30.4%

Emerging Markets

17.3% Fixed Income

20.8%

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As of July 16, 2014 1. Investment Committee Member. 2. Investment Strategies Group Member 3. The "Dimensional US Mutual Funds" refer to The DFA Investment Trust Company, DFA Investment Dimensions Group Inc., Dimensional Investment Group Inc. and Dimensional Emerging Markets Value Fund Inc.

Board of Directors—Dimensional Fund Advisors LP David G. Booth,1 Chairman

Eugene F. Fama, Nobel laureate, Director and Consultant

Kenneth R. French, Director and Consultant

John A. McQuown, Director

Eduardo A. Repetto,1 Director

Board of Directors—Dimensional US Mutual Funds David G. Booth,1 Chairman

George M. Constantinides, Leo Melamed Professor of Finance, University of Chicago

John P. Gould, Steven G. Rothmeier Distinguished Service Professor of Economics, University of Chicago

Roger G. Ibbotson, Professor in the Practice of Finance, Yale University

Edward P. Lazear, Jack S. Parker Professor of Human Resources Management and Economics, Stanford University

Eduardo A. Repetto,1 Director

Myron S. Scholes, Nobel laureate, Frank E. Buck Professor Emeritus of Finance and Law, Stanford University

Abbie J. Smith, Boris and Irene Stern Professor of Accounting, University of Chicago

DIMENSIONAL FUND ADVISORS LP AND AFFILIATES

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Operations

Patrick M. Keating, Chief Operating Officer and Vice President Frank Lao, Vice President Bruce Simmons, Vice President George H. Crane, Vice President

Financial/Accounting Services

David R. Martin, Chief Financial Officer, Vice President, and Treasurer Julie C. Henderson, Controller and Vice President Christine W. Ho, Vice President

Technology

Paul Wise, Chief Technology Officer and Vice President Peter Bergan, Vice President J Freeman, Vice President Garret Jones, Vice President Julie Saft, Vice President Robert Trotter, Vice President

Hum an Resources

Aaron Marcus, Head of Global Human Resources and Vice President Juliet Lee, Vice President Robert W. Dintzner, Vice President and Organizational Culture Oliver Rowe, Vice President

Com pliance

Christopher S. Crossan, Global Chief Compliance Officer and Vice President Selwyn Notelovitz, Deputy Chief Compliance Officer and Vice President

Legal

Catherine L. Newell, General Counsel, Vice President, and Secretary Valerie A. Brown, Deputy General Counsel, Vice President, and Assistant Secretary Carolyn O, Deputy General Counsel, Funds, and Vice President Pil Sun Choi, Counsel and Vice President Robert Hawkins, Counsel and Vice President Jeff J. Jeon, Counsel and Vice President David Kavanaugh, Counsel and Vice President Kenneth Manell, Counsel and Vice President

Marketing

Karen Dolan, Head of Marketing, Senior Manager of Research and Marketing, and Vice President Kim Kiser, Creative Director and Vice President Philip McInnis, Vice President

Corporate Services .

Stephen W. Jones, Vice President

Dim ensional Fund Advisors Canada ULC (Vancouver)

Bradley G. Steiman, Director, Head of Canadian Financial Advisor Services, and Vice President Robert T. Young, Vice President

David G. Booth,1 Chairm an and Co-Chief Executive Officer Eduardo A. Repetto,1 Director, Co-Chief Executive Officer, and Co-Chief Investm ent Officer

Dim ensional Fund Advisors Ltd. (London)

David M. Salisbury, Chairman Arthur H.F. Barlow, Managing Director and Senior Portfolio Manager David R. Jones, Head of Financial Advisor Services, EMEA, and Vice President Rune Sanbeck, Head of Institutional, EMEA and Vice President John S. Romiza, Head of International Equity Trading and Vice President Akbar Ali, Senior Portfolio Manager and Vice President Nathan Lacaze, Portfolio Manager and Vice President Paul Foley, Portfolio Manager Alexander Fridman, Portfolio Manager Adam Ward, Portfolio Manager Anthony Rossdale, Head of Finance and Vice President Kristen Smith, Vice President Jonathan Ward, Head of Compliance and Vice President John Boyd, Lead European Counsel Andries Diener, Operations Manager and Vice President

DFA Australia Lim ited (Sydney)

J. Glenn Crane, Chairman and Chief Executive Officer Graham Lennon, Director, Head of International Portfolio Management, and Vice President Jason D.S. Lapping, Head of Asia Pacific Trading and Vice President Nigel A.D. Stewart, Director Stephen J. Garth, Portfolio Manager and Vice President Robert Ness, Portfolio Manager and Vice President Murray Cockerell, Portfolio Manager and Vice President Damien Koch, Portfolio Manager Gillian Wilson, Portfolio Manager Craig Wright, Portfolio Manager Stephen Palmer, Head of Finance and Vice President Elizabeth Mullins, Human Resources Director and Vice President John Surridge, Commercial Manager and Vice President Mark Yetman, Head of Institutional Services (Australia) and Vice President Kevin Kandasamy, Vice President Nathan Krieger, Vice President Rodney Mair, Head of Compliance and Vice President Jim Parker, Vice President Paul W. Raaff, Vice President Joel Teasdel, Vice President

Dim ensional Japan Ltd.

John R. Alkire, Chief Executive Officer Kotaro Hama, Portfolio Manager Kazuyo Kawabata, Head of Client Services Hayato Yonemori, Trader

Dim ensional Fund Advisors Pte. Ltd. (Singapore)

Peng Chen, Director, Chief Executive Officer ,Asia ex-Japan Richard A. Eustice, Chief Operating Officer, Head of Global Investment Operations, and Vice President Jason Ha, Portfolio Manager Stephen A. Quance, Portfolio Manager and Vice President Carlo Venes, Head of Institutional, Asia ex Japan and Vice President Jonathan Smith, Trader

Institutional Services

Stephen A. Clark,1 Head of Global Institutional Services and Vice President Craig Horvath, Global Head of Consultant Relations and Vice President Darryl D. Avery, Vice President Lana Bergstein, Vice President Aaron Borders, Vice President Doug M. Byrkit, Vice President James G. Charles, Vice President Matt Cobb, Vice President Gretchen A. Flicker, Vice President Thomas Goodrum, Fixed Income Portfolio Strategist and Vice President John T. Gray, Vice President Kevin B. Hight, Vice President Glenn E. Kemp, Vice President John Lessley, Vice President Kevin Martino, Vice President Kyle Ozaki, Vice President Matt Pawlak, Vice President L. Jacobo Rodríguez, Vice President Walid A. Shinnawi, Vice President Ted Simpson, Vice President Lawrence Spieth, Vice President Chip Tatlow, Vice President Joseph L. Young, Vice President

Financial Advisor Services

David P. Butler, Head of Global Financial Advisor Services and Vice President Scott A. Bosworth, Vice President Jeffrey D. Cornell, Vice President Robert “Bo” Cornell, Vice President Mark R. Gochnour, Vice President Joel H. Hefner, Vice President Stephen W. Kurad, Vice President Apollo D. Lupescu, Vice President Bryce D. Skaff, Vice President John H. Totten, Vice President Weston J. Wellington,2 Vice President

DC Services

Timothy R. Kohn, Head of DC Services and Vice President Austin Rosenthal, Vice President

Dim ensional SmartNest (US) LLC Michael Lane, Chief Executive Officer Kimberly A. Ginsburg, Vice President

Dim ensional Retirement Plan Services

Robyn Alacorta, Vice President Tracy Mitchell, Regional Director Holly Nance, Client Manager

Research

Gerard K. O’Reilly,1 Co-Chief Investment Officer, Head of Research, and Vice President James L. Davis, Vice President Peter Dillard, Head of Investment Data Management and Vice President Stan Black, Vice President Marlena I. Lee, Vice President Savina B. Rizova, Vice President

Portfolio Managem ent and Trading

Joseph H. Chi,1 Co-Head of Portfolio Management and Vice President Jed S. Fogdall,1 Co-Head of Portfolio Management and Vice President Robert T. Deere,1,2 Investment Director and Senior Portfolio Manager Grady M. Smith,2 Senior Portfolio Manager and Vice President Andrew D. Smith, Project Manager and Vice President

Global Equity Trading

Henry F. Gray,1 Head of Global Equity Trading and Vice President Christian Gunther, Senior Trader and Vice President Carl G Snyder, Senior Trader and Vice President Ryan Wiley, Senior Trader and Vice President Sam Willis, Senior Trader and Vice President

US Equity Portfolio Management

David M. Kershner, Portfolio Manager and Vice President Lukas Smart, Portfolio Manager and Vice President Bhanu Singh, Portfolio Manager and Vice President Brian J. Walsh, Portfolio Manager and Vice President

International Equity Portfolio Management

Graham Lennon, Director, Head of International Equity Portfolio Management, and Vice President Karen E. Umland,1,2 Head of Investment Strategies Group and Senior Portfolio Manager Marcus Axthelm, Portfolio Manager and Vice President Daniel C. Ong, Portfolio Manager and Vice President Allen Pu, Portfolio Manager and Vice President Ted Randall, Portfolio Manager and Vice President

Fixed Income Portfolio Management

David A. Plecha,1 Global Head of Fixed Income and Vice President Joseph F. Kolerich,1 Senior Portfolio Manager and Vice President Alan Hutchison, Portfolio Manager Travis Meldau, Portfolio Manager Pamela B. Noble, Portfolio Manager and Vice President

Business Development

April Aandal, Vice President, Global Business Development

As of June 11, 2014.

Clients in bold have been clients with Dimensional for 10 or more years. This list is solely a partial list of clients of the Dimensional gro up of companies and is generally representative of Dimensional’s institutional client base. Clients have

given consent to be included and were not chosen based on performance-based criteria. This list should not be construed as an expression of any client's experience with Dimensional, or a suggestion that one client's experience is in any

way indicative of another client's future experience with Dimensional. Inclusion of a client’s name on the list should not be taken as an indication that the client approves or disapproves of Dimensional or the advisory services provided to

either the client and/or the commingled vehicle in which the client may be invested.

Partial List of Clients

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Corporate Nonprofit Organizations Public Taft-HartleyAT&T Inc. Baptist Foundation of Alabama Arizona State Retirement System Bakery & Confectionary Union and

Boeing Corporation California Institute of Technology California Public Employees’ Industry International Pension Fund

Citigroup California Wellness Foundation Retirement System IBEW Pacific Coast Pension Fund

Exchange Bank Carnegie Mellon University City and County of Kalamazoo Indiana State Council of Plasterers and

Iberdrola USA Chicago Community Foundation City and County of San Francisco Cement Masons Pension Fund

Kellogg Company Gonzaga University City of Baton Rouge Laborers' District Council & Contractors'

Lubrizol Corporation Idaho Community Foundation City of San Diego Pension Fund of Ohio

Merck J. Paul Getty Trust City of Seattle Local Union #226

MLC Kansas Health Foundation Florida State Board of Administration National Electrical Benefit Fund

PepsiCo, Inc. Lucile Packard Foundation for Illinois Municipal Retirement Fund Southern Nevada Culinary & Bartenders

PPG Industries, Inc. Children’s Health Indiana Public Employees’ Pension Fund

Sandia Corporation Misericordia Home Endowment Retirement Fund Union Electrical Industry Master Trust

Sprint Corporation New Haven Community Foundation Marin County Employees’ UNITE General Fund & ILGWU Funds

The Timken Company Nova Scotia Association of Health Retirement Association

Tribune Company Organization Maryland State Retirement Agency

Verizon Communications, Inc. Public Policy Institute of California Mississippi Public Employees

WellPoint, Inc. Saint John’s Hospital and Health Center Retirement System

Yum! Brands, Inc. San Francisco Foundation Montana Board of Investments

Simon Fraser University Nebraska Investment Council

Toledo Community Foundation Oregon Office of the State Treasurer

United Way of Palm Beach County South Dakota Investment Council

University of Miami St. Paul Teachers’ Retirement Fund

University of Pittsburgh Medical Center Association

Wallace Foundation Utah State Retirement Systems

Western Michigan University Foundation

Winnipeg Foundation

Section B: Investment Process and

Discipline

Note: Exclusion rules seek to exclude from purchase securities Dimensional determines to fall within these exclusions

REIT Investment Strategy Providing broad, cost-effective access to real estate

Dimensional’s REIT strategies are built on specific principles:

• Broad coverage within the real estate asset class.

By type and size of REIT— such as multi-family, retail, office building, industrial, storage,

lodging, recreational, and mixed-use properties.

By capitalization—includes small cap REITs.

• Disciplined, process-driven approach

Exclusion rules designed to capture the distinct characteristics of the asset class.

Patient trading emphasizes price over time of execution.

• Low costs.

Low management fees and reduced trading costs.

Dimensional has been managing REIT Strategies since January 1993.

As of June 30, 2014, Dimensional managed over $9.7 billion in REITS globally.

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1. References to REITs (a U.S. term) are intended to encompass REITs and similar REIT-like structures found around the world.

Note: These rules seek to exclude from purchase securities Dimensional determines to fall within these categories.

Global REIT Exclusion Rules Refining the universe

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REITs only1

• No mortgage or prison

REITs

• No property companies

• No real estate operating

companies (REOCS)

Pricing Exclusions

• Extreme financial distress

or bankruptcy

• Suspended or delisted

• Merger or target of

acquisition

Trading Exclusions

• Exchange history

• Insufficient liquidity

• Short trading history

• Insufficient float

Trading Costs Matter Our approach helps minimize the total costs of trading

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Commissions, custody fees, exchange fees

Bid/ask spread, market impact

We deal with explicit costs

by keeping commissions

as low as possible without

sacrificing overall execution.

Trading Costs = + Implicit Costs Explicit Costs

Implicit costs can be

hidden—and potentially

large. We apply a trading

philosophy that emphasizes

patience and flexibility.

Low turnover by

design keeps overall

trading costs down.

Section C: Market Overview

GIC sector returns are shown in USD net dividends and are based on MSCI All County World Index. MSCI data © MSCI 2014, all ri ghts reserved. Indices are not available for direct investment. Their performance does not reflect the

expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results.

Investment Climate – Global Equity As of June 30, 2014

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• The energy sector recorded the

strongest performance in the second

quarter of 2014.

• REITs and utilities continued to

outperform the overall benchmark for

the second quarter in a row.

• Financials and industrials

underperformed in global markets.

GIC SECTOR COMPOUND RETURNS

Currency rates are based on the MSCI All Country World Index. MSCI data © MSCI 2014, all rights reserved.

Investment Climate—Global Currency As of June 30, 2014

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• On average, currencies over the

second quarter positively contributed

to non-US developed and emerging

market US dollar returns.

• The Russian ruble and Canadian dollar

appreciated relative to the US dollar.

• The Korean won and British pound

touched upon five-year highs relative

to the US dollar and were among the

top currencies.

CURRENCY MOVEMENT (RELATIVE TO USD)

Section D: Performance Review

Performance data shown represents past performance and is no guarantee of future results. Current performance may be higher o r lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain the most current month-end performance data, visit www.dimensional.com. 1. Returns for periods shorter than one year are not annualized. Portfolio inception returns are from the first full month.

2. FTSE EPRA/NAREIT Developed Index is the benchmark selected by Los Angeles Water and Power Employees’ Retirement

The S&P data are provided by Standard & Poor's Index Services Group. FTSE data is provided by FTSE NAREIT. Indices are not available for direct investment. See “ Appendix: Standardized Performance Data & Disclosures” to learn how

to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses of Dimensional’s funds.

Performance As of June 30, 2014

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Calendar Year

Returns (%)

DFA Global Real Estate

Securities Portfolio

(gross of fees)


Securities Portfolio (net

of fees)

FTSE EPRA/NAREIT

Developed Index

(gross dividends)

S&P Global REIT

Index

(net dividends)

2013 2.09 1.77 4.39 1.73

Annualized Returns1 (%)

Year to

Date

2nd Quarter

2014 1 Year

Since 4/13

Account

Inception

Since 7/08

Portfolio

Inception

DFA Global Real Estate Securities Portfolio (gross of fees) 16.36 8.08 15.41 8.58 7.69

DFA Global Real Estate Securities Portfolio (net of fees) 16.18 7.99 15.04 8.23 7.27

FTSE EPRA/NAREIT Developed Index (gross dividends)2 12.21 7.88 14.38 8.10 6.16

S&P Global REIT Index (net dividends) 15.51 7.93 14.17 7.26 5.99

Performance data shown represents past performance and is no guarantee of future results. Current performance may be higher o r lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be wor th more or less than their original cost. To obtain the most current month-end performance data, visit www.dimensional.com. 1. Returns for periods shorter than one year are not annualized. Portfolio inception returns are from the first full month.



Global Real Estate Securities Portfolio Performance as of June 30, 2014

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16.18

7.99

15.04

8.23

12.21

7.88

14.38

8.10

YTD 2nd Quarter 1 Year Since Account Inception 4/13

DFA Global Real Estate Securities Portfolio (net of fees) FTSE EPRA/NAREIT Developed Index (gross dividends)

PERIODIC RETURNS (%)

Market Value Summary Account Inception Date: March 28, 2013

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Account Value

at Inception

(11423) Water & Power Employees Retirement Plan $8,000,000

Purchases $6,860,000

Withdrawals $0

Dividends $384,443

Change in Market Value $1,363,568

Account Value as of June 30, 2014 $16,608,011

Account Value

at Inception

(11424) Water & Power Employees Retirement Plan Retiree Health Benefits Fund $2,000,000

Purchases $1,720,000

Withdrawals $0

Dividends $96,197

Change in Market Value $341,474

Account Value as of June 30, 2014 $4,157,671

Attribution Analysis by Size Global Real Estate Securities Portfolio vs.

FTSE EPRA/NAREIT Developed Index (gross dividends)

Performance data shown represents past performance and is no guarantee of future results. Current performance may be higher o r lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be wor th more or less than their original cost. To obtain the most current month-end performance data, visit www.dimensional.com. Holdings are subject to change. FTSE data is provided by FTSE NAREIT. See “ Appendix: Standardized Performance Data & Disclosures” to learn how to obtain complete information on performance, investmen t objectives, risks, advisory

fees, and expenses of Dimensional’s funds. 21

1 Year as of June 30, 2014

MCap Range

50BB+ 2% 2% 10.46% 10.46% 0.03% — 0.00% 0.03%

10BB-50BB 37% 42% 14.21% 9.69% 0.20% 1.59% 0.02% 1.81%

3BB-10BB 36% 36% 16.26% 16.11% (0.01%) 0.12% (0.01%) 0.10%

1BB-3BB 18% 18% 17.95% 19.54% 0.04% (0.23%) (0.03%) (0.22%)

500MM-1BB 4% 2% 14.46% 21.78% 0.11% (0.27%) (0.01%) (0.16%)

250MM-500MM 1% 0% 16.22% 36.30% 0.10% (0.19%) (0.00%) (0.09%)

0-250MM 0% 0% 17.49% 19.69% 0.01% (0.01%) (0.00%) 0.00%

Cash 1% — 0.04% — (0.11%) 0.00% — (0.11%)

Estimated Total 100% 100% 15.70% 14.34% 0.37% 1.01% (0.02%) 1.36%

Expenses and Fees (0.37%) — (0.37%)

Other (0.29%) 0.04% (0.33%)

Total 15.04% 14.38% 0.66%

Interaction Total

Portfolio

Average

Weights

Benchmark

Average

Weights

Portfolio

Return

Benchmark

Return

Portfolio

Allocation

Portfolio

Composition

Attribution Analysis by Sector (GIC REIT Industry) Global Real Estate Securities Portfolio vs.


Performance data shown represents past performance and is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain the most current month-end performance data, visit www.dimensional.com. Holdings are subject to change. FTSE data is provided by FTSE NAREIT. See “ Appendix: Standardized Performance Data & Disclosures” to learn how to obtain complete information on performance, investment objectives, risks, advisory


Sector

Diversified 16% 13% 22.63% 21.99% 0.21% 0.11% (0.02%) 0.30%

Health Care 3% 2% 7.60% 7.47% (0.01%) 0.01% 0.00% 0.00%

Hotel and Resort 2% 1% 13.28% 13.49% 0.07% (0.01%) 0.00% 0.06%

Industrial 7% 5% 16.30% 17.94% 0.04% (0.09%) (0.01%) (0.05%)

Mortgage — — — — — — — —

Office 15% 11% 15.89% 16.23% 0.07% (0.05%) (0.01%) 0.01%

Residential 12% 9% 12.12% 11.73% (0.05%) 0.05% (0.00%) (0.01%)

Retail 31% 23% 16.03% 16.79% 0.18% (0.21%) (0.00%) (0.03%)

Specialized 14% 10% 7.26% 8.05% (0.13%) (0.09%) (0.02%) (0.24%)

Other Industry 0% 25% 51.59% 8.43% 1.30% 0.09% 0.03% 1.42%

Cash 1% — 0.04% — (0.11%) 0.00% — (0.11%)

Estimated Total 100% 100% 15.70% 14.34% 1.57% (0.19%) (0.02%) 1.36%


Other (0.29%) 0.04% (0.33%)

Total 15.04% 14.38% 0.66%

Interaction Total

Portfolio

Average

Weights

Benchmark

Average

Weights

Portfolio

Return

Benchmark

Return

Portfolio

Allocation

Portfolio

Composition


Attribution Analysis by Region Global Real Estate Securities Portfolio vs.


Performance data shown represents past performance and is no guarantee of future results. Current performance may be higher o r lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain the most current month-end performance data, visit www.dimensional.com. Holdings are subject to change. FTSE data is provided by FTSE NAREIT. See “ Appendix: Standardized Performance Data & Disclosures” to learn how to obtain complete information on performance, investment objectives, risks, advisory


Region

US/Canada 62% 52% 13.14% 13.19% (0.14%) (0.00%) (0.05%) (0.19%)

Australia-New Zealand 9% 7% 14.75% 14.70% (0.02%) 0.00% 0.01% (0.01%)

Cont. Europe 7% 7% 33.17% 29.76% (0.10%) 0.22% (0.00%) 0.12%

UK-Ireland 6% 6% 40.13% 38.27% 0.11% 0.11% (0.03%) 0.19%

Japan 7% 14% 15.17% 9.23% 0.25% 0.39% 0.01% 0.65%

Singapore-Hong Kong 5% 13% 12.60% 4.47% 0.68% 0.41% 0.03% 1.12%

Scandinavia — 1% — 33.23% (0.18%) — (0.00%) (0.19%)

Middle East 0% 0% 29.07% 13.24% (0.00%) 0.01% (0.00%) 0.01%

Emerging - Latin America 1% — 10.24% — (0.08%) 0.08% — 0.00%

Emerging - Asia 1% — (6.84%) — (0.09%) (0.04%) — (0.13%)

Emerging - Europe 0% 0% 1.87% 30.69% 0.05% (0.05%) (0.00%) (0.00%)

Emerging - Africa 1% — 0.42% — (0.14%) 0.04% — (0.10%)

Cash 1% — 0.04% — (0.11%) 0.00% — (0.11%)

Estimated Total 100% 100% 15.70% 14.34% 0.22% 1.16% (0.02%) 1.36%


Other (0.29%) 0.04% (0.33%)

Total 15.04% 14.38% 0.66%

Interaction Total

Portfolio

Average

Weights

Benchmark

Average

Weights

Portfolio

Return

Benchmark

Return

Portfolio

Allocation

Portfolio

Composition


Attribution Analysis by Country Global Real Estate Securities Portfolio vs.


Performance data shown represents past performance and is no guarantee of future results. Current performance may be higher o r lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain the most current month-end performance data, visit www.dimensional.com. Holdings are subject to change. FTSE data is provided by FTSE NAREIT. See “ Appendix: Standardized Performance Data & Disclosures” to learn how to obtain complete information on performance, investmen t objectives, risks, advisory


Country

Australia 9% 7% 14.47% 14.52% (0.03%) (0.00%) 0.01% (0.02%)Austria — 0% — 50.79% (0.04%) — (0.00%) (0.04%)Belgium 1% 0% 22.64% 22.66% 0.01% 0.00% (0.00%) 0.01% Canada 3% 4% 8.99% 10.78% 0.05% (0.04%) 0.00% 0.01% China 0% — (4.18%) — (0.01%) (0.01%) — (0.02%)Finland — 0% — 21.84% (0.01%) — (0.00%) (0.01%)France 2% 1% 37.75% 38.02% 0.10% (0.01%) 0.00% 0.09% Germany 0% 1% 24.45% 28.97% (0.15%) (0.01%) (0.00%) (0.16%)Greece 0% 0% 57.00% 57.00% (0.00%) — (0.00%) (0.00%)Hong Kong 2% 9% 12.78% 2.35% 0.75% 0.19% 0.03% 0.97% Israel 0% 0% 29.07% 13.24% (0.00%) 0.01% (0.00%) 0.01% Italy 0% 0% 60.28% 60.43% 0.02% (0.00%) (0.00%) 0.01% Japan 7% 14% 15.17% 9.23% 0.25% 0.39% 0.01% 0.65% Malaysia 0% — (5.00%) — (0.04%) (0.00%) — (0.04%)Mexico 1% — 10.24% — (0.08%) 0.08% — 0.00% Netherlands 4% 3% 32.61% 32.26% 0.16% 0.01% 0.00% 0.18% New Zealand 0% 0% 24.50% 31.05% 0.03% (0.01%) 0.00% 0.01% Norway — 0% — (2.43%) 0.01% — 0.00% 0.01% Singapore 3% 4% 12.30% 8.97% 0.05% 0.10% 0.01% 0.15% South Africa 1% — 0.42% — (0.14%) 0.04% — (0.10%)Spain — 0% — 23.83% 0.02% — (0.00%) 0.02% Sweden — 1% — 38.90% (0.18%) — (0.00%) (0.18%)Switzerland — 1% — 13.91% 0.01% — (0.00%) 0.01% Taiwan 0% — (12.27%) — (0.03%) (0.03%) — (0.07%)Turkey 0% — 1.42% — (0.06%) 0.06% — (0.00%)UK 6% 6% 40.13% 38.27% 0.11% 0.11% (0.03%) 0.19% US 60% 48% 13.33% 13.40% (0.13%) (0.02%) (0.05%) (0.20%)Cash 1% — 0.04% — (0.11%) 0.00% — (0.11%)Estimated Total 100% 100% 15.70% 14.34% 0.54% 0.84% (0.02%) 1.36% Expenses and Fees (0.37%) — (0.37%)Other (0.29%) 0.04% (0.33%)Total 15.04% 14.38% 0.66%

Interaction Total

Portfolio

Average

Weights

Benchmark

Average

Weights

Portfolio

Return

Benchmark

Return

Portfolio

Allocation

Portfolio

Composition


Holdings are subject to change.

Top 10 Contributors Global Real Estate Securities Portfolio, 1 Year as of June 30, 2014

25

# 17867-1011

Global Real Estate


Contribution

Unibail-Rodamco SE 0.92%

Simon Property Group Inc 0.91%

Vornado Realty Trust 0.61%

Host Hotels & Resorts Inc 0.60%

Land Securities Group PLC 0.58%

British Land Co PLC 0.57%

Public Storage 0.45%

Boston Properties Inc 0.35%

Hammerson PLC 0.30%

Prologis Inc 0.29%


Top 10 Detractors Global Real Estate Securities Portfolio, 1 Year as of June 30, 2014

26

# 17867-1011

Global Real Estate


Contribution

HCP Inc -0.09%

Ventas Inc -0.07%

Health Care REIT Inc -0.04%

CBL & Associates Properties Inc -0.02%

Mack-Cali Realty Corp -0.02%

Emlak Konut Gayrimenkul Yatirim Ortakligi AS -0.01%

Cathay No 1 REIT -0.01%

American Realty Capital Properties Inc -0.01%

Campus Crest Communities Inc -0.01%

American Campus Communities Inc -0.01%

Section E: Portfolio Review and

Characteristics


Top 10 Holdings Global Real Estate Securities Portfolio, as of June 30, 2014

28

# 17867-1011

Country Percent of Portfolio

Simon Property Group Inc United States 5.6

Unibail-Rodamco SE Netherlands 3.0

Public Storage United States 2.7

Equity Residential United States 2.4

Prologis Inc United States 2.2

HCP Inc United States 2.1

Health Care REIT Inc United States 2.1

Ventas Inc United States 2.1

Boston Properties Inc United States 2.0

Vornado Realty Trust United States 2.0

1. Operating income before depreciation and amortization minus interest expense scaled by book.

Holdings are subject to change. The S&P data are provided by Standard & Poor’s Index Services Group.

Characteristics As of June 30, 2014

29

# 17595-1011

GLOBAL REAL ESTATE

SECURITIES PORTFOLIO

FTSE EPRA/NAREIT

Developed Index

MARKET CHARACTERISTICS

Number of Holdings 370 306

SIZE CHARACTERISTICS

Wtd. Average Market Cap (millions) $12,407 $13,411

Median Market Cap (millions) $1,371 $2,439

VALUATION CHARACTERISTICS

Aggregate Price-to-Book 1.71 1.54

Wtd. Average Dividend-to-Price 4.07% 3.62%

PROFITABILITY CHARACTERISTICS

Wtd. Average Profitability-to-Book1 0.11 0.11

Numbers may not total 100% due to rounding. The S&P data are provided by Standard & Poor’s Index Services Group.

Sector Allocations As of June 30, 2014

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#17600-1011

GLOBAL REAL ESTATE


FTSE EPRA/NAREIT

Developed Index

PORTFOLIO WEIGHTS (%)

Retail 31.1 23.5

Diversified 17.4 14.9

Office 14.5 11.2

Residential 12.0 9.1

Health Care 8.7 7.1

Industrial 6.3 5.2

Hotel & Resort 5.1 3.9

Specialized 4.8 3.4

Other Non-REIT 0.2 21.6

Holdings are subject to change. Numbers may not total 100% due to rounding. MSCI data copyright MSCI 2014, all rights reserve d.

Country Allocations As of June 30, 2014

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#17624-1011

GLOBAL REAL ESTATE


FTSE EPRA/NAREIT

Developed Index

US 61.1 49.8

Australia 8.1 6.6

Japan 6.9 13.1

UK 6.4 6.2

Netherlands 4.0 3.2

Singapore 3.2 3.6

Canada 2.4 3.7

France 1.9 1.4

Hong Kong 1.7 7.3

South Africa 1.3 —

Mexico 0.7 —

Belgium 0.6 0.5

Turkey 0.5 —

New Zealand 0.3 0.1

Malaysia 0.3 —

Taiwan 0.2 —

Germany 0.2 1.7

Italy 0.1 0.1

Israel 0.1 0.1

China 0.1 —

Greece 0.0 0.0

Austria — 0.3

Spain — 0.1

Switzerland — 0.9

Finland — 0.2

Norway — 0.1

Sweden — 1.1

PORTFOLIO WEIGHTS (%) REGIONAL SNAPSHOT

North America

Middle East

Europe

Asia Pacific

Global Real Estate


FTSE EPRA/NAREIT

Developed Index

South Africa

Section F: Fee Schedule

Fees

33

1. Actual fees as of October 31, 2013.

2. The net expense ratio applies to the indicated funds and takes into account a contractual management fee waiver and expense reimbursement agreement that currently is scheduled to remain in place through 2/28/2015. Please refer to

the prospectus for more complete information on advisory fees, expense reimbursements, and other expenses.

# 17868-1011

Net Expense Ratio1

Total (Gross) Expense Ratio1

Management Fee

Global Real Estate Securities Portfolio2 0.32 0.55 0.27

Appendix

Performance data shown represents past performance. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent month end, access our website at www.dimensional.com. Consider the investment objectives, risks, and charges and expenses of the Dimensional funds carefully before investing. For this and other information about the Dimensional funds, please read the prospectus carefully before investing. Prospectuses are available by calling Dimensional Fund Advisors collect at (512) 306–7400 or at www.dimensional.com. Dimensional funds are distributed by DFA Securities LLC. Dimensional Fund Advisors LP is an investment advisor registered with the Securities and Exchange Commission.

Standardized Performance Data & Disclosures

35

# 28 230-0912

Risks include loss of principal and fluctuating value. Investment value will fluctuate, and shares, when redeemed, may be worth more or less than original cost. Small and micro cap securities are subject to greater volatility than those in other asset categories. International and emerging markets investing involves special risks such as currency fluctuation and political instability. Investing in emerging markets may accentuate these risks. Sector-specific investments focus on a specific segment of the market, which can increase investment risks. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks, including changes in credit quality, liquidity, prepayments, call risk and other factors. Municipal securities are subject to the risks of adverse economic and regulatory changes in their issuing states. Real estate investment risks include changes in real estate values and property taxes, interest rates, cash flow of underlying real estate assets, supply and demand, and the management skill and creditworthiness of the issuer. Sustainability funds use environmental and social screens that may limit investment opportunities for the fund. Commodities include increased risks, such as political, economic, and currency instability, and may not be suitable for all investors. The Portfolio may be more volatile than a diversified fund because the Portfolio invests in a smaller number of issuers and commodity sectors. The fund prospectuses contain more information about investment risks.




3. Effective August 1, 2013, the administrative fee payable by the Portfolio to the Advisor decreased from 0.05% to 0.035% of the Portfolio’s average daily net assets on an annualized basis. As a result, the Total Operating Expense Ratio

has been adjusted to reflect the estimated management fee to be paid by the portfolio through 10/31/2014. The Advisor has contractually agreed to reduce the fee waiver expense limit from 0.10% to 0.08% of the Portfolio’s average daily

net assets on an annualized basis.


36

# 28 230-0912

As of June 30, 2014 Average Annual Total Returns (%) Symbol 1 Year 5 Years 10 Years

Since Inception

Net Expense

Ratio1 (%)

Total (Gross) Expense

Ratio1 (%) Management

Fee Inception

Date

US Equity Portfolios

US Core Equity 1 Portfolio2 DFEOX 26.24 20.37 — 8.45 0.19 0.19 0.17 9/15/2005

US Core Equity 2 Portfolio2 DFQTX 26.35 20.81 — 8.39 0.22 0.22 0.20 9/15/2005

US Vector Equity Portfolio2 DFVEX 27.10 21.60 — 8.44 0.32 0.32 0.30 12/30/2005

US Micro Cap Portfolio DFSCX 25.31 22.02 8.75 12.43 0.52 0.52 0.50 12/23/1981

US Small Cap Portfolio DFSTX 25.10 22.49 9.73 11.09 0.37 0.37 0.35 3/19/1992

US Small Cap Value Portfolio DFSVX 26.42 23.40 9.32 12.81 0.52 0.52 0.50 3/2/1993

US Small Cap Growth Portfolio2 DSCGX 24.52 — — 28.09 0.40 0.50 0.35 12/20/2012

US Targeted Value Portfolio2 DFFVX 28.45 22.89 9.86 13.00 0.37 0.37 0.35 2/23/2000

US Large Cap Value Portfolio DFLVX 27.64 22.06 9.03 10.63 0.27 0.27 0.25 2/19/1993

US Large Cap Growth Portfolio2 DUSLX 25.17 — — 25.28 0.20 0.29 0.17 12/20/2012

US Large Company Portfolio2,3 DFUSX 24.44 18.75 7.79 4.85 0.08 0.09 0.06 9/23/1999

Enhanced US Large Company Portfolio DFELX 24.77 19.37 7.81 8.32 0.24 0.24 0.20 7/2/1996

Non-US Equity Portfolios

International Core Equity Portfolio2 DFIEX 27.32 13.00 — 6.34 0.39 0.39 0.35 9/15/2005

International Vector Equity Portfolio2 DFVQX 29.05 13.47 — 7.05 0.51 0.51 0.45 8/14/2008

International Small Company Portfolio2 DFISX 31.19 15.49 9.64 7.79 0.54 0.54 0.40 9/30/1996

International Small Cap Value Portfolio DISVX 35.75 15.78 10.35 8.50 0.69 0.69 0.65 12/29/1994

International Small Cap Growth Portfolio2 DISMX 27.30 — — 21.84 0.55 1.00 0.50 12/20/2012

International Value Portfolio DFIVX 27.21 11.50 7.63 7.32 0.43 0.43 0.40 2/15/1994

International Large Cap Growth Portfolio2 DILRX 24.09 — — 18.49 0.30 0.65 0.25 12/20/2012

Large Cap International Portfolio DFALX 24.02 11.74 7.10 6.38 0.29 0.29 0.25 7/17/1991

Emerging Markets Core Equity Portfolio2 DFCEX 15.53 10.47 — 10.32 0.63 0.63 0.55 4/5/2005

Emerging Markets Small Cap Portfolio DEMSX 15.89 13.49 14.38 13.23 0.75 0.75 0.65 3/5/1998

Emerging Markets Value Portfolio DFEVX 15.50 8.64 13.51 12.22 0.57 0.57 0.50 4/1/1998

Emerging Markets Portfolio DFEMX 15.12 10.08 12.25 7.87 0.57 0.57 0.50 4/25/1994

World ex US Value Portfolio2 DFWVX 25.24 — — 9.07 0.60 0.76 0.47 8/23/2010

World ex US Targeted Value Portfolio 2 DWUSX 29.00 — — 21.87 0.79 1.27 0.58 11/1/2012

World ex US Core Equity Portfolio2 DFWIX 24.51 — — 14.55 0.47 0.97 0.40 4/9/2013

Global Portfolios Global Allocation 25/75 Portfolio

2 DGTSX 7.66 6.77 5.09 5.00 0.27 0.44 0.20 12/24/2003

Global Allocation 60/40 Portfolio2

DGSIX 16.66 12.30 7.09 7.11 0.29 0.52 0.25 12/24/2003

Global Equity Portfolio2

DGEIX 25.50 17.52 8.59 8.92 0.31 0.61 0.30 12/24/2003

Selectively Hedged Global Equity Portfolio2 DSHGX 23.86 — — 18.15 0.40 0.72 0.30 11/14/2011




3. Assumed highest marginal tax rate in effect for capital gains and ordinary income. Income from funds managed for tax effic iency may be subject to an alternative minimum tax and/or any applicable state and local taxes.


37

# 28 230-0912


Since Inception

Net Expense

Ratio1 (%)



Fee Inception

Date

Tax Managed Portfolios3

Tax-Managed US Small Cap Portfolio DFTSX 25.01 21.22 8.55 10.07 0.52 0.52 0.50 12/15/1998

After Taxes on Distributions — — — — After Taxes on Distributions and Sale of Fund Shares — — — — Tax-Managed US Targeted Value Portfolio DTMVX 28.20 23.43 8.94 11.16 0.44 0.44 0.42 12/11/1998

After Taxes on Distributions — — — — After Taxes on Distributions and Sale of Fund Shares — — — — Tax-Managed US Equity Portfolio2 DTMEX 25.05 19.06 7.97 7.73 0.22 0.22 0.20 9/25/2001

After Taxes on Distributions — — — — After Taxes on Distributions and Sale of Fund Shares — — — — Tax-Managed US Marketwide Value Portfolio DTMMX 27.05 22.17 9.23 7.65 0.37 0.37 0.35 12/14/1998

After Taxes on Distributions — — — — After Taxes on Distributions and Sale of Fund Shares — — — —

Tax-Managed International Value Portfolio DTMIX 26.83 11.20 7.76 7.04 0.53 0.53 0.50 4/16/1999

After Taxes on Distributions — — — —

After Taxes on Distributions and Sale of Fund Shares — — — —

TA US Core Equity 2 Portfolio2,3 DFTCX 26.21 20.77 — 7.12 0.24 0.24 0.22 10/4/2007



TA World ex US Core Equity Portfolio2,3 DFTWX 23.97 12.16 — 3.77 0.46 0.46 0.40 3/6/2008



Real Estate Portfolios Real Estate Securities Portfolio2 DFREX 13.07 23.54 9.42 10.41 0.18 0.19 0.17 1/5/1993

International Real Estate Securities Portfolio2 DFITX 18.62 16.96 — 0.02 0.39 0.39 0.35 3/1/2007

Global Real Estate Securities Portfolio2 DFGEX 15.04 20.46 — 5.34 0.32 0.55 0.27 6/4/2008

Social and Sustainability Portfolios

US Sustainability Core 1 Portfolio2 DFSIX 26.32 20.21 — 10.15 0.33 0.33 0.29 3/12/2008

International Sustainability Core 1 Portfolio2 DFSPX 25.09 12.30 — 3.23 0.52 0.50 0.42 3/12/2008

US Social Core Equity 2 Portfolio2 DFUEX 25.73 20.58 — 6.32 0.30 0.30 0.25 10/1/2007

International Social Core Equity Portfolio2 DSCLX 26.99 — — 20.65 0.60 0.68 0.37 11/1/2012

Emerging Markets Social Core Equity Portfolio2 DFESX 15.42 10.15 — 7.48 0.66 0.66 0.55 8/31/2006


2. The net expense ratio applies to the indicated funds and takes into account a contractual management fee waiver and expens e reimbursement agreement that currently is scheduled to remain in place through 2/28/2015. Please refer to



38

# 28 230-0912


Since Inception

Net Expense

Ratio1 (%)



Fee Inception

Date

Fixed Income Portfolios

One-Year Fixed Income Portfolio DFIHX 0.40 0.76 2.22 5.08 0.17 0.17 0.15 7/25/1983

Two-Year Global Fixed Income Portfolio DFGFX 0.61 1.01 2.29 3.55 0.18 0.18 0.15 2/9/1996

Short-Term Government Portfolio2

DFFGX 1.39 2.25 3.27 5.50 0.19 0.19 0.17 6/1/1987

Five-Year Global Fixed Income Portfolio DFGBX 2.82 3.75 3.85 5.77 0.28 0.28 0.25 11/6/1990

Intermediate Government Fixed Income Portfolio DFIGX 3.00 4.23 5.04 6.72 0.12 0.12 0.10 10/19/1990

Inflation-Protected Securities Portfolio2

DIPSX 4.69 5.94 — 5.70 0.12 0.12 0.10 9/18/2006

Short-Term Municipal Bond Portfolio2

DFSMX 0.97 1.45 2.12 2.02 0.22 0.23 0.20 8/20/2002

Intermediate-Term Municipal Bond Portfolio2

DFTIX 4.80 — — 1.27 0.23 0.27 0.20 3/1/2012

California Short-Term Municipal Bond Portfolio2

DFCMX 1.35 1.66 — 2.16 0.23 0.24 0.20 4/2/2007

California Intermediate-Term Municipal Bond Portfolio2

DCIBX 5.51 — — 2.93 0.23 0.26 0.20 11/29/2011

Selectively Hedged Global Fixed Income Portfolio2

DFSHX 5.26 3.18 — 1.83 0.18 0.18 0.15 1/9/2008

World ex US Government Fixed Income Portfolio2

DWFIX 5.88 — — 4.31 0.20 0.23 0.18 12/6/2011

Short-Term Extended Quality Portfolio2

DFEQX 2.42 3.52 — 3.97 0.22 0.23 0.20 3/4/2009

Intermediate-Term Extended Quality Portfolio2

DFTEX 6.75 — — 4.84 0.22 0.23 0.20 7/20/2010

Investment Grade Portfolio2

DFAPX 4.87 — — 4.53 0.22 0.41 0.20 3/7/2011

Commodities Portfolio

Commodity Strategy Portfolio2 DCMSX 11.66 — — -2.06 0.34 0.34 0.30 11/9/2010

Presenters’ Biographies

39

Ted Simpson, CFA

Vice President

Ted Simpson, a vice president on the Institutional Services team, is responsible for developing and maintaining relationships with

public pension funds, foundations, endowments, Taft-Hartley plan sponsors, and corporate pension and defined contribution plans.

Since joining Dimensional in 2002, Ted has held a number of positions within the firm. He began as a marketing consultant before

taking a leadership role in the firm's defined contribution market initiative. Later, Ted got involved with Dimensional's consultant

relations effort and eventually helped manage the group. Most recently, he has shifted his attention to working directly with clients.

Prior to joining Dimensional, Ted worked for Salomon Brothers, Legal & General, Mattel, Lion Nathan, and a fee-only RIA. He earned

an MBA in marketing, strategy, and organizational behavior from the Kellogg School of Management at Northwestern University, and

a BA in politics and economics from Princeton University. Ted is a CFA Charterholder and holds FINRA licenses 7 and 63.

Grady Smith, CFA

Senior Portfolio Manager and Vice President

Grady M. Smith is a senior portfolio manager and vice president at Dimensional, and a member of our Investment Strategies Group

and the Investment Policy Committee. He has general oversight responsibilities for a broad array of global equity and fixed income

strategies. His role also includes communicating with clients and others on how Dimensional's portfolios are designed, implemented,

and operated, and the principles and academic research on which the firm is founded. Grady's experience at Dimensional includes

portfolio responsibilities and managing US and global equity mutual funds and separate accounts, as well as tax-managed equity

portfolios.

Prior to joining Dimensional in 2001, Grady spent more than twenty years as a management consultant, most recently with Mercer. As

a principal in their Los Angeles office, he was a lead consultant for some of the firm's largest accounts. Before Mercer, Grady held a

similar role with KPMG, where he also served as a national consulting skills instructor, training new consulting staff from throughout

the US.

Grady earned a BA in economics from Stanford University in 1978 and an MBA from the UCLA Anderson School of Management in

2001 (Harold M. Williams Fellow), and is a CFA Charterholder.

Client Service Team

40

Stephen Clark

Head of Institutional, North America, and Vice President

16 Years Investment Experience 12th Year with Firm

Education: MBA, University of Chicago Booth School of Business; BS, Bradley University

[email protected]

Joseph Young, CFA

Vice President


Education: BS, University of Idaho

[email protected]

Kimsey Bailey

Senior Associate


Education: BA, University of Florida

[email protected]

Dimensional Headquarters

6300 Bee Cave Road

Building One

Austin, TX 78746

(512) 306-7400

As of July 15, 2014

Investment Staff

41

David G. Booth

Chairman and Co-Chief Executive Officer Investment Committee Member

42 Years Investment Experience 33rd Year with Firm

Previous Employment: A.G. Becker, John O’Brien Associates, Wells Fargo & Co.

Education: MBA, University of Chicago Booth School of Business; MS, BA, University of Kansas

Eduardo A. Repetto, PhD

Director, Co-Chief Executive Officer, and Co-Chief Investment Officer Investment Committee Member


Previous Employment: California Institute of Technology

Education: PhD, California Institute of Technology; MSc, Brown University; diploma de honor, Universidad de Buenos Aires

Eugene F. Fama, PhD, Nobel laureate

Director and Consultant


Robert R. McCormick Distinguished Service Professor of Finance, University of Chicago Booth School of Business

Education: PhD, University of Chicago; BA, Tufts University

Kenneth R. French, PhD

Director and Consultant


Roth Family Distinguished Professor of Finance, Dartmouth College

Education: PhD, University of Rochester; MS, MBA, University of Rochester; BS, Lehigh University

Joseph H. Chi, CFA

Co-Head of Portfolio Management Investment Committee Chairman and Vice President


Previous Employment: Hewitt Associates

Education: MBA, University of California, Los Angeles; JD, University of Southern California; BS, University of California, Los Angeles

Jed S. Fogdall

Co-Head of Portfolio Management Investment Committee Member and Vice President


Previous Employment: Boeing Company

Education: MBA, University of California, Los Angeles; BS, Purdue University

Arthur H.F. Barlow

Managing Director and Senior Portfolio Manager Equity Focus Dimensional Fund Advisors Ltd.


Education: MBA, BA, University of California, Los Angeles

#17625-1011

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Investment Staff

42

Robert T. Deere

Investment Director and Senior Portfolio Manager Investment Committee Member

22 Years Investment Experience 22nd Year with Firm

Previous Employment: First Interstate Bank

Education: MBA, University of California, Los Angeles; BS, BA, University of California, San Diego

Henry F. Gray

Head of Global Equity Trading and Vice President Investment Committee Member


Previous Employment: Metropolitan Life Insurance Company; Bear Stearns & Co.

Education: MBA, University of Chicago Booth School of Business; AB, Princeton University

Graham Lennon

Head of International Portfolio Management Director, Senior Portfolio Manager, and Vice President DFA Australia Limited


Previous Employment: Metquip Pty. Ltd.

Education: MBA, Macquarie University, Sydney; BE Hons, University of Technology, Sydney

David A. Plecha, CFA

Global Head of Fixed Income and Vice President Investment Committee Member Fixed Income and Tax-Managed Separate Accounts Focus


Previous Employment: Leland O’Brien Rubinstein Associates, Hughes Investment Management Co.

Education: MBA, University of California, Los Angeles; BS, University of Michigan

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John S. Romiza

Head of International Trading and Vice President Dimensional Fund Advisors Ltd.


Previous Employment: Franklin Templeton, SunTrust Bank, Fidelity, State Street Bank

Education: BA, Bentley College

David M. Salisbury

Chairman Dimensional Fund Advisors Ltd.


Previous Employment: Schroders plc

Education: MA, Oxford University

Karen E. Umland, CFA

Head of Investment Strategies Group and Senior Portfolio Manager Investment Committee Member Non-US Equity Focus

24 Years Investment Experience 21st Year with Firm

Previous Employment: Yale University Investment Office

Education: MBA, University of California, Los Angeles; BA, Yale University

As of July 15, 2014

Investment Staff

43

Akbar Ali

Senior Portfolio Manager and Vice President Non-US Equity Focus Dimensional Fund Advisors Ltd.


Previous Employment: Goldman, Sachs & Co.; JP Morgan Chase

Education: MBA, University of California, Los Angeles; MS, University of Michigan

Marcus R. Axthelm

Portfolio Manager and Vice President Non-US Equity Focus


Previous Employment: Commerzbank, Booz Allen Hamilton

Education: MBA, University of Chicago; BA, Berufsakademie Mosbach

Paul Foley, CFA

Portfolio Manager Non-US Equity Focus


Education: BA, University of Portsmouth

Stephen J. Garth, PhD

Portfolio Manager and Vice President DFA Australia Limited Fixed Income Focus


Previous Employment: Australian National University

Education: PhD, Australian National University; BSc Hons, Monash University; BA, La Trobe University; Graduate diploma in business administration, University of Canberra; Master of Applied Finance, University of Southern Queensland

Christian Gunther

Senior Trader and Vice President Non-US Equity Focus


Previous Employment: Plog Research

Education: BA, Loyola Marymount University

David M. Kershner

Portfolio Manager and Vice President US Equity Focus


Previous Employment: Boeing Satellite Systems

Education: MBA, University of California, Los Angeles; MS, BS, Pennsylvania State University

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44

Damien Koch

Portfolio Manager Fixed Income Focus


Previous Employment: Suncorp Investment Management

Education: BEc, James Cook University

Joseph F. Kolerich

Senior Portfolio Manager and Vice President Investment Committee Member Fixed Income Focus


Previous Employment: Lincoln Capital Management

Education: MBA, University of Chicago Booth School of Business; BS, Northern Illinois University

Travis Meldau

Portfolio Manager Fixed Income Focus


Previous Employment: Wells Capital Management

Education: MBA, Wake Forest University; BSBA, Appalachian State University

Rob Ness



Previous Employment: The Cooperative Research Center for Advanced Composite Structures

Education: Master of Commerce (actuarial studies), University of New South Wales; Bachelor of Engineering, Sydney University

Nathan Lacaze, CFA



Education: BE and BComm, University of Sydney

John Law, CFA

Portfolio Manager Non-US Equity Focus


Previous Employment: Credit Suisse First Boston

Education: MBA, University of Chicago Booth School of Business; MPhil, Cambridge University; AB, Princeton University

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Investment Staff

45

Pamela Noble, CFA

Portfolio Manager and Vice President Fixed Income Focus


Previous Employment: USAA Investment Management Company

Education: MBA, Neeley School of Business at Texas Christian University; BS, Louisiana Tech University

Daniel C. Ong, CFA



Previous Employment: Metropolitan West Asset Management

Education: MBA, University of Chicago Booth School of Business; BA, University of California, Irvine

Allen Pu, PhD, CFA



Previous Employment: California Institute of Technology, Mellon Ventures

Education: PhD, MS, California Institute of Technology; MBA, University of California, Los Angeles; BS, The Cooper Union

Stephen A. Quance

Portfolio Manager and Vice President Non-US Equity Equity Focus


Previous Employment: UBS Wealth Management, Williams Companies, Schlumberger

Education: MBA, University of Texas, Austin; BS, Rice University

Ted Randall



Education: MBA, University of California, Los Angeles; BS, University of Southern California

Bhanu Singh

Portfolio Manager and Non-US Equity Focus


Education: MBA, University of Chicago; BA, University of California, Los Angeles

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Performance data shown represents past performance and is no guarantee of future results. Current performance may be higher o r lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain the most current month-end performance data, visit www.dimensional.com. 1. Returns for periods shorter than one year are not annualized. Portfolio inception returns are from the first full month.

2. FTSE EPRA/NAREIT Developed Index is the benchmark selected by Los Angeles Water and Power Employees’ Retirement



Performance As of June 30, 2014

46

# 17595-1011

Calendar Year

Returns (%)



(gross of fees)

DFA Global Real

Estate Securities

Portfolio (net of fees)

FTSE EPRA/NAREIT

Developed Index

(gross dividends)

S&P Global REIT

Index

(net dividends)

2009 33.28 32.67 38.26 31.72

2010 24.30 23.79 20.40 22.09

2011 2.23 1.81 -5.82 0.61

2012 23.58 23.17 28.65 22.38

2013 2.09 1.77 4.39 1.73

Annualized Returns1 (%)

Year to

Date

2nd Quarter

2014 1 Year 2 Year 3 Years 5 Years

Since 4/13

Account

Inception

Since 7/08

Portfolio

Inception

DFA Global Real Estate Securities Portfolio (gross of fees) 16.36 8.08 15.41 13.09 10.76 20.90 8.58 7.69

DFA Global Real Estate Securities Portfolio (net of fees) 16.18 7.99 15.04 12.73 10.39 20.46 8.23 7.27

FTSE EPRA/NAREIT Developed Index (gross dividends)2 12.21 7.88 14.38 14.33 10.19 17.41 8.10 6.16

S&P Global REIT Index (net dividends) 15.51 7.93 14.17 12.27 9.76 19.55 7.26 5.99

1. Turnover is for the fiscal year ending October 31, 2013

Holdings are subject to change. Source: eVestment.

Characteristics (continued) As of June 30, 2014

47

# 17595-1011

GLOBAL REAL ESTATE


CHARACTERISTICS

Turnover1 3.00%

Tracking Error (3 YR Annualized) 3.86

Standard Deviation (3 YR) 14.80

R2 (3 YR) 0.94

Beta (3 YR) 0.94

Alpha (3 YR) 1.11

Sharpe Ratio (3 YR) 0.72

Information Ratio (3 YR) 0.15

Jensen's Alpha (3 YR) 1.11

Treynor Ratio (3 YR) 11.36

Attribution Analysis by Size Global Real Estate Securities Portfolio vs. S&P Global REIT Index (net dividends)

Performance data shown represents past performance and is no guarantee of future results. Current performance may be higher o r lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be wor th more or less than their original cost. To obtain the most current month-end performance data, visit www.dimensional.com. Holdings are subject to change. The S&P data are provided by Standard & Poor's Index Services Group. See “Appendix : Standardized Performance Data & Disclosures” to learn how to obtain complete information on performance,

investment objectives, risks, advisory fees, and expenses of Dimensional’s funds. 48

MCap Range

Portfolio

Average

Weights

Benchmark

Average

Weights

Portfolio

Return

Benchmark

Return

Portfolio

Allocation

Portfolio

Composition Interaction Total

50BB+ 2% 2% 10.46% 10.46% 0.00% — 0.00% 0.00%

10BB–50BB 37% 34% 14.21% 13.74% (0.04%) 0.15% 0.00% 0.12%

3BB–10BB 36% 37% 16.26% 16.54% 0.00% (0.09%) 0.00% (0.08%)

1BB–3BB 18% 21% 17.95% 17.74% (0.05%) 0.03% 0.00% (0.02%)

500MM–1BB 4% 5% 14.46% 13.19% 0.03% 0.04% 0.00% 0.08%

250MM–500MM 1% 1% 16.22% 14.65% 0.02% 0.02% 0.00% 0.04%

0–250MM 0% 0% 17.49% 11.70% 0.00% 0.01% 0.00% 0.01%

Cash 1% — 0.04% — (0.12%) 0.00% — (0.12%)

Estimated Total 100% 100% 15.70% 15.66% (0.14%) 0.17% 0.01% 0.04%


Other (0.29%) (1.50%) 1.21%

Total 15.04% 14.17% 0.87%


Attribution Analysis by Sector (GIC REIT Industry) Global Real Estate Securities Portfolio vs. S&P Global REIT Index (net dividends)

Performance data shown represents past performance and is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain the most current month-end performance data, visit www.dimensional.com. Holdings are subject to change. The S&P data are provided by Standard & Poor's Index Services Group. See “Appendix : Standardized Performance Data & Disclosures” to learn how to obtain complete information on performance,


Sector

Portfolio

Average

Weights

Benchmark

Average

Weights

Portfolio

Return

Benchmark

Return

Portfolio

Allocation

Portfolio


Diversified REIT 16% 19% 22.63% 20.43% (0.08%) 0.30% 0.00% 0.22%

Health Care REIT 3% 3% 7.60% 7.69% (0.00%) (0.01%) 0.00% (0.01%)

Hotel and Resort REIT 2% 2% 13.28% 13.36% (0.02%) (0.01%) 0.00% (0.02%)

Industrial REIT 7% 7% 16.30% 17.46% (0.00%) (0.06%) 0.00% (0.06%)

Mortgage REIT — 0% — 1.47% 0.00% — (0.00%) 0.00%

Office REIT 15% 14% 15.89% 15.97% (0.01%) (0.01%) 0.00% (0.02%)

Residential REIT 12% 11% 12.12% 10.75% (0.03%) 0.15% 0.00% 0.12%

Retail REIT 31% 30% 16.03% 16.33% 0.02% (0.08%) 0.00% (0.06%)

Specialized REIT 14% 14% 7.26% 8.44% 0.02% (0.11%) 0.00% (0.08%)

Other Industry 0% 0% 51.59% 0.24% (0.04%) 0.10% 0.00% 0.06%

Cash 1% — 0.04% — (0.12%) 0.00% — (0.12%)

Estimated Total 100% 100% 15.70% 15.66% (0.25%) 0.27% 0.01% 0.04%


Other (0.29%) (1.50%) 1.21%

Total 15.04% 14.17% 0.87%


Attribution Analysis by Region Global Real Estate Securities Portfolio vs. S&P Global REIT Index (net dividends)

Performance data shown represents past performance and is no guarantee of future results. Current performance may be higher o r lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain the most current month-end performance data, visit www.dimensional.com. Holdings are subject to change. The S&P data are provided by Standard & Poor's Index Services Group. See “Appendix: Standardized Performance Data & Disclosures” to learn how to obtain complete information on performance,


Region

Portfolio

Average

Weights

Benchmark

Average

Weights

Portfolio

Return

Benchmark

Return

Portfolio

Allocation

Portfolio


US/Canada 62% 63% 13.14% 13.05% (0.02%) 0.07% 0.00% 0.05%

Australia/New Zealand 9% 9% 14.75% 15.20% (0.02%) (0.04%) 0.00% (0.05%)

Continental Europe 7% 7% 33.17% 33.68% 0.03% (0.03%) 0.00% 0.00%

UK/Ireland 6% 6% 40.13% 38.86% 0.08% 0.06% (0.00%) 0.14%

Japan 7% 7% 15.17% 16.82% (0.06%) (0.11%) 0.00% (0.16%)

Singapore/Hong Kong 5% 5% 12.60% 11.24% (0.00%) 0.07% 0.00% 0.07%

Middle East 0% 0% 29.07% 29.75% 0.01% 0.00% (0.00%) 0.01%

Emerging—Latin America 1% 1% 10.24% 8.56% (0.03%) 0.01% (0.00%) (0.03%)

Emerging—Asia 1% 1% (6.84%) (6.57%) 0.01% (0.00%) 0.00% 0.00%

Emerging—Europe 0% 0% 1.87% (9.08%) 0.04% 0.02% 0.00% 0.06%

Emerging—Africa 1% 1% 0.42% 0.00% 0.05% 0.00% 0.00% 0.05%

Cash 1% — 0.04% — (0.12%) 0.00% — (0.12%)

Estimated Total 100% 100% 15.70% 15.66% (0.02%) 0.05% 0.01% 0.04%


Other (0.29%) (1.50%) 1.21%

Total 15.04% 14.17% 0.87%


Attribution Analysis by Country Global Real Estate Securities Portfolio vs. S&P Global REIT Index (net dividends)

Performance data shown represents past performance and is no guarantee of future results. Current performance may be higher o r lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain the most current month-end performance data, visit www.dimensional.com. Holdings are subject to change. The S&P data are provided by Standard & Poor's Index Services Group. See “Appendix: Standardized Performance Data & Disclosures” to learn how to obtain complete information on performance,


Country

Portfolio

Average

Weights

Benchmark

Average

Weights

Portfolio

Return

Benchmark

Return

Portfolio

Allocation

Portfolio


Australia 9% 9% 14.47% 14.93% (0.02%) (0.04%) 0.00% (0.05%)

Belgium 1% 1% 22.64% 21.37% 0.00% 0.01% 0.00% 0.01%

Canada 3% 2% 8.99% 8.87% (0.00%) 0.00% 0.00% 0.00%

China 0% — (4.18%) — (0.01%) (0.01%) — (0.02%)

France 2% 5% 37.75% 34.04% (0.48%) 0.04% 0.00% (0.43%)

Germany 0% 0% 24.45% 23.27% 0.00% 0.00% (0.00%) 0.00%

Greece 0% 0% 57.00% 44.68% (0.00%) 0.00% (0.00%) (0.00%)

Hong Kong 2% 2% 12.78% 10.90% 0.00% 0.03% 0.00% 0.04%

Ireland — 0% — (13.92%) 0.02% — 0.00% 0.02%

Israel 0% 0% 29.07% 29.75% 0.01% 0.00% (0.00%) 0.01%

Italy 0% 0% 60.28% 60.88% 0.01% (0.00%) (0.00%) 0.01%

Japan 7% 7% 15.17% 16.82% (0.06%) (0.11%) 0.00% (0.16%)

Malaysia 0% 0% (5.00%) (5.30%) 0.02% (0.00%) 0.00% 0.02%

Mexico 1% 1% 10.24% 8.56% (0.03%) 0.01% (0.00%) (0.03%)

Netherlands 4% 1% 32.61% 37.76% 0.55% (0.14%) 0.00% 0.42%

New Zealand 0% 0% 24.50% 23.58% (0.00%) 0.00% 0.00% (0.00%)

Singapore 3% 3% 12.30% 11.41% 0.00% 0.03% 0.00% 0.03%

South Africa 1% 1% 0.42% 0.00% 0.05% 0.00% 0.00% 0.05%

Taiwan 0% 0% (12.27%) (9.75%) (0.03%) (0.01%) 0.00% (0.03%)

Thailand — 0% — (5.64%) 0.04% — 0.00% 0.04%

Turkey 0% 0% 1.42% (8.94%) 0.05% 0.01% 0.00% 0.06%

UK 6% 6% 40.13% 39.26% 0.08% 0.04% (0.00%) 0.12%

US 60% 60% 13.33% 13.25% (0.01%) 0.06% 0.00% 0.05%

Cash 1% — 0.04% — (0.12%) 0.00% — (0.12%)

Estimated Total 100% 100% 15.70% 15.66% 0.08% (0.05%) 0.01% 0.04%


Other (0.29%) (1.50%) 1.21%

Total 15.04% 14.17% 0.87%



Portfolio Holdings Global Real Estate Securities Portfolio, as of April 30, 2014

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SIMON PROPERTY GROUP INC United States 6.01%

UNIBAIL-RODAMCO SE Netherlands 2.96%

PUBLIC STORAGE United States 2.92%

WESTFIELD GROUP Australia 2.37%

EQUITY RESIDENTIAL United States 2.33%

PROLOGIS INC United States 2.33%

HCP INC United States 2.25%

VENTAS INC United States 2.22%

HEALTH CARE REIT INC United States 2.10%

BOSTON PROPERTIES INC United States 2.05%

VORNADO REALTY TRUST United States 1.98%

AVALONBAY COMMUNITIES INC United States 1.93%

HOST HOTELS & RESORTS INC United States 1.89%

LAND SECURITIES GROUP PLC United Kingdom 1.61%

LINK REIT Hong Kong 1.42%

BRITISH LAND CO PLC United Kingdom 1.29%

GENERAL GROWTH PROPERTIES United States 1.26%

ESSEX PROPERTY TRUST INC United States 1.19%

SL GREEN REALTY CORP United States 1.14%

REALTY INCOME CORP United States 1.09%

KIMCO REALTY CORP United States 1.07%

MACERICH CO/THE United States 1.05%

WESTFIELD RETAIL TRUST Australia 1.02%

STOCKLAND Australia 0.95%

GOODMAN GROUP Australia 0.92%

FEDERAL REALTY INVS TRUST United States 0.90%

NIPPON BUILDING FUND INC Japan 0.90%

DIGITAL REALTY TRUST INC United States 0.78%

HAMMERSON PLC United Kingdom 0.78%

JAPAN REAL ESTATE INVESTMENT Japan 0.75%

UDR INC United States 0.74%



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# 17867-1011


GPT GROUP Australia 0.71%

CAMDEN PROPERTY TRUST United States 0.68%

DUKE REALTY CORP United States 0.66%

EXTRA SPACE STORAGE INC United States 0.66%

DEXUS PROPERTY GROUP Australia 0.65%

LIBERTY PROPERTY TRUST United States 0.63%

ALEXANDRIA REAL ESTATE EQUIT United States 0.61%

DDR CORP United States 0.60%

MID-AMERICA APARTMENT COMM United States 0.59%

KILROY REALTY CORP United States 0.56%

REGENCY CENTERS CORP United States 0.55%

JAPAN RETAIL FUND INVESTMENT Japan 0.55%

TAUBMAN CENTERS INC United States 0.53%

KLEPIERRE France 0.52%

APARTMENT INVT & MGMT CO -A United States 0.52%

HOSPITALITY PROPERTIES TRUST United States 0.52%

SENIOR HOUSING PROP TRUST United States 0.51%

SEGRO PLC United Kingdom 0.50%

OMEGA HEALTHCARE INVESTORS United States 0.50%

FIBRA UNO ADMINISTRACION SA Mexico 0.49%

DERWENT LONDON PLC United Kingdom 0.49%

NATIONAL RETAIL PROPERTIES United States 0.48%

INTU PROPERTIES PLC United Kingdom 0.48%

CAPITAMALL TRUST Singapore 0.48%

RIOCAN REAL ESTATE INVST TR Canada 0.47%

AMERICAN CAMPUS COMMUNITIES United States 0.46%

BIOMED REALTY TRUST INC United States 0.46%

ASCENDAS REAL ESTATE INV TRT Singapore 0.46%

CFS RETAIL PROPERTY TRUST GR Australia 0.46%

DOUGLAS EMMETT INC United States 0.43%

UNITED URBAN INVESTMENT CORP Japan 0.43%



54

# 17867-1011


GREAT PORTLAND ESTATES PLC United Kingdom 0.42%

HIGHWOODS PROPERTIES INC United States 0.42%

ICADE France 0.42%

WEINGARTEN REALTY INVESTORS United States 0.41%

HOME PROPERTIES INC United States 0.40%

LASALLE HOTEL PROPERTIES United States 0.39%

TANGER FACTORY OUTLET CENTER United States 0.39%

EQUITY LIFESTYLE PROPERTIES United States 0.38%

FEDERATION CENTRES Australia 0.38%

CORIO NV Netherlands 0.38%

EMLAK KONUT GAYRIMENKUL YATI Turkey 0.37%

SUNTEC REIT Singapore 0.36%

GECINA SA France 0.36%

CBL & ASSOCIATES PROPERTIES United States 0.34%

FONCIERE DES REGIONS France 0.34%

H&R REAL ESTATE INV-REIT UTS Canada 0.34%

AMERICAN REALTY CAPITAL PROP United States 0.34%

ADVANCE RESIDENCE INVESTMENT Japan 0.33%

SHAFTESBURY PLC United Kingdom 0.33%

JAPAN PRIME REALTY INVESTMEN Japan 0.33%

PIEDMONT OFFICE REALTY TRU-A United States 0.32%

EPR PROPERTIES United States 0.32%

CAPITACOMMERCIAL TRUST Singapore 0.32%

GROWTHPOINT PROPERTIES LTD South Africa 0.31%

POST PROPERTIES INC United States 0.31%

SUNSTONE HOTEL INVESTORS INC United States 0.30%

DCT INDUSTRIAL TRUST INC United States 0.29%

FRONTIER REAL ESTATE INVEST Japan 0.28%

CUBESMART United States 0.28%

DIAMONDROCK HOSPITALITY CO United States 0.28%

HEALTHCARE REALTY TRUST INC United States 0.28%



55

# 17867-1011


SOVRAN SELF STORAGE INC United States 0.28%

ORIX JREIT INC Japan 0.27%

CORPORATE OFFICE PROPERTIES United States 0.27%

GAMING AND LEISURE PROPERTIE United States 0.27%

BRANDYWINE REALTY TRUST United States 0.26%

MEDICAL PROPERTIES TRUST INC United States 0.26%

LEXINGTON REALTY TRUST United States 0.25%

COFINIMMO Belgium 0.25%

COMMONWEALTH REIT United States 0.24%

INVESTA OFFICE FUND Australia 0.23%

RLJ LODGING TRUST United States 0.22%

EASTGROUP PROPERTIES INC United States 0.22%

FIRST INDUSTRIAL REALTY TR United States 0.22%

WERELDHAVE NV Netherlands 0.22%

COUSINS PROPERTIES INC United States 0.22%

RYMAN HOSPITALITY PROPERTIES United States 0.21%

EUROCOMMERCIAL PROPERTIE-CV Netherlands 0.20%

STRATEGIC HOTELS & RESORTS I United States 0.20%

JAPAN LOGISTICS FUND INC Japan 0.20%

MACK-CALI REALTY CORP United States 0.20%

MORI TRUST SOGO REIT INC Japan 0.19%

PS BUSINESS PARKS INC/CA United States 0.19%

WASHINGTON REIT United States 0.19%

NIPPON ACCOMMODATIONS FUND Japan 0.19%

KENEDIX OFFICE INVESTMENT CO Japan 0.19%

DUPONT FABROS TECHNOLOGY United States 0.18%

ALEXANDER'S INC United States 0.18%

CAPITAL PROPERTY FUND South Africa 0.18%

NOMURA REAL ESTATE OFFICE FU Japan 0.18%

CALLOWAY REAL ESTATE INVESTM Canada 0.18%

CAN REAL ESTATE INVEST TRUST Canada 0.17%



56

# 17867-1011


ACADIA REALTY TRUST United States 0.17%

SUN COMMUNITIES INC United States 0.17%

MORI HILLS REIT INVESTMENT C Japan 0.17%

REDEFINE PROPERTIES LTD South Africa 0.17%

GLIMCHER REALTY TRUST United States 0.17%

EQUITY ONE INC United States 0.17%

DUNDEE REAL ESTATE INVESTM-A Canada 0.17%

RETAIL PROPERTIES OF AME - A United States 0.17%

KEPPEL REIT Singapore 0.16%

DAIWA HOUSE RESIDENTIAL INV Japan 0.16%

JAPAN EXCELLENT INC Japan 0.16%

MAPLETREE LOGISTICS TRUST Singapore 0.16%

GOVERNMENT PROPERTIES INCOME United States 0.16%

BOARDWALK REAL ESTATE INVEST Canada 0.16%

MAPLETREE COMMERCIAL TRUST Singapore 0.16%

MAPLETREE INDUSTRIAL TRUST Singapore 0.15%

WP CAREY INC United States 0.15%

BEFIMMO Belgium 0.15%

LONDONMETRIC PROPERTY PLC United Kingdom 0.14%

CHAMPION REIT Hong Kong 0.14%

BWP TRUST Australia 0.14%

EDUCATION REALTY TRUST INC United States 0.14%

CHARTER HALL RETAIL REIT Australia 0.13%

SABRA HEALTH CARE REIT INC United States 0.13%

INDUSTRIAL & INFRASTRUCTURE Japan 0.13%

LTC PROPERTIES INC United States 0.13%

PENN REAL ESTATE INVEST TST United States 0.13%

DAIWA OFFICE INVESTMENT CORP Japan 0.13%

NATL HEALTH INVESTORS INC United States 0.13%

ALLIED PROPERTIES REAL ESTAT Canada 0.13%

TOKYU REIT INC Japan 0.13%



57

# 17867-1011


CAN APARTMENT PROP REAL ESTA Canada 0.13%

JAPAN HOTEL REIT INVESTMENT Japan 0.13%

SHOPPING CENTRES AUSTRALASIA Australia 0.13%

BIG YELLOW GROUP PLC United Kingdom 0.12%

VASTNED RETAIL NV Netherlands 0.12%

HERSHA HOSPITALITY TRUST United States 0.12%

CROMWELL PROPERTY GROUP Australia 0.12%

WORKSPACE GROUP PLC United Kingdom 0.12%

FELCOR LODGING TRUST INC United States 0.12%

HANSTEEN HOLDINGS PLC United Kingdom 0.12%

COMINAR REAL ESTATE INV-TR U Canada 0.12%

CDL HOSPITALITY TRUSTS Singapore 0.11%

CHARTER HALL GROUP Australia 0.11%

RAMCO-GERSHENSON PROPERTIES United States 0.11%

ARTIS REAL ESTATE INVESTMENT Canada 0.11%

GRANITE REAL ESTATE INVESTME Canada 0.11%

INLAND REAL ESTATE CORP United States 0.11%

FUKUOKA REIT CORP Japan 0.11%

BENI STABILI SPA Italy 0.11%

STARHILL GLOBAL REIT Singapore 0.11%

FRANKLIN STREET PROPERTIES C United States 0.11%

ALSTRIA OFFICE REIT-AG Germany 0.10%

PEBBLEBROOK HOTEL TRUST United States 0.10%

MERCIALYS France 0.10%

PARKWAY PROPERTIES INC United States 0.10%

ASSOCIATED ESTATES REALTY CP United States 0.10%

PREMIER INVESTMENT CORP Japan 0.10%

CHARTWELL RETIREMENT RESIDEN Canada 0.10%

WAREHOUSES DE PAUW SCA Belgium 0.10%

RESILIENT PROPERTY INCOME South Africa 0.10%

ASCOTT RESIDENCE TRUST Singapore 0.10%



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RETAIL OPPORTUNITY INVESTMEN United States 0.09%

NOMURA REAL ESTATE RESIDENTI Japan 0.09%

KIWI INCOME PROPERTY TRUST New Zealand 0.09%

FRASERS CENTREPOINT TRUST Singapore 0.09%

ASHFORD HOSPITALITY TRUST United States 0.09%

CAMBRIDGE INDUSTRIAL TRUST Singapore 0.09%

CATHAY NO 1 REIT Taiwan 0.08%

FOUNTAINHEAD PROPERTY TRUST South Africa 0.08%

SEKISUI HOUSE SI INVESTMENT Japan 0.08%

FIRST POTOMAC REALTY TRUST United States 0.08%

CACHE LOGISTICS TRUST Singapore 0.08%

TOP REIT INC Japan 0.08%

CAPITARETAIL CHINA TRUST Singapore 0.08%

PARKWAYLIFE REAL ESTATE Singapore 0.08%

EMIRA PROPERTY FUND South Africa 0.08%

HYPROP INVESTMENTS LTD-UTS South Africa 0.08%

ABACUS PROPERTY GROUP Australia 0.08%

JAPAN RENTAL HOUSING INVESTM Japan 0.07%

GOODMAN PROPERTY TRUST New Zealand 0.07%

SAFESTORE HOLDINGS PLC United Kingdom 0.07%

KLCC PROPERTY HOLDINGS BHD Malaysia 0.07%

SAUL CENTERS INC United States 0.07%

KITE REALTY GROUP TRUST United States 0.07%

YUEXIU REAL ESTATE INVESTMEN China 0.07%

SA CORPORATE REAL ESTATE FUN South Africa 0.07%

FORTUNE REIT Hong Kong 0.07%

GLOBAL ONE REIT Japan 0.07%

HEIWA REAL ESTATE REIT INC Japan 0.06%

AIMS AMP CAPITAL INDUSTRIAL Singapore 0.06%

AEDIFICA Belgium 0.06%

SUNWAY REAL ESTATE INVESTMEN Malaysia 0.06%



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FRASERS COMMERCIAL TRUST Singapore 0.06%

HANKYU REIT INC Japan 0.06%

ACUCAP PROPERTIES LTD South Africa 0.06%

CHESAPEAKE LODGING TRUST United States 0.06%

CAMPUS CREST COMMUNITIES INC United States 0.06%

CAPITAMALLS MALAYSIA TRUST Malaysia 0.06%

HAMBORNER REIT AG Germany 0.06%

INVESTORS REAL ESTATE TRUST United States 0.05%

ALONY HETZ PROPERTIES & INV Israel 0.05%

SPIRIT REALTY CAPITAL INC United States 0.05%

UNIVERSAL HEALTH RLTY INCOME United States 0.05%

FIRST REAL ESTATE INVT TRUST Singapore 0.05%

LIPPO MALLS INDONESIA RETAIL Singapore 0.05%

HUDSON PACIFIC PROPERTIES IN United States 0.05%

ARGOSY PROPERTY LTD New Zealand 0.05%

CROMBIE REAL ESTATE INVESTME Canada 0.05%

STE DE LA TOUR EIFFEL France 0.05%

NORTHERN PROPERTY REAL ESTAT Canada 0.05%

MORGUARD REAL ESTATE-TR UTS Canada 0.05%

PRIMARY HEALTH PROPERTIES United Kingdom 0.05%

SUNLIGHT REAL ESTATE INVEST Hong Kong 0.05%

KENEDIX RESIDENTIAL INVESTME Japan 0.05%

MID REIT INC Japan 0.05%

WINTHROP REALTY TRUST United States 0.05%

EXCEL TRUST INC United States 0.04%

ALE PROPERTY GROUP Australia 0.04%

MACQUARIE MEXICO REAL ESTATE Mexico 0.04%

URSTADT BIDDLE - CLASS A United States 0.04%

PROSPERITY REIT Hong Kong 0.04%

ICHIGO REAL ESTATE INVESTMEN Japan 0.04%

NIEUWE STEEN INVESTMENTS NV Netherlands 0.04%



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SYCOM PROPERTY FUND South Africa 0.04%

SUMMIT HOTEL PROPERTIES INC United States 0.04%

CEDAR REALTY TRUST INC United States 0.04%

PURE INDUSTRIAL REAL ESTATE Canada 0.04%

AXIS REAL ESTATE INVESTMENT Malaysia 0.04%

AMERICAN ASSETS TRUST INC United States 0.04%

GETTY REALTY CORP United States 0.04%

AGREE REALTY CORP United States 0.04%

VUKILE PROPERTY FUND LTD South Africa 0.04%

TORUNLAR GAYRIMENKUL YATIRIM Turkey 0.04%

MUCKLOW ( A & J ) GROUP PLC United Kingdom 0.04%

IMMOBILIARE GRANDE DISTRIBUZ Italy 0.03%

SABANA SHARIAH COMP IND REIT Singapore 0.03%

MONMOUTH REIT-CLASS A United States 0.03%

ROUSE PROPERTIES INC United States 0.03%

SHIN KONG NO 1 REIT Taiwan 0.03%

REGAL REAL ESTATE INVESTMENT Hong Kong 0.03%

REIT 1 LTD Israel 0.03%

IS GAYRIMENKUL YATIRIM ORTAK Turkey 0.03%

ASCENDAS INDIA TRUST Singapore 0.03%

INNVEST REAL ESTATE INVESTME Canada 0.03%

CATHAY NO 2 REIT Taiwan 0.03%

CHALLENGER DIVERSIFIED PROPE Australia 0.03%

ONE LIBERTY PROPERTIES INC United States 0.03%

INGENIA COMMUNITIES GROUP Australia 0.03%

IGB REAL ESTATE INVESTMENT T Malaysia 0.03%

ASHFORD HOSPITALITY PRIME IN United States 0.03%

VITAL HEALTHCARE PROPERTY TR New Zealand 0.02%

GALLOP NO 1 REIT Taiwan 0.02%

FUBON NO 2 REIT Taiwan 0.02%

LEASINVEST REAL ESTATE SCA Belgium 0.02%



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INTERVEST OFFICES&WAREHOUSES Belgium 0.02%

BROOKFIELD CANADA OFFICE PRO Canada 0.02%

WERELDHAVE BELGIUM Belgium 0.02%

DOGUS GAYRIMENKUL YATIRIM OR Turkey 0.02%

HEALTHCARE TRUST OF AME-CL A United States 0.02%

RETAIL ESTATES Belgium 0.02%

NORTHWEST HEALTHCARE PROPERT Canada 0.02%

ANF IMMOBILIER France 0.02%

AUSTRALIAN EDUCATION TRUST Australia 0.02%

PRECINCT PROPERTIES NEW ZEAL New Zealand 0.02%

ASTRO JAPAN PROPERTY GROUP Australia 0.02%

SAIZEN REIT Singapore 0.02%

EUROBANK PROPERTIES REAL EST Greece 0.02%

MCKAY SECURITIES PLC-ORD United Kingdom 0.02%

INVINCIBLE INVESTMENT CORP Japan 0.02%

VAKIF GAYRIMENKUL YATIRIM Turkey 0.02%

PROPERTY FOR INDUSTRY LTD New Zealand 0.02%

URSTADT BIDDLE PROPERTIES United States 0.01%

RETROCOM REAL ESTATE INVESTM Canada 0.01%

AKMERKEZ GAYRIMENKUL YATIRIM Turkey 0.01%

ASPEN GROUP Australia 0.01%

AFFINE France 0.01%

REBOSIS PROPERTY FUND LTD South Africa 0.01%

UMH PROPERTIES INC United States 0.01%

DNZ PROPERTY FUND LTD New Zealand 0.01%

RREEF CHINA COMMERCIAL TRUST China 0.01%

YTL HOSPITALITY REIT Malaysia 0.01%

REDEFINE INTERNATIONAL PLC United Kingdom 0.01%

SAF GAYRIMENKUL YATIRIM ORTA Turkey 0.01%

GROWTHPOINT PROPERTIES AUSTR Australia 0.01%

STARTS PROCEED INVESTMENT CO Japan 0.01%



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INTERRENT REAL ESTATE INVEST Canada 0.0099%

CHATHAM LODGING TRUST United States 0.0096%

GLADSTONE COMMERCIAL CORP United States 0.0094%

FAR EAST HOSPITALITY TRUST Singapore 0.0091%

WHITESTONE REIT United States 0.0086%

CARINDALE PROPERTY TRUST Australia 0.0082%

CEGEREAL France 0.0080%

AMFIRST REAL ESTATE INVESTM Malaysia 0.0078%

ALARKO GAYRIMENKUL YATIRIM Turkey 0.0077%

FUBON NO 1 REIT Taiwan 0.0076%

CONCENTRADORA FIBRA HOTELERA Mexico 0.0076%

SINPAS GAYRIMENKUL YATIRIM O Turkey 0.0075%

PRIME OFFICE AG Germany 0.0072%

PARTNERS REAL ESTATE INVESTM Canada 0.0066%

VIVIDEND INCOME FUND LTD South Africa 0.0061%

SOTHERLY HOTELS INC United States 0.0061%

SELECT INCOME REIT United States 0.0058%

COMFORIA RESIDENTIAL REIT IN Japan 0.0056%

SELLA CAPITAL REAL ESTATE LT Israel 0.0053%

ASSURA GROUP LTD United Kingdom 0.0040%

QUILL CAPITA TRUST Malaysia 0.0039%

STAG INDUSTRIAL INC United States 0.0039%

DAIWA HOUSE REIT INVESTMENT Japan 0.0037%

AKFEN GAYRIMENKUL YATIRIM OR Turkey 0.0033%

TOWER REAL ESTATE INVESTMENT Malaysia 0.0030%

INVESTEC PROPERTY FUND LTD South Africa 0.0027%

AMANAHRAYA REIT Malaysia 0.0027%

DUNDEE INTERNATIONAL REAL ES Canada 0.0026%

ARGAN France 0.0026%

TF ADMINISTRADORA INDUSTRIAL Mexico 0.0026%

NUROL GAYRIMENKUL YO AS Turkey 0.0025%



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ACANTHE DEVELOPPEMENT SA France 0.0020%

GALILEO JAPAN TRUST Australia 0.0018%

OZAK GAYRIMENKUL YATIRIM ORT Turkey 0.0017%

MORGUARD NORTH AMERICAN RESI Canada 0.0015%

ASCENDAS HOSPITALITY TRUST Singapore 0.0013%

PLAZA RETAIL REIT Canada 0.0010%

TOWN CENTRE SECURITIES PLC United Kingdom 0.0010%

HEKTAR REAL ESTATE INVESTMEN Malaysia 0.0009%

TERREIS France 0.0007%

ASESOR DE ACTIVOS PRISMA SAP Mexico 0.0006%

RESILIENT PROPERTY INCOM-RTS South Africa 0.0005%

MONTEA Belgium 0.0005%

HMG COURTLAND PROPERTIES United States 0.0005%

ROBERTS REALTY INVESTORS INC United States 0.0005%

HUNTINGDON CAPITAL CORP Canada 0.0004%

ALTAREA France 0.0004%

NPT LTD New Zealand 0.0004%

SUPERTEL HOSPITALITY INC United States 0.0003%

GENERATION HEALTHCARE REIT Australia 0.0002%

BTB REAL ESTATE INVESTMENT T Canada 0.0002%

PRIME RETIREMENT & AGED CARE Australia 0.0000%

item no. 4: annual presentation by dimensional …retirement.ladwp.com/agendaitems/20140813 - item...

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