Dimensional vs. ETF After-Tax Comparison

Transcription

1 Dimensional vs. ETF After-Tax Comparison Data as of March 31, 2014 This information is provided for institutional investors and registered investment advisors, 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) or at Dimensional funds are distributed by DFA Securities LLC.

2 Domestic After-Tax Returns Comparison As of March 31, 2014 (1 of 3) Market Blend 1 Year 3 Year 5 Year Pre-Tax After-Tax Tax Pre-Tax After-Tax Tax Pre-Tax After-Tax Tax Return Return Cost Return Return Cost Return Return Cost Dimensional Core Equity Dimensional Core Equity Dimensional TA Core Equity Dimensional Tax-Managed US Equity Vanguard Total Stock Market ETF Vanguard Russell 3000 Index ETF ishares Russell 3000 Index ETF ishares Core S&P Total US Stock Mkt SPDR Russell 3000 ETF WisdomTree Total Earnings ETF Schwab US Broad Market ETF Dow Jones US Total Stock Market Index Russell 3000 Index Dimensional Company SPDR S&P 500 ETF ishares Core S&P 500 ETF ishares Russell 1000 Index ETF ishares Dow Jones US ETF Vanguard Cap ETF Vanguard Russell 1000 Index ETF WisdomTree Earnings 500 ETF SPDR Russell 1000 ETF Schwab US -Cap ETF Russell 1000 Index S&P 500 Index See Appendix: Standardized Performance Data and Disclosures to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses. Sources: Dimensional Fund Advisors for Dimensional funds; Russell data copyright Russell Investment Group , all rights reserved; The S&P data are provided by Standard & Poor s Index Services Group; Dow Jones data provided by Dow Jones Indexes; Mutual fund universe statistical data provided by Morningstar, Inc. Dimensional after-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes and actual investor's tax situation and may differ from those shown. Actual after-tax returns depend on an investor s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 1

3 Domestic After-Tax Returns Comparison As of March 31, 2014 (2 of 3) Value Growth 1 Year 3 Year 5 Year Pre-Tax After-Tax Tax Pre-Tax After-Tax Tax Pre-Tax After-Tax Tax Return Return Cost Return Return Cost Return Return Cost Dimensional Cap Value Dimensional Tax-Managed US Marketwide Value ishares Russell 1000 Value Index ETF ishares S&P 500 Value Index ETF Vanguard Value ETF Vanguard Russell 1000 Value Index ETF WisdomTree Cap Value ETF WisdomTree Cap Dividend ETF SPDR S&P 500 Value ETF Schwab US -Cap Value ETF Russell 1000 Value Index S&P/Citigroup 500 Value Index Dimensional Cap Growth ishares Russell 1000 Growth ETF Vanguard Russell 1000 Growth Index ETF Russell 1000 Growth See Appendix: Standardized Performance Data and Disclosures to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses. Sources: Dimensional Fund Advisors for Dimensional funds; Russell data copyright Russell Investment Group , all rights reserved; S&P/Citigroup data provided by S&P/Citigroup Global Markets Inc.; Mutual fund universe statistical data provided by Morningstar, Inc. Dimensional after-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes and actual investor's tax situation and may differ from those shown. Actual after-tax returns depend on an investor s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 2

4 Domestic After-Tax Returns Comparison As of March 31, 2014 (3 of 3) Small 1 Year 3 Year 5 Year Pre-Tax After-Tax Tax Pre-Tax After-Tax Tax Pre-Tax After-Tax Tax Return Return Cost Return Return Cost Return Return Cost Dimensional Micro Cap Dimensional Small Cap Dimensional Tax-Managed US Small Cap ishares Russell 2000 Index ETF ishares Core S&P Small-Cap ETF ishares Micro-Cap ETF Vanguard Small Cap ETF WisdomTree SmallCap Earnings ETF SPDR S&P 600 Small Cap ETF Schwab US Small-Cap ETF Russell 2000 Index S&P SmallCap 600 Index Small Value Dimensional Small Cap Value Dimensional Targeted Value Dimensional Tax-Managed Targeted Value Dimensional Vector Equity ishares Russell 2000 Value Index ETF ishares S&P SmallCap 600 Value Index ETF Vanguard Small Cap Value ETF WisdomTree SmallCap Dividend ETF SPDR S&P 600 Small Cap Value ETF Russell 2000 Value Index S&P/Citigroup SmallCap 600 Value Index Small Growth Dimensional Small Cap Growth ishares Russell 2000 Growth ETF Russell 2000 Growth Index See Appendix: Standardized Performance Data and Disclosures to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses. Sources: Dimensional Fund Advisors for Dimensional funds; Russell data copyright Russell Investment Group , all rights reserved; S&P/Citigroup data provided by S&P/Citigroup Global Markets Inc.; Mutual fund universe statistical data provided by Morningstar, Inc. Dimensional after-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes and actual investor's tax situation and may differ from those shown. Actual after-tax returns depend on an investor s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 3

5 International After-Tax Returns Comparison As of March 31, 2014 (1 of 2) Market/ 1 Year 3 Year 5 Year Pre-Tax After-Tax Tax Pre-Tax After-Tax Tax Pre-Tax After-Tax Tax Return Return Cost Return Return Cost Return Return Cost Dimensional International Core Equity Dimensional Cap International ishares MSCI EAFE ETF Vanguard FTSE All World ex US ETF ishares MSCI ACWI ex US Index ETF ishares Core MSCI Total Intl Stk ETF SPDR MSCI ACWI ex US ETF SPDR S&P World ex US ETF Schwab International Equity ETF MSCI World ex USA Index Value Dimensional International Value Dimensional Tax-Managed International Value ishares MSCI EAFE Value ETF ishares Intl. Select Dividend Index ETF WisdomTree International Cap Dividend ETF MSCI World ex USA Value Index Growth Dimensional International Cap Growth ishares MSCI EAFE Growth ETF MSCI World ex USA Growth Index See Appendix: Standardized Performance Data and Disclosures to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses. Sources: Dimensional Fund Advisors for Dimensional funds; MSCI data copyright MSCI 2013, all rights reserved; Mutual fund universe statistical data provided by Morningstar, Inc. Dimensional after-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes and actual investor's tax situation and may differ from those shown. Actual after-tax returns depend on an investor s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 4

6 International After-Tax Returns Comparison As of March 31, 2014 (2 of 2) Small/ Small Value Emerging Markets 1 Year 3 Year 5 Year Pre-Tax After-Tax Tax Pre-Tax After-Tax Tax Pre-Tax After-Tax Tax Return Return Cost Return Return Cost Return Return Cost Dimensional International Small Cap Value Dimensional International Small Company Dimensional International Vector Equity ishares MSCI EAFE Small Cap ETF SPDR S&P International Small Cap ETF WisdomTree International SmallCap Dividend ETF Schwab International Small-Cap Equity ETF MSCI World ex USA Small Cap Index Dimensional Emerging Markets Core Equity Dimensional Emerging Markets Portfolio Dimensional Emerging Markets Small Cap Dimensional Emerging Markets Value ishares MSCI Emerging Markets ETF ishares Core MSCI Emerging Market ETF Vanguard FTSE Emerging Markets ETF WisdomTree Emerging Markets Equity Income ETF SPDR S&P Emerging Markets Small Cap ETF WisdomTree Emerging Mkts. SmallCap Div. ETF SPDR S&P Emerging Markets ETF ishares MSCI Emerging Markets Value ETF Schwab Emerging Markets Equity ETF MSCI Emerging Markets Index See Appendix: Standardized Performance Data and Disclosures to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses. Sources: Dimensional Fund Advisors for Dimensional funds; MSCI data copyright MSCI 2013, all rights reserved; Mutual fund universe statistical data provided by Morningstar, Inc. Dimensional after-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes and actual investor's tax situation and may differ from those shown. Actual after-tax returns depend on an investor s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 5

7 REIT After-Tax Returns Comparison As of March 31, 2014 Domestic Int l Global 1 Year 3 Year 5 Year Pre-Tax After-Tax Tax Pre-Tax After-Tax Tax Pre-Tax After-Tax Tax Return Return Cost Return Return Cost Return Return Cost Dimensional Real Estate Securities Vanguard REIT Index ETF ishares US Real Estate ETF ishares Cohen & Steers REIT ETF SPDR Dow Jones REIT ETF Dow Jones US Select REIT Index Dimensional International Real Estate Securities SPDR Dow Jones International Real Estate ETF ishares International Dev Real Estate ETF ishares International Developed Property ETF WisdomTree Global ex-us Real Estate S&P Developed ex US REIT Index S&P Global ex US REIT Index Dimensional Global Real Estate Securities SPDR Dow Jones Global Real Estate ETF S&P Global REIT Index See Appendix: Standardized Performance Data and Disclosures to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses. Sources: Dimensional Fund Advisors for Dimensional funds; Dow Jones data provided by Dow Jones Indexes; The S&P data are provided by Standard & Poor's Index Services Group; Mutual fund universe statistical data provided by Morningstar, Inc. Dimensional after-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes and actual investor s tax situation and may differ from those shown. Actual after-tax returns depend on an investor s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 6

8 Domestic Equity Ratios As of March 31, 2014 (1 of 2) Market Blend Ratio Ratio Dimensional Core Equity Dimensional Cap Value 0.27 Dimensional Core Equity Dimensional Tax-Managed US Marketwide Value 0.37 Dimensional TA Core Equity ishares Russell 1000 Value Index ETF 0.21 Dimensional Tax-Managed US Equity 0.22 ishares S&P 500 Value Index ETF 0.18 Vanguard Total Stock Market ETF 0.05 Vanguard Value ETF 0.10 Vanguard Russell 3000 Index ETF 0.15 Value Vanguard Russell 1000 Value Index ETF 0.15 ishares Russell 3000 Index ETF 0.20 WisdomTree Cap Value ETF 0.38 ishares Core S&P Total US Stock Mkt 0.07 WisdomTree Cap Dividend ETF 0.28 SPDR Russell 3000 ETF 0.10 SPDR S&P 500 Value ETF 0.20 WisdomTree Total Earnings ETF 0.28 Schwab US -Cap Value ETF 0.07 Schwab US Broad Market ETF 0.04 Dimensional Cap Growth 0.20 Dimensional Company 0.08 ishares Russell 1000 Growth ETF 0.20 Growth SPDR S&P 500 ETF 0.09 Vanguard Russell 1000 Growth Index ETF 0.15 ishares Core S&P 500 ETF 0.07 ishares Russell 1000 Index ETF 0.15 ishares Dow Jones US ETF 0.20 Vanguard Cap ETF 0.10 Vanguard Russell 1000 Index ETF 0.12 WisdomTree Earnings 500 ETF 0.28 SPDR Russell 1000 ETF 0.10 Schwab US -Cap ETF 0.04 ratio is the Prospectus Net Ratio. See Appendix: Standardized Performance Data and Disclosures to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses. Sources: Dimensional Fund Advisors for Dimensional expense ratios; Mutual fund universe statistical data provided by Morningstar, Inc. ratio data is supplied as of March 31, 2014; actual portfolio date for data may differ. 7

9 Domestic Equity Ratios As of March 31, 2014 (2 of 2) Small Small Value Ratio Ratio Dimensional Micro Cap 0.52 Small Dimensional Small Cap Growth 0.40 Dimensional Small Cap 0.37 Growth ishares Russell 2000 Growth ETF 0.25 Dimensional Tax-Managed US Small Cap 0.52 ishares Russell 2000 Index ETF 0.24 ishares Core S&P Small-Cap ETF 0.17 ishares Micro-Cap ETF 0.72 Vanguard Small Cap ETF 0.10 WisdomTree SmallCap Earnings ETF 0.38 SPDR S&P 600 Small Cap ETF 0.24 Schwab US Small-Cap ETF 0.08 Dimensional Small Cap Value 0.52 Dimensional Targeted Value 0.37 Dimensional Tax-Managed Targeted Value 0.44 Dimensional Vector Equity 0.32 ishares Russell 2000 Value Index ETF 0.36 ishares S&P SmallCap 600 Value Index ETF 0.30 Vanguard Small Cap Value ETF 0.10 WisdomTree SmallCap Dividend ETF 0.38 SPDR S&P 600 Small Cap Value ETF 0.30 ratio is the Prospectus Net Ratio. See Appendix: Standardized Performance Data and Disclosures to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses. Sources: Dimensional Fund Advisors for Dimensional expense ratios; Mutual fund universe statistical data provided by Morningstar, Inc. ratio data is supplied as of March 31, 2014; actual portfolio date for data may differ. 8

10 International Equity Ratios As of March 31, 2014 Market/ Value Growth Ratio Dimensional International Core Equity 0.39 Dimensional International Small Cap Value 0.69 Dimensional Cap International 0.29 Dimensional International Small Company 0.54 ishares MSCI EAFE ETF 0.34 Small/ Dimensional International Vector Equity 0.51 Vanguard FTSE All World ex US ETF 0.15 Small ishares MSCI EAFE Small Cap ETF 0.40 ishares MSCI ACWI ex US Index ETF 0.34 Value SPDR S&P International Small Cap ETF 0.59 ishares Core MSCI Total Intl Stk ETF 0.16 WisdomTree International SmallCap Dividend ETF 0.58 SPDR MSCI ACWI ex US ETF 0.34 Schwab International Small-Cap Equity ETF 0.19 SPDR S&P World ex US ETF 0.34 Schwab International Equity ETF 0.09 Dimensional Emerging Markets Core Equity 0.66 Dimensional Emerging Markets Portfolio 0.57 Dimensional International Value 0.43 Dimensional Emerging Markets Small Cap 0.75 Dimensional Tax-Managed International Value 0.53 Dimensional Emerging Markets Value 0.57 ishares MSCI EAFE Value ETF 0.40 ishares MSCI Emerging Markets ETF 0.67 ishares Intl. Select Dividend Index ETF WisdomTree International Cap Dividend ETF Emerging Markets ishares Core MSCI Emerging Market ETF Vanguard FTSE Emerging Markets ETF WisdomTree Emerging Markets Equity Income ETF 0.63 Dimensional International Cap Growth 0.30 SPDR S&P Emerging Markets Small Cap ETF 0.65 ishares MSCI EAFE Growth ETF 0.40 WisdomTree Emerging Mkts. SmallCap Div. ETF 0.63 SPDR S&P Emerging Markets ETF 0.59 ishares MSCI Emerging Markets Value ETF 0.49 Schwab Emerging Markets Equity ETF 0.14 Ratio ratio is the Prospectus Net Ratio. See Appendix: Standardized Performance Data and Disclosures to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses. Sources: Dimensional Fund Advisors for Dimensional expense ratios; Mutual fund universe statistical data provided by Morningstar, Inc. ratio data is supplied as of March 31, 2014; actual portfolio date for data may differ. 9

11 REIT Ratios As of March 31, 2014 Domestic Ratio Dimensional Real Estate Securities 0.18 Dimensional International Real Estate Securities 0.39 Vanguard REIT Index ETF 0.10 SPDR Dow Jones International Real Estate ETF 0.59 ishares US Real Estate ETF 0.46 Int l ishares International Dev Real Estate ETF 0.48 ishares Cohen & Steers REIT ETF 0.35 ishares International Developed Property ETF 0.48 SPDR Dow Jones REIT ETF 0.25 WisdomTree Global ex-us Real Estate 0.58 Ratio Global Dimensional Global Real Estate Securities 0.32 SPDR Dow Jones Global Real Estate ETF 0.50 ratio is the Prospectus Net Ratio. See Appendix: Standardized Performance Data and Disclosures to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses. Sources: Dimensional Fund Advisors for Dimensional expense ratios; Mutual fund universe statistical data provided by Morningstar, Inc. ratio data is supplied as of March 31, 2014; actual portfolio date for data may differ. 10

12 Appendix

13 Domestic Annualized Returns As of March 31, 2014 (1 of 3) Market Blend Since First Inception 1 Year 3 Year 5 Year 10 Year Full Month Date Dimensional Core Equity /1/2005 Dimensional Core Equity /1/2005 Dimensional TA Core Equity /1/2007 Dimensional Tax-Managed US Equity /1/2001 Vanguard Total Stock Market ETF /24/2001 Vanguard Russell 3000 Index ETF /20/2010 ishares Russell 3000 Index ETF /22/2000 ishares Core S&P Total US Stock Mkt /20/2004 SPDR Russell 3000 ETF /4/2000 WisdomTree Total Earnings ETF /23/2007 Schwab US Broad Market ETF /3/2009 Dow Jones US Total Stock Market Index /1/1971 Russell 3000 Index /1/1979 Dimensional Company /1/1999 SPDR S&P 500 ETF /22/1993 ishares Core S&P 500 ETF /15/2000 ishares Russell 1000 Index ETF /15/2000 ishares Dow Jones US ETF /12/2000 Vanguard Cap ETF /27/2004 Vanguard Russell 1000 Index ETF /20/2010 WisdomTree Earnings 500 ETF /23/2007 SPDR Russell 1000 ETF /8/2005 Schwab US -Cap ETF /3/2009 Russell 1000 Index /1/1979 S&P 500 Index /1/1926 See Appendix: Standardized Performance Data and Disclosures to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses. Sources: Dimensional Fund Advisors for Dimensional funds; Russell data copyright Russell Investment Group , all rights reserved; The S&P data are provided by Standard & Poor s Index Services Group; Dow Jones data provided by Dow Jones Indexes; Mutual fund universe statistical data provided by Morningstar, Inc. 12

14 Domestic Annualized Returns As of March 31, 2014 (2 of 3) Value Growth Since First Inception 1 Year 3 Year 5 Year 10 Year Full Month Date Dimensional Cap Value /1/1993 Dimensional Tax-Managed US Marketwide Value /1/1999 ishares Russell 1000 Value Index ETF /22/2000 ishares S&P 500 Value Index ETF /22/2000 Vanguard Value ETF /26/2004 Vanguard Russell 1000 Value Index ETF /20/2010 WisdomTree Cap Value ETF /23/2007 WisdomTree Cap Dividend ETF /16/2006 SPDR S&P 500 Value ETF /25/2000 Schwab US -Cap Value ETF /11/2009 Russell 1000 Value Index /1/1979 S&P/Citigroup 500 Value Index /1/1995 Dimensional Cap Growth /1/2013 ishares Russell 1000 Growth ETF /22/2000 Vanguard Russell 1000 Growth Index ETF /20/2010 Russell 1000 Growth Index /1/1979 See Appendix: Standardized Performance Data and Disclosures to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses. Sources: Dimensional Fund Advisors for Dimensional funds; Russell data copyright Russell Investment Group , all rights reserved; S&P/Citigroup data provided by S&P/Citigroup Global Markets Inc.; Mutual fund universe statistical data provided by Morningstar, Inc. 13

15 Domestic Annualized Returns As of March 31, 2014 (3 of 3) Small Small Value Small Growth Since First Inception 1 Year 3 Year 5 Year 10 Year Full Month Date Dimensional Micro Cap /1/1982 Dimensional Small Cap /1/1992 Dimensional Tax-Managed US Small Cap /1/1999 ishares Russell 2000 Index ETF /22/2000 ishares Core S&P Small-Cap ETF /22/2000 ishares Micro-Cap ETF /12/2005 Vanguard Small Cap ETF /26/2004 WisdomTree SmallCap Earnings ETF /23/2007 SPDR S&P 600 Small Cap ETF /8/2005 Schwab US Small-Cap ETF /3/2009 Russell 2000 Index /1/1979 S&P SmallCap 600 Index /1/1994 Dimensional Small Cap Value /1/1993 Dimensional Targeted Value /1/2000 Dimensional Tax-Managed Targeted Value /1/1999 Dimensional Vector Equity /1/2006 ishares Russell 2000 Value Index ETF /24/2000 ishares S&P SmallCap 600 Value Index ETF /24/2000 Vanguard Small Cap Value ETF /26/2004 WisdomTree SmallCap Dividend ETF /16/2006 SPDR S&P 600 Small Cap Value ETF /25/2000 Russell 2000 Value Index /1/1979 S&P/Citigroup SmallCap 600 Value Index /1/1995 Dimensional Small Cap Growth /1/2013 ishares Russell 2000 Growth ETF /24/2000 Russell 2000 Growth Index /1/1979 See Appendix: Standardized Performance Data and Disclosures to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses. Sources: Dimensional Fund Advisors for Dimensional funds; Russell data copyright Russell Investment Group , all rights reserved; The S&P data are provided by Standard & Poor s Index Services Group; S&P/Citigroup data provided by S&P/Citigroup Global Markets Inc.; Dow Jones data provided by Dow Jones Indexes; Mutual fund universe statistical data provided by Morningstar, Inc. 14

16 International Annualized Returns As of March 31, 2014 (1 of 2) Market/ Value Growth Since First Inception 1 Year 3 Year 5 Year 10 Year Full Month Date Dimensional International Core Equity /1/2005 Dimensional Cap International /1/1991 ishares MSCI EAFE ETF /14/2001 Vanguard FTSE All World ex US ETF /2/2007 ishares MSCI ACWI ex US Index ETF /26/2008 ishares Core MSCI Total Intl Stk ETF /18/2012 SPDR MSCI ACWI ex US ETF /10/2007 SPDR S&P World ex US ETF /20/2007 Schwab International Equity ETF /3/2009 MSCI World ex USA Index /1/1970 Dimensional International Value /1/1994 Dimensional Tax-Managed International Value /1/1999 ishares MSCI EAFE Value ETF /1/2005 ishares Intl. Select Dividend Index ETF /11/2007 WisdomTree International Cap Dividend ETF /16/2006 MSCI World ex USA Value Index /1/1975 Dimensional International Cap Growth /1/2013 ishares MSCI EAFE Growth ETF /1/2005 MSCI World ex USA Growth Index /1/1975 See Appendix: Standardized Performance Data and Disclosures to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses. Sources: Dimensional Fund Advisors for Dimensional funds; MSCI data copyright MSCI 2013, all rights reserved; Mutual fund universe statistical data provided by Morningstar, Inc. 15

17 International Annualized Returns As of March 31, 2014 (2 of 2) Small/ Small Value Emerging Markets Since First Inception 1 Year 3 Year 5 Year 10 Year Full Month Date Dimensional International Small Cap Value /1/1995 Dimensional International Small Company /1/1996 Dimensional International Vector Equity /1/2008 ishares MSCI EAFE Small Cap ETF /10/2007 SPDR S&P International Small Cap ETF /20/2007 WisdomTree International SmallCap Dividend ETF /16/2006 Schwab International Small-Cap Equity ETF /14/2010 MSCI World ex USA Small Cap Index /1/1999 Dimensional Emerging Markets Core Equity /1/2005 Dimensional Emerging Markets Portfolio /1/1994 Dimensional Emerging Markets Small Cap /1/1998 Dimensional Emerging Markets Value /1/1998 ishares MSCI Emerging Markets ETF /7/2003 ishares Core MSCI Emerging Market ETF /18/2012 Vanguard FTSE Emerging Markets ETF /4/2005 WisdomTree Emerging Markets Equity Income ETF /13/2007 SPDR S&P Emerging Markets Small Cap ETF /12/2008 WisdomTree Emerging Mkts. SmallCap Div. ETF /30/2007 SPDR S&P Emerging Markets ETF /19/2007 ishares MSCI Emerging Markets Value ETF /8/2012 Schwab Emerging Markets Equity ETF /14/2010 MSCI Emerging Markets Index /1/1999 See Appendix: Standardized Performance Data and Disclosures to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses. Sources: Dimensional Fund Advisors for Dimensional funds; MSCI data copyright MSCI 2013, all rights reserved; Mutual fund universe statistical data provided by Morningstar, Inc. 16

18 REIT Annualized Returns As of March 31, 2014 Domestic Int l Global Since First Inception 1 Year 3 Year 5 Year 10 Year Full Month Date Dimensional Real Estate Securities /1/1993 Vanguard REIT Index ETF /23/2004 ishares US Real Estate ETF /12/2000 ishares Cohen & Steers REIT ETF /29/2001 SPDR Dow Jones REIT ETF /23/2001 Dow Jones US Select REIT Index /1/1978 Dimensional International Real Estate Securities /1/2007 SPDR Dow Jones International Real Estate ETF /15/2006 ishares International Dev Real Estate ETF /12/2007 ishares International Developed Property ETF /30/2007 WisdomTree Global ex-us Real Estate /5/2007 S&P Developed ex US REIT Index /1/2001 S&P Global ex US REIT Index /1/2001 Dimensional Global Real Estate Securities /1/2008 SPDR Dow Jones Global Real Estate ETF /7/2008 S&P Global REIT Index /1/2001 See Appendix: Standardized Performance Data and Disclosures to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses. Sources: Dimensional Fund Advisors for Dimensional funds; Dow Jones data provided by Dow Jones Indexes; The S&P data are provided by Standard & Poor's Index Services Group; Mutual fund universe statistical data provided by Morningstar, Inc. 17

19 Standardized Performance Data & Disclosures Performance data shown represents past performance. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent month end, access our website at 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) or at Dimensional funds are distributed by DFA Securities LLC. Dimensional Fund Advisors LP is an investment advisor registered with the Securities and Exchange Commission. Risks include loss of principal and fluctuating value. Investment value will fluctuate, and shares, when redeemed, may be worth more or less than original cost. Small and micro cap securities are subject to greater volatility than those in other asset categories. International and emerging markets investing involves special risks such as currency fluctuation and political instability. Investing in emerging markets may accentuate these risks. Sector-specific investments focus on a specific segment of the market, which can increase investment risks. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed-income investments are subject to various other risks, including changes in credit quality, liquidity, prepayments, call risk and other factors. Municipal securities are subject to the risks of adverse economic and regulatory changes in their issuing states. Real estate investment risks include changes in real estate values and property taxes, interest rates, cash flow of underlying real estate assets, supply and demand, and the management skill and creditworthiness of the issuer. Sustainability funds use environmental and social screens that may limit investment opportunities for the fund. Commodities include increased risks, such as political, economic, and currency instability, and may not be suitable for all investors. The Portfolio may be more volatile than a diversified fund because the Portfolio invests in a smaller number of issuers and commodity sectors. The fund prospectuses contain more information about investment risks. 18 #

20 Standardized Performance Data & Disclosures As of March 31, 2014 Average Annual Total Returns (%) Symbol 1 Year 5 Years 10 Years Since Inception Net Ratio 1 (%) Total (Gross) Ratio 1 (%) Management Fee US Equity Portfolios US Core Equity 1 Portfolio 2 DFEOX /15/2005 US Core Equity 2 Portfolio 2 DFQTX /15/2005 US Vector Equity Portfolio 2 DFVEX /30/2005 US Micro Cap Portfolio DFSCX /23/1981 US Small Cap Portfolio DFSTX /19/1992 US Small Cap Value Portfolio DFSVX /2/1993 US Small Cap Growth Portfolio 2 DSCGX /20/2012 US Targeted Value Portfolio 2 DFFVX /23/2000 US Cap Value Portfolio DFLVX /19/1993 US Cap Growth Portfolio 2 DUSLX /20/2012 US Company Portfolio 2,3 DFUSX /23/1999 Enhanced US Company Portfolio DFELX /2/1996 Inception Date Non-US Equity Portfolios International Core Equity Portfolio 2 DFIEX /15/2005 International Vector Equity Portfolio 2 DFVQX /14/2008 International Small Company Portfolio 2 DFISX /30/1996 International Small Cap Value Portfolio DISVX /29/1994 International Small Cap Growth Portfolio 2 DISMX /20/2012 International Value Portfolio DFIVX /15/1994 International Cap Growth Portfolio 2 DILRX /20/2012 Cap International Portfolio DFALX /17/1991 Emerging Markets Core Equity Portfolio 2 DFCEX /5/2005 Emerging Markets Small Cap Portfolio DEMSX /5/1998 Emerging Markets Value Portfolio DFEVX /1/1998 Emerging Markets Portfolio DFEMX /25/1994 World ex US Value Portfolio 2 DFWVX /23/2010 World ex US Targeted Value Portfolio 2 DWUSX /1/2012 World ex US Core Equity Portfolio 2 DFWIX /9/2013 Global Portfolios Global Allocation 25/75 Portfolio 2 DGTSX /24/2003 Global Allocation 60/40 Portfolio 2 DGSIX /24/2003 Global Equity Portfolio 2 DGEIX /24/2003 Selectively Hedged Global Equity Portfolio 2 DSHGX /14/ Actual fees as of October 31, 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. 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 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. 19 #

21 Standardized Performance Data & Disclosures As of March 31, 2014 Average Annual Total Returns (%) Symbol 1 Year 5 Years 10 Years Since Inception Net Ratio 1 (%) Total (Gross) Ratio 1 (%) Management Fee Inception Date Tax Managed Portfolios 3 Tax-Managed US Small Cap Portfolio DFTSX /15/1998 After Taxes on Distributions After Taxes on Distributions and Sale of Fund Shares Tax-Managed US Targeted Value Portfolio DTMVX /11/1998 After Taxes on Distributions After Taxes on Distributions and Sale of Fund Shares Tax-Managed US Equity Portfolio 2 DTMEX /25/2001 After Taxes on Distributions After Taxes on Distributions and Sale of Fund Shares Tax-Managed US Marketwide Value Portfolio DTMMX /14/1998 After Taxes on Distributions After Taxes on Distributions and Sale of Fund Shares Tax-Managed International Value Portfolio DTMIX /16/1999 After Taxes on Distributions After Taxes on Distributions and Sale of Fund Shares TA US Core Equity 2 Portfolio 2,3 DFTCX /4/2007 After Taxes on Distributions After Taxes on Distributions and Sale of Fund Shares TA World ex US Core Equity Portfolio 2,3 DFTWX /6/2008 After Taxes on Distributions After Taxes on Distributions and Sale of Fund Shares Real Estate Portfolios Real Estate Securities Portfolio 2 DFREX /5/1993 International Real Estate Securities Portfolio 2 DFITX /1/2007 Global Real Estate Securities Portfolio 2 DFGEX /4/2008 Social and Sustainability Portfolios US Sustainability Core 1 Portfolio 2 DFSIX /12/2008 International Sustainability Core 1 Portfolio 2 DFSPX /12/2008 US Social Core Equity 2 Portfolio 2 DFUEX /1/2007 International Social Core Equity Portfolio 2 DSCLX /1/2012 Emerging Markets Social Core Equity Portfolio 2 DFESX /31/ Actual fees as of October 31, 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. 3. Assumed highest marginal tax rate in effect for capital gains and ordinary income. Income from funds managed for tax efficiency may be subject to an alternative minimum tax and/or any applicable state and local taxes. 20 #

22 Standardized Performance Data & Disclosures As of March 31, 2014 Average Annual Total Returns (%) Symbol 1 Year 5 Years 10 Years Since Inception Net Ratio 1 (%) Total (Gross) Ratio 1 (%) Management Fee Fixed Income Portfolios One-Year Fixed Income Portfolio DFIHX /25/1983 Two-Year Global Fixed Income Portfolio DFGFX /9/1996 Short-Term Government Portfolio 2 DFFGX /1/1987 Five-Year Global Fixed Income Portfolio DFGBX /6/1990 Intermediate Government Fixed Income Portfolio DFIGX /19/1990 Inflation-Protected Securities Portfolio 2 DIPSX /18/2006 Short-Term Municipal Bond Portfolio 2 DFSMX /20/2002 Intermediate-Term Municipal Bond Portfolio 2 DFTIX /1/2012 California Short-Term Municipal Bond Portfolio 2 DFCMX /2/2007 California Intermediate-Term Municipal Bond Portfolio 2 DCIBX /29/2011 Selectively Hedged Global Fixed Income Portfolio 2 DFSHX /9/2008 World ex US Government Fixed Income Portfolio 2 DWFIX /6/2011 Short-Term Extended Quality Portfolio 2 DFEQX /4/2009 Intermediate-Term Extended Quality Portfolio 2 DFTEX /20/2010 Investment Grade Portfolio 2 DFAPX /7/2011 Commodities Portfolio Commodity Strategy Portfolio 2 DCMSX /9/2010 Inception Date 1. Actual fees as of October 31, 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. 21 #