Strategies /
Intermediate-Term Extended Quality Portfolio
| Inception Date | Ticker Symbol | CUSIP Number |
| July 20, 2010 | DFTEX | 233-20G-513 |
The investment objective of the Portfolio is to maximize total returns by having the flexibility to invest in a full range of investment grade bonds, extending into the universe of US and foreign corporate debt securities rated in the lower half of the investment grade spectrum (i.e., rated BBB- to A+ by S&P or Fitch, or Baa3 to A1 by Moody's) when Dimensional believes the credit risk premium warrants the investment. The Portfolio also invests in obligations issued or guaranteed by US and foreign governments, their agencies, and instrumentalities; bank obligations; repurchase agreements; obligations of other domestic and foreign issuers having investment grade ratings; securities of domestic or foreign issuers denominated in US dollars but not trading in the US; and obligations of supranational organizations. Currently, most investments are made in developed countries, but other countries may be added in the future. The Portfolio hedges foreign currency exposure. The Portfolio primarily invests in securities that mature within three to fifteen years from the date of settlement and maintains an average portfolio duration of between three and ten years.
For a full description, please consult the Portfolio's prospectus.
For a full description, please consult the Portfolio's prospectus.
Related materials
Prices
| Updated Daily | ||||
|---|---|---|---|---|
| Date | Closing Price | NAV Change $ | NAV Change % | |
| May 29, 2012 | $10.71 | $0.01 | 0.09% | |
Performance
| Updated Daily | ||||
|---|---|---|---|---|
| Total Returns | Year-to-Date | |||
| May 29, 2012 | 3.46% | |||
| Updated Monthly | ||||
|---|---|---|---|---|
| Total Returns | One Month | Three Month | Year-to-Date | |
| April 30, 2012 | 1.78% | 1.30% | 3.04% | |
| Updated Monthly | ||||
|---|---|---|---|---|
| Average Annual Total Returns | One Year | Five Years | Ten Years | Since Inception |
| April 30, 2012 | 10.26% | -- | -- | 6.73% |
| Updated Quarterly | ||||
|---|---|---|---|---|
| Average Annual Total Returns | One Year | Five Years | Ten Years | Since Inception |
| As of March 31, 2012 | 10.15% | -- | -- | 5.96% |
| Annual Expenses | Net Expense Ratio (to investor) | Total Operating Expense Ratio |
|---|---|---|
| As of October 31, 2011 | 0.22% | 0.27% |
| Dimensional has contractually agreed to waive certain fees and assume expenses for a one-year period set to terminate on February 28, 2013 unless renewed. Dimensional may seek reimbursement for amounts previously waived under the conditions outlined in the prospectus. | ||
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 performance data current to the most recent month-end, visit www.dimensional.com.
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Distributions
| Last 12 Months | |||||
|---|---|---|---|---|---|
| Type | Amount per Share | Record Date | Ex-dividend Date | Payable Date | Ex-dividend Price |
| Dividend | $0.0240 USD | 05/07/2012 | 05/08/2012 | 05/11/2012 | $10.73 USD |
| Dividend | $0.0270 USD | 04/09/2012 | 04/10/2012 | 04/13/2012 | $10.63 USD |
| Dividend | $0.0240 USD | 03/07/2012 | 03/08/2012 | 03/13/2012 | $10.61 USD |
| Dividend | $0.0260 USD | 02/07/2012 | 02/08/2012 | 02/13/2012 | $10.57 USD |
| Dividend | $0.0560 USD | 12/09/2011 | 12/12/2011 | 12/16/2011 | $10.33 USD |
| Dividend | $0.0230 USD | 11/07/2011 | 11/08/2011 | 11/14/2011 | $10.49 USD |
| Dividend | $0.0300 USD | 10/07/2011 | 10/10/2011 | 10/13/2011 | $10.29 USD |
| Dividend | $0.0270 USD | 09/07/2011 | 09/08/2011 | 09/13/2011 | $10.54 USD |
| Dividend | $0.0280 USD | 08/08/2011 | 08/09/2011 | 08/12/2011 | $10.56 USD |
| Dividend | $0.0280 USD | 07/07/2011 | 07/08/2011 | 07/13/2011 | $10.14 USD |
| Dividend | $0.0270 USD | 06/07/2011 | 06/08/2011 | 06/13/2011 | $10.17 USD |
Holdings
| As of April 30, 2012 | % of portfolio |
|---|---|
| PROVINCE OF BRITISH COLUMBIA CANADA | 2.55 |
| TENNESSEE VALLEY AUTHORITY | 1.53 |
| INTER-AMERICAN DEVELOPMENT BANK | 1.46 |
| INTERNATIONAL BANK FOR RECONSTRUCTION & DEVELOPMEN | 1.44 |
| FEDERAL HOME LOAN MORTGAGE CORP | 1.31 |
| FRANCE GOVERNMENT BOND OAT | 1.15 |
| ONEOK PARTNERS LP | 0.96 |
| FEDERAL HOME LOAN BANKS | 0.88 |
| VODAFONE GROUP PLC | 0.88 |
| DEUTSCHE BANK AG/LONDON | 0.83 |
| CREDIT SUISSE/NEW YORK NY | 0.82 |
| STATE STREET CORP | 0.82 |
| ALLSTATE CORP/THE | 0.82 |
| FEDERAL HOME LOAN BANKS | 0.82 |
| INTEL CORP | 0.81 |
| TRAVELERS COS INC/THE | 0.80 |
| NOVARTIS CAPITAL CORP | 0.80 |
| COMCAST CABLE COMMUNICATIONS HOLDINGS INC | 0.79 |
| FIFTH THIRD BANCORP | 0.78 |
| MARKEL CORP | 0.78 |
| Total | 21.03 |
Sector Allocations
Market Risk
Even a long-term investment approach cannot guarantee a profit. Economic, political, and issuer-specific events will cause the value of securities, and the funds that own them, to rise or fall. Because the value of your investment in a fund will fluctuate, there is a risk that you will lose money.
Foreign Securities and Currencies Risk
Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities are also exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the US dollar).
Interest Rate Risk
Fixed income securities are subject to interest rate risk because the prices of fixed income securities tend to move in the opposite direction of interest rates. In general, fixed income securities with longer maturities are more sensitive to these price changes.
Credit Risk
Credit risk is the risk that the issuer of a security may be unable to make interest payments and/or repay principal when due. A downgrade to an issuer's credit rating or a perceived change in an issuer's financial strength may affect a security's value, and thus, impact a fund's performance. Credit risk is greater for fixed income securities with ratings below investment grade. Fixed income securities that are below investment grade involve high credit risk and are considered speculative. Below-investment grade fixed income securities may also fluctuate in value more than higher-quality fixed income securities.
Risk of Banking Concentration
The fund may temporarily concentrate its assets in obligations of US and/or foreign banks and bank holding companies when the yield to maturity on eligible portfolio investments in banking industry securities as a group generally exceeds the yield to maturity on all other eligible portfolio investments as a group. Focus on the banking industry would link the performance of the fund to changes in the performance of the banking industry. For example, a change in the market's perception of the riskiness of banks compared to non-banks would cause the fund's values to fluctuate.
Income Risk
Income risk is the risk that falling interest rates will cause the fund's income to decline.
Call Risk
Call risk is the risk that during periods of falling interest rates, a bond issuer will call or repay a higher-yielding bond before its maturity date, forcing the fund to reinvest in bonds with lower interest rates than the original obligations.
Derivatives Risk
Derivatives can be used for hedging (attempting to reduce risk by offsetting one investment position with another) or non-hedging purposes. While hedging can reduce or eliminate losses, it also can reduce or eliminate gains. The use of derivatives for non-hedging purposes may be considered more speculative than other types of investments. When the Portfolio uses derivatives, the Portfolio will be directly exposed to the risks of those derivatives. Derivative securities are subject to a number of risks, including commodity, correlation, interest rate, liquidity, market, credit and management risks, and the risk of improper valuation. The Portfolio also may use derivatives for leverage. The Portfolio's use of derivatives, particularly commodity-linked derivatives, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate, or index, and the Portfolio could lose more than the principal amount invested. For example, potential losses from commodity-linked notes or swap agreements can be unlimited. Additional risks are associated with the use of credit default swaps, including counterparty and credit risk (the risk that the other party to a swap agreement will not fulfill its contractual obligations, whether because of bankruptcy or other default) and liquidity risk (the possible lack of a secondary market for the swap agreement). Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Portfolio will engage in these transactions to reduce exposure to other risks when that would be beneficial.
Even a long-term investment approach cannot guarantee a profit. Economic, political, and issuer-specific events will cause the value of securities, and the funds that own them, to rise or fall. Because the value of your investment in a fund will fluctuate, there is a risk that you will lose money.
Foreign Securities and Currencies Risk
Foreign securities prices may decline or fluctuate because of: (a) economic or political actions of foreign governments, and/or (b) less regulated or liquid securities markets. Investors holding these securities are also exposed to foreign currency risk (the possibility that foreign currency will fluctuate in value against the US dollar).
Interest Rate Risk
Fixed income securities are subject to interest rate risk because the prices of fixed income securities tend to move in the opposite direction of interest rates. In general, fixed income securities with longer maturities are more sensitive to these price changes.
Credit Risk
Credit risk is the risk that the issuer of a security may be unable to make interest payments and/or repay principal when due. A downgrade to an issuer's credit rating or a perceived change in an issuer's financial strength may affect a security's value, and thus, impact a fund's performance. Credit risk is greater for fixed income securities with ratings below investment grade. Fixed income securities that are below investment grade involve high credit risk and are considered speculative. Below-investment grade fixed income securities may also fluctuate in value more than higher-quality fixed income securities.
Risk of Banking Concentration
The fund may temporarily concentrate its assets in obligations of US and/or foreign banks and bank holding companies when the yield to maturity on eligible portfolio investments in banking industry securities as a group generally exceeds the yield to maturity on all other eligible portfolio investments as a group. Focus on the banking industry would link the performance of the fund to changes in the performance of the banking industry. For example, a change in the market's perception of the riskiness of banks compared to non-banks would cause the fund's values to fluctuate.
Income Risk
Income risk is the risk that falling interest rates will cause the fund's income to decline.
Call Risk
Call risk is the risk that during periods of falling interest rates, a bond issuer will call or repay a higher-yielding bond before its maturity date, forcing the fund to reinvest in bonds with lower interest rates than the original obligations.
Derivatives Risk
Derivatives can be used for hedging (attempting to reduce risk by offsetting one investment position with another) or non-hedging purposes. While hedging can reduce or eliminate losses, it also can reduce or eliminate gains. The use of derivatives for non-hedging purposes may be considered more speculative than other types of investments. When the Portfolio uses derivatives, the Portfolio will be directly exposed to the risks of those derivatives. Derivative securities are subject to a number of risks, including commodity, correlation, interest rate, liquidity, market, credit and management risks, and the risk of improper valuation. The Portfolio also may use derivatives for leverage. The Portfolio's use of derivatives, particularly commodity-linked derivatives, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate, or index, and the Portfolio could lose more than the principal amount invested. For example, potential losses from commodity-linked notes or swap agreements can be unlimited. Additional risks are associated with the use of credit default swaps, including counterparty and credit risk (the risk that the other party to a swap agreement will not fulfill its contractual obligations, whether because of bankruptcy or other default) and liquidity risk (the possible lack of a secondary market for the swap agreement). Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Portfolio will engage in these transactions to reduce exposure to other risks when that would be beneficial.
Dimensional Fund Advisors 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.
Mutual funds distributed by DFA Securities LLC
Mutual funds distributed by DFA Securities LLC
These Net Asset Values ("NAVs") have been prepared by the fund accounting agent. Dimensional Fund Advisors reserves the right to restate these NAV figures, if necessary, at any time.