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International Real Estate Securities Portfolio

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Inception Date March 1, 2007

Ticker Symbol DFITX

CUSIP Number 233-203-348

The DFA International Real Estate Securities Portfolio is a no-load mutual fund designed to achieve long-term capital appreciation. The Portfolio invests in a broad range of securities of non-US companies in the real estate industry including developed and emerging markets with a focus on non-US real estate investment trusts (REITs) and companies that Dimensional considers REIT-like entities. It is well diversified with respect to both geography and property type. The Portfolio may invest in the securities of real estate companies in developed and emerging markets and is currently authorized to invest in companies in the following countries: Australia, Belgium, Canada, China, France, Hong Kong, Japan, the Netherlands, New Zealand, Singapore, South Africa, and the United Kingdom. Other countries may be authorized for investment in the future.

For a full description, please consult the Portfolio's prospectus.

View proxy vote filings.

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).

Small Company Risk
Securities of small firms are often less liquid than those of large companies. As a result, small company stocks may fluctuate relatively more in price.

Risk of Concentrating in the Real Estate Industry
The fund is concentrated in the real estate industry. The exclusive focus by the fund on the real estate industry may cause a fund's risk to approximate the general risks of direct real estate ownership. The performance of the fund may be materially different from the broad equity market.

Real Estate Investment Risk
The value of securities in the real estate industry can be affected by changes in real estate values and rental income, property taxes, interest rates, and tax and regulatory requirements. Investing in REITs and REIT-like entities involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs and REIT-like entities are dependent upon management skill, may not be diversified, and are subject to heavy cash flow dependency and self-liquidation. REITs and REIT-like entities also are subject to the possibility of failing to qualify for tax-free pass-through of income. Also, because REITs and REIT-like entities typically are invested in a limited number of projects or in a particular market segment, these entities are more susceptible to adverse developments affecting a single project or market segment than more broadly diversified investments.

Emerging Markets Risk
Numerous emerging countries have recently experienced serious, and potentially continuing, economic and political problems. Stock markets in many emerging countries are relatively small, expensive and risky. Foreigners are often limited in their ability to invest in, and withdraw assets from, these markets. Additional restrictions may be imposed under other conditions.