Mutual Fund Report November 2, 2019

DFA Global Core Plus Fixed Income Portfolio;Inst (DGCFX)

Category Taxable Fixed Income NAV 11/1/2019 $10.49 OVERALL
Style Global Fixed Income Style Index Barclays Capital Multiverse Total Return Index RANKING
★ ★ ★ ★ ★

Mutual Fund Ranking Details

Performance Analytics Ranking Commentary
Positive 30-day SEC yld vs. cat. Based on an evaluation of the fund's holdings, CFRA classifies DFA Glb Cre+ Fx Inc;Inst as a Taxable Fixed
3-yr vs. peers Income - Global Income Funds. Our current Ranking is 2 star.
Neutral
1-yr vs. peers
Negative We believe that it is important to assess a fund's underlying holdings in addition to its performance, risk and
Risk Considerations cost considerations, and CFRA's proprietary ranking methodology incorporates all of these analyses in
establishing the ranking. Based on CFRA's Performance Analytics, we have a Negative outlook for DGCFX
Positive Duration vs. Category generally employing inputs from SEC yield versus Taxable Fixed Income funds and 1-year and 3-year
Credit Rating performance rankings versus its peers. In assessing risk, we believe Duration, S&P Credit Rating, and manager
Neutral tenure, along with Standard Deviation, are important measures, and we view DGCFX's Risk Considerations as
Manager Tenure
Negative Negative compared to its peer group. Finally, our assessment for cost factors, such as expense ratio, sales
Standard Deviation load, and turnover, lead to a Positive Cost Considerations ranking. Coupling these factors together, we rank the
Cost Factors
fund as a ★★.
Positive Expense Ratio (Net)
Neutral Sales Load
Turnover Mutual Fund Rankings are derived from the market-cap weighted average ranking of all available holdings within the mutual fund
Negative
(Credit Rating) or of the fund itself (such as Expense Ratio and Manager Tenure). Note that DGCFX last disclosed its holdings on
7/31/19. For more information, please see the Disclosures section.

Key Mutual Fund Statistics (9/30/19)

Fund Peer Avg
Region Not Categorized Wtd Avg Maturity -- 8.57 yr. Initial Investment at 1/31/2018 $10,000
Total Net Assets (Mil) $1,518.30 Duration -- 6.31 yr. Value of Fund at 9/30/2019 $11,261
Initial Minimum Investment -- Average Coupon 3.08% 3.58% Value of Style Index at 9/30/2019 $10,372
IRA Initial Minimum Investment -- 30-Day SEC Yield 1.29% 1.57% Manager Plecha/Kolerich/Shao
Subsequent Investment -- Portfolio Turnover 68.00% 146.50% Manager Start Date 1/2018
Number of Holdings 921
Credit Quality Breakdown (7/31/19) Performance of $10,000 Investment (9/30/19)

Ratings % DGCFX Barclays Capital Multiverse Total Return Index

AAA 7.00
AA 22.31 $20,000
A 20.49
$17,500
BBB 26.24
BB 6.84 $15,000
B and below 0.00
Non Rated 17.12 $12,500
Cash 0.00 $10,000
Average Annual Total Return (%)
2018 2019
1 Yr 5 Yr 10 Yr
Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal
As of 9/30/2019 12.11 -- --
value of investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost.
Current performance may be lower or higher than the performance data quoted; current to the most recent month-end
performance information can be obtained at www.us.dimensional.com or . Total Return does not take into account loads
or any other sales charges.

Fees & Expenses (%) Trailing Annualized Total Return & Tax Analysis (%) (9/30/19)

Maximum Front End Sales Load 0.00 YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Incep.

Redemption Fee 0.00 Fund 11.69 12.11 -- -- -- 6.58
Management Fee 0.24 Peer Average 7.44 7.68 2.44 2.24 3.14 4.09
Maximum 12b-1 Fee -- BBG Barc Mltvrse UH TRIX 6.45 7.54 1.81 2.14 2.55 --
Expense Ratio Fund Peer Average BBG Barc US Agg TRIX 8.52 10.30 2.92 3.38 3.75 --
Gross 0.29 0.97 Load Adjusted as of 9/30/2019 -- 12.11 -- -- -- 6.58
Net 0.30 0.95 Return After Taxes on Distributions 11.60 9.60 -- -- -- 5.05
Gross (Current) 0.31 4.80 Return After Taxes on Distr. & Sale 6.92 7.02 -- -- -- 4.31
Net (Current) 0.30 0.94 Tax-Cost Ratio on Distributions 99.92 97.76 -- -- -- 98.56
Tax-Cost Ratio on Distr. & Sale 95.73 95.46 -- -- -- 97.87
Page 1 of 6
Please read the Disclosures on the last page of this report.
Mutual Fund Report November 2, 2019

DFA Global Core Plus Fixed Income Portfolio;Inst (DGCFX)

Category Taxable Fixed Income NAV 11/1/2019 $10.49 OVERALL
Style Global Fixed Income Style Index Barclays Capital Multiverse Total Return Index RANKING
★ ★ ★ ★ ★

Calendar Year History (11/1/19)

YTD 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
NAV 10.49 9.41 -- -- -- -- -- -- -- -- --
Total Return % 11.69 -- -- -- -- -- -- -- -- -- --
Category Average Return % 8.28 -1.40 5.02 5.74 -1.67 3.25 -0.12 8.47 4.63 8.57 19.64
Fund Rank in Category 613 -- -- -- -- -- -- -- -- -- --
Total Funds in Category 3,565 3,551 3,285 3,074 2,838 2,651 2,469 2,200 2,023 1,833 1,705
Peer Average Return % 7.98 -1.51 6.59 3.53 -3.18 2.66 -2.05 7.91 3.96 6.78 15.72
Fund Rank in Peer Group 15 -- -- -- -- -- -- -- -- -- --
Total Funds in Peer Group 195 185 170 167 159 155 148 124 113 96 87
30-Day SEC Yield % 1.29 2.50 -- -- -- -- -- -- -- -- --
Capital Gains -- -- -- -- -- -- -- -- -- -- --
Total Net Assets ($Mil) 1,518.30 572.20 0.10 -- -- -- -- -- -- -- --
Expense Ratio % 0.30 0.30 -- -- -- -- -- -- -- -- --
Style Name* GFI GFI -- -- -- -- -- -- -- -- --
* GFI: Global Fixed Income

Quarterly Performance Totals (%) (9/30/19) Performance data quoted represents past performance, which
does not guarantee future results. Investment return and
DGCFX Barclays Capital Multiverse Total Return Index principal value of investment will fluctuate so that an
investor's shares, when redeemed, may be worth more or less
than original cost. Current performance may be lower or
5.10
higher than the performance data quoted; current to the most
3.44 recent month-end performance information can be obtained at
2.73 www.us.dimensional.com or . Total Return, Category
Rank and Peer Rank do not take into account loads or any
0.29 0.30 0.38 other sales charges.
0
Total Return Rank (11/1/19)

Rank in Category Rank in Peer Group

Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 1 Yr Top quartile Top quartile
3 Yr -- --
5 Yr -- --
Best/Worst Historical Performance During Past 10 Years (%) (9/30/19)
10 Yr -- --
30 DGCFX Barclays Capital Multiverse Total Return Index

Modern Portfolio Theory Statistics (10/31/19)

20 vs. the S&P 500 Fund Peer Average
Beta -- 0.02
10 Alpha -- 0.23
2
R -- 0.04
0 Standard Deviation -- 3.75
Sharpe Ratio -- 0.51

-10 Performance Commentary

Quarter 1 Year 3 Year 5 Year We are not able to offer a three-year performance
Best Worst Best Worst Best Worst Best Worst comparison for DGCFX because there was not
DATE Q3 10 Q4 16 05/11 06/15 08/12 11/15 08/14 01/17 sufficient history available. On a one-year total return
basis, this fund ranked 18th within the entire universe
Style Index 7.36 -6.68 12.28 -7.10 17.84 -5.57 21.76 1.94
of 194 funds in Global Income Funds group. The fund
DGCFX -- -- -- -- -- -- -- -- did not outperform the Barclays Capital Multiverse
Total Return Index in the last year.

Page 2 of 6
Mutual Fund Report November 2, 2019

DFA Global Core Plus Fixed Income Portfolio;Inst (DGCFX)

Category Taxable Fixed Income NAV 11/1/2019 $10.49 OVERALL
Style Global Fixed Income Style Index Barclays Capital Multiverse Total Return Index RANKING
★ ★ ★ ★ ★

Credit Analysis (7/31/19) Portfolio Analysis Commentary (10/31/19)

Current Previous Peer DGCFX's top 10 holdings accounted for 15.4% of
Ratings Current % 0 10 20 30 40 assets and the fund's largest investments were in
AAA 7.00 bonds rated BBB, AA, and A. As of October 31, 2019
the fund had total assets under management of $1.5
AA 22.31 billion.
A 20.49 Asset Allocation (7/31/19)
BBB 26.24 Derivatives Foreign Gov
BB 6.84 Other
Agency Bonds
B 0.00 Domestic Corp
Below B 0.00 Foreign Corp
Note: there may be Fixed Income securities in this fund's portfolio that are not rated.

Top 10 Holdings (Holdings last reported on 7/31/19; rankings as of 11/2/19) Domestic Corporate 46.48%
Foreign Corporate 31.16%
Change From Agency Bonds 9.03%
Security Name Current % Previous % Security Type
Foreign Government 5.07%
EQUINOR ASA 6.875% 11-MAR-2031 2.61 1.45 Foreign Corporate
Derivatives 1.32%
ASIAN DEVELOPMENT BANK 2.350% 21-JUN-2027 2.39 -0.02 Other US Government 0.24%
APPLE INC 3.050% 31-JUL-2029 1.53 0.65 Domestic Corporate Other 6.70%
SWEDEN 2.250% 01-JUN-2032 1.49 0.22 Foreign Government
OTHER ASSETS LESS LIABILITIES 1.40 -- Other Summary Credit Ratings (7/31/19)
SNCF RESEAU 5.250% 07-DEC-2028 1.36 0.22 Agency Bonds Spec Grade
KFW 2.050% 16-FEB-2026 1.29 0.02 Agency Bonds
Non Rated
EUROPEAN INVESTMENT BANK 2.150% 18-JAN-2027 1.18 -0.41 Other
BERKSHIRE HATHAWAY INC 3.125% 15-MAR-2026 1.09 1.05 Domestic Corporate
Invest Grade
DEXIA CR LOCAL 1.000% 18-OCT-2027 1.08 0.87 Foreign Corporate
Top 10 Total % of Assets 15.42
Investment Grade (BBB and Above) 76.04%
Regional Holdings (7/31/19) Speculative Grade (BB and Below) 6.84%
Cash 0.00%
US Domestic 47.77%
Asia Emrg Mkts Not Available Non Rated 17.12%
Europe Developed Markets 38.31%
Asia Dev Mkts Canada Canada 5.45%
Asia Developed Markets 3.19%
US Domestic
Eur Dev Mkts Asia Emerging Markets 2.38%
Frontier Markets 0.18%
Not Available 2.72%

Fund Contact Information

Fund Mgmt Co.: Dimensional Fund Advisors LP Telephone:
Inception: 1/11/2018 Website: www.us.dimensional.com
Manager: Plecha/Kolerich/Shao (Since Address: 6300 Bee Cave Road, Building One
1/2018) Austin, TX 78746

Page 3 of 6
Portions of the fund information contained in this report was supplied by Lipper, A Thomson Reuters Company, subject to the following: Copyright © 2019 Thomson Reuters. All rights reserved. Any copying,
republication or redistribution of Lipper content, including caching, framing or similar means, is expressly prohibited without the prior consent of Lipper. Lipper shall not be liable for any errors or delays in the content,
or for any actions taken in reliance thereon.
Mutual Fund Report November 2, 2019 Symbol: DGCFX
Mutual Fund Report Disclosure
Required Disclosures
S&P GLOBAL™ is used under license. The owner of
this trademark is S&P Global Inc. or its affiliate,
which are not affiliated with CFRA Research or the
author of this content.
This report is for informational purposes only.
Neither the publisher nor its sources guarantee the
accuracy, adequacy or completeness of this report
or make any warranties regarding results from its
usage. When using this report, investors are advised
to consult the accompanying glossary of investment
terms.
Throughout this report, total return performance
shown is historical, and assumes reinvestment of all
dividends and capital gain distributions. Total Return,
Peer Rank and Category Rank do not take into
account loads or any other sales charges. An
investment in a fund is not a bank deposit. It is not
insured or guaranteed by the Federal Deposit
Insurance Corporation (FDIC) or any other
government agency. Past performance is no
guarantee of future results , and investment return
and principal value will fluctuate so that, when
redeemed, an investor's shares may be worth more
or less than their original cost. Current performance
may be lower or higher than the performance data
quoted; performance current to the most recent
month-end or calendar quarter-end is included in the
report and can also be obtained from the fund
company’s website.
The data and information shown in this report is
intended for use by financial professionals and/or
sophisticated investors who should verify that all
data, assumptions, and results are accurate before
making any investment decision or recommendation.
Before acting on any information in this document,
an investor should consider whether the fund is
suitable for their particular circumstances and, if
necessary, seek professional advice.
CFRA's Mutual Fund Rankings provide CFRA's
quantitative and holistic assessment of the
performance, risk profile, and relative costs of a
given fund compared to other mutual funds in its
category. Rankings range from ★★★★★ (highest) to
★★★★★ (lowest) and follow a normalized distribution
curve.
Fund Rank in Category Ranking
Top 10%
★★★★★
Next 20% ★★★★
Middle 40% ★★★
Next 20% ★★
Bottom 10% ★ securities.
Risks disclaimers
Investors should read the fund’s prospectus and
consider the fund’s investment goals, risks, charges
and expenses before investing. The Fund may be
subject, but not limited, to the following investment
risks:
Fixed Income Investing Risk
In general the bond market is volatile, and fixed
income securities carry interest rate risk. (As interest
rates rise, bond prices usually fall, and vice versa.
This effect is usually more pronounced for
longer-term securities.) Fixed income securities also
carry inflation risk and credit and default risks for
both issuers and counterparties.
Lower-quality (high yield bonds or junk bond) debt
securities generally offer higher yields, but also
involve greater risk of default or price changes due
to potential changes in the credit quality of the
issuer.
Credit and default risk . Corporate bonds are subject
to credit risk. It's important to pay attention to
changes in the credit quality of the issuer, as less
creditworthy issuers may be more likely to default on
interest payments or principal repayment. If a bond
issuer fails to make either a coupon or principal
payment when they are due, or fails to meet some
other provision of the bond indenture, it is said to be
in default. To the extent the fund invests in high yield,
its portfolio is subject to heightened credit risk.
Liquidity risk . When there is little or no active trading
market for specific types of securities, it can become
more difficult to sell the securities at or near their
perceived value. In such a market, the value of such
securities and the Fund's share price may fall
dramatically, even during periods of declining
interest rates. The secondary market for certain
bonds tends to be less well developed or liquid than
many other securities markets, which may adversely
affect the Fund's ability to sell such bonds at
attractive prices.
Derivatives risk . Investments in derivatives could
have a potentially large impact on the Fund's
performance. The use of derivatives involves risks
different from, or possibly greater than, the risks
associated with investing directly in the underlying
assets. Derivatives can be highly volatile, illiquid and
difficult to value.
Collateralized bond obligation Risk . Collateralized
Bond Obligations are structured financial products
that pool together high yield bond obligations and
repackages into separate groupings called tranches
representing different degrees of credit quality. The
higher quality tranches have greater degrees of
protection and pay lower interest rates. The lower
tranches, with greater risk, pay higher interest rates.
Government securities risk . The U.S. Treasury does
not back in full all obligations of the U.S. government,
its agencies and instrumentalities. Some obligations
are backed only by the credit of the issuing agency
or instrumentality, and in some cases there may be
some risk of default by the issuer. The U.S.
government or its agencies or instrumentalities
cannot guarantee the market value of a security and
they can guarantee only the timely payment of
interest and principal when held to maturity. U.S
government securities may increase or decrease in
value based on global demand and changes in global
economic conditions affect the demand for these
Municipal securities risk . Public information
available about municipal securities is in general
limited and less available than that for corporate
equities or bonds. Special factors, such as legislative
changes, and state and local economic and business
developments, may adversely affect the yield and/or
value of the Fund's investments in municipal
securities. Fund’s investments in municipal projects
of a municipality or a state may impact the Fund’s
value, if economic, business or political conditions
change for the municipality or state.
Mutual Fund Ranking Methodology and Inputs
The overall Mutual Fund ranking is based on a
weighted average computation of three components
– performance analytics, risk considerations and
cost factors that evaluate, relative to its peers, a
fund’s underlying holdings, its historical
performance, and characteristics of the fund. For
blended funds investing in individual securities, CFRA
incorporates the following inputs:
Performance Analytics. The component score is a
weighted average of up to four inputs:
Holdings-Based Inputs: STARS and 12-Month
Yield (weighted average value of holdings)
Fund Inputs: trailing 1-year and 3-year
performance vs. peers
Risk Considerations. This component score is a
weighted average of up to four inputs:
Holdings-Based Inputs: Weighted Average Credit
Rating
Fund Inputs: Manager Tenure, Standard Deviation
and Debt Exposure
Cost Factors. This component score is a weighted
average of up to three inputs: Expense Ratio (Net),
Sales Load and Portfolio Turnover of the fund.
The component rankings are represented as
Positive, Neutral or Negative indications, following
the same methodology of a normalized distribution
curve:
Positive component rankings are assigned to
funds whose weighted-average score is in the
top quartile of its asset category’s universe,
applying a normalized distribution curve.
Neutral component rankings are assigned to
funds whose weighted-average score is in the
second or third quartiles of its asset category’s
universe, applying a normalized distribution
curve.
Negative component rankings are assigned to
funds whose weighted-average score is the
bottom quartile of its asset category’s universe,
applying a normalized distribution curve.
In cases where sufficient analytical measures are
not available on underlying assets, the component
ranking will not be displayed.
For more details, including definitions, of the
individual inputs to the Mutual Fund Ranking, see the
Glossary section of this report. CFRA does not
receive fees from funds for their inclusion in this
report.
Analyst Certification
STARS Stock Reports are prepared by the equity
research analysts of CFRA and S &P Malaysia, under
contract to CFRA. All of the views expressed in
STARS Stock Reports accurately reflect the
research analyst’s personal views regarding any
and all of the subject securities or issuers. Analysts
generally update stock reports at least four times
each year. No part of analyst, CFRA, or S &P
Malaysia compensation was, is, or will be directly
or indirectly related to the specific
recommendations or views expressed in a STARS
Stock Report.
About This Report’s Distributors:
This Report is published and originally distributed by
Accounting Research & Analytics, LLC d/b/a CFRA,
with the following exceptions: In the UK/EU/EEA, it is
published and originally distributed by CFRA UK
Limited, which is regulated by the Financial Conduct
Authority (No. 775151), and in Malaysia by CFRA MY
Sdn Bhd (Company No. 683377-A) (formerly known as
Standard & Poor's Malaysia Sdn Bhd) ("CFRA
Malaysia"), which is regulated by Securities
Commission Malaysia, (No. CMSL/A0181/2007). These
parties and their subsidiaries maintain no
Page 4 of 6
Mutual Fund Report November 2, 2019 Symbol: DGCFX
Mutual Fund Report Disclosure
responsibility for reports redistributed by third
parties such as brokers or financial advisors.
General Disclosure
Notice to all jurisdictions:
Where Reports are made available in a language
other than English and in the case of inconsistencies
between the English and translated versions of a
Research Report, the English version will control
and supersede any ambiguities associated with any
part or section of a Report that has been issued in a
foreign language. Neither CFRA nor its affiliates
guarantee the accuracy of the translation.
The content of this report and the opinions
expressed herein are those of CFRA based upon
publicly-available information that CFRA believes to
be reliable and the opinions are subject to change
without notice. This analysis has not been submitted
to, nor received approval from, the United States
Securities and Exchange Commission or any other
regulatory body. While CFRA exercised due care in
compiling this analysis, CFRA AND ALL RELATED
ENTITIES SPECIFICALLY DISCLAIM ALL
WARRANTIES, EXPRESS OR IMPLIED, to the full
extent permitted by law, regarding the accuracy,
completeness, or usefulness of this information and
assumes no liability with respect to the
consequences of relying on this information for
investment or other purposes. No content (including
ratings, credit-related analyses and data, valuations,
model, software or other application or output
therefrom) or any part thereof (Content) may be
modified, reverse engineered, reproduced or
distributed in any form by any means, or stored in a
database or retrieval system, without the prior
written permission of CFRA. The Content shall not be
used for any unlawful or unauthorized purposes.
CFRA and any third-party providers, as well as their
directors, officers, shareholders, employees or
agents do not guarantee the accuracy,
completeness, timeliness or availability of the
Content.
Past performance is not necessarily indicative of
future results. This document may contain
forward-looking statements or forecasts; such
forecasts are not a reliable indicator of future
performance.
This report is not intended to, and does not,
constitute an offer or solicitation to buy and sell
securities or engage in any investment activity. This
report is for informational purposes only.
Recommendations in this report are not made with
respect to any particular investor or type of investor.
Securities, financial instruments or strategies
mentioned herein may not be suitable for all
investors and this material is not intended for any
specific investor and does not take into account an
investor's particular investment objectives, financial
situations or needs. Before acting on any
recommendation in this material, you should
consider whether it is suitable for your particular
circumstances and, if necessary, seek professional
advice.
Additional information on a subject company may be
available upon request.
CFRA’s financial data provider is S &P Global Market
Intelligence. THIS DOCUMENT CONTAINS
COPYRIGHTED AND TRADE SECRET MATERIAL
DISTRIBUTED UNDER LICENSE FROM S&P GLOBAL
MARKET INTELLIGENCE. FOR RECIPIENT’S
INTERNAL USE ONLY.
The Global Industry Classification Standard (GICS®)
was developed by and/or is the exclusive property of affiliates or their suppliers guarantees the accuracy,
MSCI, Inc. and S&P Global Market Intelligence. GICS adequacy, completeness or availability of any
is a service mark of MSCI and S &P Global Market information and is not responsible for any errors or
Intelligence and has been licensed for use by CFRA. omissions, regardless of the cause or for the results
obtained from the use of such information. In no
Other Disclaimers and Notices event shall SE, BondDesk Group, LLC, their affiliates
or any of their third-party information providers be
Certain information in this report is provided by S &P
liable for any damages, costs, expenses, legal fees,
Global, Inc. and/or its affiliates and subsidiaries
(collectively “S&P Global”). Such information is or losses (including lost income or lost profit and
opportunity costs) in connection with the use of SE
subject to the following disclaimers and notices:
“Copyright © 2018, S&P Global Market Intelligence content. (2018). BondMark and BondScreen may
(and its affiliates as applicable). All rights reserved. include data provided by BondDesk Group, LLC.”
Nothing contained herein is investment advice and a Portions of the fund information contained in this
reference to a particular investment or security, a report was supplied by Lipper, A Thomson Reuters
credit rating or any observation concerning a
Company, subject to the following: Copyright © 2018
security or investment provided by S &P Global is not
Thomson Reuters. All rights reserved. Any copying,
a recommendation to buy, sell or hold such republication or redistribution of Lipper content,
investment or security or make any other investment
including caching, framing or similar means, is
decisions. This may contain information obtained expressly prohibited without the prior consent of
from third parties, including ratings from credit
Lipper. Lipper shall not be liable for any errors or
ratings agencies. Reproduction and distribution of
delays in the content, or for any actions taken in
S&P Global’s information and third party content in
reliance thereon.
any form is prohibited except with the prior written
permission of S&P Global or the related third party, For residents of the European Union/European
as applicable. Neither S &P Global nor its third party Economic Area: Research reports are originally
providers guarantee the accuracy, completeness, distributed by CFRA UK Limited (company number
timeliness or availability of any information, including 08456139 registered in England & Wales with its
ratings, and are not responsible for any errors or registered office address at 131 Edgware Road,
omissions (negligent or otherwise), regardless of the London, W2 2AP, United Kingdom). CFRA UK Limited
cause, or for the results obtained from the use of is an Appointed Representative of Hutchinson Lilley
such information or content. S &P GLOBAL AND ITS Investments LLP, which is regulated by the UK
THIRD PARTY CONTENT PROVIDERS GIVE NO Financial Conduct Authority (No. 582181).
EXPRESS OR IMPLIED WARRANTIES, INCLUDING,
BUT NOT LIMITED TO, ANY WARRANTIES OF For residents of Malaysia: Research reports are
MERCHANTABILITY OR FITNESS FOR A PARTICULAR originally produced and distributed by CFRA MY Sdn
PURPOSE OR USE AND ALL S&P GLOBAL Bhd (Company No. 683377-A) (formerly known as
INFORMATION IS PROVIDED ON AN AS-IS BASIS. Standard & Poor's Malaysia Sdn Bhd) ("CFRA
S&P GLOBAL AND ITS THIRD PARTY CONTENT Malaysia"), a wholly-owned subsidiary of CFRA US.
PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, CFRA Malaysia is regulated by Securities
INDIRECT, INCIDENTAL, EXEMPLARY, Commission Malaysia (License No.
COMPENSATORY, PUNITIVE, SPECIAL OR CMSL/A0181/2007).
CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, For residents of all other countries: Research
LEGAL FEES, OR LOSSES (INCLUDING LOST INCOME reports are originally distributed Accounting
OR PROFITS AND OPPORTUNITY COSTS OR LOSSES Research & Analytics, LLC d/b/a CFRA.
CAUSED BY NEGLIGENCE) IN CONNECTION WITH
Copyright © 2019 CFRA. All rights reserved.
ANY USE OF THEIR INFORMATION OR CONTENT,
INCLUDING RATINGS. Credit ratings are statements CFRA and STARS are registered trademarks of CFRA.
of opinions and are not statements of fact or
recommendations to purchase, hold or sell
securities. They do not address the suitability of
securities or the suitability of securities for
investment purposes, and should not be relied on as
investment advice.
Certain information in this report may be provided by
Securities Evaluations, Inc. (“SE”), a wholly owned
subsidiary of Intercontinental Exchange. Such
information is subject to the following disclaimers
and notices: “Copyright © 2018, Securities
Evaluations, Inc. (and its affiliates, as applicable).
Reproduction of BondMark and BondScreen in any
form is prohibited except with the prior written
permission of SE. Odd-lot prices and odd-lot ranges
represent an opinion, and not a statement of fact, or
a recommendation to make an investment decision,
and readers of this information have the right to
accept or reject such opinion, at their discretion.
Odd-lot prices and odd-lot ranges do not represent a
determination of the fair market value of any security
or the ’best execution’ price in the market for a
security, and that readers of this information will be
responsible for complying with any applicable best
execution requirements, as defined in FINRA Rule
5310, and for complying with any disclosure
requirements as may be required under any
applicable laws or regulations. None of SE, its
Page 5 of 6
Mutual Fund Report November 2, 2019 Symbol: DGCFX
Mutual Fund Report Glossary
Indices
Barclays Capital Multiverse Total Return Index: This index is a
broad-based measure of the global fixed income bond market.
Barclays Capital US Aggregate Total Return Index: This unmanaged
index is composed of securities from the Barclays Capital
Government/Corporate Bond Index, Mortgage-Backed Securities Index
and the Asset-Backed Securities Index. Total return comprises price
appreciation/depreciation and income as a percentage of the original
investment. The index is rebalanced monthly by market capitalization.
Overall Report Definitions
Category: The general category of the fund as determined by CFRA.
There are a total of nine different broad categories that a fund can fit
into: Domestic Equity, Global Equity, International Equity, Taxable Fixed
Income, Tax-Exempt Fixed Income, Blended - Individual Securities,
Blended - Fund of Funds, Money Market, and Specialty/Other. Note that
at this time, CFRA does not maintain Mutual Fund Rankings for Money
Market or Specialty/Other funds.
Peer: A fund's peer group consists of all the funds within the same
Lipper classification, which uses a combination of holdings-based and
prospectus language-based models. Lipper will initiate a fund
classification change twice per year based on the funds fiscal and
semiannual portfolio holdings. Alternatively, the fund can also place an
ad-hoc request for a classification re-evaluation.
Style: The general investment style of the fund as determined by CFRA.
Each fund is classified into one of 23 investment styles based on the
fund's fiscal and semiannual portfolio holdings.
Style Index: The benchmark index (as defined by CFRA) that most
closely matches the fund's peer group and historical performance,
based on risk (volatility) and return.
Ranking Inputs
30-Day SEC Yield: The SEC yield, reported by the fund, is based on a
30-day period ending on the last day of the previous month. As an input
to the Fixed Income Mutual Fund Ranking, CFRA evaluates the SEC yield
compared with its category.
Credit Rating: Represents the weighted average credit rating from one
of three credit agencies: S&P Global, Fitch, and Moody's, covering the
universe of bond securities of corporate, government, mortgage backed
securities, asset backed securities, and municipal bonds; priority is
given to CFRA. As an input to the Mutual Fund Ranking, CFRA evaluates
the weighted average Credit Rating of the underlying holdings of the
mutual fund compared with its category.
Manager Tenure: CFRA gives a stronger ranking to funds whose
manager has an established tenure with the mutual fund; a manager
with at least three full rolling years at the helm would be ranked
positively for this Risk Considerations factor. For team-managed funds,
individual changes in team composition are not captured. All share
classes of a fund are evaluated consistently.
Sales Load: As an input to the Mutual Fund Ranking, funds are ranked
positively for not charging a sales load.
Key Statistics
Avg Coupon: Each fixed income security's coupon is weighted by its
relative market value.
Duration: The weighted average Effective Duration for fixed income
securities in the portfolio. Duration is a measure of the price
responsiveness of interest-sensitive assets to changes in the interest
rate, stated in years. Note that the Duration shown in the report is
sourced from the fund company, via Lipper.
Mgr Change: In the event that the only manager of a fund changes, it
will be depicted by a black diamond in the "Performance of $10,000
Investment" chart.
No. of Holdings: The number of individual securities in the portfolio.
Partial Mgr Change: In the event that one (or more) out of a group of 2-3
managers of a fund changes, it will be depicted by a white diamond in
the "Performance of $10,000 Investment" chart. Please note that if the
fund is managed by more than three managers, it is considered as
"Team Managed," and individual changes in a team will not be tracked.
Portfolio Turnover: The frequency at which the portfolio is changed
during a year, as reported by the fund. As an input to the Mutual Fund
Ranking, funds are ranked versus their peer group; funds with
below-average turnover are ranked positively. All share classes of a
fund are evaluated consistently.
Weighted Average Maturity: The Weighted-Average (nominal) maturity
for fixed income instruments in the portfolio, as reported by the fund
company, based on the date on which the principle amount of a note,
bond, loan, or other debt instrument becomes due.
Fees and Expenses
Current Expense Ratio (Gross), Current Expense Ratio (Net): The
projected operating expense of a mutual fund, as reported in the Annual
Operating Expenses table of the latest prospectus, for the current fiscal
year. The current expense ratio (gross) includes management fees, Sharpe Ratio: A measure of a fund's historical returns adjusted for risk,
distribution (12b-1) fees, and other expenses, gross of any fee waivers or volatility. Calculated as:
or expense reimbursements. The current expense ratio (net) includes
the effect of any fee waivers or expense reimbursements. For funds of (Fund Return - Return on 3-Month Treasury Bills)
_______________________________________
funds, the current expense ratio also includes the projected underlying Fund Standard Deviation
fund expense. The current expense ratio is expressed as a percentage
of the fund's average net assets. Funds with lower expense ratios are When the fund is a municipal bond fund, the 3-Month Treasury bill
able to distribute a higher percentage of their total returns to their return is adjusted to reflect the tax treatment of the municipal bond
shareholders. The expense ratio does not include brokerage costs for fund. As an input to the Mutual Fund Ranking for equity funds, a fund is
trading the portfolio. rewarded for having a high Sharpe Ratio versus its peers, as this
indicates better performance on a risk-adjusted basis.
Expense Ratio (Gross), Expense Ratio (Net): The actual operating
expenses of a mutual fund, as reported in the Annual Report or Standard Deviation: A historical measure of the variability of a fund's
prospectus 'Financial Highlights'. The expense ratio (gross) includes returns. If a fund has a high standard deviation, its returns have been
management fees, distribution (12b-1) fees, and other expenses, gross volatile; a low standard deviation indicates returns have been less
of any fee waivers or expense reimbursements. The expense ratio (net) volatile. As an input to the Mutual Fund Ranking, CFRA evaluates the
includes the effect of any fee waivers or expense reimbursements. For fund's standard deviation versus its peers.
funds of funds, only the expenses directly incurred by the fund are
reported due to inconsistencies in the reporting of the underlying fund
expenses. It is expressed as a percentage of its average net assets as
of the latest fiscal year end. Funds with lower expense ratios are able to
distribute a higher percentage of their total returns to their
shareholders. The expense ratio does not include brokerage costs for
trading the portfolio. As an input to the Mutual Fund Ranking, CFRA
evaluates the fund's current net expense ratio versus its peers.
GICS: An industry classification standard, developed by S&P Global
Market Intelligence in collaboration with Morgan Stanley Capital
International (MSCI). Under the GICS structure, companies are
classified in one of 157 sub-industries, which are grouped into 68
industries, 24 industry groups, and 11 economic sectors (consumer
discretionary, consumer staples, energy, financials, health care,
industrials, information technology, materials, real estate, telecom
services, and utilities). This four-tier structure accommodates
companies across the world and facilitates sector analysis and
investing.
Performance and Tax Analysis
Average Annual Total Return: In accordance with regulatory guidelines,
calculated as the average annual compounded rate of return as of the
end of the last calendar quarter. The calculation assumes maximum
sales and redemption loads, reinvestment of distributions and inclusion
of all recurring fees.
Best/Worst Historical Performance During Past 10 Years: Shows fund
performance relative to its Style Index during the Style Index's best and
worst-performing historical periods.
Return After Taxes on Distributions: An annualized total return that
takes into account the effect of taxes upon the reinvestment of
distributions and dividends into a fund. All fees and loads are deducted.
The highest tax rate applicable at the time and for the type of
distribution is used. This return assumes the investor does not liquidate
at the end of the measurement period.
Tax-Cost Ratio on Distributions: This measure depicts the amount of
value the investor is able to keep after paying taxes compared to his or
her pre-tax value in the presence of positive and negative returns.
Calculated as:
1 + RAT Where:
Modified Capture Ratio = -------- x 100 RAT = Return After Tax
1 + RBT (expressed in decimals)
RBT = Return Before Tax
(expressed in decimals)
Tax-Cost Ratio on Distributions and Sale: This measure depicts the
amount of value the investor is able to keep after paying taxes and
selling the shares compared to his or her pre-tax value in the presence
of positive and negative returns. Calculated as:
1 + RAT Where:
Modified Capture Ratio = -------- x 100 RAT = Return After Tax
(expressed in decimals)
1 + RBT
RBT = Return Before Tax
(expressed in decimals)
Modern Portfolio Theory Statistics
Alpha: An annualized return measure of how much better or worse a
fund's performance is relative to the S&P 500, after allowing for
differences in risk. It is calculated using a linear regression over the
most recent 36 months of data.
Beta: Measurement of a fund's sensitivity to changes in the market. For
example, a beta of 2.00 means the fund has moved twice as much in the
same direction as the market.
R-Squared: Measures the degree to which a fund's behavior is related
to the S&P 500. Consider an equity fund with an R2 of .86 relative to the
S&P 500 Index. One could infer from the R2 statistic that 86% of the
fund's historical behavior was attributable to movements in the S&P
500.
Page 6 of 6