Core "Access" Program

The Core Program is so-named because it provides “access” to DFA funds. It uses the same investment philosophy as the Total Portfolio Program, but it is more limited in scope and services. One of the main differences is that we use different funds than those typically used in the Total Portfolio Program. The Core Program uses what’s called “Core” funds for the majority of the portfolio.

While an asset-class fund specifically targets and covers a certain asset class, a Core fund covers several asset classes. For example, the DFA U.S. Core Equity fund includes large, mid, and small-cap companies with exposure in growth, market, and value. It is similar to a total market fund, but it incorporates the classic DFA tilt towards small-cap and value stocks.

DFA has three different U.S. Core Equity funds, each with varying levels of market tilts. Our Core Program portfolios are primarily built with DFA’s Core funds, including one of the U.S. Core Equity funds, an International Core fund, and an Emerging Markets Core fund. Real estate and a core bond fund round out the portfolio’s allocation.

Core Asset Class
Holdings*
Expense Ratio*
U.S. Core Equity II
3,522
0.26%
International Core Equity
4,710
0.48%
Emerging Markets Core
2,434
0.74%
Real Estate
101
0.21%
Core Bonds
3,126
0.20%
Portfolio Totals:
13,893
0.31%

*As of 12/31/07

These portfolios are still extremely diversified and provide additional cost savings due to a slightly lower expense ratio, less transaction costs, and a lower advisory fee. We offer a lower advisory fee because our services are limited and we do not provide integration with non-managed accounts.

For more information on the similarities and differences between our two investment management programs, please refer to our comparison chart.

> NEXT PAGE: Fees