Bay County Retirement Plans – VEBA Trust Dimensional Fund Advisors US Small Cap Portfolio

March 12, 2019

Graham Dorland, CFA, CAIA – Regional Director

This information is provided for registered investment advisors and institutional investors 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) 306-7400 or at us.dimensional.com/prospectus. Dimensional funds are distributed by DFA Securities LLC.

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Dimensional at a Glance

2

As of December 31, 2018

Assets in US dollars. “Dimensional” refers to the Dimensional separate but affiliated entities generally, rather than to one particular entity. These entities are Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., DFA Australia Limited, Dimensional Fund Advisors Canada ULC, Dimensional Fund Advisors Pte. Ltd., Dimensional Japan Ltd., and Dimensional Hong Kong Limited. Dimensional Hong Kong Limited is licensed by the Securities and Futures Commission to conduct Type 1 (dealing in securities) regulated activities only and does not provide asset management services.

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37 $517B 1,300+ One Years Since Founding

Global Assets Under Management

Employees Globally in 13 Offices

Investment Philosophy

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Why Dimensional

3

Philosophy

Implementation Body of Work

Client Experience

A BETTER

INVESTMENT

EXPERIENCE

The Power of Markets

4 In US dollars. Source: Dimensional, using data from Bloomberg LP. Includes primary and secondary exchange trading volume globally for equities. ETFs and funds are excluded. Daily averages were computed by calculating the trading volume of each stock daily as the closing price multiplied by shares traded that day. All such trading volume is summed up and divided by 252 as an approximate number of annual trading days.

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“Markets work the way you’d hope they would.“ David Booth Executive Chairman and Founder

All Available Information

$407.8B World Equity Trading Volume

(2017 Daily Average)

P R I C E S

1. Dimensional Fund Advisors LP. "Dimensional Directors" refers to the Board of Directors of the general partner of Dimensional Fund Advisors LP, an affiliate of Dimensional Fund Advisors Canada ULC.

A Heritage of Leading Research

5

The bar for research at Dimensional has been set by the best in the field

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“At Dimensional, we don’t jump on every new idea that comes along. We’re looking for what will stand up over a long period of time.” Eugene Fama Nobel laureate, 2013

Eugene Fama

Kenneth French

Robert Merton

Robert Novy-Marx

Merton Miller

Myron Scholes

University of Chicago

Dimensional Director and Consultant, Dimensional,1 1981–present

Dartmouth College

Consultant, Dimensional,1 1986–present

Co-Chair of the Investment Research Committee, Dimensional,1 2006–present

Dimensional Director, 2006–present

MIT

Director, Dimensional US Mutual Funds, 2003–2009

Resident Scientist, Dimensional Holdings Inc., 2010–present

University of Rochester

Consultant, Dimensional,1 2014–present

University of Chicago

Independent Director, Dimensional US Mutual Funds, 1981–2000

Stanford University

Independent Director, Dimensional US Mutual Funds, 1981–present

A Different View of Markets

Track the Market

Outguess the Market

Start with the Market

“You don’t have to outguess the market to beat it.” David Booth

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6

TRADITIONAL INDEXERS

Focus on matching the returns of an index, restricting which securities to hold and when to trade.

STOCK PICKERS AND QUANTITATIVE MANAGERS

Rely on predictions and/or backtested simulations to find mispricing or time markets.

DIMENSIONAL

Draws insights from empirical research to emphasize areas of the market with higher expected returns. Adds value through implementation that has been tested, repeated, and refined for more than three decades.

Implementation Requires Expertise

7

Taking knowledge and information and implementing it in a real test, not in a backtest, is what counts

As of December 31, 2018.

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DAVID BOOTH

Executive Chairman and Founder

GERARD K. O’REILLY, PhD

Co-Chief Executive Officer and Chief Investment Officer

DAVE BUTLER

Co-Chief Executive Officer

MARLENA LEE, PhD

Co-Head of Research

SAVINA RIZOVA, PhD

Co-Head of Research

PETE DILLARD

Chief Data Officer and Head of Investment Analytics and Data

Global Research Team

25 Trading

Professionals

19 PhDs

146 Portfolio

Management Professionals

84 Research

Professionals

Global Portfolio Management and Trading Team

JOSEPH CHI

Co-Head of Global Portfolio Management

JED FOGDALL

Co-Head of Global Portfolio Management

RYAN WILEY

Head of Global Equity Trading

Dimensional Investing

8

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“It’s 10% having a good idea and 90% implementing that idea and making it work. Dimensional has been making it work for decades.” Robert Merton Nobel laureate, 1997

Philosophy & Process— US Small Cap Portfolio

Designing Robust Portfolios

Design considerations listed are representative examples of decisions made in designing portfolios and are not intended to be exhaustive. 10

Increase Expected Returns

Manage Risks

Control Costs

CONSIDERATIONS GOALS

• Sorting variables

• Breakpoint definitions

• Integration of premiums

• Weighting schema

• Degree of emphasis on premiums

• Diversification across names, sectors, and countries

• Level of turnover

• Liquidity and expected trading costs

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Drivers of Long-Term Asset Allocation

11

To be considered a dimension of expected return, a premium must be:

• Sensible

• Persistent

• Pervasive

• Robust

• Cost-effective

1. Relative price as measured by the price-to-book ratio; value stocks are those with lower price-to-book ratios. 2. Profitability is a measure of current profitability, based on information from individual companies’ income statements.

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Company Size

Relative Price1

Profitability2

SMALL C AP PREMIUM

small vs. large companies

VALUE PREMIUM

value vs. growth companies

PROFITABILITY PREMIUM

high vs. low profitability companies

Dimensions of Expected Returns

12

Illustrative index performance: Annualized compound returns (%) in US dollars

Profitability is measured as operating income before depreciation and amortization minus interest expense scaled by book. Indices are not available for direct investment. Past performance is not a guarantee of future results. Index returns are not representative of actual portfolios and do not reflect costs and fees associated with an actual investment. Actual returns may be lower. See “Index Descriptions” in the appendix for descriptions of Dimensional and Fama/French index data. Eugene Fama and Ken French are members of the Board of Directors of the general partner of, and provide consulting services to, Dimensional Fund Advisors LP. S&P data copyright 2019 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. MSCI data © MSCI 2019, all rights reserved.

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U S S T O C K S D E V E L O P E D E X U S M A R K E T S S T O C K S E M E R G I N G M A R K E T S S T O C K S

SMALL LARGE SMALL LARGE SMALL LARGE

LOW HIGH LOW HIGH LOW HIGH

H IGH LOW HIGH LOW HIGH LOW

1928–2017

1996–2017

1975–2017

12.16 9.87

S&P 500 Index

Dimensional US Small Cap Index

Fama/French International Growth Index

Fama/French International Value Index

Dimensional Emerging Markets High Profitability Index

Dimensional Emerging Markets Low Profitability Index

1928–2017

Fama/French US Growth Research Index

Fama/French US Value Research Index

1970–2017

MSCI World ex USA Index (gross div.)

Dimensional Intl. Small Cap Index

1964–2017

Dimensional US High Profitability Index

Dimensional US Low Profitability Index

MSCI Emerging Markets Index (gross div.)

Dimensional Emerging Markets Small Cap Index

1989–2017

1990–2017

Dimensional International High Profitability Index

Dimensional International Low Profitability Index

1989–2017

Fama/French Emerging Markets Growth Index

Fama/French Emerging Markets Value Index

14.79 9.62

12.23 10.47

12.75 9.21

13.96 8.81

13.60 10.19

12.46 8.35 6.95

2.59

9.35 4.00

Size

Relative Price

Profitability

US Small Cap Portfolio Using an integrated approach to add value across all aspects of the investment process

• Structured based on systematic expected premiums:

– Market

– Company size

– Relative price (value)

– Profitability

• Offers broad sector and security diversification

• Balances competing premiums and manages implementation costs by using a disciplined and patient trading strategy

Names as of December 31, 2018. Holdings are subject to change.

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13

Portfolio Construction: Security Selection

14

US Small Cap Portfolio

• Focus on small cap securities

• Exclude companies with lowest profitability and highest relative price

1. Profitability is measured as operating income before depreciation and amortization minus interest expense scaled by book. Holdings are subject to change. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes.

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As of 12/31/2018Weighted Average

Market Cap (millions) Aggregate

Price-to-BookWeighted Average

Profitability

US Small Cap Portfolio $2,001 1.62 0.26

Russell 2000 Index $2,042 1.79 0.17

PR

OFI

TAB

ILIT

Y1

RELATIVE PRICE

LOW HIGH LOW

HIGH

Stocks below 10% market cap

RELATIVE PR ICE

LOW HIGH

SIZ

E

LAR

GE

SM

ALL

Sheet1

As of 12/31/2018Weighted Average Market Cap (millions) Aggregate Price-to-BookWeighted Average Profitability

US Small Cap Portfolio$2,0011.620.26610FU.S. Small Cap SeriesUSD

Russell 2000 Index$2,0421.790.17R2Russell 2000USD

Q4 2018 v1 Default 01/09/2019

Sheet2

9/30/16

Daily Order Generation Many inputs inform which stocks we want to hold each day

Listed inputs to the order generation process are representative examples and are not intended to be exhaustive.

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15

Meaningful Order Candidates

Potential Order Candidates

Long-Term Eligibility

• Company size

• Relative price

• Profitability

• Portfolio-specific guidelines

Traders receive order candidates that should improve expected returns and allow for flexibility to help reduce costs.

Balance Tradeoffs Between Competing Premiums and Costs

Current Holdings

• Size, value, and profitability positioning

• Security, sector, and country weights

• Cash balance

Short-Term Considerations

• Momentum

• Securities lending

• Corporate actions

• Index reconstitutions

Intra-day Costs

• Liquidity

• Ticket charges

• Stamp duties

• Minimum trade size

E X P E C T E D P R E M I U M S

Short-term Long-term

Value

Down Momentum

Expensive to Borrow

Balancing Differences Between Long- and Short-Term Expected Returns

16 For illustrative purposes only.

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Past

RE

LA

TIV

E P

RIC

E

Current Future

Stock A • Migrates from growth to value • Down momentum and expensive to borrow

A

Past

RE

LA

TIV

E P

RIC

E

Current Future

E X P E C T E D P R E M I U M S

Short-term Long-term

Value

B

Stock B • Migrates from growth to value

Delay Buy

Order Candidate

Order Candidate

Calendar Year Returns (%)

US SMALL CAP PORTFOLIO

Russell 2000Index

2009 36.34 27.17

2010 30.70 26.85

2011 -3.15 -4.18

2012 18.39 16.35

2013 42.21 38.82

2014 4.44 4.89

2015 -3.29 -4.41

2016 23.53 21.31

2017 11.52 14.65

2018 -13.13 -11.01

Performance

17

Performance for the portfolio is reported net of all advisory fees and includes reinvestment of dividends and other earnings. 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 the most current month-end performance data, visit us.dimensional.com. 1. Returns for periods shorter than one year are not annualized. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Indices are not available for direct investment. See “Appendix: Standardized Performance Data and Disclosures” to learn how to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses of Dimensional’s funds.

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Annualized Returns1 (%)Year to

Date 1 Year 3 Years 5 Years 10 Years

Since 4/92 Portfolio

1st Full Month

US SMALL CAP PORTFOLIO 15.93 3.18 13.60 6.92 17.94 10.47

Russell 2000 Index 17.03 5.58 16.67 7.36 16.60 9.39

As of February 28, 2019

Sheet1

Calendar Year Returns (%)US SMALL CAP PORTFOLIORussell 2000Index

200936.3427.17

201030.7026.85

2011-3.15-4.18

201218.3916.35

201342.2138.82

20144.444.89

2015-3.29-4.41

201623.5321.31

201711.5214.65

2018-13.13-11.01

12/31/18DFSTXR2000

R-31:1R-10001:4

NEWYORKUSDUSD

2018 Final Q4 Default 01/03/2019DFA US Small Cap Portfolio Class IRussell 2000 Index

Sheet2

2016 Final Q1 Default 04/03/2017

Sheet1

Annualized Returns1 (%)4thQuarter2018Year toDate1 Year3 Years5 Years10 YearsSince 4/92 Portfolio 1st Full Month12/31/18NEWYORKQ4 2018 Default 01/03/2019

US SMALL CAP PORTFOLIO-20.1515.933.1813.606.9217.9410.47DFSTXSince 04/1992R-31:1USDDFA US Small Cap Portfolio Class I

Russell 2000 Index -20.2017.035.5816.677.3616.609.39R2000Since 04/1992R-10001:4USDRussell 2000 Index

QYTD1Y3Y5Y10YSince 04/1992

Sheet2

Q3 2017 Default 10/03/2017

Sheet1

Account Value

Total$0

Fees

18

1. Fee and expense information as of the prospectus date 02/28/19. Certain Portfolios have entered into fee waiver and/or expense assumption arrangements with the Advisor. In these cases, the Advisor has contractually agreed, under certain circumstances, to waive certain fees and/or assume certain expenses of the Portfolio. Unless otherwise stated in the prospectus, the Advisor may amend or discontinue these arrangements at any time, one year from the date of the prospectus. The net expense ratio reflects the total annual fund operating expenses of the Portfolio after taking into account any such fee waiver and/or expense assumption arrangements. Please read the Portfolio's prospectus for details and more information.

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Net Expense Ratio1 (%)

Total (Gross) Expense

Ratio1 (%) Management

Fee1 (%)

US Small Cap Portfolio 0.37 0.37 0.35

Evaluating Dimensional Across Strategies Flagship equity funds, relative 15-year performance as of December 31, 2018

1. Average Index Fund Placement is provided where index fund(s) with a 15-year Morningstar Total Return Absolute Rank exist in the category as of December 31, 2018. Dimensional placement is the Morningstar 15-Year Total Return Absolute Category Rank sourced from Morningstar. Number of funds starting the period is the number of share classes, within the respective Morningstar Category, with return histories as of the start of the 15-year period ending December 31, 2018. The Morningstar category data is provided at the individual fund share class level. Multiple share classes of a fund typically have a common portfolio but impose different expense structures. Proportion of Surviving Funds Placing Ahead (Behind) of Dimensional is the proportion of ranked funds with a higher (lower) Morningstar 15-Year Total Return Absolute Category Rank than the corresponding Dimensional fund. The Average Index Fund Placement is the average, as determined by Dimensional, of the Morningstar 15-Year Total Return Absolute Category Rank for index funds within the respective Morningstar category as of December 31, 2018. All funds are US-domiciled. Funds may have experienced negative performance over the time period. Past performance is no guarantee of future results. Visit us.dimensional.com for standardized performance information for Dimensional’s funds. See “Relative Performance for Standardized Periods” in the appendix for further information.

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Funds No Longer in Existence

Proportion of Surviving Funds Placing Behind Dimensional

Proportion of Surviving Funds Placing Ahead of Dimensional

Average Index Fund Placement (where rank exists)1

Dimensional Placement

Funds No Longer in Existence

Dimensional Fund Name

Dimensional Placement/ Number of

Funds at Start

Higher

Lower

Category Placement

US LargeCap ValuePortfolio I

47/1,008

US LargeCompanyPortfolio

100/1,408

US MicroCap

Portfolio I

85/440

US SmallCap

Portfolio I

61/440

US SmallCap ValuePortfolio I

41/248

InternationalSmall Cap

ValuePortfolio I

2/44

InternationalSmall

CompanyPortfolio I

9/30

InternationalValue

Portfolio I

11/170

Large CapInternational

Portfolio I

76/452

EmergingMarkets

Portfolio I

21/186

EmergingMarkets

Small CapPortfolio I

3/186

EmergingMarketsValue

Portfolio I

7/186

Real EstateSecuritiesPortfolio I

23/176

19

Appendix

Characteristics

21

As of December 31, 2018

1. Operating income before depreciation and amortization minus interest expense scaled by book. Holdings are subject to change. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes.

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US SMALL CAP PORTFOLIO

Russell 2000Index

MARKET CHARACTERISTICS

Total Value of Eligible Universe (millions) $1,755,122 $1,777,119

Number of Holdings 2,090 2,032

SIZE CHARACTERISTICS

Wtd. Average Market Cap (millions) $2,001 $2,042

Median Market Cap (millions) $641 $711

VALUATION CHARACTERISTICS

Aggregate Price-to-Book 1.62 1.79

Wtd. Average Dividend-to-Price 1.41% 1.58%

PROFITABILITY CHARACTERISTICS

Wtd. Average Profitability1 0.26 0.17

Sheet1

US SMALL CAP PORTFOLIORussell 2000Index

MARKET CHARACTERISTICS

Total Value of Eligible Universe (millions)$1,755,122$1,777,119

Number of Holdings2,0902,032

SIZE CHARACTERISTICS

Wtd. Average Market Cap (millions)$2,001$2,042

Median Market Cap (millions)$641$711

VALUATION CHARACTERISTICS

Aggregate Price-to-Book1.621.79

Wtd. Average Dividend-to-Price1.41%1.58%

PROFITABILITY CHARACTERISTICS

Wtd. Average Profitability10.260.17

610FR2

Q4 2018 vFinal Default 01/11/2019U.S. Small Cap SeriesRussell 2000

USDUSD

Sheet2

Exec usp_getdatatabledata '2','45,10082|45,10970', '', '12/31/2010', '', '12/31/2009', 'USD', '0', '', '', '1', '1'

Exec usp_getdateline 1, '1', '12/31/2010', '', '45,10082|45,10970', '', '','1',2

Exec usp_getfootnote 1, '45,10082|45,10970', '12/31/2010', '1/01/1900','','1',2

Exec usp_getsubtitle 1,'1', '12/31/2010', '1/01/1900', '45,10082|45,10970', '', '1',2

Sheet3

Q3 2017 Final Default 10/11/2017

Sector Allocations

22

As of December 31, 2018

Numbers may not total 100% due to rounding. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Real Estate Investment Trusts (REITs) are shown as a separate category to illustrate their exclusion from certain funds. REITs are classified according to GICS Industry code. GICS was developed by and is the exclusive property of MSCI and S&P Dow Jones Indices LLC, a division of S&P Global.

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US SMALL CAPPORTFOLIO

Russell 2000 Index

PORTFOLIO WEIGHTS (%)

Financials 20.1 17.1

Industrials 19.6 14.8

Consumer Discretionary 14.9 12.2

Information Technology 13.4 14.7

Health Care 9.1 15.5

Energy 5.0 3.5

Materials 4.7 3.7

Consumer Staples 4.5 2.9

Communication Services 4.0 3.3

Utilities 3.9 3.8

Real Estate 0.6 0.6

REITs 0.0 7.8

Sheet1

US SMALL CAPPORTFOLIORussell 2000 Index

PORTFOLIO WEIGHTS (%)

Column1Column2Column3Column4

Financials20.117.1

Industrials19.614.8

Consumer Discretionary14.912.2

Information Technology13.414.7

Health Care9.115.5

Energy5.03.5

Materials4.73.7

Consumer Staples4.52.9

Communication Services4.03.3

Utilities3.93.8

Real Estate0.60.6

REITs0.07.8

Other0.00.0

610FR2

Q4 2018 v1 01/08/2019U.S. Small Cap SeriesRussell 2000

610FFinancialsIndustrialsConsumer DiscretionaryInformation TechnologyHealth CareEnergyMaterialsConsumer StaplesCommunication ServicesUtilitiesReal EstateREITsOther20.12603054239999919.62177598499999914.941360259713.4271295789000019.14869729770000014.95918140389999974.72287559330000044.53815084569999973.97830172769999993.85194884240000010.648175699299999963.6107448799999997E-22.6477530000000002E-4R2FinancialsIndustrialsConsumer DiscretionaryInformation TechnologyHealth CareEnergyMaterialsConsumer StaplesCommunication ServicesUtilitiesReal EstateREITsOther17.08632991229999814.82099788710000112.16193499729999914.70036338609999915.54892818623.52168579559999983.70917662570000012.87534943379999993.3165463143.82814687110.569598704400000047.81175913159999974.9182755000000002E-2

Sheet2

Exec usp_getdatatabledata '3','45,10082|45,10970', '', '12/31/2010', '', '12/31/2009', 'USD', '0', '', '', '1', '1'

Exec usp_getdateline 3, '1', '12/31/2010', '', '45,10082|45,10970', '', '','1',3

Exec usp_getfootnote 3, '45,10082|45,10970', '12/31/2010', '1/01/1900','','1',3

Exec usp_getsubtitle 3,'1', '12/31/2010', '1/01/1900', '45,10082|45,10970', '', '1',3

Sheet3

Q3 2017 10/09/2017

Dimensional Brokerage Commissions Relative to Peers

23

ITG Post-Trade AnalyticsTM – Peer Trade Cost Analysis, One Year Ending December 31, 2017

• Trading costs negatively impact returns

• Lower commissions can contribute to lower total trading costs

• Dimensional regularly monitors commissions to help keep rates low

Past performance is not a guarantee of future results. Date range reflects most recent data available. Ranking provided by ITG. Ranking from 1-100% where 1 is lowest commission rate and 100 is highest commission rate. United States rank on commission in cents/share. Non-US rank on % of traded value. The data provided on this slide is copyrighted by Investment Technology Group, Inc. or its affiliates and may not be copied, displayed, or transmitted in any form without prior written permission. Many factors influence transaction cost including order size, volatility, and spread. ITG’s peer universe includes a variety of firm types trading orders of all sizes in various market conditions. ITG’s Peer commission numbers represent a blend of both execution-only and fully bundled rates. US Commissions are typically paid on a cents per share (cps) basis. Non-US commissions are typically paid as a percentage of gross traded value and quoted in basis points (bps) or 1/100 of a percent.

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United States

Developed ex US1

Emerging Markets2

2.3 cps

25% 50% 75%

10 bps

14 bps

Dimensional

Dimensional Implicit Costs Relative to Peers

24

ITG Post-Trade AnalyticsTM – Peer Trade Cost Analysis, One Year Ending December 31, 2017

• Trading costs negatively impact returns

• Lower implicit costs contribute to lower total trading costs

• Dimensional uses both third party and internally developed benchmarks to evaluate the implicit costs of trading.

Past performance is not a guarantee of future results. Date range reflects most recent data available. Ranking provided by ITG. Ranking from 1-100% where 1 is lowest implicit cost and 100 is highest implicit cost. The data provided on this slide is copyrighted by Investment Technology Group, Inc. or its affiliates and may not be copied, displayed, or transmitted in any form without prior written permission. Many factors influence transaction cost including order size, volatility, and spread. ITG’s peer universe includes a variety of firm types trading orders of all sizes in various market conditions. ITG’s Peer commission numbers represent a blend of both execution-only and fully bundled rates.

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United States

Developed ex US1

Emerging Markets2

23 bps

25% 50% 75%

28 bps

38 bps

Dimensional

Partial List of Clients

25

As of January 9, 2019. Clients in bold have been clients with Dimensional for 10 or more years. Some entities listed do not engage Dimensional directly, but invest in a commingled vehicle advised by Dimensional. This list is solely a partial list of clients of the Dimensional group of companies and is generally representative of Dimensional’s institutional client base. Clients have given consent to be included and were not chosen based on performance-based criteria. This list should not be construed as an expression of any client's experience with Dimensional, or a suggestion that one client's experience is in any way indicative of another client's future experience with Dimensional. Inclusion of a client’s name on the list should not be taken as an indication that the client approves or disapproves of Dimensional or the advisory services provided to either the client and/or the commingled vehicle in which the client may be invested.

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Corporate Nonprofit Organizations Public Taft-HartleyAnthem, Inc. Baptist Foundation of Alabama City and County of Kalamazoo Bakery & Confectionery Union andAT&T Inc. Gonzaga University City of Baton Rouge Industry International Pension FundBoeing Corporation Misericordia Home Endowment County of Los Angeles Deferred Local Union #226Kellogg Company National Telecommunications Compensation National Electrical Benefit FundMerck Cooperative Association Florida State Board of Administration National Retirement FundMicrosoft Corporation Public Policy Institute of California Illinois Municipal Retirement Fund Union Electrical Industry Master TrustPepsiCo, Inc. Surdna Foundation Los Angeles Department of PPG Industries, Inc. Toledo Community Foundation Water & Power SystemTimkenSteel Corporation University of Miami Los Angeles Fire and Police PensionsTribune Media Company Western Michigan University Maryland State Retirement AgencyVerizon Communications, Inc. Foundation Mississippi Public Employees Yum! Brands, Inc. Retirement System

Municipal Fire & Police Retirement System of Iowa

Nebraska Investment CouncilNova Scotia Health Employees'

Pension Plan

Teachers' Retirement Allowances FundUtah State Retirement Systems

Sheet1

CorporateNonprofit OrganizationsPublicTaft-Hartley

Anthem, Inc.Baptist Foundation of AlabamaCity and County of KalamazooBakery & Confectionery Union and

AT&T Inc.Gonzaga UniversityCity of Baton Rouge Industry International Pension Fund

Boeing CorporationMisericordia Home EndowmentCounty of Los Angeles DeferredLocal Union #226

Kellogg CompanyNational Telecommunications Compensation National Electrical Benefit Fund

MerckCooperative Association Florida State Board of AdministrationNational Retirement Fund

Microsoft CorporationPublic Policy Institute of CaliforniaIllinois Municipal Retirement FundUnion Electrical Industry Master Trust

PepsiCo, Inc.Surdna FoundationLos Angeles Department of

PPG Industries, Inc.Toledo Community FoundationWater & Power System

TimkenSteel CorporationUniversity of MiamiLos Angeles Fire and Police Pensions

Tribune Media CompanyWestern Michigan University Maryland State Retirement Agency

Verizon Communications, Inc.FoundationMississippi Public Employees

Yum! Brands, Inc.Retirement System

Municipal Fire & Police

Retirement System of Iowa

Nebraska Investment Council

Nova Scotia Health Employees'

Pension Plan

Teachers' Retirement Allowances Fund

Utah State Retirement Systems

Relative Performance for Standardized Periods

26

Funds with more than 15 years of history as of December 31, 2018

Flagship equity funds are shown in bold. 1. Dimensional placement is the Morningstar 1-, 5-, 10-, or 15- year Total Return Absolute Category Rank sourced from Morningstar. Number of funds starting the period is the number of share classes, within the respective Morningstar Category, with return histories as of the start of the 1-, 5-, 10-, or 15-year period ending in December 31, 2018. 2. Number of Ranked Investments is sourced from Morningstar for each category and is the number of funds that were ranked as of the end of the 1-, 5, 10-, or 15-year period ending December 31, 2018. 3. Average Index Fund Placement is provided where index fund(s) with a 1-, 5-, 10-, or 15-year Morningstar Total Return Absolute Rank exist in the category as of December 31, 2018. The Average Index Fund Rank is the average, as determined by Dimensional, of the Morningstar 1-, 5-, 10-, or 15-Year Total Return Absolute Category Rank for index funds within the respective Morningstar category as of December 31, 2018. The Morningstar category data is provided at the individual fund share class level. Multiple share classes of a fund typically have a common portfolio but impose different expense structures. The table includes Dimensional Funds ranked by Morningstar and available on or before 15 years prior to December 31, 2018. Dimensional Funds currently available but previously restricted to clients of LWI Financial Inc. are excluded due to different historical fee structures. All funds are US-domiciled. Funds may have experienced negative performance over the time period. Past performance is no guarantee of future results. Visit us.dimensional.com for standardized performance information for Dimensional’s funds.

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Prior Year Prior 5 Years Prior 10 Years Prior 15 Years

Fund Name TickerMorningstar Category(US Fund)

Dimensional Placement/

Funds at Start¹

Number of Ranked

Investments²

Average Index Fund

Placement³

Dimensional Placement/

Funds at Start¹

Number of Ranked

Investments²

Average Index Fund

Placement³

Dimensional Placement/

Funds at Start¹

Number of Ranked

Investments²

Average Index Fund

Placement³

Dimensional Placement/

Funds at Start¹

Number of Ranked

Investments²

Average Index Fund

Placement³ US Large Cap Value Portfolio I DFLVX Large Value 1,019/1,309 1,242 503 329/1,207 937 280 31/1,290 686 201 47/1,008 432 175

US Large Company Portfolio DFUSX Large Blend 316/1,484 1,398 472 81/1,455 1,069 250 139/1,663 804 235 100/1,408 528 194

US Micro Cap Portfolio I DFSCX Small Blend 305/827 767 207 176/701 540 157 66/662 392 150 85/440 223 74

US Small Cap Portfolio I DFSTX Small Blend 436/827 767 207 214/701 540 157 46/662 392 150 61/440 223 74

US Small Cap Value Portfolio I DFSVX Small Value 186/432 417 137 184/394 327 133 55/389 228 95 41/248 130 50

US Targeted Value Portfolio I DFFVX Small Value 221/432 417 137 150/394 327 133 60/389 228 95 26/248 130 50

Large Cap International Portfolio I DFALX Foreign Large Blend 253/788 737 215 163/689 506 174 141/688 379 170 76/452 201 103

International Value Portfolio I DFIVX Foreign Large Value 205/336 313 72 67/328 225 73 28/312 149 36 11/170 76 51

International Small Cap Value Portfolio I DISVX Foreign Small/Mid Value 53/70 61 18 17/53 43 15 11/58 22 11 2/44 9 -

International Small Company Portfolio I DFISX Foreign Small/Mid Blend 41/115 110 28 20/84 67 27 28/69 50 23 9/30 22 -

Asia Pacific Small Company Portfolio I DFRSX Pacific/Asia ex-Japan Stk 47/88 83 28 58/108 59 33 13/63 29 18 13/47 21 11

Continental Small Company Portfolio I DFCSX Europe Stock 105/133 119 42 4/108 70 28 5/100 52 32 3/103 43 30

Japanese Small Company Portfolio I DFJSX Japan Stock 40/53 50 22 7/37 25 13 8/54 14 10 3/38 10 8

Enhanced US Large Co. Portfolio I DFELX Large Blend 602/1,484 1,398 472 142/1,455 1,069 250 88/1,663 804 235 131/1,408 528 194

Emerging Markets Portfolio I DFEMX Diversified Emerging Mkts 178/866 833 271 113/726 531 267 77/375 237 152 21/186 115 56

Emerging Markets Small Cap Portfolio I DEMSX Diversified Emerging Mkts 515/866 833 271 17/726 531 267 5/375 237 152 3/186 115 56

Emerging Markets Value Portfolio I DFEVX Diversified Emerging Mkts 81/866 833 271 106/726 531 267 73/375 237 152 7/186 115 56

Tax-Managed International Value Portfolio DTMIX Foreign Large Value 196/336 313 72 82/328 225 73 36/312 149 36 9/170 76 51

Tax-Managed US Equity Portfolio DTMEX Large Blend 586/1,484 1,398 472 281/1,455 1,069 250 217/1,663 804 235 106/1,408 528 194

Tax-Managed US Marketwide Value Portfolio DTMMX Large Value 875/1,309 1,242 503 375/1,207 937 280 25/1,290 686 201 33/1,008 432 175

Tax-Managed US Small Cap Portfolio DFTSX Small Blend 434/827 767 207 213/701 540 157 110/662 392 150 109/440 223 74

Tax-Managed US Targeted Value Portfolio DTMVX Small Value 235/432 417 137 110/394 327 133 47/389 228 95 53/248 130 50

Real Estate Securities Portfolio I DFREX Real Estate 15/275 249 83 14/254 191 68 16/229 138 53 23/176 94 44

One-Year Fixed Income Portfolio I DFIHX Ultrashort Bond 51/191 186 101 83/159 122 67 44/111 59 57 22/102 45 -

Short-Term Government Portfolio I DFFGX Short Government 43/108 104 28 23/127 93 37 19/128 68 36 11/146 64 38

Short Term Municipal Bond I DFSMX Muni National Short 106/208 202 62 106/198 162 108 82/163 108 71 61/147 79 -

Two-Year Global Fixed Income Portfolio I DFGFX World Bond 30/324 308 138 140/341 244 146 128/214 138 100 78/137 82 -

Five-Year Global Fixed Income Portfolio I DFGBX World Bond 35/324 308 138 60/341 244 146 94/214 138 100 57/137 82 -

Intermediate Government Fixed Income Portfolio I DFIGX Intermediate Government 27/259 235 51 27/273 194 67 52/291 150 111 11/284 116 63

Sheet1

Total Return Abs Rank Cat 1 Yr (Mo-End)# of Investments 1 Yr (Mo-End)1 Year Index Fund RanksTotal Return Abs Rank Cat 5 Yr (Mo-End)# of Investments 5 Yr (Mo-End)5 Year Index Fund RanksTotal Return Abs Rank Cat 10 Yr (Mo-End)# of Investments 10 Yr (Mo-End)10 Year Index Fund RanksTotal Return Abs Rank Cat 15 Yr (Mo-End)# of Investments 15 Yr (Mo-End)15 Year Index Fund Ranks

Prior YearPrior 5 YearsPrior 10 YearsPrior 15 Years

Fund NameTickerMorningstar Category(US Fund)Dimensional Placement/Funds at Start¹Number of Ranked Investments²Average Index Fund Placement³ Dimensional Placement/Funds at Start¹Number of Ranked Investments²Average Index Fund Placement³ Dimensional Placement/Funds at Start¹Number of Ranked Investments²Average Index Fund Placement³ Dimensional Placement/Funds at Start¹Number of Ranked Investments²Average Index Fund Placement³

US Large Cap Value Portfolio IDFLVXLarge Value1,019/1,3091,242503329/1,20793728031/1,29068620147/1,008432175

US Large Company PortfolioDFUSXLarge Blend316/1,4841,39847281/1,4551,069250139/1,663804235100/1,408528194

US Micro Cap Portfolio IDFSCXSmall Blend305/827767207176/70154015766/66239215085/44022374

US Small Cap Portfolio IDFSTXSmall Blend436/827767207214/70154015746/66239215061/44022374

US Small Cap Value Portfolio IDFSVXSmall Value186/432417137184/39432713355/3892289541/24813050

US Targeted Value Portfolio IDFFVXSmall Value221/432417137150/39432713360/3892289526/24813050

Large Cap International Portfolio IDFALXForeign Large Blend253/788737215163/689506174141/68837917076/452201103

International Value Portfolio IDFIVXForeign Large Value205/3363137267/3282257328/3121493611/1707651

International Small Cap Value Portfolio IDISVXForeign Small/Mid Value53/70611817/53431511/5822112/449-

International Small Company Portfolio IDFISXForeign Small/Mid Blend41/1151102820/84672728/6950239/3022-

Asia Pacific Small Company Portfolio IDFRSXPacific/Asia ex-Japan Stk47/88832858/108593313/63291813/472111

Continental Small Company Portfolio IDFCSXEurope Stock105/133119424/10870285/10052323/1034330

Japanese Small Company Portfolio IDFJSXJapan Stock40/5350227/3725138/5414103/38108

Enhanced US Large Co. Portfolio IDFELXLarge Blend602/1,4841,398472142/1,4551,06925088/1,663804235131/1,408528194

Emerging Markets Portfolio IDFEMXDiversified Emerging Mkts178/866833271113/72653126777/37523715221/18611556

Emerging Markets Small Cap Portfolio IDEMSXDiversified Emerging Mkts515/86683327117/7265312675/3752371523/18611556

Emerging Markets Value Portfolio IDFEVXDiversified Emerging Mkts81/866833271106/72653126773/3752371527/18611556

Tax-Managed International Value PortfolioDTMIXForeign Large Value196/3363137282/3282257336/312149369/1707651

Tax-Managed US Equity PortfolioDTMEXLarge Blend586/1,4841,398472281/1,4551,069250217/1,663804235106/1,408528194

Tax-Managed US Marketwide Value PortfolioDTMMXLarge Value875/1,3091,242503375/1,20793728025/1,29068620133/1,008432175

Tax-Managed US Small Cap PortfolioDFTSXSmall Blend434/827767207213/701540157110/662392150109/44022374

Tax-Managed US Targeted Value PortfolioDTMVXSmall Value235/432417137110/39432713347/3892289553/24813050

Real Estate Securities Portfolio IDFREXReal Estate15/2752498314/2541916816/2291385323/1769444

One-Year Fixed Income Portfolio IDFIHXUltrashort Bond51/19118610183/1591226744/111595722/10245-

Short-Term Government Portfolio IDFFGXShort Government43/1081042823/127933719/128683611/1466438

Short Term Municipal Bond IDFSMXMuni National Short106/20820262106/19816210882/1631087161/14779-

Two-Year Global Fixed Income Portfolio IDFGFXWorld Bond30/324308138140/341244146128/21413810078/13782-

Five-Year Global Fixed Income Portfolio IDFGBXWorld Bond35/32430813860/34124414694/21413810057/13782-

Intermediate Government Fixed Income Portfolio IDFIGXIntermediate Government27/2592355127/2731946752/29115011111/28411663

Two-Year Fixed Income InstitutionalDFCFXShort-Term Bond35/568528165292/51440399246/424261169140/35616858

Two-Year Government InstitutionalDFYGXShort Government20/1081042860/127933753/128683650/1466438

Flagship Funds

Fund NameTicker

US Large Company PortfolioDFUSX

US Large Cap Value Portfolio IDFLVX

US Small Cap Portfolio IDFSTX

US Micro Cap Portfolio IDFSCX

US Small Cap Value Portfolio IDFSVX

Real Estate Securities Portfolio IDFREX

Large Cap International Portfolio IDFALX

International Value Portfolio IDFIVX

International Small Company Portfolio IDFISX

International Small Cap Value Portfolio IDISVX

Emerging Markets Value Portfolio IDFEVX

Emerging Markets Small Cap Portfolio IDEMSX

Emerging Markets Portfolio IDFEMX

Intermediate Government Fixed Income Portfolio IDFIGX

One-Year Fixed Income Portfolio IDFIHX

Five-Year Global Fixed Income Portfolio IDFGBX

Ranks

RanksNumber of InvestmentsNumber of Funds Starting the PeriodAverage Index Fund RankNumber of Surviving Funds Placed AheadNumber of Survivings Funds Placed BehindNumber of Funds Liquidated or Merged

Total Return Abs Rank Cat 1 Yr (Mo-End)Total Return Abs Rank Cat 5 Yr (Mo-End)Total Return Abs Rank Cat 10 Yr (Mo-End)Total Return Abs Rank Cat 15 Yr (Mo-End)# of Investments 1 Yr (Mo-End)# of Investments 5 Yr (Mo-End)# of Investments 10 Yr (Mo-End)# of Investments 15 Yr (Mo-End)1 Year Inclusion5 Year Inclusion10 Year Inclusion15 Year Inclusion1 Year Index Fund Ranks5 Year Index Fund Ranks10 Year Index Fund Ranks15 Year Index Fund Ranks1 Year5 Year10 Year15 Year1 Year5 Year10 Year15 Year1 Year5 Year10 Year15 Year

NameTickerFeeder FundShare Class TypeInception DateObsolete DateNet Assets - share class (Monthly) 2018-09 USDMorningstar Category1 Year5 Year10 Year15 Year1 Year5 Year10 Year15 Year1 Year5 Year10 Year15 Year1 Year5 Year10 Year15 Year1 Year5 Year10 Year15 Year1 Year5 Year10 Year15 Year1 Year5 Year10 Year15 Year

NameTickerFeeder FundShare Class TypeInception DateObsolete DateNet Assets - share class (Monthly) 2018-09 USDMorningstar Category1 Year5 Year10 Year15 Year1 Year5 Year10 Year15 Year1 Year5 Year10 Year15 Year1 Year5 Year10 Year15 Year1 Year5 Year10 Year15 Year1 Year5 Year10 Year15 Year1 Year5 Year10 Year15 Year

DFA Asia Pacific Small Company IDFRSXYesInst1/5/93379,965,078US Fund Pacific/Asia ex-Japan Stk475813138359292188108634728331811465712123611685493426

DFA CA Intermediate-Term Muni Bd IDCIBXNoInst11/29/11431,884,512US Fund Muni California Intermediate546006856463569615963----445--63104635151328

DFA CA Municipal Real Return InstlDCARXNoInst11/1/17124,578,904US Fund Muni California Intermediate640006856463569615963----63---4564635151328

DFA CA Short-Term Municipal Bond IDFCMXNoInst4/2/071,142,432,441US Fund Muni Single State Short11252303830272042393628----102422-2754204998

DFA Commodity Strategy InstitutionalDCMSXNoInst11/9/102,066,480,703US Fund Commodities Broad Basket262400116792541371264611474519-2523--90552542147217

DFA Continental Small Company IDFCSXYesInst4/15/88714,500,636US Fund Europe Stock105453119705243133108100103422832301043421466474014384860

DFA Diversified Fixed Income InstlDFXIXNoInst8/10/16811,708,166US Fund Intermediate-Term Bond570001019767560397106997398591340443446522856---96276756039750206425516

DFA Em Mkts Sustnby Cor 1 InstlDESIXNoInst3/27/18108,839,990US Fund Diversified Emerging Mkts000083353123711586672637518627126715256----8335312371153319513871

DFA Emerging Markets Core Equity IDFCEXNoInst4/5/0527,753,250,310US Fund Diversified Emerging Mkts3251043308335312371158667263751862712671525632410332-5084272041153319513871

DFA Emerging Markets IDFEMXYesInst4/25/945,846,816,305US Fund Diversified Emerging Mkts1781137721833531237115866726375186271267152561771127620655418160943319513871

DFA Emerging Markets IIDFETXYesInst8/14/9770,278,656US Fund Diversified Emerging Mkts17282581683353123711586672637518627126715256171815715661449179993319513871

DFA Emerging Markets Small Cap IDEMSXYesInst3/5/986,934,059,707US Fund Diversified Emerging Mkts51517538335312371158667263751862712671525651416423185142321123319513871

DFA Emerging Markets Social Core PortDFESXNoInst8/31/061,444,226,744US Fund Diversified Emerging Mkts28683360833531237115866726375186271267152562858235-5474482011153319513871

DFA Emerging Markets Value IDFEVXYesInst4/1/9817,975,027,125US Fund Diversified Emerging Mkts8110673783353123711586672637518627126715256801057267524251641083319513871

DFA Enhanced US Large Company IDFELXNoInst7/2/96363,362,042US Fund Large Blend602142881311398106980452814841455166314084722502351946011418713079692771639786386859880

DFA Five-Year Global Fixed-Income IDFGBXNoInst11/6/9015,127,917,387US Fund World Bond3560945730824413882324341214137138146100-34599356273184442516977655

DFA Global Allocation 25/75 IDGTSXNoInst12/24/03891,153,179US Fund Allocation--15% to 30% Equity31836211200150863220921612350198---308261101696724219663718

DFA Global Allocation 60/40 IDGSIXNoInst12/24/034,281,027,056US Fund Allocation--50% to 70% Equity466366250109775610440270803733755601171125965646536524910830924419016128123315331

DFA Global Core Plus Fixed Income InstlDGCFXNoInst1/11/18553,740,066US Fund World Bond000030824413882324341214137138146100-----3082441388216977655

DFA Global Equity IDGEIXNoInst12/24/037,226,288,003US Fund World Large Stock6212136444898617359182950884702382383248214123620212634327740429513852267343200

DFA Global Real Estate Securities PortDFGEXNoInst6/4/087,649,102,270US Fund Global Real Estate2833021315210620235201175311467841-2722-1851491032022496911

DFA Global Small Company InstitutionalDGLIXNoInst1/18/1734,076,109US Fund World Small/Mid Stock910001499157391561057153917152-90---589157397141414

DFA Inflation-Protected Securities IDIPSXNoInst9/18/064,536,793,729US Fund Inflation-Protected Bond811212022816710638249217155715273246801111-147155943821504933

DFA Intermediate Govt Fixed-Income IDFIGXNoInst10/19/904,965,015,288US Fund Intermediate Government2727521123519415011625927329128451671116326265110208167981052479141168

DFA Intermediate-Term Extnd Qlty IDFTEXNoInst7/20/101,814,261,186US Fund Corporate Bond635300250150845825817298711015167236252--1879784588221413

DFA Intermediate-Term Municipal Bd IDFTIXNoInst3/1/121,810,199,637US Fund Muni National Interm39191002972281511123202682342508861762738190--25837151112234083138

DFA International Core Equity IDFIEXNoInst9/15/0529,675,142,276US Fund Foreign Large Blend57110338073750637920178868968845221517417010357010237-16640334120151183309251

DFA International Large Cap GrowthDILRXNoInst12/20/12344,831,555US Fund Foreign Large Growth15216600439315228116453374360229158155132-151165--2871492281161459132113

DFA International Real Estate Sec IDFITXNoInst3/1/075,754,589,757US Fund Global Real Estate1409544021315210620235201175311467841-1399443-7357622022496911

DFA International Small Cap GrowthDISMXNoInst12/20/12202,330,948US Fund Foreign Small/Mid Growth642900136955939144121805455---6328--726659398262115

DFA International Small Cap Value IDISVXNoInst12/29/9415,428,022,275US Fund Foreign Small/Mid Value5317112614322970535844181511-52161018261179103635

DFA International Small Company IDFISXNoInst9/30/9613,945,656,648US Fund Foreign Small/Mid Blend4120289110675022115846930282723-401927869472213517198

DFA International Social Cor Eq InstlDSCLXNoInst11/1/121,103,349,948US Fund Foreign Large Value5681290073750637920176060954229572733651567128--1693773792012310316394

DFA International Value IDFIVXNoInst2/15/9410,172,286,484US Fund Foreign Large Value2056728113132251497633632831217072733651204662710108158121652310316394

DFA International Value IIIDFVIXYesInst2/2/952,596,197,537US Fund Foreign Large Value18962237313225149763363283121707273365118861226124163126692310316394

DFA International Vector Equity IDFVQXNoInst8/14/082,655,476,391US Fund Foreign Small/Mid Value3118140614322970535844181511-301713-3025899103635

DFA Intl Hi Relatv Profitability InstlDIHRXNoInst5/16/17270,539,297US Fund Foreign Large Blend154000737506379201788689688452215174170103153---58350637920151183309251

DFA Intl Sustainability Core 1DFSPXNoInst3/12/08997,010,887US Fund Foreign Large Blend41312370073750637920178868968845221517417010341212269-32438330920151183309251

DFA Investment Grade IDFAPXNoInst3/7/118,842,077,257US Fund Intermediate-Term Bond3371730010197675603971069973985913404434465228336172--68259456039750206425516

DFA Japanese Small Company IDFJSXYesInst1/31/86689,244,937US Fund Japan Stock4078350251410533754382213108396721018673124028

DFA Large Cap International IDFALXNoInst7/17/914,988,607,140US Fund Foreign Large Blend253163141767375063792017886896884522151741701032521621407548434323812551183309251

DFA LTIP InstitutionalDRXIXNoInst3/7/12175,185,859US Fund Inflation-Protected Bond228200228167106382492171557152732462271---1651063821504933

DFA MN Municipal Bond InstitutionalDMNBXNoInst7/25/1763,941,644US Fund Muni Minnesota50004741302652504852----4---42413026591826

DFA Municipal Bond InstitutionalDFMPXNoInst3/10/15450,938,631US Fund Muni National Interm540002972281511123202682342508861762753---243228151112234083138

DFA Municipal Real Return InstitutionalDMREXNoInst11/4/14867,977,981US Fund Muni National Interm28600029722815111232026823425088617627285---11228151112234083138

DFA NY Municipal Bond InstitutionalDNYMXNoInst6/16/1597,148,078US Fund Muni Single State Short170003830272042393628----16---213027204998

DFA One-Year Fixed-Income IDFIHXNoInst7/25/837,825,224,664US Fund Ultrashort Bond5183442218612259451911591111021016757-508243211353915235375257

DFA Real Estate Securities IDFREXNoInst1/5/938,979,355,536US Fund Real Estate151416232491911389427525422917683685344141315222341771227126639182

DFA Selectively Hedged Glbl Eq IDSHGXNoInst11/14/11433,133,765US Fund World Large Stock63423400898617359182950884702382383248214123633233--26438335918252267343200

DFA Selectively Hedged Global F/I IDFSHXNoInst1/9/081,238,968,365US Fund World Bond31169109030824413882324341214137138146100-30168108-27775298216977655

DFA Short Term Municipal Bond IDFSMXNoInst8/20/022,558,265,902US Fund Muni National Short1061068261202162108792081981631476210871-1051058160965626186365568

DFA Short-Duration Real Return InstlDFAIXNoInst11/5/131,397,809,524US Fund Short-Term Bond466260005284032611685685144243561659916958465259--6214326116840111163188

DFA Short-Term Extended Quality IDFEQXNoInst3/4/095,735,250,614US Fund Short-Term Bond1196900528403261168568514424356165991695811868--40933426116840111163188

DFA Short-Term Government IDFFGXNoInst6/1/872,311,957,183US Fund Short Government432319111049368641081271281462837363842221810617049534346082

DFA Social Fixed Income InstitutionalDSFIXNoInst4/5/16226,387,944US Fund Intermediate-Term Bond37000010197675603971069973985913404434465228369---64976756039750206425516

DFA T.A. US Core Equity 2 IDFTCXNoInst10/4/079,909,950,362US Fund Mid-Cap Blend124427504633352351524824344263081909158421234174-3392931601521999191156

DFA TA World ex US Core Equity IDFTWXNoInst3/6/083,693,422,559US Fund Foreign Large Blend533763507375063792017886896884522151741701035327534-20443034420151183309251

DFA Targeted Credit InstitutionalDTCPXNoInst5/20/15646,922,657US Fund Short-Term Bond3380005284032611685685144243561659916958337---19040326116840111163188

DFA Tax-Managed International ValueDTMIXNoInst4/16/994,036,762,941US Fund Foreign Large Value19682369313225149763363283121707273365119581358117143113672310316394

DFA Tax-Managed US EqDTMEXNoInst9/25/013,841,307,535US Fund Large Blend58628121710613981069804528148414551663140847225023519458528021610581278858742286386859880

DFA Tax-Managed US Marketwide ValueDTMMXNoInst12/14/985,324,194,547US Fund Large Value875375253312429376864321309120712901008503280201175874374243236756266139967270604576

DFA Tax-Managed US Marketwide Value IIDFMVXYesInst12/16/981,969,697,141US Fund Large Value850338212712429376864321309120712901008503280201175849337202639259966540567270604576

DFA Tax-Managed US Small CapDFTSXNoInst12/15/983,286,706,964US Fund Small Blend4342131101097675403922238277016624402071571507443321210910833332728211460161270217

DFA Tax-Managed US Targeted ValueDTMVXNoInst12/11/985,088,393,069US Fund Small Value235110475341732722813043239438924813713395502341094652182217181771567161118

DFA Two-Year Fixed Income InstitutionalDFCFXNoInst6/6/96127,892,383US Fund Short-Term Bond35292246140528403261168568514424356165991695834291245139493111152840111163188

DFA Two-Year Global Fixed-Income IDFGFXNoInst2/9/965,581,211,454US Fund World Bond301401287830824413882324341214137138146100-291391277727810410416977655

DFA Two-Year Government InstitutionalDFYGXNoInst6/6/96124,897,423US Fund Short Government206053501049368641081271281462837363819595249843315144346082

DFA United Kingdom Small Company IDFUKXYesInst3/4/8639,932,537US Fund Miscellaneous Region00000000624101------------624101

DFA US Core Equity 1 IDFEOXNoInst9/15/0525,493,270,158US Fund Large Blend103054711101398106980452814841455166314084722502351941029546110-36852269352886386859880

DFA US Core Equity 2 IDFQTXNoInst9/15/0526,712,168,610US Fund Mid-Cap Blend133517604633352351524824344263081909158421325075-3302841591521999191156

DFA US Hi Relatv Profitability InstlDURPXNoInst5/16/17663,993,663US Fund Large Blend514000139810698045281484145516631408472250235194513---884106980452886386859880

DFA US Large Cap Equity InstitutionalDUSQXNoInst6/25/131,562,757,175US Fund Large Blend75537000139810698045281484145516631408472250235194754369--64369980452886386859880

DFA US Large Cap Growth InstlDUSLXNoInst12/20/122,132,550,170US Fund Large Growth70743800140411067985631458153416921499753404182166706437--69766879856354428894936

DFA US Large Cap Value IDFLVXNoInst2/19/9326,913,695,531US Fund Large Value10193293147124293768643213091207129010085032802011751018328304622360865538567270604576

DFA US Large Cap Value IIDFCVXYesInst8/2/94182,483,874US Fund Large Value10142912641124293768643213091207129010085032802011751013290254022864666039167270604576

DFA US Large Cap Value IIIDFUVXYesInst2/2/954,056,792,730US Fund Large Value10132892336124293768643213091207129010085032802011751012288223522964866339667270604576

DFA US Large Company IDFUSXNoInst9/23/999,112,200,090US Fund Large Blend316811391001398106980452814841455166314084722502351943158013899108298866542886386859880

DFA US Micro Cap IDFSCXNoInst12/23/817,228,499,610US Fund Small Blend305176668576754039222382770166244020715715074304175658446236432613860161270217

DFA US Small Cap Growth InstlDSCGXNoInst12/20/12656,399,396US Fund Small Growth5953770067651639125372667779562837824419586594376--8113939125350161404375

DFA US Small Cap IDFSTXNoInst3/19/9219,169,167,473US Fund Small Blend436214466176754039222382770166244020715715074435213456033132634616260161270217

DFA US Small Cap Value IDFSVXNoInst3/2/9316,245,455,991US Fund Small Value186184554141732722813043239438924813713395501851835440231143173891567161118

DFA US Social Core Equity 2 PortfolioDFUEXNoInst10/1/071,240,381,334US Fund Mid-Cap Blend150839604633352351524824344263081909158421498295-3132521391521999191156

DFA US Sustainability Core 1DFSIXNoInst3/12/081,771,147,938US Fund Large Blend85549895013981069804528148414551663140847225023519485449794-54357170952886386859880

DFA US Targeted Value IDFFVXNoInst2/23/0011,418,390,049US Fund Small Value2211506026417327228130432394389248137133955022014959251961771681041567161118

DFA US Vector Equity IDFVEXNoInst12/30/055,055,321,733US Fund Mid-Cap Value20212484041630621812443237138322513062645820112383-2141821341241665165101

DFA World Core Equity InstitutionalDREIXNoInst3/7/12809,995,310US Fund World Large Stock67827600898617359182950884702382383248214123677275--22034135918252267343200

DFA World ex US Core Equity InstlDFWIXNoInst4/9/133,399,795,908US Fund Foreign Large Blend548840073750637920178868968845221517417010354783--18942237920151183309251

DFA World ex US Government Fxd Inc IDWFIXNoInst12/6/111,106,290,043US Fund World Bond910030824413882324341214137138146100-80--2992431388216977655

DFA World ex US Targeted Val InstlDWUSXNoInst11/1/12499,864,063US Fund Foreign Small/Mid Value411400614322970535844181511-4013--20292299103635

DFA World ex US Value Port IDFWVXNoInst8/23/10260,504,108US Fund Foreign Large Value1634500313225149763363283121707273365116244--150180149762310316394

Dimensional 2005 Target Dt Rtr Inc InstlDRIMXNoInst11/2/155,704,629US Fund Target-Date 2000-20101000013793762613816621037----9---12793762617313411

Dimensional 2010 Target Dt Rtr Inc InstlDRIBXNoInst11/2/1519,363,209US Fund Target-Date 2000-20107000013793762613816621037----69---6793762617313411

Dimensional 2015 Target Dt Rtr Inc InstlDRIQXNoInst11/2/1549,263,862US Fund Target-Date 201584000142824961431711489----83---5882496189993

Dimensional 2020 Target Dt Rtr Inc InstlDRIRXNoInst11/2/15101,638,537US Fund Target-Date 20201730002501651072325221719428----172---7716510723252875

Dimensional 2025 Target Dt Rtr Inc InstlDRIUXNoInst11/2/15137,324,343US Fund Target-Date 20252010002261467362301881327----200---25146736442591

Dimensional 2030 Target Dt Rtr Inc InstlDRIWXNoInst11/2/15143,942,181US Fund Target-Date 2030189000238154962324220617628----188---491549623452805

Dimensional 2035 Target Dt Rtr Inc InstlDRIGXNoInst11/2/15105,331,977US Fund Target-Date 20351180002181386562221801197----117---100138656442541

Dimensional 2040 Target Dt Rtr Inc InstlDRIHXNoInst11/2/1583,491,898US Fund Target-Date 2040101000237153952324120717428----100---1361539523454795

Dimensional 2045 Target Dt Rtr Inc InstlDRIIXNoInst11/2/1558,503,519US Fund Target-Date 20451780002171376312211791051----177---39137631442420

Dimensional 2050 Target Dt Rtr Inc InstlDRIJXNoInst11/2/1548,383,549US Fund Target-Date 20501630002361527662401981176----162---73152766446410

Dimensional 2055 Target Dt Rtr Inc InstlDRIKXNoInst11/2/1518,765,857US Fund Target-Date 205515300021811290222135260----152---651129-423170

Dimensional 2060 Target Dt Rtr Inc InstlDRILXNoInst11/2/1513,580,382US Fund Target-Date 2060+123000201900202900----122---789--1000

Dimensional Retirement Income InstlTDIFXNoInst4231015716716US Fund Target-Date Retirement20000187129932118818716832----19---16712993211587511

Sheet3

Standardized Performance Data and Disclosures

27

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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 for Dimensional portfolios current to the most recent month-end, access our website at us.dimensional.com.

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 us.dimensional.com/prospectus. 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.

Standardized Performance Data and Disclosures

28

1. Performance information as of 12/31/18. 2. Fee and expense information as of the prospectus dated 02/28/19. Certain portfolios have entered into fee waiver and/or expense assumption arrangements with the advisor. In these cases, the advisor has contractually agreed, under certain circumstances, to waive certain fees and/or assume certain expenses of the portfolio. Unless otherwise stated in the prospectus, the advisor may amend or discontinue these arrangements at any time, one year from the date of the prospectus. The net expense ratio reflects the total annual fund operating expenses of the portfolio after taking into account any such fee waiver and/or expense assumption arrangements. Please read the portfolio's prospectus for details and more information.

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AVERAGE ANNUAL TOTAL RETURNS1 (%) FEES AND EXPENSES2 (%)

Symbol 1 Year 5 Years 10 Years Since

Inception Inception

Date

Net Expense

Ratio

Total (Gross) Expense

Ratio Management

Fee

Management Fee after Fee

Waiver

US Equity Portfolios

Enhanced US Large Company Portfolio DFELX -5.45 8.21 13.32 8.15 7/2/1996 0.15 0.23 0.20 0.20

US Core Equity 1 Portfolio DFEOX -7.79 6.89 13.19 7.65 9/15/2005 0.19 0.19 0.17 0.17

US Core Equity 2 Portfolio DFQTX -9.62 5.84 12.77 7.24 9/15/2005 0.22 0.22 0.20 0.20

US High Relative Profitability Portfolio DURPX -5.12 — — 7.06 5/16/2017 0.25 0.27 0.20 0.20

US Large Cap Equity Portfolio DUSQX -6.23 7.50 — 9.95 6/25/2013 0.17 0.17 0.15 0.15

US Large Cap Growth Portfolio DUSLX -1.99 9.03 — 12.72 12/20/2012 0.19 0.19 0.17 0.17

US Large Cap Value Portfolio DFLVX -11.65 5.83 13.17 9.60 2/19/1993 0.27 0.37 0.35 0.25

US Large Company Portfolio DFUSX -4.43 8.42 13.07 5.53 9/23/1999 0.08 0.08 0.06 0.06

US Micro Cap Portfolio DFSCX -11.60 4.14 13.08 11.40 12/23/1981 0.52 0.52 0.50 0.50

US Small Cap Growth Portfolio DSCGX -12.34 4.12 — 9.80 12/20/2012 0.38 0.38 0.35 0.35

US Small Cap Portfolio DFSTX -13.13 3.87 13.39 9.79 3/19/1992 0.37 0.37 0.35 0.35

US Small Cap Value Portfolio DFSVX -15.13 2.17 12.05 10.74 3/2/1993 0.52 0.52 0.50 0.50

US Targeted Value Portfolio DFFVX -15.78 2.59 11.94 10.18 2/23/2000 0.37 0.37 0.35 0.35

US Vector Equity Portfolio DFVEX -13.24 4.01 12.10 6.58 12/30/2005 0.32 0.32 0.30 0.30

Index Descriptions

29

Dimensional US Small Cap Index was created by Dimensional in March 2007 and is compiled by Dimensional. It represents a market-capitalization-weighted index of securities of the smallest US companies whose market capitalization falls in the lowest 8% of the total market capitalization of the eligible market. The eligible market is composed of securities of US companies traded on the NYSE, NYSE MKT (formerly AMEX), and Nasdaq Global Market. Exclusions: Non-US companies, REITs, UITs, and investment companies. From January 1975 to the present, the index also excludes companies with the lowest profitability and highest relative price within the small cap universe. Profitability is measured as operating income before depreciation and amortization minus interest expense scaled by book. Source: CRSP and Compustat. The index monthly returns are computed as the simple average of the monthly returns of 12 sub-indices, each one reconstituted once a year at the end of a different month of the year. The calculation methodology for the Dimensional US Small Cap Index was amended on January 1, 2014, to include profitability as a factor in selecting securities for inclusion in the index.

Dimensional US High Profitability Index was created by Dimensional in January 2014 and represents an index consisting of US companies. It is compiled by Dimensional. Dimensional sorts stocks into three profitability groups from high to low. Each group represents one-third of the market capitalization. Similarly, stocks are sorted into three relative price groups. The intersections of the three profitability groups and the three relative price groups yield nine subgroups formed on profitability and relative price. The index represents the average return of the three high-profitability subgroups. It is rebalanced twice per year. Profitability is measured as operating income before depreciation and amortization minus interest expense scaled by book. Source: CRSP and Compustat.

Dimensional US Low Profitability Index was created by Dimensional in January 2014 and represents an index consisting of US companies. It is compiled by Dimensional. Dimensional sorts stocks into three profitability groups from high to low. Each group represents one-third of the market capitalization. Similarly, stocks are sorted into three relative price groups. The intersections of the three profitability groups and the three relative price groups yield nine subgroups formed on profitability and relative price. The index represents the average return of the three low-profitability subgroups. It is rebalanced twice per year. Profitability is measured as operating income before depreciation and amortization minus interest expense scaled by book. Source: CRSP and Compustat.

Dimensional International Small Cap Index was created by Dimensional in April 2008 and is compiled by Dimensional. July 1981–December 1993: It Includes non-US developed securities in the bottom 10% of market capitalization in each eligible country. All securities are market capitalization weighted. Each country is capped at 50%. Rebalanced semiannually. January 1994–Present: Market-capitalization-weighted index of small company securities in the eligible markets excluding those with the lowest profitability and highest relative price within the small cap universe. Profitability is measured as operating income before depreciation and amortization minus interest expense scaled by book. The index monthly returns are computed as the simple average of the monthly returns of four sub-indices, each one reconstituted once a year at the end of a different quarter of the year. Prior to July 1981, the index is 50% UK and 50% Japan. The calculation methodology for the Dimensional International Small Cap Index was amended on January 1, 2014, to include profitability as a factor in selecting securities for inclusion in the index.

The Dimensional Indices have been retrospectively calculated by Dimensional Fund Advisors LP and did not exist prior to their index inception dates. Accordingly, results shown during the periods prior to each index’s index inception date do not represent actual returns of the index. Other periods selected may have different results, including losses. Backtested index performance is hypothetical and is provided for informational purposes only to indicate historical performance had the index been calculated over the relevant time periods. Backtested performance results assume the reinvestment of dividends and capital gains.

Index Descriptions

30

Dimensional International Low Profitability Index was created by Dimensional in January 2013 and represents an index consisting of non-US developed companies. It is compiled by Dimensional. Dimensional sorts stocks into three profitability groups from high to low. Each group represents one-third of the market capitalization of each eligible country. Similarly, stocks are sorted into three relative price groups. The intersections of the three profitability groups and the three relative price groups yield nine subgroups formed on profitability and relative price. The index represents the average return of the three low-profitability subgroups. The index is rebalanced twice per year. Profitability is measured as operating income before depreciation and amortization minus interest expense scaled by book. Source: Bloomberg.

Dimensional International High Profitability Index was created by Dimensional in January 2013 and represents an index consisting of non-US developed companies. It is compiled by Dimensional. Dimensional sorts stocks into three profitability groups from high to low. Each group represents one-third of the market capitalization of each eligible country. Similarly, stocks are sorted into three relative price groups. The intersections of the three profitability groups and the three relative price groups yield nine subgroups formed on profitability and relative price. The index represents the average return of the three high-profitability subgroups. The index is rebalanced twice per year. Profitability is measured as operating income before depreciation and amortization minus interest expense scaled by book. Source: Bloomberg.

Dimensional Emerging Markets Low Profitability Index was created by Dimensional in April 2013 and represents an index consisting of emerging markets companies and is compiled by Dimensional. Dimensional sorts stocks into three profitability groups from high to low. Each group represents one-third of the market capitalization of each eligible country. Similarly, stocks are sorted into three relative price groups. The intersections of the three profitability groups and the three relative price groups yield nine subgroups formed on profitability and relative price. The index represents the average return of the three low-profitability subgroups. The index is rebalanced twice per year. Profitability is measured as operating income before depreciation and amortization minus interest expense scaled by book. Source: Bloomberg.

Dimensional Emerging Markets High Profitability Index was created by Dimensional in April 2013 and represents an index consisting of emerging markets companies and is compiled by Dimensional. Dimensional sorts stocks into three profitability groups from high to low. Each group represents one-third of the market capitalization of each eligible country. Similarly, stocks are sorted into three relative price groups. The intersections of the three profitability groups and the three relative price groups yield nine subgroups formed on profitability and relative price. The index represents the average return of the three high-profitability subgroups. The index is rebalanced twice per year. Profitability is measured as operating income before depreciation and amortization minus interest expense scaled by book. Source: Bloomberg.

Dimensional Emerging Markets Small Cap Index was created by Dimensional in April 2008 and is compiled by Dimensional. January 1989–December 1993: Fama/French Emerging Markets Small Cap Index. January 1994–Present: Dimensional Emerging Markets Small Cap Index composition: Market-capitalization-weighted index of small company securities in the eligible markets excluding those with the lowest profitability and highest relative price within the small cap universe. Profitability is measured as operating income before depreciation and amortization minus interest expense scaled by book. The index monthly returns are computed as the simple average of the monthly returns of four sub-indices, each one reconstituted once a year at the end of a different quarter of the year. Source: Bloomberg. The calculation methodology for the Dimensional Emerging Markets Small Cap Index was amended on January 1, 2014, to include profitability as a factor in selecting securities for inclusion in the index.

The Dimensional Indices have been retrospectively calculated by Dimensional Fund Advisors LP and did not exist prior to their index inception dates. Accordingly, results shown during the periods prior to each index’s index inception date do not represent actual returns of the index. Other periods selected may have different results, including losses. Backtested index performance is hypothetical and is provided for informational purposes only to indicate historical performance had the index been calculated over the relevant time periods. Backtested performance results assume the reinvestment of dividends and capital gains. Eugene Fama and Ken French are members of the Board of Directors of the general partner of, and provide consulting services to, Dimensional Fund Advisors LP.

Index Descriptions

31

Fama/French US Value Research Index: Provided by Fama/French from CRSP securities data. Includes the lower 30% in price-to-book of NYSE securities (plus NYSE Amex equivalents since July 1962 and Nasdaq equivalents since 1973).

Fama/French US Growth Research Index: Provided by Fama/French from CRSP securities data. Includes the higher 30% in price-to-book of NYSE securities (plus NYSE Amex equivalents since July 1962 and Nasdaq equivalents since 1973).

Fama/French Total US Market Index: Provided by Fama/French from CRSP securities data. Includes all US operating companies trading on the NYSE, AMEX, or Nasdaq NMS. Excludes ADRs, investment companies, tracking stocks, non-US incorporated companies, closed-end funds, certificates, shares of beneficial interests, and Berkshire Hathaway Inc. (Permco 540).

Fama/French International Value Index: 2008–present: Provided by Fama/French from Bloomberg securities data. Simulated strategy of MSCI EAFE + Canada countries in the lower 30% price-to-book range. 1975–2007: Provided by Fama/French from MSCI securities data.

Fama/French International Growth Index: 2008–present: Provided by Fama/French from Bloomberg securities data. Simulated strategy of MSCI EAFE + Canada countries in the higher 30% price-to-book range. 1975–2007: Provided by Fama/French from MSCI securities data.

Fama/French Emerging Markets Value Index: 2009–present: Provided by Fama/French from Bloomberg securities data. Simulated strategy using IFC investable universe countries. Companies in the lower 30% price-to-book range; companies weighted by float-adjusted market cap; countries weighted by country float-adjusted market cap; rebalanced monthly. 1989–2008: Provided by Fama/French from IFC securities data. IFC data provided by International Finance Corporation.

Fama/French Emerging Markets Growth Index: 2009–present: Provided by Fama/French from Bloomberg securities data. Simulated strategy using IFC investable universe countries. Companies in the higher 30% price-to-book range; companies weighted by float-adjusted market cap; countries weighted by country float-adjusted market cap; rebalanced monthly. 1989–2008: Provided by Fama/French from IFC securities data. IFC data provided by International Finance Corporation.

Results shown during periods prior to each index’s index inception date do not represent actual returns of the respective index. Other periods selected may have different results, including losses. Backtested index performance is hypothetical and is provided for informational purposes only to indicate historical performance had the index been calculated over the relevant time periods. Backtested performance results assume the reinvestment of dividends and capital gains. Eugene Fama and Ken French are members of the Board of Directors of the general partner of, and provide consulting services to, Dimensional Fund Advisors LP.

Data Appendix

32

US-domiciled open-end mutual fund data is from Morningstar and Center for Research in Security Prices (CRSP) from the University of Chicago.

Equity fund sample includes the Morningstar historical categories: Diversified Emerging Markets, Europe Stock, Foreign Large Blend, Foreign Large Growth, Foreign Large Value, Foreign Small/Mid Blend, Foreign Small/Mid Growth, Foreign Small/Mid Value, Japan Stock, Large Blend, Large Growth, Large Value, Mid-Cap Blend, Mid-Cap Growth, Mid-Cap Value, Miscellaneous Region, Pacific/Asia ex-Japan Stock, Small Blend, Small Growth, Small Value, and World Stock. For additional information regarding the Morningstar historical categories, please see “The Morningstar Category Classifications” at http://morningstardirect.morningstar.com/clientcomm/Morningstar_Categories_US_April_2016.pdf.

Fixed income fund sample includes the Morningstar historical categories: Corporate Bond, High Yield Bond, Inflation-Protected Bond, Intermediate Government, Intermediate-Term Bond, Muni California Intermediate, Muni California Long, Muni Massachusetts, Muni Minnesota, Muni National Intermediate, Muni National Long, Muni National Short, Muni New Jersey, Muni New York Intermediate, Muni New York Long, Muni Ohio, Muni Pennsylvania, Muni Single State Intermediate, Muni Single State Long, Muni Single State Short, Short Government, Short-Term Bond, Ultrashort Bond, and World Bond. For additional information regarding the Morningstar historical categories, please see “The Morningstar Category Classifications” at http://morningstardirect.morningstar.com/clientcomm/Morningstar_Categories_US_April_2016.pdf.

Index funds and fund-of-funds are excluded from the sample. Net assets for funds with multiple share classes or feeder funds are a sum of the individual share class total net assets. The return, expense ratio, and turnover for funds with multiple share classes are taken as the asset-weighted average of the individual share class observations. Fund share classes are aggregated at the strategy level using Morningstar FundID and CRSP portfolio number.

Each fund is evaluated relative to the Morningstar category index assigned to the fund’s category at the start of the evaluation period. So, if, for example, a fund changes from Large Value to Large Growth during the evaluation period, then its return will still be compared to the Large Value category index. Surviving funds are those with return observations for every month of the sample period. Winner funds are those that survived and whose cumulative net return over the period exceeded that of their respective Morningstar category index. Loser funds are funds that did not survive the period or whose cumulative net return did not exceed their respective Morningstar category index.

Index data provided by Bloomberg Barclays, MSCI, Russell, FTSE Fixed Income LLC, and S&P. Bloomberg Barclays data provided by Bloomberg. MSCI data ©MSCI 2019, all rights reserved. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. FTSE fixed income indices © 2019 FTSE Fixed Income LLC. All rights reserved. S&P and Dow Jones data © 2019 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved.

Indices are not available for direct investment. Their performance does not reflect the expenses associated with management of an actual portfolio.

Mutual fund investment values will fluctuate, and shares, when redeemed, may be worth more or less than original cost. Diversification neither assures a profit nor guarantees against a loss in a declining market. There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results

#58927-0617

http://morningstardirect.morningstar.com/clientcomm/Morningstar_Categories_US_April_2016.pdfhttp://morningstardirect.morningstar.com/clientcomm/Morningstar_Categories_US_April_2016.pdfhttp://morningstardirect.morningstar.com/clientcomm/Morningstar_Categories_US_April_2016.pdfhttp://morningstardirect.morningstar.com/clientcomm/Morningstar_Categories_US_April_2016.pdf

33

Presenter’s Biography

Graham Dorland, CFA, CAIA Regional Director

Graham Dorland is a Regional Director in Dimensional’s Institutional Services department. Based in the Austin office, Graham works to develop and strengthen the firm’s relationships with institutional investors. Prior to joining Dimensional, he worked as an associate director on the institutional sales team at Russell Investments, where he was responsible for client development of the firm’s OCIO and multi-asset solutions.

Graham earned both an MBA and a bachelor’s degree in business from Eastern Washington University. He is a CFA® charterholder, a Chartered Alternative Investment Analyst (CAIA), and is Series 7 and Series 63 licensed.

Bay County Retirement Plans – VEBA TrustDimensional at a GlanceWhy DimensionalThe Power of MarketsA Heritage of Leading ResearchA Different View of Markets Implementation Requires ExpertiseDimensional InvestingSlide Number 9Designing Robust PortfoliosDrivers of Long-Term Asset AllocationDimensions of Expected ReturnsUS Small Cap PortfolioPortfolio Construction: �Security Selection Daily Order GenerationBalancing Differences Between �Long- and Short-Term Expected ReturnsPerformanceFeesEvaluating Dimensional Across StrategiesSlide Number 20CharacteristicsSector AllocationsDimensional Brokerage Commissions Relative to PeersDimensional Implicit Costs Relative to PeersPartial List of ClientsRelative Performance for Standardized Periods�Standardized Performance Data and DisclosuresStandardized Performance Data and DisclosuresIndex DescriptionsIndex DescriptionsIndex DescriptionsData AppendixPresenter’s Biography