Los Angeles Water and Power Employees Retirement Plan

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2 Los Angeles Water and Power Employees Retirement Plan August 9, 2017 Joseph Chi, CFA, Vice President and Co-Head of Portfolio Management Joseph Young, CFA, Vice President 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) or at us.dimensional.com/prospectus. Dimensional funds are distributed by DFA Securities LLC. #

3 Agenda 1. Section A: Dimensional Overview 2. Section B: Investment Process and Discipline 3. Section C: Market Overview 4. Section D: Performance Review 5. Section E: Portfolio Review and Characteristics 6. Section F: Fee Schedule 7. Appendix

4 Section A: Dimensional Overview

5 Dimensional Fund Advisors ABOUT THE FIRM Dimensional is a global investment firm that has been serving investors for more than 35 years. A DIFFERENT APPROACH TO INVESTING A strong belief in markets frees us to think differently about investing. PUTTING RESEARCH INTO PRACTICE We identify compelling research and apply it to practical investing. A CLEAR VIEW OF EXPECTED RETURNS Decades of research and rigorous testing underpin our approach to pursuing higher expected returns. A DYNAMIC INVESTMENT PROCESS Our goal is to add value over benchmarks and peers through an integrated and robust process. OUR TRACK RECORD We have a long history managing time-tested investment strategies for clients. "Dimensional Fund Advisors 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., and Dimensional Japan Ltd. Past performance is no guarantee of future results. Strategies may not be successful. 4

6 About the Firm Dimensional is a global investment firm that has been serving investors for more than 35 years Investment Personnel Client Service Founded in 1981 Dimensional offers investment solutions across asset classes, including global equities, fixed income, and REITs. Vancouver Santa Monica Toronto London Charlotte Austin Amsterdam Berlin Tokyo Real Estate AUM $6.4B Global Real Estate AUM $10.4B $518B in global AUM Singapore US Equities 34.2% Developed ex US Equities 18.9% Melbourne Sydney More than 1,100 employees globally REITs & Commodities 3.6% Global Allocation & Target Date 2.1% Global Equity 6.5% Fixed Income 20.7% Emerging Markets 14.0% Dimensional Fund Advisors LP founded in Global AUM and number of employees as of June 30, Locations with offices operated by Dimensional. 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., and Dimensional Japan Ltd. 5

7 Leading Financial Economists and Researchers # Academics on Dimensional Fund Advisors LP s Board Eugene Fama 1, PhD, Nobel laureate Kenneth French 1, PhD University of Chicago Dartmouth College Academics Who Serve as Independent Directors on Dimensional s US Mutual Fund Board 2 George Constantinides, PhD Douglas Diamond, PhD John Gould, PhD Edward Lazear, PhD Roger Ibbotson, PhD Myron Scholes, PhD, Nobel laureate Abbie Smith, PhD University of Chicago University of Chicago University of Chicago Stanford University Yale University Stanford University University of Chicago Academics Providing Ongoing Consulting Services to Dimensional Robert Merton 1, PhD, Nobel laureate Massachusetts Institute of Technology Robert Novy-Marx, PhD Sunil Wahal, PhD University of Rochester Arizona State University Leaders of Dimensional s 3 Internal Research Staff Eduardo Repetto, PhD Co-Chief Executive Officer, Co-Chief Investment Officer, and Director Gerard O Reilly, PhD Co-Chief Investment Officer and Head of Research Marlena Lee, PhD Head of Investment Research Savina Rizova, PhD Head of Strategy Research Stanley Black, PhD Vice President Wes Crill, PhD Vice President James Davis, PhD Vice President Massi De Santis, PhD Vice President Dave Twardowski, PhD Vice President As of June 1, Provide consulting services to Dimensional Fund Advisors LP. 2. Dimensional s US Mutual Fund Board refers to The DFA Investment Trust Company, DFA Investment Dimensions Group Inc., Dimensional Investment Group Inc. and Dimensional Emerging Markets Value Fund Inc. 3. "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., and Dimensional Japan Ltd. 6

8 Experienced Teams Help Ensure Consistency High degree of practitioners knowledge and experience across market cycles Investment Committee 1 Average 22 Years of Industry Experience Average 19 Years of Firm Experience Portfolio Management Average 15 Years of Industry Experience Average 10 Years of Firm Experience Trading Average 13 Years of Industry Experience Average 9 Years of Firm Experience # David Booth, Founder and Executive Chairman Eduardo Repetto, Co-Chief Executive Officer, Co-Chief Investment Officer, and Director Joseph Chi, Investment Committee Chairman and Co-Head of Portfolio Management Robert Deere, Investment Director and Senior Portfolio Manager Jed Fogdall, Co-Head of Portfolio Management Joseph Kolerich, Senior Portfolio Manager Gerard O Reilly, Co-Chief Investment Officer and Head of Research Mary Phillips, Senior Portfolio Manager David Plecha, Global Head of Fixed Income Karen Umland, Senior Portfolio Manager Austin Jed Fogdall, Co-Head of Portfolio Management Senior Portfolio Managers: Arun Keswani, Joseph Kolerich, Joel Schneider, Lukas Smart Portfolio Managers: Ashish Bhagwanjee, William Collins- Dean, Emily Cornell, Gavin Crabb, Damian Dormer, Joseph Hohn, Alan Hutchison, Pamela Noble, Althea Trevor Charlotte Mary Phillips, Senior Portfolio Manager Portfolio Managers: Marcus Axthelm, David Kershner, Travis Meldau Santa Monica Joseph Chi, Co-Head of Portfolio Management Robert Deere, Investment Director and Senior Portfolio Manager David Plecha, Global Head of Fixed Income Senior Portfolio Managers: Daniel Ong, Allen Pu, Grady Smith, Karen Umland London Arthur Barlow, Chairman, Managing Director, and Senior Portfolio Manager Senior Portfolio Managers: Joel Kim, Nathan Lacaze Portfolio Managers: Paul Foley, Alexander Fridman, Didier Haenecour, Adam Ward, Jim Whittington Sydney Bhanu Singh, Head of Asia Pacific Portfolio Management and Senior Portfolio Manager Robert Ness, Senior Portfolio Manager Portfolio Managers: Murray Cockerell, Stephen Garth, Slava Platkov, Gillian Wilson, Craig Wright Tokyo Kotaro Hama, Portfolio Manager Austin Senior Traders: David LaRusso, Christian Gunther, Christopher Rink, Scott Van Pelt Traders: Joel Mitter, Erhan Oktay, Robert Richardson, Elizabeth Van Pelt Charlotte Senior Traders: Richard Mar, Polly Weiss Santa Monica Ryan Wiley, Co-Head of Global Equity Trading Le Tran, Senior Trader Claudette Higdon, Trader London John Romiza, Co-Head of Global Equity Trading Mark Butterworth, Senior Trader Traders: William Letheren, Frances Ritter, Mathieu Roland, James Simpson, Archit Soni Sydney Jason Lapping, Head of Asia Pacific Trading Sam Willis, Senior Trader Traders: Jian Du, David Vrolyk Singapore Traders: Jonathan Smith, Hayato Yonemori Portfolio Managers: Mitch Firestein, John Hertzer, As of July 5, David Shao, Brian Walsh 1. Dimensional Fund Advisors LP Investment Committee. Locations with offices operated by Dimensional. "Dimensional" refers to the Dimensional 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., and Dimensional Japan Ltd.3 7

9 Dimensional Fund Advisors and Affiliates Global Organizational Leadership EXECUTIVE BOARD OF DIRECTORS DIMENSIONAL FUND ADVISORS LP David G. Booth 1, Founder and Executive Chairman David G. Booth 1, Executive Chairman Kenneth R. French, Director and Consultant David P. Butler, Co-Chief Executive Officer, Head of Global Financial Advisor Services, and Director Eduardo A. Repetto 1, Co-Chief Executive Officer, Co-Chief Investment Officer, and Director David P. Butler, Director Eugene F. Fama, Nobel laureate, Director, and Consultant John A. McQuown, Director Eduardo A. Repetto 1, Director INVESTMENT PROFESSIONALS SALES AND CLIENT SERVICE CORPORATE AFFILIATES RESEARCH Gerard K. O Reilly 1 Co-Chief Investment Officer and Head of Research Peter Dillard Chief Data Officer and Head of Investment Analytics and Data PORTFOLIO MANAGEMENT AND TRADING Joseph H. Chi 1 Co-Head of Portfolio Management Robert T. Deere 1 Investment Director and Senior Portfolio Manager Jed S. Fogdall 1 Co-Head of Portfolio Management Jason Lapping Head of Asia Pacific Trading David A. Plecha 1 Global Head of Fixed Income John Romiza Co-Head of Global Equity Trading INSTITUTIONAL SERVICES Stephen A. Clark Head of Global Institutional Services Craig Horvath Global Head of Consultant Relations Rune Sanbeck Head of Institutional, EMEA Carlo Venes Head of Institutional, Asia ex Japan FINANCIAL ADVISOR SERVICES David P. Butler Co-Chief Executive Officer, Head of Global Financial Advisor Services, and Director David R. Jones Head of Financial Advisor Services, EMEA Nathan Krieger Head of Financial Advisor Services, Australia Bradley G. Steiman Director and Head of Canadian Financial Advisor Services COMPLIANCE & RISK MANAGEMENT Christopher S. Crossan Global Chief Compliance Officer LEGAL Catherine L. Newell General Counsel and Secretary OPERATIONS Sam Gilliland Chief Operating Officer and Senior Advisor MARKETING Karen Dolan Head of Marketing INVESTMENT OPERATIONS Richard A. Eustice Head of Global Investment Operations FINANCIAL/ACCOUNTING SERVICES Gregory K. Hinkle Chief Financial Officer and Treasurer DIMENSIONAL FUND ADVISORS LTD. (LONDON) Arthur H.F. Barlow Chairman, Managing Director, and Senior Portfolio Manager DFA AUSTRALIA LIMITED (SYDNEY) J. Glenn Crane Chairman and Chief Executive Officer DIMENSIONAL JAPAN LTD. (TOKYO) John R. Alkire Chief Executive Officer DIMENSIONAL FUND ADVISORS PTE. LTD. (SINGAPORE) Peng Chen Director, Chief Executive Officer, Asia ex Japan DIMENSIONAL FUND ADVISORS CANADA ULC (VANCOUVER) Bradley G. Steiman Director and Head of Canadian Financial Advisor Services Bhanu Singh Head of Asia Pacific Portfolio Management Ryan Wiley Co-Head of Global Equity Trading HUMAN RESOURCES Aaron Marcus Head of Global Human Resources As of July 5, All listed individuals are employees of Dimensional Investment LLC, a subsidiary of Dimensional Fund Advisors LP. 1. Member of the Investment Committee of Dimensional Fund Advisors LP. 8 #

10 Partial List of Clients Corporate Nonprofit Organizations Public Taft-Hartley AT&T Inc. Baptist Foundation of Alabama Alaska Permanent Fund Corporation Bakery & Confectionary Union and Boeing Corporation California Wellness Foundation Arizona State Retirement System Industry International Pension Fund Citigroup Carnegie Mellon University City and County of Kalamazoo Laborers' District Council & Contractors' Exchange Bank Chicago Community Foundation City and County of San Francisco Pension Fund of Ohio Kellogg Company Creighton University City of Baton Rouge Local Union #226 Merck Gonzaga University City of San Diego National Electrical Benefit Fund MLC Idaho Community Foundation City of Seattle National Retirement Fund National Telecommunications Misericordia Home Endowment Florida State Board of Administration Southern Nevada Culinary & Bartenders Cooperative Association New Haven Community Foundation Illinois Municipal Retirement Fund Pension Fund PepsiCo, Inc. Public Policy Institute of California Los Angeles Department of Union Electrical Industry Master Trust PPG Industries, Inc. San Francisco Foundation Water & Power System Sandia Corporation Simon Fraser University Marin County Employees TimkenSteel Corporation Surdna Foundation Retirement Association Tribune Company Toledo Community Foundation Maryland State Retirement Agency Verizon Communications, Inc. University of Miami Mississippi Public Employees WellPoint, Inc. University of Pittsburgh Medical Center Retirement System Yum! Brands, Inc. Wallace Foundation Montana Board of Investments Western Michigan University Municipal Fire & Police Foundation Retirement System of Iowa Nebraska Investment Council North Dakota State Investment Board Nova Scotia Association of Health Organizations Oregon Office of the State Treasurer South Dakota Investment Council St. Paul Teachers Retirement Fund Association Teachers' Retirement Allowances Fund Utah State Retirement Systems As of May 1, 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. 9 #

11 Section B: Investment Process and Discipline

12 REIT Investment Strategy Providing broad, cost-effective access to real estate Dimensional s REIT strategies are built on specific principles: Broad coverage within the real estate asset class. By type and size of REIT such as multi-family, retail, office building, industrial, storage, lodging, recreational, and mixed-use properties. By capitalization includes small cap REITs. Disciplined, process-driven approach Exclusion rules designed to capture the distinct characteristics of the asset class. Patient trading emphasizes price over time of execution. Low costs Low management fees and reduced trading costs. Note: Exclusion rules seek to exclude from purchase securities Dimensional determines to fall within these exclusions 11 #

13 Focused Access to Real Estate Market Exclusion rules help Dimensional build purer asset classes Asset Class Exclusions No mortgage REITs No prison REITs No property companies No real estate operating companies (REOCs) Trading Exclusions Exchange history Insufficient liquidity Short trading history Insufficient float Pricing Exclusions Extreme financial distress or bankruptcy Suspended or delisted Merger or target of acquisition References to REITs are intended to encompass REITs and similar REIT-like structures found around the world. Considerations and potential exclusions apply to securities Dimensional determines to fall within these categories at the time of potential purchase. This is not a complete list of all possible considerations and potential exclusions and is subject to change in all respects. 12 #

14 Global REIT Holdings The Global Real Estate Securities Portfolio provides exposure to over 164,000 properties around the globe Number of Properties >5, ,000 5, ,000 <100 No properties Countries in which Dimensional invests through REITs and REIT-like vehicles (as of March 31, 2017) 1. The only two countries in this range are the United States (135,436 properties) and Canada (5,072 properties). Holdings and properties subject to change. Properties are defined as buildings or parcels of land held for development owned and/or managed by companies whose securities are held by DFA Global Real Estate Securities Portfolio. Where data on individual buildings were not available, data on properties (consisting of multiple buildings) were used instead. Property data are the latest data available from the companies' financial statements and websites as of May 15, #

15 Trading Costs Matter Our approach helps minimize the total costs of trading Trading Costs = Explicit Costs + Implicit Costs Commissions, custody fees, exchange fees Bid-ask spread, market impact Low turnover by design keeps overall trading costs down. We deal with explicit costs by keeping commissions as low as possible without sacrificing overall execution. Implicit costs are more challenging to measure and must be estimated. They can potentially be large. We apply a trading philosophy that emphasizes patience and flexibility. 14 #

16 Section C: Market Overview

17 Returns (%) Global Equity Returns (%) One-Year as of June 30, % 25% 20% MSCI Emerging Markets IMI MSCI World ex USA IMI Russell 3000 Index 15% 10% 5% 0% -5% S&P Global REIT Index -10% -15% Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Performance is shown in USD net dividends and is based on MSCI World ex USA IMI Index, MSCI Emerging Markets IMI Index, and Russell 3000 Index (total return). Russell data Russell Investment Group , all rights reserved. MSCI data MSCI 2017, all rights reserved. Indices are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results. The S&P data are provided by Standard & Poor's Index Services Group. 16

18 Section D: Performance Review

19 Performance As of June 30, 2017 Annualized Returns 1 (%) 2nd Quarter 2017 Year to Date 1 Year 3 Years 5 Years Since 4/13 Account 1st Full Month Since 7/08 Portfolio 1st Full Month DFA Global Real Estate Securities Portfolio (gross of fees) DFA Global Real Estate Securities Portfolio (net of fees) FTSE EPRA/NAREIT Developed Index (gross dividends) S&P Global REIT Index (net dividends) Calendar Year Returns (%) DFA Global Real Estate Securities Portfolio (net of fees) FTSE EPRA/NAREIT Developed Index (gross dividends) S&P Global REIT Index (net dividends) Account Value (11423) WATER & POWER EMPLOYEES RETIREMENT PLAN (11424) WATER & POWER EMPLOYEES RETIREMENT PLAN, RETIREE HEALTH BENEFITS FUND $23,641,386 $5,920,007 Total $29,561,393 # 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. 2.Provided at specific request of Los Angeles Water and Power Employees Retirement Plan. 3. FTSE EPRA/NAREIT Developed Index is the benchmark selected by Los Angeles Water and Power Employees Retirement The prospectus benchmark for the DFA Global Real Estate Securities Portfolio is the S&P Global REIT Index. The S&P data are provided by Standard & Poor's Index Services Group. FTSE data is provided by FTSE NAREIT. Indices are not available for direct investment. See Appendix: Standardized Performance Data & Disclosures to learn how to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses of Dimensional s funds. 18

20 Global Real Estate Securities Portfolio Performance as of June 30, 2017 PERIODIC RETURNS (%) DFA Global Real Estate Securities Portfolio (net of fees) FTSE EPRA/NAREIT Developed Index (gross dividends) nd Quarter 2017 Year to Date 1 Year 3 Year Since 4/13 Account 1st Full Month 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. Portfolio inception returns are from the first full month. The prospectus benchmark for the DFA Global Real Estate Securities Portfolio is the S&P Global REIT Index. FTSE data is provided by FTSE NAREIT. Indices are not available for direct investment. See Appendix: Standardized Performance Data & Disclosures to learn how to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses of Dimensional s funds. 19 #

21 Market Value Summary Account Inception Date: March 28, 2013 Account Value at Inception (11423) Water & Power Employees Retirement Plan $8,000,000 Purchases $10,290,000 Withdrawals $0 Dividends $2,688,824 Change in Market Value $2,662,562 Account Value as of June 30, 2017 $23,641,386 Account Value at Inception (11424) Water & Power Employees Retirement Plan Retiree Health Benefits Fund $2,000,000 Purchases $2,580,000 Withdrawals $0 Dividends $673,234 Change in Market Value $666,773 Account Value as of June 30, 2017 $5,920,007 20

22 Attribution Analysis by Sector (GIC REIT Industry) Global Real Estate Securities Portfolio vs. FTSE EPRA/NAREIT Developed Index (gross dividends) 1 Year as of June 30, 2017 Sector Portfolio Average Weights Benchmark Average Weights Portfolio Return Benchmark Return Portfolio Allocation Portfolio Composition Interaction Total Diversified REITs 13% 11% 0.68% (0.26%) (0.04%) 0.12% 0.01% 0.09% Health Care REITs 9% 8% 3.76% 3.60% 0.01% 0.01% (0.00%) 0.02% Hotel and Resort REITs 4% 4% 17.76% 17.43% 0.06% 0.01% (0.01%) 0.07% Industrial REITs 8% 7% 15.14% 15.35% 0.16% (0.01%) (0.01%) 0.14% Office REITs 14% 12% 1.33% 1.94% 0.02% (0.08%) 0.00% (0.06%) Residential REITs 12% 10% 5.48% 5.86% 0.07% (0.04%) (0.02%) 0.02% Retail REITs 28% 24% (14.43%) (15.10%) (0.75%) 0.21% 0.07% (0.47%) Specialized REITs 11% 6% (1.88%) (5.72%) (0.24%) 0.42% (0.00%) 0.18% Other Industry 0% 19% 10.54% 15.94% (2.59%) (0.00%) (0.02%) (2.61%) Cash 0% 0.65% (0.01%) 0.00% (0.01%) Estimated Total 100% 100% (1.47%) 1.16% (3.29%) 0.64% 0.01% (2.63%) Expenses and Fees (0.21%) (0.21%) Other (0.10%) (0.02%) (0.07%) Total (1.78%) 1.14% (2.92%) 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. The prospectus benchmark for the DFA Global Real Estate Securities Portfolio is the S&P Global REIT Index. Holdings are subject to change. Sectors defined by MSCI. REITs are an industry subsector of Financials. They are included to illustrate the potential impact of their portfolio exclusion. FTSE data is provided by FTSE NAREIT. See Appendix: Standardized Performance Data & Disclosures to learn how to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses of Dimensional s funds. 21 #

23 Attribution Analysis by Country Global Real Estate Securities Portfolio vs. FTSE EPRA/NAREIT Developed Index (gross dividends) 1 Year as of June 30, 2017 Portfolio Average Weights Benchmark Average Weights Portfolio Return Benchmark Return Portfolio Allocation Portfolio Composition Country Interaction Total Australia 7% 6% (3.86%) (3.61%) (0.07%) (0.02%) 0.01% (0.08%) Austria 0% 35.14% (0.09%) (0.00%) (0.09%) Belgium 1% 1% 9.55% 9.73% 0.01% (0.00%) (0.00%) 0.01% Canada 2% 3% 1.49% 0.48% 0.03% 0.02% (0.00%) 0.04% China 0% 15.39% (0.00%) 0.01% 0.01% Finland 0% 39.20% (0.06%) (0.00%) (0.06%) France 2% 2% 7.84% 8.38% 0.03% (0.01%) (0.00%) 0.02% Germany 0% 3% 2.77% 10.34% (0.29%) (0.02%) (0.00%) (0.31%) Hong Kong 2% 8% 16.18% 24.29% (1.22%) (0.11%) (0.01%) (1.33%) Ireland 0% 0% 3.88% 11.72% (0.01%) (0.00%) (0.00%) (0.01%) Israel 0% 33.50% (0.04%) (0.00%) (0.04%) Italy 0% 0% 19.82% 19.97% 0.00% (0.00%) (0.00%) 0.00% Japan 8% 11% (13.63%) (5.05%) 0.23% (0.71%) 0.01% (0.46%) Malaysia 0% 3.54% (0.00%) 0.01% 0.01% Mexico 1% (0.65%) (0.01%) 0.00% (0.00%) Netherlands 2% 2% 2.73% 2.61% 0.01% 0.00% 0.00% 0.01% New Zealand 0% 0% 3.50% 2.42% 0.00% 0.00% 0.00% 0.01% Norway 0% 33.88% (0.02%) (0.00%) (0.02%) Singapore 3% 2% 10.87% 14.68% 0.02% (0.08%) (0.00%) (0.06%) South Africa 1% 14.09% (0.01%) 0.17% 0.15% Spain 0% 1% 25.45% 27.90% (0.06%) (0.01%) (0.00%) (0.07%) Sweden 1% 8.43% (0.10%) (0.00%) (0.10%) Switzerland 1% 9.25% (0.07%) (0.00%) (0.07%) Turkey 0% (13.96%) (0.00%) (0.03%) (0.03%) UK 4% 5% 5.23% 6.72% (0.02%) (0.06%) (0.00%) (0.08%) US 66% 54% (2.15%) (2.75%) (0.44%) 0.37% 0.01% (0.06%) Cash 0% 0.65% (0.01%) 0.00% (0.01%) Estimated Total 100% 100% (1.47%) 1.16% (2.18%) (0.46%) 0.01% (2.63%) Expenses and Fees (0.21%) (0.21%) Other (0.10%) (0.02%) (0.07%) Total (1.78%) 1.14% (2.92%) 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. The prospectus benchmark for the DFA Global Real Estate Securities Portfolio is the S&P Global REIT Index. Holdings are subject to change. FTSE data is provided by FTSE NAREIT. See Appendix: Standardized Performance Data & Disclosures to learn how to obtain complete information on performance, investment objectives, risks, advisory fees, and expenses of Dimensional s funds. 22 #

24 Top 10 Contributors Global Real Estate Securities Portfolio, 1 Year as of June 30, 2017 Global Real Estate Securities Portfolio Contribution Prologis Inc 0.54% Equinix Inc 0.26% Link REIT 0.22% Essex Property Trust Inc 0.20% Host Hotels & Resorts Inc 0.20% AvalonBay Communities Inc 0.20% Goodman Group 0.15% Alexandria Real Estate Equities Inc 0.15% Kilroy Realty Corp 0.11% Sunstone Hotel Investors Inc 0.10% Holdings are subject to change. 23 #

25 Top 10 Detractors Global Real Estate Securities Portfolio, 1 Year as of June 30, 2017 Global Real Estate Securities Portfolio Contribution Simon Property Group Inc -1.11% Public Storage -0.42% Kimco Realty Corp -0.35% Macerich Co/The -0.24% Westfield Corp -0.23% Realty Income Corp -0.22% GGP Inc -0.22% DDR Corp -0.19% Federal Realty Investment Trust -0.18% Spirit Realty Capital Inc -0.17% Holdings are subject to change. 24 #

26 Section E: Portfolio Review and Characteristics

27 Top 10 Holdings Global Real Estate Securities Portfolio, as of June 30, 2017 Country Percent of Portfolio Simon Property Group Inc United States 3.9 Equinix Inc United States 2.5 Prologis Inc United States 2.3 Public Storage United States 2.3 Unibail-Rodamco SE Netherlands 2.1 Welltower Inc United States 2.0 AvalonBay Communities Inc United States 2.0 Ventas Inc United States 1.8 Equity Residential United States 1.8 Boston Properties Inc United States 1.4 Holdings are subject to change. 26 #

28 Characteristics As of June 30, 2017 MARKET CHARACTERISTICS GLOBAL REAL ESTATE SECURITIES PORTFOLIO FTSE EPRA/NAREIT Developed Index (gross dividends) S&P Global REIT Index Size of Universe $1,380,003 $1,417,836 $1,254,882 Number of Holdings SIZE CHARACTERISTICS Wtd. Average Market Cap (millions) $13,549 $13,550 $12,011 Median Market Cap (millions) $1,582 $2,595 $1,568 VALUATION CHARACTERISTICS Aggregate Price-to-Book Wtd. Average Dividend-to-Price 4.19% 3.91% 4.31% PROFITABILITY CHARACTERISTICS Wtd. Average Profitability Operating income before depreciation and amortization minus interest expense scaled by book. Holdings are subject to change. The S&P data are provided by Standard & Poor s Index Services Group. FTSE data is provided by FTSE NAREIT. The prospectus benchmark for the DFA Global Real Estate Securities Portfolio is the S&P Global REIT Index. 27 #

29 Sector Allocations As of June 30, 2017 PORTFOLIO WEIGHTS (%) GLOBAL REAL ESTATE SECURITIES PORTFOLIO FTSE EPRA/NAREIT Developed Index (gross dividends) S&P Global REIT Index Retail Office Diversified Specialized Residential Health Care Industrial Hotel & Resort Other Non-Real Estate Other Real Estate 19.5 Numbers may not total 100% due to rounding. Sector defined by MSCI. The S&P data are provided by Standard & Poor s Index Services Group. FTSE data is provided by FTSE NAREIT. The prospectus benchmark for the DFA Global Real Estate Securities Portfolio is the S&P Global REIT Index. 28 #

30 Country Allocations As of June 30, 2017 PORTFOLIO WEIGHTS (%) GLOBAL REAL ESTATE SECURITIES PORTFOLIO FTSE EPRA/NAREIT Developed Index (gross dividends) S&P Global REIT Index US Japan Australia UK Singapore Netherlands France Canada Hong Kong South Africa Belgium Mexico Spain New Zealand Germany Turkey Malaysia Italy China 0.1 Taiwan Ireland Greece Austria 0.3 Switzerland 1.0 Israel Thailand 0.3 Finland 0.2 Norway 0.1 Sweden 1.4 # Holdings are subject to change. Numbers may not total 100% due to rounding. FTSE data is provided by FTSE NAREIT. The S&P data are provided by Standard & Poor s Index Services Group. The prospectus benchmark for the DFA Global Real Estate Securities Portfolio is the S&P Global REIT Index. 29

31 Section F: Fee Schedule

32 Fees Net Expense Ratio 1 (%) Total (Gross) Expense Ratio 1 (%) Management Fee 1 (%) Global Real Estate Securities Portfolio Fee and expense information as of the prospectus date 2/28/17. Under certain circumstances, the Advisor has contractually agreed to waive certain fees and/or assume certain expenses of the Portfolio. Unless otherwise stated in the prospectus, the Advisor may amend or discontinue the waivers 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 reimbursement arrangements. Please read the Portfolio s prospectus for details and more information. 31 #

33 Appendix

34 Standardized Performance Data & Disclosures # 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 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) 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. For investors subject to the Department of Labor Fiduciary Rule: These materials are directed at independent fiduciaries of the retirement plan or IRA. Dimensional has undertaken to confirm that such fiduciary of the plan or IRA is: (A) a bank; (B) an insurance carrier; (C) a registered investment adviser; (D) a registered broker-dealer; or (E) any independent fiduciary that holds, or has under management or control, total assets of at least $50 million. Additionally, Dimensional understands such fiduciary is capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies. These materials are not intended, and shall not be used, by individuals without the assistance of such investment professional. Dimensional hereby undertakes to fairly inform the independent fiduciary that Dimensional is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transaction; and fairly informs the independent fiduciary that Dimensional would receive a fee for provision of investment management services for any plan investment. 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. 33

35 Standardized Performance Data & Disclosures US Equity Portfolios AVERAGE ANNUAL TOTAL RETURNS 1 (%) FEES AND EXPENSES 2 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 Core Equity 1 Portfolio DFEOX /15/ US Core Equity 2 Portfolio DFQTX /15/ US Vector Equity Portfolio DFVEX /30/ US Micro Cap Portfolio DFSCX /23/ US Small Cap Portfolio DFSTX /19/ US Small Cap Value Portfolio DFSVX /2/ US Small Cap Growth Portfolio DSCGX /20/ US Targeted Value Portfolio DFFVX /23/ US Large Cap Value Portfolio DFLVX /19/ US Large Cap Growth Portfolio DUSLX /20/ US Large Company Portfolio DFUSX /23/ US Large Cap Equity Portfolio DUSQX /25/ US High Relative Profitability Portfolio 3 DURPX /16/ Enhanced US Large Company Portfolio 4 DFELX /2/ Performance information as of 6/30/ Fee and expense information as of the prospectus dated 02/28/17 unless otherwise stated. 3. Fee and expense information as of the prospectus dated 05/16/ Fee and expense information as of the prospectus date 2/28/17 (amended 4/3/17). Under certain circumstances, the Advisor has contractually agreed to waive certain fees and/or assume certain expenses of the Portfolio. Unless otherwise stated in the prospectus, the Advisor may amend or discontinue the waivers 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 reimbursement arrangements. Please read the Portfolio s prospectus for details and more information. 34 #

36 Standardized Performance Data & Disclosures Non-US Equity Portfolios AVERAGE ANNUAL TOTAL RETURNS 1 (%) FEES AND EXPENSES 2 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 (%) International Core Equity Portfolio DFIEX /15/ International Vector Equity Portfolio DFVQX /14/ International Small Company Portfolio DFISX /30/ International Small Cap Value Portfolio DISVX /29/ International Small Cap Growth Portfolio DISMX /20/ International Value Portfolio DFIVX /15/ International Large Cap Growth Portfolio DILRX /20/ Large Cap International Portfolio DFALX /17/ International High Relative Profitability Portfolio 3 DIHRX /16/ Emerging Markets Core Equity Portfolio DFCEX /5/ Emerging Markets Small Cap Portfolio DEMSX /5/ Emerging Markets Value Portfolio DFEVX /1/ Emerging Markets Portfolio DFEMX /25/ World ex US Value Portfolio DFWVX /23/ World ex US Targeted Value Portfolio DWUSX /1/ World ex US Core Equity Portfolio DFWIX /9/ Performance information as of 6/30/ Fee and expense information as of the prospectus dated 02/28/ Fee and expense information as of the prospectus dated 05/16/17. Under certain circumstances, the Advisor has contractually agreed to waive certain fees and/or assume certain expenses of the Portfolio. Unless otherwise stated in the prospectus, the Advisor may amend or discontinue the waivers 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 reimbursement arrangements. Please read the Portfolio s prospectus for details and more information. 35 #

37 Standardized Performance Data & Disclosures AVERAGE ANNUAL TOTAL RETURNS 1 (%) FEES AND EXPENSES 2 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 (%) Tax Managed Portfolios Tax-Managed US Small Cap Portfolio DFTSX /15/ After Taxes on Distributions After Taxes on Distributions & Sale of Fund Shares Tax-Managed US Targeted Value Portfolio DTMVX /11/ After Taxes on Distributions After Taxes on Distributions & Sale of Fund Shares Tax-Managed US Equity Portfolio DTMEX /25/ After Taxes on Distributions After Taxes on Distributions & Sale of Fund Shares Tax-Managed US Marketwide Value Portfolio DTMMX /14/ After Taxes on Distributions After Taxes on Distributions & Sale of Fund Shares Tax-Managed International Value Portfolio DTMIX /16/ After Taxes on Distributions After Taxes on Distributions & Sale of Fund Shares TA US Core Equity 2 Portfolio DFTCX /4/ After Taxes on Distributions After Taxes on Distributions & Sale of Fund Shares TA World ex US Core Equity Portfolio DFTWX /6/ After Taxes on Distributions After Taxes on Distributions & Sale of Fund Shares Performance information as of 6/30/17. Assumed highest marginal tax rate in effect for capital gains and ordinary income. Income from funds managed for tax efficiency may be subject to an alternative minimum tax and/or any applicable state and local taxes. 2. Fee and expense information as of the prospectus dated 02/28/17. Under certain circumstances, the Advisor has contractually agreed to waive certain fees and/or assume certain expenses of the Portfolio. Unless otherwise stated in the prospectus, the Advisor may amend or discontinue the waivers 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 reimbursement arrangements. Please read the Portfolio s prospectus for details and more information. 36 #

38 Standardized Performance Data & Disclosures AVERAGE ANNUAL TOTAL RETURNS 1 (%) FEES AND EXPENSES 2 Symbol 1 Year 5 Years 10 Years Since Inception Inception Date Net Expense Ratio (%) Total (Gross) Expense Ratio (%) Management Fee (%) Fixed Income Portfolios One-Year Fixed Income Portfolio DFIHX /25/ Short-Term Government Portfolio DFFGX /1/ Short-Term Extended Quality Portfolio DFEQX /4/ California Short-Term Municipal Bond Portfolio DFCMX /2/ Short-Term Municipal Bond Portfolio DFSMX /20/ Short-Duration Real Return Portfolio DFAIX /5/ Two-Year Global Fixed Income Portfolio DFGFX /9/ Selectively Hedged Global Fixed Income Portfolio DFSHX /9/ Five-Year Global Fixed Income Portfolio DFGBX /6/ Municipal Real Return Portfolio DMREX /4/ Municipal Bond Portfolio DFMPX /10/ California Intermediate-Term Municipal Bond Portfolio DCIBX /29/ NY Municipal Bond Portfolio DNYMX /16/ Intermediate-Term Municipal Bond Portfolio DFTIX /1/ Targeted Credit Portfolio DTCPX /20/ Intermediate Government Fixed Income Portfolio DFIGX /19/ Intermediate-Term Extended Quality Portfolio DFTEX /20/ Investment Grade Portfolio DFAPX /7/ Inflation-Protected Securities Portfolio DIPSX /18/ LTIP Portfolio DRXIX /7/ World ex US Government Fixed Income Portfolio DWFIX /6/ Commodities Portfolio Commodity Strategy Portfolio DCMSX /9/ Performance information as of 6/30/ Fee and expense information as of the prospectus dated 02/28/17. Under certain circumstances, the Advisor has contractually agreed to waive certain fees and/or assume certain expenses of the Portfolio. Unless otherwise stated in the prospectus, the Advisor may amend or discontinue the waivers 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 reimbursement arrangements. Please read the Portfolio s prospectus for details and more information. 37

39 Standardized Performance Data & Disclosures AVERAGE ANNUAL TOTAL RETURNS 1 (%) FEES AND EXPENSES 2 Symbol 1 Year 5 Years 10 Years Since Inception Inception Date Net Expense Ratio (%) Total (Gross) Expense Ratio (%) Management Fee (%) Global Portfolios Global Allocation 25/75 Portfolio DGTSX /24/ Global Allocation 60/40 Portfolio DGSIX /24/ Global Equity Portfolio DGEIX /24/ Global Small Company Portfolio DGLIX /18/ Selectively Hedged Global Equity Portfolio DSHGX /14/ World Core Equity Portfolio DREIX /7/ Real Estate Portfolios Real Estate Securities Portfolio DFREX /5/ International Real Estate Securities Portfolio DFITX /1/ Global Real Estate Securities Portfolio DFGEX /4/ Social and Sustainability Portfolios US Sustainability Core 1 Portfolio DFSIX /12/ International Sustainability Core 1 Portfolio DFSPX /12/ US Social Core Equity 2 Portfolio DFUEX /1/ International Social Core Equity Portfolio DSCLX /1/ Emerging Markets Social Core Equity Portfolio DFESX /31/ Social Fixed Income Portfolio DSFIX /5/ Performance information as of 6/30/ Fee and expense information as of the prospectus dated 02/28/17. Under certain circumstances, the Advisor has contractually agreed to waive certain fees and/or assume certain expenses of the Portfolio. Unless otherwise stated in the prospectus, the Advisor may amend or discontinue the waivers 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 reimbursement arrangements. Please read the Portfolio s prospectus for details and more information. 38

40 Presenters Biographies Joseph H. Chi, CFA Vice President and Co-Head of Portfolio Management Joseph Chi is Co-Head of Portfolio Management, Chairman of the Investment Committee, and a member of the Investment Research Committee at Dimensional. Together with Jed Fogdall, Joe oversees Dimensional's global Portfolio Management team, including US equity, non-us equity, and fixed income strategies. He is involved in the design and marketing of new products and strategies, speaking frequently to current and prospective clients on many investment-related topics. Joe joined Dimensional in 2005 as a portfolio manager on the International Equity team. Previously a securities and finance attorney, Joe specialized in venture capital, public offerings, and mergers and acquisitions. Joe earned his MBA, with a concentration in finance, from the Anderson School of Management at the University of California, Los Angeles, in While at Anderson, Joe received the J. Fred Weston Award for academic excellence in finance and was named a Harold M. Williams Fellow for overall academic achievement. He is a CFA Charterholder who also holds a JD from the University of Southern California, and a BS, cum laude, in electrical engineering from UCLA. Joseph L. Young, CFA Vice President Joseph Young is a vice president responsible for developing and maintaining relationships with public pension funds, foundations, endowments, Taft-Hartley plan sponsors, and corporate pension and defined contribution plans. Joe began his career with Dimensional in February 2002 focusing on consultant relations. Prior to joining Dimensional, he worked as a project management analyst at Global Crossing. He is an active member of the CFA Society of Austin, National Society of Institutional Investment Professionals, CALAPRS, and the Texas Association of Public Employee Retirement Systems (TEXPERS). He is a guest lecturer for the College of Business at Colorado State University. Joe received a BS in finance from the University of Idaho and is a CFA Charterholder. 39