Dimensional Fund Advisors: DC Services

Fund Advisors: DC Services April 11, 2017 Austin Rosenthal, Regional Director This information is provided for registered investment advisors and institutional investors and is not intended for public use. 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 funds carefully before investing. For this and other information about the funds, please read the prospectus carefully before investing. Prospectuses are available by calling Fund Advisors collect at (512) 306-7400 or at us.dimensional.com/prospectus. funds are distributed by DFA Securities LLC. #17625-1011 How s Approach is Different Conventional Management Indexing Attempts to identify mispricing in securities Relies on forecasting to select undervalued securities or time markets Generates higher expenses, trading costs, and risks Allows commercial index to determine strategy Attempts to match index performance, restricting which securities to hold and when to trade Prioritizes low tracking error over higher expected returns Gains insights about markets and returns from academic research Structures portfolios along the dimensions of expected returns Adds value by integrating research, portfolio management, and trading 1 #22564-0212 1

Dimensions of Expected Returns Expected returns are driven by prices investors pay and cash flows they expect to receive DIMENSIONS POINT TO SYSTEMATIC DIFFERENCES IN EXPECTED RETURNS Market Equity premium stocks vs. bonds To be considered a dimension of expected return, a premium must be: Sensible EQUITIES Company Size Small cap premium small vs. large companies Relative Price 1 Value premium value vs. growth companies Persistent Pervasive Robust Cost-effective Profitability 2 Profitability premium high vs. low profitability companies Diversification does not eliminate the risk of market loss. 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. 2 #47151-0815 Dimensions of Expected Returns Illustrative index performance: Annualized compound returns (%) in US dollars US STOCKS DEVELOPED EX US MARKETS STOCKS EMERGING MARKETS STOCKS SMALL LARGE SMALL LARGE SMALL LARGE 1928 2016 12.15 9.75 1970 2016 14.24 9.31 1989 2016 11.41 9.60 Profitability Relative Price Size 1927 2016 1964 2016 US Small Cap Index LOW 12.92 Fama/French US Value Index HIGH 12.55 US High Profitability Index S&P 500 Index HIGH 9.33 Fama/French US Growth Index LOW 8.23 US Low Profitability Index 1975 2016 1990 2016 Intl. Small Cap Index Fama/French International Value Index LOW HIGH LOW HIGH 13.70 HIGH 6.35 International High Profitability Index MSCI World ex USA Index (gross div.) 8.36 Fama/French International Growth Index LOW 1.84 International Low Profitability Index 1989 2016 1996 2016 Emerging Markets Small Cap Index 13.13 Fama/French Emerging Markets Value Index HIGH 7.96 Emerging Markets High Profitability Index MSCI Emerging Markets Index (gross div.) 9.06 Fama/French Emerging Markets Growth Index LOW 2.75 Emerging Markets Low Profitability Index Profitability is measured as operating income before depreciation and amortization minus interest expense scaled by book. 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. 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 and Fama/French index data. Eugene Fama and Ken French are members of the Board of Directors for and provide consulting services to Fund Advisors LP. The S&P data are provided by Standard & Poor s Index Services Group. MSCI data MSCI 2017, all rights reserved. 3 #17867-1011 2

US Equity Mutual Fund 15-Year Survivorship and Outperformance Industry vs. Beginners Survivors Outperformers US Mutual Funds 2,758 funds at beginning Funds 22 funds at beginning 43% Survive 17% Outperform 100% Survive 86% Outperform Beginning sample includes funds as of January 1, 2001. The number of beginners is indicated below the label. Survivors are funds that were still in existence as of December 31, 2015. Non-survivors include funds that were either liquidated or merged. Outperformers (winners) are funds that survived and beat their respective benchmarks over the period. Past performance is no guarantee of future results. See data appendix for more information. US-domiciled mutual fund data is from the CRSP Survivor-Bias-Free US Mutual Fund Database, provided by the Center for Research in Security Prices, University of Chicago. fund data provided by Fund Advisors. Performance of each fund in the industry sample measured against the equity index fund with which the fund s returns are most highly correlated during the sample period. Performance of funds measured against prospectus benchmarks. 4 Focus on Adding Value with Competitive Fees Our fees are consistently among the lowest in the respective Morningstar categories Representative Funds Morningstar Category (Number of Funds) Net Expense Ratio (bps) 1,2 Percentile Rank in Category GLOBAL ALLOCATION STRATEGIES Global Equity Class I 2,3 US World Stock (1,068) 31 4th Global Allocation 60/40 Class I 2,3 US Moderate Allocation (827) 29 16th Global Allocation 25/75 Class I 2,3 US Conservative Allocation (748) 26 18th CORE STRATEGIES US Core Equity 1 2,4 US Large Blend (1,440) 19 6th US Core Equity 2 2,4 US Mid-Cap Blend (384) 22 7th International Core Equity 2,4 Foreign Large Value (322) 38 4th Emerging Markets Core Equity 2,4 Diversified Emerging Markets (754) 62 4th ASSET CLASS STRATEGIES US Large Cap Value 5 US Large Value (1,241) 27 2nd US Small Cap 2 US Small Blend (720) 37 6th US Targeted Value 2,4 US Small Value (392) 37 2nd Large Cap International 2 Foreign Large Blend (720) 28 7th International Value 5 Foreign Large Value (322) 43 5th International Small Cap Value 2 Foreign Small/Mid Value (61) 69 5th Real Estate Securities 4 US Specialty-Real Estate (251) 18 2nd International Real Estate Securities 5 Global Real Estate (216) 32 4th Emerging Markets Value 5 Diversified Emerging Markets (754) 56 4th Intermediate Government Fixed Income 2 Intermediate Government (272) 12 2nd One-Year Fixed Income 2 US Ultrashort Bond (138) 17 7th Inflation-Protected Securities Portfolios 2,4 US Inflation-Protected Bond (222) 12 6th 1. bps (basis points) are equal to 1/100 of a percentage point (0.01%). 2. Expense information as of 10/31/2015. The fund's prospectus contains more information on fees and expenses. 3. The Advisor has agreed to waive certain fees of the Portfolio. The contractual fee waiver and/or expense assumption agreement will remain in effect through 2/28/2017. 4. The Advisor has agreed to waive certain fees and, in certain circumstances, assume certain expenses of the Portfolio. This contractual fee waiver and/or expense assumption agreement will remain in effect through 2/28/2017. 5. Expense information as provided in the prospectus, dated 2/28/2016. The fund's prospectus contains more information on fees and expenses. Each funds' prospectus contains more information on fees and expenses. Fund category classification determined by Morningstar. Category Expense Ratio by Percentile data provided by Morningstar Inc. Compiled March 30, 2016, and based upon most recent annual reports. Please refer to prospectuses for more complete information regarding fees and expenses. 5 #17600-1011 3

Introducing a New Class of Target Date Funds The Target Date Retirement Income Funds Target Date Funds Designed to focus on wealth accumulation within risk constraints: Target Date Income-Focused Funds Designed to help grow the value of investors savings and manage income uncertainty as investors prepare for retirement by seeking to: Easy-to-use, comprehensive, and well-diversified investment solution Provide savings growth potential through value-added global equity and fixed income solutions Generally not designed to manage uncertainty of in-retirement income Most do not bridge the savings and consumption phases of retirement planning Manage market, interest rates, and inflation risks during both the accumulation and decumulation phase Provide better estimates of expected retirement income Encourage better retirement decision making There is no guarantee the strategy will be successful. 6 A Building Block to Support Retirement Consumption What are Income Slices? Retirement Savings 1 Income Slices are a stream of $1 of inflation-adjusted income from retirement to expected end of life. Its current value is the present discounted value using real interest rates. $ $ $ $ $ What is the risk? How is that risk managed? Year One Year Two Year Three Year Four Year 25 Retirement Expected End of Life For illustrative purposes only. 1. Retirement savings is composed of pre-retirement contributions and investment performance. 7 4

Income Growth vs. Income Risk Management 100% 90% 80% Global Equities Global & Credit Fixed Income Inflation Protected & Ultra Short Fixed Income Inflation-Protected LDI Strategy 1 Percentage of Assets 70% 60% 50% 40% Increasing Allocation to Income Risk-Hedging Assets 30% 20% 10% Global Equities and Fixed Income 0% 40 39 38 37 36 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 09 08 07 06 05 04 03 02 01 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 Years Before Retirement Years In Retirement Retirement Date Glide path based on expectation of the Target Date Retirement Income Funds' asset allocation changes over time. The actual asset allocations utilized by each fund may deviate from the allocations illustrated by this glide path. See "Disclosures and Risks" for more information. 1. Refers to Liability Driven Investment strategy. A Liability Driven Investment (LDI) strategy is designed to focus on assets that match future liabilities. LDI strategies contain certain risks that prospective investors should evaluate and understand prior to making a decision to invest. These risks may include, but are not limited to, interest rate risk, counterparty risk, liquidity risk and leverage risk. Inflation protected securities may react differently from other debt securities to changes in interest rates. There is no guarantee strategies will be successful. For illustrative purposes only. 8 My Retirement Calculator For illustrative purposes only. The estimated retirement income projections of the calculator are hypothetical in nature and are not a guarantee of future results. Since past performance is not an accurate predictor of the future and reliance on historical and current data involves inherent limitations, it is important to understand that the estimates are only a tool to be used in evaluating your retirement portfolio. Actual results will vary. 9 5

For illustrative purposes only. The estimated retirement income projections of the calculator are hypothetical in nature and are not a guarantee of future results. Since past performance is not an accurate predictor of the future and reliance on historical and current data involves inherent limitations, it is important to understand that the estimates are only a tool to be used in evaluating your retirement portfolio. Actual results will vary. 10 For illustrative purposes only. The estimated retirement income projections of the calculator are hypothetical in nature and are not a guarantee of future results. Since past performance is not an accurate predictor of the future and reliance on historical and current data involves inherent limitations, it is important to understand that the estimates are only a tool to be used in evaluating your retirement portfolio. Actual results will vary. 11 6

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 funds carefully before investing. For this and other information about the funds, please read the prospectus carefully before investing. Prospectuses are available by calling Fund Advisors collect at (512) 306-7400 or at us.dimensional.com/prospectus. funds are distributed by DFA Securities LLC. 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. 14 #28230-0912 Standardized Performance Data & Disclosures AVERAGE ANNUAL TOTAL RETURNS 1 (%) Since Date Net Expense Ratio 2 (%) FEES AND EXPENSES Total (Gross) Expense Management Fee after Ratio 2 (%) Management Fee 2 (%) Fee Waiver 2 (%) Symbol 1 Year 5 Years 10 Years US Equity Portfolios US Core Equity 1 Portfolio DFEOX 14.80 14.86 7.29 8.02 9/15/2005 0.19 0.19 0.17 0.17 US Core Equity 2 Portfolio DFQTX 16.58 14.98 6.98 7.88 9/15/2005 0.22 0.22 0.20 0.20 US Vector Equity Portfolio DFVEX 21.01 15.35 6.73 7.87 12/30/2005 0.32 0.32 0.30 0.30 US Micro Cap Portfolio DFSCX 25.63 16.41 7.63 12.15 12/23/1981 0.52 0.52 0.50 0.50 US Small Cap Portfolio DFSTX 23.53 16.00 8.44 10.77 3/19/1992 0.37 0.37 0.35 0.35 US Small Cap Value Portfolio DFSVX 28.26 16.22 6.82 12.13 3/2/1993 0.52 0.52 0.50 0.50 US Small Cap Growth Portfolio DSCGX 17.13 14.48 12/20/2012 0.40 0.39 0.35 0.35 US Targeted Value Portfolio DFFVX 26.86 15.98 7.36 11.99 2/23/2000 0.37 0.37 0.35 0.35 US Large Cap Value Portfolio DFLVX 18.89 16.68 6.55 10.21 2/19/1993 0.27 0.37 0.35 0.25 US Large Cap Growth Portfolio DUSLX 9.60 13.63 12/20/2012 0.20 0.20 0.17 0.17 US Large Company Portfolio DFUSX 11.90 14.57 6.95 5.26 9/23/1999 0.08 0.08 0.06 0.06 US Large Cap Equity Portfolio DUSQX 12.73 11.68 6/25/2013 0.18 0.17 0.15 0.15 Enhanced US Large Company Portfolio DFELX 12.60 14.83 7.20 8.25 7/2/1996 0.23 0.23 0.20 0.20 #28230-0912 1. Performance information as of 12/31/16. 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. 15 8

Standardized Performance Data & Disclosures AVERAGE ANNUAL TOTAL RETURNS 1 (%) Since Date Net Expense Ratio 2 (%) FEES AND EXPENSES Total (Gross) Expense Management Fee after Ratio 2 (%) Management Fee 2 (%) Fee Waiver 2 (%) Symbol 1 Year 5 Years 10 Years Non-US Equity Portfolios International Core Equity Portfolio DFIEX 5.34 7.69 1.71 4.25 9/15/2005 0.30 0.30 0.27 0.27 International Vector Equity Portfolio DFVQX 6.84 8.16 4.11 8/14/2008 0.49 0.49 0.45 0.45 International Small Company Portfolio DFISX 5.80 9.72 3.46 6.70 9/30/1996 0.53 0.53 0.40 0.40 International Small Cap Value Portfolio DISVX 8.00 11.55 3.50 7.43 12/29/1994 0.68 0.68 0.65 0.65 International Small Cap Growth Portfolio DISMX 1.33 8.04 12/20/2012 0.55 0.65 0.50 0.50 International Value Portfolio DFIVX 8.41 6.28 0.28 6.00 2/15/1994 0.43 0.63 0.60 0.40 International Large Cap Growth Portfolio DILRX -0.59 4.03 12/20/2012 0.30 0.33 0.25 0.25 Large Cap International Portfolio DFALX 3.16 6.18 1.07 5.30 7/17/1991 0.23 0.23 0.20 0.20 Emerging Markets Core Equity Portfolio DFCEX 12.35 2.14 3.11 6.89 4/5/2005 0.53 0.53 0.47 0.47 Emerging Markets Small Cap Portfolio DEMSX 10.92 5.06 4.92 11.04 3/5/1998 0.72 0.92 0.85 0.65 Emerging Markets Value Portfolio DFEVX 19.84 1.33 2.27 9.70 4/1/1998 0.56 0.66 0.60 0.50 Emerging Markets Portfolio DFEMX 12.09 1.38 2.49 6.32 4/25/1994 0.48 0.58 0.52 0.42 World ex US Value Portfolio DFWVX 10.70 5.56 3.67 8/23/2010 0.53 0.76 0.47 0.47 World ex US Targeted Value Portfolio DWUSX 10.32 7.04 11/1/2012 0.76 0.76 0.58 0.58 World ex US Core Equity Portfolio DFWIX 6.37 2.12 4/9/2013 0.39 0.39 0.32 0.32 #28230-0912 1. Performance information as of 12/31/16. 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. 16 Standardized Performance Data & Disclosures AVERAGE ANNUAL TOTAL RETURNS 1 (%) Since Date Net Expense Ratio 2 (%) FEES AND EXPENSES Total (Gross) Expense Management Fee after Ratio 2 (%) Management Fee 2 (%) Fee Waiver 2 (%) Symbol 1 Year 5 Years 10 Years Tax Managed Portfolios Tax-Managed US Small Cap Portfolio DFTSX 23.99 16.15 7.26 9.81 12/15/1998 0.52 0.52 0.50 0.50 After Taxes on Distributions 22.87 15.41 6.71 9.47 After Taxes on Distributions & Sale of Fund Shares 14.04 12.95 5.80 8.42 Tax-Managed US Targeted Value Portfolio DTMVX 23.84 16.76 6.84 10.60 12/11/1998 0.44 0.44 0.42 0.42 After Taxes on Distributions 22.42 15.66 6.16 9.97 After Taxes on Distributions & Sale of Fund Shares 14.16 13.41 5.42 9.10 Tax-Managed US Equity Portfolio DTMEX 12.68 14.55 6.98 7.64 9/25/2001 0.22 0.22 0.20 0.20 After Taxes on Distributions 11.80 14.02 6.58 7.31 After Taxes on Distributions & Sale of Fund Shares 7.15 11.59 5.57 6.32 Tax-Managed US Marketwide Value Portfolio DTMMX 17.17 16.52 6.65 7.52 12/14/1998 0.37 0.57 0.55 0.35 After Taxes on Distributions 15.63 15.90 6.20 7.14 After Taxes on Distributions & Sale of Fund Shares 10.20 13.26 5.28 6.25 Tax-Managed International Value Portfolio DTMIX 8.20 5.96 0.40 5.34 4/16/1999 0.53 0.53 0.50 0.50 After Taxes on Distributions 6.71 5.24-0.18 4.76 After Taxes on Distributions & Sale of Fund Shares 4.56 4.70 0.60 4.58 TA US Core Equity 2 Portfolio DFTCX 16.31 15.04 6.90 10/4/2007 0.24 0.24 0.22 0.22 After Taxes on Distributions 15.45 14.43 6.48 After Taxes on Distributions & Sale of Fund Shares 9.19 11.99 5.47 TA World ex US Core Equity Portfolio DFTWX 6.16 6.26 1.69 3/6/2008 0.37 0.37 0.32 0.32 After Taxes on Distributions 5.03 5.67 1.25 After Taxes on Distributions & Sale of Fund Shares 3.46 4.92 1.40 #28230-0912 1. Performance information as of 12/31/16. 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. 17 9

Standardized Performance Data & Disclosures AVERAGE ANNUAL TOTAL RETURNS 1 (%) Since Date Net Expense Ratio 2 (%) FEES AND EXPENSES Total (Gross) Expense Ratio 2 (%) Management Fee 2 (%) Symbol 1 Year 5 Years 10 Years Fixed Income Portfolios One-Year Fixed Income Portfolio DFIHX 0.84 0.54 1.54 4.73 7/25/1983 0.17 0.17 0.15 Short-Term Government Portfolio DFFGX 0.99 0.87 2.67 5.11 6/1/1987 0.19 0.19 0.17 Short-Term Extended Quality Portfolio DFEQX 2.06 1.78 3.14 3/4/2009 0.22 0.22 0.20 California Short-Term Municipal Bond Portfolio DFCMX 0.07 0.70 1.73 4/2/2007 0.22 0.22 0.20 Short-Term Municipal Bond Portfolio DFSMX 0.05 0.59 1.65 1.75 8/20/2002 0.22 0.22 0.20 Short-Duration Real Return Portfolio DFAIX 3.63 0.75 11/5/2013 0.24 0.23 0.20 Two-Year Global Fixed Income Portfolio DFGFX 0.95 0.63 1.70 3.19 2/9/1996 0.17 0.17 0.15 Selectively Hedged Global Fixed Income Portfolio DFSHX 3.27 0.29 0.82 1/9/2008 0.17 0.17 0.15 Five-Year Global Fixed Income Portfolio DFGBX 1.79 2.09 3.36 5.37 11/6/1990 0.27 0.27 0.25 Municipal Real Return Portfolio DMREX 1.56 0.10 11/4/2014 0.27 0.25 0.20 Municipal Bond Portfolio DFMPX 0.31 1.33 3/10/2015 0.23 0.25 0.20 California Intermediate-Term Municipal Bond Portfolio DCIBX -0.31 1.98 2.25 11/29/2011 0.23 0.23 0.20 NY Municipal Bond Portfolio DNYMX 0.67 1.81 6/16/2015 0.25 0.34 0.20 Intermediate-Term Municipal Bond Portfolio DFTIX -0.15 1.42 3/1/2012 0.23 0.22 0.20 Targeted Credit Portfolio DTCPX 2.70 1.47 5/20/2015 0.20 0.24 0.19 Intermediate Government Fixed Income Portfolio DFIGX 1.15 1.61 4.52 6.25 10/19/1990 0.12 0.12 0.10 Intermediate-Term Extended Quality Portfolio DFTEX 4.03 3.47 4.05 7/20/2010 0.22 0.22 0.20 Investment Grade Portfolio DFAPX 2.57 2.52 3.57 3/7/2011 0.22 0.22 0.20 Inflation-Protected Securities Portfolio DIPSX 4.67 0.82 4.55 4.37 9/18/2006 0.12 0.12 0.10 LTIP Portfolio DRXIX 10.39-0.03 3/7/2012 0.15 0.21 0.10 World ex US Government Fixed Income Portfolio DWFIX 5.55 4.52 4.66 12/6/2011 0.20 0.22 0.18 Commodities Portfolio Commodity Strategy Portfolio DCMSX 13.77-7.38-7.32 11/9/2010 0.33 0.33 0.30 1. Performance information as of 12/31/16. 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. 18 Standardized Performance Data & Disclosures AVERAGE ANNUAL TOTAL RETURNS 1 (%) Since Date Net Expense Ratio 2 (%) FEES AND EXPENSES Total (Gross) Expense Ratio 2 (%) Management Fee 2 (%) Symbol 1 Year 5 Years 10 Years Global Portfolios Global Allocation 25/75 Portfolio DGTSX 4.97 4.00 3.87 4.35 12/24/2003 0.25 0.42 0.20 Global Allocation 60/40 Portfolio DGSIX 9.16 7.84 4.73 6.15 12/24/2003 0.28 0.50 0.25 Global Equity Portfolio DGEIX 12.93 11.91 5.04 7.76 12/24/2003 0.30 0.58 0.30 Selectively Hedged Global Equity Portfolio DSHGX 12.84 11.08 10.41 11/14/2011 0.35 0.64 0.30 World Core Equity Portfolio DREIX 10.72 9.17 3/7/2012 0.35 0.64 0.30 Real Estate Portfolios Real Estate Securities Portfolio DFREX 8.38 11.81 4.81 10.26 1/5/1993 0.18 0.19 0.17 International Real Estate Securities Portfolio DFITX 3.08 8.53-0.29 3/1/2007 0.28 0.28 0.25 Global Real Estate Securities Portfolio DFGEX 6.56 10.55 5.28 6/4/2008 0.24 0.38 0.20 Social and Sustainability Portfolios US Sustainability Core 1 Portfolio DFSIX 13.91 14.72 9.03 3/12/2008 0.25 0.26 0.23 International Sustainability Core 1 Portfolio DFSPX 2.82 6.90 1.26 3/12/2008 0.38 0.38 0.30 US Social Core Equity 2 Portfolio DFUEX 17.78 14.33 6.08 10/1/2007 0.28 0.28 0.25 International Social Core Equity Portfolio DSCLX 6.31 5.79 11/1/2012 0.37 0.37 0.29 Emerging Markets Social Core Equity Portfolio DFESX 13.18 1.94 2.69 4.36 8/31/2006 0.56 0.56 0.47 Social Fixed Income Portfolio DSFIX -1.88 4/5/2016 0.26 0.56 0.20 1. Performance information as of 12/31/16. 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. 19 10

Index Descriptions US Small Cap Index was created by in March 2007 and is compiled by. 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 US Small Cap Index was amended on January 1, 2014, to include profitability as a factor in selecting securities for inclusion in the index. International Small Cap Index was created by in April 2008 and is compiled by. 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 International Small Cap Index was amended on January 1, 2014, to include profitability as a factor in selecting securities for inclusion in the index. US High Profitability Index was created by in January 2014 and represents an index consisting of US companies. It is compiled by. 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. US Low Profitability Index was created by in January 2014 and represents an index consisting of US companies. It is compiled by. 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. The Indices have been retrospectively calculated by Fund Advisors LP and did not exist prior to their index inceptions 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. 20 Index Descriptions International Low Profitability Index was created by in January 2013 and represents an index consisting of non-us developed companies. It is compiled by. 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 lowprofitability 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. 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 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. International High Profitability Index was created by in January 2013 and represents an index consisting of non-us developed companies. It is compiled by. 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 highprofitability 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. Emerging Markets Low Profitability Index was created by in April 2013 and represents an index consisting of emerging markets companies and is compiled by. 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 lowprofitability 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. Emerging Markets High Profitability Index was created by in April 2013 and represents an index consisting of emerging markets companies and is compiled by. 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 highprofitability 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. Emerging Markets Small Cap Index was created by in April 2008 and is compiled by. January 1989 December 1993: Fama/French Emerging Markets Small Cap Index. January 1994 Present: Emerging Markets Small 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 The Indices have been retrospectively calculated by Fund Advisors LP and did not exist prior to their index inceptions 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 for and provide consulting services to Fund Advisors LP. 21 11

Index Descriptions Fama/French US Value 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 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 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 for and provide consulting services to Fund Advisors LP. 22 Data Appendix US-domiciled mutual fund data is from the CRSP Survivor-Bias-Free US Mutual Fund Database, provided by the Center for Research in Security Prices, University of Chicago. Certain types of equity and fixed income funds were excluded from the performance study. For equities, index funds, sector funds, and funds with a narrow investment focus, such as real estate and gold, were excluded. Index funds, money market funds, municipal bond funds, and asset-backed security funds were excluded from fixed income. Funds are identified using Lipper fund classification codes. Correlation coefficients are computed for each fund with respect to diversified benchmark indices using all return data available between January 1, 2001, and December 31, 2015. The index most highly correlated with a fund is assigned as its benchmark. Winner funds are those whose cumulative return over the period exceeded that of their respective benchmark. Loser funds are funds that did not survive the period or whose cumulative return did not exceed their respective benchmark. Benchmark indices are not available for direct investment. Their performance does not reflect the expenses associated with the 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. Expense ratio ranges: The ranges of expense ratios for equity funds over the five-, 10-, and 15-year periods are 0.01% to 4.90%, 0.01% to 4.72%, and 0.07% to 4.44%, respectively. For fixed income funds, ranges over the same periods are 0.02% to 3.09%, 0.06% to 2.67%, and 0.03% to 3.66%, respectively. Portfolio turnover ranges: Ranges for equity fund turnover over the five-, 10-, and 15-year periods are 1% to 1,535%, 1% to 1,388%, and 2% to 2,318%, respectively. Benchmark data provided by Bloomberg Barclays, MSCI, Russell, Citi, BofA Merrill Lynch, and S&P. Bloomberg Barclays data provided by Bloomberg. MSCI data MSCI 2017, all rights reserved. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Citi fixed income indices copyright 2017 by Citigroup. The BofA Merrill Lynch index is used with permission; 2017 Merrill Lynch, Pierce, Fenner & Smith Incorporated; all rights reserved. Merrill Lynch, Pierce, Fenner & Smith Incorporated is a wholly owned subsidiary of Bank of America Corporation. The S&P data is provided by Standard & Poor s Index Services Group. 23 12