Investment Manager Summary

Item No. 1: Annual Presentation by Dimensional Fund Advisors – Active Global Real Estate Securities Manager (August 10, 2016, Regular Retirement Board Meeting)

INVESTMENT MANAGER SUMMARY

MANAGEMENT Firm Name Dimensional Fund Advisors (DFA) Manager Tenure with Fund 3.5 Years Investment Strategy/Vehicle Global Real Estate Securities Contract Expiration 2/28/2019

ASSETS Total Firm AUM (as of 6/30/16) $415 Billion Total Firm Assets in Strategy (as of 6/30/16) $8.6 Billion RP - $ 24.1 Million Total Assets Managed for the Plan HP - $ 6.0 Million

PERFORMANCE as of 6/30/16 YTD 1-Year 3-Year ITD¹ DFA Global Real Estate (est. gross) 12.69% 18.13% 11.58% 9.28% DFA Global Real Estate (net) 12.56% 17.85% 11.22% 8.94% FTSE EPRA/NAREIT Developed Index 9.38% 12.57% 8.94% 7.00% Difference (net) 3.18% 5.28% 2.28% 1.94% ¹ Inception to date 3/31/2013

FEES Current Fee 0.24% Net Expense Ratio

WATCH STATUS N/A

PREVIOUSLY DISCLOSED LITIGATION N/A

Los Angeles Water and Power Employees’ Retirement Plan August 10, 2016

Joseph Chi, CFA, Co-Head of Portfolio Management and Vice President Glenn S. Granz, CFA, 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 www.dimensional.com. Dimensional funds are distributed by DFA Securities LLC.

#17625-1011 REITs Agenda

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 Section A: Dimensional Overview

SC: GC40

Dimensional Fund Advisors

ABOUT THE FIRM Dimensional is a global investment firm that has been serving investors for more than 30 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” 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. 3 SC: GC03 Adjust Effect Date and bullet point AUM when Updated About the Firm Dimensional is a global investment firm that has been serving investors for more than 30 years

• Dimensional offers investment

Investment Personnel solutions across asset classes, Client Service Founded in 1981 including global equities, fixed income, and REITs. • Real Estate AUM – 14.4B Amsterdam • Global Real Estate AUM – 8.6B Vancouver Berlin Toronto London Santa Charlotte Tokyo Monica Austin

Singapore US Developed Equities ex US 34.2% Equities $415B in global AUM 18.6%

Melbourne REITs & Emerging Sydney Commodities Markets 3.9% 14.1% Fixed More than 1,000 employees globally Global Income Balanced 21.4% 1.8% Global Equity 6.1%

Dimensional Fund Advisors LP founded in 1981. Global AUM and number of employees as of June 30, 2016. 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. 4 SC: PC11 Don’t forget to change the effective date Leading Financial Economists and Researchers

Academics on Dimensional Fund Advisors LP’s Board Leaders of Dimensional’s3

Eugene Fama1, PhD, Nobel laureate University of Chicago Internal Research Staff Kenneth French1, PhD Dartmouth College Eduardo Repetto, PhD, Director, Co-Chief Executive Officer, and Co-Chief Investment Officer Academics Who Serve as Independent Directors on Dimensional’s Gerard O’Reilly, PhD, Co-Chief Investment 2 US Mutual Fund Board Officer and Head of Research George Constantinides, PhD University of Chicago Stanley Black, PhD, Vice President John Gould, PhD University of Chicago Wes Crill, PhD, Vice President Edward Lazear, PhD Stanford University James Davis, PhD, Vice President Roger Ibbotson, PhD Yale University Massi De Santis, PhD, Vice President Myron Scholes, PhD, Nobel laureate Stanford University Marlena Lee, PhD, Vice President Abbie Smith, PhD University of Chicago Savina Rizova, PhD, Vice President Dave Twardowski, PhD, Vice President Academics Providing Ongoing Consulting Services to Dimensional Robert Merton1, PhD, Nobel laureate Massachusetts Institute of Technology Robert Novy-Marx, PhD University of Rochester Sunil Wahal, PhD Arizona State University

As of May 16, 2016. 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. 5

#52793-0516 SC: PC04

Experienced Teams Help Ensure Consistency High degree of practitioners’ knowledge and experience across market cycles Investment Portfolio Committee1 Management Trading Average 23 Years of Industry Experience Average 13 Years of Industry Experience Average 13 Years of Industry Experience

David Booth, Chairman and Austin London Austin Co-Chief Executive Officer Jed Fogdall, Co-Head of Arthur Barlow, Chairman, Senior Traders: David LaRusso, Christian Gunther, Eduardo Repetto, Director, Portfolio Management Managing Director, and Christopher Rink, Scott Van Pelt Senior Portfolio Manager Co-Chief Executive Officer, and Senior Portfolio Managers: Traders: Erhan Oktay, Robert Richardson, Co-Chief Investment Officer Arun Keswani, Joseph Kolerich, Senior Portfolio Managers: Elizabeth Van Pelt Joseph Chi, Investment Committee Mary Phillips, Joel Schneider, Akbar Ali, Nathan Lacaze Lukas Smart Chairman and Co-Head of Portfolio Managers: Charlotte Portfolio Management Portfolio Managers: Paul Foley, Alexander Fridman, Polly Weiss, Senior Trader Robert Deere, Investment Director William Collins-Dean, Emily Cornell, Didier Haenecour, Adam Ward, and Senior Portfolio Manager Gavin Crabb, Damian Dormer, Jim Whittington, Joy Yang Santa Monica Joseph Hohn, Alan Hutchison, Henry Gray, Head of Global Equity Trading Jed Fogdall, Co-Head of Pamela Noble, Althea Trevor Sydney Ryan Wiley, Head of Americas Trading Portfolio Management Bhanu Singh, Head of Asia Pacific Le Tran, Senior Trader Henry Gray, Head of Global Charlotte Portfolio Management and Equity Trading Portfolio Managers: Senior Portfolio Manager Claudette Higdon, Trader David Kershner, Travis Meldau Joseph Kolerich, Robert Ness, Senior Portfolio Manager London Senior Portfolio Manager Santa Monica John Romiza, Head of International Trading Gerard O’Reilly, Co-Chief Investment Officer Joseph Chi, Co-Head of Portfolio Managers: Mark Butterworth, Senior Trader and Head of Research Portfolio Management Marcus Axthelm, Murray Cockerell, Stephen Garth, Traders: William Letheren, Frances Ritter, David Plecha, Global Head of Robert Deere, Investment Director Slava Platkov, David Quinn, James Simpson, Archit Soni Fixed Income and Senior Portfolio Manager Gillian Wilson, Craig Wright Sydney Karen Umland, Head of Investment David Plecha, Global Head Strategies Group and Senior of Fixed Income Singapore Jason Lapping, Head of Asia Pacific Trading Portfolio Manager Portfolio Managers: Senior Traders: Richard Mar, Sam Willis Senior Portfolio Managers: Daniel Ong, Allen Pu, Grady Smith, Jason Ha, Stephen Quance David Vrolyk, Trader Karen Umland Tokyo Portfolio Managers: Singapore Kotaro Hama, Portfolio Manager Mitch Firestein, John Hertzer, Jonathan Smith, Trader John Law, David Shao, Brian Walsh Tokyo Hayato Yonemori, Trader As of July 13, 2016. 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. 6

#53690-0716 SC: PC05

Dimensional Fund Advisors and Affiliates Global Organizational Leadership

EXECUTIVE BOARD OF DIRECTORS —DIMENSIONAL FUND ADVISORS LP

David G. Booth1, Chairman and Co-Chief David G. Booth1, Chairman John A. McQuown, Director Executive Officer Eugene F. Fama, Nobel laureate, Eduardo A. Repetto1, Director Eduardo A. Repetto1, Director, Co-Chief Director, and Consultant Executive Officer, and Co-Chief Investment Kenneth R. French, Director and Consultant Officer

INVESTMENT PROFESSIONALS SALES AND CLIENT SERVICE CORPORATE AFFILIATES

RESEARCH INSTITUTIONAL SERVICES COMPLIANCE DIMENSIONAL FUND ADVISORS LTD. Gerard K. O’Reilly1 Stephen A. Clark Christopher S. Crossan (LONDON) Co-Chief Investment Officer Head of Global Institutional Services Global Chief Compliance Officer Arthur H.F. Barlow and Head of Research Chairman, Managing Director, Craig Horvath and Senior Portfolio Manager Peter Dillard Global Head of Consultant Relations LEGAL Chief Data Officer Catherine L. Newell and Head of Investment Analytics and Data Rune Sanbeck General Counsel and Secretary DFA AUSTRALIA LIMITED (SYDNEY) Head of Institutional, EMEA J. Glenn Crane Chairman and Chief Executive Officer Carlo Venes OPERATIONS PORTFOLIO MANAGEMENT AND TRADING Head of Institutional, Asia ex Japan Sam Gilliland Joseph H. Chi1 Chief Operating Officer and Senior Advisor DIMENSIONAL JAPAN LTD. (TOKYO) Co-Head of Portfolio Management John R. Alkire FINANCIAL ADVISOR SERVICES Chief Executive Officer Robert T. Deere1 David P. Butler RISK MANAGEMENT Investment Director and Senior Head of Global Financial Advisor Services Claire Wormald Portfolio Manager Head of Global Risk Management DIMENSIONAL FUND ADVISORS PTE. David R. Jones Jed S. Fogdall1 LTD. (SINGAPORE) Head of Financial Advisor Services, EMEA Co-Head of Portfolio Management Peng Chen MARKETING Director, Chief Executive Officer, Asia ex Japan Nathan Krieger Henry F. Gray1 Karen Dolan Head of Financial Advisor Services, Australia Head of Global Equity Trading Head of Marketing DIMENSIONAL FUND ADVISORS Bradley G. Steiman David A. Plecha1 CANADA ULC (VANCOUVER) Director and Head of Canadian Financial Advisor Global Head of Fixed Income INVESTMENT OPERATIONS Services Bradley G. Steiman Richard A. Eustice Director and Head of Canadian Financial John Romiza Head of Global Investment Operations Advisor Services Head of International Trading

Bhanu Singh HUMAN RESOURCES Head of Asia Pacific Portfolio Management Aaron Marcus Karen E. Umland1 Head of Global Human Resources Head of Investment Strategies Group

As of June 30, 2016. All listed individuals are employees of Dimensional Fund Advisors LP or its affiliates. 1. Member of the Investment Committee of Dimensional Fund Advisors LP. 7

#45965-0415 SC: GC29 Change Effective Date upon updating 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 IBEW Pacific Coast Pension Fund Exchange Bank Chicago Community Foundation City and County of San Francisco Indiana State Council of Plasterers and Iberdrola USA Creighton University City of Baton Rouge Cement Masons Pension Fund Kellogg Company Gonzaga University City of San Diego Laborers' District Council & Contractors' Merck Idaho Community Foundation City of Seattle Pension Fund of Ohio MLC Kansas Health Foundation Florida State Board of Administration Local Union #226 National Telecommunications Lucile Packard Foundation for Illinois Municipal Retirement Fund National Electrical Benefit Fund Cooperative Association Children’s Health Los Angeles Department of National Retirement Fund PepsiCo, Inc. Misericordia Home Endowment Water & Power System Southern Nevada Culinary & Bartenders PPG Industries, Inc. New Haven Community Foundation Marin County Employees’ Pension Fund Sandia Corporation Public Policy Institute of California Retirement Association Union Electrical Industry Master Trust TimkenSteel Corporation San Francisco Foundation Maryland State Retirement Agency Tribune Company Simon Fraser University Mississippi Public Employees Verizon Communications, Inc. Surdna Foundation Retirement System WellPoint, Inc. Toledo Community Foundation Montana Board of Investments Yum! Brands, Inc. United Way of Palm Beach County Municipal Fire & Police University of Miami Retirement System of Iowa University of Pittsburgh Medical Center Nebraska Investment Council Wallace Foundation North Dakota State Investment Board Western Michigan University Nova Scotia Association of Health Foundation 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 December 3, 2015. 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. 8

#22675-0312 Section B: Investment Process and Discipline

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 10

#17869-1011 SC: EC37

Refining the Universe: Real Estate Strategies Considerations and potential exclusions

Structural Event Driven Ongoing

• Real estate operating • Merger or target • Listing requirements companies (REOCs) of acquisition • Limited operating history • Mortgage REITs • Upcoming announcements • Insufficient data • Property companies • Share classes with foreign • Insufficient float restrictions and significant • Highly specialized REITs or liquidity premiums (such as prison REITs) • Recent IPO

• Bankruptcy • Extraordinary events

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. 11

#17600-1011 SC: EC29

Trading Costs Matter Our approach helps minimize the total costs of trading

Trading Costs = Explicit Costs + Implicit Costs

Commissions, Bid-ask spread, custody fees, market impact exchange fees

Low turnover by We deal with explicit costs Implicit costs are more design keeps overall by keeping commissions challenging to measure trading costs down. as low as possible without and must be estimated. sacrificing overall execution. They can potentially be large. We apply a trading philosophy that emphasizes patience and flexibility.

#47027-0715 Section C: Market Overview Global Equity Returns (%) One-Year as of June 30, 2016

20%

S&P Global REIT Index (net div.) 15%

10%

5% Russell 3000 Index

-5%

MSCI World ex USA IMI (net div.) Returns (%) Returns -10% MSCI Emerging Markets IMI (net div.) -15%

-20%

-25%

-30% Jun-15 Sep-15 Dec-15 Mar-16 Jun-16

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 1995–2016, all rights reserved. MSCI data © MSCI 2016, 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. 14 Section D: Performance Review

Performance As of June 30, 2016

Since 4/13 Since 7/08 2nd Account Portfolio Quarter Year to 1st Full 1st Full Annualized Returns1 (%) 2016 Date 1 Year 3 Year Month Month

DFA Global Real Estate Securities Portfolio (gross of fees)2 5.15 12.69 18.13 11.58 9.28 8.19 DFA Global Real Estate Securities Portfolio (net of fees) 5.09 12.56 17.85 11.27 8.96 7.81

FTSE EPRA/NAREIT Developed Index (gross dividends)3 3.74 9.38 12.57 8.94 7.00 6.20 S&P Global REIT Index (net dividends) 4.48 11.73 16.56 10.14 7.83 6.54

DFA Global Real Estate FTSE EPRA/NAREIT S&P Global REIT Calendar Year Securities Portfolio Developed Index Index Returns (%) (net of fees) (gross dividends) (net dividends) Account Value 2009 32.67 38.26 31.27 (11423) WATER & POWER EMPLOYEES RETIREMENT PLAN $24,069,068 2010 23.79 20.40 22.09 (11424) WATER & POWER 2011 1.81 -5.82 0.61 EMPLOYEES RETIREMENT PLAN, $6,027,102 2012 23.17 28.65 22.38 RETIREE HEALTH BENEFITS FUND 2013 1.77 4.39 1.73 Total $30,096,170 2014 22.74 15.89 21.54 2015 0.69 0.05 -0.44

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 16 funds. #17595-1011 Global Real Estate Securities Portfolio Performance as of June 30, 2016

PERIODIC RETURNS (%)

 DFA Global Real Estate Securities Portfolio (net of fees)  FTSE EPRA/NAREIT Developed Index (gross dividends)

17.85

12.56 12.57 11.27

9.38 8.94 8.96

7.00

5.09 3.74

2nd Quarter 2016 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. 17

#17595-1011 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 $1,664,203

Change in Market Value $4,114,865

Account Value as of June 30, 2016 $24,069,068

Account Value at Inception

(11424) Water & Power Employees Retirement Plan Retiree Health Benefits Fund $2,000,000

Purchases $2,580,000

Withdrawals $0

Dividends $416,660

Change in Market Value $1,030,442

Account Value as of June 30, 2016 $6,027,102

18 GRND X FEND 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, 2016

Portfolio Benchmark Average Average Portfolio Benchmark Portfolio Portfolio Sector Weights Weights Return Return Allocation Composition Interaction Total Diversified REITs 15% 12% 9.63% 12.20% (0.04%) (0.36%) 0.06% (0.35%) Health Care REITs 9% 7% 22.07% 21.32% 0.12% 0.05% 0.05% 0.22% Hotel and Resort REITs 4% 4% (10.93%) (11.22%) (0.20%) 0.02% 0.00% (0.18%) Industrial REITs 6% 5% 23.15% 25.20% 0.13% (0.10%) 0.04% 0.06% Office REITs 15% 12% 13.06% 12.74% 0.00% 0.04% 0.05% 0.09% Residential REITs 12% 10% 20.35% 21.38% 0.18% (0.12%) 0.05% 0.11% Retail REITs 30% 24% 20.99% 21.48% 0.42% (0.12%) 0.14% 0.44% Specialized REITs 8% 6% 48.07% 44.65% 0.55% 0.29% 0.04% 0.88% Other Industry 0% 20% 33.08% (6.96%) 4.04% 0.04% 0.02% 4.10% Cash 1% — 0.09% — (0.06%) 0.00% — (0.06%) Estimated Total 100% 100% 18.26% 12.93% 5.14% (0.27%) 0.46% 5.33% Expenses and Fees (0.27%) — (0.27%) Other (0.14%) (0.36%) 0.21% Total 17.85% 12.57% 5.28%

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. Russell data copyright © Russell Investment Group 1995–2016, all rights reserved. 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

#17625-1011 GRND X FEND Attribution Analysis by Country Global Real Estate Securities Portfolio vs. FTSE EPRA/NAREIT Developed Index (gross dividends) 1 Year as of June 30, 2016 Portfolio Benchmark Average Average Portfolio Benchmark Portfolio Portfolio Country Weights Weights Return Return Allocation Composition Interaction Total Australia 7% 6% 21.26% 20.82% 0.09% 0.02% 0.05% 0.16% Austria — 0% — 15.17% (0.00%) — 0.00% 0.00% Belgium 1% 0% 19.76% 21.27% 0.01% (0.01%) 0.00% 0.00% Canada 2% 3% 9.47% 10.62% 0.02% (0.02%) 0.02% 0.03% China 0% — 9.46% — (0.01%) 0.01% — (0.00%) Finland — 0% — 7.10% 0.01% — 0.00% 0.01% France 2% 2% 7.23% 7.40% (0.01%) (0.00%) 0.00% (0.01%) Germany 0% 3% 12.19% 33.66% (0.48%) (0.04%) 0.02% (0.49%) Greece 0% 0% (0.57%) 7.38% 0.00% (0.00%) 0.00% (0.00%) Hong Kong 2% 7% 19.94% (14.09%) 1.55% 0.58% 0.02% 2.15% Ireland — 0% — 1.42% 0.02% — 0.00% 0.02% Israel 0% 0% 5.89% 8.71% (0.01%) 0.01% 0.00% (0.00%) Italy 0% 0% (10.09%) (10.17%) (0.01%) 0.00% (0.00%) (0.01%) Japan 7% 11% 26.55% 4.10% 0.37% 1.47% 0.04% 1.88% Malaysia 0% — 6.72% — (0.03%) 0.01% — (0.01%) Mexico 1% — (6.82%) — (0.08%) (0.05%) — (0.13%) Netherlands 3% 2% 4.80% 5.21% (0.02%) (0.01%) 0.00% (0.03%) New Zealand 0% 0% 24.36% 27.82% 0.03% (0.01%) 0.00% 0.02% Norway — 0% — (0.43%) 0.01% — 0.00% 0.01% Singapore 3% 2% 2.31% (1.16%) 0.00% 0.09% 0.01% 0.10% South Africa 1% — (5.40%) — (0.18%) (0.10%) — (0.28%) Spain 0% 1% (8.15%) (2.73%) 0.03% (0.01%) (0.00%) 0.02% Sweden — 1% — 26.07% (0.11%) — 0.01% (0.10%) Switzerland — 1% — 18.97% (0.05%) — 0.01% (0.04%) Taiwan 0% — (6.35%) — (0.02%) (0.01%) — (0.03%) Turkey 0% — 2.25% — (0.03%) 0.01% — (0.03%) UK 6% 6% (23.21%) (23.57%) 0.11% 0.03% (0.05%) 0.10% US 64% 53% 24.75% 23.57% 1.10% 0.66% 0.32% 2.08% Cash 1% — 0.09% — (0.06%) 0.00% — (0.06%) Estimated Total 100% 100% 18.26% 12.93% 2.24% 2.63% 0.46% 5.33% Expenses and Fees (0.27%) — (0.27%) Other (0.14%) (0.36%) 0.21% Total 17.85% 12.57% 5.28%

#17625-1011 Top 10 Contributors Global Real Estate Securities Portfolio, 1 Year as of June 30, 2016

Global Real Estate Securities Portfolio Contribution Simon Property Group Inc 1.64% Public Storage 1.37% Ventas Inc 0.77% Realty Income Corp 0.76% Prologis Inc 0.75% Digital Realty Trust Inc 0.72% Welltower Inc 0.49% Scentre Group 0.49% Kimco Realty Corp 0.46% Extra Space Storage Inc 0.42%

Holdings are subject to change. 21

#17867-1011 Top 10 Detractors Global Real Estate Securities Portfolio, 1 Year as of June 30, 2016

Global Real Estate Securities Portfolio Contribution British Land Co PLC/The -0.36% Land Securities Group PLC -0.34% Derwent London PLC -0.18% Host Hotels & Resorts Inc -0.17% Hammerson PLC -0.16% Great Portland Estates PLC -0.12% LaSalle Hotel Properties -0.09% Pebblebrook Hotel Trust -0.08% CBL & Associates Properties Inc -0.11% Intu Properties PLC -0.07%

Holdings are subject to change. 22

#17867-1011 Section E: Portfolio Review and Characteristics

Top 10 Holdings Global Real Estate Securities Portfolio, as of June 30, 2016

Country Percent of Portfolio Simon Property Group Inc United States 5.5 Public Storage United States 3.2 Welltower Inc United States 2.3 Prologis Inc United States 2.1 Equity Residential United States 2.1 Unibail-Rodamco SE Netherlands 2.0 Ventas Inc United States 2.0 AvalonBay Communities Inc United States 2.0 Boston Properties Inc United States 1.7 Scentre Group Australia 1.5

Holdings are subject to change. 24

#17867-1011 DFGEX

Characteristics As of June 30, 2016

GLOBAL REAL ESTATE FTSE EPRA/NAREIT Developed S&P Global SECURITIES PORTFOLIO Index (gross dividends) REIT Index MARKET CHARACTERISTICS

Size of Universe $1,251,538 $1,408,562 $1,249,092 Number of Holdings 403 334 402

SIZE CHARACTERISTICS

Wtd. Average Market Cap (millions) $14,932 $14,809 $14,108 Median Market Cap (millions) $1,600 $2,543 $1,623

VALUATION CHARACTERISTICS

Aggregate Price-to-Book 1.87 1.56 1.82 Wtd. Average Dividend-to-Price 3.82% 3.59% 3.91%

PROFITABILITY CHARACTERISTICS

Wtd. Average Profitability1 0.16 0.15 0.16

1. 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. 25

#17595-1011 DFGEX

Sector Allocations As of June 30, 2016

GLOBAL REAL ESTATE FTSE EPRA/NAREIT Developed S&P Global SECURITIES PORTFOLIO Index (gross dividends) REIT Index

PORTFOLIO WEIGHTS (%)

Retail 30.5 25.6 29.6

Office 14.0 11.5 13.6

Diversified 13.0 10.7 14.7

Residential 12.1 10.3 12.0

Specialized 10.4 6.9 9.9

Health Care 9.0 7.5 8.8

Industrial 7.4 6.2 7.5

Hotel & Resort 3.7 3.2 3.9

Other Non-Real Estate 0.1 0.4 —

Other Real Estate 0.0 17.7 —

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. 26

#17600-1011 Country Allocations As of June 30, 2016

GLOBAL REAL ESTATE SECURITIES FTSE EPRA/NAREIT S&P Global PORTFOLIO Developed Index REIT Index PORTFOLIO WEIGHTS (%) US 66.8 55.3 65.1 Japan 7.9 11.1 8.6 Australia 7.1 6.1 7.3 UK 4.1 4.6 4.3 Singapore 2.5 2.2 2.6 Netherlands 2.5 2.2 0.4 Canada 1.8 2.9 1.8 France 1.8 1.6 3.7 Hong Kong 1.6 6.8 1.6 South Africa 1.3 — 1.2 Mexico 0.7 — 0.9 Belgium 0.6 0.5 0.6 New Zealand 0.3 0.1 0.4 Spain 0.3 0.5 0.4 Turkey 0.3 — 0.2 Malaysia 0.2 — 0.2 Germany 0.2 3.2 0.2 Taiwan 0.1 — 0.1 Italy 0.1 0.1 0.1 China 0.1 — — Greece 0.0 — 0.0 Austria — 0.3 — Ireland — 0.2 0.2 Israel — 0.1 0.0 Finland — 0.2 — Norway — 0.1 — Sweden — 1.2 — Switzerland — 0.9 — Thailand — — 0.22 27 Holdings are subject to change. Numbers may not total 100% due to rounding. 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. #47112-0715 Section F: Fee Schedule

DFGEX

Fees

Net Expense Total (Gross) Management Ratio (%) Expense Ratio (%) Fee (%)

Global Real Estate Securities Portfolio1 0.24 0.38 0.20

1. Expense information as provided in the prospectus, dated 2/28/2016. The Advisor has agreed to waive certain fees and, in certain instances, assume certain expenses of the Portfolio. The Fee Waiver and Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2017. The "Total Operating Expense Ratio'' has been adjusted to reflect the decrease in the management fee payable by the Portfolio from 0.27% to 0.20% effective as of February 28, 2015. The "Total Operating Expense Ratio'' has also been restated to reflect current fee components. The "Net Expense Ratio” has been adjusted to reflect an amendment to the Fee Waiver and Expense Assumption Agreement for the Portfolio with the Advisor effective as of February 28, 2015, which reduced the expense limitation amount for the Portfolio. The “Net Expense Ratio” for the fiscal year ended October 31, 2015 was 0.27%. The fund's prospectus contains more information on fees and expenses. 29

#17868-1011 Appendix

SC: GC30

Standardized Performance Data & Disclosures

Performance data shown represents past performance. Past Risks include loss of principal and fluctuating value. Investment value performance is no guarantee of future results, and current will fluctuate, and shares, when redeemed, may be worth more or less performance may be higher or lower than the performance shown. than original cost. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be Small and micro cap securities are subject to greater volatility than worth more or less than their original cost. To obtain performance those in other asset categories. data current to the most recent month end, access our website at us.dimensional.com. International and emerging markets investing involves special risks such as currency fluctuation and political instability. Investing in Consider the investment objectives, risks, and charges and expenses emerging markets may accentuate these risks. of the Dimensional funds carefully before investing. For this and other information about the Dimensional funds, please read the Sector-specific investments focus on a specific segment of the market, prospectus carefully before investing. Prospectuses are available by which can increase investment risks. calling Dimensional Fund Advisors collect at (512) 306-7400 or at us.dimensional.com/prospectus. Dimensional funds are distributed by Fixed income securities are subject to increased loss of principal during DFA Securities LLC. periods of rising interest rates. Fixed income investments are subject to various other risks, including changes in credit quality, liquidity, Dimensional Fund Advisors LP is an investment advisor registered with prepayments, call risk, and other factors. Municipal securities are the Securities and Exchange Commission. 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.

#28230-0912 SC: GC31

1. Expense information as of 10/31/2015. The fund's prospectus contains more information on fees and expenses. 2. 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. 3. Expense information as provided in the prospectus, dated 2/28/2016. The Advisor has agreed to waive certain fees and, in certain circumstances, assume certain expenses of the Portfolio. This portion of the contractual fee waiver and/or expense assumption agreement will remain in effect through 2/28/2017. The "Total Operating Expense Ratio" has been adjusted to reflect the Feeder Portfolio's new investment management agreement, effective July 21, 2015, and includes an investment management fee payable by the Feeder Portfolio and an investment management fee payable by the Master Fund. For any period when the Feeder Portfolio is invested in other funds managed by the Advisor (collectively, "Underlying Funds"), the Advisor has contractually agreed to permanently waive the Feeder Portfolio’s direct investment management fee to the extent necessary to offset the proportionate share of any Underlying Fund’s investment management fee paid by the Feeder Portfolio through its investment in such Underlying Fund. The fund's prospectus contains more information on fees and expenses. 4. 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. 32

#28230-0912 SC: GC31

Standardized Performance Data & Disclosures Net Total (Gross) As of June 30, 2016 Since Expense Expense Management Inception Average Annual Total Returns (%) Symbol 1 Year 5 Years 10 Years Inception Ratio (%) Ratio (%) Fee (%) Date Non-US Equity Portfolios International Core Equity Portfolio1,2 DFIEX -8.29 1.86 2.45 3.77 0.38 0.38 0.35 9/15/2005 International Vector Equity Portfolio1,2 DFVQX -8.51 1.71 — 3.25 0.50 0.50 0.45 8/14/2008 International Small Company Portfolio1,2 DFISX -3.85 3.98 4.26 6.53 0.54 0.54 0.40 9/30/1996 International Small Cap Value Portfolio1 DISVX -9.28 4.04 3.92 7.03 0.69 0.69 0.65 12/29/1994 International Small Cap Growth Portfolio1,2 DISMX -1.43 — — 8.49 0.55 0.67 0.50 12/20/2012 International Value Portfolio3 DFIVX -16.53 -1.15 0.74 5.51 0.43 0.63 0.60 2/15/1994 International Large Cap Growth Portfolio1,2 DILRX -4.33 — — 4.76 0.30 0.34 0.25 12/20/2012 Large Cap International Portfolio1 DFALX -9.80 1.34 1.86 5.19 0.29 0.29 0.25 7/17/1991 Emerging Markets Core Equity Portfolio1,2 DFCEX -8.77 -3.00 5.27 6.98 0.62 0.62 0.55 4/5/2005 Emerging Markets Small Cap Portfolio3 DEMSX -5.64 -0.55 7.65 11.25 0.73 0.93 0.85 3/5/1998 Emerging Markets Value Portfolio3 DFEVX -11.75 -5.74 3.82 9.48 0.56 0.66 0.60 4/1/1998 Emerging Markets Portfolio3 DFEMX -8.97 -3.14 4.54 6.36 0.57 0.67 0.60 4/25/1994 World ex US Value Portfolio1,2 DFWVX -14.71 -1.79 — 1.92 0.53 0.75 0.47 8/23/2010 World ex US Targeted Value Portfolio 4 DWUSX -8.43 — — 5.37 0.64 0.64 0.58 11/1/2012 World ex US Core Equity Portfolio5 DFWIX -9.24 — — 0.53 0.47 0.49 0.40 4/9/2013

1. Expense information as of 10/31/2015. The fund's prospectus contains more information on fees and expenses. 2. 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. 3. Expense information as provided in the prospectus, dated 2/28/2016. The "Total Operating Expense Ratio" has been adjusted to reflect the Feeder Portfolio's new investment management agreement, effective July 21, 2015, and includes an investment management fee payable by the Feeder Portfolio and an investment management fee payable by the Master Fund. For any period when the Feeder Portfolio is invested in other funds managed by the Advisor (collectively, "Underlying Funds"), the Advisor has contractually agreed to permanently waive the Feeder Portfolio’s direct investment management fee to the extent necessary to offset the proportionate share of any Underlying Fund’s investment management fee paid by the Feeder Portfolio through its investment in such Underlying Fund. The fund's prospectus contains more information on fees and expenses. 4. Expense information as provided in the prospectus, dated 2/28/2016. The "Total Operating Expense Ratio" has been restated to reflect current fee components. 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. The fund's prospectus contains more information on fees and expenses. 5. Expense information as provided in the prospectus, dated 2/28/2016. 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. The "Total Operating Expense Ratio" has been restated to reflect current fee components. The fund's prospectus contains more information on fees and expenses. 33

#28230-0912 SC: GC31

Standardized Performance Data & Disclosures Net Total (Gross) As of June 30, 2016 Since Expense Expense Management Inception Average Annual Total Returns (%) Symbol 1 Year 5 Years 10 Years Inception Ratio (%) Ratio (%) Fee (%) Date Tax Managed Portfolios1 2 Tax-Managed US Small Cap Portfolio DFTSX -4.33 9.78 6.13 8.97 0.52 0.52 0.50 12/15/1998 After Taxes on Distributions — — — — After Taxes on Distributions and Sale of Fund Shares — — — — Tax-Managed US Targeted Value Portfolio2 DTMVX -5.51 9.93 5.64 9.72 0.44 0.44 0.42 12/11/1998 After Taxes on Distributions — — — — After Taxes on Distributions and Sale of Fund Shares — — — — Tax-Managed US Equity Portfolio2,3 DTMEX 1.65 11.45 7.20 7.27 0.22 0.22 0.20 9/25/2001 After Taxes on Distributions — — — — After Taxes on Distributions and Sale of Fund Shares — — — — Tax-Managed US Marketwide Value Portfolio4 DTMMX -1.66 11.28 6.38 6.99 0.37 0.57 0.55 12/14/1998 After Taxes on Distributions — — — — After Taxes on Distributions and Sale of Fund Shares — — — — Tax-Managed International Value Portfolio2 DTMIX -16.47 -1.28 0.86 4.71 0.53 0.53 0.50 4/16/1999 After Taxes on Distributions — — — — After Taxes on Distributions and Sale of Fund Shares — — — — TA US Core Equity 2 Portfolio2,3 DFTCX -1.70 10.49 — 5.87 0.24 0.24 0.22 10/4/2007 After Taxes on Distributions — — — — After Taxes on Distributions and Sale of Fund Shares — — — — TA World ex US Core Equity Portfolio2,3 DFTWX -9.02 0.48 — 1.07 0.45 0.45 0.40 3/6/2008 After Taxes on Distributions — — — — After Taxes on Distributions and Sale of Fund Shares — — — —

1. 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. 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 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. 4. Expense information as provided in the prospectus, dated 2/28/2016. The "Total Operating Expense Ratio" has been adjusted to reflect the Feeder Portfolio's new investment management agreement, effective July 21, 2015, and includes an investment management fee payable by the Feeder Portfolio and an investment management fee payable by the Master Fund. For any period when the Feeder Portfolio is invested in other funds managed by the Advisor (collectively, "Underlying Funds"), the Advisor has contractually agreed to permanently waive the Feeder Portfolio’s direct investment management fee to the extent necessary to offset the proportionate share of any Underlying Fund’s investment management fee paid by the Feeder Portfolio through its investment in such Underlying Fund. The fund's prospectus contains more information on fees and expenses. 34

#28230-0912 SC: GC30

Standardized Performance Data & Disclosures Net Total (Gross) As of June 30, 2016 Since Expense Expense Management Inception Average Annual Total Returns (%) Symbol 1 Year 5 Years 10 Years Inception Ratio (%) Ratio (%) Fee (%) Date Fixed Income Portfolios 1 One-Year Fixed Income Portfolio DFIHX 0.79 0.55 1.81 4.81 0.17 0.17 0.15 7/25/1983 1,2 Short-Term Government Portfolio DFFGX 2.36 1.51 3.08 5.25 0.19 0.19 0.17 6/1/1987 1,3 Short-Term Extended Quality Portfolio DFEQX 3.29 2.14 — 3.49 0.22 0.22 0.20 3/4/2009 1,3 California Short-Term Municipal Bond Portfolio DFCMX 1.87 1.10 — 1.94 0.22 0.22 0.20 4/2/2007 1,2 Short-Term Municipal Bond Portfolio DFSMX 1.88 0.98 1.96 1.90 0.22 0.22 0.20 8/20/2002 1,3 Short-Duration Real Return Portfolio DFAIX 2.32 — — 0.59 0.24 0.23 0.20 11/5/2013 1 Two-Year Global Fixed Income Portfolio DFGFX 0.91 0.68 1.96 3.27 0.18 0.18 0.15 2/9/1996 1,3 Selectively Hedged Global Fixed Income Portfolio DFSHX 2.81 -0.04 — 1.02 0.17 0.17 0.15 1/9/2008 1 Five-Year Global Fixed Income Portfolio DFGBX 4.04 2.78 3.84 5.55 0.27 0.27 0.25 11/6/1990 1,3 Municipal Real Return Portfolio DMREX 2.64 — — 0.35 0.27 0.35 0.20 11/4/2014 1,3 Municipal Bond Portfolio DFMPX 4.64 — — 3.48 0.23 0.37 0.20 3/10/2015 1,3 California Intermediate-Term Municipal Bond Portfolio DCIBX 4.73 — — 3.10 0.23 0.23 0.20 11/29/2011 4 NY Municipal Bond Portfolio DNYMX 4.47 — — 4.30 0.25 0.25 0.20 6/16/2015 1,3 Intermediate-Term Municipal Bond Portfolio DFTIX 4.94 — — 2.20 0.23 0.23 0.20 3/1/2012 4 Targeted Credit Portfolio DTCPX 3.82 — — 2.87 0.20 0.23 0.19 5/20/2015 1 Intermediate Government Fixed Income Portfolio DFIGX 6.98 3.93 5.51 6.57 0.12 0.12 0.10 10/19/1990 1,3 Intermediate-Term Extended Quality Portfolio DFTEX 8.73 5.36 — 4.97 0.22 0.22 0.20 7/20/2010 5 Investment Grade Portfolio DFAPX 6.74 4.24 — 4.52 0.22 0.22 0.20 3/7/2011 1,3 Inflation-Protected Securities Portfolio DIPSX 4.80 2.76 — 4.81 0.12 0.12 0.10 9/18/2006 6 LTIP Portfolio DRXIX 12.66 — — 1.13 0.15 16.11 0.10 3/7/2012 1,3 World ex US Government Fixed Income Portfolio DWFIX 9.81 — — 5.63 0.20 0.22 0.18 12/6/2011

Commodities Portfolio Commodity Strategy Portfolio1,3 DCMSX -11.30 -9.33 — -7.78 0.34 0.34 0.30 11/9/2010

1. Expense information as of 10/31/2015. The fund's prospectus contains more information on fees and expenses. 2. 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. 3. 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. 4. The Portfolio is a new portfolio, so the expense information is based on anticipated fees and expenses for the first full fiscal year. 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. The fund's prospectus contains more information on fees and expenses. 5. Expense information as provided in the prospectus, dated 2/28/2016. 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. The "Total Operating Expense Ratio" has been restated to reflect current fee components. The fund's prospectus contains more information on fees and expenses. 6. Expense information as provided in the prospectus, dated 2/28/2016. 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. The “Total Operating Expense Ratio” has been adjusted to reflect the decrease in the management fee payable by the Portfolio from 0.30% to 0.10%, effective March 12, 2015. The “Net Expense Ratio” has been adjusted to reflect an amendment to the Amended and Restated Fee Waiver and Expense Assumption Agreement for the Portfolio with the Advisor effective as of February 28, 2015, which reduced the expense limitation amount for the Portfolio. The fund's prospectus contains more information on fees and expenses. 35 SC: GC30

Real Estate Portfolios Real Estate Securities Portfolio1,3 DFREX 24.40 12.49 7.12 10.70 0.18 0.19 0.17 1/5/1993 International Real Estate Securities Portfolio4 DFITX 6.88 6.29 — 0.46 0.29 0.29 0.25 3/1/2007 Global Real Estate Securities Portfolio5 DFGEX 17.85 10.00 — 6.34 0.24 0.38 0.20 6/4/2008

Social and Sustainability Portfolios US Sustainability Core 1 Portfolio6 DFSIX -1.02 10.79 — 8.22 0.25 0.32 0.29 3/12/2008 International Sustainability Core 1 Portfolio6 DFSPX -9.20 1.54 — 0.63 0.42 0.48 0.42 3/12/2008 US Social Core Equity 2 Portfolio1,2 DFUEX -2.67 9.41 — 4.85 0.29 0.29 0.25 10/1/2007 International Social Core Equity Portfolio1,3 DSCLX -8.41 — — 4.41 0.46 0.46 0.37 11/1/2012 Emerging Markets Social Core Equity Portfolio1,3 DFESX -8.36 -3.38 — 4.28 0.65 0.65 0.55 8/31/2006

1. Expense information as of 10/31/2015. The fund's prospectus contains more information on fees and expenses. 2. 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. 3. 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. 4. Expense information as provided in the prospectus, dated 2/28/2016. The ''Management Fee'' and ''Total Annual Fund Operating Expenses'' have been adjusted to reflect the decrease in the management fee payable by the Portfolio from 0.35% to 0.25% effective as of February 28, 2015. 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. The fund's prospectus contains more information on fees and expenses. 5. Expense information as provided in the prospectus, dated 2/28/2016. The Advisor has agreed to waive certain fees and, in certain instances, assume certain expenses of the Portfolio. The Fee Waiver and Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2017. The "Total Operating Expense Ratio'' has been adjusted to reflect the decrease in the management fee payable by the Portfolio from 0.27% to 0.20% effective as of February 28, 2015. The "Total Operating Expense Ratio'' has also been restated to reflect current fee components. The "Net Expense Ratio” has been adjusted to reflect an amendment to the Fee Waiver and Expense Assumption Agreement for the Portfolio with the Advisor effective as of February 28, 2015, which reduced the expense limitation amount for the Portfolio. The “Net Expense Ratio” for the fiscal year ended October 31, 2015 was 0.27%. The fund's prospectus contains more information on fees and expenses. 6. Expense information as provided in the prospectus, dated 2/28/2016. "Net Expenses Ratio” has been adjusted to reflect an amendment to the Fee Waiver and Expense Assumption Agreement for the Portfolio with the Advisor effective as of February 28, 2016, which reduced the expense limitation amount for the Portfolio. The “Total Operating Expense Ratio” of the Portfolio did not reach the previous expense limitation amount during the fiscal year ended October 31, 2015. The Fee Waiver and Expense Assumption Agreement remain in effect through 2/28/2017. The fund's prospectus contains more information on fees and expenses. 36 Presenters’ Biographies

Joseph H. Chi, CFA Co-Head of Portfolio Management and Vice President Joseph Chi is co-head of Portfolio Management, Chairman of the Investment Committee, and a member of the Investment Policy 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 2005. 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.

Glenn S. Granz, CFA Regional Director Glenn Granz is a regional director with Dimensional's Institutional Services group and is based in Santa Monica, California. He is responsible for developing and strengthening relationships with institutional investors and plan sponsors in the western US, including corporate clients, public funds, and foundations and endowments.

Prior to joining Dimensional, Glenn served as a director and senior institutional sales representative at Bank of America Corporation, where he led the investment management sales effort for Columbia Management and BofA Capital Management in the western region of the US. He also served as a vice president and senior account executive at Fidelity Investments and a vice president at Neuberger Berman.

Glenn earned an MBA from the University of Southern California Marshall School of Business and a BA in business economics from the University of California, Santa Barbara. Glenn is a CFA Charterholder and is a member of the CFA Society of Los Angeles. He also holds the CFP certification and FINRA licenses 7, 63, and 65.

37 Client Service Team

Stephen Clark Yassie Entekhabi Head of Global Institutional, North America, Senior Associate and Vice President 5 Years Investment Experience 18 Years Investment Experience 1st Year with Firm 15th Year with Firm Previous Employment: Kayne Anderson Capital Advisors, J.P. Previous Employment: US Bancorp Piper Jaffray Morgan Education: MBA, University of Chicago Booth Education: MBA, UCLA Anderson School of Management; BA, School of Business; BS, Bradley University Claremont McKenna College Jennifer Sutherland Joseph Young, CFA Senior Associate Vice President 7 Years Investment Experience 1st Year with Firm 13 Years Investment Experience 13th Year with Firm Previous Employment: Deutsche Bank, Man Investments Education: BS, University of Idaho Education: BS, New York University [email protected] Weideng He

Associate

5 Years Investment Experience 2nd Year with Firm

Previous Employment: Barclays Capital

Education: MS, University of Southern California; BA, Waseda University Updated July 13, 2016 38 SC: PC07

Investment Staff

David G. Booth1 Eugene F. Fama, PhD, Nobel laureate Jed S. Fogdall1 Chairman and Co-Chief Executive Officer Director and Consultant Co-Head of Portfolio Management 44 Years of Investment Experience 50 Years of Investment Experience and Vice President 35th Year with Firm 35th Year with Firm 11 Years of Investment Experience Previous Employment: A.G. Becker, Robert R. McCormick Distinguished Service 11th Year with Firm John O’Brien Associates, Wells Fargo & Co. Professor of Finance, University of Chicago Booth Previous Employment: Boeing Company Education: MBA, University of Chicago Booth School of Business Education: MBA, University of California, School of Business; Education: PhD, University of Chicago; Los Angeles; BS, Purdue University MS, BA, University of Kansas BA, Tufts University Arthur H.F. Barlow Eduardo A. Repetto,1 PhD Kenneth R. French, PhD Chairman, Managing Director Director, Co-Chief Executive Officer and Director and Consultant and Senior Portfolio Manager Co-Chief Investment Officer 33 Years of Investment Experience Equity Focus 16 Years of Investment Experience 25th Year with Firm Dimensional Fund Advisors Ltd. 16th Year with Firm Roth Family Distinguished Professor of Finance, 26 Years of Investment Experience Previous Employment: California Institute of Dartmouth College 26th Year with Firm Technology Education: PhD, University of Rochester; Education: MBA, BA, University of California, Education: PhD, California Institute of MS, MBA, University of Rochester; Los Angeles Technology; MSc, Brown University; BS, Lehigh University diploma de honor, Universidad de Buenos Aires Joseph H. Chi,1 CFA Gerard K. O’Reilly,1 PhD Co-Head of Portfolio Management Co-Chief Investment Officer and and Vice President Head of Research 17 Years of Investment Experience 12 Years of Investment Experience 10th Year with Firm 12th Year with Firm Previous Employment: Hewitt Associates Education: PhD, California Institute of Education: MBA, University of California, Los Technology; MSc, Trinity College, Dublin, Angeles; JD, University of Southern California; BS, Ireland University of California, Los Angeles

As of June 30, 2016. 1. Investment Committee member 39

#17625-1011 SC: PC07

Investment Staff

Robert T. Deere1 David A. Plecha,1 CFA Karen E. Umland,1 CFA Investment Director and Global Head of Fixed Income and Head of Investment Strategies Group and Senior Portfolio Manager Vice President Senior Portfolio Manager 24 Years of Investment Experience Fixed Income and Tax-Managed Non-US Equity Focus 24th Year with Firm Separate Accounts Focus 26 Years of Investment Experience Previous Employment: General Dynamics 29 Years of Investment Experience 23nd Year with Firm 27th Year with Firm Education: MBA, University of California, Los Previous Employment: Yale University Angeles; BS, BA, University of California, Previous Employment: Leland O’Brien Investment Office San Diego Rubinstein Associates, Hughes Investment Education: MBA, University of California, Management Co. Los Angeles; BA, Yale University Education: MBA, University of California, Henry F. Gray1 Los Angeles; BS, University of Michigan Head of Global Equity Trading and Vice President 24 Years of Investment Experience John S. Romiza 20th Year with Firm Head of International Trading and Vice President Previous Employment: Metropolitan Life Dimensional Fund Advisors Ltd. Insurance Company; Bear Stearns & Co. 22 Years of Investment Experience Education: MBA, University of Chicago Booth 8th Year with Firm School of Business; AB, Princeton University Previous Employment: Franklin Templeton, SunTrust Bank, Fidelity, State Street Bank Education: BA, Bentley College

As of June 30, 2016. 1. Investment Committee member 40

#17625-1011 SC: PC07

Investment Staff

Akbar Ali Emily Cornell Mitchell Firestein Senior Portfolio Manager and Vice President Portfolio Manager Portfolio Manager Non-US Equity Focus Non-US Equity Focus Non-US Equity Focus Dimensional Fund Advisors Ltd. 6 Years of Investment Experience 10 Years of Investment Experience 18 Years of Investment Experience 2nd Year with Firm 10th Year with Firm 13th Year with Firm Previous Employment: Calamos Investments, Education: BSM, Tulane University Previous Employment: Goldman, Sachs & Co.; 1207 Capital Group JP Morgan Chase Education: MBA, BA University of Chicago Paul Foley, CFA Education: MBA, University of California, Los Booth School of Business Portfolio Manager and Vice President Angeles; MS, University of Michigan Non-US Equity Focus Gavin S. Crabb 12 Years of Investment Experience Marcus R. Axthelm Portfolio Manager 12th Year with Firm Portfolio Manager and Vice President US Equity Focus Education: BA, University of Portsmouth Non-US Equity Focus 8 Years of Investment Experience 13 Years of Investment Experience 2th Year with Firm Alexander Fridman, PhD, CFA, FRM 7th Year with Firm Previous Employment: Barclays Capital, Portfolio Manager and Vice President Previous Employment: Commerzbank, Booz Lehman Brothers, Northrop Grumman Fixed Income Focus Allen Hamilton Education: MBA, University of California, Los 11 Years of Investment Experience Education: MBA, University of Chicago; Angeles; BS, California Polytechnic State 4th Year with Firm BA, Berufsakademie Mosbach University, San Luis Obispo Previous Employment: BlackRock, Trust Company of the West William Collins-Dean, CFA Damian Dormer, CFA Education: EMBA, University of Cambridge; Portfolio Manager Portfolio Manager PhD, Applied Mathematics, Saint Petersburg Non-US Equity Focus Non-US Equity Focus State Polytechnic University; MS, 9 Years of Investment Experience 9 Years of Investment Experience Mathematical Finance, University of Southern 1st Year with Firm 8th Year with Firm California; MA, Applied Mathematics, Previous Employment: Regions Bank Previous Employment: CGC Kymon Pty Ltd. University of Southern California; BS, Applied Mathematics, University of California, Los Education: MBA, University of Chicago Booth Education: B.Engineering, B.Commerce, Angeles School of Business; BS, Wake Forest University University of Sydney; M. Applied Finance, Macquarie University

As of June 30, 2016. 41

#17625-1011 SC: PC07

Investment Staff

Stephen J. Garth, PhD Didier Haenecour, CFA Joe Hohn Portfolio Manager and Vice President Portfolio Manager and Vice President Portfolio Manager DFA Australia Limited Fixed Income Focus US Equity Focus Fixed Income Focus 23 Years of Investment Experience 3 Years of Investment Experience 15 Years of Investment Experience 3rd Year with Firm 3rd Year with Firm 15th Year with Firm Previous Employment: Vanguard; Northern Previous Employment: The Boeing Company, Previous Employment: Australian National Trust Asset Management, Prudential M&G Northrop Grumman University Education: University Degree in Applied Education: MBA, University of California, Los Education: PhD, Australian National University; Economics/Finance, HEC Saint Louis, Brussels; Angeles; MS, University of Southern California; BSc Hons, Monash University; BA, La Trobe MS (Finance/Investment), South Bank University, BS, Iowa State University University; Graduate diploma in business London administration, University of Canberra; Master Alan R. Hutchison of Applied Finance, University of Southern Kotaro Hama, CFA, FRM Queensland Portfolio Manager and Vice President Portfolio Manager and Vice President Fixed Income and Commodities International Equity Focus 9 Years of Investment Experience Christian Gunther 7 Years of Investment Experience 9th Year with Firm Senior Trader and Vice President 4th Year with Firm Non-US Equity Focus Previous Employment: Principal Global Previous Employment: Morgan Stanley Investors 16 Years of Investment Experience 16th Year with Firm Education: MBA, University of Chicago Booth Education: MBA, Drake University; BBA, Texas School of Business; MEng, Tokyo Institute of Tech University Previous Employment: Plog Research Technology; BA, International Christian University Education: BA, Loyola Marymount University David M. Kershner John Hertzer, CFA Portfolio Manager and Vice President Portfolio Manager US Equity Focus Non-US Equity Focus 12 Years of Investment Experience 10 Years of Investment Experience 12th Year with Firm 2nd Year with Firm Previous Employment: Boeing Satellite Previous Employment: Fisher Investments Systems Education: MBA, University of California, Los Education: MBA, University of California, Los Angeles; BA, Dartmouth College Angeles; MS, BS, Pennsylvania State University

As of June 30, 2016. 42

#17625-1011 SC: PC07

Investment Staff

Arun Keswani, CFA David LaRusso Travis Meldau Senior Portfolio Manager Senior Trader and Vice President Portfolio Manager and Vice President Non-US Equity Focus Fixed Income Focus Fixed Income Focus 15 Years of Investment Experience 16 Years of Investment Experience 12 Years of Investment Experience 4th Year with Firm 16th Year with Firm 4th Year with Firm Previous Employment: Morgan Stanley, ING Education: MBA, Marshall School of Business at Previous Employment: Wells Capital Investment Management, Goldman Sachs Asset the University of Southern California; BS, Management Management California Polytechnic State University, San Luis Education: MBA, Wake Forest University; BSBA, Education: MBA, MIT Sloan School of Obispo Appalachian State University Management, MS Pennsylvania State University, BS Purdue University John Law, CFA Rob Ness Portfolio Manager Senior Portfolio Manager and Vice President Joseph F. Kolerich Non-US Equity Focus Non-US Equity Focus Senior Portfolio Manager and Vice President 8 Years of Investment Experience 12 Years of Investment Experience Investment Committee Member 8th Year with Firm 12th Year with Firm Fixed Income Focus Previous Employment: Credit Suisse First Previous Employment: The Cooperative 23 Years of Investment Experience Boston Research Center for Advanced Composite 15th Year with Firm Education: MBA, University of Chicago Booth Structures Previous Employment: Lincoln Capital School of Business; MPhil, Cambridge Education: Master of Commerce Management University; AB, Princeton University (actuarial studies), University of New South Education: MBA, University of Chicago Booth Wales; Bachelor of Engineering, Sydney School of Business; BS, Northern Illinois University Richard Mar University Senior Trader Nathan Lacaze, CFA Non-US Equity Focus Senior Portfolio Manager and Vice President 12 Years of Investment Experience Non-US Equity Focus 12th Year with Firm 11 Years of Investment Experience Previous Employment: Symtx 11th Year with Firm Education: BA, SUNY Binghamton Education: BE and BComm, University of Sydney

As of June 30, 2016. 43

#17625-1011 SC: PC07

Investment Staff

Pamela Noble, CFA Mary Phillips, CFA David Quinn, MBA Portfolio Manager and Vice President Senior Portfolio Manager Portfolio Manager Fixed Income Focus Non-US Equity Focus Global Developed Markets Focus 24 Years of Investment Experience 10 Years of Investment Experience 4 Years of Investment Experience 8th Year with Firm 3rd Year with Firm 3rd Year with Firm Previous Employment: USAA Investment Previous Employment: Russell Investments Previous Employment: Bank of America, Key Management Company Education: MBA, University of Chicago Booth Performance Ideas Education: MBA, Neeley School of School of Business; BA, University of Puget Education: MBA, University of Chicago Booth Business at Texas Christian University; BS, Sound School of Business; BS, Carnegie Mellon Louisiana Tech University University Allen Pu, PhD, CFA Daniel C. Ong, CFA Senior Portfolio Manager and Vice President Christopher Rink Senior Portfolio Manager and Vice Non-US Equity Focus Senior Trader President US Equity Focus 13 Years of Investment Experience Non-US Equity Focus 9th Year with Firm 20 Years of Investment Experience 16 Years of Investment Experience 12th Year with Firm Previous Employment: California Institute of 10th Year with Firm Technology, Mellon Ventures Previous Employment: JonesTrading LLC Previous Employment: Metropolitan West Education: PhD, MS, California Institute of Education: BA, University of California, Davis Asset Management Technology; MBA, University of California, Los Education: MBA, University of Chicago Angeles; BS, The Cooper Union Joel Schneider Booth School of Business; BA, University of California, Irvine Senior Portfolio Manager and Vice President Stephen A. Quance Global Equity Focus Portfolio Manager and Vice President 6 Years of Investment Experience Non-US Equity Focus 5th Year with Firm 12 Years of Investment Experience Previous Employment: ZS Associates, 9th Year with Firm Lockheed Martin Previous Employment: UBS Wealth Education: MBA, University of Chicago Booth Management, Williams Companies, School of Business; MS, University of Schlumberger Minnesota; BS, Iowa State University Education: MBA, University of Texas, Austin; BS, Rice University

As of June 30, 2016. 44

#17625-1011 SC: PC07

Investment Staff

David Shao, CFA Grady M. Smith, CFA Brian J. Walsh Portfolio Manager Senior Portfolio Manager and Portfolio Manager and Vice President Fixed Income Focus Vice President US Equity Focus 9 Years of Investment Experience Global Equity Focus 23 Years of Investment Experience 9th Year with Firm 14 Years of Investment Experience 21st Year with Firm Previous Employment: Graduate Student at 14th Year with Firm Previous Employment: Merrill Lynch Department of Mathematics at UCLA Previous Employment: William M. Mercer, Education: MBA, University of Southern Education: MA, University of California, Los Incorporated California; BA, University of California, Berkeley Angeles; BS, Columbia University Education: MBA, University of California, Los Angeles; BA, Stanford University Adam Ward, CFA Bhanu Singh Portfolio Manager Althea Trevor Head of Asia Pacific Portfolio Management, Non-US Equity Focus Senior Portfolio Manager, and Vice President Portfolio Manager Non-US Equity Focus 21 Years of Investment Experience 10 Years of Investment Experience 4th Year with Firm 10th Year with Firm 5 Years of Investment Experience 1st Year with Firm Previous Employment: AXA Rosenberg Education: MBA, University of Chicago Booth Education: BComm, University of Queensland School of Business; BA, University of California, Previous Employment: Astor Asset Los Angeles Management Education: MBA, BA, University of Chicago Polly Weiss, CFA, FRM Lukas Smart, CFA Booth School of Business Senior Trader Senior Portfolio Manager and Vice President Fixed Income Focus US Equity Focus Scott Van Pelt 11 Years of Investment Experience 14 Years of Investment Experience Senior Trader 8th Year with Firm 9th Year with Firm Global Equity Focus Previous Employment: State Street Global Previous Employment: Bank of America, 8 Years of Investment Experience Advisors, State Street Ibbotson Associates 8th Year with Firm Education: AB, Vassar College Education: MBA, University of Chicago Booth Education: MS, London Business School; BA, School of Business; BS, University of San Diego BS, University of Texas at Austin

As of June 30, 2016. 45

#17625-1011 SC: PC07

Investment Staff

Jim Whittington Craig Wright Portfolio Manager Portfolio Manager Non-US Equity Focus Non-US Equity Focus 10 Years of Investment Experience 13 Years of Investment Experience 3rd Year with Firm 11th Year with Firm Previous Employment: JP Morgan Chase, Previous Employment: State Street Global Merrill Lynch, ABN AMRO Bank NV Advisors Education: MBA, China Europe International Education: Master of Finance, University of Business School; BA, University of Oxford New South Wales; Bachelor of Business, University of Technology, Sydney

Ryan J. Wiley Senior Trader and Vice President Joy Yang Non-US Equity Focus Portfolio Manager 17 Years of Investment Experience Non-US Equity Focus 17th Year with Firm 6 Years of Investment Experience Education: MBA, University of California, Los 1st Year with Firm Angeles; BS, California State Polytechnic Previous Employment: Aberdeen, Vanguard University, Pomona Education: MBA, University of Chicago Booth School of Business; BS, Albert Nerken School of Gillian Wilson Engineering Portfolio Manager and Vice President Non-US Equity Focus 14 Years of Investment Experience 8th Year with Firm Previous Employment: The Hills Grammar School; Macquarie Bank; Bankers Trust Education: Master of Economics, Macquarie University; Graduate Diploma in Education, Macquarie University; Bachelor of Business (Finance/Economics), Charles Sturt University

As of June 30, 2016. 46

#17625-1011 Characteristics As of June 30, 2016

GLOBAL REAL ESTATE SECURITIES PORTFOLIO CHARACTERISTICS

Turnover1 Less than 5.00%

Tracking Error (3 YR Annualized) 3.10

Standard Deviation (3 YR) 13.50

R2 (3 YR) 0.95

Beta (3 YR) 1.08

Alpha (3 YR) 2.09

Sharpe Ratio (3 YR) 0.80

Information Ratio (3 YR) 0.92

Jensen's Alpha (3 YR) 2.10

Treynor Ratio (3 YR) 10.01

1. Turnover is for the fiscal year ending October 31, 2015

Holdings are subject to change. Source: eVestment. 47

#17595-1011 Portfolio Holdings Global Real Estate Securities Portfolio, as of June 30, 2016

Country Percent of Portfolio Benchmark Weight Sector SIMON PROPERTY GROUP INC United States 5.61% 4.79% Retail PUBLIC STORAGE United States 3.22% 2.63% Specialized WELLTOWER INC United States 2.30% 1.92% Health Care PROLOGIS INC United States 2.16% 1.82% Industrial EQUITY RESIDENTIAL United States 2.10% 1.76% Residential UNIBAIL-RODAMCO SE Netherlands 2.04% 1.81% Retail VENTAS INC United States 2.03% 1.74% Health Care AVALONBAY COMMUNITIES INC United States 2.00% 1.75% Residential BOSTON PROPERTIES INC United States 1.69% 1.44% Office SCENTRE GROUP Australia 1.54% 1.33% Retail REALTY INCOME CORP United States 1.48% 1.27% Retail GENERAL GROWTH PROPERTIES United States 1.43% 1.07% Retail VORNADO REALTY TRUST United States 1.43% 1.20% Office DIGITAL REALTY TRUST INC United States 1.42% 1.23% Specialized HCP INC United States 1.41% 1.17% Health Care WESTFIELD CORP Australia 1.30% 1.09% Retail LINK REIT Hong Kong 1.28% 1.09% Retail ESSEX PROPERTY TRUST INC United States 1.26% 1.06% Residential EQUINIX INC United States 1.20% 0.00% Specialized KIMCO REALTY CORP United States 1.10% 0.93% Retail HOST HOTELS & RESORTS INC United States 1.06% 0.86% Hotel and Resort MACERICH CO/THE United States 1.04% 0.90% Retail FEDERAL REALTY INVS TRUST United States 0.99% 0.83% Retail EXTRA SPACE STORAGE INC United States 0.94% 0.77% Specialized LAND SECURITIES GROUP PLC United Kingdom 0.93% 0.77% Diversified SL GREEN REALTY CORP United States 0.90% 0.75% Office UDR INC United States 0.83% 0.70% Residential DUKE REALTY CORP United States 0.79% 0.65% Industrial GOODMAN GROUP Australia 0.79% 0.67% Industrial KLEPIERRE France 0.78% 0.64% Retail VEREIT INC United States 0.76% 0.65% Diversified

Holdings are subject to change. Numbers may not total 100% due to rounding. Sectors defined by MSCI. Benchmark data source: FTSE NAREIT. The prospectus benchmark for the DFA Global Real Estate Securities Portfolio is the S&P Global REIT Index. 48

#17867-1011 Portfolio Holdings Global Real Estate Securities Portfolio, as of June 30, 2016

Country Percent of Portfolio Benchmark Weight Sector NIPPON BUILDING FUND INC Japan 0.74% 0.59% Office STOCKLAND Australia 0.71% 0.60% Diversified REGENCY CENTERS CORP United States 0.69% 0.58% Retail VICINITY CENTRES Australia 0.69% 0.58% Retail JAPAN REAL ESTATE INVESTMENT Japan 0.68% 0.54% Office MID-AMERICA APARTMENT COMM United States 0.68% 0.57% Residential IRON MOUNTAIN INC United States 0.67% 0.00% Specialized BRITISH LAND CO PLC United Kingdom 0.67% 0.59% Retail CAMDEN PROPERTY TRUST United States 0.66% 0.54% Residential ALEXANDRIA REAL ESTATE EQUIT United States 0.64% 0.54% Office NATIONAL RETAIL PROPERTIES United States 0.62% 0.53% Retail GPT GROUP Australia 0.61% 0.51% Diversified APARTMENT INVT & MGMT CO -A United States 0.59% 0.49% Residential WP CAREY INC United States 0.58% 0.44% Diversified AMERICAN CAMPUS COMMUNITIES United States 0.58% 0.49% Residential DEXUS PROPERTY GROUP Australia 0.55% 0.46% Office JAPAN RETAIL FUND INVESTMENT Japan 0.54% 0.46% Retail EQUITY LIFESTYLE PROPERTIES United States 0.54% 0.43% Residential OMEGA HEALTHCARE INVESTORS United States 0.53% 0.40% Health Care SPIRIT REALTY CAPITAL INC United States 0.52% 0.42% Diversified KILROY REALTY CORP United States 0.51% 0.43% Office LIBERTY PROPERTY TRUST United States 0.51% 0.42% Diversified HAMMERSON PLC United Kingdom 0.49% 0.40% Retail DDR CORP United States 0.49% 0.40% Retail CUBESMART United States 0.47% 0.39% Specialized HIGHWOODS PROPERTIES INC United States 0.44% 0.37% Office NOMURA REAL ESTATE MASTER FU Japan 0.43% 0.40% Diversified FIBRA UNO ADMINISTRACION SA Mexico 0.43% 0.00% Diversified DOUGLAS EMMETT INC United States 0.43% 0.35% Office SENIOR HOUSING PROP TRUST United States 0.43% 0.35% Health Care UNITED URBAN INVESTMENT CORP Japan 0.42% 0.33% Diversified

#17867-1011 Portfolio Holdings Global Real Estate Securities Portfolio, as of June 30, 2016

Country Percent of Portfolio Benchmark Weight Sector EPR PROPERTIES United States 0.42% 0.36% Specialized WEINGARTEN REALTY INVESTORS United States 0.41% 0.33% Retail TAUBMAN CENTERS INC United States 0.40% 0.32% Retail BRIXMOR PROPERTY GROUP INC United States 0.38% 0.39% Retail DCT INDUSTRIAL TRUST INC United States 0.38% 0.31% Industrial HEALTHCARE TRUST OF AME-CL A United States 0.38% 0.31% Health Care HOSPITALITY PROPERTIES TRUST United States 0.37% 0.31% Hotel and Resort GECINA SA France 0.37% 0.39% Diversified SUN COMMUNITIES INC United States 0.36% 0.31% Residential GAMING AND LEISURE PROPERTIE United States 0.36% 0.48% Specialized SOVRAN SELF STORAGE INC United States 0.36% 0.34% Specialized ASCENDAS REAL ESTATE INV TRT Singapore 0.36% 0.29% Industrial SEGRO PLC United Kingdom 0.35% 0.30% Industrial GROWTHPOINT PROPERTIES LTD South Africa 0.35% 0.00% Diversified ORIX JREIT INC Japan 0.35% 0.30% Office RETAIL PROPERTIES OF AME - A United States 0.34% 0.28% Retail TANGER FACTORY OUTLET CENTER United States 0.34% 0.27% Retail CYRUSONE INC United States 0.33% 0.00% Specialized CAPITALAND MALL TRUST Singapore 0.33% 0.30% Retail MEDICAL PROPERTIES TRUST INC United States 0.31% 0.26% Health Care INTU PROPERTIES PLC United Kingdom 0.31% 0.26% Retail RIOCAN REAL ESTATE INVST TR Canada 0.31% 0.51% Retail HEALTHCARE REALTY TRUST INC United States 0.31% 0.26% Health Care DERWENT LONDON PLC United Kingdom 0.31% 0.25% Office EQUITY COMMONWEALTH United States 0.30% 0.26% Office JAPAN PRIME REALTY INVESTMEN Japan 0.30% 0.24% Office ADVANCE RESIDENCE INVESTMENT Japan 0.30% 0.23% Residential POST PROPERTIES INC United States 0.29% 0.23% Residential DUPONT FABROS TECHNOLOGY United States 0.28% 0.25% Specialized REDEFINE PROPERTIES LTD South Africa 0.28% 0.00% Diversified PIEDMONT OFFICE REALTY TRU-A United States 0.27% 0.22% Office

#17867-1011 Portfolio Holdings Global Real Estate Securities Portfolio, as of June 30, 2016

Country Percent of Portfolio Benchmark Weight Sector SUNTEC REIT Singapore 0.27% 0.23% Diversified FIRST INDUSTRIAL REALTY TR United States 0.27% 0.23% Industrial AMERICAN HOMES 4 RENT- A United States 0.27% 0.27% Residential BRANDYWINE REALTY TRUST United States 0.26% 0.21% Office SHAFTESBURY PLC United Kingdom 0.26% 0.23% Retail MERLIN PROPERTIES SOCIMI SA Spain 0.26% 0.24% Diversified EDUCATION REALTY TRUST INC United States 0.25% 0.22% Residential CAPITALAND COMMERCIAL TRUST Singapore 0.25% 0.16% Office JAPAN HOTEL REIT INVESTMENT Japan 0.25% 0.20% Hotel and Resort URBAN EDGE PROPERTIES United States 0.24% 0.19% Retail KENEDIX OFFICE INVESTMENT CO Japan 0.24% 0.15% Diversified GREAT PORTLAND ESTATES PLC United Kingdom 0.24% 0.20% Office EQUITY ONE INC United States 0.24% 0.21% Retail CORESITE REALTY CORP United States 0.24% 0.00% Specialized CORPORATE OFFICE PROPERTIES United States 0.23% 0.20% Office FONCIERE DES REGIONS France 0.23% 0.23% Diversified RLJ LODGING TRUST United States 0.23% 0.19% Hotel and Resort ICADE France 0.23% 0.18% Diversified SUNSTONE HOTEL INVESTORS INC United States 0.23% 0.19% Hotel and Resort LASALLE HOTEL PROPERTIES United States 0.23% 0.19% Hotel and Resort NATL HEALTH INVESTORS INC United States 0.22% 0.19% Health Care FRONTIER REAL ESTATE INVEST Japan 0.22% 0.16% Retail MORI HILLS REIT INVESTMENT C Japan 0.22% 0.16% Office HUDSON PACIFIC PROPERTIES IN United States 0.22% 0.17% Office COFINIMMO Belgium 0.22% 0.17% Diversified GLP J-REIT Japan 0.21% 0.20% Industrial ACADIA REALTY TRUST United States 0.21% 0.18% Retail GRAMERCY PROPERTY TRUST United States 0.20% 0.27% Diversified H&R REAL ESTATE INV-REIT UTS Canada 0.20% 0.35% Diversified MACK-CALI REALTY CORP United States 0.20% 0.17% Office MORI TRUST SOGO REIT INC Japan 0.20% 0.13% Office

#17867-1011 Portfolio Holdings Global Real Estate Securities Portfolio, as of June 30, 2016

Country Percent of Portfolio Benchmark Weight Sector RYMAN HOSPITALITY PROPERTIES United States 0.19% 0.18% Hotel and Resort KITE REALTY GROUP TRUST United States 0.19% 0.16% Retail NIPPON ACCOMMODATIONS FUND Japan 0.19% 0.14% Residential RESILIENT REIT LTD South Africa 0.19% 0.00% Retail JAPAN LOGISTICS FUND INC Japan 0.19% 0.14% Industrial WASHINGTON REIT United States 0.19% 0.16% Diversified COLUMBIA PROPERTY TRUST INC United States 0.19% 0.19% Office DAIWA OFFICE INVESTMENT CORP Japan 0.18% 0.11% Office CARE CAPITAL PROPERTIES INC United States 0.18% 0.16% Health Care EASTGROUP PROPERTIES INC United States 0.18% 0.16% Industrial COUSINS PROPERTIES INC United States 0.18% 0.15% Diversified WP GLIMCHER INC United States 0.18% 0.15% Retail LEXINGTON REALTY TRUST United States 0.18% 0.17% Diversified RETAIL OPPORTUNITY INVESTMEN United States 0.18% 0.15% Retail PHYSICIANS REALTY TRUST United States 0.18% 0.20% Health Care PS BUSINESS PARKS INC/CA United States 0.18% 0.15% Diversified WERELDHAVE NV Netherlands 0.18% 0.13% Retail DAIWA HOUSE RESIDENTIAL INV Japan 0.17% 0.12% Diversified INDUSTRIAL & INFRASTRUCTURE Japan 0.17% 0.13% Industrial PEBBLEBROOK HOTEL TRUST United States 0.17% 0.13% Hotel and Resort QTS REALTY TRUST INC-CL A United States 0.16% 0.18% Specialized SELECT INCOME REIT United States 0.16% 0.13% Diversified EMLAK KONUT GAYRIMENKUL YATI Turkey 0.16% 0.00% Residential SMART REAL ESTATE INVESTMENT Canada 0.16% 0.23% Retail INVESTA OFFICE FUND Australia 0.16% 0.13% Office LTC PROPERTIES INC United States 0.16% 0.14% Health Care PREMIER INVESTMENT CORP Japan 0.15% 0.12% Diversified DIAMONDROCK HOSPITALITY CO United States 0.15% 0.13% Hotel and Resort JAPAN EXCELLENT INC Japan 0.15% 0.11% Office EMPIRE STATE REALTY TRUST-A United States 0.15% 0.13% Diversified MAPLETREE INDUSTRIAL TRUST Singapore 0.15% 0.11% Industrial

#17867-1011 Portfolio Holdings Global Real Estate Securities Portfolio, as of June 30, 2016

Country Percent of Portfolio Benchmark Weight Sector EUROCOMMERCIAL PROPERTIE-CV Netherlands 0.15% 0.14% Retail GOVERNMENT PROPERTIES INCOME United States 0.15% 0.12% Office PARAMOUNT GROUP INC United States 0.14% 0.16% Office HYPROP INVESTMENTS LTD-UTS South Africa 0.14% 0.00% Retail INVINCIBLE INVESTMENT CORP Japan 0.14% 0.13% Residential STAG INDUSTRIAL INC United States 0.14% 0.12% Industrial CBL & ASSOCIATES PROPERTIES United States 0.14% 0.11% Retail KEPPEL REIT Singapore 0.14% 0.10% Office MAPLETREE COMMERCIAL TRUST Singapore 0.13% 0.10% Retail CAN APARTMENT PROP REAL ESTA Canada 0.13% 0.23% Residential FOREST CITY REALTY TRUST- A United States 0.13% 0.37% Diversified RAMCO-GERSHENSON PROPERTIES United States 0.13% 0.11% Retail PENN REAL ESTATE INVEST TST United States 0.13% 0.10% Retail CHAMPION REIT Hong Kong 0.13% 0.09% Office COLONY STARWOOD HOMES United States 0.13% 0.11% Residential TOKYU REIT INC Japan 0.12% 0.09% Diversified FUKUOKA REIT CORP Japan 0.12% 0.09% Retail BEFIMMO Belgium 0.12% 0.08% Office SABRA HEALTH CARE REIT INC United States 0.12% 0.10% Health Care AMERICAN ASSETS TRUST INC United States 0.12% 0.12% Diversified MERCIALYS France 0.12% 0.06% Retail CAN REAL ESTATE INVEST TRUST Canada 0.12% 0.19% Diversified WAREHOUSES DE PAUW SCA Belgium 0.12% 0.09% Industrial ALSTRIA OFFICE REIT-AG Germany 0.12% 0.10% Office SHOPPING CENTRES AUSTRALASIA Australia 0.12% 0.09% Retail BWP TRUST Australia 0.12% 0.09% Industrial BIG YELLOW GROUP PLC United Kingdom 0.12% 0.11% Specialized MAPLETREE LOGISTICS TRUST Singapore 0.12% 0.08% Industrial CHESAPEAKE LODGING TRUST United States 0.11% 0.10% Hotel and Resort SEKISUI HOUSE SI RESIDENTIAL Japan 0.11% 0.08% Diversified ALEXANDER'S INC United States 0.11% 0.06% Retail

#17867-1011 Portfolio Holdings Global Real Estate Securities Portfolio, as of June 30, 2016

Country Percent of Portfolio Benchmark Weight Sector PARKWAY PROPERTIES INC United States 0.11% 0.10% Office JAPAN RENTAL HOUSING INVESTM Japan 0.11% 0.09% Residential CHARTER HALL RETAIL REIT Australia 0.11% 0.09% Retail NIPPON PROLOGIS REIT INC Japan 0.11% 0.27% Industrial CHARTER HALL GROUP Australia 0.11% 0.00% Diversified FORTUNE REIT Hong Kong 0.11% 0.11% Retail ALLIED PROPERTIES REAL ESTAT Canada 0.11% 0.16% Office MACQUARIE MEXICO REAL ESTATE Mexico 0.10% 0.00% Industrial FORTRESS INCOME FUND LTD South Africa 0.10% 0.00% Other STORE CAPITAL CORP United States 0.10% 0.31% Diversified SUMMIT HOTEL PROPERTIES INC United States 0.10% 0.08% Hotel and Resort COMINAR REAL ESTATE INV-TR U Canada 0.10% 0.16% Diversified LONDONMETRIC PROPERTY PLC United Kingdom 0.10% 0.08% Diversified KIWI PROPERTY GROUP LTD New Zealand 0.10% 0.10% Retail REXFORD INDUSTRIAL REALTY IN United States 0.09% 0.10% Industrial BOARDWALK REAL ESTATE INVEST Canada 0.09% 0.13% Residential FRASERS CENTREPOINT TRUST Singapore 0.09% 0.00% Retail XENIA HOTELS & RESORTS INC United States 0.09% 0.13% Hotel and Resort ACTIVIA PROPERTIES INC Japan 0.09% 0.20% Diversified DAIWA HOUSE REIT INVESTMENT Japan 0.09% 0.13% Diversified KENEDIX RESIDENTIAL INVESTME Japan 0.09% 0.00% Residential FRANKLIN STREET PROPERTIES C United States 0.09% 0.08% Office WORKSPACE GROUP PLC United Kingdom 0.08% 0.08% Office AGREE REALTY CORP United States 0.08% 0.08% Retail HANSTEEN HOLDINGS PLC United Kingdom 0.08% 0.07% Industrial SAFESTORE HOLDINGS PLC United Kingdom 0.08% 0.07% Specialized VASTNED RETAIL NV Netherlands 0.08% 0.05% Retail CROMWELL PROPERTY GROUP Australia 0.08% 0.08% Office ICHIGO OFFICE REIT INVESTMEN Japan 0.08% 0.00% Office PLA ADMINISTRADORA INDUSTRIA Mexico 0.08% 0.00% Industrial STARHILL GLOBAL REIT Singapore 0.07% 0.00% Retail

#17867-1011 Portfolio Holdings Global Real Estate Securities Portfolio, as of June 30, 2016

Country Percent of Portfolio Benchmark Weight Sector MCUBS MIDCITY INVESTMENT COR Japan 0.07% 0.00% Office CDL HOSPITALITY TRUSTS Singapore 0.07% 0.05% Hotel and Resort YUEXIU REAL ESTATE INVESTMEN China 0.07% 0.00% Diversified DREAM OFFICE REAL ESTATE INV Canada 0.07% 0.11% Office FELCOR LODGING TRUST INC United States 0.07% 0.06% Hotel and Resort HAMBORNER REIT AG Germany 0.07% 0.05% Diversified INVESTORS REAL ESTATE TRUST United States 0.07% 0.06% Diversified HEIWA REAL ESTATE REIT INC Japan 0.07% 0.00% Diversified NEW YORK REIT INC United States 0.07% 0.11% Office CAPITALAND RETAIL CHINA TRUS Singapore 0.07% 0.00% Retail AEDIFICA Belgium 0.07% 0.07% Health Care ABACUS PROPERTY GROUP Australia 0.07% 0.00% Diversified BENI STABILI SPA Italy 0.07% 0.05% Office ARTIS REAL ESTATE INVESTMENT Canada 0.07% 0.10% Diversified HERSHA HOSPITALITY TRUST United States 0.07% 0.05% Hotel and Resort TOP REIT INC Japan 0.06% 0.05% Diversified NEW SENIOR INVESTMENT GROUP United States 0.06% 0.06% Health Care COMFORIA RESIDENTIAL REIT IN Japan 0.06% 0.00% Residential ASCOTT RESIDENCE TRUST Singapore 0.06% 0.00% Residential GOODMAN PROPERTY TRUST New Zealand 0.06% 0.00% Diversified MONMOUTH REAL ESTATE INV COR United States 0.06% 0.00% Industrial TERRENO REALTY CORP United States 0.06% 0.08% Industrial GLOBAL ONE REIT Japan 0.06% 0.00% Office SAUL CENTERS INC United States 0.06% 0.06% Retail HANKYU REIT INC Japan 0.06% 0.00% Diversified GRANITE REAL ESTATE INVESTME Canada 0.06% 0.10% Industrial CHATHAM LODGING TRUST United States 0.06% 0.06% Hotel and Resort PARKWAYLIFE REAL ESTATE Singapore 0.06% 0.00% Health Care CARETRUST REIT INC United States 0.06% 0.00% Health Care CHARTWELL RETIREMENT RESIDEN Canada 0.05% 0.15% Other SA CORPORATE REAL ESTATE FUN South Africa 0.05% 0.00% Diversified

#17867-1011 Portfolio Holdings Global Real Estate Securities Portfolio, as of June 30, 2016

Country Percent of Portfolio Benchmark Weight Sector KLCCP STAPLED GROUP Malaysia 0.05% 0.00% Diversified FRASERS COMMERCIAL TRUST Singapore 0.05% 0.00% Office UNIVERSAL HEALTH RLTY INCOME United States 0.05% 0.05% Health Care CACHE LOGISTICS TRUST Singapore 0.05% 0.00% Industrial SUNLIGHT REAL ESTATE INVEST Hong Kong 0.05% 0.00% Diversified SUNWAY REAL ESTATE INVESTMEN Malaysia 0.05% 0.00% Retail GETTY REALTY CORP United States 0.05% 0.04% Retail EMIRA PROPERTY FUND LTD South Africa 0.05% 0.00% Diversified CATHAY NO 1 REIT Taiwan 0.05% 0.00% Diversified URSTADT BIDDLE - CLASS A United States 0.05% 0.05% Other ASHFORD HOSPITALITY TRUST United States 0.05% 0.03% Hotel and Resort FIRST POTOMAC REALTY TRUST United States 0.05% 0.04% Diversified SILVER BAY REALTY TRUST CORP United States 0.04% 0.04% Residential FORTRESS INCOME FUND LTD-A South Africa 0.04% 0.00% Diversified PURE INDUSTRIAL REAL ESTATE Canada 0.04% 0.06% Industrial CEDAR REALTY TRUST INC United States 0.04% 0.05% Retail CROMBIE REAL ESTATE INVESTME Canada 0.04% 0.07% Retail ARGOSY PROPERTY LTD New Zealand 0.04% 0.00% Diversified PRIMARY HEALTH PROPERTIES United Kingdom 0.04% 0.06% Health Care DREAM GLOBAL REAL ESTATE INV Canada 0.04% 0.05% Diversified ROUSE PROPERTIES INC United States 0.04% 0.05% Retail CAMBRIDGE INDUSTRIAL TRUST Singapore 0.04% 0.00% Industrial PROSPERITY REIT Hong Kong 0.04% 0.00% Office AIMS AMP CAPITAL INDUSTRIAL Singapore 0.04% 0.00% Industrial NORTHVIEW APARTMENT REAL EST Canada 0.04% 0.05% Residential VUKILE PROPERTY FUND LTD South Africa 0.04% 0.00% Diversified FIRST REAL ESTATE INVT TRUST Singapore 0.04% 0.00% Health Care WHITESTONE REIT United States 0.04% 0.00% Diversified GLADSTONE COMMERCIAL CORP United States 0.04% 0.00% Diversified ASHFORD HOSPITALITY PRIME IN United States 0.03% 0.00% Hotel and Resort KENEDIX RETAIL REIT CORP Japan 0.03% 0.08% Retail

#17867-1011 Portfolio Holdings Global Real Estate Securities Portfolio, as of June 30, 2016

Country Percent of Portfolio Benchmark Weight Sector CAPITALAND MALAYSIA MALL TRU Malaysia 0.03% 0.00% Retail ALE PROPERTY GROUP Australia 0.03% 0.00% Specialized PRECINCT PROPERTIES NEW ZEAL New Zealand 0.03% 0.00% Office NSI NV Netherlands 0.03% 0.04% Diversified INNVEST REAL ESTATE INVESTME Canada 0.03% 0.04% Hotel and Resort IS GAYRIMENKUL YATIRIM ORTAK Turkey 0.03% 0.00% Diversified IMMOBILIARE GRANDE DISTRIBUZ Italy 0.03% 0.02% Retail LIPPO MALLS INDONESIA RETAIL Singapore 0.03% 0.00% Retail MORGUARD REAL ESTATE-TR UTS Canada 0.03% 0.00% Diversified IGB REAL ESTATE INVESTMENT T Malaysia 0.03% 0.00% Retail RETAIL ESTATES Belgium 0.02% 0.00% Retail INGENIA COMMUNITIES GROUP Australia 0.02% 0.00% Residential NORTHWEST HEALTHCARE PROPERT Canada 0.02% 0.00% Health Care VITAL HEALTHCARE PROPERTY TR New Zealand 0.02% 0.00% Health Care TORUNLAR GAYRIMENKUL YATIRIM Turkey 0.02% 0.00% Diversified SERITAGE GROWTH PROP- A REIT United States 0.02% 0.09% Retail FOLKESTONE EDUCATION TRUST Australia 0.02% 0.00% Specialized ONE LIBERTY PROPERTIES INC United States 0.02% 0.00% Diversified INTERVEST OFFICES&WAREHOUSES Belgium 0.02% 0.03% Office MONOGRAM RESIDENTIAL TRUST I United States 0.02% 0.12% Residential MAPLETREE GREATER CHINA COMM Singapore 0.02% 0.00% Diversified REDEFINE INTERNATIONAL PLC United Kingdom 0.02% 0.05% Diversified NIPPON REIT INVESTMENT CORP Japan 0.02% 0.00% Diversified AXIS REAL ESTATE INVESTMENT Malaysia 0.02% 0.00% Diversified FOUR CORNERS PROPERTY TRUST United States 0.02% 0.09% Specialized UMH PROPERTIES INC United States 0.02% 0.00% Residential REGAL REAL ESTATE INVESTMENT Hong Kong 0.02% 0.00% Hotel and Resort ASESOR DE ACTIVOS PRISMA SAP Mexico 0.02% 0.00% Hotel and Resort GROWTHPOINT PROPERTIES AUSTR Australia 0.02% 0.00% Diversified SEKISUI HOUSE REIT INC Japan 0.02% 0.00% Diversified STRIDE PROPERTY LTD New Zealand 0.02% 0.00% Diversified

#17867-1011 Portfolio Holdings Global Real Estate Securities Portfolio, as of June 30, 2016

Country Percent of Portfolio Benchmark Weight Sector WERELDHAVE BELGIUM NV Belgium 0.02% 0.02% Retail CATHAY NO 2 REIT Taiwan 0.02% 0.00% Office ASSURA PLC United Kingdom 0.02% 0.08% Health Care STARTS PROCEED INVESTMENT CO Japan 0.02% 0.00% Residential SHIN KONG NO 1 REIT Taiwan 0.02% 0.00% Diversified LEASINVEST REAL ESTATE SCA Belgium 0.01% 0.02% Office SABANA SHARIAH COMP IND REIT Singapore 0.01% 0.00% Industrial AEON REIT INVESTMENT CORP Japan 0.01% 0.08% Retail FUBON NO 2 REIT Taiwan 0.01% 0.00% Office CONCENTRADORA FIBRA HOTELERA Mexico 0.01% 0.00% Hotel and Resort ONEREIT Canada 0.01% 0.00% Retail MUCKLOW ( A & J ) GROUP PLC United Kingdom 0.01% 0.00% Industrial ASTRO JAPAN PROPERTY GROUP Australia 0.01% 0.00% Diversified MORGUARD NORTH AMERICAN RESI Canada 0.01% 0.00% Residential BROOKFIELD CANADA OFFICE PRO Canada 0.01% 0.00% Office RMR GROUP INC/THE - A United States 0.01% 0.00% Other FAR EAST HOSPITALITY TRUST Singapore 0.01% 0.00% Hotel and Resort NATIONAL STORAGE AFFILIATES United States 0.01% 0.00% Specialized PROPERTY FOR INDUSTRY LTD New Zealand 0.01% 0.00% Industrial REBOSIS PROPERTY FUND LTD South Africa 0.01% 0.00% Diversified ANF IMMOBILIER France 0.01% 0.01% Diversified ASCENDAS HOSPITALITY TRUST Singapore 0.01% 0.00% Hotel and Resort INTERRENT REAL ESTATE INVEST Canada 0.01% 0.00% Residential YTL HOSPITALITY REIT Malaysia 0.01% 0.00% Hotel and Resort URSTADT BIDDLE PROPERTIES United States 0.01% 0.00% Retail AFFINE France 0.01% 0.01% Diversified VAKIF GAYRIMENKUL YATIRIM Turkey 0.01% 0.00% Office OUE HOSPITALITY TRUST Singapore 0.01% 0.00% Hotel and Resort SAF GAYRIMENKUL YATIRIM ORTA Turkey 0.01% 0.00% Diversified 360 CAPITAL INDUSTRIAL FUND Australia 0.01% 0.00% Industrial INDEPENDENCE REALTY TRUST IN United States 0.01% 0.00% Residential

#17867-1011 Portfolio Holdings Global Real Estate Securities Portfolio, as of June 30, 2016

Country Percent of Portfolio Benchmark Weight Sector ALARKO GAYRIMENKUL YATIRIM Turkey 0.0069% 0.0000% Diversified OUTFRONT MEDIA INC United States 0.0068% 0.0000% Specialized ALTAREA France 0.0065% 0.0000% Retail RREEF CHINA COMMERCIAL TRUST China 0.0065% 0.0000% Diversified SPH REIT Singapore 0.0063% 0.0000% Retail SINPAS GAYRIMENKUL YATIRIM O Turkey 0.0063% 0.0000% Residential GRIVALIA PROPERTIES REIC Greece 0.0063% 0.0000% Diversified SPRING REAL ESTATE INVESTMEN China 0.0062% 0.0000% Office CONCENTRADORA FIBRA DANHOS S Mexico 0.0056% 0.00% Diversified ASPEN GROUP Australia 0.0056% 0.0000% Diversified CEGEREAL France 0.0055% 0.0000% Office CARINDALE PROPERTY TRUST Australia 0.0055% 0.0000% Retail BLUEROCK RESIDENTIAL GROWTH United States 0.0054% 0.0000% Residential MCKAY SECURITIES PLC-ORD United Kingdom 0.0054% 0.0000% Office FUBON NO 1 REIT Taiwan 0.0053% 0.0000% Office BTB REAL ESTATE INVESTMENT T Canada 0.0050% 0.0000% Diversified INVESTEC PROPERTY FUND LTD South Africa 0.0049% 0.0000% Diversified GLADSTONE LAND CORP United States 0.0039% 0.0000% Specialized NORTHSTAR REALTY EUROPE CORP United States 0.0039% 0.0000% Office HALK GAYRIMENKUL YATRM ORTAK Turkey 0.0036% 0.0000% Residential ARROWHEAD PROPERTIES LTD South Africa 0.0034% 0.0000% Diversified SOTHERLY HOTELS INC United States 0.0024% 0.0000% Hotel and Resort NEXPOINT RESIDENTIAL United States 0.0024% 0.0000% Residential NATIONAL STORAGE REIT Australia 0.0021% 0.0000% Specialized MONTEA Belgium 0.0021% 0.0000% Industrial SOILBUILD BUSINESS SPACE REI Singapore 0.0019% 0.0000% Diversified ARGAN France 0.0018% 0.0000% Specialized KILLAM APARTMENT REAL ESTATE Canada 0.0018% 0.0349% Residential MRCB-QUILL REIT Malaysia 0.0018% 0.0000% Office

#17867-1011 Portfolio Holdings Global Real Estate Securities Portfolio, as of June 30, 2016

Country Percent of Portfolio Portfolio Weight Sector PLAZA RETAIL REIT Canada 0.0017% 0.0000% Retail EASTERLY GOVERNMENT PROPERTI United States 0.0015% 0.0000% Office GALILEO JAPAN TRUST Australia 0.0014% 0.0000% Diversified PAVILION REAL ESTATE INVEST Malaysia 0.0013% 0.0000% Other CAPITAL & REGIONAL PLC United Kingdom 0.0013% 0.0000% Other KEPPEL DC REIT Singapore 0.0013% 0.0000% Specialized DREAM INDUSTRIAL REAL ESTATE Canada 0.0011% 0.0000% Industrial TOWER REAL ESTATE INVESTMENT Malaysia 0.0011% 0.0000% Office National Storage REIT June 2016 Platitement Australia 0.0010% 0.0000% Other ACANTHE DEVELOPPEMENT SA France 0.0010% 0.0000% Office SAIZEN REIT Singapore 0.0010% 0.0000% Residential GDI PROPERTY GROUP Australia 0.0007% 0.0000% Other SLATE RETAIL REIT - U Canada 0.0006% 0.0000% Retail AMANAHRAYA REIT Malaysia 0.0006% 0.0000% Diversified TOWN CENTRE SECURITIES PLC United Kingdom 0.0005% 0.0000% Retail TERREIS France 0.0004% 0.0000% Diversified PERENNIAL REAL ESTATE HOLDIN Singapore 0.0004% 0.0000% Other HEKTAR REAL ESTATE INVESTMEN Malaysia 0.0004% 0.0000% Retail VITAL HEALTHCARE PROPERTY TR New Zealand 0.0002% 0.0000% Other OCTODEC INVESTMENTS LTD South Africa 0.0002% 0.0000% Diversified HOSHINO RESORTS REIT INC Japan 0.0002% 0.0000% Other NPT LTD New Zealand 0.0002% 0.0000% Diversified GENERATION HEALTHCARE REIT Australia 0.0002% 0.0000% Health Care CT REAL ESTATE INVESTMENT TR Canada 0.0001% 0.0000% Retail

#17867-1011